UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-23305 | |||||||||||||||||||
AMERICAN CENTURY ETF TRUST | ||||||||||||||||||||
(Exact name of registrant as specified in charter) | ||||||||||||||||||||
4500 MAIN STREET, KANSAS CITY, MISSOURI | 64111 | |||||||||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||||||||
CHARLES A. ETHERINGTON 4500 MAIN STREET, KANSAS CITY, MISSOURI 64111 | ||||||||||||||||||||
(Name and address of agent for service) | ||||||||||||||||||||
Registrant’s telephone number, including area code: | 816-531-5575 | |||||||||||||||||||
Date of fiscal year end: | 08-31 | |||||||||||||||||||
Date of reporting period: | 02-28-2021 |
ITEM 1. REPORTS TO STOCKHOLDERS.
(a) Provided under separate cover.
Semiannual Report | |||||
February 28, 2021 | |||||
American Century® Diversified Corporate Bond ETF (KORP) | |||||
American Century® Diversified Municipal Bond ETF (TAXF) |
Table of Contents |
President’s Letter | |||||
Diversified Corporate Bond ETF | |||||
Fund Characteristics | |||||
Diversified Municipal Bond ETF | |||||
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 | |||||
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 |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 28, 2021. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.
Stocks Rallied as Stimulus, Vaccines Sparked Optimism
Stocks and other riskier assets delivered robust returns for the six-month period. Investors generally remained upbeat despite periodic upswings in virus cases, ongoing lockdowns in certain regions and uncertainty surrounding the U.S. political climate. Significant support from global central banks and federal governments helped maintain investor confidence in the financial markets and strengthen the economic backdrop. Additionally, positive vaccine developments and a late-2020 federal coronavirus aid package also provided support. Furthermore, political clarity emerged following the January U.S. Senate run-off elections in Georgia, which triggered expectations for another federal COVID-19 relief bill. The record $1.9 trillion American Rescue Plan Act of 2021 worked its way through Congress in February (and ultimately passed in early March).
Overall, the improving economic backdrop combined with massive monetary and fiscal support drove inflation expectations and U.S. bond yields higher. For example, the yield on the benchmark 10-year U.S. Treasury note increased more than 70 basis points for the six-month period.
Non-U.S. stocks generally outpaced U.S. stocks for the period, and within the U.S. market, small-cap stocks (Russell 2000® Index) were top performers, gaining more than 40%. Value stocks outperformed growth stocks across the board. Rising yields pressured U.S. investment-grade bond returns, which declined nearly 2%, and municipal bonds, which were up slightly. Lower-quality bonds rallied in the risk-on climate.
A Return to Normalcy in Sight
The return to pre-pandemic life appears to be on the horizon thanks to declining COVID-19 cases and expanding vaccine distribution programs. In addition, medical professionals continue to improve treatment protocols for those afflicted with the virus. Nevertheless, until the vaccine is more widely available, investors still may face the effects of virus-related restrictions, economic uncertainty and heightened market volatility. These influences can be unsettling, but they tend to be temporary.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Diversified Corporate Bond ETF | |||||
Portfolio at a Glance | |||||
Weighted Average Life to Maturity | 5.9 years | ||||
Average Duration (effective) | 4.9 years | ||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 94.9% | ||||
U.S. Treasury Securities | 2.2% | ||||
Temporary Cash Investments | 4.6% | ||||
Temporary Cash Investments - Securities Lending Collateral | 0.3% | ||||
Other Assets and Liabilities | (2.0)% |
3
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Diversified Municipal Bond ETF | |||||
Portfolio at a Glance | |||||
Weighted Average Life to Maturity | 10.0 years | ||||
Average Duration (modified) | 5.0 years | ||||
Top Five States and Territories | % of net assets | ||||
California | 15.9% | ||||
New York | 10.9% | ||||
Texas | 8.6% | ||||
Illinois | 8.1% | ||||
Arizona | 5.8% | ||||
Top Five Sectors | % of fund investments | ||||
Special Tax | 15% | ||||
General Obligation (GO) - Local | 14% | ||||
General Obligation (GO) - State | 9% | ||||
Hospital | 8% | ||||
Corporate Municipal | 7% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Municipal Securities | 98.4% | ||||
Temporary Cash Investments | 2.1% | ||||
Other Assets and Liabilities | (0.5)% |
4
Shareholder Fee Examples |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2020 to February 28, 2021.
Actual Expenses
The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/20 | Ending Account Value 2/28/21 | Expenses Paid During Period(1) 9/1/20 - 2/28/21 | Annualized Expense Ratio(1) | |||||||||||
Diversified Corporate Bond ETF | ||||||||||||||
Actual | $1,000 | $1,012.50 | $1.45 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.36 | $1.45 | 0.29% | ||||||||||
Diversified Municipal Bond ETF | ||||||||||||||
Actual | $1,000 | $1,023.50 | $1.45 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.36 | $1.45 | 0.29% |
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
5
Schedules of Investments |
FEBRUARY 28, 2021 (UNAUDITED)
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
CORPORATE BONDS — 94.9% | ||||||||
Aerospace and Defense — 1.6% | ||||||||
Boeing Co. (The), 2.20%, 2/4/26 | $ | 400,000 | $ | 400,908 | ||||
Boeing Co. (The), 5.15%, 5/1/30 | 442,000 | 515,422 | ||||||
Boeing Co. (The), 3.625%, 2/1/31 | 500,000 | 529,068 | ||||||
L3Harris Technologies, Inc., 2.90%, 12/15/29 | 700,000 | 749,618 | ||||||
2,195,016 | ||||||||
Airlines — 1.0% | ||||||||
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25(1) | 765,000 | 817,310 | ||||||
United Airlines Pass Through Trust, 4.875%, 7/15/27 | 500,000 | 523,113 | ||||||
1,340,423 | ||||||||
Automobiles — 2.8% | ||||||||
Daimler Finance North America LLC, 0.75%, 3/1/24(1)(2) | 1,000,000 | 1,002,397 | ||||||
Ford Motor Credit Co. LLC, 3.375%, 11/13/25 | 600,000 | 610,566 | ||||||
Ford Motor Credit Co. LLC, 2.90%, 2/16/28 | 200,000 | 197,290 | ||||||
Ford Motor Credit Co. LLC, 4.00%, 11/13/30 | 400,000 | 409,500 | ||||||
General Motors Financial Co., Inc., 2.90%, 2/26/25 | 1,100,000 | 1,169,525 | ||||||
General Motors Financial Co., Inc., 2.70%, 8/20/27 | 492,000 | 511,656 | ||||||
3,900,934 | ||||||||
Banks — 16.5% | ||||||||
Banco Santander SA, 2.75%, 5/28/25 | 1,180,000 | 1,251,743 | ||||||
Bank of America Corp., MTN, VRN, 1.32%, 6/19/26 | 1,744,000 | 1,757,998 | ||||||
Bank of America Corp., MTN, VRN, 2.50%, 2/13/31 | 732,000 | 750,454 | ||||||
Bank of Montreal, MTN, 1.85%, 5/1/25 | 1,084,000 | 1,120,508 | ||||||
Bank of New Zealand, 1.00%, 3/3/26(1)(2) | 850,000 | 845,540 | ||||||
BPCE SA, VRN, 1.65%, 10/6/26(1) | 945,000 | 953,435 | ||||||
Citigroup, Inc., VRN, 2.57%, 6/3/31 | 1,231,000 | 1,262,235 | ||||||
Cooperatieve Rabobank UA, VRN, 1.11%, 2/24/27(1) | 1,045,000 | 1,039,216 | ||||||
Huntington Bancshares, Inc., 4.35%, 2/4/23 | 925,000 | 989,221 | ||||||
JPMorgan Chase & Co., VRN, 2.18%, 6/1/28 | 1,500,000 | 1,549,896 | ||||||
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31 | 1,729,000 | 1,778,262 | ||||||
Lloyds Banking Group plc, VRN, 2.91%, 11/7/23 | 1,075,000 | 1,116,703 | ||||||
Lloyds Banking Group plc, VRN, 2.44%, 2/5/26 | 35,000 | 36,569 | ||||||
Natwest Group plc, 5.125%, 5/28/24 | 725,000 | 811,650 | ||||||
PNC Bank N.A., 4.05%, 7/26/28 | 600,000 | 692,801 | ||||||
Santander UK Group Holdings plc, VRN, 1.53%, 8/21/26 | 905,000 | 907,355 | ||||||
Societe Generale SA, VRN, 1.49%, 12/14/26(1) | 885,000 | 880,170 | ||||||
Truist Bank, VRN, 2.64%, 9/17/29 | 645,000 | 680,493 | ||||||
UniCredit SpA, 3.75%, 4/12/22(1) | 780,000 | 805,332 | ||||||
UniCredit SpA, VRN, 2.57%, 9/22/26(1) | 670,000 | 677,942 | ||||||
Wells Fargo & Co., 3.00%, 10/23/26 | 4,000 | 4,344 | ||||||
Wells Fargo & Co., MTN, VRN, 3.20%, 6/17/27 | 20,000 | 21,778 | ||||||
Wells Fargo & Co., MTN, VRN, 2.39%, 6/2/28 | 2,136,000 | 2,220,402 | ||||||
Wells Fargo & Co., VRN, 2.19%, 4/30/26 | 700,000 | 729,429 | ||||||
22,883,476 | ||||||||
Beverages — 1.0% | ||||||||
Anheuser-Busch InBev Worldwide, Inc., 4.00%, 4/13/28 | 1,200,000 | 1,365,016 | ||||||
6
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
Biotechnology — 0.7% | ||||||||
AbbVie, Inc., 4.25%, 11/14/28 | $ | 870,000 | $ | 1,012,106 | ||||
Building Products — 0.8% | ||||||||
Lennox International, Inc., 1.70%, 8/1/27 | 906,000 | 911,645 | ||||||
Standard Industries, Inc., 4.75%, 1/15/28(1) | 205,000 | 212,944 | ||||||
1,124,589 | ||||||||
Capital Markets — 6.8% | ||||||||
Ares Capital Corp., 2.15%, 7/15/26 | 1,000,000 | 988,197 | ||||||
CI Financial Corp., 3.20%, 12/17/30 | 775,000 | 780,027 | ||||||
Credit Suisse Group AG, VRN, 2.19%, 6/5/26(1) | 40,000 | 41,405 | ||||||
Credit Suisse Group AG, VRN, 1.31%, 2/2/27(1) | 1,000,000 | 986,765 | ||||||
FS KKR Capital Corp., 3.40%, 1/15/26 | 670,000 | 670,070 | ||||||
Goldman Sachs Group, Inc. (The), 2.60%, 2/7/30 | 524,000 | 546,938 | ||||||
Goldman Sachs Group, Inc. (The), VRN, 1.09%, 12/9/26 | 1,395,000 | 1,385,000 | ||||||
Golub Capital BDC, Inc., 2.50%, 8/24/26 | 690,000 | 685,252 | ||||||
Morgan Stanley, MTN, VRN, 1.93%, 4/28/32 | 1,160,000 | 1,127,648 | ||||||
Morgan Stanley, VRN, 2.19%, 4/28/26 | 675,000 | 703,297 | ||||||
Owl Rock Capital Corp., 3.40%, 7/15/26 | 30,000 | 30,924 | ||||||
Owl Rock Technology Finance Corp., 4.75%, 12/15/25(1) | 30,000 | 32,213 | ||||||
Owl Rock Technology Finance Corp., 3.75%, 6/17/26(1) | 640,000 | 663,288 | ||||||
Prospect Capital Corp., 3.71%, 1/22/26 | 700,000 | 698,231 | ||||||
9,339,255 | ||||||||
Chemicals — 2.1% | ||||||||
Dow Chemical Co. (The), 2.10%, 11/15/30 | 544,000 | 537,294 | ||||||
Huntsman International LLC, 4.50%, 5/1/29 | 700,000 | 793,376 | ||||||
LYB International Finance III LLC, 1.25%, 10/1/25 | 1,342,000 | 1,342,307 | ||||||
Nutrition & Biosciences, Inc., 1.83%, 10/15/27(1) | 292,000 | 293,514 | ||||||
2,966,491 | ||||||||
Construction and Engineering — 0.7% | ||||||||
Quanta Services, Inc., 2.90%, 10/1/30 | 877,000 | 916,790 | ||||||
Consumer Finance — 4.1% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.75%, 1/30/26 | 725,000 | 709,288 | ||||||
Avolon Holdings Funding Ltd., 2.125%, 2/21/26(1) | 665,000 | 641,432 | ||||||
Avolon Holdings Funding Ltd., 4.25%, 4/15/26(1) | 950,000 | 1,004,978 | ||||||
Capital One Financial Corp., 3.75%, 3/9/27 | 760,000 | 854,196 | ||||||
Navient Corp., 6.625%, 7/26/21 | 490,000 | 498,269 | ||||||
Park Aerospace Holdings Ltd., 5.50%, 2/15/24(1) | 25,000 | 27,230 | ||||||
Synchrony Financial, 2.85%, 7/25/22 | 35,000 | 36,063 | ||||||
Synchrony Financial, 4.25%, 8/15/24 | 1,695,000 | 1,861,827 | ||||||
5,633,283 | ||||||||
Containers and Packaging — 1.6% | ||||||||
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc, 4.00%, 9/1/29(1)(2) | 200,000 | 200,563 | ||||||
Berry Global, Inc., 0.95%, 2/15/24(1) | 500,000 | 500,522 | ||||||
Berry Global, Inc., 1.57%, 1/15/26(1) | 600,000 | 597,822 | ||||||
WRKCo, Inc., 3.00%, 9/15/24 | 896,000 | 959,799 | ||||||
2,258,706 | ||||||||
Diversified Financial Services — 1.3% | ||||||||
Deutsche Bank AG (New York), VRN, 3.73%, 1/14/32 | 310,000 | 308,670 | ||||||
GE Capital Funding LLC, 4.40%, 5/15/30(1) | 1,250,000 | 1,435,666 | ||||||
1,744,336 | ||||||||
7
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
Diversified Telecommunication Services — 1.9% | ||||||||
AT&T, Inc., 4.10%, 2/15/28 | $ | 500,000 | $ | 570,442 | ||||
Level 3 Financing, Inc., 3.625%, 1/15/29(1) | 159,000 | 156,732 | ||||||
Telecom Italia SpA, 5.30%, 5/30/24(1) | 650,000 | 704,727 | ||||||
Telefonica Emisiones SA, 4.10%, 3/8/27 | 625,000 | 708,862 | ||||||
Verizon Communications, Inc., 4.40%, 11/1/34 | 449,000 | 533,191 | ||||||
2,673,954 | ||||||||
Electric Utilities — 2.4% | ||||||||
Duke Energy Florida LLC, 1.75%, 6/15/30 | 900,000 | 885,936 | ||||||
NextEra Energy Capital Holdings, Inc., 3.25%, 4/1/26 | 700,000 | 768,984 | ||||||
NRG Energy, Inc., 2.00%, 12/2/25(1) | 750,000 | 756,619 | ||||||
PSEG Power LLC, 3.00%, 6/15/21 | 918,000 | 923,074 | ||||||
3,334,613 | ||||||||
Entertainment — 0.4% | ||||||||
Netflix, Inc., 3.625%, 6/15/25(1) | 307,000 | 327,530 | ||||||
Netflix, Inc., 4.875%, 4/15/28 | 223,000 | 254,238 | ||||||
581,768 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 4.5% | ||||||||
Equinix, Inc., 5.375%, 5/15/27 | 664,000 | 717,644 | ||||||
Essex Portfolio LP, 1.70%, 3/1/28(2) | 403,000 | 397,610 | ||||||
Federal Realty Investment Trust, 3.95%, 1/15/24 | 286,000 | 311,756 | ||||||
Highwoods Realty LP, 2.60%, 2/1/31 | 614,000 | 608,951 | ||||||
Host Hotels & Resorts LP, 3.75%, 10/15/23 | 35,000 | 37,187 | ||||||
Hudson Pacific Properties LP, 3.95%, 11/1/27 | 177,000 | 192,706 | ||||||
Hudson Pacific Properties LP, 3.25%, 1/15/30 | 292,000 | 302,141 | ||||||
Iron Mountain, Inc., 5.00%, 7/15/28(1) | 5,000 | 5,194 | ||||||
Kilroy Realty LP, 2.50%, 11/15/32 | 675,000 | 656,004 | ||||||
National Health Investors, Inc., 3.00%, 2/1/31 | 790,000 | 768,613 | ||||||
Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 812,000 | 833,522 | ||||||
Retail Properties of America, Inc., 4.00%, 3/15/25 | 218,000 | 229,635 | ||||||
Spirit Realty LP, 2.10%, 3/15/28(2) | 55,000 | 54,420 | ||||||
Spirit Realty LP, 3.20%, 2/15/31 | 50,000 | 51,949 | ||||||
Spirit Realty LP, 2.70%, 2/15/32(2) | 250,000 | 248,477 | ||||||
STORE Capital Corp., 2.75%, 11/18/30 | 767,000 | 766,174 | ||||||
6,181,983 | ||||||||
Food and Staples Retailing — 2.0% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 2/15/23(1) | 427,000 | 439,259 | ||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.25%, 3/15/26(1) | 772,000 | 764,704 | ||||||
Sysco Corp., 3.30%, 7/15/26 | 1,469,000 | 1,608,732 | ||||||
2,812,695 | ||||||||
Food Products — 0.8% | ||||||||
Kraft Heinz Foods Co., 3.95%, 7/15/25 | 600,000 | 667,713 | ||||||
Post Holdings, Inc., 5.00%, 8/15/26(1) | 398,000 | 415,562 | ||||||
1,083,275 | ||||||||
Health Care Equipment and Supplies — 1.4% | ||||||||
Becton Dickinson and Co., 3.70%, 6/6/27 | 500,000 | 560,853 | ||||||
Becton Dickinson and Co., 1.96%, 2/11/31 | 150,000 | 146,881 | ||||||
DENTSPLY SIRONA, Inc., 3.25%, 6/1/30 | 595,000 | 635,433 | ||||||
Zimmer Biomet Holdings, Inc., 3.55%, 3/20/30 | 544,000 | 598,574 | ||||||
1,941,741 | ||||||||
8
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
Health Care Providers and Services — 5.3% | ||||||||
Catalent Pharma Solutions, Inc., 5.00%, 7/15/27(1) | $ | 426,000 | $ | 449,085 | ||||
Centene Corp., 4.25%, 12/15/27 | 686,000 | 715,155 | ||||||
Centene Corp., 4.625%, 12/15/29 | 500,000 | 540,147 | ||||||
CVS Health Corp., 3.75%, 4/1/30 | 730,000 | 817,171 | ||||||
DaVita, Inc., 4.625%, 6/1/30(1) | 698,000 | 710,651 | ||||||
HCA, Inc., 5.00%, 3/15/24 | 1,800,000 | 2,016,744 | ||||||
Tenet Healthcare Corp., 5.125%, 5/1/25 | 600,000 | 603,750 | ||||||
Universal Health Services, Inc., 5.00%, 6/1/26(1) | 1,376,000 | 1,418,739 | ||||||
7,271,442 | ||||||||
Hotels, Restaurants and Leisure — 1.2% | ||||||||
International Game Technology plc, 6.25%, 2/15/22(1) | 600,000 | 612,375 | ||||||
Las Vegas Sands Corp., 3.90%, 8/8/29 | 321,000 | 342,403 | ||||||
Marriott International, Inc., 4.625%, 6/15/30 | 594,000 | 677,256 | ||||||
1,632,034 | ||||||||
Household Durables — 0.6% | ||||||||
PulteGroup, Inc., 5.00%, 1/15/27 | 700,000 | 821,538 | ||||||
Industrial Conglomerates — 0.4% | ||||||||
Carlisle Cos., Inc., 2.75%, 3/1/30 | 550,000 | 569,730 | ||||||
Insurance — 3.0% | ||||||||
Athene Global Funding, 1.45%, 1/8/26(1) | 1,285,000 | 1,280,399 | ||||||
Athene Holding Ltd., 3.50%, 1/15/31 | 670,000 | 698,924 | ||||||
GA Global Funding Trust, 1.625%, 1/15/26(1) | 790,000 | 798,720 | ||||||
SBL Holdings, Inc., 5.125%, 11/13/26(1) | 675,000 | 718,263 | ||||||
SBL Holdings, Inc., 5.00%, 2/18/31(1) | 695,000 | 691,895 | ||||||
4,188,201 | ||||||||
Internet and Direct Marketing Retail — 0.4% | ||||||||
QVC, Inc., 4.375%, 9/1/28 | 490,000 | 504,394 | ||||||
IT Services — 1.0% | ||||||||
Fidelity National Information Services, Inc., 1.15%, 3/1/26(2) | 400,000 | 398,642 | ||||||
Global Payments, Inc., 1.20%, 3/1/26 | 640,000 | 635,536 | ||||||
International Business Machines Corp., 3.50%, 5/15/29 | 295,000 | 326,013 | ||||||
1,360,191 | ||||||||
Life Sciences Tools and Services — 0.7% | ||||||||
Thermo Fisher Scientific, Inc., 3.20%, 8/15/27 | 872,000 | 959,211 | ||||||
Machinery — 0.6% | ||||||||
Westinghouse Air Brake Technologies Corp., 3.20%, 6/15/25 | 215,000 | 229,510 | ||||||
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/28 | 540,000 | 635,427 | ||||||
864,937 | ||||||||
Media — 3.6% | ||||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1) | 472,000 | 478,490 | ||||||
Comcast Corp., 2.35%, 1/15/27 | 1,693,000 | 1,781,449 | ||||||
CSC Holdings LLC, 5.875%, 9/15/22 | 625,000 | 658,663 | ||||||
DISH DBS Corp., 5.875%, 7/15/22 | 655,000 | 683,610 | ||||||
Sirius XM Radio, Inc., 4.625%, 7/15/24(1) | 933,000 | 962,054 | ||||||
WPP Finance 2010, 3.75%, 9/19/24 | 436,000 | 479,873 | ||||||
5,044,139 | ||||||||
Metals and Mining — 1.5% | ||||||||
Steel Dynamics, Inc., 1.65%, 10/15/27 | 800,000 | 805,777 | ||||||
Teck Resources Ltd., 3.90%, 7/15/30(3) | 1,200,000 | 1,305,777 | ||||||
2,111,554 | ||||||||
9
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
Multi-Utilities — 2.3% | ||||||||
Ameren Corp., 3.50%, 1/15/31 | $ | 750,000 | $ | 834,891 | ||||
CenterPoint Energy, Inc., 4.25%, 11/1/28 | 50,000 | 57,807 | ||||||
NiSource, Inc., 3.49%, 5/15/27 | 850,000 | 941,189 | ||||||
WEC Energy Group, Inc., 1.375%, 10/15/27 | 1,369,000 | 1,353,085 | ||||||
3,186,972 | ||||||||
Oil, Gas and Consumable Fuels — 7.2% | ||||||||
Aker BP ASA, 3.00%, 1/15/25(1) | 650,000 | 674,508 | ||||||
Boardwalk Pipelines LP, 3.40%, 2/15/31 | 158,000 | 163,318 | ||||||
BP Capital Markets America, Inc., 3.94%, 9/21/28 | 700,000 | 796,445 | ||||||
Diamondback Energy, Inc., 3.50%, 12/1/29 | 650,000 | 683,847 | ||||||
Energy Transfer Operating LP, 3.60%, 2/1/23 | 644,000 | 676,246 | ||||||
Energy Transfer Operating LP, 5.25%, 4/15/29 | 1,050,000 | 1,218,512 | ||||||
Hess Corp., 3.50%, 7/15/24 | 334,000 | 354,272 | ||||||
HollyFrontier Corp., 2.625%, 10/1/23 | 639,000 | 658,667 | ||||||
Magellan Midstream Partners LP, 3.25%, 6/1/30 | 578,000 | 621,349 | ||||||
Plains All American Pipeline LP / PAA Finance Corp., 3.55%, 12/15/29 | 700,000 | 719,739 | ||||||
Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 9/15/30 | 672,000 | 698,766 | ||||||
Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 | 750,000 | 894,987 | ||||||
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30 | 800,000 | 858,668 | ||||||
Williams Cos., Inc. (The), 4.55%, 6/24/24 | 800,000 | 889,577 | ||||||
9,908,901 | ||||||||
Pharmaceuticals — 2.5% | ||||||||
Bausch Health Cos., Inc., 6.125%, 4/15/25(1) | 729,000 | 747,196 | ||||||
Royalty Pharma plc, 1.20%, 9/2/25(1) | 809,000 | 805,816 | ||||||
Royalty Pharma plc, 1.75%, 9/2/27(1) | 662,000 | 663,569 | ||||||
Utah Acquisition Sub, Inc., 3.95%, 6/15/26 | 555,000 | 620,313 | ||||||
Viatris, Inc., 2.30%, 6/22/27(1) | 660,000 | 681,621 | ||||||
3,518,515 | ||||||||
Professional Services — 0.3% | ||||||||
Jaguar Holding Co. II / PPD Development LP, 4.625%, 6/15/25(1) | 427,000 | 445,519 | ||||||
Real Estate Management and Development — 0.5% | ||||||||
Realogy Group LLC / Realogy Co-Issuer Corp., 4.875%, 6/1/23(1) | 655,000 | 681,609 | ||||||
Road and Rail — 0.9% | ||||||||
DAE Funding LLC, 2.625%, 3/20/25(1) | 500,000 | 507,800 | ||||||
Union Pacific Corp., 2.40%, 2/5/30 | 708,000 | 733,573 | ||||||
1,241,373 | ||||||||
Semiconductors and Semiconductor Equipment — 2.1% | ||||||||
Broadcom, Inc., 3.46%, 9/15/26 | 276,000 | 299,659 | ||||||
Broadcom, Inc., 4.15%, 11/15/30 | 544,000 | 602,048 | ||||||
Microchip Technology, Inc., 2.67%, 9/1/23(1) | 410,000 | 429,393 | ||||||
Microchip Technology, Inc., 4.25%, 9/1/25(1) | 312,000 | 327,473 | ||||||
Micron Technology, Inc., 4.64%, 2/6/24 | 1,181,000 | 1,304,761 | ||||||
2,963,334 | ||||||||
Specialty Retail — 0.6% | ||||||||
Lowe's Cos., Inc., 1.30%, 4/15/28 | 837,000 | 811,360 | ||||||
Technology Hardware, Storage and Peripherals — 2.3% | ||||||||
Apple, Inc., 1.20%, 2/8/28 | 795,000 | 778,882 | ||||||
Dell International LLC / EMC Corp., 5.45%, 6/15/23(1) | 968,000 | 1,062,159 | ||||||
EMC Corp., 3.375%, 6/1/23 | 641,000 | 665,871 | ||||||
10
Diversified Corporate Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Seagate HDD Cayman, 4.875%, 3/1/24 | $ | 618,000 | $ | 665,030 | ||||
3,171,942 | ||||||||
Thrifts and Mortgage Finance — 1.3% | ||||||||
Nationwide Building Society, 1.00%, 8/28/25(1) | 1,770,000 | 1,768,283 | ||||||
Trading Companies and Distributors — 1.5% | ||||||||
Aircastle Ltd., 5.50%, 2/15/22 | 1,000,000 | 1,044,394 | ||||||
Aircastle Ltd., 4.40%, 9/25/23 | 960,000 | 1,018,602 | ||||||
Aircastle Ltd., 5.25%, 8/11/25(1) | 30,000 | 32,880 | ||||||
2,095,876 | ||||||||
Wireless Telecommunication Services — 0.7% | ||||||||
T-Mobile USA, Inc., 4.75%, 2/1/28 | 935,000 | 990,001 | ||||||
T-Mobile USA, Inc., 2.625%, 2/15/29 | 16,000 | 15,620 | ||||||
1,005,621 | ||||||||
TOTAL CORPORATE BONDS (Cost $131,579,001) | 131,417,126 | |||||||
U.S. TREASURY SECURITIES — 2.2% | ||||||||
U.S. Treasury Notes, 0.125%, 10/31/22 | 1,700,000 | 1,700,133 | ||||||
U.S. Treasury Notes, 1.375%, 1/31/25 | 1,312,000 | 1,357,151 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $3,020,045) | 3,057,284 | |||||||
TEMPORARY CASH INVESTMENTS — 4.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $6,304,527) | 6,304,527 | 6,304,527 | ||||||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(4) — 0.3% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $476,225) | 476,225 | 476,225 | ||||||
TOTAL INVESTMENT SECURITIES — 102.0% (Cost $141,379,798) | 141,255,162 | |||||||
OTHER ASSETS AND LIABILITIES — (2.0)% | (2,728,257) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 138,526,905 |
FUTURES CONTRACTS SOLD | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 10-Year Ultra Notes | 20 | June 2021 | $ | 2,946,875 | $ | 580 |
^Amount represents value and unrealized appreciation (depreciation).
11
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
MTN | - | Medium Term Note | ||||||
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $34,178,508, which represented 24.7% of total net assets.
(2)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(3)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $467,903. 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.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $476,225.
See Notes to Financial Statements.
12
FEBRUARY 28, 2021 (UNAUDITED)
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
MUNICIPAL SECURITIES — 98.4% | ||||||||
Alabama — 1.1% | ||||||||
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs Group, Inc.) | $ | 535,000 | $ | 580,753 | ||||
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 4/1/49 (GA: Goldman Sachs Group, Inc.) | 395,000 | 430,685 | ||||||
1,011,438 | ||||||||
Arizona — 5.8% | ||||||||
Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/29 | 160,000 | 182,958 | ||||||
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), 5.00%, 1/1/25 | 550,000 | 643,016 | ||||||
Arizona Industrial Development Authority Rev., 3.625%, 5/20/33 | 195,493 | 211,932 | ||||||
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 7.75%, 7/1/50(1) | 200,000 | 215,804 | ||||||
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40(1) | 200,000 | 208,554 | ||||||
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/27 (BAM) | 400,000 | 485,804 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25(1) | 515,000 | 541,044 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 | 155,000 | 178,448 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Leman Academy of Excellence, Inc.), 5.00%, 7/1/54(1) | 60,000 | 61,572 | ||||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/27(2) | 75,000 | 89,180 | ||||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28(2) | 75,000 | 90,348 | ||||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39(1) | 200,000 | 229,124 | ||||||
Phoenix GO, 5.00%, 7/1/21 | 525,000 | 533,447 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35 | 250,000 | 309,595 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38 | 750,000 | 921,097 | ||||||
Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets) | 75,000 | 103,607 | ||||||
Tempe Industrial Development Authority Rev., (Mirabella at ASU, Inc.), 4.00%, 10/1/23(1) | 370,000 | 370,052 | ||||||
5,375,582 | ||||||||
California — 15.9% | ||||||||
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 9/1/30 (BAM) | 535,000 | 673,891 | ||||||
Bay Area Toll Authority Rev., 4.00%, 4/1/29 | 230,000 | 269,806 | ||||||
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/30 | 500,000 | 544,490 | ||||||
California County Tobacco Securitization Agency Rev., 5.00%, 6/1/49 | 100,000 | 120,276 | ||||||
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(3) | 100,000 | 16,774 | ||||||
California Housing Finance Rev., 4.00%, 3/20/33 | 392,916 | 441,253 | ||||||
California Housing Finance Rev., 4.25%, 1/15/35 | 489,280 | 561,439 | ||||||
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/29(1) | 50,000 | 57,808 | ||||||
13
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/30(1) | $ | 110,000 | $ | 127,442 | ||||
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/36(1) | 175,000 | 197,587 | ||||||
California Pollution Control Financing Authority Rev., (San Diego County Water Authority), 5.00%, 7/1/39(1) | 500,000 | 595,035 | ||||||
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24 | 250,000 | 281,270 | ||||||
California Statewide Communities Development Authority Rev., (Lancer Educational Housing LLC), 4.00%, 6/1/21(1) | 200,000 | 200,974 | ||||||
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/38(1) | 240,000 | 283,793 | ||||||
California Statewide Communities Development Authority Special Assessment, (Contra County Costa Assessment District No. 14-01), 4.00%, 9/2/21 | 330,000 | 334,726 | ||||||
California Statewide Communities Development Authority Special Assessment, (San Diego Assessment District No. 18-01), 5.00%, 9/2/29 | 250,000 | 305,332 | ||||||
California Statewide Communities Development Authority Special Tax, (Community Facilities District No. 2015), 4.00%, 9/1/40 | 245,000 | 266,134 | ||||||
CSCDA Community Improvement Authority Rev., 4.00%, 8/1/56(1) | 300,000 | 324,702 | ||||||
Elk Grove Finance Authority Special Tax, 5.00%, 9/1/30 | 515,000 | 601,916 | ||||||
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39 | 500,000 | 576,710 | ||||||
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 3.00%, 9/1/25 | 155,000 | 161,941 | ||||||
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/23 | 40,000 | 44,040 | ||||||
Golden State Tobacco Securitization Corp. Rev., 3.50%, 6/1/36 | 465,000 | 473,728 | ||||||
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/47 | 100,000 | 103,448 | ||||||
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/47 | 110,000 | 113,793 | ||||||
Golden State Tobacco Securitization Corp. Rev., 5.25%, 6/1/47 | 100,000 | 103,754 | ||||||
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45 | 200,000 | 228,312 | ||||||
Long Beach Bond Finance Authority Rev., 5.50%, 11/15/37 (GA: Merrill Lynch & Co.) | 100,000 | 143,627 | ||||||
Los Angeles Unified School District GO, 4.00%, 7/1/40 | 565,000 | 619,884 | ||||||
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(1) | 100,000 | 114,124 | ||||||
Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/22 | 600,000 | 627,504 | ||||||
Orange County Airport Rev., 5.00%, 7/1/24 | 110,000 | 126,373 | ||||||
Orange County Community Facilities District Special Tax, 5.25%, 8/15/45 | 415,000 | 467,008 | ||||||
Oroville Rev., (Oroville Hospital), 5.25%, 4/1/49 | 250,000 | 282,445 | ||||||
Palomar Health GO, 5.00%, 8/1/27 | 545,000 | 649,624 | ||||||
Poway Unified School District Special Tax, (Poway Unified School District Community Facilities District No. 16), 4.00%, 9/1/31 | 315,000 | 364,694 | ||||||
San Buenaventura Rev., (Community Memorial Health System), 7.50%, 12/1/41 | 300,000 | 312,603 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/38 | 250,000 | 306,235 | ||||||
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 5.00%, 9/1/35 | 600,000 | 702,582 | ||||||
Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.) | 125,000 | 167,290 | ||||||
State of California GO, 5.25%, 5/1/34 (AGM) | 525,000 | 726,574 | ||||||
State of California GO, 5.00%, 8/1/34 | 245,000 | 296,146 | ||||||
14
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Tobacco Securitization Authority of Southern California Rev., 5.00%, 6/1/30 | $ | 230,000 | $ | 298,878 | ||||
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/39 | 280,000 | 313,816 | ||||||
Tustin Community Facilities District Special Tax, (Tustin Community Facilities District No. 14-1), 5.00%, 9/1/29 | 150,000 | 173,118 | ||||||
14,702,899 | ||||||||
Colorado — 3.5% | ||||||||
Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40 | 500,000 | 557,585 | ||||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23 | 100,000 | 105,587 | ||||||
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39 | 275,000 | 320,876 | ||||||
Colorado Health Facilities Authority Rev., (Sisters of Charity of Leavenworth Health System, Inc. Obligated Group), 4.00%, 1/1/38 | 200,000 | 233,702 | ||||||
Denver Urban Renewal Authority Tax Allocation, 5.25%, 12/1/39(1) | 100,000 | 107,103 | ||||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/30 | 250,000 | 318,220 | ||||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 4.00%, 7/15/34 | 500,000 | 590,610 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/21 (AGM) | 100,000 | 103,291 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/22 (AGM) | 100,000 | 107,359 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/26 (AGM) | 220,000 | 256,689 | ||||||
Village Metropolitan District GO, 5.00%, 12/1/49 | 500,000 | 543,000 | ||||||
3,244,022 | ||||||||
Connecticut — 1.8% | ||||||||
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 3.25%, 1/1/27(1) | 450,000 | 456,687 | ||||||
State of Connecticut GO, 5.00%, 11/15/31 | 250,000 | 295,583 | ||||||
State of Connecticut GO, 5.00%, 4/15/34 | 750,000 | 941,377 | ||||||
1,693,647 | ||||||||
District of Columbia — 0.7% | ||||||||
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 10/1/26 | 530,000 | 656,935 | ||||||
Florida — 5.5% | ||||||||
Alachua County Health Facilities Authority Rev., (Shands Teaching Hospital & Clinics Obligated Group), VRN, 5.00%, 12/1/37 | 350,000 | 418,701 | ||||||
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28 | 300,000 | 354,903 | ||||||
Florida Development Finance Corp. Rev., 5.00%, 6/15/35 | 250,000 | 287,128 | ||||||
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/33 | 180,000 | 216,787 | ||||||
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/39(1) | 550,000 | 606,446 | ||||||
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/30 | 585,000 | 661,693 | ||||||
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/35 | 135,000 | 157,255 | ||||||
Osceola County Transportation Rev., 5.00%, 10/1/30 | 500,000 | 642,345 | ||||||
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/30 | 300,000 | 386,304 | ||||||
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | 150,000 | 170,981 | ||||||
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | 375,000 | 444,787 | ||||||
Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 4.25%, 11/15/26 | 250,000 | 246,133 | ||||||
15
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
State of Florida GO, 5.00%, 6/1/21 | $ | 445,000 | $ | 450,344 | ||||
5,043,807 | ||||||||
Georgia — 1.2% | ||||||||
Atlanta Water & Wastewater Rev., 4.00%, 11/1/37 | 500,000 | 582,445 | ||||||
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets) | 500,000 | 575,445 | ||||||
1,157,890 | ||||||||
Hawaii — 1.6% | ||||||||
City & County Honolulu Wastewater System Rev., 4.00%, 7/1/32 | 250,000 | 278,220 | ||||||
City & County of Honolulu GO, 5.00%, 3/1/27 | 1,000,000 | 1,248,990 | ||||||
1,527,210 | ||||||||
Illinois — 8.1% | ||||||||
Chicago GO, 5.00%, 1/1/26 | 250,000 | 288,097 | ||||||
Chicago GO, 5.00%, 1/1/30 | 400,000 | 487,084 | ||||||
Chicago GO, 5.00%, 1/1/40 | 380,000 | 380,673 | ||||||
Chicago GO, 5.50%, 1/1/49 | 100,000 | 116,233 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/21 | 400,000 | 412,700 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/22 | 200,000 | 214,036 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/34 | 280,000 | 327,026 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/42 | 60,000 | 62,728 | ||||||
Chicago Wastewater Transmission Rev., 5.50%, 1/1/30 (AGM-CR NATL-RE) | 100,000 | 124,353 | ||||||
Cook County GO, 5.00%, 11/15/22 | 500,000 | 540,505 | ||||||
Illinois Finance Authority Rev., 5.00%, 11/1/49 | 200,000 | 220,212 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 | 300,000 | 388,329 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37 | 325,000 | 383,818 | ||||||
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/31 (AGM) | 200,000 | 234,966 | ||||||
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/28 | 400,000 | 495,036 | ||||||
Northern Illinois University Rev., 4.00%, 4/1/35 (BAM) | 250,000 | 284,280 | ||||||
Railsplitter Tobacco Settlement Authority Rev., 5.00%, 6/1/22 | 100,000 | 105,614 | ||||||
State of Illinois GO, 5.00%, 11/1/21 | 440,000 | 451,787 | ||||||
State of Illinois GO, 5.00%, 11/1/24 | 85,000 | 95,071 | ||||||
State of Illinois GO, 5.00%, 10/1/25 | 105,000 | 119,734 | ||||||
State of Illinois GO, 5.00%, 11/1/29 | 280,000 | 320,631 | ||||||
State of Illinois GO, 5.00%, 10/1/30 | 600,000 | 706,566 | ||||||
State of Illinois GO, 5.00%, 10/1/33 | 200,000 | 232,050 | ||||||
State of Illinois GO, 5.50%, 5/1/39 | 40,000 | 48,602 | ||||||
State of Illinois GO, 5.75%, 5/1/45 | 100,000 | 122,281 | ||||||
Will County Community High School District No. 210 Lincoln-Way GO, 4.00%, 1/1/22 (AGM) | 300,000 | 307,398 | ||||||
7,469,810 | ||||||||
Iowa — 0.6% | ||||||||
Iowa Finance Authority Rev., (Iowa Fertilizer Co. LLC), 3.125%, 12/1/22 | 70,000 | 71,393 | ||||||
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48 | 400,000 | 451,472 | ||||||
522,865 | ||||||||
Kansas — 0.4% | ||||||||
State of Kansas Department of Transportation Rev., 5.00%, 9/1/29 | 305,000 | 360,470 | ||||||
Kentucky — 2.2% | ||||||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/30 | 370,000 | 443,774 | ||||||
16
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Kentucky Bond Development Corp. Rev., 5.00%, 9/1/38 | $ | 250,000 | $ | 298,465 | ||||
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.25%, 6/1/41 | 100,000 | 110,838 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 4/1/48 (GA: Morgan Stanley) | 300,000 | 327,093 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 1/1/49 (GA: BP Corp. North America, Inc.) | 440,000 | 487,085 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 75,000 | 84,056 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 250,000 | 280,428 | ||||||
2,031,739 | ||||||||
Louisiana — 1.2% | ||||||||
Greater Ouachita Water Co. Rev., 4.00%, 9/1/30 (BAM) | 100,000 | 121,340 | ||||||
Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23 | 100,000 | 108,052 | ||||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/48 (AGM) | 250,000 | 289,135 | ||||||
St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.00%, 6/1/37 | 50,000 | 50,685 | ||||||
St. John the Baptist Rev., (Marathon Oil Corp.), VRN, 2.10%, 6/1/37 | 500,000 | 510,690 | ||||||
1,079,902 | ||||||||
Maryland — 2.6% | ||||||||
Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27 | 200,000 | 213,206 | ||||||
Brunswick Special Tax, 5.00%, 7/1/36 | 100,000 | 117,521 | ||||||
Maryland Economic Development Corp. Rev., (Morgan State University), 4.00%, 7/1/40 | 250,000 | 274,478 | ||||||
Maryland Economic Development Corp. Tax Allocation, 3.25%, 9/1/30 | 500,000 | 537,220 | ||||||
State of Maryland GO, 4.00%, 8/1/26 | 750,000 | 884,940 | ||||||
State of Maryland GO, 5.00%, 8/1/27 | 125,000 | 158,165 | ||||||
State of Maryland Department of Transportation Rev., 5.00%, 2/1/22 | 230,000 | 240,184 | ||||||
2,425,714 | ||||||||
Massachusetts — 1.9% | ||||||||
Massachusetts GO, 5.00%, 5/1/25 | 260,000 | 307,900 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/21(1) | 130,000 | 131,725 | ||||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/22(1) | 115,000 | 120,595 | ||||||
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 4.00%, 10/1/32(1) | 100,000 | 107,891 | ||||||
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc.), 5.00%, 10/1/37(1) | 150,000 | 164,685 | ||||||
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 4.00%, 10/1/45 (AGM) | 300,000 | 338,769 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/32 | 460,000 | 580,538 | ||||||
1,752,103 | ||||||||
Michigan — 3.6% | ||||||||
Detroit GO, 5.00%, 4/1/25 | 50,000 | 56,725 | ||||||
Detroit GO, 5.00%, 4/1/36 | 550,000 | 666,034 | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/23 (AGM) | 350,000 | 385,665 | ||||||
Lansing Board of Water & Light Rev., VRN, 2.00%, 7/1/51 | 750,000 | 791,797 | ||||||
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 1.25%, 6/1/30 | 250,000 | 250,330 | ||||||
17
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Michigan State Building Authority Rev., 5.00%, 4/15/26 | $ | 1,000,000 | $ | 1,217,520 | ||||
3,368,071 | ||||||||
Nebraska — 0.2% | ||||||||
Omaha Public Power District Rev., 5.00%, 2/1/23 | 200,000 | 218,046 | ||||||
Nevada — 1.9% | ||||||||
Clark County Department of Aviation Rev., 5.00%, 7/1/21 | 420,000 | 426,514 | ||||||
Las Vegas Special Improvement District No. 815 Special Assessment, 4.00%, 12/1/31 | 250,000 | 272,307 | ||||||
Las Vegas Special Improvement District No. 815 Special Assessment, 5.00%, 12/1/49 | 200,000 | 221,582 | ||||||
Sparks Rev., 2.50%, 6/15/24(1) | 180,000 | 181,595 | ||||||
State of Nevada Highway Improvement Rev., 4.00%, 12/1/33 | 360,000 | 420,419 | ||||||
Tahoe-Douglas Visitors Authority Rev., 4.00%, 7/1/25 | 200,000 | 220,812 | ||||||
1,743,229 | ||||||||
New Hampshire — 1.0% | ||||||||
New Hampshire Business Finance Authority Rev., 4.125%, 1/20/34 | 295,689 | 331,985 | ||||||
New Hampshire Business Finance Authority Rev., (Springpoint Senior Living Obligated Group), 4.00%, 1/1/27 | 500,000 | 577,995 | ||||||
909,980 | ||||||||
New Jersey — 3.6% | ||||||||
New Jersey Economic Development Authority Rev., 5.50%, 6/15/30 | 260,000 | 311,748 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/22 | 440,000 | 466,114 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.50%, 12/15/22 | 155,000 | 169,113 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/28 | 375,000 | 466,110 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/32 | 350,000 | 422,096 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/33 | 150,000 | 180,211 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/48 | 150,000 | 181,819 | ||||||
State of New Jersey GO, 4.00%, 6/1/31 | 410,000 | 492,078 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/29 | 125,000 | 155,733 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/30 | 110,000 | 135,929 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46 | 280,000 | 323,518 | ||||||
3,304,469 | ||||||||
New Mexico — 1.0% | ||||||||
New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/23 | 100,000 | 100,039 | ||||||
New Mexico Municipal Energy Acquisition Authority Rev., VRN, 5.00%, 11/1/39 (LIQ FAC: Royal Bank of Canada) | 500,000 | 583,890 | ||||||
Santa Fe Rev., (El Castillo Retirement Residences Obligated Group), 2.625%, 5/15/25 | 200,000 | 200,322 | ||||||
884,251 | ||||||||
New York — 10.9% | ||||||||
Dutchess County Local Development Corp. Rev., (Bard College), 5.00%, 7/1/45(1) | 100,000 | 116,699 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 2/1/23 | 165,000 | 177,811 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 110,000 | 128,475 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 560,000 | 654,052 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 750,000 | 939,457 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/38 | 255,000 | 306,342 | ||||||
New York City GO, 5.00%, 8/1/23 | 350,000 | 389,263 | ||||||
18
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
New York City GO, 5.00%, 8/1/27 | $ | 320,000 | $ | 400,579 | ||||
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/28 (AGM) | 250,000 | 313,382 | ||||||
New York City Industrial Development Agency Rev., (TrIPs Obligated Group), 5.00%, 7/1/22 | 360,000 | 382,774 | ||||||
New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 5.00%, 3/1/30 (AGM) | 100,000 | 129,050 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/23 | 100,000 | 103,217 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/29 | 500,000 | 652,580 | ||||||
New York City Water & Sewer System Rev., 5.00%, 6/15/25 | 550,000 | 620,983 | ||||||
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.25%, 10/1/35 | 200,000 | 280,258 | ||||||
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.50%, 10/1/37 (GA: Goldman Sachs Group, Inc.) | 175,000 | 256,207 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37 | 500,000 | 578,450 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/27 | 405,000 | 455,467 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/29 | 915,000 | 1,061,427 | ||||||
New York Transportation Development Corp. Rev., (Delta Air Lines, Inc.), 4.375%, 10/1/45 | 500,000 | 573,000 | ||||||
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/24 | 100,000 | 114,703 | ||||||
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/25 | 100,000 | 117,583 | ||||||
Suffolk County GO, 2.00%, 7/22/21 | 600,000 | 604,128 | ||||||
Town of Oyster Bay GO, 4.00%, 3/1/25 (AGM) | 545,000 | 616,815 | ||||||
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39 | 100,000 | 113,624 | ||||||
10,086,326 | ||||||||
North Carolina — 2.3% | ||||||||
North Carolina Medical Care Commission Rev., (Caromont Health Obligated Group), VRN, 5.00%, 2/1/51 | 500,000 | 604,025 | ||||||
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/26 | 50,000 | 50,203 | ||||||
North Carolina Turnpike Authority Rev., 5.00%, 2/1/24 | 200,000 | 225,904 | ||||||
State of North Carolina GO, 5.00%, 6/1/25 | 470,000 | 559,427 | ||||||
State of North Carolina Rev., 5.00%, 5/1/25 | 250,000 | 295,830 | ||||||
State of North Carolina Rev., 5.00%, 3/1/34 | 295,000 | 372,358 | ||||||
2,107,747 | ||||||||
Ohio — 2.3% | ||||||||
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48 | 300,000 | 335,361 | ||||||
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55 | 700,000 | 788,193 | ||||||
Columbus Sewerage Rev., 5.00%, 6/1/29 | 250,000 | 304,195 | ||||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/42 | 360,000 | 406,102 | ||||||
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/37 | 125,000 | 149,041 | ||||||
Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53 | 100,000 | 110,392 | ||||||
2,093,284 | ||||||||
Oregon — 0.5% | ||||||||
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40 | 250,000 | 268,902 | ||||||
19
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47 | $ | 100,000 | $ | 107,062 | ||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/29 | 50,000 | 58,232 | ||||||
434,196 | ||||||||
Pennsylvania — 2.9% | ||||||||
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 2/1/28 | 150,000 | 174,045 | ||||||
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 11/1/40 | 300,000 | 306,807 | ||||||
Commonwealth Financing Authority Rev., 5.00%, 6/1/25 | 275,000 | 323,262 | ||||||
Geisinger Authority Rev., (Geisinger Health System Obligated Group), 5.00%, 2/15/32 | 120,000 | 146,146 | ||||||
Pennsylvania GO, 5.00%, 9/15/25 (AGM-CR) | 225,000 | 270,365 | ||||||
Pennsylvania GO, 5.00%, 7/15/29 | 645,000 | 844,311 | ||||||
Pennsylvania State Public School Building Authority Rev., 5.00%, 6/1/29 (AGM) | 290,000 | 366,775 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/46 | 180,000 | 210,821 | ||||||
2,642,532 | ||||||||
South Carolina — 0.7% | ||||||||
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40 | 100,000 | 109,708 | ||||||
South Carolina Jobs-Economic Development Authority Rev., (Bon Secours Mercy Health, Inc.), VRN, 5.00%, 12/1/48 | 500,000 | 587,525 | ||||||
697,233 | ||||||||
Tennessee — 0.5% | ||||||||
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/25 | 100,000 | 113,968 | ||||||
Tennessee Energy Acquisition Corp. Rev., VRN, 4.00%, 11/1/49 (GA: Goldman Sachs Group, Inc.) | 280,000 | 317,842 | ||||||
431,810 | ||||||||
Texas — 8.6% | ||||||||
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD) | 425,000 | 504,700 | ||||||
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 5.00%, 8/15/29 (PSF-GTD) | 400,000 | 520,628 | ||||||
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/25 | 115,000 | 126,827 | ||||||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/23, Prerefunded at 100% of Par(4) | 600,000 | 652,020 | ||||||
Clear Creek Independent School District GO, 5.00%, 2/15/26(2) | 750,000 | 908,467 | ||||||
Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/48 | 50,000 | 57,524 | ||||||
Corpus Christi Utility System Rev., 5.00%, 7/15/33 | 400,000 | 524,324 | ||||||
Dallas Area Rapid Transit Rev., 5.00%, 12/1/34 | 240,000 | 308,990 | ||||||
Houston GO, 5.00%, 3/1/29 | 340,000 | 440,548 | ||||||
Houston Airport System Rev., (United Airlines, Inc.), 5.00%, 7/1/27 | 250,000 | 291,145 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 4.00%, 4/1/21 | 425,000 | 425,191 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27 | 240,000 | 256,303 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/26 | 565,000 | 635,919 | ||||||
Round Rock Independent School District GO, 5.00%, 8/1/24 (PSF-GTD) | 160,000 | 184,994 | ||||||
San Antonio Water System Rev., 4.00%, 5/15/34 | 250,000 | 299,808 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/25 | 250,000 | 296,693 | ||||||
20
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Texas Transportation Commission Turnpike System Rev., Series 2012 A, (First Tier), 5.00%, 8/15/22, Prerefunded at 100% of Par(4) | $ | 825,000 | $ | 883,294 | ||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/31 | 260,000 | 340,977 | ||||||
University of Texas System Rev., 5.00%, 8/15/22, Prerefunded at 100% of Par(4) | 250,000 | 267,665 | ||||||
7,926,017 | ||||||||
Virginia — 0.9% | ||||||||
Hampton Roads Transportation Accountability Commission Rev., 5.00%, 7/1/22 | 525,000 | 557,959 | ||||||
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45(1) | 200,000 | 214,890 | ||||||
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/24 | 35,000 | 39,606 | ||||||
812,455 | ||||||||
Washington — 2.5% | ||||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33 | 240,000 | 316,078 | ||||||
Port of Seattle Rev., 5.00%, 4/1/36 | 540,000 | 655,981 | ||||||
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 300,000 | 354,486 | ||||||
Washington Health Care Facilities Authority Rev., (Providence State Joseph Health Obligated Group), 5.00%, 10/1/33 | 650,000 | 685,145 | ||||||
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 3.00%, 7/1/27(1) | 300,000 | 301,803 | ||||||
2,313,493 | ||||||||
West Virginia — 0.4% | ||||||||
West Virginia Economic Development Authority Rev., (Arch Resources, Inc.), VRN, 4.125%, 7/1/45(2) | 350,000 | 351,152 | ||||||
Wisconsin — 0.5% | ||||||||
Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/41 | 100,000 | 120,438 | ||||||
Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48(1) | 75,000 | 81,128 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/39 (AGM) | 150,000 | 166,761 | ||||||
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM) | 75,000 | 90,882 | ||||||
459,209 | ||||||||
TOTAL MUNICIPAL SECURITIES (Cost $88,027,139) | 90,839,533 | |||||||
TEMPORARY CASH INVESTMENTS — 2.1% | ||||||||
Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio, Institutional Share Class (Cost $1,922,678) | 1,922,361 | 1,922,361 | ||||||
TOTAL INVESTMENT SECURITIES — 100.5% (Cost $89,949,817) | 92,761,894 | |||||||
OTHER ASSETS AND LIABILITIES — (0.5)% | (484,691) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 92,277,203 |
21
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
AGM | - | Assured Guaranty Municipal Corporation | ||||||
AGM-CR | - | Assured Guaranty Municipal Corporation - Custodian Receipts | ||||||
BAM | - | Build America Mutual Assurance Company | ||||||
GA | - | Guaranty Agreement | ||||||
GO | - | General Obligation | ||||||
LIQ FAC | - | Liquidity Facilities | ||||||
NATL-RE | - | National Public Finance Guarantee Corporation - Reinsured | ||||||
PSF-GTD | - | Permanent School Fund Guaranteed | ||||||
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $6,118,862, which represented 6.6% of total net assets.
(2)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(3)Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(4)Escrowed to maturity in U.S. government securities or state and local government securities.
See Notes to Financial Statements.
22
Statements of Assets and Liabilities |
FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $140,903,573 and $89,949,817, respectively) — including $467,903 and $— of securities on loan, respectively | $ | 140,778,937 | $ | 92,761,894 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $476,225) | 476,225 | — | ||||||
Total investment securities, at value (cost of $141,379,798 and $89,949,817, respectively) | 141,255,162 | 92,761,894 | ||||||
Deposits with broker for futures contracts | 44,000 | — | ||||||
Receivable for investments sold | 2,247,639 | 71,167 | ||||||
Interest receivable | 961,109 | 905,010 | ||||||
Securities lending receivable | 56 | — | ||||||
144,507,966 | 93,738,071 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 476,225 | — | ||||||
Payable for investments purchased | 5,430,790 | 1,440,606 | ||||||
Payable for variation margin on futures contracts | 43,421 | — | ||||||
Accrued management fees | 30,625 | 20,262 | ||||||
5,981,061 | 1,460,868 | |||||||
Net Assets | $ | 138,526,905 | $ | 92,277,203 | ||||
Shares outstanding (unlimited number of shares authorized) | 2,650,000 | 1,700,000 | ||||||
Net Asset Value Per Share | $ | 52.27 | $ | 54.28 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 134,055,000 | $ | 89,007,514 | ||||
Distributable earnings | 4,471,905 | 3,269,689 | ||||||
$ | 138,526,905 | $ | 92,277,203 |
See Notes to Financial Statements.
23
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Interest | $ | 1,398,985 | $ | 935,568 | ||||
Securities lending, net | 611 | — | ||||||
1,399,596 | 935,568 | |||||||
Expenses: | ||||||||
Management fees | 185,283 | 109,248 | ||||||
Net investment income (loss) | 1,214,313 | 826,320 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (Note 4) | 4,816,800 | 343,730 | ||||||
Swap agreement transactions | (13,563) | — | ||||||
4,803,237 | 343,730 | |||||||
Change in unrealized appreciation (depreciation) on: | ||||||||
Investments | (4,569,989) | 359,018 | ||||||
Futures contracts | 580 | — | ||||||
(4,569,409) | 359,018 | |||||||
Net realized and unrealized gain (loss) | 233,828 | 702,748 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,448,141 | $ | 1,529,068 |
See Notes to Financial Statements.
24
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2020 | ||||||||||||||
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2021 | August 31, 2020 | February 28, 2021 | August 31, 2020 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 1,214,313 | $ | 2,547,168 | $ | 826,320 | $ | 1,076,197 | ||||||
Net realized gain (loss) | 4,803,237 | 1,164,787 | 343,730 | (45,346) | ||||||||||
Change in net unrealized appreciation (depreciation) | (4,569,409) | 2,286,080 | 359,018 | 1,218,506 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 1,448,141 | 5,998,035 | 1,529,068 | 2,249,357 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (2,656,895) | (2,757,995) | (780,140) | (1,008,385) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 84,274,754 | 53,791,152 | 27,251,809 | 39,092,924 | ||||||||||
Payments for shares redeemed | (65,798,975) | (105,286) | (2,741,045) | — | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 18,475,779 | 53,685,866 | 24,510,764 | 39,092,924 | ||||||||||
Net increase (decrease) in net assets | 17,267,025 | 56,925,906 | 25,259,692 | 40,333,896 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 121,259,880 | 64,333,974 | 67,017,511 | 26,683,615 | ||||||||||
End of period | $ | 138,526,905 | $ | 121,259,880 | $ | 92,277,203 | $ | 67,017,511 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 1,600,000 | 1,050,000 | 500,000 | 750,000 | ||||||||||
Redeemed | (1,250,000) | (2,000) | (50,000) | — | ||||||||||
Net increase (decrease) in shares of the funds | 350,000 | 1,048,000 | 450,000 | 750,000 |
See Notes to Financial Statements.
25
Notes to Financial Statements |
FEBRUARY 28, 2021 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Diversified Corporate Bond ETF (Diversified Corporate Bond ETF) and American Century Diversified Municipal Bond ETF (Diversified Municipal Bond ETF) (collectively, the funds) are two 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. Shares of each fund are listed for trading on the NYSE Arca, Inc.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, municipal securities, and U.S. Treasury and Government Agency securities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.
If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
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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.
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.
Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2021.
Diversified Corporate Bond ETF | |||||||||||||||||
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |||||||||||||
Securities Lending Transactions(1) | |||||||||||||||||
Corporate Bonds | $ | 476,225 | — | — | — | $ | 476,225 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 476,225 |
(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.
27
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, 46% of the shares of Diversified Corporate Bond ETF. Various funds issued by American Century Municipal Trust own, in aggregate, 12% of the shares of Diversified Municipal Bond ETF. Related parties do not invest in the funds for the purpose of exercising management or control.
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% |
Interfund Transactions — The funds may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 28, 2021 were as follows:
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | |||||||
Purchases | $100,355,187(1) | $29,288,393 | ||||||
Sales | $95,290,262 | $4,941,327 |
(1) $1,700,266 represented U.S. Treasury and Government Agency obligations.
Securities received or delivered in-kind through subscriptions and redemptions and in-kind net realized gain (loss) for the period ended February 28, 2021 were as follows:
In-kind Subscriptions | In-kind Redemptions | In-kind Net Realized Gain/(Loss)* | |||||||||
Diversified Corporate Bond ETF | $77,073,777 | $64,178,294 | $3,452,131 | ||||||||
Diversified Municipal Bond ETF | $2,314,295 | $2,667,069 | $292,765 |
*Net realized gain (loss) on in-kind transactions are not considered taxable for federal income tax purposes.
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 proceeds from shares sold in the Statements of Changes in Net Assets.
28
6. Fair Value Measurements
The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Diversified Corporate Bond ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 131,417,126 | — | |||||||
U.S. Treasury Securities | — | 3,057,284 | — | ||||||||
Temporary Cash Investments | $ | 6,304,527 | — | — | |||||||
Temporary Cash Investments - Securities Lending Collateral | 476,225 | — | — | ||||||||
$ | 6,780,752 | $ | 134,474,410 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 580 | — | — |
Diversified Municipal Bond ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Municipal Securities | — | $ | 90,839,533 | — | |||||||
Temporary Cash Investments | $ | 1,922,361 | — | — | |||||||
$ | 1,922,361 | $ | 90,839,533 | — |
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7. Derivative Instruments
Credit Risk — The funds are subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. Diversified Corporate Bond ETF's average notional amount held during the period was $3,600,000.
Interest Rate Risk — The funds are subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. The funds may enter into futures contracts based on a bond index or a specific underlying security. The funds 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, the funds will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by the funds. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. The funds recognize 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. Diversified Corporate Bond ETF's average notional exposure to interest rate risk derivative instruments held during the period was $2,946,875 futures contracts sold.
Diversified Corporate Bond ETF
Value of Derivative Instruments as of February 28, 2021
Assets Derivatives | Liability Derivatives | |||||||||||||
Type of Risk Exposure | Location on Statement of Assets and Liabilities | Value | Location on Statement of Assets and Liabilities | Value | ||||||||||
Interest Rate Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 43,421 |
*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.
Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended February 28, 2021
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | |||||||||||||
Type of Risk Exposure | Location on Statement of Operations | Value | Location on Statement of Operations | Value | ||||||||||
Credit Risk | Net realized gain (loss) on swap agreement transactions | $ | (13,563) | Change in net unrealized appreciation (depreciation) on swap agreements | — | |||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | — | Change in net unrealized appreciation (depreciation) on futures contracts | $ | 580 | |||||||||
$ | (13,563) | $ | 580 |
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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, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
A fund's investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.
The novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the funds.
9. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | |||||||
Federal tax cost of investments | $ | 141,379,813 | $ | 89,950,692 | ||||
Gross tax appreciation of investments | $ | 582,664 | $ | 3,105,569 | ||||
Gross tax depreciation of investments | (707,315) | (294,367) | ||||||
Net tax appreciation (depreciation) of investments | $ | (124,651) | $ | 2,811,202 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of August 31, 2020, Diversified Municipal Bond ETF had accumulated short-term capital losses of $(57,142), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
31
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 | 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 | |||||||||||||||||||||||||||||||||||||||||
2021(4) | $52.72 | 0.50 | 0.15 | 0.65 | (0.88) | (0.22) | (1.10) | $52.27 | 1.25% | 0.29%(5) | 1.90%(5) | 77% | $138,527 | ||||||||||||||||||||||||||||
2020 | $51.38 | 1.28 | 1.49 | 2.77 | (1.40) | (0.03) | (1.43) | $52.72 | 5.48% | 0.29% | 2.50% | 174% | $121,260 | ||||||||||||||||||||||||||||
2019 | $48.77 | 1.67 | 2.48 | 4.15 | (1.54) | — | (1.54) | $51.38 | 8.70% | 0.39% | 3.37% | 35% | $64,334 | ||||||||||||||||||||||||||||
2018(6) | $50.00 | 0.96 | (1.37) | (0.41) | (0.82) | — | (0.82) | $48.77 | (0.77)% | 0.45%(5) | 3.09%(5) | 38% | $12,291 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in-kind.
(4)Six months ended February 28, 2021 (unaudited).
(5)Annualized.
(6)January 11, 2018 (fund inception) through August 31, 2018.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | 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 | |||||||||||||||||||||||||||||||||||
2021(4) | $53.61 | 0.59 | 0.67 | 1.26 | (0.59) | $54.28 | 2.35% | 0.29%(5) | 2.19%(5) | 7% | $92,277 | ||||||||||||||||||||||||
2020 | $53.37 | 1.19 | 0.20 | 1.39 | (1.15) | $53.61 | 2.66% | 0.29% | 2.26% | 23% | $67,018 | ||||||||||||||||||||||||
2019(6) | $50.00 | 1.36 | 3.26 | 4.62 | (1.25) | $53.37 | 9.42% | 0.29%(5) | 2.74%(5) | 19% | $26,684 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in-kind.
(4)Six months ended February 28, 2021 (unaudited).
(5)Annualized.
(6)September 10, 2018 (fund inception) through August 31, 2019.
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
34
Notes |
35
Notes |
36
Notes |
37
Notes |
38
Notes |
39
Notes |
40
Contact Us | americancenturyetfs.com | |||||||
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-ACI-ETFS | |||||||
Telecommunications Relay Service for the Deaf | 711 | |||||||
American Century ETF Trust | ||||||||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||||||||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||||||||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||||||||
©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96947 2104 |
Semiannual Report | |||||
February 28, 2021 | |||||
American Century® Focused Dynamic Growth ETF (FDG) | |||||
American Century® Focused Large Cap Value ETF (FLV) |
Table of Contents |
President’s Letter | |||||
Focused Dynamic Growth ETF | |||||
Fund Characteristics | |||||
Focused Large Cap Value ETF | |||||
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 | |||||
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.
The funds utilize the ActiveShares® methodology licensed from Precidian Investments, LLC (Precidian). Precidian’s products and services are protected by domestic and international intellectual property protections, including, without limitation, the following issued patents and pending patent applications: 7813987, 8285624, 7925562, 13011746, 14528658, 14208966, 16196560.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 28, 2021. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.
Stocks Rallied as Stimulus, Vaccines Sparked Optimism
Stocks and other riskier assets delivered robust returns for the six-month period. Investors generally remained upbeat despite periodic upswings in virus cases, ongoing lockdowns in certain regions and uncertainty surrounding the U.S. political climate. Significant support from global central banks and federal governments helped maintain investor confidence in the financial markets and strengthen the economic backdrop. Additionally, positive vaccine developments and a late-2020 federal coronavirus aid package also provided support. Furthermore, political clarity emerged following the January U.S. Senate run-off elections in Georgia, which triggered expectations for another federal COVID-19 relief bill. The record $1.9 trillion American Rescue Plan Act of 2021 worked its way through Congress in February (and ultimately passed in early March).
Overall, the improving economic backdrop combined with massive monetary and fiscal support drove inflation expectations and U.S. bond yields higher. For example, the yield on the benchmark 10-year U.S. Treasury note increased more than 70 basis points for the six-month period.
Non-U.S. stocks generally outpaced U.S. stocks for the period, and within the U.S. market, small-cap stocks (Russell 2000® Index) were top performers, gaining more than 40%. Value stocks outperformed growth stocks across the board. Rising yields pressured U.S. investment-grade bond returns, which declined nearly 2%, and municipal bonds, which were up slightly. Lower-quality bonds rallied in the risk-on climate.
A Return to Normalcy in Sight
The return to pre-pandemic life appears to be on the horizon thanks to declining COVID-19 cases and expanding vaccine distribution programs. In addition, medical professionals continue to improve treatment protocols for those afflicted with the virus. Nevertheless, until the vaccine is more widely available, investors still may face the effects of virus-related restrictions, economic uncertainty and heightened market volatility. These influences can be unsettling, but they tend to be temporary.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Focused Dynamic Growth ETF | |||||
Top Ten Holdings | % of net assets | ||||
Tesla, Inc. | 7.4% | ||||
Amazon.com, Inc. | 6.9% | ||||
Alphabet, Inc., Class C | 5.7% | ||||
Square, Inc., Class A | 4.9% | ||||
Chegg, Inc. | 4.5% | ||||
Bill.com Holdings, Inc. | 4.4% | ||||
Okta, Inc. | 4.4% | ||||
DocuSign, Inc. | 4.3% | ||||
Boston Beer Co., Inc. (The), Class A | 4.2% | ||||
Facebook, Inc., Class A | 3.7% | ||||
Top Five Industries | % of net assets | ||||
Software | 18.8% | ||||
IT Services | 16.1% | ||||
Interactive Media and Services | 9.4% | ||||
Automobiles | 7.4% | ||||
Biotechnology | 7.1% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Temporary Cash Investments | 0.3% | ||||
Other Assets and Liabilities | —* |
*Category is less than 0.05% of total net assets.
3
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Focused Large Cap Value ETF | |||||
Top Ten Holdings | % of net assets | ||||
Johnson & Johnson | 5.8% | ||||
Medtronic plc | 4.9% | ||||
Berkshire Hathaway, Inc., Class B | 4.8% | ||||
JPMorgan Chase & Co. | 4.1% | ||||
Unilever plc, ADR | 3.9% | ||||
Emerson Electric Co. | 3.7% | ||||
Cisco Systems, Inc. | 3.5% | ||||
Bank of New York Mellon Corp. (The) | 3.4% | ||||
Verizon Communications, Inc. | 3.2% | ||||
Mondelez International, Inc., Class A | 2.9% | ||||
Top Five Industries | % of net assets | ||||
Pharmaceuticals | 9.4% | ||||
Health Care Equipment and Supplies | 9.3% | ||||
Insurance | 8.7% | ||||
Electrical Equipment | 6.7% | ||||
Banks | 6.1% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Domestic Common Stocks | 86.6% | ||||
Foreign Common Stocks* | 12.4% | ||||
Total Common Stocks | 99.0% | ||||
Temporary Cash Investments | 0.7% | ||||
Other Assets and Liabilities | 0.3% |
*Includes depositary shares, dual listed securities and foreign ordinary shares.
4
Shareholder Fee Examples |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2020 to February 28, 2021.
Actual Expenses
The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/20 | Ending Account Value 2/28/21 | Expenses Paid During Period(1) 9/1/20 - 2/28/21 | Annualized Expense Ratio(1) | |||||||||||
Focused Dynamic Growth ETF | ||||||||||||||
Actual | $1,000 | $1,098.20 | $2.34 | 0.45% | ||||||||||
Hypothetical | $1,000 | $1,022.56 | $2.26 | 0.45% | ||||||||||
Focused Large Cap Value ETF | ||||||||||||||
Actual | $1,000 | $1,126.20 | $2.21 | 0.42% | ||||||||||
Hypothetical | $1,000 | $1,022.71 | $2.11 | 0.42% |
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
5
Schedules of Investments |
FEBRUARY 28, 2021 (UNAUDITED)
Focused Dynamic Growth ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Aerospace and Defense — 1.4% | ||||||||
Lockheed Martin Corp. | 9,182 | $ | 3,032,355 | |||||
Automobiles — 7.4% | ||||||||
Tesla, Inc.(1) | 24,494 | 16,545,697 | ||||||
Beverages — 6.7% | ||||||||
Boston Beer Co., Inc. (The), Class A(1) | 9,012 | 9,270,734 | ||||||
Constellation Brands, Inc., Class A | 26,749 | 5,728,031 | ||||||
14,998,765 | ||||||||
Biotechnology — 7.1% | ||||||||
Alnylam Pharmaceuticals, Inc.(1) | 25,747 | 3,813,131 | ||||||
Argenx SE, ADR(1) | 9,169 | 3,032,005 | ||||||
Ascendis Pharma A/S, ADR(1) | 5,548 | 859,774 | ||||||
Biogen, Inc.(1) | 9,456 | 2,580,353 | ||||||
Blueprint Medicines Corp.(1) | 27,379 | 2,689,165 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 6,307 | 2,841,745 | ||||||
15,816,173 | ||||||||
Capital Markets — 4.2% | ||||||||
Intercontinental Exchange, Inc. | 36,469 | 4,022,896 | ||||||
S&P Global, Inc. | 16,217 | 5,341,231 | ||||||
9,364,127 | ||||||||
Diversified Consumer Services — 4.5% | ||||||||
Chegg, Inc.(1) | 103,666 | 10,006,879 | ||||||
Electronic Equipment, Instruments and Components — 2.6% | ||||||||
Cognex Corp. | 69,728 | 5,758,836 | ||||||
Energy Equipment and Services — 0.8% | ||||||||
Cactus, Inc., Class A | 53,495 | 1,704,886 | ||||||
Entertainment — 1.9% | ||||||||
Netflix, Inc.(1) | 7,819 | 4,213,268 | ||||||
Equity Real Estate Investment Trusts (REITs) — 0.7% | ||||||||
SBA Communications Corp. | 6,059 | 1,545,833 | ||||||
Health Care Equipment and Supplies — 3.7% | ||||||||
Intuitive Surgical, Inc.(1) | 8,735 | 6,435,948 | ||||||
Silk Road Medical, Inc.(1) | 34,585 | 1,894,220 | ||||||
8,330,168 | ||||||||
Hotels, Restaurants and Leisure — 2.5% | ||||||||
Chipotle Mexican Grill, Inc.(1) | 2,493 | 3,594,906 | ||||||
DraftKings, Inc., Class A(1) | 32,428 | 1,995,295 | ||||||
5,590,201 | ||||||||
Interactive Media and Services — 9.4% | ||||||||
Alphabet, Inc., Class C(1) | 6,193 | 12,614,274 | ||||||
Facebook, Inc., Class A(1) | 32,000 | 8,243,840 | ||||||
20,858,114 | ||||||||
Internet and Direct Marketing Retail — 6.9% | ||||||||
Amazon.com, Inc.(1) | 4,935 | 15,263,610 | ||||||
IT Services — 16.1% | ||||||||
BigCommerce Holdings, Inc.(1) | 18,014 | 1,064,808 |
6
Focused Dynamic Growth ETF | ||||||||
Shares | Value | |||||||
Mastercard, Inc., Class A | 18,537 | $ | 6,559,317 | |||||
Okta, Inc.(1) | 37,446 | 9,790,257 | ||||||
Square, Inc., Class A(1) | 47,073 | 10,828,202 | ||||||
Visa, Inc., Class A | 35,427 | 7,524,340 | ||||||
35,766,924 | ||||||||
Machinery — 1.8% | ||||||||
Westinghouse Air Brake Technologies Corp. | 56,640 | 4,102,435 | ||||||
Professional Services — 0.9% | ||||||||
Verisk Analytics, Inc. | 12,313 | 2,017,485 | ||||||
Software — 18.8% | ||||||||
Adobe, Inc.(1) | 5,741 | 2,638,966 | ||||||
Bill.com Holdings, Inc.(1) | 59,830 | 9,872,548 | ||||||
DocuSign, Inc.(1) | 42,190 | 9,562,785 | ||||||
RingCentral, Inc., Class A(1) | 11,471 | 4,337,873 | ||||||
salesforce.com, Inc.(1) | 36,194 | 7,836,001 | ||||||
Slack Technologies, Inc., Class A(1) | 188,465 | 7,713,873 | ||||||
41,962,046 | ||||||||
Specialty Retail — 1.0% | ||||||||
Ross Stores, Inc. | 18,379 | 2,143,727 | ||||||
Textiles, Apparel and Luxury Goods — 1.3% | ||||||||
NIKE, Inc., Class B | 21,707 | 2,925,669 | ||||||
TOTAL COMMON STOCKS (Cost $168,742,442) | 221,947,198 | |||||||
TEMPORARY CASH INVESTMENTS — 0.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $732,854) | 732,854 | 732,854 | ||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $169,475,296) | 222,680,052 | |||||||
OTHER ASSETS AND LIABILITIES† | (18,069) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 222,661,983 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
See Notes to Financial Statements.
7
FEBRUARY 28, 2021 (UNAUDITED)
Focused Large Cap Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.0% | ||||||||
Aerospace and Defense — 2.6% | ||||||||
Lockheed Martin Corp. | 4,572 | $ | 1,509,903 | |||||
Raytheon Technologies Corp. | 42,935 | 3,090,891 | ||||||
4,600,794 | ||||||||
Banks — 6.1% | ||||||||
JPMorgan Chase & Co. | 49,358 | 7,264,017 | ||||||
Truist Financial Corp. | 64,570 | 3,677,907 | ||||||
10,941,924 | ||||||||
Beverages — 2.8% | ||||||||
Diageo plc, ADR | 16,397 | 2,586,463 | ||||||
PepsiCo, Inc. | 18,902 | 2,441,949 | ||||||
5,028,412 | ||||||||
Building Products — 2.0% | ||||||||
Johnson Controls International plc | 65,320 | 3,644,203 | ||||||
Capital Markets — 3.4% | ||||||||
Bank of New York Mellon Corp. (The) | 144,232 | 6,080,821 | ||||||
Commercial Services and Supplies — 1.7% | ||||||||
Republic Services, Inc. | 34,153 | 3,042,691 | ||||||
Communications Equipment — 5.3% | ||||||||
Cisco Systems, Inc. | 140,664 | 6,311,594 | ||||||
F5 Networks, Inc.(1) | 16,841 | 3,199,453 | ||||||
9,511,047 | ||||||||
Construction Materials — 0.4% | ||||||||
Martin Marietta Materials, Inc. | 2,154 | 725,618 | ||||||
Containers and Packaging — 1.2% | ||||||||
Sonoco Products Co. | 34,636 | 2,063,266 | ||||||
Diversified Financial Services — 4.8% | ||||||||
Berkshire Hathaway, Inc., Class B(1) | 35,910 | 8,636,714 | ||||||
Diversified Telecommunication Services — 3.2% | ||||||||
Verizon Communications, Inc. | 103,444 | 5,720,453 | ||||||
Electric Utilities — 3.1% | ||||||||
Duke Energy Corp. | 32,910 | 2,816,767 | ||||||
Pinnacle West Capital Corp. | 38,566 | 2,696,920 | ||||||
5,513,687 | ||||||||
Electrical Equipment — 6.7% | ||||||||
ABB Ltd., ADR | 108,606 | 3,125,681 | ||||||
Emerson Electric Co. | 76,364 | 6,559,667 | ||||||
Hubbell, Inc. | 13,469 | 2,390,882 | ||||||
12,076,230 | ||||||||
Electronic Equipment, Instruments and Components — 1.8% | ||||||||
TE Connectivity Ltd. | 25,300 | 3,289,759 | ||||||
Entertainment — 0.8% | ||||||||
Walt Disney Co. (The)(1) | 7,173 | 1,355,984 | ||||||
Food and Staples Retailing — 1.6% | ||||||||
Walmart, Inc. | 21,851 | 2,838,882 | ||||||
Food Products — 3.5% | ||||||||
Conagra Brands, Inc. | 33,822 | 1,147,580 | ||||||
8
Focused Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Mondelez International, Inc., Class A | 97,192 | $ | 5,166,727 | |||||
6,314,307 | ||||||||
Gas Utilities — 2.7% | ||||||||
Atmos Energy Corp. | 56,268 | 4,760,835 | ||||||
Health Care Equipment and Supplies — 9.3% | ||||||||
Becton Dickinson and Co. | 18,541 | 4,471,162 | ||||||
Hologic, Inc.(1) | 19,963 | 1,439,133 | ||||||
Medtronic plc | 74,698 | 8,737,425 | ||||||
Zimmer Biomet Holdings, Inc. | 12,860 | 2,096,951 | ||||||
16,744,671 | ||||||||
Health Care Providers and Services — 0.7% | ||||||||
Universal Health Services, Inc., Class B(1) | 10,344 | 1,296,414 | ||||||
Health Care Technology — 1.7% | ||||||||
Cerner Corp. | 45,076 | 3,116,555 | ||||||
Household Products — 1.7% | ||||||||
Colgate-Palmolive Co. | 24,527 | 1,844,431 | ||||||
Procter & Gamble Co. (The) | 9,795 | 1,209,976 | ||||||
3,054,407 | ||||||||
Industrial Conglomerates — 0.7% | ||||||||
Honeywell International, Inc. | 6,033 | 1,220,778 | ||||||
Insurance — 8.7% | ||||||||
Aflac, Inc. | 75,306 | 3,606,404 | ||||||
Chubb Ltd. | 25,755 | 4,187,248 | ||||||
Marsh & McLennan Cos., Inc. | 38,313 | 4,414,424 | ||||||
Reinsurance Group of America, Inc. | 27,089 | 3,311,089 | ||||||
15,519,165 | ||||||||
Oil, Gas and Consumable Fuels — 4.7% | ||||||||
Chevron Corp. | 45,604 | 4,560,400 | ||||||
TOTAL SE, ADR | 82,378 | 3,822,339 | ||||||
8,382,739 | ||||||||
Personal Products — 3.9% | ||||||||
Unilever plc, ADR | 135,866 | 7,073,184 | ||||||
Pharmaceuticals — 9.4% | ||||||||
Johnson & Johnson | 65,030 | 10,304,654 | ||||||
Merck & Co., Inc. | 30,979 | 2,249,695 | ||||||
Novartis AG, ADR | 49,827 | 4,280,637 | ||||||
16,834,986 | ||||||||
Road and Rail — 0.4% | ||||||||
Union Pacific Corp. | 3,706 | 763,288 | ||||||
Semiconductors and Semiconductor Equipment — 2.3% | ||||||||
Texas Instruments, Inc. | 23,566 | 4,059,715 | ||||||
Software — 1.8% | ||||||||
Open Text Corp. | 36,133 | 1,610,448 | ||||||
Oracle Corp. (New York) | 23,898 | 1,541,660 | ||||||
3,152,108 | ||||||||
TOTAL COMMON STOCKS (Cost $159,154,767) | 177,363,637 |
9
Focused Large Cap Value ETF | ||||||||
Shares | Value | |||||||
TEMPORARY CASH INVESTMENTS — 0.7% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $1,241,331) | 1,241,331 | $ | 1,241,331 | |||||
TOTAL INVESTMENT SECURITIES — 99.7% (Cost $160,396,098) | 178,604,968 | |||||||
OTHER ASSETS AND LIABILITIES — 0.3% | 458,299 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 179,063,267 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt |
(1)Non-income producing.
See Notes to Financial Statements.
10
Statements of Assets and Liabilities |
FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Focused Dynamic Growth ETF | Focused Large Cap Value ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $169,475,296 and $160,396,098, respectively) | $ | 222,680,052 | $ | 178,604,968 | ||||
Dividends and interest receivable | 63,059 | 516,228 | ||||||
222,743,111 | 179,121,196 | |||||||
Liabilities | ||||||||
Accrued management fees | 81,128 | 57,929 | ||||||
Net Assets | $ | 222,661,983 | $ | 179,063,267 | ||||
Shares outstanding (unlimited number of shares authorized) | 2,980,000 | 3,275,000 | ||||||
Net Asset Value Per Share | $ | 74.72 | $ | 54.68 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 162,628,703 | $ | 158,457,224 | ||||
Distributable earnings | 60,033,280 | 20,606,043 | ||||||
$ | 222,661,983 | $ | 179,063,267 |
See Notes to Financial Statements.
11
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Focused Dynamic Growth ETF | Focused Large Cap Value ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $– and $21,342, respectively) | $ | 367,402 | $ | 1,579,101 | ||||
Interest | 77 | 159 | ||||||
367,479 | 1,579,260 | |||||||
Expenses: | ||||||||
Management fees | 464,052 | 280,290 | ||||||
Net investment income (loss) | (96,573) | 1,298,970 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on investment transactions (Note 4) | 7,121,489 | 1,890,577 | ||||||
Change in net unrealized appreciation (depreciation) on investments | 9,575,388 | 13,259,232 | ||||||
Net realized and unrealized gain (loss) | 16,696,877 | 15,149,809 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 16,600,304 | $ | 16,448,779 |
See Notes to Financial Statements.
12
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2020 | ||||||||||||||
Focused Dynamic Growth ETF | Focused Large Cap Value ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2021 | August 31, 2020(1) | February 28, 2021 | August 31, 2020(1) | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | (96,573) | $ | (63,174) | $ | 1,298,970 | $ | 447,175 | ||||||
Net realized gain (loss) | 7,121,489 | (111,378) | 1,890,577 | (170,169) | ||||||||||
Change in net unrealized appreciation (depreciation) | 9,575,388 | 43,629,368 | 13,259,232 | 4,949,638 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 16,600,304 | 43,454,816 | 16,448,779 | 5,226,644 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (21,840) | — | (975,754) | (93,626) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 20,128,322 | 165,758,589 | 80,867,015 | 77,590,209 | ||||||||||
Payments for shares redeemed | (23,258,208) | — | — | — | ||||||||||
Net increase (decrease) in net assets from capital share transactions | (3,129,886) | 165,758,589 | 80,867,015 | 77,590,209 | ||||||||||
Net increase (decrease) in net assets | 13,448,578 | 209,213,405 | 96,340,040 | 82,723,227 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 209,213,405 | — | 82,723,227 | — | ||||||||||
End of period | $ | 222,661,983 | $ | 209,213,405 | $ | 179,063,267 | $ | 82,723,227 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 275,000 | 3,075,000 | 1,585,000 | 1,690,000 | ||||||||||
Redeemed | (370,000) | — | — | — | ||||||||||
Net increase (decrease) in shares of the funds | (95,000) | 3,075,000 | 1,585,000 | 1,690,000 |
(1)March 31, 2020 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
13
Notes to Financial Statements |
FEBRUARY 28, 2021 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Focused Dynamic Growth ETF (Focused Dynamic Growth ETF) and American Century Focused Large Cap Value ETF (Focused Large Cap Value ETF) (collectively, the funds) are two funds in a series issued by the trust. The funds’ investment objective is to seek long-term capital growth. Shares of each fund are listed for trading on the Cboe BZX Exchange, Inc. The funds incepted on March 31, 2020.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
Open-end management investment companies are valued at the reported NAV per share.
If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
14
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 — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.
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 quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the 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.
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, American Century Investment Management, Inc. (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, 43% and 43% of the shares of Focused Dynamic Growth ETF and Focused Large Cap Value ETF, respectively. Related parties do not invest in the funds for the purpose of exercising management or control.
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 | |||||
Focused Dynamic Growth ETF | 0.45% | ||||
Focused Large Cap Value ETF | 0.42% |
15
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 28, 2021 were as follows:
Focused Dynamic Growth ETF | Focused Large Cap Value ETF | |||||||
Purchases | $40,343,932 | $61,725,609 | ||||||
Sales | $34,146,975 | $44,870,158 |
Securities received or delivered in-kind through subscriptions and redemptions and in-kind net realized gain (loss) for the period ended February 28, 2021 were as follows:
In-kind Subscriptions | In-kind Redemptions | In-kind Net Realized Gain/(Loss)* | |||||||||
Focused Dynamic Growth ETF | $13,070,614 | $22,669,000 | $6,492,776 | ||||||||
Focused Large Cap Value ETF | $64,497,961 | — | — |
*Net realized gain (loss) on in-kind transactions are not considered taxable for federal income tax purposes.
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 proceeds from shares sold in 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.
As of period end, the funds’ investment securities were classified as Level 1. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
16
7. 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, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing a significant portion of assets in one country or region may accentuate these risks.
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.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Focused Dynamic Growth ETF | Focused Large Cap Value ETF | |||||||
Federal tax cost of investments | $ | 169,645,368 | $ | 160,513,049 | ||||
Gross tax appreciation of investments | $ | 54,754,053 | $ | 20,545,292 | ||||
Gross tax depreciation of investments | (1,719,369) | (2,453,373) | ||||||
Net tax appreciation (depreciation) of investments | $ | 53,034,684 | $ | 18,091,919 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of August 31, 2020, Focused Large Cap Value ETF had accumulated short-term capital losses of $(88,933), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
17
Financial Highlights |
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | 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) | |||||||||||||||||||||||||
Focused Dynamic Growth ETF | |||||||||||||||||||||||||||||||||||
2021(4) | $68.04 | (0.03) | 6.72 | 6.69 | (0.01) | $74.72 | 9.82% | 0.45%(5) | (0.09)%(5) | 17% | $222,662 | ||||||||||||||||||||||||
2020(6) | $40.00 | (0.04) | 28.08 | 28.04 | — | $68.04 | 70.11% | 0.45%(5) | (0.16)%(5) | 27% | $209,213 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in-kind.
(4)Six months ended February 28, 2021 (unaudited).
(5)Annualized.
(6)March 31, 2020 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | 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) | |||||||||||||||||||||||||
Focused Large Cap Value ETF | |||||||||||||||||||||||||||||||||||
2021(4) | $48.95 | 0.51 | 5.64 | 6.15 | (0.42) | $54.68 | 12.62% | 0.42%(5) | 1.94%(5) | 35% | $179,063 | ||||||||||||||||||||||||
2020(6) | $40.00 | 0.41 | 8.60 | 9.01 | (0.06) | $48.95 | 22.53% | 0.42%(5) | 2.10%(5) | 73% | $82,723 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in-kind.
(4)Six months ended February 28, 2021 (unaudited).
(5)Annualized.
(6)March 31, 2020 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
20
Notes |
21
Notes |
22
Notes |
23
Notes |
24
Contact Us | americancenturyetfs.com | |||||||
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-ACI-ETFS | |||||||
Telecommunications Relay Service for the Deaf | 711 | |||||||
American Century ETF Trust | ||||||||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||||||||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||||||||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||||||||
©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96953 2104 |
Semiannual Report | |||||
February 28, 2021 | |||||
American Century® Mid Cap Growth Impact ETF (MID) | |||||
American Century® Sustainable Equity ETF (ESGA) |
Table of Contents |
President’s Letter | |||||
Mid Cap Growth Impact ETF | |||||
Fund Characteristics | |||||
Sustainable Equity ETF | |||||
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 | |||||
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 |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 28, 2021. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.
Stocks Rallied as Stimulus, Vaccines Sparked Optimism
Stocks and other riskier assets delivered robust returns for the six-month period. Investors generally remained upbeat despite periodic upswings in virus cases, ongoing lockdowns in certain regions and uncertainty surrounding the U.S. political climate. Significant support from global central banks and federal governments helped maintain investor confidence in the financial markets and strengthen the economic backdrop. Additionally, positive vaccine developments and a late-2020 federal coronavirus aid package also provided support. Furthermore, political clarity emerged following the January U.S. Senate run-off elections in Georgia, which triggered expectations for another federal COVID-19 relief bill. The record $1.9 trillion American Rescue Plan Act of 2021 worked its way through Congress in February (and ultimately passed in early March).
Overall, the improving economic backdrop combined with massive monetary and fiscal support drove inflation expectations and U.S. bond yields higher. For example, the yield on the benchmark 10-year U.S. Treasury note increased more than 70 basis points for the six-month period.
Non-U.S. stocks generally outpaced U.S. stocks for the period, and within the U.S. market, small-cap stocks (Russell 2000® Index) were top performers, gaining more than 40%. Value stocks outperformed growth stocks across the board. Rising yields pressured U.S. investment-grade bond returns, which declined nearly 2%, and municipal bonds, which were up slightly. Lower-quality bonds rallied in the risk-on climate.
A Return to Normalcy in Sight
The return to pre-pandemic life appears to be on the horizon thanks to declining COVID-19 cases and expanding vaccine distribution programs. In addition, medical professionals continue to improve treatment protocols for those afflicted with the virus. Nevertheless, until the vaccine is more widely available, investors still may face the effects of virus-related restrictions, economic uncertainty and heightened market volatility. These influences can be unsettling, but they tend to be temporary.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Mid Cap Growth Impact ETF | |||||
Top Ten Holdings | % of net assets | ||||
Twilio, Inc., Class A | 5.4% | ||||
Square, Inc., Class A | 5.2% | ||||
RingCentral, Inc., Class A | 4.9% | ||||
Cadence Design Systems, Inc. | 4.7% | ||||
Aptiv plc | 4.7% | ||||
Keysight Technologies, Inc. | 4.4% | ||||
DocuSign, Inc. | 4.4% | ||||
Palo Alto Networks, Inc. | 4.2% | ||||
Chipotle Mexican Grill, Inc. | 4.2% | ||||
Align Technology, Inc. | 4.1% | ||||
Top Five Industries | % of net assets | ||||
Software | 20.7% | ||||
IT Services | 10.6% | ||||
Health Care Equipment and Supplies | 7.2% | ||||
Health Care Technology | 6.2% | ||||
Biotechnology | 5.7% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.3% | ||||
Temporary Cash Investments | 0.9% | ||||
Other Assets and Liabilities | (0.2)% |
3
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Sustainable Equity ETF | |||||
Top Ten Holdings | % of net assets | ||||
Microsoft Corp. | 6.9% | ||||
Apple, Inc. | 5.8% | ||||
Amazon.com, Inc. | 4.2% | ||||
Alphabet, Inc., Class A | 4.0% | ||||
Walt Disney Co. (The) | 2.5% | ||||
JPMorgan Chase & Co. | 2.0% | ||||
NextEra Energy, Inc. | 1.9% | ||||
Prologis, Inc. | 1.8% | ||||
PayPal Holdings, Inc. | 1.7% | ||||
Home Depot, Inc. (The) | 1.7% | ||||
Top Five Industries | % of net assets | ||||
Software | 8.5% | ||||
Internet and Direct Marketing Retail | 5.9% | ||||
IT Services | 5.8% | ||||
Technology Hardware, Storage and Peripherals | 5.8% | ||||
Semiconductors and Semiconductor Equipment | 5.7% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Temporary Cash Investments | 0.3% | ||||
Other Assets and Liabilities | —* |
*Category is less than 0.05% of total net assets.
4
Shareholder Fee Examples |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2020 to February 28, 2021.
Actual Expenses
The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/20 | Ending Account Value 2/28/21 | Expenses Paid During Period(1) 9/1/20 - 2/28/21 | Annualized Expense Ratio(1) | |||||||||||
Mid Cap Growth Impact ETF | ||||||||||||||
Actual | $1,000 | $1,236.30 | $2.50 | 0.45% | ||||||||||
Hypothetical | $1,000 | $1,022.56 | $2.26 | 0.45% | ||||||||||
Sustainable Equity ETF | ||||||||||||||
Actual | $1,000 | $1,087.30 | $2.02 | 0.39% | ||||||||||
Hypothetical | $1,000 | $1,022.86 | $1.96 | 0.39% |
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
5
Schedules of Investments |
FEBRUARY 28, 2021 (UNAUDITED)
Mid Cap Growth Impact ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.3% | ||||||||
Auto Components — 4.7% | ||||||||
Aptiv plc(1) | 3,282 | $ | 491,774 | |||||
Biotechnology — 5.7% | ||||||||
Alnylam Pharmaceuticals, Inc.(1) | 1,510 | 223,631 | ||||||
Argenx SE, ADR(1) | 654 | 216,265 | ||||||
Turning Point Therapeutics, Inc.(1) | 1,365 | 160,947 | ||||||
600,843 | ||||||||
Building Products — 3.4% | ||||||||
Trane Technologies plc | 2,367 | 362,719 | ||||||
Capital Markets — 5.4% | ||||||||
MarketAxess Holdings, Inc. | 496 | 275,746 | ||||||
MSCI, Inc. | 712 | 295,138 | ||||||
570,884 | ||||||||
Chemicals — 5.4% | ||||||||
Albemarle Corp. | 2,571 | 404,187 | ||||||
Element Solutions, Inc. | 9,076 | 163,822 | ||||||
568,009 | ||||||||
Containers and Packaging — 3.6% | ||||||||
Ball Corp. | 4,466 | 381,352 | ||||||
Electrical Equipment — 1.9% | ||||||||
Generac Holdings, Inc.(1) | 610 | 201,032 | ||||||
Electronic Equipment, Instruments and Components — 4.4% | ||||||||
Keysight Technologies, Inc.(1) | 3,297 | 466,591 | ||||||
Health Care Equipment and Supplies — 7.2% | ||||||||
Align Technology, Inc.(1) | 770 | 436,675 | ||||||
DexCom, Inc.(1) | 828 | 329,362 | ||||||
766,037 | ||||||||
Health Care Providers and Services — 3.0% | ||||||||
Encompass Health Corp. | 3,892 | 313,072 | ||||||
Health Care Technology — 6.2% | ||||||||
Teladoc Health, Inc.(1) | 1,147 | 253,590 | ||||||
Veeva Systems, Inc., Class A(1) | 1,451 | 406,440 | ||||||
660,030 | ||||||||
Hotels, Restaurants and Leisure — 4.2% | ||||||||
Chipotle Mexican Grill, Inc.(1) | 305 | 439,810 | ||||||
IT Services — 10.6% | ||||||||
Square, Inc., Class A(1) | 2,396 | 551,152 | ||||||
Twilio, Inc., Class A(1) | 1,438 | 564,961 | ||||||
1,116,113 | ||||||||
Leisure Products — 3.8% | ||||||||
Peloton Interactive, Inc., Class A(1) | 3,340 | 402,370 | ||||||
Life Sciences Tools and Services — 1.2% | ||||||||
Bio-Techne Corp. | 363 | 131,293 | ||||||
Machinery — 1.7% | ||||||||
Westinghouse Air Brake Technologies Corp. | 2,523 | 182,741 | ||||||
Pharmaceuticals — 2.8% | ||||||||
Horizon Therapeutics plc(1) | 3,253 | 295,730 |
6
Mid Cap Growth Impact ETF | ||||||||
Shares | Value | |||||||
Semiconductors and Semiconductor Equipment — 3.4% | ||||||||
Marvell Technology Group Ltd. | 7,421 | $ | 358,286 | |||||
Software — 20.7% | ||||||||
Cadence Design Systems, Inc.(1) | 3,486 | 491,840 | ||||||
DocuSign, Inc.(1) | 2,033 | 460,800 | ||||||
Palo Alto Networks, Inc.(1) | 1,249 | 447,529 | ||||||
RingCentral, Inc., Class A(1) | 1,365 | 516,188 | ||||||
Splunk, Inc.(1) | 1,859 | 265,856 | ||||||
2,182,213 | ||||||||
TOTAL COMMON STOCKS (Cost $8,627,839) | 10,490,899 | |||||||
TEMPORARY CASH INVESTMENTS — 0.9% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $92,202) | 92,202 | 92,202 | ||||||
TOTAL INVESTMENT SECURITIES — 100.2% (Cost $8,720,041) | 10,583,101 | |||||||
OTHER ASSETS AND LIABILITIES — (0.2)% | (17,139) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 10,565,962 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt |
(1)Non-income producing.
See Notes to Financial Statements.
7
FEBRUARY 28, 2021 (UNAUDITED)
Sustainable Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Aerospace and Defense — 0.7% | ||||||||
Lockheed Martin Corp. | 2,814 | $ | 929,324 | |||||
Air Freight and Logistics — 1.1% | ||||||||
Expeditors International of Washington, Inc. | 5,005 | 459,659 | ||||||
United Parcel Service, Inc., Class B | 6,016 | 949,505 | ||||||
1,409,164 | ||||||||
Auto Components — 1.2% | ||||||||
Aptiv plc(1) | 9,964 | 1,493,006 | ||||||
Automobiles — 1.5% | ||||||||
Tesla, Inc.(1) | 2,828 | 1,910,314 | ||||||
Banks — 4.7% | ||||||||
Bank of America Corp. | 51,823 | 1,798,776 | ||||||
JPMorgan Chase & Co. | 16,972 | 2,497,769 | ||||||
Regions Financial Corp. | 79,149 | 1,632,844 | ||||||
5,929,389 | ||||||||
Beverages — 1.2% | ||||||||
PepsiCo, Inc. | 11,998 | 1,550,022 | ||||||
Biotechnology — 2.4% | ||||||||
AbbVie, Inc. | 12,353 | 1,330,912 | ||||||
Amgen, Inc. | 5,502 | 1,237,510 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 2,137 | 454,219 | ||||||
3,022,641 | ||||||||
Building Products — 1.8% | ||||||||
Johnson Controls International plc | 25,620 | 1,429,340 | ||||||
Masco Corp. | 15,565 | 828,369 | ||||||
2,257,709 | ||||||||
Capital Markets — 4.7% | ||||||||
Ameriprise Financial, Inc. | 3,262 | 721,685 | ||||||
BlackRock, Inc. | 1,621 | 1,125,784 | ||||||
Intercontinental Exchange, Inc. | 6,119 | 674,987 | ||||||
Morgan Stanley | 26,379 | 2,027,754 | ||||||
S&P Global, Inc. | 3,880 | 1,277,917 | ||||||
5,828,127 | ||||||||
Chemicals — 2.7% | ||||||||
Air Products and Chemicals, Inc. | 2,381 | 608,631 | ||||||
Ecolab, Inc. | 3,242 | 678,745 | ||||||
Linde plc | 5,694 | 1,390,873 | ||||||
Sherwin-Williams Co. (The) | 1,028 | 699,390 | ||||||
3,377,639 | ||||||||
Communications Equipment — 0.5% | ||||||||
Cisco Systems, Inc. | 13,730 | 616,065 | ||||||
Consumer Finance — 0.8% | ||||||||
American Express Co. | 6,976 | 943,574 | ||||||
Containers and Packaging — 0.7% | ||||||||
Ball Corp. | 9,500 | 811,205 | ||||||
Diversified Telecommunication Services — 0.5% | ||||||||
Verizon Communications, Inc. | 11,558 | 639,157 | ||||||
Electric Utilities — 1.9% | ||||||||
NextEra Energy, Inc. | 32,495 | 2,387,733 |
8
Sustainable Equity ETF | ||||||||
Shares | Value | |||||||
Electrical Equipment — 1.0% | ||||||||
Eaton Corp. plc | 6,473 | $ | 842,720 | |||||
Rockwell Automation, Inc. | 1,686 | 410,170 | ||||||
1,252,890 | ||||||||
Electronic Equipment, Instruments and Components — 1.7% | ||||||||
CDW Corp. | 2,577 | 404,305 | ||||||
Cognex Corp. | 7,937 | 655,517 | ||||||
Keysight Technologies, Inc.(1) | 7,857 | 1,111,923 | ||||||
2,171,745 | ||||||||
Entertainment — 2.9% | ||||||||
Activision Blizzard, Inc. | 6,379 | 609,896 | ||||||
Walt Disney Co. (The)(1) | 16,298 | 3,080,974 | ||||||
3,690,870 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 1.8% | ||||||||
Prologis, Inc. | 23,011 | 2,279,700 | ||||||
Food and Staples Retailing — 1.5% | ||||||||
Costco Wholesale Corp. | 1,830 | 605,730 | ||||||
Sysco Corp. | 16,721 | 1,331,493 | ||||||
1,937,223 | ||||||||
Food Products — 0.8% | ||||||||
Beyond Meat, Inc.(1) | 293 | 42,626 | ||||||
Mondelez International, Inc., Class A | 16,604 | 882,668 | ||||||
Vital Farms, Inc.(1) | 4,399 | 119,301 | ||||||
1,044,595 | ||||||||
Health Care Equipment and Supplies — 1.9% | ||||||||
Danaher Corp. | 6 | 1,318 | ||||||
Edwards Lifesciences Corp.(1) | 12,254 | 1,018,307 | ||||||
Medtronic plc | 9,908 | 1,158,939 | ||||||
ResMed, Inc. | 1,329 | 256,205 | ||||||
2,434,769 | ||||||||
Health Care Providers and Services — 3.1% | ||||||||
Cigna Corp. | 3,540 | 743,046 | ||||||
CVS Health Corp. | 14,719 | 1,002,805 | ||||||
Humana, Inc. | 1,443 | 547,835 | ||||||
UnitedHealth Group, Inc. | 4,763 | 1,582,364 | ||||||
3,876,050 | ||||||||
Hotels, Restaurants and Leisure — 0.6% | ||||||||
Chipotle Mexican Grill, Inc.(1) | 482 | 695,044 | ||||||
Household Products — 1.6% | ||||||||
Colgate-Palmolive Co. | 7,805 | 586,936 | ||||||
Procter & Gamble Co. (The) | 11,223 | 1,386,377 | ||||||
1,973,313 | ||||||||
Industrial Conglomerates — 1.4% | ||||||||
Honeywell International, Inc. | 8,514 | 1,722,808 | ||||||
Insurance — 1.5% | ||||||||
Aflac, Inc. | 8,629 | 413,243 | ||||||
Marsh & McLennan Cos., Inc. | 4,647 | 535,427 | ||||||
Progressive Corp. (The) | 2,403 | 206,538 | ||||||
Prudential Financial, Inc. | 4,760 | 412,787 | ||||||
Travelers Cos., Inc. (The) | 2,039 | 296,675 | ||||||
1,864,670 |
9
Sustainable Equity ETF | ||||||||
Shares | Value | |||||||
Interactive Media and Services — 5.2% | ||||||||
Alphabet, Inc., Class A(1) | 2,468 | $ | 4,990,074 | |||||
Facebook, Inc., Class A(1) | 6,063 | 1,561,950 | ||||||
6,552,024 | ||||||||
Internet and Direct Marketing Retail — 5.9% | ||||||||
Amazon.com, Inc.(1) | 1,716 | 5,307,468 | ||||||
Booking Holdings, Inc.(1) | 370 | 861,549 | ||||||
Expedia Group, Inc. | 7,847 | 1,263,367 | ||||||
7,432,384 | ||||||||
IT Services — 5.8% | ||||||||
Accenture plc, Class A | 5,454 | 1,368,408 | ||||||
Mastercard, Inc., Class A | 5,332 | 1,886,728 | ||||||
PayPal Holdings, Inc.(1) | 8,302 | 2,157,275 | ||||||
Visa, Inc., Class A | 8,507 | 1,806,802 | ||||||
7,219,213 | ||||||||
Life Sciences Tools and Services — 2.1% | ||||||||
Agilent Technologies, Inc. | 9,355 | 1,141,965 | ||||||
Thermo Fisher Scientific, Inc. | 3,306 | 1,487,964 | ||||||
2,629,929 | ||||||||
Machinery — 2.1% | ||||||||
Cummins, Inc. | 4,797 | 1,214,600 | ||||||
Parker-Hannifin Corp. | 4,853 | 1,392,617 | ||||||
2,607,217 | ||||||||
Media — 0.5% | ||||||||
Comcast Corp., Class A | 12,994 | 685,044 | ||||||
Multiline Retail — 0.5% | ||||||||
Target Corp. | 3,107 | 569,948 | ||||||
Oil, Gas and Consumable Fuels — 1.5% | ||||||||
ConocoPhillips | 25,538 | 1,328,231 | ||||||
Phillips 66 | 6,312 | 524,212 | ||||||
1,852,443 | ||||||||
Personal Products — 0.6% | ||||||||
Estee Lauder Cos., Inc. (The), Class A | 2,639 | 754,385 | ||||||
Pharmaceuticals — 2.9% | ||||||||
Bristol-Myers Squibb Co. | 19,679 | 1,206,913 | ||||||
Merck & Co., Inc. | 17,094 | 1,241,366 | ||||||
Novo Nordisk A/S, ADR | 7,087 | 504,949 | ||||||
Zoetis, Inc. | 4,130 | 641,141 | ||||||
3,594,369 | ||||||||
Professional Services — 0.3% | ||||||||
IHS Markit Ltd. | 3,826 | 344,952 | ||||||
Road and Rail — 1.4% | ||||||||
Norfolk Southern Corp. | 3,791 | 955,559 | ||||||
Union Pacific Corp. | 3,627 | 747,017 | ||||||
1,702,576 | ||||||||
Semiconductors and Semiconductor Equipment — 5.7% | ||||||||
Advanced Micro Devices, Inc.(1) | 7,733 | 653,516 | ||||||
Applied Materials, Inc. | 9,131 | 1,079,193 | ||||||
ASML Holding NV, NY Shares | 2,131 | 1,208,469 | ||||||
Broadcom, Inc. | 2,155 | 1,012,570 | ||||||
NVIDIA Corp. | 3,710 | 2,035,232 |
10
Sustainable Equity ETF | ||||||||
Shares | Value | |||||||
Texas Instruments, Inc. | 6,783 | $ | 1,168,507 | |||||
7,157,487 | ||||||||
Software — 8.5% | ||||||||
Adobe, Inc.(1) | 2,178 | 1,001,161 | ||||||
Microsoft Corp. | 37,146 | 8,631,988 | ||||||
salesforce.com, Inc.(1) | 3,809 | 824,649 | ||||||
Workday, Inc., Class A(1) | 785 | 192,466 | ||||||
10,650,264 | ||||||||
Specialty Retail — 2.8% | ||||||||
Home Depot, Inc. (The) | 8,312 | 2,147,322 | ||||||
TJX Cos., Inc. (The) | 21,008 | 1,386,318 | ||||||
3,533,640 | ||||||||
Technology Hardware, Storage and Peripherals — 5.8% | ||||||||
Apple, Inc. | 59,416 | 7,204,784 | ||||||
Textiles, Apparel and Luxury Goods — 1.9% | ||||||||
NIKE, Inc., Class B | 12,667 | 1,707,258 | ||||||
VF Corp. | 8,092 | 640,320 | ||||||
2,347,578 | ||||||||
TOTAL COMMON STOCKS (Cost $109,550,411) | 124,886,983 | |||||||
TEMPORARY CASH INVESTMENTS — 0.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $287,732) | 287,732 | 287,732 | ||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $109,838,143) | 125,174,715 | |||||||
OTHER ASSETS AND LIABILITIES† | 61,985 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 125,236,700 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
See Notes to Financial Statements.
11
Statements of Assets and Liabilities |
FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Mid Cap Growth Impact ETF | Sustainable Equity ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $8,720,041 and $109,838,143, respectively) | $ | 10,583,101 | $ | 125,174,715 | ||||
Receivable for investments sold | 150,533 | 154,997 | ||||||
Receivable for capital shares sold | — | 2,393,865 | ||||||
Dividends and interest receivable | 673 | 132,392 | ||||||
10,734,307 | 127,855,969 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 164,809 | 2,582,272 | ||||||
Accrued management fees | 3,536 | 36,997 | ||||||
168,345 | 2,619,269 | |||||||
Net Assets | $ | 10,565,962 | $ | 125,236,700 | ||||
Shares outstanding (unlimited number of shares authorized) | 200,000 | 2,620,000 | ||||||
Net Asset Value Per Share | $ | 52.83 | $ | 47.80 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 8,615,243 | $ | 110,113,960 | ||||
Distributable earnings | 1,950,719 | 15,122,740 | ||||||
$ | 10,565,962 | $ | 125,236,700 |
See Notes to Financial Statements.
12
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Mid Cap Growth Impact ETF | Sustainable Equity ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $ — and $391, respectively) | $ | 8,596 | $ | 717,792 | ||||
Interest | 18 | 42 | ||||||
8,614 | 717,834 | |||||||
Expenses: | ||||||||
Management fees | 17,113 | 198,698 | ||||||
Net investment income (loss) | (8,499) | 519,136 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on investment transactions | 98,670 | (327,786) | ||||||
Change in net unrealized appreciation (depreciation) on investments | 1,280,677 | 8,747,282 | ||||||
Net realized and unrealized gain (loss) | 1,379,347 | 8,419,496 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 1,370,848 | $ | 8,938,632 |
See Notes to Financial Statements.
13
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2020 | ||||||||||||||
Mid Cap Growth Impact ETF | Sustainable Equity ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2021 | August 31,2020 (1) | February 28, 2021 | August 31,2020 (1) | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | (8,499) | $ | (2,239) | $ | 519,136 | $ | 102,897 | ||||||
Net realized gain (loss) | 98,670 | (273) | (327,786) | (63,700) | ||||||||||
Change in net unrealized appreciation (depreciation) | 1,280,677 | 582,383 | 8,747,282 | 6,589,290 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 1,370,848 | 579,871 | 8,938,632 | 6,628,487 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | — | — | (444,379) | — | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 2,784,123 | 5,831,120 | 31,948,946 | 78,165,014 | ||||||||||
Net increase (decrease) in net assets | 4,154,971 | 6,410,991 | 40,443,199 | 84,793,501 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 6,410,991 | — | 84,793,501 | — | ||||||||||
End of period | $ | 10,565,962 | $ | 6,410,991 | $ | 125,236,700 | $ | 84,793,501 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 50,000 | 150,000 | 700,000 | 1,920,000 |
(1)July 13, 2020 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
14
Notes to Financial Statements |
FEBRUARY 28, 2021 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Mid Cap Growth Impact ETF (Mid Cap Growth Impact ETF) and American Century Sustainable Equity ETF (Sustainable Equity ETF) (collectively, the funds) are two funds in a series issued by the trust. The funds’ investment objective is to seek long-term capital growth. Shares of each fund are listed for trading on the NYSE Arca, Inc. The funds incepted on July 13, 2020.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
Open-end management investment companies are valued at the reported NAV per share.
If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
15
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 — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.
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 quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the 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.
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, American Century Investment Management, Inc. (ACIM), and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM owns 63% of the shares of Mid Cap Growth Impact ETF. Related parties do not invest in the funds for the purpose of exercising management or control.
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 | |||||
Mid Cap Growth Impact ETF | 0.45% | ||||
Sustainable Equity ETF | 0.39% |
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 28, 2021 were as follows:
Mid Cap Growth Impact ETF | Sustainable Equity ETF | |||||||
Purchases | $2,161,775 | $15,905,263 | ||||||
Sales | $2,127,502 | $13,408,025 |
16
Securities received or delivered in-kind through subscriptions and redemptions and in-kind net realized gain (loss) for the period ended February 28, 2021 were as follows:
In-kind Subscriptions | In-kind Redemptions | In-kind Net Realized Gain/(Loss)* | |||||||||
Mid Cap Growth Impact ETF | $2,675,788 | — | — | ||||||||
Sustainable Equity ETF | $29,493,750 | — | — |
*Net realized gain (loss) on in-kind transactions are not considered taxable for federal income tax purposes.
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 proceeds from shares sold in 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.
As of period end, the funds’ investment securities were classified as Level 1. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
7. 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, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
8. Federal Tax Information
The 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.
17
As of period end, the components of investments for federal income tax purposes were as follows:
Mid Cap Growth Impact ETF | Sustainable Equity ETF | |||||||
Federal tax cost of investments | $ | 8,720,879 | $ | 109,889,654 | ||||
Gross tax appreciation of investments | $ | 1,984,629 | $ | 16,341,658 | ||||
Gross tax depreciation of investments | (122,407) | (1,056,597) | ||||||
Net tax appreciation (depreciation) of investments | $ | 1,862,222 | $ | 15,285,061 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of August 31, 2020, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows:
Short-term capital losses | |||||
Mid Cap Growth Impact ETF | $ | (229) | |||
Sustainable Equity ETF | $ | (39,164) |
As of August 31, 2020, Mid Cap Growth Impact ETF had late-year ordinary loss deferrals of $(2,239), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.
18
Financial Highlights |
For a Share Outstanding Throughout the Periods Indicated | ||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | 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) | |||||||||||||||||||||||
Mid Cap Growth Impact ETF | ||||||||||||||||||||||||||||||||
2021(4) | $42.74 | (0.05) | 10.14 | 10.09 | $52.83 | 23.63% | 0.45%(5) | (0.22)%(5) | 28% | $10,566 | ||||||||||||||||||||||
2020(6) | $38.45 | (0.02) | 4.31 | 4.29 | $42.74 | 11.14% | 0.45%(5) | (0.29)%(5) | 2% | $6,411 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in-kind.
(4)Six months ended February 28, 2021 (unaudited).
(5)Annualized.
(6)July 13, 2020 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | 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) | |||||||||||||||||||||||||
Sustainable Equity ETF | |||||||||||||||||||||||||||||||||||
2021(4) | $44.16 | 0.23 | 3.61 | 3.84 | (0.20) | $47.80 | 8.73% | 0.39%(5) | 1.02%(5) | 13% | $125,237 | ||||||||||||||||||||||||
2020(6) | $39.59 | 0.06 | 4.51 | 4.57 | — | $44.16 | 11.56% | 0.39%(5) | 1.13%(5) | 10% | $84,794 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in-kind.
(4)Six months ended February 28, 2021 (unaudited).
(5)Annualized.
(6)July 13, 2020 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
21
Notes |
22
Notes |
23
Notes |
24
Contact Us | americancenturyetfs.com | |||||||
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-ACI-ETFS | |||||||
Telecommunications Relay Service for the Deaf | 711 | |||||||
American Century ETF Trust | ||||||||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||||||||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||||||||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||||||||
©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96951 2104 |
Semiannual Report | |||||
February 28, 2021 | |||||
American Century® Low Volatility ETF (LVOL) | |||||
American Century® Quality Convertible Securities ETF (QCON) | |||||
American Century® Quality Diversified International ETF (QINT) | |||||
American Century® Quality Preferred ETF (QPFF) | |||||
American Century® STOXX® U.S. Quality Growth ETF (QGRO) | |||||
American Century® STOXX® U.S. Quality Value ETF (VALQ) |
Table of Contents |
President’s Letter | |||||
Low Volatility ETF | |||||
Fund Characteristics | |||||
Quality Convertible Securities ETF | |||||
Fund Characteristics | |||||
Quality Diversified International ETF | |||||
Fund Characteristics | |||||
Quality Preferred ETF | |||||
Fund Characteristics | |||||
STOXX® U.S. Quality Growth ETF | |||||
Fund Characteristics | |||||
STOXX® U.S. Quality Value ETF | |||||
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 | |||||
Approval of Management Agreement | |||||
Additional Information |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
The STOXX® Index is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland ("STOXX"), Deutsche Börse Group or their licensors, which is used under license. The funds are neither sponsored nor promoted, distributed or in any other manner supported by STOXX, Deutsche Börse Group or their licensors, research partners or data providers and STOXX, Deutsche Börse Group and their licensors, research partners or data providers do not give any warranty, and exclude any liability (whether in negligence or otherwise) with respect thereto generally or specifically in relation to any errors, omissions or interruptions in the STOXX® Index or its data.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 28, 2021. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.
Stocks Rallied as Stimulus, Vaccines Sparked Optimism
Stocks and other riskier assets delivered robust returns for the six-month period. Investors generally remained upbeat despite periodic upswings in virus cases, ongoing lockdowns in certain regions and uncertainty surrounding the U.S. political climate. Significant support from global central banks and federal governments helped maintain investor confidence in the financial markets and strengthen the economic backdrop. Additionally, positive vaccine developments and a late-2020 federal coronavirus aid package also provided support. Furthermore, political clarity emerged following the January U.S. Senate run-off elections in Georgia, which triggered expectations for another federal COVID-19 relief bill. The record $1.9 trillion American Rescue Plan Act of 2021 worked its way through Congress in February (and ultimately passed in early March).
Overall, the improving economic backdrop combined with massive monetary and fiscal support drove inflation expectations and U.S. bond yields higher. For example, the yield on the benchmark 10-year U.S. Treasury note increased more than 70 basis points for the six-month period.
Non-U.S. stocks generally outpaced U.S. stocks for the period, and within the U.S. market, small-cap stocks (Russell 2000® Index) were top performers, gaining more than 40%. Value stocks outperformed growth stocks across the board. Rising yields pressured U.S. investment-grade bond returns, which declined nearly 2%, and municipal bonds, which were up slightly. Lower-quality bonds rallied in the risk-on climate.
A Return to Normalcy in Sight
The return to pre-pandemic life appears to be on the horizon thanks to declining COVID-19 cases and expanding vaccine distribution programs. In addition, medical professionals continue to improve treatment protocols for those afflicted with the virus. Nevertheless, until the vaccine is more widely available, investors still may face the effects of virus-related restrictions, economic uncertainty and heightened market volatility. These influences can be unsettling, but they tend to be temporary.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Low Volatility ETF | |||||
Top Ten Holdings | % of net assets | ||||
Alphabet, Inc., Class A | 3.1% | ||||
Amazon.com, Inc. | 2.7% | ||||
Microsoft Corp. | 2.6% | ||||
Apple, Inc. | 2.6% | ||||
Johnson & Johnson | 2.5% | ||||
Facebook, Inc., Class A | 2.5% | ||||
Public Storage | 2.4% | ||||
Accenture plc, Class A | 2.4% | ||||
Mastercard, Inc., Class A | 1.9% | ||||
Cisco Systems, Inc. | 1.8% | ||||
Top Five Industries | % of net assets | ||||
Software | 11.7% | ||||
IT Services | 7.8% | ||||
Pharmaceuticals | 6.0% | ||||
Interactive Media and Services | 5.6% | ||||
Semiconductors and Semiconductor Equipment | 5.2% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.5% | ||||
Temporary Cash Investments | 0.2% | ||||
Other Assets and Liabilities | 0.3% |
3
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Quality Convertible Securities ETF | |||||
Portfolio at a Glance | |||||
Weighted Average Life to Maturity | 6.4 years | ||||
Average Duration (effective) | 1.5 years | ||||
Types of Investments in Portfolio | % of net assets | ||||
Convertible Bonds | 82.2% | ||||
Convertible Preferred Stocks | 15.9% | ||||
Temporary Cash Investments | 1.7% | ||||
Other Assets and Liabilities | 0.2% |
4
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Quality Diversified International ETF | |||||
Top Ten Holdings | % of net assets | ||||
Fortescue Metals Group Ltd. | 2.9% | ||||
Sanofi | 1.5% | ||||
Japan Tobacco, Inc. | 1.4% | ||||
Sekisui House Ltd. | 1.3% | ||||
Orange SA | 1.3% | ||||
Manulife Financial Corp. | 1.2% | ||||
Canadian Pacific Railway Ltd. | 1.1% | ||||
Partners Group Holding AG | 1.1% | ||||
Kirin Holdings Co. Ltd. | 1.0% | ||||
EMS-Chemie Holding AG | 1.0% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Warrants | —* | ||||
Total Equity Exposure | 99.7% | ||||
Temporary Cash Investments | 0.1% | ||||
Other Assets and Liabilities | 0.2% |
*Category is less than 0.05% of total net assets.
Investments by Country | % of net assets | ||||
Japan | 23.8% | ||||
France | 8.6% | ||||
Canada | 8.4% | ||||
United Kingdom | 7.5% | ||||
Australia | 7.3% | ||||
Switzerland | 6.6% | ||||
Germany | 4.7% | ||||
Sweden | 4.6% | ||||
China | 4.5% | ||||
Netherlands | 3.6% | ||||
Italy | 3.4% | ||||
Denmark | 2.8% | ||||
Spain | 2.6% | ||||
Finland | 2.4% | ||||
Other Countries | 8.9% | ||||
Cash and Equivalents* | 0.3% |
*Includes temporary cash investments and other assets and liabilities.
5
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Quality Preferred ETF | |||||
Top Ten Holdings | % of net assets | ||||
Bank of America Corp. | 5.0% | ||||
Wells Fargo & Co. | 4.9% | ||||
JPMorgan Chase & Co. | 4.8% | ||||
Citigroup, Inc. | 4.3% | ||||
NextEra Energy, Inc. | 3.7% | ||||
Morgan Stanley | 3.6% | ||||
Broadcom, Inc. | 3.3% | ||||
Danaher Corp. | 2.2% | ||||
Capital One Financial Corp. | 2.2% | ||||
AT&T, Inc. | 2.1% | ||||
Top Five Industries | % of net assets | ||||
Banks | 31.4% | ||||
Electric Utilities | 8.9% | ||||
Capital Markets | 8.4% | ||||
Insurance | 7.6% | ||||
Equity Real Estate Investment Trusts (REITs) | 6.8% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Preferred Stocks | 72.0% | ||||
Convertible Preferred Stocks | 27.5% | ||||
Total Equity Exposure | 99.5% | ||||
Temporary Cash Investments | 0.2% | ||||
Other Assets and Liabilities | 0.3% |
6
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
STOXX® U.S. Quality Growth ETF | |||||
Top Ten Holdings | % of net assets | ||||
Adobe, Inc. | 3.0% | ||||
Lowe's Cos., Inc. | 2.5% | ||||
Texas Instruments, Inc. | 2.3% | ||||
Target Corp. | 2.2% | ||||
Facebook, Inc., Class A | 2.1% | ||||
Fortinet, Inc. | 2.0% | ||||
Apple, Inc. | 2.0% | ||||
Align Technology, Inc. | 2.0% | ||||
Match Group, Inc. | 2.0% | ||||
Maxim Integrated Products, Inc. | 1.9% | ||||
Top Five Industries | % of net assets | ||||
Software | 17.3% | ||||
Semiconductors and Semiconductor Equipment | 15.2% | ||||
Health Care Equipment and Supplies | 8.2% | ||||
Specialty Retail | 6.1% | ||||
Interactive Media and Services | 5.9% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.6% | ||||
Temporary Cash Investments | 0.2% | ||||
Other Assets and Liabilities | 0.2% |
7
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
STOXX® U.S. Quality Value ETF | |||||
Top Ten Holdings | % of net assets | ||||
Target Corp. | 2.4% | ||||
Kroger Co. (The) | 2.0% | ||||
AT&T, Inc. | 1.9% | ||||
Facebook, Inc., Class A | 1.8% | ||||
Alphabet, Inc., Class C | 1.8% | ||||
International Business Machines Corp. | 1.8% | ||||
Walmart, Inc. | 1.6% | ||||
Intel Corp. | 1.6% | ||||
Tyson Foods, Inc., Class A | 1.6% | ||||
Microsoft Corp. | 1.6% | ||||
Top Five Industries | % of net assets | ||||
Software | 5.7% | ||||
Food and Staples Retailing | 5.4% | ||||
IT Services | 5.0% | ||||
Semiconductors and Semiconductor Equipment | 4.8% | ||||
Health Care Providers and Services | 4.6% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.6% | ||||
Temporary Cash Investments | 0.2% | ||||
Other Assets and Liabilities | 0.2% |
8
Shareholder Fee Examples |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2020 to February 28, 2021 (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.
9
Beginning Account Value 9/1/20 | Ending Account Value 2/28/21 | Expenses Paid During Period(1) 9/1/20 - 2/28/21 | Annualized Expense Ratio(1) | |||||||||||
Low Volatility ETF | ||||||||||||||
Actual | $1,000 | $993.90 | $0.38(2) | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.36 | $1.45 | 0.29% | ||||||||||
Quality Convertible Securities ETF | ||||||||||||||
Actual | $1,000 | $956.10 | $0.11(3) | 0.32% | ||||||||||
Hypothetical | $1,000 | $1,023.21 | $1.61 | 0.32% | ||||||||||
Quality Diversified International ETF | ||||||||||||||
Actual | $1,000 | $1,132.40 | $2.06 | 0.39% | ||||||||||
Hypothetical | $1,000 | $1,022.86 | $1.96 | 0.39% | ||||||||||
Quality Preferred ETF | ||||||||||||||
Actual | $1,000 | $988.80 | $0.11(3) | 0.32% | ||||||||||
Hypothetical | $1,000 | $1,023.21 | $1.61 | 0.32% | ||||||||||
STOXX® U.S. Quality Growth ETF | ||||||||||||||
Actual | $1,000 | $1,124.50 | $1.53 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.36 | $1.45 | 0.29% | ||||||||||
STOXX® U.S. Quality Value ETF | ||||||||||||||
Actual | $1,000 | $1,152.00 | $1.55 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.36 | $1.45 | 0.29% |
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 48, the number of days in the period from January 12, 2021 (fund inception) through February 28, 2021, 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.
(3)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 13, the number of days in the period from February 16, 2021 (fund inception) through February 28, 2021, 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.
10
Schedules of Investments |
FEBRUARY 28, 2021 (UNAUDITED)
Low Volatility ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Aerospace and Defense — 0.5% | ||||||||
Teledyne Technologies, Inc.(1) | 70 | $ | 25,970 | |||||
Air Freight and Logistics — 0.8% | ||||||||
United Parcel Service, Inc., Class B | 240 | 37,879 | ||||||
Airlines — 1.0% | ||||||||
Alaska Air Group, Inc.(1) | 368 | 23,927 | ||||||
Southwest Airlines Co. | 430 | 24,996 | ||||||
48,923 | ||||||||
Banks — 3.0% | ||||||||
Bank of America Corp. | 1,018 | 35,335 | ||||||
Commerce Bancshares, Inc. | 344 | 25,466 | ||||||
JPMorgan Chase & Co. | 253 | 37,234 | ||||||
Regions Financial Corp. | 2,249 | 46,397 | ||||||
144,432 | ||||||||
Beverages — 2.0% | ||||||||
Coca-Cola Co. (The) | 616 | 30,178 | ||||||
PepsiCo, Inc. | 488 | 63,045 | ||||||
93,223 | ||||||||
Biotechnology — 2.9% | ||||||||
AbbVie, Inc. | 354 | 38,140 | ||||||
Amgen, Inc. | 344 | 77,372 | ||||||
Gilead Sciences, Inc. | 392 | 24,069 | ||||||
139,581 | ||||||||
Building Products — 0.5% | ||||||||
AO Smith Corp. | 424 | 25,173 | ||||||
Capital Markets — 3.7% | ||||||||
Cboe Global Markets, Inc. | 312 | 30,875 | ||||||
FactSet Research Systems, Inc. | 88 | 26,744 | ||||||
MarketAxess Holdings, Inc. | 57 | 31,689 | ||||||
Morgan Stanley | 402 | 30,902 | ||||||
MSCI, Inc. | 64 | 26,529 | ||||||
S&P Global, Inc. | 86 | 28,325 | ||||||
175,064 | ||||||||
Chemicals — 1.1% | ||||||||
PPG Industries, Inc. | 176 | 23,728 | ||||||
Sherwin-Williams Co. (The) | 40 | 27,214 | ||||||
50,942 | ||||||||
Commercial Services and Supplies — 1.5% | ||||||||
Rollins, Inc. | 822 | 27,266 | ||||||
Waste Management, Inc. | 410 | 45,465 | ||||||
72,731 | ||||||||
Communications Equipment — 2.8% | ||||||||
Arista Networks, Inc.(1) | 78 | 21,827 | ||||||
Cisco Systems, Inc. | 1,856 | 83,279 | ||||||
F5 Networks, Inc.(1) | 148 | 28,117 | ||||||
133,223 |
11
Low Volatility ETF | ||||||||
Shares | Value | |||||||
Construction and Engineering — 1.1% | ||||||||
Quanta Services, Inc. | 322 | $ | 27,000 | |||||
Valmont Industries, Inc. | 113 | 26,728 | ||||||
53,728 | ||||||||
Diversified Telecommunication Services — 2.7% | ||||||||
AT&T, Inc. | 2,970 | 82,833 | ||||||
Verizon Communications, Inc. | 796 | 44,019 | ||||||
126,852 | ||||||||
Electric Utilities — 0.6% | ||||||||
NextEra Energy, Inc. | 363 | 26,673 | ||||||
Electrical Equipment — 1.3% | ||||||||
Emerson Electric Co. | 352 | 30,237 | ||||||
Generac Holdings, Inc.(1) | 92 | 30,319 | ||||||
60,556 | ||||||||
Electronic Equipment, Instruments and Components — 0.8% | ||||||||
TE Connectivity Ltd. | 304 | 39,529 | ||||||
Entertainment — 0.8% | ||||||||
Electronic Arts, Inc. | 280 | 37,512 | ||||||
Equity Real Estate Investment Trusts (REITs) — 2.9% | ||||||||
Equity Lifestyle Properties, Inc. | 397 | 24,475 | ||||||
Public Storage | 494 | 115,566 | ||||||
140,041 | ||||||||
Food and Staples Retailing — 1.9% | ||||||||
Costco Wholesale Corp. | 150 | 49,650 | ||||||
Walmart, Inc. | 302 | 39,236 | ||||||
88,886 | ||||||||
Food Products — 2.8% | ||||||||
Flowers Foods, Inc. | 1,200 | 26,100 | ||||||
General Mills, Inc. | 536 | 29,486 | ||||||
Hershey Co. (The) | 368 | 53,599 | ||||||
J.M. Smucker Co. (The) | 220 | 24,640 | ||||||
133,825 | ||||||||
Health Care Equipment and Supplies — 3.5% | ||||||||
Abbott Laboratories | 331 | 39,647 | ||||||
Danaher Corp. | 107 | 23,505 | ||||||
Intuitive Surgical, Inc.(1) | 40 | 29,472 | ||||||
Medtronic plc | 216 | 25,266 | ||||||
ResMed, Inc. | 126 | 24,290 | ||||||
Stryker Corp. | 105 | 25,482 | ||||||
167,662 | ||||||||
Health Care Providers and Services — 1.1% | ||||||||
Chemed Corp. | 56 | 24,932 | ||||||
UnitedHealth Group, Inc. | 76 | 25,248 | ||||||
50,180 | ||||||||
Health Care Technology — 0.9% | ||||||||
Veeva Systems, Inc., Class A(1) | 153 | 42,857 | ||||||
Household Durables — 0.5% | ||||||||
Helen of Troy Ltd.(1) | 112 | 24,282 | ||||||
Household Products — 2.9% | ||||||||
Church & Dwight Co., Inc. | 395 | 31,106 | ||||||
Colgate-Palmolive Co. | 384 | 28,877 |
12
Low Volatility ETF | ||||||||
Shares | Value | |||||||
Procter & Gamble Co. (The) | 619 | $ | 76,465 | |||||
136,448 | ||||||||
Industrial Conglomerates — 1.5% | ||||||||
3M Co. | 405 | 70,899 | ||||||
Insurance — 0.5% | ||||||||
Travelers Cos., Inc. (The) | 176 | 25,608 | ||||||
Interactive Media and Services — 5.6% | ||||||||
Alphabet, Inc., Class A(1) | 73 | 147,599 | ||||||
Facebook, Inc., Class A(1) | 464 | 119,536 | ||||||
267,135 | ||||||||
Internet and Direct Marketing Retail — 2.7% | ||||||||
Amazon.com, Inc.(1) | 41 | 126,810 | ||||||
IT Services — 7.8% | ||||||||
Accenture plc, Class A | 456 | 114,410 | ||||||
Cognizant Technology Solutions Corp., Class A | 448 | 32,919 | ||||||
International Business Machines Corp. | 200 | 23,786 | ||||||
Jack Henry & Associates, Inc. | 224 | 33,251 | ||||||
Mastercard, Inc., Class A | 260 | 92,001 | ||||||
PayPal Holdings, Inc.(1) | 124 | 32,221 | ||||||
Visa, Inc., Class A | 192 | 40,779 | ||||||
369,367 | ||||||||
Life Sciences Tools and Services — 1.1% | ||||||||
Illumina, Inc.(1) | 64 | 28,122 | ||||||
Thermo Fisher Scientific, Inc. | 51 | 22,954 | ||||||
51,076 | ||||||||
Machinery — 2.4% | ||||||||
CNH Industrial NV(1) | 1,613 | 23,937 | ||||||
Illinois Tool Works, Inc. | 152 | 30,731 | ||||||
Snap-on, Inc. | 160 | 32,498 | ||||||
Toro Co. (The) | 288 | 29,022 | ||||||
116,188 | ||||||||
Media — 0.9% | ||||||||
Comcast Corp., Class A | 850 | 44,812 | ||||||
Metals and Mining — 0.8% | ||||||||
Freeport-McMoRan, Inc.(1) | 1,052 | 35,673 | ||||||
Multiline Retail — 0.9% | ||||||||
Target Corp. | 228 | 41,824 | ||||||
Oil, Gas and Consumable Fuels — 0.5% | ||||||||
Chevron Corp. | 245 | 24,500 | ||||||
Personal Products — 0.6% | ||||||||
Estee Lauder Cos., Inc. (The), Class A | 96 | 27,443 | ||||||
Pharmaceuticals — 6.0% | ||||||||
Bristol-Myers Squibb Co. | 638 | 39,128 | ||||||
Eli Lilly and Co. | 166 | 34,012 | ||||||
Jazz Pharmaceuticals plc(1) | 168 | 28,231 | ||||||
Johnson & Johnson | 760 | 120,430 | ||||||
Merck & Co., Inc. | 428 | 31,081 | ||||||
Pfizer, Inc. | 1,014 | 33,959 | ||||||
286,841 | ||||||||
Professional Services — 0.6% | ||||||||
Verisk Analytics, Inc. | 168 | 27,527 |
13
Low Volatility ETF | ||||||||
Shares | Value | |||||||
Road and Rail — 2.0% | ||||||||
Kansas City Southern | 125 | $ | 26,543 | |||||
Old Dominion Freight Line, Inc. | 147 | 31,571 | ||||||
Union Pacific Corp. | 180 | 37,073 | ||||||
95,187 | ||||||||
Semiconductors and Semiconductor Equipment — 5.2% | ||||||||
Broadcom, Inc. | 56 | 26,313 | ||||||
Intel Corp. | 560 | 34,037 | ||||||
KLA Corp. | 91 | 28,322 | ||||||
Monolithic Power Systems, Inc. | 83 | 31,085 | ||||||
NVIDIA Corp. | 88 | 48,275 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 268 | 33,752 | ||||||
Texas Instruments, Inc. | 250 | 43,067 | ||||||
244,851 | ||||||||
Software — 11.7% | ||||||||
Adobe, Inc.(1) | 117 | 53,781 | ||||||
ANSYS, Inc.(1) | 64 | 21,823 | ||||||
Cadence Design Systems, Inc.(1) | 208 | 29,347 | ||||||
Intuit, Inc. | 80 | 31,211 | ||||||
Microsoft Corp. | 536 | 124,556 | ||||||
Open Text Corp. | 544 | 24,246 | ||||||
Oracle Corp. (New York) | 788 | 50,834 | ||||||
Palo Alto Networks, Inc.(1) | 80 | 28,665 | ||||||
salesforce.com, Inc.(1) | 192 | 41,568 | ||||||
ServiceNow, Inc.(1) | 72 | 38,409 | ||||||
Synopsys, Inc.(1) | 136 | 33,349 | ||||||
Tyler Technologies, Inc.(1) | 72 | 33,366 | ||||||
Unity Software, Inc.(1) | 197 | 21,203 | ||||||
VMware, Inc., Class A(1) | 168 | 23,219 | ||||||
555,577 | ||||||||
Specialty Retail — 2.0% | ||||||||
Home Depot, Inc. (The) | 184 | 47,535 | ||||||
Ross Stores, Inc. | 208 | 24,261 | ||||||
TJX Cos., Inc. (The) | 360 | 23,756 | ||||||
95,552 | ||||||||
Technology Hardware, Storage and Peripherals — 2.6% | ||||||||
Apple, Inc. | 1,018 | 123,443 | ||||||
Textiles, Apparel and Luxury Goods — 0.5% | ||||||||
NIKE, Inc., Class B | 179 | 24,126 | ||||||
TOTAL COMMON STOCKS (Cost $4,762,022) | 4,730,611 | |||||||
TEMPORARY CASH INVESTMENTS — 0.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $8,050) | 8,050 | 8,050 | ||||||
TOTAL INVESTMENT SECURITIES — 99.7% (Cost $4,770,072) | 4,738,661 | |||||||
OTHER ASSETS AND LIABILITIES — 0.3% | 12,449 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 4,751,110 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt |
(1)Non-income producing.
See Notes to Financial Statements.
14
FEBRUARY 28, 2021 (UNAUDITED)
Quality Convertible Securities ETF | ||||||||
Principal Amount/Shares | Value | |||||||
CONVERTIBLE BONDS — 82.2% | ||||||||
Auto Components — 0.5% | ||||||||
Patrick Industries, Inc., 1.00%, 2/1/23 | $ | 12,000 | $ | 13,715 | ||||
Automobiles — 5.6% | ||||||||
Tesla, Inc., 2.375%, 3/15/22 | 6,000 | 61,834 | ||||||
Tesla, Inc., 2.00%, 5/15/24 | 9,000 | 97,830 | ||||||
159,664 | ||||||||
Biotechnology — 5.4% | ||||||||
BioMarin Pharmaceutical, Inc., 1.25%, 5/15/27(1) | 30,000 | 30,748 | ||||||
Exact Sciences Corp., 0.375%, 3/15/27 | 12,000 | 17,054 | ||||||
Exact Sciences Corp., 0.375%, 3/1/28 | 24,000 | 32,115 | ||||||
Ionis Pharmaceuticals, Inc., 0.125%, 12/15/24 | 24,000 | 24,254 | ||||||
Ligand Pharmaceuticals, Inc., 0.75%, 5/15/23 | 3,000 | 3,096 | ||||||
Natera, Inc., 2.25%, 5/1/27(1) | 6,000 | 18,696 | ||||||
Neurocrine Biosciences, Inc., 2.25%, 5/15/24 | 9,000 | 13,487 | ||||||
PTC Therapeutics, Inc., 3.00%, 8/15/22 | 12,000 | 14,952 | ||||||
154,402 | ||||||||
Chemicals — 0.5% | ||||||||
Livent Corp., 4.125%, 7/15/25(1) | 6,000 | 14,031 | ||||||
Communications Equipment — 0.7% | ||||||||
Viavi Solutions, Inc., 1.75%, 6/1/23 | 6,000 | 7,813 | ||||||
Viavi Solutions, Inc., 1.00%, 3/1/24 | 9,000 | 12,393 | ||||||
20,206 | ||||||||
Consumer Finance — 0.5% | ||||||||
LendingTree, Inc., 0.625%, 6/1/22 | 3,000 | 4,147 | ||||||
PRA Group, Inc., 3.50%, 6/1/23 | 9,000 | 9,697 | ||||||
13,844 | ||||||||
Electrical Equipment — 0.2% | ||||||||
Bloom Energy Corp., 2.50%, 8/15/25(1) | 3,000 | 5,799 | ||||||
Electronic Equipment, Instruments and Components — 1.2% | ||||||||
Insight Enterprises, Inc., 0.75%, 2/15/25 | 9,000 | 12,144 | ||||||
Knowles Corp., 3.25%, 11/1/21 | 6,000 | 7,214 | ||||||
OSI Systems, Inc., 1.25%, 9/1/22 | 6,000 | 6,463 | ||||||
Vishay Intertechnology, Inc., 2.25%, 6/15/25 | 9,000 | 10,025 | ||||||
35,846 | ||||||||
Entertainment — 2.3% | ||||||||
Live Nation Entertainment, Inc., 2.00%, 2/15/25 | 9,000 | 10,372 | ||||||
World Wrestling Entertainment, Inc., 3.375%, 12/15/23 | 6,000 | 12,487 | ||||||
Zynga, Inc., 0.25%, 6/1/24 | 12,000 | 17,675 | ||||||
Zynga, Inc., 0.00%, 12/15/26(1)(2) | 21,000 | 24,443 | ||||||
64,977 | ||||||||
Health Care Equipment and Supplies — 3.8% | ||||||||
DexCom, Inc., 0.75%, 12/1/23 | 21,000 | 51,467 | ||||||
Glaukos Corp., 2.75%, 6/15/27(1) | 3,000 | 5,565 | ||||||
Insulet Corp., 1.375%, 11/15/24 | 6,000 | 16,863 | ||||||
Insulet Corp., 0.375%, 9/1/26 | 21,000 | 28,359 | ||||||
Mesa Laboratories, Inc., 1.375%, 8/15/25 | 6,000 | 7,049 | ||||||
109,303 | ||||||||
Health Care Providers and Services — 1.8% | ||||||||
Anthem, Inc., 2.75%, 10/15/42 | 3,000 | 12,717 |
15
Quality Convertible Securities ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Guardant Health, Inc., 0.00%, 11/15/27(1)(2) | $ | 30,000 | $ | 38,865 | ||||
51,582 | ||||||||
Health Care Technology — 2.0% | ||||||||
Evolent Health, Inc., 1.50%, 10/15/25 | 15,000 | 14,375 | ||||||
Teladoc Health, Inc., 1.25%, 6/1/27(1) | 33,000 | 42,845 | ||||||
57,220 | ||||||||
Insurance — 0.4% | ||||||||
AXA SA, 7.25%, 5/15/21(1) | 9,000 | 11,507 | ||||||
Interactive Media and Services — 7.0% | ||||||||
Snap, Inc., 0.25%, 5/1/25(1) | 15,000 | 45,793 | ||||||
Snap, Inc., 0.75%, 8/1/26 | 12,000 | 36,138 | ||||||
Twitter, Inc., 0.25%, 6/15/24 | 39,000 | 60,255 | ||||||
Zillow Group, Inc., 2.75%, 5/15/25 | 15,000 | 37,814 | ||||||
Zillow Group, Inc., 1.375%, 9/1/26 | 6,000 | 22,317 | ||||||
202,317 | ||||||||
Internet and Direct Marketing Retail — 8.2% | ||||||||
Booking Holdings, Inc., 0.90%, 9/15/21 | 33,000 | 39,507 | ||||||
Booking Holdings, Inc., 0.75%, 5/1/25(1) | 21,000 | 31,841 | ||||||
Etsy, Inc., 0.125%, 10/1/26 | 9,000 | 23,156 | ||||||
Etsy, Inc., 0.125%, 9/1/27(1) | 15,000 | 21,598 | ||||||
Match Group Financeco 2, Inc., 0.875%, 6/15/26(1) | 12,000 | 22,133 | ||||||
Match Group Financeco 3, Inc., 2.00%, 1/15/30(1) | 18,000 | 35,232 | ||||||
Wayfair, Inc., 0.625%, 10/1/25(1) | 30,000 | 31,171 | ||||||
Wayfair, Inc., 1.00%, 8/15/26 | 15,000 | 31,468 | ||||||
236,106 | ||||||||
IT Services — 3.6% | ||||||||
Repay Holdings Corp., 0.00%, 2/1/26(1)(2) | 9,000 | 8,920 | ||||||
Square, Inc., 0.50%, 5/15/23 | 6,000 | 17,774 | ||||||
Square, Inc., 0.125%, 3/1/25(1) | 9,000 | 18,030 | ||||||
Square, Inc., 0.25%, 11/1/27(1) | 21,000 | 24,994 | ||||||
Twilio, Inc., 0.25%, 6/1/23 | 6,000 | 33,183 | ||||||
102,901 | ||||||||
Life Sciences Tools and Services — 2.2% | ||||||||
Illumina, Inc., 0.50%, 6/15/21 | 12,000 | 20,784 | ||||||
Illumina, Inc., 0.00%, 8/15/23(2) | 18,000 | 23,196 | ||||||
Luminex Corp., 3.00%, 5/15/25(1) | 6,000 | 6,598 | ||||||
Repligen Corp., 0.375%, 7/15/24 | 6,000 | 11,553 | ||||||
62,131 | ||||||||
Machinery — 0.6% | ||||||||
Meritor, Inc., 3.25%, 10/15/37 | 15,000 | 17,947 | ||||||
Media — 3.7% | ||||||||
Cardlytics, Inc., 1.00%, 9/15/25(1) | 6,000 | 10,509 | ||||||
Liberty Broadband Corp., 1.25%, 9/30/50(1) | 21,000 | 21,024 | ||||||
Liberty Broadband Corp., 2.75%, 9/30/50(1) | 33,000 | 34,306 | ||||||
Liberty Media Corp., 2.125%, 3/31/48(1) | 12,000 | 12,332 | ||||||
Liberty Media Corp., 2.75%, 12/1/49(1) | 18,000 | 18,846 | ||||||
TechTarget, Inc., 0.125%, 12/15/25(1) | 6,000 | 8,186 | ||||||
105,203 | ||||||||
Metals and Mining — 0.3% | ||||||||
Allegheny Technologies, Inc., 3.50%, 6/15/25(1) | 6,000 | 9,172 |
16
Quality Convertible Securities ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.8% | ||||||||
Apollo Commercial Real Estate Finance, Inc., 4.75%, 8/23/22 | $ | 6,000 | $ | 5,895 | ||||
Apollo Commercial Real Estate Finance, Inc., 5.375%, 10/15/23 | 9,000 | 8,827 | ||||||
PennyMac Corp., 5.50%, 11/1/24 | 9,000 | 9,073 | ||||||
23,795 | ||||||||
Oil, Gas and Consumable Fuels — 1.2% | ||||||||
Cheniere Energy, Inc., 4.25%, 3/15/45 | 18,000 | 14,890 | ||||||
Pioneer Natural Resources Co., 0.25%, 5/15/25(1) | 12,000 | 19,021 | ||||||
33,911 | ||||||||
Professional Services — 0.7% | ||||||||
FTI Consulting, Inc., 2.00%, 8/15/23 | 15,000 | 19,387 | ||||||
Semiconductors and Semiconductor Equipment — 5.4% | ||||||||
Cree, Inc., 0.875%, 9/1/23 | 9,000 | 17,383 | ||||||
Cree, Inc., 1.75%, 5/1/26(1) | 9,000 | 22,315 | ||||||
Enphase Energy, Inc., 0.25%, 3/1/25(1) | 15,000 | 34,726 | ||||||
Inphi Corp., 0.75%, 4/15/25(1) | 12,000 | 17,130 | ||||||
Micron Technology, Inc., 3.125%, 5/1/32 | 3,000 | 27,518 | ||||||
Teradyne, Inc., 1.25%, 12/15/23 | 9,000 | 36,568 | ||||||
155,640 | ||||||||
Software — 21.3% | ||||||||
2U, Inc., 2.25%, 5/1/25(1) | 9,000 | 14,615 | ||||||
Alarm.com Holdings, Inc., 0.00%, 1/15/26(1)(2) | 12,000 | 11,667 | ||||||
Alteryx, Inc., 0.50%, 6/1/23 | 3,000 | 6,761 | ||||||
Alteryx, Inc., 1.00%, 8/1/26 | 18,000 | 17,926 | ||||||
Bill.com Holdings, Inc., 0.00%, 12/1/25(1)(2) | 24,000 | 31,129 | ||||||
Blackline, Inc., 0.125%, 8/1/24 | 9,000 | 16,116 | ||||||
Cloudflare, Inc., 0.75%, 5/15/25(1) | 12,000 | 25,248 | ||||||
Coupa Software, Inc., 0.125%, 6/15/25 | 9,000 | 20,104 | ||||||
Coupa Software, Inc., 0.375%, 6/15/26(1) | 24,000 | 33,593 | ||||||
Datadog, Inc., 0.125%, 6/15/25(1) | 15,000 | 19,573 | ||||||
DocuSign, Inc., 0.50%, 9/15/23 | 3,000 | 9,496 | ||||||
DocuSign, Inc., 0.00%, 1/15/24(1)(2) | 15,000 | 15,493 | ||||||
FireEye, Inc., 0.875%, 6/1/24 | 9,000 | 10,214 | ||||||
FireEye, Inc., 1.625%, 6/1/35 | 15,000 | 14,943 | ||||||
Guidewire Software, Inc., 1.25%, 3/15/25 | 3,000 | 3,599 | ||||||
HubSpot, Inc., 0.375%, 6/1/25(1) | 18,000 | 34,619 | ||||||
J2 Global, Inc., 1.75%, 11/1/26(1) | 15,000 | 17,249 | ||||||
J2 Global, Inc., 3.25%, 6/15/29 | 12,000 | 19,535 | ||||||
LivePerson, Inc., 0.00%, 12/15/26(1)(2) | 15,000 | 17,182 | ||||||
Medallia, Inc., 0.125%, 9/15/25(1) | 12,000 | 15,430 | ||||||
MicroStrategy, Inc., 0.75%, 12/15/25(1) | 6,000 | 12,473 | ||||||
NortonLifeLock, Inc., 2.00%, 8/15/22(1) | 15,000 | 16,954 | ||||||
PagerDuty, Inc., 1.25%, 7/1/25(1) | 6,000 | 8,201 | ||||||
Palo Alto Networks, Inc., 0.75%, 7/1/23 | 6,000 | 8,683 | ||||||
Palo Alto Networks, Inc., 0.375%, 6/1/25(1) | 6,000 | 8,083 | ||||||
RingCentral, Inc., 0.00%, 3/1/25(1)(2) | 18,000 | 23,131 | ||||||
RingCentral, Inc., 0.00%, 3/15/26(1)(2) | 21,000 | 24,647 | ||||||
Sailpoint Technologies Holdings, Inc., 0.125%, 9/15/24 | 9,000 | 18,481 | ||||||
ServiceNow, Inc., 0.00%, 6/1/22(2) | 3,000 | 11,927 | ||||||
Varonis Systems, Inc., 1.25%, 8/15/25(1) | 6,000 | 12,439 | ||||||
Workday, Inc., 0.25%, 10/1/22 | 18,000 | 30,978 |
17
Quality Convertible Securities ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Zendesk, Inc., 0.25%, 3/15/23 | $ | 3,000 | $ | 7,006 | ||||
Zendesk, Inc., 0.625%, 6/15/25(1) | 24,000 | 36,090 | ||||||
Zscaler, Inc., 0.125%, 7/1/25(1) | 24,000 | 36,581 | ||||||
610,166 | ||||||||
Specialty Retail — 1.9% | ||||||||
American Eagle Outfitters, Inc., 3.75%, 4/15/25(1) | 6,000 | 18,248 | ||||||
RH, 0.00%, 9/15/24(1)(2) | 15,000 | 35,616 | ||||||
53,864 | ||||||||
Textiles, Apparel and Luxury Goods — 0.4% | ||||||||
Under Armour, Inc., 1.50%, 6/1/24(1) | 6,000 | 11,688 | ||||||
TOTAL CONVERTIBLE BONDS (Cost $2,472,680) | 2,356,324 | |||||||
CONVERTIBLE PREFERRED STOCKS — 15.9% | ||||||||
Banks — 5.1% | ||||||||
Bank of America Corp., 7.25% | 48 | 66,994 | ||||||
Wells Fargo & Co., 7.50% | 57 | 78,884 | ||||||
145,878 | ||||||||
Capital Markets — 0.7% | ||||||||
KKR & Co., Inc., 6.00%, 9/15/23 | 300 | 18,876 | ||||||
Diversified Financial Services — 0.9% | ||||||||
2020 Mandatory Exchangeable Trust, 6.50%, 5/16/23(1) | 12 | 27,105 | ||||||
Electric Utilities — 2.2% | ||||||||
American Electric Power Co., Inc., 6.125%, 3/15/22 | 141 | 6,409 | ||||||
American Electric Power Co., Inc., 6.125%, 8/15/23 | 147 | 6,836 | ||||||
NextEra Energy, Inc., 5.28%, 3/1/23 | 384 | 18,858 | ||||||
NextEra Energy, Inc., 6.22%, 9/1/23 | 381 | 18,600 | ||||||
Southern Co. (The), 6.75%, 8/1/22 | 279 | 13,475 | ||||||
64,178 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 1.2% | ||||||||
Equity Commonwealth, 6.50% | 381 | 11,447 | ||||||
Lexington Realty Trust, 6.50% | 174 | 9,551 | ||||||
QTS Realty Trust, Inc., 6.50% | 90 | 12,692 | ||||||
33,690 | ||||||||
Food Products — 0.5% | ||||||||
Bunge Ltd., 4.875% | 135 | 15,425 | ||||||
Health Care Equipment and Supplies — 2.2% | ||||||||
Becton Dickinson and Co., 6.00%, 6/1/23 | 420 | 22,203 | ||||||
Boston Scientific Corp., 5.50%, 6/1/23 | 153 | 16,961 | ||||||
Danaher Corp., 5.00%, 4/15/23 | 18 | 23,180 | ||||||
62,344 | ||||||||
Life Sciences Tools and Services — 0.9% | ||||||||
Avantor, Inc., 6.25%, 5/15/22 | 300 | 26,401 | ||||||
Multi-Utilities — 0.3% | ||||||||
DTE Energy Co., 6.25%, 11/1/22 | 186 | 8,505 | ||||||
Semiconductors and Semiconductor Equipment — 1.7% | ||||||||
Broadcom, Inc., 8.00%, 9/30/22 | 33 | 49,985 | ||||||
Water Utilities — 0.2% | ||||||||
Essential Utilities, Inc., 6.00%, 4/30/22 | 78 | 4,278 | ||||||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $476,683) | 456,665 |
18
Quality Convertible Securities ETF | ||||||||
Shares | Value | |||||||
TEMPORARY CASH INVESTMENTS — 1.7% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $49,612) | 49,612 | $ | 49,612 | |||||
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $2,998,975) | 2,862,601 | |||||||
OTHER ASSETS AND LIABILITIES — 0.2% | 5,834 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 2,868,435 |
NOTES TO SCHEDULE OF INVESTMENTS |
(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 $1,153,430, which represented 40.2% of total net assets.
(2)Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
See Notes to Financial Statements.
19
FEBRUARY 28, 2021 (UNAUDITED)
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Australia — 7.3% | ||||||||
AGL Energy Ltd. | 25,878 | $ | 188,077 | |||||
Ampol Ltd. | 4,439 | 84,679 | ||||||
Aristocrat Leisure Ltd. | 27,281 | 643,145 | ||||||
Aurizon Holdings Ltd. | 59,391 | 175,537 | ||||||
BHP Group Ltd. | 6,630 | 251,550 | ||||||
Coca-Cola Amatil Ltd. | 35,743 | 370,409 | ||||||
Computershare Ltd. | 58,474 | 601,983 | ||||||
CSL Ltd. | 734 | 149,477 | ||||||
Evolution Mining Ltd. | 27,377 | 87,581 | ||||||
Fortescue Metals Group Ltd. | 208,258 | 3,897,960 | ||||||
Goodman Group | 21,683 | 278,323 | ||||||
James Hardie Industries plc | 3,449 | 97,271 | ||||||
Magellan Financial Group Ltd. | 6,897 | 232,726 | ||||||
Northern Star Resources Ltd. | 10,790 | 84,166 | ||||||
Ramsay Health Care Ltd. | 4,003 | 204,901 | ||||||
SEEK Ltd. | 5,223 | 104,160 | ||||||
Sonic Healthcare Ltd. | 50,937 | 1,251,570 | ||||||
South32 Ltd. | 105,172 | 226,182 | ||||||
Vicinity Centres | 305,969 | 389,756 | ||||||
Wesfarmers Ltd. | 6,504 | 248,265 | ||||||
Woolworths Group Ltd. | 4,851 | 148,173 | ||||||
Xero Ltd.(1) | 1,026 | 94,255 | ||||||
9,810,146 | ||||||||
Austria — 0.2% | ||||||||
Raiffeisen Bank International AG(1) | 9,685 | 197,344 | ||||||
Verbund AG | 1,425 | 109,218 | ||||||
306,562 | ||||||||
Belgium — 1.6% | ||||||||
Ageas SA/NV | 11,323 | 638,317 | ||||||
KBC Group NV(1) | 1,436 | 103,875 | ||||||
Proximus SADP | 8,884 | 174,225 | ||||||
Solvay SA | 1,623 | 199,096 | ||||||
Telenet Group Holding NV | 2,342 | 93,795 | ||||||
UCB SA | 9,228 | 923,247 | ||||||
2,132,555 | ||||||||
Canada — 8.4% | ||||||||
Alimentation Couche-Tard, Inc., B Shares | 3,018 | 91,184 | ||||||
B2Gold Corp. | 58,139 | 254,416 | ||||||
Bank of Montreal | 2,713 | 222,826 | ||||||
Barrick Gold Corp., (Toronto) | 4,367 | 81,924 | ||||||
BRP, Inc. | 1,756 | 127,539 | ||||||
Canadian Imperial Bank of Commerce | 2,205 | 204,354 | ||||||
Canadian Pacific Railway Ltd. | 4,331 | 1,551,497 | ||||||
Canadian Tire Corp. Ltd., Class A | 6,603 | 857,660 | ||||||
CCL Industries, Inc., Class B | 2,273 | 120,347 | ||||||
CGI, Inc.(1) | 2,517 | 188,874 | ||||||
Constellation Software, Inc. | 1,007 | 1,310,627 | ||||||
Dollarama, Inc. | 4,332 | 165,718 |
20
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Empire Co. Ltd., Class A | 10,459 | $ | 292,208 | |||||
FirstService Corp. | 748 | 114,085 | ||||||
Franco-Nevada Corp. | 1,204 | 129,587 | ||||||
George Weston Ltd. | 12,502 | 923,035 | ||||||
Great-West Lifeco, Inc. | 9,623 | 247,568 | ||||||
IGM Financial, Inc. | 7,058 | 193,565 | ||||||
Intact Financial Corp. | 1,437 | 161,453 | ||||||
Loblaw Cos. Ltd. | 5,788 | 280,393 | ||||||
Magna International, Inc. | 4,664 | 394,893 | ||||||
Manulife Financial Corp. | 81,720 | 1,637,627 | ||||||
Metro, Inc. | 2,181 | 91,133 | ||||||
Northland Power, Inc. | 4,573 | 152,614 | ||||||
Pan American Silver Corp. | 3,405 | 113,097 | ||||||
Quebecor, Inc., Class B | 4,023 | 104,547 | ||||||
Ritchie Bros Auctioneers, Inc. | 1,393 | 76,417 | ||||||
Rogers Communications, Inc., Class B | 2,125 | 92,537 | ||||||
Saputo, Inc. | 6,906 | 195,506 | ||||||
Sun Life Financial, Inc. | 2,257 | 109,177 | ||||||
Teck Resources Ltd., Class B | 11,772 | 246,412 | ||||||
Toromont Industries Ltd. | 4,372 | 320,130 | ||||||
Wheaton Precious Metals Corp. | 4,678 | 168,201 | ||||||
WSP Global, Inc. | 2,163 | 188,314 | ||||||
11,409,465 | ||||||||
China — 4.5% | ||||||||
Alibaba Group Holding Ltd., ADR(1) | 2,657 | 631,728 | ||||||
ANTA Sports Products Ltd. | 43,000 | 659,076 | ||||||
Autohome, Inc., ADR | 2,821 | 321,707 | ||||||
BYD Co. Ltd., H Shares | 22,500 | 569,822 | ||||||
China Molybdenum Co. Ltd., H Shares | 567,000 | 438,135 | ||||||
China Resources Cement Holdings Ltd. | 348,000 | 414,509 | ||||||
CSC Financial Co. Ltd., H Shares | 85,500 | 111,776 | ||||||
Great Wall Motor Co. Ltd., H Shares | 147,000 | 425,963 | ||||||
JD.com, Inc., ADR(1) | 269 | 25,251 | ||||||
JOYY, Inc., ADR | 2,990 | 352,521 | ||||||
Kingsoft Corp. Ltd. | 47,000 | 330,953 | ||||||
Li Ning Co. Ltd. | 53,500 | 302,829 | ||||||
NetEase, Inc., ADR | 6,455 | 709,082 | ||||||
TAL Education Group, ADR(1) | 6,890 | 534,251 | ||||||
Yihai International Holding Ltd.(1) | 22,000 | 300,877 | ||||||
6,128,480 | ||||||||
Denmark — 2.8% | ||||||||
AP Moller - Maersk A/S, B Shares | 139 | 300,183 | ||||||
Carlsberg A/S, B Shares | 1,246 | 197,150 | ||||||
Chr Hansen Holding A/S(1) | 1,032 | 89,026 | ||||||
Coloplast A/S, B Shares | 888 | 136,256 | ||||||
DSV Panalpina A/S | 633 | 116,787 | ||||||
Genmab A/S(1) | 1,120 | 380,039 | ||||||
Novo Nordisk A/S, B Shares | 2,925 | 209,349 | ||||||
Novozymes A/S, B Shares | 1,749 | 108,650 | ||||||
Pandora A/S | 6,383 | 622,606 | ||||||
Royal Unibrew A/S | 2,870 | 297,169 |
21
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
SimCorp A/S | 883 | $ | 107,868 | |||||
Vestas Wind Systems A/S | 6,700 | 1,260,396 | ||||||
3,825,479 | ||||||||
Finland — 2.4% | ||||||||
Elisa Oyj | 2,468 | 148,000 | ||||||
Fortum Oyj | 8,138 | 204,330 | ||||||
Kone Oyj, B Shares | 2,510 | 201,287 | ||||||
Neste Oyj | 11,942 | 790,805 | ||||||
Nokia Oyj(1) | 46,476 | 184,848 | ||||||
Orion Oyj, Class B | 2,125 | 87,505 | ||||||
Stora Enso Oyj, R Shares | 51,658 | 1,023,231 | ||||||
UPM-Kymmene Oyj | 14,207 | 543,727 | ||||||
3,183,733 | ||||||||
France — 8.6% | ||||||||
Air Liquide SA | 975 | 147,539 | ||||||
Amundi SA(1) | 7,305 | 558,466 | ||||||
Arkema SA | 1,857 | 205,762 | ||||||
BioMerieux | 694 | 88,609 | ||||||
Bouygues SA | 23,304 | 949,024 | ||||||
Cie de Saint-Gobain(1) | 6,859 | 369,688 | ||||||
Danone SA | 2,888 | 197,466 | ||||||
Engie SA(1) | 13,514 | 198,163 | ||||||
Euronext NV | 8,691 | 940,786 | ||||||
Hermes International | 124 | 138,617 | ||||||
Iliad SA | 492 | 87,540 | ||||||
Ipsen SA | 1,924 | 164,691 | ||||||
L'Oreal SA | 282 | 103,435 | ||||||
Legrand SA | 1,895 | 165,379 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 279 | 177,731 | ||||||
Orange SA | 146,915 | 1,702,186 | ||||||
Publicis Groupe SA | 16,337 | 962,226 | ||||||
Sanofi | 22,039 | 2,029,493 | ||||||
Sartorius Stedim Biotech | 1,083 | 475,813 | ||||||
Schneider Electric SE | 2,469 | 368,052 | ||||||
SCOR SE(1) | 5,432 | 180,614 | ||||||
STMicroelectronics NV | 2,555 | 98,963 | ||||||
Teleperformance | 565 | 200,969 | ||||||
TOTAL SE | 4,350 | 202,729 | ||||||
Unibail-Rodamco-Westfield | 5,229 | 385,951 | ||||||
Vivendi SE | 6,178 | 214,203 | ||||||
Wendel SE | 1,696 | 194,909 | ||||||
Worldline SA(1) | 1,735 | 155,370 | ||||||
11,664,374 | ||||||||
Germany — 4.7% | ||||||||
Bayerische Motoren Werke AG | 2,130 | 184,623 | ||||||
Bechtle AG | 459 | 86,828 | ||||||
Brenntag SE | 3,977 | 310,055 | ||||||
Covestro AG | 12,451 | 906,444 | ||||||
Deutsche Post AG | 8,790 | 437,703 | ||||||
Evonik Industries AG | 34,652 | 1,174,718 | ||||||
Fresenius Medical Care AG & Co. KGaA | 2,628 | 183,017 |
22
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
FUCHS PETROLUB SE, Preference Shares | 1,750 | $ | 96,064 | |||||
GEA Group AG | 21,676 | 752,258 | ||||||
HeidelbergCement AG | 2,705 | 214,804 | ||||||
Lanxess AG | 3,014 | 223,886 | ||||||
Merck KGaA | 1,788 | 291,283 | ||||||
Nemetschek SE | 2,382 | 150,790 | ||||||
QIAGEN NV(1) | 2,075 | 103,080 | ||||||
Rational AG | 112 | 96,121 | ||||||
Sartorius AG, Preference Shares | 290 | 149,856 | ||||||
Symrise AG | 1,058 | 123,871 | ||||||
Talanx AG(1) | 5,617 | 235,339 | ||||||
Telefonica Deutschland Holding AG | 68,194 | 182,465 | ||||||
Uniper SE | 5,478 | 192,394 | ||||||
United Internet AG | 2,509 | 110,707 | ||||||
Zalando SE(1) | 1,070 | 110,368 | ||||||
6,316,674 | ||||||||
Hong Kong — 0.5% | ||||||||
Techtronic Industries Co. Ltd. | 40,000 | 609,397 | ||||||
Ireland — 0.6% | ||||||||
CRH plc | 7,343 | 317,647 | ||||||
Kingspan Group plc(1) | 7,103 | 520,146 | ||||||
837,793 | ||||||||
Israel — 0.5% | ||||||||
Bank Hapoalim BM(1) | 29,921 | 209,411 | ||||||
Bank Leumi Le-Israel BM | 34,897 | 210,160 | ||||||
Isracard Ltd. | 1 | 3 | ||||||
Teva Pharmaceutical Industries Ltd.(1) | 20,262 | 219,134 | ||||||
638,708 | ||||||||
Italy — 3.4% | ||||||||
A2A SpA | 243,479 | 411,671 | ||||||
Assicurazioni Generali SpA(1) | 11,225 | 211,885 | ||||||
DiaSorin SpA | 2,374 | 467,628 | ||||||
Eni SpA | 109,763 | 1,261,952 | ||||||
EXOR NV | 2,664 | 214,733 | ||||||
Ferrari NV | 3,147 | 613,284 | ||||||
Intesa Sanpaolo SpA(1) | 80,804 | 209,327 | ||||||
Mediobanca Banca di Credito Finanziario SpA(1) | 20,816 | 217,769 | ||||||
Moncler SpA(1) | 3,270 | 203,634 | ||||||
Prysmian SpA | 8,729 | 281,207 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 3,014 | 154,166 | ||||||
Stellantis NV | 11,906 | 194,157 | ||||||
Telecom Italia SpA/Milano | 396,374 | 189,050 | ||||||
4,630,463 | ||||||||
Japan — 23.8% | ||||||||
Advantest Corp. | 2,200 | 180,648 | ||||||
Ajinomoto Co., Inc. | 14,000 | 278,423 | ||||||
Astellas Pharma, Inc. | 75,100 | 1,190,139 | ||||||
Brother Industries Ltd. | 29,100 | 577,487 | ||||||
Canon, Inc. | 10,500 | 226,385 | ||||||
Capcom Co. Ltd. | 2,000 | 121,632 | ||||||
Chugai Pharmaceutical Co. Ltd. | 22,800 | 1,027,695 |
23
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Cosmos Pharmaceutical Corp. | 600 | $ | 85,988 | |||||
CyberAgent, Inc. | 4,800 | 289,205 | ||||||
Dai Nippon Printing Co. Ltd. | 9,900 | 179,509 | ||||||
Daikin Industries Ltd. | 400 | 78,777 | ||||||
Daito Trust Construction Co. Ltd. | 1,000 | 111,553 | ||||||
Dentsu Group, Inc. | 5,700 | 198,178 | ||||||
Disco Corp. | 300 | 94,038 | ||||||
Fast Retailing Co. Ltd. | 100 | 99,334 | ||||||
FUJIFILM Holdings Corp. | 3,600 | 206,510 | ||||||
Fujitsu Ltd. | 3,700 | 533,336 | ||||||
GMO Payment Gateway, Inc. | 2,900 | 384,011 | ||||||
Hakuhodo DY Holdings, Inc. | 12,900 | 215,045 | ||||||
Hitachi Ltd. | 5,200 | 240,157 | ||||||
Hoya Corp. | 800 | 90,853 | ||||||
Iida Group Holdings Co. Ltd. | 5,000 | 114,024 | ||||||
ITOCHU Corp. | 7,000 | 210,178 | ||||||
Japan Tobacco, Inc. | 101,200 | 1,835,535 | ||||||
Kajima Corp. | 59,100 | 761,163 | ||||||
Kakaku.com, Inc. | 4,700 | 148,920 | ||||||
Kao Corp. | 2,500 | 168,828 | ||||||
KDDI Corp. | 4,600 | 142,040 | ||||||
Keyence Corp. | 300 | 143,558 | ||||||
Kikkoman Corp. | 1,600 | 105,562 | ||||||
Kirin Holdings Co. Ltd. | 67,600 | 1,332,870 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 800 | 75,771 | ||||||
Kobe Bussan Co. Ltd. | 9,700 | 248,991 | ||||||
Komatsu Ltd. | 23,900 | 727,623 | ||||||
Kubota Corp. | 9,400 | 214,191 | ||||||
Kyocera Corp. | 3,300 | 213,918 | ||||||
Lasertec Corp. | 1,600 | 195,821 | ||||||
Lion Corp. | 7,900 | 151,758 | ||||||
Lixil Corp. | 7,800 | 218,662 | ||||||
M3, Inc. | 2,200 | 174,689 | ||||||
McDonald's Holdings Co. Japan Ltd. | 2,100 | 104,330 | ||||||
MEIJI Holdings Co. Ltd. | 2,600 | 164,917 | ||||||
MINEBEA MITSUMI, Inc. | 14,800 | 367,618 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 13,500 | 316,610 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 43,300 | 229,335 | ||||||
Mitsui Chemicals, Inc. | 18,200 | 566,459 | ||||||
MonotaRO Co. Ltd. | 9,100 | 522,687 | ||||||
NEC Corp. | 24,100 | 1,324,316 | ||||||
Nexon Co. Ltd. | 4,900 | 154,457 | ||||||
Nihon M&A Center, Inc. | 6,800 | 370,781 | ||||||
Nintendo Co. Ltd. | 2,100 | 1,276,243 | ||||||
Nippon Express Co. Ltd. | 3,000 | 225,221 | ||||||
Nippon Telegraph & Telephone Corp. | 12,100 | 313,203 | ||||||
Nissan Chemical Corp. | 3,000 | 164,266 | ||||||
Nisshin Seifun Group, Inc. | 11,400 | 184,574 | ||||||
Nissin Foods Holdings Co. Ltd. | 1,200 | 90,663 | ||||||
Nitori Holdings Co. Ltd. | 1,000 | 186,535 | ||||||
Nomura Holdings, Inc. | 37,000 | 217,734 |
24
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Nomura Research Institute Ltd. | 4,400 | $ | 136,627 | |||||
NTT Data Corp. | 14,000 | 216,404 | ||||||
Olympus Corp. | 4,600 | 96,894 | ||||||
Omron Corp. | 1,100 | 89,236 | ||||||
Ono Pharmaceutical Co. Ltd. | 28,500 | 771,024 | ||||||
Oracle Corp. (Tokyo) | 1,200 | 122,545 | ||||||
ORIX Corp. | 13,800 | 237,433 | ||||||
Otsuka Corp. | 5,300 | 246,241 | ||||||
Otsuka Holdings Co. Ltd. | 5,300 | 212,415 | ||||||
Panasonic Corp. | 20,500 | 265,363 | ||||||
Pigeon Corp. | 2,200 | 79,466 | ||||||
Recruit Holdings Co. Ltd. | 3,500 | 175,423 | ||||||
Renesas Electronics Corp.(1) | 11,300 | 124,770 | ||||||
Resona Holdings, Inc. | 53,100 | 215,105 | ||||||
Ricoh Co. Ltd. | 55,800 | 493,026 | ||||||
SCSK Corp. | 3,700 | 219,023 | ||||||
Seiko Epson Corp. | 14,400 | 238,284 | ||||||
Sekisui Chemical Co. Ltd. | 11,400 | 206,067 | ||||||
Sekisui House Ltd. | 93,000 | 1,753,650 | ||||||
Seven & i Holdings Co. Ltd. | 5,900 | 225,446 | ||||||
Shimadzu Corp. | 2,800 | 101,702 | ||||||
SMC Corp. | 200 | 118,960 | ||||||
Sompo Holdings, Inc. | 2,600 | 100,485 | ||||||
Sony Corp. | 2,500 | 262,908 | ||||||
Square Enix Holdings Co. Ltd. | 3,000 | 170,066 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 14,700 | 233,898 | ||||||
Sumitomo Electric Industries Ltd. | 16,300 | 239,277 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 6,400 | 226,963 | ||||||
Suntory Beverage & Food Ltd. | 5,100 | 175,470 | ||||||
Suzuki Motor Corp. | 1,900 | 82,839 | ||||||
T&D Holdings, Inc. | 16,500 | 227,851 | ||||||
Taisei Corp. | 5,300 | 188,855 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 2,900 | 178,859 | ||||||
TDK Corp. | 2,500 | 361,388 | ||||||
TIS, Inc. | 9,300 | 193,248 | ||||||
Tokyo Century Corp. | 1,500 | 98,663 | ||||||
Tokyo Electron Ltd. | 2,800 | 1,153,854 | ||||||
Tosoh Corp. | 14,100 | 260,916 | ||||||
Toyo Suisan Kaisha Ltd. | 2,000 | 85,219 | ||||||
Toyota Tsusho Corp. | 5,900 | 250,236 | ||||||
Trend Micro, Inc. | 3,400 | 163,377 | ||||||
Tsuruha Holdings, Inc. | 700 | 90,076 | ||||||
Unicharm Corp. | 3,700 | 146,315 | ||||||
USS Co. Ltd. | 8,900 | 173,605 | ||||||
Welcia Holdings Co. Ltd. | 2,500 | 79,894 | ||||||
Yamato Holdings Co. Ltd. | 4,000 | 105,191 | ||||||
Z Holdings Corp. | 29,500 | 179,545 | ||||||
ZOZO, Inc. | 4,000 | 125,017 | ||||||
32,272,073 | ||||||||
Netherlands — 3.6% | ||||||||
Aalberts NV | 4,285 | 200,887 | ||||||
ASM International NV | 1,993 | 540,607 |
25
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
ASML Holding NV | 1,075 | $ | 608,923 | |||||
Koninklijke Ahold Delhaize NV | 40,171 | 1,064,814 | ||||||
Koninklijke Philips NV | 21,905 | 1,194,998 | ||||||
NN Group NV | 13,924 | 645,426 | ||||||
Randstad NV(1) | 4,785 | 320,494 | ||||||
Signify NV(1) | 4,382 | 191,179 | ||||||
Wolters Kluwer NV | 1,572 | 125,309 | ||||||
4,892,637 | ||||||||
New Zealand — 0.3% | ||||||||
a2 Milk Co. Ltd. (The)(1) | 45,021 | 313,490 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 7,260 | 152,204 | ||||||
465,694 | ||||||||
Norway — 1.1% | ||||||||
Equinor ASA | 11,777 | 224,665 | ||||||
Gjensidige Forsikring ASA | 4,596 | 106,256 | ||||||
Norsk Hydro ASA | 45,964 | 256,728 | ||||||
Orkla ASA | 29,824 | 276,781 | ||||||
Salmar ASA | 1,826 | 121,117 | ||||||
Schibsted ASA, Class A(1) | 2,446 | 99,732 | ||||||
Telenor ASA | 5,879 | 95,821 | ||||||
TOMRA Systems ASA | 2,457 | 105,901 | ||||||
Yara International ASA | 4,748 | 230,047 | ||||||
1,517,048 | ||||||||
Singapore — 1.2% | ||||||||
Genting Singapore Ltd. | 300,000 | 191,654 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 26,700 | 219,333 | ||||||
Singapore Exchange Ltd. | 119,200 | 890,996 | ||||||
Singapore Technologies Engineering Ltd. | 103,900 | 292,342 | ||||||
1,594,325 | ||||||||
South Korea — 0.9% | ||||||||
Celltrion, Inc.(1) | 1,515 | 400,663 | ||||||
NCSoft Corp. | 562 | 467,332 | ||||||
Samsung Life Insurance Co. Ltd. | 4,148 | 276,274 | ||||||
Seegene, Inc. | 1,152 | 127,617 | ||||||
1,271,886 | ||||||||
Spain — 2.6% | ||||||||
ACS Actividades de Construccion y Servicios SA | 14,229 | 437,482 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 58,710 | 327,746 | ||||||
Banco Santander SA(1) | 64,358 | 226,231 | ||||||
Naturgy Energy Group SA | 8,911 | 223,208 | ||||||
Repsol SA | 77,232 | 975,904 | ||||||
Telefonica SA | 297,804 | 1,270,055 | ||||||
3,460,626 | ||||||||
Sweden — 4.6% | ||||||||
Atlas Copco AB, A Shares | 11,106 | 637,183 | ||||||
Electrolux AB, Series B | 10,760 | 255,423 | ||||||
Essity AB, B Shares | 43,607 | 1,315,918 | ||||||
Evolution Gaming Group AB | 4,689 | 586,789 | ||||||
Getinge AB, B Shares | 10,353 | 262,949 | ||||||
Husqvarna AB, B Shares | 17,461 | 214,076 | ||||||
Kinnevik AB, Class B(1) | 5,747 | 268,417 |
26
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Nibe Industrier AB, B Shares | 3,557 | $ | 112,096 | |||||
Sandvik AB(1) | 8,288 | 223,600 | ||||||
Securitas AB, B Shares | 12,715 | 195,905 | ||||||
Skanska AB, B Shares | 8,449 | 205,935 | ||||||
SKF AB, B Shares | 29,600 | 810,525 | ||||||
Swedish Match AB | 12,444 | 898,194 | ||||||
Volvo AB, B Shares(1) | 9,002 | 231,065 | ||||||
6,218,075 | ||||||||
Switzerland — 6.6% | ||||||||
ABB Ltd. | 7,944 | 228,556 | ||||||
Adecco Group AG | 10,741 | 677,053 | ||||||
Bachem Holding AG, Class B | 244 | 93,061 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate | 17 | 143,187 | ||||||
Cie Financiere Richemont SA | 2,235 | 216,152 | ||||||
EMS-Chemie Holding AG(1) | 1,492 | 1,324,631 | ||||||
Geberit AG | 276 | 163,443 | ||||||
Georg Fischer AG | 158 | 203,982 | ||||||
Givaudan SA | 36 | 136,266 | ||||||
Kuehne + Nagel International AG | 2,624 | 625,070 | ||||||
Logitech International SA | 3,488 | 373,172 | ||||||
Nestle SA | 1,184 | 124,234 | ||||||
Novartis AG | 2,050 | 177,028 | ||||||
Partners Group Holding AG | 1,266 | 1,523,455 | ||||||
Roche Holding AG(1) | 3,354 | 1,101,630 | ||||||
Schindler Holding AG | 377 | 100,844 | ||||||
Sika AG | 782 | 207,145 | ||||||
Swatch Group AG (The), Bearer Shares | 813 | 243,473 | ||||||
Swiss Life Holding AG(1) | 415 | 207,279 | ||||||
Swiss Re AG | 2,302 | 217,214 | ||||||
Tecan Group AG | 228 | 96,128 | ||||||
UBS Group AG | 13,087 | 203,269 | ||||||
VAT Group AG(1) | 1,946 | 542,195 | ||||||
8,928,467 | ||||||||
Taiwan — 1.5% | ||||||||
Airtac International Group | 9,000 | 314,203 | ||||||
MediaTek, Inc. | 20,000 | 646,265 | ||||||
Novatek Microelectronics Corp. | 25,000 | 427,314 | ||||||
Realtek Semiconductor Corp. | 20,000 | 331,615 | ||||||
Win Semiconductors Corp. | 23,000 | 315,389 | ||||||
2,034,786 | ||||||||
United Kingdom — 7.5% | ||||||||
Admiral Group plc | 5,054 | 218,172 | ||||||
Ashtead Group plc | 2,814 | 152,609 | ||||||
ASOS plc(1) | 1,615 | 126,439 | ||||||
Associated British Foods plc(1) | 6,899 | 228,351 | ||||||
Berkeley Group Holdings plc | 3,067 | 173,190 | ||||||
BP plc | 56,046 | 228,637 | ||||||
British Land Co. plc (The) | 45,600 | 312,043 | ||||||
Bunzl plc | 3,174 | 99,246 | ||||||
Coca-Cola HBC AG(1) | 6,424 | 200,993 | ||||||
ConvaTec Group plc | 67,204 | 176,614 |
27
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Croda International plc | 1,257 | $ | 108,378 | |||||
Direct Line Insurance Group plc | 46,962 | 210,422 | ||||||
Experian plc | 10,951 | 347,425 | ||||||
Ferguson plc | 2,862 | 336,504 | ||||||
Halma plc | 4,469 | 141,599 | ||||||
Hargreaves Lansdown plc | 12,085 | 255,120 | ||||||
Hikma Pharmaceuticals plc | 10,381 | 323,983 | ||||||
ITV plc(1) | 146,736 | 225,292 | ||||||
JD Sports Fashion plc(1) | 19,300 | 223,983 | ||||||
Kingfisher plc(1) | 152,268 | 564,865 | ||||||
Land Securities Group plc | 42,233 | 390,349 | ||||||
London Stock Exchange Group plc | 1,497 | 201,240 | ||||||
Mondi plc | 8,808 | 212,285 | ||||||
Next plc(1) | 3,516 | 370,877 | ||||||
Pearson plc | 84,686 | 886,551 | ||||||
Persimmon plc | 8,296 | 300,278 | ||||||
Reckitt Benckiser Group plc | 2,109 | 176,991 | ||||||
RELX plc | 6,903 | 163,301 | ||||||
Rentokil Initial plc(1) | 19,918 | 129,929 | ||||||
Rightmove plc(1) | 57,928 | 457,513 | ||||||
Rio Tinto plc | 5,236 | 454,092 | ||||||
Royal Dutch Shell plc, A Shares | 11,539 | 236,659 | ||||||
Schroders plc | 2,325 | 113,836 | ||||||
Spirax-Sarco Engineering plc | 6,007 | 899,292 | ||||||
Vodafone Group plc | 175,310 | 299,122 | ||||||
WPP plc | 19,938 | 237,341 | ||||||
10,183,521 | ||||||||
United States — 0.5% | ||||||||
Perrigo Co. plc | 16,332 | 665,097 | ||||||
TOTAL COMMON STOCKS (Cost $116,629,352) | 134,998,064 | |||||||
WARRANTS† | ||||||||
Switzerland† | ||||||||
Cie Financiere Richemont SA(1) (Cost $—) | 2,770 | 979 | ||||||
TEMPORARY CASH INVESTMENTS — 0.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $158,991) | 158,991 | 158,991 | ||||||
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $116,788,343) | 135,158,034 | |||||||
OTHER ASSETS AND LIABILITIES — 0.2% | 245,720 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 135,403,754 |
28
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Industrials | 16.7% | ||||
Materials | 12.2% | ||||
Health Care | 12.0% | ||||
Financials | 11.6% | ||||
Information Technology | 11.1% | ||||
Consumer Discretionary | 10.9% | ||||
Consumer Staples | 10.4% | ||||
Communication Services | 9.2% | ||||
Energy | 2.9% | ||||
Real Estate | 1.5% | ||||
Utilities | 1.2% | ||||
Cash and Equivalents* | 0.3% |
*Includes temporary cash investments and other assets and liabilities.
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
See Notes to Financial Statements.
29
FEBRUARY 28, 2021 (UNAUDITED)
Quality Preferred ETF | ||||||||
Shares | Value | |||||||
PREFERRED STOCKS — 72.0% | ||||||||
Automobiles — 0.9% | ||||||||
Ford Motor Co., 6.00% | 525 | $ | 13,634 | |||||
Ford Motor Co., 6.20% | 520 | 13,562 | ||||||
27,196 | ||||||||
Banks — 29.5% | ||||||||
Bank of America Corp., 3.00% | 335 | 7,015 | ||||||
Bank of America Corp., 5.875% | 995 | 26,288 | ||||||
Bank of America Corp., 6.00% | 1,355 | 35,880 | ||||||
Bank of America Corp., 6.25% | 25,000 | 27,405 | ||||||
Bank of America Corp., 6.50% | 20,000 | 22,306 | ||||||
Citigroup, Inc., 6.875% | 2,315 | 63,339 | ||||||
Citigroup, Inc., 7.125% | 2,295 | 63,411 | ||||||
Citizens Financial Group, Inc., 6.35% | 825 | 22,679 | ||||||
Fifth Third Bancorp, 6.00% | 255 | 6,737 | ||||||
Fifth Third Bancorp, 6.625% | 240 | 6,703 | ||||||
First Citizens BancShares, Inc., 5.375% | 320 | 8,320 | ||||||
First Horizon Corp., 6.50% | 280 | 7,585 | ||||||
First Midwest Bancorp, Inc., Series A, 7.00% | 245 | 6,779 | ||||||
First Midwest Bancorp, Inc., Series C, 7.00% | 245 | 6,828 | ||||||
First Republic Bank, 5.125% | 655 | 16,624 | ||||||
First Republic Bank, 5.50% | 635 | 16,815 | ||||||
Huntington Bancshares, Inc., 5.875% | 480 | 12,254 | ||||||
JPMorgan Chase & Co., 5.75% | 1,145 | 30,331 | ||||||
JPMorgan Chase & Co., Series EE, 6.00% | 1,130 | 30,589 | ||||||
JPMorgan Chase & Co., Series R, 6.00% | 41,000 | 43,425 | ||||||
JPMorgan Chase & Co., 6.75% | 35,000 | 38,685 | ||||||
KeyCorp, 5.625% | 315 | 8,266 | ||||||
KeyCorp, 6.125% | 360 | 10,206 | ||||||
Pinnacle Financial Partners, Inc., 6.75% | 460 | 12,342 | ||||||
PNC Financial Services Group, Inc. (The), 6.125% | 1,575 | 41,249 | ||||||
Regions Financial Corp., 5.70% | 285 | 7,695 | ||||||
Regions Financial Corp., 6.375% | 955 | 26,024 | ||||||
Signature Bank, 5.00% | 400 | 9,940 | ||||||
SVB Financial Group, 5.25% | 515 | 13,220 | ||||||
Synovus Financial Corp., 5.875% | 325 | 8,570 | ||||||
Synovus Financial Corp., 6.30% | 330 | 8,663 | ||||||
TCF Financial Corp., 5.70% | 360 | 9,216 | ||||||
Truist Financial Corp., 5.25% | 615 | 16,095 | ||||||
Truist Financial Corp., 5.625% | 305 | 7,668 | ||||||
U.S. Bancorp, 6.50% | 2,170 | 56,984 | ||||||
Wells Fargo & Co., 5.85% | 1,285 | 33,294 | ||||||
Wells Fargo & Co., 5.90% | 40,000 | 42,644 | ||||||
Wells Fargo & Co., 6.625% | 1,530 | 42,442 | ||||||
Wintrust Financial Corp., 6.875% | 730 | 20,075 | ||||||
874,591 | ||||||||
Capital Markets — 8.1% | ||||||||
Affiliated Managers Group, Inc., 5.875% | 410 | 10,935 | ||||||
Charles Schwab Corp. (The), 5.95% | 400 | 10,144 |
30
Quality Preferred ETF | ||||||||
Shares | Value | |||||||
Charles Schwab Corp. (The), 7.00% | 25,000 | $ | 26,344 | |||||
Goldman Sachs Group, Inc. (The), 4.00% | 485 | 11,465 | ||||||
Goldman Sachs Group, Inc. (The), 5.50% | 1,525 | 40,397 | ||||||
Morgan Stanley, 6.375% | 965 | 26,827 | ||||||
Morgan Stanley, 6.875% | 1,445 | 40,446 | ||||||
Morgan Stanley, 7.125% | 1,410 | 39,931 | ||||||
Oaktree Capital Group LLC, 6.625% | 815 | 21,337 | ||||||
Stifel Financial Corp., 6.125% | 250 | 6,747 | ||||||
Stifel Financial Corp., 6.25% | 250 | 6,685 | ||||||
241,258 | ||||||||
Consumer Finance — 3.1% | ||||||||
Capital One Financial Corp., 4.80% | 725 | 17,552 | ||||||
Capital One Financial Corp., 5.00% | 900 | 22,365 | ||||||
Capital One Financial Corp., 6.00% | 1,005 | 25,698 | ||||||
Synchrony Financial, 5.625% | 975 | 25,321 | ||||||
90,936 | ||||||||
Diversified Financial Services — 0.5% | ||||||||
Equitable Holdings, Inc., 5.25% | 590 | 15,051 | ||||||
Diversified Telecommunication Services — 2.6% | ||||||||
AT&T, Inc., 5.35% | 1,205 | 30,957 | ||||||
AT&T, Inc., 5.625% | 1,165 | 30,616 | ||||||
Qwest Corp., 6.75% | 650 | 16,900 | ||||||
78,473 | ||||||||
Electric Utilities — 2.6% | ||||||||
Duke Energy Corp., 5.625% | 620 | 16,517 | ||||||
Duke Energy Corp., 5.75% | 635 | 16,904 | ||||||
NextEra Energy Capital Holdings, Inc., 5.65% | 640 | 17,491 | ||||||
SCE Trust III, 5.75% | 545 | 13,396 | ||||||
SCE Trust IV, 5.375% | 550 | 13,145 | ||||||
77,453 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 6.1% | ||||||||
American Homes 4 Rent, Series F, 5.875% | 395 | 10,144 | ||||||
American Homes 4 Rent, Series G, 5.875% | 395 | 10,159 | ||||||
American Homes 4 Rent, 6.25% | 380 | 10,078 | ||||||
Brookfield Property REIT, Inc., 6.375% | 445 | 11,072 | ||||||
Digital Realty Trust, Inc., 5.25% | 410 | 10,582 | ||||||
Digital Realty Trust, Inc., 5.85% | 620 | 16,790 | ||||||
Monmouth Real Estate Investment Corp., 6.125% | 280 | 7,048 | ||||||
National Storage Affiliates Trust, 6.00% | 455 | 12,057 | ||||||
Public Storage, 5.15% | 825 | 21,268 | ||||||
Public Storage, 5.60% | 775 | 21,157 | ||||||
QTS Realty Trust, Inc., 7.125% | 595 | 15,910 | ||||||
SITE Centers Corp., 6.25% | 480 | 12,130 | ||||||
SITE Centers Corp., 6.375% | 475 | 12,141 | ||||||
Spirit Realty Capital, Inc., 6.00% | 455 | 11,784 | ||||||
182,320 | ||||||||
Food Products — 0.9% | ||||||||
CHS, Inc., 7.50% | 475 | 13,447 | ||||||
CHS, Inc., 7.875% | 480 | 13,560 | ||||||
27,007 |
31
Quality Preferred ETF | ||||||||
Shares | Value | |||||||
Insurance — 7.2% | ||||||||
Allstate Corp. (The), 5.10% | 300 | $ | 7,866 | |||||
Allstate Corp. (The), 5.625% | 370 | 9,875 | ||||||
American Equity Investment Life Holding Co., 5.95% | 655 | 16,775 | ||||||
American Equity Investment Life Holding Co., 6.625% | 630 | 16,966 | ||||||
Athene Holding Ltd., 4.875% | 540 | 13,003 | ||||||
Athene Holding Ltd., 5.625% | 645 | 16,576 | ||||||
Athene Holding Ltd., 6.375% | 800 | 21,856 | ||||||
Enstar Group Ltd., 7.00% | 630 | 16,745 | ||||||
Hartford Financial Services Group, Inc. (The), 7.875% | 1,135 | 30,679 | ||||||
MetLife, Inc., 5.625% | 415 | 10,948 | ||||||
Reinsurance Group of America, Inc., 6.20% | 505 | 13,211 | ||||||
RenaissanceRe Holdings Ltd., 5.75% | 310 | 8,240 | ||||||
Unum Group, 6.25% | 470 | 12,384 | ||||||
W R Berkley Corp., 5.10% | 340 | 8,830 | ||||||
W R Berkley Corp., 5.70% | 335 | 8,931 | ||||||
212,885 | ||||||||
Leisure Products — 1.0% | ||||||||
Brunswick Corp., 6.375% | 565 | 15,244 | ||||||
Brunswick Corp., 6.50% | 575 | 15,450 | ||||||
30,694 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) — 2.1% | ||||||||
AGNC Investment Corp., 6.125% | 930 | 21,771 | ||||||
AGNC Investment Corp., 6.50% | 765 | 18,727 | ||||||
Annaly Capital Management, Inc., 6.50% | 920 | 22,421 | ||||||
62,919 | ||||||||
Multi-Utilities — 3.5% | ||||||||
Algonquin Power & Utilities Corp., 6.20% | 370 | 10,219 | ||||||
Algonquin Power & Utilities Corp., 6.875% | 365 | 9,979 | ||||||
CMS Energy Corp., 5.875% | 755 | 19,955 | ||||||
CMS Energy Corp., 5.875% | 495 | 13,182 | ||||||
DTE Energy Co., 6.00% | 830 | 21,331 | ||||||
NiSource, Inc., 6.50% | 485 | 13,226 | ||||||
Sempra Energy, 5.75% | 560 | 14,924 | ||||||
102,816 | ||||||||
Oil, Gas and Consumable Fuels — 1.3% | ||||||||
El Paso Energy Capital Trust I, 4.75% | 180 | 8,998 | ||||||
Enbridge, Inc., 6.375% | 1,045 | 27,996 | ||||||
36,994 | ||||||||
Real Estate Management and Development — 0.7% | ||||||||
Brookfield Property Partners LP, 5.75% | 440 | 9,645 | ||||||
Brookfield Property Partners LP, 6.375% | 415 | 9,827 | ||||||
19,472 | ||||||||
Thrifts and Mortgage Finance — 0.5% | ||||||||
New York Community Bancorp, Inc., 6.375% | 480 | 13,402 | ||||||
Trading Companies and Distributors — 0.7% | ||||||||
Air Lease Corp., 6.15% | 345 | 8,884 | ||||||
WESCO International, Inc., 10.625% | 400 | 12,140 | ||||||
21,024 | ||||||||
Wireless Telecommunication Services — 0.7% | ||||||||
Telephone and Data Systems, Inc., 5.875% | 260 | 6,419 |
32
Quality Preferred ETF | ||||||||
Shares | Value | |||||||
United States Cellular Corp., 6.25% | 535 | $ | 13,482 | |||||
19,901 | ||||||||
TOTAL PREFERRED STOCKS (Cost $2,149,117) | 2,134,392 | |||||||
CONVERTIBLE PREFERRED STOCKS — 27.5% | ||||||||
Auto Components — 0.8% | ||||||||
Aptiv plc, 5.50%, 6/15/23 | 140 | 23,898 | ||||||
Banks — 1.9% | ||||||||
Bank of America Corp., 7.25% | 20 | 27,914 | ||||||
Wells Fargo & Co., 7.50% | 20 | 27,679 | ||||||
55,593 | ||||||||
Capital Markets — 0.3% | ||||||||
KKR & Co., Inc., 6.00%, 9/15/23 | 140 | 8,809 | ||||||
Chemicals — 0.7% | ||||||||
International Flavors & Fragrances, Inc., 6.00%, 9/15/21 | 450 | 21,987 | ||||||
Commercial Services and Supplies — 0.4% | ||||||||
GFL Environmental, Inc., 6.00%, 3/15/23 | 180 | 13,219 | ||||||
Electric Utilities — 6.3% | ||||||||
American Electric Power Co., Inc., 6.125%, 3/15/22 | 590 | 26,818 | ||||||
NextEra Energy, Inc., 5.28%, 3/1/23 | 1,125 | 55,249 | ||||||
NextEra Energy, Inc., 6.22%, 9/1/23 | 1,115 | 54,434 | ||||||
Southern Co. (The), 6.75%, 8/1/22 | 1,055 | 50,954 | ||||||
187,455 | ||||||||
Electronic Equipment, Instruments and Components — 0.3% | ||||||||
II-VI, Inc., 6.00%, 7/1/23 | 25 | 8,641 | ||||||
Equity Real Estate Investment Trusts (REITs) — 0.7% | ||||||||
Lexington Realty Trust, 6.50% | 100 | 5,489 | ||||||
QTS Realty Trust, Inc., 6.50% | 110 | 15,513 | ||||||
21,002 | ||||||||
Health Care Equipment and Supplies — 4.4% | ||||||||
Becton Dickinson and Co., 6.00%, 6/1/23 | 900 | 47,578 | ||||||
Boston Scientific Corp., 5.50%, 6/1/23 | 140 | 15,520 | ||||||
Danaher Corp., 4.75%, 4/15/22 | 10 | 15,163 | ||||||
Danaher Corp., 5.00%, 4/15/23 | 40 | 51,511 | ||||||
129,772 | ||||||||
Household Products — 0.2% | ||||||||
Energizer Holdings, Inc., 7.50%, 1/15/22 | 70 | 6,200 | ||||||
Insurance — 0.4% | ||||||||
Assurant, Inc., 6.50%, 3/15/21 | 100 | 11,798 | ||||||
Life Sciences Tools and Services — 0.8% | ||||||||
Avantor, Inc., 6.25%, 5/15/22 | 275 | 24,201 | ||||||
Machinery — 2.2% | ||||||||
Colfax Corp., 5.75%, 1/15/22 | 65 | 12,015 | ||||||
Fortive Corp., 5.00%, 7/1/21 | 20 | 19,329 | ||||||
Stanley Black & Decker, Inc., 5.25%, 11/15/22 | 325 | 34,852 | ||||||
66,196 | ||||||||
Metals and Mining — 0.8% | ||||||||
ArcelorMittal SA, 5.50%, 5/18/23 | 405 | 22,490 | ||||||
Multi-Utilities — 2.7% | ||||||||
Dominion Energy, Inc., 7.25%, 6/1/22 | 345 | 32,023 | ||||||
DTE Energy Co., 6.25%, 11/1/22 | 395 | 18,063 |
33
Quality Preferred ETF | ||||||||
Shares | Value | |||||||
Sempra Energy, 6.75%, 7/15/21 | 300 | $ | 29,530 | |||||
79,616 | ||||||||
Pharmaceuticals — 0.4% | ||||||||
Elanco Animal Health, Inc., 5.00%, 2/1/23 | 220 | 11,119 | ||||||
Semiconductors and Semiconductor Equipment — 3.3% | ||||||||
Broadcom, Inc., 8.00%, 9/30/22 | 65 | 98,456 | ||||||
Thrifts and Mortgage Finance — 0.5% | ||||||||
New York Community Capital Trust V, 6.00%, 11/1/51 | 330 | 15,802 | ||||||
Water Utilities — 0.4% | ||||||||
Essential Utilities, Inc., 6.00%, 4/30/22 | 190 | 10,419 | ||||||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $845,131) | 816,673 | |||||||
TEMPORARY CASH INVESTMENTS — 0.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $5,405) | 5,405 | 5,405 | ||||||
TOTAL INVESTMENT SECURITIES — 99.7% (Cost $2,999,653) | 2,956,470 | |||||||
OTHER ASSETS AND LIABILITIES — 0.3% | 9,924 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 2,966,394 |
See Notes to Financial Statements.
34
FEBRUARY 28, 2021 (UNAUDITED)
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Aerospace and Defense — 0.2% | ||||||||
Lockheed Martin Corp. | 1,128 | $ | 372,522 | |||||
Air Freight and Logistics — 0.1% | ||||||||
XPO Logistics, Inc.(1) | 1,774 | 206,848 | ||||||
Auto Components — 0.2% | ||||||||
Aptiv plc(1) | 1,317 | 197,339 | ||||||
Autoliv, Inc.(1) | 2,222 | 199,980 | ||||||
397,319 | ||||||||
Automobiles — 0.7% | ||||||||
Tesla, Inc.(1) | 2,315 | 1,563,782 | ||||||
Beverages — 0.8% | ||||||||
Monster Beverage Corp.(1) | 20,901 | 1,833,854 | ||||||
Biotechnology — 2.9% | ||||||||
Alexion Pharmaceuticals, Inc.(1) | 2,480 | 378,820 | ||||||
Exelixis, Inc.(1) | 26,839 | 581,333 | ||||||
Neurocrine Biosciences, Inc.(1) | 15,694 | 1,718,650 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 18,824 | 4,001,041 | ||||||
6,679,844 | ||||||||
Building Products — 0.5% | ||||||||
Trex Co., Inc.(1) | 12,382 | 1,134,686 | ||||||
Capital Markets — 3.7% | ||||||||
Apollo Global Management, Inc. | 4,054 | 200,511 | ||||||
Charles Schwab Corp. (The) | 3,284 | 202,689 | ||||||
FactSet Research Systems, Inc. | 1,264 | 384,142 | ||||||
LPL Financial Holdings, Inc. | 18,676 | 2,456,641 | ||||||
MarketAxess Holdings, Inc. | 4,531 | 2,518,964 | ||||||
MSCI, Inc. | 1,428 | 591,935 | ||||||
Raymond James Financial, Inc. | 3,541 | 413,376 | ||||||
S&P Global, Inc. | 1,915 | 630,724 | ||||||
Stifel Financial Corp. | 6,338 | 387,125 | ||||||
T. Rowe Price Group, Inc. | 1,276 | 206,891 | ||||||
Tradeweb Markets, Inc., Class A | 2,962 | 215,604 | ||||||
XP, Inc., Class A(1) | 6,180 | 272,785 | ||||||
8,481,387 | ||||||||
Chemicals — 0.3% | ||||||||
Ashland Global Holdings, Inc. | 2,399 | 201,804 | ||||||
Celanese Corp. | 2,792 | 387,837 | ||||||
589,641 | ||||||||
Commercial Services and Supplies — 0.3% | ||||||||
Cintas Corp. | 607 | 196,875 | ||||||
Republic Services, Inc. | 2,323 | 206,956 | ||||||
Tetra Tech, Inc. | 1,468 | 203,127 | ||||||
Waste Management, Inc. | 1,870 | 207,364 | ||||||
814,322 | ||||||||
Communications Equipment — 1.3% | ||||||||
Arista Networks, Inc.(1) | 10,679 | 2,988,411 | ||||||
Diversified Consumer Services — 0.3% | ||||||||
Chegg, Inc.(1) | 7,969 | 769,248 |
35
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Electric Utilities — 0.8% | ||||||||
NRG Energy, Inc. | 52,954 | $ | 1,933,351 | |||||
Electrical Equipment — 0.1% | ||||||||
Generac Holdings, Inc.(1) | 614 | 202,350 | ||||||
Electronic Equipment, Instruments and Components — 0.7% | ||||||||
Arrow Electronics, Inc.(1) | 3,764 | 377,379 | ||||||
II-VI, Inc.(1) | 4,390 | 370,077 | ||||||
IPG Photonics Corp.(1) | 901 | 204,842 | ||||||
Vontier Corp.(1) | 24,925 | 782,645 | ||||||
1,734,943 | ||||||||
Entertainment — 0.4% | ||||||||
Electronic Arts, Inc. | 2,699 | 361,585 | ||||||
Take-Two Interactive Software, Inc.(1) | 3,111 | 573,855 | ||||||
935,440 | ||||||||
Food and Staples Retailing — 0.6% | ||||||||
Casey's General Stores, Inc. | 2,874 | 580,433 | ||||||
Costco Wholesale Corp. | 590 | 195,290 | ||||||
Kroger Co. (The) | 11,431 | 368,192 | ||||||
Walmart, Inc. | 2,789 | 362,347 | ||||||
1,506,262 | ||||||||
Food Products — 0.1% | ||||||||
Lamb Weston Holdings, Inc. | 2,560 | 204,211 | ||||||
Health Care Equipment and Supplies — 8.2% | ||||||||
ABIOMED, Inc.(1) | 1,190 | 386,214 | ||||||
Align Technology, Inc.(1) | 8,154 | 4,624,215 | ||||||
Danaher Corp. | 917 | 201,437 | ||||||
DexCom, Inc.(1) | 4,946 | 1,967,420 | ||||||
Hill-Rom Holdings, Inc. | 3,584 | 382,305 | ||||||
Hologic, Inc.(1) | 51,491 | 3,711,986 | ||||||
IDEXX Laboratories, Inc.(1) | 5,387 | 2,802,156 | ||||||
Insulet Corp.(1) | 806 | 208,835 | ||||||
Quidel Corp.(1) | 5,960 | 978,990 | ||||||
ResMed, Inc. | 2,953 | 569,279 | ||||||
Stryker Corp. | 850 | 206,287 | ||||||
West Pharmaceutical Services, Inc. | 10,508 | 2,949,070 | ||||||
18,988,194 | ||||||||
Health Care Providers and Services — 3.0% | ||||||||
Amedisys, Inc.(1) | 7,161 | 1,816,316 | ||||||
Chemed Corp. | 8,483 | 3,776,717 | ||||||
HCA Healthcare, Inc. | 2,214 | 380,875 | ||||||
LHC Group, Inc.(1) | 2,909 | 528,594 | ||||||
Molina Healthcare, Inc.(1) | 1,711 | 370,876 | ||||||
6,873,378 | ||||||||
Health Care Technology — 0.2% | ||||||||
Cerner Corp. | 5,415 | 374,393 | ||||||
Veeva Systems, Inc., Class A(1) | 705 | 197,478 | ||||||
571,871 | ||||||||
Hotels, Restaurants and Leisure — 1.8% | ||||||||
Chipotle Mexican Grill, Inc.(1) | 1,734 | 2,500,428 | ||||||
Domino's Pizza, Inc. | 1,051 | 364,182 | ||||||
Starbucks Corp. | 2,031 | 219,409 |
36
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Texas Roadhouse, Inc. | 4,244 | $ | 385,695 | |||||
Yum China Holdings, Inc. | 6,243 | 373,581 | ||||||
Yum! Brands, Inc. | 3,657 | 378,609 | ||||||
4,221,904 | ||||||||
Household Durables — 2.4% | ||||||||
D.R. Horton, Inc. | 4,957 | 381,045 | ||||||
Helen of Troy Ltd.(1) | 2,694 | 584,059 | ||||||
Lennar Corp., Class A | 4,518 | 374,859 | ||||||
NVR, Inc.(1) | 82 | 369,069 | ||||||
PulteGroup, Inc. | 50,700 | 2,287,077 | ||||||
Tempur Sealy International, Inc. | 23,145 | 773,274 | ||||||
TopBuild Corp.(1) | 3,964 | 754,785 | ||||||
5,524,168 | ||||||||
Household Products — 0.3% | ||||||||
Clorox Co. (The) | 2,045 | 370,247 | ||||||
Colgate-Palmolive Co. | 4,969 | 373,669 | ||||||
743,916 | ||||||||
Industrial Conglomerates — 0.2% | ||||||||
3M Co. | 2,180 | 381,631 | ||||||
Insurance — 0.2% | ||||||||
Kinsale Capital Group, Inc. | 2,350 | 413,741 | ||||||
Interactive Media and Services — 5.9% | ||||||||
Alphabet, Inc., Class C(1) | 2,014 | 4,102,236 | ||||||
Facebook, Inc., Class A(1) | 18,493 | 4,764,167 | ||||||
Match Group, Inc.(1) | 30,156 | 4,609,344 | ||||||
Twitter, Inc.(1) | 2,933 | 226,017 | ||||||
13,701,764 | ||||||||
Internet and Direct Marketing Retail — 2.2% | ||||||||
Amazon.com, Inc.(1) | 901 | 2,786,730 | ||||||
eBay, Inc. | 6,237 | 351,892 | ||||||
Etsy, Inc.(1) | 8,401 | 1,850,488 | ||||||
4,989,110 | ||||||||
IT Services — 3.5% | ||||||||
Cognizant Technology Solutions Corp., Class A | 5,242 | 385,182 | ||||||
EPAM Systems, Inc.(1) | 5,666 | 2,116,874 | ||||||
Gartner, Inc.(1) | 2,081 | 372,582 | ||||||
Mastercard, Inc., Class A | 607 | 214,787 | ||||||
Pagseguro Digital Ltd., Class A(1) | 14,173 | 822,884 | ||||||
PayPal Holdings, Inc.(1) | 7,550 | 1,961,868 | ||||||
Square, Inc., Class A(1) | 6,170 | 1,419,285 | ||||||
StoneCo Ltd., A Shares(1) | 2,361 | 202,597 | ||||||
Visa, Inc., Class A | 992 | 210,691 | ||||||
Western Union Co. (The) | 16,066 | 373,053 | ||||||
8,079,803 | ||||||||
Leisure Products — 0.7% | ||||||||
Brunswick Corp. | 17,147 | 1,515,280 | ||||||
Life Sciences Tools and Services — 1.4% | ||||||||
Bruker Corp. | 3,281 | 200,075 | ||||||
Illumina, Inc.(1) | 4,394 | 1,930,768 | ||||||
Mettler-Toledo International, Inc.(1) | 183 | 204,237 | ||||||
PerkinElmer, Inc. | 2,960 | 373,226 |
37
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
PRA Health Sciences, Inc.(1) | 3,016 | $ | 444,589 | |||||
Repligen Corp.(1) | 981 | 208,355 | ||||||
3,361,250 | ||||||||
Machinery — 0.8% | ||||||||
AGCO Corp. | 3,035 | 392,972 | ||||||
Cummins, Inc. | 1,540 | 389,928 | ||||||
Oshkosh Corp. | 3,718 | 394,108 | ||||||
Snap-on, Inc. | 1,977 | 401,548 | ||||||
Xylem, Inc. | 2,078 | 206,886 | ||||||
1,785,442 | ||||||||
Media — 0.8% | ||||||||
Cable One, Inc. | 829 | 1,587,411 | ||||||
News Corp., Class A | 8,851 | 207,556 | ||||||
1,794,967 | ||||||||
Metals and Mining — 0.3% | ||||||||
Freeport-McMoRan, Inc.(1) | 5,429 | 184,097 | ||||||
Reliance Steel & Aluminum Co. | 2,836 | 374,919 | ||||||
Royal Gold, Inc. | 1,874 | 194,353 | ||||||
753,369 | ||||||||
Multiline Retail — 4.3% | ||||||||
Dollar General Corp. | 19,360 | 3,658,847 | ||||||
Dollar Tree, Inc.(1) | 3,661 | 359,510 | ||||||
Ollie's Bargain Outlet Holdings, Inc.(1) | 8,662 | 716,174 | ||||||
Target Corp. | 28,182 | 5,169,706 | ||||||
9,904,237 | ||||||||
Personal Products — 0.1% | ||||||||
Estee Lauder Cos., Inc. (The), Class A | 724 | 206,963 | ||||||
Pharmaceuticals — 2.5% | ||||||||
Eli Lilly and Co. | 21,839 | 4,474,593 | ||||||
Horizon Therapeutics plc(1) | 4,584 | 416,731 | ||||||
Merck & Co., Inc. | 5,124 | 372,105 | ||||||
Zoetis, Inc. | 3,688 | 572,525 | ||||||
5,835,954 | ||||||||
Professional Services — 2.3% | ||||||||
Booz Allen Hamilton Holding Corp. | 52,367 | 4,039,590 | ||||||
CoreLogic, Inc. | 4,424 | 374,536 | ||||||
CoStar Group, Inc.(1) | 1,205 | 992,631 | ||||||
5,406,757 | ||||||||
Real Estate Management and Development — 0.6% | ||||||||
CBRE Group, Inc., Class A(1) | 13,600 | 1,030,472 | ||||||
Jones Lang LaSalle, Inc.(1) | 2,305 | 401,024 | ||||||
1,431,496 | ||||||||
Road and Rail — 1.4% | ||||||||
J.B. Hunt Transport Services, Inc. | 1,421 | 208,702 | ||||||
Kansas City Southern | 968 | 205,545 | ||||||
Old Dominion Freight Line, Inc. | 13,529 | 2,905,624 | ||||||
3,319,871 | ||||||||
Semiconductors and Semiconductor Equipment — 15.2% | ||||||||
Advanced Micro Devices, Inc.(1) | 28,716 | 2,426,789 | ||||||
Applied Materials, Inc. | 33,322 | 3,938,327 | ||||||
Cirrus Logic, Inc.(1) | 4,478 | 366,211 |
38
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Enphase Energy, Inc.(1) | 4,803 | $ | 845,616 | |||||
Entegris, Inc. | 5,664 | 595,909 | ||||||
KLA Corp. | 1,215 | 378,144 | ||||||
Lam Research Corp. | 7,126 | 4,041,796 | ||||||
Lattice Semiconductor Corp.(1) | 8,875 | 427,065 | ||||||
Maxim Integrated Products, Inc. | 48,338 | 4,503,651 | ||||||
MKS Instruments, Inc. | 2,303 | 379,765 | ||||||
Monolithic Power Systems, Inc. | 4,359 | 1,632,533 | ||||||
NVIDIA Corp. | 4,282 | 2,349,020 | ||||||
ON Semiconductor Corp.(1) | 5,113 | 205,901 | ||||||
Qorvo, Inc.(1) | 3,429 | 599,149 | ||||||
Skyworks Solutions, Inc. | 16,701 | 2,969,772 | ||||||
SolarEdge Technologies, Inc.(1) | 2,865 | 854,658 | ||||||
Teradyne, Inc. | 23,202 | 2,984,009 | ||||||
Texas Instruments, Inc. | 31,057 | 5,350,189 | ||||||
Universal Display Corp. | 992 | 209,997 | ||||||
35,058,501 | ||||||||
Software — 17.3% | ||||||||
Adobe, Inc.(1) | 15,168 | 6,972,275 | ||||||
Aspen Technology, Inc.(1) | 21,408 | 3,222,118 | ||||||
Atlassian Corp. plc, Class A(1) | 858 | 203,947 | ||||||
Autodesk, Inc.(1) | 9,624 | 2,656,224 | ||||||
Blackline, Inc.(1) | 1,672 | 207,361 | ||||||
Cadence Design Systems, Inc.(1) | 30,388 | 4,287,443 | ||||||
Citrix Systems, Inc. | 28,421 | 3,796,477 | ||||||
Datadog, Inc., Class A(1) | 2,074 | 197,880 | ||||||
DocuSign, Inc.(1) | 849 | 192,434 | ||||||
Fair Isaac Corp.(1) | 1,286 | 588,409 | ||||||
Five9, Inc.(1) | 1,240 | 229,698 | ||||||
Fortinet, Inc.(1) | 27,741 | 4,684,068 | ||||||
HubSpot, Inc.(1) | 392 | 201,880 | ||||||
Intuit, Inc. | 1,535 | 598,865 | ||||||
Microsoft Corp. | 2,538 | 589,780 | ||||||
Palo Alto Networks, Inc.(1) | 538 | 192,771 | ||||||
Paycom Software, Inc.(1) | 4,344 | 1,625,699 | ||||||
Proofpoint, Inc.(1) | 1,560 | 188,635 | ||||||
PTC, Inc.(1) | 4,132 | 565,836 | ||||||
RealPage, Inc.(1) | 2,377 | 206,276 | ||||||
salesforce.com, Inc.(1) | 858 | 185,757 | ||||||
ServiceNow, Inc.(1) | 376 | 200,581 | ||||||
Synopsys, Inc.(1) | 2,319 | 568,642 | ||||||
Trade Desk, Inc. (The), Class A(1) | 1,468 | 1,182,313 | ||||||
VMware, Inc., Class A(1) | 2,669 | 368,882 | ||||||
Workday, Inc., Class A(1) | 6,127 | 1,502,218 | ||||||
Zoom Video Communications, Inc., Class A(1) | 11,984 | 4,477,342 | ||||||
39,893,811 | ||||||||
Specialty Retail — 6.1% | ||||||||
Advance Auto Parts, Inc. | 2,290 | 367,202 | ||||||
Best Buy Co., Inc. | 32,894 | 3,300,913 | ||||||
Five Below, Inc.(1) | 1,086 | 202,126 | ||||||
Floor & Decor Holdings, Inc., Class A(1) | 8,423 | 800,943 |
39
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Home Depot, Inc. (The) | 1,392 | $ | 359,609 | |||||
Lowe's Cos., Inc. | 36,075 | 5,762,981 | ||||||
RH(1) | 1,593 | 781,160 | ||||||
Tractor Supply Co. | 4,138 | 657,777 | ||||||
Williams-Sonoma, Inc. | 13,660 | 1,793,421 | ||||||
14,026,132 | ||||||||
Technology Hardware, Storage and Peripherals — 2.1% | ||||||||
Apple, Inc. | 38,209 | 4,633,223 | ||||||
NetApp, Inc. | 5,403 | 338,228 | ||||||
4,971,451 | ||||||||
Textiles, Apparel and Luxury Goods — 1.3% | ||||||||
Deckers Outdoor Corp.(1) | 1,293 | 421,660 | ||||||
lululemon athletica, Inc.(1) | 7,625 | 2,376,560 | ||||||
NIKE, Inc., Class B | 1,513 | 203,922 | ||||||
3,002,142 | ||||||||
Trading Companies and Distributors — 0.5% | ||||||||
SiteOne Landscape Supply, Inc.(1) | 2,625 | 416,089 | ||||||
United Rentals, Inc.(1) | 1,286 | 382,430 | ||||||
W.W. Grainger, Inc. | 1,017 | 379,046 | ||||||
1,177,565 | ||||||||
TOTAL COMMON STOCKS (Cost $206,505,758) | 230,283,089 | |||||||
TEMPORARY CASH INVESTMENTS — 0.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $394,108) | 394,108 | 394,108 | ||||||
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $206,899,866) | 230,677,197 | |||||||
OTHER ASSETS AND LIABILITIES — 0.2% | 401,919 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 231,079,116 |
NOTES TO SCHEDULE OF INVESTMENTS |
(1)Non-income producing.
See Notes to Financial Statements.
40
FEBRUARY 28, 2021 (UNAUDITED)
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Aerospace and Defense — 1.0% | ||||||||
General Dynamics Corp. | 2,221 | $ | 363,067 | |||||
Howmet Aerospace, Inc.(1) | 12,899 | 362,591 | ||||||
Huntington Ingalls Industries, Inc. | 1,938 | 340,913 | ||||||
Lockheed Martin Corp. | 1,085 | 358,321 | ||||||
Textron, Inc. | 7,302 | 367,583 | ||||||
1,792,475 | ||||||||
Air Freight and Logistics — 2.1% | ||||||||
CH Robinson Worldwide, Inc. | 5,895 | 535,561 | ||||||
Expeditors International of Washington, Inc. | 9,914 | 910,502 | ||||||
FedEx Corp. | 9,583 | 2,438,873 | ||||||
3,884,936 | ||||||||
Auto Components — 0.2% | ||||||||
BorgWarner, Inc. | 8,473 | 381,285 | ||||||
Banks — 1.0% | ||||||||
Bank of America Corp. | 10,513 | 364,906 | ||||||
Citigroup, Inc. | 5,640 | 371,563 | ||||||
Fifth Third Bancorp | 10,595 | 367,541 | ||||||
Popular, Inc. | 5,711 | 381,609 | ||||||
Regions Financial Corp. | 17,844 | 368,122 | ||||||
1,853,741 | ||||||||
Beverages — 0.4% | ||||||||
Coca-Cola Co. (The) | 7,299 | 357,578 | ||||||
PepsiCo, Inc. | 2,800 | 361,732 | ||||||
719,310 | ||||||||
Biotechnology — 4.4% | ||||||||
AbbVie, Inc. | 14,347 | 1,545,746 | ||||||
Alexion Pharmaceuticals, Inc.(1) | 14,323 | 2,187,838 | ||||||
Amgen, Inc. | 6,386 | 1,436,339 | ||||||
Biogen, Inc.(1) | 6,492 | 1,771,537 | ||||||
Emergent BioSolutions, Inc.(1) | 3,781 | 362,976 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 802 | 361,357 | ||||||
United Therapeutics Corp.(1) | 2,513 | 420,124 | ||||||
8,085,917 | ||||||||
Capital Markets — 1.9% | ||||||||
Ameriprise Financial, Inc. | 1,636 | 361,949 | ||||||
Bank of New York Mellon Corp. (The) | 8,451 | 356,294 | ||||||
Franklin Resources, Inc. | 13,517 | 353,740 | ||||||
Invesco Ltd. | 48,774 | 1,093,513 | ||||||
Janus Henderson Group plc | 15,852 | 463,354 | ||||||
Lazard Ltd., Class A | 5,023 | 194,340 | ||||||
Raymond James Financial, Inc. | 3,092 | 360,960 | ||||||
State Street Corp. | 5,025 | 365,669 | ||||||
3,549,819 | ||||||||
Chemicals — 1.9% | ||||||||
CF Industries Holdings, Inc. | 10,162 | 460,136 | ||||||
DuPont de Nemours, Inc. | 5,325 | 374,454 | ||||||
Eastman Chemical Co. | 3,258 | 355,969 | ||||||
LyondellBasell Industries NV, Class A | 10,854 | 1,118,939 |
41
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Mosaic Co. (The) | 37,328 | $ | 1,097,443 | |||||
Scotts Miracle-Gro Co. (The) | 568 | 121,069 | ||||||
3,528,010 | ||||||||
Commercial Services and Supplies — 0.1% | ||||||||
Republic Services, Inc. | 1,038 | 92,475 | ||||||
Communications Equipment — 1.0% | ||||||||
Cisco Systems, Inc. | 8,134 | 364,973 | ||||||
F5 Networks, Inc.(1) | 2,489 | 472,860 | ||||||
Juniper Networks, Inc. | 38,462 | 895,395 | ||||||
1,733,228 | ||||||||
Construction and Engineering — 1.5% | ||||||||
EMCOR Group, Inc. | 4,590 | 446,928 | ||||||
Quanta Services, Inc. | 27,926 | 2,341,595 | ||||||
2,788,523 | ||||||||
Consumer Finance — 0.4% | ||||||||
Ally Financial, Inc. | 8,669 | 359,764 | ||||||
American Express Co. | 2,716 | 367,366 | ||||||
727,130 | ||||||||
Containers and Packaging — 2.3% | ||||||||
Amcor plc | 113,259 | 1,239,054 | ||||||
AptarGroup, Inc. | 5,403 | 702,768 | ||||||
International Paper Co. | 20,343 | 1,010,030 | ||||||
Packaging Corp. of America | 3,623 | 478,308 | ||||||
Sealed Air Corp. | 8,580 | 359,502 | ||||||
Sonoco Products Co. | 6,014 | 358,254 | ||||||
4,147,916 | ||||||||
Distributors — 0.2% | ||||||||
LKQ Corp.(1) | 9,478 | 373,338 | ||||||
Diversified Financial Services — 0.2% | ||||||||
Berkshire Hathaway, Inc., Class B(1) | 1,509 | 362,930 | ||||||
Diversified Telecommunication Services — 2.9% | ||||||||
AT&T, Inc. | 126,039 | 3,515,228 | ||||||
Liberty Global plc, Class C(1) | 14,498 | 352,301 | ||||||
Verizon Communications, Inc. | 26,186 | 1,448,086 | ||||||
5,315,615 | ||||||||
Electric Utilities — 2.3% | ||||||||
Alliant Energy Corp. | 2,399 | 110,738 | ||||||
American Electric Power Co., Inc. | 3,614 | 270,508 | ||||||
Entergy Corp. | 1,037 | 90,022 | ||||||
Exelon Corp. | 9,102 | 351,337 | ||||||
IDACORP, Inc. | 1,062 | 91,587 | ||||||
NRG Energy, Inc. | 13,120 | 479,011 | ||||||
Pinnacle West Capital Corp. | 9,909 | 692,936 | ||||||
PPL Corp. | 13,448 | 352,203 | ||||||
Southern Co. (The) | 17,950 | 1,018,124 | ||||||
Xcel Energy, Inc. | 13,122 | 768,818 | ||||||
4,225,284 | ||||||||
Electrical Equipment — 0.6% | ||||||||
Acuity Brands, Inc. | 3,017 | 371,996 | ||||||
Eaton Corp. plc | 2,824 | 367,657 |
42
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Emerson Electric Co. | 4,289 | $ | 368,425 | |||||
1,108,078 | ||||||||
Electronic Equipment, Instruments and Components — 2.0% | ||||||||
Arrow Electronics, Inc.(1) | 3,622 | 363,142 | ||||||
Corning, Inc. | 9,738 | 372,381 | ||||||
Flex Ltd.(1) | 19,976 | 363,363 | ||||||
II-VI, Inc.(1) | 12,674 | 1,068,418 | ||||||
Jabil, Inc. | 9,047 | 390,559 | ||||||
SYNNEX Corp. | 8,379 | 747,072 | ||||||
TE Connectivity Ltd. | 2,844 | 369,805 | ||||||
3,674,740 | ||||||||
Energy Equipment and Services — 0.2% | ||||||||
Halliburton Co. | 17,489 | 381,785 | ||||||
Equity Real Estate Investment Trusts (REITs) — 2.9% | ||||||||
CubeSmart | 20,299 | 750,251 | ||||||
Essex Property Trust, Inc. | 359 | 91,470 | ||||||
Highwoods Properties, Inc. | 2,233 | 89,231 | ||||||
Iron Mountain, Inc. | 11,617 | 404,156 | ||||||
Kimco Realty Corp. | 40,610 | 744,381 | ||||||
National Retail Properties, Inc. | 8,435 | 369,790 | ||||||
Public Storage | 389 | 91,003 | ||||||
Rayonier, Inc. | 15,685 | 511,958 | ||||||
Simon Property Group, Inc. | 14,849 | 1,676,749 | ||||||
UDR, Inc. | 6,500 | 267,605 | ||||||
Weyerhaeuser Co. | 10,416 | 352,790 | ||||||
5,349,384 | ||||||||
Food and Staples Retailing — 5.4% | ||||||||
BJ's Wholesale Club Holdings, Inc.(1) | 8,568 | 344,262 | ||||||
Costco Wholesale Corp. | 2,924 | 967,844 | ||||||
Kroger Co. (The) | 115,518 | 3,720,835 | ||||||
Walgreens Boots Alliance, Inc. | 36,529 | 1,750,835 | ||||||
Walmart, Inc. | 23,140 | 3,006,349 | ||||||
9,790,125 | ||||||||
Food Products — 3.3% | ||||||||
Archer-Daniels-Midland Co. | 6,500 | 367,770 | ||||||
Flowers Foods, Inc. | 33,473 | 728,038 | ||||||
General Mills, Inc. | 18,649 | 1,025,881 | ||||||
Hershey Co. (The) | 674 | 98,168 | ||||||
Ingredion, Inc. | 4,192 | 378,118 | ||||||
J.M. Smucker Co. (The) | 4,137 | 463,344 | ||||||
Tyson Foods, Inc., Class A | 43,247 | 2,926,525 | ||||||
5,987,844 | ||||||||
Gas Utilities — 0.3% | ||||||||
ONE Gas, Inc. | 1,319 | 88,334 | ||||||
UGI Corp. | 13,775 | 527,720 | ||||||
616,054 | ||||||||
Health Care Equipment and Supplies — 2.0% | ||||||||
Baxter International, Inc. | 4,686 | 364,055 | ||||||
Becton Dickinson and Co. | 1,502 | 362,207 | ||||||
DENTSPLY SIRONA, Inc. | 6,980 | 370,429 | ||||||
Hill-Rom Holdings, Inc. | 3,449 | 367,905 |
43
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Hologic, Inc.(1) | 5,614 | $ | 404,713 | |||||
Medtronic plc | 3,193 | 373,485 | ||||||
Quidel Corp.(1) | 4,519 | 742,291 | ||||||
West Pharmaceutical Services, Inc. | 2,439 | 684,506 | ||||||
3,669,591 | ||||||||
Health Care Providers and Services — 4.6% | ||||||||
Cardinal Health, Inc. | 7,089 | 365,225 | ||||||
Chemed Corp. | 204 | 90,823 | ||||||
DaVita, Inc.(1) | 3,733 | 381,251 | ||||||
HCA Healthcare, Inc. | 2,658 | 457,256 | ||||||
Henry Schein, Inc.(1) | 5,605 | 346,669 | ||||||
Humana, Inc. | 4,958 | 1,882,305 | ||||||
Laboratory Corp. of America Holdings(1) | 1,721 | 412,885 | ||||||
McKesson Corp. | 2,075 | 351,754 | ||||||
Molina Healthcare, Inc.(1) | 6,589 | 1,428,232 | ||||||
Quest Diagnostics, Inc. | 3,180 | 367,576 | ||||||
UnitedHealth Group, Inc. | 4,247 | 1,410,938 | ||||||
Universal Health Services, Inc., Class B(1) | 6,761 | 847,356 | ||||||
8,342,270 | ||||||||
Health Care Technology — 0.2% | ||||||||
Cerner Corp. | 5,211 | 360,289 | ||||||
Hotels, Restaurants and Leisure — 0.8% | ||||||||
Darden Restaurants, Inc. | 2,876 | 394,961 | ||||||
Texas Roadhouse, Inc. | 4,084 | 371,154 | ||||||
Wendy's Co. (The) | 18,204 | 371,908 | ||||||
Yum China Holdings, Inc. | 6,009 | 359,578 | ||||||
1,497,601 | ||||||||
Household Durables — 2.9% | ||||||||
D.R. Horton, Inc. | 4,771 | 366,747 | ||||||
Lennar Corp., Class A | 7,115 | 590,331 | ||||||
Mohawk Industries, Inc.(1) | 7,409 | 1,296,501 | ||||||
PulteGroup, Inc. | 30,875 | 1,392,771 | ||||||
Tempur Sealy International, Inc. | 11,138 | 372,121 | ||||||
Whirlpool Corp. | 6,940 | 1,319,155 | ||||||
5,337,626 | ||||||||
Household Products — 2.0% | ||||||||
Church & Dwight Co., Inc. | 6,174 | 486,203 | ||||||
Clorox Co. (The) | 492 | 89,077 | ||||||
Colgate-Palmolive Co. | 13,336 | 1,002,867 | ||||||
Kimberly-Clark Corp. | 8,459 | 1,085,543 | ||||||
Procter & Gamble Co. (The) | 7,974 | 985,028 | ||||||
3,648,718 | ||||||||
Independent Power and Renewable Electricity Producers — 0.2% | ||||||||
AES Corp. (The) | 13,687 | 363,527 | ||||||
Industrial Conglomerates — 1.2% | ||||||||
3M Co. | 8,322 | 1,456,849 | ||||||
Carlisle Cos., Inc. | 2,498 | 362,835 | ||||||
Honeywell International, Inc. | 1,815 | 367,265 | ||||||
2,186,949 | ||||||||
Insurance — 1.6% | ||||||||
Aflac, Inc. | 7,510 | 359,654 |
44
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Allstate Corp. (The) | 3,509 | $ | 374,059 | |||||
American Financial Group, Inc. | 3,346 | 357,018 | ||||||
Fidelity National Financial, Inc. | 2,402 | 91,948 | ||||||
Hartford Financial Services Group, Inc. (The) | 7,242 | 367,097 | ||||||
MetLife, Inc. | 6,428 | 370,253 | ||||||
Principal Financial Group, Inc. | 6,203 | 350,966 | ||||||
Unum Group | 27,814 | 736,515 | ||||||
3,007,510 | ||||||||
Interactive Media and Services — 3.6% | ||||||||
Alphabet, Inc., Class C(1) | 1,611 | 3,281,382 | ||||||
Facebook, Inc., Class A(1) | 12,776 | 3,291,353 | ||||||
6,572,735 | ||||||||
IT Services — 5.0% | ||||||||
Akamai Technologies, Inc.(1) | 21,233 | 2,006,519 | ||||||
Amdocs Ltd. | 5,208 | 394,818 | ||||||
Cognizant Technology Solutions Corp., Class A | 29,382 | 2,158,989 | ||||||
International Business Machines Corp. | 27,519 | 3,272,835 | ||||||
MAXIMUS, Inc. | 1,221 | 99,243 | ||||||
Western Union Co. (The) | 38,712 | 898,893 | ||||||
WEX, Inc.(1) | 1,629 | 339,402 | ||||||
9,170,699 | ||||||||
Leisure Products — 0.4% | ||||||||
Brunswick Corp. | 5,010 | 442,734 | ||||||
Polaris, Inc. | 3,058 | 360,110 | ||||||
802,844 | ||||||||
Life Sciences Tools and Services — 0.1% | ||||||||
Bio-Techne Corp. | 388 | 140,336 | ||||||
Machinery — 1.8% | ||||||||
AGCO Corp. | 5,110 | 661,643 | ||||||
Allison Transmission Holdings, Inc. | 9,805 | 371,806 | ||||||
Caterpillar, Inc. | 1,695 | 365,917 | ||||||
Cummins, Inc. | 1,483 | 375,495 | ||||||
Oshkosh Corp. | 3,575 | 378,950 | ||||||
Parker-Hannifin Corp. | 1,309 | 375,631 | ||||||
Snap-on, Inc. | 1,903 | 386,518 | ||||||
Stanley Black & Decker, Inc. | 2,130 | 372,409 | ||||||
3,288,369 | ||||||||
Media — 2.9% | ||||||||
Comcast Corp., Class A | 7,039 | 371,096 | ||||||
DISH Network Corp., Class A(1) | 25,729 | 810,721 | ||||||
Fox Corp., Class A | 10,662 | 355,151 | ||||||
Interpublic Group of Cos., Inc. (The) | 27,901 | 728,774 | ||||||
Omnicom Group, Inc. | 13,090 | 899,676 | ||||||
ViacomCBS, Inc., Class B | 33,524 | 2,161,963 | ||||||
5,327,381 | ||||||||
Metals and Mining — 0.2% | ||||||||
Reliance Steel & Aluminum Co. | 2,730 | 360,906 | ||||||
Multi-Utilities — 1.3% | ||||||||
Ameren Corp. | 1,477 | 103,789 | ||||||
Consolidated Edison, Inc. | 16,311 | 1,070,817 | ||||||
Public Service Enterprise Group, Inc. | 19,419 | 1,045,325 |
45
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
WEC Energy Group, Inc. | 1,126 | $ | 90,800 | |||||
2,310,731 | ||||||||
Multiline Retail — 3.1% | ||||||||
Dollar General Corp. | 465 | 87,880 | ||||||
Dollar Tree, Inc.(1) | 3,524 | 346,057 | ||||||
Kohl's Corp. | 13,205 | 729,576 | ||||||
Target Corp. | 24,143 | 4,428,792 | ||||||
5,592,305 | ||||||||
Oil, Gas and Consumable Fuels — 0.4% | ||||||||
EOG Resources, Inc. | 5,591 | 360,955 | ||||||
Exxon Mobil Corp. | 6,806 | 370,042 | ||||||
730,997 | ||||||||
Personal Products — 0.2% | ||||||||
Herbalife Nutrition Ltd.(1) | 8,161 | 367,082 | ||||||
Pharmaceuticals — 2.6% | ||||||||
Johnson & Johnson | 9,292 | 1,472,410 | ||||||
Merck & Co., Inc. | 4,932 | 358,162 | ||||||
Perrigo Co. plc | 8,774 | 354,119 | ||||||
Pfizer, Inc. | 43,146 | 1,444,960 | ||||||
Zoetis, Inc. | 6,922 | 1,074,571 | ||||||
4,704,222 | ||||||||
Professional Services — 2.1% | ||||||||
Booz Allen Hamilton Holding Corp. | 9,565 | 737,844 | ||||||
CACI International, Inc., Class A(1) | 1,577 | 349,053 | ||||||
CoreLogic, Inc. | 4,842 | 409,924 | ||||||
FTI Consulting, Inc.(1) | 3,387 | 387,981 | ||||||
ManpowerGroup, Inc. | 11,061 | 1,044,601 | ||||||
Nielsen Holdings plc | 20,448 | 458,240 | ||||||
Robert Half International, Inc. | 4,555 | 354,333 | ||||||
3,741,976 | ||||||||
Real Estate Management and Development — 0.9% | ||||||||
CBRE Group, Inc., Class A(1) | 6,017 | 455,908 | ||||||
Jones Lang LaSalle, Inc.(1) | 6,656 | 1,158,011 | ||||||
1,613,919 | ||||||||
Road and Rail — 0.8% | ||||||||
CSX Corp. | 3,992 | 365,467 | ||||||
Landstar System, Inc. | 664 | 106,333 | ||||||
Norfolk Southern Corp. | 1,420 | 357,925 | ||||||
Old Dominion Freight Line, Inc. | 449 | 96,432 | ||||||
Union Pacific Corp. | 2,283 | 470,207 | ||||||
1,396,364 | ||||||||
Semiconductors and Semiconductor Equipment — 4.8% | ||||||||
Applied Materials, Inc. | 4,723 | 558,211 | ||||||
Broadcom, Inc. | 955 | 448,726 | ||||||
Cirrus Logic, Inc.(1) | 4,310 | 352,472 | ||||||
CMC Materials, Inc. | 2,241 | 382,090 | ||||||
Intel Corp. | 48,697 | 2,959,804 | ||||||
KLA Corp. | 1,169 | 363,828 | ||||||
Lam Research Corp. | 651 | 369,241 | ||||||
Maxim Integrated Products, Inc. | 1,943 | 181,029 | ||||||
Microchip Technology, Inc. | 2,381 | 363,412 |
46
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Micron Technology, Inc.(1) | 5,356 | $ | 490,235 | |||||
ON Semiconductor Corp.(1) | 9,138 | 367,987 | ||||||
Qorvo, Inc.(1) | 2,404 | 420,051 | ||||||
QUALCOMM, Inc. | 4,420 | 601,960 | ||||||
Skyworks Solutions, Inc. | 2,583 | 459,309 | ||||||
Texas Instruments, Inc. | 2,135 | 367,796 | ||||||
8,686,151 | ||||||||
Software — 5.7% | ||||||||
Check Point Software Technologies Ltd.(1) | 22,312 | 2,459,675 | ||||||
Citrix Systems, Inc. | 2,735 | 365,341 | ||||||
Dropbox, Inc., Class A(1) | 19,938 | 449,502 | ||||||
Intuit, Inc. | 291 | 113,531 | ||||||
j2 Global, Inc.(1) | 11,693 | 1,302,366 | ||||||
Microsoft Corp. | 12,258 | 2,848,514 | ||||||
Oracle Corp. (New York) | 37,844 | 2,441,316 | ||||||
VMware, Inc., Class A(1) | 2,569 | 355,062 | ||||||
10,335,307 | ||||||||
Specialty Retail — 3.4% | ||||||||
Advance Auto Parts, Inc. | 2,204 | 353,411 | ||||||
Best Buy Co., Inc. | 26,144 | 2,623,550 | ||||||
Home Depot, Inc. (The) | 1,340 | 346,176 | ||||||
L Brands, Inc.(1) | 17,928 | 979,945 | ||||||
Lowe's Cos., Inc. | 4,459 | 712,325 | ||||||
Williams-Sonoma, Inc. | 8,690 | 1,140,910 | ||||||
6,156,317 | ||||||||
Technology Hardware, Storage and Peripherals — 3.3% | ||||||||
Apple, Inc. | 23,463 | 2,845,123 | ||||||
Hewlett Packard Enterprise Co. | 25,539 | 371,848 | ||||||
HP, Inc. | 18,081 | 523,807 | ||||||
NetApp, Inc. | 5,200 | 325,520 | ||||||
Seagate Technology plc | 16,667 | 1,220,524 | ||||||
Xerox Holdings Corp. | 28,064 | 715,071 | ||||||
6,001,893 | ||||||||
Textiles, Apparel and Luxury Goods — 0.4% | ||||||||
Capri Holdings Ltd.(1) | 7,831 | 365,473 | ||||||
PVH Corp. | 3,811 | 380,947 | ||||||
746,420 | ||||||||
Thrifts and Mortgage Finance — 0.2% | ||||||||
New York Community Bancorp, Inc. | 30,541 | 372,906 | ||||||
Tobacco — 1.0% | ||||||||
Altria Group, Inc. | 8,319 | 362,708 | ||||||
Philip Morris International, Inc. | 17,089 | 1,435,818 | ||||||
1,798,526 | ||||||||
Trading Companies and Distributors — 1.3% | ||||||||
United Rentals, Inc.(1) | 6,190 | 1,840,782 | ||||||
Watsco, Inc. | 2,268 | 551,351 | ||||||
2,392,133 | ||||||||
Water Utilities — 0.1% | ||||||||
American Water Works Co., Inc. | 681 | 96,620 | ||||||
TOTAL COMMON STOCKS (Cost $156,572,911) | 181,591,162 |
47
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
TEMPORARY CASH INVESTMENTS — 0.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $328,238) | 328,238 | $ | 328,238 | |||||
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $156,901,149) | 181,919,400 | |||||||
OTHER ASSETS AND LIABILITIES — 0.2% | 306,764 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 182,226,164 |
NOTES TO SCHEDULE OF INVESTMENTS |
(1)Non-income producing.
See Notes to Financial Statements.
48
Statements of Assets and Liabilities |
FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Low Volatility ETF | Quality Convertible Securities ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $4,770,072 and $2,998,975, respectively) | $ | 4,738,661 | $ | 2,862,601 | ||||
Receivable for capital shares sold | 593,889 | — | ||||||
Dividends and interest receivable | 5,391 | 6,143 | ||||||
5,337,941 | 2,868,744 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 585,883 | — | ||||||
Accrued management fees | 948 | 309 | ||||||
586,831 | 309 | |||||||
Net Assets | $ | 4,751,110 | $ | 2,868,435 | ||||
Shares outstanding (unlimited number of shares authorized) | 120,000 | 60,000 | ||||||
Net Asset Value Per Share | $ | 39.59 | $ | 47.81 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 4,776,732 | $ | 3,002,695 | ||||
Distributable earnings | (25,622) | (134,260) | ||||||
$ | 4,751,110 | $ | 2,868,435 |
See Notes to Financial Statements.
49
FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Quality Diversified International ETF | Quality Preferred ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $116,788,343 and $2,999,653, respectively) | $ | 135,158,034 | $ | 2,956,470 | ||||
Cash | 972 | — | ||||||
Foreign currency holdings, at value (cost of $1,737 and $—, respectively) | 1,718 | — | ||||||
Dividends and interest receivable | 284,712 | 10,238 | ||||||
135,445,436 | 2,966,708 | |||||||
Liabilities | ||||||||
Accrued management fees | 41,682 | 314 | ||||||
Net Assets | $ | 135,403,754 | $ | 2,966,394 | ||||
Shares outstanding (unlimited number of shares authorized) | 2,800,000 | 75,000 | ||||||
Net Asset Value Per Share | $ | 48.36 | $ | 39.55 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 114,106,748 | $ | 3,001,500 | ||||
Distributable earnings | 21,297,006 | (35,106) | ||||||
$ | 135,403,754 | $ | 2,966,394 |
See Notes to Financial Statements.
50
FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
STOXX® U.S. Quality Growth ETF | STOXX® U.S. Quality Value ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $206,899,866 and $156,901,149, respectively) | $ | 230,677,197 | $ | 181,919,400 | ||||
Receivable for investments sold | 106,399,828 | 44,098,549 | ||||||
Receivable for capital shares sold | 42,045,900 | 10,211,333 | ||||||
Dividends and interest receivable | 550,889 | 349,779 | ||||||
379,673,814 | 236,579,061 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 107,667,730 | 44,372,237 | ||||||
Payable for capital shares redeemed | 40,872,975 | 9,940,208 | ||||||
Accrued management fees | 53,993 | 40,452 | ||||||
148,594,698 | 54,352,897 | |||||||
Net Assets | $ | 231,079,116 | $ | 182,226,164 | ||||
Shares outstanding (unlimited number of shares authorized) | 3,675,000 | 4,125,000 | ||||||
Net Asset Value Per Share | $ | 62.88 | $ | 44.18 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 178,434,469 | $ | 166,062,307 | ||||
Distributable earnings | 52,644,647 | 16,163,857 | ||||||
$ | 231,079,116 | $ | 182,226,164 |
See Notes to Financial Statements.
51
Statements of Operations |
FOR THE PERIOD ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Low Volatility ETF(1) | Quality Convertible Securities ETF(2) | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends | $ | 7,986 | $ | 1,844 | ||||
Interest | — | 579 | ||||||
7,986 | 2,423 | |||||||
Expenses: | ||||||||
Management fees | 1,579 | 309 | ||||||
Net investment income (loss) | 6,407 | 2,114 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on investment transactions | (618) | — | ||||||
Change in net unrealized appreciation (depreciation) on investments | (31,411) | (136,374) | ||||||
Net realized and unrealized gain (loss) | (32,029) | (136,374) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (25,622) | $ | (134,260) |
(1)January 12, 2021 (fund inception) through February 28, 2021.
(2)February 16, 2021 (fund inception) through February 28, 2021.
See Notes to Financial Statements.
52
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2021 (EXCEPT AS NOTED) (UNAUDITED) | ||||||||
Quality Diversified International ETF | Quality Preferred ETF(1) | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $92,324 and $114, respectively) | $ | 943,902 | $ | 7,966 | ||||
Interest | 43 | 425 | ||||||
943,945 | 8,391 | |||||||
Expenses: | ||||||||
Management fees | 234,548 | 314 | ||||||
Other expenses | 485 | — | ||||||
235,033 | 314 | |||||||
Net investment income (loss) | 708,912 | 8,077 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (Note 4) | 6,026,442 | — | ||||||
Foreign currency translation transactions | (6,424) | — | ||||||
6,020,018 | — | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | 7,785,496 | (43,183) | ||||||
Translation of assets and liabilities in foreign currencies | (4,755) | — | ||||||
7,780,741 | (43,183) | |||||||
Net realized and unrealized gain (loss) | 13,800,759 | (43,183) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 14,509,671 | $ | (35,106) |
(1)February 16, 2021 (fund inception) through February 28, 2021.
See Notes to Financial Statements.
53
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
STOXX® U.S. Quality Growth ETF | STOXX® U.S. Quality Value ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $— and $538, respectively) | $ | 606,011 | $ | 1,729,251 | ||||
Interest | 46 | 50 | ||||||
606,057 | 1,729,301 | |||||||
Expenses: | ||||||||
Management fees | 321,403 | 227,102 | ||||||
Other expenses | — | 40 | ||||||
321,403 | 227,142 | |||||||
Net investment income (loss) | 284,654 | 1,502,159 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on investment transactions (Note 4) | 31,829,857 | 7,080,383 | ||||||
Change in net unrealized appreciation (depreciation) on investments | (6,890,775) | 13,904,212 | ||||||
Net realized and unrealized gain (loss) | 24,939,082 | 20,984,595 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 25,223,736 | $ | 22,486,754 |
See Notes to Financial Statements.
54
Statements of Changes in Net Assets |
PERIOD ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||||||||
Low Volatility ETF(1) | Quality Convertible Securities ETF(2) | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2021 | February 28, 2021 | ||||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 6,407 | $ | 2,114 | ||||||||||
Net realized gain (loss) | (618) | — | ||||||||||||
Change in net unrealized appreciation (depreciation) | (31,411) | (136,374) | ||||||||||||
Net increase (decrease) in net assets resulting from operations | (25,622) | (134,260) | ||||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 4,776,732 | 3,002,695 | ||||||||||||
Net increase (decrease) in net assets | 4,751,110 | 2,868,435 | ||||||||||||
Net Assets | ||||||||||||||
End of period | $ | 4,751,110 | $ | 2,868,435 | ||||||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 120,000 | 60,000 |
(1)January 12, 2021 (fund inception) through February 28, 2021.
(2)February 16, 2021 (fund inception) through February 28, 2021.
See Notes to Financial Statements.
55
SIX MONTHS ENDED FEBRUARY 28, 2021 (EXCEPT AS NOTED) (UNAUDITED) AND YEAR ENDED AUGUST 31, 2020 | ||||||||||||||
Quality Diversified International ETF | Quality Preferred ETF(1) | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2021 | August 31, 2020 | February 28, 2021 | |||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 708,912 | $ | 1,667,317 | $ | 8,077 | ||||||||
Net realized gain (loss) | 6,020,018 | (333,736) | — | |||||||||||
Change in net unrealized appreciation (depreciation) | 7,780,741 | 10,257,532 | (43,183) | |||||||||||
Net increase (decrease) in net assets resulting from operations | 14,509,671 | 11,591,113 | (35,106) | |||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (1,114,095) | (1,315,435) | — | |||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 34,090,415 | 84,459,734 | 3,001,500 | |||||||||||
Payments for shares redeemed | (13,353,090) | (12,183,875) | — | |||||||||||
Net increase (decrease) in net assets from capital share transactions | 20,737,325 | 72,275,859 | 3,001,500 | |||||||||||
Net increase (decrease) in net assets | 34,132,901 | 82,551,537 | 2,966,394 | |||||||||||
Net Assets | ||||||||||||||
Beginning of period | 101,270,853 | 18,719,316 | — | |||||||||||
End of period | $ | 135,403,754 | $ | 101,270,853 | $ | 2,966,394 | ||||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 750,000 | 2,150,000 | 75,000 | |||||||||||
Redeemed | (300,000) | (300,000) | — | |||||||||||
Net increase (decrease) in shares of the funds | 450,000 | 1,850,000 | 75,000 |
(1)February 16, 2021 (fund inception) through February 28, 2021.
See Notes to Financial Statements.
56
SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2020 | ||||||||||||||
STOXX® U.S. Quality Growth ETF | STOXX® U.S. Quality Value ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2021 | August 31, 2020 | February 28, 2021 | August 31, 2020 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 284,654 | $ | 568,569 | $ | 1,502,159 | $ | 3,009,632 | ||||||
Net realized gain (loss) | 31,829,857 | 26,461,497 | 7,080,383 | (14,863,742) | ||||||||||
Change in net unrealized appreciation (depreciation) | (6,890,775) | 28,986,871 | 13,904,212 | 9,994,124 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 25,223,736 | 56,016,937 | 22,486,754 | (1,859,986) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (179,225) | (537,870) | (1,618,108) | (2,568,849) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 110,992,117 | 261,431,182 | 44,028,673 | 112,503,720 | ||||||||||
Payments for shares redeemed | (120,396,045) | (123,435,982) | (20,269,412) | (867,525) | ||||||||||
Net increase (decrease) in net assets from capital share transactions | (9,403,928) | 137,995,200 | 23,759,261 | 111,636,195 | ||||||||||
Net increase (decrease) in net assets | 15,640,583 | 193,474,267 | 44,627,907 | 107,207,360 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 215,438,533 | 21,964,266 | 137,598,257 | 30,390,897 | ||||||||||
End of period | $ | 231,079,116 | $ | 215,438,533 | $ | 182,226,164 | $ | 137,598,257 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 1,825,000 | 5,825,000 | 1,050,000 | 2,800,000 | ||||||||||
Redeemed | (2,000,000) | (2,500,000) | (475,000) | (25,001) | ||||||||||
Net increase (decrease) in shares of the funds | (175,000) | 3,325,000 | 575,000 | 2,774,999 |
See Notes to Financial Statements.
57
Notes to Financial Statements |
FEBRUARY 28, 2021 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Low Volatility ETF (Low Volatility ETF), American Century Quality Convertible Securities ETF (Quality Convertible Securities ETF), American Century Quality Diversified International ETF (Quality Diversified International ETF), American Century Quality Preferred ETF (Quality Preferred ETF), American Century STOXX® U.S. Quality Growth ETF (STOXX® U.S. Quality Growth ETF) and American Century STOXX® U.S. Quality Value ETF (STOXX® U.S. Quality Value ETF) are six funds in a series issued by the trust. Low Volatility ETF’s investment objective is to seek capital appreciation. Quality Convertible Securities ETF’s investment objective is to seek total return. Quality Diversified International ETF’s investment objective is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of the Alpha Vee American Century Diversified International Equity Index. Quality Preferred ETF’s investment objective is to seek current income and capital appreciation. STOXX® U.S. Quality Growth ETF’s investment objective is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of the iSTOXX® American Century USA Quality Growth Index. STOXX® U.S. Quality Value ETF’s investment objective is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of the iSTOXX® American Century USA Quality Value Index. Shares of Low Volatility ETF, Quality Diversified International ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF are listed for trading on the NYSE Arca, Inc. Shares of Quality Convertible Securities ETF and Quality Preferred ETF are listed for trading on the Cboe BZX Exchange, Inc. Low Volatility ETF incepted on January 12, 2021. Quality Convertible Securities ETF and Quality Preferred ETF incepted on February 16, 2021.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.
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. For Qualified Diversified International ETF, equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the London Stock Exchange as provided by an independent pricing service.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Convertible bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
58
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.
If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.
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.
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.
59
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly for Quality Convertible Securities ETF and Quality Preferred ETF. Distributions from net investment income, if any, are generally declared and paid quarterly for Low Volatility ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF. Distributions from net investment income, if any, are generally declared and paid semiannually for Quality Diversified International ETF. Distributions from net realized gains, if any, are generally declared and paid annually for all funds.
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.
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, American Century Investment Management, Inc. (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, 49%, 56% and 64% of the shares of Quality Diversified International ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF, respectively. ACIM owns 83%, 83% and 80% of the shares of Low Volatility ETF, Quality Convertible Securities ETF and Quality Preferred ETF, respectively. Related parties do not invest in the funds for the purpose of exercising management or control.
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 | |||||
Low Volatility ETF | 0.29% | ||||
Quality Convertible Securities ETF | 0.32% | ||||
Quality Diversified International ETF | 0.39% | ||||
Quality Preferred ETF | 0.32% | ||||
STOXX® U.S. Quality Growth ETF | 0.29% | ||||
STOXX® U.S. Quality Value ETF | 0.29% |
60
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 28, 2021 were as follows:
Low Volatility ETF(1) | Quality Convertible Securities ETF(2) | Quality Diversified International ETF | Quality Preferred ETF(2) | STOXX® U.S. Quality Growth ETF | STOXX® U.S. Quality Value ETF | |||||||||||||||
Purchases | $ | 681,176 | $ | 484,113 | $ | 75,199,071 | $ | 246,551 | $ | 186,172,676 | $ | 100,782,420 | ||||||||
Sales | $ | 676,831 | — | $ | 62,640,554 | — | $ | 187,980,227 | $ | 100,024,331 |
(1) January 12, 2021 (fund inception) through February 28, 2021.
(2) February 16, 2021 (fund inception) through February 28, 2021.
Securities received or delivered in-kind through subscriptions and redemptions and in-kind net realized gain (loss) for the period ended February 28, 2021 were as follows:
In-kind Subscriptions | In-kind Redemptions | In-kind Net Realized Gain/(Loss)* | |||||||||
Low Volatility ETF(1) | $4,758,294 | — | — | ||||||||
Quality Convertible Securities ETF(2) | $2,458,014 | — | — | ||||||||
Quality Diversified International ETF | $20,153,181 | $12,103,867 | $3,363,424 | ||||||||
Quality Preferred ETF(2) | $2,746,388 | — | — | ||||||||
STOXX® U.S. Quality Growth ETF | $107,152,481 | $114,964,684 | $33,543,678 | ||||||||
STOXX® U.S. Quality Value ETF | $43,269,898 | $19,688,383 | $4,861,137 |
*Net realized gain (loss) on in-kind transactions are not considered taxable for federal income tax purposes.
(1) January 12, 2021 (fund inception) through February 28, 2021.
(2) February 16, 2021 (fund inception) through February 28, 2021.
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 proceeds from shares sold in 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.
Low Volatility ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 4,730,611 | — | — | |||||||
Temporary Cash Investments | 8,050 | — | — | ||||||||
$ | 4,738,661 | — | — |
Quality Convertible Securities ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Convertible Bonds | — | $ | 2,356,324 | — | |||||||
Convertible Preferred Stocks | — | 456,665 | — | ||||||||
Temporary Cash Investments | $ | 49,612 | — | — | |||||||
$ | 49,612 | $ | 2,812,989 | — |
Quality Diversified International ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 2,574,540 | $ | 132,423,524 | — | ||||||
Warrants | — | 979 | — | ||||||||
Temporary Cash Investments | 158,991 | — | — | ||||||||
$ | 2,733,531 | $ | 132,424,503 | — |
Quality Preferred ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Preferred Stocks | $ | 1,933,583 | $ | 200,809 | — | ||||||
Convertible Preferred Stocks | 51,511 | 765,162 | — | ||||||||
Temporary Cash Investments | 5,405 | — | — | ||||||||
$ | 1,990,499 | $ | 965,971 | — |
STOXX® U.S. Quality Growth ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 230,283,089 | — | — | |||||||
Temporary Cash Investments | 394,108 | — | — | ||||||||
$ | 230,677,197 | — | — |
STOXX® U.S. Quality Value ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 181,591,162 | — | — | |||||||
Temporary Cash Investments | 328,238 | — | — | ||||||||
$ | 181,919,400 | — | — |
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7. 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, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
Quality Diversified International ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF are not actively managed and do not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the funds generally will not buy or sell securities unless they are added or removed from their respective indexes, even if the security is underperforming. If the funds' respective indexes have high portfolio turnover, the funds may also have high portfolio turnover.
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.
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.
8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Low Volatility ETF | Quality Convertible Securities ETF | Quality Diversified International ETF | |||||||||
Federal tax cost of investments | $ | 4,773,785 | $ | 2,998,975 | $ | 117,037,302 | |||||
Gross tax appreciation of investments | $ | 99,679 | $ | 21,024 | $ | 20,984,100 | |||||
Gross tax depreciation of investments | (134,803) | (157,398) | (2,863,368) | ||||||||
Net tax appreciation (depreciation) of investments | $ | (35,124) | $ | (136,374) | $ | 18,120,732 |
Quality Preferred ETF | STOXX® U.S. Quality Growth ETF | STOXX® U.S. Quality Value ETF | |||||||||
Federal tax cost of investments | $ | 2,999,653 | $ | 207,181,578 | $ | 158,314,970 | |||||
Gross tax appreciation of investments | $ | 7,430 | $ | 24,840,015 | $ | 25,234,961 | |||||
Gross tax depreciation of investments | (50,613) | (1,344,396) | (1,630,531) | ||||||||
Net tax appreciation (depreciation) of investments | $ | (43,183) | $ | 23,495,619 | $ | 23,604,430 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales for Low Volatility ETF, Quality Diversified International ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF.
The cost of investments for federal income tax purposes was the same as the cost for financial reporting
purposes for Quality Convertible Securities ETF and Quality Preferred ETF.
63
As of August 31, 2020, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows:
Short-Term Capital Losses | Long-Term Capital Losses | |||||||
Quality Diversified International ETF | $ | (2,852,329) | $ | (73,602) | ||||
STOXX® U.S. Quality Growth ETF | $ | (2,937,617) | — | |||||
STOXX® U.S. Quality Value ETF | $ | (15,147,667) | $ | (717,187) |
64
Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | 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) | |||||||||||||||||||||||
Low Volatility ETF | ||||||||||||||||||||||||||||||||
2021(4) | $39.84 | 0.06 | (0.31) | (0.25) | $39.59 | (0.61)% | 0.29%(5) | 1.18%(5) | 15% | $4,751 |
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)January 12, 2021 (fund inception) through February 28, 2021 (unaudited).
(5)Annualized.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | 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) | |||||||||||||||||||||||
Quality Convertible Securities ETF | ||||||||||||||||||||||||||||||||
2021(4) | $50.00 | 0.04 | (2.23) | (2.19) | $47.81 | (4.39)% | 0.32%(5) | 2.19%(5) | 0% | $2,868 |
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)February 16, 2021 (fund inception) through February 28, 2021 (unaudited).
(5)Annualized.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | 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) | |||||||||||||||||||||||||
Quality Diversified International ETF | |||||||||||||||||||||||||||||||||||
2021(4) | $43.09 | 0.27 | 5.44 | 5.71 | (0.44) | $48.36 | 13.24% | 0.39%(5) | 1.18%(5) | 53% | $135,404 | ||||||||||||||||||||||||
2020 | $37.44 | 0.78 | 5.42 | 6.20 | (0.55) | $43.09 | 16.67% | 0.39% | 2.00% | 118% | $101,271 | ||||||||||||||||||||||||
2019(6) | $39.85 | 0.98 | (2.69) | (1.71) | (0.70) | $37.44 | (4.32)% | 0.39%(5) | 2.67%(5) | 119% | $18,719 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in-kind.
(4)Six months ended February 28, 2021 (unaudited).
(5)Annualized.
(6)September 10, 2018 (fund inception) through August 31, 2019.
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 | 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) | |||||||||||||||||||||||
Quality Preferred ETF | ||||||||||||||||||||||||||||||||
2021(4) | $40.00 | 0.11 | (0.56) | (0.45) | $39.55 | (1.12)% | 0.32%(5) | 8.24%(5) | 0% | $2,966 |
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)February 16, 2021 (fund inception) through February 28, 2021 (unaudited).
(5)Annualized.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | 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) | |||||||||||||||||||||||||
STOXX® U.S. Quality Growth ETF | |||||||||||||||||||||||||||||||||||
2021(4) | $55.96 | 0.08 | 6.89 | 6.97 | (0.05) | $62.88 | 12.45% | 0.29%(5) | 0.26%(5) | 85% | $231,079 | ||||||||||||||||||||||||
2020 | $41.84 | 0.18 | 14.11 | 14.29 | (0.17) | $55.96 | 34.30% | 0.29% | 0.39% | 180% | $215,439 | ||||||||||||||||||||||||
2019(6) | $40.15 | 0.18 | 1.64 | 1.82 | (0.13) | $41.84 | 4.57% | 0.29%(5) | 0.48%(5) | 191% | $21,964 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in-kind.
(4)Six months ended February 28, 2021 (unaudited).
(5)Annualized.
(6)September 10, 2018 (fund inception) through August 31, 2019.
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 | 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) | |||||||||||||||||||||||||
STOXX® U.S. Quality Value ETF | |||||||||||||||||||||||||||||||||||
2021(4) | $38.76 | 0.39 | 5.46 | 5.85 | (0.43) | $44.18 | 15.20% | 0.29%(5) | 1.91%(5) | 64% | $182,226 | ||||||||||||||||||||||||
2020 | $39.21 | 1.02 | (0.47) | 0.55 | (1.00) | $38.76 | 1.55% | 0.29% | 2.66% | 178% | $137,598 | ||||||||||||||||||||||||
2019 | $41.66 | 1.15 | (2.68) | (1.53) | (0.92) | $39.21 | (3.60)% | 0.29% | 2.94% | 190% | $30,391 | ||||||||||||||||||||||||
2018(6) | $40.37 | 0.55 | 1.11 | 1.66 | (0.37) | $41.66 | 4.16% | 0.29%(5) | 2.17%(5) | 77% | $7,291 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in-kind.
(4)Six months ended February 28, 2021 (unaudited).
(5)Annualized.
(6)January 11, 2018 (fund inception) through August 31, 2018.
See Notes to Financial Statements.
Approval of Management Agreement |
At a meeting held on August 31, 2020, the Funds’ Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the American Century Low Volatility ETF, the American Century Quality Convertible Securities ETF and the American Century Quality Preferred ETF (collectively the "New Funds"). Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the New Funds. The materials circulated and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Funds’ characteristics and key attributes, the rationale for launching the New Funds, the experience of the staff designated to manage the New Funds, the proposed pricing, and the markets in which the New Funds 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 Funds;
•the wide range of other programs and services the Advisor would provide to each New Fund and its shareholders on a routine and non-routine basis;
•each New Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;
•the cost of owning each New Fund compared to the cost of owning similar funds;
•the Advisor’s compliance policies, procedures, and regulatory experience; and
•any collateral benefits derived by the Advisor from the management of the New Funds.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing each New Fund’s fee to the total expense ratio of peer funds. The annual management fees charged to shareholders of each of the American Century Low Volatility ETF, the American Century Quality Convertible Securities ETF, and the American Century Quality Preferred ETF were below the median of the total expense ratios of their respective peer universe.
When considering the approval of the management agreement for the New Funds, 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 Funds and the risk that the New Funds will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Funds 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 Funds.
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 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. The independent Trustees concluded that the overall arrangements between the New Funds and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
71
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
72
Contact Us | americancenturyetfs.com | |||||||
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-ACI-ETFS | |||||||
Telecommunications Relay Service for the Deaf | 711 | |||||||
American Century ETF Trust | ||||||||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||||||||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||||||||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||||||||
©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96949 2104 |
Semiannual Report | |||||
February 28, 2021 | |||||
Avantis® Emerging Markets Equity ETF (AVEM) | |||||
Avantis® International Equity ETF (AVDE) | |||||
Avantis® International Small Cap Value ETF (AVDV) | |||||
Avantis® U.S. Equity ETF (AVUS) | |||||
Avantis® U.S. Small Cap Value ETF (AVUV) |
Table of Contents |
Chairman’s Letter | |||||
Avantis Emerging Markets Equity ETF | |||||
Fund Characteristics | |||||
Avantis International Equity ETF | |||||
Fund Characteristics | |||||
Avantis International Small Cap Value ETF | |||||
Fund Characteristics | |||||
Avantis U.S. Equity ETF | |||||
Fund Characteristics | |||||
Avantis U.S. Small Cap Value ETF | |||||
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 | |||||
Additional Information |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Chairman's Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 28, 2021. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.
Stocks Rallied as Stimulus, Vaccines Sparked Optimism
Stocks and other riskier assets delivered robust returns for the six-month period. Investors generally remained upbeat despite periodic upswings in virus cases, ongoing lockdowns in certain regions and uncertainty surrounding the U.S. political climate. Significant support from global central banks and federal governments helped maintain investor confidence in the financial markets and strengthen the economic backdrop. Additionally, positive vaccine developments and a late-2020 federal coronavirus aid package also provided support. Furthermore, political clarity emerged following the January U.S. Senate run-off elections in Georgia, which triggered expectations for another federal COVID-19 relief bill. The record $1.9 trillion American Rescue Plan Act of 2021 worked its way through Congress in February (and ultimately passed in early March).
Overall, the improving economic backdrop combined with massive monetary and fiscal support drove inflation expectations and U.S. bond yields higher. For example, the yield on the benchmark 10-year U.S. Treasury note increased more than 70 basis points for the six-month period.
Non-U.S. stocks generally outpaced U.S. stocks for the period, and within the U.S. market, small-cap stocks (Russell 2000® Index) were top performers, gaining more than 40%. Value stocks outperformed growth stocks across the board. Rising yields pressured U.S. investment-grade bond returns, which declined nearly 2%, and municipal bonds, which were up slightly. Lower-quality bonds rallied in the risk-on climate.
A Return to Normalcy in Sight
The return to pre-pandemic life appears to be on the horizon thanks to declining COVID-19 cases and expanding vaccine distribution programs. In addition, medical professionals continue to improve treatment protocols for those afflicted with the virus. Nevertheless, until the vaccine is more widely available, investors still may face the effects of virus-related restrictions, economic uncertainty and heightened market volatility. These influences can be unsettling, but they tend to be temporary.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis Emerging Markets Equity ETF | |||||
Top Ten Holdings | % of net assets | ||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 4.3% | ||||
Tencent Holdings Ltd. | 3.6% | ||||
Samsung Electronics Co. Ltd., GDR | 3.3% | ||||
Alibaba Group Holding Ltd., ADR | 2.2% | ||||
Baidu, Inc., ADR | 1.5% | ||||
China Construction Bank Corp., H Shares | 1.2% | ||||
Ping An Insurance Group Co. of China Ltd., H Shares | 1.1% | ||||
JD.com, Inc., ADR | 0.9% | ||||
Infosys Ltd., ADR | 0.8% | ||||
NetEase, Inc., ADR | 0.7% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 100.1% | ||||
Rights | —* | ||||
Warrants | —* | ||||
Total Equity Exposure | 100.1% | ||||
Temporary Cash Investments | 0.1% | ||||
Temporary Cash Investments - Securities Lending Collateral | 1.1% | ||||
Other Assets and Liabilities | (1.3)% |
*Category is less than 0.05% of total net assets.
Investments by Country | % of net assets | ||||
China | 36.3% | ||||
Taiwan | 15.4% | ||||
South Korea | 14.8% | ||||
India | 11.1% | ||||
Brazil | 5.0% | ||||
South Africa | 4.0% | ||||
Russia | 2.2% | ||||
Thailand | 2.2% | ||||
Other Countries | 9.1% | ||||
Cash and Equivalents* | (0.1)% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
3
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis International Equity ETF | |||||
Top Ten Holdings | % of net assets | ||||
Roche Holding AG | 0.9% | ||||
Royal Dutch Shell plc* | 0.8% | ||||
Novartis AG, ADR | 0.7% | ||||
LVMH Moet Hennessy Louis Vuitton SE | 0.6% | ||||
ASML Holding NV, NY Shares | 0.6% | ||||
Sony Corp., ADR | 0.6% | ||||
Nestle SA | 0.5% | ||||
Rio Tinto plc, ADR | 0.5% | ||||
Toyota Motor Corp., ADR | 0.5% | ||||
Novo Nordisk A/S, ADR | 0.5% | ||||
*Includes all classes of the issuer held by the fund. | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Rights | —* | ||||
Warrants | —* | ||||
Total Equity Exposure | 99.7% | ||||
Temporary Cash Investments | —* | ||||
Temporary Cash Investments - Securities Lending Collateral | 3.1% | ||||
Other Assets and Liabilities | (2.8)% |
*Category is less than 0.05% of total net assets.
Investments by Country | % of net assets | ||||
Japan | 22.9% | ||||
United Kingdom | 13.5% | ||||
Canada | 9.4% | ||||
France | 8.8% | ||||
Germany | 7.9% | ||||
Switzerland | 7.9% | ||||
Australia | 6.7% | ||||
Sweden | 3.7% | ||||
Netherlands | 3.5% | ||||
Hong Kong | 2.9% | ||||
Italy | 2.3% | ||||
Spain | 2.2% | ||||
Denmark | 2.0% | ||||
Other Countries | 6.0% | ||||
Cash and Equivalents* | 0.3% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
4
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis International Small Cap Value ETF | |||||
Top Ten Holdings | % of net assets | ||||
ASR Nederland NV | 0.7% | ||||
Royal Mail plc | 0.7% | ||||
AerCap Holdings NV | 0.7% | ||||
J Sainsbury plc | 0.6% | ||||
Nippon Yusen KK | 0.6% | ||||
Conzzeta AG | 0.6% | ||||
St. James's Place plc | 0.6% | ||||
Electrocomponents plc | 0.5% | ||||
Subsea 7 SA | 0.5% | ||||
Rheinmetall AG | 0.5% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.6% | ||||
Rights | —* | ||||
Total Equity Exposure | 99.6% | ||||
Temporary Cash Investments | 0.4% | ||||
Temporary Cash Investments - Securities Lending Collateral | 2.1% | ||||
Other Assets and Liabilities | (2.1)% |
*Category is less than 0.05% of total net assets.
Investments by Country | % of net assets | ||||
Japan | 25.3% | ||||
United Kingdom | 16.0% | ||||
Canada | 8.4% | ||||
Australia | 8.1% | ||||
Sweden | 6.8% | ||||
Germany | 5.1% | ||||
Switzerland | 4.8% | ||||
France | 2.9% | ||||
Netherlands | 2.7% | ||||
Italy | 2.6% | ||||
Israel | 2.2% | ||||
Norway | 2.2% | ||||
Hong Kong | 2.0% | ||||
Other Countries | 10.5% | ||||
Cash and Equivalents* | 0.4% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
5
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis U.S. Equity ETF | |||||
Top Ten Holdings | % of net assets | ||||
Apple, Inc. | 3.9% | ||||
Microsoft Corp. | 3.2% | ||||
Amazon.com, Inc. | 3.0% | ||||
Alphabet, Inc.* | 2.0% | ||||
Facebook, Inc., Class A | 1.1% | ||||
Johnson & Johnson | 1.0% | ||||
JPMorgan Chase & Co. | 0.9% | ||||
PayPal Holdings, Inc. | 0.8% | ||||
Verizon Communications, Inc. | 0.7% | ||||
Mastercard, Inc., Class A | 0.6% | ||||
*Includes all classes of the issuer held by the fund. | |||||
Top Five Industries | % of net assets | ||||
Software | 6.1% | ||||
Banks | 5.9% | ||||
Semiconductors and Semiconductor Equipment | 5.4% | ||||
Technology Hardware, Storage and Peripherals | 4.3% | ||||
IT Services | 4.2% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.8% | ||||
Temporary Cash Investments | 0.1% | ||||
Temporary Cash Investments - Securities Lending Collateral | 0.1% | ||||
Other Assets and Liabilities | —* |
*Category is less than 0.05% of total net assets.
6
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis U.S. Small Cap Value ETF | |||||
Top Ten Holdings | % of net assets | ||||
Marathon Oil Corp. | 1.1% | ||||
Kohl's Corp. | 1.0% | ||||
Ovintiv, Inc. | 1.0% | ||||
Cimarex Energy Co. | 0.9% | ||||
Targa Resources Corp. | 0.8% | ||||
Western Alliance Bancorp | 0.8% | ||||
Stifel Financial Corp. | 0.7% | ||||
Air Lease Corp. | 0.7% | ||||
Macy's, Inc. | 0.7% | ||||
Synovus Financial Corp. | 0.7% | ||||
Top Five Industries | % of net assets | ||||
Banks | 15.8% | ||||
Oil, Gas and Consumable Fuels | 10.4% | ||||
Specialty Retail | 7.0% | ||||
Machinery | 4.1% | ||||
Thrifts and Mortgage Finance | 4.0% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.9% | ||||
Temporary Cash Investments | 0.1% | ||||
Temporary Cash Investments - Securities Lending Collateral | —* | ||||
Other Assets and Liabilities | —* |
*Category is less than 0.05% of total net assets.
7
Shareholder Fee Examples |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2020 to February 28, 2021.
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.
8
Beginning Account Value 9/1/20 | Ending Account Value 2/28/21 | Expenses Paid During Period(1) 9/1/20 - 2/28/21 | Annualized Expense Ratio(1) | |||||||||||
Avantis Emerging Markets Equity ETF | ||||||||||||||
Actual | $1,000 | $1,258.40 | $1.85 | 0.33% | ||||||||||
Hypothetical | $1,000 | $1,023.16 | $1.66 | 0.33% | ||||||||||
Avantis International Equity ETF | ||||||||||||||
Actual | $1,000 | $1,175.50 | $1.24 | 0.23% | ||||||||||
Hypothetical | $1,000 | $1,023.65 | $1.15 | 0.23% | ||||||||||
Avantis International Small Cap Value ETF | ||||||||||||||
Actual | $1,000 | $1,251.30 | $2.01 | 0.36% | ||||||||||
Hypothetical | $1,000 | $1,023.01 | $1.81 | 0.36% | ||||||||||
Avantis U.S. Equity ETF | ||||||||||||||
Actual | $1,000 | $1,192.20 | $0.82 | 0.15% | ||||||||||
Hypothetical | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
Avantis U.S. Small Cap Value ETF | ||||||||||||||
Actual | $1,000 | $1,515.00 | $1.56 | 0.25% | ||||||||||
Hypothetical | $1,000 | $1,023.56 | $1.25 | 0.25% |
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
9
Schedules of Investments |
FEBRUARY 28, 2021 (UNAUDITED)
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 100.1% | ||||||||
Brazil — 5.0% | ||||||||
AES Tiete Energia SA | 100,200 | $ | 277,131 | |||||
Aliansce Sonae Shopping Centers SA(1) | 48,900 | 204,005 | ||||||
Alliar Medicos A Frente SA | 300 | 490 | ||||||
Alpargatas SA, Preference Shares(1) | 3,700 | 22,936 | ||||||
Ambev SA, ADR | 184,496 | 470,465 | ||||||
Arezzo Industria e Comercio SA | 7,300 | 93,292 | ||||||
Atacadao SA | 20,500 | 69,319 | ||||||
Azul SA, ADR(1)(2) | 9,120 | 196,262 | ||||||
B2W Cia Digital(1) | 3,400 | 49,742 | ||||||
B3 SA - Brasil Bolsa Balcao | 70,300 | 682,528 | ||||||
Banco ABC Brasil SA(1) | 210 | 572 | ||||||
Banco ABC Brasil SA, Preference Shares | 15,800 | 43,530 | ||||||
Banco BMG SA, Preference Shares | 18,300 | 15,217 | ||||||
Banco Bradesco SA | 56,660 | 207,362 | ||||||
Banco Bradesco SA, ADR | 229,352 | 949,517 | ||||||
Banco BTG Pactual SA | 14,300 | 260,907 | ||||||
Banco do Brasil SA | 55,890 | 281,435 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 33,900 | 77,004 | ||||||
Banco Inter SA | 2,700 | 74,825 | ||||||
Banco Inter SA, Preference Shares | 7,100 | 64,752 | ||||||
Banco Pan SA, Preference Shares | 36,800 | 90,289 | ||||||
Banco Santander Brasil SA, ADR(2) | 28,485 | 190,280 | ||||||
BB Seguridade Participacoes SA | 32,700 | 148,965 | ||||||
BK Brasil Operacao e Assessoria a Restaurantes SA | 300 | 476 | ||||||
BR Malls Participacoes SA(1) | 64,100 | 95,277 | ||||||
BR Properties SA | 43,000 | 62,150 | ||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 4,800 | 18,732 | ||||||
Braskem SA, ADR(1)(2) | 7,362 | 82,823 | ||||||
BRF SA, ADR(1) | 106,676 | 416,036 | ||||||
C&A Modas Ltda(1) | 27,000 | 53,381 | ||||||
Camil Alimentos SA | 17,100 | 31,825 | ||||||
CCR SA | 139,200 | 280,427 | ||||||
Centrais Eletricas Brasileiras SA, ADR(2) | 13,732 | 79,371 | ||||||
Centrais Eletricas Brasileiras SA, Class B Preference Shares | 3,000 | 17,564 | ||||||
Cia Brasileira de Distribuicao, ADR | 27,354 | 409,489 | ||||||
Cia de Locacao das Americas | 45,300 | 192,381 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR(2) | 33,465 | 220,869 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 29,400 | 75,701 | ||||||
Cia de Saneamento do Parana | 9,100 | 32,053 | ||||||
Cia de Saneamento do Parana, Preference Shares | 81,100 | 57,740 | ||||||
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares | 9,100 | 38,841 | ||||||
Cia Energetica de Minas Gerais, ADR(2) | 135,310 | 285,504 | ||||||
Cia Energetica de Sao Paulo, Class B Preference Shares | 25,200 | 122,758 | ||||||
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares | 8,800 | 40,984 |
10
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Cia Hering | 21,800 | $ | 58,427 | |||||
Cia Paranaense de Energia, ADR(2) | 8,314 | 88,295 | ||||||
Cia Siderurgica Nacional SA, ADR | 96,952 | 567,169 | ||||||
Cielo SA | 146,200 | 94,176 | ||||||
Cogna Educacao(1) | 27,500 | 18,450 | ||||||
Construtora Tenda SA | 3,500 | 15,957 | ||||||
Cosan Logistica SA(1) | 20,700 | 75,018 | ||||||
Cosan SA | 8,400 | 122,443 | ||||||
CPFL Energia SA | 8,800 | 45,208 | ||||||
CVC Brasil Operadora e Agencia de Viagens SA(1) | 8,600 | 25,274 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 71,900 | 316,251 | ||||||
Direcional Engenharia SA | 14,000 | 32,026 | ||||||
Duratex SA | 38,500 | 127,023 | ||||||
EcoRodovias Infraestrutura e Logistica SA(1) | 33,300 | 65,362 | ||||||
EDP - Energias do Brasil SA | 46,400 | 149,528 | ||||||
Embraer SA, ADR(1) | 31,882 | 280,562 | ||||||
Enauta Participacoes SA | 25,400 | 59,101 | ||||||
Energisa SA | 3,000 | 23,313 | ||||||
Eneva SA(1) | 25,300 | 306,262 | ||||||
Engie Brasil Energia SA | 38,200 | 280,491 | ||||||
Equatorial Energia SA | 40,000 | 143,464 | ||||||
Even Construtora e Incorporadora SA | 18,600 | 33,389 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 6,700 | 37,552 | ||||||
Fleury SA | 19,500 | 93,321 | ||||||
Fras-Le SA | 6,200 | 13,110 | ||||||
Gafisa SA(1) | 27,000 | 22,306 | ||||||
Gerdau SA, ADR | 189,981 | 870,113 | ||||||
Gol Linhas Aereas Inteligentes SA, ADR(1)(2) | 3,336 | 25,887 | ||||||
Grendene SA | 29,100 | 37,127 | ||||||
GRUPO DE MODA SOMA SA(1) | 47,900 | 114,361 | ||||||
Grupo SBF SA(1) | 7,300 | 29,152 | ||||||
Guararapes Confeccoes SA | 12,600 | 27,767 | ||||||
Hapvida Participacoes e Investimentos SA | 58,500 | 161,694 | ||||||
Helbor Empreendimentos SA(1) | 5,040 | 7,285 | ||||||
Hypera SA | 12,800 | 75,189 | ||||||
Iguatemi Empresa de Shopping Centers SA | 5,400 | 30,294 | ||||||
Industrias Romi SA | 10,966 | 52,441 | ||||||
Instituto Hermes Pardini SA | 6,200 | 22,513 | ||||||
Iochpe Maxion SA | 18,600 | 42,151 | ||||||
IRB Brasil Resseguros S/A | 165,496 | 178,070 | ||||||
Itau Unibanco Holding SA, ADR | 199,078 | 901,823 | ||||||
JBS SA | 75,700 | 349,175 | ||||||
Jereissati Participacoes SA | 6,100 | 23,903 | ||||||
JHSF Participacoes SA | 37,900 | 43,890 | ||||||
Klabin SA(1) | 103,600 | 537,392 | ||||||
Light SA(1) | 52,908 | 173,049 | ||||||
Linx SA | 10,500 | 72,433 | ||||||
Localiza Rent a Car SA | 34,030 | 353,404 | ||||||
Locaweb Servicos de Internet SA | 13,200 | 67,081 | ||||||
LOG Commercial Properties e Participacoes SA | 8,000 | 45,309 | ||||||
Log-in Logistica Intermodal SA(1) | 7,600 | 19,528 |
11
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Lojas Americanas SA | 526 | $ | 2,338 | |||||
Lojas Americanas SA, Preference Shares | 55,863 | 248,304 | ||||||
Lojas Quero Quero S/A | 34,600 | 103,290 | ||||||
Lojas Renner SA | 67,600 | 439,915 | ||||||
M Dias Branco SA | 6,800 | 34,812 | ||||||
Magazine Luiza SA | 135,700 | 588,400 | ||||||
Mahle-Metal Leve SA | 3,500 | 11,029 | ||||||
Marcopolo SA, Preference Shares | 96,800 | 43,527 | ||||||
Marfrig Global Foods SA(1) | 52,000 | 129,346 | ||||||
Marisa Lojas SA(1) | 15,881 | 14,424 | ||||||
Metalurgica Gerdau SA, Preference Shares | 10,700 | 22,071 | ||||||
Mills Estruturas e Servicos de Engenharia SA(1) | 23,700 | 22,836 | ||||||
Minerva SA | 36,000 | 62,696 | ||||||
Mitre Realty Empreendimentos E Participacoes LTDA(1) | 16,000 | 36,030 | ||||||
Movida Participacoes SA | 22,400 | 71,147 | ||||||
MRV Engenharia e Participacoes SA | 22,800 | 68,349 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 14,100 | 49,162 | ||||||
Natura & Co. Holding SA(1) | 33,156 | 273,214 | ||||||
Notre Dame Intermedica Participacoes SA | 6,588 | 101,567 | ||||||
Odontoprev SA | 48,000 | 112,116 | ||||||
Omega Geracao SA(1) | 8,700 | 61,227 | ||||||
Petro Rio SA(1) | 18,000 | 266,586 | ||||||
Petrobras Distribuidora SA | 76,100 | 269,409 | ||||||
Petroleo Brasileiro SA, ADR | 124,657 | 988,530 | ||||||
Petroleo Brasileiro SA, ADR Preference Shares | 161,415 | 1,275,178 | ||||||
Porto Seguro SA | 12,700 | 99,507 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 35,800 | 203,204 | ||||||
Raia Drogasil SA | 27,000 | 112,014 | ||||||
Randon SA Implementos e Participacoes, Preference Shares | 27,800 | 64,686 | ||||||
Rumo SA(1) | 63,900 | 207,747 | ||||||
Santos Brasil Participacoes SA | 3,000 | 3,089 | ||||||
Sao Martinho SA | 36,400 | 201,934 | ||||||
Ser Educacional SA | 2,800 | 6,225 | ||||||
SIMPAR SA | 8,400 | 56,133 | ||||||
Sinqia SA(1) | 4,800 | 18,689 | ||||||
SLC Agricola SA | 11,200 | 81,939 | ||||||
Smiles Fidelidade SA | 20,800 | 77,942 | ||||||
StoneCo Ltd., A Shares(1) | 4,470 | 383,571 | ||||||
Sul America SA | 40,141 | 237,514 | ||||||
Suzano SA, ADR(1)(2) | 59,869 | 784,284 | ||||||
Tecnisa SA(1) | 15,300 | 20,913 | ||||||
Tegma Gestao Logistica SA | 2,200 | 8,444 | ||||||
Telefonica Brasil SA, ADR | 17,063 | 134,286 | ||||||
TIM SA, ADR | 11,956 | 136,896 | ||||||
TOTVS SA | 57,000 | 318,045 | ||||||
Trisul SA | 3,000 | 5,011 | ||||||
Tupy SA(1) | 12,700 | 48,473 | ||||||
Ultrapar Participacoes SA, ADR(2) | 110,594 | 385,973 | ||||||
Unipar Carbocloro SA, Preference Shares | 15,500 | 158,147 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares | 105,300 | 303,262 |
12
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Vale SA, ADR | 229,772 | $ | 3,883,147 | |||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA(1) | 6,500 | 8,734 | ||||||
Via Varejo SA(1) | 40,900 | 87,212 | ||||||
Vivara Participacoes SA | 8,900 | 37,797 | ||||||
Vulcabras Azaleia SA(1) | 16,100 | 21,431 | ||||||
WEG SA | 16,600 | 231,189 | ||||||
Wiz Solucoes e Corretagem de Seguros SA | 14,000 | 15,538 | ||||||
YDUQS Participacoes SA | 48,300 | 258,384 | ||||||
28,336,579 | ||||||||
Chile — 0.7% | ||||||||
AES Gener SA | 716,685 | 123,261 | ||||||
Aguas Andinas SA, A Shares | 385,567 | 110,521 | ||||||
Banco de Chile | 2,096,596 | 229,705 | ||||||
Banco de Credito e Inversiones SA | 5,172 | 224,345 | ||||||
Banco Santander Chile, ADR | 11,389 | 257,278 | ||||||
Besalco SA | 44,236 | 29,638 | ||||||
CAP SA | 16,101 | 226,872 | ||||||
Cencosud SA | 61,389 | 120,210 | ||||||
Cencosud Shopping SA | 24,827 | 49,044 | ||||||
Cia Cervecerias Unidas SA, ADR | 9,982 | 172,689 | ||||||
Cia Sud Americana de Vapores SA(1) | 2,139,696 | 102,124 | ||||||
Colbun SA | 993,105 | 185,481 | ||||||
Embotelladora Andina SA, Class B Preference Shares | 44,637 | 120,686 | ||||||
Empresa Nacional de Telecomunicaciones SA | 16,860 | 114,125 | ||||||
Empresas CMPC SA | 70,281 | 204,875 | ||||||
Empresas COPEC SA | 7,149 | 80,596 | ||||||
Enel Americas SA, ADR | 26,408 | 199,644 | ||||||
Enel Chile SA(1) | 2,360,943 | 174,488 | ||||||
Engie Energia Chile SA | 182,950 | 217,349 | ||||||
Falabella SA | 59,522 | 246,593 | ||||||
Forus SA(1) | 2,121 | 4,117 | ||||||
Grupo Security SA | 164,860 | 36,439 | ||||||
Inversiones Aguas Metropolitanas SA | 44,574 | 33,805 | ||||||
Itau CorpBanca Chile SA | 20,102,307 | 70,813 | ||||||
Latam Airlines Group SA, ADR(1) | 8,447 | 16,641 | ||||||
Parque Arauco SA | 16,092 | 29,655 | ||||||
Ripley Corp. SA | 56,617 | 18,223 | ||||||
Salfacorp SA | 15,871 | 11,839 | ||||||
SMU SA | 11,262 | 1,665 | ||||||
Sociedad Quimica y Minera de Chile SA, ADR | 4,082 | 218,795 | ||||||
Vina Concha y Toro SA | 49,124 | 79,737 | ||||||
3,711,253 | ||||||||
China — 36.3% | ||||||||
111, Inc., ADR(1) | 1,700 | 33,218 | ||||||
21Vianet Group, Inc., ADR(1) | 4,297 | 156,583 | ||||||
360 DigiTech, Inc., ADR(1) | 19,879 | 465,765 | ||||||
361 Degrees International Ltd. | 40,000 | 9,178 | ||||||
3SBio, Inc.(1) | 165,000 | 164,200 | ||||||
51job, Inc., ADR(1) | 5,061 | 332,002 | ||||||
A-Living Smart City Services Co. Ltd. | 42,000 | 175,891 |
13
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
AAC Technologies Holdings, Inc. | 79,000 | $ | 424,846 | |||||
Agile Group Holdings Ltd. | 298,000 | 420,561 | ||||||
Agricultural Bank of China Ltd., H Shares | 2,005,000 | 728,712 | ||||||
Air China Ltd., H Shares | 54,000 | 44,532 | ||||||
Ajisen China Holdings Ltd. | 30,000 | 5,180 | ||||||
Alibaba Group Holding Ltd., ADR(1) | 53,523 | 12,725,628 | ||||||
Alibaba Health Information Technology Ltd.(1) | 80,000 | 267,663 | ||||||
Alibaba Pictures Group Ltd.(1) | 670,000 | 93,205 | ||||||
Aluminum Corp. of China Ltd., H Shares(1) | 96,000 | 48,486 | ||||||
Angang Steel Co. Ltd., H Shares(2) | 32,000 | 14,926 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 67,000 | 430,939 | ||||||
Anhui Expressway Co. Ltd., H Shares | 104,000 | 68,179 | ||||||
ANTA Sports Products Ltd. | 88,000 | 1,348,963 | ||||||
Ascentage Pharma Group International(1) | 5,900 | 25,974 | ||||||
Ascletis Pharma, Inc.(1) | 13,000 | 5,070 | ||||||
Asia Cement China Holdings Corp. | 61,000 | 57,401 | ||||||
Ausnutria Dairy Corp. Ltd.(1) | 90,000 | 136,643 | ||||||
Autohome, Inc., ADR | 9,905 | 1,129,566 | ||||||
BAIC Motor Corp. Ltd., H Shares | 266,000 | 95,289 | ||||||
Baidu, Inc., ADR(1) | 29,502 | 8,362,637 | ||||||
BAIOO Family Interactive Ltd. | 320,000 | 81,258 | ||||||
Bank of China Ltd., H Shares | 6,877,000 | 2,410,703 | ||||||
Bank of Chongqing Co. Ltd., H Shares | 79,000 | 51,487 | ||||||
Bank of Communications Co. Ltd., H Shares | 886,000 | 499,920 | ||||||
BBMG Corp., H Shares(2) | 181,000 | 37,562 | ||||||
BeiGene Ltd., ADR(1) | 2,404 | 769,280 | ||||||
Beijing Capital International Airport Co. Ltd., H Shares | 384,000 | 299,430 | ||||||
Beijing Capital Land Ltd., H Shares | 135,000 | 22,436 | ||||||
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares(2) | 11,500 | 28,634 | ||||||
Beijing Energy International Holding Co. Ltd.(1)(2) | 70,000 | 2,434 | ||||||
Beijing Enterprises Clean Energy Group Ltd.(1) | 740,000 | 9,996 | ||||||
Beijing Enterprises Holdings Ltd. | 57,500 | 198,994 | ||||||
Beijing Enterprises Urban Resources Group Ltd.(1) | 580,000 | 94,919 | ||||||
Beijing Enterprises Water Group Ltd.(1) | 400,000 | 158,165 | ||||||
Beijing Gas Blue Sky Holdings Ltd.(1) | 88,000 | 1,316 | ||||||
Beijing Jingneng Clean Energy Co. Ltd., H Shares | 250,000 | 69,291 | ||||||
Beijing North Star Co. Ltd., H Shares | 4,000 | 794 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(2) | 31,000 | 41,816 | ||||||
Best Pacific International Holdings Ltd. | 4,000 | 910 | ||||||
Bestway Global Holding, Inc. | 8,000 | 2,226 | ||||||
Bilibili, Inc., ADR(1) | 3,609 | 454,626 | ||||||
Binjiang Service Group Co. Ltd. | 24,500 | 48,768 | ||||||
BlueCity Holdings Ltd., ADR(1)(2) | 1,961 | 22,277 | ||||||
BOC Aviation Ltd. | 42,800 | 413,683 | ||||||
Bosideng International Holdings Ltd. | 548,000 | 231,575 | ||||||
Bright Scholar Education Holdings Ltd., ADR | 617 | 4,017 | ||||||
Brilliance China Automotive Holdings Ltd. | 338,000 | 302,938 | ||||||
BYD Co. Ltd., H Shares | 66,500 | 1,684,336 | ||||||
BYD Electronic International Co. Ltd.(2) | 188,000 | 1,044,997 | ||||||
C&D International Investment Group Ltd. | 22,000 | 38,059 | ||||||
CA Cultural Technology Group Ltd.(1) | 30,000 | 12,497 |
14
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Cabbeen Fashion Ltd. | 50,000 | $ | 17,144 | |||||
Canadian Solar, Inc.(1)(2) | 14,294 | 670,817 | ||||||
Canvest Environmental Protection Group Co. Ltd. | 103,000 | 42,485 | ||||||
CAR, Inc.(1) | 250,000 | 129,204 | ||||||
Cathay Media And Education Group, Inc.(1) | 74,000 | 74,536 | ||||||
Central China New Life Ltd. | 40,000 | 36,081 | ||||||
Central China Real Estate Ltd. | 117,000 | 52,189 | ||||||
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(2) | 23,400 | 40,959 | ||||||
Chaowei Power Holdings Ltd. | 86,000 | 36,574 | ||||||
China Aircraft Leasing Group Holdings Ltd. | 5,000 | 4,731 | ||||||
China Aoyuan Group Ltd. | 31,000 | 29,347 | ||||||
China BlueChemical Ltd., H Shares | 386,000 | 93,415 | ||||||
China Bohai Bank Co. Ltd., H Shares(1) | 324,000 | 178,487 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 1,487,000 | 294,978 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 909,000 | 430,416 | ||||||
China Coal Energy Co. Ltd., H Shares | 103,000 | 42,353 | ||||||
China Communications Services Corp. Ltd., H Shares | 352,000 | 166,071 | ||||||
China Conch Venture Holdings Ltd. | 130,000 | 577,820 | ||||||
China Construction Bank Corp., H Shares | 8,401,000 | 6,745,045 | ||||||
China Datang Corp. Renewable Power Co. Ltd., H Shares | 463,000 | 98,937 | ||||||
China Dongxiang Group Co. Ltd. | 736,000 | 82,502 | ||||||
China East Education Holdings Ltd.(2) | 90,500 | 203,473 | ||||||
China Eastern Airlines Corp. Ltd., H Shares | 116,000 | 52,924 | ||||||
China Education Group Holdings Ltd. | 121,000 | 224,312 | ||||||
China Energy Development Holdings Ltd.(1) | 248,000 | 3,705 | ||||||
China Everbright Bank Co. Ltd., H Shares | 190,000 | 82,433 | ||||||
China Everbright Environment Group Ltd. | 687,000 | 393,074 | ||||||
China Everbright Greentech Ltd.(2) | 79,000 | 34,010 | ||||||
China Everbright Ltd. | 106,000 | 136,746 | ||||||
China Everbright Water Ltd. | 28,300 | 4,768 | ||||||
China Evergrande Group(2) | 87,000 | 177,836 | ||||||
China Feihe Ltd. | 258,000 | 705,686 | ||||||
China Foods Ltd. | 168,000 | 69,961 | ||||||
China Galaxy Securities Co. Ltd., H Shares | 603,500 | 372,529 | ||||||
China Gas Holdings Ltd. | 56,200 | 226,179 | ||||||
China Glass Holdings Ltd.(1) | 240,000 | 26,233 | ||||||
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A(2) | 136,000 | 108,688 | ||||||
China Harmony Auto Holding Ltd. | 157,000 | 67,105 | ||||||
China High Speed Transmission Equipment Group Co. Ltd. | 53,000 | 51,487 | ||||||
China Hongqiao Group Ltd. | 258,000 | 319,803 | ||||||
China Huarong Asset Management Co. Ltd., H Shares | 1,513,000 | 179,327 | ||||||
China Index Holdings Ltd., ADR(1) | 1,125 | 2,419 | ||||||
China International Capital Corp. Ltd., H Shares(1)(2) | 285,600 | 658,719 | ||||||
China Kepei Education Group Ltd. | 64,000 | 44,079 | ||||||
China Lesso Group Holdings Ltd. | 177,000 | 326,780 | ||||||
China Life Insurance Co. Ltd., ADR(2) | 107,108 | 1,128,918 | ||||||
China Lilang Ltd. | 96,000 | 68,551 | ||||||
China Literature Ltd.(1)(2) | 56,400 | 525,061 | ||||||
China Logistics Property Holdings Co. Ltd.(1) | 99,000 | 57,568 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 631,000 | 943,415 |
15
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
China Maple Leaf Educational Systems Ltd.(1)(2) | 430,000 | $ | 120,642 | |||||
China Medical System Holdings Ltd. | 307,000 | 479,590 | ||||||
China Meidong Auto Holdings Ltd. | 96,000 | 367,472 | ||||||
China Mengniu Dairy Co. Ltd.(1) | 152,000 | 834,448 | ||||||
China Merchants Bank Co. Ltd., H Shares | 337,000 | 2,585,565 | ||||||
China Merchants Land Ltd. | 148,000 | 22,133 | ||||||
China Merchants Port Holdings Co. Ltd. | 283,545 | 413,978 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 477,000 | 284,692 | ||||||
China Modern Dairy Holdings Ltd.(1) | 782,000 | 272,873 | ||||||
China Molybdenum Co. Ltd., H Shares | 240,000 | 185,475 | ||||||
China National Building Material Co. Ltd., H Shares | 792,000 | 1,198,591 | ||||||
China New Higher Education Group Ltd. | 188,000 | 112,095 | ||||||
China Oil & Gas Group Ltd.(1) | 280,000 | 15,521 | ||||||
China Oriental Group Co. Ltd. | 134,000 | 42,149 | ||||||
China Pacific Insurance Group Co. Ltd., H Shares | 306,200 | 1,404,713 | ||||||
China Petroleum & Chemical Corp., ADR(2) | 16,627 | 914,818 | ||||||
China Pioneer Pharma Holdings Ltd. | 123,000 | 15,698 | ||||||
China Power International Development Ltd. | 1,426,000 | 305,038 | ||||||
China Railway Group Ltd., H Shares | 381,000 | 201,340 | ||||||
China Railway Signal & Communication Corp. Ltd., H Shares | 141,000 | 58,345 | ||||||
China Reinsurance Group Corp., H Shares | 302,000 | 33,474 | ||||||
China Renaissance Holdings Ltd.(1) | 32,500 | 110,169 | ||||||
China Resources Beer Holdings Co. Ltd. | 114,000 | 863,597 | ||||||
China Resources Cement Holdings Ltd. | 486,000 | 578,950 | ||||||
China Resources Gas Group Ltd. | 110,000 | 549,387 | ||||||
China Resources Land Ltd. | 350,000 | 1,659,880 | ||||||
China Resources Medical Holdings Co. Ltd. | 106,000 | 91,019 | ||||||
China Resources Pharmaceutical Group Ltd. | 224,500 | 143,671 | ||||||
China Resources Power Holdings Co. Ltd. | 310,000 | 360,621 | ||||||
China Sanjiang Fine Chemicals Co. Ltd. | 30,000 | 13,286 | ||||||
China SCE Group Holdings Ltd. | 265,000 | 109,632 | ||||||
China Shengmu Organic Milk Ltd.(1) | 326,000 | 30,244 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 441,000 | 837,028 | ||||||
China Shineway Pharmaceutical Group Ltd. | 38,000 | 27,670 | ||||||
China South City Holdings Ltd. | 470,000 | 55,724 | ||||||
China Southern Airlines Co. Ltd., H Shares(1) | 148,000 | 101,081 | ||||||
China Sunshine Paper Holdings Co. Ltd.(1) | 137,000 | 35,781 | ||||||
China Suntien Green Energy Corp. Ltd., H Shares | 439,000 | 136,749 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 365,800 | 787,287 | ||||||
China Tian Lun Gas Holdings Ltd. | 47,000 | 43,498 | ||||||
China Tobacco International HK Co. Ltd.(2) | 24,000 | 55,556 | ||||||
China Tower Corp. Ltd., H Shares | 3,148,000 | 472,895 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 642,000 | 384,564 | ||||||
China Travel International Investment Hong Kong Ltd.(1) | 278,000 | 48,366 | ||||||
China Vanke Co. Ltd., H Shares | 224,800 | 953,323 | ||||||
China Vast Industrial Urban Development Co. Ltd. | 5,000 | 1,991 | ||||||
China Water Affairs Group Ltd. | 106,000 | 83,489 | ||||||
China Wood Optimization Holding Ltd.(1) | 8,000 | 1,236 | ||||||
China Xinhua Education Group Ltd. | 56,000 | 16,208 | ||||||
China XLX Fertiliser Ltd. | 30,000 | 15,475 | ||||||
China Yongda Automobiles Services Holdings Ltd. | 191,500 | 280,378 |
16
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
China Yuchai International Ltd. | 4,954 | $ | 77,976 | |||||
China Yuhua Education Corp. Ltd. | 194,000 | 160,413 | ||||||
China ZhengTong Auto Services Holdings Ltd.(1) | 31,500 | 3,359 | ||||||
China Zhongwang Holdings Ltd.(1) | 49,600 | 14,565 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 609,000 | 268,214 | ||||||
CIFI Holdings Group Co. Ltd. | 235,631 | 222,945 | ||||||
CIMC Enric Holdings Ltd. | 72,000 | 45,464 | ||||||
CIMC Vehicles Group Co. Ltd., Class H | 20,000 | 17,918 | ||||||
CITIC Ltd. | 340,000 | 287,600 | ||||||
CITIC Resources Holdings Ltd.(1) | 118,000 | 6,084 | ||||||
CITIC Securities Co. Ltd., H Shares | 232,000 | 499,286 | ||||||
COFCO Joycome Foods Ltd.(2) | 146,000 | 97,241 | ||||||
Colour Life Services Group Co. Ltd.(1)(2) | 43,000 | 21,060 | ||||||
Concord New Energy Group Ltd. | 900,000 | 64,886 | ||||||
Consun Pharmaceutical Group Ltd. | 68,000 | 28,716 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 136,000 | 58,197 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(1) | 312,000 | 345,989 | ||||||
COSCO SHIPPING International Hong Kong Co. Ltd. | 86,000 | 27,050 | ||||||
COSCO SHIPPING Ports Ltd. | 300,621 | 218,530 | ||||||
Country Garden Holdings Co. Ltd. | 535,966 | 668,179 | ||||||
Country Garden Services Holdings Co. Ltd. | 180,000 | 1,478,578 | ||||||
CPMC Holdings Ltd. | 97,000 | 50,222 | ||||||
CSPC Pharmaceutical Group Ltd. | 1,649,760 | 1,730,117 | ||||||
CStone Pharmaceuticals(1)(2) | 13,000 | 16,838 | ||||||
DaFa Properties Group Ltd. | 31,000 | 27,451 | ||||||
Dali Foods Group Co. Ltd. | 430,500 | 261,961 | ||||||
Daqo New Energy Corp., ADR(1) | 15,626 | 1,629,011 | ||||||
Datang International Power Generation Co. Ltd., H Shares(2) | 184,000 | 26,803 | ||||||
Dawnrays Pharmaceutical Holdings Ltd. | 55,000 | 9,287 | ||||||
Dexin China Holdings Co. Ltd.(1) | 50,000 | 19,092 | ||||||
Differ Group Holding Co. Ltd.(1)(2) | 546,000 | 56,323 | ||||||
Digital China Holdings Ltd.(2) | 42,000 | 30,940 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 566,000 | 526,501 | ||||||
Dongyue Group Ltd. | 396,000 | 313,056 | ||||||
DouYu International Holdings Ltd., ADR(1) | 1,841 | 26,400 | ||||||
Duiba Group Ltd.(1) | 119,600 | 41,557 | ||||||
Dynagreen Environmental Protection Group Co. Ltd., H Shares | 40,000 | 17,160 | ||||||
E-House China Enterprise Holdings Ltd. | 40,800 | 35,339 | ||||||
Edvantage Group Holdings Ltd. | 62,000 | 66,914 | ||||||
ENN Energy Holdings Ltd. | 39,800 | 609,370 | ||||||
Essex Bio-technology Ltd. | 25,000 | 14,554 | ||||||
Ever Sunshine Lifestyle Services Group Ltd. | 122,000 | 299,906 | ||||||
Fanhua, Inc., ADR(2) | 5,056 | 66,436 | ||||||
Fantasia Holdings Group Co. Ltd.(1) | 192,000 | 30,184 | ||||||
FIH Mobile Ltd.(1)(2) | 530,000 | 80,223 | ||||||
FinVolution Group, ADR | 37,483 | 210,654 | ||||||
First Tractor Co. Ltd., H Shares(1) | 74,000 | 37,624 | ||||||
Fosun International Ltd. | 390,000 | 585,147 | ||||||
Fountain SET Holdings Ltd. | 38,000 | 4,652 | ||||||
Fu Shou Yuan International Group Ltd. | 145,000 | 145,607 | ||||||
Fufeng Group Ltd.(1) | 342,000 | 151,192 |
17
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Fuyao Glass Industry Group Co. Ltd., H Shares | 48,000 | $ | 294,047 | |||||
GCL-Poly Energy Holdings Ltd.(1)(2) | 2,464,000 | 912,880 | ||||||
GDS Holdings Ltd., ADR(1) | 8,712 | 890,018 | ||||||
Geely Automobile Holdings Ltd. | 861,000 | 2,786,969 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 1,016,000 | 157,144 | ||||||
Genertec Universal Medical Group Co. Ltd. | 228,000 | 192,701 | ||||||
GF Securities Co. Ltd., H Shares | 153,600 | 217,738 | ||||||
Global Bio-Chem Technology Group Co. Ltd.(1) | 40,000 | 1,389 | ||||||
Global Cord Blood Corp.(1) | 4,088 | 17,006 | ||||||
Glorious Property Holdings Ltd.(1) | 187,000 | 6,028 | ||||||
Glory Sun Financial Group Ltd.(1) | 324,000 | 13,611 | ||||||
Grand Baoxin Auto Group Ltd.(1) | 30,500 | 3,568 | ||||||
Great Wall Motor Co. Ltd., H Shares | 388,000 | 1,124,440 | ||||||
Greatview Aseptic Packaging Co. Ltd. | 139,000 | 70,925 | ||||||
Greenland Hong Kong Holdings Ltd. | 137,000 | 43,942 | ||||||
Greentown China Holdings Ltd. | 18,500 | 27,530 | ||||||
GSX Techedu, Inc., ADR(1)(2) | 6,471 | 665,542 | ||||||
Guangdong Investment Ltd. | 268,000 | 479,130 | ||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 136,000 | 126,012 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares | 430,800 | 574,966 | ||||||
Guorui Properties Ltd. | 65,000 | 6,020 | ||||||
Guotai Junan Securities Co. Ltd., H Shares | 69,200 | 96,135 | ||||||
Haichang Ocean Park Holdings Ltd.(1) | 61,000 | 5,187 | ||||||
Haidilao International Holding Ltd. | 59,000 | 483,877 | ||||||
Haier Smart Home Co. Ltd., H Shares(1)(2) | 222,200 | 845,090 | ||||||
Hainan Meilan International Airport Co. Ltd., H Shares(1) | 37,000 | 158,797 | ||||||
Haitian International Holdings Ltd. | 148,000 | 507,642 | ||||||
Haitong Securities Co. Ltd., H Shares | 185,200 | 169,092 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., H Shares(1) | 6,900 | 134,978 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(1) | 84,000 | 426,411 | ||||||
Harbin Electric Co. Ltd., H Shares(1) | 94,000 | 26,516 | ||||||
HC Group, Inc.(1) | 7,500 | 1,217 | ||||||
Hebei Construction Group Corp. Ltd., H Shares | 68,000 | 28,228 | ||||||
Hengan International Group Co. Ltd. | 107,000 | 739,801 | ||||||
HengTen Networks Group Ltd.(1)(2) | 42,800 | 71,549 | ||||||
Hi Sun Technology China Ltd.(1) | 168,000 | 35,027 | ||||||
Hisense Home Appliances Group Co. Ltd., H Shares | 76,000 | 116,342 | ||||||
Hollysys Automation Technologies Ltd. | 15,500 | 233,430 | ||||||
Homeland Interactive Technology Ltd. | 102,000 | 74,945 | ||||||
Honghua Group Ltd.(1) | 155,000 | 6,218 | ||||||
Honworld Group Ltd. | 7,500 | 2,620 | ||||||
Hopson Development Holdings Ltd. | 88,000 | 287,962 | ||||||
Hua Hong Semiconductor Ltd.(1) | 42,000 | 259,304 | ||||||
Huabao International Holdings Ltd.(2) | 170,000 | 185,357 | ||||||
Huadian Power International Corp. Ltd., H Shares | 132,000 | 36,222 | ||||||
Huaneng Power International, Inc., H Shares | 418,000 | 142,991 | ||||||
Huatai Securities Co. Ltd., H Shares | 190,400 | 283,041 | ||||||
Huaxi Holdings Co. Ltd. | 14,000 | 4,060 | ||||||
Huazhong In-Vehicle Holdings Co. Ltd. | 14,000 | 2,655 | ||||||
Huazhu Group Ltd., ADR(1) | 15,979 | 929,019 | ||||||
Huijing Holdings Co. Ltd.(2) | 198,000 | 49,248 |
18
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Hutchison China MediTech Ltd., ADR(1) | 2,006 | $ | 57,652 | |||||
iDreamSky Technology Holdings Ltd.(1) | 73,600 | 37,925 | ||||||
IMAX China Holding, Inc. | 20,100 | 39,476 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 4,487,000 | 2,925,712 | ||||||
Inke Ltd.(1) | 296,000 | 91,540 | ||||||
Innovent Biologics, Inc.(1) | 20,000 | 205,614 | ||||||
International Alliance Financial Leasing Co. Ltd.(1) | 30,000 | 3,709 | ||||||
iQIYI, Inc., ADR(1) | 3,812 | 96,558 | ||||||
IVD Medical Holding Ltd. | 14,000 | 4,400 | ||||||
JD Health International, Inc.(1) | 5,150 | 93,925 | ||||||
JD.com, Inc., ADR(1) | 53,012 | 4,976,236 | ||||||
JH Educational Technology, Inc.(1) | 102,000 | 52,063 | ||||||
Jiangsu Expressway Co. Ltd., H Shares | 162,000 | 188,110 | ||||||
Jiangxi Copper Co. Ltd., H Shares | 105,000 | 254,511 | ||||||
Jiayuan International Group Ltd. | 60,000 | 23,360 | ||||||
Jinchuan Group International Resources Co. Ltd. | 93,000 | 17,835 | ||||||
Jingrui Holdings Ltd. | 30,000 | 9,629 | ||||||
JinkoSolar Holding Co. Ltd., ADR(1)(2) | 9,586 | 492,145 | ||||||
Jinxin Fertility Group Ltd. | 80,000 | 180,588 | ||||||
JNBY Design Ltd. | 36,500 | 55,874 | ||||||
JOYY, Inc., ADR | 6,045 | 712,706 | ||||||
Kaisa Group Holdings Ltd.(1) | 364,000 | 188,368 | ||||||
Kaisa Prosperity Holdings Ltd.(1) | 9,750 | 23,357 | ||||||
Kandi Technologies Group, Inc.(1)(2) | 8,347 | 59,097 | ||||||
Kasen International Holdings Ltd.(1) | 30,000 | 5,559 | ||||||
KE Holdings, Inc., ADR(1) | 2,347 | 149,809 | ||||||
Kingboard Holdings Ltd. | 91,000 | 419,875 | ||||||
Kingboard Laminates Holdings Ltd. | 155,500 | 265,235 | ||||||
Kingdee International Software Group Co. Ltd.(1) | 214,000 | 774,878 | ||||||
Kingsoft Cloud Holdings Ltd., ADR(1) | 6,087 | 358,403 | ||||||
Kingsoft Corp. Ltd. | 109,000 | 767,618 | ||||||
Koolearn Technology Holding Ltd.(1)(2) | 6,000 | 16,765 | ||||||
Kunlun Energy Co. Ltd. | 544,000 | 499,798 | ||||||
KWG Group Holdings Ltd. | 270,000 | 409,205 | ||||||
KWG Living Group Holdings Ltd.(1) | 192,249 | 229,382 | ||||||
Lee & Man Paper Manufacturing Ltd. | 66,000 | 61,133 | ||||||
Lee's Pharmaceutical Holdings Ltd. | 47,500 | 35,440 | ||||||
Lenovo Group Ltd. | 572,000 | 722,765 | ||||||
LexinFintech Holdings Ltd., ADR(1) | 17,390 | 197,550 | ||||||
Li Ning Co. Ltd. | 413,500 | 2,340,830 | ||||||
Lifetech Scientific Corp.(1) | 990,000 | 498,338 | ||||||
Logan Group Co. Ltd. | 207,000 | 322,301 | ||||||
Longfor Group Holdings Ltd. | 211,500 | 1,251,885 | ||||||
Lonking Holdings Ltd. | 471,000 | 174,096 | ||||||
Lufax Holding Ltd., ADR(1) | 19,497 | 292,845 | ||||||
Luye Pharma Group Ltd. | 402,000 | 272,741 | ||||||
LVGEM China Real Estate Investment Co. Ltd. | 84,000 | 25,447 | ||||||
Maanshan Iron & Steel Co. Ltd., H Shares(2) | 60,000 | 18,945 | ||||||
Maoyan Entertainment(1) | 17,400 | 33,159 | ||||||
Maoye International Holdings Ltd. | 77,000 | 3,884 | ||||||
Meitu, Inc.(1)(2) | 273,000 | 104,060 |
19
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Meituan, Class B(1) | 91,700 | $ | 4,046,104 | |||||
Metallurgical Corp. of China Ltd., H Shares | 198,000 | 58,401 | ||||||
Midea Real Estate Holding Ltd. | 33,800 | 75,932 | ||||||
Minsheng Education Group Co. Ltd. | 118,000 | 22,753 | ||||||
MMG Ltd.(1)(2) | 260,000 | 164,555 | ||||||
Momo, Inc., ADR | 19,134 | 303,083 | ||||||
Mulsanne Group Holding Ltd.(1)(2) | 32,500 | 25,223 | ||||||
Nam Tai Property, Inc.(1)(2) | 3,469 | 31,499 | ||||||
NetDragon Websoft Holdings Ltd. | 43,000 | 104,142 | ||||||
NetEase, Inc., ADR | 38,122 | 4,187,702 | ||||||
New China Life Insurance Co. Ltd., H Shares | 117,700 | 448,566 | ||||||
New Oriental Education & Technology Group, Inc., ADR(1) | 13,124 | 2,331,085 | ||||||
Nexteer Automotive Group Ltd. | 200,000 | 263,960 | ||||||
Nine Dragons Paper Holdings Ltd. | 225,000 | 362,481 | ||||||
NIO, Inc., ADR(1) | 36,961 | 1,692,075 | ||||||
NiSun International Enterprise Development Group Co. Ltd.(1)(2) | 1,594 | 26,253 | ||||||
Niu Technologies, ADR(1)(2) | 6,174 | 230,784 | ||||||
Noah Holdings Ltd., ADR(1) | 7,253 | 324,209 | ||||||
OneSmart International Education Group Ltd., ADR(1) | 513 | 1,816 | ||||||
Pacific Online Ltd. | 37,000 | 6,581 | ||||||
PAX Global Technology Ltd. | 490,000 | 449,616 | ||||||
People's Insurance Co. Group of China Ltd. (The), H Shares | 805,000 | 251,053 | ||||||
Perennial Energy Holdings Ltd. | 90,000 | 177,738 | ||||||
PetroChina Co. Ltd., ADR(2) | 16,755 | 599,159 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 598,000 | 452,406 | ||||||
Pinduoduo, Inc., ADR(1) | 7,289 | 1,247,585 | ||||||
Ping An Healthcare and Technology Co. Ltd.(1)(2) | 36,300 | 524,294 | ||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 500,782 | 6,149,763 | ||||||
Poly Property Group Co. Ltd. | 209,000 | 64,117 | ||||||
Poly Property Services Co. Ltd. | 8,200 | 53,899 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares | 1,132,000 | 844,126 | ||||||
Pou Sheng International Holdings Ltd.(1) | 171,000 | 37,000 | ||||||
Powerlong Commercial Management Holdings Ltd. | 44,000 | 140,954 | ||||||
Powerlong Real Estate Holdings Ltd. | 192,000 | 145,746 | ||||||
Prinx Chengshan Cayman Holding Ltd. | 12,500 | 13,149 | ||||||
PW Medtech Group Ltd. | 29,000 | 2,429 | ||||||
Q Technology Group Co. Ltd. | 67,000 | 127,024 | ||||||
Qeeka Home Cayman, Inc. | 6,000 | 1,663 | ||||||
Qingling Motors Co. Ltd., H Shares | 32,000 | 6,955 | ||||||
Qudian, Inc., ADR(1)(2) | 18,403 | 39,382 | ||||||
Redco Properties Group Ltd.(2) | 44,000 | 16,255 | ||||||
Redsun Properties Group Ltd. | 312,000 | 110,594 | ||||||
RISE Education Cayman Ltd., ADR(1)(2) | 522 | 3,101 | ||||||
Road King Infrastructure Ltd. | 27,000 | 36,684 | ||||||
Ronshine China Holdings Ltd.(1) | 82,000 | 61,491 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 295,000 | 331,245 | ||||||
Scholar Education Group(2) | 17,000 | 24,032 | ||||||
Seazen Group Ltd.(1) | 420,000 | 509,245 | ||||||
Shandong Gold Mining Co. Ltd., H Shares | 53,750 | 108,415 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 304,000 | 523,010 | ||||||
Shanghai Electric Group Co. Ltd., H Shares(1) | 208,000 | 79,282 |
20
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares(2) | 17,500 | $ | 82,531 | |||||
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares(1) | 30,000 | 43,729 | ||||||
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd., H Shares | 40,000 | 24,205 | ||||||
Shanghai Industrial Holdings Ltd. | 113,000 | 163,144 | ||||||
Shanghai Industrial Urban Development Group Ltd. | 403,600 | 40,553 | ||||||
Shanghai Jin Jiang Capital Co. Ltd., H Shares | 10,000 | 2,032 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 109,700 | 201,038 | ||||||
Sheng Ye Capital Ltd.(2) | 22,000 | 17,650 | ||||||
Shenzhen Expressway Co. Ltd., H Shares | 52,000 | 50,342 | ||||||
Shenzhen International Holdings Ltd. | 126,000 | 209,217 | ||||||
Shenzhen Investment Ltd. | 634,000 | 227,809 | ||||||
Shenzhou International Group Holdings Ltd. | 104,800 | 2,196,976 | ||||||
Shimao Group Holdings Ltd. | 107,500 | 355,275 | ||||||
Shoucheng Holdings Ltd.(2) | 232,800 | 59,144 | ||||||
Shougang Fushan Resources Group Ltd. | 445,249 | 112,439 | ||||||
Shui On Land Ltd. | 631,000 | 96,764 | ||||||
Sichuan Languang Justbon Services Group Co. Ltd., H Shares(2) | 17,900 | 107,022 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd.(2) | 499,000 | 155,078 | ||||||
Silver Grant International Holdings Group Ltd.(1) | 40,000 | 3,492 | ||||||
Sina Corp.(1) | 11,648 | 502,844 | ||||||
Sino Biopharmaceutical Ltd. | 305,500 | 339,839 | ||||||
Sino-Ocean Group Holding Ltd. | 383,000 | 84,409 | ||||||
Sinolink Worldwide Holdings Ltd.(1) | 270,000 | 16,335 | ||||||
Sinopec Engineering Group Co. Ltd., H Shares | 120,500 | 64,298 | ||||||
Sinopec Kantons Holdings Ltd. | 142,000 | 54,992 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., ADR | 2,979 | 71,675 | ||||||
Sinopharm Group Co. Ltd., H Shares | 148,000 | 346,410 | ||||||
Sinotrans Ltd., H Shares | 138,000 | 49,748 | ||||||
Sinotruk Hong Kong Ltd. | 109,000 | 347,573 | ||||||
Skyfame Realty Holdings Ltd. | 158,000 | 19,534 | ||||||
Skyworth Group Ltd.(1) | 74,924 | 23,624 | ||||||
So-Young International, Inc., ADR(1)(2) | 2,142 | 32,173 | ||||||
Sogou, Inc., ADR(1)(2) | 5,784 | 47,776 | ||||||
SOHO China Ltd.(1) | 243,500 | 80,037 | ||||||
Sohu.com Ltd., ADR(1) | 3,863 | 70,538 | ||||||
SSY Group Ltd. | 520,000 | 279,191 | ||||||
Sun King Technology Group Ltd. | 166,000 | 64,517 | ||||||
Sunac China Holdings Ltd. | 121,000 | 517,028 | ||||||
Sunac Services Holdings Ltd.(1) | 3,120 | 10,017 | ||||||
Sunny Optical Technology Group Co. Ltd. | 96,200 | 2,398,803 | ||||||
Sunpower Group Ltd. | 44,900 | 26,841 | ||||||
TAL Education Group, ADR(1) | 28,689 | 2,224,545 | ||||||
TCL Electronics Holdings Ltd.(1) | 162,000 | 132,565 | ||||||
Tencent Holdings Ltd. | 239,200 | 20,398,192 | ||||||
Tencent Music Entertainment Group, ADR(1) | 16,636 | 427,878 | ||||||
Tian Ge Interactive Holdings Ltd.(1) | 9,000 | 1,238 | ||||||
Tiangong International Co. Ltd. | 226,000 | 126,704 | ||||||
Tianjin Development Holdings Ltd. | 6,000 | 1,250 | ||||||
Tianjin Port Development Holdings Ltd. | 60,000 | 5,087 | ||||||
Tianli Education International Holdings Ltd.(1) | 240,000 | 272,784 | ||||||
Tianneng Power International Ltd.(2) | 276,000 | 532,753 |
21
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Tibet Water Resources Ltd.(1) | 19,000 | $ | 2,499 | |||||
Times China Holdings Ltd. | 75,000 | 113,018 | ||||||
Times Neighborhood Holdings Ltd. | 95,538 | 82,624 | ||||||
Tingyi Cayman Islands Holding Corp. | 408,000 | 819,194 | ||||||
Tong Ren Tang Technologies Co. Ltd., H Shares | 93,000 | 63,321 | ||||||
Tongcheng-Elong Holdings Ltd.(1) | 27,600 | 64,805 | ||||||
Tongda Group Holdings Ltd. | 630,000 | 47,959 | ||||||
Tongdao Liepin Group(1) | 7,000 | 17,073 | ||||||
Towngas China Co. Ltd.(1) | 115,000 | 51,129 | ||||||
TravelSky Technology Ltd., H Shares | 95,000 | 240,795 | ||||||
Trigiant Group Ltd.(1) | 28,000 | 2,995 | ||||||
Trip.com Group Ltd., ADR(1) | 37,358 | 1,473,773 | ||||||
Tsaker Chemical Group Ltd. | 15,000 | 2,841 | ||||||
Tsingtao Brewery Co. Ltd., H Shares | 50,000 | 412,950 | ||||||
Uni-President China Holdings Ltd. | 295,000 | 354,397 | ||||||
United Strength Power Holdings Ltd. | 21,000 | 19,202 | ||||||
V1 Group Ltd.(1) | 584,000 | 42,000 | ||||||
Vinda International Holdings Ltd.(2) | 106,000 | 316,309 | ||||||
Viomi Technology Co. Ltd., ADR(1)(2) | 2,786 | 28,919 | ||||||
Vipshop Holdings Ltd., ADR(1) | 87,862 | 3,279,010 | ||||||
Want Want China Holdings Ltd. | 1,123,000 | 810,478 | ||||||
Wasion Holdings Ltd. | 22,000 | 7,230 | ||||||
Weibo Corp., ADR(1)(2) | 8,452 | 466,297 | ||||||
Weichai Power Co. Ltd., H Shares | 282,000 | 831,106 | ||||||
West China Cement Ltd. | 324,000 | 53,456 | ||||||
Wharf Holdings Ltd. (The) | 358,000 | 846,930 | ||||||
Wisdom Education International Holdings Co. Ltd. | 124,000 | 59,915 | ||||||
Wison Engineering Services Co. Ltd. | 19,000 | 1,215 | ||||||
Wuling Motors Holdings Ltd.(2) | 240,000 | 60,264 | ||||||
WuXi AppTec Co. Ltd., H Shares | 14,420 | 300,200 | ||||||
Wuxi Biologics Cayman, Inc.(1) | 100,500 | 1,241,522 | ||||||
X Financial, ADR(1) | 464 | 1,601 | ||||||
XD, Inc.(1)(2) | 97,400 | 865,695 | ||||||
Xiabuxiabu Catering Management China Holdings Co. Ltd.(1) | 93,500 | 235,701 | ||||||
Xin Point Holdings Ltd. | 6,000 | 4,152 | ||||||
Xingda International Holdings Ltd. | 154,482 | 43,000 | ||||||
Xinhua Winshare Publishing and Media Co. Ltd., H Shares | 40,000 | 25,989 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares(2) | 332,600 | 711,084 | ||||||
Xinyi Energy Holdings Ltd. | 432,000 | 247,786 | ||||||
Xinyi Solar Holdings Ltd. | 810,976 | 1,731,384 | ||||||
Xinyuan Real Estate Co. Ltd., ADR(2) | 4,488 | 12,477 | ||||||
XPeng, Inc., ADR(1)(2) | 4,048 | 138,077 | ||||||
XTEP International Holdings Ltd. | 403,500 | 193,055 | ||||||
Yadea Group Holdings Ltd. | 380,000 | 826,772 | ||||||
Yanzhou Coal Mining Co. Ltd., H Shares | 278,000 | 257,655 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(2) | 71,000 | 82,851 | ||||||
Yihai International Holding Ltd.(1) | 31,000 | 424,013 | ||||||
YuanShengTai Dairy Farm Ltd.(1) | 252,000 | 25,991 | ||||||
Yuexiu Property Co. Ltd. | 1,310,000 | 290,168 | ||||||
Yuexiu Transport Infrastructure Ltd. | 260,000 | 186,882 | ||||||
Yum China Holdings, Inc. | 55,628 | 3,328,780 |
22
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Yuzhou Group Holdings Co. Ltd. | 229,661 | $ | 88,461 | |||||
Zepp Health Corp., ADR(1) | 3,740 | 61,822 | ||||||
Zhaojin Mining Industry Co. Ltd., H Shares | 445,500 | 450,570 | ||||||
Zhejiang Expressway Co. Ltd., H Shares | 304,000 | 265,304 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares | 73,200 | 130,425 | ||||||
Zhenro Properties Group Ltd. | 34,000 | 22,391 | ||||||
Zhong An Group Ltd. | 415,000 | 20,572 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1)(2) | 3,000 | 20,116 | ||||||
Zhongliang Holdings Group Co. Ltd.(2) | 188,000 | 125,722 | ||||||
Zhongsheng Group Holdings Ltd. | 70,500 | 435,551 | ||||||
Zhou Hei Ya International Holdings Co. Ltd.(1)(2) | 126,000 | 144,505 | ||||||
Zhuguang Holdings Group Co. Ltd.(1)(2) | 178,000 | 39,672 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 610,000 | 902,584 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 130,000 | 197,721 | ||||||
ZTO Express Cayman, Inc., ADR | 41,333 | 1,394,575 | ||||||
207,902,324 | ||||||||
Colombia — 0.2% | ||||||||
Banco Davivienda SA, Preference Shares | 12,251 | 105,781 | ||||||
Bancolombia SA | 6,749 | 58,108 | ||||||
Bancolombia SA, ADR | 5,417 | 181,199 | ||||||
Cementos Argos SA | 18,987 | 30,040 | ||||||
Corp. Financiera Colombiana SA(1) | 20,045 | 178,849 | ||||||
Ecopetrol SA, ADR(2) | 19,112 | 234,122 | ||||||
Empresa de Telecomunicaciones de Bogota(1) | 18,600 | 1,153 | ||||||
Grupo Argos SA | 35,212 | 128,412 | ||||||
Grupo Aval Acciones y Valores SA, Preference Shares | 27,076 | 8,820 | ||||||
Interconexion Electrica SA ESP | 29,765 | 194,244 | ||||||
1,120,728 | ||||||||
Czech Republic — 0.1% | ||||||||
CEZ AS | 11,683 | 285,245 | ||||||
Komercni banka AS(1) | 6,888 | 215,417 | ||||||
Moneta Money Bank AS(1) | 70,911 | 259,059 | ||||||
759,721 | ||||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt S.A.E., GDR | 106,024 | 415,566 | ||||||
Greece — 0.2% | ||||||||
Alpha Bank AE(1) | 218,726 | 215,912 | ||||||
Athens Water Supply & Sewage Co. SA | 846 | 6,735 | ||||||
Ellaktor SA(1) | 31,087 | 51,950 | ||||||
Eurobank Ergasias Services and Holdings SA(1) | 112,507 | 78,389 | ||||||
Fourlis Holdings SA(1) | 2,838 | 13,850 | ||||||
GEK Terna Holding Real Estate Construction SA(1) | 10,321 | 105,601 | ||||||
Hellenic Exchanges - Athens Stock Exchange SA | 8,827 | 39,126 | ||||||
Hellenic Petroleum SA | 4,037 | 27,055 | ||||||
Hellenic Telecommunications Organization SA | 10,478 | 160,777 | ||||||
Holding Co. ADMIE IPTO SA | 6,638 | 18,941 | ||||||
JUMBO SA | 3,326 | 54,487 | ||||||
Motor Oil Hellas Corinth Refineries SA | 8,138 | 111,430 | ||||||
Mytilineos SA | 5,891 | 90,482 | ||||||
National Bank of Greece SA(1) | 57,600 | 145,009 | ||||||
Piraeus Financial Holdings SA(1) | 73,291 | 67,445 |
23
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Public Power Corp. SA(1) | 8,414 | $ | 89,998 | |||||
Terna Energy SA | 4,744 | 69,230 | ||||||
Titan Cement International SA(1) | 1,929 | 32,481 | ||||||
Viohalco SA | 2,750 | 12,777 | ||||||
1,391,675 | ||||||||
Hong Kong† | ||||||||
Huifu Payment Ltd.(1) | 80,400 | 36,073 | ||||||
Hungary — 0.2% | ||||||||
Magyar Telekom Telecommunications plc | 72,123 | 97,986 | ||||||
MOL Hungarian Oil & Gas plc(1) | 54,384 | 390,520 | ||||||
OTP Bank Nyrt(1) | 10,668 | 485,312 | ||||||
Richter Gedeon Nyrt | 9,861 | 281,489 | ||||||
1,255,307 | ||||||||
India — 11.1% | ||||||||
Aarti Drugs Ltd. | 4,184 | 35,917 | ||||||
Aarti Industries Ltd. | 14,184 | 237,684 | ||||||
ACC Ltd. | 12,189 | 286,714 | ||||||
Action Construction Equipment Ltd. | 9,606 | 20,314 | ||||||
Adani Enterprises Ltd. | 21,517 | 243,486 | ||||||
Adani Green Energy Ltd.(1) | 9,980 | 157,412 | ||||||
Adani Ports & Special Economic Zone Ltd. | 44,804 | 411,083 | ||||||
Adani Power Ltd.(1) | 51,167 | 38,767 | ||||||
Adani Total Gas Ltd. | 25,719 | 179,751 | ||||||
Adani Transmission Ltd.(1) | 6,391 | 64,987 | ||||||
Aditya Birla Capital Ltd.(1) | 66,643 | 111,689 | ||||||
Aditya Birla Fashion and Retail Ltd.(1) | 907 | 2,270 | ||||||
Advanced Enzyme Technologies Ltd. | 16,916 | 81,960 | ||||||
Aegis Logistics Ltd. | 7,395 | 30,962 | ||||||
Ajanta Pharma Ltd. | 1,683 | 39,924 | ||||||
Alkyl Amines Chemicals | 1,006 | 68,981 | ||||||
Alok Industries Ltd.(1) | 45,160 | 12,150 | ||||||
Amara Raja Batteries Ltd. | 16,066 | 194,407 | ||||||
Ambuja Cements Ltd. | 67,373 | 250,079 | ||||||
APL Apollo Tubes Ltd.(1) | 11,605 | 169,131 | ||||||
Apollo Hospitals Enterprise Ltd. | 7,514 | 315,825 | ||||||
Apollo Tyres Ltd. | 69,394 | 219,502 | ||||||
Ashok Leyland Ltd. | 49,812 | 87,024 | ||||||
Ashoka Buildcon Ltd.(1) | 22,363 | 34,269 | ||||||
Asian Paints Ltd. | 6,626 | 207,053 | ||||||
Astec Lifesciences Ltd. | 1,514 | 21,817 | ||||||
Aster DM Healthcare Ltd.(1) | 18,850 | 36,682 | ||||||
Astral Poly Technik Ltd. | 4,652 | 135,319 | ||||||
AstraZeneca Pharma India Ltd. | 328 | 15,350 | ||||||
Atul Ltd. | 2,445 | 217,775 | ||||||
AU Small Finance Bank Ltd.(1) | 5,108 | 79,139 | ||||||
Aurobindo Pharma Ltd. | 30,003 | 348,417 | ||||||
Avanti Feeds Ltd. | 2,467 | 16,008 | ||||||
Avenue Supermarts Ltd.(1) | 1,034 | 42,437 | ||||||
Axis Bank Ltd., GDR(1) | 28,778 | 1,416,237 | ||||||
Bajaj Auto Ltd. | 4,287 | 221,121 | ||||||
Bajaj Consumer Care Ltd. | 21,081 | 69,347 |
24
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Bajaj Electricals Ltd.(1) | 7,107 | $ | 92,433 | |||||
Bajaj Finance Ltd. | 5,044 | 360,251 | ||||||
Bajaj Finserv Ltd. | 2,147 | 281,000 | ||||||
Balkrishna Industries Ltd. | 5,826 | 123,655 | ||||||
Balmer Lawrie & Co. Ltd. | 12,135 | 20,255 | ||||||
Balrampur Chini Mills Ltd.(1) | 37,093 | 88,970 | ||||||
Bandhan Bank Ltd.(1) | 85,101 | 398,133 | ||||||
Bata India Ltd. | 9,613 | 188,317 | ||||||
Bayer CropScience Ltd. | 784 | 54,712 | ||||||
BEML Ltd. | 1,894 | 27,737 | ||||||
Berger Paints India Ltd. | 12,928 | 119,208 | ||||||
Bhansali Engineering Polymers Ltd. | 11,499 | 22,557 | ||||||
Bharat Forge Ltd. | 39,007 | 322,728 | ||||||
Bharat Heavy Electricals Ltd.(1) | 91,696 | 59,256 | ||||||
Bharat Petroleum Corp. Ltd. | 54,714 | 334,089 | ||||||
Bharti Airtel Ltd. | 63,131 | 481,640 | ||||||
Biocon Ltd.(1) | 16,407 | 87,033 | ||||||
Birla Corp. Ltd. | 6,414 | 73,983 | ||||||
Birlasoft Ltd. | 24,915 | 76,509 | ||||||
Bliss Gvs Pharma Ltd. | 2,161 | 5,118 | ||||||
Blue Dart Express Ltd.(1) | 859 | 54,822 | ||||||
Blue Star Ltd. | 5,000 | 59,052 | ||||||
Bombay Burmah Trading Co. | 4,360 | 68,705 | ||||||
Bombay Dyeing & Manufacturing Co. Ltd. | 1,774 | 1,777 | ||||||
Borosil Renewables Ltd.(1) | 10,770 | 41,669 | ||||||
Bosch Ltd. | 489 | 98,539 | ||||||
Brigade Enterprises Ltd. | 31,685 | 124,585 | ||||||
Britannia Industries Ltd. | 4,185 | 191,254 | ||||||
BSE Ltd. | 2,857 | 22,563 | ||||||
Can Fin Homes Ltd. | 3,056 | 19,828 | ||||||
Canara Bank(1) | 28,501 | 60,259 | ||||||
Capri Global Capital Ltd. | 7,072 | 35,765 | ||||||
Carborundum Universal Ltd. | 20,677 | 142,772 | ||||||
Care Ratings Ltd. | 5,326 | 33,654 | ||||||
Castrol India Ltd. | 56,472 | 99,465 | ||||||
CCL Products India Ltd. | 7,908 | 24,720 | ||||||
Ceat Ltd. | 4,212 | 91,048 | ||||||
Central Bank of India(1) | 14,132 | 3,738 | ||||||
Central Depository Services India Ltd. | 5,186 | 43,901 | ||||||
Century Plyboards India Ltd.(1) | 16,960 | 70,503 | ||||||
Century Textiles & Industries Ltd. | 3,804 | 24,885 | ||||||
CESC Ltd. | 3,201 | 26,304 | ||||||
Chambal Fertilizers and Chemicals Ltd. | 36,400 | 121,618 | ||||||
Cholamandalam Investment and Finance Co. Ltd. | 60,784 | 427,340 | ||||||
Cipla Ltd. | 21,543 | 230,355 | ||||||
City Union Bank Ltd. | 46,646 | 104,549 | ||||||
Coal India Ltd. | 87,363 | 182,361 | ||||||
Cochin Shipyard Ltd. | 8,053 | 40,656 | ||||||
Coforge Ltd. | 1,543 | 53,153 | ||||||
Colgate-Palmolive India Ltd. | 10,828 | 232,527 | ||||||
Container Corp. of India Ltd. | 33,102 | 253,311 |
25
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Coromandel International Ltd. | 17,964 | $ | 188,092 | |||||
CreditAccess Grameen Ltd.(1) | 11,329 | 104,892 | ||||||
Crompton Greaves Consumer Electricals Ltd. | 34,183 | 178,709 | ||||||
Cummins India Ltd. | 21,381 | 230,891 | ||||||
Cyient Ltd. | 23,605 | 208,779 | ||||||
Dabur India Ltd. | 18,558 | 126,722 | ||||||
Dalmia Bharat Ltd.(1) | 11,642 | 226,776 | ||||||
DCB Bank Ltd.(1) | 31,272 | 49,349 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. | 9,679 | 24,281 | ||||||
Deepak Nitrite Ltd. | 15,366 | 285,030 | ||||||
Delta Corp. Ltd. | 13,525 | 27,118 | ||||||
Dhani Services Ltd. | 27,615 | 135,579 | ||||||
Dilip Buildcon Ltd. | 5,748 | 52,990 | ||||||
Dish TV India Ltd.(1) | 278,858 | 42,821 | ||||||
Dishman Carbogen Amcis Ltd.(1) | 9,405 | 15,024 | ||||||
Divi's Laboratories Ltd.(1) | 3,342 | 152,450 | ||||||
Dixon Technologies India Ltd. | 248 | 67,549 | ||||||
DLF Ltd. | 49,663 | 203,516 | ||||||
Dr Lal PathLabs Ltd. | 2,233 | 69,766 | ||||||
Dr Reddy's Laboratories Ltd., ADR | 14,465 | 867,466 | ||||||
DRC Systems India Pvt Ltd.(1) | 18 | — | ||||||
Edelweiss Financial Services Ltd.(1) | 60,790 | 57,700 | ||||||
Eicher Motors Ltd. | 3,571 | 121,167 | ||||||
EID Parry India Ltd.(1) | 26,234 | 114,034 | ||||||
EIH Ltd.(1) | 2,058 | 2,707 | ||||||
Emami Ltd. | 51,412 | 318,295 | ||||||
Endurance Technologies Ltd. | 7,032 | 137,927 | ||||||
Engineers India Ltd. | 60,618 | 65,834 | ||||||
Equitas Holdings Ltd. | 33,232 | 38,968 | ||||||
Eris Lifesciences Ltd. | 2,408 | 19,185 | ||||||
Escorts Ltd. | 10,851 | 193,261 | ||||||
Exide Industries Ltd. | 61,512 | 171,021 | ||||||
FDC Ltd. | 7,760 | 29,260 | ||||||
Federal Bank Ltd.(1) | 258,561 | 292,858 | ||||||
Finolex Cables Ltd. | 8,985 | 47,552 | ||||||
Force Motors Ltd. | 1,685 | 29,961 | ||||||
Fortis Healthcare Ltd.(1) | 38,403 | 82,504 | ||||||
Future Lifestyle Fashions Ltd.(1) | 1,909 | 2,036 | ||||||
Future Retail Ltd.(1) | 18,863 | 17,789 | ||||||
GAIL India Ltd. | 77,074 | 148,109 | ||||||
GHCL Ltd. | 6,968 | 20,266 | ||||||
Glenmark Pharmaceuticals Ltd. | 28,967 | 183,552 | ||||||
Globus Spirits Ltd. | 4,823 | 22,948 | ||||||
GMR Infrastructure Ltd.(1) | 9,481 | 3,355 | ||||||
Godawari Power and Ispat Ltd. | 3,112 | 24,719 | ||||||
Godrej Agrovet Ltd. | 886 | 5,840 | ||||||
Godrej Consumer Products Ltd.(1) | 9,666 | 90,919 | ||||||
Godrej Properties Ltd.(1) | 1,483 | 31,015 | ||||||
Granules India Ltd. | 26,149 | 114,686 | ||||||
Graphite India Ltd. | 11,673 | 76,196 | ||||||
Grasim Industries Ltd. | 30,107 | 490,899 |
26
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Great Eastern Shipping Co. Ltd. (The) | 18,220 | $ | 78,242 | |||||
Greaves Cotton Ltd.(1) | 5,536 | 10,288 | ||||||
Greenply Industries Ltd. | 11,765 | 27,930 | ||||||
Gujarat Fluorochemicals Ltd.(1) | 3,948 | 30,923 | ||||||
Gujarat Gas Ltd. | 10,079 | 67,997 | ||||||
Gujarat Mineral Development Corp. Ltd. | 24,576 | 20,681 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 8,745 | 34,626 | ||||||
Gujarat Pipavav Port Ltd. | 63,724 | 85,525 | ||||||
Gujarat State Fertilizers & Chemicals Ltd. | 2,735 | 3,293 | ||||||
Gujarat State Petronet Ltd. | 46,170 | 157,872 | ||||||
Havells India Ltd. | 5,168 | 77,539 | ||||||
HCL Technologies Ltd. | 72,249 | 900,757 | ||||||
HDFC Asset Management Co. Ltd. | 3,036 | 121,054 | ||||||
HDFC Life Insurance Co. Ltd.(1) | 13,977 | 133,025 | ||||||
HEG Ltd.(1) | 3,143 | 61,649 | ||||||
HeidelbergCement India Ltd. | 15,332 | 48,704 | ||||||
Hemisphere Properties India Ltd.(1) | 23,316 | 55,355 | ||||||
Hero MotoCorp Ltd. | 8,211 | 359,287 | ||||||
HFCL Ltd.(1) | 185,580 | 73,219 | ||||||
Hikal Ltd. | 9,706 | 20,962 | ||||||
Himadri Speciality Chemical Ltd. | 3,361 | 2,415 | ||||||
Hindalco Industries Ltd. | 148,855 | 686,280 | ||||||
Hindustan Copper Ltd.(1) | 17,442 | 35,455 | ||||||
Hindustan Petroleum Corp. Ltd. | 98,388 | 323,584 | ||||||
Hindustan Unilever Ltd. | 39,618 | 1,147,384 | ||||||
Housing Development Finance Corp. Ltd. | 49,051 | 1,692,694 | ||||||
ICICI Bank Ltd., ADR(1) | 62,102 | 1,031,514 | ||||||
ICICI Lombard General Insurance Co. Ltd.(1) | 5,386 | 104,263 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(1) | 8,282 | 51,940 | ||||||
ICICI Securities Ltd. | 6,739 | 37,207 | ||||||
IDFC First Bank Ltd.(1) | 166,897 | 143,550 | ||||||
IDFC Ltd.(1) | 201,354 | 149,716 | ||||||
IIFL Finance Ltd. | 36,846 | 140,674 | ||||||
IIFL Wealth Management Ltd. | 277 | 4,591 | ||||||
India Cements Ltd. (The) | 26,125 | 57,580 | ||||||
India Glycols Ltd. | 3,045 | 20,634 | ||||||
Indiabulls Housing Finance Ltd.(1) | 61,133 | 181,172 | ||||||
Indiabulls Real Estate Ltd.(1) | 34,282 | 41,512 | ||||||
IndiaMart InterMesh Ltd. | 1,252 | 147,200 | ||||||
Indian Bank(1) | 16,893 | 31,120 | ||||||
Indian Energy Exchange Ltd. | 4,579 | 18,345 | ||||||
Indian Hotels Co. Ltd. (The) | 61,944 | 103,563 | ||||||
Indian Oil Corp. Ltd. | 98,764 | 131,433 | ||||||
Indian Overseas Bank(1) | 35,971 | 8,665 | ||||||
Indo Count Industries Ltd. | 24,311 | 42,605 | ||||||
Indraprastha Gas Ltd. | 9,946 | 67,248 | ||||||
Indus Towers Ltd. | 36,456 | 127,426 | ||||||
Infibeam Avenues Ltd.(1) | 7,614 | 9,553 | ||||||
Info Edge India Ltd.(1) | 5,368 | 357,565 | ||||||
Infosys Ltd., ADR | 253,528 | 4,340,399 | ||||||
Inox Leisure Ltd.(1) | 11,908 | 49,645 |
27
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
InterGlobe Aviation Ltd.(1) | 8,303 | $ | 182,733 | |||||
IOL Chemicals and Pharmaceuticals Ltd. | 5,687 | 42,708 | ||||||
Ipca Laboratories Ltd. | 4,993 | 125,353 | ||||||
IRB Infrastructure Developers Ltd. | 42,806 | 62,608 | ||||||
IRCON International Ltd. | 5,615 | 7,239 | ||||||
Jagran Prakashan Ltd.(1) | 5,040 | 4,122 | ||||||
Jai Corp. Ltd. | 5,849 | 7,183 | ||||||
Jain Irrigation Systems Ltd.(1) | 72,937 | 18,782 | ||||||
Jaiprakash Associates Ltd.(1) | 200,701 | 22,969 | ||||||
Jammu & Kashmir Bank Ltd. (The)(1) | 48,816 | 19,135 | ||||||
Jamna Auto Industries Ltd. | 7,525 | 7,092 | ||||||
JB Chemicals & Pharmaceuticals Ltd. | 7,065 | 107,353 | ||||||
Jindal Saw Ltd. | 34,490 | 37,198 | ||||||
Jindal Stainless Hisar Ltd.(1) | 15,931 | 26,850 | ||||||
Jindal Stainless Ltd.(1) | 33,712 | 32,528 | ||||||
Jindal Steel & Power Ltd.(1) | 81,094 | 369,478 | ||||||
JK Cement Ltd. | 4,928 | 180,548 | ||||||
JK Lakshmi Cement Ltd. | 16,171 | 81,991 | ||||||
JK Paper Ltd. | 14,211 | 27,925 | ||||||
JK Tyre & Industries Ltd. | 48,186 | 80,879 | ||||||
JM Financial Ltd. | 85,914 | 105,925 | ||||||
JSW Energy Ltd. | 101,564 | 99,888 | ||||||
JSW Steel Ltd. | 93,044 | 498,550 | ||||||
Jubilant Foodworks Ltd. | 6,613 | 269,890 | ||||||
Jubilant Ingrevia Ltd. | 11,999 | 19,202 | ||||||
Jubilant Pharmova Ltd. | 11,999 | 125,300 | ||||||
Just Dial Ltd.(1) | 5,066 | 49,010 | ||||||
Kajaria Ceramics Ltd. | 2,533 | 32,638 | ||||||
Kalpataru Power Transmission Ltd. | 18,951 | 99,002 | ||||||
Karnataka Bank Ltd. (The)(1) | 34,740 | 31,945 | ||||||
Karur Vysya Bank Ltd. (The)(1) | 48,930 | 39,581 | ||||||
Kaveri Seed Co. Ltd. | 1,806 | 12,431 | ||||||
KEC International Ltd.(1) | 30,317 | 177,127 | ||||||
KNR Constructions Ltd. | 40,070 | 113,871 | ||||||
Kotak Mahindra Bank Ltd.(1) | 8,486 | 204,964 | ||||||
KPIT Technologies Ltd. | 22,393 | 43,761 | ||||||
KRBL Ltd. | 10,359 | 27,634 | ||||||
L&T Finance Holdings Ltd. | 167,814 | 238,927 | ||||||
L&T Technology Services Ltd. | 2,036 | 71,664 | ||||||
Larsen & Toubro Infotech Ltd. | 4,400 | 215,190 | ||||||
Larsen & Toubro Ltd. | 31,259 | 611,720 | ||||||
Laurus Labs Ltd. | 26,166 | 124,300 | ||||||
LIC Housing Finance Ltd. | 61,780 | 359,913 | ||||||
LT Foods Ltd. | 26,546 | 18,975 | ||||||
Lupin Ltd. | 13,477 | 186,228 | ||||||
Mahanagar Gas Ltd. | 8,821 | 140,170 | ||||||
Mahindra & Mahindra Financial Services Ltd.(1) | 87,872 | 242,585 | ||||||
Mahindra & Mahindra Ltd. | 100,229 | 1,111,822 | ||||||
Mahindra CIE Automotive Ltd.(1) | 6,648 | 16,343 | ||||||
Manappuram Finance Ltd. | 88,925 | 212,340 | ||||||
Marico Ltd. | 44,420 | 239,734 |
28
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Marksans Pharma Ltd. | 46,889 | $ | 35,287 | |||||
Maruti Suzuki India Ltd. | 2,724 | 254,900 | ||||||
Max Healthcare Institute Ltd.(1) | 74,803 | 186,572 | ||||||
Meghmani Organics Ltd. | 22,470 | 24,689 | ||||||
Metropolis Healthcare Ltd. | 3,492 | 92,905 | ||||||
Mindtree Ltd. | 7,538 | 164,140 | ||||||
MOIL Ltd. | 5,683 | 11,706 | ||||||
Motherson Sumi Systems Ltd. | 145,108 | 420,392 | ||||||
Motilal Oswal Financial Services Ltd. | 1,751 | 14,333 | ||||||
Mphasis Ltd. | 10,074 | 225,215 | ||||||
MRF Ltd. | 199 | 228,806 | ||||||
Multi Commodity Exchange of India Ltd. | 5,459 | 112,370 | ||||||
Muthoot Finance Ltd. | 12,959 | 228,431 | ||||||
Narayana Hrudayalaya Ltd. | 13,965 | 82,277 | ||||||
Natco Pharma Ltd. | 10,012 | 110,946 | ||||||
National Aluminium Co. Ltd. | 125,200 | 101,938 | ||||||
NBCC India Ltd. | 116,526 | 67,711 | ||||||
NCC Ltd. | 150,962 | 186,250 | ||||||
NESCO Ltd. | 4,459 | 35,859 | ||||||
Nestle India Ltd. | 1,129 | 248,130 | ||||||
NIIT Ltd. | 8,202 | 21,726 | ||||||
Nippon Life India Asset Management Ltd. | 9,395 | 42,057 | ||||||
NOCIL Ltd. | 13,492 | 30,396 | ||||||
NTPC Ltd. | 208,362 | 303,541 | ||||||
Oberoi Realty Ltd.(1) | 12,286 | 90,849 | ||||||
Oil & Natural Gas Corp. Ltd. | 154,344 | 232,499 | ||||||
Oil India Ltd. | 67,412 | 115,611 | ||||||
Orient Cement Ltd. | 46,236 | 57,664 | ||||||
Orient Electric Ltd. | 10,686 | 39,466 | ||||||
Page Industries Ltd. | 480 | 182,938 | ||||||
Persistent Systems Ltd. | 15,516 | 349,654 | ||||||
Petronet LNG Ltd. | 76,913 | 266,464 | ||||||
Pfizer Ltd. | 380 | 23,475 | ||||||
Phillips Carbon Black Ltd. | 12,263 | 32,735 | ||||||
PI Industries Ltd. | 2,271 | 67,745 | ||||||
Pidilite Industries Ltd. | 8,748 | 200,394 | ||||||
Piramal Enterprises Ltd. | 5,998 | 149,030 | ||||||
PNB Housing Finance Ltd.(1) | 14,220 | 84,922 | ||||||
PNC Infratech Ltd. | 20,078 | 74,340 | ||||||
Polycab India Ltd. | 4,772 | 86,641 | ||||||
Polyplex Corp. Ltd. | 1,767 | 18,922 | ||||||
Power Finance Corp. Ltd.(1) | 70,033 | 118,244 | ||||||
Power Grid Corp. of India Ltd. | 137,043 | 398,413 | ||||||
Praj Industries Ltd. | 2,731 | 6,094 | ||||||
Prestige Estates Projects Ltd. | 34,844 | 140,758 | ||||||
Prism Johnson Ltd.(1) | 4,245 | 6,011 | ||||||
Procter & Gamble Health Ltd. | 232 | 21,133 | ||||||
PTC India Ltd. | 106,321 | 106,239 | ||||||
PVR Ltd. | 3,762 | 70,026 | ||||||
Quess Corp. Ltd.(1) | 18,085 | 184,194 | ||||||
Radico Khaitan Ltd. | 5,199 | 40,171 |
29
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Rain Industries Ltd. | 3,155 | $ | 7,067 | |||||
Rajesh Exports Ltd. | 8,770 | 60,553 | ||||||
Rallis India Ltd. | 11,751 | 40,760 | ||||||
Ramco Cements Ltd. (The) | 10,426 | 137,112 | ||||||
Ramco Systems Ltd.(1) | 2,763 | 21,956 | ||||||
Rashtriya Chemicals & Fertilizers Ltd. | 4,665 | 4,848 | ||||||
Raymond Ltd.(1) | 829 | 4,198 | ||||||
RBL Bank Ltd. | 59,163 | 188,793 | ||||||
REC Ltd. | 164,773 | 302,745 | ||||||
Redington India Ltd. | 37,201 | 92,961 | ||||||
Relaxo Footwears Ltd.(1) | 1,892 | 22,003 | ||||||
Reliance Industries Ltd., GDR | 67,307 | 3,855,150 | ||||||
Repco Home Finance Ltd. | 11,318 | 51,205 | ||||||
Rossari Biotech Ltd.(1) | 2,357 | 32,579 | ||||||
Sanofi India Ltd. | 522 | 58,722 | ||||||
SBI Life Insurance Co. Ltd.(1) | 8,407 | 99,254 | ||||||
Schaeffler India Ltd. | 554 | 39,058 | ||||||
Sequent Scientific Ltd.(1) | 4,729 | 15,347 | ||||||
SH Kelkar & Co. Ltd. | 10,925 | 17,469 | ||||||
Shipping Corp. of India Ltd. | 30,482 | 41,658 | ||||||
Shree Cement Ltd.(1) | 675 | 243,036 | ||||||
Shriram Transport Finance Co. Ltd. | 26,652 | 463,165 | ||||||
Siemens Ltd. | 8,514 | 213,898 | ||||||
Sobha Ltd. | 6,563 | 39,148 | ||||||
Sonata Software Ltd. | 14,488 | 94,261 | ||||||
South Indian Bank Ltd. (The)(1) | 161,315 | 21,534 | ||||||
SpiceJet Ltd.(1) | 16,517 | 18,557 | ||||||
SRF Ltd. | 4,076 | 300,639 | ||||||
State Bank of India, GDR(1) | 19,878 | 1,039,108 | ||||||
Sterling & Wilson Solar Ltd.(1) | 10,064 | 31,220 | ||||||
Sterlite Technologies Ltd. | 16,412 | 46,337 | ||||||
Strides Pharma Science Ltd. | 14,980 | 169,249 | ||||||
Sudarshan Chemical Industries | 5,115 | 36,532 | ||||||
Sumitomo Chemical India Ltd. | 5,259 | 21,038 | ||||||
Sun Pharmaceutical Industries Ltd. | 37,717 | 304,780 | ||||||
Sundaram Finance Ltd. | 4,715 | 169,298 | ||||||
Sunteck Realty Ltd. | 7,172 | 33,806 | ||||||
Supreme Industries Ltd. | 6,794 | 187,138 | ||||||
Suven Pharmaceuticals Ltd. | 4,286 | 27,874 | ||||||
Suvidhaa Infoserve Pvt Ltd.(1) | 999 | 1 | ||||||
Suzlon Energy Ltd.(1) | 249,334 | 19,682 | ||||||
Swan Energy Ltd. | 1,248 | 2,430 | ||||||
Syngene International Ltd.(1) | 12,764 | 97,708 | ||||||
Tanla Platforms Ltd. | 51,746 | 631,543 | ||||||
Tata Chemicals Ltd. | 46,519 | 466,861 | ||||||
Tata Communications Ltd. | 2,917 | 42,641 | ||||||
Tata Consultancy Services Ltd. | 32,586 | 1,282,292 | ||||||
Tata Consumer Products Ltd. | 11,702 | 96,633 | ||||||
Tata Elxsi Ltd. | 4,820 | 173,753 | ||||||
Tata Metaliks Ltd. | 1,928 | 20,128 | ||||||
Tata Motors Ltd., ADR(1) | 66,022 | 1,451,824 |
30
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Tata Power Co. Ltd. (The) | 199,341 | $ | 256,926 | |||||
Tata Steel BSL Ltd.(1) | 55,973 | 34,745 | ||||||
Tata Steel Long Products Ltd.(1) | 3,831 | 35,751 | ||||||
Tata Steel Ltd. | 33,767 | 327,350 | ||||||
Tech Mahindra Ltd. | 30,669 | 382,171 | ||||||
Tejas Networks Ltd.(1) | 8,477 | 22,401 | ||||||
Thyrocare Technologies Ltd. | 3,508 | 43,268 | ||||||
Timken India Ltd. | 2,757 | 47,762 | ||||||
Tinplate Co. of India Ltd. (The) | 2,105 | 4,978 | ||||||
Titan Co. Ltd. | 3,954 | 75,445 | ||||||
Torrent Pharmaceuticals Ltd. | 2,297 | 75,785 | ||||||
Torrent Power Ltd. | 4,198 | 21,811 | ||||||
Trident Ltd.(1) | 354,726 | 67,557 | ||||||
Triveni Engineering & Industries Ltd.(1) | 2,504 | 2,955 | ||||||
Tube Investments of India Ltd. | 10,492 | 153,547 | ||||||
TV18 Broadcast Ltd.(1) | 12,414 | 4,877 | ||||||
Uflex Ltd. | 4,235 | 20,822 | ||||||
Ujjivan Financial Services Ltd. | 8,440 | 27,916 | ||||||
UltraTech Cement Ltd. | 2,364 | 196,377 | ||||||
Union Bank of India(1) | 3,180 | 1,751 | ||||||
United Spirits Ltd.(1) | 18,698 | 135,613 | ||||||
UPL Ltd. | 24,835 | 188,993 | ||||||
V-Guard Industries Ltd.(1) | 12,375 | 37,873 | ||||||
Vakrangee Ltd. | 147,336 | 106,439 | ||||||
Varun Beverages Ltd. | 3,201 | 45,337 | ||||||
Vedanta Ltd., ADR(2) | 93,521 | 1,052,111 | ||||||
Venky's India Ltd.(1) | 229 | 4,933 | ||||||
Vinati Organics Ltd. | 3,963 | 75,822 | ||||||
VIP Industries Ltd.(1) | 10,581 | 57,566 | ||||||
Vodafone Idea Ltd.(1) | 1,680,095 | 257,482 | ||||||
Voltas Ltd. | 6,616 | 91,474 | ||||||
Welspun Corp. Ltd. | 35,236 | 62,286 | ||||||
Welspun India Ltd. | 93,718 | 88,104 | ||||||
Westlife Development Ltd.(1) | 371 | 2,523 | ||||||
Wipro Ltd., ADR | 82,841 | 507,815 | ||||||
Wockhardt Ltd.(1) | 6,617 | 45,064 | ||||||
Yes Bank Ltd.(1) | 723,481 | 154,859 | ||||||
Zee Entertainment Enterprises Ltd. | 75,512 | 205,875 | ||||||
Zensar Technologies Ltd. | 22,754 | 91,827 | ||||||
63,628,731 | ||||||||
Indonesia — 1.5% | ||||||||
Ace Hardware Indonesia Tbk PT | 149,500 | 15,991 | ||||||
Adaro Energy Tbk PT | 2,920,800 | 243,388 | ||||||
Adhi Karya Persero Tbk PT | 189,200 | 18,389 | ||||||
Agung Podomoro Land Tbk PT(1) | 1,020,600 | 12,526 | ||||||
AKR Corporindo Tbk PT | 366,300 | 86,636 | ||||||
Alam Sutera Realty Tbk PT(1) | 992,200 | 16,437 | ||||||
Aneka Tambang Tbk | 486,600 | 96,875 | ||||||
Astra International Tbk PT | 1,193,200 | 451,545 | ||||||
Bank BTPN Syariah Tbk PT | 106,000 | 30,482 | ||||||
Bank Bukopin Tbk(1) | 1,801,400 | 73,081 |
31
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Bank Central Asia Tbk PT | 211,900 | $ | 499,739 | |||||
Bank Mandiri Persero Tbk PT(1) | 1,416,600 | 611,339 | ||||||
Bank Negara Indonesia Persero Tbk PT | 723,400 | 302,073 | ||||||
Bank Pan Indonesia Tbk PT(1) | 657,800 | 52,880 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 157,500 | 17,565 | ||||||
Bank Pembangunan Daerah Jawa Timur Tbk PT | 408,800 | 24,316 | ||||||
Bank Rakyat Indonesia Persero Tbk PT(1) | 2,543,500 | 840,632 | ||||||
Bank Syariah Indonesia Tbk PT(1) | 155,400 | 32,069 | ||||||
Bank Tabungan Negara Persero Tbk PT | 320,900 | 46,531 | ||||||
Barito Pacific Tbk PT(1) | 396,500 | 30,580 | ||||||
Buana Lintas Lautan Tbk PT(1) | 2,600,500 | 55,879 | ||||||
Bukit Asam Tbk PT | 488,200 | 92,843 | ||||||
Bumi Resources Tbk PT(1) | 761,500 | 3,214 | ||||||
Bumi Serpong Damai Tbk PT(1) | 416,700 | 33,880 | ||||||
Charoen Pokphand Indonesia Tbk PT | 503,300 | 217,268 | ||||||
Ciputra Development Tbk PT | 2,080,300 | 168,617 | ||||||
Erajaya Swasembada Tbk PT(1) | 173,000 | 31,933 | ||||||
Global Mediacom Tbk PT(1) | 976,100 | 17,954 | ||||||
Hanson International Tbk PT(1) | 1,531,500 | 5,377 | ||||||
Harum Energy Tbk PT(1) | 100,100 | 44,970 | ||||||
Indah Kiat Pulp & Paper Corp Tbk PT | 648,300 | 599,466 | ||||||
Indika Energy Tbk PT | 173,000 | 17,969 | ||||||
Indo Tambangraya Megah Tbk PT | 62,100 | 53,461 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 25,600 | 22,436 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 64,400 | 38,760 | ||||||
Indofood Sukses Makmur Tbk PT | 619,300 | 263,046 | ||||||
Indomobil Sukses Internasional Tbk PT | 19,800 | 1,859 | ||||||
Indosat Tbk PT(1) | 81,100 | 31,597 | ||||||
Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 436,200 | 24,349 | ||||||
Japfa Comfeed Indonesia Tbk PT | 765,400 | 82,459 | ||||||
Jasa Marga Persero Tbk PT | 72,100 | 21,080 | ||||||
Kalbe Farma Tbk PT | 1,116,800 | 115,261 | ||||||
Link Net Tbk PT | 141,200 | 32,684 | ||||||
Lippo Karawaci Tbk PT(1) | 3,764,400 | 53,355 | ||||||
Mahkota Group Tbk PT | 37,400 | 2,009 | ||||||
Matahari Department Store Tbk PT(1) | 16,200 | 1,432 | ||||||
Medco Energi Internasional Tbk PT(1) | 1,946,420 | 94,907 | ||||||
Media Nusantara Citra Tbk PT(1) | 708,900 | 56,395 | ||||||
Mitra Adiperkasa Tbk PT(1) | 5,448,100 | 307,922 | ||||||
Mitra Keluarga Karyasehat Tbk PT | 98,500 | 20,540 | ||||||
Mitra Pinasthika Mustika Tbk PT | 64,300 | 2,367 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 267,900 | 277,856 | ||||||
Pakuwon Jati Tbk PT(1) | 838,800 | 32,377 | ||||||
Panin Financial Tbk PT(1) | 1,068,800 | 17,258 | ||||||
Perusahaan Gas Negara Tbk PT | 528,800 | 53,427 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 226,000 | 21,018 | ||||||
PP Persero Tbk PT | 612,400 | 69,392 | ||||||
Puradelta Lestari Tbk PT | 976,100 | 16,019 | ||||||
Ramayana Lestari Sentosa Tbk PT | 547,700 | 28,052 | ||||||
Salim Ivomas Pratama Tbk PT(1) | 183,800 | 5,701 | ||||||
Sarana Menara Nusantara Tbk PT | 1,025,000 | 91,026 |
32
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Semen Indonesia Persero Tbk PT | 43,300 | $ | 30,974 | |||||
Sentul City Tbk PT(1) | 2,139,400 | 7,485 | ||||||
Siloam International Hospitals Tbk PT(1) | 1,200 | 451 | ||||||
Sri Rejeki Isman Tbk PT | 918,200 | 15,591 | ||||||
Summarecon Agung Tbk PT(1) | 1,576,700 | 91,276 | ||||||
Surya Citra Media Tbk PT(1) | 807,900 | 112,144 | ||||||
Surya Semesta Internusa Tbk PT | 440,500 | 16,072 | ||||||
Telekomunikasi Indonesia Persero Tbk PT, ADR | 34,138 | 818,629 | ||||||
Timah Tbk PT(1) | 1,047,800 | 163,229 | ||||||
Tower Bersama Infrastructure Tbk PT | 1,156,200 | 176,914 | ||||||
Tunas Baru Lampung Tbk PT | 339,100 | 22,535 | ||||||
Unilever Indonesia Tbk PT | 351,100 | 173,081 | ||||||
United Tractors Tbk PT | 161,200 | 254,885 | ||||||
Waskita Beton Precast Tbk PT | 768,800 | 13,909 | ||||||
Waskita Karya Persero Tbk PT | 218,100 | 21,927 | ||||||
Wijaya Karya Persero Tbk PT | 470,100 | 57,294 | ||||||
XL Axiata Tbk PT | 482,200 | 74,362 | ||||||
8,681,247 | ||||||||
Malaysia — 1.8% | ||||||||
7-Eleven Malaysia Holdings Bhd, Class B | 21,600 | 6,946 | ||||||
Aeon Co. M Bhd | 197,800 | 56,685 | ||||||
AEON Credit Service M Bhd | 4,800 | 13,855 | ||||||
AirAsia Group Bhd(1) | 64,400 | 14,421 | ||||||
Alliance Bank Malaysia Bhd(1) | 164,200 | 107,127 | ||||||
AMMB Holdings Bhd | 238,700 | 186,027 | ||||||
Ann Joo Resources Bhd(1) | 59,000 | 34,308 | ||||||
Axiata Group Bhd | 103,100 | 90,158 | ||||||
Berjaya Corp. Bhd(1) | 131,768 | 5,860 | ||||||
Berjaya Land Bhd(1) | 2,900 | 126 | ||||||
Berjaya Sports Toto Bhd | 61,307 | 32,097 | ||||||
Bermaz Auto Bhd | 148,900 | 49,029 | ||||||
Boustead Holdings Bhd(1) | 110,100 | 16,854 | ||||||
Boustead Plantations Bhd | 149,400 | 20,299 | ||||||
Bumi Armada Bhd(1) | 797,900 | 77,633 | ||||||
Bursa Malaysia Bhd | 167,400 | 376,428 | ||||||
Cahya Mata Sarawak Bhd | 169,200 | 96,967 | ||||||
Careplus Group Bhd | 53,000 | 23,605 | ||||||
Carlsberg Brewery Malaysia Bhd | 8,400 | 49,773 | ||||||
CIMB Group Holdings Bhd | 202,800 | 216,247 | ||||||
Comfort Glove Bhd | 39,200 | 21,569 | ||||||
Cypark Resources Bhd(1) | 115,100 | 41,900 | ||||||
D&O Green Technologies Bhd | 80,000 | 79,032 | ||||||
Datasonic Group Bhd | 144,600 | 18,354 | ||||||
Dayang Enterprise Holdings Bhd(1) | 114,920 | 42,736 | ||||||
Dialog Group Bhd | 135,700 | 108,081 | ||||||
DiGi.Com Bhd | 136,900 | 125,093 | ||||||
DRB-Hicom Bhd | 107,800 | 48,482 | ||||||
Dufu Technology Corp. Bhd | 13,600 | 13,580 | ||||||
Duopharma Biotech Bhd | 45,273 | 34,635 | ||||||
Eco World Development Group Bhd | 262,200 | 31,167 | ||||||
Eco World International Bhd(1) | 10,600 | 1,203 |
33
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Ekovest Bhd | 177,600 | $ | 20,569 | |||||
Fraser & Neave Holdings Bhd | 11,300 | 86,987 | ||||||
Frontken Corp. Bhd | 74,100 | 95,196 | ||||||
Gamuda Bhd(1) | 219,400 | 180,245 | ||||||
Genting Bhd | 142,400 | 162,228 | ||||||
Genting Malaysia Bhd | 161,500 | 115,169 | ||||||
Genting Plantations Bhd | 20,100 | 47,134 | ||||||
Globetronics Technology Bhd | 67,200 | 47,183 | ||||||
HAP Seng Consolidated Bhd | 14,800 | 31,105 | ||||||
Hartalega Holdings Bhd | 50,300 | 123,614 | ||||||
Hengyuan Refining Co. Bhd(1) | 44,100 | 68,181 | ||||||
Hiap Teck Venture Bhd | 396,600 | 41,704 | ||||||
Hibiscus Petroleum Bhd(1) | 281,400 | 47,530 | ||||||
Hong Leong Bank Bhd | 26,500 | 116,420 | ||||||
Hong Leong Financial Group Bhd | 6,700 | 28,022 | ||||||
Hong Leong Industries Bhd | 3,000 | 6,064 | ||||||
Hup Seng Industries Bhd | 11,000 | 2,556 | ||||||
IHH Healthcare Bhd | 51,400 | 64,424 | ||||||
IJM Corp. Bhd | 696,000 | 269,673 | ||||||
Inari Amertron Bhd | 326,500 | 289,368 | ||||||
IOI Corp. Bhd | 29,200 | 30,878 | ||||||
IOI Properties Group Bhd | 130,000 | 43,852 | ||||||
Jaya Tiasa Holdings Bhd(1) | 193,500 | 37,024 | ||||||
Kossan Rubber Industries | 90,200 | 87,734 | ||||||
KPJ Healthcare Bhd | 167,400 | 41,279 | ||||||
Kuala Lumpur Kepong Bhd | 7,300 | 42,353 | ||||||
LBS Bina Group Bhd(1) | 24,823 | 2,489 | ||||||
Leong Hup International Bhd | 35,100 | 6,062 | ||||||
Lotte Chemical Titan Holding Bhd | 62,600 | 34,913 | ||||||
Mah Sing Group Bhd | 235,900 | 45,966 | ||||||
Malakoff Corp. Bhd | 157,200 | 31,405 | ||||||
Malayan Banking Bhd | 141,281 | 280,150 | ||||||
Malayan Flour Mills Bhd | 123,700 | 25,310 | ||||||
Malaysia Airports Holdings Bhd | 148,600 | 219,895 | ||||||
Malaysia Building Society Bhd | 278,200 | 46,289 | ||||||
Malaysia Marine and Heavy Engineering Holdings Bhd(1) | 17,700 | 1,919 | ||||||
Malaysian Pacific Industries Bhd | 7,000 | 63,953 | ||||||
Malaysian Resources Corp. Bhd | 259,300 | 26,542 | ||||||
Matrix Concepts Holdings Bhd | 77,400 | 34,538 | ||||||
Maxis Bhd | 82,600 | 96,719 | ||||||
MBM Resources Bhd | 6,100 | 5,008 | ||||||
Mega First Corp. Bhd | 13,200 | 25,016 | ||||||
MISC Bhd | 75,100 | 125,366 | ||||||
MMC Corp. Bhd | 170,300 | 32,665 | ||||||
MNRB Holdings Bhd | 10,700 | 2,627 | ||||||
Muda Holdings Bhd | 27,400 | 24,087 | ||||||
Muhibbah Engineering M Bhd | 18,200 | 4,157 | ||||||
My EG Services Bhd | 202,921 | 105,795 | ||||||
Nestle Malaysia Bhd | 2,300 | 78,253 | ||||||
OSK Holdings Bhd | 42,200 | 8,852 | ||||||
Padini Holdings Bhd | 9,200 | 6,683 |
34
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Paramount Corp. Bhd | 16,000 | $ | 3,280 | |||||
Pentamaster Corp. Bhd | 52,800 | 81,981 | ||||||
PESTECH International Bhd | 74,600 | 21,739 | ||||||
Petron Malaysia Refining & Marketing Bhd | 2,900 | 3,552 | ||||||
Petronas Chemicals Group Bhd | 86,800 | 159,453 | ||||||
Petronas Dagangan Bhd | 8,300 | 40,968 | ||||||
Petronas Gas Bhd | 23,600 | 95,588 | ||||||
Pharmaniaga Bhd | 17,700 | 18,610 | ||||||
Pos Malaysia Bhd(1) | 5,700 | 1,253 | ||||||
Power Root Bhd | 5,800 | 2,501 | ||||||
PPB Group Bhd | 18,200 | 84,313 | ||||||
Press Metal Aluminium Holdings Bhd | 92,600 | 221,300 | ||||||
Public Bank Bhd | 790,200 | 810,876 | ||||||
QL Resources Bhd | 60,900 | 92,286 | ||||||
Ranhill Utilities Bhd | 24,947 | 5,122 | ||||||
RHB Bank Bhd | 118,100 | 157,722 | ||||||
Rubberex Corp. M Bhd(1) | 45,300 | 14,581 | ||||||
Sam Engineering & Equipment M Bhd | 3,100 | 5,237 | ||||||
Sapura Energy Bhd(1) | 1,001,500 | 35,749 | ||||||
Sarawak Oil Palms Bhd | 15,500 | 14,941 | ||||||
SCGM Bhd | 34,400 | 15,427 | ||||||
Scientex Bhd | 111,900 | 111,077 | ||||||
SEG International Bhd | 12,300 | 1,944 | ||||||
Serba Dinamik Holdings Bhd | 12,810 | 5,406 | ||||||
Sime Darby Bhd | 269,500 | 150,856 | ||||||
Sime Darby Plantation Bhd | 103,800 | 125,429 | ||||||
Sime Darby Property Bhd | 213,900 | 30,632 | ||||||
SKP Resources Bhd | 94,400 | 53,088 | ||||||
SP Setia Bhd Group | 194,400 | 43,835 | ||||||
Sunway Bhd | 137,448 | 50,975 | ||||||
Sunway Construction Group Bhd | 55,900 | 23,141 | ||||||
Supermax Corp. Bhd | 214,838 | 255,586 | ||||||
Syarikat Takaful Malaysia Keluarga Bhd | 9,000 | 10,213 | ||||||
Ta Ann Holdings Bhd | 12,300 | 8,920 | ||||||
Taliworks Corp. Bhd | 17,000 | 3,460 | ||||||
TDM Bhd(1) | 278,600 | 20,512 | ||||||
Telekom Malaysia Bhd | 105,300 | 159,505 | ||||||
Tenaga Nasional Bhd | 167,800 | 418,218 | ||||||
Thong Guan Industries Bhd | 57,500 | 31,293 | ||||||
TIME dotCom Bhd | 36,400 | 124,964 | ||||||
Tiong NAM Logistics Holdings(1) | 95,600 | 19,042 | ||||||
Top Glove Corp. Bhd | 175,300 | 225,742 | ||||||
Tropicana Corp. Bhd(1) | 20,482 | 4,732 | ||||||
Uchi Technologies Bhd | 9,500 | 7,665 | ||||||
UEM Sunrise Bhd(1) | 109,700 | 10,842 | ||||||
Unisem M Bhd | 86,100 | 188,911 | ||||||
UOA Development Bhd | 16,900 | 7,366 | ||||||
UWC Bhd | 24,800 | 39,490 | ||||||
Velesto Energy Bhd(1) | 664,200 | 26,980 | ||||||
ViTrox Corp. Bhd | 3,000 | 12,744 | ||||||
VS Industry Bhd | 474,600 | 351,781 |
35
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Wah Seong Corp. Bhd | 136,000 | $ | 23,984 | |||||
WCT Holdings Bhd(1) | 49,894 | 6,410 | ||||||
Westports Holdings Bhd | 44,900 | 45,239 | ||||||
Yinson Holdings Bhd | 35,000 | 45,928 | ||||||
YTL Corp. Bhd(1) | 205,013 | 33,354 | ||||||
10,067,171 | ||||||||
Mexico — 1.8% | ||||||||
Alfa SAB de CV, Series A | 400,097 | 218,016 | ||||||
Alsea SAB de CV(1)(2) | 291,066 | 354,772 | ||||||
America Movil SAB de CV, Class L ADR | 65,922 | 837,209 | ||||||
Arca Continental SAB de CV | 12,808 | 58,252 | ||||||
Banco del Bajio SA(1) | 100,113 | 116,187 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, ADR(1) | 53,968 | 255,808 | ||||||
Bolsa Mexicana de Valores SAB de CV | 102,893 | 210,842 | ||||||
Cemex SAB de CV, ADR(1) | 9,623 | 63,608 | ||||||
Coca-Cola Femsa SAB de CV | 59,551 | 251,201 | ||||||
Consorcio ARA SAB de CV(1)(2) | 38,214 | 7,325 | ||||||
Controladora Nemak SAB de CV(1) | 347,364 | 47,984 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1) | 15,478 | 230,313 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 114,115 | 214,855 | ||||||
Credito Real SAB de CV SOFOM ER(1) | 45,010 | 24,526 | ||||||
El Puerto de Liverpool SAB de CV, Class C1(2) | 7,605 | 23,010 | ||||||
Fomento Economico Mexicano SAB de CV, ADR | 5,343 | 365,995 | ||||||
Gentera SAB de CV(1) | 122,333 | 61,281 | ||||||
Gruma SAB de CV, B Shares | 37,973 | 413,835 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV, ADR(1) | 2,212 | 102,769 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, ADR(1) | 2,090 | 211,863 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, ADR(1) | 173 | 32,204 | ||||||
Grupo Bimbo SAB de CV, Series A | 55,078 | 103,095 | ||||||
Grupo Carso SAB de CV(1) | 18,905 | 46,546 | ||||||
Grupo Cementos de Chihuahua SAB de CV | 17,831 | 111,072 | ||||||
Grupo Comercial Chedraui SA de CV | 20,994 | 32,312 | ||||||
Grupo Financiero Banorte SAB de CV(1) | 195,083 | 979,658 | ||||||
Grupo Financiero Inbursa SAB de CV(1) | 183,426 | 164,830 | ||||||
Grupo GICSA SAB de CV(1) | 21,090 | 3,427 | ||||||
Grupo Industrial Saltillo SAB de CV(1) | 26,514 | 32,951 | ||||||
Grupo Mexico SAB de CV, Series B | 192,496 | 912,564 | ||||||
Grupo Rotoplas SAB de CV(1)(2) | 4,403 | 5,933 | ||||||
Grupo Televisa SAB, ADR(1) | 56,350 | 417,553 | ||||||
Grupo Traxion SAB de CV(1) | 39,968 | 48,315 | ||||||
Hoteles City Express SAB de CV(1)(2) | 26,594 | 7,373 | ||||||
Industrias Bachoco SAB de CV | 13,371 | 44,342 | ||||||
Industrias Penoles SAB de CV(1) | 6,705 | 92,087 | ||||||
Infraestructura Energetica Nova SAB de CV(1) | 42,939 | 150,505 | ||||||
Kimberly-Clark de Mexico SAB de CV, A Shares | 163,221 | 261,516 | ||||||
La Comer SAB de CV | 153,853 | 313,869 | ||||||
Megacable Holdings SAB de CV | 101,028 | 348,897 | ||||||
Orbia Advance Corp. SAB de CV | 115,633 | 268,231 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 37,689 | 278,042 | ||||||
Qualitas Controladora SAB de CV | 32,789 | 177,949 |
36
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Regional SAB de CV(1) | 86,600 | $ | 393,076 | |||||
Telesites SAB de CV(1) | 265,431 | 233,954 | ||||||
Unifin Financiera SAB de CV(1) | 66,535 | 78,776 | ||||||
Wal-Mart de Mexico SAB de CV | 212,937 | 606,007 | ||||||
10,214,735 | ||||||||
Peru — 0.3% | ||||||||
Cia de Minas Buenaventura SAA, ADR(1) | 48,434 | 535,680 | ||||||
Credicorp Ltd. | 2,659 | 425,467 | ||||||
Intercorp Financial Services, Inc.(2) | 5,420 | 189,158 | ||||||
Southern Copper Corp. | 3,997 | 285,106 | ||||||
1,435,411 | ||||||||
Philippines — 0.8% | ||||||||
Aboitiz Equity Ventures, Inc. | 149,430 | 129,761 | ||||||
Aboitiz Power Corp. | 60,500 | 30,183 | ||||||
AC Energy Corp. | 527,000 | 80,097 | ||||||
Alliance Global Group, Inc. | 690,000 | 151,394 | ||||||
Ayala Corp. | 19,420 | 300,045 | ||||||
Ayala Land, Inc. | 288,000 | 231,840 | ||||||
Ayalaland Logistics Holdings Corp.(1) | 28,000 | 1,711 | ||||||
Bank of the Philippine Islands | 115,010 | 211,621 | ||||||
BDO Unibank, Inc. | 127,930 | 278,671 | ||||||
Cebu Air, Inc.(1) | 28,050 | 25,935 | ||||||
Chelsea Logistics and Infrastructure Holdings Corp.(1) | 100,800 | 8,527 | ||||||
Cosco Capital, Inc. | 227,200 | 25,618 | ||||||
DMCI Holdings, Inc. | 279,300 | 30,833 | ||||||
DoubleDragon Properties Corp.(1) | 19,900 | 6,249 | ||||||
East West Banking Corp.(1) | 70,500 | 14,598 | ||||||
Filinvest Land, Inc. | 617,000 | 14,625 | ||||||
Ginebra San Miguel, Inc. | 7,600 | 8,277 | ||||||
Global Ferronickel Holdings, Inc.(1) | 757,000 | 46,285 | ||||||
Globe Telecom, Inc. | 4,900 | 204,014 | ||||||
GT Capital Holdings, Inc. | 18,110 | 208,702 | ||||||
International Container Terminal Services, Inc. | 100,470 | 248,683 | ||||||
JG Summit Holdings, Inc. | 206,894 | 275,118 | ||||||
Jollibee Foods Corp. | 15,630 | 57,664 | ||||||
Manila Electric Co. | 7,370 | 41,115 | ||||||
Manila Water Co., Inc.(1) | 168,900 | 54,278 | ||||||
Max's Group, Inc. | 49,400 | 7,032 | ||||||
Megaworld Corp. | 2,603,800 | 194,594 | ||||||
Metro Pacific Investments Corp. | 2,238,000 | 187,491 | ||||||
Metropolitan Bank & Trust Co. | 259,810 | 271,631 | ||||||
Nickel Asia Corp. | 1,003,500 | 118,954 | ||||||
Petron Corp. | 169,700 | 12,383 | ||||||
Pilipinas Shell Petroleum Corp.(1) | 22,000 | 9,859 | ||||||
PLDT, Inc., ADR(2) | 6,911 | 182,174 | ||||||
Puregold Price Club, Inc. | 91,200 | 69,559 | ||||||
Robinsons Land Corp. | 461,600 | 187,101 | ||||||
Robinsons Retail Holdings, Inc. | 27,000 | 31,470 | ||||||
Security Bank Corp. | 48,740 | 131,616 | ||||||
Semirara Mining & Power Corp. | 239,300 | 63,201 | ||||||
SM Investments Corp. | 4,020 | 83,600 |
37
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
SM Prime Holdings, Inc. | 200,100 | $ | 148,827 | |||||
Universal Robina Corp. | 22,730 | 59,846 | ||||||
Vista Land & Lifescapes, Inc. | 312,100 | 27,759 | ||||||
Wilcon Depot, Inc. | 62,100 | 22,966 | ||||||
4,495,907 | ||||||||
Poland — 0.8% | ||||||||
Alior Bank SA(1) | 15,142 | 87,917 | ||||||
Allegro.eu SA(1) | 5,046 | 86,581 | ||||||
AmRest Holdings SE(1) | 5,557 | 47,364 | ||||||
Asseco Poland SA | 5,136 | 91,136 | ||||||
Bank Millennium SA(1) | 105,098 | 115,763 | ||||||
Bank Polska Kasa Opieki SA(1) | 16,887 | 305,187 | ||||||
CCC SA(1) | 6,857 | 173,833 | ||||||
CD Projekt SA(1) | 2,222 | 140,184 | ||||||
Ciech SA(1) | 4,495 | 40,863 | ||||||
Cyfrowy Polsat SA | 18,304 | 139,221 | ||||||
Dino Polska SA(1) | 4,099 | 268,860 | ||||||
Enea SA(1) | 20,125 | 34,995 | ||||||
Eurocash SA(1) | 8,663 | 29,687 | ||||||
Famur SA(1) | 28,812 | 20,145 | ||||||
Grupa Azoty SA(1) | 7,723 | 61,750 | ||||||
Grupa Lotos SA | 6,047 | 67,930 | ||||||
Jastrzebska Spolka Weglowa SA(1) | 9,735 | 91,577 | ||||||
KGHM Polska Miedz SA(1) | 16,043 | 809,584 | ||||||
KRUK SA(1) | 1,753 | 84,307 | ||||||
LPP SA(1) | 30 | 62,623 | ||||||
Lubelski Wegiel Bogdanka SA(1) | 857 | 5,338 | ||||||
mBank SA(1) | 1,518 | 89,682 | ||||||
Mercator Medical SA(1) | 490 | 44,696 | ||||||
Orange Polska SA(1) | 122,439 | 206,245 | ||||||
PGE Polska Grupa Energetyczna SA(1) | 37,761 | 66,628 | ||||||
PKP Cargo SA(1) | 2,705 | 13,006 | ||||||
Polski Koncern Naftowy ORLEN SA | 34,553 | 539,824 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 101,307 | 150,922 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA(1) | 29,683 | 238,439 | ||||||
Powszechny Zaklad Ubezpieczen SA(1) | 30,166 | 235,311 | ||||||
Santander Bank Polska SA(1) | 1,757 | 98,550 | ||||||
Tauron Polska Energia SA(1) | 52,514 | 35,830 | ||||||
TEN Square Games SA | 488 | 64,829 | ||||||
Warsaw Stock Exchange | 3,548 | 42,168 | ||||||
4,590,975 | ||||||||
Russia — 2.2% | ||||||||
Gazprom PJSC, ADR | 179,302 | 1,035,849 | ||||||
Globaltrans Investment plc, GDR | 52,403 | 349,035 | ||||||
LUKOIL PJSC, ADR | 33,576 | 2,480,781 | ||||||
Magnit PJSC, GDR | 25,681 | 349,394 | ||||||
Mechel PJSC, ADR(1) | 1,818 | 3,327 | ||||||
MMC Norilsk Nickel PJSC, ADR | 53,141 | 1,660,640 | ||||||
Mobile TeleSystems PJSC, ADR | 50,409 | 414,362 | ||||||
Novatek PJSC, GDR | 1,982 | 336,140 | ||||||
Novolipetsk Steel PJSC, GDR | 18,792 | 552,405 |
38
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
PhosAgro PJSC, GDR | 29,873 | $ | 524,267 | |||||
Rosneft Oil Co. PJSC, GDR | 78,739 | 542,186 | ||||||
Sberbank of Russia PJSC, ADR (London) | 136,754 | 1,974,147 | ||||||
Severstal PAO, GDR | 31,918 | 571,369 | ||||||
Tatneft PJSC, ADR(2) | 28,740 | 1,192,133 | ||||||
TMK PJSC, GDR | 11,588 | 37,024 | ||||||
VTB Bank PJSC, GDR | 476,467 | 453,441 | ||||||
X5 Retail Group NV, GDR | 7,890 | 255,649 | ||||||
12,732,149 | ||||||||
South Africa — 4.0% | ||||||||
Absa Group Ltd. | 72,997 | 583,894 | ||||||
Adcock Ingram Holdings Ltd. | 1,014 | 2,850 | ||||||
Advtech Ltd.(1)(2) | 35,578 | 28,193 | ||||||
AECI Ltd. | 37,665 | 246,891 | ||||||
African Rainbow Minerals Ltd. | 13,406 | 262,482 | ||||||
Afrimat Ltd. | 9,681 | 28,342 | ||||||
Alexander Forbes Group Holdings Ltd. | 87,669 | 24,666 | ||||||
Anglo American Platinum Ltd. | 2,458 | 298,337 | ||||||
AngloGold Ashanti Ltd., ADR | 34,892 | 696,444 | ||||||
Aspen Pharmacare Holdings Ltd.(1) | 36,114 | 340,219 | ||||||
Astral Foods Ltd. | 8,580 | 76,450 | ||||||
AVI Ltd. | 38,863 | 182,288 | ||||||
Barloworld Ltd.(1) | 67,757 | 407,314 | ||||||
Bid Corp. Ltd. | 19,462 | 364,844 | ||||||
Bidvest Group Ltd. (The) | 21,317 | 236,164 | ||||||
Brait SE(1)(2) | 48,661 | 7,947 | ||||||
Capitec Bank Holdings Ltd.(1) | 3,714 | 328,488 | ||||||
Cashbuild Ltd. | 1,658 | 33,936 | ||||||
Clicks Group Ltd. | 21,347 | 345,159 | ||||||
Coronation Fund Managers Ltd. | 26,111 | 85,750 | ||||||
DataTec Ltd.(1) | 21,513 | 36,661 | ||||||
Dis-Chem Pharmacies Ltd.(1) | 14,418 | 21,338 | ||||||
Discovery Ltd. | 25,943 | 242,274 | ||||||
DRDGOLD Ltd.(2) | 50,906 | 46,671 | ||||||
EPP NV(1) | 48,065 | 30,312 | ||||||
Exxaro Resources Ltd. | 30,804 | 347,384 | ||||||
Famous Brands Ltd.(1) | 5,547 | 16,893 | ||||||
FirstRand Ltd. | 300,455 | 996,123 | ||||||
Foschini Group Ltd. (The)(1) | 43,348 | 301,204 | ||||||
Gold Fields Ltd., ADR | 109,622 | 897,804 | ||||||
Harmony Gold Mining Co. Ltd., ADR(1) | 85,150 | 322,718 | ||||||
Impala Platinum Holdings Ltd. | 95,416 | 1,546,888 | ||||||
Imperial Logistics Ltd. | 221 | 616 | ||||||
Investec Ltd. | 38,494 | 100,447 | ||||||
KAP Industrial Holdings Ltd.(1) | 803,456 | 215,069 | ||||||
Kumba Iron Ore Ltd. | 5,805 | 248,638 | ||||||
Liberty Holdings Ltd. | 14,866 | 69,116 | ||||||
Life Healthcare Group Holdings Ltd.(1) | 189,699 | 225,233 | ||||||
Massmart Holdings Ltd.(1)(2) | 20,403 | 60,269 | ||||||
Metair Investments Ltd.(1) | 29,782 | 35,712 | ||||||
MiX Telematics Ltd., ADR | 3,242 | 45,031 |
39
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Momentum Metropolitan Holdings | 292,624 | $ | 326,113 | |||||
Motus Holdings Ltd.(1) | 63,904 | 331,554 | ||||||
Mr Price Group Ltd. | 36,487 | 420,351 | ||||||
MTN Group | 162,598 | 780,986 | ||||||
MultiChoice Group | 42,406 | 357,367 | ||||||
Murray & Roberts Holdings Ltd.(1) | 20,297 | 10,323 | ||||||
Naspers Ltd., N Shares | 7,889 | 1,834,776 | ||||||
Nedbank Group Ltd. | 34,593 | 297,807 | ||||||
NEPI Rockcastle plc | 60,655 | 371,839 | ||||||
Netcare Ltd.(1) | 227,736 | 205,934 | ||||||
Ninety One Ltd. | 8,204 | 24,681 | ||||||
Northam Platinum Ltd.(1) | 31,532 | 462,212 | ||||||
Oceana Group Ltd. | 6,312 | 27,876 | ||||||
Old Mutual Ltd. | 364,370 | 322,962 | ||||||
Omnia Holdings Ltd.(1) | 77,968 | 230,903 | ||||||
Pick n Pay Stores Ltd.(2) | 45,023 | 153,223 | ||||||
PPC Ltd.(1) | 467,513 | 49,122 | ||||||
Rand Merchant Investment Holdings Ltd. | 49,986 | 100,480 | ||||||
Raubex Group Ltd. | 14,747 | 22,335 | ||||||
Reinet Investments SCA | 9,173 | 171,822 | ||||||
Remgro Ltd. | 49,214 | 336,897 | ||||||
Reunert Ltd. | 36,376 | 110,429 | ||||||
RFG Holdings Ltd.(2) | 19,543 | 14,999 | ||||||
Royal Bafokeng Platinum Ltd.(1) | 35,152 | 209,670 | ||||||
Sanlam Ltd. | 94,777 | 380,513 | ||||||
Santam Ltd. | 1,183 | 19,056 | ||||||
Sappi Ltd.(1)(2) | 156,171 | 458,689 | ||||||
Sasol Ltd., ADR(1) | 73,500 | 923,160 | ||||||
Shoprite Holdings Ltd. | 38,438 | 337,196 | ||||||
Sibanye Stillwater Ltd., ADR(2) | 48,331 | 886,874 | ||||||
SPAR Group Ltd. (The) | 20,324 | 255,836 | ||||||
Standard Bank Group Ltd. | 88,618 | 776,696 | ||||||
Super Group Ltd.(1) | 15,880 | 28,114 | ||||||
Telkom SA SOC Ltd. | 90,335 | 244,174 | ||||||
Tiger Brands Ltd. | 22,082 | 294,463 | ||||||
Truworths International Ltd. | 58,744 | 189,086 | ||||||
Tsogo Sun Gaming Ltd.(1) | 11,283 | 4,663 | ||||||
Vodacom Group Ltd. | 41,561 | 341,690 | ||||||
Wilson Bayly Holmes-Ovcon Ltd.(1) | 6,535 | 41,702 | ||||||
Woolworths Holdings Ltd.(2) | 76,685 | 233,213 | ||||||
Zeder Investments Ltd. | 120,266 | 21,088 | ||||||
22,997,933 | ||||||||
South Korea — 14.8% | ||||||||
Advanced Process Systems Corp.(1) | 2,276 | 57,313 | ||||||
AfreecaTV Co. Ltd. | 725 | 46,949 | ||||||
Ahnlab, Inc. | 154 | 12,009 | ||||||
AK Holdings, Inc. | 195 | 5,422 | ||||||
Alteogen, Inc.(1) | 640 | 73,859 | ||||||
Amorepacific Corp. | 770 | 160,667 | ||||||
AMOREPACIFIC Group | 691 | 39,784 | ||||||
Aprogen KIC, Inc.(1) | 7,616 | 12,481 |
40
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Aprogen pharmaceuticals, Inc.(1) | 11,697 | $ | 11,711 | |||||
Asiana Airlines, Inc.(1) | 2,562 | 33,732 | ||||||
BGF Co. Ltd. | 3,327 | 16,267 | ||||||
BGF retail Co. Ltd. | 1,058 | 149,493 | ||||||
BH Co. Ltd. | 865 | 13,845 | ||||||
Binex Co. Ltd.(1) | 318 | 7,695 | ||||||
Binggrae Co. Ltd.(1) | 366 | 18,955 | ||||||
BNK Financial Group, Inc. | 25,886 | 135,697 | ||||||
Boditech Med, Inc. | 886 | 13,124 | ||||||
Boryung Pharmaceutical Co. Ltd. | 1,927 | 36,773 | ||||||
Bukwang Pharmaceutical Co. Ltd. | 1,149 | 28,394 | ||||||
Byucksan Corp. | 12,984 | 28,719 | ||||||
Cellivery Therapeutics, Inc.(1) | 456 | 45,903 | ||||||
Celltrion Healthcare Co. Ltd.(1) | 745 | 83,167 | ||||||
Celltrion Pharm, Inc.(1) | 339 | 46,320 | ||||||
Celltrion, Inc.(1) | 1,667 | 440,862 | ||||||
Cheil Worldwide, Inc. | 10,975 | 189,739 | ||||||
Chong Kun Dang Pharmaceutical Corp.(1) | 453 | 68,927 | ||||||
Chongkundang Holdings Corp.(1) | 69 | 6,342 | ||||||
Chunbo Co. Ltd. | 124 | 17,613 | ||||||
CJ CGV Co. Ltd.(1) | 1,446 | 36,674 | ||||||
CJ CheilJedang Corp. | 874 | 315,931 | ||||||
CJ Corp. | 825 | 68,005 | ||||||
CJ ENM Co. Ltd. | 1,761 | 216,709 | ||||||
CJ Logistics Corp.(1) | 1,580 | 230,526 | ||||||
CMG Pharmaceutical Co. Ltd.(1) | 455 | 1,777 | ||||||
Com2uSCorp | 622 | 76,570 | ||||||
Cosmax, Inc.(1) | 488 | 45,376 | ||||||
Coway Co. Ltd. | 4,174 | 240,190 | ||||||
COWELL FASHION Co. Ltd. | 6,235 | 31,716 | ||||||
CS Wind Corp. | 1,378 | 88,717 | ||||||
Cuckoo Homesys Co. Ltd.(1) | 1,195 | 43,118 | ||||||
Daea TI Co. Ltd. | 5,395 | 25,040 | ||||||
Daeduck Co. Ltd. | 339 | 2,018 | ||||||
Daeduck Electronics Co. Ltd. | 587 | 7,589 | ||||||
Daekyo Co. Ltd. | 454 | 1,503 | ||||||
Daesang Corp.(1) | 4,067 | 90,247 | ||||||
Daewon Pharmaceutical Co. Ltd. | 1,988 | 29,401 | ||||||
Daewoo Engineering & Construction Co. Ltd.(1) | 48,036 | 250,906 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(1) | 2,305 | 52,199 | ||||||
Daewoong Co. Ltd.(1) | 1,969 | 63,846 | ||||||
Daewoong Pharmaceutical Co. Ltd.(1) | 61 | 7,337 | ||||||
Daishin Securities Co. Ltd.(1) | 3,857 | 47,597 | ||||||
Daou Data Corp.(1) | 2,961 | 34,824 | ||||||
Daou Technology, Inc. | 6,306 | 152,290 | ||||||
Dawonsys Co. Ltd. | 4,680 | 82,522 | ||||||
DB Financial Investment Co. Ltd.(1) | 5,653 | 28,809 | ||||||
DB HiTek Co. Ltd. | 7,806 | 392,011 | ||||||
DB Insurance Co. Ltd. | 7,181 | 264,659 | ||||||
Dentium Co. Ltd.(1) | 1,168 | 63,575 | ||||||
DGB Financial Group, Inc. | 23,456 | 146,973 |
41
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
DL E&C Co. Ltd.(1) | 1,588 | $ | 156,892 | |||||
DL Holdings Co. Ltd. | 2,038 | 156,394 | ||||||
Dong-A Socio Holdings Co. Ltd. | 375 | 38,698 | ||||||
Dong-A ST Co. Ltd.(1) | 389 | 28,391 | ||||||
Dongjin Semichem Co. Ltd.(1) | 3,456 | 94,116 | ||||||
DongKook Pharmaceutical Co. Ltd. | 1,681 | 42,857 | ||||||
Dongkuk Steel Mill Co. Ltd. | 16,951 | 135,228 | ||||||
Dongsuh Cos., Inc. | 533 | 19,111 | ||||||
Dongsung Pharmaceutical Co. Ltd.(1) | 1,763 | 19,802 | ||||||
Dongwon Development Co. Ltd. | 10,306 | 47,213 | ||||||
Doosan Bobcat, Inc.(1) | 618 | 17,750 | ||||||
Doosan Fuel Cell Co. Ltd.(1) | 1,092 | 48,559 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(1) | 6,452 | 60,677 | ||||||
Doosan Infracore Co. Ltd.(1) | 13,292 | 92,871 | ||||||
DoubleUGames Co. Ltd. | 216 | 10,626 | ||||||
Douzone Bizon Co. Ltd. | 730 | 71,333 | ||||||
E-MART, Inc. | 2,643 | 397,127 | ||||||
Easy Bio, Inc.(1) | 465 | 2,768 | ||||||
Easy Holdings Co. Ltd.(1) | 774 | 3,072 | ||||||
Echo Marketing, Inc. | 658 | 15,538 | ||||||
Ecopro BM Co. Ltd. | 165 | 23,742 | ||||||
Ecopro Co. Ltd. | 446 | 25,418 | ||||||
ENF Technology Co. Ltd. | 2,415 | 90,995 | ||||||
Eo Technics Co. Ltd.(1) | 172 | 15,439 | ||||||
Eubiologics Co. Ltd.(1) | 1,470 | 24,136 | ||||||
Eugene Corp.(1) | 17,369 | 74,660 | ||||||
Eugene Investment & Securities Co. Ltd.(1) | 8,479 | 28,252 | ||||||
F&F Co. Ltd.(1) | 634 | 78,422 | ||||||
Feelux Co. Ltd.(1) | 4,282 | 16,636 | ||||||
Fila Holdings Corp. | 2,235 | 79,555 | ||||||
Foosung Co. Ltd.(1) | 1,666 | 14,914 | ||||||
Genexine, Inc.(1) | 429 | 36,702 | ||||||
GOLFZON Co. Ltd.(1) | 803 | 44,871 | ||||||
Grand Korea Leisure Co. Ltd.(1) | 2,113 | 29,983 | ||||||
Green Cross Corp. | 247 | 82,926 | ||||||
Green Cross Holdings Corp. | 230 | 7,562 | ||||||
GS Engineering & Construction Corp. | 13,991 | 452,056 | ||||||
GS Holdings Corp. | 4,183 | 145,871 | ||||||
GS Home Shopping, Inc. | 248 | 30,002 | ||||||
GS Retail Co. Ltd. | 2,741 | 88,293 | ||||||
Halla Holdings Corp. | 818 | 30,244 | ||||||
Hana Financial Group, Inc. | 46,610 | 1,536,573 | ||||||
Hanall Biopharma Co. Ltd.(1) | 857 | 16,772 | ||||||
Handok, Inc. | 398 | 9,795 | ||||||
Handsome Co. Ltd. | 1,389 | 45,923 | ||||||
Hanjin Heavy Industries & Construction Co. Ltd.(1) | 15,718 | 101,441 | ||||||
Hanjin Kal Corp.(1) | 674 | 36,347 | ||||||
Hanjin Transportation Co. Ltd.(1) | 1,368 | 51,434 | ||||||
Hankook Tire & Technology Co. Ltd. | 5,813 | 246,295 | ||||||
Hanmi Pharm Co. Ltd.(1) | 264 | 80,540 | ||||||
Hanmi Semiconductor Co. Ltd. | 526 | 10,328 |
42
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Hanon Systems | 7,293 | $ | 100,067 | |||||
Hansae Co. Ltd. | 2,679 | 49,004 | ||||||
Hansol Chemical Co. Ltd. | 546 | 118,460 | ||||||
Hansol Paper Co. Ltd. | 4,250 | 49,472 | ||||||
Hansol Technics Co. Ltd.(1) | 26,009 | 219,726 | ||||||
Hanssem Co. Ltd.(1) | 400 | 35,545 | ||||||
Hanwha Aerospace Co. Ltd.(1) | 7,964 | 261,385 | ||||||
Hanwha Corp.(1) | 8,360 | 217,538 | ||||||
Hanwha General Insurance Co. Ltd.(1) | 2,720 | 9,149 | ||||||
Hanwha Investment & Securities Co. Ltd.(1) | 12,893 | 31,859 | ||||||
Hanwha Life Insurance Co. Ltd. | 68,766 | 196,092 | ||||||
Hanwha Solutions Corp.(1) | 12,915 | 517,305 | ||||||
Hanwha Systems Co. Ltd. | 9,331 | 174,331 | ||||||
Harim Holdings Co. Ltd. | 4,708 | 36,222 | ||||||
HDC Holdings Co. Ltd.(1) | 3,073 | 29,940 | ||||||
HDC Hyundai Development Co-Engineering & Construction, E Shares | 2,327 | 55,447 | ||||||
Helixmith Co. Ltd.(1) | 1 | 21 | ||||||
Hite Jinro Co. Ltd.(1) | 3,562 | 108,333 | ||||||
HLB Life Science Co. Ltd.(1) | 1,203 | 19,445 | ||||||
HLB, Inc.(1) | 635 | 38,814 | ||||||
HMM Co. Ltd.(1) | 61,579 | 1,041,022 | ||||||
Hotel Shilla Co. Ltd. | 4,543 | 333,003 | ||||||
HS Industries Co. Ltd.(1) | 4,193 | 28,985 | ||||||
Huchems Fine Chemical Corp. | 2,138 | 43,547 | ||||||
Hugel, Inc.(1) | 90 | 13,776 | ||||||
Humedix Co. Ltd. | 95 | 1,952 | ||||||
Huons Co. Ltd. | 944 | 46,598 | ||||||
Huons Global Co. Ltd. | 56 | 1,357 | ||||||
Hwaseung Enterprise Co. Ltd.(1) | 1,558 | 21,545 | ||||||
Hyosung Advanced Materials Corp.(1) | 781 | 203,126 | ||||||
Hyosung Chemical Corp.(1) | 515 | 103,691 | ||||||
Hyosung Corp.(1) | 252 | 17,982 | ||||||
Hyosung Heavy Industries Corp.(1) | 1,472 | 94,761 | ||||||
Hyosung TNC Co. Ltd. | 835 | 308,889 | ||||||
Hyundai Construction Equipment Co. Ltd.(1) | 3,652 | 121,613 | ||||||
Hyundai Corp. | 1,583 | 24,391 | ||||||
Hyundai Department Store Co. Ltd. | 1,144 | 84,253 | ||||||
Hyundai Electric & Energy System Co. Ltd.(1) | 5,856 | 91,885 | ||||||
Hyundai Elevator Co. Ltd.(1) | 2,506 | 96,087 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 13,339 | 472,010 | ||||||
Hyundai Futurenet Co., Ltd. | 1,145 | 3,772 | ||||||
Hyundai Glovis Co. Ltd. | 2,741 | 469,208 | ||||||
Hyundai Greenfood Co. Ltd. | 3,917 | 31,580 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 1,654 | 398,098 | ||||||
Hyundai Home Shopping Network Corp. | 1,054 | 74,671 | ||||||
Hyundai Livart Furniture Co. Ltd. | 618 | 8,891 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 10,509 | 204,762 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(1) | 2,737 | 131,517 | ||||||
Hyundai Mobis Co. Ltd. | 3,163 | 849,118 | ||||||
Hyundai Motor Co. | 13,441 | 2,829,907 |
43
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Hyundai Rotem Co. Ltd.(1) | 2,964 | $ | 51,693 | |||||
Hyundai Steel Co. | 7,643 | 270,682 | ||||||
Hyundai Wia Corp. | 1,816 | 124,201 | ||||||
i-SENS, Inc. | 1,013 | 21,665 | ||||||
ICD Co. Ltd. | 938 | 14,262 | ||||||
Il Dong Pharmaceutical Co. Ltd.(1) | 137 | 2,091 | ||||||
Iljin Materials Co. Ltd.(1) | 490 | 30,642 | ||||||
Ilyang Pharmaceutical Co. Ltd. | 614 | 28,457 | ||||||
iMarketKorea, Inc. | 4,599 | 35,228 | ||||||
InBody Co. Ltd.(1) | 424 | 6,982 | ||||||
Industrial Bank of Korea(1) | 32,375 | 239,701 | ||||||
Innocean Worldwide, Inc. | 2,236 | 122,904 | ||||||
Innox Advanced Materials Co. Ltd.(1) | 326 | 13,721 | ||||||
Inscobee, Inc.(1) | 4,307 | 11,087 | ||||||
Insun ENT Co. Ltd.(1) | 7,507 | 83,240 | ||||||
Interflex Co. Ltd.(1) | 957 | 11,044 | ||||||
INTOPS Co. Ltd. | 2,082 | 55,871 | ||||||
IS Dongseo Co. Ltd.(1) | 734 | 35,018 | ||||||
ITM Semiconductor Co. Ltd. | 368 | 14,957 | ||||||
JB Financial Group Co. Ltd. | 32,207 | 167,022 | ||||||
Jcontentree Corp.(1) | 1,335 | 53,031 | ||||||
Jeju Air Co. Ltd.(1) | 237 | 4,922 | ||||||
Jusung Engineering Co. Ltd.(1) | 5,248 | 47,506 | ||||||
JW Holdings Corp. | 857 | 3,699 | ||||||
JW Pharmaceutical Corp. | 383 | 9,921 | ||||||
JYP Entertainment Corp.(1) | 2,481 | 80,574 | ||||||
Kakao Corp. | 1,428 | 619,615 | ||||||
Kangwon Land, Inc.(1) | 2,770 | 60,181 | ||||||
KB Financial Group, Inc., ADR(1) | 50,389 | 1,930,907 | ||||||
KC Co. Ltd. | 1,647 | 40,656 | ||||||
KC Tech Co. Ltd. | 1,621 | 35,997 | ||||||
KCC Corp. | 592 | 105,033 | ||||||
KCC Glass Corp. | 57 | 2,241 | ||||||
KEPCO Engineering & Construction Co., Inc.(1) | 1,249 | 19,427 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.(1) | 340 | 8,123 | ||||||
Kginicis Co. Ltd. | 2,739 | 44,532 | ||||||
KH Vatec Co. Ltd.(1) | 337 | 5,649 | ||||||
Kia Motors Corp. | 24,689 | 1,744,275 | ||||||
KISCO Corp. | 6,681 | 46,982 | ||||||
KISWIRE Ltd.(1) | 1,961 | 28,794 | ||||||
KIWOOM Securities Co. Ltd.(1) | 2,890 | 330,597 | ||||||
KMW Co. Ltd.(1) | 4,954 | 273,296 | ||||||
Koentec Co. Ltd. | 896 | 6,952 | ||||||
Koh Young Technology, Inc.(1) | 464 | 42,659 | ||||||
Kolmar BNH Co. Ltd.(1) | 873 | 38,782 | ||||||
Kolmar Korea Co. Ltd.(1) | 1,209 | 61,749 | ||||||
Kolmar Korea Holdings Co. Ltd.(1) | 1,580 | 38,302 | ||||||
Kolon Corp. | 1,460 | 29,504 | ||||||
Kolon Industries, Inc. | 4,655 | 226,885 | ||||||
Komipharm International Co. Ltd.(1) | 371 | 3,328 | ||||||
KONA I Co. Ltd.(1) | 4,582 | 162,673 |
44
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Korea Aerospace Industries Ltd.(1) | 13,895 | $ | 409,109 | |||||
Korea Electric Power Corp., ADR(1) | 26,662 | 267,953 | ||||||
Korea Electric Terminal Co. Ltd. | 662 | 46,716 | ||||||
Korea Gas Corp.(1) | 1,299 | 36,815 | ||||||
Korea Investment Holdings Co. Ltd.(1) | 4,108 | 319,113 | ||||||
Korea Line Corp.(1) | 45,074 | 132,144 | ||||||
Korea Petrochemical Ind Co. Ltd.(1) | 719 | 232,496 | ||||||
Korea Real Estate Investment & Trust Co. Ltd. | 19,437 | 36,282 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(1) | 1,751 | 174,393 | ||||||
Korea United Pharm, Inc.(1) | 1,469 | 68,546 | ||||||
Korea Zinc Co. Ltd. | 267 | 95,828 | ||||||
Korean Air Lines Co. Ltd.(1) | 18,056 | 452,095 | ||||||
Korean Reinsurance Co. | 9,155 | 64,038 | ||||||
KT Skylife Co. Ltd. | 4,098 | 31,117 | ||||||
KTB Investment & Securities Co. Ltd.(1) | 5,627 | 20,359 | ||||||
Kumho Industrial Co. Ltd.(1) | 253 | 1,968 | ||||||
Kumho Petrochemical Co. Ltd.(1) | 3,664 | 687,444 | ||||||
Kumho Tire Co., Inc.(1) | 8,327 | 29,417 | ||||||
Kwang Dong Pharmaceutical Co. Ltd. | 1,298 | 10,186 | ||||||
Kyobo Securities Co. Ltd. | 927 | 5,986 | ||||||
Kyung Dong Navien Co. Ltd. | 926 | 41,630 | ||||||
L&C Bio Co. Ltd. | 717 | 19,781 | ||||||
LEENO Industrial, Inc. | 563 | 80,226 | ||||||
LegoChem Biosciences, Inc.(1) | 1,052 | 50,189 | ||||||
LF Corp. | 556 | 7,645 | ||||||
LG Chem Ltd. | 4,757 | 3,513,905 | ||||||
LG Corp. | 4,290 | 357,640 | ||||||
LG Display Co. Ltd., ADR(1)(2) | 65,636 | 655,704 | ||||||
LG Electronics, Inc. | 15,831 | 2,057,831 | ||||||
LG Hausys Ltd. | 1,905 | 121,034 | ||||||
LG HelloVision Co. Ltd. | 6,071 | 24,307 | ||||||
LG Household & Health Care Ltd. | 216 | 290,864 | ||||||
LG Innotek Co. Ltd. | 1,485 | 262,151 | ||||||
LG International Corp. | 9,976 | 242,342 | ||||||
LG Uplus Corp. | 29,213 | 306,354 | ||||||
LIG Nex1 Co. Ltd. | 1,363 | 44,859 | ||||||
Lock&Lock Co. Ltd.(1) | 549 | 7,220 | ||||||
Lotte Chemical Corp. | 678 | 191,188 | ||||||
Lotte Chilsung Beverage Co. Ltd.(1) | 368 | 37,488 | ||||||
Lotte Corp. | 1,759 | 52,496 | ||||||
Lotte Data Communication Co. | 842 | 29,498 | ||||||
LOTTE Fine Chemical Co. Ltd. | 3,829 | 181,822 | ||||||
LOTTE Himart Co. Ltd. | 711 | 23,692 | ||||||
Lotte Shopping Co. Ltd. | 1,317 | 139,923 | ||||||
Lotte Tour Development Co. Ltd.(1) | 483 | 9,463 | ||||||
LS Corp. | 5,518 | 341,907 | ||||||
LS Electric Co. Ltd. | 2,027 | 103,360 | ||||||
Lutronic Corp.(1) | 3,294 | 26,817 | ||||||
LVMC Holdings(1) | 1,818 | 6,643 | ||||||
Mando Corp.(1) | 8,675 | 481,630 | ||||||
Mcnex Co. Ltd. | 2,052 | 99,259 |
45
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Medytox, Inc. | 66 | $ | 11,849 | |||||
Meerecompany, Inc.(1) | 66 | 2,327 | ||||||
MegaStudyEdu Co. Ltd.(1) | 1,211 | 57,446 | ||||||
Meritz Financial Group, Inc. | 9,338 | 101,645 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 13,719 | 196,529 | ||||||
Meritz Securities Co. Ltd. | 51,202 | 170,933 | ||||||
Mezzion Pharma Co. Ltd.(1) | 53 | 7,126 | ||||||
Mirae Asset Daewoo Co. Ltd. | 20,268 | 167,937 | ||||||
Mirae Asset Life Insurance Co. Ltd. | 16,563 | 58,959 | ||||||
Muhak Co. Ltd. | 242 | 1,467 | ||||||
Namhae Chemical Corp.(1) | 4,357 | 33,101 | ||||||
Namsun Aluminum Co. Ltd.(1) | 1,726 | 6,386 | ||||||
NAVER Corp. | 5,497 | 1,833,053 | ||||||
NCSoft Corp. | 452 | 375,862 | ||||||
Neowiz(1) | 1,167 | 23,043 | ||||||
NEPES Corp.(1) | 1,608 | 56,631 | ||||||
Netmarble Corp. | 676 | 74,232 | ||||||
Nexen Tire Corp.(1) | 6,010 | 45,164 | ||||||
NH Investment & Securities Co. Ltd.(1) | 19,863 | 191,641 | ||||||
NHN Corp.(1) | 514 | 31,604 | ||||||
NHN KCP Corp.(1) | 2,343 | 96,700 | ||||||
NICE Holdings Co. Ltd.(1) | 3,503 | 52,814 | ||||||
NICE Information Service Co. Ltd.(1) | 2,961 | 57,768 | ||||||
NongShim Co. Ltd. | 254 | 62,148 | ||||||
NS Shopping Co. Ltd. | 927 | 9,108 | ||||||
OCI Co. Ltd.(1) | 1,047 | 116,344 | ||||||
OptoElectronics Solutions Co. Ltd. | 901 | 36,883 | ||||||
Orion Corp./Republic of Korea | 1,029 | 117,589 | ||||||
Orion Holdings Corp. | 2,176 | 26,623 | ||||||
Oscotec, Inc.(1) | 168 | 5,225 | ||||||
Osstem Implant Co. Ltd. | 2,699 | 174,291 | ||||||
Ottogi Corp. | 52 | 25,921 | ||||||
Pan Ocean Co. Ltd. | 49,504 | 251,843 | ||||||
Paradise Co. Ltd.(1) | 1,711 | 26,562 | ||||||
Partron Co. Ltd. | 5,351 | 53,167 | ||||||
Pearl Abyss Corp.(1) | 467 | 120,229 | ||||||
Peptron, Inc.(1) | 90 | 1,141 | ||||||
PHARMA RESEARCH PRODUCTS Co. Ltd.(1) | 36 | 1,798 | ||||||
Pharmicell Co. Ltd.(1) | 978 | 13,967 | ||||||
PI Advanced Materials Co. Ltd.(1) | 745 | 28,293 | ||||||
Poongsan Corp. | 2,881 | 93,761 | ||||||
POSCO, ADR | 34,904 | 2,132,634 | ||||||
POSCO Chemical Co. Ltd. | 650 | 91,084 | ||||||
Posco ICT Co. Ltd. | 1,823 | 12,107 | ||||||
Posco International Corp. | 9,312 | 185,188 | ||||||
Pulmuone Co. Ltd. | 3,081 | 46,057 | ||||||
Rsupport Co. Ltd.(1) | 2,340 | 17,239 | ||||||
S&T Motiv Co. Ltd. | 1,273 | 70,869 | ||||||
S-1 Corp. | 1,478 | 109,191 | ||||||
S-Oil Corp.(1) | 6,397 | 483,698 | ||||||
Sam Chun Dang Pharm Co. Ltd.(1) | 117 | 6,834 |
46
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Samjin Pharmaceutical Co. Ltd. | 1,819 | $ | 41,278 | |||||
Samsung Biologics Co. Ltd.(1) | 283 | 188,789 | ||||||
Samsung C&T Corp. | 2,585 | 279,338 | ||||||
Samsung Card Co. Ltd. | 2,438 | 71,446 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 7,740 | 1,301,069 | ||||||
Samsung Electronics Co. Ltd., GDR | 10,131 | 18,714,293 | ||||||
Samsung Engineering Co. Ltd.(1) | 29,009 | 331,994 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 4,277 | 658,212 | ||||||
Samsung Heavy Industries Co. Ltd.(1) | 25,908 | 151,225 | ||||||
Samsung Life Insurance Co. Ltd. | 6,311 | 420,339 | ||||||
Samsung Pharmaceutical Co. Ltd.(1) | 3,889 | 24,906 | ||||||
Samsung SDI Co. Ltd. | 2,526 | 1,513,872 | ||||||
Samsung SDS Co. Ltd. | 965 | 166,873 | ||||||
Samsung Securities Co. Ltd. | 6,022 | 195,845 | ||||||
Samwha Capacitor Co. Ltd. | 1,445 | 87,042 | ||||||
Samyang Foods Co. Ltd. | 339 | 26,233 | ||||||
Samyang Holdings Corp. | 272 | 20,673 | ||||||
Sangsangin Co. Ltd.(1) | 5,065 | 27,843 | ||||||
SBS Media Holdings Co. Ltd.(1) | 1,692 | 2,896 | ||||||
Seah Besteel Corp. | 2,924 | 38,154 | ||||||
Sebang Global Battery Co. Ltd. | 784 | 62,711 | ||||||
Seegene, Inc. | 818 | 90,617 | ||||||
Sejong Telecom, Inc.(1) | 5,123 | 3,298 | ||||||
Seobu T&D | 996 | 6,753 | ||||||
Seoul Semiconductor Co. Ltd. | 5,718 | 100,386 | ||||||
SFA Engineering Corp. | 1,152 | 43,416 | ||||||
SFA Semicon Co. Ltd.(1) | 13,190 | 101,620 | ||||||
Shin Poong Pharmaceutical Co. Ltd. | 907 | 67,483 | ||||||
Shinhan Financial Group Co. Ltd., ADR(1)(2) | 37,602 | 1,089,330 | ||||||
Shinsegae International, Inc. | 135 | 22,923 | ||||||
Shinsegae, Inc. | 656 | 157,227 | ||||||
Shinsung E&G Co. Ltd.(1) | 13,081 | 35,721 | ||||||
Silicon Works Co. Ltd. | 803 | 45,847 | ||||||
SillaJen, Inc.(1) | 626 | 6,742 | ||||||
SIMMTECH Co. Ltd. | 6,238 | 131,806 | ||||||
SK Biopharmaceuticals Co. Ltd.(1) | 491 | 51,558 | ||||||
SK Chemicals Co. Ltd. | 1,152 | 385,333 | ||||||
SK D&D Co. Ltd. | 2,081 | 64,634 | ||||||
SK Discovery Co. Ltd. | 5,267 | 305,733 | ||||||
SK Gas Ltd. | 666 | 54,152 | ||||||
SK Holdings Co. Ltd. | 2,421 | 563,865 | ||||||
SK Hynix, Inc. | 28,303 | 3,559,366 | ||||||
SK Innovation Co. Ltd.(1) | 5,036 | 1,166,985 | ||||||
SK Materials Co. Ltd. | 403 | 109,744 | ||||||
SK Networks Co. Ltd. | 29,415 | 145,549 | ||||||
SK Securities Co. Ltd.(1) | 12,360 | 9,081 | ||||||
SK Telecom Co. Ltd., ADR | 43,922 | 1,057,642 | ||||||
SKC Co. Ltd. | 750 | 78,353 | ||||||
SL Corp.(1) | 401 | 8,457 | ||||||
SM Entertainment Co. Ltd.(1) | 1,080 | 28,877 | ||||||
Solus Advanced Materials Co. Ltd. | 607 | 24,373 |
47
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Songwon Industrial Co. Ltd. | 4,312 | $ | 70,393 | |||||
Soulbrain Co. Ltd. | 577 | 158,749 | ||||||
Soulbrain Holdings Co., Ltd.(1) | 1,229 | 47,951 | ||||||
Ssangyong Motor Co.(1)(2) | 2,905 | 7,162 | ||||||
ST Pharm Co. Ltd.(1) | 124 | 8,606 | ||||||
Studio Dragon Corp.(1) | 556 | 47,465 | ||||||
Suheung Co. Ltd. | 124 | 5,638 | ||||||
Sung Kwang Bend Co. Ltd. | 420 | 2,771 | ||||||
Sungwoo Hitech Co. Ltd. | 2,998 | 17,386 | ||||||
Taewoong Co. Ltd.(1) | 329 | 3,698 | ||||||
Taeyoung Engineering & Construction Co. Ltd. | 4,884 | 51,394 | ||||||
Taihan Electric Wire Co. Ltd.(1) | 26,822 | 23,405 | ||||||
Taihan Fiberoptics Co. Ltd.(1) | 470 | 1,398 | ||||||
Telcon RF Pharmaceutical, Inc.(1) | 379 | 1,660 | ||||||
TES Co. Ltd. | 1,577 | 43,330 | ||||||
Tesna, Inc. | 2,366 | 103,434 | ||||||
TK Corp.(1) | 380 | 2,489 | ||||||
Tokai Carbon Korea Co. Ltd. | 154 | 20,713 | ||||||
Tongyang Life Insurance Co. Ltd. | 10,021 | 36,679 | ||||||
Tongyang, Inc.(1) | 2,830 | 3,130 | ||||||
Toptec Co. Ltd. | 790 | 8,815 | ||||||
TY Holdings Co. Ltd.(1) | 1,589 | 34,580 | ||||||
Unid Co. Ltd. | 1,333 | 73,834 | ||||||
UniTest, Inc.(1) | 1,762 | 37,922 | ||||||
Value Added Technology Co. Ltd.(1) | 136 | 3,175 | ||||||
Vieworks Co. Ltd. | 352 | 9,913 | ||||||
Webzen, Inc.(1) | 2,458 | 78,624 | ||||||
Wemade Co. Ltd. | 563 | 19,079 | ||||||
Whanin Pharmaceutical Co. Ltd. | 148 | 2,515 | ||||||
Winix, Inc. | 1,582 | 35,468 | ||||||
WiSoL Co. Ltd.(1) | 6,266 | 75,903 | ||||||
Wonik Holdings Co. Ltd.(1) | 5,541 | 30,316 | ||||||
WONIK IPS Co. Ltd. | 5,677 | 251,189 | ||||||
Wonik Materials Co. Ltd. | 745 | 22,889 | ||||||
Woongjin Thinkbig Co. Ltd. | 11,642 | 26,394 | ||||||
Woori Financial Group, Inc.(1) | 62,495 | 533,656 | ||||||
Woori Investment Bank Co. Ltd. | 4,836 | 2,733 | ||||||
Y G-1 Co. Ltd. | 226 | 1,227 | ||||||
YG Entertainment, Inc.(1) | 628 | 25,536 | ||||||
Youlchon Chemical Co. Ltd. | 1,157 | 23,626 | ||||||
Youngone Corp.(1) | 2,073 | 77,479 | ||||||
Yuanta Securities Korea Co. Ltd.(1) | 10,724 | 29,066 | ||||||
Yuhan Corp. | 1,076 | 59,416 | ||||||
Yungjin Pharmaceutical Co. Ltd.(1) | 1,448 | 8,291 | ||||||
Zinus, Inc. | 315 | 26,128 | ||||||
84,724,990 | ||||||||
Taiwan — 15.4% | ||||||||
A-DATA Technology Co. Ltd. | 39,000 | 121,088 | ||||||
Aaeon Technology, Inc. | 1,000 | 2,510 | ||||||
AcBel Polytech, Inc. | 95,000 | 100,024 | ||||||
Accton Technology Corp. | 9,000 | 84,798 |
48
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Acer, Inc. | 419,000 | $ | 404,203 | |||||
ACES Electronic Co. Ltd. | 23,000 | 38,701 | ||||||
Acter Group Corp. Ltd. | 5,207 | 37,238 | ||||||
Advanced Ceramic X Corp. | 1,000 | 17,581 | ||||||
Advanced International Multitech Co. Ltd. | 6,000 | 12,078 | ||||||
Advanced Power Electronics Corp. | 17,000 | 31,499 | ||||||
Advantech Co. Ltd. | 2,199 | 28,682 | ||||||
AGV Products Corp.(1) | 74,000 | 23,552 | ||||||
Airtac International Group | 4,000 | 139,646 | ||||||
Alchip Technologies Ltd. | 3,000 | 95,852 | ||||||
Alltek Technology Corp. | 32,000 | 27,946 | ||||||
Alltop Technology Co. Ltd. | 7,000 | 26,171 | ||||||
Alpha Networks, Inc. | 35,772 | 45,137 | ||||||
Altek Corp. | 31,000 | 39,541 | ||||||
AMPOC Far-East Co. Ltd. | 22,000 | 27,835 | ||||||
AmTRAN Technology Co. Ltd.(1) | 13,000 | 5,540 | ||||||
Anpec Electronics Corp. | 9,000 | 30,961 | ||||||
APAQ Technology Co. Ltd. | 12,000 | 25,330 | ||||||
Apex International Co. Ltd. | 27,000 | 69,134 | ||||||
Arcadyan Technology Corp. | 24,061 | 81,995 | ||||||
Ardentec Corp. | 81,000 | 133,817 | ||||||
Argosy Research, Inc. | 7,545 | 34,951 | ||||||
ASE Technology Holding Co. Ltd., ADR | 159,336 | 1,206,174 | ||||||
Asia Cement Corp. | 221,000 | 338,334 | ||||||
Asia Optical Co., Inc. | 2,000 | 6,617 | ||||||
Asia Pacific Telecom Co. Ltd.(1) | 7,209 | 2,523 | ||||||
Asia Polymer Corp. | 59,850 | 48,510 | ||||||
Asia Vital Components Co. Ltd. | 69,000 | 164,343 | ||||||
ASIX Electronics Corp. | 11,000 | 46,826 | ||||||
ASMedia Technology, Inc. | 1,000 | 60,956 | ||||||
ASROCK, Inc. | 8,000 | 44,914 | ||||||
Asustek Computer, Inc. | 43,000 | 469,003 | ||||||
Aten International Co. Ltd. | 9,000 | 28,398 | ||||||
AU Optronics Corp.(1) | 768,200 | 523,290 | ||||||
AURAS Technology Co. Ltd. | 11,000 | 87,014 | ||||||
Aurora Corp. | 1,000 | 3,139 | ||||||
AVY Precision Technology, Inc. | 3,060 | 2,934 | ||||||
Azurewave Technologies, Inc.(1) | 23,000 | 23,470 | ||||||
Bank of Kaohsiung Co. Ltd. | 31,350 | 11,107 | ||||||
Basso Industry Corp. | 3,000 | 4,988 | ||||||
BenQ Materials Corp. | 30,000 | 32,960 | ||||||
BES Engineering Corp. | 216,000 | 70,450 | ||||||
Bin Chuan Enterprise Co. Ltd. | 23,000 | 25,188 | ||||||
Bioteque Corp. | 1,000 | 4,613 | ||||||
Bizlink Holding, Inc. | 9,000 | 96,468 | ||||||
Brave C&H Supply Co. Ltd. | 4,000 | 23,889 | ||||||
Brighton-Best International Taiwan, Inc.(1) | 68,000 | 67,213 | ||||||
Brogent Technologies, Inc. | 1,000 | 4,099 | ||||||
C Sun Manufacturing Ltd. | 24,000 | 39,467 | ||||||
Capital Futures Corp. | 2,000 | 2,734 | ||||||
Capital Securities Corp. | 298,000 | 150,753 |
49
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Career Technology MFG. Co. Ltd. | 69,100 | $ | 88,956 | |||||
Caswell, Inc. | 3,000 | 12,702 | ||||||
Catcher Technology Co. Ltd. | 66,000 | 454,627 | ||||||
Cathay Financial Holding Co. Ltd. | 576,000 | 868,509 | ||||||
Cayman Engley Industrial Co. Ltd. | 7,000 | 25,446 | ||||||
Celxpert Energy Corp. | 13,000 | 23,841 | ||||||
Center Laboratories, Inc.(1) | 47,047 | 113,766 | ||||||
Central Reinsurance Co. Ltd. | 13,000 | 10,700 | ||||||
Chailease Holding Co. Ltd. | 5,200 | 32,149 | ||||||
Chang Hwa Commercial Bank Ltd. | 141,520 | 86,606 | ||||||
Chang Wah Electromaterials, Inc. | 20,000 | 30,181 | ||||||
Chang Wah Technology Co. Ltd. | 7,000 | 17,186 | ||||||
Channel Well Technology Co. Ltd. | 20,000 | 41,008 | ||||||
Charoen Pokphand Enterprise | 18,000 | 46,846 | ||||||
CHC Healthcare Group | 5,000 | 6,611 | ||||||
CHC Resources Corp. | 4,000 | 6,601 | ||||||
Chen Full International Co. Ltd. | 16,000 | 26,073 | ||||||
Chenbro Micom Co. Ltd. | 10,000 | 29,958 | ||||||
Cheng Loong Corp. | 85,000 | 95,820 | ||||||
Cheng Mei Materials Technology Corp.(1) | 181,000 | 74,903 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 227,000 | 352,063 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 68,000 | 114,541 | ||||||
Chia Chang Co. Ltd. | 6,000 | 8,322 | ||||||
Chia Hsin Cement Corp. | 13,000 | 8,221 | ||||||
Chicony Electronics Co. Ltd. | 34,000 | 114,857 | ||||||
Chicony Power Technology Co. Ltd. | 20,000 | 56,869 | ||||||
Chief Telecom, Inc. | 2,000 | 21,589 | ||||||
Chieftek Precision Co. Ltd. | 1,000 | 3,959 | ||||||
Chilisin Electronics Corp. | 20,000 | 80,612 | ||||||
Chin-Poon Industrial Co. Ltd. | 68,000 | 83,062 | ||||||
China Airlines Ltd.(1) | 378,000 | 190,584 | ||||||
China Bills Finance Corp. | 38,000 | 20,529 | ||||||
China Chemical & Pharmaceutical Co. Ltd. | 41,000 | 33,509 | ||||||
China Development Financial Holding Corp. | 1,421,000 | 474,879 | ||||||
China General Plastics Corp. | 51,450 | 54,704 | ||||||
China Life Insurance Co. Ltd. | 290,980 | 237,063 | ||||||
China Man-Made Fiber Corp.(1) | 187,000 | 66,209 | ||||||
China Metal Products | 11,000 | 12,654 | ||||||
China Motor Corp.(1) | 30,800 | 53,334 | ||||||
China Petrochemical Development Corp. | 485,000 | 187,503 | ||||||
China Steel Corp. | 880,000 | 781,736 | ||||||
Chinese Maritime Transport Ltd. | 6,000 | 7,208 | ||||||
Chipbond Technology Corp. | 111,000 | 296,095 | ||||||
ChipMOS Technologies, Inc. | 74,000 | 100,505 | ||||||
Chlitina Holding Ltd. | 7,000 | 56,132 | ||||||
Chong Hong Construction Co. Ltd. | 3,000 | 8,835 | ||||||
Chroma ATE, Inc. | 2,000 | 14,751 | ||||||
Chun Yuan Steel Industry Co. Ltd. | 54,000 | 26,316 | ||||||
Chung Hung Steel Corp.(1) | 180,000 | 113,122 | ||||||
Chung Hwa Pulp Corp.(1) | 67,000 | 28,726 | ||||||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 61,000 | 109,841 |
50
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Chunghwa Telecom Co. Ltd., ADR(2) | 19,701 | $ | 776,416 | |||||
Cleanaway Co. Ltd. | 36,000 | 209,504 | ||||||
Clevo Co.(1) | 29,000 | 31,308 | ||||||
CMC Magnetics Corp. | 204,685 | 60,724 | ||||||
Co-Tech Development Corp. | 8,000 | 17,106 | ||||||
Compal Electronics, Inc. | 403,000 | 321,565 | ||||||
Compeq Manufacturing Co. Ltd. | 139,000 | 219,877 | ||||||
Concord International Securities Co. Ltd. | 43,000 | 20,446 | ||||||
Concraft Holding Co. Ltd. | 6,899 | 20,569 | ||||||
Continental Holdings Corp. | 65,000 | 51,299 | ||||||
Coretronic Corp. | 70,000 | 120,977 | ||||||
CTBC Financial Holding Co. Ltd. | 1,307,000 | 939,521 | ||||||
CTCI Corp. | 17,000 | 22,293 | ||||||
Cyberlink Corp. | 7,000 | 25,875 | ||||||
CyberTAN Technology, Inc. | 61,000 | 42,951 | ||||||
D-Link Corp.(1) | 5,000 | 4,396 | ||||||
DA CIN Construction Co. Ltd. | 34,000 | 31,944 | ||||||
Da-Li Development Co. Ltd. | 2,199 | 2,365 | ||||||
Dadi Early-Childhood Education Group Ltd. | 1,000 | 6,316 | ||||||
Dafeng TV Ltd. | 4,000 | 6,121 | ||||||
Darfon Electronics Corp. | 38,000 | 61,690 | ||||||
Darwin Precisions Corp.(1) | 5,000 | 2,555 | ||||||
Daxin Materials Corp. | 10,000 | 32,662 | ||||||
Delta Electronics, Inc. | 71,000 | 717,223 | ||||||
Depo Auto Parts Ind Co. Ltd. | 4,000 | 8,685 | ||||||
Dimerco Express Corp. | 27,000 | 62,728 | ||||||
Double Bond Chemical Industry Co. Ltd. | 3,000 | 7,049 | ||||||
Dyaco International, Inc. | 13,000 | 49,199 | ||||||
Dynamic Electronics Co. Ltd.(1) | 72,147 | 49,276 | ||||||
Dynapack International Technology Corp. | 18,000 | 70,527 | ||||||
E Ink Holdings, Inc. | 17,000 | 30,917 | ||||||
E-LIFE MALL Corp. | 4,000 | 10,963 | ||||||
E.Sun Financial Holding Co. Ltd. | 366,105 | 332,301 | ||||||
Eastern Media International Corp. | 40,000 | 24,115 | ||||||
Eclat Textile Co. Ltd. | 9,000 | 138,958 | ||||||
ECOVE Environment Corp. | 1,000 | 7,844 | ||||||
Egis Technology, Inc. | 5,000 | 27,751 | ||||||
Elan Microelectronics Corp. | 98,000 | 607,161 | ||||||
Elite Advanced Laser Corp. | 18,000 | 40,607 | ||||||
Elite Material Co. Ltd. | 30,000 | 181,877 | ||||||
Elite Semiconductor Microelectronics Technology, Inc. | 39,000 | 128,639 | ||||||
Elitegroup Computer Systems Co. Ltd.(1) | 44,000 | 48,240 | ||||||
eMemory Technology, Inc. | 1,000 | 29,413 | ||||||
ENNOSTAR, Inc.(1) | 32,375 | 99,732 | ||||||
Eson Precision Ind Co. Ltd. | 15,000 | 35,437 | ||||||
Eternal Materials Co. Ltd. | 113,000 | 146,264 | ||||||
Eva Airways Corp. | 138,000 | 78,415 | ||||||
Everest Textile Co. Ltd.(1) | 3,000 | 873 | ||||||
Evergreen International Storage & Transport Corp. | 69,000 | 42,212 | ||||||
Evergreen Marine Corp. Taiwan Ltd.(1) | 445,190 | 610,168 | ||||||
Everlight Chemical Industrial Corp. | 54,000 | 32,501 |
51
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Everlight Electronics Co. Ltd. | 86,000 | $ | 135,621 | |||||
Excelsior Medical Co. Ltd. | 6,000 | 11,976 | ||||||
Far Eastern Department Stores Ltd. | 127,000 | 104,155 | ||||||
Far Eastern International Bank | 253,932 | 97,090 | ||||||
Far Eastern New Century Corp. | 353,000 | 367,638 | ||||||
Far EasTone Telecommunications Co. Ltd. | 133,000 | 295,059 | ||||||
Faraday Technology Corp. | 2,000 | 3,816 | ||||||
Farglory F T Z Investment Holding Co. Ltd. | 17,000 | 17,115 | ||||||
Farglory Land Development Co. Ltd. | 29,000 | 55,792 | ||||||
Federal Corp.(1) | 13,000 | 8,047 | ||||||
Feng Hsin Steel Co. Ltd. | 65,000 | 164,958 | ||||||
Feng TAY Enterprise Co. Ltd. | 37,800 | 253,281 | ||||||
Firich Enterprises Co. Ltd. | 32,223 | 35,025 | ||||||
First Financial Holding Co. Ltd. | 309,460 | 231,773 | ||||||
First Hi-Tec Enterprise Co. Ltd. | 13,000 | 29,323 | ||||||
First Steamship Co. Ltd. | 75,210 | 27,315 | ||||||
Fitipower Integrated Technology, Inc. | 4,000 | 30,774 | ||||||
Fittech Co. Ltd. | 4,223 | 24,178 | ||||||
FLEXium Interconnect, Inc. | 44,000 | 198,837 | ||||||
Flytech Technology Co. Ltd. | 1,000 | 2,186 | ||||||
FocalTech Systems Co. Ltd.(1) | 30,804 | 110,774 | ||||||
Forcecon Tech Co. Ltd. | 10,000 | 40,365 | ||||||
Forest Water Environment Engineering Co. Ltd. | 1,000 | 1,521 | ||||||
Formosa Advanced Technologies Co. Ltd. | 26,000 | 35,522 | ||||||
Formosa Chemicals & Fibre Corp. | 74,000 | 228,796 | ||||||
Formosa International Hotels Corp. | 5,000 | 26,968 | ||||||
Formosa Laboratories, Inc.(1) | 14,000 | 25,671 | ||||||
Formosa Petrochemical Corp. | 26,000 | 93,895 | ||||||
Formosa Plastics Corp. | 73,000 | 255,883 | ||||||
Formosa Sumco Technology Corp. | 7,000 | 37,668 | ||||||
Formosa Taffeta Co. Ltd. | 67,000 | 73,103 | ||||||
Formosan Rubber Group, Inc. | 22,000 | 19,077 | ||||||
Formosan Union Chemical | 53,650 | 28,018 | ||||||
Fortune Electric Co. Ltd. | 26,000 | 40,985 | ||||||
Foxconn Technology Co. Ltd. | 112,000 | 282,123 | ||||||
Foxsemicon Integrated Technology, Inc. | 10,000 | 86,965 | ||||||
FSP Technology, Inc. | 20,000 | 34,867 | ||||||
Fubon Financial Holding Co. Ltd. | 603,000 | 1,082,611 | ||||||
Fulgent Sun International Holding Co. Ltd. | 12,000 | 48,651 | ||||||
Fulltech Fiber Glass Corp.(1) | 59,000 | 32,795 | ||||||
Fusheng Precision Co. Ltd. | 11,000 | 79,911 | ||||||
Gamania Digital Entertainment Co. Ltd. | 25,000 | 56,609 | ||||||
GCS Holdings, Inc. | 1,000 | 1,801 | ||||||
GEM Services, Inc. | 1,000 | 2,855 | ||||||
Gemtek Technology Corp.(1) | 35,000 | 38,931 | ||||||
General Interface Solution Holding Ltd. | 49,000 | 196,471 | ||||||
Genesys Logic, Inc. | 12,000 | 29,703 | ||||||
Genius Electronic Optical Co. Ltd. | 5,079 | 90,227 | ||||||
Getac Technology Corp. | 41,000 | 83,838 | ||||||
Giant Manufacturing Co. Ltd. | 36,000 | 363,851 | ||||||
Giantplus Technology Co. Ltd. | 6,000 | 2,815 |
52
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Gigabyte Technology Co. Ltd. | 64,000 | $ | 200,418 | |||||
Ginko International Co. Ltd. | 8,150 | 41,458 | ||||||
Global Brands Manufacture Ltd. | 65,000 | 65,494 | ||||||
Global Lighting Technologies, Inc. | 7,000 | 25,798 | ||||||
Global Mixed Mode Technology, Inc. | 9,000 | 63,538 | ||||||
Global PMX Co. Ltd. | 1,000 | 6,768 | ||||||
Globalwafers Co. Ltd. | 11,000 | 293,518 | ||||||
Globe Union Industrial Corp. | 13,000 | 7,443 | ||||||
Gloria Material Technology Corp. | 8,000 | 4,932 | ||||||
Gold Circuit Electronics Ltd.(1) | 20,000 | 39,027 | ||||||
Golden Friends Corp. | 1,000 | 2,032 | ||||||
Goldsun Building Materials Co. Ltd. | 172,674 | 152,849 | ||||||
Gourmet Master Co. Ltd. | 10,000 | 55,555 | ||||||
Grand Ocean Retail Group Ltd. | 3,000 | 2,209 | ||||||
Grand Pacific Petrochemical(1) | 160,000 | 137,297 | ||||||
Grape King Bio Ltd. | 15,000 | 97,720 | ||||||
Great China Metal Industry | 9,000 | 7,430 | ||||||
Great Wall Enterprise Co. Ltd. | 79,000 | 141,962 | ||||||
Greatek Electronics, Inc. | 44,000 | 112,546 | ||||||
GTM Holdings Corp. | 7,000 | 5,923 | ||||||
Gudeng Precision Industrial Co. Ltd. | 3,346 | 42,528 | ||||||
Hannstar Board Corp. | 48,927 | 81,334 | ||||||
HannStar Display Corp.(1) | 244,000 | 116,814 | ||||||
HannsTouch Solution, Inc. | 109,000 | 40,965 | ||||||
Harvatek Corp.(1) | 35,000 | 22,846 | ||||||
Heran Co. Ltd. | 7,000 | 35,463 | ||||||
Highwealth Construction Corp. | 6,600 | 10,719 | ||||||
Hiroca Holdings Ltd. | 3,000 | 7,006 | ||||||
Hitron Technology, Inc. | 42,000 | 35,505 | ||||||
Hiwin Technologies Corp. | 3,183 | 45,814 | ||||||
Ho Tung Chemical Corp.(1) | 151,000 | 51,251 | ||||||
Holiday Entertainment Co. Ltd. | 13,000 | 30,257 | ||||||
Holtek Semiconductor, Inc. | 27,000 | 85,101 | ||||||
Holy Stone Enterprise Co. Ltd. | 9,000 | 38,703 | ||||||
Hon Hai Precision Industry Co. Ltd. | 795,000 | 3,206,751 | ||||||
Hong Pu Real Estate Development Co. Ltd. | 11,000 | 8,905 | ||||||
Hong TAI Electric Industrial | 36,000 | 28,313 | ||||||
Horizon Securities Co. Ltd. | 54,000 | 22,179 | ||||||
Hotai Finance Co. Ltd. | 6,000 | 17,274 | ||||||
Hotai Motor Co. Ltd. | 10,000 | 212,095 | ||||||
Hotron Precision Electronic Industrial Co. Ltd. | 9,000 | 24,237 | ||||||
Hsin Kuang Steel Co. Ltd. | 2,000 | 2,824 | ||||||
Hsin Yung Chien Co. Ltd. | 1,000 | 3,736 | ||||||
Hsing TA Cement Co. | 12,000 | 8,475 | ||||||
HTC Corp.(1) | 48,000 | 50,037 | ||||||
Hu Lane Associate, Inc. | 15,225 | 62,468 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 141,508 | 92,262 | ||||||
Huaku Development Co. Ltd. | 40,000 | 126,357 | ||||||
Huang Hsiang Construction Corp. | 3,000 | 3,923 | ||||||
Hung Ching Development & Construction Co. Ltd. | 7,000 | 5,082 | ||||||
Hung Sheng Construction Ltd. | 18,880 | 12,705 |
53
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Huxen Corp. | 3,000 | $ | 5,547 | |||||
Hycon Technology Corp. | 7,000 | 28,001 | ||||||
I-Sheng Electric Wire & Cable Co. Ltd. | 10,000 | 15,711 | ||||||
Ibase Technology, Inc. | 1,000 | 1,328 | ||||||
IBF Financial Holdings Co. Ltd. | 355,576 | 177,744 | ||||||
Ichia Technologies, Inc. | 57,000 | 36,291 | ||||||
IEI Integration Corp. | 20,000 | 37,677 | ||||||
Innodisk Corp. | 8,160 | 47,940 | ||||||
Innolux Corp.(1) | 977,000 | 598,225 | ||||||
Intai Technology Corp. | 2,400 | 7,862 | ||||||
Integrated Service Technology, Inc. | 12,000 | 22,515 | ||||||
Interactive Digital Technologies, Inc. | 8,000 | 23,134 | ||||||
International CSRC Investment Holdings Co. | 19,000 | 18,047 | ||||||
International Games System Co. Ltd. | 7,000 | 208,667 | ||||||
Inventec Corp. | 130,000 | 115,806 | ||||||
Iron Force Industrial Co. Ltd. | 3,000 | 8,215 | ||||||
ITE Technology, Inc. | 14,000 | 45,686 | ||||||
ITEQ Corp. | 11,000 | 56,836 | ||||||
Jarllytec Co. Ltd. | 9,000 | 24,514 | ||||||
Jentech Precision Industrial Co. Ltd. | 3,000 | 34,673 | ||||||
Jih Lin Technology Co. Ltd. | 11,000 | 28,626 | ||||||
Jih Sun Financial Holdings Co. Ltd. | 185,470 | 83,942 | ||||||
Jourdeness Group Ltd. | 1,000 | 3,263 | ||||||
Kaimei Electronic Corp. | 21,000 | 98,589 | ||||||
KEE TAI Properties Co. Ltd. | 28,000 | 10,006 | ||||||
Kenda Rubber Industrial Co. Ltd. | 20,800 | 26,549 | ||||||
Kindom Development Co. Ltd. | 58,000 | 75,219 | ||||||
King Yuan Electronics Co. Ltd. | 101,000 | 144,736 | ||||||
King's Town Bank Co. Ltd. | 123,000 | 173,040 | ||||||
Kinik Co. | 16,000 | 39,713 | ||||||
Kinpo Electronics | 146,000 | 67,552 | ||||||
Kinsus Interconnect Technology Corp. | 26,000 | 89,875 | ||||||
KMC Kuei Meng International, Inc. | 1,000 | 6,976 | ||||||
KNH Enterprise Co. Ltd.(1) | 23,000 | 28,266 | ||||||
KS Terminals, Inc. | 16,000 | 31,955 | ||||||
Kung Long Batteries Industrial Co. Ltd. | 48,000 | 245,526 | ||||||
Kung Sing Engineering Corp.(1) | 64,000 | 23,198 | ||||||
Kuo Toong International Co. Ltd. | 46,000 | 54,609 | ||||||
Kuoyang Construction Co. Ltd. | 23,727 | 31,944 | ||||||
L&K Engineering Co. Ltd. | 20,000 | 22,362 | ||||||
Lanner Electronics, Inc. | 18,000 | 42,951 | ||||||
Largan Precision Co. Ltd. | 3,000 | 354,630 | ||||||
Lealea Enterprise Co. Ltd.(1) | 101,000 | 43,481 | ||||||
Lelon Electronics Corp. | 3,138 | 9,261 | ||||||
Lemtech Holdings Co. Ltd. | 1,000 | 5,431 | ||||||
Li Cheng Enterprise Co. Ltd. | 1,071 | 1,033 | ||||||
Li Peng Enterprise Co. Ltd.(1) | 110,000 | 36,511 | ||||||
Lian HWA Food Corp. | 2,100 | 3,458 | ||||||
Lien Hwa Industrial Holdings Corp. | 6,960 | 10,549 | ||||||
Lingsen Precision Industries Ltd.(1) | 68,000 | 39,307 | ||||||
Lion Travel Service Co. Ltd. | 1,000 | 3,439 |
54
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Lite-On Technology Corp. | 186,000 | $ | 397,435 | |||||
Long Bon International Co. Ltd.(1) | 4,800 | 2,472 | ||||||
Longchen Paper & Packaging Co. Ltd. | 94,587 | 83,585 | ||||||
Longwell Co. | 17,000 | 34,519 | ||||||
Lotes Co. Ltd. | 8,000 | 149,377 | ||||||
Lotus Pharmaceutical Co. Ltd.(1) | 1,000 | 2,751 | ||||||
Lumax International Corp. Ltd. | 10,000 | 25,190 | ||||||
Lung Yen Life Service Corp. | 18,000 | 33,555 | ||||||
Macauto Industrial Co. Ltd. | 11,000 | 35,632 | ||||||
Machvision, Inc. | 1,039 | 10,806 | ||||||
Macronix International | 116,000 | 197,247 | ||||||
Makalot Industrial Co. Ltd. | 11,000 | 80,399 | ||||||
Marketech International Corp. | 9,000 | 37,131 | ||||||
Materials Analysis Technology, Inc. | 6,000 | 22,912 | ||||||
Mechema Chemicals International Corp. | 2,000 | 4,829 | ||||||
MediaTek, Inc. | 32,000 | 1,034,024 | ||||||
Mega Financial Holding Co. Ltd. | 248,000 | 259,867 | ||||||
Mercuries & Associates Holding Ltd. | 55,000 | 40,991 | ||||||
Mercuries Life Insurance Co. Ltd.(1) | 135,343 | 40,838 | ||||||
Merry Electronics Co. Ltd. | 26,000 | 127,821 | ||||||
Micro-Star International Co. Ltd. | 85,000 | 456,334 | ||||||
Microbio Co. Ltd.(1) | 6,000 | 15,564 | ||||||
Mirle Automation Corp. | 5,000 | 8,056 | ||||||
Mitac Holdings Corp. | 42,560 | 47,349 | ||||||
momo.com, Inc. | 1,000 | 34,790 | ||||||
MOSA Industrial Corp. | 13,000 | 17,852 | ||||||
Motech Industries, Inc.(1) | 93,000 | 106,404 | ||||||
MPI Corp. | 11,000 | 46,542 | ||||||
Nak Sealing Technologies Corp. | 3,000 | 9,584 | ||||||
Namchow Holdings Co. Ltd. | 33,000 | 54,722 | ||||||
Nan Kang Rubber Tire Co. Ltd. | 34,000 | 51,237 | ||||||
Nan Liu Enterprise Co. Ltd. | 6,000 | 36,684 | ||||||
Nan Pao Resins Chemical Co. Ltd. | 6,000 | 34,931 | ||||||
Nan Ya Plastics Corp. | 88,000 | 229,988 | ||||||
Nan Ya Printed Circuit Board Corp.(1) | 3,000 | 32,344 | ||||||
Nantex Industry Co. Ltd. | 42,000 | 96,894 | ||||||
Nanya Technology Corp. | 30,000 | 104,368 | ||||||
Newmax Technology Co. Ltd.(1) | 1,000 | 1,993 | ||||||
Nichidenbo Corp. | 23,000 | 43,758 | ||||||
Nidec Chaun-Choung Technology Corp. | 1,000 | 7,821 | ||||||
Nien Made Enterprise Co. Ltd. | 17,000 | 238,287 | ||||||
Nishoku Technology, Inc. | 6,000 | 28,845 | ||||||
Novatek Microelectronics Corp. | 13,000 | 222,203 | ||||||
Nuvoton Technology Corp. | 2,428 | 4,138 | ||||||
O-Bank Co. Ltd. | 74,430 | 18,349 | ||||||
Ocean Plastics Co. Ltd.(1) | 2,000 | 2,435 | ||||||
OptoTech Corp.(1) | 59,000 | 53,552 | ||||||
Orient Semiconductor Electronics Ltd. | 104,000 | 66,795 | ||||||
Oriental Union Chemical Corp. | 8,000 | 6,085 | ||||||
P-Duke Technology Co. Ltd. | 2,000 | 5,130 | ||||||
Pacific Hospital Supply Co. Ltd. | 1,099 | 2,754 |
55
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Paiho Shih Holdings Corp. | 1,000 | $ | 1,061 | |||||
Pan Jit International, Inc. | 235,000 | 455,100 | ||||||
Pan-International Industrial Corp. | 197,000 | 302,495 | ||||||
Parade Technologies Ltd. | 2,000 | 85,426 | ||||||
PChome Online, Inc. | 15,000 | 44,307 | ||||||
Pegatron Corp. | 182,000 | 487,276 | ||||||
Pegavision Corp. | 6,000 | 58,706 | ||||||
PharmaEngine, Inc. | 13,000 | 35,512 | ||||||
Pharmally International Holding Co. Ltd.(1) | 1,282 | 2,605 | ||||||
Phison Electronics Corp. | 17,000 | 281,499 | ||||||
Pixart Imaging, Inc. | 3,000 | 19,693 | ||||||
Polytronics Technology Corp. | 2,094 | 9,324 | ||||||
Pou Chen Corp. | 320,000 | 348,575 | ||||||
Power Wind Health Industry, Inc. | 4,050 | 23,147 | ||||||
Powertech Technology, Inc. | 149,000 | 534,592 | ||||||
Poya International Co. Ltd. | 3,000 | 67,496 | ||||||
President Chain Store Corp. | 38,000 | 358,209 | ||||||
President Securities Corp. | 150,740 | 111,689 | ||||||
Primax Electronics Ltd. | 74,000 | 162,443 | ||||||
Prince Housing & Development Corp. | 157,000 | 64,798 | ||||||
Promate Electronic Co. Ltd. | 2,000 | 2,613 | ||||||
Prosperity Dielectrics Co. Ltd. | 18,000 | 43,406 | ||||||
Qisda Corp. | 251,000 | 275,688 | ||||||
QST International Corp.(1) | 10,000 | 25,648 | ||||||
Quang Viet Enterprise Co. Ltd. | 6,000 | 24,447 | ||||||
Quanta Computer, Inc. | 208,000 | 635,752 | ||||||
Quanta Storage, Inc. | 41,000 | 59,455 | ||||||
Radiant Innovation, Inc. | 8,000 | 21,997 | ||||||
Radiant Opto-Electronics Corp. | 42,000 | 180,423 | ||||||
Radium Life Tech Co. Ltd. | 24,000 | 9,558 | ||||||
Realtek Semiconductor Corp. | 42,000 | 696,391 | ||||||
Rechi Precision Co. Ltd. | 41,000 | 30,598 | ||||||
Rexon Industrial Corp. Ltd. | 19,000 | 55,490 | ||||||
Rich Development Co. Ltd. | 92,000 | 35,038 | ||||||
Ritek Corp.(1) | 64,281 | 24,155 | ||||||
Roo Hsing Co. Ltd.(1) | 75,000 | 26,730 | ||||||
Ruentex Development Co. Ltd. | 107,000 | 160,324 | ||||||
Ruentex Engineering & Construction Co. | 1,000 | 3,001 | ||||||
Ruentex Industries Ltd. | 48,000 | 129,194 | ||||||
Sampo Corp. | 50,000 | 48,109 | ||||||
San Fang Chemical Industry Co. Ltd. | 13,000 | 9,776 | ||||||
San Shing Fastech Corp. | 17,000 | 32,649 | ||||||
Sanyang Motor Co. Ltd. | 213,000 | 242,521 | ||||||
Savior Lifetec Corp.(1) | 7,000 | 7,775 | ||||||
SCI Pharmtech, Inc. | 8,000 | 26,265 | ||||||
ScinoPharm Taiwan Ltd. | 2,000 | 1,857 | ||||||
SDI Corp. | 27,000 | 86,366 | ||||||
Sea Sonic Electronics Co. Ltd. | 8,000 | 32,272 | ||||||
Senao International Co. Ltd. | 1,000 | 1,154 | ||||||
Senao Networks, Inc. | 1,000 | 3,812 | ||||||
Sesoda Corp. | 8,640 | 7,044 |
56
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Shane Global Holding, Inc. | 1,000 | $ | 2,875 | |||||
Shanghai Commercial & Savings Bank Ltd. (The) | 239,000 | 343,489 | ||||||
Sheng Yu Steel Co. Ltd. | 7,000 | 5,514 | ||||||
Shin Foong Specialty & Applied Materials Co. Ltd. | 11,000 | 56,243 | ||||||
Shin Kong Financial Holding Co. Ltd. | 1,268,313 | 377,844 | ||||||
Shin Zu Shing Co. Ltd. | 13,536 | 62,641 | ||||||
Shining Building Business Co. Ltd.(1) | 125,000 | 66,177 | ||||||
Shinkong Insurance Co. Ltd. | 14,000 | 19,247 | ||||||
Shinkong Synthetic Fibers Corp. | 173,000 | 90,508 | ||||||
Shiny Chemical Industrial Co. Ltd. | 13,200 | 51,483 | ||||||
ShunSin Technology Holding Ltd. | 6,000 | 26,466 | ||||||
Sigurd Microelectronics Corp. | 66,063 | 120,376 | ||||||
Silergy Corp. | 1,000 | 96,738 | ||||||
Simplo Technology Co. Ltd. | 10,000 | 134,686 | ||||||
Sinbon Electronics Co. Ltd. | 4,000 | 38,747 | ||||||
Sincere Navigation Corp. | 44,060 | 31,612 | ||||||
Singatron Enterprise Co. Ltd. | 25,000 | 26,086 | ||||||
Sinmag Equipment Corp. | 1,000 | 3,586 | ||||||
Sino-American Silicon Products, Inc. | 71,000 | 426,928 | ||||||
Sinon Corp. | 62,000 | 47,660 | ||||||
SinoPac Financial Holdings Co. Ltd. | 1,177,000 | 492,639 | ||||||
Sinyi Realty, Inc. | 9,000 | 9,398 | ||||||
Sitronix Technology Corp. | 13,000 | 90,586 | ||||||
Siward Crystal Technology Co. Ltd. | 28,000 | 25,197 | ||||||
Soft-World International Corp. | 4,000 | 13,769 | ||||||
Solar Applied Materials Technology Co. | 248,670 | 433,534 | ||||||
Sonix Technology Co. Ltd. | 4,000 | 12,172 | ||||||
Speed Tech Corp. | 1,000 | 3,417 | ||||||
St Shine Optical Co. Ltd. | 4,000 | 40,621 | ||||||
Standard Chemical & Pharmaceutical Co. Ltd. | 2,000 | 2,662 | ||||||
Standard Foods Corp. | 18,000 | 35,552 | ||||||
Stark Technology, Inc. | 14,000 | 35,227 | ||||||
Sunjuice Holdings Co. Ltd. | 1,000 | 13,115 | ||||||
Sunny Friend Environmental Technology Co. Ltd. | 5,000 | 39,794 | ||||||
Sunonwealth Electric Machine Industry Co. Ltd. | 32,000 | 64,402 | ||||||
Sunplus Technology Co. Ltd.(1) | 25,000 | 23,214 | ||||||
Sunrex Technology Corp. | 12,000 | 28,438 | ||||||
Supreme Electronics Co. Ltd. | 45,000 | 62,853 | ||||||
Swancor Holding Co. Ltd. | 10,000 | 53,597 | ||||||
Sweeten Real Estate Development Co. Ltd. | 4,320 | 3,361 | ||||||
Symtek Automation Asia Co. Ltd. | 9,000 | 29,644 | ||||||
Syncmold Enterprise Corp. | 21,000 | 63,012 | ||||||
Synnex Technology International Corp. | 279,000 | 494,177 | ||||||
Systex Corp. | 17,000 | 52,414 | ||||||
TA Chen Stainless Pipe | 56,263 | 63,153 | ||||||
Ta Ya Electric Wire & Cable | 112,000 | 80,761 | ||||||
TA-I Technology Co. Ltd. | 8,750 | 26,777 | ||||||
Tai Tung Communication Co. Ltd.(1) | 30,000 | 23,984 | ||||||
Taichung Commercial Bank Co. Ltd. | 337,593 | 134,565 | ||||||
TaiDoc Technology Corp. | 5,000 | 35,262 | ||||||
Taiflex Scientific Co. Ltd. | 22,000 | 41,210 |
57
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Taigen Biopharmaceuticals Holdings Ltd.(1) | 2,000 | $ | 1,435 | |||||
Taimide Tech, Inc. | 16,000 | 29,973 | ||||||
Tainan Spinning Co. Ltd. | 150,000 | 80,460 | ||||||
Taishin Financial Holding Co. Ltd. | 978,174 | 455,014 | ||||||
TaiSol Electronics Co. Ltd. | 10,000 | 21,683 | ||||||
Taisun Enterprise Co. Ltd. | 4,000 | 4,081 | ||||||
Taita Chemical Co. Ltd. | 27,000 | 33,840 | ||||||
Taiwan Business Bank | 512,800 | 174,415 | ||||||
Taiwan Cement Corp. | 403,004 | 607,553 | ||||||
Taiwan Cogeneration Corp. | 28,000 | 38,978 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 263,200 | 188,890 | ||||||
Taiwan FamilyMart Co. Ltd. | 1,000 | 9,299 | ||||||
Taiwan Fertilizer Co. Ltd. | 95,000 | 182,091 | ||||||
Taiwan Fire & Marine Insurance Co. Ltd. | 8,000 | 5,931 | ||||||
Taiwan FU Hsing Industrial Co. Ltd. | 11,000 | 17,495 | ||||||
Taiwan Glass Industry Corp.(1) | 222,000 | 160,566 | ||||||
Taiwan High Speed Rail Corp. | 137,000 | 148,798 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 43,000 | 98,134 | ||||||
Taiwan Land Development Corp.(1) | 30,000 | 7,543 | ||||||
Taiwan Mask Corp. | 24,000 | 42,951 | ||||||
Taiwan Mobile Co. Ltd. | 22,000 | 76,698 | ||||||
Taiwan Navigation Co. Ltd. | 9,000 | 6,457 | ||||||
Taiwan Paiho Ltd. | 90,000 | 268,979 | ||||||
Taiwan PCB Techvest Co. Ltd. | 51,000 | 89,130 | ||||||
Taiwan Sakura Corp. | 4,000 | 7,587 | ||||||
Taiwan Secom Co. Ltd. | 34,000 | 106,772 | ||||||
Taiwan Semiconductor Co. Ltd. | 14,000 | 28,173 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 194,660 | 24,515,480 | ||||||
Taiwan Shin Kong Security Co. Ltd. | 7,070 | 9,594 | ||||||
Taiwan Steel Union Co. Ltd. | 1,000 | 2,548 | ||||||
Taiwan Styrene Monomer | 30,000 | 19,650 | ||||||
Taiwan Surface Mounting Technology Corp. | 23,000 | 96,350 | ||||||
Taiwan TEA Corp.(1) | 17,000 | 10,318 | ||||||
Taiwan Union Technology Corp. | 6,000 | 25,478 | ||||||
Taiyen Biotech Co. Ltd. | 6,000 | 6,980 | ||||||
Tatung Co. Ltd.(1) | 38,000 | 38,101 | ||||||
TCI Co. Ltd. | 12,000 | 91,088 | ||||||
Teco Electric and Machinery Co. Ltd. | 211,000 | 230,208 | ||||||
Test Research, Inc. | 20,000 | 41,984 | ||||||
Test Rite International Co. Ltd.(1) | 33,000 | 30,406 | ||||||
Tex-Ray Industrial Co. Ltd.(1) | 40,000 | 26,378 | ||||||
Thermaltake Technology Co. Ltd. | 11,000 | 33,144 | ||||||
Thinking Electronic Industrial Co. Ltd. | 13,000 | 93,121 | ||||||
Thye Ming Industrial Co. Ltd. | 9,000 | 9,997 | ||||||
Ton Yi Industrial Corp.(1) | 148,000 | 58,242 | ||||||
Tong Hsing Electronic Industries Ltd. | 5,472 | 42,278 | ||||||
Tong Yang Industry Co. Ltd. | 49,000 | 65,043 | ||||||
Top Bright Holding Co. Ltd. | 8,000 | 37,605 | ||||||
Topco Scientific Co. Ltd. | 27,000 | 118,457 | ||||||
Topkey Corp. | 6,000 | 34,311 | ||||||
Topoint Technology Co. Ltd. | 28,000 | 29,826 |
58
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
TPK Holding Co. Ltd.(1) | 42,000 | $ | 75,784 | |||||
Trade-Van Information Services Co. | 2,000 | 3,464 | ||||||
Transcend Information, Inc. | 16,000 | 37,606 | ||||||
Tripod Technology Corp. | 80,000 | 398,812 | ||||||
TSRC Corp. | 101,000 | 100,020 | ||||||
Ttet Union Corp. | 6,000 | 28,468 | ||||||
TTFB Co. Ltd. | 1,000 | 8,702 | ||||||
TTY Biopharm Co. Ltd. | 2,000 | 4,710 | ||||||
Tung Ho Steel Enterprise Corp. | 167,000 | 216,449 | ||||||
Tung Thih Electronic Co. Ltd.(1) | 1,000 | 11,832 | ||||||
TXC Corp. | 17,000 | 60,270 | ||||||
TYC Brother Industrial Co. Ltd. | 10,000 | 8,646 | ||||||
U-Ming Marine Transport Corp. | 80,000 | 99,854 | ||||||
Ubright Optronics Corp. | 16,000 | 24,411 | ||||||
Uni-President Enterprises Corp. | 317,000 | 767,021 | ||||||
Unimicron Technology Corp. | 92,000 | 321,488 | ||||||
Union Bank of Taiwan | 119,840 | 46,052 | ||||||
Unitech Printed Circuit Board Corp. | 48,000 | 35,915 | ||||||
United Integrated Services Co. Ltd. | 6,000 | 51,163 | ||||||
United Microelectronics Corp. | 1,411,000 | 2,762,874 | ||||||
United Renewable Energy Co. Ltd.(1) | 374,000 | 189,759 | ||||||
Universal Cement Corp. | 60,000 | 46,942 | ||||||
Universal Microelectronics Co. Ltd.(1) | 26,000 | 24,621 | ||||||
Universal Microwave Technology, Inc. | 1,000 | 2,790 | ||||||
Unizyx Holding Corp.(1) | 71,000 | 94,551 | ||||||
UPC Technology Corp. | 179,000 | 118,789 | ||||||
Userjoy Technology Co. Ltd. | 7,000 | 22,070 | ||||||
USI Corp. | 242,000 | 192,895 | ||||||
Vanguard International Semiconductor Corp. | 90,000 | 376,187 | ||||||
Ventec International Group Co. Ltd. | 6,000 | 19,631 | ||||||
Visual Photonics Epitaxy Co. Ltd. | 1,000 | 3,839 | ||||||
Voltronic Power Technology Corp. | 3,100 | 128,773 | ||||||
Wafer Works Corp. | 41,000 | 66,096 | ||||||
Wah Hong Industrial Corp. | 19,000 | 24,060 | ||||||
Wah Lee Industrial Corp. | 28,000 | 81,012 | ||||||
Walsin Lihwa Corp. | 499,000 | 333,717 | ||||||
Walsin Technology Corp. | 23,000 | 210,769 | ||||||
Walton Advanced Engineering, Inc.(1) | 50,000 | 24,671 | ||||||
Wan Hai Lines Ltd. | 105,000 | 181,540 | ||||||
Wei Chuan Foods Corp. | 48,000 | 35,946 | ||||||
Weikeng Industrial Co. Ltd. | 65,000 | 45,553 | ||||||
Well Shin Technology Co. Ltd. | 5,000 | 9,721 | ||||||
Win Semiconductors Corp. | 31,000 | 425,089 | ||||||
Winbond Electronics Corp. | 428,000 | 472,153 | ||||||
Wisdom Marine Lines Co. Ltd.(1) | 44,378 | 44,502 | ||||||
Wistron Corp. | 224,000 | 257,229 | ||||||
Wistron Information Technology & Services Corp. | 8,000 | 26,604 | ||||||
Wiwynn Corp. | 5,000 | 144,683 | ||||||
Wowprime Corp. | 10,000 | 57,444 | ||||||
WPG Holdings Ltd. | 238,000 | 387,959 | ||||||
WT Microelectronics Co. Ltd. | 11,000 | 17,689 |
59
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
WUS Printed Circuit Co. Ltd. | 9,000 | $ | 10,128 | |||||
XinTec, Inc.(1) | 1,000 | 6,238 | ||||||
Xxentria Technology Materials Corp. | 16,000 | 36,004 | ||||||
Yageo Corp. | 10,000 | 213,862 | ||||||
Yang Ming Marine Transport Corp.(1) | 288,000 | 301,448 | ||||||
YC INOX Co. Ltd. | 47,486 | 46,771 | ||||||
Yem Chio Co. Ltd.(1) | 62,000 | 34,321 | ||||||
Yeong Guan Energy Technology Group Co. Ltd. | 1,000 | 2,965 | ||||||
YFY, Inc. | 158,000 | 155,098 | ||||||
Yieh Phui Enterprise Co. Ltd.(1) | 164,000 | 77,592 | ||||||
Youngtek Electronics Corp. | 15,000 | 33,924 | ||||||
Yuanta Financial Holding Co. Ltd. | 1,197,440 | 914,906 | ||||||
Yulon Finance Corp. | 22,200 | 84,201 | ||||||
Yulon Motor Co. Ltd.(1) | 60,397 | 90,507 | ||||||
YungShin Global Holding Corp. | 3,000 | 4,698 | ||||||
Zeng Hsing Industrial Co. Ltd. | 3,000 | 16,175 | ||||||
Zero One Technology Co. Ltd. | 16,000 | 25,033 | ||||||
Zhen Ding Technology Holding Ltd. | 57,000 | 245,336 | ||||||
Zinwell Corp.(1) | 3,000 | 1,985 | ||||||
Zippy Technology Corp. | 3,000 | 3,804 | ||||||
ZongTai Real Estate Development Co. Ltd. | 2,000 | 2,867 | ||||||
88,364,293 | ||||||||
Thailand — 2.2% | ||||||||
Advanced Info Service PCL, NVDR | 55,800 | 302,859 | ||||||
AEON Thana Sinsap Thailand PCL, NVDR | 16,300 | 105,408 | ||||||
Airports of Thailand PCL, NVDR | 134,800 | 277,298 | ||||||
Amata Corp. PCL, NVDR | 229,100 | 135,343 | ||||||
Ananda Development PCL, NVDR | 53,000 | 3,127 | ||||||
AP Thailand PCL, NVDR | 625,000 | 150,360 | ||||||
Asia Aviation PCL, NVDR(1) | 56,600 | 4,818 | ||||||
Asia Sermkij Leasing PCL, NVDR | 23,800 | 16,378 | ||||||
Asset World Corp. PCL, NVDR | 121,400 | 19,461 | ||||||
B Grimm Power PCL, NVDR | 128,500 | 200,837 | ||||||
Bangchak Corp. PCL, NVDR | 116,600 | 111,680 | ||||||
Bangkok Airways PCL, NVDR | 59,900 | 14,846 | ||||||
Bangkok Bank PCL, NVDR | 70,900 | 281,340 | ||||||
Bangkok Chain Hospital PCL, NVDR | 43,300 | 19,595 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 313,800 | 204,087 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 222,600 | 57,900 | ||||||
Bangkok Land PCL, NVDR | 928,200 | 32,160 | ||||||
Bangkok Life Assurance PCL, NVDR(1) | 337,400 | 275,588 | ||||||
Banpu PCL, NVDR | 336,900 | 126,681 | ||||||
Banpu Power PCL, NVDR | 27,900 | 17,298 | ||||||
BCPG PCL, NVDR | 27,900 | 13,581 | ||||||
Beauty Community PCL, NVDR(1) | 243,500 | 13,843 | ||||||
BEC World PCL, NVDR(1) | 254,400 | 73,177 | ||||||
Berli Jucker PCL, NVDR | 11,300 | 13,621 | ||||||
BG Container Glass PCL, NVDR | 56,100 | 18,835 | ||||||
BTS Group Holdings PCL, NVDR | 199,100 | 61,050 | ||||||
Bumrungrad Hospital PCL, NVDR | 32,600 | 133,317 | ||||||
Cal-Comp Electronics Thailand PCL, NVDR | 406,300 | 31,710 |
60
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Carabao Group PCL, NVDR | 10,500 | $ | 47,571 | |||||
Central Pattana PCL, NVDR | 142,200 | 241,894 | ||||||
Central Retail Corp. PCL, NVDR(1) | 31,466 | 34,058 | ||||||
CH Karnchang PCL, NVDR(1) | 36,500 | 18,438 | ||||||
Charoen Pokphand Foods PCL, NVDR | 236,100 | 221,509 | ||||||
Chularat Hospital PCL, NVDR | 242,600 | 20,848 | ||||||
CK Power PCL, NVDR(1) | 121,300 | 16,742 | ||||||
Com7 PCL, NVDR | 155,700 | 261,590 | ||||||
CP ALL PCL, NVDR(1) | 202,800 | 394,110 | ||||||
Dhipaya Insurance PCL, NVDR | 26,900 | 25,438 | ||||||
Diamond Building Products PCL, NVDR | 51,200 | 10,562 | ||||||
Dynasty Ceramic PCL, NVDR | 744,300 | 58,171 | ||||||
Eastern Polymer Group PCL, NVDR | 299,300 | 96,262 | ||||||
Eastern Water Resources Development and Management PCL, NVDR | 50,300 | 15,425 | ||||||
Electricity Generating PCL, NVDR | 5,900 | 32,482 | ||||||
Energy Absolute PCL, NVDR | 78,900 | 159,501 | ||||||
Erawan Group PCL (The), NVDR | 42,800 | 5,718 | ||||||
Esso Thailand PCL, NVDR(1) | 63,400 | 18,290 | ||||||
GFPT PCL, NVDR | 188,400 | 73,166 | ||||||
Gulf Energy Development PCL, NVDR | 17,820 | 19,317 | ||||||
Gunkul Engineering PCL, NVDR | 535,200 | 47,638 | ||||||
Hana Microelectronics PCL, NVDR | 51,900 | 85,312 | ||||||
Home Product Center PCL, NVDR | 455,900 | 197,616 | ||||||
Ichitan Group PCL, NVDR | 86,500 | 34,969 | ||||||
Indorama Ventures PCL, NVDR | 162,100 | 209,695 | ||||||
Intouch Holdings PCL, NVDR | 29,600 | 54,330 | ||||||
IRPC PCL, NVDR | 1,614,200 | 185,891 | ||||||
Italian-Thai Development PCL, NVDR(1) | 502,200 | 18,265 | ||||||
Jasmine International PCL, NVDR | 408,500 | 40,495 | ||||||
Jay Mart PCL, NVDR | 68,641 | 60,600 | ||||||
JMT Network Services PCL, NVDR | 27,900 | 37,348 | ||||||
JWD Infologistics PCL, NVDR | 139,400 | 37,245 | ||||||
Kasikornbank PCL | 11,300 | 51,454 | ||||||
KCE Electronics PCL, NVDR | 149,600 | 265,175 | ||||||
KGI Securities Thailand PCL, NVDR | 236,700 | 32,853 | ||||||
Khon Kaen Sugar Industry PCL, NVDR | 124,100 | 13,481 | ||||||
Kiatnakin Phatra Bank PCL, NVDR | 37,700 | 73,008 | ||||||
Krung Thai Bank PCL, NVDR | 368,300 | 143,306 | ||||||
Krungthai Card PCL, NVDR | 48,400 | 100,673 | ||||||
Land & Houses PCL, NVDR | 117,400 | 30,116 | ||||||
LPN Development PCL, NVDR | 87,800 | 13,435 | ||||||
Major Cineplex Group PCL, NVDR | 59,700 | 38,724 | ||||||
MBK PCL, NVDR | 61,700 | 28,441 | ||||||
MC Group PCL, NVDR | 20,300 | 6,899 | ||||||
MCS Steel PCL, NVDR | 83,700 | 40,225 | ||||||
Mega Lifesciences PCL, NVDR | 87,600 | 114,467 | ||||||
Minor International PCL, NVDR(1) | 195,000 | 192,509 | ||||||
MK Restaurants Group PCL, NVDR | 9,300 | 16,998 | ||||||
Muangthai Capital PCL, NVDR(1) | 52,400 | 111,457 | ||||||
Namyong Terminal PCL, NVDR | 51,400 | 6,835 |
61
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Noble Development PCL, NVDR | 130,500 | $ | 33,459 | |||||
Northeast Rubber PCL, NVDR | 156,200 | 29,255 | ||||||
Origin Property PCL, NVDR | 80,100 | 18,342 | ||||||
Osotspa PCL, NVDR | 20,800 | 23,688 | ||||||
Plan B Media PCL, NVDR | 558,200 | 121,095 | ||||||
Polyplex Thailand PCL, NVDR | 70,200 | 51,655 | ||||||
Precious Shipping PCL, NVDR(1) | 68,800 | 24,329 | ||||||
Prima Marine PCL, NVDR | 190,000 | 49,140 | ||||||
Property Perfect PCL, NVDR | 730,710 | 9,376 | ||||||
PTG Energy PCL, NVDR | 122,100 | 77,533 | ||||||
PTT Exploration & Production PCL, NVDR | 101,300 | 381,027 | ||||||
PTT Global Chemical PCL, NVDR | 141,800 | 286,873 | ||||||
PTT PCL, NVDR | 524,900 | 688,534 | ||||||
Quality Houses PCL, NVDR | 664,400 | 51,604 | ||||||
Rajthanee Hospital PCL, NVDR | 34,000 | 28,480 | ||||||
Ratch Group PCL, NVDR | 56,400 | 94,356 | ||||||
Ratchthani Leasing PCL, NVDR | 560,800 | 75,012 | ||||||
Regional Container Lines PCL, NVDR(1) | 134,200 | 95,921 | ||||||
Rojana Industrial Park PCL, NVDR | 142,600 | 22,633 | ||||||
RS PCL, NVDR | 63,400 | 52,609 | ||||||
Samart Corp. PCL, NVDR | 72,200 | 15,045 | ||||||
Sansiri PCL, NVDR | 3,903,900 | 107,760 | ||||||
Sappe PCL, NVDR | 2,500 | 2,106 | ||||||
SEAFCO PCL, NVDR | 60,800 | 8,822 | ||||||
Sermsang Power Corp. Co. Ltd., NVDR | 107,100 | 58,264 | ||||||
Siam Cement PCL (The), NVDR | 28,300 | 340,468 | ||||||
Siam Commercial Bank PCL (The), NVDR | 63,400 | 212,374 | ||||||
Siam Future Development PCL, NVDR | 87,800 | 14,836 | ||||||
Siam Global House PCL, NVDR | 291,572 | 195,345 | ||||||
Siamgas & Petrochemicals PCL, NVDR | 124,500 | 45,102 | ||||||
Sikarin PCL, NVDR | 21,100 | 5,036 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR | 305,600 | 118,524 | ||||||
Somboon Advance Technology PCL, NVDR | 27,900 | 17,198 | ||||||
SPCG PCL, NVDR | 56,800 | 37,092 | ||||||
Sri Trang Agro-Industry PCL, NVDR | 194,000 | 342,895 | ||||||
Srisawad Corp. PCL, NVDR | 83,600 | 172,087 | ||||||
Srisawad Finance PCL, NVDR(1) | 44,800 | 42,075 | ||||||
Star Petroleum Refining PCL, NVDR | 87,800 | 27,969 | ||||||
STP & I PCL, NVDR | 90,600 | 10,455 | ||||||
Supalai PCL, NVDR | 165,800 | 108,387 | ||||||
Super Energy Corp. PCL, NVDR(1) | 5,711,400 | 174,700 | ||||||
Taokaenoi Food & Marketing PCL, NVDR | 51,600 | 16,915 | ||||||
Thai Airways International PCL, NVDR(1) | 20,500 | 2,768 | ||||||
Thai Oil PCL, NVDR | 60,400 | 116,426 | ||||||
Thai Union Group PCL, NVDR | 449,300 | 205,834 | ||||||
Thai Vegetable Oil PCL, NVDR | 48,000 | 54,371 | ||||||
Thaicom PCL, NVDR | 79,200 | 23,847 | ||||||
Thaifoods Group PCL, NVDR | 316,200 | 52,100 | ||||||
Thanachart Capital PCL, NVDR | 29,500 | 31,212 | ||||||
Thoresen Thai Agencies PCL, NVDR | 227,500 | 53,909 | ||||||
Tipco Asphalt PCL, NVDR | 67,400 | 45,683 |
62
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Tisco Financial Group PCL, NVDR | 21,600 | $ | 67,397 | |||||
TMB Bank PCL, NVDR | 1,642,100 | 60,251 | ||||||
TOA Paint Thailand PCL, NVDR | 27,300 | 27,901 | ||||||
Total Access Communication PCL, NVDR | 54,400 | 56,557 | ||||||
TPI Polene PCL, NVDR | 400,700 | 22,162 | ||||||
TPI Polene Power PCL, NVDR | 284,300 | 40,553 | ||||||
TQM Corp. PCL, NVDR | 11,700 | 46,516 | ||||||
True Corp. PCL, NVDR | 2,717,800 | 277,466 | ||||||
TTW PCL, NVDR | 43,900 | 17,273 | ||||||
U City PCL, NVDR(1) | 508,700 | 12,917 | ||||||
Unique Engineering & Construction PCL, NVDR | 129,200 | 18,466 | ||||||
United Paper PCL, NVDR | 19,500 | 11,535 | ||||||
Univentures PCL, NVDR | 26,000 | 3,117 | ||||||
VGI PCL, NVDR | 146,900 | 32,226 | ||||||
Vinythai PCL, NVDR | 25,000 | 27,809 | ||||||
WHA Corp. PCL, NVDR | 441,900 | 45,963 | ||||||
Workpoint Entertainment PCL, NVDR | 45,500 | 23,967 | ||||||
12,443,352 | ||||||||
Turkey — 0.6% | ||||||||
AG Anadolu Grubu Holding AS | 7,413 | 27,842 | ||||||
Akbank T.A.S.(1) | 201,371 | 163,714 | ||||||
Aksa Akrilik Kimya Sanayii AS | 20,299 | 43,508 | ||||||
Aksa Enerji Uretim AS(1) | 7,011 | 9,941 | ||||||
Aksigorta AS | 3,110 | 3,935 | ||||||
Alarko Holding AS | 23,326 | 33,560 | ||||||
Albaraka Turk Katilim Bankasi AS(1) | 30,642 | 9,175 | ||||||
Anadolu Anonim Turk Sigorta Sirketi | 49,944 | 54,266 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 14,148 | 44,889 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 10,764 | 24,549 | ||||||
Aygaz AS | 4,238 | 8,894 | ||||||
Bera Holding AS(1) | 9,303 | 30,755 | ||||||
BIM Birlesik Magazalar AS | 18,210 | 161,896 | ||||||
Borusan Mannesmann Boru Sanayi ve Ticaret AS(1) | 2,241 | 8,746 | ||||||
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS | 2,541 | 10,065 | ||||||
Cimsa Cimento Sanayi VE Ticaret AS(1) | 2,951 | 8,557 | ||||||
Coca-Cola Icecek AS | 8,699 | 82,818 | ||||||
Deva Holding AS | 4,011 | 16,123 | ||||||
Dogan Sirketler Grubu Holding AS | 93,300 | 39,747 | ||||||
Dogus Otomotiv Servis ve Ticaret AS(1) | 2,247 | 9,418 | ||||||
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 9,914 | 9,594 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 59,391 | 116,317 | ||||||
Ford Otomotiv Sanayi AS | 1,813 | 42,808 | ||||||
Gubre Fabrikalari TAS(1) | 5,436 | 58,536 | ||||||
Haci Omer Sabanci Holding AS | 130,684 | 183,934 | ||||||
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1) | 18,108 | 33,332 | ||||||
Is Yatirim Menkul Degerler AS | 27,641 | 77,006 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1) | 214,408 | 187,025 | ||||||
KOC Holding AS | 33,252 | 96,360 | ||||||
Koza Altin Isletmeleri AS(1) | 1,658 | 28,792 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(1) | 51,699 | 118,979 |
63
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Logo Yazilim Sanayi Ve Ticaret AS(1) | 385 | $ | 6,805 | |||||
Mavi Giyim Sanayi Ve Ticaret AS, B Shares(1) | 1,303 | 8,841 | ||||||
Migros Ticaret AS(1) | 5,382 | 28,248 | ||||||
MLP Saglik Hizmetleri AS(1) | 7,865 | 25,107 | ||||||
Nuh Cimento Sanayi AS | 8,333 | 71,103 | ||||||
Pegasus Hava Tasimaciligi AS(1) | 4,230 | 50,658 | ||||||
Petkim Petrokimya Holding AS(1) | 13,906 | 9,824 | ||||||
Polisan Holding AS | 38,492 | 18,500 | ||||||
Sekerbank Turk AS(1) | 31,348 | 5,571 | ||||||
Selcuk Ecza Deposu Ticaret ve Sanayi A.S. | 14,657 | 22,595 | ||||||
Sok Marketler Ticaret AS(1) | 10,284 | 15,608 | ||||||
TAV Havalimanlari Holding AS | 50,188 | 168,414 | ||||||
Tekfen Holding AS | 23,085 | 49,772 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 13,715 | 63,880 | ||||||
Turk Hava Yollari AO(1) | 103,445 | 187,483 | ||||||
Turk Traktor ve Ziraat Makineleri AS | 790 | 22,829 | ||||||
Turkcell Iletisim Hizmetleri AS, ADR(2) | 30,249 | 164,555 | ||||||
Turkiye Garanti Bankasi AS(1) | 172,576 | 206,419 | ||||||
Turkiye Halk Bankasi AS(1) | 49,552 | 35,617 | ||||||
Turkiye Is Bankasi AS, C Shares(1) | 72,570 | 55,759 | ||||||
Turkiye Petrol Rafinerileri AS(1) | 3,136 | 42,571 | ||||||
Turkiye Sinai Kalkinma Bankasi AS(1) | 147,689 | 32,788 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 88,573 | 84,787 | ||||||
Ulusoy Elektrik Imalat Taahhut Ve Ticaret AS(1) | 777 | 6,169 | ||||||
Vestel Elektronik Sanayi ve Ticaret AS(1) | 11,329 | 40,595 | ||||||
Yapi ve Kredi Bankasi AS(1) | 185,715 | 65,998 | ||||||
Zorlu Enerji Elektrik Uretim AS(1) | 12,683 | 4,342 | ||||||
3,239,919 | ||||||||
TOTAL COMMON STOCKS (Cost $455,543,353) | 572,546,039 | |||||||
RIGHTS† | ||||||||
Philippines† | ||||||||
Cebu Air, Inc.(1) | 15,370 | 2,170 | ||||||
South Korea† | ||||||||
Korean Air Lines Co. Ltd.(1) | 12,639 | 86,060 | ||||||
TOTAL RIGHTS (Cost $61,955) | 88,230 | |||||||
WARRANTS† | ||||||||
Malaysia† | ||||||||
Scientex Bhd(1) | 7,020 | 2,116 | ||||||
Serba Dinamik Holdings Bhd(1) | 3,660 | 199 | ||||||
2,315 | ||||||||
Thailand† | ||||||||
JMT Network Services PCL, NVDR(1) | 2,858 | 683 | ||||||
Noble Development PCL(1) | 32,625 | 2,663 | ||||||
3,346 | ||||||||
TOTAL WARRANTS (Cost $—) | 5,661 | |||||||
TEMPORARY CASH INVESTMENTS — 0.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $472,055) | 472,055 | 472,055 |
64
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 1.1% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $6,313,614) | 6,313,614 | $ | 6,313,614 | |||||
TOTAL INVESTMENT SECURITIES — 101.3% (Cost $462,390,977) | 579,425,599 | |||||||
OTHER ASSETS AND LIABILITIES — (1.3)% | (7,190,246) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 572,235,353 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Information Technology | 20.2% | ||||
Financials | 17.8% | ||||
Consumer Discretionary | 16.5% | ||||
Materials | 10.9% | ||||
Communication Services | 10.3% | ||||
Industrials | 7.6% | ||||
Consumer Staples | 4.8% | ||||
Energy | 4.4% | ||||
Health Care | 3.0% | ||||
Real Estate | 2.3% | ||||
Utilities | 2.3% | ||||
Cash and Equivalents* | (0.1)% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt | ||||||
GDR | - | Global Depositary Receipt | ||||||
NVDR | - | Non-Voting Depositary Receipt |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $13,400,012. 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 $14,094,992, which includes securities collateral of $7,781,378.
See Notes to Financial Statements.
65
FEBRUARY 28, 2021 (UNAUDITED)
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Australia — 6.7% | ||||||||
Accent Group Ltd. | 14,526 | $ | 24,151 | |||||
Adairs Ltd. | 9,223 | 26,998 | ||||||
Adbri Ltd. | 12,481 | 31,178 | ||||||
Afterpay Ltd.(1) | 1,452 | 133,052 | ||||||
AGL Energy Ltd. | 11,704 | 84,541 | ||||||
Alkane Resources Ltd.(1) | 41,938 | 22,450 | ||||||
Alliance Aviation Services Ltd.(1) | 5,187 | 16,957 | ||||||
ALS Ltd. | 22,377 | 170,473 | ||||||
Altium Ltd. | 1,563 | 31,754 | ||||||
Alumina Ltd. | 16,346 | 20,422 | ||||||
AMA Group Ltd.(1) | 16,885 | 8,897 | ||||||
AMP Ltd. | 260,166 | 300,755 | ||||||
Ampol Ltd. | 3,594 | 68,139 | ||||||
Ansell Ltd. | 1,488 | 41,259 | ||||||
APA Group | 19,441 | 139,093 | ||||||
Appen Ltd. | 1,821 | 23,510 | ||||||
ARB Corp. Ltd. | 3,172 | 82,333 | ||||||
Ardent Leisure Group Ltd.(1)(2) | 22,550 | 11,028 | ||||||
Aristocrat Leisure Ltd. | 14,865 | 348,290 | ||||||
ASX Ltd. | 2,888 | 150,349 | ||||||
Atlas Arteria Ltd. | 15,649 | 66,946 | ||||||
Atlassian Corp. plc, Class A(1) | 2,249 | 534,587 | ||||||
Aurelia Metals Ltd. | 60,190 | 18,034 | ||||||
Aurizon Holdings Ltd. | 144,180 | 423,526 | ||||||
AusNet Services | 71,401 | 90,998 | ||||||
Austal Ltd. | 23,896 | 43,656 | ||||||
Australia & New Zealand Banking Group Ltd. | 77,638 | 1,567,361 | ||||||
Australian Agricultural Co. Ltd.(1) | 49,709 | 43,032 | ||||||
Australian Ethical Investment Ltd. | 3,654 | 18,780 | ||||||
Australian Finance Group Ltd. | 28,455 | 61,541 | ||||||
Australian Pharmaceutical Industries Ltd. | 29,606 | 25,349 | ||||||
Bank of Queensland Ltd.(2) | 32,346 | 219,158 | ||||||
Beach Energy Ltd. | 162,076 | 208,847 | ||||||
Bega Cheese Ltd. | 11,825 | 55,737 | ||||||
Bendigo & Adelaide Bank Ltd. | 25,932 | 195,494 | ||||||
BHP Group Ltd., ADR(2) | 28,334 | 2,150,834 | ||||||
Bingo Industries Ltd. | 14,804 | 36,621 | ||||||
Blackmores Ltd.(1)(2) | 291 | 18,157 | ||||||
BlueScope Steel Ltd. | 19,509 | 249,867 | ||||||
Boral Ltd.(1) | 87,416 | 349,127 | ||||||
Brambles Ltd. | 59,822 | 459,256 | ||||||
Breville Group Ltd. | 3,645 | 78,644 | ||||||
Brickworks Ltd. | 2,108 | 30,381 | ||||||
carsales.com Ltd. | 7,975 | 114,415 | ||||||
Cedar Woods Properties Ltd. | 7,397 | 39,814 | ||||||
Challenger Ltd. | 60,083 | 299,212 |
66
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Champion Iron Ltd.(1) | 30,158 | $ | 126,620 | |||||
CIMIC Group Ltd.(1)(2) | 1,975 | 32,369 | ||||||
City Chic Collective Ltd.(1) | 8,094 | 25,174 | ||||||
Cleanaway Waste Management Ltd. | 42,226 | 70,967 | ||||||
Coca-Cola Amatil Ltd. | 32,957 | 339,442 | ||||||
Cochlear Ltd. | 1,400 | 227,958 | ||||||
Codan Ltd. | 7,802 | 89,872 | ||||||
Coles Group Ltd. | 49,328 | 582,432 | ||||||
Collins Foods Ltd. | 4,755 | 35,062 | ||||||
Commonwealth Bank of Australia | 31,700 | 1,994,130 | ||||||
Computershare Ltd. | 7,336 | 75,060 | ||||||
Cooper Energy Ltd.(1) | 57,755 | 14,512 | ||||||
Coronado Global Resources, Inc. | 16,385 | 13,710 | ||||||
Costa Group Holdings Ltd. | 18,209 | 63,996 | ||||||
Credit Corp. Group Ltd.(2) | 2,653 | 65,399 | ||||||
Crown Resorts Ltd. | 7,411 | 56,864 | ||||||
CSL Ltd. | 4,962 | 1,004,295 | ||||||
CSR Ltd. | 48,312 | 203,079 | ||||||
Dacian Gold Ltd.(1) | 1,859 | 536 | ||||||
Data#3 Ltd. | 6,350 | 24,792 | ||||||
Deterra Royalties Ltd.(1) | 35,143 | 122,807 | ||||||
Dicker Data Ltd. | 6,026 | 48,844 | ||||||
Domain Holdings Australia Ltd.(1) | 5,294 | 18,394 | ||||||
Domino's Pizza Enterprises Ltd. | 1,820 | 125,801 | ||||||
Downer EDI Ltd. | 7,997 | 31,801 | ||||||
Eagers Automotive Ltd.(2) | 6,671 | 67,833 | ||||||
Eclipx Group Ltd.(1) | 51,480 | 77,475 | ||||||
Elders Ltd. | 3,623 | 31,417 | ||||||
Emeco Holdings Ltd.(1) | 47,507 | 37,792 | ||||||
EML Payments Ltd.(1) | 27,394 | 105,264 | ||||||
Evolution Mining Ltd. | 78,134 | 248,423 | ||||||
Flight Centre Travel Group Ltd.(1) | 594 | 7,629 | ||||||
Fortescue Metals Group Ltd. | 70,544 | 1,312,269 | ||||||
G8 Education Ltd. | 23,160 | 19,194 | ||||||
Galaxy Resources Ltd.(1) | 13,911 | 27,937 | ||||||
Genworth Mortgage Insurance Australia Ltd. | 14,936 | 29,734 | ||||||
GrainCorp Ltd., A Shares | 29,314 | 95,383 | ||||||
GUD Holdings Ltd. | 2,491 | 22,981 | ||||||
GWA Group Ltd. | 6,286 | 14,771 | ||||||
Hansen Technologies Ltd. | 5,888 | 18,580 | ||||||
Harvey Norman Holdings Ltd. | 23,968 | 96,754 | ||||||
Healius Ltd. | 5,984 | 18,433 | ||||||
HT&E Ltd.(1) | 14,411 | 20,867 | ||||||
HUB24 Ltd. | 1,118 | 17,983 | ||||||
Humm Group Ltd. | 18,785 | 14,710 | ||||||
IDP Education Ltd. | 4,268 | 89,639 | ||||||
IGO Ltd. | 74,311 | 402,855 | ||||||
Iluka Resources Ltd. | 42,581 | 242,490 | ||||||
Imdex Ltd. | 22,450 | 29,678 | ||||||
Incitec Pivot Ltd.(1) | 92,539 | 189,125 | ||||||
Infomedia Ltd. | 19,353 | 22,570 |
67
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Inghams Group Ltd. | 25,144 | $ | 67,814 | |||||
Insurance Australia Group Ltd. | 24,777 | 95,326 | ||||||
Integrated Research Ltd.(2) | 5,406 | 8,852 | ||||||
InvoCare Ltd.(2) | 7,552 | 65,384 | ||||||
IPH Ltd. | 4,547 | 21,442 | ||||||
IRESS Ltd. | 3,284 | 23,241 | ||||||
James Hardie Industries plc | 19,089 | 535,056 | ||||||
JB Hi-Fi Ltd. | 4,385 | 146,288 | ||||||
Johns Lyng Group Ltd. | 11,306 | 30,850 | ||||||
Jumbo Interactive Ltd. | 3,130 | 32,577 | ||||||
Karoon Energy Ltd.(1) | 26,380 | 23,167 | ||||||
Lendlease Corp. Ltd. | 14,612 | 149,853 | ||||||
Lifestyle Communities Ltd. | 2,081 | 22,081 | ||||||
Lovisa Holdings Ltd.(2) | 4,873 | 54,362 | ||||||
Lynas Rare Earths Ltd.(1) | 15,858 | 72,727 | ||||||
MACA Ltd. | 13,254 | 11,152 | ||||||
Macmahon Holdings Ltd. | 89,672 | 15,181 | ||||||
Macquarie Group Ltd. | 4,972 | 546,135 | ||||||
Magellan Financial Group Ltd. | 10,089 | 338,345 | ||||||
Mayne Pharma Group Ltd.(1) | 72,866 | 15,452 | ||||||
McMillan Shakespeare Ltd. | 9,659 | 92,137 | ||||||
Medibank Pvt Ltd. | 105,905 | 225,908 | ||||||
Mesoblast Ltd.(1)(2) | 19,760 | 36,663 | ||||||
Metcash Ltd. | 114,088 | 296,329 | ||||||
Mineral Resources Ltd. | 20,243 | 592,136 | ||||||
MNF Group Ltd. | 38 | 144 | ||||||
Monadelphous Group Ltd. | 7,847 | 70,156 | ||||||
Money3 Corp. Ltd. | 10,819 | 24,174 | ||||||
MyState Ltd. | 4,278 | 15,449 | ||||||
National Australia Bank Ltd. | 80,207 | 1,524,955 | ||||||
Netwealth Group Ltd. | 6,419 | 69,205 | ||||||
New Energy Solar Ltd. | 13,265 | 8,016 | ||||||
New Hope Corp. Ltd. | 38,153 | 36,874 | ||||||
Newcrest Mining Ltd. | 27,564 | 518,109 | ||||||
NEXTDC Ltd.(1) | 6,012 | 51,700 | ||||||
nib holdings Ltd. | 14,679 | 62,648 | ||||||
Nick Scali Ltd. | 12,113 | 95,085 | ||||||
Nickel Mines Ltd. | 72,721 | 78,533 | ||||||
Nine Entertainment Co. Holdings Ltd. | 34,608 | 76,620 | ||||||
Northern Star Resources Ltd. | 28,109 | 217,916 | ||||||
NRW Holdings Ltd. | 39,721 | 61,630 | ||||||
Nufarm Ltd.(1) | 10,774 | 39,870 | ||||||
OFX Group Ltd. | 13,526 | 12,805 | ||||||
Oil Search Ltd. | 100,080 | 330,542 | ||||||
Omni Bridgeway Ltd. | 2,762 | 7,859 | ||||||
oOh!media Ltd.(1) | 26,761 | 36,105 | ||||||
Orica Ltd. | 10,024 | 97,156 | ||||||
Origin Energy Ltd. | 20,653 | 72,052 | ||||||
Orocobre Ltd.(1)(2) | 6,486 | 23,310 | ||||||
Orora Ltd. | 130,594 | 293,873 | ||||||
OZ Minerals Ltd. | 28,066 | 484,626 |
68
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Pacific Current Group Ltd. | 6,132 | $ | 24,809 | |||||
Peet Ltd. | 34,647 | 31,197 | ||||||
Pendal Group Ltd. | 10,994 | 50,385 | ||||||
Perenti Global Ltd. | 297,359 | 261,871 | ||||||
Perpetual Ltd. | 2,591 | 61,282 | ||||||
Perseus Mining Ltd.(1) | 167,479 | 147,881 | ||||||
Platinum Asset Management Ltd. | 28,985 | 103,254 | ||||||
Premier Investments Ltd. | 4,198 | 68,264 | ||||||
Pro Medicus Ltd.(2) | 2,137 | 72,508 | ||||||
PWR Holdings Ltd. | 4,541 | 19,387 | ||||||
Qantas Airways Ltd.(1) | 55,594 | 214,533 | ||||||
QBE Insurance Group Ltd. | 21,914 | 157,158 | ||||||
Qube Holdings Ltd. | 35,972 | 85,179 | ||||||
Ramelius Resources Ltd. | 92,648 | 88,910 | ||||||
Ramsay Health Care Ltd. | 3,732 | 189,857 | ||||||
REA Group Ltd. | 1,317 | 138,882 | ||||||
Red 5 Ltd.(1) | 122,113 | 16,804 | ||||||
Redbubble Ltd.(1) | 10,751 | 42,170 | ||||||
Regis Resources Ltd. | 37,251 | 88,924 | ||||||
Reliance Worldwide Corp. Ltd. | 26,990 | 89,430 | ||||||
Resolute Mining Ltd.(1)(2) | 97,223 | 48,160 | ||||||
Rio Tinto Ltd. | 7,378 | 724,298 | ||||||
Sandfire Resources Ltd. | 6,783 | 31,891 | ||||||
Santos Ltd. | 103,325 | 581,412 | ||||||
SeaLink Travel Group Ltd. | 5,450 | 35,943 | ||||||
SEEK Ltd. | 3,755 | 74,425 | ||||||
Select Harvests Ltd. | 6,500 | 26,291 | ||||||
Senex Energy Ltd.(1)(2) | 148,098 | 42,110 | ||||||
Servcorp Ltd. | 9,505 | 24,417 | ||||||
Service Stream Ltd.(2) | 12,326 | 10,920 | ||||||
Seven Group Holdings Ltd.(2) | 4,426 | 74,049 | ||||||
Sigma Healthcare Ltd.(1) | 160,963 | 82,822 | ||||||
Silver Lake Resources Ltd.(1) | 38,305 | 42,083 | ||||||
Sims Ltd. | 10,425 | 108,369 | ||||||
SmartGroup Corp. Ltd. | 3,284 | 17,438 | ||||||
Sonic Healthcare Ltd. | 4,642 | 113,359 | ||||||
South32 Ltd. | 245,166 | 524,016 | ||||||
Southern Cross Media Group Ltd.(1) | 36,111 | 64,490 | ||||||
Spark Infrastructure Group | 48,640 | 76,425 | ||||||
St. Barbara Ltd. | 78,634 | 124,640 | ||||||
Star Entertainment Grp Ltd. (The)(1) | 27,615 | 78,635 | ||||||
Suncorp Group Ltd. | 32,265 | 246,024 | ||||||
Super Retail Group Ltd. | 19,294 | 163,506 | ||||||
Sydney Airport(1) | 13,638 | 61,619 | ||||||
Tassal Group Ltd.(2) | 6,505 | 16,934 | ||||||
Technology One Ltd. | 12,619 | 82,061 | ||||||
Telstra Corp. Ltd. | 129,245 | 306,724 | ||||||
TPG Telecom Ltd.(1) | 5,094 | 26,669 | ||||||
Transurban Group | 31,010 | 306,070 | ||||||
Treasury Wine Estates Ltd. | 10,714 | 90,040 | ||||||
Tuas Ltd.(1) | 2,799 | 1,421 |
69
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
United Malt Grp Ltd. | 11,473 | $ | 32,270 | |||||
Uniti Group Ltd.(1)(2) | 14,709 | 24,284 | ||||||
Viva Energy Group Ltd. | 56,574 | 72,632 | ||||||
Vocus Group Ltd.(1) | 19,069 | 73,851 | ||||||
Washington H Soul Pattinson & Co. Ltd.(2) | 3,357 | 77,366 | ||||||
Wesfarmers Ltd. | 33,348 | 1,265,123 | ||||||
Western Areas Ltd. | 33,647 | 66,837 | ||||||
Westgold Resources Ltd.(1) | 45,874 | 71,123 | ||||||
Westpac Banking Corp., ADR(2) | 70,444 | 1,301,805 | ||||||
Whitehaven Coal Ltd.(1) | 73,987 | 86,904 | ||||||
WiseTech Global Ltd. | 1,868 | 39,118 | ||||||
Woodside Petroleum Ltd. | 41,914 | 799,059 | ||||||
Woolworths Group Ltd. | 40,287 | 1,223,007 | ||||||
Worley Ltd. | 5,562 | 47,883 | ||||||
Xero Ltd.(1) | 1,097 | 100,159 | ||||||
37,059,942 | ||||||||
Austria — 0.3% | ||||||||
ANDRITZ AG | 1,412 | 67,659 | ||||||
AT&S Austria Technologie & Systemtechnik AG | 1,964 | 57,804 | ||||||
BAWAG Group AG(1) | 2,124 | 110,006 | ||||||
CA Immobilien Anlagen AG | 443 | 18,998 | ||||||
DO & CO. AG(1) | 426 | 33,061 | ||||||
Erste Group Bank AG(1) | 5,945 | 195,429 | ||||||
EVN AG | 2,577 | 55,955 | ||||||
FACC AG(1)(2) | 1,458 | 14,674 | ||||||
IMMOFINANZ AG(1) | 2,635 | 52,703 | ||||||
Lenzing AG(1) | 500 | 71,621 | ||||||
Oesterreichische Post AG(2) | 1,721 | 69,339 | ||||||
OMV AG | 3,239 | 156,043 | ||||||
POLYTEC Holding AG(1) | 925 | 9,520 | ||||||
Porr AG(1)(2) | 665 | 12,265 | ||||||
Raiffeisen Bank International AG(1) | 3,644 | 73,807 | ||||||
S IMMO AG | 804 | 16,916 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 1,097 | 51,799 | ||||||
Semperit AG Holding(1) | 1,190 | 36,836 | ||||||
Telekom Austria AG | 3,747 | 28,428 | ||||||
UNIQA Insurance Group AG | 7,484 | 57,964 | ||||||
Verbund AG | 1,361 | 103,690 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 1,777 | 47,705 | ||||||
voestalpine AG | 2,625 | 103,945 | ||||||
Wienerberger AG | 1,464 | 48,877 | ||||||
1,495,044 | ||||||||
Belgium — 0.9% | ||||||||
Ackermans & van Haaren NV | 1,533 | 247,052 | ||||||
Ageas SA/NV | 8,842 | 495,478 | ||||||
AGFA-Gevaert NV(1) | 12,920 | 57,899 | ||||||
Anheuser-Busch InBev SA, ADR(2) | 9,647 | 556,921 | ||||||
Argenx SE, ADR(1) | 1,032 | 341,262 | ||||||
Barco NV | 2,374 | 58,218 | ||||||
Bekaert SA | 4,817 | 177,045 | ||||||
bpost SA(1) | 7,591 | 82,182 |
70
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Cie d'Entreprises CFE(1) | 663 | $ | 71,018 | |||||
D'ieteren SA | 1,450 | 122,318 | ||||||
Deceuninck NV(1) | 10,650 | 30,692 | ||||||
Elia Group SA | 656 | 70,813 | ||||||
Etablissements Franz Colruyt NV | 2,596 | 155,373 | ||||||
Euronav NV | 17,548 | 155,931 | ||||||
Exmar NV(1)(2) | 3,779 | 13,861 | ||||||
Fagron | 3,553 | 84,741 | ||||||
Galapagos NV, ADR(1)(2) | 1,515 | 125,139 | ||||||
Gimv NV | 755 | 44,176 | ||||||
Ion Beam Applications(2) | 1,335 | 22,894 | ||||||
KBC Group NV(1) | 7,103 | 510,734 | ||||||
Kinepolis Group NV(1)(2) | 790 | 40,300 | ||||||
Melexis NV | 1,575 | 185,831 | ||||||
Ontex Group NV(1)(2) | 3,489 | 35,857 | ||||||
Orange Belgium SA | 2,490 | 68,494 | ||||||
Proximus SADP | 9,979 | 194,530 | ||||||
Recticel SA | 2,881 | 44,281 | ||||||
Solvay SA | 3,987 | 486,171 | ||||||
Telenet Group Holding NV | 523 | 20,821 | ||||||
Tessenderlo Group SA(1) | 1,452 | 64,461 | ||||||
UCB SA | 2,616 | 260,164 | ||||||
Umicore SA | 7,493 | 439,784 | ||||||
5,264,441 | ||||||||
Canada — 9.4% | ||||||||
5N Plus, Inc.(1) | 11,200 | 41,628 | ||||||
Absolute Software Corp. | 661 | 10,092 | ||||||
AcuityAds Holdings, Inc.(1)(2) | 1,500 | 33,310 | ||||||
Advantage Oil & Gas Ltd.(1)(2) | 11,400 | 23,291 | ||||||
Aecon Group, Inc. | 10,217 | 147,723 | ||||||
AG Growth International, Inc.(2) | 304 | 9,371 | ||||||
Agnico Eagle Mines Ltd. | 5,699 | 318,134 | ||||||
Aimia, Inc.(1) | 1,705 | 5,721 | ||||||
Air Canada(1) | 1,722 | 33,964 | ||||||
Alamos Gold, Inc., Class A | 16,198 | 114,809 | ||||||
Alaris Equity Partners Income | 2,635 | 31,845 | ||||||
Algonquin Power & Utilities Corp.(2) | 12,152 | 188,210 | ||||||
Alimentation Couche-Tard, Inc., B Shares | 16,400 | 492,928 | ||||||
AltaGas Ltd.(2) | 5,446 | 82,550 | ||||||
Altius Minerals Corp. | 661 | 7,635 | ||||||
Americas Gold & Silver Corp.(1)(2) | 2,374 | 6,175 | ||||||
Andlauer Healthcare Group, Inc. | 500 | 15,912 | ||||||
Apollo Healthcare Corp.(1) | 4,700 | 17,063 | ||||||
ARC Resources Ltd. | 39,021 | 233,648 | ||||||
Argonaut Gold, Inc.(1) | 18,148 | 29,234 | ||||||
Aritzia, Inc.(1) | 5,754 | 135,598 | ||||||
Atco Ltd., Class I | 4,906 | 143,101 | ||||||
Atrium Mortgage Investment Corp.(2) | 2,635 | 26,731 | ||||||
ATS Automation Tooling Systems, Inc.(1) | 2,228 | 49,108 | ||||||
AutoCanada, Inc.(1) | 4,308 | 103,215 | ||||||
B2Gold Corp. | 63,352 | 275,790 |
71
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Badger Daylighting Ltd. | 3,429 | $ | 109,127 | |||||
Ballard Power Systems, Inc.(1) | 2,000 | 55,948 | ||||||
Bank of Montreal | 16,870 | 1,378,393 | ||||||
Bank of Nova Scotia (The) | 24,499 | 1,432,285 | ||||||
Barrick Gold Corp., (Toronto) | 27,201 | 507,641 | ||||||
Bausch Health Cos., Inc.(1) | 8,261 | 259,982 | ||||||
Baytex Energy Corp.(1) | 60,796 | 58,761 | ||||||
BCE, Inc. | 2,635 | 112,701 | ||||||
Birchcliff Energy Ltd.(2) | 16,346 | 38,148 | ||||||
Bird Construction, Inc. | 2,305 | 15,559 | ||||||
BlackBerry Ltd.(1) | 11,946 | 120,812 | ||||||
Bombardier, Inc., B Shares(1)(2) | 21,796 | 9,591 | ||||||
Boralex, Inc., A Shares | 7,718 | 268,547 | ||||||
Boyd Group Services, Inc.(2) | 600 | 99,288 | ||||||
Brookfield Asset Management, Inc., Class A | 13,541 | 546,918 | ||||||
Brookfield Infrastructure Corp., Class A | 429 | 28,408 | ||||||
Brookfield Renewable Corp., Class A | 1,900 | 87,983 | ||||||
BRP, Inc. | 661 | 47,760 | ||||||
CAE, Inc. | 15,555 | 411,671 | ||||||
Calibre Mining Corp.(1) | 20,300 | 24,565 | ||||||
Cameco Corp. | 9,886 | 155,134 | ||||||
Canaccord Genuity Group, Inc. | 8,670 | 77,802 | ||||||
Canacol Energy Ltd. | 16,502 | 44,607 | ||||||
Canadian Imperial Bank of Commerce | 15,300 | 1,410,615 | ||||||
Canadian National Railway Co. | 11,671 | 1,273,942 | ||||||
Canadian Natural Resources Ltd. | 49,398 | 1,347,324 | ||||||
Canadian Pacific Railway Ltd. | 2,635 | 939,042 | ||||||
Canadian Tire Corp. Ltd., Class A | 3,486 | 450,446 | ||||||
Canadian Utilities Ltd., A Shares | 2,837 | 67,146 | ||||||
Canadian Western Bank(2) | 7,041 | 185,071 | ||||||
Canfor Corp.(1) | 2,935 | 59,872 | ||||||
Canfor Pulp Products, Inc. | 1,705 | 13,666 | ||||||
Capital Power Corp. | 16,192 | 436,545 | ||||||
Cardinal Energy Ltd.(1)(2) | 17,700 | 21,141 | ||||||
Cascades, Inc. | 7,949 | 104,875 | ||||||
CCL Industries, Inc., Class B | 3,012 | 158,647 | ||||||
Celestica, Inc.(1) | 10,316 | 85,521 | ||||||
Cenovus Energy, Inc. | 64,567 | 477,936 | ||||||
Centerra Gold, Inc. | 17,537 | 170,189 | ||||||
CES Energy Solutions Corp. | 34,500 | 41,749 | ||||||
CGI, Inc.(1) | 2,544 | 189,910 | ||||||
Chorus Aviation, Inc. | 5,446 | 17,974 | ||||||
CI Financial Corp. | 7,010 | 98,160 | ||||||
Cogeco Communications, Inc. | 500 | 45,211 | ||||||
Constellation Software, Inc. | 386 | 499,780 | ||||||
Corus Entertainment, Inc., B Shares | 24,773 | 102,588 | ||||||
Crescent Point Energy Corp. | 65,984 | 242,138 | ||||||
CRH Medical Corp.(1) | 10,896 | 41,954 | ||||||
Denison Mines Corp.(1)(2) | 12,230 | 13,070 | ||||||
Descartes Systems Group, Inc. (The)(1) | 900 | 52,694 | ||||||
Dollarama, Inc. | 6,912 | 263,043 |
72
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Dorel Industries, Inc., Class B(1) | 3,000 | $ | 32,720 | |||||
DREAM Unlimited Corp., Class A | 2,722 | 48,511 | ||||||
Dundee Precious Metals, Inc. | 9,108 | 56,612 | ||||||
ECN Capital Corp. | 10,284 | 64,568 | ||||||
Eldorado Gold Corp. (Toronto)(1) | 15,681 | 164,252 | ||||||
Element Fleet Management Corp. | 33,218 | 325,759 | ||||||
Emera, Inc. | 3,926 | 154,683 | ||||||
Empire Co. Ltd., Class A | 9,356 | 260,036 | ||||||
Enbridge, Inc. | 26,545 | 896,514 | ||||||
Endeavour Mining Corp. | 12,842 | 247,334 | ||||||
Enerflex Ltd. | 5,446 | 37,402 | ||||||
Energy Fuels, Inc.(1) | 1,830 | 9,498 | ||||||
Enerplus Corp.(2) | 25,760 | 124,691 | ||||||
Enghouse Systems Ltd. | 2,635 | 114,419 | ||||||
Equinox Gold Corp.(1) | 4,440 | 36,773 | ||||||
Equitable Group, Inc. | 600 | 63,942 | ||||||
ERO Copper Corp.(1) | 5,558 | 98,049 | ||||||
Evertz Technologies Ltd. | 1,036 | 11,495 | ||||||
Exchange Income Corp. | 4,051 | 128,349 | ||||||
Extendicare, Inc.(2) | 5,446 | 28,415 | ||||||
Fairfax Financial Holdings Ltd. | 512 | 208,570 | ||||||
Fiera Capital Corp. | 661 | 5,558 | ||||||
Finning International, Inc. | 18,536 | 483,719 | ||||||
Firm Capital Mortgage Investment Corp. | 2,635 | 28,263 | ||||||
First Majestic Silver Corp.(1)(2) | 2,635 | 47,499 | ||||||
First National Financial Corp. | 286 | 9,958 | ||||||
First Quantum Minerals Ltd. | 26,605 | 573,452 | ||||||
FirstService Corp. | 900 | 136,556 | ||||||
Fortis, Inc. | 11,457 | 441,139 | ||||||
Fortuna Silver Mines, Inc.(1) | 13,584 | 102,152 | ||||||
Franco-Nevada Corp. | 2,479 | 265,432 | ||||||
Freehold Royalties Ltd. | 5,446 | 29,528 | ||||||
Frontera Energy Corp. | 6,780 | 33,671 | ||||||
George Weston Ltd. | 2,218 | 162,908 | ||||||
Gibson Energy, Inc.(2) | 9,076 | 154,476 | ||||||
Gildan Activewear, Inc. | 14,118 | 428,998 | ||||||
goeasy Ltd.(2) | 2,735 | 266,687 | ||||||
Gran Colombia Gold Corp. | 5,968 | 26,496 | ||||||
Great Panther Mining Ltd.(1) | 7,008 | 6,443 | ||||||
Great-West Lifeco, Inc. | 4,594 | 117,575 | ||||||
Hardwoods Distribution, Inc. | 1,330 | 28,824 | ||||||
High Liner Foods, Inc. | 5,446 | 56,745 | ||||||
HLS Therapeutics, Inc. | 661 | 9,516 | ||||||
Home Capital Group, Inc.(1) | 4,964 | 122,520 | ||||||
Hudbay Minerals, Inc. | 23,243 | 166,387 | ||||||
Hydro One Ltd. | 13,621 | 289,203 | ||||||
iA Financial Corp., Inc. | 3,677 | 188,935 | ||||||
IAMGOLD Corp.(1) | 28,037 | 83,058 | ||||||
IGM Financial, Inc.(2) | 1,821 | 49,682 | ||||||
Imperial Oil Ltd. | 5,446 | 119,353 | ||||||
Intact Financial Corp. | 3,160 | 353,197 |
73
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Inter Pipeline Ltd.(2) | 20,421 | $ | 287,396 | |||||
Interfor Corp.(1) | 7,503 | 164,139 | ||||||
International Petroleum Corp.(1)(2) | 11,200 | 35,292 | ||||||
Intertape Polymer Group, Inc. | 5,435 | 102,371 | ||||||
Ivanhoe Mines Ltd., Class A(1) | 10,800 | 66,620 | ||||||
Karora Resources, Inc.(1) | 8,100 | 18,649 | ||||||
Kelt Exploration Ltd.(1)(2) | 10,896 | 20,720 | ||||||
Keyera Corp.(2) | 16,256 | 315,131 | ||||||
Kinaxis, Inc.(1) | 486 | 65,686 | ||||||
Kinross Gold Corp. | 81,720 | 507,941 | ||||||
Kirkland Lake Gold Ltd. | 17,582 | 575,014 | ||||||
Knight Therapeutics, Inc.(1) | 5,446 | 22,082 | ||||||
Labrador Iron Ore Royalty Corp. | 4,614 | 132,227 | ||||||
Laurentian Bank of Canada | 2,635 | 72,180 | ||||||
Lightspeed POS, Inc.(1) | 900 | 61,627 | ||||||
Linamar Corp. | 4,096 | 228,875 | ||||||
Loblaw Cos. Ltd. | 7,959 | 383,565 | ||||||
Lundin Gold, Inc.(1) | 5,446 | 43,907 | ||||||
Lundin Mining Corp. | 60,178 | 688,978 | ||||||
Magna International, Inc. | 14,994 | 1,262,932 | ||||||
Major Drilling Group International, Inc.(1) | 6,258 | 34,570 | ||||||
Manulife Financial Corp.(2) | 52,513 | 1,046,876 | ||||||
Martinrea International, Inc. | 8,940 | 104,532 | ||||||
MCAN Mortgage Corp. | 661 | 8,856 | ||||||
MEG Energy Corp.(1) | 15,210 | 78,524 | ||||||
Methanex Corp. | 7,526 | 290,135 | ||||||
Metro, Inc. | 4,435 | 184,356 | ||||||
Morneau Shepell, Inc.(2) | 1,705 | 43,824 | ||||||
MTY Food Group, Inc.(1) | 661 | 26,334 | ||||||
Mullen Group Ltd. | 6,814 | 53,651 | ||||||
National Bank of Canada | 16,856 | 1,061,745 | ||||||
New Gold, Inc. (Toronto)(1) | 53,180 | 85,666 | ||||||
North American Construction Group Ltd. | 2,635 | 31,659 | ||||||
North West Co., Inc. (The) | 4,440 | 108,610 | ||||||
Northland Power, Inc.(2) | 11,579 | 384,420 | ||||||
Novagold Resources, Inc.(1) | 529 | 4,417 | ||||||
Nutrien Ltd. | 12,989 | 701,096 | ||||||
NuVista Energy Ltd.(1)(2) | 32,046 | 49,859 | ||||||
OceanaGold Corp.(1) | 21,213 | 30,671 | ||||||
Onex Corp. | 3,235 | 181,095 | ||||||
Open Text Corp. | 4,258 | 189,646 | ||||||
Orla Mining Ltd.(1) | 3,126 | 10,784 | ||||||
Osisko Gold Royalties Ltd. (Toronto) | 2,635 | 26,296 | ||||||
Pan American Silver Corp. | 8,617 | 284,728 | ||||||
Paramount Resources Ltd., A Shares(1)(2) | 5,446 | 46,218 | ||||||
Parex Resources, Inc.(1) | 18,189 | 290,715 | ||||||
Parkland Corp.(2) | 5,012 | 159,269 | ||||||
Pason Systems, Inc. | 10,835 | 82,586 | ||||||
Pembina Pipeline Corp.(2) | 18,989 | 482,857 | ||||||
Peyto Exploration & Development Corp.(2) | 19,196 | 89,901 | ||||||
Polaris Infrastructure, Inc. | 1,900 | 31,308 |
74
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Power Corp. of Canada | 10,497 | $ | 253,063 | |||||
PrairieSky Royalty Ltd.(2) | 10,937 | 110,865 | ||||||
Precision Drilling Corp.(1)(2) | 1,989 | 45,950 | ||||||
Premier Gold Mines Ltd.(1) | 7,677 | 17,434 | ||||||
Premium Brands Holdings Corp. | 600 | 48,567 | ||||||
Pretium Resources, Inc.(1) | 14,953 | 145,465 | ||||||
Primo Water Corp. | 2,635 | 37,705 | ||||||
Quebecor, Inc., Class B | 5,282 | 136,553 | ||||||
Real Matters, Inc.(1) | 11,388 | 143,178 | ||||||
Resolute Forest Products, Inc.(1) | 4,800 | 45,262 | ||||||
Restaurant Brands International, Inc. | 4,435 | 266,009 | ||||||
Richelieu Hardware Ltd. | 2,354 | 67,664 | ||||||
Ritchie Bros Auctioneers, Inc. | 2,635 | 143,801 | ||||||
Rogers Communications, Inc., Class B | 11,601 | 502,564 | ||||||
Rogers Sugar, Inc. | 1,705 | 7,101 | ||||||
Roxgold, Inc.(1) | 65,375 | 70,892 | ||||||
Royal Bank of Canada | 28,392 | 2,417,537 | ||||||
Russel Metals, Inc.(2) | 7,418 | 144,443 | ||||||
Sabina Gold & Silver Corp.(1) | 28,165 | 48,026 | ||||||
Sagen MI Canada, Inc. | 3,536 | 120,228 | ||||||
Sandstorm Gold Ltd.(1) | 11,571 | 69,830 | ||||||
Saputo, Inc. | 6,147 | 173,117 | ||||||
Secure Energy Services, Inc. | 20,181 | 51,697 | ||||||
Seven Generations Energy Ltd., Class A(1) | 33,389 | 220,389 | ||||||
Shaw Communications, Inc., B Shares | 32,819 | 571,225 | ||||||
ShawCor Ltd. | 5,800 | 23,289 | ||||||
Shopify, Inc., Class A(1) | 768 | 994,990 | ||||||
Sienna Senior Living, Inc.(2) | 2,635 | 29,050 | ||||||
Sierra Metals, Inc.(1) | 3,795 | 9,990 | ||||||
Sierra Wireless, Inc.(1) | 661 | 11,115 | ||||||
Silvercorp Metals, Inc. | 18,355 | 106,732 | ||||||
Sleep Country Canada Holdings, Inc. | 2,986 | 63,188 | ||||||
SNC-Lavalin Group, Inc. | 1,100 | 22,128 | ||||||
Spin Master Corp.(1) | 2,200 | 48,837 | ||||||
SSR Mining, Inc.(1) | 5,496 | 78,039 | ||||||
Stantec, Inc. | 3,462 | 136,211 | ||||||
Stelco Holdings, Inc.(2) | 1,330 | 25,772 | ||||||
Sun Life Financial, Inc.(2) | 8,666 | 417,025 | ||||||
Suncor Energy, Inc. | 43,543 | 864,633 | ||||||
SunOpta, Inc.(1) | 6,100 | 94,525 | ||||||
Superior Plus Corp.(2) | 13,450 | 139,932 | ||||||
Tamarack Valley Energy Ltd.(1)(2) | 32,796 | 55,407 | ||||||
Taseko Mines Ltd.(1) | 37,600 | 62,933 | ||||||
TC Energy Corp. | 9,150 | 383,227 | ||||||
Teck Resources Ltd., Class B | 15,924 | 331,594 | ||||||
TELUS Corp. | 12,410 | 248,668 | ||||||
TFI International, Inc. | 4,435 | 309,781 | ||||||
Thomson Reuters Corp. | 1,054 | 91,685 | ||||||
Tidewater Midstream and Infrastructure Ltd. | 12,230 | 9,034 | ||||||
Timbercreek Financial Corp.(2) | 5,446 | 37,916 | ||||||
TMX Group Ltd.(2) | 778 | 74,273 |
75
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Topicus.com, Inc.(1) | 531 | $ | 27,564 | |||||
TORC Oil & Gas Ltd. | 20,796 | 52,456 | ||||||
Torex Gold Resources, Inc.(1) | 14,216 | 172,254 | ||||||
Toromont Industries Ltd. | 2,635 | 191,941 | ||||||
Toronto-Dominion Bank (The) | 33,393 | 2,024,152 | ||||||
Tourmaline Oil Corp. | 22,438 | 408,348 | ||||||
TransAlta Corp. | 39,289 | 343,308 | ||||||
TransAlta Renewables, Inc.(2) | 3,835 | 60,813 | ||||||
Transcontinental, Inc., Class A | 4,635 | 79,654 | ||||||
TransGlobe Energy Corp.(1) | 14,400 | 21,160 | ||||||
Trican Well Service Ltd.(1)(2) | 10,519 | 15,622 | ||||||
Tricon Residential, Inc. | 10,926 | 106,375 | ||||||
Turquoise Hill Resources Ltd.(1) | 7,447 | 112,940 | ||||||
Uni-Select, Inc. | 3,200 | 26,403 | ||||||
Uranium Participation Corp.(1) | 5,072 | 19,728 | ||||||
Vermilion Energy, Inc.(2) | 18,246 | 114,270 | ||||||
Viemed Healthcare, Inc.(1) | 5,446 | 51,096 | ||||||
Wesdome Gold Mines Ltd.(1) | 9,981 | 67,058 | ||||||
West Fraser Timber Co. Ltd. | 4,995 | 341,478 | ||||||
Western Forest Products, Inc. | 8,342 | 11,013 | ||||||
Westshore Terminals Investment Corp. | 1,705 | 25,322 | ||||||
Wheaton Precious Metals Corp. | 6,083 | 217,585 | ||||||
Whitecap Resources, Inc.(2) | 53,082 | 237,338 | ||||||
WSP Global, Inc. | 2,517 | 217,998 | ||||||
Yamana Gold, Inc. | 35,615 | 141,609 | ||||||
52,055,748 | ||||||||
Denmark — 2.0% | ||||||||
Alm Brand A/S | 3,657 | 41,825 | ||||||
Ambu A/S, B Shares | 2,948 | 136,409 | ||||||
AP Moller - Maersk A/S, A Shares | 73 | 146,414 | ||||||
AP Moller - Maersk A/S, B Shares | 141 | 302,677 | ||||||
Bang & Olufsen A/S(1) | 4,676 | 24,929 | ||||||
Bavarian Nordic A/S(1) | 1,534 | 54,961 | ||||||
Carlsberg A/S, B Shares | 1,210 | 190,306 | ||||||
cBrain A/S | 335 | 11,404 | ||||||
Chemometec A/S | 342 | 31,563 | ||||||
Chr Hansen Holding A/S(1) | 1,159 | 99,382 | ||||||
Coloplast A/S, B Shares | 2,369 | 361,323 | ||||||
D/S Norden A/S | 2,931 | 61,245 | ||||||
Danske Andelskassers Bank A/S | 9,479 | 13,548 | ||||||
Danske Bank A/S(1) | 21,227 | 391,298 | ||||||
Demant A/S(1) | 1,557 | 64,341 | ||||||
Dfds A/S(1) | 2,213 | 106,708 | ||||||
Drilling Co. of 1972 A/S (The)(1) | 2,582 | 102,695 | ||||||
DSV Panalpina A/S | 2,611 | 478,835 | ||||||
FLSmidth & Co. A/S(1) | 1,724 | 72,550 | ||||||
Genmab A/S, ADR(1) | 19,567 | 662,734 | ||||||
GN Store Nord AS | 4,054 | 340,451 | ||||||
H Lundbeck A/S | 1,777 | 67,628 | ||||||
H+H International A/S, B Shares(1) | 4,100 | 91,693 | ||||||
ISS A/S(1) | 926 | 16,660 |
76
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Jyske Bank A/S(1) | 2,771 | $ | 119,570 | |||||
Netcompany Group A/S(1) | 643 | 57,427 | ||||||
Nilfisk Holding A/S(1) | 1,122 | 26,970 | ||||||
NKT A/S(1) | 1,992 | 77,524 | ||||||
NNIT A/S | 1,317 | 22,452 | ||||||
North Media A/S | 622 | 9,676 | ||||||
Novo Nordisk A/S, ADR | 37,643 | 2,682,064 | ||||||
Novozymes A/S, B Shares | 7,065 | 436,256 | ||||||
Orsted AS | 5,356 | 864,491 | ||||||
Pandora A/S | 7,497 | 726,883 | ||||||
Per Aarsleff Holding A/S | 1,839 | 82,833 | ||||||
Ringkjoebing Landbobank A/S | 1,282 | 125,621 | ||||||
Rockwool International A/S, B Shares | 590 | 212,946 | ||||||
Royal Unibrew A/S | 1,222 | 125,771 | ||||||
Schouw & Co. A/S | 713 | 72,160 | ||||||
SimCorp A/S | 2,267 | 275,278 | ||||||
Spar Nord Bank A/S(1) | 3,376 | 35,112 | ||||||
Sydbank AS(1) | 2,666 | 60,882 | ||||||
Topdanmark AS | 1,293 | 60,751 | ||||||
TORM plc | 3,113 | 25,568 | ||||||
Tryg A/S | 5,546 | 174,648 | ||||||
Vestas Wind Systems A/S | 6,340 | 1,185,522 | ||||||
11,331,984 | ||||||||
Finland — 1.0% | ||||||||
Admicom Oyj | 113 | 13,968 | ||||||
Aktia Bank Oyj(1) | 3,706 | 40,176 | ||||||
Altia Oyj | 1,409 | 18,728 | ||||||
CapMan Oyj, B Shares | 6,695 | 21,168 | ||||||
Cargotec Oyj, B Shares | 1,485 | 78,112 | ||||||
Caverion OYJ(1) | 4,200 | 26,651 | ||||||
Citycon Oyj | 3,415 | 30,840 | ||||||
Elisa Oyj | 3,794 | 226,159 | ||||||
Finnair Oyj(1) | 30,086 | 26,128 | ||||||
Fortum Oyj | 9,097 | 227,044 | ||||||
HKScan Oyj, A Shares(1) | 3,140 | 8,231 | ||||||
Huhtamaki Oyj | 3,569 | 160,509 | ||||||
Kamux Corp. | 1,828 | 33,789 | ||||||
Kemira Oyj | 5,849 | 94,334 | ||||||
Kesko Oyj, B Shares | 13,171 | 334,289 | ||||||
Kojamo Oyj | 4,206 | 80,630 | ||||||
Kone Oyj, B Shares | 3,877 | 309,056 | ||||||
Konecranes Oyj | 2,058 | 91,309 | ||||||
Metsa Board Oyj | 9,400 | 104,674 | ||||||
Metso Outotec Oyj | 26,718 | 299,953 | ||||||
Neles Oyj | 3,655 | 45,137 | ||||||
Neste Oyj | 7,749 | 510,078 | ||||||
Nokia Oyj, ADR(1) | 70,002 | 274,408 | ||||||
Nokian Renkaat Oyj | 6,428 | 227,339 | ||||||
Orion Oyj, Class B(2) | 5,236 | 214,324 | ||||||
Outokumpu Oyj(1) | 19,048 | 92,719 | ||||||
Rovio Entertainment Oyj(2) | 3,125 | 23,457 |
77
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Sampo Oyj, A Shares | 4,943 | $ | 219,525 | |||||
Sanoma Oyj | 5,288 | 87,221 | ||||||
Scanfil Oyj | 1,113 | 10,089 | ||||||
Stora Enso Oyj, R Shares | 19,551 | 384,949 | ||||||
Suominen Oyj | 2,575 | 17,600 | ||||||
TietoEVRY Oyj | 759 | 23,440 | ||||||
Tokmanni Group Corp. | 3,964 | 86,152 | ||||||
UPM-Kymmene Oyj | 17,659 | 671,805 | ||||||
Uponor Oyj | 4,104 | 85,952 | ||||||
Valmet Oyj | 8,066 | 271,475 | ||||||
Verkkokauppa.com Oyj | 1,924 | 21,628 | ||||||
Wartsila Oyj Abp | 23,357 | 266,735 | ||||||
YIT Oyj(2) | 9,350 | 52,677 | ||||||
5,812,458 | ||||||||
France — 8.8% | ||||||||
AB Science SA(1) | 992 | 18,750 | ||||||
ABC arbitrage | 1,307 | 11,745 | ||||||
Accor SA(1) | 3,066 | 127,794 | ||||||
Aeroports de Paris(1) | 721 | 91,476 | ||||||
Air France-KLM(1)(2) | 21,507 | 144,681 | ||||||
Air Liquide SA | 6,532 | 982,535 | ||||||
Airbus SE(1) | 10,398 | 1,202,626 | ||||||
Akka Technologies(1) | 304 | 9,275 | ||||||
Albioma SA | 3,048 | 148,528 | ||||||
ALD SA | 9,155 | 133,568 | ||||||
Alstom SA(1) | 8,708 | 433,199 | ||||||
Alten SA(1) | 3,531 | 389,934 | ||||||
Amundi SA(1) | 1,247 | 94,764 | ||||||
APERAM SA | 2,957 | 123,761 | ||||||
ArcelorMittal SA(1) | 41,610 | 968,265 | ||||||
Arkema SA | 6,859 | 755,460 | ||||||
Atari SA(1) | 25,617 | 10,641 | ||||||
Atos SE(1) | 2,330 | 181,045 | ||||||
AXA SA | 51,282 | 1,286,543 | ||||||
Beneteau SA(1) | 1,206 | 17,967 | ||||||
Bigben Interactive(1) | 1,821 | 43,009 | ||||||
BioMerieux | 1,267 | 160,803 | ||||||
BNP Paribas SA(1) | 24,716 | 1,468,600 | ||||||
Bollore SA | 4,676 | 22,366 | ||||||
Bonduelle SCA | 1,112 | 26,454 | ||||||
Bouygues SA | 13,137 | 531,791 | ||||||
Bureau Veritas SA(1) | 15,124 | 408,467 | ||||||
Capgemini SE | 4,446 | 712,033 | ||||||
Carrefour SA | 44,871 | 780,251 | ||||||
Casino Guichard Perrachon SA(1) | 817 | 26,194 | ||||||
Cellectis SA, ADR(1) | 391 | 8,407 | ||||||
CGG SA(1) | 80,614 | 94,737 | ||||||
Chargeurs SA | 2,550 | 68,679 | ||||||
Cie de Saint-Gobain(1) | 28,819 | 1,544,016 | ||||||
Cie Generale des Etablissements Michelin SCA | 10,190 | 1,471,834 | ||||||
Cie Plastic Omnium SA | 5,593 | 199,810 |
78
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Claranova SADIR(1) | 615 | $ | 4,799 | |||||
CNP Assurances(1) | 6,751 | 121,401 | ||||||
Coface SA(1) | 11,349 | 123,569 | ||||||
Credit Agricole SA(1) | 25,710 | 360,118 | ||||||
Danone SA | 1,550 | 105,348 | ||||||
Dassault Aviation SA(1) | 145 | 156,190 | ||||||
Dassault Systemes SE | 1,801 | 373,448 | ||||||
Derichebourg SA(1) | 6,500 | 51,406 | ||||||
Edenred | 4,162 | 230,400 | ||||||
Eiffage SA(1) | 6,844 | 702,952 | ||||||
Electricite de France SA(1) | 23,234 | 275,904 | ||||||
Elis SA(1) | 4,189 | 72,446 | ||||||
Engie SA(1) | 36,833 | 536,877 | ||||||
Eramet SA(1) | 644 | 47,656 | ||||||
EssilorLuxottica SA | 2,731 | 444,717 | ||||||
Etablissements Maurel et Prom SA(1) | 2,340 | 5,344 | ||||||
Eurazeo SE(1) | 1,504 | 111,298 | ||||||
Eurofins Scientific SE(1) | 4,554 | 404,749 | ||||||
Euronext NV | 5,387 | 579,651 | ||||||
Eutelsat Communications SA | 24,281 | 292,564 | ||||||
Faurecia SE(1) | 6,830 | 352,633 | ||||||
FIGEAC-AERO(1)(2) | 98 | 608 | ||||||
Fnac Darty SA(1) | 717 | 43,459 | ||||||
Gaztransport Et Technigaz SA | 1,914 | 160,690 | ||||||
Genfit(1) | 264 | 1,362 | ||||||
Getlink SE(1) | 17,995 | 293,928 | ||||||
Groupe LDLC | 402 | 26,931 | ||||||
Groupe SFPI(1) | 119 | 257 | ||||||
Hermes International | 601 | 667,832 | ||||||
Iliad SA | 2,367 | 418,636 | ||||||
Imerys SA | 2,735 | 140,583 | ||||||
Innate Pharma SA(1)(2) | 5,189 | 23,238 | ||||||
Interparfums SA(1) | 712 | 41,155 | ||||||
Ipsen SA | 4,829 | 410,885 | ||||||
Jacquet Metals SA | 878 | 18,006 | ||||||
JCDecaux SA(1) | 3,484 | 82,229 | ||||||
Kaufman & Broad SA | 1,447 | 63,977 | ||||||
Kering SA | 2,053 | 1,299,731 | ||||||
L'Oreal SA | 3,874 | 1,412,459 | ||||||
La Francaise des Jeux SAEM | 9,122 | 410,825 | ||||||
Lagardere SCA(1) | 2,765 | 74,211 | ||||||
Legrand SA | 4,502 | 390,549 | ||||||
LISI(1) | 1,548 | 37,989 | ||||||
Lumibird(1) | 68 | 1,334 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 5,296 | 3,353,546 | ||||||
Maisons du Monde SA(1) | 4,523 | 81,616 | ||||||
Mersen SA(1) | 1,136 | 38,985 | ||||||
Metropole Television SA(1) | 1,975 | 39,385 | ||||||
MGI Digital Graphic Technology(1) | 500 | 29,046 | ||||||
Nacon SA(1) | 2,158 | 20,024 | ||||||
Nanobiotix SA(1) | 647 | 10,772 |
79
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Natixis SA(1) | 35,590 | $ | 173,237 | |||||
Neoen SA(1)(2) | 1,529 | 89,297 | ||||||
Nexans SA(1) | 4,414 | 342,622 | ||||||
Orange SA, ADR | 47,183 | 545,907 | ||||||
Orpea SA(1) | 3,477 | 417,247 | ||||||
Pernod Ricard SA | 3,763 | 714,220 | ||||||
Pharmagest Interactive | 152 | 17,970 | ||||||
Publicis Groupe SA | 4,291 | 251,224 | ||||||
Quadient SA | 3,130 | 71,432 | ||||||
Remy Cointreau SA | 601 | 114,553 | ||||||
Renault SA(1) | 9,178 | 410,915 | ||||||
Rexel SA(1) | 14,645 | 273,916 | ||||||
Rubis SCA | 2,914 | 133,428 | ||||||
Safran SA(1) | 10,144 | 1,385,567 | ||||||
Sanofi, ADR | 22,361 | 1,026,146 | ||||||
Sartorius Stedim Biotech | 686 | 299,592 | ||||||
Schneider Electric SE | 4,979 | 737,784 | ||||||
SCOR SE(1) | 7,234 | 239,094 | ||||||
SEB SA | 1,809 | 324,505 | ||||||
SES SA | 36,046 | 286,964 | ||||||
SMCP SA(1) | 3,478 | 21,688 | ||||||
Societe BIC SA | 1,781 | 99,908 | ||||||
Societe Generale SA(1) | 27,367 | 677,652 | ||||||
Sodexo SA(1) | 3,265 | 311,937 | ||||||
SOITEC(1) | 907 | 191,091 | ||||||
Solutions 30 SE(1)(2) | 7,372 | 86,264 | ||||||
Sopra Steria Group(1) | 652 | 105,937 | ||||||
SPIE SA(1) | 3,902 | 87,629 | ||||||
SRP Groupe SA(1) | 4,638 | 16,946 | ||||||
STMicroelectronics NV, (New York)(2) | 40,516 | 1,574,452 | ||||||
Suez SA | 10,200 | 212,270 | ||||||
Tarkett SA(1) | 4,506 | 68,484 | ||||||
Teleperformance | 2,581 | 912,571 | ||||||
Television Francaise 1(1)(2) | 3,001 | 26,154 | ||||||
Thales SA | 3,671 | 347,305 | ||||||
TOTAL SE, ADR | 54,385 | 2,523,464 | ||||||
Trigano SA | 1,177 | 220,770 | ||||||
Ubisoft Entertainment SA(1) | 6,629 | 540,709 | ||||||
Valeo SA | 20,024 | 706,140 | ||||||
Vallourec SA(1)(2) | 270 | 13,114 | ||||||
Valneva SE(1) | 15,675 | 209,655 | ||||||
Veolia Environnement SA | 10,938 | 294,867 | ||||||
Verallia SA | 1,433 | 52,623 | ||||||
Vicat SA | 1,176 | 56,532 | ||||||
Vinci SA | 17,858 | 1,853,167 | ||||||
Virbac SA(1) | 146 | 35,666 | ||||||
Vivendi SE | 4,822 | 166,189 | ||||||
Worldline SA(1) | 1,638 | 145,808 | ||||||
X-Fab Silicon Foundries SE(1) | 2,608 | 22,291 | ||||||
49,084,629 |
80
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Germany — 7.9% | ||||||||
2G Energy AG | 177 | $ | 18,512 | |||||
7C Solarparken AG | 3,078 | 15,277 | ||||||
Aareal Bank AG(1) | 5,538 | 146,897 | ||||||
adidas AG(1) | 2,153 | 747,401 | ||||||
ADLER Group SA(1) | 4,646 | 131,726 | ||||||
ADVA Optical Networking SE(1) | 4,477 | 49,385 | ||||||
AIXTRON SE(1) | 3,266 | 74,301 | ||||||
Allgeier SE | 1,067 | 31,087 | ||||||
Allianz SE | 7,477 | 1,806,428 | ||||||
Amadeus Fire AG(1) | 250 | 35,488 | ||||||
Aroundtown SA | 48,659 | 352,840 | ||||||
Aumann AG(1) | 169 | 2,851 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA(1) | 1,558 | 35,757 | ||||||
Aurubis AG | 3,970 | 344,943 | ||||||
Baader Bank AG(1) | 1,970 | 19,637 | ||||||
BASF SE | 20,622 | 1,688,531 | ||||||
Bauer AG(1) | 1,579 | 20,581 | ||||||
Bayer AG | 15,724 | 951,227 | ||||||
Bayerische Motoren Werke AG | 11,351 | 977,999 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 1,814 | 122,641 | ||||||
Bechtle AG | 1,987 | 373,634 | ||||||
Befesa SA | 1,812 | 122,534 | ||||||
Beiersdorf AG | 2,603 | 257,092 | ||||||
Bertrandt AG | 464 | 25,242 | ||||||
Bilfinger SE | 2,861 | 101,619 | ||||||
Borussia Dortmund GmbH & Co. KGaA(1) | 4,547 | 30,175 | ||||||
Brenntag SE | 7,345 | 569,211 | ||||||
CANCOM SE | 399 | 25,501 | ||||||
Carl Zeiss Meditec AG | 695 | 103,881 | ||||||
CECONOMY AG(1) | 3,610 | 22,514 | ||||||
Cewe Stiftung & Co. KGAA | 368 | 48,209 | ||||||
Commerzbank AG(1) | 73,425 | 481,649 | ||||||
CompuGroup Medical SE & Co. KgaA | 1,022 | 87,631 | ||||||
Continental AG(1) | 5,864 | 838,309 | ||||||
Corestate Capital Holding SA(1) | 589 | 9,747 | ||||||
Covestro AG | 13,081 | 946,621 | ||||||
CropEnergies AG | 2,072 | 27,860 | ||||||
CTS Eventim AG & Co. KGaA(1) | 5,045 | 342,262 | ||||||
Daimler AG | 26,387 | 2,107,016 | ||||||
Delivery Hero SE(1) | 1,036 | 132,121 | ||||||
Dermapharm Holding SE | 442 | 31,292 | ||||||
Deutsche Bank AG(1) | 81,115 | 995,281 | ||||||
Deutsche Boerse AG | 5,214 | 851,880 | ||||||
Deutsche EuroShop AG(1) | 4,474 | 95,882 | ||||||
Deutsche Lufthansa AG(1) | 10,476 | 155,118 | ||||||
Deutsche Pfandbriefbank AG(1) | 11,602 | 126,015 | ||||||
Deutsche Post AG | 22,375 | 1,107,523 | ||||||
Deutsche Telekom AG | 80,697 | 1,460,573 | ||||||
Deutsche Wohnen SE | 8,217 | 385,902 | ||||||
Deutz AG(1) | 12,786 | 93,058 |
81
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Dialog Semiconductor plc(1) | 7,630 | $ | 591,307 | |||||
DIC Asset AG | 2,799 | 49,909 | ||||||
Draegerwerk AG & Co. KGaA, Preference Shares | 870 | 66,471 | ||||||
Duerr AG | 4,374 | 172,537 | ||||||
E.ON SE | 52,150 | 531,298 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 876 | 60,122 | ||||||
Elmos Semiconductor SE | 1,396 | 55,450 | ||||||
ElringKlinger AG(1) | 3,981 | 66,675 | ||||||
Encavis AG | 8,985 | 189,377 | ||||||
Evonik Industries AG | 7,305 | 246,164 | ||||||
Evotec SE(1) | 1,344 | 51,945 | ||||||
flatexDEGIRO AG(1) | 1,686 | 177,336 | ||||||
Formycon AG(1) | 754 | 58,684 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(1) | 1,701 | 107,384 | ||||||
Freenet AG | 6,448 | 136,438 | ||||||
Fresenius Medical Care AG & Co. KGaA, ADR | 2,433 | 83,939 | ||||||
Fresenius SE & Co. KGaA | 1,821 | 77,887 | ||||||
FUCHS PETROLUB SE, Preference Shares | 5,922 | 323,139 | ||||||
GEA Group AG | 12,286 | 423,835 | ||||||
Gerresheimer AG | 1,887 | 194,868 | ||||||
Global Fashion Group SA(1) | 1,316 | 19,463 | ||||||
Grand City Properties SA | 3,284 | 80,439 | ||||||
GRENKE AG | 279 | 11,651 | ||||||
Hamburger Hafen und Logistik AG | 2,429 | 61,660 | ||||||
Hannover Rueck SE | 1,643 | 277,922 | ||||||
HeidelbergCement AG | 5,261 | 415,281 | ||||||
Heidelberger Druckmaschinen AG(1) | 16,089 | 23,337 | ||||||
HelloFresh SE(1) | 6,065 | 470,543 | ||||||
Henkel AG & Co. KGaA | 1,961 | 173,118 | ||||||
Henkel AG & Co. KGaA, Preference Shares | 3,407 | 335,658 | ||||||
Home24 SE(1) | 388 | 7,970 | ||||||
Hornbach Baumarkt AG | 1,340 | 54,437 | ||||||
Hornbach Holding AG & Co. KGaA | 1,124 | 105,772 | ||||||
HUGO BOSS AG | 4,075 | 153,485 | ||||||
Hypoport SE(1) | 224 | 157,232 | ||||||
Indus Holding AG | 1,184 | 47,616 | ||||||
Infineon Technologies AG | 23,169 | 1,005,274 | ||||||
Jenoptik AG | 3,171 | 101,749 | ||||||
JOST Werke AG(1) | 1,269 | 73,377 | ||||||
Jungheinrich AG, Preference Shares | 7,347 | 316,986 | ||||||
K+S AG | 20,621 | 230,012 | ||||||
KION Group AG | 3,113 | 261,740 | ||||||
Kloeckner & Co. SE(1) | 8,863 | 94,021 | ||||||
Knorr-Bremse AG | 2,719 | 345,956 | ||||||
Koenig & Bauer AG(1) | 944 | 28,123 | ||||||
Krones AG | 1,086 | 91,570 | ||||||
KSB SE & Co. KGaA | 17 | 5,877 | ||||||
KSB SE & Co. KGaA, Preference Shares | 67 | 19,370 | ||||||
Lang & Schwarz AG(1) | 375 | 59,495 | ||||||
Lanxess AG | 5,210 | 384,697 | ||||||
LEG Immobilien AG | 2,058 | 280,774 |
82
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Leoni AG(1) | 1,524 | $ | 20,655 | |||||
LPKF Laser & Electronics AG | 1,686 | 52,723 | ||||||
MBB SE | 132 | 19,972 | ||||||
Merck KGaA | 1,842 | 298,288 | ||||||
MLP SE | 5,074 | 38,860 | ||||||
MPH HEALTH CARE AG KONV(1) | 78 | 2,314 | ||||||
MTU Aero Engines AG | 2,903 | 689,486 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 3,306 | 965,297 | ||||||
Nagarro SE(1) | 147 | 15,829 | ||||||
Nemetschek SE | 3,399 | 213,885 | ||||||
New Work SE | 175 | 46,641 | ||||||
Nordex SE(1) | 2,108 | 56,472 | ||||||
Norma Group SE | 3,918 | 185,791 | ||||||
PATRIZIA AG | 1,333 | 36,365 | ||||||
Pfeiffer Vacuum Technology AG | 154 | 29,712 | ||||||
Porsche Automobil Holding SE, Preference Shares | 6,148 | 492,223 | ||||||
ProSiebenSat.1 Media SE(1) | 12,116 | 248,048 | ||||||
Puma SE(1) | 5,081 | 539,108 | ||||||
QIAGEN NV(1) | 1,276 | 63,800 | ||||||
Rational AG | 144 | 122,847 | ||||||
Rheinmetall AG | 3,994 | 397,875 | ||||||
RTL Group SA(1) | 593 | 33,340 | ||||||
RWE AG | 22,142 | 836,539 | ||||||
S&T AG(1) | 2,175 | 58,167 | ||||||
SAF-Holland SE(1) | 5,364 | 79,408 | ||||||
Salzgitter AG(1) | 4,665 | 139,073 | ||||||
SAP SE, ADR | 8,514 | 1,050,202 | ||||||
Sartorius AG, Preference Shares | 938 | 481,810 | ||||||
Schaltbau Holding AG(1) | 602 | 23,094 | ||||||
Scout24 AG | 3,486 | 262,185 | ||||||
SGL Carbon SE(1) | 3,154 | 26,178 | ||||||
Siemens AG | 8,844 | 1,360,970 | ||||||
Siemens Energy AG(1) | 4,839 | 181,846 | ||||||
Siemens Healthineers AG | 2,340 | 129,192 | ||||||
Siltronic AG(1)(2) | 1,813 | 302,090 | ||||||
Sixt SE(1) | 1,416 | 175,670 | ||||||
Sixt SE, Preference Shares | 1,327 | 99,181 | ||||||
SMA Solar Technology AG(1) | 134 | 8,584 | ||||||
Software AG | 940 | 41,682 | ||||||
Stabilus SA | 3,530 | 263,776 | ||||||
STO SE & Co. KGaA, Preference Shares | 242 | 41,559 | ||||||
Stroeer SE & Co. KGaA | 1,815 | 162,354 | ||||||
Suedzucker AG | 2,348 | 36,841 | ||||||
SUESS MicroTec SE(1) | 1,581 | 44,882 | ||||||
Symrise AG | 3,739 | 435,150 | ||||||
TAG Immobilien AG(1) | 7,649 | 217,313 | ||||||
Takkt AG(1) | 1,582 | 22,398 | ||||||
TeamViewer AG(1) | 6,800 | 364,926 | ||||||
Technotrans SE(1) | 537 | 18,155 | ||||||
Tele Columbus AG(1) | 3,370 | 13,153 | ||||||
Telefonica Deutschland Holding AG | 80,907 | 215,188 |
83
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
thyssenkrupp AG(1) | 1,945 | $ | 26,269 | |||||
Uniper SE | 11,960 | 417,541 | ||||||
United Internet AG | 2,965 | 130,046 | ||||||
va-Q-tec AG(1) | 689 | 24,383 | ||||||
Varta AG(1) | 894 | 122,744 | ||||||
VERBIO Vereinigte BioEnergie AG | 2,842 | 113,648 | ||||||
Villeroy & Boch AG, Preference Shares | 748 | 13,515 | ||||||
Volkswagen AG | 534 | 124,896 | ||||||
Volkswagen AG, Preference Shares | 3,996 | 833,360 | ||||||
Vonovia SE | 10,741 | 684,049 | ||||||
Wacker Chemie AG | 2,095 | 271,398 | ||||||
Wacker Neuson SE(1) | 4,423 | 89,905 | ||||||
Wallstreet:Online AG(1) | 565 | 14,980 | ||||||
Washtec AG(1) | 898 | 52,858 | ||||||
Westwing Group AG(1) | 1,141 | 43,877 | ||||||
Wuestenrot & Wuerttembergische AG | 1,294 | 26,603 | ||||||
Zalando SE(1) | 3,452 | 353,939 | ||||||
zooplus AG(1) | 434 | 105,787 | ||||||
43,999,126 | ||||||||
Hong Kong — 2.9% | ||||||||
Aeon Credit Service Asia Co. Ltd. | 2,000 | 1,392 | ||||||
AIA Group Ltd. | 148,264 | 1,855,874 | ||||||
Asia Allied Infrastructure Holdings Ltd. | 10,000 | 773 | ||||||
ASM Pacific Technology Ltd. | 27,800 | 386,169 | ||||||
Atlas Corp.(2) | 8,176 | 109,804 | ||||||
Bank of East Asia Ltd. (The) | 65,200 | 153,982 | ||||||
BOC Hong Kong Holdings Ltd. | 131,000 | 435,554 | ||||||
Bright Smart Securities & Commodities Group Ltd.(2) | 62,000 | 16,540 | ||||||
Budweiser Brewing Co. APAC Ltd. | 8,800 | 26,873 | ||||||
C-Mer Eye Care Holdings Ltd.(2) | 14,000 | 10,663 | ||||||
Cafe de Coral Holdings Ltd. | 22,000 | 48,909 | ||||||
Century City International Holdings Ltd. | 16,000 | 929 | ||||||
Chen Hsong Holdings | 4,000 | 1,367 | ||||||
China Strategic Holdings Ltd.(1) | 2,315,000 | 48,014 | ||||||
China Tonghai International Financial Ltd.(1) | 20,000 | 493 | ||||||
Chinese Estates Holdings Ltd. | 26,500 | 14,135 | ||||||
Chow Sang Sang Holdings International Ltd. | 23,000 | 31,188 | ||||||
Chuang's Consortium International Ltd. | 16,000 | 2,166 | ||||||
CITIC Telecom International Holdings Ltd. | 4,000 | 1,294 | ||||||
CK Asset Holdings Ltd. | 115,500 | 679,711 | ||||||
CK Hutchison Holdings Ltd. | 23,000 | 173,682 | ||||||
CK Infrastructure Holdings Ltd. | 4,000 | 23,178 | ||||||
CLP Holdings Ltd. | 49,000 | 477,706 | ||||||
Comba Telecom Systems Holdings Ltd.(2) | 124,000 | 38,052 | ||||||
CSI Properties Ltd. | 240,000 | 7,583 | ||||||
Dah Sing Banking Group Ltd. | 31,200 | 34,251 | ||||||
Dah Sing Financial Holdings Ltd. | 10,000 | 32,348 | ||||||
Dairy Farm International Holdings Ltd. | 18,700 | 80,649 | ||||||
Dickson Concepts International Ltd. | 15,500 | 8,363 | ||||||
Dream International Ltd. | 2,000 | 820 | ||||||
Emperor Capital Group Ltd.(1) | 36,000 | 790 |
84
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Emperor Entertainment Hotel Ltd. | 10,000 | $ | 1,623 | |||||
ESR Cayman Ltd.(1) | 19,600 | 62,005 | ||||||
Fairwood Holdings Ltd. | 4,500 | 10,383 | ||||||
Far East Consortium International Ltd. | 36,000 | 12,945 | ||||||
First Pacific Co. Ltd. | 220,000 | 72,024 | ||||||
FSE Services Group Ltd. | 3,000 | 1,531 | ||||||
Fullshare Holdings Ltd.(1)(2) | 487,500 | 10,070 | ||||||
Futu Holdings Ltd., ADR(1)(2) | 289 | 44,156 | ||||||
Galaxy Entertainment Group Ltd. | 22,000 | 203,451 | ||||||
Guotai Junan International Holdings Ltd. | 232,000 | 41,542 | ||||||
Haitong International Securities Group Ltd.(2) | 207,000 | 63,927 | ||||||
Hang Lung Group Ltd. | 73,000 | 182,492 | ||||||
Hang Lung Properties Ltd. | 80,000 | 207,030 | ||||||
Hang Seng Bank Ltd. | 30,000 | 581,761 | ||||||
Health & Happiness H&H International Holdings Ltd. | 3,000 | 11,904 | ||||||
Henderson Land Development Co. Ltd. | 46,000 | 199,796 | ||||||
Hengdeli Holdings Ltd.(1) | 104,000 | 4,023 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 2,000 | 1,960 | ||||||
HKBN Ltd. | 7,000 | 10,155 | ||||||
HKT Trust & HKT Ltd. | 36,000 | 48,904 | ||||||
Hong Kong & China Gas Co. Ltd. | 106,800 | 160,995 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 26,488 | 1,612,700 | ||||||
Hongkong & Shanghai Hotels Ltd. (The) | 20,000 | 20,324 | ||||||
Hongkong Land Holdings Ltd. | 57,900 | 278,601 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 68,000 | 11,734 | ||||||
Hysan Development Co. Ltd. | 54,000 | 231,416 | ||||||
IGG, Inc. | 74,000 | 110,293 | ||||||
International Housewares Retail Co. Ltd. | 24,000 | 8,193 | ||||||
IT Ltd.(1) | 8,000 | 2,886 | ||||||
Jacobson Pharma Corp. Ltd. | 8,000 | 1,155 | ||||||
Jardine Matheson Holdings Ltd. | 4,800 | 251,395 | ||||||
Jardine Strategic Holdings Ltd. | 7,100 | 183,316 | ||||||
JBM Healthcare Ltd.(1) | 1,000 | 263 | ||||||
Johnson Electric Holdings Ltd. | 32,000 | 92,774 | ||||||
K Wah International Holdings Ltd. | 101,000 | 51,950 | ||||||
Karrie International Holdings Ltd. | 40,000 | 7,372 | ||||||
Keck Seng Investments Hong Kong Ltd. | 2,000 | 805 | ||||||
Kerry Logistics Network Ltd. | 67,500 | 195,882 | ||||||
Kerry Properties Ltd. | 38,500 | 123,798 | ||||||
Kwoon Chung Bus Holdings Ltd.(1) | 4,000 | 1,289 | ||||||
Lai Sun Development Co. Ltd.(1) | 8,400 | 7,702 | ||||||
Lifestyle International Holdings Ltd.(1) | 26,000 | 23,319 | ||||||
LK Technology Holdings Ltd. | 35,000 | 46,324 | ||||||
Luk Fook Holdings International Ltd. | 35,000 | 89,015 | ||||||
Man Wah Holdings Ltd. | 152,000 | 332,352 | ||||||
Melco International Development Ltd. | 5,000 | 10,432 | ||||||
Melco Resorts & Entertainment Ltd., ADR(1) | 11,894 | 257,624 | ||||||
MGM China Holdings Ltd.(2) | 6,000 | 10,765 | ||||||
Modern Dental Group Ltd. | 9,000 | 1,705 | ||||||
MTR Corp. Ltd. | 23,786 | 143,038 | ||||||
Multifield International Holdings Ltd. | 32,000 | 1,176 |
85
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
New World Development Co. Ltd. | 73,750 | $ | 375,719 | |||||
NewOcean Energy Holdings Ltd.(1) | 8,000 | 681 | ||||||
NWS Holdings Ltd. | 64,000 | 72,338 | ||||||
Pacific Basin Shipping Ltd. | 507,000 | 126,111 | ||||||
Pacific Century Premium Developments Ltd.(1) | 15,660 | 1,679 | ||||||
Pacific Textiles Holdings Ltd. | 109,000 | 69,838 | ||||||
Paliburg Holdings Ltd. | 4,000 | 1,212 | ||||||
PCCW Ltd. | 131,357 | 75,324 | ||||||
Perfect Shape Medical Ltd. | 24,000 | 14,660 | ||||||
Playmates Holdings Ltd. | 16,000 | 1,794 | ||||||
Power Assets Holdings Ltd. | 21,000 | 116,656 | ||||||
Public Financial Holdings Ltd. | 4,000 | 1,046 | ||||||
Regal Hotels International Holdings Ltd. | 4,000 | 1,577 | ||||||
Regina Miracle International Holdings Ltd. | 5,000 | 1,726 | ||||||
Sa Sa International Holdings Ltd.(1)(2) | 6,000 | 1,469 | ||||||
Sands China Ltd.(1) | 53,600 | 253,493 | ||||||
SAS Dragon Holdings Ltd. | 4,000 | 1,519 | ||||||
Shangri-La Asia Ltd.(1) | 14,000 | 14,407 | ||||||
Shun Tak Holdings Ltd. | 104,000 | 35,410 | ||||||
Sino Land Co. Ltd.(2) | 192,164 | 290,738 | ||||||
SITC International Holdings Co. Ltd. | 126,000 | 330,733 | ||||||
SJM Holdings Ltd. | 108,000 | 151,529 | ||||||
SmarTone Telecommunications Holdings Ltd. | 12,500 | 7,918 | ||||||
Soundwill Holdings Ltd. | 2,000 | 2,379 | ||||||
Sun Hung Kai & Co. Ltd. | 33,000 | 14,136 | ||||||
Sun Hung Kai Properties Ltd. | 25,500 | 411,145 | ||||||
SUNeVision Holdings Ltd. | 71,000 | 71,826 | ||||||
Swire Pacific Ltd., Class A | 32,000 | 235,679 | ||||||
Swire Properties Ltd. | 62,200 | 200,237 | ||||||
Symphony Holdings Ltd. | 10,000 | 1,148 | ||||||
Techtronic Industries Co. Ltd. | 44,000 | 670,415 | ||||||
Television Broadcasts Ltd. | 1,200 | 1,412 | ||||||
Ten Pao Group Holdings Ltd. | 68,000 | 18,822 | ||||||
Texwinca Holdings Ltd. | 32,000 | 7,004 | ||||||
TK Group Holdings Ltd. | 4,000 | 1,571 | ||||||
United Laboratories International Holdings Ltd. (The) | 44,000 | 31,983 | ||||||
Upbest Group Ltd. | 8,000 | 815 | ||||||
Value Partners Group Ltd. | 12,000 | 7,927 | ||||||
Vitasoy International Holdings Ltd.(2) | 44,000 | 193,816 | ||||||
VPower Group International Holdings Ltd.(2) | 27,000 | 7,759 | ||||||
VSTECS Holdings Ltd. | 54,000 | 48,375 | ||||||
VTech Holdings Ltd. | 15,000 | 125,774 | ||||||
WH Group Ltd. | 460,100 | 412,692 | ||||||
Wharf Real Estate Investment Co. Ltd. | 83,000 | 498,049 | ||||||
Wynn Macau Ltd.(1) | 48,800 | 93,124 | ||||||
Xinyi Glass Holdings Ltd. | 124,000 | 347,120 | ||||||
YTO Express Holdings Ltd. | 10,000 | 7,057 | ||||||
Yue Yuen Industrial Holdings Ltd. | 83,000 | 177,705 | ||||||
16,281,074 | ||||||||
Ireland — 0.6% | ||||||||
AIB Group plc(1)(2) | 48,788 | 110,376 |
86
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Bank of Ireland Group plc(1) | 86,444 | $ | 352,388 | |||||
Cairn Homes plc(1) | 56,341 | 61,519 | ||||||
CRH plc(1) | 20,925 | 904,026 | ||||||
Dalata Hotel Group plc(1) | 17,739 | 89,146 | ||||||
FBD Holdings plc(1) | 1,492 | 13,267 | ||||||
Glanbia plc | 7,436 | 96,678 | ||||||
Glenveagh Properties plc(1) | 53,319 | 53,386 | ||||||
Kerry Group plc, A Shares | 3,028 | 365,073 | ||||||
Kingspan Group plc(1) | 5,152 | 375,022 | ||||||
Origin Enterprises plc | 12,211 | 51,270 | ||||||
Permanent TSB Group Holdings plc(1) | 426 | 566 | ||||||
Smurfit Kappa Group plc | 16,610 | 784,606 | ||||||
Uniphar plc(1) | 4,079 | 12,109 | ||||||
3,269,432 | ||||||||
Israel — 0.8% | ||||||||
Adgar Investment and Development Ltd. | 2,629 | 4,406 | ||||||
AFI Properties Ltd.(1) | 610 | 18,895 | ||||||
Airport City Ltd.(1) | 2,212 | 29,990 | ||||||
Allot Ltd.(1)(2) | 615 | 8,948 | ||||||
Alony Hetz Properties & Investments Ltd. | 3,896 | 46,108 | ||||||
Altshuler Shaham Provident Funds & Pension Ltd. | 2,360 | 15,000 | ||||||
Amot Investments Ltd. | 3,898 | 20,322 | ||||||
Ashtrom Group Ltd. | 1,430 | 26,180 | ||||||
AudioCodes Ltd. | 1,060 | 30,199 | ||||||
Azorim-Investment Development & Construction Co. Ltd.(1) | 6,322 | 18,751 | ||||||
Azrieli Group Ltd. | 710 | 42,809 | ||||||
Bank Hapoalim BM(1) | 18,324 | 128,348 | ||||||
Bank Leumi Le-Israel BM | 37,496 | 225,993 | ||||||
Bayside Land Corp. Ltd. | 5,607 | 42,404 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(1) | 21,183 | 20,307 | ||||||
Caesarstone Ltd. | 1,359 | 17,137 | ||||||
Camtek Ltd.(1) | 4,223 | 113,357 | ||||||
Carasso Motors Ltd. | 1,574 | 6,483 | ||||||
Cellcom Israel Ltd.(1) | 6,082 | 24,399 | ||||||
Ceragon Networks Ltd.(1) | 1,177 | 5,179 | ||||||
Check Point Software Technologies Ltd.(1) | 2,745 | 302,609 | ||||||
Clal Insurance Enterprises Holdings Ltd.(1) | 4,768 | 73,495 | ||||||
Cognyte Software Ltd.(1) | 673 | 19,430 | ||||||
CyberArk Software Ltd.(1) | 757 | 111,150 | ||||||
Danel Adir Yeoshua Ltd. | 217 | 33,568 | ||||||
Delek Automotive Systems Ltd. | 1,709 | 17,785 | ||||||
Delta Galil Industries Ltd. | 675 | 16,712 | ||||||
Elbit Systems Ltd. | 441 | 57,080 | ||||||
Elco Ltd. | 321 | 15,446 | ||||||
Electra Consumer Products 1970 Ltd. | 483 | 18,372 | ||||||
Electra Ltd. | 48 | 24,977 | ||||||
Energix-Renewable Energies Ltd. | 3,955 | 13,739 | ||||||
Equital Ltd.(1) | 926 | 21,514 | ||||||
Fattal Holdings 1998 Ltd.(1) | 271 | 27,653 | ||||||
FIBI Holdings Ltd. | 687 | 20,101 | ||||||
First International Bank of Israel Ltd. | 1,593 | 41,445 |
87
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Fiverr International Ltd.(1) | 169 | $ | 45,625 | |||||
Fox Wizel Ltd. | 923 | 84,991 | ||||||
Freshmarket Ltd. | 2,580 | 9,811 | ||||||
Gazit-Globe Ltd. | 2,999 | 18,564 | ||||||
Gilat Satellite Networks Ltd. | 3,128 | 44,480 | ||||||
Hagag Group Real Estate Development(1) | 921 | 4,806 | ||||||
Ham-Let Israel-Canada Ltd.(1) | 818 | 14,962 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 5,715 | 51,214 | ||||||
Hilan Ltd. | 643 | 28,177 | ||||||
ICL Group Ltd. | 22,152 | 127,235 | ||||||
IDI Insurance Co. Ltd. | 759 | 26,977 | ||||||
Inmode Ltd.(1) | 645 | 44,479 | ||||||
Inrom Construction Industries Ltd. | 8,325 | 37,015 | ||||||
Isracard Ltd. | 13,645 | 46,440 | ||||||
Israel Corp. Ltd. (The)(1) | 305 | 68,722 | ||||||
Israel Discount Bank Ltd., A Shares | 46,160 | 169,302 | ||||||
Ituran Location and Control Ltd. | 1,645 | 35,664 | ||||||
Kamada Ltd.(1) | 654 | 4,129 | ||||||
Kenon Holdings Ltd. | 515 | 14,603 | ||||||
Kornit Digital Ltd.(1) | 888 | 100,459 | ||||||
Magic Software Enterprises Ltd. | 1,409 | 22,513 | ||||||
Matrix IT Ltd. | 1,703 | 37,268 | ||||||
Maytronics Ltd. | 2,069 | 32,575 | ||||||
Mediterranean Towers Ltd. | 6,613 | 19,002 | ||||||
Mega Or Holdings Ltd. | 540 | 15,649 | ||||||
Melisron Ltd. | 654 | 34,280 | ||||||
Menora Mivtachim Holdings Ltd. | 1,701 | 32,516 | ||||||
Migdal Insurance & Financial Holdings Ltd.(1) | 24,389 | 26,227 | ||||||
Mivne Real Estate KD Ltd. | 24,269 | 55,756 | ||||||
Mizrahi Tefahot Bank Ltd. | 3,600 | 85,125 | ||||||
Naphtha Israel Petroleum Corp. Ltd.(1) | 1,311 | 5,837 | ||||||
Nawi Brothers Ltd. | 1,423 | 7,950 | ||||||
Nice Ltd., ADR(1) | 858 | 196,945 | ||||||
Oil Refineries Ltd.(1) | 70,745 | 15,301 | ||||||
One Software Technologies Ltd. | 265 | 33,403 | ||||||
OPC Energy Ltd.(1) | 3,159 | 34,255 | ||||||
Partner Communications Co. Ltd.(1) | 15,212 | 76,089 | ||||||
Paz Oil Co. Ltd. | 668 | 61,980 | ||||||
Phoenix Holdings Ltd. (The)(1) | 6,957 | 53,560 | ||||||
Radware Ltd.(1) | 975 | 25,409 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 540 | 34,559 | ||||||
Raval Ics Ltd.(1) | 1,946 | 4,702 | ||||||
Sapiens International Corp. NV | 1,050 | 34,187 | ||||||
Shapir Engineering and Industry Ltd. | 5,509 | 37,819 | ||||||
Shikun & Binui Ltd.(1) | 11,430 | 66,538 | ||||||
Shufersal Ltd. | 12,092 | 97,071 | ||||||
Silicom Ltd.(1) | 230 | 11,700 | ||||||
Strauss Group Ltd. | 1,546 | 41,442 | ||||||
Summit Real Estate Holdings Ltd.(1) | 2,787 | 39,311 | ||||||
Tadiran Holdings Ltd. | 273 | 25,459 | ||||||
Taro Pharmaceutical Industries Ltd.(1) | 155 | 11,083 |
88
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Tel Aviv Stock Exchange Ltd. | 2,574 | $ | 13,805 | |||||
Teva Pharmaceutical Industries Ltd., ADR(1) | 11,916 | 128,216 | ||||||
Tower Semiconductor Ltd.(1) | 5,649 | 168,334 | ||||||
Victory Supermarket Chain Ltd. | 285 | 6,479 | ||||||
Wix.com Ltd.(1) | 410 | 142,914 | ||||||
ZUR Shamir Holdings Ltd. | 917 | 2,414 | ||||||
4,375,619 | ||||||||
Italy — 2.3% | ||||||||
A2A SpA | 146,189 | 245,698 | ||||||
ACEA SpA | 3,284 | 64,651 | ||||||
Amplifon SpA(1) | 3,761 | 149,755 | ||||||
Anima Holding SpA | 2,119 | 10,171 | ||||||
Arnoldo Mondadori Editore SpA(1) | 11,259 | 21,221 | ||||||
Ascopiave SpA | 6,376 | 27,581 | ||||||
Assicurazioni Generali SpA(1) | 12,265 | 230,134 | ||||||
ASTM SpA(1) | 1,707 | 52,318 | ||||||
Atlantia SpA(1) | 5,612 | 105,133 | ||||||
Autogrill SpA(1) | 4,177 | 26,921 | ||||||
Azimut Holding SpA | 10,004 | 229,479 | ||||||
Banca Farmafactoring SpA(1) | 12,648 | 83,022 | ||||||
Banca Generali SpA(1) | 4,129 | 140,599 | ||||||
Banca IFIS SpA(1) | 1,577 | 20,019 | ||||||
Banca Mediolanum SpA(1) | 9,391 | 81,872 | ||||||
Banca Monte dei Paschi di Siena SpA(1) | 15,205 | 22,163 | ||||||
Banca Popolare di Sondrio SCPA(1) | 35,811 | 103,108 | ||||||
Banco BPM SpA(1) | 97,027 | 248,678 | ||||||
Banco di Desio e della Brianza SpA(1) | 1,492 | 4,574 | ||||||
BPER Banca(1) | 43,580 | 95,424 | ||||||
Brunello Cucinelli SpA(1) | 802 | 33,018 | ||||||
Buzzi Unicem SpA | 3,092 | 78,032 | ||||||
Carel Industries SpA | 2,400 | 49,562 | ||||||
Cementir Holding NV | 919 | 8,786 | ||||||
Cerved Group SpA(1) | 4,431 | 36,035 | ||||||
CIR SpA-Compagnie Industriali(1) | 13,406 | 7,935 | ||||||
CNH Industrial NV(1) | 26,933 | 397,792 | ||||||
Credito Emiliano SpA(1) | 4,826 | 27,544 | ||||||
Credito Valtellinese SpA(1) | 3,035 | 43,989 | ||||||
Danieli & C Officine Meccaniche SpA | 811 | 16,991 | ||||||
Danieli & C Officine Meccaniche SpA, Preference Shares(1) | 2,542 | 33,662 | ||||||
Davide Campari-Milano NV | 4,788 | 53,958 | ||||||
De' Longhi SpA | 2,957 | 109,247 | ||||||
DiaSorin SpA | 155 | 30,349 | ||||||
doValue SpA(1) | 5,010 | 61,841 | ||||||
Enav SpA | 5,836 | 28,126 | ||||||
Enel SpA | 154,335 | 1,460,792 | ||||||
Eni SpA, ADR(2) | 31,521 | 721,200 | ||||||
ERG SpA | 1,836 | 52,320 | ||||||
Esprinet SpA(1) | 4,365 | 55,661 | ||||||
Falck Renewables SpA | 2,628 | 17,884 | ||||||
Ferrari NV | 2,706 | 524,192 | ||||||
FinecoBank Banca Fineco SpA(1) | 18,513 | 325,464 |
89
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Freni Brembo SpA(1) | 5,234 | $ | 67,938 | |||||
Gruppo MutuiOnline SpA | 1,911 | 90,619 | ||||||
GVS SpA(1) | 4,685 | 93,773 | ||||||
Hera SpA | 56,467 | 200,245 | ||||||
Infrastrutture Wireless Italiane SpA | 2,416 | 25,092 | ||||||
Interpump Group SpA | 1,568 | 71,919 | ||||||
Intesa Sanpaolo SpA(1) | 364,649 | 938,999 | ||||||
Iren SpA | 55,950 | 138,523 | ||||||
Italgas SpA | 37,579 | 221,366 | ||||||
La Doria SpA | 620 | 10,462 | ||||||
Leonardo SpA | 4,177 | 33,419 | ||||||
Mediaset SpA(1) | 21,306 | 60,061 | ||||||
Mediobanca Banca di Credito Finanziario SpA(1) | 14,904 | 154,989 | ||||||
Moncler SpA(1) | 6,290 | 389,361 | ||||||
Nexi SpA(1) | 3,364 | 60,420 | ||||||
OVS SpA(1) | 14,147 | 19,142 | ||||||
Piaggio & C SpA | 8,980 | 34,023 | ||||||
Poste Italiane SpA | 10,651 | 120,861 | ||||||
Prysmian SpA | 12,511 | 400,638 | ||||||
RAI Way SpA | 6,547 | 35,958 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 2,842 | 144,500 | ||||||
Reno de Medici SpA | 6,232 | 7,865 | ||||||
Reply SpA | 991 | 114,393 | ||||||
Retelit SpA | 8,896 | 24,044 | ||||||
Saipem SpA | 24,403 | 68,135 | ||||||
Salvatore Ferragamo SpA(1) | 2,747 | 52,416 | ||||||
Saras SpA(1) | 41,161 | 32,061 | ||||||
Sesa SpA(1) | 770 | 104,513 | ||||||
Snam SpA | 47,363 | 245,511 | ||||||
Societa Cattolica di Assicurazioni SC(1) | 3,001 | 16,441 | ||||||
Stellantis NV | 79,281 | 1,285,151 | ||||||
Tamburi Investment Partners SpA | 1,206 | 10,215 | ||||||
Technogym SpA(1) | 10,634 | 115,642 | ||||||
Telecom Italia SpA/Milano | 86,816 | 41,159 | ||||||
Telecom Italia SpA/Milano, Preference Shares | 46,421 | 24,881 | ||||||
Tenaris SA, ADR | 6,306 | 132,111 | ||||||
Terna Rete Elettrica Nazionale SpA | 55,505 | 385,954 | ||||||
Tinexta Spa(1) | 922 | 22,893 | ||||||
Tod's SpA(1) | 31 | 986 | ||||||
UniCredit SpA(1) | 47,267 | 487,107 | ||||||
Unieuro SpA(1) | 1,462 | 27,627 | ||||||
Unipol Gruppo SpA(1) | 9,263 | 48,108 | ||||||
Webuild SpA | 5,668 | 10,635 | ||||||
12,707,057 | ||||||||
Japan — 22.9% | ||||||||
77 Bank Ltd. (The) | 3,000 | 39,867 | ||||||
A&D Co. Ltd. | 1,800 | 19,948 | ||||||
ABC-Mart, Inc.(2) | 700 | 40,147 | ||||||
Access Co. Ltd.(1) | 200 | 1,540 | ||||||
Achilles Corp. | 400 | 5,422 | ||||||
Acom Co. Ltd. | 12,600 | 56,534 |
90
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Ad-sol Nissin Corp. | 300 | $ | 7,415 | |||||
Adastria Co. Ltd. | 2,800 | 53,164 | ||||||
ADEKA Corp. | 4,900 | 82,722 | ||||||
Advantest Corp. | 4,700 | 385,730 | ||||||
Adways, Inc.(2) | 2,700 | 21,220 | ||||||
Aeon Co. Ltd.(2) | 20,400 | 616,241 | ||||||
Aeon Delight Co. Ltd.(2) | 800 | 23,942 | ||||||
Aeon Fantasy Co. Ltd.(2) | 600 | 14,416 | ||||||
AEON Financial Service Co. Ltd.(2) | 5,200 | 67,404 | ||||||
Aeon Hokkaido Corp. | 2,200 | 23,304 | ||||||
Aeon Mall Co. Ltd.(2) | 8,500 | 143,844 | ||||||
AGC, Inc. | 13,200 | 487,085 | ||||||
Ai Holdings Corp. | 1,900 | 35,278 | ||||||
Aica Kogyo Co. Ltd. | 1,200 | 41,480 | ||||||
Aichi Steel Corp. | 700 | 20,548 | ||||||
Aida Engineering Ltd. | 1,400 | 11,860 | ||||||
Aiful Corp.(1) | 12,900 | 33,880 | ||||||
Ain Holdings, Inc. | 900 | 58,527 | ||||||
Air Water, Inc. | 11,900 | 197,580 | ||||||
Airport Facilities Co. Ltd. | 1,500 | 7,474 | ||||||
Aisin Seiki Co. Ltd. | 7,200 | 247,769 | ||||||
Ajinomoto Co., Inc. | 21,200 | 421,394 | ||||||
Akatsuki, Inc. | 700 | 27,250 | ||||||
Akebono Brake Industry Co. Ltd.(1)(2) | 600 | 946 | ||||||
Akita Bank Ltd. (The) | 800 | 10,648 | ||||||
Alconix Corp. | 1,500 | 22,353 | ||||||
Alfresa Holdings Corp. | 2,200 | 42,910 | ||||||
Alleanza Holdings Co. Ltd. | 1,300 | 15,433 | ||||||
Alpen Co. Ltd. | 1,700 | 36,072 | ||||||
Alps Alpine Co. Ltd. | 8,300 | 110,887 | ||||||
Altech Corp. | 1,500 | 27,971 | ||||||
Amada Co. Ltd. | 5,900 | 73,043 | ||||||
Amano Corp. | 2,000 | 44,800 | ||||||
Amuse, Inc. | 600 | 14,978 | ||||||
ANA Holdings, Inc.(1) | 1,100 | 27,566 | ||||||
Anest Iwata Corp. | 1,100 | 10,184 | ||||||
Anritsu Corp.(2) | 6,200 | 132,691 | ||||||
AOKI Holdings, Inc. | 1,400 | 9,041 | ||||||
Aomori Bank Ltd. (The) | 1,100 | 24,750 | ||||||
Aoyama Zaisan Networks Co. Ltd. | 800 | 11,933 | ||||||
Aozora Bank Ltd. | 7,100 | 151,390 | ||||||
Arata Corp. | 1,300 | 54,947 | ||||||
Arcland Sakamoto Co. Ltd. | 2,200 | 31,714 | ||||||
Arcland Service Holdings Co. Ltd. | 700 | 13,934 | ||||||
Arcs Co. Ltd. | 2,700 | 55,966 | ||||||
Argo Graphics, Inc. | 600 | 16,524 | ||||||
Arisawa Manufacturing Co. Ltd. | 2,100 | 19,129 | ||||||
ARTERIA Networks Corp. | 1,000 | 14,515 | ||||||
ArtSpark Holdings, Inc. | 700 | 11,847 | ||||||
Aruhi Corp. | 1,000 | 14,532 | ||||||
AS One Corp. | 100 | 12,856 |
91
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Asahi Co. Ltd.(2) | 1,300 | $ | 18,024 | |||||
Asahi Diamond Industrial Co. Ltd. | 2,000 | 9,346 | ||||||
Asahi Group Holdings Ltd. | 13,500 | 594,688 | ||||||
Asahi Holdings, Inc. | 3,700 | 138,308 | ||||||
Asahi Intecc Co. Ltd. | 1,900 | 54,734 | ||||||
Asahi Kasei Corp. | 30,600 | 333,832 | ||||||
Asahi Net, Inc. | 900 | 6,687 | ||||||
ASAHI YUKIZAI Corp. | 100 | 1,375 | ||||||
Asanuma Corp. | 500 | 21,510 | ||||||
Asia Pile Holdings Corp. | 400 | 1,940 | ||||||
Asics Corp. | 600 | 9,920 | ||||||
ASKA Pharmaceutical Co. Ltd. | 1,500 | 18,881 | ||||||
ASKUL Corp. | 1,100 | 36,373 | ||||||
Astellas Pharma, Inc. | 43,700 | 692,174 | ||||||
Asukanet Co. Ltd. | 100 | 981 | ||||||
Ateam, Inc. | 100 | 1,421 | ||||||
Autobacs Seven Co. Ltd. | 4,000 | 53,516 | ||||||
Avant Corp. | 900 | 11,726 | ||||||
Avex, Inc. | 600 | 8,401 | ||||||
Awa Bank Ltd. (The) | 2,000 | 41,923 | ||||||
Axial Retailing, Inc. | 1,500 | 64,378 | ||||||
Azbil Corp. | 2,100 | 89,141 | ||||||
Bandai Namco Holdings, Inc. | 3,100 | 236,910 | ||||||
Bando Chemical Industries Ltd. | 1,400 | 9,430 | ||||||
Bank of Iwate Ltd. (The) | 600 | 11,769 | ||||||
Bank of Kyoto Ltd. (The)(2) | 2,800 | 169,979 | ||||||
Bank of Nagoya Ltd. (The) | 800 | 21,604 | ||||||
Bank of Okinawa Ltd. (The) | 1,100 | 28,852 | ||||||
Bank of the Ryukyus Ltd. | 600 | 4,390 | ||||||
BayCurrent Consulting, Inc. | 500 | 100,547 | ||||||
Beenos, Inc. | 1,200 | 25,999 | ||||||
Belc Co. Ltd.(2) | 700 | 35,583 | ||||||
Bell System24 Holdings, Inc. | 1,200 | 19,438 | ||||||
Belluna Co. Ltd. | 3,800 | 36,891 | ||||||
Benefit One, Inc. | 2,100 | 52,910 | ||||||
Benesse Holdings, Inc. | 3,500 | 71,856 | ||||||
BeNEXT Group, Inc. | 1,300 | 17,868 | ||||||
Bengo4.com, Inc.(1) | 100 | 8,995 | ||||||
Bic Camera, Inc.(2) | 7,300 | 79,542 | ||||||
BML, Inc. | 1,200 | 39,934 | ||||||
Bookoff Group Holdings Ltd. | 100 | 833 | ||||||
Br Holdings Corp. | 2,100 | 12,410 | ||||||
Bridgestone Corp. | 19,400 | 764,736 | ||||||
Broadleaf Co. Ltd. | 2,000 | 9,339 | ||||||
Brother Industries Ltd. | 9,100 | 180,495 | ||||||
Bunka Shutter Co. Ltd. | 3,600 | 33,635 | ||||||
CAC Holdings Corp. | 100 | 1,294 | ||||||
Calbee, Inc. | 2,600 | 68,283 | ||||||
Canon Electronics, Inc. | 700 | 10,632 | ||||||
Canon Marketing Japan, Inc. | 500 | 11,002 | ||||||
Canon, Inc., ADR(2) | 15,448 | 334,140 |
92
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Capcom Co. Ltd. | 3,200 | $ | 194,511 | |||||
Careerlink Co. Ltd. | 600 | 13,733 | ||||||
Carenet, Inc. | 300 | 12,634 | ||||||
Casio Computer Co. Ltd. | 8,500 | 165,369 | ||||||
Cawachi Ltd. | 1,100 | 29,612 | ||||||
Central Automotive Products Ltd. | 500 | 12,139 | ||||||
Central Glass Co. Ltd. | 3,900 | 80,629 | ||||||
Central Japan Railway Co. | 2,000 | 337,209 | ||||||
Central Security Patrols Co. Ltd.(2) | 400 | 12,683 | ||||||
Ceres, Inc. | 700 | 25,858 | ||||||
Change, Inc.(1) | 1,200 | 35,644 | ||||||
Chiba Bank Ltd. (The) | 22,500 | 144,937 | ||||||
Chiba Kogyo Bank Ltd. (The) | 700 | 1,699 | ||||||
Chikaranomoto Holdings Co. Ltd.(1) | 200 | 1,157 | ||||||
Chilled & Frozen Logistics Holdings Co. Ltd. | 1,200 | 19,401 | ||||||
Chiyoda Co. Ltd. | 100 | 916 | ||||||
Chiyoda Corp.(1) | 400 | 1,699 | ||||||
Chiyoda Integre Co. Ltd. | 100 | 1,627 | ||||||
Chubu Electric Power Co., Inc. | 8,500 | 104,683 | ||||||
Chubu Shiryo Co. Ltd. | 1,300 | 16,941 | ||||||
Chudenko Corp. | 900 | 18,628 | ||||||
Chugai Pharmaceutical Co. Ltd. | 12,500 | 563,138 | ||||||
Chugoku Bank Ltd. (The) | 6,700 | 53,855 | ||||||
Chugoku Electric Power Co., Inc. (The) | 3,500 | 41,833 | ||||||
Chugoku Marine Paints Ltd. | 1,700 | 14,500 | ||||||
CI Takiron Corp. | 800 | 4,979 | ||||||
Citizen Watch Co. Ltd. | 12,900 | 46,870 | ||||||
CKD Corp. | 3,300 | 71,783 | ||||||
Cleanup Corp. | 200 | 946 | ||||||
CMIC Holdings Co. Ltd. | 500 | 7,710 | ||||||
CMK Corp. | 400 | 1,568 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 4,800 | 83,297 | ||||||
cocokara fine, Inc. | 600 | 41,866 | ||||||
COLOPL, Inc. | 5,100 | 41,621 | ||||||
Colowide Co. Ltd.(2) | 1,800 | 34,431 | ||||||
Computer Engineering & Consulting Ltd. | 1,600 | 21,295 | ||||||
COMSYS Holdings Corp. | 5,200 | 158,688 | ||||||
Comture Corp. | 800 | 20,517 | ||||||
Concordia Financial Group Ltd. | 53,800 | 210,607 | ||||||
Core Corp. | 100 | 1,350 | ||||||
Cosel Co. Ltd. | 1,200 | 12,186 | ||||||
Cosmo Energy Holdings Co. Ltd. | 4,800 | 117,464 | ||||||
Cosmos Initia Co. Ltd. | 200 | 742 | ||||||
Cosmos Pharmaceutical Corp. | 800 | 114,592 | ||||||
Create Restaurants Holdings, Inc.(1)(2) | 2,600 | 20,626 | ||||||
Create SD Holdings Co. Ltd. | 1,600 | 48,528 | ||||||
Credit Saison Co. Ltd.(2) | 14,800 | 187,161 | ||||||
Cresco Ltd. | 700 | 9,561 | ||||||
CTI Engineering Co. Ltd. | 800 | 17,534 | ||||||
CTS Co. Ltd. | 1,300 | 10,060 | ||||||
Curves Holdings Co. Ltd. | 2,300 | 21,645 |
93
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
CyberAgent, Inc. | 3,500 | $ | 210,770 | |||||
CYBERDYNE, Inc.(1) | 200 | 1,215 | ||||||
Cyberlinks Co. Ltd. | 600 | 10,614 | ||||||
Cybernet Systems Co. Ltd. | 1,100 | 8,435 | ||||||
Cybozu, Inc. | 900 | 19,765 | ||||||
Dai Nippon Printing Co. Ltd.(2) | 5,100 | 92,426 | ||||||
Dai-Dan Co. Ltd. | 600 | 15,228 | ||||||
Dai-ichi Life Holdings, Inc. | 30,800 | 551,070 | ||||||
Daibiru Corp. | 2,900 | 34,789 | ||||||
Daicel Corp.(2) | 9,500 | 70,587 | ||||||
Daido Metal Co. Ltd. | 2,400 | 12,212 | ||||||
Daido Steel Co. Ltd. | 1,500 | 62,587 | ||||||
Daifuku Co. Ltd. | 1,600 | 152,790 | ||||||
Daihen Corp. | 1,700 | 72,692 | ||||||
Daiho Corp. | 1,300 | 45,135 | ||||||
Daiichi Sankyo Co. Ltd. | 16,900 | 480,321 | ||||||
Daiichikosho Co. Ltd. | 1,900 | 75,339 | ||||||
Daiki Aluminium Industry Co. Ltd. | 1,500 | 11,018 | ||||||
Daikin Industries Ltd. | 4,400 | 866,102 | ||||||
Daikokutenbussan Co. Ltd. | 600 | 33,100 | ||||||
Daikyonishikawa Corp. | 3,300 | 22,893 | ||||||
Daio Paper Corp. | 4,600 | 85,972 | ||||||
Daiseki Co. Ltd. | 1,700 | 53,514 | ||||||
Daishi Hokuetsu Financial Group, Inc. | 1,800 | 39,995 | ||||||
Daito Pharmaceutical Co. Ltd. | 900 | 27,912 | ||||||
Daito Trust Construction Co. Ltd. | 4,200 | 468,281 | ||||||
Daiwa House Industry Co. Ltd. | 9,400 | 267,229 | ||||||
Daiwa Industries Ltd. | 900 | 8,624 | ||||||
Daiwa Securities Group, Inc. | 68,400 | 335,331 | ||||||
Daiwabo Holdings Co. Ltd. | 1,500 | 112,405 | ||||||
DCM Holdings Co. Ltd. | 8,400 | 82,976 | ||||||
Dear Life Co. Ltd. | 300 | 1,185 | ||||||
DeNA Co. Ltd. | 3,800 | 75,378 | ||||||
Denka Co. Ltd. | 3,800 | 143,733 | ||||||
Denso Corp. | 8,200 | 496,140 | ||||||
Dentsu Group, Inc. | 2,800 | 97,300 | ||||||
Denyo Co. Ltd. | 700 | 13,361 | ||||||
Dexerials Corp. | 6,000 | 87,685 | ||||||
DIC Corp. | 6,200 | 153,332 | ||||||
Digital Arts, Inc. | 400 | 36,656 | ||||||
Digital Hearts Holdings Co. Ltd. | 700 | 8,877 | ||||||
Digital Holdings, Inc. | 1,400 | 23,750 | ||||||
Digital Information Technologies Corp. | 500 | 8,266 | ||||||
Dip Corp. | 1,900 | 52,362 | ||||||
Disco Corp. | 900 | 281,969 | ||||||
DKS Co. Ltd. | 300 | 10,208 | ||||||
DMG Mori Co. Ltd. | 3,500 | 53,201 | ||||||
Doshisha Co. Ltd. | 1,400 | 23,205 | ||||||
Double Standard, Inc. | 200 | 7,460 | ||||||
Doutor Nichires Holdings Co. Ltd.(2) | 1,100 | 16,762 | ||||||
Dowa Holdings Co. Ltd. | 4,100 | 164,671 |
94
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
DTS Corp. | 2,200 | $ | 48,332 | |||||
Duskin Co. Ltd. | 600 | 15,309 | ||||||
DyDo Group Holdings, Inc. | 700 | 33,206 | ||||||
E-Guardian, Inc. | 600 | 16,939 | ||||||
Eagle Industry Co. Ltd. | 2,500 | 25,565 | ||||||
Earth Corp. | 1,000 | 54,970 | ||||||
East Japan Railway Co. | 6,000 | 457,516 | ||||||
Ebara Corp. | 6,900 | 259,958 | ||||||
Ebara Jitsugyo Co. Ltd. | 500 | 22,065 | ||||||
Ebase Co. Ltd. | 200 | 1,630 | ||||||
Eco's Co. Ltd.(2) | 500 | 8,522 | ||||||
EDION Corp. | 8,700 | 88,360 | ||||||
EF-ON, Inc. | 1,600 | 15,229 | ||||||
Ehime Bank Ltd. (The) | 1,500 | 13,715 | ||||||
Eiken Chemical Co. Ltd. | 1,400 | 26,636 | ||||||
Eisai Co. Ltd. | 3,100 | 214,848 | ||||||
Eizo Corp. | 400 | 13,960 | ||||||
Elan Corp. | 1,200 | 14,882 | ||||||
Elecom Co. Ltd. | 1,000 | 44,035 | ||||||
Electric Power Development Co. Ltd. | 7,300 | 118,773 | ||||||
EM Systems Co. Ltd. | 200 | 1,588 | ||||||
en-japan, Inc. | 1,100 | 33,259 | ||||||
ENEOS Holdings, Inc. | 138,800 | 614,930 | ||||||
Enigmo, Inc. | 1,200 | 13,012 | ||||||
Enplas Corp. | 300 | 12,392 | ||||||
EPS Holdings, Inc. | 1,400 | 14,916 | ||||||
ES-Con Japan Ltd. | 2,900 | 20,704 | ||||||
ESPEC Corp. | 1,100 | 18,794 | ||||||
euglena Co. Ltd.(1)(2) | 200 | 1,677 | ||||||
Exedy Corp. | 1,500 | 22,804 | ||||||
Ezaki Glico Co. Ltd. | 600 | 24,512 | ||||||
F.C.C. Co. Ltd. | 2,500 | 39,866 | ||||||
Fancl Corp. | 1,400 | 49,837 | ||||||
FANUC Corp. | 1,500 | 374,354 | ||||||
Fast Retailing Co. Ltd.(2) | 1,000 | 992,825 | ||||||
Feed One Co. Ltd. | 1,820 | 15,093 | ||||||
Ferrotec Holdings Corp. | 5,400 | 108,552 | ||||||
Fibergate, Inc. | 700 | 12,475 | ||||||
Financial Products Group Co. Ltd. | 5,000 | 30,144 | ||||||
First Bank of Toyama Ltd. (The) | 400 | 1,088 | ||||||
First Juken Co. Ltd. | 100 | 1,019 | ||||||
Fixstars Corp. | 800 | 7,009 | ||||||
FJ Next Co. Ltd.(2) | 1,400 | 14,400 | ||||||
Foster Electric Co. Ltd. | 1,300 | 15,160 | ||||||
FP Corp. | 2,700 | 104,905 | ||||||
France Bed Holdings Co. Ltd. | 900 | 7,877 | ||||||
Freebit Co. Ltd. | 200 | 1,807 | ||||||
Freee KK(1) | 400 | 41,046 | ||||||
Fudo Tetra Corp. | 1,600 | 27,421 | ||||||
Fuji Co. Ltd.(2) | 1,000 | 17,112 | ||||||
Fuji Corp. Ltd. | 2,400 | 14,716 |
95
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Fuji Corp./Aichi | 4,700 | $ | 110,959 | |||||
Fuji Electric Co. Ltd. | 1,900 | 79,670 | ||||||
Fuji Kyuko Co. Ltd. | 1,000 | 51,690 | ||||||
Fuji Media Holdings, Inc. | 1,900 | 23,124 | ||||||
Fuji Oil Co. Ltd.(1) | 500 | 999 | ||||||
Fuji Oil Holdings, Inc. | 4,000 | 110,481 | ||||||
Fuji Pharma Co. Ltd. | 900 | 10,317 | ||||||
Fuji Seal International, Inc. | 3,300 | 68,442 | ||||||
Fuji Soft, Inc. | 1,300 | 64,605 | ||||||
Fujibo Holdings, Inc. | 1,000 | 38,014 | ||||||
Fujicco Co. Ltd. | 600 | 10,778 | ||||||
FUJIFILM Holdings Corp. | 2,900 | 166,269 | ||||||
Fujikura Ltd.(1) | 22,200 | 108,974 | ||||||
Fujimi, Inc. | 900 | 33,417 | ||||||
Fujimori Kogyo Co. Ltd. | 1,100 | 44,025 | ||||||
Fujitec Co. Ltd. | 1,600 | 37,080 | ||||||
Fujitsu General Ltd. | 2,000 | 54,033 | ||||||
Fujitsu Ltd. | 4,900 | 705,945 | ||||||
Fukuda Corp. | 500 | 23,387 | ||||||
Fukui Bank Ltd. (The) | 1,200 | 21,190 | ||||||
Fukui Computer Holdings, Inc. | 400 | 12,551 | ||||||
Fukuoka Financial Group, Inc. | 6,800 | 123,446 | ||||||
Fukushima Galilei Co. Ltd. | 100 | 3,766 | ||||||
Fukuyama Transporting Co. Ltd. | 1,200 | 47,166 | ||||||
FULLCAST Holdings Co. Ltd. | 1,600 | 29,361 | ||||||
Fumakilla Ltd. | 800 | 11,928 | ||||||
Funai Electric Co. Ltd.(1) | 200 | 881 | ||||||
Funai Soken Holdings, Inc. | 1,300 | 26,519 | ||||||
Furukawa Battery Co. Ltd. (The) | 1,200 | 17,633 | ||||||
Furukawa Co. Ltd. | 2,100 | 25,746 | ||||||
Furukawa Electric Co. Ltd. | 3,100 | 81,446 | ||||||
Furuno Electric Co. Ltd. | 1,800 | 17,779 | ||||||
Furyu Corp. | 800 | 8,285 | ||||||
Fuso Chemical Co. Ltd. | 1,000 | 36,163 | ||||||
Futaba Corp. | 800 | 7,070 | ||||||
Futaba Industrial Co. Ltd. | 4,800 | 23,843 | ||||||
Future Corp. | 1,100 | 18,303 | ||||||
Fuyo General Lease Co. Ltd. | 1,300 | 86,438 | ||||||
G-7 Holdings, Inc. | 800 | 17,834 | ||||||
G-Tekt Corp. | 3,200 | 42,197 | ||||||
Gakujo Co. Ltd. | 100 | 1,300 | ||||||
Gecoss Corp. | 800 | 6,797 | ||||||
Genky DrugStores Co. Ltd. | 700 | 21,735 | ||||||
Geo Holdings Corp. | 3,500 | 39,266 | ||||||
Giken Ltd. | 200 | 9,707 | ||||||
GL Sciences, Inc. | 500 | 11,105 | ||||||
GLOBERIDE, Inc. | 900 | 34,528 | ||||||
Glory Ltd. | 1,700 | 37,423 | ||||||
GMO Financial Holdings, Inc. | 3,600 | 31,387 | ||||||
GMO GlobalSign Holdings KK | 300 | 21,027 | ||||||
GMO Internet, Inc. | 2,100 | 62,421 |
96
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
GMO Payment Gateway, Inc. | 1,000 | $ | 132,349 | |||||
GNI Group Ltd.(1) | 100 | 1,886 | ||||||
Godo Steel Ltd. | 500 | 9,435 | ||||||
Goldcrest Co. Ltd. | 800 | 12,658 | ||||||
Goldwin, Inc. | 600 | 41,410 | ||||||
Grace Technology, Inc. | 700 | 35,064 | ||||||
Gree, Inc. | 1,800 | 9,353 | ||||||
gremz, Inc. | 400 | 6,341 | ||||||
GS Yuasa Corp. | 4,000 | 119,154 | ||||||
Gumi, Inc. | 2,100 | 17,512 | ||||||
GungHo Online Entertainment, Inc. | 2,900 | 59,275 | ||||||
Gunma Bank Ltd. (The) | 18,500 | 60,158 | ||||||
Gunze Ltd. | 700 | 24,000 | ||||||
H-One Co. Ltd. | 2,900 | 20,218 | ||||||
H.U. Group Holdings, Inc. | 2,700 | 83,454 | ||||||
H2O Retailing Corp. | 3,500 | 29,018 | ||||||
Hachijuni Bank Ltd. (The) | 16,400 | 54,435 | ||||||
Hagihara Industries, Inc. | 700 | 9,331 | ||||||
Hakuhodo DY Holdings, Inc.(2) | 1,800 | 29,991 | ||||||
Hakuto Co. Ltd. | 100 | 1,168 | ||||||
Hamakyorex Co. Ltd. | 1,200 | 35,950 | ||||||
Hamamatsu Photonics KK | 1,200 | 70,574 | ||||||
Hamee Corp. | 400 | 6,107 | ||||||
Hankyu Hanshin Holdings, Inc. | 2,300 | 77,454 | ||||||
Hanwa Co. Ltd. | 4,400 | 114,404 | ||||||
Happinet Corp. | 800 | 11,167 | ||||||
Harmonic Drive Systems, Inc. | 200 | 15,364 | ||||||
Haseko Corp. | 12,000 | 149,153 | ||||||
Hazama Ando Corp. | 12,200 | 92,740 | ||||||
Heiwa Corp.(2) | 2,500 | 37,871 | ||||||
Heiwa Real Estate Co. Ltd. | 2,200 | 71,782 | ||||||
Heiwado Co. Ltd. | 2,800 | 51,585 | ||||||
Hennge KK(1) | 300 | 21,522 | ||||||
Hibiya Engineering Ltd. | 600 | 10,464 | ||||||
Hikari Tsushin, Inc. | 700 | 138,484 | ||||||
Hino Motors Ltd. | 5,100 | 48,568 | ||||||
Hinokiya Group Co. Ltd.(2) | 600 | 12,137 | ||||||
Hirakawa Hewtech Corp. | 100 | 1,086 | ||||||
Hirano Tecseed Co. Ltd. | 100 | 2,480 | ||||||
Hirata Corp. | 700 | 43,140 | ||||||
Hirogin Holdings, Inc. | 15,800 | 93,633 | ||||||
Hirose Electric Co. Ltd. | 600 | 88,447 | ||||||
Hiroshima Gas Co. Ltd. | 1,600 | 5,641 | ||||||
HIS Co. Ltd.(1)(2) | 1,000 | 23,986 | ||||||
Hisaka Works Ltd. | 200 | 1,562 | ||||||
Hisamitsu Pharmaceutical Co., Inc.(2) | 1,100 | 69,001 | ||||||
Hitachi Capital Corp. | 3,400 | 92,645 | ||||||
Hitachi Construction Machinery Co. Ltd. | 1,900 | 59,141 | ||||||
Hitachi Ltd. | 25,200 | 1,163,235 | ||||||
Hitachi Metals Ltd. | 2,400 | 38,264 | ||||||
Hitachi Transport System Ltd. | 2,600 | 81,463 |
97
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Hitachi Zosen Corp. | 26,600 | $ | 171,010 | |||||
Hito Communications Holdings, Inc. | 1,100 | 20,761 | ||||||
Hochiki Corp. | 800 | 9,624 | ||||||
Hodogaya Chemical Co. Ltd. | 300 | 13,451 | ||||||
Hogy Medical Co. Ltd. | 1,100 | 31,540 | ||||||
Hokkaido Electric Power Co., Inc. | 11,000 | 46,438 | ||||||
Hokko Chemical Industry Co. Ltd. | 1,800 | 16,784 | ||||||
Hokkoku Bank Ltd. (The) | 1,200 | 29,815 | ||||||
Hokuetsu Corp. | 6,300 | 30,330 | ||||||
Hokuhoku Financial Group, Inc. | 9,700 | 88,260 | ||||||
Hokuriku Electric Power Co. | 8,900 | 55,398 | ||||||
Hokuto Corp. | 1,700 | 33,851 | ||||||
Honda Motor Co. Ltd., ADR | 41,949 | 1,160,729 | ||||||
Honeys Holdings Co. Ltd. | 1,200 | 11,634 | ||||||
Hoosiers Holdings | 4,500 | 28,443 | ||||||
Horiba Ltd. | 1,400 | 84,175 | ||||||
Hoshizaki Corp. | 400 | 35,316 | ||||||
Hosiden Corp. | 2,800 | 26,851 | ||||||
Hosokawa Micron Corp. | 400 | 23,803 | ||||||
House Foods Group, Inc. | 800 | 26,709 | ||||||
Hoya Corp. | 5,056 | 573,892 | ||||||
Hulic Co. Ltd. | 12,200 | 137,011 | ||||||
Hyakugo Bank Ltd. (The) | 21,400 | 61,162 | ||||||
Hyakujushi Bank Ltd. (The) | 900 | 13,225 | ||||||
I K K, Inc.(1) | 200 | 1,139 | ||||||
I-Net Corp./Kanagawa | 900 | 12,393 | ||||||
I-PEX, Inc. | 500 | 9,324 | ||||||
Ibiden Co. Ltd. | 6,100 | 247,750 | ||||||
Ichibanya Co. Ltd. | 100 | 4,534 | ||||||
Ichigo, Inc.(2) | 15,700 | 51,976 | ||||||
Ichikoh Industries Ltd. | 2,000 | 13,759 | ||||||
Ichinen Holdings Co. Ltd. | 1,200 | 14,765 | ||||||
Ichiyoshi Securities Co. Ltd. | 200 | 1,121 | ||||||
Idec Corp. | 1,500 | 24,832 | ||||||
Idemitsu Kosan Co. Ltd. | 2,900 | 76,611 | ||||||
IDOM, Inc. | 5,400 | 31,663 | ||||||
IHI Corp. | 3,500 | 65,439 | ||||||
Iida Group Holdings Co. Ltd. | 9,900 | 225,651 | ||||||
Iino Kaiun Kaisha Ltd. | 8,800 | 37,746 | ||||||
IJTT Co. Ltd. | 300 | 1,385 | ||||||
IMAGICA GROUP, Inc.(1) | 200 | 962 | ||||||
Imasen Electric Industrial | 200 | 1,372 | ||||||
Inaba Denki Sangyo Co. Ltd. | 1,600 | 38,183 | ||||||
Inaba Seisakusho Co. Ltd. | 100 | 1,296 | ||||||
Inabata & Co. Ltd. | 2,500 | 35,496 | ||||||
Inageya Co. Ltd. | 1,300 | 20,158 | ||||||
Ines Corp. | 1,400 | 17,412 | ||||||
Infocom Corp. | 1,100 | 27,193 | ||||||
Infomart Corp. | 4,600 | 40,420 | ||||||
Information Services International-Dentsu Ltd. | 1,000 | 35,130 | ||||||
INPEX Corp. | 32,200 | 243,871 |
98
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Insource Co. Ltd. | 400 | $ | 8,226 | |||||
Intage Holdings, Inc. | 2,000 | 21,352 | ||||||
Intelligent Wave, Inc. | 200 | 1,242 | ||||||
Inter Action Corp. | 500 | 11,739 | ||||||
Internet Initiative Japan, Inc. | 4,400 | 90,798 | ||||||
Inui Global Logistics Co. Ltd. | 100 | 871 | ||||||
IR Japan Holdings Ltd. | 300 | 36,359 | ||||||
Iriso Electronics Co. Ltd. | 600 | 27,826 | ||||||
Iseki & Co. Ltd.(1) | 800 | 11,286 | ||||||
Isetan Mitsukoshi Holdings Ltd.(2) | 7,300 | 53,948 | ||||||
Ishihara Sangyo Kaisha Ltd. | 2,000 | 15,432 | ||||||
Isuzu Motors Ltd. | 11,700 | 123,668 | ||||||
Itfor, Inc. | 2,100 | 16,536 | ||||||
ITmedia, Inc. | 500 | 8,179 | ||||||
Ito En Ltd. | 1,800 | 99,605 | ||||||
ITOCHU Corp.(2) | 32,700 | 981,324 | ||||||
Itochu Enex Co. Ltd. | 3,500 | 33,813 | ||||||
Itochu Techno-Solutions Corp. | 3,200 | 98,590 | ||||||
Itoham Yonekyu Holdings, Inc. | 10,700 | 71,653 | ||||||
Itoki Corp. | 400 | 1,338 | ||||||
IwaiCosmo Holdings, Inc. | 800 | 11,656 | ||||||
Iwatani Corp. | 2,600 | 149,190 | ||||||
Iyo Bank Ltd. (The) | 20,100 | 117,179 | ||||||
Izumi Co. Ltd.(2) | 2,500 | 93,116 | ||||||
J Front Retailing Co. Ltd.(2) | 23,000 | 222,562 | ||||||
J Trust Co. Ltd.(1) | 500 | 1,222 | ||||||
J-Oil Mills, Inc. | 400 | 14,102 | ||||||
JAC Recruitment Co. Ltd. | 1,100 | 16,809 | ||||||
Jaccs Co. Ltd. | 1,700 | 32,724 | ||||||
JAFCO Group Co. Ltd. | 1,900 | 116,284 | ||||||
Janome Sewing Machine Co. Ltd. | 1,800 | 12,823 | ||||||
Japan Airlines Co. Ltd.(1) | 1,900 | 45,534 | ||||||
Japan Airport Terminal Co. Ltd. | 300 | 14,627 | ||||||
Japan Asia Group Ltd. | 2,900 | 33,854 | ||||||
Japan Aviation Electronics Industry Ltd. | 2,900 | 46,582 | ||||||
Japan Best Rescue System Co. Ltd. | 1,100 | 8,970 | ||||||
Japan Display, Inc.(1) | 1,900 | 837 | ||||||
Japan Electronic Materials Corp.(2) | 700 | 11,554 | ||||||
Japan Elevator Service Holdings Co. Ltd. | 2,000 | 39,716 | ||||||
Japan Exchange Group, Inc. | 12,200 | 262,474 | ||||||
Japan Investment Adviser Co. Ltd.(2) | 1,400 | 17,906 | ||||||
Japan Lifeline Co. Ltd. | 3,400 | 41,752 | ||||||
Japan Material Co. Ltd. | 1,800 | 22,810 | ||||||
Japan Medical Dynamic Marketing, Inc. | 100 | 1,785 | ||||||
Japan Petroleum Exploration Co. Ltd. | 1,900 | 40,058 | ||||||
Japan Post Bank Co. Ltd. | 7,200 | 69,017 | ||||||
Japan Post Holdings Co. Ltd. | 29,000 | 249,878 | ||||||
Japan Post Insurance Co. Ltd. | 9,300 | 191,842 | ||||||
Japan Property Management Center Co. Ltd. | 900 | 10,231 | ||||||
Japan Securities Finance Co. Ltd. | 4,500 | 25,564 | ||||||
Japan Steel Works Ltd. (The) | 3,900 | 101,685 |
99
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Japan Transcity Corp. | 1,700 | $ | 8,327 | |||||
Japan Wool Textile Co. Ltd. (The)(2) | 2,900 | 24,577 | ||||||
Jastec Co. Ltd. | 900 | 10,023 | ||||||
JBCC Holdings, Inc. | 600 | 8,028 | ||||||
JCR Pharmaceuticals Co. Ltd. | 400 | 13,431 | ||||||
JCU Corp. | 1,900 | 61,171 | ||||||
JDC Corp. | 2,700 | 13,972 | ||||||
JFE Holdings, Inc.(1) | 23,000 | 245,913 | ||||||
JGC Holdings Corp. | 4,400 | 57,250 | ||||||
JINS Holdings, Inc. | 600 | 41,571 | ||||||
JM Holdings Co. Ltd. | 500 | 9,206 | ||||||
JMDC, Inc.(1) | 700 | 33,355 | ||||||
JMS Co. Ltd. | 800 | 6,972 | ||||||
Joshin Denki Co. Ltd. | 900 | 24,887 | ||||||
Joyful Honda Co. Ltd. | 800 | 10,086 | ||||||
JP-Holdings, Inc. | 2,700 | 7,201 | ||||||
JSB Co. Ltd. | 500 | 15,973 | ||||||
JSP Corp. | 100 | 1,681 | ||||||
JSR Corp. | 2,200 | 65,519 | ||||||
JTEKT Corp. | 12,800 | 135,973 | ||||||
JTOWER, Inc.(1) | 300 | 25,438 | ||||||
Juki Corp. | 200 | 1,637 | ||||||
Juroku Bank Ltd. (The) | 1,700 | 31,575 | ||||||
Justsystems Corp. | 700 | 41,123 | ||||||
JVCKenwood Corp. | 12,700 | 22,452 | ||||||
K's Holdings Corp. | 9,300 | 124,631 | ||||||
Kaga Electronics Co. Ltd. | 1,200 | 26,187 | ||||||
Kagome Co. Ltd. | 4,500 | 134,028 | ||||||
Kajima Corp. | 31,600 | 406,774 | ||||||
Kakaku.com, Inc. | 4,500 | 142,509 | ||||||
Kaken Pharmaceutical Co. Ltd. | 1,300 | 51,978 | ||||||
Kamakura Shinsho Ltd.(1) | 200 | 1,664 | ||||||
Kameda Seika Co. Ltd. | 500 | 22,055 | ||||||
Kamei Corp. | 1,600 | 17,541 | ||||||
Kamigumi Co. Ltd. | 3,000 | 56,618 | ||||||
Kanamoto Co. Ltd. | 2,500 | 55,789 | ||||||
Kandenko Co. Ltd. | 5,800 | 47,781 | ||||||
Kaneka Corp. | 3,100 | 121,360 | ||||||
Kanematsu Corp. | 5,400 | 69,297 | ||||||
Kanematsu Electronics Ltd. | 700 | 23,278 | ||||||
Kansai Electric Power Co., Inc. (The) | 17,700 | 176,963 | ||||||
Kansai Mirai Financial Group, Inc. | 6,800 | 39,746 | ||||||
Kansai Paint Co. Ltd. | 2,800 | 73,776 | ||||||
Kanto Denka Kogyo Co. Ltd. | 3,000 | 24,739 | ||||||
Kao Corp. | 7,000 | 472,474 | ||||||
Katakura Industries Co. Ltd. | 600 | 7,783 | ||||||
Katitas Co. Ltd. | 3,000 | 81,924 | ||||||
Kato Sangyo Co. Ltd. | 1,500 | 50,612 | ||||||
Kato Works Co. Ltd. | 100 | 947 | ||||||
Kawasaki Heavy Industries Ltd.(1) | 5,000 | 113,795 | ||||||
Kawasaki Kisen Kaisha Ltd.(1) | 13,600 | 261,196 |
100
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
KDDI Corp. | 40,800 | $ | 1,259,179 | |||||
KeePer Technical Laboratory Co. Ltd. | 1,000 | 18,621 | ||||||
Keihan Holdings Co. Ltd. | 1,000 | 45,488 | ||||||
Keihanshin Building Co. Ltd. | 900 | 12,856 | ||||||
Keikyu Corp. | 2,900 | 46,468 | ||||||
Keio Corp. | 1,400 | 105,247 | ||||||
Keisei Electric Railway Co. Ltd. | 1,200 | 43,180 | ||||||
Keiyo Bank Ltd. (The) | 4,200 | 16,959 | ||||||
Keiyo Co. Ltd. | 2,900 | 19,886 | ||||||
Kewpie Corp. | 6,000 | 130,323 | ||||||
Keyence Corp. | 1,200 | 573,935 | ||||||
KFC Holdings Japan Ltd. | 1,400 | 37,527 | ||||||
KH Neochem Co. Ltd. | 1,700 | 39,157 | ||||||
Kikkoman Corp. | 3,300 | 217,608 | ||||||
Kinden Corp. | 3,200 | 52,492 | ||||||
King Jim Co. Ltd. | 200 | 1,662 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,000 | 42,189 | ||||||
Kintetsu World Express, Inc. | 1,800 | 46,928 | ||||||
Kirin Holdings Co. Ltd. | 17,200 | 338,958 | ||||||
Kissei Pharmaceutical Co. Ltd. | 1,500 | 30,053 | ||||||
Kito Corp. | 1,000 | 13,598 | ||||||
Kitz Corp. | 3,800 | 20,262 | ||||||
Kiyo Bank Ltd. (The) | 8,400 | 114,350 | ||||||
KLab, Inc.(1) | 3,700 | 29,154 | ||||||
Koa Corp. | 1,700 | 22,861 | ||||||
Koatsu Gas Kogyo Co. Ltd. | 1,100 | 7,419 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 200 | 18,933 | ||||||
Kobe Bussan Co. Ltd. | 3,200 | 82,099 | ||||||
Kobe Steel Ltd.(1) | 19,800 | 123,751 | ||||||
Koei Tecmo Holdings Co. Ltd. | 1,000 | 56,187 | ||||||
Kohnan Shoji Co. Ltd.(2) | 4,900 | 133,298 | ||||||
Koito Manufacturing Co. Ltd. | 3,100 | 206,125 | ||||||
Kojima Co. Ltd. | 2,900 | 16,513 | ||||||
Kokusai Pulp & Paper Co. Ltd. | 400 | 912 | ||||||
Kokuyo Co. Ltd. | 3,200 | 46,188 | ||||||
Komatsu Ltd. | 20,000 | 608,575 | ||||||
Komatsu Matere Co. Ltd. | 200 | 1,821 | ||||||
Komeri Co. Ltd. | 2,900 | 78,078 | ||||||
Konami Holdings Corp. | 5,000 | 323,005 | ||||||
Kondotec, Inc. | 1,100 | 10,578 | ||||||
Konica Minolta, Inc.(2) | 36,900 | 189,141 | ||||||
Konishi Co. Ltd. | 900 | 13,994 | ||||||
Konoike Transport Co. Ltd. | 1,100 | 10,736 | ||||||
Kose Corp. | 100 | 15,996 | ||||||
Kotobuki Spirits Co. Ltd. | 500 | 34,731 | ||||||
Kubota Corp. | 29,300 | 667,293 | ||||||
Kumagai Gumi Co. Ltd. | 2,500 | 66,132 | ||||||
Kumiai Chemical Industry Co. Ltd. | 200 | 1,587 | ||||||
Kura Sushi, Inc. | 500 | 33,768 | ||||||
Kurabo Industries Ltd. | 400 | 6,999 | ||||||
Kuraray Co. Ltd. | 22,600 | 256,960 |
101
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Kureha Corp. | 1,700 | $ | 113,023 | |||||
Kurimoto Ltd. | 400 | 6,442 | ||||||
Kurita Water Industries Ltd. | 6,000 | 244,411 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 900 | 70,450 | ||||||
KYB Corp.(1) | 600 | 16,640 | ||||||
Kyocera Corp. | 4,300 | 278,598 | ||||||
Kyoei Steel Ltd. | 800 | 10,681 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 1,900 | 27,063 | ||||||
Kyokuto Securities Co. Ltd. | 1,300 | 9,584 | ||||||
Kyokuyo Co. Ltd. | 600 | 16,910 | ||||||
KYORIN Holdings, Inc. | 900 | 15,993 | ||||||
Kyosan Electric Manufacturing Co. Ltd. | 300 | 1,176 | ||||||
Kyowa Exeo Corp. | 4,500 | 115,645 | ||||||
Kyowa Kirin Co. Ltd. | 11,100 | 310,376 | ||||||
Kyudenko Corp. | 2,400 | 79,313 | ||||||
Kyushu Electric Power Co., Inc. | 19,600 | 168,125 | ||||||
Kyushu Financial Group, Inc. | 17,700 | 72,432 | ||||||
Kyushu Railway Co. | 2,500 | 65,663 | ||||||
LAC Co. Ltd. | 1,200 | 11,336 | ||||||
Lacto Japan Co. Ltd. | 600 | 14,320 | ||||||
Lasertec Corp. | 2,200 | 269,115 | ||||||
Lawson, Inc.(2) | 2,300 | 107,895 | ||||||
LEC, Inc. | 1,500 | 18,038 | ||||||
Leopalace21 Corp.(1) | 200 | 252 | ||||||
Like Co. Ltd. | 100 | 1,792 | ||||||
Link And Motivation, Inc. | 200 | 980 | ||||||
Lintec Corp. | 1,100 | 23,970 | ||||||
Lion Corp. | 7,600 | 145,920 | ||||||
Litalico, Inc.(1) | 300 | 10,797 | ||||||
Lixil Corp. | 20,300 | 568,789 | ||||||
Locondo, Inc.(1) | 700 | 13,388 | ||||||
M&A Capital Partners Co. Ltd.(1) | 200 | 8,845 | ||||||
m-up Holdings, Inc. | 400 | 9,303 | ||||||
M3, Inc. | 4,500 | 357,134 | ||||||
Mabuchi Motor Co. Ltd. | 900 | 40,088 | ||||||
Macnica Fuji Electronics Holdings, Inc. | 5,900 | 111,957 | ||||||
Macromill, Inc. | 200 | 1,600 | ||||||
Maeda Corp.(2) | 8,000 | 71,462 | ||||||
Maeda Kosen Co. Ltd. | 1,000 | 26,954 | ||||||
Maeda Road Construction Co. Ltd.(2) | 2,600 | 53,118 | ||||||
Makino Milling Machine Co. Ltd. | 500 | 19,035 | ||||||
Makita Corp. | 7,900 | 335,699 | ||||||
Makuake, Inc.(1) | 300 | 22,119 | ||||||
Mani, Inc. | 600 | 13,913 | ||||||
MarkLines Co. Ltd. | 400 | 8,465 | ||||||
Marubeni Corp. | 24,300 | 182,733 | ||||||
Marudai Food Co. Ltd. | 700 | 10,933 | ||||||
Maruha Nichiro Corp. | 3,200 | 74,219 | ||||||
Marui Group Co. Ltd. | 8,200 | 157,060 | ||||||
Maruichi Steel Tube Ltd. | 600 | 13,910 | ||||||
Marusan Securities Co. Ltd. | 3,300 | 18,019 |
102
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Maruwa Co. Ltd. | 600 | $ | 56,810 | |||||
Maruwa Unyu Kikan Co. Ltd.(2) | 1,800 | 32,690 | ||||||
Maruzen CHI Holdings Co. Ltd. | 300 | 1,055 | ||||||
Maruzen Showa Unyu Co. Ltd. | 800 | 23,079 | ||||||
Marvelous, Inc. | 200 | 1,641 | ||||||
Matching Service Japan Co. Ltd. | 100 | 1,005 | ||||||
Matsuda Sangyo Co. Ltd. | 700 | 12,431 | ||||||
Matsui Construction Co. Ltd. | 200 | 1,298 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 1,200 | 47,377 | ||||||
Matsuya Co. Ltd.(1) | 200 | 1,801 | ||||||
Max Co. Ltd. | 700 | 10,537 | ||||||
Maxell Holdings Ltd.(1) | 2,500 | 32,834 | ||||||
Mazda Motor Corp. | 13,100 | 104,821 | ||||||
McDonald's Holdings Co. Japan Ltd. | 1,300 | 64,552 | ||||||
MCJ Co. Ltd. | 10,400 | 88,922 | ||||||
Mebuki Financial Group, Inc. | 77,800 | 170,665 | ||||||
MEC Co. Ltd. | 600 | 11,329 | ||||||
Media Do Co. Ltd. | 300 | 15,590 | ||||||
Medical Data Vision Co. Ltd.(2) | 1,100 | 20,955 | ||||||
Medipal Holdings Corp. | 4,600 | 91,634 | ||||||
Medley, Inc.(1) | 400 | 16,133 | ||||||
MedPeer, Inc.(1) | 100 | 5,703 | ||||||
Megachips Corp. | 2,100 | 67,706 | ||||||
Megmilk Snow Brand Co. Ltd. | 2,900 | 58,279 | ||||||
Meidensha Corp. | 2,400 | 51,792 | ||||||
MEIJI Holdings Co. Ltd. | 2,500 | 158,492 | ||||||
Meiko Electronics Co. Ltd. | 1,900 | 39,849 | ||||||
Meiko Network Japan Co. Ltd. | 200 | 1,034 | ||||||
Meitec Corp. | 1,300 | 67,660 | ||||||
Meiwa Corp. | 300 | 1,320 | ||||||
Members Co. Ltd. | 500 | 11,401 | ||||||
Menicon Co. Ltd. | 1,300 | 76,980 | ||||||
Mercari, Inc.(1) | 1,400 | 67,237 | ||||||
METAWATER Co. Ltd. | 1,000 | 18,938 | ||||||
Micronics Japan Co. Ltd. | 800 | 12,501 | ||||||
Mie Kotsu Group Holdings, Inc. | 3,300 | 15,101 | ||||||
Milbon Co. Ltd. | 400 | 22,156 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 1,500 | 34,571 | ||||||
MINEBEA MITSUMI, Inc. | 19,900 | 494,042 | ||||||
Mirait Holdings Corp. | 8,100 | 127,112 | ||||||
Miroku Jyoho Service Co. Ltd. | 800 | 15,466 | ||||||
MISUMI Group, Inc. | 2,800 | 85,287 | ||||||
Mitani Sangyo Co. Ltd. | 400 | 1,556 | ||||||
Mitsuba Corp.(1) | 1,900 | 10,566 | ||||||
Mitsubishi Chemical Holdings Corp. | 56,500 | 398,390 | ||||||
Mitsubishi Corp. | 22,800 | 647,528 | ||||||
Mitsubishi Electric Corp. | 46,500 | 690,797 | ||||||
Mitsubishi Estate Co. Ltd. | 36,900 | 642,857 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 5,600 | 131,267 | ||||||
Mitsubishi Heavy Industries Ltd. | 16,000 | 468,240 | ||||||
Mitsubishi Kakoki Kaisha Ltd. | 800 | 21,629 |
103
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Mitsubishi Logisnext Co. Ltd. | 1,100 | $ | 11,812 | |||||
Mitsubishi Logistics Corp. | 900 | 28,393 | ||||||
Mitsubishi Materials Corp. | 6,800 | 162,018 | ||||||
Mitsubishi Motors Corp.(1) | 8,300 | 23,819 | ||||||
Mitsubishi Paper Mills Ltd. | 300 | 991 | ||||||
Mitsubishi Pencil Co. Ltd. | 700 | 8,837 | ||||||
Mitsubishi Research Institute, Inc. | 500 | 18,831 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 400 | 10,776 | ||||||
Mitsubishi UFJ Financial Group, Inc., ADR(2) | 345,264 | 1,812,636 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 28,100 | 152,473 | ||||||
Mitsuboshi Belting Ltd. | 800 | 12,439 | ||||||
Mitsui & Co. Ltd. | 28,000 | 600,755 | ||||||
Mitsui Chemicals, Inc. | 16,200 | 503,951 | ||||||
Mitsui E&S Holdings Co. Ltd.(1) | 5,200 | 22,624 | ||||||
Mitsui Fudosan Co. Ltd. | 16,400 | 374,723 | ||||||
Mitsui High-Tec, Inc. | 1,500 | 60,082 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 4,500 | 160,911 | ||||||
Mitsui OSK Lines Ltd. | 9,100 | 291,687 | ||||||
Mitsui Sugar Co. Ltd. | 1,000 | 17,707 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 2,400 | 49,197 | ||||||
Mitsuuroko Group Holdings Co. Ltd. | 400 | 4,633 | ||||||
Miura Co. Ltd. | 1,300 | 67,191 | ||||||
Mixi, Inc. | 3,800 | 95,603 | ||||||
Miyaji Engineering Group, Inc. | 700 | 14,578 | ||||||
Miyazaki Bank Ltd. (The) | 600 | 12,748 | ||||||
Mizuho Financial Group, Inc., ADR(2) | 281,365 | 835,654 | ||||||
Mizuho Leasing Co. Ltd. | 2,700 | 84,261 | ||||||
Mizuno Corp. | 600 | 12,266 | ||||||
Mochida Pharmaceutical Co. Ltd. | 300 | 11,187 | ||||||
Modec, Inc. | 1,900 | 31,200 | ||||||
Monex Group, Inc. | 19,900 | 166,960 | ||||||
Monogatari Corp. (The) | 800 | 45,883 | ||||||
MonotaRO Co. Ltd. | 3,200 | 183,707 | ||||||
Morinaga & Co. Ltd. | 1,800 | 65,080 | ||||||
Morinaga Milk Industry Co. Ltd. | 2,600 | 118,291 | ||||||
Morita Holdings Corp. | 800 | 13,227 | ||||||
Morito Co. Ltd. | 200 | 1,147 | ||||||
MrMax Holdings Ltd.(2) | 2,600 | 17,660 | ||||||
MS&AD Insurance Group Holdings, Inc. | 13,300 | 378,075 | ||||||
MTI Ltd. | 1,300 | 10,275 | ||||||
Murata Manufacturing Co. Ltd. | 11,100 | 950,650 | ||||||
Musashi Seimitsu Industry Co. Ltd. | 4,600 | 76,522 | ||||||
Musashino Bank Ltd. (The) | 1,700 | 25,338 | ||||||
N Field Co. Ltd. | 1,200 | 13,473 | ||||||
Nabtesco Corp. | 4,800 | 205,559 | ||||||
Nachi-Fujikoshi Corp. | 700 | 29,825 | ||||||
Nafco Co. Ltd. | 2,100 | 40,464 | ||||||
Nagase & Co. Ltd. | 2,600 | 40,998 | ||||||
Nagoya Railroad Co. Ltd. | 6,100 | 155,822 | ||||||
Nakayama Steel Works Ltd. | 300 | 1,078 | ||||||
Namura Shipbuilding Co. Ltd. | 400 | 700 |
104
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Nankai Electric Railway Co. Ltd. | 5,100 | $ | 123,997 | |||||
Nanto Bank Ltd. (The) | 1,200 | 20,593 | ||||||
NEC Capital Solutions Ltd. | 500 | 9,299 | ||||||
NEC Corp. | 12,300 | 675,547 | ||||||
NEC Networks & System Integration Corp. | 5,400 | 90,244 | ||||||
NET One Systems Co. Ltd. | 4,500 | 139,499 | ||||||
Nexon Co. Ltd. | 8,400 | 264,647 | ||||||
Nextage Co. Ltd. | 3,400 | 54,986 | ||||||
NGK Insulators Ltd. | 5,900 | 105,376 | ||||||
NGK Spark Plug Co. Ltd. | 10,400 | 177,863 | ||||||
NH Foods Ltd. | 4,900 | 207,274 | ||||||
NHK Spring Co. Ltd. | 5,700 | 43,109 | ||||||
Nichi-iko Pharmaceutical Co. Ltd. | 3,100 | 27,845 | ||||||
Nichias Corp. | 2,900 | 67,652 | ||||||
Nichiban Co. Ltd. | 100 | 1,733 | ||||||
Nichicon Corp. | 500 | 5,121 | ||||||
Nichiha Corp. | 2,800 | 79,235 | ||||||
Nichirei Corp. | 6,700 | 173,848 | ||||||
Nichireki Co. Ltd. | 1,600 | 22,801 | ||||||
Nidec Corp. | 5,118 | 656,213 | ||||||
Nifco, Inc. | 4,900 | 170,530 | ||||||
Nihon Dempa Kogyo Co. Ltd.(1) | 2,000 | 14,462 | ||||||
Nihon Flush Co. Ltd. | 1,200 | 13,069 | ||||||
Nihon M&A Center, Inc. | 3,300 | 179,845 | ||||||
Nihon Nohyaku Co. Ltd. | 300 | 1,450 | ||||||
Nihon Parkerizing Co. Ltd. | 500 | 5,087 | ||||||
Nihon Trim Co. Ltd. | 300 | 11,931 | ||||||
Nihon Unisys Ltd. | 4,400 | 127,121 | ||||||
Nikkon Holdings Co. Ltd. | 3,000 | 57,880 | ||||||
Nikon Corp. | 3,600 | 32,313 | ||||||
Nintendo Co. Ltd. | 2,800 | 1,700,779 | ||||||
Nippn Corp. | 1,300 | 19,362 | ||||||
Nippo Corp. | 4,700 | 123,096 | ||||||
Nippon Aqua Co. Ltd. | 200 | 1,143 | ||||||
Nippon Carbon Co. Ltd. | 700 | 25,444 | ||||||
Nippon Ceramic Co. Ltd. | 500 | 12,377 | ||||||
Nippon Chemi-Con Corp.(1) | 600 | 9,777 | ||||||
Nippon Coke & Engineering Co. Ltd. | 28,100 | 27,512 | ||||||
Nippon Commercial Development Co. Ltd. | 1,000 | 15,453 | ||||||
Nippon Denko Co. Ltd. | 8,500 | 22,402 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 1,300 | 22,920 | ||||||
Nippon Electric Glass Co. Ltd. | 4,400 | 100,348 | ||||||
Nippon Express Co. Ltd. | 4,500 | 337,658 | ||||||
Nippon Fine Chemical Co. Ltd. | 400 | 5,241 | ||||||
Nippon Gas Co. Ltd. | 600 | 27,719 | ||||||
Nippon Hume Corp. | 200 | 1,444 | ||||||
Nippon Kanzai Co. Ltd. | 500 | 9,794 | ||||||
Nippon Kayaku Co. Ltd. | 5,900 | 57,537 | ||||||
Nippon Kodoshi Corp. | 900 | 26,744 | ||||||
Nippon Koei Co. Ltd. | 1,000 | 26,680 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 3,920 | 77,871 |
105
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Nippon Paint Holdings Co. Ltd. | 1,800 | $ | 134,937 | |||||
Nippon Paper Industries Co. Ltd.(2) | 5,200 | 68,701 | ||||||
Nippon Parking Development Co. Ltd. | 9,600 | 12,575 | ||||||
Nippon Pillar Packing Co. Ltd. | 1,100 | 17,681 | ||||||
Nippon Road Co. Ltd. (The) | 400 | 29,930 | ||||||
Nippon Sanso Holdings Corp. | 2,500 | 47,392 | ||||||
Nippon Seiki Co. Ltd. | 3,000 | 35,065 | ||||||
Nippon Shinyaku Co. Ltd. | 300 | 20,347 | ||||||
Nippon Shokubai Co. Ltd. | 1,100 | 58,775 | ||||||
Nippon Signal Co. Ltd. | 1,200 | 10,456 | ||||||
Nippon Soda Co. Ltd. | 1,100 | 34,791 | ||||||
Nippon Steel Corp.(1) | 22,800 | 342,047 | ||||||
Nippon Steel Trading Corp. | 500 | 17,637 | ||||||
Nippon Suisan Kaisha Ltd. | 18,800 | 89,920 | ||||||
Nippon Systemware Co. Ltd. | 400 | 7,430 | ||||||
Nippon Telegraph & Telephone Corp. | 30,400 | 786,485 | ||||||
Nippon Television Holdings, Inc. | 1,800 | 24,011 | ||||||
Nippon Thompson Co. Ltd. | 400 | 2,072 | ||||||
Nippon Yakin Kogyo Co. Ltd. | 1,000 | 19,310 | ||||||
Nippon Yusen KK | 14,800 | 432,896 | ||||||
Nipro Corp. | 8,000 | 99,201 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 9,600 | 63,248 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 1,500 | 42,529 | ||||||
Nishimatsu Construction Co. Ltd. | 5,600 | 140,016 | ||||||
Nishimatsuya Chain Co. Ltd.(2) | 4,800 | 63,415 | ||||||
Nishio Rent All Co. Ltd. | 1,500 | 37,376 | ||||||
Nissan Chemical Corp. | 3,000 | 164,181 | ||||||
Nissan Motor Co. Ltd.(1) | 73,600 | 401,636 | ||||||
Nissan Shatai Co. Ltd. | 200 | 1,448 | ||||||
Nissan Tokyo Sales Holdings Co. Ltd. | 500 | 1,172 | ||||||
Nissei ASB Machine Co. Ltd. | 1,000 | 50,855 | ||||||
Nissei Plastic Industrial Co. Ltd. | 200 | 1,680 | ||||||
Nissha Co. Ltd. | 3,700 | 46,405 | ||||||
Nisshin Oillio Group Ltd. (The) | 1,600 | 47,263 | ||||||
Nisshin Seifun Group, Inc. | 2,900 | 46,929 | ||||||
Nisshinbo Holdings, Inc. | 7,700 | 57,792 | ||||||
Nissin Electric Co. Ltd. | 4,800 | 55,831 | ||||||
Nissin Foods Holdings Co. Ltd.(2) | 1,200 | 90,616 | ||||||
Nisso Corp. | 200 | 1,542 | ||||||
Nitori Holdings Co. Ltd. | 2,000 | 372,878 | ||||||
Nitta Corp. | 400 | 8,795 | ||||||
Nitto Denko Corp. | 5,100 | 438,243 | ||||||
Nitto Kogyo Corp. | 1,900 | 35,477 | ||||||
Nitto Seiko Co. Ltd. | 300 | 1,698 | ||||||
Nittoc Construction Co. Ltd. | 1,200 | 9,009 | ||||||
Nittoku Co. Ltd. | 400 | 13,615 | ||||||
Noevir Holdings Co. Ltd. | 800 | 35,880 | ||||||
NOF Corp. | 1,600 | 84,712 | ||||||
Nohmi Bosai Ltd. | 1,200 | 24,432 | ||||||
Nojima Corp. | 2,500 | 65,756 | ||||||
NOK Corp. | 3,300 | 45,516 |
106
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Nomura Micro Science Co. Ltd. | 600 | $ | 17,586 | |||||
Noritake Co. Ltd./Nagoya Japan | 300 | 10,362 | ||||||
Noritsu Koki Co. Ltd. | 1,000 | 22,603 | ||||||
Noritz Corp. | 1,000 | 15,089 | ||||||
North Pacific Bank Ltd. | 19,700 | 44,757 | ||||||
NPC, Inc. | 2,200 | 14,999 | ||||||
NS Solutions Corp. | 300 | 8,795 | ||||||
NSD Co. Ltd. | 2,200 | 37,559 | ||||||
NSK Ltd. | 23,900 | 238,326 | ||||||
NTN Corp.(1) | 29,800 | 87,805 | ||||||
NTT Data Corp. | 21,500 | 332,163 | ||||||
Obara Group, Inc.(2) | 900 | 32,123 | ||||||
Obayashi Corp. | 32,200 | 280,848 | ||||||
OBIC Business Consultants Co. Ltd. | 100 | 5,608 | ||||||
Obic Co. Ltd. | 700 | 118,056 | ||||||
Odakyu Electric Railway Co. Ltd. | 3,900 | 114,671 | ||||||
Oenon Holdings, Inc. | 300 | 1,112 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 2,000 | 37,974 | ||||||
Ohara, Inc. | 100 | 1,871 | ||||||
Ohsho Food Service Corp. | 400 | 21,794 | ||||||
Oiles Corp. | 700 | 10,869 | ||||||
Oisix ra daichi, Inc.(1) | 1,200 | 31,146 | ||||||
Oita Bank Ltd. (The) | 800 | 15,862 | ||||||
Oji Holdings Corp. | 51,200 | 325,050 | ||||||
Okabe Co. Ltd. | 1,200 | 8,609 | ||||||
Okamoto Industries, Inc. | 600 | 22,592 | ||||||
Okamura Corp. | 4,100 | 43,307 | ||||||
Okasan Securities Group, Inc. | 6,900 | 25,702 | ||||||
Oki Electric Industry Co. Ltd. | 6,200 | 61,014 | ||||||
Okinawa Electric Power Co., Inc. (The) | 1,575 | 21,114 | ||||||
OKUMA Corp. | 500 | 27,806 | ||||||
Okumura Corp. | 1,400 | 35,671 | ||||||
Okuwa Co. Ltd. | 1,900 | 20,140 | ||||||
Olympic Group Corp. | 800 | 6,620 | ||||||
Olympus Corp. | 24,600 | 517,906 | ||||||
Omron Corp. | 1,900 | 154,056 | ||||||
Ono Pharmaceutical Co. Ltd. | 9,100 | 246,060 | ||||||
Onoken Co. Ltd. | 600 | 7,289 | ||||||
Onward Holdings Co. Ltd.(2) | 5,500 | 13,216 | ||||||
Open House Co. Ltd. | 3,800 | 146,235 | ||||||
Optex Group Co. Ltd. | 800 | 11,917 | ||||||
Optim Corp.(1) | 400 | 10,902 | ||||||
Oracle Corp. (Tokyo) | 300 | 30,621 | ||||||
Organo Corp. | 400 | 22,604 | ||||||
Oricon, Inc. | 100 | 993 | ||||||
Orient Corp. | 26,200 | 36,662 | ||||||
Oriental Land Co. Ltd. | 1,300 | 219,002 | ||||||
ORIX Corp., ADR | 10,688 | 912,435 | ||||||
Osaka Gas Co. Ltd. | 1,600 | 28,778 | ||||||
Osaka Organic Chemical Industry Ltd. | 900 | 28,702 | ||||||
Osaka Soda Co. Ltd. | 700 | 16,852 |
107
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
OSG Corp. | 3,400 | $ | 61,694 | |||||
OSJB Holdings Corp. | 8,200 | 20,845 | ||||||
Otsuka Corp. | 3,000 | 139,310 | ||||||
Otsuka Holdings Co. Ltd. | 4,800 | 192,277 | ||||||
Outsourcing, Inc. | 7,200 | 109,903 | ||||||
Oyo Corp. | 800 | 9,397 | ||||||
Pacific Industrial Co. Ltd. | 4,100 | 44,302 | ||||||
Pacific Metals Co. Ltd. | 1,000 | 22,452 | ||||||
Pack Corp. (The) | 400 | 9,681 | ||||||
PALTAC Corp. | 1,300 | 70,733 | ||||||
Pan Pacific International Holdings Corp. | 10,700 | 252,379 | ||||||
Panasonic Corp. | 73,500 | 950,932 | ||||||
PAPYLESS Co. Ltd. | 300 | 5,825 | ||||||
Paramount Bed Holdings Co. Ltd. | 1,100 | 43,596 | ||||||
Park24 Co. Ltd.(1) | 2,800 | 61,024 | ||||||
Pasona Group, Inc. | 2,500 | 41,999 | ||||||
PC Depot Corp. | 1,500 | 7,140 | ||||||
PCA Corp. | 300 | 11,507 | ||||||
Penta-Ocean Construction Co. Ltd. | 44,800 | 335,094 | ||||||
PeptiDream, Inc.(1) | 900 | 43,026 | ||||||
Persol Holdings Co. Ltd. | 10,400 | 207,828 | ||||||
Pharma Foods International Co. Ltd.(2) | 1,500 | 47,340 | ||||||
Phil Co., Inc.(1) | 100 | 1,979 | ||||||
Pickles Corp. | 400 | 12,737 | ||||||
Pigeon Corp. | 1,300 | 46,933 | ||||||
Pilot Corp. | 1,200 | 36,492 | ||||||
Piolax, Inc. | 1,000 | 14,342 | ||||||
Plenus Co. Ltd.(1) | 600 | 10,599 | ||||||
Pola Orbis Holdings, Inc. | 1,500 | 34,549 | ||||||
Poletowin Pitcrew Holdings, Inc. | 1,700 | 17,652 | ||||||
Premium Group Co. Ltd. | 500 | 11,605 | ||||||
Press Kogyo Co. Ltd. | 6,300 | 19,015 | ||||||
Pressance Corp.(2) | 1,900 | 26,377 | ||||||
Prestige International, Inc. | 4,100 | 28,524 | ||||||
Prima Meat Packers Ltd. | 1,900 | 55,700 | ||||||
Proto Corp. | 1,600 | 16,868 | ||||||
PS Mitsubishi Construction Co. Ltd. | 1,900 | 12,043 | ||||||
QB Net Holdings Co. Ltd.(1) | 100 | 1,690 | ||||||
Quick Co. Ltd. | 600 | 6,520 | ||||||
Raccoon Holdings, Inc. | 1,300 | 26,070 | ||||||
Raito Kogyo Co. Ltd. | 4,900 | 81,621 | ||||||
Raiznext Corp.(2) | 500 | 5,384 | ||||||
Rakus Co. Ltd. | 2,200 | 38,010 | ||||||
Rakuten, Inc. | 37,500 | 421,715 | ||||||
Rasa Industries Ltd. | 900 | 17,876 | ||||||
Recruit Holdings Co. Ltd. | 19,600 | 981,862 | ||||||
Relia, Inc. | 3,800 | 47,732 | ||||||
Relo Group, Inc. | 3,800 | 89,975 | ||||||
Renaissance, Inc. | 200 | 2,273 | ||||||
Renesas Electronics Corp.(1) | 15,100 | 166,642 | ||||||
Rengo Co. Ltd. | 11,800 | 95,980 |
108
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
RENOVA, Inc.(1) | 2,500 | $ | 77,745 | |||||
Resona Holdings, Inc. | 111,400 | 451,042 | ||||||
Resorttrust, Inc. | 4,400 | 78,020 | ||||||
Restar Holdings Corp. | 700 | 13,126 | ||||||
Retail Partners Co. Ltd.(2) | 1,400 | 17,748 | ||||||
Rheon Automatic Machinery Co. Ltd. | 100 | 1,037 | ||||||
Ricoh Co. Ltd.(2) | 36,100 | 318,800 | ||||||
Ricoh Leasing Co. Ltd. | 1,700 | 52,359 | ||||||
Ride On Express Holdings Co. Ltd. | 500 | 7,724 | ||||||
Riken Vitamin Co. Ltd. | 600 | 7,408 | ||||||
Rinnai Corp. | 700 | 71,188 | ||||||
Riso Kagaku Corp. | 100 | 1,208 | ||||||
Riso Kyoiku Co. Ltd. | 7,200 | 21,690 | ||||||
Rohm Co. Ltd. | 1,300 | 129,025 | ||||||
Rohto Pharmaceutical Co. Ltd. | 2,200 | 59,240 | ||||||
Rokko Butter Co. Ltd. | 800 | 12,436 | ||||||
Roland DG Corp. | 1,000 | 16,952 | ||||||
Rorze Corp. | 700 | 48,256 | ||||||
Rozetta Corp.(1) | 300 | 7,387 | ||||||
RPA Holdings, Inc.(1) | 100 | 575 | ||||||
RS Technologies Co. Ltd. | 700 | 38,834 | ||||||
Ryobi Ltd.(1) | 900 | 10,701 | ||||||
Ryoden Corp. | 1,000 | 14,596 | ||||||
Ryohin Keikaku Co. Ltd. | 11,300 | 256,306 | ||||||
Ryosan Co. Ltd. | 1,000 | 20,361 | ||||||
S Foods, Inc.(2) | 800 | 24,540 | ||||||
S-Pool, Inc. | 2,000 | 18,572 | ||||||
Sac's Bar Holdings, Inc. | 200 | 1,184 | ||||||
Saizeriya Co. Ltd. | 1,500 | 31,541 | ||||||
Sakai Moving Service Co. Ltd. | 500 | 22,585 | ||||||
Sakata INX Corp. | 1,700 | 17,065 | ||||||
Sakata Seed Corp. | 300 | 10,475 | ||||||
Sakura Internet, Inc. | 1,300 | 7,937 | ||||||
Sala Corp. | 4,000 | 21,575 | ||||||
San ju San Financial Group, Inc. | 900 | 11,485 | ||||||
San-A Co. Ltd.(2) | 1,200 | 46,900 | ||||||
San-Ai Oil Co. Ltd. | 1,900 | 19,186 | ||||||
San-In Godo Bank Ltd. (The) | 7,400 | 33,851 | ||||||
Sanei Architecture Planning Co. Ltd. | 800 | 12,682 | ||||||
Sangetsu Corp. | 1,900 | 27,363 | ||||||
Sanken Electric Co. Ltd.(2) | 2,200 | 112,914 | ||||||
Sanki Engineering Co. Ltd. | 900 | 11,024 | ||||||
Sankyo Co. Ltd. | 800 | 22,183 | ||||||
Sankyo Seiko Co. Ltd. | 300 | 1,455 | ||||||
Sankyo Tateyama, Inc. | 1,100 | 8,358 | ||||||
Sankyu, Inc. | 2,400 | 100,998 | ||||||
Sanoh Industrial Co. Ltd. | 2,100 | 18,861 | ||||||
Sansan, Inc.(1) | 300 | 25,582 | ||||||
Santen Pharmaceutical Co. Ltd. | 9,600 | 132,359 | ||||||
Sanwa Holdings Corp. | 12,900 | 160,000 | ||||||
Sanyo Chemical Industries Ltd. | 600 | 28,592 |
109
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Sanyo Denki Co. Ltd. | 400 | $ | 21,369 | |||||
Sanyo Special Steel Co. Ltd.(1) | 1,600 | 25,586 | ||||||
Sapporo Holdings Ltd. | 3,200 | 66,108 | ||||||
Sato Holdings Corp. | 900 | 21,382 | ||||||
Sawada Holdings Co. Ltd. | 1,700 | 13,077 | ||||||
Sawai Pharmaceutical Co. Ltd. | 1,500 | 67,259 | ||||||
SB Technology Corp. | 600 | 16,699 | ||||||
SBI Holdings, Inc. | 18,900 | 522,787 | ||||||
SBS Holdings, Inc. | 1,400 | 31,938 | ||||||
SCREEN Holdings Co. Ltd. | 300 | 23,627 | ||||||
SCSK Corp. | 2,200 | 130,163 | ||||||
SEC Carbon Ltd.(2) | 100 | 6,097 | ||||||
Secom Co. Ltd. | 4,900 | 427,209 | ||||||
Sega Sammy Holdings, Inc. | 3,400 | 57,055 | ||||||
Seibu Holdings, Inc. | 9,000 | 109,515 | ||||||
Seikitokyu Kogyo Co. Ltd. | 1,700 | 14,055 | ||||||
Seiko Epson Corp. | 16,200 | 267,931 | ||||||
Seiko Holdings Corp. | 600 | 10,080 | ||||||
Seiko PMC Corp. | 200 | 1,426 | ||||||
Seino Holdings Co. Ltd. | 4,500 | 63,636 | ||||||
Seiren Co. Ltd.(2) | 3,000 | 51,443 | ||||||
Sekisui Chemical Co. Ltd. | 11,800 | 213,187 | ||||||
Sekisui House Ltd. | 28,300 | 533,362 | ||||||
Sekisui Jushi Corp. | 800 | 14,629 | ||||||
Sekisui Kasei Co. Ltd. | 200 | 1,028 | ||||||
Senko Group Holdings Co. Ltd. | 7,000 | 65,841 | ||||||
Senshu Ikeda Holdings, Inc. | 9,700 | 14,601 | ||||||
Septeni Holdings Co. Ltd. | 8,000 | 33,230 | ||||||
Seria Co. Ltd. | 2,100 | 67,276 | ||||||
Seven & i Holdings Co. Ltd.(2) | 21,400 | 817,299 | ||||||
Seven Bank Ltd.(2) | 29,100 | 65,910 | ||||||
SG Holdings Co. Ltd. | 13,000 | 298,502 | ||||||
Sharp Corp.(2) | 1,400 | 26,655 | ||||||
Shibaura Machine Co. Ltd. | 400 | 10,714 | ||||||
Shibaura Mechatronics Corp. | 300 | 13,694 | ||||||
Shibuya Corp. | 800 | 24,324 | ||||||
SHIFT, Inc.(1) | 300 | 36,219 | ||||||
Shiga Bank Ltd. (The) | 1,700 | 33,577 | ||||||
Shikoku Bank Ltd. (The) | 1,600 | 11,206 | ||||||
Shikoku Chemicals Corp. | 1,000 | 11,299 | ||||||
Shikoku Electric Power Co., Inc. | 5,400 | 37,816 | ||||||
Shima Seiki Manufacturing Ltd. | 100 | 2,180 | ||||||
Shimadzu Corp. | 4,700 | 170,627 | ||||||
Shimamura Co. Ltd. | 1,100 | 109,484 | ||||||
Shimano, Inc. | 1,200 | 268,030 | ||||||
Shimizu Corp. | 9,400 | 71,650 | ||||||
Shin Nippon Air Technologies Co. Ltd. | 700 | 14,499 | ||||||
Shin Nippon Biomedical Laboratories Ltd. | 1,700 | 9,999 | ||||||
Shin-Etsu Chemical Co. Ltd. | 4,500 | 738,489 | ||||||
Shin-Etsu Polymer Co. Ltd. | 1,900 | 17,323 | ||||||
Shindengen Electric Manufacturing Co. Ltd. | 300 | 8,639 |
110
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Shinko Electric Industries Co. Ltd. | 1,000 | $ | 27,107 | |||||
Shinko Shoji Co. Ltd. | 200 | 1,446 | ||||||
Shinmaywa Industries Ltd. | 2,100 | 18,859 | ||||||
Shinnihon Corp. | 1,800 | 13,953 | ||||||
Shinnihonseiyaku Co. Ltd. | 500 | 11,322 | ||||||
Shinoken Group Co. Ltd. | 2,400 | 24,757 | ||||||
Shinsei Bank Ltd. | 6,300 | 90,946 | ||||||
Shinwa Co. Ltd. | 800 | 15,126 | ||||||
Shionogi & Co. Ltd. | 3,700 | 189,171 | ||||||
Ship Healthcare Holdings, Inc. | 2,700 | 150,373 | ||||||
Shiseido Co. Ltd. | 4,432 | 335,389 | ||||||
Shizuoka Bank Ltd. (The) | 17,400 | 128,920 | ||||||
Shizuoka Gas Co. Ltd. | 2,100 | 18,250 | ||||||
SHO-BOND Holdings Co. Ltd. | 1,500 | 65,832 | ||||||
Shochiku Co. Ltd.(1) | 100 | 15,023 | ||||||
Shoei Co. Ltd. | 2,400 | 90,892 | ||||||
Shoei Foods Corp. | 200 | 7,181 | ||||||
Showa Sangyo Co. Ltd. | 1,200 | 35,420 | ||||||
SIGMAXYZ, Inc. | 300 | 4,556 | ||||||
Siix Corp. | 2,200 | 37,553 | ||||||
Sinanen Holdings Co. Ltd. | 300 | 8,637 | ||||||
Sinfonia Technology Co. Ltd. | 1,400 | 17,173 | ||||||
Sinko Industries Ltd. | 1,300 | 23,127 | ||||||
Sintokogio Ltd. | 1,200 | 8,251 | ||||||
SKY Perfect JSAT Holdings, Inc. | 10,000 | 42,212 | ||||||
Skylark Holdings Co. Ltd.(1)(2) | 4,100 | 63,803 | ||||||
SMC Corp. | 495 | 294,274 | ||||||
SMS Co. Ltd. | 1,800 | 59,097 | ||||||
Snow Peak, Inc. | 900 | 25,931 | ||||||
SNT Corp. | 400 | 830 | ||||||
Sodick Co. Ltd. | 1,400 | 12,853 | ||||||
Softbank Corp.(2) | 36,600 | 496,355 | ||||||
SoftBank Group Corp. | 13,800 | 1,280,837 | ||||||
Softcreate Holdings Corp. | 500 | 10,957 | ||||||
Sohgo Security Services Co. Ltd. | 1,800 | 81,549 | ||||||
Sojitz Corp. | 32,500 | 86,225 | ||||||
Solasto Corp. | 2,300 | 31,245 | ||||||
Soliton Systems KK | 600 | 9,438 | ||||||
Sompo Holdings, Inc. | 14,600 | 563,970 | ||||||
Sony Corp., ADR | 29,772 | 3,150,175 | ||||||
Space Co. Ltd. | 200 | 1,599 | ||||||
Space Value Holdings Co. Ltd. | 3,200 | 22,784 | ||||||
Sparx Group Co. Ltd. | 3,000 | 9,059 | ||||||
Square Enix Holdings Co. Ltd. | 4,500 | 254,967 | ||||||
SRA Holdings | 700 | 16,593 | ||||||
ST Corp. | 400 | 6,979 | ||||||
St-Care Holding Corp. | 1,300 | 11,462 | ||||||
St. Marc Holdings Co. Ltd. | 900 | 14,144 | ||||||
Stanley Electric Co. Ltd. | 3,600 | 107,554 | ||||||
Starts Corp., Inc. | 3,900 | 102,447 | ||||||
Stella Chemifa Corp. | 700 | 20,879 |
111
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Strike Co. Ltd. | 400 | $ | 16,903 | |||||
Studio Alice Co. Ltd. | 500 | 9,512 | ||||||
Subaru Corp. | 14,400 | 272,043 | ||||||
Sugi Holdings Co. Ltd.(2) | 1,900 | 132,249 | ||||||
SUMCO Corp. | 21,000 | 482,759 | ||||||
Sumida Corp. | 2,600 | 23,386 | ||||||
Sumitomo Bakelite Co. Ltd. | 1,600 | 65,904 | ||||||
Sumitomo Chemical Co. Ltd. | 94,700 | 461,775 | ||||||
Sumitomo Corp. | 36,100 | 526,455 | ||||||
Sumitomo Dainippon Pharma Co., Ltd.(2) | 10,800 | 171,754 | ||||||
Sumitomo Densetsu Co. Ltd. | 1,300 | 29,520 | ||||||
Sumitomo Electric Industries Ltd. | 36,300 | 532,593 | ||||||
Sumitomo Forestry Co. Ltd. | 8,000 | 144,716 | ||||||
Sumitomo Heavy Industries Ltd. | 2,400 | 67,655 | ||||||
Sumitomo Metal Mining Co. Ltd. | 7,500 | 365,397 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 6,100 | 26,588 | ||||||
Sumitomo Mitsui Financial Group, Inc., ADR(2) | 197,115 | 1,383,747 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 12,800 | 427,125 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 2,600 | 86,473 | ||||||
Sumitomo Realty & Development Co. Ltd. | 11,000 | 382,950 | ||||||
Sumitomo Riko Co. Ltd. | 1,700 | 9,870 | ||||||
Sumitomo Rubber Industries Ltd. | 11,500 | 129,353 | ||||||
Sumitomo Seika Chemicals Co. Ltd. | 500 | 18,331 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 4,200 | 58,102 | ||||||
Sun Frontier Fudousan Co. Ltd. | 2,700 | 24,295 | ||||||
Sundrug Co. Ltd. | 2,500 | 94,225 | ||||||
Suntory Beverage & Food Ltd. | 4,400 | 151,307 | ||||||
SuRaLa Net Co. Ltd.(1) | 200 | 7,814 | ||||||
Suruga Bank Ltd.(2) | 10,800 | 36,170 | ||||||
Sushiro Global Holdings Ltd. | 3,500 | 131,989 | ||||||
Suzuken Co. Ltd. | 900 | 34,437 | ||||||
Suzuki Motor Corp. | 8,600 | 374,763 | ||||||
SWCC Showa Holdings Co. Ltd. | 2,900 | 44,891 | ||||||
Sysmex Corp. | 2,300 | 239,803 | ||||||
System Information Co. Ltd. | 700 | 6,691 | ||||||
Systena Corp. | 1,900 | 33,560 | ||||||
T Hasegawa Co. Ltd. | 1,200 | 20,990 | ||||||
T&D Holdings, Inc. | 29,200 | 403,020 | ||||||
T-Gaia Corp. | 1,200 | 20,605 | ||||||
Tadano Ltd. | 1,600 | 15,264 | ||||||
Taihei Dengyo Kaisha Ltd. | 1,200 | 29,875 | ||||||
Taiheiyo Cement Corp. | 7,600 | 192,925 | ||||||
Taikisha Ltd. | 1,600 | 42,774 | ||||||
Taiko Pharmaceutical Co. Ltd.(2) | 1,500 | 17,843 | ||||||
Taisei Corp. | 5,900 | 210,126 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 500 | 30,822 | ||||||
Taiyo Holdings Co. Ltd. | 800 | 41,808 | ||||||
Taiyo Yuden Co. Ltd. | 8,600 | 429,128 | ||||||
Takamatsu Construction Group Co. Ltd. | 1,000 | 19,799 | ||||||
Takamiya Co. Ltd. | 1,200 | 5,779 | ||||||
Takaoka Toko Co. Ltd. | 1,100 | 15,083 |
112
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Takara & Co. Ltd. | 600 | $ | 9,653 | |||||
Takara Bio, Inc. | 300 | 8,152 | ||||||
Takara Holdings, Inc.(2) | 3,100 | 41,784 | ||||||
Takara Leben Co. Ltd. | 5,800 | 18,811 | ||||||
Takara Standard Co. Ltd. | 900 | 12,661 | ||||||
Takasago International Corp. | 400 | 9,897 | ||||||
Takasago Thermal Engineering Co. Ltd. | 700 | 10,418 | ||||||
Takashimaya Co. Ltd.(2) | 8,000 | 82,288 | ||||||
Takasho Co. Ltd. | 1,500 | 10,842 | ||||||
Takeda Pharmaceutical Co. Ltd., ADR(2) | 22,619 | 377,963 | ||||||
Takeei Corp. | 2,900 | 34,160 | ||||||
Takeuchi Manufacturing Co. Ltd.(2) | 1,900 | 48,575 | ||||||
Takuma Co. Ltd. | 4,700 | 92,946 | ||||||
Tama Home Co. Ltd. | 800 | 13,666 | ||||||
Tamron Co. Ltd. | 900 | 16,166 | ||||||
Tamura Corp. | 2,200 | 10,985 | ||||||
Tanseisha Co. Ltd. | 2,700 | 21,036 | ||||||
Taoka Chemical Co. Ltd. | 100 | 11,950 | ||||||
Tatsuta Electric Wire and Cable Co. Ltd. | 400 | 2,343 | ||||||
Tayca Corp. | 100 | 1,317 | ||||||
Tazmo Co. Ltd. | 600 | 8,464 | ||||||
TBS Holdings, Inc. | 1,400 | 25,743 | ||||||
TDC Soft, Inc. | 200 | 1,739 | ||||||
TDK Corp. | 5,500 | 794,643 | ||||||
TechMatrix Corp. | 1,800 | 27,713 | ||||||
TECHNO ASSOCIE Co. Ltd. | 200 | 1,994 | ||||||
TechnoPro Holdings, Inc. | 1,500 | 109,980 | ||||||
Teijin Ltd. | 12,300 | 213,340 | ||||||
Teikoku Electric Manufacturing Co. Ltd. | 900 | 9,882 | ||||||
Teikoku Sen-I Co. Ltd. | 800 | 16,257 | ||||||
Tekken Corp. | 300 | 5,408 | ||||||
Tenma Corp. | 500 | 10,023 | ||||||
Terumo Corp. | 6,600 | 246,238 | ||||||
THK Co. Ltd. | 1,400 | 45,971 | ||||||
TIS, Inc. | 8,600 | 178,610 | ||||||
TKC Corp. | 700 | 41,683 | ||||||
Toa Corp. (Hyogo) | 200 | 1,730 | ||||||
Toa Corp. (Tokyo)(2) | 1,900 | 40,645 | ||||||
TOA ROAD Corp. | 300 | 11,456 | ||||||
Toagosei Co. Ltd. | 4,600 | 50,437 | ||||||
Tobishima Corp. | 1,000 | 10,366 | ||||||
Tobu Railway Co. Ltd. | 8,400 | 241,810 | ||||||
Tocalo Co. Ltd. | 4,300 | 53,669 | ||||||
Tochigi Bank Ltd. (The) | 900 | 1,489 | ||||||
Toda Corp. | 17,600 | 121,248 | ||||||
Toho Bank Ltd. (The) | 9,800 | 19,658 | ||||||
Toho Co. Ltd.(2) | 1,800 | 67,962 | ||||||
Toho Gas Co. Ltd. | 300 | 17,663 | ||||||
Toho Holdings Co. Ltd. | 2,800 | 48,796 | ||||||
Toho Titanium Co. Ltd. | 1,400 | 12,662 | ||||||
Toho Zinc Co. Ltd.(1) | 100 | 2,139 |
113
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Tohoku Electric Power Co., Inc. | 16,000 | $ | 141,761 | |||||
Tokai Carbon Co. Ltd. | 14,200 | 192,899 | ||||||
Tokai Corp/Gifu | 600 | 11,954 | ||||||
TOKAI Holdings Corp. | 7,200 | 62,302 | ||||||
Tokai Rika Co. Ltd. | 3,100 | 50,866 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 10,600 | 36,318 | ||||||
Token Corp. | 700 | 54,898 | ||||||
Tokio Marine Holdings, Inc. | 14,500 | 730,177 | ||||||
Tokuyama Corp. | 4,000 | 100,853 | ||||||
Tokyo Century Corp. | 2,600 | 170,928 | ||||||
Tokyo Electric Power Co. Holdings, Inc.(1) | 32,700 | 105,783 | ||||||
Tokyo Electron Device Ltd. | 600 | 20,436 | ||||||
Tokyo Electron Ltd. | 2,400 | 988,507 | ||||||
Tokyo Gas Co. Ltd. | 9,200 | 190,002 | ||||||
Tokyo Kiraboshi Financial Group, Inc. | 1,700 | 19,393 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 500 | 29,358 | ||||||
Tokyo Rope Manufacturing Co. Ltd.(1) | 1,500 | 20,157 | ||||||
Tokyo Seimitsu Co. Ltd. | 2,500 | 109,581 | ||||||
Tokyo Steel Manufacturing Co. Ltd.(2) | 9,800 | 65,035 | ||||||
Tokyo Tatemono Co. Ltd. | 3,300 | 47,392 | ||||||
Tokyotokeiba Co. Ltd. | 1,100 | 51,386 | ||||||
Tokyu Construction Co. Ltd. | 1,900 | 9,523 | ||||||
Tokyu Corp. | 6,400 | 88,878 | ||||||
Tokyu Fudosan Holdings Corp. | 45,500 | 287,834 | ||||||
Tomoku Co. Ltd. | 900 | 14,898 | ||||||
TOMONY Holdings, Inc. | 6,500 | 18,695 | ||||||
Tomy Co. Ltd. | 3,900 | 36,080 | ||||||
Toppan Forms Co. Ltd. | 1,300 | 12,513 | ||||||
Toppan Printing Co. Ltd. | 5,700 | 90,118 | ||||||
Topre Corp. | 1,400 | 20,157 | ||||||
Topy Industries Ltd.(1) | 100 | 1,318 | ||||||
Toray Industries, Inc. | 60,500 | 400,360 | ||||||
Toridoll Holdings Corp.(2) | 1,600 | 22,941 | ||||||
Torii Pharmaceutical Co. Ltd. | 500 | 14,132 | ||||||
Torikizoku Holdings Co. Ltd.(1) | 100 | 1,676 | ||||||
Tosei Corp. | 4,400 | 41,470 | ||||||
Toshiba Corp. | 2,700 | 85,560 | ||||||
Toshiba TEC Corp. | 1,500 | 55,236 | ||||||
Tosho Co. Ltd. | 1,200 | 22,480 | ||||||
Tosoh Corp. | 14,000 | 258,931 | ||||||
Totetsu Kogyo Co. Ltd. | 2,100 | 50,878 | ||||||
TOTO Ltd. | 2,900 | 177,730 | ||||||
Towa Bank Ltd. (The) | 700 | 4,488 | ||||||
Towa Corp. | 1,800 | 33,695 | ||||||
Towa Pharmaceutical Co. Ltd. | 1,600 | 31,597 | ||||||
Toyo Construction Co. Ltd. | 5,400 | 27,770 | ||||||
Toyo Corp. | 1,300 | 12,841 | ||||||
Toyo Gosei Co. Ltd. | 300 | 32,551 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 1,700 | 30,501 | ||||||
Toyo Seikan Group Holdings Ltd. | 4,800 | 60,603 | ||||||
Toyo Suisan Kaisha Ltd. | 2,400 | 102,210 |
114
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Toyo Tanso Co. Ltd. | 800 | $ | 14,273 | |||||
Toyo Tire Corp. | 9,200 | 162,079 | ||||||
Toyobo Co. Ltd. | 10,400 | 132,104 | ||||||
Toyoda Gosei Co. Ltd. | 4,000 | 104,558 | ||||||
Toyota Boshoku Corp. | 4,600 | 72,205 | ||||||
Toyota Industries Corp. | 4,300 | 372,194 | ||||||
Toyota Motor Corp., ADR(2) | 18,639 | 2,757,267 | ||||||
Toyota Tsusho Corp. | 8,800 | 373,041 | ||||||
TPR Co. Ltd. | 1,500 | 20,674 | ||||||
Trancom Co. Ltd. | 500 | 38,379 | ||||||
Transaction Co. Ltd. | 200 | 2,094 | ||||||
Transcosmos, Inc. | 2,600 | 65,141 | ||||||
Trend Micro, Inc. | 5,600 | 268,952 | ||||||
Tri Chemical Laboratories, Inc. | 800 | 28,515 | ||||||
TS Tech Co. Ltd. | 1,900 | 53,173 | ||||||
Tsubakimoto Chain Co. | 1,000 | 27,313 | ||||||
Tsugami Corp. | 2,500 | 36,293 | ||||||
Tsukada Global Holdings, Inc.(1) | 500 | 1,604 | ||||||
Tsukishima Kikai Co. Ltd. | 800 | 9,259 | ||||||
Tsukui Holdings Corp. | 4,900 | 42,777 | ||||||
Tsumura & Co. | 1,200 | 37,778 | ||||||
Tsuruha Holdings, Inc. | 1,800 | 231,504 | ||||||
Tsuzuki Denki Co. Ltd. | 100 | 1,405 | ||||||
TV Asahi Holdings Corp. | 900 | 17,401 | ||||||
Twinbird Corp. | 1,200 | 16,514 | ||||||
UACJ Corp. | 5,800 | 134,766 | ||||||
Ube Industries Ltd. | 8,100 | 163,954 | ||||||
Uchida Yoko Co. Ltd. | 800 | 33,732 | ||||||
Ulvac, Inc. | 1,000 | 45,137 | ||||||
Unicharm Corp. | 6,400 | 252,955 | ||||||
Unipres Corp. | 1,200 | 10,393 | ||||||
United Super Markets Holdings, Inc.(2) | 3,500 | 35,039 | ||||||
UNITED, Inc. | 1,200 | 14,644 | ||||||
Unitika Ltd.(1) | 4,600 | 18,587 | ||||||
Universal Entertainment Corp.(1) | 400 | 9,418 | ||||||
UPR Corp. | 200 | 6,541 | ||||||
Ushio, Inc. | 1,800 | 22,585 | ||||||
USS Co. Ltd. | 4,000 | 77,985 | ||||||
UT Group Co. Ltd.(1) | 1,700 | 54,353 | ||||||
V Technology Co. Ltd.(2) | 1,100 | 55,302 | ||||||
V-Cube, Inc. | 1,200 | 29,300 | ||||||
Valor Holdings Co. Ltd. | 3,600 | 76,356 | ||||||
Valqua Ltd. | 1,500 | 29,024 | ||||||
ValueCommerce Co. Ltd. | 1,500 | 40,814 | ||||||
Vector, Inc.(1) | 2,000 | 21,705 | ||||||
Vital KSK Holdings, Inc. | 900 | 6,619 | ||||||
VT Holdings Co. Ltd. | 6,300 | 24,743 | ||||||
Wacoal Holdings Corp. | 400 | 8,581 | ||||||
Wacom Co. Ltd. | 25,500 | 184,178 | ||||||
Wakita & Co. Ltd. | 2,000 | 17,686 | ||||||
Warabeya Nichiyo Holdings Co. Ltd. | 900 | 13,254 |
115
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Watahan & Co. Ltd. | 1,200 | $ | 14,109 | |||||
WDB Holdings Co. Ltd. | 300 | 7,120 | ||||||
Weathernews, Inc. | 300 | 13,917 | ||||||
Welcia Holdings Co. Ltd.(2) | 3,000 | 95,823 | ||||||
West Japan Railway Co. | 4,500 | 283,354 | ||||||
Will Group, Inc. | 200 | 1,753 | ||||||
World Holdings Co. Ltd. | 1,000 | 23,347 | ||||||
Wowow, Inc. | 300 | 7,769 | ||||||
YA-MAN Ltd. | 2,000 | 31,296 | ||||||
Yahagi Construction Co. Ltd. | 2,000 | 15,522 | ||||||
Yakult Honsha Co. Ltd. | 1,300 | 64,584 | ||||||
YAKUODO Holdings Co. Ltd. | 1,000 | 24,068 | ||||||
YAMABIKO Corp. | 3,800 | 40,135 | ||||||
Yamada Holdings Co. Ltd. | 20,100 | 96,397 | ||||||
Yamagata Bank Ltd. (The) | 1,100 | 11,262 | ||||||
Yamaguchi Financial Group, Inc. | 9,900 | 61,490 | ||||||
Yamaha Corp. | 2,900 | 163,128 | ||||||
Yamaha Motor Co. Ltd. | 18,600 | 422,907 | ||||||
Yamaichi Electronics Co. Ltd. | 1,300 | 17,158 | ||||||
Yamanashi Chuo Bank Ltd. (The) | 1,200 | 9,815 | ||||||
Yamato Holdings Co. Ltd. | 11,200 | 294,384 | ||||||
Yamato Kogyo Co. Ltd. | 1,800 | 45,321 | ||||||
Yamazaki Baking Co. Ltd. | 3,400 | 57,152 | ||||||
Yamazen Corp. | 900 | 8,088 | ||||||
Yaoko Co. Ltd. | 1,100 | 67,371 | ||||||
Yaskawa Electric Corp.(2) | 1,400 | 70,663 | ||||||
Yasuda Logistics Corp. | 200 | 1,771 | ||||||
Yellow Hat Ltd. | 1,600 | 25,214 | ||||||
Yodogawa Steel Works Ltd. | 600 | 12,446 | ||||||
Yokogawa Bridge Holdings Corp. | 1,600 | 29,273 | ||||||
Yokogawa Electric Corp. | 11,500 | 220,219 | ||||||
Yokohama Reito Co. Ltd. | 3,600 | 29,606 | ||||||
Yokohama Rubber Co. Ltd. (The) | 8,000 | 139,798 | ||||||
Yokowo Co. Ltd. | 1,000 | 26,739 | ||||||
Yondoshi Holdings, Inc.(2) | 600 | 10,373 | ||||||
Yonex Co. Ltd. | 200 | 1,173 | ||||||
Yorozu Corp. | 1,200 | 13,940 | ||||||
Yuasa Trading Co. Ltd. | 600 | 16,699 | ||||||
Yumeshin Holdings Co. Ltd.(2) | 2,900 | 24,812 | ||||||
Yurtec Corp. | 2,300 | 16,984 | ||||||
Yushin Precision Equipment Co. Ltd. | 200 | 1,755 | ||||||
Z Holdings Corp. | 74,000 | 450,153 | ||||||
Zenkoku Hosho Co. Ltd. | 3,700 | 170,756 | ||||||
Zenrin Co. Ltd. | 2,800 | 34,837 | ||||||
Zensho Holdings Co. Ltd. | 5,067 | 135,578 | ||||||
Zeon Corp. | 3,500 | 51,675 | ||||||
ZERIA Pharmaceutical Co. Ltd. | 100 | 1,872 | ||||||
ZOZO, Inc. | 3,000 | 93,715 | ||||||
127,323,244 | ||||||||
Netherlands — 3.5% | ||||||||
Aalberts NV | 7,291 | 339,771 |
116
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
ABN AMRO Bank NV, CVA(1) | 12,699 | $ | 145,813 | |||||
Accell Group NV(1) | 1,243 | 45,775 | ||||||
Adyen NV(1) | 548 | 1,265,100 | ||||||
Aegon NV | 76,422 | 361,476 | ||||||
AerCap Holdings NV(1) | 12,795 | 616,463 | ||||||
Akzo Nobel NV | 8,950 | 923,723 | ||||||
AMG Advanced Metallurgical Group NV(2) | 3,898 | 141,705 | ||||||
Arcadis NV(1) | 1,945 | 66,259 | ||||||
ASM International NV | 2,892 | 779,779 | ||||||
ASML Holding NV, NY Shares | 5,737 | 3,253,395 | ||||||
ASR Nederland NV | 9,367 | 390,932 | ||||||
Basic-Fit NV(1) | 4,028 | 170,825 | ||||||
BE Semiconductor Industries NV | 8,984 | 678,241 | ||||||
Boskalis Westminster(1) | 7,811 | 240,071 | ||||||
Coca-Cola European Partners plc | 7,519 | 383,093 | ||||||
Corbion NV | 10,534 | 597,518 | ||||||
Fastned BV(1) | 168 | 14,008 | ||||||
Flow Traders | 3,606 | 146,982 | ||||||
ForFarmers NV | 2,603 | 17,145 | ||||||
Fugro NV, CVA(1) | 9,522 | 100,542 | ||||||
Heijmans NV, CVA(1)(2) | 925 | 15,064 | ||||||
Heineken Holding NV | 1,152 | 98,753 | ||||||
Heineken NV(2) | 1,253 | 123,238 | ||||||
IMCD NV | 1,186 | 145,623 | ||||||
ING Groep NV, ADR | 143,868 | 1,563,845 | ||||||
Intertrust NV(1) | 499 | 8,107 | ||||||
Just Eat Takeaway.com NV(1)(2) | 849 | 81,812 | ||||||
Kendrion NV(1) | 859 | 22,025 | ||||||
Koninklijke Ahold Delhaize NV | 41,146 | 1,084,144 | ||||||
Koninklijke BAM Groep NV(1) | 14,462 | 38,787 | ||||||
Koninklijke DSM NV | 6,333 | 1,042,039 | ||||||
Koninklijke KPN NV | 226,180 | 738,878 | ||||||
Koninklijke Philips NV(1) | 10,008 | 544,435 | ||||||
Koninklijke Vopak NV | 5,987 | 285,370 | ||||||
NN Group NV | 15,576 | 717,690 | ||||||
OCI NV(1) | 2,757 | 59,194 | ||||||
Pharming Group NV(1)(2) | 184,523 | 244,857 | ||||||
PostNL NV(1) | 28,634 | 121,674 | ||||||
Prosus NV(1) | 4,057 | 480,576 | ||||||
Randstad NV(1) | 6,476 | 431,165 | ||||||
SBM Offshore NV | 9,732 | 172,390 | ||||||
SIF Holding NV(1) | 1,039 | 19,753 | ||||||
Signify NV(1) | 7,325 | 317,668 | ||||||
TKH Group NV, CVA | 2,232 | 111,255 | ||||||
TomTom NV(1) | 2,232 | 20,951 | ||||||
Van Lanschot Kempen NV(1) | 785 | 20,313 | ||||||
Wolters Kluwer NV | 5,776 | 457,672 | ||||||
19,645,894 | ||||||||
New Zealand — 0.3% | ||||||||
a2 Milk Co. Ltd. (The)(1) | 12,327 | 85,596 | ||||||
Air New Zealand Ltd.(1) | 33,775 | 38,583 |
117
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Arvida Group Ltd. | 32,922 | $ | 40,427 | |||||
Auckland International Airport Ltd.(1) | 20,990 | 114,162 | ||||||
Chorus Ltd. | 22,152 | 126,187 | ||||||
Contact Energy Ltd. | 26,992 | 133,188 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 4,480 | 94,584 | ||||||
Fletcher Building Ltd. | 59,532 | 276,875 | ||||||
Genesis Energy Ltd. | 21,803 | 54,681 | ||||||
Hallenstein Glasson Holdings Ltd. | 3,630 | 18,920 | ||||||
Infratil Ltd. | 15,312 | 80,703 | ||||||
Kathmandu Holdings Ltd.(1)(2) | 33,513 | 30,896 | ||||||
Mercury NZ Ltd. | 21,178 | 92,620 | ||||||
Meridian Energy Ltd. | 16,102 | 66,087 | ||||||
New Zealand Refining Co. Ltd. (The)(1) | 20,653 | 6,891 | ||||||
NZX Ltd. | 4,193 | 5,843 | ||||||
Oceania Healthcare Ltd. | 31,709 | 33,199 | ||||||
Pushpay Holdings Ltd.(1) | 17,400 | 21,551 | ||||||
Restaurant Brands New Zealand Ltd.(1) | 933 | 8,255 | ||||||
Ryman Healthcare Ltd. | 4,632 | 48,984 | ||||||
Sanford Ltd. | 3,517 | 11,234 | ||||||
SKYCITY Entertainment Group Ltd.(1) | 31,157 | 68,353 | ||||||
Spark New Zealand Ltd. | 64,496 | 213,296 | ||||||
Summerset Group Holdings Ltd. | 11,585 | 107,416 | ||||||
Synlait Milk Ltd.(1) | 2,201 | 6,411 | ||||||
Tourism Holdings Ltd.(1) | 5,450 | 8,861 | ||||||
TOWER Ltd.(1) | 33,102 | 17,825 | ||||||
Vista Group International Ltd.(1) | 7,776 | 9,536 | ||||||
Z Energy Ltd.(1) | 43,545 | 85,792 | ||||||
1,906,956 | ||||||||
Norway — 0.8% | ||||||||
Adevinta ASA(1) | 2,310 | 32,313 | ||||||
Aker BP ASA | 3,762 | 98,509 | ||||||
Aker Offshore Wind AS(1) | 1,099 | 897 | ||||||
Aker Solutions ASA(1) | 20,891 | 31,715 | ||||||
American Shipping Co. ASA(1) | 3,379 | 11,662 | ||||||
ArcticZymes Technologies ASA(1) | 2,740 | 24,820 | ||||||
Atea ASA(1) | 1,984 | 33,683 | ||||||
Austevoll Seafood ASA | 2,270 | 26,099 | ||||||
Avance Gas Holding Ltd.(2) | 6,698 | 25,102 | ||||||
Axactor SE(1) | 1,700 | 1,769 | ||||||
B2Holding ASA(1) | 18,817 | 16,300 | ||||||
Bakkafrost P/F(1) | 659 | 46,930 | ||||||
Bonheur ASA | 308 | 8,093 | ||||||
Borr Drilling Ltd.(1)(2) | 17,738 | 20,589 | ||||||
Borregaard ASA | 3,553 | 67,246 | ||||||
BW Energy Ltd.(1) | 5,260 | 15,298 | ||||||
BW LPG Ltd. | 7,877 | 47,101 | ||||||
BW Offshore Ltd. | 8,301 | 33,930 | ||||||
Crayon Group Holding ASA(1) | 1,419 | 22,939 | ||||||
DNB ASA(2) | 17,942 | 349,470 | ||||||
DNO ASA(1) | 41,599 | 39,276 | ||||||
Entra ASA | 3,827 | 79,712 |
118
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Equinor ASA, ADR(2) | 21,111 | $ | 400,265 | |||||
Europris ASA | 11,570 | 67,907 | ||||||
Fjordkraft Holding ASA | 1,961 | 14,548 | ||||||
FLEX LNG Ltd. | 1,932 | 16,601 | ||||||
Frontline Ltd.(2) | 4,784 | 32,388 | ||||||
Gjensidige Forsikring ASA(2) | 2,632 | 60,438 | ||||||
Golden Ocean Group Ltd. | 5,058 | 30,322 | ||||||
Grieg Seafood ASA(1)(2) | 2,108 | 20,070 | ||||||
Hexagon Composites ASA(1) | 22 | 130 | ||||||
Hexagon Purus Holding AS(1)(2) | 4 | 24 | ||||||
Hunter Group ASA(1) | 48,000 | 16,179 | ||||||
Kid ASA | 1,591 | 18,865 | ||||||
Kitron ASA | 6,243 | 12,261 | ||||||
Kongsberg Automotive ASA(1) | 76,804 | 28,007 | ||||||
Kongsberg Gruppen ASA | 4,735 | 96,682 | ||||||
Leroy Seafood Group ASA | 7,101 | 57,211 | ||||||
Magseis Fairfield ASA(1) | 24,143 | 14,203 | ||||||
Mowi ASA | 7,331 | 177,613 | ||||||
NEL ASA(1) | 5,134 | 14,975 | ||||||
Nordic Semiconductor ASA(1) | 2,985 | 56,372 | ||||||
Norsk Hydro ASA | 49,531 | 274,782 | ||||||
Norske Skog ASA | 4,551 | 16,926 | ||||||
Norwegian Finans Holding ASA(1) | 8,436 | 74,586 | ||||||
Ocean Yield ASA(2) | 4,671 | 14,875 | ||||||
Odfjell Drilling Ltd.(1)(2) | 7,533 | 18,803 | ||||||
Orkla ASA | 9,857 | 90,859 | ||||||
Otello Corp ASA(1) | 1,983 | 7,529 | ||||||
Pareto Bank ASA | 2,473 | 12,173 | ||||||
PGS ASA(1) | 57,125 | 37,220 | ||||||
Salmar ASA | 1,216 | 80,111 | ||||||
Sbanken ASA(1)(2) | 4,217 | 40,289 | ||||||
Scatec ASA | 146 | 4,232 | ||||||
Schibsted ASA, B Shares(1) | 1,788 | 61,376 | ||||||
Schibsted ASA, Class A(1) | 1,416 | 57,345 | ||||||
SpareBank 1 BV | 2,242 | 10,950 | ||||||
SpareBank 1 Nord Norge | 8,972 | 79,602 | ||||||
Sparebank 1 Oestlandet | 2,757 | 32,274 | ||||||
SpareBank 1 SMN | 7,802 | 90,025 | ||||||
SpareBank 1 SR-Bank ASA(1) | 6,418 | 74,043 | ||||||
Sparebanken Vest | 6,101 | 53,583 | ||||||
Stolt-Nielsen Ltd. | 2,348 | 31,228 | ||||||
Storebrand ASA(1) | 18,314 | 156,739 | ||||||
Subsea 7 SA(1) | 13,760 | 143,659 | ||||||
Telenor ASA | 12,916 | 209,094 | ||||||
TGS Nopec Geophysical Co. ASA | 7,946 | 125,945 | ||||||
TOMRA Systems ASA | 926 | 39,642 | ||||||
Veidekke ASA | 8,217 | 107,339 | ||||||
Wallenius Wilhelmsen ASA(1) | 7,143 | 19,718 | ||||||
XXL ASA(1) | 9,285 | 20,911 | ||||||
Yara International ASA | 4,110 | 197,789 | ||||||
4,352,161 |
119
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Portugal — 0.2% | ||||||||
Banco Comercial Portugues SA, R Shares(1)(2) | 307,993 | $ | 43,536 | |||||
CTT-Correios de Portugal SA(1) | 9,581 | 28,859 | ||||||
EDP - Energias de Portugal SA | 70,418 | 402,117 | ||||||
Galp Energia SGPS SA | 13,019 | 146,137 | ||||||
Jeronimo Martins SGPS SA | 3,277 | 50,801 | ||||||
NOS SGPS SA | 11,280 | 37,750 | ||||||
REN - Redes Energeticas Nacionais SGPS SA | 26,532 | 72,748 | ||||||
Semapa-Sociedade de Investimento e Gestao | 1,881 | 26,963 | ||||||
Sonae SGPS SA | 34,835 | 28,574 | ||||||
837,485 | ||||||||
Singapore — 1.1% | ||||||||
Accordia Golf Trust | 91,400 | 49,696 | ||||||
AEM Holdings Ltd. | 22,800 | 68,510 | ||||||
Aspial Corp. Ltd.(1) | 38,300 | 3,878 | ||||||
Boustead Singapore Ltd. | 1,000 | 667 | ||||||
CapitaLand Ltd. | 165,300 | 392,039 | ||||||
Centurion Corp. Ltd. | 1,800 | 459 | ||||||
China Sunsine Chemical Holdings Ltd. | 40,500 | 14,730 | ||||||
City Developments Ltd. | 13,200 | 72,724 | ||||||
ComfortDelGro Corp. Ltd. | 184,600 | 222,273 | ||||||
COSCO Shipping International Singapore Co. Ltd.(1) | 100,700 | 20,275 | ||||||
DBS Group Holdings Ltd. | 43,018 | 852,641 | ||||||
Far East Orchard Ltd. | 15,700 | 12,452 | ||||||
First Resources Ltd. | 46,500 | 50,364 | ||||||
Frencken Group Ltd. | 59,900 | 60,250 | ||||||
Golden Agri-Resources Ltd. | 454,700 | 65,114 | ||||||
GuocoLand Ltd. | 16,800 | 19,588 | ||||||
Hong Leong Asia Ltd. | 13,900 | 7,536 | ||||||
Hutchison Port Holdings Trust, U Shares | 629,800 | 150,304 | ||||||
iFAST Corp. Ltd. | 10,700 | 45,440 | ||||||
Indofood Agri Resources Ltd.(1) | 80,500 | 17,198 | ||||||
Japfa Ltd. | 54,500 | 36,661 | ||||||
Jardine Cycle & Carriage Ltd. | 3,900 | 61,329 | ||||||
Keppel Corp. Ltd. | 63,200 | 239,205 | ||||||
Keppel Infrastructure Trust | 92,600 | 37,796 | ||||||
KSH Holdings Ltd. | 3,100 | 792 | ||||||
Lian Beng Group Ltd.(1) | 52,600 | 18,115 | ||||||
Mandarin Oriental International Ltd.(1) | 14,400 | 24,446 | ||||||
Medtecs International Corp. Ltd. | 35,900 | 29,208 | ||||||
Mewah International, Inc. | 26,100 | 6,734 | ||||||
NetLink NBN Trust | 47,900 | 34,097 | ||||||
OUE Ltd. | 16,700 | 14,509 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 62,892 | 515,207 | ||||||
QAF Ltd. | 13,000 | 9,537 | ||||||
Raffles Medical Group Ltd. | 52,100 | 42,845 | ||||||
SATS Ltd.(1) | 17,500 | 57,326 | ||||||
Sembcorp Industries Ltd. | 62,000 | 80,125 | ||||||
Sembcorp Marine Ltd.(1)(2) | 305,053 | 34,577 | ||||||
Sheng Siong Group Ltd. | 49,100 | 57,198 | ||||||
Silverlake Axis Ltd. | 62,000 | 11,102 |
120
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Singapore Airlines Ltd.(1) | 57,550 | $ | 213,116 | |||||
Singapore Exchange Ltd. | 23,200 | 172,934 | ||||||
Singapore Post Ltd. | 152,200 | 79,272 | ||||||
Singapore Press Holdings Ltd. | 110,200 | 115,230 | ||||||
Singapore Technologies Engineering Ltd. | 72,800 | 204,268 | ||||||
Singapore Telecommunications Ltd. | 145,200 | 255,308 | ||||||
SingHaiyi Group Ltd.(1) | 39,300 | 2,102 | ||||||
Stamford Land Corp. Ltd. | 52,700 | 13,272 | ||||||
StarHub Ltd. | 47,500 | 45,128 | ||||||
Sunningdale Tech Ltd. | 12,000 | 14,738 | ||||||
UMS Holdings Ltd. | 29,000 | 24,860 | ||||||
United Overseas Bank Ltd. | 29,800 | 548,219 | ||||||
UOL Group Ltd. | 28,500 | 157,611 | ||||||
Venture Corp. Ltd. | 3,400 | 48,698 | ||||||
Wilmar International Ltd. | 70,500 | 277,952 | ||||||
Wing Tai Holdings Ltd. | 15,500 | 22,153 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 342,800 | 274,158 | ||||||
Yanlord Land Group Ltd. | 45,000 | 38,718 | ||||||
5,944,684 | ||||||||
Spain — 2.2% | ||||||||
Acciona SA(2) | 2,117 | 339,824 | ||||||
Acerinox SA | 8,726 | 101,479 | ||||||
ACS Actividades de Construccion y Servicios SA | 15,757 | 481,546 | ||||||
Aena SME SA(1) | 2,112 | 358,907 | ||||||
Almirall SA(1) | 6,259 | 83,425 | ||||||
Amadeus IT Group SA(1) | 5,257 | 364,572 | ||||||
Applus Services SA(1) | 13,771 | 141,683 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA(1) | 6,376 | 26,499 | ||||||
Banco Bilbao Vizcaya Argentaria SA, ADR | 222,867 | 1,241,369 | ||||||
Banco de Sabadell SA | 478,659 | 239,600 | ||||||
Banco Santander SA, ADR(1) | 338,299 | 1,187,429 | ||||||
Bankia SA | 63,037 | 124,275 | ||||||
Bankinter SA(2) | 21,199 | 140,411 | ||||||
CaixaBank SA | 131,427 | 381,531 | ||||||
Cellnex Telecom SA | 5,377 | 292,224 | ||||||
Cia de Distribucion Integral Logista Holdings SA(2) | 2,717 | 52,414 | ||||||
CIE Automotive SA(2) | 4,601 | 126,304 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 2,072 | 91,731 | ||||||
Ebro Foods SA | 3,415 | 73,509 | ||||||
Enagas SA | 20,113 | 421,326 | ||||||
Ence Energia y Celulosa SA(1)(2) | 7,147 | 36,646 | ||||||
Endesa SA | 15,689 | 388,276 | ||||||
Ercros SA | 3,402 | 9,902 | ||||||
Euskaltel SA | 4,353 | 43,379 | ||||||
Faes Farma SA | 17,767 | 78,539 | ||||||
Ferrovial SA | 10,641 | 264,910 | ||||||
Fomento de Construcciones y Contratas SA | 4,225 | 49,992 | ||||||
Gestamp Automocion SA(1) | 6,616 | 35,927 | ||||||
Global Dominion Access SA(1) | 11,687 | 56,359 | ||||||
Grifols SA(2) | 1,945 | 48,853 | ||||||
Grupo Catalana Occidente SA | 2,683 | 100,008 |
121
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Iberdrola SA | 92,474 | $ | 1,160,986 | |||||
Indra Sistemas SA(1) | 3,346 | 29,358 | ||||||
Industria de Diseno Textil SA | 15,441 | 508,616 | ||||||
Liberbank SA(1) | 213,651 | 66,478 | ||||||
Mapfre SA | 51,790 | 98,097 | ||||||
Mediaset Espana Comunicacion SA(1) | 7,678 | 46,037 | ||||||
Melia Hotels International SA(1) | 9,892 | 83,510 | ||||||
Metrovacesa SA(1) | 2,635 | 19,918 | ||||||
Miquel y Costas & Miquel SA | 470 | 7,937 | ||||||
Naturgy Energy Group SA | 10,976 | 273,291 | ||||||
Neinor Homes SA(1) | 5,876 | 74,547 | ||||||
Obrascon Huarte Lain SA(1)(2) | 17,642 | 12,467 | ||||||
Pharma Mar SA | 1,494 | 197,507 | ||||||
Prosegur Cash SA | 27,680 | 26,376 | ||||||
Prosegur Cia de Seguridad SA | 11,546 | 35,577 | ||||||
Red Electrica Corp. SA | 22,093 | 368,032 | ||||||
Repsol SA | 18,456 | 231,817 | ||||||
Sacyr SA | 55,039 | 138,895 | ||||||
Siemens Gamesa Renewable Energy SA | 12,902 | 477,576 | ||||||
Solaria Energia y Medio Ambiente SA(1) | 1,105 | 24,798 | ||||||
Talgo SA(1) | 5,994 | 31,529 | ||||||
Tecnicas Reunidas SA(1) | 2,375 | 34,709 | ||||||
Telefonica SA, ADR(2) | 91,248 | 396,016 | ||||||
Tubacex SA(1)(2) | 5,191 | 8,490 | ||||||
Unicaja Banco SA(1) | 105,904 | 92,728 | ||||||
Viscofan SA | 2,119 | 148,840 | ||||||
Zardoya Otis SA | 10,117 | 65,180 | ||||||
12,042,161 | ||||||||
Sweden — 3.7% | ||||||||
AAK AB | 4,963 | 106,346 | ||||||
AcadeMedia AB | 7,660 | 76,644 | ||||||
AddTech AB, B Shares | 13,838 | 201,140 | ||||||
AF POYRY AB(1) | 2,558 | 69,601 | ||||||
Africa Oil Corp.(1) | 31,000 | 30,937 | ||||||
Alfa Laval AB(1) | 5,317 | 164,490 | ||||||
Alimak Group AB | 1,945 | 30,586 | ||||||
Amasten Fastighets AB(1) | 24,279 | 23,694 | ||||||
Ambea AB(1) | 1,724 | 14,392 | ||||||
Arjo AB, B Shares | 11,299 | 82,034 | ||||||
Assa Abloy AB, B Shares | 6,393 | 160,235 | ||||||
Atlas Copco AB, B Shares | 5,596 | 270,408 | ||||||
Atlas Copco AB, A Shares | 10,600 | 604,997 | ||||||
Atrium Ljungberg AB, B Shares | 2,651 | 49,952 | ||||||
Avanza Bank Holding AB | 9,760 | 305,793 | ||||||
Axfood AB | 4,284 | 102,027 | ||||||
Beijer Ref AB | 2,380 | 100,490 | ||||||
BHG Group AB(1) | 1,975 | 30,590 | ||||||
Bilia AB, A Shares(1) | 11,525 | 154,133 | ||||||
BillerudKorsnas AB | 11,941 | 218,658 | ||||||
BioGaia AB, B Shares | 727 | 36,378 | ||||||
Biotage AB(1) | 1,215 | 21,856 |
122
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Boliden AB | 11,857 | $ | 469,556 | |||||
Bonava AB, B Shares(1) | 8,418 | 89,666 | ||||||
Boozt AB(1) | 8,909 | 185,428 | ||||||
Bravida Holding AB | 3,771 | 47,866 | ||||||
Bufab AB(1) | 973 | 24,226 | ||||||
Bure Equity AB | 4,647 | 147,468 | ||||||
Byggmax Group AB(1) | 4,909 | 30,427 | ||||||
Calliditas Therapeutics AB, B Shares(1) | 969 | 13,861 | ||||||
Castellum AB | 7,314 | 170,612 | ||||||
Catena AB | 745 | 33,837 | ||||||
Catena Media plc(1) | 4,844 | 22,547 | ||||||
Cibus Nordic Real Estate AB | 1,821 | 34,905 | ||||||
Clas Ohlson AB, B Shares(1) | 3,774 | 33,919 | ||||||
Cloetta AB, B Shares | 9,102 | 24,978 | ||||||
Collector AB(1) | 7,374 | 21,461 | ||||||
Coor Service Management Holding AB(1) | 3,466 | 24,036 | ||||||
Dios Fastigheter AB | 8,090 | 64,724 | ||||||
Dometic Group AB(1) | 3,245 | 44,717 | ||||||
Elanders AB, B Shares(1) | 1,424 | 28,276 | ||||||
Electrolux AB, Series B | 16,213 | 382,871 | ||||||
Electrolux Professional AB, B Shares(1) | 14,741 | 78,391 | ||||||
Elekta AB, B Shares | 7,278 | 98,122 | ||||||
Embracer Group AB(1) | 3,441 | 92,890 | ||||||
Eolus Vind AB, B Shares(2) | 3,678 | 83,662 | ||||||
Epiroc AB, A Shares | 23,110 | 490,341 | ||||||
Epiroc AB, B Shares | 12,622 | 248,380 | ||||||
EQT AB | 5,255 | 146,152 | ||||||
Essity AB, B Shares | 13,925 | 418,032 | ||||||
Evolution Gaming Group AB | 3,811 | 474,441 | ||||||
Fabege AB | 8,143 | 113,249 | ||||||
Fastighets AB Balder, B Shares(1) | 1,711 | 81,760 | ||||||
Fingerprint Cards AB, B Shares(1) | 5,845 | 20,241 | ||||||
Fortnox AB | 2,920 | 163,387 | ||||||
G5 Entertainment AB | 690 | 39,730 | ||||||
Getinge AB, B Shares | 5,763 | 145,612 | ||||||
Granges AB(1) | 10,848 | 137,841 | ||||||
H & M Hennes & Mauritz AB, B Shares(1) | 18,393 | 433,387 | ||||||
Haldex AB(1) | 2,396 | 13,587 | ||||||
Hansa Biopharma AB(1) | 727 | 13,772 | ||||||
Hexagon AB, B Shares | 3,853 | 320,987 | ||||||
Hexatronic Group AB(1) | 1,078 | 13,275 | ||||||
Hexpol AB | 4,793 | 51,415 | ||||||
HMS Networks AB(1) | 718 | 25,294 | ||||||
Hoist Finance AB(1)(2) | 10,139 | 48,811 | ||||||
Holmen AB, B Shares | 4,340 | 190,866 | ||||||
Hufvudstaden AB, A Shares | 4,351 | 61,775 | ||||||
Husqvarna AB, B Shares | 29,973 | 365,570 | ||||||
ICA Gruppen AB | 3,119 | 148,007 | ||||||
Indutrade AB(1) | 13,967 | 318,141 | ||||||
Instalco AB | 1,169 | 42,838 | ||||||
Intrum AB(2) | 994 | 27,657 |
123
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Investment AB Latour, B Shares | 2,032 | $ | 46,174 | |||||
INVISIO AB | 1,375 | 33,250 | ||||||
Inwido AB(1) | 6,499 | 98,450 | ||||||
JM AB(2) | 1,050 | 36,739 | ||||||
Karo Pharma AB(1) | 4,396 | 26,171 | ||||||
Klovern AB, B Shares | 49,361 | 74,834 | ||||||
KNOW IT AB(1) | 1,731 | 52,889 | ||||||
Kopparbergs Bryggeri AB, B Shares | 1,643 | 32,700 | ||||||
Kungsleden AB | 9,269 | 94,997 | ||||||
Lifco AB, B Shares | 802 | 76,222 | ||||||
Lime Technologies AB | 546 | 28,812 | ||||||
Lindab International AB | 2,594 | 56,555 | ||||||
Loomis AB | 3,842 | 100,310 | ||||||
Lundin Energy AB | 2,258 | 73,016 | ||||||
Maha Energy AB(1) | 10,128 | 16,591 | ||||||
Mekonomen AB(1) | 4,299 | 56,763 | ||||||
Millicom International Cellular SA, SDR(1) | 3,155 | 118,385 | ||||||
MIPS AB | 1,298 | 101,302 | ||||||
Modern Times Group MTG AB, B Shares(1)(2) | 13,379 | 195,513 | ||||||
Momentum Group AB, Class B(1) | 945 | 15,271 | ||||||
Munters Group AB(1) | 2,707 | 23,247 | ||||||
Mycronic AB | 3,786 | 94,898 | ||||||
NCC AB, B Shares | 8,172 | 135,442 | ||||||
New Wave Group AB, B Shares(1) | 4,161 | 33,851 | ||||||
Nibe Industrier AB, B Shares | 11,129 | 348,903 | ||||||
Nobia AB(1) | 7,637 | 55,713 | ||||||
Nobina AB(1) | 7,154 | 55,185 | ||||||
Nolato AB, B Shares(1) | 2,027 | 181,119 | ||||||
Nordea Bank Abp(1) | 73,973 | 668,478 | ||||||
Nordic Entertainment Group AB, B Shares(1) | 5,738 | 260,798 | ||||||
Nordic Waterproofing Holding AB(1) | 800 | 14,364 | ||||||
NP3 Fastigheter AB | 2,635 | 41,500 | ||||||
Nyfosa AB(1) | 7,268 | 69,968 | ||||||
Oncopeptides AB(1) | 893 | 19,065 | ||||||
Ovzon AB(1) | 906 | 8,379 | ||||||
Pandox AB(1) | 5,765 | 102,149 | ||||||
Paradox Interactive AB | 2,486 | 51,487 | ||||||
Peab AB, Class B(1) | 13,643 | 161,704 | ||||||
Platzer Fastigheter Holding AB, B Shares | 2,543 | 32,137 | ||||||
RaySearch Laboratories AB(1) | 2,073 | 22,855 | ||||||
Resurs Holding AB(1) | 8,882 | 48,948 | ||||||
Saab AB, B Shares(1) | 1,726 | 45,656 | ||||||
Sagax AB, D Shares | 2,138 | 7,925 | ||||||
Samhallsbyggnadsbolaget i Norden AB(2) | 23,034 | 71,995 | ||||||
Samhallsbyggnadsbolaget i Norden AB, D Shares | 2,746 | 9,673 | ||||||
Sandvik AB(1) | 31,826 | 854,171 | ||||||
Scandi Standard AB(1) | 6,354 | 44,620 | ||||||
Scandic Hotels Group AB(1)(2) | 6,164 | 28,669 | ||||||
Sdiptech AB, Class B(1) | 596 | 22,512 | ||||||
Securitas AB, B Shares | 5,446 | 83,473 | ||||||
Sinch AB(1) | 674 | 125,855 |
124
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Skandinaviska Enskilda Banken AB, A Shares(1) | 46,827 | $ | 538,840 | |||||
Skanska AB, B Shares | 5,336 | 129,384 | ||||||
SKF AB, B Shares | 21,846 | 595,098 | ||||||
SkiStar AB(1) | 2,108 | 31,551 | ||||||
Spotify Technology SA(1) | 1,003 | 308,302 | ||||||
SSAB AB, B Shares(1) | 26,759 | 105,058 | ||||||
SSAB AB, A Shares(1) | 9,230 | 39,882 | ||||||
Stillfront Group AB(1) | 9,000 | 98,390 | ||||||
Svenska Cellulosa AB SCA, B Shares(1) | 13,681 | 235,300 | ||||||
Svenska Handelsbanken AB, A Shares(1) | 41,847 | 441,080 | ||||||
Sweco AB, B Shares | 3,510 | 50,463 | ||||||
Swedbank AB, A Shares | 28,084 | 491,153 | ||||||
Swedish Orphan Biovitrum AB(1) | 4,911 | 80,067 | ||||||
Tele2 AB, B Shares | 4,153 | 52,163 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 48,154 | 603,370 | ||||||
Telia Co. AB | 66,492 | 267,691 | ||||||
Tethys Oil AB | 3,498 | 26,383 | ||||||
Thule Group AB(1) | 1,294 | 54,090 | ||||||
Tobii AB(1) | 920 | 6,708 | ||||||
Trelleborg AB, B Shares(1) | 7,700 | 195,905 | ||||||
Troax Group AB | 2,594 | 75,218 | ||||||
Vitec Software Group AB, B Shares | 1,945 | 89,572 | ||||||
Vitrolife AB(1) | 1,314 | 42,574 | ||||||
Volvo AB, B Shares(1) | 41,748 | 1,066,036 | ||||||
Wallenstam AB, B Shares | 4,681 | 65,608 | ||||||
Wihlborgs Fastigheter AB | 4,719 | 91,100 | ||||||
Xvivo Perfusion AB(1) | 617 | 22,504 | ||||||
20,521,548 | ||||||||
Switzerland — 7.9% | ||||||||
ABB Ltd., ADR(2) | 18,929 | 544,777 | ||||||
Adecco Group AG | 9,226 | 578,774 | ||||||
Alcon, Inc.(1) | 9,518 | 652,743 | ||||||
Allreal Holding AG(1) | 666 | 134,898 | ||||||
ALSO Holding AG(1) | 776 | 210,140 | ||||||
Aluflexpack AG(1) | 1,143 | 45,296 | ||||||
ams AG(1) | 18,734 | 440,124 | ||||||
Arbonia AG(1) | 4,307 | 72,162 | ||||||
Aryzta AG(1) | 31,803 | 27,261 | ||||||
Ascom Holding AG(1) | 3,139 | 49,741 | ||||||
Autoneum Holding AG(1) | 359 | 64,548 | ||||||
Bachem Holding AG, Class B | 291 | 110,456 | ||||||
Baloise Holding AG | 2,239 | 390,561 | ||||||
Banque Cantonale Vaudoise | 1,115 | 116,921 | ||||||
Barry Callebaut AG | 98 | 211,712 | ||||||
Basilea Pharmaceutica AG(1) | 127 | 6,482 | ||||||
Belimo Holding AG | 27 | 197,502 | ||||||
BKW AG | 523 | 57,998 | ||||||
Bobst Group SA | 462 | 31,105 | ||||||
Bossard Holding AG, Class A | 436 | 92,200 | ||||||
Bucher Industries AG | 740 | 357,029 | ||||||
Burckhardt Compression Holding AG | 372 | 136,167 |
125
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Cembra Money Bank AG | 1,846 | $ | 192,237 | |||||
Chocoladefabriken Lindt & Spruengli AG | 4 | 354,057 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate | 40 | 335,299 | ||||||
Cie Financiere Richemont SA | 12,047 | 1,159,524 | ||||||
Clariant AG(1) | 20,765 | 433,847 | ||||||
Comet Holding AG | 329 | 77,022 | ||||||
Conzzeta AG | 150 | 208,079 | ||||||
COSMO Pharmaceuticals NV(1)(2) | 157 | 14,375 | ||||||
Credit Suisse Group AG, ADR(2) | 128,318 | 1,854,195 | ||||||
Daetwyler Holding AG | 532 | 160,792 | ||||||
DKSH Holding AG | 2,308 | 172,377 | ||||||
dormakaba Holding AG | 246 | 149,525 | ||||||
Dufry AG(1) | 467 | 31,904 | ||||||
EFG International AG(1) | 4,301 | 30,838 | ||||||
Emmi AG | 137 | 135,542 | ||||||
EMS-Chemie Holding AG(1) | 300 | 265,073 | ||||||
Flughafen Zurich AG(1) | 1,700 | 299,422 | ||||||
Forbo Holding AG | 115 | 198,322 | ||||||
Galenica AG | 2,465 | 158,362 | ||||||
Geberit AG | 1,175 | 692,489 | ||||||
Georg Fischer AG | 415 | 533,213 | ||||||
Givaudan SA | 99 | 372,938 | ||||||
Helvetia Holding AG | 2,100 | 230,088 | ||||||
Huber + Suhner AG | 1,056 | 81,197 | ||||||
Idorsia Ltd.(1) | 877 | 23,980 | ||||||
Implenia AG | 944 | 30,353 | ||||||
Ina Invest Holding AG(1) | 30 | 639 | ||||||
Inficon Holding AG | 180 | 197,845 | ||||||
Interroll Holding AG | 85 | 270,718 | ||||||
Intershop Holding AG | 76 | 49,413 | ||||||
Julius Baer Group Ltd. | 15,158 | 929,571 | ||||||
Kardex Holding AG | 970 | 205,665 | ||||||
Komax Holding AG(1) | 188 | 48,643 | ||||||
Kuehne + Nagel International AG | 2,380 | 564,235 | ||||||
LafargeHolcim Ltd.(1) | 19,827 | 1,093,026 | ||||||
Landis+Gyr Group AG(1) | 974 | 67,513 | ||||||
LEM Holding SA | 34 | 67,427 | ||||||
Leonteq AG(1) | 646 | 30,354 | ||||||
Logitech International SA | 12,240 | 1,303,264 | ||||||
Lonza Group AG | 811 | 510,957 | ||||||
Medacta Group SA(1) | 682 | 77,709 | ||||||
Meyer Burger Technology AG(1) | 74,197 | 36,048 | ||||||
Mobilezone Holding AG | 2,349 | 27,369 | ||||||
Mobimo Holding AG(1) | 364 | 113,233 | ||||||
Molecular Partners AG(1) | 12 | 307 | ||||||
Nestle SA | 27,062 | 2,825,972 | ||||||
Novartis AG, ADR | 44,814 | 3,849,971 | ||||||
OC Oerlikon Corp. AG | 10,191 | 109,716 | ||||||
Orior AG | 902 | 74,323 | ||||||
Partners Group Holding AG | 941 | 1,126,948 | ||||||
Peach Property Group AG(1) | 383 | 18,815 |
126
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
PSP Swiss Property AG | 1,881 | $ | 224,128 | |||||
Rieter Holding AG | 150 | 18,046 | ||||||
Roche Holding AG(1) | 15,509 | 5,069,612 | ||||||
Schindler Holding AG | 858 | 228,409 | ||||||
Schindler Holding AG, Bearer Participation Certificate | 1,834 | 500,302 | ||||||
Schweiter Technologies AG | 78 | 131,515 | ||||||
Sensirion Holding AG(1) | 618 | 38,937 | ||||||
SFS Group AG | 1,099 | 137,350 | ||||||
SGS SA | 176 | 502,033 | ||||||
Siegfried Holding AG(1) | 213 | 166,101 | ||||||
SIG Combibloc Group AG(1) | 8,562 | 189,891 | ||||||
Sika AG | 2,098 | 553,084 | ||||||
Softwareone Holding AG(1) | 8,246 | 235,616 | ||||||
Sonova Holding AG(1) | 640 | 163,747 | ||||||
St Galler Kantonalbank AG | 107 | 49,764 | ||||||
Straumann Holding AG | 315 | 379,713 | ||||||
Sulzer AG | 1,660 | 186,627 | ||||||
Swatch Group AG (The) | 1,999 | 114,677 | ||||||
Swatch Group AG (The), Bearer Shares | 1,242 | 370,169 | ||||||
Swiss Life Holding AG(1) | 1,722 | 855,970 | ||||||
Swiss Prime Site AG(1) | 3,595 | 335,677 | ||||||
Swiss Re AG | 9,050 | 849,863 | ||||||
Swisscom AG | 1,370 | 687,428 | ||||||
Swissquote Group Holding SA | 738 | 85,411 | ||||||
Tecan Group AG | 731 | 306,727 | ||||||
Temenos AG(1) | 3,789 | 509,665 | ||||||
u-blox Holding AG(1) | 658 | 51,696 | ||||||
UBS Group AG(1) | 132,635 | 2,058,495 | ||||||
Valiant Holding AG(1) | 652 | 65,297 | ||||||
Valora Holding AG(1) | 388 | 88,238 | ||||||
VAT Group AG(1) | 1,013 | 280,893 | ||||||
Vetropack Holding AG(1) | 167 | 10,493 | ||||||
Vifor Pharma AG | 2,279 | 283,279 | ||||||
Vontobel Holding AG | 1,586 | 120,462 | ||||||
VZ Holding AG | 219 | 18,286 | ||||||
Zehnder Group AG | 973 | 73,924 | ||||||
Zurich Insurance Group AG(1) | 3,253 | 1,326,441 | ||||||
43,591,294 | ||||||||
United Kingdom — 13.5% | ||||||||
3i Group plc | 20,811 | 320,027 | ||||||
Admiral Group plc | 12,491 | 537,324 | ||||||
Aggreko plc | 25,804 | 287,458 | ||||||
AJ Bell plc | 20,543 | 120,880 | ||||||
Anglo American plc | 36,888 | 1,419,306 | ||||||
Anglo Asian Mining plc | 19,098 | 39,306 | ||||||
Anglo Pacific Group plc | 13,453 | 25,794 | ||||||
Antofagasta plc | 11,841 | 293,965 | ||||||
AO World plc(1) | 32,707 | 129,408 | ||||||
Arix Bioscience plc(1) | 2,560 | 6,729 | ||||||
Arrow Global Group plc(1) | 4,428 | 16,376 | ||||||
Ashmore Group plc | 13,871 | 79,681 |
127
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Ashtead Group plc | 24,562 | $ | 1,327,380 | |||||
ASOS plc(1) | 866 | 67,562 | ||||||
Associated British Foods plc(1) | 5,306 | 175,008 | ||||||
Aston Martin Lagonda Global Holdings plc(1) | 876 | 24,506 | ||||||
AstraZeneca plc, ADR(2) | 41,624 | 2,013,769 | ||||||
Atalaya Mining plc(1) | 2,228 | 10,229 | ||||||
Auto Trader Group plc(1) | 47,625 | 364,342 | ||||||
Avast plc | 12,128 | 78,043 | ||||||
AVEVA Group plc | 1,122 | 53,063 | ||||||
Aviva plc | 143,592 | 723,712 | ||||||
B&M European Value Retail SA | 44,339 | 337,473 | ||||||
Babcock International Group plc(1) | 4,602 | 16,554 | ||||||
BAE Systems plc | 33,977 | 228,996 | ||||||
Bank of Georgia Group plc(1) | 2,908 | 40,427 | ||||||
Barclays plc, ADR(2) | 226,964 | 2,004,092 | ||||||
Barratt Developments plc(1) | 21,362 | 197,654 | ||||||
Beazley plc(1) | 8,997 | 43,332 | ||||||
Bellway plc | 5,800 | 226,194 | ||||||
Berkeley Group Holdings plc | 2,837 | 159,641 | ||||||
BHP Group plc, ADR(2) | 25,233 | 1,595,483 | ||||||
Biffa plc(1) | 25,434 | 90,351 | ||||||
Bloomsbury Publishing plc | 2,268 | 8,471 | ||||||
Bodycote plc | 19,877 | 199,096 | ||||||
boohoo Group plc(1) | 27,866 | 130,770 | ||||||
BP plc, ADR | 79,269 | 1,934,956 | ||||||
Brewin Dolphin Holdings plc | 8,243 | 33,592 | ||||||
Britvic plc | 20,255 | 228,416 | ||||||
BT Group plc(1) | 332,699 | 572,530 | ||||||
Bunzl plc | 9,306 | 289,964 | ||||||
Burberry Group plc(1) | 17,699 | 447,537 | ||||||
Burford Capital Ltd.(1) | 17,108 | 145,802 | ||||||
Cairn Energy plc | 66,256 | 175,698 | ||||||
Capita plc(1) | 105,880 | 66,539 | ||||||
Carnival plc, ADR(1)(2) | 3,002 | 67,725 | ||||||
Centamin plc | 87,011 | 122,477 | ||||||
Central Asia Metals plc | 12,787 | 42,923 | ||||||
Centrica plc(1) | 229,671 | 167,873 | ||||||
Chemring Group plc | 34,037 | 131,194 | ||||||
Clinigen Group plc | 6,339 | 63,013 | ||||||
Clipper Logistics plc | 6,659 | 54,839 | ||||||
Close Brothers Group plc | 12,090 | 261,761 | ||||||
CMC Markets plc | 6,866 | 38,835 | ||||||
Coats Group plc(1) | 159,837 | 137,899 | ||||||
Coca-Cola HBC AG(1) | 7,136 | 222,487 | ||||||
Compass Group plc(1) | 32,917 | 667,010 | ||||||
Computacenter plc | 2,706 | 78,610 | ||||||
ContourGlobal plc | 19,405 | 55,582 | ||||||
ConvaTec Group plc | 20,997 | 54,987 | ||||||
Countryside Properties plc(1) | 8,376 | 54,330 | ||||||
Cranswick plc | 777 | 36,719 | ||||||
Crest Nicholson Holdings plc(1) | 16,845 | 75,377 |
128
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Croda International plc | 4,924 | $ | 423,058 | |||||
CVS Group plc(1) | 6,411 | 151,753 | ||||||
DCC plc | 775 | 62,287 | ||||||
De La Rue plc(1) | 15,065 | 36,397 | ||||||
Devro plc | 15,208 | 37,070 | ||||||
Diageo plc, ADR | 10,471 | 1,651,696 | ||||||
Diploma plc | 2,354 | 76,010 | ||||||
Direct Line Insurance Group plc | 62,386 | 278,551 | ||||||
Diversified Gas & Oil plc | 69,093 | 120,304 | ||||||
Domino's Pizza Group plc | 10,014 | 42,696 | ||||||
dotdigital group plc | 27,196 | 63,294 | ||||||
Drax Group plc | 47,556 | 253,183 | ||||||
DS Smith plc(1) | 28,365 | 156,996 | ||||||
Dunelm Group plc(1) | 9,643 | 168,870 | ||||||
easyJet plc(1) | 12,754 | 175,029 | ||||||
Electrocomponents plc | 41,838 | 565,245 | ||||||
Elementis plc(1) | 20,608 | 36,205 | ||||||
EMIS Group plc | 5,398 | 79,830 | ||||||
Ergomed plc(1) | 4,507 | 78,458 | ||||||
Esken Ltd.(1) | 2,704 | 1,281 | ||||||
Essentra plc(1) | 5,873 | 23,964 | ||||||
Evraz plc | 19,752 | 157,093 | ||||||
Experian plc | 14,496 | 458,280 | ||||||
Ferguson plc | 9,146 | 1,071,584 | ||||||
Ferrexpo plc | 26,252 | 122,578 | ||||||
Firstgroup plc(1) | 25,200 | 31,611 | ||||||
Forterra plc(1) | 20,269 | 72,767 | ||||||
Frasers Group plc(1) | 13,645 | 89,165 | ||||||
Fresnillo plc | 3,635 | 46,059 | ||||||
Frontier Developments plc(1) | 2,362 | 80,158 | ||||||
Future plc | 197 | 5,340 | ||||||
G4S plc(1) | 50,867 | 172,068 | ||||||
Games Workshop Group plc | 3,363 | 447,666 | ||||||
Gateley Holdings plc(1) | 8,056 | 19,859 | ||||||
Genus plc | 1,076 | 75,268 | ||||||
GlaxoSmithKline plc, ADR | 37,302 | 1,253,720 | ||||||
Glencore plc(1) | 348,408 | 1,407,908 | ||||||
Go-Ahead Group plc (The)(1) | 4,618 | 75,233 | ||||||
GoCo Group plc(1) | 63 | 116 | ||||||
Golar LNG Ltd.(1) | 2,237 | 25,256 | ||||||
Grafton Group plc | 14,656 | 201,246 | ||||||
Grainger plc | 18,353 | 68,715 | ||||||
Greencore Group plc(1) | 4,476 | 9,470 | ||||||
Greggs plc(1) | 8,215 | 238,748 | ||||||
Gulf Keystone Petroleum Ltd.(1) | 18,857 | 44,636 | ||||||
Gym Group plc (The)(1) | 10,982 | 36,499 | ||||||
Halfords Group plc(1) | 21,403 | 86,315 | ||||||
Halma plc | 12,327 | 389,209 | ||||||
Hargreaves Lansdown plc | 15,874 | 333,933 | ||||||
Hays plc(1) | 90,519 | 191,750 | ||||||
Helical plc | 7,241 | 38,330 |
129
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Hikma Pharmaceuticals plc | 5,142 | $ | 159,915 | |||||
Hill & Smith Holdings plc | 3,353 | 59,359 | ||||||
Hiscox Ltd.(1) | 3,579 | 46,940 | ||||||
Hochschild Mining plc | 12,433 | 37,235 | ||||||
HomeServe plc | 4,390 | 63,650 | ||||||
Hotel Chocolat Group plc(1)(2) | 3,208 | 16,282 | ||||||
Howden Joinery Group plc(1) | 43,997 | 425,708 | ||||||
HSBC Holdings plc, ADR(1)(2) | 87,411 | 2,596,981 | ||||||
Hunting plc | 2,379 | 8,354 | ||||||
Ibstock plc(1) | 34,853 | 103,359 | ||||||
IG Group Holdings plc | 30,326 | 329,075 | ||||||
IMI plc | 20,009 | 364,769 | ||||||
Impax Asset Management Group plc | 1,271 | 12,888 | ||||||
Inchcape plc(1) | 29,505 | 291,336 | ||||||
Indivior plc(1) | 94,194 | 168,208 | ||||||
Informa plc(1) | 9,795 | 75,139 | ||||||
IntegraFin Holdings plc | 20,659 | 143,110 | ||||||
InterContinental Hotels Group plc(1) | 2,368 | 165,867 | ||||||
Intermediate Capital Group plc | 4,784 | 115,341 | ||||||
Intertek Group plc | 7,477 | 557,804 | ||||||
Investec plc | 36,300 | 98,612 | ||||||
IQE plc(1) | 6,968 | 7,112 | ||||||
ITV plc(1) | 190,317 | 291,180 | ||||||
IWG plc(1) | 71,397 | 357,008 | ||||||
J D Wetherspoon plc(1) | 7,597 | 130,509 | ||||||
J Sainsbury plc | 140,362 | 442,249 | ||||||
Jadestone Energy, Inc.(1) | 14,100 | 14,564 | ||||||
JD Sports Fashion plc(1) | 24,013 | 277,702 | ||||||
JET2 plc(1) | 12,516 | 253,516 | ||||||
John Laing Group plc | 15,822 | 66,461 | ||||||
John Wood Group plc(1) | 21,811 | 91,050 | ||||||
Johnson Matthey plc | 3,947 | 167,943 | ||||||
Just Group plc(1) | 79,845 | 100,441 | ||||||
Kainos Group plc | 8,241 | 151,040 | ||||||
KAZ Minerals plc | 10,413 | 121,076 | ||||||
Keller Group plc | 7,895 | 86,020 | ||||||
Kingfisher plc(1) | 125,293 | 463,167 | ||||||
Lancashire Holdings Ltd. | 4,812 | 41,094 | ||||||
Legal & General Group plc | 108,692 | 392,493 | ||||||
Liberty Global plc, Class A(1) | 3,273 | 80,598 | ||||||
Liberty Global plc, Class C(1) | 9,022 | 219,235 | ||||||
Liontrust Asset Management plc | 3,818 | 66,755 | ||||||
Lloyds Banking Group plc, ADR(1) | 776,264 | 1,661,205 | ||||||
London Stock Exchange Group plc | 3,681 | 493,098 | ||||||
Lookers plc(1) | 15,485 | 8,867 | ||||||
LSL Property Services plc(1) | 531 | 1,910 | ||||||
Luceco plc | 6,669 | 21,860 | ||||||
Luxfer Holdings plc | 1,604 | 30,733 | ||||||
M&G plc | 147,973 | 379,069 | ||||||
Man Group plc | 16,582 | 34,623 | ||||||
Marks & Spencer Group plc(1) | 101,771 | 201,144 |
130
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Marshalls plc(1) | 6,782 | $ | 64,416 | |||||
Marston's plc(1) | 82,986 | 110,587 | ||||||
Mediclinic International plc(1) | 11,551 | 45,840 | ||||||
Meggitt plc(1) | 22,372 | 131,326 | ||||||
Micro Focus International plc, ADR(1) | 3,532 | 20,627 | ||||||
Mitchells & Butlers plc(1)(2) | 19,759 | 83,462 | ||||||
Mondi plc | 22,735 | 546,024 | ||||||
Moneysupermarket.com Group plc | 34,092 | 137,542 | ||||||
Morgan Advanced Materials plc | 28,011 | 120,935 | ||||||
Morgan Sindall Group plc | 2,051 | 47,146 | ||||||
Mortgage Advice Bureau Holdings Ltd. | 3,646 | 46,778 | ||||||
Motorpoint group plc(1) | 10,122 | 40,266 | ||||||
National Grid plc, ADR | 13,481 | 753,453 | ||||||
Natwest Group plc, ADR(1)(2) | 145,989 | 741,624 | ||||||
NCC Group plc | 2,527 | 9,245 | ||||||
Network International Holdings plc(1) | 16,719 | 86,245 | ||||||
Next plc(1) | 6,825 | 717,396 | ||||||
Ninety One plc | 12,950 | 39,577 | ||||||
Norcros plc(1) | 2,747 | 8,801 | ||||||
Numis Corp. plc | 1,412 | 6,521 | ||||||
Ocado Group plc(1) | 6,767 | 207,363 | ||||||
On the Beach Group plc(1) | 4,457 | 24,589 | ||||||
OSB Group plc(1) | 40,698 | 251,279 | ||||||
Pagegroup plc(1) | 33,457 | 222,737 | ||||||
Pan African Resources plc(2) | 226,122 | 53,687 | ||||||
Pantheon Resources plc(1) | 23,603 | 12,854 | ||||||
Paragon Banking Group plc | 20,205 | 126,484 | ||||||
Pearson plc, ADR(2) | 7,213 | 75,592 | ||||||
Pennon Group plc | 15,919 | 193,819 | ||||||
Persimmon plc | 9,845 | 355,096 | ||||||
Petrofac Ltd.(1)(2) | 26,819 | 48,672 | ||||||
Petropavlovsk plc(1)(2) | 381,769 | 145,551 | ||||||
Phoenix Group Holdings plc | 40,313 | 398,681 | ||||||
Photo-Me International plc(1) | 28,776 | 19,765 | ||||||
Playtech plc(1) | 29,139 | 191,694 | ||||||
Plus500 Ltd. | 13,902 | 264,717 | ||||||
Premier Foods plc(1) | 84,379 | 106,248 | ||||||
Premier Miton Group plc | 5,735 | 11,088 | ||||||
Premier Oil plc(1)(2) | 63,253 | 25,118 | ||||||
Provident Financial plc(1) | 12,666 | 49,410 | ||||||
Prudential plc, ADR(2) | 8,097 | 319,832 | ||||||
PZ Cussons plc | 21,541 | 73,302 | ||||||
QinetiQ Group plc | 9,035 | 37,531 | ||||||
Quilter plc | 148,494 | 301,958 | ||||||
Rathbone Brothers plc | 3,647 | 78,329 | ||||||
Reach plc(1) | 42,301 | 139,510 | ||||||
Reckitt Benckiser Group plc | 9,038 | 755,826 | ||||||
Redde Northgate plc | 26,841 | 102,827 | ||||||
Redrow plc | 14,544 | 110,402 | ||||||
RELX plc, ADR(2) | 34,755 | 816,395 | ||||||
Renewi plc(1) | 64,239 | 38,918 |
131
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Renishaw plc(1) | 638 | $ | 51,010 | |||||
Rentokil Initial plc(1) | 42,281 | 274,840 | ||||||
Restore plc(1) | 6,351 | 30,430 | ||||||
Rhi Magnesita NV | 1,745 | 95,434 | ||||||
Rightmove plc(1) | 52,399 | 412,394 | ||||||
Rio Tinto plc, ADR(2) | 31,671 | 2,768,045 | ||||||
RM plc(1) | 7,642 | 22,265 | ||||||
Rolls-Royce Holdings plc(1) | 119,429 | 179,124 | ||||||
Rotork plc | 22,861 | 113,592 | ||||||
Royal Dutch Shell plc, Class A ADR(2) | 56,404 | 2,314,256 | ||||||
Royal Dutch Shell plc, Class B ADR | 51,105 | 1,986,962 | ||||||
Royal Mail plc(1) | 91,621 | 577,699 | ||||||
RSA Insurance Group plc | 53,257 | 501,107 | ||||||
RWS Holdings plc | 3,370 | 28,403 | ||||||
Sabre Insurance Group plc | 4,889 | 16,513 | ||||||
Saga plc(1)(2) | 1,209 | 6,349 | ||||||
Sage Group plc (The) | 16,564 | 128,875 | ||||||
Savills plc(1) | 12,746 | 204,212 | ||||||
Schroders plc | 1,941 | 94,702 | ||||||
Secure Trust Bank plc(1) | 798 | 10,752 | ||||||
Senior plc(1) | 40,185 | 57,247 | ||||||
Serco Group plc(1) | 20,064 | 36,274 | ||||||
Serica Energy plc | 20,742 | 34,676 | ||||||
Severn Trent plc | 5,529 | 168,671 | ||||||
SIG plc(1) | 63,034 | 29,376 | ||||||
Signature Aviation plc(1) | 22,492 | 125,159 | ||||||
Sirius Real Estate Ltd. | 93,659 | 120,176 | ||||||
Smart Metering Systems plc | 822 | 7,966 | ||||||
Smith & Nephew plc, ADR(2) | 5,145 | 199,883 | ||||||
Smiths Group plc | 6,049 | 123,335 | ||||||
Softcat plc | 8,827 | 179,411 | ||||||
Spectris plc | 1,279 | 54,044 | ||||||
Speedy Hire plc(1) | 59,697 | 53,228 | ||||||
Spirax-Sarco Engineering plc | 1,137 | 169,621 | ||||||
Spire Healthcare Group plc(1) | 22,046 | 45,015 | ||||||
Spirent Communications plc | 26,053 | 85,454 | ||||||
SSE plc | 19,572 | 359,048 | ||||||
SSP Group plc | 27,134 | 129,909 | ||||||
St Modwen Properties plc | 14,732 | 80,641 | ||||||
St. James's Place plc | 36,137 | 590,928 | ||||||
Stagecoach Group plc(1) | 769 | 991 | ||||||
Standard Chartered plc (London)(1) | 82,171 | 526,953 | ||||||
Standard Life Aberdeen plc | 39,741 | 172,037 | ||||||
Stock Spirits Group plc | 5,242 | 19,215 | ||||||
Strix Group plc | 3,475 | 12,288 | ||||||
Superdry plc(1) | 6,478 | 24,007 | ||||||
Synthomer plc | 16,535 | 105,896 | ||||||
TalkTalk Telecom Group plc | 25,023 | 33,714 | ||||||
Tate & Lyle plc | 24,149 | 244,538 | ||||||
Taylor Wimpey plc(1) | 61,435 | 134,884 | ||||||
TBC Bank Group plc(1) | 3,880 | 58,663 |
132
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Ted Baker plc(1) | 6,778 | $ | 10,624 | |||||
Telecom Plus plc | 485 | 7,946 | ||||||
Telit Communications plc(1) | 14,197 | 37,169 | ||||||
Tesco plc | 129,917 | 405,972 | ||||||
TI Fluid Systems plc | 23,566 | 86,842 | ||||||
TP Icap Group plc(1) | 34,628 | 115,785 | ||||||
Trainline plc(1) | 4,074 | 29,282 | ||||||
Travis Perkins plc(1) | 17,831 | 356,985 | ||||||
Tremor International Ltd.(1) | 2,071 | 16,521 | ||||||
TUI AG(1) | 5,847 | 35,172 | ||||||
Tullow Oil plc(1)(2) | 123,313 | 75,408 | ||||||
U & I Group plc(1) | 4,034 | 4,771 | ||||||
UDG Healthcare plc | 3,494 | 37,550 | ||||||
Ultra Electronics Holdings plc | 1,273 | 33,866 | ||||||
Unilever plc, ADR | 46,736 | 2,433,076 | ||||||
United Utilities Group plc | 37,789 | 452,262 | ||||||
Vectura Group plc(1) | 10,893 | 16,932 | ||||||
Vertu Motors plc(1) | 40,111 | 21,897 | ||||||
Vesuvius plc | 7,257 | 52,654 | ||||||
Victoria plc(1) | 8,847 | 99,827 | ||||||
Victrex plc | 4,722 | 139,179 | ||||||
Virgin Money UK plc(1) | 110,180 | 282,081 | ||||||
Vistry Group plc(1) | 20,956 | 245,759 | ||||||
Vodafone Group plc, ADR | 109,312 | 1,877,980 | ||||||
Watkin Jones plc | 15,405 | 43,073 | ||||||
Weir Group plc (The)(1) | 6,242 | 172,140 | ||||||
WH Smith plc(1) | 6,654 | 177,001 | ||||||
Whitbread plc(1) | 4,388 | 206,969 | ||||||
Wincanton plc | 2,086 | 9,588 | ||||||
WM Morrison Supermarkets plc | 106,614 | 253,283 | ||||||
WPP plc, ADR(2) | 1,294 | 76,980 | ||||||
Yellow Cake plc(1) | 6,959 | 21,456 | ||||||
74,800,815 | ||||||||
United States† | ||||||||
Arko Corp.(1) | 1 | 5 | ||||||
TOTAL COMMON STOCKS (Cost $442,808,332) | 553,702,801 | |||||||
RIGHTS† | ||||||||
Hong Kong† | ||||||||
Pacific Century Premium Developments Ltd.(1) | 7,830 | 10 | ||||||
United Kingdom† | ||||||||
Mitchells & Butlers plc(1) | 7,684 | 10,063 | ||||||
TOTAL RIGHTS (Cost $—) | 10,073 | |||||||
WARRANTS† | ||||||||
Canada† | ||||||||
Cenovus Energy, Inc.(1) | 708 | 2,654 | ||||||
Switzerland† | ||||||||
Cie Financiere Richemont SA(1) | 15,228 | 5,357 | ||||||
TOTAL WARRANTS (Cost $2,648) | 8,011 |
133
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
TEMPORARY CASH INVESTMENTS† | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $195,121) | 195,121 | $ | 195,121 | |||||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 3.1% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $16,991,037) | 16,991,037 | 16,991,037 | ||||||
TOTAL INVESTMENT SECURITIES — 102.8% (Cost $459,997,138) | 570,907,043 | |||||||
OTHER ASSETS AND LIABILITIES — (2.8)% | (15,616,944) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 555,290,099 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 20.0% | ||||
Industrials | 17.3% | ||||
Consumer Discretionary | 12.4% | ||||
Materials | 12.0% | ||||
Information Technology | 7.7% | ||||
Health Care | 7.0% | ||||
Consumer Staples | 6.3% | ||||
Communication Services | 5.4% | ||||
Energy | 5.0% | ||||
Utilities | 4.0% | ||||
Real Estate | 2.6% | ||||
Cash and Equivalents* | 0.3% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt | ||||||
CVA | - | Certificaten Van Aandelen | ||||||
SDR | - | Swedish Depositary Receipt |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $29,505,416. 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 $31,006,010, which includes securities collateral of $14,014,973.
See Notes to Financial Statements.
134
FEBRUARY 28, 2021 (UNAUDITED)
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Australia — 8.1% | ||||||||
Adairs Ltd. | 31,686 | $ | 92,753 | |||||
Adbri Ltd. | 174,184 | 435,117 | ||||||
Alliance Aviation Services Ltd.(1) | 50,306 | 164,456 | ||||||
Asaleo Care Ltd. | 107,737 | 117,942 | ||||||
Aurelia Metals Ltd. | 546,193 | 163,652 | ||||||
Austal Ltd. | 128,259 | 234,321 | ||||||
Australian Finance Group Ltd. | 83,157 | 179,849 | ||||||
Bank of Queensland Ltd.(2) | 307,794 | 2,085,136 | ||||||
Beach Energy Ltd. | 1,263,342 | 1,627,907 | ||||||
Bendigo & Adelaide Bank Ltd. | 163,636 | 1,233,608 | ||||||
Boral Ltd.(1) | 559,792 | 2,235,727 | ||||||
Cedar Woods Properties Ltd. | 25,691 | 138,279 | ||||||
Champion Iron Ltd.(1) | 53,414 | 224,262 | ||||||
Coronado Global Resources, Inc. | 90,332 | 75,582 | ||||||
CSR Ltd. | 331,604 | 1,393,891 | ||||||
Deterra Royalties Ltd.(1) | 219,107 | 765,667 | ||||||
Dicker Data Ltd. | 7,865 | 63,750 | ||||||
Eclipx Group Ltd.(1) | 221,165 | 332,843 | ||||||
Emeco Holdings Ltd.(1) | 338,785 | 269,506 | ||||||
EML Payments Ltd.(1) | 59,242 | 227,644 | ||||||
Flight Centre Travel Group Ltd.(1) | 11,188 | 143,690 | ||||||
Galaxy Resources Ltd.(1) | 3,318 | 6,663 | ||||||
Genworth Mortgage Insurance Australia Ltd. | 122,512 | 243,895 | ||||||
Gold Road Resources Ltd.(1) | 255,441 | 235,593 | ||||||
GrainCorp Ltd., A Shares | 165,885 | 539,765 | ||||||
Grange Resources Ltd. | 138,753 | 55,623 | ||||||
GWA Group Ltd. | 104,159 | 244,755 | ||||||
IGO Ltd. | 448,440 | 2,431,084 | ||||||
Iluka Resources Ltd. | 275,403 | 1,568,364 | ||||||
Inghams Group Ltd. | 224,192 | 604,648 | ||||||
Lovisa Holdings Ltd.(2) | 12,681 | 141,466 | ||||||
MACA Ltd. | 90,654 | 76,275 | ||||||
Macmahon Holdings Ltd. | 354,016 | 59,933 | ||||||
McMillan Shakespeare Ltd. | 54,210 | 517,109 | ||||||
McPherson's Ltd. | 72,688�� | 66,749 | ||||||
Metcash Ltd. | 667,451 | 1,733,621 | ||||||
Mineral Resources Ltd. | 44,869 | 1,312,480 | ||||||
MNF Group Ltd. | 3,813 | 14,429 | ||||||
Monadelphous Group Ltd. | 24,398 | 218,130 | ||||||
MyState Ltd. | 32,630 | 117,833 | ||||||
New Hope Corp. Ltd. | 227,283 | 219,662 | ||||||
Nick Scali Ltd. | 45,193 | 354,756 | ||||||
Nine Entertainment Co. Holdings Ltd. | 415,147 | 919,111 | ||||||
NRW Holdings Ltd. | 330,675 | 513,070 | ||||||
Nufarm Ltd.(1) | 215,954 | 799,162 | ||||||
OFX Group Ltd. | 72,467 | 68,602 | ||||||
Orora Ltd. | 141,426 | 318,248 | ||||||
135
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
OZ Minerals Ltd. | 141,628 | $ | 2,445,542 | |||||
Pacific Current Group Ltd. | 35,896 | 145,229 | ||||||
Perenti Global Ltd. | 763,063 | 671,997 | ||||||
Perseus Mining Ltd.(1) | 900,032 | 794,711 | ||||||
Platinum Asset Management Ltd. | 192,498 | 685,744 | ||||||
Premier Investments Ltd. | 13,057 | 212,321 | ||||||
Ramelius Resources Ltd. | 496,813 | 476,770 | ||||||
Red 5 Ltd.(1) | 985,669 | 135,636 | ||||||
Regis Resources Ltd. | 338,328 | 807,644 | ||||||
Resimac Group Ltd.(2) | 18,160 | 34,194 | ||||||
Resolute Mining Ltd.(1)(2) | 707,718 | 350,572 | ||||||
Sandfire Resources Ltd. | 94,664 | 445,070 | ||||||
Select Harvests Ltd. | 42,088 | 170,236 | ||||||
Senex Energy Ltd.(1)(2) | 892,886 | 253,880 | ||||||
Servcorp Ltd. | 22,553 | 57,936 | ||||||
Sigma Healthcare Ltd.(1) | 755,329 | 388,647 | ||||||
Sims Ltd. | 92,909 | 965,800 | ||||||
Southern Cross Media Group Ltd.(1) | 186,424 | 332,930 | ||||||
St. Barbara Ltd. | 526,405 | 834,389 | ||||||
Super Retail Group Ltd. | 92,916 | 787,411 | ||||||
Tassal Group Ltd.(2) | 80,314 | 209,076 | ||||||
Viva Energy Group Ltd. | 145,595 | 186,921 | ||||||
Western Areas Ltd. | 173,617 | 344,875 | ||||||
Westgold Resources Ltd.(1) | 229,336 | 355,564 | ||||||
Whitehaven Coal Ltd.(1) | 445,436 | 523,202 | ||||||
38,202,905 | ||||||||
Austria — 0.9% | ||||||||
AT&S Austria Technologie & Systemtechnik AG | 34,408 | 1,012,681 | ||||||
DO & CO. AG(1)(2) | 410 | 31,819 | ||||||
FACC AG(1)(2) | 20,332 | 204,629 | ||||||
IMMOFINANZ AG(1) | 1,510 | 30,202 | ||||||
Lenzing AG(1) | 5,971 | 855,303 | ||||||
POLYTEC Holding AG(1) | 5,940 | 61,132 | ||||||
Porr AG(1)(2) | 4,165 | 76,818 | ||||||
Semperit AG Holding(1) | 13,762 | 425,994 | ||||||
UNIQA Insurance Group AG | 148,421 | 1,149,521 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 8,685 | 233,157 | ||||||
4,081,256 | ||||||||
Belgium — 1.5% | ||||||||
Bekaert SA | 64,062 | 2,354,548 | ||||||
bpost SA(1) | 118,112 | 1,278,715 | ||||||
Deceuninck NV(1) | 123,455 | 355,781 | ||||||
Orange Belgium SA | 51,095 | 1,405,496 | ||||||
Tessenderlo Group SA(1) | 36,895 | 1,637,938 | ||||||
7,032,478 | ||||||||
Canada — 8.4% | ||||||||
Advantage Oil & Gas Ltd.(1)(2) | 58,092 | 118,686 | ||||||
ARC Resources Ltd. | 203,028 | 1,215,679 | ||||||
Argonaut Gold, Inc.(1) | 90,391 | 145,609 | ||||||
AutoCanada, Inc.(1) | 15,686 | 375,818 | ||||||
B2Gold Corp. | 174,014 | 757,534 |
136
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Badger Daylighting Ltd. | 12,110 | $ | 385,396 | |||||
Baytex Energy Corp.(1) | 308,729 | 298,394 | ||||||
Birchcliff Energy Ltd.(2) | 124,714 | 291,058 | ||||||
Bird Construction, Inc.(2) | 18,959 | 127,973 | ||||||
Canaccord Genuity Group, Inc. | 39,133 | 351,170 | ||||||
Canacol Energy Ltd. | 50,855 | 137,468 | ||||||
Canadian Western Bank(2) | 35,217 | 925,671 | ||||||
Canfor Corp.(1) | 23,891 | 487,357 | ||||||
CanWel Building Materials Group Ltd. | 35,374 | 219,037 | ||||||
Capital Power Corp. | 56,963 | 1,535,754 | ||||||
Cascades, Inc. | 46,467 | 613,061 | ||||||
Celestica, Inc.(1) | 56,130 | 465,324 | ||||||
Centerra Gold, Inc. | 25,976 | 252,085 | ||||||
CES Energy Solutions Corp. | 79,650 | 96,386 | ||||||
China Gold International Resources Corp. Ltd.(1)(2) | 89,344 | 216,936 | ||||||
Chorus Aviation, Inc. | 29,845 | 98,498 | ||||||
Corus Entertainment, Inc., B Shares | 106,942 | 442,861 | ||||||
Crescent Point Energy Corp.(2) | 332,722 | 1,220,974 | ||||||
Dorel Industries, Inc., Class B(1) | 8,161 | 89,010 | ||||||
DREAM Unlimited Corp., Class A | 6,922 | 123,362 | ||||||
Dundee Precious Metals, Inc. | 67,421 | 419,063 | ||||||
Eldorado Gold Corp. (Toronto)(1) | 19,042 | 199,458 | ||||||
Endeavour Mining Corp. | 8,625 | 166,116 | ||||||
Enerplus Corp.(2) | 114,325 | 553,388 | ||||||
Equitable Group, Inc. | 6,113 | 651,458 | ||||||
ERO Copper Corp.(1) | 17,500 | 308,718 | ||||||
Etrion Corp.(1)(2) | 7,000 | 2,173 | ||||||
Exchange Income Corp. | 3,844 | 121,790 | ||||||
Extendicare, Inc.(2) | 34,203 | 178,460 | ||||||
Finning International, Inc. | 80,049 | 2,088,973 | ||||||
First National Financial Corp. | 7,248 | 252,364 | ||||||
Freehold Royalties Ltd. | 37,700 | 204,408 | ||||||
Frontera Energy Corp. | 19,417 | 96,429 | ||||||
goeasy Ltd.(2) | 5,412 | 527,719 | ||||||
Hardwoods Distribution, Inc. | 11,370 | 246,413 | ||||||
High Liner Foods, Inc. | 5,404 | 56,308 | ||||||
HLS Therapeutics, Inc. | 2 | 29 | ||||||
Home Capital Group, Inc.(1) | 23,311 | 575,356 | ||||||
Hudbay Minerals, Inc. | 97,581 | 698,541 | ||||||
IAMGOLD Corp.(1) | 2,314 | 6,855 | ||||||
Interfor Corp.(1) | 10,427 | 228,106 | ||||||
International Petroleum Corp.(1)(2) | 51,200 | 161,333 | ||||||
Intertape Polymer Group, Inc. | 12,215 | 230,075 | ||||||
Keyera Corp.(2) | 78,109 | 1,514,183 | ||||||
Largo Resources Ltd.(1) | 29,629 | 41,210 | ||||||
Laurentian Bank of Canada | 7,300 | 199,967 | ||||||
Linamar Corp. | 25,688 | 1,435,387 | ||||||
Lundin Mining Corp. | 191,342 | 2,190,675 | ||||||
Martinrea International, Inc. | 34,570 | 404,213 | ||||||
Methanex Corp. | 27,255 | 1,050,707 | ||||||
Mullen Group Ltd. | 52,247 | 411,374 |
137
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
New Gold, Inc. (Toronto)(1) | 236,159 | $ | 380,423 | |||||
North American Construction Group Ltd. | 15,561 | 186,962 | ||||||
NuVista Energy Ltd.(1)(2) | 102,213 | 159,030 | ||||||
Paramount Resources Ltd., A Shares(1)(2) | 33,459 | 283,952 | ||||||
Parex Resources, Inc.(1) | 65,079 | 1,040,159 | ||||||
Pason Systems, Inc. | 38,968 | 297,022 | ||||||
Peyto Exploration & Development Corp.(2) | 82,516 | 386,449 | ||||||
Polaris Infrastructure, Inc. | 6,800 | 112,051 | ||||||
Precision Drilling Corp.(1)(2) | 7,195 | 166,221 | ||||||
Real Matters, Inc.(1) | 36,975 | 464,875 | ||||||
Resolute Forest Products, Inc.(1) | 16,900 | 159,359 | ||||||
Roxgold, Inc.(1) | 126,160 | 136,807 | ||||||
Russel Metals, Inc.(2) | 29,839 | 581,023 | ||||||
Sagen MI Canada, Inc. | 16,240 | 552,180 | ||||||
Secure Energy Services, Inc. | 68,288 | 174,932 | ||||||
Seven Generations Energy Ltd., Class A(1) | 158,371 | 1,045,353 | ||||||
SunOpta, Inc.(1) | 33,813 | 523,961 | ||||||
Tamarack Valley Energy Ltd.(1)(2) | 143,413 | 242,290 | ||||||
TORC Oil & Gas Ltd. | 58,178 | 146,748 | ||||||
Torex Gold Resources, Inc.(1) | 38,437 | 465,738 | ||||||
Tourmaline Oil Corp. | 109,456 | 1,991,986 | ||||||
Transcontinental, Inc., Class A | 9,417 | 161,834 | ||||||
Trican Well Service Ltd.(1)(2) | 56,139 | 83,375 | ||||||
Turquoise Hill Resources Ltd.(1) | 41,678 | 632,080 | ||||||
Vermilion Energy, Inc.(2) | 94,965 | 594,744 | ||||||
Wajax Corp. | 11,100 | 179,767 | ||||||
West Fraser Timber Co. Ltd. | 20,149 | 1,377,466 | ||||||
Whitecap Resources, Inc.(2) | 242,970 | 1,086,358 | ||||||
39,825,495 | ||||||||
Denmark — 1.5% | ||||||||
Alm Brand A/S | 22,945 | 262,423 | ||||||
cBrain A/S | 4,679 | 159,281 | ||||||
Chemometec A/S | 1,614 | 148,956 | ||||||
D/S Norden A/S | 40,474 | 845,724 | ||||||
Dfds A/S(1) | 27,401 | 1,321,240 | ||||||
Drilling Co. of 1972 A/S (The)(1) | 5,435 | 216,169 | ||||||
FLSmidth & Co. A/S(1) | 5,997 | 252,370 | ||||||
H+H International A/S, B Shares(1) | 26,237 | 586,766 | ||||||
Jyske Bank A/S(1) | 22,060 | 951,899 | ||||||
NKT A/S(1) | 27,079 | 1,053,856 | ||||||
NNIT A/S | 23,323 | 397,613 | ||||||
Schouw & Co. A/S | 2,148 | 217,391 | ||||||
Spar Nord Bank A/S(1) | 5,520 | 57,411 | ||||||
Sydbank AS(1) | 17,077 | 389,980 | ||||||
TORM plc | 18,742 | 153,934 | ||||||
7,015,013 | ||||||||
Finland — 1.5% | ||||||||
Altia Oyj | 6,352 | 84,426 | ||||||
CapMan Oyj, B Shares | 9,067 | 28,667 | ||||||
HKScan Oyj, A Shares(1) | 54,873 | 143,836 | ||||||
Kamux Corp. | 28,368 | 524,365 |
138
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Kemira Oyj | 104,172 | $ | 1,680,113 | |||||
Neles Oyj | 14,424 | 178,128 | ||||||
Outokumpu Oyj(1) | 308,990 | 1,504,058 | ||||||
Sanoma Oyj | 35,257 | 581,533 | ||||||
Tokmanni Group Corp. | 41,604 | 904,208 | ||||||
Uponor Oyj | 73,062 | 1,530,180 | ||||||
Verkkokauppa.com Oyj | 5,596 | 62,905 | ||||||
7,222,419 | ||||||||
France — 2.9% | ||||||||
Air France-KLM(1)(2) | 8 | 54 | ||||||
Albioma SA | 23,597 | 1,149,873 | ||||||
ALD SA | 67,558 | 985,649 | ||||||
Alten SA(1) | 3,271 | 361,222 | ||||||
APERAM SA | 24,342 | 1,018,799 | ||||||
Atari SA(1) | 128,229 | 53,264 | ||||||
Bigben Interactive(1) | 11,781 | 278,248 | ||||||
Chargeurs SA | 6,837 | 184,141 | ||||||
Etablissements Maurel et Prom SA(1)(2) | 41,754 | 95,365 | ||||||
Eutelsat Communications SA | 75,074 | 904,575 | ||||||
FIGEAC-AERO(1)(2) | 5,760 | 35,717 | ||||||
Gaztransport Et Technigaz SA | 12,951 | 1,087,303 | ||||||
Imerys SA | 19,247 | 989,326 | ||||||
JCDecaux SA(1) | 9,275 | 218,907 | ||||||
LISI(1) | 16,305 | 400,138 | ||||||
Maisons du Monde SA(1) | 38,428 | 693,421 | ||||||
Metropole Television SA(1) | 26,012 | 518,722 | ||||||
Nexans SA(1) | 22,290 | 1,730,185 | ||||||
SES SA | 168,377 | 1,340,459 | ||||||
Societe BIC SA | 10,365 | 581,439 | ||||||
Solutions 30 SE(1)(2) | 46,696 | 546,419 | ||||||
Tarkett SA(1) | 12,832 | 195,025 | ||||||
Television Francaise 1(1)(2) | 43,951 | 383,033 | ||||||
13,751,284 | ||||||||
Germany — 5.1% | ||||||||
7C Solarparken AG | 21,004 | 104,247 | ||||||
Aareal Bank AG(1) | 12,546 | 332,787 | ||||||
ADVA Optical Networking SE(1) | 12,190 | 134,467 | ||||||
Allgeier SE | 3,309 | 96,409 | ||||||
Aurubis AG | 20,910 | 1,816,813 | ||||||
Bauer AG(1) | 6,293 | 82,026 | ||||||
Bertrandt AG | 653 | 35,524 | ||||||
Bilfinger SE | 17,260 | 613,051 | ||||||
Borussia Dortmund GmbH & Co. KGaA(1) | 2,240 | 14,865 | ||||||
CropEnergies AG | 15,345 | 206,329 | ||||||
Deutsche EuroShop AG(1) | 20,674 | 443,065 | ||||||
Deutz AG(1) | 61,646 | 448,668 | ||||||
Draegerwerk AG & Co. KGaA, Preference Shares | 6,166 | 471,107 | ||||||
Duerr AG | 19,600 | 773,143 | ||||||
Elmos Semiconductor SE | 944 | 37,497 | ||||||
ElringKlinger AG(1) | 23,019 | 385,526 | ||||||
Hamburger Hafen und Logistik AG | 18,746 | 475,867 |
139
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Hornbach Baumarkt AG | 2,241 | $ | 91,040 | |||||
Hornbach Holding AG & Co. KGaA | 6,265 | 589,555 | ||||||
HUGO BOSS AG | 44,638 | 1,681,295 | ||||||
JOST Werke AG(1) | 10,903 | 630,439 | ||||||
Jungheinrich AG, Preference Shares | 42,363 | 1,827,752 | ||||||
K+S AG | 131,169 | 1,463,093 | ||||||
Kloeckner & Co. SE(1) | 48,838 | 518,087 | ||||||
Krones AG | 1,867 | 157,422 | ||||||
MLP SE | 9,280 | 71,073 | ||||||
Rheinmetall AG | 25,593 | 2,549,529 | ||||||
SAF-Holland SE(1) | 35,292 | 522,461 | ||||||
Salzgitter AG(1) | 31,068 | 926,200 | ||||||
SGL Carbon SE(1) | 53,111 | 440,812 | ||||||
Siltronic AG(1)(2) | 12,781 | 2,129,630 | ||||||
Sixt SE(1) | 8,773 | 1,088,388 | ||||||
Sixt SE, Preference Shares | 4,462 | 333,494 | ||||||
Suedzucker AG | 6,146 | 96,434 | ||||||
Wacker Chemie AG | 13,670 | 1,770,887 | ||||||
Wacker Neuson SE(1) | 13,404 | 272,460 | ||||||
Wuestenrot & Wuerttembergische AG | 13,268 | 272,772 | ||||||
23,904,214 | ||||||||
Hong Kong — 2.0% | ||||||||
BOCOM International Holdings Co. Ltd. | 468,000 | 85,048 | ||||||
Bright Smart Securities & Commodities Group Ltd.(2) | 654,000 | 174,467 | ||||||
China Strategic Holdings Ltd.(1) | 22,130,000 | 458,985 | ||||||
Chow Sang Sang Holdings International Ltd. | 300,000 | 406,804 | ||||||
Crystal International Group Ltd. | 34,500 | 12,259 | ||||||
CSI Properties Ltd. | 90,000 | 2,844 | ||||||
Dah Sing Financial Holdings Ltd. | 130,000 | 420,527 | ||||||
First Pacific Co. Ltd. | 1,384,000 | 453,098 | ||||||
Fullshare Holdings Ltd.(1)(2) | 5,772,500 | 119,236 | ||||||
Guotai Junan International Holdings Ltd. | 4,651,000 | 832,811 | ||||||
Haitong International Securities Group Ltd.(2) | 731,000 | 225,753 | ||||||
Hang Lung Group Ltd. | 66,000 | 164,992 | ||||||
Hengdeli Holdings Ltd.(1) | 12,000 | 464 | ||||||
IGG, Inc. | 728,000 | 1,085,041 | ||||||
Johnson Electric Holdings Ltd. | 227,500 | 659,569 | ||||||
K Wah International Holdings Ltd. | 1,698,000 | 873,375 | ||||||
LK Technology Holdings Ltd. | 457,500 | 605,527 | ||||||
Pacific Basin Shipping Ltd. | 4,074,000 | 1,013,363 | ||||||
Pacific Textiles Holdings Ltd. | 426,000 | 272,944 | ||||||
Sa Sa International Holdings Ltd.(1) | 918,000 | 224,749 | ||||||
Shun Tak Holdings Ltd. | 1,756,000 | 597,882 | ||||||
Solargiga Energy Holdings Ltd.(1) | 1,818,000 | 121,452 | ||||||
Soundwill Holdings Ltd. | 2,500 | 2,974 | ||||||
Sun Hung Kai & Co. Ltd. | 334,000 | 143,070 | ||||||
Ten Pao Group Holdings Ltd. | 320,000 | 88,575 | ||||||
Texwinca Holdings Ltd. | 440,000 | 96,307 | ||||||
United Laboratories International Holdings Ltd. (The) | 56,000 | 40,706 | ||||||
VPower Group International Holdings Ltd.(2) | 88,000 | 25,288 | ||||||
VSTECS Holdings Ltd. | 138,000 | 123,626 |
140
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Yue Yuen Industrial Holdings Ltd. | 132,500 | $ | 283,685 | |||||
9,615,421 | ||||||||
Ireland — 0.4% | ||||||||
FBD Holdings plc(1) | 6,291 | 55,939 | ||||||
Glenveagh Properties plc(1) | 1,377,945 | 1,379,671 | ||||||
Permanent TSB Group Holdings plc(1) | 44,096 | 58,543 | ||||||
Uniphar plc(1) | 101,528 | 301,409 | ||||||
1,795,562 | ||||||||
Israel — 2.2% | ||||||||
Adgar Investment and Development Ltd. | 13,419 | 22,490 | ||||||
Ashtrom Group Ltd. | 17,229 | 315,424 | ||||||
Azorim-Investment Development & Construction Co. Ltd.(1) | 16,771 | 49,741 | ||||||
Caesarstone Ltd. | 18,322 | 231,040 | ||||||
Camtek Ltd.(1) | 12,150 | 326,139 | ||||||
Carasso Motors Ltd. | 19,452 | 80,117 | ||||||
Cellcom Israel Ltd.(1) | 85,061 | 341,230 | ||||||
Clal Insurance Enterprises Holdings Ltd.(1) | 23,839 | 367,461 | ||||||
Equital Ltd.(1) | 6,077 | 141,189 | ||||||
Fattal Holdings 1998 Ltd.(1) | 6,958 | 710,007 | ||||||
FIBI Holdings Ltd. | 13,173 | 385,422 | ||||||
First International Bank of Israel Ltd. | 22,432 | 583,610 | ||||||
Fox Wizel Ltd. | 8,532 | 785,633 | ||||||
Gazit-Globe Ltd. | 27,510 | 170,291 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 74,439 | 667,077 | ||||||
Inrom Construction Industries Ltd. | 8,916 | 39,643 | ||||||
Isracard Ltd. | 210,827 | 717,546 | ||||||
Israel Corp. Ltd. (The)(1) | 658 | 148,259 | ||||||
Ituran Location and Control Ltd. | 832 | 18,038 | ||||||
Melisron Ltd. | 13,616 | 713,688 | ||||||
Menora Mivtachim Holdings Ltd. | 10,452 | 199,797 | ||||||
Migdal Insurance & Financial Holdings Ltd.(1) | 55,000 | 59,145 | ||||||
Naphtha Israel Petroleum Corp. Ltd.(1) | 10,798 | 48,080 | ||||||
Nawi Brothers Ltd. | 9,923 | 55,439 | ||||||
Oil Refineries Ltd.(1) | 2,199,580 | 475,731 | ||||||
Partner Communications Co. Ltd.(1) | 54,271 | 271,458 | ||||||
Paz Oil Co. Ltd. | 4,522 | 419,573 | ||||||
Perion Network Ltd.(1) | 3,865 | 81,108 | ||||||
Phoenix Holdings Ltd. (The)(1) | 91,937 | 707,792 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 2,826 | 180,860 | ||||||
Tower Semiconductor Ltd.(1) | 32,059 | 955,320 | ||||||
Victory Supermarket Chain Ltd. | 1,800 | 40,918 | ||||||
10,309,266 | ||||||||
Italy — 2.6% | ||||||||
Aeffe SpA(1) | 11,876 | 15,973 | ||||||
Banca Farmafactoring SpA(1) | 157,052 | 1,030,896 | ||||||
Banca IFIS SpA(1) | 39,368 | 499,746 | ||||||
Banca Popolare di Sondrio SCPA(1) | 511,020 | 1,471,350 | ||||||
Banco di Desio e della Brianza SpA(1) | 75,218 | 230,583 | ||||||
Biesse SpA(1) | 17,817 | 470,393 | ||||||
Cairo Communication SpA(1) | 94,298 | 158,016 | ||||||
Cementir Holding NV | 9,787 | 93,567 |
141
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Credito Valtellinese SpA(1) | 29,499 | $ | 427,552 | |||||
Danieli & C Officine Meccaniche SpA | 21,431 | 448,988 | ||||||
Danieli & C Officine Meccaniche SpA, Preference Shares(1) | 68,728 | 910,116 | ||||||
Digital Bros SpA | 11,307 | 266,630 | ||||||
doValue SpA(1) | 18,227 | 224,987 | ||||||
Elica SpA(1) | 12,000 | 46,697 | ||||||
Esprinet SpA(1) | 1,874 | 23,897 | ||||||
FNM SpA(1) | 242,870 | 159,913 | ||||||
Geox SpA(1) | 47,705 | 44,162 | ||||||
Mediaset SpA(1) | 246,979 | 696,229 | ||||||
OVS SpA(1) | 518,187 | 701,133 | ||||||
RAI Way SpA | 88,812 | 487,776 | ||||||
Reno de Medici SpA | 374,868 | 473,125 | ||||||
Saipem SpA | 811,107 | 2,264,659 | ||||||
Societa Cattolica di Assicurazioni SC(1) | 36,269 | 198,697 | ||||||
Technogym SpA(1) | 84,544 | 919,394 | ||||||
12,264,479 | ||||||||
Japan — 25.3% | ||||||||
77 Bank Ltd. (The) | 28,700 | 381,396 | ||||||
A&D Co. Ltd. | 11,900 | 131,881 | ||||||
Adastria Co. Ltd. | 11,900 | 225,946 | ||||||
ADEKA Corp. | 45,600 | 769,822 | ||||||
Adways, Inc.(2) | 12,600 | 99,028 | ||||||
Aeon Fantasy Co. Ltd.(2) | 3,100 | 74,483 | ||||||
AEON Financial Service Co. Ltd.(2) | 13,600 | 176,289 | ||||||
Aeon Mall Co. Ltd.(2) | 11,300 | 191,227 | ||||||
Aichi Steel Corp. | 700 | 20,548 | ||||||
Airport Facilities Co. Ltd. | 3,500 | 17,439 | ||||||
Aisan Industry Co. Ltd. | 4,700 | 25,312 | ||||||
Akatsuki, Inc. | 3,000 | 116,787 | ||||||
Alleanza Holdings Co. Ltd.(2) | 6,500 | 77,163 | ||||||
Alpen Co. Ltd. | 10,800 | 229,163 | ||||||
AOKI Holdings, Inc. | 4,600 | 29,706 | ||||||
Aozora Bank Ltd. | 59,200 | 1,262,297 | ||||||
Arata Corp. | 7,200 | 304,321 | ||||||
Arcland Sakamoto Co. Ltd. | 12,900 | 185,960 | ||||||
Arcs Co. Ltd. | 16,100 | 333,724 | ||||||
Asahi Co. Ltd.(2) | 7,400 | 102,599 | ||||||
Asahi Holdings, Inc. | 23,400 | 874,702 | ||||||
Asia Pile Holdings Corp. | 1,400 | 6,790 | ||||||
ASKA Pharmaceutical Co. Ltd. | 9,100 | 114,545 | ||||||
Awa Bank Ltd. (The) | 4,300 | 90,134 | ||||||
Axial Retailing, Inc. | 3,800 | 163,092 | ||||||
Bando Chemical Industries Ltd. | 4,500 | 30,310 | ||||||
Bank of the Ryukyus Ltd. | 11,200 | 81,945 | ||||||
Beenos, Inc. | 7,600 | 164,660 | ||||||
Belc Co. Ltd. | 1,500 | 76,250 | ||||||
Belluna Co. Ltd. | 21,700 | 210,670 | ||||||
Bic Camera, Inc.(2) | 50,800 | 553,526 | ||||||
Bunka Shutter Co. Ltd. | 31,300 | 292,434 | ||||||
Careerlink Co. Ltd. | 2,800 | 64,087 |
142
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Cawachi Ltd. | 7,200 | $ | 193,825 | |||||
Central Glass Co. Ltd. | 19,400 | 401,080 | ||||||
Chiba Kogyo Bank Ltd. (The) | 2,000 | 4,853 | ||||||
Chubu Shiryo Co. Ltd. | 2,200 | 28,670 | ||||||
CMIC Holdings Co. Ltd. | 1,200 | 18,503 | ||||||
Cosmo Energy Holdings Co. Ltd. | 36,900 | 903,004 | ||||||
Credit Saison Co. Ltd.(2) | 88,500 | 1,119,175 | ||||||
CTI Engineering Co. Ltd. | 2,700 | 59,177 | ||||||
Daicel Corp.(2) | 81,700 | 607,045 | ||||||
Daihen Corp. | 9,400 | 401,943 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 300 | 2,828 | ||||||
Daiki Aluminium Industry Co. Ltd. | 6,000 | 44,073 | ||||||
Daikokutenbussan Co. Ltd. | 2,700 | 148,951 | ||||||
Daikyonishikawa Corp. | 19,200 | 133,196 | ||||||
Daio Paper Corp. | 40,100 | 749,456 | ||||||
Daishi Hokuetsu Financial Group, Inc. | 17,700 | 393,288 | ||||||
Daito Pharmaceutical Co. Ltd. | 5,000 | 155,068 | ||||||
DCM Holdings Co. Ltd.(2) | 68,900 | 680,599 | ||||||
Denka Co. Ltd. | 14,500 | 548,456 | ||||||
Denyo Co. Ltd. | 1,000 | 19,088 | ||||||
DIC Corp. | 43,900 | 1,085,687 | ||||||
Digital Holdings, Inc. | 5,000 | 84,822 | ||||||
Dowa Holdings Co. Ltd. | 22,100 | 887,615 | ||||||
Eagle Industry Co. Ltd. | 9,300 | 95,103 | ||||||
Ebara Corp. | 56,900 | 2,143,712 | ||||||
Eco's Co. Ltd.(2) | 4,000 | 68,178 | ||||||
EDION Corp. | 46,800 | 475,317 | ||||||
EJ Holdings, Inc. | 2,900 | 26,884 | ||||||
Electric Power Development Co. Ltd. | 49,100 | 798,873 | ||||||
Enplas Corp. | 3,500 | 144,576 | ||||||
ES-Con Japan Ltd. | 15,600 | 111,375 | ||||||
Exedy Corp. | 7,600 | 115,539 | ||||||
F.C.C. Co. Ltd. | 4,900 | 78,136 | ||||||
Feed One Co. Ltd. | 4,700 | 38,975 | ||||||
Ferrotec Holdings Corp. | 18,400 | 369,881 | ||||||
FIDEA Holdings Co. Ltd. | 21,100 | 24,329 | ||||||
Financial Products Group Co. Ltd. | 30,900 | 186,288 | ||||||
Foster Electric Co. Ltd. | 10,400 | 121,277 | ||||||
Freebit Co. Ltd. | 3,900 | 35,228 | ||||||
Fudo Tetra Corp. | 3,500 | 59,983 | ||||||
Fuji Co. Ltd.(2) | 1,500 | 25,668 | ||||||
Fuji Seal International, Inc. | 19,900 | 412,729�� | ||||||
Fujibo Holdings, Inc. | 2,900 | 110,240 | ||||||
Fujikura Ltd.(1) | 178,800 | 877,682 | ||||||
Fujimori Kogyo Co. Ltd. | 4,500 | 180,102 | ||||||
Fukuda Corp. | 800 | 37,419 | ||||||
Fumakilla Ltd. | 1,400 | 20,874 | ||||||
Furukawa Battery Co. Ltd. (The)(2) | 2,700 | 39,675 | ||||||
Furukawa Co. Ltd. | 8,900 | 109,114 | ||||||
Furuno Electric Co. Ltd. | 18,200 | 179,764 | ||||||
Furyu Corp. | 600 | 6,214 |
143
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Futaba Industrial Co. Ltd. | 32,800 | $ | 162,928 | |||||
Fuyo General Lease Co. Ltd. | 7,600 | 505,332 | ||||||
G-7 Holdings, Inc. | 600 | 13,376 | ||||||
G-Tekt Corp. | 6,700 | 88,350 | ||||||
Gecoss Corp. | 2,200 | 18,691 | ||||||
Genky DrugStores Co. Ltd. | 4,200 | 130,411 | ||||||
Geo Holdings Corp. | 18,200 | 204,185 | ||||||
GLOBERIDE, Inc. | 4,300 | 164,968 | ||||||
GMO Financial Holdings, Inc. | 29,300 | 255,459 | ||||||
Godo Steel Ltd. | 4,600 | 86,802 | ||||||
GS Yuasa Corp. | 36,500 | 1,087,280 | ||||||
GungHo Online Entertainment, Inc. | 1,800 | 36,791 | ||||||
Gunma Bank Ltd. (The) | 154,900 | 503,705 | ||||||
H.U. Group Holdings, Inc. | 24,900 | 769,632 | ||||||
Hachijuni Bank Ltd. (The) | 40,400 | 134,095 | ||||||
Hagihara Industries, Inc. | 3,300 | 43,987 | ||||||
Hamakyorex Co. Ltd. | 5,300 | 158,779 | ||||||
Hanwa Co. Ltd. | 22,300 | 579,820 | ||||||
Hazama Ando Corp. | 3,700 | 28,126 | ||||||
HI-LEX Corp. | 4,000 | 65,466 | ||||||
Hirogin Holdings, Inc. | 134,600 | 797,657 | ||||||
Hitachi Capital Corp. | 32,600 | 888,299 | ||||||
Hitachi Transport System Ltd. | 12,800 | 401,051 | ||||||
Hitachi Zosen Corp. | 110,200 | 708,472 | ||||||
Hokkoku Bank Ltd. (The) | 7,200 | 178,890 | ||||||
Hokuetsu Corp. | 29,100 | 140,095 | ||||||
Hokuhoku Financial Group, Inc. | 63,700 | 579,602 | ||||||
Hokuto Corp. | 11,600 | 230,983 | ||||||
Hoosiers Holdings | 15,500 | 97,970 | ||||||
Hosiden Corp. | 7,200 | 69,045 | ||||||
Hyakugo Bank Ltd. (The) | 41,000 | 117,179 | ||||||
I-Net Corp./Kanagawa | 1,400 | 19,278 | ||||||
I-PEX, Inc. | 1,900 | 35,431 | ||||||
Ichigo, Inc.(2) | 6,500 | 21,519 | ||||||
Ichinen Holdings Co. Ltd. | 4,300 | 52,906 | ||||||
IDEA Consultants, Inc. | 200 | 3,120 | ||||||
IDOM, Inc. | 35,000 | 205,223 | ||||||
Iino Kaiun Kaisha Ltd. | 38,100 | 163,424 | ||||||
Ines Corp. | 200 | 2,487 | ||||||
Internet Initiative Japan, Inc. | 27,700 | 571,614 | ||||||
Itochu Enex Co. Ltd. | 36,800 | 355,523 | ||||||
IwaiCosmo Holdings, Inc. | 9,500 | 138,416 | ||||||
Iwatani Corp.(2) | 8,500 | 487,735 | ||||||
Iyo Bank Ltd. (The) | 88,300 | 514,770 | ||||||
Izumi Co. Ltd.(2) | 400 | 14,899 | ||||||
Jaccs Co. Ltd. | 13,500 | 259,869 | ||||||
JAFCO Group Co. Ltd. | 3,800 | 232,569 | ||||||
Janome Sewing Machine Co. Ltd. | 10,000 | 71,242 | ||||||
Japan Asia Group Ltd. | 19,000 | 221,799 | ||||||
Japan Aviation Electronics Industry Ltd. | 17,300 | 277,886 | ||||||
Japan Investment Adviser Co. Ltd.(2) | 9,700 | 124,063 |
144
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Japan Petroleum Exploration Co. Ltd. | 15,100 | $ | 318,354 | |||||
Japan Transcity Corp. | 4,400 | 21,552 | ||||||
JDC Corp. | 1,000 | 5,175 | ||||||
JFE Holdings, Inc.(1) | 90,300 | 965,477 | ||||||
JK Holdings Co. Ltd. | 200 | 1,494 | ||||||
Joshin Denki Co. Ltd. | 5,000 | 138,260 | ||||||
JSP Corp. | 1,200 | 20,170 | ||||||
JTEKT Corp. | 113,600 | 1,206,756 | ||||||
Juroku Bank Ltd. (The) | 14,700 | 273,028 | ||||||
JVCKenwood Corp. | 62,500 | 110,493 | ||||||
K's Holdings Corp. | 90,200 | 1,208,787 | ||||||
Kaga Electronics Co. Ltd. | 1,500 | 32,734 | ||||||
Kamei Corp. | 4,100 | 44,949 | ||||||
Kanamoto Co. Ltd. | 22,800 | 508,796 | ||||||
Kandenko Co. Ltd. | 35,200 | 289,982 | ||||||
Kaneka Corp. | 24,400 | 955,222 | ||||||
Kanematsu Corp. | 1,400 | 17,966 | ||||||
Kanto Denka Kogyo Co. Ltd. | 11,700 | 96,481 | ||||||
KAWADA TECHNOLOGIES, Inc. | 200 | 8,940 | ||||||
Kawamoto Corp. | 900 | 12,320 | ||||||
Kawasaki Heavy Industries Ltd.(1) | 14,700 | 334,556 | ||||||
Keiyo Co. Ltd. | 31,300 | 214,637 | ||||||
Kintetsu World Express, Inc. | 4,400 | 114,712 | ||||||
Kito Corp. | 1,700 | 23,117 | ||||||
Kitz Corp. | 26,000 | 138,634 | ||||||
Kiyo Bank Ltd. (The) | 34,000 | 462,846 | ||||||
Koa Shoji Holdings Co. Ltd. | 2,900 | 32,986 | ||||||
Kobe Steel Ltd.(1) | 132,200 | 826,256 | ||||||
Kohnan Shoji Co. Ltd.(2) | 19,000 | 516,869 | ||||||
Kojima Co. Ltd. | 22,300 | 126,982 | ||||||
Komeri Co. Ltd. | 19,500 | 525,006 | ||||||
Konica Minolta, Inc.(2) | 159,800 | 819,100 | ||||||
Konoike Transport Co. Ltd. | 3,700 | 36,111 | ||||||
Kumagai Gumi Co. Ltd. | 22,300 | 589,898 | ||||||
Kuraray Co. Ltd. | 144,100 | 1,638,407 | ||||||
Kureha Corp. | 7,800 | 518,577 | ||||||
Kurimoto Ltd. | 800 | 12,885 | ||||||
Kuriyama Holdings Corp. | 400 | 2,549 | ||||||
Kyoei Steel Ltd. | 10,100 | 134,841 | ||||||
Kyokuyo Co. Ltd. | 1,800 | 50,730 | ||||||
Kyudenko Corp. | 600 | 19,828 | ||||||
Kyushu Financial Group, Inc. | 75,100 | 307,324 | ||||||
Lawson, Inc.(2) | 1,800 | 84,440 | ||||||
Life Corp.(2) | 1,900 | 56,066 | ||||||
Macnica Fuji Electronics Holdings, Inc. | 30,900 | 586,351 | ||||||
Maeda Corp.(2) | 80,600 | 719,984 | ||||||
Maeda Road Construction Co. Ltd.(2) | 13,700 | 279,893 | ||||||
Maruha Nichiro Corp. | 22,800 | 528,814 | ||||||
Maruwa Co. Ltd. | 200 | 18,937 | ||||||
Maruzen Showa Unyu Co. Ltd. | 2,500 | 72,123 | ||||||
Mazda Motor Corp. | 600 | 4,801 |
145
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
MCJ Co. Ltd. | 14,900 | $ | 127,398 | |||||
Mebuki Financial Group, Inc. | 363,100 | 796,511 | ||||||
Megachips Corp. | 12,300 | 396,565 | ||||||
Megmilk Snow Brand Co. Ltd. | 17,200 | 345,652 | ||||||
Meidensha Corp. | 21,200 | 457,500 | ||||||
Meiko Electronics Co. Ltd.(2) | 1,700 | 35,655 | ||||||
Mie Kotsu Group Holdings, Inc. | 8,900 | 40,727 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 12,000 | 276,566 | ||||||
Mirait Holdings Corp. | 46,400 | 728,148 | ||||||
Mitani Sangyo Co. Ltd. | 1,200 | 4,667 | ||||||
Mitsubishi Kakoki Kaisha Ltd.(2) | 3,400 | 91,925 | ||||||
Mitsubishi Materials Corp. | 53,700 | 1,279,463 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 195,800 | 1,062,427 | ||||||
Mitsui Chemicals, Inc. | 50,000 | 1,555,404 | ||||||
Mitsui E&S Holdings Co. Ltd.(1) | 10,300 | 44,814 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 9,100 | 325,397 | ||||||
Mitsui OSK Lines Ltd. | 78,500 | 2,516,203 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 13,500 | 276,734 | ||||||
Mixi, Inc. | 27,800 | 699,410 | ||||||
Miyazaki Bank Ltd. (The) | 1,500 | 31,869 | ||||||
Mizuho Leasing Co. Ltd. | 19,600 | 611,672 | ||||||
Modec, Inc. | 12,500 | 205,263 | ||||||
Monex Group, Inc. | 96,300 | 807,952 | ||||||
Morinaga Milk Industry Co. Ltd. | 7,600 | 345,775 | ||||||
MrMax Holdings Ltd.(2) | 9,700 | 65,884 | ||||||
Musashi Seimitsu Industry Co. Ltd. | 28,500 | 474,106 | ||||||
Musashino Bank Ltd. (The) | 3,800 | 56,638 | ||||||
Nachi-Fujikoshi Corp. | 4,500 | 191,732 | ||||||
Nafco Co. Ltd. | 8,500 | 163,782 | ||||||
NEC Capital Solutions Ltd. | 2,100 | 39,058 | ||||||
NGK Spark Plug Co. Ltd. | 75,100 | 1,284,374 | ||||||
Nichiha Corp. | 16,400 | 464,089 | ||||||
Nichireki Co. Ltd. | 12,500 | 178,133 | ||||||
Nihon Chouzai Co. Ltd. | 400 | 5,815 | ||||||
Nihon Flush Co. Ltd.(2) | 3,600 | 39,207 | ||||||
Nihon House Holdings Co. Ltd.(2) | 2,100 | 6,505 | ||||||
Nihon Tokushu Toryo Co. Ltd. | 1,200 | 12,453 | ||||||
Nikkon Holdings Co. Ltd. | 29,900 | 576,876 | ||||||
Nippo Corp. | 32,400 | 848,576 | ||||||
Nippon Carbon Co. Ltd. | 200 | 7,270 | ||||||
Nippon Chemical Industrial Co. Ltd. | 300 | 8,897 | ||||||
Nippon Coke & Engineering Co. Ltd. | 46,100 | 45,135 | ||||||
Nippon Commercial Development Co. Ltd. | 3,500 | 54,084 | ||||||
Nippon Denko Co. Ltd. | 83,400 | 219,803 | ||||||
Nippon Electric Glass Co. Ltd. | 20,700 | 472,090 | ||||||
Nippon Kayaku Co. Ltd. | 42,300 | 412,512 | ||||||
Nippon Kodoshi Corp. | 800 | 23,772 | ||||||
Nippon Koei Co. Ltd. | 2,900 | 77,372 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 32,910 | 653,762 | ||||||
Nippon Paper Industries Co. Ltd.(2) | 60,700 | 801,954 | ||||||
Nippon Seiki Co. Ltd. | 2,100 | 24,545 |
146
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Nippon Suisan Kaisha Ltd. | 123,600 | $ | 591,175 | |||||
Nippon Yakin Kogyo Co. Ltd. | 2,110 | 40,743 | ||||||
Nippon Yusen KK | 100,000 | 2,924,976 | ||||||
Nipro Corp. | 64,900 | 804,768 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 67,900 | 447,347 | ||||||
Nishimatsuya Chain Co. Ltd.(2) | 16,000 | 211,382 | ||||||
Nishio Rent All Co. Ltd. | 13,600 | 338,874 | ||||||
Nissei ASB Machine Co. Ltd. | 1,500 | 76,283 | ||||||
Nissha Co. Ltd. | 24,700 | 309,784 | ||||||
Nissin Electric Co. Ltd. | 29,400 | 341,964 | ||||||
Nitto Kogyo Corp. | 14,500 | 270,749 | ||||||
Nittoc Construction Co. Ltd. | 3,300 | 24,775 | ||||||
Nojima Corp. | 7,900 | 207,788 | ||||||
NOK Corp. | 39,400 | 543,429 | ||||||
Nomura Micro Science Co. Ltd.(2) | 2,700 | 79,138 | ||||||
Noritz Corp. | 1,700 | 25,651 | ||||||
North Pacific Bank Ltd. | 140,900 | 320,112 | ||||||
NS United Kaiun Kaisha Ltd. | 1,100 | 16,125 | ||||||
NTN Corp.(1) | 34,200 | 100,770 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 11,400 | 216,452 | ||||||
Okamura Corp. | 33,700 | 355,966 | ||||||
Oki Electric Industry Co. Ltd. | 48,500 | 477,287 | ||||||
Okuwa Co. Ltd. | 12,500 | 132,498 | ||||||
Olympic Group Corp. | 6,200 | 51,308 | ||||||
Orient Corp. | 319,100 | 446,518 | ||||||
OSJB Holdings Corp. | 70,400 | 178,966 | ||||||
Pacific Industrial Co. Ltd. | 22,600 | 244,202 | ||||||
Pasco Corp. | 500 | 6,150 | ||||||
Pasona Group, Inc. | 13,000 | 218,393 | ||||||
Penta-Ocean Construction Co. Ltd. | 142,600 | 1,066,618 | ||||||
Press Kogyo Co. Ltd. | 5,000 | 15,091 | ||||||
Pressance Corp.(2) | 10,100 | 140,213 | ||||||
PS Mitsubishi Construction Co. Ltd. | 5,100 | 32,327 | ||||||
Relia, Inc. | 22,200 | 278,852 | ||||||
Rengo Co. Ltd. | 97,700 | 794,684 | ||||||
Resorttrust, Inc. | 2,600 | 46,103 | ||||||
Ricoh Leasing Co. Ltd. | 7,400 | 227,916 | ||||||
Riken Technos Corp. | 11,300 | 50,479 | ||||||
Riken Vitamin Co. Ltd. | 4,000 | 49,388 | ||||||
Rokko Butter Co. Ltd. | 1,900 | 29,534 | ||||||
Roland DG Corp. | 3,500 | 59,332 | ||||||
Ryoden Corp. | 1,700 | 24,814 | ||||||
Sakura Internet, Inc. | 500 | 3,053 | ||||||
Sala Corp. | 12,500 | 67,423 | ||||||
San-Ai Oil Co. Ltd. | 14,700 | 148,437 | ||||||
San-In Godo Bank Ltd. (The) | 55,700 | 254,799 | ||||||
Sanei Architecture Planning Co. Ltd.(2) | 1,600 | 25,365 | ||||||
Sanken Electric Co. Ltd.(2) | 4,900 | 251,491 | ||||||
Sankyu, Inc. | 28,700 | 1,207,770 | ||||||
Sanwa Holdings Corp. | 102,900 | 1,276,277 | ||||||
Sawada Holdings Co. Ltd. | 800 | 6,154 |
147
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
SBS Holdings, Inc. | 10,600 | $ | 241,817 | |||||
SEC Carbon Ltd.(2) | 100 | 6,097 | ||||||
Seikitokyu Kogyo Co. Ltd. | 6,400 | 52,915 | ||||||
Seiko Epson Corp. | 38,900 | 643,365 | ||||||
Seino Holdings Co. Ltd. | 3,100 | 43,838 | ||||||
Seiren Co. Ltd.(2) | 5,100 | 87,453 | ||||||
Senko Group Holdings Co. Ltd. | 74,300 | 698,856 | ||||||
Senshu Ikeda Holdings, Inc. | 109,700 | 165,122 | ||||||
Seven Bank Ltd.(2) | 200,500 | 454,124 | ||||||
Shibaura Mechatronics Corp. | 2,100 | 95,855 | ||||||
Shibuya Corp. | 1,600 | 48,647 | ||||||
Shinagawa Refractories Co. Ltd. | 100 | 2,485 | ||||||
Shinnihon Corp. | 5,300 | 41,083 | ||||||
Shinoken Group Co. Ltd. | 13,600 | 140,289 | ||||||
Shinsei Bank Ltd. | 59,700 | 861,817 | ||||||
Showa Sangyo Co. Ltd. | 2,000 | 59,034 | ||||||
Sinfonia Technology Co. Ltd. | 12,200 | 149,652 | ||||||
Sinko Industries Ltd. | 3,300 | 58,706 | ||||||
SK-Electronics Co. Ltd. | 200 | 2,399 | ||||||
SKY Perfect JSAT Holdings, Inc. | 83,300 | 351,628 | ||||||
Space Value Holdings Co. Ltd. | 12,900 | 91,848 | ||||||
St-Care Holding Corp. | 2,400 | 21,160 | ||||||
Starts Corp., Inc. | 17,800 | 467,580 | ||||||
Stella Chemifa Corp. | 4,200 | 125,275 | ||||||
Studio Alice Co. Ltd. | 2,400 | 45,658 | ||||||
Sugi Holdings Co. Ltd.(2) | 4,100 | 285,380 | ||||||
SUMCO Corp. | 60,700 | 1,395,404 | ||||||
Sumida Corp. | 12,500 | 112,434 | ||||||
Sumitomo Bakelite Co. Ltd. | 8,000 | 329,521 | ||||||
Sumitomo Densetsu Co. Ltd. | 700 | 15,895 | ||||||
Sumitomo Forestry Co. Ltd. | 66,200 | 1,197,524 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 21,500 | 715,063 | ||||||
Sumitomo Riko Co. Ltd. | 8,900 | 51,671 | ||||||
Sumitomo Rubber Industries Ltd. | 107,100 | 1,204,672 | ||||||
Sumitomo Seika Chemicals Co. Ltd. | 900 | 32,996 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 29,600 | 409,479 | ||||||
Sun Frontier Fudousan Co. Ltd. | 9,000 | 80,982 | ||||||
Suruga Bank Ltd.(2) | 88,500 | 296,394 | ||||||
SWCC Showa Holdings Co. Ltd. | 13,900 | 215,169 | ||||||
T-Gaia Corp. | 8,100 | 139,081 | ||||||
Taihei Dengyo Kaisha Ltd. | 5,100 | 126,969 | ||||||
Taiheiyo Cement Corp. | 69,200 | 1,756,636 | ||||||
Taiyo Yuden Co. Ltd. | 24,600 | 1,227,505 | ||||||
Takamiya Co. Ltd. | 1,600 | 7,705 | ||||||
Takaoka Toko Co. Ltd. | 7,500 | 102,841 | ||||||
Takara Leben Co. Ltd. | 22,900 | 74,271 | ||||||
Takashimaya Co. Ltd.(2) | 51,000 | 524,584 | ||||||
Takeei Corp. | 18,900 | 222,628 | ||||||
Takuma Co. Ltd. | 35,900 | 709,950 | ||||||
Tanseisha Co. Ltd. | 17,200 | 134,008 | ||||||
Taoka Chemical Co. Ltd. | 600 | 71,702 |
148
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Teijin Ltd. | 102,500 | $ | 1,777,835 | |||||
Teikoku Electric Manufacturing Co. Ltd. | 900 | 9,882 | ||||||
Toa Corp. (Tokyo) | 8,300 | 177,554 | ||||||
Toda Corp.(2) | 6,000 | 41,335 | ||||||
Toho Zinc Co. Ltd.(1) | 7,700 | 164,734 | ||||||
TOKAI Holdings Corp. | 31,000 | 268,247 | ||||||
Tokai Rika Co. Ltd. | 11,100 | 182,133 | ||||||
Tokuyama Corp. | 36,500 | 920,284 | ||||||
Tokyo Electron Device Ltd. | 900 | 30,655 | ||||||
Tokyu Fudosan Holdings Corp. | 62,900 | 397,906 | ||||||
Tomoku Co. Ltd. | 1,600 | 26,485 | ||||||
TOMONY Holdings, Inc. | 8,700 | 25,023 | ||||||
Topre Corp. | 10,600 | 152,614 | ||||||
Tosei Corp. | 16,400 | 154,568 | ||||||
Tosho Co. Ltd. | 7,400 | 138,628 | ||||||
Tosoh Corp. | 43,300 | 800,838 | ||||||
Totetsu Kogyo Co. Ltd. | 4,300 | 104,178 | ||||||
Towa Bank Ltd. (The) | 11,900 | 76,290 | ||||||
Towa Corp. | 15,200 | 284,536 | ||||||
Toyo Seikan Group Holdings Ltd. | 49,300 | 622,442 | ||||||
Toyo Tanso Co. Ltd. | 2,200 | 39,252 | ||||||
Toyo Tire Corp. | 63,500 | 1,118,698 | ||||||
Toyobo Co. Ltd. | 61,900 | 786,271 | ||||||
Toyoda Gosei Co. Ltd. | 29,700 | 776,345 | ||||||
Toyota Boshoku Corp. | 600 | 9,418 | ||||||
TPR Co. Ltd. | 8,500 | 117,151 | ||||||
Tsubakimoto Chain Co. | 14,300 | 390,579 | ||||||
Tsukui Holdings Corp. | 32,200 | 281,107 | ||||||
Tsuzuki Denki Co. Ltd. | 200 | 2,810 | ||||||
UACJ Corp. | 15,800 | 367,122 | ||||||
Ube Industries Ltd. | 56,000 | 1,133,508 | ||||||
Uchida Yoko Co. Ltd. | 500 | 21,083 | ||||||
United Super Markets Holdings, Inc. | 29,000 | 290,320 | ||||||
Unitika Ltd.(1) | 27,100 | 109,503 | ||||||
V Technology Co. Ltd.(2) | 4,100 | 206,124 | ||||||
Valor Holdings Co. Ltd. | 21,000 | 445,408 | ||||||
VT Holdings Co. Ltd. | 2,200 | 8,640 | ||||||
Wacom Co. Ltd. | 21,300 | 153,843 | ||||||
Wakita & Co. Ltd. | 17,000 | 150,331 | ||||||
Warabeya Nichiyo Holdings Co. Ltd. | 2,400 | 35,345 | ||||||
Watahan & Co. Ltd. | 7,500 | 88,182 | ||||||
World Holdings Co. Ltd. | 4,100 | 95,724 | ||||||
Yahagi Construction Co. Ltd. | 5,600 | 43,461 | ||||||
YAMABIKO Corp. | 25,100 | 265,104 | ||||||
Yamaguchi Financial Group, Inc. | 52,700 | 327,326 | ||||||
Yamato Corp. | 700 | 4,275 | ||||||
Yaoko Co. Ltd. | 1,100 | 67,371 | ||||||
Yokohama Reito Co. Ltd. | 20,000 | 164,476 | ||||||
Yokohama Rubber Co. Ltd. (The) | 62,800 | 1,097,417 | ||||||
Yurtec Corp. | 1,000 | 7,384 | ||||||
119,786,894 |
149
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Netherlands — 2.7% | ||||||||
Accell Group NV(1) | 10,230 | $ | 376,731 | |||||
AerCap Holdings NV(1) | 69,891 | 3,367,348 | ||||||
AMG Advanced Metallurgical Group NV(2) | 15,102 | 549,005 | ||||||
Arcadis NV(1) | 18,515 | 630,743 | ||||||
ASR Nederland NV | 83,858 | 3,499,817 | ||||||
Basic-Fit NV(1) | 12,957 | 549,497 | ||||||
Boskalis Westminster(1) | 43,886 | 1,348,836 | ||||||
Brunel International NV(1) | 3,906 | 42,464 | ||||||
ForFarmers NV | 21,323 | 140,444 | ||||||
Fugro NV, CVA(1) | 10,529 | 111,175 | ||||||
Heijmans NV, CVA(1)(2) | 38,211 | 622,265 | ||||||
Koninklijke BAM Groep NV(1) | 241,295 | 647,160 | ||||||
SIF Holding NV(1) | 11,213 | 213,172 | ||||||
TKH Group NV, CVA | 10,296 | 513,207 | ||||||
12,611,864 | ||||||||
New Zealand — 0.9% | ||||||||
Air New Zealand Ltd.(1)(2) | 762,965 | 871,564 | ||||||
New Zealand Refining Co. Ltd. (The)(1) | 201,543 | 67,246 | ||||||
Oceania Healthcare Ltd. | 343,352 | 359,486 | ||||||
SKYCITY Entertainment Group Ltd.(1) | 783,329 | 1,718,486 | ||||||
Tourism Holdings Ltd.(1) | 2,943 | 4,785 | ||||||
Z Energy Ltd.(1) | 577,547 | 1,137,878 | ||||||
4,159,445 | ||||||||
Norway — 2.2% | ||||||||
Aker Solutions ASA(1) | 260,731 | 395,814 | ||||||
Avance Gas Holding Ltd.(2) | 69,742 | 261,373 | ||||||
BW Energy Ltd.(1) | 12,056 | 35,064 | ||||||
BW LPG Ltd. | 128,378 | 767,649 | ||||||
BW Offshore Ltd. | 116,763 | 477,268 | ||||||
DNO ASA(1) | 515,416 | 486,635 | ||||||
FLEX LNG Ltd. | 10,000 | 85,925 | ||||||
Frontline Ltd.(2) | 77,160 | 522,373 | ||||||
Golden Ocean Group Ltd. | 10,318 | 61,854 | ||||||
Hunter Group ASA(1) | 85,606 | 28,854 | ||||||
Komplett Bank ASA(1) | 54,615 | 53,577 | ||||||
Norske Skog ASA | 15,000 | 55,786 | ||||||
Ocean Yield ASA(2) | 12,795 | 40,746 | ||||||
Odfjell Drilling Ltd.(1)(2) | 50,563 | 126,213 | ||||||
PGS ASA(1) | 632,792 | 412,299 | ||||||
Selvaag Bolig ASA | 11,842 | 77,007 | ||||||
Sparebank 1 Oestlandet | 8,980 | 105,121 | ||||||
Sparebanken Vest | 58,146 | 510,678 | ||||||
Stolt-Nielsen Ltd. | 34,291 | 456,065 | ||||||
Subsea 7 SA(1) | 247,782 | 2,586,919 | ||||||
TGS Nopec Geophysical Co. ASA | 100,005 | 1,585,095 | ||||||
Veidekke ASA | 70,960 | 926,957 | ||||||
Wallenius Wilhelmsen ASA(1) | 50,834 | 140,324 | ||||||
10,199,596 | ||||||||
Portugal — 0.2% | ||||||||
Banco Comercial Portugues SA, R Shares(1)(2) | 5,940,319 | 839,692 |
150
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
CTT-Correios de Portugal SA(1) | 24,583 | $ | 74,046 | |||||
Semapa-Sociedade de Investimento e Gestao | 13,427 | 192,469 | ||||||
Sonae SGPS SA | 12,843 | 10,535 | ||||||
1,116,742 | ||||||||
Singapore — 1.7% | ||||||||
Accordia Golf Trust | 1,029,500 | 559,763 | ||||||
Banyan Tree Holdings Ltd.(1) | 67,500 | 13,370 | ||||||
Boustead Singapore Ltd. | 107,700 | 71,785 | ||||||
BRC Asia Ltd. | 79,400 | 93,997 | ||||||
China Sunsine Chemical Holdings Ltd. | 731,800 | 266,158 | ||||||
Food Empire Holdings Ltd. | 57,400 | 39,050 | ||||||
Frencken Group Ltd. | 849,600 | 854,560 | ||||||
Golden Agri-Resources Ltd. | 10,924,400 | 1,564,400 | ||||||
Hong Leong Asia Ltd. | 252,800 | 137,057 | ||||||
Hour Glass Ltd. (The) | 163,200 | 107,737 | ||||||
Hutchison Port Holdings Trust, U Shares | 9,272,600 | 2,212,943 | ||||||
Indofood Agri Resources Ltd.(1) | 191,900 | 40,998 | ||||||
Japfa Ltd. | 1,205,200 | 810,707 | ||||||
Mewah International, Inc. | 120,500 | 31,088 | ||||||
OUE Ltd. | 102,800 | 89,316 | ||||||
QAF Ltd. | 46,100 | 33,821 | ||||||
Sembcorp Industries Ltd. | 577,000 | 745,676 | ||||||
Singapore Press Holdings Ltd. | 172,200 | 180,060 | ||||||
Sunningdale Tech Ltd. | 155,000 | 190,368 | ||||||
8,042,854 | ||||||||
Spain — 1.9% | ||||||||
Almirall SA(1) | 52,605 | 701,161 | ||||||
Banco de Sabadell SA | 500,264 | 250,415 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 18,734 | 829,383 | ||||||
Ence Energia y Celulosa SA(1) | 125,995 | 646,028 | ||||||
Ercros SA | 31,436 | 91,503 | ||||||
Gestamp Automocion SA(1) | 136,411 | 740,746 | ||||||
Grenergy Renovables SA(1) | 2,600 | 109,467 | ||||||
Grupo Catalana Occidente SA | 19,118 | 712,621 | ||||||
Liberbank SA(1) | 1,716,892 | 534,211 | ||||||
Mediaset Espana Comunicacion SA(1) | 123,244 | 738,962 | ||||||
Melia Hotels International SA(1) | 100,474 | 848,215 | ||||||
Miquel y Costas & Miquel SA | 97 | 1,638 | ||||||
Neinor Homes SA(1) | 5,865 | 74,407 | ||||||
Obrascon Huarte Lain SA(1)(2) | 171,879 | 121,459 | ||||||
Pharma Mar SA | 10,789 | 1,426,306 | ||||||
Prosegur Cia de Seguridad SA | 159,753 | 492,252 | ||||||
Sacyr SA | 5,270 | 13,299 | ||||||
Solarpack Corp. Tecnologica SA(1) | 12,905 | 296,567 | ||||||
Tubacex SA(1)(2) | 34,018 | 55,637 | ||||||
Viscofan SA | 1,904 | 133,738 | ||||||
Zardoya Otis SA | 14,700 | 94,707 | ||||||
8,912,722 | ||||||||
Sweden — 6.8% | ||||||||
Arise AB(1) | 17,600 | 98,164 | ||||||
Avanza Bank Holding AB | 32,344 | 1,013,379 |
151
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Bahnhof AB, B Shares | 33,644 | $ | 141,854 | |||||
Bilia AB, A Shares(1) | 107,592 | 1,438,916 | ||||||
Bonava AB, B Shares(1) | 75,561 | 804,852 | ||||||
Boozt AB(1) | 48,118 | 1,001,504 | ||||||
Bure Equity AB | 56,772 | 1,801,599 | ||||||
Catena Media plc(1) | 83,048 | 386,556 | ||||||
Cibus Nordic Real Estate AB | 9,774 | 187,349 | ||||||
Clas Ohlson AB, B Shares(1) | 73,868 | 663,891 | ||||||
Collector AB(1)(2) | 40,227 | 117,074 | ||||||
Dios Fastigheter AB | 76,031 | 608,281 | ||||||
Electrolux Professional AB, B Shares(1) | 203,439 | 1,081,860 | ||||||
Eolus Vind AB, B Shares(2) | 38,784 | 882,206 | ||||||
Ferronordic AB | 2,257 | 50,304 | ||||||
G5 Entertainment AB | 5,788 | 333,274 | ||||||
Granges AB(1) | 120,465 | 1,530,694 | ||||||
Haldex AB(1) | 21,154 | 119,960 | ||||||
Hexatronic Group AB(1) | 34,989 | 430,876 | ||||||
Hoist Finance AB(1)(2) | 106,049 | 510,539 | ||||||
Karo Pharma AB(1) | 38,055 | 226,555 | ||||||
Klovern AB, B Shares(2) | 700,535 | 1,062,047 | ||||||
Kungsleden AB | 129,951 | 1,331,858 | ||||||
Loomis AB | 64,386 | 1,681,049 | ||||||
Maha Energy AB(1) | 62,497 | 102,378 | ||||||
Mekonomen AB(1) | 38,609 | 509,788 | ||||||
Millicom International Cellular SA, SDR(1) | 4,414 | 165,626 | ||||||
Modern Times Group MTG AB, B Shares(1)(2) | 85,328 | 1,246,937 | ||||||
NCC AB, B Shares | 78,925 | 1,308,097 | ||||||
Nobia AB(1) | 115,419 | 842,006 | ||||||
Nobina AB(1) | 88,132 | 679,833 | ||||||
Nordic Entertainment Group AB, B Shares(1) | 22,660 | 1,029,919 | ||||||
NP3 Fastigheter AB | 36,730 | 578,479 | ||||||
Nyfosa AB(1) | 3,384 | 32,578 | ||||||
Orexo AB(1)(2) | 27,885 | 147,382 | ||||||
Pandox AB(1) | 77,464 | 1,372,567 | ||||||
Paradox Interactive AB | 36,274 | 751,261 | ||||||
Peab AB, Class B(1) | 180,286 | 2,136,839 | ||||||
RaySearch Laboratories AB(1) | 17,809 | 196,342 | ||||||
Resurs Holding AB(1) | 148,648 | 819,191 | ||||||
Saab AB, B Shares(1) | 32,347 | 855,648 | ||||||
Scandi Standard AB(1) | 70,413 | 494,467 | ||||||
SkiStar AB(1) | 50,008 | 748,481 | ||||||
SolTech Energy Sweden AB(1) | 67,369 | 270,452 | ||||||
Tethys Oil AB | 31,561 | 238,047 | ||||||
32,030,959 | ||||||||
Switzerland — 4.8% | ||||||||
ALSO Holding AG(1) | 8,479 | 2,296,110 | ||||||
Arbonia AG(1) | 59,046 | 989,293 | ||||||
Autoneum Holding AG(1)(2) | 6,893 | 1,239,360 | ||||||
Bobst Group SA | 13,512 | 909,711 | ||||||
Bossard Holding AG, Class A | 6,713 | 1,419,586 | ||||||
Bucher Industries AG | 1,032 | 497,910 |
152
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Burckhardt Compression Holding AG | 1,425 | $ | 521,606 | |||||
Conzzeta AG | 1,975 | 2,739,703 | ||||||
dormakaba Holding AG | 531 | 322,756 | ||||||
EFG International AG(1) | 137,985 | 989,356 | ||||||
Forbo Holding AG | 1,241 | 2,140,148 | ||||||
Gurit Holding AG | 356 | 897,597 | ||||||
Huber + Suhner AG | 12,777 | 982,436 | ||||||
Implenia AG | 25,602 | 823,183 | ||||||
Leonteq AG(1) | 15,781 | 741,519 | ||||||
OC Oerlikon Corp. AG | 107,919 | 1,161,849 | ||||||
Orior AG | 600 | 49,439 | ||||||
St Galler Kantonalbank AG | 297 | 138,131 | ||||||
Sulzer AG | 1,934 | 217,432 | ||||||
Swiss Steel Holding AG(1)(2) | 983,193 | 305,593 | ||||||
Valiant Holding AG(1) | 21,140 | 2,117,129 | ||||||
Zehnder Group AG | 17,386 | 1,320,905 | ||||||
22,820,752 | ||||||||
United Kingdom — 16.0% | ||||||||
Aggreko plc | 154,519 | 1,721,353 | ||||||
Anglo Asian Mining plc | 52,333 | 107,708 | ||||||
AO World plc(1) | 35,488 | 140,411 | ||||||
ASOS plc(1) | 3,550 | 276,956 | ||||||
Bank of Georgia Group plc(1) | 17,084 | 237,504 | ||||||
Biffa plc(1) | 128,773 | 457,450 | ||||||
Bodycote plc | 108,013 | 1,081,900 | ||||||
Brewin Dolphin Holdings plc | 51,844 | 211,277 | ||||||
Britvic plc | 133,638 | 1,507,041 | ||||||
Burford Capital Ltd.(1) | 106,100 | 904,231 | ||||||
Cairn Energy plc | 346,846 | 919,766 | ||||||
Centamin plc | 515,461 | 725,562 | ||||||
Central Asia Metals plc | 69,771 | 234,207 | ||||||
Close Brothers Group plc | 78,674 | 1,703,374 | ||||||
CMC Markets plc | 45,372 | 256,630 | ||||||
Coats Group plc(1) | 775,529 | 669,086 | ||||||
Computacenter plc | 45,801 | 1,330,533 | ||||||
ContourGlobal plc | 36,037 | 103,221 | ||||||
Crest Nicholson Holdings plc(1) | 137,836 | 616,780 | ||||||
Daily Mail & General Trust plc | 4,978 | 62,416 | ||||||
De La Rue plc(1) | 33,847 | 81,775 | ||||||
Devro plc | 105,011 | 255,970 | ||||||
Direct Line Insurance Group plc | 256,847 | 1,146,814 | ||||||
Diversified Gas & Oil plc | 277,482 | 483,148 | ||||||
Drax Group plc | 218,424 | 1,162,865 | ||||||
easyJet plc(1) | 42,872 | 588,352 | ||||||
Electrocomponents plc | 191,814 | 2,591,469 | ||||||
EnQuest plc(1) | 132,465 | 35,817 | ||||||
Evraz plc | 196,908 | 1,566,061 | ||||||
Ferrexpo plc | 130,447 | 609,093 | ||||||
Forterra plc(1) | 2,765 | 9,927 | ||||||
Frasers Group plc(1) | 96,360 | 629,676 | ||||||
Go-Ahead Group plc (The)(1) | 24,242 | 394,930 |
153
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Golar LNG Ltd.(1) | 38,521 | $ | 434,902 | |||||
Grafton Group plc | 57 | 783 | ||||||
Greggs plc(1) | 52,580 | 1,528,102 | ||||||
Gulf Keystone Petroleum Ltd.(1) | 123,566 | 292,491 | ||||||
Gym Group plc (The)(1) | 84,992 | 282,472 | ||||||
Halfords Group plc(1) | 76,173 | 307,195 | ||||||
Hays plc(1) | 844,873 | 1,789,727 | ||||||
Hochschild Mining plc | 141,678 | 424,310 | ||||||
Howden Joinery Group plc(1) | 247,513 | 2,394,894 | ||||||
Hunting plc | 2,810 | 9,867 | ||||||
IG Group Holdings plc | 182,474 | 1,980,069 | ||||||
Inchcape plc(1) | 219,043 | 2,162,855 | ||||||
Indivior plc(1) | 337,344 | 602,417 | ||||||
IntegraFin Holdings plc | 58,947 | 408,342 | ||||||
Investec plc | 305,049 | 828,694 | ||||||
IWG plc(1) | 288,129 | 1,440,738 | ||||||
J Sainsbury plc | 959,598 | 3,023,475 | ||||||
Jadestone Energy, Inc.(1) | 182,328 | 188,325 | ||||||
JET2 plc(1) | 46,186 | 935,513 | ||||||
Just Group plc(1) | 374,129 | 470,635 | ||||||
KAZ Minerals plc | 94,006 | 1,093,042 | ||||||
Keller Group plc | 46,888 | 510,867 | ||||||
Lookers plc(1) | 53,201 | 30,463 | ||||||
Luceco plc | 48,526 | 159,064 | ||||||
Luxfer Holdings plc | 6,560 | 125,690 | ||||||
M&G plc | 780,308 | 1,998,947 | ||||||
Marks & Spencer Group plc(1) | 1,114,575 | 2,202,887 | ||||||
Marston's plc(1) | 459,281 | 612,035 | ||||||
Mediclinic International plc(1) | 78,482 | 311,456 | ||||||
Mitchells & Butlers plc(1)(2) | 122,273 | 516,479 | ||||||
OSB Group plc(1) | 138,530 | 855,317 | ||||||
Pagegroup plc(1) | 178,782 | 1,190,223 | ||||||
Pan African Resources plc(2) | 893,558 | 212,152 | ||||||
Paragon Banking Group plc | 78,857 | 493,646 | ||||||
PayPoint plc | 15,491 | 125,893 | ||||||
Petropavlovsk plc(1)(2) | 217,106 | 82,773 | ||||||
Photo-Me International plc(1) | 175,611 | 120,618 | ||||||
Playtech plc(1) | 146,781 | 965,614 | ||||||
Plus500 Ltd. | 59,116 | 1,125,665 | ||||||
Premier Oil plc(1)(2) | 386,397 | 153,442 | ||||||
Provident Financial plc(1) | 156,530 | 610,617 | ||||||
PZ Cussons plc | 91,286 | 310,638 | ||||||
Quilter plc | 631,853 | 1,284,855 | ||||||
Rathbone Brothers plc | 5,243 | 112,607 | ||||||
Reach plc(1) | 217,607 | 717,675 | ||||||
Redde Northgate plc | 152,021 | 582,388 | ||||||
Rhi Magnesita NV | 17,295 | 945,858 | ||||||
Royal Mail plc(1) | 535,520 | 3,376,618 | ||||||
RSA Insurance Group plc | 54,971 | 517,235 | ||||||
Savills plc(1) | 13,071 | 209,419 | ||||||
Senior plc(1) | 89,176 | 127,038 |
154
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Serica Energy plc | 96,917 | $ | 162,022 | |||||
Sirius Real Estate Ltd. | 469,932 | 602,983 | ||||||
Speedy Hire plc(1) | 313,059 | 279,132 | ||||||
Spire Healthcare Group plc(1) | 109,469 | 223,523 | ||||||
St. James's Place plc | 163,048 | 2,666,233 | ||||||
SThree plc(1) | 25,374 | 118,072 | ||||||
Superdry plc(1) | 21,629 | 80,157 | ||||||
Tate & Lyle plc | 221,064 | 2,238,539 | ||||||
TBC Bank Group plc(1) | 5,447 | 82,355 | ||||||
Ted Baker plc(1) | 120,441 | 188,786 | ||||||
Telit Communications plc(1) | 12,061 | 31,577 | ||||||
TP Icap Group plc(1) | 75,462 | 252,321 | ||||||
Tremor International Ltd.(1) | 14,701 | 117,276 | ||||||
Victoria plc(1) | 27,810 | 313,799 | ||||||
Virgin Money UK plc(1) | 111,141 | 284,542 | ||||||
Watkin Jones plc | 40,680 | 113,743 | ||||||
Weir Group plc (The)(1) | 56,314 | 1,553,013 | ||||||
WM Morrison Supermarkets plc | 881,490 | 2,094,156 | ||||||
75,412,559 | ||||||||
TOTAL COMMON STOCKS (Cost $383,088,133) | 470,114,179 | |||||||
RIGHTS† | ||||||||
United Kingdom† | ||||||||
Mitchells & Butlers plc(1) (Cost $—) | 47,550 | 62,271 | ||||||
TEMPORARY CASH INVESTMENTS — 0.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $1,963,867) | 1,963,867 | 1,963,867 | ||||||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 2.1% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $9,921,171) | 9,921,171 | 9,921,171 | ||||||
TOTAL INVESTMENT SECURITIES — 102.1% (Cost $394,973,171) | 482,061,488 | |||||||
OTHER ASSETS AND LIABILITIES — (2.1)% | (9,687,884) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 472,373,604 |
155
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Industrials | 25.9% | ||||
Materials | 18.8% | ||||
Financials | 16.4% | ||||
Consumer Discretionary | 13.5% | ||||
Energy | 7.5% | ||||
Consumer Staples | 4.3% | ||||
Information Technology | 4.2% | ||||
Communication Services | 4.0% | ||||
Real Estate | 1.9% | ||||
Health Care | 1.8% | ||||
Utilities | 1.3% | ||||
Cash and Equivalents* | 0.4% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CVA | - | Certificaten Van Aandelen | ||||||
SDR | - | Swedish Depositary Receipt |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $20,103,152. 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 $21,664,304, which includes securities collateral of $11,743,133.
See Notes to Financial Statements.
156
FEBRUARY 28, 2021 (UNAUDITED)
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Aerospace and Defense — 1.1% | ||||||||
AAR Corp. | 2,071 | $ | 82,384 | |||||
Aerojet Rocketdyne Holdings, Inc.(1) | 5,457 | 279,780 | ||||||
AeroVironment, Inc.(1) | 343 | 37,757 | ||||||
Astronics Corp.(1) | 2,546 | 40,227 | ||||||
Axon Enterprise, Inc.(1) | 1,185 | 196,106 | ||||||
Boeing Co. (The)(1) | 3,966 | 840,832 | ||||||
BWX Technologies, Inc. | 5,300 | 307,453 | ||||||
Cubic Corp. | 783 | 54,379 | ||||||
Curtiss-Wright Corp. | 1,880 | 207,721 | ||||||
Ducommun, Inc.(1) | 359 | 19,530 | ||||||
General Dynamics Corp. | 1,828 | 298,823 | ||||||
HEICO Corp. | 359 | 45,155 | ||||||
HEICO Corp., Class A | 651 | 75,360 | ||||||
Hexcel Corp.(1) | 5,696 | 306,217 | ||||||
Howmet Aerospace, Inc.(1) | 8,819 | 247,902 | ||||||
Huntington Ingalls Industries, Inc. | 1,392 | 244,867 | ||||||
Kaman Corp. | 2,648 | 128,852 | ||||||
L3Harris Technologies, Inc. | 2,527 | 459,687 | ||||||
Lockheed Martin Corp. | 3,558 | 1,175,030 | ||||||
Mercury Systems, Inc.(1) | 663 | 43,334 | ||||||
Moog, Inc., Class A | 2,101 | 163,164 | ||||||
National Presto Industries, Inc. | 34 | 3,479 | ||||||
Northrop Grumman Corp. | 1,434 | 418,240 | ||||||
Park Aerospace Corp. | 555 | 7,709 | ||||||
Parsons Corp.(1) | 1,503 | 53,717 | ||||||
Raytheon Technologies Corp. | 12,155 | 875,038 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 6,303 | 269,957 | ||||||
Teledyne Technologies, Inc.(1) | 528 | 195,888 | ||||||
Textron, Inc. | 12,976 | 653,212 | ||||||
TransDigm Group, Inc.(1) | 412 | 237,588 | ||||||
Triumph Group, Inc.(1) | 14 | 204 | ||||||
Vectrus, Inc.(1) | 7 | 382 | ||||||
7,969,974 | ||||||||
Air Freight and Logistics — 0.9% | ||||||||
Air Transport Services Group, Inc.(1) | 5,885 | 156,188 | ||||||
Atlas Air Worldwide Holdings, Inc.(1) | 2,875 | 158,499 | ||||||
CH Robinson Worldwide, Inc. | 4,250 | 386,112 | ||||||
Echo Global Logistics, Inc.(1) | 540 | 15,044 | ||||||
Expeditors International of Washington, Inc. | 6,984 | 641,411 | ||||||
FedEx Corp. | 8,891 | 2,262,759 | ||||||
Forward Air Corp. | 2,270 | 194,698 | ||||||
Hub Group, Inc., Class A(1) | 3,002 | 172,855 | ||||||
Radiant Logistics, Inc.(1) | 2,853 | 19,315 | ||||||
United Parcel Service, Inc., Class B | 16,230 | 2,561,581 | ||||||
XPO Logistics, Inc.(1) | 1,310 | 152,746 | ||||||
6,721,208 | ||||||||
Airlines — 0.5% | ||||||||
Alaska Air Group, Inc.(1) | 4,768 | 310,015 |
157
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Allegiant Travel Co.(1) | 1,190 | $ | 300,106 | |||||
American Airlines Group, Inc.(1)(2) | 7,602 | 159,186 | ||||||
Delta Air Lines, Inc.(1) | 12,943 | 620,488 | ||||||
Hawaiian Holdings, Inc.(1) | 3,320 | 89,043 | ||||||
JetBlue Airways Corp.(1) | 21,961 | 404,741 | ||||||
Mesa Air Group, Inc.(1) | 361 | 4,404 | ||||||
SkyWest, Inc. | 4,247 | 239,403 | ||||||
Southwest Airlines Co. | 20,025 | 1,164,053 | ||||||
Spirit Airlines, Inc.(1) | 6,216 | 223,030 | ||||||
United Airlines Holdings, Inc.(1) | 6,017 | 316,976 | ||||||
3,831,445 | ||||||||
Auto Components — 0.9% | ||||||||
Adient plc(1) | 3,371 | 124,997 | ||||||
American Axle & Manufacturing Holdings, Inc.(1) | 13,041 | 127,410 | ||||||
Aptiv plc(1) | 8,813 | 1,320,540 | ||||||
Autoliv, Inc.(1) | 5,896 | 530,640 | ||||||
BorgWarner, Inc. | 16,926 | 761,670 | ||||||
Cooper Tire & Rubber Co. | 5,067 | 290,035 | ||||||
Cooper-Standard Holdings, Inc.(1) | 852 | 30,519 | ||||||
Dana, Inc. | 10,881 | 259,077 | ||||||
Fox Factory Holding Corp.(1) | 723 | 91,929 | ||||||
Gentex Corp. | 19,209 | 679,614 | ||||||
Gentherm, Inc.(1) | 2,549 | 180,444 | ||||||
Goodyear Tire & Rubber Co. (The)(1) | 17,316 | 291,082 | ||||||
LCI Industries | 1,733 | 244,249 | ||||||
Lear Corp. | 3,947 | 655,557 | ||||||
Modine Manufacturing Co.(1) | 4,733 | 65,647 | ||||||
Motorcar Parts of America, Inc.(1) | 346 | 7,363 | ||||||
Patrick Industries, Inc. | 2,262 | 178,540 | ||||||
Standard Motor Products, Inc. | 595 | 24,996 | ||||||
Stoneridge, Inc.(1) | 1,367 | 41,912 | ||||||
Tenneco, Inc., Class A(1) | 4,921 | 54,820 | ||||||
Veoneer, Inc.(1) | 2,873 | 78,950 | ||||||
Visteon Corp.(1) | 1,780 | 226,362 | ||||||
XPEL, Inc.(1) | 682 | 32,975 | ||||||
6,299,328 | ||||||||
Automobiles — 1.3% | ||||||||
Ford Motor Co.(1) | 161,751 | 1,892,487 | ||||||
General Motors Co. | 43,470 | 2,231,315 | ||||||
Harley-Davidson, Inc. | 11,589 | 413,380 | ||||||
Tesla, Inc.(1) | 6,434 | 4,346,167 | ||||||
Thor Industries, Inc. | 2,589 | 303,068 | ||||||
Winnebago Industries, Inc. | 2,725 | 189,660 | ||||||
Workhorse Group, Inc.(1)(2) | 1,435 | 23,204 | ||||||
9,399,281 | ||||||||
Banks — 5.9% | ||||||||
1st Source Corp. | 359 | 15,929 | ||||||
Allegiance Bancshares, Inc. | 623 | 23,456 | ||||||
Altabancorp | 887 | 30,531 | ||||||
Amalgamated Bank, Class A | 571 | 10,027 | ||||||
Amerant Bancorp, Inc.(1) | 1,415 | 23,305 |
158
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
American National Bankshares, Inc. | 278 | $ | 8,618 | |||||
Ameris Bancorp | 3,465 | 165,073 | ||||||
Arrow Financial Corp. | 374 | 11,916 | ||||||
Associated Banc-Corp. | 5,596 | 112,759 | ||||||
Atlantic Capital Bancshares, Inc.(1) | 810 | 16,484 | ||||||
Atlantic Union Bankshares Corp. | 3,107 | 114,120 | ||||||
Banc of California, Inc. | 2,598 | 48,219 | ||||||
BancFirst Corp. | 1,487 | 94,990 | ||||||
Bancorp, Inc. (The)(1) | 5,245 | 106,316 | ||||||
BancorpSouth Bank | 4,423 | 132,955 | ||||||
Bank First Corp.(2) | 97 | 6,780 | ||||||
Bank of America Corp. | 102,702 | 3,564,786 | ||||||
Bank of Commerce Holdings | 180 | 1,957 | ||||||
Bank of Hawaii Corp. | 2,428 | 212,450 | ||||||
Bank of Marin Bancorp | 359 | 13,283 | ||||||
Bank OZK | 6,006 | 247,567 | ||||||
BankUnited, Inc. | 5,222 | 209,872 | ||||||
Banner Corp. | 1,474 | 76,324 | ||||||
Bar Harbor Bankshares | 347 | 9,713 | ||||||
Baycom Corp.(1) | 25 | 427 | ||||||
BCB Bancorp, Inc. | 604 | 7,991 | ||||||
Berkshire Hills Bancorp, Inc. | 1,520 | 30,643 | ||||||
BOK Financial Corp. | 693 | 59,640 | ||||||
Boston Private Financial Holdings, Inc. | 4,332 | 59,608 | ||||||
Brookline Bancorp, Inc. | 2,514 | 35,774 | ||||||
Bryn Mawr Bank Corp. | 623 | 23,568 | ||||||
Business First Bancshares, Inc. | 330 | 7,250 | ||||||
Byline Bancorp, Inc. | 820 | 16,334 | ||||||
Cadence BanCorp | 6,772 | 138,961 | ||||||
Camden National Corp. | 423 | 17,144 | ||||||
Capital City Bank Group, Inc. | 318 | 7,851 | ||||||
Cathay General Bancorp. | 3,267 | 122,970 | ||||||
CBTX, Inc. | 322 | 9,393 | ||||||
Central Pacific Financial Corp. | 1,372 | 31,048 | ||||||
Central Valley Community Bancorp | 21 | 371 | ||||||
CIT Group, Inc. | 3,930 | 178,225 | ||||||
Citigroup, Inc. | 41,005 | 2,701,409 | ||||||
Citizens & Northern Corp. | 329 | 6,883 | ||||||
Citizens Financial Group, Inc. | 14,288 | 620,671 | ||||||
City Holding Co. | 411 | 30,911 | ||||||
Civista Bancshares, Inc. | 355 | 6,827 | ||||||
CNB Financial Corp. | 630 | 14,622 | ||||||
Codorus Valley Bancorp, Inc. | 16 | 270 | ||||||
Columbia Banking System, Inc. | 2,158 | 95,578 | ||||||
Comerica, Inc. | 7,070 | 481,467 | ||||||
Commerce Bancshares, Inc. | 4,044 | 299,377 | ||||||
Community Bank System, Inc. | 1,641 | 116,823 | ||||||
Community Bankers Trust Corp. | 896 | 6,953 | ||||||
Community Trust Bancorp, Inc. | 359 | 14,669 | ||||||
ConnectOne Bancorp, Inc. | 1,296 | 30,106 | ||||||
CrossFirst Bankshares, Inc.(1) | 2,277 | 30,398 |
159
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Cullen/Frost Bankers, Inc. | 1,501 | $ | 156,704 | |||||
Customers Bancorp, Inc.(1) | 2,730 | 73,109 | ||||||
CVB Financial Corp. | 4,252 | 91,035 | ||||||
Dime Community Bancshares, Inc. | 1,862 | 54,761 | ||||||
Eagle Bancorp, Inc. | 1,819 | 88,931 | ||||||
East West Bancorp, Inc. | 8,255 | 595,681 | ||||||
Eastern Bankshares, Inc.(1) | 2,016 | 35,502 | ||||||
Enterprise Financial Services Corp. | 1,308 | 56,244 | ||||||
Equity Bancshares, Inc., Class A(1) | 540 | 14,040 | ||||||
F.N.B. Corp. | 26,236 | 310,372 | ||||||
Farmers National Banc Corp. | 852 | 11,792 | ||||||
FB Financial Corp. | 1,063 | 45,082 | ||||||
Fifth Third Bancorp | 30,846 | 1,070,048 | ||||||
Financial Institutions, Inc. | 887 | 24,286 | ||||||
First BanCorp | 12,667 | 132,877 | ||||||
First Bancorp/Southern Pines NC | 1,575 | 63,425 | ||||||
First Bancshares, Inc. (The) | 623 | 19,980 | ||||||
First Busey Corp. | 2,095 | 47,955 | ||||||
First Business Financial Services, Inc. | 299 | 6,638 | ||||||
First Choice Bancorp | 339 | 6,709 | ||||||
First Citizens BancShares, Inc., Class A | 138 | 101,829 | ||||||
First Commonwealth Financial Corp. | 3,757 | 50,381 | ||||||
First Community Bankshares, Inc. | 683 | 17,526 | ||||||
First Financial Bancorp | 4,426 | 99,275 | ||||||
First Financial Bankshares, Inc. | 4,233 | 189,046 | ||||||
First Financial Corp. | 359 | 15,214 | ||||||
First Foundation, Inc. | 2,627 | 60,027 | ||||||
First Hawaiian, Inc. | 5,883 | 164,077 | ||||||
First Horizon Corp. | 20,550 | 332,910 | ||||||
First Internet Bancorp | 300 | 9,825 | ||||||
First Interstate BancSystem, Inc., Class A | 1,534 | 69,674 | ||||||
First Merchants Corp. | 3,184 | 133,887 | ||||||
First Mid Bancshares, Inc. | 623 | 22,671 | ||||||
First Midwest Bancorp, Inc. | 6,086 | 120,381 | ||||||
First of Long Island Corp. (The) | 1,151 | 21,386 | ||||||
First Republic Bank | 3,405 | 560,974 | ||||||
Flushing Financial Corp. | 1,160 | 24,070 | ||||||
Fulton Financial Corp. | 8,503 | 131,371 | ||||||
German American Bancorp, Inc. | 623 | 24,546 | ||||||
Glacier Bancorp, Inc. | 3,286 | 178,101 | ||||||
Great Southern Bancorp, Inc. | 615 | 32,466 | ||||||
Great Western Bancorp, Inc. | 2,951 | 79,175 | ||||||
Guaranty Bancshares, Inc. | 311 | 9,486 | ||||||
Hancock Whitney Corp. | 3,571 | 134,805 | ||||||
Hanmi Financial Corp. | 1,415 | 24,225 | ||||||
Heartland Financial USA, Inc. | 2,296 | 107,315 | ||||||
Heritage Commerce Corp. | 2,471 | 23,499 | ||||||
Heritage Financial Corp. | 887 | 22,964 | ||||||
Hilltop Holdings, Inc. | 6,291 | 207,855 | ||||||
Home BancShares, Inc. | 7,522 | 183,838 | ||||||
HomeTrust Bancshares, Inc. | 894 | 20,687 |
160
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Hope Bancorp, Inc. | 5,750 | $ | 75,670 | |||||
Horizon Bancorp, Inc. | 1,869 | 33,380 | ||||||
Howard Bancorp, Inc.(1) | 542 | 7,453 | ||||||
Huntington Bancshares, Inc. | 49,971 | 766,555 | ||||||
Independent Bank Corp. (Massachusetts) | 1,516 | 129,633 | ||||||
Independent Bank Corp. (Michigan) | 1,159 | 23,957 | ||||||
Independent Bank Group, Inc. | 1,192 | 83,070 | ||||||
International Bancshares Corp. | 3,854 | 167,957 | ||||||
Investar Holding Corp. | 168 | 3,226 | ||||||
Investors Bancorp, Inc. | 9,589 | 127,917 | ||||||
JPMorgan Chase & Co. | 46,617 | 6,860,624 | ||||||
KeyCorp | 41,111 | 827,976 | ||||||
Lakeland Bancorp, Inc. | 2,144 | 33,618 | ||||||
Lakeland Financial Corp. | 1,025 | 70,674 | ||||||
Live Oak Bancshares, Inc. | 2,480 | 136,673 | ||||||
M&T Bank Corp. | 2,916 | 440,141 | ||||||
Macatawa Bank Corp. | 2,744 | 24,230 | ||||||
MainStreet Bancshares, Inc.(1) | 72 | 1,339 | ||||||
Mercantile Bank Corp. | 623 | 18,217 | ||||||
Metropolitan Bank Holding Corp.(1) | 484 | 25,037 | ||||||
Midland States Bancorp, Inc. | 887 | 21,732 | ||||||
MidWestOne Financial Group, Inc. | 888 | 24,367 | ||||||
MVB Financial Corp. | 605 | 19,723 | ||||||
National Bank Holdings Corp., Class A | 2,036 | 78,895 | ||||||
NBT Bancorp, Inc. | 1,641 | 59,453 | ||||||
Nicolet Bankshares, Inc.(1) | 408 | 30,212 | ||||||
Northeast Bank | 351 | 9,115 | ||||||
Northrim BanCorp, Inc. | 279 | 10,739 | ||||||
OceanFirst Financial Corp. | 1,928 | 41,895 | ||||||
OFG Bancorp | 3,470 | 67,006 | ||||||
Old National Bancorp | 5,577 | 101,111 | ||||||
Old Second Bancorp, Inc. | 2,211 | 26,466 | ||||||
Origin Bancorp, Inc. | 623 | 21,344 | ||||||
Orrstown Financial Services, Inc. | 338 | 6,584 | ||||||
Pacific Premier Bancorp, Inc. | 3,576 | 144,113 | ||||||
PacWest Bancorp | 4,497 | 162,971 | ||||||
Park National Corp. | 899 | 111,476 | ||||||
Parke Bancorp, Inc. | 565 | 10,255 | ||||||
PCB Bancorp. | 57 | 794 | ||||||
Peapack-Gladstone Financial Corp. | 887 | 24,401 | ||||||
People's United Financial, Inc. | 13,253 | 237,759 | ||||||
Peoples Bancorp, Inc. | 623 | 19,400 | ||||||
Pinnacle Financial Partners, Inc. | 2,176 | 176,626 | ||||||
PNC Financial Services Group, Inc. (The) | 8,639 | 1,454,462 | ||||||
Popular, Inc. | 5,133 | 342,987 | ||||||
Preferred Bank | 979 | 56,733 | ||||||
Premier Financial Bancorp, Inc. | 117 | 1,818 | ||||||
Prosperity Bancshares, Inc. | 2,201 | 161,707 | ||||||
QCR Holdings, Inc. | 791 | 32,747 | ||||||
RBB Bancorp | 626 | 11,769 | ||||||
Regions Financial Corp. | 30,645 | 632,206 |
161
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Reliant Bancorp, Inc. | 98 | $ | 2,167 | |||||
Renasant Corp. | 2,262 | 88,851 | ||||||
Republic Bancorp, Inc., Class A | 508 | 21,356 | ||||||
S&T Bancorp, Inc. | 1,266 | 36,562 | ||||||
Sandy Spring Bancorp, Inc. | 1,731 | 65,051 | ||||||
Seacoast Banking Corp. of Florida(1) | 2,627 | 94,441 | ||||||
ServisFirst Bancshares, Inc. | 3,301 | 163,598 | ||||||
Sierra Bancorp | 887 | 21,155 | ||||||
Signature Bank | 2,596 | 566,811 | ||||||
Silvergate Capital Corp., Class A(1) | 720 | 91,843 | ||||||
Simmons First National Corp., Class A | 4,612 | 135,039 | ||||||
SmartFinancial, Inc. | 343 | 7,203 | ||||||
South Plains Financial, Inc. | 543 | 10,480 | ||||||
South State Corp. | 2,560 | 201,882 | ||||||
Southern First Bancshares, Inc.(1) | 624 | 27,456 | ||||||
Southern National Bancorp of Virginia, Inc. | 823 | 11,687 | ||||||
Southside Bancshares, Inc. | 1,317 | 45,542 | ||||||
Spirit of Texas Bancshares, Inc. | 157 | 3,259 | ||||||
Sterling Bancorp | 8,009 | 174,836 | ||||||
Stock Yards Bancorp, Inc. | 823 | 40,549 | ||||||
Summit Financial Group, Inc. | 540 | 13,009 | ||||||
SVB Financial Group(1) | 2,217 | 1,120,383 | ||||||
Synovus Financial Corp. | 7,773 | 328,876 | ||||||
TCF Financial Corp. | 8,837 | 396,074 | ||||||
Texas Capital Bancshares, Inc.(1) | 3,082 | 234,848 | ||||||
Tompkins Financial Corp. | 365 | 28,225 | ||||||
Towne Bank | 3,361 | 96,931 | ||||||
TriCo Bancshares | 623 | 26,833 | ||||||
TriState Capital Holdings, Inc.(1) | 1,158 | 26,576 | ||||||
Triumph Bancorp, Inc.(1) | 1,136 | 87,131 | ||||||
Truist Financial Corp. | 26,610 | 1,515,706 | ||||||
Trustmark Corp. | 2,833 | 85,443 | ||||||
U.S. Bancorp | 27,485 | 1,374,250 | ||||||
UMB Financial Corp. | 2,171 | 183,167 | ||||||
Umpqua Holdings Corp. | 10,052 | 171,588 | ||||||
United Bankshares, Inc. | 4,179 | 154,414 | ||||||
United Community Banks, Inc. | 4,782 | 158,093 | ||||||
United Security Bancshares | 415 | 3,096 | ||||||
Univest Financial Corp. | 887 | 22,308 | ||||||
Valley National Bancorp | 17,975 | 220,194 | ||||||
Veritex Holdings, Inc. | 2,267 | 65,924 | ||||||
Washington Trust Bancorp, Inc. | 725 | 34,474 | ||||||
Webster Financial Corp. | 5,444 | 301,108 | ||||||
Wells Fargo & Co. | 66,805 | 2,416,337 | ||||||
WesBanco, Inc. | 2,985 | 96,356 | ||||||
West BanCorp, Inc. | 1,287 | 29,382 | ||||||
Westamerica Bancorporation | 687 | 41,296 | ||||||
Western Alliance Bancorp | 5,670 | 518,862 | ||||||
Wintrust Financial Corp. | 3,030 | 223,190 | ||||||
Zions Bancorp N.A. | 9,390 | 499,266 | ||||||
42,781,570 |
162
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Beverages — 0.9% | ||||||||
Boston Beer Co., Inc. (The), Class A(1) | 350 | $ | 360,049 | |||||
Brown-Forman Corp., Class A | 630 | 41,952 | ||||||
Brown-Forman Corp., Class B | 8,516 | 609,575 | ||||||
Coca-Cola Co. (The) | 33,768 | 1,654,294 | ||||||
Coca-Cola Consolidated, Inc. | 321 | 82,388 | ||||||
Constellation Brands, Inc., Class A | 2,471 | 529,140 | ||||||
Keurig Dr Pepper, Inc. | 3,258 | 99,434 | ||||||
MGP Ingredients, Inc. | 355 | 22,677 | ||||||
Molson Coors Beverage Co., Class B | 6,558 | 291,503 | ||||||
Monster Beverage Corp.(1) | 7,758 | 680,687 | ||||||
National Beverage Corp.(2) | 488 | 23,258 | ||||||
NewAge, Inc.(1) | 63 | 166 | ||||||
PepsiCo, Inc. | 18,522 | 2,392,857 | ||||||
6,787,980 | ||||||||
Biotechnology — 2.6% | ||||||||
AbbVie, Inc. | 13,654 | 1,471,082 | ||||||
ACADIA Pharmaceuticals, Inc.(1) | 887 | 43,436 | ||||||
Acceleron Pharma, Inc.(1) | 694 | 94,495 | ||||||
ADMA Biologics, Inc.(1)(2) | 40 | 92 | ||||||
Adverum Biotechnologies, Inc.(1) | 1,194 | 15,319 | ||||||
Agenus, Inc.(1) | 60 | 240 | ||||||
Agios Pharmaceuticals, Inc.(1) | 224 | 10,627 | ||||||
Akebia Therapeutics, Inc.(1) | 3,362 | 11,633 | ||||||
Alector, Inc.(1) | 1,608 | 29,233 | ||||||
Alexion Pharmaceuticals, Inc.(1) | 3,793 | 579,381 | ||||||
Alkermes plc(1) | 4,281 | 81,510 | ||||||
Allogene Therapeutics, Inc.(1) | 572 | 19,854 | ||||||
Alnylam Pharmaceuticals, Inc.(1) | 1,573 | 232,961 | ||||||
Altimmune, Inc.(1)(2) | 125 | 1,993 | ||||||
Amgen, Inc. | 8,962 | 2,015,733 | ||||||
Amicus Therapeutics, Inc.(1) | 2,123 | 26,070 | ||||||
AnaptysBio, Inc.(1) | 898 | 25,773 | ||||||
Anika Therapeutics, Inc.(1) | 359 | 13,175 | ||||||
Annexon, Inc.(1) | 804 | 23,404 | ||||||
Arcus Biosciences, Inc.(1) | 2,357 | 83,108 | ||||||
Ardelyx, Inc.(1) | 1,128 | 7,276 | ||||||
Arena Pharmaceuticals, Inc.(1) | 4,619 | 371,137 | ||||||
Arrowhead Pharmaceuticals, Inc.(1) | 7,849 | 625,251 | ||||||
Assembly Biosciences, Inc.(1) | 291 | 1,478 | ||||||
Atara Biotherapeutics, Inc.(1) | 1,522 | 25,539 | ||||||
Atreca, Inc., Class A(1) | 18 | 312 | ||||||
Avid Bioservices, Inc.(1) | 3,235 | 66,576 | ||||||
Avrobio, Inc.(1) | 1,415 | 15,565 | ||||||
Biogen, Inc.(1) | 6,154 | 1,679,304 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd.(1) | 751 | 63,820 | ||||||
BioMarin Pharmaceutical, Inc.(1) | 2,462 | 190,633 | ||||||
Bluebird Bio, Inc.(1) | 784 | 24,382 | ||||||
Blueprint Medicines Corp.(1) | 3,207 | 314,992 | ||||||
Catalyst Pharmaceuticals, Inc.(1) | 5,493 | 21,368 | ||||||
Celldex Therapeutics, Inc.(1) | 1,173 | 31,765 |
163
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Coherus Biosciences, Inc.(1) | 6,366 | $ | 103,384 | |||||
Constellation Pharmaceuticals, Inc.(1) | 600 | 15,120 | ||||||
CRISPR Therapeutics AG(1) | 1,197 | 150,451 | ||||||
Cyclerion Therapeutics, Inc.(1) | 6 | 23 | ||||||
CytomX Therapeutics, Inc.(1) | 9 | 71 | ||||||
Deciphera Pharmaceuticals, Inc.(1) | 704 | 30,821 | ||||||
Denali Therapeutics, Inc.(1) | 2,205 | 158,319 | ||||||
Dicerna Pharmaceuticals, Inc.(1) | 6,657 | 179,606 | ||||||
Dyne Therapeutics, Inc.(1) | 1,005 | 18,562 | ||||||
Eagle Pharmaceuticals, Inc.(1) | 711 | 31,639 | ||||||
Editas Medicine, Inc.(1) | 28 | 1,228 | ||||||
Eiger BioPharmaceuticals, Inc.(1) | 2 | 20 | ||||||
Emergent BioSolutions, Inc.(1) | 3,035 | 291,360 | ||||||
Enanta Pharmaceuticals, Inc.(1) | 286 | 14,106 | ||||||
Esperion Therapeutics, Inc.(1) | 329 | 9,011 | ||||||
Exact Sciences Corp.(1) | 1,423 | 193,699 | ||||||
Exelixis, Inc.(1) | 17,606 | 381,346 | ||||||
Fate Therapeutics, Inc.(1) | 1,404 | 125,967 | ||||||
FibroGen, Inc.(1) | 666 | 33,320 | ||||||
Five Prime Therapeutics, Inc.(1) | 1,436 | 31,922 | ||||||
Frequency Therapeutics, Inc.(1) | 631 | 31,052 | ||||||
G1 Therapeutics, Inc.(1) | 599 | 13,238 | ||||||
Generation Bio Co.(1) | 1,257 | 43,894 | ||||||
Geron Corp.(1) | 7,717 | 13,813 | ||||||
Gilead Sciences, Inc. | 33,837 | 2,077,592 | ||||||
Global Blood Therapeutics, Inc.(1) | 993 | 42,302 | ||||||
Gossamer Bio, Inc.(1) | 1,921 | 18,057 | ||||||
Halozyme Therapeutics, Inc.(1) | 18 | 815 | ||||||
Harpoon Therapeutics, Inc.(1) | 1,397 | 26,948 | ||||||
Heron Therapeutics, Inc.(1) | 2,175 | 39,324 | ||||||
ImmunoGen, Inc.(1) | 15,425 | 134,969 | ||||||
Incyte Corp.(1) | 2,542 | 199,954 | ||||||
Intellia Therapeutics, Inc.(1) | 1,722 | 104,112 | ||||||
Invitae Corp.(1)(2) | 3,101 | 124,443 | ||||||
Ionis Pharmaceuticals, Inc.(1) | 3,088 | 161,811 | ||||||
Iovance Biotherapeutics, Inc.(1) | 1,259 | 46,961 | ||||||
Ironwood Pharmaceuticals, Inc.(1) | 11,662 | 107,640 | ||||||
iTeos Therapeutics, Inc.(1) | 677 | 28,150 | ||||||
Kadmon Holdings, Inc.(1) | 2,968 | 13,623 | ||||||
Keros Therapeutics, Inc.(1) | 410 | 26,843 | ||||||
Krystal Biotech, Inc.(1) | 396 | 31,240 | ||||||
Kura Oncology, Inc.(1) | 1,285 | 35,980 | ||||||
Ligand Pharmaceuticals, Inc.(1) | 488 | 72,331 | ||||||
MacroGenics, Inc.(1) | 1,414 | 35,364 | ||||||
Madrigal Pharmaceuticals, Inc.(1) | 122 | 14,785 | ||||||
MEI Pharma, Inc.(1) | 16,225 | 60,844 | ||||||
Merus NV(1) | 711 | 15,997 | ||||||
Mirati Therapeutics, Inc.(1) | 744 | 149,484 | ||||||
Mirum Pharmaceuticals, Inc.(1) | 624 | 11,457 | ||||||
Moderna, Inc.(1) | 3,057 | 473,254 | ||||||
Myriad Genetics, Inc.(1) | 3,407 | 103,879 |
164
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Natera, Inc.(1) | 1,326 | $ | 153,935 | |||||
Neurocrine Biosciences, Inc.(1) | 1,753 | 191,971 | ||||||
Nkarta, Inc.(1) | 348 | 16,968 | ||||||
Novavax, Inc.(1) | 321 | 74,225 | ||||||
Nurix Therapeutics, Inc.(1) | 586 | 20,867 | ||||||
Ocugen, Inc.(1)(2) | 5,288 | 57,904 | ||||||
OPKO Health, Inc.(1)(2) | 6,740 | 30,330 | ||||||
ORIC Pharmaceuticals, Inc.(1) | 1,943 | 62,953 | ||||||
Passage Bio, Inc.(1) | 1,340 | 24,147 | ||||||
PDL BioPharma, Inc.(1) | 1,937 | 4,784 | ||||||
PMV Pharmaceuticals, Inc.(1) | 473 | 17,799 | ||||||
Protagonist Therapeutics, Inc.(1) | 866 | 20,412 | ||||||
Prothena Corp. plc(1) | 804 | 17,945 | ||||||
Radius Health, Inc.(1) | 887 | 16,507 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 2,323 | 1,046,674 | ||||||
REGENXBIO, Inc.(1) | 853 | 34,896 | ||||||
Repare Therapeutics, Inc.(1)(2) | 772 | 25,399 | ||||||
Replimune Group, Inc.(1) | 704 | 24,380 | ||||||
REVOLUTION Medicines, Inc.(1) | 548 | 25,033 | ||||||
Rhythm Pharmaceuticals, Inc.(1) | 827 | 21,436 | ||||||
Sage Therapeutics, Inc.(1) | 915 | 77,775 | ||||||
Sangamo Therapeutics, Inc.(1) | 5,614 | 64,505 | ||||||
Sarepta Therapeutics, Inc.(1) | 127 | 11,057 | ||||||
Seagen, Inc.(1) | 1,081 | 163,350 | ||||||
Solid Biosciences, Inc.(1) | 3 | 24 | ||||||
Spectrum Pharmaceuticals, Inc.(1) | 348 | 1,194 | ||||||
Stoke Therapeutics, Inc.(1)(2) | 395 | 23,657 | ||||||
Sutro Biopharma, Inc.(1) | 1,196 | 26,551 | ||||||
Syndax Pharmaceuticals, Inc.(1) | 77 | 1,880 | ||||||
TCR2 Therapeutics, Inc.(1) | 661 | 17,490 | ||||||
Translate Bio, Inc.(1) | 5,908 | 137,893 | ||||||
Travere Therapeutics, Inc.(1) | 1,301 | 40,097 | ||||||
Turning Point Therapeutics, Inc.(1) | 1,261 | 148,685 | ||||||
Ultragenyx Pharmaceutical, Inc.(1) | 1,501 | 212,452 | ||||||
United Therapeutics Corp.(1) | 2,408 | 402,569 | ||||||
Vanda Pharmaceuticals, Inc.(1) | 2,213 | 41,272 | ||||||
Vaxcyte, Inc.(1) | 928 | 21,864 | ||||||
VBI Vaccines, Inc.(1) | 4,135 | 13,935 | ||||||
Veracyte, Inc.(1) | 1,365 | 79,252 | ||||||
Vericel Corp.(1) | 8 | 386 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 3,944 | 838,297 | ||||||
Viking Therapeutics, Inc.(1)(2) | 815 | 5,493 | ||||||
Voyager Therapeutics, Inc.(1) | 1,679 | 9,520 | ||||||
Xencor, Inc.(1) | 1,732 | 85,336 | ||||||
Zentalis Pharmaceuticals, Inc.(1) | 627 | 26,359 | ||||||
ZIOPHARM Oncology, Inc.(1) | 5,859 | 31,228 | ||||||
Zymeworks, Inc.(1) | 481 | 17,465 | ||||||
18,636,799 | ||||||||
Building Products — 0.9% | ||||||||
AAON, Inc. | 2,698 | 208,016 | ||||||
Advanced Drainage Systems, Inc. | 3,405 | 374,618 |
165
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Allegion plc | 2,354 | $ | 256,068 | |||||
Alpha Pro Tech Ltd.(1) | 633 | 8,849 | ||||||
AO Smith Corp. | 7,028 | 417,252 | ||||||
Apogee Enterprises, Inc. | 1,620 | 60,588 | ||||||
Armstrong Flooring, Inc.(1) | 157 | 813 | ||||||
Armstrong World Industries, Inc. | 3,594 | 307,575 | ||||||
Builders FirstSource, Inc.(1) | 14,201 | 614,406 | ||||||
Carrier Global Corp. | 4,943 | 180,568 | ||||||
CSW Industrials, Inc. | 835 | 104,851 | ||||||
Fortune Brands Home & Security, Inc. | 2,754 | 228,968 | ||||||
Gibraltar Industries, Inc.(1) | 2,158 | 188,501 | ||||||
Insteel Industries, Inc. | 949 | 29,305 | ||||||
JELD-WEN Holding, Inc.(1) | 5,276 | 156,433 | ||||||
Johnson Controls International plc | 12,153 | 678,016 | ||||||
Lennox International, Inc. | 95 | 26,578 | ||||||
Masco Corp. | 3,378 | 179,777 | ||||||
Masonite International Corp.(1) | 2,116 | 232,168 | ||||||
Owens Corning | 7,351 | 595,578 | ||||||
PGT Innovations, Inc.(1) | 2,735 | 64,519 | ||||||
Quanex Building Products Corp. | 3,149 | 76,615 | ||||||
Simpson Manufacturing Co., Inc. | 2,897 | 282,342 | ||||||
Trane Technologies plc | 3,032 | 464,624 | ||||||
Trex Co., Inc.(1) | 8,447 | 774,083 | ||||||
UFP Industries, Inc. | 4,643 | 283,223 | ||||||
6,794,334 | ||||||||
Capital Markets — 3.7% | ||||||||
Affiliated Managers Group, Inc. | 793 | 110,996 | ||||||
Ameriprise Financial, Inc. | 6,421 | 1,420,582 | ||||||
Ares Management Corp., Class A | 1,378 | 71,629 | ||||||
Artisan Partners Asset Management, Inc., Class A | 5,455 | 259,113 | ||||||
Assetmark Financial Holdings, Inc.(1) | 84 | 1,985 | ||||||
B. Riley Financial, Inc. | 2,135 | 140,526 | ||||||
Bank of New York Mellon Corp. (The) | 20,339 | 857,492 | ||||||
BGC Partners, Inc., Class A | 17,497 | 78,387 | ||||||
BlackRock, Inc. | 1,665 | 1,156,343 | ||||||
Brightsphere Investment Group, Inc. | 1,361 | 24,634 | ||||||
Cboe Global Markets, Inc. | 1,551 | 153,487 | ||||||
Charles Schwab Corp. (The) | 35,845 | 2,212,353 | ||||||
CME Group, Inc. | 5,459 | 1,090,162 | ||||||
Cohen & Steers, Inc. | 1,876 | 120,777 | ||||||
Cowen, Inc., Class A | 2,400 | 81,240 | ||||||
Diamond Hill Investment Group, Inc.(1) | 131 | 18,582 | ||||||
Eaton Vance Corp. | 6,700 | 489,569 | ||||||
Evercore, Inc., Class A | 3,107 | 372,125 | ||||||
FactSet Research Systems, Inc. | 797 | 242,216 | ||||||
Federated Hermes, Inc. | 6,016 | 160,748 | ||||||
Franklin Resources, Inc. | 5,923 | 155,005 | ||||||
Freedom Holding Corp.(1) | 1,462 | 78,933 | ||||||
Goldman Sachs Group, Inc. (The) | 8,556 | 2,733,471 | ||||||
Hamilton Lane, Inc., Class A | 1,390 | 124,266 | ||||||
Houlihan Lokey, Inc. | 829 | 52,691 |
166
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Interactive Brokers Group, Inc., Class A | 359 | $ | 25,988 | |||||
Intercontinental Exchange, Inc. | 6,537 | 721,097 | ||||||
Invesco Ltd. | 18,079 | 405,331 | ||||||
Janus Henderson Group plc | 14,391 | 420,649 | ||||||
KKR & Co., Inc., Class A | 10,354 | 471,728 | ||||||
Lazard Ltd., Class A | 8,841 | 342,058 | ||||||
LPL Financial Holdings, Inc. | 2,086 | 274,393 | ||||||
MarketAxess Holdings, Inc. | 462 | 256,844 | ||||||
Moelis & Co., Class A | 2,468 | 127,448 | ||||||
Moody's Corp. | 3,764 | 1,034,686 | ||||||
Morgan Stanley | 44,521 | 3,422,338 | ||||||
Morningstar, Inc. | 389 | 87,233 | ||||||
MSCI, Inc. | 698 | 289,335 | ||||||
Nasdaq, Inc. | 718 | 99,292 | ||||||
Northern Trust Corp. | 7,718 | 734,213 | ||||||
Open Lending Corp., Class A(1) | 5,093 | 194,756 | ||||||
Oppenheimer Holdings, Inc., Class A | 322 | 12,204 | ||||||
Piper Sandler Cos. | 1,476 | 156,928 | ||||||
Pzena Investment Management, Inc., Class A | 14 | 129 | ||||||
Raymond James Financial, Inc. | 6,089 | 710,830 | ||||||
S&P Global, Inc. | 4,581 | 1,508,798 | ||||||
Safeguard Scientifics, Inc.(1) | 2 | 15 | ||||||
SEI Investments Co. | 6,763 | 378,728 | ||||||
State Street Corp. | 9,160 | 666,573 | ||||||
Stifel Financial Corp. | 5,657 | 345,530 | ||||||
StoneX Group, Inc.(1) | 1,199 | 69,170 | ||||||
T. Rowe Price Group, Inc. | 9,552 | 1,548,761 | ||||||
Victory Capital Holdings, Inc., Class A | 548 | 13,015 | ||||||
Virtu Financial, Inc., Class A | 1,952 | 53,231 | ||||||
Virtus Investment Partners, Inc. | 632 | 158,569 | ||||||
Waddell & Reed Financial, Inc., Class A | 3,648 | 91,528 | ||||||
WisdomTree Investments, Inc. | 6,525 | 34,583 | ||||||
26,863,293 | ||||||||
Chemicals — 2.7% | ||||||||
AdvanSix, Inc.(1) | 1,168 | 32,470 | ||||||
Air Products and Chemicals, Inc. | 4,533 | 1,158,725 | ||||||
Albemarle Corp. | 5,074 | 797,684 | ||||||
American Vanguard Corp. | 862 | 16,826 | ||||||
Amyris, Inc.(1)(2) | 1,887 | 26,041 | ||||||
Ashland Global Holdings, Inc. | 2,819 | 237,134 | ||||||
Avient Corp. | 7,014 | 303,145 | ||||||
Axalta Coating Systems Ltd.(1) | 7,362 | 201,277 | ||||||
Balchem Corp. | 337 | 40,224 | ||||||
Cabot Corp. | 3,984 | 196,132 | ||||||
Celanese Corp. | 6,272 | 871,244 | ||||||
CF Industries Holdings, Inc. | 6,466 | 292,780 | ||||||
Chase Corp. | 413 | 44,472 | ||||||
Chemours Co. (The) | 15,288 | 359,727 | ||||||
Corteva, Inc. | 26,860 | 1,212,729 | ||||||
Dow, Inc. | 28,836 | 1,710,263 | ||||||
DuPont de Nemours, Inc. | 15,873 | 1,116,189 |
167
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Eastman Chemical Co. | 5,326 | $ | 581,919 | |||||
Ecolab, Inc. | 2,739 | 573,437 | ||||||
Element Solutions, Inc. | 3,291 | 59,403 | ||||||
Ferro Corp.(1) | 9,665 | 153,384 | ||||||
FMC Corp. | 6,461 | 657,019 | ||||||
FutureFuel Corp. | 1,617 | 23,738 | ||||||
GCP Applied Technologies, Inc.(1) | 3,787 | 93,880 | ||||||
H.B. Fuller Co. | 359 | 20,129 | ||||||
Hawkins, Inc. | 707 | 44,258 | ||||||
Huntsman Corp. | 8,331 | 227,436 | ||||||
Ingevity Corp.(1) | 3,041 | 211,289 | ||||||
Innospec, Inc. | 1,730 | 173,778 | ||||||
International Flavors & Fragrances, Inc. | 495 | 67,077 | ||||||
Koppers Holdings, Inc.(1) | 1,049 | 35,047 | ||||||
Kraton Corp.(1) | 3,040 | 113,058 | ||||||
Kronos Worldwide, Inc. | 1,141 | 16,487 | ||||||
Linde plc | 6,838 | 1,670,318 | ||||||
Livent Corp.(1) | 12,508 | 232,899 | ||||||
LyondellBasell Industries NV, Class A | 11,680 | 1,204,091 | ||||||
Minerals Technologies, Inc. | 2,446 | 174,229 | ||||||
Mosaic Co. (The) | 22,523 | 662,176 | ||||||
NewMarket Corp. | 501 | 189,869 | ||||||
Olin Corp. | 10,188 | 315,217 | ||||||
Orion Engineered Carbons SA | 4,746 | 84,004 | ||||||
PPG Industries, Inc. | 3,916 | 527,955 | ||||||
PQ Group Holdings, Inc. | 776 | 11,919 | ||||||
Quaker Chemical Corp. | 78 | 22,026 | ||||||
Rayonier Advanced Materials, Inc.(1) | 3,390 | 31,358 | ||||||
RPM International, Inc. | 2,160 | 172,022 | ||||||
Scotts Miracle-Gro Co. (The) | 1,813 | 386,441 | ||||||
Sensient Technologies Corp. | 3,223 | 250,911 | ||||||
Sherwin-Williams Co. (The) | 1,149 | 781,711 | ||||||
Stepan Co. | 1,436 | 173,311 | ||||||
Trecora Resources(1) | 63 | 447 | ||||||
Tredegar Corp. | 1,960 | 29,870 | ||||||
Trinseo SA | 3,415 | 220,985 | ||||||
Tronox Holdings plc, Class A | 9,676 | 177,458 | ||||||
Valvoline, Inc. | 2,240 | 55,910 | ||||||
Venator Materials plc(1) | 3,497 | 13,394 | ||||||
Westlake Chemical Corp. | 1,764 | 150,981 | ||||||
WR Grace & Co. | 3,483 | 206,403 | ||||||
19,414,306 | ||||||||
Commercial Services and Supplies — 0.7% | ||||||||
ABM Industries, Inc. | 625 | 26,988 | ||||||
ACCO Brands Corp. | 1,154 | 9,347 | ||||||
ADT, Inc. | 1,632 | 12,420 | ||||||
Brady Corp., Class A | 1,600 | 83,856 | ||||||
Brink's Co. (The) | 1,957 | 150,356 | ||||||
Casella Waste Systems, Inc., Class A(1) | 1,817 | 105,241 | ||||||
Cimpress plc(1) | 1,036 | 102,647 | ||||||
Cintas Corp. | 1,206 | 391,154 |
168
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Clean Harbors, Inc.(1) | 3,141 | $ | 267,456 | |||||
Copart, Inc.(1) | 8,205 | 895,658 | ||||||
CoreCivic, Inc. | 4,423 | 31,757 | ||||||
Covanta Holding Corp. | 3,415 | 47,981 | ||||||
Deluxe Corp. | 359 | 14,191 | ||||||
Ennis, Inc. | 2,164 | 42,890 | ||||||
Harsco Corp.(1) | 15 | 245 | ||||||
Healthcare Services Group, Inc. | 5,306 | 150,956 | ||||||
Heritage-Crystal Clean, Inc.(1) | 689 | 18,066 | ||||||
Herman Miller, Inc. | 5,491 | 210,607 | ||||||
HNI Corp. | 3,860 | 137,377 | ||||||
IAA, Inc.(1) | 2,103 | 123,299 | ||||||
Interface, Inc. | 2,207 | 27,411 | ||||||
KAR Auction Services, Inc. | 5,497 | 76,463 | ||||||
Kimball International, Inc., Class B | 2,800 | 36,232 | ||||||
Knoll, Inc. | 2,546 | 41,525 | ||||||
MSA Safety, Inc. | 684 | 110,117 | ||||||
PICO Holdings, Inc.(1) | 558 | 5,100 | ||||||
Pitney Bowes, Inc. | 2,999 | 25,432 | ||||||
Quad/Graphics, Inc.(1) | 1,418 | 6,211 | ||||||
Republic Services, Inc. | 922 | 82,141 | ||||||
Rollins, Inc. | 3,211 | 106,509 | ||||||
Steelcase, Inc., Class A | 5,556 | 77,451 | ||||||
Stericycle, Inc.(1) | 86 | 5,579 | ||||||
Team, Inc.(1) | 1,415 | 15,692 | ||||||
Tetra Tech, Inc. | 783 | 108,344 | ||||||
UniFirst Corp. | 815 | 197,466 | ||||||
US Ecology, Inc.(1) | 7 | 267 | ||||||
Viad Corp. | 340 | 14,226 | ||||||
VSE Corp. | 354 | 13,650 | ||||||
Waste Connections, Inc. | 3,184 | 311,045 | ||||||
Waste Management, Inc. | 9,107 | 1,009,875 | ||||||
5,093,228 | ||||||||
Communications Equipment — 0.6% | ||||||||
ADTRAN, Inc. | 1,030 | 17,345 | ||||||
Arista Networks, Inc.(1) | 1,259 | 352,319 | ||||||
Cambium Networks Corp.(1) | 570 | 24,105 | ||||||
Ciena Corp.(1) | 7,068 | 368,738 | ||||||
Cisco Systems, Inc. | 37,942 | 1,702,458 | ||||||
CommScope Holding Co., Inc.(1) | 7,638 | 111,438 | ||||||
Comtech Telecommunications Corp. | 887 | 23,843 | ||||||
Digi International, Inc.(1) | 1,076 | 25,135 | ||||||
EchoStar Corp., Class A(1) | 2,795 | 63,446 | ||||||
Extreme Networks, Inc.(1) | 4,953 | 45,419 | ||||||
F5 Networks, Inc.(1) | 1,496 | 284,210 | ||||||
Infinera Corp.(1) | 7,255 | 71,280 | ||||||
Inseego Corp.(1)(2) | 502 | 7,324 | ||||||
Juniper Networks, Inc. | 4,374 | 101,827 | ||||||
Lumentum Holdings, Inc.(1) | 4,185 | 376,650 | ||||||
Motorola Solutions, Inc. | 1,500 | 263,220 | ||||||
NETGEAR, Inc.(1) | 1,799 | 71,960 |
169
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
NetScout Systems, Inc.(1) | 1,432 | $ | 40,411 | |||||
Ribbon Communications, Inc.(1) | 2,970 | 25,661 | ||||||
Ubiquiti, Inc. | 95 | 30,297 | ||||||
ViaSat, Inc.(1) | 2,549 | 130,356 | ||||||
Viavi Solutions, Inc.(1) | 5,989 | 96,932 | ||||||
4,234,374 | ||||||||
Construction and Engineering — 0.5% | ||||||||
AECOM(1) | 831 | 48,107 | ||||||
Aegion Corp.(1) | 1,415 | 36,578 | ||||||
Ameresco, Inc., Class A(1) | 1,791 | 102,302 | ||||||
Arcosa, Inc. | 2,808 | 159,298 | ||||||
Argan, Inc. | 1,138 | 56,923 | ||||||
Comfort Systems USA, Inc. | 3,480 | 215,551 | ||||||
Construction Partners, Inc., Class A(1) | 2,751 | 79,614 | ||||||
Dycom Industries, Inc.(1) | 2,954 | 226,217 | ||||||
EMCOR Group, Inc. | 2,326 | 226,483 | ||||||
Fluor Corp.(1) | 11,615 | 199,313 | ||||||
Great Lakes Dredge & Dock Corp.(1) | 5,600 | 85,064 | ||||||
HC2 Holdings, Inc.(1) | 1,669 | 5,841 | ||||||
IES Holdings, Inc.(1) | 864 | 39,606 | ||||||
MasTec, Inc.(1) | 4,804 | 416,747 | ||||||
Matrix Service Co.(1) | 1,679 | 22,784 | ||||||
MYR Group, Inc.(1) | 1,795 | 105,815 | ||||||
Northwest Pipe Co.(1) | 308 | 10,481 | ||||||
Orion Group Holdings, Inc.(1) | 8 | 47 | ||||||
Primoris Services Corp. | 5,278 | 176,655 | ||||||
Quanta Services, Inc. | 8,515 | 713,983 | ||||||
Sterling Construction Co., Inc.(1) | 613 | 13,964 | ||||||
Tutor Perini Corp.(1) | 2,945 | 43,291 | ||||||
Valmont Industries, Inc. | 1,477 | 349,355 | ||||||
WillScot Mobile Mini Holdings Corp.(1) | 3,948 | 109,478 | ||||||
3,443,497 | ||||||||
Construction Materials — 0.2% | ||||||||
Eagle Materials, Inc. | 3,087 | 387,048 | ||||||
Forterra, Inc.(1) | 872 | 20,291 | ||||||
Martin Marietta Materials, Inc. | 1,587 | 534,613 | ||||||
Summit Materials, Inc., Class A(1) | 4,242 | 117,546 | ||||||
US Concrete, Inc.(1) | 783 | 40,293 | ||||||
Vulcan Materials Co. | 2,907 | 485,440 | ||||||
1,585,231 | ||||||||
Consumer Finance — 1.4% | ||||||||
Ally Financial, Inc. | 22,759 | 944,498 | ||||||
American Express Co. | 17,834 | 2,412,227 | ||||||
Atlanticus Holdings Corp.(1) | 677 | 17,792 | ||||||
Capital One Financial Corp. | 15,691 | 1,885,901 | ||||||
Credit Acceptance Corp.(1)(2) | 488 | 177,154 | ||||||
Discover Financial Services | 13,594 | 1,278,788 | ||||||
Elevate Credit, Inc.(1) | 1,123 | 4,582 | ||||||
Encore Capital Group, Inc.(1) | 2,151 | 71,886 | ||||||
Enova International, Inc.(1) | 3,554 | 109,108 | ||||||
FirstCash, Inc. | 3,296 | 208,703 |
170
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Green Dot Corp., Class A(1) | 4,328 | $ | 204,541 | |||||
LendingClub Corp.(1) | 3,911 | 42,121 | ||||||
LendingTree, Inc.(1)(2) | 4 | 1,075 | ||||||
Navient Corp. | 17,127 | 212,032 | ||||||
Nelnet, Inc., Class A | 1,744 | 126,614 | ||||||
OneMain Holdings, Inc. | 6,210 | 291,311 | ||||||
PRA Group, Inc.(1) | 1,903 | 70,145 | ||||||
PROG Holdings, Inc. | 5,573 | 278,650 | ||||||
Regional Management Corp. | 1,045 | 33,827 | ||||||
Santander Consumer USA Holdings, Inc. | 8,980 | 224,500 | ||||||
SLM Corp. | 33,750 | 532,913 | ||||||
Synchrony Financial | 30,166 | 1,166,821 | ||||||
World Acceptance Corp.(1) | 245 | 31,005 | ||||||
10,326,194 | ||||||||
Containers and Packaging — 0.7% | ||||||||
Amcor plc | 14,070 | 153,926 | ||||||
AptarGroup, Inc. | 3,256 | 423,508 | ||||||
Ardagh Group SA | 68 | 1,723 | ||||||
Avery Dennison Corp. | 3,657 | 640,743 | ||||||
Ball Corp. | 4,249 | 362,822 | ||||||
Berry Global Group, Inc.(1) | 4,561 | 252,679 | ||||||
Crown Holdings, Inc.(1) | 3,187 | 304,550 | ||||||
Graphic Packaging Holding Co. | 11,395 | 180,839 | ||||||
Greif, Inc., Class A | 613 | 29,608 | ||||||
Greif, Inc., Class B | 16 | 792 | ||||||
International Paper Co. | 19,645 | 975,374 | ||||||
Myers Industries, Inc. | 2,530 | 56,014 | ||||||
O-I Glass, Inc.(1) | 5,433 | 63,457 | ||||||
Packaging Corp. of America | 5,786 | 763,868 | ||||||
Sealed Air Corp. | 2,252 | 94,359 | ||||||
Silgan Holdings, Inc. | 1,564 | 58,744 | ||||||
Sonoco Products Co. | 5,378 | 320,367 | ||||||
UFP Technologies, Inc.(1) | 85 | 4,209 | ||||||
WestRock Co. | 13,805 | 601,760 | ||||||
5,289,342 | ||||||||
Distributors — 0.2% | ||||||||
Core-Mark Holding Co., Inc. | 3,771 | 122,859 | ||||||
Funko, Inc., Class A(1)(2) | 2 | 27 | ||||||
Genuine Parts Co. | 4,382 | 461,644 | ||||||
LKQ Corp.(1) | 9,022 | 355,377 | ||||||
Pool Corp. | 2,181 | 730,133 | ||||||
Weyco Group, Inc. | 41 | 720 | ||||||
1,670,760 | ||||||||
Diversified Consumer Services — 0.1% | ||||||||
Adtalem Global Education, Inc.(1) | 1,559 | 61,269 | ||||||
American Public Education, Inc.(1) | 271 | 7,978 | ||||||
Bright Horizons Family Solutions, Inc.(1) | 708 | 113,039 | ||||||
Chegg, Inc.(1) | 679 | 65,544 | ||||||
frontdoor, Inc.(1) | 1,371 | 71,799 | ||||||
Graham Holdings Co., Class B | 30 | 18,025 | ||||||
Grand Canyon Education, Inc.(1) | 1,441 | 150,859 |
171
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
H&R Block, Inc. | 2,127 | $ | 40,902 | |||||
Houghton Mifflin Harcourt Co.(1) | 3,378 | 20,606 | ||||||
Laureate Education, Inc., Class A(1) | 6,581 | 90,489 | ||||||
OneSpaWorld Holdings Ltd.(1) | 1,679 | 18,318 | ||||||
Perdoceo Education Corp.(1) | 5,644 | 72,638 | ||||||
Service Corp. International | 3,310 | 158,086 | ||||||
Strategic Education, Inc. | 353 | 32,095 | ||||||
Stride, Inc.(1) | 865 | 20,803 | ||||||
Terminix Global Holdings, Inc.(1) | 623 | 28,041 | ||||||
Universal Technical Institute, Inc.(1) | 863 | 5,290 | ||||||
WW International, Inc.(1) | 623 | 18,372 | ||||||
994,153 | ||||||||
Diversified Financial Services — 0.7% | ||||||||
Alerus Financial Corp. | 66 | 1,816 | ||||||
Banco Latinoamericano de Comercio Exterior SA, E Shares | 1,415 | 21,593 | ||||||
Berkshire Hathaway, Inc., Class B(1) | 15,406 | 3,705,297 | ||||||
Cannae Holdings, Inc.(1) | 2,035 | 76,007 | ||||||
Equitable Holdings, Inc. | 16,929 | 500,591 | ||||||
Jefferies Financial Group, Inc. | 13,780 | 400,171 | ||||||
Marlin Business Services Corp. | 132 | 2,006 | ||||||
Voya Financial, Inc. | 5,035 | 303,510 | ||||||
5,010,991 | ||||||||
Diversified Telecommunication Services — 1.1% | ||||||||
Alaska Communications Systems Group, Inc. | 600 | 1,962 | ||||||
AT&T, Inc. | 90,577 | 2,526,193 | ||||||
ATN International, Inc. | 359 | 17,476 | ||||||
Cogent Communications Holdings, Inc. | 438 | 26,214 | ||||||
Consolidated Communications Holdings, Inc.(1) | 2,677 | 14,081 | ||||||
Globalstar, Inc.(1) | 39,542 | 69,989 | ||||||
IDT Corp., Class B(1) | 2,285 | 41,016 | ||||||
Iridium Communications, Inc.(1) | 8,366 | 320,501 | ||||||
Lumen Technologies, Inc. | 18,643 | 229,123 | ||||||
ORBCOMM, Inc.(1) | 3,086 | 23,546 | ||||||
Verizon Communications, Inc. | 91,189 | 5,042,752 | ||||||
Vonage Holdings Corp.(1) | 2,471 | 32,667 | ||||||
8,345,520 | ||||||||
Electric Utilities — 1.4% | ||||||||
ALLETE, Inc. | 2,033 | 126,310 | ||||||
Alliant Energy Corp. | 7,103 | 327,874 | ||||||
American Electric Power Co., Inc. | 13,333 | 997,975 | ||||||
Avangrid, Inc. | 851 | 38,942 | ||||||
Duke Energy Corp. | 6,320 | 540,929 | ||||||
Edison International | 11,448 | 618,077 | ||||||
Entergy Corp. | 8,185 | 710,540 | ||||||
Evergy, Inc. | 7,100 | 380,773 | ||||||
Eversource Energy | 4,224 | 335,724 | ||||||
Exelon Corp. | 27,840 | 1,074,624 | ||||||
FirstEnergy Corp. | 12,174 | 403,446 | ||||||
Hawaiian Electric Industries, Inc. | 6,080 | 212,557 | ||||||
IDACORP, Inc. | 2,143 | 184,812 | ||||||
MGE Energy, Inc. | 359 | 22,868 |
172
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
NextEra Energy, Inc. | 13,093 | $ | 962,074 | |||||
NRG Energy, Inc. | 2,082 | 76,014 | ||||||
OGE Energy Corp. | 6,060 | 177,376 | ||||||
Otter Tail Corp. | 757 | 30,674 | ||||||
PG&E Corp.(1) | 7,394 | 77,711 | ||||||
Pinnacle West Capital Corp. | 5,287 | 369,720 | ||||||
PNM Resources, Inc. | 2,216 | 106,390 | ||||||
Portland General Electric Co. | 5,399 | 227,622 | ||||||
PPL Corp. | 17,700 | 463,563 | ||||||
Southern Co. (The) | 17,247 | 978,250 | ||||||
Spark Energy, Inc., Class A(2) | 2 | 20 | ||||||
Xcel Energy, Inc. | 18,248 | 1,069,150 | ||||||
10,514,015 | ||||||||
Electrical Equipment — 0.7% | ||||||||
Acuity Brands, Inc. | 1,710 | 210,843 | ||||||
Allied Motion Technologies, Inc. | 68 | 3,301 | ||||||
AMETEK, Inc. | 3,386 | 399,446 | ||||||
Array Technologies, Inc.(1) | 5,833 | 216,288 | ||||||
Atkore, Inc.(1) | 4,620 | 312,543 | ||||||
AZZ, Inc. | 1,775 | 90,685 | ||||||
Bloom Energy Corp., Class A(1) | 1,598 | 45,591 | ||||||
Eaton Corp. plc | 6,436 | 837,903 | ||||||
Emerson Electric Co. | 7,554 | 648,889 | ||||||
Encore Wire Corp. | 816 | 53,472 | ||||||
Generac Holdings, Inc.(1) | 1,153 | 379,983 | ||||||
GrafTech International Ltd. | 82 | 970 | ||||||
Hubbell, Inc. | 696 | 123,547 | ||||||
LSI Industries, Inc. | 1,121 | 10,111 | ||||||
nVent Electric plc | 2,448 | 64,284 | ||||||
Orion Energy Systems, Inc.(1) | 1,979 | 16,624 | ||||||
Plug Power, Inc.(1) | 568 | 27,480 | ||||||
Powell Industries, Inc. | 275 | 8,561 | ||||||
Regal Beloit Corp. | 1,825 | 249,423 | ||||||
Rockwell Automation, Inc. | 3,568 | 868,023 | ||||||
Sensata Technologies Holding plc(1) | 1,546 | 88,570 | ||||||
Sunrun, Inc.(1) | 7,401 | 463,154 | ||||||
Thermon Group Holdings, Inc.(1) | 1 | 20 | ||||||
TPI Composites, Inc.(1) | 3,547 | 169,050 | ||||||
5,288,761 | ||||||||
Electronic Equipment, Instruments and Components — 1.4% | ||||||||
Amphenol Corp., Class A | 2,686 | 337,576 | ||||||
Arlo Technologies, Inc.(1) | 2,485 | 17,296 | ||||||
Arrow Electronics, Inc.(1) | 5,602 | 561,657 | ||||||
Avnet, Inc. | 5,930 | 225,755 | ||||||
Badger Meter, Inc. | 1,951 | 211,859 | ||||||
Bel Fuse, Inc., Class B | 249 | 4,420 | ||||||
Belden, Inc. | 515 | 22,768 | ||||||
Benchmark Electronics, Inc. | 3,129 | 88,864 | ||||||
CDW Corp. | 3,530 | 553,822 | ||||||
Cognex Corp. | 2,459 | 203,089 | ||||||
Coherent, Inc.(1) | 1,217 | 294,441 |
173
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Corning, Inc. | 34,704 | $ | 1,327,081 | |||||
CTS Corp. | 2,160 | 69,487 | ||||||
Daktronics, Inc. | 2,726 | 14,748 | ||||||
Dolby Laboratories, Inc., Class A | 2,142 | 209,123 | ||||||
ePlus, Inc.(1) | 1,273 | 120,375 | ||||||
Fabrinet(1) | 705 | 62,273 | ||||||
FARO Technologies, Inc.(1) | 666 | 62,244 | ||||||
Flex Ltd.(1) | 35,879 | 652,639 | ||||||
FLIR Systems, Inc. | 2,950 | 157,530 | ||||||
II-VI, Inc.(1) | 1,947 | 164,132 | ||||||
Insight Enterprises, Inc.(1) | 3,235 | 270,414 | ||||||
IPG Photonics Corp.(1) | 1,014 | 230,533 | ||||||
Itron, Inc.(1) | 95 | 11,138 | ||||||
Jabil, Inc. | 10,654 | 459,933 | ||||||
Keysight Technologies, Inc.(1) | 4,192 | 593,252 | ||||||
Kimball Electronics, Inc.(1) | 1,352 | 31,745 | ||||||
Knowles Corp.(1) | 2,655 | 55,197 | ||||||
Littelfuse, Inc. | 201 | 52,304 | ||||||
Methode Electronics, Inc. | 1,049 | 40,838 | ||||||
National Instruments Corp. | 3,586 | 159,218 | ||||||
Novanta, Inc.(1) | 598 | 79,133 | ||||||
OSI Systems, Inc.(1) | 1,015 | 96,039 | ||||||
PC Connection, Inc. | 305 | 14,033 | ||||||
Plexus Corp.(1) | 2,203 | 185,008 | ||||||
Rogers Corp.(1) | 457 | 82,936 | ||||||
Sanmina Corp.(1) | 5,803 | 206,703 | ||||||
ScanSource, Inc.(1) | 2,029 | 57,705 | ||||||
SYNNEX Corp. | 3,376 | 301,004 | ||||||
TE Connectivity Ltd. | 8,146 | 1,059,224 | ||||||
Trimble, Inc.(1) | 1,625 | 120,477 | ||||||
TTM Technologies, Inc.(1) | 5,957 | 84,113 | ||||||
Vishay Intertechnology, Inc. | 6,925 | 165,300 | ||||||
Vishay Precision Group, Inc.(1) | 537 | 17,356 | ||||||
Vontier Corp.(1) | 1,872 | 58,781 | ||||||
Zebra Technologies Corp., Class A(1) | 488 | 243,722 | ||||||
10,037,285 | ||||||||
Energy Equipment and Services — 0.5% | ||||||||
Archrock, Inc. | 17,441 | 179,817 | ||||||
Aspen Aerogels, Inc.(1) | 593 | 13,194 | ||||||
Baker Hughes Co. | 10,493 | 256,869 | ||||||
Bristow Group, Inc.(1) | 2,144 | 57,073 | ||||||
Cactus, Inc., Class A | 5,521 | 175,954 | ||||||
ChampionX Corp.(1) | 3,820 | 81,251 | ||||||
Core Laboratories NV | 433 | 15,389 | ||||||
DMC Global, Inc. | 932 | 58,707 | ||||||
Dril-Quip, Inc.(1) | 1,287 | 43,707 | ||||||
Exterran Corp.(1) | 2,215 | 12,116 | ||||||
Frank's International NV(1) | 707 | 3,203 | ||||||
Geospace Technologies Corp.(1) | 157 | 1,547 | ||||||
Halliburton Co. | 47,786 | 1,043,168 | ||||||
Helix Energy Solutions Group, Inc.(1) | 3,791 | 18,576 |
174
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Helmerich & Payne, Inc. | 7,393 | $ | 212,401 | |||||
Liberty Oilfield Services, Inc., Class A | 4,616 | 53,961 | ||||||
Nabors Industries Ltd. | 426 | 47,290 | ||||||
National Energy Services Reunited Corp.(1) | 1,433 | 18,987 | ||||||
NexTier Oilfield Solutions, Inc.(1) | 12,299 | 57,190 | ||||||
NOV, Inc. | 27,332 | 412,713 | ||||||
Oceaneering International, Inc.(1) | 10,563 | 124,643 | ||||||
Oil States International, Inc.(1) | 2,207 | 16,177 | ||||||
Patterson-UTI Energy, Inc. | 14,118 | 104,473 | ||||||
ProPetro Holding Corp.(1) | 10,319 | 118,359 | ||||||
RPC, Inc.(1) | 1,677 | 10,649 | ||||||
Schlumberger NV | 14,517 | 405,170 | ||||||
SEACOR Marine Holdings, Inc.(1) | 320 | 1,267 | ||||||
Select Energy Services, Inc., Class A(1) | 3,771 | 23,833 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 2,207 | 26,065 | ||||||
TechnipFMC plc | 35,363 | 290,684 | ||||||
Tidewater, Inc.(1) | 320 | 3,987 | ||||||
US Silica Holdings, Inc. | 615 | 8,186 | ||||||
3,896,606 | ||||||||
Entertainment — 1.2% | ||||||||
Activision Blizzard, Inc. | 8,929 | 853,702 | ||||||
Cinemark Holdings, Inc.(2) | 2,094 | 47,010 | ||||||
Electronic Arts, Inc. | 5,441 | 728,931 | ||||||
Eros STX Global Corp.(1) | 13,535 | 24,769 | ||||||
IMAX Corp.(1) | 1,784 | 36,875 | ||||||
Liberty Media Corp.-Liberty Braves, Class C(1) | 2,422 | 69,729 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C(1) | 3,937 | 172,834 | ||||||
Live Nation Entertainment, Inc.(1) | 1,594 | 141,643 | ||||||
Madison Square Garden Entertainment Corp.(1) | 1,438 | 154,973 | ||||||
Madison Square Garden Sports Corp.(1) | 219 | 42,125 | ||||||
Marcus Corp. (The)(1) | 623 | 12,236 | ||||||
Netflix, Inc.(1) | 5,750 | 3,098,387 | ||||||
Roku, Inc.(1) | 449 | 177,571 | ||||||
Take-Two Interactive Software, Inc.(1) | 4,669 | 861,244 | ||||||
Walt Disney Co. (The)(1) | 11,630 | 2,198,535 | ||||||
World Wrestling Entertainment, Inc., Class A | 2,657 | 131,256 | ||||||
Zynga, Inc., Class A(1) | 14,184 | 158,152 | ||||||
8,909,972 | ||||||||
Food and Staples Retailing — 1.6% | ||||||||
Andersons, Inc. (The) | 2,054 | 53,692 | ||||||
BJ's Wholesale Club Holdings, Inc.(1) | 1,903 | 76,463 | ||||||
Casey's General Stores, Inc. | 2,822 | 569,931 | ||||||
Chefs' Warehouse, Inc. (The)(1) | 1,216 | 37,866 | ||||||
Costco Wholesale Corp. | 9,719 | 3,216,989 | ||||||
HF Foods Group, Inc.(1) | 111 | 818 | ||||||
Ingles Markets, Inc., Class A | 1,219 | 63,339 | ||||||
Kroger Co. (The) | 42,426 | 1,366,541 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 989 | 13,925 | ||||||
Performance Food Group Co.(1) | 11,344 | 615,299 | ||||||
PriceSmart, Inc. | 1,745 | 168,305 | ||||||
SpartanNash Co. | 3,046 | 55,529 |
175
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Sprouts Farmers Market, Inc.(1) | 10,688 | $ | 225,624 | |||||
Sysco Corp. | 11,606 | 924,186 | ||||||
United Natural Foods, Inc.(1) | 6,694 | 177,056 | ||||||
US Foods Holding Corp.(1) | 2,116 | 77,149 | ||||||
Village Super Market, Inc., Class A | 991 | 22,843 | ||||||
Walgreens Boots Alliance, Inc. | 18,110 | 868,012 | ||||||
Walmart, Inc. | 21,548 | 2,799,516 | ||||||
Weis Markets, Inc. | 937 | 50,083 | ||||||
11,383,166 | ||||||||
Food Products — 1.2% | ||||||||
Archer-Daniels-Midland Co. | 12,746 | 721,169 | ||||||
B&G Foods, Inc.(2) | 6,199 | 188,016 | ||||||
Beyond Meat, Inc.(1) | 19 | 2,764 | ||||||
Bunge Ltd. | 9,578 | 733,483 | ||||||
Cal-Maine Foods, Inc.(1) | 424 | 16,154 | ||||||
Calavo Growers, Inc. | 753 | 56,663 | ||||||
Campbell Soup Co. | 5,272 | 239,771 | ||||||
Conagra Brands, Inc. | 2,437 | 82,687 | ||||||
Darling Ingredients, Inc.(1) | 11,467 | 722,880 | ||||||
Flowers Foods, Inc. | 11,121 | 241,882 | ||||||
Fresh Del Monte Produce, Inc. | 1,634 | 42,059 | ||||||
Freshpet, Inc.(1) | 705 | 109,895 | ||||||
General Mills, Inc. | 5,981 | 329,015 | ||||||
Hain Celestial Group, Inc. (The)(1) | 2,934 | 123,756 | ||||||
Hershey Co. (The) | 5,635 | 820,738 | ||||||
Hormel Foods Corp. | 5,617 | 260,460 | ||||||
Hostess Brands, Inc.(1) | 5,273 | 75,878 | ||||||
Ingredion, Inc. | 3,414 | 307,943 | ||||||
J&J Snack Foods Corp. | 363 | 57,630 | ||||||
J.M. Smucker Co. (The) | 2,153 | 241,136 | ||||||
John B Sanfilippo & Son, Inc. | 680 | 58,793 | ||||||
Kellogg Co. | 3,913 | 225,819 | ||||||
Kraft Heinz Co. (The) | 6,707 | 244,001 | ||||||
Lamb Weston Holdings, Inc. | 7,557 | 602,822 | ||||||
Lancaster Colony Corp. | 722 | 126,112 | ||||||
Landec Corp.(1) | 593 | 6,612 | ||||||
McCormick & Co., Inc. | 1,693 | 142,686 | ||||||
Mondelez International, Inc., Class A | 16,317 | 867,412 | ||||||
Pilgrim's Pride Corp.(1) | 2,413 | 54,027 | ||||||
Post Holdings, Inc.(1) | 581 | 55,811 | ||||||
Sanderson Farms, Inc. | 366 | 55,815 | ||||||
Seaboard Corp. | 9 | 29,818 | ||||||
Seneca Foods Corp., Class A(1) | 279 | 15,194 | ||||||
Simply Good Foods Co. (The)(1) | 2,584 | 75,375 | ||||||
Tootsie Roll Industries, Inc. | 634 | 19,534 | ||||||
TreeHouse Foods, Inc.(1) | 359 | 17,957 | ||||||
Tyson Foods, Inc., Class A | 11,284 | 763,588 | ||||||
Whole Earth Brands, Inc.(1) | 608 | 7,801 | ||||||
8,743,156 | ||||||||
Gas Utilities — 0.1% | ||||||||
Atmos Energy Corp. | 2,407 | 203,656 |
176
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Chesapeake Utilities Corp. | 346 | $ | 36,583 | |||||
National Fuel Gas Co. | 2,936 | 133,412 | ||||||
New Jersey Resources Corp. | 1,554 | 61,057 | ||||||
Northwest Natural Holding Co. | 1,053 | 50,533 | ||||||
ONE Gas, Inc. | 1,348 | 90,276 | ||||||
South Jersey Industries, Inc. | 56 | 1,406 | ||||||
Southwest Gas Holdings, Inc.(1) | 2,241 | 139,726 | ||||||
Spire, Inc. | 13 | 863 | ||||||
Star Group LP | 1,135 | 10,930 | ||||||
UGI Corp. | 5,203 | 199,327 | ||||||
927,769 | ||||||||
Health Care Equipment and Supplies — 2.4% | ||||||||
Abbott Laboratories | 13,447 | 1,610,682 | ||||||
ABIOMED, Inc.(1) | 522 | 169,415 | ||||||
Align Technology, Inc.(1) | 2,051 | 1,163,143 | ||||||
AngioDynamics, Inc.(1) | 575 | 12,046 | ||||||
Antares Pharma, Inc.(1) | 5,956 | 25,313 | ||||||
Apyx Medical Corp.(1) | 320 | 3,344 | ||||||
Atrion Corp. | 38 | 23,746 | ||||||
Avanos Medical, Inc.(1) | 1,935 | 88,971 | ||||||
Axogen, Inc.(1) | 1,972 | 43,581 | ||||||
Baxter International, Inc. | 13,273 | 1,031,179 | ||||||
Becton Dickinson and Co. | 1,782 | 429,729 | ||||||
Boston Scientific Corp.(1) | 10,978 | 425,727 | ||||||
Cardiovascular Systems, Inc.(1) | 359 | 14,827 | ||||||
Cooper Cos., Inc. (The) | 811 | 313,151 | ||||||
CryoLife, Inc.(1) | 224 | 5,656 | ||||||
Danaher Corp. | 4,256 | 934,916 | ||||||
DENTSPLY SIRONA, Inc. | 3,830 | 203,258 | ||||||
DexCom, Inc.(1) | 664 | 264,126 | ||||||
Edwards Lifesciences Corp.(1) | 10,139 | 842,551 | ||||||
FONAR Corp.(1) | 271 | 5,255 | ||||||
Glaukos Corp.(1) | 796 | 75,270 | ||||||
Globus Medical, Inc., Class A(1) | 1,907 | 119,188 | ||||||
Haemonetics Corp.(1) | 2,258 | 285,637 | ||||||
Hill-Rom Holdings, Inc. | 426 | 45,441 | ||||||
Hologic, Inc.(1) | 3,109 | 224,128 | ||||||
ICU Medical, Inc.(1) | 777 | 161,228 | ||||||
IDEXX Laboratories, Inc.(1) | 3,309 | 1,721,243 | ||||||
Inogen, Inc.(1) | 571 | 29,972 | ||||||
Insulet Corp.(1) | 928 | 240,445 | ||||||
Integer Holdings Corp.(1) | 1,457 | 128,493 | ||||||
Integra LifeSciences Holdings Corp.(1) | 853 | 58,294 | ||||||
Intersect ENT, Inc.(1) | 897 | 20,461 | ||||||
Intuitive Surgical, Inc.(1) | 1,475 | 1,086,780 | ||||||
iRhythm Technologies, Inc.(1) | 110 | 17,699 | ||||||
Lantheus Holdings, Inc.(1) | 5,148 | 96,165 | ||||||
LENSAR, Inc.(1) | 146 | 1,320 | ||||||
LivaNova plc(1) | 4,036 | 312,951 | ||||||
Masimo Corp.(1) | 1,036 | 259,756 | ||||||
Medtronic plc | 13,493 | 1,578,276 |
177
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Meridian Bioscience, Inc.(1) | 2,892 | $ | 60,963 | |||||
Merit Medical Systems, Inc.(1) | 2,488 | 138,631 | ||||||
Natus Medical, Inc.(1) | 2,335 | 60,500 | ||||||
Neogen Corp.(1) | 707 | 57,917 | ||||||
Nevro Corp.(1) | 324 | 53,518 | ||||||
Novocure Ltd.(1) | 359 | 53,527 | ||||||
NuVasive, Inc.(1) | 1,343 | 81,023 | ||||||
OraSure Technologies, Inc.(1) | 2,352 | 24,931 | ||||||
Orthofix Medical, Inc.(1) | 663 | 30,836 | ||||||
Oxford Immunotec Global plc(1) | 608 | 13,346 | ||||||
Penumbra, Inc.(1) | 396 | 112,634 | ||||||
Quidel Corp.(1) | 905 | 148,655 | ||||||
ResMed, Inc. | 2,526 | 486,962 | ||||||
Shockwave Medical, Inc.(1) | 21 | 2,452 | ||||||
Sientra, Inc.(1) | 6 | 47 | ||||||
STERIS plc | 1,221 | 213,431 | ||||||
Stryker Corp. | 2,975 | 722,003 | ||||||
Surmodics, Inc.(1) | 815 | 42,502 | ||||||
Tandem Diabetes Care, Inc.(1) | 115 | 11,039 | ||||||
Teleflex, Inc. | 278 | 110,677 | ||||||
TransEnterix, Inc.(1) | 5,549 | 20,642 | ||||||
TransMedics Group, Inc.(1) | 689 | 24,728 | ||||||
Varex Imaging Corp.(1) | 889 | 20,385 | ||||||
West Pharmaceutical Services, Inc. | 2,174 | 610,133 | ||||||
Zimmer Biomet Holdings, Inc. | 2,959 | 482,495 | ||||||
17,657,340 | ||||||||
Health Care Providers and Services — 2.0% | ||||||||
Acadia Healthcare Co., Inc.(1) | 795 | 43,916 | ||||||
Addus HomeCare Corp.(1) | 452 | 48,622 | ||||||
Amedisys, Inc.(1) | 456 | 115,660 | ||||||
AmerisourceBergen Corp. | 2,282 | 230,984 | ||||||
AMN Healthcare Services, Inc.(1) | 1,315 | 95,824 | ||||||
Anthem, Inc. | 6,686 | 2,027,128 | ||||||
Brookdale Senior Living, Inc.(1) | 19,906 | 115,853 | ||||||
Cardinal Health, Inc. | 4,005 | 206,338 | ||||||
Centene Corp.(1) | 16,124 | 943,899 | ||||||
Chemed Corp. | 386 | 171,851 | ||||||
Cigna Corp. | 4,229 | 887,667 | ||||||
CorVel Corp.(1) | 453 | 45,979 | ||||||
Cross Country Healthcare, Inc.(1) | 5,452 | 60,572 | ||||||
CVS Health Corp. | 7,546 | 514,109 | ||||||
DaVita, Inc.(1) | 685 | 69,959 | ||||||
Encompass Health Corp. | 1,182 | 95,080 | ||||||
Ensign Group, Inc. (The) | 4,670 | 383,033 | ||||||
Guardant Health, Inc.(1) | 602 | 88,602 | ||||||
Hanger, Inc.(1) | 1,519 | 33,388 | ||||||
HCA Healthcare, Inc. | 2,175 | 374,165 | ||||||
HealthEquity, Inc.(1) | 628 | 51,716 | ||||||
Henry Schein, Inc.(1) | 3,050 | 188,642 | ||||||
Humana, Inc. | 4,695 | 1,782,457 | ||||||
InfuSystem Holdings, Inc.(1) | 1,134 | 19,346 |
178
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Joint Corp. (The)(1) | 601 | $ | 23,926 | |||||
Laboratory Corp. of America Holdings(1) | 725 | 173,935 | ||||||
LHC Group, Inc.(1) | 122 | 22,169 | ||||||
Magellan Health, Inc.(1) | 1,562 | 145,766 | ||||||
McKesson Corp. | 2,239 | 379,555 | ||||||
ModivCare, Inc.(1) | 1,100 | 141,086 | ||||||
Molina Healthcare, Inc.(1) | 3,349 | 725,929 | ||||||
National HealthCare Corp. | 541 | 37,626 | ||||||
National Research Corp. | 715 | 36,944 | ||||||
Owens & Minor, Inc. | 7,681 | 261,231 | ||||||
Patterson Cos., Inc. | 6,834 | 212,264 | ||||||
Pennant Group, Inc. (The)(1) | 1,262 | 66,608 | ||||||
Premier, Inc., Class A | 4,985 | 168,593 | ||||||
Quest Diagnostics, Inc. | 1,193 | 137,899 | ||||||
R1 RCM, Inc.(1) | 2,836 | 78,387 | ||||||
RadNet, Inc.(1) | 2,206 | 40,679 | ||||||
Select Medical Holdings Corp.(1) | 9 | 285 | ||||||
Tenet Healthcare Corp.(1) | 1,785 | 91,071 | ||||||
Tivity Health, Inc.(1) | 1,325 | 31,535 | ||||||
Triple-S Management Corp., Class B(1) | 380 | 9,614 | ||||||
UnitedHealth Group, Inc. | 7,497 | 2,490,653 | ||||||
Universal Health Services, Inc., Class B(1) | 4,621 | 579,150 | ||||||
14,449,695 | ||||||||
Health Care Technology — 0.3% | ||||||||
Allscripts Healthcare Solutions, Inc.(1) | 2,953 | 45,565 | ||||||
Cerner Corp. | 13,858 | 958,142 | ||||||
Change Healthcare, Inc.(1) | 8,759 | 200,318 | ||||||
Evolent Health, Inc., Class A(1) | 4,183 | 84,287 | ||||||
HealthStream, Inc.(1) | 887 | 20,667 | ||||||
HMS Holdings Corp.(1) | 6 | 221 | ||||||
NextGen Healthcare, Inc.(1) | 3,134 | 58,606 | ||||||
Omnicell, Inc.(1) | 713 | 90,480 | ||||||
Teladoc Health, Inc.(1) | 898 | 198,539 | ||||||
Veeva Systems, Inc., Class A(1) | 1,781 | 498,876 | ||||||
Vocera Communications, Inc.(1) | 790 | 33,843 | ||||||
2,189,544 | ||||||||
Hotels, Restaurants and Leisure — 1.8% | ||||||||
Accel Entertainment, Inc.(1) | 1,137 | 12,609 | ||||||
Aramark | 5,501 | 204,197 | ||||||
BJ's Restaurants, Inc.(1) | 1,379 | 76,576 | ||||||
Bloomin' Brands, Inc.(1) | 3,631 | 90,194 | ||||||
Boyd Gaming Corp.(1) | 3,405 | 199,873 | ||||||
Brinker International, Inc. | 634 | 43,486 | ||||||
Caesars Entertainment, Inc.(1) | 3,564 | 333,020 | ||||||
Carnival Corp.(1) | 10,744 | 287,402 | ||||||
Carrols Restaurant Group, Inc.(1) | 62 | 383 | ||||||
Century Casinos, Inc.(1) | 4 | 32 | ||||||
Cheesecake Factory, Inc. (The) | 2,357 | 129,517 | ||||||
Chipotle Mexican Grill, Inc.(1) | 502 | 723,884 | ||||||
Choice Hotels International, Inc. | 295 | 30,937 | ||||||
Churchill Downs, Inc. | 1,389 | 320,345 |
179
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Chuy's Holdings, Inc.(1) | 1,418 | $ | 58,138 | |||||
Cracker Barrel Old Country Store, Inc. | 1,812 | 280,624 | ||||||
Darden Restaurants, Inc. | 5,953 | 817,525 | ||||||
Dave & Buster's Entertainment, Inc.(1) | 623 | 25,300 | ||||||
Denny's Corp.(1) | 1,151 | 20,200 | ||||||
Dine Brands Global, Inc. | 32 | 2,532 | ||||||
Domino's Pizza, Inc. | 454 | 157,316 | ||||||
Extended Stay America, Inc. | 9,940 | 159,935 | ||||||
Fiesta Restaurant Group, Inc.(1) | 492 | 7,508 | ||||||
GAN Ltd.(1) | 149 | 3,805 | ||||||
Golden Entertainment, Inc.(1) | 1,525 | 36,036 | ||||||
Hilton Grand Vacations, Inc.(1) | 8,401 | 331,924 | ||||||
Hilton Worldwide Holdings, Inc.(1) | 2,590 | 320,331 | ||||||
Hyatt Hotels Corp., Class A(1) | 1,592 | 140,016 | ||||||
J Alexander's Holdings, Inc.(1) | 14 | 122 | ||||||
Jack in the Box, Inc. | 263 | 26,918 | ||||||
Las Vegas Sands Corp. | 5,092 | 318,759 | ||||||
Lindblad Expeditions Holdings, Inc.(1) | 902 | 18,789 | ||||||
Marriott International, Inc., Class A(1) | 5,095 | 754,417 | ||||||
Marriott Vacations Worldwide Corp.(1) | 359 | 60,926 | ||||||
McDonald's Corp. | 5,987 | 1,234,160 | ||||||
MGM Resorts International | 9,809 | 370,682 | ||||||
Monarch Casino & Resort, Inc.(1) | 359 | 24,290 | ||||||
Norwegian Cruise Line Holdings Ltd.(1) | 9,782 | 289,156 | ||||||
Papa John's International, Inc. | 352 | 31,747 | ||||||
Penn National Gaming, Inc.(1) | 9,833 | 1,138,465 | ||||||
Planet Fitness, Inc., Class A(1) | 623 | 53,634 | ||||||
Playa Hotels & Resorts NV(1) | 3,791 | 27,181 | ||||||
RCI Hospitality Holdings, Inc. | 272 | 17,476 | ||||||
Red Lion Hotels Corp.(1) | 324 | 1,121 | ||||||
Red Robin Gourmet Burgers, Inc.(1) | 318 | 9,759 | ||||||
Red Rock Resorts, Inc., Class A | 6,601 | 199,152 | ||||||
Royal Caribbean Cruises Ltd. | 3,733 | 348,177 | ||||||
Ruth's Hospitality Group, Inc. | 1,648 | 37,583 | ||||||
Scientific Games Corp., Class A(1) | 1,314 | 61,535 | ||||||
SeaWorld Entertainment, Inc.(1) | 4,815 | 239,113 | ||||||
Six Flags Entertainment Corp. | 1,091 | 48,659 | ||||||
Starbucks Corp. | 11,134 | 1,202,806 | ||||||
Texas Roadhouse, Inc. | 4,003 | 363,793 | ||||||
Travel + Leisure Co. | 1,265 | 76,444 | ||||||
Vail Resorts, Inc. | 471 | 145,624 | ||||||
Wendy's Co. (The) | 6,365 | 130,037 | ||||||
Wingstop, Inc. | 350 | 47,652 | ||||||
Wyndham Hotels & Resorts, Inc. | 359 | 23,436 | ||||||
Wynn Resorts Ltd.(1) | 4,530 | 596,737 | ||||||
Yum! Brands, Inc. | 2,852 | 295,268 | ||||||
13,007,263 | ||||||||
Household Durables — 1.1% | ||||||||
Beazer Homes USA, Inc.(1) | 2,621 | 46,313 | ||||||
Cavco Industries, Inc.(1) | 624 | 131,608 | ||||||
Century Communities, Inc.(1) | 3,093 | 171,136 |
180
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
D.R. Horton, Inc. | 10,504 | $ | 807,443 | |||||
Ethan Allen Interiors, Inc. | 1,804 | 46,218 | ||||||
Garmin Ltd. | 3,174 | 393,639 | ||||||
Green Brick Partners, Inc.(1) | 819 | 16,159 | ||||||
Helen of Troy Ltd.(1) | 963 | 208,778 | ||||||
Hooker Furniture Corp. | 186 | 6,289 | ||||||
Installed Building Products, Inc.(1) | 814 | 89,019 | ||||||
iRobot Corp.(1) | 711 | 88,242 | ||||||
KB Home | 5,071 | 204,767 | ||||||
La-Z-Boy, Inc. | 3,754 | 159,958 | ||||||
Legacy Housing Corp.(1) | 63 | 990 | ||||||
Leggett & Platt, Inc. | 1,151 | 49,804 | ||||||
Lennar Corp., Class A | 8,160 | 677,035 | ||||||
LGI Homes, Inc.(1) | 620 | 67,735 | ||||||
Lifetime Brands, Inc. | 86 | 1,115 | ||||||
Lovesac Co. (The)(1) | 407 | 23,480 | ||||||
M.D.C. Holdings, Inc. | 1,989 | 112,518 | ||||||
M/I Homes, Inc.(1) | 3,018 | 150,598 | ||||||
Meritage Homes Corp.(1) | 3,258 | 274,682 | ||||||
Mohawk Industries, Inc.(1) | 4,300 | 752,457 | ||||||
Newell Brands, Inc. | 24,775 | 574,037 | ||||||
NVR, Inc.(1) | 67 | 301,556 | ||||||
PulteGroup, Inc. | 15,319 | 691,040 | ||||||
Purple Innovation, Inc.(1) | 4,622 | 170,043 | ||||||
Skyline Champion Corp.(1) | 1,784 | 78,942 | ||||||
Sonos, Inc.(1) | 9,231 | 359,455 | ||||||
Taylor Morrison Home Corp.(1) | 7,333 | 201,731 | ||||||
Tempur Sealy International, Inc. | 7,188 | 240,151 | ||||||
Toll Brothers, Inc. | 5,006 | 267,421 | ||||||
TopBuild Corp.(1) | 95 | 18,089 | ||||||
Tri Pointe Homes, Inc.(1) | 10,300 | 195,700 | ||||||
Turtle Beach Corp.(1) | 89 | 2,661 | ||||||
Universal Electronics, Inc.(1) | 924 | 53,768 | ||||||
Whirlpool Corp. | 3,951 | 751,006 | ||||||
8,385,583 | ||||||||
Household Products — 0.8% | ||||||||
Central Garden & Pet Co.(1) | 35 | 1,596 | ||||||
Central Garden & Pet Co., Class A(1) | 3,198 | 132,749 | ||||||
Church & Dwight Co., Inc. | 4,215 | 331,931 | ||||||
Clorox Co. (The) | 3,559 | 644,357 | ||||||
Colgate-Palmolive Co. | 11,739 | 882,773 | ||||||
Energizer Holdings, Inc. | 1,736 | 72,565 | ||||||
Kimberly-Clark Corp. | 3,512 | 450,695 | ||||||
Procter & Gamble Co. (The) | 23,642 | 2,920,496 | ||||||
Reynolds Consumer Products, Inc. | 433 | 11,955 | ||||||
Spectrum Brands Holdings, Inc. | 753 | 58,395 | ||||||
WD-40 Co. | 336 | 104,748 | ||||||
5,612,260 | ||||||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
AES Corp. (The) | 40,730 | 1,081,789 | ||||||
Clearway Energy, Inc., Class A | 1,679 | 43,906 |
181
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Clearway Energy, Inc., Class C | 2,204 | $ | 60,522 | |||||
NextEra Energy Partners LP | 3,526 | 256,128 | ||||||
Ormat Technologies, Inc. | 2,066 | 176,994 | ||||||
Sunnova Energy International, Inc.(1) | 1,850 | 82,954 | ||||||
Vistra Corp. | 29,644 | 511,359 | ||||||
2,213,652 | ||||||||
Industrial Conglomerates — 0.6% | ||||||||
3M Co. | 5,717 | 1,000,818 | ||||||
Carlisle Cos., Inc. | 2,300 | 334,075 | ||||||
General Electric Co. | 66,743 | 836,957 | ||||||
Honeywell International, Inc. | 8,233 | 1,665,947 | ||||||
Raven Industries, Inc. | 673 | 26,382 | ||||||
Roper Technologies, Inc. | 493 | 186,167 | ||||||
4,050,346 | ||||||||
Insurance — 3.0% | ||||||||
Aflac, Inc. | 19,724 | 944,582 | ||||||
Alleghany Corp. | 389 | 251,461 | ||||||
Allstate Corp. (The) | 11,407 | 1,215,986 | ||||||
Ambac Financial Group, Inc.(1) | 1,415 | 23,984 | ||||||
American Equity Investment Life Holding Co. | 7,733 | 213,663 | ||||||
American Financial Group, Inc. | 2,983 | 318,286 | ||||||
American International Group, Inc. | 25,894 | 1,138,041 | ||||||
American National Group, Inc. | 279 | 25,116 | ||||||
AMERISAFE, Inc. | 951 | 55,653 | ||||||
Aon plc, Class A | 3,245 | 738,919 | ||||||
Arch Capital Group Ltd.(1) | 12,351 | 442,413 | ||||||
Argo Group International Holdings Ltd. | 1,253 | 57,901 | ||||||
Arthur J. Gallagher & Co. | 1,951 | 233,730 | ||||||
Assurant, Inc. | 2,541 | 313,102 | ||||||
Assured Guaranty Ltd. | 3,430 | 151,675 | ||||||
Athene Holding Ltd., Class A(1) | 7,077 | 322,640 | ||||||
Axis Capital Holdings Ltd. | 3,786 | 191,307 | ||||||
Brighthouse Financial, Inc.(1) | 4,754 | 189,637 | ||||||
Brown & Brown, Inc. | 1,242 | 57,008 | ||||||
Chubb Ltd. | 6,035 | 981,170 | ||||||
Cincinnati Financial Corp. | 3,710 | 363,098 | ||||||
Citizens, Inc.(1)(2) | 1,152 | 6,993 | ||||||
CNA Financial Corp. | 359 | 15,272 | ||||||
CNO Financial Group, Inc. | 9,506 | 228,714 | ||||||
Crawford & Co., Class A | 1,312 | 12,333 | ||||||
eHealth, Inc.(1) | 1,199 | 71,245 | ||||||
Employers Holdings, Inc. | 1,505 | 50,101 | ||||||
Enstar Group Ltd.(1) | 296 | 62,927 | ||||||
Erie Indemnity Co., Class A | 458 | 110,882 | ||||||
Everest Re Group Ltd. | 939 | 227,060 | ||||||
FBL Financial Group, Inc., Class A | 281 | 16,028 | ||||||
Fidelity National Financial, Inc. | 15,095 | 577,837 | ||||||
First American Financial Corp. | 5,414 | 284,452 | ||||||
Genworth Financial, Inc., Class A(1) | 31,381 | 97,909 | ||||||
Globe Life, Inc. | 4,619 | 431,415 | ||||||
Goosehead Insurance, Inc., Class A | 197 | 25,519 |
182
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Greenlight Capital Re Ltd., A Shares(1) | 856 | $ | 6,668 | |||||
Hallmark Financial Services, Inc.(1) | 320 | 1,181 | ||||||
Hanover Insurance Group, Inc. (The) | 1,414 | 163,105 | ||||||
Hartford Financial Services Group, Inc. (The) | 20,051 | 1,016,385 | ||||||
HCI Group, Inc. | 377 | 21,817 | ||||||
Heritage Insurance Holdings, Inc. | 823 | 7,991 | ||||||
Horace Mann Educators Corp. | 4,350 | 167,649 | ||||||
James River Group Holdings Ltd. | 817 | 37,508 | ||||||
Kemper Corp. | 1,624 | 122,807 | ||||||
Kinsale Capital Group, Inc. | 652 | 114,791 | ||||||
Lincoln National Corp. | 5,502 | 312,899 | ||||||
Loews Corp. | 7,160 | 342,320 | ||||||
Markel Corp.(1) | 152 | 165,498 | ||||||
Marsh & McLennan Cos., Inc. | 4,285 | 493,718 | ||||||
MBIA, Inc.(1) | 2,999 | 21,893 | ||||||
Mercury General Corp. | 1,574 | 91,922 | ||||||
MetLife, Inc. | 17,792 | 1,024,819 | ||||||
National Western Life Group, Inc., Class A | 30 | 6,265 | ||||||
Old Republic International Corp. | 12,708 | 245,646 | ||||||
Palomar Holdings, Inc.(1) | 273 | 23,240 | ||||||
Primerica, Inc. | 2,893 | 408,578 | ||||||
Principal Financial Group, Inc. | 11,040 | 624,643 | ||||||
ProAssurance Corp. | 2,094 | 51,826 | ||||||
Progressive Corp. (The) | 20,893 | 1,795,753 | ||||||
Prudential Financial, Inc. | 8,433 | 731,310 | ||||||
Reinsurance Group of America, Inc. | 2,067 | 252,649 | ||||||
RenaissanceRe Holdings Ltd. | 1,284 | 214,402 | ||||||
RLI Corp. | 992 | 103,505 | ||||||
Safety Insurance Group, Inc. | 704 | 55,672 | ||||||
Selective Insurance Group, Inc. | 2,515 | 170,592 | ||||||
State Auto Financial Corp. | 630 | 11,806 | ||||||
Stewart Information Services Corp. | 2,183 | 103,038 | ||||||
Third Point Reinsurance Ltd.(1) | 3,782 | 38,614 | ||||||
Travelers Cos., Inc. (The) | 9,885 | 1,438,267 | ||||||
Trupanion, Inc.(1) | 7 | 677 | ||||||
United Fire Group, Inc. | 593 | 17,464 | ||||||
Universal Insurance Holdings, Inc. | 1,959 | 29,170 | ||||||
Unum Group | 9,657 | 255,717 | ||||||
Watford Holdings Ltd.(1) | 1,653 | 57,243 | ||||||
White Mountains Insurance Group Ltd. | 40 | 47,802 | ||||||
Willis Towers Watson plc | 672 | 148,270 | ||||||
WR Berkley Corp. | 3,938 | 273,022 | ||||||
21,666,201 | ||||||||
Interactive Media and Services — 3.5% | ||||||||
Alphabet, Inc., Class A(1) | 3,569 | 7,216,197 | ||||||
Alphabet, Inc., Class C(1) | 3,718 | 7,573,045 | ||||||
Cargurus, Inc.(1) | 3,465 | 89,917 | ||||||
Cars.com, Inc.(1) | 5,488 | 64,045 | ||||||
Eventbrite, Inc., Class A(1) | 1,932 | 38,389 | ||||||
Facebook, Inc., Class A(1) | 31,029 | 7,993,691 | ||||||
IAC/InterActiveCorp(1) | 932 | 228,182 |
183
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Match Group, Inc.(1) | 2,565 | $ | 392,060 | |||||
QuinStreet, Inc.(1) | 915 | 21,859 | ||||||
Snap, Inc., Class A(1) | 9,119 | 598,754 | ||||||
TripAdvisor, Inc.(1) | 1,254 | 62,223 | ||||||
TrueCar, Inc.(1) | 1,466 | 7,946 | ||||||
Twitter, Inc.(1) | 12,171 | 937,897 | ||||||
Yelp, Inc.(1) | 2,257 | 85,111 | ||||||
Zillow Group, Inc., Class A(1) | 1,130 | 191,897 | ||||||
Zillow Group, Inc., Class C(1) | 1,753 | 282,812 | ||||||
25,784,025 | ||||||||
Internet and Direct Marketing Retail — 3.6% | ||||||||
1-800-Flowers.com, Inc., Class A(1) | 997 | 28,195 | ||||||
Amazon.com, Inc.(1) | 6,973 | 21,567,001 | ||||||
Booking Holdings, Inc.(1) | 734 | 1,709,126 | ||||||
CarParts.com, Inc.(1) | 1,162 | 20,602 | ||||||
eBay, Inc. | 15,022 | 847,541 | ||||||
Etsy, Inc.(1) | 1,485 | 327,101 | ||||||
Expedia Group, Inc. | 781 | 125,741 | ||||||
Grubhub, Inc.(1) | 520 | 33,316 | ||||||
Liquidity Services, Inc.(1) | 898 | 14,018 | ||||||
Magnite, Inc.(1) | 1,187 | 58,009 | ||||||
MercadoLibre, Inc.(1) | 322 | 527,471 | ||||||
PetMed Express, Inc. | 1,769 | 61,402 | ||||||
Quotient Technology, Inc.(1) | 1,374 | 18,439 | ||||||
Revolve Group, Inc.(1) | 2,295 | 105,800 | ||||||
Shutterstock, Inc. | 1,083 | 95,553 | ||||||
Stamps.com, Inc.(1) | 792 | 144,089 | ||||||
Wayfair, Inc., Class A(1) | 759 | 219,336 | ||||||
25,902,740 | ||||||||
IT Services — 4.2% | ||||||||
Accenture plc, Class A | 11,225 | 2,816,353 | ||||||
Akamai Technologies, Inc.(1) | 5,254 | 496,503 | ||||||
Alliance Data Systems Corp. | 4,456 | 430,004 | ||||||
Amdocs Ltd. | 5,928 | 449,402 | ||||||
Automatic Data Processing, Inc. | 7,195 | 1,252,074 | ||||||
Black Knight, Inc.(1) | 1,752 | 134,361 | ||||||
BM Technologies, Inc.(1) | 222 | 2,797 | ||||||
Broadridge Financial Solutions, Inc. | 3,562 | 507,549 | ||||||
Cardtronics plc, Class A(1) | 887 | 34,194 | ||||||
Cass Information Systems, Inc. | 681 | 29,337 | ||||||
Cognizant Technology Solutions Corp., Class A | 16,654 | 1,223,736 | ||||||
Concentrix Corp.(1) | 2,906 | 358,920 | ||||||
CSG Systems International, Inc. | 3,059 | 141,173 | ||||||
DXC Technology Co. | 20,604 | 519,633 | ||||||
EPAM Systems, Inc.(1) | 1,170 | 437,124 | ||||||
Euronet Worldwide, Inc.(1) | 1,490 | 223,962 | ||||||
EVERTEC, Inc. | 1,587 | 61,734 | ||||||
Evo Payments, Inc., Class A(1) | 408 | 10,388 | ||||||
ExlService Holdings, Inc.(1) | 992 | 83,943 | ||||||
Fidelity National Information Services, Inc. | 4,996 | 689,448 | ||||||
Fiserv, Inc.(1) | 3,885 | 448,212 |
184
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
FleetCor Technologies, Inc.(1) | 831 | $ | 230,445 | |||||
Gartner, Inc.(1) | 1,282 | 229,529 | ||||||
Genpact Ltd. | 2,618 | 105,872 | ||||||
Global Payments, Inc. | 2,663 | 527,247 | ||||||
GoDaddy, Inc., Class A(1) | 977 | 79,254 | ||||||
Hackett Group, Inc. (The) | 732 | 11,434 | ||||||
International Business Machines Corp. | 10,947 | 1,301,927 | ||||||
International Money Express, Inc.(1) | 1,983 | 29,210 | ||||||
Jack Henry & Associates, Inc. | 1,837 | 272,684 | ||||||
LiveRamp Holdings, Inc.(1) | 1,189 | 75,097 | ||||||
Mastercard, Inc., Class A | 12,544 | 4,438,694 | ||||||
MAXIMUS, Inc. | 2,180 | 177,190 | ||||||
MongoDB, Inc.(1) | 169 | 65,222 | ||||||
NIC, Inc. | 5,499 | 190,870 | ||||||
Okta, Inc.(1) | 481 | 125,757 | ||||||
Paychex, Inc. | 8,350 | 760,435 | ||||||
PayPal Holdings, Inc.(1) | 23,482 | 6,101,798 | ||||||
Perficient, Inc.(1) | 190 | 10,581 | ||||||
Perspecta, Inc. | 1,527 | 44,588 | ||||||
Sabre Corp. | 3,404 | 50,005 | ||||||
Shift4 Payments, Inc., Class A(1) | 302 | 23,103 | ||||||
Square, Inc., Class A(1) | 1,266 | 291,218 | ||||||
Switch, Inc., Class A | 1,943 | 33,692 | ||||||
Sykes Enterprises, Inc.(1) | 3,006 | 122,825 | ||||||
TTEC Holdings, Inc. | 1,230 | 103,492 | ||||||
Tucows, Inc., Class A(1) | 85 | 6,717 | ||||||
Twilio, Inc., Class A(1) | 971 | 381,486 | ||||||
Unisys Corp.(1) | 683 | 16,768 | ||||||
VeriSign, Inc.(1) | 829 | 160,851 | ||||||
Visa, Inc., Class A | 17,166 | 3,645,887 | ||||||
Western Union Co. (The) | 14,017 | 325,475 | ||||||
WEX, Inc.(1) | 781 | 162,721 | ||||||
30,452,921 | ||||||||
Leisure Products — 0.4% | ||||||||
Acushnet Holdings Corp. | 1,474 | 62,232 | ||||||
American Outdoor Brands, Inc.(1) | 141 | 2,821 | ||||||
Brunswick Corp. | 5,884 | 519,969 | ||||||
Callaway Golf Co. | 2,233 | 62,412 | ||||||
Clarus Corp. | 304 | 5,278 | ||||||
Hasbro, Inc. | 2,955 | 276,913 | ||||||
Johnson Outdoors, Inc., Class A | 34 | 4,103 | ||||||
Malibu Boats, Inc., Class A(1) | 2,430 | 181,132 | ||||||
Marine Products Corp. | 2 | 34 | ||||||
MasterCraft Boat Holdings, Inc.(1) | 1,133 | 29,039 | ||||||
Mattel, Inc.(1) | 3,451 | 69,710 | ||||||
Nautilus, Inc.(1) | 2,801 | 51,567 | ||||||
Peloton Interactive, Inc., Class A(1) | 2,672 | 321,896 | ||||||
Polaris, Inc. | 4,526 | 532,982 | ||||||
Smith & Wesson Brands, Inc. | 4,911 | 84,518 | ||||||
Sturm Ruger & Co., Inc. | 1,385 | 94,457 | ||||||
Vista Outdoor, Inc.(1) | 6,316 | 199,649 |
185
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
YETI Holdings, Inc.(1) | 3,683 | $ | 253,280 | |||||
2,751,992 | ||||||||
Life Sciences Tools and Services — 0.8% | ||||||||
Adaptive Biotechnologies Corp.(1) | 2,088 | 118,118 | ||||||
Agilent Technologies, Inc. | 3,658 | 446,532 | ||||||
Bio-Rad Laboratories, Inc., Class A(1) | 343 | 200,484 | ||||||
Bio-Techne Corp. | 400 | 144,676 | ||||||
Bruker Corp. | 4,410 | 268,922 | ||||||
Charles River Laboratories International, Inc.(1) | 778 | 222,617 | ||||||
Codexis, Inc.(1) | 1,144 | 25,294 | ||||||
Illumina, Inc.(1) | 2,154 | 946,489 | ||||||
IQVIA Holdings, Inc.(1) | 959 | 184,886 | ||||||
Luminex Corp. | 846 | 27,512 | ||||||
Medpace Holdings, Inc.(1) | 95 | 15,431 | ||||||
Mettler-Toledo International, Inc.(1) | 716 | 799,092 | ||||||
NeoGenomics, Inc.(1) | 920 | 46,892 | ||||||
PerkinElmer, Inc. | 205 | 25,848 | ||||||
PRA Health Sciences, Inc.(1) | 418 | 61,617 | ||||||
Repligen Corp.(1) | 924 | 196,248 | ||||||
Syneos Health, Inc.(1) | 359 | 27,769 | ||||||
Thermo Fisher Scientific, Inc. | 2,714 | 1,221,517 | ||||||
Waters Corp.(1) | 2,709 | 741,941 | ||||||
5,721,885 | ||||||||
Machinery — 3.2% | ||||||||
AGCO Corp. | 3,269 | 423,270 | ||||||
Alamo Group, Inc. | 669 | 102,109 | ||||||
Albany International Corp., Class A | 2,574 | 203,475 | ||||||
Allison Transmission Holdings, Inc. | 2,743 | 104,015 | ||||||
Altra Industrial Motion Corp. | 2,110 | 122,211 | ||||||
Astec Industries, Inc. | 2,451 | 166,472 | ||||||
Barnes Group, Inc. | 1,852 | 96,952 | ||||||
Caterpillar, Inc. | 16,579 | 3,579,075 | ||||||
CIRCOR International, Inc.(1) | 1,294 | 46,079 | ||||||
Colfax Corp.(1) | 3,580 | 158,773 | ||||||
Columbus McKinnon Corp. | 1,328 | 66,852 | ||||||
Commercial Vehicle Group, Inc.(1) | 1,612 | 14,814 | ||||||
Crane Co. | 673 | 56,438 | ||||||
Cummins, Inc. | 6,713 | 1,699,732 | ||||||
Deere & Co. | 11,063 | 3,862,315 | ||||||
Donaldson Co., Inc. | 7,424 | 437,348 | ||||||
Douglas Dynamics, Inc. | 1,603 | 77,233 | ||||||
Dover Corp. | 1,665 | 205,228 | ||||||
Energy Recovery, Inc.(1) | 2,481 | 43,666 | ||||||
Enerpac Tool Group Corp. | 1,536 | 37,939 | ||||||
EnPro Industries, Inc. | 2,073 | 166,545 | ||||||
ESCO Technologies, Inc. | 694 | 73,335 | ||||||
Federal Signal Corp. | 3,469 | 126,306 | ||||||
Flowserve Corp. | 6,733 | 249,121 | ||||||
Fortive Corp. | 887 | 58,382 | ||||||
Franklin Electric Co., Inc. | 2,155 | 161,754 | ||||||
Gorman-Rupp Co. (The) | 1,072 | 34,293 |
186
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Graco, Inc. | 9,236 | $ | 640,517 | |||||
Greenbrier Cos., Inc. (The) | 3,419 | 160,864 | ||||||
Helios Technologies, Inc. | 671 | 43,883 | ||||||
Hyster-Yale Materials Handling, Inc. | 879 | 75,198 | ||||||
IDEX Corp. | 718 | 140,132 | ||||||
Illinois Tool Works, Inc. | 5,914 | 1,195,693 | ||||||
Ingersoll Rand, Inc.(1) | 5,468 | 253,387 | ||||||
ITT, Inc. | 3,988 | 330,924 | ||||||
John Bean Technologies Corp. | 639 | 94,297 | ||||||
Kennametal, Inc. | 5,601 | 209,253 | ||||||
Lincoln Electric Holdings, Inc. | 3,763 | 444,448 | ||||||
Lindsay Corp. | 268 | 42,947 | ||||||
Lydall, Inc.(1) | 1,817 | 63,286 | ||||||
Manitowoc Co., Inc. (The)(1) | 63 | 1,026 | ||||||
Mayville Engineering Co., Inc.(1) | 3 | 42 | ||||||
Meritor, Inc.(1) | 2,387 | 72,493 | ||||||
Middleby Corp. (The)(1) | 558 | 81,697 | ||||||
Miller Industries, Inc. | 912 | 35,997 | ||||||
Mueller Industries, Inc. | 4,956 | 201,412 | ||||||
Mueller Water Products, Inc., Class A | 12,279 | 158,276 | ||||||
Navistar International Corp.(1) | 513 | 22,603 | ||||||
Nordson Corp. | 459 | 88,316 | ||||||
Oshkosh Corp. | 3,726 | 394,956 | ||||||
Otis Worldwide Corp. | 2,252 | 143,475 | ||||||
PACCAR, Inc. | 15,920 | 1,448,561 | ||||||
Park-Ohio Holdings Corp. | 550 | 17,781 | ||||||
Parker-Hannifin Corp. | 1,790 | 513,658 | ||||||
Pentair plc | 1,485 | 83,056 | ||||||
Proto Labs, Inc.(1) | 910 | 132,569 | ||||||
RBC Bearings, Inc.(1) | 657 | 130,782 | ||||||
REV Group, Inc. | 828 | 10,284 | ||||||
Rexnord Corp. | 1,076 | 48,366 | ||||||
Shyft Group, Inc. (The) | 3,797 | 124,883 | ||||||
Snap-on, Inc. | 2,514 | 510,619 | ||||||
SPX Corp.(1) | 766 | 42,582 | ||||||
SPX FLOW, Inc.(1) | 3,512 | 216,199 | ||||||
Standex International Corp. | 661 | 64,818 | ||||||
Stanley Black & Decker, Inc. | 1,227 | 214,529 | ||||||
Tennant Co. | 903 | 68,809 | ||||||
Terex Corp. | 6,143 | 252,969 | ||||||
Timken Co. (The) | 4,301 | 336,983 | ||||||
Titan International, Inc. | 5,036 | 41,648 | ||||||
Toro Co. (The) | 6,004 | 605,023 | ||||||
TriMas Corp.(1) | 4,055 | 136,207 | ||||||
Trinity Industries, Inc. | 7,305 | 234,490 | ||||||
Wabash National Corp. | 3,601 | 59,705 | ||||||
Watts Water Technologies, Inc., Class A | 1,518 | 173,189 | ||||||
Welbilt, Inc.(1) | 3,095 | 49,458 | ||||||
Westinghouse Air Brake Technologies Corp. | 5,721 | 414,372 | ||||||
Woodward, Inc. | 2,055 | 234,722 | ||||||
Xylem, Inc. | 2,106 | 209,673 | ||||||
23,644,789 |
187
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Marine — 0.1% | ||||||||
Costamare, Inc. | 6,039 | $ | 58,276 | |||||
Eneti, Inc. | 127 | 2,519 | ||||||
Genco Shipping & Trading Ltd. | 6 | 63 | ||||||
Kirby Corp.(1) | 1,365 | 85,394 | ||||||
Matson, Inc. | 4,083 | 282,830 | ||||||
SEACOR Holdings, Inc.(1) | 359 | 15,261 | ||||||
444,343 | ||||||||
Media — 1.2% | ||||||||
Altice USA, Inc., Class A(1) | 8,633 | 290,155 | ||||||
AMC Networks, Inc., Class A(1) | 2,536 | 166,336 | ||||||
Cable One, Inc. | 216 | 413,608 | ||||||
Charter Communications, Inc., Class A(1) | 1,200 | 736,104 | ||||||
Comcast Corp., Class A | 57,977 | 3,056,547 | ||||||
Discovery, Inc., Class A(1)(2) | 887 | 47,038 | ||||||
Discovery, Inc., Class C(1) | 3,147 | 141,615 | ||||||
DISH Network Corp., Class A(1) | 10,673 | 336,306 | ||||||
Entercom Communications Corp., Class A | 7,340 | 32,810 | ||||||
Fox Corp., Class A | 17,343 | 577,695 | ||||||
Fox Corp., Class B | 8,120 | 259,272 | ||||||
Gannett Co., Inc.(1) | 4,740 | 23,463 | ||||||
Gray Television, Inc.(1) | 7,683 | 139,446 | ||||||
Interpublic Group of Cos., Inc. (The) | 2,207 | 57,647 | ||||||
John Wiley & Sons, Inc., Class A | 3 | 158 | ||||||
Liberty Broadband Corp., Class A(1) | 95 | 13,809 | ||||||
Liberty Broadband Corp., Class C(1) | 4,439 | 663,675 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C(1) | 4,517 | 199,290 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A(1) | 1,415 | 62,840 | ||||||
Meredith Corp.(1) | 1,190 | 29,488 | ||||||
New York Times Co. (The), Class A | 6,027 | 308,402 | ||||||
News Corp., Class A | 11,739 | 275,280 | ||||||
News Corp., Class B | 3,148 | 72,152 | ||||||
Nexstar Media Group, Inc., Class A | 418 | 57,496 | ||||||
Omnicom Group, Inc. | 3,895 | 267,703 | ||||||
Scholastic Corp. | 623 | 17,942 | ||||||
Sinclair Broadcast Group, Inc., Class A | 6 | 186 | ||||||
Sirius XM Holdings, Inc.(2) | 8,241 | 48,210 | ||||||
TechTarget, Inc.(1) | 461 | 38,553 | ||||||
TEGNA, Inc. | 24 | 438 | ||||||
ViacomCBS, Inc., Class B | 8,692 | 560,547 | ||||||
8,894,211 | ||||||||
Metals and Mining — 1.0% | ||||||||
Alcoa Corp.(1) | 17,133 | 420,615 | ||||||
Allegheny Technologies, Inc.(1) | 11,001 | 216,280 | ||||||
Alpha Metallurgical Resources, Inc.(1) | 21 | 315 | ||||||
Arconic Corp.(1) | 7,444 | 163,172 | ||||||
Carpenter Technology Corp. | 2,904 | 118,077 | ||||||
Century Aluminum Co.(1) | 4,157 | 57,076 | ||||||
Cleveland-Cliffs, Inc. | 24,794 | 330,752 | ||||||
Coeur Mining, Inc.(1) | 20,979 | 189,021 | ||||||
Commercial Metals Co. | 11,196 | 281,579 |
188
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Compass Minerals International, Inc. | 2,492 | $ | 157,220 | |||||
Fortitude Gold Corp.(1) | 744 | 2,879 | ||||||
Freeport-McMoRan, Inc.(1) | 31,600 | 1,071,556 | ||||||
Gold Resource Corp. | 2,604 | 7,005 | ||||||
Haynes International, Inc. | 333 | 9,301 | ||||||
Hecla Mining Co. | 18,701 | 122,118 | ||||||
Kaiser Aluminum Corp. | 1,404 | 160,196 | ||||||
Materion Corp. | 1,049 | 71,835 | ||||||
Newmont Corp. | 17,642 | 959,372 | ||||||
Nucor Corp. | 12,964 | 775,506 | ||||||
Olympic Steel, Inc. | 157 | 2,801 | ||||||
Reliance Steel & Aluminum Co. | 4,334 | 572,955 | ||||||
Royal Gold, Inc. | 2,033 | 210,842 | ||||||
Ryerson Holding Corp.(1) | 312 | 3,972 | ||||||
Schnitzer Steel Industries, Inc., Class A | 1,714 | 59,202 | ||||||
Steel Dynamics, Inc. | 14,877 | 618,586 | ||||||
SunCoke Energy, Inc. | 5,564 | 35,554 | ||||||
United States Steel Corp. | 11,597 | 192,626 | ||||||
Warrior Met Coal, Inc. | 5,853 | 112,202 | ||||||
Worthington Industries, Inc. | 2,459 | 157,105 | ||||||
7,079,720 | ||||||||
Multi-Utilities — 0.6% | ||||||||
Ameren Corp. | 9,965 | 700,240 | ||||||
Avista Corp. | 2,487 | 100,002 | ||||||
Black Hills Corp. | 363 | 21,475 | ||||||
CenterPoint Energy, Inc. | 9,120 | 177,293 | ||||||
CMS Energy Corp. | 7,472 | 404,310 | ||||||
Consolidated Edison, Inc. | 7,747 | 508,591 | ||||||
Dominion Energy, Inc. | 3,907 | 266,926 | ||||||
DTE Energy Co. | 3,251 | 382,708 | ||||||
MDU Resources Group, Inc. | 4,597 | 129,176 | ||||||
NiSource, Inc. | 10,839 | 234,122 | ||||||
NorthWestern Corp. | 972 | 56,843 | ||||||
Public Service Enterprise Group, Inc. | 12,697 | 683,479 | ||||||
Sempra Energy | 6,747 | 782,517 | ||||||
Unitil Corp. | 963 | 40,292 | ||||||
WEC Energy Group, Inc. | 2,195 | 177,005 | ||||||
4,664,979 | ||||||||
Multiline Retail — 1.0% | ||||||||
Big Lots, Inc. | 3,758 | 238,783 | ||||||
Dillard's, Inc., Class A | 359 | 28,612 | ||||||
Dollar General Corp. | 6,519 | 1,232,026 | ||||||
Dollar Tree, Inc.(1) | 9,555 | 938,301 | ||||||
Kohl's Corp. | 12,147 | 671,122 | ||||||
Macy's, Inc. | 27,517 | 418,534 | ||||||
Nordstrom, Inc. | 8,732 | 318,281 | ||||||
Ollie's Bargain Outlet Holdings, Inc.(1) | 737 | 60,935 | ||||||
Target Corp. | 17,922 | 3,287,612 | ||||||
7,194,206 | ||||||||
Oil, Gas and Consumable Fuels — 3.7% | ||||||||
Alto Ingredients, Inc.(1)(2) | 4,759 | 30,838 |
189
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Antero Midstream Corp. | 25,920 | $ | 228,614 | |||||
Antero Resources Corp.(1) | 22,386 | 201,474 | ||||||
APA Corp. | 27,076 | 534,210 | ||||||
Arch Resources, Inc. | 471 | 22,570 | ||||||
Berry Corp. | 2,999 | 14,875 | ||||||
Bonanza Creek Energy, Inc.(1) | 1,153 | 36,815 | ||||||
Brigham Minerals, Inc., Class A | 848 | 12,135 | ||||||
Cabot Oil & Gas Corp. | 27,407 | 507,304 | ||||||
Callon Petroleum Co.(1) | 2,782 | 71,136 | ||||||
Cheniere Energy, Inc.(1) | 3,065 | 206,550 | ||||||
Chevron Corp. | 37,461 | 3,746,100 | ||||||
Cimarex Energy Co. | 9,066 | 525,737 | ||||||
Clean Energy Fuels Corp.(1) | 7,706 | 100,486 | ||||||
CNX Resources Corp.(1) | 7,151 | 90,174 | ||||||
Comstock Resources, Inc.(1) | 4,475 | 25,552 | ||||||
ConocoPhillips | 43,130 | 2,243,191 | ||||||
CONSOL Energy, Inc.(1) | 393 | 4,248 | ||||||
Continental Resources, Inc.(1) | 2,987 | 72,226 | ||||||
CVR Energy, Inc. | 1,829 | 40,384 | ||||||
Delek US Holdings, Inc. | 6,469 | 158,879 | ||||||
Devon Energy Corp. | 44,112 | 950,173 | ||||||
DHT Holdings, Inc. | 9,781 | 54,578 | ||||||
Diamond S Shipping, Inc.(1) | 2,735 | 22,154 | ||||||
Diamondback Energy, Inc. | 11,265 | 780,439 | ||||||
Dorian LPG Ltd.(1) | 2,476 | 30,826 | ||||||
EnLink Midstream LLC(1) | 32,614 | 125,564 | ||||||
EOG Resources, Inc. | 19,408 | 1,252,981 | ||||||
EQT Corp. | 19,209 | 341,728 | ||||||
Equitrans Midstream Corp. | 30,373 | 219,597 | ||||||
Evolution Petroleum Corp. | 477 | 1,693 | ||||||
Exxon Mobil Corp. | 53,110 | 2,887,591 | ||||||
GasLog Ltd. | 6 | 35 | ||||||
Gevo, Inc.(1) | 5,723 | 55,570 | ||||||
Goodrich Petroleum Corp.(1) | 68 | 660 | ||||||
Green Plains, Inc.(1) | 3,651 | 92,443 | ||||||
Hess Corp. | 11,502 | 753,726 | ||||||
HollyFrontier Corp. | 10,569 | 400,354 | ||||||
International Seaways, Inc. | 807 | 13,993 | ||||||
Kinder Morgan, Inc. | 29,167 | 428,755 | ||||||
Magnolia Oil & Gas Corp., Class A(1) | 7,956 | 95,949 | ||||||
Marathon Oil Corp. | 52,520 | 582,972 | ||||||
Marathon Petroleum Corp. | 9,187 | 501,794 | ||||||
Matador Resources Co.(1) | 12,109 | 252,957 | ||||||
Murphy Oil Corp. | 14,385 | 234,907 | ||||||
NextDecade Corp.(1) | 329 | 651 | ||||||
Nordic American Tankers Ltd. | 10,910 | 32,403 | ||||||
Occidental Petroleum Corp. | 30,158 | 802,504 | ||||||
ONEOK, Inc. | 18,336 | 812,102 | ||||||
Overseas Shipholding Group, Inc., Class A(1) | 2,165 | 4,763 | ||||||
Ovintiv, Inc. | 24,337 | 561,455 | ||||||
Par Pacific Holdings, Inc.(1) | 3,036 | 53,646 |
190
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
PBF Energy, Inc., Class A(1) | 5,070 | $ | 71,994 | |||||
PDC Energy, Inc.(1) | 9,814 | 342,999 | ||||||
Penn Virginia Corp.(1) | 623 | 9,121 | ||||||
Phillips 66 | 8,192 | 680,346 | ||||||
PHX Minerals, Inc. | 281 | 986 | ||||||
Pioneer Natural Resources Co. | 8,896 | 1,321,679 | ||||||
Plains GP Holdings LP, Class A(1) | 1,151 | 9,922 | ||||||
QEP Resources, Inc. | 16,786 | 57,744 | ||||||
Range Resources Corp.(1) | 24,694 | 238,050 | ||||||
Renewable Energy Group, Inc.(1) | 3,621 | 281,605 | ||||||
Scorpio Tankers, Inc. | 1,846 | 27,247 | ||||||
SFL Corp. Ltd. | 4,484 | 33,809 | ||||||
SM Energy Co. | 8,664 | 120,083 | ||||||
Southwestern Energy Co.(1) | 59,618 | 241,453 | ||||||
Talos Energy, Inc.(1) | 1,356 | 14,360 | ||||||
Targa Resources Corp. | 18,063 | 558,689 | ||||||
Teekay Corp.(1)(2) | 317 | 1,008 | ||||||
Teekay Tankers Ltd., Class A(1) | 6 | 76 | ||||||
Valero Energy Corp. | 16,183 | 1,245,767 | ||||||
Williams Cos., Inc. (The) | 31,401 | 717,199 | ||||||
World Fuel Services Corp. | 3,446 | 107,102 | ||||||
27,303,700 | ||||||||
Paper and Forest Products — 0.1% | ||||||||
Clearwater Paper Corp.(1) | 1,341 | 46,948 | ||||||
Domtar Corp. | 4,982 | 184,583 | ||||||
Glatfelter Corp. | 2,820 | 45,261 | ||||||
Louisiana-Pacific Corp. | 8,593 | 409,113 | ||||||
Mercer International, Inc. | 2,207 | 33,922 | ||||||
Neenah, Inc. | 890 | 49,235 | ||||||
Schweitzer-Mauduit International, Inc. | 1,879 | 87,749 | ||||||
Verso Corp., Class A | 1,888 | 23,600 | ||||||
880,411 | ||||||||
Personal Products — 0.3% | ||||||||
Coty, Inc., Class A(1) | 3,823 | 29,322 | ||||||
Edgewell Personal Care Co. | 3,555 | 108,747 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 5,064 | 1,447,595 | ||||||
Herbalife Nutrition Ltd.(1) | 1,285 | 57,799 | ||||||
Inter Parfums, Inc. | 664 | 48,585 | ||||||
Lifevantage Corp.(1) | 866 | 7,578 | ||||||
Medifast, Inc. | 1,144 | 289,421 | ||||||
Nature's Sunshine Products, Inc.(1) | 2 | 33 | ||||||
Nu Skin Enterprises, Inc., Class A | 5,023 | 257,077 | ||||||
USANA Health Sciences, Inc.(1) | 1,126 | 109,290 | ||||||
2,355,447 | ||||||||
Pharmaceuticals — 3.0% | ||||||||
Aclaris Therapeutics, Inc.(1) | 1,322 | 29,454 | ||||||
Amneal Pharmaceuticals, Inc.(1) | 2,725 | 14,688 | ||||||
Amphastar Pharmaceuticals, Inc.(1) | 606 | 10,623 | ||||||
ANI Pharmaceuticals, Inc.(1) | 281 | 8,177 | ||||||
Bristol-Myers Squibb Co. | 48,118 | 2,951,077 | ||||||
Catalent, Inc.(1) | 5,461 | 620,970 |
191
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Collegium Pharmaceutical, Inc.(1) | 1,930 | $ | 45,529 | |||||
Corcept Therapeutics, Inc.(1) | 9,359 | 235,379 | ||||||
Durect Corp.(1) | 3 | 7 | ||||||
Elanco Animal Health, Inc.(1) | 14,373 | 472,297 | ||||||
Eli Lilly and Co. | 13,486 | 2,763,147 | ||||||
Endo International plc(1) | 3,609 | 28,619 | ||||||
Evofem Biosciences, Inc.(1) | 93 | 360 | ||||||
Horizon Therapeutics plc(1) | 5,664 | 514,914 | ||||||
Innoviva, Inc.(1) | 3,956 | 45,217 | ||||||
Intra-Cellular Therapies, Inc.(1) | 2,671 | 94,633 | ||||||
Jazz Pharmaceuticals plc(1) | 3,111 | 522,772 | ||||||
Johnson & Johnson | 44,484 | 7,048,935 | ||||||
Lannett Co., Inc.(1) | 3,603 | 21,834 | ||||||
Merck & Co., Inc. | 37,839 | 2,747,868 | ||||||
Nektar Therapeutics(1) | 3,725 | 84,520 | ||||||
NGM Biopharmaceuticals, Inc.(1) | 548 | 14,643 | ||||||
Omeros Corp.(1)(2) | 1,879 | 37,467 | ||||||
Perrigo Co. plc | 3,378 | 136,336 | ||||||
Pfizer, Inc. | 40,320 | 1,350,317 | ||||||
Phibro Animal Health Corp., Class A | 1,151 | 24,827 | ||||||
Pliant Therapeutics, Inc.(1)(2) | 1,175 | 38,881 | ||||||
Prestige Consumer Healthcare, Inc.(1) | 3,193 | 133,180 | ||||||
Revance Therapeutics, Inc.(1) | 818 | 21,481 | ||||||
SIGA Technologies, Inc.(1) | 4,063 | 25,678 | ||||||
Strongbridge Biopharma plc(1) | 1,361 | 4,274 | ||||||
Supernus Pharmaceuticals, Inc.(1) | 4,634 | 124,516 | ||||||
Theravance Biopharma, Inc.(1) | 306 | 5,070 | ||||||
Verrica Pharmaceuticals, Inc.(1)(2) | 2 | 27 | ||||||
Viatris, Inc.(1) | 23,798 | 353,400 | ||||||
Zoetis, Inc. | 9,613 | 1,492,322 | ||||||
Zogenix, Inc.(1) | 981 | 20,807 | ||||||
Zomedica Corp.(1)(2) | 18,733 | 35,031 | ||||||
22,079,277 | ||||||||
Professional Services — 0.6% | ||||||||
Acacia Research Corp.(1) | 1,942 | 13,788 | ||||||
ASGN, Inc.(1) | 448 | 41,651 | ||||||
Barrett Business Services, Inc. | 276 | 19,651 | ||||||
BGSF, Inc. | 7 | 98 | ||||||
Booz Allen Hamilton Holding Corp. | 3,921 | 302,466 | ||||||
CACI International, Inc., Class A(1) | 168 | 37,185 | ||||||
CoreLogic, Inc. | 748 | 63,326 | ||||||
CoStar Group, Inc.(1) | 331 | 272,665 | ||||||
CRA International, Inc. | 544 | 30,012 | ||||||
Equifax, Inc. | 2,187 | 354,032 | ||||||
Exponent, Inc. | 1,559 | 150,397 | ||||||
Franklin Covey Co.(1) | 476 | 12,238 | ||||||
FTI Consulting, Inc.(1) | 682 | 78,123 | ||||||
Heidrick & Struggles International, Inc. | 1,643 | 58,967 | ||||||
IHS Markit Ltd. | 2,472 | 222,875 | ||||||
Insperity, Inc. | 2,564 | 227,427 | ||||||
Jacobs Engineering Group, Inc. | 1,648 | 189,652 |
192
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
KBR, Inc. | 5,573 | $ | 172,763 | |||||
Kelly Services, Inc., Class A(1) | 1,273 | 26,504 | ||||||
Kforce, Inc. | 1,860 | 95,511 | ||||||
Korn Ferry | 4,755 | 292,670 | ||||||
Leidos Holdings, Inc. | 1,262 | 111,624 | ||||||
ManpowerGroup, Inc. | 3,848 | 363,405 | ||||||
ManTech International Corp., Class A | 336 | 26,262 | ||||||
Nielsen Holdings plc | 3,879 | 86,928 | ||||||
Resources Connection, Inc. | 2,132 | 27,204 | ||||||
Robert Half International, Inc. | 7,181 | 558,610 | ||||||
Science Applications International Corp. | 784 | 67,526 | ||||||
TransUnion | 2,552 | 214,904 | ||||||
TriNet Group, Inc.(1) | 1,931 | 155,001 | ||||||
TrueBlue, Inc.(1) | 1,698 | 35,369 | ||||||
Verisk Analytics, Inc. | 2,519 | 412,738 | ||||||
4,721,572 | ||||||||
Real Estate Management and Development — 0.4% | ||||||||
CBRE Group, Inc., Class A(1) | 16,608 | 1,258,388 | ||||||
Cushman & Wakefield plc(1) | 1,415 | 21,904 | ||||||
eXp World Holdings, Inc.(1) | 792 | 47,829 | ||||||
Forestar Group, Inc.(1) | 314 | 6,685 | ||||||
FRP Holdings, Inc.(1) | 270 | 12,188 | ||||||
Howard Hughes Corp. (The)(1) | 1,885 | 178,830 | ||||||
Jones Lang LaSalle, Inc.(1) | 3,718 | 646,858 | ||||||
Kennedy-Wilson Holdings, Inc. | 2,474 | 46,412 | ||||||
Marcus & Millichap, Inc.(1) | 1,231 | 46,618 | ||||||
Newmark Group, Inc., Class A | 9,346 | 93,647 | ||||||
RE/MAX Holdings, Inc., Class A | 1,453 | 60,619 | ||||||
Realogy Holdings Corp.(1) | 1,500 | 22,620 | ||||||
Redfin Corp.(1) | 7,430 | 562,748 | ||||||
RMR Group, Inc. (The), Class A | 571 | 22,948 | ||||||
St. Joe Co. (The) | 2,287 | 115,105 | ||||||
Tejon Ranch Co.(1) | 586 | 9,564 | ||||||
3,152,963 | ||||||||
Road and Rail — 2.0% | ||||||||
AMERCO | 425 | 244,256 | ||||||
ArcBest Corp. | 2,097 | 123,702 | ||||||
Avis Budget Group, Inc.(1) | 887 | 49,273 | ||||||
CSX Corp. | 28,793 | 2,635,999 | ||||||
Daseke, Inc.(1) | 1,429 | 7,888 | ||||||
Heartland Express, Inc. | 2,844 | 51,761 | ||||||
J.B. Hunt Transport Services, Inc. | 5,563 | 817,038 | ||||||
Kansas City Southern | 5,150 | 1,093,551 | ||||||
Knight-Swift Transportation Holdings, Inc. | 5,046 | 217,987 | ||||||
Landstar System, Inc. | 2,610 | 417,965 | ||||||
Lyft, Inc., Class A(1) | 2,587 | 144,096 | ||||||
Marten Transport Ltd. | 3,900 | 63,102 | ||||||
Norfolk Southern Corp. | 8,919 | 2,248,123 | ||||||
Old Dominion Freight Line, Inc. | 5,404 | 1,160,617 | ||||||
Ryder System, Inc. | 4,781 | 324,008 | ||||||
Saia, Inc.(1) | 2,205 | 442,169 |
193
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Schneider National, Inc., Class B | 2,898 | $ | 67,031 | |||||
Uber Technologies, Inc.(1) | 5,824 | 301,392 | ||||||
Union Pacific Corp. | 17,863 | 3,679,063 | ||||||
Universal Logistics Holdings, Inc. | 10 | 234 | ||||||
US Xpress Enterprises, Inc., Class A(1) | 1,956 | 18,093 | ||||||
Werner Enterprises, Inc. | 4,656 | 199,836 | ||||||
14,307,184 | ||||||||
Semiconductors and Semiconductor Equipment — 5.4% | ||||||||
Advanced Energy Industries, Inc. | 3,219 | 336,225 | ||||||
Advanced Micro Devices, Inc.(1) | 10,236 | 865,044 | ||||||
Alpha & Omega Semiconductor Ltd.(1) | 1,104 | 38,850 | ||||||
Ambarella, Inc.(1) | 454 | 51,070 | ||||||
Amkor Technology, Inc. | 6,991 | 167,015 | ||||||
Analog Devices, Inc. | 3,251 | 506,571 | ||||||
Applied Materials, Inc. | 29,937 | 3,538,254 | ||||||
Axcelis Technologies, Inc.(1) | 1,448 | 53,388 | ||||||
AXT, Inc.(1) | 1,647 | 21,296 | ||||||
Broadcom, Inc. | 4,090 | 1,921,768 | ||||||
Brooks Automation, Inc. | 2,032 | 168,981 | ||||||
CEVA, Inc.(1) | 973 | 59,577 | ||||||
Cirrus Logic, Inc.(1) | 2,534 | 207,230 | ||||||
CMC Materials, Inc. | 473 | 80,646 | ||||||
Cohu, Inc.(1) | 4,046 | 175,799 | ||||||
Cree, Inc.(1) | 2,115 | 239,968 | ||||||
Diodes, Inc.(1) | 2,675 | 210,041 | ||||||
Enphase Energy, Inc.(1) | 2,344 | 412,685 | ||||||
Entegris, Inc. | 2,994 | 314,999 | ||||||
First Solar, Inc.(1) | 4,855 | 393,352 | ||||||
FormFactor, Inc.(1) | 3,256 | 147,725 | ||||||
Inphi Corp.(1) | 392 | 64,519 | ||||||
Intel Corp. | 71,650 | 4,354,887 | ||||||
KLA Corp. | 2,827 | 879,847 | ||||||
Kopin Corp.(1) | 1,100 | 9,196 | ||||||
Kulicke & Soffa Industries, Inc. | 2,081 | 103,759 | ||||||
Lam Research Corp. | 5,130 | 2,909,685 | ||||||
Lattice Semiconductor Corp.(1) | 3,210 | 154,465 | ||||||
MagnaChip Semiconductor Corp.(1) | 2,475 | 46,258 | ||||||
Marvell Technology Group Ltd. | 10,410 | 502,595 | ||||||
Maxeon Solar Technologies Ltd.(1)(2) | 454 | 15,286 | ||||||
Maxim Integrated Products, Inc. | 10,762 | 1,002,696 | ||||||
Microchip Technology, Inc. | 2,299 | 350,896 | ||||||
Micron Technology, Inc.(1) | 37,091 | 3,394,939 | ||||||
MKS Instruments, Inc. | 891 | 146,926 | ||||||
Monolithic Power Systems, Inc. | 515 | 192,878 | ||||||
NeoPhotonics Corp.(1) | 2,671 | 25,668 | ||||||
NVIDIA Corp. | 5,829 | 3,197,673 | ||||||
ON Semiconductor Corp.(1) | 14,586 | 587,378 | ||||||
Onto Innovation, Inc.(1) | 1,042 | 65,083 | ||||||
PDF Solutions, Inc.(1) | 909 | 16,689 | ||||||
Photronics, Inc.(1) | 2,735 | 32,574 | ||||||
Power Integrations, Inc. | 1,253 | 110,728 |
194
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Qorvo, Inc.(1) | 5,309 | $ | 927,642 | |||||
QUALCOMM, Inc. | 14,634 | 1,993,004 | ||||||
Rambus, Inc.(1) | 3,724 | 78,129 | ||||||
Semtech Corp.(1) | 1,219 | 89,365 | ||||||
Silicon Laboratories, Inc.(1) | 780 | 121,477 | ||||||
SiTime Corp.(1) | 270 | 26,306 | ||||||
Skyworks Solutions, Inc. | 6,933 | 1,232,826 | ||||||
SMART Global Holdings, Inc.(1) | 985 | 45,990 | ||||||
SolarEdge Technologies, Inc.(1) | 2,339 | 697,747 | ||||||
SunPower Corp.(1) | 1,049 | 36,474 | ||||||
Synaptics, Inc.(1) | 2,207 | 295,804 | ||||||
Teradyne, Inc. | 9,642 | 1,240,058 | ||||||
Texas Instruments, Inc. | 18,865 | 3,249,874 | ||||||
Ultra Clean Holdings, Inc.(1) | 3,635 | 168,591 | ||||||
Universal Display Corp. | 919 | 194,543 | ||||||
Veeco Instruments, Inc.(1) | 986 | 21,199 | ||||||
Xilinx, Inc. | 5,847 | 761,864 | ||||||
39,256,002 | ||||||||
Software — 6.1% | ||||||||
A10 Networks, Inc.(1) | 4,475 | 41,796 | ||||||
ACI Worldwide, Inc.(1) | 3,061 | 117,114 | ||||||
Adobe, Inc.(1) | 4,619 | 2,123,216 | ||||||
Agilysys, Inc.(1) | 461 | 27,471 | ||||||
Alarm.com Holdings, Inc.(1) | 1 | 88 | ||||||
Alteryx, Inc., Class A(1) | 364 | 34,798 | ||||||
Anaplan, Inc.(1) | 859 | 55,826 | ||||||
ANSYS, Inc.(1) | 814 | 277,566 | ||||||
Appfolio, Inc., Class A(1) | 95 | 15,582 | ||||||
Aspen Technology, Inc.(1) | 3,584 | 539,428 | ||||||
Autodesk, Inc.(1) | 4,286 | 1,182,936 | ||||||
Avalara, Inc.(1) | 614 | 96,361 | ||||||
Avaya Holdings Corp.(1) | 4,290 | 127,284 | ||||||
Bill.com Holdings, Inc.(1) | 1,245 | 205,437 | ||||||
Blackbaud, Inc.(1) | 1,856 | 127,730 | ||||||
Blackline, Inc.(1) | 427 | 52,957 | ||||||
Bottomline Technologies de, Inc.(1) | 1,044 | 46,855 | ||||||
Cadence Design Systems, Inc.(1) | 4,970 | 701,217 | ||||||
CDK Global, Inc. | 1,173 | 58,814 | ||||||
Cerence, Inc.(1) | 7 | 779 | ||||||
Ceridian HCM Holding, Inc.(1) | 359 | 32,188 | ||||||
ChannelAdvisor Corp.(1) | 1,237 | 27,956 | ||||||
Citrix Systems, Inc. | 2,524 | 337,156 | ||||||
Cloudera, Inc.(1) | 4,406 | 71,113 | ||||||
CommVault Systems, Inc.(1) | 371 | 23,644 | ||||||
Cornerstone OnDemand, Inc.(1) | 623 | 31,474 | ||||||
Coupa Software, Inc.(1) | 312 | 108,033 | ||||||
Crowdstrike Holdings, Inc., Class A(1) | 1,720 | 371,520 | ||||||
Datadog, Inc., Class A(1) | 1,030 | 98,272 | ||||||
Digital Turbine, Inc.(1) | 1,871 | 154,488 | ||||||
DocuSign, Inc.(1) | 654 | 148,236 | ||||||
Dropbox, Inc., Class A(1) | 2,081 | 46,916 |
195
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Dynatrace, Inc.(1) | 790 | $ | 39,310 | |||||
Everbridge, Inc.(1) | 99 | 15,170 | ||||||
Fair Isaac Corp.(1) | 501 | 229,233 | ||||||
Five9, Inc.(1) | 456 | 84,469 | ||||||
Fortinet, Inc.(1) | 6,290 | 1,062,066 | ||||||
Guidewire Software, Inc.(1) | 1,405 | 155,941 | ||||||
HubSpot, Inc.(1) | 568 | 292,520 | ||||||
Ideanomics, Inc.(1)(2) | 5,303 | 16,917 | ||||||
Intelligent Systems Corp.(1)(2) | 509 | 20,197 | ||||||
InterDigital, Inc. | 2,382 | 150,947 | ||||||
Intuit, Inc. | 4,002 | 1,561,340 | ||||||
j2 Global, Inc.(1) | 728 | 81,085 | ||||||
Manhattan Associates, Inc.(1) | 3,902 | 479,751 | ||||||
Medallia, Inc.(1) | 892 | 36,010 | ||||||
Microsoft Corp. | 101,080 | 23,488,970 | ||||||
MicroStrategy, Inc., Class A(1) | 173 | 129,821 | ||||||
Mimecast Ltd.(1) | 1,135 | 48,669 | ||||||
Mitek Systems, Inc.(1) | 2,349 | 35,893 | ||||||
nCino, Inc.(1) | 436 | 29,814 | ||||||
New Relic, Inc.(1) | 433 | 26,474 | ||||||
NortonLifeLock, Inc. | 18,383 | 358,652 | ||||||
Nuance Communications, Inc.(1) | 1,780 | 79,388 | ||||||
Nutanix, Inc., Class A(1) | 1,950 | 59,056 | ||||||
Oracle Corp. (New York) | 24,954 | 1,609,783 | ||||||
Palo Alto Networks, Inc.(1) | 758 | 271,599 | ||||||
Paycom Software, Inc.(1) | 2,210 | 827,070 | ||||||
Paylocity Holding Corp.(1) | 963 | 184,116 | ||||||
Pegasystems, Inc. | 300 | 39,705 | ||||||
Progress Software Corp. | 753 | 32,033 | ||||||
Proofpoint, Inc.(1) | 418 | 50,545 | ||||||
PTC, Inc.(1) | 559 | 76,549 | ||||||
Q2 Holdings, Inc.(1) | 359 | 43,755 | ||||||
QAD, Inc., Class A | 609 | 39,098 | ||||||
Qualys, Inc.(1) | 1,564 | 151,958 | ||||||
RealPage, Inc.(1) | 359 | 31,154 | ||||||
RingCentral, Inc., Class A(1) | 184 | 69,581 | ||||||
Riot Blockchain, Inc.(1)(2) | 1,967 | 86,037 | ||||||
SailPoint Technologies Holdings, Inc.(1) | 1,585 | 89,362 | ||||||
salesforce.com, Inc.(1) | 5,846 | 1,265,659 | ||||||
ServiceNow, Inc.(1) | 2,097 | 1,118,666 | ||||||
ShotSpotter, Inc.(1) | 288 | 12,090 | ||||||
Slack Technologies, Inc., Class A(1) | 4,535 | 185,618 | ||||||
Smartsheet, Inc., Class A(1) | 1,592 | 110,246 | ||||||
Splunk, Inc.(1) | 799 | 114,265 | ||||||
Sprout Social, Inc., Class A(1) | 354 | 24,061 | ||||||
SS&C Technologies Holdings, Inc. | 1,364 | 90,406 | ||||||
Synopsys, Inc.(1) | 1,294 | 317,302 | ||||||
Tenable Holdings, Inc.(1) | 474 | 19,391 | ||||||
Teradata Corp.(1) | 1,955 | 78,395 | ||||||
Trade Desk, Inc. (The), Class A(1) | 153 | 123,225 | ||||||
Tyler Technologies, Inc.(1) | 326 | 151,075 |
196
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Varonis Systems, Inc.(1) | 195 | $ | 35,790 | |||||
Verint Systems, Inc.(1) | 509 | 25,089 | ||||||
VirnetX Holding Corp.(2) | 3,900 | 27,144 | ||||||
VMware, Inc., Class A(1) | 359 | 49,617 | ||||||
Workday, Inc., Class A(1) | 835 | 204,725 | ||||||
Xperi Holding Corp. | 1,415 | 29,857 | ||||||
Zendesk, Inc.(1) | 597 | 87,246 | ||||||
Zoom Video Communications, Inc., Class A(1) | 2,308 | 862,292 | ||||||
Zscaler, Inc.(1) | 393 | 80,577 | ||||||
44,381,025 | ||||||||
Specialty Retail — 3.3% | ||||||||
Aaron's Co., Inc. (The)(1) | 2,435 | 53,473 | ||||||
Abercrombie & Fitch Co., Class A | 7,024 | 192,247 | ||||||
Advance Auto Parts, Inc. | 3,110 | 498,688 | ||||||
America's Car-Mart, Inc.(1) | 77 | 10,395 | ||||||
American Eagle Outfitters, Inc. | 5,785 | 148,674 | ||||||
Asbury Automotive Group, Inc.(1) | 1,340 | 227,063 | ||||||
At Home Group, Inc.(1) | 5,666 | 142,727 | ||||||
AutoNation, Inc.(1) | 6,200 | 465,124 | ||||||
AutoZone, Inc.(1) | 142 | 164,709 | ||||||
Bed Bath & Beyond, Inc. | 6,046 | 162,396 | ||||||
Best Buy Co., Inc. | 11,379 | 1,141,883 | ||||||
Boot Barn Holdings, Inc.(1) | 1,038 | 62,716 | ||||||
Buckle, Inc. (The) | 2,870 | 110,323 | ||||||
Burlington Stores, Inc.(1) | 2,650 | 685,873 | ||||||
Caleres, Inc. | 3,125 | 49,562 | ||||||
Camping World Holdings, Inc., Class A | 704 | 22,035 | ||||||
CarMax, Inc.(1) | 10,403 | 1,243,263 | ||||||
Carvana Co.(1) | 95 | 26,933 | ||||||
Cato Corp. (The), Class A | 1,679 | 20,719 | ||||||
Chico's FAS, Inc. | 1,444 | 3,884 | ||||||
Children's Place, Inc. (The)(1) | 663 | 45,913 | ||||||
Citi Trends, Inc. | 772 | 60,131 | ||||||
Conn's, Inc.(1) | 549 | 7,790 | ||||||
Designer Brands, Inc., Class A | 1,955 | 24,418 | ||||||
Dick's Sporting Goods, Inc. | 5,442 | 388,396 | ||||||
Five Below, Inc.(1) | 1,589 | 295,745 | ||||||
Floor & Decor Holdings, Inc., Class A(1) | 2,342 | 222,701 | ||||||
Foot Locker, Inc. | 7,580 | 364,522 | ||||||
GameStop Corp., Class A(1)(2) | 1,194 | 121,478 | ||||||
Gap, Inc. (The)(1) | 20,429 | 509,704 | ||||||
Genesco, Inc.(1) | 1,385 | 62,242 | ||||||
Group 1 Automotive, Inc. | 1,613 | 245,886 | ||||||
Guess?, Inc. | 1,913 | 48,227 | ||||||
Haverty Furniture Cos., Inc. | 1,026 | 37,110 | ||||||
Hibbett Sports, Inc.(1) | 1,553 | 99,796 | ||||||
Home Depot, Inc. (The) | 9,203 | 2,377,503 | ||||||
L Brands, Inc.(1) | 3,281 | 179,339 | ||||||
Lithia Motors, Inc., Class A | 1,855 | 693,677 | ||||||
Lowe's Cos., Inc. | 19,953 | 3,187,492 | ||||||
Lumber Liquidators Holdings, Inc.(1) | 2,757 | 68,291 |
197
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
MarineMax, Inc.(1) | 2,175 | $ | 97,114 | |||||
Monro, Inc. | 363 | 22,502 | ||||||
Murphy USA, Inc. | 2,503 | 311,999 | ||||||
O'Reilly Automotive, Inc.(1) | 1,848 | 826,666 | ||||||
ODP Corp. (The)(1) | 5,054 | 193,417 | ||||||
Party City Holdco, Inc.(1) | 3,637 | 27,859 | ||||||
Penske Automotive Group, Inc. | 3,195 | 217,196 | ||||||
Rent-A-Center, Inc. | 5,324 | 307,514 | ||||||
RH(1) | 252 | 123,573 | ||||||
Ross Stores, Inc. | 14,405 | 1,680,199 | ||||||
Sally Beauty Holdings, Inc.(1) | 3,891 | 62,645 | ||||||
Shoe Carnival, Inc. | 663 | 32,460 | ||||||
Signet Jewelers Ltd.(1) | 5,718 | 284,642 | ||||||
Sleep Number Corp.(1) | 388 | 53,206 | ||||||
Sonic Automotive, Inc., Class A | 2,082 | 96,001 | ||||||
Sportsman's Warehouse Holdings, Inc.(1) | 3,818 | 64,677 | ||||||
Tilly's, Inc., Class A(1) | 1,364 | 14,076 | ||||||
TJX Cos., Inc. (The) | 27,170 | 1,792,948 | ||||||
Tractor Supply Co. | 6,374 | 1,013,211 | ||||||
TravelCenters of America, Inc.(1) | 802 | 19,280 | ||||||
Ulta Beauty, Inc.(1) | 3,450 | 1,112,038 | ||||||
Urban Outfitters, Inc.(1) | 6,371 | 215,977 | ||||||
Williams-Sonoma, Inc. | 6,349 | 833,560 | ||||||
Zumiez, Inc.(1) | 1,700 | 76,636 | ||||||
23,952,444 | ||||||||
Technology Hardware, Storage and Peripherals — 4.3% | ||||||||
3D Systems Corp.(1) | 4,703 | 168,556 | ||||||
Apple, Inc. | 233,391 | 28,300,993 | ||||||
Contra Zagg, Inc. | 2 | — | ||||||
Dell Technologies, Inc., Class C(1) | 1,584 | 128,415 | ||||||
Hewlett Packard Enterprise Co. | 12,101 | 176,191 | ||||||
HP, Inc. | 12,392 | 358,996 | ||||||
NCR Corp.(1) | 4,909 | 170,637 | ||||||
NetApp, Inc. | 5,124 | 320,762 | ||||||
Pure Storage, Inc., Class A(1) | 2,313 | 54,078 | ||||||
Seagate Technology plc | 12,112 | 886,962 | ||||||
Stratasys Ltd.(1) | 1,151 | 39,698 | ||||||
Super Micro Computer, Inc.(1) | 2,829 | 92,310 | ||||||
Western Digital Corp. | 1,778 | 121,846 | ||||||
Xerox Holdings Corp. | 12,248 | 312,079 | ||||||
31,131,523 | ||||||||
Textiles, Apparel and Luxury Goods — 1.4% | ||||||||
Capri Holdings Ltd.(1) | 12,618 | 588,882 | ||||||
Carter's, Inc. | 3,255 | 271,695 | ||||||
Columbia Sportswear Co. | 820 | 84,517 | ||||||
Crocs, Inc.(1) | 6,674 | 512,029 | ||||||
Deckers Outdoor Corp.(1) | 1,854 | 604,608 | ||||||
Fossil Group, Inc.(1) | 1,647 | 24,936 | ||||||
G-III Apparel Group Ltd.(1) | 5,177 | 149,046 | ||||||
Hanesbrands, Inc. | 13,263 | 234,622 |
198
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Kontoor Brands, Inc. | 34 | $ | 1,436 | |||||
Levi Strauss & Co., Class A | 3,200 | 74,432 | ||||||
lululemon athletica, Inc.(1) | 3,280 | 1,022,310 | ||||||
Movado Group, Inc. | 7 | 160 | ||||||
NIKE, Inc., Class B | 25,259 | 3,404,408 | ||||||
Oxford Industries, Inc. | 1,341 | 102,238 | ||||||
PVH Corp. | 3,061 | 305,978 | ||||||
Ralph Lauren Corp. | 2,401 | 281,109 | ||||||
Rocky Brands, Inc. | 280 | 12,205 | ||||||
Skechers USA, Inc., Class A(1) | 7,065 | 258,579 | ||||||
Steven Madden Ltd. | 5,671 | 209,770 | ||||||
Tapestry, Inc. | 17,508 | 737,787 | ||||||
Under Armour, Inc., Class A(1) | 8,702 | 190,487 | ||||||
Under Armour, Inc., Class C(1) | 4,619 | 84,066 | ||||||
Unifi, Inc.(1) | 80 | 1,994 | ||||||
Vera Bradley, Inc.(1) | 320 | 3,037 | ||||||
VF Corp. | 13,092 | 1,035,970 | ||||||
Vince Holding Corp.(1) | 46 | 396 | ||||||
Wolverine World Wide, Inc. | 5,738 | 200,543 | ||||||
10,397,240 | ||||||||
Thrifts and Mortgage Finance — 0.5% | ||||||||
Axos Financial, Inc.(1) | 4,911 | 227,232 | ||||||
Bridgewater Bancshares, Inc.(1) | 882 | 12,745 | ||||||
Columbia Financial, Inc.(1) | 2,651 | 43,317 | ||||||
Essent Group Ltd. | 5,798 | 239,052 | ||||||
Federal Agricultural Mortgage Corp., Class C | 577 | 49,766 | ||||||
Flagstar Bancorp, Inc. | 4,463 | 193,650 | ||||||
Home Bancorp, Inc. | 278 | 8,993 | ||||||
HomeStreet, Inc. | 1,224 | 52,583 | ||||||
Kearny Financial Corp. | 2,963 | 33,630 | ||||||
Merchants Bancorp | 1,134 | 38,590 | ||||||
Meridian Bancorp, Inc. | 1,672 | 28,006 | ||||||
Meta Financial Group, Inc. | 2,734 | 121,089 | ||||||
MGIC Investment Corp. | 21,626 | 263,405 | ||||||
Mr. Cooper Group, Inc.(1) | 6,750 | 212,287 | ||||||
New York Community Bancorp, Inc. | 20,181 | 246,410 | ||||||
NMI Holdings, Inc., Class A(1) | 7,235 | 165,392 | ||||||
Northfield Bancorp, Inc. | 1,679 | 22,986 | ||||||
Northwest Bancshares, Inc. | 4,748 | 67,042 | ||||||
OP Bancorp | 18 | 165 | ||||||
PCSB Financial Corp. | 361 | 5,834 | ||||||
PennyMac Financial Services, Inc. | 3,441 | 203,742 | ||||||
Premier Financial Corp. | 2,292 | 70,273 | ||||||
Provident Financial Services, Inc. | 3,006 | 60,811 | ||||||
Radian Group, Inc. | 13,442 | 274,217 | ||||||
Southern Missouri Bancorp, Inc. | 307 | 11,279 | ||||||
Sterling Bancorp, Inc.(1) | 3 | 15 | ||||||
Territorial Bancorp, Inc. | 279 | 6,858 | ||||||
TFS Financial Corp. | 1,679 | 32,791 | ||||||
TrustCo Bank Corp. NY | 4,497 | 30,939 | ||||||
Walker & Dunlop, Inc. | 2,740 | 273,068 |
199
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Washington Federal, Inc. | 4,157 | $ | 125,625 | |||||
Waterstone Financial, Inc. | 2,066 | 40,142 | ||||||
Western New England Bancorp, Inc. | 90 | 721 | ||||||
WSFS Financial Corp. | 2,694 | 143,159 | ||||||
3,305,814 | ||||||||
Trading Companies and Distributors — 0.8% | ||||||||
Air Lease Corp. | 8,450 | 387,517 | ||||||
Applied Industrial Technologies, Inc. | 2,535 | 216,413 | ||||||
Boise Cascade Co. | 4,142 | 206,851 | ||||||
CAI International, Inc. | 992 | 43,648 | ||||||
DXP Enterprises, Inc.(1) | 1,016 | 30,521 | ||||||
Fastenal Co. | 23,789 | 1,103,096 | ||||||
GATX Corp. | 2,695 | 257,184 | ||||||
General Finance Corp.(1) | 2 | 20 | ||||||
GMS, Inc.(1) | 1,741 | 63,721 | ||||||
H&E Equipment Services, Inc. | 2,597 | 80,325 | ||||||
Herc Holdings, Inc.(1) | 2,613 | 229,317 | ||||||
Lawson Products, Inc.(1) | 346 | 18,338 | ||||||
McGrath RentCorp | 2,437 | 189,257 | ||||||
MRC Global, Inc.(1) | 5,643 | 49,320 | ||||||
MSC Industrial Direct Co., Inc., Class A | 2,680 | 230,828 | ||||||
NOW, Inc.(1) | 5,683 | 60,410 | ||||||
Rush Enterprises, Inc., Class A | 4,016 | 170,399 | ||||||
Rush Enterprises, Inc., Class B | 100 | 3,795 | ||||||
SiteOne Landscape Supply, Inc.(1) | 2,445 | 387,557 | ||||||
Systemax, Inc. | 1,409 | 50,865 | ||||||
Textainer Group Holdings Ltd.(1) | 3,401 | 88,562 | ||||||
Titan Machinery, Inc.(1) | 1,859 | 45,545 | ||||||
Triton International Ltd. | 4,797 | 277,171 | ||||||
United Rentals, Inc.(1) | 1,452 | 431,796 | ||||||
Univar Solutions, Inc.(1) | 914 | 18,198 | ||||||
Veritiv Corp.(1) | 1,294 | 30,771 | ||||||
W.W. Grainger, Inc. | 2,290 | 853,506 | ||||||
Watsco, Inc. | 636 | 154,612 | ||||||
WESCO International, Inc.(1) | 176 | 14,129 | ||||||
5,693,672 | ||||||||
Transportation Infrastructure† | ||||||||
Macquarie Infrastructure Corp. | 6,235 | 195,405 | ||||||
Water Utilities — 0.1% | ||||||||
American States Water Co. | 1,015 | 74,146 | ||||||
American Water Works Co., Inc. | 2,133 | 302,630 | ||||||
Artesian Resources Corp., Class A | 269 | 9,953 | ||||||
California Water Service Group | 776 | 42,641 | ||||||
Essential Utilities, Inc. | 4,936 | 207,608 | ||||||
Global Water Resources, Inc. | 7 | 121 | ||||||
637,099 | ||||||||
Wireless Telecommunication Services — 0.2% | ||||||||
Boingo Wireless, Inc.(1) | 3,683 | 41,986 | ||||||
Shenandoah Telecommunications Co. | 4,662 | 206,760 | ||||||
T-Mobile US, Inc.(1) | 11,352 | 1,361,899 | ||||||
Telephone and Data Systems, Inc. | 5,635 | 100,810 |
200
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
United States Cellular Corp.(1) | 567 | $ | 16,687 | |||||
1,728,142 | ||||||||
TOTAL COMMON STOCKS (Cost $568,368,635) | 728,440,153 | |||||||
TEMPORARY CASH INVESTMENTS — 0.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $675,191) | 675,191 | 675,191 | ||||||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 0.1% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $681,566) | 681,566 | 681,566 | ||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $569,725,392) | 729,796,910 | |||||||
OTHER ASSETS AND LIABILITIES† | (262,081) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 729,534,829 |
NOTES TO SCHEDULE OF INVESTMENTS |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $942,261. 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 $958,828, which includes securities collateral of $277,262.
See Notes to Financial Statements.
201
FEBRUARY 28, 2021 (UNAUDITED)
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Aerospace and Defense — 0.5% | ||||||||
AAR Corp. | 2,443 | $ | 97,183 | |||||
Hexcel Corp.(1) | 66,291 | 3,563,804 | ||||||
3,660,987 | ||||||||
Air Freight and Logistics — 0.7% | ||||||||
Air Transport Services Group, Inc.(1) | 54,276 | 1,440,485 | ||||||
Atlas Air Worldwide Holdings, Inc.(1) | 32,970 | 1,817,636 | ||||||
Hub Group, Inc., Class A(1) | 38,753 | 2,231,398 | ||||||
5,489,519 | ||||||||
Airlines — 0.8% | ||||||||
Mesa Air Group, Inc.(1) | 32,756 | 399,623 | ||||||
SkyWest, Inc. | 64,851 | 3,655,651 | ||||||
Spirit Airlines, Inc.(1) | 64,694 | 2,321,221 | ||||||
6,376,495 | ||||||||
Auto Components — 2.8% | ||||||||
American Axle & Manufacturing Holdings, Inc.(1) | 72,139 | 704,798 | ||||||
Cooper Tire & Rubber Co. | 65,217 | 3,733,021 | ||||||
Cooper-Standard Holdings, Inc.(1) | 15,537 | 556,535 | ||||||
Dana, Inc. | 174,797 | 4,161,917 | ||||||
Dorman Products, Inc.(1) | 8,946 | 892,006 | ||||||
Gentherm, Inc.(1) | 41,217 | 2,917,751 | ||||||
Goodyear Tire & Rubber Co. (The)(1) | 283,004 | 4,757,297 | ||||||
Modine Manufacturing Co.(1) | 69,270 | 960,775 | ||||||
Motorcar Parts of America, Inc.(1) | 15,772 | 335,628 | ||||||
Standard Motor Products, Inc. | 9,249 | 388,551 | ||||||
Visteon Corp.(1) | 15,132 | 1,924,336 | ||||||
21,332,615 | ||||||||
Automobiles — 0.1% | ||||||||
Harley-Davidson, Inc. | 12,437 | 443,628 | ||||||
Banks — 15.8% | ||||||||
1st Source Corp. | 9,354 | 415,037 | ||||||
ACNB Corp. | 8,267 | 228,252 | ||||||
Altabancorp | 20,788 | 715,523 | ||||||
Amalgamated Bank, Class A | 18,367 | 322,525 | ||||||
Amerant Bancorp, Inc.(1) | 25,182 | 414,748 | ||||||
Ameris Bancorp | 14,957 | 712,551 | ||||||
Arrow Financial Corp. | 15,816 | 503,898 | ||||||
Associated Banc-Corp. | 166,342 | 3,351,791 | ||||||
BancFirst Corp. | 20,802 | 1,328,832 | ||||||
Bancorp, Inc. (The)(1) | 73,883 | 1,497,608 | ||||||
Bank of Commerce Holdings | 21,379 | 232,390 | ||||||
Bank of Hawaii Corp. | 46,454 | 4,064,725 | ||||||
Bank OZK | 112,649 | 4,643,392 | ||||||
BankFinancial Corp. | 14,139 | 133,614 | ||||||
BankUnited, Inc. | 106,884 | 4,295,668 | ||||||
Bankwell Financial Group, Inc. | 5,964 | 147,907 | ||||||
Banner Corp. | 33,346 | 1,726,656 | ||||||
BCB Bancorp, Inc. | 18,236 | 241,262 |
202
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Boston Private Financial Holdings, Inc. | 86,964 | $ | 1,196,625 | |||||
Byline Bancorp, Inc. | 28,863 | 574,951 | ||||||
Cathay General Bancorp. | 90,893 | 3,421,213 | ||||||
CB Financial Services, Inc. | 4,701 | 95,665 | ||||||
Central Pacific Financial Corp. | 36,923 | 835,567 | ||||||
Central Valley Community Bancorp | 13,742 | 242,821 | ||||||
CIT Group, Inc. | 28,223 | 1,279,913 | ||||||
City Holding Co. | 12,783 | 961,409 | ||||||
CNB Financial Corp. | 18,387 | 426,762 | ||||||
Codorus Valley Bancorp, Inc. | 11,183 | 188,434 | ||||||
Community Bankers Trust Corp. | 26,698 | 207,176 | ||||||
Community Trust Bancorp, Inc. | 920 | 37,591 | ||||||
ConnectOne Bancorp, Inc. | 9,588 | 222,729 | ||||||
County Bancorp, Inc. | 5,808 | 131,319 | ||||||
Customers Bancorp, Inc.(1) | 33,938 | 908,860 | ||||||
Dime Community Bancshares, Inc. | 19,709 | 579,642 | ||||||
Eagle Bancorp, Inc. | 35,711 | 1,745,911 | ||||||
Enterprise Financial Services Corp. | 18 | 774 | ||||||
F.N.B. Corp. | 306,750 | 3,628,852 | ||||||
Farmers National Banc Corp. | 31,018 | 429,289 | ||||||
Financial Institutions, Inc. | 18,858 | 516,332 | ||||||
First BanCorp | 162,918 | 1,709,010 | ||||||
First Bancorp, Inc. (The) | 4,768 | 121,870 | ||||||
First Bancorp/Southern Pines NC | 12,948 | 521,416 | ||||||
First Busey Corp. | 19,080 | 436,741 | ||||||
First Business Financial Services, Inc. | 8,849 | 196,448 | ||||||
First Choice Bancorp | 11,876 | 235,026 | ||||||
First Citizens BancShares, Inc., Class A | 1,183 | 872,924 | ||||||
First Foundation, Inc. | 44,491 | 1,016,619 | ||||||
First Internet Bancorp | 9,953 | 325,961 | ||||||
First Mid Bancshares, Inc. | 14,434 | 525,253 | ||||||
First of Long Island Corp. (The) | 25,166 | 467,584 | ||||||
First United Corp. | 8,172 | 147,913 | ||||||
Franklin Financial Services Corp. | 4,696 | 128,952 | ||||||
Great Southern Bancorp, Inc. | 16,096 | 849,708 | ||||||
Hanmi Financial Corp. | 39,409 | 674,682 | ||||||
Hawthorn Bancshares, Inc. | 6,547 | 131,857 | ||||||
Heartland Financial USA, Inc. | 11,798 | 551,439 | ||||||
Hilltop Holdings, Inc. | 92,633 | 3,060,594 | ||||||
Hope Bancorp, Inc. | 100,244 | 1,319,211 | ||||||
Horizon Bancorp, Inc. | 2,859 | 51,062 | ||||||
Independent Bank Corp. (Michigan) | 27,940 | 577,520 | ||||||
International Bancshares Corp. | 64,739 | 2,821,326 | ||||||
Investors Bancorp, Inc. | 24,045 | 320,760 | ||||||
Lakeland Bancorp, Inc. | 54,189 | 849,684 | ||||||
Lakeland Financial Corp. | 22,582 | 1,557,029 | ||||||
Macatawa Bank Corp. | 34,529 | 304,891 | ||||||
Mackinac Financial Corp. | 10,536 | 135,914 | ||||||
Mercantile Bank Corp. | 20,176 | 589,946 | ||||||
Metropolitan Bank Holding Corp.(1) | 5,808 | 300,448 | ||||||
Midland States Bancorp, Inc. | 29,189 | 715,130 |
203
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
MidWestOne Financial Group, Inc. | 16,594 | $ | 455,339 | |||||
MVB Financial Corp. | 19,117 | 623,214 | ||||||
National Bank Holdings Corp., Class A | 13,481 | 522,389 | ||||||
Northeast Bank | 11,775 | 305,797 | ||||||
Northrim BanCorp, Inc. | 7,134 | 274,588 | ||||||
OFG Bancorp | 55,983 | 1,081,032 | ||||||
Old Second Bancorp, Inc. | 38,783 | 464,233 | ||||||
Orrstown Financial Services, Inc. | 12,366 | 240,890 | ||||||
PacWest Bancorp | 54,498 | 1,975,008 | ||||||
Parke Bancorp, Inc. | 12,530 | 227,419 | ||||||
PCB Bancorp. | 16,003 | 222,922 | ||||||
Peapack-Gladstone Financial Corp. | 20,567 | 565,798 | ||||||
Popular, Inc. | 63,596 | 4,249,485 | ||||||
Preferred Bank | 19,560 | 1,133,502 | ||||||
Premier Financial Bancorp, Inc. | 14,139 | 219,720 | ||||||
QCR Holdings, Inc. | 16,582 | 686,495 | ||||||
RBB Bancorp | 18,958 | 356,410 | ||||||
Red River Bancshares, Inc. | 643 | 33,372 | ||||||
Republic Bancorp, Inc., Class A | 14,327 | 602,307 | ||||||
ServisFirst Bancshares, Inc. | 58,349 | 2,891,776 | ||||||
Sierra Bancorp | 17,185 | 409,862 | ||||||
Simmons First National Corp., Class A | 60,683 | 1,776,798 | ||||||
SmartFinancial, Inc. | 12,374 | 259,854 | ||||||
Southern First Bancshares, Inc.(1) | 8,376 | 368,544 | ||||||
Southern National Bancorp of Virginia, Inc. | 24,382 | 346,224 | ||||||
Stock Yards Bancorp, Inc. | 21,710 | 1,069,652 | ||||||
Summit Financial Group, Inc. | 13,152 | 316,832 | ||||||
Synovus Financial Corp. | 123,279 | 5,215,934 | ||||||
TCF Financial Corp. | 41,795 | 1,873,252 | ||||||
Texas Capital Bancshares, Inc.(1) | 50,391 | 3,839,794 | ||||||
Tompkins Financial Corp. | 721 | 55,755 | ||||||
TriState Capital Holdings, Inc.(1) | 30,028 | 689,143 | ||||||
Trustmark Corp. | 16,264 | 490,522 | ||||||
UMB Financial Corp. | 28,278 | 2,385,815 | ||||||
Umpqua Holdings Corp. | 176,937 | 3,020,315 | ||||||
United Community Banks, Inc. | 76,957 | 2,544,198 | ||||||
United Security Bancshares | 18,958 | 141,427 | ||||||
Unity Bancorp, Inc. | 8,850 | 175,672 | ||||||
Valley National Bancorp | 252,082 | 3,088,004 | ||||||
Washington Trust Bancorp, Inc. | 16,582 | 788,474 | ||||||
Webster Financial Corp. | 37,243 | 2,059,910 | ||||||
West BanCorp, Inc. | 18,367 | 419,319 | ||||||
Western Alliance Bancorp | 67,424 | 6,169,970 | ||||||
Wintrust Financial Corp. | 42,500 | 3,130,550 | ||||||
121,892,648 | ||||||||
Beverages — 0.1% | ||||||||
National Beverage Corp.(2) | 14,958 | 712,898 | ||||||
Biotechnology — 0.4% | ||||||||
Arcus Biosciences, Inc.(1) | 19,357 | 682,528 | ||||||
Catalyst Pharmaceuticals, Inc.(1) | 18,964 | 73,770 | ||||||
Coherus Biosciences, Inc.(1) | 43,499 | 706,424 |
204
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Sangamo Therapeutics, Inc.(1) | 34,236 | $ | 393,371 | |||||
Translate Bio, Inc.(1) | 47,995 | 1,120,203 | ||||||
2,976,296 | ||||||||
Building Products — 1.3% | ||||||||
Apogee Enterprises, Inc. | 29,230 | 1,093,202 | ||||||
Armstrong Flooring, Inc.(1) | 13,167 | 68,205 | ||||||
Insteel Industries, Inc. | 8,028 | 247,905 | ||||||
Masonite International Corp.(1) | 28,948 | 3,176,174 | ||||||
Quanex Building Products Corp. | 40,626 | 988,431 | ||||||
UFP Industries, Inc. | 70,195 | 4,281,895 | ||||||
9,855,812 | ||||||||
Capital Markets — 2.7% | ||||||||
Cowen, Inc., Class A | 11,816 | 399,972 | ||||||
Diamond Hill Investment Group, Inc.(1) | 3,514 | 498,461 | ||||||
Evercore, Inc., Class A | 40,827 | 4,889,850 | ||||||
Janus Henderson Group plc | 93,319 | 2,727,714 | ||||||
Moelis & Co., Class A | 653 | 33,721 | ||||||
Oppenheimer Holdings, Inc., Class A | 9,945 | 376,916 | ||||||
Piper Sandler Cos. | 17,185 | 1,827,109 | ||||||
Stifel Financial Corp. | 91,993 | 5,618,932 | ||||||
StoneX Group, Inc.(1) | 5,247 | 302,699 | ||||||
Virtus Investment Partners, Inc. | 7,581 | 1,902,073 | ||||||
Waddell & Reed Financial, Inc., Class A | 95,412 | 2,393,887 | ||||||
20,971,334 | ||||||||
Chemicals — 2.9% | ||||||||
AdvanSix, Inc.(1) | 6,548 | 182,034 | ||||||
AgroFresh Solutions, Inc.(1) | 28,628 | 68,421 | ||||||
American Vanguard Corp. | 10,187 | 198,850 | ||||||
Avient Corp. | 986 | 42,615 | ||||||
Cabot Corp. | 58,779 | 2,893,690 | ||||||
Chemours Co. (The) | 176,561 | 4,154,480 | ||||||
Ferro Corp.(1) | 54,919 | 871,565 | ||||||
FutureFuel Corp. | 17,463 | 256,357 | ||||||
Hawkins, Inc. | 12,957 | 811,108 | ||||||
Intrepid Potash, Inc.(1) | 4,269 | 126,747 | ||||||
Kraton Corp.(1) | 37,172 | 1,382,427 | ||||||
Kronos Worldwide, Inc. | 680 | 9,826 | ||||||
NewMarket Corp. | 1,409 | 533,983 | ||||||
Orion Engineered Carbons SA | 31,016 | 548,983 | ||||||
Rayonier Advanced Materials, Inc.(1) | 103,469 | 957,088 | ||||||
Sensient Technologies Corp. | 2,177 | 169,479 | ||||||
Stepan Co. | 25,316 | 3,055,388 | ||||||
Tredegar Corp. | 45,315 | 690,601 | ||||||
Trinseo SA | 59,751 | 3,866,487 | ||||||
Tronox Holdings plc, Class A | 74,005 | 1,357,252 | ||||||
22,177,381 | ||||||||
Commercial Services and Supplies — 1.3% | ||||||||
Clean Harbors, Inc.(1) | 25,417 | 2,164,258 | ||||||
Ennis, Inc. | 27,553 | 546,100 | ||||||
Healthcare Services Group, Inc. | 62,011 | 1,764,213 | ||||||
HNI Corp. | 43,812 | 1,559,269 |
205
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Kimball International, Inc., Class B | 53,737 | $ | 695,357 | |||||
Quad/Graphics, Inc.(1) | 49,509 | 216,849 | ||||||
Steelcase, Inc., Class A | 121,997 | 1,700,638 | ||||||
UniFirst Corp. | 6,413 | 1,553,806 | ||||||
10,200,490 | ||||||||
Communications Equipment — 0.4% | ||||||||
EchoStar Corp., Class A(1) | 26,694 | 605,954 | ||||||
NETGEAR, Inc.(1) | 13,888 | 555,520 | ||||||
ViaSat, Inc.(1) | 33,753 | 1,726,128 | ||||||
2,887,602 | ||||||||
Construction and Engineering — 2.1% | ||||||||
Ameresco, Inc., Class A(1) | 10,098 | 576,798 | ||||||
Arcosa, Inc. | 27,808 | 1,577,548 | ||||||
Argan, Inc. | 8,168 | 408,563 | ||||||
Construction Partners, Inc., Class A(1) | 32,804 | 949,348 | ||||||
Dycom Industries, Inc.(1) | 31,079 | 2,380,030 | ||||||
EMCOR Group, Inc. | 6,471 | 630,081 | ||||||
Fluor Corp.(1) | 99,299 | 1,703,971 | ||||||
Great Lakes Dredge & Dock Corp.(1) | 94,460 | 1,434,847 | ||||||
MasTec, Inc.(1) | 31,847 | 2,762,727 | ||||||
MYR Group, Inc.(1) | 19,549 | 1,152,414 | ||||||
Northwest Pipe Co.(1) | 7,467 | 254,102 | ||||||
Primoris Services Corp. | 46,253 | 1,548,088 | ||||||
Tutor Perini Corp.(1) | 31,024 | 456,053 | ||||||
Valmont Industries, Inc. | 157 | 37,135 | ||||||
15,871,705 | ||||||||
Construction Materials — 0.7% | ||||||||
Eagle Materials, Inc. | 37,693 | 4,725,948 | ||||||
US Concrete, Inc.(1) | 16,672 | 857,941 | ||||||
5,583,889 | ||||||||
Consumer Finance — 2.5% | ||||||||
Elevate Credit, Inc.(1) | 44,133 | 180,063 | ||||||
Encore Capital Group, Inc.(1) | 23,858 | 797,334 | ||||||
Enova International, Inc.(1) | 24,426 | 749,878 | ||||||
Green Dot Corp., Class A(1) | 45,239 | 2,137,995 | ||||||
Navient Corp. | 265,157 | 3,282,644 | ||||||
Nelnet, Inc., Class A | 21,993 | 1,596,692 | ||||||
OneMain Holdings, Inc. | 32,162 | 1,508,719 | ||||||
PROG Holdings, Inc. | 75,672 | 3,783,600 | ||||||
Regional Management Corp. | 11,775 | 381,157 | ||||||
SLM Corp. | 298,128 | 4,707,441 | ||||||
19,125,523 | ||||||||
Containers and Packaging† | ||||||||
Myers Industries, Inc. | 1,449 | 32,081 | ||||||
Distributors — 0.2% | ||||||||
Core-Mark Holding Co., Inc. | 42,101 | 1,371,651 | ||||||
Diversified Consumer Services — 0.3% | ||||||||
American Public Education, Inc.(1) | 11,616 | 341,975 | ||||||
Laureate Education, Inc., Class A(1) | 62,407 | 858,096 | ||||||
Perdoceo Education Corp.(1) | 84,080 | 1,082,110 |
206
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Universal Technical Institute, Inc.(1) | 3,501 | $ | 21,461 | |||||
2,303,642 | ||||||||
Diversified Financial Services — 0.1% | ||||||||
Alerus Financial Corp. | 10,535 | 289,818 | ||||||
Banco Latinoamericano de Comercio Exterior SA, E Shares | 31,758 | 484,627 | ||||||
774,445 | ||||||||
Diversified Telecommunication Services — 0.6% | ||||||||
Iridium Communications, Inc.(1) | 114,228 | 4,376,075 | ||||||
Electrical Equipment — 0.8% | ||||||||
Atkore, Inc.(1) | 35,330 | 2,390,075 | ||||||
Encore Wire Corp. | 25,161 | 1,648,800 | ||||||
LSI Industries, Inc. | 30,993 | 279,557 | ||||||
Powell Industries, Inc. | 10,541 | 328,141 | ||||||
TPI Composites, Inc.(1) | 33,913 | 1,616,294 | ||||||
6,262,867 | ||||||||
Electronic Equipment, Instruments and Components — 3.1% | ||||||||
Avnet, Inc. | 91,056 | 3,466,502 | ||||||
Bel Fuse, Inc., Class B | 106 | 1,882 | ||||||
ePlus, Inc.(1) | 8,404 | 794,682 | ||||||
Insight Enterprises, Inc.(1) | 27,913 | 2,333,248 | ||||||
Jabil, Inc. | 81,843 | 3,533,162 | ||||||
Kimball Electronics, Inc.(1) | 3,496 | 82,086 | ||||||
Methode Electronics, Inc. | 4,810 | 187,253 | ||||||
Plexus Corp.(1) | 32,979 | 2,769,576 | ||||||
Sanmina Corp.(1) | 86,583 | 3,084,087 | ||||||
ScanSource, Inc.(1) | 16,085 | 457,457 | ||||||
SYNNEX Corp. | 43,055 | 3,838,784 | ||||||
Vishay Intertechnology, Inc. | 151,007 | 3,604,537 | ||||||
24,153,256 | ||||||||
Energy Equipment and Services — 2.8% | ||||||||
Archrock, Inc. | 219,497 | 2,263,014 | ||||||
Cactus, Inc., Class A | 15,244 | 485,826 | ||||||
DMC Global, Inc. | 16,003 | 1,008,029 | ||||||
Dril-Quip, Inc.(1) | 19,621 | 666,329 | ||||||
Exterran Corp.(1) | 49,506 | 270,798 | ||||||
Helix Energy Solutions Group, Inc.(1) | 165,112 | 809,049 | ||||||
Helmerich & Payne, Inc. | 108,349 | 3,112,867 | ||||||
Liberty Oilfield Services, Inc., Class A | 3,131 | 36,601 | ||||||
Nabors Industries Ltd. | 3,165 | 351,347 | ||||||
NexTier Oilfield Solutions, Inc.(1) | 245,266 | 1,140,487 | ||||||
NOV, Inc. | 217,095 | 3,278,134 | ||||||
Oceaneering International, Inc.(1) | 123,907 | 1,462,103 | ||||||
Patterson-UTI Energy, Inc. | 251,300 | 1,859,620 | ||||||
ProPetro Holding Corp.(1) | 74,816 | 858,140 | ||||||
RPC, Inc.(1) | 65,798 | 417,817 | ||||||
Select Energy Services, Inc., Class A(1) | 73,408 | 463,939 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 12,340 | 145,735 | ||||||
TechnipFMC plc | 355,555 | 2,922,662 | ||||||
US Silica Holdings, Inc. | 32,603 | 433,946 | ||||||
21,986,443 |
207
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Entertainment — 0.2% | ||||||||
Eros STX Global Corp.(1) | 44,799 | $ | 81,982 | |||||
World Wrestling Entertainment, Inc., Class A | 24,191 | 1,195,036 | ||||||
1,277,018 | ||||||||
Food and Staples Retailing — 1.1% | ||||||||
Andersons, Inc. (The) | 12,462 | 325,757 | ||||||
Ingles Markets, Inc., Class A | 27,940 | 1,451,762 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 15,381 | 216,565 | ||||||
PriceSmart, Inc. | 21,218 | 2,046,476 | ||||||
SpartanNash Co. | 53,734 | 979,571 | ||||||
Sprouts Farmers Market, Inc.(1) | 18,377 | 387,938 | ||||||
United Natural Foods, Inc.(1) | 51,734 | 1,368,364 | ||||||
Village Super Market, Inc., Class A | 12,957 | 298,659 | ||||||
Weis Markets, Inc. | 20,176 | 1,078,407 | ||||||
8,153,499 | ||||||||
Food Products — 0.3% | ||||||||
Fresh Del Monte Produce, Inc. | 625 | 16,088 | ||||||
John B Sanfilippo & Son, Inc. | 12,366 | 1,069,164 | ||||||
Pilgrim's Pride Corp.(1) | 40,212 | 900,347 | ||||||
Seneca Foods Corp., Class A(1) | 6,990 | 380,675 | ||||||
2,366,274 | ||||||||
Health Care Equipment and Supplies — 0.1% | ||||||||
FONAR Corp.(1) | 6,990 | 135,536 | ||||||
Meridian Bioscience, Inc.(1) | 12,071 | 254,457 | ||||||
389,993 | ||||||||
Health Care Providers and Services — 1.9% | ||||||||
Brookdale Senior Living, Inc.(1) | 291,422 | 1,696,076 | ||||||
Ensign Group, Inc. (The) | 49,180 | 4,033,744 | ||||||
Magellan Health, Inc.(1) | 21,545 | 2,010,579 | ||||||
ModivCare, Inc.(1) | 12,691 | 1,627,748 | ||||||
National HealthCare Corp. | 6,726 | 467,793 | ||||||
Owens & Minor, Inc. | 55,983 | 1,903,982 | ||||||
Patterson Cos., Inc. | 90,318 | 2,805,277 | ||||||
Triple-S Management Corp., Class B(1) | 9,305 | 235,416 | ||||||
14,780,615 | ||||||||
Hotels, Restaurants and Leisure — 0.8% | ||||||||
BJ's Restaurants, Inc.(1) | 19,991 | 1,110,100 | ||||||
Bluegreen Vacations Corp. | 2,104 | 16,832 | ||||||
Carrols Restaurant Group, Inc.(1) | 24,353 | 150,502 | ||||||
Chuy's Holdings, Inc.(1) | 17,494 | 717,254 | ||||||
Cracker Barrel Old Country Store, Inc. | 18,048 | 2,795,094 | ||||||
Extended Stay America, Inc. | 10,337 | 166,322 | ||||||
Golden Entertainment, Inc.(1) | 16,997 | 401,639 | ||||||
J Alexander's Holdings, Inc.(1) | 18,367 | 160,711 | ||||||
RCI Hospitality Holdings, Inc. | 9,945 | 638,966 | ||||||
6,157,420 | ||||||||
Household Durables — 2.6% | ||||||||
Beazer Homes USA, Inc.(1) | 48,327 | 853,938 | ||||||
Cavco Industries, Inc.(1) | 817 | 172,313 | ||||||
Century Communities, Inc.(1) | 30,579 | 1,691,936 | ||||||
Ethan Allen Interiors, Inc. | 32,756 | 839,209 |
208
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Hamilton Beach Brands Holding Co., Class A | 6,990 | $ | 122,814 | |||||
Hooker Furniture Corp. | 3,289 | 111,201 | ||||||
iRobot Corp.(1) | 12,831 | 1,592,455 | ||||||
La-Z-Boy, Inc. | 60,295 | 2,569,170 | ||||||
Legacy Housing Corp.(1) | 6,990 | 109,813 | ||||||
M/I Homes, Inc.(1) | 26,225 | 1,308,628 | ||||||
Meritage Homes Corp.(1) | 38,856 | 3,275,949 | ||||||
Sonos, Inc.(1) | 48,979 | 1,907,242 | ||||||
Tri Pointe Homes, Inc.(1) | 176,379 | 3,351,201 | ||||||
Turtle Beach Corp.(1) | 14,139 | 422,756 | ||||||
Universal Electronics, Inc.(1) | 17,498 | 1,018,209 | ||||||
VOXX International Corp.(1) | 18,883 | 391,445 | ||||||
19,738,279 | ||||||||
Household Products — 0.2% | ||||||||
Central Garden & Pet Co.(1) | 6,999 | 319,155 | ||||||
Central Garden & Pet Co., Class A(1) | 28,875 | 1,198,601 | ||||||
1,517,756 | ||||||||
Insurance — 3.3% | ||||||||
Ambac Financial Group, Inc.(1) | 2,377 | 40,290 | ||||||
American Equity Investment Life Holding Co. | 105,847 | 2,924,553 | ||||||
AMERISAFE, Inc. | 17,513 | 1,024,861 | ||||||
Brighthouse Financial, Inc.(1) | 80,132 | 3,196,465 | ||||||
CNO Financial Group, Inc. | 148,468 | 3,572,140 | ||||||
Crawford & Co., Class A | 17,293 | 162,554 | ||||||
Employers Holdings, Inc. | 25,733 | 856,652 | ||||||
FBL Financial Group, Inc., Class A | 625 | 35,650 | ||||||
Genworth Financial, Inc., Class A(1) | 499,299 | 1,557,813 | ||||||
Hanover Insurance Group, Inc. (The) | 19,139 | 2,207,684 | ||||||
HCI Group, Inc. | 371 | 21,470 | ||||||
Horace Mann Educators Corp. | 18,845 | 726,286 | ||||||
James River Group Holdings Ltd. | 7,678 | 352,497 | ||||||
Mercury General Corp. | 16,078 | 938,955 | ||||||
National Western Life Group, Inc., Class A | 629 | 131,354 | ||||||
Safety Insurance Group, Inc. | 73 | 5,773 | ||||||
Selective Insurance Group, Inc. | 28,628 | 1,941,837 | ||||||
Stewart Information Services Corp. | 15,880 | 749,536 | ||||||
Unum Group | 153,386 | 4,061,661 | ||||||
Watford Holdings Ltd.(1) | 22,554 | 781,045 | ||||||
25,289,076 | ||||||||
Internet and Direct Marketing Retail† | ||||||||
PetMed Express, Inc. | 847 | 29,399 | ||||||
IT Services — 0.6% | ||||||||
Alliance Data Systems Corp. | 47,732 | 4,606,138 | ||||||
BM Technologies, Inc.(1)(2) | 4,697 | 59,182 | ||||||
Sykes Enterprises, Inc.(1) | 12 | 491 | ||||||
4,665,811 | ||||||||
Leisure Products — 0.7% | ||||||||
Malibu Boats, Inc., Class A(1) | 23,185 | 1,728,210 | ||||||
Nautilus, Inc.(1) | 20,104 | 370,115 | ||||||
Smith & Wesson Brands, Inc. | 51,138 | 880,085 | ||||||
Sturm Ruger & Co., Inc. | 8,227 | 561,081 |
209
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Vista Outdoor, Inc.(1) | 71,638 | $ | 2,264,477 | |||||
5,803,968 | ||||||||
Machinery — 4.1% | ||||||||
Albany International Corp., Class A | 33,967 | 2,685,091 | ||||||
Astec Industries, Inc. | 32,959 | 2,238,575 | ||||||
Commercial Vehicle Group, Inc.(1) | 46,497 | 427,308 | ||||||
EnPro Industries, Inc. | 25,549 | 2,052,607 | ||||||
Greenbrier Cos., Inc. (The) | 40,307 | 1,896,444 | ||||||
Kennametal, Inc. | 86,157 | 3,218,826 | ||||||
Lydall, Inc.(1) | 21,970 | 765,215 | ||||||
Mayville Engineering Co., Inc.(1) | 170 | 2,382 | ||||||
Miller Industries, Inc. | 12,957 | 511,413 | ||||||
Mueller Industries, Inc. | 66,411 | 2,698,943 | ||||||
Park-Ohio Holdings Corp. | 10,536 | 340,629 | ||||||
Shyft Group, Inc. (The) | 45,353 | 1,491,660 | ||||||
Terex Corp. | 72,735 | 2,995,227 | ||||||
Timken Co. (The) | 65,340 | 5,119,389 | ||||||
TriMas Corp.(1) | 14,617 | 490,985 | ||||||
Trinity Industries, Inc. | 114,818 | 3,685,658 | ||||||
Wabash National Corp. | 58,566 | 971,024 | ||||||
31,591,376 | ||||||||
Marine — 0.6% | ||||||||
Costamare, Inc. | 68,746 | 663,399 | ||||||
Eagle Bulk Shipping, Inc.(1) | 6,607 | 193,849 | ||||||
Eneti, Inc. | 8,377 | 166,116 | ||||||
Genco Shipping & Trading Ltd. | 14,739 | 154,759 | ||||||
Matson, Inc. | 52,599 | 3,643,533 | ||||||
Pangaea Logistics Solutions Ltd.(1) | 21,970 | 66,020 | ||||||
4,887,676 | ||||||||
Media — 0.3% | ||||||||
Cumulus Media, Inc., Class A(1) | 18,958 | 183,703 | ||||||
Entercom Communications Corp., Class A | 189,106 | 845,304 | ||||||
Entravision Communications Corp., Class A | 72,823 | 227,936 | ||||||
Gray Television, Inc.(1) | 44,831 | 813,683 | ||||||
Townsquare Media, Inc., Class A | 4,641 | 50,587 | ||||||
Tribune Publishing Co.(1) | 7,085 | 120,303 | ||||||
2,241,516 | ||||||||
Metals and Mining — 2.9% | ||||||||
Alcoa Corp.(1) | 192,252 | 4,719,787 | ||||||
Allegheny Technologies, Inc.(1) | 144,772 | 2,846,217 | ||||||
Alpha Metallurgical Resources, Inc.(1) | 761 | 11,415 | ||||||
Arconic Corp.(1) | 59,243 | 1,298,607 | ||||||
Carpenter Technology Corp. | 42,099 | 1,711,745 | ||||||
Century Aluminum Co.(1) | 21,359 | 293,259 | ||||||
Coeur Mining, Inc.(1) | 201,176 | 1,812,596 | ||||||
Commercial Metals Co. | 149,746 | 3,766,112 | ||||||
Haynes International, Inc. | 7,462 | 208,414 | ||||||
Kaiser Aluminum Corp. | 20,176 | 2,302,082 | ||||||
Olympic Steel, Inc. | 8,763 | 156,332 | ||||||
Schnitzer Steel Industries, Inc., Class A | 36,302 | 1,253,871 | ||||||
SunCoke Energy, Inc. | 139,411 | 890,836 |
210
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
United States Steel Corp. | 49,113 | $ | 815,767 | |||||
Warrior Met Coal, Inc. | 1,015 | 19,457 | ||||||
22,106,497 | ||||||||
Multiline Retail — 2.3% | ||||||||
Big Lots, Inc. | 53,314 | 3,387,572 | ||||||
Dillard's, Inc., Class A | 11,184 | 891,365 | ||||||
Kohl's Corp. | 143,090 | 7,905,722 | ||||||
Macy's, Inc. | 352,510 | 5,361,677 | ||||||
17,546,336 | ||||||||
Oil, Gas and Consumable Fuels — 10.4% | ||||||||
Alto Ingredients, Inc.(1)(2) | 50,637 | 328,128 | ||||||
Antero Midstream Corp. | 19,312 | 170,332 | ||||||
Antero Resources Corp.(1) | 300,559 | 2,705,031 | ||||||
Arch Resources, Inc. | 22,561 | 1,081,123 | ||||||
Berry Corp. | 103,470 | 513,211 | ||||||
Bonanza Creek Energy, Inc.(1) | 23,176 | 740,010 | ||||||
Brigham Minerals, Inc., Class A | 17,876 | 255,805 | ||||||
Callon Petroleum Co.(1) | 47,689 | 1,219,408 | ||||||
Centennial Resource Development, Inc., Class A(1) | 182,559 | 722,934 | ||||||
Cimarex Energy Co. | 113,222 | 6,565,744 | ||||||
Clean Energy Fuels Corp.(1) | 151,090 | 1,970,214 | ||||||
CNX Resources Corp.(1) | 58,023 | 731,670 | ||||||
Comstock Resources, Inc.(1) | 88,576 | 505,769 | ||||||
CONSOL Energy, Inc.(1) | 35,120 | 379,647 | ||||||
DHT Holdings, Inc. | 166,939 | 931,520 | ||||||
Dorian LPG Ltd.(1) | 46,497 | 578,888 | ||||||
Earthstone Energy, Inc., Class A(1) | 16,594 | 117,485 | ||||||
EnLink Midstream LLC(1) | 273,422 | 1,052,675 | ||||||
EQT Corp. | 265,057 | 4,715,364 | ||||||
Equitrans Midstream Corp. | 203,463 | 1,471,037 | ||||||
Evolution Petroleum Corp. | 33,856 | 120,189 | ||||||
GasLog Ltd. | 16 | 94 | ||||||
Goodrich Petroleum Corp.(1) | 14,730 | 143,028 | ||||||
Green Plains, Inc.(1) | 1,254 | 31,751 | ||||||
Marathon Oil Corp. | 738,075 | 8,192,632 | ||||||
Matador Resources Co.(1) | 166,914 | 3,486,833 | ||||||
Murphy Oil Corp. | 168,449 | 2,750,772 | ||||||
NACCO Industries, Inc., Class A | 5,217 | 130,112 | ||||||
Nordic American Tankers Ltd. | 159,539 | 473,831 | ||||||
Overseas Shipholding Group, Inc., Class A(1) | 62,659 | 137,850 | ||||||
Ovintiv, Inc. | 324,141 | 7,477,933 | ||||||
Par Pacific Holdings, Inc.(1) | 31,043 | 548,530 | ||||||
PBF Energy, Inc., Class A(1) | 124,445 | 1,767,119 | ||||||
PDC Energy, Inc.(1) | 125,067 | 4,371,092 | ||||||
Penn Virginia Corp.(1) | 25,513 | 373,510 | ||||||
QEP Resources, Inc. | 243,477 | 837,561 | ||||||
Range Resources Corp.(1) | 348,627 | 3,360,764 | ||||||
Renewable Energy Group, Inc.(1) | 48,681 | 3,785,921 | ||||||
Scorpio Tankers, Inc.(2) | 631 | 9,314 | ||||||
SFL Corp. Ltd. | 113,117 | 852,902 | ||||||
SilverBow Resources, Inc.(1) | 6,399 | 51,192 |
211
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
SM Energy Co. | 172,380 | $ | 2,389,187 | |||||
Southwestern Energy Co.(1) | 869,137 | 3,520,005 | ||||||
Talos Energy, Inc.(1) | 42,993 | 455,296 | ||||||
Targa Resources Corp. | 203,991 | 6,309,442 | ||||||
Teekay Tankers Ltd., Class A(1) | 775 | 9,757 | ||||||
World Fuel Services Corp. | 71,450 | 2,220,666 | ||||||
80,563,278 | ||||||||
Paper and Forest Products — 1.3% | ||||||||
Clearwater Paper Corp.(1) | 5,720 | 200,257 | ||||||
Domtar Corp. | 70,460 | 2,610,543 | ||||||
Louisiana-Pacific Corp. | 107,811 | 5,132,882 | ||||||
Mercer International, Inc. | 54,328 | 835,021 | ||||||
Neenah, Inc. | 3,434 | 189,969 | ||||||
Schweitzer-Mauduit International, Inc. | 14,369 | 671,032 | ||||||
Verso Corp., Class A | 47,730 | 596,625 | ||||||
10,236,329 | ||||||||
Personal Products — 0.7% | ||||||||
Lifevantage Corp.(1) | 13,548 | 118,545 | ||||||
Medifast, Inc. | 4,200 | 1,062,558 | ||||||
Nu Skin Enterprises, Inc., Class A | 63,337 | 3,241,588 | ||||||
USANA Health Sciences, Inc.(1) | 11,623 | 1,128,128 | ||||||
5,550,819 | ||||||||
Pharmaceuticals — 0.9% | ||||||||
ANI Pharmaceuticals, Inc.(1) | 2,371 | 68,996 | ||||||
Collegium Pharmaceutical, Inc.(1) | 22,799 | 537,828 | ||||||
Corcept Therapeutics, Inc.(1) | 91,570 | 2,302,985 | ||||||
Innoviva, Inc.(1) | 78,927 | 902,136 | ||||||
Lannett Co., Inc.(1) | 61,517 | 372,793 | ||||||
Prestige Consumer Healthcare, Inc.(1) | 30,467 | 1,270,779 | ||||||
Supernus Pharmaceuticals, Inc.(1) | 52,931 | 1,422,256 | ||||||
6,877,773 | ||||||||
Professional Services — 0.5% | ||||||||
BGSF, Inc. | 669 | 9,326 | ||||||
CRA International, Inc. | 2,392 | 131,967 | ||||||
Kelly Services, Inc., Class A(1) | 16,998 | 353,898 | ||||||
Kforce, Inc. | 27,940 | 1,434,719 | ||||||
Korn Ferry | 24,747 | 1,523,178 | ||||||
TrueBlue, Inc.(1) | 4,158 | 86,611 | ||||||
3,539,699 | ||||||||
Real Estate Management and Development — 0.2% | ||||||||
Marcus & Millichap, Inc.(1) | 2,921 | 110,618 | ||||||
RE/MAX Holdings, Inc., Class A | 25,525 | 1,064,903 | ||||||
RMR Group, Inc. (The), Class A | 13,166 | 529,142 | ||||||
1,704,663 | ||||||||
Road and Rail — 2.4% | ||||||||
ArcBest Corp. | 39,405 | 2,324,501 | ||||||
Heartland Express, Inc. | 13,246 | 241,077 | ||||||
Landstar System, Inc. | 2,725 | 436,382 | ||||||
Marten Transport Ltd. | 87,957 | 1,423,144 | ||||||
Ryder System, Inc. | 75,999 | 5,150,452 | ||||||
Saia, Inc.(1) | 24,822 | 4,977,556 |
212
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Schneider National, Inc., Class B | 37,646 | $ | 870,752 | |||||
US Xpress Enterprises, Inc., Class A(1) | 18,958 | 175,362 | ||||||
Werner Enterprises, Inc. | 62,684 | 2,690,397 | ||||||
18,289,623 | ||||||||
Semiconductors and Semiconductor Equipment — 1.4% | ||||||||
Alpha & Omega Semiconductor Ltd.(1) | 16,908 | 594,992 | ||||||
Amkor Technology, Inc. | 102,283 | 2,443,541 | ||||||
Cohu, Inc.(1) | 45,562 | 1,979,669 | ||||||
MagnaChip Semiconductor Corp.(1) | 36,601 | 684,073 | ||||||
NeoPhotonics Corp.(1) | 29,854 | 286,897 | ||||||
Photronics, Inc.(1) | 76,028 | 905,493 | ||||||
SMART Global Holdings, Inc.(1) | 19,549 | 912,743 | ||||||
Synaptics, Inc.(1) | 4,144 | 555,420 | ||||||
Ultra Clean Holdings, Inc.(1) | 56,541 | 2,622,372 | ||||||
10,985,200 | ||||||||
Software — 0.1% | ||||||||
InterDigital, Inc. | 13,098 | 830,020 | ||||||
VirnetX Holding Corp.(2) | 43,555 | 303,143 | ||||||
1,133,163 | ||||||||
Specialty Retail — 7.0% | ||||||||
Aaron's Co., Inc. (The)(1) | 37,836 | 830,879 | ||||||
Abercrombie & Fitch Co., Class A | 87,956 | 2,407,356 | ||||||
American Eagle Outfitters, Inc. | 116,988 | 3,006,592 | ||||||
AutoNation, Inc.(1) | 69,205 | 5,191,759 | ||||||
Barnes & Noble Education, Inc.(1) | 34,529 | 223,403 | ||||||
Bed Bath & Beyond, Inc. | 76,209 | 2,046,974 | ||||||
Buckle, Inc. (The) | 41,178 | 1,582,882 | ||||||
Caleres, Inc. | 45,943 | 728,656 | ||||||
Citi Trends, Inc. | 12,957 | 1,009,221 | ||||||
Conn's, Inc.(1) | 16,594 | 235,469 | ||||||
Dick's Sporting Goods, Inc. | 70,686 | 5,044,860 | ||||||
Foot Locker, Inc. | 103,501 | 4,977,363 | ||||||
Gap, Inc. (The)(1) | 93,435 | 2,331,203 | ||||||
Group 1 Automotive, Inc. | 8,619 | 1,313,880 | ||||||
Guess?, Inc. | 42,366 | 1,068,047 | ||||||
Haverty Furniture Cos., Inc. | 12,364 | 447,206 | ||||||
Hibbett Sports, Inc.(1) | 26,107 | 1,677,636 | ||||||
Lumber Liquidators Holdings, Inc.(1) | 33,831 | 837,994 | ||||||
MarineMax, Inc.(1) | 26,100 | 1,165,365 | ||||||
Murphy USA, Inc. | 28,936 | 3,606,872 | ||||||
ODP Corp. (The)(1) | 29,009 | 1,110,174 | ||||||
Rent-A-Center, Inc. | 44,050 | 2,544,328 | ||||||
Shoe Carnival, Inc. | 8,670 | 424,483 | ||||||
Signet Jewelers Ltd.(1) | 92,737 | 4,616,448 | ||||||
Sonic Automotive, Inc., Class A | 25,283 | 1,165,799 | ||||||
Sportsman's Warehouse Holdings, Inc.(1) | 45,315 | 767,636 | ||||||
Tilly's, Inc., Class A(1) | 24,334 | 251,127 | ||||||
TravelCenters of America, Inc.(1) | 5,217 | 125,417 | ||||||
Urban Outfitters, Inc.(1) | 74,435 | 2,523,346 | ||||||
Zumiez, Inc.(1) | 23,643 | 1,065,826 | ||||||
54,328,201 |
213
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Technology Hardware, Storage and Peripherals — 0.1% | ||||||||
Super Micro Computer, Inc.(1) | 30,407 | $ | 992,180 | |||||
Textiles, Apparel and Luxury Goods — 1.2% | ||||||||
Capri Holdings Ltd.(1) | 105,744 | 4,935,073 | ||||||
Carter's, Inc. | 21,741 | 1,814,721 | ||||||
Culp, Inc. | 12,957 | 223,508 | ||||||
Fossil Group, Inc.(1) | 36,905 | 558,742 | ||||||
G-III Apparel Group Ltd.(1) | 44,747 | 1,288,266 | ||||||
Rocky Brands, Inc. | 1,844 | 80,380 | ||||||
Steven Madden Ltd. | 221 | 8,175 | ||||||
Superior Group of Cos., Inc. | 1,965 | 46,806 | ||||||
Vera Bradley, Inc.(1) | 14,923 | 141,619 | ||||||
9,097,290 | ||||||||
Thrifts and Mortgage Finance — 4.0% | ||||||||
Axos Financial, Inc.(1) | 69,803 | 3,229,785 | ||||||
Bridgewater Bancshares, Inc.(1) | 25,877 | 373,923 | ||||||
Essent Group Ltd. | 51,997 | 2,143,836 | ||||||
Federal Agricultural Mortgage Corp., Class C | 13,293 | 1,146,521 | ||||||
Flagstar Bancorp, Inc. | 41,178 | 1,786,713 | ||||||
FS Bancorp, Inc. | 5,289 | 320,672 | ||||||
Hingham Institution For Savings (The) | 1,803 | 437,011 | ||||||
Home Bancorp, Inc. | 7,679 | 248,416 | ||||||
HomeStreet, Inc. | 29,930 | 1,285,793 | ||||||
Luther Burbank Corp. | 17,185 | 175,459 | ||||||
Merchants Bancorp | 18,367 | 625,029 | ||||||
Meridian Bancorp, Inc. | 2,395 | 40,116 | ||||||
Meta Financial Group, Inc. | 24,700 | 1,093,963 | ||||||
MGIC Investment Corp. | 291,911 | 3,555,476 | ||||||
Mr. Cooper Group, Inc.(1) | 53,580 | 1,685,091 | ||||||
NMI Holdings, Inc., Class A(1) | 86,072 | 1,967,606 | ||||||
OP Bancorp | 16,003 | 147,068 | ||||||
PennyMac Financial Services, Inc. | 58,580 | 3,468,522 | ||||||
Provident Financial Services, Inc. | 1,956 | 39,570 | ||||||
Radian Group, Inc. | 152,987 | 3,120,935 | ||||||
Riverview Bancorp, Inc. | 27,189 | 179,447 | ||||||
Severn Bancorp, Inc. | 12,957 | 106,247 | ||||||
Southern Missouri Bancorp, Inc. | 8,376 | 307,734 | ||||||
Sterling Bancorp, Inc.(1) | 16,201 | 83,273 | ||||||
Territorial Bancorp, Inc. | 8,763 | 215,395 | ||||||
TrustCo Bank Corp. NY | 108,881 | 749,101 | ||||||
Walker & Dunlop, Inc. | 353 | 35,180 | ||||||
Washington Federal, Inc. | 69,163 | 2,090,106 | ||||||
Waterstone Financial, Inc. | 27,289 | 530,225 | ||||||
31,188,213 | ||||||||
Trading Companies and Distributors — 3.8% | ||||||||
Air Lease Corp. | 116,951 | 5,363,373 | ||||||
Applied Industrial Technologies, Inc. | 11,066 | 944,705 | ||||||
Boise Cascade Co. | 57,272 | 2,860,164 | ||||||
CAI International, Inc. | 15,547 | 684,068 | ||||||
GATX Corp. | 44,730 | 4,268,584 | ||||||
H&E Equipment Services, Inc. | 38,111 | 1,178,773 |
214
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Herc Holdings, Inc.(1) | 34,539 | $ | 3,031,143 | |||||
McGrath RentCorp | 32,232 | 2,503,137 | ||||||
NOW, Inc.(1) | 89,697 | 953,479 | ||||||
Rush Enterprises, Inc., Class A | 18,566 | 787,755 | ||||||
Rush Enterprises, Inc., Class B | 1,648 | 62,542 | ||||||
Systemax, Inc. | 10,863 | 392,154 | ||||||
Textainer Group Holdings Ltd.(1) | 37,230 | 969,469 | ||||||
Triton International Ltd. | 80,117 | 4,629,160 | ||||||
Veritiv Corp.(1) | 16,003 | 380,551 | ||||||
29,009,057 | ||||||||
Transportation Infrastructure — 0.3% | ||||||||
Macquarie Infrastructure Corp. | 74,276 | 2,327,810 | ||||||
Wireless Telecommunication Services — 0.6% | ||||||||
Shenandoah Telecommunications Co. | 51,248 | 2,272,849 | ||||||
Telephone and Data Systems, Inc. | 118,392 | 2,118,033 | ||||||
United States Cellular Corp.(1) | 16,003 | 470,968 | ||||||
4,861,850 | ||||||||
TOTAL COMMON STOCKS (Cost $542,906,724) | 770,046,939 | |||||||
TEMPORARY CASH INVESTMENTS — 0.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $649,126) | 649,126 | 649,126 | ||||||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3)† | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $339,881) | 339,881 | 339,881 | ||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $543,895,731) | 771,035,946 | |||||||
OTHER ASSETS AND LIABILITIES† | 331,371 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 771,367,317 |
NOTES TO SCHEDULE OF INVESTMENTS |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $734,037. 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 $753,667, which includes securities collateral of $413,786.
See Notes to Financial Statements.
215
Statements of Assets and Liabilities |
FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Avantis Emerging Markets Equity ETF | Avantis International Equity ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $456,077,363 and $443,006,101, respectively) — including $13,400,012 and $29,505,416, respectively of securities on loan | $ | 573,111,985 | $ | 553,916,006 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $6,313,614 and $16,991,037, respectively) | 6,313,614 | 16,991,037 | ||||||
Total investment securities, at value (cost of $462,390,977 and $459,997,138, respectively) | 579,425,599 | 570,907,043 | ||||||
Foreign currency holdings, at value (cost of $36,362 and $147,181, respectively) | 36,442 | 146,408 | ||||||
Receivable for investments sold | — | 409,156 | ||||||
Dividends and interest receivable | 695,421 | 928,739 | ||||||
Securities lending receivable | 17,045 | 14,435 | ||||||
580,174,507 | 572,405,781 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 6,313,614 | 16,991,037 | ||||||
Payable for investments purchased | 1,816 | 27,095 | ||||||
Accrued management fees | 141,928 | 97,550 | ||||||
Accrued foreign taxes | 1,481,796 | — | ||||||
7,939,154 | 17,115,682 | |||||||
Net Assets | $ | 572,235,353 | $ | 555,290,099 | ||||
Shares outstanding (unlimited number of shares authorized) | 8,800,000 | 9,500,000 | ||||||
Net Asset Value Per Share | $ | 65.03 | $ | 58.45 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 458,823,342 | $ | 444,507,443 | ||||
Distributable earnings | 113,412,011 | 110,782,656 | ||||||
$ | 572,235,353 | $ | 555,290,099 |
See Notes to Financial Statements.
216
FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Avantis International Small Cap Value ETF | Avantis U.S. Equity ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $385,052,000 and $569,043,826, respectively) — including $20,103,152 and $942,261, respectively of securities on loan | $ | 472,140,317 | $ | 729,115,344 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $9,921,171 and $681,566, respectively) | 9,921,171 | 681,566 | ||||||
Total investment securities, at value (cost of $394,973,171 and $569,725,392, respectively) | 482,061,488 | 729,796,910 | ||||||
Foreign currency holdings, at value (cost of $22,424 and $—, respectively) | 22,119 | — | ||||||
Receivable for investments sold | 622,142 | 339,673 | ||||||
Receivable for capital shares sold | — | 5,979,564 | ||||||
Dividends and interest receivable | 673,905 | 907,880 | ||||||
Securities lending receivable | 17,877 | 846 | ||||||
483,397,531 | 737,024,873 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 9,921,171 | 681,566 | ||||||
Payable for investments purchased | 975,656 | 6,726,871 | ||||||
Accrued management fees | 127,100 | 81,607 | ||||||
11,023,927 | 7,490,044 | |||||||
Net Assets | $ | 472,373,604 | $ | 729,534,829 | ||||
Shares outstanding (unlimited number of shares authorized) | 7,920,000 | 10,980,000 | ||||||
Net Asset Value Per Share | $ | 59.64 | $ | 66.44 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 382,365,287 | $ | 563,598,245 | ||||
Distributable earnings | 90,008,317 | 165,936,584 | ||||||
$ | 472,373,604 | $ | 729,534,829 |
See Notes to Financial Statements.
217
FEBRUARY 28, 2021 (UNAUDITED) | |||||
Avantis U.S. Small Cap Value ETF | |||||
Assets | |||||
Investment securities, at value (cost of $543,555,850) — including $734,037 of securities on loan | $ | 770,696,065 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $339,881) | 339,881 | ||||
Total investment securities, at value (cost of $543,895,731) | 771,035,946 | ||||
Receivable for investments sold | 859,674 | ||||
Receivable for capital shares sold | 8,132,000 | ||||
Dividends and interest receivable | 816,588 | ||||
Securities lending receivable | 921 | ||||
780,845,129 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 339,881 | ||||
Payable for investments purchased | 8,998,819 | ||||
Accrued management fees | 139,112 | ||||
9,477,812 | |||||
Net Assets | $ | 771,367,317 | |||
Shares outstanding (unlimited number of shares authorized) | 11,420,000 | ||||
Net Asset Value Per Share | $ | 67.55 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 511,314,932 | |||
Distributable earnings | 260,052,385 | ||||
$ | 771,367,317 |
See Notes to Financial Statements.
218
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Avantis Emerging Markets Equity ETF | Avantis International Equity ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $359,591 and $345,471, respectively) | $ | 2,147,889 | $ | 3,553,360 | ||||
Securities lending, net | 69,303 | 82,740 | ||||||
Interest | 126 | 101 | ||||||
2,217,318 | 3,636,201 | |||||||
Expenses: | ||||||||
Management fees | 636,878 | 494,433 | ||||||
Other expenses | 2,830 | 463 | ||||||
639,708 | 494,896�� | |||||||
Net investment income (loss) | 1,577,610 | 3,141,305 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (net of foreign tax expenses paid (refunded) of $3,512 and $—, respectively ) (Note 4) | 721,162 | 584,785 | ||||||
Foreign currency translation transactions | (118,493) | 8,067 | ||||||
602,669 | 592,852 | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments (includes (increase) decrease in accrued foreign taxes of $(1,314,345) and $—, respectively) | 86,433,643 | 64,859,299 | ||||||
Translation of assets and liabilities in foreign currencies | (16,823) | (28,547) | ||||||
86,416,820 | 64,830,752 | |||||||
Net realized and unrealized gain (loss) | 87,019,489 | 65,423,604 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 88,597,099 | $ | 68,564,909 |
See Notes to Financial Statements.
219
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Avantis International Small Cap Value ETF | Avantis U.S. Equity ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $254,773 and $755, respectively) | $ | 3,773,924 | $ | 4,297,810 | ||||
Securities lending, net | 83,898 | 11,789 | ||||||
Interest | 111 | 63 | ||||||
3,857,933 | 4,309,662 | |||||||
Expenses: | ||||||||
Management fees | 632,054 | 407,957 | ||||||
Other expenses | 1,684 | 71 | ||||||
633,738 | 408,028 | |||||||
Net investment income (loss) | 3,224,195 | 3,901,634 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (Note 4) | 4,488,311 | 4,890,333 | ||||||
Foreign currency translation transactions | 72,857 | — | ||||||
4,561,168 | 4,890,333 | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | 71,045,210 | 89,910,526 | ||||||
Translation of assets and liabilities in foreign currencies | (11,848) | — | ||||||
71,033,362 | 89,910,526 | |||||||
Net realized and unrealized gain (loss) | 75,594,530 | 94,800,859 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 78,818,725 | $ | 98,702,493 |
See Notes to Financial Statements.
220
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) | |||||
Avantis U.S. Small Cap Value ETF | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $8,611) | $ | 6,054,163 | |||
Securities lending, net | 83,594 | ||||
Interest | 74 | ||||
6,137,831 | |||||
Expenses: | |||||
Management fees | 627,204 | ||||
Net investment income (loss) | 5,510,627 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on investment transactions (Note 4) | 34,102,565 | ||||
Change in net unrealized appreciation (depreciation) on investments | 180,675,826 | ||||
Net realized and unrealized gain (loss) | 214,778,391 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 220,289,018 |
See Notes to Financial Statements.
221
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2020 | ||||||||||||||
Avantis Emerging Markets Equity ETF | Avantis International Equity ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2021 | August 31, 2020(1) | February 28, 2021 | August 31, 2020(2) | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 1,577,610 | $ | 3,773,523 | $ | 3,141,305 | $ | 4,235,713 | ||||||
Net realized gain (loss) | 602,669 | (1,716,996) | 592,852 | (1,137,603) | ||||||||||
Change in net unrealized appreciation (depreciation) | 86,416,820 | 29,119,192 | 64,830,752 | 46,069,818 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 88,597,099 | 31,175,719 | 68,564,909 | 49,167,928 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (4,487,700) | (1,873,420) | (4,253,130) | (2,697,051) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 245,278,926 | 216,143,439 | 152,009,315 | 294,873,218 | ||||||||||
Payments for shares redeemed | (2,598,710) | — | (2,375,090) | — | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 242,680,216 | 216,143,439 | 149,634,225 | 294,873,218 | ||||||||||
Net increase (decrease) in net assets | 326,789,615 | 245,445,738 | 213,946,004 | 341,344,095 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 245,445,738 | — | 341,344,095 | — | ||||||||||
End of period | $ | 572,235,353 | $ | 245,445,738 | $ | 555,290,099 | $ | 341,344,095 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 4,150,000 | 4,700,000 | 2,750,000 | 6,800,000 | ||||||||||
Redeemed | (50,000) | — | (50,000) | — | ||||||||||
Net increase (decrease) in shares of the funds | 4,100,000 | 4,700,000 | 2,700,000 | 6,800,000 |
(1)September 17, 2019 (fund inception) through August 31, 2020.
(2)September 24, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
222
SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2020 | ||||||||||||||
Avantis International Small Cap Value ETF | Avantis U.S. Equity ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2021 | August 31, 2020(1) | February 28, 2021 | August 31, 2020(1) | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 3,224,195 | $ | 1,786,182 | $ | 3,901,634 | $ | 3,862,339 | ||||||
Net realized gain (loss) | 4,561,168 | (1,179,477) | 4,890,333 | 239,819 | ||||||||||
Change in net unrealized appreciation (depreciation) | 71,033,362 | 16,051,402 | 89,910,526 | 70,160,992 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 78,818,725 | 16,658,107 | 98,702,493 | 74,263,150 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (4,288,278) | (1,180,237) | (3,554,217) | (2,641,471) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 146,321,310 | 259,346,813 | 208,760,343 | 367,410,828 | ||||||||||
Payments for shares redeemed | (23,302,836) | — | (10,472,787) | (2,933,510) | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 123,018,474 | 259,346,813 | 198,287,556 | 364,477,318 | ||||||||||
Net increase (decrease) in net assets | 197,548,921 | 274,824,683 | 293,435,832 | 436,098,997 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 274,824,683 | — | 436,098,997 | — | ||||||||||
End of period | $ | 472,373,604 | $ | 274,824,683 | $ | 729,534,829 | $ | 436,098,997 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 2,640,000 | 5,700,000 | 3,390,000 | 7,830,000 | ||||||||||
Redeemed | (420,000) | — | (180,000) | (60,000) | ||||||||||
Net increase (decrease) in shares of the funds | 2,220,000 | 5,700,000 | 3,210,000 | 7,770,000 |
(1)September 24, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
223
SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2020 | ||||||||
Avantis U.S. Small Cap Value ETF | ||||||||
Increase (Decrease) in Net Assets | February 28, 2021 | August 31, 2020(1) | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 5,510,627 | $ | 2,375,586 | ||||
Net realized gain (loss) | 34,102,565 | (3,749,254) | ||||||
Change in net unrealized appreciation (depreciation) | 180,675,826 | 46,464,389 | ||||||
Net increase (decrease) in net assets resulting from operations | 220,289,018 | 45,090,721 | ||||||
Distributions to Shareholders | ||||||||
From earnings | (3,934,528) | (1,392,826) | ||||||
Capital Share Transactions | ||||||||
Proceeds from shares sold | 288,753,122 | 311,600,590 | ||||||
Payments for shares redeemed | (89,038,780) | — | ||||||
Net increase (decrease) in net assets from capital share transactions | 199,714,342 | 311,600,590 | ||||||
Net increase (decrease) in net assets | 416,068,832 | 355,298,485 | ||||||
Net Assets | ||||||||
Beginning of period | 355,298,485 | — | ||||||
End of period | $ | 771,367,317 | $ | 355,298,485 | ||||
Transactions in Shares of the Funds | ||||||||
Sold | 5,220,000 | 7,900,000 | ||||||
Redeemed | (1,700,000) | — | ||||||
Net increase (decrease) in shares of the funds | 3,520,000 | 7,900,000 |
(1)September 24, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
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Notes to Financial Statements |
FEBRUARY 28, 2021 (UNAUDITED)
1.Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Emerging Markets Equity ETF, Avantis International Equity ETF, Avantis International Small Cap Value ETF, Avantis U.S. Equity ETF and Avantis U.S. Small Cap Value ETF (collectively, the funds) are five funds in a series issued by the trust. Each of the funds’ investment objective is to seek long-term capital appreciation. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis Emerging Markets Equity ETF incepted on September 17, 2019. Avantis International Equity ETF, Avantis International Small Cap Value ETF, Avantis U.S. Equity ETF and Avantis U.S. Small Cap Value ETF incepted on September 24, 2019.
2.Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Open-end management investment companies are valued at the reported NAV per share.
If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
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Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The funds record the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The funds may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly for Avantis U.S. Equity ETF and Avantis U.S. Small Cap Value ETF, and semiannually for Avantis Emerging Markets Equity ETF, Avantis International Equity ETF and Avantis International Small Cap Value ETF. Distributions from net realized gains, if any, are generally declared and paid annually for all funds.
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
226
securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2021.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |||||||||||||
Securities Lending Transactions(1) | |||||||||||||||||
Avantis Emerging Markets Equity ETF | |||||||||||||||||
Common Stocks | $ | 6,313,614 | — | — | — | $ | 6,313,614 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 6,313,614 |
Avantis International Equity ETF
Common Stocks | $ | 16,991,037 | — | — | — | $ | 16,991,037 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 16,991,037 |
Avantis International Small Cap Value ETF
Common Stocks | $ | 9,921,171 | — | — | — | $ | 9,921,171 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 9,921,171 |
Avantis U.S. Equity ETF
Common Stocks | $ | 681,566 | — | — | — | $ | 681,566 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 681,566 |
Avantis U.S. Small Cap Value ETF
Common Stocks | $ | 339,881 | — | — | — | $ | 339,881 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 339,881 |
(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, the percentage of the shares of each fund as follows:
Avantis Emerging Markets Equity ETF | 15 | % | |||
Avantis International Equity ETF | 12 | % | |||
Avantis International Small Cap Value ETF | 5 | % | |||
Avantis U.S. Equity ETF | 22 | % | |||
Avantis U.S. Small Cap Value ETF | 5 | % |
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Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears.
The annual management fee for each fund is as follows:
Annual Management Fee | |||||
Avantis Emerging Markets Equity ETF | 0.33% | ||||
Avantis International Equity ETF | 0.23% | ||||
Avantis International Small Cap Value ETF | 0.36% | ||||
Avantis U.S. Equity ETF | 0.15% | ||||
Avantis U.S. Small Cap Value ETF | 0.25% |
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 28, 2021 were as follows:
Avantis Emerging Markets Equity ETF | Avantis International Equity ETF | Avantis International Small Cap Value ETF | Avantis U.S. Equity ETF | Avantis U.S. Small Cap Value ETF | |||||||||||||
Purchases | $ | 175,172,963 | $ | 93,489,793 | $ | 139,375,286 | $ | 31,011,309 | $ | 136,102,546 | |||||||
Sales | $ | 17,705,174 | $ | 29,186,976 | $ | 77,425,014 | $ | 16,638,154 | $ | 59,010,884 |
Securities received or delivered in-kind through subscriptions and redemptions and in-kind net realized gain (loss) for the period ended February 28, 2021 were as follows:
In-kind Subscriptions | In-kind Redemptions | In-kind Net Realized Gain/(Loss)* | |||||||||
Avantis Emerging Markets Equity ETF | $84,190,840 | $2,557,006 | $1,338,959 | ||||||||
Avantis International Equity ETF | $86,552,080 | $2,278,325 | $1,185,244 | ||||||||
Avantis International Small Cap Value ETF | $81,304,257 | $22,770,859 | $9,206,228 | ||||||||
Avantis U.S. Equity ETF | $194,503,426 | $10,199,214 | $4,636,977 | ||||||||
Avantis U.S. Small Cap Value ETF | $214,745,149 | $88,128,640 | $35,372,763 |
*Net realized gain (loss) on in-kind transactions are not considered taxable for federal income tax purposes.
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 proceeds from shares sold in 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.
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•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Avantis Emerging Markets Equity ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Brazil | $ | 14,006,330 | $ | 14,330,249 | — | ||||||
Chile | 865,047 | 2,846,206 | — | ||||||||
China | 63,891,557 | 144,010,767 | — | ||||||||
Colombia | 415,321 | 705,407 | — | ||||||||
India | 9,251,129 | 54,377,602 | — | ||||||||
Indonesia | 818,629 | 7,862,618 | — | ||||||||
Mexico | 2,517,322 | 7,697,413 | — | ||||||||
Peru | 1,435,411 | — | — | ||||||||
Philippines | 182,174 | 4,313,733 | — | ||||||||
Russia | 417,689 | 12,314,460 | — | ||||||||
South Africa | 3,772,031 | 19,225,902 | — | ||||||||
South Korea | 7,134,170 | 77,590,820 | — | ||||||||
Taiwan | 26,498,070 | 61,866,223 | — | ||||||||
Turkey | 164,555 | 3,075,364 | — | ||||||||
Other Countries | — | 30,959,840 | — | ||||||||
Rights | — | 88,230 | — | ||||||||
Warrants | — | 5,661 | — | ||||||||
Temporary Cash Investments | 472,055 | — | — | ||||||||
Temporary Cash Investments - Securities Lending Collateral | 6,313,614 | — | — | ||||||||
$ | 138,155,104 | $ | 441,270,495 | — |
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Avantis International Equity ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Australia | $ | 3,987,226 | $ | 33,072,716 | — | ||||||
Belgium | 1,023,322 | 4,241,119 | — | ||||||||
Canada | 42,323 | 52,013,425 | — | ||||||||
Denmark | 3,344,798 | 7,987,186 | — | ||||||||
Finland | 274,408 | 5,538,050 | — | ||||||||
France | 6,646,641 | 42,437,988 | — | ||||||||
Germany | 2,193,222 | 41,805,904 | — | ||||||||
Hong Kong | 411,584 | 15,869,490 | — | ||||||||
Israel | 1,237,146 | 3,138,473 | — | ||||||||
Italy | 853,311 | 11,853,746 | — | ||||||||
Japan | 12,724,746 | 114,598,498 | — | ||||||||
Netherlands | 6,722,707 | 12,923,187 | — | ||||||||
Norway | 432,653 | 3,919,508 | — | ||||||||
Spain | 2,824,814 | 9,217,347 | — | ||||||||
Sweden | 911,672 | 19,609,876 | — | ||||||||
Switzerland | 8,307,438 | 35,283,856 | — | ||||||||
United Kingdom | 29,520,154 | 45,280,661 | — | ||||||||
Other Countries | — | 13,453,606 | — | ||||||||
Rights | — | 10,073 | — | ||||||||
Warrants | — | 8,011 | — | ||||||||
Temporary Cash Investments | 195,121 | — | — | ||||||||
Temporary Cash Investments - Securities Lending Collateral | 16,991,037 | — | — | ||||||||
$ | 98,644,323 | $ | 472,262,720 | — |
Avantis International Small Cap Value ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 4,699,391 | $ | 465,414,788 | — | ||||||
Rights | — | 62,271 | — | ||||||||
Temporary Cash Investments | 1,963,867 | — | — | ||||||||
Temporary Cash Investments - Securities Lending Collateral | 9,921,171 | — | |||||||||
$ | 16,584,429 | $ | 465,477,059 | — |
Avantis U.S. Equity ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 728,440,153 | — | — | |||||||
Temporary Cash Investments | 675,191 | — | — | ||||||||
Temporary Cash Investments - Securities Lending Collateral | 681,566 | — | — | ||||||||
$ | 729,796,910 | — | — |
230
Avantis U.S. Small Cap Value ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 770,046,939 | — | — | |||||||
Temporary Cash Investments | 649,126 | — | — | ||||||||
Temporary Cash Investments - Securities Lending Collateral | 339,881 | — | — | ||||||||
$ | 771,035,946 | — | — |
7.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, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
Avantis International Small Cap Value ETF and Avantis U.S. Small Cap Value ETF invest in common stocks of small companies. Because of this, the funds may be subject to greater risk and market fluctuations than funds investing in larger, more established companies.
8.Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Avantis Emerging Markets Equity ETF | Avantis International Equity ETF | Avantis International Small Cap Value ETF | Avantis U.S. Equity ETF | Avantis U.S. Small Cap Value ETF | |||||||||||||
Federal tax cost of investments | $ | 462,593,362 | $ | 460,141,121 | $ | 395,265,220 | $ | 569,739,375 | $ | 543,918,825 | |||||||
Gross tax appreciation of investments | $ | 125,333,770 | $ | 115,050,780 | $ | 92,165,421 | $ | 164,746,308 | $ | 229,993,875 | |||||||
Gross tax depreciation of investments | (8,501,533) | (4,284,858) | (5,369,153) | (4,688,773) | (2,876,754) | ||||||||||||
Net tax appreciation (depreciation) of investments | $ | 116,832,237 | $ | 110,765,922 | $ | 86,796,268 | $ | 160,057,535 | $ | 227,117,121 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of August 31, 2020, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows:
Short-term capital losses | Long-term capital losses | |||||||
Avantis Emerging Markets Equity ETF | $ | (1,549,623) | — | |||||
Avantis International Equity ETF | $ | (1,070,255) | — | |||||
Avantis International Small Cap Value ETF | $ | (1,176,472) | $ | (21,410) | ||||
Avantis U.S. Equity ETF | $ | (600,319) | — | |||||
Avantis U.S. Small Cap Value ETF | $ | (3,762,010) | — |
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Financial Highlights |
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||
Avantis Emerging Markets Equity ETF | |||||||||||||||||||||||||||||||||||
2021(4) | $52.22 | 0.24 | 13.21 | 13.45 | (0.64) | $65.03 | 25.84% | 0.33%(5) | 0.82%(5) | 5% | $572,235 | ||||||||||||||||||||||||
2020(6) | $50.00 | 1.35 | 1.41 | 2.76 | (0.54) | $52.22 | 5.57% | 0.33%(5) | 2.95%(5) | 8% | $245,446 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in-kind.
(4)Six months ended February 28, 2021 (unaudited).
(5)Annualized.
(6)September 17, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||
Avantis International Equity ETF | |||||||||||||||||||||||||||||||||||
2021(4) | $50.20 | 0.40 | 8.39 | 8.79 | (0.54) | $58.45 | 17.55% | 0.23%(5) | 1.46%(5) | 7% | $555,290 | ||||||||||||||||||||||||
2020(6) | $50.00 | 1.12 | (0.37) | 0.75 | (0.55) | $50.20 | 1.52% | 0.23%(5) | 2.57%(5) | 8% | $341,344 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in-kind.
(4)Six months ended February 28, 2021 (unaudited).
(5)Annualized.
(6)September 24, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||
Avantis International Small Cap Value ETF | |||||||||||||||||||||||||||||||||||
2021(4) | $48.21 | 0.49 | 11.60 | 12.09 | (0.66) | $59.64 | 25.13% | 0.36%(5) | 1.83%(5) | 22% | $472,374 | ||||||||||||||||||||||||
2020(6) | $50.00 | 0.93 | (2.22) | (1.29) | (0.50) | $48.21 | (2.58)% | 0.36%(5) | 2.20%(5) | 32% | $274,825 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in-kind.
(4)Six months ended February 28, 2021 (unaudited).
(5)Annualized.
(6)September 24, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||
Avantis U.S. Equity ETF | |||||||||||||||||||||||||||||||||||
2021(4) | $56.13 | 0.43 | 10.29 | 10.72 | (0.41) | $66.44 | 19.22% | 0.15%(5) | 1.43%(5) | 3% | $729,535 | ||||||||||||||||||||||||
2020(6) | $50.00 | 0.82 | 5.84 | 6.66 | (0.53) | $56.13 | 13.50% | 0.15%(5) | 1.76%(5) | 3% | $436,099 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in-kind.
(4)Six months ended February 28, 2021 (unaudited).
(5)Annualized.
(6)September 24, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||
Avantis U.S. Small Cap Value ETF | |||||||||||||||||||||||||||||||||||
2021(4) | $44.97 | 0.60 | 22.42 | 23.02 | (0.44) | $67.55 | 51.50% | 0.25%(5) | 2.19%(5) | 12% | $771,367 | ||||||||||||||||||||||||
2020(6) | $50.00 | 0.72 | (5.30) | (4.58) | (0.45) | $44.97 | (9.09)% | 0.25%(5) | 1.87%(5) | 20% | $355,298 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in-kind.
(4)Six months ended February 28, 2021 (unaudited).
(5)Annualized.
(6)September 24, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
237
Notes |
238
Notes |
239
Notes |
240
Contact Us | avantisinvestors.com | |||||||
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 | |||||||
Telecommunications Relay Service for the Deaf | 711 | |||||||
American Century ETF Trust | ||||||||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||||||||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||||||||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||||||||
©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96955 2104 |
Semiannual Report | |||||
February 28, 2021 | |||||
Avantis® Core Fixed Income ETF (AVIG) | |||||
Avantis® Core Municipal Fixed Income ETF (AVMU) | |||||
Avantis® Short-Term Fixed Income ETF (AVSF) |
Table of Contents |
Chairman’s Letter | |||||
Avantis Core Fixed Income ETF | |||||
Fund Characteristics | |||||
Avantis Core Municipal Fixed Income ETF | |||||
Fund Characteristics | |||||
Avantis Short-Term Fixed Income ETF | |||||
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 | |||||
Approval of Management Agreement | |||||
Additional Information |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Chairman's Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 28, 2021. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.
Yield Rose as Stimulus, Vaccines Sparked Optimism
Early in the reporting period, investors generally remained upbeat despite periodic upswings in virus cases, ongoing lockdowns in certain states and uncertainty surrounding the U.S. political climate. Significant support from the Federal Reserve and the federal government helped maintain investor confidence in the financial markets and strengthen the economic backdrop. Additionally, positive vaccine developments and a late-2020 federal coronavirus aid package also provided support. Furthermore, political clarity emerged following the January U.S. Senate run-off elections in Georgia, which triggered expectations for another federal COVID-19 relief bill in early 2021. The record $1.9 trillion American Rescue Plan Act of 2021 worked its way through Congress in February (and ultimately passed in early March).
Overall, the improving economic backdrop combined with massive monetary and fiscal support drove inflation expectations and U.S. bond yields higher. The yield on the benchmark 10-year U.S. Treasury note ended the reporting period at its highest level in more than one year. Municipal bond (muni) yields generally tracked Treasury yields higher but at a more modest pace.
Rising yields pressured U.S. investment-grade bond and muni returns, which declined. Shorter-maturity bonds generally outperformed longer-maturity bonds, and lower-quality bonds broadly outperformed higher-quality securities for the reporting period.
A Return to Normalcy in Sight
The return to pre-pandemic life appears to be on the horizon thanks to declining COVID-19 cases and expanding vaccine distribution programs. In addition, medical professionals continue to improve treatment protocols for those afflicted with the virus. Nevertheless, until the vaccine is more widely available, investors still may face the effects of virus-related restrictions, economic uncertainty and heightened market volatility. These influences can be unsettling, but they tend to be temporary.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis Core Fixed Income ETF | |||||
Portfolio at a Glance | |||||
Weighted Average Life to Maturity | 7.9 years | ||||
Average Duration (effective) | 6.8 years | ||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 60.8% | ||||
U.S. Treasury Securities | 32.3% | ||||
U.S. Government Agency Mortgage-Backed Securities | 19.7% | ||||
U.S. Government Agency Securities | 1.3% | ||||
Sovereign Governments and Agencies | 0.2% | ||||
Temporary Cash Investments | 2.5% | ||||
Other Assets and Liabilities | (16.8)%* |
*Amount relates primarily to payable for investments purchased, but not settled, at period end.
3
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis Core Municipal Fixed Income ETF | |||||
Portfolio at a Glance | |||||
Weighted Average Life to Maturity | 9.8 years | ||||
Average Duration (modified) | 5.0 years | ||||
Top Five States and Territories | % of net assets | ||||
California | 17.6% | ||||
New York | 13.9% | ||||
Texas | 7.6% | ||||
New Jersey | 4.7% | ||||
Florida | 4.3% | ||||
Top Five Sectors | % of fund investments | ||||
Special Tax | 26% | ||||
General Obligation (GO) - Local | 17% | ||||
General Obligation (GO) - State | 13% | ||||
Public Power | 7% | ||||
Prerefunded | 7% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Municipal Securities | 98.8% | ||||
Temporary Cash Investments | 0.2% | ||||
Other Assets and Liabilities | 1.0% |
4
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis Short-Term Fixed Income ETF | |||||
Portfolio at a Glance | |||||
Weighted Average Life to Maturity | 3.0 years | ||||
Average Duration (effective) | 2.8 years | ||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 53.9% | ||||
U.S. Treasury Securities and Equivalents | 40.2% | ||||
U.S. Government Agency Securities | 4.8% | ||||
Other Assets and Liabilities | 1.1% |
5
Shareholder Fee Examples |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2020 to February 28, 2021 (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.
6
Beginning Account Value 9/1/20 | Ending Account Value 2/28/21 | Expenses Paid During Period(1) 9/1/20 - 2/28/21 | Annualized Expense Ratio(1) | |||||||||||
Avantis Core Fixed Income ETF | ||||||||||||||
Actual | $1,000 | $984.70 | $0.57(2) | 0.15% | ||||||||||
Hypothetical | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
Avantis Core Municipal Fixed Income ETF | ||||||||||||||
Actual | $1,000 | $987.50 | $0.34(3) | 0.15% | ||||||||||
Hypothetical | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
Avantis Short-Term Fixed Income ETF | ||||||||||||||
Actual | $1,000 | $999.80 | $0.57(2) | 0.15% | ||||||||||
Hypothetical | $1,000 | $1,024.05 | $0.75 | 0.15% |
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 139, the number of days in the period from October 13, 2020 (fund inception) through February 28, 2021, 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.
(3)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 83, the number of days in the period from December 8, 2020 (fund inception) through February 28, 2021, 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.
7
Schedules of Investments |
FEBRUARY 28, 2021 (UNAUDITED)
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
CORPORATE BONDS — 60.8% | ||||||||
Aerospace and Defense — 2.6% | ||||||||
General Dynamics Corp., 3.625%, 4/1/30 | $ | 107,000 | $ | 121,868 | ||||
Huntington Ingalls Industries, Inc., 3.48%, 12/1/27 | 50,000 | 55,246 | ||||||
Lockheed Martin Corp., 3.55%, 1/15/26 | 160,000 | 178,347 | ||||||
Northrop Grumman Corp., 3.25%, 1/15/28 | 70,000 | 76,325 | ||||||
Precision Castparts Corp., 3.25%, 6/15/25 | 70,000 | 76,430 | ||||||
Textron, Inc., 4.00%, 3/15/26 | 50,000 | 55,855 | ||||||
Textron, Inc., 2.45%, 3/15/31 | 70,000 | 69,265 | ||||||
633,336 | ||||||||
Airlines — 0.5% | ||||||||
Southwest Airlines Co., 5.125%, 6/15/27 | 52,000 | 60,959 | ||||||
Southwest Airlines Co., 2.625%, 2/10/30 | 61,000 | 60,784 | ||||||
121,743 | ||||||||
Auto Components — 0.4% | ||||||||
BorgWarner, Inc., 2.65%, 7/1/27 | 80,000 | 84,814 | ||||||
Automobiles — 1.4% | ||||||||
American Honda Finance Corp., MTN, 1.00%, 9/10/25 | 100,000 | 99,633 | ||||||
American Honda Finance Corp., MTN, 2.35%, 1/8/27 | 80,000 | 84,762 | ||||||
General Motors Financial Co., Inc., 5.10%, 1/17/24 | 44,000 | 49,035 | ||||||
Toyota Motor Credit Corp., MTN, 3.375%, 4/1/30 | 50,000 | 55,632 | ||||||
Toyota Motor Credit Corp., MTN, 1.65%, 1/10/31 | 63,000 | 61,614 | ||||||
350,676 | ||||||||
Banks — 5.8% | ||||||||
African Development Bank, 0.75%, 4/3/23 | 60,000 | 60,644 | ||||||
Asian Development Bank, MTN, 0.375%, 9/3/25 | 50,000 | 49,147 | ||||||
Asian Development Bank, MTN, 2.375%, 8/10/27 | 40,000 | 43,073 | ||||||
Asian Infrastructure Investment Bank (The), 0.50%, 5/28/25 | 100,000 | 99,507 | ||||||
Bank of Nova Scotia (The), 3.40%, 2/11/24 | 113,000 | 122,364 | ||||||
Council Of Europe Development Bank, 2.50%, 2/27/24 | 20,000 | 21,279 | ||||||
European Investment Bank, 0.625%, 7/25/25 | 70,000 | 69,688 | ||||||
European Investment Bank, 4.875%, 2/15/36 | 20,000 | 27,408 | ||||||
Fifth Third Bancorp, 3.65%, 1/25/24 | 110,000 | 119,348 | ||||||
Inter-American Development Bank, 3.00%, 10/4/23 | 50,000 | 53,469 | ||||||
Inter-American Development Bank, 2.375%, 7/7/27 | 40,000 | 42,971 | ||||||
International Bank for Reconstruction & Development, 1.75%, 4/19/23 | 50,000 | 51,634 | ||||||
International Bank for Reconstruction & Development, 0.75%, 11/24/27 | 100,000 | 97,166 | ||||||
International Bank for Reconstruction & Development, 0.875%, 5/14/30 | 30,000 | 28,445 | ||||||
International Finance Corp., MTN, 2.875%, 7/31/23 | 50,000 | 53,116 | ||||||
Santander Holdings USA, Inc., 3.45%, 6/2/25 | 60,000 | 64,556 | ||||||
Santander Holdings USA, Inc., 4.40%, 7/13/27 | 60,000 | 67,426 | ||||||
Sumitomo Mitsui Financial Group, Inc., 3.94%, 10/16/23 | 50,000 | 54,522 | ||||||
US Bancorp, MTN, 3.95%, 11/17/25 | 160,000 | 181,190 | ||||||
Wells Fargo & Co., MTN, 3.55%, 9/29/25 | 110,000 | 121,471 | ||||||
1,428,424 |
8
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Beverages — 1.8% | ||||||||
Coca-Cola Co. (The), 2.875%, 10/27/25 | $ | 114,000 | $ | 124,286 | ||||
Molson Coors Beverage Co., 3.00%, 7/15/26 | 120,000 | 129,363 | ||||||
PepsiCo, Inc., 3.00%, 10/15/27 | 120,000 | 132,127 | ||||||
PepsiCo, Inc., 1.40%, 2/25/31 | 51,000 | 48,899 | ||||||
434,675 | ||||||||
Biotechnology — 0.3% | ||||||||
AbbVie, Inc., 4.50%, 5/14/35 | 60,000 | 72,352 | ||||||
Capital Markets — 1.6% | ||||||||
BlackRock, Inc., 3.25%, 4/30/29 | 20,000 | 22,438 | ||||||
Brookfield Finance, Inc., 3.90%, 1/25/28 | 110,000 | 124,182 | ||||||
Charles Schwab Corp. (The), 3.20%, 3/2/27 | 50,000 | 55,199 | ||||||
Franklin Resources, Inc., 1.60%, 10/30/30 | 94,000 | 89,846 | ||||||
TD Ameritrade Holding Corp., 2.75%, 10/1/29 | 91,000 | 96,947 | ||||||
388,612 | ||||||||
Chemicals — 3.1% | ||||||||
Air Products and Chemicals, Inc., 1.50%, 10/15/25 | 120,000 | 122,779 | ||||||
DuPont de Nemours, Inc., 2.17%, 5/1/23 | 120,000 | 120,629 | ||||||
EI du Pont de Nemours and Co., 2.30%, 7/15/30 | 50,000 | 51,314 | ||||||
Linde, Inc., 3.20%, 1/30/26 | 80,000 | 88,259 | ||||||
Mosaic Co. (The), 5.45%, 11/15/33 | 100,000 | 124,112 | ||||||
RPM International, Inc., 4.55%, 3/1/29 | 106,000 | 121,910 | ||||||
Westlake Chemical Corp., 3.60%, 8/15/26 | 70,000 | 76,938 | ||||||
Westlake Chemical Corp., 3.375%, 6/15/30 | 50,000 | 53,576 | ||||||
759,517 | ||||||||
Commercial Services and Supplies — 0.3% | ||||||||
Waste Management, Inc., 7.00%, 7/15/28 | 48,000 | 65,089 | ||||||
Construction and Engineering — 0.2% | ||||||||
Quanta Services, Inc., 2.90%, 10/1/30 | 50,000 | 52,268 | ||||||
Consumer Finance — 0.5% | ||||||||
Synchrony Financial, 5.15%, 3/19/29 | 110,000 | 130,778 | ||||||
Diversified Financial Services — 0.2% | ||||||||
Equitable Holdings, Inc., 4.35%, 4/20/28 | 50,000 | 57,140 | ||||||
Diversified Telecommunication Services — 0.5% | ||||||||
AT&T, Inc., 6.15%, 9/15/34 | 46,000 | 60,025 | ||||||
Telefonica Europe BV, 8.25%, 9/15/30 | 40,000 | 58,577 | ||||||
118,602 | ||||||||
Electric Utilities — 4.0% | ||||||||
Berkshire Hathaway Energy Co., 4.05%, 4/15/25(1) | 20,000 | 22,324 | ||||||
DTE Electric Co., 2.625%, 3/1/31 | 110,000 | 116,420 | ||||||
Duke Energy Carolinas LLC, 6.00%, 12/1/28 | 50,000 | 64,327 | ||||||
Duke Energy Ohio, Inc., 2.125%, 6/1/30 | 60,000 | 60,934 | ||||||
Entergy Arkansas LLC, 4.00%, 6/1/28 | 53,000 | 60,630 | ||||||
Entergy Louisiana LLC, 3.05%, 6/1/31 | 55,000 | 59,957 | ||||||
IPALCO Enterprises, Inc., 4.25%, 5/1/30(1) | 94,000 | 106,173 | ||||||
PacifiCorp, 2.70%, 9/15/30 | 90,000 | 95,553 | ||||||
PPL Electric Utilities Corp., 6.25%, 5/15/39 | 30,000 | 42,998 | ||||||
Public Service Electric and Gas Co., MTN, 3.00%, 5/15/27 | 60,000 | 65,635 | ||||||
Puget Energy, Inc., 4.10%, 6/15/30 | 110,000 | 123,071 | ||||||
Union Electric Co., 2.95%, 3/15/30 | 112,000 | 122,001 |
9
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Wisconsin Power and Light Co., 3.00%, 7/1/29 | $ | 40,000 | $ | 43,781 | ||||
983,804 | ||||||||
Electronic Equipment, Instruments and Components — 1.1% | ||||||||
Flex Ltd., 3.75%, 2/1/26 | 50,000 | 54,569 | ||||||
Flex Ltd., 4.875%, 5/12/30 | 40,000 | 46,608 | ||||||
Jabil, Inc., 3.00%, 1/15/31 | 50,000 | 51,171 | ||||||
Trimble, Inc., 4.90%, 6/15/28 | 103,000 | 121,541 | ||||||
273,889 | ||||||||
Energy Equipment and Services — 0.7% | ||||||||
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/27 | 50,000 | 55,249 | ||||||
Schlumberger Investment SA, 2.65%, 6/26/30 | 109,000 | 113,484 | ||||||
168,733 | ||||||||
Entertainment — 0.3% | ||||||||
Walt Disney Co. (The), 2.00%, 9/1/29 | 70,000 | 70,934 | ||||||
Equity Real Estate Investment Trusts (REITs) — 4.5% | ||||||||
American Campus Communities Operating Partnership LP, 3.875%, 1/30/31 | 110,000 | 122,197 | ||||||
American Homes 4 Rent LP, 4.25%, 2/15/28 | 109,000 | 122,548 | ||||||
American Tower Corp., 3.60%, 1/15/28 | 110,000 | 121,706 | ||||||
AvalonBay Communities, Inc., MTN, 3.20%, 1/15/28 | 40,000 | 43,638 | ||||||
Brixmor Operating Partnership LP, 3.65%, 6/15/24 | 113,000 | 122,409 | ||||||
Corporate Office Properties LP, 2.25%, 3/15/26 | 119,000 | 122,173 | ||||||
Highwoods Realty LP, 4.125%, 3/15/28 | 55,000 | 60,849 | ||||||
Highwoods Realty LP, 2.60%, 2/1/31 | 60,000 | 59,507 | ||||||
Kilroy Realty LP, 2.50%, 11/15/32 | 130,000 | 126,341 | ||||||
Realty Income Corp., 3.65%, 1/15/28 | 60,000 | 67,059 | ||||||
Ventas Realty LP, 4.75%, 11/15/30 | 110,000 | 130,404 | ||||||
1,098,831 | ||||||||
Food and Staples Retailing — 1.2% | ||||||||
Sysco Corp., 6.60%, 4/1/40 | 90,000 | 128,398 | ||||||
Walgreens Boots Alliance, Inc., 3.45%, 6/1/26 | 20,000 | 22,030 | ||||||
Walgreens Boots Alliance, Inc., 3.20%, 4/15/30 | 50,000 | 53,794 | ||||||
Walgreens Boots Alliance, Inc., 4.50%, 11/18/34 | 31,000 | 35,861 | ||||||
Walmart, Inc., 3.70%, 6/26/28 | 53,000 | 60,786 | ||||||
300,869 | ||||||||
Food Products — 1.5% | ||||||||
Archer-Daniels-Midland Co., 3.25%, 3/27/30 | 110,000 | 122,333 | ||||||
Bunge Ltd. Finance Corp., 3.25%, 8/15/26 | 120,000 | 129,962 | ||||||
Campbell Soup Co., 4.15%, 3/15/28 | 105,000 | 120,738 | ||||||
373,033 | ||||||||
Gas Utilities — 0.3% | ||||||||
Southern California Gas Co., 2.55%, 2/1/30 | 59,000 | 61,534 | ||||||
Health Care Equipment and Supplies — 0.5% | ||||||||
Edwards Lifesciences Corp., 4.30%, 6/15/28 | 42,000 | 48,231 | ||||||
Zimmer Biomet Holdings, Inc., 3.55%, 3/20/30 | 70,000 | 77,023 | ||||||
125,254 | ||||||||
Health Care Providers and Services — 1.2% | ||||||||
CVS Health Corp., 1.875%, 2/28/31 | 88,000 | 85,129 | ||||||
HCA, Inc., 4.125%, 6/15/29 | 110,000 | 124,298 | ||||||
UnitedHealth Group, Inc., 3.45%, 1/15/27 | 40,000 | 44,811 | ||||||
UnitedHealth Group, Inc., 4.625%, 7/15/35 | 40,000 | 50,592 | ||||||
304,830 |
10
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Household Durables — 0.4% | ||||||||
Whirlpool Corp., 4.00%, 3/1/24 | $ | 89,000 | $ | 97,806 | ||||
Industrial Conglomerates — 0.7% | ||||||||
3M Co., MTN, 5.70%, 3/15/37 | 30,000 | 40,997 | ||||||
Roper Technologies, Inc., 1.40%, 9/15/27 | 120,000 | 118,817 | ||||||
159,814 | ||||||||
Insurance — 1.5% | ||||||||
Brighthouse Financial, Inc., 3.70%, 6/22/27 | 112,000 | 122,183 | ||||||
Chubb INA Holdings, Inc., 1.375%, 9/15/30 | 60,000 | 57,134 | ||||||
MetLife, Inc., 3.60%, 11/13/25 | 160,000 | 178,374 | ||||||
357,691 | ||||||||
Interactive Media and Services — 0.3% | ||||||||
Alphabet, Inc., 0.80%, 8/15/27 | 80,000 | 77,839 | ||||||
Internet and Direct Marketing Retail — 0.2% | ||||||||
Amazon.com, Inc., 5.20%, 12/3/25 | 50,000 | 59,405 | ||||||
IT Services — 1.9% | ||||||||
DXC Technology Co., 4.75%, 4/15/27 | 107,000 | 121,580 | ||||||
International Business Machines Corp., 1.95%, 5/15/30 | 184,000 | 182,436 | ||||||
Visa, Inc., 2.75%, 9/15/27 | 40,000 | 43,561 | ||||||
Visa, Inc., 1.10%, 2/15/31 | 50,000 | 46,916 | ||||||
Western Union Co. (The), 6.20%, 11/17/36 | 49,000 | 61,856 | ||||||
456,349 | ||||||||
Leisure Products — 0.5% | ||||||||
Hasbro, Inc., 3.50%, 9/15/27 | 111,000 | 120,789 | ||||||
Machinery — 2.6% | ||||||||
ABB Finance USA, Inc., 3.80%, 4/3/28 | 106,000 | 122,097 | ||||||
Caterpillar Financial Services Corp., MTN, 3.65%, 12/7/23 | 40,000 | 43,626 | ||||||
Caterpillar Financial Services Corp., MTN, 1.10%, 9/14/27 | 50,000 | 49,189 | ||||||
John Deere Capital Corp., MTN, 3.05%, 1/6/28 | 168,000 | 184,655 | ||||||
Kennametal, Inc., 4.625%, 6/15/28 | 108,000 | 122,829 | ||||||
Oshkosh Corp., 4.60%, 5/15/28 | 106,000 | 122,004 | ||||||
644,400 | ||||||||
Media — 0.8% | ||||||||
Comcast Corp., 4.25%, 10/15/30 | 100,000 | 117,925 | ||||||
ViacomCBS, Inc., 4.95%, 1/15/31 | 70,000 | 84,351 | ||||||
202,276 | ||||||||
Metals and Mining — 0.7% | ||||||||
Kinross Gold Corp., 4.50%, 7/15/27 | 70,000 | 80,089 | ||||||
Steel Dynamics, Inc., 3.25%, 1/15/31 | 90,000 | 96,750 | ||||||
176,839 | ||||||||
Multi-Utilities — 0.3% | ||||||||
San Diego Gas & Electric Co., 1.70%, 10/1/30 | 62,000 | 60,097 | ||||||
Multiline Retail — 0.5% | ||||||||
Dollar Tree, Inc., 4.20%, 5/15/28 | 50,000 | 57,355 | ||||||
Target Corp., 2.65%, 9/15/30 | 70,000 | 74,777 | ||||||
132,132 | ||||||||
Oil, Gas and Consumable Fuels — 5.8% | ||||||||
Burlington Resources LLC, 7.40%, 12/1/31 | 30,000 | 44,124 | ||||||
Canadian Natural Resources Ltd., 2.95%, 7/15/30 | 48,000 | 49,288 | ||||||
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 | 104,000 | 121,535 | ||||||
Chevron Corp., 1.55%, 5/11/25 | 70,000 | 71,794 |
11
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Chevron USA, Inc., 3.85%, 1/15/28 | $ | 43,000 | $ | 49,137 | ||||
Cimarex Energy Co., 3.90%, 5/15/27 | 66,000 | 72,865 | ||||||
Cimarex Energy Co., 4.375%, 3/15/29 | 43,000 | 48,327 | ||||||
Enbridge, Inc., 3.125%, 11/15/29 | 70,000 | 74,826 | ||||||
Enterprise Products Operating LLC, 3.70%, 2/15/26 | 30,000 | 33,305 | ||||||
Equinor ASA, 3.70%, 3/1/24 | 20,000 | 21,900 | ||||||
Exxon Mobil Corp., 2.44%, 8/16/29 | 90,000 | 94,029 | ||||||
Exxon Mobil Corp., 2.61%, 10/15/30 | 60,000 | 62,873 | ||||||
Kinder Morgan, Inc., 5.30%, 12/1/34 | 30,000 | 36,293 | ||||||
Marathon Petroleum Corp., 4.70%, 5/1/25 | 40,000 | 45,530 | ||||||
MPLX LP, 2.65%, 8/15/30 | 49,000 | 48,797 | ||||||
Phillips 66, 3.90%, 3/15/28 | 40,000 | 45,362 | ||||||
Pioneer Natural Resources Co., 1.90%, 8/15/30 | 50,000 | 48,126 | ||||||
Shell International Finance BV, 3.25%, 5/11/25 | 30,000 | 32,720 | ||||||
Shell International Finance BV, 2.50%, 9/12/26 | 110,000 | 117,546 | ||||||
Shell International Finance BV, 4.125%, 5/11/35 | 20,000 | 23,549 | ||||||
Total Capital International SA, 2.43%, 1/10/25 | 47,000 | 49,548 | ||||||
Total Capital International SA, 2.99%, 6/29/41 | 36,000 | 36,343 | ||||||
TransCanada PipeLines Ltd., 4.25%, 5/15/28 | 40,000 | 46,149 | ||||||
Valero Energy Corp., 6.625%, 6/15/37 | 50,000 | 66,077 | ||||||
Valero Energy Partners LP, 4.50%, 3/15/28 | 43,000 | 48,626 | ||||||
Williams Cos., Inc. (The), 4.00%, 9/15/25 | 30,000 | 33,319 | ||||||
1,421,988 | ||||||||
Pharmaceuticals — 3.9% | ||||||||
Bristol-Myers Squibb Co., 3.25%, 2/27/27 | 54,000 | 59,986 | ||||||
Bristol-Myers Squibb Co., 1.45%, 11/13/30 | 76,000 | 73,006 | ||||||
Eli Lilly and Co., 3.375%, 3/15/29 | 65,000 | 72,830 | ||||||
Johnson & Johnson, 0.55%, 9/1/25 | 40,000 | 39,710 | ||||||
Johnson & Johnson, 2.90%, 1/15/28 | 90,000 | 98,990 | ||||||
Merck & Co., Inc., 0.75%, 2/24/26 | 70,000 | 69,685 | ||||||
Mylan, Inc., 4.55%, 4/15/28 | 102,000 | 118,374 | ||||||
Novartis Capital Corp., 3.10%, 5/17/27 | 110,000 | 121,616 | ||||||
Novartis Capital Corp., 2.20%, 8/14/30 | 60,000 | 62,034 | ||||||
Royalty Pharma plc, 2.20%, 9/2/30(1) | 120,000 | 118,266 | ||||||
Sanofi, 3.625%, 6/19/28 | 108,000 | 122,817 | ||||||
957,314 | ||||||||
Semiconductors and Semiconductor Equipment — 1.4% | ||||||||
Broadcom, Inc., 4.11%, 9/15/28 | 110,000 | 122,195 | ||||||
Intel Corp., 4.60%, 3/25/40 | 48,000 | 60,527 | ||||||
NXP BV / NXP Funding LLC, 5.55%, 12/1/28(1) | 40,000 | 48,929 | ||||||
QUALCOMM, Inc., 3.25%, 5/20/27 | 110,000 | 121,996 | ||||||
353,647 | ||||||||
Software — 0.9% | ||||||||
Adobe, Inc., 2.30%, 2/1/30 | 58,000 | 60,040 | ||||||
Microsoft Corp., 2.875%, 2/6/24 | 50,000 | 53,521 | ||||||
VMware, Inc., 4.70%, 5/15/30 | 100,000 | 117,295 | ||||||
230,856 | ||||||||
Specialty Retail — 1.2% | ||||||||
AutoNation, Inc., 3.80%, 11/15/27 | 66,000 | 72,668 | ||||||
AutoNation, Inc., 4.75%, 6/1/30 | 40,000 | 47,215 | ||||||
Home Depot, Inc. (The), 2.80%, 9/14/27 | 110,000 | 119,828 |
12
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
TJX Cos., Inc. (The), 1.15%, 5/15/28 | $ | 50,000 | $ | 48,516 | ||||
288,227 | ||||||||
Technology Hardware, Storage and Peripherals — 1.2% | ||||||||
Apple, Inc., 3.25%, 2/23/26 | 40,000 | 44,025 | ||||||
Apple, Inc., 3.20%, 5/11/27 | 20,000 | 22,133 | ||||||
Apple, Inc., 2.20%, 9/11/29 | 30,000 | 30,966 | ||||||
Hewlett Packard Enterprise Co., 6.20%, 10/15/35 | 94,000 | 122,890 | ||||||
HP, Inc., 3.40%, 6/17/30 | 70,000 | 75,577 | ||||||
295,591 | ||||||||
Trading Companies and Distributors — 0.5% | ||||||||
Air Lease Corp., 3.625%, 12/1/27 | 113,000 | 120,933 | ||||||
Transportation Infrastructure — 0.5% | ||||||||
FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 8/20/35 | 117,765 | 118,595 | ||||||
Wireless Telecommunication Services — 0.5% | ||||||||
T-Mobile USA, Inc., 3.75%, 4/15/27(1) | 110,000 | 121,277 | ||||||
TOTAL CORPORATE BONDS (Cost $15,018,648) | 14,913,602 | |||||||
U.S. TREASURY SECURITIES — 32.3% | ||||||||
U.S. Treasury Bills, 0.08%, 3/11/21(2) | 650,000 | 649,996 | ||||||
U.S. Treasury Bills, 0.09%, 4/22/21(2) | 625,000 | 624,980 | ||||||
U.S. Treasury Bills, 0.03%, 5/20/21(2) | 550,000 | 549,959 | ||||||
U.S. Treasury Bonds, 1.125%, 8/15/40 | 255,000 | 218,264 | ||||||
U.S. Treasury Bonds, 4.75%, 2/15/41 | 84,000 | 123,539 | ||||||
U.S. Treasury Bonds, 2.875%, 8/15/45 | 388,000 | 446,382 | ||||||
U.S. Treasury Bonds, 3.00%, 11/15/45 | 188,000 | 221,069 | ||||||
U.S. Treasury Bonds, 2.50%, 2/15/46 | 135,000 | 145,326 | ||||||
U.S. Treasury Notes, 2.00%, 10/31/21 | 500,000 | 506,440 | ||||||
U.S. Treasury Notes, 1.375%, 10/15/22 | 365,000 | 372,414 | ||||||
U.S. Treasury Notes, 2.875%, 9/30/23 | 791,000 | 845,381 | ||||||
U.S. Treasury Notes, 0.125%, 12/15/23 | 30,000 | 29,898 | ||||||
U.S. Treasury Notes, 1.375%, 1/31/25 | 70,000 | 72,409 | ||||||
U.S. Treasury Notes, 2.75%, 8/31/25 | 926,000 | 1,013,970 | ||||||
U.S. Treasury Notes, 2.625%, 1/31/26 | 50,000 | 54,676 | ||||||
U.S. Treasury Notes, 0.50%, 8/31/27 | 418,000 | 403,860 | ||||||
U.S. Treasury Notes, 0.375%, 9/30/27(3) | 1,009,000 | 965,605 | ||||||
U.S. Treasury Notes, 0.50%, 10/31/27 | 280,000 | 269,817 | ||||||
U.S. Treasury Notes, 0.625%, 8/15/30 | 446,000 | 416,522 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $8,173,715) | 7,930,507 | |||||||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 19.7% | ||||||||
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 19.7% | ||||||||
FNMA, 2.50%, 2/5/24 | 30,000 | 31,933 | ||||||
FNMA, 0.50%, 6/17/25 | 50,000 | 49,828 | ||||||
FNMA, 6.25%, 5/15/29 | 50,000 | 69,051 | ||||||
FNMA, 7.25%, 5/15/30 | 20,000 | 30,040 | ||||||
FNMA, 5.625%, 7/15/37 | 20,000 | 30,329 | ||||||
GNMA, 2.50%, TBA | 250,000 | 259,043 | ||||||
GNMA, 3.00%, TBA | 500,000 | 520,508 | ||||||
GNMA, 3.00%, TBA | 500,000 | 521,035 | ||||||
UMBS, 1.50%, TBA | 500,000 | 505,512 | ||||||
UMBS, 1.50%, TBA | 250,000 | 252,433 |
13
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
UMBS, 1.50%, TBA | $ | 150,000 | $ | 147,381 | ||||
UMBS, 1.50%, TBA | 300,000 | 294,170 | ||||||
UMBS, 2.00%, TBA | 250,000 | 258,371 | ||||||
UMBS, 2.00%, TBA | 150,000 | 151,529 | ||||||
UMBS, 2.00%, TBA | 150,000 | 151,210 | ||||||
UMBS, 2.00%, TBA | 500,000 | 517,387 | ||||||
UMBS, 2.50%, TBA | 500,000 | 518,398 | ||||||
UMBS, 2.50%, TBA | 500,000 | 517,334 | ||||||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $4,885,762) | 4,825,492 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 1.3% | ||||||||
FHLMC, 0.30%, 9/28/23 | 100,000 | 100,065 | ||||||
FHLMC, 1.50%, 2/12/25 | 70,000 | 72,872 | ||||||
FHLMC, 0.375%, 9/23/25 | 30,000 | 29,587 | ||||||
Tennessee Valley Authority, 7.125%, 5/1/30 | 20,000 | 29,790 | ||||||
Tennessee Valley Authority, 5.88%, 4/1/36 | 20,000 | 29,648 | ||||||
Tennessee Valley Authority, Series A, 2.875%, 2/1/27 | 60,000 | 66,650 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $332,052) | 328,612 | |||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2% | ||||||||
Canada — 0.2% | ||||||||
Export Development Canada, 2.625%, 2/21/24 (Cost $53,424) | 50,000 | 53,365 | ||||||
TEMPORARY CASH INVESTMENTS — 2.5% | ||||||||
Societe Generale SA, 0.25%, 3/1/21(1)(2) (Cost $625,000) | 625,000 | 624,996 | ||||||
TOTAL INVESTMENT SECURITIES — 116.8% (Cost $29,088,601) | 28,676,574 | |||||||
OTHER ASSETS AND LIABILITIES(4) — (16.8)% | (4,129,618) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 24,546,956 |
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 Investment Grade Index Series 35 | Sell | 1.00% | 12/20/25 | $ | 750,000 | $ | 18,067 | $ | (891) | $ | 17,176 |
‡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.
14
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CDX | - | Credit Derivatives Indexes | ||||||
FHLMC | - | Federal Home Loan Mortgage Corporation | ||||||
FNMA | - | Federal National Mortgage Association | ||||||
GNMA | - | Government National Mortgage Association | ||||||
MTN | - | Medium Term Note | ||||||
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 |
(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 $1,041,965, which represented 4.2% of total net assets.
(2)The rate indicated is the yield to maturity at purchase.
(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments and/or swap agreements. At the period end, the aggregate value of securities pledged was $34,481.
(4)Amount relates primarily to payable for investments purchased, but not settled, at period end.
See Notes to Financial Statements.
15
FEBRUARY 28, 2021 (UNAUDITED)
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
MUNICIPAL SECURITIES — 98.8% | ||||||||
Alabama — 2.8% | ||||||||
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/24 | $ | 100,000 | $ | 115,845 | ||||
Alabama Public School and College Authority Rev., 5.00%, 11/1/37 | 200,000 | 260,458 | ||||||
Alabama Public School and College Authority Rev., 4.00%, 11/1/40 | 200,000 | 238,310 | ||||||
614,613 | ||||||||
Arizona — 1.7% | ||||||||
Arizona Transportation Board Rev., 5.00%, 7/1/24 | 50,000 | 57,587 | ||||||
Phoenix GO, 5.00%, 7/1/25 | 85,000 | 101,051 | ||||||
Pima County Sewer System Rev., 5.00%, 7/1/24 | 25,000 | 28,793 | ||||||
Pima County Sewer System Rev., 5.00%, 7/1/25 | 35,000 | 41,609 | ||||||
State of Arizona COP, 5.00%, 10/1/25 | 125,000 | 149,792 | ||||||
378,832 | ||||||||
California — 17.6% | ||||||||
California State Public Works Board Rev., 5.00%, 11/1/29 | 25,000 | 27,961 | ||||||
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/25 | 40,000 | 47,314 | ||||||
California State University Rev., 5.00%, 11/1/26 | 25,000 | 30,126 | ||||||
California State University Rev., 5.00%, 11/1/36 | 200,000 | 238,654 | ||||||
Chino Basin Regional Financing Authority Rev., (Inland Empire Utilities Agency), 4.00%, 11/1/25 | 25,000 | 28,754 | ||||||
Coast Community College District GO, 5.00%, 8/1/25, Prerefunded at 100% of Par(1) | 75,000 | 89,880 | ||||||
Coast Community College District GO, Capital Appreciation, 0.00%, 8/1/27 (AGM)(2) | 50,000 | 46,530 | ||||||
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/30 | 135,000 | 159,872 | ||||||
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/33 | 30,000 | 37,302 | ||||||
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/35 | 30,000 | 37,116 | ||||||
Los Angeles Community College District GO, 5.00%, 8/1/23 | 25,000 | 27,843 | ||||||
Los Angeles Community College District GO, 5.00%, 8/1/24, Prerefunded at 100% of Par(1) | 150,000 | 173,815 | ||||||
Los Angeles Community College District GO, 5.00%, 8/1/24, Prerefunded at 100% of Par(1) | 90,000 | 104,289 | ||||||
Los Angeles County Metropolitan Transportation Authority Rev., 5.00%, 7/1/37 | 60,000 | 73,669 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/39 | 200,000 | 253,386 | ||||||
Los Angeles Department of Airports Rev., 4.00%, 5/15/40 | 75,000 | 88,168 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/24 | 25,000 | 28,793 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/24 | 45,000 | 48,900 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/25 | 25,000 | 29,757 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/27 | 50,000 | 57,497 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/34 | 50,000 | 57,981 | ||||||
Los Angeles Unified School District GO, 3.00%, 7/1/35 | 45,000 | 49,419 | ||||||
Los Angeles Unified School District GO, 3.00%, 7/1/45 | 150,000 | 157,193 | ||||||
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/24 | 80,000 | 92,826 | ||||||
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/31 | 60,000 | 73,123 |
16
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/26 (AGM) | $ | 120,000 | $ | 142,526 | ||||
Perris Union High School District GO, 4.00%, 9/1/43 (AGM) | 50,000 | 58,084 | ||||||
Riverside County Public Financing Authority Rev., (Riverside County), 4.125%, 11/1/40 | 10,000 | 10,863 | ||||||
Sacramento City Financing Authority Rev., (Sacramento), 5.25%, 12/1/30 (Ambac) | 100,000 | 129,924 | ||||||
Sacramento Municipal Utility District Rev., 5.00%, 8/15/23 | 25,000 | 27,886 | ||||||
Sacramento Municipal Utility District Rev., 5.00%, 8/15/39 | 50,000 | 63,680 | ||||||
San Diego Community College District GO, 5.00%, 8/1/28 | 30,000 | 36,938 | ||||||
San Diego Community College District GO, 5.00%, 8/1/29 | 30,000 | 36,831 | ||||||
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility Rev.), 5.00%, 5/15/29 | 35,000 | 42,615 | ||||||
San Diego Unified School District GO, 5.00%, 7/1/26 | 75,000 | 89,518 | ||||||
San Diego Unified School District GO, 5.25%, 7/1/28 (AGM) | 35,000 | 45,851 | ||||||
San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/30(2) | 40,000 | 34,621 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/35 | 5,000 | 6,296 | ||||||
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/24 | 25,000 | 29,137 | ||||||
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/34 | 25,000 | 30,483 | ||||||
San Jose Financing Authority Rev., (San Jose), 5.00%, 6/1/23, Prerefunded at 100% of Par(1) | 45,000 | 49,744 | ||||||
State of California GO, 5.00%, 9/1/26 | 30,000 | 36,934 | ||||||
State of California GO, 5.00%, 8/1/28 | 5,000 | 6,280 | ||||||
State of California GO, 5.00%, 4/1/30 | 5,000 | 6,591 | ||||||
State of California GO, 5.25%, 8/1/32 (AGM) | 230,000 | 318,308 | ||||||
State of California GO, 4.00%, 9/1/33 | 60,000 | 69,227 | ||||||
State of California GO, 3.00%, 10/1/35 | 250,000 | 275,812 | ||||||
State of California GO, 4.00%, 3/1/36 | 90,000 | 106,936 | ||||||
State of California Department of Water Resources Rev., 5.00%, 6/1/23, Prerefunded at 100% of Par(1) | 25,000 | 27,695 | ||||||
State of California Department of Water Resources Rev., 5.00%, 12/1/24, Prerefunded at 100% of Par(1) | 145,000 | 170,137 | ||||||
3,913,085 | ||||||||
Colorado — 3.4% | ||||||||
City & County of Denver GO, 5.00%, 8/1/30 | 325,000 | 435,324 | ||||||
City & County of Denver Airport System Rev., 5.00%, 11/15/23 | 50,000 | 56,259 | ||||||
City & County of Denver Airport System Rev., 5.00%, 11/15/24 | 30,000 | 34,962 | ||||||
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/24 (NATL)(2) | 55,000 | 53,411 | ||||||
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/30 (NATL)(2) | 80,000 | 66,817 | ||||||
Regional Transportation District Sales Tax Rev., 5.00%, 11/1/28 | 30,000 | 38,873 | ||||||
Regional Transportation District Sales Tax Rev., 5.00%, 11/1/31 | 15,000 | 16,128 | ||||||
State of Colorado COP, 4.00%, 12/15/37 | 40,000 | 47,568 | ||||||
749,342 | ||||||||
Connecticut — 2.3% | ||||||||
Connecticut State Health & Educational Facilities Authority Rev., (Quinnipiac University), 4.125%, 7/1/41 | 75,000 | 80,968 | ||||||
State of Connecticut GO, 5.00%, 10/15/22 | 25,000 | 26,944 | ||||||
State of Connecticut GO, 5.00%, 5/15/24 | 30,000 | 34,282 |
17
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
State of Connecticut GO, 5.00%, 4/15/25 | $ | 25,000 | $ | 29,405 | ||||
State of Connecticut GO, 5.00%, 1/15/26 | 35,000 | 42,076 | ||||||
State of Connecticut GO, 5.00%, 11/15/31 | 30,000 | 35,470 | ||||||
State of Connecticut Special Tax Rev., 5.00%, 8/1/31 | 25,000 | 29,347 | ||||||
State of Connecticut Special Tax Rev., 5.00%, 5/1/37 | 75,000 | 94,471 | ||||||
State of Connecticut Special Tax Rev., 3.125%, 5/1/40 | 75,000 | 80,030 | ||||||
University of Connecticut Rev., 4.00%, 4/15/38 | 50,000 | 56,399 | ||||||
509,392 | ||||||||
District of Columbia — 3.9% | ||||||||
District of Columbia GO, 5.00%, 6/1/28 | 35,000 | 38,572 | ||||||
District of Columbia GO, 5.00%, 10/15/30 | 100,000 | 130,091 | ||||||
District of Columbia GO, 5.00%, 6/1/31 | 40,000 | 45,654 | ||||||
District of Columbia GO, 5.00%, 6/1/33 | 60,000 | 68,294 | ||||||
District of Columbia Rev., (District of Columbia Income Tax Rev.), 4.00%, 3/1/37 | 360,000 | 426,107 | ||||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/33 | 25,000 | 29,564 | ||||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/34 | 100,000 | 117,909 | ||||||
856,191 | ||||||||
Florida — 4.3% | ||||||||
Broward County Airport System Rev., 5.00%, 10/1/22, Prerefunded at 100% of Par(1) | 50,000 | 53,835 | ||||||
Central Florida Expressway Authority Rev., 4.00%, 7/1/37 | 30,000 | 33,736 | ||||||
Hillsborough County School Board COP, 5.00%, 7/1/22, Prerefunded at 100% of Par(1) | 30,000 | 31,942 | ||||||
Hillsborough County School Board COP, 5.00%, 7/1/26 | 105,000 | 124,036 | ||||||
Miami-Dade County GO, 4.00%, 7/1/33 | 50,000 | 55,041 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/23, Prerefunded at 100% of Par(1) | 80,000 | 89,790 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/23 | 10,000 | 11,194 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/24 | 50,000 | 58,011 | ||||||
Miami-Dade County Water & Sewer System Rev., 3.125%, 10/1/39 | 25,000 | 26,822 | ||||||
Orange County Convention Center/Orlando Rev., 5.00%, 10/1/24 | 80,000 | 92,478 | ||||||
Orange County School Board COP, 5.00%, 8/1/34 | 90,000 | 108,158 | ||||||
Palm Beach County School District COP, 5.00%, 8/1/29 | 55,000 | 69,975 | ||||||
School Board of Miami-Dade County COP, 5.00%, 2/1/25 | 60,000 | 69,907 | ||||||
School District of Broward County COP, 5.00%, 7/1/22 | 25,000 | 26,590 | ||||||
State of Florida Department of Transportation Turnpike System Rev., 2.875%, 7/1/25 | 40,000 | 41,243 | ||||||
Tampa Bay Water Rev., 5.50%, 10/1/24 (NATL) | 55,000 | 64,830 | ||||||
957,588 | ||||||||
Georgia — 4.0% | ||||||||
Atlanta Water & Wastewater Rev., 5.75%, 11/1/30 (AGM) | 10,000 | 14,088 | ||||||
Atlanta Water & Wastewater Rev., 5.00%, 11/1/40 | 15,000 | 17,375 | ||||||
DeKalb County Water & Sewerage Rev., 5.25%, 10/1/32 (AGM) | 75,000 | 92,925 | ||||||
Metropolitan Atlanta Rapid Transit Authority Rev., 5.00%, 7/1/33 | 80,000 | 96,389 | ||||||
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/37 | 35,000 | 38,229 | ||||||
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/39 | 260,000 | 282,742 | ||||||
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/38 | 250,000 | 297,747 | ||||||
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/39 | 50,000 | 59,385 | ||||||
898,880 | ||||||||
Hawaii — 1.2% | ||||||||
City & County Honolulu Wastewater System Rev., 3.00%, 7/1/41 | 90,000 | 94,025 |
18
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
City & County of Honolulu GO, 5.00%, 3/1/25 | $ | 45,000 | $ | 53,014 | ||||
City & County of Honolulu GO, 5.00%, 9/1/30 | 100,000 | 127,455 | ||||||
274,494 | ||||||||
Illinois — 2.5% | ||||||||
Chicago O'Hare International Airport Rev., 5.25%, 1/1/29 | 5,000 | 5,413 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/30 | 20,000 | 23,176 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/32 | 5,000 | 5,776 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/32 | 25,000 | 29,281 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/35 | 90,000 | 106,492 | ||||||
Cook County Sales Tax Rev., 4.00%, 11/15/40 | 105,000 | 122,126 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 25,000 | 32,667 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/41 | 75,000 | 89,221 | ||||||
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/25 | 100,000 | 119,680 | ||||||
State of Illinois GO, 5.50%, 5/1/39 | 15,000 | 18,226 | ||||||
552,058 | ||||||||
Indiana — 0.1% | ||||||||
Lake Central Multi-District School Building Corp. Rev., (Lake Central School Corp.), 5.00%, 1/15/23, Prerefunded at 100% of Par(1) | 30,000 | 32,656 | ||||||
Kentucky — 0.3% | ||||||||
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 5.00%, 11/1/25 | 50,000 | 59,162 | ||||||
Louisiana — 0.6% | ||||||||
East Baton Rouge Sewerage Commission Rev., 5.00%, 2/1/25, Prerefunded at 100% of Par(1) | 35,000 | 41,111 | ||||||
State of Louisiana GO, 5.00%, 8/1/27 | 75,000 | 91,681 | ||||||
132,792 | ||||||||
Maryland — 1.8% | ||||||||
Montgomery County GO, 5.00%, 11/1/23 | 50,000 | 56,262 | ||||||
Montgomery County GO, 5.00%, 11/1/24 | 35,000 | 40,847 | ||||||
State of Maryland GO, 5.00%, 3/15/23 | 45,000 | 49,367 | ||||||
State of Maryland GO, 5.00%, 8/1/23, Prerefunded at 100% of Par(1) | 50,000 | 55,725 | ||||||
State of Maryland GO, 5.00%, 3/15/25 | 25,000 | 29,546 | ||||||
State of Maryland GO, 5.00%, 3/15/29 | 25,000 | 32,797 | ||||||
State of Maryland GO, 5.00%, 3/15/31 | 25,000 | 30,807 | ||||||
State of Maryland GO, 5.00%, 8/1/35 | 35,000 | 46,101 | ||||||
State of Maryland Department of Transportation Rev., 5.00%, 11/1/23 | 55,000 | 61,857 | ||||||
403,309 | ||||||||
Massachusetts — 3.9% | ||||||||
Massachusetts GO, 5.25%, 8/1/22 | 5,000 | 5,362 | ||||||
Massachusetts GO, 5.50%, 8/1/30 (Ambac) | 150,000 | 204,931 | ||||||
Massachusetts GO, 3.00%, 7/1/35 | 100,000 | 110,634 | ||||||
Massachusetts GO, 5.00%, 11/1/45 | 75,000 | 95,151 | ||||||
Massachusetts GO, 5.00%, 11/1/50 | 75,000 | 94,637 | ||||||
Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), 5.00%, 10/15/29 | 10,000 | 13,282 | ||||||
Massachusetts School Building Authority Rev., 5.00%, 11/15/33 | 25,000 | 30,343 | ||||||
Massachusetts School Building Authority Rev., 5.00%, 8/15/37 | 60,000 | 70,252 | ||||||
Massachusetts Transportation Fund Rev., 5.00%, 6/1/25 | 150,000 | 178,261 | ||||||
Massachusetts Water Resources Authority Rev., 5.00%, 8/1/23 | 60,000 | 66,808 | ||||||
869,661 |
19
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Michigan — 0.4% | ||||||||
Michigan Finance Authority Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.00%, 7/1/26 (AGM) | $ | 25,000 | $ | 28,668 | ||||
Michigan State Building Authority Rev., 5.00%, 4/15/30 | 30,000 | 35,722 | ||||||
State of Michigan Rev., 5.00%, 3/15/22 | 25,000 | 26,217 | ||||||
90,607 | ||||||||
Minnesota — 0.9% | ||||||||
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/27 | 30,000 | 36,959 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/31 | 35,000 | 42,035 | ||||||
State of Minnesota GO, 5.00%, 8/1/23 | 105,000 | 117,049 | ||||||
196,043 | ||||||||
Missouri — 0.4% | ||||||||
Missouri Highway & Transportation Commission Rev., 5.00%, 5/1/24 | 50,000 | 57,229 | ||||||
St. Louis Airport Rev., 5.50%, 7/1/28 (NATL) | 25,000 | 32,249 | ||||||
89,478 | ||||||||
Nevada — 1.9% | ||||||||
Clark County Passenger Facility Charge Rev., 5.00%, 7/1/22 | 120,000 | 127,699 | ||||||
Clark County Passenger Facility Charge Rev., 5.00%, 7/1/33 | 15,000 | 18,884 | ||||||
Clark County School District GO, 5.00%, 6/15/27 | 25,000 | 29,682 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/25 | 50,000 | 60,359 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/26 | 45,000 | 54,989 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/27 | 50,000 | 60,868 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/31 | 55,000 | 67,646 | ||||||
420,127 | ||||||||
New Jersey — 4.7% | ||||||||
Garden State Preservation Trust Rev., 5.25%, 11/1/21 (AGM) | 35,000 | 36,174 | ||||||
Garden State Preservation Trust Rev., 5.75%, 11/1/28 (AGM) | 25,000 | 30,965 | ||||||
Garden State Preservation Trust Rev., Capital Appreciation, 0.00%, 11/1/28 (AGM)(2) | 5,000 | 4,370 | ||||||
Hudson County Improvement Authority Rev., (Hudson County), 4.00%, 10/1/46 | 100,000 | 114,978 | ||||||
Hudson County Improvement Authority Rev., (Hudson County), 4.00%, 10/1/51 | 150,000 | 171,489 | ||||||
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/25 | 30,000 | 34,015 | ||||||
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/27 | 25,000 | 28,727 | ||||||
New Jersey Economic Development Authority Rev., (Rutgers The State University of New Jersey), 5.00%, 6/15/23, Prerefunded at 100% of Par(1) | 100,000 | 110,748 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.25%, 6/15/26 | 35,000 | 39,255 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.50%, 6/15/29 | 20,000 | 24,165 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/36 | 20,000 | 22,421 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.00%, 6/15/37 | 25,000 | 27,255 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 4.00%, 6/15/27 | 20,000 | 20,701 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 | 5,000 | 5,968 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/27 | 35,000 | 42,902 |
20
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/27 | $ | 25,000 | $ | 30,644 | ||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/30 | 25,000 | 29,138 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/31 | 15,000 | 18,497 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/31 | 10,000 | 12,332 | ||||||
New Jersey Turnpike Authority Rev., 4.00%, 1/1/34 | 25,000 | 28,697 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/34 | 25,000 | 30,149 | ||||||
New Jersey Turnpike Authority Rev., 4.00%, 1/1/35 | 20,000 | 22,904 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/35 | 10,000 | 12,180 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/36 | 10,000 | 12,145 | ||||||
New Jersey Turnpike Authority Rev., 3.25%, 1/1/38 | 30,000 | 31,837 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/40 | 15,000 | 18,054 | ||||||
State of New Jersey GO, 5.00%, 6/1/28 | 50,000 | 62,384 | ||||||
State of New Jersey GO, 4.00%, 6/1/34 | 20,000 | 22,036 | ||||||
1,045,130 | ||||||||
New York — 13.9% | ||||||||
Dutchess County Local Development Corp. Rev., (Vassar College), 5.00%, 7/1/42 | 20,000 | 23,522 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/24 | 30,000 | 33,895 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/28 | 25,000 | 30,604 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/32 | 20,000 | 24,026 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/37 | 160,000 | 189,266 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/44 (AGM) | 25,000 | 30,111 | ||||||
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.00%, 11/15/24 | 35,000 | 37,713 | ||||||
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/33 | 25,000 | 31,047 | ||||||
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/35 | 25,000 | 30,168 | ||||||
New York City GO, 5.00%, 8/1/22, Prerefunded at 100% of Par(1) | 25,000 | 26,723 | ||||||
New York City GO, 5.00%, 8/1/25 | 165,000 | 189,862 | ||||||
New York City GO, 5.00%, 8/1/26 | 25,000 | 30,544 | ||||||
New York City GO, 5.00%, 8/1/27 | 50,000 | 55,481 | ||||||
New York City GO, 5.00%, 8/1/27 | 100,000 | 125,181 | ||||||
New York City GO, 5.00%, 8/1/28 | 110,000 | 119,577 | ||||||
New York City GO, 5.00%, 12/1/38 | 30,000 | 36,542 | ||||||
New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 4.00%, 3/1/45 (AGM) | 100,000 | 113,813 | ||||||
New York Convention Center Development Corp. Rev., 5.00%, 11/15/40 | 75,000 | 84,581 | ||||||
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/39 | 10,000 | 11,970 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/24 | 100,000 | 113,566 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/30 | 35,000 | 41,057 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/38 | 65,000 | 74,908 | ||||||
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/23 | 5,000 | 5,510 | ||||||
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/23, Prerefunded at 100% of Par(1) | 50,000 | 55,553 | ||||||
New York State Dormitory Authority Rev., (Trustees of Columbia University in the New York City), 5.00%, 10/1/38 | 10,000 | 12,414 |
21
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
New York State Thruway Authority Rev., 5.00%, 1/1/23 | $ | 40,000 | $ | 43,376 | ||||
New York State Thruway Authority Rev., 5.00%, 1/1/26 | 40,000 | 45,057 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/29 | 100,000 | 116,003 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/23 | 40,000 | 43,839 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/25 | 30,000 | 34,140 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/26 | 55,000 | 66,788 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31 | 25,000 | 30,987 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31 | 110,000 | 124,645 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 25,000 | 32,665 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/34 | 60,000 | 67,891 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/35 | 25,000 | 31,894 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/36 | 50,000 | 62,046 | ||||||
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/29 | 10,000 | 12,712 | ||||||
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/33 | 15,000 | 19,494 | ||||||
Port Authority of New York & New Jersey Rev., 4.00%, 7/15/37 | 100,000 | 116,843 | ||||||
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24 | 100,000 | 116,488 | ||||||
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/31 | 10,000 | 11,543 | ||||||
Sales Tax Asset Receivable Corp. Rev., 4.00%, 10/15/32 | 55,000 | 61,126 | ||||||
Suffolk County Water Authority Rev., 3.25%, 6/1/43 | 15,000 | 15,915 | ||||||
Triborough Bridge & Tunnel Authority Rev., 4.00%, 11/15/21 | 45,000 | 46,226 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.50%, 11/15/21 (NATL) | 45,000 | 46,680 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/25 | 20,000 | 24,037 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 6/15/25 | 25,000 | 27,677 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/25 | 35,000 | 39,507 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/26 | 50,000 | 58,411 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 6/15/27 | 40,000 | 47,466 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 6/15/28 | 25,000 | 30,495 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/30 | 55,000 | 61,983 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/31 | 50,000 | 56,319 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/36 | 50,000 | 59,519 | ||||||
3,079,406 | ||||||||
North Carolina — 1.0% | ||||||||
State of North Carolina GO, 5.00%, 6/1/29 | 60,000 | 79,201 | ||||||
State of North Carolina Rev., 5.00%, 3/1/33 | 45,000 | 57,021 | ||||||
Wake County GO, 5.00%, 3/1/24 | 85,000 | 96,869 | ||||||
233,091 | ||||||||
Ohio — 1.2% | ||||||||
American Municipal Power, Inc. Rev., 5.00%, 2/15/33 | 70,000 | 90,129 | ||||||
Cincinnati City School District GO, 5.25%, 12/1/29 (NATL) | 15,000 | 20,060 | ||||||
Cincinnati City School District GO, 5.25%, 12/1/30 (NATL) | 30,000 | 40,940 | ||||||
Cincinnati City School District GO, 5.25%, 12/1/31 (NATL) | 5,000 | 6,937 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 6/1/23 | 15,000 | 16,599 | ||||||
Rickenbacker Port Authority Rev., 5.375%, 1/1/32 | 5,000 | 6,374 | ||||||
State of Ohio GO, 5.00%, 8/1/24 | 30,000 | 34,686 |
22
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
State of Ohio Rev., 5.00%, 12/15/23 | $ | 55,000 | $ | 62,098 | ||||
277,823 | ||||||||
Oklahoma — 0.6% | ||||||||
Oklahoma Turnpike Authority Rev., 5.00%, 1/1/30 | 100,000 | 132,035 | ||||||
Oregon — 1.7% | ||||||||
Multnomah County School District No. 1 Portland GO, 5.00%, 6/15/24 (SCH BD GTY) | 25,000 | 28,766 | ||||||
Oregon State Lottery Rev., 5.00%, 4/1/27 (MORAL OBLG) | 175,000 | 205,891 | ||||||
State of Oregon Department of Transportation Rev., 5.00%, 11/15/23 | 30,000 | 33,790 | ||||||
State of Oregon Department of Transportation Rev., 5.00%, 11/15/24, Prerefunded at 100% of Par(1) | 65,000 | 76,031 | ||||||
Washington & Multnomah Counties School District No. 48J Beaverton GO, 5.00%, 6/15/24, Prerefunded at 100% of Par (SCH BD GTY)(1) | 35,000 | 40,300 | ||||||
384,778 | ||||||||
Pennsylvania — 2.5% | ||||||||
Allegheny County GO, 5.00%, 12/1/22, Prerefunded at 100% of Par(1) | 55,000 | 59,643 | ||||||
Commonwealth Financing Authority Rev., (Pennsylvania Department of Community & Economic Development), 5.00%, 6/1/22, Prerefunded at 100% of Par(1) | 40,000 | 42,427 | ||||||
Delaware Valley Regional Finance Authority Rev., 5.50%, 8/1/28 (Ambac) | 25,000 | 32,247 | ||||||
Delaware Valley Regional Finance Authority Rev., 5.75%, 7/1/32 | 25,000 | 35,300 | ||||||
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 5.00%, 9/1/33 | 55,000 | 68,669 | ||||||
Pennsylvania GO, 5.00%, 4/1/23, Prerefunded at 100% of Par(1) | 25,000 | 27,479 | ||||||
Pennsylvania GO, 4.00%, 7/1/23 | 25,000 | 27,158 | ||||||
Pennsylvania GO, 5.00%, 1/1/24 | 25,000 | 28,236 | ||||||
Pennsylvania GO, 5.00%, 1/1/28 | 5,000 | 6,174 | ||||||
Pennsylvania GO, 3.00%, 5/1/38 | 25,000 | 26,997 | ||||||
Pennsylvania State Public School Building Authority Rev., 5.00%, 6/1/29 (AGM) | 30,000 | 37,942 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/23 | 30,000 | 33,839 | ||||||
Philadelphia Gas Works Co Rev., 5.00%, 8/1/50 (AGM) | 100,000 | 123,357 | ||||||
549,468 | ||||||||
Rhode Island — 0.1% | ||||||||
Rhode Island Commerce Corp. Rev., 5.00%, 6/15/23 | 25,000 | 27,611 | ||||||
South Carolina — 1.8% | ||||||||
Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/23, Prerefunded at 100% of Par(1) | 30,000 | 33,855 | ||||||
South Carolina Public Service Authority Rev., 5.00%, 12/1/26 | 50,000 | 57,864 | ||||||
South Carolina Public Service Authority Rev., 5.00%, 12/1/30 | 45,000 | 51,600 | ||||||
South Carolina Public Service Authority Rev., 5.00%, 12/1/30 | 40,000 | 48,064 | ||||||
South Carolina Public Service Authority Rev., 5.00%, 12/1/36 | 40,000 | 41,181 | ||||||
South Carolina Public Service Authority Rev., 3.00%, 12/1/41 | 50,000 | 52,286 | ||||||
South Carolina Public Service Authority Rev., 4.00%, 12/1/42 | 60,000 | 69,175 | ||||||
South Carolina Transportation Infrastructure Bank Rev., 5.00%, 10/1/21 | 40,000 | 41,070 | ||||||
395,095 | ||||||||
Tennessee — 0.4% | ||||||||
Memphis GO, 5.00%, 5/1/23 | 25,000 | 27,537 |
23
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 1/1/26 | $ | 50,000 | $ | 60,516 | ||||
88,053 | ||||||||
Texas — 7.6% | ||||||||
Austin GO, 2.95%, 9/1/27 | 25,000 | 27,328 | ||||||
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/22 | 10,000 | 10,707 | ||||||
Board of Regents of the University of Texas System Rev., 5.375%, 8/15/23 | 50,000 | 56,216 | ||||||
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/24 | 35,000 | 40,470 | ||||||
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/24 | 30,000 | 34,689 | ||||||
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/26 | 25,000 | 30,740 | ||||||
Cypress-Fairbanks Independent School District GO, 5.00%, 2/15/24 (PSF-GTD) | 80,000 | 90,942 | ||||||
Dallas GO, 5.00%, 2/15/23 | 60,000 | 65,499 | ||||||
Dallas GO, 5.00%, 2/15/27 | 30,000 | 33,848 | ||||||
Dallas Area Rapid Transit Rev., 5.00%, 12/1/29 | 35,000 | 46,114 | ||||||
Dallas Independent School District GO, 5.00%, 8/15/24 (PSF-GTD) | 35,000 | 40,535 | ||||||
Dallas Independent School District GO, 5.00%, 8/15/28 (PSF-GTD) | 40,000 | 46,028 | ||||||
Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/27 | 80,000 | 95,330 | ||||||
Harris County Flood Control District Rev., 5.00%, 10/1/26 | 25,000 | 29,093 | ||||||
Houston GO, 5.00%, 3/1/24 | 75,000 | 85,376 | ||||||
Houston GO, 5.00%, 3/1/28 | 35,000 | 44,560 | ||||||
Houston Independent School District GO, 5.00%, 2/15/24 (PSF-GTD) | 50,000 | 56,854 | ||||||
Houston Independent School District GO, 5.00%, 2/15/27 (PSF-GTD) | 55,000 | 66,369 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/23 | 35,000 | 37,940 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/38 | 30,000 | 33,861 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/30 (AGC)(2) | 100,000 | 86,336 | ||||||
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/26 | 75,000 | 90,806 | ||||||
State of Texas GO, 4.00%, 4/1/24, Prerefunded at 100% of Par(1) | 100,000 | 111,141 | ||||||
State of Texas GO, 5.00%, 4/1/24, Prerefunded at 100% of Par(1) | 60,000 | 68,521 | ||||||
State of Texas GO, 5.00%, 10/1/28 | 40,000 | 47,954 | ||||||
State of Texas GO, 5.00%, 10/1/33 | 100,000 | 124,163 | ||||||
Texas Transportation Commission State Highway Fund Rev., 5.00%, 4/1/24 | 5,000 | 5,706 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/29 | 45,000 | 54,059 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/40 | 75,000 | 88,930 | ||||||
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/28 | 25,000 | 31,384 | ||||||
1,681,499 | ||||||||
Utah — 2.0% | ||||||||
State of Utah GO, 5.00%, 7/1/28 | 125,000 | 161,539 | ||||||
State of Utah GO, 5.00%, 7/1/29 | 40,000 | 52,140 | ||||||
Utah Transit Authority Rev., 5.00%, 6/15/25, Prerefunded at 100% of Par(1) | 30,000 | 35,675 | ||||||
Utah Transit Authority Rev., 5.00%, 6/15/25 | 110,000 | 130,069 |
24
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Utah Transit Authority Rev., 5.25%, 6/15/32 (AGM) | $ | 40,000 | $ | 54,486 | ||||
433,909 | ||||||||
Virginia — 3.1% | ||||||||
Hampton Roads Transportation Accountability Commission Rev., 5.00%, 7/1/22 | 25,000 | 26,570 | ||||||
Richmond Public Utility Rev., 5.00%, 1/15/28 | 25,000 | 30,121 | ||||||
Virginia College Building Authority Rev., 5.00%, 2/1/30 | 50,000 | 62,752 | ||||||
Virginia College Building Authority Rev., 5.00%, 2/1/31 | 70,000 | 85,306 | ||||||
Virginia College Building Authority Rev., 4.00%, 2/1/33 | 40,000 | 44,374 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/24 | 50,000 | 57,308 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 3/15/25 | 25,000 | 29,469 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/26 | 50,000 | 61,713 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/27 | 60,000 | 75,965 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/32 | 10,000 | 12,439 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/33 | 50,000 | 61,975 | ||||||
Virginia Public Building Authority Rev., 5.00%, 8/1/27 | 100,000 | 126,389 | ||||||
Virginia Small Business Financing Authority Rev., (Hampton University), 4.00%, 10/1/38 | 20,000 | 21,688 | ||||||
696,069 | ||||||||
Washington — 4.2% | ||||||||
Central Puget Sound Regional Transit Authority Rev., 5.00%, 11/1/32 | 50,000 | 59,464 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/22 | 75,000 | 79,843 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/23 | 35,000 | 38,825 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/25 | 25,000 | 29,768 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/27 | 65,000 | 81,851 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/27 | 25,000 | 28,677 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/28 | 20,000 | 25,057 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/31 | 15,000 | 17,126 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/32 | 50,000 | 58,831 | ||||||
State of Washington GO, 4.00%, 7/1/26 | 50,000 | 55,534 | ||||||
State of Washington GO, 5.00%, 8/1/28 | 50,000 | 61,087 | ||||||
State of Washington GO, 5.00%, 8/1/31 | 25,000 | 31,042 | ||||||
State of Washington GO, 5.00%, 8/1/32 | 255,000 | 316,514 | ||||||
State of Washington Rev., 5.00%, 9/1/23 | 35,000 | 39,034 | ||||||
922,653 | ||||||||
TOTAL MUNICIPAL SECURITIES (Cost $22,273,104) | 21,944,930 | |||||||
TEMPORARY CASH INVESTMENTS — 0.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $47,031) | 47,031 | 47,031 | ||||||
TOTAL INVESTMENT SECURITIES — 99.0% (Cost $22,320,135) | 21,991,961 | |||||||
OTHER ASSETS AND LIABILITIES — 1.0% | 213,717 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 22,205,678 |
25
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
AGC | - | Assured Guaranty Corporation | ||||||
AGM | - | Assured Guaranty Municipal Corporation | ||||||
COP | - | Certificates of Participation | ||||||
GO | - | General Obligation | ||||||
MORAL OBLG | - | Moral Obligation Bond | ||||||
NATL | - | National Public Finance Guarantee Corporation | ||||||
PSF-GTD | - | Permanent School Fund Guaranteed | ||||||
SCH BD GTY | - | School Bond Guaranty |
(1)Escrowed to maturity in U.S. government securities or state and local government securities.
(2)Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
See Notes to Financial Statements.
26
FEBRUARY 28, 2021 (UNAUDITED)
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
CORPORATE BONDS — 53.9% | ||||||||
Aerospace and Defense — 0.6% | ||||||||
General Dynamics Corp., 3.50%, 5/15/25 | $ | 56,000 | $ | 61,553 | ||||
Huntington Ingalls Industries, Inc., 3.84%, 5/1/25 | 48,000 | 52,953 | ||||||
114,506 | ||||||||
Automobiles — 0.5% | ||||||||
American Honda Finance Corp., MTN, 1.00%, 9/10/25 | 104,000 | 103,619 | ||||||
Banks — 13.9% | ||||||||
African Development Bank, 3.00%, 9/20/23 | 56,000 | 59,817 | ||||||
African Development Bank, MTN, 1.625%, 9/16/22 | 56,000 | 57,245 | ||||||
Asian Development Bank, MTN, 1.75%, 9/13/22 | 56,000 | 57,335 | ||||||
Asian Development Bank, MTN, 0.25%, 10/6/23 | 64,000 | 63,938 | ||||||
Asian Development Bank, MTN, 0.375%, 9/3/25 | 224,000 | 220,178 | ||||||
Asian Infrastructure Investment Bank (The), 0.25%, 9/29/23 | 184,000 | 183,445 | ||||||
Bank of America Corp., MTN, 3.875%, 8/1/25 | 88,000 | 98,500 | ||||||
Bank of Montreal, MTN, 1.85%, 5/1/25 | 96,000 | 99,233 | ||||||
Bank of Nova Scotia (The), 1.30%, 6/11/25 | 144,000 | 145,212 | ||||||
Canadian Imperial Bank of Commerce, 2.25%, 1/28/25 | 96,000 | 100,418 | ||||||
Citigroup, Inc., 3.30%, 4/27/25 | 88,000 | 96,439 | ||||||
Council Of Europe Development Bank, 0.25%, 6/10/23 | 24,000 | 23,995 | ||||||
Council Of Europe Development Bank, 1.375%, 2/27/25 | 64,000 | 66,075 | ||||||
European Bank for Reconstruction & Development, MTN, 0.25%, 7/10/23 | 40,000 | 39,946 | ||||||
European Investment Bank, 2.00%, 12/15/22 | 56,000 | 57,835 | ||||||
European Investment Bank, 1.375%, 5/15/23 | 40,000 | 41,037 | ||||||
European Investment Bank, MTN, 2.875%, 8/15/23 | 96,000 | 102,135 | ||||||
European Investment Bank, MTN, 3.125%, 12/14/23 | 16,000 | 17,256 | ||||||
Huntington Bancshares, Inc., 4.00%, 5/15/25 | 44,000 | 49,346 | ||||||
Inter-American Development Bank, 3.00%, 10/4/23 | 56,000 | 59,885 | ||||||
Inter-American Development Bank, 0.25%, 11/15/23 | 32,000 | 31,930 | ||||||
Inter-American Development Bank, 2.125%, 1/15/25 | 104,000 | 110,238 | ||||||
Inter-American Development Bank, 0.625%, 7/15/25 | 104,000 | 103,485 | ||||||
International Bank for Reconstruction & Development, 0.375%, 7/28/25 | 32,000 | 31,502 | ||||||
International Bank for Reconstruction & Development, 0.50%, 10/28/25 | 184,000 | 181,781 | ||||||
International Finance Corp., MTN, 2.875%, 7/31/23 | 152,000 | 161,474 | ||||||
JPMorgan Chase & Co., 3.90%, 7/15/25 | 88,000 | 98,069 | ||||||
Regions Financial Corp., 2.25%, 5/18/25 | 96,000 | 100,624 | ||||||
Royal Bank of Canada, MTN, 2.55%, 7/16/24 | 56,000 | 59,660 | ||||||
Santander Holdings USA, Inc., 4.50%, 7/17/25 | 88,000 | 98,386 | ||||||
Wells Fargo & Co., MTN, 3.55%, 9/29/25 | 48,000 | 53,006 | ||||||
Westpac Banking Corp., 3.65%, 5/15/23 | 108,000 | 115,840 | ||||||
2,785,265 | ||||||||
Biotechnology — 0.2% | ||||||||
AbbVie, Inc., 2.90%, 11/6/22 | 38,000 | 39,593 | ||||||
Capital Markets — 3.4% | ||||||||
Bank of New York Mellon Corp. (The), MTN, 3.50%, 4/28/23 | 136,000 | 145,361 | ||||||
Brookfield Finance, Inc., 4.00%, 4/1/24 | 88,000 | 96,322 | ||||||
Charles Schwab Corp. (The), 3.85%, 5/21/25 | 88,000 | 98,361 | ||||||
CME Group, Inc., 3.00%, 9/15/22 | 96,000 | 99,966 |
27
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Goldman Sachs Group, Inc. (The), 3.75%, 5/22/25 | $ | 88,000 | $ | 97,253 | ||||
Janus Capital Group, Inc., 4.875%, 8/1/25 | 40,000 | 45,688 | ||||||
Lazard Group LLC, 3.75%, 2/13/25 | 88,000 | 96,085 | ||||||
679,036 | ||||||||
Chemicals — 0.8% | ||||||||
DuPont de Nemours, Inc., 2.17%, 5/1/23 | 64,000 | 64,336 | ||||||
EI du Pont de Nemours and Co., 1.70%, 7/15/25 | 56,000 | 57,454 | ||||||
Mosaic Co. (The), 4.25%, 11/15/23 | 40,000 | 43,538 | ||||||
165,328 | ||||||||
Consumer Finance — 1.5% | ||||||||
Capital One Financial Corp., 4.25%, 4/30/25 | 88,000 | 98,715 | ||||||
Discover Financial Services, 4.50%, 1/30/26 | 87,000 | 99,178 | ||||||
Synchrony Financial, 4.50%, 7/23/25 | 88,000 | 98,328 | ||||||
296,221 | ||||||||
Containers and Packaging — 0.1% | ||||||||
Packaging Corp. of America, 3.65%, 9/15/24 | 17,000 | 18,604 | ||||||
Electric Utilities — 0.7% | ||||||||
Berkshire Hathaway Energy Co., 4.05%, 4/15/25(1) | 48,000 | 53,578 | ||||||
Duke Energy Progress LLC, 3.25%, 8/15/25 | 32,000 | 35,007 | ||||||
PPL Capital Funding, Inc., 3.50%, 12/1/22 | 47,000 | 49,144 | ||||||
137,729 | ||||||||
Electronic Equipment, Instruments and Components — 0.6% | ||||||||
Flex Ltd., 3.75%, 2/1/26 | 63,000 | 68,757 | ||||||
Keysight Technologies, Inc., 4.55%, 10/30/24 | 48,000 | 54,082 | ||||||
122,839 | ||||||||
Entertainment — 0.3% | ||||||||
TWDC Enterprises 18 Corp., MTN, 3.15%, 9/17/25 | 48,000 | 52,575 | ||||||
Equity Real Estate Investment Trusts (REITs) — 4.6% | ||||||||
Alexandria Real Estate Equities, Inc., 3.45%, 4/30/25 | 88,000 | 96,447 | ||||||
Boston Properties LP, 3.20%, 1/15/25 | 88,000 | 94,697 | ||||||
Brixmor Operating Partnership LP, 3.25%, 9/15/23 | 84,000 | 89,031 | ||||||
CC Holdings GS V LLC / Crown Castle GS III Corp., 3.85%, 4/15/23 | 48,000 | 51,303 | ||||||
CubeSmart LP, 4.375%, 12/15/23 | 88,000 | 96,101 | ||||||
Digital Realty Trust LP, 4.75%, 10/1/25 | 88,000 | 101,159 | ||||||
Kimco Realty Corp., 3.30%, 2/1/25 | 88,000 | 95,257 | ||||||
Simon Property Group LP, 3.50%, 9/1/25 | 88,000 | 95,962 | ||||||
Welltower, Inc., 3.95%, 9/1/23 | 96,000 | 103,862 | ||||||
WP Carey, Inc., 4.00%, 2/1/25 | 88,000 | 96,714 | ||||||
920,533 | ||||||||
Food and Staples Retailing — 0.7% | ||||||||
Costco Wholesale Corp., 2.75%, 5/18/24 | 56,000 | 59,991 | ||||||
Walgreens Boots Alliance, Inc., 3.80%, 11/18/24 | 32,000 | 35,231 | ||||||
Walmart, Inc., 3.40%, 6/26/23 | 48,000 | 51,331 | ||||||
146,553 | ||||||||
Food Products — 0.7% | ||||||||
Bunge Ltd. Finance Corp., 4.35%, 3/15/24 | 36,000 | 39,707 | ||||||
Bunge Ltd. Finance Corp., 1.63%, 8/17/25 | 39,000 | 39,484 | ||||||
Hershey Co. (The), 2.05%, 11/15/24 | 48,000 | 50,557 | ||||||
129,748 | ||||||||
Health Care Providers and Services — 2.0% | ||||||||
Cardinal Health, Inc., 3.50%, 11/15/24 | 92,000 | 100,058 |
28
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Cigna Corp., 3.05%, 11/30/22 | $ | 38,000 | $ | 39,700 | ||||
CommonSpirit Health, 2.76%, 10/1/24 | 48,000 | 51,154 | ||||||
HCA, Inc., 5.00%, 3/15/24 | 88,000 | 98,597 | ||||||
Humana, Inc., 4.50%, 4/1/25 | 88,000 | 99,615 | ||||||
389,124 | ||||||||
Hotels, Restaurants and Leisure — 0.2% | ||||||||
Starbucks Corp., 3.80%, 8/15/25 | 43,000 | 48,030 | ||||||
Household Products — 0.3% | ||||||||
Colgate-Palmolive Co., MTN, 3.25%, 3/15/24 | 27,000 | 29,341 | ||||||
Procter & Gamble Co. (The), 3.10%, 8/15/23 | 37,000 | 39,692 | ||||||
69,033 | ||||||||
Insurance — 3.3% | ||||||||
Aflac, Inc., 3.625%, 6/15/23 | 65,000 | 69,876 | ||||||
American International Group, Inc., 3.75%, 7/10/25 | 88,000 | 97,221 | ||||||
Loews Corp., 2.625%, 5/15/23 | 96,000 | 100,158 | ||||||
MetLife, Inc., 4.37%, 9/15/23 | 127,000 | 139,700 | ||||||
Principal Financial Group, Inc., 3.40%, 5/15/25 | 88,000 | 96,091 | ||||||
Prudential Financial, Inc., MTN, 3.50%, 5/15/24 | 56,000 | 61,402 | ||||||
Unum Group, 4.50%, 3/15/25 | 88,000 | 98,724 | ||||||
663,172 | ||||||||
Internet and Direct Marketing Retail — 0.2% | ||||||||
Booking Holdings, Inc., 4.10%, 4/13/25 | 40,000 | 44,602 | ||||||
IT Services — 0.5% | ||||||||
Western Union Co. (The), 2.85%, 1/10/25 | 96,000 | 101,782 | ||||||
Machinery — 1.4% | ||||||||
Caterpillar Financial Services Corp., MTN, 3.30%, 6/9/24 | 15,000 | 16,314 | ||||||
Caterpillar Financial Services Corp., MTN, 1.45%, 5/15/25 | 48,000 | 48,975 | ||||||
Cummins, Inc., 3.65%, 10/1/23 | 56,000 | 60,367 | ||||||
Illinois Tool Works, Inc., 3.50%, 3/1/24 | 56,000 | 60,819 | ||||||
John Deere Capital Corp., MTN, 3.45%, 1/10/24 | 92,000 | 100,157 | ||||||
286,632 | ||||||||
Media — 0.5% | ||||||||
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22 | 32,000 | 36,997 | ||||||
Comcast Corp., 3.375%, 8/15/25 | 56,000 | 61,492 | ||||||
98,489 | ||||||||
Metals and Mining — 1.2% | ||||||||
BHP Billiton Finance USA Ltd., 3.85%, 9/30/23 | 45,000 | 49,062 | ||||||
Kinross Gold Corp., 5.95%, 3/15/24 | 56,000 | 63,584 | ||||||
Rio Tinto Finance USA Ltd., 3.75%, 6/15/25 | 64,000 | 71,099 | ||||||
Steel Dynamics, Inc., 2.40%, 6/15/25 | 56,000 | 58,832 | ||||||
242,577 | ||||||||
Multi-Utilities — 0.2% | ||||||||
Dominion Energy, Inc., 2.75%, 9/15/22 | 48,000 | 49,503 | ||||||
Multiline Retail — 0.5% | ||||||||
Dollar Tree, Inc., 4.00%, 5/15/25 | 88,000 | 97,941 | ||||||
Oil, Gas and Consumable Fuels — 6.2% | ||||||||
Canadian Natural Resources Ltd., 2.05%, 7/15/25 | 48,000 | 49,187 | ||||||
Chevron Corp., 1.14%, 5/11/23 | 144,000 | 146,594 | ||||||
Enbridge, Inc., 2.50%, 1/15/25 | 96,000 | 100,675 | ||||||
Enterprise Products Operating LLC, 3.35%, 3/15/23 | 96,000 | 100,796 | ||||||
EOG Resources, Inc., 2.625%, 3/15/23 | 96,000 | 100,051 |
29
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Equinor ASA, 2.45%, 1/17/23 | $ | 16,000 | $ | 16,638 | ||||
Equinor ASA, 3.70%, 3/1/24 | 16,000 | 17,520 | ||||||
Equinor ASA, 2.875%, 4/6/25 | 96,000 | 103,106 | ||||||
Exxon Mobil Corp., 2.71%, 3/6/25 | 96,000 | 102,174 | ||||||
Phillips 66 Partners LP, 2.45%, 12/15/24 | 48,000 | 50,365 | ||||||
Shell International Finance BV, 3.25%, 5/11/25 | 88,000 | 95,979 | ||||||
Total Capital Canada Ltd., 2.75%, 7/15/23 | 96,000 | 101,517 | ||||||
TransCanada PipeLines Ltd., 2.50%, 8/1/22 | 96,000 | 98,861 | ||||||
Valero Energy Corp., 2.85%, 4/15/25 | 48,000 | 50,680 | ||||||
Williams Cos., Inc. (The), 4.00%, 9/15/25 | 88,000 | 97,735 | ||||||
1,231,878 | ||||||||
Personal Products — 0.3% | ||||||||
Estee Lauder Cos., Inc. (The), 2.00%, 12/1/24 | 48,000 | 50,500 | ||||||
Pharmaceuticals — 1.6% | ||||||||
Bristol-Myers Squibb Co., 3.55%, 8/15/22 | 96,000 | 100,540 | ||||||
GlaxoSmithKline Capital, Inc., 3.625%, 5/15/25 | 24,000 | 26,653 | ||||||
Novartis Capital Corp., 1.75%, 2/14/25 | 38,000 | 39,315 | ||||||
Novartis Capital Corp., 3.00%, 11/20/25 | 36,000 | 39,189 | ||||||
Royalty Pharma plc, 1.20%, 9/2/25(1) | 104,000 | 103,591 | ||||||
309,288 | ||||||||
Road and Rail — 0.4% | ||||||||
Ryder System, Inc., MTN, 2.50%, 9/1/24 | 48,000 | 50,771 | ||||||
Ryder System, Inc., MTN, 3.35%, 9/1/25 | 24,000 | 26,209 | ||||||
76,980 | ||||||||
Semiconductors and Semiconductor Equipment — 1.9% | ||||||||
Broadcom, Inc., 4.70%, 4/15/25 | 88,000 | 99,386 | ||||||
Microchip Technology, Inc., 4.33%, 6/1/23 | 64,000 | 69,155 | ||||||
Micron Technology, Inc., 4.64%, 2/6/24 | 48,000 | 53,030 | ||||||
NXP BV / NXP Funding LLC, 4.875%, 3/1/24(1) | 56,000 | 62,507 | ||||||
QUALCOMM, Inc., 3.00%, 5/20/22 | 96,000 | 99,284 | ||||||
383,362 | ||||||||
Software — 1.9% | ||||||||
Intuit, Inc., 0.95%, 7/15/25 | 56,000 | 56,178 | ||||||
Microsoft Corp., 2.875%, 2/6/24 | 112,000 | 119,887 | ||||||
Oracle Corp., 2.40%, 9/15/23 | 40,000 | 41,972 | ||||||
Oracle Corp., 2.95%, 5/15/25 | 56,000 | 60,270 | ||||||
VMware, Inc., 4.50%, 5/15/25 | 88,000 | 99,055 | ||||||
377,362 | ||||||||
Specialty Retail — 1.0% | ||||||||
Home Depot, Inc. (The), 3.75%, 2/15/24 | 88,000 | 95,845 | ||||||
Ross Stores, Inc., 4.60%, 4/15/25 | 88,000 | 100,001 | ||||||
195,846 | ||||||||
Technology Hardware, Storage and Peripherals — 1.2% | ||||||||
Apple, Inc., 0.75%, 5/11/23 | 136,000 | 137,292 | ||||||
Apple, Inc., 3.00%, 2/9/24 | 47,000 | 50,345 | ||||||
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 | 48,000 | 55,364 | ||||||
243,001 | ||||||||
Trading Companies and Distributors — 0.5% | ||||||||
Air Lease Corp., MTN, 2.875%, 1/15/26 | 95,000 | 98,918 | ||||||
TOTAL CORPORATE BONDS (Cost $10,789,933) | 10,770,169 |
30
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
U.S. TREASURY SECURITIES AND EQUIVALENTS — 40.2% | ||||||||
Israel Government AID Bond, 5.50%, 9/18/23 | $ | 32,000 | $ | 36,244 | ||||
U.S. Treasury Bonds, 8.00%, 11/15/21 | 357,600 | 377,770 | ||||||
U.S. Treasury Notes, 1.50%, 11/30/21 | 392,000 | 396,241 | ||||||
U.S. Treasury Notes, 2.125%, 12/31/21 | 388,000 | 394,656 | ||||||
U.S. Treasury Notes, 1.875%, 2/28/22 | 195,200 | 198,681 | ||||||
U.S. Treasury Notes, 0.125%, 7/31/22 | 500,000 | 500,098 | ||||||
U.S. Treasury Notes, 1.625%, 8/15/22 | 485,600 | 496,279 | ||||||
U.S. Treasury Notes, 1.875%, 8/31/22 | 483,200 | 495,941 | ||||||
U.S. Treasury Notes, 1.875%, 9/30/22 | 483,200 | 496,696 | ||||||
U.S. Treasury Notes, 1.375%, 10/15/22 | 484,800 | 494,647 | ||||||
U.S. Treasury Notes, 1.625%, 11/15/22 | 964,000 | 988,778 | ||||||
U.S. Treasury Notes, 0.125%, 10/15/23 | 1,000,000 | 997,656 | ||||||
U.S. Treasury Notes, 2.75%, 11/15/23 | 184,000 | 196,549 | ||||||
U.S. Treasury Notes, 2.375%, 2/29/24 | 120,000 | 127,523 | ||||||
U.S. Treasury Notes, 2.00%, 5/31/24 | 224,000 | 236,119 | ||||||
U.S. Treasury Notes, 2.75%, 8/31/25 | 356,800 | 390,696 | ||||||
U.S. Treasury Notes, 3.00%, 9/30/25 | 353,600 | 391,501 | ||||||
U.S. Treasury Notes, 0.25%, 10/31/25 | 204,000 | 200,207 | ||||||
U.S. Treasury Notes, 0.375%, 11/30/25 | 180,000 | 177,490 | ||||||
U.S. Treasury Notes, 0.375%, 1/31/26 | 430,000 | 423,080 | ||||||
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS (Cost $8,037,262) | 8,016,852 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 4.8% | ||||||||
FHLB, 2.75%, 12/13/24 | 120,000 | 130,396 | ||||||
FHLB, 0.375%, 9/4/25 | 160,000 | 158,370 | ||||||
FHLMC, 0.125%, 7/25/22 | 24,000 | 24,014 | ||||||
FHLMC, 0.125%, 10/16/23 | 104,000 | 103,692 | ||||||
FHLMC, 0.25%, 11/6/23 | 104,000 | 103,969 | ||||||
FHLMC, 1.50%, 2/12/25 | 104,000 | 108,267 | ||||||
FHLMC, 0.375%, 9/23/25 | 60,000 | 59,175 | ||||||
FNMA, 2.375%, 1/19/23 | 16,000 | 16,679 | ||||||
FNMA, 0.25%, 7/10/23 | 152,000 | 152,236 | ||||||
FNMA, 0.50%, 11/7/25 | 104,000 | 103,020 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $962,701) | 959,818 | |||||||
TOTAL INVESTMENT SECURITIES — 98.9% (Cost $19,789,896) | 19,746,839 | |||||||
OTHER ASSETS AND LIABILITIES — 1.1% | 225,201 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 19,972,040 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
AID | - | Agency for International Development | ||||||
Equivalent | - | Security whose payments are secured by the U.S. Treasury | ||||||
FHLB | - | Federal Home Loan Bank | ||||||
FHLMC | - | Federal Home Loan Mortgage Corporation | ||||||
FNMA | - | Federal National Mortgage Association | ||||||
MTN | - | Medium Term Note |
(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 $219,676, which represented 1.1% of total net assets.
See Notes to Financial Statements.
31
Statements of Assets and Liabilities |
FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Avantis Core Fixed Income ETF | Avantis Core Municipal Fixed Income ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $29,088,601 and $22,320,135, respectively) | $ | 28,676,574 | $ | 21,991,961 | ||||
Cash | 93,715 | — | ||||||
Receivable for investments sold | 592,717 | — | ||||||
Receivable for variation margin on swap agreements | 55 | — | ||||||
Interest receivable | 167,358 | 216,310 | ||||||
29,530,419 | 22,208,271 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 4,980,610 | — | ||||||
Accrued management fees | 2,853 | 2,593 | ||||||
4,983,463 | 2,593 | |||||||
Net Assets | $ | 24,546,956 | $ | 22,205,678 | ||||
Shares outstanding (unlimited number of shares authorized) | 500,000 | 450,000 | ||||||
Net Asset Value Per Share | $ | 49.09 | $ | 49.35 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 25,000,000 | $ | 22,517,225 | ||||
Distributable earnings | (453,044) | (311,547) | ||||||
$ | 24,546,956 | $ | 22,205,678 |
See Notes to Financial Statements.
32
FEBRUARY 28, 2021 (UNAUDITED) | |||||
Avantis Short-Term Fixed Income ETF | |||||
Assets | |||||
Investment securities, at value (cost of $19,789,896) | $ | 19,746,839 | |||
Cash | 95,310 | ||||
Interest receivable | 132,196 | ||||
19,974,345 | |||||
Liabilities | |||||
Accrued management fees | 2,305 | ||||
Net Assets | $ | 19,972,040 | |||
Shares outstanding (unlimited number of shares authorized) | 400,000 | ||||
Net Asset Value Per Share | $ | 49.93 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 20,000,000 | |||
Distributable earnings | (27,960) | ||||
$ | 19,972,040 |
See Notes to Financial Statements.
33
Statements of Operations |
FOR THE PERIOD ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Avantis Core Fixed Income ETF(1) | Avantis Core Municipal Fixed Income ETF(2) | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Interest | $ | 109,549 | $ | 37,772 | ||||
Expenses: | ||||||||
Management fees | 14,141 | 7,244 | ||||||
Net investment income (loss) | 95,408 | 30,528 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (61,826) | (1,031) | ||||||
Swap agreement transactions | (1,108) | — | ||||||
(62,934) | (1,031) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | (412,027) | (328,174) | ||||||
Swap agreements | (891) | — | ||||||
(412,918) | (328,174) | |||||||
Net realized and unrealized gain (loss) | (475,852) | (329,205) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (380,444) | $ | (298,677) |
(1)October 13, 2020 (fund inception) through February 28, 2021.
(2)December 8, 2020 (fund inception) through February 28, 2021.
See Notes to Financial Statements.
34
FOR THE PERIOD ENDED FEBRUARY 28, 2021 (UNAUDITED) | |||||
Avantis Short-Term Fixed Income ETF(1) | |||||
Investment Income (Loss) | |||||
Income: | |||||
Interest | $ | 44,395 | |||
Expenses: | |||||
Management fees | 11,344 | ||||
Net investment income (loss) | 33,051 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on investment transactions | 6,446 | ||||
Change in net unrealized appreciation (depreciation) on investments | (43,057) | ||||
Net realized and unrealized gain (loss) | (36,611) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (3,560) |
(1)October 13, 2020 (fund inception) through February 28, 2021.
See Notes to Financial Statements.
35
Statements of Changes in Net Assets |
PERIOD ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||||||||
Avantis Core Fixed Income ETF(1) | Avantis Core Municipal Fixed Income ETF(2) | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 95,408 | $ | 30,528 | ||||||||||
Net realized gain (loss) | (62,934) | (1,031) | ||||||||||||
Change in net unrealized appreciation (depreciation) | (412,918) | (328,174) | ||||||||||||
Net increase (decrease) in net assets resulting from operations | (380,444) | (298,677) | ||||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (72,600) | (12,870) | ||||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 25,000,000 | 22,517,225 | ||||||||||||
Net increase (decrease) in net assets | 24,546,956 | 22,205,678 | ||||||||||||
Net Assets | ||||||||||||||
End of period | $ | 24,546,956 | $ | 22,205,678 | ||||||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 500,000 | 450,000 |
(1)October 13, 2020 (fund inception) through February 28, 2021.
(2)December 8, 2020 (fund inception) through February 28, 2021.
See Notes to Financial Statements.
36
PERIOD ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Avantis Short-Term Fixed Income ETF(1) | ||||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net investment income (loss) | $ | 33,051 | ||||||
Net realized gain (loss) | 6,446 | |||||||
Change in net unrealized appreciation (depreciation) | (43,057) | |||||||
Net increase (decrease) in net assets resulting from operations | (3,560) | |||||||
Distributions to Shareholders | ||||||||
From earnings | (24,400) | |||||||
Capital Share Transactions | ||||||||
Proceeds from shares sold | 20,000,000 | |||||||
Net increase (decrease) in net assets | 19,972,040 | |||||||
Net Assets | ||||||||
End of period | $ | 19,972,040 | ||||||
Transactions in Shares of the Funds | ||||||||
Sold | 400,000 |
(1)October 13, 2020 (fund inception) through February 28, 2021.
See Notes to Financial Statements.
37
Notes to Financial Statements |
FEBRUARY 28, 2021 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Core Fixed Income ETF, Avantis Core Municipal Fixed Income ETF and Avantis Short-Term Fixed Income ETF (collectively, the funds) are three funds in a series issued by the trust. The investment objective for Avantis Core Fixed Income ETF and Avantis Short-Term Fixed Income ETF is to seek to maximize total return. Avantis Core Municipal Fixed Income ETF’s investment objective is to seek current income that is exempt from federal income tax. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis Core Fixed Income ETF and Avantis Short-Term Fixed Income ETF incepted on October 13, 2020. Avantis Core Municipal Fixed Income ETF incepted on December 8, 2020.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, municipal securities, U.S. Treasury and Government Agency 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. Commercial paper is valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers.
Open-end management investment companies are valued at the reported NAV per share. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.
If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
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.
38
Investment Income — Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.
Forward Commitments — The funds may engage in securities transactions on a forward commitment basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment. The funds may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the funds may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as “TBA roll” transactions and are accounted for as purchases and sales. The funds will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.
Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid 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.
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. ACIM owns 50%, 42% and 57% of the shares of Avantis Core Fixed Income ETF, Avantis Core Municipal Fixed Income ETF and Avantis Short-Term Fixed Income ETF, respectively. Related parties do not invest in the funds for the purpose of exercising management or control.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears.
The annual management fee for each fund is as follows:
Annual Management Fee | |||||
Avantis Core Fixed Income ETF | 0.15% | ||||
Avantis Core Municipal Fixed Income ETF | 0.15% | ||||
Avantis Short-Term Fixed Income ETF | 0.15% |
39
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in-kind transactions, for the period ended February 28, 2021 were as follows:
Avantis Core Fixed Income ETF(1) | Avantis Core Municipal Fixed Income ETF(2) | Avantis Short-Term Fixed Income ETF(1) | |||||||||
Purchases | $25,906,661(3) | $5,380,419 | $6,335,036(3) | ||||||||
Sales | $21,447,782(4) | $2,116,535 | $5,333,275(4) |
(1)October 13, 2020 (fund inception) through February 28, 2021.
(2)December 8, 2020 (fund inception) through February 28, 2021.
(3)$20,377,098 and $3,379,790 represented U.S. Treasury and Government Agency obligations, respectively.
(4)$16,552,603 and $1,475,861 represented U.S. Treasury and Government Agency obligations, respectively.
Securities received or delivered in-kind through subscriptions and redemptions and in-kind net realized gain (loss) for the period ended February 28, 2021 were as follows:
In-kind Subscriptions | In-kind Redemptions | In-kind Net Realized Gain/(Loss)* | |||||||||
Avantis Core Fixed Income ETF(1) | $22,344,987 | — | — | ||||||||
Avantis Core Municipal Fixed Income ETF (2) | $18,985,133 | — | — | ||||||||
Avantis Short-Term Fixed Income ETF(1) | $19,803,750 | — | — |
*Net realized gain (loss) on in-kind transactions are not considered taxable for federal income tax purposes.
(1)October 13, 2020 (fund inception) through February 28, 2021.
(2)December 8, 2020 (fund inception) through February 28, 2021.
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 proceeds from shares sold in 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.
40
The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Avantis Core Fixed Income ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 14,913,602 | — | |||||||
U.S. Treasury Securities | — | 7,930,507 | — | ||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 4,825,492 | — | ||||||||
U.S. Government Agency Securities | — | 328,612 | — | ||||||||
Sovereign Governments and Agencies | — | 53,365 | — | ||||||||
Temporary Cash Investments | — | 624,996 | — | ||||||||
— | $ | 28,676,574 | — | ||||||||
Other Financial Instruments | |||||||||||
Swap Agreements | — | $ | 17,176 | — |
Avantis Core Municipal Fixed Income ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Municipal Securities | — | $ | 21,944,930 | — | |||||||
Temporary Cash Investments | $ | 47,031 | — | — | |||||||
$ | 47,031 | $ | 21,944,930 | — |
Avantis Short-Term Fixed Income ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 10,770,169 | — | |||||||
U.S. Treasury Securities and Equivalents | — | 8,016,852 | — | ||||||||
U.S. Government Agency Securities | — | 959,818 | — | ||||||||
— | $ | 19,746,839 | — |
7. Derivative Instruments
Credit Risk — The funds are subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. Avantis Core Fixed Income ETF's average notional amount held during the period was $550,000.
41
The value of credit risk derivative instruments for Avantis Core Fixed Income ETF as of February 28, 2021, is disclosed on the Statement of Assets and Liabilities as an asset of $55 in receivable for variation margin on swap agreements.* For the period from October 13, 2020 (fund inception) through February 28, 2021, the effect of credit risk derivative instruments on the Statement of Operations was $(1,108) in net realized gain (loss) on swap agreement transactions and $(891) in change in net unrealized appreciation (depreciation) on swap agreements.
* Included in the unrealized appreciation (depreciation) on centrally cleared swap agreements, as reported in the Schedule of Investments.
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, 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 novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the funds.
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 book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Avantis Core Fixed Income ETF | Avantis Core Municipal Fixed Income ETF | Avantis Short-Term Fixed Income ETF | |||||||||
Federal tax cost of investments | $ | 29,089,359 | $ | 22,320,135 | $ | 19,789,896 | |||||
Gross tax appreciation of investments | $ | 46,170 | $ | 4,591 | $ | 21,749 | |||||
Gross tax depreciation of investments | (458,955) | (332,765) | (64,806) | ||||||||
Net tax appreciation (depreciation) of investments | $ | (412,785) | $ | (328,174) | $ | (43,057) |
For Avantis Core Fixed 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. For Avantis Core Municipal Fixed Income ETF and Avantis Short-Term Fixed Income ETF, the cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
42
Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||
Avantis Core Fixed Income ETF | |||||||||||||||||||||||||||||||||||
2021(4) | $50.00 | 0.19 | (0.95) | (0.76) | (0.15) | $49.09 | (1.53)% | 0.15%(5) | 1.01%(5) | 81% | $24,547 |
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 13, 2020 (fund inception) through February 28, 2021 (unaudited).
(5)Annualized.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||
Avantis Core Municipal Fixed Income ETF | |||||||||||||||||||||||||||||||||||
2021(4) | $50.00 | 0.07 | (0.69) | (0.62) | (0.03) | $49.35 | (1.25)% | 0.15%(5) | 0.63%(5) | 11% | $22,206 |
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)December 8, 2020 (fund inception) through February 28, 2021 (unaudited).
(5)Annualized.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||
Avantis Short-Term Fixed Income ETF | |||||||||||||||||||||||||||||||||||
2021(4) | $50.00 | 0.08 | (0.09) | (0.01) | (0.06) | $49.93 | (0.02)% | 0.15%(5) | 0.44%(5) | 27% | $19,972 |
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 13, 2020 (fund inception) through February 28, 2021 (unaudited).
(5)Annualized.
See Notes to Financial Statements.
Approval of Management Agreement |
At a meeting held on June 5, 2020, the Funds’ Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Avantis Core Fixed Income ETF, the Avantis Core Municipal Fixed Income ETF and the Avantis Short-Term Fixed Income ETF (collectively the "New Funds"). Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the New Funds. The materials circulated and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Funds’ characteristics and key attributes, the rationale for launching the New Funds, the experience of the staff designated to manage the New Funds, the proposed pricing, and the markets in which the New Funds 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 Funds;
•the wide range of other programs and services the Advisor would provide to each New Fund and its shareholders on a routine and non-routine basis;
•each New Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;
•the cost of owning each New Fund compared to the cost of owning similar funds;
•the Advisor’s compliance policies, procedures, and regulatory experience; and
•any collateral benefits derived by the Advisor from the management of the New Funds.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing each New Fund’s fee to the total expense ratio of peer funds. The annual management fees charged to shareholders of each of the Avantis Core Fixed Income ETF, the Avantis Core Municipal Fixed Income ETF and the Avantis Short-Term Fixed Income ETF were below the median of the total expense ratios of their respective peer universe.
When considering the approval of the management agreement for the New Funds, 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 Funds and the risk that the New Funds will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Funds 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 Funds.
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 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. The independent Trustees concluded that the overall arrangements between the New Funds and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
46
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
47
Notes |
48
Contact Us | avantisinvestors.com | |||||||
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 | |||||||
Telecommunications Relay Service for the Deaf | 711 | |||||||
American Century ETF Trust | ||||||||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||||||||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||||||||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||||||||
©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96957 2104 |
Semiannual Report | |||||
February 28, 2021 | |||||
Avantis® Emerging Markets Equity Fund | |||||
Institutional Class (AVEEX) | |||||
G Class (AVENX) | |||||
Avantis® International Equity Fund | |||||
Institutional Class (AVDEX) | |||||
G Class (AVDNX) | |||||
Avantis® International Small Cap Value Fund | |||||
Institutional Class (AVDVX) | |||||
G Class (AVANX) | |||||
Avantis® U.S. Equity Fund | |||||
Institutional Class (AVUSX) | |||||
G Class (AVUNX) | |||||
Avantis® U.S. Small Cap Value Fund | |||||
Institutional Class (AVUVX) | |||||
G Class (AVCNX) |
Table of Contents |
Chairman’s Letter | |||||
Avantis Emerging Markets Equity Fund | |||||
Fund Characteristics | |||||
Avantis International Equity Fund | |||||
Fund Characteristics | |||||
Avantis International Small Cap Value Fund | |||||
Fund Characteristics | |||||
Avantis U.S. Equity Fund | |||||
Fund Characteristics | |||||
Avantis U.S. Small Cap Value Fund | |||||
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 | |||||
Additional Information |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Chairman's Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 28, 2021. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.
Stocks Rallied as Stimulus, Vaccines Sparked Optimism
Stocks and other riskier assets delivered robust returns for the six-month period. Investors generally remained upbeat despite periodic upswings in virus cases, ongoing lockdowns in certain regions and uncertainty surrounding the U.S. political climate. Significant support from global central banks and federal governments helped maintain investor confidence in the financial markets and strengthen the economic backdrop. Additionally, positive vaccine developments and a late-2020 federal coronavirus aid package also provided support. Furthermore, political clarity emerged following the January U.S. Senate run-off elections in Georgia, which triggered expectations for another federal COVID-19 relief bill. The record $1.9 trillion American Rescue Plan Act of 2021 worked its way through Congress in February (and ultimately passed in early March).
Overall, the improving economic backdrop combined with massive monetary and fiscal support drove inflation expectations and U.S. bond yields higher. For example, the yield on the benchmark 10-year U.S. Treasury note increased more than 70 basis points for the six-month period.
Non-U.S. stocks generally outpaced U.S. stocks for the period, and within the U.S. market, small-cap stocks (Russell 2000® Index) were top performers, gaining more than 40%. Value stocks outperformed growth stocks across the board. Rising yields pressured U.S. investment-grade bond returns, which declined nearly 2%, and municipal bonds, which were up slightly. Lower-quality bonds rallied in the risk-on climate.
A Return to Normalcy in Sight
The return to pre-pandemic life appears to be on the horizon thanks to declining COVID-19 cases and expanding vaccine distribution programs. In addition, medical professionals continue to improve treatment protocols for those afflicted with the virus. Nevertheless, until the vaccine is more widely available, investors still may face the effects of virus-related restrictions, economic uncertainty and heightened market volatility. These influences can be unsettling, but they tend to be temporary.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis Emerging Markets Equity Fund | |||||
Top Ten Holdings | % of net assets | ||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3.8% | ||||
Samsung Electronics Co. Ltd., GDR | 3.4% | ||||
Tencent Holdings Ltd. | 3.2% | ||||
Alibaba Group Holding Ltd., ADR | 2.1% | ||||
Baidu, Inc., ADR | 1.3% | ||||
China Construction Bank Corp., H Shares | 1.0% | ||||
Ping An Insurance Group Co. of China Ltd., H Shares | 0.9% | ||||
NetEase, Inc., ADR | 0.9% | ||||
JD.com, Inc., ADR | 0.8% | ||||
Vale SA, ADR | 0.7% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.2% | ||||
Rights | —* | ||||
Warrants | —* | ||||
Total Equity Exposure | 99.2% | ||||
Temporary Cash Investments | 0.9% | ||||
Temporary Cash Investments - Securities Lending Collateral | 1.4% | ||||
Other Assets and Liabilities | (1.5)% |
*Category is less than 0.05% of total net assets.
Investments by Country | % of net assets | ||||
China | 33.1% | ||||
Taiwan | 15.4% | ||||
South Korea | 14.0% | ||||
India | 11.3% | ||||
Brazil | 5.4% | ||||
South Africa | 4.3% | ||||
Russia | 2.8% | ||||
Thailand | 2.3% | ||||
Mexico | 2.2% | ||||
Other Countries | 8.4% | ||||
Cash and Equivalents* | 0.8% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
3
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis International Equity Fund | |||||
Top Ten Holdings | % of net assets | ||||
Roche Holding AG | 0.9% | ||||
Novartis AG, ADR | 0.7% | ||||
Royal Dutch Shell plc, ADR* | 0.7% | ||||
Sony Corp., ADR | 0.6% | ||||
Toyota Motor Corp., ADR | 0.6% | ||||
ASML Holding NV, NY Shares | 0.6% | ||||
LVMH Moet Hennessy Louis Vuitton SE | 0.5% | ||||
TOTAL SE, ADR | 0.5% | ||||
Novo Nordisk A/S, ADR | 0.5% | ||||
Nestle SA | 0.5% | ||||
*Includes all classes of the issuer held by the fund. | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.0% | ||||
Rights | —* | ||||
Warrants | —* | ||||
Total Equity Exposure | 99.0% | ||||
Temporary Cash Investments | 0.9% | ||||
Temporary Cash Investments - Securities Lending Collateral | 3.8% | ||||
Other Assets and Liabilities | (3.7)% |
*Category is less than 0.05% of total net assets.
Investments by Country | % of net assets | ||||
Japan | 22.8% | ||||
United Kingdom | 13.5% | ||||
Canada | 9.2% | ||||
France | 8.8% | ||||
Germany | 7.8% | ||||
Switzerland | 7.7% | ||||
Australia | 6.6% | ||||
Sweden | 3.6% | ||||
Netherlands | 3.5% | ||||
Hong Kong | 2.9% | ||||
Italy | 2.4% | ||||
Spain | 2.2% | ||||
Denmark | 2.0% | ||||
Other Countries | 6.0% | ||||
Cash and Equivalents* | 1.0% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
4
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis International Small Cap Value Fund | |||||
Top Ten Holdings | % of net assets | ||||
AerCap Holdings NV | 0.8% | ||||
Johnson Matthey plc | 0.7% | ||||
M&G plc | 0.7% | ||||
Royal Mail plc | 0.7% | ||||
J Sainsbury plc | 0.6% | ||||
ASR Nederland NV | 0.6% | ||||
Bucher Industries AG | 0.6% | ||||
Rheinmetall AG | 0.5% | ||||
Hutchison Port Holdings Trust, U Shares | 0.5% | ||||
Peab AB, Class B | 0.5% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 98.5% | ||||
Rights | —* | ||||
Total Equity Exposure | 98.5% | ||||
Temporary Cash Investments | 1.4% | ||||
Temporary Cash Investments - Securities Lending Collateral | 2.0% | ||||
Other Assets and Liabilities | (1.9)% |
*Category is less than 0.05% of total net assets.
Investments by Country | % of net assets | ||||
Japan | 25.0% | ||||
United Kingdom | 16.2% | ||||
Canada | 8.4% | ||||
Australia | 8.0% | ||||
Sweden | 6.6% | ||||
Germany | 4.9% | ||||
Switzerland | 4.8% | ||||
France | 2.8% | ||||
Netherlands | 2.7% | ||||
Italy | 2.6% | ||||
Norway | 2.2% | ||||
Israel | 2.1% | ||||
Other Countries | 12.2% | ||||
Cash and Equivalents* | 1.5% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
5
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis U.S. Equity Fund | |||||
Top Ten Holdings | % of net assets | ||||
Microsoft Corp. | 3.2% | ||||
Apple, Inc. | 3.1% | ||||
Amazon.com, Inc. | 2.6% | ||||
Alphabet, Inc.* | 2.2% | ||||
JPMorgan Chase & Co. | 0.9% | ||||
Johnson & Johnson | 0.9% | ||||
Facebook, Inc., Class A | 0.9% | ||||
PayPal Holdings, Inc. | 0.8% | ||||
Intel Corp. | 0.6% | ||||
Tesla, Inc. | 0.6% | ||||
*Includes all classes of the issuer held by the fund. | |||||
Top Five Industries | % of net assets | ||||
Software | 6.4% | ||||
Banks | 6.1% | ||||
Semiconductors and Semiconductor Equipment | 5.3% | ||||
IT Services | 4.2% | ||||
Capital Markets | 3.9% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.2% | ||||
Temporary Cash Investments | 0.7% | ||||
Temporary Cash Investments - Securities Lending Collateral | 0.1% | ||||
Other Assets and Liabilities | —* |
*Category is less than 0.05% of total net assets.
6
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis U.S. Small Cap Value Fund | |||||
Top Ten Holdings | % of net assets | ||||
Ovintiv, Inc. | 0.9% | ||||
Cimarex Energy Co. | 0.8% | ||||
Marathon Oil Corp. | 0.8% | ||||
SLM Corp. | 0.8% | ||||
Alcoa Corp. | 0.8% | ||||
Air Lease Corp. | 0.7% | ||||
Louisiana-Pacific Corp. | 0.7% | ||||
Macy's, Inc. | 0.7% | ||||
Ensign Group, Inc. (The) | 0.6% | ||||
Unum Group | 0.6% | ||||
Top Five Industries | % of net assets | ||||
Banks | 15.0% | ||||
Oil, Gas and Consumable Fuels | 9.4% | ||||
Specialty Retail | 6.5% | ||||
Thrifts and Mortgage Finance | 4.6% | ||||
Trading Companies and Distributors | 4.2% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.5% | ||||
Temporary Cash Investments | 0.4% | ||||
Temporary Cash Investments - Securities Lending Collateral | 0.2% | ||||
Other Assets and Liabilities | (0.1)% |
7
Shareholder Fee Examples |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2020 to February 28, 2021 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class 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 each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund's share class. 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.
8
Beginning Account Value 9/1/20 | Ending Account Value 2/28/21 | Expenses Paid During Period(1) 9/1/20 - 2/28/21 | Annualized Expense Ratio(1) | |||||||||||
Avantis Emerging Markets Equity Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $1,260.70 | $1.85 | 0.33% | ||||||||||
G Class | $1,000 | $974.90 | $0.00(2) | 0.00%(3) | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,023.16 | $1.66 | 0.33% | ||||||||||
G Class | $1,000 | $1,024.80 | $0.00 | 0.00%(3) | ||||||||||
Avantis International Equity Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $1,171.10 | $1.24 | 0.23% | ||||||||||
G Class | $1,000 | $992.10 | $0.00(2) | 0.00%(3) | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,023.65 | $1.15 | 0.23% | ||||||||||
G Class | $1,000 | $1,024.80 | $0.00 | 0.00%(3) | ||||||||||
Avantis International Small Cap Value Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $1,242.60 | $2.00 | 0.36% | ||||||||||
G Class | $1,000 | $1,010.60 | $0.00(2) | 0.00%(3) | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,023.01 | $1.81 | 0.36% | ||||||||||
G Class | $1,000 | $1,024.80 | $0.00 | 0.00%(3) | ||||||||||
Avantis U.S. Equity Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $1,189.00 | $0.81 | 0.15% | ||||||||||
G Class | $1,000 | $1,005.50 | $0.00(2) | 0.00%(3) | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
G Class | $1,000 | $1,024.80 | $0.00 | 0.00%(3) | ||||||||||
Avantis U.S. Small Cap Value Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $1,512.70 | $1.56 | 0.25% | ||||||||||
G Class | $1,000 | $1,057.70 | $0.00(2) | 0.00%(3) | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,023.56 | $1.25 | 0.25% | ||||||||||
G Class | $1,000 | $1,024.80 | $0.00 | 0.00%(3) |
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 40, the number of days in the period from January 20, 2021 (commencement of sale) through February 28, 2021, divided by 365, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher.
(3)Other expenses did not exceed 0.005%.
9
Schedules of Investments |
FEBRUARY 28, 2021 (UNAUDITED)
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.2% | ||||||||
Brazil — 5.4% | ||||||||
AES Tiete Energia SA | 9,500 | $ | 26,275 | |||||
Aliansce Sonae Shopping Centers SA(1) | 2,200 | 9,178 | ||||||
Alpargatas SA, Preference Shares(1) | 3,300 | 20,456 | ||||||
Ambev SA, ADR | 42,032 | 107,182 | ||||||
Anima Holding SA(1) | 600 | 1,001 | ||||||
Arezzo Industria e Comercio SA | 900 | 11,502 | ||||||
Atacadao SA | 3,700 | 12,511 | ||||||
Azul SA, ADR(1)(2) | 455 | 9,792 | ||||||
B2W Cia Digital(1) | 900 | 13,167 | ||||||
B3 SA - Brasil Bolsa Balcao | 13,600 | 132,040 | ||||||
Banco ABC Brasil SA, Preference Shares | 2,400 | 6,612 | ||||||
Banco BMG SA, Preference Shares | 4,900 | 4,074 | ||||||
Banco Bradesco SA | 13,260 | 48,528 | ||||||
Banco Bradesco SA, ADR | 41,396 | 171,379 | ||||||
Banco BTG Pactual SA | 2,900 | 52,911 | ||||||
Banco do Brasil SA | 15,860 | 79,863 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 6,900 | 15,673 | ||||||
Banco Inter SA | 500 | 13,857 | ||||||
Banco Inter SA, Preference Shares | 2,300 | 20,976 | ||||||
Banco Mercantil do Brasil SA, Preference Shares | 400 | 1,146 | ||||||
Banco Pan SA, Preference Shares | 4,400 | 10,795 | ||||||
Banco Santander Brasil SA, ADR(2) | 6,130 | 40,948 | ||||||
BB Seguridade Participacoes SA | 5,300 | 24,144 | ||||||
BR Malls Participacoes SA(1) | 13,500 | 20,066 | ||||||
BR Properties SA | 5,500 | 7,949 | ||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 1,500 | 5,854 | ||||||
Braskem SA, ADR(1)(2) | 1,253 | 14,096 | ||||||
BRF SA, ADR(1) | 14,207 | 55,407 | ||||||
C&A Modas Ltda(1) | 4,900 | 9,688 | ||||||
Camil Alimentos SA | 3,100 | 5,769 | ||||||
CCR SA | 23,400 | 47,141 | ||||||
Centrais Eletricas Brasileiras SA, ADR(2) | 1,464 | 8,462 | ||||||
Centrais Eletricas Brasileiras SA, Class B Preference Shares | 1,200 | 7,025 | ||||||
Cia Brasileira de Distribuicao, ADR | 5,280 | 79,042 | ||||||
Cia de Locacao das Americas | 8,400 | 35,673 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR(2) | 2,823 | 18,632 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 5,000 | 12,874 | ||||||
Cia de Saneamento do Parana | 1,800 | 6,340 | ||||||
Cia de Saneamento do Parana, Preference Shares | 12,800 | 9,113 | ||||||
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares | 400 | 1,707 | ||||||
Cia Energetica de Minas Gerais, ADR(2) | 21,200 | 44,732 | ||||||
Cia Energetica de Sao Paulo, Class B Preference Shares | 3,500 | 17,050 | ||||||
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares | 1,500 | 6,986 | ||||||
Cia Hering | 3,900 | 10,453 |
10
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Cia Paranaense de Energia, ADR(2) | 1,691 | $ | 17,958 | |||||
Cia Siderurgica Nacional SA, ADR(2) | 17,891 | 104,662 | ||||||
Cielo SA | 30,500 | 19,647 | ||||||
Cogna Educacao(1) | 5,800 | 3,891 | ||||||
Construtora Tenda SA | 300 | 1,368 | ||||||
Cosan Logistica SA(1) | 3,100 | 11,235 | ||||||
Cosan SA | 1,000 | 14,577 | ||||||
CPFL Energia SA | 900 | 4,624 | ||||||
Cristal Pigmentos do Brasil SA, Preference Shares | 200 | 1,656 | ||||||
CVC Brasil Operadora e Agencia de Viagens SA(1) | 3,300 | 9,698 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 18,900 | 83,131 | ||||||
Direcional Engenharia SA | 2,300 | 5,261 | ||||||
Dommo Energia SA(1) | 1,400 | 210 | ||||||
Duratex SA | 7,000 | 23,095 | ||||||
EcoRodovias Infraestrutura e Logistica SA(1) | 3,900 | 7,655 | ||||||
EDP - Energias do Brasil SA | 8,700 | 28,036 | ||||||
Embraer SA, ADR(1) | 4,841 | 42,601 | ||||||
Enauta Participacoes SA | 2,500 | 5,817 | ||||||
Energisa SA | 1,700 | 13,211 | ||||||
Eneva SA(1) | 2,800 | 33,895 | ||||||
Engie Brasil Energia SA | 4,800 | 35,245 | ||||||
Equatorial Energia SA | 10,200 | 36,583 | ||||||
Eternit SA(1) | 2,500 | 5,032 | ||||||
Eucatex SA Industria e Comercio, Preference Shares(1) | 700 | 898 | ||||||
Even Construtora e Incorporadora SA | 2,500 | 4,488 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 1,600 | 8,968 | ||||||
Fleury SA | 3,200 | 15,314 | ||||||
Fras-Le SA | 1,000 | 2,115 | ||||||
Gafisa SA(1) | 1,949 | 1,610 | ||||||
Gerdau SA, ADR | 20,720 | 94,898 | ||||||
Gol Linhas Aereas Inteligentes SA, ADR(1)(2) | 748 | 5,804 | ||||||
GPC Participacoes SA | 1,200 | 4,368 | ||||||
Grazziotin SA, Preference Shares | 200 | 1,207 | ||||||
Grendene SA | 7,200 | 9,186 | ||||||
GRUPO DE MODA SOMA SA(1) | 8,000 | 19,100 | ||||||
Grupo SBF SA(1) | 1,700 | 6,789 | ||||||
Guararapes Confeccoes SA | 2,200 | 4,848 | ||||||
Hapvida Participacoes e Investimentos SA | 13,800 | 38,143 | ||||||
Helbor Empreendimentos SA(1) | 720 | 1,041 | ||||||
Hypera SA | 5,800 | 34,070 | ||||||
Iguatemi Empresa de Shopping Centers SA | 1,300 | 7,293 | ||||||
Industrias Romi SA | 1,850 | 8,847 | ||||||
Instituto Hermes Pardini SA | 1,400 | 5,084 | ||||||
Iochpe Maxion SA | 2,900 | 6,572 | ||||||
IRB Brasil Resseguros S/A | 26,014 | 27,991 | ||||||
Itau Unibanco Holding SA, ADR | 38,229 | 173,177 | ||||||
JBS SA | 18,900 | 87,178 | ||||||
Jereissati Participacoes SA | 1,300 | 5,094 | ||||||
JHSF Participacoes SA | 10,100 | 11,696 | ||||||
Kepler Weber SA | 200 | 1,616 | ||||||
Klabin SA(1) | 20,800 | 107,893 |
11
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Light SA(1) | 10,619 | $ | 34,732 | |||||
Linx SA | 1,500 | 10,348 | ||||||
Localiza Rent a Car SA | 8,780 | 91,181 | ||||||
Locaweb Servicos de Internet SA | 7,200 | 36,590 | ||||||
LOG Commercial Properties e Participacoes SA | 500 | 2,832 | ||||||
Log-in Logistica Intermodal SA(1) | 1,900 | 4,882 | ||||||
Lojas Americanas SA | 84 | 373 | ||||||
Lojas Americanas SA, Preference Shares | 9,015 | 40,071 | ||||||
Lojas Quero Quero S/A | 6,400 | 19,106 | ||||||
Lojas Renner SA | 19,400 | 126,248 | ||||||
M Dias Branco SA | 1,500 | 7,679 | ||||||
Magazine Luiza SA | 10,400 | 45,095 | ||||||
Mahle-Metal Leve SA | 300 | 945 | ||||||
Marcopolo SA, Preference Shares | 14,900 | 6,700 | ||||||
Marfrig Global Foods SA(1) | 7,100 | 17,661 | ||||||
Marisa Lojas SA(1) | 1,500 | 1,362 | ||||||
Metalurgica Gerdau SA, Preference Shares | 1,900 | 3,919 | ||||||
Mills Estruturas e Servicos de Engenharia SA(1) | 3,300 | 3,180 | ||||||
Minerva SA | 4,500 | 7,837 | ||||||
Mitre Realty Empreendimentos E Participacoes LTDA(1) | 2,600 | 5,855 | ||||||
Movida Participacoes SA | 3,700 | 11,752 | ||||||
MRV Engenharia e Participacoes SA | 14,400 | 43,168 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 2,900 | 10,111 | ||||||
Natura & Co. Holding SA(1) | 7,778 | 64,093 | ||||||
Notre Dame Intermedica Participacoes SA | 3,400 | 52,418 | ||||||
Odontoprev SA | 7,500 | 17,518 | ||||||
Omega Geracao SA(1) | 3,800 | 26,743 | ||||||
Paranapanema SA(1) | 200 | 313 | ||||||
Petro Rio SA(1) | 5,100 | 75,533 | ||||||
Petrobras Distribuidora SA | 13,600 | 48,147 | ||||||
Petroleo Brasileiro SA, ADR | 23,286 | 184,658 | ||||||
Petroleo Brasileiro SA, ADR Preference Shares | 29,401 | 232,268 | ||||||
Porto Seguro SA | 1,900 | 14,887 | ||||||
Portobello SA | 4,200 | 6,475 | ||||||
Profarma Distribuidora de Produtos Farmaceuticos SA(1) | 1,200 | 1,203 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 5,900 | 33,489 | ||||||
Raia Drogasil SA | 10,200 | 42,316 | ||||||
Randon SA Implementos e Participacoes, Preference Shares | 3,900 | 9,075 | ||||||
Rumo SA(1) | 14,000 | 45,516 | ||||||
Santos Brasil Participacoes SA | 6,400 | 6,589 | ||||||
Sao Carlos Empreendimentos e Participacoes SA | 100 | 592 | ||||||
Sao Martinho SA | 8,000 | 44,381 | ||||||
Ser Educacional SA | 2,100 | 4,669 | ||||||
SIMPAR SA | 2,600 | 17,374 | ||||||
SLC Agricola SA | 1,600 | 11,706 | ||||||
Smiles Fidelidade SA | 3,000 | 11,242 | ||||||
StoneCo Ltd., A Shares(1) | 1,010 | 86,668 | ||||||
Sul America SA | 6,010 | 35,561 | ||||||
Suzano SA, ADR(1)(2) | 12,211 | 159,964 | ||||||
Tegma Gestao Logistica SA | 400 | 1,535 | ||||||
Telefonica Brasil SA, ADR | 2,403 | 18,912 |
12
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
TIM SA, ADR | 2,416 | $ | 27,663 | |||||
TOTVS SA | 7,000 | 39,058 | ||||||
Transmissora Alianca de Energia Eletrica SA | 4,400 | 23,946 | ||||||
Trisul SA | 300 | 501 | ||||||
Tupy SA(1) | 2,300 | 8,779 | ||||||
Ultrapar Participacoes SA, ADR(2) | 17,450 | 60,901 | ||||||
Unipar Carbocloro SA, Preference Shares | 2,600 | 26,528 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares | 28,300 | 81,504 | ||||||
Vale SA, ADR | 43,225 | 730,503 | ||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA(1) | 600 | 806 | ||||||
Via Varejo SA(1) | 4,800 | 10,235 | ||||||
Vivara Participacoes SA | 800 | 3,397 | ||||||
Vulcabras Azaleia SA(1) | 600 | 799 | ||||||
WEG SA | 4,300 | 59,886 | ||||||
Wiz Solucoes e Corretagem de Seguros SA | 600 | 666 | ||||||
YDUQS Participacoes SA | 8,400 | 44,936 | ||||||
5,368,025 | ||||||||
Chile — 0.8% | ||||||||
AES Gener SA | 194,445 | 33,442 | ||||||
Aguas Andinas SA, A Shares | 106,125 | 30,420 | ||||||
Banco de Chile | 577,826 | 63,307 | ||||||
Banco de Credito e Inversiones SA | 1,240 | 53,787 | ||||||
Banco Santander Chile, ADR | 2,920 | 65,963 | ||||||
Besalco SA | 2,057 | 1,378 | ||||||
CAP SA | 4,006 | 56,447 | ||||||
Cencosud SA | 17,126 | 33,536 | ||||||
Cencosud Shopping SA | 6,154 | 12,157 | ||||||
Cia Cervecerias Unidas SA, ADR(2) | 1,576 | 27,265 | ||||||
Cia Sud Americana de Vapores SA(1) | 569,019 | 27,158 | ||||||
Colbun SA | 243,180 | 45,418 | ||||||
Embotelladora Andina SA, Class B Preference Shares | 13,739 | 37,147 | ||||||
Empresa Nacional de Telecomunicaciones SA | 3,422 | 23,163 | ||||||
Empresas CMPC SA | 16,536 | 48,204 | ||||||
Empresas COPEC SA | 3,197 | 36,042 | ||||||
Enel Americas SA, ADR | 5,426 | 41,021 | ||||||
Enel Chile SA(1) | 313,182 | 23,146 | ||||||
Engie Energia Chile SA | 14,725 | 17,494 | ||||||
Falabella SA | 16,320 | 67,612 | ||||||
Grupo Security SA | 30,991 | 6,850 | ||||||
Inversiones Aguas Metropolitanas SA | 7,601 | 5,765 | ||||||
Itau CorpBanca Chile SA | 3,424,545 | 12,063 | ||||||
Latam Airlines Group SA, ADR(1) | 802 | 1,580 | ||||||
Parque Arauco SA | 4,457 | 8,213 | ||||||
Ripley Corp. SA | 3,501 | 1,127 | ||||||
Salfacorp SA | 2,048 | 1,528 | ||||||
Sociedad Quimica y Minera de Chile SA, ADR | 772 | 41,379 | ||||||
SONDA SA | 16,560 | 10,615 | ||||||
Vina Concha y Toro SA | 7,229 | 11,734 | ||||||
844,961 |
13
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
China — 33.1% | ||||||||
21Vianet Group, Inc., ADR(1) | 2,580 | $ | 94,015 | |||||
360 DigiTech, Inc., ADR(1) | 2,588 | 60,637 | ||||||
361 Degrees International Ltd. | 6,000 | 1,377 | ||||||
3SBio, Inc.(1) | 22,500 | 22,391 | ||||||
51job, Inc., ADR(1) | 559 | 36,670 | ||||||
A-Living Smart City Services Co. Ltd. | 5,750 | 24,080 | ||||||
AAC Technologies Holdings, Inc. | 17,500 | 94,111 | ||||||
Agile Group Holdings Ltd. | 52,000 | 73,387 | ||||||
Agricultural Bank of China Ltd., H Shares | 361,000 | 131,205 | ||||||
Air China Ltd., H Shares | 28,000 | 23,091 | ||||||
Ajisen China Holdings Ltd. | 4,000 | 691 | ||||||
Alibaba Group Holding Ltd., ADR(1) | 8,813 | 2,095,379 | ||||||
Alibaba Health Information Technology Ltd.(1) | 16,000 | 53,533 | ||||||
Alibaba Pictures Group Ltd.(1) | 160,000 | 22,258 | ||||||
Aluminum Corp. of China Ltd., H Shares(1) | 60,000 | 30,304 | ||||||
Angang Steel Co. Ltd., H Shares(2) | 4,000 | 1,866 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 16,000 | 102,911 | ||||||
Anhui Expressway Co. Ltd., H Shares | 18,000 | 11,800 | ||||||
ANTA Sports Products Ltd. | 16,000 | 245,266 | ||||||
Asia Cement China Holdings Corp. | 14,500 | 13,644 | ||||||
Ausnutria Dairy Corp. Ltd.(1) | 25,000 | 37,956 | ||||||
Autohome, Inc., ADR | 1,579 | 180,069 | ||||||
BAIC Motor Corp. Ltd., H Shares | 47,000 | 16,837 | ||||||
Baidu, Inc., ADR(1) | 4,593 | 1,301,932 | ||||||
BAIOO Family Interactive Ltd.(2) | 40,000 | 10,157 | ||||||
Bank of China Ltd., H Shares | 1,077,000 | 377,538 | ||||||
Bank of Chongqing Co. Ltd., H Shares | 21,000 | 13,687 | ||||||
Bank of Communications Co. Ltd., H Shares | 136,000 | 76,737 | ||||||
Baozun, Inc., ADR(1) | 405 | 18,602 | ||||||
BBMG Corp., H Shares(2) | 5,000 | 1,038 | ||||||
BeiGene Ltd., ADR(1) | 324 | 103,680 | ||||||
Beijing Capital International Airport Co. Ltd., H Shares | 58,000 | 45,226 | ||||||
Beijing Capital Land Ltd., H Shares | 6,000 | 997 | ||||||
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares(2) | 2,500 | 6,225 | ||||||
Beijing Enterprises Clean Energy Group Ltd.(1) | 1,000,000 | 13,508 | ||||||
Beijing Enterprises Holdings Ltd. | 9,000 | 31,147 | ||||||
Beijing Enterprises Urban Resources Group Ltd.(1) | 96,000 | 15,711 | ||||||
Beijing Enterprises Water Group Ltd.(1) | 86,000 | 34,005 | ||||||
Beijing North Star Co. Ltd., H Shares | 4,000 | 794 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(2) | 4,000 | 5,396 | ||||||
Bilibili, Inc., ADR(1) | 551 | 69,409 | ||||||
Binjiang Service Group Co. Ltd. | 3,000 | 5,972 | ||||||
BOC Aviation Ltd. | 8,500 | 82,157 | ||||||
Bosideng International Holdings Ltd. | 134,000 | 56,626 | ||||||
Bright Scholar Education Holdings Ltd., ADR | 109 | 710 | ||||||
Brilliance China Automotive Holdings Ltd. | 30,000 | 26,888 | ||||||
BYD Co. Ltd., H Shares | 12,500 | 316,604 | ||||||
BYD Electronic International Co. Ltd.(2) | 21,500 | 119,508 | ||||||
C&D International Investment Group Ltd. | 5,000 | 8,650 | ||||||
C&D Property Management Group Co. Ltd.(1) | 5,000 | 1,708 |
14
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
CA Cultural Technology Group Ltd.(1) | 4,000 | $ | 1,666 | |||||
Cabbeen Fashion Ltd. | 11,000 | 3,772 | ||||||
Canaan, Inc., ADR(1)(2) | 2,134 | 32,351 | ||||||
Canadian Solar, Inc.(1)(2) | 1,779 | 83,488 | ||||||
CanSino Biologics, Inc., H Shares(1) | 200 | 9,511 | ||||||
Canvest Environmental Protection Group Co. Ltd. | 15,000 | 6,187 | ||||||
CAR, Inc.(1) | 39,000 | 20,156 | ||||||
Cathay Media And Education Group, Inc.(1)(2) | 12,000 | 12,087 | ||||||
Central China New Life Ltd. | 5,000 | 4,510 | ||||||
Central China Real Estate Ltd. | 18,000 | 8,029 | ||||||
Changsha Broad Homes Industrial Group Co. Ltd., H Shares | 2,700 | 4,726 | ||||||
Chaowei Power Holdings Ltd. | 18,000 | 7,655 | ||||||
Cheetah Mobile, Inc., ADR | 309 | 856 | ||||||
China Aircraft Leasing Group Holdings Ltd. | 1,000 | 946 | ||||||
China Aoyuan Group Ltd. | 13,000 | 12,307 | ||||||
China Automotive Systems, Inc.(1) | 741 | 4,046 | ||||||
China Beststudy Education Group | 17,000 | 6,034 | ||||||
China BlueChemical Ltd., H Shares | 60,000 | 14,521 | ||||||
China Bohai Bank Co. Ltd., H Shares(1) | 70,000 | 38,562 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 236,000 | 46,816 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 165,000 | 78,128 | ||||||
China Coal Energy Co. Ltd., H Shares | 13,000 | 5,346 | ||||||
China Communications Services Corp. Ltd., H Shares | 48,000 | 22,646 | ||||||
China Conch Venture Holdings Ltd. | 13,500 | 60,004 | ||||||
China Construction Bank Corp., H Shares | 1,284,000 | 1,030,906 | ||||||
China Customer Relations Centers, Inc.(1) | 94 | 440 | ||||||
China Datang Corp. Renewable Power Co. Ltd., H Shares | 74,000 | 15,813 | ||||||
China Dongxiang Group Co. Ltd. | 83,000 | 9,304 | ||||||
China East Education Holdings Ltd.(2) | 16,000 | 35,973 | ||||||
China Eastern Airlines Corp. Ltd., H Shares | 14,000 | 6,387 | ||||||
China Education Group Holdings Ltd. | 17,000 | 31,515 | ||||||
China Energy Development Holdings Ltd.(1) | 48,000 | 717 | ||||||
China Everbright Bank Co. Ltd., H Shares | 64,000 | 27,767 | ||||||
China Everbright Environment Group Ltd. | 144,000 | 82,391 | ||||||
China Everbright Greentech Ltd.(2) | 31,000 | 13,346 | ||||||
China Everbright Ltd. | 18,000 | 23,221 | ||||||
China Evergrande Group(2) | 11,000 | 22,485 | ||||||
China Feihe Ltd. | 25,000 | 68,380 | ||||||
China First Capital Group Ltd.(1) | 28,000 | 429 | ||||||
China Foods Ltd. | 22,000 | 9,162 | ||||||
China Galaxy Securities Co. Ltd., H Shares | 104,500 | 64,506 | ||||||
China Gas Holdings Ltd. | 4,600 | 18,513 | ||||||
China Glass Holdings Ltd.(1) | 44,000 | 4,809 | ||||||
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A(2) | 32,000 | 25,574 | ||||||
China Harmony Auto Holding Ltd. | 31,500 | 13,464 | ||||||
China High Speed Transmission Equipment Group Co. Ltd. | 14,000 | 13,600 | ||||||
China Hongqiao Group Ltd. | 64,000 | 79,331 | ||||||
China Huarong Asset Management Co. Ltd., H Shares | 214,000 | 25,364 | ||||||
China International Capital Corp. Ltd., H Shares(1)(2) | 30,400 | 70,116 | ||||||
China Kepei Education Group Ltd. | 14,000 | 9,642 |
15
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
China Lesso Group Holdings Ltd. | 28,000 | $ | 51,694 | |||||
China Life Insurance Co. Ltd., ADR(2) | 17,023 | 179,422 | ||||||
China Lilang Ltd. | 20,000 | 14,282 | ||||||
China Literature Ltd.(1)(2) | 3,200 | 29,791 | ||||||
China Logistics Property Holdings Co. Ltd.(1) | 3,000 | 1,744 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 124,000 | 185,394 | ||||||
China Machinery Engineering Corp., H Shares | 8,000 | 3,671 | ||||||
China Maple Leaf Educational Systems Ltd.(1)(2) | 42,000 | 11,784 | ||||||
China Medical System Holdings Ltd. | 51,000 | 79,671 | ||||||
China Meidong Auto Holdings Ltd. | 12,000 | 45,934 | ||||||
China Mengniu Dairy Co. Ltd.(1) | 22,000 | 120,775 | ||||||
China Merchants Bank Co. Ltd., H Shares | 52,000 | 398,960 | ||||||
China Merchants Land Ltd. | 40,000 | 5,982 | ||||||
China Merchants Port Holdings Co. Ltd. | 42,756 | 62,424 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 78,000 | 46,553 | ||||||
China Modern Dairy Holdings Ltd.(1) | 115,000 | 40,128 | ||||||
China Molybdenum Co. Ltd., H Shares | 48,000 | 37,095 | ||||||
China National Building Material Co. Ltd., H Shares | 100,000 | 151,337 | ||||||
China New Higher Education Group Ltd. | 28,000 | 16,695 | ||||||
China Oil & Gas Group Ltd.(1) | 40,000 | 2,217 | ||||||
China Oriental Group Co. Ltd. | 26,000 | 8,178 | ||||||
China Pacific Insurance Group Co. Ltd., H Shares | 49,200 | 225,708 | ||||||
China Petroleum & Chemical Corp., ADR | 2,830 | 155,707 | ||||||
China Pioneer Pharma Holdings Ltd. | 22,000 | 2,808 | ||||||
China Power International Development Ltd. | 195,000 | 41,713 | ||||||
China Railway Group Ltd., H Shares | 72,000 | 38,049 | ||||||
China Railway Signal & Communication Corp. Ltd., H Shares | 31,000 | 12,828 | ||||||
China Reinsurance Group Corp., H Shares | 43,000 | 4,766 | ||||||
China Renaissance Holdings Ltd.(1) | 6,300 | 21,356 | ||||||
China Resources Beer Holdings Co. Ltd. | 16,000 | 121,207 | ||||||
China Resources Cement Holdings Ltd. | 64,000 | 76,240 | ||||||
China Resources Gas Group Ltd. | 18,000 | 89,900 | ||||||
China Resources Land Ltd. | 34,000 | 161,245 | ||||||
China Resources Medical Holdings Co. Ltd. | 30,000 | 25,760 | ||||||
China Resources Pharmaceutical Group Ltd. | 36,000 | 23,039 | ||||||
China Resources Power Holdings Co. Ltd. | 52,000 | 60,491 | ||||||
China SCE Group Holdings Ltd. | 34,000 | 14,066 | ||||||
China Shengmu Organic Milk Ltd.(1) | 55,000 | 5,103 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 67,000 | 127,167 | ||||||
China Shineway Pharmaceutical Group Ltd. | 8,000 | 5,825 | ||||||
China South City Holdings Ltd. | 82,000 | 9,722 | ||||||
China Southern Airlines Co. Ltd., H Shares(1) | 18,000 | 12,294 | ||||||
China Sunshine Paper Holdings Co. Ltd.(1) | 7,000 | 1,828 | ||||||
China Suntien Green Energy Corp. Ltd., H Shares | 84,000 | 26,166 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 54,800 | 117,942 | ||||||
China Tian Lun Gas Holdings Ltd. | 9,500 | 8,792 | ||||||
China Tobacco International HK Co. Ltd. | 3,000 | 6,944 | ||||||
China Tower Corp. Ltd., H Shares | 580,000 | 87,128 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 102,000 | 61,099 | ||||||
China Travel International Investment Hong Kong Ltd.(1) | 60,000 | 10,439 | ||||||
China Vanke Co. Ltd., H Shares | 33,200 | 140,793 |
16
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
China Water Affairs Group Ltd. | 14,000 | $ | 11,027 | |||||
China Xinhua Education Group Ltd. | 17,000 | 4,920 | ||||||
China XLX Fertiliser Ltd. | 4,000 | 2,063 | ||||||
China Yongda Automobiles Services Holdings Ltd. | 43,500 | 63,689 | ||||||
China Youzan Ltd.(1) | 32,000 | 13,653 | ||||||
China Yuchai International Ltd. | 512 | 8,059 | ||||||
China Yuhua Education Corp. Ltd. | 36,000 | 29,767 | ||||||
China ZhengTong Auto Services Holdings Ltd.(1) | 9,000 | 960 | ||||||
China Zhongwang Holdings Ltd.(1) | 20,400 | 5,991 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 74,000 | 32,591 | ||||||
CIFI Holdings Group Co. Ltd. | 20,000 | 18,923 | ||||||
CIMC Enric Holdings Ltd. | 12,000 | 7,577 | ||||||
CITIC Ltd. | 50,000 | 42,294 | ||||||
CITIC Resources Holdings Ltd.(1) | 18,000 | 928 | ||||||
CITIC Securities Co. Ltd., H Shares | 40,500 | 87,160 | ||||||
COFCO Joycome Foods Ltd.(2) | 33,000 | 21,979 | ||||||
Cogobuy Group(1) | 23,000 | 8,058 | ||||||
Colour Life Services Group Co. Ltd.(1)(2) | 2,000 | 980 | ||||||
Concord New Energy Group Ltd. | 240,000 | 17,303 | ||||||
Consun Pharmaceutical Group Ltd. | 11,000 | 4,645 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 20,000 | 8,558 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(1) | 61,000 | 67,645 | ||||||
COSCO SHIPPING International Hong Kong Co. Ltd. | 16,000 | 5,032 | ||||||
COSCO SHIPPING Ports Ltd. | 43,929 | 31,933 | ||||||
Country Garden Holdings Co. Ltd. | 106,123 | 132,302 | ||||||
Country Garden Services Holdings Co. Ltd. | 18,000 | 147,858 | ||||||
CPMC Holdings Ltd. | 3,000 | 1,553 | ||||||
CSPC Pharmaceutical Group Ltd. | 179,200 | 187,929 | ||||||
CStone Pharmaceuticals(1)(2) | 4,500 | 5,829 | ||||||
DaFa Properties Group Ltd. | 2,000 | 1,771 | ||||||
Dali Foods Group Co. Ltd. | 80,000 | 48,680 | ||||||
Daqo New Energy Corp., ADR(1) | 2,018 | 210,376 | ||||||
Datang International Power Generation Co. Ltd., H Shares(2) | 6,000 | 874 | ||||||
Dawnrays Pharmaceutical Holdings Ltd. | 7,000 | 1,182 | ||||||
Dexin China Holdings Co. Ltd.(1) | 5,000 | 1,909 | ||||||
Differ Group Holding Co. Ltd.(1)(2) | 100,000 | 10,316 | ||||||
Digital China Holdings Ltd. | 27,000 | 19,890 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 82,000 | 76,278 | ||||||
Dongyue Group Ltd. | 57,000 | 45,061 | ||||||
Duiba Group Ltd.(1) | 16,000 | 5,559 | ||||||
E-House China Enterprise Holdings Ltd. | 5,400 | 4,677 | ||||||
Edvantage Group Holdings Ltd. | 14,000 | 15,110 | ||||||
ENN Energy Holdings Ltd. | 7,500 | 114,831 | ||||||
Essex Bio-technology Ltd. | 2,000 | 1,164 | ||||||
Ever Sunshine Lifestyle Services Group Ltd. | 20,000 | 49,165 | ||||||
Fanhua, Inc., ADR(2) | 733 | 9,632 | ||||||
Fantasia Holdings Group Co. Ltd.(1)(2) | 48,000 | 7,546 | ||||||
FIH Mobile Ltd.(1)(2) | 89,000 | 13,471 | ||||||
FinVolution Group, ADR | 5,005 | 28,128 | ||||||
First Tractor Co. Ltd., H Shares(1)(2) | 12,000 | 6,101 | ||||||
Fosun International Ltd. | 62,500 | 93,774 |
17
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Fountain SET Holdings Ltd. | 6,000 | $ | 735 | |||||
Fu Shou Yuan International Group Ltd. | 27,000 | 27,113 | ||||||
Fufeng Group Ltd.(1) | 69,000 | 30,504 | ||||||
Fuyao Glass Industry Group Co. Ltd., H Shares | 12,000 | 73,512 | ||||||
GCL-Poly Energy Holdings Ltd.(1)(2) | 555,000 | 205,620 | ||||||
GDS Holdings Ltd., ADR(1) | 1,596 | 163,047 | ||||||
Geely Automobile Holdings Ltd. | 131,000 | 424,034 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 186,000 | 28,768 | ||||||
Genertec Universal Medical Group Co. Ltd. | 37,000 | 31,272 | ||||||
GF Securities Co. Ltd., H Shares | 19,800 | 28,068 | ||||||
Global Cord Blood Corp.(1) | 225 | 936 | ||||||
Glory Sun Financial Group Ltd.(1) | 140,000 | 5,881 | ||||||
Great Wall Motor Co. Ltd., H Shares | 64,000 | 185,475�� | ||||||
Greatview Aseptic Packaging Co. Ltd. | 30,000 | 15,308 | ||||||
Greenland Hong Kong Holdings Ltd. | 22,000 | 7,056 | ||||||
Greentown Management Holdings Co. Ltd.(1) | 22,000 | 8,477 | ||||||
GSX Techedu, Inc., ADR(1)(2) | 638 | 65,618 | ||||||
Guangdong Investment Ltd. | 40,000 | 71,512 | ||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 32,000 | 29,650 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares | 70,000 | 93,425 | ||||||
Guorui Properties Ltd.(2) | 29,000 | 2,686 | ||||||
Guotai Junan Securities Co. Ltd., H Shares | 4,400 | 6,113 | ||||||
Haichang Ocean Park Holdings Ltd.(1) | 8,000 | 680 | ||||||
Haidilao International Holding Ltd. | 8,000 | 65,610 | ||||||
Haier Smart Home Co. Ltd., H Shares(1)(2) | 22,400 | 85,194 | ||||||
Hainan Meilan International Airport Co. Ltd., H Shares(1) | 7,000 | 30,043 | ||||||
Haitian International Holdings Ltd. | 22,000 | 75,460 | ||||||
Haitong Securities Co. Ltd., H Shares | 36,400 | 33,234 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., H Shares(1) | 1,100 | 21,518 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(1) | 16,000 | 81,221 | ||||||
Harbin Electric Co. Ltd., H Shares(1) | 4,000 | 1,128 | ||||||
Hebei Construction Group Corp. Ltd., H Shares | 3,000 | 1,245 | ||||||
Hengan International Group Co. Ltd. | 14,500 | 100,253 | ||||||
Hi Sun Technology China Ltd.(1) | 21,000 | 4,378 | ||||||
Hisense Home Appliances Group Co. Ltd., H Shares | 13,000 | 19,901 | ||||||
Hollysys Automation Technologies Ltd. | 2,477 | 37,304 | ||||||
Homeland Interactive Technology Ltd. | 12,000 | 8,817 | ||||||
Hope Education Group Co. Ltd.(2) | 56,000 | 19,202 | ||||||
Hopson Development Holdings Ltd. | 24,000 | 78,535 | ||||||
Hua Hong Semiconductor Ltd.(1) | 9,000 | 55,565 | ||||||
Huabao International Holdings Ltd.(2) | 29,000 | 31,620 | ||||||
Huadian Power International Corp. Ltd., H Shares | 30,000 | 8,232 | ||||||
Huaneng Power International, Inc., H Shares | 78,000 | 26,682 | ||||||
Huatai Securities Co. Ltd., H Shares | 24,200 | 35,975 | ||||||
Huaxi Holdings Co. Ltd. | 4,000 | 1,160 | ||||||
Huazhu Group Ltd., ADR(1) | 1,524 | 88,605 | ||||||
Huijing Holdings Co. Ltd.(2) | 26,000 | 6,467 | ||||||
Hutchison China MediTech Ltd., ADR(1) | 399 | 11,467 | ||||||
iDreamSky Technology Holdings Ltd.(1) | 9,600 | 4,947 | ||||||
IMAX China Holding, Inc. | 700 | 1,375 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 712,000 | 464,254 |
18
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Inke Ltd.(1) | 38,000 | $ | 11,752 | |||||
Innovent Biologics, Inc.(1) | 4,000 | 41,123 | ||||||
iQIYI, Inc., ADR(1)(2) | 951 | 24,089 | ||||||
JD Health International, Inc.(1) | 1,000 | 18,238 | ||||||
JD.com, Inc., ADR(1) | 8,631 | 810,192 | ||||||
Jiangsu Expressway Co. Ltd., H Shares | 44,000 | 51,092 | ||||||
Jiangxi Copper Co. Ltd., H Shares | 22,000 | 53,326 | ||||||
Jiayuan International Group Ltd. | 18,000 | 7,008 | ||||||
Jingrui Holdings Ltd. | 6,000 | 1,926 | ||||||
JinkoSolar Holding Co. Ltd., ADR(1)(2) | 1,076 | 55,242 | ||||||
Jinxin Fertility Group Ltd. | 4,000 | 9,029 | ||||||
JNBY Design Ltd. | 6,500 | 9,950 | ||||||
JOYY, Inc., ADR | 1,055 | 124,384 | ||||||
Kaisa Group Holdings Ltd.(1) | 67,000 | 34,672 | ||||||
Kaisa Prosperity Holdings Ltd.(1) | 1,500 | 3,593 | ||||||
Kandi Technologies Group, Inc.(1)(2) | 639 | 4,524 | ||||||
Kasen International Holdings Ltd.(1) | 3,000 | 556 | ||||||
KE Holdings, Inc., ADR(1) | 3,071 | 196,022 | ||||||
Kingboard Holdings Ltd. | 26,500 | 122,271 | ||||||
Kingboard Laminates Holdings Ltd. | 29,500 | 50,318 | ||||||
Kingdee International Software Group Co. Ltd.(1) | 29,000 | 105,007 | ||||||
Kingsoft Cloud Holdings Ltd., ADR(1) | 675 | 39,744 | ||||||
Kingsoft Corp. Ltd. | 12,000 | 84,508 | ||||||
Kunlun Energy Co. Ltd. | 78,000 | 71,662 | ||||||
KWG Group Holdings Ltd. | 35,000 | 53,045 | ||||||
KWG Living Group Holdings Ltd.(1) | 17,500 | 20,880 | ||||||
Lee & Man Chemical Co. Ltd. | 4,000 | 1,856 | ||||||
Lee & Man Paper Manufacturing Ltd. | 47,000 | 43,534 | ||||||
Lee's Pharmaceutical Holdings Ltd. | 2,000 | 1,492 | ||||||
Lenovo Group Ltd. | 72,000 | 90,977 | ||||||
LexinFintech Holdings Ltd., ADR(1) | 2,338 | 26,560 | ||||||
Li Ning Co. Ltd. | 41,500 | 234,932 | ||||||
Lifetech Scientific Corp.(1) | 148,000 | 74,499 | ||||||
Logan Group Co. Ltd. | 30,000 | 46,710 | ||||||
Longfor Group Holdings Ltd. | 33,500 | 198,289 | ||||||
Lonking Holdings Ltd. | 74,000 | 27,353 | ||||||
Lufax Holding Ltd., ADR(1) | 2,836 | 42,597 | ||||||
Luye Pharma Group Ltd. | 75,000 | 50,885 | ||||||
Maanshan Iron & Steel Co. Ltd., H Shares(2) | 4,000 | 1,263 | ||||||
Maoyan Entertainment(1)(2) | 5,400 | 10,291 | ||||||
Meitu, Inc.(1)(2) | 30,000 | 11,435 | ||||||
Meituan, Class B(1) | 13,600 | 600,076 | ||||||
Metallurgical Corp. of China Ltd., H Shares | 5,000 | 1,475 | ||||||
Midea Real Estate Holding Ltd. | 6,000 | 13,479 | ||||||
Minsheng Education Group Co. Ltd. | 34,000 | 6,556 | ||||||
MMG Ltd.(1)(2) | 76,000 | 48,101 | ||||||
Momo, Inc., ADR | 2,977 | 47,156 | ||||||
Mulsanne Group Holding Ltd.(1)(2) | 2,500 | 1,940 | ||||||
Nam Tai Property, Inc.(1)(2) | 124 | 1,126 | ||||||
NetDragon Websoft Holdings Ltd. | 7,500 | 18,164 | ||||||
NetEase, Inc., ADR | 8,232 | 904,285 |
19
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
New China Life Insurance Co. Ltd., H Shares | 18,600 | $ | 70,886 | |||||
New Oriental Education & Technology Group, Inc., ADR(1) | 2,634 | 467,851 | ||||||
Nexteer Automotive Group Ltd. | 35,000 | 46,193 | ||||||
Nine Dragons Paper Holdings Ltd. | 60,000 | 96,662 | ||||||
NIO, Inc., ADR(1) | 5,274 | 241,444 | ||||||
NiSun International Enterprise Development Group Co. Ltd.(1)(2) | 338 | 5,567 | ||||||
Niu Technologies, ADR(1)(2) | 976 | 36,483 | ||||||
Noah Holdings Ltd., ADR(1) | 853 | 38,129 | ||||||
OneSmart International Education Group Ltd., ADR(1) | 516 | 1,827 | ||||||
Pacific Millennium Packaging Group Corp. | 2,000 | 1,547 | ||||||
Pacific Online Ltd. | 6,000 | 1,067 | ||||||
PAX Global Technology Ltd. | 40,000 | 36,703 | ||||||
People's Insurance Co. Group of China Ltd. (The), H Shares | 124,000 | 38,671 | ||||||
Perennial Energy Holdings Ltd. | 15,000 | 29,623 | ||||||
PetroChina Co. Ltd., ADR(2) | 1,831 | 65,477 | ||||||
Pharmaron Beijing Co. Ltd., H Shares | 1,100 | 18,771 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 178,000 | 134,663 | ||||||
Pinduoduo, Inc., ADR(1) | 1,660 | 284,126 | ||||||
Ping An Healthcare and Technology Co. Ltd.(1)(2) | 7,100 | 102,548 | ||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 77,006 | 945,658 | ||||||
Poly Property Group Co. Ltd. | 34,000 | 10,430 | ||||||
Poly Property Services Co. Ltd. | 2,200 | 14,461 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares | 175,000 | 130,496 | ||||||
Pou Sheng International Holdings Ltd.(1) | 61,000 | 13,199 | ||||||
Powerlong Commercial Management Holdings Ltd. | 8,500 | 27,230 | ||||||
Powerlong Real Estate Holdings Ltd. | 31,000 | 23,532 | ||||||
Prinx Chengshan Cayman Holding Ltd. | 6,000 | 6,311 | ||||||
PW Medtech Group Ltd. | 7,000 | 586 | ||||||
Q Technology Group Co. Ltd. | 14,000 | 26,542 | ||||||
Qingling Motors Co. Ltd., H Shares | 6,000 | 1,304 | ||||||
Qudian, Inc., ADR(1)(2) | 3,914 | 8,376 | ||||||
Redsun Properties Group Ltd. | 51,000 | 18,078 | ||||||
Road King Infrastructure Ltd. | 5,000 | 6,793 | ||||||
Ronshine China Holdings Ltd.(1)(2) | 11,000 | 8,249 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 33,000 | 37,054 | ||||||
Scholar Education Group(2) | 5,000 | 7,068 | ||||||
Seazen Group Ltd.(1) | 46,000 | 55,774 | ||||||
Shandong Gold Mining Co. Ltd., H Shares | 8,500 | 17,145 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 40,000 | 68,817 | ||||||
Shanghai Electric Group Co. Ltd., H Shares(1) | 40,000 | 15,247 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 3,500 | 16,506 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares(1) | 4,000 | 5,830 | ||||||
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co. Ltd., H Shares | 8,000 | 4,841 | ||||||
Shanghai Haohai Biological Technology Co. Ltd., H Shares(2) | 200 | 1,493 | ||||||
Shanghai Industrial Holdings Ltd. | 18,000 | 25,988 | ||||||
Shanghai Industrial Urban Development Group Ltd. | 1,600 | 161 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 24,300 | 44,533 | ||||||
Sheng Ye Capital Ltd.(2) | 8,000 | 6,418 | ||||||
Shenzhen Expressway Co. Ltd., H Shares | 18,000 | 17,426 | ||||||
Shenzhen International Holdings Ltd. | 21,500 | 35,700 | ||||||
Shenzhen Investment Ltd. | 138,000 | 49,586 |
20
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Shenzhou International Group Holdings Ltd. | 16,300 | $ | 341,705 | |||||
Shimao Group Holdings Ltd. | 20,000 | 66,098 | ||||||
Shoucheng Holdings Ltd.(2) | 33,200 | 8,435 | ||||||
Shougang Fushan Resources Group Ltd. | 62,000 | 15,657 | ||||||
Shui On Land Ltd. | 91,500 | 14,031 | ||||||
Sichuan Languang Justbon Services Group Co. Ltd., H Shares(2) | 1,900 | 11,360 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd.(2) | 105,000 | 32,632 | ||||||
Silver Grant International Holdings Group Ltd.(1) | 8,000 | 698 | ||||||
Sina Corp.(1) | 1,953 | 84,311 | ||||||
Sino Biopharmaceutical Ltd. | 122,500 | 136,269 | ||||||
Sino-Ocean Group Holding Ltd. | 48,000 | 10,579 | ||||||
Sinopec Engineering Group Co. Ltd., H Shares | 44,000 | 23,478 | ||||||
Sinopec Kantons Holdings Ltd. | 30,000 | 11,618 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., ADR | 365 | 8,782 | ||||||
Sinopharm Group Co. Ltd., H Shares | 18,800 | 44,003 | ||||||
Sinosoft Technology Group Ltd.(1) | 22,000 | 4,394 | ||||||
Sinotrans Ltd., H Shares | 4,000 | 1,442 | ||||||
Sinotruk Hong Kong Ltd. | 22,000 | 70,152 | ||||||
Skyfame Realty Holdings Ltd. | 46,000 | 5,687 | ||||||
Skyworth Group Ltd.(1) | 40,487 | 12,766 | ||||||
So-Young International, Inc., ADR(1)(2) | 363 | 5,452 | ||||||
Sogou, Inc., ADR(1)(2) | 1,368 | 11,300 | ||||||
SOHO China Ltd.(1) | 31,500 | 10,354 | ||||||
Sohu.com Ltd., ADR(1) | 496 | 9,057 | ||||||
Sparkle Roll Group Ltd.(1) | 136,000 | 4,993 | ||||||
SSY Group Ltd. | 28,000 | 15,033 | ||||||
Sun King Technology Group Ltd. | 42,000 | 16,324 | ||||||
Sunac China Holdings Ltd. | 19,000 | 81,186 | ||||||
Sunac Services Holdings Ltd.(1) | 386 | 1,239 | ||||||
Sunny Optical Technology Group Co. Ltd. | 15,400 | 384,008 | ||||||
Suoxinda Holdings Ltd.(1) | 8,000 | 8,679 | ||||||
TAL Education Group, ADR(1) | 2,840 | 220,214 | ||||||
TCL Electronics Holdings Ltd.(1) | 30,000 | 24,549 | ||||||
Tencent Holdings Ltd. | 37,700 | 3,214,932 | ||||||
Tencent Music Entertainment Group, ADR(1) | 2,652 | 68,209 | ||||||
Tian Ge Interactive Holdings Ltd.(1) | 5,000 | 688 | ||||||
Tiangong International Co. Ltd. | 30,000 | 16,819 | ||||||
Tianjin Port Development Holdings Ltd. | 12,000 | 1,017 | ||||||
Tianli Education International Holdings Ltd.(1) | 43,000 | 48,874 | ||||||
Tianneng Power International Ltd.(2) | 30,000 | 57,908 | ||||||
Times China Holdings Ltd. | 11,000 | 16,576 | ||||||
Times Neighborhood Holdings Ltd. | 17,000 | 14,702 | ||||||
Tingyi Cayman Islands Holding Corp. | 66,000 | 132,517 | ||||||
Tong Ren Tang Technologies Co. Ltd., H Shares | 17,000 | 11,575 | ||||||
Tongcheng-Elong Holdings Ltd.(1) | 14,800 | 34,751 | ||||||
Tongda Group Holdings Ltd. | 110,000 | 8,374 | ||||||
Towngas China Co. Ltd.(1) | 11,000 | 4,891 | ||||||
TravelSky Technology Ltd., H Shares | 2,000 | 5,069 | ||||||
Trigiant Group Ltd.(1) | 6,000 | 642 | ||||||
Trip.com Group Ltd., ADR(1) | 6,591 | 260,015 | ||||||
Tsingtao Brewery Co. Ltd., H Shares | 12,000 | 99,108 |
21
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Uni-President China Holdings Ltd. | 54,000 | $ | 64,873 | |||||
United Strength Power Holdings Ltd. | 2,000 | 1,829 | ||||||
Vinda International Holdings Ltd.(2) | 11,000 | 32,824 | ||||||
Viomi Technology Co. Ltd., ADR(1) | 581 | 6,031 | ||||||
Vipshop Holdings Ltd., ADR(1) | 13,372 | 499,043 | ||||||
Want Want China Holdings Ltd. | 172,000 | 124,134 | ||||||
Wasion Holdings Ltd. | 6,000 | 1,972 | ||||||
Weibo Corp., ADR(1)(2) | 624 | 34,426 | ||||||
Weichai Power Co. Ltd., H Shares | 42,000 | 123,782 | ||||||
West China Cement Ltd. | 60,000 | 9,899 | ||||||
Wharf Holdings Ltd. (The) | 46,000 | 108,823 | ||||||
Wisdom Education International Holdings Co. Ltd. | 24,000 | 11,596 | ||||||
Wuling Motors Holdings Ltd.(2) | 60,000 | 15,066 | ||||||
WuXi AppTec Co. Ltd., H Shares(2) | 1,840 | 38,306 | ||||||
Wuxi Biologics Cayman, Inc.(1) | 13,500 | 166,772 | ||||||
XD, Inc.(1) | 3,400 | 30,219 | ||||||
Xiabuxiabu Catering Management China Holdings Co. Ltd.(1) | 19,000 | 47,896 | ||||||
Xiamen International Port Co. Ltd., H Shares | 8,000 | 1,299 | ||||||
Xin Point Holdings Ltd. | 12,000 | 8,303 | ||||||
Xingda International Holdings Ltd. | 30,896 | 8,600 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares(2) | 29,800 | 63,711 | ||||||
Xinyi Energy Holdings Ltd. | 56,000 | 32,120 | ||||||
Xinyi Solar Holdings Ltd. | 72,541 | 154,871 | ||||||
XPeng, Inc., ADR(1)(2) | 1,292 | 44,070 | ||||||
XTEP International Holdings Ltd. | 68,000 | 32,535 | ||||||
Xunlei Ltd., ADR(1) | 202 | 1,319 | ||||||
Yadea Group Holdings Ltd. | 46,000 | 100,083 | ||||||
Yanzhou Coal Mining Co. Ltd., H Shares | 48,000 | 44,487 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(2) | 8,800 | 10,269 | ||||||
Yihai International Holding Ltd.(1) | 7,000 | 95,745 | ||||||
Yincheng International Holding Co. Ltd. | 4,000 | 1,681 | ||||||
YuanShengTai Dairy Farm Ltd.(1) | 41,000 | 4,229 | ||||||
Yuexiu Property Co. Ltd. | 210,000 | 46,515 | ||||||
Yuexiu Transport Infrastructure Ltd. | 42,000 | 30,189 | ||||||
Yum China Holdings, Inc. | 9,141 | 546,997 | ||||||
Yuzhou Group Holdings Co. Ltd. | 41,881 | 16,132 | ||||||
Zai Lab Ltd., ADR(1) | 312 | 46,026 | ||||||
Zepp Health Corp., ADR(1) | 940 | 15,538 | ||||||
Zhaojin Mining Industry Co. Ltd., H Shares | 45,500 | 46,018 | ||||||
Zhejiang Expressway Co. Ltd., H Shares | 60,000 | 52,363 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares | 6,400 | 11,403 | ||||||
Zhenro Properties Group Ltd. | 16,000 | 10,537 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1)(2) | 2,200 | 14,752 | ||||||
Zhongliang Holdings Group Co. Ltd.(2) | 28,000 | 18,725 | ||||||
Zhongsheng Group Holdings Ltd. | 15,500 | 95,759 | ||||||
Zhou Hei Ya International Holdings Co. Ltd.(1)(2) | 20,500 | 23,511 | ||||||
Zhuguang Holdings Group Co. Ltd.(1)(2) | 20,000 | 4,458 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 120,000 | 177,558 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 14,800 | 22,510 | ||||||
ZTO Express Cayman, Inc., ADR | 4,770 | 160,940 | ||||||
32,969,184 |
22
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Colombia — 0.3% | ||||||||
Banco Davivienda SA, Preference Shares | 3,823 | $ | 33,010 | |||||
Bancolombia SA | 2,522 | 21,714 | ||||||
Bancolombia SA, ADR | 1,118 | 37,397 | ||||||
Cementos Argos SA | 12,288 | 19,441 | ||||||
Corp. Financiera Colombiana SA(1) | 3,119 | 27,829 | ||||||
Ecopetrol SA, ADR(2) | 1,949 | 23,875 | ||||||
Grupo Argos SA | 6,893 | 25,138 | ||||||
Grupo Aval Acciones y Valores SA, Preference Shares | 3,792 | 1,235 | ||||||
Interconexion Electrica SA ESP | 9,688 | 63,223 | ||||||
252,862 | ||||||||
Czech Republic — 0.2% | ||||||||
CEZ AS | 2,792 | 68,168 | ||||||
Komercni banka AS(1) | 1,832 | 57,294 | ||||||
Moneta Money Bank AS(1) | 7,240 | 26,450 | ||||||
151,912 | ||||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt S.A.E., GDR | 27,402 | 107,403 | ||||||
Greece — 0.4% | ||||||||
Aegean Airlines SA(1) | 410 | 2,582 | ||||||
Alpha Bank AE(1) | 68,380 | 67,500 | ||||||
Athens Water Supply & Sewage Co. SA | 574 | 4,570 | ||||||
Attica Bank SA(1) | 2,201 | 525 | ||||||
Ellaktor SA(1) | 2,561 | 4,280 | ||||||
Eurobank Ergasias Services and Holdings SA(1) | 43,758 | 30,488 | ||||||
Fourlis Holdings SA(1) | 301 | 1,469 | ||||||
GEK Terna Holding Real Estate Construction SA(1) | 2,775 | 28,393 | ||||||
Hellenic Exchanges - Athens Stock Exchange SA | 1,076 | 4,769 | ||||||
Hellenic Petroleum SA | 215 | 1,441 | ||||||
Hellenic Telecommunications Organization SA | 2,778 | 42,626 | ||||||
Holding Co. ADMIE IPTO SA | 3,054 | 8,715 | ||||||
JUMBO SA | 877 | 14,367 | ||||||
LAMDA Development SA(1) | 523 | 4,313 | ||||||
Motor Oil Hellas Corinth Refineries SA | 2,596 | 35,546 | ||||||
Mytilineos SA | 1,153 | 17,709 | ||||||
National Bank of Greece SA(1) | 15,560 | 39,173 | ||||||
Piraeus Financial Holdings SA(1) | 30,827 | 28,368 | ||||||
Public Power Corp. SA(1) | 2,100 | 22,462 | ||||||
Terna Energy SA | 969 | 14,141 | ||||||
Titan Cement International SA(1) | 452 | 7,611 | ||||||
Viohalco SA | 450 | 2,091 | ||||||
383,139 | ||||||||
Hong Kong† | ||||||||
Huifu Payment Ltd.(1) | 16,800 | 7,538 | ||||||
Hungary — 0.3% | ||||||||
Magyar Telekom Telecommunications plc | 10,305 | 14,000 | ||||||
MOL Hungarian Oil & Gas plc(1) | 13,156 | 94,471 | ||||||
OTP Bank Nyrt(1) | 2,086 | 94,897 | ||||||
Richter Gedeon Nyrt | 3,664 | 104,591 | ||||||
307,959 | ||||||||
India — 11.3% | ||||||||
3M India Ltd.(1) | 18 | 5,581 |
23
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Aarti Drugs Ltd. | 1,000 | $ | 8,584 | |||||
Aarti Industries Ltd. | 2,227 | 37,318 | ||||||
ACC Ltd. | 1,934 | 45,492 | ||||||
Adani Enterprises Ltd. | 2,037 | 23,051 | ||||||
Adani Green Energy Ltd.(1) | 1,411 | 22,255 | ||||||
Adani Ports & Special Economic Zone Ltd. | 7,573 | 69,483 | ||||||
Adani Power Ltd.(1) | 15,009 | 11,372 | ||||||
Adani Total Gas Ltd. | 5,496 | 38,412 | ||||||
Adani Transmission Ltd.(1) | 2,093 | 21,283 | ||||||
Aditya Birla Capital Ltd.(1) | 10,997 | 18,430 | ||||||
AIA Engineering Ltd. | 587 | 14,526 | ||||||
Ajanta Pharma Ltd. | 170 | 4,033 | ||||||
Akzo Nobel India Ltd. | 222 | 6,522 | ||||||
Alkyl Amines Chemicals | 218 | 14,948 | ||||||
Allcargo Logistics Ltd. | 2,673 | 4,700 | ||||||
Amara Raja Batteries Ltd. | 2,568 | 31,074 | ||||||
Ambuja Cements Ltd. | 12,321 | 45,734 | ||||||
APL Apollo Tubes Ltd.(1) | 2,686 | 39,146 | ||||||
Apollo Hospitals Enterprise Ltd. | 1,499 | 63,005 | ||||||
Apollo Tyres Ltd. | 12,842 | 40,621 | ||||||
Arvind Ltd.(1) | 8,116 | 8,984 | ||||||
Ashok Leyland Ltd. | 5,779 | 10,096 | ||||||
Ashoka Buildcon Ltd.(1) | 5,427 | 8,316 | ||||||
Asian Paints Ltd. | 2,505 | 78,277 | ||||||
Aster DM Healthcare Ltd.(1) | 2,223 | 4,326 | ||||||
Astral Poly Technik Ltd. | 731 | 21,264 | ||||||
AstraZeneca Pharma India Ltd. | 87 | 4,072 | ||||||
Atul Ltd. | 395 | 35,182 | ||||||
AU Small Finance Bank Ltd.(1) | 1,099 | 17,027 | ||||||
Aurobindo Pharma Ltd. | 5,705 | 66,251 | ||||||
Avanti Feeds Ltd. | 994 | 6,450 | ||||||
Avenue Supermarts Ltd.(1) | 481 | 19,741 | ||||||
Axis Bank Ltd., GDR(1) | 3,747 | 184,399 | ||||||
Bajaj Auto Ltd. | 1,052 | 54,261 | ||||||
Bajaj Consumer Care Ltd. | 4,232 | 13,921 | ||||||
Bajaj Electricals Ltd.(1) | 1,845 | 23,996 | ||||||
Bajaj Finance Ltd. | 1,547 | 110,489 | ||||||
Bajaj Finserv Ltd. | 254 | 33,244 | ||||||
Balkrishna Industries Ltd. | 2,349 | 49,857 | ||||||
Balrampur Chini Mills Ltd.(1) | 6,213 | 14,902 | ||||||
Bandhan Bank Ltd.(1) | 17,175 | 80,351 | ||||||
BASF India Ltd. | 481 | 12,561 | ||||||
Bata India Ltd. | 1,352 | 26,485 | ||||||
Bayer CropScience Ltd. | 144 | 10,049 | ||||||
Berger Paints India Ltd. | 1,983 | 18,285 | ||||||
Bhansali Engineering Polymers Ltd. | 2,839 | 5,569 | ||||||
Bharat Forge Ltd. | 5,344 | 44,214 | ||||||
Bharat Heavy Electricals Ltd.(1) | 16,350 | 10,566 | ||||||
Bharat Petroleum Corp. Ltd. | 7,523 | 45,936 | ||||||
Bharti Airtel Ltd. | 12,345 | 94,183 | ||||||
Biocon Ltd.(1) | 5,175 | 27,451 |
24
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Birla Corp. Ltd. | 1,175 | $ | 13,553 | |||||
Birlasoft Ltd. | 11,057 | 33,954 | ||||||
Blue Dart Express Ltd.(1) | 129 | 8,233 | ||||||
Blue Star Ltd. | 2,183 | 25,782 | ||||||
Bombay Burmah Trading Co. | 471 | 7,422 | ||||||
Borosil Renewables Ltd.(1) | 1,727 | 6,682 | ||||||
Bosch Ltd. | 97 | 19,547 | ||||||
Brigade Enterprises Ltd. | 5,282 | 20,769 | ||||||
Britannia Industries Ltd. | 1,087 | 49,676 | ||||||
Can Fin Homes Ltd. | 1,008 | 6,540 | ||||||
Canara Bank(1) | 5,192 | 10,977 | ||||||
Capri Global Capital Ltd. | 800 | 4,046 | ||||||
Carborundum Universal Ltd. | 4,191 | 28,938 | ||||||
Care Ratings Ltd. | 709 | 4,480 | ||||||
Castrol India Ltd. | 8,979 | 15,815 | ||||||
CCL Products India Ltd. | 1,635 | 5,111 | ||||||
Ceat Ltd. | 821 | 17,747 | ||||||
Central Depository Services India Ltd. | 1,383 | 11,707 | ||||||
Century Plyboards India Ltd.(1) | 3,085 | 12,824 | ||||||
Century Textiles & Industries Ltd. | 1,098 | 7,183 | ||||||
Cera Sanitaryware Ltd.(1) | 105 | 5,525 | ||||||
CESC Ltd. | 873 | 7,174 | ||||||
CG Power & Industrial Solutions Ltd.(1) | 22,490 | 17,179 | ||||||
Chambal Fertilizers and Chemicals Ltd. | 4,955 | 16,555 | ||||||
Cholamandalam Financial Holdings Ltd. | 962 | 7,823 | ||||||
Cholamandalam Investment and Finance Co. Ltd. | 10,431 | 73,335 | ||||||
Cipla Ltd. | 3,745 | 40,045 | ||||||
City Union Bank Ltd. | 11,557 | 25,903 | ||||||
Coal India Ltd. | 19,124 | 39,919 | ||||||
Cochin Shipyard Ltd. | 945 | 4,771 | ||||||
Coforge Ltd. | 315 | 10,851 | ||||||
Colgate-Palmolive India Ltd. | 1,772 | 38,053 | ||||||
Container Corp. of India Ltd. | 8,549 | 65,421 | ||||||
Coromandel International Ltd. | 2,059 | 21,559 | ||||||
CreditAccess Grameen Ltd.(1) | 1,710 | 15,832 | ||||||
CRISIL Ltd. | 173 | 4,572 | ||||||
Crompton Greaves Consumer Electricals Ltd. | 5,001 | 26,145 | ||||||
Cummins India Ltd. | 4,689 | 50,636 | ||||||
Cyient Ltd. | 2,710 | 23,969 | ||||||
Dabur India Ltd. | 2,353 | 16,067 | ||||||
Dalmia Bharat Ltd.(1) | 1,810 | 35,257 | ||||||
DCB Bank Ltd.(1) | 7,572 | 11,949 | ||||||
DCM Shriram Ltd. | 1,813 | 11,153 | ||||||
Deepak Nitrite Ltd. | 2,699 | 50,065 | ||||||
Delta Corp. Ltd. | 3,208 | 6,432 | ||||||
Dhani Services Ltd. | 4,561 | 22,393 | ||||||
Dilip Buildcon Ltd. | 1,435 | 13,229 | ||||||
Dish TV India Ltd.(1) | 40,713 | 6,252 | ||||||
Divi's Laboratories Ltd.(1) | 499 | 22,763 | ||||||
Dixon Technologies India Ltd. | 154 | 41,946 | ||||||
DLF Ltd. | 9,125 | 37,394 |
25
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Dr Lal PathLabs Ltd. | 340 | $ | 10,623 | |||||
Dr Reddy's Laboratories Ltd., ADR | 1,238 | 74,243 | ||||||
eClerx Services Ltd. | 985 | 12,422 | ||||||
Edelweiss Financial Services Ltd.(1) | 15,782 | 14,980 | ||||||
Eicher Motors Ltd. | 580 | 19,680 | ||||||
EID Parry India Ltd.(1) | 2,444 | 10,624 | ||||||
Emami Ltd. | 3,204 | 19,836 | ||||||
Endurance Technologies Ltd. | 938 | 18,398 | ||||||
Engineers India Ltd. | 11,169 | 12,130 | ||||||
Equitas Holdings Ltd. | 6,013 | 7,051 | ||||||
Eris Lifesciences Ltd. | 765 | 6,095 | ||||||
Escorts Ltd. | 1,448 | 25,790 | ||||||
Exide Industries Ltd. | 14,677 | 40,806 | ||||||
FDC Ltd. | 1,453 | 5,479 | ||||||
Federal Bank Ltd.(1) | 39,757 | 45,031 | ||||||
Fine Organic Industries Ltd. | 202 | 6,386 | ||||||
Finolex Cables Ltd. | 4,004 | 21,191 | ||||||
Force Motors Ltd. | 351 | 6,241 | ||||||
Fortis Healthcare Ltd.(1) | 5,887 | 12,648 | ||||||
Future Lifestyle Fashions Ltd.(1) | 1,257 | 1,340 | ||||||
GAIL India Ltd. | 13,719 | 26,363 | ||||||
Galaxy Surfactants Ltd. | 260 | 7,875 | ||||||
GHCL Ltd. | 1,717 | 4,994 | ||||||
Gillette India Ltd. | 152 | 11,413 | ||||||
Glenmark Pharmaceuticals Ltd. | 4,468 | 28,312 | ||||||
Globus Spirits Ltd. | 926 | 4,406 | ||||||
GMR Infrastructure Ltd.(1) | 15,059 | 5,329 | ||||||
Godawari Power and Ispat Ltd. | 740 | 5,878 | ||||||
Godrej Consumer Products Ltd.(1) | 1,224 | 11,513 | ||||||
Godrej Industries Ltd.(1) | 830 | 5,034 | ||||||
Godrej Properties Ltd.(1) | 256 | 5,354 | ||||||
Granules India Ltd. | 4,707 | 20,644 | ||||||
Graphite India Ltd. | 1,876 | 12,246 | ||||||
Grasim Industries Ltd. | 6,093 | 99,347 | ||||||
Great Eastern Shipping Co. Ltd. (The) | 2,250 | 9,662 | ||||||
Greenply Industries Ltd. | 3,388 | 8,043 | ||||||
Gujarat Gas Ltd. | 1,521 | 10,261 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 2,250 | 8,909 | ||||||
Gujarat Pipavav Port Ltd. | 11,395 | 15,293 | ||||||
Gujarat State Petronet Ltd. | 6,689 | 22,872 | ||||||
Havells India Ltd. | 1,048 | 15,724 | ||||||
HCL Technologies Ltd. | 19,280 | 240,371 | ||||||
HDFC Asset Management Co. Ltd. | 651 | 25,957 | ||||||
HDFC Life Insurance Co. Ltd.(1) | 2,238 | 21,300 | ||||||
HEG Ltd.(1) | 507 | 9,945 | ||||||
HeidelbergCement India Ltd. | 3,441 | 10,931 | ||||||
Hero MotoCorp Ltd. | 2,885 | 126,238 | ||||||
HFCL Ltd.(1) | 17,365 | 6,851 | ||||||
Hikal Ltd. | 2,164 | 4,674 | ||||||
Hindalco Industries Ltd. | 32,613 | 150,359 | ||||||
Hindustan Petroleum Corp. Ltd. | 16,896 | 55,569 |
26
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Hindustan Unilever Ltd. | 4,910 | $ | 142,199 | |||||
Housing Development Finance Corp. Ltd. | 9,037 | 311,856 | ||||||
ICICI Bank Ltd., ADR(1) | 10,795 | 179,305 | ||||||
ICICI Lombard General Insurance Co. Ltd.(1) | 836 | 16,183 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(1) | 1,107 | 6,942 | ||||||
ICICI Securities Ltd. | 1,089 | 6,013 | ||||||
IDFC First Bank Ltd.(1) | 44,778 | 38,514 | ||||||
IDFC Ltd.(1) | 27,292 | 20,293 | ||||||
IFB Industries Ltd.(1) | 268 | 4,460 | ||||||
IFCI Ltd.(1) | 32,831 | 3,973 | ||||||
IIFL Finance Ltd. | 7,853 | 29,982 | ||||||
India Cements Ltd. (The) | 2,690 | 5,929 | ||||||
Indiabulls Housing Finance Ltd.(1) | 10,177 | 30,160 | ||||||
Indiabulls Real Estate Ltd.(1) | 5,663 | 6,857 | ||||||
IndiaMart InterMesh Ltd. | 217 | 25,513 | ||||||
Indian Bank(1) | 3,251 | 5,989 | ||||||
Indian Energy Exchange Ltd. | 1,177 | 4,715 | ||||||
Indian Hotels Co. Ltd. (The) | 7,143 | 11,942 | ||||||
Indian Oil Corp. Ltd. | 26,628 | 35,436 | ||||||
Indo Count Industries Ltd. | 3,348 | 5,867 | ||||||
Indraprastha Gas Ltd. | 1,402 | 9,479 | ||||||
Indus Towers Ltd. | 8,585 | 30,007 | ||||||
Info Edge India Ltd.(1) | 1,068 | 71,140 | ||||||
Infosys Ltd., ADR | 26,709 | 457,258 | ||||||
Inox Leisure Ltd.(1) | 1,813 | 7,558 | ||||||
InterGlobe Aviation Ltd.(1) | 1,748 | 38,470 | ||||||
IOL Chemicals and Pharmaceuticals Ltd. | 943 | 7,082 | ||||||
Ipca Laboratories Ltd. | 680 | 17,072 | ||||||
IRB Infrastructure Developers Ltd. | 4,609 | 6,741 | ||||||
Jaiprakash Associates Ltd.(1) | 47,432 | 5,428 | ||||||
JB Chemicals & Pharmaceuticals Ltd. | 959 | 14,572 | ||||||
Jindal Saw Ltd. | 8,035 | 8,666 | ||||||
Jindal Stainless Hisar Ltd.(1) | 2,893 | 4,876 | ||||||
Jindal Stainless Ltd.(1) | 5,231 | 5,047 | ||||||
Jindal Steel & Power Ltd.(1) | 11,702 | 53,316 | ||||||
JK Cement Ltd. | 754 | 27,624 | ||||||
JK Lakshmi Cement Ltd. | 2,586 | 13,112 | ||||||
JK Paper Ltd. | 2,723 | 5,351 | ||||||
JK Tyre & Industries Ltd. | 12,213 | 20,499 | ||||||
JM Financial Ltd. | 14,637 | 18,046 | ||||||
JSW Energy Ltd. | 10,448 | 10,276 | ||||||
JSW Steel Ltd. | 20,919 | 112,088 | ||||||
Jubilant Foodworks Ltd. | 1,438 | 58,688 | ||||||
Jubilant Ingrevia Ltd. | 2,179 | 3,487 | ||||||
Jubilant Pharmova Ltd. | 2,179 | 22,754 | ||||||
Just Dial Ltd.(1) | 979 | 9,471 | ||||||
Kajaria Ceramics Ltd. | 1,642 | 21,157 | ||||||
Kalpataru Power Transmission Ltd. | 3,140 | 16,404 | ||||||
Karnataka Bank Ltd. (The)(1) | 4,895 | 4,501 | ||||||
Karur Vysya Bank Ltd. (The)(1) | 9,315 | 7,535 | ||||||
KEC International Ltd.(1) | 3,912 | 22,856 |
27
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
KEI Industries Ltd. | 948 | $ | 6,468 | |||||
KNR Constructions Ltd. | 7,057 | 20,055 | ||||||
Kolte-Patil Developers Ltd.(1) | 1,397 | 4,596 | ||||||
Kotak Mahindra Bank Ltd.(1) | 2,990 | 72,218 | ||||||
KPIT Technologies Ltd. | 3,386 | 6,617 | ||||||
KPR Mill Ltd. | 706 | 8,871 | ||||||
KRBL Ltd. | 2,143 | 5,717 | ||||||
L&T Finance Holdings Ltd. | 24,350 | 34,669 | ||||||
L&T Technology Services Ltd. | 301 | 10,595 | ||||||
Larsen & Toubro Infotech Ltd. | 773 | 37,805 | ||||||
Larsen & Toubro Ltd. | 7,688 | 150,450 | ||||||
Laurus Labs Ltd. | 6,295 | 29,904 | ||||||
LIC Housing Finance Ltd. | 12,884 | 75,059 | ||||||
Linde India Ltd. | 348 | 7,373 | ||||||
Lupin Ltd. | 2,335 | 32,265 | ||||||
Mahanagar Gas Ltd. | 1,034 | 16,431 | ||||||
Mahindra & Mahindra Financial Services Ltd.(1) | 14,900 | 41,134 | ||||||
Mahindra & Mahindra Ltd. | 16,459 | 182,577 | ||||||
Majesco Ltd. | 376 | 545 | ||||||
Manappuram Finance Ltd. | 13,517 | 32,277 | ||||||
Marico Ltd. | 7,930 | 42,798 | ||||||
Marksans Pharma Ltd. | 7,598 | 5,718 | ||||||
Maruti Suzuki India Ltd. | 669 | 62,602 | ||||||
Max Healthcare Institute Ltd.(1) | 7,213 | 17,991 | ||||||
Meghmani Organics Ltd. | 4,499 | 4,943 | ||||||
Metropolis Healthcare Ltd. | 216 | 5,747 | ||||||
Minda Industries Ltd. | 2,212 | 16,980 | ||||||
Mindtree Ltd. | 1,169 | 25,455 | ||||||
MOIL Ltd. | 2,822 | 5,813 | ||||||
Motherson Sumi Systems Ltd. | 33,006 | 95,621 | ||||||
Motilal Oswal Financial Services Ltd. | 657 | 5,378 | ||||||
Mphasis Ltd. | 1,587 | 35,479 | ||||||
MRF Ltd. | 37 | 42,542 | ||||||
MSTC Ltd. | 1,029 | 3,816 | ||||||
Multi Commodity Exchange of India Ltd. | 730 | 15,027 | ||||||
Muthoot Finance Ltd. | 2,767 | 48,774 | ||||||
Narayana Hrudayalaya Ltd. | 2,447 | 14,417 | ||||||
Natco Pharma Ltd. | 1,718 | 19,038 | ||||||
National Aluminium Co. Ltd. | 20,393 | 16,604 | ||||||
NBCC India Ltd. | 27,199 | 15,805 | ||||||
NCC Ltd. | 21,138 | 26,079 | ||||||
NESCO Ltd. | 711 | 5,718 | ||||||
Nestle India Ltd. | 317 | 69,670 | ||||||
Nippon Life India Asset Management Ltd. | 1,267 | 5,672 | ||||||
NTPC Ltd. | 68,154 | 99,286 | ||||||
Oberoi Realty Ltd.(1) | 2,011 | 14,870 | ||||||
Oil & Natural Gas Corp. Ltd. | 38,689 | 58,280 | ||||||
Oil India Ltd. | 8,053 | 13,811 | ||||||
Orient Cement Ltd. | 4,719 | 5,885 | ||||||
Orient Electric Ltd. | 3,194 | 11,796 | ||||||
Page Industries Ltd. | 123 | 46,878 |
28
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Persistent Systems Ltd. | 1,079 | $ | 24,315 | |||||
Petronet LNG Ltd. | 17,048 | 59,063 | ||||||
Phillips Carbon Black Ltd. | 2,127 | 5,678 | ||||||
Phoenix Mills Ltd. (The)(1) | 640 | 7,052 | ||||||
PI Industries Ltd. | 456 | 13,603 | ||||||
Pidilite Industries Ltd. | 1,318 | 30,192 | ||||||
Piramal Enterprises Ltd. | 862 | 21,418 | ||||||
PNB Housing Finance Ltd.(1) | 2,344 | 13,998 | ||||||
PNC Infratech Ltd. | 3,220 | 11,922 | ||||||
Polycab India Ltd. | 446 | 8,098 | ||||||
Polyplex Corp. Ltd. | 473 | 5,065 | ||||||
Power Finance Corp. Ltd.(1) | 10,140 | 17,120 | ||||||
Power Grid Corp. of India Ltd. | 30,820 | 89,600 | ||||||
Prestige Estates Projects Ltd. | 5,300 | 21,410 | ||||||
Procter & Gamble Health Ltd. | 56 | 5,101 | ||||||
PTC India Ltd. | 7,749 | 7,743 | ||||||
PVR Ltd. | 736 | 13,700 | ||||||
Quess Corp. Ltd.(1) | 2,432 | 24,770 | ||||||
Radico Khaitan Ltd. | 1,230 | 9,504 | ||||||
Rain Industries Ltd. | 2,672 | 5,985 | ||||||
Rajesh Exports Ltd. | 1,625 | 11,220 | ||||||
Rallis India Ltd. | 2,331 | 8,085 | ||||||
Ramco Cements Ltd. (The) | 2,048 | 26,933 | ||||||
RBL Bank Ltd. | 5,920 | 18,891 | ||||||
REC Ltd. | 25,131 | 46,174 | ||||||
Redington India Ltd. | 6,701 | 16,745 | ||||||
Relaxo Footwears Ltd.(1) | 466 | 5,419 | ||||||
Reliance Industries Ltd., GDR | 8,799 | 503,981 | ||||||
Repco Home Finance Ltd. | 1,964 | 8,886 | ||||||
Sanofi India Ltd. | 158 | 17,774 | ||||||
SBI Life Insurance Co. Ltd.(1) | 1,236 | 14,592 | ||||||
Schaeffler India Ltd. | 175 | 12,338 | ||||||
Shipping Corp. of India Ltd. | 5,563 | 7,603 | ||||||
Shree Cement Ltd.(1) | 170 | 61,209 | ||||||
Shriram Transport Finance Co. Ltd. | 9,619 | 167,161 | ||||||
Siemens Ltd. | 1,247 | 31,329 | ||||||
Sobha Ltd. | 1,143 | 6,818 | ||||||
Sonata Software Ltd. | 2,437 | 15,855 | ||||||
South Indian Bank Ltd. (The)(1) | 51,265 | 6,844 | ||||||
SRF Ltd. | 670 | 49,418 | ||||||
State Bank of India, GDR(1) | 2,337 | 122,165 | ||||||
Sterling & Wilson Solar Ltd.(1) | 1,546 | 4,796 | ||||||
Sterlite Technologies Ltd. | 6,111 | 17,254 | ||||||
Strides Pharma Science Ltd. | 2,601 | 29,387 | ||||||
Sudarshan Chemical Industries | 728 | 5,200 | ||||||
Sun Pharmaceutical Industries Ltd. | 11,080 | 89,534 | ||||||
Sundaram Finance Ltd. | 691 | 24,811 | ||||||
Sundram Fasteners Ltd. | 2,633 | 25,596 | ||||||
Sunteck Realty Ltd. | 990 | 4,666 | ||||||
Supreme Industries Ltd. | 1,264 | 34,816 | ||||||
Syngene International Ltd.(1) | 1,687 | 12,914 |
29
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Tanla Platforms Ltd. | 2,527 | $ | 30,841 | |||||
Tata Chemicals Ltd. | 8,877 | 89,089 | ||||||
Tata Communications Ltd. | 640 | 9,356 | ||||||
Tata Consultancy Services Ltd. | 8,126 | 319,766 | ||||||
Tata Consumer Products Ltd. | 1,847 | 15,252 | ||||||
Tata Elxsi Ltd. | 543 | 19,574 | ||||||
Tata Motors Ltd., ADR(1) | 7,445 | 163,716 | ||||||
Tata Power Co. Ltd. (The) | 24,630 | 31,745 | ||||||
Tata Steel BSL Ltd.(1) | 12,597 | 7,820 | ||||||
Tata Steel Long Products Ltd.(1) | 679 | 6,336 | ||||||
Tata Steel Ltd. | 18,775 | 182,012 | ||||||
Tech Mahindra Ltd. | 5,241 | 65,309 | ||||||
Thyrocare Technologies Ltd. | 472 | 5,822 | ||||||
Timken India Ltd. | 308 | 5,336 | ||||||
Titan Co. Ltd. | 2,021 | 38,562 | ||||||
Torrent Pharmaceuticals Ltd. | 288 | 9,502 | ||||||
Torrent Power Ltd. | 960 | 4,988 | ||||||
Trident Ltd.(1) | 68,002 | 12,951 | ||||||
Tube Investments of India Ltd. | 2,051 | 30,016 | ||||||
Uflex Ltd. | 943 | 4,636 | ||||||
Ujjivan Financial Services Ltd. | 1,463 | 4,839 | ||||||
UltraTech Cement Ltd. | 914 | 75,926 | ||||||
Union Bank of India(1) | 17,616 | 9,701 | ||||||
United Spirits Ltd.(1) | 3,063 | 22,215 | ||||||
UPL Ltd. | 5,649 | 42,989 | ||||||
V-Guard Industries Ltd.(1) | 2,008 | 6,145 | ||||||
Vaibhav Global Ltd. | 205 | 9,791 | ||||||
Vakrangee Ltd. | 20,310 | 14,672 | ||||||
Vardhman Textiles Ltd.(1) | 539 | 8,650 | ||||||
Varroc Engineering Ltd.(1) | 1,399 | 7,697 | ||||||
Vedanta Ltd., ADR(2) | 13,156 | 148,005 | ||||||
Vinati Organics Ltd. | 714 | 13,661 | ||||||
VIP Industries Ltd.(1) | 1,621 | 8,819 | ||||||
Vodafone Idea Ltd.(1) | 232,783 | 35,675 | ||||||
Voltas Ltd. | 1,275 | 17,628 | ||||||
Welspun Corp. Ltd. | 6,439 | 11,382 | ||||||
Welspun India Ltd. | 8,782 | 8,256 | ||||||
Westlife Development Ltd.(1) | 808 | 5,496 | ||||||
Wipro Ltd., ADR | 8,383 | 51,388 | ||||||
Wockhardt Ltd.(1) | 1,407 | 9,582 | ||||||
Yes Bank Ltd.(1) | 105,873 | 22,662 | ||||||
Zee Entertainment Enterprises Ltd. | 13,683 | 37,305 | ||||||
Zensar Technologies Ltd. | 2,425 | 9,786 | ||||||
11,225,547 | ||||||||
Indonesia — 1.8% | ||||||||
Ace Hardware Indonesia Tbk PT | 107,700 | 11,520 | ||||||
Adaro Energy Tbk PT | 603,500 | 50,289 | ||||||
Adhi Karya Persero Tbk PT | 82,400 | 8,009 | ||||||
Adi Sarana Armada Tbk PT(1) | 18,500 | 1,630 | ||||||
Agung Podomoro Land Tbk PT(1) | 80,200 | 984 | ||||||
AKR Corporindo Tbk PT | 102,100 | 24,148 |
30
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Alam Sutera Realty Tbk PT(1) | 534,300 | $ | 8,851 | |||||
Aneka Tambang Tbk | 161,800 | 32,212 | ||||||
Astra Agro Lestari Tbk PT | 13,500 | 10,661 | ||||||
Astra International Tbk PT | 259,400 | 98,165 | ||||||
Bank BTPN Syariah Tbk PT | 29,000 | 8,339 | ||||||
Bank Bukopin Tbk(1) | 524,600 | 21,283 | ||||||
Bank Central Asia Tbk PT | 55,900 | 131,833 | ||||||
Bank China Construction Bank Indonesia Tbk PT(1) | 357,900 | 3,842 | ||||||
Bank Mandiri Persero Tbk PT(1) | 155,400 | 67,063 | ||||||
Bank Negara Indonesia Persero Tbk PT | 128,200 | 53,533 | ||||||
Bank Pan Indonesia Tbk PT(1) | 16,900 | 1,359 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 85,800 | 9,569 | ||||||
Bank Pembangunan Daerah Jawa Timur Tbk PT | 113,500 | 6,751 | ||||||
Bank Rakyat Indonesia Persero Tbk PT(1) | 461,000 | 152,361 | ||||||
Bank Syariah Indonesia Tbk PT(1) | 61,200 | 12,629 | ||||||
Bank Tabungan Negara Persero Tbk PT | 143,100 | 20,750 | ||||||
Barito Pacific Tbk PT(1) | 133,300 | 10,281 | ||||||
Buana Lintas Lautan Tbk PT(1) | 553,700 | 11,898 | ||||||
Bukit Asam Tbk PT | 93,000 | 17,686 | ||||||
Bumi Serpong Damai Tbk PT(1) | 228,300 | 18,562 | ||||||
Buyung Poetra Sembada PT | 68,000 | 1,320 | ||||||
Charoen Pokphand Indonesia Tbk PT | 41,500 | 17,915 | ||||||
Ciputra Development Tbk PT | 246,300 | 19,964 | ||||||
Delta Dunia Makmur Tbk PT(1) | 222,900 | 4,849 | ||||||
Elnusa Tbk PT | 183,200 | 5,197 | ||||||
Erajaya Swasembada Tbk PT(1) | 72,500 | 13,383 | ||||||
Gajah Tunggal Tbk PT(1) | 82,900 | 4,975 | ||||||
Global Mediacom Tbk PT(1) | 53,600 | 986 | ||||||
Harum Energy Tbk PT(1) | 16,200 | 7,278 | ||||||
Indah Kiat Pulp & Paper Corp Tbk PT | 62,800 | 58,069 | ||||||
Indika Energy Tbk PT | 70,800 | 7,354 | ||||||
Indo Tambangraya Megah Tbk PT | 15,400 | 13,258 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 27,100 | 23,751 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 13,800 | 8,306 | ||||||
Indofood Sukses Makmur Tbk PT | 70,800 | 30,072 | ||||||
Indosat Tbk PT(1) | 74,500 | 29,025 | ||||||
Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 100,600 | 5,616 | ||||||
Japfa Comfeed Indonesia Tbk PT | 274,200 | 29,540 | ||||||
Kalbe Farma Tbk PT | 321,300 | 33,160 | ||||||
Krakatau Steel (Persero) Tbk PT(1) | 252,300 | 12,485 | ||||||
Kresna Graha Investama Tbk PT(1) | 28,000 | 145 | ||||||
Link Net Tbk PT | 36,300 | 8,403 | ||||||
Lippo Karawaci Tbk PT(1) | 765,000 | 10,843 | ||||||
Malindo Feedmill Tbk PT(1) | 13,400 | 654 | ||||||
Matahari Department Store Tbk PT(1) | 48,500 | 4,286 | ||||||
Medco Energi Internasional Tbk PT(1) | 283,340 | 13,816 | ||||||
Media Nusantara Citra Tbk PT(1) | 116,000 | 9,228 | ||||||
Merdeka Copper Gold Tbk PT(1) | 106,600 | 21,154 | ||||||
Mitra Adiperkasa Tbk PT(1) | 265,800 | 15,023 | ||||||
Mitra Keluarga Karyasehat Tbk PT | 29,600 | 6,172 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 25,700 | 26,655 |
31
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Pakuwon Jati Tbk PT(1) | 287,300 | $ | 11,090 | |||||
Panin Financial Tbk PT(1) | 427,000 | 6,895 | ||||||
Perusahaan Gas Negara Tbk PT | 112,800 | 11,397 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 65,700 | 6,110 | ||||||
PP Persero Tbk PT | 159,800 | 18,107 | ||||||
Puradelta Lestari Tbk PT | 105,100 | 1,725 | ||||||
Ramayana Lestari Sentosa Tbk PT | 61,500 | 3,150 | ||||||
Rimo International Lestari Tbk PT(1) | 329,900 | 1,158 | ||||||
Salim Ivomas Pratama Tbk PT(1) | 44,700 | 1,386 | ||||||
Sarana Menara Nusantara Tbk PT | 219,800 | 19,519 | ||||||
Selamat Sempurna Tbk PT | 68,200 | 6,255 | ||||||
Semen Indonesia Persero Tbk PT | 76,700 | 54,867 | ||||||
Siloam International Hospitals Tbk PT(1) | 2,000 | 752 | ||||||
Sri Rejeki Isman Tbk PT | 54,600 | 927 | ||||||
Summarecon Agung Tbk PT(1) | 396,800 | 22,971 | ||||||
Surya Citra Media Tbk PT(1) | 114,900 | 15,949 | ||||||
Surya Esa Perkasa Tbk PT(1) | 52,700 | 789 | ||||||
Surya Semesta Internusa Tbk PT | 20,600 | 752 | ||||||
Telekomunikasi Indonesia Persero Tbk PT, ADR | 6,035 | 144,719 | ||||||
Timah Tbk PT(1) | 178,800 | 27,854 | ||||||
Tower Bersama Infrastructure Tbk PT | 253,700 | 38,819 | ||||||
Tunas Baru Lampung Tbk PT | 24,900 | 1,655 | ||||||
Unilever Indonesia Tbk PT | 69,500 | 34,261 | ||||||
United Tractors Tbk PT | 31,000 | 49,016 | ||||||
Waskita Beton Precast Tbk PT | 48,300 | 874 | ||||||
Waskita Karya Persero Tbk PT | 158,700 | 15,955 | ||||||
Wijaya Karya Persero Tbk PT | 60,800 | 7,410 | ||||||
XL Axiata Tbk PT | 75,700 | 11,674 | ||||||
1,753,126 | ||||||||
Malaysia — 1.7% | ||||||||
7-Eleven Malaysia Holdings Bhd, Class B | 3,000 | 965 | ||||||
Aeon Co. M Bhd | 34,400 | 9,858 | ||||||
AEON Credit Service M Bhd | 500 | 1,443 | ||||||
AirAsia Group Bhd(1) | 8,300 | 1,859 | ||||||
Alliance Bank Malaysia Bhd(1) | 34,700 | 22,639 | ||||||
AMMB Holdings Bhd | 34,700 | 27,043 | ||||||
ATA IMS Bhd | 2,900 | 1,984 | ||||||
Axiata Group Bhd | 24,800 | 21,687 | ||||||
Berjaya Corp. Bhd(1) | 18,096 | 805 | ||||||
Berjaya Sports Toto Bhd | 7,474 | 3,913 | ||||||
Bermaz Auto Bhd | 4,200 | 1,383 | ||||||
Bumi Armada Bhd(1) | 80,500 | 7,832 | ||||||
Bursa Malaysia Bhd | 9,300 | 20,913 | ||||||
Cahya Mata Sarawak Bhd | 17,400 | 9,972 | ||||||
Careplus Group Bhd | 13,500 | 6,013 | ||||||
Carlsberg Brewery Malaysia Bhd | 2,500 | 14,813 | ||||||
CIMB Group Holdings Bhd | 52,300 | 55,768 | ||||||
Coastal Contracts Bhd(1) | 3,400 | 662 | ||||||
Comfort Glove Bhd | 6,800 | 3,742 | ||||||
Cypark Resources Bhd(1) | 15,400 | 5,606 | ||||||
D&O Green Technologies Bhd | 25,100 | 24,796 |
32
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Dagang NeXchange Bhd(1) | 15,500 | $ | 2,740 | |||||
Datasonic Group Bhd | 28,200 | 3,579 | ||||||
Dayang Enterprise Holdings Bhd(1) | 17,100 | 6,359 | ||||||
Dialog Group Bhd | 31,500 | 25,089 | ||||||
DiGi.Com Bhd | 35,100 | 32,073 | ||||||
DRB-Hicom Bhd | 29,900 | 13,447 | ||||||
Dufu Technology Corp. Bhd | 2,800 | 2,796 | ||||||
Duopharma Biotech Bhd | 9,300 | 7,115 | ||||||
Eco World Development Group Bhd | 20,700 | 2,461 | ||||||
Econpile Holdings Bhd(1) | 5,500 | 580 | ||||||
Ekovest Bhd | 9,600 | 1,112 | ||||||
Fraser & Neave Holdings Bhd | 900 | 6,928 | ||||||
Frontken Corp. Bhd | 9,600 | 12,333 | ||||||
Gamuda Bhd(1) | 31,400 | 25,796 | ||||||
Genting Bhd | 25,100 | 28,595 | ||||||
Genting Malaysia Bhd | 34,300 | 24,460 | ||||||
Genting Plantations Bhd | 6,300 | 14,773 | ||||||
Globetronics Technology Bhd | 12,200 | 8,566 | ||||||
Hai-O Enterprise Bhd | 2,000 | 1,064 | ||||||
HAP Seng Consolidated Bhd | 4,400 | 9,247 | ||||||
Hartalega Holdings Bhd | 6,900 | 16,957 | ||||||
Hengyuan Refining Co. Bhd(1) | 5,300 | 8,194 | ||||||
Hiap Teck Venture Bhd | 65,900 | 6,930 | ||||||
Hibiscus Petroleum Bhd(1) | 38,500 | 6,503 | ||||||
Hong Leong Bank Bhd | 2,200 | 9,665 | ||||||
Hong Leong Financial Group Bhd | 300 | 1,255 | ||||||
Hong Leong Industries Bhd | 400 | 808 | ||||||
IHH Healthcare Bhd | 4,300 | 5,390 | ||||||
IJM Corp. Bhd | 85,800 | 33,244 | ||||||
Inari Amertron Bhd | 51,900 | 45,998 | ||||||
IOI Corp. Bhd | 7,800 | 8,248 | ||||||
IOI Properties Group Bhd | 41,800 | 14,100 | ||||||
JAKS Resources Bhd(1) | 11,180 | 2,027 | ||||||
Jaya Tiasa Holdings Bhd(1) | 28,000 | 5,357 | ||||||
Kossan Rubber Industries | 11,600 | 11,283 | ||||||
KPJ Healthcare Bhd | 33,800 | 8,335 | ||||||
KSL Holdings Bhd(1) | 5,500 | 808 | ||||||
Kuala Lumpur Kepong Bhd | 3,300 | 19,146 | ||||||
Land & General Bhd(1) | 29,900 | 846 | ||||||
LBS Bina Group Bhd(1) | 8,961 | 898 | ||||||
Leong Hup International Bhd | 5,600 | 967 | ||||||
Lii Hen Industries Bhd | 1,400 | 1,255 | ||||||
Lotte Chemical Titan Holding Bhd | 20,000 | 11,154 | ||||||
Luxchem Corp. Bhd | 20,900 | 3,998 | ||||||
Mah Sing Group Bhd | 51,600 | 10,054 | ||||||
Malakoff Corp. Bhd | 6,800 | 1,358 | ||||||
Malayan Banking Bhd | 33,698 | 66,821 | ||||||
Malayan Flour Mills Bhd | 26,300 | 5,381 | ||||||
Malaysia Airports Holdings Bhd | 27,900 | 41,286 | ||||||
Malaysia Building Society Bhd | 54,500 | 9,068 | ||||||
Malaysia Marine and Heavy Engineering Holdings Bhd(1) | 4,700 | 510 |
33
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Malaysian Pacific Industries Bhd | 2,600 | $ | 23,754 | |||||
Malaysian Resources Corp. Bhd | 9,900 | 1,013 | ||||||
Matrix Concepts Holdings Bhd | 12,200 | 5,444 | ||||||
Maxis Bhd | 22,900 | 26,814 | ||||||
Media Prima Bhd(1) | 15,000 | 2,043 | ||||||
Mega First Corp. Bhd | 2,100 | 3,980 | ||||||
MISC Bhd | 16,500 | 27,544 | ||||||
MKH Bhd | 2,900 | 935 | ||||||
MMC Corp. Bhd | 15,400 | 2,954 | ||||||
Muhibbah Engineering M Bhd | 2,000 | 457 | ||||||
My EG Services Bhd | 52,200 | 27,215 | ||||||
Naim Holdings Bhd | 4,300 | 838 | ||||||
Nestle Malaysia Bhd | 500 | 17,012 | ||||||
OCK Group Bhd(1) | 7,100 | 849 | ||||||
OSK Holdings Bhd | 6,600 | 1,384 | ||||||
Padini Holdings Bhd | 2,100 | 1,526 | ||||||
Paramount Corp. Bhd | 3,400 | 697 | ||||||
Pentamaster Corp. Bhd | 9,300 | 14,440 | ||||||
Perak Transit Bhd | 5,566 | 1,142 | ||||||
PESTECH International Bhd | 11,600 | 3,380 | ||||||
Petronas Chemicals Group Bhd | 15,600 | 28,657 | ||||||
Petronas Dagangan Bhd | 3,800 | 18,757 | ||||||
Petronas Gas Bhd | 2,500 | 10,126 | ||||||
Poh Huat Resources Holdings Bhd | 2,800 | 1,141 | ||||||
PPB Group Bhd | 1,800 | 8,339 | ||||||
Press Metal Aluminium Holdings Bhd | 8,500 | 20,314 | ||||||
Public Bank Bhd | 126,700 | 130,015 | ||||||
QL Resources Bhd | 2,250 | 3,410 | ||||||
Ranhill Utilities Bhd | 3,737 | 767 | ||||||
RHB Bank Bhd | 31,000 | 41,400 | ||||||
Sam Engineering & Equipment M Bhd | 600 | 1,014 | ||||||
Sapura Energy Bhd(1) | 43,200 | 1,542 | ||||||
Sarawak Oil Palms Bhd | 1,400 | 1,349 | ||||||
Scientex Bhd | 22,400 | 22,235 | ||||||
Serba Dinamik Holdings Bhd | 4,000 | 1,688 | ||||||
Sime Darby Bhd | 66,700 | 37,336 | ||||||
Sime Darby Plantation Bhd | 14,900 | 18,005 | ||||||
Sime Darby Property Bhd | 33,900 | 4,855 | ||||||
SKP Resources Bhd | 18,900 | 10,629 | ||||||
SP Setia Bhd Group | 24,000 | 5,412 | ||||||
Sunway Bhd | 27,600 | 10,236 | ||||||
Sunway Construction Group Bhd | 11,200 | 4,636 | ||||||
Supermax Corp. Bhd | 36,936 | 43,942 | ||||||
Syarikat Takaful Malaysia Keluarga Bhd | 1,400 | 1,589 | ||||||
Ta Ann Holdings Bhd | 1,700 | 1,233 | ||||||
Taliworks Corp. Bhd | 23,700 | 4,824 | ||||||
Telekom Malaysia Bhd | 25,800 | 39,081 | ||||||
Tenaga Nasional Bhd | 28,000 | 69,786 | ||||||
Thong Guan Industries Bhd | 2,400 | 1,306 | ||||||
TIME dotCom Bhd | 6,600 | 22,658 | ||||||
Titijaya Land Bhd(1) | 32,800 | 3,162 |
34
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Top Glove Corp. Bhd | 24,600 | $ | 31,678 | |||||
Tropicana Corp. Bhd(1) | 4,807 | 1,111 | ||||||
Uchi Technologies Bhd | 1,500 | 1,210 | ||||||
UEM Sunrise Bhd(1) | 6,800 | 672 | ||||||
UMW Holdings Bhd | 5,900 | 4,360 | ||||||
Unisem M Bhd | 13,300 | 29,181 | ||||||
UWC Bhd | 6,400 | 10,191 | ||||||
Velesto Energy Bhd(1) | 22,900 | 930 | ||||||
ViTrox Corp. Bhd | 2,000 | 8,496 | ||||||
Vizione Holdings Bhd(1) | 5,100 | 351 | ||||||
VS Industry Bhd | 33,400 | 24,757 | ||||||
Wah Seong Corp. Bhd | 16,200 | 2,857 | ||||||
WCT Holdings Bhd(1) | 7,373 | 947 | ||||||
Westports Holdings Bhd | 11,600 | 11,688 | ||||||
Yinson Holdings Bhd | 4,200 | 5,511 | ||||||
YTL Corp. Bhd(1) | 27,796 | 4,522 | ||||||
1,701,980 | ||||||||
Mexico — 2.2% | ||||||||
Alfa SAB de CV, Series A | 66,800 | 36,400 | ||||||
Alpek SAB de CV(1) | 12,290 | 11,044 | ||||||
Alsea SAB de CV(1) | 4,700 | 5,729 | ||||||
America Movil SAB de CV, Class L ADR | 16,978 | 215,621 | ||||||
Arca Continental SAB de CV | 2,200 | 10,006 | ||||||
Banco del Bajio SA(1) | 40,992 | 47,574 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, ADR(1) | 4,307 | 20,415 | ||||||
Becle SAB de CV | 4,400 | 9,105 | ||||||
Bolsa Mexicana de Valores SAB de CV | 7,200 | 14,754 | ||||||
Cemex SAB de CV, ADR(1) | 9,300 | 61,473 | ||||||
Coca-Cola Femsa SAB de CV | 4,700 | 19,826 | ||||||
Consorcio ARA SAB de CV(1)(2) | 4,900 | 939 | ||||||
Controladora Nemak SAB de CV(1) | 66,800 | 9,228 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1) | 2,081 | 30,965 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 17,700 | 33,326 | ||||||
Credito Real SAB de CV SOFOM ER(1) | 1,900 | 1,035 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 600 | 1,815 | ||||||
Fomento Economico Mexicano SAB de CV, ADR | 1,729 | 118,436 | ||||||
Genomma Lab Internacional SAB de CV, Class B(1) | 12,200 | 12,205 | ||||||
Gentera SAB de CV(1) | 33,900 | 16,982 | ||||||
Gruma SAB de CV, B Shares | 3,075 | 33,512 | ||||||
Grupo Aeromexico SAB de CV(1) | 6,856 | 2,006 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV, ADR(1)(2) | 968 | 44,973 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, ADR(1) | 336 | 34,060 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, ADR(1) | 232 | 43,187 | ||||||
Grupo Bimbo SAB de CV, Series A | 16,700 | 31,259 | ||||||
Grupo Carso SAB de CV(1) | 8,000 | 19,697 | ||||||
Grupo Cementos de Chihuahua SAB de CV | 11,600 | 72,258 | ||||||
Grupo Comercial Chedraui SA de CV | 1,300 | 2,001 | ||||||
Grupo Financiero Banorte SAB de CV(1) | 40,996 | 205,872 | ||||||
Grupo Financiero Inbursa SAB de CV(1) | 20,800 | 18,691 | ||||||
Grupo GICSA SAB de CV(1) | 8,000 | 1,300 |
35
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Grupo Industrial Saltillo SAB de CV(1) | 1,800 | $ | 2,237 | |||||
Grupo Mexico SAB de CV, Series B | 52,794 | 250,280 | ||||||
Grupo Rotoplas SAB de CV(1)(2) | 1,846 | 2,487 | ||||||
Grupo Televisa SAB, ADR(1) | 19,718 | 146,110 | ||||||
Grupo Traxion SAB de CV(1) | 1,500 | 1,813 | ||||||
Hoteles City Express SAB de CV(1) | 1,300 | 360 | ||||||
Industrias Bachoco SAB de CV | 700 | 2,321 | ||||||
Industrias Penoles SAB de CV(1) | 1,920 | 26,369 | ||||||
Infraestructura Energetica Nova SAB de CV(1) | 9,796 | 34,336 | ||||||
Kimberly-Clark de Mexico SAB de CV, A Shares | 30,200 | 48,387 | ||||||
La Comer SAB de CV | 2,600 | 5,304 | ||||||
Megacable Holdings SAB de CV | 24,100 | 83,229 | ||||||
Nemak SAB de CV | 29,400 | 8,713 | ||||||
Orbia Advance Corp. SAB de CV | 32,800 | 76,085 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 4,330 | 31,944 | ||||||
Qualitas Controladora SAB de CV | 6,900 | 37,447 | ||||||
Regional SAB de CV(1) | 17,290 | 78,479 | ||||||
Telesites SAB de CV(1) | 23,900 | 21,066 | ||||||
Unifin Financiera SAB de CV(1) | 700 | 829 | ||||||
Wal-Mart de Mexico SAB de CV | 37,497 | 106,714 | ||||||
2,150,204 | ||||||||
Peru — 0.3% | ||||||||
Cia de Minas Buenaventura SAA, ADR(1) | 5,531 | 61,173 | ||||||
Credicorp Ltd. | 807 | 129,128 | ||||||
Intercorp Financial Services, Inc.(2) | 1,730 | 60,377 | ||||||
Southern Copper Corp. | 1,096 | 78,178 | ||||||
328,856 | ||||||||
Philippines — 0.8% | ||||||||
Aboitiz Equity Ventures, Inc. | 16,600 | 14,415 | ||||||
Aboitiz Power Corp. | 12,100 | 6,037 | ||||||
AC Energy Corp. | 70,000 | 10,639 | ||||||
Alliance Global Group, Inc. | 166,000 | 36,422 | ||||||
Ayala Corp. | 1,490 | 23,021 | ||||||
Ayala Land, Inc. | 38,900 | 31,314 | ||||||
Ayalaland Logistics Holdings Corp.(1) | 17,000 | 1,039 | ||||||
Bank of the Philippine Islands | 27,840 | 51,226 | ||||||
BDO Unibank, Inc. | 28,400 | 61,864 | ||||||
Cebu Air, Inc.(1) | 6,390 | 5,908 | ||||||
Century Pacific Food, Inc. | 6,000 | 2,226 | ||||||
Chelsea Logistics and Infrastructure Holdings Corp.(1) | 9,200 | 778 | ||||||
Cosco Capital, Inc. | 51,700 | 5,829 | ||||||
DMCI Holdings, Inc. | 131,100 | 14,473 | ||||||
DoubleDragon Properties Corp.(1) | 2,700 | 848 | ||||||
East West Banking Corp.(1) | 5,400 | 1,118 | ||||||
EEI Corp. | 5,000 | 845 | ||||||
Filinvest Land, Inc. | 41,000 | 972 | ||||||
First Gen Corp. | 22,300 | 13,695 | ||||||
Ginebra San Miguel, Inc. | 1,300 | 1,416 | ||||||
Global Ferronickel Holdings, Inc.(1) | 171,000 | 10,455 | ||||||
Globe Telecom, Inc. | 450 | 18,736 | ||||||
GT Capital Holdings, Inc. | 2,150 | 24,777 |
36
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Integrated Micro-Electronics, Inc.(1) | 6,600 | $ | 1,787 | |||||
International Container Terminal Services, Inc. | 14,960 | 37,029 | ||||||
JG Summit Holdings, Inc. | 30,713 | 40,841 | ||||||
Jollibee Foods Corp. | 5,280 | 19,479 | ||||||
Manila Electric Co. | 1,270 | 7,085 | ||||||
Manila Water Co., Inc.(1) | 2,800 | 900 | ||||||
Max's Group, Inc. | 4,100 | 584 | ||||||
Megaworld Corp. | 408,000 | 30,492 | ||||||
Metro Pacific Investments Corp. | 373,000 | 31,248 | ||||||
Metropolitan Bank & Trust Co. | 44,520 | 46,545 | ||||||
Nickel Asia Corp. | 85,000 | 10,076 | ||||||
Petron Corp. | 75,000 | 5,473 | ||||||
Pilipinas Shell Petroleum Corp.(1) | 1,600 | 717 | ||||||
PLDT, Inc., ADR(2) | 915 | 24,119 | ||||||
Puregold Price Club, Inc. | 11,900 | 9,076 | ||||||
Robinsons Land Corp. | 91,300 | 37,007 | ||||||
Robinsons Retail Holdings, Inc. | 9,040 | 10,537 | ||||||
Security Bank Corp. | 5,220 | 14,096 | ||||||
Semirara Mining & Power Corp. | 25,000 | 6,603 | ||||||
SM Investments Corp. | 1,335 | 27,763 | ||||||
SM Prime Holdings, Inc. | 37,200 | 27,668 | ||||||
Universal Robina Corp. | 4,080 | 10,742 | ||||||
Vista Land & Lifescapes, Inc. | 62,800 | 5,586 | ||||||
Wilcon Depot, Inc. | 17,100 | 6,324 | ||||||
749,830 | ||||||||
Poland — 1.1% | ||||||||
Alior Bank SA(1) | 3,036 | 17,627 | ||||||
Allegro.eu SA(1) | 1,485 | 25,480 | ||||||
AmRest Holdings SE(1) | 2,830 | 24,121 | ||||||
Asseco Poland SA | 1,398 | 24,807 | ||||||
Bank Millennium SA(1) | 39,467 | 43,472 | ||||||
Bank Polska Kasa Opieki SA(1) | 3,369 | 60,886 | ||||||
CCC SA(1) | 861 | 21,827 | ||||||
CD Projekt SA(1) | 620 | 39,115 | ||||||
Ciech SA(1) | 2,368 | 21,527 | ||||||
Cyfrowy Polsat SA | 4,067 | 30,934 | ||||||
Dino Polska SA(1) | 962 | 63,099 | ||||||
Enea SA(1) | 4,731 | 8,227 | ||||||
Eurocash SA(1) | 2,586 | 8,862 | ||||||
Famur SA(1) | 6,958 | 4,865 | ||||||
Grupa Azoty SA(1) | 3,462 | 27,681 | ||||||
Grupa Lotos SA | 2,860 | 32,128 | ||||||
Jastrzebska Spolka Weglowa SA(1) | 2,700 | 25,399 | ||||||
KGHM Polska Miedz SA(1) | 2,108 | 106,377 | ||||||
KRUK SA(1) | 388 | 18,660 | ||||||
LPP SA(1) | 16 | 33,399 | ||||||
Lubelski Wegiel Bogdanka SA(1) | 109 | 679 | ||||||
mBank SA(1) | 675 | 39,879 | ||||||
Mercator Medical SA(1) | 146 | 13,318 | ||||||
Neuca SA | 24 | 4,469 | ||||||
Orange Polska SA(1) | 14,128 | 23,798 |
37
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
PGE Polska Grupa Energetyczna SA(1) | 7,153 | $ | 12,621 | |||||
PKP Cargo SA(1) | 196 | 942 | ||||||
PlayWay SA | 39 | 5,737 | ||||||
Polski Koncern Naftowy ORLEN SA | 9,327 | 145,716 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 30,500 | 45,437 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA(1) | 8,650 | 69,484 | ||||||
Powszechny Zaklad Ubezpieczen SA(1) | 5,424 | 42,310 | ||||||
Santander Bank Polska SA(1) | 596 | 33,430 | ||||||
Tauron Polska Energia SA(1) | 17,464 | 11,916 | ||||||
TEN Square Games SA | 170 | 22,584 | ||||||
Warsaw Stock Exchange | 783 | 9,306 | ||||||
1,120,119 | ||||||||
Russia — 2.8% | ||||||||
Gazprom PJSC, ADR | 46,188 | 266,834 | ||||||
Globaltrans Investment plc, GDR | 14,882 | 99,123 | ||||||
LUKOIL PJSC, ADR | 7,292 | 538,773 | ||||||
Magnit PJSC, GDR | 4,635 | 63,060 | ||||||
Mail.ru Group Ltd., GDR(1) | 87 | 2,335 | ||||||
MMC Norilsk Nickel PJSC, ADR | 8,189 | 255,904 | ||||||
Mobile TeleSystems PJSC, ADR | 5,197 | 42,719 | ||||||
Novatek PJSC, GDR | 574 | 97,348 | ||||||
Novolipetsk Steel PJSC, GDR | 3,226 | 94,831 | ||||||
O'Key Group SA, GDR | 1,578 | 1,231 | ||||||
PhosAgro PJSC, GDR | 7,749 | 135,994 | ||||||
Ros Agro plc, GDR | 125 | 1,508 | ||||||
Rosneft Oil Co. PJSC, GDR | 25,955 | 178,723 | ||||||
Sberbank of Russia PJSC, ADR (London) | 33,521 | 483,901 | ||||||
Severstal PAO, GDR | 8,215 | 147,058 | ||||||
Tatneft PJSC, ADR | 5,385 | 223,369 | ||||||
TMK PJSC, GDR | 2,869 | 9,166 | ||||||
VTB Bank PJSC, GDR | 126,541 | 120,426 | ||||||
X5 Retail Group NV, GDR | 812 | 26,310 | ||||||
2,788,613 | ||||||||
South Africa — 4.3% | ||||||||
Absa Group Ltd. | 18,291 | 146,307 | ||||||
Adcock Ingram Holdings Ltd. | 305 | 857 | ||||||
Advtech Ltd.(1) | 12,737 | 10,093 | ||||||
AECI Ltd. | 5,378 | 35,252 | ||||||
African Rainbow Minerals Ltd. | 2,061 | 40,353 | ||||||
Afrimat Ltd. | 756 | 2,213 | ||||||
Alexander Forbes Group Holdings Ltd. | 4,775 | 1,344 | ||||||
Anglo American Platinum Ltd. | 425 | 51,584 | ||||||
AngloGold Ashanti Ltd., ADR | 3,220 | 64,271 | ||||||
Aspen Pharmacare Holdings Ltd.(1) | 7,251 | 68,309 | ||||||
Astral Foods Ltd. | 1,498 | 13,348 | ||||||
AVI Ltd. | 8,059 | 37,801 | ||||||
Balwin Properties Ltd. | 4,197 | 1,179 | ||||||
Barloworld Ltd.(1) | 15,037 | 90,393 | ||||||
Bid Corp. Ltd. | 2,417 | 45,310 | ||||||
Bidvest Group Ltd. (The) | 5,166 | 57,232 | ||||||
Blue Label Telecoms Ltd.(1) | 5,048 | 1,585 |
38
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Brait SE(1) | 4,194 | $ | 685 | |||||
Capitec Bank Holdings Ltd.(1) | 881 | 77,921 | ||||||
Cashbuild Ltd. | 488 | 9,988 | ||||||
City Lodge Hotels Ltd.(1) | 2,646 | 593 | ||||||
Clicks Group Ltd. | 4,742 | 76,673 | ||||||
Coronation Fund Managers Ltd. | 3,377 | 11,090 | ||||||
Curro Holdings Ltd. | 896 | 592 | ||||||
DataTec Ltd.(1) | 6,090 | 10,378 | ||||||
Dis-Chem Pharmacies Ltd.(1) | 10,080 | 14,918 | ||||||
Discovery Ltd. | 8,239 | 76,942 | ||||||
DRDGOLD Ltd. | 20,138 | 18,463 | ||||||
EOH Holdings Ltd.(1) | 1,194 | 631 | ||||||
EPP NV(1) | 3,537 | 2,231 | ||||||
Exxaro Resources Ltd. | 4,035 | 45,504 | ||||||
Famous Brands Ltd.(1) | 293 | 892 | ||||||
FirstRand Ltd. | 55,934 | 185,443 | ||||||
Foschini Group Ltd. (The)(1) | 12,607 | 87,600 | ||||||
Gold Fields Ltd., ADR | 9,385 | 76,863 | ||||||
Harmony Gold Mining Co. Ltd., ADR(1) | 8,375 | 31,741 | ||||||
Impala Platinum Holdings Ltd. | 11,502 | 186,471 | ||||||
Investec Ltd. | 11,930 | 31,130 | ||||||
KAP Industrial Holdings Ltd.(1) | 44,978 | 12,040 | ||||||
Kumba Iron Ore Ltd. | 679 | 29,083 | ||||||
Lewis Group Ltd. | 508 | 865 | ||||||
Liberty Holdings Ltd. | 2,210 | 10,275 | ||||||
Life Healthcare Group Holdings Ltd.(1) | 32,255 | 38,297 | ||||||
Massmart Holdings Ltd.(1) | 2,982 | 8,809 | ||||||
Metair Investments Ltd.(1) | 1,914 | 2,295 | ||||||
MiX Telematics Ltd., ADR | 83 | 1,153 | ||||||
Momentum Metropolitan Holdings | 34,030 | 37,925 | ||||||
Motus Holdings Ltd.(1) | 5,780 | 29,988 | ||||||
Mpact Ltd. | 965 | 1,175 | ||||||
Mr Price Group Ltd. | 7,388 | 85,114 | ||||||
MTN Group | 32,380 | 155,527 | ||||||
MultiChoice Group | 12,816 | 108,004 | ||||||
Murray & Roberts Holdings Ltd.(1) | 1,453 | 739 | ||||||
Nampak Ltd.(1) | 4,076 | 859 | ||||||
Naspers Ltd., N Shares | 1,780 | 413,982 | ||||||
Nedbank Group Ltd. | 8,636 | 74,346 | ||||||
NEPI Rockcastle plc | 8,450 | 51,802 | ||||||
Netcare Ltd.(1) | 24,526 | 22,178 | ||||||
Ninety One Ltd. | 573 | 1,724 | ||||||
Northam Platinum Ltd.(1) | 5,393 | 79,053 | ||||||
Oceana Group Ltd. | 464 | 2,049 | ||||||
Old Mutual Ltd. | 100,860 | 89,398 | ||||||
Omnia Holdings Ltd.(1) | 6,402 | 18,960 | ||||||
Pepkor Holdings Ltd.(1) | 8,240 | 8,093 | ||||||
Pick n Pay Stores Ltd. | 10,172 | 34,617 | ||||||
PPC Ltd.(1) | 125,428 | 13,179 | ||||||
Rand Merchant Investment Holdings Ltd. | 22,456 | 45,140 | ||||||
Raubex Group Ltd. | 1,373 | 2,079 |
39
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Reinet Investments SCA | 2,045 | $ | 38,305 | |||||
Remgro Ltd. | 10,860 | 74,343 | ||||||
Reunert Ltd. | 3,156 | 9,581 | ||||||
RFG Holdings Ltd. | 1,040 | 798 | ||||||
RMB Holdings Ltd.(1) | 8,812 | 868 | ||||||
Royal Bafokeng Platinum Ltd.(1) | 5,095 | 30,390 | ||||||
Sanlam Ltd. | 32,275 | 129,578 | ||||||
Santam Ltd. | 817 | 13,161 | ||||||
Sappi Ltd.(1) | 40,133 | 117,874 | ||||||
Sasol Ltd., ADR(1) | 11,666 | 146,525 | ||||||
Shoprite Holdings Ltd. | 8,251 | 72,382 | ||||||
Sibanye Stillwater Ltd., ADR | 7,239 | 132,836 | ||||||
SPAR Group Ltd. (The) | 3,471 | 43,693 | ||||||
Standard Bank Group Ltd. | 16,630 | 145,754 | ||||||
Steinhoff International Holdings NV(1) | 35,801 | 4,617 | ||||||
Sun International Ltd.(1) | 488 | 501 | ||||||
Super Group Ltd.(1) | 5,448 | 9,645 | ||||||
Telkom SA SOC Ltd. | 11,276 | 30,479 | ||||||
Tiger Brands Ltd. | 4,347 | 57,967 | ||||||
Trencor Ltd. | 1,689 | 441 | ||||||
Truworths International Ltd. | 19,786 | 63,687 | ||||||
Tsogo Sun Gaming Ltd.(1) | 3,616 | 1,495 | ||||||
Tsogo Sun Hotels Ltd.(1) | 3,866 | 437 | ||||||
Vodacom Group Ltd. | 8,287 | 68,131 | ||||||
Wilson Bayly Holmes-Ovcon Ltd.(1) | 1,556 | 9,929 | ||||||
Woolworths Holdings Ltd. | 20,019 | 60,881 | ||||||
Zeder Investments Ltd. | 8,750 | 1,534 | ||||||
4,258,760 | ||||||||
South Korea — 14.0% | ||||||||
Advanced Process Systems Corp.(1) | 436 | 10,979 | ||||||
AfreecaTV Co. Ltd. | 68 | 4,404 | ||||||
Alteogen, Inc.(1) | 120 | 13,849 | ||||||
Amorepacific Corp. | 198 | 41,314 | ||||||
AMOREPACIFIC Group | 58 | 3,339 | ||||||
Aprogen KIC, Inc.(1) | 437 | 716 | ||||||
Aprogen pharmaceuticals, Inc.(1) | 1,383 | 1,385 | ||||||
Asiana Airlines, Inc.(1) | 365 | 4,806 | ||||||
BGF Co. Ltd. | 616 | 3,012 | ||||||
BGF retail Co. Ltd. | 137 | 19,358 | ||||||
BH Co. Ltd. | 157 | 2,513 | ||||||
Binex Co. Ltd.(1) | 410 | 9,921 | ||||||
Binggrae Co. Ltd.(1) | 162 | 8,390 | ||||||
Bioneer Corp.(1) | 241 | 3,568 | ||||||
BNK Financial Group, Inc. | 5,193 | 27,222 | ||||||
Boditech Med, Inc. | 309 | 4,577 | ||||||
Byucksan Corp. | 2,612 | 5,777 | ||||||
Cafe24 Corp.(1) | 224 | 6,493 | ||||||
Celltrion Healthcare Co. Ltd.(1) | 270 | 30,141 | ||||||
Celltrion Pharm, Inc.(1) | 70 | 9,565 | ||||||
Celltrion, Inc.(1) | 395 | 104,463 | ||||||
Cheil Worldwide, Inc. | 1,965 | 33,972 |
40
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Chong Kun Dang Pharmaceutical Corp.(1) | 84 | $ | 12,781 | |||||
Chongkundang Holdings Corp.(1) | 42 | 3,860 | ||||||
Chunbo Co. Ltd. | 75 | 10,653 | ||||||
CJ CGV Co. Ltd.(1) | 377 | 9,562 | ||||||
CJ CheilJedang Corp. | 131 | 47,353 | ||||||
CJ Corp. | 193 | 15,909 | ||||||
CJ ENM Co. Ltd. | 277 | 34,088 | ||||||
CJ Logistics Corp.(1) | 239 | 34,871 | ||||||
CMG Pharmaceutical Co. Ltd.(1) | 803 | 3,136 | ||||||
Com2uSCorp | 114 | 14,034 | ||||||
Cosmax, Inc.(1) | 83 | 7,718 | ||||||
Coway Co. Ltd. | 492 | 28,312 | ||||||
COWELL FASHION Co. Ltd. | 866 | 4,405 | ||||||
CS Wind Corp. | 558 | 35,925 | ||||||
Cuckoo Homesys Co. Ltd.(1) | 216 | 7,794 | ||||||
Daea TI Co. Ltd. | 824 | 3,824 | ||||||
Daeduck Electronics Co. Ltd. | 688 | 8,895 | ||||||
Daesang Corp.(1) | 518 | 11,494 | ||||||
Daewoo Engineering & Construction Co. Ltd.(1) | 4,616 | 24,111 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(1) | 196 | 4,439 | ||||||
Daewoong Co. Ltd.(1) | 322 | 10,441 | ||||||
Daishin Securities Co. Ltd.(1) | 665 | 8,206 | ||||||
Daou Data Corp.(1) | 673 | 7,915 | ||||||
Daou Technology, Inc. | 790 | 19,079 | ||||||
Dawonsys Co. Ltd. | 551 | 9,716 | ||||||
DB Financial Investment Co. Ltd.(1) | 717 | 3,654 | ||||||
DB HiTek Co. Ltd. | 1,761 | 88,436 | ||||||
DB Insurance Co. Ltd. | 1,088 | 40,099 | ||||||
Dentium Co. Ltd.(1) | 152 | 8,273 | ||||||
DGB Financial Group, Inc. | 2,793 | 17,501 | ||||||
DL E&C Co. Ltd.(1) | 275 | 27,170 | ||||||
DL Holdings Co. Ltd. | 340 | 26,091 | ||||||
Dong-A Socio Holdings Co. Ltd. | 49 | 5,057 | ||||||
Dong-A ST Co. Ltd.(1) | 58 | 4,233 | ||||||
Dongjin Semichem Co. Ltd.(1) | 597 | 16,258 | ||||||
DongKook Pharmaceutical Co. Ltd. | 415 | 10,580 | ||||||
Dongkuk Steel Mill Co. Ltd. | 2,359 | 18,819 | ||||||
Dongsuh Cos., Inc. | 282 | 10,111 | ||||||
Dongwon Development Co. Ltd. | 641 | 2,937 | ||||||
Dongwon F&B Co. Ltd. | 41 | 7,221 | ||||||
Dongwon Industries Co. Ltd. | 40 | 9,234 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(1) | 797 | 7,495 | ||||||
Doosan Infracore Co. Ltd.(1) | 1,611 | 11,256 | ||||||
DoubleUGames Co. Ltd. | 96 | 4,723 | ||||||
Douzone Bizon Co. Ltd. | 210 | 20,521 | ||||||
E-MART, Inc. | 487 | 73,175 | ||||||
Echo Marketing, Inc. | 366 | 8,643 | ||||||
Ecopro BM Co. Ltd. | 78 | 11,223 | ||||||
Ecopro Co. Ltd. | 201 | 11,455 | ||||||
ENF Technology Co. Ltd. | 240 | 9,043 | ||||||
Eo Technics Co. Ltd.(1) | 17 | 1,526 |
41
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Eubiologics Co. Ltd.(1) | 431 | $ | 7,076 | |||||
Eugene Corp.(1) | 974 | 4,187 | ||||||
Eugene Investment & Securities Co. Ltd.(1) | 2,144 | 7,144 | ||||||
F&F Co. Ltd.(1) | 96 | 11,875 | ||||||
Feelux Co. Ltd.(1) | 311 | 1,208 | ||||||
Fila Holdings Corp. | 863 | 30,719 | ||||||
Foosung Co. Ltd.(1) | 845 | 7,564 | ||||||
Genexine, Inc.(1) | 81 | 6,930 | ||||||
GOLFZON Co. Ltd.(1) | 83 | 4,638 | ||||||
Grand Korea Leisure Co. Ltd.(1) | 242 | 3,434 | ||||||
Green Cross Corp. | 41 | 13,765 | ||||||
GS Engineering & Construction Corp. | 2,436 | 78,708 | ||||||
GS Holdings Corp. | 809 | 28,212 | ||||||
GS Home Shopping, Inc. | 51 | 6,170 | ||||||
GS Retail Co. Ltd. | 446 | 14,367 | ||||||
Halla Holdings Corp. | 152 | 5,620 | ||||||
Hana Financial Group, Inc. | 6,412 | 211,382 | ||||||
Hana Tour Service, Inc.(1) | 48 | 2,922 | ||||||
Handsome Co. Ltd. | 74 | 2,447 | ||||||
Hanil Cement Co. Ltd. | 73 | 7,533 | ||||||
Hanjin Heavy Industries & Construction Co. Ltd.(1) | 2,594 | 16,741 | ||||||
Hanjin Kal Corp.(1) | 187 | 10,084 | ||||||
Hanjin Transportation Co. Ltd.(1) | 142 | 5,339 | ||||||
Hankook Tire & Technology Co. Ltd. | 672 | 28,472 | ||||||
Hanmi Pharm Co. Ltd.(1) | 25 | 7,627 | ||||||
Hanon Systems | 2,506 | 34,385 | ||||||
Hansae Co. Ltd. | 542 | 9,914 | ||||||
Hansol Chemical Co. Ltd. | 139 | 30,157 | ||||||
Hansol Paper Co. Ltd. | 319 | 3,713 | ||||||
Hansol Technics Co. Ltd.(1) | 1,045 | 8,828 | ||||||
Hanssem Co. Ltd.(1) | 121 | 10,752 | ||||||
Hanwha Aerospace Co. Ltd.(1) | 1,438 | 47,196 | ||||||
Hanwha Corp.(1) | 1,543 | 40,151 | ||||||
Hanwha General Insurance Co. Ltd.(1) | 2,607 | 8,769 | ||||||
Hanwha Investment & Securities Co. Ltd.(1) | 2,585 | 6,388 | ||||||
Hanwha Life Insurance Co. Ltd. | 11,279 | 32,163 | ||||||
Hanwha Solutions Corp.(1) | 2,417 | 96,812 | ||||||
Hanwha Systems Co. Ltd. | 1,452 | 27,128 | ||||||
Harim Holdings Co. Ltd. | 345 | 2,654 | ||||||
HDC Holdings Co. Ltd.(1) | 769 | 7,492 | ||||||
HDC Hyundai Development Co-Engineering & Construction, E Shares | 178 | 4,241 | ||||||
Helixmith Co. Ltd.(1) | 112 | 2,399 | ||||||
Hite Jinro Co. Ltd.(1) | 419 | 12,743 | ||||||
HLB Life Science Co. Ltd.(1) | 239 | 3,863 | ||||||
HLB, Inc.(1) | 56 | 3,423 | ||||||
HMM Co. Ltd.(1) | 9,756 | 164,930 | ||||||
Hotel Shilla Co. Ltd. | 319 | 23,383 | ||||||
HS Industries Co. Ltd.(1) | 758 | 5,240 | ||||||
Huchems Fine Chemical Corp. | 426 | 8,677 | ||||||
Hugel, Inc.(1) | 45 | 6,888 |
42
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Humax Co. Ltd.(1) | 1,152 | $ | 4,445 | |||||
Huons Co. Ltd. | 118 | 5,825 | ||||||
Hyosung Advanced Materials Corp.(1) | 99 | 25,748 | ||||||
Hyosung Chemical Corp.(1) | 118 | 23,758 | ||||||
Hyosung Corp.(1) | 57 | 4,067 | ||||||
Hyosung Heavy Industries Corp.(1) | 224 | 14,420 | ||||||
Hyosung TNC Co. Ltd. | 143 | 52,900 | ||||||
Hyundai Autoever Corp. | 90 | 10,373 | ||||||
Hyundai Bioscience Co. Ltd.(1) | 161 | 7,796 | ||||||
Hyundai Construction Equipment Co. Ltd.(1) | 678 | 22,578 | ||||||
Hyundai Corp. | 337 | 5,192 | ||||||
Hyundai Department Store Co. Ltd. | 269 | 19,811 | ||||||
Hyundai Electric & Energy System Co. Ltd.(1) | 1,021 | 16,020 | ||||||
Hyundai Elevator Co. Ltd.(1) | 412 | 15,797 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 2,544 | 90,021 | ||||||
Hyundai Glovis Co. Ltd. | 328 | 56,147 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 236 | 56,802 | ||||||
Hyundai Home Shopping Network Corp. | 257 | 18,207 | ||||||
Hyundai Livart Furniture Co. Ltd. | 429 | 6,172 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 1,577 | 30,727 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(1) | 294 | 14,127 | ||||||
Hyundai Mobis Co. Ltd. | 551 | 147,918 | ||||||
Hyundai Motor Co. | 2,227 | 468,879 | ||||||
Hyundai Steel Co. | 1,267 | 44,872 | ||||||
Hyundai Wia Corp. | 339 | 23,185 | ||||||
ICD Co. Ltd. | 248 | 3,771 | ||||||
Iljin Diamond Co. Ltd.(1) | 93 | 3,669 | ||||||
Iljin Materials Co. Ltd.(1) | 112 | 7,004 | ||||||
Ilyang Pharmaceutical Co. Ltd. | 116 | 5,376 | ||||||
iMarketKorea, Inc. | 532 | 4,075 | ||||||
Industrial Bank of Korea(1) | 3,278 | 24,270 | ||||||
Innocean Worldwide, Inc. | 385 | 21,162 | ||||||
Innox Advanced Materials Co. Ltd.(1) | 164 | 6,902 | ||||||
Inscobee, Inc.(1) | 756 | 1,946 | ||||||
Insun ENT Co. Ltd.(1) | 580 | 6,431 | ||||||
Interflex Co. Ltd.(1) | 276 | 3,185 | ||||||
Interpark Corp. | 1,000 | 4,482 | ||||||
INTOPS Co. Ltd. | 746 | 20,019 | ||||||
IS Dongseo Co. Ltd.(1) | 141 | 6,727 | ||||||
JB Financial Group Co. Ltd. | 3,642 | 18,887 | ||||||
Jcontentree Corp.(1) | 279 | 11,083 | ||||||
Jeil Pharmaceutical Co. Ltd.(1) | 24 | 904 | ||||||
Jeju Air Co. Ltd.(1) | 154 | 3,198 | ||||||
Jusung Engineering Co. Ltd.(1) | 892 | 8,075 | ||||||
JW Holdings Corp. | 388 | 1,675 | ||||||
JW Pharmaceutical Corp. | 307 | 7,952 | ||||||
JYP Entertainment Corp.(1) | 645 | 20,947 | ||||||
Kakao Corp. | 274 | 118,890 | ||||||
Kangwon Land, Inc.(1) | 467 | 10,146 | ||||||
KB Financial Group, Inc., ADR(1)(2) | 9,028 | 345,953 | ||||||
KC Co. Ltd. | 241 | 5,949 |
43
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
KC Tech Co. Ltd. | 253 | $ | 5,618 | |||||
KCC Corp. | 80 | 14,194 | ||||||
KCC Glass Corp. | 16 | 629 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.(1) | 121 | 2,891 | ||||||
Kginicis Co. Ltd. | 423 | 6,877 | ||||||
Kia Motors Corp. | 4,228 | 298,708 | ||||||
KISCO Corp. | 1,358 | 9,550 | ||||||
KIWOOM Securities Co. Ltd.(1) | 404 | 46,215 | ||||||
KMW Co. Ltd.(1) | 276 | 15,226 | ||||||
Koentec Co. Ltd. | 632 | 4,903 | ||||||
Koh Young Technology, Inc.(1) | 86 | 7,907 | ||||||
Kolmar BNH Co. Ltd.(1) | 169 | 7,508 | ||||||
Kolmar Korea Co. Ltd.(1) | 104 | 5,312 | ||||||
Kolmar Korea Holdings Co. Ltd.(1) | 244 | 5,915 | ||||||
Kolon Industries, Inc. | 560 | 27,294 | ||||||
Komipharm International Co. Ltd.(1) | 185 | 1,659 | ||||||
KONA I Co. Ltd.(1) | 663 | 23,538 | ||||||
Korea Aerospace Industries Ltd.(1) | 1,920 | 56,530 | ||||||
Korea Electric Power Corp., ADR(1)(2) | 5,606 | 56,340 | ||||||
Korea Electric Terminal Co. Ltd. | 134 | 9,456 | ||||||
Korea Gas Corp.(1) | 430 | 12,187 | ||||||
Korea Investment Holdings Co. Ltd.(1) | 482 | 37,442 | ||||||
Korea Line Corp.(1) | 7,428 | 21,777 | ||||||
Korea Petrochemical Ind Co. Ltd.(1) | 128 | 41,390 | ||||||
Korea Real Estate Investment & Trust Co. Ltd. | 3,951 | 7,375 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(1) | 148 | 14,740 | ||||||
Korea United Pharm, Inc.(1) | 247 | 11,525 | ||||||
Korea Zinc Co. Ltd. | 42 | 15,074 | ||||||
Korean Air Lines Co. Ltd.(1) | 2,289 | 57,313 | ||||||
Korean Reinsurance Co. | 1,523 | 10,653 | ||||||
KT Skylife Co. Ltd. | 727 | 5,520 | ||||||
KTB Investment & Securities Co. Ltd.(1) | 1,234 | 4,465 | ||||||
Kumho Petrochemical Co. Ltd.(1) | 527 | 98,876 | ||||||
Kumho Tire Co., Inc.(1) | 3,469 | 12,255 | ||||||
Kwang Dong Pharmaceutical Co. Ltd. | 671 | 5,266 | ||||||
Kyobo Securities Co. Ltd. | 138 | 891 | ||||||
Kyung Dong Navien Co. Ltd. | 141 | 6,339 | ||||||
L&C Bio Co. Ltd. | 147 | 4,055 | ||||||
LEENO Industrial, Inc. | 117 | 16,672 | ||||||
LegoChem Biosciences, Inc.(1) | 200 | 9,542 | ||||||
LF Corp. | 400 | 5,500 | ||||||
LG Chem Ltd. | 440 | 325,020 | ||||||
LG Corp. | 805 | 67,110 | ||||||
LG Display Co. Ltd., ADR(1)(2) | 13,838 | 138,242 | ||||||
LG Electronics, Inc. | 2,300 | 298,971 | ||||||
LG Hausys Ltd. | 346 | 21,983 | ||||||
LG HelloVision Co. Ltd. | 1,238 | 4,957 | ||||||
LG Household & Health Care Ltd. | 57 | 76,756 | ||||||
LG Innotek Co. Ltd. | 397 | 70,084 | ||||||
LG International Corp. | 1,786 | 43,386 | ||||||
LG Uplus Corp. | 4,828 | 50,631 |
44
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
LIG Nex1 Co. Ltd. | 173 | $ | 5,694 | |||||
Lotte Chemical Corp. | 69 | 19,457 | ||||||
Lotte Chilsung Beverage Co. Ltd.(1) | 28 | 2,852 | ||||||
Lotte Corp. | 231 | 6,894 | ||||||
LOTTE Fine Chemical Co. Ltd. | 516 | 24,503 | ||||||
LOTTE Himart Co. Ltd. | 116 | 3,865 | ||||||
Lotte Shopping Co. Ltd. | 119 | 12,643 | ||||||
Lotte Tour Development Co. Ltd.(1) | 388 | 7,602 | ||||||
LS Corp. | 943 | 58,430 | ||||||
LS Electric Co. Ltd. | 313 | 15,960 | ||||||
Lutronic Corp.(1) | 373 | 3,037 | ||||||
LVMC Holdings(1) | 986 | 3,603 | ||||||
Maeil Dairies Co. Ltd.(1) | 91 | 5,790 | ||||||
Mando Corp.(1) | 1,598 | 88,720 | ||||||
Mcnex Co. Ltd. | 325 | 15,721 | ||||||
MedPacto, Inc.(1) | 98 | 7,567 | ||||||
MegaStudyEdu Co. Ltd.(1) | 209 | 9,914 | ||||||
Meritz Financial Group, Inc. | 1,148 | 12,496 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 1,749 | 25,055 | ||||||
Meritz Securities Co. Ltd. | 8,523 | 28,453 | ||||||
Mirae Asset Daewoo Co. Ltd. | 3,236 | 26,813 | ||||||
Mirae Asset Life Insurance Co. Ltd. | 2,237 | 7,963 | ||||||
NAVER Corp. | 611 | 203,747 | ||||||
NCSoft Corp. | 141 | 117,249 | ||||||
Neowiz(1) | 283 | 5,588 | ||||||
NEPES Corp.(1) | 356 | 12,538 | ||||||
Netmarble Corp. | 101 | 11,091 | ||||||
Nexen Tire Corp.(1) | 1,242 | 9,333 | ||||||
NH Investment & Securities Co. Ltd.(1) | 2,909 | 28,067 | ||||||
NHN Corp.(1) | 94 | 5,780 | ||||||
NHN KCP Corp.(1) | 328 | 13,537 | ||||||
NICE Holdings Co. Ltd.(1) | 459 | 6,920 | ||||||
NICE Information Service Co. Ltd.(1) | 536 | 10,457 | ||||||
NongShim Co. Ltd. | 22 | 5,383 | ||||||
OCI Co. Ltd.(1) | 255 | 28,336 | ||||||
OptoElectronics Solutions Co. Ltd. | 81 | 3,316 | ||||||
Orion Corp./Republic of Korea | 201 | 22,969 | ||||||
Orion Holdings Corp. | 171 | 2,092 | ||||||
Osstem Implant Co. Ltd. | 308 | 19,889 | ||||||
Ottogi Corp. | 20 | 9,970 | ||||||
Pan Ocean Co. Ltd. | 4,829 | 24,567 | ||||||
Paradise Co. Ltd.(1) | 437 | 6,784 | ||||||
Partron Co. Ltd. | 1,065 | 10,582 | ||||||
Pearl Abyss Corp.(1) | 90 | 23,171 | ||||||
PI Advanced Materials Co. Ltd.(1) | 430 | 16,330 | ||||||
Poongsan Corp. | 487 | 15,849 | ||||||
POSCO, ADR(2) | 6,565 | 401,122 | ||||||
POSCO Chemical Co. Ltd. | 184 | 25,784 | ||||||
Posco International Corp. | 1,528 | 30,387 | ||||||
Pulmuone Co. Ltd. | 627 | 9,373 | ||||||
S&T Motiv Co. Ltd. | 362 | 20,153 |
45
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
S-1 Corp. | 175 | $ | 12,929 | |||||
S-Oil Corp.(1) | 962 | 72,740 | ||||||
Samchully Co. Ltd.(1) | 65 | 4,859 | ||||||
Samjin Pharmaceutical Co. Ltd. | 249 | 5,650 | ||||||
Samsung Biologics Co. Ltd.(1) | 49 | 32,688 | ||||||
Samsung C&T Corp. | 669 | 72,293 | ||||||
Samsung Card Co. Ltd. | 448 | 13,129 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 1,450 | 243,740 | ||||||
Samsung Electronics Co. Ltd., GDR | 1,816 | 3,354,571 | ||||||
Samsung Engineering Co. Ltd.(1) | 5,201 | 59,523 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 648 | 99,724 | ||||||
Samsung Heavy Industries Co. Ltd.(1) | 3,345 | 19,525 | ||||||
Samsung Life Insurance Co. Ltd. | 734 | 48,887 | ||||||
Samsung Pharmaceutical Co. Ltd.(1) | 723 | 4,630 | ||||||
Samsung SDI Co. Ltd. | 270 | 161,815 | ||||||
Samsung SDS Co. Ltd. | 237 | 40,983 | ||||||
Samsung Securities Co. Ltd. | 847 | 27,546 | ||||||
Samwha Capacitor Co. Ltd. | 200 | 12,047 | ||||||
Samyang Foods Co. Ltd. | 51 | 3,947 | ||||||
Sangsangin Co. Ltd.(1) | 878 | 4,827 | ||||||
Seah Besteel Corp. | 93 | 1,214 | ||||||
Sebang Global Battery Co. Ltd. | 158 | 12,638 | ||||||
Seegene, Inc. | 214 | 23,707 | ||||||
Seobu T&D | 496 | 3,363 | ||||||
Seoul Semiconductor Co. Ltd. | 725 | 12,728 | ||||||
SFA Engineering Corp. | 105 | 3,957 | ||||||
SFA Semicon Co. Ltd.(1) | 2,124 | 16,364 | ||||||
Shin Poong Pharmaceutical Co. Ltd. | 78 | 5,803 | ||||||
Shinhan Financial Group Co. Ltd., ADR(1) | 4,840 | 140,215 | ||||||
Shinsegae International, Inc. | 26 | 4,415 | ||||||
Shinsegae, Inc. | 121 | 29,001 | ||||||
Shinsung E&G Co. Ltd.(1) | 2,421 | 6,611 | ||||||
Silicon Works Co. Ltd. | 162 | 9,249 | ||||||
SIMMTECH Co. Ltd. | 933 | 19,714 | ||||||
SK Chemicals Co. Ltd. | 169 | 56,529 | ||||||
SK D&D Co. Ltd. | 398 | 12,361 | ||||||
SK Discovery Co. Ltd. | 345 | 20,026 | ||||||
SK Gas Ltd. | 126 | 10,245 | ||||||
SK Holdings Co. Ltd. | 387 | 90,135 | ||||||
SK Hynix, Inc. | 5,751 | 723,242 | ||||||
SK Innovation Co. Ltd.(1) | 436 | 101,034 | ||||||
SK Materials Co. Ltd. | 73 | 19,879 | ||||||
SK Networks Co. Ltd. | 5,413 | 26,784 | ||||||
SK Securities Co. Ltd.(1) | 8,304 | 6,101 | ||||||
SK Telecom Co. Ltd., ADR | 6,901 | 166,176 | ||||||
SKC Co. Ltd. | 96 | 10,029 | ||||||
SL Corp.(1) | 252 | 5,314 | ||||||
SM Entertainment Co. Ltd.(1) | 126 | 3,369 | ||||||
Songwon Industrial Co. Ltd. | 612 | 9,991 | ||||||
Soulbrain Co. Ltd. | 82 | 22,560 | ||||||
Soulbrain Holdings Co., Ltd.(1) | 101 | 3,941 |
46
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Studio Dragon Corp.(1) | 147 | $ | 12,549 | |||||
Taeyoung Engineering & Construction Co. Ltd. | 1,144 | 12,038 | ||||||
TES Co. Ltd. | 187 | 5,138 | ||||||
Tesna, Inc. | 498 | 21,771 | ||||||
Tokai Carbon Korea Co. Ltd. | 90 | 12,105 | ||||||
Tongyang Life Insurance Co. Ltd. | 1,989 | 7,280 | ||||||
Tongyang, Inc.(1) | 3,527 | 3,900 | ||||||
Toptec Co. Ltd. | 247 | 2,756 | ||||||
TY Holdings Co. Ltd.(1) | 394 | 8,574 | ||||||
Unid Co. Ltd. | 250 | 13,847 | ||||||
UniTest, Inc.(1) | 329 | 7,081 | ||||||
Value Added Technology Co. Ltd.(1) | 38 | 887 | ||||||
Vieworks Co. Ltd. | 33 | 929 | ||||||
Webzen, Inc.(1) | 493 | 15,769 | ||||||
Winix, Inc. | 383 | 8,587 | ||||||
WiSoL Co. Ltd.(1) | 935 | 11,326 | ||||||
Wonik Holdings Co. Ltd.(1) | 908 | 4,968 | ||||||
WONIK IPS Co. Ltd. | 1,149 | 50,840 | ||||||
Wonik Materials Co. Ltd. | 174 | 5,346 | ||||||
Woongjin Thinkbig Co. Ltd. | 2,317 | 5,253 | ||||||
Woori Financial Group, Inc.(1) | 6,926 | 59,142 | ||||||
Youngone Corp.(1) | 492 | 18,389 | ||||||
Youngone Holdings Co. Ltd.(1) | 191 | 6,934 | ||||||
Yuanta Securities Korea Co. Ltd.(1) | 1,036 | 2,808 | ||||||
Yuhan Corp. | 300 | 16,566 | ||||||
Zinus, Inc. | 74 | 6,138 | ||||||
13,957,269 | ||||||||
Taiwan — 15.4% | ||||||||
A-DATA Technology Co. Ltd. | 9,000 | 27,943 | ||||||
Ability Enterprise Co. Ltd. | 2,000 | 1,085 | ||||||
AcBel Polytech, Inc. | 14,000 | 14,740 | ||||||
Accton Technology Corp. | 1,000 | 9,422 | ||||||
Ace Pillar Co. Ltd. | 2,000 | 1,984 | ||||||
Acer, Inc. | 84,000 | 81,033 | ||||||
ACES Electronic Co. Ltd. | 2,000 | 3,365 | ||||||
Acter Group Corp. Ltd. | 1,000 | 7,151 | ||||||
Advanced International Multitech Co. Ltd. | 1,000 | 2,013 | ||||||
Advanced Power Electronics Corp. | 3,000 | 5,559 | ||||||
Advantech Co. Ltd. | 1,099 | 14,334 | ||||||
AGV Products Corp.(1) | 14,000 | 4,456 | ||||||
Airmate Cayman International Co. Ltd. | 1,020 | 960 | ||||||
Airtac International Group | 1,000 | 34,911 | ||||||
Alchip Technologies Ltd. | 2,000 | 63,901 | ||||||
Allis Electric Co. Ltd. | 2,100 | 1,839 | ||||||
Alltek Technology Corp. | 2,000 | 1,747 | ||||||
Alltop Technology Co. Ltd. | 2,000 | 7,477 | ||||||
Alpha Networks, Inc. | 5,773 | 7,284 | ||||||
Altek Corp. | 7,000 | 8,929 | ||||||
Ampire Co. Ltd. | 2,000 | 1,606 | ||||||
AMPOC Far-East Co. Ltd. | 2,000 | 2,530 | ||||||
AmTRAN Technology Co. Ltd.(1) | 3,000 | 1,278 |
47
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Anpec Electronics Corp. | 3,000 | $ | 10,320 | |||||
Apacer Technology, Inc.(1) | 1,000 | 1,506 | ||||||
APAQ Technology Co. Ltd. | 3,000 | 6,333 | ||||||
APCB, Inc. | 2,000 | 1,557 | ||||||
Apex International Co. Ltd. | 4,000 | 10,242 | ||||||
Arcadyan Technology Corp. | 4,000 | 13,631 | ||||||
Ardentec Corp. | 17,000 | 28,085 | ||||||
Argosy Research, Inc. | 2,155 | 9,983 | ||||||
ASE Technology Holding Co. Ltd., ADR | 31,063 | 235,147 | ||||||
Asia Cement Corp. | 38,000 | 58,175 | ||||||
Asia Optical Co., Inc. | 2,000 | 6,617 | ||||||
Asia Pacific Telecom Co. Ltd.(1) | 2,621 | 917 | ||||||
Asia Polymer Corp. | 10,150 | 8,227 | ||||||
Asia Vital Components Co. Ltd. | 11,000 | 26,200 | ||||||
ASROCK, Inc. | 2,000 | 11,229 | ||||||
Asustek Computer, Inc. | 7,000 | 76,349 | ||||||
Aten International Co. Ltd. | 2,000 | 6,311 | ||||||
AU Optronics Corp.(1) | 221,800 | 151,088 | ||||||
Audix Corp. | 1,000 | 1,675 | ||||||
AURAS Technology Co. Ltd. | 3,000 | 23,731 | ||||||
AVY Precision Technology, Inc. | 1,020 | 978 | ||||||
Bank of Kaohsiung Co. Ltd. | 4,180 | 1,481 | ||||||
Basso Industry Corp. | 3,000 | 4,988 | ||||||
BenQ Materials Corp. | 2,000 | 2,197 | ||||||
BES Engineering Corp. | 48,000 | 15,655 | ||||||
Bin Chuan Enterprise Co. Ltd. | 2,000 | 2,190 | ||||||
Brighton-Best International Taiwan, Inc.(1) | 1,000 | 988 | ||||||
C Sun Manufacturing Ltd. | 4,000 | 6,578 | ||||||
Capital Securities Corp. | 40,000 | 20,235 | ||||||
Career Technology MFG. Co. Ltd. | 8,020 | 10,325 | ||||||
Catcher Technology Co. Ltd. | 17,000 | 117,101 | ||||||
Cathay Financial Holding Co. Ltd. | 73,000 | 110,071 | ||||||
Cayman Engley Industrial Co. Ltd. | 2,000 | 7,270 | ||||||
Celxpert Energy Corp. | 3,000 | 5,502 | ||||||
Central Reinsurance Co. Ltd. | 2,000 | 1,646 | ||||||
Chailease Holding Co. Ltd. | 1,040 | 6,430 | ||||||
Chain Chon Industrial Co. Ltd.(1) | 9,000 | 6,284 | ||||||
ChainQui Construction Development Co. Ltd. | 2,200 | 1,362 | ||||||
Chang Hwa Commercial Bank Ltd. | 7,280 | 4,455 | ||||||
Chang Wah Electromaterials, Inc. | 10,000 | 15,091 | ||||||
Chang Wah Technology Co. Ltd. | 1,000 | 2,455 | ||||||
Channel Well Technology Co. Ltd. | 2,000 | 4,101 | ||||||
Charoen Pokphand Enterprise | 3,000 | 7,808 | ||||||
CHC Healthcare Group | 1,000 | 1,322 | ||||||
Chenbro Micom Co. Ltd. | 2,000 | 5,992 | ||||||
Cheng Loong Corp. | 23,000 | 25,928 | ||||||
Cheng Mei Materials Technology Corp.(1) | 27,000 | 11,173 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 47,000 | 72,894 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 15,000 | 25,266 | ||||||
Chia Chang Co. Ltd. | 5,000 | 6,935 | ||||||
Chia Hsin Cement Corp. | 2,000 | 1,265 |
48
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Chicony Electronics Co. Ltd. | 13,000 | $ | 43,916 | |||||
Chicony Power Technology Co. Ltd. | 4,000 | 11,374 | ||||||
Chilisin Electronics Corp. | 6,000 | 24,184 | ||||||
Chin-Poon Industrial Co. Ltd. | 13,000 | 15,880 | ||||||
China Airlines Ltd.(1) | 45,000 | 22,689 | ||||||
China Bills Finance Corp. | 12,000 | 6,483 | ||||||
China Chemical & Pharmaceutical Co. Ltd. | 2,000 | 1,635 | ||||||
China Development Financial Holding Corp. | 279,000 | 93,238 | ||||||
China Fineblanking Technology Co. Ltd. | 3,000 | 4,853 | ||||||
China General Plastics Corp. | 9,100 | 9,675 | ||||||
China Life Insurance Co. Ltd. | 54,520 | 44,418 | ||||||
China Man-Made Fiber Corp.(1) | 25,000 | 8,851 | ||||||
China Metal Products | 1,000 | 1,150 | ||||||
China Motor Corp.(1) | 8,000 | 13,853 | ||||||
China Petrochemical Development Corp. | 65,000 | 25,129 | ||||||
China Steel Chemical Corp.(1) | 2,000 | 7,434 | ||||||
China Steel Corp. | 151,000 | 134,139 | ||||||
Chinese Maritime Transport Ltd. | 1,000 | 1,201 | ||||||
Ching Feng Home Fashions Co. Ltd. | 1,000 | 1,005 | ||||||
Chipbond Technology Corp. | 23,000 | 61,353 | ||||||
ChipMOS Technologies, Inc. | 20,000 | 27,163 | ||||||
Chlitina Holding Ltd. | 1,000 | 8,019 | ||||||
Chong Hong Construction Co. Ltd. | 2,000 | 5,890 | ||||||
Chroma ATE, Inc. | 1,000 | 7,375 | ||||||
Chung Hung Steel Corp.(1) | 24,000 | 15,083 | ||||||
Chung Hwa Pulp Corp.(1) | 19,000 | 8,146 | ||||||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 9,000 | 16,206 | ||||||
Chunghwa Telecom Co. Ltd., ADR(2) | 4,465 | 175,966 | ||||||
Cleanaway Co. Ltd. | 2,000 | 11,639 | ||||||
Clevo Co.(1) | 8,000 | 8,637 | ||||||
CMC Magnetics Corp. | 38,000 | 11,273 | ||||||
Co-Tech Development Corp. | 1,000 | 2,138 | ||||||
Compal Electronics, Inc. | 138,000 | 110,114 | ||||||
Compeq Manufacturing Co. Ltd. | 22,000 | 34,801 | ||||||
Concord Securities Co. Ltd. | 4,028 | 2,187 | ||||||
Continental Holdings Corp. | 16,000 | 12,628 | ||||||
Coremax Corp. | 3,272 | 8,626 | ||||||
Coretronic Corp. | 12,000 | 20,739 | ||||||
Creative Sensor, Inc. | 2,000 | 1,438 | ||||||
CTBC Financial Holding Co. Ltd. | 153,000 | 109,982 | ||||||
CTCI Corp. | 3,000 | 3,934 | ||||||
CviLux Corp. | 4,000 | 5,545 | ||||||
Cyberlink Corp. | 2,000 | 7,393 | ||||||
CyberTAN Technology, Inc. | 13,000 | 9,153 | ||||||
DA CIN Construction Co. Ltd. | 6,000 | 5,637 | ||||||
Darfon Electronics Corp. | 6,000 | 9,740 | ||||||
Delta Electronics, Inc. | 10,000 | 101,017 | ||||||
Depo Auto Parts Ind Co. Ltd. | 3,000 | 6,514 | ||||||
Dimerco Express Corp. | 5,000 | 11,616 | ||||||
Dyaco International, Inc. | 1,000 | 3,785 | ||||||
Dynamic Electronics Co. Ltd.(1) | 14,274 | 9,749 |
49
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Dynapack International Technology Corp. | 3,000 | $ | 11,755 | |||||
E Ink Holdings, Inc. | 1,000 | 1,819 | ||||||
E-LIFE MALL Corp. | 1,000 | 2,741 | ||||||
E.Sun Financial Holding Co. Ltd. | 53,789 | 48,822 | ||||||
Eastern Media International Corp. | 15,000 | 9,043 | ||||||
Eclat Textile Co. Ltd. | 1,000 | 15,440 | ||||||
Edom Technology Co. Ltd. | 2,000 | 1,744 | ||||||
eGalax_eMPIA Technology, Inc. | 2,000 | 4,810 | ||||||
Egis Technology, Inc. | 2,000 | 11,101 | ||||||
Elan Microelectronics Corp. | 8,000 | 49,564 | ||||||
Elite Advanced Laser Corp. | 3,000 | 6,768 | ||||||
Elite Material Co. Ltd. | 5,000 | 30,313 | ||||||
Elite Semiconductor Microelectronics Technology, Inc. | 5,000 | 16,492 | ||||||
Elitegroup Computer Systems Co. Ltd.(1) | 11,000 | 12,060 | ||||||
ENNOSTAR, Inc.(1) | 5,325 | 16,404 | ||||||
Eson Precision Ind Co. Ltd. | 1,000 | 2,362 | ||||||
Eternal Materials Co. Ltd. | 18,000 | 23,299 | ||||||
Eva Airways Corp. | 24,000 | 13,637 | ||||||
Evergreen International Storage & Transport Corp. | 13,000 | 7,953 | ||||||
Evergreen Marine Corp. Taiwan Ltd.(1) | 84,000 | 115,129 | ||||||
Everlight Chemical Industrial Corp. | 11,000 | 6,621 | ||||||
Everlight Electronics Co. Ltd. | 17,000 | 26,809 | ||||||
Excellence Opto, Inc. | 2,000 | 2,282 | ||||||
Excelsior Medical Co. Ltd. | 3,000 | 5,988 | ||||||
Far Eastern Department Stores Ltd. | 15,000 | 12,302 | ||||||
Far Eastern International Bank | 38,742 | 14,813 | ||||||
Far Eastern New Century Corp. | 65,000 | 67,695 | ||||||
Far EasTone Telecommunications Co. Ltd. | 26,000 | 57,681 | ||||||
Farglory F T Z Investment Holding Co. Ltd. | 2,000 | 2,014 | ||||||
Farglory Land Development Co. Ltd. | 2,000 | 3,848 | ||||||
Federal Corp.(1) | 9,000 | 5,571 | ||||||
Feng Hsin Steel Co. Ltd. | 12,000 | 30,454 | ||||||
Feng TAY Enterprise Co. Ltd. | 1,200 | 8,041 | ||||||
Firich Enterprises Co. Ltd. | 9,000 | 9,782 | ||||||
First Financial Holding Co. Ltd. | 36,050 | 27,000 | ||||||
First Hi-Tec Enterprise Co. Ltd. | 4,000 | 9,022 | ||||||
First Steamship Co. Ltd. | 16,350 | 5,938 | ||||||
Fitipower Integrated Technology, Inc. | 5,000 | 38,467 | ||||||
FLEXium Interconnect, Inc. | 7,000 | 31,633 | ||||||
Flytech Technology Co. Ltd. | 2,000 | 4,372 | ||||||
FocalTech Systems Co. Ltd.(1) | 4,900 | 17,621 | ||||||
Forcecon Tech Co. Ltd. | 3,284 | 13,256 | ||||||
Formosa Advanced Technologies Co. Ltd. | 5,000 | 6,831 | ||||||
Formosa Chemicals & Fibre Corp. | 7,000 | 21,643 | ||||||
Formosa International Hotels Corp. | 1,000 | 5,394 | ||||||
Formosa Optical Technology Co. Ltd. | 1,000 | 2,118 | ||||||
Formosa Petrochemical Corp. | 4,000 | 14,445 | ||||||
Formosa Plastics Corp. | 11,000 | 38,558 | ||||||
Formosa Sumco Technology Corp. | 2,000 | 10,762 | ||||||
Formosa Taffeta Co. Ltd. | 15,000 | 16,366 | ||||||
Formosan Rubber Group, Inc. | 2,000 | 1,734 |
50
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Formosan Union Chemical | 11,000 | $ | 5,745 | |||||
Fortune Electric Co. Ltd. | 10,000 | 15,764 | ||||||
Founding Construction & Development Co. Ltd. | 2,000 | 1,170 | ||||||
Foxconn Technology Co. Ltd. | 29,000 | 73,050 | ||||||
Foxsemicon Integrated Technology, Inc. | 2,000 | 17,393 | ||||||
FSP Technology, Inc. | 5,000 | 8,717 | ||||||
Fubon Financial Holding Co. Ltd. | 78,000 | 140,039 | ||||||
Fulgent Sun International Holding Co. Ltd. | 3,042 | 12,333 | ||||||
Full Wang International Development Co. Ltd.(1) | 2,000 | 1,592 | ||||||
Fulltech Fiber Glass Corp.(1) | 14,000 | 7,782 | ||||||
Fusheng Precision Co. Ltd. | 2,000 | 14,529 | ||||||
G Shank Enterprise Co. Ltd. | 2,000 | 2,218 | ||||||
Gamania Digital Entertainment Co. Ltd. | 4,000 | 9,057 | ||||||
Gemtek Technology Corp.(1) | 8,000 | 8,898 | ||||||
General Interface Solution Holding Ltd. | 5,000 | 20,048 | ||||||
Genesys Logic, Inc. | 1,000 | 2,475 | ||||||
Genius Electronic Optical Co. Ltd. | 1,000 | 17,765 | ||||||
Getac Technology Corp. | 12,000 | 24,538 | ||||||
Giant Manufacturing Co. Ltd. | 6,000 | 60,642 | ||||||
Gigabyte Technology Co. Ltd. | 10,000 | 31,315 | ||||||
Ginko International Co. Ltd. | 2,100 | 10,682 | ||||||
Global Brands Manufacture Ltd. | 10,000 | 10,076 | ||||||
Global Lighting Technologies, Inc. | 2,000 | 7,371 | ||||||
Global Mixed Mode Technology, Inc. | 2,000 | 14,120 | ||||||
Global Unichip Corp. | 3,000 | 48,632 | ||||||
Globalwafers Co. Ltd. | 2,000 | 53,367 | ||||||
Globe Union Industrial Corp. | 2,000 | 1,145 | ||||||
Gloria Material Technology Corp. | 2,000 | 1,233 | ||||||
Gold Circuit Electronics Ltd.(1) | 10,000 | 19,513 | ||||||
Goldsun Building Materials Co. Ltd. | 24,990 | 22,121 | ||||||
Gourmet Master Co. Ltd. | 3,000 | 16,666 | ||||||
Grand Pacific Petrochemical(1) | 31,000 | 26,601 | ||||||
Grape King Bio Ltd. | 2,000 | 13,029 | ||||||
Great Wall Enterprise Co. Ltd. | 16,000 | 28,752 | ||||||
Greatek Electronics, Inc. | 10,000 | 25,579 | ||||||
GTM Holdings Corp. | 2,000 | 1,692 | ||||||
Hai Kwang Enterprise Corp.(1) | 7,000 | 4,660 | ||||||
Hannstar Board Corp. | 5,301 | 8,812 | ||||||
HannStar Display Corp.(1) | 88,000 | 42,130 | ||||||
HannsTouch Solution, Inc. | 22,000 | 8,268 | ||||||
Heran Co. Ltd. | 2,000 | 10,132 | ||||||
Highlight Tech Corp. | 2,000 | 3,135 | ||||||
Highwealth Construction Corp. | 1,100 | 1,786 | ||||||
Hiroca Holdings Ltd. | 1,000 | 2,335 | ||||||
Hitron Technology, Inc. | 7,000 | 5,917 | ||||||
Hiwin Technologies Corp. | 1,061 | 15,271 | ||||||
Ho Tung Chemical Corp.(1) | 45,000 | 15,274 | ||||||
Holiday Entertainment Co. Ltd. | 1,000 | 2,327 | ||||||
Holtek Semiconductor, Inc. | 7,000 | 22,063 | ||||||
Holy Stone Enterprise Co. Ltd. | 3,000 | 12,901 | ||||||
Hon Hai Precision Industry Co. Ltd. | 79,000 | 318,658 |
51
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Hong Pu Real Estate Development Co. Ltd. | 2,000 | $ | 1,619 | |||||
Hong YI Fiber Industry Co. | 2,000 | 1,261 | ||||||
Horizon Securities Co. Ltd. | 9,000 | 3,697 | ||||||
Hota Industrial Manufacturing Co. Ltd. | 2,147 | 8,968 | ||||||
Hotai Finance Co. Ltd. | 2,000 | 5,758 | ||||||
Hotai Motor Co. Ltd. | 1,000 | 21,210 | ||||||
Hotron Precision Electronic Industrial Co. Ltd. | 3,000 | 8,079 | ||||||
Hsing TA Cement Co. | 2,000 | 1,412 | ||||||
HTC Corp.(1) | 9,000 | 9,382 | ||||||
Hu Lane Associate, Inc. | 4,025 | 16,515 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 26,400 | 17,212 | ||||||
Huaku Development Co. Ltd. | 6,000 | 18,953 | ||||||
Huang Hsiang Construction Corp. | 1,000 | 1,308 | ||||||
Hung Ching Development & Construction Co. Ltd. | 2,000 | 1,452 | ||||||
Hung Sheng Construction Ltd. | 1,920 | 1,292 | ||||||
Hycon Technology Corp. | 2,000 | 8,000 | ||||||
I-Sheng Electric Wire & Cable Co. Ltd. | 1,000 | 1,571 | ||||||
IBF Financial Holdings Co. Ltd. | 47,426 | 23,707 | ||||||
Ichia Technologies, Inc. | 16,000 | 10,187 | ||||||
IEI Integration Corp. | 3,000 | 5,652 | ||||||
Innodisk Corp. | 2,020 | 11,867 | ||||||
Innolux Corp.(1) | 279,000 | 170,834 | ||||||
Inpaq Technology Co. Ltd. | 1,000 | 2,562 | ||||||
Integrated Service Technology, Inc. | 5,000 | 9,381 | ||||||
International CSRC Investment Holdings Co. | 14,000 | 13,298 | ||||||
International Games System Co. Ltd. | 1,000 | 29,810 | ||||||
Inventec Corp. | 31,000 | 27,615 | ||||||
ITE Technology, Inc. | 4,000 | 13,053 | ||||||
ITEQ Corp. | 8,000 | 41,335 | ||||||
Jentech Precision Industrial Co. Ltd. | 1,000 | 11,558 | ||||||
Jess-Link Products Co. Ltd. | 4,000 | 5,621 | ||||||
Jih Lin Technology Co. Ltd. | 2,000 | 5,205 | ||||||
Jih Sun Financial Holdings Co. Ltd. | 19,310 | 8,740 | ||||||
K Laser Technology, Inc.(1) | 2,000 | 1,320 | ||||||
Kaimei Electronic Corp. | 5,000 | 23,474 | ||||||
Kenda Rubber Industrial Co. Ltd. | 17,040 | 21,750 | ||||||
Kenmec Mechanical Engineering Co. Ltd. | 2,000 | 1,867 | ||||||
Kindom Development Co. Ltd. | 6,000 | 7,781 | ||||||
King Yuan Electronics Co. Ltd. | 31,000 | 44,424 | ||||||
King's Town Bank Co. Ltd. | 18,000 | 25,323 | ||||||
Kinik Co. | 4,000 | 9,928 | ||||||
Kinpo Electronics | 22,000 | 10,179 | ||||||
Kinsus Interconnect Technology Corp. | 10,000 | 34,567 | ||||||
KNH Enterprise Co. Ltd.(1) | 4,000 | 4,916 | ||||||
KS Terminals, Inc. | 1,000 | 1,997 | ||||||
Kung Long Batteries Industrial Co. Ltd. | 2,000 | 10,230 | ||||||
Kung Sing Engineering Corp.(1) | 4,000 | 1,450 | ||||||
Kuo Toong International Co. Ltd. | 7,000 | 8,310 | ||||||
Kuoyang Construction Co. Ltd. | 4,545 | 6,119 | ||||||
L&K Engineering Co. Ltd. | 5,000 | 5,590 | ||||||
Lanner Electronics, Inc. | 3,000 | 7,159 |
52
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Largan Precision Co. Ltd. | 1,000 | $ | 118,210 | |||||
Lealea Enterprise Co. Ltd.(1) | 23,000 | 9,902 | ||||||
Lelon Electronics Corp. | 2,000 | 5,903 | ||||||
Lemtech Holdings Co. Ltd. | 2,000 | 10,862 | ||||||
Li Peng Enterprise Co. Ltd.(1) | 22,000 | 7,302 | ||||||
Lien Hwa Industrial Holdings Corp. | 1,160 | 1,758 | ||||||
Lingsen Precision Industries Ltd.(1) | 15,000 | 8,671 | ||||||
Lite-On Technology Corp. | 55,000 | 117,521 | ||||||
Long Da Construction & Development Corp. | 2,000 | 1,293 | ||||||
Longchen Paper & Packaging Co. Ltd. | 15,591 | 13,778 | ||||||
Longwell Co. | 1,000 | 2,031 | ||||||
Lotes Co. Ltd. | 2,000 | 37,344 | ||||||
Lumax International Corp. Ltd. | 1,000 | 2,519 | ||||||
Lung Yen Life Service Corp. | 3,000 | 5,592 | ||||||
Macauto Industrial Co. Ltd. | 2,000 | 6,479 | ||||||
Macronix International | 56,000 | 95,223 | ||||||
Makalot Industrial Co. Ltd. | 2,000 | 14,618 | ||||||
Marketech International Corp. | 3,000 | 12,377 | ||||||
Mechema Chemicals International Corp. | 2,000 | 4,829 | ||||||
MediaTek, Inc. | 7,000 | 226,193 | ||||||
Mega Financial Holding Co. Ltd. | 37,000 | 38,770 | ||||||
Meiloon Industrial Co. | 2,000 | 2,155 | ||||||
Mercuries & Associates Holding Ltd. | 10,400 | 7,751 | ||||||
Mercuries Life Insurance Co. Ltd.(1) | 21,000 | 6,336 | ||||||
Merry Electronics Co. Ltd. | 4,000 | 19,665 | ||||||
Micro-Star International Co. Ltd. | 12,000 | 64,424 | ||||||
Microbio Co. Ltd.(1) | 2,000 | 5,188 | ||||||
Mitac Holdings Corp. | 7,840 | 8,722 | ||||||
Mobiletron Electronics Co. Ltd. | 1,000 | 2,571 | ||||||
MOSA Industrial Corp. | 8,000 | 10,986 | ||||||
Motech Industries, Inc.(1) | 12,000 | 13,730 | ||||||
MPI Corp. | 2,000 | 8,462 | ||||||
Namchow Holdings Co. Ltd. | 5,000 | 8,291 | ||||||
Nan Liu Enterprise Co. Ltd. | 1,000 | 6,114 | ||||||
Nan Pao Resins Chemical Co. Ltd. | 1,000 | 5,822 | ||||||
Nan Ren Lake Leisure Amusement Co. Ltd. | 2,000 | 808 | ||||||
Nan Ya Plastics Corp. | 8,000 | 20,908 | ||||||
Nan Ya Printed Circuit Board Corp.(1) | 4,000 | 43,126 | ||||||
Nantex Industry Co. Ltd. | 5,000 | 11,535 | ||||||
Nanya Technology Corp. | 25,000 | 86,974 | ||||||
Nichidenbo Corp. | 7,000 | 13,318 | ||||||
Nien Made Enterprise Co. Ltd. | 4,000 | 56,067 | ||||||
Nishoku Technology, Inc. | 2,000 | 9,615 | ||||||
Novatek Microelectronics Corp. | 2,000 | 34,185 | ||||||
O-Bank Co. Ltd. | 21,000 | 5,177 | ||||||
O-TA Precision Industry Co. Ltd. | 3,000 | 8,998 | ||||||
OptoTech Corp.(1) | 15,000 | 13,615 | ||||||
Orient Semiconductor Electronics Ltd. | 18,000 | 11,561 | ||||||
Oriental Union Chemical Corp. | 2,000 | 1,521 | ||||||
Pan Jit International, Inc. | 9,000 | 17,429 | ||||||
Pan-International Industrial Corp. | 21,000 | 32,246 |
53
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Parade Technologies Ltd. | 1,000 | $ | 42,713 | |||||
PChome Online, Inc. | 3,000 | 8,861 | ||||||
Pegatron Corp. | 27,000 | 72,288 | ||||||
Pegavision Corp. | 2,000 | 19,569 | ||||||
PharmaEngine, Inc. | 3,000 | 8,195 | ||||||
Phihong Technology Co. Ltd.(1) | 14,000 | 8,993 | ||||||
Phison Electronics Corp. | 4,000 | 66,235 | ||||||
Plotech Co. Ltd. | 2,000 | 2,415 | ||||||
Pou Chen Corp. | 60,000 | 65,358 | ||||||
Powertech Technology, Inc. | 20,000 | 71,757 | ||||||
Poya International Co. Ltd. | 1,000 | 22,499 | ||||||
President Chain Store Corp. | 6,000 | 56,559 | ||||||
President Securities Corp. | 20,280 | 15,026 | ||||||
Primax Electronics Ltd. | 16,000 | 35,123 | ||||||
Prince Housing & Development Corp. | 29,000 | 11,969 | ||||||
Promate Electronic Co. Ltd. | 1,000 | 1,307 | ||||||
Prosperity Dielectrics Co. Ltd. | 3,000 | 7,234 | ||||||
Qisda Corp. | 59,000 | 64,803 | ||||||
Qualipoly Chemical Corp. | 4,000 | 4,572 | ||||||
Quang Viet Enterprise Co. Ltd. | 1,000 | 4,075 | ||||||
Quanta Computer, Inc. | 51,000 | 155,881 | ||||||
Quanta Storage, Inc. | 5,000 | 7,251 | ||||||
Radiant Opto-Electronics Corp. | 3,000 | 12,887 | ||||||
Radium Life Tech Co. Ltd. | 2,000 | 797 | ||||||
Realtek Semiconductor Corp. | 11,000 | 182,388 | ||||||
Rechi Precision Co. Ltd. | 12,000 | 8,956 | ||||||
Rexon Industrial Corp. Ltd. | 4,000 | 11,682 | ||||||
Rich Development Co. Ltd. | 6,000 | 2,285 | ||||||
Ritek Corp.(1) | 16,000 | 6,012 | ||||||
Roo Hsing Co. Ltd.(1) | 3,000 | 1,069 | ||||||
Ruentex Development Co. Ltd. | 22,000 | 32,964 | ||||||
Ruentex Engineering & Construction Co. | 2,000 | 6,002 | ||||||
Ruentex Industries Ltd. | 8,000 | 21,532 | ||||||
Ruentex Materials Co. Ltd. | 1,000 | 1,283 | ||||||
Sampo Corp. | 9,000 | 8,660 | ||||||
San Fang Chemical Industry Co. Ltd. | 2,000 | 1,504 | ||||||
San Far Property Ltd. | 2,206 | 1,291 | ||||||
San Shing Fastech Corp. | 3,000 | 5,762 | ||||||
Sanyang Motor Co. Ltd. | 18,000 | 20,495 | ||||||
SCI Pharmtech, Inc. | 1,000 | 3,283 | ||||||
SDI Corp. | 7,000 | 22,391 | ||||||
Shan-Loong Transportation Co. Ltd. | 2,000 | 2,299 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 42,000 | 60,362 | ||||||
Sheng Yu Steel Co. Ltd. | 2,000 | 1,576 | ||||||
ShenMao Technology, Inc. | 2,000 | 2,904 | ||||||
Shin Kong Financial Holding Co. Ltd. | 226,118 | 67,363 | ||||||
Shin Zu Shing Co. Ltd. | 3,123 | 14,452 | ||||||
Shining Building Business Co. Ltd.(1) | 13,000 | 6,882 | ||||||
Shinkong Insurance Co. Ltd. | 5,000 | 6,874 | ||||||
Shinkong Synthetic Fibers Corp. | 16,000 | 8,371 | ||||||
Shiny Chemical Industrial Co. Ltd. | 2,000 | 7,800 |
54
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
ShunSin Technology Holding Ltd. | 2,000 | $ | 8,822 | |||||
Sigurd Microelectronics Corp. | 14,000 | 25,510 | ||||||
Silicon Integrated Systems Corp. | 20,000 | 12,358 | ||||||
Simplo Technology Co. Ltd. | 4,000 | 53,874 | ||||||
Sinbon Electronics Co. Ltd. | 1,000 | 9,687 | ||||||
Sincere Navigation Corp. | 12,000 | 8,610 | ||||||
Sino-American Silicon Products, Inc. | 7,000 | 42,091 | ||||||
Sinon Corp. | 10,000 | 7,687 | ||||||
SinoPac Financial Holdings Co. Ltd. | 212,000 | 88,734 | ||||||
Sinyi Realty, Inc. | 1,000 | 1,044 | ||||||
Sirtec International Co. Ltd. | 1,000 | 985 | ||||||
Sitronix Technology Corp. | 4,000 | 27,873 | ||||||
Siward Crystal Technology Co. Ltd. | 2,000 | 1,800 | ||||||
Soft-World International Corp. | 1,000 | 3,442 | ||||||
Solar Applied Materials Technology Co. | 12,547 | 21,875 | ||||||
Sonix Technology Co. Ltd. | 6,000 | 18,259 | ||||||
Sporton International, Inc. | 1,000 | 8,982 | ||||||
St Shine Optical Co. Ltd. | 1,000 | 10,155 | ||||||
Standard Foods Corp. | 3,000 | 5,925 | ||||||
Stark Technology, Inc. | 3,000 | 7,549 | ||||||
Sunjuice Holdings Co. Ltd. | 1,000 | 13,115 | ||||||
Sunny Friend Environmental Technology Co. Ltd. | 1,000 | 7,959 | ||||||
Sunonwealth Electric Machine Industry Co. Ltd. | 6,000 | 12,075 | ||||||
Supreme Electronics Co. Ltd. | 7,000 | 9,777 | ||||||
Sweeten Real Estate Development Co. Ltd. | 2,160 | 1,680 | ||||||
Symtek Automation Asia Co. Ltd. | 2,000 | 6,588 | ||||||
Syncmold Enterprise Corp. | 2,000 | 6,001 | ||||||
Synnex Technology International Corp. | 30,000 | 53,137 | ||||||
Systex Corp. | 4,000 | 12,333 | ||||||
T3EX Global Holdings Corp. | 2,000 | 3,255 | ||||||
TA Chen Stainless Pipe | 11,000 | 12,347 | ||||||
Ta Ya Electric Wire & Cable | 16,000 | 11,537 | ||||||
TA-I Technology Co. Ltd. | 3,000 | 9,181 | ||||||
Tai-Saw Technology Co. Ltd.(1) | 2,000 | 1,727 | ||||||
Taichung Commercial Bank Co. Ltd. | 40,195 | 16,022 | ||||||
TaiDoc Technology Corp. | 1,000 | 7,052 | ||||||
Taiflex Scientific Co. Ltd. | 4,000 | 7,493 | ||||||
Tainan Spinning Co. Ltd. | 23,000 | 12,337 | ||||||
Tainergy Tech Co. Ltd.(1) | 5,000 | 4,768 | ||||||
Taishin Financial Holding Co. Ltd. | 188,642 | 87,750 | ||||||
TaiSol Electronics Co. Ltd. | 2,000 | 4,337 | ||||||
Taisun Enterprise Co. Ltd. | 2,000 | 2,041 | ||||||
Taita Chemical Co. Ltd. | 8,090 | 10,140 | ||||||
Taiwan Business Bank | 95,150 | 32,363 | ||||||
Taiwan Cement Corp. | 59,150 | 89,172 | ||||||
Taiwan Cogeneration Corp. | 7,000 | 9,745 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 36,050 | 25,872 | ||||||
Taiwan FamilyMart Co. Ltd. | 1,000 | 9,299 | ||||||
Taiwan Fertilizer Co. Ltd. | 14,000 | 26,834 | ||||||
Taiwan Fire & Marine Insurance Co. Ltd. | 2,000 | 1,483 | ||||||
Taiwan FU Hsing Industrial Co. Ltd. | 4,000 | 6,362 |
55
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Taiwan Glass Industry Corp.(1) | 42,000 | $ | 30,377 | |||||
Taiwan High Speed Rail Corp. | 25,000 | 27,153 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 8,000 | 18,258 | ||||||
Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 2,000 | 1,931 | ||||||
Taiwan Land Development Corp.(1) | 21,000 | 5,280 | ||||||
Taiwan Mask Corp. | 4,000 | 7,159 | ||||||
Taiwan Mobile Co. Ltd. | 8,000 | 27,890 | ||||||
Taiwan Navigation Co. Ltd. | 11,000 | 7,892 | ||||||
Taiwan Paiho Ltd. | 7,000 | 20,921 | ||||||
Taiwan PCB Techvest Co. Ltd. | 6,000 | 10,486 | ||||||
Taiwan Sakura Corp. | 1,000 | 1,897 | ||||||
Taiwan Secom Co. Ltd. | 4,000 | 12,561 | ||||||
Taiwan Semiconductor Co. Ltd. | 1,000 | 2,012 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 29,894 | 3,764,850 | ||||||
Taiwan Shin Kong Security Co. Ltd. | 1,010 | 1,371 | ||||||
Taiwan Styrene Monomer | 2,000 | 1,310 | ||||||
Taiwan Surface Mounting Technology Corp. | 4,000 | 16,757 | ||||||
Taiwan TEA Corp.(1) | 2,000 | 1,214 | ||||||
Taiwan Union Technology Corp. | 1,000 | 4,246 | ||||||
Tatung Co. Ltd.(1) | 2,000 | 2,005 | ||||||
TCI Co. Ltd. | 2,000 | 15,181 | ||||||
Te Chang Construction Co. Ltd. | 1,000 | 1,086 | ||||||
Teco Electric and Machinery Co. Ltd. | 38,000 | 41,459 | ||||||
Tera Autotech Corp. | 1,081 | 908 | ||||||
Test Research, Inc. | 4,000 | 8,397 | ||||||
Test Rite International Co. Ltd.(1) | 2,000 | 1,843 | ||||||
Tex-Ray Industrial Co. Ltd.(1) | 12,000 | 7,913 | ||||||
Thermaltake Technology Co. Ltd. | 3,000 | 9,039 | ||||||
Thinking Electronic Industrial Co. Ltd. | 2,000 | 14,326 | ||||||
Thye Ming Industrial Co. Ltd. | 1,000 | 1,111 | ||||||
Ton Yi Industrial Corp.(1) | 20,000 | 7,870 | ||||||
Tong Hsing Electronic Industries Ltd. | 755 | 5,833 | ||||||
Tong Yang Industry Co. Ltd. | 8,000 | 10,619 | ||||||
Tong-Tai Machine & Tool Co. Ltd. | 2,000 | 1,084 | ||||||
Topco Scientific Co. Ltd. | 4,000 | 17,549 | ||||||
Topoint Technology Co. Ltd. | 2,000 | 2,130 | ||||||
TPK Holding Co. Ltd.(1) | 8,000 | 14,435 | ||||||
Transcend Information, Inc. | 3,000 | 7,051 | ||||||
Tripod Technology Corp. | 10,000 | 49,852 | ||||||
Tsann Kuen Enterprise Co. Ltd. | 2,000 | 1,472 | ||||||
TSRC Corp. | 14,000 | 13,864 | ||||||
TTY Biopharm Co. Ltd. | 1,000 | 2,355 | ||||||
Tung Ho Steel Enterprise Corp. | 23,000 | 29,810 | ||||||
TXC Corp. | 2,000 | 7,091 | ||||||
TYC Brother Industrial Co. Ltd. | 10,000 | 8,646 | ||||||
Tyntek Corp. | 3,000 | 2,438 | ||||||
U-Ming Marine Transport Corp. | 12,000 | 14,978 | ||||||
Uni-President Enterprises Corp. | 39,000 | 94,365 | ||||||
Unimicron Technology Corp. | 30,000 | 104,833 | ||||||
Union Bank of Taiwan | 22,470 | 8,635 | ||||||
Union Insurance Co. Ltd. | 2,100 | 1,517 |
56
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Unitech Printed Circuit Board Corp. | 12,000 | $ | 8,979 | |||||
United Microelectronics Corp. | 268,000 | 524,770 | ||||||
United Renewable Energy Co. Ltd.(1) | 67,000 | 33,994 | ||||||
Univacco Technology, Inc. | 2,000 | 1,652 | ||||||
Universal Cement Corp. | 2,000 | 1,565 | ||||||
Unizyx Holding Corp.(1) | 16,000 | 21,307 | ||||||
UPC Technology Corp. | 28,000 | 18,581 | ||||||
Userjoy Technology Co. Ltd. | 2,000 | 6,306 | ||||||
USI Corp. | 25,000 | 19,927 | ||||||
Vanguard International Semiconductor Corp. | 20,000 | 83,597 | ||||||
Ventec International Group Co. Ltd. | 2,000 | 6,544 | ||||||
Visual Photonics Epitaxy Co. Ltd. | 3,000 | 11,518 | ||||||
Voltronic Power Technology Corp. | 1,000 | 41,540 | ||||||
Wafer Works Corp. | 17,000 | 27,406 | ||||||
Wah Lee Industrial Corp. | 5,000 | 14,466 | ||||||
Walsin Lihwa Corp. | 77,000 | 51,495 | ||||||
Walsin Technology Corp. | 3,000 | 27,492 | ||||||
Walton Advanced Engineering, Inc.(1) | 3,000 | 1,480 | ||||||
Wan Hai Lines Ltd. | 19,000 | 32,850 | ||||||
WEI Chih Steel Industrial Co. Ltd.(1) | 6,000 | 5,626 | ||||||
Wei Chuan Foods Corp. | 9,000 | 6,740 | ||||||
Weikeng Industrial Co. Ltd. | 15,000 | 10,512 | ||||||
Well Shin Technology Co. Ltd. | 1,000 | 1,944 | ||||||
Weltrend Semiconductor | 2,000 | 3,367 | ||||||
Win Semiconductors Corp. | 5,000 | 68,563 | ||||||
Winbond Electronics Corp. | 100,000 | 110,316 | ||||||
Winstek Semiconductor Co. Ltd. | 2,000 | 2,144 | ||||||
Wisdom Marine Lines Co. Ltd.(1) | 10,047 | 10,075 | ||||||
Wistron Corp. | 43,000 | 49,379 | ||||||
Wistron Information Technology & Services Corp. | 2,000 | 6,651 | ||||||
Wiwynn Corp. | 1,000 | 28,937 | ||||||
Wowprime Corp. | 4,000 | 22,978 | ||||||
WPG Holdings Ltd. | 46,000 | 74,984 | ||||||
WT Microelectronics Co. Ltd. | 10,000 | 16,081 | ||||||
WUS Printed Circuit Co. Ltd. | 1,800 | 2,026 | ||||||
Xxentria Technology Materials Corp. | 1,000 | 2,250 | ||||||
Yageo Corp. | 1,000 | 21,386 | ||||||
Yang Ming Marine Transport Corp.(1) | 54,000 | 56,521 | ||||||
YC INOX Co. Ltd. | 9,000 | 8,864 | ||||||
YCC Parts Manufacturing Co. Ltd. | 1,000 | 1,428 | ||||||
Yem Chio Co. Ltd.(1) | 13,000 | 7,196 | ||||||
YFY, Inc. | 35,000 | 34,357 | ||||||
Yieh Phui Enterprise Co. Ltd.(1) | 27,000 | 12,774 | ||||||
Yonyu Plastics Co. Ltd. | 1,000 | 1,190 | ||||||
Young Fast Optoelectronics Co. Ltd. | 4,000 | 4,688 | ||||||
Youngtek Electronics Corp. | 4,000 | 9,047 | ||||||
Yuanta Financial Holding Co. Ltd. | 212,600 | 162,437 | ||||||
Yulon Finance Corp. | 3,100 | 11,758 | ||||||
Yulon Motor Co. Ltd.(1) | 6,357 | 9,526 | ||||||
YungShin Global Holding Corp. | 1,000 | 1,566 | ||||||
Yungtay Engineering Co. Ltd. | 1,000 | 2,118 |
57
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Zeng Hsing Industrial Co. Ltd. | 1,000 | $ | 5,392 | |||||
Zenitron Corp. | 2,000 | 1,696 | ||||||
Zero One Technology Co. Ltd. | 2,000 | 3,129 | ||||||
Zhen Ding Technology Holding Ltd. | 10,000 | 43,041 | ||||||
Zig Sheng Industrial Co. Ltd.(1) | 4,000 | 1,548 | ||||||
15,388,854 | ||||||||
Thailand — 2.3% | ||||||||
AAPICO Hitech PCL, NVDR(1) | 9,900 | 6,336 | ||||||
Advanced Info Service PCL, NVDR | 12,900 | 70,016 | ||||||
AEON Thana Sinsap Thailand PCL, NVDR | 2,800 | 18,107 | ||||||
Airports of Thailand PCL, NVDR | 23,300 | 47,931 | ||||||
Amanah Leasing PCL, NVDR | 9,200 | 1,224 | ||||||
Amata Corp. PCL, NVDR | 23,700 | 14,001 | ||||||
AP Thailand PCL, NVDR | 100,600 | 24,202 | ||||||
Asia Aviation PCL, NVDR(1) | 63,700 | 5,423 | ||||||
Asia Sermkij Leasing PCL, NVDR | 1,200 | 826 | ||||||
Asset World Corp. PCL, NVDR | 33,500 | 5,370 | ||||||
B Grimm Power PCL, NVDR | 9,700 | 15,160 | ||||||
Bangchak Corp. PCL, NVDR | 58,000 | 55,553 | ||||||
Bangkok Airways PCL, NVDR | 4,300 | 1,066 | ||||||
Bangkok Aviation Fuel Services PCL, NVDR(1) | 1,000 | 815 | ||||||
Bangkok Bank PCL, NVDR | 9,600 | 38,094 | ||||||
Bangkok Chain Hospital PCL, NVDR | 5,900 | 2,670 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 79,600 | 51,770 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 51,700 | 13,448 | ||||||
Bangkok Land PCL, NVDR | 196,000 | 6,791 | ||||||
Bangkok Life Assurance PCL, NVDR(1) | 14,300 | 11,680 | ||||||
Banpu PCL, NVDR | 88,400 | 33,240 | ||||||
Banpu Power PCL, NVDR | 9,700 | 6,014 | ||||||
BCPG PCL, NVDR | 13,200 | 6,425 | ||||||
BEC World PCL, NVDR(1) | 36,800 | 10,585 | ||||||
Berli Jucker PCL, NVDR | 1,000 | 1,205 | ||||||
BTS Group Holdings PCL, NVDR | 37,600 | 11,529 | ||||||
Bumrungrad Hospital PCL, NVDR | 4,200 | 17,176 | ||||||
Cal-Comp Electronics Thailand PCL, NVDR | 24,300 | 1,897 | ||||||
Carabao Group PCL, NVDR | 3,100 | 14,045 | ||||||
Central Pattana PCL, NVDR | 27,200 | 46,269 | ||||||
Central Plaza Hotel PCL, NVDR(1) | 1,900 | 2,058 | ||||||
Central Retail Corp. PCL, NVDR(1) | 16,541 | 17,904 | ||||||
CH Karnchang PCL, NVDR(1) | 50,000 | 25,257 | ||||||
Charoen Pokphand Foods PCL, NVDR | 33,600 | 31,524 | ||||||
Chularat Hospital PCL, NVDR | 101,800 | 8,748 | ||||||
CK Power PCL, NVDR(1) | 6,000 | 828 | ||||||
Com7 PCL, NVDR | 9,500 | 15,961 | ||||||
CP ALL PCL, NVDR(1) | 20,400 | 39,644 | ||||||
Delta Electronics Thailand PCL, NVDR | 1,500 | 19,883 | ||||||
Dhipaya Insurance PCL, NVDR | 5,900 | 5,579 | ||||||
Diamond Building Products PCL, NVDR | 5,000 | 1,031 | ||||||
Dohome PCL, NVDR | 3,500 | 2,296 | ||||||
Dynasty Ceramic PCL, NVDR | 84,500 | 6,604 | ||||||
Eastern Polymer Group PCL, NVDR | 42,400 | 13,637 |
58
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Eastern Water Resources Development and Management PCL, NVDR | 2,900 | $ | 889 | |||||
Ekachai Medical Care PCL, NVDR(1) | 4,700 | 836 | ||||||
Electricity Generating PCL, NVDR | 1,600 | 8,809 | ||||||
Energy Absolute PCL, NVDR | 22,100 | 44,677 | ||||||
Erawan Group PCL (The), NVDR | 8,700 | 1,162 | ||||||
Esso Thailand PCL, NVDR(1) | 4,400 | 1,269 | ||||||
GFPT PCL, NVDR | 16,100 | 6,253 | ||||||
Global Power Synergy PCL, NVDR | 6,000 | 14,415 | ||||||
Gulf Energy Development PCL, NVDR | 16,300 | 17,669 | ||||||
Gunkul Engineering PCL, NVDR | 152,900 | 13,610 | ||||||
Haad Thip PCL, NVDR | 1,400 | 1,609 | ||||||
Hana Microelectronics PCL, NVDR | 10,400 | 17,095 | ||||||
Home Product Center PCL, NVDR | 41,300 | 17,902 | ||||||
Ichitan Group PCL, NVDR | 5,600 | 2,264 | ||||||
Indorama Ventures PCL, NVDR | 44,300 | 57,307 | ||||||
Intouch Holdings PCL, NVDR | 12,800 | 23,494 | ||||||
IRPC PCL, NVDR | 414,800 | 47,768 | ||||||
Italian-Thai Development PCL, NVDR(1) | 149,800 | 5,448 | ||||||
Jasmine International PCL, NVDR | 218,300 | 21,640 | ||||||
Jay Mart PCL, NVDR | 5,556 | 4,905 | ||||||
JMT Network Services PCL, NVDR | 7,000 | 9,370 | ||||||
JWD Infologistics PCL, NVDR | 30,600 | 8,176 | ||||||
Kasikornbank PCL | 3,000 | 13,660 | ||||||
KCE Electronics PCL, NVDR | 18,300 | 32,438 | ||||||
KGI Securities Thailand PCL, NVDR | 47,000 | 6,523 | ||||||
Kiatnakin Phatra Bank PCL, NVDR | 7,000 | 13,556 | ||||||
Krung Thai Bank PCL, NVDR | 56,800 | 22,101 | ||||||
Krungthai Card PCL, NVDR | 10,800 | 22,464 | ||||||
Land & Houses PCL, NVDR | 58,500 | 15,007 | ||||||
LPN Development PCL, NVDR | 37,300 | 5,708 | ||||||
Major Cineplex Group PCL, NVDR | 17,300 | 11,222 | ||||||
MBK PCL, NVDR | 22,800 | 10,510 | ||||||
MC Group PCL, NVDR | 4,300 | 1,461 | ||||||
MCS Steel PCL, NVDR | 16,600 | 7,978 | ||||||
Mega Lifesciences PCL, NVDR | 7,500 | 9,800 | ||||||
Minor International PCL, NVDR(1) | 13,500 | 13,328 | ||||||
MK Restaurants Group PCL, NVDR | 600 | 1,097 | ||||||
Muangthai Capital PCL, NVDR(1) | 13,500 | 28,715 | ||||||
Noble Development PCL, NVDR | 40,800 | 10,461 | ||||||
Nusasiri PCL, NVDR(1) | 94,600 | 896 | ||||||
Osotspa PCL, NVDR | 4,000 | 4,555 | ||||||
Plan B Media PCL, NVDR | 62,700 | 13,602 | ||||||
Polyplex Thailand PCL, NVDR | 13,000 | 9,566 | ||||||
Precious Shipping PCL, NVDR(1) | 21,700 | 7,674 | ||||||
Premier Marketing PCL, NVDR | 3,900 | 1,144 | ||||||
Prima Marine PCL, NVDR | 39,800 | 10,293 | ||||||
Property Perfect PCL, NVDR | 40,700 | 522 | ||||||
Pruksa Holding PCL, NVDR | 16,600 | 6,963 | ||||||
PTG Energy PCL, NVDR | 19,400 | 12,319 | ||||||
PTT Exploration & Production PCL, NVDR | 21,100 | 79,365 |
59
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
PTT Global Chemical PCL, NVDR | 40,700 | $ | 82,339 | |||||
PTT PCL, NVDR | 108,600 | 142,455 | ||||||
Quality Houses PCL, NVDR | 108,900 | 8,458 | ||||||
Raimon Land PCL, NVDR(1) | 40,600 | 837 | ||||||
Rajthanee Hospital PCL, NVDR | 1,400 | 1,173 | ||||||
Ratch Group PCL, NVDR | 13,500 | 22,585 | ||||||
Ratchthani Leasing PCL, NVDR | 58,350 | 7,805 | ||||||
Regional Container Lines PCL, NVDR(1) | 31,100 | 22,229 | ||||||
Rojana Industrial Park PCL, NVDR | 6,800 | 1,079 | ||||||
RS PCL, NVDR | 10,700 | 8,879 | ||||||
S 11 Group PCL, NVDR | 4,200 | 973 | ||||||
Sansiri PCL, NVDR | 675,100 | 18,635 | ||||||
SEAFCO PCL, NVDR | 5,200 | 755 | ||||||
Sermsang Power Corp. Co. Ltd., NVDR | 29,200 | 15,885 | ||||||
Siam Cement PCL (The), NVDR | 6,500 | 78,199 | ||||||
Siam Commercial Bank PCL (The), NVDR | 10,200 | 34,167 | ||||||
Siam Future Development PCL, NVDR | 5,800 | 980 | ||||||
Siam Global House PCL, NVDR | 18,554 | 12,431 | ||||||
Siamgas & Petrochemicals PCL, NVDR | 27,100 | 9,817 | ||||||
Singha Estate PCL, NVDR | 20,100 | 1,095 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR | 17,200 | 6,671 | ||||||
SNC Former PCL, NVDR | 2,800 | 1,205 | ||||||
Somboon Advance Technology PCL, NVDR | 2,000 | 1,233 | ||||||
SPCG PCL, NVDR | 13,200 | 8,620 | ||||||
Sri Trang Agro-Industry PCL, NVDR | 22,400 | 39,592 | ||||||
Srisawad Corp. PCL, NVDR | 25,500 | 52,491 | ||||||
Srisawad Finance PCL, NVDR(1) | 4,400 | 4,132 | ||||||
Star Petroleum Refining PCL, NVDR | 18,400 | 5,861 | ||||||
STP & I PCL, NVDR | 7,300 | 842 | ||||||
Supalai PCL, NVDR | 17,300 | 11,309 | ||||||
Super Energy Corp. PCL, NVDR(1) | 129,100 | 3,949 | ||||||
Susco PCL, NVDR | 10,600 | 1,036 | ||||||
Synnex Thailand PCL, NVDR | 11,700 | 6,567 | ||||||
Taokaenoi Food & Marketing PCL, NVDR | 16,200 | 5,310 | ||||||
Thai Airways International PCL, NVDR(1) | 6,800 | 918 | ||||||
Thai Oil PCL, NVDR | 17,300 | 33,347 | ||||||
Thai Union Group PCL, NVDR | 97,200 | 44,529 | ||||||
Thai Vegetable Oil PCL, NVDR | 3,400 | 3,851 | ||||||
Thaicom PCL, NVDR | 14,300 | 4,306 | ||||||
Thaifoods Group PCL, NVDR | 70,100 | 11,550 | ||||||
Thanachart Capital PCL, NVDR | 10,700 | 11,321 | ||||||
Thoresen Thai Agencies PCL, NVDR | 68,300 | 16,184 | ||||||
Tipco Asphalt PCL, NVDR | 11,200 | 7,591 | ||||||
Tisco Financial Group PCL, NVDR | 8,700 | 27,146 | ||||||
TMB Bank PCL, NVDR | 219,700 | 8,061 | ||||||
TOA Paint Thailand PCL, NVDR | 6,900 | 7,052 | ||||||
Total Access Communication PCL, NVDR | 15,400 | 16,011 | ||||||
TPI Polene PCL, NVDR | 156,800 | 8,673 | ||||||
TPI Polene Power PCL, NVDR | 54,800 | 7,817 | ||||||
TQM Corp. PCL, NVDR | 700 | 2,783 | ||||||
True Corp. PCL, NVDR | 386,900 | 39,499 | ||||||
TTW PCL, NVDR | 14,400 | 5,666 |
60
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
U City PCL, NVDR(1) | 30,800 | $ | 782 | |||||
Unique Engineering & Construction PCL, NVDR | 4,000 | 572 | ||||||
Univanich Palm Oil PCL, NVDR | 5,800 | 948 | ||||||
VGI PCL, NVDR | 22,200 | 4,870 | ||||||
Vinythai PCL, NVDR | 1,500 | 1,669 | ||||||
WHA Corp. PCL, NVDR | 60,400 | 6,282 | ||||||
Workpoint Entertainment PCL, NVDR | 14,600 | 7,690 | ||||||
WP Energy PCL, NVDR | 5,900 | 861 | ||||||
Zen Corp. Group PCL, NVDR | 2,200 | 887 | ||||||
2,329,777 | ||||||||
Turkey — 0.6% | ||||||||
AG Anadolu Grubu Holding AS | 1,279 | 4,804 | ||||||
Akbank T.A.S.(1) | 51,968 | 42,250 | ||||||
Aksa Akrilik Kimya Sanayii AS | 3,764 | 8,068 | ||||||
Aksa Enerji Uretim AS(1) | 7,931 | 11,245 | ||||||
Aksigorta AS | 4,966 | 6,283 | ||||||
Alarko Holding AS | 3,317 | 4,772 | ||||||
Anadolu Anonim Turk Sigorta Sirketi | 5,534 | 6,013 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 3,095 | 9,820 | ||||||
Arcelik AS(1) | 470 | 2,095 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 2,862 | 6,527 | ||||||
Aygaz AS | 1,652 | 3,467 | ||||||
Bagfas Bandirma Gubre Fabrikalari AS(1) | 1,255 | 4,237 | ||||||
Baticim Bati Anadolu Cimento Sanayii AS(1) | 2,996 | 5,238 | ||||||
Bera Holding AS(1) | 2,301 | 7,607 | ||||||
BIM Birlesik Magazalar AS | 3,770 | 33,517 | ||||||
Cemtas Celik Makina Sanayi Ve Ticaret AS | 729 | 1,479 | ||||||
Cimsa Cimento Sanayi VE Ticaret AS(1) | 1,448 | 4,199 | ||||||
Coca-Cola Icecek AS | 1,377 | 13,109 | ||||||
Dogan Sirketler Grubu Holding AS | 15,748 | 6,709 | ||||||
EGE Endustri VE Ticaret AS | 21 | 4,380 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 12,763 | 24,996 | ||||||
Ford Otomotiv Sanayi AS | 453 | 10,696 | ||||||
Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S.(1) | 652 | 5,170 | ||||||
Gubre Fabrikalari TAS(1) | 783 | 8,431 | ||||||
Haci Omer Sabanci Holding AS | 22,953 | 32,306 | ||||||
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1) | 856 | 1,576 | ||||||
Is Finansal Kiralama AS(1) | 5,787 | 2,914 | ||||||
Is Yatirim Menkul Degerler AS | 1,327 | 3,697 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1) | 15,130 | 13,198 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A(1) | 6,824 | 4,788 | ||||||
Kartonsan Karton Sanayi ve Ticaret AS | 321 | 3,051 | ||||||
KOC Holding AS | 11,622 | 33,679 | ||||||
Koza Altin Isletmeleri AS(1) | 720 | 12,503 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(1) | 4,008 | 9,224 | ||||||
Logo Yazilim Sanayi Ve Ticaret AS(1) | 255 | 4,507 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, B Shares(1) | 783 | 5,313 | ||||||
Migros Ticaret AS(1) | 1,055 | 5,537 | ||||||
MLP Saglik Hizmetleri AS(1) | 1,967 | 6,279 | ||||||
NET Holding AS(1) | 2,629 | 1,560 | ||||||
Nuh Cimento Sanayi AS | 462 | 3,942 | ||||||
Otokar Otomotiv Ve Savunma Sanayi A.S. | 134 | 6,433 |
61
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Pegasus Hava Tasimaciligi AS(1) | 1,470 | $ | 17,605 | |||||
Petkim Petrokimya Holding AS(1) | 10,810 | 7,637 | ||||||
Sasa Polyester Sanayi AS(1) | 1,699 | 9,231 | ||||||
Selcuk Ecza Deposu Ticaret ve Sanayi A.S. | 1,189 | 1,833 | ||||||
Sok Marketler Ticaret AS(1) | 3,147 | 4,776 | ||||||
TAV Havalimanlari Holding AS | 626 | 2,101 | ||||||
Tekfen Holding AS | 4,089 | 8,816 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 2,104 | 9,800 | ||||||
Turk Hava Yollari AO(1) | 5,902 | 10,697 | ||||||
Turk Traktor ve Ziraat Makineleri AS | 343 | 9,912 | ||||||
Turkcell Iletisim Hizmetleri AS, ADR(2) | 2,968 | 16,146 | ||||||
Turkiye Garanti Bankasi AS(1) | 30,699 | 36,719 | ||||||
Turkiye Halk Bankasi AS(1) | 8,002 | 5,752 | ||||||
Turkiye Is Bankasi AS, C Shares(1) | 30,117 | 23,140 | ||||||
Turkiye Petrol Rafinerileri AS(1) | 734 | 9,964 | ||||||
Turkiye Sigorta AS(1) | 4,436 | 4,192 | ||||||
Turkiye Sinai Kalkinma Bankasi AS(1) | 29,795 | 6,615 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 17,915 | 17,149 | ||||||
Turkiye Vakiflar Bankasi TAO, D Shares(1) | 11,240 | 6,261 | ||||||
Vestel Elektronik Sanayi ve Ticaret AS(1) | 1,746 | 6,256 | ||||||
Yapi ve Kredi Bankasi AS(1) | 66,629 | 23,678 | ||||||
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS | 2,668 | 5,596 | ||||||
Yesil Yapi Endustrisi AS(1) | 21,886 | 7,022 | ||||||
Zorlu Enerji Elektrik Uretim AS(1) | 4,083 | 1,398 | ||||||
637,915 | ||||||||
TOTAL COMMON STOCKS (Cost $81,369,635) | 98,783,833 | |||||||
RIGHTS† | ||||||||
Philippines† | ||||||||
Cebu Air, Inc.(1) | 3,501 | 494 | ||||||
South Korea† | ||||||||
Feelux Co. Ltd.(1) | 120 | 36 | ||||||
Korean Air Lines Co. Ltd.(1) | 1,813 | 12,345 | ||||||
12,381 | ||||||||
TOTAL RIGHTS (Cost $8,318) | 12,875 | |||||||
WARRANTS† | ||||||||
Malaysia† | ||||||||
JAKS Resources Bhd(1) | 3,440 | 370 | ||||||
Scientex Bhd(1) | 820 | 247 | ||||||
Vizione Holdings Bhd(1) | 2,040 | 53 | ||||||
670 | ||||||||
Thailand† | ||||||||
JMT Network Services PCL, NVDR(1) | 717 | 171 | ||||||
Noble Development PCL(1) | 10,200 | 833 | ||||||
1,004 | ||||||||
TOTAL WARRANTS (Cost $—) | 1,674 | |||||||
TEMPORARY CASH INVESTMENTS — 0.9% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $915,821) | 915,821 | 915,821 |
62
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 1.4% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $1,430,604) | 1,430,604 | $ | 1,430,604 | |||||
TOTAL INVESTMENT SECURITIES — 101.5% (Cost $83,724,378) | 101,144,807 | |||||||
OTHER ASSETS AND LIABILITIES — (1.5)% | (1,530,295) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 99,614,512 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
S&P 500 E-Mini | 4 | March 2021 | $ | 761,840 | $ | (13,591) |
^Amount represents value and unrealized appreciation (depreciation).
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Information Technology | 20.8% | ||||
Financials | 17.4% | ||||
Consumer Discretionary | 15.6% | ||||
Materials | 10.8% | ||||
Communication Services | 9.6% | ||||
Industrials | 7.3% | ||||
Energy | 5.2% | ||||
Consumer Staples | 4.5% | ||||
Health Care | 3.5% | ||||
Real Estate | 2.6% | ||||
Utilities | 1.9% | ||||
Cash and Equivalents* | 0.8% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt | ||||||
GDR | - | Global Depositary Receipt | ||||||
NVDR | - | Non-Voting Depositary Receipt |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,845,091. 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 $2,989,205, which includes securities collateral of $1,558,601.
See Notes to Financial Statements.
63
FEBRUARY 28, 2021 (UNAUDITED)
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.0% | ||||||||
Australia — 6.6% | ||||||||
Adbri Ltd. | 2,864 | $ | 7,154 | |||||
Afterpay Ltd.(1) | 244 | 22,359 | ||||||
AGL Energy Ltd. | 1,701 | 12,287 | ||||||
Alkane Resources Ltd.(1)(2) | 2,522 | 1,350 | ||||||
Alliance Aviation Services Ltd.(1) | 1,918 | 6,270 | ||||||
Altium Ltd. | 249 | 5,059 | ||||||
Alumina Ltd. | 4,089 | 5,108 | ||||||
AMP Ltd. | 36,465 | 42,154 | ||||||
Ampol Ltd. | 692 | 13,120 | ||||||
Ansell Ltd. | 204 | 5,656 | ||||||
APA Group | 3,944 | 28,218 | ||||||
Appen Ltd. | 277 | 3,576 | ||||||
ARB Corp. Ltd. | 367 | 9,526 | ||||||
Ardent Leisure Group Ltd.(1)(2) | 1,272 | 622 | ||||||
Aristocrat Leisure Ltd. | 1,247 | 29,217 | ||||||
Asaleo Care Ltd. | 1,434 | 1,570 | ||||||
ASX Ltd. | 368 | 19,158 | ||||||
Atlas Arteria Ltd. | 1,021 | 4,368 | ||||||
Atlassian Corp. plc, Class A(1) | 327 | 77,728 | ||||||
Aurelia Metals Ltd. | 17,744 | 5,316 | ||||||
Aurizon Holdings Ltd. | 11,212 | 32,935 | ||||||
AusNet Services | 9,877 | 12,588 | ||||||
Austal Ltd. | 4,451 | 8,132 | ||||||
Australia & New Zealand Banking Group Ltd. | 6,634 | 133,928 | ||||||
Australian Agricultural Co. Ltd.(1) | 2,182 | 1,889 | ||||||
Australian Ethical Investment Ltd. | 409 | 2,102 | ||||||
Australian Finance Group Ltd. | 704 | 1,523 | ||||||
Australian Pharmaceutical Industries Ltd. | 6,282 | 5,379 | ||||||
Australian Strategic Materials Ltd.(1)(2) | 504 | 2,017 | ||||||
Bank of Queensland Ltd. | 4,841 | 32,789 | ||||||
Beach Energy Ltd. | 17,546 | 22,609 | ||||||
Bega Cheese Ltd. | 4,198 | 19,787 | ||||||
Bendigo & Adelaide Bank Ltd. | 3,565 | 26,876 | ||||||
BHP Group Ltd., ADR(2) | 3,791 | 287,775 | ||||||
Bingo Industries Ltd. | 515 | 1,274 | ||||||
Blackmores Ltd.(1)(2) | 116 | 7,238 | ||||||
BlueScope Steel Ltd. | 3,246 | 41,574 | ||||||
Boral Ltd.(1) | 7,801 | 31,156 | ||||||
Brambles Ltd. | 6,294 | 48,319 | ||||||
Breville Group Ltd. | 274 | 5,912 | ||||||
Brickworks Ltd. | 607 | 8,748 | ||||||
carsales.com Ltd. | 1,626 | 23,328 | ||||||
Cedar Woods Properties Ltd. | 198 | 1,066 | ||||||
Challenger Ltd. | 5,195 | 25,871 | ||||||
Champion Iron Ltd.(1) | 4,546 | 19,087 | ||||||
CIMIC Group Ltd.(1)(2) | 343 | 5,621 | ||||||
Class Ltd. | 662 | 892 | ||||||
Cleanaway Waste Management Ltd. | 4,316 | 7,254 |
64
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Coca-Cola Amatil Ltd. | 3,093 | $ | 31,856 | |||||
Cochlear Ltd. | 60 | 9,770 | ||||||
Codan Ltd. | 230 | 2,649 | ||||||
Coles Group Ltd. | 5,726 | 67,609 | ||||||
Collins Foods Ltd. | 144 | 1,062 | ||||||
Commonwealth Bank of Australia | 3,599 | 226,400 | ||||||
Computershare Ltd. | 576 | 5,893 | ||||||
Costa Group Holdings Ltd. | 578 | 2,031 | ||||||
Credit Corp. Group Ltd.(2) | 200 | 4,930 | ||||||
Crown Resorts Ltd. | 1,349 | 10,351 | ||||||
CSL Ltd. | 614 | 124,272 | ||||||
CSR Ltd. | 4,888 | 20,547 | ||||||
Data#3 Ltd. | 932 | 3,639 | ||||||
Deterra Royalties Ltd.(1) | 3,894 | 13,607 | ||||||
Dicker Data Ltd. | 234 | 1,897 | ||||||
Domino's Pizza Enterprises Ltd. | 338 | 23,363 | ||||||
Downer EDI Ltd. | 361 | 1,436 | ||||||
Eclipx Group Ltd.(1) | 5,402 | 8,130 | ||||||
Elders Ltd. | 290 | 2,515 | ||||||
Emeco Holdings Ltd.(1) | 5,966 | 4,746 | ||||||
EML Payments Ltd.(1) | 3,800 | 14,602 | ||||||
Evolution Mining Ltd. | 9,829 | 31,251 | ||||||
Flight Centre Travel Group Ltd.(1) | 361 | 4,636 | ||||||
Fortescue Metals Group Ltd. | 7,775 | 144,632 | ||||||
Galaxy Resources Ltd.(1) | 8,955 | 17,984 | ||||||
Genworth Mortgage Insurance Australia Ltd. | 1,713 | 3,410 | ||||||
Gold Road Resources Ltd.(1) | 4,670 | 4,307 | ||||||
GrainCorp Ltd., A Shares | 3,047 | 9,914 | ||||||
GUD Holdings Ltd. | 684 | 6,310 | ||||||
GWA Group Ltd. | 2,433 | 5,717 | ||||||
Harvey Norman Holdings Ltd. | 5,521 | 22,287 | ||||||
HT&E Ltd.(1) | 1,854 | 2,685 | ||||||
Humm Group Ltd. | 743 | 582 | ||||||
IDP Education Ltd. | 1,098 | 23,061 | ||||||
IGO Ltd. | 6,170 | 33,449 | ||||||
Iluka Resources Ltd. | 3,894 | 22,176 | ||||||
Imdex Ltd. | 5,249 | 6,939 | ||||||
Incitec Pivot Ltd.(1) | 6,650 | 13,591 | ||||||
Infomedia Ltd. | 4,782 | 5,577 | ||||||
Inghams Group Ltd. | 2,141 | 5,774 | ||||||
Insurance Australia Group Ltd. | 3,293 | 12,669 | ||||||
Integrated Research Ltd.(2) | 1,922 | 3,147 | ||||||
InvoCare Ltd. | 556 | 4,814 | ||||||
IOOF Holdings Ltd. | 255 | 646 | ||||||
IPH Ltd. | 175 | 825 | ||||||
IRESS Ltd. | 114 | 807 | ||||||
James Hardie Industries plc | 1,775 | 49,752 | ||||||
JB Hi-Fi Ltd. | 392 | 13,077 | ||||||
Johns Lyng Group Ltd. | 704 | 1,921 | ||||||
Jumbo Interactive Ltd. | 617 | 6,422 | ||||||
Jupiter Mines Ltd.(2) | 22,840 | 6,242 |
65
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Karoon Energy Ltd.(1) | 1,342 | $ | 1,179 | |||||
Kogan.com Ltd. | 842 | 9,033 | ||||||
Lendlease Corp. Ltd. | 1,169 | 11,989 | ||||||
Lovisa Holdings Ltd.(2) | 719 | 8,021 | ||||||
Lynas Rare Earths Ltd.(1) | 5,893 | 27,026 | ||||||
Macmahon Holdings Ltd. | 6,093 | 1,031 | ||||||
Macquarie Group Ltd. | 845 | 92,816 | ||||||
Magellan Financial Group Ltd. | 644 | 21,597 | ||||||
Mayne Pharma Group Ltd.(1) | 3,287 | 697 | ||||||
McMillan Shakespeare Ltd. | 968 | 9,234 | ||||||
Medibank Pvt Ltd. | 9,294 | 19,825 | ||||||
Metcash Ltd. | 9,942 | 25,823 | ||||||
Mineral Resources Ltd. | 1,750 | 51,190 | ||||||
Monadelphous Group Ltd. | 839 | 7,501 | ||||||
Money3 Corp. Ltd. | 3,577 | 7,992 | ||||||
MyState Ltd. | 613 | 2,214 | ||||||
National Australia Bank Ltd. | 9,262 | 176,096 | ||||||
Netwealth Group Ltd. | 1,149 | 12,388 | ||||||
New Energy Solar Ltd. | 2,331 | 1,409 | ||||||
New Hope Corp. Ltd. | 4,936 | 4,770 | ||||||
Newcrest Mining Ltd. | 2,594 | 48,758 | ||||||
NEXTDC Ltd.(1) | 771 | 6,630 | ||||||
nib holdings Ltd. | 3,090 | 13,188 | ||||||
Nick Scali Ltd. | 1,075 | 8,438 | ||||||
Nine Entertainment Co. Holdings Ltd. | 9,409 | 20,831 | ||||||
Northern Star Resources Ltd. | 3,293 | 25,529 | ||||||
NRW Holdings Ltd. | 5,096 | 7,907 | ||||||
Nufarm Ltd.(1) | 3,201 | 11,846 | ||||||
Oil Search Ltd. | 11,011 | 36,367 | ||||||
Omni Bridgeway Ltd. | 656 | 1,867 | ||||||
Orica Ltd. | 1,286 | 12,464 | ||||||
Origin Energy Ltd. | 5,239 | 18,277 | ||||||
Orocobre Ltd.(1)(2) | 535 | 1,923 | ||||||
Orora Ltd. | 8,876 | 19,973 | ||||||
OZ Minerals Ltd. | 2,164 | 37,367 | ||||||
Pacific Current Group Ltd. | 220 | 890 | ||||||
Paladin Energy Ltd.(1)(2) | 44,959 | 13,907 | ||||||
Peet Ltd. | 1,161 | 1,045 | ||||||
Pendal Group Ltd. | 904 | 4,143 | ||||||
Perenti Global Ltd. | 7,641 | 6,729 | ||||||
Perpetual Ltd. | 305 | 7,214 | ||||||
Perseus Mining Ltd.(1) | 15,994 | 14,122 | ||||||
Pilbara Minerals Ltd.(1) | 28,029 | 22,523 | ||||||
Platinum Asset Management Ltd. | 2,221 | 7,912 | ||||||
Premier Investments Ltd. | 548 | 8,911 | ||||||
Pro Medicus Ltd.(2) | 76 | 2,579 | ||||||
PWR Holdings Ltd. | 302 | 1,289 | ||||||
Qantas Airways Ltd.(1) | 5,627 | 21,714 | ||||||
QBE Insurance Group Ltd. | 2,300 | 16,495 | ||||||
Qube Holdings Ltd. | 2,698 | 6,389 | ||||||
Ramelius Resources Ltd. | 9,222 | 8,850 |
66
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Ramsay Health Care Ltd. | 461 | $ | 23,452 | |||||
REA Group Ltd. | 143 | 15,080 | ||||||
Red 5 Ltd.(1) | 29,625 | 4,077 | ||||||
Regis Resources Ltd. | 5,642 | 13,468 | ||||||
Reliance Worldwide Corp. Ltd. | 3,953 | 13,098 | ||||||
Resolute Mining Ltd.(1)(2) | 13,533 | 6,704 | ||||||
Rio Tinto Ltd. | 977 | 95,912 | ||||||
Sandfire Resources Ltd. | 1,804 | 8,482 | ||||||
Santos Ltd. | 11,284 | 63,495 | ||||||
SeaLink Travel Group Ltd. | 288 | 1,899 | ||||||
SEEK Ltd. | 519 | 10,287 | ||||||
Select Harvests Ltd. | 821 | 3,321 | ||||||
Senex Energy Ltd.(1) | 21,811 | 6,202 | ||||||
Seven Group Holdings Ltd.(2) | 77 | 1,288 | ||||||
Sigma Healthcare Ltd.(1) | 13,377 | 6,883 | ||||||
Silver Lake Resources Ltd.(1) | 8,626 | 9,477 | ||||||
Sims Ltd. | 1,174 | 12,204 | ||||||
SmartGroup Corp. Ltd. | 213 | 1,131 | ||||||
Sonic Healthcare Ltd. | 474 | 11,575 | ||||||
South32 Ltd. | 25,586 | 54,687 | ||||||
Southern Cross Media Group Ltd.(1) | 4,053 | 7,238 | ||||||
Spark Infrastructure Group | 8,055 | 12,656 | ||||||
St. Barbara Ltd. | 9,225 | 14,622 | ||||||
Star Entertainment Grp Ltd. (The)(1) | 4,164 | 11,857 | ||||||
Suncorp Group Ltd. | 2,400 | 18,300 | ||||||
Super Retail Group Ltd. | 1,871 | 15,856 | ||||||
Sydney Airport(1) | 2,096 | 9,470 | ||||||
Tassal Group Ltd.(2) | 826 | 2,150 | ||||||
Technology One Ltd. | 1,557 | 10,125 | ||||||
Telstra Corp. Ltd. | 12,909 | 30,636 | ||||||
TPG Telecom Ltd.(1) | 1,035 | 5,419 | ||||||
Transurban Group | 3,477 | 34,318 | ||||||
Treasury Wine Estates Ltd. | 3,054 | 25,666 | ||||||
Tuas Ltd.(1) | 517 | 263 | ||||||
United Malt Grp Ltd. | 889 | 2,500 | ||||||
Viva Energy Group Ltd. | 6,243 | 8,015 | ||||||
Vocus Group Ltd.(1) | 2,212 | 8,567 | ||||||
Washington H Soul Pattinson & Co. Ltd.(2) | 499 | 11,500 | ||||||
Wesfarmers Ltd. | 3,934 | 149,244 | ||||||
West African Resources Ltd.(1) | 6,111 | 3,705 | ||||||
Western Areas Ltd. | 3,767 | 7,483 | ||||||
Westgold Resources Ltd.(1) | 4,361 | 6,761 | ||||||
Westpac Banking Corp., ADR(2) | 8,726 | 161,256 | ||||||
Whitehaven Coal Ltd.(1) | 8,636 | 10,144 | ||||||
WiseTech Global Ltd. | 66 | 1,382 | ||||||
Woodside Petroleum Ltd. | 4,408 | 84,035 | ||||||
Woolworths Group Ltd. | 2,540 | 77,108 | ||||||
Worley Ltd. | 123 | 1,059 | ||||||
4,165,359 | ||||||||
Austria — 0.3% | ||||||||
Addiko Bank AG(1) | 63 | 798 |
67
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
ANDRITZ AG | 132 | $ | 6,325 | |||||
AT&S Austria Technologie & Systemtechnik AG | 321 | 9,448 | ||||||
BAWAG Group AG(1) | 235 | 12,171 | ||||||
CA Immobilien Anlagen AG | 25 | 1,072 | ||||||
DO & CO. AG(1) | 67 | 5,200 | ||||||
Erste Group Bank AG(1) | 582 | 19,132 | ||||||
EVN AG | 389 | 8,446 | ||||||
IMMOFINANZ AG(1) | 206 | 4,120 | ||||||
Lenzing AG(1) | 88 | 12,605 | ||||||
Oesterreichische Post AG | 141 | 5,681 | ||||||
OMV AG | 275 | 13,249 | ||||||
Porr AG(1) | 59 | 1,088 | ||||||
Raiffeisen Bank International AG(1) | 434 | 8,790 | ||||||
S IMMO AG | 41 | 863 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 122 | 5,761 | ||||||
Telekom Austria AG | 134 | 1,017 | ||||||
UNIQA Insurance Group AG | 655 | 5,073 | ||||||
Verbund AG | 155 | 11,809 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 237 | 6,362 | ||||||
voestalpine AG | 461 | 18,255 | ||||||
Wienerberger AG | 313 | 10,450 | ||||||
167,715 | ||||||||
Belgium — 0.9% | ||||||||
Ackermans & van Haaren NV | 141 | 22,723 | ||||||
Ageas SA/NV | 935 | 52,394 | ||||||
AGFA-Gevaert NV(1) | 1,104 | 4,947 | ||||||
Anheuser-Busch InBev SA, ADR | 1,047 | 60,443 | ||||||
Argenx SE, ADR(1) | 119 | 39,351 | ||||||
Barco NV | 196 | 4,807 | ||||||
Bekaert SA | 521 | 19,149 | ||||||
bpost SA(1) | 707 | 7,654 | ||||||
Cie d'Entreprises CFE(1) | 92 | 9,855 | ||||||
D'ieteren SA | 122 | 10,292 | ||||||
Econocom Group SA | 704 | 2,611 | ||||||
Elia Group SA | 104 | 11,226 | ||||||
Etablissements Franz Colruyt NV | 369 | 22,085 | ||||||
Euronav NV | 1,872 | 16,635 | ||||||
EVS Broadcast Equipment SA(1) | 45 | 885 | ||||||
Fagron | 492 | 11,734 | ||||||
Galapagos NV, ADR(1)(2) | 169 | 13,959 | ||||||
Gimv NV | 124 | 7,255 | ||||||
Ion Beam Applications(2) | 379 | 6,499 | ||||||
KBC Group NV(1) | 794 | 57,092 | ||||||
Kinepolis Group NV(1)(2) | 140 | 7,142 | ||||||
Melexis NV | 162 | 19,114 | ||||||
Ontex Group NV(1)(2) | 466 | 4,789 | ||||||
Orange Belgium SA | 283 | 7,785 | ||||||
Proximus SADP | 1,117 | 21,775 | ||||||
Recticel SA | 118 | 1,814 | ||||||
Solvay SA | 537 | 65,481 | ||||||
Telenet Group Holding NV | 98 | 3,901 |
68
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Tessenderlo Group SA(1) | 202 | $ | 8,968 | |||||
UCB SA | 272 | 27,051 | ||||||
Umicore SA | 645 | 37,857 | ||||||
587,273 | ||||||||
Canada — 9.2% | ||||||||
AcuityAds Holdings, Inc.(1)(2) | 500 | 11,103 | ||||||
Advantage Oil & Gas Ltd.(1) | 600 | 1,226 | ||||||
Aecon Group, Inc. | 460 | 6,651 | ||||||
Agnico Eagle Mines Ltd. | 700 | 39,076 | ||||||
Air Canada(1) | 600 | 11,834 | ||||||
Alamos Gold, Inc., Class A | 2,100 | 14,884 | ||||||
Alaris Equity Partners Income | 100 | 1,209 | ||||||
Algonquin Power & Utilities Corp.(2) | 1,900 | 29,427 | ||||||
Alimentation Couche-Tard, Inc., B Shares | 1,900 | 57,108 | ||||||
AltaGas Ltd. | 700 | 10,611 | ||||||
Altius Minerals Corp. | 500 | 5,776 | ||||||
ARC Resources Ltd. | 4,700 | 28,142 | ||||||
Argonaut Gold, Inc.(1) | 700 | 1,128 | ||||||
Aritzia, Inc.(1) | 600 | 14,140 | ||||||
Atco Ltd., Class I | 600 | 17,501 | ||||||
Atrium Mortgage Investment Corp. | 100 | 1,014 | ||||||
AutoCanada, Inc.(1) | 400 | 9,584 | ||||||
B2Gold Corp. | 8,400 | 36,568 | ||||||
Badger Daylighting Ltd. | 400 | 12,730 | ||||||
Ballard Power Systems, Inc.(1) | 500 | 13,987 | ||||||
Bank of Montreal | 1,900 | 155,243 | ||||||
Bank of Nova Scotia (The) | 2,800 | 163,696 | ||||||
Barrick Gold Corp., (Toronto) | 2,600 | 48,523 | ||||||
Bausch Health Cos., Inc.(1) | 920 | 28,953 | ||||||
Baytex Energy Corp.(1) | 2,000 | 1,933 | ||||||
BCE, Inc. | 400 | 17,108 | ||||||
Birchcliff Energy Ltd.(2) | 3,300 | 7,702 | ||||||
Bird Construction, Inc.(2) | 300 | 2,025 | ||||||
BlackBerry Ltd.(1) | 1,700 | 17,192 | ||||||
Bombardier, Inc., B Shares(1)(2) | 700 | 308 | ||||||
Boralex, Inc., A Shares | 600 | 20,877 | ||||||
Boyd Group Services, Inc.(2) | 99 | 16,383 | ||||||
Brookfield Asset Management, Inc., Class A | 1,250 | 50,487 | ||||||
Brookfield Infrastructure Corp., Class A | 71 | 4,702 | ||||||
BRP, Inc. | 100 | 7,225 | ||||||
CAE, Inc. | 1,300 | 34,405 | ||||||
Calibre Mining Corp.(1) | 2,700 | 3,267 | ||||||
Cameco Corp. | 1,800 | 28,246 | ||||||
Canaccord Genuity Group, Inc. | 1,200 | 10,769 | ||||||
Canacol Energy Ltd. | 2,100 | 5,677 | ||||||
Canada Goose Holdings, Inc.(1)(2) | 100 | 4,482 | ||||||
Canadian Imperial Bank of Commerce | 1,700 | 156,735 | ||||||
Canadian National Railway Co. | 1,400 | 152,816 | ||||||
Canadian Natural Resources Ltd. | 4,700 | 128,192 | ||||||
Canadian Pacific Railway Ltd. | 300 | 106,912 | ||||||
Canadian Tire Corp. Ltd., Class A | 400 | 51,686 |
69
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Canadian Utilities Ltd., A Shares | 300 | $ | 7,100 | |||||
Canadian Western Bank(2) | 800 | 21,028 | ||||||
Canfor Corp.(1) | 500 | 10,200 | ||||||
CanWel Building Materials Group Ltd. | 1,000 | 6,192 | ||||||
Capital Power Corp. | 1,200 | 32,353 | ||||||
Capstone Mining Corp.(1) | 5,000 | 15,205 | ||||||
Cascades, Inc. | 800 | 10,555 | ||||||
CCL Industries, Inc., Class B | 400 | 21,069 | ||||||
Celestica, Inc.(1) | 1,700 | 14,093 | ||||||
Cenovus Energy, Inc. | 8,338 | 61,719 | ||||||
Centerra Gold, Inc. | 1,900 | 18,439 | ||||||
CES Energy Solutions Corp. | 4,300 | 5,204 | ||||||
CGI, Inc.(1) | 300 | 22,395 | ||||||
Chorus Aviation, Inc. | 1,800 | 5,941 | ||||||
CI Financial Corp. | 800 | 11,202 | ||||||
Cogeco Communications, Inc. | 100 | 9,042 | ||||||
Cogeco, Inc. | 100 | 7,338 | ||||||
Computer Modelling Group Ltd. | 200 | 897 | ||||||
Corus Entertainment, Inc., B Shares | 2,600 | 10,767 | ||||||
Crescent Point Energy Corp.(2) | 6,700 | 24,587 | ||||||
CRH Medical Corp.(1) | 400 | 1,540 | ||||||
Descartes Systems Group, Inc. (The)(1) | 200 | 11,710 | ||||||
Dollarama, Inc. | 1,000 | 38,056 | ||||||
Dorel Industries, Inc., Class B(1) | 500 | 5,453 | ||||||
DREAM Unlimited Corp., Class A | 400 | 7,129 | ||||||
Dundee Precious Metals, Inc. | 1,390 | 8,640 | ||||||
ECN Capital Corp. | 300 | 1,884 | ||||||
Eldorado Gold Corp. (Toronto)(1) | 1,200 | 12,570 | ||||||
Element Fleet Management Corp. | 3,200 | 31,381 | ||||||
Emera, Inc. | 500 | 19,700 | ||||||
Empire Co. Ltd., Class A | 1,000 | 27,793 | ||||||
Enbridge, Inc. | 3,100 | 104,697 | ||||||
Endeavour Mining Corp. | 1,938 | 37,325 | ||||||
Enerflex Ltd. | 200 | 1,374 | ||||||
Enerplus Corp.(2) | 2,200 | 10,649 | ||||||
Enghouse Systems Ltd. | 300 | 13,027 | ||||||
Equinox Gold Corp.(1) | 900 | 7,454 | ||||||
Equitable Group, Inc. | 100 | 10,657 | ||||||
ERO Copper Corp.(1) | 600 | 10,585 | ||||||
Evertz Technologies Ltd. | 400 | 4,438 | ||||||
Exchange Income Corp. | 300 | 9,505 | ||||||
Exco Technologies Ltd. | 200 | 1,716 | ||||||
Extendicare, Inc.(2) | 200 | 1,044 | ||||||
Fairfax Financial Holdings Ltd. | 100 | 40,736 | ||||||
Finning International, Inc.(2) | 1,800 | 46,973 | ||||||
First Majestic Silver Corp.(1)(2) | 900 | 16,223 | ||||||
First Mining Gold Corp.(1) | 9,000 | 2,652 | ||||||
First National Financial Corp. | 100 | 3,482 | ||||||
First Quantum Minerals Ltd. | 2,400 | 51,730 | ||||||
FirstService Corp. | 100 | 15,173 | ||||||
Fortis, Inc. | 1,400 | 53,905 |
70
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Fortuna Silver Mines, Inc.(1) | 2,200 | $ | 16,544 | |||||
Franco-Nevada Corp. | 200 | 21,414 | ||||||
Freehold Royalties Ltd. | 1,300 | 7,049 | ||||||
Galiano Gold, Inc.(1)(2) | 1,100 | 1,271 | ||||||
George Weston Ltd. | 100 | 7,345 | ||||||
Gibson Energy, Inc.(2) | 700 | 11,914 | ||||||
Gildan Activewear, Inc. | 1,500 | 45,580 | ||||||
goeasy Ltd.(2) | 200 | 19,502 | ||||||
Gran Colombia Gold Corp. | 300 | 1,332 | ||||||
Great-West Lifeco, Inc. | 300 | 7,678 | ||||||
Hardwoods Distribution, Inc. | 100 | 2,167 | ||||||
High Liner Foods, Inc. | 200 | 2,084 | ||||||
Home Capital Group, Inc.(1) | 600 | 14,809 | ||||||
Hudbay Minerals, Inc. | 2,400 | 17,181 | ||||||
Hydro One Ltd. | 1,500 | 31,848 | ||||||
iA Financial Corp., Inc. | 400 | 20,553 | ||||||
IAMGOLD Corp.(1) | 5,900 | 17,478 | ||||||
IGM Financial, Inc. | 200 | 5,457 | ||||||
Imperial Oil Ltd. | 800 | 17,533 | ||||||
Intact Financial Corp. | 300 | 33,531 | ||||||
Inter Pipeline Ltd. | 1,500 | 21,110 | ||||||
Interfor Corp.(1) | 1,000 | 21,876 | ||||||
International Petroleum Corp.(1)(2) | 2,000 | 6,302 | ||||||
Intertape Polymer Group, Inc. | 900 | 16,952 | ||||||
Ivanhoe Mines Ltd., Class A(1) | 2,400 | 14,804 | ||||||
Jamieson Wellness, Inc. | 200 | 5,438 | ||||||
Karora Resources, Inc.(1) | 1,900 | 4,375 | ||||||
Keyera Corp.(2) | 2,000 | 38,771 | ||||||
Kinaxis, Inc.(1) | 100 | 13,516 | ||||||
Kinross Gold Corp. | 9,800 | 60,913 | ||||||
Kirkland Lake Gold Ltd. | 1,330 | 43,497 | ||||||
Knight Therapeutics, Inc.(1) | 1,000 | 4,055 | ||||||
Labrador Iron Ore Royalty Corp. | 500 | 14,329 | ||||||
Largo Resources Ltd.(1) | 7,000 | 9,736 | ||||||
Laurentian Bank of Canada | 300 | 8,218 | ||||||
Linamar Corp. | 500 | 27,939 | ||||||
Loblaw Cos. Ltd. | 700 | 33,735 | ||||||
Lundin Mining Corp. | 4,300 | 49,231 | ||||||
Magna International, Inc. | 1,600 | 134,767 | ||||||
Major Drilling Group International, Inc.(1) | 300 | 1,657 | ||||||
Manulife Financial Corp. | 6,200 | 123,600 | ||||||
Martinrea International, Inc. | 1,100 | 12,862 | ||||||
MEG Energy Corp.(1) | 3,100 | 16,004 | ||||||
Methanex Corp. | 700 | 26,986 | ||||||
Metro, Inc. | 600 | 24,941 | ||||||
Morneau Shepell, Inc.(2) | 300 | 7,711 | ||||||
MTY Food Group, Inc.(1)(2) | 200 | 7,968 | ||||||
Mullen Group Ltd. | 1,400 | 11,023 | ||||||
National Bank of Canada | 1,900 | 119,679 | ||||||
New Gold, Inc. (Toronto)(1) | 8,300 | 13,370 | ||||||
North American Construction Group Ltd. | 700 | 8,410 |
71
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
North West Co., Inc. (The) | 500 | $ | 12,231 | |||||
Northland Power, Inc. | 1,180 | 39,176 | ||||||
Novagold Resources, Inc.(1) | 392 | 3,273 | ||||||
Nutrien Ltd. | 1,600 | 86,362 | ||||||
NuVista Energy Ltd.(1) | 1,000 | 1,556 | ||||||
OceanaGold Corp.(1) | 3,700 | 5,350 | ||||||
Onex Corp. | 400 | 22,392 | ||||||
Open Text Corp. | 400 | 17,816 | ||||||
Osisko Gold Royalties Ltd. (Toronto) | 900 | 8,982 | ||||||
Osisko Mining, Inc.(1) | 1,400 | 3,091 | ||||||
Pan American Silver Corp. | 770 | 25,443 | ||||||
Paramount Resources Ltd., A Shares(1)(2) | 1,000 | 8,487 | ||||||
Parex Resources, Inc.(1) | 1,300 | 20,778 | ||||||
Parkland Corp. | 700 | 22,244 | ||||||
Pason Systems, Inc. | 1,100 | 8,384 | ||||||
Pembina Pipeline Corp. | 2,200 | 55,942 | ||||||
Peyto Exploration & Development Corp. | 3,100 | 14,518 | ||||||
Pizza Pizza Royalty Corp. | 200 | 1,543 | ||||||
Power Corp. of Canada | 605 | 14,585 | ||||||
PrairieSky Royalty Ltd.(2) | 700 | 7,096 | ||||||
Precision Drilling Corp.(1)(2) | 300 | 6,931 | ||||||
Premier Gold Mines Ltd.(1) | 2,000 | 4,542 | ||||||
Premium Brands Holdings Corp. | 100 | 8,094 | ||||||
Pretium Resources, Inc.(1) | 1,350 | 13,133 | ||||||
Primo Water Corp. | 700 | 10,017 | ||||||
Quarterhill, Inc. | 800 | 1,754 | ||||||
Quebecor, Inc., Class B | 500 | 12,926 | ||||||
Real Matters, Inc.(1) | 650 | 8,172 | ||||||
Restaurant Brands International, Inc. | 400 | 23,992 | ||||||
Richelieu Hardware Ltd. | 400 | 11,498 | ||||||
Ritchie Bros Auctioneers, Inc. | 400 | 21,829 | ||||||
Rogers Communications, Inc., Class B | 1,400 | 60,649 | ||||||
Roxgold, Inc.(1) | 5,300 | 5,747 | ||||||
Royal Bank of Canada | 3,083 | 262,513 | ||||||
Russel Metals, Inc.(2) | 1,000 | 19,472 | ||||||
Sabina Gold & Silver Corp.(1) | 3,500 | 5,968 | ||||||
Sagen MI Canada, Inc. | 300 | 10,200 | ||||||
Sandstorm Gold Ltd.(1) | 800 | 4,828 | ||||||
Saputo, Inc. | 900 | 25,347 | ||||||
Secure Energy Services, Inc. | 2,000 | 5,123 | ||||||
Seven Generations Energy Ltd., Class A(1) | 3,600 | 23,762 | ||||||
Shaw Communications, Inc., B Shares | 2,900 | 50,475 | ||||||
Shopify, Inc., Class A(1) | 100 | 129,556 | ||||||
Sienna Senior Living, Inc.(2) | 100 | 1,102 | ||||||
Silvercorp Metals, Inc. | 800 | 4,652 | ||||||
Sleep Country Canada Holdings, Inc. | 200 | 4,232 | ||||||
SNC-Lavalin Group, Inc.(2) | 100 | 2,012 | ||||||
SSR Mining, Inc.(1) | 1,771 | 25,147 | ||||||
Stantec, Inc. | 400 | 15,738 | ||||||
Sun Life Financial, Inc.(2) | 1,100 | 52,934 | ||||||
Suncor Energy, Inc. | 3,700 | 73,471 |
72
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
SunOpta, Inc.(1) | 900 | $ | 13,946 | |||||
Superior Plus Corp.(2) | 1,400 | 14,565 | ||||||
Tamarack Valley Energy Ltd.(1) | 4,700 | 7,940 | ||||||
Taseko Mines Ltd.(1) | 3,500 | 5,858 | ||||||
TC Energy Corp. | 1,000 | 41,883 | ||||||
Teck Resources Ltd., Class B | 2,400 | 49,976 | ||||||
TELUS Corp. | 1,700 | 34,064 | ||||||
TFI International, Inc. | 500 | 34,925 | ||||||
Thomson Reuters Corp. | 200 | 17,397 | ||||||
Timbercreek Financial Corp. | 700 | 4,873 | ||||||
TMX Group Ltd. | 100 | 9,547 | ||||||
TORC Oil & Gas Ltd. | 2,800 | 7,063 | ||||||
Torex Gold Resources, Inc.(1) | 1,060 | 12,844 | ||||||
Toromont Industries Ltd. | 400 | 29,137 | ||||||
Toronto-Dominion Bank (The) | 3,458 | 209,610 | ||||||
Tourmaline Oil Corp. | 2,000 | 36,398 | ||||||
TransAlta Corp. | 3,000 | 26,214 | ||||||
TransAlta Renewables, Inc.(2) | 500 | 7,929 | ||||||
Transcontinental, Inc., Class A | 960 | 16,498 | ||||||
Trican Well Service Ltd.(1) | 3,500 | 5,198 | ||||||
Tricon Residential, Inc. | 1,030 | 10,028 | ||||||
Turquoise Hill Resources Ltd.(1) | 1,100 | 16,682 | ||||||
Uranium Participation Corp.(1) | 1,400 | 5,446 | ||||||
Vermilion Energy, Inc.(2) | 1,500 | 9,394 | ||||||
Viemed Healthcare, Inc.(1) | 200 | 1,876 | ||||||
Viemed Healthcare, Inc. (Toronto)(1) | 474 | 4,470 | ||||||
Wajax Corp. | 500 | 8,098 | ||||||
Wesdome Gold Mines Ltd.(1) | 700 | 4,703 | ||||||
West Fraser Timber Co. Ltd. | 572 | 39,104 | ||||||
Westshore Terminals Investment Corp. | 600 | 8,911 | ||||||
Wheaton Precious Metals Corp. | 800 | 28,615 | ||||||
Whitecap Resources, Inc.(2) | 5,400 | 24,144 | ||||||
Winpak Ltd. | 200 | 6,242 | ||||||
WSP Global, Inc. | 200 | 17,322 | ||||||
Yamana Gold, Inc. | 6,700 | 26,640 | ||||||
5,762,420 | ||||||||
Denmark — 2.0% | ||||||||
Alm Brand A/S | 379 | 4,335 | ||||||
Ambu A/S, B Shares | 369 | 17,074 | ||||||
AP Moller - Maersk A/S, A Shares | 7 | 14,040 | ||||||
AP Moller - Maersk A/S, B Shares | 9 | 19,320 | ||||||
Bavarian Nordic A/S(1) | 238 | 8,527 | ||||||
Carlsberg A/S, B Shares | 101 | 15,885 | ||||||
Chemometec A/S | 95 | 8,768 | ||||||
Chr Hansen Holding A/S(1) | 205 | 17,578 | ||||||
Coloplast A/S, B Shares | 233 | 35,537 | ||||||
D/S Norden A/S | 305 | 6,373 | ||||||
Danske Bank A/S(1) | 1,949 | 35,928 | ||||||
Demant A/S(1) | 172 | 7,108 | ||||||
Dfds A/S(1) | 208 | 10,029 | ||||||
Drilling Co. of 1972 A/S (The)(1) | 192 | 7,636 |
73
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
DSV Panalpina A/S | 307 | $ | 56,301 | |||||
FLSmidth & Co. A/S(1) | 181 | 7,617 | ||||||
Genmab A/S, ADR(1) | 1,712 | 57,985 | ||||||
GN Store Nord AS | 283 | 23,766 | ||||||
H Lundbeck A/S | 204 | 7,764 | ||||||
H+H International A/S, B Shares(1) | 331 | 7,402 | ||||||
ISS A/S(1) | 46 | 828 | ||||||
Jyske Bank A/S(1) | 261 | 11,262 | ||||||
Netcompany Group A/S(1) | 132 | 11,789 | ||||||
NKT A/S(1) | 296 | 11,520 | ||||||
NNIT A/S | 254 | 4,330 | ||||||
Novo Nordisk A/S, ADR | 4,369 | 311,291 | ||||||
Novozymes A/S, B Shares | 850 | 52,487 | ||||||
Orsted AS | 577 | 93,131 | ||||||
Pandora A/S | 1,170 | 113,439 | ||||||
Per Aarsleff Holding A/S | 208 | 9,369 | ||||||
Ringkjoebing Landbobank A/S | 119 | 11,661 | ||||||
Rockwool International A/S, B Shares | 96 | 34,649 | ||||||
Royal Unibrew A/S | 219 | 22,540 | ||||||
Schouw & Co. A/S | 57 | 5,769 | ||||||
SimCorp A/S | 158 | 19,186 | ||||||
Solar A/S, B Shares | 25 | 1,835 | ||||||
SP Group A/S(1) | 96 | 5,232 | ||||||
Spar Nord Bank A/S(1) | 147 | 1,529 | ||||||
Sydbank AS(1) | 331 | 7,559 | ||||||
Topdanmark AS | 245 | 11,511 | ||||||
TORM plc | 105 | 862 | ||||||
Tryg A/S | 503 | 15,840 | ||||||
Vestas Wind Systems A/S | 709 | 132,577 | ||||||
1,259,169 | ||||||||
Finland — 1.0% | ||||||||
Aktia Bank Oyj(1) | 500 | 5,420 | ||||||
Altia Oyj | 360 | 4,785 | ||||||
CapMan Oyj, B Shares | 696 | 2,201 | ||||||
Cargotec Oyj, B Shares | 258 | 13,571 | ||||||
Caverion OYJ(1) | 704 | 4,467 | ||||||
Citycon Oyj | 126 | 1,138 | ||||||
Elisa Oyj | 523 | 31,176 | ||||||
Fortum Oyj | 901 | 22,487 | ||||||
HKScan Oyj, A Shares(1) | 1,333 | 3,494 | ||||||
Huhtamaki Oyj | 287 | 12,907 | ||||||
Kemira Oyj | 742 | 11,967 | ||||||
Kesko Oyj, B Shares | 1,344 | 34,112 | ||||||
Kone Oyj, B Shares | 467 | 37,227 | ||||||
Konecranes Oyj | 267 | 11,846 | ||||||
Marimekko Oyj | 28 | 1,629 | ||||||
Metsa Board Oyj | 1,029 | 11,458 | ||||||
Metso Outotec Oyj | 2,567 | 28,819 | ||||||
Neles Oyj | 508 | 6,274 | ||||||
Neste Oyj | 420 | 27,647 | ||||||
Nokia Oyj, ADR(1) | 17,730 | 69,502 |
74
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Nokian Renkaat Oyj | 569 | $ | 20,124 | |||||
Oriola Oyj, B Shares | 441 | 1,072 | ||||||
Orion Oyj, Class B | 698 | 28,571 | ||||||
Outokumpu Oyj(1) | 3,333 | 16,224 | ||||||
Sampo Oyj, A Shares | 772 | 34,286 | ||||||
Sanoma Oyj | 490 | 8,082 | ||||||
Stora Enso Oyj, R Shares | 2,401 | 47,274 | ||||||
TietoEVRY Oyj | 97 | 2,996 | ||||||
Tokmanni Group Corp. | 341 | 7,411 | ||||||
UPM-Kymmene Oyj | 2,370 | 90,162 | ||||||
Uponor Oyj | 617 | 12,922 | ||||||
Valmet Oyj | 579 | 19,487 | ||||||
Wartsila Oyj Abp | 632 | 7,217 | ||||||
YIT Oyj(2) | 1,099 | 6,192 | ||||||
644,147 | ||||||||
France — 8.8% | ||||||||
ABC arbitrage | 396 | 3,558 | ||||||
Accor SA(1) | 446 | 18,590 | ||||||
Aeroports de Paris(1) | 115 | 14,591 | ||||||
Air France-KLM(1)(2) | 1,403 | 9,438 | ||||||
Air Liquide SA | 784 | 117,928 | ||||||
Airbus SE(1) | 1,051 | 121,558 | ||||||
AKWEL | 46 | 1,623 | ||||||
Albioma SA | 255 | 12,426 | ||||||
ALD SA | 1,038 | 15,144 | ||||||
Alstom SA(1) | 1,068 | 53,130 | ||||||
Alten SA(1) | 263 | 29,044 | ||||||
Amundi SA(1) | 177 | 13,451 | ||||||
APERAM SA | 467 | 19,546 | ||||||
ArcelorMittal SA(1) | 4,963 | 115,489 | ||||||
Arkema SA | 834 | 91,858 | ||||||
Atos SE(1) | 526 | 40,871 | ||||||
Aubay | 27 | 1,226 | ||||||
AXA SA | 6,355 | 159,432 | ||||||
Beneteau SA(1) | 88 | 1,311 | ||||||
Bigben Interactive(1) | 62 | 1,464 | ||||||
BioMerieux | 136 | 17,261 | ||||||
BNP Paribas SA(1) | 2,936 | 174,454 | ||||||
Bollore SA | 241 | 1,153 | ||||||
Bonduelle SCA | 188 | 4,472 | ||||||
Bouygues SA | 1,215 | 49,184 | ||||||
Bureau Veritas SA(1) | 1,569 | 42,375 | ||||||
Capgemini SE | 531 | 85,040 | ||||||
Carrefour SA | 3,054 | 53,105 | ||||||
Casino Guichard Perrachon SA(1) | 140 | 4,489 | ||||||
Cellectis SA, ADR(1) | 316 | 6,794 | ||||||
CGG SA(1) | 5,929 | 6,968 | ||||||
Chargeurs SA | 235 | 6,329 | ||||||
Cie de Saint-Gobain(1) | 2,992 | 160,300 | ||||||
Cie des Alpes | 32 | 818 | ||||||
Cie Generale des Etablissements Michelin SCA | 1,131 | 163,361 |
75
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Cie Plastic Omnium SA | 611 | $ | 21,828 | |||||
CNP Assurances(1) | 696 | 12,516 | ||||||
Coface SA(1) | 947 | 10,311 | ||||||
Credit Agricole SA(1) | 3,368 | 47,175 | ||||||
Danone SA | 158 | 10,739 | ||||||
Dassault Aviation SA(1) | 19 | 20,466 | ||||||
Dassault Systemes SE | 148 | 30,689 | ||||||
Derichebourg SA(1) | 1,448 | 11,452 | ||||||
Edenred | 438 | 24,247 | ||||||
Eiffage SA(1) | 787 | 80,833 | ||||||
Electricite de France SA(1) | 2,597 | 30,839 | ||||||
Elis SA(1) | 701 | 12,123 | ||||||
Engie SA(1) | 2,862 | 41,716 | ||||||
Eramet SA(1) | 180 | 13,320 | ||||||
EssilorLuxottica SA | 330 | 53,737 | ||||||
Eurazeo SE(1) | 79 | 5,846 | ||||||
Eurofins Scientific SE(1) | 385 | 34,218 | ||||||
Euronext NV | 453 | 48,744 | ||||||
Eutelsat Communications SA | 2,032 | 24,484 | ||||||
Faurecia SE(1) | 838 | 43,266 | ||||||
Gaztransport Et Technigaz SA | 238 | 19,981 | ||||||
Getlink SE(1) | 1,718 | 28,062 | ||||||
Hermes International | 47 | 52,226 | ||||||
ID Logistics Group(1) | 24 | 6,090 | ||||||
Iliad SA | 169 | 29,890 | ||||||
Imerys SA | 381 | 19,584 | ||||||
Innate Pharma SA(1)(2) | 719 | 3,220 | ||||||
Interparfums SA(1) | 127 | 7,341 | ||||||
Ipsen SA | 460 | 39,140 | ||||||
Jacquet Metals SA | 231 | 4,737 | ||||||
JCDecaux SA(1) | 633 | 14,940 | ||||||
Kaufman & Broad SA | 197 | 8,710 | ||||||
Kering SA | 234 | 148,143 | ||||||
L'Oreal SA | 491 | 179,018 | ||||||
La Francaise des Jeux SAEM | 944 | 42,515 | ||||||
Lagardere SCA(1) | 505 | 13,554 | ||||||
Legrand SA | 515 | 44,676 | ||||||
LISI(1) | 253 | 6,209 | ||||||
LNA Sante SA | 19 | 1,030 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 536 | 339,407 | ||||||
Maisons du Monde SA(1) | 672 | 12,126 | ||||||
Mersen SA(1) | 230 | 7,893 | ||||||
Metropole Television SA(1) | 374 | 7,458 | ||||||
MGI Digital Graphic Technology(1) | 17 | 988 | ||||||
Natixis SA(1) | 4,255 | 20,711 | ||||||
Neoen SA(1)(2) | 98 | 5,723 | ||||||
Nexans SA(1) | 362 | 28,099 | ||||||
Orange SA, ADR | 5,372 | 62,154 | ||||||
Orpea SA(1) | 451 | 54,121 | ||||||
Pernod Ricard SA | 498 | 94,521 | ||||||
Pharmagest Interactive | 37 | 4,374 |
76
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Publicis Groupe SA | 953 | $ | 55,795 | |||||
Quadient SA | 622 | 14,195 | ||||||
Remy Cointreau SA | 109 | 20,776 | ||||||
Renault SA(1) | 1,107 | 49,562 | ||||||
Rexel SA(1) | 1,737 | 32,488 | ||||||
Rubis SCA | 343 | 15,706 | ||||||
Safran SA(1) | 1,161 | 158,581 | ||||||
Sanofi, ADR | 2,585 | 118,626 | ||||||
Sartorius Stedim Biotech | 97 | 42,362 | ||||||
Schneider Electric SE | 674 | 99,873 | ||||||
SCOR SE(1) | 449 | 14,840 | ||||||
SEB SA | 131 | 23,499 | ||||||
SES SA | 3,489 | 27,776 | ||||||
Societe BIC SA | 244 | 13,688 | ||||||
Societe Generale SA(1) | 3,239 | 80,203 | ||||||
Sodexo SA(1) | 367 | 35,063 | ||||||
SOITEC(1) | 106 | 22,333 | ||||||
Solutions 30 SE(1) | 872 | 10,204 | ||||||
Sopra Steria Group(1) | 72 | 11,699 | ||||||
SPIE SA(1) | 545 | 12,239 | ||||||
STMicroelectronics NV, (New York)(2) | 4,627 | 179,805 | ||||||
Suez SA | 662 | 13,777 | ||||||
Tarkett SA(1) | 557 | 8,465 | ||||||
Teleperformance | 359 | 126,933 | ||||||
Television Francaise 1(1)(2) | 741 | 6,458 | ||||||
Thales SA | 400 | 37,843 | ||||||
TOTAL SE, ADR | 6,822 | 316,541 | ||||||
Trigano SA | 115 | 21,571 | ||||||
Ubisoft Entertainment SA(1) | 864 | 70,474 | ||||||
Valeo SA | 2,413 | 85,094 | ||||||
Vallourec SA(1)(2) | 22 | 1,069 | ||||||
Valneva SE(1) | 993 | 13,281 | ||||||
Veolia Environnement SA | 1,436 | 38,712 | ||||||
Verallia SA | 109 | 4,003 | ||||||
Vicat SA | 157 | 7,547 | ||||||
Vilmorin & Cie SA | 19 | 1,216 | ||||||
Vinci SA | 1,713 | 177,762 | ||||||
Virbac SA(1) | 30 | 7,329 | ||||||
Vivendi SE | 1,018 | 35,085 | ||||||
Worldline SA(1) | 151 | 13,441 | ||||||
X-Fab Silicon Foundries SE(1) | 839 | 7,171 | ||||||
5,536,056 | ||||||||
Germany — 7.8% | ||||||||
2G Energy AG | 35 | 3,661 | ||||||
Aareal Bank AG(1) | 477 | 12,653 | ||||||
adidas AG(1) | 190 | 65,957 | ||||||
ADLER Group SA(1) | 223 | 6,323 | ||||||
ADVA Optical Networking SE(1) | 742 | 8,185 | ||||||
AIXTRON SE(1) | 204 | 4,641 | ||||||
Allgeier SE | 105 | 3,059 | ||||||
Allianz SE | 849 | 205,117 |
77
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Amadeus Fire AG(1) | 60 | $ | 8,517 | |||||
Aroundtown SA | 4,039 | 29,288 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA(1) | 228 | 5,233 | ||||||
Aurubis AG | 280 | 24,328 | ||||||
BASF SE | 2,361 | 193,319 | ||||||
Bayer AG | 921 | 55,716 | ||||||
Bayerische Motoren Werke AG | 1,343 | 115,713 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 212 | 14,333 | ||||||
BayWa AG | 138 | 5,259 | ||||||
Bechtle AG | 232 | 43,625 | ||||||
Befesa SA | 137 | 9,264 | ||||||
Beiersdorf AG | 339 | 33,482 | ||||||
Bertrandt AG | 99 | 5,386 | ||||||
Bijou Brigitte AG(1) | 20 | 555 | ||||||
Bilfinger SE | 352 | 12,503 | ||||||
Borussia Dortmund GmbH & Co. KGaA(1) | 725 | 4,811 | ||||||
Brenntag SE | 874 | 67,732 | ||||||
Carl Zeiss Meditec AG | 103 | 15,395 | ||||||
CECONOMY AG(1) | 1,715 | 10,696 | ||||||
Cewe Stiftung & Co. KGAA | 64 | 8,384 | ||||||
Commerzbank AG(1) | 5,773 | 37,869 | ||||||
CompuGroup Medical SE & Co. KgaA | 156 | 13,376 | ||||||
Continental AG(1) | 511 | 73,052 | ||||||
Covestro AG | 1,325 | 95,885 | ||||||
CropEnergies AG | 109 | 1,466 | ||||||
CTS Eventim AG & Co. KGaA(1) | 300 | 20,353 | ||||||
Daimler AG | 3,360 | 268,298 | ||||||
Delivery Hero SE(1) | 171 | 21,808 | ||||||
Dermapharm Holding SE | 119 | 8,425 | ||||||
Deutsche Bank AG(1) | 17,807 | 218,492 | ||||||
Deutsche Beteiligungs AG | 23 | 1,029 | ||||||
Deutsche Boerse AG | 594 | 97,050 | ||||||
Deutsche EuroShop AG(1) | 569 | 12,194 | ||||||
Deutsche Lufthansa AG(1) | 1,393 | 20,626 | ||||||
Deutsche Pfandbriefbank AG(1) | 1,385 | 15,043 | ||||||
Deutsche Post AG | 2,780 | 137,605 | ||||||
Deutsche Telekom AG | 9,621 | 174,135 | ||||||
Deutsche Wohnen SE | 1,437 | 67,487 | ||||||
Deutz AG(1) | 1,338 | 9,738 | ||||||
Dialog Semiconductor plc(1) | 611 | 47,351 | ||||||
DIC Asset AG | 312 | 5,563 | ||||||
Draegerwerk AG & Co. KGaA | 78 | 5,819 | ||||||
Draegerwerk AG & Co. KGaA, Preference Shares | 119 | 9,092 | ||||||
Duerr AG | 433 | 17,080 | ||||||
E.ON SE | 3,697 | 37,665 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 152 | 10,432 | ||||||
Elmos Semiconductor SE | 32 | 1,271 | ||||||
ElringKlinger AG(1) | 121 | 2,027 | ||||||
Encavis AG | 683 | 14,396 | ||||||
Energiekontor AG | 43 | 2,762 | ||||||
Evonik Industries AG | 734 | 24,734 |
78
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
flatexDEGIRO AG(1) | 123 | $ | 12,937 | |||||
Fraport AG Frankfurt Airport Services Worldwide(1) | 234 | 14,772 | ||||||
Freenet AG | 282 | 5,967 | ||||||
Fresenius Medical Care AG & Co. KGaA, ADR | 215 | 7,417 | ||||||
Fresenius SE & Co. KGaA | 368 | 15,740 | ||||||
FUCHS PETROLUB SE, Preference Shares | 475 | 25,919 | ||||||
GEA Group AG | 1,455 | 50,194 | ||||||
Gerresheimer AG | 174 | 17,969 | ||||||
Grand City Properties SA | 684 | 16,754 | ||||||
GRENKE AG | 122 | 5,095 | ||||||
Hamburger Hafen und Logistik AG | 305 | 7,742 | ||||||
Hannover Rueck SE | 160 | 27,065 | ||||||
HeidelbergCement AG | 627 | 49,493 | ||||||
Heidelberger Druckmaschinen AG(1) | 3,633 | 5,270 | ||||||
HelloFresh SE(1) | 516 | 40,033 | ||||||
Henkel AG & Co. KGaA | 179 | 15,802 | ||||||
Henkel AG & Co. KGaA, Preference Shares | 419 | 41,280 | ||||||
HOCHTIEF AG | 61 | 5,429 | ||||||
Hornbach Baumarkt AG | 49 | 1,991 | ||||||
Hornbach Holding AG & Co. KGaA | 83 | 7,811 | ||||||
HUGO BOSS AG | 732 | 27,571 | ||||||
Hypoport SE(1) | 22 | 15,442 | ||||||
Indus Holding AG | 184 | 7,400 | ||||||
Infineon Technologies AG | 2,725 | 118,234 | ||||||
Jenoptik AG | 456 | 14,632 | ||||||
JOST Werke AG(1) | 169 | 9,772 | ||||||
Jungheinrich AG, Preference Shares | 672 | 28,993 | ||||||
K+S AG | 2,114 | 23,580 | ||||||
KION Group AG | 380 | 31,950 | ||||||
Kloeckner & Co. SE(1) | 1,094 | 11,605 | ||||||
Knorr-Bremse AG | 308 | 39,189 | ||||||
Krones AG | 193 | 16,273 | ||||||
KSB SE & Co. KGaA, Preference Shares | 15 | 4,336 | ||||||
KWS Saat SE & Co. KGaA | 64 | 5,617 | ||||||
Lang & Schwarz AG(1) | 47 | 7,457 | ||||||
Lanxess AG | 325 | 23,997 | ||||||
LEG Immobilien AG | 257 | 35,063 | ||||||
Leifheit AG | 4 | 206 | ||||||
LPKF Laser & Electronics AG | 302 | 9,444 | ||||||
Merck KGaA | 230 | 37,245 | ||||||
MLP SE | 192 | 1,470 | ||||||
MTU Aero Engines AG | 257 | 61,040 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 356 | 103,946 | ||||||
Nagarro SE(1) | 105 | 11,307 | ||||||
Nemetschek SE | 312 | 19,633 | ||||||
New Work SE | 30 | 7,996 | ||||||
Norma Group SE | 326 | 15,459 | ||||||
OHB SE(1) | 22 | 928 | ||||||
PATRIZIA AG | 274 | 7,475 | ||||||
Pfeiffer Vacuum Technology AG | 35 | 6,753 | ||||||
Porsche Automobil Holding SE, Preference Shares | 660 | 52,841 |
79
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
ProSiebenSat.1 Media SE(1) | 1,049 | $ | 21,476 | |||||
publity AG(1) | 24 | 965 | ||||||
Puma SE(1) | 566 | 60,054 | ||||||
QIAGEN NV(1) | 69 | 3,450 | ||||||
Rational AG | 21 | 17,915 | ||||||
Rheinmetall AG | 272 | 27,096 | ||||||
RTL Group SA(1) | 47 | 2,642 | ||||||
RWE AG | 1,202 | 45,412 | ||||||
S&T AG(1) | 507 | 13,559 | ||||||
SAF-Holland SE(1) | 128 | 1,895 | ||||||
Salzgitter AG(1) | 369 | 11,001 | ||||||
SAP SE, ADR | 1,014 | 125,077 | ||||||
Sartorius AG, Preference Shares | 110 | 56,502 | ||||||
Schaltbau Holding AG(1) | 104 | 3,990 | ||||||
Scout24 AG | 434 | 32,641 | ||||||
SGL Carbon SE(1) | 809 | 6,715 | ||||||
Siemens AG | 955 | 146,961 | ||||||
Siemens Energy AG(1) | 1,199 | 45,057 | ||||||
Siemens Healthineers AG | 277 | 15,293 | ||||||
Siltronic AG(1) | 222 | 36,991 | ||||||
Sixt SE(1) | 155 | 19,229 | ||||||
Sixt SE, Preference Shares | 193 | 14,425 | ||||||
SMA Solar Technology AG(1) | 128 | 8,200 | ||||||
Software AG | 355 | 15,742 | ||||||
Stabilus SA | 172 | 12,853 | ||||||
STO SE & Co. KGaA, Preference Shares | 45 | 7,728 | ||||||
STRATEC SE | 14 | 1,991 | ||||||
Stroeer SE & Co. KGaA | 187 | 16,727 | ||||||
Suedzucker AG | 252 | 3,954 | ||||||
Symrise AG | 301 | 35,031 | ||||||
TAG Immobilien AG(1) | 474 | 13,467 | ||||||
Takkt AG(1) | 294 | 4,162 | ||||||
TeamViewer AG(1) | 861 | 46,206 | ||||||
Technotrans SE(1) | 128 | 4,327 | ||||||
Tele Columbus AG(1) | 308 | 1,202 | ||||||
Telefonica Deutschland Holding AG | 9,369 | 24,919 | ||||||
thyssenkrupp AG(1) | 382 | 5,159 | ||||||
Traffic Systems SE | 40 | 1,681 | ||||||
UmweltBank AG | 228 | 4,724 | ||||||
Uniper SE | 1,851 | 64,621 | ||||||
United Internet AG | 397 | 17,413 | ||||||
va-Q-tec AG(1) | 106 | 3,751 | ||||||
Varta AG(1) | 146 | 20,045 | ||||||
VERBIO Vereinigte BioEnergie AG | 88 | 3,519 | ||||||
Villeroy & Boch AG, Preference Shares | 64 | 1,156 | ||||||
Volkswagen AG | 84 | 19,647 | ||||||
Volkswagen AG, Preference Shares | 432 | 90,093 | ||||||
Vonovia SE | 958 | 61,011 | ||||||
Wacker Chemie AG | 203 | 26,298 | ||||||
Wacker Neuson SE(1) | 447 | 9,086 | ||||||
Washtec AG(1) | 108 | 6,357 |
80
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Westwing Group AG(1) | 246 | $ | 9,460 | |||||
Wuestenrot & Wuerttembergische AG | 218 | 4,482 | ||||||
Zalando SE(1) | 587 | 60,186 | ||||||
zooplus AG(1) | 56 | 13,650 | ||||||
4,903,986 | ||||||||
Hong Kong — 2.9% | ||||||||
AIA Group Ltd. | 16,268 | 203,632 | ||||||
ASM Pacific Technology Ltd. | 800 | 11,113 | ||||||
Atlas Corp.(2) | 648 | 8,703 | ||||||
Bank of East Asia Ltd. (The) | 8,200 | 19,366 | ||||||
BOC Hong Kong Holdings Ltd. | 11,000 | 36,573 | ||||||
Bright Smart Securities & Commodities Group Ltd.(2) | 14,000 | 3,735 | ||||||
Budweiser Brewing Co. APAC Ltd. | 1,600 | 4,886 | ||||||
Cafe de Coral Holdings Ltd. | 4,000 | 8,893 | ||||||
China Strategic Holdings Ltd.(1) | 230,000 | 4,770 | ||||||
Chinese Estates Holdings Ltd. | 7,500 | 4,001 | ||||||
Chow Sang Sang Holdings International Ltd. | 5,000 | 6,780 | ||||||
CK Asset Holdings Ltd. | 12,000 | 70,619 | ||||||
CK Hutchison Holdings Ltd. | 3,000 | 22,654 | ||||||
CK Infrastructure Holdings Ltd. | 2,500 | 14,486 | ||||||
CLP Holdings Ltd. | 7,500 | 73,118 | ||||||
Comba Telecom Systems Holdings Ltd.(2) | 18,000 | 5,524 | ||||||
Dah Sing Banking Group Ltd. | 800 | 878 | ||||||
Dah Sing Financial Holdings Ltd. | 400 | 1,294 | ||||||
Dairy Farm International Holdings Ltd. | 2,300 | 9,919 | ||||||
Esprit Holdings Ltd.(1) | 5,100 | 603 | ||||||
ESR Cayman Ltd.(1) | 2,000 | 6,327 | ||||||
Fairwood Holdings Ltd. | 2,000 | 4,615 | ||||||
Far East Consortium International Ltd. | 15,000 | 5,394 | ||||||
First Pacific Co. Ltd. | 24,000 | 7,857 | ||||||
Fullshare Holdings Ltd.(1)(2) | 167,500 | 3,460 | ||||||
Galaxy Entertainment Group Ltd. | 4,000 | 36,991 | ||||||
Giordano International Ltd. | 4,000 | 803 | ||||||
Guotai Junan International Holdings Ltd. | 40,000 | 7,162 | ||||||
Haitong International Securities Group Ltd.(2) | 4,000 | 1,235 | ||||||
Hang Lung Group Ltd. | 9,000 | 22,499 | ||||||
Hang Lung Properties Ltd. | 11,000 | 28,467 | ||||||
Hang Seng Bank Ltd. | 2,500 | 48,480 | ||||||
Health & Happiness H&H International Holdings Ltd. | 1,500 | 5,952 | ||||||
Henderson Land Development Co. Ltd. | 4,000 | 17,374 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 8,000 | 7,838 | ||||||
HKBN Ltd. | 1,500 | 2,176 | ||||||
HKT Trust & HKT Ltd. | 5,000 | 6,792 | ||||||
Hong Kong & China Gas Co. Ltd. | 13,650 | 20,577 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 3,100 | 188,741 | ||||||
Hongkong & Shanghai Hotels Ltd. (The) | 1,000 | 1,016 | ||||||
Hongkong Land Holdings Ltd. | 8,500 | 40,900 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 20,000 | 3,451 | ||||||
Hysan Development Co. Ltd. | 5,000 | 21,427 | ||||||
IGG, Inc. | 6,000 | 8,943 | ||||||
IT Ltd.(1) | 10,000 | 3,608 |
81
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Jardine Matheson Holdings Ltd. | 400 | $ | 20,950 | |||||
Jardine Strategic Holdings Ltd. | 900 | 23,237 | ||||||
Johnson Electric Holdings Ltd. | 4,000 | 11,597 | ||||||
K Wah International Holdings Ltd. | 11,000 | 5,658 | ||||||
Kerry Logistics Network Ltd. | 7,000 | 20,314 | ||||||
Kerry Properties Ltd. | 4,500 | 14,470 | ||||||
Lai Sun Development Co. Ltd.(1) | 3,600 | 3,301 | ||||||
Lifestyle International Holdings Ltd.(1) | 5,000 | 4,484 | ||||||
Luk Fook Holdings International Ltd. | 5,000 | 12,716 | ||||||
Man Wah Holdings Ltd. | 16,800 | 36,734 | ||||||
Melco Resorts & Entertainment Ltd., ADR(1) | 929 | 20,122 | ||||||
MGM China Holdings Ltd.(2) | 800 | 1,435 | ||||||
MTR Corp. Ltd. | 3,000 | 18,041 | ||||||
New World Development Co. Ltd. | 7,000 | 35,661 | ||||||
NWS Holdings Ltd. | 10,000 | 11,303 | ||||||
Oriental Watch Holdings(2) | 2,828 | 970 | ||||||
Pacific Basin Shipping Ltd. | 56,000 | 13,929 | ||||||
Pacific Century Premium Developments Ltd.(1) | 2,268 | 243 | ||||||
Pacific Textiles Holdings Ltd. | 12,000 | 7,689 | ||||||
PCCW Ltd. | 19,024 | 10,909 | ||||||
Power Assets Holdings Ltd. | 4,500 | 24,998 | ||||||
Sands China Ltd.(1) | 5,600 | 26,484 | ||||||
Shangri-La Asia Ltd.(1) | 2,000 | 2,058 | ||||||
Shun Tak Holdings Ltd. | 16,000 | 5,448 | ||||||
Sino Land Co. Ltd.(2) | 25,055 | 37,907 | ||||||
SITC International Holdings Co. Ltd. | 13,000 | 34,123 | ||||||
SJM Holdings Ltd. | 14,000 | 19,643 | ||||||
SmarTone Telecommunications Holdings Ltd. | 1,500 | 950 | ||||||
Sun Hung Kai & Co. Ltd. | 10,000 | 4,284 | ||||||
Sun Hung Kai Properties Ltd. | 3,000 | 48,370 | ||||||
SUNeVision Holdings Ltd. | 2,000 | 2,023 | ||||||
Swire Pacific Ltd., Class A | 3,500 | 25,777 | ||||||
Swire Properties Ltd. | 5,800 | 18,672 | ||||||
Techtronic Industries Co. Ltd. | 4,000 | 60,947 | ||||||
Texwinca Holdings Ltd. | 4,000 | 876 | ||||||
United Laboratories International Holdings Ltd. (The) | 10,000 | 7,269 | ||||||
Value Partners Group Ltd. | 2,000 | 1,321 | ||||||
Vitasoy International Holdings Ltd.(2) | 6,000 | 26,429 | ||||||
VSTECS Holdings Ltd. | 8,000 | 7,167 | ||||||
VTech Holdings Ltd. | 1,000 | 8,385 | ||||||
WH Group Ltd. | 39,000 | 34,981 | ||||||
Wharf Real Estate Investment Co. Ltd. | 12,000 | 72,007 | ||||||
Wynn Macau Ltd.(1) | 7,600 | 14,503 | ||||||
Xinyi Glass Holdings Ltd. | 18,000 | 50,388 | ||||||
Yue Yuen Industrial Holdings Ltd. | 6,500 | 13,917 | ||||||
1,836,322 | ||||||||
Ireland — 0.6% | ||||||||
AIB Group plc(1)(2) | 4,433 | 10,029 | ||||||
Bank of Ireland Group plc(1) | 5,700 | 23,236 | ||||||
Cairn Homes plc(1) | 7,836 | 8,556 | ||||||
CRH plc(1) | 2,482 | 107,230 |
82
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Dalata Hotel Group plc(1) | 1,595 | $ | 8,015 | |||||
FBD Holdings plc(1) | 510 | 4,535 | ||||||
Glanbia plc | 784 | 10,193 | ||||||
Glenveagh Properties plc(1) | 6,564 | 6,572 | ||||||
Kerry Group plc, A Shares | 350 | 42,198 | ||||||
Kingspan Group plc(1) | 595 | 43,311 | ||||||
Origin Enterprises plc | 1,105 | 4,640 | ||||||
Smurfit Kappa Group plc | 1,927 | 91,026 | ||||||
359,541 | ||||||||
Israel — 0.8% | ||||||||
AFI Properties Ltd.(1) | 174 | 5,387 | ||||||
Airport City Ltd.(1) | 284 | 3,850 | ||||||
Alony Hetz Properties & Investments Ltd. | 537 | 6,355 | ||||||
Amot Investments Ltd. | 717 | 3,738 | ||||||
Ashtrom Group Ltd. | 80 | 1,465 | ||||||
AudioCodes Ltd. | 183 | 5,214 | ||||||
Azrieli Group Ltd. | 70 | 4,221 | ||||||
Bank Hapoalim BM(1) | 3,177 | 22,253 | ||||||
Bank Leumi Le-Israel BM | 4,231 | 25,501 | ||||||
Bayside Land Corp. Ltd. | 714 | 5,400 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(1) | 5,510 | 5,282 | ||||||
Caesarstone Ltd. | 67 | 845 | ||||||
Camtek Ltd.(1) | 100 | 2,684 | ||||||
Cellcom Israel Ltd.(1) | 759 | 3,045 | ||||||
Check Point Software Technologies Ltd.(1) | 280 | 30,867 | ||||||
Clal Insurance Enterprises Holdings Ltd.(1) | 524 | 8,077 | ||||||
CyberArk Software Ltd.(1) | 90 | 13,215 | ||||||
Danel Adir Yeoshua Ltd. | 47 | 7,270 | ||||||
Delek Automotive Systems Ltd. | 536 | 5,578 | ||||||
Elbit Systems Ltd. | 33 | 4,271 | ||||||
Elco Ltd. | 83 | 3,994 | ||||||
Electra Consumer Products 1970 Ltd. | 158 | 6,010 | ||||||
Electra Ltd. | 11 | 5,724 | ||||||
Energix-Renewable Energies Ltd. | 935 | 3,248 | ||||||
Equital Ltd.(1) | 35 | 813 | ||||||
Fattal Holdings 1998 Ltd.(1) | 45 | 4,592 | ||||||
FIBI Holdings Ltd. | 173 | 5,062 | ||||||
First International Bank of Israel Ltd. | 212 | 5,516 | ||||||
Fiverr International Ltd.(1) | 21 | 5,669 | ||||||
FMS Enterprises Migun Ltd.(1) | 27 | 673 | ||||||
Fox Wizel Ltd. | 130 | 11,971 | ||||||
Gazit-Globe Ltd. | 640 | 3,962 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 123 | 1,102 | ||||||
Hilan Ltd. | 26 | 1,139 | ||||||
ICL Group Ltd. | 3,029 | 17,398 | ||||||
IDI Insurance Co. Ltd. | 30 | 1,066 | ||||||
Inrom Construction Industries Ltd. | 1,146 | 5,095 | ||||||
Isracard Ltd. | 1,770 | 6,023 | ||||||
Israel Corp. Ltd. (The)(1) | 34 | 7,661 | ||||||
Israel Discount Bank Ltd., A Shares | 4,926 | 18,067 | ||||||
Ituran Location and Control Ltd. | 43 | 932 |
83
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Kamada Ltd.(1) | 533 | $ | 3,365 | |||||
Kornit Digital Ltd.(1) | 68 | 7,693 | ||||||
Matrix IT Ltd. | 212 | 4,639 | ||||||
Maytronics Ltd. | 330 | 5,196 | ||||||
Mediterranean Towers Ltd. | 327 | 940 | ||||||
Melisron Ltd. | 16 | 839 | ||||||
Menora Mivtachim Holdings Ltd. | 69 | 1,319 | ||||||
Mivne Real Estate KD Ltd. | 2,451 | 5,631 | ||||||
Mizrahi Tefahot Bank Ltd. | 525 | 12,415 | ||||||
Nice Ltd., ADR(1) | 106 | 24,331 | ||||||
Novolog Ltd. | 5,599 | 4,871 | ||||||
Oil Refineries Ltd.(1) | 2,871 | 621 | ||||||
Partner Communications Co. Ltd.(1) | 1,319 | 6,598 | ||||||
Paz Oil Co. Ltd. | 83 | 7,701 | ||||||
Phoenix Holdings Ltd. (The)(1) | 1,064 | 8,191 | ||||||
Radware Ltd.(1) | 185 | 4,821 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 98 | 6,272 | ||||||
Sapiens International Corp. NV | 45 | 1,465 | ||||||
Shapir Engineering and Industry Ltd. | 867 | 5,952 | ||||||
Shikun & Binui Ltd.(1) | 1,741 | 10,137 | ||||||
Shufersal Ltd. | 1,530 | 12,282 | ||||||
Strauss Group Ltd. | 234 | 6,273 | ||||||
Summit Real Estate Holdings Ltd.(1) | 420 | 5,924 | ||||||
Tel Aviv Stock Exchange Ltd. | 917 | 4,918 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(1) | 1,494 | 16,075 | ||||||
Tower Semiconductor Ltd.(1) | 396 | 11,800 | ||||||
Wix.com Ltd.(1) | 66 | 23,006 | ||||||
483,510 | ||||||||
Italy — 2.4% | ||||||||
A2A SpA | 13,621 | 22,893 | ||||||
ACEA SpA | 668 | 13,151 | ||||||
Amplifon SpA(1) | 364 | 14,494 | ||||||
Anima Holding SpA | 197 | 946 | ||||||
Arnoldo Mondadori Editore SpA(1) | 2,193 | 4,133 | ||||||
Ascopiave SpA | 1,761 | 7,618 | ||||||
Assicurazioni Generali SpA(1) | 1,084 | 20,340 | ||||||
ASTM SpA(1) | 208 | 6,375 | ||||||
Atlantia SpA(1) | 854 | 15,998 | ||||||
Autogrill SpA(1) | 1,256 | 8,095 | ||||||
Azimut Holding SpA | 969 | 22,228 | ||||||
Banca Farmafactoring SpA(1) | 1,044 | 6,853 | ||||||
Banca Generali SpA(1) | 427 | 14,540 | ||||||
Banca IFIS SpA(1) | 69 | 876 | ||||||
Banca Mediolanum SpA(1) | 100 | 872 | ||||||
Banca Monte dei Paschi di Siena SpA(1) | 639 | 931 | ||||||
Banca Popolare di Sondrio SCPA(1) | 3,766 | 10,843 | ||||||
Banco BPM SpA(1) | 5,819 | 14,914 | ||||||
BPER Banca(1) | 4,382 | 9,595 | ||||||
Brunello Cucinelli SpA(1) | 330 | 13,586 | ||||||
Buzzi Unicem SpA | 275 | 6,940 | ||||||
Carel Industries SpA | 333 | 6,877 |
84
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Cerved Group SpA(1) | 735 | $ | 5,977 | |||||
CIR SpA-Compagnie Industriali(1) | 10,844 | 6,419 | ||||||
CNH Industrial NV(1) | 2,944 | 43,482 | ||||||
Credito Emiliano SpA(1) | 173 | 987 | ||||||
Credito Valtellinese SpA(1) | 543 | 7,870 | ||||||
Danieli & C Officine Meccaniche SpA | 239 | 5,007 | ||||||
Danieli & C Officine Meccaniche SpA, Preference Shares(1) | 502 | 6,648 | ||||||
Davide Campari-Milano NV | 589 | 6,638 | ||||||
De' Longhi SpA | 573 | 21,170 | ||||||
DiaSorin SpA | 42 | 8,224 | ||||||
doValue SpA(1) | 489 | 6,036 | ||||||
Enav SpA | 848 | 4,087 | ||||||
Enel SpA | 12,556 | 118,843 | ||||||
Eni SpA, ADR(2) | 6,421 | 146,912 | ||||||
ERG SpA | 342 | 9,746 | ||||||
Esprinet SpA(1) | 190 | 2,423 | ||||||
Falck Renewables SpA | 779 | 5,301 | ||||||
Ferrari NV | 313 | 60,633 | ||||||
Fila SpA(1) | 454 | 5,002 | ||||||
FinecoBank Banca Fineco SpA(1) | 1,755 | 30,853 | ||||||
Freni Brembo SpA(1) | 747 | 9,696 | ||||||
Gruppo MutuiOnline SpA | 307 | 14,558 | ||||||
Hera SpA | 4,203 | 14,905 | ||||||
Infrastrutture Wireless Italiane SpA | 103 | 1,070 | ||||||
Interpump Group SpA | 205 | 9,403 | ||||||
Intesa Sanpaolo SpA(1) | 35,250 | 90,771 | ||||||
Iren SpA | 6,949 | 17,205 | ||||||
Italgas SpA | 5,175 | 30,484 | ||||||
Leonardo SpA | 821 | 6,568 | ||||||
Mediaset SpA(1) | 524 | 1,477 | ||||||
Mediobanca Banca di Credito Finanziario SpA(1) | 1,880 | 19,550 | ||||||
Moncler SpA(1) | 821 | 50,821 | ||||||
Nexi SpA(1) | 501 | 8,998 | ||||||
OVS SpA(1) | 539 | 729 | ||||||
Piaggio & C SpA | 317 | 1,201 | ||||||
Poste Italiane SpA | 1,067 | 12,108 | ||||||
Prysmian SpA | 1,805 | 57,801 | ||||||
RAI Way SpA | 862 | 4,734 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 372 | 18,914 | ||||||
Reno de Medici SpA | 4,439 | 5,602 | ||||||
Reply SpA | 152 | 17,546 | ||||||
Retelit SpA | 1,752 | 4,735 | ||||||
Saipem SpA | 6,199 | 17,308 | ||||||
Salvatore Ferragamo SpA(1) | 392 | 7,480 | ||||||
Sesa SpA(1) | 103 | 13,980 | ||||||
Snam SpA | 6,797 | 35,233 | ||||||
Societa Cattolica di Assicurazioni SC(1) | 967 | 5,298 | ||||||
Stellantis NV | 9,818 | 159,151 | ||||||
Technogym SpA(1) | 1,602 | 17,421 | ||||||
Telecom Italia SpA/Milano | 11,906 | 5,645 | ||||||
Telecom Italia SpA/Milano, Preference Shares | 13,356 | 7,159 |
85
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Tenaris SA, ADR | 967 | $ | 20,259 | |||||
Terna Rete Elettrica Nazionale SpA | 5,638 | 39,204 | ||||||
UniCredit SpA(1) | 3,485 | 35,914 | ||||||
Unipol Gruppo SpA(1) | 1,764 | 9,161 | ||||||
1,497,445 | ||||||||
Japan — 22.8% | ||||||||
77 Bank Ltd. (The) | 500 | 6,645 | ||||||
A&D Co. Ltd. | 200 | 2,216 | ||||||
ABC-Mart, Inc. | 100 | 5,735 | ||||||
Acom Co. Ltd. | 1,400 | 6,282 | ||||||
Adastria Co. Ltd. | 300 | 5,696 | ||||||
ADEKA Corp. | 800 | 13,506 | ||||||
Advantest Corp. | 500 | 41,035 | ||||||
Aeon Co. Ltd. | 1,100 | 33,229 | ||||||
Aeon Delight Co. Ltd. | 200 | 5,985 | ||||||
AEON Financial Service Co. Ltd. | 600 | 7,777 | ||||||
Aeon Mall Co. Ltd. | 700 | 11,846 | ||||||
AGC, Inc. | 1,200 | 44,280 | ||||||
Ai Holdings Corp. | 100 | 1,857 | ||||||
Aica Kogyo Co. Ltd. | 200 | 6,913 | ||||||
Aida Engineering Ltd. | 200 | 1,694 | ||||||
Aiful Corp.(1) | 500 | 1,313 | ||||||
Ain Holdings, Inc. | 100 | 6,503 | ||||||
Air Water, Inc. | 1,200 | 19,924 | ||||||
Aisan Industry Co. Ltd. | 200 | 1,077 | ||||||
Aisin Seiki Co. Ltd. | 800 | 27,530 | ||||||
Ajinomoto Co., Inc. | 2,400 | 47,705 | ||||||
Akatsuki, Inc. | 100 | 3,893 | ||||||
Alconix Corp. | 100 | 1,490 | ||||||
Alfresa Holdings Corp. | 300 | 5,851 | ||||||
Alps Alpine Co. Ltd. | 1,000 | 13,360 | ||||||
Altech Corp. | 300 | 5,594 | ||||||
Amada Co. Ltd. | 900 | 11,142 | ||||||
Amano Corp. | 400 | 8,960 | ||||||
Amuse, Inc. | 200 | 4,993 | ||||||
ANA Holdings, Inc.(1) | 100 | 2,506 | ||||||
Anritsu Corp. | 100 | 2,140 | ||||||
AOKI Holdings, Inc. | 100 | 646 | ||||||
Aoyama Trading Co. Ltd.(1) | 100 | 774 | ||||||
Aozora Bank Ltd. | 500 | 10,661 | ||||||
Arata Corp. | 200 | 8,453 | ||||||
Arcland Sakamoto Co. Ltd. | 400 | 5,766 | ||||||
Arcs Co. Ltd. | 100 | 2,073 | ||||||
Argo Graphics, Inc. | 100 | 2,754 | ||||||
Arisawa Manufacturing Co. Ltd. | 200 | 1,822 | ||||||
ARTERIA Networks Corp. | 100 | 1,452 | ||||||
Artnature, Inc. | 200 | 1,246 | ||||||
Aruhi Corp. | 200 | 2,906 | ||||||
Asahi Co. Ltd. | 300 | 4,159 | ||||||
Asahi Diamond Industrial Co. Ltd. | 200 | 935 | ||||||
Asahi Group Holdings Ltd. | 1,100 | 48,456 |
86
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Asahi Holdings, Inc. | 500 | $ | 18,690 | |||||
Asahi Intecc Co. Ltd. | 300 | 8,642 | ||||||
Asahi Kasei Corp. | 4,300 | 46,911 | ||||||
Asanuma Corp. | 100 | 4,302 | ||||||
Asia Pile Holdings Corp. | 200 | 970 | ||||||
ASKUL Corp. | 200 | 6,613 | ||||||
Astellas Pharma, Inc. | 3,700 | 58,605 | ||||||
Atom Corp. | 200 | 1,789 | ||||||
Awa Bank Ltd. (The) | 300 | 6,288 | ||||||
Axial Retailing, Inc. | 100 | 4,292 | ||||||
Azbil Corp. | 100 | 4,245 | ||||||
Bandai Namco Holdings, Inc. | 500 | 38,211 | ||||||
Bando Chemical Industries Ltd. | 200 | 1,347 | ||||||
Bank of Iwate Ltd. (The) | 200 | 3,923 | ||||||
Bank of Kyoto Ltd. (The) | 300 | 18,212 | ||||||
Bank of Nagoya Ltd. (The) | 200 | 5,401 | ||||||
Bank of Okinawa Ltd. (The) | 100 | 2,623 | ||||||
Bank of the Ryukyus Ltd. | 100 | 732 | ||||||
BayCurrent Consulting, Inc. | 100 | 20,109 | ||||||
Belc Co. Ltd. | 100 | 5,083 | ||||||
Belluna Co. Ltd. | 200 | 1,942 | ||||||
Benefit One, Inc. | 400 | 10,078 | ||||||
Benesse Holdings, Inc. | 500 | 10,265 | ||||||
Bic Camera, Inc. | 400 | 4,358 | ||||||
BML, Inc. | 200 | 6,656 | ||||||
Br Holdings Corp. | 700 | 4,137 | ||||||
Bridgestone Corp. | 1,600 | 63,071 | ||||||
Broadleaf Co. Ltd. | 200 | 934 | ||||||
Brother Industries Ltd. | 1,600 | 31,735 | ||||||
Bunka Shutter Co. Ltd. | 700 | 6,540 | ||||||
Calbee, Inc. | 300 | 7,879 | ||||||
Canon, Inc., ADR | 994 | 21,500 | ||||||
Capcom Co. Ltd. | 500 | 30,392 | ||||||
Casio Computer Co. Ltd. | 1,100 | 21,401 | ||||||
Cawachi Ltd. | 200 | 5,384 | ||||||
Central Glass Co. Ltd. | 400 | 8,270�� | ||||||
Central Japan Railway Co. | 300 | 50,581 | ||||||
Change, Inc.(1) | 400 | 11,881 | ||||||
Chiba Bank Ltd. (The) | 2,800 | 18,037 | ||||||
Chilled & Frozen Logistics Holdings Co. Ltd. | 100 | 1,617 | ||||||
Chubu Electric Power Co., Inc. | 1,700 | 20,937 | ||||||
Chubu Shiryo Co. Ltd. | 400 | 5,213 | ||||||
Chudenko Corp. | 200 | 4,140 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,200 | 54,061 | ||||||
Chugoku Bank Ltd. (The) | 800 | 6,430 | ||||||
Chugoku Electric Power Co., Inc. (The) | 500 | 5,976 | ||||||
Citizen Watch Co. Ltd. | 300 | 1,090 | ||||||
CKD Corp. | 400 | 8,701 | ||||||
Cleanup Corp. | 200 | 946 | ||||||
CMK Corp. | 200 | 784 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 600 | 10,412 |
87
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
cocokara fine, Inc. | 100 | $ | 6,978 | |||||
COLOPL, Inc. | 600 | 4,897 | ||||||
Colowide Co. Ltd. | 100 | 1,913 | ||||||
Computer Engineering & Consulting Ltd. | 300 | 3,993 | ||||||
COMSYS Holdings Corp. | 500 | 15,258 | ||||||
Comture Corp. | 200 | 5,129 | ||||||
Concordia Financial Group Ltd. | 6,100 | 23,879 | ||||||
Cosmo Energy Holdings Co. Ltd. | 400 | 9,789 | ||||||
Cosmos Pharmaceutical Corp. | 200 | 28,648 | ||||||
Create Restaurants Holdings, Inc.(1) | 200 | 1,587 | ||||||
Create SD Holdings Co. Ltd. | 200 | 6,066 | ||||||
Credit Saison Co. Ltd. | 1,100 | 13,911 | ||||||
CTI Engineering Co. Ltd. | 200 | 4,383 | ||||||
Curves Holdings Co. Ltd. | 100 | 941 | ||||||
CyberAgent, Inc. | 500 | 30,110 | ||||||
Cybozu, Inc. | 200 | 4,392 | ||||||
Dai Nippon Printing Co. Ltd. | 700 | 12,686 | ||||||
Dai-Dan Co. Ltd. | 200 | 5,076 | ||||||
Dai-ichi Life Holdings, Inc. | 3,400 | 60,832 | ||||||
Daibiru Corp. | 100 | 1,200 | ||||||
Daicel Corp. | 1,500 | 11,145 | ||||||
Daido Metal Co. Ltd. | 200 | 1,018 | ||||||
Daido Steel Co. Ltd. | 200 | 8,345 | ||||||
Daifuku Co. Ltd. | 200 | 19,099 | ||||||
Daihen Corp. | 200 | 8,552 | ||||||
Daiho Corp. | 100 | 3,472 | ||||||
Daiichi Jitsugyo Co. Ltd. | 200 | 7,720 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 200 | 1,886 | ||||||
Daiichi Sankyo Co. Ltd. | 1,400 | 39,790 | ||||||
Daiichikosho Co. Ltd. | 300 | 11,896 | ||||||
Daiki Aluminium Industry Co. Ltd. | 200 | 1,469 | ||||||
Daikin Industries Ltd. | 500 | 98,421 | ||||||
Daikokutenbussan Co. Ltd. | 200 | 11,033 | ||||||
Daikyonishikawa Corp. | 200 | 1,387 | ||||||
Daio Paper Corp. | 800 | 14,952 | ||||||
Daiseki Co. Ltd. | 300 | 9,444 | ||||||
Daishi Hokuetsu Financial Group, Inc. | 300 | 6,666 | ||||||
Daito Pharmaceutical Co. Ltd. | 200 | 6,203 | ||||||
Daito Trust Construction Co. Ltd. | 500 | 55,748 | ||||||
Daiwa House Industry Co. Ltd. | 1,000 | 28,429 | ||||||
Daiwa Securities Group, Inc. | 6,800 | 33,337 | ||||||
Daiwabo Holdings Co. Ltd. | 200 | 14,987 | ||||||
DCM Holdings Co. Ltd. | 1,000 | 9,878 | ||||||
DeNA Co. Ltd. | 400 | 7,935 | ||||||
Denka Co. Ltd. | 600 | 22,695 | ||||||
Denso Corp. | 800 | 48,404 | ||||||
Dentsu Group, Inc. | 300 | 10,425 | ||||||
Denyo Co. Ltd. | 200 | 3,818 | ||||||
Dexerials Corp. | 600 | 8,769 | ||||||
DIC Corp. | 600 | 14,839 | ||||||
Digital Arts, Inc. | 100 | 9,164 |
88
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Dip Corp. | 300 | $ | 8,268 | |||||
DMG Mori Co. Ltd. | 700 | 10,640 | ||||||
Doshisha Co. Ltd. | 400 | 6,630 | ||||||
Doutor Nichires Holdings Co. Ltd. | 300 | 4,572 | ||||||
Dowa Holdings Co. Ltd. | 500 | 20,082 | ||||||
DTS Corp. | 300 | 6,591 | ||||||
Duskin Co. Ltd. | 100 | 2,552 | ||||||
DyDo Group Holdings, Inc. | 200 | 9,488 | ||||||
Eagle Industry Co. Ltd. | 200 | 2,045 | ||||||
Earth Corp. | 100 | 5,497 | ||||||
East Japan Railway Co. | 900 | 68,627 | ||||||
Ebara Corp. | 800 | 30,140 | ||||||
EDION Corp. | 700 | 7,109 | ||||||
Ehime Bank Ltd. (The) | 100 | 914 | ||||||
Eiken Chemical Co. Ltd. | 200 | 3,805 | ||||||
Eisai Co. Ltd. | 300 | 20,792 | ||||||
Eizo Corp. | 200 | 6,980 | ||||||
Elecom Co. Ltd. | 100 | 4,404 | ||||||
Electric Power Development Co. Ltd. | 1,100 | 17,897 | ||||||
en-japan, Inc. | 100 | 3,024 | ||||||
ENEOS Holdings, Inc. | 14,300 | 63,354 | ||||||
ESPEC Corp. | 200 | 3,417 | ||||||
Exedy Corp. | 100 | 1,520 | ||||||
Ezaki Glico Co. Ltd. | 100 | 4,085 | ||||||
F.C.C. Co. Ltd. | 300 | 4,784 | ||||||
Fancl Corp. | 300 | 10,679 | ||||||
FANUC Corp. | 200 | 49,914 | ||||||
Fast Retailing Co. Ltd. | 100 | 99,282 | ||||||
Ferrotec Holdings Corp. | 200 | 4,020 | ||||||
Financial Products Group Co. Ltd. | 1,000 | 6,029 | ||||||
Foster Electric Co. Ltd. | 100 | 1,166 | ||||||
FP Corp. | 300 | 11,656 | ||||||
France Bed Holdings Co. Ltd. | 200 | 1,750 | ||||||
Freee KK(1) | 100 | 10,262 | ||||||
Fudo Tetra Corp. | 100 | 1,714 | ||||||
Fuji Co. Ltd. | 100 | 1,711 | ||||||
Fuji Corp./Aichi | 100 | 2,361 | ||||||
Fuji Electric Co. Ltd. | 300 | 12,580 | ||||||
Fuji Kyuko Co. Ltd. | 200 | 10,338 | ||||||
Fuji Oil Holdings, Inc. | 400 | 11,048 | ||||||
Fuji Seal International, Inc. | 300 | 6,222 | ||||||
Fuji Soft, Inc. | 200 | 9,939 | ||||||
Fujibo Holdings, Inc. | 100 | 3,801 | ||||||
Fujicco Co. Ltd. | 200 | 3,593 | ||||||
FUJIFILM Holdings Corp. | 400 | 22,934 | ||||||
Fujikura Ltd.(1) | 2,200 | 10,799 | ||||||
Fujimi, Inc. | 200 | 7,426 | ||||||
Fujimori Kogyo Co. Ltd. | 200 | 8,005 | ||||||
Fujitec Co. Ltd. | 100 | 2,317 | ||||||
Fujitsu General Ltd. | 400 | 10,807 | ||||||
Fujitsu Ltd. | 700 | 100,849 |
89
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Fukuda Corp. | 200 | $ | 9,355 | |||||
Fukui Computer Holdings, Inc. | 100 | 3,138 | ||||||
Fukuoka Financial Group, Inc. | 800 | 14,523 | ||||||
Fukuyama Transporting Co. Ltd. | 200 | 7,861 | ||||||
FULLCAST Holdings Co. Ltd. | 300 | 5,505 | ||||||
Funai Soken Holdings, Inc. | 200 | 4,080 | ||||||
Furukawa Co. Ltd. | 300 | 3,678 | ||||||
Furukawa Electric Co. Ltd. | 300 | 7,882 | ||||||
Furuno Electric Co. Ltd. | 100 | 988 | ||||||
Fuso Chemical Co. Ltd. | 200 | 7,233 | ||||||
Futaba Industrial Co. Ltd. | 200 | 993 | ||||||
Future Corp. | 300 | 4,992 | ||||||
Fuyo General Lease Co. Ltd. | 100 | 6,649 | ||||||
G-7 Holdings, Inc. | 100 | 2,229 | ||||||
G-Tekt Corp. | 100 | 1,319 | ||||||
Genky DrugStores Co. Ltd. | 200 | 6,210 | ||||||
Geo Holdings Corp. | 500 | 5,609 | ||||||
GLOBERIDE, Inc. | 200 | 7,673 | ||||||
Glory Ltd. | 300 | 6,604 | ||||||
GMO Financial Holdings, Inc. | 200 | 1,744 | ||||||
GMO Internet, Inc. | 400 | 11,890 | ||||||
GMO Payment Gateway, Inc. | 100 | 13,235 | ||||||
GNI Group Ltd.(1) | 100 | 1,886 | ||||||
Goldcrest Co. Ltd. | 100 | 1,582 | ||||||
Goldwin, Inc. | 200 | 13,803 | ||||||
Grace Technology, Inc. | 100 | 5,009 | ||||||
GS Yuasa Corp. | 800 | 23,831 | ||||||
GungHo Online Entertainment, Inc. | 400 | 8,176 | ||||||
Gunma Bank Ltd. (The) | 3,000 | 9,755 | ||||||
Gunze Ltd. | 100 | 3,429 | ||||||
H-One Co. Ltd. | 200 | 1,394 | ||||||
H.U. Group Holdings, Inc. | 100 | 3,091 | ||||||
H2O Retailing Corp. | 200 | 1,658 | ||||||
Hachijuni Bank Ltd. (The) | 2,900 | 9,626 | ||||||
Hakuhodo DY Holdings, Inc. | 400 | 6,665 | ||||||
Halows Co. Ltd. | 200 | 5,273 | ||||||
Hamakyorex Co. Ltd. | 200 | 5,992 | ||||||
Hamamatsu Photonics KK | 100 | 5,881 | ||||||
Hankyu Hanshin Holdings, Inc. | 400 | 13,470 | ||||||
Hanwa Co. Ltd. | 100 | 2,600 | ||||||
Haseko Corp. | 700 | 8,701 | ||||||
Hazama Ando Corp. | 1,100 | 8,362 | ||||||
Heiwa Corp. | 300 | 4,545 | ||||||
Heiwa Real Estate Co. Ltd. | 300 | 9,788 | ||||||
Heiwado Co. Ltd. | 400 | 7,369 | ||||||
Hikari Tsushin, Inc. | 100 | 19,783 | ||||||
Hino Motors Ltd. | 400 | 3,809 | ||||||
Hirata Corp. | 100 | 6,163 | ||||||
Hirogin Holdings, Inc. | 1,500 | 8,889 | ||||||
Hirose Electric Co. Ltd. | 100 | 14,741 | ||||||
HIS Co. Ltd.(1) | 300 | 7,196 |
90
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Hisamitsu Pharmaceutical Co., Inc. | 200 | $ | 12,546 | |||||
Hitachi Capital Corp. | 300 | 8,175 | ||||||
Hitachi Construction Machinery Co. Ltd. | 300 | 9,338 | ||||||
Hitachi Ltd. | 1,000 | 46,160 | ||||||
Hitachi Metals Ltd. | 400 | 6,377 | ||||||
Hitachi Transport System Ltd. | 500 | 15,666 | ||||||
Hitachi Zosen Corp. | 1,900 | 12,215 | ||||||
Hogy Medical Co. Ltd. | 100 | 2,867 | ||||||
Hokkaido Electric Power Co., Inc. | 1,300 | 5,488 | ||||||
Hokko Chemical Industry Co. Ltd. | 200 | 1,865 | ||||||
Hokkoku Bank Ltd. (The) | 100 | 2,485 | ||||||
Hokuetsu Corp. | 1,200 | 5,777 | ||||||
Hokuetsu Industries Co. Ltd. | 100 | 1,031 | ||||||
Hokuhoku Financial Group, Inc. | 1,100 | 10,009 | ||||||
Hokuriku Electric Power Co. | 1,300 | 8,092 | ||||||
Hokuto Corp. | 200 | 3,982 | ||||||
Honda Motor Co. Ltd., ADR | 6,257 | 173,131 | ||||||
Honeys Holdings Co. Ltd. | 100 | 969 | ||||||
Hoosiers Holdings | 200 | 1,264 | ||||||
Horiba Ltd. | 200 | 12,025 | ||||||
Hoshizaki Corp. | 100 | 8,829 | ||||||
Hosiden Corp. | 100 | 959 | ||||||
Hosokawa Micron Corp. | 100 | 5,951 | ||||||
House Foods Group, Inc. | 200 | 6,677 | ||||||
Hoya Corp. | 484 | 54,937 | ||||||
Hulic Co. Ltd. | 1,400 | 15,723 | ||||||
Hyakugo Bank Ltd. (The) | 2,000 | 5,716 | ||||||
Hyakujushi Bank Ltd. (The) | 200 | 2,939 | ||||||
I-Net Corp./Kanagawa | 100 | 1,377 | ||||||
I-PEX, Inc. | 200 | 3,730 | ||||||
Ibiden Co. Ltd. | 700 | 28,430 | ||||||
Ichibanya Co. Ltd. | 100 | 4,534 | ||||||
Ichigo, Inc. | 600 | 1,986 | ||||||
Ichikoh Industries Ltd. | 200 | 1,376 | ||||||
Ichinen Holdings Co. Ltd. | 100 | 1,230 | ||||||
Icom, Inc. | 200 | 5,063 | ||||||
Idec Corp. | 300 | 4,966 | ||||||
Idemitsu Kosan Co. Ltd. | 400 | 10,567 | ||||||
IDOM, Inc. | 900 | 5,277 | ||||||
IHI Corp. | 500 | 9,348 | ||||||
Iida Group Holdings Co. Ltd. | 1,100 | 25,072 | ||||||
Iino Kaiun Kaisha Ltd. | 400 | 1,716 | ||||||
Inaba Denki Sangyo Co. Ltd. | 100 | 2,386 | ||||||
Inabata & Co. Ltd. | 100 | 1,420 | ||||||
Inageya Co. Ltd. | 300 | 4,652 | ||||||
Ines Corp. | 100 | 1,244 | ||||||
Infocom Corp. | 200 | 4,944 | ||||||
Infomart Corp. | 200 | 1,757 | ||||||
Information Services International-Dentsu Ltd. | 400 | 14,052 | ||||||
INPEX Corp. | 4,600 | 34,839 | ||||||
Intage Holdings, Inc. | 600 | 6,406 |
91
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Inter Action Corp. | 200 | $ | 4,696 | |||||
Internet Initiative Japan, Inc. | 600 | 12,382 | ||||||
IR Japan Holdings Ltd. | 100 | 12,120 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 1,200 | 8,868 | ||||||
Ishihara Sangyo Kaisha Ltd. | 100 | 772 | ||||||
Isuzu Motors Ltd. | 1,200 | 12,684 | ||||||
Ito En Ltd. | 300 | 16,601 | ||||||
ITOCHU Corp. | 1,300 | 39,013 | ||||||
Itochu Enex Co. Ltd. | 600 | 5,797 | ||||||
Itochu Techno-Solutions Corp. | 500 | 15,405 | ||||||
Itoham Yonekyu Holdings, Inc. | 900 | 6,027 | ||||||
IwaiCosmo Holdings, Inc. | 100 | 1,457 | ||||||
Iwatani Corp. | 300 | 17,214 | ||||||
Iyo Bank Ltd. (The) | 2,000 | 11,660 | ||||||
Izumi Co. Ltd. | 300 | 11,174 | ||||||
J Front Retailing Co. Ltd. | 1,600 | 15,483 | ||||||
JAC Recruitment Co. Ltd. | 300 | 4,584 | ||||||
Jaccs Co. Ltd. | 100 | 1,925 | ||||||
JAFCO Group Co. Ltd. | 300 | 18,361 | ||||||
Japan Airlines Co. Ltd.(1) | 200 | 4,793 | ||||||
Japan Airport Terminal Co. Ltd. | 200 | 9,751 | ||||||
Japan Asia Group Ltd. | 600 | 7,004 | ||||||
Japan Aviation Electronics Industry Ltd. | 600 | 9,638 | ||||||
Japan Exchange Group, Inc. | 1,400 | 30,120 | ||||||
Japan Investment Adviser Co. Ltd. | 400 | 5,116 | ||||||
Japan Lifeline Co. Ltd. | 100 | 1,228 | ||||||
Japan Material Co. Ltd. | 500 | 6,336 | ||||||
Japan Petroleum Exploration Co. Ltd. | 100 | 2,108 | ||||||
Japan Post Bank Co. Ltd. | 700 | 6,710 | ||||||
Japan Post Holdings Co. Ltd. | 3,100 | 26,711 | ||||||
Japan Post Insurance Co. Ltd. | 1,000 | 20,628 | ||||||
Japan Pulp & Paper Co. Ltd. | 200 | 6,839 | ||||||
Japan Securities Finance Co. Ltd. | 700 | 3,977 | ||||||
Japan Steel Works Ltd. (The) | 200 | 5,215 | ||||||
Japan Wool Textile Co. Ltd. (The) | 700 | 5,932 | ||||||
JCU Corp. | 200 | 6,439 | ||||||
JDC Corp. | 200 | 1,035 | ||||||
JFE Holdings, Inc.(1) | 1,500 | 16,038 | ||||||
JGC Holdings Corp. | 1,000 | 13,011 | ||||||
JINS Holdings, Inc. | 100 | 6,929 | ||||||
JSR Corp. | 400 | 11,913 | ||||||
JTEKT Corp. | 1,000 | 10,623 | ||||||
Juroku Bank Ltd. (The) | 200 | 3,715 | ||||||
Justsystems Corp. | 200 | 11,749 | ||||||
JVCKenwood Corp. | 500 | 884 | ||||||
K's Holdings Corp. | 1,600 | 21,442 | ||||||
Kadokawa Corp. | 200 | 7,336 | ||||||
Kaga Electronics Co. Ltd. | 100 | 2,182 | ||||||
Kagome Co. Ltd. | 800 | 23,827 | ||||||
Kajima Corp. | 2,800 | 36,043 | ||||||
Kakaku.com, Inc. | 500 | 15,834 |
92
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Kaken Pharmaceutical Co. Ltd. | 200 | $ | 7,997 | |||||
Kameda Seika Co. Ltd. | 100 | 4,411 | ||||||
Kamei Corp. | 100 | 1,096 | ||||||
Kamigumi Co. Ltd. | 400 | 7,549 | ||||||
Kanamoto Co. Ltd. | 300 | 6,695 | ||||||
Kandenko Co. Ltd. | 900 | 7,414 | ||||||
Kaneka Corp. | 300 | 11,745 | ||||||
Kanematsu Corp. | 900 | 11,549 | ||||||
Kanematsu Electronics Ltd. | 200 | 6,651 | ||||||
Kansai Electric Power Co., Inc. (The) | 2,500 | 24,995 | ||||||
Kansai Mirai Financial Group, Inc. | 200 | 1,169 | ||||||
Kansai Paint Co. Ltd. | 300 | 7,905 | ||||||
Kanto Denka Kogyo Co. Ltd. | 200 | 1,649 | ||||||
Kao Corp. | 900 | 60,747 | ||||||
Kasai Kogyo Co. Ltd.(1) | 200 | 759 | ||||||
Katitas Co. Ltd. | 200 | 5,462 | ||||||
Kato Sangyo Co. Ltd. | 100 | 3,374 | ||||||
Kawasaki Heavy Industries Ltd.(1) | 700 | 15,931 | ||||||
Kawasaki Kisen Kaisha Ltd.(1) | 600 | 11,523 | ||||||
KDDI Corp. | 4,700 | 145,053 | ||||||
Keihan Holdings Co. Ltd. | 100 | 4,549 | ||||||
Keihanshin Building Co. Ltd. | 300 | 4,285 | ||||||
Keikyu Corp. | 300 | 4,807 | ||||||
Keio Corp. | 200 | 15,035 | ||||||
Keisei Electric Railway Co. Ltd. | 200 | 7,197 | ||||||
Keiyo Bank Ltd. (The) | 200 | 808 | ||||||
Kewpie Corp. | 600 | 13,032 | ||||||
Keyence Corp. | 100 | 47,828 | ||||||
KFC Holdings Japan Ltd. | 100 | 2,680 | ||||||
KH Neochem Co. Ltd. | 400 | 9,213 | ||||||
Kikkoman Corp. | 100 | 6,594 | ||||||
Kinden Corp. | 400 | 6,561 | ||||||
Kintetsu Group Holdings Co. Ltd. | 100 | 4,219 | ||||||
Kintetsu World Express, Inc. | 500 | 13,036 | ||||||
Kirin Holdings Co. Ltd. | 1,800 | 35,472 | ||||||
Kitanotatsujin Corp. | 200 | 1,162 | ||||||
Kito Corp. | 100 | 1,360 | ||||||
Kitz Corp. | 900 | 4,799 | ||||||
Kiyo Bank Ltd. (The) | 500 | 6,807 | ||||||
KLab, Inc.(1) | 500 | 3,940 | ||||||
Koatsu Gas Kogyo Co. Ltd. | 200 | 1,349 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 100 | 9,466 | ||||||
Kobe Bussan Co. Ltd. | 400 | 10,262 | ||||||
Kobe Steel Ltd.(1) | 2,000 | 12,500 | ||||||
Koei Tecmo Holdings Co. Ltd. | 200 | 11,237 | ||||||
Kohnan Shoji Co. Ltd. | 300 | 8,161 | ||||||
Koito Manufacturing Co. Ltd. | 600 | 39,895 | ||||||
Kokuyo Co. Ltd. | 500 | 7,217 | ||||||
Komatsu Ltd. | 2,200 | 66,943 | ||||||
Komeri Co. Ltd. | 300 | 8,077 | ||||||
Komori Corp. | 100 | 665 |
93
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Konami Holdings Corp. | 500 | $ | 32,300 | |||||
Konica Minolta, Inc. | 4,500 | 23,066 | ||||||
Konishi Co. Ltd. | 400 | 6,219 | ||||||
Konoike Transport Co. Ltd. | 400 | 3,904 | ||||||
Koshidaka Holdings Co. Ltd. | 100 | 539 | ||||||
Kotobuki Spirits Co. Ltd. | 100 | 6,946 | ||||||
Kubota Corp. | 3,500 | 79,711 | ||||||
Kumagai Gumi Co. Ltd. | 400 | 10,581 | ||||||
Kura Sushi, Inc. | 200 | 13,507 | ||||||
Kurabo Industries Ltd. | 200 | 3,499 | ||||||
Kuraray Co. Ltd. | 2,700 | 30,699 | ||||||
Kureha Corp. | 300 | 19,945 | ||||||
Kurita Water Industries Ltd. | 600 | 24,441 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 200 | 15,655 | ||||||
KYB Corp.(1) | 100 | 2,773 | ||||||
Kyocera Corp. | 400 | 25,916 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 400 | 5,697 | ||||||
Kyokuyo Co. Ltd. | 200 | 5,637 | ||||||
Kyowa Exeo Corp. | 200 | 5,140 | ||||||
Kyowa Kirin Co. Ltd. | 1,200 | 33,554 | ||||||
Kyudenko Corp. | 300 | 9,914 | ||||||
Kyushu Electric Power Co., Inc. | 2,500 | 21,445 | ||||||
Kyushu Financial Group, Inc. | 2,500 | 10,230 | ||||||
Kyushu Railway Co. | 300 | 7,880 | ||||||
Lacto Japan Co. Ltd. | 200 | 4,773 | ||||||
Lasertec Corp. | 200 | 24,465 | ||||||
Lawson, Inc. | 300 | 14,073 | ||||||
LEC, Inc. | 400 | 4,810 | ||||||
Life Corp. | 200 | 5,902 | ||||||
Lintec Corp. | 200 | 4,358 | ||||||
Lion Corp. | 600 | 11,520 | ||||||
Lixil Corp. | 2,600 | 72,850 | ||||||
M&A Capital Partners Co. Ltd.(1) | 100 | 4,423 | ||||||
M3, Inc. | 800 | 63,490 | ||||||
Mabuchi Motor Co. Ltd. | 100 | 4,454 | ||||||
Macnica Fuji Electronics Holdings, Inc. | 400 | 7,590 | ||||||
Maeda Corp. | 800 | 7,146 | ||||||
Maeda Kosen Co. Ltd. | 100 | 2,695 | ||||||
Maeda Road Construction Co. Ltd. | 300 | 6,129 | ||||||
Makino Milling Machine Co. Ltd. | 100 | 3,807 | ||||||
Makita Corp. | 800 | 33,995 | ||||||
Mani, Inc. | 200 | 4,638 | ||||||
Marubeni Corp. | 2,500 | 18,800 | ||||||
Marudai Food Co. Ltd. | 200 | 3,124 | ||||||
Maruha Nichiro Corp. | 400 | 9,277 | ||||||
Marui Group Co. Ltd. | 700 | 13,408 | ||||||
Maruichi Steel Tube Ltd. | 200 | 4,637 | ||||||
Maruwa Co. Ltd. | 100 | 9,468 | ||||||
Maruwa Unyu Kikan Co. Ltd. | 400 | 7,264 | ||||||
Maruzen Showa Unyu Co. Ltd. | 200 | 5,770 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 100 | 3,948 |
94
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Maxell Holdings Ltd.(1) | 100 | $ | 1,313 | |||||
Mazda Motor Corp. | 1,800 | 14,403 | ||||||
McDonald's Holdings Co. Japan Ltd. | 300 | 14,897 | ||||||
MCJ Co. Ltd. | 900 | 7,695 | ||||||
Mebuki Financial Group, Inc. | 7,000 | 15,355 | ||||||
Medipal Holdings Corp. | 500 | 9,960 | ||||||
Megachips Corp. | 200 | 6,448 | ||||||
Megmilk Snow Brand Co. Ltd. | 400 | 8,038 | ||||||
Meidensha Corp. | 400 | 8,632 | ||||||
MEIJI Holdings Co. Ltd. | 200 | 12,679 | ||||||
Meiko Electronics Co. Ltd. | 100 | 2,097 | ||||||
Meisei Industrial Co. Ltd. | 200 | 1,458 | ||||||
Meitec Corp. | 200 | 10,409 | ||||||
Menicon Co. Ltd. | 100 | 5,922 | ||||||
Mercari, Inc.(1) | 300 | 14,408 | ||||||
METAWATER Co. Ltd. | 200 | 3,788 | ||||||
Micronics Japan Co. Ltd. | 100 | 1,563 | ||||||
Mie Kotsu Group Holdings, Inc. | 200 | 915 | ||||||
Milbon Co. Ltd. | 100 | 5,539 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 100 | 2,305 | ||||||
MINEBEA MITSUMI, Inc. | 1,600 | 39,722 | ||||||
Ministop Co. Ltd. | 100 | 1,283 | ||||||
Mirait Holdings Corp. | 500 | 7,846 | ||||||
Miroku Jyoho Service Co. Ltd. | 200 | 3,867 | ||||||
MISUMI Group, Inc. | 100 | 3,046 | ||||||
Mitsuba Corp.(1) | 200 | 1,112 | ||||||
Mitsubishi Chemical Holdings Corp. | 5,200 | 36,666 | ||||||
Mitsubishi Corp. | 2,600 | 73,841 | ||||||
Mitsubishi Electric Corp. | 3,100 | 46,053 | ||||||
Mitsubishi Estate Co. Ltd. | 4,300 | 74,913 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 700 | 16,408 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,800 | 52,677 | ||||||
Mitsubishi Kakoki Kaisha Ltd. | 200 | 5,407 | ||||||
Mitsubishi Logisnext Co. Ltd. | 400 | 4,295 | ||||||
Mitsubishi Logistics Corp. | 200 | 6,310 | ||||||
Mitsubishi Materials Corp. | 400 | 9,530 | ||||||
Mitsubishi Motors Corp.(1) | 600 | 1,722 | ||||||
Mitsubishi UFJ Financial Group, Inc., ADR(2) | 39,999 | 209,995 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 2,100 | 11,395 | ||||||
Mitsuboshi Belting Ltd. | 100 | 1,555 | ||||||
Mitsui & Co. Ltd. | 3,100 | 66,512 | ||||||
Mitsui Chemicals, Inc. | 1,100 | 34,219 | ||||||
Mitsui E&S Holdings Co. Ltd.(1) | 200 | 870 | ||||||
Mitsui Fudosan Co. Ltd. | 1,800 | 41,128 | ||||||
Mitsui High-Tec, Inc. | 300 | 12,016 | ||||||
Mitsui Matsushima Holdings Co. Ltd. | 100 | 945 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 400 | 14,303 | ||||||
Mitsui OSK Lines Ltd. | 1,000 | 32,054 | ||||||
Mitsui Sugar Co. Ltd. | 100 | 1,771 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 300 | 6,150 | ||||||
Mitsuuroko Group Holdings Co. Ltd. | 400 | 4,633 |
95
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Miura Co. Ltd. | 200 | $ | 10,337 | |||||
Mixi, Inc. | 300 | 7,548 | ||||||
Mizuho Financial Group, Inc., ADR(2) | 40,914 | 121,515 | ||||||
Mizuho Leasing Co. Ltd. | 300 | 9,362 | ||||||
Mizuno Corp. | 100 | 2,044 | ||||||
Mochida Pharmaceutical Co. Ltd. | 100 | 3,729 | ||||||
Modec, Inc. | 100 | 1,642 | ||||||
Monex Group, Inc. | 2,000 | 16,780 | ||||||
Monogatari Corp. (The) | 200 | 11,471 | ||||||
MonotaRO Co. Ltd. | 400 | 22,963 | ||||||
Morinaga & Co. Ltd. | 200 | 7,231 | ||||||
Morinaga Milk Industry Co. Ltd. | 300 | 13,649 | ||||||
MrMax Holdings Ltd. | 400 | 2,717 | ||||||
MS&AD Insurance Group Holdings, Inc. | 1,400 | 39,797 | ||||||
Murata Manufacturing Co. Ltd. | 1,200 | 102,773 | ||||||
Musashi Seimitsu Industry Co. Ltd. | 600 | 9,981 | ||||||
Musashino Bank Ltd. (The) | 400 | 5,962 | ||||||
Nabtesco Corp. | 300 | 12,847 | ||||||
Nachi-Fujikoshi Corp. | 200 | 8,521 | ||||||
Nagaileben Co. Ltd. | 200 | 4,940 | ||||||
Nagase & Co. Ltd. | 500 | 7,884 | ||||||
Nagoya Railroad Co. Ltd. | 900 | 22,990 | ||||||
Nankai Electric Railway Co. Ltd. | 600 | 14,588 | ||||||
Nanto Bank Ltd. (The) | 100 | 1,716 | ||||||
NEC Corp. | 1,200 | 65,907 | ||||||
NEC Networks & System Integration Corp. | 300 | 5,014 | ||||||
NET One Systems Co. Ltd. | 600 | 18,600 | ||||||
Nexon Co. Ltd. | 1,200 | 37,807 | ||||||
Nextage Co. Ltd. | 900 | 14,555 | ||||||
NGK Insulators Ltd. | 1,100 | 19,646 | ||||||
NGK Spark Plug Co. Ltd. | 1,200 | 20,523 | ||||||
NH Foods Ltd. | 600 | 25,380 | ||||||
NHK Spring Co. Ltd. | 1,000 | 7,563 | ||||||
Nichi-iko Pharmaceutical Co. Ltd. | 400 | 3,593 | ||||||
Nichias Corp. | 100 | 2,333 | ||||||
Nichicon Corp. | 100 | 1,024 | ||||||
Nichiha Corp. | 300 | 8,489 | ||||||
Nichirei Corp. | 500 | 12,974 | ||||||
Nichireki Co. Ltd. | 100 | 1,425 | ||||||
Nidec Corp. | 423 | 54,236 | ||||||
Nifco, Inc. | 800 | 27,842 | ||||||
Nihon Dempa Kogyo Co. Ltd.(1) | 200 | 1,446 | ||||||
Nihon Flush Co. Ltd. | 400 | 4,356 | ||||||
Nihon House Holdings Co. Ltd. | 300 | 929 | ||||||
Nihon Kohden Corp. | 200 | 5,420 | ||||||
Nihon M&A Center, Inc. | 500 | 27,249 | ||||||
Nihon Nohyaku Co. Ltd. | 200 | 966 | ||||||
Nihon Parkerizing Co. Ltd. | 100 | 1,017 | ||||||
Nihon Plast Co. Ltd. | 200 | 1,082 | ||||||
Nihon Unisys Ltd. | 600 | 17,335 | ||||||
Nikkon Holdings Co. Ltd. | 100 | 1,929 |
96
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Nikon Corp. | 600 | $ | 5,386 | |||||
Nintendo Co. Ltd. | 300 | 182,226 | ||||||
Nippn Corp. | 100 | 1,489 | ||||||
Nippo Corp. | 500 | 13,095 | ||||||
Nippon Carbon Co. Ltd. | 100 | 3,635 | ||||||
Nippon Commercial Development Co. Ltd. | 300 | 4,636 | ||||||
Nippon Denko Co. Ltd. | 2,400 | 6,325 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 100 | 1,763 | ||||||
Nippon Electric Glass Co. Ltd. | 400 | 9,123 | ||||||
Nippon Express Co. Ltd. | 500 | 37,518 | ||||||
Nippon Gas Co. Ltd. | 200 | 9,240 | ||||||
Nippon Kayaku Co. Ltd. | 700 | 6,826 | ||||||
Nippon Koei Co. Ltd. | 200 | 5,336 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 560 | 11,124 | ||||||
Nippon Paint Holdings Co. Ltd. | 100 | 7,497 | ||||||
Nippon Paper Industries Co. Ltd. | 900 | 11,891 | ||||||
Nippon Parking Development Co. Ltd. | 3,300 | 4,323 | ||||||
Nippon Sanso Holdings Corp. | 100 | 1,896 | ||||||
Nippon Seiki Co. Ltd. | 400 | 4,675 | ||||||
Nippon Shokubai Co. Ltd. | 200 | 10,686 | ||||||
Nippon Signal Co. Ltd. | 100 | 871 | ||||||
Nippon Soda Co. Ltd. | 100 | 3,163 | ||||||
Nippon Steel Corp.(1) | 2,200 | 33,005 | ||||||
Nippon Steel Trading Corp. | 200 | 7,055 | ||||||
Nippon Suisan Kaisha Ltd. | 900 | 4,305 | ||||||
Nippon Telegraph & Telephone Corp. | 3,000 | 77,614 | ||||||
Nippon Yakin Kogyo Co. Ltd. | 200 | 3,862 | ||||||
Nippon Yusen KK | 1,400 | 40,950 | ||||||
Nipro Corp. | 1,300 | 16,120 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 900 | 5,929 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 100 | 2,835 | ||||||
Nishimatsu Construction Co. Ltd. | 300 | 7,501 | ||||||
Nishimatsuya Chain Co. Ltd. | 800 | 10,569 | ||||||
Nishio Rent All Co. Ltd. | 300 | 7,475 | ||||||
Nissan Chemical Corp. | 400 | 21,891 | ||||||
Nissan Motor Co. Ltd.(1) | 6,000 | 32,742 | ||||||
Nissei ASB Machine Co. Ltd. | 200 | 10,171 | ||||||
Nissha Co. Ltd. | 100 | 1,254 | ||||||
Nisshin Group Holdings Co. Ltd. | 200 | 821 | ||||||
Nisshin Oillio Group Ltd. (The) | 300 | 8,862 | ||||||
Nisshin Seifun Group, Inc. | 400 | 6,473 | ||||||
Nisshinbo Holdings, Inc. | 400 | 3,002 | ||||||
Nissin Electric Co. Ltd. | 500 | 5,816 | ||||||
Nissin Foods Holdings Co. Ltd. | 100 | 7,551 | ||||||
Nitori Holdings Co. Ltd. | 200 | 37,288 | ||||||
Nitto Denko Corp. | 800 | 68,744 | ||||||
Nitto Kogyo Corp. | 400 | 7,469 | ||||||
Nittoc Construction Co. Ltd. | 200 | 1,502 | ||||||
Nittoku Co. Ltd. | 200 | 6,807 | ||||||
Noevir Holdings Co. Ltd. | 100 | 4,485 | ||||||
NOF Corp. | 200 | 10,589 |
97
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Nojima Corp. | 500 | $ | 13,151 | |||||
NOK Corp. | 200 | 2,759 | ||||||
Nomura Co. Ltd. | 100 | 763 | ||||||
Noritake Co. Ltd./Nagoya Japan | 100 | 3,454 | ||||||
Noritsu Koki Co. Ltd. | 300 | 6,781 | ||||||
Noritz Corp. | 300 | 4,527 | ||||||
North Pacific Bank Ltd. | 3,000 | 6,816 | ||||||
NS Solutions Corp. | 200 | 5,863 | ||||||
NSK Ltd. | 2,500 | 24,930 | ||||||
NTN Corp.(1) | 1,000 | 2,946 | ||||||
NTT Data Corp. | 2,300 | 35,534 | ||||||
Obara Group, Inc. | 200 | 7,138 | ||||||
Obayashi Corp. | 3,500 | 30,527 | ||||||
Obic Co. Ltd. | 100 | 16,865 | ||||||
Odakyu Electric Railway Co. Ltd. | 700 | 20,582 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 400 | 7,595 | ||||||
Oiles Corp. | 400 | 6,211 | ||||||
Oisix ra daichi, Inc.(1) | 300 | 7,786 | ||||||
Oji Holdings Corp. | 5,000 | 31,743 | ||||||
Okamura Corp. | 400 | 4,225 | ||||||
Okasan Securities Group, Inc. | 1,000 | 3,725 | ||||||
Oki Electric Industry Co. Ltd. | 1,000 | 9,841 | ||||||
Okinawa Electric Power Co., Inc. (The) | 315 | 4,223 | ||||||
Okumura Corp. | 200 | 5,096 | ||||||
Okuwa Co. Ltd. | 100 | 1,060 | ||||||
Olympus Corp. | 2,700 | 56,843 | ||||||
Omron Corp. | 200 | 16,216 | ||||||
Ono Pharmaceutical Co. Ltd. | 500 | 13,520 | ||||||
Onward Holdings Co. Ltd. | 1,000 | 2,403 | ||||||
Open House Co. Ltd. | 600 | 23,090 | ||||||
Optim Corp.(1) | 200 | 5,451 | ||||||
Optorun Co. Ltd. | 100 | 2,304 | ||||||
Oracle Corp. (Tokyo) | 100 | 10,207 | ||||||
Organo Corp. | 100 | 5,651 | ||||||
Orient Corp. | 3,800 | 5,317 | ||||||
Oriental Land Co. Ltd. | 200 | 33,693 | ||||||
ORIX Corp., ADR | 1,639 | 139,921 | ||||||
Osaka Gas Co. Ltd. | 200 | 3,597 | ||||||
Osaka Organic Chemical Industry Ltd. | 200 | 6,378 | ||||||
Osaka Soda Co. Ltd. | 200 | 4,815 | ||||||
OSG Corp. | 100 | 1,815 | ||||||
OSJB Holdings Corp. | 1,400 | 3,559 | ||||||
Otsuka Corp. | 400 | 18,575 | ||||||
Otsuka Holdings Co. Ltd. | 600 | 24,035 | ||||||
Outsourcing, Inc. | 100 | 1,526 | ||||||
Pacific Industrial Co. Ltd. | 100 | 1,081 | ||||||
Pack Corp. (The) | 100 | 2,420 | ||||||
PALTAC Corp. | 200 | 10,882 | ||||||
Pan Pacific International Holdings Corp. | 1,400 | 33,022 | ||||||
Panasonic Corp. | 8,200 | 106,090 | ||||||
Paramount Bed Holdings Co. Ltd. | 200 | 7,926 |
98
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Park24 Co. Ltd.(1) | 500 | $ | 10,897 | |||||
Pasona Group, Inc. | 400 | 6,720 | ||||||
Penta-Ocean Construction Co. Ltd. | 3,000 | 22,439 | ||||||
PeptiDream, Inc.(1) | 100 | 4,781 | ||||||
Persol Holdings Co. Ltd. | 600 | 11,990 | ||||||
Pigeon Corp. | 300 | 10,831 | ||||||
Pilot Corp. | 300 | 9,123 | ||||||
Piolax, Inc. | 100 | 1,434 | ||||||
Plenus Co. Ltd.(1) | 200 | 3,533 | ||||||
Pola Orbis Holdings, Inc. | 300 | 6,910 | ||||||
Poletowin Pitcrew Holdings, Inc. | 100 | 1,038 | ||||||
Press Kogyo Co. Ltd. | 300 | 905 | ||||||
Prestige International, Inc. | 600 | 4,174 | ||||||
Prima Meat Packers Ltd. | 200 | 5,863 | ||||||
PS Mitsubishi Construction Co. Ltd. | 200 | 1,268 | ||||||
Raito Kogyo Co. Ltd. | 500 | 8,329 | ||||||
Rakuten, Inc. | 4,500 | 50,606 | ||||||
Recruit Holdings Co. Ltd. | 2,000 | 100,190 | ||||||
Relia, Inc. | 500 | 6,280 | ||||||
Relo Group, Inc. | 300 | 7,103 | ||||||
Renesas Electronics Corp.(1) | 1,700 | 18,761 | ||||||
Rengo Co. Ltd. | 1,700 | 13,828 | ||||||
Resona Holdings, Inc. | 6,100 | 24,698 | ||||||
Resorttrust, Inc. | 800 | 14,185 | ||||||
Ricoh Co. Ltd. | 3,200 | 28,259 | ||||||
Ricoh Leasing Co. Ltd. | 200 | 6,160 | ||||||
Rinnai Corp. | 100 | 10,170 | ||||||
Riso Kyoiku Co. Ltd. | 1,600 | 4,820 | ||||||
Rohm Co. Ltd. | 100 | 9,925 | ||||||
Rohto Pharmaceutical Co. Ltd. | 300 | 8,078 | ||||||
Rorze Corp. | 100 | 6,894 | ||||||
RS Technologies Co. Ltd. | 200 | 11,095 | ||||||
Ryobi Ltd.(1) | 100 | 1,189 | ||||||
Ryohin Keikaku Co. Ltd. | 500 | 11,341 | ||||||
Ryosan Co. Ltd. | 200 | 4,072 | ||||||
S Foods, Inc. | 200 | 6,135 | ||||||
S-Pool, Inc. | 200 | 1,857 | ||||||
Saizeriya Co. Ltd. | 200 | 4,205 | ||||||
Sakai Moving Service Co. Ltd. | 100 | 4,517 | ||||||
Sakata INX Corp. | 100 | 1,004 | ||||||
Sakata Seed Corp. | 200 | 6,983 | ||||||
Sakura Internet, Inc. | 200 | 1,221 | ||||||
Sala Corp. | 200 | 1,079 | ||||||
San-A Co. Ltd. | 100 | 3,908 | ||||||
San-Ai Oil Co. Ltd. | 700 | 7,068 | ||||||
San-In Godo Bank Ltd. (The) | 800 | 3,660 | ||||||
Sanei Architecture Planning Co. Ltd. | 100 | 1,585 | ||||||
Sangetsu Corp. | 300 | 4,320 | ||||||
Sanken Electric Co. Ltd. | 300 | 15,397 | ||||||
Sanki Engineering Co. Ltd. | 100 | 1,225 | ||||||
Sankyo Co. Ltd. | 200 | 5,546 |
99
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Sankyo Tateyama, Inc. | 100 | $ | 760 | |||||
Sankyu, Inc. | 300 | 12,625 | ||||||
Sanoh Industrial Co. Ltd. | 100 | 898 | ||||||
Santen Pharmaceutical Co. Ltd. | 1,000 | 13,787 | ||||||
Sanwa Holdings Corp. | 1,700 | 21,085 | ||||||
Sanyo Chemical Industries Ltd. | 100 | 4,765 | ||||||
Sapporo Holdings Ltd. | 600 | 12,395 | ||||||
Sato Holdings Corp. | 100 | 2,376 | ||||||
Sawada Holdings Co. Ltd. | 200 | 1,538 | ||||||
Sawai Pharmaceutical Co. Ltd. | 100 | 4,484 | ||||||
SB Technology Corp. | 200 | 5,566 | ||||||
SBI Holdings, Inc. | 1,900 | 52,555 | ||||||
SBS Holdings, Inc. | 100 | 2,281 | ||||||
SCSK Corp. | 300 | 17,749 | ||||||
Secom Co. Ltd. | 500 | 43,593 | ||||||
Sega Sammy Holdings, Inc. | 500 | 8,391 | ||||||
Seibu Holdings, Inc. | 1,200 | 14,602 | ||||||
Seikitokyu Kogyo Co. Ltd. | 200 | 1,654 | ||||||
Seiko Epson Corp. | 2,400 | 39,693 | ||||||
Seiko Holdings Corp. | 100 | 1,680 | ||||||
Seino Holdings Co. Ltd. | 900 | 12,727 | ||||||
Seiren Co. Ltd. | 400 | 6,859 | ||||||
Sekisui Chemical Co. Ltd. | 1,100 | 19,873 | ||||||
Sekisui House Ltd. | 2,500 | 47,117 | ||||||
Sekisui Jushi Corp. | 100 | 1,829 | ||||||
Senko Group Holdings Co. Ltd. | 700 | 6,584 | ||||||
Senshu Ikeda Holdings, Inc. | 2,000 | 3,010 | ||||||
Septeni Holdings Co. Ltd. | 1,000 | 4,154 | ||||||
Seria Co. Ltd. | 300 | 9,611 | ||||||
Seven & i Holdings Co. Ltd. | 2,300 | 87,841 | ||||||
Seven Bank Ltd. | 2,400 | 5,436 | ||||||
SG Holdings Co. Ltd. | 1,500 | 34,443 | ||||||
Sharp Corp. | 200 | 3,808 | ||||||
Shibaura Machine Co. Ltd. | 200 | 5,357 | ||||||
Shibuya Corp. | 100 | 3,040 | ||||||
SHIFT, Inc.(1) | 100 | 12,073 | ||||||
Shiga Bank Ltd. (The) | 300 | 5,925 | ||||||
Shikoku Bank Ltd. (The) | 200 | 1,401 | ||||||
Shikoku Chemicals Corp. | 100 | 1,130 | ||||||
Shikoku Electric Power Co., Inc. | 900 | 6,303 | ||||||
Shimadzu Corp. | 300 | 10,891 | ||||||
Shimamura Co. Ltd. | 100 | 9,953 | ||||||
Shimano, Inc. | 100 | 22,336 | ||||||
Shimizu Corp. | 1,300 | 9,909 | ||||||
Shin Nippon Air Technologies Co. Ltd. | 200 | 4,143 | ||||||
Shin-Etsu Chemical Co. Ltd. | 600 | 98,465 | ||||||
Shin-Etsu Polymer Co. Ltd. | 200 | 1,824 | ||||||
Shinmaywa Industries Ltd. | 500 | 4,490 | ||||||
Shinnihon Corp. | 200 | 1,550 | ||||||
Shinoken Group Co. Ltd. | 100 | 1,032 | ||||||
Shinsei Bank Ltd. | 1,000 | 14,436 |
100
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Shionogi & Co. Ltd. | 600 | $ | 30,676 | |||||
Ship Healthcare Holdings, Inc. | 500 | 27,847 | ||||||
Shizuoka Bank Ltd. (The) | 2,400 | 17,782 | ||||||
Shoei Co. Ltd. | 200 | 7,574 | ||||||
Showa Sangyo Co. Ltd. | 200 | 5,903 | ||||||
Sinanen Holdings Co. Ltd. | 200 | 5,758 | ||||||
Sinfonia Technology Co. Ltd. | 300 | 3,680 | ||||||
Sinko Industries Ltd. | 200 | 3,558 | ||||||
Sintokogio Ltd. | 200 | 1,375 | ||||||
SKY Perfect JSAT Holdings, Inc. | 300 | 1,266 | ||||||
Skylark Holdings Co. Ltd.(1) | 500 | 7,781 | ||||||
SMC Corp. | 53 | 31,508 | ||||||
SMS Co. Ltd. | 300 | 9,850 | ||||||
Sodick Co. Ltd. | 200 | 1,836 | ||||||
Softbank Corp. | 2,800 | 37,973 | ||||||
SoftBank Group Corp. | 1,700 | 157,784 | ||||||
Sohgo Security Services Co. Ltd. | 300 | 13,592 | ||||||
Sojitz Corp. | 3,000 | 7,959 | ||||||
Solasto Corp. | 100 | 1,358 | ||||||
Sompo Holdings, Inc. | 1,500 | 57,942 | ||||||
Sony Corp., ADR | 3,802 | 402,290 | ||||||
Sotetsu Holdings, Inc.(1) | 600 | 14,037 | ||||||
Square Enix Holdings Co. Ltd. | 400 | 22,664 | ||||||
St. Marc Holdings Co. Ltd. | 300 | 4,715 | ||||||
Stanley Electric Co. Ltd. | 500 | 14,938 | ||||||
Starts Corp., Inc. | 200 | 5,254 | ||||||
Starzen Co. Ltd. | 100 | 3,984 | ||||||
Stella Chemifa Corp. | 200 | 5,965 | ||||||
Strike Co. Ltd. | 100 | 4,226 | ||||||
Subaru Corp. | 1,600 | 30,227 | ||||||
Sugi Holdings Co. Ltd. | 200 | 13,921 | ||||||
SUMCO Corp. | 2,100 | 48,276 | ||||||
Sumida Corp. | 100 | 899 | ||||||
Sumitomo Chemical Co. Ltd. | 7,700 | 37,547 | ||||||
Sumitomo Corp. | 4,000 | 58,333 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 800 | 12,723 | ||||||
Sumitomo Densetsu Co. Ltd. | 100 | 2,271 | ||||||
Sumitomo Electric Industries Ltd. | 2,900 | 42,549 | ||||||
Sumitomo Forestry Co. Ltd. | 1,100 | 19,898 | ||||||
Sumitomo Heavy Industries Ltd. | 400 | 11,276 | ||||||
Sumitomo Metal Mining Co. Ltd. | 600 | 29,232 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 300 | 1,308 | ||||||
Sumitomo Mitsui Financial Group, Inc., ADR(2) | 23,464 | 164,717 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,100 | 36,706 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 300 | 9,978 | ||||||
Sumitomo Realty & Development Co. Ltd. | 1,500 | 52,220 | ||||||
Sumitomo Riko Co. Ltd. | 200 | 1,161 | ||||||
Sumitomo Rubber Industries Ltd. | 1,400 | 15,747 | ||||||
Sumitomo Seika Chemicals Co. Ltd. | 200 | 7,332 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 500 | 6,917 | ||||||
Sun Frontier Fudousan Co. Ltd. | 500 | 4,499 |
101
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Sundrug Co. Ltd. | 300 | $ | 11,307 | |||||
Suntory Beverage & Food Ltd. | 500 | 17,194 | ||||||
Suruga Bank Ltd. | 1,300 | 4,354 | ||||||
Sushiro Global Holdings Ltd. | 400 | 15,084 | ||||||
Suzuken Co. Ltd. | 200 | 7,653 | ||||||
Suzuki Motor Corp. | 1,000 | 43,577 | ||||||
SWCC Showa Holdings Co. Ltd. | 200 | 3,096 | ||||||
Sysmex Corp. | 400 | 41,705 | ||||||
Systena Corp. | 500 | 8,831 | ||||||
T Hasegawa Co. Ltd. | 200 | 3,498 | ||||||
T&D Holdings, Inc. | 2,700 | 37,266 | ||||||
T-Gaia Corp. | 100 | 1,717 | ||||||
Tadano Ltd. | 200 | 1,908 | ||||||
Taihei Dengyo Kaisha Ltd. | 100 | 2,490 | ||||||
Taiheiyo Cement Corp. | 600 | 15,231 | ||||||
Taikisha Ltd. | 200 | 5,347 | ||||||
Taiko Pharmaceutical Co. Ltd. | 600 | 7,137 | ||||||
Taisei Corp. | 700 | 24,930 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 100 | 6,164 | ||||||
Taiyo Holdings Co. Ltd. | 100 | 5,226 | ||||||
Taiyo Yuden Co. Ltd. | 900 | 44,909 | ||||||
Takamatsu Construction Group Co. Ltd. | 100 | 1,980 | ||||||
Takara Holdings, Inc. | 200 | 2,696 | ||||||
Takara Leben Co. Ltd. | 1,500 | 4,865 | ||||||
Takara Standard Co. Ltd. | 100 | 1,407 | ||||||
Takashimaya Co. Ltd. | 800 | 8,229 | ||||||
Takeda Pharmaceutical Co. Ltd., ADR(2) | 2,193 | 36,645 | ||||||
Takeei Corp. | 100 | 1,178 | ||||||
Takeuchi Manufacturing Co. Ltd. | 400 | 10,226 | ||||||
Takuma Co. Ltd. | 500 | 9,888 | ||||||
Tama Home Co. Ltd. | 100 | 1,708 | ||||||
Tamron Co. Ltd. | 200 | 3,592 | ||||||
Tamura Corp. | 200 | 999 | ||||||
Tanseisha Co. Ltd. | 800 | 6,233 | ||||||
Tatsuta Electric Wire and Cable Co. Ltd. | 200 | 1,171 | ||||||
TDK Corp. | 600 | 86,688 | ||||||
TechMatrix Corp. | 400 | 6,158 | ||||||
TechnoPro Holdings, Inc. | 100 | 7,332 | ||||||
Teijin Ltd. | 1,400 | 24,283 | ||||||
Teikoku Electric Manufacturing Co. Ltd. | 400 | 4,392 | ||||||
Teikoku Sen-I Co. Ltd. | 200 | 4,064 | ||||||
Terumo Corp. | 800 | 29,847 | ||||||
THK Co. Ltd. | 200 | 6,567 | ||||||
TIS, Inc. | 900 | 18,692 | ||||||
TKC Corp. | 100 | 5,955 | ||||||
Toa Corp. (Tokyo) | 300 | 6,418 | ||||||
Toagosei Co. Ltd. | 700 | 7,675 | ||||||
Tobu Railway Co. Ltd. | 800 | 23,030 | ||||||
TOC Co. Ltd. | 200 | 1,456 | ||||||
Tocalo Co. Ltd. | 600 | 7,489 | ||||||
Toda Corp. | 1,300 | 8,956 |
102
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Toho Bank Ltd. (The) | 500 | $ | 1,003 | |||||
Toho Co. Ltd. | 300 | 11,327 | ||||||
Toho Gas Co. Ltd. | 100 | 5,888 | ||||||
Toho Holdings Co. Ltd. | 300 | 5,228 | ||||||
Toho Titanium Co. Ltd. | 600 | 5,426 | ||||||
Toho Zinc Co. Ltd.(1) | 200 | 4,279 | ||||||
Tohoku Electric Power Co., Inc. | 2,400 | 21,264 | ||||||
Tokai Carbon Co. Ltd. | 1,600 | 21,735 | ||||||
Tokai Corp/Gifu | 200 | 3,985 | ||||||
TOKAI Holdings Corp. | 900 | 7,788 | ||||||
Tokai Rika Co. Ltd. | 500 | 8,204 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 1,400 | 4,797 | ||||||
Token Corp. | 100 | 7,843 | ||||||
Tokio Marine Holdings, Inc. | 1,100 | 55,393 | ||||||
Tokushu Tokai Paper Co. Ltd. | 100 | 4,354 | ||||||
Tokuyama Corp. | 500 | 12,607 | ||||||
Tokyo Century Corp. | 300 | 19,722 | ||||||
Tokyo Electric Power Co. Holdings, Inc.(1) | 6,500 | 21,027 | ||||||
Tokyo Electron Ltd. | 300 | 123,563 | ||||||
Tokyo Gas Co. Ltd. | 400 | 8,261 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 100 | 5,872 | ||||||
Tokyo Seimitsu Co. Ltd. | 200 | 8,767 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 900 | 5,973 | ||||||
Tokyo Tatemono Co. Ltd. | 200 | 2,872 | ||||||
Tokyotokeiba Co. Ltd. | 200 | 9,343 | ||||||
Tokyu Construction Co. Ltd. | 200 | 1,002 | ||||||
Tokyu Corp. | 900 | 12,499 | ||||||
Tokyu Fudosan Holdings Corp. | 4,400 | 27,834 | ||||||
TOMONY Holdings, Inc. | 1,400 | 4,027 | ||||||
Tomy Co. Ltd. | 600 | 5,551 | ||||||
Toppan Forms Co. Ltd. | 100 | 963 | ||||||
Toppan Printing Co. Ltd. | 700 | 11,067 | ||||||
Topre Corp. | 500 | 7,199 | ||||||
Toray Industries, Inc. | 3,900 | 25,808 | ||||||
Toridoll Holdings Corp. | 200 | 2,868 | ||||||
Torii Pharmaceutical Co. Ltd. | 100 | 2,826 | ||||||
Tosei Corp. | 500 | 4,712 | ||||||
Toshiba Corp. | 300 | 9,507 | ||||||
Toshiba TEC Corp. | 300 | 11,047 | ||||||
Tosoh Corp. | 1,800 | 33,291 | ||||||
Totetsu Kogyo Co. Ltd. | 300 | 7,268 | ||||||
TOTO Ltd. | 500 | 30,643 | ||||||
Towa Bank Ltd. (The) | 200 | 1,282 | ||||||
Towa Corp. | 500 | 9,360 | ||||||
Towa Pharmaceutical Co. Ltd. | 100 | 1,975 | ||||||
Toyo Construction Co. Ltd. | 700 | 3,600 | ||||||
Toyo Gosei Co. Ltd. | 100 | 10,850 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 200 | 3,588 | ||||||
Toyo Seikan Group Holdings Ltd. | 1,000 | 12,626 | ||||||
Toyo Suisan Kaisha Ltd. | 200 | 8,518 | ||||||
Toyo Tire Corp. | 900 | 15,856 |
103
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Toyobo Co. Ltd. | 900 | $ | 11,432 | |||||
Toyoda Gosei Co. Ltd. | 500 | 13,070 | ||||||
Toyota Boshoku Corp. | 600 | 9,418 | ||||||
Toyota Industries Corp. | 600 | 51,934 | ||||||
Toyota Motor Corp., ADR(2) | 2,577 | 381,216 | ||||||
Toyota Tsusho Corp. | 400 | 16,956 | ||||||
TPR Co. Ltd. | 200 | 2,757 | ||||||
Trancom Co. Ltd. | 100 | 7,676 | ||||||
Transcosmos, Inc. | 200 | 5,011 | ||||||
Trend Micro, Inc. | 600 | 28,816 | ||||||
Tri Chemical Laboratories, Inc. | 400 | 14,258 | ||||||
TS Tech Co. Ltd. | 300 | 8,396 | ||||||
Tsubakimoto Chain Co. | 100 | 2,731 | ||||||
Tsugami Corp. | 500 | 7,259 | ||||||
Tsukishima Kikai Co. Ltd. | 500 | 5,787 | ||||||
Tsukui Holdings Corp. | 200 | 1,746 | ||||||
Tsumura & Co. | 200 | 6,296 | ||||||
Tsuruha Holdings, Inc. | 200 | 25,723 | ||||||
UACJ Corp. | 500 | 11,618 | ||||||
Ube Industries Ltd. | 900 | 18,217 | ||||||
Uchida Yoko Co. Ltd. | 200 | 8,433 | ||||||
Ulvac, Inc. | 200 | 9,027 | ||||||
Unicharm Corp. | 700 | 27,667 | ||||||
Unipres Corp. | 100 | 866 | ||||||
United Super Markets Holdings, Inc. | 200 | 2,002 | ||||||
Universal Entertainment Corp.(1) | 100 | 2,354 | ||||||
Ushio, Inc. | 500 | 6,273 | ||||||
USS Co. Ltd. | 400 | 7,798 | ||||||
UT Group Co. Ltd.(1) | 200 | 6,395 | ||||||
Valor Holdings Co. Ltd. | 300 | 6,363 | ||||||
ValueCommerce Co. Ltd. | 200 | 5,442 | ||||||
Vital KSK Holdings, Inc. | 400 | 2,942 | ||||||
VT Holdings Co. Ltd. | 300 | 1,178 | ||||||
Wacoal Holdings Corp. | 200 | 4,291 | ||||||
Wacom Co. Ltd. | 1,800 | 13,001 | ||||||
Wakita & Co. Ltd. | 600 | 5,306 | ||||||
Welcia Holdings Co. Ltd. | 400 | 12,776 | ||||||
West Japan Railway Co. | 500 | 31,484 | ||||||
Wowow, Inc. | 200 | 5,179 | ||||||
Yahagi Construction Co. Ltd. | 400 | 3,104 | ||||||
Yakult Honsha Co. Ltd. | 200 | 9,936 | ||||||
YAKUODO Holdings Co. Ltd. | 200 | 4,814 | ||||||
YAMABIKO Corp. | 500 | 5,281 | ||||||
Yamada Holdings Co. Ltd. | 1,700 | 8,153 | ||||||
Yamaguchi Financial Group, Inc. | 1,300 | 8,074 | ||||||
Yamaha Corp. | 600 | 33,751 | ||||||
Yamaha Motor Co. Ltd. | 2,300 | 52,295 | ||||||
Yamaichi Electronics Co. Ltd. | 100 | 1,320 | ||||||
Yamato Corp. | 200 | 1,221 | ||||||
Yamato Holdings Co. Ltd. | 900 | 23,656 | ||||||
Yamato Kogyo Co. Ltd. | 200 | 5,036 |
104
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Yamazaki Baking Co. Ltd. | 700 | $ | 11,767 | |||||
Yamazen Corp. | 200 | 1,797 | ||||||
Yaoko Co. Ltd. | 200 | 12,249 | ||||||
Yaskawa Electric Corp. | 100 | 5,047 | ||||||
Yellow Hat Ltd. | 100 | 1,576 | ||||||
Yodogawa Steel Works Ltd. | 200 | 4,149 | ||||||
Yokogawa Bridge Holdings Corp. | 100 | 1,830 | ||||||
Yokogawa Electric Corp. | 1,200 | 22,979 | ||||||
Yokohama Reito Co. Ltd. | 700 | 5,757 | ||||||
Yokohama Rubber Co. Ltd. (The) | 1,500 | 26,212 | ||||||
Yokowo Co. Ltd. | 200 | 5,348 | ||||||
Yorozu Corp. | 100 | 1,162 | ||||||
Yotai Refractories Co. Ltd. | 200 | 1,929 | ||||||
Yuasa Trading Co. Ltd. | 100 | 2,783 | ||||||
Yumeshin Holdings Co. Ltd. | 200 | 1,711 | ||||||
Yurtec Corp. | 200 | 1,477 | ||||||
Z Holdings Corp. | 8,700 | 52,923 | ||||||
Zenkoku Hosho Co. Ltd. | 500 | 23,075 | ||||||
Zensho Holdings Co. Ltd. | 600 | 16,054 | ||||||
Zeon Corp. | 200 | 2,953 | ||||||
ZERIA Pharmaceutical Co. Ltd. | 200 | 3,744 | ||||||
ZOZO, Inc. | 400 | 12,495 | ||||||
14,297,227 | ||||||||
Netherlands — 3.5% | ||||||||
Aalberts NV | 850 | 39,611 | ||||||
ABN AMRO Bank NV, CVA(1) | 1,545 | 17,740 | ||||||
Accell Group NV(1) | 226 | 8,323 | ||||||
Adyen NV(1) | 65 | 150,057 | ||||||
Aegon NV | 16,167 | 76,470 | ||||||
AerCap Holdings NV(1) | 1,367 | 65,862 | ||||||
Akzo Nobel NV | 886 | 91,443 | ||||||
AMG Advanced Metallurgical Group NV(2) | 381 | 13,851 | ||||||
Arcadis NV(1) | 522 | 17,783 | ||||||
ASM International NV | 329 | 88,709 | ||||||
ASML Holding NV, NY Shares | 668 | 378,816 | ||||||
ASR Nederland NV | 786 | 32,804 | ||||||
Basic-Fit NV(1) | 522 | 22,138 | ||||||
BE Semiconductor Industries NV | 737 | 55,639 | ||||||
Boskalis Westminster(1) | 617 | 18,964 | ||||||
Coca-Cola European Partners plc | 1,266 | 64,503 | ||||||
Corbion NV | 582 | 33,013 | ||||||
Flow Traders | 404 | 16,467 | ||||||
ForFarmers NV | 632 | 4,163 | ||||||
Fugro NV, CVA(1) | 1,066 | 11,256 | ||||||
Heijmans NV, CVA(1)(2) | 440 | 7,165 | ||||||
Heineken Holding NV | 62 | 5,315 | ||||||
Heineken NV | 195 | 19,179 | ||||||
IMCD NV | 81 | 9,946 | ||||||
ING Groep NV, ADR | 15,105 | 164,191 | ||||||
Just Eat Takeaway.com NV(1) | 95 | 9,154 | ||||||
Kendrion NV(1) | 45 | 1,154 |
105
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Koninklijke Ahold Delhaize NV | 5,312 | $ | 139,964 | |||||
Koninklijke BAM Groep NV(1) | 2,679 | 7,185 | ||||||
Koninklijke DSM NV | 358 | 58,906 | ||||||
Koninklijke KPN NV | 29,204 | 95,403 | ||||||
Koninklijke Philips NV(1) | 1,196 | 65,062 | ||||||
Koninklijke Vopak NV | 513 | 24,452 | ||||||
Nedap N.V. | 19 | 1,284 | ||||||
NN Group NV | 1,982 | 91,324 | ||||||
OCI NV(1) | 955 | 20,504 | ||||||
Pharming Group NV(1)(2) | 6,312 | 8,376 | ||||||
PostNL NV(1) | 483 | 2,052 | ||||||
Prosus NV(1) | 468 | 55,437 | ||||||
Randstad NV(1) | 757 | 50,400 | ||||||
SBM Offshore NV | 1,193 | 21,133 | ||||||
SIF Holding NV(1) | 255 | 4,848 | ||||||
Signify NV(1) | 919 | 39,855 | ||||||
Sligro Food Group NV(1) | 298 | 7,118 | ||||||
TKH Group NV, CVA | 291 | 14,505 | ||||||
TomTom NV(1) | 753 | 7,068 | ||||||
Van Lanschot Kempen NV(1) | 419 | 10,842 | ||||||
Wolters Kluwer NV | 401 | 31,774 | ||||||
2,181,208 | ||||||||
New Zealand — 0.3% | ||||||||
a2 Milk Co. Ltd. (The)(1) | 1,826 | 12,679 | ||||||
Air New Zealand Ltd.(1)(2) | 4,184 | 4,780 | ||||||
Arvida Group Ltd. | 960 | 1,179 | ||||||
Auckland International Airport Ltd.(1) | 1,633 | 8,882 | ||||||
Chorus Ltd. | 2,721 | 15,500 | ||||||
Contact Energy Ltd. | 1,579 | 7,791 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 852 | 17,988 | ||||||
Fletcher Building Ltd. | 5,977 | 27,798 | ||||||
Genesis Energy Ltd. | 552 | 1,384 | ||||||
Hallenstein Glasson Holdings Ltd. | 237 | 1,235 | ||||||
Infratil Ltd. | 578 | 3,046 | ||||||
Kathmandu Holdings Ltd.(1) | 5,207 | 4,800 | ||||||
Mercury NZ Ltd. | 1,963 | 8,585 | ||||||
Meridian Energy Ltd. | 2,645 | 10,856 | ||||||
NZX Ltd. | 2,074 | 2,890 | ||||||
Oceania Healthcare Ltd. | 10,328 | 10,813 | ||||||
Pushpay Holdings Ltd.(1) | 6,208 | 7,689 | ||||||
Ryman Healthcare Ltd. | 931 | 9,846 | ||||||
Sanford Ltd. | 585 | 1,869 | ||||||
Scales Corp. Ltd. | 162 | 540 | ||||||
SKYCITY Entertainment Group Ltd.(1) | 4,175 | 9,159 | ||||||
Spark New Zealand Ltd. | 7,379 | 24,403 | ||||||
Summerset Group Holdings Ltd. | 1,675 | 15,531 | ||||||
Synlait Milk Ltd.(1) | 167 | 486 | ||||||
Z Energy Ltd.(1) | 2,828 | 5,572 | ||||||
215,301 | ||||||||
Norway — 0.8% | ||||||||
Adevinta ASA(1) | 508 | 7,106 |
106
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Aker BP ASA | 462 | $ | 12,098 | |||||
Atea ASA(1) | 72 | 1,222 | ||||||
Austevoll Seafood ASA | 108 | 1,242 | ||||||
Avance Gas Holding Ltd.(2) | 187 | 701 | ||||||
Bakkafrost P/F(1) | 34 | 2,421 | ||||||
Borregaard ASA | 682 | 12,908 | ||||||
Bouvet ASA | 26 | 1,958 | ||||||
BW Energy Ltd.(1) | 49 | 143 | ||||||
BW LPG Ltd. | 1,378 | 8,240 | ||||||
BW Offshore Ltd. | 1,603 | 6,552 | ||||||
DNB ASA(2) | 1,495 | 29,119 | ||||||
DNO ASA(1) | 6,539 | 6,174 | ||||||
Entra ASA | 98 | 2,041 | ||||||
Equinor ASA, ADR | 3,339 | 63,307 | ||||||
Europris ASA | 1,242 | 7,290 | ||||||
Fjordkraft Holding ASA | 637 | 4,726 | ||||||
Frontline Ltd. | 857 | 5,802 | ||||||
Gjensidige Forsikring ASA(2) | 310 | 7,119 | ||||||
Golden Ocean Group Ltd. | 201 | 1,205 | ||||||
Grieg Seafood ASA(1)(2) | 515 | 4,903 | ||||||
Kitron ASA | 2,712 | 5,326 | ||||||
Kongsberg Gruppen ASA | 294 | 6,003 | ||||||
Leroy Seafood Group ASA | 712 | 5,736 | ||||||
Mowi ASA | 1,218 | 29,509 | ||||||
NEL ASA(1) | 2,746 | 8,010 | ||||||
Nordic Semiconductor ASA(1) | 634 | 11,973 | ||||||
Norsk Hydro ASA | 6,378 | 35,383 | ||||||
Norwegian Finans Holding ASA(1) | 1,247 | 11,025 | ||||||
Odfjell Drilling Ltd.(1)(2) | 354 | 884 | ||||||
Orkla ASA | 1,053 | 9,706 | ||||||
PGS ASA(1) | 8,947 | 5,829 | ||||||
Salmar ASA | 167 | 11,002 | ||||||
Sbanken ASA(1) | 858 | 8,197 | ||||||
Scatec ASA | 510 | 14,784 | ||||||
Schibsted ASA, B Shares(1) | 39 | 1,339 | ||||||
SpareBank 1 Nord Norge | 924 | 8,198 | ||||||
Sparebank 1 Oestlandet | 104 | 1,217 | ||||||
SpareBank 1 SMN | 767 | 8,850 | ||||||
SpareBank 1 SR-Bank ASA(1) | 624 | 7,199 | ||||||
Sparebanken More | 30 | 1,031 | ||||||
Sparebanken Vest | 955 | 8,388 | ||||||
Stolt-Nielsen Ltd. | 82 | 1,091 | ||||||
Storebrand ASA(1) | 1,310 | 11,212 | ||||||
Subsea 7 SA(1) | 1,267 | 13,228 | ||||||
Telenor ASA | 952 | 15,412 | ||||||
TGS Nopec Geophysical Co. ASA(2) | 612 | 9,700 | ||||||
TOMRA Systems ASA | 354 | 15,155 | ||||||
Veidekke ASA | 669 | 8,739 | ||||||
Yara International ASA | 445 | 21,415 | ||||||
481,818 |
107
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Portugal — 0.2% | ||||||||
Banco Comercial Portugues SA, R Shares(1)(2) | 47,877 | $ | 6,768 | |||||
CTT-Correios de Portugal SA(1) | 1,350 | 4,066 | ||||||
EDP - Energias de Portugal SA | 7,330 | 41,858 | ||||||
Galp Energia SGPS SA | 1,659 | 18,622 | ||||||
Jeronimo Martins SGPS SA | 584 | 9,053 | ||||||
NOS SGPS SA | 979 | 3,276 | ||||||
REN - Redes Energeticas Nacionais SGPS SA | 3,035 | 8,322 | ||||||
Semapa-Sociedade de Investimento e Gestao | 456 | 6,537 | ||||||
Sonae SGPS SA | 1,952 | 1,601 | ||||||
100,103 | ||||||||
Singapore — 1.1% | ||||||||
Accordia Golf Trust | 11,900 | 6,470 | ||||||
AEM Holdings Ltd. | 4,500 | 13,522 | ||||||
CapitaLand Ltd. | 14,300 | 33,915 | ||||||
Chip Eng Seng Corp. Ltd. | 900 | 300 | ||||||
City Developments Ltd. | 1,600 | 8,815 | ||||||
ComfortDelGro Corp. Ltd. | 25,800 | 31,065 | ||||||
COSCO Shipping International Singapore Co. Ltd.(1) | 22,600 | 4,550 | ||||||
DBS Group Holdings Ltd. | 4,152 | 82,295 | ||||||
Far East Orchard Ltd. | 3,900 | 3,093 | ||||||
Frencken Group Ltd. | 6,300 | 6,337 | ||||||
Fu Yu Corp. Ltd.(1) | 17,800 | 3,794 | ||||||
Golden Agri-Resources Ltd. | 74,900 | 10,726 | ||||||
GuocoLand Ltd. | 800 | 933 | ||||||
Hour Glass Ltd. (The) | 1,700 | 1,122 | ||||||
Hutchison Port Holdings Trust, U Shares | 74,900 | 17,875 | ||||||
Japfa Ltd. | 10,400 | 6,996 | ||||||
Jardine Cycle & Carriage Ltd. | 500 | 7,863 | ||||||
Keppel Corp. Ltd. | 7,100 | 26,873 | ||||||
Keppel Infrastructure Trust | 10,900 | 4,449 | ||||||
Mandarin Oriental International Ltd.(1) | 3,400 | 5,772 | ||||||
NetLink NBN Trust | 1,500 | 1,068 | ||||||
OUE Ltd. | 1,000 | 869 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 7,324 | 59,998 | ||||||
QAF Ltd. | 5,200 | 3,815 | ||||||
Raffles Medical Group Ltd. | 9,500 | 7,812 | ||||||
SATS Ltd.(1)(2) | 2,500 | 8,189 | ||||||
Sembcorp Industries Ltd. | 8,900 | 11,502 | ||||||
Sembcorp Marine Ltd.(1)(2) | 52,007 | 5,895 | ||||||
Sheng Siong Group Ltd. | 5,700 | 6,640 | ||||||
Singapore Airlines Ltd.(1) | 4,100 | 15,183 | ||||||
Singapore Exchange Ltd. | 2,800 | 20,871 | ||||||
Singapore Post Ltd. | 4,500 | 2,344 | ||||||
Singapore Press Holdings Ltd. | 13,100 | 13,698 | ||||||
Singapore Technologies Engineering Ltd. | 12,900 | 36,196 | ||||||
Singapore Telecommunications Ltd. | 14,400 | 25,320 | ||||||
StarHub Ltd. | 4,500 | 4,275 | ||||||
UMS Holdings Ltd. | 1,600 | 1,371 | ||||||
United Overseas Bank Ltd. | 4,000 | 73,586 | ||||||
UOL Group Ltd. | 2,900 | 16,038 |
108
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Venture Corp. Ltd. | 500 | $ | 7,161 | |||||
Wilmar International Ltd. | 7,100 | 27,992 | ||||||
Wing Tai Holdings Ltd. | 4,300 | 6,146 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 32,800 | 26,232 | ||||||
Yanlord Land Group Ltd. | 8,800 | 7,572 | ||||||
666,538 | ||||||||
Spain — 2.2% | ||||||||
Acciona SA(2) | 193 | 30,981 | ||||||
Acerinox SA | 1,044 | 12,141 | ||||||
ACS Actividades de Construccion y Servicios SA | 2,237 | 68,365 | ||||||
Aena SME SA(1) | 356 | 60,497 | ||||||
Almirall SA(1) | 754 | 10,050 | ||||||
Amadeus IT Group SA(1) | 639 | 44,315 | ||||||
Applus Services SA(1) | 1,581 | 16,266 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA(1) | 1,279 | 5,316 | ||||||
Banco Bilbao Vizcaya Argentaria SA, ADR | 30,500 | 169,885 | ||||||
Banco de Sabadell SA | 31,453 | 15,744 | ||||||
Banco Santander SA, ADR(1) | 25,570 | 89,751 | ||||||
Bankia SA | 9,060 | 17,861 | ||||||
Bankinter SA(2) | 2,702 | 17,897 | ||||||
CaixaBank SA | 14,347 | 41,649 | ||||||
Cellnex Telecom SA | 335 | 18,206 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 542 | 10,456 | ||||||
CIE Automotive SA(2) | 454 | 12,463 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 289 | 12,794 | ||||||
Ebro Foods SA | 526 | 11,322 | ||||||
Enagas SA | 1,589 | 33,286 | ||||||
Ence Energia y Celulosa SA(1)(2) | 1,443 | 7,399 | ||||||
Endesa SA | 1,543 | 38,187 | ||||||
Ercros SA | 385 | 1,121 | ||||||
Euskaltel SA | 570 | 5,680 | ||||||
Faes Farma SA | 2,832 | 12,519 | ||||||
Ferrovial SA | 509 | 12,672 | ||||||
Fluidra SA | 166 | 4,466 | ||||||
Fomento de Construcciones y Contratas SA | 466 | 5,514 | ||||||
Gestamp Automocion SA(1) | 1,752 | 9,514 | ||||||
Global Dominion Access SA(1) | 1,242 | 5,989 | ||||||
Grifols SA(2) | 122 | 3,064 | ||||||
Grupo Catalana Occidente SA | 464 | 17,296 | ||||||
Iberdrola SA | 10,887 | 136,683 | ||||||
Industria de Diseno Textil SA | 2,325 | 76,584 | ||||||
Liberbank SA(1) | 34,422 | 10,710 | ||||||
Mapfre SA | 7,868 | 14,903 | ||||||
Mediaset Espana Comunicacion SA(1) | 2,011 | 12,058 | ||||||
Melia Hotels International SA(1) | 1,566 | 13,220 | ||||||
Miquel y Costas & Miquel SA | 58 | 979 | ||||||
Naturgy Energy Group SA | 2,073 | 51,616 | ||||||
Neinor Homes SA(1) | 540 | 6,851 | ||||||
Pharma Mar SA | 50 | 6,610 | ||||||
Prosegur Cash SA | 3,818 | 3,638 | ||||||
Prosegur Cia de Seguridad SA | 2,790 | 8,597 |
109
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Red Electrica Corp. SA | 1,201 | $ | 20,007 | |||||
Repsol SA | 2,601 | 32,670 | ||||||
Sacyr SA | 4,407 | 11,121 | ||||||
Siemens Gamesa Renewable Energy SA | 615 | 22,765 | ||||||
Solaria Energia y Medio Ambiente SA(1) | 705 | 15,821 | ||||||
Solarpack Corp. Tecnologica SA(1) | 199 | 4,573 | ||||||
Talgo SA(1) | 319 | 1,678 | ||||||
Tecnicas Reunidas SA(1) | 508 | 7,424 | ||||||
Telefonica SA, ADR(2) | 7,611 | 33,032 | ||||||
Unicaja Banco SA(1) | 8,379 | 7,337 | ||||||
Viscofan SA | 433 | 30,414 | ||||||
Zardoya Otis SA | 1,487 | 9,580 | ||||||
1,361,537 | ||||||||
Sweden — 3.6% | ||||||||
AAK AB | 416 | 8,914 | ||||||
AcadeMedia AB | 673 | 6,734 | ||||||
Adapteo Oyj(1) | 452 | 5,071 | ||||||
AddTech AB, B Shares | 1,286 | 18,692 | ||||||
AF POYRY AB(1) | 464 | 12,625 | ||||||
Alfa Laval AB(1) | 822 | 25,430 | ||||||
Alimak Group AB | 274 | 4,309 | ||||||
Amasten Fastighets AB(1) | 1,158 | 1,130 | ||||||
Annehem Fastigheter AB, B Shares(1) | 151 | 486 | ||||||
Arjo AB, B Shares | 2,424 | 17,599 | ||||||
Assa Abloy AB, B Shares | 808 | 20,252 | ||||||
Atlas Copco AB, B Shares | 846 | 40,880 | ||||||
Atlas Copco AB, A Shares | 1,521 | 86,811 | ||||||
Atrium Ljungberg AB, B Shares | 56 | 1,055 | ||||||
Avanza Bank Holding AB | 925 | 28,981 | ||||||
Axfood AB | 660 | 15,719 | ||||||
Beijer Ref AB | 384 | 16,214 | ||||||
Bilia AB, A Shares(1) | 790 | 10,565 | ||||||
BillerudKorsnas AB | 1,065 | 19,502 | ||||||
BioArctic AB(1) | 99 | 1,103 | ||||||
BioGaia AB, B Shares | 118 | 5,905 | ||||||
Boliden AB | 1,577 | 62,452 | ||||||
Bonava AB, B Shares(1) | 824 | 8,777 | ||||||
Bravida Holding AB | 855 | 10,853 | ||||||
Bure Equity AB | 775 | 24,594 | ||||||
Byggmax Group AB(1) | 602 | 3,731 | ||||||
Castellum AB | 464 | 10,824 | ||||||
Catena AB | 162 | 7,358 | ||||||
Cibus Nordic Real Estate AB | 262 | 5,022 | ||||||
Clas Ohlson AB, B Shares(1) | 579 | 5,204 | ||||||
Cloetta AB, B Shares | 1,689 | 4,635 | ||||||
Dios Fastigheter AB | 1,235 | 9,881 | ||||||
Dometic Group AB(1) | 104 | 1,433 | ||||||
Electrolux AB, Series B | 1,180 | 27,866 | ||||||
Electrolux Professional AB, B Shares(1) | 395 | 2,101 | ||||||
Elekta AB, B Shares | 625 | 8,426 | ||||||
Embracer Group AB(1) | 598 | 16,143 |
110
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Eolus Vind AB, B Shares(2) | 472 | $ | 10,736 | |||||
Epiroc AB, A Shares | 2,631 | 55,824 | ||||||
Epiroc AB, B Shares | 1,825 | 35,913 | ||||||
EQT AB | 319 | 8,872 | ||||||
Essity AB, B Shares | 1,632 | 48,993 | ||||||
Evolution Gaming Group AB | 188 | 23,405 | ||||||
Fabege AB | 797 | 11,084 | ||||||
Fastighets AB Balder, B Shares(1) | 263 | 12,567 | ||||||
Fortnox AB | 374 | 20,927 | ||||||
G5 Entertainment AB | 124 | 7,140 | ||||||
Getinge AB, B Shares | 345 | 8,717 | ||||||
Granges AB(1) | 1,135 | 14,422 | ||||||
H & M Hennes & Mauritz AB, B Shares(1) | 1,082 | 25,495 | ||||||
Hexagon AB, B Shares | 594 | 49,485 | ||||||
Hexpol AB | 938 | 10,062 | ||||||
HMS Networks AB(1) | 126 | 4,439 | ||||||
Hoist Finance AB(1)(2) | 1,730 | 8,329 | ||||||
Holmen AB, B Shares | 256 | 11,258 | ||||||
Hufvudstaden AB, A Shares | 383 | 5,438 | ||||||
Husqvarna AB, B Shares | 2,710 | 33,053 | ||||||
ICA Gruppen AB | 153 | 7,260 | ||||||
Indutrade AB(1) | 951 | 21,662 | ||||||
Investment AB Latour, B Shares | 184 | 4,181 | ||||||
INVISIO AB | 463 | 11,196 | ||||||
Inwido AB(1) | 628 | 9,513 | ||||||
JM AB | 56 | 1,959 | ||||||
Karo Pharma AB(1) | 252 | 1,500 | ||||||
Klovern AB, B Shares | 4,692 | 7,113 | ||||||
KNOW IT AB(1) | 207 | 6,325 | ||||||
Kopparbergs Bryggeri AB, B Shares | 56 | 1,115 | ||||||
Kungsleden AB | 767 | 7,861 | ||||||
Lifco AB, B Shares | 157 | 14,921 | ||||||
Lime Technologies AB | 93 | 4,907 | ||||||
Lindab International AB | 778 | 16,962 | ||||||
Loomis AB | 416 | 10,861 | ||||||
Lundin Energy AB | 263 | 8,504 | ||||||
Mekonomen AB(1) | 117 | 1,545 | ||||||
Millicom International Cellular SA, SDR(1) | 259 | 9,718 | ||||||
MIPS AB | 195 | 15,219 | ||||||
Modern Times Group MTG AB, B Shares(1)(2) | 1,351 | 19,743 | ||||||
Munters Group AB(1) | 204 | 1,752 | ||||||
Mycronic AB | 537 | 13,460 | ||||||
NCC AB, B Shares | 607 | 10,060 | ||||||
Nibe Industrier AB, B Shares | 1,404 | 44,017 | ||||||
Nobia AB(1) | 1,165 | 8,499 | ||||||
Nobina AB(1) | 994 | 7,668 | ||||||
Nolato AB, B Shares(1) | 203 | 18,139 | ||||||
Nordea Bank Abp(1) | 7,588 | 68,571 | ||||||
Nordic Entertainment Group AB, B Shares(1) | 660 | 29,998 | ||||||
Nordic Waterproofing Holding AB(1) | 311 | 5,584 | ||||||
NP3 Fastigheter AB | 89 | 1,402 |
111
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Nyfosa AB(1) | 1,109 | $ | 10,676 | |||||
Pandox AB(1) | 470 | 8,328 | ||||||
Paradox Interactive AB | 279 | 5,778 | ||||||
Peab AB, Class B(1) | 1,849 | 21,915 | ||||||
RaySearch Laboratories AB(1) | 89 | 981 | ||||||
Rejlers AB(1) | 199 | 3,483 | ||||||
Resurs Holding AB(1) | 903 | 4,976 | ||||||
Saab AB, B Shares(1) | 285 | 7,539 | ||||||
Samhallsbyggnadsbolaget i Norden AB | 2,935 | 9,174 | ||||||
Sandvik AB(1) | 3,212 | 86,206 | ||||||
SAS AB(1) | 6,440 | 1,383 | ||||||
Scandi Standard AB(1) | 736 | 5,168 | ||||||
Scandic Hotels Group AB(1)(2) | 200 | 930 | ||||||
Securitas AB, B Shares | 514 | 7,878 | ||||||
Sinch AB(1) | 66 | 12,324 | ||||||
Skandinaviska Enskilda Banken AB, A Shares(1) | 5,123 | 58,951 | ||||||
Skanska AB, B Shares | 795 | 19,277 | ||||||
SKF AB, B Shares | 1,710 | 46,581 | ||||||
SkiStar AB(1) | 525 | 7,858 | ||||||
SolTech Energy Sweden AB(1) | 1,074 | 4,312 | ||||||
Spotify Technology SA(1) | 155 | 47,644 | ||||||
SSAB AB, A Shares(1) | 1,528 | 6,602 | ||||||
SSAB AB, B Shares(1) | 4,117 | 16,164 | ||||||
Stillfront Group AB(1) | 1,580 | 17,273 | ||||||
Svenska Cellulosa AB SCA, B Shares(1) | 1,510 | 25,971 | ||||||
Svenska Handelsbanken AB, A Shares(1) | 4,451 | 46,915 | ||||||
Sweco AB, B Shares | 168 | 2,415 | ||||||
Swedbank AB, A Shares | 3,405 | 59,549 | ||||||
Swedish Orphan Biovitrum AB(1) | 423 | 6,896 | ||||||
Tele2 AB, B Shares | 267 | 3,354 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 11,638 | 145,824 | ||||||
Telia Co. AB | 6,210 | 25,001 | ||||||
Tethys Oil AB | 134 | 1,011 | ||||||
Thule Group AB(1) | 297 | 12,415 | ||||||
Trelleborg AB, B Shares(1) | 1,045 | 26,587 | ||||||
Troax Group AB | 287 | 8,322 | ||||||
Vitec Software Group AB, B Shares | 386 | 17,776 | ||||||
Vitrolife AB(1) | 318 | 10,303 | ||||||
Volvo AB, B Shares(1) | 3,057 | 78,061 | ||||||
Wallenstam AB, B Shares | 557 | 7,807 | ||||||
Wihlborgs Fastigheter AB | 591 | 11,409 | ||||||
2,255,668 | ||||||||
Switzerland — 7.7% | ||||||||
ABB Ltd., ADR(2) | 2,007 | 57,761 | ||||||
Adecco Group AG | 1,452 | 91,088 | ||||||
Alcon, Inc.(1) | 1,305 | 89,497 | ||||||
Allreal Holding AG(1) | 84 | 17,014 | ||||||
ALSO Holding AG(1) | 84 | 22,747 | ||||||
Aluflexpack AG(1) | 154 | 6,103 | ||||||
ams AG(1) | 2,550 | 59,908 | ||||||
APG SGA SA(1) | 4 | 829 |
112
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Arbonia AG(1) | 654 | $ | 10,958 | |||||
Aryzta AG(1) | 998 | 855 | ||||||
Ascom Holding AG(1) | 361 | 5,720 | ||||||
Autoneum Holding AG(1) | 35 | 6,293 | ||||||
Bachem Holding AG, Class B | 36 | 13,665 | ||||||
Baloise Holding AG | 191 | 33,317 | ||||||
Banque Cantonale Vaudoise | 176 | 18,456 | ||||||
Barry Callebaut AG | 11 | 23,764 | ||||||
Belimo Holding AG | 2 | 14,630 | ||||||
Bell Food Group AG | 17 | 5,003 | ||||||
BKW AG | 65 | 7,208 | ||||||
Bobst Group SA | 90 | 6,059 | ||||||
Bossard Holding AG, Class A | 40 | 8,459 | ||||||
Bucher Industries AG | 52 | 25,088 | ||||||
Burckhardt Compression Holding AG | 42 | 15,374 | ||||||
Burkhalter Holding AG | 46 | 3,380 | ||||||
Cembra Money Bank AG | 180 | 18,745 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate | 5 | 41,912 | ||||||
Cie Financiere Richemont SA | 1,046 | 100,677 | ||||||
Clariant AG(1) | 1,780 | 37,190 | ||||||
Comet Holding AG | 69 | 16,154 | ||||||
Conzzeta AG | 14 | 19,421 | ||||||
COSMO Pharmaceuticals NV(1) | 51 | 4,670 | ||||||
Credit Suisse Group AG, ADR(2) | 15,194 | 219,553 | ||||||
Daetwyler Holding AG | 76 | 22,970 | ||||||
DKSH Holding AG | 215 | 16,058 | ||||||
dormakaba Holding AG | 36 | 21,882 | ||||||
Dufry AG(1) | 163 | 11,136 | ||||||
EFG International AG(1) | 847 | 6,073 | ||||||
Emmi AG | 11 | 10,883 | ||||||
EMS-Chemie Holding AG(1) | 39 | 34,460 | ||||||
Evolva Holding SA(1) | 11,416 | 2,838 | ||||||
Flughafen Zurich AG(1) | 162 | 28,533 | ||||||
Forbo Holding AG | 10 | 17,245 | ||||||
Galenica AG | 134 | 8,609 | ||||||
Geberit AG | 130 | 76,616 | ||||||
Georg Fischer AG | 31 | 39,830 | ||||||
Givaudan SA | 21 | 79,108 | ||||||
Gurit Holding AG | 6 | 15,128 | ||||||
Helvetia Holding AG | 108 | 11,833 | ||||||
Huber + Suhner AG | 125 | 9,611 | ||||||
Implenia AG | 101 | 3,247 | ||||||
Ina Invest Holding AG(1) | 20 | 426 | ||||||
Inficon Holding AG | 14 | 15,388 | ||||||
Interroll Holding AG | 8 | 25,479 | ||||||
Intershop Holding AG | 7 | 4,551 | ||||||
Julius Baer Group Ltd. | 1,511 | 92,663 | ||||||
Kardex Holding AG | 96 | 20,354 | ||||||
Komax Holding AG(1) | 34 | 8,797 | ||||||
Kuehne + Nagel International AG | 212 | 50,260 | ||||||
LafargeHolcim Ltd.(1) | 1,384 | 76,297 |
113
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Landis+Gyr Group AG(1) | 94 | $ | 6,516 | |||||
LEM Holding SA | 2 | 3,966 | ||||||
Leonteq AG(1) | 78 | 3,665 | ||||||
Liechtensteinische Landesbank AG | 79 | 4,426 | ||||||
Logitech International SA | 1,172 | 124,790 | ||||||
Lonza Group AG | 115 | 72,454 | ||||||
Medacta Group SA(1) | 74 | 8,432 | ||||||
Mobilezone Holding AG | 498 | 5,802 | ||||||
Mobimo Holding AG(1) | 39 | 12,132 | ||||||
Nestle SA | 2,895 | 302,313 | ||||||
Novartis AG, ADR | 5,448 | 468,038 | ||||||
OC Oerlikon Corp. AG | 497 | 5,351 | ||||||
Orior AG | 86 | 7,086 | ||||||
Partners Group Holding AG | 135 | 161,677 | ||||||
PSP Swiss Property AG | 185 | 22,043 | ||||||
Rieter Holding AG | 8 | 962 | ||||||
Roche Holding AG(1) | 1,703 | 556,680 | ||||||
Schindler Holding AG | 74 | 19,700 | ||||||
Schindler Holding AG, Bearer Participation Certificate | 151 | 41,192 | ||||||
Schweiter Technologies AG | 10 | 16,861 | ||||||
Sensirion Holding AG(1) | 118 | 7,435 | ||||||
SFS Group AG | 137 | 17,122 | ||||||
SGS SA | 25 | 71,311 | ||||||
Siegfried Holding AG(1) | 13 | 10,138 | ||||||
SIG Combibloc Group AG(1) | 1,900 | 42,139 | ||||||
Sika AG | 252 | 66,433 | ||||||
Softwareone Holding AG(1) | 836 | 23,887 | ||||||
Sonova Holding AG(1) | 123 | 31,470 | ||||||
St Galler Kantonalbank AG | 21 | 9,767 | ||||||
Stadler Rail AG | 46 | 2,294 | ||||||
Straumann Holding AG | 20 | 24,109 | ||||||
Sulzer AG | 220 | 24,734 | ||||||
Swatch Group AG (The) | 261 | 14,973 | ||||||
Swatch Group AG (The), Bearer Shares | 161 | 47,985 | ||||||
Swiss Life Holding AG(1) | 137 | 68,100 | ||||||
Swiss Prime Site AG(1) | 362 | 33,801 | ||||||
Swiss Re AG | 1,002 | 94,095 | ||||||
Swisscom AG | 185 | 92,828 | ||||||
Swissquote Group Holding SA | 74 | 8,564 | ||||||
Tecan Group AG | 81 | 33,988 | ||||||
Temenos AG(1) | 287 | 38,605 | ||||||
u-blox Holding AG(1) | 60 | 4,714 | ||||||
UBS Group AG(1) | 14,282 | 221,657 | ||||||
V-ZUG Holding AG(1) | 38 | 3,692 | ||||||
Valiant Holding AG(1) | 92 | 9,214 | ||||||
Valora Holding AG(1) | 20 | 4,548 | ||||||
VAT Group AG(1) | 270 | 74,868 | ||||||
Vetropack Holding AG(1) | 50 | 3,142 | ||||||
Vifor Pharma AG | 182 | 22,623 | ||||||
Vontobel Holding AG | 191 | 14,507 | ||||||
VP Bank AG | 24 | 2,965 |
114
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
VZ Holding AG | 90 | $ | 7,515 | |||||
Ypsomed Holding AG | 8 | 1,326 | ||||||
Zehnder Group AG | 116 | 8,813 | ||||||
Zurich Insurance Group AG(1) | 407 | 165,958 | ||||||
4,865,179 | ||||||||
United Kingdom — 13.5% | ||||||||
3i Group plc | 2,236 | 34,385 | ||||||
Admiral Group plc | 1,412 | 60,740 | ||||||
AG Barr plc(1) | 685 | 4,790 | ||||||
Aggreko plc | 3,869 | 43,101 | ||||||
AJ Bell plc | 2,395 | 14,093 | ||||||
Anglo American plc | 3,647 | 140,322 | ||||||
Anglo Asian Mining plc | 529 | 1,089 | ||||||
Antofagasta plc | 2,058 | 51,092 | ||||||
AO World plc(1) | 4,668 | 18,469 | ||||||
Ashmore Group plc | 1,623 | 9,323 | ||||||
Ashtead Group plc | 2,961 | 160,018 | ||||||
ASOS plc(1) | 30 | 2,340 | ||||||
Associated British Foods plc(1) | 593 | 19,559 | ||||||
Aston Martin Lagonda Global Holdings plc(1) | 38 | 1,063 | ||||||
AstraZeneca plc, ADR(2) | 3,897 | 188,537 | ||||||
Augean plc(1) | 438 | 1,236 | ||||||
Auto Trader Group plc(1) | 5,072 | 38,802 | ||||||
Avast plc | 411 | 2,645 | ||||||
Avation plc(1) | 285 | 463 | ||||||
AVEVA Group plc | 241 | 11,398 | ||||||
Aviva plc | 16,337 | 82,339 | ||||||
B&M European Value Retail SA | 6,001 | 45,675 | ||||||
BAE Systems plc | 2,704 | 18,224 | ||||||
Balfour Beatty plc(1) | 1,849 | 7,065 | ||||||
Bank of Georgia Group plc(1) | 478 | 6,645 | ||||||
Barclays plc, ADR(2) | 20,970 | 185,165 | ||||||
Barratt Developments plc(1) | 2,507 | 23,196 | ||||||
Beazley plc(1) | 2,177 | 10,485 | ||||||
Bellway plc | 270 | 10,530 | ||||||
Berkeley Group Holdings plc | 235 | 13,224 | ||||||
BHP Group plc, ADR(2) | 2,693 | 170,278 | ||||||
Biffa plc(1) | 4,089 | 14,526 | ||||||
Bioventix plc | 97 | 5,689 | ||||||
Bodycote plc | 2,224 | 22,276 | ||||||
boohoo Group plc(1) | 4,388 | 20,592 | ||||||
BP plc, ADR | 9,516 | 232,286 | ||||||
Brewin Dolphin Holdings plc | 1,438 | 5,860 | ||||||
Britvic plc | 2,606 | 29,388 | ||||||
BT Group plc(1) | 43,843 | 75,448 | ||||||
Bunzl plc | 1,040 | 32,405 | ||||||
Burberry Group plc(1) | 2,572 | 65,036 | ||||||
Burford Capital Ltd.(1) | 2,226 | 18,971 | ||||||
Cairn Energy plc | 5,659 | 15,007 | ||||||
Capita plc(1) | 2,336 | 1,468 | ||||||
Carnival plc, ADR(1)(2) | 433 | 9,768 |
115
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Centamin plc | 9,004 | $ | 12,674 | |||||
Central Asia Metals plc | 2,002 | 6,720 | ||||||
Centrica plc(1) | 22,171 | 16,205 | ||||||
Chemring Group plc | 1,059 | 4,082 | ||||||
Clinigen Group plc | 497 | 4,940 | ||||||
Clipper Logistics plc | 1,166 | 9,602 | ||||||
Close Brothers Group plc | 1,299 | 28,125 | ||||||
CMC Markets plc | 1,424 | 8,054 | ||||||
Coats Group plc(1) | 19,625 | 16,931 | ||||||
Coca-Cola HBC AG(1) | 930 | 28,996 | ||||||
Compass Group plc(1) | 1,753 | 35,522 | ||||||
Computacenter plc | 643 | 18,679 | ||||||
ContourGlobal plc | 2,246 | 6,433 | ||||||
ConvaTec Group plc | 3,280 | 8,590 | ||||||
Countryside Properties plc(1) | 390 | 2,530 | ||||||
Cranswick plc | 117 | 5,529 | ||||||
Crest Nicholson Holdings plc(1) | 3,217 | 14,395 | ||||||
Croda International plc | 656 | 56,362 | ||||||
CVS Group plc(1) | 810 | 19,173 | ||||||
Daily Mail & General Trust plc | 954 | 11,962 | ||||||
DCC plc | 226 | 18,164 | ||||||
De La Rue plc(1) | 2,261 | 5,463 | ||||||
Dechra Pharmaceuticals plc | 30 | 1,434 | ||||||
Devro plc | 2,672 | 6,513 | ||||||
Diageo plc, ADR | 1,040 | 164,050 | ||||||
Diploma plc | 266 | 8,589 | ||||||
Direct Line Insurance Group plc | 6,931 | 30,947 | ||||||
Diversified Gas & Oil plc | 6,380 | 11,109 | ||||||
Dixons Carphone plc(1) | 686 | 1,206 | ||||||
Domino's Pizza Group plc | 1,387 | 5,914 | ||||||
Drax Group plc | 5,526 | 29,420 | ||||||
DS Smith plc(1) | 4,136 | 22,892 | ||||||
Dunelm Group plc(1) | 1,103 | 19,316 | ||||||
easyJet plc(1) | 1,158 | 15,892 | ||||||
Eckoh plc | 1,273 | 1,117 | ||||||
Electrocomponents plc | 4,506 | 60,878 | ||||||
EMIS Group plc | 656 | 9,702 | ||||||
Ergomed plc(1) | 532 | 9,261 | ||||||
Essentra plc(1) | 981 | 4,003 | ||||||
Evraz plc | 3,776 | 30,032 | ||||||
Experian plc | 2,057 | 65,030 | ||||||
Ferguson plc | 1,114 | 130,521 | ||||||
Ferrexpo plc | 4,115 | 19,214 | ||||||
Forterra plc(1) | 2,009 | 7,212 | ||||||
Frasers Group plc(1) | 2,273 | 14,853 | ||||||
Fresnillo plc | 497 | 6,297 | ||||||
Frontier Developments plc(1) | 65 | 2,206 | ||||||
G4S plc(1) | 11,434 | 38,678 | ||||||
Games Workshop Group plc | 365 | 48,587 | ||||||
Gateley Holdings plc(1) | 451 | 1,112 | ||||||
Genus plc | 152 | 10,633 |
116
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
GlaxoSmithKline plc, ADR | 4,226 | $ | 142,036 | |||||
Glencore plc(1) | 45,869 | 185,355 | ||||||
Go-Ahead Group plc (The)(1) | 672 | 10,948 | ||||||
Golar LNG Ltd.(1) | 1,158 | 13,074 | ||||||
Grafton Group plc | 2,008 | 27,572 | ||||||
Grainger plc | 1,786 | 6,687 | ||||||
Greggs plc(1) | 938 | 27,261 | ||||||
Gulf Keystone Petroleum Ltd.(1) | 636 | 1,505 | ||||||
Gym Group plc (The)(1) | 298 | 990 | ||||||
Halfords Group plc(1) | 2,386 | 9,622 | ||||||
Halma plc | 558 | 17,618 | ||||||
Hargreaves Lansdown plc | 2,120 | 44,597 | ||||||
Hays plc(1) | 11,502 | 24,365 | ||||||
Helical plc | 1,145 | 6,061 | ||||||
Hikma Pharmaceuticals plc | 744 | 23,138 | ||||||
Hill & Smith Holdings plc | 682 | 12,074 | ||||||
Hiscox Ltd.(1) | 476 | 6,243 | ||||||
Hochschild Mining plc | 4,168 | 12,483 | ||||||
HomeServe plc | 887 | 12,861 | ||||||
Hotel Chocolat Group plc(1)(2) | 183 | 929 | ||||||
Howden Joinery Group plc(1) | 4,660 | 45,089 | ||||||
HSBC Holdings plc, ADR(1)(2) | 8,472 | 251,703 | ||||||
Hunting plc | 2,569 | 9,021 | ||||||
Ibstock plc(1) | 3,125 | 9,267 | ||||||
IG Group Holdings plc | 2,376 | 25,783 | ||||||
IMI plc | 2,241 | 40,854 | ||||||
Impax Asset Management Group plc | 566 | 5,739 | ||||||
Inchcape plc(1) | 3,685 | 36,386 | ||||||
Indivior plc(1) | 10,086 | 18,011 | ||||||
Informa plc(1) | 300 | 2,301 | ||||||
IntegraFin Holdings plc | 2,862 | 19,826 | ||||||
InterContinental Hotels Group plc(1) | 322 | 22,555 | ||||||
Intermediate Capital Group plc | 607 | 14,635 | ||||||
International Personal Finance plc(1) | 904 | 1,021 | ||||||
Intertek Group plc | 842 | 62,815 | ||||||
Investec plc | 5,046 | 13,708 | ||||||
ITV plc(1) | 12,599 | 19,276 | ||||||
IWG plc(1) | 7,707 | 38,537 | ||||||
J D Wetherspoon plc(1) | 583 | 10,015 | ||||||
J Sainsbury plc | 16,249 | 51,197 | ||||||
Jadestone Energy, Inc.(1) | 2,676 | 2,764 | ||||||
JD Sports Fashion plc(1) | 3,019 | 34,914 | ||||||
JET2 plc(1) | 1,380 | 27,952 | ||||||
John Laing Group plc | 1,980 | 8,317 | ||||||
Johnson Matthey plc | 323 | 13,743 | ||||||
Judges Scientific plc | 96 | 8,028 | ||||||
Jupiter Fund Management plc | 1,426 | 5,867 | ||||||
Just Group plc(1) | 13,695 | 17,228 | ||||||
Kainos Group plc | 1,078 | 19,757 | ||||||
KAZ Minerals plc | 2,693 | 31,313 | ||||||
Keller Group plc | 1,301 | 14,175 |
117
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Kingfisher plc(1) | 7,674 | $ | 28,368 | |||||
Knights Group Holdings plc(1) | 237 | 1,319 | ||||||
Lancashire Holdings Ltd. | 652 | 5,568 | ||||||
Legal & General Group plc | 15,432 | 55,726 | ||||||
Liberty Global plc, Class A(1) | 467 | 11,500 | ||||||
Liberty Global plc, Class C(1) | 1,056 | 25,661 | ||||||
Liontrust Asset Management plc | 522 | 9,127 | ||||||
Lloyds Banking Group plc, ADR(1) | 77,227 | 165,266 | ||||||
London Stock Exchange Group plc | 245 | 32,820 | ||||||
Luxfer Holdings plc | 249 | 4,771 | ||||||
M&G plc | 20,091 | 51,468 | ||||||
Man Group plc | 2,957 | 6,174 | ||||||
Marks & Spencer Group plc(1) | 15,714 | 31,058 | ||||||
Marshalls plc(1) | 1,265 | 12,015 | ||||||
Marston's plc(1) | 6,983 | 9,305 | ||||||
McBride plc(1) | 3,696 | 4,141 | ||||||
Mediclinic International plc(1) | 414 | 1,643 | ||||||
Meggitt plc(1) | 3,774 | 22,154 | ||||||
Micro Focus International plc, ADR(1) | 162 | 946 | ||||||
Mitchells & Butlers plc(1)(2) | 1,874 | 7,916 | ||||||
Mitie Group plc(1) | 1,968 | 1,436 | ||||||
Mondi plc | 2,319 | 55,695 | ||||||
Moneysupermarket.com Group plc | 4,312 | 17,397 | ||||||
Morgan Advanced Materials plc | 3,279 | 14,157 | ||||||
Morgan Sindall Group plc | 55 | 1,264 | ||||||
Mortgage Advice Bureau Holdings Ltd. | 524 | 6,723 | ||||||
Motorpoint group plc(1) | 1,442 | 5,736 | ||||||
Naked Wines plc(1) | 964 | 10,097 | ||||||
National Grid plc, ADR | 1,972 | 110,215 | ||||||
Natwest Group plc, ADR(1) | 13,113 | 66,614 | ||||||
Network International Holdings plc(1) | 2,214 | 11,421 | ||||||
Next plc(1) | 885 | 93,025 | ||||||
Ninety One plc | 541 | 1,653 | ||||||
Norcros plc(1) | 340 | 1,089 | ||||||
Ocado Group plc(1) | 886 | 27,150 | ||||||
On the Beach Group plc(1) | 178 | 982 | ||||||
OSB Group plc(1) | 2,623 | 16,195 | ||||||
Pagegroup plc(1) | 3,993 | 26,583 | ||||||
Pan African Resources plc(2) | 11,404 | 2,708 | ||||||
Paragon Banking Group plc | 1,659 | 10,385 | ||||||
PayPoint plc | 948 | 7,704 | ||||||
Pearson plc, ADR(2) | 1,762 | 18,466 | ||||||
Pennon Group plc | 1,669 | 20,321 | ||||||
Persimmon plc | 1,177 | 42,453 | ||||||
Petrofac Ltd.(1)(2) | 2,622 | 4,758 | ||||||
Petropavlovsk plc(1)(2) | 26,205 | 9,991 | ||||||
Phoenix Group Holdings plc | 5,470 | 54,096 | ||||||
Photo-Me International plc(1) | 906 | 622 | ||||||
Playtech plc(1) | 3,187 | 20,966 | ||||||
Plus500 Ltd. | 1,313 | 25,002 | ||||||
Polypipe Group plc(1) | 796 | 6,109 | ||||||
Premier Foods plc(1) | 10,225 | 12,875 |
118
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Premier Oil plc(1)(2) | 3,028 | $ | 1,202 | |||||
Provident Financial plc(1) | 3,676 | 14,340 | ||||||
Prudential plc, ADR(2) | 2,347 | 92,706 | ||||||
PZ Cussons plc | 2,000 | 6,806 | ||||||
QinetiQ Group plc | 1,672 | 6,945 | ||||||
Quilter plc | 16,741 | 34,042 | ||||||
Rathbone Brothers plc | 322 | 6,916 | ||||||
Reach plc(1) | 5,624 | 18,548 | ||||||
Reckitt Benckiser Group plc | 1,079 | 90,234 | ||||||
Redde Northgate plc | 3,835 | 14,692 | ||||||
Redrow plc | 1,779 | 13,504 | ||||||
RELX plc, ADR | 4,538 | 106,598 | ||||||
Renewi plc(1) | 8,776 | 5,317 | ||||||
Renishaw plc(1) | 107 | 8,555 | ||||||
Rentokil Initial plc(1) | 4,796 | 31,176 | ||||||
Restaurant Group plc (The)(1) | 616 | 930 | ||||||
Restore plc(1) | 170 | 815 | ||||||
Rhi Magnesita NV | 334 | 18,266 | ||||||
Rightmove plc(1) | 5,889 | 46,348 | ||||||
Rio Tinto plc, ADR(2) | 2,852 | 249,265 | ||||||
Rolls-Royce Holdings plc(1) | 12,153 | 18,228 | ||||||
Rotork plc | 3,859 | 19,175 | ||||||
Royal Dutch Shell plc, Class A ADR(2) | 5,995 | 245,975 | ||||||
Royal Dutch Shell plc, Class B ADR | 5,418 | 210,652 | ||||||
Royal Mail plc(1) | 8,658 | 54,591 | ||||||
RPS Group plc(1) | 912 | 1,042 | ||||||
RSA Insurance Group plc | 4,720 | 44,412 | ||||||
RWS Holdings plc | 566 | 4,770 | ||||||
Sabre Insurance Group plc | 263 | 888 | ||||||
Saga plc(1)(2) | 108 | 567 | ||||||
Sage Group plc (The) | 1,165 | 9,064 | ||||||
Savills plc(1) | 1,492 | 23,904 | ||||||
Schroders plc | 234 | 11,417 | ||||||
Senior plc(1) | 6,285 | 8,953 | ||||||
Serco Group plc(1) | 3,080 | 5,568 | ||||||
Serica Energy plc | 3,636 | 6,079 | ||||||
Severn Trent plc | 201 | 6,132 | ||||||
Shanta Gold Ltd.(1) | 16,512 | 3,036 | ||||||
SIG plc(1) | 916 | 427 | ||||||
Signature Aviation plc(1) | 5,137 | 28,585 | ||||||
Sirius Real Estate Ltd. | 6,667 | 8,555 | ||||||
Smart Metering Systems plc | 512 | 4,962 | ||||||
Smith & Nephew plc, ADR(2) | 428 | 16,628 | ||||||
Smiths Group plc | 906 | 18,473 | ||||||
Softcat plc | 957 | 19,451 | ||||||
Spectris plc | 435 | 18,381 | ||||||
Speedy Hire plc(1) | 6,740 | 6,010 | ||||||
Spirax-Sarco Engineering plc | 254 | 37,892 | ||||||
Spire Healthcare Group plc(1) | 642 | 1,311 | ||||||
Spirent Communications plc | 3,163 | 10,375 | ||||||
SSE plc | 2,606 | 47,807 |
119
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
SSP Group plc | 1,016 | $ | 4,864 | |||||
St Modwen Properties plc | 863 | 4,724 | ||||||
St. James's Place plc | 4,354 | 71,199 | ||||||
Stagecoach Group plc(1) | 3,838 | 4,946 | ||||||
Standard Chartered plc (London)(1) | 12,389 | 79,449 | ||||||
Standard Life Aberdeen plc | 3,591 | 15,545 | ||||||
SThree plc(1) | 1,588 | 7,389 | ||||||
Stock Spirits Group plc | 1,858 | 6,811 | ||||||
Strix Group plc | 2,672 | 9,448 | ||||||
Studio Retail Group plc(1) | 420 | 1,660 | ||||||
Superdry plc(1) | 1,215 | 4,503 | ||||||
Synthomer plc | 2,700 | 17,292 | ||||||
TalkTalk Telecom Group plc | 4,696 | 6,327 | ||||||
Tate & Lyle plc | 3,061 | 30,996 | ||||||
Tatton Asset Management plc | 821 | 3,656 | ||||||
Taylor Wimpey plc(1) | 15,727 | 34,530 | ||||||
TBC Bank Group plc(1) | 482 | 7,288 | ||||||
Telit Communications plc(1) | 1,507 | 3,946 | ||||||
Tesco plc | 14,408 | 45,023 | ||||||
TI Fluid Systems plc | 1,823 | 6,718 | ||||||
Topps Tiles plc(1) | 1,038 | 922 | ||||||
TP Icap Group plc(1) | 1,908 | 6,380 | ||||||
Trainline plc(1) | 174 | 1,251 | ||||||
Travis Perkins plc(1) | 1,000 | 20,020 | ||||||
Treatt plc | 501 | 6,141 | ||||||
TUI AG(1) | 1,949 | 11,724 | ||||||
Tullow Oil plc(1)(2) | 13,780 | 8,427 | ||||||
UDG Healthcare plc | 656 | 7,050 | ||||||
Ultra Electronics Holdings plc | 39 | 1,038 | ||||||
Unilever plc, ADR | 4,735 | 246,504 | ||||||
United Utilities Group plc | 4,817 | 57,650 | ||||||
Vertu Motors plc(1) | 1,944 | 1,061 | ||||||
Vesuvius plc | 1,468 | 10,651 | ||||||
Victrex plc | 494 | 14,560 | ||||||
Virgin Money UK plc(1) | 12,969 | 33,203 | ||||||
Vistry Group plc(1) | 1,198 | 14,049 | ||||||
Vodafone Group plc, ADR | 9,390 | 161,320 | ||||||
Vp plc | 87 | 1,059 | ||||||
Watkin Jones plc | 3,373 | 9,431 | ||||||
Weir Group plc (The)(1) | 1,775 | 48,950 | ||||||
WH Smith plc(1) | 1,030 | 27,399 | ||||||
Whitbread plc(1) | 334 | 15,754 | ||||||
WM Morrison Supermarkets plc | 13,386 | 31,801 | ||||||
WPP plc, ADR(2) | 174 | 10,351 | ||||||
Yellow Cake plc(1) | 1,065 | 3,284 | ||||||
8,475,619 | ||||||||
TOTAL COMMON STOCKS (Cost $46,829,451) | 62,103,141 | |||||||
WARRANTS† | ||||||||
Canada† | ||||||||
Cenovus Energy, Inc.(1) | 260 | 975 |
120
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Switzerland† | ||||||||
Cie Financiere Richemont SA(1) | 2,092 | $ | 736 | |||||
TOTAL WARRANTS (Cost $971) | 1,711 | |||||||
RIGHTS† | ||||||||
Hong Kong† | ||||||||
Pacific Century Premium Developments Ltd.(1) | 1,134 | 2 | ||||||
United Kingdom† | ||||||||
Mitchells & Butlers plc(1) | 729 | 954 | ||||||
TOTAL RIGHTS (Cost $—) | 956 | |||||||
TEMPORARY CASH INVESTMENTS — 0.9% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $531,027) | 531,027 | 531,027 | ||||||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 3.8% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $2,397,530) | 2,397,530 | 2,397,530 | ||||||
TOTAL INVESTMENT SECURITIES — 103.7% (Cost $49,758,979) | 65,034,365 | |||||||
OTHER ASSETS AND LIABILITIES — (3.7)% | (2,308,882) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 62,725,483 |
FUTURES CONTRACTS PURCHASED | |||||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | |||||||||||||
S&P 500 E-Mini | 2 | March 2021 | $ | 380,920 | $ | 8,617 |
^Amount represents value and unrealized appreciation (depreciation).
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 18.9% | ||||
Industrials | 17.5% | ||||
Consumer Discretionary | 13.1% | ||||
Materials | 12.2% | ||||
Information Technology | 7.6% | ||||
Health Care | 6.9% | ||||
Consumer Staples | 6.5% | ||||
Communication Services | 5.2% | ||||
Energy | 4.6% | ||||
Utilities | 4.2% | ||||
Real Estate | 2.3% | ||||
Cash and Equivalents* | 1.0% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
121
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt | ||||||
CVA | - | Certificaten Van Aandelen | ||||||
SDR | - | Swedish Depositary Receipt |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $4,049,057. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $4,225,297, which includes securities collateral of $1,827,767.
See Notes to Financial Statements.
122
FEBRUARY 28, 2021 (UNAUDITED)
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 98.5% | ||||||||
Australia — 8.0% | ||||||||
Adairs Ltd. | 10,087 | $ | 29,527 | |||||
Adbri Ltd. | 41,613 | 103,951 | ||||||
Alliance Aviation Services Ltd.(1) | 9,551 | 31,223 | ||||||
Ardent Leisure Group Ltd.(1)(2) | 23,468 | 11,477 | ||||||
Aurelia Metals Ltd. | 117,534 | 35,216 | ||||||
Austal Ltd. | 27,359 | 49,983 | ||||||
Australian Finance Group Ltd. | 24,275 | 52,501 | ||||||
Australian Pharmaceutical Industries Ltd. | 57,039 | 48,837 | ||||||
Baby Bunting Group Ltd. | 6,976 | 29,208 | ||||||
Bank of Queensland Ltd. | 50,470 | 341,844 | ||||||
Beach Energy Ltd. | 252,164 | 324,931 | ||||||
Bega Cheese Ltd. | 4,132 | 19,476 | ||||||
Bendigo & Adelaide Bank Ltd. | 27,304 | 205,838 | ||||||
Boral Ltd.(1) | 23,590 | 94,215 | ||||||
Byron Energy Ltd.(1) | 7,834 | 936 | ||||||
Cedar Woods Properties Ltd. | 4,413 | 23,753 | ||||||
Challenger Ltd. | 11,889 | 59,207 | ||||||
Champion Iron Ltd.(1) | 41,324 | 173,501 | ||||||
Class Ltd. | 1,392 | 1,875 | ||||||
Coronado Global Resources, Inc. | 59,426 | 49,722 | ||||||
CSR Ltd. | 61,819 | 259,855 | ||||||
Eclipx Group Ltd.(1) | 34,291 | 51,606 | ||||||
Emeco Holdings Ltd.(1) | 64,744 | 51,504 | ||||||
EML Payments Ltd.(1) | 11,375 | 43,710 | ||||||
Fleetwood Ltd.(1) | 1,403 | 2,858 | ||||||
Galaxy Resources Ltd.(1) | 50,126 | 100,665 | ||||||
Gold Road Resources Ltd.(1) | 29,560 | 27,263 | ||||||
GrainCorp Ltd., A Shares | 37,959 | 123,513 | ||||||
GWA Group Ltd. | 25,919 | 60,905 | ||||||
HT&E Ltd.(1) | 9,466 | 13,707 | ||||||
IGO Ltd. | 65,582 | 355,533 | ||||||
Iluka Resources Ltd. | 55,806 | 317,804 | ||||||
Imdex Ltd. | 30,795 | 40,710 | ||||||
Inghams Group Ltd. | 30,927 | 83,410 | ||||||
Kogan.com Ltd. | 1,966 | 21,091 | ||||||
Lovisa Holdings Ltd.(2) | 6,765 | 75,469 | ||||||
MACA Ltd. | 10,937 | 9,202 | ||||||
Macmahon Holdings Ltd. | 111,757 | 18,920 | ||||||
Mayne Pharma Group Ltd.(1) | 2,072 | 439 | ||||||
McMillan Shakespeare Ltd. | 8,911 | 85,002 | ||||||
McPherson's Ltd. | 1,589 | 1,459 | ||||||
Medusa Mining Ltd.(1) | 4,832 | 3,488 | ||||||
Metcash Ltd. | 137,580 | 357,347 | ||||||
Mineral Resources Ltd. | 7,736 | 226,289 | ||||||
Monadelphous Group Ltd. | 13,905 | 124,317 | ||||||
Money3 Corp. Ltd. | 13,629 | 30,453 | ||||||
Mortgage Choice Ltd. | 1,714 | 1,542 | ||||||
Mount Gibson Iron Ltd. | 53,696 | 36,523 |
123
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Myer Holdings Ltd.(1)(2) | 139,425 | $ | 33,811 | |||||
New Hope Corp. Ltd. | 51,118 | 49,404 | ||||||
Nick Scali Ltd. | 8,261 | 64,847 | ||||||
Nine Entertainment Co. Holdings Ltd. | 159,682 | 353,527 | ||||||
NRW Holdings Ltd. | 62,917 | 97,621 | ||||||
Nufarm Ltd.(1) | 30,368 | 112,380 | ||||||
OFX Group Ltd. | 16,524 | 15,643 | ||||||
OZ Minerals Ltd. | 9,681 | 167,165 | ||||||
Pacific Current Group Ltd. | 868 | 3,512 | ||||||
Perenti Global Ltd. | 81,676 | 71,929 | ||||||
Perseus Mining Ltd.(1) | 163,972 | 144,784 | ||||||
Platinum Asset Management Ltd. | 23,043 | 82,087 | ||||||
Premier Investments Ltd. | 11,646 | 189,377 | ||||||
Ramelius Resources Ltd. | 99,624 | 95,605 | ||||||
Red 5 Ltd.(1) | 143,361 | 19,728 | ||||||
Regis Resources Ltd. | 45,012 | 107,451 | ||||||
Reject Shop Ltd. (The)(1) | 3,585 | 17,638 | ||||||
Resimac Group Ltd.(2) | 9,096 | 17,127 | ||||||
Resolute Mining Ltd.(1)(2) | 93,431 | 46,281 | ||||||
Sandfire Resources Ltd. | 17,230 | 81,008 | ||||||
Select Harvests Ltd. | 12,077 | 48,849 | ||||||
Senex Energy Ltd.(1) | 180,788 | 51,405 | ||||||
Sigma Healthcare Ltd.(1) | 49,483 | 25,461 | ||||||
Silver Lake Resources Ltd.(1) | 113,582 | 124,784 | ||||||
Sims Ltd. | 19,666 | 204,430 | ||||||
Southern Cross Media Group Ltd.(1) | 34,251 | 61,168 | ||||||
St. Barbara Ltd. | 63,100 | 100,018 | ||||||
Super Retail Group Ltd. | 17,499 | 148,294 | ||||||
Viva Energy Group Ltd. | 13,241 | 16,999 | ||||||
Western Areas Ltd. | 25,543 | 50,739 | ||||||
Westgold Resources Ltd.(1) | 49,045 | 76,040 | ||||||
Whitehaven Coal Ltd.(1) | 99,402 | 116,756 | ||||||
7,007,673 | ||||||||
Austria — 0.8% | ||||||||
AT&S Austria Technologie & Systemtechnik AG | 8,547 | 251,551 | ||||||
FACC AG(1) | 7,846 | 78,965 | ||||||
POLYTEC Holding AG(1) | 469 | 4,827 | ||||||
Porr AG(1) | 2,116 | 39,027 | ||||||
Semperit AG Holding(1) | 3,604 | 111,560 | ||||||
UNIQA Insurance Group AG | 31,166 | 241,381 | ||||||
727,311 | ||||||||
Belgium — 1.3% | ||||||||
AGFA-Gevaert NV(1) | 26,738 | 119,822 | ||||||
Bekaert SA | 9,088 | 334,022 | ||||||
bpost SA(1) | 14,882 | 161,117 | ||||||
Cie d'Entreprises CFE(1) | 615 | 65,877 | ||||||
Euronav NV(2) | 24,266 | 215,627 | ||||||
Jensen-Group NV(1) | 250 | 7,992 | ||||||
Orange Belgium SA | 6,596 | 181,440 | ||||||
Tessenderlo Group SA(1) | 2,032 | 90,210 | ||||||
1,176,107 |
124
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Canada — 8.4% | ||||||||
Advantage Oil & Gas Ltd.(1) | 10,200 | $ | 20,839 | |||||
Alaris Equity Partners Income | 1,400 | 16,920 | ||||||
Algoma Central Corp. | 200 | 2,309 | ||||||
Apollo Healthcare Corp.(1) | 4,800 | 17,426 | ||||||
ARC Resources Ltd. | 33,900 | 202,984 | ||||||
Argonaut Gold, Inc.(1) | 12,600 | 20,297 | ||||||
AutoCanada, Inc.(1) | 2,860 | 68,522 | ||||||
B2Gold Corp. | 15,800 | 68,782 | ||||||
Badger Daylighting Ltd. | 1,900 | 60,467 | ||||||
Baytex Energy Corp.(1) | 57,700 | 55,769 | ||||||
Birchcliff Energy Ltd.(2) | 23,415 | 54,646 | ||||||
Bird Construction, Inc.(2) | 4,000 | 27,000 | ||||||
Boralex, Inc., A Shares | 1,500 | 52,192 | ||||||
Boston Pizza Royalties Income Fund | 600 | 5,403 | ||||||
Canaccord Genuity Group, Inc. | 8,800 | 78,969 | ||||||
Canacol Energy Ltd. | 12,300 | 33,248 | ||||||
Canadian Western Bank(2) | 6,100 | 160,337 | ||||||
Canfor Corp.(1) | 6,300 | 128,515 | ||||||
CanWel Building Materials Group Ltd. | 5,800 | 35,914 | ||||||
Capital Power Corp. | 9,700 | 261,517 | ||||||
Capstone Mining Corp.(1) | 4,000 | 12,164 | ||||||
Cardinal Energy Ltd.(1) | 1,100 | 1,314 | ||||||
Cascades, Inc. | 5,800 | 76,522 | ||||||
Celestica, Inc.(1) | 8,500 | 70,466 | ||||||
Centerra Gold, Inc. | 11,100 | 107,720 | ||||||
CES Energy Solutions Corp. | 7,500 | 9,076 | ||||||
China Gold International Resources Corp. Ltd.(1) | 1,900 | 4,613 | ||||||
Chorus Aviation, Inc. | 5,931 | 19,574 | ||||||
Corus Entertainment, Inc., B Shares | 16,666 | 69,016 | ||||||
Crescent Point Energy Corp.(2) | 57,918 | 212,539 | ||||||
Dorel Industries, Inc., Class B(1) | 3,077 | 33,560 | ||||||
DREAM Unlimited Corp., Class A | 1,750 | 31,188 | ||||||
Dundee Precious Metals, Inc. | 11,900 | 73,966 | ||||||
Eldorado Gold Corp. (Toronto)(1) | 9,300 | 97,414 | ||||||
Endeavour Mining Corp. | 1,827 | 35,188 | ||||||
Enerplus Corp.(2) | 20,200 | 97,778 | ||||||
Equitable Group, Inc. | 850 | 90,584 | ||||||
ERO Copper Corp.(1) | 3,500 | 61,744 | ||||||
Exchange Income Corp. | 600 | 19,010 | ||||||
Exco Technologies Ltd. | 700 | 6,007 | ||||||
Extendicare, Inc. | 5,700 | 29,741 | ||||||
Finning International, Inc.(2) | 14,220 | 371,088 | ||||||
First National Financial Corp. | 1,200 | 41,782 | ||||||
Fortuna Silver Mines, Inc.(1) | 2,600 | 19,552 | ||||||
Freehold Royalties Ltd. | 7,600 | 41,207 | ||||||
Frontera Energy Corp. | 2,200 | 10,926 | ||||||
goeasy Ltd.(2) | 1,094 | 106,675 | ||||||
Hardwoods Distribution, Inc. | 1,400 | 30,341 | ||||||
Home Capital Group, Inc.(1) | 3,600 | 88,854 | ||||||
Hudbay Minerals, Inc. | 21,400 | 153,193 |
125
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Interfor Corp.(1) | 6,830 | $ | 149,416 | |||||
International Petroleum Corp.(1)(2) | 4,300 | 13,549 | ||||||
Intertape Polymer Group, Inc. | 2,600 | 48,972 | ||||||
Jaguar Mining, Inc.(2) | 3,200 | 20,343 | ||||||
Karora Resources, Inc.(1) | 10,789 | 24,840 | ||||||
Kelt Exploration Ltd.(1)(2) | 6,000 | 11,410 | ||||||
Keyera Corp.(2) | 10,900 | 211,302 | ||||||
Linamar Corp. | 4,900 | 273,801 | ||||||
Lundin Mining Corp. | 15,200 | 174,025 | ||||||
Magellan Aerospace Corp. | 200 | 1,534 | ||||||
Major Drilling Group International, Inc.(1) | 2,700 | 14,915 | ||||||
Martinrea International, Inc. | 6,860 | 80,211 | ||||||
Methanex Corp. | 5,700 | 219,741 | ||||||
Mullen Group Ltd. | 7,698 | 60,611 | ||||||
New Gold, Inc. (Toronto)(1) | 51,900 | 83,604 | ||||||
North American Construction Group Ltd. | 2,149 | 25,820 | ||||||
NuVista Energy Ltd.(1) | 13,087 | 20,362 | ||||||
Paramount Resources Ltd., A Shares(1)(2) | 6,300 | 53,465 | ||||||
Parex Resources, Inc.(1) | 11,100 | 177,412 | ||||||
Pason Systems, Inc. | 6,700 | 51,069 | ||||||
Peyto Exploration & Development Corp.(2) | 12,200 | 57,137 | ||||||
Polaris Infrastructure, Inc. | 860 | 14,171 | ||||||
Precision Drilling Corp.(1)(2) | 610 | 14,092 | ||||||
Real Matters, Inc.(1) | 1,900 | 23,888 | ||||||
Resolute Forest Products, Inc.(1) | 3,900 | 36,775 | ||||||
Roxgold, Inc.(1) | 24,000 | 26,025 | ||||||
Russel Metals, Inc.(2) | 5,482 | 106,745 | ||||||
Sagen MI Canada, Inc. | 2,500 | 85,003 | ||||||
Secure Energy Services, Inc. | 9,546 | 24,454 | ||||||
Seven Generations Energy Ltd., Class A(1) | 25,635 | 169,208 | ||||||
Sierra Metals, Inc.(1)(2) | 6,600 | 17,374 | ||||||
SSR Mining, Inc.(1) | 1,655 | 23,500 | ||||||
Stelco Holdings, Inc. | 2,000 | 38,755 | ||||||
SunOpta, Inc.(1) | 5,600 | 86,777 | ||||||
Tamarack Valley Energy Ltd.(1) | 16,600 | 28,045 | ||||||
TORC Oil & Gas Ltd. | 10,940 | 27,595 | ||||||
Torex Gold Resources, Inc.(1) | 7,300 | 88,454 | ||||||
Tourmaline Oil Corp. | 19,100 | 347,600 | ||||||
Transcontinental, Inc., Class A | 2,300 | 39,526 | ||||||
Turquoise Hill Resources Ltd.(1) | 5,930 | 89,933 | ||||||
Uni-Select, Inc. | 3,000 | 24,753 | ||||||
Vermilion Energy, Inc.(2) | 15,600 | 97,699 | ||||||
Wajax Corp. | 1,875 | 30,366 | ||||||
West Fraser Timber Co. Ltd. | 6,630 | 453,253 | ||||||
Whitecap Resources, Inc.(2) | 45,789 | 204,730 | ||||||
Yamana Gold, Inc. | 19,100 | 75,944 | ||||||
7,343,062 | ||||||||
Denmark — 1.5% | ||||||||
Alm Brand A/S | 6,502 | 74,364 | ||||||
Bang & Olufsen A/S(1) | 4,325 | 23,058 | ||||||
Brodrene Hartmann A/S(1) | 40 | 3,308 |
126
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Chemometec A/S | 824 | $ | 76,047 | |||||
D/S Norden A/S | 3,337 | 69,728 | ||||||
Danske Andelskassers Bank A/S | 754 | 1,078 | ||||||
Dfds A/S(1) | 3,963 | 191,091 | ||||||
Drilling Co. of 1972 A/S (The)(1) | 1,854 | 73,740 | ||||||
FLSmidth & Co. A/S(1) | 3,835 | 161,387 | ||||||
H+H International A/S, B Shares(1) | 2,251 | 50,342 | ||||||
Jyske Bank A/S(1) | 4,163 | 179,635 | ||||||
NKT A/S(1) | 2,214 | 86,164 | ||||||
NNIT A/S | 1,386 | 23,629 | ||||||
North Media A/S | 675 | 10,500 | ||||||
Per Aarsleff Holding A/S | 1,359 | 61,212 | ||||||
Ringkjoebing Landbobank A/S | 537 | 52,620 | ||||||
Schouw & Co. A/S | 1,059 | 107,177 | ||||||
Solar A/S, B Shares | 276 | 20,256 | ||||||
Sydbank AS(1) | 1,387 | 31,674 | ||||||
TORM plc | 2,190 | 17,987 | ||||||
1,314,997 | ||||||||
Finland — 1.5% | ||||||||
Altia Oyj | 1,656 | 22,010 | ||||||
Aspo Oyj | 1,402 | 14,946 | ||||||
Atria Oyj | 936 | 12,941 | ||||||
HKScan Oyj, A Shares(1) | 3,016 | 7,906 | ||||||
Kemira Oyj | 14,699 | 237,069 | ||||||
Marimekko Oyj | 408 | 23,741 | ||||||
Neles Oyj | 11,853 | 146,377 | ||||||
Outokumpu Oyj(1) | 30,536 | 148,639 | ||||||
Rovio Entertainment Oyj | 638 | 4,789 | ||||||
Sanoma Oyj | 6,317 | 104,193 | ||||||
Uponor Oyj | 7,949 | 166,481 | ||||||
Valmet Oyj | 11,541 | 388,432 | ||||||
Verkkokauppa.com Oyj | 4,196 | 47,168 | ||||||
1,324,692 | ||||||||
France — 2.8% | ||||||||
AKWEL | 113 | 3,988 | ||||||
Albioma SA | 2,401 | 117,000 | ||||||
ALD SA | 14,709 | 214,600 | ||||||
APERAM SA | 1,255 | 52,526 | ||||||
Atari SA(1) | 24,065 | 9,996 | ||||||
Boiron SA | 41 | 1,693 | ||||||
Bonduelle SCA | 815 | 19,388 | ||||||
Catana Group(1) | 2,606 | 10,656 | ||||||
Chargeurs SA | 1,810 | 48,749 | ||||||
Cie des Alpes | 206 | 5,264 | ||||||
Cie Plastic Omnium SA | 3,085 | 110,212 | ||||||
Etablissements Maurel et Prom SA(1)(2) | 5,347 | 12,212 | ||||||
Eutelsat Communications SA | 20,113 | 242,344 | ||||||
FIGEAC-AERO(1)(2) | 125 | 775 | ||||||
Gaztransport Et Technigaz SA | 2,198 | 184,534 | ||||||
Groupe Crit(1) | 26 | 1,876 | ||||||
Guerbet | 63 | 2,219 |
127
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Imerys SA | 2,631 | $ | 135,238 | |||||
Jacquet Metals SA | 893 | 18,314 | ||||||
JCDecaux SA(1) | 2,704 | 63,819 | ||||||
LISI(1) | 1,886 | 46,284 | ||||||
LNA Sante SA | 53 | 2,874 | ||||||
Maisons du Monde SA(1) | 5,219 | 94,175 | ||||||
Manitou BF SA | 557 | 17,906 | ||||||
Metropole Television SA(1) | 3,163 | 63,075 | ||||||
Nexans SA(1) | 3,604 | 279,748 | ||||||
SES SA | 37,788 | 300,832 | ||||||
Societe BIC SA | 2,630 | 147,533 | ||||||
Solutions 30 SE(1) | 3,737 | 43,729 | ||||||
Synergie SE(1) | 286 | 10,274 | ||||||
Tarkett SA(1) | 4,046 | 61,492 | ||||||
Television Francaise 1(1)(2) | 3,143 | 27,391 | ||||||
Valeo SA | 2,789 | 98,353 | ||||||
Vallourec SA(1)(2) | 715 | 34,729 | ||||||
Xilam Animation SA(1) | 33 | 1,796 | ||||||
2,485,594 | ||||||||
Germany — 4.9% | ||||||||
7C Solarparken AG | 3,505 | 17,396 | ||||||
Adesso SE | 112 | 15,218 | ||||||
ADVA Optical Networking SE(1) | 3,282 | 36,204 | ||||||
Allgeier SE | 622 | 18,122 | ||||||
AlzChem Group AG | 231 | 6,845 | ||||||
Aumann AG(1) | 772 | 13,024 | ||||||
Aurubis AG | 2,940 | 255,449 | ||||||
Baader Bank AG(1) | 1,971 | 19,647 | ||||||
Bauer AG(1) | 541 | 7,052 | ||||||
Bertrandt AG | 560 | 30,465 | ||||||
Bilfinger SE | 3,017 | 107,160 | ||||||
Centrotec SE(1) | 423 | 8,176 | ||||||
Cewe Stiftung & Co. KGAA | 215 | 28,166 | ||||||
CropEnergies AG | 666 | 8,955 | ||||||
Deutsche EuroShop AG(1) | 3,954 | 84,738 | ||||||
Deutz AG(1) | 10,089 | 73,429 | ||||||
Draegerwerk AG & Co. KGaA | 316 | 23,574 | ||||||
Draegerwerk AG & Co. KGaA, Preference Shares | 857 | 65,478 | ||||||
Duerr AG | 5,057 | 199,479 | ||||||
Einhell Germany AG, Preference Shares | 98 | 13,308 | ||||||
Elmos Semiconductor SE | 267 | 10,605 | ||||||
ElringKlinger AG(1) | 3,330 | 55,771 | ||||||
Ferratum Oyj(1) | 1,131 | 8,759 | ||||||
flatexDEGIRO AG(1) | 234 | 24,612 | ||||||
Gesco AG | 473 | 12,016 | ||||||
Hamburger Hafen und Logistik AG | 2,733 | 69,377 | ||||||
Hornbach Baumarkt AG | 975 | 39,609 | ||||||
Hornbach Holding AG & Co. KGaA | 1,117 | 105,113 | ||||||
HUGO BOSS AG | 6,325 | 238,232 | ||||||
Ibu-Tec Advanced Materials AG(1) | 149 | 7,433 | ||||||
Indus Holding AG | 98 | 3,941 |
128
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
JOST Werke AG(1) | 1,322 | $ | 76,441 | |||||
Jungheinrich AG, Preference Shares | 5,786 | 249,637 | ||||||
K+S AG | 18,725 | 208,864 | ||||||
Kloeckner & Co. SE(1) | 10,185 | 108,045 | ||||||
Krones AG | 1,186 | 100,001 | ||||||
KSB SE & Co. KGaA | 1 | 346 | ||||||
KSB SE & Co. KGaA, Preference Shares | 69 | 19,948 | ||||||
Lang & Schwarz AG(1) | 366 | 58,067 | ||||||
Nagarro SE(1) | 622 | 66,979 | ||||||
OHB SE(1) | 392 | 16,541 | ||||||
Rheinmetall AG | 4,682 | 466,413 | ||||||
SAF-Holland SE(1) | 6,305 | 93,339 | ||||||
Salzgitter AG(1) | 4,103 | 122,319 | ||||||
Schaltbau Holding AG(1) | 69 | 2,647 | ||||||
SGL Carbon SE(1) | 5,827 | 48,363 | ||||||
Siltronic AG(1)(2) | 1,622 | 270,265 | ||||||
Sixt SE(1) | 1,304 | 161,776 | ||||||
Sixt SE, Preference Shares | 1,600 | 119,586 | ||||||
SMA Solar Technology AG(1) | 692 | 44,331 | ||||||
Steico SE | 140 | 11,917 | ||||||
STO SE & Co. KGaA, Preference Shares | 242 | 41,559 | ||||||
SUESS MicroTec SE(1) | 1,868 | 53,029 | ||||||
Surteco Group SE(1) | 65 | 2,039 | ||||||
Technotrans SE(1) | 162 | 5,477 | ||||||
Villeroy & Boch AG, Preference Shares | 1,357 | 24,519 | ||||||
Wacker Chemie AG | 1,735 | 224,761 | ||||||
Wacker Neuson SE(1) | 3,334 | 67,770 | ||||||
Wuestenrot & Wuerttembergische AG | 1,952 | 40,130 | ||||||
4,312,462 | ||||||||
Hong Kong — 1.9% | ||||||||
Analogue Holdings Ltd. | 12,000 | 2,444 | ||||||
BOCOM International Holdings Co. Ltd. | 92,000 | 16,719 | ||||||
Bright Smart Securities & Commodities Group Ltd.(2) | 120,000 | 32,012 | ||||||
China Strategic Holdings Ltd.(1) | 4,815,000 | 99,865 | ||||||
Chow Sang Sang Holdings International Ltd. | 48,000 | 65,089 | ||||||
Crystal International Group Ltd. | 15,500 | 5,508 | ||||||
CSI Properties Ltd. | 410,000 | 12,953 | ||||||
Dah Sing Financial Holdings Ltd. | 15,600 | 50,463 | ||||||
Dickson Concepts International Ltd. | 25,000 | 13,488 | ||||||
Eagle Nice International Holdings Ltd. | 6,000 | 3,442 | ||||||
Emperor Capital Group Ltd.(1) | 72,000 | 1,581 | ||||||
First Pacific Co. Ltd. | 230,000 | 75,298 | ||||||
Fullshare Holdings Ltd.(1)(2) | 2,015,000 | 41,622 | ||||||
Giordano International Ltd. | 76,000 | 15,250 | ||||||
Guotai Junan International Holdings Ltd. | 339,000 | 60,701 | ||||||
Haitong International Securities Group Ltd.(2) | 294,000 | 90,795 | ||||||
Hang Lung Group Ltd. | 9,000 | 22,499 | ||||||
IGG, Inc. | 49,000 | 73,032 | ||||||
International Housewares Retail Co. Ltd. | 10,000 | 3,414 | ||||||
IT Ltd.(1) | 106,000 | 38,245 | ||||||
Johnson Electric Holdings Ltd. | 65,500 | 189,898 |
129
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
K Wah International Holdings Ltd. | 220,000 | $ | 113,158 | |||||
Lifestyle International Holdings Ltd.(1) | 43,000 | 38,566 | ||||||
LK Technology Holdings Ltd. | 25,000 | 33,089 | ||||||
Luk Fook Holdings International Ltd. | 14,000 | 35,606 | ||||||
Minmetals Land Ltd. | 4,000 | 464 | ||||||
Pacific Basin Shipping Ltd. | 571,000 | 142,030 | ||||||
Sa Sa International Holdings Ltd.(1)(2) | 212,000 | 51,903 | ||||||
Shun Tak Holdings Ltd. | 252,000 | 85,801 | ||||||
SmarTone Telecommunications Holdings Ltd. | 53,000 | 33,571 | ||||||
Solargiga Energy Holdings Ltd.(1) | 480,000 | 32,066 | ||||||
Sun Hung Kai & Co. Ltd. | 54,000 | 23,131 | ||||||
Tai Hing Group Holdings Ltd. | 8,000 | 2,083 | ||||||
Ten Pao Group Holdings Ltd. | 80,000 | 22,144 | ||||||
Texwinca Holdings Ltd. | 56,000 | 12,257 | ||||||
VSTECS Holdings Ltd. | 108,000 | 96,751 | ||||||
Yue Yuen Industrial Holdings Ltd. | 5,500 | 11,776 | ||||||
1,648,714 | ||||||||
Ireland — 0.4% | ||||||||
FBD Holdings plc(1) | 2,442 | 21,714 | ||||||
Glenveagh Properties plc(1) | 279,865 | 280,215 | ||||||
Permanent TSB Group Holdings plc(1) | 4,574 | 6,073 | ||||||
Uniphar plc(1) | 16,717 | 49,628 | ||||||
357,630 | ||||||||
Israel — 2.1% | ||||||||
Adgar Investment and Development Ltd. | 786 | 1,317 | ||||||
Arad Investment & Industrial Development Ltd. | 163 | 14,735 | ||||||
Ashtrom Group Ltd. | 3,572 | 65,395 | ||||||
Aspen Group Ltd. | 664 | 1,333 | ||||||
Azorim-Investment Development & Construction Co. Ltd.(1) | 8,901 | 26,400 | ||||||
Blue Square Real Estate Ltd. | 215 | 12,811 | ||||||
Caesarstone Ltd. | 2,704 | 34,097 | ||||||
Carasso Motors Ltd. | 2,263 | 9,321 | ||||||
Cellcom Israel Ltd.(1) | 10,293 | 41,291 | ||||||
Clal Insurance Enterprises Holdings Ltd.(1) | 7,064 | 108,886 | ||||||
Delta Galil Industries Ltd. | 1,264 | 31,294 | ||||||
Dor Alon Energy in Israel 1988 Ltd. | 81 | 1,777 | ||||||
Equital Ltd.(1) | 2,082 | 48,372 | ||||||
Fattal Holdings 1998 Ltd.(1) | 487 | 49,694 | ||||||
FIBI Holdings Ltd. | 1,464 | 42,834 | ||||||
First International Bank of Israel Ltd. | 4,077 | 106,071 | ||||||
Fox Wizel Ltd. | 963 | 88,674 | ||||||
Gazit-Globe Ltd. | 6,618 | 40,966 | ||||||
Hadera Paper Ltd.(1) | 120 | 6,714 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 14,207 | 127,315 | ||||||
IDI Insurance Co. Ltd. | 228 | 8,104 | ||||||
Inrom Construction Industries Ltd. | 6,953 | 30,915 | ||||||
Isracard Ltd. | 23,121 | 78,692 | ||||||
Israel Corp. Ltd. (The)(1) | 453 | 102,069 | ||||||
Israel Land Development - Urban Renewal Ltd. | 937 | 10,393 | ||||||
Isras Investment Co. Ltd. | 182 | 33,408 | ||||||
Mediterranean Towers Ltd. | 2,099 | 6,031 |
130
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Mehadrin Ltd.(1) | 7 | $ | 282 | |||||
Melisron Ltd. | 1,144 | 59,963 | ||||||
Menora Mivtachim Holdings Ltd. | 2,806 | 53,639 | ||||||
Migdal Insurance & Financial Holdings Ltd.(1) | 44,597 | 47,958 | ||||||
Mizrahi Tefahot Bank Ltd. | 1 | 12 | ||||||
Naphtha Israel Petroleum Corp. Ltd.(1) | 2,351 | 10,468 | ||||||
Norstar Holdings, Inc. | 1,581 | 9,792 | ||||||
Oil Refineries Ltd.(1) | 221,933 | 48,000 | ||||||
Partner Communications Co. Ltd.(1) | 15,510 | 77,580 | ||||||
Paz Oil Co. Ltd. | 1,173 | 108,837 | ||||||
Perion Network Ltd.(1) | 1,361 | 28,561 | ||||||
Phoenix Holdings Ltd. (The)(1) | 15,954 | 122,825 | ||||||
Property & Building Corp. Ltd. | 116 | 10,311 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 92 | 5,888 | ||||||
Scope Metals Group Ltd. | 69 | 1,522 | ||||||
Summit Real Estate Holdings Ltd.(1) | 5,021 | 70,821 | ||||||
Tamar Petroleum Ltd.(1) | 732 | 937 | ||||||
Tower Semiconductor Ltd.(1) | 2,114 | 62,995 | ||||||
Victory Supermarket Chain Ltd. | 265 | 6,024 | ||||||
XLMedia plc(1) | 2,423 | 1,171 | ||||||
1,856,495 | ||||||||
Italy — 2.6% | ||||||||
Aeffe SpA(1) | 1,917 | 2,578 | ||||||
Alerion Cleanpower SpA | 1,027 | 14,932 | ||||||
Banca Farmafactoring SpA(1) | 17,955 | 117,857 | ||||||
Banca IFIS SpA(1) | 4,171 | 52,948 | ||||||
Banca Popolare di Sondrio SCPA(1) | 50,242 | 144,659 | ||||||
Banca Sistema SpA(1) | 12,370 | 28,728 | ||||||
Cairo Communication SpA(1) | 6,551 | 10,978 | ||||||
Cementir Holding NV | 1,262 | 12,065 | ||||||
Credito Emiliano SpA(1) | 18,146 | 103,567 | ||||||
Credito Valtellinese SpA(1) | 8,877 | 128,661 | ||||||
d'Amico International Shipping SA(1) | 82,680 | 10,194 | ||||||
Danieli & C Officine Meccaniche SpA | 2,636 | 55,225 | ||||||
Danieli & C Officine Meccaniche SpA, Preference Shares(1) | 8,254 | 109,302 | ||||||
Digital Bros SpA(2) | 1,070 | 25,232 | ||||||
doValue SpA(1) | 9,543 | 117,795 | ||||||
Emak SpA(1) | 11,086 | 15,838 | ||||||
Enav SpA | 10,106 | 48,705 | ||||||
Esprinet SpA(1) | 11,311 | 144,234 | ||||||
Fila SpA(1) | 6,076 | 66,940 | ||||||
FNM SpA(1) | 18,952 | 12,479 | ||||||
Gefran SpA(1) | 300 | 2,209 | ||||||
Geox SpA(1)(2) | 10,679 | 9,886 | ||||||
La Doria SpA | 2,709 | 45,710 | ||||||
OVS SpA(1)(2) | 36,810 | 49,806 | ||||||
RAI Way SpA | 19,877 | 109,169 | ||||||
Reno de Medici SpA(2) | 33,183 | 41,881 | ||||||
Sabaf SpA | 181 | 4,084 | ||||||
Saipem SpA | 48,778 | 136,191 | ||||||
Servizi Italia SpA | 1,623 | 4,388 |
131
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Sesa SpA(1) | 544 | $ | 73,838 | |||||
Societa Cattolica di Assicurazioni SC(1)(2) | 50,485 | 276,579 | ||||||
Societa Sportiva Lazio SpA(1)(2) | 1,527 | 2,072 | ||||||
Technogym SpA(1) | 25,896 | 281,612 | ||||||
Webuild SpA | 9,463 | 17,756 | ||||||
2,278,098 | ||||||||
Japan — 25.0% | ||||||||
77 Bank Ltd. (The) | 4,800 | 63,787 | ||||||
A&D Co. Ltd. | 1,800 | 19,948 | ||||||
ADEKA Corp. | 9,000 | 151,938 | ||||||
Aeon Fantasy Co. Ltd. | 800 | 19,222 | ||||||
Aeon Mall Co. Ltd. | 12,200 | 206,458 | ||||||
Aichi Steel Corp. | 900 | 26,419 | ||||||
Aichi Tokei Denki Co. Ltd. | 100 | 4,061 | ||||||
Air Water, Inc. | 700 | 11,622 | ||||||
Airport Facilities Co. Ltd. | 400 | 1,993 | ||||||
Aisan Industry Co. Ltd. | 1,800 | 9,694 | ||||||
Ajis Co. Ltd. | 200 | 7,336 | ||||||
Akatsuki, Inc. | 800 | 31,143 | ||||||
Alinco, Inc. | 200 | 1,807 | ||||||
Alleanza Holdings Co. Ltd. | 1,200 | 14,245 | ||||||
Alpen Co. Ltd. | 2,000 | 42,438 | ||||||
AOKI Holdings, Inc. | 1,200 | 7,749 | ||||||
Aoyama Zaisan Networks Co. Ltd. | 100 | 1,492 | ||||||
Aozora Bank Ltd. | 10,100 | 215,358 | ||||||
Applied Co. Ltd. | 200 | 6,003 | ||||||
Arata Corp. | 1,500 | 63,400 | ||||||
Arcland Sakamoto Co. Ltd. | 2,500 | 36,039 | ||||||
Arcs Co. Ltd. | 3,000 | 62,185 | ||||||
Arealink Co. Ltd. | 200 | 1,977 | ||||||
Asahi Co. Ltd. | 1,700 | 23,570 | ||||||
Asahi Holdings, Inc. | 3,800 | 142,046 | ||||||
Asia Pile Holdings Corp. | 800 | 3,880 | ||||||
ASKA Pharmaceutical Co. Ltd. | 2,100 | 26,433 | ||||||
Awa Bank Ltd. (The) | 2,100 | 44,019 | ||||||
Axial Retailing, Inc. | 1,500 | 64,378 | ||||||
Bando Chemical Industries Ltd. | 1,300 | 8,756 | ||||||
Bank of the Ryukyus Ltd. | 2,300 | 16,828 | ||||||
Beenos, Inc. | 1,200 | 25,999 | ||||||
Belc Co. Ltd. | 700 | 35,583 | ||||||
Bic Camera, Inc. | 8,500 | 92,618 | ||||||
Bunka Shutter Co. Ltd. | 6,000 | 56,058 | ||||||
Careerlink Co. Ltd. | 400 | 9,155 | ||||||
Cawachi Ltd. | 1,600 | 43,072 | ||||||
Central Glass Co. Ltd. | 3,600 | 74,427 | ||||||
Chilled & Frozen Logistics Holdings Co. Ltd. | 500 | 8,084 | ||||||
Chubu Shiryo Co. Ltd. | 300 | 3,910 | ||||||
Chugai Mining Co. Ltd.(1) | 21,100 | 6,333 | ||||||
CK-San-Etsu Co. Ltd. | 200 | 7,123 | ||||||
CMIC Holdings Co. Ltd. | 100 | 1,542 | ||||||
Cosmo Energy Holdings Co. Ltd. | 6,900 | 168,854 |
132
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Credit Saison Co. Ltd. | 14,200 | $ | 179,574 | |||||
CROOZ, Inc.(1) | 600 | 13,087 | ||||||
CTI Engineering Co. Ltd. | 500 | 10,959 | ||||||
Daicel Corp. | 16,800 | 124,827 | ||||||
Daiichi Jitsugyo Co. Ltd. | 300 | 11,581 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 200 | 1,886 | ||||||
Daiki Aluminium Industry Co. Ltd. | 2,900 | 21,302 | ||||||
Daikokutenbussan Co. Ltd. | 500 | 27,584 | ||||||
Daikyonishikawa Corp. | 4,500 | 31,218 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 1,000 | 21,725 | ||||||
Daio Paper Corp. | 8,100 | 151,386 | ||||||
Daishi Hokuetsu Financial Group, Inc. | 2,700 | 59,993 | ||||||
Daito Pharmaceutical Co. Ltd. | 1,000 | 31,014 | ||||||
Daitron Co. Ltd. | 100 | 1,352 | ||||||
Denka Co. Ltd. | 1,000 | 37,825 | ||||||
DIC Corp. | 6,600 | 163,224 | ||||||
Digital Holdings, Inc. | 1,700 | 28,840 | ||||||
Dowa Holdings Co. Ltd. | 4,800 | 192,785 | ||||||
Eagle Industry Co. Ltd. | 2,800 | 28,633 | ||||||
Ebara Corp. | 11,300 | 425,728 | ||||||
Ebara Jitsugyo Co. Ltd. | 600 | 26,479 | ||||||
Eco's Co. Ltd. | 100 | 1,704 | ||||||
EDION Corp. | 8,400 | 85,313 | ||||||
EF-ON, Inc. | 2,000 | 19,036 | ||||||
Ehime Bank Ltd. (The) | 1,800 | 16,458 | ||||||
EJ Holdings, Inc. | 1,100 | 10,197 | ||||||
Electric Power Development Co. Ltd. | 9,900 | 161,076 | ||||||
Enplas Corp. | 600 | 24,784 | ||||||
ES-Con Japan Ltd. | 3,400 | 24,274 | ||||||
Exedy Corp. | 1,800 | 27,364 | ||||||
F.C.C. Co. Ltd. | 2,100 | 33,487 | ||||||
Ferrotec Holdings Corp. | 2,600 | 52,266 | ||||||
Financial Products Group Co. Ltd. | 4,700 | 28,335 | ||||||
FJ Next Co. Ltd. | 1,700 | 17,486 | ||||||
Foster Electric Co. Ltd. | 2,100 | 24,489 | ||||||
Freebit Co. Ltd. | 500 | 4,516 | ||||||
Fudo Tetra Corp. | 2,000 | 34,276 | ||||||
Fuji Co. Ltd. | 300 | 5,134 | ||||||
Fuji Seal International, Inc. | 4,300 | 89,183 | ||||||
Fujibo Holdings, Inc. | 1,000 | 38,014 | ||||||
Fujikura Ltd.(1) | 32,400 | 159,043 | ||||||
Fujimori Kogyo Co. Ltd. | 1,600 | 64,036 | ||||||
Fukuda Corp. | 200 | 9,355 | ||||||
Fumakilla Ltd. | 600 | 8,946 | ||||||
Furukawa Battery Co. Ltd. (The) | 1,100 | 16,164 | ||||||
Furukawa Co. Ltd. | 1,900 | 23,294 | ||||||
Furuno Electric Co. Ltd. | 1,200 | 11,853 | ||||||
Furyu Corp. | 200 | 2,071 | ||||||
Futaba Industrial Co. Ltd. | 6,900 | 34,275 | ||||||
Fuyo General Lease Co. Ltd. | 1,800 | 119,684 | ||||||
G-7 Holdings, Inc. | 200 | 4,459 |
133
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
G-Tekt Corp. | 2,800 | $ | 36,922 | |||||
Gecoss Corp. | 400 | 3,398 | ||||||
Genky DrugStores Co. Ltd. | 900 | 27,945 | ||||||
Geo Holdings Corp. | 3,400 | 38,144 | ||||||
GLOBERIDE, Inc. | 1,000 | 38,365 | ||||||
GMO Financial Holdings, Inc. | 3,900 | 34,003 | ||||||
Godo Steel Ltd. | 1,000 | 18,870 | ||||||
Golf Digest Online, Inc. | 700 | 7,641 | ||||||
GS Yuasa Corp. | 7,200 | 214,477 | ||||||
Gunma Bank Ltd. (The) | 32,200 | 104,708 | ||||||
H-One Co. Ltd. | 2,700 | 18,824 | ||||||
H.U. Group Holdings, Inc. | 5,300 | 163,817 | ||||||
Hagihara Industries, Inc. | 400 | 5,332 | ||||||
Hamakyorex Co. Ltd. | 1,600 | 47,933 | ||||||
Hanwa Co. Ltd. | 3,800 | 98,803 | ||||||
Heiwa Real Estate Co. Ltd. | 700 | 22,840 | ||||||
Hirogin Holdings, Inc. | 18,600 | 110,226 | ||||||
Hitachi Capital Corp. | 5,500 | 149,866 | ||||||
Hitachi Transport System Ltd. | 2,500 | 78,330 | ||||||
Hitachi Zosen Corp. | 19,300 | 124,079 | ||||||
Hokkoku Bank Ltd. (The) | 1,800 | 44,723 | ||||||
Hokuetsu Corp. | 10,400 | 50,068 | ||||||
Hokuhoku Financial Group, Inc. | 11,000 | 100,088 | ||||||
Hokuriku Electrical Construction Co. Ltd. | 400 | 4,450 | ||||||
Hokuto Corp. | 2,200 | 43,807 | ||||||
Hoosiers Holdings | 4,300 | 27,179 | ||||||
Hosiden Corp. | 4,900 | 46,989 | ||||||
Hosokawa Micron Corp. | 100 | 5,951 | ||||||
Hyakugo Bank Ltd. (The) | 18,300 | 52,302 | ||||||
I-Net Corp./Kanagawa | 200 | 2,754 | ||||||
I-PEX, Inc. | 400 | 7,459 | ||||||
Ichinen Holdings Co. Ltd. | 1,300 | 15,995 | ||||||
IDOM, Inc. | 4,700 | 27,559 | ||||||
Iino Kaiun Kaisha Ltd. | 9,100 | 39,033 | ||||||
Innotech Corp. | 200 | 2,270 | ||||||
Internet Initiative Japan, Inc. | 4,200 | 86,671 | ||||||
Itochu Enex Co. Ltd. | 6,400 | 61,830 | ||||||
Itochu-Shokuhin Co. Ltd. | 100 | 4,903 | ||||||
IwaiCosmo Holdings, Inc. | 1,700 | 24,769 | ||||||
Iwasaki Electric Co. Ltd. | 200 | 2,784 | ||||||
Iwatani Corp. | 1,300 | 74,595 | ||||||
Iyo Bank Ltd. (The) | 19,400 | 113,098 | ||||||
Jaccs Co. Ltd. | 2,300 | 44,274 | ||||||
JAFCO Group Co. Ltd. | 400 | 24,481 | ||||||
Janome Sewing Machine Co. Ltd. | 2,700 | 19,235 | ||||||
Japan Asia Group Ltd. | 3,300 | 38,523 | ||||||
Japan Aviation Electronics Industry Ltd. | 800 | 12,850 | ||||||
Japan Electronic Materials Corp. | 400 | 6,602 | ||||||
Japan Investment Adviser Co. Ltd. | 1,800 | 23,022 | ||||||
Japan Petroleum Exploration Co. Ltd. | 3,300 | 69,574 | ||||||
Japan Transcity Corp. | 2,000 | 9,796 |
134
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
JBCC Holdings, Inc. | 900 | $ | 12,041 | |||||
JFE Holdings, Inc.(1) | 5,000 | 53,459 | ||||||
JMS Co. Ltd. | 1,100 | 9,586 | ||||||
Joshin Denki Co. Ltd. | 1,600 | 44,243 | ||||||
JSP Corp. | 1,200 | 20,170 | ||||||
JTEKT Corp. | 21,700 | 230,516 | ||||||
Juroku Bank Ltd. (The) | 2,700 | 50,148 | ||||||
JVCKenwood Corp. | 21,000 | 37,126 | ||||||
K's Holdings Corp. | 16,600 | 222,460 | ||||||
Kamei Corp. | 1,400 | 15,349 | ||||||
Kanamoto Co. Ltd. | 3,900 | 87,031 | ||||||
Kandenko Co. Ltd. | 5,800 | 47,781 | ||||||
Kaneka Corp. | 5,000 | 195,742 | ||||||
Kanto Denka Kogyo Co. Ltd. | 3,400 | 28,037 | ||||||
KAWADA TECHNOLOGIES, Inc. | 100 | 4,470 | ||||||
Kawamoto Corp. | 200 | 2,738 | ||||||
Kawasaki Heavy Industries Ltd.(1) | 3,900 | 88,760 | ||||||
Kawasaki Kisen Kaisha Ltd.(1) | 1,700 | 32,650 | ||||||
Keiyo Co. Ltd. | 3,200 | 21,944 | ||||||
KH Neochem Co. Ltd. | 1,800 | 41,460 | ||||||
Kimura Chemical Plants Co. Ltd. | 1,900 | 11,647 | ||||||
Kintetsu World Express, Inc. | 700 | 18,250 | ||||||
Kito Corp. | 900 | 12,238 | ||||||
Kitz Corp. | 3,900 | 20,795 | ||||||
Kiyo Bank Ltd. (The) | 5,700 | 77,595 | ||||||
Koa Shoji Holdings Co. Ltd. | 900 | 10,237 | ||||||
Kobe Steel Ltd.(1) | 12,100 | 75,626 | ||||||
Koei Chemical Co. Ltd. | 200 | 5,107 | ||||||
Kohnan Shoji Co. Ltd. | 2,700 | 73,450 | ||||||
Kojima Co. Ltd. | 4,200 | 23,916 | ||||||
Komeri Co. Ltd. | 3,300 | 88,847 | ||||||
Konica Minolta, Inc. | 44,900 | 230,148 | ||||||
Konoike Transport Co. Ltd. | 1,200 | 11,712 | ||||||
Konoshima Chemical Co. Ltd. | 700 | 9,062 | ||||||
Kumagai Gumi Co. Ltd. | 3,300 | 87,294 | ||||||
Kuraray Co. Ltd. | 31,700 | 360,427 | ||||||
Kureha Corp. | 2,100 | 139,617 | ||||||
Kurimoto Ltd. | 800 | 12,885 | ||||||
Kuriyama Holdings Corp. | 200 | 1,275 | ||||||
KYB Corp.(1) | 600 | 16,640 | ||||||
Kyodo Printing Co. Ltd. | 100 | 2,826 | ||||||
Kyoei Steel Ltd. | 2,300 | 30,706 | ||||||
Kyokuyo Co. Ltd. | 600 | 16,910 | ||||||
Lawson, Inc. | 500 | 23,455 | ||||||
Macnica Fuji Electronics Holdings, Inc. | 6,000 | 113,855 | ||||||
Maeda Corp. | 14,700 | 131,312 | ||||||
Maeda Road Construction Co. Ltd. | 3,000 | 61,291 | ||||||
Maruha Nichiro Corp. | 4,400 | 102,052 | ||||||
Maruzen Showa Unyu Co. Ltd. | 1,200 | 34,619 | ||||||
MCJ Co. Ltd. | 4,700 | 40,186 | ||||||
Mebuki Financial Group, Inc. | 82,700 | 181,414 |
135
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Megmilk Snow Brand Co. Ltd. | 4,000 | $ | 80,384 | |||||
Meidensha Corp. | 3,600 | 77,689 | ||||||
Meiko Electronics Co. Ltd. | 400 | 8,389 | ||||||
Mie Kotsu Group Holdings, Inc. | 2,500 | 11,440 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 1,000 | 23,047 | ||||||
Mirait Holdings Corp. | 8,500 | 133,389 | ||||||
Mitsuba Corp.(1) | 300 | 1,668 | ||||||
Mitsubishi Kakoki Kaisha Ltd. | 700 | 18,926 | ||||||
Mitsubishi Materials Corp. | 6,500 | 154,870 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 8,800 | 47,750 | ||||||
Mitsui E&S Holdings Co. Ltd.(1) | 4,400 | 19,144 | ||||||
Mitsui Matsushima Holdings Co. Ltd. | 200 | 1,889 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 6,400 | 228,851 | ||||||
Mitsui OSK Lines Ltd. | 14,000 | 448,750 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 2,600 | 53,297 | ||||||
Mitsuuroko Group Holdings Co. Ltd. | 500 | 5,791 | ||||||
Mixi, Inc. | 3,300 | 83,024 | ||||||
Miyaji Engineering Group, Inc. | 800 | 16,660 | ||||||
Miyazaki Bank Ltd. (The) | 1,200 | 25,496 | ||||||
Mizuho Leasing Co. Ltd. | 3,000 | 93,623 | ||||||
Modec, Inc. | 2,400 | 39,410 | ||||||
Monex Group, Inc. | 16,500 | 138,434 | ||||||
Monogatari Corp. (The) | 600 | 34,412 | ||||||
MrMax Holdings Ltd. | 3,200 | 21,735 | ||||||
Musashi Seimitsu Industry Co. Ltd. | 5,700 | 94,821 | ||||||
Musashino Bank Ltd. (The) | 2,400 | 35,771 | ||||||
Nachi-Fujikoshi Corp. | 600 | 25,564 | ||||||
Nafco Co. Ltd. | 1,900 | 36,610 | ||||||
Nanto Bank Ltd. (The) | 1,800 | 30,889 | ||||||
Nasu Denki Tekko Co. Ltd. | 100 | 11,234 | ||||||
NEC Capital Solutions Ltd. | 700 | 13,019 | ||||||
NEC Networks & System Integration Corp. | 900 | 15,041 | ||||||
NGK Spark Plug Co. Ltd. | 16,700 | 285,607 | ||||||
Nichiha Corp. | 2,000 | 56,596 | ||||||
Nichireki Co. Ltd. | 2,400 | 34,202 | ||||||
Nihon Chouzai Co. Ltd. | 200 | 2,907 | ||||||
Nihon Dengi Co. Ltd. | 200 | 7,407 | ||||||
Nihon Flush Co. Ltd. | 1,400 | 15,247 | ||||||
Nihon House Holdings Co. Ltd. | 3,100 | 9,603 | ||||||
Nikkon Holdings Co. Ltd. | 5,700 | 109,973 | ||||||
Nippo Corp. | 6,200 | 162,382 | ||||||
Nippon Chemical Industrial Co. Ltd. | 800 | 23,726 | ||||||
Nippon Coke & Engineering Co. Ltd. | 15,300 | 14,980 | ||||||
Nippon Commercial Development Co. Ltd. | 1,400 | 21,634 | ||||||
Nippon Denko Co. Ltd. | 13,200 | 34,789 | ||||||
Nippon Electric Glass Co. Ltd. | 6,400 | 145,960 | ||||||
Nippon Kayaku Co. Ltd. | 9,200 | 89,719 | ||||||
Nippon Kodoshi Corp. | 600 | 17,829 | ||||||
Nippon Koei Co. Ltd. | 800 | 21,344 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 6,500 | 129,124 | ||||||
Nippon Paper Industries Co. Ltd. | 6,300 | 83,234 |
136
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Nippon Suisan Kaisha Ltd. | 23,400 | $ | 111,921 | |||||
Nippon Television Holdings, Inc. | 2,400 | 32,014 | ||||||
Nippon Yakin Kogyo Co. Ltd. | 1,500 | 28,964 | ||||||
Nippon Yusen KK | 12,800 | 374,397 | ||||||
Nipro Corp. | 14,000 | 173,602 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 11,100 | 73,130 | ||||||
Nishikawa Rubber Co. Ltd. | 200 | 2,867 | ||||||
Nishimatsuya Chain Co. Ltd. | 400 | 5,285 | ||||||
Nishio Rent All Co. Ltd. | 2,400 | 59,801 | ||||||
Nissei ASB Machine Co. Ltd. | 900 | 45,770 | ||||||
Nissha Co. Ltd. | 3,000 | 37,626 | ||||||
Nissin Electric Co. Ltd. | 5,400 | 62,810 | ||||||
Nittetsu Mining Co. Ltd. | 500 | 31,548 | ||||||
Nitto Kogyo Corp. | 2,800 | 52,283 | ||||||
Nojima Corp. | 300 | 7,891 | ||||||
NOK Corp. | 7,800 | 107,582 | ||||||
Nomura Micro Science Co. Ltd. | 600 | 17,586 | ||||||
North Pacific Bank Ltd. | 23,200 | 52,708 | ||||||
NPC, Inc. | 2,100 | 14,317 | ||||||
NS United Kaiun Kaisha Ltd. | 400 | 5,864 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 3,000 | 56,961 | ||||||
Oji Holdings Corp. | 11,900 | 75,549 | ||||||
Okamura Corp. | 6,100 | 64,433 | ||||||
Oki Electric Industry Co. Ltd. | 4,200 | 41,332 | ||||||
Okura Industrial Co. Ltd. | 900 | 15,897 | ||||||
Okuwa Co. Ltd. | 1,900 | 20,140 | ||||||
Olympic Group Corp. | 500 | 4,138 | ||||||
Orient Corp. | 27,700 | 38,761 | ||||||
Osaka Organic Chemical Industry Ltd. | 200 | 6,378 | ||||||
OSJB Holdings Corp. | 13,700 | 34,827 | ||||||
OUG Holdings, Inc. | 200 | 5,301 | ||||||
Oyo Corp. | 900 | 10,571 | ||||||
Pacific Industrial Co. Ltd. | 4,700 | 50,785 | ||||||
Pasona Group, Inc. | 2,600 | 43,679 | ||||||
Penta-Ocean Construction Co. Ltd. | 16,700 | 124,912 | ||||||
Pressance Corp. | 2,200 | 30,541 | ||||||
Prima Meat Packers Ltd. | 300 | 8,795 | ||||||
PS Mitsubishi Construction Co. Ltd. | 1,700 | 10,776 | ||||||
Relia, Inc. | 3,500 | 43,963 | ||||||
Rengo Co. Ltd. | 19,800 | 161,052 | ||||||
Ricoh Leasing Co. Ltd. | 1,600 | 49,279 | ||||||
Riken Corp. | 200 | 4,172 | ||||||
Riken Technos Corp. | 1,900 | 8,488 | ||||||
Rokko Butter Co. Ltd. | 400 | 6,218 | ||||||
Roland DG Corp. | 1,600 | 27,123 | ||||||
Ryobi Ltd.(1) | 800 | 9,512 | ||||||
Sakai Chemical Industry Co. Ltd. | 800 | 14,440 | ||||||
Sakura Internet, Inc. | 300 | 1,832 | ||||||
Sala Corp. | 3,300 | 17,800 | ||||||
San Holdings, Inc. | 400 | 4,135 | ||||||
San-Ai Oil Co. Ltd. | 2,100 | 21,205 |
137
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
San-In Godo Bank Ltd. (The) | 12,500 | $ | 57,181 | |||||
Sanix, Inc.(1) | 1,600 | 4,349 | ||||||
Sankyo Frontier Co. Ltd. | 200 | 6,942 | ||||||
Sankyu, Inc. | 5,700 | 239,871 | ||||||
Sanwa Holdings Corp. | 21,000 | 260,465 | ||||||
Sawada Holdings Co. Ltd. | 200 | 1,538 | ||||||
SBS Holdings, Inc. | 1,700 | 38,782 | ||||||
SEC Carbon Ltd. | 100 | 6,097 | ||||||
Seikitokyu Kogyo Co. Ltd. | 1,800 | 14,882 | ||||||
Seiko Epson Corp. | 4,500 | 74,425 | ||||||
Sekisui Kasei Co. Ltd. | 800 | 4,110 | ||||||
Senko Group Holdings Co. Ltd. | 12,500 | 117,573 | ||||||
Senshu Ikeda Holdings, Inc. | 17,200 | 25,890 | ||||||
Seven Bank Ltd. | 29,400 | 66,590 | ||||||
Shibaura Mechatronics Corp. | 100 | 4,565 | ||||||
Shibusawa Warehouse Co. Ltd. (The) | 100 | 2,072 | ||||||
Shikoku Bank Ltd. (The) | 200 | 1,401 | ||||||
Shin-Keisei Electric Railway Co. Ltd. | 200 | 4,140 | ||||||
Shinagawa Refractories Co. Ltd. | 500 | 12,428 | ||||||
Shinnihon Corp. | 1,700 | 13,178 | ||||||
Shinoken Group Co. Ltd. | 3,500 | 36,104 | ||||||
Shinsei Bank Ltd. | 13,200 | 190,553 | ||||||
Siix Corp. | 2,000 | 34,139 | ||||||
Sinfonia Technology Co. Ltd. | 2,200 | 26,986 | ||||||
Sinko Industries Ltd. | 900 | 16,011 | ||||||
SK-Electronics Co. Ltd. | 100 | 1,199 | ||||||
SKY Perfect JSAT Holdings, Inc. | 15,700 | 66,273 | ||||||
SMK Corp. | 200 | 5,565 | ||||||
Space Value Holdings Co. Ltd. | 2,300 | 16,376 | ||||||
St-Care Holding Corp. | 1,900 | 16,752 | ||||||
Starts Corp., Inc. | 4,100 | 107,701 | ||||||
Stella Chemifa Corp. | 1,200 | 35,793 | ||||||
Studio Alice Co. Ltd. | 400 | 7,610 | ||||||
Subaru Enterprise Co. Ltd. | 100 | 7,223 | ||||||
Sumida Corp. | 1,900 | 17,090 | ||||||
Sumitomo Forestry Co. Ltd. | 8,400 | 151,952 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 8,400 | 36,614 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 3,000 | 99,776 | ||||||
Sumitomo Riko Co. Ltd. | 3,800 | 22,062 | ||||||
Sumitomo Rubber Industries Ltd. | 17,300 | 194,592 | ||||||
Sumitomo Seika Chemicals Co. Ltd. | 900 | 32,996 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 4,900 | 67,785 | ||||||
Sun Frontier Fudousan Co. Ltd. | 3,800 | 34,192 | ||||||
Suruga Bank Ltd. | 8,200 | 27,462 | ||||||
Suzuki Co. Ltd. | 500 | 4,706 | ||||||
SWCC Showa Holdings Co. Ltd. | 2,900 | 44,891 | ||||||
T-Gaia Corp. | 1,200 | 20,605 | ||||||
Tachikawa Corp. | 400 | 4,845 | ||||||
Taihei Dengyo Kaisha Ltd. | 1,400 | 34,854 | ||||||
Taiheiyo Cement Corp. | 12,500 | 317,311 | ||||||
Taiyo Yuden Co. Ltd. | 1,400 | 69,858 |
138
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Takamiya Co. Ltd. | 1,000 | $ | 4,816 | |||||
Takaoka Toko Co. Ltd. | 1,400 | 19,197 | ||||||
Takasago International Corp. | 1,300 | 32,164 | ||||||
Takashimaya Co. Ltd. | 8,300 | 85,374 | ||||||
Takasho Co. Ltd. | 1,000 | 7,228 | ||||||
Takeei Corp. | 2,600 | 30,626 | ||||||
Takuma Co. Ltd. | 1,400 | 27,686 | ||||||
Tama Home Co. Ltd. | 1,200 | 20,498 | ||||||
Tamron Co. Ltd. | 1,000 | 17,962 | ||||||
Tanseisha Co. Ltd. | 2,700 | 21,036 | ||||||
Taoka Chemical Co. Ltd. | 100 | 11,950 | ||||||
Tazmo Co. Ltd. | 500 | 7,053 | ||||||
Teijin Ltd. | 17,300 | 300,064 | ||||||
Tekken Corp. | 1,100 | 19,829 | ||||||
Toa Corp. (Tokyo) | 1,900 | 40,645 | ||||||
TOA ROAD Corp. | 200 | 7,637 | ||||||
Toda Kogyo Corp.(1) | 400 | 8,043 | ||||||
Toenec Corp. | 100 | 3,355 | ||||||
Toho Zinc Co. Ltd.(1) | 1,400 | 29,952 | ||||||
TOKAI Holdings Corp. | 8,600 | 74,417 | ||||||
Tokuyama Corp. | 3,800 | 95,810 | ||||||
Tokyo Electron Device Ltd. | 200 | 6,812 | ||||||
Tokyo Tekko Co. Ltd. | 1,600 | 28,910 | ||||||
Tokyu Fudosan Holdings Corp. | 56,000 | 354,257 | ||||||
Tomen Devices Corp. | 100 | 3,665 | ||||||
Tomoku Co. Ltd. | 500 | 8,277 | ||||||
TOMONY Holdings, Inc. | 900 | 2,589 | ||||||
Tonami Holdings Co. Ltd. | 300 | 14,701 | ||||||
Topre Corp. | 3,400 | 48,952 | ||||||
Topy Industries Ltd.(1) | 1,000 | 13,180 | ||||||
Tosei Corp. | 3,700 | 34,872 | ||||||
Tosho Co. Ltd. | 1,400 | 26,227 | ||||||
Totetsu Kogyo Co. Ltd. | 2,400 | 58,146 | ||||||
Towa Bank Ltd. (The) | 3,200 | 20,515 | ||||||
Towa Corp. | 1,400 | 26,207 | ||||||
Toyo Gosei Co. Ltd. | 100 | 10,850 | ||||||
Toyo Seikan Group Holdings Ltd. | 8,800 | 111,105 | ||||||
Toyo Tanso Co. Ltd. | 1,100 | 19,626 | ||||||
Toyo Tire Corp. | 11,600 | 204,361 | ||||||
Toyobo Co. Ltd. | 7,100 | 90,186 | ||||||
Toyoda Gosei Co. Ltd. | 4,700 | 122,856 | ||||||
Toyota Boshoku Corp. | 3,400 | 53,369 | ||||||
TPR Co. Ltd. | 2,400 | 33,078 | ||||||
TS Tech Co. Ltd. | 300 | 8,396 | ||||||
Tsubakimoto Chain Co. | 2,300 | 62,820 | ||||||
Tsukui Holdings Corp. | 6,000 | 52,380 | ||||||
Twinbird Corp. | 500 | 6,881 | ||||||
UACJ Corp. | 3,200 | 74,354 | ||||||
Ube Industries Ltd. | 8,400 | 170,026 | ||||||
Ueki Corp. | 200 | 5,441 | ||||||
United Super Markets Holdings, Inc. | 5,800 | 58,064 |
139
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
UNITED, Inc. | 900 | $ | 10,983 | |||||
Unitika Ltd.(1) | 6,000 | 24,244 | ||||||
V Technology Co. Ltd. | 1,000 | 50,274 | ||||||
Valor Holdings Co. Ltd. | 4,100 | 86,961 | ||||||
Wacom Co. Ltd. | 1,100 | 7,945 | ||||||
Wakita & Co. Ltd. | 3,800 | 33,603 | ||||||
Warabeya Nichiyo Holdings Co. Ltd. | 500 | 7,364 | ||||||
World Holdings Co. Ltd. | 900 | 21,012 | ||||||
Yahagi Construction Co. Ltd. | 1,600 | 12,417 | ||||||
YAMABIKO Corp. | 4,700 | 49,641 | ||||||
Yamaguchi Financial Group, Inc. | 13,500 | 83,850 | ||||||
Yashima Denki Co. Ltd. | 600 | 5,237 | ||||||
Yodogawa Steel Works Ltd. | 2,100 | 43,562 | ||||||
Yokohama Reito Co. Ltd. | 2,800 | 23,027 | ||||||
Yokohama Rubber Co. Ltd. (The) | 11,900 | 207,950 | ||||||
Yotai Refractories Co. Ltd. | 800 | 7,715 | ||||||
21,900,644 | ||||||||
Netherlands — 2.7% | ||||||||
Accell Group NV(1) | 2,168 | 79,839 | ||||||
AerCap Holdings NV(1) | 14,084 | 678,567 | ||||||
AMG Advanced Metallurgical Group NV(2) | 3,635 | 132,144 | ||||||
Arcadis NV(1) | 2,600 | 88,573 | ||||||
ASR Nederland NV | 12,897 | 538,257 | ||||||
Basic-Fit NV(1) | 4,176 | 177,101 | ||||||
Boskalis Westminster(1) | 9,284 | 285,344 | ||||||
Brunel International NV(1) | 2,542 | 27,635 | ||||||
ForFarmers NV | 2,391 | 15,748 | ||||||
Fugro NV, CVA(1) | 4,484 | 47,346 | ||||||
Heijmans NV, CVA(1)(2) | 3,000 | 48,855 | ||||||
Koninklijke BAM Groep NV(1) | 35,529 | 95,290 | ||||||
Nedap N.V. | 63 | 4,257 | ||||||
SIF Holding NV(1) | 899 | 17,091 | ||||||
TKH Group NV, CVA | 2,462 | 122,719 | ||||||
2,358,766 | ||||||||
New Zealand — 0.9% | ||||||||
Air New Zealand Ltd.(1) | 145,320 | 166,005 | ||||||
New Zealand Refining Co. Ltd. (The)(1) | 5,917 | 1,974 | ||||||
Oceania Healthcare Ltd. | 85,472 | 89,488 | ||||||
PGG Wrightson Ltd. | 3,178 | 8,140 | ||||||
SKYCITY Entertainment Group Ltd.(1) | 145,524 | 319,254 | ||||||
Tourism Holdings Ltd.(1) | 730 | 1,187 | ||||||
Warehouse Group Ltd. (The) | 4,116 | 9,961 | ||||||
Z Energy Ltd.(1) | 97,022 | 191,152 | ||||||
787,161 | ||||||||
Norway — 2.2% | ||||||||
ABG Sundal Collier Holding ASA | 53,135 | 47,997 | ||||||
Aker Offshore Wind AS(1) | 4,035 | 3,294 | ||||||
Aker Solutions ASA(1) | 46,956 | 71,284 | ||||||
Avance Gas Holding Ltd.(2) | 9,963 | 37,338 | ||||||
BW Energy Ltd.(1) | 11,863 | 34,502 | ||||||
BW LPG Ltd. | 17,507 | 104,685 |
140
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
BW Offshore Ltd. | 17,932 | $ | 73,297 | |||||
DNO ASA(1) | 73,554 | 69,447 | ||||||
FLEX LNG Ltd. | 4,948 | 42,516 | ||||||
Frontline Ltd.(2) | 17,054 | 115,456 | ||||||
Hafnia Ltd. | 19,975 | 38,684 | ||||||
Hoegh LNG Holdings Ltd. | 923 | 1,905 | ||||||
Hunter Group ASA(1) | 64,018 | 21,577 | ||||||
Kid ASA | 1,843 | 21,852 | ||||||
Klaveness Combination Carriers ASA | 899 | 3,888 | ||||||
Komplett Bank ASA(1) | 2,201 | 2,159 | ||||||
Kongsberg Automotive ASA(1) | 19,108 | 6,968 | ||||||
Magseis Fairfield ASA(1) | 47,063 | 27,687 | ||||||
Norske Skog ASA | 6,072 | 22,582 | ||||||
Norwegian Energy Co. ASA(1) | 2,000 | 31,063 | ||||||
Ocean Yield ASA(2) | 11,565 | 36,829 | ||||||
Odfjell Drilling Ltd.(1)(2) | 19,742 | 49,279 | ||||||
PGS ASA(1) | 97,360 | 63,435 | ||||||
SpareBank 1 BV | 1,293 | 6,315 | ||||||
Sparebanken More | 267 | 9,179 | ||||||
Sparebanken Vest | 4,609 | 40,479 | ||||||
Stolt-Nielsen Ltd. | 4,558 | 60,621 | ||||||
Subsea 7 SA(1) | 36,072 | 376,603 | ||||||
TGS Nopec Geophysical Co. ASA(2) | 13,557 | 214,881 | ||||||
Veidekke ASA | 16,233 | 212,053 | ||||||
Wallenius Wilhelmsen ASA(1) | 16,387 | 45,235 | ||||||
1,893,090 | ||||||||
Portugal — 0.2% | ||||||||
CTT-Correios de Portugal SA(1) | 29,094 | 87,633 | ||||||
Ibersol SGPS SA(1) | 101 | 700 | ||||||
Semapa-Sociedade de Investimento e Gestao | 3,958 | 56,736 | ||||||
Sonae SGPS SA | 53,840 | 44,163 | ||||||
189,232 | ||||||||
Singapore — 1.8% | ||||||||
Accordia Golf Trust | 143,500 | 78,024 | ||||||
BRC Asia Ltd. | 5,500 | 6,511 | ||||||
Centurion Corp. Ltd. | 10,500 | 2,675 | ||||||
China Sunsine Chemical Holdings Ltd. | 27,500 | 10,002 | ||||||
Food Empire Holdings Ltd. | 7,400 | 5,034 | ||||||
Frencken Group Ltd. | 99,800 | 100,383 | ||||||
Fu Yu Corp. Ltd.(1) | 20,700 | 4,412 | ||||||
Golden Agri-Resources Ltd. | 2,103,500 | 301,226 | ||||||
Hong Leong Asia Ltd. | 13,400 | 7,265 | ||||||
Hour Glass Ltd. (The) | 10,500 | 6,932 | ||||||
Hutchison Port Holdings Trust, U Shares | 1,935,600 | 461,939 | ||||||
Japfa Ltd. | 126,100 | 84,824 | ||||||
Lian Beng Group Ltd.(1) | 18,700 | 6,440 | ||||||
OUE Ltd. | 37,000 | 32,147 | ||||||
QAF Ltd. | 10,700 | 7,850 | ||||||
Sembcorp Industries Ltd. | 83,600 | 108,039 | ||||||
Sing Holdings Ltd. | 11,800 | 3,446 | ||||||
Singapore Press Holdings Ltd. | 286,800 | 299,891 |
141
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Sunningdale Tech Ltd. | 5,000 | $ | 6,141 | |||||
Ying Li International Real Estate Ltd.(1) | 4,700 | 225 | ||||||
1,533,406 | ||||||||
Spain — 1.9% | ||||||||
Almirall SA(1) | 6,745 | 89,903 | ||||||
Banco de Sabadell SA | 244,412 | 122,344 | ||||||
Bankinter SA(2) | 1,355 | 8,975 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 2,948 | 130,513 | ||||||
Deoleo SA(1) | 20,503 | 8,657 | ||||||
Ence Energia y Celulosa SA(1) | 22,065 | 113,136 | ||||||
Ercros SA | 2,866 | 8,342 | ||||||
Gestamp Automocion SA(1) | 25,655 | 139,313 | ||||||
Grenergy Renovables SA(1) | 473 | 19,915 | ||||||
Grupo Catalana Occidente SA | 4,221 | 157,337 | ||||||
Liberbank SA(1) | 302,876 | 94,240 | ||||||
Mediaset Espana Comunicacion SA(1) | 18,933 | 113,521 | ||||||
Melia Hotels International SA(1) | 18,859 | 159,210 | ||||||
Miquel y Costas & Miquel SA | 1,397 | 23,592 | ||||||
Obrascon Huarte Lain SA(1)(2) | 26,540 | 18,755 | ||||||
Pharma Mar SA | 1,742 | 230,292 | ||||||
Prosegur Cia de Seguridad SA | 28,778 | 88,674 | ||||||
Sacyr SA | 14 | 35 | ||||||
Solarpack Corp. Tecnologica SA(1) | 1,910 | 43,893 | ||||||
Tubacex SA(1)(2) | 11,177 | 18,280 | ||||||
Zardoya Otis SA | 15,685 | 101,053 | ||||||
1,689,980 | ||||||||
Sweden — 6.6% | ||||||||
Adapteo Oyj(1) | 2,200 | 24,684 | ||||||
Annehem Fastigheter AB, B Shares(1) | 455 | 1,465 | ||||||
AQ Group AB(1) | 739 | 24,327 | ||||||
Arise AB(1) | 2,112 | 11,780 | ||||||
Avanza Bank Holding AB | 1,097 | 34,370 | ||||||
Bilia AB, A Shares(1) | 15,456 | 206,706 | ||||||
Bonava AB, B Shares(1) | 20,091 | 214,003 | ||||||
Boozt AB(1) | 10,821 | 225,223 | ||||||
Bredband2 i Skandinavien AB | 21,892 | 5,522 | ||||||
Bulten AB(1) | 2,640 | 33,134 | ||||||
Bure Equity AB | 10,942 | 347,233 | ||||||
Catena Media plc(1) | 12,784 | 59,504 | ||||||
Cavotec SA(1) | 1,100 | 2,553 | ||||||
Cibus Nordic Real Estate AB | 5,769 | 110,581 | ||||||
Clas Ohlson AB, B Shares(1) | 6,352 | 57,089 | ||||||
Collector AB(1)(2) | 4,995 | 14,537 | ||||||
Dios Fastigheter AB | 17,498 | 139,992 | ||||||
Elanders AB, B Shares(1) | 400 | 7,943 | ||||||
Electrolux Professional AB, B Shares(1) | 36,579 | 194,522 | ||||||
Eolus Vind AB, B Shares(2) | 3,712 | 84,436 | ||||||
G5 Entertainment AB | 723 | 41,630 | ||||||
Granges AB(1) | 26,042 | 330,904 | ||||||
Haldex AB(1) | 691 | 3,919 | ||||||
Hexatronic Group AB(1) | 4,267 | 52,546 |
142
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Hoist Finance AB(1)(2) | 20,790 | $ | 100,087 | |||||
Karo Pharma AB(1) | 2,886 | 17,181 | ||||||
Klovern AB, B Shares | 38,990 | 59,111 | ||||||
Kopparbergs Bryggeri AB, B Shares | 1,529 | 30,431 | ||||||
Kungsleden AB | 31,539 | 323,241 | ||||||
Loomis AB | 13,991 | 365,290 | ||||||
Maha Energy AB(1) | 17,201 | 28,177 | ||||||
Mekonomen AB(1) | 9,458 | 124,882 | ||||||
Modern Times Group MTG AB, B Shares(1)(2) | 3,930 | 57,431 | ||||||
Mycronic AB | 5,167 | 129,513 | ||||||
NCC AB, B Shares | 12,002 | 198,920 | ||||||
Nelly Group AB(1) | 3,148 | 12,358 | ||||||
New Wave Group AB, B Shares(1) | 9,652 | 78,522 | ||||||
Nobia AB(1) | 22,383 | 163,289 | ||||||
Nobina AB(1) | 18,777 | 144,842 | ||||||
Nolato AB, B Shares(1) | 1,389 | 124,112 | ||||||
Nordic Entertainment Group AB, B Shares(1) | 2,743 | 124,672 | ||||||
Note AB(1) | 2,410 | 21,115 | ||||||
Orexo AB(1)(2) | 3,770 | 19,926 | ||||||
Pandox AB(1) | 15,506 | 274,747 | ||||||
Paradox Interactive AB | 4,317 | 89,408 | ||||||
Peab AB, Class B(1) | 38,725 | 458,988 | ||||||
RaySearch Laboratories AB(1) | 3,561 | 39,260 | ||||||
Resurs Holding AB(1) | 18,872 | 104,003 | ||||||
Saab AB, B Shares(1) | 2,075 | 54,888 | ||||||
Scandi Standard AB(1) | 7,357 | 51,664 | ||||||
Semcon AB(1) | 398 | 4,195 | ||||||
SkiStar AB(1) | 6,366 | 95,281 | ||||||
SolTech Energy Sweden AB(1) | 18,970 | 76,155 | ||||||
Stendorren Fastigheter AB(1) | 1,094 | 18,330 | ||||||
Stillfront Group AB(1) | 13,620 | 148,897 | ||||||
Tethys Oil AB | 4,907 | 37,011 | ||||||
TF Bank AB(1) | 180 | 2,413 | ||||||
5,806,943 | ||||||||
Switzerland — 4.8% | ||||||||
ALSO Holding AG(1) | 974 | 263,759 | ||||||
Aluflexpack AG(1) | 1,592 | 63,089 | ||||||
Arbonia AG(1) | 13,485 | 225,936 | ||||||
Autoneum Holding AG(1) | 691 | 124,242 | ||||||
Bell Food Group AG | 420 | 123,612 | ||||||
Bellevue Group AG | 642 | 27,527 | ||||||
Bergbahnen Engelberg-Truebsee-Titlis AG BET | 80 | 4,362 | ||||||
Bobst Group SA | 1,424 | 95,872 | ||||||
Bossard Holding AG, Class A | 762 | 161,139 | ||||||
Bucher Industries AG | 1,065 | 513,832 | ||||||
Burckhardt Compression Holding AG | 758 | 277,458 | ||||||
Burkhalter Holding AG | 341 | 25,056 | ||||||
Calida Holding AG(1) | 234 | 8,799 | ||||||
Conzzeta AG | 325 | 450,837 | ||||||
Feintool International Holding AG(1) | 177 | 11,697 | ||||||
Forbo Holding AG | 186 | 320,764 |
143
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Gurit Holding AG | 58 | $ | 146,238 | |||||
Implenia AG | 2,355 | 75,721 | ||||||
Klingelnberg AG(1) | 69 | 1,646 | ||||||
Leonteq AG(1) | 1,393 | 65,454 | ||||||
Liechtensteinische Landesbank AG | 189 | 10,589 | ||||||
MCH Group AG(1) | 170 | 2,530 | ||||||
OC Oerlikon Corp. AG | 5,025 | 54,099 | ||||||
Orior AG | 1,263 | 104,069 | ||||||
Phoenix Mecano AG | 43 | 22,074 | ||||||
Schaffner Holding AG | 15 | 3,627 | ||||||
St Galler Kantonalbank AG | 411 | 191,151 | ||||||
Sulzer AG | 3,288 | 369,656 | ||||||
Swiss Steel Holding AG(1) | 42,644 | 13,254 | ||||||
Swissquote Group Holding SA | 932 | 107,863 | ||||||
Valiant Holding AG(1) | 1,824 | 182,670 | ||||||
Zehnder Group AG | 2,376 | 180,517 | ||||||
4,229,139 | ||||||||
United Kingdom — 16.2% | ||||||||
AG Barr plc(1) | 8,644 | 60,451 | ||||||
Aggreko plc | 31,516 | 351,090 | ||||||
Anglo Asian Mining plc | 891 | 1,834 | ||||||
Anglo Pacific Group plc | 10,480 | 20,094 | ||||||
AO World plc(1) | 20,185 | 79,863 | ||||||
Argentex Group plc | 696 | 1,124 | ||||||
Bank of Georgia Group plc(1) | 3,548 | 49,325 | ||||||
Biffa plc(1) | 28,021 | 99,541 | ||||||
Bodycote plc | 19,497 | 195,290 | ||||||
Brewin Dolphin Holdings plc | 25,514 | 103,976 | ||||||
Britvic plc | 24,048 | 271,190 | ||||||
Burford Capital Ltd.(1) | 18,442 | 157,171 | ||||||
Cairn Energy plc | 46,683 | 123,794 | ||||||
Centamin plc | 87,141 | 122,660 | ||||||
Central Asia Metals plc | 16,100 | 54,044 | ||||||
Circassia Group plc(1) | 11,045 | 3,840 | ||||||
Close Brothers Group plc | 15,732 | 340,614 | ||||||
CMC Markets plc | 13,184 | 74,570 | ||||||
Coats Group plc(1) | 125,034 | 107,873 | ||||||
Computacenter plc | 6,869 | 199,546 | ||||||
ContourGlobal plc | 16,408 | 46,997 | ||||||
Costain Group plc(1) | 10,233 | 8,776 | ||||||
Crest Nicholson Holdings plc(1) | 20,057 | 89,750 | ||||||
Daily Mail & General Trust plc | 53 | 665 | ||||||
De La Rue plc(1) | 16,138 | 38,990 | ||||||
Devro plc | 13,264 | 32,332 | ||||||
DFS Furniture plc(1) | 8,140 | 24,525 | ||||||
Direct Line Insurance Group plc | 92,254 | 411,911 | ||||||
Diversified Gas & Oil plc | 63,378 | 110,353 | ||||||
Drax Group plc | 45,819 | 243,935 | ||||||
Dunelm Group plc(1) | 817 | 14,307 | ||||||
Eckoh plc | 2,370 | 2,080 | ||||||
Electrocomponents plc | 29,976 | 404,985 |
144
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Esken Ltd.(1) | 21,063 | $ | 9,981 | |||||
Evraz plc | 28,357 | 225,531 | ||||||
Ferrexpo plc | 31,344 | 146,354 | ||||||
Frasers Group plc(1) | 20,854 | 136,273 | ||||||
Games Workshop Group plc | 267 | 35,542 | ||||||
Georgia Capital plc(1) | 3,896 | 27,432 | ||||||
Go-Ahead Group plc (The)(1) | 5,271 | 85,871 | ||||||
Golar LNG Ltd.(1) | 9,624 | 108,655 | ||||||
Grafton Group plc | 4,195 | 57,603 | ||||||
Greggs plc(1) | 7,790 | 226,396 | ||||||
Gulf Keystone Petroleum Ltd.(1) | 11,579 | 27,408 | ||||||
Gym Group plc (The)(1) | 16,696 | 55,489 | ||||||
Halfords Group plc(1) | 21,023 | 84,783 | ||||||
Hays plc(1) | 158,660 | 336,096 | ||||||
Hikma Pharmaceuticals plc | 808 | 25,129 | ||||||
Hochschild Mining plc | 18,689 | 55,972 | ||||||
Howden Joinery Group plc(1) | 6,275 | 60,716 | ||||||
Hunting plc | 8,470 | 29,741 | ||||||
IG Group Holdings plc | 26,642 | 289,099 | ||||||
Inchcape plc(1) | 32,759 | 323,466 | ||||||
Indivior plc(1) | 58,220 | 103,967 | ||||||
IntegraFin Holdings plc | 11,058 | 76,602 | ||||||
International Personal Finance plc(1) | 32,615 | 36,842 | ||||||
Investec plc | 63,009 | 171,170 | ||||||
IWG plc(1) | 43,202 | 216,024 | ||||||
J Sainsbury plc | 172,083 | 542,194 | ||||||
Jadestone Energy, Inc.(1) | 6,211 | 6,415 | ||||||
Johnson Matthey plc | 14,934 | 635,433 | ||||||
Jubilee Metals Group plc(1)(2) | 198,165 | 44,728 | ||||||
Just Group plc(1) | 87,244 | 109,749 | ||||||
KAZ Minerals plc | 13,076 | 152,039 | ||||||
Keller Group plc | 5,823 | 63,444 | ||||||
Luxfer Holdings plc | 2,514 | 48,168 | ||||||
M&G plc | 246,367 | 631,128 | ||||||
Marks & Spencer Group plc(1) | 170,637 | 337,253 | ||||||
Marston's plc(1) | 51,060 | 68,042 | ||||||
McBride plc(1) | 1,428 | 1,600 | ||||||
Meggitt plc(1) | 814 | 4,778 | ||||||
Mitchells & Butlers plc(1)(2) | 15,071 | 63,660 | ||||||
Motorpoint group plc(1) | 61 | 243 | ||||||
N Brown Group plc(1)(2) | 12,509 | 11,937 | ||||||
Naked Wines plc(1) | 5,268 | 55,176 | ||||||
OSB Group plc(1) | 24,245 | 149,694 | ||||||
Pagegroup plc(1) | 32,909 | 219,088 | ||||||
Pan African Resources plc(2) | 75,333 | 17,886 | ||||||
Paragon Banking Group plc | 19,278 | 120,681 | ||||||
PayPoint plc | 3,058 | 24,852 | ||||||
Petropavlovsk plc(1)(2) | 149,839 | 57,127 | ||||||
Phoenix Group Holdings plc | 7,560 | 74,766 | ||||||
Photo-Me International plc(1) | 12,371 | 8,497 | ||||||
Playtech plc(1) | 25,114 | 165,215 |
145
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Plus500 Ltd. | 9,899 | $ | 188,493 | |||||
Premier Oil plc(1)(2) | 64,801 | 25,733 | ||||||
Provident Financial plc(1) | 36,764 | 143,415 | ||||||
PZ Cussons plc | 21,860 | 74,388 | ||||||
Quilter plc | 10,561 | 21,475 | ||||||
Rathbone Brothers plc | 2,952 | 63,402 | ||||||
Reach plc(1) | 40,420 | 133,306 | ||||||
Redde Northgate plc | 29,533 | 113,140 | ||||||
Rhi Magnesita NV | 3,175 | 173,640 | ||||||
Royal Mail plc(1) | 93,916 | 592,169 | ||||||
RSA Insurance Group plc | 23,588 | 221,945 | ||||||
Savills plc(1) | 9,326 | 149,418 | ||||||
Secure Trust Bank plc(1) | 121 | 1,630 | ||||||
Senior plc(1) | 47,232 | 67,286 | ||||||
Serica Energy plc | 5,537 | 9,257 | ||||||
Shanta Gold Ltd.(1) | 106,592 | 19,597 | ||||||
Speedy Hire plc(1) | 33,225 | 29,624 | ||||||
Spire Healthcare Group plc(1) | 29,420 | 60,072 | ||||||
St. James's Place plc | 9,449 | 154,514 | ||||||
SThree plc(1) | 11,465 | 53,350 | ||||||
Superdry plc(1) | 8,840 | 32,761 | ||||||
Synthomer plc | 4,935 | 31,605 | ||||||
Tate & Lyle plc | 38,420 | 389,049 | ||||||
TBC Bank Group plc(1) | 4,137 | 62,549 | ||||||
Ted Baker plc(1) | 8,340 | 13,073 | ||||||
Telit Communications plc(1) | 5,190 | 13,588 | ||||||
TI Fluid Systems plc | 324 | 1,194 | ||||||
TP Icap Group plc(1) | 5,259 | 17,584 | ||||||
Trans-Siberian Gold plc | 4,755 | 6,245 | ||||||
Tremor International Ltd.(1) | 946 | 7,547 | ||||||
Vertu Motors plc(1) | 3,181 | 1,737 | ||||||
Victoria plc(1) | 9,131 | 103,031 | ||||||
Virgin Money UK plc(1) | 105,165 | 269,242 | ||||||
Vp plc | 235 | 2,861 | ||||||
Watkin Jones plc | 21,513 | 60,151 | ||||||
Weir Group plc (The)(1) | 4,379 | 120,763 | ||||||
WM Morrison Supermarkets plc | 143,691 | 341,367 | ||||||
Xaar plc(1) | 9,771 | 17,662 | ||||||
14,201,294 | ||||||||
TOTAL COMMON STOCKS (Cost $71,389,330) | 86,422,490 | |||||||
RIGHTS† | ||||||||
Germany† | ||||||||
Ibu-Tec Advanced Materials AG(1) | 149 | 207 | ||||||
United Kingdom† | ||||||||
Mitchells & Butlers plc(1) | 5,861 | 7,675 | ||||||
TOTAL RIGHTS (Cost $—) | 7,882 | |||||||
TEMPORARY CASH INVESTMENTS — 1.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $1,234,681) | 1,234,681 | 1,234,681 |
146
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 2.0% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $1,741,699) | 1,741,699 | $ | 1,741,699 | |||||
TOTAL INVESTMENT SECURITIES — 101.9% (Cost $74,365,710) | 89,406,752 | |||||||
OTHER ASSETS AND LIABILITIES — (1.9)% | (1,669,685) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 87,737,067 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
Russell 2000 E-Mini Index | 8 | March 2021 | $ | 879,680 | $ | 91,282 |
^Amount represents value and unrealized appreciation (depreciation).
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Industrials | 25.8% | ||||
Materials | 18.0% | ||||
Financials | 15.6% | ||||
Consumer Discretionary | 13.6% | ||||
Energy | 7.1% | ||||
Consumer Staples | 4.8% | ||||
Information Technology | 3.9% | ||||
Communication Services | 3.8% | ||||
Real Estate | 2.8% | ||||
Health Care | 1.8% | ||||
Utilities | 1.3% | ||||
Cash and Equivalents* | 1.5% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CVA | - | Certificaten Van Aandelen |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,945,668. 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 $3,191,244, which includes securities collateral of $1,449,545.
See Notes to Financial Statements.
147
FEBRUARY 28, 2021 (UNAUDITED)
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.2% | ||||||||
Aerospace and Defense — 1.2% | ||||||||
AAR Corp. | 296 | $ | 11,775 | |||||
Aerojet Rocketdyne Holdings, Inc.(1) | 361 | 18,508 | ||||||
AeroVironment, Inc.(1) | 75 | 8,256 | ||||||
Astronics Corp.(1) | 327 | 5,167 | ||||||
Axon Enterprise, Inc.(1) | 109 | 18,038 | ||||||
Boeing Co. (The)(1) | 465 | 98,585 | ||||||
BWX Technologies, Inc. | 478 | 27,729 | ||||||
Curtiss-Wright Corp. | 281 | 31,048 | ||||||
Ducommun, Inc.(1) | 89 | 4,842 | ||||||
General Dynamics Corp. | 153 | 25,011 | ||||||
HEICO Corp. | 49 | 6,163 | ||||||
HEICO Corp., Class A | 108 | 12,502 | ||||||
Hexcel Corp.(1) | 514 | 27,633 | ||||||
Howmet Aerospace, Inc.(1) | 549 | 15,432 | ||||||
Huntington Ingalls Industries, Inc. | 134 | 23,572 | ||||||
Kaman Corp. | 42 | 2,044 | ||||||
L3Harris Technologies, Inc. | 232 | 42,203 | ||||||
Lockheed Martin Corp. | 321 | 106,010 | ||||||
Maxar Technologies, Inc. | 218 | 10,431 | ||||||
Mercury Systems, Inc.(1) | 91 | 5,948 | ||||||
Moog, Inc., Class A | 161 | 12,503 | ||||||
Northrop Grumman Corp. | 152 | 44,332 | ||||||
Parsons Corp.(1) | 30 | 1,072 | ||||||
Raytheon Technologies Corp. | 3,155 | 227,128 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 307 | 13,149 | ||||||
Teledyne Technologies, Inc.(1) | 93 | 34,503 | ||||||
Textron, Inc. | 1,327 | 66,801 | ||||||
TransDigm Group, Inc.(1) | 27 | 15,570 | ||||||
Virgin Galactic Holdings, Inc.(1) | 203 | 7,558 | ||||||
923,513 | ||||||||
Air Freight and Logistics — 0.8% | ||||||||
Air Transport Services Group, Inc.(1) | 452 | 11,996 | ||||||
Atlas Air Worldwide Holdings, Inc.(1) | 248 | 13,672 | ||||||
CH Robinson Worldwide, Inc. | 334 | 30,344 | ||||||
Echo Global Logistics, Inc.(1) | 155 | 4,318 | ||||||
Expeditors International of Washington, Inc. | 757 | 69,523 | ||||||
FedEx Corp. | 853 | 217,088 | ||||||
Forward Air Corp. | 154 | 13,209 | ||||||
Hub Group, Inc., Class A(1) | 212 | 12,207 | ||||||
United Parcel Service, Inc., Class B | 1,347 | 212,597 | ||||||
XPO Logistics, Inc.(1) | 91 | 10,611 | ||||||
595,565 | ||||||||
Airlines — 0.4% | ||||||||
Alaska Air Group, Inc.(1) | 288 | 18,726 | ||||||
Allegiant Travel Co.(1) | 50 | 12,609 | ||||||
American Airlines Group, Inc.(1)(2) | 490 | 10,261 | ||||||
Delta Air Lines, Inc.(1) | 1,199 | 57,480 | ||||||
Hawaiian Holdings, Inc.(1) | 262 | 7,027 |
148
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
JetBlue Airways Corp.(1) | 1,102 | $ | 20,310 | |||||
Mesa Air Group, Inc.(1) | 522 | 6,368 | ||||||
SkyWest, Inc. | 345 | 19,448 | ||||||
Southwest Airlines Co. | 1,231 | 71,558 | ||||||
Spirit Airlines, Inc.(1) | 462 | 16,577 | ||||||
United Airlines Holdings, Inc.(1) | 677 | 35,664 | ||||||
276,028 | ||||||||
Auto Components — 0.8% | ||||||||
Adient plc(1) | 136 | 5,043 | ||||||
American Axle & Manufacturing Holdings, Inc.(1) | 1,133 | 11,069 | ||||||
Aptiv plc(1) | 928 | 139,052 | ||||||
Autoliv, Inc.(1) | 506 | 45,540 | ||||||
BorgWarner, Inc. | 1,246 | 56,070 | ||||||
Cooper Tire & Rubber Co. | 450 | 25,758 | ||||||
Cooper-Standard Holdings, Inc.(1) | 132 | 4,728 | ||||||
Dana, Inc. | 1,397 | 33,263 | ||||||
Dorman Products, Inc.(1) | 166 | 16,552 | ||||||
Fox Factory Holding Corp.(1) | 155 | 19,708 | ||||||
Gentex Corp. | 1,329 | 47,020 | ||||||
Gentherm, Inc.(1) | 349 | 24,706 | ||||||
Goodyear Tire & Rubber Co. (The)(1) | 2,046 | 34,393 | ||||||
LCI Industries | 144 | 20,295 | ||||||
Lear Corp. | 351 | 58,298 | ||||||
Modine Manufacturing Co.(1) | 860 | 11,928 | ||||||
Motorcar Parts of America, Inc.(1) | 233 | 4,958 | ||||||
Patrick Industries, Inc. | 186 | 14,681 | ||||||
Standard Motor Products, Inc. | 110 | 4,621 | ||||||
Stoneridge, Inc.(1) | 39 | 1,196 | ||||||
Tenneco, Inc., Class A(1) | 101 | 1,125 | ||||||
Veoneer, Inc.(1) | 342 | 9,398 | ||||||
Visteon Corp.(1) | 270 | 34,336 | ||||||
XPEL, Inc.(1) | 189 | 9,138 | ||||||
632,876 | ||||||||
Automobiles — 1.2% | ||||||||
Ford Motor Co.(1) | 14,754 | 172,622 | ||||||
General Motors Co. | 4,517 | 231,858 | ||||||
Harley-Davidson, Inc. | 1,332 | 47,513 | ||||||
Tesla, Inc.(1) | 672 | 453,936 | ||||||
Thor Industries, Inc. | 149 | 17,442 | ||||||
Winnebago Industries, Inc. | 192 | 13,363 | ||||||
Workhorse Group, Inc.(1)(2) | 232 | 3,751 | ||||||
940,485 | ||||||||
Banks — 6.1% | ||||||||
1st Source Corp. | 134 | 5,946 | ||||||
Allegiance Bancshares, Inc. | 162 | 6,099 | ||||||
Altabancorp | 34 | 1,170 | ||||||
Amerant Bancorp, Inc.(1) | 45 | 741 | ||||||
Ameris Bancorp | 362 | 17,246 | ||||||
Arrow Financial Corp. | 28 | 892 | ||||||
Associated Banc-Corp. | 853 | 17,188 | ||||||
Atlantic Union Bankshares Corp. | 401 | 14,729 |
149
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Banc of California, Inc. | 324 | $ | 6,013 | |||||
BancFirst Corp. | 154 | 9,838 | ||||||
Bancorp, Inc. (The)(1) | 299 | 6,061 | ||||||
BancorpSouth Bank | 553 | 16,623 | ||||||
Bank First Corp.(2) | 58 | 4,054 | ||||||
Bank of America Corp. | 10,560 | 366,538 | ||||||
Bank of Hawaii Corp. | 239 | 20,913 | ||||||
Bank of Marin Bancorp | 22 | 814 | ||||||
Bank OZK | 529 | 21,805 | ||||||
BankUnited, Inc. | 585 | 23,511 | ||||||
Banner Corp. | 212 | 10,977 | ||||||
Berkshire Hills Bancorp, Inc. | 295 | 5,947 | ||||||
BOK Financial Corp. | 146 | 12,565 | ||||||
Boston Private Financial Holdings, Inc. | 419 | 5,765 | ||||||
Brookline Bancorp, Inc. | 293 | 4,169 | ||||||
Bryn Mawr Bank Corp. | 25 | 946 | ||||||
Cadence BanCorp | 657 | 13,482 | ||||||
Camden National Corp. | 147 | 5,958 | ||||||
Cathay General Bancorp. | 429 | 16,148 | ||||||
CBTX, Inc. | 179 | 5,221 | ||||||
Central Pacific Financial Corp. | 228 | 5,160 | ||||||
CIT Group, Inc. | 529 | 23,990 | ||||||
Citigroup, Inc. | 3,809 | 250,937 | ||||||
Citizens Financial Group, Inc. | 1,737 | 75,455 | ||||||
City Holding Co. | 124 | 9,326 | ||||||
CNB Financial Corp. | 32 | 743 | ||||||
Columbia Banking System, Inc. | 298 | 13,198 | ||||||
Comerica, Inc. | 679 | 46,240 | ||||||
Commerce Bancshares, Inc. | 360 | 26,651 | ||||||
Community Bank System, Inc. | 210 | 14,950 | ||||||
Community Trust Bancorp, Inc. | 148 | 6,047 | ||||||
ConnectOne Bancorp, Inc. | 240 | 5,575 | ||||||
CrossFirst Bankshares, Inc.(1) | 269 | 3,591 | ||||||
Cullen/Frost Bankers, Inc. | 230 | 24,012 | ||||||
Customers Bancorp, Inc.(1) | 332 | 8,891 | ||||||
CVB Financial Corp. | 649 | 13,895 | ||||||
Dime Community Bancshares, Inc. | 61 | 1,794 | ||||||
Eagle Bancorp, Inc. | 251 | 12,271 | ||||||
East West Bancorp, Inc. | 828 | 59,748 | ||||||
Eastern Bankshares, Inc.(1) | 1,052 | 18,526 | ||||||
Enterprise Financial Services Corp. | 123 | 5,289 | ||||||
F.N.B. Corp. | 3,002 | 35,514 | ||||||
Farmers National Banc Corp. | 306 | 4,235 | ||||||
FB Financial Corp. | 208 | 8,821 | ||||||
Fifth Third Bancorp | 2,765 | 95,918 | ||||||
Financial Institutions, Inc. | 31 | 849 | ||||||
First BanCorp | 1,108 | 11,623 | ||||||
First Bancorp/Southern Pines NC | 174 | 7,007 | ||||||
First Bancshares, Inc. (The) | 178 | 5,708 | ||||||
First Busey Corp. | 234 | 5,356 | ||||||
First Citizens BancShares, Inc., Class A | 35 | 25,826 |
150
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
First Commonwealth Financial Corp. | 427 | $ | 5,726 | |||||
First Financial Bancorp | 463 | 10,385 | ||||||
First Financial Bankshares, Inc. | 456 | 20,365 | ||||||
First Financial Corp. | 22 | 932 | ||||||
First Foundation, Inc. | 283 | 6,467 | ||||||
First Hawaiian, Inc. | 654 | 18,240 | ||||||
First Horizon Corp. | 2,406 | 38,977 | ||||||
First Interstate BancSystem, Inc., Class A | 148 | 6,722 | ||||||
First Merchants Corp. | 243 | 10,218 | ||||||
First Mid Bancshares, Inc. | 109 | 3,967 | ||||||
First Midwest Bancorp, Inc. | 530 | 10,483 | ||||||
First of Long Island Corp. (The) | 40 | 743 | ||||||
First Republic Bank | 543 | 89,459 | ||||||
Flushing Financial Corp. | 297 | 6,163 | ||||||
Fulton Financial Corp. | 998 | 15,419 | ||||||
German American Bancorp, Inc. | 143 | 5,634 | ||||||
Glacier Bancorp, Inc. | 424 | 22,981 | ||||||
Great Southern Bancorp, Inc. | 99 | 5,226 | ||||||
Great Western Bancorp, Inc. | 234 | 6,278 | ||||||
Hancock Whitney Corp. | 465 | 17,554 | ||||||
Hanmi Financial Corp. | 324 | 5,547 | ||||||
Heartland Financial USA, Inc. | 212 | 9,909 | ||||||
Heritage Commerce Corp. | 80 | 761 | ||||||
Heritage Financial Corp. | 241 | 6,239 | ||||||
Hilltop Holdings, Inc. | 491 | 16,223 | ||||||
Home BancShares, Inc. | 761 | 18,599 | ||||||
Hope Bancorp, Inc. | 831 | 10,936 | ||||||
Horizon Bancorp, Inc. | 324 | 5,787 | ||||||
Huntington Bancshares, Inc. | 3,976 | 60,992 | ||||||
Independent Bank Corp. (Massachusetts) | 127 | 10,860 | ||||||
Independent Bank Corp. (Michigan) | 245 | 5,064 | ||||||
Independent Bank Group, Inc. | 164 | 11,429 | ||||||
International Bancshares Corp. | 370 | 16,125 | ||||||
Investors Bancorp, Inc. | 1,507 | 20,103 | ||||||
JPMorgan Chase & Co. | 4,843 | 712,744 | ||||||
KeyCorp | 3,770 | 75,928 | ||||||
Lakeland Bancorp, Inc. | 390 | 6,115 | ||||||
Lakeland Financial Corp. | 96 | 6,619 | ||||||
Live Oak Bancshares, Inc. | 170 | 9,369 | ||||||
M&T Bank Corp. | 459 | 69,281 | ||||||
Mercantile Bank Corp. | 28 | 819 | ||||||
Metropolitan Bank Holding Corp.(1) | 100 | 5,173 | ||||||
Midland States Bancorp, Inc. | 233 | 5,709 | ||||||
MidWestOne Financial Group, Inc. | 28 | 768 | ||||||
National Bank Holdings Corp., Class A | 285 | 11,044 | ||||||
NBT Bancorp, Inc. | 258 | 9,347 | ||||||
Nicolet Bankshares, Inc.(1) | 14 | 1,037 | ||||||
OceanFirst Financial Corp. | 261 | 5,672 | ||||||
OFG Bancorp | 347 | 6,701 | ||||||
Old National Bancorp | 834 | 15,120 | ||||||
Old Second Bancorp, Inc. | 75 | 898 |
151
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Origin Bancorp, Inc. | 182 | $ | 6,235 | |||||
Pacific Premier Bancorp, Inc. | 329 | 13,259 | ||||||
PacWest Bancorp | 641 | 23,230 | ||||||
Park National Corp. | 99 | 12,276 | ||||||
Peapack-Gladstone Financial Corp. | 33 | 908 | ||||||
People's United Financial, Inc. | 1,828 | 32,794 | ||||||
Peoples Bancorp, Inc. | 29 | 903 | ||||||
Pinnacle Financial Partners, Inc. | 335 | 27,192 | ||||||
PNC Financial Services Group, Inc. (The) | 1,009 | 169,875 | ||||||
Popular, Inc. | 471 | 31,472 | ||||||
Preferred Bank | 83 | 4,810 | ||||||
Prosperity Bancshares, Inc. | 323 | 23,731 | ||||||
QCR Holdings, Inc. | 102 | 4,223 | ||||||
Regions Financial Corp. | 3,567 | 73,587 | ||||||
Renasant Corp. | 283 | 11,116 | ||||||
Republic Bancorp, Inc., Class A | 141 | 5,928 | ||||||
S&T Bancorp, Inc. | 104 | 3,004 | ||||||
Sandy Spring Bancorp, Inc. | 278 | 10,447 | ||||||
Seacoast Banking Corp. of Florida(1) | 327 | 11,756 | ||||||
ServisFirst Bancshares, Inc. | 342 | 16,950 | ||||||
Sierra Bancorp | 35 | 835 | ||||||
Signature Bank | 245 | 53,493 | ||||||
Silvergate Capital Corp., Class A(1) | 65 | 8,291 | ||||||
Simmons First National Corp., Class A | 667 | 19,530 | ||||||
South State Corp. | 264 | 20,819 | ||||||
Southside Bancshares, Inc. | 102 | 3,527 | ||||||
Sterling Bancorp | 1,044 | 22,791 | ||||||
Stock Yards Bancorp, Inc. | 142 | 6,996 | ||||||
SVB Financial Group(1) | 250 | 126,340 | ||||||
Synovus Financial Corp. | 847 | 35,837 | ||||||
TCF Financial Corp. | 916 | 41,055 | ||||||
Texas Capital Bancshares, Inc.(1) | 272 | 20,726 | ||||||
Tompkins Financial Corp. | 47 | 3,635 | ||||||
Towne Bank | 397 | 11,449 | ||||||
TriCo Bancshares | 114 | 4,910 | ||||||
TriState Capital Holdings, Inc.(1) | 265 | 6,082 | ||||||
Triumph Bancorp, Inc.(1) | 200 | 15,340 | ||||||
Truist Financial Corp. | 2,801 | 159,545 | ||||||
Trustmark Corp. | 354 | 10,677 | ||||||
U.S. Bancorp | 3,061 | 153,050 | ||||||
UMB Financial Corp. | 224 | 18,899 | ||||||
Umpqua Holdings Corp. | 1,314 | 22,430 | ||||||
United Bankshares, Inc. | 497 | 18,364 | ||||||
United Community Banks, Inc. | 418 | 13,819 | ||||||
Univest Financial Corp. | 237 | 5,961 | ||||||
Valley National Bancorp | 2,136 | 26,166 | ||||||
Veritex Holdings, Inc. | 305 | 8,869 | ||||||
Washington Trust Bancorp, Inc. | 148 | 7,037 | ||||||
Webster Financial Corp. | 520 | 28,761 | ||||||
Wells Fargo & Co. | 7,446 | 269,322 | ||||||
WesBanco, Inc. | 304 | 9,813 |
152
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
West BanCorp, Inc. | 181 | $ | 4,132 | |||||
Westamerica Bancorporation | 71 | 4,268 | ||||||
Western Alliance Bancorp | 582 | 53,259 | ||||||
Wintrust Financial Corp. | 328 | 24,160 | ||||||
Zions Bancorp N.A. | 706 | 37,538 | ||||||
4,652,784 | ||||||||
Beverages — 0.9% | ||||||||
Boston Beer Co., Inc. (The), Class A(1) | 32 | 32,919 | ||||||
Brown-Forman Corp., Class A | 56 | 3,729 | ||||||
Brown-Forman Corp., Class B | 695 | 49,748 | ||||||
Coca-Cola Co. (The) | 4,191 | 205,317 | ||||||
Coca-Cola Consolidated, Inc. | 34 | 8,726 | ||||||
Constellation Brands, Inc., Class A | 59 | 12,634 | ||||||
Keurig Dr Pepper, Inc. | 821 | 25,057 | ||||||
MGP Ingredients, Inc. | 91 | 5,813 | ||||||
Molson Coors Beverage Co., Class B | 744 | 33,071 | ||||||
Monster Beverage Corp.(1) | 875 | 76,773 | ||||||
National Beverage Corp.(2) | 88 | 4,194 | ||||||
PepsiCo, Inc. | 1,794 | 231,767 | ||||||
689,748 | ||||||||
Biotechnology — 2.6% | ||||||||
AbbVie, Inc. | 2,190 | 235,951 | ||||||
ACADIA Pharmaceuticals, Inc.(1) | 198 | 9,696 | ||||||
Acceleron Pharma, Inc.(1) | 63 | 8,578 | ||||||
Adverum Biotechnologies, Inc.(1) | 241 | 3,092 | ||||||
Agios Pharmaceuticals, Inc.(1) | 100 | 4,744 | ||||||
Akebia Therapeutics, Inc.(1) | 228 | 789 | ||||||
Albireo Pharma, Inc.(1) | 120 | 4,183 | ||||||
Alector, Inc.(1) | 64 | 1,163 | ||||||
Alexion Pharmaceuticals, Inc.(1) | 842 | 128,615 | ||||||
Alkermes plc(1) | 424 | 8,073 | ||||||
Allakos, Inc.(1) | 54 | 6,544 | ||||||
Allogene Therapeutics, Inc.(1) | 125 | 4,339 | ||||||
Alnylam Pharmaceuticals, Inc.(1) | 119 | 17,624 | ||||||
Altimmune, Inc.(1)(2) | 125 | 1,992 | ||||||
Amgen, Inc. | 678 | 152,496 | ||||||
Amicus Therapeutics, Inc.(1) | 341 | 4,187 | ||||||
AnaptysBio, Inc.(1) | 151 | 4,334 | ||||||
Anika Therapeutics, Inc.(1) | 17 | 624 | ||||||
Arcturus Therapeutics Holdings, Inc.(1) | 69 | 3,634 | ||||||
Arcus Biosciences, Inc.(1) | 309 | 10,895 | ||||||
Ardelyx, Inc.(1) | 348 | 2,245 | ||||||
Arena Pharmaceuticals, Inc.(1) | 478 | 38,407 | ||||||
Arrowhead Pharmaceuticals, Inc.(1) | 166 | 13,224 | ||||||
Assembly Biosciences, Inc.(1) | 133 | 676 | ||||||
Atara Biotherapeutics, Inc.(1) | 193 | 3,239 | ||||||
Avid Bioservices, Inc.(1) | 621 | 12,780 | ||||||
Beam Therapeutics, Inc.(1)(2) | 102 | 9,091 | ||||||
Biogen, Inc.(1) | 499 | 136,167 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd.(1) | 76 | 6,458 | ||||||
BioMarin Pharmaceutical, Inc.(1) | 235 | 18,196 |
153
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Bluebird Bio, Inc.(1) | 123 | $ | 3,825 | |||||
Blueprint Medicines Corp.(1) | 346 | 33,984 | ||||||
Bridgebio Pharma, Inc.(1) | 204 | 14,419 | ||||||
Calithera Biosciences, Inc.(1) | 173 | 505 | ||||||
Catalyst Pharmaceuticals, Inc.(1) | 713 | 2,774 | ||||||
Celldex Therapeutics, Inc.(1) | 295 | 7,989 | ||||||
Coherus Biosciences, Inc.(1) | 404 | 6,561 | ||||||
Constellation Pharmaceuticals, Inc.(1) | 110 | 2,772 | ||||||
CRISPR Therapeutics AG(1) | 149 | 18,728 | ||||||
Deciphera Pharmaceuticals, Inc.(1) | 82 | 3,590 | ||||||
Denali Therapeutics, Inc.(1) | 150 | 10,770 | ||||||
Dicerna Pharmaceuticals, Inc.(1) | 686 | 18,508 | ||||||
Eagle Pharmaceuticals, Inc.(1) | 19 | 845 | ||||||
Editas Medicine, Inc.(1) | 33 | 1,447 | ||||||
Emergent BioSolutions, Inc.(1) | 231 | 22,176 | ||||||
Enanta Pharmaceuticals, Inc.(1) | 47 | 2,318 | ||||||
Exact Sciences Corp.(1) | 159 | 21,643 | ||||||
Exelixis, Inc.(1) | 1,031 | 22,331 | ||||||
Fate Therapeutics, Inc.(1) | 134 | 12,022 | ||||||
FibroGen, Inc.(1) | 118 | 5,904 | ||||||
Five Prime Therapeutics, Inc.(1) | 259 | 5,758 | ||||||
Frequency Therapeutics, Inc.(1) | 165 | 8,120 | ||||||
G1 Therapeutics, Inc.(1) | 166 | 3,669 | ||||||
Generation Bio Co.(1) | 153 | 5,343 | ||||||
Gilead Sciences, Inc. | 3,293 | 202,190 | ||||||
Global Blood Therapeutics, Inc.(1) | 101 | 4,303 | ||||||
Gossamer Bio, Inc.(1) | 39 | 367 | ||||||
Harpoon Therapeutics, Inc.(1) | 211 | 4,070 | ||||||
Heron Therapeutics, Inc.(1) | 189 | 3,417 | ||||||
ImmunoGen, Inc.(1) | 508 | 4,445 | ||||||
Incyte Corp.(1) | 227 | 17,856 | ||||||
Intellia Therapeutics, Inc.(1) | 139 | 8,404 | ||||||
Invitae Corp.(1)(2) | 264 | 10,594 | ||||||
Ionis Pharmaceuticals, Inc.(1) | 359 | 18,812 | ||||||
Iovance Biotherapeutics, Inc.(1) | 278 | 10,369 | ||||||
Ironwood Pharmaceuticals, Inc.(1) | 834 | 7,698 | ||||||
iTeos Therapeutics, Inc.(1) | 127 | 5,281 | ||||||
Keros Therapeutics, Inc.(1) | 47 | 3,077 | ||||||
Krystal Biotech, Inc.(1) | 58 | 4,576 | ||||||
Ligand Pharmaceuticals, Inc.(1) | 44 | 6,522 | ||||||
MacroGenics, Inc.(1) | 152 | 3,801 | ||||||
Madrigal Pharmaceuticals, Inc.(1) | 28 | 3,393 | ||||||
Mirati Therapeutics, Inc.(1) | 53 | 10,649 | ||||||
Moderna, Inc.(1) | 603 | 93,350 | ||||||
Myriad Genetics, Inc.(1) | 234 | 7,135 | ||||||
Natera, Inc.(1) | 97 | 11,261 | ||||||
Neurocrine Biosciences, Inc.(1) | 288 | 31,539 | ||||||
Nkarta, Inc.(1) | 93 | 4,535 | ||||||
Novavax, Inc.(1) | 83 | 19,192 | ||||||
Nurix Therapeutics, Inc.(1) | 137 | 4,879 | ||||||
Ocugen, Inc.(1)(2) | 620 | 6,789 |
154
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
OPKO Health, Inc.(1)(2) | 1,613 | $ | 7,258 | |||||
Passage Bio, Inc.(1) | 253 | 4,559 | ||||||
PDL BioPharma, Inc.(1) | 752 | 1,857 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 184 | 82,905 | ||||||
REGENXBIO, Inc.(1) | 102 | 4,173 | ||||||
Repare Therapeutics, Inc.(1)(2) | 136 | 4,474 | ||||||
Replimune Group, Inc.(1) | 131 | 4,536 | ||||||
REVOLUTION Medicines, Inc.(1) | 96 | 4,385 | ||||||
Rhythm Pharmaceuticals, Inc.(1) | 119 | 3,084 | ||||||
Sage Therapeutics, Inc.(1) | 94 | 7,990 | ||||||
Sangamo Therapeutics, Inc.(1) | 806 | 9,261 | ||||||
Sarepta Therapeutics, Inc.(1) | 74 | 6,442 | ||||||
Seagen, Inc.(1) | 254 | 38,382 | ||||||
Spectrum Pharmaceuticals, Inc.(1) | 83 | 285 | ||||||
SpringWorks Therapeutics, Inc.(1) | 56 | 4,819 | ||||||
Stoke Therapeutics, Inc.(1)(2) | 72 | 4,312 | ||||||
Sutro Biopharma, Inc.(1) | 160 | 3,552 | ||||||
TCR2 Therapeutics, Inc.(1) | 110 | 2,911 | ||||||
Translate Bio, Inc.(1) | 690 | 16,105 | ||||||
Travere Therapeutics, Inc.(1) | 176 | 5,424 | ||||||
Turning Point Therapeutics, Inc.(1) | 69 | 8,136 | ||||||
Twist Bioscience Corp.(1) | 62 | 8,534 | ||||||
Ultragenyx Pharmaceutical, Inc.(1) | 97 | 13,729 | ||||||
United Therapeutics Corp.(1) | 153 | 25,579 | ||||||
Vanda Pharmaceuticals, Inc.(1) | 221 | 4,122 | ||||||
VBI Vaccines, Inc.(1) | 770 | 2,595 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 395 | 83,957 | ||||||
Viela Bio, Inc.(1)(2) | 67 | 3,564 | ||||||
Viking Therapeutics, Inc.(1)(2) | 399 | 2,689 | ||||||
Vir Biotechnology, Inc.(1) | 118 | 7,390 | ||||||
Voyager Therapeutics, Inc.(1) | 243 | 1,378 | ||||||
Xencor, Inc.(1) | 108 | 5,321 | ||||||
Zymeworks, Inc.(1) | 83 | 3,014 | ||||||
1,983,263 | ||||||||
Building Products — 0.8% | ||||||||
AAON, Inc. | 199 | 15,343 | ||||||
Advanced Drainage Systems, Inc. | 249 | 27,395 | ||||||
Allegion plc | 174 | 18,928 | ||||||
American Woodmark Corp.(1) | 7 | 654 | ||||||
AO Smith Corp. | 609 | 36,156 | ||||||
Apogee Enterprises, Inc. | 163 | 6,096 | ||||||
Armstrong World Industries, Inc. | 396 | 33,890 | ||||||
AZEK Co., Inc. (The)(1) | 127 | 5,602 | ||||||
Builders FirstSource, Inc.(1) | 1,190 | 51,485 | ||||||
Carrier Global Corp. | 1,065 | 38,904 | ||||||
CSW Industrials, Inc. | 63 | 7,911 | ||||||
Fortune Brands Home & Security, Inc. | 251 | 20,868 | ||||||
Gibraltar Industries, Inc.(1) | 186 | 16,247 | ||||||
Griffon Corp. | 233 | 5,732 | ||||||
Insteel Industries, Inc. | 69 | 2,131 | ||||||
JELD-WEN Holding, Inc.(1) | 450 | 13,342 |
155
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Johnson Controls International plc | 430 | $ | 23,990 | |||||
Lennox International, Inc. | 43 | 12,030 | ||||||
Masco Corp. | 218 | 11,602 | ||||||
Masonite International Corp.(1) | 217 | 23,809 | ||||||
Owens Corning | 750 | 60,765 | ||||||
PGT Innovations, Inc.(1) | 395 | 9,318 | ||||||
Quanex Building Products Corp. | 291 | 7,080 | ||||||
Resideo Technologies, Inc.(1) | 227 | 5,453 | ||||||
Simpson Manufacturing Co., Inc. | 239 | 23,293 | ||||||
Trane Technologies plc | 444 | 68,039 | ||||||
Trex Co., Inc.(1) | 606 | 55,534 | ||||||
UFP Industries, Inc. | 379 | 23,119 | ||||||
624,716 | ||||||||
Capital Markets — 3.9% | ||||||||
Affiliated Managers Group, Inc. | 86 | 12,037 | ||||||
Ameriprise Financial, Inc. | 628 | 138,939 | ||||||
Apollo Global Management, Inc. | 155 | 7,666 | ||||||
Ares Management Corp., Class A | 118 | 6,134 | ||||||
Artisan Partners Asset Management, Inc., Class A | 522 | 24,795 | ||||||
B. Riley Financial, Inc. | 194 | 12,769 | ||||||
Bank of New York Mellon Corp. (The) | 2,746 | 115,771 | ||||||
BGC Partners, Inc., Class A | 1,831 | 8,203 | ||||||
BlackRock, Inc. | 228 | 158,346 | ||||||
Blackstone Group, Inc. (The), Class A | 605 | 41,884 | ||||||
Brightsphere Investment Group, Inc. | 354 | 6,407 | ||||||
Carlyle Group, Inc. (The) | 458 | 15,686 | ||||||
Cboe Global Markets, Inc. | 284 | 28,105 | ||||||
Charles Schwab Corp. (The) | 3,494 | 215,650 | ||||||
CME Group, Inc. | 643 | 128,407 | ||||||
Cohen & Steers, Inc. | 175 | 11,267 | ||||||
Cowen, Inc., Class A | 194 | 6,567 | ||||||
Diamond Hill Investment Group, Inc. | 26 | 3,688 | ||||||
Eaton Vance Corp. | 862 | 62,986 | ||||||
Evercore, Inc., Class A | 334 | 40,003 | ||||||
FactSet Research Systems, Inc. | 94 | 28,568 | ||||||
Federated Hermes, Inc. | 638 | 17,047 | ||||||
Franklin Resources, Inc. | 993 | 25,987 | ||||||
Freedom Holding Corp.(1) | 145 | 7,829 | ||||||
Goldman Sachs Group, Inc. (The) | 1,100 | 351,428 | ||||||
Hamilton Lane, Inc., Class A | 177 | 15,824 | ||||||
Houlihan Lokey, Inc. | 83 | 5,275 | ||||||
Interactive Brokers Group, Inc., Class A | 110 | 7,963 | ||||||
Intercontinental Exchange, Inc. | 502 | 55,376 | ||||||
Invesco Ltd. | 2,003 | 44,907 | ||||||
Janus Henderson Group plc | 1,519 | 44,400 | ||||||
KKR & Co., Inc., Class A | 1,133 | 51,619 | ||||||
Lazard Ltd., Class A | 926 | 35,827 | ||||||
LPL Financial Holdings, Inc. | 221 | 29,070 | ||||||
MarketAxess Holdings, Inc. | 62 | 34,468 | ||||||
Moelis & Co., Class A | 316 | 16,318 | ||||||
Moody's Corp. | 261 | 71,746 |
156
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Morgan Stanley | 4,518 | $ | 347,284 | |||||
Morningstar, Inc. | 48 | 10,764 | ||||||
MSCI, Inc. | 76 | 31,504 | ||||||
Nasdaq, Inc. | 55 | 7,606 | ||||||
Northern Trust Corp. | 818 | 77,816 | ||||||
Open Lending Corp., Class A(1) | 701 | 26,806 | ||||||
Oppenheimer Holdings, Inc., Class A | 123 | 4,662 | ||||||
Piper Sandler Cos. | 134 | 14,247 | ||||||
Raymond James Financial, Inc. | 582 | 67,943 | ||||||
S&P Global, Inc. | 327 | 107,701 | ||||||
SEI Investments Co. | 892 | 49,952 | ||||||
State Street Corp. | 1,031 | 75,026 | ||||||
Stifel Financial Corp. | 643 | 39,274 | ||||||
StoneX Group, Inc.(1) | 103 | 5,942 | ||||||
T. Rowe Price Group, Inc. | 955 | 154,844 | ||||||
Tradeweb Markets, Inc., Class A | 77 | 5,605 | ||||||
Victory Capital Holdings, Inc., Class A | 185 | 4,394 | ||||||
Virtu Financial, Inc., Class A | 754 | 20,562 | ||||||
Virtus Investment Partners, Inc. | 72 | 18,065 | ||||||
Waddell & Reed Financial, Inc., Class A | 375 | 9,409 | ||||||
WisdomTree Investments, Inc. | 863 | 4,574 | ||||||
2,972,942 | ||||||||
Chemicals — 2.6% | ||||||||
AdvanSix, Inc.(1) | 50 | 1,390 | ||||||
Air Products and Chemicals, Inc. | 484 | 123,720 | ||||||
Albemarle Corp. | 582 | 91,496 | ||||||
American Vanguard Corp. | 263 | 5,134 | ||||||
Amyris, Inc.(1)(2) | 307 | 4,237 | ||||||
Ashland Global Holdings, Inc. | 147 | 12,366 | ||||||
Avient Corp. | 608 | 26,278 | ||||||
Axalta Coating Systems Ltd.(1) | 446 | 12,194 | ||||||
Balchem Corp. | 73 | 8,713 | ||||||
Cabot Corp. | 493 | 24,270 | ||||||
Celanese Corp. | 719 | 99,876 | ||||||
CF Industries Holdings, Inc. | 580 | 26,262 | ||||||
Chase Corp. | 49 | 5,276 | ||||||
Chemours Co. (The) | 1,399 | 32,918 | ||||||
Corteva, Inc. | 1,993 | 89,984 | ||||||
Dow, Inc. | 3,108 | 184,336 | ||||||
DuPont de Nemours, Inc. | 1,089 | 76,578 | ||||||
Eastman Chemical Co. | 599 | 65,447 | ||||||
Ecolab, Inc. | 341 | 71,392 | ||||||
Ferro Corp.(1) | 881 | 13,981 | ||||||
FMC Corp. | 792 | 80,539 | ||||||
GCP Applied Technologies, Inc.(1) | 467 | 11,577 | ||||||
H.B. Fuller Co. | 20 | 1,121 | ||||||
Hawkins, Inc. | 100 | 6,260 | ||||||
Huntsman Corp. | 1,053 | 28,747 | ||||||
Ingevity Corp.(1) | 277 | 19,246 | ||||||
Innospec, Inc. | 174 | 17,478 | ||||||
International Flavors & Fragrances, Inc. | 102 | 13,822 |
157
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Koppers Holdings, Inc.(1) | 27 | $ | 902 | |||||
Kraton Corp.(1) | 308 | 11,455 | ||||||
Kronos Worldwide, Inc. | 305 | 4,407 | ||||||
Linde plc | 674 | 164,638 | ||||||
Livent Corp.(1) | 812 | 15,119 | ||||||
LyondellBasell Industries NV, Class A | 1,423 | 146,697 | ||||||
Minerals Technologies, Inc. | 220 | 15,671 | ||||||
Mosaic Co. (The) | 2,086 | 61,328 | ||||||
NewMarket Corp. | 69 | 26,150 | ||||||
Olin Corp. | 606 | 18,750 | ||||||
Orion Engineered Carbons SA | 761 | 13,470 | ||||||
PPG Industries, Inc. | 443 | 59,725 | ||||||
Quaker Chemical Corp. | 30 | 8,471 | ||||||
Rayonier Advanced Materials, Inc.(1) | 569 | 5,263 | ||||||
RPM International, Inc. | 343 | 27,317 | ||||||
Scotts Miracle-Gro Co. (The) | 227 | 48,385 | ||||||
Sensient Technologies Corp. | 347 | 27,014 | ||||||
Sherwin-Williams Co. (The) | 130 | 88,444 | ||||||
Stepan Co. | 180 | 21,724 | ||||||
Tredegar Corp. | 322 | 4,907 | ||||||
Trinseo SA | 422 | 27,308 | ||||||
Tronox Holdings plc, Class A | 914 | 16,763 | ||||||
Valvoline, Inc. | 253 | 6,315 | ||||||
Westlake Chemical Corp. | 174 | 14,893 | ||||||
WR Grace & Co. | 181 | 10,726 | ||||||
2,000,480 | ||||||||
Commercial Services and Supplies — 0.7% | ||||||||
ACCO Brands Corp. | 111 | 899 | ||||||
ADT, Inc. | 111 | 845 | ||||||
Brady Corp., Class A | 268 | 14,046 | ||||||
Brink's Co. (The) | 178 | 13,676 | ||||||
Casella Waste Systems, Inc., Class A(1) | 178 | 10,310 | ||||||
Cimpress plc(1) | 8 | 793 | ||||||
Cintas Corp. | 137 | 44,434 | ||||||
Clean Harbors, Inc.(1) | 388 | 33,038 | ||||||
Copart, Inc.(1) | 735 | 80,233 | ||||||
CoreCivic, Inc. | 637 | 4,574 | ||||||
Covanta Holding Corp. | 362 | 5,086 | ||||||
Deluxe Corp. | 31 | 1,225 | ||||||
Ennis, Inc. | 205 | 4,063 | ||||||
Healthcare Services Group, Inc. | 635 | 18,066 | ||||||
Herman Miller, Inc. | 216 | 8,285 | ||||||
HNI Corp. | 434 | 15,446 | ||||||
IAA, Inc.(1) | 127 | 7,446 | ||||||
Interface, Inc. | 198 | 2,459 | ||||||
KAR Auction Services, Inc. | 64 | 890 | ||||||
Kimball International, Inc., Class B | 62 | 802 | ||||||
Knoll, Inc. | 284 | 4,632 | ||||||
MSA Safety, Inc. | 145 | 23,343 | ||||||
Pitney Bowes, Inc. | 526 | 4,460 | ||||||
Republic Services, Inc. | 140 | 12,473 |
158
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Rollins, Inc. | 418 | $ | 13,865 | |||||
Steelcase, Inc., Class A | 621 | 8,657 | ||||||
Stericycle, Inc.(1) | 75 | 4,865 | ||||||
Team, Inc.(1) | 460 | 5,101 | ||||||
Tetra Tech, Inc. | 56 | 7,749 | ||||||
UniFirst Corp. | 96 | 23,260 | ||||||
US Ecology, Inc.(1) | 18 | 688 | ||||||
VSE Corp. | 101 | 3,894 | ||||||
Waste Connections, Inc. | 327 | 31,945 | ||||||
Waste Management, Inc. | 749 | 83,057 | ||||||
494,605 | ||||||||
Communications Equipment — 0.6% | ||||||||
ADTRAN, Inc. | 351 | 5,911 | ||||||
Arista Networks, Inc.(1) | 234 | 65,482 | ||||||
Cambium Networks Corp.(1) | 125 | 5,286 | ||||||
Ciena Corp.(1) | 583 | 30,415 | ||||||
Cisco Systems, Inc. | 3,330 | 149,417 | ||||||
CommScope Holding Co., Inc.(1) | 696 | 10,155 | ||||||
Comtech Telecommunications Corp. | 1 | 27 | ||||||
Digi International, Inc.(1) | 208 | 4,859 | ||||||
EchoStar Corp., Class A(1) | 138 | 3,133 | ||||||
Extreme Networks, Inc.(1) | 634 | 5,814 | ||||||
F5 Networks, Inc.(1) | 137 | 26,027 | ||||||
Juniper Networks, Inc. | 507 | 11,803 | ||||||
Lumentum Holdings, Inc.(1) | 319 | 28,710 | ||||||
Motorola Solutions, Inc. | 132 | 23,163 | ||||||
NETGEAR, Inc.(1) | 199 | 7,960 | ||||||
NetScout Systems, Inc.(1) | 121 | 3,415 | ||||||
Plantronics, Inc.(1) | 112 | 4,535 | ||||||
Ribbon Communications, Inc.(1) | 594 | 5,132 | ||||||
ViaSat, Inc.(1) | 235 | 12,018 | ||||||
Viavi Solutions, Inc.(1) | 785 | 12,705 | ||||||
415,967 | ||||||||
Construction and Engineering — 0.5% | ||||||||
AECOM(1) | 294 | 17,020 | ||||||
Aegion Corp.(1) | 37 | 956 | ||||||
Ameresco, Inc., Class A(1) | 240 | 13,709 | ||||||
API Group Corp.(1) | 552 | 10,212 | ||||||
Arcosa, Inc. | 198 | 11,233 | ||||||
Argan, Inc. | 63 | 3,151 | ||||||
Comfort Systems USA, Inc. | 313 | 19,387 | ||||||
Construction Partners, Inc., Class A(1) | 219 | 6,338 | ||||||
Dycom Industries, Inc.(1) | 316 | 24,199 | ||||||
EMCOR Group, Inc. | 427 | 41,577 | ||||||
Fluor Corp.(1) | 1,268 | 21,759 | ||||||
Granite Construction, Inc. | 195 | 6,704 | ||||||
Great Lakes Dredge & Dock Corp.(1) | 472 | 7,170 | ||||||
IES Holdings, Inc.(1) | 104 | 4,767 | ||||||
MasTec, Inc.(1) | 539 | 46,758 | ||||||
Matrix Service Co.(1) | 1 | 14 | ||||||
MYR Group, Inc.(1) | 159 | 9,373 |
159
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Northwest Pipe Co.(1) | 29 | $ | 987 | |||||
Primoris Services Corp. | 505 | 16,902 | ||||||
Quanta Services, Inc. | 904 | 75,800 | ||||||
Sterling Construction Co., Inc.(1) | 300 | 6,834 | ||||||
Tutor Perini Corp.(1) | 360 | 5,292 | ||||||
Valmont Industries, Inc. | 117 | 27,674 | ||||||
WillScot Mobile Mini Holdings Corp.(1) | 779 | 21,602 | ||||||
399,418 | ||||||||
Construction Materials — 0.3% | ||||||||
Eagle Materials, Inc. | 340 | 42,629 | ||||||
Forterra, Inc.(1) | 187 | 4,352 | ||||||
Martin Marietta Materials, Inc. | 240 | 80,849 | ||||||
Summit Materials, Inc., Class A(1) | 485 | 13,439 | ||||||
US Concrete, Inc.(1) | 215 | 11,064 | ||||||
Vulcan Materials Co. | 380 | 63,456 | ||||||
215,789 | ||||||||
Consumer Finance — 1.3% | ||||||||
Ally Financial, Inc. | 2,477 | 102,796 | ||||||
American Express Co. | 1,950 | 263,757 | ||||||
Capital One Financial Corp. | 1,276 | 153,363 | ||||||
Credit Acceptance Corp.(1)(2) | 51 | 18,514 | ||||||
Discover Financial Services | 1,362 | 128,123 | ||||||
Encore Capital Group, Inc.(1) | 213 | 7,119 | ||||||
Enova International, Inc.(1) | 369 | 11,328 | ||||||
FirstCash, Inc. | 223 | 14,120 | ||||||
Green Dot Corp., Class A(1) | 417 | 19,707 | ||||||
LendingClub Corp.(1) | 672 | 7,238 | ||||||
LendingTree, Inc.(1)(2) | 12 | 3,226 | ||||||
Navient Corp. | 1,443 | 17,864 | ||||||
Nelnet, Inc., Class A | 88 | 6,389 | ||||||
OneMain Holdings, Inc. | 643 | 30,163 | ||||||
Oportun Financial Corp.(1) | 218 | 3,558 | ||||||
PRA Group, Inc.(1) | 250 | 9,215 | ||||||
PROG Holdings, Inc. | 613 | 30,650 | ||||||
Regional Management Corp. | 159 | 5,147 | ||||||
Santander Consumer USA Holdings, Inc. | 476 | 11,900 | ||||||
SLM Corp. | 3,565 | 56,291 | ||||||
Synchrony Financial | 2,775 | 107,337 | ||||||
World Acceptance Corp.(1) | 33 | 4,176 | ||||||
1,011,981 | ||||||||
Containers and Packaging — 0.7% | ||||||||
Amcor plc | 2,039 | 22,307 | ||||||
AptarGroup, Inc. | 338 | 43,964 | ||||||
Avery Dennison Corp. | 368 | 64,477 | ||||||
Ball Corp. | 492 | 42,012 | ||||||
Berry Global Group, Inc.(1) | 133 | 7,368 | ||||||
Crown Holdings, Inc.(1) | 225 | 21,501 | ||||||
Graphic Packaging Holding Co. | 390 | 6,189 | ||||||
Greif, Inc., Class A | 102 | 4,927 | ||||||
International Paper Co. | 2,439 | 121,096 | ||||||
Myers Industries, Inc. | 444 | 9,830 |
160
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
O-I Glass, Inc.(1) | 556 | $ | 6,494 | |||||
Packaging Corp. of America | 697 | 92,018 | ||||||
Sealed Air Corp. | 551 | 23,087 | ||||||
Silgan Holdings, Inc. | 152 | 5,709 | ||||||
Sonoco Products Co. | 676 | 40,269 | ||||||
UFP Technologies, Inc.(1) | 50 | 2,476 | ||||||
WestRock Co. | 1,105 | 48,167 | ||||||
561,891 | ||||||||
Distributors — 0.3% | ||||||||
Core-Mark Holding Co., Inc. | 379 | 12,348 | ||||||
Genuine Parts Co. | 906 | 95,447 | ||||||
LKQ Corp.(1) | 857 | 33,757 | ||||||
Pool Corp. | 178 | 59,589 | ||||||
201,141 | ||||||||
Diversified Consumer Services — 0.1% | ||||||||
Adtalem Global Education, Inc.(1) | 150 | 5,895 | ||||||
American Public Education, Inc.(1) | 77 | 2,267 | ||||||
Bright Horizons Family Solutions, Inc.(1) | 43 | 6,865 | ||||||
Chegg, Inc.(1) | 96 | 9,267 | ||||||
frontdoor, Inc.(1) | 115 | 6,022 | ||||||
Graham Holdings Co., Class B | 7 | 4,206 | ||||||
Grand Canyon Education, Inc.(1) | 225 | 23,555 | ||||||
H&R Block, Inc. | 87 | 1,673 | ||||||
Houghton Mifflin Harcourt Co.(1) | 620 | 3,782 | ||||||
Laureate Education, Inc., Class A(1) | 769 | 10,574 | ||||||
Perdoceo Education Corp.(1) | 340 | 4,376 | ||||||
Service Corp. International | 342 | 16,334 | ||||||
Strategic Education, Inc. | 64 | 5,819 | ||||||
Stride, Inc.(1) | 121 | 2,910 | ||||||
Terminix Global Holdings, Inc.(1) | 96 | 4,321 | ||||||
WW International, Inc.(1) | 23 | 678 | ||||||
108,544 | ||||||||
Diversified Financial Services — 0.7% | ||||||||
Alerus Financial Corp. | 142 | 3,907 | ||||||
Banco Latinoamericano de Comercio Exterior SA, E Shares | 47 | 717 | ||||||
Berkshire Hathaway, Inc., Class B(1) | 1,724 | 414,639 | ||||||
Cannae Holdings, Inc.(1) | 312 | 11,653 | ||||||
Equitable Holdings, Inc. | 1,702 | 50,328 | ||||||
Jefferies Financial Group, Inc. | 1,660 | 48,207 | ||||||
Voya Financial, Inc. | 480 | 28,934 | ||||||
558,385 | ||||||||
Diversified Telecommunication Services — 1.0% | ||||||||
Anterix, Inc.(1) | 60 | 2,534 | ||||||
AT&T, Inc. | 8,866 | 247,273 | ||||||
ATN International, Inc. | 49 | 2,385 | ||||||
Bandwidth, Inc., Class A(1) | 39 | 6,176 | ||||||
Cogent Communications Holdings, Inc. | 50 | 2,992 | ||||||
Consolidated Communications Holdings, Inc.(1) | 479 | 2,520 | ||||||
Globalstar, Inc.(1) | 3,865 | 6,841 | ||||||
IDT Corp., Class B(1) | 324 | 5,816 | ||||||
Iridium Communications, Inc.(1) | 771 | 29,537 |
161
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Lumen Technologies, Inc. | 1,189 | $ | 14,613 | |||||
ORBCOMM, Inc.(1) | 455 | 3,472 | ||||||
Verizon Communications, Inc. | 7,276 | 402,363 | ||||||
Vonage Holdings Corp.(1) | 279 | 3,688 | ||||||
730,210 | ||||||||
Electric Utilities — 1.3% | ||||||||
ALLETE, Inc. | 186 | 11,556 | ||||||
Alliant Energy Corp. | 548 | 25,296 | ||||||
American Electric Power Co., Inc. | 957 | 71,631 | ||||||
Avangrid, Inc. | 94 | 4,301 | ||||||
Duke Energy Corp. | 1,418 | 121,367 | ||||||
Edison International | 1,478 | 79,797 | ||||||
Entergy Corp. | 534 | 46,357 | ||||||
Evergy, Inc. | 420 | 22,525 | ||||||
Eversource Energy | 197 | 15,658 | ||||||
Exelon Corp. | 2,798 | 108,003 | ||||||
FirstEnergy Corp. | 840 | 27,838 | ||||||
Hawaiian Electric Industries, Inc. | 415 | 14,508 | ||||||
IDACORP, Inc. | 132 | 11,384 | ||||||
MGE Energy, Inc. | 62 | 3,949 | ||||||
NextEra Energy, Inc. | 1,570 | 115,364 | ||||||
NRG Energy, Inc. | 746 | 27,236 | ||||||
OGE Energy Corp. | 603 | 17,650 | ||||||
Otter Tail Corp. | 201 | 8,145 | ||||||
PG&E Corp.(1) | 6,195 | 65,109 | ||||||
Pinnacle West Capital Corp. | 209 | 14,615 | ||||||
PNM Resources, Inc. | 273 | 13,107 | ||||||
Portland General Electric Co. | 345 | 14,545 | ||||||
PPL Corp. | 1,349 | 35,330 | ||||||
Southern Co. (The) | 1,414 | 80,202 | ||||||
Xcel Energy, Inc. | 1,097 | 64,273 | ||||||
1,019,746 | ||||||||
Electrical Equipment — 0.8% | ||||||||
Acuity Brands, Inc. | 274 | 33,784 | ||||||
Allied Motion Technologies, Inc. | 69 | 3,349 | ||||||
AMETEK, Inc. | 459 | 54,148 | ||||||
Array Technologies, Inc.(1) | 633 | 23,472 | ||||||
Atkore, Inc.(1) | 469 | 31,728 | ||||||
AZZ, Inc. | 233 | 11,904 | ||||||
Bloom Energy Corp., Class A(1) | 158 | 4,508 | ||||||
Eaton Corp. plc | 664 | 86,446 | ||||||
Emerson Electric Co. | 895 | 76,881 | ||||||
Encore Wire Corp. | 87 | 5,701 | ||||||
EnerSys | 191 | 17,244 | ||||||
FuelCell Energy, Inc.(1) | 189 | 3,202 | ||||||
Generac Holdings, Inc.(1) | 98 | 32,297 | ||||||
Hubbell, Inc. | 79 | 14,023 | ||||||
nVent Electric plc | 520 | 13,655 | ||||||
Plug Power, Inc.(1) | 594 | 28,738 | ||||||
Regal Beloit Corp. | 217 | 29,657 | ||||||
Rockwell Automation, Inc. | 239 | 58,144 |
162
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Sensata Technologies Holding plc(1) | 141 | $ | 8,078 | |||||
Sunrun, Inc.(1) | 235 | 14,706 | ||||||
TPI Composites, Inc.(1) | 390 | 18,587 | ||||||
Vertiv Holdings Co. | 294 | 6,153 | ||||||
576,405 | ||||||||
Electronic Equipment, Instruments and Components — 1.5% | ||||||||
Amphenol Corp., Class A | 312 | 39,212 | ||||||
Arrow Electronics, Inc.(1) | 435 | 43,613 | ||||||
Avnet, Inc. | 497 | 18,921 | ||||||
Badger Meter, Inc. | 201 | 21,827 | ||||||
Belden, Inc. | 19 | 840 | ||||||
Benchmark Electronics, Inc. | 238 | 6,759 | ||||||
CDW Corp. | 296 | 46,439 | ||||||
Cognex Corp. | 387 | 31,962 | ||||||
Coherent, Inc.(1) | 85 | 20,565 | ||||||
Corning, Inc. | 3,670 | 140,341 | ||||||
CTS Corp. | 199 | 6,402 | ||||||
Dolby Laboratories, Inc., Class A | 230 | 22,455 | ||||||
ePlus, Inc.(1) | 116 | 10,969 | ||||||
Fabrinet(1) | 124 | 10,953 | ||||||
FARO Technologies, Inc.(1) | 88 | 8,224 | ||||||
Flex Ltd.(1) | 2,326 | 42,310 | ||||||
FLIR Systems, Inc. | 442 | 23,603 | ||||||
II-VI, Inc.(1) | 424 | 35,743 | ||||||
Insight Enterprises, Inc.(1) | 343 | 28,671 | ||||||
IPG Photonics Corp.(1) | 104 | 23,644 | ||||||
Itron, Inc.(1) | 11 | 1,290 | ||||||
Jabil, Inc. | 1,074 | 46,365 | ||||||
Keysight Technologies, Inc.(1) | 651 | 92,129 | ||||||
Kimball Electronics, Inc.(1) | 220 | 5,166 | ||||||
Knowles Corp.(1) | 279 | 5,800 | ||||||
Littelfuse, Inc. | 74 | 19,256 | ||||||
Methode Electronics, Inc. | 221 | 8,604 | ||||||
National Instruments Corp. | 320 | 14,208 | ||||||
nLight, Inc.(1) | 132 | 5,032 | ||||||
Novanta, Inc.(1) | 75 | 9,925 | ||||||
OSI Systems, Inc.(1) | 109 | 10,314 | ||||||
Plexus Corp.(1) | 232 | 19,483 | ||||||
Rogers Corp.(1) | 104 | 18,874 | ||||||
Sanmina Corp.(1) | 449 | 15,993 | ||||||
ScanSource, Inc.(1) | 301 | 8,560 | ||||||
SYNNEX Corp. | 368 | 32,811 | ||||||
TE Connectivity Ltd. | 924 | 120,148 | ||||||
Trimble, Inc.(1) | 241 | 17,868 | ||||||
TTM Technologies, Inc.(1) | 367 | 5,182 | ||||||
Vishay Intertechnology, Inc. | 970 | 23,154 | ||||||
Vontier Corp.(1) | 454 | 14,256 | ||||||
Zebra Technologies Corp., Class A(1) | 93 | 46,447 | ||||||
1,124,318 | ||||||||
Energy Equipment and Services — 0.6% | ||||||||
Archrock, Inc. | 1,383 | 14,259 |
163
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Baker Hughes Co. | 3,098 | $ | 75,839 | |||||
Bristow Group, Inc.(1) | 208 | 5,537 | ||||||
Cactus, Inc., Class A | 266 | 8,477 | ||||||
ChampionX Corp.(1) | 715 | 15,208 | ||||||
Core Laboratories NV | 153 | 5,438 | ||||||
DMC Global, Inc. | 184 | 11,590 | ||||||
Dril-Quip, Inc.(1) | 125 | 4,245 | ||||||
Exterran Corp.(1) | 201 | 1,099 | ||||||
Halliburton Co. | 5,606 | 122,379 | ||||||
Helix Energy Solutions Group, Inc.(1) | 155 | 760 | ||||||
Helmerich & Payne, Inc. | 837 | 24,047 | ||||||
Liberty Oilfield Services, Inc., Class A | 478 | 5,588 | ||||||
Nabors Industries Ltd. | 42 | 4,662 | ||||||
National Energy Services Reunited Corp.(1) | 409 | 5,419 | ||||||
NexTier Oilfield Solutions, Inc.(1) | 1,824 | 8,482 | ||||||
NOV, Inc. | 2,922 | 44,122 | ||||||
Oceaneering International, Inc.(1) | 1,123 | 13,251 | ||||||
Patterson-UTI Energy, Inc. | 2,087 | 15,444 | ||||||
ProPetro Holding Corp.(1) | 579 | 6,641 | ||||||
Schlumberger NV | 1,298 | 36,227 | ||||||
TechnipFMC plc | 3,516 | 28,902 | ||||||
Transocean Ltd.(1) | 3,337 | 11,579 | ||||||
US Silica Holdings, Inc. | 479 | 6,376 | ||||||
475,571 | ||||||||
Entertainment — 1.2% | ||||||||
Activision Blizzard, Inc. | 1,186 | 113,393 | ||||||
Electronic Arts, Inc. | 506 | 67,789 | ||||||
Eros STX Global Corp.(1) | 1,180 | 2,159 | ||||||
IMAX Corp.(1) | 262 | 5,415 | ||||||
Liberty Media Corp.-Liberty Braves, Class C(1) | 183 | 5,269 | ||||||
Liberty Media Corp.-Liberty Formula One, Class A(1) | 123 | 4,769 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C(1) | 494 | 21,687 | ||||||
Live Nation Entertainment, Inc.(1) | 107 | 9,508 | ||||||
Madison Square Garden Entertainment Corp.(1) | 112 | 12,070 | ||||||
Madison Square Garden Sports Corp.(1) | 28 | 5,386 | ||||||
Netflix, Inc.(1) | 465 | 250,565 | ||||||
Roku, Inc.(1) | 98 | 38,757 | ||||||
Take-Two Interactive Software, Inc.(1) | 444 | 81,900 | ||||||
Walt Disney Co. (The)(1) | 1,216 | 229,873 | ||||||
World Wrestling Entertainment, Inc., Class A | 394 | 19,464 | ||||||
Zynga, Inc., Class A(1) | 962 | 10,726 | ||||||
878,730 | ||||||||
Food and Staples Retailing — 1.6% | ||||||||
Albertsons Cos., Inc., Class A(2) | 301 | 4,867 | ||||||
Andersons, Inc. (The) | 298 | 7,790 | ||||||
BJ's Wholesale Club Holdings, Inc.(1) | 289 | 11,612 | ||||||
Casey's General Stores, Inc. | 267 | 53,923 | ||||||
Chefs' Warehouse, Inc. (The)(1) | 158 | 4,920 | ||||||
Costco Wholesale Corp. | 1,159 | 383,629 | ||||||
Grocery Outlet Holding Corp.(1) | 68 | 2,447 | ||||||
Ingles Markets, Inc., Class A | 119 | 6,183 |
164
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Kroger Co. (The) | 3,135 | $ | 100,978 | |||||
Natural Grocers by Vitamin Cottage, Inc. | 165 | 2,323 | ||||||
Performance Food Group Co.(1) | 1,100 | 59,664 | ||||||
PriceSmart, Inc. | 198 | 19,097 | ||||||
SpartanNash Co. | 383 | 6,982 | ||||||
Sprouts Farmers Market, Inc.(1) | 766 | 16,170 | ||||||
Sysco Corp. | 895 | 71,269 | ||||||
United Natural Foods, Inc.(1) | 510 | 13,490 | ||||||
US Foods Holding Corp.(1) | 249 | 9,079 | ||||||
Village Super Market, Inc., Class A | 118 | 2,720 | ||||||
Walgreens Boots Alliance, Inc. | 1,866 | 89,438 | ||||||
Walmart, Inc. | 2,900 | 376,768 | ||||||
Weis Markets, Inc. | 88 | 4,704 | ||||||
1,248,053 | ||||||||
Food Products — 1.1% | ||||||||
Archer-Daniels-Midland Co. | 1,335 | 75,534 | ||||||
B&G Foods, Inc. | 309 | 9,372 | ||||||
Beyond Meat, Inc.(1) | 36 | 5,237 | ||||||
Bunge Ltd. | 523 | 40,051 | ||||||
Cal-Maine Foods, Inc.(1) | 107 | 4,077 | ||||||
Calavo Growers, Inc. | 64 | 4,816 | ||||||
Campbell Soup Co. | 309 | 14,053 | ||||||
Conagra Brands, Inc. | 317 | 10,756 | ||||||
Darling Ingredients, Inc.(1) | 1,233 | 77,728 | ||||||
Flowers Foods, Inc. | 1,102 | 23,969 | ||||||
Fresh Del Monte Produce, Inc. | 140 | 3,604 | ||||||
Freshpet, Inc.(1) | 76 | 11,847 | ||||||
General Mills, Inc. | 555 | 30,531 | ||||||
Hain Celestial Group, Inc. (The)(1) | 272 | 11,473 | ||||||
Hershey Co. (The) | 345 | 50,249 | ||||||
Hormel Foods Corp. | 509 | 23,602 | ||||||
Hostess Brands, Inc.(1) | 304 | 4,375 | ||||||
Ingredion, Inc. | 347 | 31,299 | ||||||
J&J Snack Foods Corp. | 58 | 9,208 | ||||||
J.M. Smucker Co. (The) | 342 | 38,304 | ||||||
John B Sanfilippo & Son, Inc. | 56 | 4,842 | ||||||
Kellogg Co. | 276 | 15,928 | ||||||
Kraft Heinz Co. (The) | 1,160 | 42,201 | ||||||
Lamb Weston Holdings, Inc. | 633 | 50,494 | ||||||
Lancaster Colony Corp. | 82 | 14,323 | ||||||
McCormick & Co., Inc. | 160 | 13,485 | ||||||
Mondelez International, Inc., Class A | 2,059 | 109,456 | ||||||
Pilgrim's Pride Corp.(1) | 232 | 5,195 | ||||||
Post Holdings, Inc.(1) | 93 | 8,934 | ||||||
Sanderson Farms, Inc. | 76 | 11,590 | ||||||
Seaboard Corp. | 1 | 3,313 | ||||||
Seneca Foods Corp., Class A(1) | 72 | 3,921 | ||||||
Simply Good Foods Co. (The)(1) | 222 | 6,476 | ||||||
TreeHouse Foods, Inc.(1) | 20 | 1,000 | ||||||
Tyson Foods, Inc., Class A | 836 | 56,572 | ||||||
827,815 |
165
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Gas Utilities — 0.1% | ||||||||
Atmos Energy Corp. | 200 | $ | 16,922 | |||||
Chesapeake Utilities Corp. | 53 | 5,604 | ||||||
National Fuel Gas Co. | 372 | 16,904 | ||||||
New Jersey Resources Corp. | 365 | 14,341 | ||||||
Northwest Natural Holding Co. | 145 | 6,958 | ||||||
ONE Gas, Inc. | 105 | 7,032 | ||||||
South Jersey Industries, Inc. | 274 | 6,880 | ||||||
Southwest Gas Holdings, Inc.(1) | 144 | 8,978 | ||||||
UGI Corp. | 447 | 17,125 | ||||||
100,744 | ||||||||
Health Care Equipment and Supplies — 2.5% | ||||||||
Abbott Laboratories | 1,599 | 191,528 | ||||||
ABIOMED, Inc.(1) | 99 | 32,130 | ||||||
Accuray, Inc.(1) | 892 | 4,442 | ||||||
Align Technology, Inc.(1) | 192 | 108,885 | ||||||
AngioDynamics, Inc.(1) | 214 | 4,483 | ||||||
Atrion Corp. | 8 | 4,999 | ||||||
Avanos Medical, Inc.(1) | 137 | 6,299 | ||||||
Baxter International, Inc. | 1,296 | 100,686 | ||||||
Becton Dickinson and Co. | 173 | 41,719 | ||||||
Boston Scientific Corp.(1) | 1,461 | 56,658 | ||||||
Cantel Medical Corp.(1) | 91 | 6,760 | ||||||
Cardiovascular Systems, Inc.(1) | 88 | 3,634 | ||||||
CONMED Corp. | 43 | 5,292 | ||||||
Cooper Cos., Inc. (The) | 82 | 31,663 | ||||||
Danaher Corp. | 414 | 90,943 | ||||||
DENTSPLY SIRONA, Inc. | 511 | 27,119 | ||||||
DexCom, Inc.(1) | 64 | 25,458 | ||||||
Edwards Lifesciences Corp.(1) | 1,112 | 92,407 | ||||||
Envista Holdings Corp.(1) | 223 | 8,594 | ||||||
Glaukos Corp.(1) | 94 | 8,889 | ||||||
Globus Medical, Inc., Class A(1) | 243 | 15,188 | ||||||
Haemonetics Corp.(1) | 264 | 33,396 | ||||||
Hill-Rom Holdings, Inc. | 143 | 15,254 | ||||||
Hologic, Inc.(1) | 707 | 50,968 | ||||||
ICU Medical, Inc.(1) | 80 | 16,600 | ||||||
IDEXX Laboratories, Inc.(1) | 270 | 140,446 | ||||||
Inogen, Inc.(1) | 69 | 3,622 | ||||||
Insulet Corp.(1) | 103 | 26,687 | ||||||
Integer Holdings Corp.(1) | 129 | 11,377 | ||||||
Integra LifeSciences Holdings Corp.(1) | 242 | 16,538 | ||||||
Intuitive Surgical, Inc.(1) | 138 | 101,678 | ||||||
Lantheus Holdings, Inc.(1) | 271 | 5,062 | ||||||
LENSAR, Inc.(1) | 57 | 515 | ||||||
LivaNova plc(1) | 65 | 5,040 | ||||||
Masimo Corp.(1) | 104 | 26,076 | ||||||
Medtronic plc | 1,333 | 155,921 | ||||||
Meridian Bioscience, Inc.(1) | 297 | 6,261 | ||||||
Merit Medical Systems, Inc.(1) | 245 | 13,651 | ||||||
Natus Medical, Inc.(1) | 189 | 4,897 |
166
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Nevro Corp.(1) | 37 | $ | 6,112 | |||||
Novocure Ltd.(1) | 60 | 8,946 | ||||||
NuVasive, Inc.(1) | 102 | 6,154 | ||||||
OraSure Technologies, Inc.(1) | 275 | 2,915 | ||||||
Orthofix Medical, Inc.(1) | 22 | 1,023 | ||||||
Penumbra, Inc.(1) | 37 | 10,524 | ||||||
Quidel Corp.(1) | 69 | 11,334 | ||||||
ResMed, Inc. | 231 | 44,532 | ||||||
STAAR Surgical Co.(1) | 63 | 6,553 | ||||||
STERIS plc | 140 | 24,472 | ||||||
Stryker Corp. | 464 | 112,608 | ||||||
Tandem Diabetes Care, Inc.(1) | 48 | 4,608 | ||||||
Teleflex, Inc. | 33 | 13,138 | ||||||
TransEnterix, Inc.(1) | 792 | 2,946 | ||||||
Utah Medical Products, Inc. | 36 | 3,038 | ||||||
Varex Imaging Corp.(1) | 224 | 5,136 | ||||||
West Pharmaceutical Services, Inc. | 172 | 48,272 | ||||||
Zimmer Biomet Holdings, Inc. | 296 | 48,266 | ||||||
1,862,342 | ||||||||
Health Care Providers and Services — 2.1% | ||||||||
Acadia Healthcare Co., Inc.(1) | 103 | 5,690 | ||||||
AdaptHealth Corp.(1) | 281 | 8,646 | ||||||
Addus HomeCare Corp.(1) | 73 | 7,853 | ||||||
Amedisys, Inc.(1) | 56 | 14,204 | ||||||
AmerisourceBergen Corp. | 222 | 22,471 | ||||||
AMN Healthcare Services, Inc.(1) | 88 | 6,413 | ||||||
Anthem, Inc. | 718 | 217,690 | ||||||
Brookdale Senior Living, Inc.(1) | 1,287 | 7,490 | ||||||
Cardinal Health, Inc. | 817 | 42,092 | ||||||
Centene Corp.(1) | 2,592 | 151,736 | ||||||
Chemed Corp. | 54 | 24,041 | ||||||
Cigna Corp. | 416 | 87,318 | ||||||
CorVel Corp.(1) | 57 | 5,785 | ||||||
Covetrus, Inc.(1) | 193 | 7,172 | ||||||
CVS Health Corp. | 969 | 66,018 | ||||||
DaVita, Inc.(1) | 172 | 17,566 | ||||||
Encompass Health Corp. | 74 | 5,953 | ||||||
Ensign Group, Inc. (The) | 495 | 40,600 | ||||||
Fulgent Genetics, Inc.(1)(2) | 77 | 7,797 | ||||||
Guardant Health, Inc.(1) | 93 | 13,688 | ||||||
Hanger, Inc.(1) | 173 | 3,802 | ||||||
HCA Healthcare, Inc. | 141 | 24,256 | ||||||
HealthEquity, Inc.(1) | 18 | 1,482 | ||||||
Henry Schein, Inc.(1) | 314 | 19,421 | ||||||
Humana, Inc. | 417 | 158,314 | ||||||
InfuSystem Holdings, Inc.(1) | 278 | 4,743 | ||||||
Laboratory Corp. of America Holdings(1) | 144 | 34,547 | ||||||
LHC Group, Inc.(1) | 33 | 5,996 | ||||||
Magellan Health, Inc.(1) | 155 | 14,465 | ||||||
McKesson Corp. | 251 | 42,549 | ||||||
MEDNAX, Inc.(1) | 181 | 4,422 |
167
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
ModivCare, Inc.(1) | 132 | $ | 16,930 | |||||
Molina Healthcare, Inc.(1) | 384 | 83,236 | ||||||
National HealthCare Corp. | 56 | 3,895 | ||||||
Owens & Minor, Inc. | 680 | 23,127 | ||||||
Patterson Cos., Inc. | 511 | 15,872 | ||||||
Pennant Group, Inc. (The)(1) | 123 | 6,492 | ||||||
Premier, Inc., Class A | 525 | 17,755 | ||||||
Quest Diagnostics, Inc. | 54 | 6,242 | ||||||
R1 RCM, Inc.(1) | 479 | 13,240 | ||||||
Select Medical Holdings Corp.(1) | 206 | 6,520 | ||||||
Tenet Healthcare Corp.(1) | 128 | 6,531 | ||||||
Tivity Health, Inc.(1) | 203 | 4,831 | ||||||
Triple-S Management Corp., Class B(1) | 157 | 3,972 | ||||||
UnitedHealth Group, Inc. | 718 | 238,534 | ||||||
Universal Health Services, Inc., Class B(1) | 491 | 61,537 | ||||||
1,582,934 | ||||||||
Health Care Technology — 0.3% | ||||||||
Allscripts Healthcare Solutions, Inc.(1) | 78 | 1,204 | ||||||
Cerner Corp. | 1,474 | 101,912 | ||||||
Change Healthcare, Inc.(1) | 1,093 | 24,997 | ||||||
Evolent Health, Inc., Class A(1) | 505 | 10,176 | ||||||
HealthStream, Inc.(1) | 34 | 792 | ||||||
Inspire Medical Systems, Inc.(1) | 42 | 9,777 | ||||||
NextGen Healthcare, Inc.(1) | 281 | 5,255 | ||||||
Omnicell, Inc.(1) | 146 | 18,527 | ||||||
Teladoc Health, Inc.(1) | 121 | 26,752 | ||||||
Veeva Systems, Inc., Class A(1) | 169 | 47,339 | ||||||
246,731 | ||||||||
Hotels, Restaurants and Leisure — 1.7% | ||||||||
Aramark | 74 | 2,747 | ||||||
BJ's Restaurants, Inc.(1) | 123 | 6,830 | ||||||
Bloomin' Brands, Inc.(1) | 404 | 10,035 | ||||||
Boyd Gaming Corp.(1) | 228 | 13,384 | ||||||
Brinker International, Inc. | 23 | 1,578 | ||||||
Caesars Entertainment, Inc.(1) | 510 | 47,654 | ||||||
Carnival Corp.(1) | 1,040 | 27,820 | ||||||
Cheesecake Factory, Inc. (The) | 153 | 8,407 | ||||||
Chipotle Mexican Grill, Inc.(1) | 84 | 121,128 | ||||||
Choice Hotels International, Inc. | 10 | 1,049 | ||||||
Churchill Downs, Inc. | 96 | 22,140 | ||||||
Chuy's Holdings, Inc.(1) | 150 | 6,150 | ||||||
Cracker Barrel Old Country Store, Inc. | 197 | 30,509 | ||||||
Darden Restaurants, Inc. | 879 | 120,713 | ||||||
Domino's Pizza, Inc. | 34 | 11,781 | ||||||
Extended Stay America, Inc. | 1,154 | 18,568 | ||||||
Fiesta Restaurant Group, Inc.(1) | 301 | 4,593 | ||||||
GAN Ltd.(1) | 132 | 3,371 | ||||||
Golden Entertainment, Inc.(1) | 55 | 1,300 | ||||||
Hilton Grand Vacations, Inc.(1) | 244 | 9,640 | ||||||
Hilton Worldwide Holdings, Inc.(1) | 126 | 15,584 | ||||||
Hyatt Hotels Corp., Class A(1) | 74 | 6,508 |
168
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
International Game Technology plc | 277 | $ | 5,066 | |||||
Jack in the Box, Inc. | 49 | 5,015 | ||||||
Las Vegas Sands Corp. | 669 | 41,879 | ||||||
Marriott International, Inc., Class A(1) | 596 | 88,250 | ||||||
Marriott Vacations Worldwide Corp.(1) | 43 | 7,298 | ||||||
McDonald's Corp. | 563 | 116,057 | ||||||
MGM Resorts International | 721 | 27,247 | ||||||
Monarch Casino & Resort, Inc.(1) | 67 | 4,533 | ||||||
Noodles & Co.(1) | 696 | 6,570 | ||||||
Norwegian Cruise Line Holdings Ltd.(1) | 1,105 | 32,664 | ||||||
Papa John's International, Inc. | 62 | 5,592 | ||||||
Penn National Gaming, Inc.(1) | 779 | 90,193 | ||||||
Planet Fitness, Inc., Class A(1) | 105 | 9,039 | ||||||
Playa Hotels & Resorts NV(1) | 945 | 6,776 | ||||||
Red Robin Gourmet Burgers, Inc.(1) | 1 | 31 | ||||||
Red Rock Resorts, Inc., Class A | 429 | 12,943 | ||||||
Royal Caribbean Cruises Ltd. | 447 | 41,692 | ||||||
Ruth's Hospitality Group, Inc. | 332 | 7,571 | ||||||
Scientific Games Corp., Class A(1) | 121 | 5,666 | ||||||
SeaWorld Entertainment, Inc.(1) | 273 | 13,557 | ||||||
Shake Shack, Inc., Class A(1) | 95 | 11,256 | ||||||
Six Flags Entertainment Corp. | 148 | 6,601 | ||||||
Starbucks Corp. | 1,010 | 109,110 | ||||||
Texas Roadhouse, Inc. | 415 | 37,715 | ||||||
Travel + Leisure Co. | 119 | 7,191 | ||||||
Vail Resorts, Inc. | 48 | 14,841 | ||||||
Wendy's Co. (The) | 255 | 5,210 | ||||||
Wingstop, Inc. | 31 | 4,221 | ||||||
Wyndham Hotels & Resorts, Inc. | 18 | 1,175 | ||||||
Wynn Resorts Ltd.(1) | 211 | 27,795 | ||||||
Yum! Brands, Inc. | 226 | 23,398 | ||||||
1,267,641 | ||||||||
Household Durables — 1.2% | ||||||||
Beazer Homes USA, Inc.(1) | 466 | 8,234 | ||||||
Cavco Industries, Inc.(1) | 53 | 11,178 | ||||||
Century Communities, Inc.(1) | 250 | 13,833 | ||||||
D.R. Horton, Inc. | 1,097 | 84,326 | ||||||
Ethan Allen Interiors, Inc. | 236 | 6,046 | ||||||
Garmin Ltd. | 428 | 53,081 | ||||||
Green Brick Partners, Inc.(1) | 236 | 4,656 | ||||||
Helen of Troy Ltd.(1) | 108 | 23,414 | ||||||
Hooker Furniture Corp. | 146 | 4,936 | ||||||
Installed Building Products, Inc.(1) | 71 | 7,765 | ||||||
iRobot Corp.(1) | 55 | 6,826 | ||||||
KB Home | 624 | 25,197 | ||||||
La-Z-Boy, Inc. | 450 | 19,175 | ||||||
Leggett & Platt, Inc. | 287 | 12,418 | ||||||
Lennar Corp., Class B | 63 | 4,168 | ||||||
Lennar Corp., Class A | 882 | 73,180 | ||||||
LGI Homes, Inc.(1) | 118 | 12,892 | ||||||
Lovesac Co. (The)(1) | 124 | 7,154 |
169
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
M.D.C. Holdings, Inc. | 139 | $ | 7,863 | |||||
M/I Homes, Inc.(1) | 207 | 10,329 | ||||||
Meritage Homes Corp.(1) | 281 | 23,691 | ||||||
Mohawk Industries, Inc.(1) | 437 | 76,471 | ||||||
Newell Brands, Inc. | 1,040 | 24,097 | ||||||
NVR, Inc.(1) | 17 | 76,514 | ||||||
PulteGroup, Inc. | 1,602 | 72,266 | ||||||
Purple Innovation, Inc.(1) | 431 | 15,856 | ||||||
Skyline Champion Corp.(1) | 171 | 7,567 | ||||||
Sonos, Inc.(1) | 1,165 | 45,365 | ||||||
Taylor Morrison Home Corp.(1) | 611 | 16,809 | ||||||
Tempur Sealy International, Inc. | 504 | 16,839 | ||||||
Toll Brothers, Inc. | 514 | 27,458 | ||||||
TopBuild Corp.(1) | 38 | 7,236 | ||||||
Tri Pointe Homes, Inc.(1) | 1,034 | 19,646 | ||||||
Turtle Beach Corp.(1) | 208 | 6,219 | ||||||
Universal Electronics, Inc.(1) | 86 | 5,004 | ||||||
Whirlpool Corp. | 393 | 74,701 | ||||||
912,410 | ||||||||
Household Products — 0.7% | ||||||||
Central Garden & Pet Co., Class A(1) | 153 | 6,351 | ||||||
Church & Dwight Co., Inc. | 351 | 27,641 | ||||||
Clorox Co. (The) | 292 | 52,867 | ||||||
Colgate-Palmolive Co. | 1,692 | 127,239 | ||||||
Energizer Holdings, Inc. | 128 | 5,351 | ||||||
Kimberly-Clark Corp. | 464 | 59,545 | ||||||
Procter & Gamble Co. (The) | 1,919 | 237,054 | ||||||
Reynolds Consumer Products, Inc. | 84 | 2,319 | ||||||
Spectrum Brands Holdings, Inc. | 77 | 5,971 | ||||||
WD-40 Co. | 43 | 13,405 | ||||||
537,743 | ||||||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
AES Corp. (The) | 4,257 | 113,066 | ||||||
Brookfield Renewable Corp., Class A | 231 | 10,668 | ||||||
Clearway Energy, Inc., Class A | 132 | 3,452 | ||||||
Clearway Energy, Inc., Class C | 379 | 10,407 | ||||||
NextEra Energy Partners LP | 307 | 22,300 | ||||||
Ormat Technologies, Inc. | 201 | 17,220 | ||||||
Sunnova Energy International, Inc.(1) | 262 | 11,748 | ||||||
Vistra Corp. | 3,358 | 57,925 | ||||||
246,786 | ||||||||
Industrial Conglomerates — 0.7% | ||||||||
3M Co. | 756 | 132,345 | ||||||
Carlisle Cos., Inc. | 236 | 34,279 | ||||||
General Electric Co. | 10,724 | 134,479 | ||||||
Honeywell International, Inc. | 800 | 161,880 | ||||||
Raven Industries, Inc. | 212 | 8,311 | ||||||
Roper Technologies, Inc. | 55 | 20,769 | ||||||
492,063 |
170
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Insurance — 3.2% | ||||||||
Aflac, Inc. | 2,209 | $ | 105,789 | |||||
Alleghany Corp. | 48 | 31,029 | ||||||
Allstate Corp. (The) | 1,345 | 143,377 | ||||||
Ambac Financial Group, Inc.(1) | 53 | 898 | ||||||
American Equity Investment Life Holding Co. | 684 | 18,899 | ||||||
American Financial Group, Inc. | 418 | 44,601 | ||||||
American International Group, Inc. | 2,956 | 129,916 | ||||||
American National Group, Inc. | 42 | 3,781 | ||||||
AMERISAFE, Inc. | 104 | 6,086 | ||||||
Aon plc, Class A | 355 | 80,837 | ||||||
Arch Capital Group Ltd.(1) | 1,329 | 47,605 | ||||||
Argo Group International Holdings Ltd. | 156 | 7,209 | ||||||
Arthur J. Gallagher & Co. | 148 | 17,730 | ||||||
Assurant, Inc. | 213 | 26,246 | ||||||
Assured Guaranty Ltd. | 455 | 20,120 | ||||||
Athene Holding Ltd., Class A(1) | 496 | 22,613 | ||||||
Axis Capital Holdings Ltd. | 302 | 15,260 | ||||||
Brighthouse Financial, Inc.(1) | 476 | 18,988 | ||||||
Brown & Brown, Inc. | 211 | 9,685 | ||||||
Chubb Ltd. | 716 | 116,407 | ||||||
Cincinnati Financial Corp. | 476 | 46,586 | ||||||
CNA Financial Corp. | 141 | 5,998 | ||||||
CNO Financial Group, Inc. | 927 | 22,304 | ||||||
Employers Holdings, Inc. | 102 | 3,396 | ||||||
Enstar Group Ltd.(1) | 55 | 11,692 | ||||||
Erie Indemnity Co., Class A | 109 | 26,389 | ||||||
Everest Re Group Ltd. | 115 | 27,808 | ||||||
FBL Financial Group, Inc., Class A | 74 | 4,221 | ||||||
Fidelity National Financial, Inc. | 1,828 | 69,976 | ||||||
First American Financial Corp. | 471 | 24,746 | ||||||
Genworth Financial, Inc., Class A(1) | 2,939 | 9,170 | ||||||
Globe Life, Inc. | 475 | 44,365 | ||||||
Goosehead Insurance, Inc., Class A | 43 | 5,570 | ||||||
Hanover Insurance Group, Inc. (The) | 169 | 19,494 | ||||||
Hartford Financial Services Group, Inc. (The) | 2,084 | 105,638 | ||||||
HCI Group, Inc. | 51 | 2,951 | ||||||
Horace Mann Educators Corp. | 149 | 5,742 | ||||||
James River Group Holdings Ltd. | 157 | 7,208 | ||||||
Kemper Corp. | 210 | 15,880 | ||||||
Kinsale Capital Group, Inc. | 61 | 10,740 | ||||||
Lemonade, Inc.(1)(2) | 106 | 13,334 | ||||||
Lincoln National Corp. | 742 | 42,198 | ||||||
Loews Corp. | 784 | 37,483 | ||||||
Markel Corp.(1) | 23 | 25,042 | ||||||
Marsh & McLennan Cos., Inc. | 334 | 38,483 | ||||||
MBIA, Inc.(1) | 105 | 767 | ||||||
Mercury General Corp. | 207 | 12,089 | ||||||
MetLife, Inc. | 1,651 | 95,098 | ||||||
National Western Life Group, Inc., Class A | 6 | 1,253 | ||||||
Old Republic International Corp. | 1,406 | 27,178 |
171
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Palomar Holdings, Inc.(1) | 19 | $ | 1,617 | |||||
Primerica, Inc. | 239 | 33,754 | ||||||
Principal Financial Group, Inc. | 982 | 55,562 | ||||||
ProAssurance Corp. | 237 | 5,866 | ||||||
Progressive Corp. (The) | 2,248 | 193,216 | ||||||
Prudential Financial, Inc. | 1,225 | 106,232 | ||||||
Reinsurance Group of America, Inc. | 284 | 34,713 | ||||||
RenaissanceRe Holdings Ltd. | 134 | 22,375 | ||||||
RLI Corp. | 126 | 13,147 | ||||||
Safety Insurance Group, Inc. | 116 | 9,173 | ||||||
Selective Insurance Group, Inc. | 280 | 18,992 | ||||||
SelectQuote, Inc.(1) | 403 | 12,291 | ||||||
Stewart Information Services Corp. | 183 | 8,638 | ||||||
Third Point Reinsurance Ltd.(1) | 421 | 4,298 | ||||||
Travelers Cos., Inc. (The) | 1,123 | 163,396 | ||||||
Trupanion, Inc.(1) | 42 | 4,064 | ||||||
United Fire Group, Inc. | 16 | 471 | ||||||
Unum Group | 1,141 | 30,214 | ||||||
Watford Holdings Ltd.(1) | 197 | 6,822 | ||||||
White Mountains Insurance Group Ltd. | 13 | 15,536 | ||||||
Willis Towers Watson plc | 81 | 17,872 | ||||||
WR Berkley Corp. | 381 | 26,415 | ||||||
2,414,539 | ||||||||
Interactive Media and Services — 3.7% | ||||||||
Alphabet, Inc., Class A(1) | 428 | 865,377 | ||||||
Alphabet, Inc., Class C(1) | 407 | 829,002 | ||||||
ANGI Homeservices, Inc., Class A(1) | 184 | 2,750 | ||||||
Cargurus, Inc.(1) | 354 | 9,186 | ||||||
Cars.com, Inc.(1) | 79 | 922 | ||||||
Eventbrite, Inc., Class A(1) | 221 | 4,391 | ||||||
Facebook, Inc., Class A(1) | 2,638 | 679,602 | ||||||
IAC/InterActiveCorp(1) | 271 | 66,349 | ||||||
Match Group, Inc.(1) | 236 | 36,073 | ||||||
Pinterest, Inc., Class A(1) | 601 | 48,429 | ||||||
Snap, Inc., Class A(1) | 1,063 | 69,797 | ||||||
TripAdvisor, Inc.(1) | 227 | 11,264 | ||||||
Twitter, Inc.(1) | 1,354 | 104,339 | ||||||
Yelp, Inc.(1) | 295 | 11,124 | ||||||
Zillow Group, Inc., Class A(1) | 82 | 13,925 | ||||||
Zillow Group, Inc., Class C(1) | 231 | 37,267 | ||||||
2,789,797 | ||||||||
Internet and Direct Marketing Retail — 3.2% | ||||||||
1-800-Flowers.com, Inc., Class A(1) | 194 | 5,486 | ||||||
Amazon.com, Inc.(1) | 633 | 1,957,825 | ||||||
Booking Holdings, Inc.(1) | 63 | 146,696 | ||||||
eBay, Inc. | 1,151 | 64,940 | ||||||
Etsy, Inc.(1) | 392 | 86,346 | ||||||
Expedia Group, Inc. | 77 | 12,397 | ||||||
Grubhub, Inc.(1) | 158 | 10,123 | ||||||
Lands' End, Inc.(1) | 165 | 5,452 | ||||||
Liquidity Services, Inc.(1) | 237 | 3,700 |
172
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Magnite, Inc.(1) | 291 | $ | 14,221 | |||||
MercadoLibre, Inc.(1) | 40 | 65,524 | ||||||
PetMed Express, Inc. | 134 | 4,651 | ||||||
Quotient Technology, Inc.(1) | 315 | 4,227 | ||||||
Qurate Retail, Inc., Series A | 824 | 10,234 | ||||||
Revolve Group, Inc.(1) | 188 | 8,667 | ||||||
Shutterstock, Inc. | 118 | 10,411 | ||||||
Stamps.com, Inc.(1) | 41 | 7,459 | ||||||
Stitch Fix, Inc., Class A(1) | 127 | 9,691 | ||||||
Wayfair, Inc., Class A(1) | 60 | 17,339 | ||||||
2,445,389 | ||||||||
IT Services — 4.2% | ||||||||
Accenture plc, Class A | 1,555 | 390,149 | ||||||
Akamai Technologies, Inc.(1) | 359 | 33,925 | ||||||
Alliance Data Systems Corp. | 485 | 46,802 | ||||||
Amdocs Ltd. | 420 | 31,840 | ||||||
Automatic Data Processing, Inc. | 882 | 153,486 | ||||||
Black Knight, Inc.(1) | 116 | 8,896 | ||||||
BM Technologies, Inc.(1) | 51 | 643 | ||||||
Broadridge Financial Solutions, Inc. | 255 | 36,335 | ||||||
Cardtronics plc, Class A(1) | 24 | 925 | ||||||
Cass Information Systems, Inc. | 18 | 775 | ||||||
Cognizant Technology Solutions Corp., Class A | 1,766 | 129,766 | ||||||
Concentrix Corp.(1) | 264 | 32,607 | ||||||
CSG Systems International, Inc. | 193 | 8,907 | ||||||
DXC Technology Co. | 2,183 | 55,055 | ||||||
EPAM Systems, Inc.(1) | 130 | 48,569 | ||||||
Euronet Worldwide, Inc.(1) | 131 | 19,691 | ||||||
EVERTEC, Inc. | 149 | 5,796 | ||||||
ExlService Holdings, Inc.(1) | 139 | 11,762 | ||||||
Fastly, Inc., Class A(1)(2) | 96 | 7,064 | ||||||
Fidelity National Information Services, Inc. | 270 | 37,260 | ||||||
Fiserv, Inc.(1) | 365 | 42,110 | ||||||
FleetCor Technologies, Inc.(1) | 124 | 34,386 | ||||||
Gartner, Inc.(1) | 205 | 36,703 | ||||||
Genpact Ltd. | 276 | 11,161 | ||||||
Global Payments, Inc. | 316 | 62,565 | ||||||
GoDaddy, Inc., Class A(1) | 238 | 19,307 | ||||||
International Business Machines Corp. | 927 | 110,248 | ||||||
International Money Express, Inc.(1) | 272 | 4,007 | ||||||
Jack Henry & Associates, Inc. | 200 | 29,688 | ||||||
LiveRamp Holdings, Inc.(1) | 174 | 10,990 | ||||||
Mastercard, Inc., Class A | 1,103 | 390,296 | ||||||
MAXIMUS, Inc. | 195 | 15,850 | ||||||
MongoDB, Inc.(1) | 31 | 11,964 | ||||||
NIC, Inc. | 474 | 16,452 | ||||||
Okta, Inc.(1) | 76 | 19,870 | ||||||
Paychex, Inc. | 713 | 64,933 | ||||||
PayPal Holdings, Inc.(1) | 2,420 | 628,837 | ||||||
Perficient, Inc.(1) | 80 | 4,455 | ||||||
Perspecta, Inc. | 258 | 7,534 |
173
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Shift4 Payments, Inc., Class A(1) | 62 | $ | 4,743 | |||||
Snowflake, Inc., Class A(1) | 44 | 11,420 | ||||||
Square, Inc., Class A(1) | 285 | 65,559 | ||||||
Switch, Inc., Class A | 328 | 5,687 | ||||||
Sykes Enterprises, Inc.(1) | 284 | 11,604 | ||||||
TTEC Holdings, Inc. | 119 | 10,013 | ||||||
Tucows, Inc., Class A(1) | 51 | 4,030 | ||||||
Twilio, Inc., Class A(1) | 162 | 63,647 | ||||||
Unisys Corp.(1) | 191 | 4,689 | ||||||
VeriSign, Inc.(1) | 88 | 17,075 | ||||||
Visa, Inc., Class A | 1,772 | 376,355 | ||||||
Western Union Co. (The) | 989 | 22,965 | ||||||
WEX, Inc.(1) | 80 | 16,668 | ||||||
3,196,064 | ||||||||
Leisure Products — 0.5% | ||||||||
Acushnet Holdings Corp. | 260 | 10,977 | ||||||
American Outdoor Brands, Inc.(1) | 63 | 1,261 | ||||||
Brunswick Corp. | 603 | 53,287 | ||||||
Callaway Golf Co. | 384 | 10,733 | ||||||
Hasbro, Inc. | 107 | 10,027 | ||||||
Johnson Outdoors, Inc., Class A | 43 | 5,189 | ||||||
Malibu Boats, Inc., Class A(1) | 168 | 12,523 | ||||||
MasterCraft Boat Holdings, Inc.(1) | 188 | 4,818 | ||||||
Mattel, Inc.(1) | 1,132 | 22,866 | ||||||
Nautilus, Inc.(1) | 316 | 5,818 | ||||||
Peloton Interactive, Inc., Class A(1) | 878 | 105,773 | ||||||
Polaris, Inc. | 358 | 42,158 | ||||||
Smith & Wesson Brands, Inc. | 568 | 9,775 | ||||||
Sturm Ruger & Co., Inc. | 94 | 6,411 | ||||||
Vista Outdoor, Inc.(1) | 620 | 19,598 | ||||||
YETI Holdings, Inc.(1) | 534 | 36,723 | ||||||
357,937 | ||||||||
Life Sciences Tools and Services — 0.9% | ||||||||
10X Genomics, Inc., Class A(1) | 52 | 9,255 | ||||||
Adaptive Biotechnologies Corp.(1) | 381 | 21,553 | ||||||
Agilent Technologies, Inc. | 328 | 40,039 | ||||||
Avantor, Inc.(1) | 871 | 24,275 | ||||||
Berkeley Lights, Inc.(1) | 64 | 3,966 | ||||||
Bio-Rad Laboratories, Inc., Class A(1) | 46 | 26,887 | ||||||
Bio-Techne Corp. | 68 | 24,595 | ||||||
Bruker Corp. | 474 | 28,904 | ||||||
Charles River Laboratories International, Inc.(1) | 76 | 21,747 | ||||||
Codexis, Inc.(1) | 180 | 3,980 | ||||||
Fluidigm Corp.(1) | 380 | 1,748 | ||||||
Illumina, Inc.(1) | 244 | 107,216 | ||||||
IQVIA Holdings, Inc.(1) | 171 | 32,967 | ||||||
Luminex Corp. | 105 | 3,415 | ||||||
Medpace Holdings, Inc.(1) | 47 | 7,634 | ||||||
Mettler-Toledo International, Inc.(1) | 78 | 87,052 | ||||||
NeoGenomics, Inc.(1) | 104 | 5,301 | ||||||
PerkinElmer, Inc. | 122 | 15,383 |
174
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
PRA Health Sciences, Inc.(1) | 50 | $ | 7,370 | |||||
Repligen Corp.(1) | 77 | 16,354 | ||||||
Syneos Health, Inc.(1) | 19 | 1,470 | ||||||
Thermo Fisher Scientific, Inc. | 345 | 155,277 | ||||||
Waters Corp.(1) | 45 | 12,325 | ||||||
658,713 | ||||||||
Machinery — 3.2% | ||||||||
AGCO Corp. | 521 | 67,459 | ||||||
Alamo Group, Inc. | 71 | 10,837 | ||||||
Albany International Corp., Class A | 291 | 23,004 | ||||||
Allison Transmission Holdings, Inc. | 367 | 13,917 | ||||||
Altra Industrial Motion Corp. | 163 | 9,441 | ||||||
Astec Industries, Inc. | 125 | 8,490 | ||||||
Barnes Group, Inc. | 262 | 13,716 | ||||||
Caterpillar, Inc. | 1,743 | 376,279 | ||||||
Chart Industries, Inc.(1) | 132 | 18,888 | ||||||
CIRCOR International, Inc.(1) | 209 | 7,442 | ||||||
Columbus McKinnon Corp. | 233 | 11,729 | ||||||
Commercial Vehicle Group, Inc.(1) | 534 | 4,907 | ||||||
Crane Co. | 19 | 1,593 | ||||||
Cummins, Inc. | 624 | 157,997 | ||||||
Deere & Co. | 1,048 | 365,878 | ||||||
Donaldson Co., Inc. | 815 | 48,012 | ||||||
Douglas Dynamics, Inc. | 207 | 9,973 | ||||||
Dover Corp. | 136 | 16,763 | ||||||
Energy Recovery, Inc.(1) | 341 | 6,002 | ||||||
Enerpac Tool Group Corp. | 189 | 4,668 | ||||||
EnPro Industries, Inc. | 166 | 13,336 | ||||||
ESCO Technologies, Inc. | 117 | 12,363 | ||||||
Evoqua Water Technologies Corp.(1) | 222 | 5,450 | ||||||
Federal Signal Corp. | 304 | 11,069 | ||||||
Flowserve Corp. | 628 | 23,236 | ||||||
Fortive Corp. | 167 | 10,992 | ||||||
Franklin Electric Co., Inc. | 293 | 21,993 | ||||||
Gorman-Rupp Co. (The) | 133 | 4,255 | ||||||
Graco, Inc. | 789 | 54,717 | ||||||
Greenbrier Cos., Inc. (The) | 292 | 13,739 | ||||||
Helios Technologies, Inc. | 112 | 7,325 | ||||||
Hillenbrand, Inc. | 142 | 6,597 | ||||||
Hyster-Yale Materials Handling, Inc. | 83 | 7,101 | ||||||
IDEX Corp. | 137 | 26,738 | ||||||
Illinois Tool Works, Inc. | 514 | 103,921 | ||||||
Ingersoll Rand, Inc.(1) | 662 | 30,677 | ||||||
ITT, Inc. | 507 | 42,071 | ||||||
John Bean Technologies Corp. | 92 | 13,576 | ||||||
Kadant, Inc. | 50 | 8,700 | ||||||
Kennametal, Inc. | 521 | 19,465 | ||||||
Lincoln Electric Holdings, Inc. | 418 | 49,370 | ||||||
Lindsay Corp. | 66 | 10,576 | ||||||
Lydall, Inc.(1) | 301 | 10,484 | ||||||
Manitowoc Co., Inc. (The)(1) | 304 | 4,952 |
175
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Meritor, Inc.(1) | 244 | $ | 7,410 | |||||
Middleby Corp. (The)(1) | 60 | 8,785 | ||||||
Miller Industries, Inc. | 151 | 5,960 | ||||||
Mueller Industries, Inc. | 487 | 19,792 | ||||||
Mueller Water Products, Inc., Class A | 1,488 | 19,180 | ||||||
Navistar International Corp.(1) | 91 | 4,009 | ||||||
Nikola Corp.(1)(2) | 218 | 3,946 | ||||||
Nordson Corp. | 58 | 11,160 | ||||||
Oshkosh Corp. | 486 | 51,516 | ||||||
Otis Worldwide Corp. | 758 | 48,292 | ||||||
PACCAR, Inc. | 1,064 | 96,813 | ||||||
Parker-Hannifin Corp. | 99 | 28,409 | ||||||
Pentair plc | 229 | 12,808 | ||||||
Proto Labs, Inc.(1) | 71 | 10,343 | ||||||
RBC Bearings, Inc.(1) | 99 | 19,707 | ||||||
Rexnord Corp. | 160 | 7,192 | ||||||
Shyft Group, Inc. (The) | 429 | 14,110 | ||||||
Snap-on, Inc. | 329 | 66,823 | ||||||
SPX Corp.(1) | 112 | 6,226 | ||||||
SPX FLOW, Inc.(1) | 243 | 14,959 | ||||||
Standex International Corp. | 69 | 6,766 | ||||||
Stanley Black & Decker, Inc. | 102 | 17,834 | ||||||
Tennant Co. | 106 | 8,077 | ||||||
Terex Corp. | 673 | 27,714 | ||||||
Timken Co. (The) | 504 | 39,488 | ||||||
Titan International, Inc. | 669 | 5,533 | ||||||
Toro Co. (The) | 686 | 69,128 | ||||||
TriMas Corp.(1) | 434 | 14,578 | ||||||
Trinity Industries, Inc. | 739 | 23,722 | ||||||
Wabash National Corp. | 397 | 6,582 | ||||||
Watts Water Technologies, Inc., Class A | 103 | 11,751 | ||||||
Welbilt, Inc.(1) | 90 | 1,438 | ||||||
Westinghouse Air Brake Technologies Corp. | 369 | 26,727 | ||||||
Woodward, Inc. | 308 | 35,180 | ||||||
Xylem, Inc. | 219 | 21,804 | ||||||
2,463,460 | ||||||||
Marine — 0.1% | ||||||||
Costamare, Inc. | 645 | 6,224 | ||||||
Kirby Corp.(1) | 260 | 16,266 | ||||||
Matson, Inc. | 427 | 29,578 | ||||||
SEACOR Holdings, Inc.(1) | 24 | 1,020 | ||||||
53,088 | ||||||||
Media — 1.2% | ||||||||
Altice USA, Inc., Class A(1) | 842 | 28,300 | ||||||
AMC Networks, Inc., Class A(1) | 325 | 21,317 | ||||||
Cable One, Inc. | 26 | 49,786 | ||||||
Charter Communications, Inc., Class A(1) | 104 | 63,796 | ||||||
Comcast Corp., Class A | 6,828 | 359,972 | ||||||
Discovery, Inc., Class A(1)(2) | 173 | 9,174 | ||||||
Discovery, Inc., Class C(1) | 342 | 15,390 | ||||||
DISH Network Corp., Class A(1) | 830 | 26,153 |
176
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Entercom Communications Corp., Class A | 1,031 | $ | 4,609 | |||||
Fox Corp., Class A | 1,863 | 62,057 | ||||||
Fox Corp., Class B | 872 | 27,843 | ||||||
Gray Television, Inc.(1) | 840 | 15,246 | ||||||
Interpublic Group of Cos., Inc. (The) | 538 | 14,053 | ||||||
John Wiley & Sons, Inc., Class A | 69 | 3,635 | ||||||
Liberty Broadband Corp., Class A(1) | 32 | 4,652 | ||||||
Liberty Broadband Corp., Class C(1) | 365 | 54,571 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C(1) | 143 | 6,309 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A(1) | 20 | 888 | ||||||
Meredith Corp.(1) | 209 | 5,179 | ||||||
New York Times Co. (The), Class A | 736 | 37,661 | ||||||
News Corp., Class A | 1,503 | 35,245 | ||||||
News Corp., Class B | 398 | 9,122 | ||||||
Nexstar Media Group, Inc., Class A | 104 | 14,305 | ||||||
Omnicom Group, Inc. | 421 | 28,935 | ||||||
Scholastic Corp. | 27 | 778 | ||||||
Sirius XM Holdings, Inc.(2) | 772 | 4,516 | ||||||
TechTarget, Inc.(1) | 102 | 8,530 | ||||||
TEGNA, Inc. | 52 | 948 | ||||||
ViacomCBS, Inc., Class B | 458 | 29,536 | ||||||
942,506 | ||||||||
Metals and Mining — 1.0% | ||||||||
Alcoa Corp.(1) | 1,775 | 43,576 | ||||||
Allegheny Technologies, Inc.(1) | 1,330 | 26,148 | ||||||
Alpha Metallurgical Resources, Inc.(1) | 332 | 4,980 | ||||||
Arconic Corp.(1) | 564 | 12,363 | ||||||
Carpenter Technology Corp. | 467 | 18,988 | ||||||
Century Aluminum Co.(1) | 451 | 6,192 | ||||||
Cleveland-Cliffs, Inc. | 2,702 | 36,045 | ||||||
Coeur Mining, Inc.(1) | 1,527 | 13,758 | ||||||
Commercial Metals Co. | 772 | 19,416 | ||||||
Compass Minerals International, Inc. | 174 | 10,978 | ||||||
Freeport-McMoRan, Inc.(1) | 4,514 | 153,070 | ||||||
Hecla Mining Co. | 1,911 | 12,479 | ||||||
Kaiser Aluminum Corp. | 165 | 18,827 | ||||||
Materion Corp. | 76 | 5,204 | ||||||
Newmont Corp. | 1,471 | 79,993 | ||||||
Nucor Corp. | 1,765 | 105,582 | ||||||
Reliance Steel & Aluminum Co. | 439 | 58,036 | ||||||
Royal Gold, Inc. | 172 | 17,838 | ||||||
Schnitzer Steel Industries, Inc., Class A | 245 | 8,462 | ||||||
Steel Dynamics, Inc. | 1,496 | 62,204 | ||||||
SunCoke Energy, Inc. | 953 | 6,090 | ||||||
United States Steel Corp. | 1,247 | 20,713 | ||||||
Warrior Met Coal, Inc. | 343 | 6,575 | ||||||
Worthington Industries, Inc. | 178 | 11,372 | ||||||
758,889 | ||||||||
Multi-Utilities — 0.6% | ||||||||
Ameren Corp. | 730 | 51,297 | ||||||
Avista Corp. | 383 | 15,400 |
177
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Black Hills Corp. | 62 | $ | 3,668 | |||||
CenterPoint Energy, Inc. | 932 | 18,118 | ||||||
CMS Energy Corp. | 695 | 37,607 | ||||||
Consolidated Edison, Inc. | 569 | 37,355 | ||||||
Dominion Energy, Inc. | 598 | 40,855 | ||||||
DTE Energy Co. | 449 | 52,856 | ||||||
MDU Resources Group, Inc. | 857 | 24,082 | ||||||
NiSource, Inc. | 397 | 8,575 | ||||||
NorthWestern Corp. | 222 | 12,983 | ||||||
Public Service Enterprise Group, Inc. | 1,324 | 71,271 | ||||||
Sempra Energy | 330 | 38,273 | ||||||
Unitil Corp. | 117 | 4,895 | ||||||
WEC Energy Group, Inc. | 165 | 13,306 | ||||||
430,541 | ||||||||
Multiline Retail — 1.0% | ||||||||
Big Lots, Inc. | 345 | 21,921 | ||||||
Dillard's, Inc., Class A | 63 | 5,021 | ||||||
Dollar General Corp. | 807 | 152,515 | ||||||
Dollar Tree, Inc.(1) | 1,208 | 118,626 | ||||||
Kohl's Corp. | 1,406 | 77,681 | ||||||
Macy's, Inc. | 3,108 | 47,273 | ||||||
Ollie's Bargain Outlet Holdings, Inc.(1) | 135 | 11,162 | ||||||
Target Corp. | 1,881 | 345,051 | ||||||
779,250 | ||||||||
Oil, Gas and Consumable Fuels — 3.5% | ||||||||
Alto Ingredients, Inc.(1)(2) | 755 | 4,892 | ||||||
Antero Midstream Corp. | 1,690 | 14,906 | ||||||
Antero Resources Corp.(1) | 2,322 | 20,898 | ||||||
APA Corp. | 1,396 | 27,543 | ||||||
Arch Resources, Inc. | 99 | 4,744 | ||||||
Berry Corp. | 97 | 481 | ||||||
Bonanza Creek Energy, Inc.(1) | 162 | 5,173 | ||||||
Brigham Minerals, Inc., Class A | 234 | 3,349 | ||||||
Cabot Oil & Gas Corp. | 2,106 | 38,982 | ||||||
Callon Petroleum Co.(1) | 294 | 7,518 | ||||||
Centennial Resource Development, Inc., Class A(1) | 1,493 | 5,912 | ||||||
Cheniere Energy, Inc.(1) | 748 | 50,408 | ||||||
Chevron Corp. | 3,068 | 306,800 | ||||||
Cimarex Energy Co. | 943 | 54,685 | ||||||
Clean Energy Fuels Corp.(1) | 669 | 8,724 | ||||||
CNX Resources Corp.(1) | 1,161 | 14,640 | ||||||
Comstock Resources, Inc.(1) | 789 | 4,505 | ||||||
ConocoPhillips | 3,739 | 194,465 | ||||||
Continental Resources, Inc.(1) | 137 | 3,313 | ||||||
CVR Energy, Inc. | 183 | 4,041 | ||||||
Delek US Holdings, Inc. | 251 | 6,165 | ||||||
Devon Energy Corp. | 3,395 | 73,128 | ||||||
DHT Holdings, Inc. | 1,198 | 6,685 | ||||||
Diamondback Energy, Inc. | 1,062 | 73,575 | ||||||
Dorian LPG Ltd.(1) | 70 | 871 | ||||||
EnLink Midstream LLC(1) | 2,382 | 9,171 |
178
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
EOG Resources, Inc. | 2,621 | $ | 169,212 | |||||
EQT Corp. | 2,009 | 35,740 | ||||||
Equitrans Midstream Corp. | 2,016 | 14,576 | ||||||
Exxon Mobil Corp. | 5,415 | 294,414 | ||||||
Gevo, Inc.(1) | 907 | 8,807 | ||||||
Green Plains, Inc.(1) | 419 | 10,609 | ||||||
Hess Corp. | 1,065 | 69,789 | ||||||
HollyFrontier Corp. | 587 | 22,236 | ||||||
International Seaways, Inc. | 38 | 659 | ||||||
Kinder Morgan, Inc. | 2,070 | 30,429 | ||||||
Kosmos Energy Ltd. | 1,412 | 4,349 | ||||||
Laredo Petroleum, Inc.(1) | 149 | 4,856 | ||||||
Magnolia Oil & Gas Corp., Class A(1) | 271 | 3,268 | ||||||
Marathon Oil Corp. | 5,210 | 57,831 | ||||||
Marathon Petroleum Corp. | 1,908 | 104,215 | ||||||
Matador Resources Co.(1) | 1,173 | 24,504 | ||||||
Murphy Oil Corp. | 500 | 8,165 | ||||||
Nordic American Tankers Ltd. | 931 | 2,765 | ||||||
Occidental Petroleum Corp. | 5,195 | 138,239 | ||||||
ONEOK, Inc. | 1,994 | 88,314 | ||||||
Ovintiv, Inc. | 2,368 | 54,630 | ||||||
Par Pacific Holdings, Inc.(1) | 356 | 6,291 | ||||||
PBF Energy, Inc., Class A(1) | 517 | 7,341 | ||||||
PDC Energy, Inc.(1) | 860 | 30,057 | ||||||
Phillips 66 | 997 | 82,801 | ||||||
Pioneer Natural Resources Co. | 637 | 94,639 | ||||||
QEP Resources, Inc. | 1,460 | 5,022 | ||||||
Range Resources Corp.(1) | 2,015 | 19,425 | ||||||
Renewable Energy Group, Inc.(1) | 391 | 30,408 | ||||||
Scorpio Tankers, Inc.(2) | 359 | 5,299 | ||||||
SFL Corp. Ltd. | 382 | 2,880 | ||||||
SM Energy Co. | 1,043 | 14,456 | ||||||
Southwestern Energy Co.(1) | 4,270 | 17,293 | ||||||
Talos Energy, Inc.(1) | 2 | 21 | ||||||
Targa Resources Corp. | 1,825 | 56,447 | ||||||
Teekay Tankers Ltd., Class A(1) | 2 | 25 | ||||||
Tellurian, Inc.(1) | 1,061 | 3,278 | ||||||
Valero Energy Corp. | 1,222 | 94,070 | ||||||
Viper Energy Partners LP | 290 | 4,547 | ||||||
Williams Cos., Inc. (The) | 3,757 | 85,810 | ||||||
World Fuel Services Corp. | 475 | 14,763 | ||||||
2,668,054 | ||||||||
Paper and Forest Products — 0.1% | ||||||||
Clearwater Paper Corp.(1) | 102 | 3,571 | ||||||
Domtar Corp. | 473 | 17,525 | ||||||
Glatfelter Corp. | 366 | 5,874 | ||||||
Louisiana-Pacific Corp. | 877 | 41,754 | ||||||
Mercer International, Inc. | 376 | 5,779 | ||||||
Neenah, Inc. | 151 | 8,353 | ||||||
Schweitzer-Mauduit International, Inc. | 238 | 11,115 |
179
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Verso Corp., Class A | 280 | $ | 3,500 | |||||
97,471 | ||||||||
Personal Products — 0.3% | ||||||||
BellRing Brands, Inc., Class A(1) | 86 | 1,954 | ||||||
Coty, Inc., Class A(1) | 226 | 1,733 | ||||||
Edgewell Personal Care Co. | 298 | 9,116 | ||||||
elf Beauty, Inc.(1) | 178 | 4,566 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 441 | 126,064 | ||||||
Herbalife Nutrition Ltd.(1) | 154 | 6,927 | ||||||
Inter Parfums, Inc. | 79 | 5,781 | ||||||
Medifast, Inc. | 115 | 29,094 | ||||||
Nu Skin Enterprises, Inc., Class A | 401 | 20,523 | ||||||
USANA Health Sciences, Inc.(1) | 104 | 10,094 | ||||||
215,852 | ||||||||
Pharmaceuticals — 2.8% | ||||||||
Aclaris Therapeutics, Inc.(1) | 217 | 4,835 | ||||||
Amneal Pharmaceuticals, Inc.(1) | 658 | 3,547 | ||||||
Amphastar Pharmaceuticals, Inc.(1) | 157 | 2,752 | ||||||
Bristol-Myers Squibb Co. | 4,885 | 299,597 | ||||||
Catalent, Inc.(1) | 140 | 15,919 | ||||||
Collegium Pharmaceutical, Inc.(1) | 225 | 5,308 | ||||||
Corcept Therapeutics, Inc.(1) | 1,017 | 25,578 | ||||||
Elanco Animal Health, Inc.(1) | 826 | 27,142 | ||||||
Eli Lilly and Co. | 1,275 | 261,235 | ||||||
Endo International plc(1) | 569 | 4,512 | ||||||
Horizon Therapeutics plc(1) | 508 | 46,182 | ||||||
Innoviva, Inc.(1) | 449 | 5,132 | ||||||
Intra-Cellular Therapies, Inc.(1) | 204 | 7,228 | ||||||
Jazz Pharmaceuticals plc(1) | 284 | 47,723 | ||||||
Johnson & Johnson | 4,325 | 685,340 | ||||||
Lannett Co., Inc.(1) | 110 | 667 | ||||||
Merck & Co., Inc. | 3,985 | 289,391 | ||||||
Nektar Therapeutics(1) | 498 | 11,300 | ||||||
Perrigo Co. plc | 312 | 12,592 | ||||||
Pfizer, Inc. | 3,051 | 102,178 | ||||||
Phibro Animal Health Corp., Class A | 137 | 2,955 | ||||||
Pliant Therapeutics, Inc.(1) | 173 | 5,725 | ||||||
Prestige Consumer Healthcare, Inc.(1) | 211 | 8,801 | ||||||
Reata Pharmaceuticals, Inc., Class A(1) | 1 | 122 | ||||||
Revance Therapeutics, Inc.(1) | 61 | 1,602 | ||||||
Royalty Pharma plc, Class A | 688 | 32,040 | ||||||
Supernus Pharmaceuticals, Inc.(1) | 492 | 13,220 | ||||||
Theravance Biopharma, Inc.(1) | 88 | 1,458 | ||||||
Viatris, Inc.(1) | 2,171 | 32,239 | ||||||
Zoetis, Inc. | 776 | 120,466 | ||||||
Zogenix, Inc.(1) | 21 | 445 | ||||||
Zomedica Corp.(1)(2) | 5,705 | 10,668 | ||||||
2,087,899 | ||||||||
Professional Services — 0.7% | ||||||||
ASGN, Inc.(1) | 52 | 4,834 | ||||||
Barrett Business Services, Inc. | 11 | 783 |
180
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Booz Allen Hamilton Holding Corp. | 372 | $ | 28,696 | |||||
CACI International, Inc., Class A(1) | 15 | 3,320 | ||||||
CBIZ, Inc.(1) | 150 | 4,523 | ||||||
CoreLogic, Inc. | 115 | 9,736 | ||||||
CoStar Group, Inc.(1) | 47 | 38,717 | ||||||
CRA International, Inc. | 104 | 5,738 | ||||||
Equifax, Inc. | 218 | 35,290 | ||||||
Exponent, Inc. | 230 | 22,188 | ||||||
Franklin Covey Co.(1) | 178 | 4,576 | ||||||
FTI Consulting, Inc.(1) | 60 | 6,873 | ||||||
Heidrick & Struggles International, Inc. | 136 | 4,881 | ||||||
ICF International, Inc. | 43 | 3,588 | ||||||
IHS Markit Ltd. | 195 | 17,581 | ||||||
Insperity, Inc. | 228 | 20,224 | ||||||
Jacobs Engineering Group, Inc. | 84 | 9,667 | ||||||
KBR, Inc. | 416 | 12,896 | ||||||
Kelly Services, Inc., Class A(1) | 331 | 6,891 | ||||||
Kforce, Inc. | 238 | 12,221 | ||||||
Korn Ferry | 495 | 30,467 | ||||||
Leidos Holdings, Inc. | 119 | 10,526 | ||||||
ManpowerGroup, Inc. | 462 | 43,631 | ||||||
ManTech International Corp., Class A | 101 | 7,894 | ||||||
Nielsen Holdings plc | 284 | 6,364 | ||||||
Robert Half International, Inc. | 782 | 60,832 | ||||||
Science Applications International Corp. | 73 | 6,287 | ||||||
TransUnion | 179 | 15,074 | ||||||
TriNet Group, Inc.(1) | 277 | 22,235 | ||||||
TrueBlue, Inc.(1) | 372 | 7,749 | ||||||
Upwork, Inc.(1) | 127 | 6,843 | ||||||
Verisk Analytics, Inc. | 222 | 36,375 | ||||||
507,500 | ||||||||
Real Estate Management and Development — 0.4% | ||||||||
CBRE Group, Inc., Class A(1) | 1,436 | 108,806 | ||||||
Cushman & Wakefield plc(1) | 257 | 3,978 | ||||||
eXp World Holdings, Inc.(1) | 176 | 10,629 | ||||||
FRP Holdings, Inc.(1) | 20 | 903 | ||||||
Howard Hughes Corp. (The)(1) | 143 | 13,566 | ||||||
Jones Lang LaSalle, Inc.(1) | 321 | 55,847 | ||||||
Kennedy-Wilson Holdings, Inc. | 473 | 8,873 | ||||||
Marcus & Millichap, Inc.(1) | 133 | 5,037 | ||||||
Newmark Group, Inc., Class A | 883 | 8,848 | ||||||
RE/MAX Holdings, Inc., Class A | 151 | 6,300 | ||||||
Realogy Holdings Corp.(1) | 297 | 4,479 | ||||||
Redfin Corp.(1) | 809 | 61,274 | ||||||
St. Joe Co. (The) | 156 | 7,851 | ||||||
296,391 | ||||||||
Road and Rail — 1.9% | ||||||||
AMERCO | 48 | 27,587 | ||||||
ArcBest Corp. | 290 | 17,107 | ||||||
Avis Budget Group, Inc.(1) | 174 | 9,666 | ||||||
Covenant Logistics Group, Inc., Class A(1) | 158 | 2,872 |
181
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
CSX Corp. | 2,739 | $ | 250,755 | |||||
Heartland Express, Inc. | 232 | 4,222 | ||||||
J.B. Hunt Transport Services, Inc. | 511 | 75,051 | ||||||
Kansas City Southern | 504 | 107,019 | ||||||
Knight-Swift Transportation Holdings, Inc. | 428 | 18,490 | ||||||
Landstar System, Inc. | 261 | 41,797 | ||||||
Lyft, Inc., Class A(1) | 304 | 16,933 | ||||||
Marten Transport Ltd. | 469 | 7,588 | ||||||
Norfolk Southern Corp. | 721 | 181,735 | ||||||
Old Dominion Freight Line, Inc. | 473 | 101,586 | ||||||
Ryder System, Inc. | 456 | 30,903 | ||||||
Saia, Inc.(1) | 226 | 45,320 | ||||||
Schneider National, Inc., Class B | 267 | 6,176 | ||||||
Uber Technologies, Inc.(1) | 1,203 | 62,255 | ||||||
Union Pacific Corp. | 1,851 | 381,232 | ||||||
US Xpress Enterprises, Inc., Class A(1) | 274 | 2,535 | ||||||
Werner Enterprises, Inc. | 423 | 18,155 | ||||||
1,408,984 | ||||||||
Semiconductors and Semiconductor Equipment — 5.3% | ||||||||
Advanced Energy Industries, Inc. | 265 | 27,679 | ||||||
Advanced Micro Devices, Inc.(1) | 1,328 | 112,229 | ||||||
Alpha & Omega Semiconductor Ltd.(1) | 236 | 8,305 | ||||||
Ambarella, Inc.(1) | 132 | 14,849 | ||||||
Amkor Technology, Inc. | 485 | 11,587 | ||||||
Analog Devices, Inc. | 307 | 47,837 | ||||||
Applied Materials, Inc. | 2,594 | 306,585 | ||||||
Axcelis Technologies, Inc.(1) | 176 | 6,489 | ||||||
Broadcom, Inc. | 439 | 206,273 | ||||||
Brooks Automation, Inc. | 199 | 16,549 | ||||||
CEVA, Inc.(1) | 78 | 4,776 | ||||||
Cirrus Logic, Inc.(1) | 257 | 21,017 | ||||||
CMC Materials, Inc. | 83 | 14,151 | ||||||
Cohu, Inc.(1) | 432 | 18,770 | ||||||
Cree, Inc.(1) | 315 | 35,740 | ||||||
Diodes, Inc.(1) | 201 | 15,783 | ||||||
Enphase Energy, Inc.(1) | 297 | 52,290 | ||||||
Entegris, Inc. | 375 | 39,454 | ||||||
First Solar, Inc.(1) | 530 | 42,941 | ||||||
FormFactor, Inc.(1) | 388 | 17,604 | ||||||
Inphi Corp.(1) | 46 | 7,571 | ||||||
Intel Corp. | 8,012 | 486,969 | ||||||
KLA Corp. | 363 | 112,976 | ||||||
Kulicke & Soffa Industries, Inc. | 276 | 13,761 | ||||||
Lam Research Corp. | 422 | 239,354 | ||||||
Lattice Semiconductor Corp.(1) | 187 | 8,998 | ||||||
MACOM Technology Solutions Holdings, Inc.(1) | 105 | 6,757 | ||||||
MagnaChip Semiconductor Corp.(1) | 363 | 6,784 | ||||||
Marvell Technology Group Ltd. | 1,013 | 48,908 | ||||||
Maxim Integrated Products, Inc. | 1,014 | 94,474 | ||||||
Microchip Technology, Inc. | 267 | 40,752 | ||||||
Micron Technology, Inc.(1) | 3,613 | 330,698 |
182
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
MKS Instruments, Inc. | 210 | $ | 34,629 | |||||
Monolithic Power Systems, Inc. | 86 | 32,209 | ||||||
NeoPhotonics Corp.(1) | 423 | 4,065 | ||||||
NVIDIA Corp. | 547 | 300,073 | ||||||
NXP Semiconductors NV | 376 | 68,639 | ||||||
ON Semiconductor Corp.(1) | 1,484 | 59,761 | ||||||
Onto Innovation, Inc.(1) | 175 | 10,930 | ||||||
PDF Solutions, Inc.(1) | 158 | 2,901 | ||||||
Photronics, Inc.(1) | 344 | 4,097 | ||||||
Power Integrations, Inc. | 223 | 19,706 | ||||||
Qorvo, Inc.(1) | 405 | 70,766 | ||||||
QUALCOMM, Inc. | 1,893 | 257,808 | ||||||
Rambus, Inc.(1) | 310 | 6,504 | ||||||
Semtech Corp.(1) | 111 | 8,137 | ||||||
Silicon Laboratories, Inc.(1) | 124 | 19,312 | ||||||
SiTime Corp.(1) | 38 | 3,702 | ||||||
Skyworks Solutions, Inc. | 586 | 104,203 | ||||||
SMART Global Holdings, Inc.(1) | 155 | 7,237 | ||||||
SolarEdge Technologies, Inc.(1) | 177 | 52,801 | ||||||
Synaptics, Inc.(1) | 197 | 26,404 | ||||||
Teradyne, Inc. | 826 | 106,232 | ||||||
Texas Instruments, Inc. | 1,519 | 261,678 | ||||||
Ultra Clean Holdings, Inc.(1) | 244 | 11,317 | ||||||
Universal Display Corp. | 83 | 17,570 | ||||||
Veeco Instruments, Inc.(1) | 245 | 5,267 | ||||||
Xilinx, Inc. | 822 | 107,107 | ||||||
4,021,965 | ||||||||
Software — 6.4% | ||||||||
2U, Inc.(1) | 215 | 8,520 | ||||||
8x8, Inc.(1) | 141 | 4,824 | ||||||
A10 Networks, Inc.(1) | 662 | 6,183 | ||||||
ACI Worldwide, Inc.(1) | 88 | 3,367 | ||||||
Adobe, Inc.(1) | 435 | 199,956 | ||||||
Alarm.com Holdings, Inc.(1) | 168 | 14,764 | ||||||
Alteryx, Inc., Class A(1) | 79 | 7,552 | ||||||
American Software, Inc., Class A | 149 | 3,010 | ||||||
Anaplan, Inc.(1) | 81 | 5,264 | ||||||
ANSYS, Inc.(1) | 79 | 26,938 | ||||||
Appfolio, Inc., Class A(1) | 12 | 1,968 | ||||||
Appian Corp.(1)(2) | 40 | 6,876 | ||||||
Aspen Technology, Inc.(1) | 427 | 64,268 | ||||||
Autodesk, Inc.(1) | 503 | 138,828 | ||||||
Avalara, Inc.(1) | 107 | 16,793 | ||||||
Avaya Holdings Corp.(1) | 357 | 10,592 | ||||||
Bill.com Holdings, Inc.(1) | 129 | 21,286 | ||||||
Blackbaud, Inc.(1) | 48 | 3,303 | ||||||
Blackline, Inc.(1) | 37 | 4,589 | ||||||
Bottomline Technologies de, Inc.(1) | 113 | 5,071 | ||||||
Cadence Design Systems, Inc.(1) | 522 | 73,649 | ||||||
CDK Global, Inc. | 109 | 5,465 | ||||||
Ceridian HCM Holding, Inc.(1) | 67 | 6,007 |
183
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
ChannelAdvisor Corp.(1) | 197 | $ | 4,452 | |||||
Citrix Systems, Inc. | 139 | 18,568 | ||||||
Cloudera, Inc.(1) | 707 | 11,411 | ||||||
Cloudflare, Inc., Class A(1) | 189 | 13,980 | ||||||
CommVault Systems, Inc.(1) | 112 | 7,138 | ||||||
Cornerstone OnDemand, Inc.(1) | 81 | 4,092 | ||||||
Coupa Software, Inc.(1) | 40 | 13,850 | ||||||
Crowdstrike Holdings, Inc., Class A(1) | 265 | 57,240 | ||||||
Datadog, Inc., Class A(1) | 145 | 13,834 | ||||||
Digital Turbine, Inc.(1) | 276 | 22,789 | ||||||
DocuSign, Inc.(1) | 111 | 25,159 | ||||||
Domo, Inc., Class B(1) | 70 | 4,461 | ||||||
Dropbox, Inc., Class A(1) | 1,188 | 26,784 | ||||||
Duck Creek Technologies, Inc.(1) | 85 | 4,021 | ||||||
Dynatrace, Inc.(1) | 102 | 5,076 | ||||||
Elastic NV(1) | 33 | 4,435 | ||||||
Envestnet, Inc.(1) | 56 | 3,585 | ||||||
Fair Isaac Corp.(1) | 67 | 30,656 | ||||||
FireEye, Inc.(1) | 236 | 4,560 | ||||||
Five9, Inc.(1) | 51 | 9,447 | ||||||
Fortinet, Inc.(1) | 600 | 101,310 | ||||||
Guidewire Software, Inc.(1) | 171 | 18,979 | ||||||
HubSpot, Inc.(1) | 61 | 31,415 | ||||||
Ideanomics, Inc.(1) | 1,009 | 3,219 | ||||||
InterDigital, Inc. | 118 | 7,478 | ||||||
Intuit, Inc. | 401 | 156,446 | ||||||
j2 Global, Inc.(1) | 56 | 6,237 | ||||||
LivePerson, Inc.(1) | 109 | 7,153 | ||||||
Manhattan Associates, Inc.(1) | 295 | 36,270 | ||||||
Medallia, Inc.(1) | 111 | 4,481 | ||||||
Microsoft Corp. | 10,292 | 2,391,655 | ||||||
MicroStrategy, Inc., Class A(1) | 25 | 18,760 | ||||||
Mimecast Ltd.(1) | 226 | 9,691 | ||||||
Mitek Systems, Inc.(1) | 300 | 4,584 | ||||||
nCino, Inc.(1) | 64 | 4,376 | ||||||
New Relic, Inc.(1) | 81 | 4,952 | ||||||
NortonLifeLock, Inc. | 1,489 | 29,050 | ||||||
Nuance Communications, Inc.(1) | 149 | 6,645 | ||||||
Nutanix, Inc., Class A(1) | 186 | 5,633 | ||||||
OneSpan, Inc.(1) | 120 | 2,803 | ||||||
Oracle Corp. (New York) | 2,482 | 160,114 | ||||||
Palo Alto Networks, Inc.(1) | 204 | 73,095 | ||||||
Paycom Software, Inc.(1) | 102 | 38,173 | ||||||
Paylocity Holding Corp.(1) | 100 | 19,119 | ||||||
Pegasystems, Inc. | 43 | 5,691 | ||||||
Progress Software Corp. | 99 | 4,211 | ||||||
Proofpoint, Inc.(1) | 38 | 4,595 | ||||||
PTC, Inc.(1) | 113 | 15,474 | ||||||
Q2 Holdings, Inc.(1) | 48 | 5,850 | ||||||
QAD, Inc., Class A | 70 | 4,494 | ||||||
Qualys, Inc.(1) | 116 | 11,271 |
184
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
RealPage, Inc.(1) | 76 | $ | 6,595 | |||||
RingCentral, Inc., Class A(1) | 52 | 19,664 | ||||||
SailPoint Technologies Holdings, Inc.(1) | 179 | 10,092 | ||||||
salesforce.com, Inc.(1) | 767 | 166,056 | ||||||
ServiceNow, Inc.(1) | 212 | 113,094 | ||||||
ShotSpotter, Inc.(1) | 76 | 3,191 | ||||||
Slack Technologies, Inc., Class A(1) | 562 | 23,003 | ||||||
Smartsheet, Inc., Class A(1) | 171 | 11,842 | ||||||
Splunk, Inc.(1) | 87 | 12,442 | ||||||
Sprout Social, Inc., Class A(1) | 65 | 4,418 | ||||||
SPS Commerce, Inc.(1) | 143 | 14,404 | ||||||
SS&C Technologies Holdings, Inc. | 234 | 15,510 | ||||||
Synopsys, Inc.(1) | 201 | 49,287 | ||||||
Teradata Corp.(1) | 264 | 10,586 | ||||||
Trade Desk, Inc. (The), Class A(1) | 32 | 25,773 | ||||||
Tyler Technologies, Inc.(1) | 71 | 32,903 | ||||||
Unity Software, Inc.(1) | 40 | 4,305 | ||||||
Varonis Systems, Inc.(1) | 26 | 4,772 | ||||||
Verint Systems, Inc.(1) | 99 | 4,880 | ||||||
VirnetX Holding Corp.(2) | 637 | 4,434 | ||||||
VMware, Inc., Class A(1) | 80 | 11,057 | ||||||
Workday, Inc., Class A(1) | 116 | 28,441 | ||||||
Xperi Holding Corp. | 52 | 1,097 | ||||||
Zendesk, Inc.(1) | 62 | 9,061 | ||||||
Zoom Video Communications, Inc., Class A(1) | 319 | 119,182 | ||||||
Zscaler, Inc.(1) | 67 | 13,737 | ||||||
4,837,661 | ||||||||
Specialty Retail — 3.3% | ||||||||
Aaron's Co., Inc. (The)(1) | 261 | 5,732 | ||||||
Abercrombie & Fitch Co., Class A | 760 | 20,801 | ||||||
Academy Sports & Outdoors, Inc.(1) | 196 | 4,696 | ||||||
Advance Auto Parts, Inc. | 410 | 65,743 | ||||||
America's Car-Mart, Inc.(1) | 39 | 5,265 | ||||||
American Eagle Outfitters, Inc. | 1,022 | 26,265 | ||||||
Asbury Automotive Group, Inc.(1) | 105 | 17,792 | ||||||
At Home Group, Inc.(1) | 539 | 13,577 | ||||||
AutoNation, Inc.(1) | 563 | 42,236 | ||||||
AutoZone, Inc.(1) | 19 | 22,038 | ||||||
Bed Bath & Beyond, Inc. | 448 | 12,033 | ||||||
Best Buy Co., Inc. | 1,031 | 103,461 | ||||||
Big 5 Sporting Goods Corp. | 321 | 4,334 | ||||||
Boot Barn Holdings, Inc.(1) | 229 | 13,836 | ||||||
Buckle, Inc. (The) | 336 | 12,916 | ||||||
Burlington Stores, Inc.(1) | 208 | 53,835 | ||||||
Caleres, Inc. | 462 | 7,327 | ||||||
CarMax, Inc.(1) | 651 | 77,801 | ||||||
Carvana Co.(1) | 50 | 14,175 | ||||||
Children's Place, Inc. (The)(1) | 66 | 4,571 | ||||||
Citi Trends, Inc. | 137 | 10,671 | ||||||
Container Store Group, Inc. (The)(1) | 332 | 5,090 | ||||||
Designer Brands, Inc., Class A | 104 | 1,299 |
185
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Dick's Sporting Goods, Inc. | 484 | $ | 34,543 | |||||
Five Below, Inc.(1) | 290 | 53,975 | ||||||
Floor & Decor Holdings, Inc., Class A(1) | 354 | 33,662 | ||||||
Foot Locker, Inc. | 930 | 44,724 | ||||||
GameStop Corp., Class A(1)(2) | 122 | 12,412 | ||||||
Gap, Inc. (The)(1) | 2,248 | 56,088 | ||||||
Genesco, Inc.(1) | 115 | 5,168 | ||||||
Group 1 Automotive, Inc. | 184 | 28,049 | ||||||
Guess?, Inc. | 350 | 8,824 | ||||||
Haverty Furniture Cos., Inc. | 196 | 7,089 | ||||||
Hibbett Sports, Inc.(1) | 185 | 11,888 | ||||||
Home Depot, Inc. (The) | 1,010 | 260,923 | ||||||
Kirkland's, Inc.(1) | 193 | 5,018 | ||||||
L Brands, Inc.(1) | 285 | 15,578 | ||||||
Lithia Motors, Inc., Class A | 185 | 69,181 | ||||||
Lowe's Cos., Inc. | 1,813 | 289,627 | ||||||
Lumber Liquidators Holdings, Inc.(1) | 214 | 5,301 | ||||||
MarineMax, Inc.(1) | 148 | 6,608 | ||||||
Monro, Inc. | 56 | 3,471 | ||||||
Murphy USA, Inc. | 167 | 20,817 | ||||||
National Vision Holdings, Inc.(1) | 114 | 5,414 | ||||||
O'Reilly Automotive, Inc.(1) | 198 | 88,571 | ||||||
ODP Corp. (The)(1) | 448 | 17,145 | ||||||
Party City Holdco, Inc.(1) | 635 | 4,864 | ||||||
Penske Automotive Group, Inc. | 232 | 15,771 | ||||||
Rent-A-Center, Inc. | 441 | 25,472 | ||||||
RH(1) | 99 | 48,547 | ||||||
Ross Stores, Inc. | 1,501 | 175,077 | ||||||
Sally Beauty Holdings, Inc.(1) | 332 | 5,345 | ||||||
Shoe Carnival, Inc. | 27 | 1,322 | ||||||
Signet Jewelers Ltd.(1) | 569 | 28,325 | ||||||
Sleep Number Corp.(1) | 59 | 8,091 | ||||||
Sonic Automotive, Inc., Class A | 143 | 6,594 | ||||||
Sportsman's Warehouse Holdings, Inc.(1) | 496 | 8,402 | ||||||
TJX Cos., Inc. (The) | 3,740 | 246,803 | ||||||
Tractor Supply Co. | 617 | 98,078 | ||||||
TravelCenters of America, Inc.(1) | 267 | 6,419 | ||||||
Ulta Beauty, Inc.(1) | 301 | 97,021 | ||||||
Urban Outfitters, Inc.(1) | 466 | 15,797 | ||||||
Williams-Sonoma, Inc. | 502 | 65,908 | ||||||
Zumiez, Inc.(1) | 251 | 11,315 | ||||||
2,498,721 | ||||||||
Technology Hardware, Storage and Peripherals — 3.5% | ||||||||
3D Systems Corp.(1) | 416 | 14,909 | ||||||
Apple, Inc. | 19,592 | 2,375,726 | ||||||
Dell Technologies, Inc., Class C(1) | 440 | 35,671 | ||||||
Hewlett Packard Enterprise Co. | 835 | 12,158 | ||||||
HP, Inc. | 1,076 | 31,172 | ||||||
NCR Corp.(1) | 471 | 16,372 | ||||||
NetApp, Inc. | 790 | 49,454 | ||||||
Pure Storage, Inc., Class A(1) | 489 | 11,433 |
186
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Seagate Technology plc | 920 | $ | 67,372 | |||||
Stratasys Ltd.(1) | 65 | 2,242 | ||||||
Super Micro Computer, Inc.(1) | 285 | 9,299 | ||||||
Western Digital Corp. | 138 | 9,457 | ||||||
Xerox Holdings Corp. | 601 | 15,313 | ||||||
2,650,578 | ||||||||
Textiles, Apparel and Luxury Goods — 1.5% | ||||||||
Capri Holdings Ltd.(1) | 1,323 | 61,744 | ||||||
Carter's, Inc. | 360 | 30,049 | ||||||
Columbia Sportswear Co. | 170 | 17,522 | ||||||
Crocs, Inc.(1) | 613 | 47,029 | ||||||
Deckers Outdoor Corp.(1) | 221 | 72,070 | ||||||
Fossil Group, Inc.(1) | 328 | 4,966 | ||||||
G-III Apparel Group Ltd.(1) | 443 | 12,754 | ||||||
Hanesbrands, Inc. | 1,150 | 20,344 | ||||||
Kontoor Brands, Inc. | 279 | 11,788 | ||||||
Lakeland Industries, Inc.(1) | 124 | 3,892 | ||||||
Levi Strauss & Co., Class A | 612 | 14,235 | ||||||
lululemon athletica, Inc.(1) | 315 | 98,179 | ||||||
Movado Group, Inc. | 210 | 4,788 | ||||||
NIKE, Inc., Class B | 2,552 | 343,959 | ||||||
Oxford Industries, Inc. | 78 | 5,947 | ||||||
PVH Corp. | 238 | 23,791 | ||||||
Ralph Lauren Corp. | 381 | 44,608 | ||||||
Skechers USA, Inc., Class A(1) | 429 | 15,701 | ||||||
Steven Madden Ltd. | 564 | 20,862 | ||||||
Tapestry, Inc. | 2,314 | 97,512 | ||||||
Under Armour, Inc., Class A(1) | 728 | 15,936 | ||||||
Under Armour, Inc., Class C(1) | 704 | 12,813 | ||||||
Unifi, Inc.(1) | 100 | 2,493 | ||||||
VF Corp. | 1,692 | 133,888 | ||||||
Wolverine World Wide, Inc. | 712 | 24,884 | ||||||
1,141,754 | ||||||||
Thrifts and Mortgage Finance — 0.4% | ||||||||
Axos Financial, Inc.(1) | 545 | 25,217 | ||||||
Columbia Financial, Inc.(1) | 177 | 2,892 | ||||||
Essent Group Ltd. | 606 | 24,985 | ||||||
Federal Agricultural Mortgage Corp., Class C | 74 | 6,383 | ||||||
Flagstar Bancorp, Inc. | 475 | 20,610 | ||||||
Hingham Institution For Savings (The) | 16 | 3,878 | ||||||
HomeStreet, Inc. | 153 | 6,573 | ||||||
Kearny Financial Corp. | 427 | 4,846 | ||||||
Merchants Bancorp | 148 | 5,036 | ||||||
Meridian Bancorp, Inc. | 318 | 5,327 | ||||||
Meta Financial Group, Inc. | 300 | 13,287 | ||||||
MGIC Investment Corp. | 2,402 | 29,256 | ||||||
Mr. Cooper Group, Inc.(1) | 541 | 17,014 | ||||||
New York Community Bancorp, Inc. | 1,940 | 23,687 | ||||||
NMI Holdings, Inc., Class A(1) | 616 | 14,082 | ||||||
Northfield Bancorp, Inc. | 430 | 5,887 | ||||||
Northwest Bancshares, Inc. | 746 | 10,534 |
187
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
PennyMac Financial Services, Inc. | 336 | $ | 19,895 | |||||
Premier Financial Corp. | 235 | 7,205 | ||||||
Provident Financial Services, Inc. | 426 | 8,618 | ||||||
Radian Group, Inc. | 951 | 19,400 | ||||||
Southern Missouri Bancorp, Inc. | 113 | 4,152 | ||||||
TFS Financial Corp. | 68 | 1,328 | ||||||
TrustCo Bank Corp. NY | 561 | 3,860 | ||||||
Walker & Dunlop, Inc. | 237 | 23,619 | ||||||
Washington Federal, Inc. | 363 | 10,970 | ||||||
Waterstone Financial, Inc. | 149 | 2,895 | ||||||
WSFS Financial Corp. | 240 | 12,754 | ||||||
334,190 | ||||||||
Trading Companies and Distributors — 0.9% | ||||||||
Air Lease Corp. | 941 | 43,154 | ||||||
Applied Industrial Technologies, Inc. | 328 | 28,001 | ||||||
Beacon Roofing Supply, Inc.(1) | 113 | 5,405 | ||||||
Boise Cascade Co. | 374 | 18,678 | ||||||
CAI International, Inc. | 171 | 7,524 | ||||||
DXP Enterprises, Inc.(1) | 187 | 5,617 | ||||||
Fastenal Co. | 2,586 | 119,913 | ||||||
GATX Corp. | 306 | 29,202 | ||||||
GMS, Inc.(1) | 167 | 6,112 | ||||||
H&E Equipment Services, Inc. | 379 | 11,722 | ||||||
Herc Holdings, Inc.(1) | 283 | 24,836 | ||||||
McGrath RentCorp | 234 | 18,172 | ||||||
MRC Global, Inc.(1) | 745 | 6,511 | ||||||
MSC Industrial Direct Co., Inc., Class A | 324 | 27,906 | ||||||
NOW, Inc.(1) | 598 | 6,357 | ||||||
Rush Enterprises, Inc., Class A | 313 | 13,281 | ||||||
Rush Enterprises, Inc., Class B | 106 | 4,023 | ||||||
SiteOne Landscape Supply, Inc.(1) | 260 | 41,213 | ||||||
Systemax, Inc. | 136 | 4,910 | ||||||
Textainer Group Holdings Ltd.(1) | 266 | 6,927 | ||||||
Titan Machinery, Inc.(1) | 205 | 5,022 | ||||||
Triton International Ltd. | 685 | 39,579 | ||||||
United Rentals, Inc.(1) | 156 | 46,391 | ||||||
Univar Solutions, Inc.(1) | 248 | 4,938 | ||||||
Veritiv Corp.(1) | 210 | 4,994 | ||||||
W.W. Grainger, Inc. | 243 | 90,569 | ||||||
Watsco, Inc. | 95 | 23,094 | ||||||
644,051 | ||||||||
Transportation Infrastructure† | ||||||||
Macquarie Infrastructure Corp. | 701 | 21,969 | ||||||
Water Utilities† | ||||||||
American States Water Co. | 69 | 5,040 | ||||||
American Water Works Co., Inc. | 60 | 8,513 | ||||||
California Water Service Group | 205 | 11,265 | ||||||
Essential Utilities, Inc. | 134 | 5,636 | ||||||
30,454 | ||||||||
Wireless Telecommunication Services — 0.2% | ||||||||
Boingo Wireless, Inc.(1) | 308 | 3,511 |
188
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Shenandoah Telecommunications Co. | 328 | $ | 14,547 | |||||
T-Mobile US, Inc.(1) | 1,059 | 127,048 | ||||||
Telephone and Data Systems, Inc. | 441 | 7,890 | ||||||
152,996 | ||||||||
TOTAL COMMON STOCKS (Cost $56,752,915) | 75,297,026 | |||||||
TEMPORARY CASH INVESTMENTS — 0.7% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $554,205) | 554,205 | 554,205 | ||||||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 0.1% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $103,375) | 103,375 | 103,375 | ||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $57,410,495) | 75,954,606 | |||||||
OTHER ASSETS AND LIABILITIES† | (34,649) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 75,919,957 |
FUTURES CONTRACTS PURCHASED | |||||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | |||||||||||||
S&P 500 E-Mini | 2 | March 2021 | $ | 380,920 | $ | (11,056) |
^Amount represents value and unrealized appreciation (depreciation).
NOTES TO SCHEDULE OF INVESTMENTS |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $191,654. 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 $196,279, which includes securities collateral of $92,904.
See Notes to Financial Statements.
189
FEBRUARY 28, 2021 (UNAUDITED)
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Aerospace and Defense — 0.5% | ||||||||
AAR Corp. | 147 | $ | 5,848 | |||||
Astronics Corp.(1) | 7,338 | 115,940 | ||||||
Hexcel Corp.(1) | 14,872 | 799,519 | ||||||
921,307 | ||||||||
Air Freight and Logistics — 0.6% | ||||||||
Air Transport Services Group, Inc.(1) | 14,330 | 380,318 | ||||||
Atlas Air Worldwide Holdings, Inc.(1) | 8,114 | 447,325 | ||||||
Hub Group, Inc., Class A(1) | 5,449 | 313,753 | ||||||
Radiant Logistics, Inc.(1) | 9,657 | 65,378 | ||||||
1,206,774 | ||||||||
Airlines — 0.6% | ||||||||
Allegiant Travel Co.(1) | 1,569 | 395,686 | ||||||
Hawaiian Holdings, Inc.(1) | 4,951 | 132,786 | ||||||
Mesa Air Group, Inc.(1) | 4,324 | 52,753 | ||||||
SkyWest, Inc. | 9,234 | 520,520 | ||||||
1,101,745 | ||||||||
Auto Components — 2.7% | ||||||||
American Axle & Manufacturing Holdings, Inc.(1) | 21,825 | 213,230 | ||||||
Cooper Tire & Rubber Co. | 16,220 | 928,433 | ||||||
Cooper-Standard Holdings, Inc.(1) | 5,716 | 204,747 | ||||||
Dana, Inc. | 42,203 | 1,004,853 | ||||||
Gentherm, Inc.(1) | 8,636 | 611,343 | ||||||
Goodyear Tire & Rubber Co. (The)(1) | 56,320 | 946,739 | ||||||
Modine Manufacturing Co.(1) | 18,270 | 253,405 | ||||||
Motorcar Parts of America, Inc.(1) | 5,525 | 117,572 | ||||||
Patrick Industries, Inc. | 1,483 | 117,053 | ||||||
Standard Motor Products, Inc. | 4,402 | 184,928 | ||||||
Strattec Security Corp. | 45 | 2,318 | ||||||
Tenneco, Inc., Class A(1) | 4,782 | 53,272 | ||||||
Visteon Corp.(1) | 4,706 | 598,462 | ||||||
5,236,355 | ||||||||
Automobiles† | ||||||||
Harley-Davidson, Inc. | 2,016 | 71,911 | ||||||
Banks — 15.0% | ||||||||
1st Constitution Bancorp | 116 | 2,036 | ||||||
1st Source Corp. | 3,078 | 136,571 | ||||||
ACNB Corp. | 1,014 | 27,997 | ||||||
Altabancorp | 3,205 | 110,316 | ||||||
Amalgamated Bank, Class A | 3,782 | 66,412 | ||||||
Amerant Bancorp, Inc.(1) | 227 | 3,739 | ||||||
American National Bankshares, Inc. | 1,409 | 43,679 | ||||||
Ameris Bancorp | 15,071 | 717,982 | ||||||
Ames National Corp. | 1,518 | 34,701 | ||||||
Arrow Financial Corp. | 3,267 | 104,087 | ||||||
Associated Banc-Corp. | 18,057 | 363,849 | ||||||
Atlantic Capital Bancshares, Inc.(1) | 259 | 5,271 | ||||||
BancFirst Corp. | 3,290 | 210,165 | ||||||
Bancorp, Inc. (The)(1) | 12,105 | 245,368 |
190
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Bank of Commerce Holdings | 1,653 | $ | 17,968 | |||||
Bank of Hawaii Corp. | 8,991 | 786,712 | ||||||
Bank OZK | 17,861 | 736,230 | ||||||
BankFinancial Corp. | 377 | 3,563 | ||||||
BankUnited, Inc. | 24,034 | 965,926 | ||||||
Bankwell Financial Group, Inc. | 770 | 19,096 | ||||||
Bar Harbor Bankshares | 2,956 | 82,738 | ||||||
Baycom Corp.(1) | 1,850 | 31,616 | ||||||
BCB Bancorp, Inc. | 3,352 | 44,347 | ||||||
Boston Private Financial Holdings, Inc. | 18,591 | 255,812 | ||||||
Business First Bancshares, Inc. | 2,217 | 48,707 | ||||||
Byline Bancorp, Inc. | 4,809 | 95,795 | ||||||
C&F Financial Corp. | 431 | 18,748 | ||||||
Cadence BanCorp | 5,200 | 106,704 | ||||||
Camden National Corp. | 3,412 | 138,288 | ||||||
Capital Bancorp, Inc.(1) | 853 | 13,605 | ||||||
Capital City Bank Group, Inc. | 2,809 | 69,354 | ||||||
Capstar Financial Holdings, Inc. | 2,224 | 36,051 | ||||||
Cathay General Bancorp. | 12,409 | 467,075 | ||||||
CB Financial Services, Inc. | 282 | 5,739 | ||||||
Central Pacific Financial Corp. | 5,716 | 129,353 | ||||||
Central Valley Community Bancorp | 1,301 | 22,989 | ||||||
Chemung Financial Corp. | 144 | 5,070 | ||||||
CIT Group, Inc. | 10,688 | 484,701 | ||||||
City Holding Co. | 3,653 | 274,742 | ||||||
Civista Bancshares, Inc. | 2,482 | 47,729 | ||||||
CNB Financial Corp. | 4,017 | 93,235 | ||||||
Coastal Financial Corp.(1) | 250 | 7,000 | ||||||
Codorus Valley Bancorp, Inc. | 1,552 | 26,151 | ||||||
Colony Bankcorp, Inc. | 416 | 5,970 | ||||||
Community Bankers Trust Corp. | 5,330 | 41,361 | ||||||
Community Financial Corp. (The) | 459 | 13,908 | ||||||
Community Trust Bancorp, Inc. | 3,584 | 146,442 | ||||||
ConnectOne Bancorp, Inc. | 7,603 | 176,618 | ||||||
County Bancorp, Inc. | 174 | 3,934 | ||||||
Customers Bancorp, Inc.(1) | 8,454 | 226,398 | ||||||
Dime Community Bancshares, Inc. | 6,413 | 188,606 | ||||||
Eagle Bancorp Montana, Inc. | 1,752 | 38,141 | ||||||
Eagle Bancorp, Inc. | 8,102 | 396,107 | ||||||
Enterprise Bancorp, Inc. | 1,329 | 38,541 | ||||||
Equity Bancshares, Inc., Class A(1) | 2,793 | 72,618 | ||||||
Esquire Financial Holdings, Inc.(1) | 1,574 | 35,132 | ||||||
Evans Bancorp, Inc. | 1,322 | 42,833 | ||||||
F.N.B. Corp. | 101,180 | 1,196,959 | ||||||
Farmers National Banc Corp. | 6,519 | 90,223 | ||||||
Financial Institutions, Inc. | 3,877 | 106,152 | ||||||
First BanCorp | 24,020 | 251,970 | ||||||
First Bancorp, Inc. (The) | 227 | 5,802 | ||||||
First Bancorp/Southern Pines NC | 6,690 | 269,406 | ||||||
First Busey Corp. | 12,207 | 279,418 | ||||||
First Business Financial Services, Inc. | 977 | 21,689 |
191
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
First Choice Bancorp | 2,484 | $ | 49,158 | |||||
First Citizens BancShares, Inc., Class A | 234 | 172,666 | ||||||
First Community Corp. | 85 | 1,515 | ||||||
First Financial Corp. | 2,780 | 117,816 | ||||||
First Foundation, Inc. | 9,961 | 227,609 | ||||||
First Guaranty Bancshares, Inc. | 242 | 4,008 | ||||||
First Horizon Corp. | 24,503 | 396,949 | ||||||
First Internet Bancorp | 2,597 | 85,052 | ||||||
First Mid Bancshares, Inc. | 2,956 | 107,569 | ||||||
First of Long Island Corp. (The) | 5,675 | 105,441 | ||||||
First Savings Financial Group, Inc. | 21 | 1,313 | ||||||
First United Corp. | 345 | 6,245 | ||||||
Flushing Financial Corp. | 7,696 | 159,692 | ||||||
FNCB Bancorp, Inc. | 206 | 1,450 | ||||||
Franklin Financial Services Corp. | 146 | 4,009 | ||||||
Great Southern Bancorp, Inc. | 2,896 | 152,880 | ||||||
Hanmi Financial Corp. | 6,566 | 112,410 | ||||||
Hawthorn Bancshares, Inc. | 733 | 14,763 | ||||||
HBT Financial, Inc. | 2,201 | 35,524 | ||||||
Heartland Financial USA, Inc. | 6,701 | 313,205 | ||||||
Hilltop Holdings, Inc. | 18,784 | 620,623 | ||||||
HomeTrust Bancshares, Inc. | 2,923 | 67,638 | ||||||
Hope Bancorp, Inc. | 27,250 | 358,610 | ||||||
Horizon Bancorp, Inc. | 10,432 | 186,316 | ||||||
Independent Bank Corp. (Michigan) | 5,710 | 118,026 | ||||||
International Bancshares Corp. | 11,177 | 487,094 | ||||||
Investors Bancorp, Inc. | 53,952 | 719,720 | ||||||
Lakeland Bancorp, Inc. | 11,156 | 174,926 | ||||||
Lakeland Financial Corp. | 3,035 | 209,263 | ||||||
Landmark Bancorp, Inc. | 186 | 4,553 | ||||||
Level One Bancorp, Inc. | 61 | 1,305 | ||||||
Limestone Bancorp, Inc.(1) | 58 | 873 | ||||||
Macatawa Bank Corp. | 8,145 | 71,920 | ||||||
Mackinac Financial Corp. | 1,064 | 13,726 | ||||||
Mercantile Bank Corp. | 3,782 | 110,586 | ||||||
Meridian Corp. | 1,533 | 37,467 | ||||||
Metrocity Bankshares, Inc. | 3,750 | 53,587 | ||||||
Metropolitan Bank Holding Corp.(1) | 2,044 | 105,736 | ||||||
Mid Penn Bancorp, Inc. | 180 | 4,234 | ||||||
Middlefield Banc Corp. | 74 | 1,655 | ||||||
Midland States Bancorp, Inc. | 4,977 | 121,936 | ||||||
MidWestOne Financial Group, Inc. | 1,869 | 51,285 | ||||||
MVB Financial Corp. | 2,840 | 92,584 | ||||||
National Bank Holdings Corp., Class A | 8,652 | 335,265 | ||||||
National Bankshares, Inc. | 300 | 9,948 | ||||||
Northeast Bank | 1,928 | 50,070 | ||||||
Northrim BanCorp, Inc. | 1,797 | 69,167 | ||||||
Oak Valley Bancorp | 775 | 12,524 | ||||||
OFG Bancorp | 12,174 | 235,080 | ||||||
Old Second Bancorp, Inc. | 7,020 | 84,029 | ||||||
Orrstown Financial Services, Inc. | 967 | 18,837 |
192
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
PacWest Bancorp | 22,516 | $ | 815,980 | |||||
Parke Bancorp, Inc. | 2,104 | 38,188 | ||||||
PCB Bancorp. | 1,436 | 20,003 | ||||||
Peapack-Gladstone Financial Corp. | 4,207 | 115,735 | ||||||
Penns Woods Bancorp, Inc. | 185 | 4,409 | ||||||
Peoples Bancorp of North Carolina, Inc. | 588 | 13,747 | ||||||
Plumas Bancorp | 642 | 16,056 | ||||||
Popular, Inc. | 17,270 | 1,153,981 | ||||||
Preferred Bank | 2,768 | 160,406 | ||||||
Premier Financial Bancorp, Inc. | 2,792 | 43,388 | ||||||
QCR Holdings, Inc. | 3,687 | 152,642 | ||||||
RBB Bancorp | 3,757 | 70,632 | ||||||
Red River Bancshares, Inc. | 185 | 9,601 | ||||||
Republic Bancorp, Inc., Class A | 3,166 | 133,099 | ||||||
Salisbury Bancorp, Inc. | 31 | 1,265 | ||||||
SB Financial Group, Inc. | 128 | 2,213 | ||||||
Select Bancorp, Inc.(1) | 35 | 383 | ||||||
ServisFirst Bancshares, Inc. | 7,912 | 392,119 | ||||||
Shore Bancshares, Inc. | 1,790 | 27,387 | ||||||
Sierra Bancorp | 3,543 | 84,501 | ||||||
Simmons First National Corp., Class A | 22,259 | 651,744 | ||||||
SmartFinancial, Inc. | 2,267 | 47,607 | ||||||
South Plains Financial, Inc. | 2,649 | 51,126 | ||||||
Southern First Bancshares, Inc.(1) | 1,448 | 63,712 | ||||||
Southern National Bancorp of Virginia, Inc. | 5,304 | 75,317 | ||||||
Spirit of Texas Bancshares, Inc. | 3,243 | 67,325 | ||||||
Sterling Bancorp | 23,118 | 504,666 | ||||||
Stock Yards Bancorp, Inc. | 739 | 36,411 | ||||||
Summit Financial Group, Inc. | 1,425 | 34,328 | ||||||
Synovus Financial Corp. | 16,965 | 717,789 | ||||||
TCF Financial Corp. | 7,874 | 352,913 | ||||||
Texas Capital Bancshares, Inc.(1) | 5,867 | 447,065 | ||||||
Tompkins Financial Corp. | 183 | 14,151 | ||||||
TriState Capital Holdings, Inc.(1) | 6,494 | 149,037 | ||||||
Trustmark Corp. | 6,226 | 187,776 | ||||||
UMB Financial Corp. | 1,099 | 92,723 | ||||||
Umpqua Holdings Corp. | 49,086 | 837,898 | ||||||
Union Bankshares, Inc. | 156 | 4,293 | ||||||
United Community Banks, Inc. | 8,536 | 282,200 | ||||||
United Security Bancshares | 898 | 6,699 | ||||||
Unity Bancorp, Inc. | 1,160 | 23,026 | ||||||
Valley National Bancorp | 88,160 | 1,079,960 | ||||||
Washington Trust Bancorp, Inc. | 3,750 | 178,312 | ||||||
Webster Financial Corp. | 21,273 | 1,176,610 | ||||||
West BanCorp, Inc. | 3,824 | 87,302 | ||||||
Western Alliance Bancorp | 2,356 | 215,598 | ||||||
Wintrust Financial Corp. | 13,907 | 1,024,390 | ||||||
28,919,015 | ||||||||
Beverages — 0.2% | ||||||||
Coca-Cola Consolidated, Inc. | 406 | 104,204 | ||||||
MGP Ingredients, Inc. | 2,314 | 147,818 |
193
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
National Beverage Corp.(2) | 3,536 | $ | 168,526 | |||||
420,548 | ||||||||
Biotechnology — 0.6% | ||||||||
Arcus Biosciences, Inc.(1) | 6,366 | 224,465 | ||||||
Catalyst Pharmaceuticals, Inc.(1) | 14,859 | 57,801 | ||||||
Coherus Biosciences, Inc.(1) | 9,346 | 151,779 | ||||||
Harpoon Therapeutics, Inc.(1) | 1,606 | 30,980 | ||||||
Sangamo Therapeutics, Inc.(1) | 16,251 | 186,724 | ||||||
Translate Bio, Inc.(1) | 18,746 | 437,532 | ||||||
1,089,281 | ||||||||
Building Products — 1.0% | ||||||||
Alpha Pro Tech Ltd.(1) | 2,500 | 34,950 | ||||||
Apogee Enterprises, Inc. | 6,089 | 227,729 | ||||||
Armstrong Flooring, Inc.(1) | 248 | 1,285 | ||||||
Armstrong World Industries, Inc. | 287 | 24,561 | ||||||
Insteel Industries, Inc. | 3,487 | 107,679 | ||||||
JELD-WEN Holding, Inc.(1) | 1,875 | 55,594 | ||||||
Masonite International Corp.(1) | 5,939 | 651,627 | ||||||
Quanex Building Products Corp. | 8,265 | 201,087 | ||||||
UFP Industries, Inc. | 10,844 | 661,484 | ||||||
1,965,996 | ||||||||
Capital Markets — 2.6% | ||||||||
B. Riley Financial, Inc. | 2,210 | 145,462 | ||||||
Cowen, Inc., Class A | 7,998 | 270,732 | ||||||
Diamond Hill Investment Group, Inc. | 855 | 121,282 | ||||||
Evercore, Inc., Class A | 9,900 | 1,185,723 | ||||||
Freedom Holding Corp.(1) | 3,947 | 213,099 | ||||||
GAMCO Investors, Inc., Class A | 544 | 10,336 | ||||||
Hennessy Advisors, Inc. | 490 | 4,175 | ||||||
Janus Henderson Group plc | 11,588 | 338,717 | ||||||
Oppenheimer Holdings, Inc., Class A | 2,286 | 86,639 | ||||||
Piper Sandler Cos. | 4,536 | 482,268 | ||||||
Stifel Financial Corp. | 16,908 | 1,032,741 | ||||||
StoneX Group, Inc.(1) | 3,875 | 223,549 | ||||||
Victory Capital Holdings, Inc., Class A | 4,007 | 95,166 | ||||||
Virtus Investment Partners, Inc. | 2,108 | 528,897 | ||||||
Waddell & Reed Financial, Inc., Class A | 11,370 | 285,273 | ||||||
5,024,059 | ||||||||
Chemicals — 3.1% | ||||||||
AdvanSix, Inc.(1) | 5,522 | 153,511 | ||||||
American Vanguard Corp. | 5,762 | 112,474 | ||||||
Cabot Corp. | 13,981 | 688,285 | ||||||
Chemours Co. (The) | 42,347 | 996,425 | ||||||
Ferro Corp.(1) | 17,808 | 282,613 | ||||||
FutureFuel Corp. | 5,010 | 73,547 | ||||||
Hawkins, Inc. | 2,318 | 145,107 | ||||||
Kraton Corp.(1) | 8,895 | 330,805 | ||||||
Kronos Worldwide, Inc. | 4,254 | 61,470 | ||||||
Livent Corp.(1) | 25,322 | 471,496 | ||||||
Orion Engineered Carbons SA | 5,932 | 104,996 | ||||||
Rayonier Advanced Materials, Inc.(1) | 14,012 | 129,611 |
194
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Sensient Technologies Corp. | 4,953 | $ | 385,591 | |||||
Stepan Co. | 5,121 | 618,053 | ||||||
Trecora Resources(1) | 3,178 | 22,564 | ||||||
Tredegar Corp. | 5,425 | 82,677 | ||||||
Trinseo SA | 12,659 | 819,164 | ||||||
Tronox Holdings plc, Class A | 27,311 | 500,884 | ||||||
Venator Materials plc(1) | 1,829 | 7,005 | ||||||
5,986,278 | ||||||||
Commercial Services and Supplies — 1.8% | ||||||||
Acme United Corp. | 677 | 23,715 | ||||||
Civeo Corp.(1) | 3,267 | 61,387 | ||||||
Clean Harbors, Inc.(1) | 11,388 | 969,688 | ||||||
CoreCivic, Inc. | 8,722 | 62,624 | ||||||
Ennis, Inc. | 4,672 | 92,599 | ||||||
Healthcare Services Group, Inc. | 15,655 | 445,385 | ||||||
Heritage-Crystal Clean, Inc.(1) | 1,838 | 48,193 | ||||||
Herman Miller, Inc. | 5,138 | 197,068 | ||||||
HNI Corp. | 9,929 | 353,373 | ||||||
Kimball International, Inc., Class B | 5,265 | 68,129 | ||||||
Quad/Graphics, Inc.(1) | 3,723 | 16,307 | ||||||
Steelcase, Inc., Class A | 20,786 | 289,757 | ||||||
Team, Inc.(1) | 8,600 | 95,374 | ||||||
UniFirst Corp. | 2,804 | 679,381 | ||||||
Viad Corp. | 830 | 34,727 | ||||||
VSE Corp. | 2,154 | 83,058 | ||||||
3,520,765 | ||||||||
Communications Equipment — 0.6% | ||||||||
Aviat Networks, Inc.(1) | 1,234 | 75,681 | ||||||
EchoStar Corp., Class A(1) | 7,543 | 171,226 | ||||||
Genasys, Inc.(1) | 5,919 | 40,664 | ||||||
NETGEAR, Inc.(1) | 7,092 | 283,680 | ||||||
ViaSat, Inc.(1) | 10,249 | 524,134 | ||||||
1,095,385 | ||||||||
Construction and Engineering — 2.6% | ||||||||
Ameresco, Inc., Class A(1) | 6,306 | 360,199 | ||||||
Arcosa, Inc. | 3,804 | 215,801 | ||||||
Argan, Inc. | 3,728 | 186,474 | ||||||
Dycom Industries, Inc.(1) | 9,410 | 720,618 | ||||||
EMCOR Group, Inc. | 266 | 25,900 | ||||||
Fluor Corp.(1) | 34,798 | 597,134 | ||||||
Great Lakes Dredge & Dock Corp.(1) | 15,469 | 234,974 | ||||||
IES Holdings, Inc.(1) | 2,446 | 112,125 | ||||||
MasTec, Inc.(1) | 7,809 | 677,431 | ||||||
MYR Group, Inc.(1) | 4,917 | 289,857 | ||||||
Northwest Pipe Co.(1) | 1,947 | 66,256 | ||||||
Orion Group Holdings, Inc.(1) | 2,241 | 13,065 | ||||||
Primoris Services Corp. | 13,899 | 465,199 | ||||||
Tutor Perini Corp.(1) | 11,534 | 169,550 | ||||||
Valmont Industries, Inc. | 3,113 | 736,318 | ||||||
WillScot Mobile Mini Holdings Corp.(1) | 6,630 | 183,850 | ||||||
5,054,751 |
195
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Construction Materials — 0.5% | ||||||||
Eagle Materials, Inc. | 6,338 | $ | 794,658 | |||||
United States Lime & Minerals, Inc. | 69 | 9,670 | ||||||
US Concrete, Inc.(1) | 4,317 | 222,153 | ||||||
1,026,481 | ||||||||
Consumer Finance — 2.8% | ||||||||
Atlanticus Holdings Corp.(1) | 1,025 | 26,937 | ||||||
Elevate Credit, Inc.(1) | 7,243 | 29,552 | ||||||
Encore Capital Group, Inc.(1) | 4,639 | 155,035 | ||||||
Enova International, Inc.(1) | 10,674 | 327,692 | ||||||
EZCORP, Inc., Class A(1) | 8,933 | 42,878 | ||||||
Green Dot Corp., Class A(1) | 13,677 | 646,375 | ||||||
Navient Corp. | 55,897 | 692,005 | ||||||
Nelnet, Inc., Class A | 4,308 | 312,761 | ||||||
OneMain Holdings, Inc. | 14,192 | 665,747 | ||||||
Oportun Financial Corp.(1) | 2,666 | 43,509 | ||||||
PROG Holdings, Inc. | 14,982 | 749,100 | ||||||
Regional Management Corp. | 2,426 | 78,530 | ||||||
SLM Corp. | 93,457 | 1,475,686 | ||||||
World Acceptance Corp.(1) | 1,348 | 170,589 | ||||||
5,416,396 | ||||||||
Containers and Packaging — 0.1% | ||||||||
Myers Industries, Inc. | 5,983 | 132,464 | ||||||
Distributors — 0.2% | ||||||||
Core-Mark Holding Co., Inc. | 11,707 | 381,414 | ||||||
Funko, Inc., Class A(1)(2) | 5,690 | 77,270 | ||||||
458,684 | ||||||||
Diversified Consumer Services — 0.3% | ||||||||
American Public Education, Inc.(1) | 1,712 | 50,401 | ||||||
Laureate Education, Inc., Class A(1) | 26,427 | 363,371 | ||||||
Lincoln Educational Services Corp.(1) | 3,686 | 21,305 | ||||||
Perdoceo Education Corp.(1) | 9,667 | 124,414 | ||||||
Zovio, Inc.(1) | 8,003 | 41,056 | ||||||
600,547 | ||||||||
Diversified Financial Services — 0.1% | ||||||||
Alerus Financial Corp. | 2,974 | 81,815 | ||||||
Banco Latinoamericano de Comercio Exterior SA, E Shares | 6,292 | 96,016 | ||||||
177,831 | ||||||||
Diversified Telecommunication Services — 0.6% | ||||||||
Alaska Communications Systems Group, Inc. | 14,142 | 46,244 | ||||||
IDT Corp., Class B(1) | 7,562 | 135,738 | ||||||
Iridium Communications, Inc.(1) | 25,633 | 982,000 | ||||||
1,163,982 | ||||||||
Electrical Equipment — 0.8% | ||||||||
Allied Motion Technologies, Inc. | 171 | 8,300 | ||||||
Atkore, Inc.(1) | 9,912 | 670,547 | ||||||
Encore Wire Corp. | 3,449 | 226,013 | ||||||
LSI Industries, Inc. | 4,646 | 41,907 | ||||||
Orion Energy Systems, Inc.(1) | 5,281 | 44,360 | ||||||
Powell Industries, Inc. | 1,326 | 41,278 | ||||||
Preformed Line Products Co. | 32 | 2,348 |
196
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
TPI Composites, Inc.(1) | 9,948 | $ | 474,122 | |||||
1,508,875 | ||||||||
Electronic Equipment, Instruments and Components — 3.0% | ||||||||
Avnet, Inc. | 24,596 | 936,370 | ||||||
Bel Fuse, Inc., Class B | 2,890 | 51,297 | ||||||
Daktronics, Inc. | 10,964 | 59,315 | ||||||
ePlus, Inc.(1) | 3,544 | 335,121 | ||||||
IEC Electronics Corp.(1) | 2,520 | 31,072 | ||||||
Insight Enterprises, Inc.(1) | 10,096 | 843,925 | ||||||
Kimball Electronics, Inc.(1) | 6,261 | 147,008 | ||||||
Plexus Corp.(1) | 7,249 | 608,771 | ||||||
Sanmina Corp.(1) | 16,290 | 580,250 | ||||||
ScanSource, Inc.(1) | 8,058 | 229,170 | ||||||
SMTC Corp.(1) | 4,347 | 25,386 | ||||||
SYNNEX Corp. | 13,377 | 1,192,693 | ||||||
Vishay Intertechnology, Inc. | 34,106 | 814,110 | ||||||
5,854,488 | ||||||||
Energy Equipment and Services — 2.7% | ||||||||
Archrock, Inc. | 44,340 | 457,145 | ||||||
Cactus, Inc., Class A | 7,416 | 236,348 | ||||||
DMC Global, Inc. | 3,857 | 242,952 | ||||||
Dril-Quip, Inc.(1) | 5,635 | 191,365 | ||||||
Exterran Corp.(1) | 6,080 | 33,258 | ||||||
Forum Energy Technologies, Inc.(1) | 357 | 7,622 | ||||||
Frank's International NV(1) | 37,108 | 168,099 | ||||||
Geospace Technologies Corp.(1) | 1,658 | 16,331 | ||||||
Gulf Island Fabrication, Inc.(1) | 202 | 812 | ||||||
Helix Energy Solutions Group, Inc.(1) | 2,770 | 13,573 | ||||||
Helmerich & Payne, Inc. | 19,190 | 551,329 | ||||||
Liberty Oilfield Services, Inc., Class A | 6,877 | 80,392 | ||||||
Nabors Industries Ltd. | 1,898 | 210,697 | ||||||
National Energy Services Reunited Corp.(1) | 6,596 | 87,397 | ||||||
Natural Gas Services Group, Inc.(1) | 3,161 | 32,874 | ||||||
Newpark Resources, Inc.(1) | 10,553 | 36,513 | ||||||
NexTier Oilfield Solutions, Inc.(1) | 32,450 | 150,893 | ||||||
NOV, Inc. | 43,632 | 658,843 | ||||||
Oceaneering International, Inc.(1) | 33,847 | 399,395 | ||||||
Oil States International, Inc.(1) | 6,690 | 49,038 | ||||||
Patterson-UTI Energy, Inc. | 49,001 | 362,607 | ||||||
ProPetro Holding Corp.(1) | 23,666 | 271,449 | ||||||
RPC, Inc.(1) | 10,610 | 67,374 | ||||||
Select Energy Services, Inc., Class A(1) | 8,218 | 51,938 | ||||||
Smart Sand, Inc.(1) | 5,199 | 16,949 | ||||||
TechnipFMC plc | 104,375 | 857,962 | ||||||
5,253,155 | ||||||||
Entertainment — 0.1% | ||||||||
Eros STX Global Corp.(1) | 23,136 | 42,339 | ||||||
World Wrestling Entertainment, Inc., Class A | 2,622 | 129,527 | ||||||
171,866 | ||||||||
Food and Staples Retailing — 1.2% | ||||||||
Andersons, Inc. (The) | 9,301 | 243,128 |
197
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Ingles Markets, Inc., Class A | 3,531 | $ | 183,471 | |||||
Natural Grocers by Vitamin Cottage, Inc. | 2,534 | 35,679 | ||||||
PriceSmart, Inc. | 5,646 | 544,557 | ||||||
SpartanNash Co. | 8,554 | 155,939 | ||||||
Sprouts Farmers Market, Inc.(1) | 18,911 | 399,211 | ||||||
United Natural Foods, Inc.(1) | 16,421 | 434,336 | ||||||
Village Super Market, Inc., Class A | 2,044 | 47,114 | ||||||
Weis Markets, Inc. | 3,680 | 196,696 | ||||||
2,240,131 | ||||||||
Food Products — 0.3% | ||||||||
Fresh Del Monte Produce, Inc. | 7,583 | 195,186 | ||||||
John B Sanfilippo & Son, Inc. | 1,628 | 140,757 | ||||||
Mission Produce, Inc.(1) | 2,559 | 53,637 | ||||||
Rocky Mountain Chocolate Factory, Inc.(1) | 114 | 603 | ||||||
Seneca Foods Corp., Class A(1) | 2,081 | 113,331 | ||||||
503,514 | ||||||||
Health Care Equipment and Supplies — 0.1% | ||||||||
FONAR Corp.(1) | 555 | 10,761 | ||||||
Meridian Bioscience, Inc.(1) | 9,202 | 193,978 | ||||||
Surgalign Holdings, Inc.(1) | 11,897 | 29,029 | ||||||
233,768 | ||||||||
Health Care Providers and Services — 1.9% | ||||||||
Brookdale Senior Living, Inc.(1) | 39,767 | 231,444 | ||||||
Ensign Group, Inc. (The) | 14,972 | 1,228,003 | ||||||
InfuSystem Holdings, Inc.(1) | 298 | 5,084 | ||||||
Magellan Health, Inc.(1) | 5,001 | 466,693 | ||||||
ModivCare, Inc.(1) | 3,731 | 478,538 | ||||||
National HealthCare Corp. | 2,979 | 207,189 | ||||||
Owens & Minor, Inc. | 11,068 | 376,423 | ||||||
Patterson Cos., Inc. | 15,682 | 487,083 | ||||||
Surgery Partners, Inc.(1) | 630 | 24,866 | ||||||
Triple-S Management Corp., Class B(1) | 5,009 | 126,728 | ||||||
3,632,051 | ||||||||
Hotels, Restaurants and Leisure — 1.2% | ||||||||
BJ's Restaurants, Inc.(1) | 2,500 | 138,825 | ||||||
Bluegreen Vacations Corp. | 150 | 1,200 | ||||||
Carrols Restaurant Group, Inc.(1) | 5,048 | 31,197 | ||||||
Century Casinos, Inc.(1) | 3,520 | 28,371 | ||||||
Chuy's Holdings, Inc.(1) | 2,374 | 97,334 | ||||||
Cracker Barrel Old Country Store, Inc. | 5,801 | 898,401 | ||||||
Extended Stay America, Inc. | 27,756 | 446,594 | ||||||
Fiesta Restaurant Group, Inc.(1) | 4,314 | 65,832 | ||||||
Golden Entertainment, Inc.(1) | 2,437 | 57,586 | ||||||
J Alexander's Holdings, Inc.(1) | 139 | 1,216 | ||||||
Lindblad Expeditions Holdings, Inc.(1) | 2,521 | 52,512 | ||||||
Playa Hotels & Resorts NV(1) | 1,946 | 13,953 | ||||||
RCI Hospitality Holdings, Inc. | 1,081 | 69,454 | ||||||
Red Robin Gourmet Burgers, Inc.(1) | 1,079 | 33,115 | ||||||
Red Rock Resorts, Inc., Class A | 6,209 | 187,326 | ||||||
Ruth's Hospitality Group, Inc. | 1,270 | 28,962 | ||||||
SeaWorld Entertainment, Inc.(1) | 1,508 | 74,887 |
198
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Target Hospitality Corp.(1) | 494 | $ | 825 | |||||
2,227,590 | ||||||||
Household Durables — 2.1% | ||||||||
Bassett Furniture Industries, Inc. | 2,642 | 55,826 | ||||||
Beazer Homes USA, Inc.(1) | 7,951 | 140,494 | ||||||
Cavco Industries, Inc.(1) | 1,489 | 314,045 | ||||||
Century Communities, Inc.(1) | 8,355 | 462,282 | ||||||
Ethan Allen Interiors, Inc. | 5,082 | 130,201 | ||||||
Hamilton Beach Brands Holding Co., Class A | 1,353 | 23,772 | ||||||
Hooker Furniture Corp. | 3,218 | 108,801 | ||||||
iRobot Corp.(1) | 2,789 | 346,143 | ||||||
La-Z-Boy, Inc. | 12,004 | 511,490 | ||||||
Legacy Housing Corp.(1) | 861 | 13,526 | ||||||
Lifetime Brands, Inc. | 3,851 | 49,948 | ||||||
Lovesac Co. (The)(1) | 2,987 | 172,320 | ||||||
M/I Homes, Inc.(1) | 7,917 | 395,058 | ||||||
Meritage Homes Corp.(1) | 7,177 | 605,093 | ||||||
New Home Co., Inc. (The)(1) | 211 | 1,002 | ||||||
Tri Pointe Homes, Inc.(1) | 22,024 | 418,456 | ||||||
Turtle Beach Corp.(1) | 3,029 | 90,567 | ||||||
Universal Electronics, Inc.(1) | 2,699 | 157,055 | ||||||
3,996,079 | ||||||||
Household Products — 0.3% | ||||||||
Central Garden & Pet Co.(1) | 2,352 | 107,251 | ||||||
Central Garden & Pet Co., Class A(1) | 9,693 | 402,357 | ||||||
Oil-Dri Corp. of America | 1,321 | 44,359 | ||||||
553,967 | ||||||||
Insurance — 3.6% | ||||||||
American Equity Investment Life Holding Co. | 24,965 | 689,783 | ||||||
American National Group, Inc. | 1,671 | 150,423 | ||||||
AMERISAFE, Inc. | 4,157 | 243,268 | ||||||
Brighthouse Financial, Inc.(1) | 20,358 | 812,081 | ||||||
CNO Financial Group, Inc. | 35,969 | 865,414 | ||||||
Crawford & Co., Class A | 1,407 | 13,226 | ||||||
Donegal Group, Inc., Class A | 3,433 | 47,032 | ||||||
Employers Holdings, Inc. | 3,572 | 118,912 | ||||||
FBL Financial Group, Inc., Class A | 2,332 | 133,017 | ||||||
Genworth Financial, Inc., Class A(1) | 7,844 | 24,473 | ||||||
Hanover Insurance Group, Inc. (The) | 7,019 | 809,642 | ||||||
HCI Group, Inc. | 1,390 | 80,439 | ||||||
James River Group Holdings Ltd. | 1,138 | 52,246 | ||||||
Mercury General Corp. | 6,971 | 407,106 | ||||||
National Western Life Group, Inc., Class A | 63 | 13,156 | ||||||
NI Holdings, Inc.(1) | 1,243 | 22,163 | ||||||
ProSight Global, Inc.(1) | 1,724 | 21,791 | ||||||
Protective Insurance Corp., Class B | 594 | 13,609 | ||||||
Safety Insurance Group, Inc. | 3,081 | 243,645 | ||||||
Selective Insurance Group, Inc. | 6,952 | 471,554 | ||||||
Stewart Information Services Corp. | 7,259 | 342,625 | ||||||
Unum Group | 46,179 | 1,222,820 |
199
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Watford Holdings Ltd.(1) | 6,825 | $ | 236,350 | |||||
7,034,775 | ||||||||
Interactive Media and Services† | ||||||||
Cars.com, Inc.(1) | 437 | 5,100 | ||||||
Internet and Direct Marketing Retail — 0.1% | ||||||||
1-800-Flowers.com, Inc., Class A(1) | 5,435 | 153,702 | ||||||
Lands' End, Inc.(1) | 3,254 | 107,512 | ||||||
261,214 | ||||||||
IT Services — 0.7% | ||||||||
Alliance Data Systems Corp. | 11,697 | 1,128,760 | ||||||
BM Technologies, Inc.(1) | 1,139 | 14,351 | ||||||
Computer Task Group, Inc.(1) | 4,519 | 37,598 | ||||||
Innodata, Inc.(1) | 6,876 | 40,225 | ||||||
Net 1 UEPS Technologies, Inc.(1) | 6,385 | 34,096 | ||||||
PRGX Global, Inc.(1) | 5,987 | 45,681 | ||||||
1,300,711 | ||||||||
Leisure Products — 0.9% | ||||||||
Acushnet Holdings Corp. | 6,252 | 263,959 | ||||||
Johnson Outdoors, Inc., Class A | 21 | 2,534 | ||||||
Malibu Boats, Inc., Class A(1) | 4,163 | 310,310 | ||||||
Marine Products Corp. | 399 | 6,707 | ||||||
Nautilus, Inc.(1) | 8,464 | 155,822 | ||||||
Smith & Wesson Brands, Inc. | 14,204 | 244,451 | ||||||
Sturm Ruger & Co., Inc. | 3,633 | 247,771 | ||||||
Vista Outdoor, Inc.(1) | 18,675 | 590,317 | ||||||
1,821,871 | ||||||||
Machinery — 3.6% | ||||||||
Albany International Corp., Class A | 7,159 | 565,919 | ||||||
Astec Industries, Inc. | 5,215 | 354,203 | ||||||
CIRCOR International, Inc.(1) | 1,884 | 67,089 | ||||||
Commercial Vehicle Group, Inc.(1) | 10,619 | 97,589 | ||||||
EnPro Industries, Inc. | 5,418 | 435,282 | ||||||
Greenbrier Cos., Inc. (The) | 9,261 | 435,730 | ||||||
Hyster-Yale Materials Handling, Inc. | 2,621 | 224,226 | ||||||
Kennametal, Inc. | 13,611 | 508,507 | ||||||
L.B. Foster Co., Class A(1) | 1,249 | 21,171 | ||||||
Lydall, Inc.(1) | 5,481 | 190,903 | ||||||
Mayville Engineering Co., Inc.(1) | 1,461 | 20,469 | ||||||
Miller Industries, Inc. | 2,093 | 82,611 | ||||||
Mueller Industries, Inc. | 14,377 | 584,281 | ||||||
Park-Ohio Holdings Corp. | 1,381 | 44,648 | ||||||
REV Group, Inc. | 2,585 | 32,106 | ||||||
Shyft Group, Inc. (The) | 8,892 | 292,458 | ||||||
Terex Corp. | 19,373 | 797,780 | ||||||
Timken Co. (The) | 10,474 | 820,638 | ||||||
Titan International, Inc. | 13,430 | 111,066 | ||||||
TriMas Corp.(1) | 10,595 | 355,886 | ||||||
Trinity Industries, Inc. | 21,234 | 681,611 | ||||||
Wabash National Corp. | 15,199 | 251,999 | ||||||
6,976,172 |
200
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Marine — 0.5% | ||||||||
Costamare, Inc. | 7,096 | $ | 68,476 | |||||
Eneti, Inc. | 1,049 | 20,802 | ||||||
Genco Shipping & Trading Ltd. | 234 | 2,457 | ||||||
Matson, Inc. | 13,251 | 917,897 | ||||||
1,009,632 | ||||||||
Media — 0.4% | ||||||||
Cumulus Media, Inc., Class A(1) | 4,085 | 39,584 | ||||||
Entercom Communications Corp., Class A | 30,413 | 135,946 | ||||||
Entravision Communications Corp., Class A | 15,360 | 48,077 | ||||||
Gray Television, Inc.(1) | 20,303 | 368,499 | ||||||
Saga Communications, Inc., Class A | 1,004 | 20,763 | ||||||
Scholastic Corp. | 2,325 | 66,960 | ||||||
Tribune Publishing Co.(1) | 2,548 | 43,265 | ||||||
723,094 | ||||||||
Metals and Mining — 3.6% | ||||||||
Alcoa Corp.(1) | 59,145 | 1,452,010 | ||||||
Allegheny Technologies, Inc.(1) | 34,378 | 675,871 | ||||||
Alpha Metallurgical Resources, Inc.(1) | 5,738 | 86,070 | ||||||
Arconic Corp.(1) | 19,166 | 420,119 | ||||||
Carpenter Technology Corp. | 13,847 | 563,019 | ||||||
Century Aluminum Co.(1) | 1,084 | 14,883 | ||||||
Cleveland-Cliffs, Inc. | 60,636 | 808,884 | ||||||
Coeur Mining, Inc.(1) | 39,050 | 351,840 | ||||||
Commercial Metals Co. | 33,817 | 850,498 | ||||||
Fortitude Gold Corp.(1) | 2,073 | 8,023 | ||||||
Gold Resource Corp. | 7,258 | 19,524 | ||||||
Haynes International, Inc. | 1,668 | 46,587 | ||||||
Kaiser Aluminum Corp. | 4,228 | 482,415 | ||||||
Olympic Steel, Inc. | 2,234 | 39,855 | ||||||
Ryerson Holding Corp.(1) | 3,000 | 38,190 | ||||||
Schnitzer Steel Industries, Inc., Class A | 5,134 | 177,328 | ||||||
SunCoke Energy, Inc. | 18,751 | 119,819 | ||||||
Synalloy Corp.(1) | 850 | 7,369 | ||||||
TimkenSteel Corp.(1) | 6,221 | 50,266 | ||||||
United States Steel Corp. | 41,203 | 684,382 | ||||||
Warrior Met Coal, Inc. | 3,165 | 60,673 | ||||||
6,957,625 | ||||||||
Multiline Retail — 1.6% | ||||||||
Big Lots, Inc. | 10,407 | 661,261 | ||||||
Dillard's, Inc., Class A | 925 | 73,722 | ||||||
Kohl's Corp. | 20,173 | 1,114,558 | ||||||
Macy's, Inc. | 85,104 | 1,294,432 | ||||||
3,143,973 | ||||||||
Oil, Gas and Consumable Fuels — 9.4% | ||||||||
Alto Ingredients, Inc.(1)(2) | 23,658 | 153,304 | ||||||
Antero Midstream Corp. | 52,139 | 459,866 | ||||||
Antero Resources Corp.(1) | 81,396 | 732,564 | ||||||
Arch Resources, Inc. | 3,641 | 174,477 | ||||||
Ardmore Shipping Corp.(1) | 3,480 | 13,711 | ||||||
Berry Corp. | 9,532 | 47,279 |
201
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Bonanza Creek Energy, Inc.(1) | 5,119 | $ | 163,450 | |||||
Brigham Minerals, Inc., Class A | 5,818 | 83,256 | ||||||
Callon Petroleum Co.(1) | 10,200 | 260,814 | ||||||
Centennial Resource Development, Inc., Class A(1) | 46,351 | 183,550 | ||||||
Cimarex Energy Co. | 26,856 | 1,557,379 | ||||||
Clean Energy Fuels Corp.(1) | 27,951 | 364,481 | ||||||
CNX Resources Corp.(1) | 15,616 | 196,918 | ||||||
Comstock Resources, Inc.(1) | 13,577 | 77,525 | ||||||
CONSOL Energy, Inc.(1) | 4,590 | 49,618 | ||||||
Contango Oil & Gas Co.(1)(2) | 100 | 487 | ||||||
Continental Resources, Inc.(1) | 1,112 | 26,888 | ||||||
DHT Holdings, Inc. | 40,546 | 226,247 | ||||||
Diamond S Shipping, Inc.(1) | 3,520 | 28,512 | ||||||
Dorian LPG Ltd.(1) | 10,447 | 130,065 | ||||||
Earthstone Energy, Inc., Class A(1) | 3,473 | 24,589 | ||||||
EnLink Midstream LLC(1) | 81,287 | 312,955 | ||||||
EQT Corp. | 64,348 | 1,144,751 | ||||||
Equitrans Midstream Corp. | 62,173 | 449,511 | ||||||
Goodrich Petroleum Corp.(1) | 2,477 | 24,052 | ||||||
Green Plains, Inc.(1) | 6,291 | 159,288 | ||||||
International Seaways, Inc. | 3,546 | 61,488 | ||||||
Laredo Petroleum, Inc.(1) | 3,999 | 130,327 | ||||||
Marathon Oil Corp. | 133,699 | 1,484,059 | ||||||
Matador Resources Co.(1) | 33,541 | 700,671 | ||||||
Murphy Oil Corp. | 25,576 | 417,656 | ||||||
NACCO Industries, Inc., Class A | 434 | 10,824 | ||||||
Nordic American Tankers Ltd. | 21,971 | 65,254 | ||||||
Overseas Shipholding Group, Inc., Class A(1) | 20,289 | 44,636 | ||||||
Ovintiv, Inc. | 74,543 | 1,719,707 | ||||||
Par Pacific Holdings, Inc.(1) | 11,887 | 210,043 | ||||||
PBF Energy, Inc., Class A(1) | 10,047 | 142,667 | ||||||
PDC Energy, Inc.(1) | 27,146 | 948,753 | ||||||
Peabody Energy Corp.(1) | 8,064 | 34,675 | ||||||
Penn Virginia Corp.(1) | 2,312 | 33,848 | ||||||
PHX Minerals, Inc. | 2,726 | 9,568 | ||||||
PrimeEnergy Resources Corp.(1) | 7 | 328 | ||||||
QEP Resources, Inc. | 58,405 | 200,913 | ||||||
Range Resources Corp.(1) | 73,550 | 709,022 | ||||||
Renewable Energy Group, Inc.(1) | 13,647 | 1,061,327 | ||||||
SandRidge Energy, Inc.(1) | 10,443 | 52,319 | ||||||
Scorpio Tankers, Inc.(2) | 5,961 | 87,984 | ||||||
SFL Corp. Ltd. | 14,131 | 106,548 | ||||||
SilverBow Resources, Inc.(1) | 2,092 | 16,736 | ||||||
SM Energy Co. | 36,694 | 508,579 | ||||||
Southwestern Energy Co.(1) | 171,832 | 695,920 | ||||||
Talos Energy, Inc.(1) | 3,999 | 42,349 | ||||||
Targa Resources Corp. | 35,138 | 1,086,818 | ||||||
World Fuel Services Corp. | 18,481 | 574,389 | ||||||
18,202,945 | ||||||||
Paper and Forest Products — 1.3% | ||||||||
Clearwater Paper Corp.(1) | 3,624 | 126,876 |
202
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Domtar Corp. | 14,998 | $ | 555,676 | |||||
Louisiana-Pacific Corp. | 28,134 | 1,339,460 | ||||||
Mercer International, Inc. | 11,212 | 172,328 | ||||||
Neenah, Inc. | 4,436 | 245,400 | ||||||
Verso Corp., Class A | 5,244 | 65,550 | ||||||
2,505,290 | ||||||||
Personal Products — 0.5% | ||||||||
Lifevantage Corp.(1) | 1,708 | 14,945 | ||||||
Medifast, Inc. | 93 | 23,528 | ||||||
Nature's Sunshine Products, Inc.(1) | 2,382 | 39,255 | ||||||
Nu Skin Enterprises, Inc., Class A | 13,333 | 682,383 | ||||||
USANA Health Sciences, Inc.(1) | 2,779 | 269,730 | ||||||
1,029,841 | ||||||||
Pharmaceuticals — 0.7% | ||||||||
Collegium Pharmaceutical, Inc.(1) | 8,078 | 190,560 | ||||||
Corcept Therapeutics, Inc.(1) | 11,248 | 282,887 | ||||||
Innoviva, Inc.(1) | 13,492 | 154,214 | ||||||
Lannett Co., Inc.(1) | 5,611 | 34,003 | ||||||
Phibro Animal Health Corp., Class A | 2,972 | 64,106 | ||||||
Prestige Consumer Healthcare, Inc.(1) | 8,662 | 361,292 | ||||||
Supernus Pharmaceuticals, Inc.(1) | 11,360 | 305,243 | ||||||
1,392,305 | ||||||||
Professional Services — 1.1% | ||||||||
BGSF, Inc. | 1,229 | 17,132 | ||||||
CRA International, Inc. | 1,512 | 83,417 | ||||||
Heidrick & Struggles International, Inc. | 4,691 | 168,360 | ||||||
Hill International, Inc.(1) | 9,201 | 23,555 | ||||||
Kelly Services, Inc., Class A(1) | 7,404 | 154,151 | ||||||
Kforce, Inc. | 4,885 | 250,845 | ||||||
Korn Ferry | 13,395 | 824,462 | ||||||
ManpowerGroup, Inc. | 5,187 | 489,861 | ||||||
TrueBlue, Inc.(1) | 8,740 | 182,054 | ||||||
2,193,837 | ||||||||
Real Estate Management and Development — 0.1% | ||||||||
Forestar Group, Inc.(1) | 3,992 | 84,990 | ||||||
RE/MAX Holdings, Inc., Class A | 4,150 | 173,138 | ||||||
258,128 | ||||||||
Road and Rail — 2.1% | ||||||||
ArcBest Corp. | 7,704 | 454,459 | ||||||
Covenant Logistics Group, Inc., Class A(1) | 2,198 | 39,960 | ||||||
Marten Transport Ltd. | 15,317 | 247,829 | ||||||
PAM Transportation Services, Inc.(1) | 50 | 2,899 | ||||||
Ryder System, Inc. | 17,638 | 1,195,327 | ||||||
Saia, Inc.(1) | 5,869 | 1,176,911 | ||||||
Schneider National, Inc., Class B | 13,198 | 305,270 | ||||||
US Xpress Enterprises, Inc., Class A(1) | 5,048 | 46,694 | ||||||
USA Truck, Inc.(1) | 137 | 1,904 | ||||||
Werner Enterprises, Inc. | 12,429 | 533,453 | ||||||
4,004,706 | ||||||||
Semiconductors and Semiconductor Equipment — 1.2% | ||||||||
Alpha & Omega Semiconductor Ltd.(1) | 6,229 | 219,198 |
203
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Amkor Technology, Inc. | 23,954 | $ | 572,261 | |||||
Amtech Systems, Inc.(1) | 202 | 1,937 | ||||||
AXT, Inc.(1) | 331 | 4,280 | ||||||
Cohu, Inc.(1) | 12,368 | 537,390 | ||||||
Diodes, Inc.(1) | 412 | 32,350 | ||||||
MagnaChip Semiconductor Corp.(1) | 9,789 | 182,956 | ||||||
NeoPhotonics Corp.(1) | 7,729 | 74,276 | ||||||
Photronics, Inc.(1) | 12,633 | 150,459 | ||||||
SMART Global Holdings, Inc.(1) | 3,474 | 162,201 | ||||||
Ultra Clean Holdings, Inc.(1) | 10,155 | 470,989 | ||||||
2,408,297 | ||||||||
Software — 0.1% | ||||||||
VirnetX Holding Corp.(2) | 13,295 | 92,533 | ||||||
Specialty Retail — 6.5% | ||||||||
Aaron's Co., Inc. (The)(1) | 530 | 11,639 | ||||||
Abercrombie & Fitch Co., Class A | 20,810 | 569,570 | ||||||
American Eagle Outfitters, Inc. | 27,948 | 718,264 | ||||||
AutoNation, Inc.(1) | 11,121 | 834,297 | ||||||
Barnes & Noble Education, Inc.(1) | 673 | 4,354 | ||||||
Bed Bath & Beyond, Inc. | 15,128 | 406,338 | ||||||
Big 5 Sporting Goods Corp. | 7,957 | 107,420 | ||||||
Buckle, Inc. (The) | 9,723 | 373,752 | ||||||
Build-A-Bear Workshop, Inc.(1) | 638 | 4,485 | ||||||
Caleres, Inc. | 10,786 | 171,066 | ||||||
Children's Place, Inc. (The)(1) | 1,384 | 95,842 | ||||||
Citi Trends, Inc. | 2,795 | 217,703 | ||||||
Conn's, Inc.(1) | 2,522 | 35,787 | ||||||
Container Store Group, Inc. (The)(1) | 6,331 | 97,054 | ||||||
Dick's Sporting Goods, Inc. | 7,201 | 513,935 | ||||||
Foot Locker, Inc. | 25,386 | 1,220,813 | ||||||
Gap, Inc. (The)(1) | 23,706 | 591,465 | ||||||
Group 1 Automotive, Inc. | 3,675 | 560,217 | ||||||
Guess?, Inc. | 11,461 | 288,932 | ||||||
Haverty Furniture Cos., Inc. | 5,397 | 195,210 | ||||||
Hibbett Sports, Inc.(1) | 4,987 | 320,465 | ||||||
Kirkland's, Inc.(1) | 3,934 | 102,284 | ||||||
Lumber Liquidators Holdings, Inc.(1) | 9,142 | 226,447 | ||||||
MarineMax, Inc.(1) | 7,483 | 334,116 | ||||||
Murphy USA, Inc. | 5,639 | 702,901 | ||||||
ODP Corp. (The)(1) | 13,138 | 502,791 | ||||||
Penske Automotive Group, Inc. | 7,433 | 505,295 | ||||||
Rent-A-Center, Inc. | 13,241 | 764,800 | ||||||
Shoe Carnival, Inc. | 1,673 | 81,910 | ||||||
Signet Jewelers Ltd.(1) | 18,635 | 927,650 | ||||||
Sonic Automotive, Inc., Class A | 5,985 | 275,968 | ||||||
Sportsman's Warehouse Holdings, Inc.(1) | 11,692 | 198,062 | ||||||
Tilly's, Inc., Class A(1) | 3,583 | 36,977 | ||||||
TravelCenters of America, Inc.(1) | 4,830 | 116,113 | ||||||
Urban Outfitters, Inc.(1) | 8,273 | 280,455 | ||||||
Zumiez, Inc.(1) | 5,950 | 268,226 | ||||||
12,662,603 |
204
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Technology Hardware, Storage and Peripherals — 0.2% | ||||||||
Super Micro Computer, Inc.(1) | 10,197 | $ | 332,728 | |||||
Textiles, Apparel and Luxury Goods — 1.6% | ||||||||
Capri Holdings Ltd.(1) | 14,062 | 656,274 | ||||||
Carter's, Inc. | 7,081 | 591,051 | ||||||
Crown Crafts, Inc. | 151 | 1,152 | ||||||
Culp, Inc. | 2,889 | 49,835 | ||||||
Fossil Group, Inc.(1) | 6,813 | 103,149 | ||||||
G-III Apparel Group Ltd.(1) | 13,099 | 377,120 | ||||||
Movado Group, Inc. | 3,134 | 71,455 | ||||||
Oxford Industries, Inc. | 140 | 10,674 | ||||||
PVH Corp. | 7,649 | 764,594 | ||||||
Rocky Brands, Inc. | 1,088 | 47,426 | ||||||
Steven Madden Ltd. | 8,409 | 311,049 | ||||||
Superior Group of Cos., Inc. | 233 | 5,550 | ||||||
Unifi, Inc.(1) | 2,426 | 60,480 | ||||||
Wolverine World Wide, Inc. | 2,908 | 101,635 | ||||||
3,151,444 | ||||||||
Thrifts and Mortgage Finance — 4.6% | ||||||||
Axos Financial, Inc.(1) | 16,026 | 741,523 | ||||||
Bridgewater Bancshares, Inc.(1) | 5,299 | 76,571 | ||||||
Essent Group Ltd. | 24,229 | 998,962 | ||||||
Federal Agricultural Mortgage Corp., Class C | 2,081 | 179,486 | ||||||
Flagstar Bancorp, Inc. | 14,719 | 638,657 | ||||||
FS Bancorp, Inc. | 1,063 | 64,450 | ||||||
Greene County Bancorp, Inc. | 134 | 3,204 | ||||||
Hingham Institution For Savings (The) | 363 | 87,984 | ||||||
Home Bancorp, Inc. | 904 | 29,244 | ||||||
HomeStreet, Inc. | 6,164 | 264,806 | ||||||
Luther Burbank Corp. | 2,236 | 22,830 | ||||||
Merchants Bancorp | 5,603 | 190,670 | ||||||
Meridian Bancorp, Inc. | 11,084 | 185,657 | ||||||
Meta Financial Group, Inc. | 10,015 | 443,564 | ||||||
MGIC Investment Corp. | 85,781 | 1,044,813 | ||||||
Mr. Cooper Group, Inc.(1) | 15,009 | 472,033 | ||||||
NMI Holdings, Inc., Class A(1) | 22,251 | 508,658 | ||||||
OP Bancorp | 1,343 | 12,342 | ||||||
PennyMac Financial Services, Inc. | 13,369 | 791,579 | ||||||
Pioneer Bancorp, Inc.(1) | 215 | 2,322 | ||||||
Provident Financial Services, Inc. | 444 | 8,982 | ||||||
Radian Group, Inc. | 39,469 | 805,168 | ||||||
Riverview Bancorp, Inc. | 2,994 | 19,760 | ||||||
Severn Bancorp, Inc. | 129 | 1,058 | ||||||
Southern Missouri Bancorp, Inc. | 2,022 | 74,288 | ||||||
Territorial Bancorp, Inc. | 985 | 24,211 | ||||||
Timberland Bancorp, Inc. | 1,932 | 53,613 | ||||||
TrustCo Bank Corp. NY | 16,088 | 110,685 | ||||||
Walker & Dunlop, Inc. | 5,771 | 575,138 | ||||||
Waterstone Financial, Inc. | 5,837 | 113,413 | ||||||
WSFS Financial Corp. | 6,917 | 367,569 | ||||||
8,913,240 |
205
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Trading Companies and Distributors — 4.2% | ||||||||
Air Lease Corp. | 29,435 | $ | 1,349,889 | |||||
Applied Industrial Technologies, Inc. | 9,129 | 779,343 | ||||||
Boise Cascade Co. | 9,871 | 492,958 | ||||||
CAI International, Inc. | 3,003 | 132,132 | ||||||
DXP Enterprises, Inc.(1) | 4,072 | 122,323 | ||||||
GATX Corp. | 9,721 | 927,675 | ||||||
H&E Equipment Services, Inc. | 8,636 | 267,111 | ||||||
Herc Holdings, Inc.(1) | 8,609 | 755,526 | ||||||
Lawson Products, Inc.(1) | 1,100 | 58,300 | ||||||
McGrath RentCorp | 5,875 | 456,252 | ||||||
MRC Global, Inc.(1) | 14,730 | 128,740 | ||||||
NOW, Inc.(1) | 20,736 | 220,424 | ||||||
Rush Enterprises, Inc., Class A | 12,814 | 543,698 | ||||||
Rush Enterprises, Inc., Class B | 2,631 | 99,846 | ||||||
Systemax, Inc. | 2,247 | 81,117 | ||||||
Textainer Group Holdings Ltd.(1) | 9,357 | 243,656 | ||||||
Titan Machinery, Inc.(1) | 6,728 | 164,836 | ||||||
Triton International Ltd. | 19,430 | 1,122,665 | ||||||
Veritiv Corp.(1) | 3,856 | 91,696 | ||||||
Willis Lease Finance Corp.(1) | 215 | 6,945 | ||||||
8,045,132 | ||||||||
Transportation Infrastructure — 0.3% | ||||||||
Macquarie Infrastructure Corp. | 17,974 | 563,305 | ||||||
Wireless Telecommunication Services — 0.4% | ||||||||
Shenandoah Telecommunications Co. | 7,617 | 337,814 | ||||||
Telephone and Data Systems, Inc. | 19,770 | 353,685 | ||||||
United States Cellular Corp.(1) | 2,845 | 83,729 | ||||||
775,228 | ||||||||
TOTAL COMMON STOCKS (Cost $132,513,235) | 192,531,768 | |||||||
TEMPORARY CASH INVESTMENTS — 0.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $838,426) | 838,426 | 838,426 | ||||||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 0.2% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $305,291) | 305,291 | 305,291 | ||||||
TOTAL INVESTMENT SECURITIES — 100.1% (Cost $133,656,952) | 193,675,485 | |||||||
OTHER ASSETS AND LIABILITIES — (0.1)% | (268,642) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 193,406,843 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
Russell 2000 E-Mini Index | 4 | March 2021 | $ | 439,840 | $ | (20,226) |
^Amount represents value and unrealized appreciation (depreciation).
206
NOTES TO SCHEDULE OF INVESTMENTS |
† Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $471,794. 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 $485,792, which includes securities collateral of $180,501.
See Notes to Financial Statements.
207
Statements of Assets and Liabilities |
FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Avantis Emerging Markets Equity Fund | Avantis International Equity Fund | |||||||
Assets | ||||||||
Investment securities, at value (cost of $82,293,774 and $47,361,449, respectively) — including $2,845,091 and $4,049,057, respectively of securities on loan | $ | 99,714,203 | $ | 62,636,835 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $1,430,604 and $2,397,530, respectively) | 1,430,604 | 2,397,530 | ||||||
Total investment securities, at value (cost of $83,724,378 and $49,758,979, respectively) | 101,144,807 | 65,034,365 | ||||||
Cash | — | 259 | ||||||
Foreign currency holdings, at value (cost of $9,484 and $16,549, respectively) | 9,419 | 16,470 | ||||||
Deposits with broker for futures contracts | 44,000 | 22,000 | ||||||
Receivable for investments sold | — | 14 | ||||||
Receivable for capital shares sold | 86,776 | 648 | ||||||
Dividends and interest receivable | 102,462 | 95,235 | ||||||
Securities lending receivable | 3,359 | 2,240 | ||||||
101,390,823 | 65,171,231 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 1,430,604 | 2,397,530 | ||||||
Payable for investments purchased | 290 | 8,120 | ||||||
Payable for capital shares redeemed | 18,681 | 27,000 | ||||||
Payable for variation margin on futures contracts | 25,238 | 1,880 | ||||||
Accrued management fees | 23,779 | 11,218 | ||||||
Accrued foreign taxes | 277,719 | — | ||||||
1,776,311 | 2,445,748 | |||||||
Net Assets | $ | 99,614,512 | $ | 62,725,483 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 82,676,109 | $ | 47,317,248 | ||||
Distributable earnings | 16,938,403 | 15,408,235 | ||||||
$ | 99,614,512 | $ | 62,725,483 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis Emerging Markets Equity Fund | |||||||||||
Institutional Class | $99,608,317 | 7,769,623 | $12.82 | ||||||||
G Class | $6,195 | 483 | $12.83 | ||||||||
Avantis International Equity Fund | |||||||||||
Institutional Class | $62,719,040 | 5,569,689 | $11.26 | ||||||||
G Class | $6,443 | 572 | $11.26 |
See Notes to Financial Statements.
208
FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Avantis International Small Cap Value Fund | Avantis U.S. Equity Fund | |||||||
Assets | ||||||||
Investment securities, at value (cost of $72,624,011 and $57,307,120, respectively) — including $2,945,668 and $191,654, respectively of securities on loan | $ | 87,665,053 | $ | 75,851,231 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $1,741,699 and $103,375, respectively) | 1,741,699 | 103,375 | ||||||
Total investment securities, at value (cost of $74,365,710 and $57,410,495, respectively) | 89,406,752 | 75,954,606 | ||||||
Foreign currency holdings, at value (cost of $7,971 and $—, respectively) | 7,879 | — | ||||||
Deposits with broker for futures contracts | 52,000 | 22,000 | ||||||
Receivable for investments sold | — | 24,248 | ||||||
Receivable for capital shares sold | 36,415 | 20,359 | ||||||
Dividends and interest receivable | 117,055 | 88,285 | ||||||
Securities lending receivable | 4,474 | 121 | ||||||
89,624,575 | 76,109,619 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 1,741,699 | 103,375 | ||||||
Payable for investments purchased | 84,370 | 34,159 | ||||||
Payable for capital shares redeemed | 36,991 | 42,000 | ||||||
Payable for variation margin on futures contracts | 320 | 1,880 | ||||||
Accrued management fees | 24,128 | 8,248 | ||||||
1,887,508 | 189,662 | |||||||
Net Assets | $ | 87,737,067 | $ | 75,919,957 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 72,076,575 | $ | 57,104,996 | ||||
Distributable earnings | 15,660,492 | 18,814,961 | ||||||
$ | 87,737,067 | $ | 75,919,957 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis International Small Cap Value Fund | |||||||||||
Institutional Class | $87,731,259 | 7,679,488 | $11.42 | ||||||||
G Class | $5,808 | 508 | $11.43 | ||||||||
Avantis U.S. Equity Fund | |||||||||||
Institutional Class | $75,913,588 | 5,901,994 | $12.86 | ||||||||
G Class | $6,369 | 495 | $12.87 |
See Notes to Financial Statements.
209
FEBRUARY 28, 2021 (UNAUDITED) | |||||
Avantis U.S. Small Cap Value Fund | |||||
Assets | |||||
Investment securities, at value (cost of $133,351,661) — including $471,794 of securities on loan | $ | 193,370,194 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $305,291) | 305,291 | ||||
Total investment securities, at value (cost of $133,656,952) | 193,675,485 | ||||
Deposits with broker for futures contracts | 26,000 | ||||
Receivable for investments sold | 260,616 | ||||
Receivable for capital shares sold | 196,722 | ||||
Dividends and interest receivable | 189,128 | ||||
Securities lending receivable | 430 | ||||
194,348,381 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 305,291 | ||||
Payable for investments purchased | 350,430 | ||||
Payable for capital shares redeemed | 249,065 | ||||
Payable for variation margin on futures contracts | 160 | ||||
Accrued management fees | 36,592 | ||||
941,538 | |||||
Net Assets | $ | 193,406,843 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 127,667,432 | |||
Distributable earnings | 65,739,411 | ||||
$ | 193,406,843 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis U.S. Small Cap Value Fund | |||||||||||
Institutional Class | $193,398,365 | 14,266,412 | $13.56 | ||||||||
G Class | $8,478 | 625 | $13.56 |
See Notes to Financial Statements.
210
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Avantis Emerging Markets Equity Fund | Avantis International Equity Fund | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $58,709 and $45,562, respectively) | $ | 351,000 | $ | 449,696 | ||||
Securities lending, net | 14,040 | 11,890 | ||||||
Interest | 225 | 121 | ||||||
365,265 | 461,707 | |||||||
Expenses: | ||||||||
Management fees | 101,035 | 63,617 | ||||||
Other expenses | 522 | 116 | ||||||
101,557 | 63,733 | |||||||
Fees waived - G Class | (2) | (1) | ||||||
101,555 | 63,732 | |||||||
Net investment income (loss) | 263,710 | 397,975 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (net of foreign tax expenses paid (refunded) of $607 and $—, respectively) | 142,769 | 132,902 | ||||||
Futures contract transactions | 24,676 | 58,773 | ||||||
Foreign currency translation transactions | (29,782) | 1,365 | ||||||
137,663 | 193,040 | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments (includes (increase) decrease in accrued foreign taxes of $(187,816) and $—, respectively) | 12,001,719 | 8,123,844 | ||||||
Futures contracts | (34,465) | (29,463) | ||||||
Translation of assets and liabilities in foreign currencies | (2,489) | (1,982) | ||||||
11,964,765 | 8,092,399 | |||||||
Net realized and unrealized gain (loss) | 12,102,428 | 8,285,439 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 12,366,138 | $ | 8,683,414 |
See Notes to Financial Statements.
211
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Avantis International Small Cap Value Fund | Avantis U.S. Equity Fund | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $49,218 and $125, respectively) | $ | 587,810 | $ | 449,317 | ||||
Securities lending, net | 21,698 | 1,382 | ||||||
Interest | 170 | 161 | ||||||
609,678 | 450,860 | |||||||
Expenses: | ||||||||
Management fees | 108,198 | 42,555 | ||||||
Other expenses | 95 | 447 | ||||||
108,293 | 43,002 | |||||||
Fees waived - G Class | (2) | (1) | ||||||
108,291 | 43,001 | |||||||
Net investment income (loss) | 501,387 | 407,859 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | 558,060 | 123,789 | ||||||
Futures contract transactions | 115,862 | 101,143 | ||||||
Foreign currency translation transactions | 4,500 | — | ||||||
678,422 | 224,932 | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | 11,195,913 | 9,005,501 | ||||||
Futures contracts | 68,967 | (57,274) | ||||||
Translation of assets and liabilities in foreign currencies | (2,691) | — | ||||||
11,262,189 | 8,948,227 | |||||||
Net realized and unrealized gain (loss) | 11,940,611 | 9,173,159 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 12,441,998 | $ | 9,581,018 |
See Notes to Financial Statements.
212
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) | |||||
Avantis U.S. Small Cap Value Fund | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $1,989) | $ | 1,629,153 | |||
Securities lending, net | 20,318 | ||||
Interest | 235 | ||||
1,649,706 | |||||
Expenses: | |||||
Management fees | 157,811 | ||||
Other expenses | 73 | ||||
157,884 | |||||
Fees waived - G Class | (2) | ||||
157,882 | |||||
Net investment income (loss) | 1,491,824 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions | 4,672,105 | ||||
Futures contract transactions | 538,653 | ||||
5,210,758 | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments | 47,080,453 | ||||
Futures contracts | (56,172) | ||||
47,024,281 | |||||
Net realized and unrealized gain (loss) | 52,235,039 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 53,726,863 |
See Notes to Financial Statements.
213
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2020 | ||||||||||||||
Avantis Emerging Markets Equity Fund | Avantis International Equity Fund | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2021 | August 31, 2020(1) | February 28, 2021 | August 31, 2020(1) | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 263,710 | $ | 588,603 | $ | 397,975 | $ | 559,710 | ||||||
Net realized gain (loss) | 137,663 | (179,974) | 193,040 | (66,781) | ||||||||||
Change in net unrealized appreciation (depreciation) | 11,964,765 | 5,161,889 | 8,092,399 | 7,191,599 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 12,366,138 | 5,570,518 | 8,683,414 | 7,684,528 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings: | ||||||||||||||
Institutional Class | (961,367) | (36,886) | (945,667) | (14,040) | ||||||||||
Capital Share Transactions | ||||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 51,671,151 | 31,004,958 | 4,089,627 | 43,227,621 | ||||||||||
Net increase (decrease) in net assets | 63,075,922 | 36,538,590 | 11,827,374 | 50,898,109 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 36,538,590 | — | 50,898,109 | — | ||||||||||
End of period | $ | 99,614,512 | $ | 36,538,590 | $ | 62,725,483 | $ | 50,898,109 |
(1)December 4, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
214
SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2020 | ||||||||||||||
Avantis International Small Cap Value Fund | Avantis U.S. Equity Fund | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2021 | August 31, 2020(1) | February 28, 2021 | August 31, 2020(1) | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 501,387 | $ | 288,284 | $ | 407,859 | $ | 326,458 | ||||||
Net realized gain (loss) | 678,422 | (162,081) | 224,932 | (111,281) | ||||||||||
Change in net unrealized appreciation (depreciation) | 11,262,189 | 3,868,874 | 8,948,227 | 9,584,828 | ||||||||||
Net increase (decrease) in net assets resulting from operations | 12,441,998 | 3,995,077 | 9,581,018 | 9,800,005 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings: | ||||||||||||||
Institutional Class | (742,081) | (34,502) | (550,258) | (15,804) | ||||||||||
Capital Share Transactions | ||||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 33,773,653 | 38,302,922 | 15,357,971 | 41,747,025 | ||||||||||
Net increase (decrease) in net assets | 45,473,570 | 42,263,497 | 24,388,731 | 51,531,226 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 42,263,497 | — | 51,531,226 | — | ||||||||||
End of period | $ | 87,737,067 | $ | 42,263,497 | $ | 75,919,957 | $ | 51,531,226 |
(1)December 4, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
215
SIX MONTHS ENDED FEBRUARY 28, 2021 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2020 | ||||||||
Avantis U.S. Small Cap Value Fund | ||||||||
Increase (Decrease) in Net Assets | February 28, 2021 | August 31, 2020(1) | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 1,491,824 | $ | 451,796 | ||||
Net realized gain (loss) | 5,210,758 | (455,170) | ||||||
Change in net unrealized appreciation (depreciation) | 47,024,281 | 12,974,026 | ||||||
Net increase (decrease) in net assets resulting from operations | 53,726,863 | 12,970,652 | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Institutional Class | (948,448) | (9,656) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 61,290,801 | 66,376,631 | ||||||
Net increase (decrease) in net assets | 114,069,216 | 79,337,627 | ||||||
Net Assets | ||||||||
Beginning of period | 79,337,627 | — | ||||||
End of period | $ | 193,406,843 | $ | 79,337,627 |
(1)December 4, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
216
Notes to Financial Statements |
FEBRUARY 28, 2021 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Emerging Markets Equity Fund, Avantis International Equity Fund, Avantis International Small Cap Value Fund, Avantis U.S. Equity Fund and Avantis U.S. Small Cap Value Fund (collectively, the funds) are five funds in a series issued by the trust. Each of the funds' investment objective is to seek long-term capital appreciation. The funds offer the Institutional Class and G Class. The Institutional Class of each fund commenced sale on December 4, 2019, the funds' inception date. The G Class of each fund commenced sale on January 20, 2021.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.
If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
217
The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The funds record the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The funds may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of each fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the funds are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.
218
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2021.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | |||||||||||||
Securities Lending Transactions(1) | |||||||||||||||||
Avantis Emerging Markets Equity Fund | |||||||||||||||||
Common Stocks | $ | 1,430,604 | — | — | — | $ | 1,430,604 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,430,604 |
Avantis International Equity Fund | |||||||||||||||||
Common Stocks | $ | 2,397,530 | — | — | — | $ | 2,397,530 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 2,397,530 |
Avantis International Small Cap Value Fund | |||||||||||||||||
Common Stocks | $ | 1,741,699 | — | — | — | $ | 1,741,699 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,741,699 |
Avantis U.S. Equity Fund | |||||||||||||||||
Common Stocks | $ | 103,375 | — | — | — | $ | 103,375 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 103,375 |
Avantis U.S. Small Cap Value Fund | |||||||||||||||||
Common Stocks | $ | 305,291 | — | — | — | $ | 305,291 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 305,291 |
(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, the funds' distributor, American Century Investment Services, Inc., and the trust’s transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.
219
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) per class. 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 each class's daily net assets and paid monthly in arrears. The investment advisor agreed to waive the G Class’s management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.
For the period ended February 28, 2021, the annual management fees for the Institutional Class and the effective annual management fees before and after waiver for G Class for each fund are as follows:
Effective Annual Management Fee | |||||||||||
Institutional Class | G Class Before Waiver | G Class After Waiver | |||||||||
Avantis Emerging Markets Equity Fund | 0.33% | 0.33% | 0.00% | ||||||||
Avantis International Equity Fund | 0.23% | 0.23% | 0.00% | ||||||||
Avantis International Small Cap Value Fund | 0.36% | 0.36% | 0.00% | ||||||||
Avantis U.S. Equity Fund | 0.15% | 0.15% | 0.00% | ||||||||
Avantis U.S. Small Cap Value Fund | 0.25% | 0.25% | 0.00% |
Interfund Transactions — The funds may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended February 28, 2021 were as follows:
Avantis Emerging Markets Equity Fund | Avantis International Equity Fund | Avantis International Small Cap Value Fund | Avantis U.S. Equity Fund | Avantis U.S. Small Cap Value Fund | |||||||||||||
Purchases | $52,978,428 | $8,041,372 | $45,738,914 | $18,129,889 | $81,757,151 | ||||||||||||
Sales | $2,692,336 | $4,303,388 | $12,846,708 | $3,004,962 | $19,153,073 |
5. Capital Share Transactions
Transactions in shares of the funds were as follows (unlimited number of shares authorized):
Six months ended February 28, 2021(1) | Period ended August 31, 2020(2) | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Avantis Emerging Markets Equity Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 5,647,618 | $ | 66,861,495 | 3,922,272 | $ | 34,601,945 | ||||||||
Issued in reinvestment of distributions | 82,168 | 961,367 | 3,471 | 36,886 | ||||||||||
Redeemed | (1,499,041) | (16,158,065) | (386,865) | (3,633,873) | ||||||||||
4,230,745 | 51,664,797 | 3,538,878 | 31,004,958 | |||||||||||
G Class | N/A | |||||||||||||
Sold | 483 | 6,354 | ||||||||||||
Net increase (decrease) | 4,231,228 | $ | 51,671,151 | 3,538,878 | $ | 31,004,958 |
(1)January 20, 2021 (commencement of sale) through February 28, 2021 for the G Class.
(2)December 4, 2019 (fund inception) through August 31, 2020.
220
Six months ended February 28, 2021(1) | Period ended August 31, 2020(2) | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Avantis International Equity Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 1,599,825 | $ | 16,804,297 | 5,642,579 | $ | 47,235,391 | ||||||||
Issued in reinvestment of distributions | 88,298 | 945,667 | 1,363 | 14,040 | ||||||||||
Redeemed | (1,323,718) | (13,666,858) | (438,658) | (4,021,810) | ||||||||||
364,405 | 4,083,106 | 5,205,284 | 43,227,621 | |||||||||||
G Class | N/A | |||||||||||||
Sold | 572 | 6,521 | ||||||||||||
Net increase (decrease) | 364,977 | $ | 4,089,627 | 5,205,284 | $ | 43,227,621 |
Avantis International Small Cap Value Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 4,144,228 | $ | 43,625,542 | 4,850,159 | $ | 40,974,725 | ||||||||
Issued in reinvestment of distributions | 70,473 | 742,081 | 3,321 | 34,502 | ||||||||||
Redeemed | (1,070,369) | (10,599,719) | (318,324) | (2,706,305) | ||||||||||
3,144,332 | 33,767,904 | 4,535,156 | 38,302,922 | |||||||||||
G Class | N/A | |||||||||||||
Sold | 508 | 5,749 | ||||||||||||
Net increase (decrease) | 3,144,840 | $ | 33,773,653 | 4,535,156 | $ | 38,302,922 |
Avantis U.S. Equity Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 2,648,047 | $ | 31,678,080 | 5,307,267 | $ | 47,661,440 | ||||||||
Issued in reinvestment of distributions | 45,855 | 550,258 | 1,534 | 15,804 | ||||||||||
Redeemed | (1,511,514) | (16,876,702) | (589,195) | (5,930,219) | ||||||||||
1,182,388 | 15,351,636 | 4,719,606 | 41,747,025 | |||||||||||
G Class | N/A | |||||||||||||
Sold | 495 | 6,335 | ||||||||||||
Net increase (decrease) | 1,182,883 | $ | 15,357,971 | 4,719,606 | $ | 41,747,025 |
Avantis U.S. Small Cap Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 7,395,691 | $ | 82,420,102 | 9,720,837 | $ | 73,544,735 | ||||||||
Issued in reinvestment of distributions | 83,637 | 948,448 | 922 | 9,656 | ||||||||||
Redeemed | (1,996,200) | (22,085,765) | (938,475) | (7,177,760) | ||||||||||
5,483,128 | 61,282,785 | 8,783,284 | 66,376,631 | |||||||||||
G Class | N/A | |||||||||||||
Sold | 625 | 8,016 | ||||||||||||
Net increase (decrease) | 5,483,753 | $ | 61,290,801 | 8,783,284 | $ | 66,376,631 |
(1)January 20, 2021 (commencement of sale) through February 28, 2021 for the G Class.
(2)December 4, 2019 (fund inception) through August 31, 2020.
221
6. Fair Value Measurements
The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Avantis Emerging Markets Equity Fund | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Brazil | $ | 2,490,309 | $ | 2,877,716 | — | ||||||
Chile | 177,208 | 667,753 | — | ||||||||
China | 10,487,516 | 22,481,668 | — | ||||||||
Colombia | 61,272 | 191,590 | — | ||||||||
India | 1,073,915 | 10,151,632 | — | ||||||||
Indonesia | 144,719 | 1,608,407 | — | ||||||||
Mexico | 715,240 | 1,434,964 | — | ||||||||
Peru | 328,856 | — | — | ||||||||
Philippines | 24,119 | 725,711 | — | ||||||||
Russia | 42,719 | 2,745,894 | — | ||||||||
South Africa | 453,389 | 3,805,371 | — | ||||||||
South Korea | 1,248,048 | 12,709,221 | — | ||||||||
Taiwan | 4,175,963 | 11,212,891 | — | ||||||||
Turkey | 16,146 | 621,769 | — | ||||||||
Other Countries | — | 6,109,827 | — | ||||||||
Rights | — | 12,875 | — | ||||||||
Warrants | — | 1,674 | — | ||||||||
Temporary Cash Investments | 915,821 | — | — | ||||||||
Temporary Cash Investments - Securities Lending Collateral | 1,430,604 | — | — | ||||||||
$ | 23,785,844 | $ | 77,358,963 | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 13,591 | — | — |
222
Avantis International Equity Fund | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Australia | $ | 526,759 | $ | 3,638,600 | — | ||||||
Belgium | 113,753 | 473,520 | — | ||||||||
Canada | 12,445 | 5,749,975 | — | ||||||||
Denmark | 369,276 | 889,893 | — | ||||||||
Finland | 69,502 | 574,645 | — | ||||||||
France | 799,409 | 4,736,647 | — | ||||||||
Germany | 354,436 | 4,549,550 | — | ||||||||
Hong Kong | 28,825 | 1,807,497 | — | ||||||||
Israel | 132,668 | 350,842 | — | ||||||||
Italy | 167,171 | 1,330,274 | — | ||||||||
Japan | 1,650,930 | 12,646,297 | — | ||||||||
Netherlands | 814,904 | 1,366,304 | — | ||||||||
Norway | 69,109 | 412,709 | — | ||||||||
Spain | 292,668 | 1,068,869 | — | ||||||||
Sweden | 193,468 | 2,062,200 | — | ||||||||
Switzerland | 967,009 | 3,898,170 | — | ||||||||
United Kingdom | 3,100,335 | 5,375,284 | — | ||||||||
Other Countries | — | 1,509,198 | — | ||||||||
Warrants | — | 1,711 | — | ||||||||
Rights | — | 956 | — | ||||||||
Temporary Cash Investments | 531,027 | — | — | ||||||||
Temporary Cash Investments - Securities Lending Collateral | 2,397,530 | — | — | ||||||||
$ | 12,591,224 | $ | 52,443,141 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 8,617 | — | — |
Avantis International Small Cap Value Fund | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 984,943 | $ | 85,437,547 | — | ||||||
Rights | — | 7,882 | — | ||||||||
Temporary Cash Investments | 1,234,681 | — | — | ||||||||
Temporary Cash Investments - Securities Lending Collateral | 1,741,699 | — | — | ||||||||
$ | 3,961,323 | $ | 85,445,429 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 91,282 | — | — |
223
Avantis U.S. Equity Fund | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 75,297,026 | — | — | |||||||
Temporary Cash Investments | 554,205 | — | — | ||||||||
Temporary Cash Investments - Securities Lending Collateral | 103,375 | — | — | ||||||||
$ | 75,954,606 | — | — | ||||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 11,056 | — | — |
Avantis U.S. Small Cap Value Fund | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 192,531,768 | — | — | |||||||
Temporary Cash Investments | 838,426 | — | — | ||||||||
Temporary Cash Investments - Securities Lending Collateral | 305,291 | — | — | ||||||||
$ | 193,675,485 | — | — | ||||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 20,226 | — | — |
7. Derivative Instruments
Equity Price Risk — The funds are subject to equity price risk in the normal course of pursuing its investment objectives. The funds may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. The funds 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, the funds are required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by the funds. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. The funds recognize a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.
The funds' average notional exposure to equity price risk derivative instruments held during the period were as follows:
Futures Contracts Purchased | |||||
Avantis Emerging Markets Equity Fund | $607,773 | ||||
Avantis International Equity Fund | $445,448 | ||||
Avantis International Small Cap Value Fund | $552,847 | ||||
Avantis U.S. Equity Fund | $509,060 | ||||
Avantis U.S. Small Cap Value Fund | $675,652 |
224
Value of Derivative Instruments as of February 28, 2021
Asset Derivatives | Liability Derivatives | |||||||||||||
Type of Risk Exposure | Location on Statements of Assets and Liabilities | Value | Location on Statements of Assets and Liabilities | Value | ||||||||||
Avantis Emerging Markets Equity Fund | ||||||||||||||
Equity Price Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 25,238 |
Avantis International Equity Fund
Equity Price Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 1,880 |
Avantis International Small Cap Value Fund
Equity Price Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 320 |
Avantis U.S. Equity Fund
Equity Price Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 1,880 |
Avantis U.S. Small Cap Value Fund
Equity Price Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 160 |
*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedules of Investments.
Effect of Derivative Instruments on the Statements of Operations for the Six Months Ended February 28, 2021
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | |||||||||||||
Type of Risk Exposure | Location on Statements of Operations | Value | Location on Statements of Operations | Value | ||||||||||
Avantis Emerging Markets Equity Fund | ||||||||||||||
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 24,676 | Change in net unrealized appreciation (depreciation) on futures contracts | $ | (34,465) |
Avantis International Equity Fund
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 58,773 | Change in net unrealized appreciation (depreciation) on futures contracts | $ | (29,463) |
Avantis International Small Cap Value Fund
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 115,862 | Change in net unrealized appreciation (depreciation) on futures contracts | $ | 68,967 |
Avantis U.S. Equity Fund
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 101,143 | Change in net unrealized appreciation (depreciation) on futures contracts | $ | (57,274) |
Avantis U.S. Small Cap Value Fund
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 538,653 | Change in net unrealized appreciation (depreciation) on futures contracts | $ | (56,172) |
225
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, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and
markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
Avantis International Small Cap Value Fund and Avantis U.S. Small Cap Value Fund invest in common stocks of small companies. Because of this, the funds may be subject to greater risk and market fluctuations than funds investing in larger, more established companies.
9. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Avantis Emerging Markets Equity Fund | Avantis International Equity Fund | Avantis International Small Cap Value Fund | Avantis U.S. Equity Fund | Avantis U.S. Small Cap Value Fund | |||||||||||||
Federal tax cost of investments | $ | 83,828,056 | $ | 49,775,591 | $ | 74,375,316 | $ | 57,637,002 | $ | 133,968,640 | |||||||
Gross tax appreciation of investments | $ | 19,070,791 | $ | 15,796,144 | $ | 16,260,478 | $ | 18,796,950 | $ | 60,543,105 | |||||||
Gross tax depreciation of investments | (1,754,040) | (537,370) | (1,229,042) | (479,346) | (836,260) | ||||||||||||
Net tax appreciation (depreciation) of investments | $ | 17,316,751 | $ | 15,258,774 | $ | 15,031,436 | $ | 18,317,604 | $ | 59,706,845 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
As of August 31, 2020, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows:
Short-term capital losses | |||||
Avantis Emerging Markets Equity Fund | $(55,255) | ||||
Avantis International Equity Fund | $(43,364) | ||||
Avantis International Small Cap Value Fund | $(135,959) |
226
Financial Highlights |
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||
Avantis Emerging Markets Equity Fund | |||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||
2021(3) | $10.32 | 0.05 | 2.64 | 2.69 | (0.19) | $12.82 | 26.07% | 0.33%(4) | 0.33%(4) | 0.86%(4) | 0.86%(4) | 5% | $99,608 | ||||||||||||||||||||||||||||
2020(5) | $10.00 | 0.23 | 0.12 | 0.35 | (0.03) | $10.32 | 3.57% | 0.33%(4) | 0.33%(4) | 3.26%(4) | 3.26%(4) | 4% | $36,539 | ||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||
2021(6) | $13.16 | 0.01 | (0.34) | (0.33) | — | $12.83 | (2.51)% | 0.00%(4)(7) | 0.33%(4) | 0.44%(4) | 0.11%(4) | 5%(8) | $6 |
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)Six months ended February 28, 2021 (unaudited).
(4)Annualized.
(5)December 4, 2019 (fund inception) through August 31, 2020.
(6)January 20, 2021 (commencement of sale) through February 28, 2021 (unaudited).
(7)Ratio was less than 0.005%.
(8)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the six months ended February 28, 2021.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||
Avantis International Equity Fund | |||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||
2021(3) | $9.78 | 0.07 | 1.59 | 1.66 | (0.18) | $11.26 | 17.11% | 0.23%(4) | 0.23%(4) | 1.44%(4) | 1.44%(4) | 8% | $62,719 | ||||||||||||||||||||||||||||
2020(5) | $10.00 | 0.17 | (0.38) | (0.21) | (0.01) | $9.78 | (2.10)% | 0.23%(4) | 0.23%(4) | 2.54%(4) | 2.54%(4) | 2% | $50,898 | ||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||
2021(6) | $11.35 | 0.02 | (0.11) | (0.09) | — | $11.26 | (0.79)% | 0.00%(4)(7) | 0.23%(4) | 1.41%(4) | 1.18%(4) | 8%(8) | $6 |
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)Six months ended February 28, 2021 (unaudited).
(4)Annualized.
(5)December 4, 2019 (fund inception) through August 31, 2020.
(6)January 20, 2021 (commencement of sale) through February 28, 2021 (unaudited).
(7)Ratio was less than 0.005%.
(8)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the six months ended February 28, 2021.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||
Avantis International Small Cap Value Fund | |||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||
2021(3) | $9.32 | 0.09 | 2.16 | 2.25 | (0.15) | $11.42 | 24.26% | 0.36%(4) | 0.36%(4) | 1.67%(4) | 1.67%(4) | 22% | $87,731 | ||||||||||||||||||||||||||||
2020(5) | $10.00 | 0.14 | (0.78) | (0.64) | (0.04) | $9.32 | (6.43)% | 0.36%(4) | 0.36%(4) | 2.18%(4) | 2.18%(4) | 12% | $42,263 | ||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||
2021(6) | $11.31 | 0.01 | 0.11 | 0.12 | — | $11.43 | 1.06% | 0.00%(4)(7) | 0.36%(4) | 1.21%(4) | 0.85%(4) | 22%(8) | $6 |
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)Six months ended February 28, 2021 (unaudited).
(4)Annualized.
(5)December 4, 2019 (fund inception) through August 31, 2020.
(6)January 20, 2021 (commencement of sale) through February 28, 2021 (unaudited).
(7)Ratio was less than 0.005%.
(8)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the six months ended February 28, 2021.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | 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 | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||||||
Avantis U.S. Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021(3) | $10.92 | 0.08 | 1.98 | 2.06 | (0.09) | (0.03) | (0.12) | $12.86 | 18.90% | 0.15%(4) | 0.15%(4) | 1.44%(4) | 1.44%(4) | 5% | $75,914 | ||||||||||||||||||||||||||||||||
2020(5) | $10.00 | 0.12 | 0.82 | 0.94 | (0.02) | — | (0.02) | $10.92 | 9.37% | 0.15%(4) | 0.15%(4) | 1.62%(4) | 1.62%(4) | 3% | $51,531 | ||||||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021(6) | $12.80 | 0.02 | 0.05 | 0.07 | — | — | — | $12.87 | 0.55% | 0.00%(4)(7) | 0.15%(4) | 1.73%(4) | 1.58%(4) | 5%(8) | $6 |
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)Six months ended February 28, 2021 (unaudited).
(4)Annualized.
(5)December 4, 2019 (fund inception) through August 31, 2020.
(6)January 20, 2021 (commencement of sale) through February 28, 2021 (unaudited).
(7)Ratio was less than 0.005%.
(8)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the six months ended February 28, 2021.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | 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 | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||||||
Avantis U.S. Small Cap Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021(3) | $9.03 | 0.13 | 4.48 | 4.61 | (0.08) | —(4) | (0.08) | $13.56 | 51.27% | 0.25%(5) | 0.25%(5) | 2.36%(5) | 2.36%(5) | 16% | $193,398 | ||||||||||||||||||||||||||||||||
2020(6) | $10.00 | 0.11 | (1.07) | (0.96) | (0.01) | — | (0.01) | $9.03 | (9.57)% | 0.25%(5) | 0.25%(5) | 1.89%(5) | 1.89%(5) | 4% | $79,338 | ||||||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||||||||
2021(7) | $12.82 | 0.05 | 0.69 | 0.74 | — | — | — | $13.56 | 5.77% | 0.00%(5)(8) | 0.25%(5) | 3.45%(5) | 3.20%(5) | 16%(9) | $8 |
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)Six months ended February 28, 2021 (unaudited).
(4)Per-share amount was less than $0.005.
(5)Annualized.
(6)December 4, 2019 (fund inception) through August 31, 2020.
(7)January 20, 2021 (commencement of sale) through February 28, 2021 (unaudited).
(8)Ratio was less than 0.005%.
(9)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the six months ended February 28, 2021.
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
232
Contact Us | avantisinvestors.com | |||||||
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 | |||||||
Telecommunications Relay Service for the Deaf | 711 | |||||||
American Century ETF Trust | ||||||||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||||||||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||||||||
©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96959 2104 |
Semiannual Report | |||||
February 28, 2021 | |||||
Avantis® Core Fixed Income Fund | |||||
Institutional Class (AVIGX) | |||||
G Class (AVBNX) | |||||
Avantis® Core Municipal Fixed Income Fund | |||||
Institutional Class (AVMUX) | |||||
G Class (AVFNX) | |||||
Avantis® Short-Term Fixed Income Fund | |||||
Institutional Class (AVSFX) | |||||
G Class (AVGNX) |
Table of Contents |
Chairman’s Letter | |||||
Avantis Core Fixed Income Fund | |||||
Fund Characteristics | |||||
Avantis Core Municipal Fixed Income Fund | |||||
Fund Characteristics | |||||
Avantis Short-Term Fixed Income Fund | |||||
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 | |||||
Approval of Management Agreement | |||||
Additional Information |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Chairman's Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ended February 28, 2021. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.
Yield Rose as Stimulus, Vaccines Sparked Optimism
Early in the reporting period, investors generally remained upbeat despite periodic upswings in virus cases, ongoing lockdowns in certain states and uncertainty surrounding the U.S. political climate. Significant support from the Federal Reserve and the federal government helped maintain investor confidence in the financial markets and strengthen the economic backdrop. Additionally, positive vaccine developments and a late-2020 federal coronavirus aid package also provided support. Furthermore, political clarity emerged following the January U.S. Senate run-off elections in Georgia, which triggered expectations for another federal COVID-19 relief bill in early 2021. The record $1.9 trillion American Rescue Plan Act of 2021 worked its way through Congress in February (and ultimately passed in early March).
Overall, the improving economic backdrop combined with massive monetary and fiscal support drove inflation expectations and U.S. bond yields higher. The yield on the benchmark 10-year U.S. Treasury note ended the reporting period at its highest level in more than one year. Municipal bond (muni) yields generally tracked Treasury yields higher but at a more modest pace.
Rising yields pressured U.S. investment-grade bond and muni returns, which declined. Shorter-maturity bonds generally outperformed longer-maturity bonds, and lower-quality bonds broadly outperformed higher-quality securities for the reporting period.
A Return to Normalcy in Sight
The return to pre-pandemic life appears to be on the horizon thanks to declining COVID-19 cases and expanding vaccine distribution programs. In addition, medical professionals continue to improve treatment protocols for those afflicted with the virus. Nevertheless, until the vaccine is more widely available, investors still may face the effects of virus-related restrictions, economic uncertainty and heightened market volatility. These influences can be unsettling, but they tend to be temporary.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis Core Fixed Income Fund | |||||
Portfolio at a Glance | |||||
Weighted Average Life to Maturity | 7.8 years | ||||
Average Duration (effective) | 6.7 years | ||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 59.5% | ||||
U.S. Treasury Securities | 29.5% | ||||
U.S. Government Agency Mortgage-Backed Securities | 17.5% | ||||
Commercial Paper | 4.7% | ||||
U.S. Government Agency Securities | 1.0% | ||||
Temporary Cash Investments | 6.5% | ||||
Other Assets and Liabilities | (18.7)%* |
*Amount relates primarily to payable for investments purchased, but not settled, at period end.
3
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis Core Municipal Fixed Income Fund | |||||
Portfolio at a Glance | |||||
Weighted Average Life to Maturity | 3.9 years | ||||
Average Duration (modified) | 2.1 years | ||||
Top Five States and Territories | % of net assets | ||||
New York | 8.7% | ||||
California | 7.6% | ||||
Alabama | 3.7% | ||||
Virginia | 2.2% | ||||
Florida | 1.8% | ||||
Top Five Sectors | % of fund investments | ||||
Special Tax | 11% | ||||
General Obligation (GO) - Local | 7% | ||||
General Obligation (GO) - State | 6% | ||||
Lease Revenue | 2% | ||||
Toll Facilities | 2% | ||||
Types of Investments in Portfolio | % of net assets | ||||
Municipal Securities | 32.7% | ||||
Temporary Cash Investments | 82.5% | ||||
Other Assets and Liabilities | (15.2)%* |
*Amount relates primarily to payable for investments purchased, but not settled, at period end.
4
Fund Characteristics |
FEBRUARY 28, 2021 | |||||
Avantis Short-Term Fixed Income Fund | |||||
Portfolio at a Glance | |||||
Weighted Average Life to Maturity | 2.7 years | ||||
Average Duration (effective) | 2.6 years | ||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 45.0% | ||||
U.S. Treasury Securities | 38.9% | ||||
U.S. Government Agency Securities | 2.6% | ||||
Sovereign Governments and Agencies | 0.2% | ||||
Temporary Cash Investments | 14.5% | ||||
Other Assets and Liabilities | (1.2)% |
5
Shareholder Fee Examples |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2020 to February 28, 2021 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class 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.
6
Beginning Account Value 9/1/20 | Ending Account Value 2/28/21 | Expenses Paid During Period(1) 9/1/20 - 2/28/21 | Annualized Expense Ratio(1) | |||||||||||
Avantis Core Fixed Income Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $998.20 | $0.02(2) | 0.15% | ||||||||||
G Class | $1,000 | $998.20 | $0.00(2) | 0.00% | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
G Class | $1,000 | $1,024.80 | $0.00 | 0.00% | ||||||||||
Avantis Core Municipal Fixed Income Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $1,000.00 | $0.02(2) | 0.15% | ||||||||||
G Class | $1,000 | $1,000.10 | $0.00(2) | 0.00% | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
G Class | $1,000 | $1,024.80 | $0.00 | 0.00% | ||||||||||
Avantis Short-Term Fixed Income Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $998.10 | $0.02(2) | 0.15% | ||||||||||
G Class | $1,000 | $998.10 | $0.00(2) | 0.00% | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
G Class | $1,000 | $1,024.80 | $0.00 | 0.00% |
(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 5, the number of days in the period from February 24, 2021 (fund inception) through February 28, 2021, divided by 365, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher.
7
Schedules of Investments |
FEBRUARY 28, 2021 (UNAUDITED)
Avantis Core Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
CORPORATE BONDS — 59.5% | ||||||||
Aerospace and Defense — 2.5% | ||||||||
General Dynamics Corp., 3.625%, 4/1/30 | $ | 64,000 | $ | 72,893 | ||||
Huntington Ingalls Industries, Inc., 3.48%, 12/1/27 | 30,000 | 33,147 | ||||||
Lockheed Martin Corp., 3.55%, 1/15/26 | 97,000 | 108,123 | ||||||
Northrop Grumman Corp., 3.25%, 1/15/28 | 42,000 | 45,795 | ||||||
Precision Castparts Corp., 3.25%, 6/15/25 | 42,000 | 45,858 | ||||||
Textron, Inc., 4.00%, 3/15/26 | 30,000 | 33,513 | ||||||
Textron, Inc., 2.45%, 3/15/31 | 42,000 | 41,559 | ||||||
380,888 | ||||||||
Airlines — 0.5% | ||||||||
Southwest Airlines Co., 5.125%, 6/15/27 | 32,000 | 37,513 | ||||||
Southwest Airlines Co., 2.625%, 2/10/30 | 37,000 | 36,869 | ||||||
74,382 | ||||||||
Auto Components — 0.3% | ||||||||
BorgWarner, Inc., 2.65%, 7/1/27 | 48,000 | 50,889 | ||||||
Automobiles — 1.4% | ||||||||
American Honda Finance Corp., MTN, 1.00%, 9/10/25 | 60,000 | 59,780 | ||||||
American Honda Finance Corp., MTN, 2.35%, 1/8/27 | 48,000 | 50,857 | ||||||
General Motors Financial Co., Inc., 5.10%, 1/17/24 | 27,000 | 30,090 | ||||||
Toyota Motor Credit Corp., MTN, 3.375%, 4/1/30 | 30,000 | 33,379 | ||||||
Toyota Motor Credit Corp., MTN, 1.65%, 1/10/31 | 38,000 | 37,164 | ||||||
211,270 | ||||||||
Banks — 3.8% | ||||||||
Bank of Nova Scotia (The), 3.40%, 2/11/24 | 68,000 | 73,635 | ||||||
Fifth Third Bancorp, 3.65%, 1/25/24 | 66,000 | 71,609 | ||||||
Inter-American Development Bank, 3.125%, 9/18/28 | 60,000 | 68,015 | ||||||
International Bank for Reconstruction & Development, 0.75%, 11/24/27 | 60,000 | 58,300 | ||||||
Santander Holdings USA, Inc., 3.45%, 6/2/25 | 36,000 | 38,734 | ||||||
Santander Holdings USA, Inc., 4.40%, 7/13/27 | 36,000 | 40,456 | ||||||
Sumitomo Mitsui Financial Group, Inc., 3.94%, 10/16/23 | 30,000 | 32,713 | ||||||
US Bancorp, MTN, 3.95%, 11/17/25 | 97,000 | 109,846 | ||||||
Wells Fargo & Co., MTN, 3.55%, 9/29/25 | 66,000 | 72,882 | ||||||
566,190 | ||||||||
Beverages — 1.3% | ||||||||
Molson Coors Beverage Co., 3.00%, 7/15/26 | 73,000 | 78,696 | ||||||
PepsiCo, Inc., 3.00%, 10/15/27 | 73,000 | 80,377 | ||||||
PepsiCo, Inc., 1.40%, 2/25/31 | 31,000 | 29,723 | ||||||
188,796 | ||||||||
Biotechnology — 0.3% | ||||||||
AbbVie, Inc., 4.50%, 5/14/35 | 36,000 | 43,411 | ||||||
Capital Markets — 1.6% | ||||||||
BlackRock, Inc., 3.25%, 4/30/29 | 12,000 | 13,463 | ||||||
Brookfield Finance, Inc., 3.90%, 1/25/28 | 66,000 | 74,509 | ||||||
Charles Schwab Corp. (The), 3.20%, 3/2/27 | 30,000 | 33,119 | ||||||
Franklin Resources, Inc., 1.60%, 10/30/30 | 57,000 | 54,481 |
8
Avantis Core Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
TD Ameritrade Holding Corp., 2.75%, 10/1/29 | $ | 55,000 | $ | 58,595 | ||||
234,167 | ||||||||
Chemicals — 3.1% | ||||||||
Air Products and Chemicals, Inc., 1.50%, 10/15/25 | 73,000 | 74,690 | ||||||
DuPont de Nemours, Inc., 2.17%, 5/1/23 | 73,000 | 73,383 | ||||||
EI du Pont de Nemours and Co., 2.30%, 7/15/30 | 30,000 | 30,788 | ||||||
Linde, Inc., 3.20%, 1/30/26 | 48,000 | 52,955 | ||||||
Mosaic Co. (The), 5.45%, 11/15/33 | 60,000 | 74,467 | ||||||
RPM International, Inc., 4.55%, 3/1/29 | 64,000 | 73,606 | ||||||
Westlake Chemical Corp., 3.60%, 8/15/26 | 42,000 | 46,163 | ||||||
Westlake Chemical Corp., 3.375%, 6/15/30 | 30,000 | 32,146 | ||||||
458,198 | ||||||||
Commercial Services and Supplies — 0.3% | ||||||||
Waste Management, Inc., 7.00%, 7/15/28 | 29,000 | 39,325 | ||||||
Construction and Engineering — 0.2% | ||||||||
Quanta Services, Inc., 2.90%, 10/1/30 | 30,000 | 31,361 | ||||||
Consumer Finance — 0.5% | ||||||||
Synchrony Financial, 5.15%, 3/19/29 | 66,000 | 78,467 | ||||||
Diversified Financial Services — 0.2% | ||||||||
Equitable Holdings, Inc., 4.35%, 4/20/28 | 30,000 | 34,284 | ||||||
Diversified Telecommunication Services — 0.7% | ||||||||
AT&T, Inc., 6.15%, 9/15/34 | 56,000 | 73,074 | ||||||
Telefonica Europe BV, 8.25%, 9/15/30 | 24,000 | 35,146 | ||||||
108,220 | ||||||||
Electric Utilities — 4.0% | ||||||||
Berkshire Hathaway Energy Co., 4.05%, 4/15/25(1) | 12,000 | 13,395 | ||||||
DTE Electric Co., 2.625%, 3/1/31 | 66,000 | 69,852 | ||||||
Duke Energy Carolinas LLC, 6.00%, 12/1/28 | 30,000 | 38,596 | ||||||
Duke Energy Ohio, Inc., 2.125%, 6/1/30 | 36,000 | 36,560 | ||||||
Entergy Arkansas LLC, 4.00%, 6/1/28 | 32,000 | 36,607 | ||||||
Entergy Louisiana LLC, 3.05%, 6/1/31 | 33,000 | 35,974 | ||||||
IPALCO Enterprises, Inc., 4.25%, 5/1/30(1) | 57,000 | 64,382 | ||||||
PacifiCorp, 2.70%, 9/15/30 | 54,000 | 57,332 | ||||||
PPL Electric Utilities Corp., 6.25%, 5/15/39 | 18,000 | 25,799 | ||||||
Public Service Electric and Gas Co., MTN, 3.00%, 5/15/27 | 36,000 | 39,381 | ||||||
Puget Energy, Inc., 4.10%, 6/15/30 | 66,000 | 73,843 | ||||||
Union Electric Co., 2.95%, 3/15/30 | 68,000 | 74,072 | ||||||
Wisconsin Power and Light Co., 3.00%, 7/1/29 | 24,000 | 26,268 | ||||||
592,061 | ||||||||
Electronic Equipment, Instruments and Components — 1.1% | ||||||||
Flex Ltd., 3.75%, 2/1/26 | 30,000 | 32,741 | ||||||
Flex Ltd., 4.875%, 5/12/30 | 24,000 | 27,965 | ||||||
Jabil, Inc., 3.00%, 1/15/31 | 30,000 | 30,702 | ||||||
Trimble, Inc., 4.90%, 6/15/28 | 62,000 | 73,161 | ||||||
164,569 | ||||||||
Energy Equipment and Services — 0.7% | ||||||||
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/27 | 30,000 | 33,150 | ||||||
Schlumberger Investment SA, 2.65%, 6/26/30 | 66,000 | 68,715 | ||||||
101,865 | ||||||||
Entertainment — 0.6% | ||||||||
Walt Disney Co. (The), 2.00%, 9/1/29 | 42,000 | 42,561 |
9
Avantis Core Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Walt Disney Co. (The), 6.15%, 2/15/41 | $ | 30,000 | $ | 44,231 | ||||
86,792 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 4.7% | ||||||||
American Campus Communities Operating Partnership LP, 3.875%, 1/30/31 | 66,000 | 73,318 | ||||||
American Homes 4 Rent LP, 4.25%, 2/15/28 | 66,000 | 74,204 | ||||||
American Tower Corp., 3.60%, 1/15/28 | 66,000 | 73,023 | ||||||
AvalonBay Communities, Inc., MTN, 3.20%, 1/15/28 | 24,000 | 26,183 | ||||||
Brixmor Operating Partnership LP, 3.65%, 6/15/24 | 69,000 | 74,745 | ||||||
Corporate Office Properties LP, 2.25%, 3/15/26 | 72,000 | 73,920 | ||||||
Highwoods Realty LP, 4.125%, 3/15/28 | 33,000 | 36,509 | ||||||
Highwoods Realty LP, 2.60%, 2/1/31 | 36,000 | 35,704 | ||||||
Kilroy Realty LP, 2.50%, 11/15/32 | 79,000 | 76,777 | ||||||
Realty Income Corp., 3.65%, 1/15/28 | 36,000 | 40,236 | ||||||
Simon Property Group LP, 6.75%, 2/1/40 | 30,000 | 43,383 | ||||||
Ventas Realty LP, 4.75%, 11/15/30 | 66,000 | 78,242 | ||||||
706,244 | ||||||||
Food and Staples Retailing — 1.2% | ||||||||
Sysco Corp., 6.60%, 4/1/40 | 54,000 | 77,039 | ||||||
Walgreens Boots Alliance, Inc., 3.45%, 6/1/26 | 12,000 | 13,218 | ||||||
Walgreens Boots Alliance, Inc., 3.20%, 4/15/30 | 30,000 | 32,276 | ||||||
Walgreens Boots Alliance, Inc., 4.50%, 11/18/34 | 19,000 | 21,980 | ||||||
Walmart, Inc., 3.70%, 6/26/28 | 32,000 | 36,701 | ||||||
181,214 | ||||||||
Food Products — 1.5% | ||||||||
Archer-Daniels-Midland Co., 3.25%, 3/27/30 | 66,000 | 73,400 | ||||||
Bunge Ltd. Finance Corp., 3.25%, 8/15/26 | 73,000 | 79,060 | ||||||
Campbell Soup Co., 4.15%, 3/15/28 | 64,000 | 73,593 | ||||||
226,053 | ||||||||
Gas Utilities — 0.2% | ||||||||
Southern California Gas Co., 2.55%, 2/1/30 | 35,000 | 36,503 | ||||||
Health Care Equipment and Supplies — 0.5% | ||||||||
Edwards Lifesciences Corp., 4.30%, 6/15/28 | 26,000 | 29,858 | ||||||
Zimmer Biomet Holdings, Inc., 3.55%, 3/20/30 | 42,000 | 46,213 | ||||||
76,071 | ||||||||
Health Care Providers and Services — 1.2% | ||||||||
CVS Health Corp., 1.875%, 2/28/31 | 53,000 | 51,271 | ||||||
HCA, Inc., 4.125%, 6/15/29 | 66,000 | 74,579 | ||||||
UnitedHealth Group, Inc., 3.45%, 1/15/27 | 24,000 | 26,886 | ||||||
UnitedHealth Group, Inc., 4.625%, 7/15/35 | 24,000 | 30,355 | ||||||
183,091 | ||||||||
Household Durables — 0.4% | ||||||||
Whirlpool Corp., 4.00%, 3/1/24 | 54,000 | 59,343 | ||||||
Industrial Conglomerates — 0.9% | ||||||||
3M Co., MTN, 5.70%, 3/15/37 | 18,000 | 24,598 | ||||||
Honeywell International, Inc., 5.70%, 3/15/36 | 24,000 | 32,861 | ||||||
Roper Technologies, Inc., 1.40%, 9/15/27 | 73,000 | 72,280 | ||||||
129,739 | ||||||||
Insurance — 1.5% | ||||||||
Brighthouse Financial, Inc., 3.70%, 6/22/27 | 68,000 | 74,182 | ||||||
Chubb INA Holdings, Inc., 1.375%, 9/15/30 | 36,000 | 34,281 |
10
Avantis Core Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
MetLife, Inc., 3.60%, 11/13/25 | $ | 97,000 | $ | 108,139 | ||||
216,602 | ||||||||
Interactive Media and Services — 0.3% | ||||||||
Alphabet, Inc., 0.80%, 8/15/27 | 48,000 | 46,703 | ||||||
Internet and Direct Marketing Retail — 0.2% | ||||||||
Amazon.com, Inc., 5.20%, 12/3/25 | 30,000 | 35,643 | ||||||
IT Services — 1.8% | ||||||||
DXC Technology Co., 4.75%, 4/15/27 | 65,000 | 73,857 | ||||||
International Business Machines Corp., 1.95%, 5/15/30 | 111,000 | 110,057 | ||||||
Visa, Inc., 2.75%, 9/15/27 | 24,000 | 26,137 | ||||||
Visa, Inc., 1.10%, 2/15/31 | 30,000 | 28,149 | ||||||
Western Union Co. (The), 6.20%, 11/17/36 | 30,000 | 37,871 | ||||||
276,071 | ||||||||
Leisure Products — 0.5% | ||||||||
Hasbro, Inc., 3.50%, 9/15/27 | 67,000 | 72,909 | ||||||
Machinery — 2.6% | ||||||||
ABB Finance USA, Inc., 3.80%, 4/3/28 | 64,000 | 73,719 | ||||||
Caterpillar Financial Services Corp., MTN, 3.65%, 12/7/23 | 24,000 | 26,175 | ||||||
Caterpillar Financial Services Corp., MTN, 1.10%, 9/14/27 | 30,000 | 29,514 | ||||||
John Deere Capital Corp., MTN, 3.05%, 1/6/28 | 102,000 | 112,112 | ||||||
Kennametal, Inc., 4.625%, 6/15/28 | 65,000 | 73,925 | ||||||
Oshkosh Corp., 4.60%, 5/15/28 | 64,000 | 73,663 | ||||||
389,108 | ||||||||
Media — 0.8% | ||||||||
Comcast Corp., 4.25%, 10/15/30 | 60,000 | 70,755 | ||||||
ViacomCBS, Inc., 4.95%, 1/15/31 | 42,000 | 50,610 | ||||||
121,365 | ||||||||
Metals and Mining — 0.7% | ||||||||
Kinross Gold Corp., 4.50%, 7/15/27 | 42,000 | 48,053 | ||||||
Steel Dynamics, Inc., 3.25%, 1/15/31 | 54,000 | 58,050 | ||||||
106,103 | ||||||||
Multi-Utilities — 0.2% | ||||||||
San Diego Gas & Electric Co., 1.70%, 10/1/30 | 37,000 | 35,864 | ||||||
Multiline Retail — 0.5% | ||||||||
Dollar Tree, Inc., 4.20%, 5/15/28 | 30,000 | 34,413 | ||||||
Target Corp., 2.65%, 9/15/30 | 42,000 | 44,866 | ||||||
79,279 | ||||||||
Oil, Gas and Consumable Fuels — 6.2% | ||||||||
Burlington Resources LLC, 7.40%, 12/1/31 | 18,000 | 26,474 | ||||||
Canadian Natural Resources Ltd., 2.95%, 7/15/30 | 29,000 | 29,778 | ||||||
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 | 63,000 | 73,622 | ||||||
Chevron Corp., 1.55%, 5/11/25 | 42,000 | 43,076 | ||||||
Chevron USA, Inc., 3.85%, 1/15/28 | 26,000 | 29,711 | ||||||
Cimarex Energy Co., 3.90%, 5/15/27 | 40,000 | 44,160 | ||||||
Cimarex Energy Co., 4.375%, 3/15/29 | 26,000 | 29,221 | ||||||
Enbridge, Inc., 3.125%, 11/15/29 | 42,000 | 44,896 | ||||||
Enterprise Products Operating LLC, 3.70%, 2/15/26 | 18,000 | 19,983 | ||||||
Equinor ASA, 2.875%, 4/6/25 | 44,000 | 47,257 | ||||||
Equinor ASA, 1.75%, 1/22/26 | 70,000 | 72,201 | ||||||
Exxon Mobil Corp., 2.44%, 8/16/29 | 54,000 | 56,418 | ||||||
Exxon Mobil Corp., 2.61%, 10/15/30 | 36,000 | 37,724 |
11
Avantis Core Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Kinder Morgan, Inc., 5.30%, 12/1/34 | $ | 18,000 | $ | 21,776 | ||||
Marathon Petroleum Corp., 4.70%, 5/1/25 | 24,000 | 27,318 | ||||||
MPLX LP, 2.65%, 8/15/30 | 30,000 | 29,876 | ||||||
Phillips 66, 3.90%, 3/15/28 | 24,000 | 27,217 | ||||||
Pioneer Natural Resources Co., 1.90%, 8/15/30 | 30,000 | 28,875 | ||||||
Shell International Finance BV, 3.25%, 5/11/25 | 18,000 | 19,632 | ||||||
Shell International Finance BV, 2.50%, 9/12/26 | 66,000 | 70,528 | ||||||
Shell International Finance BV, 4.125%, 5/11/35 | 12,000 | 14,130 | ||||||
Total Capital International SA, 2.99%, 6/29/41 | 22,000 | 22,210 | ||||||
TransCanada PipeLines Ltd., 4.25%, 5/15/28 | 24,000 | 27,689 | ||||||
Valero Energy Corp., 6.625%, 6/15/37 | 30,000 | 39,646 | ||||||
Valero Energy Partners LP, 4.50%, 3/15/28 | 26,000 | 29,402 | ||||||
Williams Cos., Inc. (The), 4.00%, 9/15/25 | 18,000 | 19,991 | ||||||
932,811 | ||||||||
Pharmaceuticals — 4.2% | ||||||||
Bristol-Myers Squibb Co., 3.25%, 2/27/27 | 33,000 | 36,658 | ||||||
Bristol-Myers Squibb Co., 1.45%, 11/13/30 | 46,000 | 44,188 | ||||||
Eli Lilly and Co., 3.375%, 3/15/29 | 39,000 | 43,698 | ||||||
GlaxoSmithKline Capital, Inc., 6.375%, 5/15/38 | 36,000 | 54,536 | ||||||
Johnson & Johnson, 0.55%, 9/1/25 | 24,000 | 23,826 | ||||||
Johnson & Johnson, 2.90%, 1/15/28 | 54,000 | 59,394 | ||||||
Merck & Co., Inc., 0.75%, 2/24/26 | 42,000 | 41,811 | ||||||
Mylan, Inc., 4.55%, 4/15/28 | 61,000 | 70,793 | ||||||
Novartis Capital Corp., 3.10%, 5/17/27 | 66,000 | 72,970 | ||||||
Novartis Capital Corp., 2.20%, 8/14/30 | 36,000 | 37,220 | ||||||
Royalty Pharma plc, 2.20%, 9/2/30(1) | 73,000 | 71,945 | ||||||
Sanofi, 3.625%, 6/19/28 | 65,000 | 73,918 | ||||||
630,957 | ||||||||
Semiconductors and Semiconductor Equipment — 1.7% | ||||||||
Broadcom, Inc., 4.11%, 9/15/28 | 66,000 | 73,317 | ||||||
Intel Corp., 4.60%, 3/25/40 | 58,000 | 73,137 | ||||||
NXP BV / NXP Funding LLC, 5.55%, 12/1/28(1) | 24,000 | 29,358 | ||||||
QUALCOMM, Inc., 3.25%, 5/20/27 | 66,000 | 73,197 | ||||||
249,009 | ||||||||
Software — 0.7% | ||||||||
Adobe, Inc., 2.30%, 2/1/30 | 35,000 | 36,231 | ||||||
VMware, Inc., 4.70%, 5/15/30 | 60,000 | 70,377 | ||||||
106,608 | ||||||||
Specialty Retail — 1.2% | ||||||||
AutoNation, Inc., 3.80%, 11/15/27 | 40,000 | 44,041 | ||||||
AutoNation, Inc., 4.75%, 6/1/30 | 24,000 | 28,329 | ||||||
Home Depot, Inc. (The), 2.80%, 9/14/27 | 66,000 | 71,897 | ||||||
TJX Cos., Inc. (The), 1.15%, 5/15/28 | 30,000 | 29,109 | ||||||
173,376 | ||||||||
Technology Hardware, Storage and Peripherals — 1.2% | ||||||||
Apple, Inc., 3.25%, 2/23/26 | 24,000 | 26,415 | ||||||
Apple, Inc., 3.20%, 5/11/27 | 12,000 | 13,280 | ||||||
Apple, Inc., 2.20%, 9/11/29 | 18,000 | 18,579 | ||||||
Hewlett Packard Enterprise Co., 6.20%, 10/15/35 | 57,000 | 74,519 | ||||||
HP, Inc., 3.40%, 6/17/30 | 42,000 | 45,346 | ||||||
178,139 |
12
Avantis Core Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Trading Companies and Distributors — 0.5% | ||||||||
Air Lease Corp., 3.625%, 12/1/27 | $ | 69,000 | $ | 73,844 | ||||
Transportation Infrastructure — 0.5% | ||||||||
FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 8/20/35 | 71,048 | 71,549 | ||||||
Wireless Telecommunication Services — 0.5% | ||||||||
T-Mobile USA, Inc., 3.75%, 4/15/27(1) | 66,000 | 72,766 | ||||||
TOTAL CORPORATE BONDS (Cost $8,932,045) | 8,912,099 | |||||||
U.S. TREASURY SECURITIES — 29.5% | ||||||||
U.S. Treasury Bills, 0.06%, 8/26/21(2) | 350,000 | 349,926 | ||||||
U.S. Treasury Bonds, 7.625%, 2/15/25 | 340,000 | 435,519 | ||||||
U.S. Treasury Bonds, 5.50%, 8/15/28 | 120,000 | 157,613 | ||||||
U.S. Treasury Bonds, 5.375%, 2/15/31 | 110,000 | 151,632 | ||||||
U.S. Treasury Bonds, 3.125%, 11/15/41 | 130,000 | 155,279 | ||||||
U.S. Treasury Bonds, 3.375%, 5/15/44 | 180,000 | 223,713 | ||||||
U.S. Treasury Bonds, 2.875%, 8/15/45 | 260,000 | 299,122 | ||||||
U.S. Treasury Cash Management Bills, 0.05%, 7/20/21(2) | 350,000 | 349,959 | ||||||
U.S. Treasury Notes, 1.875%, 7/31/22 | 585,000 | 599,602 | ||||||
U.S. Treasury Notes, 0.125%, 2/15/24 | 150,000 | 149,361 | ||||||
U.S. Treasury Notes, 2.125%, 3/31/24 | 280,000 | 295,739 | ||||||
U.S. Treasury Notes, 2.375%, 8/15/24 | 140,000 | 149,669 | ||||||
U.S. Treasury Notes, 0.375%, 1/31/26 | 450,000 | 442,758 | ||||||
U.S. Treasury Notes, 0.625%, 11/30/27 | 300,000 | 291,123 | ||||||
U.S. Treasury Notes, 0.75%, 1/31/28 | 150,000 | 146,496 | ||||||
U.S. Treasury Notes, 0.875%, 11/15/30 | 240,000 | 228,900 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $4,427,861) | 4,426,411 | |||||||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 17.5% | ||||||||
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 17.5% | ||||||||
GNMA, 2.50%, TBA | 150,000 | 155,754 | ||||||
GNMA, 3.00%, TBA | 300,000 | 312,305 | ||||||
GNMA, 3.00%, TBA | 300,000 | 312,621 | ||||||
UMBS, 1.50%, TBA | 300,000 | 302,124 | ||||||
UMBS, 1.50%, TBA | 50,000 | 49,127 | ||||||
UMBS, 1.50%, TBA | 50,000 | 49,028 | ||||||
UMBS, 1.50%, TBA | 150,000 | 151,460 | ||||||
UMBS, 2.00%, TBA | 300,000 | 309,202 | ||||||
UMBS, 2.00%, TBA | 150,000 | 155,023 | ||||||
UMBS, 2.00%, TBA | 100,000 | 101,019 | ||||||
UMBS, 2.00%, TBA | 100,000 | 100,807 | ||||||
UMBS, 2.50%, TBA | 300,000 | 311,039 | ||||||
UMBS, 2.50%, TBA | 300,000 | 310,400 | ||||||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $2,622,856) | 2,619,909 | |||||||
COMMERCIAL PAPER — 4.7% | ||||||||
Banco Santander SA, 0.19%, 6/4/21(1)(2) | 350,000 | 349,843 | ||||||
Skandinaviska Enskilda Banken AG, 0.15%, 5/24/21(1)(2) | 350,000 | 349,897 | ||||||
TOTAL COMMERCIAL PAPER (Cost $699,702) | 699,740 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 1.0% | ||||||||
FNMA, 0.25%, 5/22/23 (Cost $150,256) | 150,000 | 150,249 |
13
Avantis Core Fixed Income Fund | ||||||||
Shares | Value | |||||||
TEMPORARY CASH INVESTMENTS — 6.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $975,425) | 975,425 | $ | 975,425 | |||||
TOTAL INVESTMENT SECURITIES — 118.7% (Cost $17,808,145) | 17,783,833 | |||||||
OTHER ASSETS AND LIABILITIES(3) — (18.7)% | (2,805,596) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 14,978,237 |
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 Investment Grade Index Series 35 | Sell | 1.00% | 12/20/25 | $ | 300,000 | $ | 6,700 | $ | (413) | $ | 6,287 |
‡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.
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CDX | - | Credit Derivatives Indexes | ||||||
FNMA | - | Federal National Mortgage Association | ||||||
GNMA | - | Government National Mortgage Association | ||||||
MTN | - | Medium Term Note | ||||||
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 |
(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 $951,586, which represented 6.4% of total net assets.
(2)The rate indicated is the yield to maturity at purchase.
(3)Amount relates primarily to payable for investments purchased, but not settled, at period end.
See Notes to Financial Statements.
14
FEBRUARY 28, 2021 (UNAUDITED)
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
MUNICIPAL SECURITIES — 32.7% | ||||||||
Alabama — 3.7% | ||||||||
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/36 | $ | 10,000 | $ | 11,964 | ||||
Alabama Federal Aid Highway Finance Authority Rev., 4.00%, 6/1/37 | 25,000 | 28,601 | ||||||
Alabama Public School and College Authority Rev., 5.00%, 11/1/37 | 270,000 | 351,619 | ||||||
Alabama Public School and College Authority Rev., 4.00%, 11/1/40 | 135,000 | 160,859 | ||||||
553,043 | ||||||||
Arizona — 0.2% | ||||||||
Pima County Sewer System Rev., 5.00%, 7/1/25 | 20,000 | 23,777 | ||||||
California — 7.6% | ||||||||
California State Public Works Board Rev., 5.00%, 11/1/29 | 15,000 | 16,776 | ||||||
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/25 | 25,000 | 29,571 | ||||||
California State University Rev., 4.00%, 11/1/34 | 50,000 | 56,987 | ||||||
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/33 | 20,000 | 24,868 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/38 | 95,000 | 120,688 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/24 | 15,000 | 17,276 | ||||||
Los Angeles Unified School District GO, 3.00%, 7/1/35 | 90,000 | 98,839 | ||||||
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/31 | 40,000 | 48,749 | ||||||
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility Rev.), 5.00%, 5/15/29 | 25,000 | 30,439 | ||||||
San Diego Unified School District GO, 5.25%, 7/1/28 (AGM) | 25,000 | 32,750 | ||||||
San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/30(1) | 15,000 | 12,983 | ||||||
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/34 | 15,000 | 18,290 | ||||||
State of California GO, 5.00%, 9/1/26 | 20,000 | 24,623 | ||||||
State of California GO, 5.00%, 11/1/27 | 40,000 | 50,705 | ||||||
State of California GO, 5.00%, 8/1/30 | 40,000 | 51,079 | ||||||
State of California GO, 5.25%, 8/1/32 (AGM) | 10,000 | 13,839 | ||||||
State of California GO, 4.00%, 9/1/33 | 70,000 | 80,765 | ||||||
State of California GO, 5.00%, 9/1/35 | 40,000 | 48,428 | ||||||
State of California GO, 3.00%, 10/1/35 | 165,000 | 182,036 | ||||||
State of California GO, 4.00%, 3/1/36 | 110,000 | 130,700 | ||||||
State of California GO, 3.00%, 10/1/37 | 50,000 | 54,227 | ||||||
1,144,618 | ||||||||
Colorado — 0.2% | ||||||||
Regional Transportation District Sales Tax Rev., 5.00%, 11/1/28 | 20,000 | 25,915 | ||||||
State of Colorado COP, 4.00%, 12/15/37 | 10,000 | 11,892 | ||||||
37,807 | ||||||||
Connecticut — 0.2% | ||||||||
State of Connecticut GO, 5.00%, 1/15/31 | 25,000 | 32,409 | ||||||
District of Columbia — 0.8% | ||||||||
District of Columbia GO, 5.00%, 6/1/31 | 25,000 | 28,534 | ||||||
District of Columbia GO, 5.00%, 10/15/34 | 50,000 | 63,994 | ||||||
District of Columbia GO, 5.00%, 10/15/36 | 20,000 | 25,395 | ||||||
District of Columbia GO, 4.00%, 6/1/37 | 5,000 | 5,710 | ||||||
123,633 |
15
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Florida — 1.8% | ||||||||
Florida Department of Management Services COP, 5.00%, 11/1/28 | $ | 50,000 | $ | 64,363 | ||||
Hillsborough County School Board COP, 5.00%, 7/1/29 | 30,000 | 38,884 | ||||||
Orange County School Board COP, 5.00%, 8/1/34 | 60,000 | 72,105 | ||||||
Palm Beach County School District COP, 5.00%, 8/1/29 | 15,000 | 19,084 | ||||||
School Board of Miami-Dade County COP, 5.00%, 2/1/25 | 40,000 | 46,605 | ||||||
School Board of Miami-Dade County COP, 5.00%, 5/1/26 | 30,000 | 35,228 | ||||||
276,269 | ||||||||
Georgia — 0.1% | ||||||||
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/37 | 10,000 | 10,922 | ||||||
Hawaii — 0.5% | ||||||||
City & County of Honolulu GO, 5.00%, 3/1/25 | 30,000 | 35,343 | ||||||
City & County of Honolulu GO, 5.00%, 9/1/29 | 30,000 | 38,478 | ||||||
73,821 | ||||||||
Illinois — 0.6% | ||||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/32 | 15,000 | 17,568 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 15,000 | 19,600 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 30,000 | 39,171 | ||||||
State of Illinois GO, 4.00%, 10/1/32 | 10,000 | 11,091 | ||||||
87,430 | ||||||||
Louisiana — 0.4% | ||||||||
State of Louisiana GO, 5.00%, 8/1/27 | 50,000 | 61,120 | ||||||
Maryland — 0.4% | ||||||||
State of Maryland GO, 5.00%, 3/15/25 | 15,000 | 17,727 | ||||||
State of Maryland GO, 5.00%, 3/15/29 | 15,000 | 19,678 | ||||||
State of Maryland GO, 5.00%, 3/15/31 | 15,000 | 18,485 | ||||||
55,890 | ||||||||
Massachusetts — 0.5% | ||||||||
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/29 | 45,000 | 58,907 | ||||||
Massachusetts School Building Authority Rev., 5.00%, 8/15/37 | 10,000 | 11,709 | ||||||
70,616 | ||||||||
Michigan — 0.2% | ||||||||
Michigan State Building Authority Rev., 5.00%, 4/15/30 | 20,000 | 23,815 | ||||||
Nevada — 0.3% | ||||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/27 | 35,000 | 42,608 | ||||||
New Jersey — 1.3% | ||||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.25%, 6/15/26 | 25,000 | 28,039 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.00%, 6/15/37 | 15,000 | 16,353 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/32 | 45,000 | 55,293 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/33 | 20,000 | 24,154 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/34 | 10,000 | 12,060 | ||||||
New Jersey Turnpike Authority Rev., 3.25%, 1/1/38 | 20,000 | 21,225 | ||||||
State of New Jersey GO, 5.00%, 6/1/28 | 35,000 | 43,669 | ||||||
200,793 | ||||||||
New York — 8.7% | ||||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/24 | 20,000 | 22,596 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/28 | 15,000 | 18,362 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/32 | 15,000 | 18,020 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/37 | 105,000 | 124,206 |
16
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/33 | $ | 15,000 | $ | 18,628 | ||||
Nassau County GO, 5.00%, 10/1/27 | 80,000 | 99,193 | ||||||
New York City GO, 5.00%, 8/1/25 | 95,000 | 109,315 | ||||||
New York City GO, 5.00%, 8/1/26 | 15,000 | 18,326 | ||||||
New York City GO, 5.00%, 8/1/27 | 60,000 | 75,109 | ||||||
New York City GO, 5.00%, 8/1/28 | 75,000 | 81,530 | ||||||
New York City GO, 5.00%, 12/1/33 | 25,000 | 30,173 | ||||||
New York City GO, 4.00%, 10/1/39 | 115,000 | 130,145 | ||||||
New York City GO, 4.00%, 3/1/42 | 20,000 | 22,556 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/30 | 25,000 | 29,327 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 25,000 | 31,467 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 20,000 | 25,292 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/39 | 15,000 | 18,333 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/23 | 25,000 | 27,110 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/32 | 10,000 | 11,559 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/26 | 35,000 | 42,502 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31 | 15,000 | 18,592 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 30,000 | 39,198 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/34 | 40,000 | 45,261 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/37 | 35,000 | 40,607 | ||||||
Port Authority of New York & New Jersey Rev., 5.00%, 10/15/34 | 15,000 | 17,771 | ||||||
Port Authority of New York & New Jersey Rev., 4.00%, 7/15/37 | 65,000 | 75,948 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/25 | 15,000 | 18,028 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 6/15/25 | 15,000 | 16,606 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/25 | 25,000 | 28,219 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/26 | 10,000 | 11,682 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/36 | 35,000 | 41,663 | ||||||
1,307,324 | ||||||||
Ohio — 0.4% | ||||||||
Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/29 | 30,000 | 39,609 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 6/1/29 | 15,000 | 19,593 | ||||||
59,202 | ||||||||
Pennsylvania — 0.3% | ||||||||
Delaware Valley Regional Finance Authority Rev., 5.50%, 8/1/28 (Ambac) | 20,000 | 25,797 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/23 | 20,000 | 22,560 | ||||||
48,357 | ||||||||
South Carolina — 0.4% | ||||||||
South Carolina Public Service Authority Rev., 5.00%, 12/1/30 | 10,000 | 11,467 | ||||||
South Carolina Public Service Authority Rev., 4.00%, 12/1/42 | 40,000 | 46,116 | ||||||
57,583 |
17
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
Texas — 0.9% | ||||||||
Dallas Area Rapid Transit Rev., 5.00%, 12/1/29 | $ | 15,000 | $ | 19,763 | ||||
Houston GO, 5.00%, 3/1/28 | 10,000 | 12,732 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/30 (AGC)(1) | 65,000 | 56,118 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/29 | 20,000 | 25,332 | ||||||
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/28 | 15,000 | 18,831 | ||||||
132,776 | ||||||||
Utah — 0.2% | ||||||||
Utah Transit Authority Rev., 5.25%, 6/15/32 (AGM) | 25,000 | 34,053 | ||||||
Virginia — 2.2% | ||||||||
Richmond Public Utility Rev., 5.00%, 1/15/28 | 20,000 | 24,097 | ||||||
Virginia College Building Authority Rev., 5.00%, 2/1/30 | 165,000 | 212,898 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 3/15/25 | 15,000 | 17,681 | ||||||
Virginia Public Building Authority Rev., 5.00%, 8/1/27 | 65,000 | 82,153 | ||||||
336,829 | ||||||||
Washington — 0.8% | ||||||||
Central Puget Sound Regional Transit Authority Rev., 5.00%, 11/1/32 | 35,000 | 41,625 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33 | 35,000 | 44,112 | ||||||
State of Washington Rev., 5.00%, 9/1/23 | 25,000 | 27,881 | ||||||
113,618 | ||||||||
TOTAL MUNICIPAL SECURITIES (Cost $4,915,441) | 4,908,313 | |||||||
TEMPORARY CASH INVESTMENTS — 82.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $12,369,959) | 12,369,959 | 12,369,959 | ||||||
TOTAL INVESTMENT SECURITIES — 115.2% (Cost $17,285,400) | 17,278,272 | |||||||
OTHER ASSETS AND LIABILITIES(2) — (15.2)% | (2,284,823) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 14,993,449 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
AGC | - | Assured Guaranty Corporation | ||||||
AGM | - | Assured Guaranty Municipal Corporation | ||||||
COP | - | Certificates of Participation | ||||||
GO | - | General Obligation |
(1)Security is a zero-coupon bond. Zero-coupon securities are issued at a substantial discount from their value at maturity.
(2)Amount relates primarily to payable for investments purchased, but not settled, at period end.
See Notes to Financial Statements.
18
FEBRUARY 28, 2021 (UNAUDITED)
Avantis Short-Term Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
CORPORATE BONDS — 45.0% | ||||||||
Aerospace and Defense — 0.6% | ||||||||
General Dynamics Corp., 3.50%, 5/15/25 | $ | 42,000 | $ | 46,164 | ||||
Huntington Ingalls Industries, Inc., 3.84%, 5/1/25 | 36,000 | 39,715 | ||||||
85,879 | ||||||||
Automobiles — 0.5% | ||||||||
American Honda Finance Corp., MTN, 1.00%, 9/10/25 | 78,000 | 77,714 | ||||||
Banks — 6.7% | ||||||||
Bank of America Corp., MTN, 3.875%, 8/1/25 | 66,000 | 73,875 | ||||||
Bank of Montreal, MTN, 1.85%, 5/1/25 | 72,000 | 74,425 | ||||||
Bank of Nova Scotia (The), 1.30%, 6/11/25 | 108,000 | 108,909 | ||||||
Canadian Imperial Bank of Commerce, 2.25%, 1/28/25 | 72,000 | 75,313 | ||||||
Citigroup, Inc., 3.30%, 4/27/25 | 66,000 | 72,329 | ||||||
European Bank for Reconstruction & Development, MTN, 1.50%, 2/13/25 | 140,000 | 145,093 | ||||||
Inter-American Development Bank, 3.00%, 2/21/24 | 140,000 | 150,905 | ||||||
JPMorgan Chase & Co., 3.90%, 7/15/25 | 66,000 | 73,552 | ||||||
Regions Financial Corp., 2.25%, 5/18/25 | 72,000 | 75,468 | ||||||
Royal Bank of Canada, MTN, 2.55%, 7/16/24 | 42,000 | 44,745 | ||||||
Santander Holdings USA, Inc., 4.50%, 7/17/25 | 66,000 | 73,790 | ||||||
Wells Fargo & Co., MTN, 3.55%, 9/29/25 | 36,000 | 39,754 | ||||||
1,008,158 | ||||||||
Biotechnology — 0.2% | ||||||||
AbbVie, Inc., 2.90%, 11/6/22 | 29,000 | 30,215 | ||||||
Capital Markets — 3.4% | ||||||||
Bank of New York Mellon Corp. (The), MTN, 3.50%, 4/28/23 | 102,000 | 109,021 | ||||||
Brookfield Finance, Inc., 4.00%, 4/1/24 | 66,000 | 72,241 | ||||||
Charles Schwab Corp. (The), 3.85%, 5/21/25 | 66,000 | 73,771 | ||||||
CME Group, Inc., 3.00%, 9/15/22 | 72,000 | 74,975 | ||||||
Goldman Sachs Group, Inc. (The), 3.75%, 5/22/25 | 66,000 | 72,939 | ||||||
Janus Capital Group, Inc., 4.875%, 8/1/25 | 30,000 | 34,266 | ||||||
Lazard Group LLC, 3.75%, 2/13/25 | 66,000 | 72,064 | ||||||
509,277 | ||||||||
Chemicals — 0.5% | ||||||||
DuPont de Nemours, Inc., 2.17%, 5/1/23 | 48,000 | 48,252 | ||||||
Mosaic Co. (The), 4.25%, 11/15/23 | 30,000 | 32,653 | ||||||
80,905 | ||||||||
Consumer Finance — 1.5% | ||||||||
Capital One Financial Corp., 4.25%, 4/30/25 | 66,000 | 74,036 | ||||||
Discover Financial Services, 4.50%, 1/30/26 | 65,000 | 74,098 | ||||||
Synchrony Financial, 4.50%, 7/23/25 | 66,000 | 73,746 | ||||||
221,880 | ||||||||
Containers and Packaging — 0.1% | ||||||||
Packaging Corp. of America, 3.65%, 9/15/24 | 13,000 | 14,227 | ||||||
Electric Utilities — 0.7% | ||||||||
Berkshire Hathaway Energy Co., 4.05%, 4/15/25(1) | 36,000 | 40,184 | ||||||
Duke Energy Progress LLC, 3.25%, 8/15/25 | 24,000 | 26,255 | ||||||
PPL Capital Funding, Inc., 3.50%, 12/1/22 | 36,000 | 37,642 | ||||||
104,081 | ||||||||
Electronic Equipment, Instruments and Components — 0.6% | ||||||||
Flex Ltd., 3.75%, 2/1/26 | 47,000 | 51,295 |
19
Avantis Short-Term Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Keysight Technologies, Inc., 4.55%, 10/30/24 | $ | 36,000 | $ | 40,562 | ||||
91,857 | ||||||||
Entertainment — 0.3% | ||||||||
TWDC Enterprises 18 Corp., MTN, 3.15%, 9/17/25 | 36,000 | 39,431 | ||||||
Equity Real Estate Investment Trusts (REITs) — 4.1% | ||||||||
Alexandria Real Estate Equities, Inc., 3.45%, 4/30/25 | 66,000 | 72,335 | ||||||
Boston Properties LP, 3.20%, 1/15/25 | 66,000 | 71,023 | ||||||
Brixmor Operating Partnership LP, 3.25%, 9/15/23 | 63,000 | 66,773 | ||||||
CC Holdings GS V LLC / Crown Castle GS III Corp., 3.85%, 4/15/23 | 36,000 | 38,478 | ||||||
CubeSmart LP, 4.375%, 12/15/23 | 66,000 | 72,076 | ||||||
Digital Realty Trust LP, 4.75%, 10/1/25 | 66,000 | 75,869 | ||||||
Kimco Realty Corp., 3.30%, 2/1/25 | 66,000 | 71,442 | ||||||
Welltower, Inc., 3.95%, 9/1/23 | 72,000 | 77,897 | ||||||
WP Carey, Inc., 4.00%, 2/1/25 | 66,000 | 72,535 | ||||||
618,428 | ||||||||
Food and Staples Retailing — 0.5% | ||||||||
Costco Wholesale Corp., 2.75%, 5/18/24 | 42,000 | 44,993 | ||||||
Walgreens Boots Alliance, Inc., 3.80%, 11/18/24 | 24,000 | 26,423 | ||||||
71,416 | ||||||||
Food Products — 0.6% | ||||||||
Bunge Ltd. Finance Corp., 4.35%, 3/15/24 | 27,000 | 29,780 | ||||||
Bunge Ltd. Finance Corp., 1.63%, 8/17/25 | 29,000 | 29,360 | ||||||
Hershey Co. (The), 2.05%, 11/15/24 | 36,000 | 37,918 | ||||||
97,058 | ||||||||
Health Care Providers and Services — 2.0% | ||||||||
Cardinal Health, Inc., 3.50%, 11/15/24 | 69,000 | 75,044 | ||||||
Cigna Corp., 3.05%, 11/30/22 | 29,000 | 30,298 | ||||||
CommonSpirit Health, 2.76%, 10/1/24 | 36,000 | 38,365 | ||||||
HCA, Inc., 5.00%, 3/15/24 | 66,000 | 73,947 | ||||||
Humana, Inc., 4.50%, 4/1/25 | 66,000 | 74,711 | ||||||
292,365 | ||||||||
Household Products — 0.3% | ||||||||
Colgate-Palmolive Co., MTN, 3.25%, 3/15/24 | 20,000 | 21,734 | ||||||
Procter & Gamble Co. (The), 3.10%, 8/15/23 | 28,000 | 30,037 | ||||||
51,771 | ||||||||
Insurance — 3.3% | ||||||||
Aflac, Inc., 3.625%, 6/15/23 | 49,000 | 52,675 | ||||||
American International Group, Inc., 3.75%, 7/10/25 | 66,000 | 72,916 | ||||||
Loews Corp., 2.625%, 5/15/23 | 72,000 | 75,119 | ||||||
MetLife, Inc., 4.37%, 9/15/23 | 95,000 | 104,500 | ||||||
Principal Financial Group, Inc., 3.40%, 5/15/25 | 66,000 | 72,068 | ||||||
Prudential Financial, Inc., MTN, 3.50%, 5/15/24 | 42,000 | 46,052 | ||||||
Unum Group, 4.50%, 3/15/25 | 66,000 | 74,043 | ||||||
497,373 | ||||||||
Internet and Direct Marketing Retail — 0.2% | ||||||||
Booking Holdings, Inc., 4.10%, 4/13/25 | 30,000 | 33,452 | ||||||
IT Services — 0.5% | ||||||||
Western Union Co. (The), 2.85%, 1/10/25 | 72,000 | 76,337 | ||||||
Machinery — 1.4% | ||||||||
Caterpillar Financial Services Corp., MTN, 1.45%, 5/15/25 | 36,000 | 36,731 | ||||||
Cummins, Inc., 3.65%, 10/1/23 | 42,000 | 45,275 |
20
Avantis Short-Term Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Illinois Tool Works, Inc., 3.50%, 3/1/24 | $ | 42,000 | $ | 45,614 | ||||
John Deere Capital Corp., MTN, 3.45%, 1/10/24 | 69,000 | 75,118 | ||||||
202,738 | ||||||||
Media — 0.5% | ||||||||
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22 | 24,000 | 27,748 | ||||||
Comcast Corp., 3.375%, 8/15/25 | 42,000 | 46,119 | ||||||
73,867 | ||||||||
Metals and Mining — 1.2% | ||||||||
BHP Billiton Finance USA Ltd., 3.85%, 9/30/23 | 34,000 | 37,069 | ||||||
Kinross Gold Corp., 5.95%, 3/15/24 | 42,000 | 47,688 | ||||||
Rio Tinto Finance USA Ltd., 3.75%, 6/15/25 | 48,000 | 53,324 | ||||||
Steel Dynamics, Inc., 2.40%, 6/15/25 | 42,000 | 44,124 | ||||||
182,205 | ||||||||
Multi-Utilities — 0.2% | ||||||||
Dominion Energy, Inc., 2.75%, 9/15/22 | 36,000 | 37,127 | ||||||
Multiline Retail — 0.5% | ||||||||
Dollar Tree, Inc., 4.00%, 5/15/25 | 66,000 | 73,456 | ||||||
Oil, Gas and Consumable Fuels — 6.0% | ||||||||
Canadian Natural Resources Ltd., 2.05%, 7/15/25 | 36,000 | 36,890 | ||||||
Chevron Corp., 1.14%, 5/11/23 | 108,000 | 109,946 | ||||||
Enbridge, Inc., 2.50%, 1/15/25 | 72,000 | 75,507 | ||||||
Enterprise Products Operating LLC, 3.35%, 3/15/23 | 72,000 | 75,597 | ||||||
EOG Resources, Inc., 2.625%, 3/15/23 | 72,000 | 75,038 | ||||||
Equinor ASA, 2.875%, 4/6/25 | 35,000 | 37,591 | ||||||
Equinor ASA, 1.75%, 1/22/26 | 40,000 | 41,258 | ||||||
Exxon Mobil Corp., 2.71%, 3/6/25 | 72,000 | 76,630 | ||||||
Phillips 66 Partners LP, 2.45%, 12/15/24 | 36,000 | 37,774 | ||||||
Shell International Finance BV, 3.25%, 5/11/25 | 66,000 | 71,984 | ||||||
Total Capital Canada Ltd., 2.75%, 7/15/23 | 72,000 | 76,138 | ||||||
TransCanada PipeLines Ltd., 2.50%, 8/1/22 | 72,000 | 74,145 | ||||||
Valero Energy Corp., 2.85%, 4/15/25 | 36,000 | 38,010 | ||||||
Williams Cos., Inc. (The), 4.00%, 9/15/25 | 66,000 | 73,301 | ||||||
899,809 | ||||||||
Personal Products — 0.3% | ||||||||
Estee Lauder Cos., Inc. (The), 2.00%, 12/1/24 | 36,000 | 37,875 | ||||||
Pharmaceuticals — 1.6% | ||||||||
Bristol-Myers Squibb Co., 3.55%, 8/15/22 | 72,000 | 75,405 | ||||||
GlaxoSmithKline Capital, Inc., 3.625%, 5/15/25 | 18,000 | 19,990 | ||||||
Novartis Capital Corp., 1.75%, 2/14/25 | 29,000 | 30,004 | ||||||
Novartis Capital Corp., 3.00%, 11/20/25 | 27,000 | 29,392 | ||||||
Royalty Pharma plc, 1.20%, 9/2/25(1) | 78,000 | 77,693 | ||||||
232,484 | ||||||||
Road and Rail — 0.4% | ||||||||
Ryder System, Inc., MTN, 2.50%, 9/1/24 | 36,000 | 38,078 | ||||||
Ryder System, Inc., MTN, 3.35%, 9/1/25 | 18,000 | 19,657 | ||||||
57,735 | ||||||||
Semiconductors and Semiconductor Equipment — 1.9% | ||||||||
Broadcom, Inc., 4.70%, 4/15/25 | 66,000 | 74,539 | ||||||
Microchip Technology, Inc., 4.33%, 6/1/23 | 48,000 | 51,867 | ||||||
Micron Technology, Inc., 4.64%, 2/6/24 | 36,000 | 39,773 | ||||||
NXP BV / NXP Funding LLC, 4.875%, 3/1/24(1) | 42,000 | 46,880 |
21
Avantis Short-Term Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
QUALCOMM, Inc., 3.00%, 5/20/22 | $ | 72,000 | $ | 74,463 | ||||
287,522 | ||||||||
Software — 1.7% | ||||||||
Intuit, Inc., 0.95%, 7/15/25 | 42,000 | 42,134 | ||||||
Microsoft Corp., 2.875%, 2/6/24 | 84,000 | 89,915 | ||||||
Oracle Corp., 2.95%, 5/15/25 | 42,000 | 45,202 | ||||||
VMware, Inc., 4.50%, 5/15/25 | 66,000 | 74,291 | ||||||
251,542 | ||||||||
Specialty Retail — 1.0% | ||||||||
Home Depot, Inc. (The), 3.75%, 2/15/24 | 66,000 | 71,884 | ||||||
Ross Stores, Inc., 4.60%, 4/15/25 | 66,000 | 75,001 | ||||||
146,885 | ||||||||
Technology Hardware, Storage and Peripherals — 1.2% | ||||||||
Apple, Inc., 0.75%, 5/11/23 | 102,000 | 102,969 | ||||||
Apple, Inc., 3.00%, 2/9/24 | 35,000 | 37,491 | ||||||
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 | 36,000 | 41,523 | ||||||
181,983 | ||||||||
Trading Companies and Distributors — 0.5% | ||||||||
Air Lease Corp., MTN, 2.875%, 1/15/26 | 71,000 | 73,929 | ||||||
TOTAL CORPORATE BONDS (Cost $6,761,394) | 6,740,981 | |||||||
U.S. TREASURY SECURITIES — 38.9% | ||||||||
U.S. Treasury Notes, 0.125%, 6/30/22 | 900,000 | 900,422 | ||||||
U.S. Treasury Notes, 0.125%, 9/30/22 | 900,000 | 900,140 | ||||||
U.S. Treasury Notes, 0.125%, 2/15/24 | 750,000 | 746,807 | ||||||
U.S. Treasury Notes, 2.75%, 2/15/24 | 700,000 | 751,269 | ||||||
U.S. Treasury Notes, 2.125%, 2/29/24 | 700,000 | 738,555 | ||||||
U.S. Treasury Notes, 2.375%, 2/29/24 | 700,000 | 743,887 | ||||||
U.S. Treasury Notes, 2.375%, 8/15/24 | 700,000 | 748,344 | ||||||
U.S. Treasury Notes, 0.375%, 11/30/25 | 150,000 | 147,908 | ||||||
U.S. Treasury Notes, 0.375%, 1/31/26 | 150,000 | 147,586 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $5,829,976) | 5,824,918 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 2.6% | ||||||||
FHLMC, 0.25%, 11/6/23 | 250,000 | 249,926 | ||||||
FNMA, 0.25%, 5/22/23 | 150,000 | 150,249 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $399,967) | 400,175 | |||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2% | ||||||||
Canada — 0.2% | ||||||||
Export Development Canada, 2.75%, 3/15/23 (Cost $26,247) | 25,000 | 26,307 | ||||||
TEMPORARY CASH INVESTMENTS — 14.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $2,165,599) | 2,165,599 | 2,165,599 | ||||||
TOTAL INVESTMENT SECURITIES — 101.2% (Cost $15,183,183) | 15,157,980 | |||||||
OTHER ASSETS AND LIABILITIES — (1.2)% | (181,663) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 14,976,317 |
22
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
FHLMC | - | Federal Home Loan Mortgage Corporation | ||||||
FNMA | - | Federal National Mortgage Association | ||||||
MTN | - | Medium Term Note |
(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 $164,757, which represented 1.1% of total net assets.
See Notes to Financial Statements.
23
Statements of Assets and Liabilities |
FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Avantis Core Fixed Income Fund | Avantis Core Municipal Fixed Income Fund | |||||||
Assets | ||||||||
Investment securities, at value (cost of $17,808,145 and $17,285,400, respectively) | $ | 17,783,833 | $ | 17,278,272 | ||||
Cash | — | 193,748 | ||||||
Deposits with broker for swap agreements | 7,893 | — | ||||||
Interest receivable | 90,629 | 47,663 | ||||||
17,882,355 | 17,519,683 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 2,903,410 | 2,526,004 | ||||||
Payable for variation margin on swap agreements | 480 | — | ||||||
Accrued management fees | 228 | 230 | ||||||
2,904,118 | 2,526,234 | |||||||
Net Assets | $ | 14,978,237 | $ | 14,993,449 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 15,002,960 | $ | 15,000,627 | ||||
Distributable earnings | (24,723) | (7,178) | ||||||
$ | 14,978,237 | $ | 14,993,449 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis Core Fixed Income Fund | |||||||||||
Institutional Class | $13,979,673 | 1,400,275 | $9.98 | ||||||||
G Class | $998,564 | 100,021 | $9.98 | ||||||||
Avantis Core Municipal Fixed Income Fund | |||||||||||
Institutional Class | $13,993,871 | 1,400,057 | $10.00 | ||||||||
G Class | $999,578 | 100,006 | $10.00 |
See Notes to Financial Statements.
24
FEBRUARY 28, 2021 (UNAUDITED) | |||||
Avantis Short-Term Fixed Income Fund | |||||
Assets | |||||
Investment securities, at value (cost of $15,183,183) | $ | 15,157,980 | |||
Interest receivable | 74,683 | ||||
15,232,663 | |||||
Liabilities | |||||
Payable for investments purchased | 256,116 | ||||
Accrued management fees | 230 | ||||
256,346 | |||||
Net Assets | $ | 14,976,317 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 15,001,519 | |||
Distributable earnings | (25,202) | ||||
$ | 14,976,317 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis Short-Term Fixed Income Fund | |||||||||||
Institutional Class | $13,977,881 | 1,400,140 | $9.98 | ||||||||
G Class | $998,436 | 100,012 | $9.98 |
See Notes to Financial Statements.
25
Statements of Operations |
FOR THE PERIOD ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Avantis Core Fixed Income Fund(1) | Avantis Core Municipal Fixed Income Fund(1) | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Interest | $ | 3,191 | $ | 808 | ||||
Expenses: | ||||||||
Management fees | 245 | 247 | ||||||
Fees waived - G Class | (16) | (16) | ||||||
229 | 231 | |||||||
Net investment income (loss) | 2,962 | 577 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | (24,312) | (7,128) | ||||||
Swap agreements | (413) | — | ||||||
(24,725) | (7,128) | |||||||
Net realized and unrealized gain (loss) | (24,725) | (7,128) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (21,763) | $ | (6,551) |
(1)February 24, 2021 (fund inception) through February 28, 2021.
See Notes to Financial Statements.
26
FOR THE PERIOD ENDED FEBRUARY 28, 2021 (UNAUDITED) | |||||
Avantis Short-Term Fixed Income Fund(1) | |||||
Investment Income (Loss) | |||||
Income: | |||||
Interest | $ | 1,750 | |||
Expenses: | |||||
Management fees | 246 | ||||
Fees waived - G Class | (16) | ||||
230 | |||||
Net investment income (loss) | 1,520 | ||||
Realized and Unrealized Gain (Loss) | |||||
Change in net unrealized appreciation (depreciation) on investments | (25,203) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (23,683) |
(1)February 24, 2021 (fund inception) through February 28, 2021.
See Notes to Financial Statements.
27
Statements of Changes in Net Assets |
PERIOD ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||||||||
Avantis Core Fixed Income Fund(1) | Avantis Core Municipal Fixed Income Fund(1) | |||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 2,962 | $ | 577 | ||||||||||
Change in net unrealized appreciation (depreciation) | (24,725) | (7,128) | ||||||||||||
Net increase (decrease) in net assets resulting from operations | (21,763) | (6,551) | ||||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | ||||||||||||||
Institutional Class | (2,748) | (570) | ||||||||||||
G Class | (212) | (57) | ||||||||||||
Decrease in net assets from distributions | (2,960) | (627) | ||||||||||||
Capital Share Transactions | ||||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 15,002,960 | 15,000,627 | ||||||||||||
Net increase (decrease) in net assets | 14,978,237 | 14,993,449 | ||||||||||||
Net Assets | ||||||||||||||
End of period | $ | 14,978,237 | $ | 14,993,449 |
(1)February 24, 2021 (fund inception) through February 28, 2021.
See Notes to Financial Statements.
28
PERIOD ENDED FEBRUARY 28, 2021 (UNAUDITED) | ||||||||
Avantis Short-Term Fixed Income Fund(1) | ||||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net investment income (loss) | $ | 1,520 | ||||||
Change in net unrealized appreciation (depreciation) | (25,203) | |||||||
Net increase (decrease) in net assets resulting from operations | (23,683) | |||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Institutional Class | (1,402) | |||||||
G Class | (117) | |||||||
Decrease in net assets from distributions | (1,519) | |||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 15,001,519 | |||||||
Net increase (decrease) in net assets | 14,976,317 | |||||||
Net Assets | ||||||||
End of period | $ | 14,976,317 |
(1)February 24, 2021 (fund inception) through February 28, 2021.
See Notes to Financial Statements.
29
Notes to Financial Statements |
FEBRUARY 28, 2021 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Core Fixed Income Fund, Avantis Core Municipal Fixed Income Fund and Avantis Short-Term Fixed Income Fund (collectively, the funds) are three funds in a series issued by the trust. The investment objective for Avantis Core Fixed Income Fund and Avantis Short-Term Fixed Income Fund is to seek to maximize total return. Avantis Core Municipal Fixed Income Fund’s investment objective is to seek current income that is exempt from federal income tax. The funds offer the Institutional Class and G Class. All classes of the funds commenced sale on February 24, 2021, the funds’ inception date.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, municipal securities, U.S. Treasury and Government Agency 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. Commercial paper is valued using a curve-based approach that considers money market rates for specific instruments, programs, currencies and maturity points from a variety of active market makers.
Open-end management investment companies are valued at the reported NAV per share. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.
If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
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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.
Forward Commitments — The funds may engage in securities transactions on a forward commitment basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment. The funds may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the funds may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as “TBA roll” transactions and are accounted for as purchases and sales. The funds will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.
Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Multiple Class — All shares of each fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the funds are allocated to each class of shares based on their relative net assets.
Distributions to Shareholders — Distributions from net investment income, if any, are declared daily 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.
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, the funds' distributor, American Century Investment Services, Inc., and the trust’s transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. ACIM owns 100% of the shares of the Avantis Core Fixed Income Fund, Avantis Core Municipal Fixed Income Fund and Avantis Short-Term Fixed Income Fund. Related parties do not invest in the funds for the purpose of exercising management or control.
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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) per class. 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 each class's daily net assets and paid monthly in arrears. The investment advisor agreed to waive the G Class’s management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Trustees.
For the period ended February 28, 2021, the annual management fees for the Institutional Class and the effective annual management fees before and after waiver for G Class for each fund are as follows:
Effective Annual Management Fee | |||||||||||
Institutional Class | G Class Before Waiver | G Class After Waiver | |||||||||
Avantis Core Fixed Income Fund | 0.15% | 0.15% | 0.00% | ||||||||
Avantis Core Municipal Fixed Income Fund | 0.15% | 0.15% | 0.00% | ||||||||
Avantis Short-Term Fixed Income Fund | 0.15% | 0.15% | 0.00% |
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended February 28, 2021 were as follows:
Avantis Core Fixed Income Fund(1) | Avantis Core Municipal Fixed Income Fund(1) | Avantis Short-Term Fixed Income Fund(1) | |||||||||
Purchases | $15,434,485(2) | $4,915,937 | $13,019,255(3) | ||||||||
Sales | — | — | — |
(1)February 24, 2021 (fund inception) through February 28, 2021.
(2)$6,501,553 represented U.S. Treasury and Government Agency obligations.
(3)$6,230,421 represented U.S. Treasury and Government Agency obligations.
5. Capital Share Transactions
Transactions in shares of the funds were as follows (unlimited number of shares authorized):
Period ended February 28, 2021(1) | ||||||||
Shares | Amount | |||||||
Avantis Core Fixed Income Fund | ||||||||
Institutional Class | ||||||||
Sold | 1,400,000 | $ | 14,000,000 | |||||
Issued in reinvestment of distributions | 275 | 2,748 | ||||||
1,400,275 | 14,002,748 | |||||||
G Class | ||||||||
Sold | 100,000 | 1,000,000 | ||||||
Issued in reinvestment of distributions | 21 | 212 | ||||||
100,021 | 1,000,212 | |||||||
Net increase (decrease) | 1,500,296 | $ | 15,002,960 |
(1)February 24, 2021 (fund inception) through February 28, 2021.
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Period ended February 28, 2021(1) | ||||||||
Shares | Amount | |||||||
Avantis Core Municipal Fixed Income Fund | ||||||||
Institutional Class | ||||||||
Sold | 1,400,000 | $ | 14,000,000 | |||||
Issued in reinvestment of distributions | 57 | 570 | ||||||
1,400,057 | 14,000,570 | |||||||
G Class | ||||||||
Sold | 100,000 | 1,000,000 | ||||||
Issued in reinvestment of distributions | 6 | 57 | ||||||
100,006 | 1,000,057 | |||||||
Net increase (decrease) | 1,500,063 | $ | 15,000,627 |
Avantis Short-Term Fixed Income Fund | ||||||||
Institutional Class | ||||||||
Sold | 1,400,000 | $ | 14,000,000 | |||||
Issued in reinvestment of distributions | 140 | 1,402 | ||||||
1,400,140 | 14,001,402 | |||||||
G Class | ||||||||
Sold | 100,000 | 1,000,000 | ||||||
Issued in reinvestment of distributions | 12 | 117 | ||||||
100,012 | 1,000,117 | |||||||
Net increase (decrease) | 1,500,152 | $ | 15,001,519 |
(1)February 24, 2021 (fund inception) through February 28, 2021.
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 provides additional information on the funds' portfolio holdings.
Avantis Core Fixed Income Fund
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 8,912,099 | — | |||||||
U.S. Treasury Securities | — | 4,426,411 | — | ||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 2,619,909 | — | ||||||||
Commercial Paper | — | 699,740 | — | ||||||||
U.S. Government Agency Securities | — | 150,249 | — | ||||||||
Temporary Cash Investments | $ | 975,425 | — | — | |||||||
$ | 975,425 | $ | 16,808,408 | — | |||||||
Other Financial Instruments | |||||||||||
Swap Agreements | — | $ | 6,287 | — |
Avantis Core Municipal Fixed Income Fund
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Municipal Securities | — | $ | 4,908,313 | — | |||||||
Temporary Cash Investments | $ | 12,369,959 | — | — | |||||||
$ | 12,369,959 | $ | 4,908,313 | — |
Avantis Short-Term Fixed Income Fund
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 6,740,981 | — | |||||||
U.S. Treasury Securities | — | 5,824,918 | — | ||||||||
U.S. Government Agency Securities | — | 400,175 | — | ||||||||
Sovereign Governments and Agencies | — | 26,307 | — | ||||||||
Temporary Cash Investments | $ | 2,165,599 | — | — | |||||||
$ | 2,165,599 | $ | 12,992,381 | — |
7. Derivative Instruments
Credit Risk — The funds are subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. Avantis Core Fixed Income
Fund's average notional amount held during the period was $300,000.
34
The value of credit risk derivative instruments for Avantis Core Fixed Income Fund as of February 28, 2021, is
disclosed on the Statement of Assets and Liabilities as a liability of $480 in payable for variation margin on
swap agreements.* For the period from February 24, 2021 (fund inception) through February 28, 2021, the
effect of credit risk derivative instruments on the Statement of Operations was $(413) in change in net unrealized appreciation (depreciation) on swap agreements.
*Included in the unrealized appreciation (depreciation) on centrally cleared swap agreements, as reported in the Schedule of Investments.
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, 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 novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the funds.
9. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Avantis Core Fixed Income Fund | Avantis Core Municipal Fixed Income Fund | Avantis Short-Term Fixed Income Fund | |||||||||
Federal tax cost of investments | $ | 17,808,145 | $ | 17,285,400 | $ | 15,183,183 | |||||
Gross tax appreciation of investments | $ | 18,767 | $ | 6,486 | $ | 2,098 | |||||
Gross tax depreciation of investments | (43,079) | (13,614) | (27,301) | ||||||||
Net tax appreciation (depreciation) of investments | $ | (24,312) | $ | (7,128) | $ | (25,203) |
The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
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Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | |||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||
Avantis Core Fixed Income Fund | |||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(4) | (0.02) | (0.02) | —(4) | $9.98 | (0.18)% | 0.15%(5) | 0.15%(5) | 1.81%(5) | 1.81%(5) | 0.00% | $13,980 | ||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(4) | (0.02) | (0.02) | —(4) | $9.98 | (0.18)% | 0.00%(5) | 0.15%(5) | 1.96%(5) | 1.81%(5) | 0.00% | $999 |
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)February 24, 2021 (fund inception) through February 28, 2021 (unaudited).
(4)Per-share amount was less than $0.005.
(5)Annualized.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | |||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||
Avantis Core Municipal Fixed Income Fund | |||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(4) | —(4) | —(4) | —(4) | $10.00 | 0.00% | 0.15%(5) | 0.15%(5) | 0.34%(5) | 0.34%(5) | 0.00% | $13,994 | ||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(4) | —(4) | —(4) | —(4) | $10.00 | 0.01% | 0.00%(5) | 0.15%(5) | 0.49%(5) | 0.34%(5) | 0.00% | $1,000 |
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)February 24, 2021 (fund inception) through February 28, 2021 (unaudited).
(4)Per-share amount was less than $0.005.
(5)Annualized.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | |||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Operating Expenses (before expense waiver) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||
Avantis Short-Term Fixed Income Fund | |||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(4) | (0.02) | (0.02) | —(4) | $9.98 | (0.19)% | 0.15%(5) | 0.15%(5) | 0.92%(5) | 0.92%(5) | 0.00% | $13,978 | ||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||
2021(3) | $10.00 | —(4) | (0.02) | (0.02) | —(4) | $9.98 | (0.19)% | 0.00%(5) | 0.15%(5) | 1.07%(5) | 0.92%(5) | 0.00% | $998 |
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)February 24, 2021 (fund inception) through February 28, 2021 (unaudited).
(4)Per-share amount was less than $0.005.
(5)Annualized.
See Notes to Financial Statements.
Approval of Management Agreement |
At a meeting held on June 5, 2020, the Funds’ Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Avantis Core Fixed Income Fund, the Avantis Core Municipal Fixed Income Fund and the Avantis Short-Term Fixed Income Fund (collectively the "New Funds"). Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the New Funds. The materials circulated and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Funds’ characteristics and key attributes, the rationale for launching the New Funds, the experience of the staff designated to manage the New Funds, the proposed pricing, and the markets in which the New Funds 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 Funds;
•the wide range of other programs and services the Advisor would provide to each New Fund and its shareholders on a routine and non-routine basis;
•each New Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;
•the cost of owning each New Fund compared to the cost of owning similar funds;
•the Advisor’s compliance policies, procedures, and regulatory experience; and
•any collateral benefits derived by the Advisor from the management of the New Funds.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing each New Fund’s fee to the total expense ratio of peer funds. The annual management fees charged to shareholders of each of the Avantis Core Fixed Income Fund, the Avantis Core Municipal Fixed Income Fund and the Avantis Short-Term Fixed Income Fund were below the median of the total expense ratios of their respective peer universe.
When considering the approval of the management agreement for the New Funds, 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 Funds and the risk that the New Funds will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Funds 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 Funds.
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 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. The independent Trustees concluded that the overall arrangements between the New Funds and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
39
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
40
Contact Us | avantisinvestors.com | |||||||
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 | |||||||
Telecommunications Relay Service for the Deaf | 711 | |||||||
American Century ETF Trust | ||||||||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||||||||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||||||||
©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96961 2104 |
(b) None.
ITEM 2. CODE OF ETHICS.
Not applicable for semiannual report filings.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for semiannual report filings.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable for semiannual report filings.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable for semiannual report filings.
ITEM 6. INVESTMENTS.
(a) The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a)(1) Not applicable for semiannual report filings.
(a)(2) Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.
(a)(3) Not applicable.
(a)(4) Not applicable.
(b) A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: | American Century ETF Trust | |||||||||||||
By: | /s/ Patrick Bannigan | |||||||||||||
Name: | Patrick Bannigan | |||||||||||||
Title: | President | |||||||||||||
Date: | April 27, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Patrick Bannigan | ||||||||||
Name: | Patrick Bannigan | ||||||||||
Title: | President | ||||||||||
(principal executive officer) | |||||||||||
Date: | April 27, 2021 |
By: | /s/ R. Wes Campbell | ||||||||||
Name: | R. Wes Campbell | ||||||||||
Title: | Treasurer and Chief Financial Officer | ||||||||||
(principal financial officer) | |||||||||||
Date: | April 27, 2021 |