Document



			Semiannual Report

			February 28, 2022

			American Century® Diversified Corporate Bond ETF (KORP)
			American Century® Diversified Municipal Bond ETF (TAXF)
			American Century® Emerging Markets Bond ETF (AEMB)
			American Century® Multisector Income ETF (MUSI)
			American Century® Select High Yield ETF (AHYB)


Table of Contents


President’s Letter			2
Diversified Corporate Bond ETF


Fund Characteristics			3
Diversified Municipal Bond ETF


Fund Characteristics			4
Emerging Markets Bond ETF


Fund Characteristics			5
Multisector Income ETF


Fund Characteristics			6
Select High Yield ETF


Fund Characteristics			7
Shareholder Fee Examples			8
Schedules of Investments			10
Statements of Assets and Liabilities			64
Statements of Operations			67
Statements of Changes in Net Assets			70
Notes to Financial Statements			73
Financial Highlights			84


Approval of Management and Subadvisory Agreements			89

Additional Information			91

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.


President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this semiannual report for the period ended February 28, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.

Escalating Volatility, Soaring Inflation Weighed on Returns

Upbeat economic data and continued central bank support generally buoyed global stock returns early in the period, even as inflation and government bond yields were climbing. However, bond returns broadly struggled as inflation and yields climbed higher.

In November, the emergence of the omicron coronavirus variant rattled global financial markets. The downturn was short-lived, though, as omicron proved to be less severe than other variants. Stocks resumed their upward march until early 2022, when worries about inflation, central bank policy and Russia’s invasion of Ukraine sparked sharp volatility.

Throughout the period, steady economic gains combined with ongoing monetary support, escalating energy prices and considerable supply chain disruptions ignited inflation. By February, year-over-year headline inflation in the U.S. reached 7.9%, a 40-year high, while European inflation rose to a record 5.8%. In the U.S., this backdrop set the stage for Federal Reserve (Fed) tightening, including the Fed’s first rate hike in more than three years.

Most asset classes, including broad stock and bond indices, declined for the six-month period. U.S. stocks generally fared better than non-U.S. stocks, and the value style significantly outperformed the growth style. U.S. and global bond returns declined as yields rose.

Staying Focused in Uncertain Times

Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. Even before the West imposed sanctions on Russia, our firm had started reducing exposure to Russian markets. After the sanctions, our direct exposure to Russian assets was less than $5 million, or 0.001% of total assets under supervision (as of March 7). We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.

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

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Fund Characteristics


FEBRUARY 28, 2022

Diversified Corporate Bond ETF
Types of Investments in Portfolio			% of net assets
Corporate Bonds			91.6%
U.S. Treasury Securities			5.4%
Municipal Securities			0.3%
Short-Term Investments			4.6%
Other Assets and Liabilities			(1.9)%


Fund Characteristics


FEBRUARY 28, 2022

Diversified Municipal Bond ETF
Types of Investments in Portfolio			% of net assets
Municipal Securities			94.7%
Short-Term Investments			6.0%
Other Assets and Liabilities			(0.7)%

Top Five States and Territories			% of net assets
California			15.0%
New York			9.2%
Texas			7.5%
Florida			5.7%
Arizona			4.7%

Top Five Sectors			% of fund investments
Special Tax			14%
General Obligation (GO) - State			11%
Hospital			10%
General Obligation (GO) - Local			9%
Water & Sewer			9%


Fund Characteristics


FEBRUARY 28, 2022

Emerging Markets Bond ETF
Types of Investments in Portfolio			% of net assets
Corporate Bonds			58.7%
Sovereign Governments and Agencies			30.3%
U.S. Treasury Securities			1.8%
Preferred Stocks			1.6%
Short-Term Investments			3.0%
Other Assets and Liabilities			4.6%


Fund Characteristics


FEBRUARY 28, 2022

Multisector Income ETF
Types of Investments in Portfolio			% of net assets
Corporate Bonds			45.8%
U.S. Treasury Securities			14.3%
Asset-Backed Securities			10.1%
Preferred Stocks			7.0%
Sovereign Governments and Agencies			5.3%
Collateralized Loan Obligations			4.9%
Commercial Mortgage-Backed Securities			3.8%
Collateralized Mortgage Obligations			3.2%
Bank Loan Obligations			1.3%
Convertible Bonds			0.5%
Short-Term Investments			3.0%
Other Assets and Liabilities			0.8%


Fund Characteristics


FEBRUARY 28, 2022

Select High Yield ETF
Types of Investments in Portfolio			% of net assets
Corporate Bonds			93.3%
Preferred Stocks			1.1%
Short-Term Investments			5.0%
Other Assets and Liabilities			0.6%


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 September 1, 2021 to February 28, 2022 (except as noted).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


	Beginning Account Value 9/1/21	Ending Account Value 2/28/22	Expenses Paid During Period(1) 9/1/21 - 2/28/22	Annualized Expense Ratio(1)
Diversified Corporate Bond ETF
Actual	$1,000	$959.10	$1.41	0.29%
Hypothetical	$1,000	$1,023.36	$1.45	0.29%
Diversified Municipal Bond ETF
Actual	$1,000	$968.10	$1.42	0.29%
Hypothetical	$1,000	$1,023.36	$1.45	0.29%
Emerging Markets Bond ETF
Actual	$1,000	$902.80	$1.84	0.39%
Hypothetical	$1,000	$1,022.86	$1.96	0.39%
Multisector Income ETF
Actual	$1,000	$961.50	$1.70	0.35%
Hypothetical	$1,000	$1,023.06	$1.76	0.35%
Select High Yield ETF
Actual	$1,000	$972.70	$1.28(2)	0.45%
Hypothetical	$1,000	$1,022.56	$2.26	0.45%

(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 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.

(2)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 105, the number of days in the period from November 16, 2021 (fund inception) through February 28, 2022, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.


Schedules of Investments

FEBRUARY 28, 2022 (UNAUDITED)


Diversified Corporate Bond ETF
	Principal Amount		Value
CORPORATE BONDS — 91.6%
Aerospace and Defense — 1.4%
Boeing Co. (The), 2.20%, 2/4/26	$	784,000	$	765,385
Boeing Co. (The), 5.15%, 5/1/30	370,000		408,934
Boeing Co. (The), 3.625%, 2/1/31	882,000		890,094
			2,064,413
Air Freight and Logistics — 0.3%
GXO Logistics, Inc., 2.65%, 7/15/31(1)	452,000		419,958
Airlines — 1.7%
Air Canada, 3.875%, 8/15/26(1)	700,000		680,666
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)	383,000		392,575
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(1)	355,000		370,559
United Airlines Pass Through Trust, 4.875%, 7/15/27	789,696		807,104
United Airlines, Inc., 4.625%, 4/15/29(1)	327,000		319,577
			2,570,481
Auto Components — 0.1%
Aptiv plc, 3.25%, 3/1/32	171,000		171,684
Automobiles — 2.2%
Daimler Finance North America LLC, 0.75%, 3/1/24(1)	1,150,000		1,121,014
Ford Motor Credit Co. LLC, 2.90%, 2/10/29	455,000		425,653
General Motors Financial Co., Inc., 1.20%, 10/15/24(2)	1,000,000		974,006
General Motors Financial Co., Inc., 2.70%, 6/10/31	492,000		455,685
General Motors Financial Co., Inc., 3.10%, 1/12/32	350,000		334,292
			3,310,650
Banks — 19.0%
ANZ New Zeland Int'l Ltd., 2.17%, 2/18/25(1)	631,000		630,096
Banco Santander SA, VRN, 1.72%, 9/14/27	800,000		756,896
Bank of America Corp., 2.55%, 2/4/28	330,000		324,875
Bank of America Corp., MTN, VRN, 2.88%, 10/22/30	1,320,000		1,295,581
Bank of America Corp., VRN, 3.42%, 12/20/28	2,540,000		2,599,431
Bank of America Corp., VRN, 2.48%, 9/21/36	200,000		181,735
Bank of Ireland Group plc, VRN, 2.03%, 9/30/27(1)	600,000		564,921
Bank of New Zealand, 2.00%, 2/21/25(1)	770,000		764,183
Barclays plc, 4.375%, 9/11/24	356,000		369,122
BNP Paribas SA, VRN, 4.375%, 3/1/33(1)	1,211,000		1,248,195
BPCE SA, 4.50%, 3/15/25(1)	650,000		675,444
Citigroup, Inc., 3.07%, 2/24/28(2)	544,000		548,710
Citigroup, Inc., VRN, 2.01%, 1/25/26	1,038,000		1,022,064
Citigroup, Inc., VRN, 3.52%, 10/27/28	826,000		849,645
Discover Bank, 2.45%, 9/12/24	380,000		380,470
Discover Bank, VRN, 4.68%, 8/9/28	775,000		794,673
First-Citizens Bank & Trust Co., VRN, 3.93%, 6/19/24	1,070,000		1,091,769
First-Citizens Bank & Trust Co., VRN, 2.97%, 9/27/25	605,000		611,522
HSBC Holdings plc, 4.25%, 3/14/24	750,000		777,467
HSBC Holdings plc, VRN, 1.16%, 11/22/24	518,000		506,945


Diversified Corporate Bond ETF
	Principal Amount		Value
HSBC Holdings plc, VRN, 2.10%, 6/4/26	$	2,000,000	$	1,950,749
JPMorgan Chase & Co., 2.95%, 2/24/28	306,000		307,974
JPMorgan Chase & Co., VRN, 1.56%, 12/10/25	1,041,000		1,015,493
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29	1,354,000		1,283,360
National Australia Bank Ltd., 2.33%, 8/21/30(1)	415,000		377,741
Natwest Group plc, 5.125%, 5/28/24	924,000		973,843
Santander Holdings USA, Inc., 4.40%, 7/13/27	765,000		806,437
Santander UK Group Holdings plc, 4.75%, 9/15/25(1)	500,000		525,377
Societe Generale SA, 5.00%, 1/17/24(1)	765,000		793,261
Societe Generale SA, VRN, 2.23%, 1/21/26(1)	1,070,000		1,045,539
UniCredit SpA, 3.75%, 4/12/22(1)	780,000		782,076
UniCredit SpA, VRN, 2.57%, 9/22/26(1)	500,000		477,946
US Bancorp, VRN, 2.49%, 11/3/36	845,000		791,341
Westpac Banking Corp., VRN, 2.89%, 2/4/30	1,400,000		1,383,688
			28,508,569
Beverages — 0.8%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 3.65%, 2/1/26(2)	1,137,000		1,188,420
Capital Markets — 10.7%
Bain Capital Specialty Finance, Inc., 2.55%, 10/13/26	749,000		704,052
Blackstone Private Credit Fund, 2.625%, 12/15/26(1)	871,000		811,241
Blackstone Private Credit Fund, 3.25%, 3/15/27(1)	390,000		373,068
Blackstone Secured Lending Fund, 2.85%, 9/30/28(1)	245,000		225,886
Blue Owl Finance LLC, 3.125%, 6/10/31(1)	226,000		204,517
Deutsche Bank AG, VRN, 3.96%, 11/26/25	850,000		869,672
Deutsche Bank AG, VRN, 2.31%, 11/16/27	308,000		294,482
Deutsche Bank AG, VRN, 4.30%, 5/24/28	759,000		761,556
FS KKR Capital Corp., 3.125%, 10/12/28	575,000		534,741
Goldman Sachs BDC, Inc., 2.875%, 1/15/26(2)	1,030,000		1,010,595
Goldman Sachs Group, Inc. (The), 4.25%, 10/21/25(2)	840,000		882,974
Goldman Sachs Group, Inc. (The), VRN, 1.76%, 1/24/25	750,000		741,981
Goldman Sachs Group, Inc. (The), VRN, 1.95%, 10/21/27	1,292,000		1,238,766
Goldman Sachs Group, Inc. (The), VRN, 3.69%, 6/5/28	996,000		1,032,082
Hercules Capital, Inc., 2.625%, 9/16/26	571,000		544,086
Hercules Capital, Inc., 3.375%, 1/20/27	108,000		104,362
Morgan Stanley, 4.50%, 2/11/27(1)	303,000		300,364
Morgan Stanley, MTN, VRN, 1.16%, 10/21/25(2)	433,000		417,938
Morgan Stanley, VRN, 2.63%, 2/18/26	926,000		926,572
Morgan Stanley, VRN, 2.19%, 4/28/26	2,250,000		2,221,910
Owl Rock Capital Corp., 3.40%, 7/15/26	716,000		686,454
Owl Rock Capital Corp., 2.625%, 1/15/27	597,000		545,538
Owl Rock Core Income Corp., 3.125%, 9/23/26(1)	427,000		397,637
Owl Rock Technology Finance Corp., 6.75%, 6/30/25(1)	168,000		182,313
Prospect Capital Corp., 3.44%, 10/15/28	122,000		109,628
			16,122,415
Commercial Services and Supplies — 0.5%
Republic Services, Inc., 2.90%, 7/1/26(2)	700,000		710,359
Construction and Engineering — 0.4%
Quanta Services, Inc., 2.90%, 10/1/30	556,000		533,651
Construction Materials — 0.6%
Eagle Materials, Inc., 2.50%, 7/1/31	911,000		851,954


Diversified Corporate Bond ETF
	Principal Amount		Value
Consumer Finance — 2.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28	$	319,000	$	307,542
Avolon Holdings Funding Ltd., 2.125%, 2/21/26(1)	857,000		828,849
Avolon Holdings Funding Ltd., 2.53%, 11/18/27(1)	106,000		99,339
Avolon Holdings Funding Ltd., 2.75%, 2/21/28(1)	601,000		567,289
BOC Aviation USA Corp., 1.625%, 4/29/24(1)	510,000		501,497
Capital One Financial Corp., 3.75%, 7/28/26	1,027,000		1,062,431
SLM Corp., 3.125%, 11/2/26	318,000		305,237
			3,672,184
Containers and Packaging — 0.6%
Berry Global, Inc., 0.95%, 2/15/24	518,000		504,071
Sonoco Products Co., 2.25%, 2/1/27	481,000		471,055
			975,126
Diversified Financial Services — 1.1%
Antares Holdings LP, 2.75%, 1/15/27(1)	255,000		237,821
Antares Holdings LP, 3.75%, 7/15/27(1)	405,000		394,596
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35	900,000		1,012,987
			1,645,404
Diversified Telecommunication Services — 2.7%
AT&T, Inc., 4.10%, 2/15/28	1,000,000		1,067,637
AT&T, Inc., 4.35%, 3/1/29	915,000		995,661
Telecom Italia Capital SA, 6.375%, 11/15/33	320,000		312,474
Verizon Communications, Inc., 4.33%, 9/21/28	1,585,000		1,727,925
			4,103,697
Electric Utilities — 1.6%
Duke Energy Carolinas LLC, 2.55%, 4/15/31	1,245,000		1,216,267
Duke Energy Corp., 2.55%, 6/15/31	750,000		702,938
NRG Energy, Inc., 2.00%, 12/2/25(1)	538,000		521,687
			2,440,892
Electronic Equipment, Instruments and Components — 0.8%
Teledyne Technologies, Inc., 0.95%, 4/1/24	1,233,000		1,202,177
Energy Equipment and Services — 0.3%
Helmerich & Payne, Inc., 2.90%, 9/29/31(1)	400,000		382,673
Entertainment — 0.8%
Netflix, Inc., 5.875%, 2/15/25	260,000		282,737
Netflix, Inc., 3.625%, 6/15/25(1)	180,000		184,269
Netflix, Inc., 4.875%, 4/15/28	345,000		370,145
Netflix, Inc., 5.875%, 11/15/28	330,000		373,676
			1,210,827
Equity Real Estate Investment Trusts (REITs) — 6.2%
Broadstone Net Lease LLC, 2.60%, 9/15/31	484,000		447,992
Crown Castle International Corp., 3.30%, 7/1/30	1,040,000		1,016,048
EPR Properties, 4.95%, 4/15/28	1,199,000		1,236,780
EPR Properties, 3.60%, 11/15/31	59,000		55,749
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26	1,093,000		1,170,898
Kite Realty Group Trust, 4.00%, 3/15/25	351,000		361,299
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29	400,000		402,202
National Health Investors, Inc., 3.00%, 2/1/31	1,144,000		1,057,016


Diversified Corporate Bond ETF
	Principal Amount		Value
Office Properties Income Trust, 2.65%, 6/15/26	$	900,000	$	856,670
Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, 11/15/31	218,000		203,737
Piedmont Operating Partnership LP, 2.75%, 4/1/32	263,000		244,788
RHP Hotel Properties LP / RHP Finance Corp., 4.75%, 10/15/27	382,000		373,888
Sabra Health Care LP, 3.20%, 12/1/31	1,317,000		1,225,995
STORE Capital Corp., 2.70%, 12/1/31	231,000		214,541
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1)	482,000		479,115
			9,346,718
Food and Staples Retailing — 2.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 2/15/23(1)	505,000		506,856
Sysco Corp., 3.30%, 7/15/26	1,414,000		1,455,748
Walmart, Inc., 1.05%, 9/17/26	800,000		768,260
Walmart, Inc., 1.50%, 9/22/28	980,000		933,575
			3,664,439
Food Products — 0.4%
Kraft Heinz Foods Co., 5.00%, 6/4/42	537,000		592,714
Health Care Equipment and Supplies — 1.2%
Baxter International, Inc., 1.92%, 2/1/27(1)	900,000		873,217
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24	900,000		880,051
			1,753,268
Health Care Providers and Services — 1.9%
Centene Corp., 4.25%, 12/15/27	712,000		729,711
Cigna Corp., 1.25%, 3/15/26	916,000		876,758
HCA, Inc., 3.50%, 9/1/30	400,000		396,600
Universal Health Services, Inc., 1.65%, 9/1/26(1)	908,000		862,742
			2,865,811
Hotels, Restaurants and Leisure — 0.7%
Marriott International, Inc., 4.625%, 6/15/30	968,000		1,046,178
Household Durables — 0.4%
Safehold Operating Partnership LP, 2.85%, 1/15/32(2)	635,000		587,598
Insurance — 4.8%
American International Group, Inc., 4.20%, 4/1/28	463,000		502,385
Brighthouse Financial Global Funding, 2.00%, 6/28/28(1)	563,000		529,697
CNO Global Funding, 1.65%, 1/6/25(1)	454,000		444,103
Equitable Financial Life Global Funding, 1.30%, 7/12/26(1)	1,307,000		1,243,755
GA Global Funding Trust, 2.90%, 1/6/32(1)	150,000		140,849
Global Atlantic Fin Co., 3.125%, 6/15/31(1)	545,000		508,549
Guardian Life Global Funding, 1.625%, 9/16/28(1)	383,000		354,795
Hartford Financial Services Group, Inc. (The), 2.80%, 8/19/29	520,000		516,094
Protective Life Global Funding, 1.62%, 4/15/26(1)	1,400,000		1,348,046
RGA Global Funding, 2.70%, 1/18/29(1)	775,000		762,858
SBL Holdings, Inc., 5.125%, 11/13/26(1)(2)	792,000		835,207
Stewart Information Services Corp., 3.60%, 11/15/31	79,000		76,328
			7,262,666
Life Sciences Tools and Services — 0.6%
PerkinElmer, Inc., 1.90%, 9/15/28	900,000		844,713
Machinery — 0.6%
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/28(2)	767,000		834,602
Media — 1.2%
DISH DBS Corp., 7.75%, 7/1/26	672,000		681,304


Diversified Corporate Bond ETF
	Principal Amount		Value
Paramount Global, 4.75%, 5/15/25	$	562,000	$	600,396
Paramount Global, 4.20%, 6/1/29	520,000		542,130
			1,823,830
Metals and Mining — 1.0%
Freeport-McMoRan, Inc., 4.625%, 8/1/30(2)	961,000		993,554
Glencore Funding LLC, 2.625%, 9/23/31(1)	560,000		514,939
			1,508,493
Multi-Utilities — 3.1%
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28(1)	400,000		380,215
Ameren Corp., 1.75%, 3/15/28	750,000		703,083
Ameren Corp., 3.50%, 1/15/31	356,000		366,272
CenterPoint Energy, Inc., 4.25%, 11/1/28	816,000		871,307
CenterPoint Energy, Inc., 2.65%, 6/1/31	571,000		546,803
NiSource, Inc., 3.49%, 5/15/27	644,000		664,619
WEC Energy Group, Inc., 1.375%, 10/15/27(2)	1,164,000		1,083,634
			4,615,933
Multiline Retail — 0.5%
Dollar Tree, Inc., 2.65%, 12/1/31	530,000		503,831
Target Corp., 2.95%, 1/15/52	308,000		292,423
			796,254
Oil, Gas and Consumable Fuels — 6.4%
BP Capital Markets America, Inc., 3.94%, 9/21/28	452,000		479,879
Cenovus Energy, Inc., 2.65%, 1/15/32	300,000		278,954
Continental Resources, Inc., 2.27%, 11/15/26(1)	376,000		358,871
Continental Resources, Inc., 2.875%, 4/1/32(1)	259,000		237,187
Diamondback Energy, Inc., 3.50%, 12/1/29	362,000		366,506
Enbridge, Inc., 1.60%, 10/4/26	1,200,000		1,145,076
Energy Transfer LP, 3.60%, 2/1/23	558,000		564,099
Energy Transfer LP, 5.25%, 4/15/29	946,000		1,039,404
Hess Corp., 3.50%, 7/15/24	346,000		354,287
HollyFrontier Corp., 2.625%, 10/1/23(2)	425,000		427,031
Sabine Pass Liquefaction LLC, 5.875%, 6/30/26	811,000		899,905
Southwestern Energy Co., 5.375%, 3/15/30(2)	1,003,000		1,037,383
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30	896,000		903,344
Williams Cos., Inc. (The), 4.55%, 6/24/24	1,480,000		1,550,726
			9,642,652
Pharmaceuticals — 2.1%
Horizon Therapeutics USA, Inc., 5.50%, 8/1/27(1)	500,000		510,068
Merck & Co., Inc., 1.70%, 6/10/27	460,000		448,207
Royalty Pharma plc, 1.20%, 9/2/25	1,019,000		968,187
Utah Acquisition Sub, Inc., 3.95%, 6/15/26	690,000		712,982
Viatris, Inc., 1.65%, 6/22/25	600,000		579,938
			3,219,382
Real Estate Management and Development — 0.9%
Essential Properties LP, 2.95%, 7/15/31	500,000		459,967
Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31(1)	201,000		191,532
Realogy Group LLC / Realogy Co-Issuer Corp., 4.875%, 6/1/23(1)(2)	743,000		760,520
			1,412,019


Diversified Corporate Bond ETF
	Principal Amount/Shares		Value
Road and Rail — 1.6%
DAE Funding LLC, 1.55%, 8/1/24(1)	$	436,000	$	418,677
DAE Funding LLC, 2.625%, 3/20/25(1)	527,000		514,239
DAE Funding LLC, 3.375%, 3/20/28(1)	295,000		284,392
Triton Container International Ltd., 1.15%, 6/7/24(1)	1,225,000		1,188,805
			2,406,113
Semiconductors and Semiconductor Equipment — 1.6%
Microchip Technology, Inc., 4.25%, 9/1/25	1,270,000		1,303,681
Qorvo, Inc., 4.375%, 10/15/29	549,000		556,076
Qorvo, Inc., 3.375%, 4/1/31(1)	658,000		618,698
			2,478,455
Software — 0.7%
Oracle Corp., 1.65%, 3/25/26	1,127,000		1,080,304
Specialty Retail — 0.9%
AutoNation, Inc., 1.95%, 8/1/28	359,000		338,449
Dick's Sporting Goods, Inc., 3.15%, 1/15/32	555,000		533,960
Lowe's Cos., Inc., 2.625%, 4/1/31	460,000		444,887
			1,317,296
Technology Hardware, Storage and Peripherals — 1.5%
Dell International LLC / EMC Corp., 4.90%, 10/1/26	1,122,000		1,216,176
HP, Inc., 2.65%, 6/17/31	408,000		383,232
Seagate HDD Cayman, 4.875%, 3/1/24	667,000		688,711
			2,288,119
Thrifts and Mortgage Finance — 0.5%
Nationwide Building Society, VRN, 4.125%, 10/18/32(1)	700,000		720,175
Trading Companies and Distributors — 1.3%
Air Lease Corp., 3.625%, 4/1/27	807,000		825,375
Aircastle Ltd., 4.125%, 5/1/24(2)	526,000		538,550
Aircastle Ltd., 5.25%, 8/11/25(1)	560,000		598,054
			1,961,979
Wireless Telecommunication Services — 1.1%
T-Mobile USA, Inc., 4.75%, 2/1/28	1,562,000		1,614,288
TOTAL CORPORATE BONDS (Cost $142,964,894)			137,769,533
U.S. TREASURY SECURITIES — 5.4%
U.S. Treasury Notes, 0.375%, 8/15/24	1,750,000		1,699,824
U.S. Treasury Notes, 1.00%, 12/15/24	1,300,000		1,278,418
U.S. Treasury Notes, 1.50%, 2/15/25	4,200,000		4,183,594
U.S. Treasury Notes, 1.25%, 12/31/26	1,000,000		977,070
TOTAL U.S. TREASURY SECURITIES (Cost $8,223,239)			8,138,906
MUNICIPAL SECURITIES — 0.3%
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34 (Cost $517,892)	515,000		504,850
SHORT-TERM INVESTMENTS — 4.6%
Money Market Funds — 4.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class	2,259,329		2,259,329


Diversified Corporate Bond ETF
	Shares	Value
State Street Navigator Securities Lending Government Money Market Portfolio(3)	4,653,470	$	4,653,470
TOTAL SHORT-TERM INVESTMENTS (Cost $6,912,799)		6,912,799
TOTAL INVESTMENT SECURITIES — 101.9% (Cost $158,618,824)		153,326,088
OTHER ASSETS AND LIABILITIES — (1.9)%		(2,880,031)
TOTAL NET ASSETS — 100.0%		$	150,446,057


FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Notes	57	June 2022	$	7,263,937	$	52,842
U.S. Treasury 2-Year Notes	17	June 2022	3,658,852		7,020
			$	10,922,789	$	59,862

^Amount represents value and unrealized appreciation (depreciation).


FUTURES CONTRACTS SOLD
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 5-Year Notes	97	June 2022	$	11,473,281	$	(53,396)
U.S. Treasury Long Bonds	9	June 2022	1,410,188		(13,962)
U.S. Treasury Ultra Bonds	2	June 2022	371,875		(3,613)
			$	13,255,344	$	(70,971)

^Amount represents value and unrealized appreciation (depreciation).


CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity	Type	Fixed Rate Received (Paid) Quarterly	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value^
Markit CDX North America High Yield Index Series 37	Buy	(5.00)%	12/20/26	$	6,500,000	$	(295,693)	$	(135,556)	$	(431,249)

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

Diversified Corporate Bond ETF


NOTES TO SCHEDULE OF INVESTMENTS
CDX	-	Credit Derivatives Indexes
MTN	-	Medium Term Note
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $33,588,335, which represented 22.3% of total net assets.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $4,528,404. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $4,653,470.

See Notes to Financial Statements.

FEBRUARY 28, 2022 (UNAUDITED)


Diversified Municipal Bond ETF
	Principal Amount		Value
MUNICIPAL SECURITIES — 94.7%
Alabama — 0.7%
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs Group, Inc.)	$	535,000	$	555,768
Black Belt Energy Gas District Rev., VRN, 0.55%, (MUNIPSA plus 0.35%), 10/1/52 (GA: Goldman Sachs Group, Inc.)	500,000		497,610
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 4/1/49 (GA: Goldman Sachs Group, Inc.)	455,000		475,224
			1,528,602
Arizona — 4.7%
Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/29	160,000		173,292
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), 5.00%, 1/1/25	585,000		642,460
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 0.49%, (MUNIPSA plus 0.25%), 1/1/46	155,000		155,056
Arizona Industrial Development Authority Rev., 3.625%, 5/20/33	191,930		205,121
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/51(1)	250,000		276,659
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 5.50%, 7/1/31(1)	150,000		161,248
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 7.75%, 7/1/50(1)	300,000		351,259
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%, 7/1/51(1)	100,000		108,352
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40(1)	200,000		208,211
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/27 (BAM)	400,000		461,492
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/41(1)	750,000		772,752
Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25(1)	410,000		426,003
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32	155,000		177,846
Industrial Development Authority of the City of Phoenix Rev., (Leman Academy of Excellence, Inc.), 5.00%, 7/1/54(1)	60,000		60,797
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/41(1)(2)	620,000		628,428
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/27	75,000		84,712
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28	75,000		85,826
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 3.00%, 7/1/31(1)	500,000		505,023
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39(1)	200,000		228,400
Phoenix Civic Improvement Corp. Rev., (Phoenix Excise Tax Rev.), 4.00%, 7/1/45	1,000,000		1,134,376
Phoenix Civic Improvement Corp. Rev., (Phoenix Water System Rev.), 4.00%, 7/1/40	1,000,000		1,165,562
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30	220,000		262,827
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35	250,000		296,582
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38	755,000		893,022


Diversified Municipal Bond ETF
	Principal Amount		Value
Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets)	$	175,000	$	223,041
State of Arizona COP, 5.00%, 9/1/25	820,000		922,932
			10,611,279
California — 15.0%
Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/24	70,000		76,159
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 9/1/30 (BAM)	535,000		641,397
Bay Area Toll Authority Rev., 4.00%, 4/1/29	275,000		307,176
Bay Area Toll Authority Rev., VRN, 0.69%, (MUNIPSA plus 0.45%), 4/1/56	250,000		251,820
California Community Choice Financing Authority Rev., VRN, 0.69%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley)	1,755,000		1,755,440
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/30	500,000		566,398
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(3)	100,000		17,831
California Enterprise Development Authority Rev., (Provident Group-SDSU Properties LLC), 5.00%, 8/1/50	100,000		115,496
California Housing Finance Rev., 4.00%, 3/20/33	386,520		426,179
California Housing Finance Rev., 4.25%, 1/15/35	481,668		544,412
California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), VRN, 0.59%, (MUNIPSA plus 0.35%), 8/1/47	250,000		250,282
California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRN, 0.94%, (MUNIPSA plus 0.70%), 12/1/50	1,000,000		1,010,276
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/29(1)	50,000		56,957
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/30(1)	110,000		126,530
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/36(1)	175,000		200,679
California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/15/37	475,000		540,100
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.375%, 11/15/28(1)	265,000		265,293
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/24(1)	95,000		99,952
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/25(1)	260,000		277,873
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/26(1)	405,000		437,214
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/34	185,000		207,988
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24	250,000		268,997
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/38(1)	240,000		283,520
California Statewide Communities Development Authority Special Assessment, (San Diego Assessment District No. 18-01), 5.00%, 9/2/29	250,000		297,200
California Statewide Communities Development Authority Special Tax, (Community Facilities District No. 2015), 4.00%, 9/1/40	245,000		266,093
City & County of San Francisco COP, 4.00%, 4/1/45	475,000		488,407
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/46(1)	500,000		536,304


Diversified Municipal Bond ETF
	Principal Amount		Value
CSCDA Community Improvement Authority Rev., 4.00%, 8/1/56(1)	$	300,000	$	287,070
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 4/1/57(1)	350,000		308,078
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 12/1/59(1)	750,000		594,580
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57(1)	170,000		148,541
East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/38	700,000		947,483
Eastern Municipal Water District Rev., VRN, 0.34%, (MUNIPSA plus 0.10%), 7/1/46	750,000		750,173
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39	500,000		567,907
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 3.00%, 9/1/25	155,000		158,020
Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/33	250,000		278,858
Golden State Tobacco Securitization Corp. Rev., 3.50%, 6/1/22, Prerefunded at 100% of Par(4)	315,000		317,300
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/23(4)	40,000		41,989
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/25, Prerefunded at 100% of Par(4)	1,000,000		1,115,269
Golden State Tobacco Securitization Corp. Rev., 0.00%, Capital Appreciation, 6/1/66(3)	500,000		74,797
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45	570,000		637,409
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/31 (AGM)(1)	215,000		244,670
Inglewood Unified School District GO, 4.00%, 8/1/39 (AGM)	850,000		956,551
Irvine Special Assessment, (Irvine Reassessment District No. 15-1), 5.00%, 9/2/25	700,000		783,081
Los Angeles Department of Airports Rev., 5.00%, 5/15/45	500,000		612,602
Metropolitan Water District of Southern California Rev., VRN, 0.38%, (MUNIPSA plus 0.14%), 7/1/37	200,000		199,887
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(1)	100,000		114,103
Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/22(4)	600,000		600,000
Oakland Unified School District/Alameda County GO, 5.00%, 8/1/27	1,020,000		1,167,530
Orange County Airport Rev., 5.00%, 7/1/24	130,000		140,925
Orange County Community Facilities District Special Tax, 5.25%, 8/15/45	415,000		453,621
Orange County Transportation Authority Rev., 5.00%, 10/15/24	1,715,000		1,879,537
Oroville Rev., (Oroville Hospital), 5.25%, 4/1/49	250,000		274,554
Palomar Health GO, 5.00%, 8/1/27	545,000		615,698
Peralta Community College District GO, 5.00%, 8/1/25	550,000		617,536
Poway Unified School District Special Tax, (Poway Unified School District Community Facilities District No. 16), 4.00%, 9/1/31	315,000		347,674
Riverside County Transportation Commission Rev., 4.00%, 6/1/46	215,000		238,081
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/24	1,000,000		1,072,260
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/38	400,000		467,962
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 5.00%, 9/1/35	600,000		695,137


Diversified Municipal Bond ETF
	Principal Amount		Value
Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.)	$	630,000	$	793,679
State of California GO, 5.00%, 4/1/22	1,125,000		1,129,049
State of California GO, 5.00%, 12/1/23	725,000		773,114
State of California GO, 5.25%, 8/1/32 (AGM)	610,000		800,702
State of California GO, 5.00%, 8/1/34	245,000		281,000
State of California GO, 5.00%, 8/1/35	1,000,000		1,170,529
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/39	280,000		311,916
Tustin Community Facilities District Special Tax, (Tustin Community Facilities District No. 14-1), 5.00%, 9/1/29	150,000		164,968
Woodside Fire Protection District COP, 4.00%, 5/1/41	445,000		505,640
			33,955,453
Colorado — 2.2%
Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/40	515,000		548,658
Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40	500,000		556,580
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23	100,000		103,776
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39	380,000		421,784
Colorado Health Facilities Authority Rev., (Sisters of Charity of Leavenworth Health System, Inc. Obligated Group), 4.00%, 1/1/38	210,000		233,319
Crystal Valley Metropolitan District No. 2 GO, 4.00%, 12/1/44 (AGM)	500,000		567,173
Denver Urban Renewal Authority Tax Allocation, 5.25%, 12/1/39(1)	100,000		106,449
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/30	250,000		300,469
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/32	600,000		729,246
Regional Transportation District Rev., (Denver Transit Partners LLC), 4.00%, 7/15/34	500,000		561,065
Vauxmont Metropolitan District GO, 5.00%, 12/15/22 (AGM)	110,000		113,315
Vauxmont Metropolitan District GO, 5.00%, 12/15/26 (AGM)	220,000		246,952
Village Metropolitan District GO, 5.00%, 12/1/49	500,000		540,193
			5,028,979
Connecticut — 2.5%
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 3.25%, 1/1/27(1)	450,000		453,154
Connecticut State Health & Educational Facilities Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/45	1,230,000		1,383,036
State of Connecticut GO, 5.00%, 11/15/31	365,000		408,739
State of Connecticut GO, 4.00%, 6/1/37	1,000,000		1,137,689
State of Connecticut, Special Tax Rev., 5.00%, 5/1/29	1,200,000		1,464,244
Town of Greenwich GO, 5.00%, 1/15/26	725,000		824,690
			5,671,552
District of Columbia — 1.0%
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 10/1/26	660,000		765,289
District of Columbia Water & Sewer Authority Rev., 5.00%, 10/1/39	535,000		603,985
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/28	390,000		471,447


Diversified Municipal Bond ETF
	Principal Amount		Value
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/41	$	265,000	$	331,528
			2,172,249
Florida — 5.7%
Alachua County Health Facilities Authority Rev., (Shands Teaching Hospital & Clinics Obligated Group), 5.00%, 12/1/44	350,000		379,419
Alachua County Health Facilities Authority Rev., (Shands Teaching Hospital & Clinics Obligated Group), VRN, 5.00%, 12/1/37	350,000		394,920
Broward County Water & Sewer Utility Rev., 4.00%, 10/1/47	100,000		114,467
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28	300,000		348,005
Central Florida Expressway Authority Rev., 5.00%, 7/1/28 (AGM)	750,000		904,857
Florida Development Finance Corp. Rev., 3.00%, 7/1/31(1)	260,000		259,364
Florida Development Finance Corp. Rev., 5.00%, 6/15/35	250,000		280,729
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 3.00%, 6/1/22	115,000		115,287
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 3.00%, 6/1/23	115,000		116,351
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/24	105,000		109,142
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/25	110,000		115,604
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/26	110,000		116,469
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/33	180,000		207,377
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/42	390,000		443,899
Hillsborough County Aviation Authority Rev., 5.00%, 10/1/27(2)	375,000		435,130
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/39(1)	550,000		598,687
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/41	840,000		959,951
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/35	175,000		195,315
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/44	540,000		653,177
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/30	800,000		968,792
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29	105,000		115,220
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39	375,000		417,742
Pompano Beach Rev., (John Knox Village of Florida, Inc. Obligated Group), 1.45%, 1/1/27	750,000		711,733
Port State Lucie Sales Tax Rev., 4.00%, 9/1/51	375,000		424,269
Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 4.25%, 11/15/26	650,000		650,446
State of Florida GO, 5.00%, 6/1/23(2)	1,700,000		1,786,754
Wildwood Utility Dependent District Rev., 5.00%, 10/1/41 (BAM)	900,000		1,099,875
			12,922,981
Georgia — 1.3%
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 3.625%, 1/1/31(1)	475,000		449,107
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets)	500,000		543,184


Diversified Municipal Bond ETF
	Principal Amount		Value
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 5/1/52 (GA: Citigroup Global Markets)	$	1,190,000	$	1,328,216
Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/41	650,000		724,164
			3,044,671
Hawaii — 0.6%
City & County Honolulu Wastewater System Rev., 4.00%, 7/1/32	250,000		268,838
State of Hawaii Airports System Rev., 4.00%, 7/1/41	1,000,000		1,110,561
			1,379,399
Idaho — 0.2%
Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), 4.00%, 3/1/46	365,000		407,991
Illinois — 4.1%
Chicago GO, 5.00%, 1/1/26	275,000		304,178
Chicago GO, 5.50%, 1/1/49	100,000		115,168
Chicago Board of Education GO, 5.00%, 12/1/22	200,000		205,820
Chicago Board of Education GO, 5.00%, 12/1/34	280,000		313,555
Chicago Board of Education GO, 5.00%, 12/1/42	60,000		61,426
Chicago Wastewater Transmission Rev., 5.50%, 1/1/30 (AGM-CR)(NATL-RE)	135,000		159,997
Cook County GO, 5.00%, 11/15/22	500,000		514,442
Illinois Finance Authority Rev., (Carle Foundation Obligated Group), VRN, 5.00%, 8/15/53	525,000		654,481
Illinois Finance Authority Rev., (Presbyterian Homes Obligated Group), VRN, 0.94%, (MUNIPSA plus 0.70%), 5/1/42	250,000		250,623
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/33	1,175,000		1,430,831
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31	465,000		573,014
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37	400,000		446,718
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/46	500,000		613,661
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/31 (AGM)	200,000		224,752
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/28	605,000		699,496
Northern Illinois University Rev., 5.00%, 10/1/28 (BAM)	325,000		383,746
Northern Illinois University Rev., 4.00%, 4/1/35 (BAM)	250,000		278,836
Railsplitter Tobacco Settlement Authority Rev., 5.00%, 6/1/22	100,000		101,001
State of Illinois GO, 5.00%, 10/1/25	175,000		194,129
State of Illinois GO, 5.00%, 11/1/29	280,000		320,085
State of Illinois GO, 5.00%, 10/1/30	625,000		721,706
State of Illinois GO, 5.00%, 10/1/33	200,000		228,620
State of Illinois GO, 5.50%, 5/1/39	220,000		262,777
State of Illinois GO, 5.75%, 5/1/45	225,000		270,030
			9,329,092
Indiana — 0.6%
Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.00%, 2/1/26	500,000		560,506
Purdue University Rev., 5.00%, 7/1/26	640,000		696,100
			1,256,606
Iowa — 0.7%
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48	400,000		427,901
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 0.59%, 5/15/56	500,000		495,377


Diversified Municipal Bond ETF
	Principal Amount		Value
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/49	$	680,000	$	723,221
			1,646,499
Kansas — 0.2%
Prairie Village Tax Allocation, (Prairie Village Meadowbrook Redevelopment District), 3.125%, 4/1/36	130,000		118,420
State of Kansas Department of Transportation Rev., 5.00%, 9/1/29	340,000		381,191
			499,611
Kentucky — 2.2%
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/30	370,000		449,197
Kentucky Bond Development Corp. Rev., 5.00%, 9/1/38	250,000		296,595
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.25%, 6/1/41	100,000		114,541
Kentucky Public Energy Authority Rev., VRN, 4.00%, 4/1/48 (GA: Morgan Stanley)	300,000		313,753
Kentucky Public Energy Authority Rev., VRN, 4.00%, 1/1/49 (GA: BP Corp. North America, Inc.)	440,000		465,064
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley)	500,000		533,102
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley)	250,000		266,788
Kentucky Public Energy Authority Rev., VRN, 1.23%, 8/1/52(2)	1,000,000		996,816
Kentucky State University COP, 5.00%, 11/1/26 (BAM)	125,000		143,494
Kentucky State University COP, 5.00%, 11/1/28 (BAM)	145,000		173,655
Kentucky State University COP, 4.00%, 11/1/41 (BAM)	250,000		285,652
Kentucky State University COP, 4.00%, 11/1/46 (BAM)	750,000		841,167
			4,879,824
Louisiana — 0.5%
East Baton Rouge Sewerage Commission Rev., 5.00%, 2/1/25, Prerefunded at 100% of Par(4)	520,000		574,778
Greater Ouachita Water Co. Rev., 4.00%, 9/1/30 (BAM)	100,000		115,083
Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23	100,000		103,118
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/48 (AGM)	250,000		296,332
			1,089,311
Maryland — 2.8%
Baltimore Rev., (Baltimore Water Utility Fund), 5.00%, 7/1/41	1,010,000		1,158,250
Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27	200,000		213,296
Baltimore County COP, 5.00%, 3/1/28	375,000		449,115
Brunswick Special Tax, 5.00%, 7/1/36	100,000		111,938
Maryland Economic Development Corp. Tax Allocation, 4.00%, 9/1/50	1,000,000		1,046,711
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/51	500,000		535,166
Maryland Stadium Authority Built to Learn Rev., 5.00%, 6/1/25(2)	500,000		555,573
State of Maryland GO, 4.00%, 8/1/26	790,000		878,932
State of Maryland GO, 5.00%, 8/1/27	320,000		379,852
State of Maryland GO, 5.00%, 8/1/33	850,000		1,092,602
			6,421,435
Massachusetts — 2.6%
Massachusetts GO, 5.00%, 5/1/25	345,000		384,402
Massachusetts GO, 4.00%, 9/1/36	400,000		440,046
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/41	910,000		1,106,880


Diversified Municipal Bond ETF
	Principal Amount		Value
Massachusetts Clean Water Trust Rev., 5.00%, 2/1/41	$	350,000	$	435,262
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/22(1)	115,000		116,513
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 4.00%, 10/1/32(1)	100,000		106,310
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc.), 5.00%, 10/1/37(1)	150,000		160,558
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/23	100,000		104,930
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 4.00%, 10/1/45 (AGM)	375,000		419,615
Massachusetts Port Authority Rev., 5.00%, 7/1/41	500,000		607,515
Massachusetts State College Building Authority Rev., 5.00%, 5/1/31	500,000		636,569
Massachusetts State College Building Authority Rev., 5.00%, 5/1/32	250,000		324,325
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/32	460,000		553,534
University of Massachusetts Building Authority Rev., (University of Massachusetts), 5.00%, 11/1/25	500,000		565,841
			5,962,300
Michigan — 1.5%
Detroit GO, 5.00%, 4/1/25	50,000		54,260
Detroit GO, 5.00%, 4/1/36	550,000		652,594
Detroit GO, 5.00%, 4/1/37	250,000		295,861
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/23 (AGM)	350,000		367,111
Lansing Board of Water & Light Rev., VRN, 2.00%, 7/1/51	750,000		766,111
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 1.25%, 6/1/30	55,000		55,000
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 5.00%, 6/1/32	500,000		600,656
Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/44(1)	200,000		210,110
Michigan State Hospital Finance Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/24	355,000		389,248
			3,390,951
Minnesota — 0.8%
Minneapolis MN/St Paul Housing & Redevelopment Authority Rev., (Allina Health Obligated Group), 5.00%, 11/15/24	370,000		406,207
State of Minnesota GO, 4.00%, 9/1/33	1,250,000		1,482,332
			1,888,539
Mississippi — 0.5%
Mississippi Hospital Equipment & Facilities Authority Rev., (Baptist Memorial Health Care Obligated Group), VRN, 0.20%, 9/1/36	650,000		648,252
State of Mississippi GO, 5.00%, 9/1/26	500,000		578,948
			1,227,200
Missouri — 1.0%
Kansas City Industrial Development Authority Rev., (Kansas City Airport Rev.), 5.00%, 3/1/46	1,000,000		1,145,681
Kansas City Industrial Development Authority Rev., (Kansas City), 5.00%, 3/1/37	600,000		697,104
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/26	300,000		340,879
			2,183,664
Nebraska — 0.4%
Central Plains Energy Project Rev., VRN, 4.00%, 12/1/49 (LIQ FAC: Royal Bank of Canada)	600,000		645,300


Diversified Municipal Bond ETF
	Principal Amount		Value
Omaha Public Power District Rev., 5.00%, 2/1/23	$	200,000	$	207,509
			852,809
Nevada — 1.4%
Las Vegas Special Improvement District No. 815 Special Assessment, 4.00%, 12/1/31	250,000		267,999
Las Vegas Special Improvement District No. 815 Special Assessment, 5.00%, 12/1/49	200,000		221,315
Las Vegas Special Improvement District No. 816 Special Assessment, 2.00%, 6/1/22	155,000		155,144
Las Vegas Special Improvement District No. 816 Special Assessment, 2.00%, 6/1/23	150,000		150,356
Nevada System of Higher Education Rev., 5.00%, 7/1/23	1,330,000		1,401,377
Sparks Rev., 2.50%, 6/15/24(1)	140,000		140,594
State of Nevada Highway Improvement Rev., 5.00%, 12/1/28	255,000		291,091
State of Nevada Highway Improvement Rev., 4.00%, 12/1/33	375,000		424,255
Tahoe-Douglas Visitors Authority Rev., 4.00%, 7/1/25	200,000		209,823
			3,261,954
New Hampshire — 0.8%
New Hampshire Business Finance Authority Rev., 4.125%, 1/20/34	291,311		324,845
New Hampshire Business Finance Authority Rev., (Springpoint Senior Living Obligated Group), 4.00%, 1/1/27	500,000		539,114
New Hampshire Business Finance Authority Rev., (Waste Management, Inc.), VRN, 0.58%, (MUNIPSA plus 0.38%), 10/1/33 (GA: Waste Management Holdings)	1,000,000		994,787
			1,858,746
New Jersey — 4.1%
New Jersey Economic Development Authority Rev., 5.50%, 12/15/26, Prerefunded at 100% of Par(4)	260,000		308,883
New Jersey Health Care Facilities Financing Authority Rev., (AtlantiCare Health System Obligated Group), 4.00%, 7/1/35	500,000		579,058
New Jersey Health Care Facilities Financing Authority Rev., (RWJ Barnabas Health Obligated Group), 4.00%, 7/1/51	1,000,000		1,113,405
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/22	440,000		445,290
New Jersey Transportation Trust Fund Authority Rev., 5.50%, 12/15/22	430,000		444,861
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27	715,000		812,749
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/28	455,000		531,244
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/28	375,000		441,382
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/32	400,000		462,730
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/33	260,000		300,368
New Jersey Turnpike Authority Rev., 5.00%, 1/1/48	150,000		176,166
Newark Board of Education GO, 5.00%, 7/15/33 (BAM)	400,000		500,708
State of New Jersey GO, 5.00%, 6/1/24	1,000,000		1,078,259
State of New Jersey GO, 4.00%, 6/1/31	690,000		798,269
State of New Jersey GO, 4.00%, 6/1/32	500,000		582,199
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/29	125,000		145,002
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/30	180,000		208,028
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46	280,000		312,011
			9,240,612


Diversified Municipal Bond ETF
	Principal Amount		Value
New Mexico — 0.4%
New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/23	$	100,000	$	100,094
New Mexico Municipal Energy Acquisition Authority Rev., VRN, 5.00%, 11/1/39 (LIQ FAC: Royal Bank of Canada)	500,000		550,665
Santa Fe Rev., (El Castillo Retirement Residences Obligated Group), 2.625%, 5/15/25	200,000		200,103
			850,862
New York — 9.2%
Brookhaven Local Development Corp. Rev., (Active Retirement Community, Inc. Obligated Group), 5.25%, 11/1/25	130,000		146,781
Huntington Local Development Corp. Rev., (Gurwin Independent Housing Obligated Group), 3.00%, 7/1/25	100,000		98,469
Long Island Power Authority Rev., VRN, 1.50%, 9/1/51	970,000		962,971
Metropolitan Transportation Authority Rev., 5.00%, 2/1/23	350,000		362,208
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33	750,000		893,449
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33	560,000		627,940
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33	110,000		123,345
Metropolitan Transportation Authority Rev., 5.00%, 11/15/38	255,000		298,211
Metropolitan Transportation Authority Rev., VRN, 0.83%, 11/1/32 (AGM)	250,000		249,272
New York City GO, 5.00%, 8/1/23	365,000		385,416
New York City GO, 5.00%, 8/1/27	320,000		376,927
New York City GO, 4.00%, 8/1/50	500,000		557,148
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/27 (AGM)	500,000		574,274
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/28 (AGM)	300,000		351,741
New York City Industrial Development Agency Rev., (TrIPs Obligated Group), 5.00%, 7/1/22	360,000		364,635
New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 5.00%, 3/1/30 (AGM)	125,000		153,829
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/29	580,000		716,505
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 2/1/32	510,000		575,235
New York City Water & Sewer System Rev., 5.00%, 6/15/25	750,000		801,815
New York City Water & Sewer System Rev., 5.00%, 6/15/27	500,000		566,428
New York City Water & Sewer System Rev., 5.00%, 6/15/27	110,000		124,614
New York City Water & Sewer System Rev., 5.00%, 6/15/39	815,000		903,855
New York City Water & Sewer System Rev., 5.00%, 6/15/49	390,000		466,437
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.50%, 10/1/37 (GA: Goldman Sachs Group, Inc.)	175,000		239,199
New York State Dormitory Authority Rev., (Fordham University), 5.00%, 7/1/25	710,000		788,604
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/51	550,000		674,478
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37	500,000		562,323
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/40	750,000		847,481
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/26	1,100,000		1,254,314
New York State Thruway Authority Rev., 5.00%, 1/1/27	405,000		431,971
New York State Thruway Authority Rev., 5.00%, 1/1/29	915,000		1,003,803


Diversified Municipal Bond ETF
	Principal Amount		Value
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/38	$	400,000	$	492,197
New York Transportation Development Corp. Rev., (American Airlines, Inc.), 3.00%, 8/1/31 (GA: American Airlines Group)	130,000		132,461
New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 10/31/46	500,000		542,925
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/24	100,000		108,406
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/25	100,000		110,385
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/41	170,000		184,047
Town of Oyster Bay GO, 4.00%, 3/1/25 (AGM)	545,000		585,424
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27	255,000		302,773
Triborough Bridge & Tunnel Authority Rev., (Metropolitan Transportation Authority Payroll Mobility Tax Rev.), VRN, 5.00%, 5/15/50	1,115,000		1,267,431
Westchester County Local Development Corp. Rev., (Purchase Senior Learning Community Obligated Group), 2.875%, 7/1/26(1)	455,000		448,494
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39	100,000		110,304
			20,768,525
North Carolina — 3.4%
Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), VRN, 5.00%, 1/15/50	1,050,000		1,154,672
North Carolina Medical Care Commission Rev., (Caromont Health Obligated Group), VRN, 5.00%, 2/1/51	550,000		621,691
North Carolina Medical Care Commission Rev., (Forest at Duke, Inc. Obligated Group), 4.00%, 9/1/46	715,000		779,061
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/26	50,000		50,011
North Carolina Turnpike Authority Rev., 5.00%, 2/1/24	1,140,000		1,217,010
State of North Carolina GO, 5.00%, 6/1/25	570,000		637,634
State of North Carolina Rev., 5.00%, 5/1/25	315,000		351,184
State of North Carolina Rev., 5.00%, 3/1/34	345,000		414,444
Wake County GO, 5.00%, 3/1/26	340,000		388,995
Wake County GO, 5.00%, 2/1/27(2)	1,000,000		1,172,641
Wake County Rev., 5.00%, 3/1/26	750,000		856,503
			7,643,846
Ohio — 3.3%
Allen County Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), 5.00%, 12/1/29	535,000		657,179
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48	300,000		315,264
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55	495,000		539,250
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/40	450,000		512,200
Columbus GO, 5.00%, 4/1/32	500,000		607,632
Columbus Sewerage Rev., 5.00%, 6/1/29	250,000		286,271
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/42	360,000		411,783
Miami University/Oxford Rev., 5.00%, 9/1/36	570,000		718,965
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/37	170,000		197,216
Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53	100,000		109,654
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/46	500,000		629,648


Diversified Municipal Bond ETF
	Principal Amount		Value
State of Ohio GO, 5.00%, 6/15/41	$	275,000	$	344,800
State of Ohio Rev., (University Hospitals Health System, Inc. Obligated Group), 4.00%, 1/15/39	700,000		770,100
Wright State University Rev., 4.00%, 5/1/22 (BAM)	600,000		603,341
Wright State University Rev., 4.00%, 5/1/23 (BAM)	400,000		413,548
Wright State University Rev., 4.00%, 5/1/24 (BAM)	430,000		454,416
			7,571,267
Oklahoma — 0.3%
Oklahoma Water Resources Board Rev., 4.00%, 4/1/37	620,000		713,715
Oregon — 0.6%
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40	250,000		267,745
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47	100,000		106,308
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/26	35,000		38,459
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/29	50,000		56,540
Oregon Health & Science University Rev., (Obligated Group), 4.00%, 7/1/41	200,000		228,581
State of Oregon GO, 5.00%, 5/1/26	505,000		579,402
			1,277,035
Pennsylvania — 2.7%
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 2/1/28	150,000		168,730
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 11/1/40	300,000		301,093
Commonwealth Financing Authority Rev., 5.00%, 6/1/25	290,000		321,961
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/26	15,000		17,196
Delaware County Authority Rev., (Villanova University), 5.00%, 8/1/31	1,200,000		1,338,826
Geisinger Authority Rev., (Geisinger Health System Obligated Group), 5.00%, 2/15/32	150,000		173,384
Geisinger Authority Rev., (Geisinger Health System Obligated Group), VRN, 5.00%, 4/1/43	100,000		114,763
Pennsylvania GO, 5.00%, 9/15/25 (AGM-CR)	225,000		254,025
Pennsylvania GO, 5.00%, 7/15/29	845,000		1,037,326
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM)	290,000		349,618
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/39	340,000		375,277
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/45	1,000,000		1,202,809
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/46	300,000		338,110
School District of Philadelphia GO, 5.00%, 9/1/22	155,000		158,245
			6,151,363
South Carolina — 0.4%
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40	100,000		107,184
Richland County Special Assessment, (Richland County Village at Sandhill Improvement District), 3.75%, 11/1/36(1)	270,000		252,560
South Carolina Jobs-Economic Development Authority Rev., (Bon Secours Mercy Health, Inc.), VRN, 5.00%, 12/1/48	500,000		561,685
			921,429
Tennessee — 1.1%
Metropolitan Government Nashville & Davidson County Industrial Development Board Special Assessment, (South Nashville Central Business Improvement District), 0.00%, Capital Appreciation, 6/1/43(1)(3)	3,000,000		1,089,376


Diversified Municipal Bond ETF
	Principal Amount		Value
Metropolitan Government of Nashville & Davidson County Water & Sewer Rev., 4.00%, 7/1/46	$	225,000	$	255,915
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/25	150,000		162,165
Nashville Metropolitan Development & Housing Agency Tax Allocation, 5.125%, 6/1/36(1)	225,000		247,332
State of Tennessee GO, 5.00%, 11/1/34	255,000		329,344
Tennessee Energy Acquisition Corp. Rev., VRN, 4.00%, 11/1/49 (GA: Goldman Sachs Group, Inc.)	355,000		381,217
			2,465,349
Texas — 7.5%
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD)	425,000		484,461
Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/24 (PSF-GTD)	110,000		115,618
Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/25 (PSF-GTD)	170,000		182,394
Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/26 (PSF-GTD)	280,000		305,785
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 5.00%, 8/15/29 (PSF-GTD)	400,000		483,710
Bexar County GO, 4.00%, 6/15/25, Prerefunded at 100% of Par(4)	950,000		1,032,922
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/25	155,000		169,757
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/23, Prerefunded at 100% of Par(4)	600,000		620,815
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/27	600,000		673,427
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/30	1,000,000		1,218,023
Central Texas Turnpike System Rev., 5.00%, 8/15/42	245,000		264,403
Clear Creek Independent School District GO, 5.00%, 2/15/26 (PSF-GTD)	750,000		855,114
Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/48	50,000		55,556
Corpus Christi Utility System Rev., 5.00%, 7/15/33	400,000		497,809
Dallas Area Rapid Transit Rev., 5.00%, 12/1/34	290,000		358,361
Harris County Cultural Education Facilities Finance Corp. Rev., (Texas Children's Hospital Obligated Group), 4.00%, 10/1/47	1,000,000		1,126,343
Houston GO, 5.00%, 3/1/29	340,000		414,243
Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51	200,000		209,118
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par(4)	500,000		582,809
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27(4)	240,000		279,748
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/26	585,000		622,859
Round Rock Independent School District GO, 5.00%, 8/1/24 (PSF-GTD)	215,000		234,414
San Antonio Independent School District GO, 4.00%, 8/15/36 (PSF-GTD)	745,000		867,982
San Antonio Water System Rev., 4.00%, 5/15/34	275,000		319,271
San Antonio Water System Rev., 5.00%, 5/15/40	500,000		636,641
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), 4.00%, 10/1/47	250,000		282,561
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/26 (GA: Macquarie Group Ltd.)	250,000		282,666


Diversified Municipal Bond ETF
	Principal Amount		Value
Texas Transportation Commission Turnpike System Rev., 5.00%, 8/15/22, Prerefunded at 100% of Par(4)	$	825,000	$	841,151
Texas Water Development Board Rev., 4.00%, 8/1/34	280,000		328,384
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/25	850,000		959,091
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/31	415,000		515,896
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/32	325,000		402,720
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/51	500,000		577,090
University of Texas System Rev., 5.00%, 8/15/22, Prerefunded at 100% of Par(4)	250,000		254,952
			17,056,094
Utah — 1.0%
State of Utah GO, 5.00%, 7/1/26	415,000		478,719
State of Utah GO, 5.00%, 7/1/28	585,000		708,144
UIPA Crossroads Public Infrastructure District Tax Allocation, (AJL Project Area), 4.375%, 6/1/52(1)	750,000		702,769
Vineyard Redevelopment Agency Tax Allocation, (Geneva Urban Renewal Project Area), 4.00%, 5/1/40 (AGM)	160,000		181,761
Vineyard Redevelopment Agency Tax Allocation, (Geneva Urban Renewal Project Area), 4.00%, 5/1/41 (AGM)	175,000		198,489
			2,269,882
Virginia — 1.6%
Hampton Roads Transportation Accountability Commission Rev., 5.00%, 7/1/22	545,000		553,027
Hampton Roads Transportation Accountability Commission Rev., 5.00%, 7/1/26	1,510,000		1,730,867
Lynchburg Economic Development Authority Rev., (Centra Health Obligated Group), 4.00%, 1/1/37	825,000		931,672
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45(1)	200,000		210,686
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/24	85,000		91,096
			3,517,348
Washington — 2.5%
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33	240,000		299,704
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/40	720,000		903,565
Port of Seattle Rev., 5.00%, 4/1/36	540,000		642,424
Seattle Municipal Light & Power Rev., VRN, 0.49%, (MUNIPSA plus 0.25%), 5/1/45	200,000		200,113
State of Washington GO, 5.00%, 2/1/29	420,000		502,798
State of Washington GO, 5.00%, 6/1/36	850,000		1,049,856
State of Washington GO, 5.00%, 8/1/39	300,000		333,435
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49	300,000		334,866
Washington Health Care Facilities Authority Rev., (Providence State Joseph Health Obligated Group), 5.00%, 10/1/23	500,000		511,446
Washington Health Care Facilities Authority Rev., (Providence State Joseph Health Obligated Group), 5.00%, 10/1/33	650,000		664,156
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 3.00%, 7/1/27(1)	300,000		292,469
			5,734,832


Diversified Municipal Bond ETF
	Principal Amount/Shares		Value
Wisconsin — 2.6%
Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/41	$	100,000	$	116,395
Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 5.00%, 7/1/41	250,000		303,609
Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48(1)	75,000		79,706
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/39 (AGM)	150,000		164,206
Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/44 (AGM)	600,000		692,405
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM)	75,000		87,612
Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/52(1)	250,000		253,876
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 4.00%, 7/1/61(1)	225,000		231,345
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 5.25%, 7/1/61(1)	215,000		212,969
Public Finance Authority Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.00%, 10/1/41	505,000		546,332
State of Wisconsin GO, 5.00%, 5/1/31	1,680,000		2,056,301
Wisconsin Health & Educational Facilities Authority Rev., (Advocate Aurora Health Obligated Group), VRN, 0.38%, (MUNIPSA plus 0.18%), 8/15/54	1,000,000		1,000,000
Wisconsin Health & Educational Facilities Authority Rev., (Chiara Communities, Inc.), 5.00%, 7/1/43	200,000		210,018
			5,954,774
TOTAL MUNICIPAL SECURITIES (Cost $217,886,789)			214,608,630
SHORT-TERM INVESTMENTS — 6.0%
Money Market Funds — 6.0%
Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio, Institutional Class	13,703,692		13,703,692
TOTAL SHORT-TERM INVESTMENTS (Cost $13,703,214)			13,703,692
TOTAL INVESTMENT SECURITIES — 100.7% (Cost $231,590,003)			228,312,322
OTHER ASSETS AND LIABILITIES — (0.7)%			(1,638,891)
TOTAL NET ASSETS — 100.0%			$	226,673,431

Diversified Municipal Bond ETF


NOTES TO SCHEDULE OF INVESTMENTS
AGM	-	Assured Guaranty Municipal Corporation
AGM-CR	-	Assured Guaranty Municipal Corporation - Custodian Receipts
BAM	-	Build America Mutual Assurance Company
COP	-	Certificates of Participation
GA	-	Guaranty Agreement
GO	-	General Obligation
LIQ FAC	-	Liquidity Facilities
MUNIPSA	-	SIFMA Municipal Swap Index
NATL-RE	-	National Public Finance Guarantee Corporation - Reinsured
PSF-GTD	-	Permanent School Fund Guaranteed
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $14,330,924, which represented 6.3% of total net assets.

(2)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(3)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

(4)Escrowed to maturity in U.S. government securities or state and local government securities.

See Notes to Financial Statements.

FEBRUARY 28, 2022 (UNAUDITED)


Emerging Markets Bond ETF
	Principal Amount		Value
CORPORATE BONDS — 58.7%
Brazil — 7.3%
B2W Digital Lux Sarl, 4.375%, 12/20/30(1)	$	200,000	$	173,321
CSN Inova Ventures, 6.75%, 1/28/28(1)	200,000		207,760
CSN Resources SA, 4.625%, 6/10/31(1)	200,000		181,587
Embraer Netherlands Finance BV, 6.95%, 1/17/28(1)	200,000		208,600
Guara Norte Sarl, 5.20%, 6/15/34(1)	191,908		176,879
GUSAP III LP, 4.25%, 1/21/30(1)	250,000		249,981
MARB BondCo plc, 3.95%, 1/29/31(1)	200,000		176,275
MC Brazil Downstream Trading SARL, 7.25%, 6/30/31(1)	200,000		185,364
Petrobras Global Finance BV, 6.875%, 1/20/40(2)	380,000		394,501
			1,954,268
Chile — 2.1%
Kenbourne Invest SA, 4.70%, 1/22/28(1)	400,000		371,758
VTR Finance NV, 6.375%, 7/15/28(1)	200,000		202,775
			574,533
China — 1.4%
Meituan, 2.125%, 10/28/25(1)	200,000		183,968
Weibo Corp., 3.375%, 7/8/30	200,000		185,591
			369,559
Colombia — 6.2%
AI Candelaria Spain SA, 7.50%, 12/15/28	250,000		247,815
Ecopetrol SA, 5.375%, 6/26/26	460,000		472,238
Geopark Ltd., 5.50%, 1/17/27(1)	400,000		378,992
Millicom International Cellular SA, 4.50%, 4/27/31(1)	400,000		374,840
Oleoducto Central SA, 4.00%, 7/14/27(1)	200,000		188,842
			1,662,727
Ghana — 0.7%
Kosmos Energy Ltd., 7.50%, 3/1/28(1)(2)	200,000		189,354
India — 2.3%
Continuum Energy Levanter Pte Ltd., 4.50%, 2/9/27(1)	197,250		192,974
Greenko Dutch BV, 3.85%, 3/29/26(1)	197,000		192,433
Reliance Industries Ltd., 2.875%, 1/12/32(1)	250,000		234,182
			619,589
Indonesia — 7.4%
Indika Energy Capital III Pte Ltd., 5.875%, 11/9/24(1)	200,000		193,752
Indonesia Asahan Aluminium Persero PT, 5.45%, 5/15/30(1)	425,000		449,947
Medco Bell Pte Ltd., 6.375%, 1/30/27(1)	200,000		194,917
Pertamina (Persero) PT, 6.00%, 5/3/42	600,000		667,249
Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara, MTN, 5.45%, 5/21/28	425,000		463,042
			1,968,907
Israel — 2.5%
Altice Financing SA, 5.00%, 1/15/28	200,000		180,438
Energean Israel Finance Ltd., 4.50%, 3/30/24(1)	475,000		464,327
Leviathan Bond Ltd., 5.75%, 6/30/23(1)	10,000		10,073
			654,838
Jamaica — 0.8%
Digicel International Finance Ltd. / Digicel International Holdings Ltd., 8.75%, 5/25/24(1)	200,000		202,355


Emerging Markets Bond ETF
	Principal Amount		Value
Kazakhstan — 1.9%
KazMunayGas National Co. JSC, 5.75%, 4/19/47	$	200,000	$	210,799
KazMunayGas National Co. JSC, 4.75%, 4/19/27(1)	300,000		309,750
			520,549
Luxembourg — 0.7%
Petrorio Luxembourg Trading Sarl, 6.125%, 6/9/26(1)	200,000		195,499
Macau — 0.7%
Melco Resorts Finance Ltd., 5.75%, 7/21/28(1)	200,000		182,398
Mexico — 7.4%
BBVA Bancomer SA, VRN, 5.125%, 1/18/33(1)	200,000		193,082
Braskem Idesa SAPI, 6.99%, 2/20/32(1)	200,000		191,364
Cemex SAB de CV, 5.20%, 9/17/30(1)	200,000		195,486
Cometa Energia SA de CV, 6.375%, 4/24/35(1)	179,800		184,359
FEL Energy VI Sarl, 5.75%, 12/1/40(1)	192,963		181,671
Minera Mexico SA de CV, 4.50%, 1/26/50(1)	200,000		192,159
Petroleos Mexicanos, 6.50%, 6/2/41	250,000		211,455
Petroleos Mexicanos, 6.49%, 1/23/27	400,000		412,200
Sigma Alimentos SA de CV, 4.125%, 5/2/26(1)	200,000		201,940
			1,963,716
Morocco — 0.8%
OCP SA, 6.875%, 4/25/44	200,000		204,014
Nigeria — 0.8%
IHS Netherlands Holdco BV, 8.00%, 9/18/27(1)	200,000		204,401
Panama — 2.3%
C&W Senior Financing DAC, 6.875%, 9/15/27(1)	400,000		414,988
Cable Onda SA, 4.50%, 1/30/30(1)	200,000		190,200
			605,188
Peru — 2.9%
Inkia Energy Ltd., 5.875%, 11/9/27	400,000		391,444
Petroleos del Peru SA, 4.75%, 6/19/32	400,000		386,572
			778,016
Russia — 0.7%
VEON Holdings BV, 3.375%, 11/25/27(1)	400,000		176,000
Saudi Arabia — 3.3%
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 3/21/23	200,000		205,278
Saudi Arabian Oil Co., MTN, 4.25%, 4/16/39	400,000		428,629
Saudi Electricity Global Sukuk Co. 3, 5.50%, 4/8/44(1)	200,000		234,525
			868,432
South Africa — 1.4%
Prosus NV, 3.26%, 1/19/27(1)	200,000		191,777
Sasol Financing USA LLC, 5.50%, 3/18/31	200,000		191,919
			383,696
Spain — 1.2%
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.375%, 12/30/30(1)	400,000		326,302
Tanzania, United Republic Of — 0.8%
HTA Group Ltd., 7.00%, 12/18/25(1)	200,000		202,938
United Arab Emirates — 1.6%
DP World Crescent Ltd., MTN, 4.85%, 9/26/28	400,000		437,045
United States — 0.7%
DAE Funding LLC, 3.375%, 3/20/28(1)	200,000		192,808


Emerging Markets Bond ETF
	Principal Amount		Value
Zambia — 0.8%
First Quantum Minerals Ltd., 6.875%, 10/15/27(1)	$	200,000	$	212,776
TOTAL CORPORATE BONDS (Cost $17,023,809)			15,649,908
SOVEREIGN GOVERNMENTS AND AGENCIES — 30.3%
Argentina — 0.6%
Argentine Republic Government International Bond, 1.125%, 7/9/35	550,000		163,487
Armenia — 0.7%
Republic of Armenia International Bond, 3.60%, 2/2/31	200,000		171,955
Belarus — 0.2%
Republic of Belarus International Bond, 5.875%, 2/24/26	200,000		64,000
Bolivia — 0.7%
Bolivian Government International Bond, 4.50%, 3/20/28	200,000		178,002
Brazil — 1.0%
Brazilian Government International Bond, 5.00%, 1/27/45	300,000		267,192
Colombia — 1.8%
Colombia Government International Bond, 6.125%, 1/18/41	500,000		485,882
Costa Rica — 0.7%
Costa Rica Government International Bond, 7.00%, 4/4/44	200,000		192,500
Dominican Republic — 1.6%
Dominican Republic International Bond, 6.40%, 6/5/49	450,000		416,817
Ecuador — 0.9%
Ecuador Government International Bond, 1.00%, 7/31/35	350,000		246,753
Egypt — 2.8%
Egypt Government International Bond, MTN, 7.05%, 1/15/32	200,000		164,267
Egypt Government International Bond, MTN, 5.80%, 9/30/27	200,000		176,685
Egypt Government International Bond, 8.875%, 5/29/50	500,000		396,973
			737,925
Ghana — 0.6%
Ghana Government International Bond, 8.63%, 6/16/49	250,000		161,998
Indonesia — 1.1%
Indonesia Government International Bond, 8.50%, 10/12/35	200,000		293,387
Iraq — 0.7%
Iraq International Bond, 5.80%, 1/15/28	203,125		195,760
Ivory Coast — 0.7%
Ivory Coast Government International Bond, 5.75%, 12/31/32	197,084		193,553
Jordan — 0.7%
Jordan Government International Bond, 7.375%, 10/10/47	200,000		182,132
Kenya — 1.3%
Republic of Kenya Government International Bond, 8.25%, 2/28/48	400,000		349,517
Mexico — 2.0%
Mexico Government International Bond, 6.05%, 1/11/40	250,000		286,915
Mexico Government International Bond, 4.75%, 4/27/32	225,000		240,412
			527,327
Nigeria — 0.9%
Nigeria Government International Bond, MTN, 7.625%, 11/28/47	300,000		244,202
Oman — 1.8%
Oman Government International Bond, 6.75%, 1/17/48	500,000		484,320
Pakistan — 0.8%
Pakistan Government International Bond, 8.25%, 9/30/25	200,000		202,596


Emerging Markets Bond ETF
	Principal Amount/Shares		Value
Panama — 1.5%
Panama Government International Bond, 4.50%, 4/16/50	$	400,000	$	391,548
Paraguay — 0.8%
Paraguay Government International Bond, 5.00%, 4/15/26	200,000		209,802
Russia — 0.3%
Russian Foreign Bond - Eurobond, 5.25%, 6/23/47	200,000		80,266
Saudi Arabia — 1.7%
Saudi Government International Bond, MTN, 4.625%, 10/4/47	400,000		441,035
Senegal — 0.7%
Senegal Government International Bond, 6.25%, 5/23/33	200,000		186,888
South Africa — 2.0%
Republic of South Africa Government International Bond, 5.875%, 9/16/25	500,000		534,143
Tunisia — 1.1%
Tunisian Republic, 5.75%, 1/30/25	400,000		297,809
Ukraine — 0.6%
Ukraine Government International Bond, 7.25%, 3/15/33	500,000		171,808
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $9,592,692)			8,072,604
U.S. TREASURY SECURITIES — 1.8%
U.S. Treasury Notes, 1.375%, 11/15/31 (Cost $488,338)	500,000		479,414
PREFERRED STOCKS — 1.6%
India — 0.7%
Network i2i Ltd., 3.98%	200,000		190,262
Mexico — 0.9%
Banco Mercantil del Norte SA, 8.375%(1)	220,000		230,400
TOTAL PREFERRED STOCKS (Cost $465,232)			420,662
SHORT-TERM INVESTMENTS — 3.0%
Money Market Funds — 2.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class	433,050		433,050
State Street Navigator Securities Lending Government Money Market Portfolio(3)	302,600		302,600
			735,650
Treasury Bills — 0.2%
U.S. Treasury Bills, 0.05%, 3/10/22(4)(5)	$	50,000	50,000
TOTAL SHORT-TERM INVESTMENTS (Cost $785,649)			785,650
TOTAL INVESTMENT SECURITIES — 95.4% (Cost $28,355,720)			25,408,238
OTHER ASSETS AND LIABILITIES — 4.6%			1,230,392
TOTAL NET ASSETS — 100.0%			$	26,638,630

FUTURES CONTRACTS PURCHASED

Reference Entity

Contracts

Expiration Date

Notional
Amount

Unrealized
Appreciation
(Depreciation)^

U.S. Treasury Ultra Bonds

June 2022

1,487,500

10,484

^Amount represents value and unrealized appreciation (depreciation).

Emerging Markets Bond ETF


FUTURES CONTRACTS SOLD
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Ultra Notes	6	June 2022	$	847,969	$	(10,043)
U.S. Treasury 2-Year Notes	24	June 2022	5,165,437		(10,171)
			$	6,013,406	$	(20,214)

^Amount represents value and unrealized appreciation (depreciation).


CREDIT DEFAULT SWAP AGREEMENTS
Counterparty/ Reference Entity	Type	Fixed Rate Received (Paid) Quarterly	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value^
Bank of America, N. A./ Russian Foreign Bond - Eurobond	Buy	(1.00)%	12/20/26	$	325,000	$	16,802	$	134,861	$	151,663
Barclays Bank plc/ Russian Foreign Bond - Eurobond	Buy	(1.00)%	12/20/26	$	650,000	43,772		259,496		303,268
Bank of America, N. A./ Russian Foreign Bond - Eurobond	Buy	(1.00)%	12/20/26	$	325,000	13,992		137,671		151,663
Morgan Stanley/ Mexico Government International Bond	Buy	(1.00)%	12/20/26	$	670,000	—		3,364		3,364
						$	74,566	$	535,392	$	609,958

^The value for credit default swap agreements serves as an indicator of the current status of the payment/ performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

Emerging Markets Bond ETF


NOTES TO SCHEDULE OF INVESTMENTS
MTN	-	Medium Term Note
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $10,190,079, which represented 38.3% of total net assets.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $291,927. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $302,600.

(4)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $44,999.

(5)The rate indicated is the yield to maturity at purchase.

See Notes to Financial Statements.

FEBRUARY 28, 2022 (UNAUDITED)


Multisector Income ETF
	Principal Amount		Value
CORPORATE BONDS — 45.8%
Aerospace and Defense — 0.3%
TransDigm, Inc., 4.625%, 1/15/29	$	315,000	$	297,653
Airlines — 0.9%
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)	380,000		389,500
United Airlines Pass Through Trust, 4.875%, 7/15/27	380,160		388,540
United Airlines, Inc., 4.625%, 4/15/29(1)	283,000		276,576
			1,054,616
Automobiles — 0.4%
Ford Motor Credit Co. LLC, 2.90%, 2/10/29	454,000		424,717
Banks — 0.8%
Intesa Sanpaolo SpA, VRN, 4.20%, 6/1/32(1)	390,000		353,119
UniCredit SpA, VRN, 3.13%, 6/3/32(1)	300,000		273,682
UniCredit SpA, VRN, 5.86%, 6/19/32(1)	305,000		308,957
			935,758
Building Products — 0.5%
Builders FirstSource, Inc., 5.00%, 3/1/30(1)	535,000		548,947
Capital Markets — 5.5%
Bain Capital Specialty Finance, Inc., 2.55%, 10/13/26	585,000		549,894
Blue Owl Finance LLC, 4.125%, 10/7/51(1)	271,000		239,574
Coinbase Global, Inc., 3.375%, 10/1/28(1)(2)	346,000		315,924
Deutsche Bank AG, VRN, 3.74%, 1/7/33	625,000		585,563
FS KKR Capital Corp., 4.25%, 2/14/25(1)	684,000		691,835
FS KKR Capital Corp., 3.125%, 10/12/28	378,000		351,534
Goldman Sachs Group, Inc. (The), VRN, 1.95%, 10/21/27	872,000		836,071
Hercules Capital, Inc., 2.625%, 9/16/26	328,000		312,540
Hercules Capital, Inc., 3.375%, 1/20/27	114,000		110,160
Main Street Capital Corp., 3.00%, 7/14/26	117,000		112,412
Morgan Stanley, 4.50%, 2/11/27(1)	237,000		234,938
Morgan Stanley, VRN, 2.63%, 2/18/26	225,000		225,139
Morgan Stanley, VRN, 2.48%, 9/16/36	197,000		179,028
Owl Rock Capital Corp., 2.625%, 1/15/27	111,000		101,432
Owl Rock Core Income Corp., 4.70%, 2/8/27(1)	104,000		103,006
Owl Rock Technology Finance Corp., 2.50%, 1/15/27	512,000		481,389
Prospect Capital Corp., 3.71%, 1/22/26	845,000		833,844
			6,264,283
Chemicals — 0.7%
Braskem Idesa SAPI, 6.99%, 2/20/32(1)	200,000		191,364
Diamond BC BV, 4.625%, 10/1/29(1)	310,000		282,517
Tronox, Inc., 4.625%, 3/15/29(1)	375,000		354,705
			828,586
Construction and Engineering — 0.4%
IHS Netherlands Holdco BV, 8.00%, 9/18/27	400,000		408,958
Consumer Finance — 1.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28	370,000		356,710
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.40%, 10/29/33	174,000		164,456
Avolon Holdings Funding Ltd., 2.53%, 11/18/27(1)	59,000		55,292
Avolon Holdings Funding Ltd., 2.75%, 2/21/28(1)	264,000		249,192


Multisector Income ETF
	Principal Amount		Value
Castlelake Aviation Finance DAC, 5.00%, 4/15/27(1)(2)	$	385,000	$	364,449
SLM Corp., 3.125%, 11/2/26	301,000		288,919
			1,479,018
Diversified Financial Services — 0.8%
Antares Holdings LP, 6.00%, 8/15/23(1)	400,000		414,873
Societe Generale SA, VRN, 4.03%, 1/21/43(1)	520,000		473,694
			888,567
Electric Utilities — 1.0%
American Electric Power Co., Inc., VRN, 3.875%, 2/15/62	440,000		410,602
FEL Energy VI Sarl, 5.75%, 12/1/40(1)	771,850		726,686
			1,137,288
Energy Equipment and Services — 0.8%
Guara Norte Sarl, 5.20%, 6/15/34(1)	671,678		619,075
Weatherford International Ltd., 8.625%, 4/30/30(1)	340,000		345,777
			964,852
Entertainment — 0.5%
Netflix, Inc., 4.875%, 4/15/28	260,000		278,950
Netflix, Inc., 5.875%, 11/15/28	280,000		317,058
			596,008
Equity Real Estate Investment Trusts (REITs) — 5.2%
American Finance Trust, Inc. / American Finance Operating Partner LP, 4.50%, 9/30/28(1)	620,000		578,696
EPR Properties, 4.75%, 12/15/26	263,000		272,053
EPR Properties, 4.95%, 4/15/28	735,000		758,160
EPR Properties, 3.60%, 11/15/31	144,000		136,066
IIP Operating Partnership LP, 5.50%, 5/25/26	700,000		719,470
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 3.875%, 2/15/29(1)	585,000		588,978
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29	250,000		251,376
MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 3/15/31	460,000		434,256
National Health Investors, Inc., 3.00%, 2/1/31	585,000		540,519
RHP Hotel Properties LP / RHP Finance Corp., 4.75%, 10/15/27	329,000		322,014
Sabra Health Care LP, 3.20%, 12/1/31	507,000		471,966
Tanger Properties LP, 2.75%, 9/1/31	678,000		617,387
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1)	300,000		298,204
			5,989,145
Food and Staples Retailing — 0.4%
United Natural Foods, Inc., 6.75%, 10/15/28(1)	470,000		486,333
Food Products — 0.8%
MARB BondCo plc, 3.95%, 1/29/31(1)	895,000		788,831
US Foods, Inc., 4.75%, 2/15/29(1)	80,000		79,237
			868,068
Health Care Providers and Services — 0.3%
Tenet Healthcare Corp., 6.125%, 10/1/28(1)	387,000		392,435
Hotels, Restaurants and Leisure — 2.5%
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)	245,000		232,788
Carnival Corp., 5.75%, 3/1/27(1)	605,000		590,057
Penn National Gaming, Inc., 4.125%, 7/1/29(1)(2)	665,000		615,843
Scientific Games International, Inc., 7.25%, 11/15/29(1)	420,000		446,670
Studio City Finance Ltd., 5.00%, 1/15/29(1)	300,000		239,100


Multisector Income ETF
	Principal Amount		Value
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1)	$	385,000	$	361,781
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)(2)	370,000		366,740
			2,852,979
Household Durables — 0.2%
Safehold Operating Partnership LP, 2.85%, 1/15/32	272,000		251,696
Independent Power and Renewable Electricity Producers — 0.2%
Continuum Energy Levanter Pte Ltd., 4.50%, 2/9/27(1)	295,875		289,460
Insurance — 0.7%
American International Group, Inc., 4.20%, 4/1/28	335,000		363,496
SBL Holdings, Inc., VRN, 6.50%, 11/13/26(1)	413,000		386,155
Stewart Information Services Corp., 3.60%, 11/15/31	22,000		21,256
			770,907
Internet and Direct Marketing Retail — 0.8%
B2W Digital Lux Sarl, 4.375%, 12/20/30(1)	840,000		727,948
Prosus NV, 3.68%, 1/21/30(1)	200,000		180,463
			908,411
Machinery — 0.6%
GrafTech Finance, Inc., 4.625%, 12/15/28(1)	420,000		408,817
Vertiv Group Corp., 4.125%, 11/15/28(1)	320,000		294,034
			702,851
Media — 2.5%
CSC Holdings LLC, 7.50%, 4/1/28(1)	320,000		319,927
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1)	265,000		265,331
DISH DBS Corp., 5.25%, 12/1/26(1)	505,000		496,005
Paramount Global, VRN, 6.25%, 2/28/57	400,000		405,076
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)	666,000		597,122
VTR Finance NV, 6.375%, 7/15/28(1)	800,000		811,100
			2,894,561
Metals and Mining — 4.2%
Alcoa Nederland Holding BV, 4.125%, 3/31/29(1)	400,000		401,697
Allegheny Technologies, Inc., 4.875%, 10/1/29	280,000		271,249
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)	495,000		478,489
CSN Inova Ventures, 6.75%, 1/28/28(1)	800,000		831,040
GUSAP III LP, 4.25%, 1/21/30(1)	500,000		499,962
HTA Group Ltd., 7.00%, 12/18/25(1)	800,000		811,752
Indonesia Asahan Aluminium Persero PT, 5.45%, 5/15/30(1)	405,000		428,774
Novelis Corp., 4.75%, 1/30/30(1)	385,000		377,425
United States Steel Corp., 6.875%, 3/1/29(2)	625,000		642,953
			4,743,341
Mortgage Real Estate Investment Trusts (REITs) — 1.4%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/1/25(1)	299,000		300,124
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1)	825,000		800,671
Starwood Property Trust, Inc., 4.375%, 1/15/27(1)	478,000		464,715
			1,565,510
Multi-Utilities — 0.4%
Sempra Energy, VRN, 4.125%, 4/1/52	490,000		464,742
Multiline Retail — 0.5%
JSM Global Sarl, 4.75%, 10/20/30(1)	600,000		527,790


Multisector Income ETF
	Principal Amount		Value
Oil, Gas and Consumable Fuels — 6.7%
Antero Resources Corp., 5.375%, 3/1/30(1)	$	520,000	$	530,681
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.625%, 12/15/25(1)	380,000		399,912
Comstock Resources, Inc., 5.875%, 1/15/30(1)	580,000		561,846
CrownRock LP / CrownRock Finance, Inc., 5.00%, 5/1/29(1)	520,000		529,862
Ecopetrol SA, 4.625%, 11/2/31	400,000		358,990
EQM Midstream Partners LP, 4.50%, 1/15/29(1)	580,000		542,573
Geopark Ltd., 5.50%, 1/17/27(1)(2)	800,000		757,984
MC Brazil Downstream Trading SARL, 7.25%, 6/30/31(1)	300,000		278,046
Medco Bell Pte Ltd., 6.375%, 1/30/27(1)	300,000		292,376
MEG Energy Corp., 5.875%, 2/1/29(1)	585,000		592,195
Occidental Petroleum Corp., 6.375%, 9/1/28	460,000		520,614
Occidental Petroleum Corp., 6.125%, 1/1/31	344,000		391,689
Petroleos Mexicanos, 6.875%, 8/4/26	500,000		530,225
Petroleos Mexicanos, 6.70%, 2/16/32(1)	85,000		82,156
Petrorio Luxembourg Trading Sarl, 6.125%, 6/9/26(1)	300,000		293,248
Rockcliff Energy II LLC, 5.50%, 10/15/29(1)	365,000		362,341
Southwestern Energy Co., 5.375%, 3/15/30	600,000		620,568
			7,645,306
Paper and Forest Products — 0.6%
Glatfelter Corp., 4.75%, 11/15/29(1)	240,000		228,230
Sylvamo Corp., 7.00%, 9/1/29(1)	410,000		411,536
			639,766
Pharmaceuticals — 0.4%
Bausch Health Cos., Inc., 5.25%, 1/30/30(1)	560,000		452,441
Real Estate Management and Development — 0.3%
Realogy Group LLC / Realogy Co-Issuer Corp., 5.25%, 4/15/30(1)	329,000		313,973
Semiconductors and Semiconductor Equipment — 0.3%
Qorvo, Inc., 4.375%, 10/15/29	301,000		304,880
Software — 0.3%
Oracle Corp., 1.65%, 3/25/26	410,000		393,012
Technology Hardware, Storage and Peripherals — 0.5%
Condor Merger Sub, Inc., 7.375%, 2/15/30(1)	590,000		567,981
Thrifts and Mortgage Finance — 1.4%
Freedom Mortgage Corp., 8.25%, 4/15/25(1)	227,000		226,850
Freedom Mortgage Corp., 6.625%, 1/15/27(1)	635,000		587,010
Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27(1)	475,000		482,726
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/26(1)	320,000		301,171
			1,597,757
Wireless Telecommunication Services — 0.7%
Kenbourne Invest SA, 4.70%, 1/22/28(1)	600,000		557,637
Sprint Corp., 7.125%, 6/15/24	265,000		286,863
			844,500
TOTAL CORPORATE BONDS (Cost $55,106,257)			52,297,096
U.S. TREASURY SECURITIES — 14.3%
U.S. Treasury Notes, 0.125%, 5/31/23(3)	245,000		241,679
U.S. Treasury Notes, 0.75%, 12/31/23(3)	700,000		691,346
U.S. Treasury Notes, 0.875%, 1/31/24	8,000,000		7,914,062
U.S. Treasury Notes, 1.50%, 2/29/24	2,400,000		2,402,109
U.S. Treasury Notes, 1.00%, 12/15/24(3)	4,100,000		4,031,934


Multisector Income ETF
		Principal Amount		Value
U.S. Treasury Notes, 1.125%, 1/15/25		$	1,000,000	$	986,016
TOTAL U.S. TREASURY SECURITIES (Cost $16,346,229)				16,267,146
ASSET-BACKED SECURITIES — 10.1%
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(1)		400,000		382,246
Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.45%, 7/15/46(1)		484,003		467,286
CARS-DB4 LP, Series 2020-1A, Class A4, 3.19%, 2/15/50(1)		398,583		397,542
CARS-DB4 LP, Series 2020-1A, Class B1, 4.17%, 2/15/50(1)		100,000		100,870
CARS-DB4 LP, Series 2020-1A, Class B2, 4.52%, 2/15/50(1)		100,000		100,803
Castlelake Aircraft Securitization Trust, Series 2018-1, Class A SEQ, 4.125%, 6/15/43(1)		430,903		420,505
Cologix Data Centers US Issuer LLC, Series 2021-1A, Class A2 SEQ, 3.30%, 12/26/51(1)		550,000		544,614
Cologix Data Centers US Issuer LLC, Series 2022-1CAN, Class A2, SEQ, 4.94%, 1/25/52(1)	CAD	450,000		371,553
Cologix Data Centers US Issuer LLC, Series 2022-1CAN, Class C, 7.74%, 1/25/52(1)	CAD	350,000		275,822
Diamond Issuer, Series 2021-1A, Class C, 3.79%, 11/20/51(1)		$	575,000	562,217
Falcon Aerospace Ltd., Series 2019-1, Class A SEQ, 3.60%, 9/15/39(1)		423,015		406,054
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(1)		600,000		559,478
Flexential Issuer, Series 2021-1A, Class A2 SEQ, 3.25%, 11/27/51(1)		475,000		464,297
Lunar Aircarft Ltd., Series 2020-1A, Class A SEQ, 3.38%, 2/15/45(1)		316,381		299,702
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.43%, 10/15/46(1)		371,144		359,172
MACH 1 Cayman Ltd., Series 2019-1, Class A SEQ, 3.47%, 10/15/39(1)		302,911		298,147
MAPS Trust, Series 2021-1A, Class A SEQ, 2.52%, 6/15/46(1)		711,525		690,093
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A SEQ, 3.97%, 6/15/44(1)		450,654		441,935
Progress Residential Trust, Series 2021-SFR1, Class D, 1.81%, 4/17/38(1)		750,000		682,323
Progress Residential Trust, Series 2021-SFR1, Class E, 2.11%, 4/17/38(1)		261,000		235,928
Progress Residential Trust, Series 2021-SFR1, Class F, 2.76%, 4/17/38(1)		445,000		394,304
Progress Residential Trust, Series 2021-SFR8, Class E1, 2.38%, 10/17/38(1)		200,000		184,945
SAPPHIRE AVIATION FINANCE II Ltd., Series 2020-1A, Class A SEQ, 3.23%, 3/15/40(1)		202,378		194,290
ServiceMaster Funding LLC, Series 2020-1, Class A2I SEQ, 2.84%, 1/30/51(1)		198,000		189,057
ServiceMaster Funding LLC, Series 2020-1, Class A2II SEQ, 3.34%, 1/30/51(1)		412,830		396,531
Slam Ltd., Series 2021-1A, Class B, 3.42%, 6/15/46(1)		479,150		463,119
Start Ltd., Series 2018-1, Class A SEQ, 4.09%, 5/15/43(1)		663,582		645,560
Trinity Rail Leasing LP, Series 2009-1A, Class A SEQ, 6.66%, 11/16/39(1)		195,677		206,190
VB-S1 Issuer LLC, Series 2022-1A, Class D, 4.29%, 2/15/52(1)		425,000		425,000
Wingstop Funding LLC, Series 2020-1A, Class A2 SEQ, 2.84%, 12/5/50(1)		398,000		390,907
TOTAL ASSET-BACKED SECURITIES (Cost $11,988,183)				11,550,490


Multisector Income ETF
	Principal Amount/Shares		Value
PREFERRED STOCKS — 7.0%
Banks — 3.6%
Banco Mercantil del Norte SA, 8.375%(1)	800,000		$	837,820
Banco Santander SA, 4.75%	350,000		323,400
Barclays plc, 4.375%	175,000		161,000
BNP Paribas SA, 4.625%(1)	580,000		552,740
ING Groep NV, 3.875%	515,000		457,706
JPMorgan Chase & Co., 4.60%	1,270,000		1,250,315
SVB Financial Group, 4.25%	525,000		505,641
			4,088,622
Capital Markets — 1.7%
Bank of New York Mellon Corp. (The), 3.75%	505,000		471,084
Charles Schwab Corp. (The), Series H, 4.00%	1,105,000		1,024,136
Goldman Sachs Group, Inc. (The), 3.80%	300,000		285,000
UBS Group AG, 4.875%(1)	209,000		202,605
			1,982,825
Trading Companies and Distributors — 0.9%
Air Lease Corp., 4.125%	491,000		445,582
Aircastle Ltd., 5.25%(1)	625,000		600,000
			1,045,582
Insurance — 0.4%
Allianz SE, 3.20%(1)	585,000		505,733
Consumer Finance — 0.4%
Discover Financial Services, 5.50%	400,000		394,320
TOTAL PREFERRED STOCKS (Cost $8,713,195)			8,017,082
SOVEREIGN GOVERNMENTS AND AGENCIES — 5.3%
Brazil — 0.5%
Brazilian Government International Bond, 3.875%, 6/12/30	$	600,000	561,228
Colombia — 0.8%
Colombia Government International Bond, 3.125%, 4/15/31	1,050,000		891,702
Dominican Republic — 0.4%
Dominican Republic International Bond, 4.875%, 9/23/32	500,000		456,255
Egypt — 0.3%
Egypt Government International Bond, 5.875%, 6/11/25	300,000		294,521
Ghana — 0.2%
Ghana Government International Bond, 7.875%, 3/26/27	300,000		217,895
Kazakhstan — 0.4%
Kazakhstan Government International Bond, MTN, 3.875%, 10/14/24	400,000		417,295
Oman — 0.9%
Oman Government International Bond, 4.75%, 6/15/26	445,000		446,912
Oman Government International Bond, 5.625%, 1/17/28	600,000		614,362
			1,061,274
South Africa — 1.1%
Republic of South Africa Government International Bond, 4.875%, 4/14/26	400,000		411,474
Republic of South Africa Government International Bond, 5.875%, 6/22/30	800,000		839,747
			1,251,221


Multisector Income ETF
	Principal Amount/Shares		Value
Trinidad — 0.3%
Trinidad & Tobago Government International Bond, 4.50%, 8/4/26	$	400,000	$	404,004
Turkey — 0.3%
Turkey Government International Bond, 6.875%, 3/17/36	410,000		360,410
Ukraine — 0.1%
Ukraine Government International Bond, 7.75%, 9/1/26	250,000		87,844
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $6,581,464)			6,003,649
COLLATERALIZED LOAN OBLIGATIONS — 4.9%
AMMC CLO XIV Ltd., Series 2014-14A, Class BL1R, VRN, 3.86%, 7/25/29(1)	500,000		491,476
Ares CLO Ltd., Series 2015-2A, Class DR, VRN, 3.34%, (3-month LIBOR plus 3.10%), 4/17/33(1)	800,000		792,211
Ares XL CLO Ltd., Series 2016-40A, Class CRR, VRN, 3.04%, (3-month LIBOR plus 2.80%), 1/15/29(1)	350,000		351,048
CIFC Funding Ltd., Series 2016-1A, Class D2RR, VRN, 4.38%, (3-month LIBOR plus 4.25%), 10/21/31(1)	600,000		602,714
CIFC Funding Ltd., Series 2017-3A, Class C, VRN, 3.90%, (3-month LIBOR plus 3.65%), 7/20/30(1)	500,000		494,295
Deer Creek CLO Ltd., Series 2017-1A, Class D, VRN, 3.20%, (3-month LIBOR plus 2.95%), 10/20/30(1)	800,000		780,955
Madison Park Funding XIX Ltd., Series 2015-19A, Class DR, VRN, 4.61%, (3-month LIBOR plus 4.35%), 1/22/28(1)	475,000		464,052
Octagon Investment Partners Ltd., Series 2018-18A, Class C, VRN, 2.94%, (3-month LIBOR plus 2.70%), 4/16/31(1)	800,000		779,669
Sound Point CLO Ltd., Series 2014-3RA, Class C, VRN, 2.51%, (3-month LIBOR plus 2.25%), 10/23/31(1)	500,000		496,618
Tryon Park CLO Ltd., Series 2013-1A, Class CR, VRN, 2.94%, (3-month LIBOR plus 2.70%), 4/15/29(1)	375,000		370,343
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $5,680,221)			5,623,381
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.8%
ACRES Commercial Realty Corp., Series 2020-RSO8, Class C, VRN, 2.31%, (30-day average SOFR plus 2.26%), 3/15/35(1)	150,000		149,596
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.55%, 3/11/44(1)	400,000		364,134
BX Commercial Mortgage Trust, Series 2021-VOLT, Class E, VRN, 2.19%, (1-month LIBOR plus 2.00%), 9/15/36(1)	400,000		389,062
BX Trust, Series 2021-ARIA, Class G, VRN, 3.33%, (1-month LIBOR plus 3.14%), 10/15/36(1)	314,000		304,966
BXHPP Trust, Series 2021-FILM, Class D, VRN, 1.69%, (1-month LIBOR plus 1.50%), 8/15/36(1)	300,000		289,445
BXHPP Trust, Series 2021-FILM, Class E, VRN, 2.19%, (1-month LIBOR plus 2.00%), 8/15/36(1)	250,000		240,700
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, VRN, 2.34%, (1-month LIBOR plus 2.15%), 5/15/36(1)	478,000		472,065
Med Trust, Series 2021-MDLN, Class F, VRN, 4.19%, (1-month LIBOR plus 4.00%), 11/15/38(1)	371,450		365,177
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class D, VRN, 2.69%, (1-month SOFR plus 2.61%), 7/15/36(1)	400,000		395,533
Ready Capital Mortgage Financing LLC, Series 2021-FL5, Class C, VRN, 2.36%, (1-month LIBOR plus 2.25%), 4/25/38(1)	400,000		397,530
Ready Capital Mortgage Financing LLC, Series 2021-FL6, Class C, VRN, 2.01%, (1-month LIBOR plus 1.90%), 7/25/36(1)	350,000		344,569


Multisector Income ETF
	Principal Amount/Shares		Value
SMRT, Series 2022-MINI, Class F, VRN, 3.45%, (1-month SOFR plus 3.35%), 1/15/24(1)	$	596,000	$	589,739
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $4,421,012)			4,302,516
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.2%
Private Sponsor Collateralized Mortgage Obligations — 3.2%
Angel Oak Mortgage Trust, Series 2021-3, Class M1, VRN, 2.48%, 5/25/66(1)	600,000		582,784
Arroyo Mortgage Trust, Series 2019-1, Class M1, VRN, 4.00%, 1/25/49(1)	590,000		584,310
Credit Suisse Mortgage Trust, Series 2021-NQM8, Class B1, VRN, 4.21%, 10/25/66(1)	300,000		291,596
Credit Suisse Mortgage Trust, Series 2020-AFC1, Class M1, VRN, 2.84%, 2/25/50(1)	400,000		393,837
Credit Suisse Mortgage Trust, Series 2021-NQM1, Class M1, VRN, 2.13%, 5/25/65(1)	400,000		389,159
Farm Mortgage Trust, Series 2021-1, Class B, VRN, 3.25%, 7/25/51(1)	612,468		520,033
Radnor RE Ltd., Series 2021-2, Class M1A, VRN, 1.90%, (30-day average SOFR plus 1.85%), 11/25/31(1)	650,000		649,298
Triangle Re Ltd., Series 2021-3, Class M1A, VRN, 1.95%, (30-day average SOFR plus 1.90%), 2/25/34(1)	250,000		248,711
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,754,130)			3,659,728
BANK LOAN OBLIGATIONS(4) — 1.3%
Pharmaceuticals — 0.7%
Jazz Financing Lux S.a.r.l., USD Term Loan, 4.00%, (1-month LIBOR plus 3.50%), 5/5/28	498,747		497,624
McAfee, LLC, 2022 USD Term Loan B, 2/26/29(5)	355,000		350,710
			848,334
Media — 0.6%
DirecTV Financing, LLC, Term Loan, 5.75%, (3-month LIBOR plus 5.00%), 8/2/27	677,275		676,493
TOTAL BANK LOAN OBLIGATIONS (Cost $1,533,875)			1,524,827
CONVERTIBLE BONDS — 0.5%
Mortgage Real Estate Investment Trusts (REITs) — 0.5%
Apollo Commercial Real Estate Finance, Inc., 4.75%, 8/23/22 (Cost $513,885)	510,000		512,550
SHORT-TERM INVESTMENTS — 3.0%
Money Market Funds — 3.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class	1,449,222		1,449,222
State Street Navigator Securities Lending Government Money Market Portfolio(6)	1,984,420		1,984,420
TOTAL SHORT-TERM INVESTMENTS (Cost $3,433,642)			3,433,642
TOTAL INVESTMENT SECURITIES — 99.2% (Cost $118,072,093)			113,192,107
OTHER ASSETS AND LIABILITIES — 0.8%			876,040
TOTAL NET ASSETS — 100.0%			$	114,068,147

Multisector Income ETF

FUTURES CONTRACTS PURCHASED

Reference Entity

Contracts

Expiration Date

Notional
Amount

Unrealized
Appreciation
(Depreciation)^

U.S. Treasury 2-Year Notes

June 2022

12,052,687

23,126

^Amount represents value and unrealized appreciation (depreciation).


FUTURES CONTRACTS SOLD
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 10-Year Notes	61	June 2022	$	7,773,688	$	(58,259)
U.S. Treasury 10-Year Ultra Notes	18	June 2022	2,543,906		(30,129)
U.S. Treasury 5-Year Notes	15	June 2022	1,774,219		(8,257)
U.S. Treasury Long Bonds	6	June 2022	940,125		(9,308)
U.S. Treasury Ultra Bonds	1	June 2022	185,937		(1,807)
			$	13,217,875	$	(107,760)

^Amount represents value and unrealized appreciation (depreciation).


CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity	Type	Fixed Rate Received (Paid) Quarterly	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value^
Markit CDX North America High Yield Index Series 37	Buy	(5.00)%	12/20/26	$	17,200,000	$	(873,757)	$	(267,393)	$	(1,141,150)

Multisector Income ETF


NOTES TO SCHEDULE OF INVESTMENTS
CAD	-	Canadian Dollar
CDX	-	Credit Derivatives Indexes
LIBOR	-	London Interbank Offered Rate
MTN	-	Medium Term Note
SEQ	-	Sequential Payer
SOFR	-	Secured Overnight Financing Rate
USD	-	United States Dollar
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $61,765,964, which represented 54.1% of total net assets.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,913,807. 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)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $1,042,195.

(4)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.

(5)The interest rate will be determined upon settlement of the bank loan obligation after period end.

(6)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,984,420.

See Notes to Financial Statements.

FEBRUARY 28, 2022 (UNAUDITED)


Select High Yield ETF
	Principal Amount		Value
CORPORATE BONDS — 93.3%
Aerospace and Defense — 1.6%
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1)	$	50,000	$	52,000
TransDigm, Inc., 6.25%, 3/15/26(1)	150,000		154,528
TransDigm, Inc., 6.375%, 6/15/26	100,000		102,064
TransDigm, Inc., 7.50%, 3/15/27	50,000		51,738
TransDigm, Inc., 5.50%, 11/15/27	275,000		274,212
TransDigm, Inc., 4.875%, 5/1/29	50,000		47,565
			682,107
Air Freight and Logistics — 0.1%
Western Global Airlines LLC, 10.375%, 8/15/25(1)	50,000		54,406
Airlines — 1.5%
Air Canada, 3.875%, 8/15/26(1)	50,000		48,619
American Airlines, Inc., 11.75%, 7/15/25(1)	225,000		273,136
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)	100,000		102,500
Delta Air Lines, Inc., 7.00%, 5/1/25(1)	100,000		111,156
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26(1)	50,000		50,684
United Airlines, Inc., 4.375%, 4/15/26(1)	50,000		49,935
			636,030
Auto Components — 1.6%
Adient Global Holdings Ltd., 4.875%, 8/15/26(1)	200,000		200,543
Clarios Global LP, 6.75%, 5/15/25(1)	50,000		51,942
Goodyear Tire & Rubber Co. (The), 9.50%, 5/31/25	75,000		79,931
Goodyear Tire & Rubber Co. (The), 5.00%, 5/31/26	100,000		100,499
Patrick Industries, Inc., 4.75%, 5/1/29(1)	50,000		45,700
Tenneco, Inc., 5.00%, 7/15/26(2)	175,000		174,801
Tenneco, Inc., 7.875%, 1/15/29(1)	50,000		52,864
			706,280
Automobiles — 2.3%
Ford Motor Co., 9.00%, 4/22/25	100,000		116,063
Ford Motor Co., 3.25%, 2/12/32	50,000		47,256
Ford Motor Credit Co. LLC, 4.13%, 8/4/25	200,000		202,500
Ford Motor Credit Co. LLC, 5.11%, 5/3/29	200,000		211,169
Ford Motor Credit Co. LLC, 3.625%, 6/17/31	200,000		192,627
Jaguar Land Rover Automotive plc, 4.50%, 10/1/27(1)	200,000		184,265
PM General Purchaser LLC, 9.50%, 10/1/28(1)	50,000		47,923
			1,001,803
Beverages — 0.1%
Primo Water Holdings, Inc., 4.375%, 4/30/29(1)	50,000		46,628
Building Products — 1.3%
Builders FirstSource, Inc., 4.25%, 2/1/32(1)	125,000		120,225
Griffon Corp., 5.75%, 3/1/28	100,000		99,723
Masonite International Corp., 3.50%, 2/15/30(1)	50,000		46,415
PGT Innovations, Inc., 4.375%, 10/1/29(1)	100,000		94,096
Standard Industries, Inc., 4.375%, 7/15/30(1)	150,000		142,252
Standard Industries, Inc., 3.375%, 1/15/31(1)	50,000		44,316
			547,027
Capital Markets — 1.2%
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29(1)	50,000		48,391


Select High Yield ETF
	Principal Amount		Value
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/24	$	100,000	$	99,866
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/26	100,000		100,980
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27	150,000		149,173
LCM Investments Holdings II LLC, 4.875%, 5/1/29(1)	75,000		71,565
MSCI, Inc., 3.625%, 11/1/31(1)	50,000		48,824
			518,799
Chemicals — 2.5%
Avient Corp., 5.75%, 5/15/25(1)	50,000		51,376
Consolidated Energy Finance SA, 6.50%, 5/15/26(1)	150,000		150,170
FXI Holdings, Inc., 12.25%, 11/15/26(1)	50,000		53,659
NOVA Chemicals Corp., 4.875%, 6/1/24(1)	100,000		101,372
NOVA Chemicals Corp., 5.25%, 6/1/27(1)	50,000		50,211
Olin Corp., 5.00%, 2/1/30	50,000		50,463
SCIH Salt Holdings, Inc., 4.875%, 5/1/28(1)	50,000		47,442
SCIH Salt Holdings, Inc., 6.625%, 5/1/29(1)	50,000		47,066
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1)	100,000		100,899
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 4/1/29(1)	125,000		118,584
Tronox, Inc., 4.625%, 3/15/29(1)	50,000		47,294
WR Grace Holdings LLC, 4.875%, 6/15/27(1)	225,000		225,061
WR Grace Holdings LLC, 5.625%, 8/15/29(1)	50,000		48,000
			1,091,597
Commercial Services and Supplies — 1.7%
ADT Security Corp. (The), 4.125%, 8/1/29(1)	50,000		47,228
ADT Security Corp. (The), 4.875%, 7/15/32(1)	125,000		116,756
Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 7/15/26(1)	100,000		102,530
APX Group, Inc., 5.75%, 7/15/29(1)	50,000		44,905
Brink's Co. (The), 4.625%, 10/15/27(1)	100,000		97,769
Matthews International Corp., 5.25%, 12/1/25(1)	150,000		151,219
Metis Merger Sub LLC, 6.50%, 5/15/29(1)	75,000		69,846
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 8/31/27(1)	75,000		69,493
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 1/15/28(1)	50,000		48,310
			748,056
Communications Equipment — 0.2%
CommScope, Inc., 6.00%, 3/1/26(1)	100,000		102,474
Construction and Engineering — 0.4%
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28(1)	175,000		170,394
Construction Materials — 0.7%
Cemex SAB de CV, 5.20%, 9/17/30(1)	200,000		195,486
SRM Escrow Issuer LLC, 6.00%, 11/1/28(1)	100,000		100,078
			295,564
Consumer Finance — 1.8%
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1)(3)	225,000		214,127
Navient Corp., 7.25%, 9/25/23	145,000		152,283
Navient Corp., 5.875%, 10/25/24	50,000		51,776
Navient Corp., 6.75%, 6/25/25	50,000		52,219


Select High Yield ETF
	Principal Amount		Value
Navient Corp., 5.50%, 3/15/29	$	50,000	$	47,339
OneMain Finance Corp., 6.125%, 3/15/24	100,000		103,122
OneMain Finance Corp., 6.875%, 3/15/25	150,000		160,249
			781,115
Containers and Packaging — 2.0%
Berry Global, Inc., 4.50%, 2/15/26(1)	100,000		100,322
Berry Global, Inc., 4.875%, 7/15/26(1)	50,000		50,748
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24(1)	150,000		149,400
Mauser Packaging Solutions Holding Co., 7.25%, 4/15/25(1)	100,000		98,429
OI European Group BV, 4.75%, 2/15/30(1)	50,000		47,937
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(1)	225,000		229,193
Sealed Air Corp., 5.125%, 12/1/24(1)	100,000		103,618
TriMas Corp., 4.125%, 4/15/29(1)	75,000		70,718
			850,365
Distributors — 0.2%
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(1)	50,000		47,614
Performance Food Group, Inc., 4.25%, 8/1/29(1)	50,000		47,765
			95,379
Diversified Consumer Services — 0.4%
Adtalem Global Education, Inc., 5.50%, 3/1/28(1)	100,000		89,578
Service Corp. International, 3.375%, 8/15/30	50,000		46,035
Service Corp. International, 4.00%, 5/15/31	50,000		47,456
			183,069
Diversified Financial Services — 0.5%
Jefferson Capital Holdings LLC, 6.00%, 8/15/26(1)	50,000		48,200
MPH Acquisition Holdings LLC, 5.50%, 9/1/28(1)	100,000		97,176
Paysafe Finance plc / Paysafe Holdings US Corp., 4.00%, 6/15/29(1)	75,000		65,352
			210,728
Diversified Telecommunication Services — 3.6%
Altice France SA, 5.125%, 1/15/29(1)	200,000		181,726
Altice France SA, 5.125%, 7/15/29(1)	200,000		181,247
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/1/26(1)	200,000		202,700
Embarq Corp., 8.00%, 6/1/36	100,000		98,919
Hughes Satellite Systems Corp., 6.625%, 8/1/26	75,000		78,210
Level 3 Financing, Inc., 4.25%, 7/1/28(1)	150,000		138,750
Lumen Technologies, Inc., 6.75%, 12/1/23	100,000		104,620
Lumen Technologies, Inc., 7.50%, 4/1/24	50,000		52,531
Lumen Technologies, Inc., 5.125%, 12/15/26(1)	100,000		93,193
Lumen Technologies, Inc., 4.50%, 1/15/29(1)	50,000		41,933
Sprint Capital Corp., 8.75%, 3/15/32	100,000		138,896
Telecom Italia Capital SA, 6.00%, 9/30/34	50,000		47,868
Telecom Italia Capital SA, 7.20%, 7/18/36	50,000		50,821
Telesat Canada / Telesat LLC, 6.50%, 10/15/27(1)	100,000		50,166
Zayo Group Holdings, Inc., 4.00%, 3/1/27(1)	100,000		95,208
			1,556,788
Electric Utilities — 1.8%
FirstEnergy Corp., 4.40%, 7/15/27	50,000		51,867
FirstEnergy Corp., 5.35%, 7/15/47	50,000		52,914
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1)	100,000		98,967
NRG Energy, Inc., 6.625%, 1/15/27	50,000		51,750


Select High Yield ETF
	Principal Amount		Value
NRG Energy, Inc., 3.625%, 2/15/31(1)	$	75,000	$	69,083
PG&E Corp., 5.00%, 7/1/28	50,000		49,582
PG&E Corp., 5.25%, 7/1/30	50,000		49,748
Talen Energy Supply LLC, 7.25%, 5/15/27(1)	50,000		44,591
Talen Energy Supply LLC, 6.625%, 1/15/28(1)	50,000		43,458
Vistra Operations Co. LLC, 5.625%, 2/15/27(1)	100,000		102,517
Vistra Operations Co. LLC, 5.00%, 7/31/27(1)	100,000		100,859
Vistra Operations Co. LLC, 4.375%, 5/1/29(1)	50,000		48,539
			763,875
Electrical Equipment — 0.5%
Atkore, Inc., 4.25%, 6/1/31(1)	100,000		97,093
WESCO Distribution, Inc., 7.125%, 6/15/25(1)	50,000		52,423
WESCO Distribution, Inc., 7.25%, 6/15/28(1)	50,000		53,745
			203,261
Electronic Equipment, Instruments and Components — 0.5%
Imola Merger Corp., 4.75%, 5/15/29(1)	200,000		194,292
Energy Equipment and Services — 1.1%
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1)	50,000		51,381
Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28(1)	100,000		100,116
Bristow Group, Inc., 6.875%, 3/1/28(1)	100,000		101,301
Precision Drilling Corp., 6.875%, 1/15/29(1)	50,000		50,253
Transocean Guardian Ltd., 5.875%, 1/15/24(1)	45,481		43,587
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)	46,875		45,847
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27	50,000		50,118
Weatherford International Ltd., 8.625%, 4/30/30(1)	50,000		50,849
			493,452
Entertainment — 0.8%
Cinemark USA, Inc., 5.875%, 3/15/26(1)	50,000		49,300
Cinemark USA, Inc., 5.25%, 7/15/28(1)(2)	50,000		47,750
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1)	100,000		98,376
Playtika Holding Corp., 4.25%, 3/15/29(1)	50,000		46,570
WMG Acquisition Corp., 3.875%, 7/15/30(1)	50,000		48,079
WMG Acquisition Corp., 3.00%, 2/15/31(1)	50,000		45,291
			335,366
Equity Real Estate Investment Trusts (REITs) — 3.9%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 4/1/27(1)	50,000		46,712
CTR Partnership LP / CareTrust Capital Corp., 3.875%, 6/30/28(1)	50,000		47,834
Diversified Healthcare Trust, 9.75%, 6/15/25	100,000		105,758
Diversified Healthcare Trust, 4.375%, 3/1/31	50,000		43,022
HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 6/15/26(1)	50,000		47,464
Iron Mountain, Inc., 5.25%, 3/15/28(1)	275,000		275,550
Iron Mountain, Inc., 4.875%, 9/15/29(1)	100,000		96,907
Iron Mountain, Inc., 4.50%, 2/15/31(1)	50,000		46,819
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 4.625%, 6/15/25(1)	75,000		77,369
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29	100,000		100,550
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.50%, 6/1/25(1)	100,000		104,619


Select High Yield ETF
	Principal Amount		Value
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/1/28(1)	$	50,000	$	50,979
RLJ Lodging Trust LP, 3.75%, 7/1/26(1)	50,000		48,765
RLJ Lodging Trust LP, 4.00%, 9/15/29(1)	50,000		47,036
SBA Communications Corp., 3.875%, 2/15/27	150,000		149,906
Service Properties Trust, 4.35%, 10/1/24	100,000		96,521
Service Properties Trust, 5.25%, 2/15/26	50,000		47,436
Service Properties Trust, 4.95%, 2/15/27	100,000		93,170
Service Properties Trust, 4.95%, 10/1/29(2)	100,000		90,581
Service Properties Trust, 4.375%, 2/15/30	50,000		43,625
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 4.75%, 4/15/28(1)	50,000		47,674
			1,708,297
Food and Staples Retailing — 0.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/27(1)	50,000		50,281
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.875%, 2/15/28(1)	50,000		51,757
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29(1)	50,000		46,587
			148,625
Food Products — 2.3%
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.875%, 9/1/25(1)	50,000		52,497
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.50%, 4/15/29(1)	100,000		106,628
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30(1)	100,000		103,499
Kraft Heinz Foods Co., 4.625%, 10/1/39	50,000		53,625
Kraft Heinz Foods Co., 6.50%, 2/9/40	100,000		129,250
Kraft Heinz Foods Co., 4.375%, 6/1/46	150,000		153,937
Kraft Heinz Foods Co., 4.875%, 10/1/49	100,000		110,875
Pilgrim's Pride Corp., 5.875%, 9/30/27(1)	100,000		102,899
Post Holdings, Inc., 5.75%, 3/1/27(1)	150,000		151,725
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, Inc., 4.625%, 3/1/29(1)	50,000		46,377
			1,011,312
Health Care Equipment and Supplies — 0.6%
Avantor Funding, Inc., 3.875%, 11/1/29(1)	75,000		72,288
Mozart Debt Merger Sub, Inc., 3.875%, 4/1/29(1)	125,000		118,788
Mozart Debt Merger Sub, Inc., 5.25%, 10/1/29(1)	75,000		71,730
			262,806
Health Care Providers and Services — 4.3%
Catalent Pharma Solutions, Inc., 3.50%, 4/1/30(1)	50,000		46,611
Centene Corp., 4.25%, 12/15/27	50,000		51,244
Centene Corp., 4.625%, 12/15/29	101,000		104,197
Centene Corp., 3.375%, 2/15/30	50,000		48,049
Centene Corp., 3.00%, 10/15/30	50,000		47,737
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1)	100,000		103,892
CHS / Community Health Systems, Inc., 5.625%, 3/15/27(1)	50,000		50,463
CHS / Community Health Systems, Inc., 8.00%, 12/15/27(1)	50,000		52,798
CHS / Community Health Systems, Inc., 4.75%, 2/15/31(1)	50,000		47,127
DaVita, Inc., 4.625%, 6/1/30(1)	200,000		192,079
DaVita, Inc., 3.75%, 2/15/31(1)	75,000		68,648
HCA, Inc., 5.375%, 2/1/25	100,000		106,013


Select High Yield ETF
	Principal Amount		Value
HCA, Inc., 5.875%, 2/15/26	$	50,000	$	54,096
HCA, Inc., 5.375%, 9/1/26	100,000		107,723
HCA, Inc., 5.625%, 9/1/28	175,000		194,186
HealthEquity, Inc., 4.50%, 10/1/29(1)	50,000		47,655
Legacy LifePoint Health LLC, 6.75%, 4/15/25(1)	50,000		51,824
Molina Healthcare, Inc., 3.875%, 5/15/32(1)	50,000		49,063
Owens & Minor, Inc., 4.50%, 3/31/29(1)	50,000		47,218
Tenet Healthcare Corp., 4.875%, 1/1/26(1)	200,000		201,628
Tenet Healthcare Corp., 6.25%, 2/1/27(1)	100,000		102,954
Tenet Healthcare Corp., 5.125%, 11/1/27(1)	50,000		51,023
Tenet Healthcare Corp., 4.25%, 6/1/29(1)	50,000		48,328
			1,874,556
Hotels, Restaurants and Leisure — 7.4%
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1)	50,000		49,128
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30(1)	150,000		138,763
Affinity Gaming, 6.875%, 12/15/27(1)	200,000		197,255
Aramark Services, Inc., 6.375%, 5/1/25(1)	150,000		155,527
Caesars Entertainment, Inc., 6.25%, 7/1/25(1)	50,000		51,899
Carnival Corp., 10.50%, 2/1/26(1)	100,000		112,379
Carnival Corp., 7.625%, 3/1/26(1)	100,000		102,899
Carnival Corp., 5.75%, 3/1/27(1)	275,000		268,207
Carnival Corp., 9.875%, 8/1/27(1)	50,000		56,195
Carnival Corp., 4.00%, 8/1/28(1)	50,000		47,985
Carnival Corp., 6.00%, 5/1/29(1)	50,000		48,617
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 8/15/28(1)	75,000		62,784
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(1)	50,000		52,310
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/32(1)	50,000		47,594
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29(1)	100,000		98,151
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 4.875%, 7/1/31(1)	50,000		47,688
Life Time, Inc., 8.00%, 4/15/26(1)	175,000		174,891
MGM Resorts International, 6.75%, 5/1/25	100,000		103,611
MGM Resorts International, 4.75%, 10/15/28	75,000		74,812
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.875%, 5/1/29(1)	50,000		48,813
Mohegan Gaming & Entertainment, 8.00%, 2/1/26(1)	100,000		101,120
NCL Corp. Ltd., 3.625%, 12/15/24(1)	100,000		93,876
NCL Corp. Ltd., 5.875%, 3/15/26(1)	50,000		48,175
NCL Corp. Ltd., 5.875%, 2/15/27(1)	74,000		74,181
NCL Finance Ltd., 6.125%, 3/15/28(1)(2)	50,000		48,309
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.625%, 9/1/29(1)	50,000		45,423
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.875%, 9/1/31(1)	50,000		45,064
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22	50,000		50,431
Royal Caribbean Cruises Ltd., 7.50%, 10/15/27	100,000		109,274
Royal Caribbean Cruises Ltd., 3.70%, 3/15/28	50,000		45,381
Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(1)	150,000		147,194
Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.50%, 11/28/25(1)	50,000		48,123
Travel + Leisure Co., 6.625%, 7/31/26(1)	50,000		53,446


Select High Yield ETF
	Principal Amount		Value
Viking Cruises Ltd., 6.25%, 5/15/25(1)	$	100,000	$	96,123
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1)	100,000		93,969
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)	100,000		101,530
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.75%, 4/15/25(1)	50,000		52,255
			3,193,382
Household Durables — 2.3%
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 4/1/30(1)	75,000		70,780
Beazer Homes USA, Inc., 6.75%, 3/15/25	100,000		101,233
Beazer Homes USA, Inc., 5.875%, 10/15/27	75,000		74,531
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 5.00%, 6/15/29(1)	100,000		94,250
Century Communities, Inc., 6.75%, 6/1/27	150,000		155,305
KB Home, 4.00%, 6/15/31	50,000		48,069
Mattamy Group Corp., 4.625%, 3/1/30(1)	75,000		70,637
Newell Brands, Inc., 4.70%, 4/1/26	100,000		103,630
STL Holding Co. LLC, 7.50%, 2/15/26(1)	50,000		51,375
Taylor Morrison Communities, Inc., 5.125%, 8/1/30(1)	50,000		49,916
Tempur Sealy International, Inc., 4.00%, 4/15/29(1)	50,000		47,213
Tempur Sealy International, Inc., 3.875%, 10/15/31(1)	50,000		45,000
Tri Pointe Homes, Inc., 5.25%, 6/1/27	100,000		99,785
			1,011,724
Independent Power and Renewable Electricity Producers — 1.4%
Atlantica Sustainable Infrastructure plc, 4.125%, 6/15/28(1)	200,000		192,845
Calpine Corp., 5.25%, 6/1/26(1)	37,000		37,413
Calpine Corp., 4.50%, 2/15/28(1)	100,000		97,752
Calpine Corp., 5.125%, 3/15/28(1)	100,000		96,500
Clearway Energy Operating LLC, 4.75%, 3/15/28(1)	100,000		100,691
Sunnova Energy Corp., 5.875%, 9/1/26(1)	50,000		45,847
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)	50,000		50,215
			621,263
Insurance — 0.2%
Acrisure LLC / Acrisure Finance, Inc., 4.25%, 2/15/29(1)	100,000		94,122
Interactive Media and Services — 0.2%
Rackspace Technology Global, Inc., 3.50%, 2/15/28(1)	50,000		45,429
Ziff Davis, Inc., 4.625%, 10/15/30(1)	50,000		48,175
			93,604
Internet and Direct Marketing Retail — 0.3%
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 3/1/29(1)	50,000		47,459
Match Group Holdings II LLC, 3.625%, 10/1/31(1)	50,000		46,701
Millennium Escrow Corp., 6.625%, 8/1/26(1)	50,000		48,435
			142,595
IT Services — 0.2%
CDW LLC / CDW Finance Corp., 4.125%, 5/1/25	50,000		50,734
Presidio Holdings, Inc., 4.875%, 2/1/27(1)	50,000		49,928
			100,662
Leisure Products — 0.1%
Mattel, Inc., 5.45%, 11/1/41	50,000		55,299


Select High Yield ETF
	Principal Amount		Value
Machinery — 0.2%
Hillenbrand, Inc., 3.75%, 3/1/31	$	50,000	$	47,810
Terex Corp., 5.00%, 5/15/29(1)	50,000		49,590
			97,400
Marine — 0.2%
Seaspan Corp., 5.50%, 8/1/29(1)	100,000		95,434
Media — 9.4%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)	125,000		126,395
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 6/1/29(1)	100,000		101,734
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30(1)	100,000		98,375
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30(1)	150,000		144,715
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)	150,000		140,793
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32	200,000		190,331
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33(1)	100,000		93,897
Clear Channel Outdoor Holdings, Inc., 5.125%, 8/15/27(1)	100,000		100,030
Clear Channel Outdoor Holdings, Inc., 7.75%, 4/15/28(1)	100,000		104,600
CSC Holdings LLC, 6.50%, 2/1/29(1)	200,000		202,815
CSC Holdings LLC, 5.75%, 1/15/30(1)	250,000		221,505
CSC Holdings LLC, 4.50%, 11/15/31(1)	200,000		182,280
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1)	125,000		125,156
DISH DBS Corp., 5.00%, 3/15/23	100,000		100,982
DISH DBS Corp., 7.75%, 7/1/26	100,000		101,384
DISH DBS Corp., 5.25%, 12/1/26(1)	75,000		73,664
DISH DBS Corp., 5.75%, 12/1/28(1)	25,000		23,953
DISH DBS Corp., 5.125%, 6/1/29	50,000		42,277
GCI LLC, 4.75%, 10/15/28(1)	50,000		49,144
Gray Television, Inc., 7.00%, 5/15/27(1)	150,000		157,960
Gray Television, Inc., 4.75%, 10/15/30(1)	50,000		46,953
iHeartCommunications, Inc., 5.25%, 8/15/27(1)	50,000		49,865
iHeartCommunications, Inc., 4.75%, 1/15/28(1)	50,000		48,432
Lamar Media Corp., 3.75%, 2/15/28	50,000		48,125
Lamar Media Corp., 4.875%, 1/15/29	50,000		50,188
Lamar Media Corp., 4.00%, 2/15/30	50,000		48,212
McGraw-Hill Education, Inc., 8.00%, 8/1/29(1)	50,000		45,871
News Corp., 3.875%, 5/15/29(1)	100,000		95,925
Nexstar Media, Inc., 5.625%, 7/15/27(1)	50,000		51,180
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27(1)	100,000		99,237
Quebecor Media, Inc., 5.75%, 1/15/23	50,000		50,935
Sinclair Television Group, Inc., 5.125%, 2/15/27(1)	50,000		45,557
Sinclair Television Group, Inc., 5.50%, 3/1/30(1)	100,000		87,868
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)	50,000		44,829
Sirius XM Radio, Inc., 3.125%, 9/1/26(1)	50,000		47,818
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)	100,000		101,490
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)	50,000		51,211
Sirius XM Radio, Inc., 3.875%, 9/1/31(1)	75,000		69,213
Univision Communications, Inc., 5.125%, 2/15/25(1)	100,000		100,772


Select High Yield ETF
	Principal Amount		Value
Univision Communications, Inc., 6.625%, 6/1/27(1)	$	50,000	$	52,058
UPC Broadband Finco BV, 4.875%, 7/15/31(1)	200,000		191,302
Videotron Ltd., 3.625%, 6/15/29(1)	50,000		47,664
Virgin Media Secured Finance plc, 5.50%, 5/15/29(1)	200,000		200,133
			4,056,828
Metals and Mining — 2.3%
Allegheny Technologies, Inc., 4.875%, 10/1/29	50,000		48,437
Allegheny Technologies, Inc., 5.125%, 10/1/31(2)	50,000		48,680
Arconic Corp., 6.00%, 5/15/25(1)	50,000		51,625
Arconic Corp., 6.125%, 2/15/28(1)	50,000		51,199
Carpenter Technology Corp., 6.375%, 7/15/28	50,000		50,493
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)	50,000		48,332
Cleveland-Cliffs, Inc., 4.875%, 3/1/31(1)(2)	50,000		48,896
Coeur Mining, Inc., 5.125%, 2/15/29(1)	50,000		44,172
Compass Minerals International, Inc., 6.75%, 12/1/27(1)	100,000		103,943
Freeport-McMoRan, Inc., 4.125%, 3/1/28	75,000		75,925
Freeport-McMoRan, Inc., 4.25%, 3/1/30	100,000		101,207
IAMGOLD Corp., 5.75%, 10/15/28(1)	100,000		91,379
Novelis Corp., 4.75%, 1/30/30(1)	150,000		147,049
PT FMG Resources August 2006 Pty Ltd., 4.375%, 4/1/31(1)	50,000		48,601
Taseko Mines Ltd., 7.00%, 2/15/26(1)	50,000		50,057
			1,009,995
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Blackstone Mortgage Trust, Inc., 3.75%, 1/15/27(1)	50,000		47,321
Multiline Retail — 0.1%
Macy's Retail Holdings LLC, 5.875%, 4/1/29(1)(2)	50,000		51,184
Oil, Gas and Consumable Fuels — 15.3%
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26(1)	75,000		79,527
Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.875%, 5/15/26(1)	50,000		53,814
Apache Corp., 4.875%, 11/15/27	50,000		51,457
Apache Corp., 4.25%, 1/15/30	50,000		50,461
Apache Corp., 5.10%, 9/1/40	100,000		100,165
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 7.00%, 11/1/26(1)	100,000		98,920
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 6/30/29(1)	50,000		47,625
Cheniere Energy Partners LP, 4.50%, 10/1/29	100,000		102,083
Cheniere Energy Partners LP, 4.00%, 3/1/31	100,000		98,651
Cheniere Energy, Inc., 4.625%, 10/15/28	50,000		51,140
Citgo Holding, Inc., 9.25%, 8/1/24(1)(2)	50,000		50,339
CITGO Petroleum Corp., 7.00%, 6/15/25(1)	75,000		75,086
CITGO Petroleum Corp., 6.375%, 6/15/26(1)	50,000		49,685
CNX Resources Corp., 7.25%, 3/14/27(1)	100,000		105,760
Comstock Resources, Inc., 6.75%, 3/1/29(1)	50,000		50,939
Comstock Resources, Inc., 5.875%, 1/15/30(1)	50,000		48,435
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 6/15/31(1)	250,000		249,062
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25	50,000		50,377
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29(1)	75,000		75,723


Select High Yield ETF
	Principal Amount		Value
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)	$	150,000	$	151,885
DCP Midstream Operating LP, 5.375%, 7/15/25	150,000		159,045
DCP Midstream Operating LP, 5.125%, 5/15/29	100,000		105,421
DCP Midstream Operating LP, 3.25%, 2/15/32	50,000		46,689
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.125%, 6/1/28(1)	50,000		48,972
EnLink Midstream Partners LP, 4.85%, 7/15/26	100,000		101,373
EnLink Midstream Partners LP, 5.60%, 4/1/44	100,000		85,409
EnLink Midstream Partners LP, 5.45%, 6/1/47	100,000		84,909
EQM Midstream Partners LP, 6.00%, 7/1/25(1)	50,000		51,066
EQM Midstream Partners LP, 6.50%, 7/1/27(1)	50,000		52,373
EQM Midstream Partners LP, 4.50%, 1/15/29(1)	50,000		46,774
EQM Midstream Partners LP, 4.75%, 1/15/31(1)	50,000		46,944
EQT Corp., 3.90%, 10/1/27	100,000		101,230
EQT Corp., 7.50%, 2/1/30	50,000		59,725
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27	175,000		177,187
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28	50,000		49,446
Harvest Midstream I LP, 7.50%, 9/1/28(1)	100,000		101,068
Hess Midstream Operations LP, 5.625%, 2/15/26(1)	100,000		102,626
Hess Midstream Operations LP, 5.125%, 6/15/28(1)	50,000		51,130
Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 11/1/28(1)	50,000		51,059
Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 2/1/31(1)	50,000		50,825
ITT Holdings LLC, 6.50%, 8/1/29(1)	50,000		46,940
Laredo Petroleum, Inc., 9.50%, 1/15/25	100,000		103,062
Matador Resources Co., 5.875%, 9/15/26	100,000		101,625
MEG Energy Corp., 7.125%, 2/1/27(1)	50,000		52,212
MEG Energy Corp., 5.875%, 2/1/29(1)	100,000		101,230
Murphy Oil Corp., 5.75%, 8/15/25	175,000		178,498
Murphy Oil Corp., 5.875%, 12/1/27	50,000		51,002
Murphy Oil Corp., 6.375%, 7/15/28	50,000		51,874
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26(1)	75,000		75,397
Northern Oil and Gas, Inc., 8.125%, 3/1/28(1)	50,000		52,625
Occidental Petroleum Corp., 5.875%, 9/1/25	50,000		53,692
Occidental Petroleum Corp., 5.50%, 12/1/25	50,000		53,797
Occidental Petroleum Corp., 3.40%, 4/15/26	50,000		50,066
Occidental Petroleum Corp., 8.50%, 7/15/27	100,000		120,671
Occidental Petroleum Corp., 6.375%, 9/1/28	50,000		56,588
Occidental Petroleum Corp., 8.875%, 7/15/30	100,000		129,460
Occidental Petroleum Corp., 6.625%, 9/1/30	50,000		58,261
Occidental Petroleum Corp., 6.125%, 1/1/31	50,000		56,931
Occidental Petroleum Corp., 7.50%, 5/1/31	50,000		60,705
Occidental Petroleum Corp., 4.40%, 4/15/46	50,000		47,580
Occidental Petroleum Corp., 4.10%, 2/15/47	125,000		115,826
Parkland Corp., 5.875%, 7/15/27(1)	50,000		50,667
PBF Holding Co. LLC / PBF Finance Corp., 9.25%, 5/15/25(1)	50,000		50,972
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28	50,000		36,666
PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23(2)	125,000		124,503
Penn Virginia Escrow LLC, 9.25%, 8/15/26(1)	75,000		76,594


Select High Yield ETF
	Principal Amount		Value
Range Resources Corp., 8.25%, 1/15/29	$	50,000	$	54,854
Rockcliff Energy II LLC, 5.50%, 10/15/29(1)	50,000		49,636
SM Energy Co., 6.75%, 9/15/26	100,000		101,127
Southwestern Energy Co., 5.375%, 2/1/29	75,000		77,251
Southwestern Energy Co., 5.375%, 3/15/30	75,000		77,571
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27	50,000		51,678
Sunoco LP / Sunoco Finance Corp., 4.50%, 4/30/30(1)	50,000		47,846
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30(1)	75,000		72,353
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 9/1/31(1)	50,000		47,207
Talos Production, Inc., 12.00%, 1/15/26	75,000		79,380
Tap Rock Resources LLC, 7.00%, 10/1/26(1)	50,000		50,364
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.875%, 4/15/26	50,000		51,681
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 7/15/27	50,000		53,066
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28	175,000		180,643
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.875%, 2/1/31	50,000		51,482
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 1/15/32	50,000		49,328
Teine Energy Ltd., 6.875%, 4/15/29(1)	50,000		50,731
Viper Energy Partners LP, 5.375%, 11/1/27(1)	100,000		102,718
Western Midstream Operating LP, 3.60%, 2/1/25	100,000		100,375
Western Midstream Operating LP, 5.75%, 2/1/50	100,000		101,898
			6,623,038
Personal Products — 0.2%
Edgewell Personal Care Co., 5.50%, 6/1/28(1)	50,000		50,322
Edgewell Personal Care Co., 4.125%, 4/1/29(1)	50,000		47,038
			97,360
Pharmaceuticals — 2.4%
Bausch Health Americas, Inc., 8.50%, 1/31/27(1)	100,000		101,400
Bausch Health Cos., Inc., 6.125%, 4/15/25(1)	100,000		100,562
Bausch Health Cos., Inc., 9.00%, 12/15/25(1)	113,000		116,660
Bausch Health Cos., Inc., 7.00%, 1/15/28(1)	100,000		91,650
Bausch Health Cos., Inc., 5.00%, 1/30/28(1)	50,000		41,960
Bausch Health Cos., Inc., 5.00%, 2/15/29(1)	50,000		40,560
Bausch Health Cos., Inc., 6.25%, 2/15/29(1)	50,000		42,716
Bausch Health Cos., Inc., 7.25%, 5/30/29(1)	50,000		43,842
Bausch Health Cos., Inc., 5.25%, 1/30/30(1)	50,000		40,397
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 6/30/28(1)(2)	100,000		66,332
Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/31(1)	200,000		199,956
P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/25(1)	50,000		47,839
Par Pharmaceutical, Inc., 7.50%, 4/1/27(1)	100,000		100,280
			1,034,154
Professional Services — 0.2%
ASGN, Inc., 4.625%, 5/15/28(1)	100,000		98,922
Real Estate Management and Development — 0.8%
Cushman & Wakefield US Borrower LLC, 6.75%, 5/15/28(1)	150,000		156,929


Select High Yield ETF
	Principal Amount		Value
Forestar Group, Inc., 3.85%, 5/15/26(1)	$	50,000	$	47,437
Howard Hughes Corp. (The), 5.375%, 8/1/28(1)	50,000		50,603
Realogy Group LLC / Realogy Co-Issuer Corp., 5.75%, 1/15/29(1)	100,000		99,000
			353,969
Road and Rail — 1.2%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(1)	100,000		100,939
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 4/1/28(1)	50,000		47,567
Hertz Corp. (The), 5.00%, 12/1/29(1)	50,000		46,703
NESCO Holdings II, Inc., 5.50%, 4/15/29(1)	50,000		48,127
Uber Technologies, Inc., 4.50%, 8/15/29(1)	75,000		71,942
United Rentals North America, Inc., 3.875%, 2/15/31(2)	100,000		96,772
XPO Logistics, Inc., 6.25%, 5/1/25(1)	100,000		103,847
			515,897
Semiconductors and Semiconductor Equipment — 0.3%
ON Semiconductor Corp., 3.875%, 9/1/28(1)	100,000		99,269
Synaptics, Inc., 4.00%, 6/15/29(1)	50,000		48,288
			147,557
Software — 2.5%
Camelot Finance SA, 4.50%, 11/1/26(1)	50,000		50,104
Castle US Holding Corp., 9.50%, 2/15/28(1)	100,000		102,805
Consensus Cloud Solutions, Inc., 6.00%, 10/15/26(1)	50,000		49,944
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28(1)	50,000		50,430
LogMeIn, Inc., 5.50%, 9/1/27(1)	50,000		47,617
NCR Corp., 5.75%, 9/1/27(1)	50,000		50,801
NCR Corp., 5.125%, 4/15/29(1)	100,000		99,010
NCR Corp., 6.125%, 9/1/29(1)	50,000		51,982
NCR Corp., 5.25%, 10/1/30(1)	100,000		97,036
Open Text Corp., 3.875%, 12/1/29(1)	100,000		94,530
Open Text Holdings, Inc., 4.125%, 2/15/30(1)	50,000		47,949
Open Text Holdings, Inc., 4.125%, 12/1/31(1)	50,000		47,571
SS&C Technologies, Inc., 5.50%, 9/30/27(1)	100,000		102,888
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 9/1/25(1)	175,000		173,302
			1,065,969
Specialty Retail — 2.3%
Asbury Automotive Group, Inc., 4.625%, 11/15/29(1)	50,000		48,843
Asbury Automotive Group, Inc., 5.00%, 2/15/32(1)	50,000		48,611
Bath & Body Works, Inc., 6.625%, 10/1/30(1)	50,000		54,188
Bath & Body Works, Inc., 6.75%, 7/1/36	100,000		109,216
Ferrellgas LP / Ferrellgas Finance Corp., 5.375%, 4/1/26(1)	50,000		47,064
Ferrellgas LP / Ferrellgas Finance Corp., 5.875%, 4/1/29(1)	100,000		91,634
Gap, Inc. (The), 3.875%, 10/1/31(1)	50,000		44,896
Lithia Motors, Inc., 3.875%, 6/1/29(1)	50,000		49,433
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 7.75%, 2/15/26(1)	100,000		96,439
Michaels Cos., Inc. (The), 7.875%, 5/1/29(1)	50,000		43,843
Rent-A-Center, Inc., 6.375%, 2/15/29(1)(2)	50,000		47,928
Sonic Automotive, Inc., 4.875%, 11/15/31(1)	50,000		47,331
Staples, Inc., 7.50%, 4/15/26(1)	150,000		148,480
Staples, Inc., 10.75%, 4/15/27(1)	75,000		69,989


Select High Yield ETF
	Principal Amount/Shares		Value
Superior Plus LP / Superior General Partner, Inc., 4.50%, 3/15/29(1)	$	50,000	$	47,775
			995,670
Technology Hardware, Storage and Peripherals — 0.2%
Xerox Holdings Corp., 5.00%, 8/15/25(1)	50,000		50,870
Xerox Holdings Corp., 5.50%, 8/15/28(1)	50,000		49,962
			100,832
Thrifts and Mortgage Finance — 1.3%
Freedom Mortgage Corp., 8.125%, 11/15/24(1)	50,000		49,961
Freedom Mortgage Corp., 7.625%, 5/1/26(1)	100,000		96,188
Freedom Mortgage Corp., 6.625%, 1/15/27(1)	50,000		46,221
MGIC Investment Corp., 5.25%, 8/15/28	100,000		101,379
Nationstar Mortgage Holdings, Inc., 5.50%, 8/15/28(1)	50,000		49,925
NMI Holdings, Inc., 7.375%, 6/1/25(1)	50,000		53,806
PennyMac Financial Services, Inc., 4.25%, 2/15/29(1)	50,000		44,818
Radian Group, Inc., 4.875%, 3/15/27	50,000		51,710
United Wholesale Mortgage LLC, 5.50%, 4/15/29(1)	50,000		45,836
			539,844
Trading Companies and Distributors — 0.7%
Beacon Roofing Supply, Inc., 4.125%, 5/15/29(1)	50,000		46,688
Fly Leasing Ltd., 7.00%, 10/15/24(1)	100,000		95,043
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/1/25(1)	50,000		50,681
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 5/1/28(1)	50,000		47,840
H&E Equipment Services, Inc., 3.875%, 12/15/28(1)	50,000		46,854
			287,106
Wireless Telecommunication Services — 1.6%
Sprint Corp., 7.875%, 9/15/23	100,000		107,625
Sprint Corp., 7.125%, 6/15/24	100,000		108,250
T-Mobile USA, Inc., 2.25%, 2/15/26	50,000		48,307
T-Mobile USA, Inc., 3.375%, 4/15/29	50,000		49,012
T-Mobile USA, Inc., 3.375%, 4/15/29(1)	50,000		49,012
T-Mobile USA, Inc., 3.50%, 4/15/31(1)	50,000		49,297
Vmed O2 UK Financing I plc, 4.25%, 1/31/31(1)	200,000		184,298
Vodafone Group plc, VRN, 7.00%, 4/4/79	100,000		111,161
			706,962
TOTAL CORPORATE BONDS (Cost $41,990,761)			40,512,544
PREFERRED STOCKS — 1.1%
Banks — 1.1%
Bank of America Corp., 6.25%	100,000		104,500
Barclays plc, 7.75%	200,000		209,540
Citigroup, Inc., 4.70%	100,000		98,130
JPMorgan Chase & Co., 6.125%	50,000		51,760
TOTAL PREFERRED STOCKS (Cost $476,231)			463,930
SHORT-TERM INVESTMENTS — 5.0%
Money Market Funds — 5.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class	1,786,872		1,786,872


Select High Yield ETF
	Shares	Value
State Street Navigator Securities Lending Government Money Market Portfolio(4)	409,343	$	409,343
TOTAL SHORT-TERM INVESTMENTS (Cost $2,196,215)		2,196,215
TOTAL INVESTMENT SECURITIES — 99.4% (Cost $44,663,207)		43,172,689
OTHER ASSETS AND LIABILITIES — 0.6%		243,580
TOTAL NET ASSETS — 100.0%		$	43,416,269


NOTES TO SCHEDULE OF INVESTMENTS
PIK	-	Payment in Kind. Security may pay a cash rate and/or an in kind rate.
VRN	-	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $28,125,668, which represented 64.8% of total net assets.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $396,814. 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)The security's rate was paid in kind or a combination of cash and in kind at the last payment date.

(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $409,343.

See Notes to Financial Statements.


Statements of Assets and Liabilities


FEBRUARY 28, 2022 (UNAUDITED)
	Diversified Corporate Bond ETF		Diversified Municipal Bond ETF
Assets
Investment securities, at value (cost of $153,965,354 and $231,590,003, respectively) — including $4,528,404 and $—, respectively of securities on loan	$	148,672,618	$	228,312,322
Investment made with cash collateral received for securities on loan, at value (cost of $4,653,470 and $—, respectively)	4,653,470		—
Total investment securities, at value (cost of $158,618,824 and $231,590,003, respectively)	153,326,088		228,312,322
Cash	356,853		—
Deposits with broker for futures contracts	88,600		—
Deposits with broker for swap agreements	312,409		—
Receivable for investments sold	671,157		3,118,480
Receivable for variation margin on swap agreements	15,168		—
Interest receivable	827,309		2,047,244
Securities lending receivable	676		—
	155,598,260		233,478,046

Liabilities
Payable for collateral received for securities on loan	4,653,470		—
Payable for investments purchased	440,150		6,754,158
Payable for variation margin on futures contracts	24,685		—
Accrued management fees	33,898		50,457
	5,152,203		6,804,615

Net Assets	$	150,446,057	$	226,673,431

Shares outstanding (unlimited number of shares authorized)	3,000,000		4,250,000

Net Asset Value Per Share	$	50.15	$	53.33

Net Assets Consist of:
Capital paid in	$	156,603,132	$	230,487,874
Distributable earnings	(6,157,075)		(3,814,443)
	$	150,446,057	$	226,673,431

See Notes to Financial Statements.


FEBRUARY 28, 2022 (UNAUDITED)
	Emerging Markets Bond ETF		Multisector Income ETF
Assets
Investment securities, at value (cost of $28,053,120 and $116,087,673, respectively) — including $291,927 and $1,913,807, respectively of securities on loan	$	25,105,638	$	111,207,687
Investment made with cash collateral received for securities on loan, at value (cost of $302,600 and $1,984,420, respectively)	302,600		1,984,420
Total investment securities, at value (cost of $28,355,720 and $118,072,093, respectively)	25,408,238		113,192,107
Cash	16,500		621,634
Receivable for investments sold	540,571		2,353,937
Receivable for variation margin on futures contracts	2,126		—
Receivable for variation margin on swap agreements	—		41,855
Swap agreements, at value (including net premiums paid (received) of $74,566 and $—, respectively)	609,958		—
Interest and dividends receivable	371,985		330,766
Securities lending receivable	99		949
	26,949,477		116,541,248

Liabilities
Payable for collateral received for securities on loan	302,600		1,984,420
Payable for investments purchased	—		353,501
Payable for variation margin on futures contracts	—		104,328
Accrued management fees	8,247		30,852
	310,847		2,473,101

Net Assets	$	26,638,630	$	114,068,147

Shares outstanding (unlimited number of shares authorized)	600,000		2,400,000

Net Asset Value Per Share	$	44.40	$	47.53

Net Assets Consist of:
Capital paid in	$	29,812,790	$	120,061,154
Distributable earnings	(3,174,160)		(5,993,007)
	$	26,638,630	$	114,068,147

See Notes to Financial Statements.


FEBRUARY 28, 2022 (UNAUDITED)
	Select High Yield ETF
Assets
Investment securities, at value (cost of $44,253,864) — including $396,814 of securities on loan	$	42,763,346
Investment made with cash collateral received for securities on loan, at value (cost of $409,343)	409,343
Total investment securities, at value (cost of $44,663,207)	43,172,689
Receivable for investments sold	39,498
Interest receivable	628,109
Securities lending receivable	285
	43,840,581

Liabilities
Payable for collateral received for securities on loan	409,343
Accrued management fees	14,969
	424,312

Net Assets	$	43,416,269

Shares outstanding (unlimited number of shares authorized)	900,000

Net Asset Value Per Share	$	48.24

Net Assets Consist of:
Capital paid in	$	44,739,701
Distributable earnings	(1,323,432)
	$	43,416,269

See Notes to Financial Statements.


Statements of Operations


FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED)
	Diversified Corporate Bond ETF		Diversified Municipal Bond ETF
Investment Income (Loss)
Income:
Interest	$	1,622,094	$	1,697,538
Securities lending, net	2,314		—
	1,624,408		1,697,538

Expenses:
Management fees	220,024		280,866
Other expenses	257		—
	220,281		280,866

Net investment income (loss)	1,404,127		1,416,672

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (Note 4)	(1,125,522)		(757,719)
Futures contract transactions	182,307		—
Swap agreement transactions	61,160		—
	(882,055)		(757,719)

Change in net unrealized appreciation (depreciation) on:
Investments	(6,732,236)		(7,791,493)
Futures contracts	4,415		—
Swap agreements	(135,556)		—
	(6,863,377)		(7,791,493)

Net realized and unrealized gain (loss)	(7,745,432)		(8,549,212)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(6,341,305)	$	(7,132,540)

See Notes to Financial Statements.


FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED)
	Emerging Markets Bond ETF		Multisector Income ETF
Investment Income (Loss)
Income:
Interest (net of foreign taxes withheld of $127 and $—, respectively)	$	630,821	$	1,964,058
Dividends	—		25,863
Securities lending, net	209		1,945
	631,030		1,991,866

Expenses:
Management fees	50,676		183,690
Other expenses	23		120
	50,699		183,810

Net investment income (loss)	580,331		1,808,056

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (Note 4)	(876,030)		(1,129,127)
Futures contract transactions	(1,110)		23,468
Swap agreement transactions	17,421		149,440
Foreign currency translation transactions	—		(308)
	(859,719)		(956,527)

Change in net unrealized appreciation (depreciation) on:
Investments	(3,005,073)		(5,004,006)
Futures contracts	(8,214)		(95,869)
Swap agreements	535,392		(267,393)
Translation of assets and liabilities in foreign currencies	—		4
	(2,477,895)		(5,367,264)

Net realized and unrealized gain (loss)	(3,337,614)		(6,323,791)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(2,757,283)	$	(4,515,735)

See Notes to Financial Statements.


FOR THE PERIOD ENDED FEBRUARY 28, 2022 (UNAUDITED)(1)
	Select High Yield ETF
Investment Income (Loss)
Income:
Interest	$	386,949
Securities lending, net	397
	387,346

Expenses:
Management fees	38,956

Net investment income (loss)	348,390

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions (Note 4)	33,196
Change in net unrealized appreciation (depreciation) on investments	(1,490,518)

Net realized and unrealized gain (loss)	(1,457,322)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,108,932)

(1)November 16, 2021 (fund inception) through February 28, 2022.

See Notes to Financial Statements.


Statements of Changes in Net Assets


SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021
	Diversified Corporate Bond ETF				Diversified Municipal Bond ETF
Increase (Decrease) in Net Assets	February 28, 2022		August 31, 2021		February 28, 2022		August 31, 2021
Operations
Net investment income (loss)	$	1,404,127	$	2,479,982	$	1,416,672	$	1,833,319
Net realized gain (loss)	(882,055)		4,742,299		(757,719)		917,946
Change in net unrealized appreciation (depreciation)	(6,863,377)		(3,021,377)		(7,791,493)		2,060,753
Net increase (decrease) in net assets resulting from operations	(6,341,305)		4,200,904		(7,132,540)		4,812,018

Distributions to Shareholders
From earnings	(1,213,880)		(4,110,980)		(1,311,355)		(1,763,405)

Capital Share Transactions
Proceeds from shares sold	31,137,001		128,687,765		74,159,865		101,658,311
Payments for shares redeemed	(25,964,990)		(97,214,495)		(2,770,640)		(8,220,745)
Other capital	778		5,379		65,195		159,216
Net increase (decrease) in net assets from capital share transactions	5,172,789		31,478,649		71,454,420		93,596,782

Net increase (decrease) in net assets	(2,382,396)		31,568,573		63,010,525		96,645,395

Net Assets
Beginning of period	152,828,453		121,259,880		163,662,906		67,017,511
End of period	$	150,446,057	$	152,828,453	$	226,673,431	$	163,662,906

Transactions in Shares of the Funds
Sold	600,000		2,450,000		1,350,000		1,850,000
Redeemed	(500,000)		(1,850,000)		(50,000)		(150,000)
Net increase (decrease) in shares of the funds	100,000		600,000		1,300,000		1,700,000

See Notes to Financial Statements.


SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2021
	Emerging Markets Bond ETF				Multisector Income ETF
Increase (Decrease) in Net Assets	February 28, 2022		August 31, 2021(1)		February 28, 2022		August 31, 2021(1)
Operations
Net investment income (loss)	$	580,331	$	150,980	$	1,808,056	$	259,604
Net realized gain (loss)	(859,719)		(3,632)		(956,527)		(111,081)
Change in net unrealized appreciation (depreciation)	(2,477,895)		56,075		(5,367,264)		135,255
Net increase (decrease) in net assets resulting from operations	(2,757,283)		203,423		(4,515,735)		283,778

Distributions to Shareholders
From earnings	(551,380)		(68,920)		(1,708,370)		(52,680)

Capital Share Transactions
Proceeds from shares sold	7,309,375		22,501,450		37,342,200		82,595,250
Other capital	1,520		445		46,294		77,410
Net increase (decrease) in net assets from capital share transactions	7,310,895		22,501,895		37,388,494		82,672,660

Net increase (decrease) in net assets	4,002,232		22,636,398		31,164,389		82,903,758

Net Assets
Beginning of period	22,636,398		—		82,903,758		—
End of period	$	26,638,630	$	22,636,398	$	114,068,147	$	82,903,758

Transactions in Shares of the Funds
Sold	150,000		450,000		750,000		1,650,000

(1)June 29, 2021 (fund inception) through August 31, 2021.

See Notes to Financial Statements.


PERIOD ENDED FEBRUARY 28, 2022 (UNAUDITED)(1)
	Select High Yield ETF
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	348,390
Net realized gain (loss)	33,196
Change in net unrealized appreciation (depreciation)	(1,490,518)
Net increase (decrease) in net assets resulting from operations	(1,108,932)

Distributions to Shareholders
From earnings	(214,500)

Capital Share Transactions
Proceeds from shares sold	44,736,315
Other capital	3,386
Net increase (decrease) in net assets from capital share transactions	44,739,701

Net increase (decrease) in net assets	43,416,269

Net Assets
End of period	$	43,416,269

Transactions in Shares of the Funds
Sold	900,000

(1)November 16, 2021 (fund inception) through February 28, 2022.

See Notes to Financial Statements.


Notes to Financial Statements

FEBRUARY 28, 2022 (UNAUDITED)

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. American Century Diversified Corporate Bond ETF (Diversified Corporate Bond ETF), American Century Diversified Municipal Bond ETF (Diversified Municipal Bond ETF), American Century Emerging Markets Bond ETF (Emerging Markets Bond ETF), American Century Multisector Income ETF (Multisector Income ETF) and American Century Select High Yield ETF (Select High Yield ETF) (collectively, the funds) are five funds in a series issued by the trust. Diversified Corporate Bond ETF’s investment objective is to seek to provide current income. Diversified Municipal Bond ETF’s investment objective is to seek current income that is exempt from federal income tax. Emerging Markets Bond ETF's investment objective is to seek to provide current income and capital appreciation. Multisector Income ETF's investment objective is to seek to provide a high level of current income and total return. Select High Yield ETF's investment objective is to seek to provide high current income. Shares of each fund are listed for trading on the NYSE Arca, Inc. Emerging Markets Bond ETF and Multisector Income ETF incepted on June 29, 2021. Select High Yield ETF incepted on November 16, 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.

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, U.S. Treasury and Government Agency securities, convertible bonds, bank loan obligations, municipal securities, and sovereign governments and agencies 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. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections. 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.

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.

Hybrid 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. Preferred stocks and convertible preferred stocks with perpetual maturities 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.

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. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.

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.

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.

Investment Income — Interest income less foreign taxes withheld, if any, is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. For convertible bonds, the premiums attributable only to the debt instrument are amortized. Inflation adjustments related to inflation-linked debt securities are reflected as interest 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 fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Securities lending income is net of fees and rebates earned by the lending agent for its services.

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.

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.

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

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 February 28, 2022.


Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Diversified Corporate Bond ETF
Corporate Bonds	$	4,653,470	—	—	—	$	4,653,470
Gross amount of recognized liabilities for securities lending transactions						$	4,653,470

Emerging Markets Bond ETF
Corporate Bonds	$	302,600	—	—	—	$	302,600
Gross amount of recognized liabilities for securities lending transactions						$	302,600

Multisector Income ETF
Corporate Bonds	$	1,984,420	—	—	—	$	1,984,420
Gross amount of recognized liabilities for securities lending transactions						$	1,984,420

Select High Yield ETF
Corporate Bonds	$	409,343	—	—	—	$	409,343
Gross amount of recognized liabilities for securities lending transactions						$	409,343

(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, 41%, 76% and 72% of the shares of Diversified Corporate Bond ETF, Emerging Markets Bond ETF and Multisector Income ETF, respectively. ACIM owns 27% of the shares of Select High Yield ETF. Related parties do not invest in the funds for the purpose of exercising management or control.

ACIM has engaged Nomura Corporate Research and Asset Management Inc. (NCRAM) to serve as a subadvisor for Select High Yield ETF. NCRAM is responsible for making investment recommendations for the fund, subject to the oversight of the Board of Trustees and general supervision of the investment advisor and in accordance with the investment objective, polices and restrictions of the fund. ACIM pays all costs associated with retaining NCRAM as the subadvisor of the fund. A subsidiary of NCRAM’s parent company indirectly owns a non-controlling equity interest in ACC.

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
Diversified Corporate Bond ETF			0.29%
Diversified Municipal Bond ETF			0.29%
Emerging Markets Bond ETF			0.39%
Multisector Income ETF			0.35%
Select High Yield ETF			0.45%

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended February 28, 2022 were as follows:


	Diversified Corporate Bond ETF	Diversified Municipal Bond ETF	Emerging Markets Bond ETF	Multisector Income ETF	Select High Yield ETF(1)
Purchases of U.S. Treasury and Government Agency obligations	$14,476,223	—	$289,383	$22,993,023	—
Purchases of other investment securities	$131,960,388	$69,155,013	$6,301,035	$72,258,704	$1,275,707
Total Purchases	$146,436,611	$69,155,013	$6,590,418	$95,251,727	$1,275,707

Sales of U.S. Treasury and Government Agency obligations	$8,554,242	—	—	$12,376,917	—
Sales of other investment securities	$139,342,603	$32,344,219	$6,397,600	$72,420,573	$1,129,575
Total Sales	$147,896,845	$32,344,219	$6,397,600	$84,797,490	$1,129,575

(1)November 16, 2021 (fund inception) through February 28, 2022.

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2022 were as follows:


	In kind Subscriptions	In kind Redemptions	In kind Net Realized Gain/(Loss)*
Diversified Corporate Bond ETF	$30,700,731	$25,518,371	$175,601
Diversified Municipal Bond ETF	$36,057,265	$2,589,011	$172,509
Emerging Markets Bond ETF	$6,621,595	—	—
Multisector Income ETF	$23,821,978	—	—
Select High Yield ETF(1)	$42,472,893	—	—

*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

(1)November 16, 2021 (fund inception) through February 28, 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.

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.


Diversified Corporate Bond ETF
	Level 1		Level 2		Level 3
Assets
Investment Securities
Corporate Bonds	—		$	137,769,533	—
U.S. Treasury Securities	—		8,138,906		—
Municipal Securities	—		504,850		—
Short-Term Investments	$	6,912,799	—		—
	$	6,912,799	$	146,413,289	—
Other Financial Instruments
Futures Contracts	$	59,862	—		—

Liabilities
Other Financial Instruments
Futures Contracts	$	70,971	—		—
Swap Agreements	—		$	431,249	—
	$	70,971	$	431,249	—


Diversified Municipal Bond ETF
	Level 1		Level 2		Level 3
Assets
Investment Securities
Municipal Securities	—		$	214,608,630	—
Short-Term Investments	$	13,703,692	—		—
	$	13,703,692	$	214,608,630	—


Emerging Markets Bond ETF
	Level 1		Level 2		Level 3
Assets
Investment Securities
Corporate Bonds	—		$	15,649,908	—
Sovereign Governments and Agencies	—		8,072,604		—
U.S. Treasury Securities	—		479,414		—
Preferred Stocks	—		420,662		—
Short-Term Investments	$	735,650	50,000		—
	$	735,650	$	24,672,588	—
Other Financial Instruments
Futures Contracts	$	10,484	—		—
Swap Agreements	—		$	609,958	—
	$	10,484	$	609,958	—

Liabilities
Other Financial Instruments
Futures Contracts	$	20,214	—		—


Multisector Income ETF
	Level 1		Level 2		Level 3
Assets
Investment Securities
Corporate Bonds	—		$	52,297,096	—
U.S. Treasury Securities	—		16,267,146		—
Asset-Backed Securities	—		11,550,490		—
Preferred Stocks	—		8,017,082		—
Sovereign Governments and Agencies	—		6,003,649		—
Collateralized Loan Obligations	—		5,623,381		—
Commercial Mortgage-Backed Securities	—		4,302,516		—
Collateralized Mortgage Obligations	—		3,659,728		—
Bank Loan Obligations	—		1,524,827		—
Convertible Bonds	—		512,550		—
Short-Term Investments	$	3,433,642	—		—
	$	3,433,642	$	109,758,465	—
Other Financial Instruments
Futures Contracts	$	23,126	—		—

Liabilities
Other Financial Instruments
Futures Contracts	$	107,760	—		—
Swap Agreements	—		$	1,141,150	—
	$	107,760	$	1,141,150	—


Select High Yield ETF
	Level 1		Level 2		Level 3
Assets
Investment Securities
Corporate Bonds	—		$	40,512,544	—
Preferred Stocks	—		463,930		—
Short-Term Investments	$	2,196,215	—		—
	$	2,196,215	$	40,976,474	—

7. Derivative Instruments

Credit Risk — The funds are subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. 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 value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.

The funds' average notional amount to credit risk derivative instruments held during the period were as follows:


Diversified Corporate Bond ETF			$6,500,000
Emerging Markets Bond ETF			$1,157,500
Multisector Income ETF			$17,200,000

Interest Rate Risk — The funds are subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. 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 will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. 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 futures 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.

The funds' average notional exposure to interest rate risk derivative instruments held during the period were as follows:


	Futures Contracts Purchased	Futures Contracts Sold
Diversified Corporate Bond ETF	$20,456,397	$21,442,732
Emerging Markets Bond ETF	$2,049,843	$5,254,191
Multisector Income ETF	$22,816,389	$13,354,759

Value of Derivative Instruments as of February 28, 2022


	Asset Derivatives			Liability Derivatives
Fund / Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Diversified Corporate Bond ETF
Credit Risk	Receivable for variation margin on swap agreements*	$	15,168	Payable for variation margin on swap agreements*	—
Interest Rate Risk	Receivable for variation margin on futures contracts*	—		Payable for variation margin on futures contracts*	$	24,685
		$	15,168		$	24,685

Emerging Markets Bond ETF
Credit Risk	Swap agreements	$	609,958	Swap agreements	—
Interest Rate Risk	Receivable for variation margin on futures contracts*	2,126		Payable for variation margin on futures contracts*	—
		$	612,084		—

Multisector Income ETF
Credit Risk	Receivable for variation margin on swap agreements*	$	41,855	Payable for variation margin on swap agreements*	—
Interest Rate Risk	Receivable for variation margin on futures contracts*	—		Payable for variation margin on futures contracts*	$	104,328
		$	41,855		$	104,328

*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended February 28, 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
Diversified Corporate Bond ETF
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	61,160	Change in net unrealized appreciation (depreciation) on swap agreements	$	(135,556)
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	182,307		Change in net unrealized appreciation (depreciation) on futures contracts	4,415
		$	243,467		$	(131,141)

Emerging Markets Bond ETF
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	17,421	Change in net unrealized appreciation (depreciation) on swap agreements	$	535,392
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	(1,110)		Change in net unrealized appreciation (depreciation) on futures contracts	(8,214)
		$	16,311		$	527,178

Multisector Income ETF
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	149,440	Change in net unrealized appreciation (depreciation) on swap agreements	$	(267,393)
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	23,468		Change in net unrealized appreciation (depreciation) on futures contracts	(95,869)
		$	172,908		$	(363,262)

Counterparty Risk — The funds are subject to counterparty risk, or the risk that an institution will fail to perform its obligations to the funds. The investment advisor attempts to minimize counterparty risk prior to entering into transactions by performing extensive reviews of the creditworthiness of all potential counterparties. The funds may also enter into agreements that provide provisions for legally enforceable master netting arrangements to manage the credit risk between counterparties related to forward foreign currency exchange contracts and/or over-the-counter swap agreements. A master netting arrangement provides for the net settlement of multiple contracts with a single counterparty through a single payment in the event of default or termination of any one contract. To mitigate counterparty risk, the funds may receive assets or be required to pledge assets at the custodian bank or with a broker as designated under prescribed collateral provisions.

The funds do not offset assets and liabilities subject to master netting arrangements on the Statement of

Assets and Liabilities for financial reporting purposes. The funds' asset derivatives and liability derivatives that

are subject to legally enforceable offsetting arrangements as of period end were as follows:


Emerging Markets Bond ETF
Counterparty	Gross Amount on Statement of Assets and Liabilities		Amount Eligible for Offset	Collateral	Net Exposure*
Assets
Bank of America N.A.	$	303,326	—	—	$	303,326
Barclays Bank plc	303,268		—	—	303,268
Morgan Stanley	3,364		—	—	3,364
	$	609,958	—	—	$	609,958

*The net expense represents the amount receivable from the counterparty or amount payable to the

counterparty in the event of default or termination.

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.

The funds may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments or a change in the cost of temporary borrowing for the fund.

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.

The funds may invest in high-yield and lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.

The majority of Emerging Markets Bond ETF and Multisector Income ETF are owned by a relatively small number of shareholders. To the extent that a large shareholder (including a fund of funds) invests in the funds, the funds may experience relatively large redemptions as such shareholder reallocates its assets. In the event of a large shareholder redemption, the ongoing operations of the funds may be at risk.

A fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

The novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the funds.

9. Federal Tax Information

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.

As of period end, the components of investments for federal income tax purposes were as follows:


	Diversified Corporate Bond ETF		Diversified Municipal Bond ETF		Emerging Markets Bond ETF		Multisector Income ETF		Select High Yield ETF
Federal tax cost of investments	$	158,633,562	$	231,591,871	$	28,355,720	$	118,087,054	$	44,663,207
Gross tax appreciation of investments	$	32,931	$	1,454,966	$	2,022	$	32,014	$	11,873
Gross tax depreciation of investments	(5,340,405)		(4,734,515)		(2,949,504)		(4,926,961)		(1,502,391)
Net tax appreciation (depreciation) of investments	$	(5,307,474)	$	(3,279,549)	$	(2,947,482)	$	(4,894,947)	$	(1,490,518)

For Diversified Corporate Bond ETF, Diversified Municipal Bond ETF and Multisector Income ETF, the difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Emerging Markets Bond ETF and Select High Yield ETF.

As of August 31, 2021, the funds had accumulated capital losses which 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. Capital loss carryovers were as follows:


	Short-term capital losses	Long-term capital losses
Diversified Municipal Bond ETF	$(67,852)	$(10,881)
Emerging Markets Bond ETF	$(5,148)	—
Multisector Income ETF	$(98,393)	—

As of August 31, 2021, Diversified Corporate Bond ETF had post-October capital loss deferral of $(40,336) which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.


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:			Distributions From:						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	Net Investment Income	Net Realized Gains	Total Distributions	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)
Diversified Corporate Bond ETF
2022(4)	$52.70	0.47	(2.61)	(2.14)	(0.41)	—	(0.41)	0.00(5)	$50.15	(4.09)%	0.29%(6)	1.85%(6)	97%	$150,446
2021	$52.72	0.93	0.66	1.59	(1.39)	(0.22)	(1.61)	0.00(5)	$52.70	3.08%	0.29%	1.77%	182%	$152,828
2020	$51.38	1.28	1.47	2.75	(1.40)	(0.03)	(1.43)	0.02	$52.72	5.48%	0.29%	2.50%	174%	$121,260
2019	$48.77	1.67	2.45	4.12	(1.54)	—	(1.54)	0.03	$51.38	8.70%	0.39%	3.37%	35%	$64,334
2018(7)	$50.00	0.96	(1.41)	(0.45)	(0.82)	—	(0.82)	0.04	$48.77	(0.77)%	0.45%(6)	3.09%(6)	38%	$12,291


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)Six months ended February 28, 2022 (unaudited).

(5)Per-share amount was less than $0.005.

(6)Annualized.

(7)January 11, 2018 (fund inception) through August 31, 2018.

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)
Diversified Municipal Bond ETF
2022(4)	$55.48	0.40	(2.19)	(1.79)	(0.38)	0.02	$53.33	(3.19)%	0.29%(5)	1.46%(5)	18%	$226,673
2021	$53.61	1.00	1.83	2.83	(1.05)	0.09	$55.48	5.50%	0.29%	1.82%	14%	$163,663
2020	$53.37	1.19	0.11	1.30	(1.15)	0.09	$53.61	2.66%	0.29%	2.26%	23%	$67,018
2019(6)	$50.00	1.36	3.16	4.52	(1.25)	0.10	$53.37	9.42%	0.29%(5)	2.74%(5)	19%	$26,684


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)Six months ended February 28, 2022 (unaudited).

(5)Annualized.

(6)September 10, 2018 (fund inception) through August 31, 2019.

See Notes to Financial Statements.


For a Share Outstanding Throughout the Periods 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)
Emerging Markets Bond ETF
2022(4)	$50.30	1.07	(5.94)	(4.87)	(1.03)	0.00(5)	$44.40	(9.72)%	0.39%(6)	4.47%(6)	26%	$26,639
2021(7)	$50.00	0.36	0.11	0.47	(0.17)	0.00(5)	$50.30	0.95%	0.39%(6)	4.14%(6)	7%	$22,636


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)Six months ended February 28, 2022 (unaudited).

(5)Per-share amount was less than $0.005.

(6)Annualized.

(7)June 29, 2021 (fund inception) through August 31, 2021.

See Notes to Financial Statements.


For a Share Outstanding Throughout the Periods 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)
Multisector Income ETF
2022(4)	$50.24	0.84	(2.77)	(1.93)	(0.80)	0.02	$47.53	(3.85)%	0.35%(5)	3.45%(5)	82%	$114,068
2021(6)	$50.00	0.27	0.02	0.29	(0.13)	0.08	$50.24	0.75%	0.35%(5)	3.08%(5)	75%	$82,904


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)Six months ended February 28, 2022 (unaudited).

(5)Annualized.

(6)June 29, 2021 (fund inception) through August 31, 2021.

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)
Select High Yield ETF
2022(4)	$50.00	0.56	(1.92)	(1.36)	(0.41)	0.01	$48.24	(2.73)%	0.45%(5)	4.03%(5)	4%	$43,416


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)November 16, 2021 (fund inception) through February 28, 2022 (unaudited).

(5)Annualized.

See Notes to Financial Statements.


Approval of Management and Subadvisory Agreements

American Century Select High Yield ETF

At a meeting held on August 13, 2021, the Funds’ Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the American Century Select High Yield ETF (the "New Fund"). Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.

In advance of the Board’s consideration, the Advisor provided information concerning the New Fund. The materials circulated and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Fund's characteristics and key attributes, the rationale for launching the New Fund, the experience of the staff designated to manage the New Fund, the proposed pricing, and the markets in which the New Fund would be sold. The information considered and the discussions held included, but were not limited to:

•the nature, extent, and quality of investment management and other services to be provided to the New Fund;

•the wide range of other programs and services the Advisor would provide to the New Fund and its shareholders on a routine and non-routine basis;

•the New Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;

•the cost of owning the New Fund compared to the cost of owning similar funds;

•the Advisor’s compliance policies, procedures, and regulatory experience; and

•any collateral benefits derived by the Advisor from the management of the New Fund.

Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of the New Fund were anticipated to be below the median of the total expense ratios of their respective peer universe.

When considering the approval of the management agreement for the New Fund, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Fund and the risk that the New Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. The Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the New Fund.

The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ counsel in connection with the approval, and evaluated such information for the New Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the New Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.

Approval of Subadvisory Agreement

The Advisor has retained Nomura Corporate Research and Asset Management Inc. (the "Subadvisor") to serve as subadvisor for the New Fund. The Subadvisor makes investment recommendations for the New Fund by delivering a model portfolio together with portfolio parameters to the Advisor. The Advisor has investment discretion to implement the model portfolio delivered by the Subadvisor.

The Funds' Board of Trustees, in considering the approval of the subadvisory agreement (the “Subadvisory Agreement”) received detailed information regarding the Subadvisor and the experience of those designated to manage the New Fund. The Board also received a recommendation from the Advisor to approve the Subadvisor.The information considered and the discussions held with regard to the Subadvisor included, but were not limited to:

• the nature, extent, and quality of investment management services to be provided by the Subadvisor to the New Fund;

• the Subadvisor’s breadth of experience in managing its particular investment strategy and in managing investments generally;

• the expected composition and liquidity of the securities held in the New Fund;

• data comparing the performance of the Subadvisor’s proposed investment strategies employed in similar accounts to appropriate benchmarks; and

• the compliance policies, procedures, and regulatory experience of the Subadvisor, including management of other registered investment companies, if applicable.

The independent Trustees noted that the compensation paid to the Subadvisor would be paid by the Advisor out of the New Fund’s unified fee. They also noted that the terms of the Subadvisory Agreement was the result of arms’ length negotiations between the Advisor and the Subadvisor. The independent Trustees considered all of the information provided by the Advisor, the Subadvisor, and the independent Trustees’ counsel in connection with the approval, and concluded that they had sufficient information to evaluate the proposed agreement on behalf of the New Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. Based on all of the information considered, the independent Trustees concluded that the Subadvisory Agreement with the Subadvisor was fair and reasonable in light of the services to be provided and should be approved.


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.


Notes




Contact Us			americancenturyetfs.com
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies			1-833-ACI-ETFS
Telecommunications Relay Service for the Deaf			711

American Century ETF Trust

Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc.

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.

©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96947 2204