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Annual Report
August 31, 2023
American Century® Diversified Corporate Bond ETF (KORP)
American Century® Diversified Municipal Bond ETF (TAXF)
American Century® Emerging Markets Bond ETF (AEMB)
American Century® Multisector Floating Income ETF (FUSI)
American Century® Multisector Income ETF (MUSI)
American Century® Select High Yield ETF (AHYB)
American Century® Short Duration Strategic Income ETF (SDSI)


























Table of Contents

President’s Letter
Diversified Corporate Bond ETF
Performance
Portfolio Commentary
Fund Characteristics
Diversified Municipal Bond ETF
Performance
Portfolio Commentary
Fund Characteristics
Emerging Markets Bond ETF
Performance
Portfolio Commentary
Fund Characteristics
Multisector Floating Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Multisector Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Select High Yield ETF
Performance
Portfolio Commentary
Fund Characteristics
Short Duration Strategic Income ETF
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Examples
Schedules of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management and Subadvisory Agreements
Liquidity Risk Management Program
Additional Information

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


President’s Letter

image24.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended August 31, 2023. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

Stocks Rebounded, Bonds Struggled

Asset class returns, particularly for U.S. and global stocks, improved dramatically compared with the previous fiscal year. The bounce back occurred despite ongoing volatility, rising interest rates and Fitch Ratings’ first-ever downgrade of U.S. debt.

Investor expectations for the Federal Reserve (Fed) to conclude its rate-hike campaign partly fueled the optimism. Inflation’s steady slowdown, mounting recession worries and a series of U.S. regional bank failures prompted investors to regularly recalibrate their monetary policy outlooks. However, with inflation still higher than central bank targets, the Fed and its developed markets peers continued to raise interest rates.

After pausing in June, the Fed resumed its tightening campaign in July, raising rates to a range of 5.25% to 5.5%, a 22-year high. Citing still-higher-than-target inflation and still-strong economic data, policymakers left their future policy options open. Inflation remained even higher in the eurozone and the U.K., prompting central bankers there to steadily raise interest rates. Government bond yields soared, including the benchmark 10-year Treasury yield, which surged to a 16-year high late in the period.

Despite the inflation and rate backdrops, better-than-expected corporate earnings helped the S&P 500 Index return 15.94% for the 12-month period. Non-U.S. developed markets stocks delivered modestly higher returns, while emerging markets stocks gained only 1.25%. Meanwhile, amid elevated inflation and sharply higher Treasury yields, most U.S. bond and other rate-sensitive sectors declined, though not as much as in the prior fiscal year. Exceptions included corporate and municipal bonds, which delivered modest gains.

Remaining Diligent in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of persistent inflation, tighter financial conditions, banking industry turbulence and recession risk. In addition, increasingly tense geopolitical considerations complicate the market backdrop.

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

Sincerely,
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Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2

Performance
Diversified Corporate Bond ETF (KORP)
Total Returns as of August 31, 2023 Average Annual Returns
1 year 5 years Since Inception Inception Date
Net Asset Value 1.85% 1.55% 1.23% 1/11/2018
Market Price 2.13% 1.50% 1.23% 1/11/2018
Bloomberg U.S. Intermediate Corporate Bond Index 2.00% 1.82% 1.55% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made January 11, 2018

chart-b5e01477940d42f8964.jpg
Value on August 31, 2023
Net Asset Value — $10,714
Bloomberg U.S. Intermediate Corporate Bond Index — $10,908

Total Annual Fund Operating Expenses
0.29%
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 1-800-345-6488 or visit americancentury.com. For additional information about the funds, please consult the prospectus.
3

Portfolio Commentary

Portfolio Managers: Charles Tan, Jason Greenblath, Jeffrey Houston, Gavin Fleischman and Le Tran

Performance Review

American Century Diversified Corporate Bond ETF returned 2.13% on a market price basis for the 12-month period ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 1.85%. For the same period, the Bloomberg U.S. Intermediate Corporate Bond Index, the fund’s benchmark index, returned 2.00%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

After ending 2022 on a disappointing note, broad bond market sentiment improved early in 2023. Growing expectations for the Federal Reserve (Fed) to end its rate-hike campaign amid moderating inflation and slowing economic growth helped restore investor demand for bonds. At the same time, Treasury yields rose across the yield curve, generating a better backdrop for income-seeking investors.

Nevertheless, the optimism prevalent in early 2023 faded somewhat by period-end. Amid persistent inflation, investors came to terms with the Fed likely holding rates higher for longer than previously expected. Additionally, growing recession worries and tighter bank lending standards challenged the corporate bond market late in the reporting period.

Security Selection Aided Relative Performance

Security selection contributed to relative results for the 12-month period. Our choices in the financial institutions (mainly banks), industrials, consumer noncyclical and technology, media and telecommunications sectors primarily drove results at the security level.

Sector allocation was generally flat versus the index. However, our weightings in the machinery and health care industries and underweights versus the index in the integrated energy and retail segments had an overall positive influence on allocation.

Our defensive credit exposure slightly detracted from performance. We generally favored a higher-quality bias, to align with our concerns about valuations and the macroeconomic direction. As such, we maintained a smaller-than-typical weighting in high-yield bonds, which significantly outperformed investment-grade corporates for the reporting period.

Duration Detracted

We began extending duration in late 2022, as recession risk increased and Treasury yields rose to multiyear highs. We maintained this strategy into 2023, given our expectations for the economy to slow and yields to decline. This positioning, which included Treasury futures, detracted from results as Treasury yields generally rose through the 12-month period.
4

Fund Characteristics

AUGUST 31, 2023
Diversified Corporate Bond ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 92.6%
U.S. Treasury Securities 4.0%
Municipal Securities 0.2%
Short-Term Investments 2.6%
Other Assets and Liabilities 0.6%
5

Performance
Diversified Municipal Bond ETF (TAXF)
Total Returns as of August 31, 2023 Average Annual Returns  
  1 year Since Inception Inception Date
Net Asset Value 1.70% 1.91% 9/10/2018
Market Price 1.85% 1.93% 9/10/2018
S&P National AMT-Free Municipal Bond Index 2.17% 1.64% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made September 10, 2018
chart-08e72c0a7bc0464293f.jpg
Value on August 31, 2023
Net Asset Value — $10,989
S&P National AMT-Free Municipal Bond Index — $10,843
Total Annual Fund Operating Expenses
0.29%
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 1-800-345-6488 or visit americancentury.com. For additional information about the funds, please consult the prospectus.
6

Portfolio Commentary

Portfolio Managers: Joseph Gotelli and Alan Kruss

Performance Review

American Century Diversified Municipal Bond ETF returned 1.85% on a market price basis for the 12 months ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 1.70%. For the same period, the S&P National AMT-Free Municipal Bond Index, the fund’s benchmark index, returned 2.17%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

After ending 2022 on a disappointing note, broad municipal bond (muni) market sentiment improved early in 2023. Growing expectations for the Federal Reserve to end its rate-hike campaign amid moderating inflation and slowing economic growth helped restore investor demand for bonds. At the same time, the yield backdrop became more attractive for investors seeking tax-exempt income.

Also, despite declining state tax revenues, strong reserve fund balances and conservative budgeting practices suggested most states were prepared for a slowing economy. Additionally, municipal credit fundamentals remained resilient, and outflows from the muni asset class generally stabilized compared with 2022.

Investment-grade munis broadly outperformed the U.S. Treasury index, which declined for the 12-month period. Investment-grade munis also outperformed high-yield munis.

Sector Allocation, Security Selection Weighed on Relative Results

Sector allocation was the main driver of the fund’s underperformance versus the index. Overweight positions versus the index in the hospital and charter school sectors and an out-of-index position in retirement communities largely accounted for the lagging results. Conversely, underweight exposure in the prefunded and state general obligation (GO) sectors contributed and helped offset some of the negative allocation effects.

Security selection was a modest detractor for the period, largely due to our choices in the special tax, local GO and public power sectors. These holdings more than offset positive selection results in the toll facilities and other transportation sectors.

Anticipating a more challenging economic environment, we continued to review the fund’s exposure to credit risk. This effort reduced the fund’s exposure to out-of-index high-yield munis from approximately 10% on August 31, 2022, to approximately 9% at period-end.

Yield Curve Strategy Boosted Results

Our yield curve positioning, which generally favored the intermediate portion of the curve, had a positive influence on relative performance. The fund’s yield curve exposure more than offset the negative effects of maintaining a modestly longer-than-index duration in the rising-rate environment.







7

Fund Characteristics
AUGUST 31, 2023
Diversified Municipal Bond ETF
Types of Investments in Portfolio % of net assets
Municipal Securities 97.2%
Short-Term Investments 3.3%
Other Assets and Liabilities (0.5)%
Top Five States and Territories % of net assets
Texas 11.1%
New York 9.3%
California 6.7%
Illinois 6.5%
Florida 6.4%
Top Five Sectors % of fund investments
Special Tax 15%
General Obligation (GO) - Local 11%
General Obligation (GO) - State 10%
Water & Sewer 9%
Hospital 8%

8

Performance
Emerging Markets Bond ETF (AEMB)
Total Returns as of August 31, 2023 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value 3.40% -8.28% 6/29/2021
Market Price 4.14% -8.20% 6/29/2021
JP Morgan EMBI Global Diversified Index 5.77% -7.22% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made June 29, 2021
chart-04eae52cbc24470899f.jpg
Value on August 31, 2023
Net Asset Value — $8,288
JP Morgan EMBI Global Diversified Index — $8,498

Total Annual Fund Operating Expenses
0.39%
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 1-800-345-6488 or visit americancentury.com. For additional information about the funds, please consult the prospectus.
9

Portfolio Commentary

Portfolio Managers: John Lovito, Thomas Youn and Rajat Ahuja

Performance Review

American Century Emerging Markets Bond ETF returned 4.14% on a market price basis for the 12-month period ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 3.40%. For the same period, the JP Morgan EMBI Global Diversified Index, the fund’s benchmark index, returned 5.77%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

Performance among emerging markets bonds rebounded compared with the previous fiscal year. Central banks in many emerging markets countries had started tightening monetary policy ahead of their developed markets counterparts. Accordingly, as inflation eased, many central banks concluded their rate-hike campaigns and moved closer to easing policy. Additionally, the U.S. dollar depreciated during the 12-month period, which provided a boost to emerging markets assets.

The positive sentiment faded somewhat late in the reporting period. Slowing global growth data and mounting challenges in China’s economy led to heightened uncertainty for the asset class.

Security Selection Weighed on Results

Security selection was the primary performance detractor versus the index, particularly among Latin American sovereigns. Holdings in Brazil and Mexico were key laggards, largely due to the hedging positions we held in these countries. Positions in El Salvador and Guatemala also detracted. Sovereign security selection in the Middle East also broadly weighed on relative results, while our choices in Africa and the Asia/Pacific region boosted performance. Meanwhile, security selection among quasi-sovereigns was broadly negative.

The fund’s yield curve strategy detracted from relative results, largely due to our duration position.

Allocation Contributed to Performance

Overall, our asset allocation decisions modestly boosted results. Our weightings in nominal government bonds, sovereigns and quasi-sovereigns, along with a larger-than-usual allocation to cash equivalents, aided performance. Meanwhile, exposure to corporate bonds and our high-yield hedging strategy weighed on results.

In terms of quality, our limited exposure to lower-rated high-yield securities detracted from performance. Given our expectations for a global economic downturn, we largely avoided securities with B and CCC credit weightings, which outperformed in the better-than-expected economic environment.
10

Fund Characteristics

AUGUST 31, 2023
Emerging Markets Bond ETF
Types of Investments in Portfolio % of net assets
Sovereign Governments and Agencies 52.6%
Corporate Bonds 32.6%
U.S. Treasury Securities 4.8%
Preferred Stocks 0.3%
Short-Term Investments 8.7%
Other Assets and Liabilities 1.0%
11

Performance
Multisector Floating Income ETF (FUSI)
Total Returns as of August 31, 2023 Since Inception Inception Date
Net Asset Value 3.51% 3/14/2023
Market Price 3.90% 3/14/2023
Bloomberg U.S. 1-3 Month Treasury Bill Index 2.34% —
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
0.27%
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 1-800-345-6488 or visit americancentury.com. For additional information about the funds, please consult the prospectus.
12

Portfolio Commentary

Portfolio Managers: Charles Tan and Jason Greenblath

Peter Van Gelderen left the portfolio management team effective August 31, 2023.

Performance Review

American Century Multisector Floating Income ETF returned 3.90%* on a market price basis for the period from the fund’s inception on March 14, 2023, through August 31, 2023. On a net asset value (NAV) basis, the fund returned 3.51%. For the same period, the Bloomberg U.S. 1-3 Month Treasury Bill Index, the fund’s benchmark index, returned 2.34%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

After ending 2022 on a disappointing note, broad bond market sentiment improved early in 2023. Growing expectations for the Federal Reserve (Fed) to end its rate-hike campaign amid moderating inflation and slowing economic growth helped restore investor demand for bonds. At the same time, Treasury yields rose across the yield curve, generating a better backdrop for income-seeking investors.

Nevertheless, the optimism prevalent in early 2023 faded somewhat by period-end. Amid persistent inflation, investors came to terms with the Fed likely holding rates higher for longer than previously expected.

Securitized Holdings Boosted Relative Performance

Our asset allocation decisions were broadly positive for the reporting period, with out-of-index positioning in the securitized sector driving results. Specifically, non-agency commercial mortgage-backed securities and collateralized loan obligations were key contributors. Our non-agency collateralized mortgage obligations and asset-backed securities also enhanced performance.

Additionally, our U.S. government securities aided relative results. Overall, we maintained a focus on higher-quality securities. At period-end, 91% of the fund’s holdings were rated A or better.




















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

Fund Characteristics

AUGUST 31, 2023
Multisector Floating Income ETF
Types of Investments in Portfolio % of net assets
Collateralized Loan Obligations 41.4%
U.S. Treasury Securities 30.4%
Commercial Mortgage-Backed Securities 15.6%
Collateralized Mortgage Obligations 9.0%
Asset-Backed Securities 1.5%
Short-Term Investments 1.7%
Other Assets and Liabilities 0.4%
14

Performance
Multisector Income ETF (MUSI)
Total Returns as of August 31, 2023 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value 1.63% -3.49% 6/29/2021
Market Price 2.12% -3.38% 6/29/2021
Bloomberg U.S. Aggregate Bond Index -1.19% -5.56% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made June 29, 2021
chart-cea891c4c5ed4ba49ea.jpg
Value on August 31, 2023
Net Asset Value — $9,257
Bloomberg U.S. Aggregate Bond Index — $8,831
Total Annual Fund Operating Expenses
0.36%
The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.








Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-6488 or visit americancentury.com. For additional information about the funds, please consult the prospectus.
15

Portfolio Commentary

Portfolio Managers: Charles Tan, Jason Greenblath and Jeffrey Houston

Peter Van Gelderen left the portfolio management team effective August 31, 2023.

Performance Review

American Century Multisector Income ETF returned 2.12% on a market price basis for the 12-month period ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 1.63%. For the same period, the Bloomberg U.S. Aggregate Bond Index, the fund’s benchmark index, returned -1.19%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

After ending 2022 on a disappointing note, broad bond market sentiment improved early in 2023. Growing expectations for the Federal Reserve (Fed) to end its rate-hike campaign amid moderating inflation and slowing economic growth helped restore investor demand for bonds. At the same time, Treasury yields rose across the yield curve, generating a better backdrop for income-seeking investors.

Nevertheless, the optimism prevalent in early 2023 faded somewhat by period-end. Amid persistent inflation, investors came to terms with the Fed likely holding rates higher for longer than previously expected. Additionally, growing recession worries and tighter bank lending standards created a more cautious backdrop for credit-sensitive securities late in the reporting period.

Securitized, High-Yield Securities Aided Performance

The fund’s allocations to securitized securities and corporate credit were top contributors to performance. Out-of-index exposure to asset-backed securities, collateralized loan obligations, non-agency commercial mortgage-backed securities and non-agency collateralized mortgage obligations drove results in the securitized sector. Among corporate credit, out-of-index high-yield bonds were strong contributors, followed by investment-grade corporates.

Elsewhere, our U.S. dollar-denominated emerging markets bonds contributed to results. A larger-than-usual position in cash equivalents also helped performance. Furthermore, these cash holdings may help us take advantage of expected attractive buying opportunities as the economy slows.

Duration Strategy Detracted

We began extending duration in late 2022, as recession risk increased and Treasury yields rose to multiyear highs. We maintained this strategy into 2023, given our expectations for the economy to slow and yields to decline. This positioning, which included Treasury futures, detracted from results as Treasury yields generally rose through the 12-month period.


16

Fund Characteristics

AUGUST 31, 2023
Multisector Income ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 41.0%
U.S. Treasury Securities 23.8%
Collateralized Loan Obligations 8.9%
Asset-Backed Securities 7.9%
U.S. Government Agency Mortgage-Backed Securities 5.0%
Collateralized Mortgage Obligations 4.6%
Commercial Mortgage-Backed Securities 4.3%
Bank Loan Obligations 1.4%
Sovereign Governments and Agencies 1.1%
Preferred Stocks 1.1%
Short-Term Investments 9.5%
Other Assets and Liabilities (8.6)%
17

Performance
Select High Yield ETF (AHYB)
Total Returns as of August 31, 2023 Average Annual Returns
1 year Since Inception Inception Date
Net Asset Value 7.14% -2.04% 11/16/2021
Market Price 7.82% -1.98% 11/16/2021
ICE BofA U.S. High Yield Constrained (BB-B) Index 6.72% -2.30% —
Market price is determined using the bid/ask midpoint at 4:00 p.m. Eastern time, when the net asset value (NAV) is typically calculated. Market performance does not represent the returns you would receive if you traded shares at other times. NAV prices are used to calculate market price performance prior to the date when the fund first traded on the NYSE Arca, Inc.

Growth of $10,000 Over Life of Fund
$10,000 investment made November 16, 2021
chart-5b545986944c48bda0e.jpg
Value on August 31, 2023
Net Asset Value — $9,638
ICE BofA U.S. High Yield Constrained (BB-B) Index — $9,592

Total Annual Fund Operating Expenses
0.45%
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 1-800-345-6488 or visit americancentury.com. For additional information about the funds, please consult the prospectus.
18

Portfolio Commentary

Investment Advisor: American Century Investment Management, Inc.

Subadvisor: Nomura Corporate Research and Asset Management Inc.

Portfolio Managers: David Crall, Amy Yu Chang, Stephen Kotsen, Derek Leung and Rene Casis

Performance Review

American Century Select High Yield ETF returned 7.82% on a market price basis for the 12-month period ended August 31, 2023. On a net asset value (NAV) basis, the fund returned 7.14%. For the same period, the ICE BofA U.S. High Yield Constrained (BB-B) Index, the fund’s benchmark index, returned 6.72%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

The high-yield market experienced a sharp drop in September 2022. Hawkish rhetoric from the Federal Reserve (Fed), including the “higher for longer” theme, pressured the higher-quality segment of the U.S. high-yield market. But the faster-than-expected decline in U.S. inflation led to a broad rally in October and November. The high-yield market gave back some of its gains in December, and the index declined more than 10% in 2022.

The recovery resumed in early 2023 until the collapse of several banks in March and early April. Fast action by the Fed and other central banks spurred a relief rally and calmed the market’s contagion fears. Moderating inflation, slow growth and broadly stable employment data supported further high-yield gains through period-end. Light new issuance in the high-yield market provided further technical support during the fiscal year.

Security Selection Drove Results

Overall, positive security selection, particularly among securities with B and BB credit ratings, aided performance. These selections more than offset the negative effects of overweight positions versus the index in the BBB and CCC ratings categories.

From a sector perspective, recreation and travel was a top contributor, largely due to an overweight stake in cruise lines. Positions in Carnival Cruise Line, Royal Caribbean Group and Norwegian Cruise Line Holdings benefited from the strong recovery in consumer travel spending. In the specialty retail sector, another top contributor, we avoided credit problems, including home shopping network QVC and online shopping portal Rakuten Group. We passed on a new issue from Rakuten in late 2022 due to concerns around cash burn, accessing equity value and covenants, which helped performance in the first half of 2023. Our positions in the financial services sector also boosted results.

The air transportation and energy exploration and production sectors were the main detractors for the period. Cargo airline Western Global Airlines filed for bankruptcy after the unexpected loss of its largest client made its levered capital structure unsustainable. We exited the position by period-end. Occidental Petroleum, an oil and gas exploration company, detracted slightly. The company’s long-duration bonds gave back some gains ahead of Occidental’s upgrade to investment-grade status in May.




19

Fund Characteristics
AUGUST 31, 2023
Select High Yield ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 93.8%
Preferred Stocks 0.7%
Short-Term Investments 10.0%
Other Assets and Liabilities (4.5)%
20

Performance
Short Duration Strategic Income ETF (SDSI)
Total Returns as of August 31, 2023 Since Inception Inception Date
Net Asset Value 4.98% 10/11/2022
Market Price 5.27% 10/11/2022
Bloomberg U.S. 1-3 Year Government/Credit Bond Index 2.90% —
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 Nasdaq Stock Market LLC.

Growth of $10,000 Over Life of Fund
$10,000 investment made October 11, 2022
chart-6e31272f633e4663a80.jpg
Value on August 31, 2023
Net Asset Value — $10,498
Bloomberg U.S. 1-3 Year Government/Credit Bond Index — $10,290

Total Annual Fund Operating Expenses
0.32%
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 1-800-345-6488 or visit americancentury.com. For additional information about the funds, please consult the prospectus.
21

Portfolio Commentary

Portfolio Managers: Charles Tan, Jason Greenblath and Jeffrey Houston

Peter Van Gelderen left the portfolio management team effective August 31, 2023.

Performance Review

American Century Short Duration Strategic Income ETF returned 5.27%* on a market price basis for the period from the fund’s inception on October 11, 2022, through August 31, 2023. On a net asset value (NAV) basis, the fund returned 4.98%. For the same period, the Bloomberg U.S. 1-3 Year Government/Credit Bond Index, the fund’s benchmark index, returned 2.90%. The fund’s NAV and market price returns reflect fees and operating expenses, while the index return does not.

After ending 2022 on a disappointing note, broad bond market sentiment improved early in 2023. Growing expectations for the Federal Reserve (Fed) to end its rate-hike campaign amid moderating inflation and slowing economic growth helped restore investor demand for bonds. At the same time, Treasury yields rose across the yield curve, generating a better backdrop for income-seeking investors.

Nevertheless, the optimism prevalent in early 2023 faded somewhat by period-end. Amid persistent inflation, investors came to terms with the Fed likely holding rates higher for longer than previously expected. Additionally, growing recession worries and tighter bank lending standards created a more cautious backdrop for credit-sensitive securities late in the reporting period.

Securitized, High-Yield Securities Aided Performance

The fund’s allocations to securitized securities and corporate credit were top contributors to performance. Out-of-index exposure to asset-backed securities, collateralized loan obligations, non-agency collateralized mortgage obligations and non-agency commercial mortgage-backed securities drove results in the securitized sector. Among corporate credit, investment-grade corporates and an out-of-index allocation to high-yield bonds were strong contributors.

Additionally, our U.S. dollar-denominated emerging markets bonds contributed to results. A larger-than-usual position in cash equivalents also helped performance. Furthermore, these cash holdings may help us take advantage of expected attractive buying opportunities as the economy slows.

Duration Strategy Detracted

We began positioning the portfolio at the longer end of its target duration range in late 2022, as recession risk increased and Treasury yields rose to multiyear highs. We maintained this strategy into 2023, given our expectations for the economy to slow and yields to decline. This positioning, which included Treasury futures, detracted from results as Treasury yields generally rose through the 12-month period.










*Total returns for periods less than one year are not annualized.
22

Fund Characteristics
AUGUST 31, 2023
Short Duration Strategic Income ETF
Types of Investments in Portfolio % of net assets
Corporate Bonds 41.8%
U.S. Treasury Securities 17.4%
Collateralized Loan Obligations 8.0%
Asset-Backed Securities 7.7%
Collateralized Mortgage Obligations 4.0%
Commercial Mortgage-Backed Securities 3.3%
Bank Loan Obligations 1.0%
Preferred Stocks 0.8%
Sovereign Governments and Agencies 0.3%
Short-Term Investments 15.1%
Other Assets and Liabilities 0.6%
23

Shareholder Fee Examples

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from March 1, 2023 to August 31, 2023 (except as noted).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

24

Beginning
Account Value
3/1/23
Ending
Account Value
8/31/23
Expenses Paid
During Period(1)
3/1/23 - 8/31/23
Annualized
Expense Ratio(1)
Diversified Corporate Bond ETF
Actual $1,000 $1,022.50 $1.48 0.29%
Hypothetical $1,000 $1,023.74 $1.48 0.29%
Diversified Municipal Bond ETF
Actual $1,000 $1,012.50 $1.47 0.29%
Hypothetical $1,000 $1,023.74 $1.48 0.29%
Emerging Markets Bond ETF
Actual $1,000 $1,017.40 $2.24 0.44%
Hypothetical $1,000 $1,022.99 $2.24 0.44%
Multisector Floating Income ETF
Actual $1,000 $1,035.10
$1.33(2)
 0.28%
Hypothetical $1,000 $1,023.79 $1.43 0.28%
Multisector Income ETF
Actual $1,000 $1,016.50 $1.78 0.35%
Hypothetical $1,000 $1,023.44 $1.79 0.35%
Select High Yield ETF
Actual $1,000 $1,045.80 $2.32 0.45%
Hypothetical $1,000 $1,022.94 $2.29 0.45%
Short Duration Strategic Income ETF
Actual $1,000 $1,017.30 $1.63 0.32%
Hypothetical $1,000 $1,023.59 $1.63 0.32%
(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 171, the number of days in the period from March 14, 2023 (fund inception) through August 31, 2023, 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.
25

Schedules of Investments

AUGUST 31, 2023
Diversified Corporate Bond ETF
Principal
Amount/Shares		 Value
CORPORATE BONDS — 92.6%
Aerospace and Defense — 1.6%
Boeing Co., 5.15%, 5/1/30 $ 900,000  $ 885,877 
Lockheed Martin Corp., 4.45%, 5/15/28 990,000  975,618 
RTX Corp., 2.25%, 7/1/30 1,924,000  1,600,449 
3,461,944 
Air Freight and Logistics — 0.2%
GXO Logistics, Inc., 2.65%, 7/15/31 542,000  425,029 
Automobiles — 2.0%
American Honda Finance Corp., 5.00%, 5/23/25 1,050,000  1,040,974 
Ford Motor Credit Co. LLC, 6.80%, 5/12/28 400,000  400,236 
General Motors Financial Co., Inc., 5.10%, 1/17/24 849,000  846,384 
General Motors Financial Co., Inc., 3.80%, 4/7/25 200,000  193,316 
Hyundai Capital America, 5.80%, 6/26/25(1)
 714,000  715,328 
Toyota Motor Credit Corp., 4.55%, 5/17/30 1,058,000  1,030,596 
4,226,834 
Banks — 21.0%
Banco Santander SA, 6.92%, 8/8/33 400,000  400,195 
Banco Santander SA, VRN, 1.72%, 9/14/27 900,000  791,685 
Bank of America Corp., VRN, 2.09%, 6/14/29 505,000  431,165 
Bank of America Corp., VRN, 2.88%, 10/22/30 1,813,000  1,556,471 
Bank of America Corp., VRN, 2.57%, 10/20/32 3,870,000  3,103,315 
Bank of America NA, 5.53%, 8/18/26 1,000,000  1,005,035 
Bank of Montreal, 5.20%, 2/1/28 1,921,000  1,906,308 
Barclays PLC, VRN, 2.28%, 11/24/27 897,000  797,067 
BNP Paribas SA, VRN, 5.34%, 6/12/29(1)
 710,000  699,867 
BPCE SA, 5.15%, 7/21/24(1)
 790,000  780,561 
Canadian Imperial Bank of Commerce, 5.62%, 7/17/26 685,000  686,973 
Canadian Imperial Bank of Commerce, 5.00%, 4/28/28 1,085,000  1,063,305 
Citigroup, Inc., VRN, 2.01%, 1/25/26 965,000  913,462 
Citigroup, Inc., VRN, 3.52%, 10/27/28 865,000  798,723 
Citigroup, Inc., VRN, 3.98%, 3/20/30 945,000  870,791 
Citigroup, Inc., VRN, 4.41%, 3/31/31 255,000  236,909 
Citigroup, Inc., VRN, 2.52%, 11/3/32 1,250,000  992,440 
Citigroup, Inc., VRN, 3.06%, 1/25/33 64,000  52,819 
Cooperatieve Rabobank UA, 5.50%, 7/18/25 980,000  980,479 
Credit Agricole SA, 5.59%, 7/5/26(1)
 490,000  490,015 
Discover Bank, VRN, 5.97%, 8/9/28 680,000  627,428 
Fifth Third Bank NA, 3.85%, 3/15/26 500,000  466,760 
HSBC Holdings PLC, VRN, 1.16%, 11/22/24 518,000  511,779 
HSBC Holdings PLC, VRN, 5.89%, 8/14/27 510,000  508,549 
HSBC Holdings PLC, VRN, 6.16%, 3/9/29 3,190,000  3,213,303 
Intesa Sanpaolo SpA, 6.625%, 6/20/33(1)
 540,000  533,370 
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27 491,000  441,104 
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 921,000  790,539 
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31 1,320,000  1,107,796 
26

Diversified Corporate Bond ETF
Principal
Amount/Shares		 Value
JPMorgan Chase & Co., VRN, 2.58%, 4/22/32 $ 1,724,000  $ 1,411,828 
KeyBank NA, 4.39%, 12/14/27 580,000  529,471 
KeyCorp, VRN, 3.88%, 5/23/25 210,000  200,454 
Lloyds Banking Group PLC, VRN, 5.99%, 8/7/27 923,000  922,461 
Mitsubishi UFJ Financial Group, Inc., VRN, 5.72%, 2/20/26 927,000  924,802 
Mitsubishi UFJ Financial Group, Inc., VRN, 5.42%, 2/22/29 1,337,000  1,332,029 
PNC Financial Services Group, Inc., VRN, 5.58%, 6/12/29 311,000  308,560 
PNC Financial Services Group, Inc., VRN, 5.94%, 8/18/34(2)
 580,000  586,903 
Royal Bank of Canada, 4.24%, 8/3/27 1,222,000  1,177,252 
Societe Generale SA, VRN, 6.69%, 1/10/34(1)
 218,000  222,278 
Sumitomo Mitsui Trust Bank Ltd., 5.65%, 3/9/26(1)
 800,000  801,182 
Toronto-Dominion Bank, 4.69%, 9/15/27 908,000  886,149 
Toronto-Dominion Bank, 2.45%, 1/12/32 350,000  283,118 
Truist Bank, 3.30%, 5/15/26 2,259,000  2,100,813 
Truist Bank, VRN, 2.64%, 9/17/29 1,159,000  1,078,650 
U.S. Bancorp, VRN, 5.78%, 6/12/29 1,640,000  1,637,105 
UniCredit SpA, 7.83%, 12/4/23(1)
 475,000  476,488 
Wells Fargo & Co., VRN, 3.58%, 5/22/28 960,000  891,617 
Wells Fargo & Co., VRN, 5.57%, 7/25/29 583,000  580,786 
Wells Fargo & Co., VRN, 4.48%, 4/4/31 695,000  650,488 
Wells Fargo & Co., VRN, 4.90%, 7/25/33 253,000  238,162 
Wells Fargo & Co., VRN, 5.39%, 4/24/34 534,000  520,336 
Wells Fargo & Co., VRN, 5.56%, 7/25/34 282,000  278,407 
44,797,552 
Beverages — 1.4%
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29 1,900,000  1,883,382 
PepsiCo, Inc., 1.625%, 5/1/30 1,378,000  1,134,832 
3,018,214 
Biotechnology — 2.0%
AbbVie, Inc., 3.20%, 11/21/29 1,573,000  1,418,773 
Amgen, Inc., 5.25%, 3/2/25 750,000  747,270 
Amgen, Inc., 4.05%, 8/18/29 924,000  873,644 
Amgen, Inc., 5.25%, 3/2/33 340,000  338,375 
CSL Finance PLC, 3.85%, 4/27/27(1)
 816,000  784,264 
4,162,326 
Building Products — 0.1%
Builders FirstSource, Inc., 6.375%, 6/15/32(1)(2)
 235,000  229,321 
Capital Markets — 7.0%
Bank of New York Mellon Corp., VRN, 4.95%, 4/26/27 1,170,000  1,152,071 
Blue Owl Capital Corp., 3.40%, 7/15/26 470,000  423,739 
Blue Owl Credit Income Corp., 3.125%, 9/23/26 126,000  111,139 
Charles Schwab Corp., 5.875%, 8/24/26 625,000  628,898 
Charles Schwab Corp., VRN, 5.85%, 5/19/34 515,000  515,847 
Charles Schwab Corp., VRN, 6.14%, 8/24/34 110,000  111,966 
Deutsche Bank AG, VRN, 1.45%, 4/1/25 575,000  557,137 
Deutsche Bank AG, VRN, 7.15%, 7/13/27 414,000  420,398 
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/25 524,000  514,373 
Goldman Sachs Group, Inc., VRN, 1.43%, 3/9/27 33,000  29,605 
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27 1,532,000  1,363,898 
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29 1,034,000  957,225 
27

Diversified Corporate Bond ETF
Principal
Amount/Shares		 Value
Goldman Sachs Group, Inc., VRN, 1.99%, 1/27/32 $ 750,000  $ 584,305 
Goldman Sachs Group, Inc., VRN, 2.65%, 10/21/32 395,000  317,085 
Morgan Stanley, VRN, 1.16%, 10/21/25 893,000  842,587 
Morgan Stanley, VRN, 3.59%, (3-month LIBOR plus 1.34%), 7/22/28 230,000  212,898 
Morgan Stanley, VRN, 3.77%, 1/24/29 915,000  849,150 
Morgan Stanley, VRN, 5.12%, 2/1/29 191,000  187,288 
Morgan Stanley, VRN, 5.16%, 4/20/29 321,000  314,944 
Morgan Stanley, VRN, 5.45%, 7/20/29 357,000  355,026 
Morgan Stanley, VRN, 2.70%, 1/22/31 695,000  585,328 
Morgan Stanley, VRN, 2.51%, 10/20/32 1,068,000  850,778 
Morgan Stanley, VRN, 4.89%, 7/20/33 670,000  635,008 
Morgan Stanley, VRN, 5.42%, 7/21/34 336,000  330,497 
Nasdaq, Inc., 5.55%, 2/15/34 510,000  509,435 
State Street Corp., 5.27%, 8/3/26 1,210,000  1,210,616 
UBS Group AG, VRN, 2.75%, 2/11/33(1)
 430,000  338,924 
14,910,165 
Commercial Services and Supplies — 1.2%
Republic Services, Inc., 2.90%, 7/1/26 1,585,000  1,490,754 
Republic Services, Inc., 4.875%, 4/1/29 250,000  246,819 
Waste Connections, Inc., 4.25%, 12/1/28 760,000  731,249 
2,468,822 
Construction and Engineering — 0.3%
Quanta Services, Inc., 2.35%, 1/15/32 912,000  722,246 
Consumer Finance — 0.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.75%, 10/29/24 745,000  708,364 
BOC Aviation USA Corp., 1.625%, 4/29/24(1)
 760,000  738,586 
1,446,950 
Containers and Packaging — 0.4%
Berry Global, Inc., 5.50%, 4/15/28(1)(2)
 800,000  786,951 
Diversified REITs — 2.8%
Agree LP, 2.90%, 10/1/30 500,000  415,474 
Brixmor Operating Partnership LP, 3.90%, 3/15/27 412,000  384,120 
Essex Portfolio LP, 3.00%, 1/15/30 696,000  593,695 
Extra Space Storage LP, 5.50%, 7/1/30 1,226,000  1,216,822 
Extra Space Storage LP, 2.20%, 10/15/30 175,000  139,805 
Federal Realty OP LP, 3.50%, 6/1/30 550,000  481,408 
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26 243,000  238,155 
Invitation Homes Operating Partnership LP, 5.50%, 8/15/33 197,000  190,875 
Kilroy Realty LP, 3.05%, 2/15/30 265,000  211,862 
Kilroy Realty LP, 2.50%, 11/15/32 348,000  245,401 
Kilroy Realty LP, 2.65%, 11/15/33 34,000  23,640 
Spirit Realty LP, 4.00%, 7/15/29 520,000  468,217 
VICI Properties LP, 4.375%, 5/15/25 1,340,000  1,303,967 
5,913,441 
Diversified Telecommunication Services — 2.1%
AT&T, Inc., 4.30%, 2/15/30 1,171,000  1,092,236 
AT&T, Inc., 5.40%, 2/15/34 505,000  490,609 
Sprint Capital Corp., 6.875%, 11/15/28 1,341,000  1,417,896 
Verizon Communications, Inc., 2.55%, 3/21/31 1,790,000  1,474,539 
4,475,280 
28

Diversified Corporate Bond ETF
Principal
Amount/Shares		 Value
Electric Utilities — 6.4%
CenterPoint Energy Houston Electric LLC, 4.95%, 4/1/33 $ 237,000  $ 233,247 
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/1/32 1,178,000  1,118,479 
Duke Energy Carolinas LLC, 4.95%, 1/15/33 1,079,000  1,063,645 
Duke Energy Corp., 2.55%, 6/15/31 1,140,000  932,253 
Exelon Corp., 2.75%, 3/15/27 1,040,000  955,340 
Florida Power & Light Co., 2.45%, 2/3/32 985,000  817,387 
Georgia Power Co., 4.65%, 5/16/28 1,255,000  1,224,741 
Jersey Central Power & Light Co., 4.30%, 1/15/26(1)
 1,050,000  1,018,738 
MidAmerican Energy Co., 3.65%, 4/15/29 2,050,000  1,912,105 
NextEra Energy Capital Holdings, Inc., 4.90%, 2/28/28 1,000,000  983,414 
NextEra Energy Capital Holdings, Inc., 5.05%, 2/28/33 592,000  573,443 
NRG Energy, Inc., 2.00%, 12/2/25(1)
 555,000  504,690 
Pacific Gas & Electric Co., 6.40%, 6/15/33 300,000  296,199 
Public Service Electric & Gas Co., 3.10%, 3/15/32 575,000  499,319 
Southern Co., 5.20%, 6/15/33 400,000  389,378 
Southern Co. Gas Capital Corp., 1.75%, 1/15/31 547,000  425,523 
Vistra Operations Co. LLC, 5.125%, 5/13/25(1)
 650,000  633,786 
13,581,687 
Electrical Equipment — 0.3%
Regal Rexnord Corp., 6.40%, 4/15/33(1)
 677,000  671,230 
Energy Equipment and Services — 0.2%
Helmerich & Payne, Inc., 2.90%, 9/29/31 631,000  513,236 
Entertainment — 0.4%
Warnermedia Holdings, Inc., 3.76%, 3/15/27 995,000  933,560 
Financial Services — 1.6%
Antares Holdings LP, 2.75%, 1/15/27(1)
 255,000  216,286 
Antares Holdings LP, 7.95%, 8/11/28(1)
 315,000  316,692 
Corebridge Financial, Inc., 3.90%, 4/5/32 490,000  428,730 
GE Capital Funding LLC, 4.55%, 5/15/32 500,000  476,962 
Global Payments, Inc., 4.45%, 6/1/28 1,035,000  976,798 
Nationwide Building Society, 4.85%, 7/27/27(1)
 1,116,000  1,090,200 
3,505,668 
Food Products — 0.9%
Kraft Heinz Foods Co., 5.00%, 7/15/35 1,000,000  971,759 
Mars, Inc., 4.75%, 4/20/33(1)
 1,000,000  982,401 
1,954,160 
Gas Utilities — 0.7%
CenterPoint Energy Resources Corp., 5.25%, 3/1/28 1,485,000  1,482,449 
Ground Transportation — 2.6%
Ashtead Capital, Inc., 4.375%, 8/15/27(1)
 600,000  565,319 
Ashtead Capital, Inc., 5.50%, 8/11/32(1)
 800,000  763,061 
Ashtead Capital, Inc., 5.95%, 10/15/33(1)
 302,000  296,674 
CSX Corp., 4.25%, 3/15/29 1,197,000  1,156,620 
DAE Funding LLC, 1.55%, 8/1/24(1)
 231,000  220,496 
Penske Truck Leasing Co. LP/PTL Finance Corp., 6.05%, 8/1/28(1)
 355,000  355,673 
Triton Container International Ltd., 1.15%, 6/7/24(1)
 1,215,000  1,161,164 
United Rentals North America, Inc., 6.00%, 12/15/29(1)
 1,070,000  1,064,407 
5,583,414 
29

Diversified Corporate Bond ETF
Principal
Amount/Shares		 Value
Health Care Equipment and Supplies — 1.5%
Becton Dickinson & Co., 4.69%, 2/13/28 $ 1,250,000  $ 1,228,260 
GE HealthCare Technologies, Inc., 5.65%, 11/15/27 480,000  485,981 
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24 1,500,000  1,424,733 
3,138,974 
Health Care Providers and Services — 5.7%
Centene Corp., 4.25%, 12/15/27 1,398,000  1,309,071 
Cigna Group, 4.375%, 10/15/28 1,834,000  1,767,216 
CVS Health Corp., 5.00%, 1/30/29 1,416,000  1,395,587 
CVS Health Corp., 5.25%, 2/21/33 400,000  391,372 
HCA, Inc., 5.20%, 6/1/28 1,145,000  1,128,616 
HCA, Inc., 4.125%, 6/15/29 1,202,000  1,110,860 
Humana, Inc., 3.70%, 3/23/29 1,212,000  1,122,745 
IQVIA, Inc., 5.70%, 5/15/28(1)
 825,000  822,968 
McKesson Corp., 4.90%, 7/15/28 745,000  737,105 
UnitedHealth Group, Inc., 4.25%, 1/15/29 1,345,000  1,305,400 
UnitedHealth Group, Inc., 2.30%, 5/15/31 1,000,000  836,574 
UnitedHealth Group, Inc., 5.35%, 2/15/33 235,000  241,294 
12,168,808 
Hotels, Restaurants and Leisure — 1.2%
Hyatt Hotels Corp., 5.75%, 1/30/27 206,000  206,289 
Marriott International, Inc., 4.90%, 4/15/29 1,000,000  974,176 
Marriott International, Inc., 4.625%, 6/15/30 615,000  583,168 
Starbucks Corp., 2.55%, 11/15/30 1,000,000  848,790 
2,612,423 
Independent Power and Renewable Electricity Producers — 0.2%
Alexander Funding Trust II, 7.47%, 7/31/28(1)
 500,000  506,858 
Insurance — 1.2%
Allstate Corp., 5.25%, 3/30/33 51,000  49,997 
Belrose Funding Trust, 2.33%, 8/15/30(1)
 503,000  385,291 
Chubb INA Holdings, Inc., 1.375%, 9/15/30 1,150,000  906,357 
Met Tower Global Funding, 1.25%, 9/14/26(1)
 777,000  685,858 
MetLife, Inc., 5.375%, 7/15/33 536,000  533,997 
2,561,500 
IT Services — 0.2%
Kyndryl Holdings, Inc., 3.15%, 10/15/31 641,000  498,343 
Life Sciences Tools and Services — 0.4%
Illumina, Inc., 5.80%, 12/12/25 750,000  750,003 
Machinery — 3.0%
CNH Industrial Capital LLC, 5.45%, 10/14/25 1,132,000  1,129,486 
Ingersoll Rand, Inc., 5.70%, 8/14/33 240,000  243,501 
John Deere Capital Corp., 4.95%, 7/14/28 835,000  838,348 
John Deere Capital Corp., 4.85%, 10/11/29 1,284,000  1,286,348 
John Deere Capital Corp., 4.70%, 6/10/30 692,000  683,887 
Otis Worldwide Corp., 5.25%, 8/16/28 1,000,000  1,007,134 
Parker-Hannifin Corp., 4.25%, 9/15/27 1,202,000  1,166,875 
6,355,579 
Media — 4.2%
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.20%, 3/15/28 983,000  916,205 
Comcast Corp., 4.25%, 10/15/30 2,638,000  2,511,309 
30

Diversified Corporate Bond ETF
Principal
Amount/Shares		 Value
Cox Communications, Inc., 3.15%, 8/15/24(1)
 $ 1,768,000  $ 1,721,788 
Cox Communications, Inc., 5.70%, 6/15/33(1)
 625,000  623,648 
Paramount Global, 4.00%, 1/15/26 1,025,000  984,569 
Paramount Global, 4.95%, 1/15/31(2)
 504,000  449,830 
WPP Finance 2010, 3.75%, 9/19/24 1,714,000  1,667,685 
8,875,034 
Metals and Mining — 0.4%
Glencore Funding LLC, 2.625%, 9/23/31(1)
 479,000  381,726 
South32 Treasury Ltd., 4.35%, 4/14/32(1)
 589,000  510,578 
892,304 
Multi-Utilities — 1.6%
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28(1)
 400,000  351,680 
Ameren Corp., 3.50%, 1/15/31 431,000  380,866 
Ameren Illinois Co., 4.95%, 6/1/33 710,000  696,109 
DTE Energy Co., 4.22%, 11/1/24 988,000  969,590 
DTE Energy Co., 2.85%, 10/1/26 650,000  602,119 
Sempra, 5.50%, 8/1/33 400,000  396,670 
3,397,034 
Oil, Gas and Consumable Fuels — 6.4%
Aker BP ASA, 6.00%, 6/13/33(1)
 700,000  700,281 
Chesapeake Energy Corp., 6.75%, 4/15/29(1)
 133,000  132,167 
Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/33(1)
 710,000  717,810 
Diamondback Energy, Inc., 6.25%, 3/15/33 340,000  351,473 
Enbridge, Inc., 5.70%, 3/8/33 980,000  980,911 
Energy Transfer LP, 5.50%, 6/1/27 580,000  576,951 
Energy Transfer LP, 5.75%, 2/15/33 794,000  790,271 
EQT Corp., 5.70%, 4/1/28 350,000  348,780 
Hess Corp., 3.50%, 7/15/24 445,000  435,819 
HF Sinclair Corp., 2.625%, 10/1/23 425,000  423,651 
MPLX LP, 4.875%, 6/1/25 700,000  689,049 
Occidental Petroleum Corp., 6.625%, 9/1/30 1,490,000  1,539,720 
ONEOK, Inc., 6.05%, 9/1/33 260,000  262,137 
Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 739,000  742,582 
Shell International Finance BV, 2.375%, 11/7/29 2,129,000  1,851,208 
Southwestern Energy Co., 5.375%, 3/15/30 643,000  602,629 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28 1,000,000  963,174 
Western Midstream Operating LP, 6.15%, 4/1/33 400,000  398,443 
Williams Cos., Inc., 4.55%, 6/24/24 871,000  861,885 
Williams Cos., Inc., 5.30%, 8/15/28 355,000  353,398 
13,722,339 
Paper and Forest Products — 0.7%
Georgia-Pacific LLC, 3.60%, 3/1/25(1)
 1,485,000  1,442,206 
Personal Care Products — 1.1%
Kenvue, Inc., 5.00%, 3/22/30(1)
 2,385,000  2,388,181 
Pharmaceuticals — 1.9%
Pfizer Investment Enterprises Pte. Ltd., 4.45%, 5/19/28 1,100,000  1,079,707 
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 5/19/33 754,000  742,361 
Royalty Pharma PLC, 1.20%, 9/2/25 1,109,000  1,010,661 
Utah Acquisition Sub, Inc., 3.95%, 6/15/26 725,000  685,516 
31

Diversified Corporate Bond ETF
Principal
Amount/Shares		 Value
Viatris, Inc., 1.65%, 6/22/25 $ 650,000  $ 601,967 
4,120,212 
Retail REITs — 0.7%
NNN REIT, Inc., 4.30%, 10/15/28 1,076,000  1,010,587 
NNN REIT, Inc., 5.60%, 10/15/33 510,000  500,289 
1,510,876 
Semiconductors and Semiconductor Equipment — 1.5%
Broadcom, Inc., 3.42%, 4/15/33(1)
 577,000  478,366 
Intel Corp., 5.20%, 2/10/33 1,307,000  1,306,554 
NXP BV / NXP Funding LLC / NXP USA, Inc., 2.50%, 5/11/31 1,670,000  1,351,082 
3,136,002 
Specialized REITs — 1.7%
American Tower Corp., 5.25%, 7/15/28 752,000  741,165 
American Tower Corp., 5.55%, 7/15/33 400,000  396,297 
Crown Castle, Inc., 1.05%, 7/15/26 1,500,000  1,326,924 
Equinix, Inc., 2.90%, 11/18/26 815,000  753,849 
Equinix, Inc., 1.80%, 7/15/27 340,000  297,284 
Public Storage Operating Co., 5.10%, 8/1/33 156,000  154,826 
3,670,345 
Specialty Retail — 2.0%
AutoZone, Inc., 4.50%, 2/1/28 1,000,000  973,710 
AutoZone, Inc., 4.00%, 4/15/30 779,000  721,478 
Lowe's Cos., Inc., 3.35%, 4/1/27 1,227,000  1,155,574 
Lowe's Cos., Inc., 2.625%, 4/1/31 850,000  713,053 
O'Reilly Automotive, Inc., 4.70%, 6/15/32 700,000  669,680 
4,233,495 
Trading Companies and Distributors — 1.1%
Air Lease Corp., 3.125%, 12/1/30 710,000  592,426 
Aircastle Ltd., 5.25%, 8/11/25(1)
 971,000  947,906 
Aircastle Ltd., 6.50%, 7/18/28(1)
 800,000  795,279 
2,335,611 
TOTAL CORPORATE BONDS
(Cost $201,144,318)
 197,586,606 
U.S. TREASURY SECURITIES — 4.0%
U.S. Treasury Notes, 4.50%, 7/15/26 6,200,000  6,189,343 
U.S. Treasury Notes, 4.375%, 8/15/26 2,200,000  2,190,117 
U.S. Treasury Notes, 1.875%, 2/28/29 140,000  123,818 
TOTAL U.S. TREASURY SECURITIES
(Cost $8,522,397)
 8,503,278 
MUNICIPAL SECURITIES — 0.2%
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34
(Cost $517,585)		 515,000  416,187 
SHORT-TERM INVESTMENTS — 2.6%
Money Market Funds — 2.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 4,331,170  4,331,170 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 1,158,938  1,158,938 
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,490,108)
 5,490,108 
TOTAL INVESTMENT SECURITIES — 99.4%
(Cost $215,674,408)
 211,996,179 
OTHER ASSETS AND LIABILITIES — 0.6% 1,333,007 
TOTAL NET ASSETS — 100.0% $ 213,329,186 
32

Diversified Corporate Bond ETF

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year Notes 126 December 2023 $ 25,679,391  $ 85,166 
U.S. Treasury 10-Year Notes 69 December 2023 7,661,156  62,194 
U.S. Treasury 10-Year Ultra Notes 10 December 2023 1,161,094  7,559 
$ 34,501,641  $ 154,919 
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 5-Year Notes 49 December 2023 $ 5,239,172  $ (37,173)
U.S. Treasury Long Bonds 3 December 2023 365,062  (3,214)
$ 5,604,234  $ (40,387)
^Amount represents value and unrealized appreciation (depreciation).

NOTES TO SCHEDULE OF INVESTMENTS
LIBOR – London Interbank Offered Rate
VRN – Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $31,050,543, which represented 14.6% of total net assets. 
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,124,197. 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 $1,158,938.


See Notes to Financial Statements.
33

AUGUST 31, 2023
Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
MUNICIPAL SECURITIES — 97.2%
Alabama — 1.6%
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs Group, Inc.) $ 535,000  $ 534,462 
Black Belt Energy Gas District Rev., VRN, 5.50%, 6/1/49 (GA: Goldman Sachs Group, Inc.)(1)
 770,000  803,667 
Black Belt Energy Gas District Rev., VRN, 4.00%, 7/1/52 (LIQ FAC: Royal Bank of Canada) (GA: Royal Bank of Canada) 415,000  410,613 
Black Belt Energy Gas District Rev., VRN, 4.41%, (MUNIPSA plus 0.35%), 10/1/52 (GA: Goldman Sachs Group, Inc.) 500,000  486,634 
Black Belt Energy Gas District Rev., VRN, 5.00%, 5/1/53 (GA: Canadian Imperial Bank) 500,000  513,095 
Black Belt Energy Gas District Rev., VRN, 5.50%, 11/1/53 (GA: Goldman Sachs Group, Inc.) 330,000  343,929 
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 4/1/49 (GA: Goldman Sachs Group, Inc.) 455,000  453,699 
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 6/1/49 (GA: Morgan Stanley) 1,205,000  1,199,852 
Southeast Energy Authority A Cooperative District Rev., VRN, 5.00%, 1/1/54 (LIQ FAC: Royal Bank of Canada) 600,000  622,472 
5,368,423 
Arizona — 3.8%
Arizona Board of Regents Rev., (Arizona State University), 5.00%, 7/1/36 250,000  281,001 
Arizona Board of Regents Rev., (Arizona State University), 5.50%, 7/1/48 750,000  841,252 
Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/29 160,000  161,899 
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 4.31%, (MUNIPSA plus 0.25%), 1/1/46 155,000  152,978 
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/51(2)
 250,000  219,716 
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%, 7/1/51(2)(3)(4)
 100,000  10,000 
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40(2)
 200,000  164,791 
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/27 (BAM) 400,000  420,967 
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/41(2)
 750,000  601,221 
Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert Waterworks & Sewer System Rev.), 5.00%, 7/15/27 1,000,000  1,073,222 
Industrial Development Authority of the City of Phoenix Arizona Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25(2)
 205,000  201,216 
Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 155,000  161,039 
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/41(2)
 620,000  509,174 
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28 75,000  76,462 
Maricopa County Industrial Development Authority Rev., (Banner Health Obligated Group), VRN, 5.00%, 1/1/53 1,000,000  1,036,496 
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 3.00%, 7/1/31(2)
 500,000  435,300 
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39(2)
 200,000  187,898 
Pima County Sewer System Rev., 5.00%, 7/1/30 600,000  651,637 
34

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30 $ 910,000  $ 984,065 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35 350,000  376,336 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38 755,000  797,759 
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/47 1,750,000  1,882,922 
Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets) 175,000  179,360 
Scottsdale GO, 4.00%, 7/1/31 500,000  530,143 
State of Arizona COP, 5.00%, 9/1/25 240,000  247,841 
State of Arizona COP, 5.00%, 9/1/25(5)
 580,000  598,385 
12,783,080 
Arkansas — 0.1%
Arkansas Development Finance Authority Rev., (United States Steel Corp.), 5.70%, 5/1/53 330,000  331,393 
California — 6.7%
Bay Area Toll Authority Rev., 4.00%, 4/1/29 275,000  284,756 
Bay Area Toll Authority Rev., VRN, 4.51%, (MUNIPSA plus 0.45%), 4/1/56 250,000  246,762 
California Community Choice Financing Authority Rev., VRN, 4.51%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley) 1,755,000  1,629,876 
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/30 500,000  520,806 
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(6)
 100,000  19,544 
California Enterprise Development Authority Rev., (Provident Group-SDSU Properties LLC), 5.00%, 8/1/50 100,000  101,159 
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/48 850,000  869,175 
California Housing Finance Rev., 4.25%, 1/15/35 469,573  458,164 
California Housing Finance Rev., 3.50%, 11/20/35 385,651  354,821 
California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), VRN, 4.41%, (MUNIPSA plus 0.35%), 8/1/47 250,000  247,645 
California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRN, 4.76%, (MUNIPSA plus 0.70%), 12/1/50 1,000,000  974,003 
California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AGM) 165,000  176,267 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/29(2)
 50,000  51,291 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/30(2)
 110,000  113,262 
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/36(2)
 175,000  175,479 
California Municipal Finance Authority Rev., (P3 Claremont Holdings LLC), 5.00%, 7/1/52(2)
 110,000  96,214 
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.375%, 11/15/28(2)
 265,000  255,594 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/25(2)
 260,000  257,524 
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/26(2)
 405,000  400,564 
California School Finance Authority Rev., (Ednovate Obligated Group), 5.00%, 6/1/30(2)
 320,000  320,669 
35

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.375%, 8/1/42(2)
 $ 200,000  $ 203,316 
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/34 185,000  190,813 
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/48 625,000  602,569 
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24 250,000  251,374 
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/38(2)
 240,000  240,528 
California Statewide Communities Development Authority Special Assessment, (San Diego Assessment District No. 18-01), 5.00%, 9/2/29 250,000  265,623 
California Statewide Communities Development Authority Special Tax, (Community Facilities District No. 2015), 4.00%, 9/1/40 245,000  218,529 
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/46(2)
 500,000  404,321 
CSCDA Community Improvement Authority Rev., (1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57(2)
 350,000  238,856 
CSCDA Community Improvement Authority Rev., (Altana Apartments), 4.00%, 10/1/56(2)
 100,000  73,415 
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 12/1/59(2)
 750,000  447,323 
CSCDA Community Improvement Authority Rev., (Oceanaire Apartments), 4.00%, 9/1/56(2)
 300,000  216,900 
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57(2)
 290,000  186,304 
Eastern Municipal Water District Rev., VRN, 4.16%, (MUNIPSA plus 0.10%), 7/1/46 750,000  747,648 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39 500,000  510,889 
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 3.00%, 9/1/25 155,000  148,529 
Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/66(6)
 500,000  49,722 
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45(2)
 1,070,000  932,445 
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/31 (AGM)(2)
 215,000  218,770 
Los Angeles Department of Airports Rev., 5.00%, 5/15/47 905,000  918,117 
Metropolitan Water District of Southern California Rev., VRN, 4.20%, (MUNIPSA plus 0.14%), 7/1/37 200,000  199,904 
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(2)
 100,000  96,551 
Mountain View Los Altos Union High School District GO, 4.00%, 8/1/35 1,000,000  1,062,202 
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2015-1), 5.25%, 8/15/45 415,000  419,523 
Orange County Transportation Authority Rev., 4.00%, 10/15/24(5)
 1,715,000  1,731,979 
Palomar Health GO, 5.00%, 8/1/27 545,000  569,229 
Poway Unified School District Special Tax, (Poway Unified School District Community Facilities District No. 16), 4.00%, 9/1/31 315,000  307,366 
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/38 400,000  417,063 
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 5.00%, 9/1/35 600,000  627,106 
36

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.) $ 630,000  $ 659,278 
State of California GO, 5.00%, 8/1/34 245,000  257,210 
State of California GO, 5.00%, 4/1/35 1,045,000  1,144,358 
State of California GO, 5.00%, 9/1/42 290,000  307,184 
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/39 280,000  282,952 
22,701,471 
Colorado — 3.1%
Adams & Weld Counties School District No. 27J Brighton GO, 5.00%, 12/1/23 1,000,000  1,003,601 
Board of Governors of Colorado State University System Rev., 4.00%, 3/1/44 1,220,000  1,166,597 
Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/40 1,030,000  919,178 
City & County of Denver Airport System Rev., 5.50%, 11/15/42 750,000  815,929 
City & County of Denver Airport System Rev., 5.75%, 11/15/45 750,000  821,345 
Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/48 100,000  103,034 
Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.50%, 11/1/47 200,000  209,038 
Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40 500,000  434,912 
Colorado Health Facilities Authority Rev., (Intermountain Healthcare Obligated Group), VRN, 5.00%, 5/15/62 1,530,000  1,593,425 
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39 530,000  508,827 
Colorado Health Facilities Authority Rev., (Sisters of Charity of Leavenworth Health System, Inc. Obligated Group), 4.00%, 1/1/38 210,000  207,143 
Denver City & County School District No. 1 GO, 5.00%, 12/1/24 1,500,000  1,532,053 
Denver Urban Renewal Authority Tax Allocation, (9th & Colorado Urban Redevelopment Area), 5.25%, 12/1/39(2)
 100,000  100,434 
State of Colorado COP, 6.00%, 12/15/38 230,000  272,697 
State of Colorado COP, 6.00%, 12/15/40 385,000  452,404 
Village Metropolitan District GO, 5.00%, 12/1/49 500,000  460,966 
10,601,583 
Connecticut — 1.9%
City of Hartford Rev., (State of Connecticut), 5.00%, 4/1/25 500,000  511,988 
Connecticut State Health & Educational Facilities Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/45 1,000,000  1,010,049 
Connecticut State Health & Educational Facilities Authority Rev., (Yale University), VRN, 3.20%, 7/1/37 500,000  498,025 
Connecticut State Health & Educational Facilities Authority Rev., VRN, 2.80%, 7/1/57 470,000  458,872 
State of Connecticut GO, 5.00%, 6/15/34 680,000  686,293 
State of Connecticut GO, 4.00%, 1/15/35 1,000,000  1,032,629 
State of Connecticut GO, 4.00%, 6/1/36 1,000,000  1,019,613 
State of Connecticut Special Tax Rev., 5.00%, 5/1/29 1,145,000  1,262,896 
6,480,365 
Delaware — 0.2%
Delaware Transportation Authority Rev., 5.00%, 7/1/24 750,000  760,550 
District of Columbia — 2.3%
District of Columbia GO, 5.00%, 6/1/25 160,000  164,642 
District of Columbia GO, 5.00%, 1/1/41 1,000,000  1,101,276 
37

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
District of Columbia GO, 5.00%, 2/1/41 $ 520,000  $ 564,515 
District of Columbia GO, 5.00%, 1/1/45 750,000  811,860 
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 3/1/36 750,000  814,850 
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 7/1/47 750,000  808,533 
District of Columbia Rev., (Plenary Infrastructure LLC), 5.00%, 2/28/25 1,000,000  1,008,288 
District of Columbia Water & Sewer Authority Rev., 5.00%, 10/1/39 1,535,000  1,583,071 
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/38 270,000  263,565 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/26 500,000  525,788 
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/43 170,000  184,955 
7,831,343 
Florida — 6.4%
Broward County Airport System Rev., 5.00%, 10/1/35 700,000  725,567 
Broward County Port Facilities Rev., 4.00%, 9/1/37 750,000  716,523 
Broward County Port Facilities Rev., 5.00%, 9/1/40 1,000,000  1,045,828 
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/40 925,000  990,210 
Broward County Water & Sewer Utility Rev., 4.00%, 10/1/47 880,000  838,197 
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28 300,000  309,883 
Capital Projects Finance Authority Rev., (Provident Group - Continuum Properties LLC), 5.00%, 11/1/53 750,000  737,330 
Duval County Public Schools COP, 5.00%, 7/1/35 (AGM) 295,000  323,875 
Florida Development Finance Corp. Rev., 3.00%, 7/1/31(2)
 260,000  234,193 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/24(2)
 105,000  104,054 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/25(2)
 110,000  107,647 
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/26(2)
 110,000  106,256 
Florida Insurance Assistance Interlocal Agency, Inc. Rev., (Florida Insurance Guaranty Association, Inc.), 5.00%, 9/1/24 1,170,000  1,184,628 
Fort Pierce Utilities Authority Rev., 5.00%, 10/1/29 (AGM) 1,050,000  1,150,383 
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/33 180,000  187,918 
Greater Orlando Aviation Authority Rev., 4.00%, 10/1/37 985,000  968,997 
Hillsborough County Aviation Authority Rev., 5.00%, 10/1/27 375,000  393,729 
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/39(2)
 550,000  515,184 
Lakeland Department of Electric Utilities Rev., 5.00%, 10/1/39(1)
 500,000  560,063 
Miami-Dade County Aviation Rev., 5.00%, 10/1/38 500,000  500,906 
Miami-Dade County Seaport Department Rev., 5.25%, 10/1/52 300,000  308,298 
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/35 175,000  176,373 
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/44 1,000,000  963,290 
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/44 850,000  879,380 
Orange County Health Facilities Authority Rev., (Orlando Health Obligated Group), 5.00%, 10/1/53 500,000  512,199 
Orlando Utilities Commission Rev., 5.00%, 10/1/48 1,000,000  1,073,640 
38

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
Pasco County Rev., (State of Florida Cigarette Tax Rev.), 5.75%, 9/1/54 (AGM) $ 290,000  $ 319,619 
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 105,000  106,868 
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 375,000  372,543 
Pompano Beach Rev., (John Knox Village of Florida, Inc. Obligated Group), 1.45%, 1/1/27 750,000  670,259 
South Florida Water Management District COP, 5.00%, 10/1/36 560,000  576,705 
Tampa Water & Wastewater System Rev., 5.00%, 10/1/41 1,000,000  1,101,527 
Village Community Development District No. 14 Special Assessment, 5.50%, 5/1/53 1,000,000  1,021,685 
Village Community Development District No. 15 Special Assessment, 5.25%, 5/1/54(2)
 500,000  502,467 
Wildwood Utility Dependent District Rev., 5.00%, 10/1/36 (BAM) 455,000  495,573 
Wildwood Utility Dependent District Rev., 5.50%, 10/1/48 (AGM) 750,000  819,999 
21,601,796 
Georgia — 3.8%
Atlanta Airport Passenger Facility Charge Rev., 4.00%, 7/1/40 1,000,000  964,568 
Atlanta Water & Wastewater Rev., 4.00%, 11/1/37 1,345,000  1,343,513 
Cobb County Kennestone Hospital Authority Rev., (WellStar Health System Obligated Group), 4.00%, 4/1/52 1,000,000  891,599 
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 3.625%, 1/1/31(2)
 475,000  414,229 
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 4.00%, 1/1/36 500,000  471,383 
Georgia Ports Authority Rev., 5.25%, 7/1/52 500,000  543,815 
Main Street Natural Gas Inc. Rev., VRN, 4.00%, 7/1/52 (GA: Royal Bank of Canada) 1,000,000  991,722 
Main Street Natural Gas Inc. Rev., VRN, 5.00%, 7/1/53 (GA: Royal Bank of Canada) 1,500,000  1,556,285 
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets) 500,000  493,331 
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 5/1/52 (GA: Citigroup Global Markets) 1,200,000  1,169,060 
Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/52 (GA: Citigroup, Inc.) 1,190,000  1,217,448 
Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 9/1/53 (GA: Royal Bank of Canada) 550,000  571,273 
Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/44 575,000  551,032 
State of Georgia GO, 5.00%, 7/1/29 1,465,000  1,631,617 
12,810,875 
Hawaii — 0.8%
City & County Honolulu Wastewater System Rev., 4.00%, 7/1/32 250,000  252,074 
City & County of Honolulu GO, 5.00%, 3/1/29 700,000  768,981 
City & County of Honolulu GO, 5.25%, 7/1/44 760,000  831,468 
Honolulu GO, 5.00%, 7/1/29 830,000  916,431 
2,768,954 
Idaho — 0.3%
Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), 4.00%, 3/1/46 365,000  328,383 
Idaho Housing & Finance Association Rev., (State of Idaho Department of Transportation Transportation Expansion & Congestion), 5.25%, 8/15/48 500,000  545,288 
873,671 
39

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
Illinois — 6.5%
Chicago GO, 5.00%, 1/1/26 $ 275,000  $ 281,485 
Chicago GO, 4.00%, 1/1/35 500,000  489,717 
Chicago GO, 5.25%, 1/1/38 1,000,000  1,067,501 
Chicago GO, 6.00%, 1/1/38 20,000  21,087 
Chicago GO, 5.50%, 1/1/49 100,000  103,481 
Chicago Board of Education GO, 5.00%, 12/1/34 280,000  285,313 
Chicago Board of Education GO, 5.00%, 12/1/42 1,060,000  1,025,819 
Chicago O'Hare International Airport Rev., 5.00%, 1/1/26 1,000,000  1,022,574 
Chicago O'Hare International Airport Rev., (Chicago O'Hare International Airport Customer Facility Charge Rev.), 5.25%, 1/1/43 (BAM) 1,000,000  1,067,091 
Chicago Wastewater Transmission Rev., 5.50%, 1/1/30 (AGM-CR)(NATL-RE) 130,000  141,361 
Chicago Wastewater Transmission Rev., 5.25%, 1/1/53 (AGM) 750,000  799,711 
Chicago Waterworks Rev., 5.25%, 11/1/53 (AGM) 250,000  266,548 
Cook County Sales Tax Rev., 4.00%, 11/15/40 900,000  872,885 
Cook County Sales Tax Rev., 5.25%, 11/15/45 725,000  761,548 
Illinois Finance Authority Rev., (Plymouth Place Obligated Group), 4.75%, 11/15/27 500,000  496,593 
Illinois Finance Authority Rev., (Presbyterian Homes Obligated Group), VRN, 4.76%, (MUNIPSA plus 0.70%), 5/1/42 250,000  244,218 
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 1/1/33 1,000,000  1,054,434 
Illinois Finance Authority Rev., (University of Chicago Medical Center Obligated Group), VRN, 5.00%, 8/15/52 250,000  263,716 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37 400,000  410,419 
Illinois State Toll Highway Authority Rev., 4.00%, 1/1/42 1,000,000  966,003 
Illinois State Toll Highway Authority Rev., 5.25%, 1/1/43 330,000  362,781 
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/46 1,150,000  1,215,246 
Joliet Waterworks & Sewerage Rev., 5.00%, 1/1/24 345,000  345,854 
Kane County Forest Preserve District GO, 3.00%, 12/15/25 650,000  640,635 
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/31 (AGM) 200,000  206,557 
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/39 (AGM) 500,000  482,594 
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/28 605,000  636,169 
Northern Illinois University Rev., 5.00%, 10/1/28 (BAM) 325,000  342,973 
Peoria City School District No. 150 GO, 4.00%, 1/1/26 (AGM) 840,000  847,010 
State of Illinois GO, 5.00%, 10/1/25 175,000  179,445 
State of Illinois GO, 5.00%, 11/1/27 455,000  478,991 
State of Illinois GO, 5.00%, 11/1/29 280,000  294,283 
State of Illinois GO, 5.00%, 10/1/30 625,000  664,957 
State of Illinois GO, 5.00%, 10/1/33 200,000  210,983 
State of Illinois GO, 5.00%, 2/1/39 750,000  750,124 
State of Illinois GO, 5.50%, 5/1/39 220,000  236,283 
State of Illinois GO, 5.50%, 10/1/39 1,000,000  1,094,132 
State of Illinois GO, 5.50%, 3/1/42 1,250,000  1,352,266 
State of Illinois GO, 5.75%, 5/1/45 225,000  242,006 
22,224,793 
Indiana — 0.8%
Indiana Finance Authority Rev., (CHF - Tippecanoe LLC), 5.00%, 6/1/53 250,000  250,817 
40

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
Indiana Finance Authority Rev., (Indiana University Health, Inc. Obligated Group), VRN, 5.00%, 10/1/62 $ 365,000  $ 389,195 
Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.00%, 2/1/26 500,000  515,072 
Indianapolis Local Public Improvement Bond Bank Rev., 4.00%, 2/1/47 750,000  682,374 
Purdue University Rev., 5.00%, 7/1/40 750,000  826,553 
2,664,011 
Iowa — 0.8%
Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/35 125,000  144,265 
Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/36 125,000  142,636 
Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/44 500,000  536,760 
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 4.26%, (SOFR plus 0.55%), 5/15/56 500,000  457,269 
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/39 850,000  822,937 
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/49 555,000  541,023 
2,644,890 
Kansas — 0.6%
Kansas Development Finance Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/54 700,000  776,497 
Prairie Village Tax Allocation, (Prairie Village Meadowbrook Redevelopment District), 3.125%, 4/1/36 130,000  104,286 
State of Kansas Department of Transportation Rev., 5.00%, 9/1/35 1,200,000  1,232,211 
2,112,994 
Kentucky — 1.2%
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/30 370,000  392,068 
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.25%, 6/1/41 100,000  101,181 
Kentucky Public Energy Authority Rev., VRN, 4.00%, 4/1/48 (GA: Morgan Stanley) 300,000  300,127 
Kentucky Public Energy Authority Rev., VRN, 4.00%, 1/1/49 (GA: BP Corp. North America, Inc.) 440,000  438,150 
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) 250,000  250,251 
Kentucky Public Energy Authority Rev., VRN, 4.75%, (SOFR plus 1.20%), 8/1/52 (GA: Morgan Stanley) 1,000,000  956,244 
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 4.00%, 11/1/38 500,000  482,716 
Louisville/Jefferson County Metropolitan Government Rev., (Norton Healthcare Obligated Group), VRN, 5.00%, 10/1/47 1,000,000  1,068,869 
3,989,606 
Louisiana — 1.2%
Louisiana Public Facilities Authority Rev., (Tulane University), 5.00%, 10/15/48 750,000  784,479 
Louisiana Stadium & Exposition District Rev., 5.00%, 7/1/48 2,000,000  2,108,441 
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/48 (AGM) 250,000  256,501 
St. John the Baptist Parish LA Rev., (Marathon Oil Corp.), VRN, 4.05%, 6/1/37 900,000  891,680 
4,041,101 
Maryland — 1.7%
Baltimore Rev., 5.00%, 6/1/51 400,000  379,849 
41

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27 $ 200,000  $ 196,523 
Brunswick Special Tax, 5.00%, 7/1/36 100,000  100,646 
Gaithersburg Rev., (Asbury Maryland Obligated Group), 5.125%, 1/1/42 400,000  376,190 
Maryland Economic Development Corp. Tax Allocation, (City of Baltimore Port Covington Development District), 4.00%, 9/1/50 1,000,000  809,561 
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/51 500,000  406,412 
Maryland Stadium Authority Built to Learn Rev., 5.00%, 6/1/25 500,000  513,396 
State of Maryland GO, 5.00%, 6/1/31 1,640,000  1,881,262 
State of Maryland GO, 5.00%, 6/1/36 1,000,000  1,134,350 
5,798,189 
Massachusetts — 3.0%
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/43 1,190,000  1,284,454 
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/50 500,000  529,499 
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/51 1,000,000  1,052,132 
Massachusetts GO, 5.00%, 10/1/37 1,000,000  1,122,869 
Massachusetts Bay Transportation Authority Sales Tax Rev., 5.00%, 7/1/33 500,000  590,690 
Massachusetts Development Finance Agency Rev., (Boston Medical Center Corp. Obligated Group), 5.25%, 7/1/48 750,000  773,771 
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 4.00%, 10/1/32(2)
 100,000  90,259 
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 5.00%, 10/1/37(2)
 150,000  142,571 
Massachusetts Development Finance Agency Rev., (Northeastern University), 5.00%, 3/1/44 1,000,000  1,004,054 
Massachusetts Development Finance Agency Rev., (Trustees of Boston University), 5.00%, 10/1/24 375,000  381,914 
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/44 890,000  864,944 
Massachusetts Port Authority Rev., 5.00%, 7/1/41 800,000  842,614 
Massachusetts School Building Authority Rev., 5.00%, 8/15/45 730,000  780,459 
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/32 460,000  502,584 
Massachusetts Water Resources Authority Rev., 5.25%, 8/1/48 100,000  110,742 
10,073,556 
Michigan — 1.6%
Detroit GO, 5.00%, 4/1/25 50,000  50,564 
Detroit GO, 5.00%, 4/1/36 550,000  566,067 
Detroit GO, 5.00%, 4/1/37 250,000  255,053 
Michigan Finance Authority Rev., (BHSH System Obligated Group), 5.00%, 4/15/27 1,335,000  1,408,617 
Michigan Finance Authority Rev., (BHSH System Obligated Group), 4.00%, 4/15/42 395,000  369,938 
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 5.00%, 6/1/49 610,000  620,326 
Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/24, Prerefunded at 100% of Par(2)(5)
 100,000  102,255 
Michigan State Building Authority Rev., 4.00%, 10/15/49 820,000  769,511 
Michigan State Hospital Finance Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/24 355,000  361,891 
42

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
State of Michigan Trunk Line Rev., 5.00%, 11/15/46(1)
 $ 1,000,000  $ 1,075,657 
5,579,879 
Minnesota — 0.7%
State of Minnesota GO, 5.00%, 9/1/23 1,350,000  1,350,000 
State of Minnesota GO, 5.00%, 8/1/33 1,000,000  1,177,007 
2,527,007 
Missouri — 1.0%
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/26 600,000  621,072 
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/28 150,000  159,744 
Kansas City GO, 5.00%, 2/1/24 625,000  629,333 
Kansas City Industrial Development Authority Rev., 5.00%, 3/1/44 1,000,000  1,019,553 
Liberty Public School District No. 53 GO, 5.00%, 3/1/24 295,000  297,465 
St. Louis Airport Rev., 5.00%, 7/1/52 750,000  783,242 
3,510,409 
Nebraska — 0.3%
Central Plains Energy Project Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs & Company) 1,000,000  1,019,866 
Nevada — 1.6%
Las Vegas Convention & Visitors Authority Rev., (County of Clark NV & City of Las Vegas NV Combined Room Tax Rev.), 5.00%, 7/1/49 600,000  628,580 
Las Vegas Special Improvement District No. 814 Special Assessment, 4.00%, 6/1/49 705,000  569,391 
Las Vegas Special Improvement District No. 815 Special Assessment, 4.00%, 12/1/31 250,000  235,191 
Las Vegas Special Improvement District No. 815 Special Assessment, 5.00%, 12/1/49 200,000  186,443 
Las Vegas Valley Water District GO, 5.00%, 6/1/38 1,340,000  1,379,561 
State of Nevada GO, 5.00%, 8/1/30 1,530,000  1,697,059 
State of Nevada Highway Improvement Rev., 4.00%, 12/1/33 375,000  384,095 
Tahoe-Douglas Visitors Authority Rev., 4.00%, 7/1/25 200,000  197,567 
5,277,887 
New Hampshire — 0.5%
New Hampshire Business Finance Authority Rev., (Springpoint Senior Living Obligated Group), 4.00%, 1/1/27 500,000  486,627 
New Hampshire Business Finance Authority Rev., (University of Nevada Reno), 5.25%, 6/1/51 (BAM) 1,000,000  1,050,048 
New Hampshire Business Finance Authority Rev., 4.125%, 1/20/34 284,087  273,764 
1,810,439 
New Jersey — 2.7%
New Jersey Economic Development Authority Rev., 5.50%, 12/15/26, Prerefunded at 100% of Par(5)
 260,000  279,502 
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 5.00%, 11/1/37 500,000  541,024 
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.50%, 9/1/24 (Ambac) 1,000,000  1,017,899 
New Jersey Economic Development Authority Rev., (State of New Jersey), 5.00%, 3/1/28 390,000  416,880 
New Jersey Educational Facilities Authority Rev., (Trustees of Princeton University), 5.00%, 3/1/32 625,000  730,194 
43

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 $ 715,000  $ 744,008 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/28 455,000  488,370 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/28 375,000  405,090 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/32 400,000  427,984 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/33 260,000  277,859 
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/35 1,000,000  1,106,889 
New Jersey Transportation Trust Fund Authority Rev., 4.00%, 6/15/38 620,000  614,491 
New Jersey Turnpike Authority Rev., 5.00%, 1/1/48 150,000  156,864 
Newark Board of Education GO, 5.00%, 7/15/33 (BAM) 900,000  999,529 
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46 260,000  255,816 
Tobacco Settlement Financing Corp. Rev., 5.25%, 6/1/46 750,000  774,682 
9,237,081 
New Mexico — 0.4%
New Mexico Finance Authority Rev., (New Mexico Finance Authority Public Project Revolving Fund), 5.00%, 6/1/24 1,000,000  1,012,122 
New Mexico Municipal Energy Acquisition Authority Rev., VRN, 5.00%, 11/1/39 (LIQ FAC: Royal Bank of Canada) (GA: Royal Bank of Canada) 500,000  506,465 
1,518,587 
New York — 9.3%
Long Island Power Authority Rev., 5.00%, 9/1/53 (AGM) 1,000,000  1,068,050 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 110,000  113,234 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 560,000  576,462 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 750,000  812,425 
Metropolitan Transportation Authority Rev., 5.00%, 11/15/38 255,000  266,340 
Metropolitan Transportation Authority Rev., VRN, 4.35%, (SOFR plus 0.80%), 11/1/32 (AGM) 250,000  248,734 
Nassau County Interim Finance Authority Rev., 4.00%, 11/15/35 500,000  533,048 
New York City GO, 5.25%, 5/1/41 150,000  164,767 
New York City GO, 5.00%, 4/1/43 500,000  519,939 
New York City GO, 4.00%, 8/1/44 1,000,000  962,502 
New York City GO, 4.00%, 9/1/46 250,000  238,659 
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/25 750,000  753,740 
New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/29 1,100,000  1,189,732 
New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.25%, 6/15/52 500,000  540,460 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/26 1,000,000  1,059,618 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/34 500,000  572,123 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 2/1/36 200,000  222,054 
New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/40 1,000,000  1,108,120 
New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/42 650,000  634,299 
44

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.50%, 10/1/37 (GA: Goldman Sachs Group, Inc.) $ 175,000  $ 195,942 
New York Power Authority Rev., 5.00%, 11/15/27 (AGM) 1,000,000  1,086,097 
New York State Dormitory Authority Rev., 5.00%, 10/1/28 (BAM) 670,000  732,909 
New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/45 1,000,000  909,947 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37 500,000  504,886 
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/40 750,000  739,572 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/26(5)
 1,100,000  1,149,998 
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/27(5)
 815,000  869,509 
New York State Dormitory Authority Rev., (State of New York Sales Tax Revenue), 5.00%, 3/15/45 1,000,000  1,073,193 
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/24 500,000  507,037 
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/39 850,000  936,148 
New York State Thruway Authority Rev., 4.00%, 1/1/38 700,000  688,743 
New York State Thruway Authority Rev., 4.00%, 1/1/45 945,000  881,366 
New York State Thruway Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/44 750,000  712,078 
New York Transportation Development Corp. Rev., (American Airlines, Inc.), 3.00%, 8/1/31 (GA: American Airlines Group) 130,000  115,314 
New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 4/30/53 500,000  405,222 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/26 1,000,000  1,033,563 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/40 200,000  188,140 
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/41 640,000  657,676 
New York Transportation Development Corp. Rev., (Laguardia Gateway Partners LLC), 4.00%, 7/1/36 (AGM) 685,000  661,926 
Town of Oyster Bay GO, 5.00%, 8/1/25 (AGM) 545,000  562,721 
Triborough Bridge & Tunnel Authority Rev., 4.00%, 11/15/54 1,000,000  925,972 
Triborough Bridge & Tunnel Authority Rev., (Metropolitan Transportation Authority Payroll Mobility Tax Rev.), 5.25%, 5/15/52 750,000  808,655 
Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/39 1,000,000  1,099,670 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/30 1,000,000  1,003,587 
Utility Debt Securitization Authority Rev., 5.00%, 12/15/33 980,000  1,017,388 
Westchester County Local Development Corp. Rev., (Purchase Senior Learning Community Obligated Group), 2.875%, 7/1/26(2)
 455,000  433,751 
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39 100,000  93,278 
31,578,594 
North Carolina — 1.2%
North Carolina Medical Care Commission Rev., (Forest at Duke, Inc. Obligated Group), 4.00%, 9/1/46 715,000  572,830 
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/26 45,000  42,197 
North Carolina Turnpike Authority Rev., 5.00%, 2/1/24(5)
 1,000,000  1,005,517 
State of North Carolina Rev., 5.00%, 3/1/34 345,000  377,834 
45

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
State of North Carolina Rev., (Highway Trust Fund), 5.00%, 5/1/25 $ 1,000,000  $ 1,027,730 
Wake County GO, 5.00%, 2/1/27 1,000,000  1,065,027 
4,091,135 
Ohio — 3.1%
Allen County Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), 4.00%, 8/1/47 1,495,000  1,364,630 
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48 300,000  265,845 
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55 1,750,000  1,602,083 
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 5.00%, 7/1/36 500,000  542,713 
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/40 450,000  418,408 
Columbus GO, 5.00%, 8/15/25 1,000,000  1,034,564 
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/42 360,000  360,441 
Cuyahoga County Rev., (MetroHealth System), 5.50%, 2/15/52 500,000  503,756 
Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53 100,000  91,368 
Ohio Turnpike & Infrastructure Commission Rev., 5.00%, 2/15/32 550,000  591,505 
Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/42 1,250,000  1,370,336 
State of Ohio GO, 5.00%, 5/1/40 660,000  716,934 
State of Ohio Rev., (University Hospitals Health System, Inc. Obligated Group), 4.00%, 1/15/39 700,000  664,292 
Worthington City School District GO, 5.50%, 12/1/54 1,000,000  1,102,625 
10,629,500 
Oklahoma — 0.2%
Oklahoma Capitol Improvement Authority Rev., (Oklahoma Department of Transportation), 4.00%, 7/1/38 850,000  815,659 
Oregon — 1.4%
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40 250,000  234,876 
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47 100,000  88,006 
State of Oregon GO, 4.00%, 8/1/31 1,000,000  1,010,040 
State of Oregon GO, 5.00%, 6/1/41 1,000,000  1,103,008 
State of Oregon GO, 5.00%, 5/1/48 1,250,000  1,351,342 
State of Oregon Department of Transportation Rev., 5.25%, 11/15/47 1,000,000  1,095,964 
4,883,236 
Pennsylvania — 4.5%
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 2/1/28 150,000  97,568 
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 11/1/40 300,000  188,806 
Bucks County Water and Sewer Authority Rev., 5.00%, 12/1/37 (AGM) 450,000  496,644 
Bucks County Water and Sewer Authority Rev., 5.00%, 12/1/38 (AGM) 525,000  575,214 
Commonwealth Financing Authority Rev., 5.00%, 6/1/24 1,625,000  1,640,775 
Commonwealth Financing Authority Rev., 5.00%, 6/1/25 290,000  296,684 
46

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
Delaware County Authority Rev., (Villanova University), 5.00%, 8/1/31 $ 1,200,000  $ 1,237,518 
Pennsylvania GO, 5.00%, 1/1/24 690,000  693,644 
Pennsylvania GO, 5.00%, 10/1/24 1,000,000  1,017,800 
Pennsylvania GO, 5.00%, 7/15/29 845,000  936,902 
Pennsylvania Economic Development Financing Authority Rev., (Commonwealth of Pennsylvania Department of Transportation), 5.75%, 6/30/48 400,000  433,894 
Pennsylvania Economic Development Financing Authority Rev., (Commonwealth of Pennsylvania Department of Transportation), 5.00%, 12/31/57 (AGM) 750,000  759,293 
Pennsylvania Higher Educational Facilities Authority Rev., (Drexel University), 5.00%, 5/1/46 (AGM) 1,000,000  1,044,565 
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM) 530,000  581,809 
Pennsylvania State University Rev., 5.00%, 9/1/24 1,000,000  1,017,085 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/32 460,000  522,856 
Pennsylvania Turnpike Commission Rev., 4.00%, 12/1/38 560,000  556,409 
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/44 750,000  817,020 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/46 300,000  306,058 
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/48(1)
 650,000  687,869 
Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/39 (AGM) 750,000  822,919 
Pittsburgh Water & Sewer Authority Rev., 5.00%, 9/1/48 (AGM) 500,000  534,049 
15,265,381 
Puerto Rico — 0.2%
Puerto Rico GO, 5.625%, 7/1/29 500,000  529,020 
South Carolina — 0.2%
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40 100,000  85,529 
Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/37 325,000  367,912 
Richland County Special Assessment, (Richland County Village at Sandhill Improvement District), 3.75%, 11/1/36(2)
 270,000  211,281 
664,722 
Tennessee — 1.1%
Metropolitan Government Nashville & Davidson County Industrial Development Board Special Assessment, (South Nashville Central Business Improvement District), Capital Appreciation, 0.00%, 6/1/43(2)(6)
 4,000,000  1,365,408 
Metropolitan Government Nashville & Davidson County Sports Authority Rev., (Metropolitan Government of Nashville & Davidson), 5.25%, 7/1/48 (AGM) 1,000,000  1,080,207 
Metropolitan Nashville Airport Authority Rev., 5.50%, 7/1/52 100,000  106,179 
Nashville Metropolitan Development & Housing Agency Tax Allocation, 5.125%, 6/1/36(2)
 225,000  226,628 
Tennessee Energy Acquisition Corp. Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs Group, Inc.) 1,000,000  1,019,454 
3,797,876 
Texas — 11.1%
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD) 725,000  734,607 
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 5.00%, 8/15/29 (PSF-GTD) 400,000  441,341 
Austin Airport System Rev., 5.00%, 11/15/41 1,000,000  1,041,202 
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/27 775,000  800,392 
Central Texas Regional Mobility Authority Rev., 4.00%, 1/1/51 1,290,000  1,158,112 
Central Texas Turnpike System Rev., 5.00%, 8/15/42 1,250,000  1,250,000 
47

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/38 (PSF-GTD) $ 520,000  $ 528,727 
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 4.00%, 8/15/42 (PSF-GTD) 465,000  432,478 
Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/48 50,000  50,011 
Clifton Higher Education Finance Corp. Rev., (YES Prep Public Schools, Inc.), 5.00%, 4/1/25 (PSF-GTD) 400,000  408,912 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/24(1)
 1,000,000  1,010,721 
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/47(1)
 1,000,000  1,056,365 
Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/47 250,000  270,181 
Denton Independent School District GO, 5.00%, 8/15/35 (PSF-GTD) 750,000  856,649 
El Paso Water & Sewer Rev., 4.00%, 3/1/40 1,000,000  972,428 
Fort Bend Independent School District GO, 5.00%, 8/15/24 (PSF-GTD) 440,000  446,430 
Fort Bend Independent School District GO, 4.00%, 8/15/35 (PSF-GTD) 1,000,000  1,038,010 
Frisco Independent School District GO, 5.00%, 2/15/26 (PSF-GTD) 780,000  811,786 
Frisco Independent School District GO, 5.00%, 8/15/32 (PSF-GTD) 1,000,000  1,093,378 
Harris County Cultural Education Facilities Finance Corp. Rev., (Memorial Hermann Health System Obligated Group), VRN, 5.00%, 7/1/49 655,000  684,085 
Harris Toll Road Rev., 5.00%, 8/15/34 1,330,000  1,520,167 
Houston GO, 5.00%, 3/1/29 340,000  370,454 
Houston Airport System Rev., 5.00%, 7/1/32 (AGM) 1,500,000  1,637,471 
Houston Airport System Rev., (United Airlines, Inc.), 4.00%, 7/15/41 500,000  442,407 
Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51 200,000  160,607 
Katy Independent School District GO, 5.00%, 2/15/28 (PSF-GTD) 350,000  378,760 
Metropolitan Transit Authority of Harris County Rev., 5.00%, 11/1/26 1,755,000  1,844,488 
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27(5)
 240,000  254,977 
North Texas Tollway Authority Rev., 5.00%, 1/1/31 1,000,000  1,015,286 
North Texas Tollway Authority Rev., 4.00%, 1/1/35 670,000  670,275 
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/26 585,000  587,560 
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/33 200,000  202,137 
Northside Independent School District GO, VRN, 3.00%, 8/1/53 (PSF-GTD) 500,000  489,158 
Permanent University Fund - University of Texas System Rev., 5.00%, 7/1/27 500,000  534,498 
Permanent University Fund - University of Texas System Rev., 5.00%, 7/1/40 1,000,000  1,089,196 
Prosper Independent School District GO, VRN, 4.00%, 2/15/50 (PSF-GTD) 625,000  629,677 
San Antonio Water System Rev., 4.00%, 5/15/34 275,000  281,904 
State of Texas GO, 5.00%, 8/1/40 815,000  829,413 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Baylor Scott & White Health Obligated Group), VRN, 5.00%, 11/15/52 160,000  165,163 
48

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), 4.00%, 10/1/42 $ 665,000  $ 615,068 
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Texas Health Resources Obligated Group), 5.00%, 2/15/24 945,000  950,946 
Tarrant County Hospital District GO, 4.25%, 8/15/48 500,000  478,552 
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/26 (GA: Macquarie Group Ltd.) 250,000  253,367 
Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/38 1,300,000  1,230,855 
Texas Private Activity Bond Surface Transportation Corp. Rev., (NTE Mobility Partners LLC), 5.50%, 12/31/58 875,000  927,232 
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/43 1,360,000  1,308,920 
Texas Water Development Board Rev., (Texas Water Development Board State Revolving Fund), 4.00%, 8/1/34 815,000  835,949 
Texas Water Development Board Rev., (Texas Water Development Board State Revolving Fund), 5.00%, 8/1/41 1,000,000  1,088,793 
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/32 1,000,000  1,135,994 
Wylie Independent School District/Collin County GO, 5.00%, 2/15/24 (PSF-GTD) 800,000  805,387 
37,820,476 
Utah — 1.3%
Intermountain Power Agency Rev., 5.00%, 7/1/27 500,000  534,311 
Intermountain Power Agency Rev., 5.25%, 7/1/45 750,000  818,382 
Salt Lake City Airport Revenure Rev., 5.00%, 7/1/26 300,000  308,749 
UIPA Crossroads Public Infrastructure District Tax Allocation, (AJL Project Area), 4.375%, 6/1/52(2)
 750,000  637,403 
University of Utah Rev., 5.00%, 8/1/46 855,000  912,980 
Utah State University Rev., 4.00%, 12/1/42 (AGM) 1,215,000  1,151,330 
4,363,155 
Virginia — 1.5%
Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 5.00%, 5/15/27 330,000  351,054 
Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 4.00%, 5/15/42 670,000  652,560 
Fairfax County Sewer Rev., 5.00%, 7/15/46 1,000,000  1,080,872 
Lynchburg Economic Development Authority Rev., (Centra Health Obligated Group), 4.00%, 1/1/37 825,000  807,037 
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45(2)
 200,000  183,984 
Virginia College Building Authority Rev., 5.00%, 2/1/24 300,000  302,080 
Virginia College Building Authority Rev., 5.00%, 2/1/26 1,000,000  1,043,027 
Virginia Port Authority Commonwealth Port Fund Rev., 5.25%, 7/1/48 750,000  833,227 
5,253,841 
Washington — 4.4%
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/37 500,000  555,585 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/39 525,000  566,142 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/39 1,000,000  1,107,065 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/40 875,000  948,726 
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/41 415,000  448,454 
49

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project Rev., 5.00%, 1/1/43 $ 500,000  $ 540,914 
King County School District No. 411 Issaquah GO, 4.00%, 12/1/33 (SCH BD GTY) 680,000  712,716 
King County Sewer Rev., 4.00%, 7/1/35 1,000,000  1,000,017 
Port of Seattle Rev., 5.00%, 4/1/36 1,365,000  1,432,877 
Port of Seattle Rev., 5.50%, 8/1/47 1,000,000  1,068,544 
Seattle Municipal Light & Power Rev., 5.00%, 7/1/42 1,125,000  1,220,080 
Seattle Municipal Light & Power Rev., 5.00%, 7/1/52 1,000,000  1,059,502 
Seattle Municipal Light & Power Rev., VRN, 4.31%, (MUNIPSA plus 0.25%), 5/1/45 200,000  196,071 
State of Washington GO, 5.00%, 6/1/41 770,000  824,638 
State of Washington GO, 5.00%, 2/1/42 625,000  647,486 
State of Washington GO, 5.00%, 6/1/45 1,000,000  1,068,854 
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), 4.00%, 8/1/44 700,000  623,207 
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 300,000  307,234 
Washington Health Care Facilities Authority Rev., (Providence State Joseph Health Obligated Group), 5.00%, 10/1/33 650,000  650,138 
14,978,250 
West Virginia — 0.2%
West Virginia Parkways Authority Rev., 5.00%, 6/1/47 500,000  526,544 
Wisconsin — 1.9%
Public Finance Authority Rev., (Air Cargo Obligated Group), 5.50%, 7/1/43 375,000  382,514 
Public Finance Authority Rev., (Air Cargo Obligated Group), 5.25%, 7/1/53 1,295,000  1,255,008 
Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 5.00%, 7/1/41 250,000  245,407 
Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48(2)
 75,000  65,286 
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/39 (AGM) 150,000  142,549 
Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/44 (AGM) 600,000  608,349 
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM) 75,000  79,470 
Public Finance Authority Rev., (Duke Energy Progress LLC), VRN, 3.30%, 10/1/46 540,000  535,267 
Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/52(2)
 250,000  185,875 
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 4.00%, 7/1/61(2)
 225,000  164,531 
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 5.25%, 7/1/61(2)
 515,000  409,797 
Public Finance Authority Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.00%, 10/1/41 505,000  413,376 
State of Wisconsin GO, 4.00%, 5/1/39 750,000  746,926 
Wisconsin Health & Educational Facilities Authority Rev., (Advocate Aurora Health Obligated Group), VRN, 4.24%, (MUNIPSA plus 0.18%), 8/15/54 1,000,000  976,794 
Wisconsin Health & Educational Facilities Authority Rev., (Bellin Memorial Hospital Obligated Group), 5.50%, 12/1/52 200,000  211,698 
6,422,847 
TOTAL MUNICIPAL SECURITIES
(Cost $341,429,233)
 330,564,035 
50

Diversified Municipal Bond ETF
Principal
Amount/Shares		 Value
SHORT-TERM INVESTMENTS — 3.3%
Money Market Funds — 3.3%
Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio, Institutional Class
(Cost $11,258,260)
 11,259,618  $ 11,258,492 
TOTAL INVESTMENT SECURITIES — 100.5%
(Cost $352,687,493)
 341,822,527 
OTHER ASSETS AND LIABILITIES — (0.5)% (1,624,802)
TOTAL NET ASSETS — 100.0% $ 340,197,725 

NOTES TO SCHEDULE OF INVESTMENTS
AGM – Assured Guaranty Municipal Corporation
AGM-CR – Assured Guaranty Municipal Corporation - Custodian Receipts
BAM – Build America Mutual Assurance Company
COP – Certificates of Participation
GA – Guaranty Agreement
GO – General Obligation
LIQ FAC – Liquidity Facilities
MUNIPSA – SIFMA Municipal Swap Index
NATL-RE – National Public Finance Guarantee Corporation - Reinsured
PSF-GTD – Permanent School Fund Guaranteed
SCH BD GTY – School Bond Guaranty
SOFR – Secured Overnight Financing Rate
VRN – Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(2)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $13,562,135, which represented 4.0% of total net assets. 
(3)Security is in default.
(4)Non-income producing.
(5)Escrowed to maturity in U.S. government securities or state and local government securities.
(6)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.


See Notes to Financial Statements.
51

AUGUST 31, 2023
Emerging Markets Bond ETF
Principal Amount/
Shares
 Value
SOVEREIGN GOVERNMENTS AND AGENCIES — 52.6%
Angola — 1.2%
Angolan Government International Bond, 8.25%, 5/9/28(1)
 $ 200,000  $ 175,426 
Angolan Government International Bond, 9.375%, 5/8/48(1)
 300,000  229,908 
405,334 
Argentina — 1.3%
Argentine Republic Government International Bond, 3.625%, 7/9/35 1,498,000  445,193 
Bahamas — 0.3%
Bahamas Government International Bond, 5.75%, 1/16/24(1)
 100,000  98,865 
Brazil — 1.0%
Brazilian Government International Bond, 4.25%, 1/7/25 125,000  122,854 
Brazilian Government International Bond, 6.00%, 10/20/33 200,000  194,925 
317,779 
Chile — 2.4%
Chile Government International Bond, 2.55%, 1/27/32 676,000  568,755 
Chile Government International Bond, 2.55%, 7/27/33 200,000  161,057 
Chile Government International Bond, 3.50%, 1/31/34 100,000  86,811 
816,623 
Colombia — 1.3%
Colombia Government International Bond, 4.50%, 1/28/26 75,000  72,312 
Colombia Government International Bond, 6.125%, 1/18/41 450,000  373,011 
445,323 
Costa Rica — 1.2%
Costa Rica Government International Bond, 6.125%, 2/19/31 400,000  399,954 
Dominican Republic — 2.3%
Dominican Republic International Bond, 4.50%, 1/30/30 400,000  349,879 
Dominican Republic International Bond, 4.875%, 9/23/32 300,000  255,297 
Dominican Republic International Bond, 5.875%, 1/30/60 200,000  154,226 
759,402 
Ecuador — 0.8%
Ecuador Government International Bond, 0.00%, 7/31/30(1)(2)
 150,000  42,284 
Ecuador Government International Bond, 3.50%, 7/31/35 625,000  231,505 
273,789 
Egypt — 1.5%
Egypt Government International Bond, 5.80%, 9/30/27 200,000  133,156 
Egypt Government International Bond, 7.05%, 1/15/32 515,000  295,047 
Egypt Government International Bond, 7.625%, 5/29/32(1)
 150,000  86,633 
514,836 
El Salvador — 0.6%
El Salvador Government International Bond, 5.875%, 1/30/25 100,000  92,113 
El Salvador Government International Bond, 7.65%, 6/15/35 75,000  53,948 
El Salvador Government International Bond, 7.12%, 1/20/50 100,000  67,500 
213,561 
Ghana — 0.8%
Ghana Government International Bond, 8.125%, 3/26/32(1)(3)(4)
 400,000  175,390 
Ghana Government International Bond, 8.95%, 3/26/51(1)(3)(4)
 250,000  104,995 
280,385 
Guatemala — 2.6%
Guatemala Government Bond, 4.50%, 5/3/26(1)
 400,000  384,801 
52

Emerging Markets Bond ETF
Principal Amount/
Shares
 Value
Guatemala Government Bond, 5.25%, 8/10/29(1)
 $ 200,000  $ 190,269 
Guatemala Government Bond, 4.90%, 6/1/30 300,000  281,901 
856,971 
Hungary — 1.1%
Hungary Government International Bond, 2.125%, 9/22/31(1)
 200,000  154,254 
Hungary Government International Bond, 6.25%, 9/22/32(1)
 200,000  202,142 
356,396 
Indonesia — 2.7%
Indonesia Government International Bond, 4.10%, 4/24/28 200,000  191,658 
Indonesia Government International Bond, 8.50%, 10/12/35 355,000  452,370 
Indonesia Government International Bond, 4.75%, 7/18/47 75,000  68,954 
Indonesia Government International Bond, 5.45%, 9/20/52 200,000  197,257 
910,239 
Ivory Coast — 0.5%
Ivory Coast Government International Bond, 5.75%, 12/31/32 167,249  152,158 
Jordan — 1.2%
Jordan Government International Bond, 7.50%, 1/13/29(1)
 300,000  305,106 
Jordan Government International Bond, 7.375%, 10/10/47(1)
 100,000  87,698 
392,804 
Kenya — 1.0%
Republic of Kenya Government International Bond, 6.875%, 6/24/24(1)
 260,000  247,587 
Republic of Kenya Government International Bond, 8.25%, 2/28/48(1)
 100,000  75,000 
322,587 
Mexico — 2.3%
Mexico Government International Bond, 4.75%, 4/27/32 435,000  413,012 
Mexico Government International Bond, 3.50%, 2/12/34 441,000  366,576 
779,588 
Morocco — 0.8%
Morocco Government International Bond, 3.00%, 12/15/32(1)
 150,000  117,460 
Morocco Government International Bond, 4.00%, 12/15/50(1)
 250,000  164,227 
281,687 
Nigeria — 2.3%
Nigeria Government International Bond, 6.50%, 11/28/27(1)
 200,000  172,062 
Nigeria Government International Bond, 7.875%, 2/16/32 200,000  163,518 
Nigeria Government International Bond, 7.375%, 9/28/33(1)
 250,000  192,019 
Nigeria Government International Bond, 7.625%, 11/28/47(1)
 350,000  242,431 
770,030 
Oman — 1.3%
Oman Government International Bond, 6.75%, 1/17/48 450,000  437,790 
Pakistan — 0.7%
Pakistan Government International Bond, 8.25%, 9/30/25 200,000  122,887 
Pakistan Government International Bond, 8.875%, 4/8/51(1)
 250,000  111,052 
233,939 
Panama — 2.9%
Panama Government International Bond, 7.125%, 1/29/26 300,000  310,820 
Panama Government International Bond, 3.16%, 1/23/30 200,000  174,659 
Panama Government International Bond, 6.40%, 2/14/35 50,000  51,433 
Panama Government International Bond, 4.50%, 4/16/50 600,000  450,647 
987,559 
53

Emerging Markets Bond ETF
Principal Amount/
Shares
 Value
Paraguay — 1.2%
Paraguay Government International Bond, 3.85%, 6/28/33(1)
 $ 200,000  $ 171,079 
Paraguay Government International Bond, 5.85%, 8/21/33(1)
 50,000  49,320 
Paraguay Government International Bond, 5.40%, 3/30/50 200,000  167,580 
387,979 
Peru — 2.7%
Peruvian Government International Bond, 2.78%, 1/23/31 300,000  255,029 
Peruvian Government International Bond, 8.75%, 11/21/33 200,000  249,642 
Peruvian Government International Bond, 3.55%, 3/10/51 538,000  388,416 
893,087 
Philippines — 1.5%
Philippine Government International Bond, 6.375%, 1/15/32 200,000  217,789 
Philippine Government International Bond, 5.50%, 1/17/48 267,000  268,836 
486,625 
Poland — 1.1%
Bank Gospodarstwa Krajowego, 5.375%, 5/22/33(1)
 284,000  277,837 
Republic of Poland Government International Bond, 5.75%, 11/16/32 100,000  104,089 
381,926 
Romania — 1.9%
Romanian Government International Bond, 6.625%, 2/17/28(1)
 200,000  206,995 
Romanian Government International Bond, 6.00%, 5/25/34(1)
 300,000  293,934 
Romanian Government International Bond, 7.625%, 1/17/53(1)
 112,000  120,744 
621,673 
Saudi Arabia — 3.3%
Saudi Government International Bond, 4.75%, 1/18/28(1)
 81,000  80,267 
Saudi Government International Bond, 5.50%, 10/25/32(1)
 329,000  340,022 
Saudi Government International Bond, 4.625%, 10/4/47 600,000  511,089 
Saudi Government International Bond, 4.625%, 10/4/47(1)
 200,000  170,034 
1,101,412 
Senegal — 0.6%
Senegal Government International Bond, 6.25%, 5/23/33(1)
 260,000  213,227 
Serbia — 0.4%
Serbia International Bond, 6.50%, 9/26/33(1)
 140,000  138,478 
South Africa — 1.0%
Republic of South Africa Government International Bond, 4.30%, 10/12/28 75,000  66,353 
Republic of South Africa Government International Bond, 5.75%, 9/30/49 400,000  284,272 
350,625 
Sri Lanka — 0.3%
Sri Lanka Government International Bond, 6.75%, 4/18/28(1)(3)(4)
 200,000  92,201 
Turkey — 2.6%
Turkey Government International Bond, 9.875%, 1/15/28 250,000  265,128 
Turkey Government International Bond, 9.125%, 7/13/30 225,000  229,936 
Turkey Government International Bond, 6.625%, 2/17/45 200,000  160,946 
Turkey Government International Bond, 5.75%, 5/11/47 300,000  214,305 
870,315 
Ukraine — 0.8%
Ukraine Government International Bond, 7.25%, 3/15/35(3)(4)
 1,050,000  281,810 
54

Emerging Markets Bond ETF
Principal Amount/
Shares
 Value
United Arab Emirates — 1.1%
Abu Dhabi Government International Bond, 2.50%, 9/30/29(1)
 $ 400,000  $ 356,138 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $18,476,708)
 17,628,288 
CORPORATE BONDS — 32.6%
Brazil — 1.7%
Embraer Netherlands Finance BV, 7.00%, 7/28/30(1)
 225,000  228,248 
Guara Norte Sarl, 5.20%, 6/15/34(1)
 176,852  154,902 
Petrobras Global Finance BV, 6.50%, 7/3/33 200,000  195,486 
578,636 
Chile — 1.1%
Empresa Nacional del Petroleo, 6.15%, 5/10/33(1)
 200,000  197,796 
Kenbourne Invest SA, 4.70%, 1/22/28(1)
 114,000  70,059 
VTR Finance NV, 6.375%, 7/15/28(1)
 200,000  92,030 
359,885 
China — 0.7%
Alibaba Group Holding Ltd., 4.20%, 12/6/47 150,000  112,081 
Tencent Holdings Ltd., 3.24%, 6/3/50 200,000  122,043 
234,124 
Colombia — 5.1%
Canacol Energy Ltd., 5.75%, 11/24/28 200,000  171,481 
Ecopetrol SA, 6.875%, 4/29/30 200,000  186,483 
Ecopetrol SA, 4.625%, 11/2/31 400,000  316,321 
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.375%, 12/30/30(1)(5)
 717,000  529,259 
Geopark Ltd., 5.50%, 1/17/27(1)
 400,000  346,154 
Millicom International Cellular SA, 4.50%, 4/27/31(1)
 200,000  158,202 
1,707,900 
Guatemala — 1.2%
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, 5.25%, 4/27/29(1)
 450,000  413,595 
India — 1.5%
Greenko Dutch BV, 3.85%, 3/29/26 188,000  170,277 
Reliance Industries Ltd., 2.875%, 1/12/32(1)(5)
 250,000  205,149 
Vedanta Resources Ltd., 6.125%, 8/9/24 200,000  119,358 
494,784 
Indonesia — 3.5%
Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT, 5.45%, 5/15/30(1)
 425,000  407,844 
Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT, 5.80%, 5/15/50 200,000  171,616 
Medco Bell Pte. Ltd., 6.375%, 1/30/27(1)
 200,000  185,991 
Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara, 5.45%, 5/21/28 425,000  421,117 
1,186,568 
Israel — 1.5%
Energean Israel Finance Ltd., 4.50%, 3/30/24 367,000  364,211 
Energean Israel Finance Ltd., 8.50%, 9/30/33(1)
 128,000  129,920 
494,131 
Kazakhstan — 0.5%
KazMunayGas National Co. JSC, 5.75%, 4/19/47 200,000  161,401 
Luxembourg — 1.9%
EIG Pearl Holdings Sarl, 4.39%, 11/30/46(1)
 461,000  349,012 
55

Emerging Markets Bond ETF
Principal Amount/
Shares
 Value
Petrorio Luxembourg Trading Sarl, 6.125%, 6/9/26(1)
 $ 308,000  $ 296,186 
645,198 
Malaysia — 0.9%
Petronas Capital Ltd., 3.50%, 4/21/30 200,000  181,749 
Petronas Capital Ltd., 4.55%, 4/21/50(5)
 125,000  108,885 
290,634 
Mexico — 4.9%
BBVA Bancomer SA, VRN, 5.125%, 1/18/33(1)
 200,000  174,123 
Becle SAB de CV, 2.50%, 10/14/31 200,000  157,616 
Comision Federal de Electricidad, 4.875%, 1/15/24 200,000  199,269 
Minera Mexico SA de CV, 4.50%, 1/26/50(1)
 140,000  106,987 
Petroleos Mexicanos, 6.49%, 1/23/27 614,000  538,300 
Petroleos Mexicanos, 5.95%, 1/28/31 250,000  181,113 
Petroleos Mexicanos, 6.50%, 6/2/41 250,000  155,890 
Tierra Mojada Luxembourg II Sarl, 5.75%, 12/1/40(1)
 153,546  130,582 
1,643,880 
Nigeria — 0.3%
IHS Netherlands Holdco BV, 8.00%, 9/18/27(1)
 100,000  89,864 
Panama — 0.5%
C&W Senior Financing DAC, 6.875%, 9/15/27(1)
 200,000  185,808 
Paraguay — 0.7%
Bioceanico Sovereign Certificate Ltd., 0.00%, 6/5/34(2)
 178,115  126,531 
Rutas 2 & 7 Finance Ltd., 0.00%, 9/30/36(2)
 180,000  115,876 
242,407 
Peru — 0.3%
Credicorp Ltd., 2.75%, 6/17/25 100,000  94,153 
Qatar — 0.1%
Ooredoo International Finance Ltd., 4.50%, 1/31/43(1)
 50,000  46,514 
Saudi Arabia — 1.3%
Saudi Arabian Oil Co., 4.25%, 4/16/39 400,000  342,471 
TMS Issuer Sarl, 5.78%, 8/23/32(1)
 100,000  101,872 
444,343 
South Africa — 2.2%
Eskom Holdings SOC Ltd., 7.125%, 2/11/25(1)
 400,000  395,375 
Eskom Holdings SOC Ltd., 4.31%, 7/23/27 200,000  177,810 
Prosus NV, 4.19%, 1/19/32 200,000  163,277 
736,462 
United Arab Emirates — 1.8%
Abu Dhabi National Energy Co. PJSC, 4.375%, 1/24/29(1)
 48,000  46,654 
DP World Crescent Ltd., 4.85%, 9/26/28 400,000  394,234 
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40(1)
 189,970  150,081 
590,969 
United States — 0.3%
DAE Funding LLC, 3.375%, 3/20/28(1)
 100,000  89,359 
Zambia — 0.6%
First Quantum Minerals Ltd., 6.875%, 10/15/27(1)
 212,000  206,672 
TOTAL CORPORATE BONDS
(Cost $12,072,117)
 10,937,287 
U.S. TREASURY SECURITIES — 4.8%
U.S. Treasury Notes, 2.50%, 3/31/27(6)
 550,000  515,453 
U.S. Treasury Notes, 1.375%, 11/15/31 400,000  324,234 
56

Emerging Markets Bond ETF
Principal Amount/
Shares
 Value
U.S. Treasury Notes, 1.875%, 2/15/32(6)
 $ 750,000  $ 630,527 
U.S. Treasury Notes, 3.375%, 5/15/33 131,000  123,427 
TOTAL U.S. TREASURY SECURITIES
(Cost $1,730,880)
 1,593,641 
PREFERRED STOCKS — 0.3%
Mexico — 0.3%
Banco Mercantil del Norte SA, 8.375%(1)(5)
(Cost $117,282)
 100,000  96,946 
SHORT-TERM INVESTMENTS — 8.7%
Money Market Funds — 8.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 2,690,867  2,690,867 
State Street Navigator Securities Lending Government Money Market Portfolio(7)
 211,250  211,250 
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,902,117)
 2,902,117 
TOTAL INVESTMENT SECURITIES — 99.0%
(Cost $35,299,104)
 33,158,279 
OTHER ASSETS AND LIABILITIES — 1.0% 340,693 
TOTAL NET ASSETS — 100.0% $ 33,498,972 

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 5-Year Notes 1 December 2023 $ 106,922  $ 789 
U.S. Treasury 10-Year Ultra Notes 4 December 2023 464,438  4,367 
U.S. Treasury Ultra Bonds 19 December 2023 2,459,906  26,436 
$ 3,031,266  $ 31,592 
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury Long Bonds 1 December 2023 $ 121,687  $ (1,209)
U.S. Treasury 2-Year Notes 4 December 2023 815,219  (2,602)
$ 936,906  $ (3,811)
^Amount represents value and unrealized appreciation (depreciation).

57

Emerging Markets Bond ETF

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity Type Fixed
Rate
Received
(Paid)
Quarterly		 Termination
Date		 Notional
Amount		 Premiums
Paid
(Received)		 Unrealized
Appreciation
(Depreciation)		 Value^
Brazilian Government
International Bond		 Buy (1.00)% 6/20/28 $ 660,000  $ 40,506  $ (23,165) $ 17,341 
Chile Government International Bond Buy (1.00)% 6/20/28 $ 382,000  3,873  (11,726) (7,853)
Colombia Government
International Bond		 Buy (1.00)% 6/20/28 $ 670,000  39,310  (10,893) 28,417 
Markit CDX North America High Yield Index Series 39 Buy (5.00)% 12/20/27 $ 633,600  9,162  (35,754) (26,592)
Markit CDX Emerging Markets Index Series 39 Buy (1.00)% 6/20/28 $ 710,000  29,986  (1,760) 28,226 
Mexico Government
International Bond		 Buy (1.00)% 6/20/28 $ 1,500,000  25,183  (28,511) (3,328)
Republic of South Africa
Government International Bond		 Buy (1.00)% 6/20/28 $ 861,000  64,400  (14,601) 49,799 
$ 212,420  $ (126,410) $ 86,010 
^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.


58

Emerging Markets Bond ETF

NOTES TO SCHEDULE OF INVESTMENTS
CDX – Credit Derivatives Indexes
VRN – Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $11,655,069, which represented 34.8% of total net assets. 
(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(3)Security is in default.
(4)Non-income producing.
(5)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $205,792. 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.
(6)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $540,714.
(7)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $211,250.


See Notes to Financial Statements.
59

AUGUST 31, 2023
Multisector Floating Income ETF
Principal
Amount/Shares		 Value
COLLATERALIZED LOAN OBLIGATIONS — 41.4%
ACRES Commercial Realty Ltd., Series 2021-FL1, Class AS, VRN, 7.03%, (1-month SOFR plus 1.71%), 6/15/36(1)
 $ 247,000  $ 238,471 
ACRES Commercial Realty Ltd., Series 2021-FL2, Class A, VRN, 6.83%, (1-month SOFR plus 1.51%), 1/15/37(1)
 230,000  228,054 
AMMC CLO 21 Ltd., Series 2017-21A, Class A, VRN, 6.88%, (3-month SOFR plus 1.51%), 11/2/30(1)
 225,362  224,771 
AMMC CLO 22 Ltd., Series 2018-22A, Class A, VRN, 6.64%, (3-month SOFR plus 1.29%), 4/25/31(1)
 225,177  224,059 
AMMC CLO XI Ltd., Series 2012-11A, Class BR2, VRN, 7.23%, (3-month SOFR plus 1.86%), 4/30/31(1)
 250,000  247,683 
Apidos CLO XXV, Series 2016-25A, Class A1R, VRN, 6.76%, (3-month SOFR plus 1.43%), 10/20/31(1)
 250,000  248,626 
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL1, Class A, VRN, 6.40%, (1-month SOFR plus 1.08%), 12/15/35(1)
 100,000  99,085 
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, VRN, 6.78%, (1-month SOFR plus 1.46%), 11/15/36(1)
 200,000  197,200 
Arbor Realty Commercial Real Estate Notes Ltd., Series 2022-FL2, Class A, VRN, 7.16%, (1-month SOFR plus 1.85%), 5/15/37(1)
 200,000  198,553 
AREIT Trust, Series 2022-CRE6, Class A, SEQ, VRN, 6.48%, (30-day average SOFR plus 1.25%), 1/20/37(1)
 183,744  181,001 
Barings CLO Ltd., Series 2015-IA, Class AR, VRN, 6.58%, (3-month SOFR plus 1.25%), 1/20/31(1)
 267,825  266,844 
Barings Private Credit Corp. CLO Ltd., Series 2023-1A, Class A1, VRN, 7.81%, (3-month SOFR plus 2.40%), 7/15/31(1)
 250,000  250,145 
BSPRT Issuer Ltd., Series 2021-FL6, Class A, VRN, 6.53%, (1-month SOFR plus 1.21%), 3/15/36(1)
 200,000  197,047 
Cerberus Loan Funding XXXI LP, Series 2021-1A, Class A, VRN, 7.07%, (3-month SOFR plus 1.76%), 4/15/32(1)
 67,228  66,819 
CIFC Funding Ltd., Series 2015-1A, Class ARR, VRN, 6.72%, (3-month SOFR plus 1.37%), 1/22/31(1)
 246,847  245,760 
Cook Park CLO Ltd., Series 2018-1A, Class B, VRN, 6.97%, (3-month SOFR plus 1.66%), 4/17/30(1)
 250,000  247,003 
Dryden 60 CLO Ltd., Series 2018-60A, Class A, VRN, 6.62%, (3-month SOFR plus 1.31%), 7/15/31(1)
 250,000  249,276 
FS Rialto Issuer LLC, Series 2022-FL6, Class A, SEQ, VRN, 7.89%, (1-month SOFR plus 2.58%), 8/17/37(1)
 200,000  200,937 
Greystone CRE Notes Ltd., Series 2019-FL2, Class A, VRN, 6.61%, (1-month LIBOR plus 1.18%), 9/15/37(1)
 167,052  166,633 
Grippen Park CLO Ltd., Series 2017-1A, Class A, VRN, 6.85%, (3-month SOFR plus 1.52%), 1/20/30(1)
 182,175  182,005 
HGI CRE CLO Ltd., Series 2021-FL1, Class A, VRN, 6.48%, (1-month SOFR plus 1.16%), 6/16/36(1)
 126,416  124,083 
HGI CRE CLO Ltd., Series 2021-FL2, Class A, VRN, 6.43%, (1-month LIBOR plus 1.00%), 9/17/36(1)
 153,649  150,061 
LCM XV LP, Series 15A, Class AR2, VRN, 6.59%, (3-month SOFR plus 1.26%), 7/20/30(1)
 183,617  183,135 
LMREC LLC, Series 2021-CRE4, Class A, VRN, 6.48%, (1-month SOFR plus 1.16%), 4/22/37(1)
 68,736  68,531 
LoanCore Issuer Ltd., Series 2022-CRE7, Class A, VRN, 6.77%, (30-day average SOFR plus 1.55%), 1/17/37(1)
 300,000  296,882 
Magnetite XII Ltd., Series 2015-12A, Class ARR, VRN, 6.67%, (3-month SOFR plus 1.36%), 10/15/31(1)
 250,000  249,131 
MF1 Ltd., Series 2020-FL4, Class AS, VRN, 7.53%, (1-month SOFR plus 2.21%), 11/15/35(1)
 200,000  197,210 
60

Multisector Floating Income ETF
Principal
Amount/Shares		 Value
MF1 Ltd., Series 2021-FL7, Class A, VRN, 6.51%, (1-month SOFR plus 1.19%), 10/16/36(1)
 $ 260,000  $ 255,268 
Neuberger Berman Loan Advisers CLO 34 Ltd., Series 2019-34A, Class BR, VRN, 7.08%, (3-month SOFR plus 1.75%), 1/20/35(1)
 250,000  246,767 
OFSI BSL VIII Ltd., Series 2017-1A, Class AR, VRN, 6.57%, (3-month SOFR plus 1.26%), 8/16/29(1)
 144,357  144,080 
OHA Loan Funding Ltd., Series 2013-1A, Class A1R2, VRN, 6.70%, (3-month SOFR plus 1.35%), 7/23/31(1)
 200,000  199,340 
Owl Rock CLO I Ltd., Series 2019-1A, Class A, VRN, 7.44%, (3-month SOFR plus 2.06%), 5/20/31(1)
 246,700  245,778 
Owl Rock CLO IV Ltd., Series 2020-4A, Class A2R, VRN, 7.54%, (3-month SOFR plus 2.16%), 8/20/33(1)
 250,000  237,795 
Palmer Square CLO Ltd., Series 2013-2A, Class A2R3, VRN, 7.07%, (3-month SOFR plus 1.76%), 10/17/31(1)
 200,000  198,300 
Rad CLO 5 Ltd., Series 2019-5A, Class AR, VRN, 6.73%, (3-month SOFR plus 1.38%), 7/24/32(1)
 250,000  248,319 
Ready Capital Mortgage Financing LLC, Series 2021-FL7, Class A, VRN, 6.63%, (1-month SOFR plus 1.31%), 11/25/36(1)
 174,885  172,841 
Saranac CLO VII Ltd., Series 2014-2A, Class A1AR, VRN, 6.87%, (3-month SOFR plus 1.49%), 11/20/29(1)
 183,570  182,895 
Shelter Growth CRE Issuer Ltd., Series 2023-FL5, Class A, VRN, 8.07%, (1-month SOFR plus 2.75%), 5/19/38(1)
 90,000  89,658 
THL Credit Wind River CLO Ltd., Series 2017-4A, Class B, VRN, 7.09%, (3-month SOFR plus 1.71%), 11/20/30(1)
 250,000  247,687 
Voya CLO Ltd., Series 2013-2A, Class A1R, VRN, 6.58%, (3-month SOFR plus 1.23%), 4/25/31(1)
 238,469  236,923 
Voya CLO Ltd., Series 2016-2A, Class A2R, VRN, 7.33%, (3-month SOFR plus 2.01%), 7/19/28(1)
 250,000  248,778 
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $8,346,811)
 8,383,434 
U.S. TREASURY SECURITIES — 30.4%
U.S. Treasury Notes, 2.25%, 1/31/24
 3,200,000  3,158,564 
U.S. Treasury Notes, VRN, 5.45%, (3-month USBMMY plus 0.04%), 10/31/23
 3,000,000  3,000,322 
TOTAL U.S. TREASURY SECURITIES
(Cost $6,159,519)
 6,158,886 
COMMERCIAL MORTGAGE-BACKED SECURITIES — 15.6%
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class B, VRN, 6.51%, (1-month SOFR plus 1.20%), 9/15/34(1)
 100,000  99,546 
BX Commercial Mortgage Trust, Series 2021-XL2, Class A, VRN, 6.11%, (1-month SOFR plus 0.80%), 10/15/38(1)
 175,934  171,884 
BX Mortgage Trust, Series 2022-MVRK, Class A, VRN, 6.78%, (1-month SOFR plus 1.47%), 3/15/39(1)
 247,216  243,411 
BX Trust, Series 2018-BILT, Class A, VRN, 6.41%, (1-month SOFR plus 1.10%), 5/15/30(1)
 200,000  198,739 
BX Trust, Series 2018-GW, Class A, VRN, 6.41%, (1-month SOFR plus 1.10%), 5/15/35(1)
 300,000  297,562 
BX Trust, Series 2021-SDMF, Class A, VRN, 6.01%, (1-month SOFR plus 0.70%), 9/15/34(1)
 250,000  244,129 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class B, VRN, 6.59%, (1-month SOFR plus 1.28%), 5/15/36(1)
 204,491  203,960 
EQUS Mortgage Trust, Series 2021-EQAZ, Class A, VRN, 6.18%, (1-month SOFR plus 0.87%), 10/15/38(1)
 199,996  195,718 
GS Mortgage Securities Corp. Trust, Series 2018-HULA, Class C, VRN, 7.07%, (1-month SOFR plus 1.75%), 7/15/25(1)
 91,477  89,970 
GS Mortgage Securities Corp. Trust, Series 2021-ARDN, Class A, VRN, 6.68%, (1-month SOFR plus 1.36%), 11/15/36(1)
 200,000  194,670 
61

Multisector Floating Income ETF
Principal
Amount/Shares		 Value
GS Mortgage Securities Corp. Trust, Series 2021-STAR, Class A, VRN, 6.38%, (1-month SOFR plus 1.06%), 12/15/36(1)
 $ 200,000  $ 196,424 
Life Mortgage Trust, Series 2021-BMR, Class A, VRN, 6.12%, (1-month SOFR plus 0.81%), 3/15/38(1)
 196,594  192,829 
Med Trust, Series 2021-MDLN, Class A, VRN, 6.37%, (1-month SOFR plus 1.06%), 11/15/38(1)
 199,045  194,319 
MTN Commercial Mortgage Trust, Series 2022-LPFL, Class A, SEQ, VRN, 6.72%, (1-month SOFR plus 1.40%), 3/15/39(1)
 200,000  197,647 
SMRT Commercial Mortgage Trust, Series 2022-MINI, Class A, VRN, 6.31%, (1-month SOFR plus 1.00%), 1/15/39(1)
 250,000  244,829 
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, VRN, 8.10%, (1-month SOFR plus 2.79%), 11/15/27(1)
 200,000  200,249 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $3,153,900)
 3,165,886 
COLLATERALIZED MORTGAGE OBLIGATIONS — 9.0%
Private Sponsor Collateralized Mortgage Obligations — 1.8%
Bellemeade RE Ltd., Series 2020-2A, Class M2, VRN, 11.43%, (1-month LIBOR plus 6.00%), 8/26/30(1)
 104,632  106,234 
Eagle RE Ltd., Series 2021-1, Class M1C, VRN, 7.99%, (30-day average SOFR plus 2.70%), 10/25/33(1)
 115,569  115,949 
Home RE Ltd., Series 2022-1, Class M1A, VRN, 8.14%, (30-day average SOFR plus 2.85%), 10/25/34(1)
 141,897  143,036 
365,219 
U.S. Government Agency Collateralized Mortgage Obligations — 7.2%
FHLMC, Series 2020-DNA5, Class M2, VRN, 8.09%, (30-day average SOFR plus 2.80%), 10/25/50(1)
 187,504  190,281 
FHLMC, Series 2020-HQA2, Class M2, VRN, 8.50%, (30-day average SOFR plus 3.21%), 3/25/50(1)
 232,145  238,097 
FHLMC, Series 2023-DNA1, Class M1A, VRN, 7.40%, (30-day average SOFR plus 2.10%), 3/25/43(1)
 250,006  252,433 
FHLMC, Series 2023-DNA2, Class M1A, VRN, 7.40%, (30-day average SOFR plus 2.10%), 4/25/43(1)
 97,346  98,236 
FHLMC, Series 2023-HQA2, Class M1A, VRN, 7.29%, (30-day average SOFR plus 2.00%), 6/25/43(1)
 277,985  279,168 
FNMA, Series 2022-R04, Class 1M1, VRN, 7.29%, (30-day average SOFR plus 2.00%), 3/25/42(1)
 186,679  188,128 
FNMA, Series 2023-R04, Class 1M1, VRN, 7.60%, (30-day average SOFR plus 2.30%), 5/25/43(1)
 95,582  97,139 
FNMA, Series 2023-R06, Class 1M1, VRN, 6.99%, (30-day average SOFR plus 1.70%), 7/25/43(1)
 107,432  107,483 
1,450,965 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,809,325)
 1,816,184 
ASSET-BACKED SECURITIES — 1.5%
321 Henderson Receivables I LLC, Series 2004-A, Class A1, VRN, 5.78%, (1-month SOFR plus 0.46%), 9/15/45(1)
 10,464  10,364 
321 Henderson Receivables I LLC, Series 2005-2A, Class A1, VRN, 5.66%, (1-month SOFR plus 0.34%), 11/15/40(1)
 94,710  92,650 
Brazos Higher Education Authority, Inc., Series 2011-1, Class A3, VRN, 6.47%, (90-day average SOFR plus 1.31%), 11/25/33
 71,742  71,682 
Navient Private Education Loan Trust, Series 2015-BA, Class A3, VRN, 6.875%, (1-month SOFR plus 1.56%), 7/16/40(1)
 48,830  48,835 
Northstar Education Finance, Inc., Series 2006-A, Class B, VRN, 6.20%, (3-month SOFR plus 0.81%), 11/28/35
 77,220  76,186 
TOTAL ASSET-BACKED SECURITIES
(Cost $292,834)
 299,717 
62

Multisector Floating Income ETF
Principal
Amount/Shares		 Value
SHORT-TERM INVESTMENTS — 1.7%
Money Market Funds — 1.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class
(Cost $351,135)
 351,135  $ 351,135 
TOTAL INVESTMENT SECURITIES — 99.6%
(Cost $20,113,524)
 20,175,242 
OTHER ASSETS AND LIABILITIES — 0.4%
 76,781 
TOTAL NET ASSETS — 100.0%
 $ 20,252,023 

NOTES TO SCHEDULE OF INVESTMENTS
FHLMC –
Federal Home Loan Mortgage Corporation
FNMA –
Federal National Mortgage Association
LIBOR –
London Interbank Offered Rate
SEQ –
Sequential Payer
SOFR –
Secured Overnight Financing Rate
USBMMY –
U.S. Treasury Bill Money Market Yield
VRN –
Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $13,517,353, which represented 66.7% of total net assets. 


See Notes to Financial Statements.
63

AUGUST 31, 2023
Multisector Income ETF
Principal
Amount/Shares		 Value
CORPORATE BONDS — 41.0%
Aerospace and Defense — 0.9%
Boeing Co., 2.80%, 3/1/24
 $ 875,000  $ 861,162 
Bombardier, Inc., 7.50%, 2/1/29(1)(2)
 230,000  225,585 
Spirit AeroSystems, Inc., 9.375%, 11/30/29(1)
 175,000  182,589 
TransDigm, Inc., 4.625%, 1/15/29
 235,000  210,915 
1,480,251 
Automobiles — 0.7%
Ford Motor Credit Co. LLC, 7.20%, 6/10/30
 310,000  315,214 
General Motors Financial Co., Inc., 3.80%, 4/7/25
 490,000  473,624 
General Motors Financial Co., Inc., 4.30%, 7/13/25
 281,000  273,054 
1,061,892 
Banks — 7.8%
Banco Santander SA, 6.92%, 8/8/33
 600,000  600,293 
Bank of America Corp., VRN, 2.09%, 6/14/29
 365,000  311,634 
Bank of America Corp., VRN, 2.88%, 10/22/30
 745,000  639,587 
Bank of America Corp., VRN, 2.57%, 10/20/32
 120,000  96,227 
Bank of America Corp., VRN, 4.57%, 4/27/33
 175,000  162,291 
Bank of America NA, 5.53%, 8/18/26
 540,000  542,719 
BNP Paribas SA, VRN, 5.34%, 6/12/29(1)
 545,000  537,222 
BPCE SA, 5.15%, 7/21/24(1)
 735,000  726,218 
Canadian Imperial Bank of Commerce, 5.00%, 4/28/28
 495,000  485,102 
Citigroup, Inc., VRN, 2.01%, 1/25/26
 435,000  411,768 
Credit Agricole SA, 5.59%, 7/5/26(1)
 317,000  317,010 
Credit Agricole SA, VRN, 4.00%, 1/10/33(1)
 435,000  390,336 
Discover Bank, 3.45%, 7/27/26
 485,000  444,343 
Discover Bank, VRN, 5.97%, 8/9/28
 745,000  687,403 
Fifth Third Bank NA, 3.85%, 3/15/26
 200,000  186,704 
HSBC Holdings PLC, VRN, 0.98%, 5/24/25
 755,000  725,884 
HSBC Holdings PLC, VRN, 2.80%, 5/24/32
 589,000  470,619 
Intesa Sanpaolo SpA, 5.02%, 6/26/24(1)
 345,000  337,447 
Intesa Sanpaolo SpA, 6.625%, 6/20/33(1)
 465,000  459,291 
KeyBank NA, 4.39%, 12/14/27
 425,000  387,974 
KeyCorp, VRN, 3.88%, 5/23/25
 165,000  157,500 
Mitsubishi UFJ Financial Group, Inc., VRN, 2.31%, 7/20/32
 255,000  202,092 
PNC Financial Services Group, Inc., VRN, 5.58%, 6/12/29
 191,000  189,501 
Santander UK Group Holdings PLC, VRN, 1.09%, 3/15/25
 565,000  547,858 
Societe Generale SA, VRN, 6.69%, 1/10/34(1)
 416,000  424,164 
Societe Generale SA, VRN, 3.65%, 7/8/35(1)
 350,000  283,354 
Toronto-Dominion Bank, 2.45%, 1/12/32
 200,000  161,782 
Truist Bank, VRN, 2.64%, 9/17/29
 731,000  680,322 
U.S. Bancorp, VRN, 5.78%, 6/12/29
 274,000  273,516 
Wells Fargo & Co., VRN, 5.39%, 4/24/34
 291,000  283,554 
Wells Fargo & Co., VRN, 5.56%, 7/25/34
 285,000  281,369 
12,405,084 
Biotechnology — 0.5%
Amgen, Inc., 5.25%, 3/2/25
 318,000  316,843 
Amgen, Inc., 5.25%, 3/2/30
 505,000  505,958 
822,801 
64

Multisector Income ETF
Principal
Amount/Shares		 Value
Broadline Retail — 0.4%
Macy's Retail Holdings LLC, 5.875%, 3/15/30(1)(2)
 $ 100,000  $ 87,590 
Macy's Retail Holdings LLC, 6.125%, 3/15/32(1)(2)
 640,000  549,376 
636,966 
Building Products — 0.7%
Builders FirstSource, Inc., 5.00%, 3/1/30(1)
 875,000  804,586 
Builders FirstSource, Inc., 6.375%, 6/15/32(1)
 45,000  43,913 
Standard Industries, Inc., 4.375%, 7/15/30(1)
 240,000  205,969 
1,054,468 
Capital Markets — 2.2%
Blue Owl Capital Corp., 3.40%, 7/15/26
 823,000  741,995 
Charles Schwab Corp., VRN, 5.85%, 5/19/34
 273,000  273,449 
Charles Schwab Corp., VRN, 6.14%, 8/24/34
 80,000  81,430 
Deutsche Bank AG, VRN, 1.45%, 4/1/25
 405,000  392,418 
Deutsche Bank AG, VRN, 7.15%, 7/13/27
 302,000  306,667 
Goldman Sachs Group, Inc., VRN, 1.43%, 3/9/27
 399,000  357,950 
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27
 254,000  226,129 
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29
 64,000  59,248 
Morgan Stanley, VRN, 2.63%, 2/18/26
 295,000  281,178 
Morgan Stanley, VRN, 6.34%, 10/18/33
 290,000  303,975 
Morgan Stanley, VRN, 5.42%, 7/21/34
 232,000  228,200 
Nasdaq, Inc., 5.55%, 2/15/34
 290,000  289,679 
3,542,318 
Chemicals — 0.6%
Celanese US Holdings LLC, 5.90%, 7/5/24
 10,000  9,991 
Celanese US Holdings LLC, 6.35%, 11/15/28
 465,000  466,549 
Tronox, Inc., 4.625%, 3/15/29(1)
 500,000  412,467 
889,007 
Commercial Services and Supplies — 0.6%
Clean Harbors, Inc., 6.375%, 2/1/31(1)(2)
 560,000  557,385 
GrafTech Global Enterprises, Inc., 9.875%, 12/15/28(1)(2)
 455,000  444,194 
1,001,579 
Construction and Engineering — 0.2%
Brand Industrial Services, Inc., 10.375%, 8/1/30(1)
 385,000  397,524 
Consumer Finance — 0.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.75%, 10/29/24
 665,000  632,298 
Navient Corp., 6.125%, 3/25/24
 375,000  373,771 
1,006,069 
Consumer Staples Distribution & Retail — 0.3%
United Natural Foods, Inc., 6.75%, 10/15/28(1)(2)
 580,000  483,447 
Containers and Packaging — 1.4%
Berry Global, Inc., 5.50%, 4/15/28(1)
 800,000  786,951 
Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31(1)
 678,000  684,915 
Sealed Air Corp., 5.00%, 4/15/29(1)
 780,000  724,515 
2,196,381 
Distributors — 0.4%
LKQ Corp., 6.25%, 6/15/33(1)
 710,000  705,502 
Diversified REITs — 1.6%
Agree LP, 2.90%, 10/1/30
 380,000  315,760 
Extra Space Storage LP, 5.50%, 7/1/30
 355,000  352,343 
65

Multisector Income ETF
Principal
Amount/Shares		 Value
Invitation Homes Operating Partnership LP, 5.50%, 8/15/33
 $ 150,000  $ 145,337 
MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/27(2)
 465,000  367,889 
Spirit Realty LP, 4.00%, 7/15/29
 560,000  504,234 
VICI Properties LP, 4.375%, 5/15/25
 430,000  418,437 
VICI Properties LP/VICI Note Co., Inc., 4.125%, 8/15/30(1)
 435,000  381,271 
2,485,271 
Diversified Telecommunication Services — 1.1%
AT&T, Inc., 5.40%, 2/15/34
 995,000  966,646 
AT&T, Inc., 4.50%, 5/15/35
 5,000  4,446 
Sprint Capital Corp., 6.875%, 11/15/28
 5,000  5,287 
Sprint Capital Corp., 8.75%, 3/15/32
 635,000  757,402 
1,733,781 
Electric Utilities — 0.8%
American Electric Power Co., Inc., VRN, 3.875%, 2/15/62
 480,000  389,402 
Pacific Gas & Electric Co., 6.40%, 6/15/33
 145,000  143,163 
Palomino Funding Trust I, 7.23%, 5/17/28(1)
 520,000  527,056 
Tierra Mojada Luxembourg II Sarl, 5.75%, 12/1/40(1)
 306,179  260,387 
1,320,008 
Electrical Equipment — 0.3%
Regal Rexnord Corp., 6.40%, 4/15/33(1)
 425,000  421,378 
Entertainment†
Warnermedia Holdings, Inc., 3.76%, 3/15/27
 80,000  75,060 
Financial Services — 0.3%
Antares Holdings LP, 7.95%, 8/11/28(1)
 430,000  432,310 
Ground Transportation — 0.4%
United Rentals North America, Inc., 6.00%, 12/15/29(1)
 585,000  581,942 
Health Care Equipment and Supplies — 0.5%
Avantor Funding, Inc., 4.625%, 7/15/28(1)
 415,000  385,634 
Medline Borrower LP, 3.875%, 4/1/29(1)(2)
 455,000  397,636 
783,270 
Health Care Providers and Services — 1.1%
Centene Corp., 3.375%, 2/15/30
 435,000  372,685 
IQVIA, Inc., 6.50%, 5/15/30(1)
 368,000  370,430 
Owens & Minor, Inc., 6.625%, 4/1/30(1)(2)
 440,000  400,686 
Tenet Healthcare Corp., 6.125%, 10/1/28(2)
 347,000  334,541 
Tenet Healthcare Corp., 4.25%, 6/1/29
 270,000  241,321 
1,719,663 
Hotels, Restaurants and Leisure — 1.9%
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)
 500,000  438,116 
Caesars Entertainment, Inc., 7.00%, 2/15/30(1)
 190,000  190,913 
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1)
 460,000  428,217 
Light & Wonder International, Inc., 7.25%, 11/15/29(1)
 575,000  577,944 
Royal Caribbean Cruises Ltd., 7.25%, 1/15/30(1)
 360,000  365,815 
Station Casinos LLC, 4.625%, 12/1/31(1)(2)
 595,000  491,036 
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)
 500,000  473,710 
2,965,751 
Independent Power and Renewable Electricity Producers — 0.2%
Alexander Funding Trust II, 7.47%, 7/31/28(1)
 390,000  395,349 
66

Multisector Income ETF
Principal
Amount/Shares		 Value
Insurance — 0.5%
Allstate Corp., 5.25%, 3/30/33
 $ 19,000  $ 18,626 
Athene Global Funding, 2.51%, 3/8/24(1)
 650,000  637,522 
Belrose Funding Trust, 2.33%, 8/15/30(1)
 101,000  77,365 
733,513 
IT Services — 0.6%
Black Knight InfoServ LLC, 3.625%, 9/1/28(1)
 455,000  419,972 
Kyndryl Holdings, Inc., 2.70%, 10/15/28
 665,000  556,417 
976,389 
Life Sciences Tools and Services — 0.7%
Fortrea Holdings, Inc., 7.50%, 7/1/30(1)
 447,000  438,060 
Illumina, Inc., 5.80%, 12/12/25
 715,000  715,003 
1,153,063 
Machinery — 0.4%
Chart Industries, Inc., 9.50%, 1/1/31(1)
 444,000  478,488 
Ingersoll Rand, Inc., 5.70%, 8/14/33
 104,000  105,517 
584,005 
Media — 2.6%
CCO Holdings LLC / CCO Holdings Capital Corp., 7.375%, 3/1/31(1)
 1,050,000  1,044,613 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 1/15/34(1)
 680,000  521,371 
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.48%, 10/23/45
 425,000  391,211 
Cox Communications, Inc., 5.70%, 6/15/33(1)
 315,000  314,319 
Gray Escrow II, Inc., 5.375%, 11/15/31(1)
 695,000  485,838 
Gray Television, Inc., 4.75%, 10/15/30(1)(2)
 415,000  290,184 
Paramount Global, 4.00%, 1/15/26
 575,000  552,319 
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)
 365,000  328,999 
Warner Media LLC, 3.80%, 2/15/27
 334,000  297,188 
4,226,042 
Metals and Mining — 0.9%
Arsenal AIC Parent LLC, 8.00%, 10/1/30(1)
 38,000  38,854 
ATI, Inc., 4.875%, 10/1/29
 390,000  352,475 
Cleveland-Cliffs, Inc., 6.75%, 4/15/30(1)
 615,000  587,063 
South32 Treasury Ltd., 4.35%, 4/14/32(1)
 525,000  455,099 
1,433,491 
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 2/1/27(1)
 445,000  402,969 
Multi-Utilities — 0.3%
Sempra, VRN, 4.125%, 4/1/52
 620,000  502,162 
Oil, Gas and Consumable Fuels — 5.2%
Antero Resources Corp., 5.375%, 3/1/30(1)
 650,000  608,415 
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.625%, 12/15/25(1)
 520,000  521,979 
Chesapeake Energy Corp., 6.75%, 4/15/29(1)
 25,000  24,844 
Civitas Resources, Inc., 8.375%, 7/1/28(1)
 665,000  685,781 
Columbia Pipelines Holding Co. LLC, 6.04%, 8/15/28(1)
 475,000  479,776 
CrownRock LP / CrownRock Finance, Inc., 5.00%, 5/1/29(1)
 425,000  395,101 
Ecopetrol SA, 5.375%, 6/26/26
 375,000  363,564 
67

Multisector Income ETF
Principal
Amount/Shares		 Value
Energean Israel Finance Ltd., 8.50%, 9/30/33(1)
 $ 262,000  $ 265,930 
EnLink Midstream LLC, 6.50%, 9/1/30(1)
 452,000  453,666 
EQM Midstream Partners LP, 7.50%, 6/1/27(1)
 480,000  484,912 
Geopark Ltd., 5.50%, 1/17/27(1)
 460,000  398,077 
MEG Energy Corp., 5.875%, 2/1/29(1)
 445,000  425,547 
Occidental Petroleum Corp., 6.375%, 9/1/28
 635,000  646,379 
Occidental Petroleum Corp., 6.125%, 1/1/31
 499,000  503,326 
ONEOK, Inc., 6.05%, 9/1/33
 160,000  161,315 
Petrobras Global Finance BV, 6.50%, 7/3/33
 460,000  449,618 
Petroleos Mexicanos, 5.95%, 1/28/31
 525,000  380,338 
Southwestern Energy Co., 5.375%, 3/15/30
 805,000  754,458 
Williams Cos., Inc., 5.30%, 8/15/28
 280,000  278,736 
8,281,762 
Passenger Airlines — 0.8%
American Airlines Pass-Through Trust, Series 2017-2, Class B, 3.70%, 4/15/27
 445,022  422,237 
American Airlines, Inc., 7.25%, 2/15/28(1)
 330,000  324,497 
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)
 220,000  216,112 
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 8.00%, 9/20/25(1)
 380,000  380,751 
1,343,597 
Personal Care Products — 0.3%
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC, 6.625%, 7/15/30(1)
 415,000  415,498 
Retail REITs — 0.7%
NNN REIT, Inc., 4.30%, 10/15/28
 1,087,000  1,020,918 
NNN REIT, Inc., 5.60%, 10/15/33
 185,000  181,478 
1,202,396 
Semiconductors and Semiconductor Equipment — 0.2%
NXP BV / NXP Funding LLC / NXP USA, Inc., 2.50%, 5/11/31
 410,000  331,703 
Specialized REITs — 1.0%
American Tower Corp., 5.25%, 7/15/28
 5,000  4,928 
American Tower Corp., 5.55%, 7/15/33
 425,000  421,065 
Equinix, Inc., 2.90%, 11/18/26
 180,000  166,494 
Equinix, Inc., 1.80%, 7/15/27
 245,000  214,220 
Iron Mountain, Inc., 5.625%, 7/15/32(1)
 860,000  772,542 
1,579,249 
Trading Companies and Distributors — 1.0%
Air Lease Corp., 3.125%, 12/1/30
 720,000  600,771 
Aircastle Ltd., 6.50%, 7/18/28(1)
 605,000  601,429 
Beacon Roofing Supply, Inc., 6.50%, 8/1/30(1)
 430,000  425,270 
1,627,470 
Wireless Telecommunication Services — 0.1%
Kenbourne Invest SA, 4.70%, 1/22/28(1)
 173,000  106,317 
TOTAL CORPORATE BONDS
(Cost $66,738,513)
 65,496,698 
U.S. TREASURY SECURITIES — 23.8%
U.S. Treasury Notes, 4.50%, 11/30/24(3)
 3,550,000  3,518,591 
U.S. Treasury Notes, 1.00%, 12/15/24(3)
 1,720,000  1,630,842 
U.S. Treasury Notes, 4.625%, 6/30/25
 2,200,000  2,187,969 
68

Multisector Income ETF
Principal
Amount/Shares		 Value
U.S. Treasury Notes, 3.875%, 1/15/26
 $ 500,000  $ 490,605 
U.S. Treasury Notes, 3.75%, 4/15/26
 532,000  520,570 
U.S. Treasury Notes, 3.625%, 5/15/26
 4,500,000  4,389,258 
U.S. Treasury Notes, 4.125%, 6/15/26
 2,900,000  2,866,695 
U.S. Treasury Notes, 4.50%, 7/15/26
 2,500,000  2,495,703 
U.S. Treasury Notes, 4.375%, 8/15/26
 12,800,000  12,742,500 
U.S. Treasury Notes, 2.00%, 11/15/26
 700,000  648,211 
U.S. Treasury Notes, 4.00%, 2/29/28
 2,557,000  2,525,737 
U.S. Treasury Notes, 3.50%, 4/30/28
 910,000  879,874 
U.S. Treasury Notes, 2.875%, 4/30/29
 880,000  819,191 
U.S. Treasury Notes, 3.875%, 11/30/29
 505,000  494,959 
U.S. Treasury Notes, 0.625%, 5/15/30
 1,815,000  1,440,302 
U.S. Treasury Notes, 4.125%, 11/15/32
 265,000  264,928 
U.S. Treasury Notes, 3.375%, 5/15/33
 60,000  56,531 
TOTAL U.S. TREASURY SECURITIES
(Cost $38,202,930)
 37,972,466 
COLLATERALIZED LOAN OBLIGATIONS — 8.9%
ACRES Commercial Realty Ltd., Series 2021-FL1, Class A, VRN, 6.63%, (1-month SOFR plus 1.31%), 6/15/36(1)
 426,733  417,194 
ACRES Commercial Realty Ltd., Series 2021-FL1, Class AS, VRN, 7.03%, (1-month SOFR plus 1.71%), 6/15/36(1)
 284,500  274,677 
AIMCO CLO, Series 2018-AA, Class B, VRN, 6.97%, (3-month SOFR plus 1.66%), 4/17/31(1)
 750,000  744,409 
AIMCO CLO 10 Ltd., Series 2019-10A, Class CR, VRN, 7.51%, (3-month SOFR plus 2.16%), 7/22/32(1)
 250,000  245,250 
AMMC CLO XI Ltd., Series 2012-11A, Class BR2, VRN, 7.23%, (3-month SOFR plus 1.86%), 4/30/31(1)
 500,000  495,366 
AMMC CLO XIV Ltd., Series 2014-14A, Class BL1R, VRN, 9.21%, (3-month SOFR plus 3.86%), 7/25/29(1)
 500,000  497,718 
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL1, Class A, VRN, 6.40%, (1-month SOFR plus 1.08%), 12/15/35(1)
 500,000  495,423 
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, VRN, 6.78%, (1-month SOFR plus 1.46%), 11/15/36(1)
 262,500  258,825 
ARES XLVII CLO Ltd., Series 2018-47A, Class C, VRN, 7.32%, (3-month SOFR plus 2.01%), 4/15/30(1)
 500,000  488,052 
Bain Capital Credit CLO Ltd., Series 2019-2A, Class CR, VRN, 7.67%, (3-month LIBOR plus 2.10%), 10/17/32(1)
 500,000  490,609 
Barings CLO Ltd., Series 2016-2A, Class DR2, VRN, 8.74%, (3-month SOFR plus 3.41%), 1/20/32(1)
 660,000  648,979 
Barings Private Credit Corp. CLO Ltd., Series 2023-1A, Class A1, VRN, 7.81%, (3-month SOFR plus 2.40%), 7/15/31(1)
 300,000  300,174 
Benefit Street Partners CLO XI, Series 2017-11A, Class B, VRN, 7.97%, (3-month SOFR plus 2.66%), 4/15/29(1)
 500,000  500,095 
Cerberus Loan Funding XXVIII LP, Series 2020-1A, Class A, VRN, 7.42%, (3-month SOFR plus 2.11%), 10/15/31(1)
 177,403  177,261 
Cerberus Loan Funding XXXI LP, Series 2021-1A, Class A, VRN, 7.07%, (3-month SOFR plus 1.76%), 4/15/32(1)
 302,526  300,686 
CIFC Funding Ltd., Series 2017-3A, Class C, VRN, 9.24%, (3-month SOFR plus 3.91%), 7/20/30(1)
 500,000  488,050 
CIFC Funding Ltd., Series 2017-5A, Class B, VRN, 7.42%, (3-month SOFR plus 2.11%), 11/16/30(1)
 200,000  196,756 
Dryden 30 Senior Loan Fund, Series 2013-30A, Class CR, VRN, 7.33%, (3-month SOFR plus 1.96%), 11/15/28(1)
 300,000  293,537 
69

Multisector Income ETF
Principal
Amount/Shares		 Value
Dryden 72 CLO Ltd., Series 2019-72A, Class CR, VRN, 7.48%, (3-month SOFR plus 2.11%), 5/15/32(1)
 $ 500,000  $ 486,317 
Greystone CRE Notes Ltd., Series 2019-FL2, Class D, VRN, 7.83%, (1-month LIBOR plus 2.40%), 9/15/37(1)
 197,000  188,878 
HGI CRE CLO Ltd., Series 2021-FL1, Class AS, VRN, 6.83%, (1-month SOFR plus 1.51%), 6/16/36(1)
 603,000  585,764 
KKR Static CLO I Ltd., Series 2022-1A, Class B, VRN, 7.93%, (3-month SOFR plus 2.60%), 7/20/31(1)
 430,000  426,607 
KVK CLO Ltd., Series 2013-1A, Class DR, VRN, 8.52%, (3-month SOFR plus 3.21%), 1/14/28(1)
 250,000  248,273 
LoanCore Issuer Ltd., Series 2019-CRE2, Class B, VRN, 7.125%, (1-month SOFR plus 1.81%), 5/15/36(1)
 260,000  252,612 
Madison Park Funding XIX Ltd., Series 2015-19A, Class DR, VRN, 9.96%, (3-month SOFR plus 4.61%), 1/22/28(1)
 475,000  453,250 
MF1 Ltd., Series 2020-FL4, Class D, VRN, 9.53%, (1-month SOFR plus 4.21%), 11/15/35(1)
 585,000  570,498 
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class D, VRN, 7.93%, (1-month SOFR plus 2.61%), 7/15/36(1)
 400,000  389,228 
Octagon Investment Partners XV Ltd., Series 2013-1A, Class CRR, VRN, 7.58%, (3-month SOFR plus 2.26%), 7/19/30(1)
 300,000  294,098 
Palmer Square CLO Ltd., Series 2013-2A, Class A2R3, VRN, 7.07%, (3-month SOFR plus 1.76%), 10/17/31(1)
 415,000  411,473 
Palmer Square Loan Funding Ltd., Series 2022-4A, Class B, VRN, 8.10%, (3-month SOFR plus 2.75%), 7/24/31(1)
 255,000  257,519 
Ready Capital Mortgage Financing LLC, Series 2021-FL5, Class C, VRN, 7.68%, (1-month SOFR plus 2.36%), 4/25/38(1)
 400,000  385,979 
Ready Capital Mortgage Financing LLC, Series 2021-FL6, Class C, VRN, 7.33%, (1-month SOFR plus 2.01%), 7/25/36(1)
 350,000  332,772 
Shelter Growth CRE Issuer Ltd., Series 2022-FL4, Class A, VRN, 7.61%, (1-month SOFR plus 2.30%), 6/17/37(1)
 322,000  321,557 
Shelter Growth CRE Issuer Ltd., Series 2023-FL5, Class A, VRN, 8.07%, (1-month SOFR plus 2.75%), 5/19/38(1)
 224,500  223,646 
Stewart Park CLO Ltd., Series 2015-1A, Class CR, VRN, 7.37%, (3-month SOFR plus 2.06%), 1/15/30(1)
 300,000  293,107 
Stratus CLO Ltd., Series 2021-2A, Class C, VRN, 7.49%, (3-month SOFR plus 2.16%), 12/28/29(1)
 350,000  344,199 
Vibrant CLO VII Ltd., Series 2017-7A, Class B, VRN, 7.99%, (3-month SOFR plus 2.66%), 9/15/30(1)
 350,000  345,105 
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $14,067,041)
 14,123,943 
ASSET-BACKED SECURITIES — 7.9%
Aaset Trust, Series 2021-2A, Class B, 3.54%, 1/15/47(1)
 430,929  346,907 
Adams Outdoor Advertising LP, Series 2023-1, Class B, 8.81%, 7/15/53(1)
 300,000  298,760 
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(1)
 400,000  344,904 
Aligned Data Centers Issuer LLC, Series 2022-1A, Class A2, SEQ, 6.35%, 10/15/47(1)
 350,000  346,440 
Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.45%, 7/15/46(1)
 428,280  355,911 
CARS-DB4 LP, Series 2020-1A, Class A1, SEQ, 2.69%, 2/15/50(1)
 210,926  199,007 
CARS-DB4 LP, Series 2020-1A, Class A4, 3.19%, 2/15/50(1)
 494,479  464,088 
CARS-DB4 LP, Series 2020-1A, Class B1, 4.17%, 2/15/50(1)
 100,000  93,730 
70

Multisector Income ETF
Principal
Amount/Shares		 Value
CARS-DB4 LP, Series 2020-1A, Class B2, 4.52%, 2/15/50(1)
 $ 100,000  $ 88,597 
Castlelake Aircraft Securitization Trust, Series 2018-1, Class A, SEQ, 4.125%, 6/15/43(1)
 234,164  213,123 
Castlelake Aircraft Structured Trust, Series 2021-1A, Class A, SEQ, 3.47%, 1/15/46(1)
 342,261  316,144 
Clsec Holdings 22t LLC, Series 2021-1, Class C, 6.17%, 5/11/37(1)
 512,708  405,549 
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2, SEQ, 4.94%, 1/25/52(1)
 CAD 450,000  301,595 
Cologix Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52(1)
 CAD 350,000  232,795 
Cologix Data Centers US Issuer LLC, Series 2021-1A, Class A2, SEQ, 3.30%, 12/26/51(1)
 $ 550,000  487,980 
Credit Acceptance Auto Loan Trust, Series 2022-3A, Class A, SEQ, 6.57%, 10/15/32(1)
 250,000  251,036 
Diamond Issuer, Series 2021-1A, Class A, SEQ, 2.31%, 11/20/51(1)
 691,000  596,615 
Diamond Issuer, Series 2021-1A, Class C, 3.79%, 11/20/51(1)
 575,000  463,173 
Domino's Pizza Master Issuer LLC, Series 2015-1A, Class A2II, SEQ, 4.47%, 10/25/45(1)
 291,873  279,950 
Edgeconnex Data Centers Issuer LLC, Series 2022-1, Class A2, SEQ, 4.25%, 3/25/52(1)
 289,345  263,615 
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(1)
 250,000  215,646 
Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51(1)
 525,000  459,459 
Hilton Grand Vacations Trust, Series 2017-AA, Class B, 2.96%, 12/26/28(1)
 349,780  347,054 
Lunar Aircraft Ltd., Series 2020-1A, Class A, SEQ, 3.38%, 2/15/45(1)
 264,145  228,920 
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.43%, 10/15/46(1)
 335,455  275,839 
MACH 1 Cayman Ltd., Series 2019-1, Class A, SEQ, 3.47%, 10/15/39(1)
 273,154  233,465 
MAPS Ltd., Series 2018-1A, Class A, SEQ, 4.21%, 5/15/43(1)
 256,220  229,414 
MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46(1)
 286,022  248,839 
Navigator Aircraft ABS Ltd., Series 2021-1, Class B, SEQ, 3.57%, 11/15/46(1)
 264,955  217,334 
NP SPE II LLC, Series 2019-1A, Class A1, SEQ, 2.57%, 9/20/49(1)
 313,820  293,640 
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A, SEQ, 3.97%, 6/15/44(1)
 382,830  333,517 
Progress Residential Trust, Series 2021-SFR1, Class D, 1.81%, 4/17/38(1)
 750,000  660,786 
Sapphire Aviation Finance II Ltd., Series 2020-1A, Class A, SEQ, 3.23%, 3/15/40(1)
 172,340  146,132 
ServiceMaster Funding LLC, Series 2020-1, Class A2I, SEQ, 2.84%, 1/30/51(1)
 190,092  162,458 
ServiceMaster Funding LLC, Series 2020-1, Class A2II, SEQ, 3.34%, 1/30/51(1)
 396,318  318,409 
Slam Ltd., Series 2021-1A, Class B, 3.42%, 6/15/46(1)
 432,300  368,448 
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, SEQ, 4.54%, 2/25/44(1)
 333,750  329,874 
Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, SEQ, 1.88%, 3/26/46(1)
 167,000  147,499 
71

Multisector Income ETF
Principal
Amount/Shares		 Value
Trinity Rail Leasing LP, Series 2009-1A, Class A, SEQ, 6.66%, 11/16/39(1)
 $ 160,975  $ 160,181 
Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2, SEQ, 1.65%, 9/15/45(1)
 568,000  513,998 
VB-S1 Issuer LLC, Series 2022-1A, Class D, 4.29%, 2/15/52(1)
 425,000  374,502 
TOTAL ASSET-BACKED SECURITIES
(Cost $13,784,150)
 12,615,333 
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 5.0%
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 5.0%
FHLMC, 3.50%, 2/1/49
 2,202,349  1,994,063 
FNMA, 5.00%, 8/1/53
 2,058,664  2,015,417 
GNMA, 6.50%, TBA
 928,000  939,926 
GNMA, 2.50%, 12/20/51
 2,420,143  2,062,153 
UMBS, 6.00%, TBA
 941,000  943,536 
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost $7,886,149)
 7,955,095 
COLLATERALIZED MORTGAGE OBLIGATIONS — 4.6%
Private Sponsor Collateralized Mortgage Obligations — 3.2%
Angel Oak Mortgage Trust, Series 2020-2, Class A2, VRN, 3.86%, 1/26/65(1)
 188,005  176,936 
Angel Oak Mortgage Trust, Series 2020-5, Class A2, SEQ, VRN, 1.58%, 5/25/65(1)
 491,793  453,244 
Angel Oak Mortgage Trust, Series 2021-3, Class M1, VRN, 2.48%, 5/25/66(1)
 600,000  376,542 
Angel Oak Mortgage Trust, Series 2021-5, Class A1, VRN, 0.95%, 7/25/66(1)
 522,064  434,221 
Angel Oak Mortgage Trust, Series 2021-7, Class A3, VRN, 2.34%, 10/25/66(1)
 592,802  488,234 
Bellemeade RE Ltd., Series 2018-1A, Class M2, VRN, 8.33%, (1-month LIBOR plus 2.90%), 4/25/28(1)
 156,645  157,141 
Bellemeade RE Ltd., Series 2019-3A, Class M1C, VRN, 7.38%, (1-month LIBOR plus 1.95%), 7/25/29(1)
 194,421  194,837 
Bellemeade RE Ltd., Series 2020-2A, Class M2, VRN, 11.43%, (1-month LIBOR plus 6.00%), 8/26/30(1)
 104,632  106,234 
Deephaven Residential Mortgage Trust, Series 2021-3, Class A1, VRN, 1.19%, 8/25/66(1)
 300,169  250,065 
Farm Mortgage Trust, Series 2021-1, Class B, VRN, 3.24%, 7/25/51(1)
 555,220  383,550 
GCAT Trust, Series 2021-CM2, Class A1, SEQ, VRN, 2.35%, 8/25/66(1)
 364,984  328,800 
Home RE Ltd., Series 2022-1, Class M1A, VRN, 8.14%, (30-day average SOFR plus 2.85%), 10/25/34(1)
 118,247  119,197 
MFA Trust, Series 2020-NQM2, Class A1, SEQ, VRN, 1.38%, 4/25/65(1)
 109,718  99,902 
Radnor RE Ltd., Series 2021-2, Class M1A, VRN, 7.14%, (30-day average SOFR plus 1.85%), 11/25/31(1)
 327,075  327,245 
Triangle Re Ltd., Series 2021-1, Class M2, VRN, 9.33%, (1-month LIBOR plus 3.90%), 8/25/33(1)
 311,861  313,585 
Triangle Re Ltd., Series 2021-3, Class M1A, VRN, 7.19%, (30-day average SOFR plus 1.90%), 2/25/34(1)
 103,568  103,751 
Visio Trust, Series 2020-1, Class A2, SEQ, VRN, 2.50%, 8/25/55(1)
 890,000  802,906 
5,116,390 
U.S. Government Agency Collateralized Mortgage Obligations — 1.4%
FHLMC, Series 2021-HQA3, Class M1, VRN, 6.14%, (30-day average SOFR plus 0.85%), 9/25/41(1)
 383,201  377,194 
72

Multisector Income ETF
Principal
Amount/Shares		 Value
FHLMC, Series 2022-DNA3, Class M1A, VRN, 7.29%, (30-day average SOFR plus 2.00%), 4/25/42(1)
 $ 356,663  $ 359,368 
FHLMC, Series 2022-DNA6, Class M1A, VRN, 7.44%, (30-day average SOFR plus 2.15%), 9/25/42(1)
 192,055  193,812 
FHLMC, Series 2023-HQA2, Class M1A, VRN, 7.29%, (30-day average SOFR plus 2.00%), 6/25/43(1)
 241,847  242,876 
FNMA, Series 2022-R03, Class 1M1, VRN, 7.39%, (30-day average SOFR plus 2.10%), 3/25/42(1)
 208,304  210,450 
FNMA, Series 2022-R09, Class 2M1, VRN, 7.80%, (30-day average SOFR plus 2.50%), 9/25/42(1)
 326,782  331,848 
FNMA, Series 2023-R05, Class 1M1, VRN, 7.20%, (30-day average SOFR plus 1.90%), 6/25/43(1)
 493,390  495,792 
2,211,340 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $7,566,909)
 7,327,730 
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.3%
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.67%, 3/11/44(1)
 400,000  323,623 
BX Commercial Mortgage Trust, Series 2021-ACNT, Class D, VRN, 7.27%, (1-month SOFR plus 1.96%), 11/15/38(1)
 501,205  486,510 
BX Commercial Mortgage Trust, Series 2021-VOLT, Class E, VRN, 7.43%, (1-month SOFR plus 2.11%), 9/15/36(1)
 400,000  379,914 
BX Commercial Mortgage Trust, Series 2023-VLT2, Class B, VRN, 8.44%, (1-month SOFR plus 3.13%), 6/15/40(1)
 386,000  385,653 
BX Trust, Series 2018-BILT, Class C, VRN, 6.83%, (1-month SOFR plus 1.52%), 5/15/30(1)
 300,000  295,749 
BX Trust, Series 2021-ARIA, Class G, VRN, 8.57%, (1-month SOFR plus 3.26%), 10/15/36(1)
 314,000  287,079 
BX Trust, Series 2021-RISE, Class D, VRN, 7.17%, (1-month SOFR plus 1.86%), 11/15/36(1)
 199,017  194,148 
BXHPP Trust, Series 2021-FILM, Class D, VRN, 6.92%, (1-month SOFR plus 1.61%), 8/15/36(1)
 300,000  265,109 
BXHPP Trust, Series 2021-FILM, Class E, VRN, 7.42%, (1-month SOFR plus 2.11%), 8/15/36(1)
 250,000  214,288 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, VRN, 7.51%, (1-month SOFR plus 2.20%), 5/15/36(1)
 476,814  472,618 
CSMC Trust, Series 2021-BHAR, Class B, VRN, 6.93%, (1-month SOFR plus 1.61%), 11/15/38(1)
 232,000  228,427 
Extended Stay America Trust, Series 2021-ESH, Class E, VRN, 8.27%, (1-month SOFR plus 2.96%), 7/15/38(1)
 307,287  302,539 
Fontainebleau Miami Beach Trust, Series 2019-FBLU, Class D, VRN, 4.10%, 12/10/36(1)
 207,000  197,097 
Great Wolf Trust, Series 2019-WOLF, Class C, VRN, 7.06%, (1-month SOFR plus 1.75%), 12/15/36(1)
 253,000  250,640 
GS Mortgage Securities Corp. Trust, Series 2018-HULA, Class C, VRN, 7.07%, (1-month SOFR plus 1.75%), 7/15/25(1)
 233,267  229,424 
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class A, SEQ, 4.13%, 7/5/31(1)
 282,000  258,647 
Life Mortgage Trust, Series 2021-BMR, Class D, VRN, 6.82%, (1-month SOFR plus 1.51%), 3/15/38(1)
 590,765  572,408 
Med Trust, Series 2021-MDLN, Class F, VRN, 9.42%, (1-month SOFR plus 4.11%), 11/15/38(1)
 369,676  352,042 
MHP Trust, Series 2022-MHIL, Class D, VRN, 6.92%, (1-month SOFR plus 1.61%), 1/15/27(1)
 489,716  470,466 
73

Multisector Income ETF
Principal
Amount/Shares		 Value
One New York Plaza Trust, Series 2020-1NYP, Class B, VRN, 6.93%, (1-month SOFR plus 1.61%), 1/15/36(1)
 $ 229,000  $ 210,715 
SMRT Commercial Mortgage Trust, Series 2022-MINI, Class F, VRN, 8.66%, (1-month SOFR plus 3.35%), 1/15/39(1)
 596,000  553,437 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $7,163,179)
 6,930,533 
BANK LOAN OBLIGATIONS(4) — 1.4%
Entertainment — 0.2%
Caesars Entertainment Corp., Term Loan B, 8.68%, (1-month SOFR plus 3.25%), 2/6/30
 319,200  319,920 
Health Care Providers and Services — 0.4%
Surgery Center Holdings, Inc., 2021 Term Loan, 9.18%, (1-month SOFR plus 3.75%), 8/31/26
 686,976  689,081 
Passenger Airlines — 0.3%
American Airlines, Inc., 2023 Term Loan B, 8.54%, (3-month SOFR plus 2.75%), 2/15/28
 480,150  478,477 
Pharmaceuticals — 0.5%
Jazz Financing Lux S.a.r.l., USD Term Loan, 8.95%, (1-month SOFR plus 3.50%), 5/5/28
 721,144  722,045 
TOTAL BANK LOAN OBLIGATIONS
(Cost $2,192,074)
 2,209,523 
SOVEREIGN GOVERNMENTS AND AGENCIES — 1.1%
Mexico — 0.3%
Mexico Government International Bond, 5.40%, 2/9/28
 400,000  404,433 
Mexico Government International Bond, 4.875%, 5/19/33
 120,000  113,911 
518,344 
Nigeria — 0.2%
Nigeria Government International Bond, 6.50%, 11/28/27(1)
 450,000  387,141 
Romania — 0.3%
Romanian Government International Bond, 6.625%, 2/17/28(1)
 381,000  394,326 
Saudi Arabia — 0.3%
Saudi Government International Bond, 4.75%, 1/18/28(1)
 264,000  261,610 
Saudi Government International Bond, 5.50%, 10/25/32(1)
 210,000  217,035 
478,645 
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost $1,761,104)
 1,778,456 
PREFERRED STOCKS — 1.1%
Banks — 0.4%
BNP Paribas SA, 8.50%(1)(2)
 345,000  344,655 
Wells Fargo & Co., 7.625%
 336,000  344,820 
689,475 
Capital Markets — 0.3%
Goldman Sachs Group, Inc., Series W, 7.50%
 500,000  503,750 
Industrial Conglomerates — 0.4%
General Electric Co., Series D, 8.88%
 580,000  581,087 
TOTAL PREFERRED STOCKS
(Cost $1,758,577)
 1,774,312 
SHORT-TERM INVESTMENTS — 9.5%
Money Market Funds — 8.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class
 10,273,956  10,273,956 
74

Multisector Income ETF
Principal
Amount/Shares		 Value
State Street Navigator Securities Lending Government Money Market Portfolio(5)
 3,078,680  $ 3,078,680 
13,352,636 
Treasury Bills(6) — 1.2%
U.S. Treasury Bills, 5.32%, 8/8/24
 $ 2,000,000  1,903,018 
TOTAL SHORT-TERM INVESTMENTS
(Cost $15,256,923)
 15,255,654 
TOTAL INVESTMENT SECURITIES — 108.6%
(Cost $176,377,549)
 173,439,743 
OTHER ASSETS AND LIABILITIES — (8.6)%
 (13,799,095)
TOTAL NET ASSETS — 100.0%
 $ 159,640,648 

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year Notes 153 December 2023 $ 31,182,117  $ 103,392 
U.S. Treasury 5-Year Notes 70 December 2023 7,484,531  53,032 
U.S. Treasury 10-Year Notes 165 December 2023 18,320,156  154,037 
U.S. Treasury 10-Year Ultra Notes 169 December 2023 19,622,485  181,889 
$ 76,609,289  $ 492,350 
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury Long Bonds 20 December 2023 $ 2,433,750  $ (24,191)
U.S. Treasury Ultra Bonds 3 December 2023 388,406  (4,307)
$ 2,822,156  $ (28,498)
^Amount represents value and unrealized appreciation (depreciation).

CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity
Type‡
 Fixed
Rate
Received
(Paid)
Quarterly		 Termination
Date		 Notional
Amount		 Premiums
Paid
(Received)		 Unrealized
Appreciation
(Depreciation)		 Value^
Markit CDX North America High Yield Index Series 40 Sell 5.00% 6/20/28 $ 3,036,000  $ 56,338  $ 60,219  $ 116,557 
‡The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.
^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.

75

Multisector Income ETF

NOTES TO SCHEDULE OF INVESTMENTS
CAD – Canadian Dollar
CDX – Credit Derivatives Indexes
FHLMC – Federal Home Loan Mortgage Corporation
FNMA – Federal National Mortgage Association
GNMA – Government National Mortgage Association
LIBOR – London Interbank Offered Rate
SEQ – Sequential Payer
SOFR – Secured Overnight Financing Rate
TBA – To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
UMBS – Uniform Mortgage-Backed Securities
USD – United States Dollar
VRN – Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
†Category is less than 0.05% of total net assets.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $75,400,846, which represented 47.2% of total net assets. 
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,953,937. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $1,544,804.
(4)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.
(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,078,680.
(6)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.


See Notes to Financial Statements.
76

AUGUST 31, 2023
Select High Yield ETF
Principal
Amount/Shares		 Value
CORPORATE BONDS — 93.8%
Aerospace and Defense — 2.7%
Bombardier, Inc., 7.50%, 3/15/25(1)
 $ 14,000  $ 14,024 
Bombardier, Inc., 7.875%, 4/15/27(1)
 64,000  63,903 
Bombardier, Inc., 6.00%, 2/15/28(1)(2)
 45,000  42,099 
Bombardier, Inc., 7.50%, 2/1/29(1)(2)
 28,000  27,463 
Howmet Aerospace, Inc., 5.95%, 2/1/37
 50,000  49,270 
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1)
 47,000  46,465 
Spirit AeroSystems, Inc., 9.375%, 11/30/29(1)
 37,000  38,604 
TransDigm, Inc., 6.25%, 3/15/26(1)
 146,000  144,751 
TransDigm, Inc., 6.375%, 6/15/26
 70,000  70,074 
TransDigm, Inc., 7.50%, 3/15/27
 47,000  47,133 
TransDigm, Inc., 5.50%, 11/15/27
 186,000  176,685 
TransDigm, Inc., 6.75%, 8/15/28(1)
 28,000  28,133 
TransDigm, Inc., 4.875%, 5/1/29
 95,000  85,566 
Triumph Group, Inc., 9.00%, 3/15/28(1)
 14,000  14,112 
848,282 
Air Freight and Logistics — 0.2%
Rand Parent LLC, 8.50%, 2/15/30(1)(2)
 50,000  47,670 
Automobile Components — 1.2%
Adient Global Holdings Ltd., 4.875%, 8/15/26(1)
 105,000  101,215 
Clarios Global LP, 6.75%, 5/15/25(1)
 47,000  47,024 
Clarios Global LP / Clarios US Finance Co., 6.25%, 5/15/26(1)
 50,000  49,564 
Goodyear Tire & Rubber Co., 9.50%, 5/31/25
 70,000  71,550 
Goodyear Tire & Rubber Co., 5.00%, 5/31/26(2)
 67,000  64,713 
Patrick Industries, Inc., 4.75%, 5/1/29(1)(2)
 47,000  40,261 
374,327 
Automobiles — 2.5%
Ford Motor Co., 3.25%, 2/12/32(2)
 122,000  95,344 
Ford Motor Co., 6.10%, 8/19/32(2)
 103,000  98,512 
Ford Motor Co., 5.29%, 12/8/46
 45,000  35,378 
Ford Motor Credit Co. LLC, 4.13%, 8/4/25
 200,000  190,665 
Ford Motor Credit Co. LLC, 3.82%, 11/2/27
 200,000  178,099 
Ford Motor Credit Co. LLC, 5.11%, 5/3/29
 200,000  184,165 
782,163 
Banks — 0.8%
Freedom Mortgage Corp., 8.125%, 11/15/24(1)
 25,000  24,886 
Freedom Mortgage Corp., 7.625%, 5/1/26(1)
 70,000  64,461 
Freedom Mortgage Corp., 6.625%, 1/15/27(1)
 47,000  41,201 
Nationstar Mortgage Holdings, Inc., 5.50%, 8/15/28(1)
 47,000  42,643 
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 3.875%, 3/1/31(1)
 28,000  22,820 
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 4.00%, 10/15/33(1)
 28,000  22,171 
United Wholesale Mortgage LLC, 5.50%, 4/15/29(1)
 47,000  40,819 
259,001 
Beverages — 0.1%
Primo Water Holdings, Inc., 4.375%, 4/30/29(1)(2)
 47,000  41,285 
Broadline Retail — 0.1%
Macy's Retail Holdings LLC, 5.875%, 4/1/29(1)(2)
 47,000  42,529 
77

Select High Yield ETF
Principal
Amount/Shares		 Value
Building Products — 1.3%
Builders FirstSource, Inc., 4.25%, 2/1/32(1)
 $ 117,000  $ 99,575 
Griffon Corp., 5.75%, 3/1/28
 69,000  64,395 
Masonite International Corp., 3.50%, 2/15/30(1)(2)
 47,000  39,404 
MIWD Holdco II LLC / MIWD Finance Corp., 5.50%, 2/1/30(1)
 14,000  11,881 
PGT Innovations, Inc., 4.375%, 10/1/29(1)
 47,000  43,663 
Standard Industries, Inc., 4.375%, 7/15/30(1)
 126,000  108,134 
Standard Industries, Inc., 3.375%, 1/15/31(1)
 47,000  37,519 
404,571 
Capital Markets — 1.4%
AG Issuer LLC, 6.25%, 3/1/28(1)
 28,000  26,854 
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29(1)
 47,000  43,212 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/24
 70,000  67,733 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/26
 70,000  64,934 
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27
 117,000  102,794 
LCM Investments Holdings II LLC, 4.875%, 5/1/29(1)
 47,000  40,841 
MSCI, Inc., 3.625%, 9/1/30(1)
 76,000  65,806 
MSCI, Inc., 3.625%, 11/1/31(1)
 14,000  11,887 
424,061 
Chemicals — 2.6%
Avient Corp., 5.75%, 5/15/25(1)
 33,000  32,594 
Chemours Co., 5.75%, 11/15/28(1)
 50,000  44,961 
Chemours Co., 4.625%, 11/15/29(1)
 28,000  23,303 
FXI Holdings, Inc., 12.25%, 11/15/26(1)
 47,000  42,300 
NOVA Chemicals Corp., 4.875%, 6/1/24(1)
 70,000  68,920 
NOVA Chemicals Corp., 5.25%, 6/1/27(1)
 47,000  41,839 
Olin Corp., 5.625%, 8/1/29(2)
 14,000  13,446 
Olin Corp., 5.00%, 2/1/30(2)
 47,000  43,079 
Olympus Water U.S. Holding Corp., 9.75%, 11/15/28(1)
 188,000  189,612 
SCIH Salt Holdings, Inc., 4.875%, 5/1/28(1)
 47,000  42,343 
SCIH Salt Holdings, Inc., 6.625%, 5/1/29(1)(2)
 47,000  41,517 
Scotts Miracle-Gro Co., 4.00%, 4/1/31(2)
 14,000  11,016 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1)(2)
 43,000  40,108 
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 4/1/29(1)
 47,000  25,435 
Tronox, Inc., 4.625%, 3/15/29(1)
 47,000  38,772 
WR Grace Holdings LLC, 4.875%, 6/15/27(1)
 67,000  62,571 
WR Grace Holdings LLC, 5.625%, 8/15/29(1)(2)
 47,000  39,790 
801,606 
Commercial Services and Supplies — 2.3%
ADT Security Corp., 4.125%, 8/1/29(1)
 47,000  41,068 
ADT Security Corp., 4.875%, 7/15/32(1)
 137,000  118,300 
Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 7/15/26(1)
 70,000  66,651 
APX Group, Inc., 5.75%, 7/15/29(1)
 50,000  43,127 
Brink's Co., 4.625%, 10/15/27(1)
 70,000  65,157 
Garda World Security Corp., 7.75%, 2/15/28(1)
 28,000  27,820 
GFL Environmental, Inc., 4.00%, 8/1/28(1)
 50,000  44,681 
78

Select High Yield ETF
Principal
Amount/Shares		 Value
Matthews International Corp., 5.25%, 12/1/25(1)
 $ 117,000  $ 112,722 
Metis Merger Sub LLC, 6.50%, 5/15/29(1)
 47,000  40,862 
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 8/31/27(1)
 47,000  41,845 
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 1/15/28(1)(2)
 95,000  90,581 
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(1)
 28,000  25,992 
718,806 
Communications Equipment — 0.3%
CommScope, Inc., 6.00%, 3/1/26(1)
 70,000  63,680 
CommScope, Inc., 4.75%, 9/1/29(1)
 46,000  34,226 
97,906 
Construction and Engineering — 0.4%
Howard Midstream Energy Partners LLC, 8.875%, 7/15/28(1)
 42,000  43,534 
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28(1)
 88,000  81,287 
124,821 
Construction Materials — 0.2%
Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28(1)
 70,000  67,283 
Consumer Finance — 1.9%
Castlelake Aviation Finance DAC, 5.00%, 4/15/27(1)(2)
 50,000  46,145 
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1)
 144,723  136,080 
Navient Corp., 7.25%, 9/25/23
 79,000  79,119 
Navient Corp., 5.875%, 10/25/24
 47,000  46,341 
Navient Corp., 6.75%, 6/25/25
 47,000  46,720 
Navient Corp., 5.50%, 3/15/29
 47,000  40,232 
Navient Corp., 9.375%, 7/25/30
 28,000  28,155 
OneMain Finance Corp., 6.125%, 3/15/24
 35,000  35,011 
OneMain Finance Corp., 6.875%, 3/15/25
 117,000  116,522 
VistaJet Malta Finance PLC / Vista Management Holding, Inc., 6.375%, 2/1/30(1)
 28,000  22,999 
597,324 
Consumer Staples Distribution & Retail — 0.7%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/27(1)(2)
 47,000  44,431 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.875%, 2/15/28(1)
 47,000  45,658 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 6.50%, 2/15/28(1)
 50,000  49,819 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29(1)
 47,000  40,699 
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.875%, 2/15/30(1)
 28,000  25,716 
206,323 
Containers and Packaging — 1.6%
Ball Corp., 4.875%, 3/15/26
 50,000  48,621 
Ball Corp., 6.00%, 6/15/29
 28,000  27,637 
Ball Corp., 3.125%, 9/15/31
 64,000  51,873 
Berry Global, Inc., 4.50%, 2/15/26(1)(2)
 70,000  66,680 
Berry Global, Inc., 4.875%, 7/15/26(1)
 47,000  45,408 
LABL, Inc., 9.50%, 11/1/28(1)
 50,000  51,526 
OI European Group BV, 4.75%, 2/15/30(1)
 47,000  42,886 
Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31(1)(2)
 42,000  42,428 
79

Select High Yield ETF
Principal
Amount/Shares		 Value
Sealed Air Corp., 5.125%, 12/1/24(1)
 $ 70,000  $ 69,102 
TriMas Corp., 4.125%, 4/15/29(1)
 63,000  55,025 
501,186 
Distributors — 0.5%
Performance Food Group, Inc., 5.50%, 10/15/27(1)
 47,000  45,299 
Performance Food Group, Inc., 4.25%, 8/1/29(1)
 47,000  41,408 
Ritchie Bros Holdings, Inc., 7.75%, 3/15/31(1)
 28,000  28,995 
Windsor Holdings III LLC, 8.50%, 6/15/30(1)
 43,000  43,241 
158,943 
Diversified Consumer Services — 0.4%
Adtalem Global Education, Inc., 5.50%, 3/1/28(1)
 37,000  34,517 
Service Corp. International, 3.375%, 8/15/30
 47,000  38,841 
Service Corp. International, 4.00%, 5/15/31
 47,000  39,891 
113,249 
Diversified REITs — 1.9%
CTR Partnership LP / CareTrust Capital Corp., 3.875%, 6/30/28(1)
 47,000  40,997 
HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 6/15/26(1)
 47,000  42,254 
Iron Mountain Information Management Services, Inc., 5.00%, 7/15/32(1)
 14,000  12,102 
MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/27(2)
 43,000  34,020 
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29
 108,000  78,114 
MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 3/15/31
 50,000  32,456 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 7.50%, 6/1/25(1)
 70,000  70,143 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 5.875%, 10/1/28(1)
 47,000  43,522 
RLJ Lodging Trust LP, 3.75%, 7/1/26(1)
 47,000  43,106 
RLJ Lodging Trust LP, 4.00%, 9/15/29(1)
 47,000  39,348 
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 10.50%, 2/15/28(1)
 50,000  49,927 
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 4.75%, 4/15/28(1)
 47,000  39,661 
VICI Properties LP / VICI Note Co., Inc., 3.75%, 2/15/27(1)
 43,000  39,514 
VICI Properties LP / VICI Note Co., Inc., 4.625%, 12/1/29(1)
 14,000  12,659 
577,823 
Diversified Telecommunication Services — 2.8%
Altice France SA, 5.125%, 7/15/29(1)
 200,000  141,565 
Cogent Communications Group, Inc., 7.00%, 6/15/27(1)
 50,000  48,580 
Connect Finco Sarl / Connect US Finco LLC, 6.75%, 10/1/26(1)
 127,000  120,608 
Embarq Corp., 8.00%, 6/1/36
 70,000  42,704 
Frontier Communications Holdings LLC, 5.00%, 5/1/28(1)
 24,000  20,587 
Frontier Communications Holdings LLC, 8.75%, 5/15/30(1)
 21,000  20,431 
Hughes Satellite Systems Corp., 6.625%, 8/1/26(2)
 14,000  12,159 
Level 3 Financing, Inc., 4.25%, 7/1/28(1)
 93,000  61,062 
Level 3 Financing, Inc., 3.625%, 1/15/29(1)
 122,000  72,786 
Level 3 Financing, Inc., 3.75%, 7/15/29(1)
 96,000  57,373 
Level 3 Financing, Inc., 10.50%, 5/15/30(1)(2)
 14,000  14,234 
Sprint Capital Corp., 6.875%, 11/15/28
 47,000  49,695 
Sprint Capital Corp., 8.75%, 3/15/32
 49,000  58,445 
80

Select High Yield ETF
Principal
Amount/Shares		 Value
Telecom Italia Capital SA, 6.00%, 9/30/34
 $ 47,000  $ 39,423 
Telecom Italia Capital SA, 7.20%, 7/18/36
 47,000  42,520 
Zayo Group Holdings, Inc., 4.00%, 3/1/27(1)(2)
 70,000  52,524 
854,696 
Electric Utilities — 1.7%
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1)
 85,000  78,622 
NRG Energy, Inc., 6.625%, 1/15/27
 33,000  32,620 
NRG Energy, Inc., 5.25%, 6/15/29(1)
 28,000  25,229 
NRG Energy, Inc., 3.625%, 2/15/31(1)
 133,000  103,943 
NRG Energy, Inc., 7.00%, 3/15/33(1)
 14,000  13,932 
PG&E Corp., 5.00%, 7/1/28(2)
 47,000  43,279 
PG&E Corp., 5.25%, 7/1/30(2)
 47,000  41,799 
Vistra Operations Co. LLC, 5.625%, 2/15/27(1)
 70,000  67,453 
Vistra Operations Co. LLC, 5.00%, 7/31/27(1)
 70,000  65,899 
Vistra Operations Co. LLC, 4.375%, 5/1/29(1)
 47,000  41,484 
514,260 
Electrical Equipment — 0.4%
Atkore, Inc., 4.25%, 6/1/31(1)
 70,000  60,259 
WESCO Distribution, Inc., 7.125%, 6/15/25(1)
 25,000  25,134 
WESCO Distribution, Inc., 7.25%, 6/15/28(1)
 33,000  33,617 
119,010 
Electronic Equipment, Instruments and Components — 0.9%
Coherent Corp., 5.00%, 12/15/29(1)
 44,000  39,125 
Imola Merger Corp., 4.75%, 5/15/29(1)
 140,000  124,582 
Sensata Technologies, Inc., 4.375%, 2/15/30(1)
 117,000  103,696 
TTM Technologies, Inc., 4.00%, 3/1/29(1)
 28,000  24,350 
291,753 
Energy Equipment and Services — 2.3%
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1)
 47,000  46,250 
Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28(1)
 70,000  66,888 
Bristow Group, Inc., 6.875%, 3/1/28(1)
 70,000  65,542 
Enerflex Ltd., 9.00%, 10/15/27(1)
 50,000  49,786 
Nabors Industries, Inc., 7.375%, 5/15/27(1)
 47,000  45,910 
Precision Drilling Corp., 6.875%, 1/15/29(1)
 78,000  74,224 
Shelf Drilling Holdings Ltd., 8.25%, 2/15/25(1)
 50,000  49,292 
Transocean Poseidon Ltd., 6.875%, 2/1/27(1)
 18,750  18,651 
Transocean, Inc., 7.25%, 11/1/25(1)
 50,000  49,375 
Transocean, Inc., 8.75%, 2/15/30(1)
 26,600  27,237 
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27(2)
 47,000  45,869 
Valaris Ltd., 8.375%, 4/30/30(1)
 43,000  43,838 
Weatherford International Ltd., 8.625%, 4/30/30(1)
 111,000  113,794 
696,656 
Entertainment — 1.0%
Cinemark USA, Inc., 5.875%, 3/15/26(1)(2)
 47,000  45,163 
Cinemark USA, Inc., 5.25%, 7/15/28(1)
 47,000  41,790 
Live Nation Entertainment, Inc., 5.625%, 3/15/26(1)
 28,000  27,184 
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1)
 70,000  65,275 
Playtika Holding Corp., 4.25%, 3/15/29(1)
 47,000  40,697 
81

Select High Yield ETF
Principal
Amount/Shares		 Value
WMG Acquisition Corp., 3.875%, 7/15/30(1)
 $ 47,000  $ 40,829 
WMG Acquisition Corp., 3.00%, 2/15/31(1)(2)
 47,000  38,366 
299,304 
Financial Services — 1.3%
Jefferson Capital Holdings LLC, 6.00%, 8/15/26(1)
 47,000  41,240 
Kinetik Holdings LP, 5.875%, 6/15/30(1)
 50,000  48,481 
MGIC Investment Corp., 5.25%, 8/15/28
 70,000  66,872 
MPH Acquisition Holdings LLC, 5.50%, 9/1/28(1)
 70,000  59,509 
NMI Holdings, Inc., 7.375%, 6/1/25(1)
 47,000  47,361 
Paysafe Finance PLC / Paysafe Holdings US Corp., 4.00%, 6/15/29(1)(2)
 47,000  39,883 
PennyMac Financial Services, Inc., 4.25%, 2/15/29(1)
 47,000  38,950 
Radian Group, Inc., 4.875%, 3/15/27
 47,000  44,519 
386,815 
Food Products — 1.1%
Darling Ingredients, Inc., 6.00%, 6/15/30(1)
 28,000  27,394 
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.875%, 9/1/25(1)
 47,000  45,271 
Lamb Weston Holdings, Inc., 4.375%, 1/31/32(1)
 50,000  43,441 
Pilgrim's Pride Corp., 5.875%, 9/30/27(1)
 70,000  69,305 
Post Holdings, Inc., 5.75%, 3/1/27(1)
 26,000  25,433 
Post Holdings, Inc., 4.50%, 9/15/31(1)
 50,000  43,119 
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, Inc., 4.625%, 3/1/29(1)
 47,000  39,158 
US Foods, Inc., 4.75%, 2/15/29(1)
 64,000  58,472 
351,593 
Ground Transportation — 1.9%
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(1)(2)
 70,000  66,898 
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 4/1/28(1)(2)
 47,000  42,786 
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.375%, 3/1/29(1)
 47,000  43,247 
Hertz Corp., 5.00%, 12/1/29(1)
 47,000  38,688 
NESCO Holdings II, Inc., 5.50%, 4/15/29(1)
 30,000  27,234 
Uber Technologies, Inc., 7.50%, 5/15/25(1)
 28,000  28,296 
Uber Technologies, Inc., 7.50%, 9/15/27(1)
 50,000  51,098 
Uber Technologies, Inc., 4.50%, 8/15/29(1)
 140,000  128,448 
United Rentals North America, Inc., 4.875%, 1/15/28
 97,000  92,386 
United Rentals North America, Inc., 3.875%, 2/15/31
 70,000  59,938 
579,019 
Health Care Equipment and Supplies — 0.6%
Avantor Funding, Inc., 3.875%, 11/1/29(1)
 47,000  41,262 
Medline Borrower LP, 3.875%, 4/1/29(1)
 70,000  61,175 
Medline Borrower LP, 5.25%, 10/1/29(1)
 93,000  82,678 
185,115 
Health Care Providers and Services — 4.1%
Catalent Pharma Solutions, Inc., 3.50%, 4/1/30(1)(2)
 97,000  81,957 
Centene Corp., 4.25%, 12/15/27
 117,000  109,557 
Centene Corp., 4.625%, 12/15/29
 71,000  65,352 
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1)
 63,000  61,569 
CHS / Community Health Systems, Inc., 5.625%, 3/15/27(1)
 77,000  67,841 
CHS / Community Health Systems, Inc., 8.00%, 12/15/27(1)(2)
 47,000  45,231 
82

Select High Yield ETF
Principal
Amount/Shares		 Value
CHS / Community Health Systems, Inc., 5.25%, 5/15/30(1)
 $ 14,000  $ 11,053 
CHS / Community Health Systems, Inc., 4.75%, 2/15/31(1)
 61,000  45,500 
DaVita, Inc., 4.625%, 6/1/30(1)
 140,000  120,211 
DaVita, Inc., 3.75%, 2/15/31(1)
 47,000  37,470 
HealthEquity, Inc., 4.50%, 10/1/29(1)
 47,000  41,737 
Molina Healthcare, Inc., 3.875%, 5/15/32(1)
 47,000  39,042 
Owens & Minor, Inc., 4.50%, 3/31/29(1)
 47,000  39,875 
Tenet Healthcare Corp., 4.875%, 1/1/26
 140,000  135,862 
Tenet Healthcare Corp., 6.25%, 2/1/27
 70,000  69,001 
Tenet Healthcare Corp., 5.125%, 11/1/27
 47,000  44,738 
Tenet Healthcare Corp., 6.125%, 10/1/28(2)
 131,000  126,296 
Tenet Healthcare Corp., 4.25%, 6/1/29
 47,000  42,008 
Tenet Healthcare Corp., 6.125%, 6/15/30
 44,000  42,692 
Tenet Healthcare Corp., 6.75%, 5/15/31(1)
 28,000  27,896 
1,254,888 
Health Care REITs — 0.1%
Diversified Healthcare Trust, 9.75%, 6/15/25
 35,000  34,455 
Hotel & Resort REITs — 0.8%
Service Properties Trust, 4.35%, 10/1/24
 70,000  67,432 
Service Properties Trust, 5.25%, 2/15/26
 47,000  43,340 
Service Properties Trust, 4.95%, 2/15/27
 70,000  60,672 
Service Properties Trust, 4.95%, 10/1/29
 70,000  55,266 
Service Properties Trust, 4.375%, 2/15/30
 47,000  35,738 
262,448 
Hotels, Restaurants and Leisure — 9.8%
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1)
 47,000  43,181 
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30(1)
 117,000  99,222 
Affinity Interactive, 6.875%, 12/15/27(1)
 117,000  103,716 
Aramark Services, Inc., 6.375%, 5/1/25(1)
 117,000  117,302 
Boyd Gaming Corp., 4.75%, 6/15/31(1)
 100,000  88,168 
Caesars Entertainment, Inc., 6.25%, 7/1/25(1)(2)
 97,000  96,334 
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)
 97,000  84,995 
Caesars Entertainment, Inc., 7.00%, 2/15/30(1)
 28,000  28,135 
Carnival Corp., 7.625%, 3/1/26(1)(2)
 98,000  97,798 
Carnival Corp., 5.75%, 3/1/27(1)
 196,000  184,634 
Carnival Corp., 9.875%, 8/1/27(1)
 47,000  49,722 
Carnival Corp., 4.00%, 8/1/28(1)
 79,000  70,761 
Carnival Corp., 6.00%, 5/1/29(1)
 174,000  157,257 
Carnival Corp., 10.50%, 6/1/30(1)(2)
 14,000  14,924 
Carnival Holdings Bermuda Ltd., 10.375%, 5/1/28(1)
 38,000  41,363 
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1)
 50,000  46,545 
Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp. / Millennium Op, 6.50%, 10/1/28
 50,000  48,381 
Everi Holdings, Inc., 5.00%, 7/15/29(1)(2)
 50,000  44,662 
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(1)
 70,000  60,618 
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 8/15/28(1)
 47,000  31,798 
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(1)
 14,000  13,749 
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/30
 47,000  43,889 
Hilton Domestic Operating Co., Inc., 4.00%, 5/1/31(1)
 14,000  12,181 
83

Select High Yield ETF
Principal
Amount/Shares		 Value
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/32(1)
 $ 47,000  $ 39,348 
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29(1)
 118,000  104,720 
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 4.875%, 7/1/31(1)
 47,000  39,667 
Life Time, Inc., 8.00%, 4/15/26(1)(2)
 47,000  46,690 
Light & Wonder International, Inc., 7.25%, 11/15/29(1)
 47,000  47,241 
Lindblad Expeditions LLC, 6.75%, 2/15/27(1)
 14,000  13,534 
MGM Resorts International, 6.75%, 5/1/25
 93,000  93,238 
MGM Resorts International, 4.75%, 10/15/28(2)
 47,000  42,696 
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.875%, 5/1/29(1)
 47,000  40,932 
Mohegan Tribal Gaming Authority, 8.00%, 2/1/26(1)
 14,000  13,050 
NCL Corp. Ltd., 5.875%, 3/15/26(1)
 47,000  44,359 
NCL Corp. Ltd., 5.875%, 2/15/27(1)
 28,000  27,159 
NCL Finance Ltd., 6.125%, 3/15/28(1)
 47,000  42,417 
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.625%, 9/1/29(1)(2)
 47,000  37,558 
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.875%, 9/1/31(1)(2)
 47,000  36,383 
Royal Caribbean Cruises Ltd., 5.375%, 7/15/27(1)
 53,000  49,922 
Royal Caribbean Cruises Ltd., 7.50%, 10/15/27
 70,000  70,648 
Royal Caribbean Cruises Ltd., 3.70%, 3/15/28
 47,000  40,983 
Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(1)
 140,000  131,362 
Royal Caribbean Cruises Ltd., 8.25%, 1/15/29(1)
 50,000  52,301 
SeaWorld Parks & Entertainment, Inc., 5.25%, 8/15/29(1)(2)
 50,000  44,938 
Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.50%, 11/28/25(1)(2)
 47,000  46,596 
Travel & Leisure Co., 6.625%, 7/31/26(1)
 47,000  46,688 
Travel & Leisure Co., 4.50%, 12/1/29(1)
 47,000  40,494 
Viking Cruises Ltd., 6.25%, 5/15/25(1)
 70,000  69,013 
Viking Cruises Ltd., 9.125%, 7/15/31(1)
 45,000  46,532 
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1)
 70,000  65,141 
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)
 39,000  38,563 
Yum! Brands, Inc., 4.625%, 1/31/32
 28,000  25,078 
Yum! Brands, Inc., 5.375%, 4/1/32
 28,000  26,303 
3,042,889 
Household Durables — 2.4%
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 4/1/30(1)
 47,000  40,527 
Beazer Homes USA, Inc., 6.75%, 3/15/25
 70,000  69,756 
Beazer Homes USA, Inc., 5.875%, 10/15/27(2)
 47,000  44,357 
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 5.00%, 6/15/29(1)(2)
 70,000  58,468 
Century Communities, Inc., 6.75%, 6/1/27
 103,000  102,779 
KB Home, 4.00%, 6/15/31
 47,000  39,634 
Mattamy Group Corp., 4.625%, 3/1/30(1)
 47,000  41,588 
Newell Brands, Inc., 4.70%, 4/1/26
 70,000  67,131 
Newell Brands, Inc., 6.375%, 9/15/27(2)
 50,000  49,138 
Newell Brands, Inc., 6.625%, 9/15/29(2)
 50,000  49,577 
STL Holding Co. LLC, 7.50%, 2/15/26(1)
 14,000  13,103 
Taylor Morrison Communities, Inc., 5.125%, 8/1/30(1)
 35,000  32,134 
84

Select High Yield ETF
Principal
Amount/Shares		 Value
Tempur Sealy International, Inc., 4.00%, 4/15/29(1)
 $ 47,000  $ 40,415 
Tempur Sealy International, Inc., 3.875%, 10/15/31(1)(2)
 47,000  37,813 
Tri Pointe Homes, Inc., 5.25%, 6/1/27
 70,000  66,834 
753,254 
Household Products — 0.1%
Spectrum Brands, Inc., 5.50%, 7/15/30(1)
 43,000  40,038 
Independent Power and Renewable Electricity Producers — 1.3%
Calpine Corp., 5.25%, 6/1/26(1)
 35,000  34,373 
Calpine Corp., 4.50%, 2/15/28(1)
 85,000  78,763 
Calpine Corp., 5.125%, 3/15/28(1)
 118,000  107,614 
Clearway Energy Operating LLC, 4.75%, 3/15/28(1)
 70,000  64,788 
Sunnova Energy Corp., 5.875%, 9/1/26(1)(2)
 47,000  41,400 
TerraForm Power Operating LLC, 5.00%, 1/31/28(1)
 47,000  42,726 
TransAlta Corp., 7.75%, 11/15/29(2)
 28,000  29,018 
398,682 
Insurance — 0.2%
Acrisure LLC / Acrisure Finance, Inc., 4.25%, 2/15/29(1)(2)
 70,000  60,604 
Interactive Media and Services — 0.2%
Rackspace Technology Global, Inc., 3.50%, 2/15/28(1)
 47,000  22,351 
Ziff Davis, Inc., 4.625%, 10/15/30(1)
 47,000  40,469 
62,820 
IT Services — 0.3%
CDW LLC / CDW Finance Corp., 4.125%, 5/1/25
 47,000  45,543 
Presidio Holdings, Inc., 4.875%, 2/1/27(1)
 47,000  43,985 
89,528 
Leisure Products — 0.1%
Mattel, Inc., 5.45%, 11/1/41
 47,000  40,500 
Life Sciences Tools and Services — 0.1%
Charles River Laboratories International, Inc., 4.00%, 3/15/31(1)(2)
 50,000  43,223 
Machinery — 0.5%
Allison Transmission, Inc., 5.875%, 6/1/29(1)
 28,000  27,071 
Chart Industries, Inc., 7.50%, 1/1/30(1)
 14,000  14,363 
Chart Industries, Inc., 9.50%, 1/1/31(1)
 14,000  15,087 
Hillenbrand, Inc., 3.75%, 3/1/31(2)
 64,000  54,013 
Trinity Industries, Inc., 7.75%, 7/15/28(1)
 46,000  46,831 
157,365 
Media — 8.5%
AMC Networks, Inc., 4.25%, 2/15/29
 28,000  17,873 
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1)
 70,000  65,870 
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 6/1/29(1)
 70,000  63,775 
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)
 47,000  44,539 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30(1)
 70,000  60,248 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30(1)
 117,000  98,557 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1)
 117,000  96,079 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 2/1/32(1)
 28,000  23,196 
85

Select High Yield ETF
Principal
Amount/Shares		 Value
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32
 $ 140,000  $ 113,625 
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33(1)
 93,000  73,495 
Clear Channel Outdoor Holdings, Inc., 5.125%, 8/15/27(1)
 47,000  42,140 
CSC Holdings LLC, 6.50%, 2/1/29(1)
 200,000  165,527 
CSC Holdings LLC, 5.75%, 1/15/30(1)
 200,000  110,815 
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1)
 117,000  103,793 
DISH DBS Corp., 7.75%, 7/1/26
 70,000  52,420 
DISH DBS Corp., 5.25%, 12/1/26(1)
 161,000  136,016 
DISH DBS Corp., 5.75%, 12/1/28(1)
 25,000  19,454 
DISH DBS Corp., 5.125%, 6/1/29
 47,000  25,455 
DISH Network Corp., 11.75%, 11/15/27(1)
 28,000  28,435 
GCI LLC, 4.75%, 10/15/28(1)
 47,000  40,825 
Gray Television, Inc., 7.00%, 5/15/27(1)(2)
 117,000  105,137 
Gray Television, Inc., 4.75%, 10/15/30(1)(2)
 47,000  32,864 
iHeartCommunications, Inc., 5.25%, 8/15/27(1)(2)
 47,000  37,212 
iHeartCommunications, Inc., 4.75%, 1/15/28(1)(2)
 47,000  36,270 
Lamar Media Corp., 3.75%, 2/15/28
 47,000  42,850 
Lamar Media Corp., 4.875%, 1/15/29
 47,000  43,752 
Lamar Media Corp., 4.00%, 2/15/30
 47,000  41,167 
News Corp., 3.875%, 5/15/29(1)
 70,000  61,537 
Nexstar Media, Inc., 5.625%, 7/15/27(1)(2)
 47,000  44,220 
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27(1)
 107,000  96,947 
Sinclair Television Group, Inc., 5.125%, 2/15/27(1)(2)
 36,000  29,558 
Sinclair Television Group, Inc., 5.50%, 3/1/30(1)
 67,000  35,768 
Sinclair Television Group, Inc., 4.125%, 12/1/30(1)
 47,000  30,336 
Sirius XM Radio, Inc., 3.125%, 9/1/26(1)(2)
 25,000  22,590 
Sirius XM Radio, Inc., 5.00%, 8/1/27(1)
 70,000  64,784 
Sirius XM Radio, Inc., 4.00%, 7/15/28(1)
 70,000  60,679 
Sirius XM Radio, Inc., 5.50%, 7/1/29(1)
 47,000  42,364 
Sirius XM Radio, Inc., 3.875%, 9/1/31(1)
 47,000  36,623 
Univision Communications, Inc., 5.125%, 2/15/25(1)
 49,000  48,370 
Univision Communications, Inc., 6.625%, 6/1/27(1)
 47,000  45,549 
Univision Communications, Inc., 4.50%, 5/1/29(1)
 14,000  12,064 
Univision Communications, Inc., 7.375%, 6/30/30(1)
 28,000  27,125 
Videotron Ltd., 3.625%, 6/15/29(1)(2)
 72,000  61,896 
Virgin Media Secured Finance PLC, 5.50%, 5/15/29(1)
 200,000  183,066 
2,624,865 
Metals and Mining — 2.2%
ATI, Inc., 4.875%, 10/1/29
 25,000  22,594 
ATI, Inc., 5.125%, 10/1/31
 47,000  41,733 
Carpenter Technology Corp., 6.375%, 7/15/28
 47,000  45,970 
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)(2)
 25,000  22,189 
Cleveland-Cliffs, Inc., 4.875%, 3/1/31(1)(2)
 47,000  41,050 
Coeur Mining, Inc., 5.125%, 2/15/29(1)(2)
 47,000  41,242 
Compass Minerals International, Inc., 6.75%, 12/1/27(1)
 47,000  45,640 
FMG Resources August 2006 Pty. Ltd., 5.875%, 4/15/30(1)
 43,000  39,947 
FMG Resources August Pty Ltd., 6.125%, 4/15/32(1)
 50,000  46,583 
Hudbay Minerals, Inc., 6.125%, 4/1/29(1)(2)
 47,000  44,231 
86

Select High Yield ETF
Principal
Amount/Shares		 Value
IAMGOLD Corp., 5.75%, 10/15/28(1)(2)
 $ 47,000  $ 36,406 
Mineral Resources Ltd., 8.00%, 11/1/27(1)
 28,000  27,937 
Novelis Corp., 4.75%, 1/30/30(1)
 117,000  104,826 
PT FMG Resources August 2006 Pty Ltd., 4.375%, 4/1/31(1)
 96,000  80,529 
Taseko Mines Ltd., 7.00%, 2/15/26(1)(2)
 47,000  43,394 
684,271 
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Blackstone Mortgage Trust, Inc., 3.75%, 1/15/27(1)(2)
 47,000  40,243 
Oil, Gas and Consumable Fuels — 14.0%
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26(1)
 47,000  47,277 
Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.875%, 5/15/26(1)
 47,000  47,860 
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.375%, 6/15/29(1)
 97,000  90,991 
Apache Corp., 4.25%, 1/15/30(2)
 50,000  45,616 
Apache Corp., 5.10%, 9/1/40
 70,000  58,267 
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 6/30/29(1)
 47,000  42,860 
Baytex Energy Corp., 8.50%, 4/30/30(1)
 43,000  43,640 
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.625%, 12/15/25(1)
 28,000  28,107 
Callon Petroleum Co., 7.50%, 6/15/30(1)(2)
 50,000  49,472 
Cheniere Energy Partners LP, 4.50%, 10/1/29
 43,000  39,719 
Cheniere Energy Partners LP, 4.00%, 3/1/31
 147,000  129,937 
Cheniere Energy, Inc., 4.625%, 10/15/28
 47,000  44,289 
Citgo Holding, Inc., 9.25%, 8/1/24(1)
 47,000  47,052 
CITGO Petroleum Corp., 7.00%, 6/15/25(1)
 47,000  46,584 
CITGO Petroleum Corp., 6.375%, 6/15/26(1)
 47,000  45,941 
CNX Resources Corp., 7.375%, 1/15/31(1)
 50,000  49,956 
Comstock Resources, Inc., 6.75%, 3/1/29(1)
 63,000  59,004 
Comstock Resources, Inc., 5.875%, 1/15/30(1)
 47,000  41,556 
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25
 47,000  46,645 
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29(1)
 47,000  46,189 
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)
 117,000  115,258 
DCP Midstream Operating LP, 5.125%, 5/15/29
 70,000  68,328 
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.125%, 6/1/28(1)
 47,000  43,733 
Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 1/30/28(1)
 100,000  97,917 
EnLink Midstream LLC, 6.50%, 9/1/30(1)
 47,000  47,173 
EnLink Midstream Partners LP, 4.85%, 7/15/26
 70,000  67,265 
EnLink Midstream Partners LP, 5.60%, 4/1/44
 70,000  59,757 
EnLink Midstream Partners LP, 5.45%, 6/1/47
 70,000  58,168 
EQM Midstream Partners LP, 6.00%, 7/1/25(1)
 47,000  46,613 
EQM Midstream Partners LP, 6.50%, 7/1/27(1)
 47,000  46,745 
EQM Midstream Partners LP, 4.50%, 1/15/29(1)
 47,000  42,750 
EQM Midstream Partners LP, 4.75%, 1/15/31(1)
 61,000  53,967 
EQT Corp., 3.90%, 10/1/27(2)
 70,000  65,429 
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27
 117,000  115,461 
87

Select High Yield ETF
Principal
Amount/Shares		 Value
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28
 $ 47,000  $ 45,780 
Harvest Midstream I LP, 7.50%, 9/1/28(1)
 70,000  70,238 
Hess Midstream Operations LP, 5.625%, 2/15/26(1)
 70,000  68,564 
Hess Midstream Operations LP, 5.125%, 6/15/28(1)
 47,000  44,131 
Hess Midstream Operations LP, 4.25%, 2/15/30(1)
 14,000  12,322 
Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 11/1/28(1)
 14,000  13,519 
Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 4/15/30(1)
 14,000  13,036 
Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 2/1/31(1)
 47,000  43,230 
Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 4/15/32(1)
 14,000  12,862 
Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 2/1/28(1)
 47,000  44,132 
ITT Holdings LLC, 6.50%, 8/1/29(1)
 47,000  42,462 
Matador Resources Co., 5.875%, 9/15/26
 70,000  68,337 
MEG Energy Corp., 5.875%, 2/1/29(1)(2)
 70,000  66,940 
Murphy Oil Corp., 5.75%, 8/15/25
 14,000  13,867 
Murphy Oil Corp., 5.875%, 12/1/27(2)
 47,000  46,233 
Murphy Oil Corp., 6.375%, 7/15/28
 47,000  47,018 
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26(1)
 70,000  69,753 
NuStar Logistics LP, 6.375%, 10/1/30
 47,000  45,282 
Occidental Petroleum Corp., 5.875%, 9/1/25
 14,000  13,981 
Occidental Petroleum Corp., 5.50%, 12/1/25
 47,000  46,557 
Occidental Petroleum Corp., 3.40%, 4/15/26
 47,000  44,102 
Occidental Petroleum Corp., 8.50%, 7/15/27
 57,000  61,661 
Occidental Petroleum Corp., 4.40%, 4/15/46
 104,000  79,902 
Parkland Corp., 5.875%, 7/15/27(1)
 14,000  13,543 
Parkland Corp., 4.625%, 5/1/30(1)
 47,000  41,485 
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28
 47,000  44,500 
Range Resources Corp., 8.25%, 1/15/29
 47,000  48,836 
Range Resources Corp., 4.75%, 2/15/30(1)(2)
 14,000  12,656 
Rockcliff Energy II LLC, 5.50%, 10/15/29(1)
 47,000  43,374 
Rockies Express Pipeline LLC, 4.95%, 7/15/29(1)
 50,000  45,815 
SM Energy Co., 6.75%, 9/15/26
 70,000  69,769 
Southwestern Energy Co., 5.375%, 2/1/29
 47,000  44,639 
Southwestern Energy Co., 5.375%, 3/15/30
 47,000  44,049 
Southwestern Energy Co., 4.75%, 2/1/32
 14,000  12,417 
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27
 47,000  46,551 
Sunoco LP / Sunoco Finance Corp., 4.50%, 4/30/30
 47,000  41,951 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30(1)
 47,000  42,100 
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 9/1/31(1)
 47,000  41,788 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 7/15/27
 33,000  33,200 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28
 102,000  98,244 
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.875%, 2/1/31
 32,000  29,424 
Teine Energy Ltd., 6.875%, 4/15/29(1)
 47,000  43,680 
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29(1)
 93,000  80,543 
Venture Global LNG, Inc., 8.125%, 6/1/28(1)
 66,000  66,637 
Venture Global LNG, Inc., 8.375%, 6/1/31(1)
 65,000  65,627 
88

Select High Yield ETF
Principal
Amount/Shares		 Value
Vermilion Energy, Inc., 6.875%, 5/1/30(1)
 $ 28,000  $ 26,537 
Viper Energy Partners LP, 5.375%, 11/1/27(1)
 70,000  67,514 
Vital Energy, Inc., 9.50%, 1/15/25(2)
 70,000  70,422 
Western Midstream Operating LP, 3.10%, 2/1/25
 70,000  67,102 
Western Midstream Operating LP, 5.30%, 3/1/48
 28,000  22,982 
Western Midstream Operating LP, 5.25%, 2/1/50
 88,000  71,309 
4,330,129 
Passenger Airlines — 1.8%
Air Canada, 3.875%, 8/15/26(1)(2)
 47,000  43,450 
American Airlines, Inc., 11.75%, 7/15/25(1)
 128,000  140,219 
American Airlines, Inc., 7.25%, 2/15/28(1)(2)
 43,000  42,283 
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1)
 63,839  62,711 
Delta Air Lines, Inc., 7.00%, 5/1/25(1)
 70,000  70,992 
Delta Air Lines, Inc., 4.375%, 4/19/28(2)
 65,000  61,456 
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26(1)(2)
 46,429  43,007 
United Airlines, Inc., 4.375%, 4/15/26(1)
 47,000  44,341 
United Airlines, Inc., 4.625%, 4/15/29(1)
 50,000  44,524 
552,983 
Personal Care Products — 0.3%
BellRing Brands, Inc., 7.00%, 3/15/30(1)
 14,000  14,019 
Edgewell Personal Care Co., 5.50%, 6/1/28(1)
 47,000  44,340 
Edgewell Personal Care Co., 4.125%, 4/1/29(1)
 47,000  40,775 
99,134 
Pharmaceuticals — 0.6%
Bausch Health Cos., Inc., 5.50%, 11/1/25(1)(2)
 14,000  12,623 
Bausch Health Cos., Inc., 6.125%, 2/1/27(1)
 72,000  47,414 
Bausch Health Cos., Inc., 5.75%, 8/15/27(1)
 86,000  53,943 
Prestige Brands, Inc., 3.75%, 4/1/31(1)
 92,000  76,213 
190,193 
Professional Services — 0.2%
ASGN, Inc., 4.625%, 5/15/28(1)
 70,000  62,972 
Real Estate Management and Development — 0.6%
Cushman & Wakefield US Borrower LLC, 6.75%, 5/15/28(1)
 70,000  66,712 
Forestar Group, Inc., 3.85%, 5/15/26(1)
 47,000  43,566 
Howard Hughes Corp., 5.375%, 8/1/28(1)
 47,000  42,381 
Realogy Group LLC / Realogy Co.-Issuer Corp., 5.75%, 1/15/29(1)
 47,000  33,715 
186,374 
Semiconductors and Semiconductor Equipment — 0.3%
ON Semiconductor Corp., 3.875%, 9/1/28(1)
 47,000  41,882 
Synaptics, Inc., 4.00%, 6/15/29(1)(2)
 47,000  40,025 
81,907 
Software — 2.0%
Camelot Finance SA, 4.50%, 11/1/26(1)
 14,000  13,108 
Castle US Holding Corp., 9.50%, 2/15/28(1)
 70,000  38,461 
Cloud Software Group, Inc., 6.50%, 3/31/29(1)
 64,000  57,303 
Consensus Cloud Solutions, Inc., 6.00%, 10/15/26(1)
 14,000  13,052 
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28(1)
 47,000  42,522 
Gen Digital, Inc., 6.75%, 9/30/27(1)
 14,000  14,050 
89

Select High Yield ETF
Principal
Amount/Shares		 Value
Gen Digital, Inc., 7.125%, 9/30/30(1)(2)
 $ 14,000  $ 14,110 
GoTo Group, Inc., 5.50%, 9/1/27(1)
 47,000  27,557 
NCR Corp., 5.75%, 9/1/27(1)
 14,000  14,148 
NCR Corp., 5.125%, 4/15/29(1)
 70,000  63,727 
NCR Corp., 6.125%, 9/1/29(1)
 47,000  48,451 
NCR Corp., 5.25%, 10/1/30(1)
 70,000  62,885 
Open Text Corp., 3.875%, 12/1/29(1)
 70,000  59,433 
Open Text Holdings, Inc., 4.125%, 2/15/30(1)
 47,000  40,545 
Open Text Holdings, Inc., 4.125%, 12/1/31(1)
 47,000  39,058 
SS&C Technologies, Inc., 5.50%, 9/30/27(1)
 70,000  67,452 
615,862 
Specialized REITs — 1.2%
Iron Mountain, Inc., 5.25%, 3/15/28(1)
 140,000  131,392 
Iron Mountain, Inc., 7.00%, 2/15/29(1)
 28,000  27,953 
Iron Mountain, Inc., 4.875%, 9/15/29(1)
 70,000  63,324 
Iron Mountain, Inc., 4.50%, 2/15/31(1)
 47,000  40,422 
SBA Communications Corp., 3.875%, 2/15/27
 117,000  108,280 
371,371 
Specialty Retail — 2.5%
Asbury Automotive Group, Inc., 4.625%, 11/15/29(1)
 14,000  12,365 
Asbury Automotive Group, Inc., 5.00%, 2/15/32(1)
 47,000  40,363 
Bath & Body Works, Inc., 6.625%, 10/1/30(1)
 47,000  45,883 
Bath & Body Works, Inc., 6.75%, 7/1/36
 70,000  64,683 
Ferrellgas LP / Ferrellgas Finance Corp., 5.375%, 4/1/26(1)
 47,000  44,224 
Ferrellgas LP / Ferrellgas Finance Corp., 5.875%, 4/1/29(1)
 70,000  61,824 
Gap, Inc., 3.875%, 10/1/31(1)
 47,000  34,101 
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 3/1/29(1)
 25,000  21,512 
Lithia Motors, Inc., 3.875%, 6/1/29(1)
 47,000  40,400 
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 7.75%, 2/15/26(1)
 70,000  63,851 
Match Group Holdings II LLC, 5.00%, 12/15/27(1)
 14,000  13,157 
Match Group Holdings II LLC, 3.625%, 10/1/31(1)
 47,000  38,357 
Millennium Escrow Corp., 6.625%, 8/1/26(1)
 47,000  38,769 
Sonic Automotive, Inc., 4.875%, 11/15/31(1)(2)
 47,000  39,134 
Staples, Inc., 7.50%, 4/15/26(1)
 185,000  153,246 
Staples, Inc., 10.75%, 4/15/27(1)
 47,000  25,684 
Superior Plus LP / Superior General Partner, Inc., 4.50%, 3/15/29(1)
 47,000  41,406 
778,959 
Technology Hardware, Storage and Peripherals — 0.5%
Seagate HDD Cayman, 4.09%, 6/1/29
 42,000  37,047 
Seagate HDD Cayman, 9.625%, 12/1/32(1)
 23,000  25,503 
Xerox Holdings Corp., 5.00%, 8/15/25(1)
 47,000  44,882 
Xerox Holdings Corp., 5.50%, 8/15/28(1)
 47,000  40,941 
148,373 
Textiles, Apparel and Luxury Goods — 0.1%
Crocs, Inc., 4.125%, 8/15/31(1)
 28,000  22,215 
Trading Companies and Distributors — 0.6%
Beacon Roofing Supply, Inc., 4.125%, 5/15/29(1)
 47,000  40,466 
Fly Leasing Ltd., 7.00%, 10/15/24(1)
 70,000  62,593 
90

Select High Yield ETF
Principal
Amount/Shares		 Value
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/1/25(1)
 $ 36,000  $ 35,582 
Fortress Transportation & Infrastructure Investors LLC, 5.50%, 5/1/28(1)
 47,000  43,702 
182,343 
Transportation Infrastructure — 0.2%
Seaspan Corp., 5.50%, 8/1/29(1)
 70,000  54,505 
Wireless Telecommunication Services — 1.0%
Sprint LLC, 7.125%, 6/15/24
 117,000  118,033 
T-Mobile USA, Inc., 2.25%, 2/15/26
 47,000  43,502 
T-Mobile USA, Inc., 3.375%, 4/15/29
 93,000  83,453 
Vodafone Group PLC, VRN, 7.00%, 4/4/79
 70,000  70,595 
315,583 
TOTAL CORPORATE BONDS
(Cost $31,831,314)
 29,050,356 
PREFERRED STOCKS — 0.7%
Banks — 0.6%
Bank of America Corp., 6.25%
 70,000  69,825 
Citigroup, Inc., 4.70%
 103,000  92,754 
JPMorgan Chase & Co., 6.125%
 47,000  46,883 
209,462 
Electric Utilities — 0.1%
NRG Energy, Inc., 10.25%(1)
 25,000  24,580 
TOTAL PREFERRED STOCKS
(Cost $249,103)
 234,042 
SHORT-TERM INVESTMENTS — 10.0%
Money Market Funds — 10.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class
 1,155,271  1,155,271 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
 1,926,055  1,926,055 
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,081,326)
 3,081,326 
TOTAL INVESTMENT SECURITIES — 104.5%
(Cost $35,161,743)
 32,365,724 
OTHER ASSETS AND LIABILITIES — (4.5)%
 (1,388,038)
TOTAL NET ASSETS — 100.0%
 $ 30,977,686 

91

Select High Yield ETF

NOTES TO SCHEDULE OF INVESTMENTS
PIK – Payment in Kind. Security may elect to pay a cash rate and/or an in kind rate.
VRN – Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $20,871,215, which represented 67.4% of total net assets.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,974,313. 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 $2,042,846, which includes securities collateral of $116,791.


See Notes to Financial Statements.
92

AUGUST 31, 2023
Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
CORPORATE BONDS — 41.8%
Aerospace and Defense — 0.5%
Boeing Co., 1.43%, 2/4/24
 $ 60,000  $ 58,852 
Boeing Co., 2.80%, 3/1/24
 105,000  103,339 
162,191 
Air Freight and Logistics — 0.3%
GXO Logistics, Inc., 1.65%, 7/15/26
 110,000  97,477 
Automobiles — 0.7%
General Motors Financial Co., Inc., 3.80%, 4/7/25
 140,000  135,321 
Hyundai Capital America, 5.80%, 6/26/25(1)
 104,000  104,193 
239,514 
Banks — 11.1%
Banco Santander SA, 5.59%, 8/8/28
 200,000  198,351 
Bank of America Corp., VRN, 3.46%, 3/15/25
 80,000  78,880 
Bank of America Corp., VRN, 2.02%, 2/13/26
 45,000  42,460 
Bank of America Corp., VRN, 1.73%, 7/22/27
 85,000  76,096 
Bank of America Corp., VRN, 3.42%, 12/20/28
 79,000  72,481 
Bank of America NA, 5.53%, 8/18/26
 120,000  120,604 
BNP Paribas SA, VRN, 5.34%, 6/12/29(1)
 200,000  197,146 
BPCE SA, 5.15%, 7/21/24(1)
 200,000  197,610 
Canadian Imperial Bank of Commerce, 5.62%, 7/17/26
 80,000  80,230 
Canadian Imperial Bank of Commerce, 5.00%, 4/28/28
 80,000  78,400 
Citigroup, Inc., VRN, 2.01%, 1/25/26
 95,000  89,926 
Cooperatieve Rabobank UA, 5.50%, 7/18/25
 250,000  250,122 
Credit Agricole SA, 5.59%, 7/5/26(1)
 165,000  165,005 
Danske Bank A/S, VRN, 1.55%, 9/10/27(1)
 200,000  175,782 
Discover Bank, VRN, 5.97%, 8/9/28
 255,000  235,286 
Fifth Third Bancorp, 4.30%, 1/16/24
 80,000  79,367 
HSBC Holdings PLC, VRN, 0.98%, 5/24/25
 410,000  394,189 
Intesa Sanpaolo SpA, Series XR, 3.25%, 9/23/24(1)
 200,000  193,160 
JPMorgan Chase & Co., VRN, 1.56%, 12/10/25
 26,000  24,563 
JPMorgan Chase & Co., VRN, 1.04%, 2/4/27
 55,000  49,248 
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27
 50,000  44,919 
JPMorgan Chase & Co., VRN, 1.47%, 9/22/27
 40,000  35,349 
KeyCorp, VRN, 3.88%, 5/23/25
 90,000  85,909 
PNC Financial Services Group, Inc., VRN, 5.58%, 6/12/29
 43,000  42,663 
Royal Bank of Canada, 6.00%, 11/1/27
 102,000  104,489 
Santander UK Group Holdings PLC, VRN, 1.09%, 3/15/25
 200,000  193,932 
Toronto-Dominion Bank, 4.11%, 6/8/27
 75,000  71,692 
Truist Bank, 3.30%, 5/15/26
 200,000  185,995 
U.S. Bancorp, VRN, 5.78%, 6/12/29
 167,000  166,705 
Wells Fargo & Co., VRN, 5.57%, 7/25/29
 105,000  104,601 
Wells Fargo Bank NA, 5.45%, 8/7/26
 90,000  90,303 
3,925,463 
Biotechnology — 0.5%
Amgen, Inc., 5.25%, 3/2/25
 96,000  95,651 
CSL Finance PLC, 3.85%, 4/27/27(1)
 80,000  76,888 
172,539 
93

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
Capital Markets — 4.3%
Ares Capital Corp., 4.25%, 3/1/25
 $ 100,000  $ 96,266 
Blue Owl Capital Corp., 5.25%, 4/15/24
 85,000  84,408 
Blue Owl Capital Corp., 3.40%, 7/15/26
 60,000  54,094 
Charles Schwab Corp., 5.875%, 8/24/26
 120,000  120,749 
Charles Schwab Corp., VRN, 5.64%, 5/19/29
 45,000  44,940 
Deutsche Bank AG, VRN, 1.45%, 4/1/25
 150,000  145,340 
Deutsche Bank AG, VRN, 7.15%, 7/13/27
 150,000  152,318 
Goldman Sachs Group, Inc., VRN, 1.43%, 3/9/27
 36,000  32,296 
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27
 70,000  62,319 
Golub Capital BDC, Inc., 3.375%, 4/15/24
 100,000  98,006 
Golub Capital BDC, Inc., 2.50%, 8/24/26
 85,000  74,772 
Morgan Stanley, VRN, 0.79%, 5/30/25
 50,000  47,955 
Morgan Stanley, VRN, 1.16%, 10/21/25
 95,000  89,637 
Morgan Stanley, VRN, 2.63%, 2/18/26
 225,000  214,458 
Morgan Stanley, VRN, 5.16%, 4/20/29
 48,000  47,094 
Nasdaq, Inc., 5.35%, 6/28/28
 75,000  75,097 
State Street Corp., 5.27%, 8/3/26
 100,000  100,051 
1,539,800 
Consumer Finance — 2.4%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.75%, 10/29/24
 125,000  118,853 
American Express Co., VRN, 5.39%, 7/28/27
 120,000  119,329 
Avolon Holdings Funding Ltd., 3.95%, 7/1/24(1)
 90,000  87,827 
Avolon Holdings Funding Ltd., 2.875%, 2/15/25(1)
 70,000  66,100 
BOC Aviation USA Corp., 1.625%, 4/29/24(1)
 210,000  204,083 
Navient Corp., 6.125%, 3/25/24
 80,000  79,738 
OneMain Finance Corp., 6.125%, 3/15/24
 40,000  40,012 
Synchrony Financial, 4.25%, 8/15/24
 140,000  136,422 
852,364 
Containers and Packaging — 0.4%
Amcor Flexibles North America, Inc., 4.00%, 5/17/25
 125,000  121,265 
Sealed Air Corp., 1.57%, 10/15/26
 25,000  21,986 
143,251 
Diversified REITs — 1.7%
Agree LP, 2.00%, 6/15/28
 100,000  84,063 
Brixmor Operating Partnership LP, 3.90%, 3/15/27
 80,000  74,586 
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26
 75,000  73,504 
Kimco Realty OP LLC, 4.45%, 1/15/24
 39,000  38,737 
MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/27
 88,000  69,622 
Spirit Realty LP, 4.45%, 9/15/26
 50,000  47,693 
VICI Properties LP, 4.375%, 5/15/25
 90,000  87,580 
VICI Properties LP / VICI Note Co., Inc., 3.50%, 2/15/25(1)
 140,000  134,239 
610,024 
Diversified Telecommunication Services — 0.7%
AT&T, Inc., 7.30%, 8/15/26
 45,000  46,662 
AT&T, Inc., 2.30%, 6/1/27
 50,000  44,789 
Sprint Capital Corp., 6.875%, 11/15/28
 150,000  158,601 
250,052 
94

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
Electric Utilities — 2.0%
American Electric Power Co., Inc., 2.03%, 3/15/24
 $ 95,000  $ 92,974 
Jersey Central Power & Light Co., 4.30%, 1/15/26(1)
 145,000  140,683 
NextEra Energy Capital Holdings, Inc., 4.26%, 9/1/24
 80,000  78,766 
NextEra Energy Capital Holdings, Inc., 4.45%, 6/20/25
 155,000  151,916 
Pacific Gas & Electric Co., 6.10%, 1/15/29
 95,000  93,976 
Vistra Operations Co. LLC, 5.125%, 5/13/25(1)
 120,000  117,007 
Vistra Operations Co. LLC, 5.125%, 5/13/25
 25,000  24,376 
699,698 
Electrical Equipment — 0.4%
Regal Rexnord Corp., 6.05%, 2/15/26(1)
 140,000  139,352 
Entertainment — 0.1%
Warnermedia Holdings, Inc., 3.76%, 3/15/27
 50,000  46,913 
Financial Services — 1.2%
Corebridge Global Funding, 5.75%, 7/2/26(1)
 80,000  79,678 
Goldman Sachs Group, Inc., VRN, 0.93%, 10/21/24
 150,000  148,830 
Sumitomo Mitsui Financial Group, Inc., 4.44%, 4/2/24(1)
 200,000  197,835 
426,343 
Ground Transportation — 1.0%
Ashtead Capital, Inc., 4.375%, 8/15/27(1)
 200,000  188,439 
Penske Truck Leasing Co. LP/PTL Finance Corp., 6.05%, 8/1/28(1)
 50,000  50,095 
Triton Container International Ltd., 1.15%, 6/7/24(1)
 110,000  105,126 
343,660 
Health Care Equipment and Supplies — 0.6%
GE HealthCare Technologies, Inc., 5.55%, 11/15/24
 200,000  199,551 
Health Care Providers and Services — 1.2%
CVS Health Corp., 5.00%, 2/20/26
 100,000  99,274 
CVS Health Corp., 5.00%, 1/30/29
 100,000  98,559 
HCA, Inc., 3.125%, 3/15/27
 50,000  45,973 
HCA, Inc., 5.20%, 6/1/28
 95,000  93,641 
Universal Health Services, Inc., 1.65%, 9/1/26
 110,000  97,745 
435,192 
Health Care REITs — 0.3%
Welltower OP LLC, 4.50%, 1/15/24
 115,000  114,238 
Hotels, Restaurants and Leisure — 0.4%
Hyatt Hotels Corp., 1.80%, 10/1/24
 80,000  76,614 
Hyatt Hotels Corp., 5.75%, 1/30/27
 41,000  41,057 
Starbucks Corp., 4.75%, 2/15/26
 15,000  14,874 
132,545 
Household Durables — 0.4%
Meritage Homes Corp., 6.00%, 6/1/25
 145,000  144,464 
Insurance — 2.2%
Athene Global Funding, 2.51%, 3/8/24(1)
 115,000  112,792 
Athene Global Funding, 1.45%, 1/8/26(1)
 85,000  75,854 
GA Global Funding Trust, 1.25%, 12/8/23(1)
 150,000  148,018 
GA Global Funding Trust, 0.80%, 9/13/24(1)
 150,000  141,099 
Metropolitan Life Global Funding I, 4.05%, 8/25/25(1)
 305,000  295,783 
773,546 
IT Services — 0.3%
Black Knight InfoServ LLC, 3.625%, 9/1/28(1)
 50,000  46,151 
95

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
Kyndryl Holdings, Inc., 2.70%, 10/15/28
 $ 95,000  $ 79,488 
125,639 
Life Sciences Tools and Services — 0.5%
Illumina, Inc., 5.80%, 12/12/25
 165,000  165,001 
Machinery — 0.3%
CNH Industrial Capital LLC, 3.95%, 5/23/25
 105,000  102,009 
Media — 1.9%
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.20%, 3/15/28
 85,000  79,224 
Cox Communications, Inc., 3.15%, 8/15/24(1)
 130,000  126,602 
Cox Communications, Inc., 5.45%, 9/15/28(1)
 65,000  64,723 
Gray Television, Inc., 7.00%, 5/15/27(1)(2)
 105,000  94,354 
Paramount Global, 4.00%, 1/15/26
 110,000  105,661 
Warner Media LLC, 3.80%, 2/15/27
 86,000  76,522 
WPP Finance 2010, 3.75%, 9/19/24
 135,000  131,352 
678,438 
Metals and Mining — 0.3%
Steel Dynamics, Inc., 2.80%, 12/15/24
 115,000  110,850 
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.25%, 2/1/27(1)
 90,000  81,499 
Multi-Utilities — 0.3%
Abu Dhabi National Energy Co. PJSC, 4.375%, 1/24/29(1)
 15,000  14,580 
DTE Energy Co., 4.22%, 11/1/24
 85,000  83,416 
97,996 
Oil, Gas and Consumable Fuels — 2.3%
Columbia Pipelines Holding Co. LLC, 6.04%, 8/15/28(1)
 115,000  116,156 
Ecopetrol SA, 5.375%, 6/26/26
 75,000  72,713 
Enbridge, Inc., VRN, 5.97%, 2/16/24
 80,000  80,064 
Energy Transfer LP, 4.25%, 4/1/24
 75,000  74,223 
Enterprise Products Operating LLC, 3.70%, 2/15/26
 135,000  130,265 
Geopark Ltd., 5.50%, 1/17/27(1)
 50,000  43,269 
Hess Corp., 3.50%, 7/15/24
 105,000  102,834 
HF Sinclair Corp., 2.625%, 10/1/23
 115,000  114,635 
Petroleos Mexicanos, 6.49%, 1/23/27
 40,000  35,068 
Petroleos Mexicanos, 6.50%, 3/13/27
 40,000  35,038 
804,265 
Passenger Airlines — 0.7%
American Airlines Pass-Through Trust, Series 2017-2, Class B, 3.70%, 4/15/27
 93,949  89,139 
American Airlines, Inc., 7.25%, 2/15/28(1)(2)
 69,000  67,849 
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 8.00%, 9/20/25(1)
 75,000  75,148 
232,136 
Pharmaceuticals — 0.6%
Horizon Therapeutics USA, Inc., 5.50%, 8/1/27(1)
 200,000  204,506 
Retail REITs — 0.4%
NNN REIT, Inc., 4.30%, 10/15/28
 60,000  56,353 
SITE Centers Corp., 3.625%, 2/1/25
 100,000  95,207 
151,560 
Semiconductors and Semiconductor Equipment — 0.5%
NXP BV / NXP Funding LLC, 4.875%, 3/1/24
 100,000  99,415 
96

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
NXP BV / NXP Funding LLC / NXP USA, Inc., 2.70%, 5/1/25
 $ 17,000  $ 16,179 
NXP BV / NXP Funding LLC / NXP USA, Inc., 3.15%, 5/1/27
 50,000  46,336 
161,930 
Specialized REITs — 0.5%
American Tower Corp., 5.25%, 7/15/28
 77,000  75,891 
Equinix, Inc., 2.90%, 11/18/26
 90,000  83,247 
Equinix, Inc., 1.80%, 7/15/27
 30,000  26,231 
185,369 
Trading Companies and Distributors — 0.6%
Air Lease Corp., 2.875%, 1/15/26
 75,000  70,155 
Aircastle Ltd., 5.25%, 8/11/25(1)
 45,000  43,930 
Aircastle Ltd., 6.50%, 7/18/28(1)
 115,000  114,321 
228,406 
TOTAL CORPORATE BONDS
(Cost $14,798,357)
 14,777,781 
U.S. TREASURY SECURITIES — 17.4%
U.S. Treasury Notes, 1.00%, 12/15/24(3)
 1,050,000  995,572 
U.S. Treasury Notes, 4.625%, 6/30/25
 970,000  964,695 
U.S. Treasury Notes, 4.625%, 3/15/26
 1,295,000  1,294,140 
U.S. Treasury Notes, 3.75%, 4/15/26
 1,830,000  1,790,684 
U.S. Treasury Notes, 4.125%, 6/15/26
 685,000  677,133 
U.S. Treasury Notes, 2.00%, 11/15/26
 395,000  365,776 
U.S. Treasury Notes, 3.25%, 6/30/29
 75,000  71,139 
TOTAL U.S. TREASURY SECURITIES
(Cost $6,223,510)
 6,159,139 
COLLATERALIZED LOAN OBLIGATIONS — 8.0%
AMMC CLO XI Ltd., Series 2012-11A, Class BR2, VRN, 7.23%, (3-month SOFR plus 1.86%), 4/30/31(1)
 100,000  99,073 
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL1, Class A, VRN, 6.40%, (1-month SOFR plus 1.08%), 12/15/35(1)
 125,500  124,351 
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL4, Class A, VRN, 6.78%, (1-month SOFR plus 1.46%), 11/15/36(1)
 100,000  98,600 
Bain Capital Credit CLO Ltd., Series 2019-2A, Class CR, VRN, 7.67%, (3-month LIBOR plus 2.10%), 10/17/32(1)
 150,000  147,183 
Barings Private Credit Corp. CLO Ltd., Series 2023-1A, Class A1, VRN, 7.81%, (3-month SOFR plus 2.40%), 7/15/31(1)
 75,000  75,044 
BXMT Ltd., Series 2020-FL2, Class A, VRN, 6.33%, (1-month SOFR plus 1.01%), 2/15/38(1)
 68,200  65,652 
BXMT Ltd., Series 2021-FL4, Class AS, VRN, 6.73%, (1-month SOFR plus 1.41%), 5/15/38(1)
 250,000  241,274 
CBAM Ltd., Series 2017-1A, Class B, VRN, 7.39%, (3-month SOFR plus 2.06%), 7/20/30(1)
 100,000  98,521 
CBAM Ltd., Series 2019-11RA, Class C, VRN, 7.84%, (3-month SOFR plus 2.51%), 1/20/35(1)
 100,000  96,263 
Cerberus Loan Funding XXXI LP, Series 2021-1A, Class A, VRN, 7.07%, (3-month SOFR plus 1.76%), 4/15/32(1)
 67,228  66,819 
Cerebus Loan Funding XXVII LP, Series 2019-2A, Class A2, 3.50%, 1/15/32(1)
 100,000  95,500 
CIFC Funding Ltd., Series 2017-5A, Class B, VRN, 7.42%, (3-month SOFR plus 2.11%), 11/16/30(1)
 100,000  98,378 
Dryden 30 Senior Loan Fund, Series 2013-30A, Class CR, VRN, 7.33%, (3-month SOFR plus 1.96%), 11/15/28(1)
 75,000  73,384 
Dryden 72 CLO Ltd., Series 2019-72A, Class CR, VRN, 7.48%, (3-month SOFR plus 2.11%), 5/15/32(1)
 150,000  145,895 
97

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
GoldenTree Loan Opportunities X Ltd., Series 2015-10A, Class BR, VRN, 7.24%, (3-month SOFR plus 1.91%), 7/20/31(1)
 $ 100,000  $ 99,703 
Greystone CRE Notes Ltd., Series 2019-FL2, Class A, VRN, 6.61%, (1-month LIBOR plus 1.18%), 9/15/37(1)
 41,763  41,658 
HGI CRE CLO Ltd., Series 2021-FL1, Class AS, VRN, 6.83%, (1-month SOFR plus 1.51%), 6/16/36(1)
 125,000  121,427 
KKR Static CLO I Ltd., Series 2022-1A, Class B, VRN, 7.93%, (3-month SOFR plus 2.60%), 7/20/31(1)
 100,000  99,211 
KVK CLO Ltd., Series 2013-1A, Class DR, VRN, 8.52%, (3-month SOFR plus 3.21%), 1/14/28(1)
 100,000  99,309 
Marathon CLO Ltd., Series 2020-15A, Class A1S, VRN, 7.33%, (3-month SOFR plus 1.96%), 11/15/31(1)
 75,000  75,177 
Palmer Square Loan Funding Ltd., Series 2021-3A, Class B, VRN, 7.34%, (3-month SOFR plus 2.01%), 7/20/29(1)
 125,000  121,620 
Palmer Square Loan Funding Ltd., Series 2021-3A, Class C, VRN, 8.09%, (3-month SOFR plus 2.76%), 7/20/29(1)
 75,000  73,835 
Palmer Square Loan Funding Ltd., Series 2022-4A, Class B, VRN, 8.10%, (3-month SOFR plus 2.75%), 7/24/31(1)
 100,000  100,988 
Ready Capital Mortgage Financing LLC, Series 2023-FL11, Class A, VRN, 7.69%, (1-month SOFR plus 2.37%), 10/25/39(1)
 93,007  93,107 
Rockford Tower CLO Ltd., Series 2017-3A, Class A, VRN, 6.78%, (3-month SOFR plus 1.45%), 10/20/30(1)
 94,141  94,023 
Stewart Park CLO Ltd., Series 2015-1A, Class CR, VRN, 7.37%, (3-month SOFR plus 2.06%), 1/15/30(1)
 75,000  73,277 
Stratus CLO Ltd., Series 2021-2A, Class C, VRN, 7.49%, (3-month SOFR plus 2.16%), 12/28/29(1)
 100,000  98,343 
Symphony CLO XXII Ltd., Series 2020-22A, Class B, VRN, 7.27%, (3-month SOFR plus 1.96%), 4/18/33(1)
 100,000  98,761 
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $2,767,283)
 2,816,376 
ASSET-BACKED SECURITIES — 7.7%
Aaset Trust, Series 2021-2A, Class B, 3.54%, 1/15/47(1)
 208,380  167,750 
Adams Outdoor Advertising LP, Series 2023-1, Class B, 8.81%, 7/15/53(1)
 100,000  99,587 
Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, SEQ, 1.94%, 8/15/46(1)
 150,000  131,806 
Blackbird Capital Aircraft, Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46(1)
 197,014  169,728 
Brazos Education Loan Authority, Inc., Series 2012-1, Class A1, VRN, 6.10%, (30-day average SOFR plus 0.81%), 12/26/35
 32,104  31,785 
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A, SEQ, 2.74%, 8/15/41(1)
 50,286  45,686 
Castlelake Aircraft Structured Trust, Series 2021-1A, Class A, SEQ, 3.47%, 1/15/46(1)
 136,905  126,458 
Diamond Issuer, Series 2021-1A, Class A, SEQ, 2.31%, 11/20/51(1)
 165,000  142,462 
Domino's Pizza Master Issuer LLC, Series 2015-1A, Class A2II, SEQ, 4.47%, 10/25/45(1)
 74,600  71,553 
FirstKey Homes Trust, Series 2020-SFR2, Class D, 1.97%, 10/19/37(1)
 100,000  90,809 
Flagship Credit Auto Trust, Series 2021-2, Class A, SEQ, 0.37%, 12/15/26(1)
 2,824  2,811 
Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51(1)
 100,000  87,516 
Global SC Finance II SRL, Series 2014-1A, Class A2, SEQ, 3.09%, 7/17/29(1)
 72,311  70,840 
Hilton Grand Vacations Trust, Series 2017-AA, Class B, 2.96%, 12/26/28(1)
 55,721  55,287 
MAPS Ltd., Series 2018-1A, Class A, SEQ, 4.21%, 5/15/43(1)
 55,700  49,873 
98

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46(1)
 $ 150,222  $ 130,693 
MVW LLC, Series 2020-1A, Class C, 4.21%, 10/20/37(1)
 93,779  88,479 
MVW Owner Trust, Series 2019-1A, Class C, 3.33%, 11/20/36(1)
 91,470  86,165 
Nelnet Student Loan Trust, Series 2019-5, Class A, SEQ, 2.53%, 10/25/67(1)
 76,639  68,123 
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(1)
 100,000  83,662 
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A, SEQ, 3.97%, 6/15/44(1)
 182,300  158,818 
Sabey Data Center Issuer LLC, Series 2020-1, Class A2, SEQ, 3.81%, 4/20/45(1)
 165,000  157,323 
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class C, 3.51%, 7/20/37(1)
 125,026  118,644 
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, SEQ, 4.54%, 2/25/44(1)
 64,968  64,213 
Start II Ltd., Series 2019-1, Class A, SEQ, 4.09%, 3/15/44(1)
 182,025  161,589 
TAL Advantage VII LLC, Series 2020-1A, Class A, SEQ, 2.05%, 9/20/45(1)
 69,375  61,396 
Vantage Data Centers Issuer LLC, Series 2019-1A, Class A2, SEQ, 3.19%, 7/15/44(1)
 134,400  130,380 
Vantage Data Centers Issuer LLC, Series 2020-1A, Class A2, SEQ, 1.65%, 9/15/45(1)
 95,000  85,968 
TOTAL ASSET-BACKED SECURITIES
(Cost $2,653,672)
 2,739,404 
COLLATERALIZED MORTGAGE OBLIGATIONS — 4.0%
Private Sponsor Collateralized Mortgage Obligations — 2.5%
Angel Oak Mortgage Trust, Series 2020-5, Class A2, SEQ, VRN, 1.58%, 5/25/65(1)
 81,633  75,234 
Bellemeade RE Ltd., Series 2018-1A, Class M2, VRN, 8.33%, (1-month LIBOR plus 2.90%), 4/25/28(1)
 39,161  39,285 
Bellemeade RE Ltd., Series 2020-2A, Class M2, VRN, 11.43%, (1-month LIBOR plus 6.00%), 8/26/30(1)
 52,316  53,117 
Credit Suisse Mortgage Capital Certificates, Series 2020-SPT1, Class A1, SEQ, 1.62%, 4/25/65(1)
 30,614  30,276 
CSMC Trust, Series 2019-NQM1, Class A2, SEQ, 2.86%, 10/25/59(1)
 73,228  70,325 
CSMC Trust, Series 2022-NQM4, Class A1, SEQ, VRN, 4.82%, 6/25/67(1)
 182,142  176,171 
Ellington Financial Mortgage Trust, Series 2020-1, Class A1, VRN, 2.01%, 5/25/65(1)
 75,381  72,173 
Residential Mortgage Loan Trust, Series 2020-1, Class A1, VRN, 2.38%, 1/26/60(1)
 66,109  62,866 
Triangle Re Ltd., Series 2021-1, Class M2, VRN, 9.33%, (1-month LIBOR plus 3.90%), 8/25/33(1)
 85,053  85,523 
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(1)
 52,366  45,135 
Visio Trust, Series 2020-1, Class A2, SEQ, VRN, 2.50%, 8/25/55(1)
 110,000  99,236 
Vista Point Securitization Trust, Series 2020-2, Class A1, VRN, 1.48%, 4/25/65(1)
 87,099  79,182 
888,523 
U.S. Government Agency Collateralized Mortgage Obligations — 1.5%
FHLMC, Series 2021-HQA3, Class M1, VRN, 6.14%, (30-day average SOFR plus 0.85%), 9/25/41(1)
 76,640  75,439 
FHLMC, Series 2022-DNA3, Class M1A, VRN, 7.29%, (30-day average SOFR plus 2.00%), 4/25/42(1)
 89,166  89,842 
FHLMC, Series 2022-DNA5, Class M1A, VRN, 8.24%, (30-day average SOFR plus 2.95%), 6/25/42(1)
 79,855  81,662 
99

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
FHLMC, Series 2022-DNA6, Class M1A, VRN, 7.44%, (30-day average SOFR plus 2.15%), 9/25/42(1)
 $ 76,822  $ 77,524 
FNMA, Series 2014-C04, Class 2M2, VRN, 10.40%, (30-day average SOFR plus 5.11%), 11/25/24
 3,397  3,434 
FNMA, Series 2017-C02, Class 2ED3, VRN, 6.75%, (30-day average SOFR plus 1.46%), 9/25/29
 55,817  55,883 
FNMA, Series 2019-R07, Class 1M2, VRN, 7.50%, (30-day average SOFR plus 2.21%), 10/25/39(1)
 21,687  21,750 
FNMA, Series 2022-R04, Class 1M1, VRN, 7.29%, (30-day average SOFR plus 2.00%), 3/25/42(1)
 103,710  104,516 
510,050 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $1,380,515)
 1,398,573 
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.3%
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class C, VRN, 3.72%, 4/14/33(1)
 100,000  91,076 
BX Commercial Mortgage Trust, Series 2021-VOLT, Class E, VRN, 7.43%, (1-month SOFR plus 2.11%), 9/15/36(1)
 100,000  94,979 
BX Commercial Mortgage Trust, Series 2023-VLT2, Class B, VRN, 8.44%, (1-month SOFR plus 3.13%), 6/15/40(1)
 100,000  99,910 
BX Trust, Series 2021-ARIA, Class G, VRN, 8.57%, (1-month SOFR plus 3.26%), 10/15/36(1)
 50,000  45,713 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, VRN, 6.96%, (1-month SOFR plus 1.65%), 5/15/36(1)
 99,752  99,115 
CSMC Trust, Series 2021-BHAR, Class B, VRN, 6.93%, (1-month SOFR plus 1.61%), 11/15/38(1)
 100,000  98,460 
DBWF Mortgage Trust, Series 2018-GLKS, Class A, VRN, 6.49%, (1-month SOFR plus 1.18%), 12/19/30(1)
 150,000  149,089 
Extended Stay America Trust, Series 2021-ESH, Class E, VRN, 8.27%, (1-month SOFR plus 2.96%), 7/15/38(1)
 95,431  93,956 
Fontainebleau Miami Beach Trust, Series 2019-FBLU, Class F, VRN, 4.10%, 12/10/36(1)
 100,000  93,726 
Great Wolf Trust, Series 2019-WOLF, Class C, VRN, 7.06%, (1-month SOFR plus 1.75%), 12/15/36(1)
 70,000  69,347 
Life Mortgage Trust, Series 2021-BMR, Class D, VRN, 6.82%, (1-month SOFR plus 1.51%), 3/15/38(1)
 157,275  152,388 
Med Trust, Series 2021-MDLN, Class F, VRN, 9.42%, (1-month SOFR plus 4.11%), 11/15/38(1)
 99,522  94,775 
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost $1,159,393)
 1,182,534 
BANK LOAN OBLIGATIONS(4) — 1.0%
Health Care Providers and Services — 0.2%
Surgery Center Holdings, Inc., 2021 Term Loan, 9.18%, (1-month SOFR plus 3.75%), 8/31/26
 66,540  66,744 
Passenger Airlines — 0.4%
American Airlines, Inc., 2023 Term Loan B, 8.54%, (3-month SOFR plus 2.75%), 2/15/28
 133,650  133,184 
Pharmaceuticals — 0.4%
Jazz Financing Lux S.a.r.l., USD Term Loan, 8.95%, (1-month SOFR plus 3.50%), 5/5/28
 139,212  139,386 
TOTAL BANK LOAN OBLIGATIONS
(Cost $336,090)
 339,314 
PREFERRED STOCKS — 0.8%
Banks — 0.1%
Wells Fargo & Co., 7.625%(2)
 54,000  55,417 
Capital Markets — 0.3%
Goldman Sachs Group, Inc., Series W, 7.50%
 110,000  110,825 
100

Short Duration Strategic Income ETF
Principal
Amount/Shares		 Value
Industrial Conglomerates — 0.4%
General Electric Co., Series D, 8.88%
 130,000  $ 130,244 
TOTAL PREFERRED STOCKS
(Cost $293,430)
 296,486 
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.3%
Saudi Arabia — 0.3%
Saudi Government International Bond, 4.75%, 1/18/28(1)
(Cost $121,552)
 $ 120,000  118,914 
SHORT-TERM INVESTMENTS — 15.1%
Money Market Funds — 2.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class
 695,131  695,131 
State Street Navigator Securities Lending Government Money Market Portfolio(5)
 77,168  77,168 
772,299 
Treasury Bills(6) — 12.9%
U.S. Treasury Bills, 5.32%, 8/8/24
 $ 4,800,000  4,567,242 
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,342,062)
 5,339,541 
TOTAL INVESTMENT SECURITIES — 99.4%
(Cost $35,075,864)
 35,168,062 
OTHER ASSETS AND LIABILITIES — 0.6%
 201,485 
TOTAL NET ASSETS — 100.0%
 $ 35,369,547 

FUTURES CONTRACTS PURCHASED
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 2-Year Notes 66 December 2023 $ 13,451,109  $ 42,291 
U.S. Treasury 10-Year Notes 6 December 2023 666,188  5,642 
$ 14,117,297  $ 47,933 
^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD
Reference Entity Contracts Expiration Date Notional
Amount		 Unrealized
Appreciation
(Depreciation)^
U.S. Treasury 5-Year Notes 20 December 2023 $ 2,138,437  $ (15,173)
U.S. Treasury 10-Year Ultra Notes 2 December 2023 232,219  (2,131)
U.S. Treasury Long Bonds 1 December 2023 121,688  (1,210)
$ 2,492,344  $ (18,514)
^Amount represents value and unrealized appreciation (depreciation).

101

Short Duration Strategic Income ETF

NOTES TO SCHEDULE OF INVESTMENTS
FHLMC – Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
LIBOR – London Interbank Offered Rate
SEQ – Sequential Payer
SOFR – Secured Overnight Financing Rate
USD – United States Dollar
VRN – Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $12,651,581, which represented 35.8% of total net assets.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $107,869. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts. At the period end, the aggregate value of securities pledged was $329,961.
(4)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.
(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $111,512, which includes securities collateral of $34,344.
(6)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.


See Notes to Financial Statements.
102

Statements of Assets and Liabilities
AUGUST 31, 2023
Diversified Corporate
Bond ETF		 Diversified Municipal
Bond ETF
Assets
Investment securities, at value (cost of $214,515,470 and $352,687,493, respectively) — including $1,124,197 and $—, respectively of securities on loan $ 210,837,241  $ 341,822,527 
Investment made with cash collateral received for securities on loan, at value (cost of $1,158,938 and $—, respectively) 1,158,938  — 
Total investment securities, at value (cost of $215,674,408 and $352,687,493, respectively) 211,996,179  341,822,527 
Cash —  320 
Deposits with broker for futures contracts 267,394  — 
Interest receivable 2,275,874  3,640,145 
Securities lending receivable 298  — 
214,539,745  345,462,992 
Liabilities
Payable for collateral received for securities on loan 1,158,938  — 
Payable for investments purchased —  5,184,881 
Payable for variation margin on futures contracts 958  — 
Accrued management fees 50,663  80,386 
1,210,559  5,265,267 
Net Assets $ 213,329,186  $ 340,197,725 
Shares outstanding (unlimited number of shares authorized) 4,700,000  6,900,000 
Net Asset Value Per Share $ 45.39  $ 49.30 
Net Assets Consist of:
Capital paid in $ 233,959,673  $ 362,016,496 
Distributable earnings (loss) (20,630,487) (21,818,771)
$ 213,329,186  $ 340,197,725 


See Notes to Financial Statements.
103

AUGUST 31, 2023
Emerging Markets
Bond ETF		 Multisector Floating
Income ETF
Assets
Investment securities, at value (cost of $35,087,854 and $20,113,524, respectively) — including $205,792 and $—, respectively of securities on loan $ 32,947,029  $ 20,175,242 
Investment made with cash collateral received for securities on loan, at value (cost of $211,250 and $—, respectively) 211,250  — 
Total investment securities, at value (cost of $35,299,104 and $20,113,524, respectively) 33,158,279  20,175,242 
Cash 141,400  — 
Receivable for investments sold 183,670  — 
Receivable for variation margin on futures contracts 11,148  — 
Receivable for variation margin on swap agreements 6,564  — 
Interest receivable 454,429  81,412 
Securities lending receivable 151  — 
33,955,641  20,256,654 
Liabilities
Payable for collateral received for securities on loan 211,250  — 
Payable for investments purchased 234,346  — 
Accrued management fees 11,073  4,631 
456,669  4,631 
Net Assets $ 33,498,972  $ 20,252,023 
Shares outstanding (unlimited number of shares authorized) 900,000  400,000 
Net Asset Value Per Share $ 37.22  $ 50.63 
Net Assets Consist of:
Capital paid in $ 41,368,069  $ 20,054,000 
Distributable earnings (loss) (7,869,097) 198,023 
$ 33,498,972  $ 20,252,023 


See Notes to Financial Statements.
104

AUGUST 31, 2023
Multisector
Income ETF		 Select High Yield ETF
Assets
Investment securities, at value (cost of $173,298,869 and $33,235,688, respectively) — including $2,953,937 and $1,974,313, respectively of securities on loan $ 170,361,063  $ 30,439,669 
Investment made with cash collateral received for securities on loan, at value (cost of $3,078,680 and $1,926,055, respectively) 3,078,680  1,926,055 
Total investment securities, at value (cost of $176,377,549 and $35,161,743, respectively) 173,439,743  32,365,724 
Receivable for investments sold 5,007  62,522 
Receivable for variation margin on futures contracts 78,456  — 
Interest receivable 1,358,142  485,500 
Securities lending receivable 1,685  1,736 
174,883,033  32,915,482 
Liabilities
Payable for collateral received for securities on loan 3,078,680  1,926,055 
Payable for investments purchased 12,112,160  — 
Payable for variation margin on swap agreements 4,985  — 
Accrued management fees 46,560  11,741 
15,242,385  1,937,796 
Net Assets $ 159,640,648  $ 30,977,686 
Shares outstanding (unlimited number of shares authorized) 3,750,000  700,000 
Net Asset Value Per Share $ 42.57  $ 44.25 
Net Assets Consist of:
Capital paid in $ 178,538,300  $ 34,711,550 
Distributable earnings (loss) (18,897,652) (3,733,864)
$ 159,640,648  $ 30,977,686 


See Notes to Financial Statements.
105

AUGUST 31, 2023
Short Duration
Strategic Income ETF
Assets
Investment securities, at value (cost of $34,998,696) — including $107,869 of securities on loan $ 35,090,894 
Investment made with cash collateral received for securities on loan, at value (cost of $77,168) 77,168 
Total investment securities, at value (cost of $35,075,864) 35,168,062 
Cash 2,171 
Receivable for investments sold 40,254 
Receivable for variation margin on futures contracts 1,453 
Interest receivable 244,095 
Securities lending receivable 36 
35,456,071 
Liabilities
Payable for collateral received for securities on loan 77,168 
Accrued management fees 9,356 
86,524 
Net Assets $ 35,369,547 
Shares outstanding (unlimited number of shares authorized) 700,000 
Net Asset Value Per Share $ 50.53 
Net Assets Consist of:
Capital paid in $ 35,223,648 
Distributable earnings (loss) 145,899 
$ 35,369,547 


See Notes to Financial Statements.
106

Statements of Operations
YEAR ENDED AUGUST 31, 2023
Diversified Corporate
Bond ETF
Diversified Municipal
Bond ETF
Investment Income (Loss)
Income:
Interest $ 8,291,473  $ 8,862,063 
Securities lending, net 8,485  — 
8,299,958  8,862,063 
Expenses:
Management fees 537,806  827,418 
Interest expenses 2,477  — 
540,283  827,418 
Net investment income (loss) 7,759,675  8,034,645 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (7,452,235) (7,169,764)
Futures contract transactions (834,565) — 
Swap agreement transactions (65,494) — 
(8,352,294) (7,169,764)
Change in net unrealized appreciation (depreciation) on:
Investments 4,955,607  3,384,438 
Futures contracts 115,669  — 
Swap agreements 8,801  — 
5,080,077  3,384,438 
Net realized and unrealized gain (loss) (3,272,217) (3,785,326)
Net Increase (Decrease) in Net Assets Resulting from Operations $ 4,487,458  $ 4,249,319 


See Notes to Financial Statements.
107

YEAR ENDED AUGUST 31, 2023 (EXCEPT AS NOTED)
Emerging Markets
Bond ETF
Multisector Floating
Income ETF(1)
Investment Income (Loss)
Income:
Interest $ 1,924,490  $ 590,012 
Securities lending, net 2,823  — 
1,927,313  590,012 
Expenses:
Management fees 118,239  25,312 
Interest expenses 11,322  529 
129,561  25,841 
Net investment income (loss) 1,797,752  564,171 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (2,154,787) 15,254 
Futures contract transactions (281,920) — 
Swap agreement transactions (94,868) — 
(2,531,575) 15,254 
Change in net unrealized appreciation (depreciation) on:
Investments 1,704,915  61,718 
Futures contracts 29,250  — 
Swap agreements (143,142) — 
1,591,023  61,718 
Net realized and unrealized gain (loss) (940,552) 76,972 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 857,200  $ 641,143 
(1)March 14, 2023 (fund inception) through August 31, 2023.


See Notes to Financial Statements.
108

YEAR ENDED AUGUST 31, 2023
Multisector
Income ETF
 Select High Yield ETF
Investment Income (Loss)
Income:
Interest $ 7,658,110  $ 1,580,882 
Securities lending, net 30,592  17,202 
7,688,702  1,598,084 
Expenses:
Management fees 493,246  128,429 
Interest expenses 5,332  49 
498,578  128,478 
Net investment income (loss) 7,190,124  1,469,606 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions (7,847,325) (785,499)
Futures contract transactions (2,916,317) — 
Swap agreement transactions 25,441  — 
Foreign currency translation transactions (282) — 
(10,738,483) (785,499)
Change in net unrealized appreciation (depreciation) on:
Investments 6,174,971  1,288,871 
Futures contracts 486,693  — 
Swap agreements (44,413) — 
Translation of assets and liabilities in foreign currencies 11  — 
6,617,262  1,288,871 
Net realized and unrealized gain (loss) (4,121,221) 503,372 
Net Increase (Decrease) in Net Assets Resulting from Operations $ 3,068,903  $ 1,972,978 



See Notes to Financial Statements.
109

PERIOD ENDED AUGUST 31, 2023
Short Duration
Strategic Income ETF(1)
Investment Income (Loss)
Income:
Interest $ 1,550,332 
Securities lending, net 145 
1,550,477 
Expenses:
Management fees 88,574 
Interest expenses 887 
89,461 
Net investment income (loss) 1,461,016 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions 88,267 
Futures contract transactions (313,502)
Swap agreement transactions 466 
(224,769)
Change in net unrealized appreciation (depreciation) on:
Investments 92,198 
Futures contracts 29,419 
121,617 
Net realized and unrealized gain (loss) (103,152)
Net Increase (Decrease) in Net Assets Resulting from Operations $ 1,357,864 
(1)October 11, 2022 (fund inception) through August 31, 2023.


See Notes to Financial Statements.
110

Statements of Changes in Net Assets
YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022
Diversified Corporate
Bond ETF		 Diversified Municipal
Bond ETF
Increase (Decrease) in Net Assets August 31, 2023 August 31, 2022 August 31, 2023 August 31, 2022
Operations
Net investment income (loss) $ 7,759,675  $ 3,259,572  $ 8,034,645  $ 3,645,084 
Net realized gain (loss) (8,352,294) (9,385,442) (7,169,764) (5,640,496)
Change in net unrealized appreciation (depreciation) 5,080,077  (10,067,750) 3,384,438  (18,763,216)
Net increase (decrease) in net assets resulting from operations 4,487,458  (16,193,620) 4,249,319  (20,758,628)
Distributions to Shareholders
From earnings (7,219,925) (2,951,390) (7,653,475) (3,278,595)
Capital Share Transactions
Proceeds from shares sold 79,206,250  35,965,410  79,458,030  139,499,410 
Payments for shares redeemed (6,833,720) (25,964,990) (12,379,215) (2,770,640)
Other capital 4,374  886  76,802  91,811 
Net increase (decrease) in net assets from capital share transactions 72,376,904  10,001,306  67,155,617  136,820,581 
Net increase (decrease) in net assets 69,644,437  (9,143,704) 63,751,461  112,783,358 
Net Assets
Beginning of period 143,684,749  152,828,453  276,446,264  163,662,906 
End of period $ 213,329,186  $ 143,684,749  $ 340,197,725  $ 276,446,264 
Transactions in Shares of the Funds
Sold 1,750,000  700,000  1,600,000  2,650,000 
Redeemed (150,000) (500,000) (250,000) (50,000)
Net increase (decrease) in shares of the funds 1,600,000  200,000  1,350,000  2,600,000 


See Notes to Financial Statements.
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YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022 (EXCEPT AS NOTED)
Emerging Markets
Bond ETF		 Multisector Floating
Income ETF
Increase (Decrease) in Net Assets August 31, 2023 August 31, 2022
August 31, 2023(1)
Operations
Net investment income (loss) $ 1,797,752  $ 1,262,646  $ 564,171 
Net realized gain (loss) (2,531,575) (3,320,814) 15,254 
Change in net unrealized appreciation (depreciation) 1,591,023  (3,886,552) 61,718 
Net increase (decrease) in net assets resulting from operations 857,200  (5,944,720) 641,143 
Distributions to Shareholders
From earnings (1,721,450) (1,194,630) (443,120)
Capital Share Transactions
Proceeds from shares sold 7,668,114  11,194,156  20,000,000 
Other capital 1,635  2,269  54,000 
Net increase (decrease) in net assets from capital share transactions 7,669,749  11,196,425  20,054,000 
Net increase (decrease) in net assets 6,805,499  4,057,075  20,252,023 
Net Assets
Beginning of period 26,693,473  22,636,398  — 
End of period $ 33,498,972  $ 26,693,473  $ 20,252,023 
Transactions in Shares of the Funds
Sold 200,000  250,000  400,000 
(1)March 14, 2023 (fund inception) through August 31, 2023.


See Notes to Financial Statements.
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YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022 (EXCEPT AS NOTED)
Multisector
Income ETF		 Select High Yield ETF
Increase (Decrease) in Net Assets August 31, 2023 August 31, 2022 August 31, 2023
August 31, 2022(1)
Operations
Net investment income (loss) $ 7,190,124  $ 3,980,476  $ 1,469,606  $ 1,079,338 
Net realized gain (loss) (10,738,483) (6,698,401) (785,499) (882,135)
Change in net unrealized appreciation (depreciation) 6,617,262  (9,166,249) 1,288,871  (4,084,890)
Net increase (decrease) in net assets resulting from operations 3,068,903  (11,884,174) 1,972,978  (3,887,687)
Distributions to Shareholders
From earnings (6,790,560) (3,577,090) (1,511,520) (1,026,610)
Capital Share Transactions
Proceeds from shares sold 48,934,155  49,086,845  2,210,905  44,736,315 
Payments for shares redeemed —  (2,224,880) (2,177,200) (9,346,900)
Other capital 65,461  58,230  1,715  5,690 
Net increase (decrease) in net assets from capital share transactions 48,999,616  46,920,195  35,420  35,395,105 
Net increase (decrease) in net assets 45,277,959  31,458,931  496,878  30,480,808 
Net Assets
Beginning of period 114,362,689  82,903,758  30,480,808  — 
End of period $ 159,640,648  $ 114,362,689  $ 30,977,686  $ 30,480,808 
Transactions in Shares of the Funds
Sold 1,150,000  1,000,000  50,000  900,000 
Redeemed —  (50,000) (50,000) (200,000)
Net increase (decrease) in shares of the funds 1,150,000  950,000  —  700,000 
(1)November 16, 2021 (fund inception) through August 31, 2022.


See Notes to Financial Statements.

113

PERIOD ENDED AUGUST 31, 2023
Short Duration
Strategic Income ETF(1)
Increase (Decrease) in Net Assets
Operations
Net investment income (loss) $ 1,461,016 
Net realized gain (loss) (224,769)
Change in net unrealized appreciation (depreciation) 121,617 
Net increase (decrease) in net assets resulting from operations 1,357,864 
Distributions to Shareholders
From earnings (1,211,965)
Capital Share Transactions
Proceeds from shares sold 35,175,415 
Other capital 48,233 
Net increase (decrease) in net assets from capital share transactions 35,223,648 
Net increase (decrease) in net assets 35,369,547 
Net Assets
End of period $ 35,369,547 
Transactions in Shares of the Funds
Sold 700,000 
(1)October 11, 2022 (fund inception) through August 31, 2023.


See Notes to Financial Statements.
114

Notes to Financial Statements

AUGUST 31, 2023

1. Organization

American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Diversified Corporate Bond ETF (Diversified Corporate Bond ETF), American Century Diversified Municipal Bond ETF (Diversified Municipal Bond ETF), American Century Emerging Markets Bond ETF (Emerging Markets Bond ETF), American Century Multisector Floating Income ETF (Multisector Floating Income ETF), American Century Multisector Income ETF (Multisector Income ETF), American Century Select High Yield ETF (Select High Yield ETF) and American Century Short Duration Strategic Income ETF (Short Duration Strategic Income ETF) (collectively, the funds) are seven funds in a series issued by the trust. Diversified Corporate Bond ETF’s investment objective is to seek to provide current income. Diversified Municipal Bond ETF’s investment objective is to seek current income that is exempt from federal income tax. Emerging Markets Bond ETF's investment objective is to seek to provide current income and capital appreciation. Multisector Floating Income ETF's investment objective is to seek income. As a secondary objective, Multisector Floating Income ETF seeks long-term capital appreciation. Multisector Income ETF's investment objective is to seek to provide a high level of current income and total return. Select High Yield ETF's investment objective is to seek to provide high current income. Short Duration Strategic Income ETF's investment objective is to seek income. As a secondary objective, Short Duration Strategic Income ETF seeks long-term capital appreciation. Shares of Diversified Corporate Bond ETF, Diversified Municipal Bond ETF, Emerging Markets Bond ETF, Multisector Floating Income ETF, Multisector Income ETF and Select High Yield ETF are listed for trading on the NYSE Arca, Inc. Shares of Short Duration Strategic Income ETF are listed for trading on The Nasdaq Stock Market LLC. Multisector Floating Income ETF incepted on March 14, 2023. Select High Yield ETF incepted on November 16, 2021. Short Duration Strategic Income ETF incepted on October 11, 2022.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually. 

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, bank loan obligations, municipal securities and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections. Fixed income securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

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

Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred stocks and convertible preferred stocks with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, 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 valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Interest income is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income. Securities lending income is net of fees and rebates earned by the lending agent for its services.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The funds may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

116

Income Tax Status — It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

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

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

Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.

117

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, 2023.
Remaining Contractual Maturity of Agreements
Fund / Securities Lending Transactions(1)
 Overnight and
Continuous		 <30 days Between
30 & 90 days		 >90 days Total
Diversified Corporate Bond ETF
Corporate Bonds $ 1,158,938  —  —  —  $ 1,158,938 
Gross amount of recognized liabilities for securities lending transactions $ 1,158,938 
Emerging Markets Bond ETF
Corporate Bonds $ 161,492  —  —  —  $ 161,492 
Preferred Stocks 49,758  —  —  —  49,758 
Total Borrowings $ 211,250  —  —  —  $ 211,250 
Gross amount of recognized liabilities for securities lending transactions $ 211,250 
Multisector Income ETF
Corporate Bonds $ 2,810,054  —  —  —  $ 2,810,054 
Preferred Stocks 268,626  —  —  —  268,626 
Total Borrowings $ 3,078,680  —  —  —  $ 3,078,680 
Gross amount of recognized liabilities for securities lending transactions $ 3,078,680 
Select High Yield ETF
Corporate Bonds $ 1,926,055  —  —  —  $ 1,926,055 
Gross amount of recognized liabilities for securities lending transactions $ 1,926,055 
Short Duration Strategic Income ETF
Corporate Bonds $ 48,442  —  —  —  $ 48,442 
Preferred Stocks 28,726  —  —  —  28,726 
Total Borrowings $ 77,168  —  —  —  $ 77,168 
Gross amount of recognized liabilities for securities lending transactions $ 77,168 

(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 26%, 58%, 46% and 28% of the shares of Diversified Corporate Bond ETF, Emerging Markets Bond ETF, Multisector Income ETF and Short Duration Strategic Income ETF, respectively. ACIM owns 75%, 35% and 21% of the shares of Multisector Floating Income ETF, Select High Yield ETF and Short Duration Strategic Income ETF, respectively. Related parties do not invest in the funds for the purpose of exercising management or control.

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

118

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

The annual management fee for each fund is as follows:
Annual Management Fee
Diversified Corporate Bond ETF 0.29%
Diversified Municipal Bond ETF 0.29%
Emerging Markets Bond ETF 0.39%
Multisector Floating Income ETF 0.27%
Multisector Income ETF 0.35%
Select High Yield ETF 0.45%
Short Duration Strategic Income ETF 0.32%

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended August 31, 2023 were as follows:
Diversified Corporate
Bond ETF
Diversified Municipal
Bond ETF
Emerging Markets
Bond ETF
Multisector Floating
Income ETF(1)
Purchases of U.S. Treasury and Government Agency obligations $ 26,798,989  — $ 125,504  $ 1,870,477 
Purchases of other investment securities $ 263,896,246  $ 122,297,917  $ 18,951,732  $ 14,805,508 
Total Purchases $ 290,695,235  $ 122,297,917  $ 19,077,236  $ 16,675,985 
Sales of U.S. Treasury and Government Agency obligations $ 21,060,981  — $ 172,945  $ 427,657 
Sales of other investment securities $ 271,487,147  $ 76,947,146  $ 18,811,193  $ 2,671,031 
Total Sales $ 292,548,128  $ 76,947,146  $ 18,984,138  $ 3,098,688 

Multisector
Income ETF
 Select High Yield ETF
Short Duration
Strategic Income ETF(2)
Purchases of U.S. Treasury and Government Agency obligations $ 102,563,639  — $ 21,691,008 
Purchases of other investment securities $ 146,827,673  $ 5,010,877  $ 35,938,836 
Total Purchases $ 249,391,312  $ 5,010,877  $ 57,629,844 
Sales of U.S. Treasury and Government Agency obligations $ 95,198,275  — $ 22,988,448 
Sales of other investment securities $ 139,297,930  $ 5,477,539  $ 27,661,106 
Total Sales $ 234,496,205  $ 5,477,539  $ 50,649,554 

(1)March 14, 2023 (fund inception) through August 31, 2023.
(2)October 11, 2022 (fund inception) through August 31, 2023.

119

Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended August 31, 2023 were as follows:
In kind
Subscriptions		 In kind
Redemptions		 In kind
Net Realized
Gain/(Loss)*
Diversified Corporate Bond ETF $ 76,563,400  $ 6,730,452  $ 102,804 
Diversified Municipal Bond ETF $ 36,638,724  $ 12,047,518  $ (1,165,665)
Emerging Markets Bond ETF $ 7,152,993  — —
Multisector Floating Income ETF(1)
 —  — —
Multisector Income ETF $ 30,141,373  — —
Select High Yield ETF $ 2,046,621  $ 1,664,716  $ (214,422)
Short Duration Strategic Income ETF(2)
 $ 22,140,635  — —
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)March 14, 2023 (fund inception) through August 31, 2023.
(2)October 11, 2022 (fund inception) through August 31, 2023.

5. Capital Share Transactions

Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.

6. Fair Value Measurements

The funds' investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels. 

•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. 

•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

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The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds' portfolio holdings.
Diversified Corporate Bond ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 197,586,606  — 
U.S. Treasury Securities —  8,503,278  — 
Municipal Securities —  416,187  — 
Short-Term Investments $ 5,490,108  —  — 
$ 5,490,108  $ 206,506,071  — 
Other Financial Instruments
Futures Contracts $ 154,919  —  — 
Liabilities
Other Financial Instruments
Futures Contracts $ 40,387  —  — 

Diversified Municipal Bond ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Municipal Securities —  $ 330,564,035  — 
Short-Term Investments $ 11,258,492  —  — 
$ 11,258,492  $ 330,564,035  — 

Emerging Markets Bond ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Sovereign Governments and Agencies —  $ 17,628,288  — 
Corporate Bonds —  10,937,287  — 
U.S. Treasury Securities —  1,593,641  — 
Preferred Stocks —  96,946  — 
Short-Term Investments $ 2,902,117  —  — 
$ 2,902,117  $ 30,256,162  — 
Other Financial Instruments
Futures Contracts $ 31,592  —  — 
Swap Agreements —  $ 123,783  — 
$ 31,592  $ 123,783  — 
Liabilities
Other Financial Instruments
Futures Contracts $ 3,811  —  — 
Swap Agreements —  $ 37,773  — 
$ 3,811  $ 37,773  — 

121

Multisector Floating Income ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Collateralized Loan Obligations —  $ 8,383,434  — 
U.S. Treasury Securities —  6,158,886  — 
Commercial Mortgage-Backed Securities —  3,165,886  — 
Collateralized Mortgage Obligations —  1,816,184  — 
Asset-Backed Securities —  299,717  — 
Short-Term Investments $ 351,135  —  — 
$ 351,135  $ 19,824,107  — 

Multisector Income ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 65,496,698  — 
U.S. Treasury Securities —  37,972,466  — 
Collateralized Loan Obligations —  14,123,943  — 
Asset-Backed Securities —  12,615,333  — 
U.S. Government Agency Mortgage-Backed Securities —  7,955,095  — 
Collateralized Mortgage Obligations —  7,327,730  — 
Commercial Mortgage-Backed Securities —  6,930,533  — 
Bank Loan Obligations —  2,209,523  — 
Sovereign Governments and Agencies —  1,778,456  — 
Preferred Stocks —  1,774,312  — 
Short-Term Investments $ 13,352,636  1,903,018  — 
$ 13,352,636  $ 160,087,107  — 
Other Financial Instruments
Futures Contracts $ 492,350  —  — 
Swap Agreements —  $ 116,557  — 
$ 492,350  $ 116,557  — 
Liabilities
Other Financial Instruments
Futures Contracts $ 28,498  —  — 

Select High Yield ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 29,050,356  — 
Preferred Stocks —  234,042  — 
Short-Term Investments $ 3,081,326  —  — 
$ 3,081,326  $ 29,284,398  — 

122

Short Duration Strategic Income ETF
Level 1 Level 2 Level 3
Assets
Investment Securities
Corporate Bonds —  $ 14,777,781  — 
U.S. Treasury Securities —  6,159,139  — 
Collateralized Loan Obligations —  2,816,376  — 
Asset-Backed Securities —  2,739,404  — 
Collateralized Mortgage Obligations —  1,398,573  — 
Commercial Mortgage-Backed Securities —  1,182,534  — 
Bank Loan Obligations —  339,314  — 
Preferred Stocks —  296,486  — 
Sovereign Governments and Agencies —  118,914  — 
Short-Term Investments $ 772,299  4,567,242  — 
$ 772,299  $ 34,395,763  — 
Other Financial Instruments
Futures Contracts $ 47,933  —  — 
Liabilities
Other Financial Instruments
Futures Contracts $ 18,514  —  — 

7. Derivative Instruments

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

The funds' average notional amount to credit risk derivative instruments held during the period were as follows:
Diversified Corporate Bond ETF $ 1,897,000 
Emerging Markets Bond ETF $ 3,504,167 
Multisector Income ETF $ 3,033,508 
Short Duration Strategic Income ETF $ 1,200,000 

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Interest Rate Risk — The funds are subject to interest rate risk in the normal course of pursuing their investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.

The funds' average notional exposure to interest rate risk derivative instruments held during the period were as follows:
Futures Contracts Purchased Futures Contracts Sold
Diversified Corporate Bond ETF $ 25,998,358  $ 9,736,430 
Emerging Markets Bond ETF $ 2,988,109  $ 2,012,473 
Multisector Income ETF $ 52,366,970  $ 1,891,193 
Short Duration Strategic Income ETF $ 7,057,889  $ 1,188,819 

Value of Derivative Instruments as of August 31, 2023
Asset Derivatives Liability Derivatives
Fund / Type of Risk Exposure Location on Statement of Assets and Liabilities Value Location on Statement of Assets and Liabilities Value
Diversified Corporate Bond ETF
Interest Rate Risk Receivable for variation margin on futures contracts* —  Payable for variation margin on futures contracts* $ 958 
Emerging Markets Bond ETF
Credit Risk Receivable for variation margin on swap agreements* $ 6,564  Payable for variation margin on swap agreements* — 
Interest Rate Risk Receivable for variation margin on futures contracts* 11,148  Payable for variation margin on futures contracts* — 
$ 17,712  — 
Multisector Income ETF
Credit Risk Receivable for variation margin on swap agreements* —  Payable for variation margin on swap agreements* $ 4,985 
Interest Rate Risk Receivable for variation margin on futures contracts* $ 78,456  Payable for variation margin on futures contracts* — 
$ 78,456  $ 4,985 
Short Duration Strategic Income ETF
Interest Rate Risk
Receivable for variation
margin on futures contracts*
 $ 1,453 
Payable for variation margin
on futures contracts*
 — 

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

124

Effect of Derivative Instruments on the Statement of Operations for the Year Ended August 31, 2023
Net Realized Gain (Loss) Change in Net Unrealized
Appreciation (Depreciation)
Fund / Type of Risk Exposure Location on Statement of Operations Value Location on Statement of Operations Value
Diversified Corporate Bond ETF
Credit Risk Net realized gain (loss) on swap agreement transactions $ (65,494) Change in net unrealized appreciation (depreciation) on swap agreements $ 8,801 
Interest Rate Risk Net realized gain (loss) on futures contract transactions (834,565) Change in net unrealized appreciation (depreciation) on futures contracts 115,669 
$ (900,059) $ 124,470 
Emerging Markets Bond ETF
Credit Risk Net realized gain (loss) on swap agreement transactions $ (94,868) Change in net unrealized appreciation (depreciation) on swap agreements $ (143,142)
Interest Rate Risk Net realized gain (loss) on futures contract transactions (281,920) Change in net unrealized appreciation (depreciation) on futures contracts 29,250 
$ (376,788) $ (113,892)
Multisector Income ETF
Credit Risk Net realized gain (loss) on swap agreement transactions $ 25,441  Change in net unrealized appreciation (depreciation) on swap agreements $ (44,413)
Interest Rate Risk Net realized gain (loss) on futures contract transactions (2,916,317) Change in net unrealized appreciation (depreciation) on futures contracts 486,693 
$ (2,890,876) $ 442,280 
Short Duration Strategic Income ETF
Credit Risk Net realized gain (loss) on swap agreement transactions $ 466  Change in net unrealized appreciation (depreciation) on swap agreements — 
Interest Rate Risk Net realized gain (loss) on futures contract transactions (313,502) Change in net unrealized appreciation (depreciation) on futures contracts $ 29,419 
$ (313,036) $ 29,419 

8. Risk Factors

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

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

125

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

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

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

9. Federal Tax Information

The tax character of distributions paid during the years ended August 31, 2023 and August 31, 2022 (except as noted) were as follows:
2023 2022
Distributions Paid From: Distributions Paid From:
Exempt
Income		 Ordinary Income Long-term Capital Gains Exempt
Income		 Ordinary Income Long-term Capital Gains
Diversified Corporate Bond ETF —  $ 7,219,925  —  —  $ 2,951,390  — 
Diversified Municipal Bond ETF $ 7,653,475  —  —  $ 3,278,595  —  — 
Emerging Markets Bond ETF —  $ 1,721,450  —  —  $ 1,194,630  — 
Multisector Floating Income ETF(1)
 —  $ 443,120  —  N/A N/A N/A
Multisector Income ETF —  $ 6,790,560  —  —  $ 3,577,090  — 
Select High Yield ETF(2)
 —  $ 1,511,520  —  —  $ 1,026,610  — 
Short Duration Strategic Income ETF(3)
 —  $ 1,211,965  —  N/A N/A N/A

(1)March 14, 2023 (fund inception) through August 31, 2023.
(2)November 16, 2021 (fund inception) through August 31, 2022.
(3)October 11, 2022 (fund inception) through August 31, 2023.

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.

126

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:
Diversified Corporate
Bond ETF
Diversified Municipal
Bond ETF
Emerging Markets
Bond ETF
Multisector Floating
Income ETF
Federal tax cost of investments $ 215,831,865  $ 352,724,668  $ 35,503,815  $ 20,113,524 
Gross tax appreciation of investments $ 251,178  $ 1,148,511  $ 218,757  $ 67,919 
Gross tax depreciation of investments (4,086,864) (12,050,652) (2,564,293) (6,201)
Net tax appreciation (depreciation) of investments (3,835,686) (10,902,141) (2,345,536) 61,718 
Net tax appreciation (depreciation) on derivatives —  —  (110,287) — 
Net tax appreciation (depreciation) $ (3,835,686) $ (10,902,141) $ (2,455,823) $ 61,718 
Other book-to-tax adjustments $ (15,630) —  —  — 
Undistributed ordinary income $ 904,293  —  $ 142,940  $ 136,305 
Undistributed exempt income —  $ 943,275  —  — 
Accumulated short-term capital losses $ (11,614,328) $ (7,210,054) $ (3,109,696) — 
Accumulated long-term capital losses $ (6,069,136) $ (4,649,851) $ (2,446,518) — 

Multisector
Income ETF
 Select High Yield
ETF
Short Duration
Strategic Income ETF
Federal tax cost of investments $ 176,405,044  $ 35,196,146  $ 35,090,506 
Gross tax appreciation of investments $ 965,563  $ 60,693  $ 223,682 
Gross tax depreciation of investments (3,930,864) (2,891,115) (146,126)
Net tax appreciation (depreciation) of investments (2,965,301) (2,830,422) 77,556 
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies 29,440  —  — 
Net tax appreciation (depreciation) $ (2,935,861) $ (2,830,422) $ 77,556 
Other book-to-tax adjustments $ (6,223) —  — 
Undistributed ordinary income $ 938,716  $ 159,707  $ 253,398 
Accumulated short-term capital losses $ (10,261,554) $ (701,187) $ (14,180)
Accumulated long-term capital losses $ (6,632,730) $ (361,962) $ (170,875)

For Diversified Corporate Bond ETF, Diversified Municipal Bond ETF, Emerging Markets Bond ETF, Multisector Income ETF, Select High Yield ETF and Short Duration Strategic Income ETF the difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains (losses) on futures contracts. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Multisector Floating Income ETF. Other book-to-tax adjustments are attributable primarily to the tax deferral of losses on straddle positions.

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.
127

Financial Highlights
For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Distributions From: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income
(Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Net
Investment
Income		 Net
Realized
Gains		 Total
Distributions
Other Capital(1)
 Net Asset Value,
End
of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of Period
(in thousands)
Diversified Corporate Bond ETF
2023 $46.35 1.91 (1.08) 0.83 (1.79) — (1.79)
0.00(4)
 $45.39 1.85% 0.29% 4.18% 163% $213,329 
2022 $52.70 1.08 (6.45) (5.37) (0.98) — (0.98)
0.00(4)
 $46.35 (10.30)% 0.29% 2.18% 181% $143,685 
2021 $52.72 0.93 0.66 1.59 (1.39) (0.22) (1.61)
0.00(4)
 $52.70 3.08% 0.29% 1.77% 182% $152,828 
2020 $51.38 1.28 1.47 2.75 (1.40) (0.03) (1.43) 0.02 $52.72 5.48% 0.29% 2.50% 174% $121,260 
2019 $48.77 1.67 2.45 4.12 (1.54) — (1.54) 0.03 $51.38 8.70% 0.39% 3.37% 35% $64,334 

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)Per-share amount was less than $0.005.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.  


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value,
End
of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of Period
(in thousands)
Diversified Municipal Bond ETF
2023 $49.81 1.39 (0.57) 0.82 (1.34) 0.01 $49.30 1.70% 0.29% 2.82% 28% $340,198 
2022 $55.48 0.89 (5.76) (4.87) (0.82) 0.02 $49.81 (8.82)% 0.29% 1.70% 46% $276,446 
2021 $53.61 1.00 1.83 2.83 (1.05) 0.09 $55.48 5.50% 0.29% 1.82% 14% $163,663 
2020 $53.37 1.19 0.11 1.30 (1.15) 0.09 $53.61 2.66% 0.29% 2.26% 23% $67,018 
2019(4)
 $50.00 1.36 3.16 4.52 (1.25) 0.10 $53.37 9.42%
0.29%(5)
2.74%(5)
 19% $26,684 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 10, 2018 (fund inception) through August 31, 2019.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.  


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:  
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Emerging Markets Bond ETF
2023 $38.13 2.22 (0.97) 1.25 (2.16)
0.00(4)
 $37.22 3.40% 0.43% 5.93% 72% $33,499 
2022 $50.30 2.13 (12.25) (10.12) (2.05)
0.00(4)
 $38.13 (20.60)% 0.39% 4.87% 64% $26,693 
2021(5)
 $50.00 0.36 0.11 0.47 (0.17)
0.00(4)
 $50.30 0.95%
0.39%(6)
4.14%(6)
 7% $22,636 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Per-share amount was less than $0.005.
(5)June 29, 2021 (fund inception) through August 31, 2021.
(6)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.  


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Multisector Floating Income ETF
2023(4)
 $50.00 1.41 0.19 1.60 (1.11) 0.14 $50.63 3.51%
0.28%(5)
6.02%(5)
 24% $20,252 

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 14, 2023 (fund inception) through August 31, 2023.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.  


See Notes to Financial Statements.


For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Multisector Income ETF
2023 $43.99 2.19 (1.52) 0.67 (2.11) 0.02 $42.57 1.63% 0.35% 5.10% 174% $159,641 
2022 $50.24 1.67 (6.41) (4.74) (1.53) 0.02 $43.99 (9.60)% 0.35% 3.55% 147% $114,363 
2021(4)
 $50.00 0.27 0.02 0.29 (0.13) 0.08 $50.24 0.75%
0.35%(5)
3.08%(5)
 75% $82,904 

Notes to Financial Highlights
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)June 29, 2021 (fund inception) through August 31, 2021.
(5)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.  


See Notes to Financial Statements.



For a Share Outstanding Throughout the Years Ended August 31 (except as noted)
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Select High Yield ETF
2023 $43.54 2.24 0.77 3.01 (2.30)
0.00(4)
 $44.25 7.14% 0.45% 5.15% 18% $30,978 
2022(5)
 $50.00 1.58 (6.54) (4.96) (1.51) 0.01 $43.54 (10.04)%
0.45%(6)
4.32%(6)
 12% $30,481 

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)Per-share amount was less than $0.005.
(5)November 16, 2021 (fund inception) through August 31, 2022.
(6)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.  


See Notes to Financial Statements.



For a Share Outstanding Throughout the Period Indicated
Per-Share Data Ratios and Supplemental Data
Income From Investment Operations*: Ratio to Average Net Assets of:
Net
Asset Value, Beginning
of Period
Net
Investment
Income (Loss)(1)
 Net
Realized and
Unrealized
Gain (Loss)		 Total From
Investment
Operations		 Distributions From Net Investment Income
Other Capital(1)
 Net Asset Value, End of Period
Total
Return(2)
 Operating
Expenses		 Net
Investment
Income
(Loss)
Portfolio
Turnover
Rate(3)
 Net Assets,
End of
Period
(in thousands)
Short Duration Strategic Income ETF
2023(4)
 $50.00 2.38
—(5)
 2.38 (1.93) 0.08 $50.53 4.98%
0.32%(6)
5.28%(6)
 195% $35,370

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)October 11, 2022 (fund inception) through August 31, 2023.
(5)Per-share amount was less than $0.005.
(6)Annualized.
*The amount shown for a share outstanding throughout the period may not correlate with the Statement(s) of Operations due to the timing of transactions in shares of a fund in relation to income earned and/or fluctuations in the fair value of a fund's investments.  


See Notes to Financial Statements.



Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of American Century Diversified Corporate Bond ETF, American Century Diversified Municipal Bond ETF, American Century Emerging Markets Bond ETF, American Century Multisector Floating Income ETF, American Century Multisector Income ETF, American Century Select High Yield ETF, and American Century Short Duration Strategic Income ETF (the “Funds”), seven of the funds constituting the American Century ETF Trust, as of August 31, 2023, the related statements of operations, the statements of changes in net assets, and the financial highlights for the periods indicated in the table below; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of August 31, 2023, and the results of their operations, the changes in their net assets, and the financial highlights for the periods listed in the table below, in conformity with accounting principles generally accepted in the United States of America.

Individual Fund Constituting the American Century ETF Trust
Statement of Operations
Statements of Changes in Net Assets
Financial Highlights
American Century Diversified Corporate Bond ETF For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023, 2022, 2021, 2020, and 2019
American Century Diversified Municipal Bond ETF For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023, 2022, 2021 and 2020, and the period from September 10, 2018 (fund inception) through August 31, 2019
American Century Emerging Markets Bond ETF For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023 and 2022, and the period from June 29, 2021 (fund inception) through August 31, 2021
American Century Multisector Floating Income ETF For the period from March 14, 2023 (fund inception) through August 31, 2023
American Century Multisector Income ETF For the year ended August 31, 2023 For the years ended August 31, 2023 and 2022 For the years ended August 31, 2023 and 2022, and the period from June 29, 2021 (fund inception) through August 31, 2021
American Century Select High Yield ETF For the year ended August 31, 2023 For the year ended August 31, 2023, and the period from November 16, 2021 (fund inception) through August 31, 2022
American Century Short Duration Strategic Income ETF For the period from October 11, 2022 (fund inception) through August 31, 2023

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
135

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri
October 17, 2023

We have served as the auditor of one or more American Century investment companies since 1997.
136

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 Board Chair Since 2017 (Board Chair 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) 50 None
Jeremy I. Bulow
(1954)		 Trustee Since 2022 Professor of Economics, Stanford University
Graduate School of Business (1979 to present)		 82 None
Barry A. Mendelson
(1958)		 Trustee Since 2017 Retired 50 None
Stephen E. Yates
(1948)		 Trustee Since 2017 Retired 115 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 147 None
The Statement of Additional Information has additional information about the funds' trustees and is available without charge, upon request, by calling 1-800-345-6488.
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Officers
The following table presents certain information about the executive officers of the funds. Each officer, except Cleo Chang, 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
Ward D. Stauffer
(1960)		 Secretary since 2019 Attorney, ACS (2003 to present)


138

Approval of Management and Subadvisory Agreements
American Century Diversified Corporate Bond ETF
American Century Diversified Municipal Bond ETF
American Century Emerging Markets Bond ETF
American Century Multisector Income ETF
American Century Short Duration Strategic Income ETF

At a meeting held on June 21, 2023, the Funds’ Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for each of the Funds. Under the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees.

Prior to its consideration of the management agreement renewal, the Trustees requested and reviewed extensive data and information compiled by the Advisor and certain independent data providers concerning the Funds. This review was in addition to the oversight and evaluation undertaken by the Board and its Audit Committee on a continual basis and the information received was supplemental to the extensive information that the Board and its Audit Committee receive and consider over time.

In connection with its consideration of the management agreement renewal, the Board’s review and evaluation of the services provided by the Advisor included, but was not limited to

•the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to the Funds;
•the wide range of programs and services the Advisor and other service providers provide to the Funds and their shareholders on a routine and non-routine basis;
•the Funds’ investment performance compared to appropriate benchmarks and/or peer groups of other funds with similar investment objectives and strategies;
•the cost of owning the Funds compared to the cost of owning similarly-managed funds;
•the Advisor’s compliance policies, procedures, and regulatory experience and those of certain other service providers;
•the Advisor’s strategic plans, generally, and with respect to areas of heightened regulatory interest in the mutual fund industry and certain recent geopolitical and other issues;
•the Advisor’s business continuity plans, vendor management practices, and information security practices;
•the cost of services provided to the Funds, the profitability of the Funds to the Advisor, and the Advisor’s financial results of operation;
•possible economies of scale associated with the Advisor’s management of the Funds;
•any collateral benefits derived by the Advisor from the management of the Funds;
•fees and expenses associated with any investment by the Funds in other funds;
•payments to intermediaries by the Funds and the Advisor and services provided by intermediaries in connection therewith; and
•services provided and charges to the Advisor’s other investment management clients.

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


139

Factors Considered

The Trustees considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Funds. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under each Fund’s management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of each Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:

•constructing and designing each Fund
•portfolio research and security selection
•initial capitalization/funding
•securities trading
•Fund administration
•custody of Fund assets
•daily valuation of each Fund’s portfolio
•liquidity monitoring and management
•risk management, including information security
•shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
•legal services (except the independent Trustees’ counsel)
•regulatory and portfolio compliance
•financial reporting
•marketing and distribution (except amounts paid by each Fund under Rule 12b-1 plans)

Investment Management Services. The nature of the investment management services provided to the Funds is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage each Fund in accordance with its investment objectives and principal investment strategies. Further, the Trustees recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board provides oversight of the investment performance process. It regularly reviews investment performance information for each Fund, together with comparative information for appropriate benchmarks over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any actions being taken to improve performance. The performance for American Century Emerging Markets Bond ETF and American Century Multisector Income ETF was above each Fund’s respective benchmark for the one-year period reviewed by the Board. The performance for American Century Diversified Municipal Bond ETF was above its benchmark for the three-year period and below its benchmark for the one-year period reviewed by the Board. The performance for American Century Diversified Corporate Bond ETF was below its benchmark for the one- and three-year periods reviewed by the Board. The Board found the investment management services provided by the Advisor to each Fund to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Funds. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular
140

meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including information security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to each Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Funds, its profitability in managing each Fund (pre- and post-distribution), and its financial results of operation. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the terms of the current management agreement. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Funds.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to the Funds and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of each Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its fee structure and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders additional content and services.

Comparison to Other Funds’ Fees. The management agreement provides that each Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage and other transaction fees and expenses relating to acquisition and disposition of portfolio securities, acquired fund fees and expenses, taxes, interest, extraordinary expenses, fund litigation expenses, expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Investment Company Act Rule 12b-1, and, for certain funds, fees and expenses of the Fund’s independent Trustees (including their independent legal counsel). Under the unified fee structure, the Advisor is responsible for providing investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of the American Century Diversified Corporate Bond ETF and American Century Multisector Income ETF was below the median of the total expense ratios of each Fund's respective peer expense universe and was within the range of its peer expense group. The unified fee charged to shareholders of the American Century Diversified Municipal Bond ETF and American Century Short Duration Strategic Income ETF was below the median of the total expense ratios of each Fund's peer expense universe and was the lowest of its peer expense group. The unified fee charged to shareholders of the American Century Emerging Markets Bond ETF was the lowest of the total expense ratios of its peer expense universe and its peer expense group. The Board concluded that the management fee paid by each Fund to the Advisor under its management agreement is reasonable in light of the services provided to the Fund.

141

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

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by each Fund and the Advisor and services provided in response thereto. These payments could include various payments made by each Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for each Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Funds. They concluded that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with prospective clients, service providers, and counterparties. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Funds, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Funds’ operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in each Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to each Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and received over time, determined that the terms of the management agreement are fair and reasonable and that the management fee charged to each Fund is fair in light of the services provided and that the investment management agreement between each Fund and the Advisor should be renewed for an additional one-year period.





142

American Century Select High Yield ETF

At a meeting held on June 21, 2023, the Fund’s Board of Trustees (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. The Board also unanimously approved the renewal of the investment subadvisory agreement pursuant to which Nomura Corporate Research and Asset Management, Inc. (the “Subadvisor”) acts as subadvisor to the Fund. Under the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Trustees, including a majority of the independent Trustees.

Prior to its consideration of the renewal of the management agreement and the subadvisory agreement, the Trustees requested and reviewed extensive data and information compiled by the Advisor, the Subadvisor, and certain independent data providers concerning the Fund. This review was in addition to the oversight and evaluation undertaken by the Board and its Audit Committee on a continual basis and the information received was supplemental to the extensive information that the Board and its Audit Committee receive and consider over time.

In connection with its consideration of the renewal of the management agreement and the subadvisory agreement, the Board’s review and evaluation of the services provided by the Advisor, the Advisor’s affiliates, and the Subadvisor included, but was not limited to

•the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to the Fund;
•the wide range of programs and services the Advisor and other service providers provide to the Fund and its shareholders on a routine and non-routine basis;
•the Fund’s investment performance compared to appropriate benchmarks and/or peer groups of other funds with similar investment objectives and strategies;
•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 those of the Subadvisor and certain other service providers;
•the Advisor’s strategic plans, generally, and with respect to areas of heightened regulatory interest in the mutual fund industry and certain recent geopolitical and other issues;
•the Advisor’s business continuity plans, vendor management practices, and information security practices;
•the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the Advisor’s financial results of operation;
•possible economies of scale associated with the Advisor’s management of the Fund;
•any collateral benefits derived by the Advisor from the management of the Fund;
•fees and expenses associated with any investment by the Fund in other funds;
•payments to intermediaries by the Fund and the Advisor and services provided by intermediaries in connection therewith; and
•services provided and charges to the Advisor’s other investment management clients.

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

Factors Considered

The Trustees considered all of the information provided by the Advisor, the Subadvisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement and the subadvisory agreement for the Fund. In connection with their review, the Trustees did not
143

identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. In deciding to renew the management agreement and subadvisory agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include the following:

•constructing and designing the Fund
•portfolio research and security selection
•initial capitalization/funding
•securities trading
•Fund administration
•custody of Fund assets
•daily valuation of the Fund’s portfolio
•liquidity monitoring and management
•risk management, including information security
•shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
•legal services (except the independent Trustees’ counsel)
•regulatory and portfolio compliance
•financial reporting
•marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments, and liquidity. In evaluating investment performance, the Board expects the Advisor and the Subadvisor to manage the Fund in accordance with its investment objectives and principal investment strategies. Further, the Trustees recognize that the Advisor and the Subadvisor have an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor and the Subadvisor utilize teams of investment professionals who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board provides oversight of the investment performance process. It regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks over different time horizons. The Trustees also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor and/or the Subadvisor the reasons for such results and any actions being taken to improve performance. The Fund’s performance was above its benchmark for the one-year period reviewed by the Board. The Board found the investment management services provided by the Advisor and the Subadvisor to the Fund to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides or arranges for a comprehensive package of services to the Fund. The Board, directly and through its Audit Committee, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including information security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

144

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund (pre- and post-distribution), and its financial results of operation. The Trustees have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the terms of the current management agreement. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund. The Board did not consider the profitability of the Subadvisor because the Subadvisor is paid from the unified management fee of the Advisor as a result of arms’ length negotiations.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to the Fund and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its fee structure and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders additional content and services.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage and other transaction fees and expenses relating to acquisition and disposition of portfolio securities, acquired fund fees and expenses, taxes, interest, extraordinary expenses, fund litigation expenses, expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Investment Company Act Rule 12b-1, and, for certain funds, fees and expenses of the Fund’s independent Trustees (including their independent legal counsel). The Board specifically noted that the subadvisory fee paid to the Subadvisor and the terms of the Subadvisory Agreement were subject to arms’ length negotiation between the Advisor and the Subadvisor and are paid by the Advisor out of its unified management fee. Under the unified fee structure, the Advisor is responsible for providing investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund’s peer expense universe and was within the range of its peer expense group. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

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

Payments to Intermediaries. The Trustees also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided in response
145

thereto. These payments could include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Trustees reviewed such information and received representations from the Advisor that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. They concluded that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with prospective clients, service providers, and counterparties. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clients.

Existing Relationships. The Board also considered whether there was any reason for not continuing the existing arrangements with the Advisor and the Subadvisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationships. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s and/or the Subadvisor's industry standing and reputation and in the expectation that the Advisor and/or the Subadvisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Trustees. As a result of this process, the Board, including all of the independent Trustees, taking into account all of the factors discussed above and the information provided by the Advisor, the Subadvisor, and others in connection with its review and received over time, determined that the terms of the management agreement and the subadvisory agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement and subadvisory agreement should be renewed for an additional one-year period.





146

American Century Multisector Floating Income ETF

At a meeting held on November 30, 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 American Century Multisector Floating Income ETF (the "New Fund"). Under 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.
In advance of the Board’s consideration, the Advisor provided information concerning the New Fund. The materials reviewed and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Fund's characteristics and key attributes, the rationale for launching the New Fund, the experience of the staff designated to manage the New Fund, the proposed pricing, and the markets in which the New Fund would be sold. The information considered and the discussions held included, but were not limited to:

•the nature, extent, and quality of investment management and other services to be provided to the New Fund;
•the wide range of other programs and services the Advisor would provide to the New Fund and its shareholders on a routine and non-routine basis;
•the New Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;
•the cost of owning the New Fund compared to the cost of owning 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 New Fund.

Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent data provider and comparing the New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of the New Fund were anticipated to be below the median of the total expense ratios of it's respective peer universe.
When considering the approval of the management agreement for the New Fund, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Fund and the risk that the New Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. 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 New 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 New Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the terms of the management agreement were fair and reasonable and that the management fee to be charged to the New Fund is reasonable in light of the services to be provided and should be approved.
147

Liquidity Risk Management Program

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

Under the program, ACIM manages the Funds' liquidity risk, which is the risk that the Funds could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Funds. This risk is managed by monitoring the degree of liquidity of the Funds' investments, limiting the amount of the Funds' illiquid investments, and utilizing various risk management tools and facilities available to the Funds for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of certain investments held by the Funds are supported by a third-party liquidity assessment vendor.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2022 through December 31, 2022. No significant liquidity events impacting the Funds were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Funds' liquidity risk.


148

Additional Information
 
Retirement Account Information
 
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.* 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 according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules.  Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution.  If applicable, federal and/or state taxes may be withheld from your distribution amount.

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


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














149

Other Tax Information 

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

Diversified Municipal Bond ETF designates $7,653,475 as exempt interest dividends for the fiscal year ended August 31, 2023.

For nonresident alien shareholders, the funds hereby designate the following, or up to the maximum amount allowable, of ordinary income distributions as qualified interest income for the fiscal year ended August 31, 2023.

Diversified
Corporate
Bond ETF		 Diversified
Municipal
Bond ETF		 Emerging Markets
Bond ETF		 Multisector Floating
Income ETF		 Multisector
Income ETF		 Select High Yield ETF Short Duration
Strategic Income
ETF
$ 5,941,159  — $ 128,737  $ 270,835  $ 4,960,060  $ 1,237,031  $ 922,614 
150

Notes






151

Notes
































152




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