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Annual Report
August 31, 2022
Avantis® Responsible U.S. Equity ETF (AVSU)




























Table of Contents

Chairman’s Letter
Avantis Responsible U.S. Equity ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Example 6
Schedule of Investments
Statement of Assets and Liabilities
Statement of Operations
Statement of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Additional Information

























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


Chairman's Letter

jthomasrev0514a66.jpg Jonathan Thomas

Dear Investor:

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

Mounting Market Challenges Hampered Performance

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

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

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

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

Staying Disciplined in Uncertain Times

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

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

Sincerely,
image48a16.jpg
Jonathan Thomas
Chairman
Avantis Investors
2

Performance
Avantis Responsible U.S. Equity ETF (AVSU)
Total Returns as of August 31, 2022 Since Inception Inception Date
Net Asset Value -7.32% 3/15/2022
Market Price -7.28% 3/15/2022
Russell 3000 Index -6.58% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.


Total Annual Fund Operating Expenses
0.15%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.



























Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-833-928-2684 or visit avantisinvestors.com. For additional information about the fund, please consult the prospectus.
3

Portfolio Commentary
Portfolio Managers: Eduardo Repetto, Mitch Firestein, Daniel Ong, Ted Randall and Matthew Dubin

Fund Strategy

Avantis Responsible U.S. Equity ETF seeks long-term capital appreciation by investing in a diverse group of U.S. companies across market sectors, industry groups and market capitalizations.

The fund limits its investable universe of companies by screening out companies that do not meet certain environmental, social and governance (ESG) metrics. The fund uses third-party commercial data sources and scoring systems as well as proprietary evaluations to decide which securities to exclude due to ESG concerns. Within the investable universe, the fund seeks securities of companies that it expects to have higher returns. It places an enhanced emphasis on securities of companies with smaller market capitalizations and securities of companies it defines as high profitability or value companies. Conversely, the fund seeks to underweight or exclude securities it expects to have lower returns. These include securities of large companies with lower levels of profitability and higher prices relative to their book values or other financial metrics. Under normal market conditions, the fund will invest at least 80% of its assets in equity securities of U.S. companies.
The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell and hold decisions. When buying or selling a security, the portfolio managers may consider the trade-off between expected returns of the security and implementation or tax costs of the trade. They do this in an attempt to gain trading efficiencies, avoid unnecessary risk and enhance fund performance.

Performance Review

For the period from the fund’s inception on March 15, 2022, through August 31, 2022, Avantis Responsible U.S. Equity ETF returned -7.28%* on a market price basis. On a net asset value (NAV) basis, the fund returned -7.32%. NAV and market price returns reflect fees and operating expenses, while index returns do not.

The fund underperformed the total U.S. stock market, as measured by the Russell 3000 Index, which returned -6.58% for the reporting period. The Russell 3000 Index is an unmanaged index generally representative of the performance of the broad U.S. stock market, including all capitalization categories.

The underperformance was largely due to the fund’s environmental screen. This screen resulted in an underweight to the energy sector, which outperformed for the reporting period. Meanwhile, the fund’s emphasis on companies with the highest book-to-market and profitability characteristics aided relative performance.











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

A strategy or emphasis on environmental, social and governance factors (ESG) may limit the investment opportunities available to a portfolio. Therefore, the portfolio may underperform or perform differently than other portfolios that do not have an ESG investment focus. A portfolio’s ESG investment focus may also result in the portfolio investing in securities or industry sectors that perform differently or maintain a different risk profile than the market generally or compared to underlying holdings that are not screened for ESG standards.
4

Fund Characteristics
AUGUST 31, 2022
Avantis Responsible U.S. Equity ETF
Types of Investments in Portfolio % of net assets
Common Stocks 99.8%
Short-Term Investments 0.2%
Other Assets and Liabilities —*
*Category is less than 0.05% of total net assets.
Top Five Industries % of net assets
Software 6.8%
Banks 6.7%
Semiconductors and Semiconductor Equipment 5.9%
Technology Hardware, Storage and Peripherals 5.8%
Insurance 5.4%

5

Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2022 to August 31, 2022 (except as noted).

Actual Expenses

The table provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. 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
3/1/22		 Ending
Account Value
8/31/22
Expenses Paid
During Period(1)
3/1/22 - 8/31/22
Annualized
Expense Ratio(1)
Avantis Responsible U.S. Equity ETF
Actual $1,000 $926.80
$0.67(2)
 0.15%
Hypothetical $1,000 $1,024.45 $0.77 0.15%
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 170, the number of days in the period from March 15, 2022 (fund inception) through August 31, 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.
6

Schedule of Investments

AUGUST 31, 2022
Avantis Responsible U.S. Equity ETF
Shares Value
COMMON STOCKS — 99.8%


Aerospace and Defense — 0.3%
Archer Aviation, Inc., Class A(1)
62  $ 220 
Hexcel Corp. 184  10,795 
Kaman Corp. 92  2,918 
L3Harris Technologies, Inc. 92  20,994 
Northrop Grumman Corp. 69  32,981 
Parsons Corp.(1)
69  2,855 
Terran Orbital Corp.(1)
31  130 
Woodward, Inc. 115  10,703 
81,596 
Air Freight and Logistics — 1.3%
CH Robinson Worldwide, Inc. 115  13,127 
Expeditors International of Washington, Inc. 410  42,185 
FedEx Corp. 531  111,940 
Forward Air Corp. 74  7,181 
GXO Logistics, Inc.(1)
184  8,166 
Hub Group, Inc., Class A(1)
130  10,375 
Radiant Logistics, Inc.(1)
391  2,737 
United Parcel Service, Inc., Class B 1,058  205,792 
401,503 
Airlines†
Joby Aviation, Inc.(1)
30  159 
Auto Components — 0.5%
American Axle & Manufacturing Holdings, Inc.(1)
736  7,618 
Aptiv PLC(1)
299  27,936 
Autoliv, Inc. 437  33,994 
BorgWarner, Inc. 759  28,614 
Dana, Inc. 345  5,337 
Gentex Corp. 575  15,692 
Gentherm, Inc.(1)
115  6,888 
Goodyear Tire & Rubber Co.(1)
1,104  15,489 
Lear Corp. 161  22,321 
Motorcar Parts of America, Inc.(1)
138  2,051 
Standard Motor Products, Inc. 69  2,532 
Visteon Corp.(1)
46  5,512 
173,984 
Automobiles — 2.0%
Ford Motor Co. 4,623  70,454 
General Motors Co. 2,714  103,702 
Harley-Davidson, Inc. 690  26,613 
Lucid Group, Inc.(1)(2)
345  5,292 
Rivian Automotive, Inc., Class A(1)
92  3,009 
Tesla, Inc.(1)
1,449  399,359 
Thor Industries, Inc. 161  13,043 
Winnebago Industries, Inc. 184  10,595 
Workhorse Group, Inc.(1)(2)
690  2,160 
634,227 
7

Avantis Responsible U.S. Equity ETF
Shares Value
Banks — 6.7%
ACNB Corp.(2)
69  $ 2,454 
Allegiance Bancshares, Inc. 92  3,897 
Associated Banc-Corp. 644  12,906 
Banc of California, Inc. 207  3,494 
BancFirst Corp. 69  7,442 
Bancorp, Inc.(1)
230  5,456 
Bank of America Corp. 5,566  187,073 
Bank of Hawaii Corp. 161  12,561 
Bank OZK 506  20,508 
BankUnited, Inc. 345  12,782 
Bankwell Financial Group, Inc. 69  2,175 
Banner Corp. 161  9,782 
Bar Harbor Bankshares 92  2,606 
Baycom Corp. 115  2,140 
BCB Bancorp, Inc. 138  2,484 
Berkshire Hills Bancorp, Inc. 184  5,191 
BOK Financial Corp. 115  10,220 
Byline Bancorp, Inc. 115  2,508 
Camden National Corp. 69  3,121 
Carter Bankshares, Inc.(1)
161  2,652 
Central Pacific Financial Corp. 161  3,508 
Citigroup, Inc. 2,875  140,329 
Citizens Financial Group, Inc. 1,311  48,087 
City Holding Co. 46  3,910 
Columbia Banking System, Inc. 253  7,577 
Comerica, Inc. 529  42,479 
Commerce Bancshares, Inc. 322  22,144 
Community Bank System, Inc. 115  7,519 
Cullen/Frost Bankers, Inc. 138  17,934 
Eagle Bancorp, Inc. 138  6,697 
East West Bancorp, Inc. 529  38,178 
F.N.B. Corp. 1,196  14,256 
Farmers & Merchants Bancorp, Inc. 69  1,971 
Fifth Third Bancorp 1,771  60,480 
First BanCorp 897  12,827 
First Bancorp, Inc. 92  2,668 
First Business Financial Services, Inc. 92  3,062 
First Citizens BancShares, Inc., Class A 23  18,675 
First Financial Bancorp 299  6,452 
First Financial Bankshares, Inc. 299  12,710 
First Financial Corp. 69  3,208 
First Hawaiian, Inc. 391  10,053 
First Horizon Corp. 2,162  48,904 
First Interstate Bancsystem, Inc., Class A 184  7,408 
First of Long Island Corp. 115  2,117 
First Republic Bank 207  31,429 
Flushing Financial Corp. 138  2,850 
German American Bancorp, Inc. 92  3,456 
Glacier Bancorp, Inc. 230  11,656 
Home BancShares, Inc. 460  10,824 
8

Avantis Responsible U.S. Equity ETF
Shares Value
HomeStreet, Inc. 115  $ 4,003 
HomeTrust Bancshares, Inc. 92  2,136 
Huntington Bancshares, Inc. 2,599  34,827 
Independent Bank Corp. (Massachusetts) 138  10,796 
Independent Bank Corp. (Michigan) 115  2,360 
JPMorgan Chase & Co. 2,645  300,816 
KeyCorp 3,243  57,369 
Lakeland Bancorp, Inc. 230  3,747 
M&T Bank Corp. 506  91,981 
Meridian Corp. 69  2,092 
NBT Bancorp, Inc. 184  7,136 
Northeast Bank 69  2,675 
OFG Bancorp 322  8,758 
Pacific Premier Bancorp, Inc. 322  10,549 
PacWest Bancorp 552  14,534 
Park National Corp. 46  6,064 
Parke Bancorp, Inc. 115  2,551 
Pathward Financial, Inc. 92  3,032 
PCB Bancorp. 115  2,160 
Pinnacle Financial Partners, Inc. 161  12,994 
PNC Financial Services Group, Inc. 529  83,582 
Popular, Inc. 437  33,745 
Premier Financial Corp. 161  4,350 
Prosperity Bancshares, Inc. 230  16,302 
Regions Financial Corp. 2,921  63,298 
Renasant Corp. 161  5,368 
Sandy Spring Bancorp, Inc. 207  7,974 
Seacoast Banking Corp. of Florida 207  6,690 
Sierra Bancorp 92  1,906 
Signature Bank 138  24,062 
Silvergate Capital Corp., Class A(1)
46  4,192 
SVB Financial Group(1)
115  46,750 
Synovus Financial Corp. 690  27,710 
Truist Financial Corp. 1,794  84,031 
Trustmark Corp. 207  6,529 
U.S. Bancorp 1,863  84,971 
UMB Financial Corp. 138  12,347 
Umpqua Holdings Corp. 966  17,137 
United Community Banks, Inc. 368  12,339 
Unity Bancorp, Inc. 92  2,579 
Valley National Bancorp 1,288  14,967 
Washington Federal, Inc. 253  8,099 
Webster Financial Corp. 460  21,643 
Western Alliance Bancorp 345  26,468 
Wintrust Financial Corp. 253  21,338 
Zions Bancorp NA 644  35,439 
2,169,216 
Beverages — 1.5%
Boston Beer Co., Inc., Class A(1)
4  1,348 
Brown-Forman Corp., Class A 92  6,493 
Brown-Forman Corp., Class B 667  48,491 
9

Avantis Responsible U.S. Equity ETF
Shares Value
Coca-Cola Co. 2,185  $ 134,836 
Constellation Brands, Inc., Class A 161  39,614 
Duckhorn Portfolio, Inc.(1)
26  474 
Keurig Dr Pepper, Inc. 598  22,796 
Molson Coors Beverage Co., Class B 506  26,145 
Monster Beverage Corp.(1)
348  30,913 
PepsiCo, Inc. 920  158,488 
Vintage Wine Estates, Inc.(1)(2)
73  432 
470,030 
Biotechnology — 3.6%
2seventy bio, Inc.(1)
102  1,502 
AbbVie, Inc. 1,334  179,370 
Agios Pharmaceuticals, Inc.(1)
156  3,978 
Alkermes PLC(1)
355  8,403 
Alnylam Pharmaceuticals, Inc.(1)
23  4,753 
Altimmune, Inc.(1)
142  3,135 
Amgen, Inc. 460  110,538 
AnaptysBio, Inc.(1)
92  2,136 
Anika Therapeutics, Inc.(1)
10  226 
Arcellx, Inc.(1)
127  2,282 
Arcus Biosciences, Inc.(1)
92  2,215 
Biogen, Inc.(1)
238  46,500 
BioMarin Pharmaceutical, Inc.(1)
276  24,619 
Bioxcel Therapeutics, Inc.(1)(2)
23  315 
Bluebird Bio, Inc.(1)
173  1,010 
Blueprint Medicines Corp.(1)
8  586 
Catalyst Pharmaceuticals, Inc.(1)
531  7,190 
ChemoCentryx, Inc.(1)
97  4,945 
Concert Pharmaceuticals, Inc.(1)
24  158 
Crinetics Pharmaceuticals, Inc.(1)
92  1,737 
CureVac NV(1)
28  276 
Deciphera Pharmaceuticals, Inc.(1)
109  1,769 
Denali Therapeutics, Inc.(1)
92  2,546 
Dynavax Technologies Corp.(1)
747  8,568 
Editas Medicine, Inc.(1)
188  2,764 
Emergent BioSolutions, Inc.(1)
138  3,315 
Enanta Pharmaceuticals, Inc.(1)
46  2,800 
Entrada Therapeutics, Inc.(1)
79  998 
EQRx, Inc.(1)
1,304  6,377 
Exact Sciences Corp.(1)
92  3,271 
Exelixis, Inc.(1)
690  12,241 
Gilead Sciences, Inc. 2,493  158,231 
Halozyme Therapeutics, Inc.(1)
483  19,673 
Ideaya Biosciences, Inc.(1)
101  993 
Incyte Corp.(1)
322  22,678 
Intellia Therapeutics, Inc.(1)
10  601 
Ionis Pharmaceuticals, Inc.(1)
192  8,164 
Ironwood Pharmaceuticals, Inc.(1)
808  8,694 
Kezar Life Sciences, Inc.(1)
184  1,891 
Kura Oncology, Inc.(1)
171  2,370 
Ligand Pharmaceuticals, Inc.(1)
68  6,282 
10

Avantis Responsible U.S. Equity ETF
Shares Value
Madrigal Pharmaceuticals, Inc., ADR(1)
30  $ 2,164 
Mersana Therapeutics, Inc.(1)
209  1,567 
Merus NV(1)(2)
92  2,179 
Mirati Therapeutics, Inc.(1)
6  486 
Moderna, Inc.(1)
457  60,447 
Myriad Genetics, Inc.(1)
92  2,055 
Neurocrine Biosciences, Inc.(1)
138  14,439 
Organogenesis Holdings, Inc.(1)
34  122 
Ovid therapeutics, Inc.(1)
690  1,387 
Point Biopharma Global, Inc.(1)(2)
254  2,476 
Prometheus Biosciences, Inc.(1)
92  4,812 
Prothena Corp. PLC(1)
83  2,288 
PTC Therapeutics, Inc.(1)
32  1,598 
Regeneron Pharmaceuticals, Inc.(1)
230  133,644 
REGENXBIO, Inc.(1)
211  6,224 
Relay Therapeutics, Inc.(1)
115  2,642 
Rigel Pharmaceuticals, Inc.(1)
904  1,284 
Rocket Pharmaceuticals, Inc.(1)
115  1,772 
Seagen, Inc.(1)
96  14,812 
Tango Therapeutics, Inc.(1)
123  504 
Tyra Biosciences, Inc.(1)
10  66 
Ultragenyx Pharmaceutical, Inc.(1)
46  2,194 
United Therapeutics Corp.(1)
138  31,274 
Vanda Pharmaceuticals, Inc.(1)
207  2,190 
Vertex Pharmaceuticals, Inc.(1)
621  174,973 
Verve Therapeutics, Inc.(1)
6  230 
Xencor, Inc.(1)
145  3,827 
Y-mAbs Therapeutics, Inc.(1)
11  177 
1,151,933 
Building Products — 0.8%
Advanced Drainage Systems, Inc. 46  6,242 
Allegion PLC 115  10,936 
AO Smith Corp. 437  24,669 
Apogee Enterprises, Inc. 115  4,697 
Armstrong World Industries, Inc. 253  21,249 
Builders FirstSource, Inc.(1)
736  43,137 
Carlisle Cos., Inc. 46  13,600 
Carrier Global Corp. 552  21,594 
Fortune Brands Home & Security, Inc. 138  8,477 
Gibraltar Industries, Inc.(1)
23  963 
Griffon Corp. 138  4,326 
Hayward Holdings, Inc.(1)
138  1,450 
Insteel Industries, Inc. 115  3,324 
Johnson Controls International PLC 207  11,207 
Lennox International, Inc. 23  5,523 
Masco Corp. 161  8,190 
Masonite International Corp.(1)
117  9,573 
PGT Innovations, Inc.(1)
215  4,498 
Quanex Building Products Corp. 115  2,565 
Trane Technologies PLC 115  17,718 
Trex Co., Inc.(1)
138  6,457 
11

Avantis Responsible U.S. Equity ETF
Shares Value
UFP Industries, Inc. 161  $ 12,782 
Zurn Elkay Water Solutions Corp. 368  10,149 
253,326 
Capital Markets — 5.0%
Affiliated Managers Group, Inc. 23  2,929 
Ameriprise Financial, Inc. 391  104,792 
Ares Management Corp., Class A 138  10,231 
Artisan Partners Asset Management, Inc., Class A 276  9,318 
Bank of New York Mellon Corp. 1,288  53,491 
BlackRock, Inc. 92  61,308 
Blackstone, Inc. 1,058  99,389 
Carlyle Group, Inc. 966  31,424 
Cboe Global Markets, Inc. 92  10,853 
Charles Schwab Corp. 1,472  104,438 
CME Group, Inc. 345  67,485 
Cohen & Steers, Inc. 138  9,850 
Coinbase Global, Inc., Class A(1)
253  16,900 
Cowen, Inc., Class A 115  4,422 
Diamond Hill Investment Group, Inc. 23  3,934 
Donnelley Financial Solutions, Inc.(1)
92  3,905 
Evercore, Inc., Class A 161  15,084 
FactSet Research Systems, Inc. 69  29,900 
Federated Hermes, Inc. 230  7,834 
Franklin Resources, Inc. 667  17,389 
Goldman Sachs Group, Inc. 506  168,331 
Houlihan Lokey, Inc. 299  23,472 
Interactive Brokers Group, Inc., Class A 92  5,666 
Intercontinental Exchange, Inc. 184  18,556 
Invesco Ltd. 1,104  18,183 
Janus Henderson Group PLC 391  9,149 
Jefferies Financial Group, Inc. 920  29,523 
KKR & Co., Inc. 851  43,027 
Lazard Ltd., Class A 437  15,885 
LPL Financial Holdings, Inc. 161  35,634 
MarketAxess Holdings, Inc. 69  17,153 
Moelis & Co., Class A 276  11,498 
Moody's Corp. 115  32,720 
Morgan Stanley 1,725  147,004 
Morningstar, Inc. 23  5,244 
MSCI, Inc. 23  10,333 
Nasdaq, Inc. 69  4,108 
Northern Trust Corp. 483  45,928 
Open Lending Corp., Class A(1)
322  3,127 
Piper Sandler Cos. 115  13,176 
Raymond James Financial, Inc. 575  60,013 
S&P Global, Inc. 207  72,901 
SEI Investments Co. 483  26,420 
State Street Corp. 598  40,873 
StepStone Group, Inc., Class A 161  4,394 
Stifel Financial Corp. 460  27,283 
T. Rowe Price Group, Inc. 322  38,640 
12

Avantis Responsible U.S. Equity ETF
Shares Value
Tradeweb Markets, Inc., Class A 92  $ 6,402 
Victory Capital Holdings, Inc., Class A 138  3,696 
Virtu Financial, Inc., Class A 690  15,842 
1,619,057 
Chemicals — 0.9%
AdvanSix, Inc. 184  6,672 
Albemarle Corp. 207  55,468 
Avient Corp. 173  7,583 
Axalta Coating Systems Ltd.(1)
368  9,476 
Balchem Corp. 42  5,536 
Chase Corp. 21  1,851 
DuPont de Nemours, Inc. 483  26,874 
Ecolab, Inc. 92  15,072 
Element Solutions, Inc. 115  2,147 
Huntsman Corp. 828  23,200 
Ingevity Corp.(1)
191  13,397 
Innospec, Inc. 69  6,449 
International Flavors & Fragrances, Inc. 184  20,328 
Kronos Worldwide, Inc. 161  2,074 
Livent Corp.(1)
248  7,981 
Minerals Technologies, Inc. 92  5,360 
PPG Industries, Inc. 138  17,523 
PureCycle Technologies, Inc.(1)
147  1,342 
Rayonier Advanced Materials, Inc.(1)
165  746 
Sherwin-Williams Co. 207  48,045 
Stepan Co. 66  6,879 
Trinseo PLC 276  7,322 
291,325 
Commercial Services and Supplies — 0.5%
ACCO Brands Corp. 210  1,245 
Aris Water Solution, Inc., Class A 70  1,190 
Brady Corp., Class A 92  4,282 
Brink's Co. 115  6,357 
Cimpress PLC(1)
4  134 
Cintas Corp. 92  37,429 
Civeo Corp.(1)
115  3,411 
Clean Harbors, Inc.(1)
138  16,204 
Copart, Inc.(1)
253  30,272 
Deluxe Corp. 92  1,770 
Ennis, Inc. 138  2,930 
Healthcare Services Group, Inc. 138  1,942 
HNI Corp. 138  4,416 
IAA, Inc.(1)
161  5,999 
Interface, Inc. 253  2,826 
KAR Auction Services, Inc.(1)
287  4,190 
Li-Cycle Holdings Corp.(1)
239  1,723 
MSA Safety, Inc. 23  2,734 
Pitney Bowes, Inc. 97  281 
Rollins, Inc. 207  6,988 
SP Plus Corp.(1)
47  1,558 
Steelcase, Inc., Class A 207  2,314 
13

Avantis Responsible U.S. Equity ETF
Shares Value
Tetra Tech, Inc. 46  $ 6,247 
UniFirst Corp. 23  4,146 
Viad Corp.(1)
7  267 
150,855 
Communications Equipment — 0.6%
ADTRAN Holdings, Inc. 138  3,207 
Arista Networks, Inc.(1)
299  35,844 
Ciena Corp.(1)
368  18,672 
Cisco Systems, Inc. 1,564  69,942 
CommScope Holding Co., Inc.(1)
97  1,096 
Extreme Networks, Inc.(1)
414  5,933 
F5, Inc.(1)
46  7,225 
Juniper Networks, Inc. 276  7,844 
Lumentum Holdings, Inc.(1)
184  15,373 
Motorola Solutions, Inc. 69  16,795 
NETGEAR, Inc.(1)
71  1,675 
NetScout Systems, Inc.(1)
115  3,650 
ViaSat, Inc.(1)
324  12,306 
Viavi Solutions, Inc.(1)
437  6,153 
205,715 
Construction and Engineering — 0.1%
AECOM 46  3,365 
API Group Corp.(1)
253  3,934 
NV5 Global, Inc.(1)
25  3,519 
WillScot Mobile Mini Holdings Corp.(1)
483  19,388 
30,206 
Construction Materials — 0.1%
Vulcan Materials Co. 163  27,138 
Consumer Finance — 1.5%
Ally Financial, Inc. 1,449  48,107 
American Express Co. 437  66,424 
Bread Financial Holdings, Inc. 299  11,491 
Capital One Financial Corp. 966  102,222 
Credit Acceptance Corp.(1)(2)
23  12,238 
Discover Financial Services 943  94,762 
Encore Capital Group, Inc.(1)
184  10,061 
Enova International, Inc.(1)
92  3,214 
Green Dot Corp., Class A(1)
184  3,733 
LendingClub Corp.(1)
161  2,104 
Navient Corp. 552  8,495 
Nelnet, Inc., Class A 46  3,875 
OneMain Holdings, Inc. 621  21,692 
PRA Group, Inc.(1)
92  3,398 
PROG Holdings, Inc.(1)
207  3,838 
Regional Management Corp. 69  2,325 
SLM Corp. 1,587  24,249 
SoFi Technologies, Inc.(1)
1,035  6,127 
Synchrony Financial 2,024  66,286 
Upstart Holdings, Inc.(1)(2)
10  259 
World Acceptance Corp.(1)
23  2,674 
497,574 
14

Avantis Responsible U.S. Equity ETF
Shares Value
Containers and Packaging — 0.7%
AptarGroup, Inc. 138  $ 14,188 
Ardagh Metal Packaging SA 299  1,839 
Avery Dennison Corp. 92  16,893 
Ball Corp. 368  20,538 
Berry Global Group, Inc.(1)
92  4,998 
Crown Holdings, Inc. 166  15,038 
Graphic Packaging Holding Co. 345  7,683 
Greif, Inc., Class A 98  6,571 
Greif, Inc., Class B 12  783 
International Paper Co. 84  3,496 
Myers Industries, Inc. 147  2,840 
Packaging Corp. of America 417  57,096 
Sealed Air Corp. 322  17,327 
Silgan Holdings, Inc. 92  4,191 
Sonoco Products Co. 460  28,989 
TriMas Corp. 130  3,578 
WestRock Co. 828  33,608 
239,656 
Distributors — 0.3%
Funko, Inc., Class A(1)
83  1,848 
Genuine Parts Co. 345  53,824 
LKQ Corp. 414  22,033 
Pool Corp. 46  15,603 
93,308 
Diversified Consumer Services — 0.3%
ADT, Inc. 322  2,347 
Adtalem Global Education, Inc.(1)
115  4,334 
Bright Horizons Family Solutions, Inc.(1)
23  1,569 
frontdoor, Inc.(1)
138  3,240 
Graham Holdings Co., Class B 23  13,005 
Grand Canyon Education, Inc.(1)
184  14,974 
H&R Block, Inc. 138  6,210 
Laureate Education, Inc., Class A 230  2,535 
OneSpaWorld Holdings Ltd.(1)
253  2,229 
Perdoceo Education Corp.(1)
414  4,794 
Service Corp. International 322  19,871 
Strategic Education, Inc. 46  2,976 
Stride, Inc.(1)
138  5,263 
Udemy, Inc.(1)
230  3,418 
Universal Technical Institute, Inc.(1)
299  2,051 
88,816 
Diversified Financial Services — 0.5%
Apollo Global Management, Inc. 1,081  60,082 
Cannae Holdings, Inc.(1)
207  4,473 
Equitable Holdings, Inc. 2,024  60,214 
Voya Financial, Inc. 552  33,965 
158,734 
Diversified Telecommunication Services — 1.0%
AT&T, Inc. 4,071  71,405 
Cogent Communications Holdings, Inc. 46  2,450 
15

Avantis Responsible U.S. Equity ETF
Shares Value
Consolidated Communications Holdings, Inc.(1)
27  $ 155 
EchoStar Corp., Class A(1)
161  2,964 
Frontier Communications Parent, Inc.(1)
368  9,480 
Iridium Communications, Inc.(1)
485  21,529 
Lumen Technologies, Inc. 1,091  10,866 
Radius Global Infrastructure, Inc., Class A(1)
161  2,217 
Verizon Communications, Inc. 5,130  214,485 
335,551 
Electric Utilities — 0.6%
Constellation Energy Corp. 515  42,019 
Edison International 772  52,318 
Exelon Corp. 1,955  85,844 
Genie Energy Ltd., Class B 115  1,201 
181,382 
Electrical Equipment — 0.6%
Acuity Brands, Inc. 69  11,311 
AMETEK, Inc. 161  19,346 
Array Technologies, Inc.(1)
120  2,508 
Atkore, Inc.(1)
299  25,239 
AZZ, Inc. 69  2,940 
Bloom Energy Corp., Class A(1)
125  3,176 
ChargePoint Holdings, Inc.(1)(2)
161  2,620 
Eaton Corp. PLC 161  21,999 
Encore Wire Corp. 122  15,872 
EnerSys 69  4,304 
FREYR Battery SA(1)(2)
276  3,930 
FuelCell Energy, Inc.(1)(2)
696  2,916 
Generac Holdings, Inc.(1)
23  5,069 
GrafTech International Ltd. 552  3,246 
Hubbell, Inc. 69  14,235 
nVent Electric PLC 184  6,065 
Plug Power, Inc.(1)(2)
506  14,188 
Regal Rexnord Corp. 92  12,658 
Rockwell Automation, Inc. 46  10,899 
Sensata Technologies Holding PLC 69  2,779 
Sunrun, Inc.(1)
161  5,318 
Thermon Group Holdings, Inc.(1)
138  2,422 
Vertiv Holdings Co. 207  2,387 
195,427 
Electronic Equipment, Instruments and Components — 1.5%
Advanced Energy Industries, Inc. 138  12,391 
Amphenol Corp., Class A 276  20,294 
Arlo Technologies, Inc.(1)
253  1,541 
Arrow Electronics, Inc.(1)
138  14,464 
Avnet, Inc. 322  14,133 
Badger Meter, Inc. 46  4,356 
Belden, Inc. 46  3,012 
Benchmark Electronics, Inc. 92  2,525 
CDW Corp. 161  27,483 
Cognex Corp. 115  4,843 
Corning, Inc. 2,392  82,093 
16

Avantis Responsible U.S. Equity ETF
Shares Value
CTS Corp. 115  $ 4,867 
ePlus, Inc.(1)
56  2,639 
Fabrinet(1)
92  9,461 
Flex Ltd.(1)
1,978  35,228 
II-VI, Inc.(1)
308  14,547 
Insight Enterprises, Inc.(1)
69  6,287 
IPG Photonics Corp.(1)
69  6,251 
Jabil, Inc. 667  40,220 
Keysight Technologies, Inc.(1)
276  45,234 
Kimball Electronics, Inc.(1)
71  1,529 
Knowles Corp.(1)
207  3,136 
Littelfuse, Inc. 46  10,912 
Methode Electronics, Inc. 92  3,722 
Napco Security Technologies, Inc.(1)
50  1,483 
National Instruments Corp. 138  5,487 
Novanta, Inc.(1)
23  3,075 
OSI Systems, Inc.(1)
46  3,833 
PC Connection, Inc. 46  2,285 
Plexus Corp.(1)
58  5,436 
Sanmina Corp.(1)
299  14,507 
ScanSource, Inc.(1)
92  2,665 
TD SYNNEX Corp. 46  4,429 
TE Connectivity Ltd. 368  46,445 
Trimble, Inc.(1)
69  4,364 
TTM Technologies, Inc.(1)
350  5,506 
Vishay Intertechnology, Inc. 736  14,477 
Vishay Precision Group, Inc.(1)
31  1,064 
Vontier Corp. 184  4,033 
Zebra Technologies Corp., Class A(1)
23  6,938 
497,195 
Energy Equipment and Services†
National Energy Services Reunited Corp.(1)
103  723 
Newpark Resources, Inc.(1)
506  1,457 
Oil States International, Inc.(1)
322  1,578 
SEACOR Marine Holdings, Inc.(1)
24  156 
3,914 
Entertainment — 0.8%
AMC Entertainment Holdings, Inc., Class A(1)
332  3,028 
Electronic Arts, Inc. 230  29,180 
IMAX Corp.(1)
138  2,164 
Live Nation Entertainment, Inc.(1)
115  10,391 
Madison Square Garden Entertainment Corp.(1)
69  3,834 
Marcus Corp.(2)
138  2,220 
Netflix, Inc.(1)
161  35,993 
Playstudios, Inc.(1)
575  2,082 
Playtika Holding Corp.(1)
138  1,453 
Roku, Inc.(1)
46  3,128 
Take-Two Interactive Software, Inc.(1)
414  50,740 
Walt Disney Co.(1)
577  64,670 
Warner Bros Discovery, Inc.(1)
1,196  15,835 
17

Avantis Responsible U.S. Equity ETF
Shares Value
World Wrestling Entertainment, Inc., Class A 260  $ 17,683 
242,401 
Food and Staples Retailing — 1.8%
Albertsons Cos., Inc., Class A 375  10,316 
Andersons, Inc. 115  4,259 
BJ's Wholesale Club Holdings, Inc.(1)
345  25,699 
Costco Wholesale Corp. 401  209,362 
PriceSmart, Inc. 49  3,100 
SpartanNash Co. 236  7,182 
Sprouts Farmers Market, Inc.(1)
759  21,935 
Sysco Corp. 646  53,114 
United Natural Foods, Inc.(1)
368  16,221 
US Foods Holding Corp.(1)
73  2,235 
Walgreens Boots Alliance, Inc. 671  23,525 
Walmart, Inc. 1,541  204,260 
581,208 
Food Products — 0.9%
Alico, Inc. 24  815 
Campbell Soup Co. 184  9,270 
Darling Ingredients, Inc.(1)
552  41,985 
General Mills, Inc. 368  28,262 
Hershey Co. 207  46,507 
Hormel Foods Corp. 253  12,721 
J.M. Smucker Co. 207  28,978 
Kellogg Co. 207  15,057 
Lamb Weston Holdings, Inc. 391  31,096 
Lancaster Colony Corp. 46  7,753 
McCormick & Co., Inc. 92  7,735 
Mondelez International, Inc., Class A 851  52,643 
282,822 
Health Care Equipment and Supplies — 2.1%
Abbott Laboratories 1,150  118,047 
ABIOMED, Inc.(1)
46  11,927 
Align Technology, Inc.(1)
46  11,210 
Atrion Corp. 5  3,020 
Avanos Medical, Inc.(1)
92  2,266 
Baxter International, Inc. 276  15,859 
Becton Dickinson and Co. 115  29,028 
Boston Scientific Corp.(1)
920  37,085 
Cooper Cos., Inc. 46  13,222 
CryoPort, Inc.(1)
85  2,776 
Cue Health, Inc.(1)
233  776 
DENTSPLY SIRONA, Inc. 207  6,783 
DexCom, Inc.(1)
164  13,482 
Edwards Lifesciences Corp.(1)
557  50,186 
Embecta Corp. 49  1,564 
Glaukos Corp.(1)
92  4,467 
Globus Medical, Inc., Class A(1)
115  6,807 
Haemonetics Corp.(1)
109  8,178 
Hologic, Inc.(1)
921  62,223 
ICU Medical, Inc.(1)
12  1,908 
18

Avantis Responsible U.S. Equity ETF
Shares Value
IDEXX Laboratories, Inc.(1)
69  $ 23,986 
Inogen, Inc.(1)
58  1,660 
Insulet Corp.(1)
23  5,876 
Integer Holdings Corp.(1)
53  3,343 
Intuitive Surgical, Inc.(1)
138  28,392 
Medtronic PLC 690  60,665 
Meridian Bioscience, Inc.(1)
184  5,997 
Merit Medical Systems, Inc.(1)
95  5,627 
Neogen Corp.(1)
138  2,884 
Omnicell, Inc.(1)
14  1,432 
Penumbra, Inc.(1)
23  3,776 
PROCEPT BioRobotics Corp.(1)
95  3,846 
QuidelOrtho Corp.(1)
164  12,999 
ResMed, Inc. 69  15,174 
STERIS PLC 76  15,305 
Stryker Corp. 138  28,318 
Teleflex, Inc. 46  10,408 
UFP Technologies, Inc.(1)
46  4,277 
Utah Medical Products, Inc. 9  827 
Zimmer Biomet Holdings, Inc. 230  24,454 
Zimvie, Inc.(1)
93  1,415 
661,475 
Health Care Providers and Services — 3.2%
23andMe Holding Co., Class A(1)
450  1,517 
Acadia Healthcare Co., Inc.(1)
117  9,586 
Accolade, Inc.(1)
88  896 
agilon health, Inc.(1)
231  4,800 
AmerisourceBergen Corp. 253  37,080 
AMN Healthcare Services, Inc.(1)
208  21,349 
Apollo Medical Holdings, Inc.(1)
8  345 
Cardinal Health, Inc. 529  37,411 
Castle Biosciences, Inc.(1)
33  957 
Centene Corp.(1)
1,012  90,817 
Chemed Corp. 23  10,952 
Cigna Corp. 138  39,116 
CorVel Corp.(1)
23  3,574 
Cross Country Healthcare, Inc.(1)
64  1,624 
CVS Health Corp. 529  51,921 
DaVita, Inc.(1)
69  5,885 
Elevance Health, Inc. 276  133,890 
Encompass Health Corp. 46  2,234 
Enhabit, Inc.(1)
11  183 
Ensign Group, Inc. 230  19,619 
Fulgent Genetics, Inc.(1)
78  3,391 
Guardant Health, Inc.(1)
46  2,303 
HCA Healthcare, Inc. 92  18,204 
HealthEquity, Inc.(1)
115  7,599 
Henry Schein, Inc.(1)
142  10,424 
Hims & Hers Health, Inc.(1)
235  1,495 
Humana, Inc. 131  63,113 
Invitae Corp.(1)(2)
341  1,037 
19

Avantis Responsible U.S. Equity ETF
Shares Value
Laboratory Corp. of America Holdings 207  $ 46,631 
McKesson Corp. 92  33,764 
ModivCare, Inc.(1)
23  2,491 
Molina Healthcare, Inc.(1)
276  93,114 
National Research Corp. 69  2,354 
Oak Street Health, Inc.(1)
107  2,803 
OPKO Health, Inc.(1)
891  1,942 
Owens & Minor, Inc. 322  9,502 
Patterson Cos., Inc. 219  6,108 
Premier, Inc., Class A 345  12,158 
Privia Health Group, Inc.(1)
115  4,576 
Quest Diagnostics, Inc. 69  8,646 
R1 RCM, Inc.(1)
281  6,140 
UnitedHealth Group, Inc. 397  206,174 
1,017,725 
Health Care Technology — 0.1%
Allscripts Healthcare Solutions, Inc.(1)
783  13,311 
American Well Corp., Class A(1)
626  2,848 
Change Healthcare, Inc.(1)
94  2,310 
Doximity, Inc., Class A(1)(2)
13  431 
Evolent Health, Inc., Class A(1)
115  4,226 
NextGen Healthcare, Inc.(1)
161  2,760 
Phreesia, Inc.(1)
82  2,104 
Simulations Plus, Inc. 30  1,802 
Teladoc Health, Inc.(1)
69  2,143 
Veeva Systems, Inc., Class A(1)
69  13,753 
45,688 
Hotels, Restaurants and Leisure — 1.7%
Airbnb, Inc., Class A(1)
138  15,610 
Aramark 92  3,285 
BJ's Restaurants, Inc.(1)
92  2,307 
Bloomin' Brands, Inc. 253  5,116 
Booking Holdings, Inc.(1)
69  129,431 
Cheesecake Factory, Inc.(2)
276  8,451 
Chipotle Mexican Grill, Inc.(1)
23  36,726 
Choice Hotels International, Inc. 138  15,830 
Chuy's Holdings, Inc.(1)
92  2,054 
Cracker Barrel Old Country Store, Inc. 138  14,896 
Darden Restaurants, Inc. 276  34,144 
Dave & Buster's Entertainment, Inc.(1)
92  3,803 
Expedia Group, Inc.(1)
184  18,888 
Hilton Grand Vacations, Inc.(1)
92  3,752 
Hilton Worldwide Holdings, Inc. 161  20,505 
Hyatt Hotels Corp., Class A(1)
253  22,674 
Jack in the Box, Inc. 46  3,674 
Marriott International, Inc., Class A 92  14,144 
Marriott Vacations Worldwide Corp. 23  3,276 
McDonald's Corp. 299  75,432 
Ruth's Hospitality Group, Inc. 230  4,191 
SeaWorld Entertainment, Inc.(1)
46  2,311 
Six Flags Entertainment Corp.(1)
69  1,528 
20

Avantis Responsible U.S. Equity ETF
Shares Value
Starbucks Corp. 322  $ 27,070 
Texas Roadhouse, Inc. 345  30,622 
Travel + Leisure Co. 69  2,926 
Vail Resorts, Inc. 23  5,168 
Wendy's Co. 322  6,176 
Wingstop, Inc. 23  2,619 
Wyndham Hotels & Resorts, Inc. 115  7,514 
Yum! Brands, Inc. 161  17,910 
542,033 
Household Durables — 0.8%
Beazer Homes USA, Inc.(1)
161  2,293 
Cavco Industries, Inc.(1)
23  5,382 
Century Communities, Inc. 69  3,222 
D.R. Horton, Inc. 460  32,729 
Ethan Allen Interiors, Inc. 138  3,280 
Garmin Ltd. 161  14,247 
GoPro, Inc., Class A(1)
621  3,782 
Green Brick Partners, Inc.(1)
115  2,801 
Helen of Troy Ltd.(1)
3  371 
Hovnanian Enterprises, Inc., Class A(1)
46  1,844 
Installed Building Products, Inc. 23  2,083 
iRobot Corp.(1)
46  2,708 
KB Home 230  6,590 
La-Z-Boy, Inc. 138  3,642 
LGI Homes, Inc.(1)
23  2,183 
M.D.C. Holdings, Inc. 115  3,574 
M/I Homes, Inc.(1)
69  2,984 
Meritage Homes Corp.(1)
69  5,406 
Mohawk Industries, Inc.(1)
92  10,153 
Newell Brands, Inc. 598  10,674 
PulteGroup, Inc. 966  39,278 
Skyline Champion Corp.(1)
253  14,338 
Sonos, Inc.(1)
253  3,805 
Taylor Morrison Home Corp.(1)
667  16,748 
Tempur Sealy International, Inc. 299  7,478 
Toll Brothers, Inc. 322  14,100 
TopBuild Corp.(1)
23  4,226 
Tri Pointe Homes, Inc.(1)
575  9,965 
Whirlpool Corp. 253  39,620 
269,506 
Household Products — 1.2%
Church & Dwight Co., Inc. 322  26,955 
Clorox Co. 208  30,023 
Colgate-Palmolive Co. 1,058  82,746 
Energizer Holdings, Inc. 92  2,585 
Kimberly-Clark Corp. 529  67,458 
Procter & Gamble Co. 1,127  155,458 
Spectrum Brands Holdings, Inc. 230  14,488 
379,713 
21

Avantis Responsible U.S. Equity ETF
Shares Value
Independent Power and Renewable Electricity Producers — 0.1%
Brookfield Renewable Corp., Class A 253  $ 9,713 
Ormat Technologies, Inc.(2)
142  13,274 
Sunnova Energy International, Inc.(1)
276  6,961 
29,948 
Industrial Conglomerates — 0.1%
Honeywell International, Inc. 207  39,196 
Insurance — 5.4%
Aflac, Inc. 1,357  80,633 
Alleghany Corp.(1)
46  38,694 
Allstate Corp. 782  94,231 
American Financial Group, Inc. 276  35,240 
American International Group, Inc. 1,472  76,176 
AMERISAFE, Inc. 69  3,300 
Aon PLC, Class A 230  64,230 
Arch Capital Group Ltd.(1)
1,127  51,526 
Argo Group International Holdings Ltd. 92  1,806 
Arthur J. Gallagher & Co. 299  54,289 
Assurant, Inc. 138  21,872 
Assured Guaranty Ltd. 230  11,746 
Axis Capital Holdings Ltd. 483  25,671 
Brighthouse Financial, Inc.(1)
345  16,405 
Brown & Brown, Inc. 92  5,800 
Chubb Ltd. 483  91,311 
Cincinnati Financial Corp. 322  31,221 
CNA Financial Corp. 69  2,654 
CNO Financial Group, Inc. 460  8,469 
Employers Holdings, Inc. 92  3,603 
Erie Indemnity Co., Class A 69  14,830 
Everest Re Group Ltd. 138  37,129 
Fidelity National Financial, Inc. 1,127  44,066 
First American Financial Corp. 414  22,149 
Genworth Financial, Inc., Class A(1)
1,909  8,056 
Globe Life, Inc. 345  33,531 
Hanover Insurance Group, Inc. 138  17,856 
Hartford Financial Services Group, Inc. 1,127  72,477 
Hippo Holdings, Inc.(1)
1,196  1,160 
Horace Mann Educators Corp. 161  5,759 
Kemper Corp. 92  4,232 
Kinsale Capital Group, Inc. 69  17,497 
Lincoln National Corp. 391  18,009 
Markel Corp.(1)
23  27,465 
Marsh & McLennan Cos., Inc. 253  40,827 
Mercury General Corp. 92  2,935 
MetLife, Inc. 1,196  76,939 
Old Republic International Corp. 1,173  25,618 
Oscar Health, Inc., Class A(1)
299  1,982 
Primerica, Inc. 207  26,237 
Principal Financial Group, Inc. 828  61,901 
Progressive Corp. 713  87,449 
Prudential Financial, Inc. 644  61,663 
22

Avantis Responsible U.S. Equity ETF
Shares Value
Reinsurance Group of America, Inc. 276  $ 34,599 
RenaissanceRe Holdings Ltd. 138  18,666 
RLI Corp. 92  10,098 
Selective Insurance Group, Inc. 230  18,267 
Travelers Cos., Inc. 644  104,096 
Unum Group 690  26,116 
White Mountains Insurance Group Ltd. 23  31,510 
Willis Towers Watson PLC 92  19,028 
WR Berkley Corp. 575  37,260 
1,728,284 
Interactive Media and Services — 3.6%
Alphabet, Inc., Class A(1)
4,140  448,031 
Alphabet, Inc., Class C(1)
3,680  401,672 
Cars.com, Inc.(1)
483  6,158 
Match Group, Inc.(1)
92  5,201 
Meta Platforms, Inc., Class A(1)
1,457  237,389 
Pinterest, Inc., Class A(1)
345  7,949 
Shutterstock, Inc. 92  5,098 
Snap, Inc., Class A(1)
207  2,252 
TrueCar, Inc.(1)
100  218 
Twitter, Inc.(1)
460  17,825 
Yelp, Inc.(1)
138  4,715 
Ziff Davis, Inc.(1)
69  5,332 
ZoomInfo Technologies, Inc.(1)
92  4,179 
1,146,019 
Internet and Direct Marketing Retail — 2.0%
Amazon.com, Inc.(1)
4,600  583,142 
Chewy, Inc., Class A(1)
138  4,738 
DoorDash, Inc., Class A(1)
92  5,511 
eBay, Inc. 713  31,465 
Etsy, Inc.(1)
115  12,145 
Liquidity Services, Inc.(1)
161  2,816 
PetMed Express, Inc.(2)
92  1,892 
Quotient Technology, Inc.(1)
391  727 
Revolve Group, Inc.(1)(2)
35  822 
Wayfair, Inc., Class A(1)(2)
23  1,212 
644,470 
IT Services — 4.5%
Accenture PLC, Class A 460  132,692 
Akamai Technologies, Inc.(1)
345  31,147 
Amdocs Ltd. 230  19,658 
Automatic Data Processing, Inc. 667  163,021 
AvidXchange Holdings, Inc.(1)
138  1,075 
Broadridge Financial Solutions, Inc., ADR 115  19,685 
Cass Information Systems, Inc. 69  2,531 
Cloudflare, Inc., Class A(1)
46  2,878 
Cognizant Technology Solutions Corp., Class A 713  45,040 
Concentrix Corp. 69  8,679 
CSG Systems International, Inc. 161  9,314 
DigitalOcean Holdings, Inc.(1)
46  1,936 
DXC Technology Co.(1)
1,265  31,347 
23

Avantis Responsible U.S. Equity ETF
Shares Value
EPAM Systems, Inc.(1)
23  $ 9,809 
Euronet Worldwide, Inc.(1)
92  8,157 
EVERTEC, Inc. 209  7,022 
ExlService Holdings, Inc.(1)
46  7,715 
Fidelity National Information Services, Inc. 161  14,711 
Fiserv, Inc.(1)
170  17,202 
FleetCor Technologies, Inc.(1)
92  19,553 
Gartner, Inc.(1)
115  32,812 
Genpact Ltd. 161  7,564 
Global Payments, Inc. 93  11,553 
Globant SA(1)
36  7,588 
GoDaddy, Inc., Class A(1)
322  24,414 
Hackett Group, Inc. 115  2,361 
International Business Machines Corp. 460  59,087 
Jack Henry & Associates, Inc. 207  39,785 
Kyndryl Holdings, Inc.(1)
1,104  11,504 
Mastercard, Inc., Class A 598  193,973 
MAXIMUS, Inc. 46  2,787 
MongoDB, Inc.(1)
23  7,426 
Okta, Inc.(1)
23  2,102 
Paychex, Inc. 598  73,757 
PayPal Holdings, Inc.(1)
506  47,281 
Sabre Corp.(1)
253  1,819 
Snowflake, Inc., Class A(1)
115  20,809 
SS&C Technologies Holdings, Inc. 92  5,130 
Switch, Inc., Class A 230  7,808 
TTEC Holdings, Inc. 46  2,408 
Twilio, Inc., Class A(1)
69  4,801 
VeriSign, Inc.(1)
69  12,573 
Visa, Inc., Class A 1,449  287,931 
Western Union Co. 897  13,294 
WEX, Inc.(1)
46  7,095 
1,440,834 
Leisure Products — 0.3%
Acushnet Holdings Corp. 115  5,480 
Brunswick Corp. 368  27,493 
Callaway Golf Co.(1)
161  3,563 
Hasbro, Inc. 46  3,626 
Malibu Boats, Inc., Class A(1)
115  6,903 
MasterCraft Boat Holdings, Inc.(1)
115  2,770 
Mattel, Inc.(1)
414  9,158 
Peloton Interactive, Inc., Class A(1)
184  1,875 
Polaris, Inc. 184  20,842 
YETI Holdings, Inc.(1)
115  4,242 
85,952 
Life Sciences Tools and Services — 1.2%
10X Genomics, Inc., Class A(1)
46  1,518 
Adaptive Biotechnologies Corp.(1)
135  1,204 
Agilent Technologies, Inc. 185  23,726 
Avantor, Inc.(1)
305  7,598 
Azenta, Inc. 161  8,486 
24

Avantis Responsible U.S. Equity ETF
Shares Value
Bio-Rad Laboratories, Inc., Class A(1)
23  $ 11,156 
Bio-Techne Corp. 30  9,954 
Bruker Corp. 161  9,016 
Charles River Laboratories International, Inc.(1)
29  5,952 
Danaher Corp. 235  63,429 
Illumina, Inc.(1)
79  15,930 
IQVIA Holdings, Inc.(1)
122  25,944 
Maravai LifeSciences Holdings, Inc., Class A(1)
138  2,880 
Medpace Holdings, Inc.(1)
46  6,790 
Mettler-Toledo International, Inc.(1)
46  55,773 
NeoGenomics, Inc.(1)
154  1,548 
PerkinElmer, Inc. 46  6,213 
Quantum-Si, Inc.(1)
191  596 
Repligen Corp.(1)
23  5,045 
SomaLogic, Inc.(1)
207  762 
Sotera Health Co.(1)
138  2,334 
Syneos Health, Inc.(1)
46  2,765 
Thermo Fisher Scientific, Inc. 138  75,254 
Waters Corp.(1)
92  27,471 
West Pharmaceutical Services, Inc. 97  28,779 
400,123 
Machinery — 2.1%
AGCO Corp. 161  17,502 
Alamo Group, Inc. 23  3,007 
Allison Transmission Holdings, Inc. 184  6,672 
Barnes Group, Inc. 115  3,571 
Cummins, Inc. 368  79,256 
Deere & Co. 467  170,572 
Dover Corp. 69  8,622 
Esab Corp. 163  6,698 
Evoqua Water Technologies Corp.(1)
322  11,296 
Flowserve Corp. 147  4,479 
Franklin Electric Co., Inc. 69  5,993 
Gates Industrial Corp. PLC(1)
161  1,726 
Helios Technologies, Inc. 46  2,513 
Hyliion Holdings Corp.(1)
254  892 
IDEX Corp. 46  9,256 
Illinois Tool Works, Inc. 276  53,773 
Ingersoll Rand, Inc. 414  19,611 
ITT, Inc. 184  13,345 
John Bean Technologies Corp. 23  2,375 
Kennametal, Inc. 180  4,219 
Lincoln Electric Holdings, Inc. 230  31,439 
Lindsay Corp. 7  1,123 
Middleby Corp.(1)
23  3,308 
Nordson Corp. 46  10,450 
Oshkosh Corp. 322  25,683 
Otis Worldwide Corp. 184  13,288 
PACCAR, Inc. 575  50,318 
Parker-Hannifin Corp. 46  12,190 
Pentair PLC 69  3,070 
25

Avantis Responsible U.S. Equity ETF
Shares Value
Proterra, Inc.(1)
437  $ 2,639 
Shyft Group, Inc. 138  3,305 
Snap-on, Inc. 161  35,075 
Stanley Black & Decker, Inc. 69  6,079 
Tennant Co. 69  4,164 
Timken Co. 184  11,590 
Titan International, Inc.(1)
230  3,227 
Toro Co. 207  17,166 
Watts Water Technologies, Inc., Class A 46  6,372 
Westinghouse Air Brake Technologies Corp. 161  14,112 
Xylem, Inc. 46  4,191 
684,167 
Marine — 0.1%
Costamare, Inc. 207  2,335 
Matson, Inc. 235  17,310 
Safe Bulkers, Inc. 506  1,614 
21,259 
Media — 0.9%
Altice USA, Inc., Class A(1)
62  620 
AMC Networks, Inc., Class A(1)
26  697 
Charter Communications, Inc., Class A(1)
46  18,981 
Comcast Corp., Class A 2,438  88,231 
Cumulus Media, Inc., Class A(1)
75  699 
Daily Journal Corp.(1)
1  261 
DISH Network Corp., Class A(1)
654  11,347 
E.W. Scripps Co., Class A(1)
138  2,063 
Entravision Communications Corp., Class A 391  1,986 
Fox Corp., Class A 621  21,226 
Fox Corp., Class B 299  9,454 
Interpublic Group of Cos., Inc. 552  15,257 
John Wiley & Sons, Inc., Class A 46  2,117 
Liberty Broadband Corp., Class A(1)
23  2,319 
Liberty Broadband Corp., Class C(1)
115  11,696 
New York Times Co., Class A 276  8,415 
News Corp., Class A 713  12,064 
News Corp., Class B 207  3,569 
Nexstar Media Group, Inc., Class A 46  8,801 
Omnicom Group, Inc. 253  16,926 
Paramount Global, Class B 1,081  25,285 
PubMatic, Inc., Class A(1)
138  2,701 
Scholastic Corp. 92  4,224 
Sinclair Broadcast Group, Inc., Class A 92  2,032 
Sirius XM Holdings, Inc.(2)
437  2,661 
TechTarget, Inc.(1)
46  2,985 
Thryv Holdings, Inc.(1)
92  2,353 
WideOpenWest, Inc.(1)
393  6,996 
285,966 
Metals and Mining — 0.4%
Arconic Corp.(1)
334  8,420 
Ascent Industries Co.(1)
10  167 
Commercial Metals Co. 575  23,293 
26

Avantis Responsible U.S. Equity ETF
Shares Value
Gold Resource Corp. 1,035  $ 1,760 
Newmont Corp. 1,288  53,272 
Reliance Steel & Aluminum Co. 138  25,941 
Royal Gold, Inc. 161  14,796 
Schnitzer Steel Industries, Inc., Class A 145  4,791 
132,440 
Multiline Retail — 1.1%
Big Lots, Inc.(2)
138  2,839 
Dillard's, Inc., Class A 23  6,813 
Dollar General Corp. 299  70,989 
Dollar Tree, Inc.(1)
667  90,499 
Kohl's Corp. 782  22,224 
Macy's, Inc. 1,771  30,674 
Nordstrom, Inc. 414  7,083 
Ollie's Bargain Outlet Holdings, Inc.(1)
69  3,816 
Target Corp. 667  106,947 
341,884 
Oil, Gas and Consumable Fuels — 0.2%
Archaea Energy, Inc.(1)
49  968 
Battalion Oil Corp.(1)
138  1,827 
Epsilon Energy Ltd. 120  864 
Evolution Petroleum Corp. 322  2,235 
Excelerate Energy, Inc., Class A(2)
12  308 
Hallador Energy Co.(1)
132  861 
HighPeak Energy, Inc. 51  1,291 
NACCO Industries, Inc., Class A 25  1,124 
Ring Energy, Inc.(1)
644  2,087 
Sitio Royalties Corp.(2)
60  1,526 
Teekay Tankers Ltd., Class A(1)
93  2,288 
Texas Pacific Land Corp. 24  44,171 
VAALCO Energy, Inc. 483  2,420 
Viper Energy Partners LP 184  5,616 
67,586 
Paper and Forest Products — 0.1%
Clearwater Paper Corp.(1)
92  3,913 
Glatfelter Corp. 184  896 
Louisiana-Pacific Corp. 464  25,163 
Mercer International, Inc. 276  4,477 
34,449 
Personal Products — 0.2%
Edgewell Personal Care Co. 69  2,688 
Estee Lauder Cos., Inc., Class A 253  64,358 
Herbalife Nutrition Ltd.(1)
69  1,800 
Olaplex Holdings, Inc.(1)
161  2,145 
70,991 
Pharmaceuticals — 4.4%
Arvinas, Inc.(1)
209  8,849 
Assertio Holdings, Inc.(1)
393  1,002 
ATAI Life Sciences NV(1)
278  1,251 
Bristol-Myers Squibb Co. 3,452  232,699 
Catalent, Inc.(1)
92  8,096 
27

Avantis Responsible U.S. Equity ETF
Shares Value
CinCor Pharma, Inc.(1)
57  $ 1,925 
DICE Therapeutics, Inc.(1)
74  1,162 
Edgewise Therapeutics, Inc.(1)
85  857 
Elanco Animal Health, Inc.(1)
391  5,916 
Harrow Health, Inc.(1)
119  1,070 
Jazz Pharmaceuticals PLC(1)
92  14,280 
Johnson & Johnson 2,392  385,925 
Merck & Co., Inc. 3,243  276,822 
Organon & Co. 188  5,364 
Pfizer, Inc. 7,137  322,806 
Pliant Therapeutics, Inc.(1)
95  1,832 
ProPhase Labs, Inc. 70  848 
Royalty Pharma PLC, Class A 460  19,232 
Ventyx Biosciences, Inc.(1)
72  1,469 
Viatris, Inc. 5,244  50,080 
Zoetis, Inc. 437  68,404 
1,409,889 
Professional Services — 0.8%
ASGN, Inc.(1)
46  4,448 
Barrett Business Services, Inc. 9  726 
Booz Allen Hamilton Holding Corp. 161  15,408 
CACI International, Inc., Class A(1)
3  843 
CBIZ, Inc.(1)
194  8,470 
Clarivate PLC(1)
299  3,489 
CoStar Group, Inc.(1)
207  14,415 
CRA International, Inc. 46  4,205 
Dun & Bradstreet Holdings, Inc. 161  2,294 
Equifax, Inc. 69  13,024 
Exponent, Inc. 46  4,318 
Forrester Research, Inc.(1)
46  1,913 
Franklin Covey Co.(1)
69  3,282 
FTI Consulting, Inc.(1)
23  3,694 
Heidrick & Struggles International, Inc. 138  3,927 
Insperity, Inc. 165  17,988 
Jacobs Solutions, Inc. 46  5,731 
KBR, Inc. 93  4,492 
Kelly Services, Inc., Class A 138  2,223 
Kforce, Inc. 138  7,551 
Korn Ferry 217  13,220 
Leidos Holdings, Inc. 46  4,372 
ManpowerGroup, Inc. 184  13,491 
ManTech International Corp., Class A 46  4,412 
Nielsen Holdings PLC 138  3,842 
Planet Labs PBC(1)
746  4,088 
Resources Connection, Inc. 70  1,368 
Robert Half International, Inc. 529  40,717 
Science Applications International Corp. 46  4,189 
TransUnion 92  6,796 
TriNet Group, Inc.(1)
184  15,162 
TrueBlue, Inc.(1)
207  4,252 
Verisk Analytics, Inc. 115  21,523 
259,873 
28

Avantis Responsible U.S. Equity ETF
Shares Value
Real Estate Management and Development — 0.3%
Anywhere Real Estate, Inc.(1)
161  $ 1,573 
CBRE Group, Inc., Class A(1)
414  32,689 
Cushman & Wakefield PLC(1)
299  4,473 
Forestar Group, Inc.(1)
138  1,717 
FRP Holdings, Inc.(1)
19  1,093 
Howard Hughes Corp.(1)
115  7,318 
Jones Lang LaSalle, Inc.(1)
138  23,874 
Kennedy-Wilson Holdings, Inc. 514  9,026 
Marcus & Millichap, Inc. 184  6,878 
Opendoor Technologies, Inc.(1)
64  277 
RE/MAX Holdings, Inc., Class A 115  2,617 
RMR Group, Inc., Class A 51  1,328 
Seritage Growth Properties, Class A(1)
125  1,568 
Stratus Properties, Inc.(1)
13  463 
Tejon Ranch Co.(1)
70  1,103 
Zillow Group, Inc., Class A(1)
46  1,536 
Zillow Group, Inc., Class C(1)
92  3,078 
100,611 
Road and Rail — 2.5%
AMERCO 23  12,090 
ArcBest Corp. 161  12,965 
Covenant Logistics Group, Inc. 56  1,575 
CSX Corp. 4,462  141,222 
Daseke, Inc.(1)
207  1,254 
Heartland Express, Inc. 184  2,788 
J.B. Hunt Transport Services, Inc. 322  56,034 
Knight-Swift Transportation Holdings, Inc. 368  18,588 
Landstar System, Inc. 184  26,980 
Lyft, Inc., Class A(1)
138  2,033 
Marten Transport Ltd. 299  5,923 
Norfolk Southern Corp. 491  119,377 
Old Dominion Freight Line, Inc. 253  68,667 
PAM Transportation Services, Inc.(1)
92  2,733 
Ryder System, Inc. 299  22,856 
Saia, Inc.(1)
115  23,785 
Schneider National, Inc., Class B 322  7,361 
TuSimple Holdings, Inc., Class A(1)
50  360 
Uber Technologies, Inc.(1)
713  20,506 
Union Pacific Corp. 1,058  237,532 
Universal Logistics Holdings, Inc. 40  1,460 
USA Truck, Inc.(1)
115  3,606 
Werner Enterprises, Inc. 276  10,982 
XPO Logistics, Inc.(1)
92  4,823 
805,500 
Semiconductors and Semiconductor Equipment — 5.9%
Advanced Micro Devices, Inc.(1)
1,748  148,353 
Allegro MicroSystems, Inc.(1)
115  2,682 
Amkor Technology, Inc. 230  4,630 
Analog Devices, Inc. 276  41,822 
Applied Materials, Inc. 1,495  140,635 
29

Avantis Responsible U.S. Equity ETF
Shares Value
Axcelis Technologies, Inc.(1)
161  $ 10,777 
Broadcom, Inc. 230  114,795 
CEVA, Inc.(1)
33  966 
Cirrus Logic, Inc.(1)
168  12,884 
Cohu, Inc.(1)
145  3,890 
Enphase Energy, Inc.(1)
138  39,529 
Entegris, Inc. 184  17,458 
First Solar, Inc.(1)
115  14,668 
Formfactor, Inc.(1)
161  4,714 
GLOBALFOUNDRIES, Inc.(1)
69  4,128 
Intel Corp. 4,140  132,149 
KLA Corp. 299  102,895 
Kulicke & Soffa Industries, Inc. 262  11,014 
Lam Research Corp. 276  120,863 
Lattice Semiconductor Corp.(1)
92  4,959 
Marvell Technology, Inc. 414  19,383 
MaxLinear, Inc.(1)
46  1,653 
Microchip Technology, Inc. 368  24,012 
Micron Technology, Inc. 2,392  135,220 
MKS Instruments, Inc. 161  16,037 
Monolithic Power Systems, Inc. 23  10,423 
NVIDIA Corp. 1,035  156,223 
NXP Semiconductors NV 207  34,068 
ON Semiconductor Corp.(1)
1,219  83,831 
Onto Innovation, Inc.(1)
115  8,164 
PDF Solutions, Inc.(1)
92  2,427 
Photronics, Inc.(1)
322  5,410 
Qorvo, Inc.(1)
115  10,325 
QUALCOMM, Inc. 1,288  170,364 
Rambus, Inc.(1)
207  5,338 
Semtech Corp.(1)
69  3,187 
Silicon Laboratories, Inc.(1)
82  10,277 
SolarEdge Technologies, Inc.(1)
46  12,695 
Teradyne, Inc. 552  46,721 
Texas Instruments, Inc. 1,129  186,522 
Ultra Clean Holdings, Inc.(1)
138  4,039 
Universal Display Corp. 46  5,139 
Veeco Instruments, Inc.(1)
115  2,431 
Wolfspeed, Inc.(1)
161  18,269 
1,905,969 
Software — 6.8%
A10 Networks, Inc. 261  3,628 
ACI Worldwide, Inc.(1)
92  2,180 
Adobe, Inc.(1)
161  60,124 
Altair Engineering, Inc., Class A(1)
26  1,352 
ANSYS, Inc.(1)
23  5,711 
Autodesk, Inc.(1)
161  32,480 
Avalara, Inc.(1)
46  4,213 
Bentley Systems, Inc., Class B 115  4,229 
Bill.com Holdings, Inc.(1)
46  7,446 
Black Knight, Inc.(1)
46  3,043 
30

Avantis Responsible U.S. Equity ETF
Shares Value
Box, Inc., Class A(1)
138  $ 3,554 
C3.ai, Inc., Class A(1)
138  2,484 
Cadence Design Systems, Inc.(1)
235  40,836 
CommVault Systems, Inc.(1)
46  2,497 
Consensus Cloud Solutions, Inc.(1)
46  2,316 
Crowdstrike Holdings, Inc., Class A(1)
115  21,000 
Datadog, Inc., Class A(1)
92  9,655 
Digital Turbine, Inc.(1)
138  2,549 
DocuSign, Inc.(1)
207  12,052 
Dolby Laboratories, Inc., Class A 92  6,738 
Dropbox, Inc., Class A(1)
138  2,952 
Duck Creek Technologies, Inc.(1)
115  1,369 
Dynatrace, Inc.(1)
69  2,634 
Elastic NV(1)
46  3,860 
Envestnet, Inc.(1)
46  2,409 
Fair Isaac Corp.(1)
23  10,336 
Fortinet, Inc.(1)
1,380  67,192 
Guidewire Software, Inc.(1)
78  5,593 
HubSpot, Inc.(1)
5  1,685 
InterDigital, Inc. 138  6,922 
Intuit, Inc. 92  39,724 
JFrog Ltd.(1)
49  1,036 
LiveRamp Holdings, Inc.(1)
69  1,370 
Manhattan Associates, Inc.(1)
92  12,996 
Microsoft Corp. 5,428  1,419,259 
NCR Corp.(1)
230  7,141 
NortonLifeLock, Inc. 391  8,833 
Nutanix, Inc., Class A(1)
115  1,990 
Olo, Inc., Class A(1)
30  234 
Oracle Corp. (New York) 506  37,520 
Palantir Technologies, Inc., Class A(1)
529  4,084 
Palo Alto Networks, Inc.(1)
138  76,840 
Paycom Software, Inc.(1)
46  16,155 
Paylocity Holding Corp.(1)
26  6,266 
Pegasystems, Inc. 15  549 
Progress Software Corp. 69  3,321 
PROS Holdings, Inc.(1)
30  626 
PTC, Inc.(1)
46  5,285 
Qualys, Inc.(1)
92  13,975 
Rapid7, Inc.(1)
47  2,703 
RingCentral, Inc., Class A(1)
23  990 
Roper Technologies, Inc. 28  11,272 
Salesforce, Inc.(1)
207  32,317 
ServiceNow, Inc.(1)
92  39,985 
Smartsheet, Inc., Class A(1)
35  1,164 
Splunk, Inc.(1)
23  2,071 
SPS Commerce, Inc.(1)
46  5,618 
Synopsys, Inc.(1)
75  25,951 
Tenable Holdings, Inc.(1)
46  1,822 
Teradata Corp.(1)
302  9,936 
Trade Desk, Inc., Class A(1)
184  11,537 
31

Avantis Responsible U.S. Equity ETF
Shares Value
Tyler Technologies, Inc.(1)
23  $ 8,545 
Unity Software, Inc.(1)
46  1,965 
VMware, Inc., Class A 138  16,012 
Workday, Inc., Class A(1)
69  11,355 
Zendesk, Inc.(1)
46  3,531 
Zoom Video Communications, Inc., Class A(1)
115  9,246 
Zscaler, Inc.(1)
23  3,663 
2,189,926 
Specialty Retail — 3.9%
Aaron's Co., Inc. 115  1,368 
Abercrombie & Fitch Co., Class A(1)
368  5,295 
Advance Auto Parts, Inc. 276  46,545 
American Eagle Outfitters, Inc. 667  7,510 
Asbury Automotive Group, Inc.(1)
46  8,026 
AutoNation, Inc.(1)
253  31,524 
AutoZone, Inc.(1)
23  48,742 
Bath & Body Works, Inc. 161  6,010 
Bed Bath & Beyond, Inc.(1)(2)
115  1,096 
Best Buy Co., Inc. 736  52,028 
Big 5 Sporting Goods Corp. 161  1,971 
Boot Barn Holdings, Inc.(1)
115  7,661 
Buckle, Inc. 184  5,939 
Build-A-Bear Workshop, Inc. 161  2,466 
Burlington Stores, Inc.(1)
161  22,571 
Caleres, Inc. 253  6,456 
Camping World Holdings, Inc., Class A 92  2,771 
CarMax, Inc.(1)
115  10,171 
Carvana Co.(1)(2)
23  759 
Cato Corp., Class A 138  1,492 
Chico's FAS, Inc.(1)
782  4,442 
Children's Place, Inc.(1)
69  2,910 
Conn's, Inc.(1)
138  1,326 
Dick's Sporting Goods, Inc.(2)
207  22,019 
Five Below, Inc.(1)
161  20,589 
Floor & Decor Holdings, Inc., Class A(1)
138  11,228 
Foot Locker, Inc. 437  16,099 
GameStop Corp., Class A(1)(2)
184  5,270 
Gap, Inc. 897  8,199 
Genesco, Inc.(1)
92  5,205 
Group 1 Automotive, Inc. 92  16,430 
Guess?, Inc. 253  4,420 
Haverty Furniture Cos., Inc. 92  2,467 
Hibbett, Inc. 69  4,043 
Home Depot, Inc. 828  238,812 
Leslie's, Inc.(1)
138  1,957 
Lithia Motors, Inc. 138  36,631 
Lowe's Cos., Inc. 276  53,583 
MarineMax, Inc.(1)
138  5,015 
National Vision Holdings, Inc.(1)
69  2,293 
O'Reilly Automotive, Inc.(1)
46  32,067 
ODP Corp.(1)
207  7,400 
32

Avantis Responsible U.S. Equity ETF
Shares Value
Penske Automotive Group, Inc. 138  $ 16,271 
Rent-A-Center, Inc. 161  4,160 
RH(1)
46  11,772 
Ross Stores, Inc. 782  67,463 
Sally Beauty Holdings, Inc.(1)
253  3,765 
Shoe Carnival, Inc. 92  2,189 
Signet Jewelers Ltd. 322  21,049 
Sleep Number Corp.(1)
46  1,906 
Sonic Automotive, Inc., Class A 115  6,117 
Tilly's, Inc., Class A 253  1,897 
TJX Cos., Inc. 2,208  137,669 
Tractor Supply Co. 391  72,394 
Ulta Beauty, Inc.(1)
207  86,913 
Urban Outfitters, Inc.(1)
253  5,093 
Victoria's Secret & Co.(1)
506  16,921 
Williams-Sonoma, Inc. 253  37,634 
Zumiez, Inc.(1)
115  2,985 
1,269,004 
Technology Hardware, Storage and Peripherals — 5.8%
Apple, Inc. 10,971  1,724,861 
Avid Technology, Inc.(1)
92  2,516 
Dell Technologies, Inc., Class C 322  12,329 
Eastman Kodak Co.(1)
55  298 
Hewlett Packard Enterprise Co. 1,472  20,019 
HP, Inc. 690  19,810 
Immersion Corp.(1)
144  858 
NetApp, Inc. 368  26,544 
Pure Storage, Inc., Class A(1)
184  5,330 
Seagate Technology Holdings PLC 506  33,882 
Super Micro Computer, Inc.(1)
140  9,111 
Western Digital Corp.(1)
414  17,496 
Xerox Holdings Corp. 276  4,587 
1,877,641 
Textiles, Apparel and Luxury Goods — 1.3%
Capri Holdings Ltd.(1)
782  36,895 
Carter's, Inc. 207  15,287 
Columbia Sportswear Co. 138  9,831 
Crocs, Inc.(1)
138  10,171 
Deckers Outdoor Corp.(1)
46  14,792 
Fossil Group, Inc.(1)
276  1,167 
G-III Apparel Group Ltd.(1)
184  3,877 
Hanesbrands, Inc. 621  5,409 
Kontoor Brands, Inc. 161  5,994 
Levi Strauss & Co., Class A 322  5,439 
lululemon athletica, Inc.(1)
184  55,193 
Movado Group, Inc. 92  2,934 
NIKE, Inc., Class B 1,196  127,314 
Oxford Industries, Inc. 115  12,274 
PVH Corp. 207  11,644 
Ralph Lauren Corp. 207  18,905 
Skechers USA, Inc., Class A(1)
276  10,433 
33

Avantis Responsible U.S. Equity ETF
Shares Value
Steven Madden Ltd. 299  $ 8,704 
Tapestry, Inc. 1,265  43,933 
Under Armour, Inc., Class A(1)
391  3,292 
Under Armour, Inc., Class C(1)
460  3,491 
VF Corp. 529  21,927 
Wolverine World Wide, Inc. 115  2,247 
431,153 
Thrifts and Mortgage Finance — 0.6%
Blue Foundry Bancorp(1)
184  2,092 
Columbia Financial, Inc.(1)
115  2,453 
Enact Holdings, Inc. 115  2,921 
Essent Group Ltd. 483  19,315 
Federal Agricultural Mortgage Corp., Class C 46  5,025 
Flagstar Bancorp, Inc. 322  12,407 
FS Bancorp, Inc. 92  2,733 
Home Bancorp, Inc. 69  2,694 
Merchants Bancorp 92  2,481 
MGIC Investment Corp. 1,403  20,049 
Mr. Cooper Group, Inc.(1)
207  8,756 
New York Community Bancorp, Inc.(2)
1,449  14,186 
NMI Holdings, Inc., Class A(1)
483  9,916 
Northfield Bancorp, Inc. 184  2,712 
OP Bancorp 184  2,225 
PennyMac Financial Services, Inc. 184  9,774 
Provident Financial Services, Inc. 276  6,411 
Radian Group, Inc. 805  16,994 
Rocket Cos., Inc., Class A 230  1,817 
Southern Missouri Bancorp, Inc. 46  2,426 
TFS Financial Corp. 161  2,302 
TrustCo Bank Corp. NY 92  3,067 
Walker & Dunlop, Inc. 207  20,795 
WSFS Financial Corp. 276  13,345 
186,896 
Trading Companies and Distributors — 1.1%
Air Lease Corp. 529  19,235 
Applied Industrial Technologies, Inc. 92  9,754 
Beacon Roofing Supply, Inc.(1)
46  2,526 
Boise Cascade Co. 299  18,637 
Fastenal Co. 828  41,673 
GATX Corp. 184  17,776 
H&E Equipment Services, Inc. 230  7,282 
Herc Holdings, Inc. 161  18,117 
Hudson Technologies, Inc.(1)
227  1,884 
McGrath RentCorp 115  9,720 
MRC Global, Inc.(1)
18  175 
MSC Industrial Direct Co., Inc., Class A 115  9,109 
Rush Enterprises, Inc., Class A 184  8,659 
Rush Enterprises, Inc., Class B 69  3,494 
SiteOne Landscape Supply, Inc.(1)
46  5,757 
Titan Machinery, Inc.(1)
138  4,248 
Triton International Ltd. 437  26,041 
34

Avantis Responsible U.S. Equity ETF
Shares Value
United Rentals, Inc.(1)
115  $ 33,585 
Univar Solutions, Inc.(1)
92  2,320 
Veritiv Corp.(1)
96  11,442 
W.W. Grainger, Inc. 138  76,582 
Watsco, Inc. 46  12,513 
WESCO International, Inc.(1)
69  9,086 
349,615 
Water Utilities — 0.1%
American States Water Co. 58  4,812 
American Water Works Co., Inc. 138  20,486 
Consolidated Water Co. Ltd. 28  454 
25,752 
Wireless Telecommunication Services — 0.5%
Gogo, Inc.(1)
56  832 
T-Mobile US, Inc.(1)
989  142,377 
United States Cellular Corp.(1)
92  2,630 
145,839 
TOTAL COMMON STOCKS
(Cost $33,586,473)
 32,085,634 
SHORT-TERM INVESTMENTS — 0.2%


Money Market Funds — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 29,419  29,419 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
52,822  52,822 
TOTAL SHORT-TERM INVESTMENTS
(Cost $82,241)
 82,241 
TOTAL INVESTMENT SECURITIES — 100.0%
(Cost $33,668,714)

32,167,875 
OTHER ASSETS AND LIABILITIES†

(12,085)
TOTAL NET ASSETS — 100.0%

$ 32,155,790 

NOTES TO SCHEDULE OF INVESTMENTS
ADR - American Depositary Receipt
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $62,556. 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 $64,167, which includes securities collateral of $11,345.


See Notes to Financial Statements.
35

Statement of Assets and Liabilities
AUGUST 31, 2022
Avantis Responsible U.S. Equity ETF
Assets
Investment securities, at value (cost of $33,615,892) — including $62,556 of securities on loan $ 32,115,053 
Investment made with cash collateral received for securities on loan, at value
(cost of $52,822)		 52,822 
Total investment securities, at value (cost of $33,668,714) 32,167,875 
Dividends and interest receivable 44,749 
Securities lending receivable 47 
32,212,671 
Liabilities
Payable for collateral received for securities on loan 52,822 
Accrued management fees 4,059 
56,881 
Net Assets $ 32,155,790 
Shares outstanding (unlimited number of shares authorized) 690,000 
Net Asset Value Per Share $ 46.60 
Net Assets Consist of:
Capital paid in $ 33,596,194 
Distributable earnings (1,440,404)
$ 32,155,790 


See Notes to Financial Statements.
36

Statement of Operations
PERIOD ENDED AUGUST 31, 2022(1)
Avantis Responsible U.S. Equity ETF
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $65) $ 135,809 
Interest 118 
Securities lending, net 47 
135,974 
Expenses:
Management fees 11,588 
Net investment income (loss) 124,386 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on investment transactions 90,157 
Change in net unrealized appreciation (depreciation) on investments (1,500,839)
Net realized and unrealized gain (loss) (1,410,682)
Net Increase (Decrease) in Net Assets Resulting from Operations $ (1,286,296)
(1)March 15, 2022 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
37

Statement of Changes in Net Assets
PERIOD ENDED AUGUST 31, 2022(1)
Avantis Responsible U.S. Equity ETF
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ 124,386 
Net realized gain (loss) 90,157 
Change in net unrealized appreciation (depreciation) (1,500,839)
Net increase (decrease) in net assets resulting from operations (1,286,296)
Distributions to Shareholders
From earnings (47,718)
Capital Share Transactions
Proceeds from shares sold 39,104,076 
Payments for shares redeemed (5,614,272)
Net increase (decrease) in net assets from capital share transactions 33,489,804 
Net increase (decrease) in net assets 32,155,790 
Net Assets
End of period $ 32,155,790 
Transactions in Shares of the Fund
Sold 810,000 
Redeemed (120,000)
Net increase (decrease) in shares of the fund 690,000 
(1)March 15, 2022 (fund inception) through August 31, 2022.


See Notes to Financial Statements.
38

Notes to Financial Statements

AUGUST 31, 2022

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Responsible U.S. Equity ETF (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek long-term capital appreciation. Shares of the fund are listed for trading on the NYSE Arca, Inc. The fund incepted on March 15, 2022.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The 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 fund determines the fair value of its investments and computes its 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 fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.

Open-end management investment companies are valued at the reported NAV per share.

If the fund determines 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 fund 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 fund 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 fund monitors for significant events occurring after the close of an investment’s primary exchange but before the 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 fund also monitors 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 fund 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.

39

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its 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 fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

Income Tax Status — It is the 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 fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters 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 fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund 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 fund 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 fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2022.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
 Overnight and
Continuous		 <30 days Between
30 & 90 days		 >90 days Total
Avantis Responsible U.S. Equity ETF
Common Stocks $ 52,822  —  —  —  $ 52,822 
Gross amount of recognized liabilities for securities lending transactions $ 52,822 
(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.
40

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.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund 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 fund, 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 the fund and paid monthly in arrears. The annual management fee is 0.15%.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period March 15, 2022 (fund inception) through August 31, 2022 were $568,059 and $448,564, respectively.

Securities received or delivered in kind through subscriptions and redemptions for the period March 15, 2022 (fund inception) through August 31, 2022 were $38,974,961 and $5,587,455, respectively. The fund incurred net realized gains of $106,440 from in kind transactions. Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.

5. Capital Share Transactions

The 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). The fund issues and redeems shares at its 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 Statement of Changes in Net Assets.

6. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. 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.

As of period end, the fund’s investment securities were classified as Level 1. The Schedule of Investments provides additional information on the fund's portfolio holdings.

41

7. Risk Factors

The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s 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.

8. Federal Tax Information

The tax character of distributions paid during the period March 15, 2022 (fund inception) through August 31, 2022 were as follows:
Avantis Responsible U.S. Equity ETF
Distributions Paid From
Ordinary income $ 47,718 
Long-term capital gains — 

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 federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:

Avantis Responsible U.S. Equity ETF
Federal tax cost of investments $ 33,669,941 
Gross tax appreciation of investments $ 433,107 
Gross tax depreciation of investments (1,935,173)
Net tax appreciation (depreciation) of investments $ (1,502,066)
Undistributed ordinary income $ 77,824 
Accumulated short-term capital losses $ (16,162)

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization to ordinary income for tax purposes of unrealized gains on investments in passive foreign investment companies.

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
42

Financial Highlights
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 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Avantis Responsible U.S. Equity ETF
2022(4)
 $50.45 0.36 (4.07) (3.71) (0.14) $46.60 (7.32)%
0.15%(5)
1.61%(5)
 3% $32,156 

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)March 15, 2022 (fund inception) through August 31, 2022.
(5)Annualized.


See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Trustees of American Century ETF Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Avantis® Responsible U.S. Equity ETF (the “Fund”), one of the funds constituting the American Century ETF Trust, as of August 31, 2022, the related statement of operations, statement of changes in net assets, and financial highlights for the period from March 15, 2022 (fund inception) through August 31, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Avantis® Responsible U.S. Equity ETF of the American Century ETF Trust, as of August 31, 2022, and the results of its operations, the changes in its net assets, and the financial highlights for the period from March 15, 2022 (fund inception) through August 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2022

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

44

Management

The Board of Trustees
The individuals listed below serve as trustees of the funds. Each trustee will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for trustees who are not “interested persons,” as that term is defined in the Investment Company Act (independent trustees). Trustees who are not also officers of the trust shall retire on December 31st of the year in which they reach their 75th birthday.
Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other trustees are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The following trustees also serve in this capacity for a number of other registered investment companies in the American Century Investments family of funds: Jonathan S. Thomas, 15; Jeremy I. Bulow, 8; and Stephen E. Yates, 7.
The following table presents additional information about the trustees. The mailing address for each trustee other than Jonathan S. Thomas is 330 Madison Avenue, New York, New York 10017. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)		 Position(s) Held with Funds Length of Time Served Principal Occupation(s) During Past 5 Years Number of American Century Portfolios Overseen by Trustee Other Directorships Held During Past 5 Years
Independent Trustees
Reginald M. Browne
(1968)		 Trustee and Chairman of the Board Since 2017 (Chairman since 2019) Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019) 41 None
Jeremy I. Bulow
(1954)		 Trustee Since 2022 Professor of Economics, Stanford University
Graduate School of Business (1979 to present)		 75 None
Barry A. Mendelson
(1958)		 Trustee Since 2017 Retired 41 None
Stephen E. Yates
(1948)		 Trustee Since 2017 Retired 105 None
Interested Trustees
Jonathan S. Thomas
(1963)		 Trustee Since 2017 President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries 139 None
The Statement of Additional Information has additional information about the fund's trustees and is available without charge, upon request, by calling 1-800-345-6488.

45

Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang and Edward Rosenberg, serves as an officer for each of the 16 investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.
Name
(Year of Birth)		 Offices with the Funds Principal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
 President since 2019 Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell
(1974)		 Chief Financial Officer and Treasurer since 2018 Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton
(1964)		 Chief Compliance Officer and Vice President since 2017 Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak
(1968)		 General Counsel and
Vice President since
2021		 General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021)
Cleo Chang
(1977)		 Vice President
since 2019		 Senior Vice President, ACIM (2015 to present)
David H. Reinmiller
(1963)		 Vice President since 2017 Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Edward Rosenberg
(1973)		 Vice President since 2017 Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017)
C. Jean Wade
(1964)		 Vice President since 2017 Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Ward D. Stauffer
(1960)		 Secretary since 2019 Attorney, ACS (2003 to present)
46

Approval of Management Agreement

At a meeting held on March 2, 2022, the Fund's Board of Trustees (the "Board") unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Avantis Responsible U.S. Equity ETF (the "Fund"). Under Section 15(c) of the of the Investment Company Act of 1940, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent Trustees and to be evaluated on an annual basis thereafter.

In advance of the Board’s consideration, the Advisor provided information concerning the Fund. The materials circulated and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the Fund's characteristics and key attributes, the rationale for launching the Fund, the experience of the staff designated to manage the Fund, the proposed pricing, and the markets in which the 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 Fund;
•the wide range of other programs and services the Advisor would provide to the Fund and its shareholders on a routine and non-routine basis;
•the Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;
•the cost of owning the Fund compared to the cost of owning similarly-managed funds;
•the Advisor’s compliance policies, procedures, and regulatory experience; and
•any collateral benefits derived by the Advisor from the management of the Fund.

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

When considering the approval of the management agreement for the 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 Fund and the risk that the Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. A majority of the Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the Fund.

The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ independent counsel in connection with the approval, and evaluated such information for the 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 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.
47

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 fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are 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 fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC’s website at sec.gov.





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Other Tax Information

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

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

For corporate taxpayers, the fund hereby designates $47,718, or up to the maximum amount allowable, of ordinary income distributions paid during the fiscal year ended August 31, 2022 as qualified for the corporate dividends received deduction.

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Notes
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Notes


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Notes
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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.
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