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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)
205,100  700,474 
Geely Automobile Holdings Ltd. 3,059,000  6,146,197 
Gemdale Properties & Investment Corp. Ltd. 2,372,000  202,115 
Genertec Universal Medical Group Co. Ltd. 330,500  186,025 
GF Securities Co. Ltd., H Shares 379,200  495,351 
Global Bio-Chem Technology Group Co. Ltd.(1)
40,000  918 
Global Cord Blood Corp.(1)
18,571  42,899 
Glorious Property Holdings Ltd.(1)
130,000  2,391 
Glory Health Industry Ltd.(1)
17,000  366 
Glory Sun Financial Group Ltd.(1)(2)
5,680,000  25,945 
GOME Retail Holdings Ltd.(1)
1,947,000  60,691 
Goodbaby International Holdings Ltd.(1)
338,000  34,360 
Grand Baoxin Auto Group Ltd.(1)
22,000  1,364 
Grand Pharmaceutical Group Ltd. 778,000  415,360 
Great Wall Motor Co. Ltd., H Shares 298,000  447,099 
Greatview Aseptic Packaging Co. Ltd. 139,000  26,544 
Greenland Hong Kong Holdings Ltd. 321,000  33,408 
Greentown China Holdings Ltd. 244,500  461,319 
Greentown Management Holdings Co. Ltd. 60,000  50,770 
GreenTree Hospitality Group Ltd., ADR(2)
1,515  6,378 
Guangzhou Automobile Group Co. Ltd., H Shares 370,000  318,130 
Guangzhou R&F Properties Co. Ltd., H Shares(2)
984,800  203,695 
Guotai Junan Securities Co. Ltd., H Shares 69,200  81,990 
H World Group Ltd., ADR 44,282  1,666,332 
Haidilao International Holding Ltd.(1)(2)
374,000  880,059 
Haier Smart Home Co. Ltd., H Shares 498,600  1,628,925 
Hainan Meilan International Airport Co. Ltd., H Shares(1)
132,000  310,799 
Haitian International Holdings Ltd. 378,000  926,083 
Haitong Securities Co. Ltd., H Shares 1,103,600  722,549 
Hangzhou Tigermed Consulting Co. Ltd., H Shares 10,900  107,919 
Hansoh Pharmaceutical Group Co. Ltd. 102,000  203,504 
28

Avantis Emerging Markets Equity ETF
Shares Value
Harbin Electric Co. Ltd., H Shares(1)
416,000  $ 113,056 
Hebei Construction Group Corp. Ltd., H Shares(1)
31,500  4,039 
Hello Group, Inc., ADR 109,713  565,022 
Hengan International Group Co. Ltd. 408,000  1,952,488 
Hi Sun Technology China Ltd.(1)(2)
363,000  40,158 
Hilong Holding Ltd.(1)
968,000  76,313 
Hisense Home Appliances Group Co. Ltd., H Shares 111,000  119,594 
Hollysys Automation Technologies Ltd. 45,726  778,714 
Homeland Interactive Technology Ltd.(1)(2)
142,000  27,017 
Honworld Group Ltd.(1)
7,500  2,934 
Hope Education Group Co. Ltd.(2)
1,860,000  160,335 
Hopson Development Holdings Ltd.(2)
224,949  309,302 
Hua Hong Semiconductor Ltd.(1)(2)
277,000  813,124 
Huabao International Holdings Ltd.(2)
172,000  87,952 
Huadian Power International Corp. Ltd., H Shares(2)
132,000  54,251 
Huaneng Power International, Inc., H Shares(1)
970,000  495,733 
Huatai Securities Co. Ltd., H Shares 763,200  1,020,110 
Huaxi Holdings Co. Ltd. 4,000  611 
Huazhong In-Vehicle Holdings Co. Ltd.(2)
248,000  78,991 
Huijing Holdings Co. Ltd.(2)
516,000  10,047 
HUYA, Inc., ADR(1)
25,529  83,990 
Hygeia Healthcare Holdings Co. Ltd.(1)(2)
68,400  369,187 
I-Mab, ADR(1)
2,742  16,808 
iDreamSky Technology Holdings Ltd.(1)
158,000  106,176 
Industrial & Commercial Bank of China Ltd., H Shares 11,761,000  5,975,092 
Ingdan, Inc.(1)(2)
198,000  45,488 
Inkeverse Group Ltd.(1)
436,000  71,318 
International Alliance Financial Leasing Co. Ltd.(1)(2)
141,000  74,450 
iQIYI, Inc., ADR(1)(2)
154,415  565,159 
IVD Medical Holding Ltd. 3,000  911 
JD Health International, Inc.(1)
117,600  810,102 
JD.com, Inc., ADR 65,273  4,144,183 
JD.com, Inc., Class A 36,345  1,150,506 
JH Educational Technology, Inc.(1)
102,000  41,399 
Jiangsu Expressway Co. Ltd., H Shares 514,000  440,244 
Jiangxi Copper Co. Ltd., H Shares 528,000  648,475 
Jiayuan International Group Ltd.(1)(2)
674,000  18,550 
Jinchuan Group International Resources Co. Ltd.(2)
2,216,000  239,139 
Jingrui Holdings Ltd.(1)
10,000  752 
JinkoSolar Holding Co. Ltd., ADR(1)(2)
12,774  777,553 
Jinxin Fertility Group Ltd. 565,500  368,240 
Jiumaojiu International Holdings Ltd.(2)
387,000  761,379 
JNBY Design Ltd. 93,500  101,746 
JOYY, Inc., ADR 39,943  1,211,072 
Jutal Offshore Oil Services Ltd.(1)
186,000  13,956 
JW Cayman Therapeutics Co. Ltd.(1)(2)
36,000  27,953 
Kandi Technologies Group, Inc.(1)(2)
17,258  37,795 
Kangji Medical Holdings Ltd.(2)
185,000  147,467 
Kanzhun Ltd., ADR(1)
3,060  71,879 
Kasen International Holdings Ltd.(1)
143,000  8,105 
KE Holdings, Inc., ADR(1)
79,292  1,430,428 
29

Avantis Emerging Markets Equity ETF
Shares Value
Kingboard Holdings Ltd. 444,500  $ 1,403,597 
Kingboard Laminates Holdings Ltd. 646,500  616,705 
Kingsoft Corp. Ltd. 321,800  978,042 
Koolearn Technology Holding Ltd.(1)(2)
6,000  22,713 
Kuaishou Technology(1)
108,100  936,631 
Kunlun Energy Co. Ltd. 1,002,000  872,468 
KWG Group Holdings Ltd. 388,500  69,895 
KWG Living Group Holdings Ltd. 255,249  45,278 
Lee & Man Paper Manufacturing Ltd. 494,000  177,331 
Lenovo Group Ltd. 2,024,000  1,666,990 
Leoch International Technology Ltd.(1)
122,000  9,914 
LexinFintech Holdings Ltd., ADR(1)
64,339  131,252 
Li Auto, Inc., ADR(1)
179,176  5,154,894 
Li Ning Co. Ltd. 613,000  5,583,392 
Lifetech Scientific Corp.(1)
1,122,000  365,899 
Logan Group Co. Ltd.(2)
211,000  23,015 
Longfor Group Holdings Ltd. 533,500  1,731,615 
Lonking Holdings Ltd. 1,310,000  221,812 
Lufax Holding Ltd., ADR 81,752  357,256 
Luokung Technology Corp.(1)
475  97 
Luoyang Glass Co. Ltd., H Shares(1)(2)
30,000  41,705 
Luye Pharma Group Ltd.(1)(2)
644,000  185,884 
LVGEM China Real Estate Investment Co. Ltd.(1)(2)
466,000  56,161 
Maanshan Iron & Steel Co. Ltd., H Shares 60,000  15,626 
Maoyan Entertainment(1)(2)
173,200  145,450 
Meitu, Inc.(1)(2)
1,750,000  186,047 
Meituan, Class B(1)
276,000  6,628,749 
Metallurgical Corp. of China Ltd., H Shares 198,000  37,501 
Midea Real Estate Holding Ltd.(2)
174,000  185,653 
Minsheng Education Group Co. Ltd. 254,000  19,368 
Minth Group Ltd. 406,000  1,148,848 
MMG Ltd.(1)
2,440,000  667,488 
Mobvista, Inc.(1)
109,000  65,711 
Mulsanne Group Holding Ltd.(1)(2)
87,500  42,998 
Nam Tai Property, Inc.(1)
9,475  39,937 
NetDragon Websoft Holdings Ltd. 229,500  499,339 
NetEase, Inc., ADR 106,588  9,434,104 
New China Life Insurance Co. Ltd., H Shares 267,400  629,375 
New Oriental Education & Technology Group, Inc., ADR(1)
97,665  2,773,686 
Nexteer Automotive Group Ltd. 681,000  506,075 
Nine Dragons Paper Holdings Ltd. 859,000  674,032 
NIO, Inc., ADR(1)
132,130  2,630,708 
Noah Holdings Ltd., ADR(1)
23,231  411,421 
Nongfu Spring Co. Ltd., H Shares(2)
413,000  2,455,636 
OneConnect Financial Technology Co. Ltd., ADR(1)
51,874  56,024 
Orient Overseas International Ltd. 63,500  1,770,059 
Peijia Medical Ltd.(1)
48,000  38,217 
People's Insurance Co. Group of China Ltd., H Shares 2,411,000  745,152 
Perennial Energy Holdings Ltd. 320,000  43,897 
PetroChina Co. Ltd., ADR(2)
53,262  2,462,302 
Pharmaron Beijing Co. Ltd., H Shares 18,450  122,041 
30

Avantis Emerging Markets Equity ETF
Shares Value
PICC Property & Casualty Co. Ltd., H Shares 2,666,000  $ 2,883,626 
Pinduoduo, Inc., ADR(1)
67,433  4,807,973 
Ping An Insurance Group Co. of China Ltd., H Shares 1,532,782  9,015,277 
Poly Property Group Co. Ltd. 1,247,844  253,632 
Poly Property Services Co. Ltd., Class H 49,200  288,177 
Postal Savings Bank of China Co. Ltd., H Shares(2)
1,774,000  1,059,027 
Pou Sheng International Holdings Ltd. 171,000  17,190 
Powerlong Commercial Management Holdings Ltd. 96,000  51,933 
Powerlong Real Estate Holdings Ltd. 327,000  41,007 
Prinx Chengshan Holdings Ltd. 1,000  891 
Q Technology Group Co. Ltd.(1)
220,000  120,890 
Qudian, Inc., ADR(1)(2)
69,556  66,078 
Radiance Holdings Group Co. Ltd. 329,000  159,002 
Redco Properties Group Ltd.(1)(2)
44,000  9,974 
Redsun Properties Group Ltd.(1)(2)
396,000  56,995 
ReneSola Ltd., ADR(1)
12,150  70,956 
Road King Infrastructure Ltd. 27,000  14,121 
Ronshine China Holdings Ltd.(1)(2)
202,500  19,347 
Sany Heavy Equipment International Holdings Co. Ltd. 451,000  467,175 
SCE Intelligent Commercial Management Holdings Ltd.(2)
165,000  37,093 
Seazen Group Ltd.(1)
774,000  256,924 
Shandong Gold Mining Co. Ltd., H Shares(2)
140,500  238,183 
Shandong Hi-Speed New Energy Group Ltd.(1)(2)
7,260,000  70,123 
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares 950,000  1,288,740 
Shanghai Electric Group Co. Ltd., H Shares(1)
208,000  49,709 
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares 42,500  136,723 
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares 60,000  279,585 
Shanghai Industrial Holdings Ltd. 239,000  332,238 
Shanghai Industrial Urban Development Group Ltd. 403,600  32,382 
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares 311,400  452,711 
Shenzhen Expressway Corp. Ltd., H Shares 352,000  308,182 
Shenzhen International Holdings Ltd. 856,500  738,309 
Shenzhen Investment Ltd. 1,130,000  206,928 
Shenzhou International Group Holdings Ltd. 161,500  1,687,886 
Shimao Group Holdings Ltd.(2)
245,000  137,972 
Shimao Services Holdings Ltd.(1)(2)
148,000  37,911 
Shoucheng Holdings Ltd. 232,800  39,579 
Shougang Fushan Resources Group Ltd. 1,949,249  618,278 
Shui On Land Ltd. 2,733,000  343,774 
Sihuan Pharmaceutical Holdings Group Ltd.(2)
2,368,000  300,296 
Simcere Pharmaceutical Group Ltd. 470,000  469,815 
Sino Biopharmaceutical Ltd. 3,548,500  1,863,728 
Sino-Ocean Group Holding Ltd. 2,162,500  315,633 
Sinolink Worldwide Holdings Ltd.(1)
116,000  3,247 
Sinopec Engineering Group Co. Ltd., H Shares 628,500  280,795 
Sinopec Kantons Holdings Ltd. 356,000  108,653 
Sinopec Shanghai Petrochemical Co. Ltd., ADR(2)
3,184  49,193 
Sinopharm Group Co. Ltd., H Shares 608,800  1,356,280 
Sinotrans Ltd., H Shares 138,000  39,433 
Sinotruk Hong Kong Ltd. 265,000  264,214 
Skyworth Group Ltd. 1,148,924  570,827 
31

Avantis Emerging Markets Equity ETF
Shares Value
SOHO China Ltd.(1)(2)
645,500  $ 114,952 
Sohu.com Ltd., ADR(1)(2)
19,155  341,342 
South Manganese Investment Ltd.(1)(2)
1,045,000  116,604 
SSY Group Ltd. 992,000  467,135 
Sun King Technology Group Ltd.(1)
628,000  178,239 
Sunny Optical Technology Group Co. Ltd. 199,500  2,723,664 
Sunpower Group Ltd.(1)
104,600  28,400 
SY Holdings Group Ltd.(2)
48,000  32,116 
TAL Education Group, ADR(1)
53,685  310,299 
TCL Electronics Holdings Ltd. 417,000  199,216 
Tencent Holdings Ltd. 597,200  24,682,721 
Tencent Music Entertainment Group, ADR(1)
151,194  772,601 
Tian Ge Interactive Holdings Ltd.(1)
9,000  1,087 
Tian Lun Gas Holdings Ltd. 187,500  84,678 
Tiangong International Co. Ltd.(2)
890,000  298,477 
Tianneng Power International Ltd.(2)
488,000  519,182 
Tibet Water Resources Ltd.(1)
19,000  1,257 
Times China Holdings Ltd.(2)
341,000  50,612 
Tingyi Cayman Islands Holding Corp. 1,072,000  1,903,577 
Tong Ren Tang Technologies Co. Ltd., H Shares 373,000  263,668 
Tongcheng Travel Holdings Ltd.(1)
620,400  1,270,679 
Tongda Group Holdings Ltd.(1)
2,745,000  41,812 
Topsports International Holdings Ltd. 1,025,000  809,027 
Towngas Smart Energy Co. Ltd.(1)
365,000  160,124 
TravelSky Technology Ltd., H Shares 389,000  677,981 
Trigiant Group Ltd.(1)
28,000  2,099 
Trip.com Group Ltd., ADR(1)
110,711  2,847,487 
Truly International Holdings Ltd. 1,558,000  341,313 
Tsaker New Energy Tech Co. Ltd. 123,500  22,119 
Tsingtao Brewery Co. Ltd., H Shares 90,000  873,987 
Tuya, Inc., ADR(1)(2)
16,113  21,269 
Uni-President China Holdings Ltd. 952,000  819,622 
United Strength Power Holdings Ltd. 21,000  29,932 
Venus MedTech Hangzhou, Inc., H Shares(1)
36,500  63,526 
Vinda International Holdings Ltd.(2)
226,000  631,686 
Vipshop Holdings Ltd., ADR(1)
226,479  2,629,421 
Viva Biotech Holdings(1)
93,500  22,031 
VNET Group, Inc., ADR(1)
37,403  200,106 
Want Want China Holdings Ltd. 2,917,000  2,054,797 
Wasion Holdings Ltd. 82,000  27,588 
Weibo Corp., ADR(1)
31,970  661,459 
Weichai Power Co. Ltd., H Shares 447,000  597,198 
Weiqiao Textile Co., H Shares 80,000  15,094 
West China Cement Ltd. 2,090,000  257,805 
Wharf Holdings Ltd. 464,000  1,747,406 
Wison Engineering Services Co. Ltd.(1)
19,000  663 
Wuling Motors Holdings Ltd.(2)
800,000  105,500 
WuXi AppTec Co. Ltd., H Shares 37,404  422,254 
Wuxi Biologics Cayman, Inc.(1)
415,500  3,665,582 
X Financial, ADR(1)
464  1,211 
Xiabuxiabu Catering Management China Holdings Co. Ltd.(1)
474,500  223,415 
32

Avantis Emerging Markets Equity ETF
Shares Value
Xiamen International Port Co. Ltd., H Shares 1,016,000  $ 287,937 
Ximei Resources Holding Ltd.(1)
35,000  21,837 
Xin Point Holdings Ltd.(2)
57,000  16,650 
Xingda International Holdings Ltd. 154,482  31,634 
Xinhua Winshare Publishing and Media Co. Ltd., H Shares 146,000  102,701 
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares 367,400  547,486 
Xinjiang Xinxin Mining Industry Co. Ltd., H Shares(1)
256,000  38,284 
Xinte Energy Co. Ltd., H Shares 202,400  528,203 
Xinyi Energy Holdings Ltd. 158,000  63,811 
Xinyi Solar Holdings Ltd. 1,580,976  2,174,188 
XPeng, Inc., Class A, ADR(1)
29,867  553,137 
XTEP International Holdings Ltd. 727,500  1,009,541 
Yadea Group Holdings Ltd. 686,000  1,308,474 
Yankuang Energy Group Co. Ltd., H Shares(2)
894,000  3,538,818 
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(1)
71,000  45,074 
Yihai International Holding Ltd.(1)(2)
126,000  317,318 
YuanShengTai Dairy Farm Ltd.(1)
190,000  5,200 
Yuexiu Property Co. Ltd. 838,400  1,048,647 
Yuexiu Transport Infrastructure Ltd. 784,000  375,133 
Yum China Holdings, Inc. 161,922  8,113,911 
Yuzhou Group Holdings Co. Ltd.(2)
782,955  33,819 
Zengame Technology Holding Ltd.(1)
150,000  28,784 
Zepp Health Corp., ADR 1,207  2,305 
Zhaojin Mining Industry Co. Ltd., H Shares(1)
902,000  763,754 
Zhejiang Expressway Co. Ltd., H Shares 1,016,000  773,297 
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares 119,600  138,668 
Zhenro Properties Group Ltd.(1)
482,000  22,315 
Zhong An Group Ltd.(1)
415,000  12,820 
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1)(2)
400  1,172 
Zhongliang Holdings Group Co. Ltd.(2)
269,500  22,658 
Zhongsheng Group Holdings Ltd. 215,500  1,018,963 
Zhongyu Energy Holdings Ltd. 175,000  143,643 
Zhou Hei Ya International Holdings Co. Ltd.(1)
849,000  424,150 
Zhuguang Holdings Group Co. Ltd.(1)
616,000  78,380 
Zijin Mining Group Co. Ltd., H Shares 1,834,000  2,072,370 
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H 447,200  201,596 
ZTO Express Cayman, Inc., ADR 127,680  3,326,064 
381,156,851 
Colombia — 0.2%
Banco Davivienda SA, Preference Shares 24,226  169,565 
Bancolombia SA 37,189  287,167 
Bancolombia SA, ADR 19,013  521,907 
Cementos Argos SA 6,574  5,179 
Corp. Financiera Colombiana SA(1)
24,838  109,357 
Ecopetrol SA, ADR(2)
55,344  570,597 
Empresa de Telecomunicaciones de Bogota(1)
18,600  622 
Grupo Argos SA 159,091  350,223 
Interconexion Electrica SA ESP 78,459  339,593 
2,354,210 
33

Avantis Emerging Markets Equity ETF
Shares Value
Czech Republic — 0.2%
CEZ AS 34,377  $ 1,392,682 
Komercni banka AS 13,292  311,312 
Moneta Money Bank AS 136,632  433,502 
2,137,496 
Egypt — 0.1%
Commercial International Bank Egypt S.A.E., GDR 442,157  776,417 
Greece — 0.3%
Alpha Services & Holdings SA(1)
456,912  421,960 
Athens Water Supply & Sewage Co. SA 3,091  24,123 
Eurobank Ergasias Services and Holdings SA, Class A(1)
669,765  621,413 
Fourlis Holdings SA 364  1,095 
GEK Terna Holding Real Estate Construction SA(1)
10,321  99,945 
Hellenic Exchanges - Athens Stock Exchange SA 8,827  29,241 
Hellenic Petroleum Holdings SA 15,901  109,410 
Hellenic Telecommunications Organization SA 24,439  388,796 
Intracom Holdings SA(1)
19,243  33,657 
JUMBO SA 38,086  544,468 
LAMDA Development SA(1)
8,171  48,517 
Motor Oil Hellas Corinth Refineries SA 13,501  254,543 
Mytilineos SA 11,184  174,892 
National Bank of Greece SA(1)
141,333  456,114 
OPAP SA 25,054  330,009 
Piraeus Financial Holdings SA(1)
169,308  177,199 
Public Power Corp. SA(1)
42,251  220,567 
Terna Energy SA 12,145  216,610 
Titan Cement International SA(1)
16,364  194,691 
Viohalco SA 30,134  103,761 
4,451,011 
Hong Kong†
Beijing Gas Blue Sky Holdings Ltd.(1)
88,000  1,345 
Brilliance China Automotive Holdings Ltd.(1)
338,000  154,171 
China Isotope & Radiation Corp. 14,400  32,448 
China Zhongwang Holdings Ltd.(1)
525,200  112,418 
Edvantage Group Holdings Ltd. 144,000  42,854 
Essex Bio-technology Ltd. 120,000  63,349 
IMAX China Holding, Inc. 32,000  23,980 
Tianyun International Holdings Ltd.(1)
84,000  16,375 
446,940 
Hungary — 0.2%
Magyar Telekom Telecommunications PLC 79,956  67,888 
MOL Hungarian Oil & Gas PLC 187,146  1,289,502 
OTP Bank Nyrt 33,713  716,974 
Richter Gedeon Nyrt 12,974  261,583 
2,335,947 
India — 17.2%
63 Moons Technologies Ltd. 6,904  15,444 
Aarti Drugs Ltd. 9,663  52,131 
Aarti Industries Ltd. 7,452  76,901 
ACC Ltd. 26,254  752,292 
Accelya Solutions India Ltd. 1,465  20,485 
34

Avantis Emerging Markets Equity ETF
Shares Value
Action Construction Equipment Ltd. 9,606  $ 30,135 
Adani Enterprises Ltd. 39,537  1,568,976 
Adani Green Energy Ltd.(1)
33,383  1,008,695 
Adani Ports & Special Economic Zone Ltd. 104,567  1,094,032 
Adani Power Ltd.(1)
51,167  261,292 
Adani Total Gas Ltd. 38,259  1,784,302 
Adani Transmission Ltd.(1)
85,509  4,193,234 
Aditya Birla Capital Ltd.(1)
239,350  338,063 
Advanced Enzyme Technologies Ltd. 16,916  56,654 
Aegis Logistics Ltd. 94,747  346,462 
Affle India Ltd.(1)
3,390  54,553 
AGI Greenpac Ltd. 34,439  134,186 
AIA Engineering Ltd. 9,387  305,244 
Ajanta Pharma Ltd. 11,947  204,890 
Akzo Nobel India Ltd. 1,400  33,962 
Alembic Ltd. 8,551  7,804 
Alembic Pharmaceuticals Ltd. 35,995  291,284 
Alkyl Amines Chemicals 4,913  181,363 
Allcargo Logistics Ltd. 46,735  207,630 
Alok Industries Ltd.(1)
45,160  10,843 
Amara Raja Batteries Ltd. 63,768  404,533 
Ambika Cotton Mills Ltd. 1,427  31,611 
Ambuja Cements Ltd. 141,561  725,902 
Amrutanjan Health Care Ltd. 2,916  27,566 
Anant Raj Ltd. 59,615  64,359 
Andhra Sugars Ltd. 26,768  48,623 
Apar Industries Ltd. 6,218  103,606 
Apcotex Industries Ltd. 6,865  50,422 
APL Apollo Tubes Ltd.(1)
57,999  682,057 
Apollo Hospitals Enterprise Ltd. 31,815  1,709,368 
Apollo Tyres Ltd. 196,636  613,481 
Aptech Ltd. 7,681  24,021 
Arvind Ltd.(1)
83,750  101,726 
Ashok Leyland Ltd. 387,965  742,073 
Ashoka Buildcon Ltd.(1)
37,620  37,481 
Asian Paints Ltd. 28,362  1,194,007 
Astec Lifesciences Ltd. 1,514  36,315 
Aster DM Healthcare Ltd.(1)
81,019  223,416 
Astra Microwave Products Ltd. 27,941  122,732 
Astral Ltd. 10,504  273,126 
AstraZeneca Pharma India Ltd. 328  12,654 
Atul Ltd. 2,495  285,359 
AU Small Finance Bank Ltd. 57,466  451,926 
Aurobindo Pharma Ltd. 111,130  756,598 
Avadh Sugar & Energy Ltd. 7,220  48,142 
Avanti Feeds Ltd. 12,625  72,963 
Avenue Supermarts Ltd.(1)
7,242  407,089 
Axis Bank Ltd., GDR 37,051  1,755,371 
Bajaj Auto Ltd. 8,785  447,454 
Bajaj Consumer Care Ltd. 68,195  137,312 
Bajaj Electricals Ltd. 11,447  176,509 
35

Avantis Emerging Markets Equity ETF
Shares Value
Bajaj Finance Ltd. 22,822  $ 2,059,715 
Bajaj Finserv Ltd. 3,898  817,197 
Bajaj Hindusthan Sugar Ltd.(1)
570,901  70,959 
Balaji Amines Ltd. 3,447  147,932 
Balkrishna Industries Ltd. 19,897  505,445 
Balmer Lawrie & Co. Ltd. 12,135  18,816 
Balrampur Chini Mills Ltd. 101,388  442,165 
Bandhan Bank Ltd.(1)
252,788  872,416 
BASF India Ltd. 3,328  137,512 
Bata India Ltd. 12,210  295,183 
Bayer CropScience Ltd. 2,143  146,117 
BEML Ltd. 1,894  43,471 
Berger Paints India Ltd. 18,465  154,429 
Bhansali Engineering Polymers Ltd. 11,499  18,129 
Bharat Electronics Ltd. 516,961  1,975,299 
Bharat Forge Ltd. 39,007  359,086 
Bharat Heavy Electricals Ltd.(1)
304,098  222,158 
Bharat Petroleum Corp. Ltd. 317,728  1,301,537 
Bharat Rasayan Ltd. 356  53,695 
Bharti Airtel Ltd. 16,614  71,574 
Bharti Airtel Ltd. 232,596  2,106,957 
Biocon Ltd. 44,815  173,399 
Birla Corp. Ltd. 10,916  132,037 
Birlasoft Ltd. 75,089  297,067 
Blue Dart Express Ltd. 1,832  195,494 
Blue Star Ltd. 26,553  364,269 
Bombay Burmah Trading Co. 7,835  88,701 
Bombay Dyeing & Manufacturing Co. Ltd.(1)
1,774  2,202 
Borosil Renewables Ltd.(1)
2,629  18,386 
Bosch Ltd. 489  106,690 
Brigade Enterprises Ltd. 77,497  492,157 
Brightcom Group Ltd. 274,527  139,153 
Britannia Industries Ltd. 22,802  1,066,937 
BSE Ltd. 54,275  439,210 
Butterfly Gandhimathi Appliances Ltd. 136  2,583 
Can Fin Homes Ltd. 42,938  337,783 
Canara Bank 145,617  434,253 
Capacit'e Infraprojects Ltd.(1)
19,339  39,670 
Caplin Point Laboratories Ltd. 7,672  74,694 
Capri Global Capital Ltd. 100  899 
Carborundum Universal Ltd. 26,856  282,649 
Care Ratings Ltd. 15,230  95,858 
Castrol India Ltd. 157,671  224,516 
CCL Products India Ltd. 48,413  289,621 
Ceat Ltd. 11,847  205,231 
Central Depository Services India Ltd. 5,186  80,075 
Century Enka Ltd. 6,013  34,572 
Century Plyboards India Ltd. 23,590  196,973 
Century Textiles & Industries Ltd. 18,862  201,932 
Cera Sanitaryware Ltd. 2,532  157,785 
CESC Ltd. 127,560  129,476 
36

Avantis Emerging Markets Equity ETF
Shares Value
CG Power & Industrial Solutions Ltd.(1)
26,937  $ 75,005 
Chalet Hotels Ltd.(1)
8,387  33,651 
Chambal Fertilisers and Chemicals Ltd. 141,267  615,243 
Chennai Petroleum Corp. Ltd. 46,465  169,102 
Cholamandalam Financial Holdings Ltd. 3,258  27,204 
Cholamandalam Investment and Finance Co. Ltd. 155,729  1,525,694 
Cigniti Technologies Ltd. 3,206  23,315 
Cipla Ltd. 124,345  1,611,304 
City Union Bank Ltd. 296,272  663,018 
Coal India Ltd. 466,429  1,362,899 
Cochin Shipyard Ltd. 24,665  115,995 
Coforge Ltd. 4,049  178,466 
Colgate-Palmolive India Ltd. 31,764  666,947 
Computer Age Management Services Ltd. 7,758  221,835 
Confidence Petroleum India Ltd. 38,839  31,609 
Container Corp. of India Ltd. 73,677  639,110 
Coromandel International Ltd. 62,152  816,009 
Cosmo Films Ltd. 13,104  149,633 
CreditAccess Grameen Ltd.(1)
40,856  505,728 
CRISIL Ltd. 3,327  136,027 
Crompton Greaves Consumer Electricals Ltd. 73,110  372,010 
Cummins India Ltd. 29,478  437,784 
Cyient Ltd. 34,182  357,931 
Dabur India Ltd. 64,578  470,858 
Dalmia Bharat Ltd. 22,527  431,070 
Dalmia Bharat Sugar & Industries Ltd. 13,724  59,224 
DB Corp. Ltd. 18,592  24,338 
DCB Bank Ltd. 121,786  142,871 
DCM Shriram Ltd. 34,620  451,859 
Deccan Cements Ltd. 2,682  17,400 
Deepak Fertilisers & Petrochemicals Corp. Ltd. 54,143  611,974 
Deepak Nitrite Ltd. 28,082  689,114 
Delta Corp. Ltd. 21,685  56,657 
DEN Networks Ltd.(1)
50,404  23,079 
DFM Foods Ltd. 4,696  20,656 
Dhampur Bio Organics Ltd.(1)
14,248  4,698 
Dhampur Sugar Mills Ltd. 14,248  41,147 
Dhani Services Ltd.(1)
48,019  38,780 
Dhanuka Agritech Ltd. 3,413  30,269 
Dilip Buildcon Ltd. 11,891  35,591 
Dish TV India Ltd.(1)
427,132  63,899 
Dishman Carbogen Amcis Ltd.(1)
16,627  24,130 
Divi's Laboratories Ltd. 14,183  640,345 
Dixon Technologies India Ltd. 4,584  233,098 
DLF Ltd. 70,353  339,842 
Dolat Algotech Ltd. 16,966  14,436 
Dollar Industries Ltd. 6,412  37,717 
Dr Lal PathLabs Ltd. 1,949  62,092 
Dr Reddy's Laboratories Ltd., ADR 39,157  2,047,520 
Dwarikesh Sugar Industries Ltd. 128,758  155,231 
eClerx Services Ltd. 5,636  147,963 
37

Avantis Emerging Markets Equity ETF
Shares Value
Edelweiss Financial Services Ltd. 146,943  $ 111,297 
Eicher Motors Ltd. 35,195  1,468,872 
EID Parry India Ltd. 63,545  420,371 
EIH Ltd.(1)
32,352  64,430 
Elecon Engineering Co. Ltd. 37,000  172,234 
Electrosteel Castings Ltd. 150,505  68,851 
Emami Ltd. 74,951  453,716 
Endurance Technologies Ltd. 8,816  164,571 
Engineers India Ltd. 181,197  153,503 
EPL Ltd. 50,090  106,460 
Equitas Holdings Ltd.(1)
122,426  152,113 
Eris Lifesciences Ltd. 8,852  76,469 
Escorts Kubota Ltd. 32,530  810,983 
Ester Industries Ltd. 21,161  42,632 
Eveready Industries India Ltd.(1)
17,861  79,242 
Everest Industries Ltd. 6,868  60,306 
Everest Kanto Cylinder Ltd. 14,324  20,786 
Excel Industries Ltd. 2,396  43,462 
Exide Industries Ltd. 231,066  461,416 
FDC Ltd.(1)
11,851  39,006 
Federal Bank Ltd. 855,830  1,241,138 
FIEM Industries Ltd. 2,287  42,519 
Filatex India Ltd. 19,510  27,327 
Fine Organic Industries Ltd. 1,757  135,365 
Finolex Cables Ltd. 22,911  131,551 
Finolex Industries Ltd. 89,019  168,182 
Firstsource Solutions Ltd. 31,653  42,090 
Force Motors Ltd. 1,685  27,229 
Fortis Healthcare Ltd.(1)
6,563  24,070 
Future Consumer Ltd.(1)
738,951  15,651 
Gabriel India Ltd. 15,306  30,018 
GAIL India Ltd. 416,859  708,088 
Galaxy Surfactants Ltd. 3,257  133,132 
Ganesha Ecosphere Ltd. 2,544  20,512 
Garden Reach Shipbuilders & Engineers Ltd. 26,723  99,856 
Gateway Rail Freight Ltd. 127,972  108,771 
General Insurance Corp. of India 46,922  72,637 
Genus Power Infrastructures Ltd. 50,411  52,790 
Geojit Financial Services Ltd. 18,976  10,827 
GHCL Ltd. 63,552  472,658 
GIC Housing Finance Ltd. 9,147  16,742 
GlaxoSmithKline Pharmaceuticals Ltd. 2,479  45,227 
Glenmark Pharmaceuticals Ltd. 85,518  396,081 
Globus Spirits Ltd. 6,451  69,884 
GMR Infrastructure Ltd.(1)
141,365  63,130 
Godawari Power and Ispat Ltd. 41,518  152,046 
Godrej Agrovet Ltd. 886  5,777 
Godrej Consumer Products Ltd.(1)
21,348  245,905 
Godrej Properties Ltd.(1)
299  5,215 
Gokaldas Exports Ltd.(1)
19,364  86,773 
Granules India Ltd. 91,156  347,054 
38

Avantis Emerging Markets Equity ETF
Shares Value
Graphite India Ltd. 33,367  $ 170,845 
Grasim Industries Ltd. 71,891  1,498,312 
Great Eastern Shipping Co. Ltd. 86,605  616,063 
Greaves Cotton Ltd. 63,140  133,051 
Greenpanel Industries Ltd. 36,834  205,541 
Greenply Industries Ltd. 47,311  110,709 
Gufic Biosciences Ltd. 21,615  56,632 
Gujarat Alkalies & Chemicals Ltd. 15,153  167,132 
Gujarat Ambuja Exports Ltd. 63,680  216,944 
Gujarat Fluorochemicals Ltd. 5,413  224,430 
Gujarat Gas Ltd. 41,449  243,907 
Gujarat Industries Power Co. Ltd. 24,476  28,149 
Gujarat Mineral Development Corp. Ltd. 53,625  110,508 
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. 63,798  593,712 
Gujarat Pipavav Port Ltd. 190,970  207,374 
Gujarat State Fertilizers & Chemicals Ltd. 185,622  363,965 
Gujarat State Petronet Ltd. 107,329  323,464 
Happiest Minds Technologies Ltd. 3,847  48,895 
Hathway Cable & Datacom Ltd.(1)
327,684  72,881 
Havells India Ltd. 11,875  205,576 
HBL Power Systems Ltd. 108,784  109,632 
HCL Technologies Ltd. 189,141  2,200,057 
HDFC Asset Management Co. Ltd. 12,935  333,710 
HDFC Life Insurance Co. Ltd. 60,548  433,899 
HEG Ltd. 4,763  74,506 
HeidelbergCement India Ltd. 21,787  51,954 
Heritage Foods Ltd. 4,758  19,286 
Hero MotoCorp Ltd. 21,434  755,017 
HFCL Ltd. 373,176  342,658 
HG Infra Engineering Ltd. 7,905  59,018 
Hikal Ltd. 13,702  58,306 
HIL Ltd. 1,459  67,291 
Himadri Speciality Chemical Ltd., ADR 38,530  47,150 
Himatsingka Seide Ltd.(1)
11,317  14,816 
Hindalco Industries Ltd. 565,092  3,064,833 
Hinduja Global Solutions Ltd. 6,962  129,678 
Hindustan Copper Ltd. 17,442  25,586 
Hindustan Oil Exploration Co. Ltd.(1)
16,740  33,981 
Hindustan Petroleum Corp. Ltd. 237,554  721,034 
Hindustan Unilever Ltd. 50,492  1,671,586 
Hindware Home Innovation Ltd. 6,689  27,123 
Housing Development Finance Corp. Ltd. 221,709  6,712,332 
I G Petrochemicals Ltd. 7,893  58,272 
ICICI Bank Ltd., ADR 186,857  4,080,957 
ICICI Lombard General Insurance Co. Ltd. 35,064  563,251 
ICICI Prudential Life Insurance Co. Ltd. 29,126  215,020 
IDFC First Bank Ltd.(1)
867,361  527,968 
IDFC Ltd. 903,171  769,383 
IFB Industries Ltd.(1)
1,596  20,367 
IFCI Ltd.(1)
361,243  49,155 
IIFL Finance Ltd. 114,341  489,764 
39

Avantis Emerging Markets Equity ETF
Shares Value
IIFL Securities Ltd. 68,787  $ 61,362 
IIFL Wealth Management Ltd. 11,129  232,374 
India Cements Ltd. 103,508  293,087 
India Glycols Ltd. 6,368  70,607 
Indiabulls Housing Finance Ltd.(1)
157,708  265,989 
Indiabulls Real Estate Ltd.(1)
215,530  231,691 
Indian Bank 156,661  376,989 
Indian Energy Exchange Ltd. 152,162  303,251 
Indian Hotels Co. Ltd. 68,826  243,548 
Indian Metals & Ferro Alloys Ltd. 12,770  43,909 
Indian Oil Corp. Ltd. 648,004  578,220 
Indian Overseas Bank(1)
35,971  8,006 
Indian Railway Catering & Tourism Corp. Ltd. 14,485  127,053 
Indo Count Industries Ltd. 24,311  49,459 
Indraprastha Medical Corp. Ltd.(1)
21,721  18,887 
Indus Towers Ltd. 311,562  774,778 
INEOS Styrolution India Ltd. 1,561  18,016 
Infibeam Avenues Ltd. 30,456  5,998 
Info Edge India Ltd. 10,032  539,651 
Infosys Ltd., ADR 495,950  9,075,885 
Inox Leisure Ltd.(1)
22,946  143,715 
Inox Wind Ltd.(1)
24,296  33,717 
Insecticides India Ltd.(1)
2,026  25,584 
Intellect Design Arena Ltd. 24,958  183,193 
InterGlobe Aviation Ltd.(1)
8,303  207,346 
IOL Chemicals and Pharmaceuticals Ltd. 17,417  77,886 
Ipca Laboratories Ltd. 51,413  581,770 
IRB Infrastructure Developers Ltd. 55,466  162,881 
IRCON International Ltd. 98,906  50,484 
ISGEC Heavy Engineering Ltd. 2,727  16,260 
ITD Cementation India Ltd. 21,419  28,293 
J Kumar Infraprojects Ltd. 42,128  156,258 
Jagran Prakashan Ltd. 44,477  34,997 
Jai Corp. Ltd. 25,985  42,390 
Jain Irrigation Systems Ltd.(1)
235,143  118,350 
Jaiprakash Associates Ltd.(1)
521,016  53,182 
Jaiprakash Power Ventures Ltd.(1)
1,605,118  150,112 
Jammu & Kashmir Bank Ltd.(1)
221,834  87,210 
Jamna Auto Industries Ltd. 36,500  52,945 
JB Chemicals & Pharmaceuticals Ltd. 4,634  103,125 
JBM Auto Ltd. 13,780  68,754 
Jindal Poly Films Ltd. 9,031  118,207 
Jindal Saw Ltd. 75,959  81,994 
Jindal Stainless Hisar Ltd.(1)
71,738  217,831 
Jindal Stainless Ltd.(1)
124,030  197,319 
Jindal Steel & Power Ltd. 193,157  1,039,324 
JK Cement Ltd. 15,080  509,073 
JK Lakshmi Cement Ltd. 24,614  144,641 
JK Paper Ltd. 49,726  258,380 
JK Tyre & Industries Ltd. 96,052  166,436 
JM Financial Ltd. 265,915  211,158 
40

Avantis Emerging Markets Equity ETF
Shares Value
Johnson Controls-Hitachi Air Conditioning India Ltd.(1)
497  $ 9,887 
JSW Energy Ltd. 101,564  431,606 
JSW Steel Ltd. 249,402  2,068,325 
Jubilant Foodworks Ltd. 67,115  511,231 
Jubilant Ingrevia Ltd. 11,999  69,671 
Jubilant Pharmova Ltd. 18,288  80,039 
Just Dial Ltd.(1)
6,866  50,340 
Kajaria Ceramics Ltd. 19,394  281,230 
Kalpataru Power Transmission Ltd. 27,696  141,141 
Kalyani Steels Ltd. 4,946  19,721 
Karnataka Bank Ltd. 117,924  109,808 
Karur Vysya Bank Ltd. 353,013  299,912 
Kaveri Seed Co. Ltd. 17,663  100,587 
KCP Ltd. 13,450  19,347 
KEC International Ltd. 67,848  344,431 
KEI Industries Ltd. 5,386  98,149 
Kellton Tech Solutions Ltd. 21,339  18,273 
Kiri Industries Ltd.(1)
6,687  40,871 
Kirloskar Ferrous Industries Ltd. 53,234  168,169 
Kitex Garments Ltd. 19,681  56,133 
KNR Constructions Ltd. 85,833  278,438 
Kolte-Patil Developers Ltd. 12,134  46,495 
Kotak Mahindra Bank Ltd. 76,098  1,805,362 
KPIT Technologies Ltd. 80,575  556,691 
KPR Mill Ltd. 33,605  252,734 
KRBL Ltd. 41,605  163,152 
L&T Finance Holdings Ltd. 521,748  512,438 
L&T Technology Services Ltd. 5,165  236,548 
Larsen & Toubro Infotech Ltd. 9,662  552,892 
Larsen & Toubro Ltd. 162,769  3,884,846 
Laurus Labs Ltd. 88,140  634,468 
LG Balakrishnan & Bros Ltd. 6,278  54,458 
LIC Housing Finance Ltd. 177,489  901,846 
Lincoln Pharmaceuticals Ltd. 6,400  22,933 
Linde India Ltd. 2,410  102,866 
LT Foods Ltd. 88,028  104,330 
Lupin Ltd. 73,268  612,260 
LUX Industries Ltd. 1,865  42,218 
Mahanagar Gas Ltd. 15,906  172,830 
Maharashtra Scooters Ltd. 500  26,065 
Maharashtra Seamless Ltd. 15,828  165,347 
Mahindra & Mahindra Financial Services Ltd. 354,517  902,915 
Mahindra & Mahindra Ltd. 248,552  4,034,155 
Mahindra CIE Automotive Ltd. 20,725  70,805 
Mahindra Holidays & Resorts India Ltd.(1)
7,144  23,374 
Mahindra Lifespace Developers Ltd. 5,296  34,220 
Mahindra Logistics Ltd. 11,828  71,079 
Maithan Alloys Ltd. 5,265  67,758 
Man Infraconstruction Ltd. 41,698  47,067 
Manali Petrochemicals Ltd. 80,005  91,911 
Manappuram Finance Ltd. 307,314  403,738 
41

Avantis Emerging Markets Equity ETF
Shares Value
Mangalam Cement Ltd. 7,000  $ 29,892 
Marico Ltd. 121,947  800,565 
Marksans Pharma Ltd. 72,230  46,931 
Maruti Suzuki India Ltd. 21,313  2,404,051 
MAS Financial Services Ltd. 10,285  96,247 
Mastek Ltd. 4,905  114,937 
Mayur Uniquoters Ltd. 3,977  24,044 
Mazagon Dock Shipbuilders Ltd. 14,877  72,419 
Meghmani Finechem Ltd.(1)
9,434  167,153 
Meghmani Organics Ltd. 109,721  166,582 
Metropolis Healthcare Ltd. 5,896  105,082 
Minda Corp. Ltd. 25,905  72,431 
Mindtree Ltd. 16,262  661,700 
Mirza International Ltd.(1)
16,051  63,695 
Mishra Dhatu Nigam Ltd. 22,478  55,884 
MOIL Ltd. 40,373  82,595 
Mold-Tek Packaging Ltd. 2,551  29,872 
Motherson Sumi Wiring India Ltd. 196,201  199,336 
Motilal Oswal Financial Services Ltd. 28,303  271,280 
Mphasis Ltd. 22,200  584,026 
MRF Ltd. 771  821,825 
Mrs Bectors Food Specialities Ltd. 5,977  25,934 
MSTC Ltd. 10,973  37,247 
Multi Commodity Exchange of India Ltd. 9,338  149,607 
Muthoot Finance Ltd. 41,507  543,794 
Narayana Hrudayalaya Ltd. 13,965  122,097 
Natco Pharma Ltd. 30,624  235,510 
National Aluminium Co. Ltd. 671,550  668,736 
National Fertilizers Ltd.(1)
53,307  33,281 
Nava Ltd. 72,134  203,164 
Navneet Education Ltd. 18,910  33,437 
NBCC India Ltd. 494,783  211,691 
NCC Ltd. 253,673  220,248 
NCL Industries Ltd. 7,144  16,315 
NELCO Ltd. 5,720  69,914 
Neogen Chemicals Ltd. 3,235  59,681 
NESCO Ltd. 6,909  49,607 
Nestle India Ltd. 5,523  1,375,110 
Neuland Laboratories Ltd. 2,794  44,157 
Newgen Software Technologies Ltd. 4,838  23,604 
NIIT Ltd. 47,453  204,175 
Nilkamal Ltd. 800  20,532 
Nippon Life India Asset Management Ltd. 63,034  237,034 
NLC India Ltd. 136,872  129,919 
NOCIL Ltd. 13,492  44,261 
NTPC Ltd. 1,199,170  2,458,128 
Oberoi Realty Ltd. 33,204  415,031 
Oil & Natural Gas Corp. Ltd. 621,580  1,076,026 
Oil India Ltd. 107,677  259,274 
Olectra Greentech Ltd.(1)
18,741  144,057 
OnMobile Global Ltd. 15,331  23,616 
42

Avantis Emerging Markets Equity ETF
Shares Value
Oracle Financial Services Software Ltd. 10,630  $ 419,957 
Orient Cement Ltd. 111,521  166,410 
Orient Electric Ltd. 45,372  147,065 
Page Industries Ltd. 902  574,680 
Paisalo Digital Ltd. 28,560  26,724 
Panama Petrochem Ltd. 12,000  48,448 
Parag Milk Foods Ltd. 1,585  2,192 
PCBL Ltd. 122,208  208,875 
Persistent Systems Ltd. 15,516  674,791 
Petronet LNG Ltd. 301,952  833,013 
Phoenix Mills Ltd. 5,274  92,236 
PI Industries Ltd. 8,448  361,230 
Pidilite Industries Ltd. 13,424  458,235 
Piramal Enterprises Ltd. 27,760  366,290 
Piramal Pharma Ltd.(1)
111,040  304,455 
PNB Gilts Ltd. 22,203  17,683 
PNB Housing Finance Ltd.(1)
36,647  158,951 
PNC Infratech Ltd. 46,836  165,224 
Pokarna Ltd. 6,924  47,549 
Poly Medicure Ltd. 2,282  24,239 
Polycab India Ltd. 8,365  256,575 
Polyplex Corp. Ltd. 16,298  435,967 
Poonawalla Fincorp Ltd. 59,543  225,127 
Power Finance Corp. Ltd. 70,033  104,393 
Power Grid Corp. of India Ltd. 893,685  2,558,684 
Power Mech Projects Ltd.(1)
2,490  43,760 
Praj Industries Ltd. 66,164  344,126 
Prakash Industries Ltd.(1)
19,502  13,608 
Prestige Estates Projects Ltd. 39,944  226,838 
Pricol Ltd.(1)
50,806  109,285 
Prince Pipes & Fittings Ltd. 12,478  90,952 
Prism Johnson Ltd.(1)
51,053  80,176 
Privi Speciality Chemicals Ltd. 2,600  44,963 
Procter & Gamble Health Ltd. 55  2,901 
PSP Projects Ltd. 3,816  28,805 
PTC India Ltd. 120,717  127,438 
Quess Corp. Ltd. 9,082  64,632 
Radico Khaitan Ltd. 19,433  253,029 
Rain Industries Ltd. 3,155  7,768 
Rajesh Exports Ltd. 19,058  140,427 
Rallis India Ltd. 30,724  86,407 
Ramco Cements Ltd. 51,015  481,360 
Ramco Industries Ltd. 7,096  18,689 
Ramkrishna Forgings Ltd. 20,160  50,115 
Ramky Infrastructure Ltd.(1)
7,149  17,247 
Rashtriya Chemicals & Fertilizers Ltd. 132,601  163,109 
Raymond Ltd. 29,993  357,333 
RBL Bank Ltd.(1)
133,725  201,855 
REC Ltd. 691,432  938,835 
Redington India Ltd. 330,156  616,029 
Relaxo Footwears Ltd. 4,267  53,235 
43

Avantis Emerging Markets Equity ETF
Shares Value
Reliance Industrial Infrastructure Ltd. 1,798  $ 22,799 
Reliance Industries Ltd., GDR 147,285  9,675,556 
Reliance Infrastructure Ltd.(1)
73,282  147,253 
Reliance Power Ltd.(1)
1,967,209  408,670 
Repco Home Finance Ltd. 16,729  51,360 
Rhi Magnesita India Ltd. 18,440  135,586 
Route Mobile Ltd. 1,407  26,422 
RSWM Ltd. 4,000  19,231 
Rupa & Co. Ltd. 8,000  34,101 
Sagar Cements Ltd. 9,772  24,916 
Samvardhana Motherson International Ltd. 385,316  587,711 
Sanghi Industries Ltd.(1)
10,104  6,930 
Sanofi India Ltd. 4,227  327,715 
Sarda Energy & Minerals Ltd. 8,082  92,240 
Saregama India Ltd. 5,611  28,064 
Satia Industries Ltd. 20,542  29,567 
SBI Cards & Payment Services Ltd. 17,809  204,203 
SBI Life Insurance Co. Ltd. 40,013  661,244 
Schaeffler India Ltd. 5,445  206,078 
SEAMEC Ltd.(1)
1,917  26,054 
Sequent Scientific Ltd. 4,729  6,642 
SH Kelkar & Co. Ltd. 10,925  19,664 
Shankara Building Products Ltd. 4,974  47,273 
Sharda Cropchem Ltd. 16,930  109,310 
Share India Securities Ltd. 11,524  160,900 
Shilpa Medicare Ltd. 9,817  48,129 
Shipping Corp. of India Ltd. 62,678  92,055 
Shree Cement Ltd. 1,472  404,094 
Shree Digvijay Cement Co. Ltd. 24,457  20,766 
Shree Renuka Sugars Ltd.(1)
59,409  34,490 
Shriram City Union Finance Ltd. 13,662  324,753 
Shriram Transport Finance Co. Ltd. 84,886  1,424,753 
Siemens Ltd. 8,514  305,691 
Siyaram Silk Mills Ltd. 4,811  30,113 
SKF India Ltd. 3,745  227,256 
Sobha Ltd. 29,353  254,180 
Solar Industries India Ltd. 3,514  146,149 
Somany Ceramics Ltd.(1)
5,124  41,106 
Sonata Software Ltd. 39,554  350,220 
South Indian Bank Ltd.(1)
293,008  30,021 
Southern Petrochemical Industries Corp. Ltd.(1)
114,672  87,183 
Spandana Sphoorty Financial Ltd.(1)
16,835  114,722 
SRF Ltd. 25,875  816,558 
Star Cement Ltd.(1)
22,000  26,081 
State Bank of India, GDR 31,180  2,059,707 
Sterling and Wilson Renewable(1)
27,192  100,354 
Sterlite Technologies Ltd. 54,881  117,021 
Strides Pharma Science Ltd.(1)
29,009  119,338 
Sudarshan Chemical Industries Ltd. 20,068  114,859 
Sumitomo Chemical India Ltd. 29,259  178,649 
Sun Pharma Advanced Research Co. Ltd.(1)
5,387  15,381 
44

Avantis Emerging Markets Equity ETF
Shares Value
Sun Pharmaceutical Industries Ltd. 195,650  $ 2,183,496 
Sun TV Network Ltd. 44,030  275,012 
Sundaram Finance Ltd. 5,399  141,492 
Sundram Fasteners Ltd. 8,949  93,321 
Sunflag Iron & Steel Co.(1)
32,298  35,455 
Sunteck Realty Ltd. 17,217  101,936 
Suprajit Engineering Ltd. 30,007  126,937 
Supreme Industries Ltd. 27,378  671,973 
Supreme Petrochem Ltd. 14,289  139,095 
Surya Roshni Ltd. 4,130  25,331 
Suven Pharmaceuticals Ltd. 29,490  180,620 
Suzlon Energy Ltd.(1)
537,185  54,531 
Swaraj Engines Ltd. 1,157  23,138 
Tamil Nadu Newsprint & Papers Ltd. 42,975  136,677 
Tamilnadu Petroproducts Ltd. 58,751  74,171 
Tanla Platforms Ltd. 51,746  458,048 
TARC Ltd.(1)
31,587  16,981 
Tata Chemicals Ltd. 75,652  1,063,103 
Tata Communications Ltd. 49,195  735,715 
Tata Consultancy Services Ltd. 120,853  4,819,809 
Tata Consumer Products Ltd. 21,954  221,890 
Tata Elxsi Ltd. 6,087  678,968 
Tata Investment Corp. Ltd. 5,111  102,206 
Tata Metaliks Ltd. 6,955  67,143 
Tata Motors Ltd., ADR(1)(2)
102,123  2,961,567 
Tata Power Co. Ltd. 389,194  1,141,259 
Tata Steel Long Products Ltd. 8,116  62,936 
Tata Steel Ltd. 2,554,822  3,430,110 
Tata Teleservices Maharashtra Ltd.(1)
42,691  57,856 
TCI Express Ltd. 2,703  59,504 
TeamLease Services Ltd.(1)
2,705  114,596 
Tech Mahindra Ltd. 158,234  2,108,235 
Tejas Networks Ltd.(1)
8,477  64,408 
Texmaco Rail & Engineering Ltd. 136,529  84,942 
Thermax Ltd. 21,660  652,026 
Thirumalai Chemicals Ltd. 53,644  156,163 
Thomas Cook India Ltd.(1)
31,992  28,909 
Thyrocare Technologies Ltd. 4,641  35,843 
Tide Water Oil Co. India Ltd. 3,215  45,707 
Time Technoplast Ltd. 81,039  120,081 
Timken India Ltd. 3,048  114,795 
Tinplate Co. of India Ltd. 23,219  91,182 
Titagarh Wagons Ltd.(1)
33,440  71,164 
Titan Co. Ltd. 18,943  613,834 
Torrent Pharmaceuticals Ltd. 30,325  585,963 
Torrent Power Ltd. 53,993  391,879 
Transport Corp. of India Ltd. 10,925  97,187 
Trent Ltd. 11,770  205,858 
Trident Ltd. 506,689  229,554 
Triveni Engineering & Industries Ltd. 52,908  154,743 
Triveni Turbine Ltd. 30,164  76,814 
45

Avantis Emerging Markets Equity ETF
Shares Value
TTK Prestige Ltd. 2,550  $ 30,516 
Tube Investments of India Ltd. 27,683  780,542 
TV Today Network Ltd. 12,283  43,306 
TV18 Broadcast Ltd.(1)
217,536  109,963 
Uflex Ltd. 36,177  352,686 
Ujjivan Financial Services Ltd.(1)
8,440  20,531 
UltraTech Cement Ltd. 11,982  996,122 
United Spirits Ltd.(1)
74,872  756,797 
UPL Ltd. 49,277  471,978 
Usha Martin Ltd. 59,005  104,010 
UTI Asset Management Co. Ltd. 25,595  262,376 
V-Guard Industries Ltd. 1,107  3,130 
VA Tech Wabag Ltd.(1)
19,467  63,897 
Vaibhav Global Ltd. 7,950  34,333 
Vakrangee Ltd. 175,114  60,408 
Valiant Organics Ltd.(1)
6,994  51,756 
Vardhman Textiles Ltd. 40,505  167,217 
Varun Beverages Ltd. 58,057  748,773 
Vedanta Ltd. 404,628  1,356,074 
Venky's India Ltd. 3,565  93,017 
Vidhi Specialty Food Ingredients Ltd. 7,127  34,719 
Vinati Organics Ltd.(1)
4,973  136,474 
VIP Industries Ltd. 4,143  30,578 
Visaka Industries Ltd. 4,647  35,147 
Vodafone Idea Ltd.(1)
1,680,095  188,388 
Voltas Ltd. 10,398  129,472 
VRL Logistics Ltd. 22,001  169,923 
VST Tillers Tractors Ltd. 1,038  32,717 
Welspun Corp. Ltd. 104,612  293,322 
Welspun India Ltd. 93,718  89,853 
West Coast Paper Mills Ltd. 12,238  95,969 
Westlife Development Ltd.(1)
4,792  38,588 
Wipro Ltd., ADR 199,396  998,974 
Wockhardt Ltd.(1)
8,602  25,720 
Yes Bank Ltd.(1)
4,261,677  873,496 
Zee Entertainment Enterprises Ltd. 404,697  1,289,345 
Zee Media Corp. Ltd.(1)
136,836  31,741 
Zen Technologies Ltd. 11,632  30,195 
Zensar Technologies Ltd. 56,416  160,286 
227,472,699 
Indonesia — 2.4%
Ace Hardware Indonesia Tbk PT 576,500  27,973 
Adaro Energy Indonesia Tbk PT 6,679,400  1,592,347 
Adhi Karya Persero Tbk PT(1)
661,700  36,090 
Adi Sarana Armada Tbk PT(1)
488,400  47,975 
AKR Corporindo Tbk PT 5,702,500  460,875 
Alam Sutera Realty Tbk PT(1)
486,000  5,889 
Aneka Gas Industri Tbk PT 170,800  24,045 
Aneka Tambang Tbk 4,068,900  544,080 
Astra Agro Lestari Tbk PT 175,900  108,421 
Astra International Tbk PT 4,575,100  2,146,724 
46

Avantis Emerging Markets Equity ETF
Shares Value
Bank BTPN Syariah Tbk PT 472,400  $ 94,139 
Bank Bukopin Tbk PT(1)
3,742,897  46,120 
Bank Central Asia Tbk PT 4,451,500  2,458,220 
Bank Jago Tbk PT(1)
151,100  85,619 
Bank Mandiri Persero Tbk PT 4,232,800  2,518,875 
Bank Negara Indonesia Persero Tbk PT 1,621,700  930,152 
Bank Pan Indonesia Tbk PT 1,152,900  154,993 
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT 833,874  78,084 
Bank Pembangunan Daerah Jawa Timur Tbk PT 862,000  41,811 
Bank Rakyat Indonesia Persero Tbk PT 6,479,918  1,892,324 
Bank Syariah Indonesia Tbk PT 155,400  15,885 
Bank Tabungan Negara Persero Tbk PT 2,889,100  292,707 
Barito Pacific Tbk PT 957,200  52,840 
BFI Finance Indonesia Tbk PT 2,358,100  198,414 
Buana Lintas Lautan Tbk PT(1)
4,340,500  49,424 
Bukit Asam Tbk PT 1,928,100  551,687 
Bumi Resources Tbk PT(1)
452,000  5,121 
Bumi Serpong Damai Tbk PT(1)
1,713,500  106,067 
Charoen Pokphand Indonesia Tbk PT 1,591,400  629,895 
Ciputra Development Tbk PT 6,235,500  398,879 
Delta Dunia Makmur Tbk PT(1)
4,766,600  120,651 
Dharma Satya Nusantara Tbk PT 1,939,500  65,903 
Elnusa Tbk PT 1,459,800  31,290 
Erajaya Swasembada Tbk PT 3,010,100  98,891 
Gajah Tunggal Tbk PT(1)
531,100  24,501 
Global Mediacom Tbk PT(1)
976,100  23,665 
Hanson International Tbk PT(1)
1,531,500  5,159 
Indah Kiat Pulp & Paper Tbk PT 1,283,600  719,007 
Indika Energy Tbk PT 1,315,600  254,157 
Indo Tambangraya Megah Tbk PT 247,800  656,367 
Indocement Tunggal Prakarsa Tbk PT 397,100  252,537 
Indofood CBP Sukses Makmur Tbk PT 236,100  132,144 
Indofood Sukses Makmur Tbk PT 1,258,600  528,002 
Indomobil Sukses Internasional Tbk PT 19,800  1,133 
Indosat Tbk PT 514,600  248,433 
Industri Jamu Dan Farmasi Sido Muncul Tbk PT 439,030  20,982 
Integra Indocabinet Tbk PT 481,500  16,702 
Jaccs Mitra Pinasthika Mustika Tbk PT 309,400  21,262 
Japfa Comfeed Indonesia Tbk PT 1,745,900  186,312 
Jasa Marga Persero Tbk PT(1)
940,300  217,791 
Kalbe Farma Tbk PT 6,333,600  716,197 
Kino Indonesia Tbk PT 52,400  8,369 
Link Net Tbk PT(1)
366,800  117,369 
Lippo Karawaci Tbk PT(1)
5,989,600  46,383 
Matahari Department Store Tbk PT 1,171,600  302,663 
Matahari Putra Prima Tbk PT(1)
1,186,000  14,869 
Medco Energi Internasional Tbk PT 4,898,020  283,909 
Media Nusantara Citra Tbk PT 2,569,600  158,251 
Merdeka Copper Gold Tbk PT(1)
1,926,158  553,906 
Mitra Adiperkasa Tbk PT(1)
9,138,700  620,930 
Mitra Keluarga Karyasehat Tbk PT 1,364,000  244,342 
47

Avantis Emerging Markets Equity ETF
Shares Value
MNC Kapital Indonesia Tbk PT(1)
6,385,800  $ 49,545 
MNC Studios International Tbk PT 434,500  167,649 
MNC Vision Networks Tbk PT(1)
5,403,500  33,882 
Pabrik Kertas Tjiwi Kimia Tbk PT 305,600  139,355 
Pacific Strategic Financial Tbk PT(1)
828,800  66,730 
Pakuwon Jati Tbk PT 3,204,800  104,460 
Panin Financial Tbk PT 4,121,600  106,034 
Perusahaan Gas Negara Tbk PT 3,854,000  476,805 
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT 1,913,200  152,034 
PP Persero Tbk PT(1)
1,481,700  100,682 
PT Medikaloka Hermina Tbk 2,312,900  232,450 
PT Temas Tbk 475,200  77,865 
Puradelta Lestari Tbk PT 976,100  11,573 
Ramayana Lestari Sentosa Tbk PT 547,700  21,755 
Salim Ivomas Pratama Tbk PT 183,800  5,644 
Samudera Indonesia Tbk PT 724,600  126,062 
Sarana Menara Nusantara Tbk PT 4,071,900  340,420 
Semen Indonesia Persero Tbk PT 1,035,300  459,736 
Sentul City Tbk PT(1)
1,197,800  4,512 
Siloam International Hospitals Tbk PT 9,600  673 
Smartfren Telecom Tbk PT(1)
39,123,800  260,980 
Sri Rejeki Isman Tbk PT(1)
918,200  9,032 
Summarecon Agung Tbk PT 2,844,978  114,765 
Surya Citra Media Tbk PT 3,277,000  49,865 
Surya Semesta Internusa Tbk PT(1)
423,900  10,446 
Telkom Indonesia Persero Tbk PT, ADR(2)
101,772  3,060,284 
Timah Tbk PT 1,423,400  143,068 
Tower Bersama Infrastructure Tbk PT 3,145,700  597,227 
Transcoal Pacific Tbk PT 87,900  49,152 
Tunas Baru Lampung Tbk PT 339,100  17,582 
Unilever Indonesia Tbk PT 970,700  299,972 
United Tractors Tbk PT 612,100  1,393,793 
Vale Indonesia Tbk PT(1)
256,900  105,296 
Waskita Beton Precast Tbk PT(1)
238,300  1,525 
Waskita Karya Persero Tbk PT(1)
3,601,745  136,856 
Wijaya Karya Persero Tbk PT(1)
1,052,600  75,794 
XL Axiata Tbk PT 1,130,000  200,085 
31,491,340 
Malaysia — 1.9%
7-Eleven Malaysia Holdings Bhd, Class B 21,600  7,547 
Aeon Co. M Bhd 267,700  87,587 
AEON Credit Service M Bhd 4,800  15,092 
Alliance Bank Malaysia Bhd 595,000  467,861 
AMMB Holdings Bhd 756,500  703,126 
Ann Joo Resources Bhd 103,300  24,013 
Astro Malaysia Holdings Bhd(2)
96,000  17,866 
ATA IMS Bhd 11,300  706 
Axiata Group Bhd 318,400  215,918 
Bank Islam Malaysia Bhd 287,000  166,981 
Berjaya Corp. Bhd(1)
1,458,268  78,007 
Berjaya Land Bhd(1)
2,900  149 
48

Avantis Emerging Markets Equity ETF
Shares Value
Bermaz Auto Bhd 148,900  $ 60,432 
Boustead Holdings Bhd(1)
572,700  83,180 
Boustead Plantations Bhd 491,100  84,773 
Bumi Armada Bhd(1)
1,873,000  172,142 
Bursa Malaysia Bhd 179,900  257,105 
Cahya Mata Sarawak Bhd 204,700  42,941 
Capital A Bhd(1)
140,600  18,895 
Carlsberg Brewery Malaysia Bhd 16,900  87,248 
Chin Hin Group Bhd(2)
82,400  47,524 
CIMB Group Holdings Bhd 866,790  1,036,567 
CSC Steel Holdings Bhd 75,000  19,895 
CTOS Digital Bhd 109,100  34,835 
D&O Green Technologies Bhd 80,000  68,267 
Dagang NeXchange Bhd(2)
1,759,400  331,899 
Dayang Enterprise Holdings Bhd 114,920  27,758 
Dialog Group Bhd 392,200  212,164 
DiGi.Com Bhd 412,900  344,619 
DRB-Hicom Bhd 107,800  34,589 
Dufu Technology Corp. Bhd 13,600  8,563 
Duopharma Biotech Bhd 10,630  2,937 
Eco World Development Group Bhd 601,900  89,604 
Eco World International Bhd(1)
194,300  14,901 
Ekovest Bhd(1)
1,008,300  86,207 
Evergreen Fibreboard Bhd 239,000  27,272 
Formosa Prosonic Industries Bhd 28,500  19,764 
Fraser & Neave Holdings Bhd 18,300  91,248 
Frontken Corp. Bhd 227,250  137,740 
Gamuda Bhd 582,323  496,173 
Genting Bhd 667,200  697,348 
Genting Malaysia Bhd 314,300  208,624 
Genting Plantations Bhd 105,000  157,053 
Globetronics Technology Bhd 102,800  28,654 
Greatech Technology Bhd(1)
94,500  74,677 
HAP Seng Consolidated Bhd 65,700  101,944 
Hap Seng Plantations Holdings Bhd 58,900  29,701 
Hartalega Holdings Bhd 487,700  180,565 
Heineken Malaysia Bhd 29,500  155,086 
Hengyuan Refining Co. Bhd(1)
57,800  68,386 
Hextar Global Bhd 58,320  20,865 
Hiap Teck Venture Bhd 691,900  42,780 
Hibiscus Petroleum Bhd 1,440,600  337,512 
Hong Leong Bank Bhd 78,200  363,985 
Hong Leong Capital Bhd 24,300  34,228 
Hong Leong Financial Group Bhd 45,900  198,412 
Hong Seng Consolidated Bhd(1)
180,800  18,804 
Hup Seng Industries Bhd 9,000  1,467 
IHH Healthcare Bhd 133,200  183,839 
IJM Corp. Bhd 1,365,600  519,773 
Inari Amertron Bhd 462,900  275,504 
Innoprise Plantations Bhd 67,500  23,761 
IOI Corp. Bhd 234,200  220,933 
49

Avantis Emerging Markets Equity ETF
Shares Value
IOI Properties Group Bhd 130,000  $ 28,654 
Jaya Tiasa Holdings Bhd(1)
590,500  80,652 
KNM Group Bhd(1)
595,500  15,270 
Kossan Rubber Industries Bhd 653,800  147,119 
KPJ Healthcare Bhd 353,700  69,007 
Kuala Lumpur Kepong Bhd 54,900  283,666 
Kumpulan Perangsang Selangor Bhd 6,000  960 
Leong Hup International Bhd(1)
10,100  1,099 
Lotte Chemical Titan Holding Bhd 179,600  68,548 
Mah Sing Group Bhd 235,900  32,051 
Malakoff Corp. Bhd 157,200  24,315 
Malayan Banking Bhd 753,496  1,507,367 
Malayan Flour Mills Bhd 212,300  28,075 
Malaysia Airports Holdings Bhd(1)
178,300  232,986 
Malaysia Building Society Bhd(2)
1,018,892  131,338 
Malaysia Marine and Heavy Engineering Holdings Bhd(1)
10,900  948 
Malaysian Bulk Carriers Bhd(1)
163,800  15,101 
Malaysian Pacific Industries Bhd 20,000  134,286 
Malaysian Resources Corp. Bhd 259,300  20,137 
Matrix Concepts Holdings Bhd 77,400  39,175 
Maxis Bhd(2)
245,800  210,705 
Media Prima Bhd 407,400  42,630 
Mega First Corp. Bhd 26,400  21,357 
MISC Bhd 290,300  459,325 
MNRB Holdings Bhd 10,700  2,329 
Muda Holdings Bhd 27,400  10,942 
My EG Services Bhd 756,914  134,211 
Nestle Malaysia Bhd 7,800  231,452 
OSK Holdings Bhd 20,000  4,149 
Padini Holdings Bhd 3,200  2,383 
Pantech Group Holdings Bhd 203,100  30,049 
PESTECH International Bhd 186,625  15,115 
Petron Malaysia Refining & Marketing Bhd 26,800  32,258 
Petronas Chemicals Group Bhd 453,100  888,742 
Petronas Dagangan Bhd 34,300  179,657 
Petronas Gas Bhd 118,500  457,945 
Pos Malaysia Bhd(1)
5,700  809 
Power Root Bhd 5,800  2,376 
PPB Group Bhd 64,500  253,549 
Press Metal Aluminium Holdings Bhd 219,300  232,435 
Public Bank Bhd 2,710,000  2,845,608 
QL Resources Bhd 90,000  102,570 
Ranhill Utilities Bhd(1)
299  28 
RHB Bank Bhd 576,942  737,205 
Rubberex Corp. M Bhd(1)
196,500  17,727 
Sam Engineering & Equipment M Bhd 50,800  49,066 
Sarawak Oil Palms Bhd 168,750  103,797 
Sarawak Plantation Bhd 45,200  21,862 
Scientex Bhd 194,100  152,554 
SEG International Bhd 12,300  1,746 
Sime Darby Bhd 722,800  368,266 
50

Avantis Emerging Markets Equity ETF
Shares Value
Sime Darby Plantation Bhd 547,357  $ 544,074 
Sime Darby Property Bhd 367,700  39,288 
SKP Resources Bhd 118,000  44,379 
SP Setia Bhd Group 409,900  68,349 
Sports Toto Bhd 61,307  24,729 
Sunway Bhd 502,448  183,530 
Sunway Construction Group Bhd 55,900  19,303 
Supermax Corp. Bhd 681,422  110,856 
Syarikat Takaful Malaysia Keluarga Bhd 79,874  59,332 
Ta Ann Holdings Bhd 165,600  147,376 
TASCO Bhd 91,000  19,109 
TDM Bhd 278,600  13,064 
Telekom Malaysia Bhd 318,700  423,672 
Tenaga Nasional Bhd 484,100  971,798 
Thong Guan Industries Bhd 44,400  25,240 
TIME dotCom Bhd 172,800  183,759 
Tiong NAM Logistics Holdings(1)
95,600  13,216 
Top Glove Corp. Bhd 1,251,500  224,075 
Tropicana Corp. Bhd(1)
20,482  5,303 
TSH Resources Bhd 488,400  120,706 
Uchi Technologies Bhd 42,900  31,937 
UEM Sunrise Bhd(1)
10,800  706 
UMW Holdings Bhd 36,100  24,738 
Unisem M Bhd 172,200  104,292 
United Plantations Bhd 31,000  102,366 
UOA Development Bhd 1,700  652 
UWC Bhd 43,100  37,145 
Velesto Energy Bhd(1)
2,752,500  51,732 
ViTrox Corp. Bhd 6,000  9,536 
VS Industry Bhd(2)
949,200  212,403 
Wah Seong Corp. Bhd(1)
136,000  20,292 
Westports Holdings Bhd 222,600  172,633 
Yinson Holdings Bhd 726,600  341,116 
YTL Corp. Bhd 775,813  101,937 
24,594,240 
Mexico — 2.3%
Alfa SAB de CV, Class A 1,474,748  931,851 
Alpek SAB de CV 35,137  48,293 
Alsea SAB de CV(1)
396,698  718,709 
America Movil SAB de CV, Class L ADR(2)
231,409  3,933,953 
Arca Continental SAB de CV 83,983  568,432 
Banco del Bajio SA 344,462  721,701 
Becle SAB de CV 38,227  77,909 
Bolsa Mexicana de Valores SAB de CV 117,102  210,936 
Cemex SAB de CV, ADR(1)
109,607  409,930 
Coca-Cola Femsa SAB de CV 151,389  924,197 
Consorcio ARA SAB de CV 34,198  5,568 
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1)(2)
41,350  367,188 
Corp. Inmobiliaria Vesta SAB de CV 159,668  295,219 
El Puerto de Liverpool SAB de CV, Class C1(2)
7,605  33,891 
Fomento Economico Mexicano SAB de CV, ADR 17,132  1,074,348 
51

Avantis Emerging Markets Equity ETF
Shares Value
GCC SAB de CV 54,498  $ 313,168 
Genomma Lab Internacional SAB de CV, Class B 522,396  426,806 
Gentera SAB de CV 787,672  617,345 
Gruma SAB de CV, B Shares 110,666  1,209,847 
Grupo Aeroportuario del Centro Norte SAB de CV, ADR 8,761  457,938 
Grupo Aeroportuario del Pacifico SAB de CV, ADR 7,133  1,016,952 
Grupo Aeroportuario del Sureste SAB de CV, ADR 4,069  860,471 
Grupo Bimbo SAB de CV, Series A 228,837  770,911 
Grupo Carso SAB de CV, Series A1 70,857  243,207 
Grupo Comercial Chedraui SA de CV 100,512  285,224 
Grupo Financiero Banorte SAB de CV, Class O 482,713  2,851,257 
Grupo Financiero Inbursa SAB de CV, Class O(1)(2)
610,417  956,234 
Grupo GICSA SAB de CV(1)
21,090  1,958 
Grupo Industrial Saltillo SAB de CV 26,514  39,482 
Grupo Mexico SAB de CV, Series B 599,340  2,257,956 
Grupo Rotoplas SAB de CV(1)
4,698  6,417 
Grupo Televisa SAB, ADR 212,861  1,347,410 
Grupo Traxion SAB de CV(1)(2)
124,800  138,078 
Hoteles City Express SAB de CV(1)
9,494  1,734 
Industrias Bachoco SAB de CV 13,371  52,856 
Industrias Penoles SAB de CV 78,632  650,124 
Kimberly-Clark de Mexico SAB de CV, A Shares(2)
207,002  281,017 
La Comer SAB de CV(2)
170,365  287,768 
Megacable Holdings SAB de CV 358,749  752,524 
Nemak SAB de CV(1)
896,695  189,162 
Operadora de Sites Mexicanos SA de CV 128,052  127,439 
Orbia Advance Corp. SAB de CV 310,820  586,264 
Promotora y Operadora de Infraestructura SAB de CV 61,602  433,429 
Qualitas Controladora SAB de CV 117,498  514,690 
Regional SAB de CV 111,888  604,911 
Unifin Financiera SAB de CV(1)(2)
17,710  1,530 
Wal-Mart de Mexico SAB de CV 445,796  1,460,872 
30,067,106 
Peru — 0.2%
Cia de Minas Buenaventura SAA, ADR 169,790  903,283 
Credicorp Ltd. 8,384  1,080,614 
Intercorp Financial Services, Inc. 19,042  410,545 
Southern Copper Corp. 10,357  487,504 
2,881,946 
Philippines — 0.9%
Aboitiz Equity Ventures, Inc. 585,770  584,239 
Aboitiz Power Corp. 60,500  33,688 
ACEN Corp. 835,520  111,268 
Alliance Global Group, Inc. 1,108,600  197,975 
Ayala Corp. 46,790  583,074 
Ayala Land, Inc. 712,600  361,739 
Ayalaland Logistics Holdings Corp.(1)
28,000  1,806 
Bank of the Philippine Islands 434,110  732,946 
BDO Unibank, Inc. 400,540  915,893 
Cebu Air, Inc.(1)
19,350  14,169 
Century Pacific Food, Inc. 256,200  113,157 
52

Avantis Emerging Markets Equity ETF
Shares Value
Converge Information and Communications Technology Solutions, Inc.(1)
643,700  $ 198,486 
Cosco Capital, Inc. 227,200  17,450 
DITO CME Holdings Corp.(1)
425,200  28,588 
DMCI Holdings, Inc. 2,846,800  480,976 
East West Banking Corp. 65,600  7,992 
Filinvest Land, Inc. 519,000  8,219 
Ginebra San Miguel, Inc. 7,600  14,361 
Global Ferronickel Holdings, Inc. 757,000  31,639 
Globe Telecom, Inc. 7,670  286,179 
GT Capital Holdings, Inc. 39,760  340,540 
International Container Terminal Services, Inc. 172,240  554,727 
JG Summit Holdings, Inc. 415,834  378,141 
Jollibee Foods Corp. 102,430  436,585 
LT Group, Inc. 183,600  28,824 
Manila Electric Co. 52,080  278,922 
Manila Water Co., Inc. 265,100  73,048 
Max's Group, Inc.(1)
15,000  1,496 
Megaworld Corp. 3,128,800  138,891 
Metro Pacific Investments Corp. 4,116,000  273,116 
Metropolitan Bank & Trust Co. 857,140  801,108 
Monde Nissin Corp.(1)
647,800  190,119 
Nickel Asia Corp. 1,572,800  159,355 
Petron Corp.(1)
137,700  7,521 
Pilipinas Shell Petroleum Corp. 7,000  2,610 
PLDT, Inc., ADR(2)
17,924  521,230 
Puregold Price Club, Inc. 289,500  176,294 
Robinsons Land Corp. 742,200  247,825 
Robinsons Retail Holdings, Inc. 128,010  136,599 
Security Bank Corp. 307,900  492,181 
Semirara Mining & Power Corp. 478,300  349,843 
SM Investments Corp. 25,075  370,131 
SM Prime Holdings, Inc. 744,500  500,469 
Universal Robina Corp. 186,550  404,901 
Vista Land & Lifescapes, Inc. 266,100  9,539 
Wilcon Depot, Inc. 279,300  148,893 
11,746,752 
Poland — 0.7%
Alior Bank SA(1)
50,816  280,588 
Allegro.eu SA(1)
24,626  129,168 
AmRest Holdings SE(1)
9,743  41,095 
Asseco Poland SA 5,620  85,677 
Bank Handlowy w Warszawie SA 1,500  18,930 
Bank Millennium SA(1)
269,763  216,808 
Bank Polska Kasa Opieki SA 35,859  496,077 
Budimex SA 1,528  82,109 
CCC SA(1)
276  2,213 
CD Projekt SA 22,721  405,185 
Ciech SA(1)
8,081  54,997 
Cyfrowy Polsat SA 30,113  124,194 
Dino Polska SA(1)
7,626  556,344 
53

Avantis Emerging Markets Equity ETF
Shares Value
Enea SA(1)
78,670  $ 126,579 
Eurocash SA(1)
19,678  48,174 
Famur SA(1)
28,812  17,971 
Grupa Azoty SA(1)
20,814  144,063 
Jastrzebska Spolka Weglowa SA(1)
45,345  458,052 
KGHM Polska Miedz SA 30,381  569,321 
KRUK SA 4,763  306,244 
LPP SA 329  592,405 
Lubelski Wegiel Bogdanka SA 857  9,010 
mBank SA(1)
3,942  181,100 
Orange Polska SA 282,077  359,465 
PGE Polska Grupa Energetyczna SA(1)
68,057  103,743 
Polski Koncern Naftowy ORLEN SA 121,876  1,578,564 
Polskie Gornictwo Naftowe i Gazownictwo SA(1)
325,856  387,094 
Powszechna Kasa Oszczednosci Bank Polski SA 65,141  324,959 
Powszechny Zaklad Ubezpieczen SA 99,967  598,385 
Santander Bank Polska SA 6,676  303,355 
Tauron Polska Energia SA(1)
366,781  179,702 
TEN Square Games SA 1,102  22,761 
Warsaw Stock Exchange 5,163  37,759 
XTB SA 11,743  54,491 
8,896,582 
Romania†
MAS PLC 71,323  84,401 
Russia(3)†
Gazprom PJSC, ADR(1)
13,735  1 
Gazprom PJSC(1)
1,738,516  3 
Globaltrans Investment PLC, GDR 112,592  11 
LUKOIL PJSC 69,112  — 
LUKOIL PJSC, ADR 2,950  — 
Magnit PJSC 9,702  — 
Magnit PJSC, GDR(1)
3  — 
Mechel PJSC(1)
22,684  — 
MMC Norilsk Nickel PJSC 6,947  — 
MMC Norilsk Nickel PJSC, ADR 5,465  1 
Mobile TeleSystems PJSC, ADR(1)
58,032  6 
Novatek PJSC LI, GDR 215  — 
Novatek PJSC, GDR 36,400  — 
Novolipetsk Steel PJSC 405,900  1 
PhosAgro PJSC(1)
275  — 
PhosAgro PJSC LI, GDR 2  — 
PhosAgro PJSC RX 14,221  — 
Ros Agro PLC, GDR 2,060  — 
Rosneft Oil Co. PJSC 192,337  — 
Severstal PAO, GDR(1)
53,821  6 
Tatneft PJSC, ADR 37,246  4 
VTB Bank PJSC(1)
1,439,642,000  2,360 
X5 Retail Group NV, GDR 13,628  1 
2,394 
South Africa — 4.0%
Absa Group Ltd. 191,075  1,978,993 
54

Avantis Emerging Markets Equity ETF
Shares Value
Adcock Ingram Holdings Ltd. 1,014  $ 2,922 
Advtech Ltd. 35,578  33,912 
AECI Ltd.(2)
73,859  357,619 
African Rainbow Minerals Ltd. 61,838  851,676 
Afrimat Ltd. 9,681  28,172 
Alexander Forbes Group Holdings Ltd. 85,796  23,566 
Anglo American Platinum Ltd. 5,079  354,563 
AngloGold Ashanti Ltd., ADR 112,449  1,515,813 
ArcelorMittal South Africa Ltd.(1)
60,938  18,102 
Aspen Pharmacare Holdings Ltd. 106,892  917,325 
Astral Foods Ltd. 25,588  308,552 
AVI Ltd. 113,632  488,075 
Barloworld Ltd. 113,243  576,404 
Bid Corp. Ltd. 38,888  736,582 
Bidvest Group Ltd. 55,899  700,232 
Brait PLC(1)(2)
36,591  8,322 
Capitec Bank Holdings Ltd. 9,487  1,128,055 
Cashbuild Ltd. 1,658  22,001 
City Lodge Hotels Ltd.(1)
91,493  22,757 
Clicks Group Ltd. 38,264  665,285 
Coronation Fund Managers Ltd. 64,473  118,691 
DataTec Ltd. 25,021  61,972 
Dis-Chem Pharmacies Ltd. 72,041  149,111 
Discovery Ltd.(1)(2)
76,460  547,831 
Distell Group Holdings Ltd.(1)
12,494  125,540 
DRDGOLD Ltd. 84,738  45,917 
Exxaro Resources Ltd. 56,532  720,231 
Famous Brands Ltd. 3,093  10,268 
FirstRand Ltd. 571,505  2,134,633 
Foschini Group Ltd. 123,881  917,109 
Gold Fields Ltd., ADR 219,789  1,778,093 
Grindrod Shipping Holdings Ltd. 9,223  217,039 
Harmony Gold Mining Co. Ltd., ADR 312,802  816,413 
Impala Platinum Holdings Ltd. 207,671  2,176,049 
Investec Ltd. 95,945  450,507 
Kaap Agri Ltd. 1,532  3,418 
KAP Industrial Holdings Ltd. 1,324,375  350,840 
Kumba Iron Ore Ltd.(2)
9,172  203,062 
Life Healthcare Group Holdings Ltd. 285,953  335,073 
Massmart Holdings Ltd.(1)
20,403  69,223 
Metair Investments Ltd. 41,971  64,742 
MiX Telematics Ltd., ADR 5,715  45,720 
Momentum Metropolitan Holdings 555,143  538,502 
Motus Holdings Ltd. 104,328  706,984 
Mr Price Group Ltd. 54,724  592,814 
MTN Group Ltd. 310,736  2,249,121 
MultiChoice Group 94,615  638,954 
Murray & Roberts Holdings Ltd.(1)
20,297  10,558 
Nampak Ltd.(1)
136,616  18,862 
Naspers Ltd.,, N Shares 18,039  2,543,615 
Nedbank Group Ltd.(2)
120,136  1,418,021 
55

Avantis Emerging Markets Equity ETF
Shares Value
NEPI Rockcastle SA 148,256  $ 789,989 
Netcare Ltd. 458,595  392,925 
Ninety One Ltd. 49,468  111,477 
Northam Platinum Holdings Ltd.(1)
52,637  495,905 
Oceana Group Ltd.(2)
2,532  8,101 
Old Mutual Ltd. 1,947,317  1,153,634 
Omnia Holdings Ltd. 125,590  452,805 
Pick n Pay Stores Ltd.(2)
138,734  500,669 
PPC Ltd.(1)
754,515  112,168 
Rand Merchant Investment Holdings Ltd. 173,970  274,624 
Raubex Group Ltd. 14,747  30,031 
Reinet Investments SCA 56,046  918,007 
Remgro Ltd. 130,866  970,428 
Reunert Ltd. 43,189  113,282 
RFG Holdings Ltd. 19,543  11,503 
RMB Holdings Ltd.(1)
124,786  13,128 
Royal Bafokeng Platinum Ltd.(2)
95,967  813,523 
Sanlam Ltd. 232,988  724,324 
Santam Ltd. 9,542  135,441 
Sappi Ltd.(1)(2)
350,200  933,493 
Sasol Ltd., ADR(1)(2)
133,734  2,581,066 
Shoprite Holdings Ltd. 104,789  1,420,941 
Sibanye Stillwater Ltd., ADR(2)
201,335  1,807,988 
SPAR Group Ltd. 61,760  563,635 
Standard Bank Group Ltd. 202,927  1,810,830 
Steinhoff International Holdings NV(1)
540,745  73,520 
Super Group Ltd. 69,845  118,401 
Telkom SA SOC Ltd.(1)
224,397  575,895 
Thungela Resources Ltd.(2)
113,385  2,161,144 
Tiger Brands Ltd.(2)
39,159  381,015 
Transaction Capital Ltd. 16,857  37,065 
Truworths International Ltd. 151,183  504,164 
Tsogo Sun Gaming Ltd.(1)
11,283  8,282 
Vodacom Group Ltd. 88,590  652,081 
Wilson Bayly Holmes-Ovcon Ltd. 9,429  48,534 
Woolworths Holdings Ltd. 160,005  521,998 
Zeder Investments Ltd.(2)
120,266  12,690 
53,032,547 
South Korea — 13.1%
ABLBio, Inc.(1)
10,483  177,422 
Able C&C Co. Ltd.(1)
610  2,558 
Advanced Process Systems Corp. 4,807  69,393 
Aekyung Industrial Co. Ltd. 63  657 
AfreecaTV Co. Ltd. 1,874  106,359 
Ahnlab, Inc. 1,317  81,964 
Alteogen, Inc.(1)
960  45,262 
Amorepacific Corp. 4,608  419,978 
AMOREPACIFIC Group 5,619  145,455 
Ananti, Inc.(1)
42,423  214,700 
APTC Co. Ltd. 1,177  14,782 
Asiana Airlines, Inc.(1)
22,930  257,983 
56

Avantis Emerging Markets Equity ETF
Shares Value
BGF Co. Ltd. 12,496  $ 37,593 
BGF retail Co. Ltd. 3,194  382,573 
BH Co. Ltd. 2,474  57,853 
Binggrae Co. Ltd. 3,060  104,336 
Bioneer Corp.(1)
7,543  168,333 
BNK Financial Group, Inc. 142,413  710,115 
Boditech Med, Inc. 3,086  24,958 
Boryung 4,172  31,463 
Bukwang Pharmaceutical Co. Ltd. 6,484  43,413 
Byucksan Corp. 12,984  25,120 
Caregen Co. Ltd. 654  61,920 
Celltrion Healthcare Co. Ltd. 3,341  178,791 
Celltrion Pharm, Inc.(1)
1,561  90,796 
Celltrion, Inc. 15,550  2,188,779 
Chabiotech Co. Ltd.(1)
5,918  75,020 
Cheil Worldwide, Inc. 13,859  225,950 
Chong Kun Dang Pharmaceutical Corp. 1,087  69,508 
Chongkundang Holdings Corp. 112  4,992 
Chunbo Co. Ltd. 124  20,792 
CJ CheilJedang Corp. 2,210  670,376 
CJ Corp. 6,881  400,354 
CJ ENM Co. Ltd. 7,159  521,796 
CJ Logistics Corp.(1)
3,862  340,404 
Classys, Inc. 3,850  40,685 
CMG Pharmaceutical Co. Ltd.(1)
9,916  20,747 
Com2uSCorp 1,096  65,703 
Cosmax, Inc. 4,069  189,378 
Coway Co. Ltd. 23,095  1,095,729 
COWELL FASHION Co. Ltd. 16,647  81,581 
CrystalGenomics, Inc.(1)
11,842  32,118 
CS Wind Corp. 1,378  70,206 
Cuckoo Holdings Co. Ltd. 2,944  38,967 
Cuckoo Homesys Co. Ltd. 4,724  111,629 
Dae Han Flour Mills Co. Ltd. 490  53,456 
Daeduck Electronics Co. Ltd. 27,026  592,646 
Daesang Corp. 7,824  131,699 
Daewon Pharmaceutical Co. Ltd. 2,047  24,934 
Daewoo Engineering & Construction Co. Ltd.(1)
124,142  478,749 
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(1)
3,806  56,783 
Daewoong Co. Ltd. 2,717  49,023 
Daewoong Pharmaceutical Co. Ltd. 881  114,899 
Daishin Securities Co. Ltd. 21,905  250,905 
Daol Investment & Securities Co. Ltd. 28,641  97,731 
Daou Data Corp. 10,233  92,274 
Daou Technology, Inc. 16,706  233,592 
DB Financial Investment Co. Ltd. 13,706  50,787 
DB HiTek Co. Ltd. 18,112  621,689 
DB Insurance Co. Ltd. 27,421  1,221,161 
Dentium Co. Ltd. 4,690  305,046 
DGB Financial Group, Inc. 97,412  539,905 
DI Dong Il Corp. 2,393  31,431 
57

Avantis Emerging Markets Equity ETF
Shares Value
DIO Corp.(1)
879  $ 17,519 
DL E&C Co. Ltd. 17,573  533,379 
DL Holdings Co. Ltd. 11,024  547,116 
Dong-A Socio Holdings Co. Ltd. 783  63,358 
Dong-A ST Co. Ltd. 975  40,935 
Dongjin Semichem Co. Ltd. 16,489  420,719 
DongKook Pharmaceutical Co. Ltd. 3,539  48,765 
Dongkuk Steel Mill Co. Ltd. 43,318  424,354 
Dongsuh Cos., Inc. 2,441  44,437 
Dongwha Enterprise Co. Ltd.(1)
633  31,833 
Dongwha Pharm Co. Ltd. 4,407  32,874 
Dongwon Development Co. Ltd. 10,306  28,575 
Dongwon F&B Co. Ltd. 482  55,693 
Dongwon Industries Co. Ltd. 505  85,076 
Dongwon Systems Corp. 602  24,194 
Doosan Bobcat, Inc. 5,255  135,108 
Doosan Co. Ltd. 327  20,012 
Doosan Enerbility Co. Ltd.(1)
37,028  556,481 
Doosan Fuel Cell Co. Ltd.(1)
1,092  30,892 
Doosan Tesna, Inc. 10,320  219,812 
DoubleUGames Co. Ltd. 1,703  54,324 
Douzone Bizon Co. Ltd. 2,938  78,740 
Dreamtech Co. Ltd. 3,895  27,279 
Duk San Neolux Co. Ltd.(1)
1,519  40,584 
E-MART, Inc. 7,328  531,999 
Easy Bio, Inc. 465  1,694 
Easy Holdings Co. Ltd. 1  3 
Echo Marketing, Inc. 2,946  35,362 
Ecopro BM Co. Ltd. 4,048  334,943 
Ecopro Co. Ltd. 1,228  104,080 
Ecopro HN Co. Ltd. 984  38,872 
ENF Technology Co. Ltd. 2,415  52,085 
Eo Technics Co. Ltd. 907  50,534 
Eugene Corp. 22,122  63,907 
Eugene Investment & Securities Co. Ltd. 25,011  53,100 
Eugene Technology Co. Ltd. 2,922  59,258 
F&F Co. Ltd. / New 4,805  506,997 
Fila Holdings Corp. 25,928  598,880 
Foosung Co. Ltd. 7,703  92,148 
Genexine, Inc.(1)
1,193  26,913 
GOLFZON Co. Ltd. 2,207  216,922 
Gradiant Corp. 2,065  28,596 
Grand Korea Leisure Co. Ltd.(1)
3,996  47,409 
Green Cross Corp. 247  30,152 
Green Cross Holdings Corp. 2,440  34,143 
GS Engineering & Construction Corp. 39,009  872,567 
GS Holdings Corp. 24,652  846,353 
GS Retail Co. Ltd. 24,660  466,161 
HAESUNG DS Co. Ltd. 7,830  340,509 
Halla Holdings Corp. 3,576  102,198 
Hana Financial Group, Inc. 106,694  3,109,773 
58

Avantis Emerging Markets Equity ETF
Shares Value
Hana Materials, Inc. 3,691  $ 103,753 
Hana Micron, Inc.(1)
23,684  224,434 
Handsome Co. Ltd. 10,538  222,200 
Hanil Cement Co. Ltd. 4,810  54,532 
Hanjin Kal Corp.(1)
674  26,525 
Hanjin Transportation Co. Ltd. 3,382  64,782 
Hankook Shell Oil Co. Ltd. 114  21,615 
Hankook Tire & Technology Co. Ltd. 27,046  762,476 
Hanmi Pharm Co. Ltd. 1,949  446,633 
Hanmi Semiconductor Co. Ltd. 7,590  67,430 
Hanon Systems 40,772  311,791 
Hansae Co. Ltd. 9,679  113,530 
Hansol Chemical Co. Ltd. 1,235  199,458 
Hansol Paper Co. Ltd. 4,250  49,636 
Hansol Technics Co. Ltd.(1)
26,009  117,115 
Hanssem Co. Ltd. 2,979  119,135 
Hanwha Aerospace Co. Ltd. 20,175  1,220,533 
Hanwha Corp., Preference Shares 1,663  19,743 
Hanwha Corp. 31,349  741,344 
Hanwha General Insurance Co. Ltd.(1)
2,720  9,517 
Hanwha Investment & Securities Co. Ltd. 57,162  131,686 
Hanwha Life Insurance Co. Ltd.(1)
155,428  266,646 
Hanwha Solutions Corp.(1)
27,331  1,065,687 
Hanwha Systems Co. Ltd. 15,137  174,668 
Harim Holdings Co. Ltd. 28,774  178,916 
HD Hyundai Co. Ltd. 14,887  698,994 
HDC Holdings Co. Ltd. 3,073  15,935 
HDC Hyundai Development Co-Engineering & Construction, E Shares 16,660  153,941 
Helixmith Co. Ltd.(1)
5,398  66,407 
Hite Jinro Co. Ltd. 10,838  246,014 
HJ Shipbuilding & Construction Co. Ltd.(1)
15,718  70,582 
HLB, Inc.(1)
4,391  160,313 
HMM Co. Ltd. 113,246  1,866,306 
Hotel Shilla Co. Ltd. 9,577  524,620 
HS Industries Co. Ltd. 11,046  41,010 
Huchems Fine Chemical Corp. 7,190  113,620 
Hugel, Inc.(1)
981  88,783 
Humax Co. Ltd.(1)
14,003  41,598 
Humedix Co. Ltd. 4,107  72,454 
Huons Co. Ltd. 1,038  27,548 
Huons Global Co. Ltd. 1,022  16,351 
Hwaseung Enterprise Co. Ltd. 1,558  15,323 
HYBE Co. Ltd.(1)
763  102,246 
Hyosung Advanced Materials Corp. 1,021  320,056 
Hyosung Chemical Corp.(1)
1,063  136,505 
Hyosung Corp. 740  41,120 
Hyosung Heavy Industries Corp.(1)
1,843  101,052 
Hyosung TNC Corp. 1,751  407,210 
Hyundai Autoever Corp. 926  82,585 
Hyundai Construction Equipment Co. Ltd. 4,697  141,809 
59

Avantis Emerging Markets Equity ETF
Shares Value
Hyundai Corp. 3,168  $ 43,079 
Hyundai Department Store Co. Ltd. 7,000  322,027 
Hyundai Doosan Infracore Co. Ltd.(1)
66,273  303,207 
Hyundai Electric & Energy System Co. Ltd.(1)
19,118  452,621 
Hyundai Elevator Co. Ltd. 9,493  206,416 
Hyundai Engineering & Construction Co. Ltd. 28,444  1,017,096 
Hyundai Glovis Co. Ltd. 8,075  1,058,043 
Hyundai Greenfood Co. Ltd. 11,576  66,291 
Hyundai Heavy Industries Co. Ltd.(1)
4,332  460,972 
Hyundai Home Shopping Network Corp. 2,978  110,931 
Hyundai Marine & Fire Insurance Co. Ltd. 39,765  932,805 
Hyundai Mipo Dockyard Co. Ltd.(1)
5,532  439,162 
Hyundai Mobis Co. Ltd. 8,565  1,365,888 
Hyundai Motor Co. 31,050  4,511,013 
Hyundai Rotem Co. Ltd.(1)
8,502  190,924 
Hyundai Steel Co. 36,693  894,748 
Hyundai Wia Corp. 6,286  353,782 
i-SENS, Inc. 1,013  28,241 
ICD Co. Ltd. 6,931  48,792 
Il Dong Pharmaceutical Co. Ltd.(1)
137  3,783 
Iljin Materials Co. Ltd. 1,375  75,350 
Ilyang Pharmaceutical Co. Ltd. 8,045  130,299 
iMarketKorea, Inc. 7,862  60,793 
Industrial Bank of Korea 114,889  818,047 
Innocean Worldwide, Inc. 4,112  130,020 
Innox Advanced Materials Co. Ltd. 5,202  133,174 
Insun ENT Co. Ltd.(1)
9,908  79,411 
Interflex Co. Ltd.(1)
344  3,176 
INTOPS Co. Ltd. 5,066  112,978 
iNtRON Biotechnology, Inc.(1)
11,031  93,877 
IS Dongseo Co. Ltd. 9,892  271,678 
JB Financial Group Co. Ltd. 74,751  422,318 
Jusung Engineering Co. Ltd. 21,793  256,267 
JW Holdings Corp. 1  2 
JW Pharmaceutical Corp. 9,269  150,655 
JYP Entertainment Corp. 4,858  219,938 
Kakao Corp. 22,306  1,211,297 
Kakao Games Corp.(1)
2,446  95,405 
KakaoBank Corp.(1)
5,416  109,667 
Kangwon Land, Inc.(1)
13,067  257,636 
KB Financial Group, Inc., ADR(2)
107,267  3,923,827 
KC Co. Ltd. 5,885  78,771 
KC Tech Co. Ltd. 6,554  79,043 
KCC Corp. 638  139,313 
KCC Glass Corp. 8,405  314,850 
KEPCO Engineering & Construction Co., Inc. 1,249  67,988 
KEPCO Plant Service & Engineering Co. Ltd. 10,471  321,359 
KG Dongbu Steel Co. Ltd. 1,377  12,822 
Kginicis Co. Ltd. 12,487  124,116 
KH Vatec Co. Ltd. 9,846  138,633 
Kia Corp. 63,633  3,814,024 
60

Avantis Emerging Markets Equity ETF
Shares Value
KISCO Corp. 15,701  $ 80,720 
KISWIRE Ltd. 1,961  29,841 
KIWOOM Securities Co. Ltd. 9,227  586,316 
KMW Co. Ltd.(1)
675  16,030 
Koentec Co. Ltd. 3,932  26,712 
Koh Young Technology, Inc. 7,227  75,667 
Kolmar BNH Co. Ltd. 1,408  27,090 
Kolmar Korea Holdings Co. Ltd. 1,580  19,464 
Kolon Corp. 1,460  27,545 
Kolon Industries, Inc. 7,471  290,397 
KoMiCo Ltd. 4,670  161,607 
KONA I Co. Ltd.(1)
3,110  37,403 
Korea Aerospace Industries Ltd. 30,242  1,372,254 
Korea District Heating Corp. 758  17,936 
Korea Electric Power Corp., ADR(1)(2)
61,715  470,885 
Korea Electric Terminal Co. Ltd. 2,213  109,606 
Korea Gas Corp. 4,476  144,997 
Korea Investment Holdings Co. Ltd. 22,974  968,700 
Korea Line Corp.(1)
109,777  185,538 
Korea Petrochemical Ind Co. Ltd. 2,079  187,797 
Korea Real Estate Investment & Trust Co. Ltd. 45,582  55,236 
Korea Shipbuilding & Offshore Engineering Co. Ltd.(1)
13,212  953,522 
Korea United Pharm, Inc. 1,469  26,915 
Korea Zinc Co. Ltd. 1,556  778,353 
Korean Air Lines Co. Ltd.(1)
73,608  1,462,965 
Korean Reinsurance Co. 29,667  184,552 
Krafton, Inc.(1)
1,161  212,086 
KT Skylife Co. Ltd. 12,012  76,497 
Kumho Petrochemical Co. Ltd. 8,732  842,262 
Kumho Tire Co., Inc.(1)
23,830  61,542 
KUMHOE & C Co. Ltd. 253  1,560 
Kyung Dong Navien Co. Ltd. 926  29,800 
L&F Co. Ltd.(1)
822  139,413 
LB Semicon, Inc. 11,772  80,700 
LEENO Industrial, Inc. 2,858  304,180 
LF Corp. 10,203  128,537 
LG Chem Ltd. 4,948  2,316,140 
LG Corp. 19,630  1,197,842 
LG Display Co. Ltd., ADR(2)
183,787  1,051,262 
LG Electronics, Inc. 25,250  1,889,458 
LG Energy Solution Ltd.(1)
1,253  429,425 
LG H&H Co. Ltd. 1,125  595,734 
LG HelloVision Co. Ltd. 6,071  23,146 
LG Innotek Co. Ltd. 5,644  1,436,725 
LG Uplus Corp. 103,809  889,019 
LIG Nex1 Co. Ltd. 8,823  695,918 
Lock&Lock Co. Ltd.(1)
3,706  21,417 
Lotte Chemical Corp. 2,936  381,223 
Lotte Chilsung Beverage Co. Ltd. 2,538  292,031 
Lotte Confectionery Co. Ltd. 930  86,633 
Lotte Corp. 1,759  54,265 
61

Avantis Emerging Markets Equity ETF
Shares Value
Lotte Data Communication Co. 2,619  $ 52,422 
LOTTE Fine Chemical Co. Ltd. 5,710  298,761 
LOTTE Himart Co. Ltd. 1,460  17,082 
Lotte Rental Co. Ltd. 12,038  319,745 
Lotte Shopping Co. Ltd. 6,832  501,481 
LS Corp. 5,518  274,971 
LS Electric Co. Ltd. 5,011  207,838 
Lutronic Corp. 9,910  138,700 
LVMC Holdings(1)
7,813  17,498 
LX Hausys Ltd. 4,181  139,757 
LX Holdings Corp.(1)
27,968  174,501 
LX INTERNATIONAL Corp. 12,326  396,948 
LX Semicon Co. Ltd. 6,261  440,520 
Maeil Dairies Co. Ltd. 2,084  89,083 
Mando Corp. 21,393  855,041 
Mcnex Co. Ltd. 2,570  70,461 
Medytox, Inc.(1)
1,165  106,098 
MegaStudyEdu Co. Ltd. 5,732  333,434 
Meritz Financial Group, Inc. 18,139  415,750 
Meritz Fire & Marine Insurance Co. Ltd. 21,883  624,770 
Meritz Securities Co. Ltd. 166,006  598,293 
Mirae Asset Life Insurance Co. Ltd. 22,028  49,800 
Mirae Asset Securities Co. Ltd. 111,560  544,060 
Miwon Commercial Co. Ltd. 112  14,729 
Namhae Chemical Corp. 4,357  34,880 
Namsun Aluminum Co. Ltd.(1)
7,959  13,268 
NAVER Corp. 10,078  1,788,307 
NCSoft Corp. 1,708  479,969 
Neowiz(1)
2,115  61,711 
NEPES Corp.(1)
5,225  84,466 
Netmarble Corp. 1,805  85,099 
Nexen Tire Corp. 14,849  73,465 
NEXTIN, Inc. 1,041  43,760 
NH Investment & Securities Co. Ltd. 72,012  533,092 
NHN Corp.(1)
3,656  68,661 
NHN KCP Corp.(1)
4,752  44,669 
NICE Holdings Co. Ltd. 8,854  90,161 
NICE Information Service Co. Ltd. 6,796  72,664 
NongShim Co. Ltd. 751  167,894 
OCI Co. Ltd. 3,129  272,262 
OptoElectronics Solutions Co. Ltd. 901  14,979 
Orion Corp./Republic of Korea 7,821  572,924 
Orion Holdings Corp. 8,594  93,455 
Oscotec, Inc.(1)
168  2,532 
Osstem Implant Co. Ltd. 3,438  329,175 
Ottogi Corp. 414  148,139 
Pan Ocean Co. Ltd. 160,186  612,930 
Paradise Co. Ltd.(1)
7,371  87,406 
Partron Co. Ltd. 30,167  194,389 
Pearl Abyss Corp.(1)
3,308  139,105 
PharmaResearch Co. Ltd. 879  44,038 
62

Avantis Emerging Markets Equity ETF
Shares Value
PI Advanced Materials Co. Ltd. 4,893  $ 135,140 
Poongsan Corp. 6,690  154,503 
POSCO Chemical Co. Ltd. 1,482  184,233 
POSCO Holdings, Inc., ADR 63,718  2,996,020 
Posco ICT Co. Ltd. 8,297  40,897 
Posco International Corp. 14,979  299,004 
PSK, Inc. 7,357  186,389 
Pulmuone Co. Ltd. 3,081  31,580 
S&S Tech Corp. 1,373  22,516 
S-1 Corp. 4,672  202,858 
S-Oil Corp. 15,324  1,162,325 
SAM KANG M&T Co. Ltd.(1)
2,424  48,591 
Sam Young Electronics Co. Ltd. 3,086  25,066 
Samjin Pharmaceutical Co. Ltd. 1,819  33,600 
Samsung Biologics Co. Ltd.(1)
2,089  1,299,272 
Samsung C&T Corp. 12,231  1,095,125 
Samsung Card Co. Ltd. 2,438  56,992 
Samsung Electro-Mechanics Co. Ltd. 20,379  2,109,972 
Samsung Electronics Co. Ltd., GDR 24,832  27,155,496 
Samsung Engineering Co. Ltd.(1)
73,508  1,278,087 
Samsung Fire & Marine Insurance Co. Ltd. 12,151  1,765,954 
Samsung Heavy Industries Co. Ltd.(1)
303,186  1,345,188 
Samsung Life Insurance Co. Ltd. 23,900  1,103,082 
Samsung SDI Co. Ltd. 5,755  2,544,294 
Samsung SDS Co. Ltd. 5,090  485,782 
Samsung Securities Co. Ltd. 29,725  748,331 
Samwha Capacitor Co. Ltd. 1,445  44,887 
Samyang Corp. 1,845  55,818 
Samyang Foods Co. Ltd. 1,666  138,370 
Samyang Holdings Corp. 1,825  93,295 
Sangsangin Co. Ltd. 30,631  194,881 
SD Biosensor, Inc. 18,118  473,687 
Seah Besteel Holdings Corp. 5,807  80,350 
SeAH Steel Corp. 1,232  174,927 
SeAH Steel Holdings Corp. 810  109,869 
Sebang Global Battery Co. Ltd. 1,882  72,742 
Seegene, Inc.(2)
23,364  547,370 
Sejong Telecom, Inc. 2,388  1,069 
Seobu T&D 9,588  57,067 
Seoul Semiconductor Co. Ltd. 10,199  87,244 
SFA Engineering Corp. 2,392  73,025 
SFA Semicon Co. Ltd.(1)
26,556  101,211 
SGC Energy Co. Ltd. 1,008  28,006 
Shinhan Financial Group Co. Ltd., ADR(2)
122,126  3,261,985 
Shinsegae International, Inc. 7,481  155,097 
Shinsegae, Inc. 4,364  723,269 
Shinsung E&G Co. Ltd.(1)
13,081  23,707 
Shinyoung Securities Co. Ltd. 714  30,322 
SillaJen, Inc.(1)
626  1,498 
SIMMTECH Co. Ltd.(2)
13,157  377,128 
SK Biopharmaceuticals Co. Ltd.(1)
5,777  307,146 
63

Avantis Emerging Markets Equity ETF
Shares Value
SK Bioscience Co. Ltd.(1)
1,712  $ 143,327 
SK Chemicals Co. Ltd. 7,887  571,751 
SK D&D Co. Ltd. 2,714  54,096 
SK Discovery Co. Ltd. 5,267  142,225 
SK Gas Ltd. 666  57,729 
SK Hynix, Inc. 127,312  8,951,043 
SK IE Technology Co. Ltd.(1)
1,480  91,038 
SK Innovation Co. Ltd.(1)
7,408  1,042,863 
SK Networks Co. Ltd. 98,738  333,850 
SK Securities Co. Ltd. 132,330  74,202 
SK Telecom Co. Ltd., ADR(2)
38,585  823,790 
SK, Inc. 6,566  1,135,714 
SKC Co. Ltd. 4,860  436,720 
SL Corp. 6,588  187,803 
SM Entertainment Co. Ltd. 3,478  178,492 
SNT Dynamics Co. Ltd. 3,850  32,495 
SNT Motiv Co. Ltd. 2,927  105,345 
Songwon Industrial Co. Ltd. 5,948  83,694 
Soulbrain Co. Ltd. 1,205  193,578 
Soulbrain Holdings Co. Ltd. 1,229  20,648 
SPC Samlip Co. Ltd. 1,750  105,353 
Ssangyong Motor Co.(1)
2,905  6,016 
STIC Investments, Inc. 2,476  13,778 
Studio Dragon Corp.(1)
2,038  114,758 
Sungwoo Hitech Co. Ltd. 2,998  11,659 
Taekwang Industrial Co. Ltd. 59  36,280 
Taewoong Co. Ltd.(1)
329  3,353 
Taeyoung Engineering & Construction Co. Ltd. 8,091  38,462 
Taihan Electric Wire Co. Ltd.(1)
39,071  54,273 
TES Co. Ltd. 10,262  151,373 
TK Corp. 3,134  45,190 
Tokai Carbon Korea Co. Ltd. 1,898  157,714 
Tongyang Life Insurance Co. Ltd. 24,322  101,956 
Tongyang, Inc. 2,830  2,372 
Toptec Co. Ltd.(1)
329  1,978 
TSE Co. Ltd. 1,752  75,223 
TY Holdings Co. Ltd.(1)
1,589  19,977 
Unid Co. Ltd. 2,924  225,807 
Value Added Technology Co. Ltd. 3,454  86,175 
Vieworks Co. Ltd. 968  28,522 
Webzen, Inc.(1)
3,108  42,796 
Wemade Co. Ltd. 4,044  185,093 
Whanin Pharmaceutical Co. Ltd. 148  1,886 
Winix, Inc. 1,433  13,206 
WiSoL Co. Ltd. 6,266  40,693 
Wonik Holdings Co. Ltd.(1)
5,541  15,593 
WONIK IPS Co. Ltd. 7,578  156,821 
Wonik Materials Co. Ltd. 745  16,836 
Wonik QnC Corp. 11,018  223,398 
Woongjin Thinkbig Co. Ltd. 11,642  22,317 
Woori Financial Group, Inc. 223,588  2,022,560 
64

Avantis Emerging Markets Equity ETF
Shares Value
Woori Investment Bank Co. Ltd. 215,741  $ 141,973 
Woori Technology Investment Co. Ltd.(1)
43,283  187,922 
Y G-1 Co. Ltd. 6  31 
YG Entertainment, Inc. 1,052  47,247 
Youlchon Chemical Co. Ltd. 1,157  27,080 
Young Poong Corp. 116  60,278 
Youngone Corp. 8,401  278,151 
Youngone Holdings Co. Ltd. 4,116  162,176 
Yuanta Securities Korea Co. Ltd. 39,133  83,190 
Yuhan Corp. 5,667  239,663 
Zinus, Inc. 2,151  69,377 
173,668,722 
Taiwan — 17.2%
Aaeon Technology, Inc. 1,000  2,902 
Abico Avy Co. Ltd. 38,060  28,440 
Ability Enterprise Co. Ltd.(2)
102,000  77,882 
AcBel Polytech, Inc. 95,000  93,702 
Accton Technology Corp. 65,000  598,559 
Acer, Inc.(2)
1,085,000  779,271 
ACES Electronic Co. Ltd. 39,720  48,323 
Acter Group Corp. Ltd. 30,207  209,903 
ADATA Technology Co. Ltd. 66,000  131,443 
Advanced Ceramic X Corp. 9,000  55,740 
Advanced International Multitech Co. Ltd. 42,000  139,354 
Advanced Optoelectronic Technology, Inc.(1)
23,000  14,951 
Advanced Power Electronics Corp. 25,000  94,323 
Advantech Co. Ltd. 65,199  695,543 
AGV Products Corp. 183,000  59,646 
Airtac International Group(1)
4,185  112,216 
Alexander Marine Co. Ltd.(2)
13,000  132,251 
Allied Circuit Co. Ltd. 10,000  40,311 
Allied Supreme Corp. 13,000  167,468 
Alltek Technology Corp.(2)
59,529  73,603 
Alltop Technology Co. Ltd. 18,252  91,493 
Alpha Networks, Inc. 35,772  36,704 
Altek Corp. 31,000  37,840 
Amazing Microelectronic Corp. 33,000  117,934 
Ampire Co. Ltd. 33,000  27,791 
AMPOC Far-East Co. Ltd. 22,000  30,357 
AmTRAN Technology Co. Ltd. 186,973  78,052 
Anji Technology Co. Ltd.(2)
20,000  37,678 
Anpec Electronics Corp.(2)
26,000  118,892 
Apacer Technology, Inc.(2)
53,000  70,201 
APAQ Technology Co. Ltd. 12,000  15,702 
Apex International Co. Ltd. 19,000  38,258 
Arcadyan Technology Corp. 43,061  161,966 
Ardentec Corp.(2)
264,000  394,186 
Argosy Research, Inc. 28,545  69,269 
ASE Technology Holding Co. Ltd., ADR 358,547  2,065,231 
Asia Cement Corp. 781,000  1,105,606 
Asia Optical Co., Inc. 2,000  4,292 
65

Avantis Emerging Markets Equity ETF
Shares Value
Asia Pacific Telecom Co. Ltd.(1)
7,209  $ 1,656 
Asia Polymer Corp. 193,007  172,979 
Asia Vital Components Co. Ltd. 123,000  433,274 
ASIX Electronics Corp. 11,000  43,942 
ASMedia Technology, Inc. 1,000  30,184 
ASolid Technology Co. Ltd. 13,000  35,987 
ASPEED Technology, Inc.(2)
4,400  289,587 
ASROCK, Inc. 3,000  9,407 
Asustek Computer, Inc.(2)
177,000  1,472,824 
Aten International Co. Ltd. 9,000  23,080 
Audix Corp. 19,000  31,414 
AUO Corp.(2)
3,070,200  1,676,419 
AURAS Technology Co. Ltd.(2)
36,000  181,575 
AVer Information, Inc. 14,000  21,811 
Avermedia Technologies 24,000  19,006 
Azurewave Technologies, Inc.(1)
12,000  8,442 
Bafang Yunji International Co. Ltd. 19,000  102,245 
Bank of Kaohsiung Co. Ltd. 138,318  63,052 
Baolong International Co. Ltd. 34,000  22,682 
Basso Industry Corp. 26,000  36,051 
BenQ Materials Corp.(2)
108,000  112,265 
BenQ Medical Technology Corp. 23,000  57,554 
BES Engineering Corp. 1,076,000  329,709 
Bin Chuan Enterprise Co. Ltd. 23,000  20,792 
Bioteque Corp. 6,000  22,019 
Bizlink Holding, Inc. 14,000  155,112 
Bora Pharmaceuticals Co. Ltd. 5,502  61,150 
Brighton-Best International Taiwan, Inc.(2)
206,000  232,012 
C Sun Manufacturing Ltd. 40,976  63,081 
Capital Futures Corp. 19,000  22,501 
Capital Securities Corp. 799,000  311,963 
Career Technology MFG. Co. Ltd.(1)
148,100  127,764 
Catcher Technology Co. Ltd.(1)
269,000  1,630,621 
Cathay Financial Holding Co. Ltd.(2)
1,825,000  2,655,058 
Cayman Engley Industrial Co. Ltd. 7,000  17,288 
Center Laboratories, Inc. 51,738  106,516 
Central Reinsurance Co. Ltd. 111,000  77,556 
Century Iron & Steel Industrial Co. Ltd.(2)
62,000  176,853 
Chailease Holding Co. Ltd. 69,783  448,056 
Champion Building Materials Co. Ltd. 91,000  28,008 
Champion Microelectronic Corp. 19,000  31,424 
Chang Hwa Commercial Bank Ltd. 1,406,864  812,620 
Chang Wah Electromaterials, Inc. 174,000  197,706 
Chang Wah Technology Co. Ltd. 17,500  20,836 
Channel Well Technology Co. Ltd. 20,000  20,090 
Charoen Pokphand Enterprise 61,600  162,758 
CHC Healthcare Group 41,000  62,427 
Chen Full International Co. Ltd.(1)
16,000  20,437 
Cheng Loong Corp. 298,000  276,076 
Cheng Mei Materials Technology Corp.(1)
321,000  113,173 
Cheng Shin Rubber Industry Co. Ltd. 376,000  435,575 
66

Avantis Emerging Markets Equity ETF
Shares Value
Cheng Uei Precision Industry Co. Ltd. 133,000  $ 162,168 
Chia Chang Co. Ltd. 30,000  36,962 
Chia Hsin Cement Corp. 126,000  74,868 
Chicony Electronics Co. Ltd. 96,000  256,293 
Chicony Power Technology Co. Ltd. 42,000  97,557 
Chieftek Precision Co. Ltd. 1,100  2,676 
Chin-Poon Industrial Co. Ltd. 186,000  189,493 
China Airlines Ltd.(2)
1,211,000  895,807 
China Bills Finance Corp. 117,000  62,344 
China Chemical & Pharmaceutical Co. Ltd. 152,000  113,946 
China Container Terminal Corp. 38,000  31,521 
China Development Financial Holding Corp., Preference Shares 402,360  111,990 
China Development Financial Holding Corp.(2)
3,288,943  1,436,916 
China Electric Manufacturing Corp. 28,000  15,767 
China General Plastics Corp. 157,722  121,892 
China Man-Made Fiber Corp. 430,320  115,496 
China Metal Products 115,000  112,136 
China Motor Corp. 122,800  186,826 
China Petrochemical Development Corp.(2)
1,190,980  398,824 
China Steel Corp. 2,912,000  2,757,857 
China Steel Structure Co. Ltd. 18,000  33,925 
China Wire & Cable Co. Ltd. 37,000  31,967 
Chinese Maritime Transport Ltd.(2)
61,000  77,078 
Chipbond Technology Corp.(2)
343,000  640,179 
ChipMOS Technologies, Inc.(2)
388,000  452,126 
Chlitina Holding Ltd. 21,000  118,388 
Chong Hong Construction Co. Ltd. 1,000  2,435 
Chroma ATE, Inc.(2)
147,000  902,070 
Chun Yuan Steel Industry Co. Ltd.(2)
229,000  124,833 
Chung Hung Steel Corp.(2)
180,000  151,882 
Chung Hwa Pulp Corp. 96,000  57,463 
Chung-Hsin Electric & Machinery Manufacturing Corp.(2)
258,000  557,509 
Chunghwa Precision Test Tech Co. Ltd. 7,000  105,439 
Chunghwa Telecom Co. Ltd., ADR 56,585  2,247,556 
Cleanaway Co. Ltd. 64,000  370,917 
Clevo Co. 82,000  92,711 
CMC Magnetics Corp.(1)
593,685  155,648 
Co-Tech Development Corp. 56,000  78,461 
Compal Electronics, Inc.(2)
1,598,000  1,189,815 
Compeq Manufacturing Co. Ltd. 575,000  986,015 
Concord International Securities Co. Ltd. 79,775  30,263 
Concord Securities Co. Ltd.(2)
197,000  70,197 
Concraft Holding Co. Ltd. 6,899  3,474 
Continental Holdings Corp. 204,000  199,887 
Contrel Technology Co. Ltd. 79,000  40,852 
Coremax Corp. 10,325  44,779 
Coretronic Corp. 125,000  256,333 
Creative Sensor, Inc. 35,000  25,183 
CTBC Financial Holding Co. Ltd. 4,869,000  3,729,440 
CTCI Corp. 324,000  477,929 
67

Avantis Emerging Markets Equity ETF
Shares Value
CviLux Corp. 19,000  $ 24,181 
CX Technology Co. Ltd. 18,000  16,895 
CyberTAN Technology, Inc.(2)
61,000  59,348 
D-Link Corp.(1)
4,600  2,515 
DA CIN Construction Co. Ltd. 53,000  53,466 
Da-Li Development Co. Ltd. 2,242  2,086 
Dafeng TV Ltd. 4,000  6,365 
Darfon Electronics Corp. 100,000  134,951 
Darwin Precisions Corp.(1)(2)
172,000  57,778 
Daxin Materials Corp. 31,000  74,349 
Delta Electronics, Inc. 259,000  2,217,467 
Depo Auto Parts Ind Co. Ltd. 81,000  219,747 
Dimerco Express Corp.(2)
50,160  132,129 
Double Bond Chemical Industry Co. Ltd. 1,134  1,995 
Dr Wu Skincare Co. Ltd. 8,000  25,344 
Dynamic Holding Co. Ltd. 139,147  92,117 
Dynapack International Technology Corp. 63,000  164,143 
E Ink Holdings, Inc. 17,000  132,189 
E-LIFE MALL Corp. 4,000  10,969 
E.Sun Financial Holding Co. Ltd. 1,384,918  1,276,076 
Eastern Media International Corp. 79,515  63,250 
Eclat Textile Co. Ltd. 9,000  130,351 
ECOVE Environment Corp. 1,000  8,699 
Edison Opto Corp.(1)
38,911  21,250 
Edom Technology Co. Ltd. 68,200  65,066 
eGalax_eMPIA Technology, Inc. 21,174  43,803 
Egis Technology, Inc. 20,000  52,673 
Elan Microelectronics Corp. 158,000  499,689 
Elite Advanced Laser Corp. 55,000  82,844 
Elite Material Co. Ltd. 155,000  815,861 
Elite Semiconductor Microelectronics Technology, Inc.(2)
154,000  396,198 
Elitegroup Computer Systems Co. Ltd. 44,000  37,673 
eMemory Technology, Inc. 4,000  178,897 
Emerging Display Technologies Corp. 39,000  29,287 
ENNOSTAR, Inc. 244,375  410,508 
Eson Precision Ind Co. Ltd. 15,000  30,795 
Eternal Materials Co. Ltd. 176,000  195,165 
Eurocharm Holdings Co. Ltd. 6,000  32,999 
Eva Airways Corp.(2)
889,000  972,894 
Everest Textile Co. Ltd.(1)
2,322  599 
Evergreen International Storage & Transport Corp. 225,000  218,615 
Evergreen Marine Corp. Taiwan Ltd. 664,190  1,903,380 
EVERGREEN Steel Corp. 21,000  42,235 
Everlight Chemical Industrial Corp. 130,000  89,583 
Everlight Electronics Co. Ltd. 297,000  381,578 
Excelliance Mos Corp. 14,000  58,973 
Excelsior Medical Co. Ltd. 58,800  130,715 
Far Eastern Department Stores Ltd. 167,000  111,026 
Far Eastern International Bank 884,761  356,095 
Far Eastern New Century Corp. 878,000  940,829 
Far EasTone Telecommunications Co. Ltd. 632,000  1,550,015 
68

Avantis Emerging Markets Equity ETF
Shares Value
Faraday Technology Corp.(2)
70,000  $ 422,645 
Farglory F T Z Investment Holding Co. Ltd. 17,000  29,077 
Farglory Land Development Co. Ltd. 103,000  215,325 
Federal Corp.(1)
89,000  62,445 
Feedback Technology Corp. 20,000  54,643 
Feng Hsin Steel Co. Ltd. 101,000  221,246 
Feng TAY Enterprise Co. Ltd. 54,800  307,448 
Firich Enterprises Co. Ltd. 61,228  69,243 
First Financial Holding Co. Ltd. 2,506,997  2,175,017 
First Hi-Tec Enterprise Co. Ltd. 3,793  5,584 
First Steamship Co. Ltd.(1)(2)
391,210  122,944 
FIT Holding Co. Ltd.(2)
75,000  70,434 
Fitipower Integrated Technology, Inc. 35,361  146,143 
Fittech Co. Ltd. 26,223  105,197 
FLEXium Interconnect, Inc.(1)
126,000  385,006 
Flytech Technology Co. Ltd.(2)
72,000  200,647 
FocalTech Systems Co. Ltd.(2)
53,804  134,412 
Forcecon Tech Co. Ltd. 2,595  5,255 
Forest Water Environment Engineering Co. Ltd. 70  72 
Formosa Advanced Technologies Co. Ltd. 41,000  51,961 
Formosa Chemicals & Fibre Corp. 626,000  1,406,370 
Formosa International Hotels Corp. 24,000  136,383 
Formosa Laboratories, Inc.(2)
36,000  70,524 
Formosa Oilseed Processing Co. Ltd. 49,000  86,029 
Formosa Petrochemical Corp. 50,000  137,056 
Formosa Plastics Corp. 805,000  2,400,183 
Formosa Sumco Technology Corp. 7,000  41,434 
Formosa Taffeta Co. Ltd.(2)
170,000  153,648 
Formosan Rubber Group, Inc. 87,000  63,087 
Formosan Union Chemical 237,650  192,248 
Fortune Electric Co. Ltd. 1,000  1,329 
Foxconn Technology Co. Ltd.(2)
343,000  567,084 
Foxsemicon Integrated Technology, Inc. 25,000  166,674 
Franbo Lines Corp.(2)
99,957  64,499 
Froch Enterprise Co. Ltd.(2)
45,000  36,616 
FSP Technology, Inc. 20,000  25,868 
Fubon Financial Holding Co. Ltd. 1,715,115  3,215,924 
Fulgent Sun International Holding Co. Ltd. 12,000  74,249 
Fulltech Fiber Glass Corp. 94,759  44,565 
Fusheng Precision Co. Ltd. 26,000  168,009 
G Shank Enterprise Co. Ltd. 32,000  61,778 
Gamania Digital Entertainment Co. Ltd. 95,000  188,541 
GEM Services, Inc. 9,000  22,863 
Gemtek Technology Corp. 224,000  231,899 
General Interface Solution Holding Ltd. 125,000  328,560 
Generalplus Technology, Inc. 27,000  50,406 
GeneReach Biotechnology Corp. 13,206  39,446 
Genesys Logic, Inc. 12,000  48,005 
Genius Electronic Optical Co. Ltd.(2)
19,079  277,954 
Getac Holdings Corp. 94,000  146,304 
GFC Ltd. 1,000  2,471 
69

Avantis Emerging Markets Equity ETF
Shares Value
Giant Manufacturing Co. Ltd. 52,000  $ 406,193 
Giantplus Technology Co. Ltd.(1)
55,000  24,808 
Gigabyte Technology Co. Ltd.(2)
261,000  727,961 
Global Brands Manufacture Ltd.(2)
174,280  165,411 
Global Lighting Technologies, Inc. 26,000  50,193 
Global Mixed Mode Technology, Inc. 29,000  140,887 
Global PMX Co. Ltd. 14,000  71,926 
Global Unichip Corp.(2)
30,000  525,994 
Globalwafers Co. Ltd. 11,000  174,030 
Gloria Material Technology Corp. 191,000  177,440 
GMI Technology, Inc. 44,767  28,470 
Gold Circuit Electronics Ltd. 104,000  282,815 
Goldsun Building Materials Co. Ltd. 481,674  399,405 
Gourmet Master Co. Ltd. 75,000  248,700 
Grand Fortune Securities Co. Ltd.(2)
108,000  56,086 
Grand Ocean Retail Group Ltd. 1,000  484 
Grand Pacific Petrochemical(2)
418,000  256,720 
Grand Process Technology Corp. 5,000  46,596 
Grape King Bio Ltd. 47,000  229,497 
Great China Metal Industry 9,000  7,498 
Great Tree Pharmacy Co. Ltd. 8,151  82,379 
Great Wall Enterprise Co. Ltd. 84,220  135,870 
Greatek Electronics, Inc.(2)
123,000  238,493 
Group Up Industrial Co. Ltd. 8,000  23,745 
Gudeng Precision Industrial Co. Ltd. 3,346  31,007 
Hai Kwang Enterprise Corp.(2)
76,000  55,143 
Hannstar Board Corp. 182,927  195,557 
HannStar Display Corp.(2)
743,000  288,878 
HannsTouch Solution, Inc. 238,000  85,032 
Harmony Electronics Corp. 17,000  20,785 
Harvatek Corp. 35,000  22,680 
Heran Co. Ltd. 7,000  25,575 
Highlight Tech Corp. 16,000  28,786 
Highwealth Construction Corp. 6,600  10,465 
Hiroca Holdings Ltd. 47,000  85,834 
Hitron Technology, Inc. 42,000  40,124 
Hiwin Technologies Corp. 123,451  833,239 
Ho Tung Chemical Corp. 506,000  154,999 
Hocheng Corp. 126,000  45,253 
Hold-Key Electric Wire & Cable Co. Ltd. 44,800  19,126 
Holiday Entertainment Co. Ltd. 13,000  23,371 
Holtek Semiconductor, Inc.(2)
78,000  188,420 
Holy Stone Enterprise Co. Ltd. 78,000  227,704 
Hon Hai Precision Industry Co. Ltd. 2,268,000  8,075,847 
Hong Pu Real Estate Development Co. Ltd.(1)
5,000  3,789 
Hong TAI Electric Industrial 36,000  19,932 
Horizon Securities Co. Ltd.(2)
161,120  59,959 
Hota Industrial Manufacturing Co. Ltd. 3,000  8,604 
Hotai Finance Co. Ltd. 72,000  246,860 
Hotai Motor Co. Ltd. 38,000  761,433 
Hsin Kuang Steel Co. Ltd. 2,000  2,492 
70

Avantis Emerging Markets Equity ETF
Shares Value
Hsin Yung Chien Co. Ltd. 9,900  $ 36,474 
Hsing TA Cement Co. 62,000  36,371 
HTC Corp.(1)
48,000  96,794 
Hu Lane Associate, Inc.(2)
35,225  190,451 
Hua Nan Financial Holdings Co. Ltd. 1,968,987  1,494,487 
Huaku Development Co. Ltd. 51,000  155,287 
Huang Hsiang Construction Corp. 31,000  46,617 
Hung Ching Development & Construction Co. Ltd. 31,000  22,541 
Hung Sheng Construction Ltd. 185,880  157,466 
Huxen Corp. 2,000  3,234 
Hycon Technology Corp. 351  822 
I-Sheng Electric Wire & Cable Co. Ltd. 10,000  13,915 
IBF Financial Holdings Co. Ltd. 642,396  281,176 
IC Plus Corp. 16,000  25,574 
Ichia Technologies, Inc. 57,000  28,776 
IEI Integration Corp. 42,000  103,033 
Info-Tek Corp. 19,000  41,355 
Infortrend Technology, Inc. 92,000  49,614 
Innodisk Corp. 8,401  47,093 
Innolux Corp.(2)
3,207,000  1,263,213 
Inpaq Technology Co. Ltd. 30,000  52,520 
Insyde Software Corp. 18,000  44,997 
Integrated Service Technology, Inc.(1)
39,000  86,074 
Interactive Digital Technologies, Inc. 3,000  6,236 
International CSRC Investment Holdings Co.(2)
444,000  302,486 
International Games System Co. Ltd. 59,000  719,379 
Inventec Corp. 784,000  593,542 
ITE Technology, Inc.(2)
72,000  164,620 
ITEQ Corp. 65,000  143,908 
Jarllytec Co. Ltd. 27,000  59,491 
Jentech Precision Industrial Co. Ltd. 3,000  38,937 
Jess-Link Products Co. Ltd. 39,000  50,208 
Jih Lin Technology Co. Ltd. 11,000  30,624 
Jiin Yeeh Ding Enterprise Co. Ltd. 33,000  32,974 
K Laser Technology, Inc. 38,000  23,509 
Kaimei Electronic Corp. 49,000  92,899 
Kaori Heat Treatment Co. Ltd. 53,000  197,090 
KEE TAI Properties Co. Ltd. 181,000  85,810 
Kenda Rubber Industrial Co. Ltd. 124,800  142,378 
Kerry TJ Logistics Co. Ltd.(2)
94,000  126,143 
Kindom Development Co. Ltd. 164,200  152,004 
King Slide Works Co. Ltd. 3,000  44,743 
King Yuan Electronics Co. Ltd.(2)
578,000  704,084 
King's Town Bank Co. Ltd. 318,000  366,815 
Kinik Co.(2)
64,000  330,071 
Kinpo Electronics 279,000  122,819 
Kinsus Interconnect Technology Corp.(2)
205,000  814,289 
KMC Kuei Meng International, Inc. 14,000  74,942 
KNH Enterprise Co. Ltd.(2)
99,000  61,549 
KS Terminals, Inc. 16,000  43,560 
Kung Long Batteries Industrial Co. Ltd. 48,000  221,879 
71

Avantis Emerging Markets Equity ETF
Shares Value
Kung Sing Engineering Corp. 70,400  $ 16,158 
Kuo Toong International Co. Ltd. 67,000  51,097 
Kuo Yang Construction Co. Ltd. 49,727  32,113 
L&K Engineering Co. Ltd. 44,000  46,723 
LandMark Optoelectronics Corp. 15,000  86,633 
Lanner Electronics, Inc. 18,000  40,658 
Largan Precision Co. Ltd. 26,000  1,653,864 
Leadtrend Technology Corp. 20,330  42,912 
Lealea Enterprise Co. Ltd. 101,000  37,932 
Lelon Electronics Corp. 12,138  23,132 
Li Cheng Enterprise Co. Ltd.(1)
1,071  1,139 
Li Peng Enterprise Co. Ltd.(1)
391,000  118,217 
Lian HWA Food Corp. 47,408  117,056 
Lien Hwa Industrial Holdings Corp. 8,038  14,990 
Lingsen Precision Industries Ltd.(2)
239,000  124,163 
Lion Travel Service Co. Ltd.(1)
1,000  3,024 
Lite-On Technology Corp. 550,000  1,183,616 
Liton Technology Corp. 1,000  1,071 
Long Bon International Co. Ltd.(1)
1,800  1,001 
Longchen Paper & Packaging Co. Ltd.(2)
288,587  155,941 
Longwell Co. 17,000  31,586 
Lotes Co. Ltd. 20,251  480,113 
Lotus Pharmaceutical Co. Ltd.(1)
28,000  158,509 
Lucky Cement Corp. 60,000  21,404 
Lumax International Corp. Ltd. 10,000  22,732 
Lung Yen Life Service Corp. 18,000  24,665 
Macauto Industrial Co. Ltd. 11,000  24,331 
Machvision, Inc. 17,039  85,410 
Macroblock, Inc. 19,000  73,003 
Macronix International Co. Ltd.(2)
921,000  988,571 
Makalot Industrial Co. Ltd. 40,825  239,879 
Marketech International Corp. 38,000  153,437 
Materials Analysis Technology, Inc. 20,000  80,788 
Mechema Chemicals International Corp. 2,000  8,896 
MediaTek, Inc. 101,000  2,185,309 
Mega Financial Holding Co. Ltd. 1,208,475  1,417,452 
Mercuries & Associates Holding Ltd. 55,000  32,684 
Mercuries Life Insurance Co. Ltd.(1)(2)
533,211  124,386 
Merry Electronics Co. Ltd. 6,000  16,571 
Micro-Star International Co. Ltd. 103,000  385,593 
Microbio Co. Ltd. 7,221  18,537 
MIN AIK Technology Co. Ltd. 35,000  22,715 
Mirle Automation Corp. 41,000  53,936 
Mitac Holdings Corp.(2)
350,560  322,300 
momo.com, Inc.(2)
9,000  213,412 
MOSA Industrial Corp. 48,000  47,928 
Mosel Vitelic, Inc. 30,000  40,175 
Motech Industries, Inc.(2)
36,451  33,960 
MPI Corp. 42,000  132,976 
Nak Sealing Technologies Corp. 15,000  49,006 
Namchow Holdings Co. Ltd. 33,000  49,659 
72

Avantis Emerging Markets Equity ETF
Shares Value
Nan Kang Rubber Tire Co. Ltd.(1)
1,000  $ 1,269 
Nan Liu Enterprise Co. Ltd. 6,000  16,880 
Nan Pao Resins Chemical Co. Ltd. 11,000  50,980 
Nan Ya Plastics Corp. 985,000  2,212,503 
Nan Ya Printed Circuit Board Corp.(2)
55,000  479,832 
Nantex Industry Co. Ltd.(2)
136,000  190,031 
Nanya Technology Corp. 293,000  508,879 
Nichidenbo Corp. 36,000  61,097 
Nien Made Enterprise Co. Ltd. 39,000  360,154 
Niko Semiconductor Co. Ltd. 29,000  61,006 
Nishoku Technology, Inc. 6,000  17,186 
Novatek Microelectronics Corp.(2)
146,000  1,249,074 
Nuvoton Technology Corp.(2)
50,428  204,699 
Nyquest Technology Co. Ltd. 14,000  37,007 
O-Bank Co. Ltd. 642,430  182,332 
O-TA Precision Industry Co. Ltd. 37,000  150,087 
Ocean Plastics Co. Ltd. 30,000  36,411 
Orient Semiconductor Electronics Ltd.(2)
356,000  215,325 
Oriental Union Chemical Corp. 218,000  130,366 
P-Duke Technology Co. Ltd. 1,105  2,995 
Pacific Hospital Supply Co. Ltd. 11,099  25,036 
Pan Jit International, Inc.(2)
401,000  908,671 
Pan-International Industrial Corp. 112,000  126,261 
Parade Technologies Ltd. 2,000  55,987 
Pegatron Corp. 825,000  1,715,855 
Pegavision Corp. 8,000  110,698 
PharmaEngine, Inc.(2)
52,000  218,230 
Pharmally International Holding Co. Ltd.(1)
1,282  2,384 
Phihong Technology Co. Ltd.(1)
67,000  84,947 
Phison Electronics Corp. 17,000  172,812 
Phoenix Silicon International Corp.(2)
82,280  187,436 
Pixart Imaging, Inc.(2)
42,000  129,484 
Pou Chen Corp. 569,000  539,009 
Power Wind Health Industry, Inc.(1)
4,252  17,237 
Powerchip Semiconductor Manufacturing Corp. 653,000  732,236 
Powertech Technology, Inc. 369,000  1,029,669 
Poya International Co. Ltd. 31,301  437,768 
President Chain Store Corp. 206,000  1,810,238 
President Securities Corp. 264,929  145,187 
Primax Electronics Ltd. 83,000  181,595 
Prince Housing & Development Corp. 361,000  141,643 
Promate Electronic Co. Ltd. 22,000  28,157 
Prosperity Dielectrics Co. Ltd. 34,000  46,013 
Qisda Corp. 251,000  240,350 
QST International Corp. 9,000  21,773 
Quang Viet Enterprise Co. Ltd. 6,000  25,785 
Quanta Computer, Inc. 540,000  1,399,901 
Quanta Storage, Inc. 115,000  166,462 
Radiant Opto-Electronics Corp. 160,000  525,779 
Radium Life Tech Co. Ltd. 134,000  42,469 
Raydium Semiconductor Corp. 19,000  170,955 
73

Avantis Emerging Markets Equity ETF
Shares Value
Realtek Semiconductor Corp. 111,000  $ 1,247,273 
Rechi Precision Co. Ltd. 41,000  25,918 
Rexon Industrial Corp. Ltd.(2)
49,000  54,946 
Rich Development Co. Ltd. 92,000  27,667 
Ritek Corp.(1)
64,281  17,842 
Roo Hsing Co. Ltd.(1)
170,000  16,309 
Ruentex Development Co. Ltd. 430,600  887,919 
Ruentex Engineering & Construction Co. 23,290  68,951 
Ruentex Industries Ltd.(2)
189,800  404,276 
Sampo Corp. 50,000  46,285 
San Fang Chemical Industry Co. Ltd. 5,000  3,500 
San Shing Fastech Corp. 17,000  29,612 
Sanyang Motor Co. Ltd.(2)
328,000  390,446 
SCI Pharmtech, Inc.(1)
5,600  16,095 
Scientech Corp. 24,000  65,735 
ScinoPharm Taiwan Ltd. 2,000  1,858 
SDI Corp. 15,000  57,822 
Senao International Co. Ltd. 1,000  1,053 
Senao Networks, Inc.(2)
7,000  52,281 
Sensortek Technology Corp. 6,000  59,717 
Sesoda Corp.(2)
111,997  176,148 
Shanghai Commercial & Savings Bank Ltd. 1,074,000  1,748,157 
Sheng Yu Steel Co. Ltd. 51,000  42,802 
ShenMao Technology, Inc. 17,000  28,625 
Shih Her Technologies, Inc. 24,000  45,918 
Shih Wei Navigation Co. Ltd.(2)
97,875  89,967 
Shihlin Paper Corp.(1)
30,000  55,743 
Shin Foong Specialty & Applied Materials Co. Ltd.(2)
18,000  41,130 
Shin Kong Financial Holding Co. Ltd. 4,623,740  1,328,314 
Shin Zu Shing Co. Ltd. 51,536  148,418 
Shining Building Business Co. Ltd.(1)
125,000  37,908 
Shinkong Insurance Co. Ltd. 66,000  124,915 
Shinkong Synthetic Fibers Corp. 389,000  230,368 
Shiny Chemical Industrial Co. Ltd. 39,582  173,446 
ShunSin Technology Holding Ltd. 12,000  33,132 
Shuttle, Inc.(1)(2)
124,000  64,177 
Sigurd Microelectronics Corp. 275,063  458,613 
Silergy Corp.(2)
12,000  205,722 
Silicon Integrated Systems Corp.(2)
283,404  185,815 
Simplo Technology Co. Ltd. 85,000  802,047 
Sinbon Electronics Co. Ltd. 4,000  36,964 
Sincere Navigation Corp.(2)
79,060  55,197 
Singatron Enterprise Co. Ltd. 48,000  37,732 
Sinher Technology, Inc. 15,000  19,520 
Sinkang Industries Co. Ltd. 3,000  1,932 
Sinmag Equipment Corp. 9,000  28,617 
Sino-American Silicon Products, Inc. 207,000  1,128,525 
Sinon Corp. 264,000  391,604 
SinoPac Financial Holdings Co. Ltd. 3,540,050  2,006,898 
Sinopower Semiconductor, Inc. 6,000  23,822 
Sinyi Realty, Inc. 34,000  34,636 
74

Avantis Emerging Markets Equity ETF
Shares Value
Sitronix Technology Corp.(2)
75,000  $ 463,713 
Siward Crystal Technology Co. Ltd. 72,000  97,261 
Softstar Entertainment, Inc. 1,000  2,705 
Solar Applied Materials Technology Corp.(2)
264,670  334,953 
Solomon Technology Corp. 54,000  48,445 
Solteam, Inc. 28,000  56,947 
Sonix Technology Co. Ltd.(2)
66,000  127,934 
Speed Tech Corp. 1,000  1,906 
Sporton International, Inc. 10,000  75,279 
St Shine Optical Co. Ltd. 21,000  184,332 
Standard Chemical & Pharmaceutical Co. Ltd. 16,000  26,037 
Standard Foods Corp. 59,000  79,391 
Stark Technology, Inc. 35,000  96,806 
Sunjuice Holdings Co. Ltd. 3,000  22,377 
Sunny Friend Environmental Technology Co. Ltd. 10,000  59,525 
Sunonwealth Electric Machine Industry Co. Ltd. 32,000  43,905 
Sunplus Technology Co. Ltd. 25,000  21,403 
Sunrex Technology Corp. 24,000  30,259 
Supreme Electronics Co. Ltd. 49,755  61,217 
Swancor Holding Co. Ltd.(2)
10,000  33,272 
Sweeten Real Estate Development Co. Ltd. 4,320  3,391 
Symtek Automation Asia Co. Ltd. 29,000  85,909 
Syncmold Enterprise Corp. 32,000  71,246 
Synnex Technology International Corp. 393,000  716,353 
Systex Corp. 17,000  40,804 
T3EX Global Holdings Corp.(2)
57,213  146,665 
TA Chen Stainless Pipe(2)
611,184  787,906 
Ta Ya Electric Wire & Cable(2)
127,363  90,868 
TA-I Technology Co. Ltd. 31,750  47,080 
TAI Roun Products Co. Ltd. 23,000  11,994 
Tai Tung Communication Co. Ltd.(1)
42,000  22,295 
Tai-Saw Technology Co. Ltd. 75,000  87,679 
Taichung Commercial Bank Co. Ltd. 1,504,625  671,805 
TaiDoc Technology Corp.(2)
32,000  233,711 
Taiflex Scientific Co. Ltd. 22,000  29,463 
Taigen Biopharmaceuticals Holdings Ltd.(1)
68,000  42,145 
Taimide Tech, Inc. 55,000  70,960 
Tainan Spinning Co. Ltd. 189,000  116,460 
Taishin Financial Holding Co. Ltd. 3,445,841  1,710,263 
Taisun Enterprise Co. Ltd. 4,000  4,527 
Taita Chemical Co. Ltd. 80,850  59,708 
Taiwan Business Bank 2,689,825  1,127,395 
Taiwan Cement Corp.(2)
757,853  975,575 
Taiwan Cogeneration Corp. 48,000  58,513 
Taiwan Cooperative Financial Holding Co. Ltd. 1,989,263  1,796,484 
Taiwan Fertilizer Co. Ltd. 284,000  584,012 
Taiwan Fire & Marine Insurance Co. Ltd. 41,000  27,095 
Taiwan FU Hsing Industrial Co. Ltd. 29,000  40,180 
Taiwan Glass Industry Corp. 412,000  236,447 
Taiwan High Speed Rail Corp. 513,000  490,462 
Taiwan Hon Chuan Enterprise Co. Ltd. 256,000  627,676 
75

Avantis Emerging Markets Equity ETF
Shares Value
Taiwan Hopax Chemicals Manufacturing Co. Ltd. 41,000  $ 58,405 
Taiwan IC Packaging Corp.(1)
32,000  15,803 
Taiwan Mask Corp. 24,000  58,785 
Taiwan Mobile Co. Ltd. 420,000  1,372,829 
Taiwan Navigation Co. Ltd.(2)
126,000  111,502 
Taiwan Paiho Ltd. 92,000  191,009 
Taiwan PCB Techvest Co. Ltd. 238,000  298,759 
Taiwan Sakura Corp. 4,000  8,447 
Taiwan Secom Co. Ltd. 62,000  208,223 
Taiwan Semiconductor Co. Ltd. 76,000  236,165 
Taiwan Semiconductor Manufacturing Co. Ltd., ADR 465,132  38,768,752 
Taiwan Shin Kong Security Co. Ltd. 7,070  9,329 
Taiwan Steel Union Co. Ltd. 22,000  66,004 
Taiwan Styrene Monomer 72,000  34,536 
Taiwan Surface Mounting Technology Corp. 147,000  489,905 
Taiwan TEA Corp.(1)
173,000  112,796 
Taiwan Union Technology Corp. 70,000  131,401 
Taiwan-Asia Semiconductor Corp.(2)
200,000  255,260 
Taiyen Biotech Co. Ltd. 24,000  25,941 
Tatung Co. Ltd.(1)(2)
483,000  544,765 
Tatung System Technologies, Inc. 21,000  26,736 
TCI Co. Ltd. 19,000  91,116 
Teco Electric and Machinery Co. Ltd. 605,000  585,218 
Test Research, Inc. 20,000  39,085 
Test Rite International Co. Ltd. 33,000  23,100 
Thermaltake Technology Co. Ltd. 97  84 
Thinking Electronic Industrial Co. Ltd. 26,000  121,477 
Thye Ming Industrial Co. Ltd.(2)
77,400  109,168 
Ton Yi Industrial Corp. 421,000  279,318 
Tong Hsing Electronic Industries Ltd.(1)
49,472  342,977 
Tong Yang Industry Co. Ltd. 258,000  459,906 
Top Bright Holding Co. Ltd. 8,000  29,579 
Topco Scientific Co. Ltd. 95,000  507,397 
Topkey Corp. 3,000  17,440 
Topoint Technology Co. Ltd. 51,000  48,761 
TPK Holding Co. Ltd. 157,000  186,066 
Trade-Van Information Services Co. 2,000  4,623 
Transcend Information, Inc. 49,000  106,167 
Tripod Technology Corp. 126,000  413,695 
Tsann Kuen Enterprise Co. Ltd. 38,589  59,229 
TSC Auto ID Technology Co. Ltd. 8,000  51,246 
TSRC Corp. 329,000  302,766 
Ttet Union Corp. 6,000  31,003 
TTY Biopharm Co. Ltd. 74,000  184,176 
Tul Corp. 18,000  36,140 
Tung Ho Steel Enterprise Corp.(2)
389,760  689,097 
Tung Thih Electronic Co. Ltd. 12,000  71,184 
TXC Corp.(2)
184,000  520,785 
TYC Brother Industrial Co. Ltd.(2)
136,000  136,045 
Tycoons Group Enterprise(1)
66,000  18,812 
U-Ming Marine Transport Corp. 207,000  257,450 
76

Avantis Emerging Markets Equity ETF
Shares Value
UDE Corp. 31,000  $ 39,090 
Ultra Chip, Inc.(2)
20,000  85,800 
Uni-President Enterprises Corp. 804,000  1,737,494 
Unimicron Technology Corp. 496,000  2,430,264 
Union Bank of Taiwan 796,129  429,253 
Unitech Computer Co. Ltd. 46,000  48,333 
Unitech Printed Circuit Board Corp.(1)
100,000  75,581 
United Integrated Services Co. Ltd. 82,000  424,641 
United Microelectronics Corp.(1)(2)
2,880,000  3,831,744 
United Renewable Energy Co. Ltd.(1)
225,085  169,517 
Universal Cement Corp. 107,000  78,739 
Universal Vision Biotechnology Co. Ltd. 14,700  153,066 
Universal, Inc. 17,000  15,646 
Unizyx Holding Corp.(2)
147,000  133,859 
UPC Technology Corp. 209,000  95,941 
Userjoy Technology Co. Ltd. 15,350  35,816 
USI Corp. 262,000  203,156 
Utechzone Co. Ltd. 26,000  78,140 
Vanguard International Semiconductor Corp.(2)
353,000  853,386 
Ventec International Group Co. Ltd. 17,000  41,107 
VIA Labs, Inc. 2,000  16,426 
Visual Photonics Epitaxy Co. Ltd. 44,000  108,896 
Voltronic Power Technology Corp. 9,100  513,500 
Wafer Works Corp.(2)
41,000  69,569 
Wah Hong Industrial Corp. 19,000  17,669 
Wah Lee Industrial Corp. 37,740  112,538 
Walsin Lihwa Corp.(2)
988,553  1,276,650 
Walsin Technology Corp.(2)
95,000  287,086 
Walton Advanced Engineering, Inc. 88,000  38,670 
Wan Hai Lines Ltd.(2)
176,640  497,841 
WEI Chih Steel Industrial Co. Ltd.(2)
76,000  65,971 
Wei Chuan Foods Corp. 82,000  54,651 
Weikeng Industrial Co. Ltd. 147,000  129,439 
Well Shin Technology Co. Ltd. 16,000  23,595 
Wholetech System Hitech Ltd. 33,000  51,342 
Win Semiconductors Corp.(2)
99,000  575,025 
Winbond Electronics Corp.(2)
1,330,000  958,270 
Winstek Semiconductor Co. Ltd.(2)
54,000  87,429 
WinWay Technology Co. Ltd. 10,000  130,690 
Wisdom Marine Lines Co. Ltd.(2)
239,378  451,096 
Wisechip Semiconductor, Inc. 12,000  26,764 
Wistron Corp. 715,000  648,216 
Wistron Information Technology & Services Corp. 8,000  23,113 
Wistron NeWeb Corp. 330,000  915,123 
Wiwynn Corp.(2)
5,000  125,168 
Wowprime Corp.(1)
45,000  183,730 
WPG Holdings Ltd. 271,000  455,748 
WT Microelectronics Co. Ltd. 195,000  411,230 
XinTec, Inc. 39,000  166,966 
Xxentria Technology Materials Corp. 16,000  34,192 
Yageo Corp. 85,212  911,361 
77

Avantis Emerging Markets Equity ETF
Shares Value
Yang Ming Marine Transport Corp.(2)
563,000  $ 1,442,278 
YC INOX Co. Ltd. 47,486  47,826 
Yea Shin International Development Co. Ltd. 38,106  27,884 
Yem Chio Co. Ltd. 99,579  46,090 
Yeong Guan Energy Technology Group Co. Ltd.(2)
24,000  43,796 
YFY, Inc. 403,000  326,003 
Yieh Hsing Enterprise Co. Ltd.(1)
41,000  15,941 
Yieh Phui Enterprise Co. Ltd.(2)
172,200  88,053 
Young Fast Optoelectronics Co. Ltd. 39,000  38,459 
Youngtek Electronics Corp. 50,000  106,579 
Yuanta Financial Holding Co. Ltd. 2,653,733  1,761,535 
Yulon Finance Corp. 100,900  533,509 
Yulon Motor Co. Ltd. 330,397  445,158 
YungShin Global Holding Corp. 1,000  1,356 
Zeng Hsing Industrial Co. Ltd. 15,000  65,686 
Zenitron Corp. 50,000  48,434 
Zero One Technology Co. Ltd. 33,526  46,322 
Zhen Ding Technology Holding Ltd. 234,000  868,416 
Zinwell Corp.(1)
75,000  43,699 
Zippy Technology Corp. 3,000  4,055 
ZongTai Real Estate Development Co. Ltd. 71,496  76,126 
228,054,528 
Thailand — 2.5%
AAPICO Hitech PCL, NVDR 99,800  68,979 
Advanced Info Service PCL, NVDR 156,500  823,364 
Advanced Information Technology PCL, NVDR 219,700  37,296 
AEON Thana Sinsap Thailand PCL, NVDR 34,200  155,137 
Airports of Thailand PCL, NVDR(1)
318,900  635,489 
AJ Plast PCL, NVDR 39,300  16,048 
Amanah Leasing PCL, NVDR 318,700  38,538 
Amata Corp. PCL, NVDR 263,000  150,593 
Ananda Development PCL, NVDR(1)
53,000  1,856 
AP Thailand PCL, NVDR 1,678,200  459,503 
Aqua Corp. PCL, NVDR(1)
1,757,300  28,971 
Asia Aviation PCL, NVDR(1)
50,344  3,911 
Asia Plus Group Holdings PCL, NVDR 561,700  47,364 
Asia Sermkij Leasing PCL, NVDR 35,700  34,961 
Asian Sea Corp. PCL, NVDR 72,150  35,212 
Asset World Corp. PCL, NVDR 529,200  81,053 
B Grimm Power PCL, NVDR 143,400  145,263 
Bangchak Corp. PCL, NVDR 600,800  580,298 
Bangkok Airways PCL, NVDR(1)
59,900  17,388 
Bangkok Bank PCL, NVDR 74,200  278,188 
Bangkok Chain Hospital PCL, NVDR 880,200  450,518 
Bangkok Dusit Medical Services PCL, NVDR 1,549,300  1,241,687 
Bangkok Expressway & Metro PCL, NVDR 478,300  114,686 
Bangkok Land PCL, NVDR 2,403,600  66,506 
Bangkok Life Assurance PCL, NVDR 625,200  608,025 
Banpu PCL, NVDR 2,491,566  989,168 
Banpu Power PCL, NVDR 69,100  29,926 
BCPG PCL, NVDR 117,700  34,816 
78

Avantis Emerging Markets Equity ETF
Shares Value
Beauty Community PCL, NVDR(1)
64,400  $ 2,575 
BEC World PCL, NVDR 687,000  263,365 
Berli Jucker PCL, NVDR 66,300  60,928 
Better World Green PCL, NVDR(1)
3,280,900  73,597 
BG Container Glass PCL, NVDR 56,100  15,844 
BTS Group Holdings PCL, NVDR 520,100  119,723 
Bumrungrad Hospital PCL, NVDR 108,700  643,640 
Cal-Comp Electronics Thailand PCL, NVDR 476,838  32,082 
Carabao Group PCL, NVDR 10,500  29,051 
Central Pattana PCL, NVDR 228,900  434,088 
Central Retail Corp. PCL, NVDR 193,866  214,892 
CH Karnchang PCL, NVDR 368,600  212,140 
Charoen Pokphand Foods PCL, NVDR 798,200  568,722 
Chularat Hospital PCL, NVDR 1,181,300  118,542 
CK Power PCL, NVDR 296,300  41,401 
Com7 PCL, NVDR 603,800  569,177 
Country Group Development PCL, NVDR(1)
979,000  11,807 
CP ALL PCL, NVDR 506,800  854,239 
Delta Electronics Thailand PCL, NVDR 13,400  192,010 
Dhipaya Group Holdings PCL, NVDR 48,200  82,266 
Diamond Building Products PCL, NVDR 51,200  11,015 
Ditto Thailand PCL, NVDR 48,000  75,979 
Dynasty Ceramic PCL, NVDR 1,977,800  146,382 
Eastern Polymer Group PCL, NVDR 295,500  77,726 
Ekachai Medical Care PCL, NVDR 156,000  32,062 
Electricity Generating PCL, NVDR 89,600  449,261 
Energy Absolute PCL, NVDR 283,100  660,952 
Erawan Group PCL, NVDR(1)
77,040  7,633 
Esso Thailand PCL, NVDR(1)
308,100  119,007 
Forth Corp. PCL, NVDR 129,100  204,938 
G J Steel PCL, NVDR(1)
6,403,900  68,415 
GFPT PCL, NVDR 188,400  86,690 
Global Power Synergy PCL, NVDR 115,800  215,557 
Gulf Energy Development PCL, NVDR 164,020  230,161 
Gunkul Engineering PCL, NVDR 1,181,800  161,133 
Haad Thip PCL, NVDR 13,900  12,188 
Hana Microelectronics PCL, NVDR 94,800  110,694 
Home Product Center PCL, NVDR 1,121,200  427,117 
Ichitan Group PCL, NVDR 86,500  21,567 
Indorama Ventures PCL, NVDR 352,600  417,588 
IRPC PCL, NVDR 3,488,700  326,583 
Italian-Thai Development PCL, NVDR(1)
1,929,200  101,473 
Jasmine International PCL, NVDR(1)
3,889,400  272,547 
Jay Mart PCL, NVDR 68,641  97,706 
JMT Network Services PCL, NVDR 71,668  153,116 
JWD Infologistics PCL, NVDR 210,600  98,578 
KCE Electronics PCL, NVDR 316,000  468,347 
KGI Securities Thailand PCL, NVDR 805,200  109,872 
Khon Kaen Sugar Industry PCL, NVDR 380,000  37,467 
Kiatnakin Phatra Bank PCL, NVDR 99,300  197,100 
Krung Thai Bank PCL, NVDR 899,400  415,857 
79

Avantis Emerging Markets Equity ETF
Shares Value
Krungthai Card PCL, NVDR 200,500  $ 330,590 
Land & Houses PCL, NVDR 2,661,700  649,351 
Lanna Resources PCL, NVDR 86,300  56,549 
LPN Development PCL, NVDR 441,700  54,713 
Major Cineplex Group PCL, NVDR 59,700  31,071 
Master Ad PCL, NVDR(1)
1,993,300  30,521 
MBK PCL, NVDR(1)
180,600  80,586 
MC Group PCL, NVDR 20,300  5,560 
MCS Steel PCL, NVDR 184,800  52,135 
Mega Lifesciences PCL, NVDR 88,500  119,330 
MFEC PCL, NVDR 71,500  18,303 
Minor International PCL, NVDR(1)
543,100  486,345 
MK Restaurants Group PCL, NVDR 9,300  15,027 
Muangthai Capital PCL, NVDR 132,000  153,568 
Namyong Terminal PCL, NVDR 30,600  3,053 
Noble Development PCL, Class C, NVDR 205,200  27,672 
Nusasiri PCL, NVDR(1)
2,794,300  78,016 
Origin Property PCL, NVDR 292,000  82,316 
Osotspa PCL, NVDR 229,800  196,755 
Plan B Media PCL, NVDR(1)
739,800  133,675 
Polyplex Thailand PCL, NVDR 98,600  61,876 
POSCO-Thainox PCL, NVDR 576,900  18,805 
Precious Shipping PCL, NVDR 651,100  253,037 
Premier Marketing PCL, NVDR 72,700  17,532 
Prima Marine PCL, NVDR 477,300  81,099 
Property Perfect PCL, NVDR 2,307,910  25,859 
Pruksa Holding PCL, NVDR 89,200  31,486 
PTG Energy PCL, NVDR 269,800  112,951 
PTT Exploration & Production PCL, NVDR 275,400  1,273,734 
PTT Global Chemical PCL, NVDR 440,100  572,230 
PTT Oil & Retail Business PCL, NVDR 369,300  275,695 
PTT PCL, NVDR 1,466,000  1,506,201 
Quality Houses PCL, NVDR 6,104,100  361,385 
R&B Food Supply PCL, NVDR 29,500  11,393 
Raimon Land PCL, NVDR(1)
1,000,000  21,382 
Rajthanee Hospital PCL, NVDR 65,600  64,772 
Ratch Group PCL, NVDR 87,750  105,852 
Ratchthani Leasing PCL, NVDR 998,700  130,176 
Regional Container Lines PCL, NVDR 443,600  394,595 
Rojana Industrial Park PCL, NVDR 239,200  38,973 
RS PCL, NVDR 189,100  79,734 
S Hotels & Resorts PCL, NVDR(1)
289,200  32,311 
S Kijchai Enterprise PCL, R Shares, NVDR 189,900  29,350 
Sabina PCL, NVDR 40,300  29,265 
Samart Corp. PCL, NVDR(1)
72,200  12,461 
Sansiri PCL, NVDR 5,153,500  155,273 
Sappe PCL, NVDR 43,800  53,375 
SC Asset Corp. PCL, NVDR 869,800  83,809 
SCB X PCL, NVDR 122,700  370,904 
SEAFCO PCL, NVDR(1)
16,100  1,686 
Sermsang Power Corp. Co. Ltd., NVDR 206,668  54,344 
80

Avantis Emerging Markets Equity ETF
Shares Value
Siam Cement PCL, NVDR 78,500  $ 770,083 
Siam City Cement PCL, NVDR 19,500  84,706 
Siam Global House PCL, NVDR 418,301  224,813 
Siam Makro PCL, NVDR 20,337  19,215 
Siamgas & Petrochemicals PCL, NVDR 124,500  38,193 
Sikarin PCL, NVDR 21,100  7,517 
Singha Estate PCL, NVDR(1)
1,000,000  52,680 
Sino-Thai Engineering & Construction PCL, NVDR 676,800  227,916 
SNC Former PCL, NVDR 107,500  50,055 
Somboon Advance Technology PCL, NVDR 113,400  60,558 
SPCG PCL, NVDR 87,000  37,670 
Sri Trang Agro-Industry PCL, NVDR 222,500  137,714 
Srisawad Corp. PCL, NVDR 274,100  365,541 
Srisawad Finance PCL, NVDR 45,700  37,545 
Srivichai Vejvivat PCL, NVDR 93,400  24,558 
Star Petroleum Refining PCL, NVDR 459,000  162,179 
STP & I PCL, NVDR(1)
367,800  36,453 
Supalai PCL, NVDR 440,800  235,595 
Super Energy Corp. PCL, NVDR 6,494,800  135,306 
Synnex Thailand PCL, NVDR 47,100  26,790 
Taokaenoi Food & Marketing PCL, Class R NVDR 221,400  46,708 
Tata Steel Thailand PCL, NVDR 498,600  13,930 
Thai Airways International PCL, NVDR(1)
20,500  1,867 
Thai Oil PCL, NVDR 348,500  579,831 
Thai Solar Energy PCL, NVDR 212,200  12,328 
Thai Union Group PCL, NVDR 1,417,500  679,711 
Thai Vegetable Oil PCL, NVDR 244,200  204,361 
Thaicom PCL, NVDR 154,300  43,915 
Thaifoods Group PCL, NVDR 145,600  24,952 
Thanachart Capital PCL, NVDR 70,900  78,641 
Thonburi Healthcare Group PCL, NVDR 289,600  541,674 
Thoresen Thai Agencies PCL, NVDR 784,800  178,353 
Tipco Asphalt PCL, NVDR 270,600  123,857 
Tisco Financial Group PCL, NVDR 63,900  164,151 
TMBThanachart Bank PCL, NVDR 1,642,100  57,074 
TOA Paint Thailand PCL, NVDR 71,800  60,525 
Total Access Communication PCL, NVDR 54,400  64,161 
TPI Polene PCL, NVDR 1,342,100  62,526 
TPI Polene Power PCL, NVDR 537,300  55,069 
TQM Alpha PCL, NVDR 96,100  112,660 
True Corp. PCL, NVDR 4,802,500  600,255 
TTW PCL, NVDR 157,600  45,387 
U City PCL, NVDR(1)
3,088,800  114,106 
Unique Engineering & Construction PCL, NVDR(1)
129,200  17,207 
United Paper PCL, NVDR 45,600  21,108 
Univentures PCL, NVDR 191,000  15,389 
Vanachai Group PCL, NVDR 117,200  20,871 
VGI PCL, NVDR 194,070  23,279 
WHA Corp. PCL, NVDR 441,900  42,360 
Workpoint Entertainment PCL, NVDR 45,500  24,040 
33,161,608 
81

Avantis Emerging Markets Equity ETF
Shares Value
Turkey — 0.6%
AG Anadolu Grubu Holding AS 7,413  $ 30,183 
Akbank TAS 786,529  505,174 
Aksa Akrilik Kimya Sanayii AS 43,628  132,001 
Aksa Enerji Uretim AS 67,604  105,456 
Alarko Holding AS 3,511  9,513 
Albaraka Turk Katilim Bankasi AS(1)
199,590  26,915 
Anadolu Anonim Turk Sigorta Sirketi(1)
49,944  22,226 
Anadolu Efes Biracilik Ve Malt Sanayii AS 14,148  31,968 
Aselsan Elektronik Sanayi Ve Ticaret AS 54,650  78,179 
Aygaz AS 17,880  44,986 
Bagfas Bandirma Gubre Fabrikalari AS(1)
24,987  30,144 
Bera Holding AS 134,336  131,143 
BIM Birlesik Magazalar AS 50,124  300,716 
Borusan Mannesmann Boru Sanayi ve Ticaret AS(1)
2,241  5,270 
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS 2,541  5,155 
Cimsa Cimento Sanayi VE Ticaret AS 2,951  8,590 
Coca-Cola Icecek AS 22,819  200,176 
Dogan Sirketler Grubu Holding AS 93,300  27,061 
Dogus Otomotiv Servis ve Ticaret AS 10,857  59,540 
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS 5,143  3,908 
Enerjisa Enerji AS 111,018  104,149 
Eregli Demir ve Celik Fabrikalari TAS 184,379  291,349 
Ford Otomotiv Sanayi AS 4,847  88,070 
Goodyear Lastikleri TAS(1)
456  272 
Gozde Girisim Sermayesi Yatirim Ortakligi AS(1)
35,254  18,289 
GSD Holding AS 143,314  34,386 
Gubre Fabrikalari TAS(1)
5,436  34,861 
Haci Omer Sabanci Holding AS 216,220  302,048 
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1)
33,311  32,742 
Is Finansal Kiralama AS(1)
128,833  58,146 
Is Yatirim Menkul Degerler AS 27,641  43,155 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(2)
382,092  247,519 
KOC Holding AS 147,079  366,948 
Koza Altin Isletmeleri AS 7,429  64,705 
Koza Anadolu Metal Madencilik Isletmeleri AS(1)
64,168  95,427 
Logo Yazilim Sanayi Ve Ticaret AS 1,540  4,020 
Mavi Giyim Sanayi Ve Ticaret AS, B Shares 9,064  34,836 
Migros Ticaret AS(1)
28,022  125,741 
MLP Saglik Hizmetleri AS(1)
23,137  51,406 
NET Holding AS(1)
41,981  27,169 
Nuh Cimento Sanayi AS 8,333  34,817 
ODAS Elektrik Uretim ve Sanayi Ticaret AS(1)
226,375  56,043 
Otokar Otomotiv Ve Savunma Sanayi AS 1,892  49,602 
Pegasus Hava Tasimaciligi AS(1)
8,451  96,831 
Petkim Petrokimya Holding AS(1)
208,304  165,431 
Sasa Polyester Sanayi AS(1)
18,108  53,021 
Sekerbank Turk AS(1)
6,054  1,243 
Selcuk Ecza Deposu Ticaret ve Sanayi AS 14,657  16,076 
Sok Marketler Ticaret AS(1)
77,870  72,142 
82

Avantis Emerging Markets Equity ETF
Shares Value
TAV Havalimanlari Holding AS(1)
84,976  $ 290,028 
Tekfen Holding AS 23,085  37,749 
Tofas Turk Otomobil Fabrikasi AS 13,715  66,171 
Turk Hava Yollari AO(1)
203,802  817,379 
Turk Traktor ve Ziraat Makineleri AS 5,674  76,172 
Turkcell Iletisim Hizmetleri AS, ADR 117,278  348,316 
Turkiye Halk Bankasi AS(1)
139,732  65,835 
Turkiye Is Bankasi AS, C Shares 1,240,843  537,501 
Turkiye Petrol Rafinerileri AS(1)
37,542  740,172 
Turkiye Sinai Kalkinma Bankasi AS(1)
616,866  166,526 
Turkiye Sise ve Cam Fabrikalari AS 128,771  174,326 
Turkiye Vakiflar Bankasi TAO, D Shares(1)
179,737  72,071 
Ulusoy Elektrik Imalat Taahhut Ve Ticaret AS(1)
777  5,505 
Vestel Elektronik Sanayi ve Ticaret AS 11,329  18,537 
Yapi ve Kredi Bankasi AS(2)
571,144  220,691 
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS 30,757  27,232 
Zorlu Enerji Elektrik Uretim AS(1)
3,170  509 
7,993,468 
TOTAL COMMON STOCKS
(Cost $1,443,050,588)
 1,316,904,434 
RIGHTS†
Brazil†
AES Brasil Energia SA(1)
23,663  364 
China†
Zhong An Group Ltd.(1)
2,207  3 
Thailand†
Thai Oil PCL, NVDR(1)
28,755  8 
TOTAL RIGHTS
(Cost $—)
375
WARRANTS†
Malaysia†
Eco World Development Group Bhd(1)
120,380  2,555 
PESTECH International Bhd(1)
18,662  646 
Yinson Holdings Bhd(1)
88,971  11,332 
14,533 
Thailand†
Aqua Corp. PCL(1)
878,650  1,687 
Maco Pharma(1)
498,325  136 
MBK PCL(1)
7,224  2,556 
Minor International PCL, NVDR(1)
1  — 
VGI PCL(1)
44,070  204 
4,583 
TOTAL WARRANTS
(Cost $—)
 19,116 
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  1,490 
SHORT-TERM INVESTMENTS — 1.7%
Money Market Funds — 1.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 998,676  998,676 
83

Avantis Emerging Markets Equity ETF
Shares Value
State Street Navigator Securities Lending Government Money Market Portfolio(5)
22,098,803  $ 22,098,803 
TOTAL SHORT-TERM INVESTMENTS
(Cost $23,097,479)
 23,097,479 
TOTAL INVESTMENT SECURITIES — 101.3%
(Cost $1,466,149,735)
 1,340,022,894 
OTHER ASSETS AND LIABILITIES — (1.3)%
 (17,627,033)
TOTAL NET ASSETS — 100.0%


$ 1,322,395,861 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials 20.0%
Information Technology 18.2%
Consumer Discretionary 13.4%
Materials 10.5%
Industrials 9.0%
Communication Services 7.6%
Energy 5.8%
Consumer Staples 5.7%
Health Care 3.8%
Utilities 3.8%
Real Estate 1.8%
Short-Term Investments 1.7%
Other Assets and Liabilities (1.3)%

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 $71,542,673. 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 $1,490, 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 $79,323,096, which includes securities collateral of $57,224,293.


See Notes to Financial Statements.

84

AUGUST 31, 2022
Avantis Emerging Markets Value ETF
Shares Value
COMMON STOCKS — 99.4%
Brazil — 6.3%
3R Petroleum Oleo E Gas SA(1)
8,500  $ 60,927 
Aliansce Sonae Shopping Centers SA 9,500  31,993 
Alpargatas SA, Preference Shares 12,000  48,255 
Auren Energia SA 772  2,273 
Banco ABC Brasil SA, Preference Shares 15,900  58,131 
Banco BMG SA, Preference Shares 400  202 
Banco Bradesco SA 47,680  144,807 
Banco Bradesco SA, ADR 178,782  648,979 
Banco do Brasil SA 56,100  450,426 
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares 33,700  72,486 
Banco Santander Brasil SA, ADR 14,731  84,261 
BR Malls Participacoes SA 58,700  93,425 
BR Properties SA 14,800  23,498 
BrasilAgro - Co. Brasileira de Propriedades Agricolas 4,200  23,210 
Braskem SA, ADR(2)
11,270  133,211 
C&A MODAS SA(1)
8,800  5,464 
Camil Alimentos SA 11,700  22,535 
CCR SA 50,600  135,195 
Cia Brasileira de Distribuicao, ADR(2)
18,964  77,373 
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares 3,400  34,559 
Cia Siderurgica Nacional SA, ADR 76,432  206,366 
Construtora Tenda SA(1)
8,300  9,397 
Cury Construtora e Incorporadora SA 7,200  12,331 
Desktop - Sigmanet Comunicacao Multimidia S.A 3,000  6,211 
Dexco SA 20,040  38,367 
EcoRodovias Infraestrutura e Logistica SA(1)
23,200  26,043 
Embraer SA, ADR(1)
18,152  193,500 
Enauta Participacoes SA 16,000  51,146 
Engie Brasil Energia SA 10,200  79,817 
Even Construtora e Incorporadora SA 6,600  7,536 
Gafisa SA(1)
22,900  5,282 
Gerdau SA, ADR 71,429  322,145 
Getnet Adquirencia e Servicos para Meios de Pagamento SA, ADR 359  628 
Infracommerce CXAAS SA(1)
4,400  4,728 
Iochpe Maxion SA 23,000  60,436 
IRB Brasil Resseguros S/A(1)
72,900  23,261 
Itau Unibanco Holding SA, ADR 207,044  1,022,797 
JBS SA 1,300  7,394 
JHSF Participacoes SA 19,500  23,314 
Kepler Weber SA 3,000  12,179 
Klabin SA 45,200  164,730 
Localiza Rent a Car SA 14,300  167,700 
LOG Commercial Properties e Participacoes SA 4,200  21,265 
Log-in Logistica Intermodal SA(1)
3,700  28,107 
Lojas Quero Quero S/A 16,100  21,416 
LPS Brasil Consultoria de Imoveis SA 9,300  5,184 
Marfrig Global Foods SA 24,300  61,656 
85

Avantis Emerging Markets Value ETF
Shares Value
Minerva SA 10,700  $ 31,715 
Movida Participacoes SA 14,000  37,325 
MRV Engenharia e Participacoes SA 600  1,176 
Petro Rio SA(1)
78,100  410,587 
Petroleo Brasileiro SA, ADR 28,350  405,122 
Petroleo Brasileiro SA, ADR Preference Shares 36,485  464,819 
Petroreconcavo SA 3,200  16,768 
Randon SA Implementos e Participacoes, Preference Shares 11,600  21,339 
Sao Martinho SA 7,300  44,860 
Sendas Distribuidora SA, ADR(2)
13,420  236,460 
Ser Educacional SA 4,300  5,133 
StoneCo Ltd., A Shares(1)
17,428  165,217 
Sul America SA 14,900  69,855 
Suzano SA, ADR 53,657  460,914 
SYN prop e tech SA 11,300  9,861 
Taurus Armas SA, Preference Shares 8,000  26,757 
TIM SA, ADR 21,811  247,337 
Tupy SA 3,700  18,968 
Unipar Carbocloro SA, Class B Preference Shares 5,500  107,084 
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares 31,700  48,930 
Vale SA, ADR 41,428  514,536 
Via S/A(1)
108,800  67,132 
Wilson Sons Holdings Brasil SA 6,000  10,207 
8,156,248 
Chile — 0.7%
Banco de Chile 583,267  55,336 
Banco de Credito e Inversiones SA 459  13,520 
Banco Santander Chile, ADR 120  1,925 
CAP SA 5,932  47,860 
Cencosud SA 63,224  88,390 
Colbun SA 586,420  55,891 
Embotelladora Andina SA, Class B Preference Shares 23,280  47,664 
Empresa Nacional de Telecomunicaciones SA 10,496  33,184 
Empresas CMPC SA 52,032  98,694 
Empresas COPEC SA 13,368  117,758 
Itau CorpBanca Chile SA 17,011,041  38,910 
Parque Arauco SA 26,153  27,650 
Sociedad Quimica y Minera de Chile SA, ADR 2,607  259,866 
Vina Concha y Toro SA 5,557  6,789 
893,437 
China — 28.3%
360 DigiTech, Inc., ADR 5,213  83,304 
A-Living Smart City Services Co. Ltd.(2)
34,250  35,280 
AAC Technologies Holdings, Inc. 53,000  98,189 
AAG Energy Holdings Ltd. 236,000  44,551 
Agile Group Holdings Ltd.(2)
78,000  27,316 
Aluminum Corp. of China Ltd., H Shares 432,000  159,628 
Anhui Conch Cement Co. Ltd., H Shares 141,000  537,330 
Anhui Expressway Co. Ltd., H Shares 30,000  21,778 
Anton Oilfield Services Group(1)
34,000  2,013 
86

Avantis Emerging Markets Value ETF
Shares Value
Asia Cement China Holdings Corp. 21,500  $ 10,750 
AsiaInfo Technologies Ltd.(2)
14,000  20,076 
Autohome, Inc., ADR 9,066  322,840 
Bank of Communications Co. Ltd., H Shares 1,052,000  599,397 
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares 2,750  3,999 
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. 14,000  17,420 
BOC Aviation Ltd. 48,100  385,016 
BOE Varitronix Ltd. 55,000  125,460 
Bosideng International Holdings Ltd. 204,000  114,544 
BYD Electronic International Co. Ltd. 17,000  44,916 
Canaan, Inc., ADR(1)(2)
18,893  66,314 
Canadian Solar, Inc.(1)
446  20,146 
Canvest Environmental Protection Group Co. Ltd.(2)
41,000  24,579 
CGN Mining Co. Ltd.(1)(2)
310,000  40,389 
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(1)
8,700  8,933 
China BlueChemical Ltd., H Shares 302,000  78,637 
China Bohai Bank Co. Ltd., H Shares(2)
182,000  30,144 
China Cinda Asset Management Co. Ltd., H Shares 1,149,000  157,784 
China CITIC Bank Corp. Ltd., H Shares 876,000  375,550 
China Coal Energy Co. Ltd., H Shares 216,000  192,082 
China Communications Services Corp. Ltd., H Shares 386,000  165,747 
China Conch Venture Holdings Ltd. 181,000  369,382 
China Datang Corp. Renewable Power Co. Ltd., H Shares 294,000  73,626 
China East Education Holdings Ltd. 68,500  28,947 
China Education Group Holdings Ltd. 60,000  52,271 
China Everbright Bank Co. Ltd., H Shares 211,000  64,685 
China Everbright Environment Group Ltd. 757,000  374,157 
China Everbright Greentech Ltd.(2)
40,000  8,345 
China Everbright Ltd.(2)
140,000  102,246 
China Feihe Ltd. 465,000  384,860 
China Foods Ltd. 70,000  22,282 
China Galaxy Securities Co. Ltd., H Shares 319,000  174,402 
China Glass Holdings Ltd.(2)
114,000  16,197 
China Hanking Holdings Ltd. 11,000  1,175 
China High Speed Transmission Equipment Group Co. Ltd.(1)
63,000  35,617 
China Hongqiao Group Ltd. 424,500  411,621 
China International Capital Corp. Ltd., H Shares 187,200  329,341 
China Kepei Education Group Ltd. 30,000  7,704 
China Lesso Group Holdings Ltd. 119,000  141,444 
China Longyuan Power Group Corp. Ltd., H Shares 375,000  605,687 
China Medical System Holdings Ltd. 159,000  235,317 
China Mengniu Dairy Co. Ltd.(1)
180,000  815,090 
China Minsheng Banking Corp. Ltd., H Shares(2)
365,000  116,106 
China Modern Dairy Holdings Ltd.(2)
199,000  26,326 
China National Building Material Co. Ltd., H Shares 722,000  681,763 
China New Higher Education Group Ltd. 85,000  26,631 
China Nuclear Energy Technology Corp. Ltd.(1)
40,000  3,356 
China Oriental Group Co. Ltd. 136,000  25,055 
China Pacific Insurance Group Co. Ltd., H Shares 187,400  396,972 
China Petroleum & Chemical Corp., ADR 2,460  114,439 
China Railway Group Ltd., H Shares 374,000  214,112 
87

Avantis Emerging Markets Value ETF
Shares Value
China Renaissance Holdings Ltd.(1)
20,500  $ 23,192 
China Resources Cement Holdings Ltd. 338,000  208,346 
China Resources Land Ltd. 288,000  1,179,143 
China Resources Power Holdings Co. Ltd. 306,000  608,432 
China Risun Group Ltd.(2)
169,000  66,254 
China Sanjiang Fine Chemicals Co. Ltd. 16,000  3,271 
China Shenhua Energy Co. Ltd., H Shares 226,000  708,797 
China Shineway Pharmaceutical Group Ltd. 7,000  5,370 
China Shuifa Singyes Energy Holdings Ltd. 71,000  9,275 
China Sunshine Paper Holdings Co. Ltd. 110,000  25,830 
China Suntien Green Energy Corp. Ltd., H Shares 138,000  61,892 
China Taiping Insurance Holdings Co. Ltd. 278,600  284,444 
China Tower Corp. Ltd., H Shares 5,296,000  660,400 
China Vanke Co. Ltd., H Shares 1,400  2,733 
China XLX Fertiliser Ltd. 129,000  73,510 
China Yongda Automobiles Services Holdings Ltd. 144,000  101,559 
China Youran Dairy Group Ltd.(1)
89,000  26,945 
China Yuhua Education Corp. Ltd.(1)
184,000  28,913 
China ZhengTong Auto Services Holdings Ltd.(1)
8,000  506 
Chongqing Rural Commercial Bank Co. Ltd., H Shares 94,000  32,535 
CIMC Enric Holdings Ltd.(2)
68,000  72,632 
CITIC Ltd. 706,000  727,800 
CITIC Resources Holdings Ltd. 426,000  26,682 
CITIC Securities Co. Ltd., H Shares 277,600  562,650 
CMOC Group Ltd., H Shares 315,000  140,464 
CNFinance Holdings Ltd., ADR(1)
998  2,705 
COFCO Joycome Foods Ltd.(1)
482,000  184,514 
COSCO SHIPPING Holdings Co. Ltd., Class H(2)
436,500  651,633 
COSCO SHIPPING Ports Ltd. 76,000  49,178 
Country Garden Holdings Co. Ltd.(2)
311,000  91,806 
CSPC Pharmaceutical Group Ltd. 1,122,000  1,138,183 
CSSC Hong Kong Shipping Co. Ltd. 132,000  22,312 
Dali Foods Group Co. Ltd. 248,500  113,602 
Daqo New Energy Corp., ADR(1)
10,149  676,634 
Differ Group Auto Ltd.(1)(2)
304,000  76,629 
Digital China Holdings Ltd. 80,000  35,686 
Dongfeng Motor Group Co. Ltd., Class H 372,000  235,866 
Dongyue Group Ltd. 137,000  153,761 
E-House China Enterprise Holdings Ltd.(1)(2)
153,000  13,377 
Ebang International Holdings, Inc., A Shares(1)
2,529  1,182 
EVA Precision Industrial Holdings Ltd.(2)
174,000  33,287 
Fanhua, Inc., ADR(2)
4,238  23,648 
FIH Mobile Ltd.(1)
466,000  60,362 
FinVolution Group, ADR 24,288  119,497 
First Tractor Co. Ltd., H Shares(2)
32,000  12,817 
Fu Shou Yuan International Group Ltd. 110,000  70,281 
Fufeng Group Ltd. 260,000  146,097 
Fuyao Glass Industry Group Co. Ltd., H Shares 9,200  43,901 
GDS Holdings Ltd., Class A(1)
69,100  235,996 
Geely Automobile Holdings Ltd. 441,000  886,065 
GF Securities Co. Ltd., H Shares 134,200  175,306 
88

Avantis Emerging Markets Value ETF
Shares Value
Grand Pharmaceutical Group Ltd. 121,000  $ 64,600 
Great Wall Motor Co. Ltd., H Shares 21,000  31,507 
Greentown Management Holdings Co. Ltd. 35,000  29,616 
GreenTree Hospitality Group Ltd., ADR(2)
414  1,743 
Guangzhou R&F Properties Co. Ltd., H Shares(2)
183,600  37,976 
Hainan Meilan International Airport Co. Ltd., H Shares(1)
26,000  61,218 
Haitian International Holdings Ltd. 56,000  137,197 
Haitong Securities Co. Ltd., H Shares 245,600  160,799 
Harbin Electric Co. Ltd., H Shares(1)
16,000  4,348 
Hello Group, Inc., ADR 22,577  116,272 
Henan Jinma Energy Co. Ltd., H Shares 4,000  1,613 
Hengan International Group Co. Ltd. 116,500  557,512 
Hilong Holding Ltd.(1)
199,000  15,688 
Hisense Home Appliances Group Co. Ltd., H Shares 28,000  30,168 
Hollysys Automation Technologies Ltd. 1,174  19,993 
Hope Education Group Co. Ltd.(2)
368,000  31,722 
Hua Hong Semiconductor Ltd.(1)
59,000  173,193 
Huatai Securities Co. Ltd., H Shares 198,200  264,918 
Huazhong In-Vehicle Holdings Co. Ltd.(2)
80,000  25,481 
Huijing Holdings Co. Ltd.(2)
116,000  2,259 
Ingdan, Inc.(1)
44,000  10,108 
Inkeverse Group Ltd.(1)
165,000  26,990 
International Alliance Financial Leasing Co. Ltd.(1)
159,000  83,955 
Jiangsu Expressway Co. Ltd., H Shares 86,000  73,659 
Jiangxi Copper Co. Ltd., H Shares 199,000  244,406 
Jinchuan Group International Resources Co. Ltd.(2)
460,000  49,641 
Jinxin Fertility Group Ltd. 86,000  56,001 
Jiumaojiu International Holdings Ltd.(2)
33,000  64,924 
JNBY Design Ltd. 12,000  13,058 
Kingboard Holdings Ltd. 99,500  314,191 
Kingboard Laminates Holdings Ltd. 64,500  61,527 
Lee & Man Paper Manufacturing Ltd. 55,000  19,743 
LexinFintech Holdings Ltd., ADR(1)
14,536  29,653 
Li Auto, Inc., ADR(1)
5,461  157,113 
Longfor Group Holdings Ltd. 194,000  629,678 
Lonking Holdings Ltd. 339,000  57,400 
Maoyan Entertainment(1)(2)
25,800  21,666 
Meitu, Inc.(1)(2)
303,000  32,213 
Midea Real Estate Holding Ltd.(2)
35,200  37,557 
Minth Group Ltd. 38,000  107,528 
MMG Ltd.(1)
348,000  95,199 
NetDragon Websoft Holdings Ltd. 38,500  83,767 
NetEase, Inc., ADR 11,958  1,058,403 
New China Life Insurance Co. Ltd., H Shares 76,300  179,586 
New Oriental Education & Technology Group, Inc., ADR(1)
8,404  238,674 
Nexteer Automotive Group Ltd. 85,000  63,166 
Nine Dragons Paper Holdings Ltd. 98,000  76,898 
NiSun International Enterprise Development Group Co. Ltd.(1)
836  602 
Noah Holdings Ltd., ADR(1)
4,076  72,186 
OneConnect Financial Technology Co. Ltd., ADR(1)
13,145  14,197 
People's Insurance Co. Group of China Ltd., H Shares 250,000  77,266 
89

Avantis Emerging Markets Value ETF
Shares Value
Perennial Energy Holdings Ltd. 130,000  $ 17,833 
PICC Property & Casualty Co. Ltd., H Shares 740,000  800,406 
Poly Property Group Co. Ltd. 17,681  3,594 
Poly Property Services Co. Ltd., Class H 3,800  22,258 
Postal Savings Bank of China Co. Ltd., H Shares(2)
75,000  44,773 
Powerlong Commercial Management Holdings Ltd. 20,500  11,090 
Q Technology Group Co. Ltd.(1)
44,000  24,178 
Qudian, Inc., ADR(1)(2)
6,009  5,709 
Redsun Properties Group Ltd.(1)(2)
61,000  8,780 
Sany Heavy Equipment International Holdings Co. Ltd. 55,000  56,973 
Shanghai Industrial Holdings Ltd. 65,000  90,357 
Shenzhen International Holdings Ltd. 166,000  143,093 
Shimao Services Holdings Ltd.(1)(2)
68,000  17,419 
Shougang Fushan Resources Group Ltd. 214,000  67,878 
Shui On Land Ltd. 551,000  69,308 
Sino Biopharmaceutical Ltd. 1,376,000  722,697 
Sino-Ocean Group Holding Ltd. 376,000  54,880 
Sinopec Engineering Group Co. Ltd., H Shares 99,000  44,230 
Skyworth Group Ltd. 222,000  110,298 
South Manganese Investment Ltd.(1)
240,000  26,780 
SSY Group Ltd. 184,000  86,646 
Sun King Technology Group Ltd.(1)(2)
108,000  30,653 
SY Holdings Group Ltd. 27,500  18,400 
Tiangong International Co. Ltd.(2)
188,000  63,049 
Tingyi Cayman Islands Holding Corp. 310,000  550,475 
Tong Ren Tang Technologies Co. Ltd., H Shares 19,000  13,431 
Tongcheng Travel Holdings Ltd.(1)
52,800  108,143 
Tongda Group Holdings Ltd.(1)
190,000  2,894 
Topsports International Holdings Ltd. 146,000  115,237 
TravelSky Technology Ltd., H Shares 86,000  149,888 
Truly International Holdings Ltd. 340,000  74,484 
Tsaker New Energy Tech Co. Ltd. 55,000  9,851 
Tsingtao Brewery Co. Ltd., H Shares 20,000  194,219 
Uni-President China Holdings Ltd. 197,000  169,607 
Vinda International Holdings Ltd.(2)
2,000  5,590 
Vipshop Holdings Ltd., ADR(1)
43,799  508,506 
VNET Group, Inc., ADR(1)
11,141  59,604 
Want Want China Holdings Ltd. 759,000  534,656 
Wasion Holdings Ltd. 74,000  24,896 
Weibo Corp., ADR(1)
2,954  61,118 
West China Cement Ltd. 422,000  52,054 
Xiabuxiabu Catering Management China Holdings Co. Ltd.(1)
76,000  35,784 
Xiamen International Port Co. Ltd., H Shares 204,000  57,814 
Xinchen China Power Holdings Ltd.(1)
46,000  2,775 
Xinhua Winshare Publishing and Media Co. Ltd., H Shares 31,000  21,806 
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares 70,200  104,609 
Xinjiang Xinxin Mining Industry Co. Ltd., H Shares(1)
47,000  7,029 
Xinte Energy Co. Ltd., H Shares 39,600  103,344 
Xinyi Solar Holdings Ltd. 54,000  74,262 
XTEP International Holdings Ltd. 174,000  241,457 
Yadea Group Holdings Ltd. 100,000  190,740 
90

Avantis Emerging Markets Value ETF
Shares Value
Yankuang Energy Group Co. Ltd., H Shares(2)
274,000  $ 1,084,604 
Yuexiu Property Co. Ltd. 79,000  98,811 
Yuexiu Transport Infrastructure Ltd. 182,000  87,084 
Yum China Holdings, Inc. 29,767  1,491,624 
Zengame Technology Holding Ltd.(1)
106,000  20,341 
Zhaojin Mining Industry Co. Ltd., H Shares(1)
231,500  196,019 
Zhejiang Expressway Co. Ltd., H Shares 192,000  146,135 
Zhongsheng Group Holdings Ltd. 78,000  368,813 
Zhou Hei Ya International Holdings Co. Ltd.(1)
115,500  57,702 
Zijin Mining Group Co. Ltd., H Shares 592,000  668,944 
36,623,578 
Greece — 0.3%
Aegean Airlines SA(1)
2,605  12,776 
Eurobank Ergasias Services and Holdings SA, Class A(1)
134,827  125,093 
Hellenic Petroleum Holdings SA 3,094  21,289 
JUMBO SA 5,506  78,712 
Motor Oil Hellas Corinth Refineries SA 3,430  64,668 
Mytilineos SA 1,224  19,141 
National Bank of Greece SA(1)
25,056  80,862 
Titan Cement International SA(1)
3,052  36,311 
Viohalco SA 4,626  15,929 
454,781 
Hong Kong†
Edvantage Group Holdings Ltd. 18,000  5,357 
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC 16,810  115,827 
OTP Bank Nyrt 4,173  88,747 
204,574 
India — 17.5%
ACC Ltd. 6,914  198,116 
Aditya Birla Capital Ltd.(1)
32,637  46,097 
AGI Greenpac Ltd. 4,780  18,624 
Alembic Pharmaceuticals Ltd. 6,262  50,674 
Allcargo Logistics Ltd. 9,396  41,744 
Amara Raja Batteries Ltd. 9,793  62,125 
Ambika Cotton Mills Ltd. 311  6,889 
Andhra Sugars Ltd. 4,689  8,517 
Apar Industries Ltd. 3,493  58,201 
APL Apollo Tubes Ltd.(1)
7,577  89,104 
Apollo Hospitals Enterprise Ltd. 8,609  462,548 
Apollo Tyres Ltd. 43,125  134,545 
Aptech Ltd. 1,562  4,885 
Arvind Ltd.(1)
11,995  14,570 
Ashoka Buildcon Ltd.(1)
7,902  7,873 
Aster DM Healthcare Ltd.(1)
9,036  24,917 
Astra Microwave Products Ltd. 7,929  34,829 
Aurobindo Pharma Ltd. 11,511  78,370 
Avadh Sugar & Energy Ltd. 1,300  8,668 
Avanti Feeds Ltd. 3,159  18,257 
Bajaj Consumer Care Ltd. 11,479  23,113 
Bajaj Electricals Ltd. 4,060  62,604 
91

Avantis Emerging Markets Value ETF
Shares Value
Bajaj Hindusthan Sugar Ltd.(1)
90,255  $ 11,218 
Balrampur Chini Mills Ltd. 15,901  69,346 
Bandhan Bank Ltd.(1)
37,768  130,344 
BASF India Ltd. 963  39,791 
Bayer CropScience Ltd. 650  44,319 
Bhansali Engineering Polymers Ltd. 2,536  3,998 
Bharat Electronics Ltd. 131,430  502,192 
Bharat Petroleum Corp. Ltd. 53,006  217,133 
Birla Corp. Ltd. 1,882  22,764 
Birlasoft Ltd. 7,836  31,001 
Bombay Burmah Trading Co. 1,001  11,332 
Brigade Enterprises Ltd. 11,926  75,738 
Brightcom Group Ltd. 43,823  22,213 
BSE Ltd. 8,899  72,013 
Butterfly Gandhimathi Appliances Ltd. 68  1,292 
Can Fin Homes Ltd. 8,482  66,726 
Canara Bank 23,689  70,644 
Caplin Point Laboratories Ltd. 1,154  11,235 
Castrol India Ltd. 58,341  83,075 
CCL Products India Ltd. 7,880  47,141 
Ceat Ltd. 1,017  17,618 
Century Enka Ltd. 2,034  11,695 
Cera Sanitaryware Ltd. 575  35,832 
Chambal Fertilisers and Chemicals Ltd. 20,837  90,749 
Chennai Petroleum Corp. Ltd. 5,140  18,706 
Cholamandalam Investment and Finance Co. Ltd. 40,789  399,614 
Cipla Ltd. 12,189  157,949 
City Union Bank Ltd. 60,116  134,532 
Coal India Ltd. 94,945  277,428 
Cochin Shipyard Ltd. 4,351  20,462 
Coromandel International Ltd. 11,165  146,588 
Cosmo Films Ltd. 2,175  24,836 
CreditAccess Grameen Ltd.(1)
6,079  75,248 
Cyient Ltd. 12,216  127,918 
Dalmia Bharat Ltd. 3,919  74,993 
Dalmia Bharat Sugar & Industries Ltd. 1,821  7,858 
DCB Bank Ltd. 12,132  14,232 
DCM Shriram Ltd. 5,890  76,876 
Deepak Fertilisers & Petrochemicals Corp. Ltd. 8,499  96,063 
Deepak Nitrite Ltd. 6,989  171,506 
Dhampur Bio Organics Ltd.(1)
1,877  619 
Dhampur Sugar Mills Ltd. 1,877  5,421 
Dish TV India Ltd.(1)
67,412  10,085 
Dr Reddy's Laboratories Ltd., ADR 6,543  342,133 
Edelweiss Financial Services Ltd. 20,010  15,156 
Eicher Motors Ltd. 6,288  262,431 
EID Parry India Ltd. 15,380  101,744 
Elecon Engineering Co. Ltd. 7,188  33,460 
Emami Ltd. 17,089  103,448 
Endurance Technologies Ltd. 2,695  50,309 
Engineers India Ltd. 31,749  26,897 
92

Avantis Emerging Markets Value ETF
Shares Value
EPL Ltd. 7,795  $ 16,567 
Equitas Holdings Ltd.(1)
11,956  14,855 
Escorts Kubota Ltd. 5,261  131,158 
Ester Industries Ltd. 4,313  8,689 
Eveready Industries India Ltd.(1)
3,482  15,448 
Everest Industries Ltd. 1,179  10,352 
Excel Industries Ltd. 459  8,326 
Exide Industries Ltd. 29,700  59,308 
Federal Bank Ltd. 187,370  271,727 
Filatex India Ltd. 3,577  5,010 
Finolex Industries Ltd. 20,683  39,076 
Future Consumer Ltd.(1)
106,536  2,256 
Galaxy Surfactants Ltd. 518  21,174 
Garden Reach Shipbuilders & Engineers Ltd. 4,895  18,291 
GHCL Ltd. 13,434  99,913 
Glenmark Pharmaceuticals Ltd. 11,707  54,222 
Globus Spirits Ltd. 932  10,096 
Godawari Power and Ispat Ltd. 6,540  23,951 
Granules India Ltd. 14,599  55,582 
Graphite India Ltd. 5,696  29,165 
Grasim Industries Ltd. 18,011  375,375 
Great Eastern Shipping Co. Ltd. 13,363  95,057 
Greaves Cotton Ltd. 10,870  22,906 
Greenpanel Industries Ltd. 5,555  30,998 
Greenply Industries Ltd. 10,648  24,917 
Gufic Biosciences Ltd. 5,829  15,272 
Gujarat Alkalies & Chemicals Ltd. 1,811  19,975 
Gujarat Ambuja Exports Ltd. 9,501  32,368 
Gujarat Mineral Development Corp. Ltd. 5,151  10,615 
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. 14,672  136,540 
Gujarat Pipavav Port Ltd. 31,211  33,892 
Gujarat State Fertilizers & Chemicals Ltd. 39,672  77,788 
Hathway Cable & Datacom Ltd.(1)
37,648  8,373 
HBL Power Systems Ltd. 17,551  17,688 
HCL Technologies Ltd. 56,520  657,431 
HDFC Asset Management Co. Ltd. 2,510  64,756 
HEG Ltd. 358  5,600 
Hero MotoCorp Ltd. 6,914  243,547 
HFCL Ltd. 66,004  60,606 
HIL Ltd. 511  23,568 
Himatsingka Seide Ltd.(1)
4,246  5,559 
Hindalco Industries Ltd. 133,423  723,633 
Hinduja Global Solutions Ltd. 950  17,695 
Hindustan Petroleum Corp. Ltd. 47,489  144,141 
Hindware Home Innovation Ltd. 2,624  10,640 
I G Petrochemicals Ltd. 1,051  7,759 
IIFL Finance Ltd. 23,048  98,723 
IIFL Securities Ltd. 8,473  7,558 
India Cements Ltd. 17,803  50,410 
India Glycols Ltd. 1,274  14,126 
Indiabulls Housing Finance Ltd.(1)
20,046  33,809 
Indiabulls Real Estate Ltd.(1)
15,634  16,806 
93

Avantis Emerging Markets Value ETF
Shares Value
Indian Bank 32,022  $ 77,058 
Indian Metals & Ferro Alloys Ltd. 1,190  4,092 
Indian Oil Corp. Ltd. 151,794  135,447 
Indus Towers Ltd. 32,025  79,638 
Intellect Design Arena Ltd. 6,555  48,114 
IOL Chemicals and Pharmaceuticals Ltd. 972  4,347 
ISGEC Heavy Engineering Ltd. 1,198  7,143 
J Kumar Infraprojects Ltd. 6,591  24,447 
Jaiprakash Power Ventures Ltd.(1)
285,099  26,663 
Jammu & Kashmir Bank Ltd.(1)
25,685  10,098 
Jamna Auto Industries Ltd. 7,499  10,878 
JBM Auto Ltd. 1,877  9,365 
Jindal Poly Films Ltd. 1,238  16,204 
Jindal Saw Ltd. 10,436  11,265 
Jindal Stainless Hisar Ltd.(1)
11,655  35,390 
Jindal Stainless Ltd.(1)
21,756  34,612 
Jindal Steel & Power Ltd. 47,733  256,838 
JK Cement Ltd. 2,454  82,843 
JK Lakshmi Cement Ltd. 7,677  45,113 
JK Paper Ltd. 14,385  74,745 
JK Tyre & Industries Ltd. 6,818  11,814 
JM Financial Ltd. 46,248  36,725 
JSW Steel Ltd. 59,880  496,593 
Jubilant Pharmova Ltd. 4,145  18,141 
Kalpataru Power Transmission Ltd. 4,836  24,645 
Karnataka Bank Ltd. 11,225  10,452 
Karur Vysya Bank Ltd. 73,299  62,273 
Kaveri Seed Co. Ltd. 3,211  18,286 
KEC International Ltd. 20,257  102,835 
Kirloskar Ferrous Industries Ltd. 8,130  25,683 
KNR Constructions Ltd. 14,489  47,002 
Kolte-Patil Developers Ltd. 2,489  9,537 
KPIT Technologies Ltd. 13,137  90,763 
KPR Mill Ltd. 5,212  39,198 
KRBL Ltd. 4,023  15,776 
L&T Finance Holdings Ltd. 56,321  55,316 
Larsen & Toubro Ltd. 43,487  1,037,914 
LG Balakrishnan & Bros Ltd. 1,108  9,611 
LIC Housing Finance Ltd. 46,510  236,324 
LT Foods Ltd. 11,320  13,416 
LUX Industries Ltd. 271  6,135 
Maharashtra Seamless Ltd. 2,931  30,619 
Mahindra & Mahindra Financial Services Ltd. 79,619  202,781 
Mahindra & Mahindra Ltd. 56,425  915,813 
Mahindra Logistics Ltd. 1,585  9,525 
Maithan Alloys Ltd. 648  8,339 
Manali Petrochemicals Ltd. 13,942  16,017 
Manappuram Finance Ltd. 39,472  51,857 
Marksans Pharma Ltd. 6,924  4,499 
Mazagon Dock Shipbuilders Ltd. 2,533  12,330 
Meghmani Finechem Ltd.(1)
1,230  21,793 
94

Avantis Emerging Markets Value ETF
Shares Value
Meghmani Organics Ltd. 7,596  $ 11,532 
MOIL Ltd. 8,159  16,692 
Motherson Sumi Wiring India Ltd. 33,346  33,879 
Motilal Oswal Financial Services Ltd. 3,345  32,061 
MRF Ltd. 157  167,350 
Mrs Bectors Food Specialities Ltd. 1,317  5,714 
MSTC Ltd. 2,242  7,610 
Muthoot Finance Ltd. 8,353  109,435 
National Aluminium Co. Ltd. 69,427  69,136 
National Fertilizers Ltd.(1)
11,767  7,346 
Nava Ltd. 8,151  22,957 
NBCC India Ltd. 85,191  36,449 
NCC Ltd. 42,057  36,515 
Neuland Laboratories Ltd. 654  10,336 
NIIT Ltd. 6,404  27,554 
Nippon Life India Asset Management Ltd. 16,510  62,084 
NLC India Ltd. 23,997  22,778 
NTPC Ltd. 302,296  619,664 
Oil & Natural Gas Corp. Ltd. 174,781  302,566 
Oil India Ltd. 15,344  36,947 
Olectra Greentech Ltd.(1)
5,472  42,062 
Oracle Financial Services Software Ltd. 711  28,089 
Orient Cement Ltd. 18,137  27,064 
Orient Electric Ltd. 8,736  28,316 
PCBL Ltd. 14,507  24,795 
Petronet LNG Ltd. 61,967  170,952 
PNB Housing Finance Ltd.(1)
6,311  27,373 
PNC Infratech Ltd. 11,889  41,941 
Polyplex Corp. Ltd. 3,109  83,165 
Praj Industries Ltd. 18,823  97,901 
Prince Pipes & Fittings Ltd. 2,142  15,613 
Prism Johnson Ltd.(1)
6,637  10,423 
Ramco Cements Ltd. 11,690  110,303 
Rashtriya Chemicals & Fertilizers Ltd. 21,021  25,857 
Raymond Ltd. 3,996  47,608 
RBL Bank Ltd.(1)
18,154  27,403 
REC Ltd. 125,696  170,672 
Redington India Ltd. 55,731  103,987 
Reliance Power Ltd.(1)
315,988  65,644 
Rhi Magnesita India Ltd. 3,248  23,882 
Rupa & Co. Ltd. 1,880  8,014 
Samvardhana Motherson International Ltd. 58,816  89,710 
Sanofi India Ltd. 743  57,604 
Sarda Energy & Minerals Ltd. 1,500  17,119 
Satia Industries Ltd. 7,648  11,008 
Shankara Building Products Ltd. 882  8,383 
Sharda Cropchem Ltd. 3,884  25,077 
Share India Securities Ltd. 1,267  17,690 
Shipping Corp. of India Ltd. 12,981  19,065 
Shree Cement Ltd. 396  108,710 
Shriram City Union Finance Ltd. 3,294  78,300 
95

Avantis Emerging Markets Value ETF
Shares Value
Shriram Transport Finance Co. Ltd. 26,352  $ 442,300 
Siyaram Silk Mills Ltd. 1,138  7,123 
Sobha Ltd. 3,521  30,490 
Sonata Software Ltd. 7,854  69,541 
Southern Petrochemical Industries Corp. Ltd.(1)
13,120  9,975 
State Bank of India, GDR 8,634  570,350 
Sterling and Wilson Renewable(1)
3,352  12,371 
Sterlite Technologies Ltd. 10,152  21,647 
Strides Pharma Science Ltd.(1)
1,933  7,952 
Sudarshan Chemical Industries Ltd. 3,760  21,520 
Sun TV Network Ltd. 7,999  49,962 
Sunflag Iron & Steel Co.(1)
6,209  6,816 
Suprajit Engineering Ltd. 8,027  33,956 
Supreme Industries Ltd. 4,391  107,774 
Supreme Petrochem Ltd. 2,168  21,104 
Surya Roshni Ltd. 1,022  6,268 
Tamil Nadu Newsprint & Papers Ltd. 6,047  19,232 
Tamilnadu Petroproducts Ltd. 8,337  10,525 
Tanla Platforms Ltd. 3,889  34,425 
Tata Chemicals Ltd. 12,586  176,865 
Tata Metaliks Ltd. 1,355  13,081 
Tata Motors Ltd., ADR(1)(2)
10,990  318,710 
Tata Steel Long Products Ltd. 1,015  7,871 
Tata Steel Ltd. 543,032  729,076 
Tech Mahindra Ltd. 40,280  536,672 
Thermax Ltd. 3,891  117,130 
Thirumalai Chemicals Ltd. 8,400  24,453 
Time Technoplast Ltd. 12,711  18,835 
Tinplate Co. of India Ltd. 3,877  15,225 
Transport Corp. of India Ltd. 1,955  17,391 
Triveni Engineering & Industries Ltd. 9,853  28,818 
Triveni Turbine Ltd. 7,053  17,961 
Tube Investments of India Ltd. 4,947  139,484 
TV Today Network Ltd. 1,420  5,007 
TV18 Broadcast Ltd.(1)
31,080  15,711 
Uflex Ltd. 5,946  57,967 
UltraTech Cement Ltd. 4,628  384,748 
Usha Martin Ltd. 8,471  14,932 
UTI Asset Management Co. Ltd. 3,984  40,840 
Vaibhav Global Ltd. 1,922  8,300 
Valiant Organics Ltd.(1)
1,468  10,863 
Varroc Engineering Ltd.(1)
4,313  18,435 
Vedanta Ltd. 68,657  230,098 
Venky's India Ltd. 511  13,333 
VRL Logistics Ltd. 3,797  29,326 
Welspun Corp. Ltd. 24,093  67,554 
West Coast Paper Mills Ltd. 2,171  17,025 
Wipro Ltd., ADR 7,595  38,051 
Yes Bank Ltd.(1)
257,765  52,833 
Zee Entertainment Enterprises Ltd. 79,870  254,462 
22,697,523 
96

Avantis Emerging Markets Value ETF
Shares Value
Indonesia — 2.5%
Adaro Energy Indonesia Tbk PT 1,051,700  $ 250,722 
AKR Corporindo Tbk PT 556,300  44,960 
Aneka Tambang Tbk 615,600  82,316 
Astra Agro Lestari Tbk PT 37,100  22,868 
Astra International Tbk PT 731,000  342,999 
Bank BTPN Syariah Tbk PT 145,700  29,035 
Bank Mandiri Persero Tbk PT 755,900  449,825 
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT 233,300  21,846 
Bank Tabungan Negara Persero Tbk PT 290,700  29,452 
BFI Finance Indonesia Tbk PT 733,300  61,701 
Buana Lintas Lautan Tbk PT(1)
564,800  6,431 
Bukit Asam Tbk PT 378,600  108,329 
Charoen Pokphand Indonesia Tbk PT 1,200  475 
Ciputra Development Tbk PT 870,400  55,679 
Delta Dunia Makmur Tbk PT(1)
184,000  4,657 
Dharma Satya Nusantara Tbk PT 556,300  18,903 
Elnusa Tbk PT 137,700  2,951 
Erajaya Swasembada Tbk PT 364,200  11,965 
Indah Kiat Pulp & Paper Tbk PT 46,500  26,047 
Indo Tambangraya Megah Tbk PT 41,300  109,395 
Indosat Tbk PT 59,500  28,725 
Jaccs Mitra Pinasthika Mustika Tbk PT 229,100  15,744 
Jasa Marga Persero Tbk PT(1)
123,900  28,697 
Link Net Tbk PT(1)
97,700  31,262 
Lippo Karawaci Tbk PT(1)
403,300  3,123 
Matahari Department Store Tbk PT 80,500  20,796 
Medco Energi Internasional Tbk PT 640,600  37,132 
Media Nusantara Citra Tbk PT 580,100  35,726 
Metrodata Electronics Tbk PT 129,900  6,126 
Mitra Adiperkasa Tbk PT(1)
706,600  48,010 
MNC Vision Networks Tbk PT(1)
1,568,700  9,836 
Multipolar Tbk PT(1)
500,200  5,124 
Pabrik Kertas Tjiwi Kimia Tbk PT 4,800  2,189 
Pakuwon Jati Tbk PT 50,800  1,656 
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT 340,600  27,066 
PP Persero Tbk PT(1)
294,500  20,011 
Samudera Indonesia Tbk PT 164,800  28,671 
Sawit Sumbermas Sarana Tbk PT 417,100  39,501 
Semen Indonesia Persero Tbk PT 18,800  8,348 
Smartfren Telecom Tbk PT(1)
1,831,700  12,218 
Summarecon Agung Tbk PT 592,500  23,901 
Telkom Indonesia Persero Tbk PT, ADR 26,252  789,398 
Timah Tbk PT 302,800  30,435 
United Tractors Tbk PT 97,700  222,469 
XL Axiata Tbk PT 184,000  32,580 
3,189,300 
Malaysia — 1.9%
Aeon Co. M Bhd 66,900  21,889 
Alliance Bank Malaysia Bhd 78,400  61,648 
AMMB Holdings Bhd 93,200  86,624 
97

Avantis Emerging Markets Value ETF
Shares Value
Ann Joo Resources Bhd 5,900  $ 1,371 
Bank Islam Malaysia Bhd 36,800  21,411 
Boustead Holdings Bhd(1)
85,400  12,404 
Boustead Plantations Bhd 53,700  9,270 
Bumi Armada Bhd(1)
227,500  20,909 
Bursa Malaysia Bhd 43,700  62,454 
Chin Hin Group Bhd(2)
26,200  15,111 
Dagang NeXchange Bhd 236,600  44,633 
Eco World Development Group Bhd 70,100  10,436 
Evergreen Fibreboard Bhd 31,000  3,537 
Gamuda Bhd 125,809  107,197 
Genting Bhd 44,000  45,988 
Genting Plantations Bhd 17,900  26,774 
Hartalega Holdings Bhd 57,700  21,363 
Hiap Teck Venture Bhd 109,800  6,789 
Hibiscus Petroleum Bhd 117,300  27,482 
IJM Corp. Bhd 162,500  61,851 
Jaya Tiasa Holdings Bhd(1)
66,000  9,014 
Kossan Rubber Industries Bhd 48,500  10,913 
Lingkaran Trans Kota Holdings Bhd 10,000  10,897 
Lotte Chemical Titan Holding Bhd 29,100  11,107 
Malayan Banking Bhd 153,703  307,482 
Malaysia Building Society Bhd 179,400  23,125 
Malaysian Bulk Carriers Bhd(1)
25,900  2,388 
MISC Bhd 41,800  66,138 
PESTECH International Bhd 17,000  1,377 
Petronas Chemicals Group Bhd 88,600  173,786 
Petronas Dagangan Bhd 4,800  25,141 
Public Bank Bhd 621,600  652,705 
RHB Bank Bhd 69,000  88,167 
Rubberex Corp. M Bhd(1)
1,400  126 
Sapura Energy Bhd(1)
62,700  697 
Sarawak Oil Palms Bhd 22,350  13,747 
Serba Dinamik Holdings Bhd(1)
21,300  141 
Sime Darby Bhd 87,900  44,785 
Sime Darby Plantation Bhd 124,300  123,554 
Sunway Bhd 101,900  37,221 
Supermax Corp. Bhd 44,020  7,161 
Syarikat Takaful Malaysia Keluarga Bhd 14,000  10,399 
Ta Ann Holdings Bhd 19,100  16,998 
TASCO Bhd 6,400  1,344 
Telekom Malaysia Bhd 46,600  61,949 
Top Glove Corp. Bhd 124,800  22,345 
TSH Resources Bhd 95,200  23,528 
Unisem M Bhd 11,800  7,147 
Westports Holdings Bhd 23,600  18,302 
Yinson Holdings Bhd 78,400  36,806 
2,477,631 
Mexico — 2.3%
Alfa SAB de CV, Class A 183,951  116,233 
Alpek SAB de CV 15,151  20,824 
98

Avantis Emerging Markets Value ETF
Shares Value
America Movil SAB de CV, Class L ADR 43,404  $ 737,868 
Banco del Bajio SA 48,809  102,262 
Coca-Cola Femsa SAB de CV 19,304  117,847 
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1)
6,602  58,626 
GCC SAB de CV 6,884  39,558 
Genomma Lab Internacional SAB de CV, Class B 63,376  51,779 
Gentera SAB de CV 101,654  79,672 
Gruma SAB de CV, B Shares 5,651  61,779 
Grupo Aeroportuario del Centro Norte SAB de CV, ADR 1,837  96,020 
Grupo Comercial Chedraui SA de CV 13,100  37,174 
Grupo Financiero Banorte SAB de CV, Class O 22,415  132,400 
Grupo Financiero Inbursa SAB de CV, Class O(1)
132,120  206,969 
Grupo Mexico SAB de CV, Series B 134,609  507,127 
Grupo Televisa SAB, ADR 31,627  200,199 
Industrias Penoles SAB de CV 10,925  90,327 
Megacable Holdings SAB de CV 63,376  132,940 
Nemak SAB de CV(1)
242,172  51,087 
Qualitas Controladora SAB de CV 15,315  67,086 
Regional SAB de CV 18,422  99,597 
3,007,374 
Philippines — 0.9%
ACEN Corp. 25,880  3,446 
Alliance Global Group, Inc. 169,500  30,270 
Ayala Corp. 12,350  153,900 
Bank of the Philippine Islands 93,090  157,172 
BDO Unibank, Inc. 103,940  237,674 
DMCI Holdings, Inc. 446,300  75,404 
First Gen Corp. 7,800  2,564 
Globe Telecom, Inc. 940  35,073 
GT Capital Holdings, Inc. 6,270  53,702 
LT Group, Inc. 153,600  24,114 
Metropolitan Bank & Trust Co. 157,450  147,157 
Nickel Asia Corp. 238,600  24,175 
PLDT, Inc., ADR(2)
490  14,249 
Puregold Price Club, Inc. 45,000  27,403 
Robinsons Land Corp. 41,000  13,690 
Robinsons Retail Holdings, Inc. 13,960  14,897 
Security Bank Corp. 48,190  77,032 
Semirara Mining & Power Corp. 78,400  57,344 
Universal Robina Corp. 700  1,519 
1,150,785 
Poland — 0.7%
Alior Bank SA(1)
7,649  42,235 
Bank Handlowy w Warszawie SA 1,053  13,289 
Bank Millennium SA(1)
44,803  36,008 
Budimex SA 61  3,278 
CD Projekt SA 1,740  31,030 
Ciech SA(1)
4,184  28,475 
Grupa Azoty SA(1)
994  6,880 
Jastrzebska Spolka Weglowa SA(1)
6,455  65,205 
KGHM Polska Miedz SA 6,525  122,274 
99

Avantis Emerging Markets Value ETF
Shares Value
KRUK SA 769  $ 49,444 
LPP SA 54  97,234 
Mercator Medical SA(1)
130  1,446 
Orange Polska SA 47,679  60,760 
Polski Koncern Naftowy ORLEN SA 21,855  283,071 
Polskie Gornictwo Naftowe i Gazownictwo SA(1)
64,265  76,342 
916,971 
Russia(3)†
Globaltrans Investment PLC, GDR 15,648  2 
LUKOIL PJSC 7,931  — 
Novolipetsk Steel PJSC 70,860  — 
VTB Bank PJSC(1)
152,598,000  250 
252 
South Africa — 3.9%
Absa Group Ltd. 51,261  530,918 
AECI Ltd.(2)
625  3,026 
African Rainbow Minerals Ltd. 12,628  173,922 
Anglo American Platinum Ltd. 2,283  159,375 
AngloGold Ashanti Ltd., ADR 8,478  114,283 
ArcelorMittal South Africa Ltd.(1)
29,771  8,844 
Aspen Pharmacare Holdings Ltd. 6,618  56,794 
Astral Foods Ltd. 5,672  68,396 
Aveng Ltd.(1)
13,159  12,388 
Barloworld Ltd. 16,454  83,751 
Gold Fields Ltd., ADR 4,784  38,703 
Grindrod Shipping Holdings Ltd. 1,560  36,710 
Harmony Gold Mining Co. Ltd., ADR 105  274 
Impala Platinum Holdings Ltd. 44,458  465,846 
Investec Ltd. 11,949  56,106 
KAP Industrial Holdings Ltd. 227,253  60,202 
Kumba Iron Ore Ltd. 2,288  50,655 
Merafe Resources Ltd. 218,751  16,574 
Momentum Metropolitan Holdings 137,859  133,727 
Motus Holdings Ltd. 17,253  116,916 
MTN Group Ltd. 66,712  482,864 
Murray & Roberts Holdings Ltd.(1)
4,081  2,123 
Nedbank Group Ltd.(2)
9,333  110,162 
Ninety One Ltd. 2,262  5,097 
Old Mutual Ltd. 394,116  233,483 
Omnia Holdings Ltd. 19,384  69,888 
PPC Ltd.(1)
98,041  14,575 
Raubex Group Ltd. 9,646  19,643 
Reinet Investments SCA 8,295  135,868 
Remgro Ltd. 12,057  89,408 
Royal Bafokeng Platinum Ltd. 15,691  133,014 
Sappi Ltd.(1)
89,427  238,376 
Sasol Ltd., ADR(1)
33,217  641,088 
Shoprite Holdings Ltd. 2,603  35,297 
Sibanye Stillwater Ltd., ADR 43,563  391,196 
Standard Bank Group Ltd. 1,490  13,296 
Telkom SA SOC Ltd.(1)
36,834  94,531 
100

Avantis Emerging Markets Value ETF
Shares Value
Thungela Resources Ltd. 11,965  $ 228,056 
5,125,375 
South Korea — 13.7%
Advanced Process Systems Corp. 564  8,142 
Ananti, Inc.(1)
5,988  30,305 
Asiana Airlines, Inc.(1)
4,077  45,870 
BGF retail Co. Ltd. 557  66,717 
Binggrae Co. Ltd. 448  15,275 
Bioneer Corp.(1)
59  1,317 
BNK Financial Group, Inc. 21,836  108,881 
Boditech Med, Inc. 749  6,058 
CJ CheilJedang Corp. 584  177,149 
CJ Corp. 1,350  78,546 
CJ ENM Co. Ltd. 581  42,347 
CJ Logistics Corp.(1)
946  83,382 
Cosmax, Inc. 357  16,615 
Coway Co. Ltd. 3,564  169,092 
Cuckoo Homesys Co. Ltd. 777  18,361 
Daeduck Electronics Co. Ltd. 4,341  95,193 
Daewoo Engineering & Construction Co. Ltd.(1)
17,714  68,313 
Daishin Securities Co. Ltd. 3,023  34,626 
Daol Investment & Securities Co. Ltd. 6,177  21,078 
Daou Data Corp. 2,131  19,216 
Daou Technology, Inc. 2,282  31,908 
DB Financial Investment Co. Ltd. 1,187  4,398 
DB HiTek Co. Ltd. 2,943  101,018 
DB Insurance Co. Ltd. 6,161  274,373 
Dentium Co. Ltd. 245  15,935 
DGB Financial Group, Inc. 17,075  94,638 
DL E&C Co. Ltd. 3,159  95,883 
DL Holdings Co. Ltd. 1,522  75,536 
Dongjin Semichem Co. Ltd. 209  5,333 
Dongkuk Steel Mill Co. Ltd. 7,136  69,906 
Dongwon F&B Co. Ltd. 47  5,431 
Dongwon Industries Co. Ltd. 77  12,972 
Doosan Tesna, Inc. 1,825  38,872 
Dreamtech Co. Ltd. 1,784  12,494 
E-MART, Inc. 1,160  84,214 
Eugene Investment & Securities Co. Ltd. 4,137  8,783 
Fila Holdings Corp. 4,451  102,808 
GOLFZON Co. Ltd. 111  10,910 
GS Engineering & Construction Corp. 6,311  141,167 
GS Holdings Corp. 5,635  193,461 
GS Retail Co. Ltd. 3,511  66,370 
Halla Holdings Corp. 774  22,120 
Hana Financial Group, Inc. 23,799  693,661 
Handsome Co. Ltd. 1,100  23,194 
Hankook Tire & Technology Co. Ltd. 3,080  86,831 
Hansae Co. Ltd. 752  8,821 
Hanwha Aerospace Co. Ltd. 3,848  232,794 
Hanwha Corp., Preference Shares 1,870  22,201 
101

Avantis Emerging Markets Value ETF
Shares Value
Hanwha Corp. 3,666  $ 86,694 
Hanwha Life Insurance Co. Ltd.(1)
17,681  30,333 
Harim Holdings Co. Ltd. 5,206  32,371 
HD Hyundai Co. Ltd. 4,606  216,267 
HDC Holdings Co. Ltd. 1,104  5,725 
HDC Hyundai Development Co-Engineering & Construction, E Shares 2,113  19,524 
Hite Jinro Co. Ltd. 1,082  24,561 
HJ Shipbuilding & Construction Co. Ltd.(1)
1,200  5,389 
HMM Co. Ltd. 25,341  417,622 
Humax Co. Ltd.(1)
1,427  4,239 
Hyosung Chemical Corp.(1)
138  17,721 
Hyosung Heavy Industries Corp.(1)
208  11,405 
Hyosung TNC Corp. 256  59,535 
Hyundai Doosan Infracore Co. Ltd.(1)
17,900  81,895 
Hyundai Electric & Energy System Co. Ltd.(1)
3,112  73,677 
Hyundai Elevator Co. Ltd. 1,174  25,527 
Hyundai Engineering & Construction Co. Ltd. 6,796  243,010 
Hyundai Glovis Co. Ltd. 1,219  159,722 
Hyundai Home Shopping Network Corp. 151  5,625 
Hyundai Marine & Fire Insurance Co. Ltd. 7,354  172,510 
Hyundai Motor Co. 7,134  1,036,443 
Hyundai Steel Co. 5,550  135,335 
Hyundai Wia Corp. 780  43,899 
ICD Co. Ltd. 881  6,202 
iMarketKorea, Inc. 1,069  8,266 
Industrial Bank of Korea 17,231  122,690 
Innocean Worldwide, Inc. 188  5,944 
IS Dongseo Co. Ltd. 1,792  49,216 
JB Financial Group Co. Ltd. 13,452  75,999 
Jusung Engineering Co. Ltd. 2,401  28,234 
KB Financial Group, Inc., ADR(2)
25,253  923,755 
KCC Glass Corp. 1,027  38,471 
KEPCO Plant Service & Engineering Co. Ltd. 848  26,025 
Kginicis Co. Ltd. 1,936  19,243 
KH Vatec Co. Ltd. 1,317  18,543 
Kia Corp. 17,411  1,043,577 
KISCO Corp. 2,176  11,187 
KIWOOM Securities Co. Ltd. 1,033  65,640 
Kolon Industries, Inc. 1,006  39,103 
KoMiCo Ltd. 713  24,674 
Korea Aerospace Industries Ltd. 5,621  255,057 
Korea Electric Terminal Co. Ltd. 348  17,236 
Korea Investment Holdings Co. Ltd. 3,701  156,053 
Korea Line Corp.(1)
12,529  21,176 
Korea Petrochemical Ind Co. Ltd. 320  28,906 
Korea Shipbuilding & Offshore Engineering Co. Ltd.(1)
2,988  215,647 
Korean Air Lines Co. Ltd.(1)
13,109  260,542 
Kumho Petrochemical Co. Ltd. 1,668  160,890 
LF Corp. 2,876  36,232 
LG Display Co. Ltd., ADR(2)
34,807  199,096 
102

Avantis Emerging Markets Value ETF
Shares Value
LG Electronics, Inc. 7,652  $ 572,599 
LG Innotek Co. Ltd. 1,313  334,235 
LG Uplus Corp. 14,269  122,199 
LIG Nex1 Co. Ltd. 1,447  114,133 
Lotte Chilsung Beverage Co. Ltd. 354  40,733 
Lotte Confectionery Co. Ltd. 174  16,209 
Lotte Rental Co. Ltd. 2,150  57,107 
Lotte Shopping Co. Ltd. 775  56,886 
LS Electric Co. Ltd. 779  32,310 
Lutronic Corp. 1,374  19,230 
LX Hausys Ltd. 663  22,162 
LX INTERNATIONAL Corp. 3,949  127,174 
LX Semicon Co. Ltd. 1,349  94,915 
Maeil Dairies Co. Ltd. 404  17,269 
Mando Corp. 1,729  69,105 
Mcnex Co. Ltd. 1,178  32,297 
MegaStudyEdu Co. Ltd. 881  51,248 
Meritz Financial Group, Inc. 3,220  73,803 
Meritz Fire & Marine Insurance Co. Ltd. 3,987  113,831 
Meritz Securities Co. Ltd. 23,671  85,311 
Mirae Asset Life Insurance Co. Ltd. 707  1,598 
Mirae Asset Securities Co. Ltd. 17,749  86,559 
NH Investment & Securities Co. Ltd. 10,825  80,136 
NICE Holdings Co. Ltd. 1,180  12,016 
Pan Ocean Co. Ltd. 20,766  79,458 
Partron Co. Ltd. 5,577  35,937 
POSCO Holdings, Inc., ADR 11,280  530,386 
S-Oil Corp. 334  25,334 
Samsung Electro-Mechanics Co. Ltd. 3,667  379,669 
Samsung Engineering Co. Ltd.(1)
14,949  259,919 
Samsung Fire & Marine Insurance Co. Ltd. 2,929  425,684 
Samsung Heavy Industries Co. Ltd.(1)
60,090  266,610 
Samsung Life Insurance Co. Ltd. 2,264  104,493 
Samsung Securities Co. Ltd. 4,903  123,434 
Samyang Foods Co. Ltd. 173  14,369 
Sangsangin Co. Ltd. 4,231  26,919 
SD Biosensor, Inc. 2,389  62,459 
SeAH Steel Holdings Corp. 50  6,782 
Seegene, Inc. 1,665  39,007 
Shinhan Financial Group Co. Ltd., ADR(2)
29,945  799,831 
Shinsegae International, Inc. 1,263  26,185 
Shinsegae, Inc. 732  121,318 
SIMMTECH Co. Ltd. 1,741  49,903 
SK Chemicals Co. Ltd. 1,160  84,092 
SK Hynix, Inc. 8,916  626,865 
SK Networks Co. Ltd. 15,598  52,739 
SK Telecom Co. Ltd., ADR 4,095  87,428 
SK, Inc. 711  122,981 
SL Corp. 178  5,074 
Soulbrain Co. Ltd. 80  12,852 
TES Co. Ltd. 1,004  14,810 
103

Avantis Emerging Markets Value ETF
Shares Value
Tongyang Life Insurance Co. Ltd. 3,404  $ 14,269 
Unid Co. Ltd. 317  24,480 
Value Added Technology Co. Ltd. 652  16,267 
WONIK IPS Co. Ltd. 1,028  21,274 
Woori Financial Group, Inc. 54,424  492,315 
Woori Investment Bank Co. Ltd. 38,774  25,516 
Woori Technology Investment Co. Ltd.(1)
6,976  30,288 
Youngone Corp. 883  29,235 
Youngone Holdings Co. Ltd. 734  28,921 
Yuanta Securities Korea Co. Ltd. 5,679  12,073 
17,721,389 
Taiwan — 17.0%
AcBel Polytech, Inc. 15,000  14,795 
Acer, Inc. 132,000  94,805 
Acter Group Corp. Ltd. 7,000  48,642 
Advanced International Multitech Co. Ltd. 5,000  16,590 
Advanced Power Electronics Corp. 4,000  15,092 
Alexander Marine Co. Ltd.(2)
4,000  40,693 
Allied Circuit Co. Ltd. 2,000  8,062 
Alltek Technology Corp. 10,800  13,353 
Alltop Technology Co. Ltd. 3,000  15,038 
Amazing Microelectronic Corp. 4,000  14,295 
Anji Technology Co. Ltd. 3,000  5,652 
Apex International Co. Ltd. 13,000  26,177 
Arcadyan Technology Corp. 4,000  15,045 
Ardentec Corp. 36,000  53,753 
ASE Technology Holding Co. Ltd., ADR 62,512  360,069 
Asia Cement Corp. 218,000  308,607 
Asia Polymer Corp. 31,000  27,783 
Asia Vital Components Co. Ltd. 19,000  66,929 
ASolid Technology Co. Ltd. 2,000  5,536 
ASROCK, Inc. 1,000  3,136 
AUO Corp.(2)
605,000  330,348 
AURAS Technology Co. Ltd. 5,000  25,219 
Avermedia Technologies 2,000  1,584 
Bafang Yunji International Co. Ltd. 6,000  32,288 
BenQ Materials Corp. 13,000  13,513 
Bioteque Corp. 5,000  18,349 
Brighton-Best International Taiwan, Inc. 35,000  39,419 
Capital Securities Corp. 138,000  53,881 
Career Technology MFG. Co. Ltd.(1)
34,000  29,331 
Catcher Technology Co. Ltd.(1)
65,000  394,016 
Cathay Financial Holding Co. Ltd. 507,000  737,597 
Central Reinsurance Co. Ltd. 19,000  13,275 
Cheng Loong Corp. 89,000  82,452 
Cheng Mei Materials Technology Corp.(1)
67,000  23,622 
Cheng Shin Rubber Industry Co. Ltd. 134,000  155,232 
Chia Chang Co. Ltd. 7,000  8,624 
Chicony Electronics Co. Ltd. 28,000  74,752 
Chicony Power Technology Co. Ltd. 7,000  16,260 
China Airlines Ltd.(2)
245,000  181,233 
104

Avantis Emerging Markets Value ETF
Shares Value
China Bills Finance Corp. 27,000  $ 14,387 
China Container Terminal Corp. 12,000  9,954 
China Development Financial Holding Corp., Preference Shares 59,976  16,693 
China Development Financial Holding Corp. 1,085,728  474,347 
China Metal Products 24,000  23,402 
China Motor Corp. 9,000  13,692 
Chinese Maritime Transport Ltd. 9,000  11,372 
Chipbond Technology Corp. 70,000  130,649 
ChipMOS Technologies, Inc. 60,000  69,916 
Chlitina Holding Ltd. 3,000  16,913 
Chung-Hsin Electric & Machinery Manufacturing Corp. 50,000  108,044 
CMC Magnetics Corp.(1)
34,000  8,914 
Co-Tech Development Corp. 15,000  21,016 
Compal Electronics, Inc. 294,000  218,902 
Compeq Manufacturing Co. Ltd. 120,000  205,777 
Concord Securities Co. Ltd. 46,000  16,391 
Continental Holdings Corp. 43,000  42,133 
Contrel Technology Co. Ltd. 7,000  3,620 
CTBC Financial Holding Co. Ltd. 849,000  650,297 
CTCI Corp. 65,000  95,881 
CX Technology Co. Ltd. 2,250  2,112 
DA CIN Construction Co. Ltd. 30,000  30,264 
Darfon Electronics Corp. 14,000  18,893 
Daxin Materials Corp. 3,000  7,195 
Dimerco Express Corp. 15,000  39,512 
Dynamic Holding Co. Ltd. 22,000  14,564 
Dynapack International Technology Corp. 8,000  20,844 
Edom Technology Co. Ltd. 12,000  11,449 
Elan Microelectronics Corp. 13,000  41,114 
Elite Advanced Laser Corp. 9,000  13,556 
Elite Material Co. Ltd. 16,000  84,218 
Elite Semiconductor Microelectronics Technology, Inc. 18,000  46,309 
ENNOSTAR, Inc. 57,000  95,750 
Eva Airways Corp.(2)
126,000  137,891 
Evergreen Marine Corp. Taiwan Ltd. 182,000  521,560 
Everlight Electronics Co. Ltd. 45,000  57,815 
Excelliance Mos Corp. 2,000  8,425 
Excelsior Medical Co. Ltd. 10,500  23,342 
Far Eastern International Bank 153,000  61,579 
Far Eastern New Century Corp. 130,000  139,303 
Far EasTone Telecommunications Co. Ltd. 146,000  358,073 
Farglory Land Development Co. Ltd. 19,000  39,720 
First Steamship Co. Ltd.(1)
67,000  21,056 
Fitipower Integrated Technology, Inc. 4,000  16,532 
Fittech Co. Ltd. 4,000  16,046 
FLEXium Interconnect, Inc.(1)
37,000  113,057 
FocalTech Systems Co. Ltd.(2)
6,000  14,989 
Formosa International Hotels Corp. 3,000  17,048 
Formosa Plastics Corp. 119,000  354,810 
Formosan Union Chemical 17,000  13,752 
Foxconn Technology Co. Ltd.(2)
42,000  69,439 
105

Avantis Emerging Markets Value ETF
Shares Value
Foxsemicon Integrated Technology, Inc. 4,000  $ 26,668 
Franbo Lines Corp. 23,028  14,859 
Fu Chun Shin Machinery Manufacture Co. Ltd. 6,120  3,569 
Fubon Financial Holding Co. Ltd. 465,000  871,898 
Full Wang International Development Co. Ltd. 5,000  2,032 
G Shank Enterprise Co. Ltd. 15,000  28,958 
Gamania Digital Entertainment Co. Ltd. 14,000  27,785 
GEM Services, Inc. 1,000  2,540 
General Interface Solution Holding Ltd. 30,000  78,854 
Generalplus Technology, Inc. 4,000  7,468 
Global Brands Manufacture Ltd. 19,760  18,754 
Global Lighting Technologies, Inc. 3,000  5,791 
Global PMX Co. Ltd. 1,000  5,138 
Gold Circuit Electronics Ltd. 9,000  24,474 
Goldsun Building Materials Co. Ltd. 113,000  93,700 
Gourmet Master Co. Ltd. 4,000  13,264 
Grand Fortune Securities Co. Ltd. 18,000  9,348 
Grand Pacific Petrochemical 76,000  46,676 
Great Tree Pharmacy Co. Ltd. 1,257  12,704 
Greatek Electronics, Inc. 19,000  36,840 
Group Up Industrial Co. Ltd. 4,000  11,873 
Hai Kwang Enterprise Corp. 4,000  2,902 
Hannstar Board Corp. 21,000  22,450 
HannStar Display Corp. 85,000  33,048 
HannsTouch Solution, Inc. 44,000  15,720 
Ho Tung Chemical Corp. 88,000  26,956 
Hocheng Corp. 3,000  1,077 
Holy Stone Enterprise Co. Ltd. 15,000  43,789 
Hon Hai Precision Industry Co. Ltd. 200,000  712,156 
Horizon Securities Co. Ltd. 7,420  2,761 
Hotai Finance Co. Ltd. 10,000  34,286 
Hotel Holiday Garden 14,850  13,523 
Hung Ching Development & Construction Co. Ltd. 4,000  2,909 
Hung Sheng Construction Ltd. 34,000  28,803 
Hycon Technology Corp. 3,000  7,026 
IEI Integration Corp. 16,000  39,251 
Innolux Corp. 953,000  375,380 
Integrated Service Technology, Inc.(1)
11,000  24,277 
International CSRC Investment Holdings Co. 82,000  55,865 
International Games System Co. Ltd. 6,000  73,157 
Inventec Corp. 102,000  77,221 
ITE Technology, Inc. 5,000  11,432 
Jiin Yeeh Ding Enterprise Co. Ltd. 5,000  4,996 
Kaimei Electronic Corp. 10,000  18,959 
Kaori Heat Treatment Co. Ltd. 7,000  26,031 
Kenmec Mechanical Engineering Co. Ltd.(1)
19,000  20,702 
Kerry TJ Logistics Co. Ltd. 18,000  24,155 
Kindom Development Co. Ltd. 24,000  22,217 
King Yuan Electronics Co. Ltd. 128,000  155,922 
King's Town Bank Co. Ltd. 73,000  84,206 
Kinik Co. 12,000  61,888 
106

Avantis Emerging Markets Value ETF
Shares Value
Kinsus Interconnect Technology Corp.(2)
10,000  $ 39,721 
KNH Enterprise Co. Ltd. 2,000  1,243 
L&K Engineering Co. Ltd. 14,000  14,866 
Largan Precision Co. Ltd. 1,000  63,610 
Leadtek Research, Inc.(1)
3,000  3,722 
Lingsen Precision Industries Ltd. 28,000  14,546 
Macronix International Co. Ltd. 182,000  195,353 
Marketech International Corp. 3,000  12,113 
Materials Analysis Technology, Inc. 4,000  16,158 
Megaforce Co. Ltd. 3,000  2,143 
Micro-Star International Co. Ltd. 14,000  52,411 
MIN AIK Technology Co. Ltd. 1,000  649 
Mirle Automation Corp. 15,000  19,733 
MPI Corp. 3,000  9,498 
Namchow Holdings Co. Ltd. 4,000  6,019 
Nan Liu Enterprise Co. Ltd. 1,000  2,813 
Nan Ya Plastics Corp. 321,000  721,029 
Nan Ya Printed Circuit Board Corp.(2)
6,000  52,345 
Nantex Industry Co. Ltd. 25,000  34,932 
Nanya Technology Corp. 81,000  140,680 
Netronix, Inc. 3,000  5,781 
Nien Made Enterprise Co. Ltd. 4,000  36,939 
Novatek Microelectronics Corp. 58,000  496,208 
Nyquest Technology Co. Ltd. 2,000  5,287 
O-Bank Co. Ltd. 103,000  29,233 
Orient Semiconductor Electronics Ltd. 36,000  21,774 
Pacific Hospital Supply Co. Ltd. 1,000  2,256 
Pegatron Corp. 156,000  324,453 
Pegavision Corp. 1,000  13,837 
PharmaEngine, Inc. 9,000  37,771 
Pou Chen Corp. 64,000  60,627 
Powertech Technology, Inc. 81,000  226,025 
Poya International Co. Ltd. 3,030  42,377 
President Chain Store Corp. 7,000  61,513 
President Securities Corp. 62,000  33,977 
Prince Housing & Development Corp. 83,000  32,566 
Prosperity Dielectrics Co. Ltd. 4,000  5,413 
Radiant Opto-Electronics Corp. 18,000  59,150 
Raydium Semiconductor Corp. 6,000  53,986 
Realtek Semiconductor Corp. 54,000  606,781 
Rexon Industrial Corp. Ltd. 4,000  4,485 
Roo Hsing Co. Ltd.(1)
30,000  2,878 
Scientech Corp. 4,000  10,956 
Sea & Land Integrated Corp. 10,400  10,489 
Sensortek Technology Corp. 1,000  9,953 
Sesoda Corp. 22,000  34,601 
Shih Her Technologies, Inc. 2,000  3,826 
Shih Wei Navigation Co. Ltd. 18,000  16,546 
Shin Foong Specialty & Applied Materials Co. Ltd. 3,000  6,855 
Shin Kong Financial Holding Co. Ltd. 821,000  235,858 
Shin Zu Shing Co. Ltd. 17,000  48,958 
107

Avantis Emerging Markets Value ETF
Shares Value
Shinkong Insurance Co. Ltd. 9,000  $ 17,034 
Sigurd Microelectronics Corp. 47,000  78,363 
Simplo Technology Co. Ltd. 16,000  150,974 
Sincere Navigation Corp. 25,000  17,454 
Sino-American Silicon Products, Inc. 53,000  288,946 
Sinon Corp. 37,000  54,884 
SinoPac Financial Holdings Co. Ltd. 996,090  564,696 
Sinopower Semiconductor, Inc. 1,000  3,970 
Sinyi Realty, Inc. 22,000  22,412 
Sitronix Technology Corp. 13,000  80,377 
Siward Crystal Technology Co. Ltd. 23,000  31,070 
Soft-World International Corp. 4,000  10,126 
Softstar Entertainment, Inc. 4,000  10,821 
Solteam, Inc. 7,000  14,237 
Sonix Technology Co. Ltd. 12,000  23,261 
Symtek Automation Asia Co. Ltd. 7,000  20,737 
T3EX Global Holdings Corp. 11,000  28,198 
TA-I Technology Co. Ltd. 4,000  5,931 
Tai Tung Communication Co. Ltd.(1)
5,000  2,654 
Taichung Commercial Bank Co. Ltd. 337,709  150,785 
TaiDoc Technology Corp. 3,000  21,910 
Taimide Tech, Inc. 6,000  7,741 
Taishin Financial Holding Co. Ltd. 997,362  495,017 
Taita Chemical Co. Ltd. 10,500  7,754 
Taiwan Business Bank 376,431  157,775 
Taiwan Cogeneration Corp. 13,000  15,847 
Taiwan Glass Industry Corp. 91,000  52,225 
Taiwan High Speed Rail Corp. 107,000  102,299 
Taiwan Hon Chuan Enterprise Co. Ltd. 30,000  73,556 
Taiwan Mobile Co. Ltd. 41,000  134,014 
Taiwan Navigation Co. Ltd. 23,000  20,354 
Taiwan Paiho Ltd. 6,000  12,457 
Taiwan PCB Techvest Co. Ltd. 23,000  28,872 
Taiwan Surface Mounting Technology Corp. 26,000  86,650 
Taiwan-Asia Semiconductor Corp. 34,000  43,394 
Tex-Ray Industrial Co. Ltd. 4,000  1,561 
Thye Ming Industrial Co. Ltd. 16,000  22,567 
Ton Yi Industrial Corp. 112,000  74,308 
Tong Yang Industry Co. Ltd. 41,000  73,086 
Topco Scientific Co. Ltd. 13,000  69,433 
Topkey Corp. 1,000  5,813 
TPK Holding Co. Ltd. 13,000  15,407 
Tripod Technology Corp. 29,000  95,216 
Tsann Kuen Enterprise Co. Ltd. 13,331  20,461 
TSRC Corp. 43,000  39,571 
TTY Biopharm Co. Ltd. 9,000  22,400 
Tung Ho Steel Enterprise Corp. 47,340  83,697 
TXC Corp. 32,000  90,571 
TZE Shin International Co. Ltd. 14,300  7,852 
U-Ming Marine Transport Corp. 33,000  41,043 
UDE Corp. 2,000  2,522 
108

Avantis Emerging Markets Value ETF
Shares Value
Unimicron Technology Corp. 131,000  $ 641,864 
Union Bank of Taiwan 206,815  111,509 
Unitech Computer Co. Ltd. 5,000  5,254 
United Integrated Services Co. Ltd. 18,000  93,214 
United Microelectronics Corp.(1)(2)
305,000  405,792 
Universal, Inc. 2,000  1,841 
Unizyx Holding Corp. 24,000  21,855 
USI Corp. 68,000  52,728 
Utechzone Co. Ltd. 3,000  9,016 
Vanguard International Semiconductor Corp. 44,000  106,371 
Walsin Technology Corp. 11,000  33,242 
Wan Hai Lines Ltd. 21,850  61,582 
Wei Chuan Foods Corp. 14,000  9,331 
Weikeng Industrial Co. Ltd. 16,000  14,089 
Wha Yu Industrial Co. Ltd.(1)
9,000  5,571 
Wholetech System Hitech Ltd. 5,000  7,779 
Winbond Electronics Corp. 265,000  190,934 
Wisdom Marine Lines Co. Ltd. 47,000  88,569 
Wistron Corp.(2)
366,000  331,814 
Wistron NeWeb Corp. 18,000  49,916 
Wowprime Corp.(1)
5,000  20,414 
WT Microelectronics Co. Ltd. 32,000  67,484 
XinTec, Inc. 8,000  34,249 
Yang Ming Marine Transport Corp. 162,000  415,007 
Yeong Guan Energy Technology Group Co. Ltd. 9,000  16,423 
YFY, Inc. 98,000  79,276 
Youngtek Electronics Corp. 16,000  34,105 
Yuanta Financial Holding Co. Ltd. 61,800  41,023 
Yulon Finance Corp. 16,288  86,123 
Yulon Motor Co. Ltd. 46,000  61,978 
Zhen Ding Technology Holding Ltd. 29,000  107,624 
Zinwell Corp.(1)
9,000  5,244 
Zippy Technology Corp. 8,000  10,813 
ZongTai Real Estate Development Co. Ltd. 12,288  13,084 
21,996,186 
Thailand — 2.6%
AAPICO Hitech PCL, NVDR 16,100  11,128 
Advanced Info Service PCL, NVDR 44,200  232,541 
Advanced Information Technology PCL, NVDR 62,200  10,559 
AEON Thana Sinsap Thailand PCL, NVDR 6,900  31,300 
Amanah Leasing PCL, NVDR 6,400  774 
AP Thailand PCL, NVDR 225,800  61,826 
Asia Plus Group Holdings PCL, NVDR 140,300  11,830 
Bangchak Corp. PCL, NVDR 92,400  89,247 
Bangkok Chain Hospital PCL, NVDR 66,800  34,191 
Banpu PCL, NVDR 395,800  157,135 
BCPG PCL, NVDR 55,500  16,417 
BEC World PCL, NVDR 93,200  35,729 
Better World Green PCL, NVDR(1)
395,300  8,867 
BG Container Glass PCL, NVDR 13,600  3,841 
Bumrungrad Hospital PCL, NVDR 21,400  126,715 
109

Avantis Emerging Markets Value ETF
Shares Value
CH Karnchang PCL, NVDR 10,500  $ 6,043 
Chularat Hospital PCL, NVDR 246,000  24,686 
Dynasty Ceramic PCL, NVDR 199,500  14,765 
Ekachai Medical Care PCL, NVDR 9,084  1,867 
Electricity Generating PCL, NVDR 16,300  81,729 
G J Steel PCL, NVDR(1)
1,470,300  15,708 
GFPT PCL, NVDR 7,900  3,635 
Gunkul Engineering PCL, NVDR 35,700  4,868 
Ichitan Group PCL, NVDR 2,000  499 
Indorama Ventures PCL, NVDR 75,200  89,060 
Interlink Communication PCL, NVDR 6,900  1,586 
IRPC PCL, NVDR 364,500  34,121 
Italian-Thai Development PCL, NVDR(1)
382,400  20,114 
Jasmine International PCL, NVDR(1)
332,400  23,293 
JWD Infologistics PCL, NVDR 25,100  11,749 
Karmarts PCL, NVDR 71,000  8,940 
KGI Securities Thailand PCL, NVDR 147,200  20,086 
Kiatnakin Phatra Bank PCL, NVDR 20,300  40,293 
Krung Thai Bank PCL, NVDR 114,900  53,126 
Krungthai Card PCL, NVDR 32,100  52,927 
Land & Houses PCL, NVDR 323,400  78,897 
Lanna Resources PCL, NVDR 8,300  5,439 
MCS Steel PCL, NVDR 47,600  13,429 
Mega Lifesciences PCL, NVDR 21,800  29,394 
MFEC PCL, NVDR 28,500  7,296 
Minor International PCL, NVDR(1)
2,000  1,791 
Mono Next PCL, NVDR(1)
69,600  2,946 
Muangthai Capital PCL, NVDR 27,900  32,459 
Noble Development PCL, Class C, NVDR 21,200  2,859 
Origin Property PCL, NVDR 61,700  17,393 
Plan B Media PCL, NVDR(1)
195,688  35,359 
Polyplex Thailand PCL, NVDR 7,500  4,707 
Precious Shipping PCL, NVDR 82,400  32,023 
Premier Marketing PCL, NVDR 6,800  1,640 
Prima Marine PCL, NVDR 25,100  4,265 
Pruksa Holding PCL, NVDR 94,900  33,498 
PTG Energy PCL, NVDR 59,000  24,700 
PTT Exploration & Production PCL, NVDR 65,100  301,089 
PTT Global Chemical PCL, NVDR 85,200  110,779 
PTT Oil & Retail Business PCL, NVDR 127,900  95,482 
PTT PCL, NVDR 315,300  323,946 
Quality Houses PCL, NVDR 718,900  42,561 
Ratchthani Leasing PCL, NVDR 52,700  6,869 
Regional Container Lines PCL, NVDR 33,900  30,155 
Sansiri PCL, NVDR 1,199,500  36,140 
Sappe PCL, NVDR 8,200  9,993 
SC Asset Corp. PCL, NVDR 291,600  28,097 
SCB X PCL, NVDR 29,200  88,267 
Sermsang Power Corp. Co. Ltd., NVDR 89,590  23,558 
Siamgas & Petrochemicals PCL, NVDR 28,300  8,681 
Sino-Thai Engineering & Construction PCL, NVDR 102,900  34,652 
110

Avantis Emerging Markets Value ETF
Shares Value
SNC Former PCL, NVDR 15,900  $ 7,404 
Somboon Advance Technology PCL, NVDR 22,000  11,748 
SPCG PCL, NVDR 29,200  12,643 
Sri Trang Agro-Industry PCL, NVDR 63,500  39,303 
Srisawad Corp. PCL, NVDR 32,600  43,476 
Srivichai Vejvivat PCL, NVDR 5,900  1,551 
Super Energy Corp. PCL, NVDR 1,200,900  25,018 
SVI PCL, NVDR 16,100  3,298 
Synnex Thailand PCL, NVDR 14,800  8,418 
Taokaenoi Food & Marketing PCL, Class R NVDR 5,800  1,224 
Thai Oil PCL, NVDR 61,800  102,822 
Thai Vegetable Oil PCL, NVDR 49,260  41,224 
Thaicom PCL, NVDR 40,700  11,584 
Thanachart Capital PCL, NVDR 18,100  20,076 
Thonburi Healthcare Group PCL, NVDR 45,100  84,356 
Thoresen Thai Agencies PCL, NVDR 99,800  22,680 
Tisco Financial Group PCL, NVDR 13,300  34,166 
TPI Polene PCL, NVDR 438,500  20,429 
TPI Polene Power PCL, NVDR 75,300  7,718 
True Corp. PCL, NVDR 324,300  40,534 
U City PCL, NVDR(1)
318,200  11,755 
3,360,986 
Turkey — 0.6%
Akbank TAS 152,796  98,138 
Aksa Akrilik Kimya Sanayii AS 8,877  26,858 
Bera Holding AS 17,265  16,855 
Dogus Otomotiv Servis ve Ticaret AS 1,558  8,544 
Dyo Boya Fabrikalari Sanayi ve Ticaret AS(1)
394  410 
GSD Holding AS 29,753  7,139 
Haci Omer Sabanci Holding AS 55,981  78,202 
Is Finansal Kiralama AS(1)
2,489  1,123 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A 12,237  6,135 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B 12,677  6,364 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D 52,990  34,327 
KOC Holding AS 27,360  68,261 
Koza Anadolu Metal Madencilik Isletmeleri AS(1)
5,860  8,715 
Tekfen Holding AS 12,371  20,229 
Turk Hava Yollari AO(1)
30,978  124,242 
Turkcell Iletisim Hizmetleri AS, ADR 12,764  37,909 
Turkiye Halk Bankasi AS(1)
3,872  1,824 
Turkiye Is Bankasi AS, C Shares 140,040  60,662 
Turkiye Petrol Rafinerileri AS(1)
5,215  102,818 
Turkiye Sinai Kalkinma Bankasi AS(1)
103,194  27,858 
Turkiye Vakiflar Bankasi TAO, D Shares(1)
60,726  24,350 
Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS 15,556  17,625 
Vestel Elektronik Sanayi ve Ticaret AS 5,055  8,271 
Yapi ve Kredi Bankasi AS 141,892  54,827 
Yesil Yapi Endustrisi AS(1)
17,827  1,194 
842,880 
TOTAL COMMON STOCKS
(Cost $148,528,493)
 128,824,627 
111

Avantis Emerging Markets Value ETF
Shares Value
WARRANTS†
Malaysia†
Eco World Development Group Bhd(1)
14,020  $ 297 
PESTECH International Bhd(1)
1,700  59 
Yinson Holdings Bhd(1)
9,600  1,223 
TOTAL WARRANTS
(Cost $—)
 1,579 
RIGHTS†
Brazil†
Infracommerce CXAAS SA(1)
1,248  125 
Thailand†
Thai Oil PCL, NVDR(1)
4,843  1 
TOTAL RIGHTS
(Cost $—)
 126 
SHORT-TERM INVESTMENTS — 1.8%
Money Market Funds — 1.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 372,842  372,842 
State Street Navigator Securities Lending Government Money Market Portfolio(4)
1,884,533  1,884,533 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,257,375)
 2,257,375 
TOTAL INVESTMENT SECURITIES — 101.2%
(Cost $150,785,868)

131,083,707 
OTHER ASSETS AND LIABILITIES — (1.2)%

(1,527,937)
TOTAL NET ASSETS — 100.0%

$ 129,555,770 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials 22.8%
Materials 16.3%
Information Technology 13.2%
Industrials 12.1%
Consumer Discretionary 10.6%
Energy 6.6%
Communication Services 5.7%
Consumer Staples 4.3%
Health Care 3.5%
Real Estate 2.3%
Utilities 2.0%
Short-Term Investments 1.8%
Other Assets and Liabilities (1.2)%

112

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 $3,952,104. 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 $4,323,744, which includes securities collateral of $2,439,211.


See Notes to Financial Statements.
113

AUGUST 31, 2022
Avantis International Equity ETF
Shares Value
COMMON STOCKS — 99.5%
Australia — 7.6%
29Metals Ltd.(1)(2)
53,312  $ 72,218 
Accent Group Ltd. 64,983  66,078 
Adairs Ltd.(1)
18,374  28,313 
Adbri Ltd. 52,893  79,194 
Aeris Resources Ltd.(2)
58,594  17,183 
AGL Energy Ltd. 72,498  377,586 
Alkane Resources Ltd.(2)
119,313  59,197 
Alliance Aviation Services Ltd.(2)
12,349  30,018 
Allkem Ltd.(2)
14,401  133,497 
ALS Ltd. 28,620  230,311 
Altium Ltd. 7,451  183,752 
Alumina Ltd. 137,794  140,636 
AMA Group Ltd.(1)(2)
2,514  274 
AMP Ltd.(2)
474,977  374,364 
Ampol Ltd. 14,563  342,294 
Ansell Ltd. 3,610  65,269 
APA Group 98,691  744,211 
ARB Corp. Ltd. 6,279  128,488 
Ardent Leisure Group Ltd. 17,658  7,389 
Aristocrat Leisure Ltd. 28,088  677,944 
ASX Ltd. 30,768  1,637,850 
Atlas Arteria Ltd. 19,479  105,970 
Atlassian Corp. PLC, Class A(2)
9,277  2,297,542 
AUB Group Ltd. 3,110  46,517 
Aurelia Metals Ltd.(1)(2)
469,362  85,397 
Aurizon Holdings Ltd. 505,537  1,278,569 
Austal Ltd. 109,424  191,392 
Australia & New Zealand Banking Group Ltd. 274,442  4,242,474 
Australian Agricultural Co. Ltd.(2)
49,709  61,259 
Australian Clinical Labs Ltd. 19,027  57,213 
Australian Ethical Investment Ltd. 12,659  55,491 
Australian Finance Group Ltd. 53,619  69,760 
Baby Bunting Group Ltd. 10,182  30,236 
Bank of Queensland Ltd.(1)
82,567  393,959 
Bapcor Ltd. 17,603  79,783 
Beach Energy Ltd. 715,659  827,178 
Bega Cheese Ltd. 62,433  169,503 
Bendigo & Adelaide Bank Ltd.(1)
177,053  1,086,843 
BHP Group Ltd., ADR(1)
187,393  10,286,002 
Blackmores Ltd. 634  29,631 
BlueScope Steel Ltd. 124,360  1,395,297 
Boss Energy Ltd.(2)
36,842  66,859 
Brambles Ltd. 190,515  1,603,417 
Bravura Solutions Ltd. 16,149  17,330 
Brickworks Ltd. 10,394  143,882 
carsales.com Ltd. 15,214  231,947 
Cedar Woods Properties Ltd. 11,527  35,679 
Challenger Ltd. 199,482  860,005 
114

Avantis International Equity ETF
Shares Value
Champion Iron Ltd. 88,158  $ 304,167 
Cleanaway Waste Management Ltd. 262,221  498,038 
Cochlear Ltd. 3,489  507,918 
Codan Ltd.(1)
7,802  38,337 
Coles Group Ltd. 145,949  1,746,889 
Collins Foods Ltd. 8,619  57,445 
Commonwealth Bank of Australia 95,983  6,342,768 
Computershare Ltd. 11,334  189,025 
Cooper Energy Ltd.(2)
248,098  45,604 
Coronado Global Resources, Inc. 165,950  181,553 
Costa Group Holdings Ltd. 105,412  192,368 
Credit Corp. Group Ltd.(1)
11,629  160,211 
CSL Ltd. 20,730  4,146,365 
CSR Ltd. 83,413  255,919 
Data#3 Ltd. 8,013  33,429 
Deterra Royalties Ltd. 65,767  185,782 
Domino's Pizza Enterprises Ltd.(1)
3,067  132,194 
Downer EDI Ltd. 52,490  179,511 
Eagers Automotive Ltd. 9,937  89,453 
Eclipx Group Ltd.(2)
67,605  109,458 
Elders Ltd. 9,295  73,221 
Emeco Holdings Ltd. 118,990  73,904 
Endeavour Group Ltd. 142,703  706,211 
EVENT Hospitality and Entertainment Ltd.(2)
5,230  52,532 
Evolution Mining Ltd. 479,884  771,199 
Fortescue Metals Group Ltd. 230,859  2,869,016 
Genworth Mortgage Insurance Australia Ltd. 149,328  287,305 
Gold Road Resources Ltd. 148,243  127,032 
GrainCorp Ltd., A Shares 49,237  278,483 
Grange Resources Ltd. 240,025  141,915 
GUD Holdings Ltd. 9,367  52,649 
Hansen Technologies Ltd. 11,367  37,943 
Harvey Norman Holdings Ltd. 96,860  278,135 
Healius Ltd. 13,318  33,659 
HT&E Ltd. 31,735  31,782 
HUB24 Ltd. 1,118  18,012 
Humm Group Ltd.(1)
52,623  19,172 
IDP Education Ltd.(1)
4,268  84,022 
IGO Ltd. 134,694  1,205,414 
Iluka Resources Ltd. 158,656  1,115,427 
Imdex Ltd. 56,137  76,204 
Incitec Pivot Ltd. 227,710  601,759 
Infomedia Ltd. 19,353  18,953 
Inghams Group Ltd. 65,857  116,371 
Insignia Financial Ltd. 21,881  51,475 
Insurance Australia Group Ltd. 56,692  179,141 
Integral Diagnostics Ltd. 7,011  14,144 
InvoCare Ltd. 27,025  202,866 
IPH Ltd. 12,111  78,502 
IRESS Ltd. 3,284  25,114 
James Hardie Industries PLC 58,093  1,316,700 
115

Avantis International Equity ETF
Shares Value
JB Hi-Fi Ltd.(1)
19,369  $ 534,192 
Judo Capital Holdings Ltd.(1)(2)
34,715  28,312 
Jumbo Interactive Ltd. 3,168  30,380 
Jupiter Mines Ltd. 132,283  18,098 
Karoon Energy Ltd.(2)
156,794  227,040 
Kelsian Group Ltd.(1)
5,450  20,059 
Lendlease Corp. Ltd. 107,098  746,314 
Link Administration Holdings Ltd. 33,767  98,969 
Lovisa Holdings Ltd.(1)
11,366  177,310 
Lynas Rare Earths Ltd.(2)
57,605  344,136 
MA Financial Group Ltd. 6,842  25,519 
MACA Ltd. 7,344  5,323 
Macmahon Holdings Ltd. 38,005  4,386 
Macquarie Group Ltd. 15,091  1,805,687 
Magellan Financial Group Ltd.(1)
23,683  207,901 
Mayne Pharma Group Ltd.(2)
440,581  89,599 
McMillan Shakespeare Ltd. 11,056  107,722 
Medibank Pvt Ltd. 384,104  967,545 
Metcash Ltd. 514,675  1,440,261 
Mineral Resources Ltd. 35,986  1,533,271 
Monadelphous Group Ltd. 33,742  301,153 
Money3 Corp. Ltd. 24,619  38,430 
Mount Gibson Iron Ltd.(1)
124,105  35,987 
Myer Holdings Ltd. 134,614  46,165 
MyState Ltd. 2,727  7,118 
National Australia Bank Ltd. 240,853  4,994,359 
Netwealth Group Ltd. 8,102  71,920 
New Hope Corp. Ltd.(1)
206,948  683,883 
Newcrest Mining Ltd. 15,255  178,644 
Newcrest Mining Ltd. (Sydney) 89,916  1,080,939 
NEXTDC Ltd.(2)
17,985  127,108 
nib holdings Ltd. 54,902  305,627 
Nick Scali Ltd.(1)
14,783  110,416 
Nickel Industries Ltd. 72,721  48,288 
Nine Entertainment Co. Holdings Ltd. 132,302  196,369 
Northern Star Resources Ltd. 214,087  1,131,501 
NRW Holdings Ltd. 184,500  306,713 
Nufarm Ltd. 105,036  379,235 
OFX Group Ltd.(2)
22,626  40,697 
Omni Bridgeway Ltd.(2)
8,695  26,912 
oOh!media Ltd. 26,761  25,032 
Orica Ltd. 112,611  1,177,927 
Origin Energy Ltd. 257,986  1,098,777 
Orora Ltd. 185,472  417,752 
OZ Minerals Ltd. 63,762  1,098,867 
Pacific Current Group Ltd. 6,132  37,886 
Pact Group Holdings Ltd. 18,243  18,893 
Peet Ltd. 34,647  26,718 
Pendal Group Ltd. 49,618  174,200 
Perenti Global Ltd. 164,573  87,296 
Perpetual Ltd.(1)
3,506  65,210 
116

Avantis International Equity ETF
Shares Value
Perseus Mining Ltd. 441,460  $ 466,920 
PEXA Group Ltd.(1)(2)
3,527  34,565 
Pilbara Minerals Ltd.(2)
28,929  70,157 
Platinum Asset Management Ltd. 71,163  85,838 
Premier Investments Ltd. 9,227  132,674 
Pro Medicus Ltd.(1)
2,137  78,550 
PWR Holdings Ltd. 4,541  29,277 
Qantas Airways Ltd.(2)
55,594  199,790 
QBE Insurance Group Ltd. 121,113  992,976 
Qube Holdings Ltd. 174,401  341,433 
Ramelius Resources Ltd. 237,352  129,255 
Ramsay Health Care Ltd. 5,641  274,919 
REA Group Ltd. 2,692  232,154 
Red 5 Ltd.(2)
66,325  11,409 
Reece Ltd. 7,131  77,203 
Regis Resources Ltd. 310,042  325,245 
Reliance Worldwide Corp. Ltd. 59,045  155,126 
Resolute Mining Ltd.(1)(2)
192,523  36,870 
Rio Tinto Ltd. 31,516  2,001,687 
Sandfire Resources Ltd. 124,040  383,078 
Santos Ltd. 531,874  2,839,294 
SEEK Ltd. 8,278  116,792 
Select Harvests Ltd.(1)
17,604  59,451 
Servcorp Ltd. 9,505  24,188 
Service Stream Ltd.(1)(2)
70,192  34,788 
Seven Group Holdings Ltd. 15,447  194,288 
Seven West Media Ltd.(1)(2)
267,372  94,073 
Sierra Rutile Holdings Ltd.(1)(2)
144,997  29,764 
Sigma Healthcare Ltd.(1)
160,963  75,194 
Silver Lake Resources Ltd.(2)
308,282  276,542 
Sims Ltd. 35,411  365,350 
SmartGroup Corp. Ltd. 3,284  13,263 
Sonic Healthcare Ltd. 18,284  422,817 
South32 Ltd. 808,773  2,227,124 
Southern Cross Media Group Ltd. 67,219  49,112 
St. Barbara Ltd. 115,871  71,485 
Star Entertainment Group Ltd.(2)
61,102  115,057 
Steadfast Group Ltd. 25,669  87,853 
Suncorp Group Ltd. 121,038  893,896 
Super Retail Group Ltd.(1)
28,909  206,503 
Superloop Ltd.(2)
34,972  17,580 
Symbio Holdings Ltd. 38  102 
Syrah Resources Ltd.(1)(2)
67,553  84,390 
Tassal Group Ltd. 46,221  163,080 
Technology One Ltd. 19,749  158,156 
Telstra Corp. Ltd. 449,111  1,214,505 
TPG Telecom Ltd. 5,094  18,513 
Transurban Group 110,463  1,048,014 
Treasury Wine Estates Ltd. 84,560  758,526 
Tuas Ltd.(2)
2,799  2,838 
United Malt Group Ltd. 62,862  152,225 
117

Avantis International Equity ETF
Shares Value
Ventia Services Group Pty Ltd. 23,158  $ 43,533 
Viva Energy Group Ltd. 236,299  477,853 
Vulcan Steel Ltd. 7,025  37,733 
Washington H Soul Pattinson & Co. Ltd.(1)
21,744  378,957 
Wesfarmers Ltd. 67,466  2,158,166 
West African Resources Ltd.(2)
442,166  376,495 
Westgold Resources Ltd. 90,799  57,085 
Westpac Banking Corp. 242,938  3,565,727 
Whitehaven Coal Ltd. 362,943  1,933,255 
WiseTech Global Ltd. 2,362  93,298 
Woodside Energy Group Ltd. 134,924  3,134,084 
Woodside Energy Group Ltd., ADR(1)
59,682  1,361,346 
Woolworths Group Ltd. 93,484  2,304,636 
Worley Ltd. 7,793  76,330 
Xero Ltd.(2)
2,298  135,189 
114,239,519 
Austria — 0.3%
ANDRITZ AG 4,138  190,581 
AT&S Austria Technologie & Systemtechnik AG 5,163  229,804 
BAWAG Group AG(2)
5,496  247,969 
CA Immobilien Anlagen AG 677  21,562 
DO & CO. AG(2)
1,008  79,745 
Erste Group Bank AG 14,166  318,561 
EVN AG 7,023  136,240 
FACC AG(1)(2)
162  1,146 
IMMOFINANZ AG(2)
10,076  149,786 
Lenzing AG(1)
1,205  89,123 
Oesterreichische Post AG(1)
4,175  116,559 
OMV AG 11,957  481,775 
POLYTEC Holding AG(1)
3,258  18,716 
Porr AG 2,511  28,749 
Raiffeisen Bank International AG 11,405  144,018 
S IMMO AG 1,763  40,285 
Schoeller-Bleckmann Oilfield Equipment AG 233  14,091 
Semperit AG Holding(1)
3,930  71,414 
Strabag SE 933  35,852 
Telekom Austria AG(2)
14,883  92,932 
UNIQA Insurance Group AG 22,170  146,552 
Verbund AG 6,726  642,721 
Vienna Insurance Group AG Wiener Versicherung Gruppe 6,986  165,618 
voestalpine AG 10,973  220,804 
Wienerberger AG 9,946  232,571 
3,917,174 
Belgium — 0.9%
Ackermans & van Haaren NV(1)
5,351  782,279 
Ageas SA/NV 26,628  1,080,445 
AGFA-Gevaert NV(2)
25,959  93,861 
Anheuser-Busch InBev SA, ADR(1)
32,287  1,561,399 
Argenx SE, ADR(2)
1,160  438,329 
Atenor 123  6,327 
Barco NV 9,728  216,790 
118

Avantis International Equity ETF
Shares Value
Bekaert SA 10,194  $ 312,680 
bpost SA 22,304  135,489 
Cie d'Entreprises CFE(1)(2)
1,744  17,358 
D'ieteren Group 3,211  484,063 
Deceuninck NV 12,057  27,837 
Deme Group NV(2)
1,744  199,590 
Econocom Group SA 16,489  51,393 
Elia Group SA 3,183  462,399 
Etablissements Franz Colruyt NV 10,222  284,100 
Euronav NV 50,525  814,676 
Exmar NV 7,468  65,068 
Fagron 14,061  180,521 
Galapagos NV, ADR(2)
8,129  406,938 
Gimv NV 6,351  324,931 
Greenyard NV(2)
2,093  17,657 
Immobel SA 61  3,686 
Ion Beam Applications 4,505  80,048 
KBC Ancora 8,027  264,258 
KBC Group NV 23,590  1,125,066 
Kinepolis Group NV(2)
3,103  136,046 
Melexis NV 3,970  299,364 
Ontex Group NV(2)
8,093  46,469 
Proximus SADP 29,080  370,160 
Recticel SA 6,667  92,900 
Shurgard Self Storage SA 2,002  96,645 
Solvay SA 12,494  1,008,593 
Telenet Group Holding NV 1,521  21,598 
Tessenderlo Group SA(2)
5,098  165,524 
UCB SA 16,305  1,145,700 
Umicore SA(1)
29,603  940,963 
VGP NV 477  69,351 
13,830,501 
Canada — 11.4%
5N Plus, Inc.(1)(2)
16,500  21,106 
Absolute Software Corp.(1)
11,661  125,990 
Advantage Energy Ltd.(2)
70,477  602,088 
Aecon Group, Inc.(1)
10,217  84,639 
AG Growth International, Inc. 3,004  89,822 
AGF Management Ltd., Class B(1)
10,400  48,858 
Agnico Eagle Mines Ltd. 48,971  2,019,469 
Aimia, Inc.(1)(2)
8,705  27,109 
Air Canada(1)(2)
1,722  23,194 
Alamos Gold, Inc., Class A 48,653  350,816 
Alaris Equity Partners Income 2,635  34,669 
Algonquin Power & Utilities Corp.(1)
14,947  205,310 
Alimentation Couche-Tard, Inc. 59,123  2,540,756 
AltaGas Ltd.(1)
12,042  259,664 
Altius Minerals Corp. 661  9,215 
Amerigo Resources Ltd. 28,700  23,164 
ARC Resources Ltd. 136,200  1,880,158 
Argonaut Gold, Inc.(2)
54,995  19,471 
119

Avantis International Equity ETF
Shares Value
Aritzia, Inc.(2)
11,254  $ 366,065 
Atco Ltd., Class I 19,106  676,460 
Athabasca Oil Corp.(1)(2)
258,593  509,960 
Atrium Mortgage Investment Corp.(1)
5,535  50,194 
ATS Automation Tooling Systems, Inc.(2)
6,334  193,490 
AutoCanada, Inc.(2)
4,808  108,984 
B2Gold Corp. 341,342  1,047,404 
Badger Infrastructure Solutions Ltd. 4,729  111,370 
Ballard Power Systems, Inc.(1)(2)
8,100  63,216 
Bank of Montreal 49,477  4,567,774 
Bank of Nova Scotia 73,141  4,044,238 
Barrick Gold Corp. (Toronto) 148,613  2,206,536 
Bausch Health Cos., Inc.(2)
16,016  96,095 
Baytex Energy Corp.(1)(2)
201,726  1,045,992 
BCE, Inc.(1)
3,817  184,202 
BELLUS Health, Inc.(2)
3,600  41,061 
Birchcliff Energy Ltd. 110,243  971,189 
Bird Construction, Inc.(1)
10,205  51,516 
Bombardier, Inc., Class B(2)
2,663  66,263 
Bonterra Energy Corp.(2)
6,800  45,563 
Boralex, Inc., A Shares 21,072  794,201 
Boyd Group Services, Inc. 1,000  137,816 
Brookfield Asset Management, Inc., Class A 40,669  1,956,422 
Brookfield Business Corp., Class A(1)
2,833  68,899 
Brookfield Infrastructure Corp., A Shares(1)
19,396  924,646 
Brookfield Infrastructure Corp., Class A 1,005  47,838 
Brookfield Renewable Corp., Class A 2,200  84,543 
BRP, Inc. 861  59,716 
CAE, Inc.(2)
21,268  388,325 
Calian Group Ltd.(1)
2,200  100,774 
Calibre Mining Corp.(2)
20,300  14,684 
Cameco Corp. 28,151  820,513 
Canaccord Genuity Group, Inc. 20,833  124,521 
Canacol Energy Ltd.(1)
27,002  51,605 
Canada Goose Holdings, Inc.(1)(2)
5,500  99,083 
Canadian Imperial Bank of Commerce 66,963  3,166,766 
Canadian National Railway Co. 34,671  4,123,245 
Canadian Natural Resources Ltd.(1)
117,786  6,457,222 
Canadian Pacific Railway Ltd. 23,658  1,771,085 
Canadian Tire Corp. Ltd., Class A 6,076  714,630 
Canadian Utilities Ltd., A Shares 14,825  453,549 
Canadian Western Bank 21,760  405,758 
Canfor Corp.(2)
18,575  364,471 
Canfor Pulp Products, Inc.(2)
1,114  4,699 
Capital Power Corp. 37,138  1,440,729 
Capstone Mining Corp.(2)
72,738  163,382 
Cardinal Energy Ltd. 52,098  331,625 
Cargojet, Inc. 1,100  115,733 
Cascades, Inc.(1)
13,743  93,654 
CCL Industries, Inc., Class B 8,412  412,610 
Celestica, Inc.(2)
22,716  234,364 
120

Avantis International Equity ETF
Shares Value
Cenovus Energy, Inc. 192,130  $ 3,604,586 
Centerra Gold, Inc. 95,117  430,918 
CES Energy Solutions Corp.(1)
52,900  99,891 
CGI, Inc.(2)
12,168  963,545 
China Gold International Resources Corp. Ltd.(1)
43,700  124,444 
Chorus Aviation, Inc.(1)(2)
12,046  25,773 
CI Financial Corp. 13,110  143,742 
Cineplex, Inc.(1)(2)
2,300  15,779 
Cogeco Communications, Inc. 2,300  140,818 
Cogeco, Inc.(1)
400  19,239 
Colliers International Group, Inc. (Toronto) 2,900  337,816 
Computer Modelling Group Ltd. 6,000  21,015 
Constellation Software, Inc. 1,386  2,086,382 
Copper Mountain Mining Corp.(1)(2)
35,300  39,242 
Corus Entertainment, Inc., B Shares 37,973  106,978 
Crescent Point Energy Corp. 168,432  1,279,896 
Crew Energy, Inc.(2)
49,000  242,510 
Descartes Systems Group, Inc.(2)
3,100  218,382 
Dollarama, Inc. 20,982  1,277,756 
Dorel Industries, Inc., Class B(1)
8,200  42,394 
DREAM Unlimited Corp., Class A 3,222  69,158 
Dundee Precious Metals, Inc. 41,236  187,758 
Eldorado Gold Corp. (Toronto)(2)
30,653  168,978 
Element Fleet Management Corp. 62,933  792,562 
Emera, Inc. 27,499  1,272,406 
Empire Co. Ltd., Class A 26,193  746,092 
Enbridge, Inc. 66,746  2,752,475 
Endeavour Mining PLC 19,822  385,769 
Enerflex Ltd.(1)
21,246  106,606 
Enerplus Corp. 63,964  985,747 
Enghouse Systems Ltd.(1)
5,435  132,673 
Ensign Energy Services, Inc.(2)
33,400  79,091 
EQB, Inc. 4,200  168,403 
Equinox Gold Corp.(1)(2)
32,087  112,629 
ERO Copper Corp.(2)
7,643  72,511 
Evertz Technologies Ltd. 2,936  33,085 
Exchange Income Corp.(1)
4,051  142,966 
Extendicare, Inc.(1)
18,746  102,626 
Fairfax Financial Holdings Ltd. 2,512  1,252,299 
Fiera Capital Corp.(1)
6,753  46,945 
Finning International, Inc. 31,710  683,286 
Firm Capital Mortgage Investment Corp.(1)
4,935  46,068 
First National Financial Corp.(1)
2,786  78,891 
First Quantum Minerals Ltd. 109,742  1,941,907 
FirstService Corp. 1,000  125,092 
Fortis, Inc. 42,818  1,888,967 
Fortuna Silver Mines, Inc.(1)(2)
46,685  108,061 
Franco-Nevada Corp. 6,292  756,468 
Freehold Royalties Ltd.(1)
32,275  352,399 
Frontera Energy Corp.(2)
24,368  205,765 
Galiano Gold, Inc.(1)(2)
36,800  17,653 
121

Avantis International Equity ETF
Shares Value
GCM Mining Corp. 27,668  $ 68,888 
Gear Energy Ltd. 54,000  50,984 
George Weston Ltd. 7,512  858,817 
GFL Environmental, Inc. 8,668  244,197 
Gibson Energy, Inc. 17,885  337,586 
Gildan Activewear, Inc. 40,508  1,197,952 
goeasy Ltd. 2,735  249,604 
Great-West Lifeco, Inc.(1)
33,927  796,930 
Headwater Exploration, Inc.(2)
52,600  239,901 
Heroux-Devtek, Inc.(2)
4,400  43,787 
High Liner Foods, Inc.(1)
5,446  55,689 
HLS Therapeutics, Inc. 88  754 
Home Capital Group, Inc.(1)
11,152  237,246 
Hudbay Minerals, Inc. 78,485  346,605 
Hydro One Ltd. 44,280  1,198,916 
i-80 Gold Corp.(2)
11,800  21,114 
iA Financial Corp., Inc. 13,944  749,038 
IAMGOLD Corp.(1)(2)
82,625  98,771 
IBI Group, Inc.(2)
2,400  35,360 
IGM Financial, Inc. 4,421  120,342 
Imperial Oil Ltd.(1)
23,550  1,155,848 
Intact Financial Corp. 7,142  1,034,580 
Interfor Corp.(2)
34,985  860,673 
International Petroleum Corp.(1)(2)
1,380  13,586 
Ivanhoe Mines Ltd., Class A(2)
17,544  112,743 
Jamieson Wellness, Inc.(1)
3,000  83,900 
K-Bro Linen, Inc.(1)
1,200  27,913 
K92 Mining, Inc.(2)
7,700  39,692 
Karora Resources, Inc.(2)
34,900  76,000 
Kelt Exploration Ltd.(2)
47,272  226,399 
Keyera Corp.(1)
34,451  848,848 
Kinross Gold Corp. 222,869  731,386 
Kiwetinohk Energy Corp.(2)
2,000  23,863 
Knight Therapeutics, Inc.(2)
20,346  88,303 
Labrador Iron Ore Royalty Corp.(1)
9,099  202,231 
Lassonde Industries, Inc., Class A(1)
400  34,720 
Laurentian Bank of Canada 5,817  159,360 
LifeWorks, Inc. 3,205  77,920 
Linamar Corp. 9,296  439,478 
Loblaw Cos. Ltd. 20,494  1,811,199 
Lundin Gold, Inc. 12,846  85,780 
Lundin Mining Corp.(1)
127,407  662,573 
Magna International, Inc. 28,261  1,632,590 
Major Drilling Group International, Inc.(2)
6,258  42,408 
Manulife Financial Corp. 179,173  3,099,563 
Maple Leaf Foods, Inc. 7,500  132,314 
Martinrea International, Inc. 14,140  111,432 
MCAN Mortgage Corp.(1)
4,620  56,284 
MDA Ltd.(2)
2,800  15,883 
MEG Energy Corp.(2)
82,231  1,149,550 
Methanex Corp. 13,780  498,067 
122

Avantis International Equity ETF
Shares Value
Metro, Inc.(1)
35,001  $ 1,840,994 
Morguard Corp. 200  17,436 
MTY Food Group, Inc. 1,461  65,321 
Mullen Group Ltd. 15,714  168,225 
National Bank of Canada 42,701  2,825,058 
Neo Performance Materials, Inc. 1,800  19,832 
New Gold, Inc. (Toronto)(2)
203,910  131,971 
North American Construction Group Ltd.(1)
7,735  88,932 
North West Co., Inc. 10,640  275,853 
Northland Power, Inc. 44,165  1,511,903 
Novagold Resources, Inc.(2)
26,087  115,565 
Nutrien Ltd. 35,330  3,243,414 
Nuvei Corp.(2)
2,394  73,259 
NuVista Energy Ltd.(2)
69,124  568,424 
Obsidian Energy Ltd.(2)
20,900  188,098 
OceanaGold Corp.(2)
246,089  363,508 
Onex Corp. 13,069  646,310 
Open Text Corp. 14,163  446,129 
Osisko Gold Royalties Ltd. (Toronto) 14,023  135,708 
Osisko Mining, Inc.(2)
6,500  12,521 
Pan American Silver Corp. 35,265  524,672 
Paramount Resources Ltd., A Shares 11,250  256,463 
Parex Resources, Inc. 52,800  844,655 
Parkland Corp.(1)
4,041  99,198 
Pason Systems, Inc. 12,235  129,491 
Pembina Pipeline Corp.(1)
65,053  2,297,299 
Pet Valu Holdings Ltd. 1,700  43,427 
Peyto Exploration & Development Corp. 65,217  608,298 
Pine Cliff Energy Ltd. 71,200  102,462 
Pipestone Energy Corp.(2)
23,900  88,805 
Pizza Pizza Royalty Corp.(1)
1,800  18,036 
Polaris Renewable Energy, Inc.(1)
5,700  83,676 
Power Corp. of Canada 38,113  979,995 
PrairieSky Royalty Ltd. 12,337  168,144 
Precision Drilling Corp.(1)(2)
3,189  196,000 
Primo Water Corp. 2,635  34,609 
Quebecor, Inc., Class B(1)
22,474  485,466 
Real Matters, Inc.(2)
8,188  36,097 
Recipe UnLtd. Corp.(2)
1,658  24,832 
Resolute Forest Products, Inc.(2)
12,122  245,329 
Restaurant Brands International, Inc. 10,063  594,042 
Richelieu Hardware Ltd. 1,054  28,177 
Ritchie Bros Auctioneers, Inc. 12,510  866,608 
Rogers Communications, Inc., Class B 15,068  648,795 
Royal Bank of Canada 67,885  6,312,708 
Russel Metals, Inc. 12,378  267,663 
Sabina Gold & Silver Corp.(2)
28,165  22,732 
Sandstorm Gold Ltd. 11,571  65,813 
Saputo, Inc. 15,137  384,375 
Shaw Communications, Inc., B Shares 36,681  940,660 
Shawcor Ltd.(2)
22,500  134,656 
123

Avantis International Equity ETF
Shares Value
Shopify, Inc., Class A(2)
19,036  $ 602,670 
Sierra Metals, Inc.(1)
5,095  2,289 
Silvercorp Metals, Inc. 18,355  41,787 
Sleep Country Canada Holdings, Inc. 7,786  157,101 
Softchoice Corp. 5,200  72,733 
Spartan Delta Corp.(2)
46,196  466,058 
Spin Master Corp., VTG Shares(2)
5,900  207,096 
Sprott, Inc. 2,300  86,984 
SSR Mining, Inc.(1)
52,785  712,588 
SSR Mining, Inc. (NASDAQ) 34,666  467,644 
Stantec, Inc. 9,879  468,845 
Stelco Holdings, Inc. 9,800  265,268 
Stella-Jones, Inc.(1)
7,823  238,201 
STEP Energy Services Ltd.(2)
7,400  36,342 
StorageVault Canada, Inc. 7,000  32,512 
Sun Life Financial, Inc.(1)
43,219  1,904,025 
Suncor Energy, Inc.(1)
183,862  5,948,374 
SunOpta, Inc.(1)(2)
12,400  123,306 
Surge Energy, Inc. 22,000  168,851 
Tamarack Valley Energy Ltd.(1)
153,645  490,176 
Taseko Mines Ltd.(1)(2)
73,100  76,253 
TC Energy Corp. 45,946  2,214,126 
Teck Resources Ltd., Class B 87,757  2,972,118 
TELUS Corp.(1)
37,040  834,236 
TFI International, Inc. 6,635  661,959 
Thomson Reuters Corp. 5,754  633,604 
Tidewater Midstream and Infrastructure Ltd. 58,530  53,924 
Timbercreek Financial Corp.(1)
17,146  105,616 
TMX Group Ltd. 2,178  218,737 
Topaz Energy Corp. 6,176  97,247 
Torex Gold Resources, Inc.(2)
19,816  147,109 
Toromont Industries Ltd. 10,088  780,863 
Toronto-Dominion Bank 82,682  5,319,071 
Total Energy Services, Inc. 4,100  22,695 
Tourmaline Oil Corp. 54,277  3,209,052 
TransAlta Corp.(1)
46,002  431,876 
TransAlta Renewables, Inc.(1)
4,535  60,013 
Transcontinental, Inc., Class A 9,035  113,922 
TransGlobe Energy Corp.(1)
14,400  47,804 
Trican Well Service Ltd.(2)
49,819  131,627 
Tricon Residential, Inc. (Toronto) 36,012  375,928 
Trisura Group Ltd.(1)(2)
3,700  97,983 
Turquoise Hill Resources Ltd.(2)
12,004  330,136 
Uni-Select, Inc.(2)
7,700  217,806 
Vermilion Energy, Inc. 56,790  1,516,879 
VersaBank 1,400  10,500 
Victoria Gold Corp.(2)
4,900  29,027 
Viemed Healthcare, Inc.(2)
5,446  32,551 
Wajax Corp. 5,600  90,480 
Wesdome Gold Mines Ltd.(2)
30,225  176,745 
West Fraser Timber Co. Ltd. 30,224  2,704,016 
124

Avantis International Equity ETF
Shares Value
Western Forest Products, Inc. 81,042  $ 95,028 
Westshore Terminals Investment Corp.(1)
6,610  153,907 
Wheaton Precious Metals Corp.(1)
20,510  626,068 
Whitecap Resources, Inc. 217,001  1,581,223 
WildBrain Ltd.(1)(2)
9,000  18,365 
Winpak Ltd. 2,500  82,670 
WSP Global, Inc. 5,717  681,287 
Yamana Gold, Inc. 226,629  1,000,836 
170,981,968 
China†
Fullshare Holdings Ltd.(1)(2)
100,000  1,552 
Truly International Holdings Ltd. 374,000  81,932 
83,484 
Denmark — 2.3%
ALK-Abello A/S(2)
14,465  268,931 
Alm Brand A/S 536,946  786,761 
AP Moller - Maersk A/S, A Shares 416  971,821 
AP Moller - Maersk A/S, B Shares 697  1,672,210 
Bang & Olufsen A/S(2)
24,799  42,957 
Bavarian Nordic A/S(2)
5,002  188,455 
Carlsberg A/S, B Shares 3,959  514,077 
Chemometec A/S 1,745  186,679 
Chr Hansen Holding A/S 1,962  114,320 
Coloplast A/S, B Shares 6,998  799,388 
D/S Norden A/S 16,507  769,626 
Danske Andelskassers Bank A/S 9,479  13,571 
Danske Bank A/S 80,261  1,071,717 
Demant A/S(2)
4,308  132,705 
Dfds A/S 8,763  303,225 
Drilling Co. of 1972 A/S(2)
5,076  240,873 
DSV A/S 7,146  1,055,950 
FLSmidth & Co. A/S 6,208  171,838 
Genmab A/S, ADR(2)
49,498  1,756,684 
GN Store Nord A/S 4,760  134,625 
H Lundbeck A/S 47,040  184,740 
H Lundbeck A/S, A Shares(2)
11,760  45,033 
H+H International A/S, B Shares(2)
4,897  78,702 
ISS A/S(2)
6,692  117,173 
Jyske Bank A/S(2)
7,385  369,655 
Nilfisk Holding A/S(2)
2,826  63,211 
NKT A/S(2)
3,517  179,533 
NNIT A/S(2)
133  1,202 
Novo Nordisk A/S, ADR 115,211  12,223,887 
Novozymes A/S, B Shares 24,954  1,432,200 
Orsted A/S 20,414  1,992,457 
Pandora A/S 16,305  979,549 
Per Aarsleff Holding A/S 3,846  110,601 
Ringkjoebing Landbobank A/S 6,495  693,472 
ROCKWOOL A/S, B Shares 868  178,664 
Royal Unibrew A/S 8,142  609,997 
Schouw & Co. A/S 1,181  86,115 
125

Avantis International Equity ETF
Shares Value
SimCorp A/S 6,205  $ 453,128 
Solar A/S, B Shares 1,529  123,618 
Spar Nord Bank A/S 13,853  156,851 
Sparekassen Sjaelland-Fyn A/S 2,040  44,465 
Sydbank A/S 9,044  261,334 
Topdanmark A/S 6,575  344,793 
TORM PLC 4,729  91,698 
Trifork Holding AG(1)
1,154  27,323 
Tryg A/S 27,250  615,735 
Vestas Wind Systems A/S 107,354  2,686,115 
35,347,664 
Finland — 1.0%
Aktia Bank Oyj 8,317  85,840 
Alandsbanken Abp, B Shares 230  6,950 
Anora Group Oyj 660  5,378 
Atria Oyj 267  2,619 
CapMan Oyj, B Shares 6,695  18,583 
Cargotec Oyj, B Shares 1,485  50,503 
Caverion OYJ 8,415  41,166 
Citycon Oyj(2)
15,919  112,807 
Elisa Oyj 9,124  487,936 
Finnair Oyj(1)(2)
78,370  32,122 
Fortum Oyj 21,713  223,350 
Huhtamaki Oyj 6,102  213,675 
Kemira Oyj 19,081  229,674 
Kesko Oyj, B Shares 61,279  1,289,164 
Kojamo Oyj 17,923  300,076 
Kone Oyj, B Shares 23,871  954,661 
Konecranes Oyj 2,058  48,382 
Marimekko Oyj 8,300  81,851 
Metsa Board Oyj 59,746  513,648 
Metso Outotec Oyj 33,984  265,794 
Musti Group Oyj(2)
1,325  26,198 
Neste Oyj 18,429  909,228 
Nokia Oyj, ADR 274,531  1,386,382 
Nokian Renkaat Oyj 20,478  212,526 
Oma Saastopankki Oyj 1,110  20,623 
Orion Oyj, Class B 13,839  627,462 
Outokumpu Oyj 77,026  308,871 
Puuilo Oyj(1)
10,225  48,768 
QT Group Oyj(1)(2)
326  16,528 
Revenio Group Oyj 2,340  105,852 
Rovio Entertainment Oyj 6,099  36,705 
Sampo Oyj, A Shares 30,200  1,366,258 
Sanoma Oyj 5,288  72,124 
Scanfil Oyj 1,113  7,333 
Stora Enso Oyj, R Shares 81,482  1,212,939 
Suominen Oyj(1)
1,851  5,382 
Taaleri Oyj 3,323  32,434 
Talenom Oyj 3,448  37,603 
TietoEVRY Oyj 759  19,422 
126

Avantis International Equity ETF
Shares Value
Tokmanni Group Corp. 9,938  $ 118,649 
UPM-Kymmene Oyj 47,295  1,606,814 
Uponor Oyj 10,543  157,979 
Valmet Oyj 29,073  736,924 
Wartsila Oyj Abp 36,200  298,478 
YIT Oyj 23,118  75,648 
14,411,309 
France — 8.8%
ABC arbitrage 5,497  38,836 
Accor SA(2)
13,536  322,849 
Aeroports de Paris(2)
2,721  372,587 
Air France-KLM(2)
101,348  147,957 
Air Liquide SA 28,758  3,603,747 
Airbus SE 33,050  3,238,672 
AKWEL 1,895  34,259 
ALD SA(1)
26,666  290,243 
Alstom SA(1)
26,270  538,357 
Alten SA 7,710  947,951 
Amundi SA 3,977  201,649 
APERAM SA 10,505  283,544 
ArcelorMittal SA(1)
102,504  2,418,069 
Arkema SA 17,077  1,441,668 
Atos SE(2)
3,078  31,056 
Aubay 553  27,073 
AXA SA 177,511  4,180,672 
Believe SA(2)
1,680  13,844 
Beneteau SA 5,548  59,148 
Bigben Interactive 1,821  22,273 
BioMerieux 16,303  1,490,904 
Biosynex 1,048  15,397 
BNP Paribas SA 77,400  3,596,793 
Bollore SE 13,081  62,511 
Bonduelle SCA 2,923  37,748 
Bouygues SA 49,679  1,459,319 
Bureau Veritas SA 38,005  943,281 
Caisse Regionale de Credit Agricole Mutuel Brie Picardie 269  5,619 
Caisse Regionale de Credit Agricole Mutuel Nord de France 123  2,164 
Capgemini SE 6,621  1,143,963 
Carrefour SA 128,475  2,144,310 
Casino Guichard Perrachon SA(1)(2)
817  10,587 
Catana Group 7,681  47,472 
Cellectis SA, ADR(2)
48  159 
Chargeurs SA 3,479  52,134 
Cie de Saint-Gobain 83,200  3,351,108 
Cie des Alpes(2)
4,974  78,688 
Cie Generale des Etablissements Michelin SCA 121,313  2,950,486 
Cie Plastic Omnium SA 17,000  315,215 
Claranova SE(2)
434  1,383 
Coface SA(2)
23,635  236,338 
Credit Agricole SA 90,553  833,420 
Danone SA 23,837  1,254,310 
127

Avantis International Equity ETF
Shares Value
Dassault Aviation SA 6,094  $ 836,887 
Dassault Systemes SE 14,576  562,097 
Derichebourg SA 33,022  185,765 
Edenred 12,133  613,680 
Eiffage SA 23,967  2,108,015 
Electricite de France SA 52,326  625,622 
Elis SA 4,189  53,569 
Engie SA 219,939  2,612,237 
Eramet SA 3,158  267,747 
Esker SA 659  85,441 
EssilorLuxottica SA 10,511  1,565,481 
Esso SA Francaise(2)
1,073  66,020 
Etablissements Maurel et Prom SA 22,643  114,598 
Eurazeo SE 10,042  599,709 
Euroapi SA(2)
2,655  41,389 
Eurobio Scientific SA(2)
3,806  70,175 
Eurofins Scientific SE 14,945  1,034,018 
Euronext NV 7,555  558,337 
Eutelsat Communications SA 62,189  562,500 
Faurecia SE(2)
67,929  974,160 
FIGEAC-AERO(2)
98  580 
Fnac Darty SA 1,627  54,778 
Focus Entertainment(2)
642  29,037 
Fountaine Pajot SA 5  512 
Gaztransport Et Technigaz SA 10,456  1,331,095 
Genfit(2)
10,161  43,021 
Getlink SE 28,796  542,258 
Groupe LDLC 10  273 
Groupe SFPI 119  301 
Hermes International 1,917  2,455,227 
ID Logistics Group(2)
699  195,569 
Imerys SA 5,617  162,534 
Innate Pharma SA(1)(2)
12,029  32,147 
Ipsen SA 13,631  1,306,356 
IPSOS 1,571  71,372 
Jacquet Metals SACA 2,585  40,930 
JCDecaux SA(2)
13,512  187,364 
Kaufman & Broad SA 2,490  58,971 
Kering SA 6,227  3,124,413 
L'Oreal SA 7,592  2,607,428 
La Francaise des Jeux SAEM 28,973  939,716 
Legrand SA 11,212  811,241 
LISI 2,849  60,334 
Lumibird(2)
68  1,408 
LVMH Moet Hennessy Louis Vuitton SE 14,073  9,080,839 
Maisons du Monde SA(1)
9,602  91,907 
Manitou BF SA 1,848  30,427 
McPhy Energy SA(1)(2)
2,028  25,719 
Mersen SA 3,800  112,379 
Metropole Television SA 7,347  90,693 
MGI Digital Graphic Technology(2)
376  13,070 
128

Avantis International Equity ETF
Shares Value
Nacon SA(1)(2)
4,588  $ 22,176 
Neoen SA 5,514  227,754 
Nexans SA 7,770  709,918 
Nexity SA 8,366  187,322 
Novacyt SA(2)
33,332  39,617 
Orange SA, ADR(1)
355,461  3,586,601 
Orpea SA(1)(2)
2,494  54,261 
Pernod Ricard SA 10,710  1,965,161 
Publicis Groupe SA 8,981  438,500 
Quadient SA 4,719  79,935 
Remy Cointreau SA 1,940  359,798 
Renault SA(2)
53,678  1,528,909 
ReWorld Media SA(2)
8,722  55,299 
Rexel SA(2)
41,619  675,974 
Rubis SCA 8,436  198,867 
Safran SA 18,043  1,839,565 
Sanofi, ADR 102,452  4,203,606 
Sartorius Stedim Biotech 1,461  534,377 
Schneider Electric SE 12,337  1,466,343 
SCOR SE 32,969  545,580 
SEB SA 4,193  310,555 
SES SA 146,614  1,029,281 
SES-imagotag SA(2)
1,530  152,913 
SMCP SA(2)
8,367  45,821 
Societe BIC SA 4,971  282,782 
Societe Generale SA 109,829  2,421,225 
Sodexo SA 3,662  280,069 
SOITEC(2)
2,190  309,307 
Solutions 30 SE(1)(2)
20,776  60,643 
Sopra Steria Group SACA 1,362  188,004 
SPIE SA 6,057  131,869 
STMicroelectronics NV, NY Shares 151,927  5,302,252 
Sword Group 534  21,424 
Technicolor SA(2)
12,860  39,977 
Technip Energies NV 18,807  235,138 
Teleperformance 8,213  2,339,121 
Television Francaise 1 13,708  86,933 
Thales SA 18,298  2,206,021 
TotalEnergies SE, ADR 207,239  10,467,642 
Trigano SA 2,148  185,962 
Ubisoft Entertainment SA(2)
36,216  1,670,103 
Valeo 74,847  1,429,705 
Vallourec SA(2)
45,182  470,353 
Veolia Environnement SA 60,747  1,353,893 
Verallia SA 18,552  425,327 
Vicat SA 3,183  80,548 
Vilmorin & Cie SA 1,210  51,993 
Vinci SA 56,929  5,251,895 
Virbac SA 696  258,031 
Vivendi SE 117,031  1,060,822 
Wavestone 362  16,859 
129

Avantis International Equity ETF
Shares Value
Worldline SA(2)
1,638  $ 70,176 
X-Fab Silicon Foundries SE(2)
16,819  104,428 
Xilam Animation SA(2)
155  5,882 
132,353,626 
Germany — 6.2%
1&1 AG 1,516  24,366 
2G Energy AG 451  10,728 
7C Solarparken AG 20,776  111,820 
Aareal Bank AG(2)
8,072  257,834 
ABO Wind AG 286  17,235 
Adesso SE 643  77,911 
adidas AG 13,962  2,070,329 
ADLER Group SA(2)
6,494  18,215 
Allianz SE 21,900  3,701,897 
Amadeus Fire AG 678  67,637 
Aroundtown SA 167,530  488,616 
Atoss Software AG 790  104,797 
Aumann AG 1,364  20,957 
AURELIUS Equity Opportunities SE & Co. KGaA 7,906  183,582 
Aurubis AG 10,874  658,382 
Baader Bank AG 2,534  9,494 
BASF SE 75,308  3,185,442 
Basler AG 9  222 
Bauer AG(2)
2,186  19,187 
Bayer AG 44,367  2,346,481 
Bayerische Motoren Werke AG 34,922  2,573,006 
Bayerische Motoren Werke AG, Preference Shares 4,575  318,073 
BayWa AG 2,633  113,911 
Bechtle AG 4,935  189,058 
Beiersdorf AG 10,453  1,055,126 
Bertrandt AG 464  15,837 
Bilfinger SE 3,404  101,069 
Borussia Dortmund GmbH & Co. KGaA(2)
5,456  21,376 
Brenntag SE 11,690  766,484 
CANCOM SE 3,189  89,308 
Carl Zeiss Meditec AG 2,825  351,597 
CECONOMY AG 33,307  48,189 
Cewe Stiftung & Co. KGAA 1,242  98,207 
Cliq Digital AG 1,221  31,960 
Commerzbank AG(2)
208,120  1,384,815 
CompuGroup Medical SE & Co. KgaA 3,719  139,872 
Continental AG 4,994  287,526 
Covestro AG 46,674  1,407,311 
CropEnergies AG 6,201  101,589 
CTS Eventim AG & Co. KGaA(2)
11,356  610,541 
Daimler Truck Holding AG(2)
67,080  1,715,158 
Datagroup SE 578  37,945 
Delivery Hero SE(2)
2,650  109,978 
Dermapharm Holding SE 128  5,937 
Deutsche Bank AG 215,752  1,792,899 
Deutsche Beteiligungs AG 3,029  84,716 
130

Avantis International Equity ETF
Shares Value
Deutsche Boerse AG 18,889  $ 3,193,648 
Deutsche Lufthansa AG(1)(2)
143,154  851,092 
Deutsche Pfandbriefbank AG 28,558  246,460 
Deutsche Post AG 84,312  3,077,315 
Deutsche Rohstoff AG 1,280  34,894 
Deutsche Telekom AG 214,386  4,040,582 
Deutz AG 29,067  109,458 
DIC Asset AG 4,477  45,829 
Draegerwerk AG & Co. KGaA 502  20,292 
Draegerwerk AG & Co. KGaA, Preference Shares 2,646  125,190 
Duerr AG 9,844  216,832 
E.ON SE 169,988  1,449,928 
Eckert & Ziegler Strahlen- und Medizintechnik AG 1,537  60,567 
Einhell Germany AG, Preference Shares 58  8,248 
Elmos Semiconductor SE 1,403  59,518 
ElringKlinger AG 6,440  45,198 
Encavis AG 33,924  725,001 
Energiekontor AG 1,216  106,818 
Envitec Biogas AG 183  9,916 
Evonik Industries AG 34,799  648,831 
Evotec SE(2)
1,344  29,546 
Fielmann AG 2,048  76,107 
flatexDEGIRO AG(2)
16,472  158,511 
Fraport AG Frankfurt Airport Services Worldwide(2)
1,701  73,549 
Freenet AG 24,611  536,427 
Fresenius Medical Care AG & Co. KGaA, ADR 13,329  227,926 
Fresenius SE & Co. KGaA 11,089  274,323 
FUCHS PETROLUB SE, Preference Shares 6,898  186,685 
GEA Group AG 28,819  1,002,521 
Gerresheimer AG 6,702  350,575 
GFT Technologies SE 2,706  89,955 
Grand City Properties SA 15,745  186,806 
GRENKE AG 5,644  135,704 
Hamburger Hafen und Logistik AG 7,308  89,377 
Hannover Rueck SE 3,697  544,886 
HeidelbergCement AG 23,296  1,051,988 
Heidelberger Druckmaschinen AG(2)
55,945  81,584 
HelloFresh SE(2)
50,398  1,203,301 
Henkel AG & Co. KGaA 2,144  134,084 
Henkel AG & Co. KGaA, Preference Shares 5,615  362,356 
Hensoldt AG 2,635  58,598 
HOCHTIEF AG 2,939  145,106 
Hornbach Holding AG & Co. KGaA 1,507  106,298 
HUGO BOSS AG 24,672  1,344,678 
Hypoport SE(2)
257  50,186 
Indus Holding AG 3,842  85,767 
Infineon Technologies AG 82,216  2,011,732 
Instone Real Estate Group SE 11,568  102,401 
Jenoptik AG 5,068  107,250 
JOST Werke AG 3,780  140,092 
Jungheinrich AG, Preference Shares 9,461  230,978 
131

Avantis International Equity ETF
Shares Value
K+S AG 42,438  $ 966,805 
KION Group AG 7,460  298,078 
Kloeckner & Co. SE 16,800  151,610 
Knorr-Bremse AG 14,640  709,526 
Koenig & Bauer AG(2)
2,590  30,192 
Kontron AG 12,365  188,123 
Krones AG 2,792  229,933 
KSB SE & Co. KGaA 17  6,560 
KSB SE & Co. KGaA, Preference Shares 67  20,704 
KWS Saat SE & Co. KGaA 1,413  85,976 
Lang & Schwarz AG 1,638  23,339 
Lanxess AG 18,241  615,479 
LEG Immobilien SE 11,024  833,125 
Leoni AG(2)
7,189  50,385 
MBB SE 132  12,785 
Medios AG(2)
1,294  31,718 
Mercedes-Benz Group AG 61,129  3,427,239 
Merck KGaA 5,505  945,649 
METRO AG(2)
9,856  78,465 
MLP SE 5,074  28,023 
MorphoSys AG(2)
1,781  31,029 
MPH Health Care AG(2)
17  285 
MTU Aero Engines AG 8,439  1,488,322 
Muenchener Rueckversicherungs-Gesellschaft AG 11,549  2,759,296 
Mutares SE & Co. KGaA 2,739  44,207 
Nabaltec AG 291  7,953 
Nagarro SE(2)
1,730  173,850 
Nemetschek SE 6,129  361,060 
New Work SE 663  79,033 
Nordex SE(2)
1,802  17,327 
Norma Group SE 4,199  66,024 
Patrizia SE 1,333  16,854 
Pfeiffer Vacuum Technology AG 154  20,324 
Porsche Automobil Holding SE, Preference Shares 16,225  1,144,017 
ProSiebenSat.1 Media SE 13,178  101,865 
Puma SE 6,056  370,164 
PVA TePla AG(2)
3,677  61,762 
QIAGEN NV(2)
20,134  914,688 
Rational AG 334  180,147 
Rheinmetall AG 9,743  1,546,652 
RTL Group SA 593  22,033 
RWE AG 97,653  3,728,137 
SAF-Holland SE 8,108  64,521 
Salzgitter AG 6,881  169,166 
SAP SE, ADR 24,681  2,103,315 
Sartorius AG, Preference Shares 2,363  984,485 
Schaeffler AG, Preference Shares 28,279  147,331 
Scout24 SE 4,541  261,621 
Secunet Security Networks AG 211  45,913 
SGL Carbon SE(2)
12,264  83,347 
Siemens AG 27,557  2,791,362 
132

Avantis International Equity ETF
Shares Value
Siemens Energy AG(2)
38,926  $ 572,574 
Siemens Healthineers AG 18,389  898,599 
Siltronic AG 3,112  213,257 
Sixt SE 1,906  186,383 
Sixt SE, Preference Shares 2,216  132,451 
SMA Solar Technology AG(2)
134  6,742 
Software AG 298  8,106 
Stabilus SA 4,968  254,106 
Steico SE 1,178  90,554 
STO SE & Co. KGaA, Preference Shares 497  77,735 
STRATEC SE 1,501  127,939 
Stroeer SE & Co. KGaA 3,977  169,015 
Suedzucker AG 10,333  141,698 
SUESS MicroTec SE 3,511  43,479 
Symrise AG 10,407  1,088,928 
TAG Immobilien AG 30,520  281,562 
TeamViewer AG(2)
24,430  244,470 
Technotrans SE 448  12,162 
Telefonica Deutschland Holding AG 472,423  1,226,383 
ThyssenKrupp AG(2)
126,700  706,716 
Uniper SE 3,325  17,991 
United Internet AG 11,304  255,703 
Varta AG 2,459  172,516 
VERBIO Vereinigte BioEnergie AG 3,962  254,292 
Villeroy & Boch AG, Preference Shares 748  14,121 
Vitesco Technologies Group AG, Class A(2)
2,779  135,714 
Volkswagen AG 1,703  315,005 
Volkswagen AG, Preference Shares 13,068  1,858,781 
Vonovia SE 65,618  1,776,379 
Vossloh AG 720  24,618 
Wacker Chemie AG 2,956  420,396 
Wacker Neuson SE 6,179  102,298 
Washtec AG 1,313  52,657 
Wuestenrot & Wuerttembergische AG 2,845  46,330 
Zalando SE(2)
9,249  214,141 
93,745,139 
Hong Kong — 2.6%
AIA Group Ltd. 719,464  6,922,133 
ASMPT Ltd. 83,200  644,418 
Atlas Corp.(1)
30,546  438,335 
Bank of East Asia Ltd. 418,411  527,157 
BOC Hong Kong Holdings Ltd. 455,500  1,567,740 
Bossini International Holdings Ltd.(2)
40,000  2,358 
Bright Smart Securities & Commodities Group Ltd. 8,000  1,281 
Budweiser Brewing Co. APAC Ltd. 64,100  188,418 
Cafe de Coral Holdings Ltd. 54,000  77,311 
China Tonghai International Financial Ltd.(2)
20,000  429 
Chow Sang Sang Holdings International Ltd. 81,000  91,192 
Chow Tai Fook Jewellery Group Ltd. 53,800  108,284 
Chuang's Consortium International Ltd. 4,000  535 
Citychamp Watch & Jewellery Group Ltd.(2)
156,000  24,046 
133

Avantis International Equity ETF
Shares Value
CK Asset Holdings Ltd. 256,186  $ 1,729,195 
CK Hutchison Holdings Ltd. 115,000  742,630 
CK Infrastructure Holdings Ltd. 69,000  419,590 
CLP Holdings Ltd. 226,500  1,951,590 
CMBC Capital Holdings Ltd.(1)
73,000  15,782 
Cowell e Holdings, Inc.(1)(2)
60,000  121,620 
Dah Sing Banking Group Ltd. 49,200  38,205 
Dah Sing Financial Holdings Ltd. 28,400  75,609 
DFI Retail Group Holdings Ltd. 18,700  50,772 
Dickson Concepts International Ltd. 15,500  7,363 
E-Commodities Holdings Ltd. 518,000  115,689 
EC Healthcare 57,000  40,055 
Esprit Holdings Ltd.(1)(2)
152,500  18,946 
ESR Group Ltd.(2)
36,000  100,804 
Far East Consortium International Ltd. 17,000  5,388 
First Pacific Co. Ltd. 254,000  97,951 
Fosun Tourism Group(1)(2)
28,000  39,084 
FSE Lifestyle Services Ltd. 3,000  1,913 
Futu Holdings Ltd., ADR(1)(2)
4,006  196,655 
Galaxy Entertainment Group Ltd. 53,000  296,253 
Giordano International Ltd. 250,000  58,173 
Green Future Food Hydrocolloid Marine Science Co. Ltd.(2)
96,000  42,839 
Guotai Junan International Holdings Ltd. 520,000  52,172 
Haitong International Securities Group Ltd.(1)
470,800  52,088 
Hang Lung Group Ltd. 165,000  279,073 
Hang Lung Properties Ltd. 436,000  725,072 
Hang Seng Bank Ltd. 53,300  834,498 
Henderson Land Development Co. Ltd. 184,000  615,502 
HK Electric Investments & HK Electric Investments Ltd. 250,000  208,591 
HKT Trust & HKT Ltd. 190,000  254,900 
Hong Kong & China Gas Co. Ltd. 514,990  507,719 
Hong Kong Exchanges & Clearing Ltd. 58,188  2,344,658 
Hong Kong Technology Venture Co. Ltd.(1)
39,000  29,486 
Hongkong & Shanghai Hotels Ltd.(2)
20,000  17,917 
Hongkong Land Holdings Ltd. 200,200  967,785 
Hysan Development Co. Ltd. 112,000  315,643 
IGG, Inc. 137,000  58,896 
International Housewares Retail Co. Ltd. 24,000  8,860 
IRC Ltd.(1)(2)
1,018,000  17,464 
Jardine Matheson Holdings Ltd. 12,100  641,683 
JBM Healthcare Ltd.(2)
1,000  102 
Johnson Electric Holdings Ltd. 64,500  76,179 
K Wah International Holdings Ltd. 171,000  64,489 
Karrie International Holdings Ltd. 96,000  16,843 
Kerry Logistics Network Ltd. 9,566  21,031 
Kerry Properties Ltd. 160,500  370,039 
Kwoon Chung Bus Holdings Ltd.(2)
4,000  947 
Lifestyle International Holdings Ltd.(2)
18,000  10,535 
LK Technology Holdings Ltd.(1)
82,250  120,205 
Luk Fook Holdings International Ltd. 81,000  207,058 
Man Wah Holdings Ltd. 172,400  136,239 
134

Avantis International Equity ETF
Shares Value
Melco Resorts & Entertainment Ltd., ADR(2)
12,986  $ 74,799 
Modern Dental Group Ltd. 48,000  13,674 
MTR Corp. Ltd. 70,286  359,957 
Multifield International Holdings Ltd. 6,400  774 
New World Development Co. Ltd. 436,750  1,423,185 
NWS Holdings Ltd. 251,000  241,463 
Oriental Watch Holdings 122,000  69,667 
Pacific Basin Shipping Ltd. 2,155,000  764,874 
Pacific Textiles Holdings Ltd. 190,000  71,352 
Paliburg Holdings Ltd.(2)
4,000  952 
PAX Global Technology Ltd. 82,000  78,379 
PC Partner Group Ltd.(1)
54,000  51,338 
PCCW Ltd. 326,357  163,377 
Perfect Medical Health Management Ltd. 64,000  32,727 
Power Assets Holdings Ltd. 141,000  843,350 
Sa Sa International Holdings Ltd.(2)
194,000  31,547 
Sands China Ltd.(2)
60,800  135,955 
SAS Dragon Holdings Ltd. 4,000  1,936 
Shangri-La Asia Ltd.(2)
40,000  31,908 
Shun Tak Holdings Ltd.(2)
104,000  17,319 
Singamas Container Holdings Ltd. 614,000  56,877 
Sino Land Co. Ltd. 818,094  1,196,319 
SITC International Holdings Co. Ltd. 270,000  684,674 
SJM Holdings Ltd.(1)(2)
108,000  37,660 
SmarTone Telecommunications Holdings Ltd. 36,500  19,533 
Solargiga Energy Holdings Ltd.(2)
355,000  13,941 
Stella International Holdings Ltd. 30,000  34,996 
Sun Hung Kai & Co. Ltd. 33,000  15,209 
Sun Hung Kai Properties Ltd. 59,500  699,019 
SUNeVision Holdings Ltd. 107,000  70,101 
Swire Pacific Ltd., Class A 145,500  1,006,391 
Swire Properties Ltd. 159,000  366,451 
Symphony Holdings Ltd. 10,000  1,260 
Techtronic Industries Co. Ltd. 49,000  577,917 
Ten Pao Group Holdings Ltd. 68,000  12,436 
Texhong Textile Group Ltd. 52,500  49,326 
Texwinca Holdings Ltd. 26,000  4,622 
Theme International Holdings Ltd.(1)(2)
620,000  73,301 
Time Interconnect Technology Ltd.(1)
184,000  53,248 
United Energy Group Ltd. 2,374,000  292,939 
United Laboratories International Holdings Ltd. 176,000  85,199 
Upbest Group Ltd. 6,000  531 
Value Partners Group Ltd.(1)
204,000  59,834 
Vitasoy International Holdings Ltd.(2)
62,000  97,093 
VSTECS Holdings Ltd. 144,000  95,201 
VTech Holdings Ltd. 29,000  197,212 
WH Group Ltd. 2,020,478  1,376,598 
Wharf Real Estate Investment Co. Ltd. 111,000  505,071 
Wynn Macau Ltd.(1)(2)
48,800  29,340 
Xinyi Electric Storage Holdings Ltd.(2)
52,800  39,163 
Xinyi Glass Holdings Ltd. 409,000  755,378 
135

Avantis International Equity ETF
Shares Value
Yue Yuen Industrial Holdings Ltd. 139,500  $ 207,998 
Zensun Enterprises Ltd.(2)
25,000  7,893 
38,846,681 
Ireland — 0.5%
AIB Group PLC(1)
124,050  281,398 
Bank of Ireland Group PLC 212,309  1,308,152 
Cairn Homes PLC 92,984  92,737 
CRH PLC 53,807  1,986,963 
Dalata Hotel Group PLC(2)
37,001  129,602 
FBD Holdings PLC 1,492  15,225 
Glanbia PLC 63,158  803,754 
Glenveagh Properties PLC(2)
145,981  148,583 
Kerry Group PLC, A Shares 9,433  972,747 
Kingspan Group PLC 4,634  262,372 
Origin Enterprises PLC 27,398  102,706 
Permanent TSB Group Holdings PLC(2)
426  653 
Smurfit Kappa Group PLC 48,775  1,635,405 
Uniphar PLC(2)
32,134  109,693 
7,849,990 
Israel — 1.1%
Adgar Investment and Development Ltd. 1,776  3,907 
AFI Properties Ltd. 610  30,147 
Airport City Ltd.(2)
6,471  135,417 
Alony Hetz Properties & Investments Ltd. 10,272  165,653 
Altshuler Shaham Penn Ltd. 9,392  28,741 
Amot Investments Ltd. 10,164  72,641 
Arad Investment & Industrial Development Ltd. 146  20,582 
Arad Ltd. 793  11,597 
Ashtrom Group Ltd. 3,049  77,601 
AudioCodes Ltd. 1,060  23,585 
Azorim-Investment Development & Construction Co. Ltd. 10,263  41,953 
Azrieli Group Ltd. 1,582  131,237 
Bank Hapoalim BM 128,808  1,335,410 
Bank Leumi Le-Israel BM 116,307  1,229,507 
Bezeq The Israeli Telecommunication Corp. Ltd. 351,303  592,265 
Big Shopping Centers Ltd. 574  82,075 
Blue Square Real Estate Ltd. 749  64,733 
Caesarstone Ltd. 3,402  34,666 
Camtek Ltd.(2)
4,223  113,330 
Carasso Motors Ltd. 1,574  9,977 
Cellcom Israel Ltd.(2)
14,231  89,026 
Ceragon Networks Ltd.(1)(2)
817  1,806 
Check Point Software Technologies Ltd.(2)
5,978  718,795 
Clal Insurance Enterprises Holdings Ltd.(2)
10,976  237,009 
Cognyte Software Ltd.(2)
9,975  52,070 
CyberArk Software Ltd.(2)
901  129,996 
Danel Adir Yeoshua Ltd. 474  57,898 
Delek Automotive Systems Ltd. 6,943  107,066 
Delek Group Ltd.(2)
1,498  260,182 
Delta Galil Industries Ltd. 1,972  104,617 
Elbit Systems Ltd. 1,295  276,465 
136

Avantis International Equity ETF
Shares Value
Elco Ltd. 589  $ 41,389 
Electra Consumer Products 1970 Ltd. 1,594  73,692 
Electra Ltd. 168  106,633 
Equital Ltd.(2)
2,203  81,822 
Fattal Holdings 1998 Ltd.(2)
775  95,433 
FIBI Holdings Ltd. 2,134  112,172 
First International Bank of Israel Ltd. 6,306  293,455 
Formula Systems 1985 Ltd. 165  16,389 
Fox Wizel Ltd. 923  133,981 
Gav-Yam Lands Corp. Ltd. 4,677  47,617 
Gazit-Globe Ltd. 7,325  47,680 
Gilat Satellite Networks Ltd.(2)
3,128  20,328 
Hagag Group Real Estate Development(2)
921  6,390 
Harel Insurance Investments & Financial Services Ltd. 20,663  234,938 
Hilan Ltd. 1,433  87,192 
ICL Group Ltd. 52,490  501,210 
IDI Insurance Co. Ltd. 759  24,772 
Ilex Medical Ltd. 429  10,157 
Infinya Ltd. 146  14,812 
Inmode Ltd.(2)
3,377  107,861 
Inrom Construction Industries Ltd. 17,244  80,368 
Isracard Ltd. 42,940  142,936 
Israel Corp. Ltd.(2)
371  179,325 
Israel Discount Bank Ltd., A Shares 199,817  1,221,611 
Israel Land Development - Urban Renewal Ltd. 1,768  31,507 
Isras Investment Co. Ltd. 161  38,562 
Ituran Location and Control Ltd. 2,962  73,635 
Kamada Ltd.(2)
543  2,692 
Kenon Holdings Ltd. 1,670  67,843 
M Yochananof & Sons Ltd. 742  46,674 
Magic Software Enterprises Ltd. 2,798  48,044 
Malam - Team Ltd. 872  20,907 
Matrix IT Ltd. 2,263  59,389 
Maytronics Ltd. 1,809  25,987 
Mediterranean Towers Ltd. 6,613  21,425 
Mega Or Holdings Ltd. 1,423  49,218 
Melisron Ltd. 1,050  85,746 
Menora Mivtachim Holdings Ltd.(2)
3,436  79,144 
Migdal Insurance & Financial Holdings Ltd. 41,156  68,000 
Mivne Real Estate KD Ltd. 43,225  158,639 
Mizrahi Tefahot Bank Ltd. 10,231  416,090 
Nano Dimension Ltd., ADR(1)(2)
13,394  39,780 
Naphtha Israel Petroleum Corp. Ltd.(2)
1,311  7,893 
Nawi Brothers Ltd. 1,423  12,573 
Neto Malinda Trading Ltd.(2)
518  20,060 
Nice Ltd., ADR(1)(2)
2,084  444,663 
Norstar Holdings, Inc. 4,992  47,947 
Nova Ltd.(2)
1,909  187,329 
Oil Refineries Ltd. 342,881  147,232 
One Software Technologies Ltd. 4,313  79,514 
OPC Energy Ltd.(2)
—  5 
137

Avantis International Equity ETF
Shares Value
Partner Communications Co. Ltd.(2)
34,501  $ 298,404 
Paz Oil Co. Ltd.(2)
2,369  310,570 
Perion Network Ltd.(2)
5,009  101,910 
Phoenix Holdings Ltd. 23,029  277,792 
Prashkovsky Investments and Construction Ltd. 500  16,714 
Radware Ltd.(2)
1,044  22,404 
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. 1,156  89,464 
Raval Ics Ltd. 1,209  1,690 
Sapiens International Corp. NV 1,050  23,608 
Scope Metals Group Ltd. 1,450  72,686 
Shapir Engineering and Industry Ltd. 10,541  100,690 
Shikun & Binui Ltd.(2)
11,988  54,202 
Shufersal Ltd. 103,288  707,383 
Silicom Ltd.(2)
230  9,287 
Strauss Group Ltd. 3,660  95,711 
Summit Real Estate Holdings Ltd. 3,162  59,613 
Tamar Petroleum Ltd. 11,193  36,197 
Taro Pharmaceutical Industries Ltd.(2)
711  23,932 
Tel Aviv Stock Exchange Ltd. 8,957  42,595 
Tera Light Ltd.(2)
1,179  2,253 
Teva Pharmaceutical Industries Ltd., ADR(2)
45,177  408,400 
Tower Semiconductor Ltd.(2)
9,975  467,565 
Victory Supermarket Chain Ltd.(2)
392  6,093 
Wix.com Ltd.(2)
1,032  65,315 
YH Dimri Construction & Development Ltd. 818  64,848 
ZIM Integrated Shipping Services Ltd.(1)
18,621  672,032 
ZUR Shamir Holdings Ltd. 917  3,585 
16,237,558 
Italy — 2.0%
A2A SpA 325,731  364,995 
ACEA SpA 10,837  129,770 
Amplifon SpA 11,893  309,943 
Aquafil SpA 3,718  22,734 
Arnoldo Mondadori Editore SpA 34,065  55,614 
Ascopiave SpA 16,797  43,509 
Assicurazioni Generali SpA 66,664  977,744 
Atlantia SpA 52,992  1,213,435 
Autogrill SpA(2)
19,777  129,713 
Avio SpA(1)
486  6,702 
Azimut Holding SpA 30,969  493,338 
Banca Generali SpA 10,388  274,611 
Banca IFIS SpA 7,262  86,713 
Banca Mediolanum SpA 28,932  184,360 
Banca Popolare di Sondrio SCPA 116,760  373,899 
Banco BPM SpA 356,680  885,577 
Banco di Desio e della Brianza SpA(1)
1,492  4,555 
BFF Bank SpA 32,161  203,578 
Biesse SpA 2,461  31,247 
BPER Banca 185,711  279,244 
Brembo SpA 19,714  180,799 
Brunello Cucinelli SpA 6,919  358,347 
138

Avantis International Equity ETF
Shares Value
Buzzi Unicem SpA 8,576  $ 143,440 
Cairo Communication SpA 8,514  13,234 
Carel Industries SpA 3,267  70,014 
Cementir Holding NV 4,280  24,791 
CIR SpA-Compagnie Industriali(2)
75,799  31,814 
CNH Industrial NV 117,925  1,435,745 
Credito Emiliano SpA 13,483  77,948 
d'Amico International Shipping SA(2)
528,777  127,008 
Danieli & C Officine Meccaniche SpA 2,036  37,426 
Danieli & C Officine Meccaniche SpA, Preference Shares 7,286  92,588 
Davide Campari-Milano NV 4,788  46,974 
De' Longhi SpA 513  8,960 
DiaSorin SpA 963  126,330 
Digital Bros SpA(1)
1,147  28,289 
Digital Value SpA(2)
772  51,490 
doValue SpA 10,061  57,629 
Enav SpA(2)
36,812  152,185 
Enel SpA 303,870  1,427,907 
Eni SpA, ADR(1)
99,990  2,361,764 
ERG SpA 9,964  315,786 
Esprinet SpA 2,865  19,488 
Ferrari NV 5,193  1,002,469 
Fila SpA 2,851  21,512 
Fincantieri SpA(1)(2)
120,808  60,564 
FinecoBank Banca Fineco SpA 82,872  896,036 
Gruppo MutuiOnline SpA 711  17,544 
Hera SpA(1)
241,038  603,769 
Infrastrutture Wireless Italiane SpA 3,592  33,290 
Intek Group SpA(2)
23,351  13,263 
Interpump Group SpA 1,856  65,500 
Intesa Sanpaolo SpA 967,908  1,666,244 
Iren SpA 238,529  359,456 
Italgas SpA 160,687  826,523 
Iveco Group NV(2)
58,910  297,873 
Juventus Football Club SpA(1)(2)
47,074  17,024 
Leonardo SpA 93,353  763,982 
Maire Tecnimont SpA(1)
27,880  70,754 
MARR SpA 4,760  55,900 
Mediobanca Banca di Credito Finanziario SpA 42,382  335,491 
MFE-MediaForEurope NV, Class A(2)
209,805  88,999 
MFE-MediaForEurope NV, Class B(2)
43,310  25,194 
Moncler SpA 14,538  646,821 
Nexi SpA(2)
13,406  109,989 
OVS SpA 78,160  118,185 
Pharmanutra SpA 424  28,737 
Piaggio & C SpA 14,394  35,161 
Poste Italiane SpA 64,004  511,519 
Prysmian SpA 16,073  493,164 
RAI Way SpA 19,720  95,384 
Recordati Industria Chimica e Farmaceutica SpA 7,622  310,977 
Reply SpA 1,488  175,165 
139

Avantis International Equity ETF
Shares Value
Safilo Group SpA(2)
13,716  $ 19,215 
Saipem SpA(1)(2)
135,168  94,823 
Salvatore Ferragamo SpA(1)
9,920  159,555 
Sanlorenzo SpA/Ameglia 1,000  31,418 
Saras SpA(2)
226,969  274,921 
Sesa SpA 1,467  179,320 
Snam SpA 215,447  1,023,999 
SOL SpA 2,502  44,691 
Stellantis NV 165,698  2,207,185 
Technogym SpA 16,948  116,218 
Telecom Italia SpA/Milano(2)
743,208  153,293 
Tenaris SA, ADR 6,871  187,716 
Terna - Rete Elettrica Nazionale 110,963  788,859 
Tinexta Spa 922  20,392 
Tod's SpA(2)
1,049  42,387 
UniCredit SpA 194,532  1,903,668 
Unieuro SpA(1)
3,508  39,889 
Unipol Gruppo SpA 52,115  218,236 
Webuild SpA(1)
86,058  120,858 
Zignago Vetro SpA 2,366  26,931 
30,661,300 
Japan — 21.1%
77 Bank Ltd. 11,800  150,526 
A&D HOLON Holdings Co. Ltd. 4,300  29,440 
ABC-Mart, Inc.(1)
700  28,159 
Acom Co. Ltd. 24,300  57,792 
Adastria Co. Ltd.(1)
1,200  17,372 
ADEKA Corp. 11,700  197,430 
Advantest Corp. 13,300  753,250 
Adventure, Inc. 600  45,655 
Adways, Inc. 7,600  40,740 
Aeon Co. Ltd.(1)
26,200  511,050 
Aeon Delight Co. Ltd.(1)
3,100  63,369 
Aeon Fantasy Co. Ltd.(1)
2,400  61,556 
AEON Financial Service Co. Ltd.(1)
28,900  296,814 
Aeon Mall Co. Ltd.(1)
19,200  229,005 
AFC-HD AMS Life Science Co. Ltd. 2,500  13,846 
AGC, Inc. 47,400  1,608,706 
Ai Holdings Corp. 3,600  55,064 
Aichi Bank Ltd. 1,700  70,706 
Aichi Steel Corp. 1,300  19,278 
Aida Engineering Ltd. 3,300  20,333 
Aiful Corp. 51,800  146,146 
Ain Holdings, Inc. 4,600  262,903 
Air Water, Inc. 28,200  352,783 
Airport Facilities Co. Ltd. 1,300  5,206 
Airtrip Corp.(1)
800  15,040 
Aisan Industry Co. Ltd. 6,000  31,422 
Aisin Corp. 16,800  499,542 
Aizawa Securities Group Co. Ltd. 300  1,392 
Ajinomoto Co., Inc. 52,200  1,442,800 
140

Avantis International Equity ETF
Shares Value
Akatsuki, Inc. 1,900  $ 32,296 
Akebono Brake Industry Co. Ltd.(2)
15,900  19,369 
Alconix Corp. 4,500  45,775 
Alfresa Holdings Corp.(1)
22,400  268,048 
Alpen Co. Ltd.(1)
3,500  52,681 
Alps Alpine Co. Ltd.(1)
44,100  394,511 
Altech Corp. 1,500  20,102 
Amada Co. Ltd. 49,500  387,311 
Amano Corp. 9,500  175,738 
ANA Holdings, Inc.(2)
5,000  96,132 
Anritsu Corp. 21,100  248,722 
AOKI Holdings, Inc. 7,300  36,905 
Aoyama Trading Co. Ltd. 13,000  86,251 
Aozora Bank Ltd. 23,400  451,677 
Arakawa Chemical Industries Ltd.(1)
3,500  25,721 
Arata Corp. 10,500  311,108 
Arcland Sakamoto Co. Ltd.(1)
8,500  91,144 
Arcland Service Holdings Co. Ltd.(1)
3,200  47,611 
Arcs Co. Ltd.(1)
7,400  108,203 
Arealink Co. Ltd. 100  1,367 
Argo Graphics, Inc. 4,100  114,102 
Arisawa Manufacturing Co. Ltd. 6,100  58,219 
ARTERIA Networks Corp. 5,700  53,302 
ArtSpark Holdings, Inc. 6,300  42,137 
AS One Corp. 600  27,518 
Asahi Diamond Industrial Co. Ltd. 12,200  68,074 
Asahi Group Holdings Ltd. 13,100  439,220 
Asahi Holdings, Inc.(1)
5,400  80,487 
Asahi Intecc Co. Ltd. 2,500  44,469 
Asahi Kasei Corp. 181,800  1,328,556 
ASAHI YUKIZAI Corp. 4,100  67,480 
Asanuma Corp. 2,000  40,526 
Asia Pile Holdings Corp. 6,000  21,700 
Asics Corp. 24,700  451,618 
ASKA Pharmaceutical Holdings Co. Ltd. 3,500  29,739 
ASKUL Corp. 4,200  55,485 
Astellas Pharma, Inc. 77,900  1,104,449 
Astena Holdings Co. Ltd. 6,000  19,260 
Aucnet, Inc.(1)
3,500  54,280 
Autobacs Seven Co. Ltd. 8,300  85,080 
Avant Corp. 1,700  18,387 
Awa Bank Ltd.(1)
5,100  69,519 
Axial Retailing, Inc. 3,200  79,868 
Azbil Corp. 2,500  71,233 
Bandai Namco Holdings, Inc. 15,400  1,155,564 
Bando Chemical Industries Ltd. 2,900  21,017 
Bank of Iwate Ltd.(1)
1,100  14,732 
Bank of Kyoto Ltd. 4,300  167,601 
Bank of Nagoya Ltd. 2,100  46,708 
Bank of Saga Ltd. 200  2,155 
Bank of the Ryukyus Ltd.(1)
5,400  30,084 
141

Avantis International Equity ETF
Shares Value
BayCurrent Consulting, Inc. 1,100  $ 323,257 
Belc Co. Ltd. 2,600  104,238 
Bell System24 Holdings, Inc.(1)
2,900  30,926 
Belluna Co. Ltd. 9,800  51,935 
Benefit One, Inc. 5,900  87,342 
Benesse Holdings, Inc. 12,500  196,472 
Bic Camera, Inc.(1)
26,900  220,198 
BIPROGY Inc 12,300  272,403 
BML, Inc. 6,400  163,774 
Bourbon Corp. 200  3,070 
Bridgestone Corp. 50,400  1,934,059 
Brother Industries Ltd. 39,200  750,190 
Bunka Shutter Co. Ltd. 8,400  64,423 
C Uyemura & Co. Ltd. 2,600  121,677 
Calbee, Inc. 6,600  130,968 
Canon Electronics, Inc. 1,400  16,321 
Canon Marketing Japan, Inc. 4,700  106,581 
Canon, Inc., ADR(1)
59,437  1,419,356 
Capcom Co. Ltd. 24,700  674,179 
Carenet, Inc. 3,600  30,829 
Carta Holdings, Inc.(1)
1,900  23,843 
Casio Computer Co. Ltd.(1)
8,700  82,169 
Cawachi Ltd. 2,200  33,402 
Central Automotive Products Ltd. 700  11,463 
Central Glass Co. Ltd. 10,600  255,748 
Central Japan Railway Co. 4,200  494,466 
Central Security Patrols Co. Ltd. 1,000  18,073 
Central Sports Co. Ltd. 1,100  19,975 
Charm Care Corp. KK 3,900  34,894 
Chiba Bank Ltd. 42,300  228,498 
Chilled & Frozen Logistics Holdings Co. Ltd. 100  886 
Chiyoda Corp.(2)
7,800  22,221 
Chofu Seisakusho Co. Ltd. 1,200  17,142 
Chubu Electric Power Co., Inc. 24,500  249,136 
Chudenko Corp. 3,900  59,582 
Chugai Pharmaceutical Co. Ltd. 41,900  1,081,358 
Chugoku Bank Ltd.(1)
24,600  164,757 
Chugoku Electric Power Co., Inc.(1)
3,500  20,990 
Chugoku Marine Paints Ltd.(1)
3,500  22,192 
CI Takiron Corp. 5,800  22,788 
Citizen Watch Co. Ltd.(1)
64,000  273,448 
CKD Corp. 8,700  114,459 
CMIC Holdings Co. Ltd. 1,200  14,251 
CMK Corp. 10,700  35,974 
Coca-Cola Bottlers Japan Holdings, Inc. 30,000  306,812 
COLOPL, Inc. 5,100  25,770 
Colowide Co. Ltd. 10,200  137,120 
Computer Engineering & Consulting Ltd. 1,600  14,783 
COMSYS Holdings Corp.(1)
9,100  169,005 
Comture Corp. 1,800  31,352 
Concordia Financial Group Ltd. 120,600  382,452 
142

Avantis International Equity ETF
Shares Value
Core Corp. 100  $ 1,062 
Cosmo Energy Holdings Co. Ltd. 17,400  520,969 
Cosmos Pharmaceutical Corp. 1,600  168,518 
Create Restaurants Holdings, Inc.(1)
19,400  126,994 
Create SD Holdings Co. Ltd. 4,500  100,915 
Credit Saison Co. Ltd. 56,400  709,562 
Creek & River Co. Ltd. 2,300  39,805 
Cresco Ltd.(1)
1,000  13,202 
CTI Engineering Co. Ltd. 1,500  28,062 
Curves Holdings Co. Ltd.(1)
600  3,557 
CyberAgent, Inc. 58,000  565,458 
Cybozu, Inc. 2,000  19,293 
Dai Nippon Printing Co. Ltd. 18,100  380,984 
Dai Nippon Toryo Co. Ltd. 4,100  21,913 
Dai-ichi Life Holdings, Inc. 120,800  2,087,183 
Daicel Corp.(1)
60,200  378,069 
Daido Metal Co. Ltd.(1)
7,200  27,281 
Daido Steel Co. Ltd.(1)
2,200  61,715 
Daifuku Co. Ltd. 400  23,335 
Daiho Corp. 1,800  52,376 
Daiichi Jitsugyo Co. Ltd. 700  19,238 
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. 3,900  37,049 
Daiichi Sankyo Co. Ltd. 68,700  2,064,558 
Daiken Corp. 2,400  33,534 
Daikin Industries Ltd. 7,400  1,291,796 
Daikokutenbussan Co. Ltd. 1,300  55,203 
Daikyonishikawa Corp.(1)
5,500  23,070 
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. 1,200  15,432 
Daio Paper Corp.(1)
13,400  125,255 
Daiseki Co. Ltd. 3,480  104,356 
Daishi Hokuetsu Financial Group, Inc. 12,900  242,712 
Daishinku Corp.(1)
7,400  52,091 
Daito Pharmaceutical Co. Ltd. 1,100  20,986 
Daito Trust Construction Co. Ltd. 22,800  2,243,007 
Daiwa House Industry Co. Ltd. 30,500  681,895 
Daiwa Industries Ltd. 2,200  17,635 
Daiwa Securities Group, Inc.(1)
265,400  1,158,531 
Daiwabo Holdings Co. Ltd. 15,600  219,604 
DCM Holdings Co. Ltd.(1)
18,000  133,488 
DeNA Co. Ltd. 5,200  71,161 
Denka Co. Ltd. 21,800  522,242 
Denso Corp. 11,900  649,510 
Dentsu Group, Inc. 35,700  1,149,719 
Dexerials Corp. 24,500  681,188 
DIC Corp. 15,700  281,513 
Digital Arts, Inc. 1,600  74,358 
Digital Garage, Inc. 6,900  192,338 
Digital Hearts Holdings Co. Ltd. 700  9,234 
Dip Corp.(1)
4,200  108,632 
Direct Marketing MiX, Inc. 2,100  27,808 
Disco Corp. 3,000  728,429 
143

Avantis International Equity ETF
Shares Value
DKK Co. Ltd. 1,000  $ 18,099 
DKS Co. Ltd. 1,400  22,221 
DMG Mori Co. Ltd. 13,600  176,507 
Doshisha Co. Ltd. 3,100  33,892 
Doutor Nichires Holdings Co. Ltd. 1,100  12,722 
Dowa Holdings Co. Ltd. 9,400  354,324 
Dream Incubator, Inc.(2)
2,100  30,137 
DTS Corp. 5,100  131,398 
Duskin Co. Ltd. 5,600  115,441 
DyDo Group Holdings, Inc. 1,600  53,382 
E-Guardian, Inc. 1,800  38,741 
Eagle Industry Co. Ltd. 4,000  33,608 
Earth Corp. 2,400  93,889 
East Japan Railway Co. 7,500  388,475 
Ebara Corp. 17,900  678,081 
Ebara Jitsugyo Co. Ltd. 700  11,192 
Eco's Co. Ltd.(1)
1,500  20,230 
EDION Corp.(1)
21,600  185,808 
Eiken Chemical Co. Ltd. 4,400  60,135 
Eisai Co. Ltd. 17,000  693,144 
Eizo Corp. 3,500  95,268 
EJ Holdings, Inc. 2,400  22,372 
Elan Corp. 4,400  35,726 
Electric Power Development Co. Ltd.(1)
34,900  537,607 
Elematec Corp. 2,300  22,430 
en Japan, Inc. 3,000  51,269 
ENEOS Holdings, Inc. 478,500  1,808,215 
Enplas Corp. 800  24,248 
ESPEC Corp. 1,100  14,377 
Exedy Corp. 5,400  69,577 
EXEO Group, Inc. 21,700  332,930 
Ezaki Glico Co. Ltd. 5,400  140,506 
F.C.C. Co. Ltd. 6,000  62,098 
Fancl Corp. 1,400  28,306 
FANUC Corp. 1,500  241,649 
Fast Retailing Co. Ltd.(1)
1,100  643,205 
Feed One Co. Ltd. 6,420  32,349 
Ferrotec Holdings Corp. 15,100  343,701 
FIDEA Holdings Co. Ltd.(1)
4,040  38,345 
Fields Corp. 2,100  20,349 
Financial Products Group Co. Ltd. 11,700  105,046 
Fixstars Corp. 3,500  30,670 
FJ Next Holdings Co. Ltd. 4,300  31,805 
Food & Life Cos. Ltd. 10,600  166,810 
FP Corp. 6,800  159,627 
France Bed Holdings Co. Ltd. 3,000  21,265 
Fronteo, Inc.(1)
2,600  15,040 
Fudo Tetra Corp. 2,600  29,285 
Fuji Corp./Miyagi 1,800  16,193 
Fuji Electric Co. Ltd. 48,200  2,082,343 
Fuji Kyuko Co. Ltd. 1,000  29,419 
144

Avantis International Equity ETF
Shares Value
Fuji Media Holdings, Inc. 5,800  $ 45,900 
Fuji Seal International, Inc. 6,600  73,214 
Fuji Soft, Inc. 3,300  192,673 
Fujibo Holdings, Inc. 1,400  36,327 
Fujicco Co. Ltd. 1,300  18,212 
FUJIFILM Holdings Corp. 10,900  553,358 
Fujikura Composites, Inc. 3,700  27,169 
Fujikura Ltd. 85,700  608,581 
Fujimi, Inc. 1,600  76,587 
Fujimori Kogyo Co. Ltd. 3,200  80,964 
Fujitec Co. Ltd. 4,300  86,656 
Fujitsu Ltd. 10,900  1,282,638 
Fujiya Co. Ltd. 2,100  35,876 
Fukuda Corp. 500  17,649 
Fukui Bank Ltd.(1)
200  1,987 
Fukui Computer Holdings, Inc. 2,200  56,034 
Fukuoka Financial Group, Inc. 21,500  384,198 
Fukushima Galilei Co. Ltd. 1,200  31,301 
Fukuyama Transporting Co. Ltd. 3,600  81,764 
FULLCAST Holdings Co. Ltd. 3,500  61,239 
Funai Soken Holdings, Inc. 5,700  97,643 
Furukawa Battery Co. Ltd. 2,000  16,620 
Furukawa Co. Ltd. 2,100  19,039 
Furukawa Electric Co. Ltd. 9,200  161,168 
Furuno Electric Co. Ltd. 4,100  33,009 
Furyu Corp. 2,500  18,234 
Fuso Chemical Co. Ltd. 3,300  83,368 
Futaba Industrial Co. Ltd. 7,600  19,651 
Future Corp. 3,800  46,230 
Fuyo General Lease Co. Ltd. 4,000  236,209 
G-7 Holdings, Inc. 5,800  62,188 
G-Tekt Corp.(1)
4,300  43,007 
Gakken Holdings Co. Ltd. 4,800  33,824 
Gakkyusha Co. Ltd. 2,100  24,656 
Genky DrugStores Co. Ltd.(1)
2,500  65,742 
Geo Holdings Corp. 3,500  41,480 
Giken Ltd. 3,100  72,163 
GLOBERIDE, Inc. 8,100  158,747 
Glory Ltd. 10,700  168,940 
GMO Financial Holdings, Inc.(1)
7,400  40,260 
GMO Payment Gateway, Inc. 2,100  166,539 
Goldcrest Co. Ltd. 4,400  54,824 
Goldwin, Inc. 2,800  166,739 
Golf Digest Online, Inc. 3,400  51,526 
Gree, Inc.(1)
1,800  10,995 
gremz, Inc. 400  5,222 
GS Yuasa Corp. 8,000  145,169 
GungHo Online Entertainment, Inc. 10,500  173,393 
Gunma Bank Ltd.(1)
69,600  194,635 
Gunze Ltd. 3,600  101,747 
H-One Co. Ltd. 800  3,483 
145

Avantis International Equity ETF
Shares Value
H.U. Group Holdings, Inc. 15,200  $ 308,730 
H2O Retailing Corp. 19,700  138,794 
Hachijuni Bank Ltd. 60,400  207,126 
Hakudo Co. Ltd. 1,300  25,203 
Hakuhodo DY Holdings, Inc. 33,900  302,439 
Hakuto Co. Ltd. 5,500  130,668 
Halows Co. Ltd.(1)
700  15,373 
Hamakyorex Co. Ltd. 1,800  40,987 
Hamamatsu Photonics KK 12,600  534,223 
Hankyu Hanshin Holdings, Inc. 31,800  953,635 
Hanwa Co. Ltd. 14,400  356,237 
Happinet Corp. 4,000  46,346 
Haseko Corp. 24,200  277,314 
Hazama Ando Corp. 24,000  148,846 
Heiwa Corp. 13,600  206,886 
Heiwa Real Estate Co. Ltd. 8,400  236,868 
Heiwado Co. Ltd.(1)
7,300  104,342 
HI-LEX Corp. 1,900  14,650 
Hibiya Engineering Ltd. 2,000  26,741 
Hikari Tsushin, Inc. 2,000  252,851 
Hino Motors Ltd. 36,000  164,241 
Hioki EE Corp. 800  38,847 
Hirano Tecseed Co. Ltd.(1)
2,700  35,950 
Hirata Corp. 700  22,821 
Hirogin Holdings, Inc.(1)
45,400  199,776 
Hirose Electric Co. Ltd. 1,900  269,225 
Hisamitsu Pharmaceutical Co., Inc.(1)
1,500  36,325 
Hitachi Construction Machinery Co. Ltd. 14,400  296,030 
Hitachi Ltd. 57,200  2,857,829 
Hitachi Metals Ltd.(2)
14,100  212,159 
Hitachi Transport System Ltd. 3,300  208,336 
Hitachi Zosen Corp. 80,600  508,788 
Hochiki Corp. 300  2,892 
Hodogaya Chemical Co. Ltd. 1,100  25,624 
Hogy Medical Co. Ltd. 2,000  50,021 
Hokkaido Electric Power Co., Inc. 41,300  151,592 
Hokkoku Financial Holdings, Inc. 16,300  576,678 
Hokuetsu Corp. 27,300  146,918 
Hokuhoku Financial Group, Inc. 23,500  139,639 
Hokuriku Electric Power Co. 23,800  87,258 
Hokuto Corp. 2,300  31,811 
Honda Motor Co. Ltd., ADR 97,252  2,579,123 
Honeys Holdings Co. Ltd. 3,400  30,149 
Hoosiers Holdings Co. Ltd. 4,500  26,108 
Horiba Ltd. 8,300  378,096 
Hoshizaki Corp. 3,800  112,892 
Hosiden Corp. 8,200  93,166 
Hosokawa Micron Corp. 2,300  43,419 
House Foods Group, Inc. 2,300  48,797 
Hoya Corp. 12,556  1,280,420 
HS Holdings Co. Ltd. 7,600  63,591 
146

Avantis International Equity ETF
Shares Value
Hulic Co. Ltd. 63,800  $ 483,474 
Hyakugo Bank Ltd. 37,300  85,361 
Hyakujushi Bank Ltd. 4,000  48,803 
i-mobile Co. Ltd. 2,300  23,585 
I-PEX, Inc. 1,900  18,695 
Ibiden Co. Ltd. 16,000  507,825 
Ichigo, Inc. 5,900  12,894 
Ichinen Holdings Co. Ltd. 100  912 
Ichiyoshi Securities Co. Ltd. 2,700  12,303 
Idec Corp. 9,600  200,561 
Idemitsu Kosan Co. Ltd.(1)
59,000  1,555,668 
IDOM, Inc.(1)
14,400  85,224 
IHI Corp. 34,300  916,026 
Iida Group Holdings Co. Ltd.(1)
16,100  245,249 
Iino Kaiun Kaisha Ltd. 17,500  102,834 
IMAGICA GROUP, Inc. 5,500  35,589 
Inaba Denki Sangyo Co. Ltd. 11,300  222,845 
Inabata & Co. Ltd. 7,700  134,738 
Ines Corp. 1,400  15,628 
Infocom Corp. 3,600  52,154 
Information Services International-Dentsu Ltd. 1,000  32,460 
INFRONEER Holdings, Inc. 31,148  222,648 
Innotech Corp. 2,900  28,337 
INPEX Corp. 171,800  1,974,777 
Insource Co. Ltd. 3,200  64,217 
Intage Holdings, Inc. 6,100  70,048 
Internet Initiative Japan, Inc. 9,000  325,042 
Inui Global Logistics Co. Ltd. 2,800  42,893 
Iseki & Co. Ltd. 3,800  34,570 
Isetan Mitsukoshi Holdings Ltd. 28,100  222,045 
Ishihara Sangyo Kaisha Ltd. 7,300  58,666 
Isuzu Motors Ltd. 144,000  1,788,434 
Itfor, Inc. 100  567 
ITmedia, Inc. 1,600  20,742 
Ito En Ltd. 1,800  78,997 
ITOCHU Corp. 49,400  1,359,524 
Itochu Enex Co. Ltd. 15,600  122,392 
Itochu Techno-Solutions Corp. 4,500  113,567 
Itoham Yonekyu Holdings, Inc. 18,000  87,048 
IwaiCosmo Holdings, Inc. 2,500  22,555 
Iwatani Corp. 6,500  265,215 
Iyo Bank Ltd. 39,500  183,683 
Izumi Co. Ltd.(1)
5,700  123,013 
J Front Retailing Co. Ltd.(1)
82,000  649,890 
J-Oil Mills, Inc.(1)
1,700  19,541 
JAC Recruitment Co. Ltd. 1,100  15,570 
Jaccs Co. Ltd. 6,100  167,751 
JAFCO Group Co. Ltd. 17,500  253,265 
Japan Airlines Co. Ltd.(2)
5,000  91,452 
Japan Airport Terminal Co. Ltd.(2)
1,100  45,394 
Japan Aviation Electronics Industry Ltd. 8,600  143,819 
147

Avantis International Equity ETF
Shares Value
Japan Display, Inc.(2)
54,200  $ 24,413 
Japan Electronic Materials Corp.(1)
2,800  31,437 
Japan Elevator Service Holdings Co. Ltd. 5,500  73,340 
Japan Exchange Group, Inc. 47,500  707,855 
Japan Investment Adviser Co. Ltd. 3,700  35,817 
Japan Lifeline Co. Ltd. 14,500  105,264 
Japan Material Co. Ltd. 7,800  107,954 
Japan Petroleum Exploration Co. Ltd. 9,500  270,659 
Japan Post Bank Co. Ltd. 19,400  141,415 
Japan Post Holdings Co. Ltd. 272,800  1,881,988 
Japan Post Insurance Co. Ltd. 40,000  612,704 
Japan Pulp & Paper Co. Ltd. 700  21,957 
Japan Securities Finance Co. Ltd. 11,800  70,486 
Japan Steel Works Ltd. 9,100  194,290 
Japan Wool Textile Co. Ltd. 9,700  71,291 
JCR Pharmaceuticals Co. Ltd. 3,800  58,912 
JCU Corp. 1,900  44,791 
Jeol Ltd. 1,100  44,056 
JFE Holdings, Inc.(1)
124,800  1,340,795 
JGC Holdings Corp. 35,600  479,687 
JINS Holdings, Inc. 1,000  30,503 
JINUSHI Co. Ltd. 3,500  50,362 
JM Holdings Co. Ltd. 2,400  27,474 
JMDC, Inc. 700  33,256 
Joshin Denki Co. Ltd. 3,900  53,725 
Joyful Honda Co. Ltd. 10,400  129,729 
JSB Co. Ltd. 1,300  32,398 
JSP Corp. 2,500  25,951 
JSR Corp. 50,800  1,133,187 
JTEKT Corp. 22,000  154,868 
Juki Corp. 7,200  36,466 
Juroku Financial Group, Inc. 5,900  104,398 
Justsystems Corp. 2,200  55,236 
JVCKenwood Corp. 32,600  47,855 
K's Holdings Corp. 43,800  403,548 
Kadokawa Corp. 3,800  82,362 
Kaga Electronics Co. Ltd. 3,500  103,605 
Kagome Co. Ltd. 7,100  156,598 
Kajima Corp. 116,100  1,221,666 
Kakaku.com, Inc. 12,100  222,735 
Kakiyasu Honten Co. Ltd. 1,700  28,587 
Kameda Seika Co. Ltd. 800  26,134 
Kamei Corp. 200  1,573 
Kamigumi Co. Ltd. 13,700  268,094 
Kanamoto Co. Ltd. 7,100  109,299 
Kandenko Co. Ltd. 8,500  51,149 
Kaneka Corp. 7,800  209,210 
Kanematsu Corp. 40,200  434,883 
Kanematsu Electronics Ltd. 700  21,355 
Kansai Electric Power Co., Inc. 61,300  594,098 
Kansai Paint Co. Ltd. 7,000  107,285 
148

Avantis International Equity ETF
Shares Value
Kanto Denka Kogyo Co. Ltd. 11,800  $ 84,778 
Kao Corp. 22,000  952,606 
Katakura Industries Co. Ltd. 1,400  20,425 
Kato Sangyo Co. Ltd. 5,800  142,640 
Kawai Musical Instruments Manufacturing Co. Ltd. 800  15,702 
Kawasaki Heavy Industries Ltd. 18,800  364,871 
Kawasaki Kisen Kaisha Ltd.(1)
21,600  1,366,590 
KDDI Corp. 130,500  3,993,447 
KeePer Technical Laboratory Co. Ltd. 1,500  44,029 
Keihan Holdings Co. Ltd. 2,900  73,530 
Keihanshin Building Co. Ltd. 1,700  15,345 
Keikyu Corp. 9,000  92,485 
Keio Corp. 1,800  68,491 
Keisei Electric Railway Co. Ltd. 3,400  94,847 
KEIWA, Inc. 1,200  37,864 
Keiyo Bank Ltd. 14,300  49,727 
Keiyo Co. Ltd.(1)
1,300  8,514 
Kewpie Corp. 9,500  156,077 
Keyence Corp. 3,300  1,239,064 
KFC Holdings Japan Ltd. 600  12,069 
KH Neochem Co. Ltd. 10,900  200,582 
Kibun Foods, Inc. 3,400  24,153 
Kikkoman Corp. 6,900  421,925 
Kinden Corp. 8,500  89,694 
Kintetsu Group Holdings Co. Ltd. 7,000  237,697 
Kirin Holdings Co. Ltd. 27,200  447,760 
Kissei Pharmaceutical Co. Ltd. 3,100  55,196 
Kito Corp. 1,600  31,035 
Kitz Corp. 10,200  59,473 
Kiyo Bank Ltd. 13,400  143,995 
Koa Corp. 8,900  150,493 
Kobayashi Pharmaceutical Co. Ltd. 600  34,003 
Kobe Bussan Co. Ltd. 6,600  168,072 
Kobe Steel Ltd. 117,300  533,709 
Koei Tecmo Holdings Co. Ltd.(1)
2,100  70,405 
Kohnan Shoji Co. Ltd.(1)
24,200  599,862 
Koito Manufacturing Co. Ltd. 4,300  146,907 
Kojima Co. Ltd.(1)
8,100  37,138 
Kokusai Pulp & Paper Co. Ltd. 100  510 
Kokuyo Co. Ltd. 11,300  145,534 
Komatsu Ltd. 71,000  1,485,230 
Komatsu Matere Co. Ltd. 200  1,317 
KOMEDA Holdings Co. Ltd.(1)
7,000  115,501 
Komeri Co. Ltd. 7,500  140,860 
Konami Group Corp. 10,800  548,096 
Kondotec, Inc. 300  2,205 
Konica Minolta, Inc.(1)
77,200  267,304 
Konishi Co. Ltd. 5,300  62,004 
Konoike Transport Co. Ltd. 2,700  25,623 
Kose Corp. 500  47,087 
Kotobuki Spirits Co. Ltd. 200  11,516 
149


Avantis International Equity ETF
Shares Value
Krosaki Harima Corp. 600  $ 20,317 
Kubota Corp. 35,500  551,323 
Kumagai Gumi Co. Ltd. 18,900  361,572 
Kumiai Chemical Industry Co. Ltd. 7,800  60,773 
Kurabo Industries Ltd. 2,700  41,194 
Kuraray Co. Ltd. 49,400  375,234 
Kureha Corp. 3,800  255,182 
Kurita Water Industries Ltd. 17,900  696,442 
Kuriyama Holdings Corp. 3,800  24,328 
Kusuri no Aoki Holdings Co. Ltd. 3,000  132,333 
KYB Corp. 8,100  191,583 
Kyocera Corp. 12,800  711,472 
Kyoden Co. Ltd.(1)
4,600  20,709 
Kyoei Steel Ltd. 2,900  31,903 
Kyokuto Boeki Kaisha Ltd. 2,400  23,024 
Kyokuto Kaihatsu Kogyo Co. Ltd. 7,100  69,674 
Kyokuyo Co. Ltd. 1,200  31,407 
KYORIN Holdings, Inc. 900  11,314 
Kyowa Kirin Co. Ltd. 10,900  244,320 
Kyudenko Corp. 4,800  96,629 
Kyushu Electric Power Co., Inc. 44,400  266,843 
Kyushu Financial Group, Inc. 47,400  129,463 
Kyushu Railway Co. 10,700  225,081 
Lasertec Corp. 4,600  636,858 
Lawson, Inc.(1)
7,600  251,870 
LEC, Inc. 4,100  22,362 
Leopalace21 Corp.(2)
200  475 
LIKE, Inc. 1,200  19,343 
Link & Motivation, Inc. 4,500  20,599 
Lintec Corp. 6,500  108,332 
Lion Corp. 11,600  135,438 
LITALICO, Inc. 1,900  39,696 
Lixil Corp.(1)
27,400  476,471 
Loadstar Capital KK 2,400  32,025 
M&A Capital Partners Co. Ltd.(2)
700  17,274 
m-up Holdings, Inc. 6,500  67,247 
M3, Inc. 18,600  595,792 
Mabuchi Motor Co. Ltd. 2,600  73,818 
Macnica Holdings, Inc. 10,700  229,584 
Maeda Kosen Co. Ltd. 2,500  58,043 
Makino Milling Machine Co. Ltd. 18,100  571,150 
Makita Corp. 4,300  101,109 
Management Solutions Co. Ltd.(1)(2)
1,700  33,958 
Mandom Corp. 1,300  13,983 
MarkLines Co. Ltd. 1,900  30,534 
Marubeni Corp. 197,700  2,060,485 
Marudai Food Co. Ltd. 1,500  17,008 
Maruha Nichiro Corp. 8,900  159,138 
Marui Group Co. Ltd.(1)
11,100  199,086 
Maruichi Steel Tube Ltd. 4,700  100,194 
MARUKA FURUSATO Corp. 4,800  116,981 
150

Avantis International Equity ETF
Shares Value
Marumae Co. Ltd.(1)
1,200  $ 17,723 
Marusan Securities Co. Ltd.(1)
7,700  26,404 
Maruwa Co. Ltd.(1)
1,400  176,115 
Maruwa Unyu Kikan Co. Ltd.(1)
3,700  44,493 
Maruzen Showa Unyu Co. Ltd. 800  18,268 
Marvelous, Inc. 3,600  17,540 
Matsuda Sangyo Co. Ltd. 700  12,162 
Matsui Securities Co. Ltd. 19,000  108,238 
MatsukiyoCocokara & Co. 5,220  207,118 
Max Co. Ltd. 2,400  34,499 
Maxell Ltd. 11,900  126,217 
Maxvalu Tokai Co. Ltd. 800  15,563 
Mazda Motor Corp. 126,800  1,122,954 
McDonald's Holdings Co. Japan Ltd. 8,600  307,388 
Mebuki Financial Group, Inc. 323,200  619,435 
MEC Co. Ltd. 1,300  23,151 
Media Do Co. Ltd. 1,400  20,593 
Medical Data Vision Co. Ltd. 4,400  35,244 
Medipal Holdings Corp. 21,400  292,790 
MedPeer, Inc.(2)
100  1,137 
Megmilk Snow Brand Co. Ltd. 12,700  156,528 
Meidensha Corp. 6,400  91,738 
MEIJI Holdings Co. Ltd. 35,700  1,700,708 
Meiji Shipping Co. Ltd.(1)
1,900  11,163 
Meiko Electronics Co. Ltd.(1)
17,400  404,236 
Meisei Industrial Co. Ltd. 2,800  15,059 
Meitec Corp. 12,300  216,258 
Meiwa Corp.(1)
5,300  30,272 
Members Co. Ltd. 1,400  27,275 
Menicon Co. Ltd. 3,700  88,831 
Mercari, Inc.(2)
2,300  37,040 
METAWATER Co. Ltd. 400  5,884 
Micronics Japan Co. Ltd. 6,800  69,657 
Mie Kotsu Group Holdings, Inc. 100  347 
Milbon Co. Ltd. 1,400  58,964 
Mimasu Semiconductor Industry Co. Ltd. 3,700  56,268 
MINEBEA MITSUMI, Inc. 65,700  1,129,191 
Ministop Co. Ltd.(1)
1,900  19,283 
Mirait One Corp. 20,400  229,277 
Miroku Jyoho Service Co. Ltd. 1,400  15,500 
MISUMI Group, Inc. 9,100  223,370 
Mito Securities Co. Ltd. 2,600  4,952 
Mitsuba Corp. 6,200  19,705 
Mitsubishi Chemical Group Corp. 218,800  1,148,691 
Mitsubishi Corp. 104,700  3,427,944 
Mitsubishi Electric Corp. 79,700  805,778 
Mitsubishi Estate Co. Ltd. 27,300  367,645 
Mitsubishi Gas Chemical Co., Inc. 14,500  215,525 
Mitsubishi HC Capital, Inc. 131,040  635,055 
Mitsubishi Heavy Industries Ltd. 55,900  2,154,979 
Mitsubishi Logisnext Co. Ltd. 2,600  15,573 
151

Avantis International Equity ETF
Shares Value
Mitsubishi Logistics Corp.(1)
13,600  $ 353,384 
Mitsubishi Materials Corp. 14,800  220,890 
Mitsubishi Motors Corp.(2)
83,500  334,014 
Mitsubishi Pencil Co. Ltd. 3,700  37,099 
Mitsubishi Research Institute, Inc. 3,300  98,791 
Mitsubishi Shokuhin Co. Ltd. 3,400  83,456 
Mitsubishi Steel Manufacturing Co. Ltd. 2,900  21,534 
Mitsubishi UFJ Financial Group, Inc., ADR(1)
717,569  3,695,480 
Mitsuboshi Belting Ltd.(1)
6,000  137,932 
Mitsui & Co. Ltd. 97,900  2,297,627 
Mitsui Chemicals, Inc. 51,100  1,147,988 
Mitsui Fudosan Co. Ltd. 60,700  1,228,605 
Mitsui High-Tec, Inc. 2,500  154,618 
Mitsui Matsushima Holdings Co. Ltd.(1)
2,800  73,312 
Mitsui Mining & Smelting Co. Ltd. 19,300  455,781 
Mitsui OSK Lines Ltd.(1)
44,200  1,151,569 
Mitsui-Soko Holdings Co. Ltd. 9,200  222,365 
Miura Co. Ltd. 2,400  50,912 
Mixi, Inc. 5,000  85,847 
Miyaji Engineering Group, Inc. 700  15,972 
Miyazaki Bank Ltd. 1,900  30,367 
Mizuho Financial Group, Inc., ADR(1)
718,518  1,645,406 
Mizuho Leasing Co. Ltd. 5,300  128,015 
Mizuho Medy Co. Ltd. 1,900  40,728 
Mizuno Corp. 4,200  80,808 
Mochida Pharmaceutical Co. Ltd. 2,300  56,624 
Monex Group, Inc.(1)
28,900  103,066 
Monogatari Corp. 1,600  81,138 
MonotaRO Co. Ltd. 10,400  186,600 
Morinaga & Co. Ltd. 7,200  205,655 
Morinaga Milk Industry Co. Ltd. 6,600  201,797 
Morita Holdings Corp. 2,300  20,926 
MOS Food Services, Inc. 3,000  68,480 
MS&AD Insurance Group Holdings, Inc. 50,600  1,509,698 
Murata Manufacturing Co. Ltd. 36,000  1,938,471 
Musashi Seimitsu Industry Co. Ltd.(1)
5,300  64,208 
Musashino Bank Ltd. 3,800  46,319 
Nabtesco Corp. 14,300  338,633 
Nachi-Fujikoshi Corp. 2,900  78,683 
Nafco Co. Ltd.(1)
2,100  24,364 
Nagano Keiki Co. Ltd.(1)
3,200  25,193 
Nagase & Co. Ltd. 13,000  186,561 
Nagoya Railroad Co. Ltd. 2,400  37,129 
Nakanishi, Inc. 9,100  176,458 
Nankai Electric Railway Co. Ltd. 7,900  157,138 
Nanto Bank Ltd. 5,600  78,923 
Natori Co. Ltd. 1,000  15,063 
NEC Capital Solutions Ltd. 2,200  33,957 
NEC Corp. 20,400  744,022 
NEC Networks & System Integration Corp. 4,200  52,339 
Neturen Co. Ltd. 4,800  23,654 
152

Avantis International Equity ETF
Shares Value
Nexon Co. Ltd. 7,800  $ 155,314 
Nextage Co. Ltd. 5,900  128,095 
NGK Insulators Ltd. 43,400  619,642 
NGK Spark Plug Co. Ltd. 26,700  547,821 
NH Foods Ltd. 20,700  592,542 
NHK Spring Co. Ltd. 38,100  257,327 
Nichias Corp. 8,700  150,244 
Nichicon Corp. 9,000  94,663 
Nichiha Corp. 8,500  169,386 
Nichirei Corp. 15,700  280,670 
Nichireki Co. Ltd. 1,600  15,639 
Nidec Corp. 5,618  373,215 
Nifco, Inc. 15,000  338,548 
Nihon Chouzai Co. Ltd. 1,900  18,278 
Nihon Dempa Kogyo Co. Ltd. 6,300  68,459 
Nihon Kohden Corp. 10,400  237,511 
Nihon M&A Center Holdings, Inc. 7,100  87,992 
Nihon Nohyaku Co. Ltd. 4,900  30,139 
Nihon Parkerizing Co. Ltd. 7,500  51,622 
Nikkon Holdings Co. Ltd. 6,300  106,640 
Nikon Corp. 17,700  202,049 
Nintendo Co. Ltd. 5,100  2,087,668 
Nippn Corp. 6,000  67,672 
Nippon Carbon Co. Ltd. 1,600  47,075 
Nippon Chemi-Con Corp.(2)
4,300  56,356 
Nippon Chemical Industrial Co. Ltd. 1,300  19,676 
Nippon Coke & Engineering Co. Ltd. 46,500  33,649 
Nippon Denko Co. Ltd. 30,600  81,223 
Nippon Densetsu Kogyo Co. Ltd. 7,700  99,076 
Nippon Electric Glass Co. Ltd. 26,300  495,306 
NIPPON EXPRESS HOLDINGS, Inc. 15,000  825,341 
Nippon Fine Chemical Co. Ltd. 400  5,583 
Nippon Gas Co. Ltd. 11,000  175,099 
Nippon Kanzai Co. Ltd. 800  15,257 
Nippon Kayaku Co. Ltd. 14,800  128,583 
Nippon Koei Co. Ltd. 2,300  58,898 
Nippon Light Metal Holdings Co. Ltd. 10,120  116,446 
Nippon Paint Holdings Co. Ltd. 3,500  26,993 
Nippon Paper Industries Co. Ltd. 23,500  153,335 
Nippon Parking Development Co. Ltd. 50,500  58,368 
Nippon Pillar Packing Co. Ltd. 8,100  150,768 
Nippon Road Co. Ltd.(1)
700  31,162 
Nippon Sanso Holdings Corp. 5,000  90,936 
Nippon Seiki Co. Ltd. 6,500  38,425 
Nippon Seisen Co. Ltd.(1)
700  23,486 
Nippon Sheet Glass Co. Ltd.(2)
17,100  65,199 
Nippon Shinyaku Co. Ltd. 2,100  114,869 
Nippon Shokubai Co. Ltd. 5,200  206,199 
Nippon Signal Co. Ltd. 3,600  24,063 
Nippon Soda Co. Ltd. 6,800  224,860 
Nippon Steel Corp. 136,500  2,156,168 
153

Avantis International Equity ETF
Shares Value
Nippon Steel Trading Corp. 2,600  $ 100,034 
Nippon Suisan Kaisha Ltd. 72,600  297,083 
Nippon Telegraph & Telephone Corp. 92,600  2,509,856 
Nippon Television Holdings, Inc. 7,000  59,483 
Nippon Thompson Co. Ltd. 12,000  49,283 
Nippon Yakin Kogyo Co. Ltd.(1)
3,400  70,196 
Nippon Yusen KK(1)
29,100  2,219,578 
Nipro Corp. 42,000  341,933 
Nishi-Nippon Financial Holdings, Inc. 19,200  101,867 
Nishi-Nippon Railroad Co. Ltd. 12,400  256,579 
Nishimatsu Construction Co. Ltd.(1)
5,600  162,619 
Nishimatsuya Chain Co. Ltd. 9,700  113,615 
Nishio Rent All Co. Ltd. 8,400  175,248 
Nissan Chemical Corp. 14,100  710,394 
Nissan Motor Co. Ltd. 185,000  727,826 
Nissha Co. Ltd. 8,500  110,533 
Nisshin Oillio Group Ltd. 4,200  98,296 
Nisshin Seifun Group, Inc. 12,700  142,925 
Nisshinbo Holdings, Inc. 35,900  277,812 
Nissin Electric Co. Ltd. 6,200  66,072 
Nissin Foods Holdings Co. Ltd. 2,900  207,485 
Nisso Corp. 4,400  17,990 
Nitori Holdings Co. Ltd. 2,900  277,244 
Nitta Corp. 1,600  33,627 
Nittetsu Mining Co. Ltd. 1,000  44,284 
Nitto Denko Corp. 27,700  1,707,228 
Nitto Kogyo Corp.(1)
5,500  101,464 
Noevir Holdings Co. Ltd. 800  33,145 
NOF Corp. 3,800  144,006 
Nohmi Bosai Ltd. 3,100  36,688 
Nojima Corp. 9,800  197,442 
NOK Corp.(1)
15,700  139,537 
Nomura Micro Science Co. Ltd.(1)
1,300  34,285 
Noritake Co. Ltd./Nagoya Japan 1,000  30,057 
Noritsu Koki Co. Ltd. 2,600  48,325 
Noritz Corp. 4,200  46,577 
North Pacific Bank Ltd. 40,000  66,209 
NS Solutions Corp. 300  8,161 
NS Tool Co. Ltd.(1)
1,800  14,461 
NS United Kaiun Kaisha Ltd. 2,100  72,420 
NSD Co. Ltd. 2,200  39,541 
NSK Ltd.(1)
44,800  242,854 
NTN Corp.(2)
64,800  122,664 
NTT Data Corp. 74,900  1,054,020 
Obara Group, Inc.(1)
900  21,300 
Obayashi Corp. 128,300  887,398 
Obic Co. Ltd. 1,800  266,218 
Odakyu Electric Railway Co. Ltd. 5,400  73,770 
Ogaki Kyoritsu Bank Ltd. 4,800  59,537 
Ohsho Food Service Corp. 400  18,657 
Oiles Corp. 1,800  19,483 
154

Avantis International Equity ETF
Shares Value
Oisix ra daichi, Inc.(1)(2)
3,400  $ 46,254 
Oji Holdings Corp. 143,100  570,951 
Okamoto Industries, Inc. 900  25,152 
Okamoto Machine Tool Works Ltd. 700  20,180 
Okamura Corp. 8,100  77,344 
Okasan Securities Group, Inc. 20,100  48,197 
Oki Electric Industry Co. Ltd. 13,600  73,390 
Okinawa Cellular Telephone Co. 1,800  67,378 
Okinawa Electric Power Co., Inc.(1)
9,175  74,813 
Okinawa Financial Group, Inc. 2,600  39,913 
OKUMA Corp. 3,700  139,840 
Okumura Corp. 22,100  465,491 
Okura Industrial Co. Ltd.(1)
1,700  22,608 
Olympus Corp. 65,900  1,403,488 
Omron Corp. 2,600  136,828 
Ono Pharmaceutical Co. Ltd. 18,000  429,663 
Onoken Co. Ltd. 2,600  27,748 
Onward Holdings Co. Ltd. 23,400  46,150 
Open House Group Co. Ltd. 15,400  602,724 
Oracle Corp. (Tokyo) 2,200  131,057 
Organo Corp. 1,600  106,425 
Orient Corp. 75,200  65,763 
Oriental Land Co. Ltd. 1,300  193,814 
Oriental Shiraishi Corp. 8,200  14,832 
ORIX Corp., ADR 25,727  2,118,618 
Osaka Gas Co. Ltd. 9,300  156,644 
Osaka Organic Chemical Industry Ltd. 1,300  23,934 
Osaka Soda Co. Ltd.(1)
3,200  86,854 
Osaka Steel Co. Ltd. 2,100  19,191 
OSAKA Titanium Technologies Co. Ltd.(2)
12,000  273,594 
Osaki Electric Co. Ltd. 4,600  17,368 
OSG Corp. 11,500  158,370 
Otsuka Corp. 8,100  261,824 
Otsuka Holdings Co. Ltd. 13,200  431,146 
Outsourcing, Inc. 14,100  122,391 
Oyo Corp. 2,100  27,897 
Pacific Industrial Co. Ltd. 8,100  63,068 
Pacific Metals Co. Ltd. 600  10,461 
Pack Corp. 2,400  39,592 
PALTAC Corp. 1,300  37,394 
Pan Pacific International Holdings Corp. 46,000  825,958 
Panasonic Holdings Corp. 198,500  1,610,705 
Paramount Bed Holdings Co. Ltd. 10,300  194,069 
Park24 Co. Ltd.(2)
9,600  136,789 
PCA Corp.(1)
300  2,244 
Penta-Ocean Construction Co. Ltd. 167,600  884,479 
PeptiDream, Inc.(2)
6,600  78,699 
Persol Holdings Co. Ltd. 18,200  365,350 
Pharma Foods International Co. Ltd.(1)
2,200  23,610 
Pigeon Corp. 1,300  19,363 
Pilot Corp. 6,400  229,071 
155

Avantis International Equity ETF
Shares Value
Piolax, Inc. 3,900  $ 56,421 
Plenus Co. Ltd.(1)
3,900  53,528 
Pola Orbis Holdings, Inc. 1,700  18,752 
Pole To Win Holdings Inc 5,600  40,725 
Premium Group Co. Ltd. 5,100  63,263 
Press Kogyo Co. Ltd. 21,300  67,371 
Pressance Corp. 1,900  20,545 
Prestige International, Inc. 21,900  105,193 
Prima Meat Packers Ltd. 7,100  110,821 
Procrea Holdings, Inc. 1,400  21,760 
PS Mitsubishi Construction Co. Ltd. 4,400  20,546 
Qol Holdings Co. Ltd. 1,800  16,325 
Raccoon Holdings, Inc.(1)
3,300  32,858 
Raito Kogyo Co. Ltd. 7,600  100,927 
Raiznext Corp. 3,800  32,810 
Rakus Co. Ltd. 5,200  61,202 
Rakuten Group, Inc. 58,100  281,974 
Raysum Co. Ltd. 2,000  22,925 
Recruit Holdings Co. Ltd. 51,500  1,637,216 
Relia, Inc. 3,800  27,571 
Relo Group, Inc. 15,700  252,370 
Renesas Electronics Corp.(2)
73,700  697,832 
Rengo Co. Ltd. 32,600  192,063 
RENOVA, Inc.(1)(2)
1,900  41,277 
Resona Holdings, Inc. 298,156  1,097,585 
Resorttrust, Inc. 24,000  385,131 
Restar Holdings Corp. 3,300  48,624 
Retail Partners Co. Ltd.(1)
2,200  16,931 
Ricoh Co. Ltd. 88,500  695,561 
Ricoh Leasing Co. Ltd. 4,700  120,982 
Riken Corp. 1,500  25,929 
Riken Keiki Co. Ltd. 3,000  94,272 
Riken Technos Corp. 5,400  20,167 
Riken Vitamin Co. Ltd. 2,800  34,491 
Rinnai Corp. 2,600  199,117 
Riso Kagaku Corp. 1,500  26,638 
Riso Kyoiku Co. Ltd. 18,700  41,934 
Rohm Co. Ltd. 7,200  538,689 
Rohto Pharmaceutical Co. Ltd. 22,100  665,224 
Rokko Butter Co. Ltd. 300  3,115 
Roland DG Corp. 2,400  56,292 
Rorze Corp. 1,300  78,882 
Round One Corp. 22,100  318,002 
RPA Holdings, Inc.(2)
100  221 
RS Technologies Co. Ltd. 1,000  48,888 
Ryobi Ltd. 3,000  27,861 
Ryoden Corp. 1,800  21,202 
Ryohin Keikaku Co. Ltd.(1)
30,600  283,799 
Ryosan Co. Ltd. 3,700  59,180 
S Foods, Inc. 2,900  62,013 
S-Pool, Inc. 13,100  101,035 
156

Avantis International Equity ETF
Shares Value
Sakai Chemical Industry Co. Ltd. 2,500  $ 35,284 
Sakai Moving Service Co. Ltd.(1)
900  29,700 
Sakata INX Corp. 6,000  42,054 
Sala Corp. 11,800  68,943 
San Holdings, Inc. 800  10,284 
San ju San Financial Group, Inc. 1,900  20,241 
San-A Co. Ltd. 1,200  35,836 
San-Ai Obbli Co. Ltd. 12,800  101,284 
San-In Godo Bank Ltd. 24,400  119,967 
Sangetsu Corp. 7,000  81,763 
Sanken Electric Co. Ltd. 5,800  203,793 
Sanki Engineering Co. Ltd. 8,600  101,583 
Sankyo Co. Ltd. 12,300  360,422 
Sankyu, Inc. 10,300  316,800 
Sanoh Industrial Co. Ltd. 3,200  17,295 
Santen Pharmaceutical Co. Ltd. 30,000  215,535 
Sanwa Holdings Corp. 33,800  334,449 
Sanyo Chemical Industries Ltd.(1)
1,800  61,501 
Sanyo Denki Co. Ltd. 1,700  66,158 
Sanyo Electric Railway Co. Ltd. 1,800  29,415 
Sanyo Special Steel Co. Ltd. 3,900  58,621 
Sanyo Trading Co. Ltd. 2,200  16,101 
Sapporo Holdings Ltd. 14,400  315,625 
Sato Holdings Corp. 3,800  52,199 
Sawai Group Holdings Co. Ltd. 7,900  233,467 
SB Technology Corp. 1,000  17,800 
SBI Holdings, Inc. 62,900  1,235,995 
SBS Holdings, Inc. 15,700  325,009 
SCREEN Holdings Co. Ltd. 8,400  557,953 
Scroll Corp.(1)
5,700  32,116 
SCSK Corp. 20,400  332,179 
Secom Co. Ltd. 12,000  764,511 
Sega Sammy Holdings, Inc. 13,800  204,858 
Seibu Holdings, Inc. 9,400  95,229 
Seikagaku Corp. 4,800  30,432 
Seikitokyu Kogyo Co. Ltd. 3,600  19,624 
Seiko Epson Corp. 46,100  724,407 
Seiko Holdings Corp. 9,900  203,999 
Seino Holdings Co. Ltd. 23,300  185,022 
Seiren Co. Ltd.(1)
3,000  45,561 
Sekisui Chemical Co. Ltd. 73,100  996,595 
Sekisui House Ltd. 23,500  399,609 
Sekisui Jushi Corp. 1,400  17,311 
Senko Group Holdings Co. Ltd. 20,900  142,790 
Senshu Electric Co. Ltd. 1,100  44,103 
Senshu Ikeda Holdings, Inc. 40,600  64,476 
Septeni Holdings Co. Ltd.(1)
19,800  70,562 
Seria Co. Ltd. 10,400  202,846 
Seven & i Holdings Co. Ltd.(1)
58,800  2,335,859 
Seven Bank Ltd. 104,500  198,505 
SG Holdings Co. Ltd. 25,100  416,327 
157

Avantis International Equity ETF
Shares Value
Sharp Corp.(1)
19,200  $ 137,444 
Shibaura Mechatronics Corp. 900  74,228 
SHIFT, Inc.(2)
300  42,988 
Shiga Bank Ltd.(1)
8,500  156,816 
Shikoku Bank Ltd. 3,300  20,336 
Shikoku Chemicals Corp. 3,300  29,454 
Shikoku Electric Power Co., Inc. 5,400  31,496 
Shima Seiki Manufacturing Ltd. 1,600  25,382 
Shimadzu Corp. 13,300  388,441 
Shimamura Co. Ltd. 2,000  181,280 
Shimano, Inc. 2,400  424,583 
Shimizu Corp. 59,800  327,911 
Shin Nippon Air Technologies Co. Ltd. 300  4,011 
Shin Nippon Biomedical Laboratories Ltd.(1)
5,500  93,786 
Shin-Etsu Chemical Co. Ltd. 26,100  3,031,064 
Shin-Etsu Polymer Co. Ltd. 7,300  69,845 
Shinagawa Refractories Co. Ltd. 1,200  32,733 
Shindengen Electric Manufacturing Co. Ltd. 1,500  39,279 
Shinko Electric Industries Co. Ltd. 10,600  295,058 
Shinmaywa Industries Ltd. 11,000  83,832 
Shinoken Group Co. Ltd.(1)
3,400  38,931 
Shinsei Bank Ltd.(1)
10,900  153,496 
Shinsho Corp. 700  20,947 
Shionogi & Co. Ltd. 10,100  493,131 
Ship Healthcare Holdings, Inc. 11,400  213,127 
Shiseido Co. Ltd. 17,332  654,696 
Shizuoka Bank Ltd. 35,000  202,540 
SHO-BOND Holdings Co. Ltd. 2,300  99,272 
Shoei Co. Ltd. 3,800  150,576 
Showa Denko KK 19,700  302,859 
Showa Sangyo Co. Ltd. 2,000  37,175 
SIGMAXYZ Holdings, Inc. 6,200  54,634 
Siix Corp. 5,300  42,177 
Sinanen Holdings Co. Ltd. 1,300  35,765 
Sinfonia Technology Co. Ltd. 2,800  30,343 
Sinko Industries Ltd. 1,300  15,045 
SKY Perfect JSAT Holdings, Inc. 45,500  180,827 
Skylark Holdings Co. Ltd.(1)(2)
4,100  45,103 
SMC Corp. 495  234,842 
SMS Co. Ltd. 4,400  100,181 
Snow Peak, Inc.(1)
4,600  71,732 
Sodick Co. Ltd. 6,700  38,795 
Softbank Corp. 155,200  1,701,493 
SoftBank Group Corp. 62,000  2,455,915 
Softcreate Holdings Corp. 2,000  54,758 
Sohgo Security Services Co. Ltd. 6,800  176,176 
Sojitz Corp.(1)
101,880  1,714,226 
Soken Chemical & Engineering Co. Ltd. 1,100  15,303 
Solasto Corp. 4,800  30,752 
Soliton Systems KK 200  1,724 
Sompo Holdings, Inc. 43,700  1,873,691 
158

Avantis International Equity ETF
Shares Value
Sony Group Corp., ADR 79,460  $ 6,305,151 
Sosei Group Corp.(2)
6,600  81,896 
Sparx Group Co. Ltd. 17,200  37,025 
Square Enix Holdings Co. Ltd. 5,500  238,816 
SRA Holdings 700  14,884 
Stanley Electric Co. Ltd. 6,900  127,368 
Star Micronics Co. Ltd. 10,500  138,073 
Starts Corp., Inc. 7,400  142,159 
Starzen Co. Ltd. 1,600  24,318 
Stella Chemifa Corp. 1,100  22,310 
Studio Alice Co. Ltd.(1)
2,000  31,962 
Subaru Corp. 31,000  563,499 
Sugi Holdings Co. Ltd.(1)
2,100  89,111 
SUMCO Corp. 53,800  730,220 
Sumitomo Bakelite Co. Ltd. 4,900  154,458 
Sumitomo Chemical Co. Ltd. 331,600  1,305,285 
Sumitomo Corp. 152,800  2,149,223 
Sumitomo Dainippon Pharma Co. Ltd. 15,200  113,224 
Sumitomo Densetsu Co. Ltd. 2,700  50,988 
Sumitomo Electric Industries Ltd. 66,200  758,294 
Sumitomo Forestry Co. Ltd. 15,800  267,138 
Sumitomo Heavy Industries Ltd. 18,900  396,730 
Sumitomo Metal Mining Co. Ltd. 21,600  679,679 
Sumitomo Mitsui Construction Co. Ltd. 31,400  104,607 
Sumitomo Mitsui Financial Group, Inc., ADR(1)
441,462  2,670,845 
Sumitomo Mitsui Trust Holdings, Inc. 31,200  970,419 
Sumitomo Osaka Cement Co. Ltd.(1)
20,200  511,671 
Sumitomo Realty & Development Co. Ltd. 33,400  816,827 
Sumitomo Riko Co. Ltd. 7,400  30,909 
Sumitomo Rubber Industries Ltd. 24,400  209,378 
Sumitomo Seika Chemicals Co. Ltd. 2,100  47,012 
Sumitomo Warehouse Co. Ltd. 11,200  175,753 
Sun Frontier Fudousan Co. Ltd. 9,400  81,096 
Sun-Wa Technos Corp. 2,500  25,331 
Sundrug Co. Ltd. 15,900  389,020 
Suntory Beverage & Food Ltd. 10,400  379,877 
Suruga Bank Ltd. 40,900  110,233 
Suzuken Co. Ltd. 11,100  266,015 
Suzuki Motor Corp. 22,300  779,410 
SWCC Showa Holdings Co. Ltd. 4,900  64,194 
Sysmex Corp. 5,600  342,311 
Systena Corp. 26,100  79,967 
Syuppin Co. Ltd. 4,200  37,369 
T Hasegawa Co. Ltd. 2,500  53,966 
T RAD Co. Ltd. 1,400  28,031 
T&D Holdings, Inc. 89,000  971,988 
T-Gaia Corp. 4,500  53,504 
Tachi-S Co. Ltd. 5,000  43,925 
Tadano Ltd. 17,200  117,508 
Taihei Dengyo Kaisha Ltd. 1,900  48,525 
Taiheiyo Cement Corp. 25,300  378,777 
159

Avantis International Equity ETF
Shares Value
Taikisha Ltd. 1,600  $ 36,710 
Taisei Corp. 29,600  897,458 
Taisei Lamick Co. Ltd. 200  4,072 
Taisho Pharmaceutical Holdings Co. Ltd. 1,300  48,337 
Taiyo Holdings Co. Ltd.(1)
6,400  125,466 
Taiyo Yuden Co. Ltd. 31,100  961,170 
Takamatsu Construction Group Co. Ltd. 1,800  24,741 
Takaoka Toko Co. Ltd. 1,100  15,205 
Takara & Co. Ltd. 2,300  34,411 
Takara Bio, Inc. 5,800  81,236 
Takara Holdings, Inc. 1,700  12,899 
Takara Leben Co. Ltd. 16,000  43,522 
Takara Standard Co. Ltd. 3,700  35,158 
Takasago International Corp. 2,500  49,766 
Takasago Thermal Engineering Co. Ltd. 9,600  113,426 
Takashimaya Co. Ltd.(1)
20,000  221,247 
Take & Give Needs Co. Ltd.(2)
2,800  31,862 
Takeda Pharmaceutical Co. Ltd., ADR(1)
103,845  1,427,869 
Takuma Co. Ltd. 6,600  66,310 
Tama Home Co. Ltd. 3,400  57,323 
Tamron Co. Ltd. 2,400  52,437 
Tanseisha Co. Ltd. 1,100  6,275 
Tayca Corp. 200  1,891 
TBS Holdings, Inc. 3,700  42,853 
TDC Soft, Inc. 200  1,703 
TDK Corp. 39,200  1,370,519 
TechMatrix Corp. 8,500  104,730 
TECHNO ASSOCIE Co. Ltd. 200  1,690 
TechnoPro Holdings, Inc. 11,100  249,681 
Teijin Ltd. 74,100  783,421 
Teikoku Electric Manufacturing Co. Ltd. 900  12,566 
Teikoku Sen-I Co. Ltd. 300  3,523 
Tenma Corp. 1,800  29,025 
Terumo Corp. 8,100  260,023 
THK Co. Ltd. 5,800  117,731 
TIS, Inc. 47,800  1,361,187 
TKC Corp. 1,900  47,487 
Toa Corp. (Tokyo) 2,500  43,867 
Toa Oil Co. Ltd. 100  1,636 
TOA ROAD Corp. 300  12,696 
Toagosei Co. Ltd. 15,500  120,766 
Tobu Railway Co. Ltd. 26,000  614,279 
TOC Co. Ltd. 3,500  18,532 
Tocalo Co. Ltd. 11,900  109,660 
Tochigi Bank Ltd.(1)
18,200  37,666 
Toda Corp.(1)
27,900  137,633 
Toei Animation Co. Ltd. 200  18,245 
Toho Bank Ltd. 24,600  36,039 
Toho Co. Ltd. 2,400  91,149 
Toho Gas Co. Ltd. 700  15,661 
Toho Holdings Co. Ltd. 13,700  181,454 
160

Avantis International Equity ETF
Shares Value
Toho Titanium Co. Ltd.(1)
6,700  $ 106,132 
Toho Zinc Co. Ltd. 2,000  34,898 
Tohoku Electric Power Co., Inc. 41,900  208,371 
Tokai Carbon Co. Ltd. 20,300  148,185 
Tokai Corp/Gifu 1,400  18,528 
TOKAI Holdings Corp. 21,500  137,409 
Tokai Rika Co. Ltd. 10,300  110,572 
Tokai Tokyo Financial Holdings, Inc. 29,500  79,928 
Token Corp. 1,000  63,694 
Tokio Marine Holdings, Inc. 63,700  3,530,213 
Tokushu Tokai Paper Co. Ltd. 900  20,489 
Tokuyama Corp. 17,500  230,494 
Tokyo Century Corp.(1)
4,400  157,146 
Tokyo Electric Power Co. Holdings, Inc.(2)
222,400  868,576 
Tokyo Electron Device Ltd. 1,700  71,803 
Tokyo Electron Ltd. 6,700  2,101,367 
Tokyo Gas Co. Ltd. 22,500  422,127 
Tokyo Kiraboshi Financial Group, Inc. 6,000  96,761 
Tokyo Ohka Kogyo Co. Ltd. 2,100  102,968 
Tokyo Rope Manufacturing Co. Ltd.(1)
2,600  18,795 
Tokyo Seimitsu Co. Ltd. 9,700  323,119 
Tokyo Steel Manufacturing Co. Ltd. 23,400  247,927 
Tokyo Tatemono Co. Ltd. 38,400  575,607 
Tokyotokeiba Co. Ltd. 3,100  93,758 
Tokyu Construction Co. Ltd. 18,400  86,550 
Tokyu Corp. 15,900  189,015 
Tokyu Fudosan Holdings Corp. 83,300  447,636 
TOMONY Holdings, Inc. 24,600  55,752 
Tomy Co. Ltd. 32,800  310,938 
Topcon Corp. 24,800  334,533 
Toppan, Inc. 29,100  457,005 
Topre Corp. 8,300  73,936 
Topy Industries Ltd. 2,100  21,287 
Toray Industries, Inc. 308,400  1,759,865 
Torex Semiconductor Ltd. 1,100  23,019 
Toridoll Holdings Corp. 7,700  164,217 
Torii Pharmaceutical Co. Ltd. 1,300  27,943 
Torishima Pump Manufacturing Co. Ltd. 2,100  22,125 
Tosei Corp. 6,900  68,925 
Toshiba Corp. 10,800  399,967 
Toshiba TEC Corp. 4,100  122,017 
Tosho Co. Ltd. 3,700  30,576 
Tosoh Corp. 49,600  641,320 
Totetsu Kogyo Co. Ltd. 2,100  35,011 
TOTO Ltd. 4,200  144,769 
Towa Corp. 6,100  81,452 
Towa Pharmaceutical Co. Ltd. 5,300  84,052 
Toyo Construction Co. Ltd. 15,800  97,475 
Toyo Corp. 1,900  18,072 
Toyo Engineering Corp.(2)
7,700  38,140 
Toyo Gosei Co. Ltd. 800  47,060 
161

Avantis International Equity ETF
Shares Value
Toyo Ink SC Holdings Co. Ltd. 6,800  $ 93,250 
Toyo Kanetsu KK 2,800  52,536 
Toyo Seikan Group Holdings Ltd. 56,000  662,698 
Toyo Suisan Kaisha Ltd. 3,100  127,160 
Toyo Tanso Co. Ltd. 3,100  75,119 
Toyo Tire Corp. 24,100  292,086 
Toyobo Co. Ltd. 20,100  152,296 
Toyoda Gosei Co. Ltd. 10,600  184,414 
Toyota Boshoku Corp. 7,700  111,824 
Toyota Industries Corp. 7,200  402,428 
Toyota Motor Corp., ADR(1)
55,637  8,310,499 
Toyota Tsusho Corp. 23,800  833,193 
TPR Co. Ltd. 4,300  39,374 
Trancom Co. Ltd. 1,100  60,133 
Transcosmos, Inc. 5,200  143,434 
TRE Holdings Corp. 7,496  91,806 
Trend Micro, Inc. 9,500  584,896 
Trusco Nakayama Corp. 8,500  118,872 
TS Tech Co. Ltd. 7,400  82,782 
TSI Holdings Co. Ltd. 8,500  23,666 
Tsubakimoto Chain Co. 6,600  152,510 
Tsugami Corp. 7,400  66,215 
Tsukuba Bank Ltd. 15,100  21,208 
Tsumura & Co. 4,100  93,855 
Tsuruha Holdings, Inc. 2,000  111,013 
Tsuzuki Denki Co. Ltd. 100  974 
TV Asahi Holdings Corp. 4,100  42,724 
UACJ Corp. 7,900  136,400 
Ube Industries Ltd.(1)
26,100  384,568 
Uchida Yoko Co. Ltd. 1,600  57,313 
Ulvac, Inc. 9,000  348,985 
Unicharm Corp. 9,500  330,141 
Union Tool Co. 800  20,427 
Unipres Corp. 8,500  58,562 
United Arrows Ltd. 5,300  69,579 
United Super Markets Holdings, Inc.(1)
6,600  50,096 
UNITED, Inc.(1)
1,200  13,051 
Unitika Ltd.(2)
8,800  16,367 
Universal Entertainment Corp.(2)
3,800  43,444 
Ushio, Inc. 6,100  74,055 
USS Co. Ltd. 40,500  714,698 
UT Group Co. Ltd. 2,700  53,778 
UUUM Co. Ltd.(1)(2)
3,000  23,374 
V Technology Co. Ltd. 1,700  36,586 
Valor Holdings Co. Ltd. 8,200  104,534 
Valqua Ltd. 6,100  118,514 
Value HR Co. Ltd. 500  5,417 
ValueCommerce Co. Ltd. 2,400  43,831 
Vector, Inc. 8,100  67,677 
Vertex Corp.(1)
4,200  40,538 
Vital KSK Holdings, Inc. 3,300  15,867 
162

Avantis International Equity ETF
Shares Value
VT Holdings Co. Ltd. 18,200  $ 63,020 
Wacoal Holdings Corp. 5,800  92,692 
Wacom Co. Ltd. 39,500  237,040 
Wakachiku Construction Co. Ltd. 2,200  39,199 
Wakita & Co. Ltd. 3,600  28,955 
Warabeya Nichiyo Holdings Co. Ltd. 3,900  63,483 
WDB Holdings Co. Ltd.(1)
1,400  25,863 
Weathernews, Inc. 300  17,250 
Welcia Holdings Co. Ltd.(1)
4,800  100,528 
West Holdings Corp. 1,300  41,084 
West Japan Railway Co. 7,300  284,104 
Will Group, Inc. 200  1,927 
World Co. Ltd.(1)
2,800  27,215 
Xebio Holdings Co. Ltd. 4,500  31,199 
YA-MAN Ltd.(1)
2,000  23,126 
Yakult Honsha Co. Ltd. 12,600  745,236 
YAKUODO Holdings Co. Ltd. 1,000  17,181 
YAMABIKO Corp. 5,600  45,716 
Yamada Holdings Co. Ltd. 137,200  474,855 
Yamae Group Holdings Co. Ltd. 1,300  15,862 
Yamagata Bank Ltd. 2,500  16,693 
Yamaguchi Financial Group, Inc.(1)
32,700  179,415 
Yamaha Corp. 3,900  152,135 
Yamaha Motor Co. Ltd. 63,900  1,324,282 
Yamaichi Electronics Co. Ltd. 5,800  85,845 
Yamato Holdings Co. Ltd. 25,200  392,844 
Yamato Kogyo Co. Ltd. 3,900  138,063 
Yamazaki Baking Co. Ltd. 15,500  182,547 
Yamazen Corp. 12,200  81,696 
Yaoko Co. Ltd. 3,100  143,841 
Yaskawa Electric Corp.(1)
14,100  459,137 
Yellow Hat Ltd. 6,000  77,465 
Yodogawa Steel Works Ltd. 2,600  46,758 
Yokogawa Bridge Holdings Corp. 6,400  89,489 
Yokogawa Electric Corp. 11,700  204,204 
Yokohama Rubber Co. Ltd. 20,500  335,271 
Yokorei Co. Ltd. 11,800  78,251 
Yondoshi Holdings, Inc.(1)
2,200  28,184 
Yonex Co. Ltd. 15,400  174,120 
Yotai Refractories Co. Ltd. 1,900  19,042 
Yuasa Trading Co. Ltd. 5,900  148,644 
Yukiguni Maitake Co. Ltd. 3,000  22,374 
Z Holdings Corp. 61,700  181,390 
Zenkoku Hosho Co. Ltd. 8,200  270,960 
Zenrin Co. Ltd. 7,500  51,305 
Zensho Holdings Co. Ltd. 13,667  358,310 
Zeon Corp. 26,400  253,289 
ZERIA Pharmaceutical Co. Ltd. 2,800  41,822 
ZIGExN Co. Ltd. 7,900  19,132 
ZOZO, Inc. 8,400  185,667 
317,460,348 
163

Avantis International Equity ETF
Shares Value
Netherlands — 3.4%
Aalberts NV(1)
25,555  $ 937,102 
ABN AMRO Bank NV, CVA 75,072  721,208 
Adyen NV(2)
1,815  2,800,807 
Aegon NV, NY Shares(1)
554,137  2,488,075 
AerCap Holdings NV(2)
38,793  1,708,832 
Akzo Nobel NV 23,391  1,473,665 
AMG Advanced Metallurgical Group NV 7,080  180,768 
Arcadis NV 10,266  327,273 
ASM International NV 5,198  1,413,280 
ASML Holding NV, NY Shares 20,936  10,257,384 
ASR Nederland NV 47,252  1,928,554 
BE Semiconductor Industries NV 17,639  837,918 
Beter Bed Holding NV(1)
3,753  13,548 
Boskalis Westminster 14,656  486,124 
Brunel International NV 4,395  41,150 
Coca-Cola Europacific Partners PLC 23,816  1,171,033 
Constellium SE(2)
12,014  160,026 
Corbion NV 3,487  99,011 
Flow Traders 10,254  205,190 
ForFarmers NV(1)
6,503  18,327 
Fugro NV(2)
33,653  428,659 
Heijmans NV, CVA 5,110  53,049 
Heineken Holding NV 1,152  81,721 
Heineken NV 14,759  1,326,525 
IMCD NV 2,751  379,516 
ING Groep NV, ADR(1)
387,652  3,403,585 
InPost SA(2)
11,074  56,973 
Just Eat Takeaway.com NV(2)
9,390  156,207 
Kendrion NV 1,780  27,632 
Koninklijke Ahold Delhaize NV 154,249  4,242,898 
Koninklijke BAM Groep NV(2)
91,934  245,051 
Koninklijke DSM NV 10,565  1,347,204 
Koninklijke KPN NV 957,946  3,048,276 
Koninklijke Philips NV, NY Shares 27,968  463,709 
Koninklijke Vopak NV 22,955  505,274 
NN Group NV 52,871  2,172,890 
OCI NV 31,851  1,195,777 
Ordina NV 8,994  35,489 
Pharming Group NV(1)(2)
184,523  221,875 
PostNL NV(1)
166,586  354,972 
Prosus NV(2)
22,002  1,359,931 
Randstad NV 7,044  328,044 
SBM Offshore NV 14,903  208,118 
SIF Holding NV 604  6,170 
Signify NV 8,321  236,532 
Sligro Food Group NV(2)
7,515  124,484 
TKH Group NV 8,914  310,988 
TomTom NV(2)
4,565  36,747 
Universal Music Group NV 26,768  531,558 
Van Lanschot Kempen NV 4,210  88,699 
164

Avantis International Equity ETF
Shares Value
Wolters Kluwer NV 11,248  $ 1,099,974 
51,347,802 
New Zealand — 0.3%
a2 Milk Co. Ltd.(1)(2)
57,922  220,332 
Air New Zealand Ltd.(2)
324,471  134,081 
Arvida Group Ltd. 63,083  58,171 
Auckland International Airport Ltd.(2)
71,171  328,224 
Channel Infrastructure NZ Ltd.(2)
2,544  2,101 
Chorus Ltd. 97,619  478,078 
Contact Energy Ltd. 74,668  358,761 
Fisher & Paykel Healthcare Corp. Ltd. 17,791  212,988 
Fletcher Building Ltd. 75,150  256,544 
Genesis Energy Ltd. 53,599  96,865 
Hallenstein Glasson Holdings Ltd. 3,630  11,803 
Heartland Group Holdings Ltd.(1)
48,998  54,101 
Infratil Ltd. 46,257  255,458 
KMD Brands Ltd. 94,852  62,453 
Mercury NZ Ltd. 40,890  144,709 
Meridian Energy Ltd. 37,261  113,676 
NZX Ltd. 4,193  3,324 
Oceania Healthcare Ltd. 83,326  50,351 
Pushpay Holdings Ltd.(2)
55,414  43,147 
Restaurant Brands New Zealand Ltd.(1)
933  4,632 
Ryman Healthcare Ltd. 13,809  77,275 
Skellerup Holdings Ltd. 11,000  37,224 
SKYCITY Entertainment Group Ltd. 75,887  132,013 
Spark New Zealand Ltd. 380,537  1,258,784 
Summerset Group Holdings Ltd. 22,373  150,800 
Tourism Holdings Ltd.(2)
3,514  5,837 
TOWER Ltd. 29,792  11,192 
Vista Group International Ltd.(2)
6  7 
4,562,931 
Norway — 1.0%
ABG Sundal Collier Holding ASA 59,246  34,758 
Adevinta ASA(2)
6,703  54,232 
Aker BP ASA 15,510  543,328 
Aker Horizons ASA(1)(2)
143  256 
Aker Solutions ASA 26,621  104,402 
American Shipping Co. ASA(2)
2,356  9,525 
ArcticZymes Technologies ASA(2)
2,740  20,325 
Atea ASA(2)
1,331  14,656 
Austevoll Seafood ASA 4,629  49,618 
Axactor SE(1)(2)
598  386 
B2Holding ASA 18,817  16,989 
Bakkafrost P/F 1,289  75,427 
Belships ASA 16,794  25,145 
Bonheur ASA 2,543  95,194 
Borr Drilling Ltd.(1)(2)
27,304  106,389 
Borregaard ASA 9,187  140,117 
BW Energy Ltd.(2)
15,935  39,737 
BW LPG Ltd. 27,500  178,758 
165

Avantis International Equity ETF
Shares Value
BW Offshore Ltd. 23,808  $ 64,509 
Crayon Group Holding ASA(2)
1,419  15,357 
DNB Bank ASA 58,231  1,107,204 
DNO ASA 141,033  200,382 
Entra ASA 8,571  111,451 
Equinor ASA, ADR 80,853  3,136,288 
Europris ASA 16,840  101,028 
FLEX LNG Ltd. 8,993  297,226 
Frontline Ltd.(1)(2)
13,650  161,889 
Gjensidige Forsikring ASA 5,511  111,832 
Golden Ocean Group Ltd. 39,604  373,269 
Grieg Seafood ASA 4,635  56,079 
Hafnia Ltd. 34,419  153,687 
Hexagon Composites ASA(1)(2)
22  62 
Hexagon Purus ASA(1)(2)
4  10 
Hunter Group ASA(2)
48,000  10,133 
Kid ASA 3,728  33,525 
Kitron ASA 6,243  12,503 
Kongsberg Automotive ASA(1)(2)
138,092  35,166 
Kongsberg Gruppen ASA 11,378  388,907 
Leroy Seafood Group ASA 10,584  70,719 
Magseis Fairfield ASA(2)
54,333  46,587 
Mowi ASA(1)
22,549  462,294 
MPC Container Ships ASA 39,352  81,130 
Multiconsult ASA 1,108  15,200 
Nordic Semiconductor ASA(2)
7,952  121,571 
Norsk Hydro ASA 153,598  1,055,387 
Norske Skog ASA(2)
11,693  81,286 
Norwegian Energy Co. ASA(2)
6,842  245,543 
Odfjell Drilling Ltd.(2)
26,851  72,934 
Odfjell Technology Ltd.(2)
2,866  7,180 
Orkla ASA 20,154  168,768 
Otello Corp ASA 1,983  1,653 
Panoro Energy ASA(2)
14,083  41,781 
Pareto Bank ASA 2,473  11,995 
Petronor E&P ASA(2)
8,972  777 
PGS ASA(1)(2)
179,549  146,136 
Protector Forsikring ASA 11,708  140,160 
Rana Gruber ASA 8,236  35,792 
Salmar ASA 1,424  94,165 
Schibsted ASA, B Shares 4,746  81,399 
Schibsted ASA, Class A 3,105  56,824 
SpareBank 1 Nord Norge 17,847  160,864 
Sparebank 1 Oestlandet 4,121  46,959 
SpareBank 1 SMN 19,539  237,898 
SpareBank 1 Sorost-Norge 2,242  12,244 
SpareBank 1 SR-Bank ASA 8,851  101,244 
Sparebanken Vest 6,101  54,283 
Stolt-Nielsen Ltd. 2,348  50,176 
Storebrand ASA 148,060  1,185,082 
Subsea 7 SA 29,339  263,373 
166

Avantis International Equity ETF
Shares Value
Telenor ASA 37,667  $ 412,190 
TGS ASA 18,667  284,075 
TOMRA Systems ASA 9,286  211,597 
Veidekke ASA 13,219  135,002 
Wallenius Wilhelmsen ASA 21,001  118,234 
Yara International ASA 13,941  589,669 
14,781,920 
Portugal — 0.2%
Altri SGPS SA 22,911  129,274 
Banco Comercial Portugues SA, R Shares 1,163,873  169,330 
Corticeira Amorim SGPS SA 3,340  33,730 
CTT-Correios de Portugal SA 6,666  21,713 
EDP - Energias de Portugal SA 176,999  845,276 
EDP Renovaveis SA 7,020  170,250 
Galp Energia SGPS SA 97,423  1,052,069 
Greenvolt-Energias Renovaveis SA(2)
1,590  15,360 
Jeronimo Martins SGPS SA 14,203  314,905 
Navigator Co. SA 4,889  19,399 
NOS SGPS SA 16,900  62,294 
REN - Redes Energeticas Nacionais SGPS SA 128,562  340,816 
Sonae SGPS SA 124,809  125,451 
3,299,867 
Singapore — 1.5%
Ascendas India Trust 198,400  161,410 
Avarga Ltd.(2)
100,800  15,876 
Boustead Singapore Ltd. 1,000  647 
Bumitama Agri Ltd. 141,800  63,350 
Capitaland Investment Ltd. 225,200  592,901 
Centurion Corp. Ltd. 1,800  490 
China Sunsine Chemical Holdings Ltd. 56,900  19,561 
Chip Eng Seng Corp. Ltd. 30,100  14,310 
City Developments Ltd. 91,200  529,526 
ComfortDelGro Corp. Ltd. 325,900  328,456 
DBS Group Holdings Ltd. 126,385  2,942,683 
Delfi Ltd. 14,200  7,768 
Far East Orchard Ltd. 10,200  7,878 
First Resources Ltd. 189,800  204,586 
Frencken Group Ltd.(1)
59,900  49,047 
Geo Energy Resources Ltd.(1)
254,900  70,003 
Golden Agri-Resources Ltd. 3,289,200  659,382 
Grab Holdings Ltd., Class A(2)
29,392  83,767 
GuocoLand Ltd.(1)
16,800  20,166 
Haw Par Corp. Ltd. 2,900  22,679 
Hong Fok Corp. Ltd.(1)
75,300  57,003 
Hong Leong Asia Ltd. 13,900  7,454 
Hour Glass Ltd. 52,500  87,037 
Hutchison Port Holdings Trust, U Shares 1,497,200  321,265 
iFAST Corp. Ltd.(1)
12,900  41,237 
Indofood Agri Resources Ltd. 80,500  18,130 
ISDN Holdings Ltd. 85,200  28,858 
Japfa Ltd. 93,000  39,899 
167

Avantis International Equity ETF
Shares Value
Jardine Cycle & Carriage Ltd. 3,900  $ 91,557 
Jiutian Chemical Group Ltd. 505,900  33,549 
Keppel Corp. Ltd. 262,600  1,363,818 
Keppel Infrastructure Trust(1)
445,300  181,342 
Mandarin Oriental International Ltd.(2)
14,400  29,522 
Maxeon Solar Technologies Ltd.(1)(2)
3,598  71,420 
Mewah International, Inc. 26,100  6,415 
Micro-Mechanics Holdings Ltd. 5,300  11,903 
Netlink Nbn Management Pte. Ltd. 174,600  116,715 
Olam Group Ltd. 123,300  129,498 
OUE Ltd.(1)
21,900  21,462 
Oversea-Chinese Banking Corp. Ltd. 346,631  2,987,662 
Oxley Holdings Ltd. 19,100  2,184 
QAF Ltd. 19,700  12,053 
Raffles Medical Group Ltd. 220,100  219,004 
Rex International Holding Ltd.(1)(2)
148,100  29,142 
Riverstone Holdings Ltd.(1)
188,700  97,281 
Samudera Shipping Line Ltd. 80,000  57,035 
SATS Ltd.(1)(2)
35,600  102,808 
Sea Ltd., ADR(2)
7,999  495,938 
Sembcorp Industries Ltd. 157,100  380,614 
Sheng Siong Group Ltd. 186,800  216,515 
Sing Investments & Finance Ltd. 1,000  1,066 
Singapore Airlines Ltd.(1)(2)
282,650  1,073,180 
Singapore Exchange Ltd. 139,400  945,970 
Singapore Post Ltd. 439,900  182,349 
Singapore Technologies Engineering Ltd. 175,600  467,930 
Singapore Telecommunications Ltd. 848,800  1,593,501 
Stamford Land Corp. Ltd. 52,700  14,514 
StarHub Ltd. 79,000  69,453 
Straits Trading Co. Ltd. 14,200  33,095 
Tuan Sing Holdings Ltd. 136,993  36,186 
United Overseas Bank Ltd. 112,700  2,197,589 
UOL Group Ltd. 165,200  817,375 
Venture Corp. Ltd. 42,200  551,336 
Wilmar International Ltd. 120,500  347,811 
Wing Tai Holdings Ltd. 15,500  18,499 
Yangzijiang Financial Holding Ltd.(2)
397,300  106,287 
Yangzijiang Shipbuilding Holdings Ltd. 795,000  550,964 
Yanlord Land Group Ltd. 232,400  171,036 
Yoma Strategic Holdings Ltd.(1)(2)
578,700  53,710 
22,284,657 
Spain — 2.0%
Acciona SA 5,031  985,403 
Acerinox SA 76,045  688,042 
ACS Actividades de Construccion y Servicios SA(1)
19,996  445,502 
Aena SME SA(2)
5,980  734,474 
Almirall SA 14,176  127,883 
Amadeus IT Group SA(2)
26,840  1,416,867 
Amper SA(2)
83,093  14,738 
Applus Services SA 13,771  92,127 
168

Avantis International Equity ETF
Shares Value
Atresmedia Corp. de Medios de Comunicacion SA 15,793  $ 43,251 
Banco Bilbao Vizcaya Argentaria SA, ADR 435,571  1,933,935 
Banco de Sabadell SA 1,387,322  954,108 
Banco Santander SA, ADR 1,141,572  2,751,189 
Bankinter SA 72,313  370,589 
CaixaBank SA 419,158  1,265,648 
Cellnex Telecom SA 20,987  817,291 
Cia de Distribucion Integral Logista Holdings SA 6,004  116,695 
CIE Automotive SA 5,093  124,896 
Construcciones y Auxiliar de Ferrocarriles SA 4,085  118,205 
Ebro Foods SA 6,389  100,979 
Enagas SA 42,321  772,786 
Ence Energia y Celulosa SA 19,662  69,598 
Endesa SA 33,890  581,282 
Ercros SA 15,264  46,882 
Faes Farma SA 31,342  124,481 
Ferrovial SA (Madrid) 10,167  254,936 
Fluidra SA 7,732  123,671 
Fomento de Construcciones y Contratas SA 8,611  77,317 
Gestamp Automocion SA 41,472  151,843 
Global Dominion Access SA 11,687  45,247 
Grifols SA(1)(2)
10,449  126,313 
Grupo Catalana Occidente SA 3,270  96,153 
Iberdrola SA 422,964  4,403,773 
Indra Sistemas SA 5,048  39,689 
Industria de Diseno Textil SA 55,571  1,199,857 
Laboratorios Farmaceuticos Rovi SA 2,940  144,325 
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros 38,597  41,707 
Mapfre SA 155,169  257,416 
Melia Hotels International SA(2)
22,151  134,337 
Metrovacesa SA 5,539  38,051 
Miquel y Costas & Miquel SA 638  8,241 
Naturgy Energy Group SA(1)
10,976  302,659 
Neinor Homes SA(1)
11,637  119,378 
Obrascon Huarte Lain SA(1)(2)
79,625  45,582 
Prosegur Cash SA(1)
27,680  18,937 
Prosegur Cia de Seguridad SA 35,269  64,944 
Red Electrica Corp. SA 49,363  902,493 
Repsol SA 290,289  3,770,297 
Sacyr SA 135,193  302,412 
Siemens Gamesa Renewable Energy SA(2)
14,118  254,377 
Solaria Energia y Medio Ambiente SA(2)
9,769  207,430 
Talgo SA (Madrid)(1)
920  2,444 
Telefonica SA, ADR(1)
493,580  2,013,806 
Tubacex SA(2)
7,139  15,895 
Unicaja Banco SA 241,769  217,704 
Viscofan SA 8,155  458,836 
30,536,921 
Sweden — 3.3%
AAK AB 18,328  280,744 
AcadeMedia AB 13,381  58,631 
169

Avantis International Equity ETF
Shares Value
AddLife AB, B Shares 6,029  $ 78,029 
AddTech AB, B Shares 33,034  463,421 
Africa Oil Corp.(1)
39,500  77,295 
AFRY AB 900  11,864 
Alfa Laval AB 23,107  616,204 
Alimak Group AB 2,814  20,700 
Alleima AB(2)
8,488  34,080 
Alligo AB, Class B 945  8,626 
Ambea AB 3,055  12,387 
AQ Group AB 798  17,737 
Arjo AB, B Shares 30,587  137,373 
Assa Abloy AB, Class B 39,945  809,045 
Atlas Copco AB, A Shares 156,374  1,587,356 
Atlas Copco AB, B Shares 117,408  1,069,092 
Atrium Ljungberg AB, B Shares 5,093  73,819 
Avanza Bank Holding AB(1)
64,188  1,028,870 
Axfood AB 25,364  764,537 
Beijer Alma AB 1,369  20,853 
Beijer Ref AB 21,339  276,256 
Better Collective A/S(2)
7,120  97,563 
Bilia AB, A Shares 28,770  357,927 
BillerudKorsnas AB 41,767  543,079 
BioGaia AB, B Shares 12,584  101,560 
Biotage AB 11,375  191,354 
Bjorn Borg AB(2)
934  2,388 
Boliden AB 45,944  1,471,226 
Bonava AB, B Shares 13,106  46,911 
Boozt AB(1)(2)
8,909  52,229 
Bravida Holding AB 3,576  32,361 
Bufab AB 973  22,566 
Bure Equity AB 11,805  233,174 
Byggmax Group AB 17,111  70,303 
Castellum AB(1)
52,962  743,292 
Catena AB 3,571  146,786 
Catena Media PLC(2)
24,219  72,782 
Cellavision AB 694  21,770 
Cibus Nordic Real Estate AB 7,338  116,855 
Clas Ohlson AB, B Shares 18,520  167,055 
Cloetta AB, B Shares 80,256  140,303 
Collector Bank AB(2)
13,975  44,573 
Coor Service Management Holding AB 8,924  69,098 
Corem Property Group AB, B Shares 77,997  90,960 
Dios Fastigheter AB 13,771  101,932 
Duni AB(1)(2)
2,761  22,510 
Elanders AB, B Shares 2,304  32,635 
Electrolux AB, B Shares 40,800  515,918 
Electrolux Professional AB, B Shares 39,549  196,474 
Elekta AB, B Shares 39,889  228,660 
Embracer Group AB(1)(2)
13,464  83,537 
Eolus Vind AB, B Shares 3,678  47,557 
Epiroc AB, A Shares 67,610  1,034,488 
170

Avantis International Equity ETF
Shares Value
Epiroc AB, B Shares 29,680  $ 404,059 
EQT AB 7,225  161,824 
Essity AB, B Shares 54,791  1,215,443 
Evolution AB 4,085  326,813 
Fabege AB 35,896  317,268 
Fagerhult AB 716  3,066 
Fastighets AB Balder, B Shares(2)
45,738  252,575 
Fingerprint Cards AB, B Shares(1)(2)
1,440  958 
Fortnox AB 51,665  228,630 
G5 Entertainment AB(1)
1,269  20,937 
GARO AB 7,008  76,178 
Getinge AB, B Shares 37,441  693,465 
Granges AB 13,052  101,175 
H & M Hennes & Mauritz AB, B Shares(1)
76,064  789,950 
Hemnet Group AB 5,791  76,814 
Hexagon AB, B Shares 75,575  772,304 
Hexpol AB 23,043  204,578 
HMS Networks AB 2,435  88,482 
Hoist Finance AB(2)
12,496  37,833 
Holmen AB, B Shares 9,972  427,844 
Hufvudstaden AB, A Shares 13,708  163,306 
Husqvarna AB, B Shares 35,664  239,963 
Industrivarden AB, A Shares 10,140  224,722 
Indutrade AB 29,971  554,943 
Instalco AB 23,927  119,431 
Intrum AB 8,076  145,049 
Investment AB Latour, B Shares 3,154  62,132 
INVISIO AB(1)
2,959  41,124 
Inwido AB 6,499  63,556 
JM AB 12,160  209,061 
Kabe Group AB, Class B 255  5,012 
Karnov Group AB(2)
4,021  21,584 
Karo Pharma AB(1)(2)
4,396  24,717 
Kopparbergs Bryggeri AB, B Shares 1,831  25,902 
Lifco AB, B Shares 11,946  185,558 
Lime Technologies AB(1)
752  21,559 
Lindab International AB 13,006  186,289 
Loomis AB 22,382  604,617 
Maha Energy AB(2)
43,382  49,974 
MEKO AB 10,576  96,592 
Millicom International Cellular SA, SDR(2)
25,739  368,290 
MIPS AB 3,739  168,486 
Modern Times Group MTG AB, B Shares(2)
13,190  115,500 
Momentum Group AB(2)
945  4,472 
Munters Group AB 2,707  19,442 
Mycronic AB 11,030  130,804 
NCC AB, B Shares 17,143  161,355 
Net Insight AB, B Shares(2)
86,165  42,102 
New Wave Group AB, B Shares 12,792  205,753 
Nibe Industrier AB, B Shares 57,451  538,014 
Nilorngruppen AB, B Shares 1,058  11,262 
171

Avantis International Equity ETF
Shares Value
Nobia AB 34,226  $ 88,149 
Nolato AB, B Shares 34,043  176,710 
Nordea Bank Abp 261,565  2,425,190 
Nordic Paper Holding AB 1,595  5,367 
Nordic Waterproofing Holding AB 800  12,941 
Nordnet AB publ 15,342  183,670 
Nyfosa AB 18,905  158,814 
Orron Energy AB(1)
8,113  15,431 
Ovzon AB(2)
906  4,046 
OX2 AB(2)
1,531  13,652 
Pandox AB(2)
11,646  143,977 
Paradox Interactive AB 10,718  168,494 
Peab AB, Class B 37,358  230,017 
Platzer Fastigheter Holding AB, B Shares 4,333  33,586 
Profoto Holding AB 290  2,651 
RaySearch Laboratories AB(2)
4,477  20,957 
Resurs Holding AB 27,184  57,920 
Saab AB, B Shares 20,393  681,271 
Sagax AB, D Shares 2,138  5,570 
Sagax AB, B Shares 3,456  74,328 
Samhallsbyggnadsbolaget i Norden AB(1)
67,346  108,129 
Samhallsbyggnadsbolaget i Norden AB, D Shares 10,330  20,331 
Sandvik AB 42,441  661,676 
Scandi Standard AB(2)
9,597  42,329 
Scandic Hotels Group AB(2)
23,624  83,890 
Sectra AB, B Shares(2)
7,948  118,360 
Securitas AB, B Shares(1)
29,117  254,969 
Sinch AB(1)(2)
22,860  44,197 
Skandinaviska Enskilda Banken AB, A Shares 147,084  1,466,235 
Skanska AB, B Shares 85,434  1,262,089 
SKF AB, B Shares 55,839  837,170 
SkiStar AB 16,243  209,012 
Solid Forsakring AB(2)
1,553  6,757 
Spotify Technology SA(2)
1,786  193,156 
SSAB AB, B Shares 171,242  799,524 
SSAB AB, A Shares 38,295  184,189 
Stillfront Group AB(2)
26,698  56,816 
Svenska Cellulosa AB SCA, B Shares 65,994  988,821 
Svenska Handelsbanken AB, A Shares 170,533  1,396,694 
Sweco AB, B Shares 19,273  181,689 
Swedbank AB, A Shares 109,600  1,416,569 
Swedish Orphan Biovitrum AB(2)
8,535  188,468 
Synsam AB 2,551  12,215 
Tele2 AB, B Shares 77,661  827,071 
Telefonaktiebolaget LM Ericsson, ADR(1)
283,428  2,105,870 
Telia Co. AB 358,324  1,261,205 
Tethys Oil AB 11,171  66,851 
TF Bank AB 1,188  17,724 
Thule Group AB 9,143  223,021 
Tobii AB(2)
777  1,739 
Tobii Dynavox AB(2)
920  1,954 
172

Avantis International Equity ETF
Shares Value
Transtema Group AB(2)
1,153  $ 3,217 
Trelleborg AB, B Shares 52,764  1,096,446 
Troax Group AB 6,954  112,512 
Truecaller AB, B Shares(2)
14,523  76,350 
Viaplay Group AB, B Shares(2)
3,268  83,139 
Vitec Software Group AB, B Shares 2,711  101,130 
Vitrolife AB 3,780  90,135 
Volvo AB, B Shares 119,305  1,889,826 
Volvo AB, A Shares 14,188  236,125 
Volvo Car AB, Class B(1)(2)
61,731  376,029 
Wallenstam AB, B Shares 27,044  121,364 
Wihlborgs Fastigheter AB 39,052  279,758 
49,565,004 
Switzerland — 8.4%
ABB Ltd., ADR(1)
61,439  1,693,873 
Adecco Group AG 6,966  220,826 
Alcon, Inc. 29,299  1,929,132 
Allreal Holding AG 792  124,170 
ALSO Holding AG(2)
776  129,005 
ams-OSRAM AG(2)
18,505  135,412 
Arbonia AG 14,274  187,098 
Ascom Holding AG 5,835  37,635 
Autoneum Holding AG 850  95,291 
Bachem Holding AG, Class B 1,455  100,754 
Baloise Holding AG 11,489  1,658,078 
Banque Cantonale Vaudoise(1)
2,377  225,553 
Barry Callebaut AG 506  1,035,344 
Basellandschaftliche Kantonalbank 14  13,151 
Basilea Pharmaceutica AG(2)
706  28,042 
Belimo Holding AG 1,172  444,581 
Bell Food Group AG 256  67,071 
Bellevue Group AG 1,552  50,549 
BKW AG 1,541  186,676 
Bobst Group SA 2,200  177,260 
Bucher Industries AG 1,432  510,210 
Burckhardt Compression Holding AG 2,173  909,985 
Burkhalter Holding AG 284  24,460 
Bystronic AG 158  100,256 
Calida Holding AG 583  25,433 
Cembra Money Bank AG 7,289  491,591 
Chocoladefabriken Lindt & Spruengli AG 7  762,257 
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate 73  772,075 
Cie Financiere Richemont SA, Class A 37,879  4,235,949 
Clariant AG(2)
43,535  803,801 
Coltene Holding AG(2)
899  76,876 
Comet Holding AG 2,276  395,810 
COSMO Pharmaceuticals NV(1)
520  27,484 
CPH Chemie & Papier Holding AG 46  3,494 
Credit Suisse Group AG, ADR(1)
408,246  2,106,549 
Daetwyler Holding AG, Bearer Shares 790  157,601 
DKSH Holding AG 14,880  1,107,112 
173

Avantis International Equity ETF
Shares Value
dormakaba Holding AG 637  $ 267,131 
Dufry AG(2)
7,380  275,366 
EFG International AG(2)
20,976  176,272 
Emmi AG 1,588  1,398,820 
EMS-Chemie Holding AG 1,547  1,086,361 
Feintool International Holding AG(1)
1,020  21,963 
Flughafen Zurich AG(2)
1,868  314,542 
Forbo Holding AG 216  269,534 
Galenica AG 9,516  669,159 
GAM Holding AG(2)
27,635  27,438 
Geberit AG 2,435  1,125,080 
Georg Fischer AG 23,542  1,275,570 
Givaudan SA 155  494,539 
Gurit Holding AG, Bearer Shares(1)
530  55,484 
Helvetia Holding AG 10,274  1,132,414 
Holcim AG(2)
35,964  1,594,122 
Huber + Suhner AG 3,468  288,847 
Hypothekarbank Lenzburg AG 1  4,383 
Idorsia Ltd.(1)(2)
5,174  80,967 
Implenia AG(2)
1,904  56,232 
Ina Invest Holding AG(2)
225  4,522 
Inficon Holding AG 386  269,090 
Interroll Holding AG 61  139,470 
Intershop Holding AG 107  69,716 
Julius Baer Group Ltd.(2)
33,769  1,631,707 
Kardex Holding AG 2,098  367,850 
Komax Holding AG 553  144,076 
Kuehne + Nagel International AG 9,026  2,086,007 
Landis & Gyr Group AG(2)
12  702 
LEM Holding SA 91  149,865 
Leonteq AG 1,571  89,208 
Liechtensteinische Landesbank AG 1,502  85,758 
Logitech International SA(1)
34,892  1,736,084 
Lonza Group AG 2,586  1,379,165 
Medacta Group SA 1,387  122,139 
Metall Zug AG, B Shares 20  40,652 
Mobilezone Holding AG 19,778  327,427 
Mobimo Holding AG 1,185  290,907 
Molecular Partners AG(2)
12  68 
Montana Aerospace AG(2)
1,696  26,235 
Nestle SA 99,845  11,684,154 
Novartis AG, ADR 199,753  16,084,112 
OC Oerlikon Corp. AG 31,229  228,112 
Orior AG 1,857  145,130 
Partners Group Holding AG 2,953  2,850,393 
Peach Property Group AG(2)
2,341  72,768 
PolyPeptide Group AG(2)
355  13,047 
PSP Swiss Property AG 11,489  1,299,785 
Rieter Holding AG 583  59,524 
Roche Holding AG 46,822  15,087,985 
Roche Holding AG, Bearer Shares 1,900  725,721 
174

Avantis International Equity ETF
Shares Value
Schindler Holding AG 3,016  $ 509,374 
Schindler Holding AG, Bearer Participation Certificate 6,957  1,211,956 
Schweiter Technologies AG, Bearer Shares(1)
84  88,129 
Schweizerische Nationalbank(1)
8  45,230 
Sensirion Holding AG(2)
2,773  257,327 
SFS Group AG 4,194  391,968 
SGS SA 691  1,521,709 
Siegfried Holding AG(2)
485  387,038 
SIG Group AG(2)
19,460  456,281 
Sika AG 5,153  1,159,398 
Softwareone Holding AG(2)
9,842  129,394 
Sonova Holding AG 1,196  315,114 
St Galler Kantonalbank AG 331  155,672 
Stadler Rail AG(1)
15,760  480,986 
Straumann Holding AG 8,459  926,960 
Sulzer AG 3,698  220,692 
Swatch Group AG 6,774  308,073 
Swatch Group AG, Bearer Shares 4,299  1,042,487 
Swiss Life Holding AG 6,580  3,439,214 
Swiss Prime Site AG 12,478  1,073,133 
Swiss Re AG 26,666  2,073,432 
Swisscom AG 6,511  3,366,381 
Swissquote Group Holding SA 2,390  265,158 
Tecan Group AG 839  308,718 
Temenos AG 11,087  907,960 
TX Group AG 361  55,489 
u-blox Holding AG(2)
2,694  373,383 
UBS Group AG(1)(2)
394,717  6,256,264 
V-ZUG Holding AG(2)
478  37,616 
Valiant Holding AG 3,115  295,143 
Valora Holding AG 1,108  293,525 
VAT Group AG(2)
4,058  970,294 
Vetropack Holding AG 438  15,355 
Vontobel Holding AG 9,564  588,425 
VZ Holding AG 2,239  179,107 
Ypsomed Holding AG 277  42,325 
Zehnder Group AG 2,291  135,344 
Zurich Insurance Group AG 17,082  7,582,688 
126,742,789 
United Kingdom — 13.6%
3i Group PLC 183,144  2,577,988 
abrdn PLC 189,225  321,579 
Admiral Group PLC 28,521  701,582 
AG Barr PLC 6,893  40,359 
Airtel Africa PLC 120,897  185,603 
AJ Bell PLC 36,519  124,555 
Alliance Pharma PLC 70,006  77,164 
Anglo American PLC 153,772  4,941,381 
Anglo Asian Mining PLC 29,191  27,112 
Anglo Pacific Group PLC 40,206  76,975 
Antofagasta PLC 54,225  689,953 
175

Avantis International Equity ETF
Shares Value
Arix Bioscience PLC(2)
2,941  $ 4,015 
Ashmore Group PLC 37,441  88,220 
Ashtead Group PLC 57,630  2,831,237 
ASOS PLC(2)
10,347  83,244 
Associated British Foods PLC 25,740  454,594 
Aston Martin Lagonda Global Holdings PLC(1)(2)
10,082  52,050 
AstraZeneca PLC, ADR 120,246  7,500,945 
Atalaya Mining PLC 43,214  111,631 
Auto Trader Group PLC 103,971  785,052 
Avast PLC(1)
14,881  122,138 
AVEVA Group PLC 1,723  55,874 
Aviva PLC 351,088  1,703,213 
Avon Rubber PLC 180  1,681 
B&M European Value Retail SA 168,403  722,144 
Babcock International Group PLC(2)
44,076  168,103 
BAE Systems PLC 314,320  2,830,797 
Balfour Beatty PLC 36,045  131,858 
Bank of Georgia Group PLC 15,241  353,954 
Barclays PLC, ADR 448,914  3,497,040 
Barratt Developments PLC 89,486  443,026 
Beazley PLC 92,660  625,239 
Begbies Traynor Group PLC 21,662  36,971 
Bellway PLC 26,511  626,837 
Berkeley Group Holdings PLC 21,735  920,109 
Biffa PLC 74,193  346,317 
Bloomsbury Publishing PLC 3,451  16,844 
Bodycote PLC 43,833  279,497 
boohoo Group PLC(1)(2)
417  202 
BP PLC, ADR 269,145  8,300,432 
Breedon Group PLC 89,631  62,059 
Brewin Dolphin Holdings PLC 80,202  476,896 
Britvic PLC 13,015  118,283 
BT Group PLC 1,619,758  2,833,443 
Bunzl PLC 18,206  603,787 
Burberry Group PLC 74,830  1,513,713 
Burford Capital Ltd. 32,227  301,470 
Bytes Technology Group PLC 64,779  312,613 
Capita PLC(2)
457  137 
Capital Ltd. 24,003  23,146 
Capricorn Energy PLC(2)
213,145  574,503 
Carnival PLC, ADR(1)(2)
3,002  25,427 
Centamin PLC 375,324  393,608 
Central Asia Metals PLC 59,380  158,101 
Centrica PLC(2)
1,256,060  1,101,648 
Cerillion PLC 1,284  13,419 
Chemring Group PLC 52,055  188,616 
Close Brothers Group PLC 35,379  418,551 
CMC Markets PLC 46,776  124,755 
Coats Group PLC 382,014  266,252 
Coca-Cola HBC AG(2)
14,895  339,894 
Compass Group PLC 66,759  1,436,056 
176

Avantis International Equity ETF
Shares Value
Computacenter PLC 18,587  $ 532,458 
ContourGlobal PLC 41,671  124,563 
ConvaTec Group PLC 36,119  91,126 
Costain Group PLC(2)
396  183 
Countryside Partnerships PLC(2)
44,394  124,322 
Cranswick PLC 7,686  275,016 
Crest Nicholson Holdings PLC 77,921  211,767 
Croda International PLC 7,529  586,847 
CVS Group PLC 12,484  263,029 
DCC PLC 8,427  485,011 
De La Rue PLC(1)(2)
23,012  22,965 
Dechra Pharmaceuticals PLC 2,991  120,965 
Devro PLC 55,884  120,868 
Diageo PLC, ADR 30,100  5,309,339 
Direct Line Insurance Group PLC 269,431  641,719 
Diversified Energy Co. PLC 105,683  162,182 
Domino's Pizza Group PLC 18,620  50,962 
dotdigital group PLC 41,597  41,972 
Dr. Martens PLC 138,136  376,588 
Drax Group PLC 105,165  775,756 
DS Smith PLC 96,192  298,097 
Dunelm Group PLC 32,164  256,703 
DX Group PLC(2)
62,822  21,894 
easyJet PLC(2)
32,447  134,814 
Elementis PLC(2)
31,520  40,467 
EMIS Group PLC 14,128  309,042 
EnQuest PLC(2)
813,049  282,117 
Ergomed PLC(2)
6,908  89,499 
Essentra PLC 8,994  20,703 
Experian PLC 45,338  1,375,803 
Ferguson PLC 18,078  2,093,579 
Ferrexpo PLC 84,688  145,673 
Firstgroup PLC(1)
209,836  279,473 
Forterra PLC 51,498  158,017 
Foxtons Group PLC 38,162  16,484 
Frasers Group PLC(2)
57,099  531,656 
Fresnillo PLC 5,578  44,427 
Frontier Developments PLC(1)(2)
3,584  60,739 
Games Workshop Group PLC 6,510  536,060 
Gamma Communications PLC 4,078  51,008 
Gateley Holdings PLC 12,343  27,592 
Genel Energy PLC 42,725  70,429 
Genus PLC 390  11,373 
Georgia Capital PLC(2)
14,285  113,341 
Glencore PLC 1,222,663  6,684,983 
Go-Ahead Group PLC(2)
17,442  312,889 
Golar LNG Ltd.(2)
12,093  329,776 
Grafton Group PLC 62,929  528,226 
Grainger PLC 79,986  249,043 
Greencore Group PLC(2)
5,834  5,765 
Greggs PLC 36,024  770,034 
177

Avantis International Equity ETF
Shares Value
GSK PLC, ADR 164,776  $ 5,351,924 
Gulf Keystone Petroleum Ltd. 72,894  204,087 
Gym Group PLC(2)
16,812  28,180 
Haleon PLC, ADR(2)
165,809  991,538 
Halfords Group PLC 72,950  110,281 
Halma PLC 23,314  560,817 
Harbour Energy PLC 113,994  628,960 
Hargreaves Lansdown PLC 55,211  522,692 
Hays PLC 138,428  187,691 
Helical PLC 11,050  49,996 
Helios Towers PLC(2)
140,295  201,052 
Hikma Pharmaceuticals PLC 25,075  382,160 
Hill & Smith Holdings PLC 19,487  235,421 
Hiscox Ltd. 5,392  56,183 
Hochschild Mining PLC 110,243  83,003 
HomeServe PLC 6,457  88,890 
Hotel Chocolat Group PLC(2)
2,721  4,298 
Howden Joinery Group PLC 134,643  890,241 
HSBC Holdings PLC, ADR(1)
239,151  7,373,025 
Hunting PLC 42,329  141,577 
Hurricane Energy PLC(2)
454,791  38,788 
Ibstock PLC 118,324  260,069 
IG Group Holdings PLC 93,108  883,593 
IMI PLC 39,815  529,550 
Impax Asset Management Group PLC 25,999  188,713 
Inchcape PLC 79,022  693,905 
Indivior PLC(2)
256,610  859,824 
Informa PLC 14,968  94,697 
IntegraFin Holdings PLC 649  2,023 
InterContinental Hotels Group PLC 7,224  392,163 
Intermediate Capital Group PLC 51,875  820,028 
International Personal Finance PLC 68,141  79,198 
Intertek Group PLC 24,978  1,146,455 
Investec PLC 117,440  564,503 
IOG PLC(2)
48,616  16,101 
IP Group PLC 297,811  241,706 
IQE PLC(2)
3,759  1,487 
ITV PLC 229,320  170,655 
IWG PLC(2)
139,542  260,097 
J D Wetherspoon PLC(2)
11,618  65,066 
J Sainsbury PLC 388,874  917,882 
Jadestone Energy PLC 21,557  21,785 
JD Sports Fashion PLC 471,508  616,747 
JET2 PLC(2)
19,161  189,752 
Johnson Matthey PLC 46,276  1,079,657 
Johnson Service Group PLC(2)
20,787  23,227 
Jubilee Metals Group PLC(2)
540,980  74,164 
Jupiter Fund Management PLC 103,845  117,099 
Just Group PLC 297,841  248,709 
Kainos Group PLC 14,199  224,017 
Keller Group PLC 26,157  212,903 
178

Avantis International Equity ETF
Shares Value
Kingfisher PLC 229,433  $ 616,318 
Lancashire Holdings Ltd. 7,276  41,749 
Legal & General Group PLC 867,094  2,539,779 
Liberty Global PLC, Class A(2)
17,082  345,056 
Liberty Global PLC, Class C(2)
37,357  796,078 
Liontrust Asset Management PLC 15,989  169,815 
Lloyds Banking Group PLC, ADR 1,717,833  3,435,666 
London Stock Exchange Group PLC 8,084  758,292 
Lookers PLC 41,443  39,248 
Luceco PLC 16,679  15,176 
Luxfer Holdings PLC 7,575  124,609 
M&C Saatchi PLC(2)
15,294  28,556 
M&G PLC 389,753  884,519 
Man Group PLC 292,809  827,439 
Marks & Spencer Group PLC(2)
552,292  780,446 
Marshalls PLC 20,546  79,681 
Marston's PLC(2)
216,269  91,164 
Mediclinic International PLC 102,982  598,420 
Meggitt PLC(2)
34,240  317,338 
Metro Bank PLC(2)
28,972  27,225 
Mitchells & Butlers PLC(2)
41,484  74,192 
Mitie Group PLC 205,964  172,977 
Molten Ventures PLC(2)
38,006  164,098 
Mondi PLC 55,405  940,523 
Moneysupermarket.com Group PLC 52,177  119,273 
Morgan Advanced Materials PLC 67,098  206,855 
Morgan Sindall Group PLC 11,270  225,003 
Mortgage Advice Bureau Holdings Ltd. 7,743  85,515 
Motorpoint group PLC(2)
12,494  28,657 
National Grid PLC, ADR 59,850  3,781,922 
NatWest Group PLC, ADR(1)
 231,705  1,281,331 
Next PLC 24,735  1,665,700 
Ninety One PLC 140,672  322,272 
Norcros PLC 2,909  7,141 
Numis Corp. PLC 7,246  20,564 
Ocado Group PLC(2)
10,337  86,873 
On the Beach Group PLC(2)
1,503  2,231 
OSB Group PLC 62,243  396,843 
Pagegroup PLC 88,941  446,730 
Pan African Resources PLC 767,835  163,096 
Pantheon Resources PLC(1)(2)
1,134  1,755 
Paragon Banking Group PLC 62,496  388,463 
Pearson PLC, ADR(1)
39,232  393,889 
Pennon Group PLC 47,209  511,150 
Persimmon PLC 55,179  944,174 
Petra Diamonds Ltd.(2)
66,090  75,461 
Petrofac Ltd.(2)
512  708 
Phoenix Group Holdings PLC 61,029  426,262 
Phoenix Spree Deutschland Ltd. 4,901  17,029 
Playtech PLC(2)
43,998  228,387 
Plus500 Ltd. 42,067  828,974 
179

Avantis International Equity ETF
Shares Value
Polar Capital Holdings PLC 3,013  $ 16,014 
Premier Foods PLC 128,941  161,351 
Premier Miton Group PLC 1,579  1,963 
Provident Financial PLC 112,382  224,882 
Prudential PLC, ADR(1)
61,910  1,306,920 
PZ Cussons PLC 55,773  125,764 
QinetiQ Group PLC 84,373  340,919 
Quilter PLC 320,252  390,712 
Rathbones Group PLC 13,437  280,891 
Reach PLC 80,817  69,474 
Reckitt Benckiser Group PLC 46,761  3,608,153 
Redde Northgate PLC 77,698  308,402 
Redrow PLC 65,124  382,568 
RELX PLC, ADR 138,873  3,635,695 
Renew Holdings PLC 4,532  33,797 
Renewi PLC(2)
9,806  88,291 
Renishaw PLC 2,383  101,928 
Rentokil Initial PLC 56,297  340,004 
Restore PLC 20,599  104,601 
Rhi Magnesita NV 7,444  155,992 
Ricardo PLC 6,212  33,291 
Rightmove PLC 191,050  1,342,891 
Rio Tinto PLC, ADR(1)
121,758  6,853,758 
Rolls-Royce Holdings PLC(2)
370,359  330,071 
Rotork PLC 143,914  412,862 
Royal Mail PLC 164,264  524,107 
RS GROUP PLC 59,652  750,400 
RWS Holdings PLC 213  851 
Sabre Insurance Group PLC 1,153  1,538 
Sage Group PLC 23,242  192,646 
Savannah Energy PLC(2)
122,479  47,001 
Savills PLC 33,798  371,185 
Schroders PLC 15,674  487,558 
Secure Trust Bank PLC 1,207  12,853 
Senior PLC(2)
90,863  137,003 
Serco Group PLC 30,707  62,283 
Serica Energy PLC 98,999  428,564 
Severn Trent PLC 10,381  335,323 
Shell PLC, ADR 294,520  15,603,670 
SIG PLC(2)
73,322  28,491 
Sirius Real Estate Ltd. 142,432  134,361 
Smart Metering Systems PLC 17,725  187,055 
Smith & Nephew PLC, ADR 40,245  959,441 
Smiths Group PLC 14,998  259,103 
Softcat PLC 26,361  395,299 
Spectris PLC 16,446  531,753 
Speedy Hire PLC 159,701  75,807 
Spirax-Sarco Engineering PLC 4,347  530,666 
Spire Healthcare Group PLC(2)
48,745  131,327 
Spirent Communications PLC 79,464  237,697 
SSE PLC 125,328  2,401,625 
180

Avantis International Equity ETF
Shares Value
SSP Group PLC(2)
93,351  $ 228,750 
St. James's Place PLC 110,363  1,412,640 
Standard Chartered PLC (London) 319,393  2,212,164 
SThree PLC 39,848  162,665 
Strix Group PLC(1)
60,456  103,938 
Superdry PLC(2)
21,844  31,754 
Synthomer PLC 40,459  92,375 
Tate & Lyle PLC 109,470  969,382 
Taylor Wimpey PLC 331,706  416,137 
TBC Bank Group PLC 17,271  355,588 
Telecom Plus PLC 1,052  23,766 
Tesco PLC 591,020  1,707,025 
TI Fluid Systems PLC 36,012  61,035 
TP ICAP Group PLC 86,013  153,393 
Trainline PLC(2)
263  1,055 
Travis Perkins PLC 40,407  397,393 
Tremor International Ltd.(1)(2)
3,098  11,832 
TUI AG(2)
47,537  72,891 
Tullow Oil PLC(1)(2)
139,516  78,352 
Unilever PLC, ADR(1)
109,456  4,968,208 
United Utilities Group PLC 138,438  1,696,737 
Vertu Motors PLC 153,897  86,694 
Vesuvius PLC 14,283  57,466 
Victoria PLC(1)(2)
161  643 
Victrex PLC 12,480  253,149 
Virgin Money UK PLC 311,364  538,376 
Vistry Group PLC 60,080  538,062 
Vodafone Group PLC, ADR 307,887  4,131,844 
Watkin Jones PLC 56,946  125,141 
Weir Group PLC 22,301  375,584 
WH Smith PLC(2)
15,485  256,691 
Whitbread PLC 6,718  194,710 
Wickes Group PLC 112,235  155,597 
Wincanton PLC 23,673  92,894 
WPP PLC, ADR(1)
16,331  700,763 
Yellow Cake PLC(2)
58,617  285,788 
204,391,720 
United States†
ADTRAN Holdings, Inc. 7,443  172,036 
Block, Inc.(2)
681  46,641 
GXO Logistics, Inc.(2)
604  26,806 
245,483 
TOTAL COMMON STOCKS
(Cost $1,626,825,551)
 1,497,725,355 
WARRANTS†


Australia†
Magellan Financial Group Ltd.(2)
1,432  681 
Italy†
Webuild SpA(1)(2)
3,662  5,171 
TOTAL WARRANTS
(Cost $—)
 5,852 
181

Avantis International Equity ETF
Shares Value
RIGHTS†


Austria†
IMMOFINANZ AG(1)(2)
 5,298  $ 53 
Germany†
7C Solarparken AG(2)
20,776  380 
Hong Kong†
SJM Holdings Ltd.(1)(2)
27,000  2,305 
Xinyi Electric Storage Holdings Ltd.(2)
5,280  215 
2,520 
TOTAL RIGHTS
(Cost $—)
 2,953 
SHORT-TERM INVESTMENTS — 3.5%


Money Market Funds — 3.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1,150,294  1,150,294 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
51,033,501  51,033,501 
TOTAL SHORT-TERM INVESTMENTS
(Cost $52,183,795)
 52,183,795 
TOTAL INVESTMENT SECURITIES — 103.0%
(Cost $1,679,009,346)

1,549,917,955 
OTHER ASSETS AND LIABILITIES — (3.0)%

(45,316,639)
TOTAL NET ASSETS — 100.0%

$ 1,504,601,316 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials 20.1%
Industrials 16.1%
Materials 11.9%
Consumer Discretionary 9.1%
Energy 8.5%
Health Care 7.7%
Consumer Staples 7.3%
Information Technology 6.7%
Communication Services 5.1%
Utilities 4.7%
Real Estate 2.3%
Short-Term Investments 3.5%
Other Assets and Liabilities (3.0)%

182

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 $98,429,673. 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 $103,659,070, which includes securities collateral of $52,625,569.


See Notes to Financial Statements.
183

AUGUST 31, 2022
Avantis International Large Cap Value ETF
Shares Value
COMMON STOCKS — 99.5%


Australia — 7.1%
ASX Ltd. 1,230  $ 65,476 
Aurizon Holdings Ltd. 51,020  129,036 
Australia & New Zealand Banking Group Ltd. 19,900  307,625 
Bank of Queensland Ltd. 7,740  36,931 
Bendigo & Adelaide Bank Ltd. 10,218  62,723 
BHP Group Ltd., ADR(1)
15,726  863,200 
BlueScope Steel Ltd. 8,685  97,444 
Brambles Ltd. 19,195  161,550 
Challenger Ltd. 18,110  78,076 
Coles Group Ltd. 10,332  123,666 
Evolution Mining Ltd. 35,406  56,899 
Fortescue Metals Group Ltd. 21,560  267,938 
Harvey Norman Holdings Ltd. 13,158  37,783 
National Australia Bank Ltd. 11,067  229,487 
Newcrest Mining Ltd. (Sydney) 6,918  83,166 
Northern Star Resources Ltd. 16,275  86,017 
Orica Ltd. 917  9,592 
OZ Minerals Ltd. 6,106  105,230 
Rio Tinto Ltd. 2,632  167,167 
Santos Ltd. 54,810  292,591 
Seven Group Holdings Ltd. 72  906 
Sonic Healthcare Ltd. 5,473  126,563 
South32 Ltd. 89,644  246,853 
Telstra Corp. Ltd. 22,555  60,994 
Viva Energy Group Ltd. 5,957  12,047 
Whitehaven Coal Ltd. 31,164  165,998 
Woodside Energy Group Ltd. 11,760  273,167 
Woodside Energy Group Ltd., ADR(1)
5,350  122,034 
4,270,159 
Austria — 0.2%
Erste Group Bank AG 216  4,857 
OMV AG 1,196  48,190 
Raiffeisen Bank International AG 1,473  18,600 
Strabag SE 223  8,569 
Vienna Insurance Group AG Wiener Versicherung Gruppe 105  2,489 
voestalpine AG 1,959  39,420 
122,125 
Belgium — 0.8%
Ageas SA/NV 1,839  74,618 
Bekaert SA 438  13,435 
Cie d'Entreprises CFE(1)(2)
160  1,593 
Deme Group NV(2)
160  18,311 
Etablissements Franz Colruyt NV 763  21,206 
Euronav NV 712  11,480 
KBC Ancora 875  28,806 
KBC Group NV 1,505  71,777 
Melexis NV 188  14,176 
Proximus SADP 2,350  29,913 
184

Avantis International Large Cap Value ETF
Shares Value
Solvay SA 718  $ 57,961 
UCB SA 1,089  76,521 
Umicore SA 2,162  68,722 
488,519 
Canada — 11.8%
ARC Resources Ltd. 17,035  235,158 
Bank of Montreal 5,775  533,155 
Bank of Nova Scotia 8,444  466,900 
Brookfield Renewable Corp., Class A 327  12,566 
Canadian Imperial Bank of Commerce 7,474  353,455 
Canadian Natural Resources Ltd. 10,323  565,924 
Canadian Tire Corp. Ltd., Class A 883  103,854 
Cenovus Energy, Inc. 19,101  358,357 
Empire Co. Ltd., Class A 1,994  56,798 
First Quantum Minerals Ltd. 3,141  55,581 
Great-West Lifeco, Inc. 4,116  96,683 
iA Financial Corp., Inc. 3,009  161,636 
Imperial Oil Ltd. 3,248  159,414 
Keyera Corp. 5,947  146,530 
Kinross Gold Corp. 15,558  51,056 
Loblaw Cos. Ltd. 1,660  146,706 
Lundin Mining Corp. 9,783  50,876 
Magna International, Inc. 4,384  253,256 
Manulife Financial Corp. 28,856  499,188 
National Bank of Canada 5,311  351,371 
Northland Power, Inc. 3,212  109,957 
Onex Corp. 1,003  49,602 
Rogers Communications, Inc., Class B 732  31,518 
Royal Bank of Canada 8,561  796,098 
Suncor Energy, Inc. 18,869  610,457 
Teck Resources Ltd., Class B 8,383  283,912 
Tourmaline Oil Corp. 6,815  402,927 
West Fraser Timber Co. Ltd. 1,756  157,102 
7,100,037 
Denmark — 0.6%
AP Moller - Maersk A/S, A Shares 2  4,672 
AP Moller - Maersk A/S, B Shares 23  55,181 
Novo Nordisk A/S, ADR 3,062  324,878 
Vestas Wind Systems A/S 142  3,553 
388,284 
Finland — 1.1%
Kesko Oyj, B Shares 2,477  52,110 
Kone Oyj, B Shares 2,298  91,903 
Metsa Board Oyj 1,453  12,492 
Metso Outotec Oyj 6,943  54,302 
Neste Oyj 2,861  141,153 
Nokia Oyj, ADR 20,423  103,136 
Sampo Oyj, A Shares 1,500  67,860 
Stora Enso Oyj, R Shares 6,903  102,758 
Wartsila Oyj Abp 3,904  32,189 
657,903 
185

Avantis International Large Cap Value ETF
Shares Value
France — 7.4%
Aeroports de Paris(2)
183  $ 25,058 
ALD SA(1)
1,987  21,627 
Arkema SA 979  82,649 
AXA SA 13,068  307,773 
BioMerieux 545  49,840 
Bouygues SA 4,729  138,914 
Carrefour SA 8,024  133,924 
Cie de Saint-Gobain 4,598  185,197 
Cie Generale des Etablissements Michelin SCA 7,709  187,493 
Dassault Aviation SA 630  86,518 
Eiffage SA 1,817  159,814 
Eramet SA 76  6,444 
Eurazeo SE 939  56,077 
Faurecia SE(2)
2,903  41,631 
Gaztransport Et Technigaz SA 579  73,709 
Hermes International 146  186,992 
Ipsen SA 909  87,116 
Kering SA 370  185,648 
La Francaise des Jeux SAEM 2,599  84,296 
LVMH Moet Hennessy Louis Vuitton SE 302  194,871 
Neoen SA(1)
809  33,416 
Nexans SA 565  51,622 
Orange SA, ADR(1)
21,025  212,142 
Renault SA(2)
1,714  48,820 
Safran SA 2,867  292,303 
SES SA 9,397  65,970 
Societe Generale SA 4,570  100,748 
STMicroelectronics NV, NY Shares 6,360  221,964 
Teleperformance 2  570 
Thales SA 1,385  166,977 
TotalEnergies SE, ADR 10,384  524,496 
Ubisoft Entertainment SA(2)
2,257  104,082 
Valeo 3,849  73,522 
Vinci SA 3,122  288,015 
4,480,238 
Germany — 8.8%
adidas AG 1,092  161,925 
Aurubis AG 882  53,402 
BASF SE 7,667  324,305 
Bayerische Motoren Werke AG 3,435  253,086 
Bayerische Motoren Werke AG, Preference Shares 549  38,169 
Commerzbank AG(2)
21,157  140,777 
Continental AG 253  14,566 
Covestro AG 3,995  120,457 
Daimler Truck Holding AG(2)
8,518  217,795 
Deutsche Bank AG 22,148  184,050 
Deutsche Boerse AG 283  47,848 
Deutsche Lufthansa AG(2)
22,906  136,183 
Deutsche Post AG 11,644  424,996 
Deutsche Telekom AG 26,480  499,075 
186

Avantis International Large Cap Value ETF
Shares Value
Encavis AG 5,253  $ 112,264 
Fielmann AG 640  23,783 
HeidelbergCement AG 4,122  186,139 
HelloFresh SE(2)
2,511  59,952 
HUGO BOSS AG 2,615  142,523 
KION Group AG 819  32,725 
Knorr-Bremse AG 1,340  64,943 
Mercedes-Benz Group AG 6,099  341,945 
MTU Aero Engines AG 1,533  270,363 
Rheinmetall AG 1,193  189,383 
RWE AG 12,913  492,985 
Schaeffler AG, Preference Shares 4,574  23,830 
Sixt SE 568  55,543 
Sixt SE, Preference Shares 415  24,805 
Telefonica Deutschland Holding AG 39,107  101,519 
VERBIO Vereinigte BioEnergie AG 879  56,417 
Volkswagen AG 265  49,017 
Volkswagen AG, Preference Shares 1,513  215,208 
Vonovia SE 7,042  190,638 
Wacker Chemie AG 433  61,580 
5,312,196 
Hong Kong — 2.6%
AIA Group Ltd. 54,400  523,395 
ASMPT Ltd. 5,600  43,374 
Atlas Corp.(1)
1,491  21,396 
Bank of East Asia Ltd. 17,600  22,174 
BOC Hong Kong Holdings Ltd. 28,500  98,092 
CK Asset Holdings Ltd. 16,500  111,371 
Hang Lung Group Ltd. 13,000  21,988 
Hang Lung Properties Ltd. 27,000  44,901 
Henderson Land Development Co. Ltd. 10,000  33,451 
Hongkong Land Holdings Ltd. 300  1,450 
Jardine Matheson Holdings Ltd. 1,000  53,032 
Kerry Properties Ltd. 10,500  24,208 
Luk Fook Holdings International Ltd. 1,000  2,556 
Man Wah Holdings Ltd. 13,600  10,748 
New World Development Co. Ltd. 21,000  68,430 
NWS Holdings Ltd. 29,000  27,898 
Pacific Basin Shipping Ltd. 126,000  44,721 
Sino Land Co. Ltd. 44,000  64,342 
SITC International Holdings Co. Ltd. 5,000  12,679 
Sun Hung Kai Properties Ltd. 2,000  23,497 
Swire Pacific Ltd., Class A 13,000  89,918 
Swire Properties Ltd. 5,000  11,524 
United Energy Group Ltd. 174,000  21,471 
WH Group Ltd. 169,500  115,484 
Xinyi Glass Holdings Ltd. 26,000  48,019 
Yue Yuen Industrial Holdings Ltd. 13,500  20,129 
1,560,248 
Ireland — 0.5%
Bank of Ireland Group PLC 12,266  75,578 
187

Avantis International Large Cap Value ETF
Shares Value
CRH PLC 6,113  $ 225,738 
Glanbia PLC 431  5,485 
306,801 
Israel — 0.8%
Bank Hapoalim BM 10,122  104,939 
Bank Leumi Le-Israel BM 10,579  111,833 
Check Point Software Technologies Ltd.(2)
161  19,359 
First International Bank of Israel Ltd. 512  23,826 
ICL Group Ltd. 4,542  43,370 
Israel Corp. Ltd.(2)
37  17,884 
Israel Discount Bank Ltd., A Shares 10,663  65,190 
Mizrahi Tefahot Bank Ltd. 1,575  64,056 
Strauss Group Ltd. 53  1,386 
ZIM Integrated Shipping Services Ltd.(1)
1,053  38,003 
489,846 
Italy — 2.8%
Atlantia SpA 1,413  32,355 
Azimut Holding SpA 5,766  91,853 
Banca Popolare di Sondrio SCPA 13,803  44,201 
BPER Banca 31,431  47,261 
Brembo SpA 68  624 
Brunello Cucinelli SpA 1,471  76,186 
Buzzi Unicem SpA 2,432  40,677 
CNH Industrial NV 16,135  196,445 
De' Longhi SpA 6  105 
Eni SpA, ADR 13,413  316,815 
ERG SpA 3,101  98,279 
Leonardo SpA 5,962  48,792 
Poste Italiane SpA 12,583  100,563 
Salvatore Ferragamo SpA 1,043  16,776 
Sesa SpA 234  28,603 
Stellantis NV 25,014  333,200 
UniCredit SpA 25,017  244,813 
1,717,548 
Japan — 20.3%
Aeon Co. Ltd.(1)
1,200  23,407 
Aeon Mall Co. Ltd. 2,400  28,626 
AGC, Inc. 3,400  115,392 
Air Water, Inc. 3,400  42,534 
Aisin Corp. 2,600  77,310 
Amada Co. Ltd. 6,700  52,424 
Aozora Bank Ltd. 700  13,512 
Asahi Kasei Corp. 18,300  133,732 
Asics Corp. 600  10,970 
BIPROGY Inc 400  8,859 
Bridgestone Corp. 5,400  207,221 
Brother Industries Ltd. 3,800  72,723 
Canon Marketing Japan, Inc. 700  15,874 
Capcom Co. Ltd. 2,500  68,237 
Chugai Pharmaceutical Co. Ltd. 3,800  98,071 
CyberAgent, Inc. 2,800  27,298 
188

Avantis International Large Cap Value ETF
Shares Value
Dai-ichi Life Holdings, Inc. 11,000  $ 190,058 
Daito Trust Construction Co. Ltd. 1,200  118,053 
Disco Corp. 300  72,843 
Ebara Corp. 1,700  64,399 
Electric Power Development Co. Ltd. 5,400  83,183 
ENEOS Holdings, Inc. 52,800  199,527 
FP Corp. 100  2,347 
Fuji Electric Co. Ltd. 2,100  90,724 
Fujitsu Ltd. 1,700  200,044 
Fukuoka Financial Group, Inc. 2,500  44,674 
Hakuhodo DY Holdings, Inc. 4,900  43,715 
Haseko Corp. 6,800  77,923 
Hino Motors Ltd. 4,300  19,618 
Hitachi Construction Machinery Co. Ltd. 1,800  37,004 
Honda Motor Co. Ltd., ADR 8,927  236,744 
Hulic Co. Ltd. 6,500  49,257 
Ibiden Co. Ltd. 2,100  66,652 
Idemitsu Kosan Co. Ltd. 4,500  118,653 
IHI Corp. 4,000  106,825 
INPEX Corp. 18,500  212,651 
Internet Initiative Japan, Inc. 100  3,612 
Isuzu Motors Ltd. 8,000  99,357 
Iwatani Corp. 200  8,160 
Japan Post Insurance Co. Ltd. 4,200  64,334 
JFE Holdings, Inc. 7,700  82,725 
JGC Holdings Corp. 4,900  66,024 
JSR Corp. 3,200  71,382 
JTEKT Corp. 200  1,408 
Kajima Corp. 7,500  78,919 
Kawasaki Heavy Industries Ltd. 5,100  98,981 
KDDI Corp. 11,000  336,612 
Konami Group Corp. 100  5,075 
Kuraray Co. Ltd. 8,000  60,767 
Kurita Water Industries Ltd. 1,600  62,252 
Lawson, Inc. 1,300  43,083 
Lixil Corp. 2,600  45,213 
Marui Group Co. Ltd.(1)
4,200  75,330 
Mazda Motor Corp. 15,400  136,384 
MEIJI Holdings Co. Ltd. 2,200  104,806 
MINEBEA MITSUMI, Inc. 5,500  94,529 
Mitsubishi Chemical Group Corp. 16,100  84,524 
Mitsubishi Corp. 9,600  314,310 
Mitsubishi HC Capital, Inc. 13,800  66,878 
Mitsubishi Heavy Industries Ltd. 4,900  188,898 
Mitsubishi UFJ Financial Group, Inc., ADR 54,185  279,053 
Mitsui & Co. Ltd. 10,300  241,732 
Mitsui Chemicals, Inc. 4,500  101,095 
MS&AD Insurance Group Holdings, Inc. 5,400  161,114 
Nabtesco Corp. 3,200  75,778 
NEC Corp. 4,100  149,534 
NGK Insulators Ltd. 4,100  58,538 
189

Avantis International Large Cap Value ETF
Shares Value
NGK Spark Plug Co. Ltd. 1,700  $ 34,880 
NH Foods Ltd. 2,300  65,838 
NIPPON EXPRESS HOLDINGS, Inc. 1,700  93,539 
Nippon Steel Corp. 10,100  159,541 
Nippon Telegraph & Telephone Corp. 5,700  154,494 
Nippon Yusen KK(1)
2,500  190,685 
Nissan Motor Co. Ltd. 600  2,361 
Nitto Denko Corp. 2,100  129,429 
NTT Data Corp. 4,900  68,955 
Obayashi Corp. 13,300  91,991 
Oji Holdings Corp. 14,600  58,252 
ORIX Corp., ADR 2,307  189,981 
Panasonic Holdings Corp. 1,000  8,114 
Persol Holdings Co. Ltd. 2,600  52,193 
Rakuten Group, Inc. 7,200  34,943 
Resona Holdings, Inc. 26,600  97,921 
Rohto Pharmaceutical Co. Ltd. 1,000  30,101 
Santen Pharmaceutical Co. Ltd. 5,400  38,796 
Sanwa Holdings Corp. 2,600  25,727 
SBI Holdings, Inc. 4,400  86,461 
SCREEN Holdings Co. Ltd. 800  53,138 
Seiko Epson Corp. 5,800  91,140 
Sekisui Chemical Co. Ltd. 7,500  102,250 
SG Holdings Co. Ltd. 3,200  53,078 
Sharp Corp. 6,000  42,951 
Shimizu Corp. 14,000  76,768 
Shin-Etsu Chemical Co. Ltd. 2,200  255,492 
Shinko Electric Industries Co. Ltd. 800  22,269 
Showa Denko KK 3,000  46,121 
SoftBank Group Corp. 4,400  174,291 
Sohgo Security Services Co. Ltd. 700  18,136 
Sojitz Corp. 4,720  79,418 
Sompo Holdings, Inc. 5,000  214,381 
Sony Group Corp., ADR 4,410  349,933 
Subaru Corp. 10,800  196,316 
SUMCO Corp. 8,500  115,369 
Sumitomo Chemical Co. Ltd. 27,900  109,823 
Sumitomo Corp. 13,700  192,699 
Sumitomo Heavy Industries Ltd. 2,600  54,577 
Sumitomo Mitsui Financial Group, Inc., ADR 40,323  243,954 
Sumitomo Realty & Development Co. Ltd. 2,500  61,140 
Sumitomo Rubber Industries Ltd. 2,600  22,311 
Sundrug Co. Ltd. 1,800  44,040 
Suntory Beverage & Food Ltd. 1,800  65,748 
Suzuken Co. Ltd. 300  7,190 
Taisei Corp. 3,800  115,214 
Taiyo Yuden Co. Ltd. 2,100  64,902 
Takara Bio, Inc. 200  2,801 
TDK Corp. 3,800  132,856 
TIS, Inc. 2,500  71,192 
Tobu Railway Co. Ltd. 4,500  106,317 
190

Avantis International Large Cap Value ETF
Shares Value
Tokio Marine Holdings, Inc. 5,600  $ 310,348 
Tokyo Century Corp.(1)
1,100  39,287 
Tokyo Tatemono Co. Ltd. 5,400  80,945 
Toray Industries, Inc. 21,000  119,835 
Tosoh Corp. 4,700  60,770 
Toyota Boshoku Corp. 1,000  14,523 
Toyota Tsusho Corp. 2,600  91,021 
Trend Micro, Inc. 2,300  141,606 
USS Co. Ltd. 2,200  38,823 
Yamada Holdings Co. Ltd. 21,900  75,797 
Yamaha Motor Co. Ltd. 3,600  74,607 
Yamato Holdings Co. Ltd. 3,700  57,679 
Zenkoku Hosho Co. Ltd. 300  9,913 
Zensho Holdings Co. Ltd. 1,100  28,839 
12,235,501 
Netherlands — 1.6%
ABN AMRO Bank NV, CVA 3,760  36,122 
Adyen NV(2)
67  103,391 
Aegon NV, NY Shares 15,512  69,649 
AerCap Holdings NV(2)
1,187  52,287 
ASML Holding NV, NY Shares 624  305,723 
ASR Nederland NV 512  20,897 
BE Semiconductor Industries NV 12  570 
ING Groep NV, ADR(1)
10,134  88,976 
Koninklijke Ahold Delhaize NV 3,506  96,439 
Koninklijke DSM NV 146  18,617 
Koninklijke KPN NV 20,789  66,153 
NN Group NV(1)
1,414  58,112 
OCI NV 1,295  48,618 
965,554 
New Zealand — 0.2%
Chorus Ltd. 4,529  22,180 
Fletcher Building Ltd. 6,111  20,862 
Ryman Healthcare Ltd. 1,646  9,211 
Spark New Zealand Ltd. 9,752  32,259 
Summerset Group Holdings Ltd. 2,171  14,633 
99,145 
Norway — 1.2%
DNB Bank ASA 3,919  74,516 
Equinor ASA, ADR 11,557  448,296 
Norsk Hydro ASA 17,351  119,220 
Schibsted ASA, B Shares 1,613  27,665 
Schibsted ASA, Class A 1,212  22,181 
Wallenius Wilhelmsen ASA 3,536  19,907 
711,785 
Portugal — 0.3%
Banco Comercial Portugues SA, R Shares 114,737  16,693 
EDP Renovaveis SA 1,116  27,065 
Galp Energia SGPS SA 9,947  107,418 
Jeronimo Martins SGPS SA 320  7,095 
Sonae SGPS SA 32,924  33,093 
191,364 
191

Avantis International Large Cap Value ETF
Shares Value
Singapore — 1.4%
City Developments Ltd. 5,400  $ 31,353 
DBS Group Holdings Ltd. 9,400  218,865 
Golden Agri-Resources Ltd. 65,700  13,171 
Keppel Corp. Ltd. 26,200  136,070 
Olam Group Ltd. 20,700  21,740 
Oversea-Chinese Banking Corp. Ltd. 22,100  190,483 
Singapore Airlines Ltd.(1)(2)
24,900  94,542 
Singapore Exchange Ltd. 1,000  6,786 
Singapore Technologies Engineering Ltd. 5,900  15,722 
Singapore Telecommunications Ltd. 29,000  54,443 
United Overseas Bank Ltd. 600  11,700 
UOL Group Ltd. 9,200  45,520 
Yangzijiang Financial Holding Ltd.(2)
4,500  1,204 
Yangzijiang Shipbuilding Holdings Ltd. 21,800  15,108 
856,707 
Spain — 2.9%
ACS Actividades de Construccion y Servicios SA 87  1,938 
Banco Bilbao Vizcaya Argentaria SA, ADR 22,223  98,670 
Banco Santander SA, ADR 195,385  470,878 
Industria de Diseno Textil SA 12,551  270,994 
Repsol SA 63,108  819,652 
Telefonica SA, ADR(1)
26,421  107,798 
1,769,930 
Sweden — 2.2%
Atlas Copco AB, A Shares 5,983  60,733 
Atlas Copco AB, B Shares 3,484  31,725 
Avanza Bank Holding AB 1,640  26,288 
Axfood AB 640  19,291 
BillerudKorsnas AB 357  4,642 
Boliden AB 3,101  99,301 
Bure Equity AB 105  2,074 
Electrolux AB, B Shares(1)
2,297  29,046 
Epiroc AB, A Shares 4,000  61,203 
Epiroc AB, B Shares 2,366  32,210 
H & M Hennes & Mauritz AB, B Shares(1)
4,785  49,694 
Nordea Bank Abp 17,017  157,779 
Nordnet AB publ 2,199  26,326 
Saab AB, B Shares 193  6,448 
Skandinaviska Enskilda Banken AB, A Shares 6,676  66,551 
Skanska AB, B Shares 4,036  59,622 
SSAB AB, A Shares 3,498  16,824 
SSAB AB, B Shares 12,429  58,031 
Svenska Handelsbanken AB, A Shares 4,597  37,650 
Swedbank AB, A Shares 7,766  100,375 
Telefonaktiebolaget LM Ericsson, ADR(1)
12,913  95,944 
Telia Co. AB 20,400  71,802 
Trelleborg AB, B Shares 3,443  71,546 
Volvo AB, A Shares 854  14,213 
Volvo AB, B Shares 7,210  114,208 
Volvo Car AB, Class B(1)(2)
6,004  36,573 
1,350,099 
192

Avantis International Large Cap Value ETF
Shares Value
Switzerland — 5.8%
Adecco Group AG 335  $ 10,620 
ALSO Holding AG(2)
21  3,491 
Baloise Holding AG 693  100,013 
Barry Callebaut AG 6  12,277 
Bucher Industries AG 73  26,009 
Clariant AG(2)
249  4,597 
Credit Suisse Group AG, ADR(1)
3,378  17,431 
DKSH Holding AG 484  36,011 
Emmi AG 46  40,520 
EMS-Chemie Holding AG 73  51,263 
Forbo Holding AG 6  7,487 
Geberit AG 309  142,772 
Georg Fischer AG 926  50,173 
Holcim AG(2)
2,377  105,362 
Inficon Holding AG 27  18,822 
Julius Baer Group Ltd.(2)
2,466  119,156 
Kuehne + Nagel International AG 328  75,804 
Novartis AG, ADR 8,376  674,436 
OC Oerlikon Corp. AG 842  6,150 
Partners Group Holding AG 135  130,309 
Roche Holding AG 2,621  844,595 
Roche Holding AG, Bearer Shares 99  37,814 
Schindler Holding AG 161  27,191 
Schindler Holding AG, Bearer Participation Certificate 291  50,694 
SFS Group AG 53  4,953 
Stadler Rail AG 558  17,030 
Straumann Holding AG 326  35,724 
Sulzer AG 205  12,234 
Swatch Group AG 191  8,687 
Swatch Group AG, Bearer Shares 115  27,887 
Swisscom AG 305  157,694 
UBS Group AG(2)
16,048  254,361 
VAT Group AG(2)
109  26,063 
Vontobel Holding AG 539  33,162 
Zurich Insurance Group AG 778  345,354 
3,516,146 
United Kingdom — 19.1%
3i Group PLC 37,011  520,977 
Admiral Group PLC 4,349  106,980 
Anglo American PLC 29,935  961,945 
Antofagasta PLC 12,786  162,688 
Ashtead Group PLC 11,646  572,143 
AstraZeneca PLC, ADR 3,245  202,423 
Barclays PLC, ADR 59,641  464,603 
BP PLC, ADR 44,150  1,361,586 
BT Group PLC 215,784  377,471 
Burberry Group PLC 14,668  296,714 
Coca-Cola HBC AG(2)
7,939  181,163 
Glencore PLC 182,204  996,211 
GSK PLC, ADR 37,150  1,206,632 
193

Avantis International Large Cap Value ETF
Shares Value
Haleon PLC, ADR(2)
618  $ 3,696 
Hargreaves Lansdown PLC 4,518  42,773 
Howden Joinery Group PLC 14,032  92,778 
JD Sports Fashion PLC 77,265  101,065 
Johnson Matthey PLC 2,295  53,544 
Legal & General Group PLC 16,282  47,691 
Lloyds Banking Group PLC, ADR 208,408  416,816 
Marks & Spencer Group PLC(2)
34,205  48,335 
Rightmove PLC 20,548  144,432 
Rio Tinto PLC, ADR(1)
17,483  984,118 
Royal Mail PLC 18,337  58,507 
Shell PLC, ADR 25,101  1,329,851 
St. James's Place PLC 14,808  189,542 
Taylor Wimpey PLC 937  1,176 
Vodafone Group PLC, ADR 43,186  579,556 
11,505,416 
TOTAL COMMON STOCKS
(Cost $65,412,259)
 60,095,551 
SHORT-TERM INVESTMENTS — 8.3%


Money Market Funds — 8.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 3,955,020  3,955,020 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
1,069,229  1,069,229 
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,024,249)
 5,024,249 
TOTAL INVESTMENT SECURITIES — 107.8%
(Cost $70,436,508)

65,119,800 
OTHER ASSETS AND LIABILITIES — (7.8)%

(4,727,986)
TOTAL NET ASSETS — 100.0%

$ 60,391,814 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Financials 22.5%
Materials 15.2%
Energy 15.2%
Industrials 14.9%
Consumer Discretionary 9.5%
Health Care 6.3%
Communication Services 6.3%
Information Technology 3.5%
Consumer Staples 2.7%
Real Estate 1.8%
Utilities 1.6%
Short-Term Investments 8.3%
Other Assets and Liabilities (7.8)%

194

NOTES TO SCHEDULE OF INVESTMENTS
ADR - American Depositary Receipt
CVA - Certificaten Van Aandelen
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,331,726. 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 $1,375,342, which includes securities collateral of $306,113.


See Notes to Financial Statements.
195

AUGUST 31, 2022
Avantis International Small Cap Value ETF
Shares Value
COMMON STOCKS — 99.6%


Australia — 9.7%
29Metals Ltd.(1)(2)
388,736  $ 526,591 
Accent Group Ltd. 170,492  173,365 
Adairs Ltd.(1)
8,436  12,999 
Adbri Ltd. 915,846  1,371,245 
Aeris Resources Ltd.(2)
219,927  64,495 
Alkane Resources Ltd.(2)
662,962  328,928 
Alliance Aviation Services Ltd.(2)
50,306  122,282 
Allkem Ltd.(2)
1,887  17,492 
AMP Ltd.(2)
1,001,558  789,401 
Aurelia Metals Ltd.(1)(2)
4,106,478  747,144 
Austal Ltd. 1,143,303  1,999,732 
Australian Agricultural Co. Ltd.(2)
144,316  177,849 
Australian Finance Group Ltd. 418,030  543,871 
Bank of Queensland Ltd.(1)
934,211  4,457,486 
Beach Energy Ltd. 6,062,205  7,006,864 
Bega Cheese Ltd. 604,424  1,640,983 
Bendigo & Adelaide Bank Ltd.(1)
918,964  5,641,076 
Boral Ltd.(1)
282,604  565,121 
Bravura Solutions Ltd. 401,752  431,123 
Brickworks Ltd. 36,303  502,536 
Cedar Woods Properties Ltd. 9,800  30,333 
Challenger Ltd. 1,170,338  5,045,551 
Champion Iron Ltd. 1,194,236  4,120,411 
Coronado Global Resources, Inc. 2,653,873  2,903,396 
Costa Group Holdings Ltd. 516,623  942,793 
Credit Corp. Group Ltd.(1)
80,038  1,102,671 
CSR Ltd. 1,527,470  4,686,418 
Dacian Gold Ltd.(2)
129,467  8,756 
Eclipx Group Ltd.(2)
1,063,775  1,722,341 
Emeco Holdings Ltd. 600,927  373,234 
Evolution Mining Ltd. 2,670,714  4,291,977 
Genworth Mortgage Insurance Australia Ltd. 1,271,937  2,447,185 
Gold Road Resources Ltd. 1,093,183  936,769 
Grange Resources Ltd. 2,101,628  1,242,585 
GWA Group Ltd. 154,726  211,424 
HT&E Ltd. 1,042  1,044 
Humm Group Ltd.(1)
498,202  181,506 
Iluka Resources Ltd. 1,328,445  9,339,601 
Infomedia Ltd. 542,757  531,540 
Inghams Group Ltd. 1,047,164  1,850,373 
InvoCare Ltd. 229,514  1,722,874 
JB Hi-Fi Ltd. 84,211  2,322,516 
Karoon Energy Ltd.(2)
387,929  561,727 
MACA Ltd. 207,538  150,415 
Macmahon Holdings Ltd. 354,016  40,858 
Magellan Financial Group Ltd.(1)
335,827  2,948,060 
Mayne Pharma Group Ltd.(2)
2,506,596  509,756 
McMillan Shakespeare Ltd. 238,894  2,327,614 
196

Avantis International Small Cap Value ETF
Shares Value
Metcash Ltd. 1,189,177  $ 3,327,781 
Monadelphous Group Ltd. 88,466  789,575 
Money3 Corp. Ltd. 84,557  131,993 
Mount Gibson Iron Ltd.(1)
292,213  84,733 
Myer Holdings Ltd. 133,683  45,846 
MyState Ltd. 57,388  149,801 
New Hope Corp. Ltd.(1)
1,672,651  5,527,462 
Newcrest Mining Ltd. 2,886  33,797 
nib holdings Ltd. 920,332  5,123,284 
Nine Entertainment Co. Holdings Ltd. 1,256,732  1,865,304 
NRW Holdings Ltd. 1,616,782  2,687,743 
Nufarm Ltd. 872,925  3,151,713 
Nuix Ltd.(2)
36,978  17,028 
OFX Group Ltd.(2)
82,787  148,906 
Orica Ltd. 250,230  2,617,442 
Orora Ltd. 1,490,950  3,358,176 
Pacific Current Group Ltd. 33,854  209,165 
Pendal Group Ltd. 691,898  2,429,125 
Perenti Global Ltd. 3,496,199  1,854,515 
Perseus Mining Ltd. 4,142,233  4,381,124 
Platinum Asset Management Ltd. 1,152,930  1,390,683 
Premier Investments Ltd. 214,938  3,090,563 
Ramelius Resources Ltd. 2,844,137  1,548,830 
Regis Resources Ltd. 1,885,539  1,977,996 
Resimac Group Ltd.(1)
18,160  15,946 
Resolute Mining Ltd.(1)(2)
1,617,172  309,703 
Ridley Corp. Ltd. 233,228  330,056 
Sandfire Resources Ltd. 1,253,519  3,871,297 
Select Harvests Ltd.(1)
111,217  375,594 
Servcorp Ltd. 22,553  57,392 
Service Stream Ltd.(1)(2)
422,893  209,594 
Seven West Media Ltd.(1)(2)
1,494,140  525,703 
Sierra Rutile Holdings Ltd.(1)(2)
865,486  177,663 
Sigma Healthcare Ltd. 452,187  211,241 
Silver Lake Resources Ltd.(2)
3,077,255  2,760,430 
Sims Ltd. 160,141  1,652,243 
Southern Cross Media Group Ltd. 637,416  465,717 
Super Retail Group Ltd.(1)
483,550  3,454,097 
Symbio Holdings Ltd. 3,813  10,210 
Tassal Group Ltd. 603,988  2,131,032 
United Malt Group Ltd. 31,284  75,757 
Viva Energy Group Ltd. 2,368,085  4,788,838 
West African Resources Ltd.(2)
3,194,736  2,720,252 
Westgold Resources Ltd. 484,525  304,619 
Whitehaven Coal Ltd. 2,225,507  11,854,404 
161,918,684 
Austria — 0.9%
AT&S Austria Technologie & Systemtechnik AG 176,317  7,847,825 
DO & CO. AG(1)(2)
410  32,436 
FACC AG(1)(2)
15,577  110,216 
POLYTEC Holding AG(1)
25,087  144,116 
197

Avantis International Small Cap Value ETF
Shares Value
Porr AG 53,641  $ 614,141 
S IMMO AG 242  5,530 
Semperit AG Holding(1)
100,872  1,833,002 
UNIQA Insurance Group AG 609,742  4,030,626 
Vienna Insurance Group AG Wiener Versicherung Gruppe 10,205  241,932 
14,859,824 
Belgium — 1.1%
AGFA-Gevaert NV(2)
877  3,171 
Bekaert SA 157,383  4,827,394 
bpost SA 197,526  1,199,901 
Cie d'Entreprises CFE(1)(2)
27,899  277,676 
Deceuninck NV(1)
136,003  313,999 
Deme Group NV(2)
9,927  1,136,083 
Gimv NV 36,485  1,866,650 
Ion Beam Applications 46,200  820,918 
KBC Ancora(1)
124,325  4,092,915 
Tessenderlo Group SA(2)
94,046  3,053,523 
17,592,230 
Canada — 10.6%
5N Plus, Inc.(1)(2)
13,540  17,320 
Advantage Energy Ltd.(2)
435,548  3,720,903 
Algoma Steel Group, Inc.(1)
192,389  1,757,847 
Amerigo Resources Ltd. 26,000  20,985 
Argonaut Gold, Inc.(2)
642,224  227,384 
Athabasca Oil Corp.(1)(2)
1,454,477  2,868,310 
Badger Infrastructure Solutions Ltd.(1)
53  1,248 
Baytex Energy Corp.(1)(2)
1,551,872  8,046,787 
Birchcliff Energy Ltd. 688,955  6,069,372 
Bird Construction, Inc.(1)
18,294  92,351 
Bonterra Energy Corp.(2)
7,772  52,076 
Calian Group Ltd.(1)
3,400  155,742 
Calibre Mining Corp.(2)
207,000  149,732 
Canaccord Genuity Group, Inc. 127,870  764,289 
Canacol Energy Ltd.(1)
93,418  178,535 
Canadian Western Bank 118,049  2,201,256 
Canfor Corp.(2)
157,941  3,099,052 
Capital Power Corp. 262,309  10,175,995 
Cardinal Energy Ltd.(1)
296,508  1,887,392 
Cascades, Inc.(1)
32,421  220,937 
Centerra Gold, Inc. 498,291  2,257,457 
China Gold International Resources Corp. Ltd.(1)
231,678  659,745 
Chorus Aviation, Inc.(1)(2)
214,100  458,081 
Copper Mountain Mining Corp.(1)(2)
379,405  421,770 
Corus Entertainment, Inc., B Shares 395,346  1,113,778 
Crescent Point Energy Corp. 1,508,946  11,466,312 
Crew Energy, Inc.(2)
299,200  1,480,793 
Dorel Industries, Inc., Class B(1)
76,575  395,892 
Dundee Precious Metals, Inc. 384,815  1,752,156 
Eldorado Gold Corp. (Toronto)(2)
109,542  603,863 
Endeavour Mining PLC 27,094  527,295 
Enerflex Ltd.(1)
68,309  342,754 
198

Avantis International Small Cap Value ETF
Shares Value
Enerplus Corp. 453,951  $ 6,995,826 
EQB, Inc. 32,749  1,313,102 
ERO Copper Corp.(2)
125,119  1,187,028 
Evertz Technologies Ltd. 3,800  42,822 
Exchange Income Corp.(1)
871  30,739 
First National Financial Corp.(1)
12,548  355,320 
Fortuna Silver Mines, Inc.(1)(2)
501,083  1,159,853 
Frontera Energy Corp.(2)
109,081  921,086 
GCM Mining Corp. 113,257  281,989 
Gear Energy Ltd. 167,200  157,862 
Hardwoods Distribution, Inc. 7  157 
High Liner Foods, Inc.(1)
4  41 
HLS Therapeutics, Inc. 2  17 
Home Capital Group, Inc.(1)
86,531  1,840,847 
Hudbay Minerals, Inc.(1)
400,997  1,770,878 
iA Financial Corp., Inc. 66,563  3,575,604 
IAMGOLD Corp.(1)(2)
801,414  958,023 
Interfor Corp.(2)
162,414  3,995,581 
International Petroleum Corp.(1)(2)
9,413  92,671 
Kelt Exploration Ltd.(2)
351,761  1,684,682 
Kinross Gold Corp. 1,027,293  3,371,251 
Largo, Inc.(1)(2)
1,825  12,423 
Laurentian Bank of Canada 52,144  1,428,516 
Linamar Corp. 88,219  4,170,646 
Lundin Gold, Inc. 102,280  682,983 
Lundin Mining Corp.(1)
1,094,870  5,693,808 
Martinrea International, Inc. 229,920  1,811,910 
MEG Energy Corp.(2)
431,826  6,036,719 
Methanex Corp. 121,819  4,403,052 
New Gold, Inc. (Toronto)(2)
1,364,313  882,983 
North American Construction Group Ltd.(1)
25,781  296,412 
North West Co., Inc. 14  363 
NuVista Energy Ltd.(2)
417,650  3,434,439 
Obsidian Energy Ltd.(2)
201,907  1,817,140 
OceanaGold Corp.(2)
1,186,573  1,752,733 
Onex Corp. 127,125  6,286,800 
Parex Resources, Inc. 240,467  3,846,813 
Peyto Exploration & Development Corp.(1)
376,681  3,513,414 
Pine Cliff Energy Ltd.(1)
138,356  199,104 
Pipestone Energy Corp.(2)
134,864  501,113 
Polaris Renewable Energy, Inc.(1)
2,900  42,572 
Precision Drilling Corp.(2)
35  2,151 
Real Matters, Inc.(1)(2)
119,739  527,878 
Resolute Forest Products, Inc.(2)
133,077  2,693,255 
Russel Metals, Inc. 142,339  3,077,952 
Secure Energy Services, Inc. 7,039  30,603 
Sierra Metals, Inc.(1)
3,100  1,393 
Spartan Delta Corp.(2)
206,520  2,083,519 
SSR Mining, Inc.(1)
120,138  1,621,842 
Stelco Holdings, Inc. 105,729  2,861,892 
STEP Energy Services Ltd.(2)
8,300  40,762 
199

Avantis International Small Cap Value ETF
Shares Value
SunOpta, Inc.(1)(2)
2,722  $ 27,068 
Surge Energy, Inc. 110,349  846,932 
Tamarack Valley Energy Ltd.(1)
791,157  2,524,040 
Taseko Mines Ltd.(1)(2)
422,528  440,753 
Tidewater Midstream and Infrastructure Ltd. 71,511  65,884 
Torex Gold Resources, Inc.(2)
210,007  1,559,042 
Total Energy Services, Inc. 4,600  25,463 
Transcontinental, Inc., Class A 17  214 
TransGlobe Energy Corp.(1)
62,926  208,899 
Turquoise Hill Resources Ltd.(2)
69,764  1,918,663 
Vermilion Energy, Inc. 451,427  12,057,760 
Wajax Corp.(1)
42,171  681,363 
West Fraser Timber Co. Ltd. 11,631  1,040,578 
Western Forest Products, Inc. 1,171,541  1,373,718 
Yamana Gold, Inc. 461,753  2,039,188 
Yangarra Resources Ltd.(2)
16,400  35,214 
177,522,757 
Denmark — 1.7%
Bang & Olufsen A/S(2)
24,456  42,363 
D/S Norden A/S 118,509  5,525,391 
Dfds A/S 86,366  2,988,508 
Drilling Co. of 1972 A/S(2)
29,320  1,391,329 
FLSmidth & Co. A/S 114,434  3,167,548 
H Lundbeck A/S 3,256  12,787 
H Lundbeck A/S, A Shares(2)
3,984  15,256 
H+H International A/S, B Shares(2)
19,433  312,317 
Jyske Bank A/S(2)
139,746  6,994,972 
NNIT A/S(2)
47,672  430,823 
Per Aarsleff Holding A/S 27,470  789,963 
Schouw & Co. A/S 246  17,938 
Solar A/S, B Shares 7,936  641,615 
Spar Nord Bank A/S 101,339  1,147,417 
Sparekassen Sjaelland-Fyn A/S 5,583  121,689 
Sydbank A/S 159,316  4,603,570 
TORM PLC 26,192  507,876 
28,711,362 
Finland — 1.5%
Admicom Oyj(1)
98  5,708 
Anora Group Oyj 36,645  298,623 
CapMan Oyj, B Shares 9,067  25,167 
Finnair Oyj(1)(2)
805,706  330,237 
HKScan Oyj, A Shares(1)
81,827  94,206 
Kamux Corp. 19,625  119,783 
Kemira Oyj 217,501  2,618,009 
Lassila & Tikanoja Oyj(1)
1,259  13,531 
Marimekko Oyj 107,690  1,061,997 
Metsa Board Oyj 379,742  3,264,715 
Nokian Renkaat Oyj 253,358  2,629,411 
Outokumpu Oyj 1,575,444  6,317,466 
Puuilo Oyj(1)
160,514  765,576 
QT Group Oyj(1)(2)
7,811  396,022 
200

Avantis International Small Cap Value ETF
Shares Value
Rovio Entertainment Oyj 64,029  $ 385,340 
Sanoma Oyj 18,203  248,273 
Suominen Oyj(1)
39,346  114,409 
Talenom Oyj 4,970  54,201 
Tokmanni Group Corp. 191,430  2,285,460 
Uponor Oyj 130,782  1,959,675 
Verkkokauppa.com Oyj(1)
53,826  200,369 
WithSecure Oyj(2)
9,318  15,647 
YIT Oyj(1)
560,254  1,833,305 
25,037,130 
France — 3.2%
AKWEL 4,039  73,020 
ALD SA(1)
129,561  1,410,191 
Biosynex 12,193  179,143 
Bonduelle SCA 1,607  20,753 
Catana Group 30,598  189,108 
Cie des Alpes(2)
12,302  194,616 
Cie Plastic Omnium SA 139,538  2,587,326 
Coface SA(2)
144,623  1,446,154 
Derichebourg SA 345,326  1,942,627 
Eramet SA 38,089  3,229,321 
Esso SA Francaise(2)
1,045  64,297 
Etablissements Maurel et Prom SA 93,902  475,245 
Eurobio Scientific SA(2)
27,648  509,772 
Eutelsat Communications SA 608,861  5,507,156 
Faurecia SE(2)
182,526  2,617,578 
Focus Entertainment(2)
2,042  92,358 
Gaztransport Et Technigaz SA 17,558  2,235,210 
Genfit(2)
22,555  95,497 
Groupe LDLC(1)
6,031  164,356 
Guillemot Corp. 1,314  18,326 
ID Logistics Group(2)
422  118,069 
Innate Pharma SA(1)(2)
90,846  242,782 
Jacquet Metals SACA(1)
34,099  539,915 
JCDecaux SA(2)
53,776  745,685 
Kaufman & Broad SA(1)
15,062  356,715 
LISI 4,404  93,265 
Maisons du Monde SA(1)
89,228  854,055 
Manitou BF SA 4,308  70,930 
Mersen SA 30,936  914,887 
Metropole Television SA 95,403  1,177,673 
Nexans SA 55,512  5,071,937 
Novacyt SA(1)(2)
242,631  288,384 
Orpea SA(2)
61,871  1,346,112 
ReWorld Media SA(2)
6,000  38,041 
SES SA 1,093,132  7,674,165 
SMCP SA(2)
75,957  415,972 
Societe BIC SA 39,139  2,226,476 
Television Francaise 1 213,653  1,354,946 
Vallourec SA(2)
368,320  3,834,281 
Verallia SA 95,316  2,185,235 
201

Avantis International Small Cap Value ETF
Shares Value
Vicat SA 11,675  $ 295,445 
Vilmorin & Cie SA 196  8,422 
X-Fab Silicon Foundries SE(2)
35,763  222,049 
53,127,495 
Germany — 3.6%
7C Solarparken AG 46,830  252,047 
Aareal Bank AG(2)
1,499  47,881 
AURELIUS Equity Opportunities SE & Co. KGaA 19,301  448,182 
Aurubis AG 60,885  3,686,372 
Baader Bank AG 7,342  27,509 
Bauer AG(2)
8,713  76,476 
Bertrandt AG 1,999  68,231 
CECONOMY AG 24,947  36,094 
Cewe Stiftung & Co. KGAA 6,217  491,589 
CropEnergies AG 37,925  621,310 
Deutsche Beteiligungs AG 12,982  363,085 
Deutsche Pfandbriefbank AG 270,958  2,338,413 
Deutz AG 373,799  1,407,617 
Draegerwerk AG & Co. KGaA 875  35,370 
Draegerwerk AG & Co. KGaA, Preference Shares 18,405  870,797 
Duerr AG 51,052  1,124,513 
Elmos Semiconductor SE 10,498  445,348 
ElringKlinger AG 30,458  213,763 
Encavis AG 251,955  5,384,612 
Energiekontor AG 318  27,934 
flatexDEGIRO AG(2)
115,324  1,109,772 
GRENKE AG 10,080  242,363 
Hamburger Hafen und Logistik AG 103,424  1,264,882 
Hornbach Holding AG & Co. KGaA 19,752  1,393,227 
HUGO BOSS AG 143,435  7,817,520 
Instone Real Estate Group SE 78,683  696,507 
JOST Werke AG 41,016  1,520,107 
Jungheinrich AG, Preference Shares 141,794  3,461,718 
Kloeckner & Co. SE 7,498  67,665 
Kontron AG 34,547  525,604 
Krones AG 37,638  3,099,649 
Lang & Schwarz AG 30,420  433,443 
Lanxess AG 191,634  6,466,026 
Leoni AG(2)
21,600  151,385 
METRO AG(2)
161,704  1,287,349 
Mutares SE & Co. KGaA 15,517  250,439 
PVA TePla AG(2)
24,855  417,484 
SAF-Holland SE 65,617  522,157 
SGL Carbon SE(2)
268,651  1,825,779 
Siltronic AG 31,355  2,148,679 
STO SE & Co. KGaA, Preference Shares 7,533  1,178,225 
Suedzucker AG 68,022  932,798 
TAG Immobilien AG 245,253  2,262,578 
Vitesco Technologies Group AG, Class A(2)
39,485  1,928,270 
Wacker Neuson SE 50,499  836,053 
Wuestenrot & Wuerttembergische AG 33,661  548,156 
60,354,978 
202

Avantis International Small Cap Value ETF
Shares Value
Hong Kong — 1.8%
BOCOM International Holdings Co. Ltd. 50,000  $ 3,312 
Bright Smart Securities & Commodities Group Ltd. 1,576,000  252,361 
Cafe de Coral Holdings Ltd. 184,000  263,430 
China Strategic Holdings Ltd.(2)
56,655,000  222,839 
Chow Sang Sang Holdings International Ltd. 445,000  500,996 
CMBC Capital Holdings Ltd.(1)
1,387,000  299,857 
Crystal International Group Ltd. 34,500  11,584 
CSI Properties Ltd. 80,000  1,781 
Dah Sing Banking Group Ltd. 349,200  271,163 
Dah Sing Financial Holdings Ltd. 193,200  514,356 
E-Commodities Holdings Ltd. 11,394,000  2,544,706 
First Pacific Co. Ltd. 20,000  7,713 
FSE Lifestyle Services Ltd. 27,000  17,218 
Guotai Junan International Holdings Ltd. 5,767,000  578,610 
Haitong International Securities Group Ltd.(1)
2,010,699  222,459 
Hang Lung Group Ltd. 138,000  233,407 
Hengdeli Holdings Ltd.(2)
12,000  364 
IGG, Inc. 2,915,000  1,253,143 
IRC Ltd.(1)(2)
4,792,000  82,206 
Jinhui Shipping & Transportation Ltd. 15,000  12,588 
Johnson Electric Holdings Ltd. 1,193,000  1,409,019 
K Wah International Holdings Ltd. 2,713,000  1,023,143 
Ka Shui International Holdings Ltd. 1,174,000  71,541 
Lifestyle International Holdings Ltd.(2)
1,000  585 
Luk Fook Holdings International Ltd. 107,000  273,521 
Oriental Watch Holdings 890,000  508,226 
Pacific Basin Shipping Ltd. 32,260,000  11,450,041 
PAX Global Technology Ltd. 55,000  52,572 
PC Partner Group Ltd.(1)
1,550,000  1,473,583 
Regina Miracle International Holdings Ltd. 195,000  120,677 
Sa Sa International Holdings Ltd.(2)
946,000  153,832 
Shun Tak Holdings Ltd.(2)
3,190,000  531,238 
Singamas Container Holdings Ltd. 3,476,000  321,994 
SmarTone Telecommunications Holdings Ltd. 33,500  17,927 
Solargiga Energy Holdings Ltd.(2)
2,281,000  89,579 
Soundwill Holdings Ltd. 2,500  2,288 
Sun Hung Kai & Co. Ltd. 866,000  399,125 
Tai Hing Group Holdings Ltd. 245,000  31,454 
Tam Jai International Co. Ltd. 84,000  27,962 
Ten Pao Group Holdings Ltd. 412,000  75,347 
Texhong Textile Group Ltd. 1,353,000  1,271,206 
Texwinca Holdings Ltd. 440,000  78,222 
Time Interconnect Technology Ltd.(1)
424,000  122,702 
United Laboratories International Holdings Ltd. 4,442,000  2,150,295 
Value Partners Group Ltd.(1)
1,576,000  462,245 
VSTECS Holdings Ltd. 1,348,000  891,187 
VTech Holdings Ltd. 1,000  6,800 
30,310,404 
Ireland — 0.4%
Dalata Hotel Group PLC(2)
226,737  794,183 
203

Avantis International Small Cap Value ETF
Shares Value
FBD Holdings PLC 6,291  $ 64,198 
Glenveagh Properties PLC(2)
5,617,775  5,717,911 
Origin Enterprises PLC 140,699  527,431 
7,103,723 
Israel — 3.1%
Adgar Investment and Development Ltd. 13,419  29,523 
AFI Properties Ltd. 546  26,984 
Airport City Ltd.(2)
57,990  1,213,544 
Caesarstone Ltd. 1,085  11,056 
Carasso Motors Ltd. 19,452  123,294 
Cellcom Israel Ltd.(2)
80,659  504,584 
Clal Insurance Enterprises Holdings Ltd.(2)
212,865  4,596,473 
Delek Automotive Systems Ltd. 89,099  1,373,974 
Delek Group Ltd.(2)
8,505  1,477,200 
Delta Galil Industries Ltd. 8,381  444,622 
Equital Ltd.(2)
21,717  806,548 
Fattal Holdings 1998 Ltd.(2)
178  21,919 
FIBI Holdings Ltd. 56,902  2,991,006 
First International Bank of Israel Ltd. 36,753  1,710,332 
Gazit-Globe Ltd. 93,940  611,475 
Harel Insurance Investments & Financial Services Ltd. 367,739  4,181,180 
IDI Insurance Co. Ltd. 2,066  67,430 
Infinya Ltd. 3,142  318,766 
Inrom Construction Industries Ltd. 8,916  41,554 
Isracard Ltd. 688,739  2,292,617 
Israel Corp. Ltd.(2)
2,738  1,323,426 
Israel Land Development - Urban Renewal Ltd. 8,422  150,083 
Isras Investment Co. Ltd. 1,627  389,691 
Ituran Location and Control Ltd. 495  12,306 
M Yochananof & Sons Ltd. 4,089  257,210 
Menora Mivtachim Holdings Ltd.(2)
76,658  1,765,732 
Migdal Insurance & Financial Holdings Ltd. 1,189,172  1,964,815 
Naphtha Israel Petroleum Corp. Ltd.(2)
10,798  65,011 
Nawi Brothers Ltd. 9,923  87,672 
Oil Refineries Ltd. 5,497,207  2,360,476 
Partner Communications Co. Ltd.(2)
440,988  3,814,169 
Paz Oil Co. Ltd.(2)
29,774  3,902,737 
Phoenix Holdings Ltd. 451,686  5,448,551 
Prashkovsky Investments and Construction Ltd. 4,864  162,595 
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. 15,722  1,216,744 
Scope Metals Group Ltd. 74  3,709 
Shapir Engineering and Industry Ltd. 57,934  553,398 
Shikun & Binui Ltd.(2)
17,321  78,316 
Shufersal Ltd. 689,636  4,723,071 
Taro Pharmaceutical Industries Ltd.(2)
3,625  122,017 
Tera Light Ltd.(2)
31,601  60,395 
Tower Semiconductor Ltd.(2)
342  16,031 
Victory Supermarket Chain Ltd.(2)
1,573  24,448 
YH Dimri Construction & Development Ltd. 5,182  410,807 
51,757,491 
Italy — 2.3%
Aeffe SpA(2)
47,952  68,494 
204

Avantis International Small Cap Value ETF
Shares Value
Arnoldo Mondadori Editore SpA 244,950  $ 399,900 
Banca IFIS SpA 99,982  1,193,854 
Banca Popolare di Sondrio SCPA(1)
2,719,859  8,709,765 
Banco di Desio e della Brianza SpA(1)
118,022  360,341 
BFF Bank SpA 54,749  346,559 
Biesse SpA 72,713  923,238 
Cairo Communication SpA 10,143  15,766 
Cementir Holding NV 33,094  191,689 
Danieli & C Officine Meccaniche SpA 5,483  100,790 
Danieli & C Officine Meccaniche SpA, Preference Shares 53,298  677,289 
Digital Bros SpA(1)
61,158  1,508,365 
Enav SpA(2)
769  3,179 
Fila SpA 23,357  176,239 
Fincantieri SpA(1)(2)
1,970,690  987,959 
FNM SpA(2)
66,723  28,633 
Geox SpA(1)(2)
68,174  52,914 
Intek Group SpA(2)
24,920  14,154 
Iveco Group NV(2)
942,671  4,766,532 
Maire Tecnimont SpA(1)
939,467  2,384,184 
MFE-MediaForEurope NV, Class A(1)(2)
3,017,628  1,280,080 
MFE-MediaForEurope NV, Class B(1)(2)
834,408  485,381 
Newlat Food SpA(2)
16,765  96,654 
Orsero SpA 1,102  18,190 
OVS SpA(1)
2,254,121  3,408,437 
RAI Way SpA 255,774  1,237,156 
Safilo Group SpA(2)
508,600  712,493 
Saipem SpA(1)(2)
3,274,801  2,297,328 
Sanlorenzo SpA/Ameglia 25,548  802,656 
Saras SpA(2)
282,774  342,516 
Tesmec SpA(1)(2)
1,690,861  215,687 
Webuild SpA(1)
2,964,208  4,162,859 
37,969,281 
Japan — 27.0%
77 Bank Ltd. 77,000  982,247 
A&D HOLON Holdings Co. Ltd. 4,200  28,755 
AEON Financial Service Co. Ltd.(1)
397,700  4,084,528 
Aeon Mall Co. Ltd.(1)
179,700  2,143,344 
AFC-HD AMS Life Science Co. Ltd. 30,300  167,808 
Aichi Steel Corp. 14,800  219,475 
Air Water, Inc. 161,200  2,016,620 
Airport Facilities Co. Ltd. 3,500  14,017 
Aisan Industry Co. Ltd. 51,400  269,181 
Akatsuki, Inc. 13,100  222,674 
Akebono Brake Industry Co. Ltd.(2)
29,600  36,058 
Alleanza Holdings Co. Ltd. 3,900  28,048 
Alpen Co. Ltd.(1)
4,100  61,712 
Alps Alpine Co. Ltd.(1)
35,200  314,893 
Amada Co. Ltd. 118,300  925,633 
AOKI Holdings, Inc. 26,400  133,465 
Aoyama Trading Co. Ltd. 101,600  674,086 
Aozora Bank Ltd. 15,300  295,327 
205

Avantis International Small Cap Value ETF
Shares Value
Arata Corp. 29,700  $ 879,992 
Arcland Sakamoto Co. Ltd.(1)
70,100  751,670 
Arcs Co. Ltd.(1)
45,500  665,300 
Asahi Diamond Industrial Co. Ltd. 21,700  121,082 
Asahi Holdings, Inc.(1)
400  5,962 
ASAHI YUKIZAI Corp. 22,200  365,378 
Asia Pile Holdings Corp. 1,400  5,063 
Astena Holdings Co. Ltd. 10,800  34,668 
Aucnet, Inc.(1)
7,500  116,315 
Bando Chemical Industries Ltd. 12,700  92,038 
Bank of Nagoya Ltd. 15,700  349,197 
Bank of the Ryukyus Ltd.(1)
11,200  62,397 
Belluna Co. Ltd. 132,000  699,536 
Benesse Holdings, Inc. 53,500  840,899 
Bic Camera, Inc.(1)
103,000  843,139 
BML, Inc. 68,500  1,752,897 
Bunka Shutter Co. Ltd. 147,000  1,127,398 
Careerlink Co. Ltd. 9,100  151,254 
Central Glass Co. Ltd. 86,300  2,082,176 
Chiba Kogyo Bank Ltd. 2,000  3,770 
Chilled & Frozen Logistics Holdings Co. Ltd. 1,900  16,833 
Chori Co. Ltd. 1,200  17,544 
Chubu Shiryo Co. Ltd. 9,200  71,015 
Citizen Watch Co. Ltd.(1)
886,600  3,788,105 
CKD Corp. 55,200  726,222 
CMIC Holdings Co. Ltd. 19,100  226,831 
Cosmo Energy Holdings Co. Ltd. 397,900  11,913,428 
Credit Saison Co. Ltd. 656,800  8,263,130 
CTI Engineering Co. Ltd. 4,700  87,926 
Cybernet Systems Co. Ltd. 18,600  128,568 
Daicel Corp.(1)
754,300  4,737,163 
Daiho Corp. 2,700  78,564 
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. 300  2,850 
Daiken Corp. 15,600  217,970 
Daikokutenbussan Co. Ltd. 8,900  377,926 
Daikyonishikawa Corp. 3,500  14,681 
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. 10,700  137,603 
Daio Paper Corp.(1)
182,600  1,706,830 
Daishi Hokuetsu Financial Group, Inc. 17,900  336,786 
Daishinku Corp.(1)
54,500  383,646 
Daiwa Industries Ltd. 2,500  20,039 
Daiwabo Holdings Co. Ltd. 31,000  436,392 
Denka Co. Ltd. 229,900  5,507,502 
Densan System Holdings Co. Ltd. 900  15,519 
DIC Corp. 32,700  586,337 
DKS Co. Ltd. 2,800  44,442 
Dowa Holdings Co. Ltd. 56,800  2,141,022 
Dream Incubator, Inc.(2)
8,400  120,548 
Eagle Industry Co. Ltd. 47,000  394,898 
Ebara Jitsugyo Co. Ltd. 200  3,198 
Eco's Co. Ltd.(1)
14,100  190,162 
206

Avantis International Small Cap Value ETF
Shares Value
EDION Corp.(1)
86,000  $ 739,790 
EF-ON, Inc. 12,800  62,258 
Ehime Bank Ltd.(1)
3,300  20,180 
Eizo Corp. 21,300  579,772 
EJ Holdings, Inc. 2,900  27,033 
Electric Power Development Co. Ltd.(1)
503,300  7,752,945 
Elematec Corp. 21,800  212,594 
Enomoto Co. Ltd.(1)
3,000  33,284 
Exedy Corp. 72,500  934,142 
EXEO Group, Inc. 226,600  3,476,590 
F.C.C. Co. Ltd. 87,100  901,459 
FALCO HOLDINGS Co. Ltd. 2,000  26,012 
Feed One Co. Ltd. 4,700  23,682 
Ferrotec Holdings Corp. 148,300  3,375,551 
FIDEA Holdings Co. Ltd.(1)
7,810  74,127 
Fields Corp. 41,500  402,144 
FJ Next Holdings Co. Ltd. 15,100  111,686 
France Bed Holdings Co. Ltd. 12,600  89,312 
Frontier International, Inc. 5,900  171,298 
Fuji Co. Ltd.(1)
600  8,628 
Fuji Corp. Ltd. 9,000  42,931 
Fuji Media Holdings, Inc. 44,200  349,789 
Fuji Oil Co. Ltd. 11,300  30,154 
Fuji Seal International, Inc. 51,900  575,725 
Fujibo Holdings, Inc. 1,800  46,706 
Fujikura Composites, Inc. 31,200  229,097 
Fujikura Ltd. 781,200  5,547,529 
Fujimori Kogyo Co. Ltd. 6,200  156,867 
Furukawa Battery Co. Ltd. 500  4,155 
Furukawa Co. Ltd. 32,800  297,371 
Furuno Electric Co. Ltd. 12,900  103,859 
Furyu Corp. 16,900  123,263 
Futaba Industrial Co. Ltd. 112,500  290,894 
Fuyo General Lease Co. Ltd. 61,000  3,602,180 
G-7 Holdings, Inc. 100  1,072 
G-Tekt Corp.(1)
16,400  164,026 
Gecoss Corp. 2,200  12,936 
Genky DrugStores Co. Ltd.(1)
12,800  336,599 
GLOBERIDE, Inc. 29,300  574,233 
Glory Ltd. 28,900  456,297 
GMO Financial Holdings, Inc.(1)
8,800  47,877 
Goldcrest Co. Ltd. 24,900  310,253 
Good Com Asset Co. Ltd. 15,600  149,914 
GungHo Online Entertainment, Inc. 13,500  222,933 
Gunma Bank Ltd.(1)
365,400  1,021,835 
H-One Co. Ltd. 9,400  40,928 
H.U. Group Holdings, Inc. 190,000  3,859,126 
H2O Retailing Corp. 189,600  1,335,806 
Hagiwara Electric Holdings Co. Ltd. 300  5,086 
Hakudo Co. Ltd. 8,500  164,791 
Halows Co. Ltd.(1)
2,300  50,512 
207

Avantis International Small Cap Value ETF
Shares Value
Hamakyorex Co. Ltd. 30,100  $ 685,392 
Hanwa Co. Ltd. 111,400  2,755,888 
Happinet Corp. 10,200  118,182 
Hazama Ando Corp. 3,700  22,947 
Heiwa Real Estate Co. Ltd. 96,300  2,715,519 
Heiwado Co. Ltd.(1)
55,000  786,139 
Hino Motors Ltd. 229,700  1,047,949 
Hirano Tecseed Co. Ltd.(1)
17,200  229,014 
Hirogin Holdings, Inc.(1)
73,400  322,986 
Hitachi Transport System Ltd. 2,900  183,084 
Hitachi Zosen Corp. 503,200  3,176,451 
Hodogaya Chemical Co. Ltd. 1,500  34,942 
Hokkoku Financial Holdings, Inc. 6,100  215,812 
Hokuetsu Corp. 324,800  1,747,950 
Hokuhoku Financial Group, Inc. 294,600  1,750,537 
Hokuto Corp. 300  4,149 
Honeys Holdings Co. Ltd. 2,400  21,282 
Hoosiers Holdings Co. Ltd. 15,500  89,926 
Horiba Ltd. 4,000  182,215 
Hosokawa Micron Corp. 10,600  200,103 
HS Holdings Co. Ltd. 61,800  517,098 
Hyakugo Bank Ltd. 102,100  233,655 
i-mobile Co. Ltd. 3,100  31,789 
I-Net Corp./Kanagawa 1,400  13,544 
I-PEX, Inc. 22,700  223,360 
Ichigo, Inc. 4,000  8,742 
Ichinen Holdings Co. Ltd.(1)
7,200  65,662 
IDEA Consultants, Inc. 200  2,494 
IDOM, Inc.(1)
160,200  948,118 
IHI Corp. 285,500  7,624,650 
Iino Kaiun Kaisha Ltd. 283,100  1,663,554 
IMAGICA GROUP, Inc. 51,200  331,304 
Ines Corp. 200  2,233 
INFRONEER Holdings, Inc. 308,884  2,207,927 
Innotech Corp. 7,400  72,309 
Internet Initiative Japan, Inc. 3,600  130,017 
Inui Global Logistics Co. Ltd. 24,000  367,656 
Iseki & Co. Ltd. 29,800  271,101 
Ishihara Sangyo Kaisha Ltd. 106,300  854,268 
Itochu Enex Co. Ltd. 215,600  1,691,522 
IwaiCosmo Holdings, Inc. 13,500  121,799 
Iyo Bank Ltd. 28,300  131,601 
Izumi Co. Ltd.(1)
9,000  194,231 
J Front Retailing Co. Ltd.(1)
646,200  5,121,450 
Jaccs Co. Ltd. 79,700  2,191,757 
JAFCO Group Co. Ltd. 231,700  3,353,231 
Jamco Corp.(2)
12,300  115,753 
Japan Aviation Electronics Industry Ltd. 102,800  1,719,142 
Japan Electronic Materials Corp.(1)
24,800  278,443 
Japan Investment Adviser Co. Ltd. 14,500  140,363 
Japan Lifeline Co. Ltd. 29,200  211,980 
208

Avantis International Small Cap Value ETF
Shares Value
Japan Pulp & Paper Co. Ltd. 2,100  $ 65,870 
Japan System Techniques Co. Ltd. 3,700  70,845 
Japan Transcity Corp. 4,400  16,101 
Japan Wool Textile Co. Ltd. 78,700  578,416 
JINUSHI Co. Ltd. 20,500  294,976 
JK Holdings Co. Ltd. 3,700  27,088 
JM Holdings Co. Ltd. 9,900  113,329 
Joshin Denki Co. Ltd. 13,900  191,480 
JSB Co. Ltd. 2,200  54,827 
JSP Corp. 2,200  22,837 
JTEKT Corp. 653,100  4,597,477 
Juroku Financial Group, Inc. 42,600  753,789 
JVCKenwood Corp. 1,093,200  1,604,746 
K's Holdings Corp. 453,100  4,174,601 
Kamei Corp. 6,800  53,498 
Kanamoto Co. Ltd. 107,000  1,647,185 
Kaneka Corp. 152,700  4,095,696 
Kanematsu Corp. 246,900  2,670,961 
Kanto Denka Kogyo Co. Ltd. 154,500  1,110,013 
Kato Sangyo Co. Ltd. 22,400  550,886 
Kawai Musical Instruments Manufacturing Co. Ltd. 900  17,664 
Kawasaki Heavy Industries Ltd. 41,300  801,553 
Keiyo Co. Ltd.(1)
16,200  106,098 
KH Neochem Co. Ltd. 75,500  1,389,350 
Kibun Foods, Inc. 2,000  14,208 
Kimura Chemical Plants Co. Ltd.(1)
1,000  5,654 
Kito Corp. 1,700  32,975 
Kitz Corp. 140,700  820,381 
Kiyo Bank Ltd. 175,300  1,883,750 
Kobe Steel Ltd. 1,478,100  6,725,283 
Kohnan Shoji Co. Ltd.(1)
67,400  1,670,690 
Kojima Co. Ltd.(1)
42,100  193,025 
Kokusai Pulp & Paper Co. Ltd. 98,500  502,080 
Komeri Co. Ltd. 92,100  1,729,761 
Komori Corp. 10,100  55,798 
Konica Minolta, Inc.(1)
461,800  1,598,975 
Konoike Transport Co. Ltd. 21,300  202,140 
Konoshima Chemical Co. Ltd. 2,100  21,442 
Kosaido Holdings Co. Ltd.(1)(2)
9,600  82,569 
Krosaki Harima Corp. 200  6,772 
Kumagai Gumi Co. Ltd. 72,300  1,383,158 
Kuraray Co. Ltd. 822,100  6,244,530 
Kureha Corp. 51,600  3,465,101 
Kurimoto Ltd. 100  1,187 
Kuriyama Holdings Corp. 5,800  37,133 
KYB Corp. 65,400  1,546,856 
Kyoden Co. Ltd.(1)
45,100  203,042 
Kyodo Printing Co. Ltd. 2,700  46,751 
Kyokuto Kaihatsu Kogyo Co. Ltd. 16,400  160,938 
Lawson, Inc.(1)
1,800  59,654 
Macnica Holdings, Inc. 54,200  1,162,940 
209

Avantis International Small Cap Value ETF
Shares Value
Makino Milling Machine Co. Ltd. 76,300  $ 2,407,666 
Maruha Nichiro Corp. 117,000  2,092,045 
MARUKA FURUSATO Corp. 27,000  658,020 
Maruwa Co. Ltd.(1)
200  25,159 
Maruzen Showa Unyu Co. Ltd. 12,500  285,435 
Maxell Ltd. 176,100  1,867,797 
Mazda Motor Corp. 600  5,314 
Mebuki Financial Group, Inc. 929,500  1,781,451 
Media Do Co. Ltd. 4,100  60,308 
Megmilk Snow Brand Co. Ltd. 138,700  1,709,478 
Meidensha Corp. 4,100  58,770 
Meiji Shipping Co. Ltd.(1)
19,500  114,568 
Meiko Electronics Co. Ltd.(1)
52,400  1,217,353 
Meisei Industrial Co. Ltd. 3,800  20,438 
Meiwa Corp.(1)
5,900  33,699 
Micronics Japan Co. Ltd. 55,100  564,424 
Mikuni Corp.(1)
22,300  52,702 
Mimasu Semiconductor Industry Co. Ltd. 44,900  682,819 
Ministop Co. Ltd.(1)
6,600  66,984 
Miraial Co. Ltd. 17,900  251,776 
Mirait One Corp. 140,800  1,582,461 
Mitsuba Corp. 58,600  186,246 
Mitsubishi Research Institute, Inc. 23,200  694,532 
Mitsubishi Shokuhin Co. Ltd. 66,200  1,624,936 
Mitsubishi Steel Manufacturing Co. Ltd. 26,000  193,063 
Mitsui Chemicals, Inc. 60,100  1,350,178 
Mitsui Matsushima Holdings Co. Ltd.(1)
49,700  1,301,281 
Mitsui Mining & Smelting Co. Ltd. 233,900  5,523,689 
Mitsui-Soko Holdings Co. Ltd. 75,800  1,832,096 
Miyaji Engineering Group, Inc. 700  15,972 
Miyazaki Bank Ltd. 10,600  169,414 
Mizuho Leasing Co. Ltd. 82,700  1,997,515 
Mizuho Medy Co. Ltd.(1)
19,300  413,709 
Mizuno Corp. 38,500  740,740 
Monex Group, Inc.(1)
453,600  1,617,674 
Morinaga Milk Industry Co. Ltd. 101,100  3,091,164 
MrMax Holdings Ltd. 3,100  14,119 
Musashino Bank Ltd. 17,300  210,871 
Nabtesco Corp. 40,800  966,169 
Nachi-Fujikoshi Corp. 55,500  1,505,831 
Nafco Co. Ltd.(1)
5,100  59,170 
Nagano Keiki Co. Ltd.(1)
7,300  57,471 
Nagase & Co. Ltd. 4,200  60,273 
Nanto Bank Ltd. 7,100  100,063 
NEC Capital Solutions Ltd. 17,000  262,392 
Neturen Co. Ltd. 10,700  52,728 
NHK Spring Co. Ltd. 221,800  1,498,035 
Nichias Corp. 119,200  2,058,521 
Nichiha Corp. 45,900  914,684 
Nichireki Co. Ltd. 33,200  324,515 
Nihon Chouzai Co. Ltd. 14,700  141,418 
210

Avantis International Small Cap Value ETF
Shares Value
Nihon Dempa Kogyo Co. Ltd. 68,000  $ 738,928 
Nihon Flush Co. Ltd. 3,600  24,541 
Nihon House Holdings Co. Ltd. 33,600  102,510 
Nihon Tokushu Toryo Co. Ltd. 1,200  8,153 
Nikkon Holdings Co. Ltd. 104,200  1,763,786 
Nippn Corp. 33,900  382,346 
Nippon Chemi-Con Corp.(2)
73,300  960,672 
Nippon Chemical Industrial Co. Ltd. 8,000  121,084 
Nippon Coke & Engineering Co. Ltd. 617,300  446,705 
Nippon Denko Co. Ltd. 24,100  63,970 
Nippon Densetsu Kogyo Co. Ltd. 70,200  903,263 
Nippon Electric Glass Co. Ltd. 250,000  4,708,235 
Nippon Kodoshi Corp.(1)
6,600  103,308 
Nippon Koei Co. Ltd. 26,100  668,365 
Nippon Light Metal Holdings Co. Ltd. 83,410  959,759 
Nippon Paper Industries Co. Ltd. 311,100  2,029,893 
Nippon Pillar Packing Co. Ltd. 32,900  612,380 
Nippon Seiki Co. Ltd. 2,100  12,414 
Nippon Seisen Co. Ltd.(1)
3,000  100,654 
Nippon Shokubai Co. Ltd. 80,000  3,172,294 
Nippon Soda Co. Ltd. 29,900  988,723 
Nippon Steel Trading Corp. 17,600  677,154 
Nippon Suisan Kaisha Ltd. 996,400  4,077,315 
Nippon Television Holdings, Inc. 77,000  654,315 
Nippon Thompson Co. Ltd. 97,400  400,010 
Nippon Yakin Kogyo Co. Ltd.(1)
27,510  567,969 
Nipro Corp. 446,200  3,632,626 
Nishi-Nippon Financial Holdings, Inc. 234,900  1,246,278 
Nishimatsu Construction Co. Ltd.(1)
42,900  1,245,781 
Nishio Rent All Co. Ltd. 70,100  1,462,488 
Nissan Shatai Co. Ltd. 18,000  99,467 
Nissha Co. Ltd. 32,100  417,425 
Nisshinbo Holdings, Inc. 381,500  2,952,234 
Nissin Electric Co. Ltd. 24,600  262,158 
Nittetsu Mining Co. Ltd. 10,000  442,840 
Nitto Kogyo Corp.(1)
13,600  250,892 
Nittoc Construction Co. Ltd. 100  648 
Nojima Corp. 96,200  1,938,157 
NOK Corp. 237,400  2,109,945 
Noritake Co. Ltd./Nagoya Japan 4,900  147,280 
North Pacific Bank Ltd. 239,300  396,098 
NS United Kaiun Kaisha Ltd. 31,600  1,089,749 
NTN Corp.(2)
216,700  410,204 
Ogaki Kyoritsu Bank Ltd. 14,800  183,572 
Okamoto Machine Tool Works Ltd. 2,800  80,721 
Okasan Securities Group, Inc. 15,100  36,208 
Oki Electric Industry Co. Ltd. 184,700  996,698 
Okumura Corp. 84,100  1,771,393 
Okuwa Co. Ltd.(1)
26,100  170,629 
Olympic Group Corp. 2,700  11,582 
Onoken Co. Ltd. 28,300  302,030 
211

Avantis International Small Cap Value ETF
Shares Value
Organo Corp. 11,700  $ 778,235 
Orient Corp. 1,911,400  1,671,538 
Oriental Shiraishi Corp. 50,000  90,437 
Osaka Soda Co. Ltd.(1)
48,000  1,302,813 
OSAKA Titanium Technologies Co. Ltd.(2)
84,200  1,919,716 
Pacific Industrial Co. Ltd. 204,900  1,595,384 
Pasco Corp. 500  4,726 
Pegasus Sewing Machine Manufacturing Co. Ltd. 5,800  36,189 
Penta-Ocean Construction Co. Ltd. 227,600  1,201,119 
Press Kogyo Co. Ltd. 408,400  1,291,752 
Pressance Corp. 10,100  109,211 
Prima Meat Packers Ltd. 53,500  835,061 
PS Mitsubishi Construction Co. Ltd. 16,200  75,645 
Raiznext Corp. 18,700  161,458 
Rasa Industries Ltd. 6,300  107,991 
Raysum Co. Ltd. 15,400  176,525 
Relia, Inc. 27,600  200,250 
Rengo Co. Ltd. 626,700  3,692,212 
Resorttrust, Inc. 249,800  4,008,568 
Restar Holdings Corp. 9,800  144,399 
Ricoh Leasing Co. Ltd. 51,800  1,333,381 
Riken Corp. 3,800  65,688 
Riken Technos Corp. 14,500  54,153 
Roland DG Corp. 800  18,764 
Ryobi Ltd. 24,000  222,885 
Ryoden Corp. 3,000  35,337 
Sakai Chemical Industry Co. Ltd. 30,000  423,408 
Sakura Internet, Inc. 500  2,079 
Sala Corp. 19,300  112,763 
San-In Godo Bank Ltd. 73,900  363,342 
Sanei Architecture Planning Co. Ltd.(1)
1,800  21,243 
Sankyu, Inc. 89,500  2,752,776 
Sanwa Holdings Corp. 399,300  3,951,052 
Sanyo Chemical Industries Ltd.(1)
13,700  468,093 
Sanyo Denki Co. Ltd. 3,700  143,991 
Sanyo Special Steel Co. Ltd. 16,700  251,017 
Sawai Group Holdings Co. Ltd. 4,200  124,121 
SBS Holdings, Inc. 19,300  399,533 
Scroll Corp.(1)
49,300  277,778 
Seed Co. Ltd. 5,000  20,859 
Seikitokyu Kogyo Co. Ltd. 6,400  34,887 
Seiko Holdings Corp. 92,600  1,908,110 
Seino Holdings Co. Ltd. 129,900  1,031,516 
Senko Group Holdings Co. Ltd. 285,300  1,949,185 
Senshu Electric Co. Ltd. 10,700  428,998 
Senshu Ikeda Holdings, Inc. 384,900  611,255 
Shibaura Mechatronics Corp. 12,200  1,006,205 
Shibuya Corp. 4,700  84,520 
Shinagawa Refractories Co. Ltd. 1,700  46,371 
Shindengen Electric Manufacturing Co. Ltd. 6,200  162,353 
Shinmaywa Industries Ltd. 185,900  1,416,753 
212

Avantis International Small Cap Value ETF
Shares Value
Shinnihon Corp. 8,600  $ 45,207 
Shinoken Group Co. Ltd.(1)
7,800  89,312 
Shinsei Bank Ltd.(1)
1,100  15,490 
Shinsho Corp. 700  20,947 
Sinfonia Technology Co. Ltd. 26,900  291,513 
SK-Electronics Co. Ltd. 200  2,019 
SKY Perfect JSAT Holdings, Inc. 641,900  2,551,055 
Sodick Co. Ltd. 92,100  533,285 
Soken Chemical & Engineering Co. Ltd. 1,300  18,086 
St-Care Holding Corp. 12,200  76,913 
Star Micronics Co. Ltd. 115,500  1,518,806 
Starts Corp., Inc. 98,600  1,894,173 
Starzen Co. Ltd. 8,100  123,112 
Stella Chemifa Corp. 8,000  162,252 
Studio Alice Co. Ltd.(1)
10,800  172,593 
Sumida Corp. 13,400  93,090 
Sumitomo Densetsu Co. Ltd. 16,900  319,147 
Sumitomo Heavy Industries Ltd. 333,300  6,996,310 
Sumitomo Mitsui Construction Co. Ltd. 111,900  372,789 
Sumitomo Osaka Cement Co. Ltd.(1)
96,000  2,431,703 
Sumitomo Riko Co. Ltd. 57,500  240,171 
Sumitomo Rubber Industries Ltd. 452,100  3,879,499 
Sumitomo Seika Chemicals Co. Ltd. 7,600  170,139 
Sumitomo Warehouse Co. Ltd. 50,200  787,750 
Sun Frontier Fudousan Co. Ltd. 91,300  787,663 
Sun-Wa Technos Corp. 1,700  17,225 
Suncall Corp. 18,200  95,318 
Suruga Bank Ltd. 444,600  1,198,276 
Suzuken Co. Ltd. 64,300  1,540,971 
SWCC Showa Holdings Co. Ltd. 53,000  694,347 
T RAD Co. Ltd. 4,600  92,102 
T-Gaia Corp. 4,800  57,071 
Tachibana Eletech Co. Ltd. 8,600  100,568 
Taihei Dengyo Kaisha Ltd. 4,100  104,711 
Taiheiyo Cement Corp. 385,300  5,768,494 
Taiho Kogyo Co. Ltd. 22,800  115,114 
Takamatsu Construction Group Co. Ltd. 5,400  74,222 
Takamiya Co. Ltd. 1,600  4,850 
Takaoka Toko Co. Ltd. 6,600  91,227 
Takara Leben Co. Ltd. 107,600  292,685 
Takara Standard Co. Ltd. 63,900  607,183 
Takasago International Corp. 16,600  330,446 
Takasago Thermal Engineering Co. Ltd. 46,900  554,132 
Take & Give Needs Co. Ltd.(2)
11,000  125,172 
Tama Home Co. Ltd.(1)
56,600  954,253 
Teijin Ltd. 620,800  6,563,394 
Tera Probe, Inc. 2,600  26,471 
Tess Holdings Co. Ltd.(1)
12,800  110,378 
Toa Corp. (Tokyo) 55,100  966,818 
TOA ROAD Corp. 500  21,160 
Toagosei Co. Ltd. 8,800  68,564 
213

Avantis International Small Cap Value ETF
Shares Value
Toda Corp.(1)
1,800  $ 8,880 
Toho Titanium Co. Ltd.(1)
2,400  38,017 
TOKAI Holdings Corp. 268,300  1,714,742 
Tokai Rika Co. Ltd. 1,400  15,029 
Tokuyama Corp. 227,500  2,996,420 
Tokyo Electron Device Ltd. 11,300  477,276 
Tokyo Kiraboshi Financial Group, Inc. 57,200  922,457 
Tokyo Rope Manufacturing Co. Ltd.(1)
10,400  75,182 
Tokyo Seimitsu Co. Ltd. 118,700  3,954,046 
Tokyo Steel Manufacturing Co. Ltd. 221,200  2,343,651 
Tokyo Tatemono Co. Ltd. 392,700  5,886,481 
Tokyu Construction Co. Ltd. 303,600  1,428,083 
Tokyu Fudosan Holdings Corp. 5,200  27,944 
Tomen Devices Corp. 2,200  89,217 
TOMONY Holdings, Inc. 16,700  37,848 
Tomy Co. Ltd. 113,200  1,073,115 
Topre Corp. 83,900  747,377 
Torishima Pump Manufacturing Co. Ltd. 1,600  16,857 
Totech Corp.(1)
2,100  53,471 
Towa Bank Ltd. 11,900  45,031 
Towa Corp. 37,000  494,052 
Toyo Engineering Corp.(2)
38,200  189,214 
Toyo Ink SC Holdings Co. Ltd. 24,100  330,490 
Toyo Kanetsu KK 5,500  103,196 
Toyo Seikan Group Holdings Ltd. 437,900  5,182,058 
Toyo Tire Corp. 220,400  2,671,195 
Toyobo Co. Ltd. 268,000  2,030,616 
Toyoda Gosei Co. Ltd. 156,300  2,719,241 
Toyota Boshoku Corp. 157,000  2,280,055 
TPR Co. Ltd. 27,900  255,475 
Transcosmos, Inc. 69,100  1,906,012 
TRE Holdings Corp. 40  490 
Tsubakimoto Chain Co. 72,900  1,684,544 
Tsugami Corp. 110,800  991,432 
Tsukuba Bank Ltd. 38,600  54,213 
Tsuzuki Denki Co. Ltd. 200  1,948 
TV Asahi Holdings Corp. 58,700  611,678 
Tv Tokyo Holdings Corp. 6,600  93,044 
UACJ Corp. 38,900  671,639 
Ube Industries Ltd. 344,900  5,081,896 
Uchida Yoko Co. Ltd. 5,500  197,015 
Ulvac, Inc. 50,300  1,950,440 
Unipres Corp. 71,400  491,918 
Unitika Ltd.(2)
43,200  80,347 
Univance Corp.(1)
29,200  84,927 
Valor Holdings Co. Ltd. 117,500  1,497,896 
Valqua Ltd. 2,300  44,686 
VINX Corp. 1,500  16,166 
VT Holdings Co. Ltd. 146,600  507,627 
Wakachiku Construction Co. Ltd. 5,100  90,870 
Wakita & Co. Ltd. 66,000  530,833 
214

Avantis International Small Cap Value ETF
Shares Value
Warabeya Nichiyo Holdings Co. Ltd. 34,100  $ 555,065 
YAMABIKO Corp. 22,100  180,413 
Yamada Holdings Co. Ltd. 13,640  47,209 
Yamaguchi Financial Group, Inc.(1)
111,800  613,412 
Yamaichi Electronics Co. Ltd. 58,500  865,846 
Yamazen Corp. 132,000  883,924 
Yellow Hat Ltd. 6,500  83,920 
Yodogawa Steel Works Ltd. 9,500  170,846 
Yokogawa Bridge Holdings Corp. 70,800  989,969 
Yokohama Rubber Co. Ltd. 345,200  5,645,644 
Yokorei Co. Ltd. 79,500  527,198 
Yorozu Corp. 4,500  28,853 
Yotai Refractories Co. Ltd. 2,400  24,054 
Yuasa Trading Co. Ltd. 49,800  1,254,657 
Yurtec Corp. 7,400  39,816 
Zeon Corp. 219,500  2,105,943 
450,966,124 
Netherlands — 1.9%
AerCap Holdings NV(2)
159,883  7,042,846 
Arcadis NV 806  25,695 
ASR Nederland NV 218,541  8,919,584 
Boskalis Westminster 89,583  2,971,375 
Flow Traders 42,345  847,353 
ForFarmers NV(1)
33,946  95,669 
Heijmans NV, CVA 108,545  1,126,848 
Just Eat Takeaway.com NV(2)
18,788  312,547 
Koninklijke BAM Groep NV(2)
802,873  2,140,065 
OCI NV 150,269  5,641,524 
PostNL NV(1)
813,567  1,733,601 
SIF Holding NV 285  2,911 
Sligro Food Group NV(2)
1,259  20,855 
TKH Group NV 39,638  1,382,876 
32,263,749 
New Zealand — 0.8%
Air New Zealand Ltd.(2)
13,671,732  5,649,552 
Channel Infrastructure NZ Ltd.(2)
201,543  166,462 
Heartland Group Holdings Ltd. 6,172  6,815 
KMD Brands Ltd. 813,699  535,762 
Oceania Healthcare Ltd. 3,300,723  1,994,512 
SKYCITY Entertainment Group Ltd. 2,581,167  4,490,213 
Warehouse Group Ltd. 16,193  32,560 
12,875,876 
Norway — 2.1%
2020 Bulkers Ltd.(1)(2)
30,242  269,258 
ABG Sundal Collier Holding ASA 456,965  268,092 
Belships ASA 96,422  144,369 
Bonheur ASA 6,255  234,148 
BW Energy Ltd.(2)
142,484  355,315 
BW LPG Ltd. 356,424  2,316,861 
BW Offshore Ltd. 579,931  1,571,357 
DNO ASA 2,010,345  2,856,332 
215

Avantis International Small Cap Value ETF
Shares Value
Golden Ocean Group Ltd. 316,268  $ 2,980,838 
Hafnia Ltd. 54,716  244,316 
Kid ASA 52,924  475,929 
Komplett Bank ASA(2)
51,670  30,734 
Kongsberg Automotive ASA(1)(2)
1,245,534  317,182 
MPC Container Ships ASA 784,180  1,616,700 
Norwegian Energy Co. ASA(2)
13,725  492,558 
Odfjell Drilling Ltd.(2)
364,708  990,642 
Odfjell Technology Ltd.(2)
45  113 
OKEA ASA 12,489  64,862 
Panoro Energy ASA(2)
13,512  40,087 
Petronor E&P ASA(2)
8,608  746 
PGS ASA(1)(2)
4,034,085  3,283,366 
Protector Forsikring ASA 38,929  466,031 
Rana Gruber ASA 6,421  27,904 
Scatec ASA 62,591  634,897 
SpareBank 1 Nord Norge 347,847  3,135,315 
SpareBank 1 SMN 172,072  2,095,074 
Sparebanken Vest 58,146  517,345 
Stolt-Nielsen Ltd. 80,383  1,717,742 
Subsea 7 SA 690,317  6,196,906 
Wallenius Wilhelmsen ASA 363,960  2,049,072 
35,394,091 
Portugal — 0.3%
Altri SGPS SA 523,406  2,953,276 
Corticeira Amorim SGPS SA 645  6,514 
CTT-Correios de Portugal SA(1)
255,358  831,768 
Greenvolt-Energias Renovaveis SA(2)
2,325  22,460 
Mota-Engil SGPS SA(1)
250,341  301,638 
NOS SGPS SA 62,748  231,291 
Sonae SGPS SA 12,843  12,909 
4,359,856 
Singapore — 2.1%
Aztech Global Ltd.(1)
10,000  6,324 
Banyan Tree Holdings Ltd.(2)
67,500  14,213 
Boustead Singapore Ltd. 18,200  11,784 
BRC Asia Ltd. 7,900  9,604 
Bumitama Agri Ltd. 1,717,200  767,165 
China Sunsine Chemical Holdings Ltd. 1,435,600  493,537 
Chip Eng Seng Corp. Ltd. 274,900  130,693 
Dyna-Mac Holdings Ltd.(1)(2)
717,900  101,301 
First Resources Ltd. 1,560,400  1,681,958 
Food Empire Holdings Ltd. 53,700  20,151 
Geo Energy Resources Ltd.(1)
4,567,500  1,254,377 
Golden Agri-Resources Ltd. 41,800,800  8,379,752 
Hong Fok Corp. Ltd.(1)
104,800  79,334 
Hong Leong Asia Ltd.(1)
179,100  96,048 
Hour Glass Ltd. 273,800  453,917 
Hutchison Port Holdings Trust, U Shares 23,259,900  4,991,040 
Indofood Agri Resources Ltd. 191,900  43,219 
InnoTek Ltd. 91,000  31,244 
216

Avantis International Small Cap Value ETF
Shares Value
ISDN Holdings Ltd.(1)
2,016,400  $ 682,973 
Japfa Ltd.(1)
2,065,800  886,280 
Jiutian Chemical Group Ltd.(1)
9,280,000  615,411 
Medtecs International Corp. Ltd. 1,417,400  158,659 
Mewah International, Inc. 120,500  29,616 
QAF Ltd. 46,100  28,206 
Riverstone Holdings Ltd.(1)
3,181,800  1,640,319 
Samudera Shipping Line Ltd. 648,700  462,482 
Singapore Post Ltd. 2,063,100  855,205 
Tuan Sing Holdings Ltd.(1)
1,652,390  436,474 
UG Healthcare Corp. Ltd. 356,100  53,427 
Yangzijiang Financial Holding Ltd.(2)
2,550,300  682,262 
Yangzijiang Shipbuilding Holdings Ltd. 10,386,300  7,198,079 
Yanlord Land Group Ltd. 3,645,600  2,683,005 
34,978,059 
Spain — 1.7%
Acerinox SA 506,176  4,579,790 
Almirall SA 11,427  103,084 
Amper SA(2)
1,097,654  194,695 
Atresmedia Corp. de Medios de Comunicacion SA(1)
169,927  465,361 
Banco de Sabadell SA 10,809,307  7,433,926 
Bankinter SA 973,935  4,991,211 
Construcciones y Auxiliar de Ferrocarriles SA 30,039  869,219 
Deoleo SA(1)(2)
356,161  102,097 
Ence Energia y Celulosa SA 84,262  298,264 
Ercros SA 82,553  253,555 
Fomento de Construcciones y Contratas SA 15  135 
Gestamp Automocion SA 566,903  2,075,625 
Laboratorios Farmaceuticos Rovi SA 37,304  1,831,256 
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros 64,629  69,837 
Mediaset Espana Comunicacion SA(2)
77,153  214,610 
Melia Hotels International SA(2)
197,205  1,195,967 
Miquel y Costas & Miquel SA 467  6,032 
Neinor Homes SA 51,163  524,857 
Pharma Mar SA 6,627  385,993 
Prosegur Cia de Seguridad SA 396,671  730,431 
Sacyr SA(1)
708,033  1,583,795 
Unicaja Banco SA 1  1 
27,909,741 
Sweden — 5.1%
Arise AB(2)
16,414  117,239 
Atrium Ljungberg AB, B Shares 23,263  337,179 
Avanza Bank Holding AB(1)
97,198  1,557,988 
Bahnhof AB, B Shares 3,602  12,164 
BE Group AB 13,128  125,361 
Better Collective A/S(2)
14,769  202,375 
Bilia AB, A Shares 344,589  4,287,024 
BillerudKorsnas AB 259,747  3,377,380 
Biotage AB 22,939  385,887 
Bonava AB, B Shares 219,962  787,328 
Boozt AB(1)(2)
300  1,759 
217

Avantis International Small Cap Value ETF
Shares Value
Bure Equity AB 152,161  $ 3,005,503 
Byggmax Group AB 171,674  705,343 
Camurus AB(2)
3,636  75,667 
Catena Media PLC(1)(2)
353,519  1,062,377 
Cibus Nordic Real Estate AB 140,335  2,234,781 
Clas Ohlson AB, B Shares 236,552  2,133,756 
Cloetta AB, B Shares 527,436  922,059 
Collector Bank AB(2)
222,047  708,217 
Corem Property Group AB, B Shares 423,419  493,793 
Dios Fastigheter AB 316,355  2,341,628 
Electrolux Professional AB, B Shares 403,469  2,004,380 
Elekta AB, B Shares 3,828  21,944 
G5 Entertainment AB(1)
23,843  393,387 
GARO AB 14,419  156,736 
Hoist Finance AB(1)(2)
190,033  575,340 
Hufvudstaden AB, A Shares 269,839  3,214,641 
JM AB 137,094  2,356,988 
Kopparbergs Bryggeri AB, B Shares 12,361  174,861 
Loomis AB 309,629  8,364,172 
Maha Energy AB(1)(2)
107,389  123,708 
MEKO AB 126,997  1,159,885 
MIPS AB 22,650  1,020,651 
Modern Times Group MTG AB, B Shares(2)
163,207  1,429,143 
Mycronic AB 106,156  1,258,901 
NCC AB, B Shares 251,936  2,371,296 
Net Insight AB, B Shares(2)
206,751  101,023 
New Wave Group AB, B Shares 151,712  2,440,210 
Nobia AB 229,259  590,456 
NP3 Fastigheter AB 231  5,054 
Nyfosa AB 463,483  3,893,550 
Pandox AB(2)
317,403  3,923,998 
Paradox Interactive AB(1)
150,402  2,364,413 
Peab AB, Class B 634,632  3,907,498 
RaySearch Laboratories AB(2)
37,992  177,843 
Resurs Holding AB 614,496  1,309,293 
Saab AB, B Shares 186,899  6,243,752 
Scandi Standard AB(2)
306,021  1,349,744 
SkiStar AB 83,042  1,068,567 
Storytel AB(2)
4,814  20,880 
Tethys Oil AB 68,999  412,914 
Troax Group AB 4  65 
Truecaller AB, B Shares(2)
193,736  1,018,511 
Wihlborgs Fastigheter AB 904,779  6,481,596 
84,810,208 
Switzerland — 4.3%
ALSO Holding AG(2)
13,576  2,256,914 
Arbonia AG 62,992  825,675 
Autoneum Holding AG(1)
22,650  2,539,228 
Bell Food Group AG 4,474  1,172,165 
Bellevue Group AG 547  17,816 
Bobst Group SA 43,897  3,536,899 
218

Avantis International Small Cap Value ETF
Shares Value
Bucher Industries AG 2,032  $ 723,986 
Burckhardt Compression Holding AG 13,354  5,592,238 
Cembra Money Bank AG 148,977  10,047,429 
Coltene Holding AG(2)
5,166  441,760 
dormakaba Holding AG 38  15,936 
EFG International AG(2)
490,560  4,122,435 
Forbo Holding AG 1,075  1,341,429 
GAM Holding AG(2)
225,677  224,066 
Gurit Holding AG, Bearer Shares(1)
8,294  868,265 
Huber + Suhner AG 34,655  2,886,389 
Implenia AG(2)
20,407  602,695 
Leonteq AG 63,856  3,626,011 
Liechtensteinische Landesbank AG 5,832  332,983 
Mobimo Holding AG 7,077  1,737,339 
OC Oerlikon Corp. AG 705,180  5,150,976 
Orior AG 17,102  1,336,571 
Rieter Holding AG 7,404  755,944 
Schweizerische Nationalbank(1)
3  16,961 
St Galler Kantonalbank AG 3,040  1,429,738 
Sulzer AG 52,708  3,145,553 
Swiss Steel Holding AG(2)
2,052,704  610,729 
Swissquote Group Holding SA 56,290  6,245,092 
u-blox Holding AG(2)
18,949  2,626,292 
V-ZUG Holding AG(2)
762  59,966 
Valiant Holding AG 42,541  4,030,711 
Valora Holding AG 7,704  2,040,902 
Zehnder Group AG 35,507  2,097,619 
72,458,712 
United Kingdom — 14.3%
AG Barr PLC 11,470  67,158 
Anglo Asian Mining PLC 160,594  149,158 
Anglo Pacific Group PLC 31,308  59,940 
Atalaya Mining PLC 166,337  429,683 
Bank of Georgia Group PLC 90,419  2,099,872 
Berkeley Group Holdings PLC 177,308  7,505,992 
Biffa PLC 79,689  371,971 
Brewin Dolphin Holdings PLC 400,637  2,382,260 
Britvic PLC 95,651  869,294 
Capricorn Energy PLC(1)(2)
330,167  889,920 
Centamin PLC 3,004,370  3,150,731 
Central Asia Metals PLC 434,307  1,156,355 
Close Brothers Group PLC 372,177  4,403,033 
CMC Markets PLC 363,520  969,537 
Coats Group PLC 3,493,432  2,434,815 
Computacenter PLC 169,154  4,845,716 
ContourGlobal PLC 192,848  576,461 
Crest Nicholson Holdings PLC 623,894  1,695,567 
Devro PLC 322,494  697,502 
Direct Line Insurance Group PLC 2,793,553  6,653,561 
Drax Group PLC 1,040,318  7,673,972 
Dunelm Group PLC 136,679  1,090,845 
219

Avantis International Small Cap Value ETF
Shares Value
EnQuest PLC(2)
4,704,729  $ 1,632,475 
Essentra PLC 12,262  28,225 
Ferrexpo PLC 697,692  1,200,108 
Firstgroup PLC(1)
1,856,815  2,473,023 
Forterra PLC 375,168  1,151,171 
Foxtons Group PLC 91,059  39,334 
Frasers Group PLC(2)
483,368  4,500,698 
Genel Energy PLC 77,741  128,151 
Georgia Capital PLC(2)
7,564  60,015 
Go-Ahead Group PLC(2)
86,720  1,555,655 
Grafton Group PLC 315,635  2,649,442 
Greggs PLC 228,479  4,883,869 
Gulf Keystone Petroleum Ltd. 417,308  1,168,368 
Gym Group PLC(2)
37,455  62,781 
Halfords Group PLC 381,593  576,869 
Hargreaves Lansdown PLC 469,037  4,440,456 
Helios Towers PLC(2)
29,532  42,321 
Hikma Pharmaceuticals PLC 335,193  5,108,570 
Hill & Smith Holdings PLC 44,644  539,341 
Hochschild Mining PLC 909,421  684,708 
Howden Joinery Group PLC 1,313,322  8,683,507 
Hunting PLC 128,039  428,249 
Hurricane Energy PLC(2)
1,022,797  87,233 
Ibstock PLC 793,994  1,745,148 
IG Group Holdings PLC 921,227  8,742,423 
Inchcape PLC 827,722  7,268,359 
Indivior PLC(2)
1,024,496  3,432,783 
IntegraFin Holdings PLC 49,423  154,066 
Intermediate Capital Group PLC 475,600  7,518,172 
International Personal Finance PLC 50,695  58,921 
Investec PLC 1,067,118  5,129,358 
IP Group PLC 2,156,004  1,749,828 
J Sainsbury PLC 270,408  638,260 
Jadestone Energy PLC 36,122  36,504 
Johnson Matthey PLC 472,209  11,017,018 
Jubilee Metals Group PLC(2)
779,435  106,854 
Just Group PLC 814,485  680,128 
Keller Group PLC 155,110  1,262,504 
Lookers PLC 276,034  261,416 
Luceco PLC 2,439  2,219 
Luxfer Holdings PLC 414  6,810 
M&G PLC 2,281,037  5,176,664 
Man Group PLC 2,513,505  7,102,831 
Marks & Spencer Group PLC(2)
5,261,691  7,435,312 
Mediclinic International PLC 453,101  2,632,934 
Mitchells & Butlers PLC(2)
107,415  192,107 
Mitie Group PLC 1,149,194  965,139 
Molten Ventures PLC(2)
235,011  1,014,704 
Morgan Sindall Group PLC 26,848  536,013 
MP Evans Group PLC 2,787  26,213 
N Brown Group PLC(2)
181,281  52,734 
220

Avantis International Small Cap Value ETF
Shares Value
Ninety One PLC 880,883  $ 2,018,058 
OSB Group PLC 621,292  3,961,179 
Pagegroup PLC 579,420  2,910,292 
Pan African Resources PLC 3,481,329  739,469 
Paragon Banking Group PLC 412,093  2,561,487 
PayPoint PLC 19,404  144,509 
Petra Diamonds Ltd.(2)
25,308  28,896 
Plus500 Ltd. 285,064  5,617,485 
Provident Financial PLC 707,991  1,416,725 
PZ Cussons PLC 493,679  1,113,207 
Rathbones Group PLC 69,063  1,443,713 
Reach PLC 527,385  453,362 
Redde Northgate PLC 597,736  2,372,554 
Redrow PLC 203,023  1,192,649 
Rhi Magnesita NV 22,539  472,313 
Royal Mail PLC 1,582,009  5,047,621 
Savills PLC 258,980  2,844,234 
Senior PLC(2)
407,863  614,976 
Serica Energy PLC 435,258  1,884,222 
Speedy Hire PLC 1,235,865  586,643 
Spire Healthcare Group PLC(2)
445,008  1,198,922 
St. James's Place PLC 428,859  5,489,371 
SThree PLC 291,685  1,190,699 
Superdry PLC(2)
157,134  228,419 
Synthomer PLC 250,027  570,855 
Tate & Lyle PLC 1,139,021  10,086,290 
TBC Bank Group PLC 73,777  1,518,976 
TI Fluid Systems PLC 250,921  425,275 
Tremor International Ltd.(1)(2)
72,792  278,007 
Vertu Motors PLC 555,720  313,050 
Virgin Money UK PLC 2,792,805  4,829,012 
Vistry Group PLC 420,995  3,770,332 
Wickes Group PLC 499,885  693,017 
Yellow Cake PLC(2)
512,433  2,498,377 
237,757,530 
United States — 0.1%
ADTRAN Holdings, Inc. 79,452  1,836,442 
Cazoo Group Ltd.(2)
376  254 
1,836,696 
TOTAL COMMON STOCKS
(Cost $1,887,598,596)
 1,661,876,001 
WARRANTS†


Australia†
Magellan Financial Group Ltd.(1)(2)
7,122  3,387 
Italy†
Webuild SpA(1)(2)
35,053  49,493 
TOTAL WARRANTS
(Cost $—)
 52,880 
RIGHTS†


Germany†
7C Solarparken AG(2)
(Cost $—)
 26,014  475 
221

Avantis International Small Cap Value ETF
Shares Value
SHORT-TERM INVESTMENTS — 3.6%


Money Market Funds — 3.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 16,863,247  $ 16,863,247 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
42,560,887  42,560,887 
TOTAL SHORT-TERM INVESTMENTS
(Cost $59,424,134)
 59,424,134 
TOTAL INVESTMENT SECURITIES — 103.2%
(Cost $1,947,022,730)

1,721,353,490 
OTHER ASSETS AND LIABILITIES — (3.2)%

(52,845,043)
TOTAL NET ASSETS — 100.0%

$ 1,668,508,447 

MARKET SECTOR DIVERSIFICATION
(as a % of net assets)
Industrials 20.4%
Financials 19.2%
Materials 18.4%
Consumer Discretionary 12.8%
Energy 10.4%
Consumer Staples 4.8%
Information Technology 4.0%
Real Estate 3.1%
Communication Services 2.4%
Health Care 2.1%
Utilities 2.0%
Short-Term Investments 3.6%
Other Assets and Liabilities (3.2)%

NOTES TO SCHEDULE OF INVESTMENTS
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 $86,011,273. 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 $92,245,596, which includes securities collateral of $49,684,709.


See Notes to Financial Statements.
222

Statements of Assets and Liabilities
AUGUST 31, 2022
Avantis Emerging Markets Equity ETF Avantis Emerging Markets Value ETF
Assets
Investment securities, at value (cost of $1,444,050,932 and $148,901,335, respectively) — including $71,542,673 and $3,952,104, respectively of securities on loan $ 1,317,924,091  $ 129,199,174 
Investment made with cash collateral received for securities on loan, at value (cost of $22,098,803 and $1,884,533, respectively) 22,098,803  1,884,533 
Total investment securities, at value (cost of $1,466,149,735 and $150,785,868, respectively) 1,340,022,894  131,083,707 
Foreign currency holdings, at value (cost of $442,198 and $1,014,832, respectively) 441,657  1,014,858 
Receivable for investments sold 42,169  13,005 
Dividends and interest receivable 7,936,286  653,545 
Securities lending receivable 148,583  11,575 
1,348,591,589  132,776,690 
Liabilities
Payable for collateral received for securities on loan 22,098,803  1,884,533 
Payable for investments purchased 95,452  1,299,297 
Accrued management fees 365,619  37,090 
Accrued foreign taxes 3,635,854  — 
26,195,728  3,220,920 
Net Assets $ 1,322,395,861  $ 129,555,770 
Shares outstanding (unlimited number of shares authorized) 25,600,000  3,080,000 
Net Asset Value Per Share $ 51.66  $ 42.06 
Net Assets Consist of:
Capital paid in $ 1,468,261,858  $ 148,327,804 
Distributable earnings (145,865,997) (18,772,034)
$ 1,322,395,861  $ 129,555,770 


See Notes to Financial Statements.
223

AUGUST 31, 2022
Avantis International Equity ETF Avantis International Large Cap Value ETF
Assets
Investment securities, at value (cost of $1,627,975,845 and $69,367,279, respectively) — including $98,429,673 and $1,331,726, respectively of securities on loan $ 1,498,884,454  $ 64,050,571 
Investment made with cash collateral received for securities on loan, at value (cost of $51,033,501 and $1,069,229, respectively) 51,033,501  1,069,229 
Total investment securities, at value (cost of $1,679,009,346 and $70,436,508, respectively) 1,549,917,955  65,119,800 
Cash 3,805  — 
Foreign currency holdings, at value (cost of $218,186 and $7,682, respectively) 216,490  7,675 
Receivable for investments sold 10,189  — 
Dividends and interest receivable 5,717,960  255,787 
Securities lending receivable 75,578  1,295 
1,555,941,977  65,384,557 
Liabilities
Payable for collateral received for securities on loan 51,033,501  1,069,229 
Payable for investments purchased 6,185  3,911,987 
Accrued management fees 300,975  11,527 
51,340,661  4,992,743 
Net Assets $ 1,504,601,316  $ 60,391,814 
Shares outstanding (unlimited number of shares authorized) 29,750,000  1,440,000 
Net Asset Value Per Share $ 50.57  $ 41.94 
Net Assets Consist of:
Capital paid in $ 1,647,099,422  $ 67,122,856 
Distributable earnings (142,498,106) (6,731,042)
$ 1,504,601,316  $ 60,391,814 


See Notes to Financial Statements.
224

AUGUST 31, 2022
Avantis International Small Cap Value ETF
Assets
Investment securities, at value (cost of $1,904,461,843) — including $86,011,273 of securities on loan $ 1,678,792,603 
Investment made with cash collateral received for securities on loan, at value
(cost of $42,560,887)		 42,560,887 
Total investment securities, at value (cost of $1,947,022,730) 1,721,353,490 
Foreign currency holdings, at value (cost of $194,574) 199,841 
Receivable for investments sold 16,426 
Receivable for capital shares sold 17,619,876 
Dividends and interest receivable 5,327,101 
Securities lending receivable 118,189 
1,744,634,923 
Liabilities
Payable for collateral received for securities on loan 42,560,887 
Payable for investments purchased 33,050,934 
Accrued management fees 514,655 
76,126,476 
Net Assets $ 1,668,508,447 
Shares outstanding (unlimited number of shares authorized) 31,410,000 
Net Asset Value Per Share $ 53.12 
Net Assets Consist of:
Capital paid in $ 1,984,444,031 
Distributable earnings (315,935,584)
$ 1,668,508,447 


See Notes to Financial Statements.
225

Statements of Operations
YEAR ENDED AUGUST 31, 2022 (EXCEPT AS NOTED)
Avantis Emerging Markets Equity ETF
Avantis Emerging Markets Value ETF(1)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $5,672,517 and $581,477, respectively) $ 43,916,068  $ 4,053,556 
Securities lending, net 656,643  39,408 
Interest 4,289  535 
44,577,000  4,093,499 
Expenses:
Management fees 3,562,047  262,082 
Other expenses 8,690  1,725 
3,570,737  263,807 
Net investment income (loss) 41,006,263  3,829,692 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (net of foreign tax expenses paid (refunded) of $13,775 and $—, respectively) (25,746,565) (1,254,150)
Futures contract transactions —  559 
Foreign currency translation transactions (507,796) (95,213)
(26,254,361) (1,348,804)
Change in net unrealized appreciation (depreciation) on:
Investments (includes (increase) decrease in accrued foreign taxes of $(285,973) and $—, respectively) (259,013,096) (19,702,161)
Translation of assets and liabilities in foreign currencies (86,131) (12,416)
(259,099,227) (19,714,577)
Net realized and unrealized gain (loss) (285,353,588) (21,063,381)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (244,347,325) $ (17,233,689)
(1)September 28, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
226

YEAR ENDED AUGUST 31, 2022 (EXCEPT AS NOTED)
Avantis International Equity ETF
Avantis International Large Cap Value ETF(1)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $4,302,953 and $115,881, respectively) $ 43,741,005  $ 1,270,624 
Securities lending, net 634,253  4,386 
Interest 7,931  1,521 
44,383,189  1,276,531 
Expenses:
Management fees 2,893,435  65,598 
Other expenses 6,433  460 
2,899,868  66,058 
Net investment income (loss) 41,483,321  1,210,473 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (11,901,365) (1,693,451)
Foreign currency translation transactions (505,205) (20,577)
(12,406,570) (1,714,028)
Change in net unrealized appreciation (depreciation) on:
Investments (306,745,626) (5,316,708)
Translation of assets and liabilities in foreign currencies (150,021) (6,432)
(306,895,647) (5,323,140)
Net realized and unrealized gain (loss) (319,302,217) (7,037,168)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (277,818,896) $ (5,826,695)
(1)September 28, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
227

YEAR ENDED AUGUST 31, 2022
Avantis International Small Cap Value ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $4,918,435) $ 53,441,675 
Securities lending, net 1,074,525 
Interest 13,341 
54,529,541 
Expenses:
Management fees 5,061,317 
Other expenses 4,658 
5,065,975 
Net investment income (loss) 49,463,566 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions 11,908,309 
Foreign currency translation transactions (1,207,736)
10,700,573 
Change in net unrealized appreciation (depreciation) on:
Investments (345,888,590)
Translation of assets and liabilities in foreign currencies (182,665)
(346,071,255)
Net realized and unrealized gain (loss) (335,370,682)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (285,907,116)


See Notes to Financial Statements.
228

Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021 (EXCEPT AS NOTED)
Avantis Emerging Markets Equity ETF Avantis Emerging Markets Value ETF
Increase (Decrease) in Net Assets August 31, 2022
August 31, 2021
August 31, 2022(1)
Operations
Net investment income (loss) $ 41,006,263  $ 13,439,376  $ 3,829,692 
Net realized gain (loss) (26,254,361) (3,459,576) (1,348,804)
Change in net unrealized appreciation (depreciation) (259,099,227) 100,142,245  (19,714,577)
Net increase (decrease) in net assets resulting from operations (244,347,325) 110,122,045  (17,233,689)
Distributions to Shareholders
From earnings (30,216,930) (9,558,420) (1,539,540)
Capital Share Transactions
Proceeds from shares sold 731,567,092  521,084,968  148,188,439 
Payments for shares redeemed —  (2,598,710) — 
Other capital 566,509  330,894  140,560 
Net increase (decrease) in net assets from capital share transactions 732,133,601  518,817,152  148,328,999 
Net increase (decrease) in net assets 457,569,346  619,380,777  129,555,770 
Net Assets
Beginning of period 864,826,515  245,445,738  — 
End of period $ 1,322,395,861  $ 864,826,515  $ 129,555,770 
Transactions in Shares of the Funds
Sold 12,650,000  8,300,000  3,080,000 
Redeemed —  (50,000) — 
Net increase (decrease) in shares of the funds 12,650,000  8,250,000  3,080,000 
(1)September 28, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
229

YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021 (EXCEPT AS NOTED)
Avantis International
Equity ETF		 Avantis International Large Cap Value ETF
Increase (Decrease) in Net Assets August 31, 2022 August 31, 2021
August 31, 2022(1)
Operations
Net investment income (loss) $ 41,483,321  $ 15,824,875  $ 1,210,473 
Net realized gain (loss) (12,406,570) (1,072,621) (1,714,028)
Change in net unrealized appreciation (depreciation) (306,895,647) 131,587,282  (5,323,140)
Net increase (decrease) in net assets resulting from operations (277,818,896) 146,339,536  (5,826,695)
Distributions to Shareholders
From earnings (39,846,030) (14,039,130) (904,347)
Capital Share Transactions
Proceeds from shares sold 826,982,923  529,082,577  67,084,377 
Payments for shares redeemed (2,673,055) (5,592,990) — 
Other capital 412,669  409,617  38,479 
Net increase (decrease) in net assets from capital share transactions 824,722,537  523,899,204  67,122,856 
Net increase (decrease) in net assets 507,057,611  656,199,610  60,391,814 
Net Assets
Beginning of period 997,543,705  341,344,095  — 
End of period $ 1,504,601,316  $ 997,543,705  $ 60,391,814 
Transactions in Shares of the Funds
Sold 14,300,000  8,800,000  1,440,000 
Redeemed (50,000) (100,000) — 
Net increase (decrease) in shares of the funds 14,250,000  8,700,000  1,440,000 
(1)September 28, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
230

YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021
Avantis International Small Cap Value ETF
Increase (Decrease) in Net Assets August 31, 2022 August 31, 2021
Operations
Net investment income (loss) $ 49,463,566  $ 13,754,952 
Net realized gain (loss) 10,700,573  30,382,503 
Change in net unrealized appreciation (depreciation) (346,071,255) 104,166,255 
Net increase (decrease) in net assets resulting from operations (285,907,116) 148,303,710 
Distributions to Shareholders
From earnings (45,642,411) (12,987,087)
Capital Share Transactions
Proceeds from shares sold 1,221,524,862  737,021,098 
Payments for shares redeemed (278,542,155) (90,624,702)
Other capital 372,440  165,125 
Net increase (decrease) in net assets from capital share transactions 943,355,147  646,561,521 
Net increase (decrease) in net assets 611,805,620  781,878,144 
Net Assets
Beginning of period 1,056,702,827  274,824,683 
End of period $ 1,668,508,447  $ 1,056,702,827 
Transactions in Shares of the Funds
Sold 20,010,000  11,760,000 
Redeemed (4,590,000) (1,470,000)
Net increase (decrease) in shares of the funds 15,420,000  10,290,000 


See Notes to Financial Statements.
231

Notes to Financial Statements

AUGUST 31, 2022

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 and Avantis International Small Cap Value ETF (collectively, the funds) are five 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.

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 Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.

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. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.

If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
232

The funds monitor 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; 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 funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds 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 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.

Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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.

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.


233

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, 2022.
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 $ 22,098,803  —  —  —  $ 22,098,803 
Gross amount of recognized liabilities for securities lending transactions $ 22,098,803 
Avantis Emerging Markets Value ETF
Common Stocks $ 1,884,533  —  —  —  $ 1,884,533 
Gross amount of recognized liabilities for securities lending transactions $ 1,884,533 
Avantis International Equity ETF
Common Stocks $ 51,030,433  —  —  —  $ 51,030,433 
Warrants 3,068  —  —  —  3,068 
Total Borrowings $ 51,033,501  —  —  —  $ 51,033,501 
Gross amount of recognized liabilities for securities lending transactions $ 51,033,501 
Avantis International Large Cap Value ETF
Common Stocks $ 1,069,229  —  —  —  $ 1,069,229 
Gross amount of recognized liabilities for securities lending transactions $ 1,069,229 
Avantis International Small Cap Value ETF
Common Stocks $ 42,532,484  —  —  —  $ 42,532,484 
Warrants 28,403  —  —  —  28,403 
Total Borrowings $ 42,560,887  —  —  —  $ 42,560,887 
Gross amount of recognized liabilities for securities lending transactions $ 42,560,887 
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 5% of the shares of the Avantis Emerging Markets Equity ETF.

234

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

The annual management fee for each fund is as follows:
Annual Management Fee
Avantis 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 Value ETF 0.36%
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, 2022 were as follows:
Avantis Emerging Markets Equity ETF
Avantis Emerging Markets Value ETF(1)
 Avantis International Equity ETF
Avantis International Large Cap Value ETF(1)
 Avantis International Small Cap Value ETF
Purchases $ 648,038,667  $ 139,374,441  $ 458,133,467  $ 43,434,013  $ 841,817,235 
Sales $ 35,475,886  $ 6,165,983  $ 91,247,475  $ 12,587,530  $ 291,100,122 
(1)September 28, 2021 (fund inception) through August 31, 2022.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2022 were as follows:
In kind
Subscriptions		 In kind
Redemptions
In kind
Net Realized
Gain/(Loss)*
Avantis Emerging Markets Equity ETF $ 123,526,960  —  — 
Avantis Emerging Markets Value ETF(1)
 $ 16,646,711  —  — 
Avantis International Equity ETF $ 462,321,047  $ 2,615,589  $ 1,506,426 
Avantis International Large Cap Value ETF(1)
 $ 36,258,493  —  — 
Avantis International Small Cap Value ETF $ 677,557,479  $ 275,243,521  $ 100,984,987 
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)September 28, 2021 (fund inception) through August 31, 2022.

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.
235

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.

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 $ 44,019,404  $ 37,061,362  — 
Chile 2,487,628  6,528,835  — 
China 98,674,301  282,482,550  — 
Colombia 1,092,504  1,261,706  — 
India 19,164,903  208,307,796  — 
Indonesia 3,060,284  28,431,056  — 
Mexico 9,468,190  20,598,916  — 
Peru 2,881,946  —  — 
Philippines 521,230  11,225,522  — 
Russia —  2,394  — 
South Africa 8,545,093  44,487,454  — 
South Korea 12,527,769  161,140,953  — 
Taiwan 43,081,539  184,972,989  — 
Turkey 348,316  7,645,152  — 
Other Countries —  76,884,642  — 
Rights —  375  — 
Warrants —  19,116  — 
Corporate Bonds —  1,490  — 
Short-Term Investments 23,097,479  —  — 
$ 268,970,586  $ 1,071,052,308  — 

236

Avantis Emerging Markets Value ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks
Brazil $ 5,183,665  $ 2,972,583  — 
Chile 261,791  631,646  — 
China 5,266,106  31,357,472  — 
India 698,894  21,998,629  — 
Indonesia 789,398  2,399,902  — 
Mexico 1,092,713  1,914,661  — 
Philippines 14,249  1,136,536  — 
South Africa 1,185,544  3,939,831  — 
South Korea 2,540,496  15,180,893  — 
Taiwan 360,069  21,636,117  — 
Turkey 37,909  804,971  — 
Other Countries —  7,420,552  — 
Warrants —  1,579  — 
Rights —  126  — 
Short-Term Investments 2,257,375  —  — 
$ 19,688,209  $ 111,395,498  — 
Avantis International Equity ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks
Australia $ 13,944,890  $ 100,294,629  — 
Belgium 2,406,666  11,423,835  — 
Canada 699,946  170,282,022  — 
Denmark 13,980,571  21,367,093  — 
Finland 1,386,382  13,024,927  — 
France 25,978,329  106,375,297  — 
Germany 5,038,828  88,706,311  — 
Hong Kong 709,789  38,136,892  — 
Israel 2,828,227  13,409,331  — 
Italy 2,549,480  28,111,820  — 
Japan 30,172,347  287,288,001  — 
Netherlands 19,652,644  31,695,158  — 
Norway 3,298,177  11,483,743  — 
Singapore 651,125  21,633,532  — 
Spain 6,698,930  23,837,991  — 
Sweden 2,299,026  47,265,978  — 
Switzerland 26,140,798  100,601,991  — 
United Kingdom 86,998,296  117,393,424  — 
Other Countries —  19,958,929  — 
Warrants —  5,852  — 
Rights —  2,953  — 
Short-Term Investments 52,183,795  —  — 
$ 297,618,246  $ 1,252,299,709  — 
237

Avantis International Large Cap Value ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks
Australia $ 985,234  $ 3,284,925  — 
Denmark 324,878  63,406  — 
Finland 103,136  554,767  — 
France 958,602  3,521,636  — 
Germany 184,050  5,128,146  — 
Hong Kong 21,396  1,538,852  — 
Israel 57,362  432,484  — 
Italy 316,815  1,400,733  — 
Japan 1,299,665  10,935,836  — 
Netherlands 516,635  448,919  — 
Norway 448,296  263,489  — 
Spain 677,346  1,092,584  — 
Sweden 95,944  1,254,155  — 
Switzerland 946,228  2,569,918  — 
United Kingdom 6,549,281  4,956,135  — 
Other Countries —  9,164,698  — 
Short-Term Investments 5,024,249  —  — 
$ 18,509,117  $ 46,610,683  — 

Avantis International Small Cap Value ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Common Stocks $ 7,195,289  $ 1,654,680,712  — 
Warrants —  52,880  — 
Rights —  475  — 
Short-Term Investments 59,424,134  —  — 
$ 66,619,423  $ 1,654,734,067  — 

7. Derivative Instruments

Equity Price Risk — The funds are subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the period, Avantis Emerging Markets Value ETF participated in equity price risk derivative instruments for temporary investment purposes.

At period end, the funds did not have any derivative instruments disclosed on the Statement of Assets and Liabilities

238

Effect of Derivative Instruments on the Statement of Operations for the period September 28, 2021 (fund inception) through August 31, 2022
Net Realized Gain (Loss) Change in Net Unrealized Appreciation (Depreciation)
Fund / Type of Risk Exposure Location on Statement of Operations Value Location on Statement of Operations Value
Avantis Emerging Markets Value ETF
Equity Price Risk Net realized gain (loss) on futures contract transactions $ 559  Change in net unrealized appreciation (depreciation) on futures contracts — 

8. Risk Factors

The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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

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

9. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2022 (except as noted) and August 31, 2021 were as follows:
2022 2021
Distributions Paid From: Distributions Paid From:
Ordinary Income Long-term Capital Gains Ordinary Income Long-term Capital Gains
Avantis Emerging Markets Equity ETF $ 30,216,930  —  $ 9,558,420  — 
Avantis Emerging Markets Value ETF(1)
 $ 1,539,540  —  N/A N/A
Avantis International Equity ETF $ 39,846,030  —  $ 14,039,130  — 
Avantis International Large Cap Value ETF(1)
 $ 904,347  —  N/A N/A
Avantis International Small Cap Value ETF $ 45,642,411  —  $ 12,987,087  — 
(1)September 28, 2021 (fund inception) through August 31, 2022.

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





239

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 Value ETF
Capital paid in
 $ 22,235  $ (1,195) $ 2,595,240  —  $ 99,929,163 
Distributable earnings
 $ (22,235) $ 1,195  $ (2,595,240) —  $ (99,929,163)
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 Avantis International Large Cap Value ETF Avantis International Small Cap Value ETF
Federal tax cost of investments $ 1,473,677,825  $ 150,993,652  $ 1,681,938,621  $ 70,488,098  $ 1,953,029,924 
Gross tax appreciation of investments $ 89,847,198  $ 4,551,907  $ 72,681,242  $ 974,675  $ 81,455,651 
Gross tax depreciation of investments (223,502,129) (24,461,852) (204,701,908) (6,342,973) (313,132,085)
Net tax appreciation (depreciation) of investments (133,654,931) (19,909,945) (132,020,666) (5,368,298) (231,676,434)
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies (3,710,949) (12,416) (147,156) (6,432) (184,358)
Net tax appreciation (depreciation) $ (137,365,880) $ (19,922,361) $ (132,167,822) $ (5,374,730) $ (231,860,792)
Undistributed ordinary income $ 21,264,673  $ 2,385,150  $ 7,176,627  $ 305,318  $ 9,218,347 
Accumulated short-term capital losses $ (15,270,988) $ (1,234,823) $ (14,169,805) $ (1,661,630) $ (69,817,151)
Accumulated long-term capital losses $ (14,493,802) —  $ (3,337,106) —  $ (23,475,988)
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 and tax deferral of losses on wash sales.

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.

240

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
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(4)
 $50.00 1.35 1.40 2.75 (0.54) 0.01 $52.22 5.57%
0.33%(5)
2.95%(5)
 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)September 17, 2019 (fund inception) through August 31, 2020.
(5)Annualized.


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		 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
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.


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
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(4)
 $50.00 1.12 (0.38) 0.74 (0.55) 0.01 $50.20 1.52%
0.23%(5)
2.57%(5)
 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)September 24, 2019 (fund inception) through August 31, 2020.
(5)Annualized.


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		 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
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.


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
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(4)
 $50.00 0.93 (2.25) (1.32) (0.50) 0.03 $48.21 (2.58)%
0.36%(5)
2.20%(5)
 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)September 24, 2019 (fund inception) through August 31, 2020.
(5)Annualized.


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, and Avantis® International Small Cap Value ETF (the “Funds”), five of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statements of operations, statements of changes in net assets, and 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 constituting American Century ETF Trust as of August 31, 2022, 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, 2022
 For the years ended August 31, 2022 and 2021
For the years ended August 31, 2022, 2021 and the period from September 17, 2019 (fund inception) through August 31, 2020
Avantis® Emerging Markets Value ETF
For the period September 28, 2021 (fund inception) through August 31, 2022
Avantis® International Equity ETF
For the year ended August 31, 2022
 For the years ended August 31, 2022 and 2021
For the years ended August 31, 2022, 2021 and the period from September 24, 2019 (fund inception) through August 31, 2020
Avantis® International Large Cap Value ETF
 For the period September 28, 2021 (fund inception) through August 31, 2022
Avantis® International Small Cap Value ETF
 For the year ended August 31, 2022 For the years ended August 31, 2022 and 2021 For the years ended August 31, 2022, 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.

246

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, 2022, 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, 2022

We have served as the auditor of one or more American Century investment companies since 1997.
247

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 Chairman of the Board Since 2017 (Chairman 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) 41 None
Jeremy I. Bulow
(1954)		 Trustee Since 2022 Professor of Economics, Stanford University
Graduate School of Business (1979 to present)		 75 None
Barry A. Mendelson
(1958)		 Trustee Since 2017 Retired 41 None
Stephen E. Yates
(1948)		 Trustee Since 2017 Retired 105 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 139 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.
248

Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, 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
Edward Rosenberg
(1973)		 Vice President since 2017 Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)		 Vice President since 2017 Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)		 Secretary since 2019 Attorney, ACS (2003 to present)
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Approval of Management Agreement

At a meeting held on June 2, 2022, 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 Section 15(c) of 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, each year.

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 throughout the year.

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 following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to each Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;
•the wide range of other programs and services provided to each Fund and its shareholders on a routine and non-routine basis;
•the investment performance of each Fund, including data comparing each Fund's performance to an appropriate benchmark and/or a peer group of other funds with similar investment objectives and strategies;
•the cost of owning each Fund compared to the cost of owning similarly-managed funds;
•the compliance policies, procedures, and regulatory experience of the Advisor and the Funds’ service providers;
•the Advisor’s strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;
•the Advisor’s business continuity plans, vendor management practices, and cyber security practices;
•financial data showing the cost of services provided to each Fund, the profitability of each Fund to the Advisor, and the overall profitability of the Advisor;
•information regarding payments to intermediaries by the Advisor;
•possible economies of scale associated with the Advisor’s management of each Fund; and
•possible collateral benefits to the Advisor from the management of the Funds.

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

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the
250

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 cyber 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 within an asset class, 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 (portfolio managers, analysts, research assistants, and securities traders) 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-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 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 cyber 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
251

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), its overall profitability, and its financial condition. 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 current management fee. 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 securities transaction expenses, taxes, interest, extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under the unified fee structure, the Advisor is responsible for providing all 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 International Equity ETF and Avantis International Small Cap Value ETF was below the median of the total expense ratios of their respective peer expense universe and was within the range of their peer expense group. The unified fee charged to shareholders of Avantis Emerging Markets Equity ETF and Avantis Emerging Markets Value ETF was below the median of the total expense ratios of their respective peer expense universe and was the lowest of their 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 was the lowest of its peer expense group. The Board concluded that the management fee paid by each Fund to the Advisor under its management agreement is reasonable in light of the services provided to the Fund.

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

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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 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 throughout the year, determined that the terms of the management fee are fair and reasonable and that the management fee charged to each Fund is fair in light of the services provided and that the investment management agreement between each Fund and the Advisor should be renewed for an additional one-year period.

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Liquidity Risk Management Program

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

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 Funds' investments is 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, 2021 through December 31, 2021. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.

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Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. 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 if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

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


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











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Other Tax Information

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

The funds hereby designate up to the maximum amount allowable as qualified dividend income for the fiscal year ended August 31, 2022.

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, 2022 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 Value ETF
$ 90,726  $ 8,090  $ 48,176  —  $ 625,107 

For the fiscal year ended August 31, 2022, 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 $ 5,395,041  $ 0.2107  $ 46,902,415  $ 1.8321 
Avantis Emerging Markets Value ETF $ 573,288  $ 0.1861  $ 4,528,885  $ 1.4704 
Avantis International Equity ETF $ 3,401,651  $ 0.1143  $ 41,093,944  $ 1.3813 
Avantis International Large Cap Value ETF $ 103,188  $ 0.0717  $ 1,309,306  $ 0.9092 
Avantis International Small Cap Value ETF $ 4,205,951  $ 0.1339  $ 51,710,765  $ 1.6463 


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American Century ETF Trust
Investment Advisor:
American Century Investment Management, Inc.
Kansas City, Missouri
Distributor:
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This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.
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