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) | |||||||||||||||||||
JOHN PAK 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: | 02-28-2022 |
ITEM 1. REPORTS TO STOCKHOLDERS.
(a) Provided under separate cover.
Semiannual Report | |||||
February 28, 2022 | |||||
American Century® Diversified Corporate Bond ETF (KORP) | |||||
American Century® Diversified Municipal Bond ETF (TAXF) | |||||
American Century® Emerging Markets Bond ETF (AEMB) | |||||
American Century® Multisector Income ETF (MUSI) | |||||
American Century® Select High Yield ETF (AHYB) |
Table of Contents |
President’s Letter | |||||
Diversified Corporate Bond ETF | |||||
Fund Characteristics | |||||
Diversified Municipal Bond ETF | |||||
Fund Characteristics | |||||
Emerging Markets Bond ETF | |||||
Fund Characteristics | |||||
Multisector Income ETF | |||||
Fund Characteristics | |||||
Select High Yield 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 and Subadvisory Agreements | |||||
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, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.
Escalating Volatility, Soaring Inflation Weighed on Returns
Upbeat economic data and continued central bank support generally buoyed global stock returns early in the period, even as inflation and government bond yields were climbing. However, bond returns broadly struggled as inflation and yields climbed higher.
In November, the emergence of the omicron coronavirus variant rattled global financial markets. The downturn was short-lived, though, as omicron proved to be less severe than other variants. Stocks resumed their upward march until early 2022, when worries about inflation, central bank policy and Russia’s invasion of Ukraine sparked sharp volatility.
Throughout the period, steady economic gains combined with ongoing monetary support, escalating energy prices and considerable supply chain disruptions ignited inflation. By February, year-over-year headline inflation in the U.S. reached 7.9%, a 40-year high, while European inflation rose to a record 5.8%. In the U.S., this backdrop set the stage for Federal Reserve (Fed) tightening, including the Fed’s first rate hike in more than three years.
Most asset classes, including broad stock and bond indices, declined for the six-month period. U.S. stocks generally fared better than non-U.S. stocks, and the value style significantly outperformed the growth style. U.S. and global bond returns declined as yields rose.
Staying Focused in Uncertain Times
Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. Even before the West imposed sanctions on Russia, our firm had started reducing exposure to Russian markets. After the sanctions, our direct exposure to Russian assets was less than $5 million, or 0.001% of total assets under supervision (as of March 7). We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet prevailing challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Diversified Corporate Bond ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 91.6% | ||||
U.S. Treasury Securities | 5.4% | ||||
Municipal Securities | 0.3% | ||||
Short-Term Investments | 4.6% | ||||
Other Assets and Liabilities | (1.9)% |
3
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Diversified Municipal Bond ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Municipal Securities | 94.7% | ||||
Short-Term Investments | 6.0% | ||||
Other Assets and Liabilities | (0.7)% | ||||
Top Five States and Territories | % of net assets | ||||
California | 15.0% | ||||
New York | 9.2% | ||||
Texas | 7.5% | ||||
Florida | 5.7% | ||||
Arizona | 4.7% | ||||
Top Five Sectors | % of fund investments | ||||
Special Tax | 14% | ||||
General Obligation (GO) - State | 11% | ||||
Hospital | 10% | ||||
General Obligation (GO) - Local | 9% | ||||
Water & Sewer | 9% |
4
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Emerging Markets Bond ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 58.7% | ||||
Sovereign Governments and Agencies | 30.3% | ||||
U.S. Treasury Securities | 1.8% | ||||
Preferred Stocks | 1.6% | ||||
Short-Term Investments | 3.0% | ||||
Other Assets and Liabilities | 4.6% |
5
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Multisector Income ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 45.8% | ||||
U.S. Treasury Securities | 14.3% | ||||
Asset-Backed Securities | 10.1% | ||||
Preferred Stocks | 7.0% | ||||
Sovereign Governments and Agencies | 5.3% | ||||
Collateralized Loan Obligations | 4.9% | ||||
Commercial Mortgage-Backed Securities | 3.8% | ||||
Collateralized Mortgage Obligations | 3.2% | ||||
Bank Loan Obligations | 1.3% | ||||
Convertible Bonds | 0.5% | ||||
Short-Term Investments | 3.0% | ||||
Other Assets and Liabilities | 0.8% |
6
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Select High Yield ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 93.3% | ||||
Preferred Stocks | 1.1% | ||||
Short-Term Investments | 5.0% | ||||
Other Assets and Liabilities | 0.6% |
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, 2021 to February 28, 2022 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
8
Beginning Account Value 9/1/21 | Ending Account Value 2/28/22 | Expenses Paid During Period(1) 9/1/21 - 2/28/22 | Annualized Expense Ratio(1) | |||||||||||
Diversified Corporate Bond ETF | ||||||||||||||
Actual | $1,000 | $959.10 | $1.41 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.36 | $1.45 | 0.29% | ||||||||||
Diversified Municipal Bond ETF | ||||||||||||||
Actual | $1,000 | $968.10 | $1.42 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.36 | $1.45 | 0.29% | ||||||||||
Emerging Markets Bond ETF | ||||||||||||||
Actual | $1,000 | $902.80 | $1.84 | 0.39% | ||||||||||
Hypothetical | $1,000 | $1,022.86 | $1.96 | 0.39% | ||||||||||
Multisector Income ETF | ||||||||||||||
Actual | $1,000 | $961.50 | $1.70 | 0.35% | ||||||||||
Hypothetical | $1,000 | $1,023.06 | $1.76 | 0.35% | ||||||||||
Select High Yield ETF | ||||||||||||||
Actual | $1,000 | $972.70 | $1.28(2) | 0.45% | ||||||||||
Hypothetical | $1,000 | $1,022.56 | $2.26 | 0.45% |
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.
(2)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 105, the number of days in the period from November 16, 2021 (fund inception) through February 28, 2022, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
9
Schedules of Investments |
FEBRUARY 28, 2022 (UNAUDITED)
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
CORPORATE BONDS — 91.6% | ||||||||
Aerospace and Defense — 1.4% | ||||||||
Boeing Co. (The), 2.20%, 2/4/26 | $ | 784,000 | $ | 765,385 | ||||
Boeing Co. (The), 5.15%, 5/1/30 | 370,000 | 408,934 | ||||||
Boeing Co. (The), 3.625%, 2/1/31 | 882,000 | 890,094 | ||||||
2,064,413 | ||||||||
Air Freight and Logistics — 0.3% | ||||||||
GXO Logistics, Inc., 2.65%, 7/15/31(1) | 452,000 | 419,958 | ||||||
Airlines — 1.7% | ||||||||
Air Canada, 3.875%, 8/15/26(1) | 700,000 | 680,666 | ||||||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1) | 383,000 | 392,575 | ||||||
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(1) | 355,000 | 370,559 | ||||||
United Airlines Pass Through Trust, 4.875%, 7/15/27 | 789,696 | 807,104 | ||||||
United Airlines, Inc., 4.625%, 4/15/29(1) | 327,000 | 319,577 | ||||||
2,570,481 | ||||||||
Auto Components — 0.1% | ||||||||
Aptiv plc, 3.25%, 3/1/32 | 171,000 | 171,684 | ||||||
Automobiles — 2.2% | ||||||||
Daimler Finance North America LLC, 0.75%, 3/1/24(1) | 1,150,000 | 1,121,014 | ||||||
Ford Motor Credit Co. LLC, 2.90%, 2/10/29 | 455,000 | 425,653 | ||||||
General Motors Financial Co., Inc., 1.20%, 10/15/24(2) | 1,000,000 | 974,006 | ||||||
General Motors Financial Co., Inc., 2.70%, 6/10/31 | 492,000 | 455,685 | ||||||
General Motors Financial Co., Inc., 3.10%, 1/12/32 | 350,000 | 334,292 | ||||||
3,310,650 | ||||||||
Banks — 19.0% | ||||||||
ANZ New Zeland Int'l Ltd., 2.17%, 2/18/25(1) | 631,000 | 630,096 | ||||||
Banco Santander SA, VRN, 1.72%, 9/14/27 | 800,000 | 756,896 | ||||||
Bank of America Corp., 2.55%, 2/4/28 | 330,000 | 324,875 | ||||||
Bank of America Corp., MTN, VRN, 2.88%, 10/22/30 | 1,320,000 | 1,295,581 | ||||||
Bank of America Corp., VRN, 3.42%, 12/20/28 | 2,540,000 | 2,599,431 | ||||||
Bank of America Corp., VRN, 2.48%, 9/21/36 | 200,000 | 181,735 | ||||||
Bank of Ireland Group plc, VRN, 2.03%, 9/30/27(1) | 600,000 | 564,921 | ||||||
Bank of New Zealand, 2.00%, 2/21/25(1) | 770,000 | 764,183 | ||||||
Barclays plc, 4.375%, 9/11/24 | 356,000 | 369,122 | ||||||
BNP Paribas SA, VRN, 4.375%, 3/1/33(1) | 1,211,000 | 1,248,195 | ||||||
BPCE SA, 4.50%, 3/15/25(1) | 650,000 | 675,444 | ||||||
Citigroup, Inc., 3.07%, 2/24/28(2) | 544,000 | 548,710 | ||||||
Citigroup, Inc., VRN, 2.01%, 1/25/26 | 1,038,000 | 1,022,064 | ||||||
Citigroup, Inc., VRN, 3.52%, 10/27/28 | 826,000 | 849,645 | ||||||
Discover Bank, 2.45%, 9/12/24 | 380,000 | 380,470 | ||||||
Discover Bank, VRN, 4.68%, 8/9/28 | 775,000 | 794,673 | ||||||
First-Citizens Bank & Trust Co., VRN, 3.93%, 6/19/24 | 1,070,000 | 1,091,769 | ||||||
First-Citizens Bank & Trust Co., VRN, 2.97%, 9/27/25 | 605,000 | 611,522 | ||||||
HSBC Holdings plc, 4.25%, 3/14/24 | 750,000 | 777,467 | ||||||
HSBC Holdings plc, VRN, 1.16%, 11/22/24 | 518,000 | 506,945 |
10
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
HSBC Holdings plc, VRN, 2.10%, 6/4/26 | $ | 2,000,000 | $ | 1,950,749 | ||||
JPMorgan Chase & Co., 2.95%, 2/24/28 | 306,000 | 307,974 | ||||||
JPMorgan Chase & Co., VRN, 1.56%, 12/10/25 | 1,041,000 | 1,015,493 | ||||||
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 | 1,354,000 | 1,283,360 | ||||||
National Australia Bank Ltd., 2.33%, 8/21/30(1) | 415,000 | 377,741 | ||||||
Natwest Group plc, 5.125%, 5/28/24 | 924,000 | 973,843 | ||||||
Santander Holdings USA, Inc., 4.40%, 7/13/27 | 765,000 | 806,437 | ||||||
Santander UK Group Holdings plc, 4.75%, 9/15/25(1) | 500,000 | 525,377 | ||||||
Societe Generale SA, 5.00%, 1/17/24(1) | 765,000 | 793,261 | ||||||
Societe Generale SA, VRN, 2.23%, 1/21/26(1) | 1,070,000 | 1,045,539 | ||||||
UniCredit SpA, 3.75%, 4/12/22(1) | 780,000 | 782,076 | ||||||
UniCredit SpA, VRN, 2.57%, 9/22/26(1) | 500,000 | 477,946 | ||||||
US Bancorp, VRN, 2.49%, 11/3/36 | 845,000 | 791,341 | ||||||
Westpac Banking Corp., VRN, 2.89%, 2/4/30 | 1,400,000 | 1,383,688 | ||||||
28,508,569 | ||||||||
Beverages — 0.8% | ||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 3.65%, 2/1/26(2) | 1,137,000 | 1,188,420 | ||||||
Capital Markets — 10.7% | ||||||||
Bain Capital Specialty Finance, Inc., 2.55%, 10/13/26 | 749,000 | 704,052 | ||||||
Blackstone Private Credit Fund, 2.625%, 12/15/26(1) | 871,000 | 811,241 | ||||||
Blackstone Private Credit Fund, 3.25%, 3/15/27(1) | 390,000 | 373,068 | ||||||
Blackstone Secured Lending Fund, 2.85%, 9/30/28(1) | 245,000 | 225,886 | ||||||
Blue Owl Finance LLC, 3.125%, 6/10/31(1) | 226,000 | 204,517 | ||||||
Deutsche Bank AG, VRN, 3.96%, 11/26/25 | 850,000 | 869,672 | ||||||
Deutsche Bank AG, VRN, 2.31%, 11/16/27 | 308,000 | 294,482 | ||||||
Deutsche Bank AG, VRN, 4.30%, 5/24/28 | 759,000 | 761,556 | ||||||
FS KKR Capital Corp., 3.125%, 10/12/28 | 575,000 | 534,741 | ||||||
Goldman Sachs BDC, Inc., 2.875%, 1/15/26(2) | 1,030,000 | 1,010,595 | ||||||
Goldman Sachs Group, Inc. (The), 4.25%, 10/21/25(2) | 840,000 | 882,974 | ||||||
Goldman Sachs Group, Inc. (The), VRN, 1.76%, 1/24/25 | 750,000 | 741,981 | ||||||
Goldman Sachs Group, Inc. (The), VRN, 1.95%, 10/21/27 | 1,292,000 | 1,238,766 | ||||||
Goldman Sachs Group, Inc. (The), VRN, 3.69%, 6/5/28 | 996,000 | 1,032,082 | ||||||
Hercules Capital, Inc., 2.625%, 9/16/26 | 571,000 | 544,086 | ||||||
Hercules Capital, Inc., 3.375%, 1/20/27 | 108,000 | 104,362 | ||||||
Morgan Stanley, 4.50%, 2/11/27(1) | 303,000 | 300,364 | ||||||
Morgan Stanley, MTN, VRN, 1.16%, 10/21/25(2) | 433,000 | 417,938 | ||||||
Morgan Stanley, VRN, 2.63%, 2/18/26 | 926,000 | 926,572 | ||||||
Morgan Stanley, VRN, 2.19%, 4/28/26 | 2,250,000 | 2,221,910 | ||||||
Owl Rock Capital Corp., 3.40%, 7/15/26 | 716,000 | 686,454 | ||||||
Owl Rock Capital Corp., 2.625%, 1/15/27 | 597,000 | 545,538 | ||||||
Owl Rock Core Income Corp., 3.125%, 9/23/26(1) | 427,000 | 397,637 | ||||||
Owl Rock Technology Finance Corp., 6.75%, 6/30/25(1) | 168,000 | 182,313 | ||||||
Prospect Capital Corp., 3.44%, 10/15/28 | 122,000 | 109,628 | ||||||
16,122,415 | ||||||||
Commercial Services and Supplies — 0.5% | ||||||||
Republic Services, Inc., 2.90%, 7/1/26(2) | 700,000 | 710,359 | ||||||
Construction and Engineering — 0.4% | ||||||||
Quanta Services, Inc., 2.90%, 10/1/30 | 556,000 | 533,651 | ||||||
Construction Materials — 0.6% | ||||||||
Eagle Materials, Inc., 2.50%, 7/1/31 | 911,000 | 851,954 |
11
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
Consumer Finance — 2.4% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28 | $ | 319,000 | $ | 307,542 | ||||
Avolon Holdings Funding Ltd., 2.125%, 2/21/26(1) | 857,000 | 828,849 | ||||||
Avolon Holdings Funding Ltd., 2.53%, 11/18/27(1) | 106,000 | 99,339 | ||||||
Avolon Holdings Funding Ltd., 2.75%, 2/21/28(1) | 601,000 | 567,289 | ||||||
BOC Aviation USA Corp., 1.625%, 4/29/24(1) | 510,000 | 501,497 | ||||||
Capital One Financial Corp., 3.75%, 7/28/26 | 1,027,000 | 1,062,431 | ||||||
SLM Corp., 3.125%, 11/2/26 | 318,000 | 305,237 | ||||||
3,672,184 | ||||||||
Containers and Packaging — 0.6% | ||||||||
Berry Global, Inc., 0.95%, 2/15/24 | 518,000 | 504,071 | ||||||
Sonoco Products Co., 2.25%, 2/1/27 | 481,000 | 471,055 | ||||||
975,126 | ||||||||
Diversified Financial Services — 1.1% | ||||||||
Antares Holdings LP, 2.75%, 1/15/27(1) | 255,000 | 237,821 | ||||||
Antares Holdings LP, 3.75%, 7/15/27(1) | 405,000 | 394,596 | ||||||
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | 900,000 | 1,012,987 | ||||||
1,645,404 | ||||||||
Diversified Telecommunication Services — 2.7% | ||||||||
AT&T, Inc., 4.10%, 2/15/28 | 1,000,000 | 1,067,637 | ||||||
AT&T, Inc., 4.35%, 3/1/29 | 915,000 | 995,661 | ||||||
Telecom Italia Capital SA, 6.375%, 11/15/33 | 320,000 | 312,474 | ||||||
Verizon Communications, Inc., 4.33%, 9/21/28 | 1,585,000 | 1,727,925 | ||||||
4,103,697 | ||||||||
Electric Utilities — 1.6% | ||||||||
Duke Energy Carolinas LLC, 2.55%, 4/15/31 | 1,245,000 | 1,216,267 | ||||||
Duke Energy Corp., 2.55%, 6/15/31 | 750,000 | 702,938 | ||||||
NRG Energy, Inc., 2.00%, 12/2/25(1) | 538,000 | 521,687 | ||||||
2,440,892 | ||||||||
Electronic Equipment, Instruments and Components — 0.8% | ||||||||
Teledyne Technologies, Inc., 0.95%, 4/1/24 | 1,233,000 | 1,202,177 | ||||||
Energy Equipment and Services — 0.3% | ||||||||
Helmerich & Payne, Inc., 2.90%, 9/29/31(1) | 400,000 | 382,673 | ||||||
Entertainment — 0.8% | ||||||||
Netflix, Inc., 5.875%, 2/15/25 | 260,000 | 282,737 | ||||||
Netflix, Inc., 3.625%, 6/15/25(1) | 180,000 | 184,269 | ||||||
Netflix, Inc., 4.875%, 4/15/28 | 345,000 | 370,145 | ||||||
Netflix, Inc., 5.875%, 11/15/28 | 330,000 | 373,676 | ||||||
1,210,827 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 6.2% | ||||||||
Broadstone Net Lease LLC, 2.60%, 9/15/31 | 484,000 | 447,992 | ||||||
Crown Castle International Corp., 3.30%, 7/1/30 | 1,040,000 | 1,016,048 | ||||||
EPR Properties, 4.95%, 4/15/28 | 1,199,000 | 1,236,780 | ||||||
EPR Properties, 3.60%, 11/15/31 | 59,000 | 55,749 | ||||||
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26 | 1,093,000 | 1,170,898 | ||||||
Kite Realty Group Trust, 4.00%, 3/15/25 | 351,000 | 361,299 | ||||||
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29 | 400,000 | 402,202 | ||||||
National Health Investors, Inc., 3.00%, 2/1/31 | 1,144,000 | 1,057,016 |
12
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
Office Properties Income Trust, 2.65%, 6/15/26 | $ | 900,000 | $ | 856,670 | ||||
Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, 11/15/31 | 218,000 | 203,737 | ||||||
Piedmont Operating Partnership LP, 2.75%, 4/1/32 | 263,000 | 244,788 | ||||||
RHP Hotel Properties LP / RHP Finance Corp., 4.75%, 10/15/27 | 382,000 | 373,888 | ||||||
Sabra Health Care LP, 3.20%, 12/1/31 | 1,317,000 | 1,225,995 | ||||||
STORE Capital Corp., 2.70%, 12/1/31 | 231,000 | 214,541 | ||||||
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1) | 482,000 | 479,115 | ||||||
9,346,718 | ||||||||
Food and Staples Retailing — 2.4% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 2/15/23(1) | 505,000 | 506,856 | ||||||
Sysco Corp., 3.30%, 7/15/26 | 1,414,000 | 1,455,748 | ||||||
Walmart, Inc., 1.05%, 9/17/26 | 800,000 | 768,260 | ||||||
Walmart, Inc., 1.50%, 9/22/28 | 980,000 | 933,575 | ||||||
3,664,439 | ||||||||
Food Products — 0.4% | ||||||||
Kraft Heinz Foods Co., 5.00%, 6/4/42 | 537,000 | 592,714 | ||||||
Health Care Equipment and Supplies — 1.2% | ||||||||
Baxter International, Inc., 1.92%, 2/1/27(1) | 900,000 | 873,217 | ||||||
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24 | 900,000 | 880,051 | ||||||
1,753,268 | ||||||||
Health Care Providers and Services — 1.9% | ||||||||
Centene Corp., 4.25%, 12/15/27 | 712,000 | 729,711 | ||||||
Cigna Corp., 1.25%, 3/15/26 | 916,000 | 876,758 | ||||||
HCA, Inc., 3.50%, 9/1/30 | 400,000 | 396,600 | ||||||
Universal Health Services, Inc., 1.65%, 9/1/26(1) | 908,000 | 862,742 | ||||||
2,865,811 | ||||||||
Hotels, Restaurants and Leisure — 0.7% | ||||||||
Marriott International, Inc., 4.625%, 6/15/30 | 968,000 | 1,046,178 | ||||||
Household Durables — 0.4% | ||||||||
Safehold Operating Partnership LP, 2.85%, 1/15/32(2) | 635,000 | 587,598 | ||||||
Insurance — 4.8% | ||||||||
American International Group, Inc., 4.20%, 4/1/28 | 463,000 | 502,385 | ||||||
Brighthouse Financial Global Funding, 2.00%, 6/28/28(1) | 563,000 | 529,697 | ||||||
CNO Global Funding, 1.65%, 1/6/25(1) | 454,000 | 444,103 | ||||||
Equitable Financial Life Global Funding, 1.30%, 7/12/26(1) | 1,307,000 | 1,243,755 | ||||||
GA Global Funding Trust, 2.90%, 1/6/32(1) | 150,000 | 140,849 | ||||||
Global Atlantic Fin Co., 3.125%, 6/15/31(1) | 545,000 | 508,549 | ||||||
Guardian Life Global Funding, 1.625%, 9/16/28(1) | 383,000 | 354,795 | ||||||
Hartford Financial Services Group, Inc. (The), 2.80%, 8/19/29 | 520,000 | 516,094 | ||||||
Protective Life Global Funding, 1.62%, 4/15/26(1) | 1,400,000 | 1,348,046 | ||||||
RGA Global Funding, 2.70%, 1/18/29(1) | 775,000 | 762,858 | ||||||
SBL Holdings, Inc., 5.125%, 11/13/26(1)(2) | 792,000 | 835,207 | ||||||
Stewart Information Services Corp., 3.60%, 11/15/31 | 79,000 | 76,328 | ||||||
7,262,666 | ||||||||
Life Sciences Tools and Services — 0.6% | ||||||||
PerkinElmer, Inc., 1.90%, 9/15/28 | 900,000 | 844,713 | ||||||
Machinery — 0.6% | ||||||||
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/28(2) | 767,000 | 834,602 | ||||||
Media — 1.2% | ||||||||
DISH DBS Corp., 7.75%, 7/1/26 | 672,000 | 681,304 |
13
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
Paramount Global, 4.75%, 5/15/25 | $ | 562,000 | $ | 600,396 | ||||
Paramount Global, 4.20%, 6/1/29 | 520,000 | 542,130 | ||||||
1,823,830 | ||||||||
Metals and Mining — 1.0% | ||||||||
Freeport-McMoRan, Inc., 4.625%, 8/1/30(2) | 961,000 | 993,554 | ||||||
Glencore Funding LLC, 2.625%, 9/23/31(1) | 560,000 | 514,939 | ||||||
1,508,493 | ||||||||
Multi-Utilities — 3.1% | ||||||||
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28(1) | 400,000 | 380,215 | ||||||
Ameren Corp., 1.75%, 3/15/28 | 750,000 | 703,083 | ||||||
Ameren Corp., 3.50%, 1/15/31 | 356,000 | 366,272 | ||||||
CenterPoint Energy, Inc., 4.25%, 11/1/28 | 816,000 | 871,307 | ||||||
CenterPoint Energy, Inc., 2.65%, 6/1/31 | 571,000 | 546,803 | ||||||
NiSource, Inc., 3.49%, 5/15/27 | 644,000 | 664,619 | ||||||
WEC Energy Group, Inc., 1.375%, 10/15/27(2) | 1,164,000 | 1,083,634 | ||||||
4,615,933 | ||||||||
Multiline Retail — 0.5% | ||||||||
Dollar Tree, Inc., 2.65%, 12/1/31 | 530,000 | 503,831 | ||||||
Target Corp., 2.95%, 1/15/52 | 308,000 | 292,423 | ||||||
796,254 | ||||||||
Oil, Gas and Consumable Fuels — 6.4% | ||||||||
BP Capital Markets America, Inc., 3.94%, 9/21/28 | 452,000 | 479,879 | ||||||
Cenovus Energy, Inc., 2.65%, 1/15/32 | 300,000 | 278,954 | ||||||
Continental Resources, Inc., 2.27%, 11/15/26(1) | 376,000 | 358,871 | ||||||
Continental Resources, Inc., 2.875%, 4/1/32(1) | 259,000 | 237,187 | ||||||
Diamondback Energy, Inc., 3.50%, 12/1/29 | 362,000 | 366,506 | ||||||
Enbridge, Inc., 1.60%, 10/4/26 | 1,200,000 | 1,145,076 | ||||||
Energy Transfer LP, 3.60%, 2/1/23 | 558,000 | 564,099 | ||||||
Energy Transfer LP, 5.25%, 4/15/29 | 946,000 | 1,039,404 | ||||||
Hess Corp., 3.50%, 7/15/24 | 346,000 | 354,287 | ||||||
HollyFrontier Corp., 2.625%, 10/1/23(2) | 425,000 | 427,031 | ||||||
Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 | 811,000 | 899,905 | ||||||
Southwestern Energy Co., 5.375%, 3/15/30(2) | 1,003,000 | 1,037,383 | ||||||
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30 | 896,000 | 903,344 | ||||||
Williams Cos., Inc. (The), 4.55%, 6/24/24 | 1,480,000 | 1,550,726 | ||||||
9,642,652 | ||||||||
Pharmaceuticals — 2.1% | ||||||||
Horizon Therapeutics USA, Inc., 5.50%, 8/1/27(1) | 500,000 | 510,068 | ||||||
Merck & Co., Inc., 1.70%, 6/10/27 | 460,000 | 448,207 | ||||||
Royalty Pharma plc, 1.20%, 9/2/25 | 1,019,000 | 968,187 | ||||||
Utah Acquisition Sub, Inc., 3.95%, 6/15/26 | 690,000 | 712,982 | ||||||
Viatris, Inc., 1.65%, 6/22/25 | 600,000 | 579,938 | ||||||
3,219,382 | ||||||||
Real Estate Management and Development — 0.9% | ||||||||
Essential Properties LP, 2.95%, 7/15/31 | 500,000 | 459,967 | ||||||
Ontario Teachers' Cadillac Fairview Properties Trust, 2.50%, 10/15/31(1) | 201,000 | 191,532 | ||||||
Realogy Group LLC / Realogy Co-Issuer Corp., 4.875%, 6/1/23(1)(2) | 743,000 | 760,520 | ||||||
1,412,019 |
14
Diversified Corporate Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Road and Rail — 1.6% | ||||||||
DAE Funding LLC, 1.55%, 8/1/24(1) | $ | 436,000 | $ | 418,677 | ||||
DAE Funding LLC, 2.625%, 3/20/25(1) | 527,000 | 514,239 | ||||||
DAE Funding LLC, 3.375%, 3/20/28(1) | 295,000 | 284,392 | ||||||
Triton Container International Ltd., 1.15%, 6/7/24(1) | 1,225,000 | 1,188,805 | ||||||
2,406,113 | ||||||||
Semiconductors and Semiconductor Equipment — 1.6% | ||||||||
Microchip Technology, Inc., 4.25%, 9/1/25 | 1,270,000 | 1,303,681 | ||||||
Qorvo, Inc., 4.375%, 10/15/29 | 549,000 | 556,076 | ||||||
Qorvo, Inc., 3.375%, 4/1/31(1) | 658,000 | 618,698 | ||||||
2,478,455 | ||||||||
Software — 0.7% | ||||||||
Oracle Corp., 1.65%, 3/25/26 | 1,127,000 | 1,080,304 | ||||||
Specialty Retail — 0.9% | ||||||||
AutoNation, Inc., 1.95%, 8/1/28 | 359,000 | 338,449 | ||||||
Dick's Sporting Goods, Inc., 3.15%, 1/15/32 | 555,000 | 533,960 | ||||||
Lowe's Cos., Inc., 2.625%, 4/1/31 | 460,000 | 444,887 | ||||||
1,317,296 | ||||||||
Technology Hardware, Storage and Peripherals — 1.5% | ||||||||
Dell International LLC / EMC Corp., 4.90%, 10/1/26 | 1,122,000 | 1,216,176 | ||||||
HP, Inc., 2.65%, 6/17/31 | 408,000 | 383,232 | ||||||
Seagate HDD Cayman, 4.875%, 3/1/24 | 667,000 | 688,711 | ||||||
2,288,119 | ||||||||
Thrifts and Mortgage Finance — 0.5% | ||||||||
Nationwide Building Society, VRN, 4.125%, 10/18/32(1) | 700,000 | 720,175 | ||||||
Trading Companies and Distributors — 1.3% | ||||||||
Air Lease Corp., 3.625%, 4/1/27 | 807,000 | 825,375 | ||||||
Aircastle Ltd., 4.125%, 5/1/24(2) | 526,000 | 538,550 | ||||||
Aircastle Ltd., 5.25%, 8/11/25(1) | 560,000 | 598,054 | ||||||
1,961,979 | ||||||||
Wireless Telecommunication Services — 1.1% | ||||||||
T-Mobile USA, Inc., 4.75%, 2/1/28 | 1,562,000 | 1,614,288 | ||||||
TOTAL CORPORATE BONDS (Cost $142,964,894) | 137,769,533 | |||||||
U.S. TREASURY SECURITIES — 5.4% | ||||||||
U.S. Treasury Notes, 0.375%, 8/15/24 | 1,750,000 | 1,699,824 | ||||||
U.S. Treasury Notes, 1.00%, 12/15/24 | 1,300,000 | 1,278,418 | ||||||
U.S. Treasury Notes, 1.50%, 2/15/25 | 4,200,000 | 4,183,594 | ||||||
U.S. Treasury Notes, 1.25%, 12/31/26 | 1,000,000 | 977,070 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $8,223,239) | 8,138,906 | |||||||
MUNICIPAL SECURITIES — 0.3% | ||||||||
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34 (Cost $517,892) | 515,000 | 504,850 | ||||||
SHORT-TERM INVESTMENTS — 4.6% | ||||||||
Money Market Funds — 4.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 2,259,329 | 2,259,329 |
15
Diversified Corporate Bond ETF | ||||||||
Shares | Value | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 4,653,470 | $ | 4,653,470 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $6,912,799) | 6,912,799 | |||||||
TOTAL INVESTMENT SECURITIES — 101.9% (Cost $158,618,824) | 153,326,088 | |||||||
OTHER ASSETS AND LIABILITIES — (1.9)% | (2,880,031) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 150,446,057 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 10-Year Notes | 57 | June 2022 | $ | 7,263,937 | $ | 52,842 | ||||||||
U.S. Treasury 2-Year Notes | 17 | June 2022 | 3,658,852 | 7,020 | ||||||||||
$ | 10,922,789 | $ | 59,862 |
^Amount represents value and unrealized appreciation (depreciation).
FUTURES CONTRACTS SOLD | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 5-Year Notes | 97 | June 2022 | $ | 11,473,281 | $ | (53,396) | ||||||||
U.S. Treasury Long Bonds | 9 | June 2022 | 1,410,188 | (13,962) | ||||||||||
U.S. Treasury Ultra Bonds | 2 | June 2022 | 371,875 | (3,613) | ||||||||||
$ | 13,255,344 | $ | (70,971) |
^Amount represents value and unrealized appreciation (depreciation).
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS | |||||||||||||||||||||||
Reference Entity | Type | Fixed Rate Received (Paid) Quarterly | Termination Date | Notional Amount | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Value^ | ||||||||||||||||
Markit CDX North America High Yield Index Series 37 | Buy | (5.00)% | 12/20/26 | $ | 6,500,000 | $ | (295,693) | $ | (135,556) | $ | (431,249) |
^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.
16
Diversified Corporate Bond ETF
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CDX | - | Credit Derivatives Indexes | ||||||
MTN | - | Medium Term Note | ||||||
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $33,588,335, which represented 22.3% of total net assets.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $4,528,404. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $4,653,470.
See Notes to Financial Statements.
17
FEBRUARY 28, 2022 (UNAUDITED)
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
MUNICIPAL SECURITIES — 94.7% | ||||||||
Alabama — 0.7% | ||||||||
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs Group, Inc.) | $ | 535,000 | $ | 555,768 | ||||
Black Belt Energy Gas District Rev., VRN, 0.55%, (MUNIPSA plus 0.35%), 10/1/52 (GA: Goldman Sachs Group, Inc.) | 500,000 | 497,610 | ||||||
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 4/1/49 (GA: Goldman Sachs Group, Inc.) | 455,000 | 475,224 | ||||||
1,528,602 | ||||||||
Arizona — 4.7% | ||||||||
Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/29 | 160,000 | 173,292 | ||||||
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), 5.00%, 1/1/25 | 585,000 | 642,460 | ||||||
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 0.49%, (MUNIPSA plus 0.25%), 1/1/46 | 155,000 | 155,056 | ||||||
Arizona Industrial Development Authority Rev., 3.625%, 5/20/33 | 191,930 | 205,121 | ||||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/51(1) | 250,000 | 276,659 | ||||||
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 5.50%, 7/1/31(1) | 150,000 | 161,248 | ||||||
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 7.75%, 7/1/50(1) | 300,000 | 351,259 | ||||||
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%, 7/1/51(1) | 100,000 | 108,352 | ||||||
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40(1) | 200,000 | 208,211 | ||||||
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/27 (BAM) | 400,000 | 461,492 | ||||||
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/41(1) | 750,000 | 772,752 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25(1) | 410,000 | 426,003 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 | 155,000 | 177,846 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Leman Academy of Excellence, Inc.), 5.00%, 7/1/54(1) | 60,000 | 60,797 | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/41(1)(2) | 620,000 | 628,428 | ||||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/27 | 75,000 | 84,712 | ||||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28 | 75,000 | 85,826 | ||||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 3.00%, 7/1/31(1) | 500,000 | 505,023 | ||||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39(1) | 200,000 | 228,400 | ||||||
Phoenix Civic Improvement Corp. Rev., (Phoenix Excise Tax Rev.), 4.00%, 7/1/45 | 1,000,000 | 1,134,376 | ||||||
Phoenix Civic Improvement Corp. Rev., (Phoenix Water System Rev.), 4.00%, 7/1/40 | 1,000,000 | 1,165,562 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30 | 220,000 | 262,827 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35 | 250,000 | 296,582 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38 | 755,000 | 893,022 |
18
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets) | $ | 175,000 | $ | 223,041 | ||||
State of Arizona COP, 5.00%, 9/1/25 | 820,000 | 922,932 | ||||||
10,611,279 | ||||||||
California — 15.0% | ||||||||
Alameda Corridor Transportation Authority Rev., 5.00%, 10/1/24 | 70,000 | 76,159 | ||||||
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 9/1/30 (BAM) | 535,000 | 641,397 | ||||||
Bay Area Toll Authority Rev., 4.00%, 4/1/29 | 275,000 | 307,176 | ||||||
Bay Area Toll Authority Rev., VRN, 0.69%, (MUNIPSA plus 0.45%), 4/1/56 | 250,000 | 251,820 | ||||||
California Community Choice Financing Authority Rev., VRN, 0.69%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley) | 1,755,000 | 1,755,440 | ||||||
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/30 | 500,000 | 566,398 | ||||||
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(3) | 100,000 | 17,831 | ||||||
California Enterprise Development Authority Rev., (Provident Group-SDSU Properties LLC), 5.00%, 8/1/50 | 100,000 | 115,496 | ||||||
California Housing Finance Rev., 4.00%, 3/20/33 | 386,520 | 426,179 | ||||||
California Housing Finance Rev., 4.25%, 1/15/35 | 481,668 | 544,412 | ||||||
California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), VRN, 0.59%, (MUNIPSA plus 0.35%), 8/1/47 | 250,000 | 250,282 | ||||||
California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRN, 0.94%, (MUNIPSA plus 0.70%), 12/1/50 | 1,000,000 | 1,010,276 | ||||||
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/29(1) | 50,000 | 56,957 | ||||||
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/30(1) | 110,000 | 126,530 | ||||||
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/36(1) | 175,000 | 200,679 | ||||||
California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/15/37 | 475,000 | 540,100 | ||||||
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.375%, 11/15/28(1) | 265,000 | 265,293 | ||||||
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/24(1) | 95,000 | 99,952 | ||||||
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/25(1) | 260,000 | 277,873 | ||||||
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/26(1) | 405,000 | 437,214 | ||||||
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/34 | 185,000 | 207,988 | ||||||
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24 | 250,000 | 268,997 | ||||||
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/38(1) | 240,000 | 283,520 | ||||||
California Statewide Communities Development Authority Special Assessment, (San Diego Assessment District No. 18-01), 5.00%, 9/2/29 | 250,000 | 297,200 | ||||||
California Statewide Communities Development Authority Special Tax, (Community Facilities District No. 2015), 4.00%, 9/1/40 | 245,000 | 266,093 | ||||||
City & County of San Francisco COP, 4.00%, 4/1/45 | 475,000 | 488,407 | ||||||
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/46(1) | 500,000 | 536,304 |
19
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
CSCDA Community Improvement Authority Rev., 4.00%, 8/1/56(1) | $ | 300,000 | $ | 287,070 | ||||
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 4/1/57(1) | 350,000 | 308,078 | ||||||
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 12/1/59(1) | 750,000 | 594,580 | ||||||
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57(1) | 170,000 | 148,541 | ||||||
East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/38 | 700,000 | 947,483 | ||||||
Eastern Municipal Water District Rev., VRN, 0.34%, (MUNIPSA plus 0.10%), 7/1/46 | 750,000 | 750,173 | ||||||
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39 | 500,000 | 567,907 | ||||||
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 3.00%, 9/1/25 | 155,000 | 158,020 | ||||||
Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/33 | 250,000 | 278,858 | ||||||
Golden State Tobacco Securitization Corp. Rev., 3.50%, 6/1/22, Prerefunded at 100% of Par(4) | 315,000 | 317,300 | ||||||
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/23(4) | 40,000 | 41,989 | ||||||
Golden State Tobacco Securitization Corp. Rev., 5.00%, 6/1/25, Prerefunded at 100% of Par(4) | 1,000,000 | 1,115,269 | ||||||
Golden State Tobacco Securitization Corp. Rev., 0.00%, Capital Appreciation, 6/1/66(3) | 500,000 | 74,797 | ||||||
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45 | 570,000 | 637,409 | ||||||
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/31 (AGM)(1) | 215,000 | 244,670 | ||||||
Inglewood Unified School District GO, 4.00%, 8/1/39 (AGM) | 850,000 | 956,551 | ||||||
Irvine Special Assessment, (Irvine Reassessment District No. 15-1), 5.00%, 9/2/25 | 700,000 | 783,081 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/45 | 500,000 | 612,602 | ||||||
Metropolitan Water District of Southern California Rev., VRN, 0.38%, (MUNIPSA plus 0.14%), 7/1/37 | 200,000 | 199,887 | ||||||
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(1) | 100,000 | 114,103 | ||||||
Norman Y Mineta San Jose International Airport SJC Rev., 5.00%, 3/1/22(4) | 600,000 | 600,000 | ||||||
Oakland Unified School District/Alameda County GO, 5.00%, 8/1/27 | 1,020,000 | 1,167,530 | ||||||
Orange County Airport Rev., 5.00%, 7/1/24 | 130,000 | 140,925 | ||||||
Orange County Community Facilities District Special Tax, 5.25%, 8/15/45 | 415,000 | 453,621 | ||||||
Orange County Transportation Authority Rev., 5.00%, 10/15/24 | 1,715,000 | 1,879,537 | ||||||
Oroville Rev., (Oroville Hospital), 5.25%, 4/1/49 | 250,000 | 274,554 | ||||||
Palomar Health GO, 5.00%, 8/1/27 | 545,000 | 615,698 | ||||||
Peralta Community College District GO, 5.00%, 8/1/25 | 550,000 | 617,536 | ||||||
Poway Unified School District Special Tax, (Poway Unified School District Community Facilities District No. 16), 4.00%, 9/1/31 | 315,000 | 347,674 | ||||||
Riverside County Transportation Commission Rev., 4.00%, 6/1/46 | 215,000 | 238,081 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/24 | 1,000,000 | 1,072,260 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/38 | 400,000 | 467,962 | ||||||
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 5.00%, 9/1/35 | 600,000 | 695,137 |
20
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.) | $ | 630,000 | $ | 793,679 | ||||
State of California GO, 5.00%, 4/1/22 | 1,125,000 | 1,129,049 | ||||||
State of California GO, 5.00%, 12/1/23 | 725,000 | 773,114 | ||||||
State of California GO, 5.25%, 8/1/32 (AGM) | 610,000 | 800,702 | ||||||
State of California GO, 5.00%, 8/1/34 | 245,000 | 281,000 | ||||||
State of California GO, 5.00%, 8/1/35 | 1,000,000 | 1,170,529 | ||||||
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/39 | 280,000 | 311,916 | ||||||
Tustin Community Facilities District Special Tax, (Tustin Community Facilities District No. 14-1), 5.00%, 9/1/29 | 150,000 | 164,968 | ||||||
Woodside Fire Protection District COP, 4.00%, 5/1/41 | 445,000 | 505,640 | ||||||
33,955,453 | ||||||||
Colorado — 2.2% | ||||||||
Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/40 | 515,000 | 548,658 | ||||||
Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40 | 500,000 | 556,580 | ||||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23 | 100,000 | 103,776 | ||||||
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39 | 380,000 | 421,784 | ||||||
Colorado Health Facilities Authority Rev., (Sisters of Charity of Leavenworth Health System, Inc. Obligated Group), 4.00%, 1/1/38 | 210,000 | 233,319 | ||||||
Crystal Valley Metropolitan District No. 2 GO, 4.00%, 12/1/44 (AGM) | 500,000 | 567,173 | ||||||
Denver Urban Renewal Authority Tax Allocation, 5.25%, 12/1/39(1) | 100,000 | 106,449 | ||||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/30 | 250,000 | 300,469 | ||||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/32 | 600,000 | 729,246 | ||||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 4.00%, 7/15/34 | 500,000 | 561,065 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/22 (AGM) | 110,000 | 113,315 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/26 (AGM) | 220,000 | 246,952 | ||||||
Village Metropolitan District GO, 5.00%, 12/1/49 | 500,000 | 540,193 | ||||||
5,028,979 | ||||||||
Connecticut — 2.5% | ||||||||
Connecticut State Health & Educational Facilities Authority Rev., (McLean Affiliates Obligated Group), 3.25%, 1/1/27(1) | 450,000 | 453,154 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/45 | 1,230,000 | 1,383,036 | ||||||
State of Connecticut GO, 5.00%, 11/15/31 | 365,000 | 408,739 | ||||||
State of Connecticut GO, 4.00%, 6/1/37 | 1,000,000 | 1,137,689 | ||||||
State of Connecticut, Special Tax Rev., 5.00%, 5/1/29 | 1,200,000 | 1,464,244 | ||||||
Town of Greenwich GO, 5.00%, 1/15/26 | 725,000 | 824,690 | ||||||
5,671,552 | ||||||||
District of Columbia — 1.0% | ||||||||
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 10/1/26 | 660,000 | 765,289 | ||||||
District of Columbia Water & Sewer Authority Rev., 5.00%, 10/1/39 | 535,000 | 603,985 | ||||||
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/28 | 390,000 | 471,447 |
21
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/41 | $ | 265,000 | $ | 331,528 | ||||
2,172,249 | ||||||||
Florida — 5.7% | ||||||||
Alachua County Health Facilities Authority Rev., (Shands Teaching Hospital & Clinics Obligated Group), 5.00%, 12/1/44 | 350,000 | 379,419 | ||||||
Alachua County Health Facilities Authority Rev., (Shands Teaching Hospital & Clinics Obligated Group), VRN, 5.00%, 12/1/37 | 350,000 | 394,920 | ||||||
Broward County Water & Sewer Utility Rev., 4.00%, 10/1/47 | 100,000 | 114,467 | ||||||
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28 | 300,000 | 348,005 | ||||||
Central Florida Expressway Authority Rev., 5.00%, 7/1/28 (AGM) | 750,000 | 904,857 | ||||||
Florida Development Finance Corp. Rev., 3.00%, 7/1/31(1) | 260,000 | 259,364 | ||||||
Florida Development Finance Corp. Rev., 5.00%, 6/15/35 | 250,000 | 280,729 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 3.00%, 6/1/22 | 115,000 | 115,287 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 3.00%, 6/1/23 | 115,000 | 116,351 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/24 | 105,000 | 109,142 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/25 | 110,000 | 115,604 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/26 | 110,000 | 116,469 | ||||||
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/33 | 180,000 | 207,377 | ||||||
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/42 | 390,000 | 443,899 | ||||||
Hillsborough County Aviation Authority Rev., 5.00%, 10/1/27(2) | 375,000 | 435,130 | ||||||
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/39(1) | 550,000 | 598,687 | ||||||
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/41 | 840,000 | 959,951 | ||||||
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/35 | 175,000 | 195,315 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/44 | 540,000 | 653,177 | ||||||
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/30 | 800,000 | 968,792 | ||||||
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | 105,000 | 115,220 | ||||||
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | 375,000 | 417,742 | ||||||
Pompano Beach Rev., (John Knox Village of Florida, Inc. Obligated Group), 1.45%, 1/1/27 | 750,000 | 711,733 | ||||||
Port State Lucie Sales Tax Rev., 4.00%, 9/1/51 | 375,000 | 424,269 | ||||||
Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 4.25%, 11/15/26 | 650,000 | 650,446 | ||||||
State of Florida GO, 5.00%, 6/1/23(2) | 1,700,000 | 1,786,754 | ||||||
Wildwood Utility Dependent District Rev., 5.00%, 10/1/41 (BAM) | 900,000 | 1,099,875 | ||||||
12,922,981 | ||||||||
Georgia — 1.3% | ||||||||
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 3.625%, 1/1/31(1) | 475,000 | 449,107 | ||||||
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets) | 500,000 | 543,184 |
22
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 5/1/52 (GA: Citigroup Global Markets) | $ | 1,190,000 | $ | 1,328,216 | ||||
Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/41 | 650,000 | 724,164 | ||||||
3,044,671 | ||||||||
Hawaii — 0.6% | ||||||||
City & County Honolulu Wastewater System Rev., 4.00%, 7/1/32 | 250,000 | 268,838 | ||||||
State of Hawaii Airports System Rev., 4.00%, 7/1/41 | 1,000,000 | 1,110,561 | ||||||
1,379,399 | ||||||||
Idaho — 0.2% | ||||||||
Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), 4.00%, 3/1/46 | 365,000 | 407,991 | ||||||
Illinois — 4.1% | ||||||||
Chicago GO, 5.00%, 1/1/26 | 275,000 | 304,178 | ||||||
Chicago GO, 5.50%, 1/1/49 | 100,000 | 115,168 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/22 | 200,000 | 205,820 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/34 | 280,000 | 313,555 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/42 | 60,000 | 61,426 | ||||||
Chicago Wastewater Transmission Rev., 5.50%, 1/1/30 (AGM-CR)(NATL-RE) | 135,000 | 159,997 | ||||||
Cook County GO, 5.00%, 11/15/22 | 500,000 | 514,442 | ||||||
Illinois Finance Authority Rev., (Carle Foundation Obligated Group), VRN, 5.00%, 8/15/53 | 525,000 | 654,481 | ||||||
Illinois Finance Authority Rev., (Presbyterian Homes Obligated Group), VRN, 0.94%, (MUNIPSA plus 0.70%), 5/1/42 | 250,000 | 250,623 | ||||||
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/33 | 1,175,000 | 1,430,831 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 | 465,000 | 573,014 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37 | 400,000 | 446,718 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/46 | 500,000 | 613,661 | ||||||
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/31 (AGM) | 200,000 | 224,752 | ||||||
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/28 | 605,000 | 699,496 | ||||||
Northern Illinois University Rev., 5.00%, 10/1/28 (BAM) | 325,000 | 383,746 | ||||||
Northern Illinois University Rev., 4.00%, 4/1/35 (BAM) | 250,000 | 278,836 | ||||||
Railsplitter Tobacco Settlement Authority Rev., 5.00%, 6/1/22 | 100,000 | 101,001 | ||||||
State of Illinois GO, 5.00%, 10/1/25 | 175,000 | 194,129 | ||||||
State of Illinois GO, 5.00%, 11/1/29 | 280,000 | 320,085 | ||||||
State of Illinois GO, 5.00%, 10/1/30 | 625,000 | 721,706 | ||||||
State of Illinois GO, 5.00%, 10/1/33 | 200,000 | 228,620 | ||||||
State of Illinois GO, 5.50%, 5/1/39 | 220,000 | 262,777 | ||||||
State of Illinois GO, 5.75%, 5/1/45 | 225,000 | 270,030 | ||||||
9,329,092 | ||||||||
Indiana — 0.6% | ||||||||
Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.00%, 2/1/26 | 500,000 | 560,506 | ||||||
Purdue University Rev., 5.00%, 7/1/26 | 640,000 | 696,100 | ||||||
1,256,606 | ||||||||
Iowa — 0.7% | ||||||||
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48 | 400,000 | 427,901 | ||||||
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 0.59%, 5/15/56 | 500,000 | 495,377 |
23
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/49 | $ | 680,000 | $ | 723,221 | ||||
1,646,499 | ||||||||
Kansas — 0.2% | ||||||||
Prairie Village Tax Allocation, (Prairie Village Meadowbrook Redevelopment District), 3.125%, 4/1/36 | 130,000 | 118,420 | ||||||
State of Kansas Department of Transportation Rev., 5.00%, 9/1/29 | 340,000 | 381,191 | ||||||
499,611 | ||||||||
Kentucky — 2.2% | ||||||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/30 | 370,000 | 449,197 | ||||||
Kentucky Bond Development Corp. Rev., 5.00%, 9/1/38 | 250,000 | 296,595 | ||||||
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.25%, 6/1/41 | 100,000 | 114,541 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 4/1/48 (GA: Morgan Stanley) | 300,000 | 313,753 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 1/1/49 (GA: BP Corp. North America, Inc.) | 440,000 | 465,064 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 500,000 | 533,102 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 250,000 | 266,788 | ||||||
Kentucky Public Energy Authority Rev., VRN, 1.23%, 8/1/52(2) | 1,000,000 | 996,816 | ||||||
Kentucky State University COP, 5.00%, 11/1/26 (BAM) | 125,000 | 143,494 | ||||||
Kentucky State University COP, 5.00%, 11/1/28 (BAM) | 145,000 | 173,655 | ||||||
Kentucky State University COP, 4.00%, 11/1/41 (BAM) | 250,000 | 285,652 | ||||||
Kentucky State University COP, 4.00%, 11/1/46 (BAM) | 750,000 | 841,167 | ||||||
4,879,824 | ||||||||
Louisiana — 0.5% | ||||||||
East Baton Rouge Sewerage Commission Rev., 5.00%, 2/1/25, Prerefunded at 100% of Par(4) | 520,000 | 574,778 | ||||||
Greater Ouachita Water Co. Rev., 4.00%, 9/1/30 (BAM) | 100,000 | 115,083 | ||||||
Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23 | 100,000 | 103,118 | ||||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/48 (AGM) | 250,000 | 296,332 | ||||||
1,089,311 | ||||||||
Maryland — 2.8% | ||||||||
Baltimore Rev., (Baltimore Water Utility Fund), 5.00%, 7/1/41 | 1,010,000 | 1,158,250 | ||||||
Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27 | 200,000 | 213,296 | ||||||
Baltimore County COP, 5.00%, 3/1/28 | 375,000 | 449,115 | ||||||
Brunswick Special Tax, 5.00%, 7/1/36 | 100,000 | 111,938 | ||||||
Maryland Economic Development Corp. Tax Allocation, 4.00%, 9/1/50 | 1,000,000 | 1,046,711 | ||||||
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/51 | 500,000 | 535,166 | ||||||
Maryland Stadium Authority Built to Learn Rev., 5.00%, 6/1/25(2) | 500,000 | 555,573 | ||||||
State of Maryland GO, 4.00%, 8/1/26 | 790,000 | 878,932 | ||||||
State of Maryland GO, 5.00%, 8/1/27 | 320,000 | 379,852 | ||||||
State of Maryland GO, 5.00%, 8/1/33 | 850,000 | 1,092,602 | ||||||
6,421,435 | ||||||||
Massachusetts — 2.6% | ||||||||
Massachusetts GO, 5.00%, 5/1/25 | 345,000 | 384,402 | ||||||
Massachusetts GO, 4.00%, 9/1/36 | 400,000 | 440,046 | ||||||
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/41 | 910,000 | 1,106,880 |
24
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Massachusetts Clean Water Trust Rev., 5.00%, 2/1/41 | $ | 350,000 | $ | 435,262 | ||||
Massachusetts Development Finance Agency Rev., (Milford Regional Medical Center Obligated Group), 5.00%, 7/15/22(1) | 115,000 | 116,513 | ||||||
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 4.00%, 10/1/32(1) | 100,000 | 106,310 | ||||||
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc.), 5.00%, 10/1/37(1) | 150,000 | 160,558 | ||||||
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/23 | 100,000 | 104,930 | ||||||
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 4.00%, 10/1/45 (AGM) | 375,000 | 419,615 | ||||||
Massachusetts Port Authority Rev., 5.00%, 7/1/41 | 500,000 | 607,515 | ||||||
Massachusetts State College Building Authority Rev., 5.00%, 5/1/31 | 500,000 | 636,569 | ||||||
Massachusetts State College Building Authority Rev., 5.00%, 5/1/32 | 250,000 | 324,325 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/32 | 460,000 | 553,534 | ||||||
University of Massachusetts Building Authority Rev., (University of Massachusetts), 5.00%, 11/1/25 | 500,000 | 565,841 | ||||||
5,962,300 | ||||||||
Michigan — 1.5% | ||||||||
Detroit GO, 5.00%, 4/1/25 | 50,000 | 54,260 | ||||||
Detroit GO, 5.00%, 4/1/36 | 550,000 | 652,594 | ||||||
Detroit GO, 5.00%, 4/1/37 | 250,000 | 295,861 | ||||||
Detroit Downtown Development Authority Tax Allocation, 5.00%, 7/1/23 (AGM) | 350,000 | 367,111 | ||||||
Lansing Board of Water & Light Rev., VRN, 2.00%, 7/1/51 | 750,000 | 766,111 | ||||||
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 1.25%, 6/1/30 | 55,000 | 55,000 | ||||||
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 5.00%, 6/1/32 | 500,000 | 600,656 | ||||||
Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/44(1) | 200,000 | 210,110 | ||||||
Michigan State Hospital Finance Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/24 | 355,000 | 389,248 | ||||||
3,390,951 | ||||||||
Minnesota — 0.8% | ||||||||
Minneapolis MN/St Paul Housing & Redevelopment Authority Rev., (Allina Health Obligated Group), 5.00%, 11/15/24 | 370,000 | 406,207 | ||||||
State of Minnesota GO, 4.00%, 9/1/33 | 1,250,000 | 1,482,332 | ||||||
1,888,539 | ||||||||
Mississippi — 0.5% | ||||||||
Mississippi Hospital Equipment & Facilities Authority Rev., (Baptist Memorial Health Care Obligated Group), VRN, 0.20%, 9/1/36 | 650,000 | 648,252 | ||||||
State of Mississippi GO, 5.00%, 9/1/26 | 500,000 | 578,948 | ||||||
1,227,200 | ||||||||
Missouri — 1.0% | ||||||||
Kansas City Industrial Development Authority Rev., (Kansas City Airport Rev.), 5.00%, 3/1/46 | 1,000,000 | 1,145,681 | ||||||
Kansas City Industrial Development Authority Rev., (Kansas City), 5.00%, 3/1/37 | 600,000 | 697,104 | ||||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/26 | 300,000 | 340,879 | ||||||
2,183,664 | ||||||||
Nebraska — 0.4% | ||||||||
Central Plains Energy Project Rev., VRN, 4.00%, 12/1/49 (LIQ FAC: Royal Bank of Canada) | 600,000 | 645,300 |
25
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Omaha Public Power District Rev., 5.00%, 2/1/23 | $ | 200,000 | $ | 207,509 | ||||
852,809 | ||||||||
Nevada — 1.4% | ||||||||
Las Vegas Special Improvement District No. 815 Special Assessment, 4.00%, 12/1/31 | 250,000 | 267,999 | ||||||
Las Vegas Special Improvement District No. 815 Special Assessment, 5.00%, 12/1/49 | 200,000 | 221,315 | ||||||
Las Vegas Special Improvement District No. 816 Special Assessment, 2.00%, 6/1/22 | 155,000 | 155,144 | ||||||
Las Vegas Special Improvement District No. 816 Special Assessment, 2.00%, 6/1/23 | 150,000 | 150,356 | ||||||
Nevada System of Higher Education Rev., 5.00%, 7/1/23 | 1,330,000 | 1,401,377 | ||||||
Sparks Rev., 2.50%, 6/15/24(1) | 140,000 | 140,594 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/28 | 255,000 | 291,091 | ||||||
State of Nevada Highway Improvement Rev., 4.00%, 12/1/33 | 375,000 | 424,255 | ||||||
Tahoe-Douglas Visitors Authority Rev., 4.00%, 7/1/25 | 200,000 | 209,823 | ||||||
3,261,954 | ||||||||
New Hampshire — 0.8% | ||||||||
New Hampshire Business Finance Authority Rev., 4.125%, 1/20/34 | 291,311 | 324,845 | ||||||
New Hampshire Business Finance Authority Rev., (Springpoint Senior Living Obligated Group), 4.00%, 1/1/27 | 500,000 | 539,114 | ||||||
New Hampshire Business Finance Authority Rev., (Waste Management, Inc.), VRN, 0.58%, (MUNIPSA plus 0.38%), 10/1/33 (GA: Waste Management Holdings) | 1,000,000 | 994,787 | ||||||
1,858,746 | ||||||||
New Jersey — 4.1% | ||||||||
New Jersey Economic Development Authority Rev., 5.50%, 12/15/26, Prerefunded at 100% of Par(4) | 260,000 | 308,883 | ||||||
New Jersey Health Care Facilities Financing Authority Rev., (AtlantiCare Health System Obligated Group), 4.00%, 7/1/35 | 500,000 | 579,058 | ||||||
New Jersey Health Care Facilities Financing Authority Rev., (RWJ Barnabas Health Obligated Group), 4.00%, 7/1/51 | 1,000,000 | 1,113,405 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/22 | 440,000 | 445,290 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.50%, 12/15/22 | 430,000 | 444,861 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 | 715,000 | 812,749 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/28 | 455,000 | 531,244 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/28 | 375,000 | 441,382 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/32 | 400,000 | 462,730 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/33 | 260,000 | 300,368 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/48 | 150,000 | 176,166 | ||||||
Newark Board of Education GO, 5.00%, 7/15/33 (BAM) | 400,000 | 500,708 | ||||||
State of New Jersey GO, 5.00%, 6/1/24 | 1,000,000 | 1,078,259 | ||||||
State of New Jersey GO, 4.00%, 6/1/31 | 690,000 | 798,269 | ||||||
State of New Jersey GO, 4.00%, 6/1/32 | 500,000 | 582,199 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/29 | 125,000 | 145,002 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/30 | 180,000 | 208,028 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46 | 280,000 | 312,011 | ||||||
9,240,612 |
26
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
New Mexico — 0.4% | ||||||||
New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/23 | $ | 100,000 | $ | 100,094 | ||||
New Mexico Municipal Energy Acquisition Authority Rev., VRN, 5.00%, 11/1/39 (LIQ FAC: Royal Bank of Canada) | 500,000 | 550,665 | ||||||
Santa Fe Rev., (El Castillo Retirement Residences Obligated Group), 2.625%, 5/15/25 | 200,000 | 200,103 | ||||||
850,862 | ||||||||
New York — 9.2% | ||||||||
Brookhaven Local Development Corp. Rev., (Active Retirement Community, Inc. Obligated Group), 5.25%, 11/1/25 | 130,000 | 146,781 | ||||||
Huntington Local Development Corp. Rev., (Gurwin Independent Housing Obligated Group), 3.00%, 7/1/25 | 100,000 | 98,469 | ||||||
Long Island Power Authority Rev., VRN, 1.50%, 9/1/51 | 970,000 | 962,971 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 2/1/23 | 350,000 | 362,208 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 750,000 | 893,449 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 560,000 | 627,940 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 110,000 | 123,345 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/38 | 255,000 | 298,211 | ||||||
Metropolitan Transportation Authority Rev., VRN, 0.83%, 11/1/32 (AGM) | 250,000 | 249,272 | ||||||
New York City GO, 5.00%, 8/1/23 | 365,000 | 385,416 | ||||||
New York City GO, 5.00%, 8/1/27 | 320,000 | 376,927 | ||||||
New York City GO, 4.00%, 8/1/50 | 500,000 | 557,148 | ||||||
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/27 (AGM) | 500,000 | 574,274 | ||||||
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/28 (AGM) | 300,000 | 351,741 | ||||||
New York City Industrial Development Agency Rev., (TrIPs Obligated Group), 5.00%, 7/1/22 | 360,000 | 364,635 | ||||||
New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 5.00%, 3/1/30 (AGM) | 125,000 | 153,829 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/29 | 580,000 | 716,505 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 2/1/32 | 510,000 | 575,235 | ||||||
New York City Water & Sewer System Rev., 5.00%, 6/15/25 | 750,000 | 801,815 | ||||||
New York City Water & Sewer System Rev., 5.00%, 6/15/27 | 500,000 | 566,428 | ||||||
New York City Water & Sewer System Rev., 5.00%, 6/15/27 | 110,000 | 124,614 | ||||||
New York City Water & Sewer System Rev., 5.00%, 6/15/39 | 815,000 | 903,855 | ||||||
New York City Water & Sewer System Rev., 5.00%, 6/15/49 | 390,000 | 466,437 | ||||||
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.50%, 10/1/37 (GA: Goldman Sachs Group, Inc.) | 175,000 | 239,199 | ||||||
New York State Dormitory Authority Rev., (Fordham University), 5.00%, 7/1/25 | 710,000 | 788,604 | ||||||
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/51 | 550,000 | 674,478 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37 | 500,000 | 562,323 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/40 | 750,000 | 847,481 | ||||||
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/26 | 1,100,000 | 1,254,314 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/27 | 405,000 | 431,971 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/29 | 915,000 | 1,003,803 |
27
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/38 | $ | 400,000 | $ | 492,197 | ||||
New York Transportation Development Corp. Rev., (American Airlines, Inc.), 3.00%, 8/1/31 (GA: American Airlines Group) | 130,000 | 132,461 | ||||||
New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 10/31/46 | 500,000 | 542,925 | ||||||
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/24 | 100,000 | 108,406 | ||||||
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/25 | 100,000 | 110,385 | ||||||
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/41 | 170,000 | 184,047 | ||||||
Town of Oyster Bay GO, 4.00%, 3/1/25 (AGM) | 545,000 | 585,424 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27 | 255,000 | 302,773 | ||||||
Triborough Bridge & Tunnel Authority Rev., (Metropolitan Transportation Authority Payroll Mobility Tax Rev.), VRN, 5.00%, 5/15/50 | 1,115,000 | 1,267,431 | ||||||
Westchester County Local Development Corp. Rev., (Purchase Senior Learning Community Obligated Group), 2.875%, 7/1/26(1) | 455,000 | 448,494 | ||||||
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39 | 100,000 | 110,304 | ||||||
20,768,525 | ||||||||
North Carolina — 3.4% | ||||||||
Charlotte-Mecklenburg Hospital Authority Rev., (Atrium Health Obligated Group), VRN, 5.00%, 1/15/50 | 1,050,000 | 1,154,672 | ||||||
North Carolina Medical Care Commission Rev., (Caromont Health Obligated Group), VRN, 5.00%, 2/1/51 | 550,000 | 621,691 | ||||||
North Carolina Medical Care Commission Rev., (Forest at Duke, Inc. Obligated Group), 4.00%, 9/1/46 | 715,000 | 779,061 | ||||||
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/26 | 50,000 | 50,011 | ||||||
North Carolina Turnpike Authority Rev., 5.00%, 2/1/24 | 1,140,000 | 1,217,010 | ||||||
State of North Carolina GO, 5.00%, 6/1/25 | 570,000 | 637,634 | ||||||
State of North Carolina Rev., 5.00%, 5/1/25 | 315,000 | 351,184 | ||||||
State of North Carolina Rev., 5.00%, 3/1/34 | 345,000 | 414,444 | ||||||
Wake County GO, 5.00%, 3/1/26 | 340,000 | 388,995 | ||||||
Wake County GO, 5.00%, 2/1/27(2) | 1,000,000 | 1,172,641 | ||||||
Wake County Rev., 5.00%, 3/1/26 | 750,000 | 856,503 | ||||||
7,643,846 | ||||||||
Ohio — 3.3% | ||||||||
Allen County Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), 5.00%, 12/1/29 | 535,000 | 657,179 | ||||||
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48 | 300,000 | 315,264 | ||||||
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55 | 495,000 | 539,250 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/40 | 450,000 | 512,200 | ||||||
Columbus GO, 5.00%, 4/1/32 | 500,000 | 607,632 | ||||||
Columbus Sewerage Rev., 5.00%, 6/1/29 | 250,000 | 286,271 | ||||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/42 | 360,000 | 411,783 | ||||||
Miami University/Oxford Rev., 5.00%, 9/1/36 | 570,000 | 718,965 | ||||||
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/37 | 170,000 | 197,216 | ||||||
Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53 | 100,000 | 109,654 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/46 | 500,000 | 629,648 |
28
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
State of Ohio GO, 5.00%, 6/15/41 | $ | 275,000 | $ | 344,800 | ||||
State of Ohio Rev., (University Hospitals Health System, Inc. Obligated Group), 4.00%, 1/15/39 | 700,000 | 770,100 | ||||||
Wright State University Rev., 4.00%, 5/1/22 (BAM) | 600,000 | 603,341 | ||||||
Wright State University Rev., 4.00%, 5/1/23 (BAM) | 400,000 | 413,548 | ||||||
Wright State University Rev., 4.00%, 5/1/24 (BAM) | 430,000 | 454,416 | ||||||
7,571,267 | ||||||||
Oklahoma — 0.3% | ||||||||
Oklahoma Water Resources Board Rev., 4.00%, 4/1/37 | 620,000 | 713,715 | ||||||
Oregon — 0.6% | ||||||||
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40 | 250,000 | 267,745 | ||||||
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47 | 100,000 | 106,308 | ||||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/26 | 35,000 | 38,459 | ||||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/29 | 50,000 | 56,540 | ||||||
Oregon Health & Science University Rev., (Obligated Group), 4.00%, 7/1/41 | 200,000 | 228,581 | ||||||
State of Oregon GO, 5.00%, 5/1/26 | 505,000 | 579,402 | ||||||
1,277,035 | ||||||||
Pennsylvania — 2.7% | ||||||||
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 2/1/28 | 150,000 | 168,730 | ||||||
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 11/1/40 | 300,000 | 301,093 | ||||||
Commonwealth Financing Authority Rev., 5.00%, 6/1/25 | 290,000 | 321,961 | ||||||
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/26 | 15,000 | 17,196 | ||||||
Delaware County Authority Rev., (Villanova University), 5.00%, 8/1/31 | 1,200,000 | 1,338,826 | ||||||
Geisinger Authority Rev., (Geisinger Health System Obligated Group), 5.00%, 2/15/32 | 150,000 | 173,384 | ||||||
Geisinger Authority Rev., (Geisinger Health System Obligated Group), VRN, 5.00%, 4/1/43 | 100,000 | 114,763 | ||||||
Pennsylvania GO, 5.00%, 9/15/25 (AGM-CR) | 225,000 | 254,025 | ||||||
Pennsylvania GO, 5.00%, 7/15/29 | 845,000 | 1,037,326 | ||||||
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM) | 290,000 | 349,618 | ||||||
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/39 | 340,000 | 375,277 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/45 | 1,000,000 | 1,202,809 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/46 | 300,000 | 338,110 | ||||||
School District of Philadelphia GO, 5.00%, 9/1/22 | 155,000 | 158,245 | ||||||
6,151,363 | ||||||||
South Carolina — 0.4% | ||||||||
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40 | 100,000 | 107,184 | ||||||
Richland County Special Assessment, (Richland County Village at Sandhill Improvement District), 3.75%, 11/1/36(1) | 270,000 | 252,560 | ||||||
South Carolina Jobs-Economic Development Authority Rev., (Bon Secours Mercy Health, Inc.), VRN, 5.00%, 12/1/48 | 500,000 | 561,685 | ||||||
921,429 | ||||||||
Tennessee — 1.1% | ||||||||
Metropolitan Government Nashville & Davidson County Industrial Development Board Special Assessment, (South Nashville Central Business Improvement District), 0.00%, Capital Appreciation, 6/1/43(1)(3) | 3,000,000 | 1,089,376 |
29
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Metropolitan Government of Nashville & Davidson County Water & Sewer Rev., 4.00%, 7/1/46 | $ | 225,000 | $ | 255,915 | ||||
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/25 | 150,000 | 162,165 | ||||||
Nashville Metropolitan Development & Housing Agency Tax Allocation, 5.125%, 6/1/36(1) | 225,000 | 247,332 | ||||||
State of Tennessee GO, 5.00%, 11/1/34 | 255,000 | 329,344 | ||||||
Tennessee Energy Acquisition Corp. Rev., VRN, 4.00%, 11/1/49 (GA: Goldman Sachs Group, Inc.) | 355,000 | 381,217 | ||||||
2,465,349 | ||||||||
Texas — 7.5% | ||||||||
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD) | 425,000 | 484,461 | ||||||
Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/24 (PSF-GTD) | 110,000 | 115,618 | ||||||
Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/25 (PSF-GTD) | 170,000 | 182,394 | ||||||
Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/26 (PSF-GTD) | 280,000 | 305,785 | ||||||
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 5.00%, 8/15/29 (PSF-GTD) | 400,000 | 483,710 | ||||||
Bexar County GO, 4.00%, 6/15/25, Prerefunded at 100% of Par(4) | 950,000 | 1,032,922 | ||||||
Bexar County Health Facilities Development Corp. Rev., (Army Retirement Residence Obligated Group), 5.00%, 7/15/25 | 155,000 | 169,757 | ||||||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/23, Prerefunded at 100% of Par(4) | 600,000 | 620,815 | ||||||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/27 | 600,000 | 673,427 | ||||||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/30 | 1,000,000 | 1,218,023 | ||||||
Central Texas Turnpike System Rev., 5.00%, 8/15/42 | 245,000 | 264,403 | ||||||
Clear Creek Independent School District GO, 5.00%, 2/15/26 (PSF-GTD) | 750,000 | 855,114 | ||||||
Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/48 | 50,000 | 55,556 | ||||||
Corpus Christi Utility System Rev., 5.00%, 7/15/33 | 400,000 | 497,809 | ||||||
Dallas Area Rapid Transit Rev., 5.00%, 12/1/34 | 290,000 | 358,361 | ||||||
Harris County Cultural Education Facilities Finance Corp. Rev., (Texas Children's Hospital Obligated Group), 4.00%, 10/1/47 | 1,000,000 | 1,126,343 | ||||||
Houston GO, 5.00%, 3/1/29 | 340,000 | 414,243 | ||||||
Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51 | 200,000 | 209,118 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27, Prerefunded at 100% of Par(4) | 500,000 | 582,809 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27(4) | 240,000 | 279,748 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/26 | 585,000 | 622,859 | ||||||
Round Rock Independent School District GO, 5.00%, 8/1/24 (PSF-GTD) | 215,000 | 234,414 | ||||||
San Antonio Independent School District GO, 4.00%, 8/15/36 (PSF-GTD) | 745,000 | 867,982 | ||||||
San Antonio Water System Rev., 4.00%, 5/15/34 | 275,000 | 319,271 | ||||||
San Antonio Water System Rev., 5.00%, 5/15/40 | 500,000 | 636,641 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), 4.00%, 10/1/47 | 250,000 | 282,561 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/26 (GA: Macquarie Group Ltd.) | 250,000 | 282,666 |
30
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Texas Transportation Commission Turnpike System Rev., 5.00%, 8/15/22, Prerefunded at 100% of Par(4) | $ | 825,000 | $ | 841,151 | ||||
Texas Water Development Board Rev., 4.00%, 8/1/34 | 280,000 | 328,384 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/25 | 850,000 | 959,091 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/31 | 415,000 | 515,896 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/32 | 325,000 | 402,720 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/51 | 500,000 | 577,090 | ||||||
University of Texas System Rev., 5.00%, 8/15/22, Prerefunded at 100% of Par(4) | 250,000 | 254,952 | ||||||
17,056,094 | ||||||||
Utah — 1.0% | ||||||||
State of Utah GO, 5.00%, 7/1/26 | 415,000 | 478,719 | ||||||
State of Utah GO, 5.00%, 7/1/28 | 585,000 | 708,144 | ||||||
UIPA Crossroads Public Infrastructure District Tax Allocation, (AJL Project Area), 4.375%, 6/1/52(1) | 750,000 | 702,769 | ||||||
Vineyard Redevelopment Agency Tax Allocation, (Geneva Urban Renewal Project Area), 4.00%, 5/1/40 (AGM) | 160,000 | 181,761 | ||||||
Vineyard Redevelopment Agency Tax Allocation, (Geneva Urban Renewal Project Area), 4.00%, 5/1/41 (AGM) | 175,000 | 198,489 | ||||||
2,269,882 | ||||||||
Virginia — 1.6% | ||||||||
Hampton Roads Transportation Accountability Commission Rev., 5.00%, 7/1/22 | 545,000 | 553,027 | ||||||
Hampton Roads Transportation Accountability Commission Rev., 5.00%, 7/1/26 | 1,510,000 | 1,730,867 | ||||||
Lynchburg Economic Development Authority Rev., (Centra Health Obligated Group), 4.00%, 1/1/37 | 825,000 | 931,672 | ||||||
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45(1) | 200,000 | 210,686 | ||||||
Virginia Beach Development Authority Rev., (Westminster-Canterbury on Chesapeake Bay Obligated Group), 5.00%, 9/1/24 | 85,000 | 91,096 | ||||||
3,517,348 | ||||||||
Washington — 2.5% | ||||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33 | 240,000 | 299,704 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/40 | 720,000 | 903,565 | ||||||
Port of Seattle Rev., 5.00%, 4/1/36 | 540,000 | 642,424 | ||||||
Seattle Municipal Light & Power Rev., VRN, 0.49%, (MUNIPSA plus 0.25%), 5/1/45 | 200,000 | 200,113 | ||||||
State of Washington GO, 5.00%, 2/1/29 | 420,000 | 502,798 | ||||||
State of Washington GO, 5.00%, 6/1/36 | 850,000 | 1,049,856 | ||||||
State of Washington GO, 5.00%, 8/1/39 | 300,000 | 333,435 | ||||||
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 300,000 | 334,866 | ||||||
Washington Health Care Facilities Authority Rev., (Providence State Joseph Health Obligated Group), 5.00%, 10/1/23 | 500,000 | 511,446 | ||||||
Washington Health Care Facilities Authority Rev., (Providence State Joseph Health Obligated Group), 5.00%, 10/1/33 | 650,000 | 664,156 | ||||||
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 3.00%, 7/1/27(1) | 300,000 | 292,469 | ||||||
5,734,832 |
31
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Wisconsin — 2.6% | ||||||||
Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/41 | $ | 100,000 | $ | 116,395 | ||||
Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 5.00%, 7/1/41 | 250,000 | 303,609 | ||||||
Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48(1) | 75,000 | 79,706 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/39 (AGM) | 150,000 | 164,206 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/44 (AGM) | 600,000 | 692,405 | ||||||
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM) | 75,000 | 87,612 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/52(1) | 250,000 | 253,876 | ||||||
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 4.00%, 7/1/61(1) | 225,000 | 231,345 | ||||||
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 5.25%, 7/1/61(1) | 215,000 | 212,969 | ||||||
Public Finance Authority Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.00%, 10/1/41 | 505,000 | 546,332 | ||||||
State of Wisconsin GO, 5.00%, 5/1/31 | 1,680,000 | 2,056,301 | ||||||
Wisconsin Health & Educational Facilities Authority Rev., (Advocate Aurora Health Obligated Group), VRN, 0.38%, (MUNIPSA plus 0.18%), 8/15/54 | 1,000,000 | 1,000,000 | ||||||
Wisconsin Health & Educational Facilities Authority Rev., (Chiara Communities, Inc.), 5.00%, 7/1/43 | 200,000 | 210,018 | ||||||
5,954,774 | ||||||||
TOTAL MUNICIPAL SECURITIES (Cost $217,886,789) | 214,608,630 | |||||||
SHORT-TERM INVESTMENTS — 6.0% | ||||||||
Money Market Funds — 6.0% | ||||||||
Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio, Institutional Class | 13,703,692 | 13,703,692 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $13,703,214) | 13,703,692 | |||||||
TOTAL INVESTMENT SECURITIES — 100.7% (Cost $231,590,003) | 228,312,322 | |||||||
OTHER ASSETS AND LIABILITIES — (0.7)% | (1,638,891) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 226,673,431 |
32
Diversified Municipal Bond ETF
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
AGM | - | Assured Guaranty Municipal Corporation | ||||||
AGM-CR | - | Assured Guaranty Municipal Corporation - Custodian Receipts | ||||||
BAM | - | Build America Mutual Assurance Company | ||||||
COP | - | Certificates of Participation | ||||||
GA | - | Guaranty Agreement | ||||||
GO | - | General Obligation | ||||||
LIQ FAC | - | Liquidity Facilities | ||||||
MUNIPSA | - | SIFMA Municipal Swap Index | ||||||
NATL-RE | - | National Public Finance Guarantee Corporation - Reinsured | ||||||
PSF-GTD | - | Permanent School Fund Guaranteed | ||||||
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $14,330,924, which represented 6.3% of total net assets.
(2)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(3)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(4)Escrowed to maturity in U.S. government securities or state and local government securities.
See Notes to Financial Statements.
33
FEBRUARY 28, 2022 (UNAUDITED)
Emerging Markets Bond ETF | ||||||||
Principal Amount | Value | |||||||
CORPORATE BONDS — 58.7% | ||||||||
Brazil — 7.3% | ||||||||
B2W Digital Lux Sarl, 4.375%, 12/20/30(1) | $ | 200,000 | $ | 173,321 | ||||
CSN Inova Ventures, 6.75%, 1/28/28(1) | 200,000 | 207,760 | ||||||
CSN Resources SA, 4.625%, 6/10/31(1) | 200,000 | 181,587 | ||||||
Embraer Netherlands Finance BV, 6.95%, 1/17/28(1) | 200,000 | 208,600 | ||||||
Guara Norte Sarl, 5.20%, 6/15/34(1) | 191,908 | 176,879 | ||||||
GUSAP III LP, 4.25%, 1/21/30(1) | 250,000 | 249,981 | ||||||
MARB BondCo plc, 3.95%, 1/29/31(1) | 200,000 | 176,275 | ||||||
MC Brazil Downstream Trading SARL, 7.25%, 6/30/31(1) | 200,000 | 185,364 | ||||||
Petrobras Global Finance BV, 6.875%, 1/20/40(2) | 380,000 | 394,501 | ||||||
1,954,268 | ||||||||
Chile — 2.1% | ||||||||
Kenbourne Invest SA, 4.70%, 1/22/28(1) | 400,000 | 371,758 | ||||||
VTR Finance NV, 6.375%, 7/15/28(1) | 200,000 | 202,775 | ||||||
574,533 | ||||||||
China — 1.4% | ||||||||
Meituan, 2.125%, 10/28/25(1) | 200,000 | 183,968 | ||||||
Weibo Corp., 3.375%, 7/8/30 | 200,000 | 185,591 | ||||||
369,559 | ||||||||
Colombia — 6.2% | ||||||||
AI Candelaria Spain SA, 7.50%, 12/15/28 | 250,000 | 247,815 | ||||||
Ecopetrol SA, 5.375%, 6/26/26 | 460,000 | 472,238 | ||||||
Geopark Ltd., 5.50%, 1/17/27(1) | 400,000 | 378,992 | ||||||
Millicom International Cellular SA, 4.50%, 4/27/31(1) | 400,000 | 374,840 | ||||||
Oleoducto Central SA, 4.00%, 7/14/27(1) | 200,000 | 188,842 | ||||||
1,662,727 | ||||||||
Ghana — 0.7% | ||||||||
Kosmos Energy Ltd., 7.50%, 3/1/28(1)(2) | 200,000 | 189,354 | ||||||
India — 2.3% | ||||||||
Continuum Energy Levanter Pte Ltd., 4.50%, 2/9/27(1) | 197,250 | 192,974 | ||||||
Greenko Dutch BV, 3.85%, 3/29/26(1) | 197,000 | 192,433 | ||||||
Reliance Industries Ltd., 2.875%, 1/12/32(1) | 250,000 | 234,182 | ||||||
619,589 | ||||||||
Indonesia — 7.4% | ||||||||
Indika Energy Capital III Pte Ltd., 5.875%, 11/9/24(1) | 200,000 | 193,752 | ||||||
Indonesia Asahan Aluminium Persero PT, 5.45%, 5/15/30(1) | 425,000 | 449,947 | ||||||
Medco Bell Pte Ltd., 6.375%, 1/30/27(1) | 200,000 | 194,917 | ||||||
Pertamina (Persero) PT, 6.00%, 5/3/42 | 600,000 | 667,249 | ||||||
Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara, MTN, 5.45%, 5/21/28 | 425,000 | 463,042 | ||||||
1,968,907 | ||||||||
Israel — 2.5% | ||||||||
Altice Financing SA, 5.00%, 1/15/28 | 200,000 | 180,438 | ||||||
Energean Israel Finance Ltd., 4.50%, 3/30/24(1) | 475,000 | 464,327 | ||||||
Leviathan Bond Ltd., 5.75%, 6/30/23(1) | 10,000 | 10,073 | ||||||
654,838 | ||||||||
Jamaica — 0.8% | ||||||||
Digicel International Finance Ltd. / Digicel International Holdings Ltd., 8.75%, 5/25/24(1) | 200,000 | 202,355 |
34
Emerging Markets Bond ETF | ||||||||
Principal Amount | Value | |||||||
Kazakhstan — 1.9% | ||||||||
KazMunayGas National Co. JSC, 5.75%, 4/19/47 | $ | 200,000 | $ | 210,799 | ||||
KazMunayGas National Co. JSC, 4.75%, 4/19/27(1) | 300,000 | 309,750 | ||||||
520,549 | ||||||||
Luxembourg — 0.7% | ||||||||
Petrorio Luxembourg Trading Sarl, 6.125%, 6/9/26(1) | 200,000 | 195,499 | ||||||
Macau — 0.7% | ||||||||
Melco Resorts Finance Ltd., 5.75%, 7/21/28(1) | 200,000 | 182,398 | ||||||
Mexico — 7.4% | ||||||||
BBVA Bancomer SA, VRN, 5.125%, 1/18/33(1) | 200,000 | 193,082 | ||||||
Braskem Idesa SAPI, 6.99%, 2/20/32(1) | 200,000 | 191,364 | ||||||
Cemex SAB de CV, 5.20%, 9/17/30(1) | 200,000 | 195,486 | ||||||
Cometa Energia SA de CV, 6.375%, 4/24/35(1) | 179,800 | 184,359 | ||||||
FEL Energy VI Sarl, 5.75%, 12/1/40(1) | 192,963 | 181,671 | ||||||
Minera Mexico SA de CV, 4.50%, 1/26/50(1) | 200,000 | 192,159 | ||||||
Petroleos Mexicanos, 6.50%, 6/2/41 | 250,000 | 211,455 | ||||||
Petroleos Mexicanos, 6.49%, 1/23/27 | 400,000 | 412,200 | ||||||
Sigma Alimentos SA de CV, 4.125%, 5/2/26(1) | 200,000 | 201,940 | ||||||
1,963,716 | ||||||||
Morocco — 0.8% | ||||||||
OCP SA, 6.875%, 4/25/44 | 200,000 | 204,014 | ||||||
Nigeria — 0.8% | ||||||||
IHS Netherlands Holdco BV, 8.00%, 9/18/27(1) | 200,000 | 204,401 | ||||||
Panama — 2.3% | ||||||||
C&W Senior Financing DAC, 6.875%, 9/15/27(1) | 400,000 | 414,988 | ||||||
Cable Onda SA, 4.50%, 1/30/30(1) | 200,000 | 190,200 | ||||||
605,188 | ||||||||
Peru — 2.9% | ||||||||
Inkia Energy Ltd., 5.875%, 11/9/27 | 400,000 | 391,444 | ||||||
Petroleos del Peru SA, 4.75%, 6/19/32 | 400,000 | 386,572 | ||||||
778,016 | ||||||||
Russia — 0.7% | ||||||||
VEON Holdings BV, 3.375%, 11/25/27(1) | 400,000 | 176,000 | ||||||
Saudi Arabia — 3.3% | ||||||||
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 3/21/23 | 200,000 | 205,278 | ||||||
Saudi Arabian Oil Co., MTN, 4.25%, 4/16/39 | 400,000 | 428,629 | ||||||
Saudi Electricity Global Sukuk Co. 3, 5.50%, 4/8/44(1) | 200,000 | 234,525 | ||||||
868,432 | ||||||||
South Africa — 1.4% | ||||||||
Prosus NV, 3.26%, 1/19/27(1) | 200,000 | 191,777 | ||||||
Sasol Financing USA LLC, 5.50%, 3/18/31 | 200,000 | 191,919 | ||||||
383,696 | ||||||||
Spain — 1.2% | ||||||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.375%, 12/30/30(1) | 400,000 | 326,302 | ||||||
Tanzania, United Republic Of — 0.8% | ||||||||
HTA Group Ltd., 7.00%, 12/18/25(1) | 200,000 | 202,938 | ||||||
United Arab Emirates — 1.6% | ||||||||
DP World Crescent Ltd., MTN, 4.85%, 9/26/28 | 400,000 | 437,045 | ||||||
United States — 0.7% | ||||||||
DAE Funding LLC, 3.375%, 3/20/28(1) | 200,000 | 192,808 |
35
Emerging Markets Bond ETF | ||||||||
Principal Amount | Value | |||||||
Zambia — 0.8% | ||||||||
First Quantum Minerals Ltd., 6.875%, 10/15/27(1) | $ | 200,000 | $ | 212,776 | ||||
TOTAL CORPORATE BONDS (Cost $17,023,809) | 15,649,908 | |||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 30.3% | ||||||||
Argentina — 0.6% | ||||||||
Argentine Republic Government International Bond, 1.125%, 7/9/35 | 550,000 | 163,487 | ||||||
Armenia — 0.7% | ||||||||
Republic of Armenia International Bond, 3.60%, 2/2/31 | 200,000 | 171,955 | ||||||
Belarus — 0.2% | ||||||||
Republic of Belarus International Bond, 5.875%, 2/24/26 | 200,000 | 64,000 | ||||||
Bolivia — 0.7% | ||||||||
Bolivian Government International Bond, 4.50%, 3/20/28 | 200,000 | 178,002 | ||||||
Brazil — 1.0% | ||||||||
Brazilian Government International Bond, 5.00%, 1/27/45 | 300,000 | 267,192 | ||||||
Colombia — 1.8% | ||||||||
Colombia Government International Bond, 6.125%, 1/18/41 | 500,000 | 485,882 | ||||||
Costa Rica — 0.7% | ||||||||
Costa Rica Government International Bond, 7.00%, 4/4/44 | 200,000 | 192,500 | ||||||
Dominican Republic — 1.6% | ||||||||
Dominican Republic International Bond, 6.40%, 6/5/49 | 450,000 | 416,817 | ||||||
Ecuador — 0.9% | ||||||||
Ecuador Government International Bond, 1.00%, 7/31/35 | 350,000 | 246,753 | ||||||
Egypt — 2.8% | ||||||||
Egypt Government International Bond, MTN, 7.05%, 1/15/32 | 200,000 | 164,267 | ||||||
Egypt Government International Bond, MTN, 5.80%, 9/30/27 | 200,000 | 176,685 | ||||||
Egypt Government International Bond, 8.875%, 5/29/50 | 500,000 | 396,973 | ||||||
737,925 | ||||||||
Ghana — 0.6% | ||||||||
Ghana Government International Bond, 8.63%, 6/16/49 | 250,000 | 161,998 | ||||||
Indonesia — 1.1% | ||||||||
Indonesia Government International Bond, 8.50%, 10/12/35 | 200,000 | 293,387 | ||||||
Iraq — 0.7% | ||||||||
Iraq International Bond, 5.80%, 1/15/28 | 203,125 | 195,760 | ||||||
Ivory Coast — 0.7% | ||||||||
Ivory Coast Government International Bond, 5.75%, 12/31/32 | 197,084 | 193,553 | ||||||
Jordan — 0.7% | ||||||||
Jordan Government International Bond, 7.375%, 10/10/47 | 200,000 | 182,132 | ||||||
Kenya — 1.3% | ||||||||
Republic of Kenya Government International Bond, 8.25%, 2/28/48 | 400,000 | 349,517 | ||||||
Mexico — 2.0% | ||||||||
Mexico Government International Bond, 6.05%, 1/11/40 | 250,000 | 286,915 | ||||||
Mexico Government International Bond, 4.75%, 4/27/32 | 225,000 | 240,412 | ||||||
527,327 | ||||||||
Nigeria — 0.9% | ||||||||
Nigeria Government International Bond, MTN, 7.625%, 11/28/47 | 300,000 | 244,202 | ||||||
Oman — 1.8% | ||||||||
Oman Government International Bond, 6.75%, 1/17/48 | 500,000 | 484,320 | ||||||
Pakistan — 0.8% | ||||||||
Pakistan Government International Bond, 8.25%, 9/30/25 | 200,000 | 202,596 |
36
Emerging Markets Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Panama — 1.5% | ||||||||
Panama Government International Bond, 4.50%, 4/16/50 | $ | 400,000 | $ | 391,548 | ||||
Paraguay — 0.8% | ||||||||
Paraguay Government International Bond, 5.00%, 4/15/26 | 200,000 | 209,802 | ||||||
Russia — 0.3% | ||||||||
Russian Foreign Bond - Eurobond, 5.25%, 6/23/47 | 200,000 | 80,266 | ||||||
Saudi Arabia — 1.7% | ||||||||
Saudi Government International Bond, MTN, 4.625%, 10/4/47 | 400,000 | 441,035 | ||||||
Senegal — 0.7% | ||||||||
Senegal Government International Bond, 6.25%, 5/23/33 | 200,000 | 186,888 | ||||||
South Africa — 2.0% | ||||||||
Republic of South Africa Government International Bond, 5.875%, 9/16/25 | 500,000 | 534,143 | ||||||
Tunisia — 1.1% | ||||||||
Tunisian Republic, 5.75%, 1/30/25 | 400,000 | 297,809 | ||||||
Ukraine — 0.6% | ||||||||
Ukraine Government International Bond, 7.25%, 3/15/33 | 500,000 | 171,808 | ||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $9,592,692) | 8,072,604 | |||||||
U.S. TREASURY SECURITIES — 1.8% | ||||||||
U.S. Treasury Notes, 1.375%, 11/15/31 (Cost $488,338) | 500,000 | 479,414 | ||||||
PREFERRED STOCKS — 1.6% | ||||||||
India — 0.7% | ||||||||
Network i2i Ltd., 3.98% | 200,000 | 190,262 | ||||||
Mexico — 0.9% | ||||||||
Banco Mercantil del Norte SA, 8.375%(1) | 220,000 | 230,400 | ||||||
TOTAL PREFERRED STOCKS (Cost $465,232) | 420,662 | |||||||
SHORT-TERM INVESTMENTS — 3.0% | ||||||||
Money Market Funds — 2.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 433,050 | 433,050 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 302,600 | 302,600 | ||||||
735,650 | ||||||||
Treasury Bills — 0.2% | ||||||||
U.S. Treasury Bills, 0.05%, 3/10/22(4)(5) | $ | 50,000 | 50,000 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $785,649) | 785,650 | |||||||
TOTAL INVESTMENT SECURITIES — 95.4% (Cost $28,355,720) | 25,408,238 | |||||||
OTHER ASSETS AND LIABILITIES — 4.6% | 1,230,392 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 26,638,630 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury Ultra Bonds | 8 | June 2022 | $ | 1,487,500 | $ | 10,484 |
^Amount represents value and unrealized appreciation (depreciation).
37
Emerging Markets Bond ETF
FUTURES CONTRACTS SOLD | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 10-Year Ultra Notes | 6 | June 2022 | $ | 847,969 | $ | (10,043) | ||||||||
U.S. Treasury 2-Year Notes | 24 | June 2022 | 5,165,437 | (10,171) | ||||||||||
$ | 6,013,406 | $ | (20,214) |
^Amount represents value and unrealized appreciation (depreciation).
CREDIT DEFAULT SWAP AGREEMENTS | |||||||||||||||||||||||
Counterparty/ Reference Entity | Type | Fixed Rate Received (Paid) Quarterly | Termination Date | Notional Amount | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Value^ | ||||||||||||||||
Bank of America, N. A./ Russian Foreign Bond - Eurobond | Buy | (1.00)% | 12/20/26 | $ | 325,000 | $ | 16,802 | $ | 134,861 | $ | 151,663 | ||||||||||||
Barclays Bank plc/ Russian Foreign Bond - Eurobond | Buy | (1.00)% | 12/20/26 | $ | 650,000 | 43,772 | 259,496 | 303,268 | |||||||||||||||
Bank of America, N. A./ Russian Foreign Bond - Eurobond | Buy | (1.00)% | 12/20/26 | $ | 325,000 | 13,992 | 137,671 | 151,663 | |||||||||||||||
Morgan Stanley/ Mexico Government International Bond | Buy | (1.00)% | 12/20/26 | $ | 670,000 | — | 3,364 | 3,364 | |||||||||||||||
$ | 74,566 | $ | 535,392 | $ | 609,958 |
^The value for credit default swap agreements serves as an indicator of the current status of the payment/ performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.
38
Emerging Markets Bond ETF
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
MTN | - | Medium Term Note | ||||||
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $10,190,079, which represented 38.3% of total net assets.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $291,927. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $302,600.
(4)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $44,999.
(5)The rate indicated is the yield to maturity at purchase.
See Notes to Financial Statements.
39
FEBRUARY 28, 2022 (UNAUDITED)
Multisector Income ETF | |||||||||||
Principal Amount | Value | ||||||||||
CORPORATE BONDS — 45.8% | |||||||||||
Aerospace and Defense — 0.3% | |||||||||||
TransDigm, Inc., 4.625%, 1/15/29 | $ | 315,000 | $ | 297,653 | |||||||
Airlines — 0.9% | |||||||||||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1) | 380,000 | 389,500 | |||||||||
United Airlines Pass Through Trust, 4.875%, 7/15/27 | 380,160 | 388,540 | |||||||||
United Airlines, Inc., 4.625%, 4/15/29(1) | 283,000 | 276,576 | |||||||||
1,054,616 | |||||||||||
Automobiles — 0.4% | |||||||||||
Ford Motor Credit Co. LLC, 2.90%, 2/10/29 | 454,000 | 424,717 | |||||||||
Banks — 0.8% | |||||||||||
Intesa Sanpaolo SpA, VRN, 4.20%, 6/1/32(1) | 390,000 | 353,119 | |||||||||
UniCredit SpA, VRN, 3.13%, 6/3/32(1) | 300,000 | 273,682 | |||||||||
UniCredit SpA, VRN, 5.86%, 6/19/32(1) | 305,000 | 308,957 | |||||||||
935,758 | |||||||||||
Building Products — 0.5% | |||||||||||
Builders FirstSource, Inc., 5.00%, 3/1/30(1) | 535,000 | 548,947 | |||||||||
Capital Markets — 5.5% | |||||||||||
Bain Capital Specialty Finance, Inc., 2.55%, 10/13/26 | 585,000 | 549,894 | |||||||||
Blue Owl Finance LLC, 4.125%, 10/7/51(1) | 271,000 | 239,574 | |||||||||
Coinbase Global, Inc., 3.375%, 10/1/28(1)(2) | 346,000 | 315,924 | |||||||||
Deutsche Bank AG, VRN, 3.74%, 1/7/33 | 625,000 | 585,563 | |||||||||
FS KKR Capital Corp., 4.25%, 2/14/25(1) | 684,000 | 691,835 | |||||||||
FS KKR Capital Corp., 3.125%, 10/12/28 | 378,000 | 351,534 | |||||||||
Goldman Sachs Group, Inc. (The), VRN, 1.95%, 10/21/27 | 872,000 | 836,071 | |||||||||
Hercules Capital, Inc., 2.625%, 9/16/26 | 328,000 | 312,540 | |||||||||
Hercules Capital, Inc., 3.375%, 1/20/27 | 114,000 | 110,160 | |||||||||
Main Street Capital Corp., 3.00%, 7/14/26 | 117,000 | 112,412 | |||||||||
Morgan Stanley, 4.50%, 2/11/27(1) | 237,000 | 234,938 | |||||||||
Morgan Stanley, VRN, 2.63%, 2/18/26 | 225,000 | 225,139 | |||||||||
Morgan Stanley, VRN, 2.48%, 9/16/36 | 197,000 | 179,028 | |||||||||
Owl Rock Capital Corp., 2.625%, 1/15/27 | 111,000 | 101,432 | |||||||||
Owl Rock Core Income Corp., 4.70%, 2/8/27(1) | 104,000 | 103,006 | |||||||||
Owl Rock Technology Finance Corp., 2.50%, 1/15/27 | 512,000 | 481,389 | |||||||||
Prospect Capital Corp., 3.71%, 1/22/26 | 845,000 | 833,844 | |||||||||
6,264,283 | |||||||||||
Chemicals — 0.7% | |||||||||||
Braskem Idesa SAPI, 6.99%, 2/20/32(1) | 200,000 | 191,364 | |||||||||
Diamond BC BV, 4.625%, 10/1/29(1) | 310,000 | 282,517 | |||||||||
Tronox, Inc., 4.625%, 3/15/29(1) | 375,000 | 354,705 | |||||||||
828,586 | |||||||||||
Construction and Engineering — 0.4% | |||||||||||
IHS Netherlands Holdco BV, 8.00%, 9/18/27 | 400,000 | 408,958 | |||||||||
Consumer Finance — 1.3% | |||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28 | 370,000 | 356,710 | |||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.40%, 10/29/33 | 174,000 | 164,456 | |||||||||
Avolon Holdings Funding Ltd., 2.53%, 11/18/27(1) | 59,000 | 55,292 | |||||||||
Avolon Holdings Funding Ltd., 2.75%, 2/21/28(1) | 264,000 | 249,192 |
40
Multisector Income ETF | |||||||||||
Principal Amount | Value | ||||||||||
Castlelake Aviation Finance DAC, 5.00%, 4/15/27(1)(2) | $ | 385,000 | $ | 364,449 | |||||||
SLM Corp., 3.125%, 11/2/26 | 301,000 | 288,919 | |||||||||
1,479,018 | |||||||||||
Diversified Financial Services — 0.8% | |||||||||||
Antares Holdings LP, 6.00%, 8/15/23(1) | 400,000 | 414,873 | |||||||||
Societe Generale SA, VRN, 4.03%, 1/21/43(1) | 520,000 | 473,694 | |||||||||
888,567 | |||||||||||
Electric Utilities — 1.0% | |||||||||||
American Electric Power Co., Inc., VRN, 3.875%, 2/15/62 | 440,000 | 410,602 | |||||||||
FEL Energy VI Sarl, 5.75%, 12/1/40(1) | 771,850 | 726,686 | |||||||||
1,137,288 | |||||||||||
Energy Equipment and Services — 0.8% | |||||||||||
Guara Norte Sarl, 5.20%, 6/15/34(1) | 671,678 | 619,075 | |||||||||
Weatherford International Ltd., 8.625%, 4/30/30(1) | 340,000 | 345,777 | |||||||||
964,852 | |||||||||||
Entertainment — 0.5% | |||||||||||
Netflix, Inc., 4.875%, 4/15/28 | 260,000 | 278,950 | |||||||||
Netflix, Inc., 5.875%, 11/15/28 | 280,000 | 317,058 | |||||||||
596,008 | |||||||||||
Equity Real Estate Investment Trusts (REITs) — 5.2% | |||||||||||
American Finance Trust, Inc. / American Finance Operating Partner LP, 4.50%, 9/30/28(1) | 620,000 | 578,696 | |||||||||
EPR Properties, 4.75%, 12/15/26 | 263,000 | 272,053 | |||||||||
EPR Properties, 4.95%, 4/15/28 | 735,000 | 758,160 | |||||||||
EPR Properties, 3.60%, 11/15/31 | 144,000 | 136,066 | |||||||||
IIP Operating Partnership LP, 5.50%, 5/25/26 | 700,000 | 719,470 | |||||||||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 3.875%, 2/15/29(1) | 585,000 | 588,978 | |||||||||
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29 | 250,000 | 251,376 | |||||||||
MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 3/15/31 | 460,000 | 434,256 | |||||||||
National Health Investors, Inc., 3.00%, 2/1/31 | 585,000 | 540,519 | |||||||||
RHP Hotel Properties LP / RHP Finance Corp., 4.75%, 10/15/27 | 329,000 | 322,014 | |||||||||
Sabra Health Care LP, 3.20%, 12/1/31 | 507,000 | 471,966 | |||||||||
Tanger Properties LP, 2.75%, 9/1/31 | 678,000 | 617,387 | |||||||||
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1) | 300,000 | 298,204 | |||||||||
5,989,145 | |||||||||||
Food and Staples Retailing — 0.4% | |||||||||||
United Natural Foods, Inc., 6.75%, 10/15/28(1) | 470,000 | 486,333 | |||||||||
Food Products — 0.8% | |||||||||||
MARB BondCo plc, 3.95%, 1/29/31(1) | 895,000 | 788,831 | |||||||||
US Foods, Inc., 4.75%, 2/15/29(1) | 80,000 | 79,237 | |||||||||
868,068 | |||||||||||
Health Care Providers and Services — 0.3% | |||||||||||
Tenet Healthcare Corp., 6.125%, 10/1/28(1) | 387,000 | 392,435 | |||||||||
Hotels, Restaurants and Leisure — 2.5% | |||||||||||
Caesars Entertainment, Inc., 4.625%, 10/15/29(1) | 245,000 | 232,788 | |||||||||
Carnival Corp., 5.75%, 3/1/27(1) | 605,000 | 590,057 | |||||||||
Penn National Gaming, Inc., 4.125%, 7/1/29(1)(2) | 665,000 | 615,843 | |||||||||
Scientific Games International, Inc., 7.25%, 11/15/29(1) | 420,000 | 446,670 | |||||||||
Studio City Finance Ltd., 5.00%, 1/15/29(1) | 300,000 | 239,100 |
41
Multisector Income ETF | |||||||||||
Principal Amount | Value | ||||||||||
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1) | $ | 385,000 | $ | 361,781 | |||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)(2) | 370,000 | 366,740 | |||||||||
2,852,979 | |||||||||||
Household Durables — 0.2% | |||||||||||
Safehold Operating Partnership LP, 2.85%, 1/15/32 | 272,000 | 251,696 | |||||||||
Independent Power and Renewable Electricity Producers — 0.2% | |||||||||||
Continuum Energy Levanter Pte Ltd., 4.50%, 2/9/27(1) | 295,875 | 289,460 | |||||||||
Insurance — 0.7% | |||||||||||
American International Group, Inc., 4.20%, 4/1/28 | 335,000 | 363,496 | |||||||||
SBL Holdings, Inc., VRN, 6.50%, 11/13/26(1) | 413,000 | 386,155 | |||||||||
Stewart Information Services Corp., 3.60%, 11/15/31 | 22,000 | 21,256 | |||||||||
770,907 | |||||||||||
Internet and Direct Marketing Retail — 0.8% | |||||||||||
B2W Digital Lux Sarl, 4.375%, 12/20/30(1) | 840,000 | 727,948 | |||||||||
Prosus NV, 3.68%, 1/21/30(1) | 200,000 | 180,463 | |||||||||
908,411 | |||||||||||
Machinery — 0.6% | |||||||||||
GrafTech Finance, Inc., 4.625%, 12/15/28(1) | 420,000 | 408,817 | |||||||||
Vertiv Group Corp., 4.125%, 11/15/28(1) | 320,000 | 294,034 | |||||||||
702,851 | |||||||||||
Media — 2.5% | |||||||||||
CSC Holdings LLC, 7.50%, 4/1/28(1) | 320,000 | 319,927 | |||||||||
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1) | 265,000 | 265,331 | |||||||||
DISH DBS Corp., 5.25%, 12/1/26(1) | 505,000 | 496,005 | |||||||||
Paramount Global, VRN, 6.25%, 2/28/57 | 400,000 | 405,076 | |||||||||
Sinclair Television Group, Inc., 4.125%, 12/1/30(1) | 666,000 | 597,122 | |||||||||
VTR Finance NV, 6.375%, 7/15/28(1) | 800,000 | 811,100 | |||||||||
2,894,561 | |||||||||||
Metals and Mining — 4.2% | |||||||||||
Alcoa Nederland Holding BV, 4.125%, 3/31/29(1) | 400,000 | 401,697 | |||||||||
Allegheny Technologies, Inc., 4.875%, 10/1/29 | 280,000 | 271,249 | |||||||||
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1) | 495,000 | 478,489 | |||||||||
CSN Inova Ventures, 6.75%, 1/28/28(1) | 800,000 | 831,040 | |||||||||
GUSAP III LP, 4.25%, 1/21/30(1) | 500,000 | 499,962 | |||||||||
HTA Group Ltd., 7.00%, 12/18/25(1) | 800,000 | 811,752 | |||||||||
Indonesia Asahan Aluminium Persero PT, 5.45%, 5/15/30(1) | 405,000 | 428,774 | |||||||||
Novelis Corp., 4.75%, 1/30/30(1) | 385,000 | 377,425 | |||||||||
United States Steel Corp., 6.875%, 3/1/29(2) | 625,000 | 642,953 | |||||||||
4,743,341 | |||||||||||
Mortgage Real Estate Investment Trusts (REITs) — 1.4% | |||||||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/1/25(1) | 299,000 | 300,124 | |||||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1) | 825,000 | 800,671 | |||||||||
Starwood Property Trust, Inc., 4.375%, 1/15/27(1) | 478,000 | 464,715 | |||||||||
1,565,510 | |||||||||||
Multi-Utilities — 0.4% | |||||||||||
Sempra Energy, VRN, 4.125%, 4/1/52 | 490,000 | 464,742 | |||||||||
Multiline Retail — 0.5% | |||||||||||
JSM Global Sarl, 4.75%, 10/20/30(1) | 600,000 | 527,790 |
42
Multisector Income ETF | |||||||||||
Principal Amount | Value | ||||||||||
Oil, Gas and Consumable Fuels — 6.7% | |||||||||||
Antero Resources Corp., 5.375%, 3/1/30(1) | $ | 520,000 | $ | 530,681 | |||||||
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.625%, 12/15/25(1) | 380,000 | 399,912 | |||||||||
Comstock Resources, Inc., 5.875%, 1/15/30(1) | 580,000 | 561,846 | |||||||||
CrownRock LP / CrownRock Finance, Inc., 5.00%, 5/1/29(1) | 520,000 | 529,862 | |||||||||
Ecopetrol SA, 4.625%, 11/2/31 | 400,000 | 358,990 | |||||||||
EQM Midstream Partners LP, 4.50%, 1/15/29(1) | 580,000 | 542,573 | |||||||||
Geopark Ltd., 5.50%, 1/17/27(1)(2) | 800,000 | 757,984 | |||||||||
MC Brazil Downstream Trading SARL, 7.25%, 6/30/31(1) | 300,000 | 278,046 | |||||||||
Medco Bell Pte Ltd., 6.375%, 1/30/27(1) | 300,000 | 292,376 | |||||||||
MEG Energy Corp., 5.875%, 2/1/29(1) | 585,000 | 592,195 | |||||||||
Occidental Petroleum Corp., 6.375%, 9/1/28 | 460,000 | 520,614 | |||||||||
Occidental Petroleum Corp., 6.125%, 1/1/31 | 344,000 | 391,689 | |||||||||
Petroleos Mexicanos, 6.875%, 8/4/26 | 500,000 | 530,225 | |||||||||
Petroleos Mexicanos, 6.70%, 2/16/32(1) | 85,000 | 82,156 | |||||||||
Petrorio Luxembourg Trading Sarl, 6.125%, 6/9/26(1) | 300,000 | 293,248 | |||||||||
Rockcliff Energy II LLC, 5.50%, 10/15/29(1) | 365,000 | 362,341 | |||||||||
Southwestern Energy Co., 5.375%, 3/15/30 | 600,000 | 620,568 | |||||||||
7,645,306 | |||||||||||
Paper and Forest Products — 0.6% | |||||||||||
Glatfelter Corp., 4.75%, 11/15/29(1) | 240,000 | 228,230 | |||||||||
Sylvamo Corp., 7.00%, 9/1/29(1) | 410,000 | 411,536 | |||||||||
639,766 | |||||||||||
Pharmaceuticals — 0.4% | |||||||||||
Bausch Health Cos., Inc., 5.25%, 1/30/30(1) | 560,000 | 452,441 | |||||||||
Real Estate Management and Development — 0.3% | |||||||||||
Realogy Group LLC / Realogy Co-Issuer Corp., 5.25%, 4/15/30(1) | 329,000 | 313,973 | |||||||||
Semiconductors and Semiconductor Equipment — 0.3% | |||||||||||
Qorvo, Inc., 4.375%, 10/15/29 | 301,000 | 304,880 | |||||||||
Software — 0.3% | |||||||||||
Oracle Corp., 1.65%, 3/25/26 | 410,000 | 393,012 | |||||||||
Technology Hardware, Storage and Peripherals — 0.5% | |||||||||||
Condor Merger Sub, Inc., 7.375%, 2/15/30(1) | 590,000 | 567,981 | |||||||||
Thrifts and Mortgage Finance — 1.4% | |||||||||||
Freedom Mortgage Corp., 8.25%, 4/15/25(1) | 227,000 | 226,850 | |||||||||
Freedom Mortgage Corp., 6.625%, 1/15/27(1) | 635,000 | 587,010 | |||||||||
Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27(1) | 475,000 | 482,726 | |||||||||
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc., 2.875%, 10/15/26(1) | 320,000 | 301,171 | |||||||||
1,597,757 | |||||||||||
Wireless Telecommunication Services — 0.7% | |||||||||||
Kenbourne Invest SA, 4.70%, 1/22/28(1) | 600,000 | 557,637 | |||||||||
Sprint Corp., 7.125%, 6/15/24 | 265,000 | 286,863 | |||||||||
844,500 | |||||||||||
TOTAL CORPORATE BONDS (Cost $55,106,257) | 52,297,096 | ||||||||||
U.S. TREASURY SECURITIES — 14.3% | |||||||||||
U.S. Treasury Notes, 0.125%, 5/31/23(3) | 245,000 | 241,679 | |||||||||
U.S. Treasury Notes, 0.75%, 12/31/23(3) | 700,000 | 691,346 | |||||||||
U.S. Treasury Notes, 0.875%, 1/31/24 | 8,000,000 | 7,914,062 | |||||||||
U.S. Treasury Notes, 1.50%, 2/29/24 | 2,400,000 | 2,402,109 | |||||||||
U.S. Treasury Notes, 1.00%, 12/15/24(3) | 4,100,000 | 4,031,934 |
43
Multisector Income ETF | |||||||||||
Principal Amount | Value | ||||||||||
U.S. Treasury Notes, 1.125%, 1/15/25 | $ | 1,000,000 | $ | 986,016 | |||||||
TOTAL U.S. TREASURY SECURITIES (Cost $16,346,229) | 16,267,146 | ||||||||||
ASSET-BACKED SECURITIES — 10.1% | |||||||||||
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(1) | 400,000 | 382,246 | |||||||||
Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.45%, 7/15/46(1) | 484,003 | 467,286 | |||||||||
CARS-DB4 LP, Series 2020-1A, Class A4, 3.19%, 2/15/50(1) | 398,583 | 397,542 | |||||||||
CARS-DB4 LP, Series 2020-1A, Class B1, 4.17%, 2/15/50(1) | 100,000 | 100,870 | |||||||||
CARS-DB4 LP, Series 2020-1A, Class B2, 4.52%, 2/15/50(1) | 100,000 | 100,803 | |||||||||
Castlelake Aircraft Securitization Trust, Series 2018-1, Class A SEQ, 4.125%, 6/15/43(1) | 430,903 | 420,505 | |||||||||
Cologix Data Centers US Issuer LLC, Series 2021-1A, Class A2 SEQ, 3.30%, 12/26/51(1) | 550,000 | 544,614 | |||||||||
Cologix Data Centers US Issuer LLC, Series 2022-1CAN, Class A2, SEQ, 4.94%, 1/25/52(1) | CAD | 450,000 | 371,553 | ||||||||
Cologix Data Centers US Issuer LLC, Series 2022-1CAN, Class C, 7.74%, 1/25/52(1) | CAD | 350,000 | 275,822 | ||||||||
Diamond Issuer, Series 2021-1A, Class C, 3.79%, 11/20/51(1) | $ | 575,000 | 562,217 | ||||||||
Falcon Aerospace Ltd., Series 2019-1, Class A SEQ, 3.60%, 9/15/39(1) | 423,015 | 406,054 | |||||||||
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(1) | 600,000 | 559,478 | |||||||||
Flexential Issuer, Series 2021-1A, Class A2 SEQ, 3.25%, 11/27/51(1) | 475,000 | 464,297 | |||||||||
Lunar Aircarft Ltd., Series 2020-1A, Class A SEQ, 3.38%, 2/15/45(1) | 316,381 | 299,702 | |||||||||
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.43%, 10/15/46(1) | 371,144 | 359,172 | |||||||||
MACH 1 Cayman Ltd., Series 2019-1, Class A SEQ, 3.47%, 10/15/39(1) | 302,911 | 298,147 | |||||||||
MAPS Trust, Series 2021-1A, Class A SEQ, 2.52%, 6/15/46(1) | 711,525 | 690,093 | |||||||||
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A SEQ, 3.97%, 6/15/44(1) | 450,654 | 441,935 | |||||||||
Progress Residential Trust, Series 2021-SFR1, Class D, 1.81%, 4/17/38(1) | 750,000 | 682,323 | |||||||||
Progress Residential Trust, Series 2021-SFR1, Class E, 2.11%, 4/17/38(1) | 261,000 | 235,928 | |||||||||
Progress Residential Trust, Series 2021-SFR1, Class F, 2.76%, 4/17/38(1) | 445,000 | 394,304 | |||||||||
Progress Residential Trust, Series 2021-SFR8, Class E1, 2.38%, 10/17/38(1) | 200,000 | 184,945 | |||||||||
SAPPHIRE AVIATION FINANCE II Ltd., Series 2020-1A, Class A SEQ, 3.23%, 3/15/40(1) | 202,378 | 194,290 | |||||||||
ServiceMaster Funding LLC, Series 2020-1, Class A2I SEQ, 2.84%, 1/30/51(1) | 198,000 | 189,057 | |||||||||
ServiceMaster Funding LLC, Series 2020-1, Class A2II SEQ, 3.34%, 1/30/51(1) | 412,830 | 396,531 | |||||||||
Slam Ltd., Series 2021-1A, Class B, 3.42%, 6/15/46(1) | 479,150 | 463,119 | |||||||||
Start Ltd., Series 2018-1, Class A SEQ, 4.09%, 5/15/43(1) | 663,582 | 645,560 | |||||||||
Trinity Rail Leasing LP, Series 2009-1A, Class A SEQ, 6.66%, 11/16/39(1) | 195,677 | 206,190 | |||||||||
VB-S1 Issuer LLC, Series 2022-1A, Class D, 4.29%, 2/15/52(1) | 425,000 | 425,000 | |||||||||
Wingstop Funding LLC, Series 2020-1A, Class A2 SEQ, 2.84%, 12/5/50(1) | 398,000 | 390,907 | |||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $11,988,183) | 11,550,490 |
44
Multisector Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
PREFERRED STOCKS — 7.0% | ||||||||
Banks — 3.6% | ||||||||
Banco Mercantil del Norte SA, 8.375%(1) | 800,000 | $ | 837,820 | |||||
Banco Santander SA, 4.75% | 350,000 | 323,400 | ||||||
Barclays plc, 4.375% | 175,000 | 161,000 | ||||||
BNP Paribas SA, 4.625%(1) | 580,000 | 552,740 | ||||||
ING Groep NV, 3.875% | 515,000 | 457,706 | ||||||
JPMorgan Chase & Co., 4.60% | 1,270,000 | 1,250,315 | ||||||
SVB Financial Group, 4.25% | 525,000 | 505,641 | ||||||
4,088,622 | ||||||||
Capital Markets — 1.7% | ||||||||
Bank of New York Mellon Corp. (The), 3.75% | 505,000 | 471,084 | ||||||
Charles Schwab Corp. (The), Series H, 4.00% | 1,105,000 | 1,024,136 | ||||||
Goldman Sachs Group, Inc. (The), 3.80% | 300,000 | 285,000 | ||||||
UBS Group AG, 4.875%(1) | 209,000 | 202,605 | ||||||
1,982,825 | ||||||||
Trading Companies and Distributors — 0.9% | ||||||||
Air Lease Corp., 4.125% | 491,000 | 445,582 | ||||||
Aircastle Ltd., 5.25%(1) | 625,000 | 600,000 | ||||||
1,045,582 | ||||||||
Insurance — 0.4% | ||||||||
Allianz SE, 3.20%(1) | 585,000 | 505,733 | ||||||
Consumer Finance — 0.4% | ||||||||
Discover Financial Services, 5.50% | 400,000 | 394,320 | ||||||
TOTAL PREFERRED STOCKS (Cost $8,713,195) | 8,017,082 | |||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 5.3% | ||||||||
Brazil — 0.5% | ||||||||
Brazilian Government International Bond, 3.875%, 6/12/30 | $ | 600,000 | 561,228 | |||||
Colombia — 0.8% | ||||||||
Colombia Government International Bond, 3.125%, 4/15/31 | 1,050,000 | 891,702 | ||||||
Dominican Republic — 0.4% | ||||||||
Dominican Republic International Bond, 4.875%, 9/23/32 | 500,000 | 456,255 | ||||||
Egypt — 0.3% | ||||||||
Egypt Government International Bond, 5.875%, 6/11/25 | 300,000 | 294,521 | ||||||
Ghana — 0.2% | ||||||||
Ghana Government International Bond, 7.875%, 3/26/27 | 300,000 | 217,895 | ||||||
Kazakhstan — 0.4% | ||||||||
Kazakhstan Government International Bond, MTN, 3.875%, 10/14/24 | 400,000 | 417,295 | ||||||
Oman — 0.9% | ||||||||
Oman Government International Bond, 4.75%, 6/15/26 | 445,000 | 446,912 | ||||||
Oman Government International Bond, 5.625%, 1/17/28 | 600,000 | 614,362 | ||||||
1,061,274 | ||||||||
South Africa — 1.1% | ||||||||
Republic of South Africa Government International Bond, 4.875%, 4/14/26 | 400,000 | 411,474 | ||||||
Republic of South Africa Government International Bond, 5.875%, 6/22/30 | 800,000 | 839,747 | ||||||
1,251,221 |
45
Multisector Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Trinidad — 0.3% | ||||||||
Trinidad & Tobago Government International Bond, 4.50%, 8/4/26 | $ | 400,000 | $ | 404,004 | ||||
Turkey — 0.3% | ||||||||
Turkey Government International Bond, 6.875%, 3/17/36 | 410,000 | 360,410 | ||||||
Ukraine — 0.1% | ||||||||
Ukraine Government International Bond, 7.75%, 9/1/26 | 250,000 | 87,844 | ||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $6,581,464) | 6,003,649 | |||||||
COLLATERALIZED LOAN OBLIGATIONS — 4.9% | ||||||||
AMMC CLO XIV Ltd., Series 2014-14A, Class BL1R, VRN, 3.86%, 7/25/29(1) | 500,000 | 491,476 | ||||||
Ares CLO Ltd., Series 2015-2A, Class DR, VRN, 3.34%, (3-month LIBOR plus 3.10%), 4/17/33(1) | 800,000 | 792,211 | ||||||
Ares XL CLO Ltd., Series 2016-40A, Class CRR, VRN, 3.04%, (3-month LIBOR plus 2.80%), 1/15/29(1) | 350,000 | 351,048 | ||||||
CIFC Funding Ltd., Series 2016-1A, Class D2RR, VRN, 4.38%, (3-month LIBOR plus 4.25%), 10/21/31(1) | 600,000 | 602,714 | ||||||
CIFC Funding Ltd., Series 2017-3A, Class C, VRN, 3.90%, (3-month LIBOR plus 3.65%), 7/20/30(1) | 500,000 | 494,295 | ||||||
Deer Creek CLO Ltd., Series 2017-1A, Class D, VRN, 3.20%, (3-month LIBOR plus 2.95%), 10/20/30(1) | 800,000 | 780,955 | ||||||
Madison Park Funding XIX Ltd., Series 2015-19A, Class DR, VRN, 4.61%, (3-month LIBOR plus 4.35%), 1/22/28(1) | 475,000 | 464,052 | ||||||
Octagon Investment Partners Ltd., Series 2018-18A, Class C, VRN, 2.94%, (3-month LIBOR plus 2.70%), 4/16/31(1) | 800,000 | 779,669 | ||||||
Sound Point CLO Ltd., Series 2014-3RA, Class C, VRN, 2.51%, (3-month LIBOR plus 2.25%), 10/23/31(1) | 500,000 | 496,618 | ||||||
Tryon Park CLO Ltd., Series 2013-1A, Class CR, VRN, 2.94%, (3-month LIBOR plus 2.70%), 4/15/29(1) | 375,000 | 370,343 | ||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $5,680,221) | 5,623,381 | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 3.8% | ||||||||
ACRES Commercial Realty Corp., Series 2020-RSO8, Class C, VRN, 2.31%, (30-day average SOFR plus 2.26%), 3/15/35(1) | 150,000 | 149,596 | ||||||
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.55%, 3/11/44(1) | 400,000 | 364,134 | ||||||
BX Commercial Mortgage Trust, Series 2021-VOLT, Class E, VRN, 2.19%, (1-month LIBOR plus 2.00%), 9/15/36(1) | 400,000 | 389,062 | ||||||
BX Trust, Series 2021-ARIA, Class G, VRN, 3.33%, (1-month LIBOR plus 3.14%), 10/15/36(1) | 314,000 | 304,966 | ||||||
BXHPP Trust, Series 2021-FILM, Class D, VRN, 1.69%, (1-month LIBOR plus 1.50%), 8/15/36(1) | 300,000 | 289,445 | ||||||
BXHPP Trust, Series 2021-FILM, Class E, VRN, 2.19%, (1-month LIBOR plus 2.00%), 8/15/36(1) | 250,000 | 240,700 | ||||||
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, VRN, 2.34%, (1-month LIBOR plus 2.15%), 5/15/36(1) | 478,000 | 472,065 | ||||||
Med Trust, Series 2021-MDLN, Class F, VRN, 4.19%, (1-month LIBOR plus 4.00%), 11/15/38(1) | 371,450 | 365,177 | ||||||
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class D, VRN, 2.69%, (1-month SOFR plus 2.61%), 7/15/36(1) | 400,000 | 395,533 | ||||||
Ready Capital Mortgage Financing LLC, Series 2021-FL5, Class C, VRN, 2.36%, (1-month LIBOR plus 2.25%), 4/25/38(1) | 400,000 | 397,530 | ||||||
Ready Capital Mortgage Financing LLC, Series 2021-FL6, Class C, VRN, 2.01%, (1-month LIBOR plus 1.90%), 7/25/36(1) | 350,000 | 344,569 |
46
Multisector Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
SMRT, Series 2022-MINI, Class F, VRN, 3.45%, (1-month SOFR plus 3.35%), 1/15/24(1) | $ | 596,000 | $ | 589,739 | ||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $4,421,012) | 4,302,516 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 3.2% | ||||||||
Private Sponsor Collateralized Mortgage Obligations — 3.2% | ||||||||
Angel Oak Mortgage Trust, Series 2021-3, Class M1, VRN, 2.48%, 5/25/66(1) | 600,000 | 582,784 | ||||||
Arroyo Mortgage Trust, Series 2019-1, Class M1, VRN, 4.00%, 1/25/49(1) | 590,000 | 584,310 | ||||||
Credit Suisse Mortgage Trust, Series 2021-NQM8, Class B1, VRN, 4.21%, 10/25/66(1) | 300,000 | 291,596 | ||||||
Credit Suisse Mortgage Trust, Series 2020-AFC1, Class M1, VRN, 2.84%, 2/25/50(1) | 400,000 | 393,837 | ||||||
Credit Suisse Mortgage Trust, Series 2021-NQM1, Class M1, VRN, 2.13%, 5/25/65(1) | 400,000 | 389,159 | ||||||
Farm Mortgage Trust, Series 2021-1, Class B, VRN, 3.25%, 7/25/51(1) | 612,468 | 520,033 | ||||||
Radnor RE Ltd., Series 2021-2, Class M1A, VRN, 1.90%, (30-day average SOFR plus 1.85%), 11/25/31(1) | 650,000 | 649,298 | ||||||
Triangle Re Ltd., Series 2021-3, Class M1A, VRN, 1.95%, (30-day average SOFR plus 1.90%), 2/25/34(1) | 250,000 | 248,711 | ||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,754,130) | 3,659,728 | |||||||
BANK LOAN OBLIGATIONS(4) — 1.3% | ||||||||
Pharmaceuticals — 0.7% | ||||||||
Jazz Financing Lux S.a.r.l., USD Term Loan, 4.00%, (1-month LIBOR plus 3.50%), 5/5/28 | 498,747 | 497,624 | ||||||
McAfee, LLC, 2022 USD Term Loan B, 2/26/29(5) | 355,000 | 350,710 | ||||||
848,334 | ||||||||
Media — 0.6% | ||||||||
DirecTV Financing, LLC, Term Loan, 5.75%, (3-month LIBOR plus 5.00%), 8/2/27 | 677,275 | 676,493 | ||||||
TOTAL BANK LOAN OBLIGATIONS (Cost $1,533,875) | 1,524,827 | |||||||
CONVERTIBLE BONDS — 0.5% | ||||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.5% | ||||||||
Apollo Commercial Real Estate Finance, Inc., 4.75%, 8/23/22 (Cost $513,885) | 510,000 | 512,550 | ||||||
SHORT-TERM INVESTMENTS — 3.0% | ||||||||
Money Market Funds — 3.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,449,222 | 1,449,222 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(6) | 1,984,420 | 1,984,420 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,433,642) | 3,433,642 | |||||||
TOTAL INVESTMENT SECURITIES — 99.2% (Cost $118,072,093) | 113,192,107 | |||||||
OTHER ASSETS AND LIABILITIES — 0.8% | 876,040 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 114,068,147 |
47
Multisector Income ETF
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 2-Year Notes | 56 | June 2022 | $ | 12,052,687 | $ | 23,126 |
^Amount represents value and unrealized appreciation (depreciation).
FUTURES CONTRACTS SOLD | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 10-Year Notes | 61 | June 2022 | $ | 7,773,688 | $ | (58,259) | ||||||||
U.S. Treasury 10-Year Ultra Notes | 18 | June 2022 | 2,543,906 | (30,129) | ||||||||||
U.S. Treasury 5-Year Notes | 15 | June 2022 | 1,774,219 | (8,257) | ||||||||||
U.S. Treasury Long Bonds | 6 | June 2022 | 940,125 | (9,308) | ||||||||||
U.S. Treasury Ultra Bonds | 1 | June 2022 | 185,937 | (1,807) | ||||||||||
$ | 13,217,875 | $ | (107,760) |
^Amount represents value and unrealized appreciation (depreciation).
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS | |||||||||||||||||||||||
Reference Entity | Type | Fixed Rate Received (Paid) Quarterly | Termination Date | Notional Amount | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Value^ | ||||||||||||||||
Markit CDX North America High Yield Index Series 37 | Buy | (5.00)% | 12/20/26 | $ | 17,200,000 | $ | (873,757) | $ | (267,393) | $ | (1,141,150) |
^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.
48
Multisector Income ETF
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CAD | - | Canadian Dollar | ||||||
CDX | - | Credit Derivatives Indexes | ||||||
LIBOR | - | London Interbank Offered Rate | ||||||
MTN | - | Medium Term Note | ||||||
SEQ | - | Sequential Payer | ||||||
SOFR | - | Secured Overnight Financing Rate | ||||||
USD | - | United States Dollar | ||||||
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $61,765,964, which represented 54.1% of total net assets.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,913,807. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $1,042,195.
(4)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.
(5)The interest rate will be determined upon settlement of the bank loan obligation after period end.
(6)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,984,420.
See Notes to Financial Statements.
49
FEBRUARY 28, 2022 (UNAUDITED)
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
CORPORATE BONDS — 93.3% | ||||||||
Aerospace and Defense — 1.6% | ||||||||
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1) | $ | 50,000 | $ | 52,000 | ||||
TransDigm, Inc., 6.25%, 3/15/26(1) | 150,000 | 154,528 | ||||||
TransDigm, Inc., 6.375%, 6/15/26 | 100,000 | 102,064 | ||||||
TransDigm, Inc., 7.50%, 3/15/27 | 50,000 | 51,738 | ||||||
TransDigm, Inc., 5.50%, 11/15/27 | 275,000 | 274,212 | ||||||
TransDigm, Inc., 4.875%, 5/1/29 | 50,000 | 47,565 | ||||||
682,107 | ||||||||
Air Freight and Logistics — 0.1% | ||||||||
Western Global Airlines LLC, 10.375%, 8/15/25(1) | 50,000 | 54,406 | ||||||
Airlines — 1.5% | ||||||||
Air Canada, 3.875%, 8/15/26(1) | 50,000 | 48,619 | ||||||
American Airlines, Inc., 11.75%, 7/15/25(1) | 225,000 | 273,136 | ||||||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1) | 100,000 | 102,500 | ||||||
Delta Air Lines, Inc., 7.00%, 5/1/25(1) | 100,000 | 111,156 | ||||||
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26(1) | 50,000 | 50,684 | ||||||
United Airlines, Inc., 4.375%, 4/15/26(1) | 50,000 | 49,935 | ||||||
636,030 | ||||||||
Auto Components — 1.6% | ||||||||
Adient Global Holdings Ltd., 4.875%, 8/15/26(1) | 200,000 | 200,543 | ||||||
Clarios Global LP, 6.75%, 5/15/25(1) | 50,000 | 51,942 | ||||||
Goodyear Tire & Rubber Co. (The), 9.50%, 5/31/25 | 75,000 | 79,931 | ||||||
Goodyear Tire & Rubber Co. (The), 5.00%, 5/31/26 | 100,000 | 100,499 | ||||||
Patrick Industries, Inc., 4.75%, 5/1/29(1) | 50,000 | 45,700 | ||||||
Tenneco, Inc., 5.00%, 7/15/26(2) | 175,000 | 174,801 | ||||||
Tenneco, Inc., 7.875%, 1/15/29(1) | 50,000 | 52,864 | ||||||
706,280 | ||||||||
Automobiles — 2.3% | ||||||||
Ford Motor Co., 9.00%, 4/22/25 | 100,000 | 116,063 | ||||||
Ford Motor Co., 3.25%, 2/12/32 | 50,000 | 47,256 | ||||||
Ford Motor Credit Co. LLC, 4.13%, 8/4/25 | 200,000 | 202,500 | ||||||
Ford Motor Credit Co. LLC, 5.11%, 5/3/29 | 200,000 | 211,169 | ||||||
Ford Motor Credit Co. LLC, 3.625%, 6/17/31 | 200,000 | 192,627 | ||||||
Jaguar Land Rover Automotive plc, 4.50%, 10/1/27(1) | 200,000 | 184,265 | ||||||
PM General Purchaser LLC, 9.50%, 10/1/28(1) | 50,000 | 47,923 | ||||||
1,001,803 | ||||||||
Beverages — 0.1% | ||||||||
Primo Water Holdings, Inc., 4.375%, 4/30/29(1) | 50,000 | 46,628 | ||||||
Building Products — 1.3% | ||||||||
Builders FirstSource, Inc., 4.25%, 2/1/32(1) | 125,000 | 120,225 | ||||||
Griffon Corp., 5.75%, 3/1/28 | 100,000 | 99,723 | ||||||
Masonite International Corp., 3.50%, 2/15/30(1) | 50,000 | 46,415 | ||||||
PGT Innovations, Inc., 4.375%, 10/1/29(1) | 100,000 | 94,096 | ||||||
Standard Industries, Inc., 4.375%, 7/15/30(1) | 150,000 | 142,252 | ||||||
Standard Industries, Inc., 3.375%, 1/15/31(1) | 50,000 | 44,316 | ||||||
547,027 | ||||||||
Capital Markets — 1.2% | ||||||||
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29(1) | 50,000 | 48,391 |
50
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/24 | $ | 100,000 | $ | 99,866 | ||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/26 | 100,000 | 100,980 | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27 | 150,000 | 149,173 | ||||||
LCM Investments Holdings II LLC, 4.875%, 5/1/29(1) | 75,000 | 71,565 | ||||||
MSCI, Inc., 3.625%, 11/1/31(1) | 50,000 | 48,824 | ||||||
518,799 | ||||||||
Chemicals — 2.5% | ||||||||
Avient Corp., 5.75%, 5/15/25(1) | 50,000 | 51,376 | ||||||
Consolidated Energy Finance SA, 6.50%, 5/15/26(1) | 150,000 | 150,170 | ||||||
FXI Holdings, Inc., 12.25%, 11/15/26(1) | 50,000 | 53,659 | ||||||
NOVA Chemicals Corp., 4.875%, 6/1/24(1) | 100,000 | 101,372 | ||||||
NOVA Chemicals Corp., 5.25%, 6/1/27(1) | 50,000 | 50,211 | ||||||
Olin Corp., 5.00%, 2/1/30 | 50,000 | 50,463 | ||||||
SCIH Salt Holdings, Inc., 4.875%, 5/1/28(1) | 50,000 | 47,442 | ||||||
SCIH Salt Holdings, Inc., 6.625%, 5/1/29(1) | 50,000 | 47,066 | ||||||
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1) | 100,000 | 100,899 | ||||||
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 4/1/29(1) | 125,000 | 118,584 | ||||||
Tronox, Inc., 4.625%, 3/15/29(1) | 50,000 | 47,294 | ||||||
WR Grace Holdings LLC, 4.875%, 6/15/27(1) | 225,000 | 225,061 | ||||||
WR Grace Holdings LLC, 5.625%, 8/15/29(1) | 50,000 | 48,000 | ||||||
1,091,597 | ||||||||
Commercial Services and Supplies — 1.7% | ||||||||
ADT Security Corp. (The), 4.125%, 8/1/29(1) | 50,000 | 47,228 | ||||||
ADT Security Corp. (The), 4.875%, 7/15/32(1) | 125,000 | 116,756 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 7/15/26(1) | 100,000 | 102,530 | ||||||
APX Group, Inc., 5.75%, 7/15/29(1) | 50,000 | 44,905 | ||||||
Brink's Co. (The), 4.625%, 10/15/27(1) | 100,000 | 97,769 | ||||||
Matthews International Corp., 5.25%, 12/1/25(1) | 150,000 | 151,219 | ||||||
Metis Merger Sub LLC, 6.50%, 5/15/29(1) | 75,000 | 69,846 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 8/31/27(1) | 75,000 | 69,493 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 1/15/28(1) | 50,000 | 48,310 | ||||||
748,056 | ||||||||
Communications Equipment — 0.2% | ||||||||
CommScope, Inc., 6.00%, 3/1/26(1) | 100,000 | 102,474 | ||||||
Construction and Engineering — 0.4% | ||||||||
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28(1) | 175,000 | 170,394 | ||||||
Construction Materials — 0.7% | ||||||||
Cemex SAB de CV, 5.20%, 9/17/30(1) | 200,000 | 195,486 | ||||||
SRM Escrow Issuer LLC, 6.00%, 11/1/28(1) | 100,000 | 100,078 | ||||||
295,564 | ||||||||
Consumer Finance — 1.8% | ||||||||
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1)(3) | 225,000 | 214,127 | ||||||
Navient Corp., 7.25%, 9/25/23 | 145,000 | 152,283 | ||||||
Navient Corp., 5.875%, 10/25/24 | 50,000 | 51,776 | ||||||
Navient Corp., 6.75%, 6/25/25 | 50,000 | 52,219 |
51
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Navient Corp., 5.50%, 3/15/29 | $ | 50,000 | $ | 47,339 | ||||
OneMain Finance Corp., 6.125%, 3/15/24 | 100,000 | 103,122 | ||||||
OneMain Finance Corp., 6.875%, 3/15/25 | 150,000 | 160,249 | ||||||
781,115 | ||||||||
Containers and Packaging — 2.0% | ||||||||
Berry Global, Inc., 4.50%, 2/15/26(1) | 100,000 | 100,322 | ||||||
Berry Global, Inc., 4.875%, 7/15/26(1) | 50,000 | 50,748 | ||||||
Mauser Packaging Solutions Holding Co., 5.50%, 4/15/24(1) | 150,000 | 149,400 | ||||||
Mauser Packaging Solutions Holding Co., 7.25%, 4/15/25(1) | 100,000 | 98,429 | ||||||
OI European Group BV, 4.75%, 2/15/30(1) | 50,000 | 47,937 | ||||||
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(1) | 225,000 | 229,193 | ||||||
Sealed Air Corp., 5.125%, 12/1/24(1) | 100,000 | 103,618 | ||||||
TriMas Corp., 4.125%, 4/15/29(1) | 75,000 | 70,718 | ||||||
850,365 | ||||||||
Distributors — 0.2% | ||||||||
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(1) | 50,000 | 47,614 | ||||||
Performance Food Group, Inc., 4.25%, 8/1/29(1) | 50,000 | 47,765 | ||||||
95,379 | ||||||||
Diversified Consumer Services — 0.4% | ||||||||
Adtalem Global Education, Inc., 5.50%, 3/1/28(1) | 100,000 | 89,578 | ||||||
Service Corp. International, 3.375%, 8/15/30 | 50,000 | 46,035 | ||||||
Service Corp. International, 4.00%, 5/15/31 | 50,000 | 47,456 | ||||||
183,069 | ||||||||
Diversified Financial Services — 0.5% | ||||||||
Jefferson Capital Holdings LLC, 6.00%, 8/15/26(1) | 50,000 | 48,200 | ||||||
MPH Acquisition Holdings LLC, 5.50%, 9/1/28(1) | 100,000 | 97,176 | ||||||
Paysafe Finance plc / Paysafe Holdings US Corp., 4.00%, 6/15/29(1) | 75,000 | 65,352 | ||||||
210,728 | ||||||||
Diversified Telecommunication Services — 3.6% | ||||||||
Altice France SA, 5.125%, 1/15/29(1) | 200,000 | 181,726 | ||||||
Altice France SA, 5.125%, 7/15/29(1) | 200,000 | 181,247 | ||||||
Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/1/26(1) | 200,000 | 202,700 | ||||||
Embarq Corp., 8.00%, 6/1/36 | 100,000 | 98,919 | ||||||
Hughes Satellite Systems Corp., 6.625%, 8/1/26 | 75,000 | 78,210 | ||||||
Level 3 Financing, Inc., 4.25%, 7/1/28(1) | 150,000 | 138,750 | ||||||
Lumen Technologies, Inc., 6.75%, 12/1/23 | 100,000 | 104,620 | ||||||
Lumen Technologies, Inc., 7.50%, 4/1/24 | 50,000 | 52,531 | ||||||
Lumen Technologies, Inc., 5.125%, 12/15/26(1) | 100,000 | 93,193 | ||||||
Lumen Technologies, Inc., 4.50%, 1/15/29(1) | 50,000 | 41,933 | ||||||
Sprint Capital Corp., 8.75%, 3/15/32 | 100,000 | 138,896 | ||||||
Telecom Italia Capital SA, 6.00%, 9/30/34 | 50,000 | 47,868 | ||||||
Telecom Italia Capital SA, 7.20%, 7/18/36 | 50,000 | 50,821 | ||||||
Telesat Canada / Telesat LLC, 6.50%, 10/15/27(1) | 100,000 | 50,166 | ||||||
Zayo Group Holdings, Inc., 4.00%, 3/1/27(1) | 100,000 | 95,208 | ||||||
1,556,788 | ||||||||
Electric Utilities — 1.8% | ||||||||
FirstEnergy Corp., 4.40%, 7/15/27 | 50,000 | 51,867 | ||||||
FirstEnergy Corp., 5.35%, 7/15/47 | 50,000 | 52,914 | ||||||
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1) | 100,000 | 98,967 | ||||||
NRG Energy, Inc., 6.625%, 1/15/27 | 50,000 | 51,750 |
52
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
NRG Energy, Inc., 3.625%, 2/15/31(1) | $ | 75,000 | $ | 69,083 | ||||
PG&E Corp., 5.00%, 7/1/28 | 50,000 | 49,582 | ||||||
PG&E Corp., 5.25%, 7/1/30 | 50,000 | 49,748 | ||||||
Talen Energy Supply LLC, 7.25%, 5/15/27(1) | 50,000 | 44,591 | ||||||
Talen Energy Supply LLC, 6.625%, 1/15/28(1) | 50,000 | 43,458 | ||||||
Vistra Operations Co. LLC, 5.625%, 2/15/27(1) | 100,000 | 102,517 | ||||||
Vistra Operations Co. LLC, 5.00%, 7/31/27(1) | 100,000 | 100,859 | ||||||
Vistra Operations Co. LLC, 4.375%, 5/1/29(1) | 50,000 | 48,539 | ||||||
763,875 | ||||||||
Electrical Equipment — 0.5% | ||||||||
Atkore, Inc., 4.25%, 6/1/31(1) | 100,000 | 97,093 | ||||||
WESCO Distribution, Inc., 7.125%, 6/15/25(1) | 50,000 | 52,423 | ||||||
WESCO Distribution, Inc., 7.25%, 6/15/28(1) | 50,000 | 53,745 | ||||||
203,261 | ||||||||
Electronic Equipment, Instruments and Components — 0.5% | ||||||||
Imola Merger Corp., 4.75%, 5/15/29(1) | 200,000 | 194,292 | ||||||
Energy Equipment and Services — 1.1% | ||||||||
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1) | 50,000 | 51,381 | ||||||
Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28(1) | 100,000 | 100,116 | ||||||
Bristow Group, Inc., 6.875%, 3/1/28(1) | 100,000 | 101,301 | ||||||
Precision Drilling Corp., 6.875%, 1/15/29(1) | 50,000 | 50,253 | ||||||
Transocean Guardian Ltd., 5.875%, 1/15/24(1) | 45,481 | 43,587 | ||||||
Transocean Poseidon Ltd., 6.875%, 2/1/27(1) | 46,875 | 45,847 | ||||||
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27 | 50,000 | 50,118 | ||||||
Weatherford International Ltd., 8.625%, 4/30/30(1) | 50,000 | 50,849 | ||||||
493,452 | ||||||||
Entertainment — 0.8% | ||||||||
Cinemark USA, Inc., 5.875%, 3/15/26(1) | 50,000 | 49,300 | ||||||
Cinemark USA, Inc., 5.25%, 7/15/28(1)(2) | 50,000 | 47,750 | ||||||
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1) | 100,000 | 98,376 | ||||||
Playtika Holding Corp., 4.25%, 3/15/29(1) | 50,000 | 46,570 | ||||||
WMG Acquisition Corp., 3.875%, 7/15/30(1) | 50,000 | 48,079 | ||||||
WMG Acquisition Corp., 3.00%, 2/15/31(1) | 50,000 | 45,291 | ||||||
335,366 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 3.9% | ||||||||
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 4.50%, 4/1/27(1) | 50,000 | 46,712 | ||||||
CTR Partnership LP / CareTrust Capital Corp., 3.875%, 6/30/28(1) | 50,000 | 47,834 | ||||||
Diversified Healthcare Trust, 9.75%, 6/15/25 | 100,000 | 105,758 | ||||||
Diversified Healthcare Trust, 4.375%, 3/1/31 | 50,000 | 43,022 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 6/15/26(1) | 50,000 | 47,464 | ||||||
Iron Mountain, Inc., 5.25%, 3/15/28(1) | 275,000 | 275,550 | ||||||
Iron Mountain, Inc., 4.875%, 9/15/29(1) | 100,000 | 96,907 | ||||||
Iron Mountain, Inc., 4.50%, 2/15/31(1) | 50,000 | 46,819 | ||||||
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 4.625%, 6/15/25(1) | 75,000 | 77,369 | ||||||
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29 | 100,000 | 100,550 | ||||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 7.50%, 6/1/25(1) | 100,000 | 104,619 |
53
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.875%, 10/1/28(1) | $ | 50,000 | $ | 50,979 | ||||
RLJ Lodging Trust LP, 3.75%, 7/1/26(1) | 50,000 | 48,765 | ||||||
RLJ Lodging Trust LP, 4.00%, 9/15/29(1) | 50,000 | 47,036 | ||||||
SBA Communications Corp., 3.875%, 2/15/27 | 150,000 | 149,906 | ||||||
Service Properties Trust, 4.35%, 10/1/24 | 100,000 | 96,521 | ||||||
Service Properties Trust, 5.25%, 2/15/26 | 50,000 | 47,436 | ||||||
Service Properties Trust, 4.95%, 2/15/27 | 100,000 | 93,170 | ||||||
Service Properties Trust, 4.95%, 10/1/29(2) | 100,000 | 90,581 | ||||||
Service Properties Trust, 4.375%, 2/15/30 | 50,000 | 43,625 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 4.75%, 4/15/28(1) | 50,000 | 47,674 | ||||||
1,708,297 | ||||||||
Food and Staples Retailing — 0.4% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/27(1) | 50,000 | 50,281 | ||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.875%, 2/15/28(1) | 50,000 | 51,757 | ||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29(1) | 50,000 | 46,587 | ||||||
148,625 | ||||||||
Food Products — 2.3% | ||||||||
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.875%, 9/1/25(1) | 50,000 | 52,497 | ||||||
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.50%, 4/15/29(1) | 100,000 | 106,628 | ||||||
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30(1) | 100,000 | 103,499 | ||||||
Kraft Heinz Foods Co., 4.625%, 10/1/39 | 50,000 | 53,625 | ||||||
Kraft Heinz Foods Co., 6.50%, 2/9/40 | 100,000 | 129,250 | ||||||
Kraft Heinz Foods Co., 4.375%, 6/1/46 | 150,000 | 153,937 | ||||||
Kraft Heinz Foods Co., 4.875%, 10/1/49 | 100,000 | 110,875 | ||||||
Pilgrim's Pride Corp., 5.875%, 9/30/27(1) | 100,000 | 102,899 | ||||||
Post Holdings, Inc., 5.75%, 3/1/27(1) | 150,000 | 151,725 | ||||||
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, Inc., 4.625%, 3/1/29(1) | 50,000 | 46,377 | ||||||
1,011,312 | ||||||||
Health Care Equipment and Supplies — 0.6% | ||||||||
Avantor Funding, Inc., 3.875%, 11/1/29(1) | 75,000 | 72,288 | ||||||
Mozart Debt Merger Sub, Inc., 3.875%, 4/1/29(1) | 125,000 | 118,788 | ||||||
Mozart Debt Merger Sub, Inc., 5.25%, 10/1/29(1) | 75,000 | 71,730 | ||||||
262,806 | ||||||||
Health Care Providers and Services — 4.3% | ||||||||
Catalent Pharma Solutions, Inc., 3.50%, 4/1/30(1) | 50,000 | 46,611 | ||||||
Centene Corp., 4.25%, 12/15/27 | 50,000 | 51,244 | ||||||
Centene Corp., 4.625%, 12/15/29 | 101,000 | 104,197 | ||||||
Centene Corp., 3.375%, 2/15/30 | 50,000 | 48,049 | ||||||
Centene Corp., 3.00%, 10/15/30 | 50,000 | 47,737 | ||||||
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1) | 100,000 | 103,892 | ||||||
CHS / Community Health Systems, Inc., 5.625%, 3/15/27(1) | 50,000 | 50,463 | ||||||
CHS / Community Health Systems, Inc., 8.00%, 12/15/27(1) | 50,000 | 52,798 | ||||||
CHS / Community Health Systems, Inc., 4.75%, 2/15/31(1) | 50,000 | 47,127 | ||||||
DaVita, Inc., 4.625%, 6/1/30(1) | 200,000 | 192,079 | ||||||
DaVita, Inc., 3.75%, 2/15/31(1) | 75,000 | 68,648 | ||||||
HCA, Inc., 5.375%, 2/1/25 | 100,000 | 106,013 |
54
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
HCA, Inc., 5.875%, 2/15/26 | $ | 50,000 | $ | 54,096 | ||||
HCA, Inc., 5.375%, 9/1/26 | 100,000 | 107,723 | ||||||
HCA, Inc., 5.625%, 9/1/28 | 175,000 | 194,186 | ||||||
HealthEquity, Inc., 4.50%, 10/1/29(1) | 50,000 | 47,655 | ||||||
Legacy LifePoint Health LLC, 6.75%, 4/15/25(1) | 50,000 | 51,824 | ||||||
Molina Healthcare, Inc., 3.875%, 5/15/32(1) | 50,000 | 49,063 | ||||||
Owens & Minor, Inc., 4.50%, 3/31/29(1) | 50,000 | 47,218 | ||||||
Tenet Healthcare Corp., 4.875%, 1/1/26(1) | 200,000 | 201,628 | ||||||
Tenet Healthcare Corp., 6.25%, 2/1/27(1) | 100,000 | 102,954 | ||||||
Tenet Healthcare Corp., 5.125%, 11/1/27(1) | 50,000 | 51,023 | ||||||
Tenet Healthcare Corp., 4.25%, 6/1/29(1) | 50,000 | 48,328 | ||||||
1,874,556 | ||||||||
Hotels, Restaurants and Leisure — 7.4% | ||||||||
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1) | 50,000 | 49,128 | ||||||
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30(1) | 150,000 | 138,763 | ||||||
Affinity Gaming, 6.875%, 12/15/27(1) | 200,000 | 197,255 | ||||||
Aramark Services, Inc., 6.375%, 5/1/25(1) | 150,000 | 155,527 | ||||||
Caesars Entertainment, Inc., 6.25%, 7/1/25(1) | 50,000 | 51,899 | ||||||
Carnival Corp., 10.50%, 2/1/26(1) | 100,000 | 112,379 | ||||||
Carnival Corp., 7.625%, 3/1/26(1) | 100,000 | 102,899 | ||||||
Carnival Corp., 5.75%, 3/1/27(1) | 275,000 | 268,207 | ||||||
Carnival Corp., 9.875%, 8/1/27(1) | 50,000 | 56,195 | ||||||
Carnival Corp., 4.00%, 8/1/28(1) | 50,000 | 47,985 | ||||||
Carnival Corp., 6.00%, 5/1/29(1) | 50,000 | 48,617 | ||||||
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 8/15/28(1) | 75,000 | 62,784 | ||||||
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(1) | 50,000 | 52,310 | ||||||
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/32(1) | 50,000 | 47,594 | ||||||
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29(1) | 100,000 | 98,151 | ||||||
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 4.875%, 7/1/31(1) | 50,000 | 47,688 | ||||||
Life Time, Inc., 8.00%, 4/15/26(1) | 175,000 | 174,891 | ||||||
MGM Resorts International, 6.75%, 5/1/25 | 100,000 | 103,611 | ||||||
MGM Resorts International, 4.75%, 10/15/28 | 75,000 | 74,812 | ||||||
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.875%, 5/1/29(1) | 50,000 | 48,813 | ||||||
Mohegan Gaming & Entertainment, 8.00%, 2/1/26(1) | 100,000 | 101,120 | ||||||
NCL Corp. Ltd., 3.625%, 12/15/24(1) | 100,000 | 93,876 | ||||||
NCL Corp. Ltd., 5.875%, 3/15/26(1) | 50,000 | 48,175 | ||||||
NCL Corp. Ltd., 5.875%, 2/15/27(1) | 74,000 | 74,181 | ||||||
NCL Finance Ltd., 6.125%, 3/15/28(1)(2) | 50,000 | 48,309 | ||||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.625%, 9/1/29(1) | 50,000 | 45,423 | ||||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.875%, 9/1/31(1) | 50,000 | 45,064 | ||||||
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22 | 50,000 | 50,431 | ||||||
Royal Caribbean Cruises Ltd., 7.50%, 10/15/27 | 100,000 | 109,274 | ||||||
Royal Caribbean Cruises Ltd., 3.70%, 3/15/28 | 50,000 | 45,381 | ||||||
Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(1) | 150,000 | 147,194 | ||||||
Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.50%, 11/28/25(1) | 50,000 | 48,123 | ||||||
Travel + Leisure Co., 6.625%, 7/31/26(1) | 50,000 | 53,446 |
55
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Viking Cruises Ltd., 6.25%, 5/15/25(1) | $ | 100,000 | $ | 96,123 | ||||
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1) | 100,000 | 93,969 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1) | 100,000 | 101,530 | ||||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.75%, 4/15/25(1) | 50,000 | 52,255 | ||||||
3,193,382 | ||||||||
Household Durables — 2.3% | ||||||||
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 4/1/30(1) | 75,000 | 70,780 | ||||||
Beazer Homes USA, Inc., 6.75%, 3/15/25 | 100,000 | 101,233 | ||||||
Beazer Homes USA, Inc., 5.875%, 10/15/27 | 75,000 | 74,531 | ||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 5.00%, 6/15/29(1) | 100,000 | 94,250 | ||||||
Century Communities, Inc., 6.75%, 6/1/27 | 150,000 | 155,305 | ||||||
KB Home, 4.00%, 6/15/31 | 50,000 | 48,069 | ||||||
Mattamy Group Corp., 4.625%, 3/1/30(1) | 75,000 | 70,637 | ||||||
Newell Brands, Inc., 4.70%, 4/1/26 | 100,000 | 103,630 | ||||||
STL Holding Co. LLC, 7.50%, 2/15/26(1) | 50,000 | 51,375 | ||||||
Taylor Morrison Communities, Inc., 5.125%, 8/1/30(1) | 50,000 | 49,916 | ||||||
Tempur Sealy International, Inc., 4.00%, 4/15/29(1) | 50,000 | 47,213 | ||||||
Tempur Sealy International, Inc., 3.875%, 10/15/31(1) | 50,000 | 45,000 | ||||||
Tri Pointe Homes, Inc., 5.25%, 6/1/27 | 100,000 | 99,785 | ||||||
1,011,724 | ||||||||
Independent Power and Renewable Electricity Producers — 1.4% | ||||||||
Atlantica Sustainable Infrastructure plc, 4.125%, 6/15/28(1) | 200,000 | 192,845 | ||||||
Calpine Corp., 5.25%, 6/1/26(1) | 37,000 | 37,413 | ||||||
Calpine Corp., 4.50%, 2/15/28(1) | 100,000 | 97,752 | ||||||
Calpine Corp., 5.125%, 3/15/28(1) | 100,000 | 96,500 | ||||||
Clearway Energy Operating LLC, 4.75%, 3/15/28(1) | 100,000 | 100,691 | ||||||
Sunnova Energy Corp., 5.875%, 9/1/26(1) | 50,000 | 45,847 | ||||||
TerraForm Power Operating LLC, 5.00%, 1/31/28(1) | 50,000 | 50,215 | ||||||
621,263 | ||||||||
Insurance — 0.2% | ||||||||
Acrisure LLC / Acrisure Finance, Inc., 4.25%, 2/15/29(1) | 100,000 | 94,122 | ||||||
Interactive Media and Services — 0.2% | ||||||||
Rackspace Technology Global, Inc., 3.50%, 2/15/28(1) | 50,000 | 45,429 | ||||||
Ziff Davis, Inc., 4.625%, 10/15/30(1) | 50,000 | 48,175 | ||||||
93,604 | ||||||||
Internet and Direct Marketing Retail — 0.3% | ||||||||
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 3/1/29(1) | 50,000 | 47,459 | ||||||
Match Group Holdings II LLC, 3.625%, 10/1/31(1) | 50,000 | 46,701 | ||||||
Millennium Escrow Corp., 6.625%, 8/1/26(1) | 50,000 | 48,435 | ||||||
142,595 | ||||||||
IT Services — 0.2% | ||||||||
CDW LLC / CDW Finance Corp., 4.125%, 5/1/25 | 50,000 | 50,734 | ||||||
Presidio Holdings, Inc., 4.875%, 2/1/27(1) | 50,000 | 49,928 | ||||||
100,662 | ||||||||
Leisure Products — 0.1% | ||||||||
Mattel, Inc., 5.45%, 11/1/41 | 50,000 | 55,299 |
56
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Machinery — 0.2% | ||||||||
Hillenbrand, Inc., 3.75%, 3/1/31 | $ | 50,000 | $ | 47,810 | ||||
Terex Corp., 5.00%, 5/15/29(1) | 50,000 | 49,590 | ||||||
97,400 | ||||||||
Marine — 0.2% | ||||||||
Seaspan Corp., 5.50%, 8/1/29(1) | 100,000 | 95,434 | ||||||
Media — 9.4% | ||||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1) | 125,000 | 126,395 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 6/1/29(1) | 100,000 | 101,734 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30(1) | 100,000 | 98,375 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30(1) | 150,000 | 144,715 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1) | 150,000 | 140,793 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32 | 200,000 | 190,331 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33(1) | 100,000 | 93,897 | ||||||
Clear Channel Outdoor Holdings, Inc., 5.125%, 8/15/27(1) | 100,000 | 100,030 | ||||||
Clear Channel Outdoor Holdings, Inc., 7.75%, 4/15/28(1) | 100,000 | 104,600 | ||||||
CSC Holdings LLC, 6.50%, 2/1/29(1) | 200,000 | 202,815 | ||||||
CSC Holdings LLC, 5.75%, 1/15/30(1) | 250,000 | 221,505 | ||||||
CSC Holdings LLC, 4.50%, 11/15/31(1) | 200,000 | 182,280 | ||||||
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1) | 125,000 | 125,156 | ||||||
DISH DBS Corp., 5.00%, 3/15/23 | 100,000 | 100,982 | ||||||
DISH DBS Corp., 7.75%, 7/1/26 | 100,000 | 101,384 | ||||||
DISH DBS Corp., 5.25%, 12/1/26(1) | 75,000 | 73,664 | ||||||
DISH DBS Corp., 5.75%, 12/1/28(1) | 25,000 | 23,953 | ||||||
DISH DBS Corp., 5.125%, 6/1/29 | 50,000 | 42,277 | ||||||
GCI LLC, 4.75%, 10/15/28(1) | 50,000 | 49,144 | ||||||
Gray Television, Inc., 7.00%, 5/15/27(1) | 150,000 | 157,960 | ||||||
Gray Television, Inc., 4.75%, 10/15/30(1) | 50,000 | 46,953 | ||||||
iHeartCommunications, Inc., 5.25%, 8/15/27(1) | 50,000 | 49,865 | ||||||
iHeartCommunications, Inc., 4.75%, 1/15/28(1) | 50,000 | 48,432 | ||||||
Lamar Media Corp., 3.75%, 2/15/28 | 50,000 | 48,125 | ||||||
Lamar Media Corp., 4.875%, 1/15/29 | 50,000 | 50,188 | ||||||
Lamar Media Corp., 4.00%, 2/15/30 | 50,000 | 48,212 | ||||||
McGraw-Hill Education, Inc., 8.00%, 8/1/29(1) | 50,000 | 45,871 | ||||||
News Corp., 3.875%, 5/15/29(1) | 100,000 | 95,925 | ||||||
Nexstar Media, Inc., 5.625%, 7/15/27(1) | 50,000 | 51,180 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27(1) | 100,000 | 99,237 | ||||||
Quebecor Media, Inc., 5.75%, 1/15/23 | 50,000 | 50,935 | ||||||
Sinclair Television Group, Inc., 5.125%, 2/15/27(1) | 50,000 | 45,557 | ||||||
Sinclair Television Group, Inc., 5.50%, 3/1/30(1) | 100,000 | 87,868 | ||||||
Sinclair Television Group, Inc., 4.125%, 12/1/30(1) | 50,000 | 44,829 | ||||||
Sirius XM Radio, Inc., 3.125%, 9/1/26(1) | 50,000 | 47,818 | ||||||
Sirius XM Radio, Inc., 5.00%, 8/1/27(1) | 100,000 | 101,490 | ||||||
Sirius XM Radio, Inc., 5.50%, 7/1/29(1) | 50,000 | 51,211 | ||||||
Sirius XM Radio, Inc., 3.875%, 9/1/31(1) | 75,000 | 69,213 | ||||||
Univision Communications, Inc., 5.125%, 2/15/25(1) | 100,000 | 100,772 |
57
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Univision Communications, Inc., 6.625%, 6/1/27(1) | $ | 50,000 | $ | 52,058 | ||||
UPC Broadband Finco BV, 4.875%, 7/15/31(1) | 200,000 | 191,302 | ||||||
Videotron Ltd., 3.625%, 6/15/29(1) | 50,000 | 47,664 | ||||||
Virgin Media Secured Finance plc, 5.50%, 5/15/29(1) | 200,000 | 200,133 | ||||||
4,056,828 | ||||||||
Metals and Mining — 2.3% | ||||||||
Allegheny Technologies, Inc., 4.875%, 10/1/29 | 50,000 | 48,437 | ||||||
Allegheny Technologies, Inc., 5.125%, 10/1/31(2) | 50,000 | 48,680 | ||||||
Arconic Corp., 6.00%, 5/15/25(1) | 50,000 | 51,625 | ||||||
Arconic Corp., 6.125%, 2/15/28(1) | 50,000 | 51,199 | ||||||
Carpenter Technology Corp., 6.375%, 7/15/28 | 50,000 | 50,493 | ||||||
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1) | 50,000 | 48,332 | ||||||
Cleveland-Cliffs, Inc., 4.875%, 3/1/31(1)(2) | 50,000 | 48,896 | ||||||
Coeur Mining, Inc., 5.125%, 2/15/29(1) | 50,000 | 44,172 | ||||||
Compass Minerals International, Inc., 6.75%, 12/1/27(1) | 100,000 | 103,943 | ||||||
Freeport-McMoRan, Inc., 4.125%, 3/1/28 | 75,000 | 75,925 | ||||||
Freeport-McMoRan, Inc., 4.25%, 3/1/30 | 100,000 | 101,207 | ||||||
IAMGOLD Corp., 5.75%, 10/15/28(1) | 100,000 | 91,379 | ||||||
Novelis Corp., 4.75%, 1/30/30(1) | 150,000 | 147,049 | ||||||
PT FMG Resources August 2006 Pty Ltd., 4.375%, 4/1/31(1) | 50,000 | 48,601 | ||||||
Taseko Mines Ltd., 7.00%, 2/15/26(1) | 50,000 | 50,057 | ||||||
1,009,995 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.1% | ||||||||
Blackstone Mortgage Trust, Inc., 3.75%, 1/15/27(1) | 50,000 | 47,321 | ||||||
Multiline Retail — 0.1% | ||||||||
Macy's Retail Holdings LLC, 5.875%, 4/1/29(1)(2) | 50,000 | 51,184 | ||||||
Oil, Gas and Consumable Fuels — 15.3% | ||||||||
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26(1) | 75,000 | 79,527 | ||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.875%, 5/15/26(1) | 50,000 | 53,814 | ||||||
Apache Corp., 4.875%, 11/15/27 | 50,000 | 51,457 | ||||||
Apache Corp., 4.25%, 1/15/30 | 50,000 | 50,461 | ||||||
Apache Corp., 5.10%, 9/1/40 | 100,000 | 100,165 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 7.00%, 11/1/26(1) | 100,000 | 98,920 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 6/30/29(1) | 50,000 | 47,625 | ||||||
Cheniere Energy Partners LP, 4.50%, 10/1/29 | 100,000 | 102,083 | ||||||
Cheniere Energy Partners LP, 4.00%, 3/1/31 | 100,000 | 98,651 | ||||||
Cheniere Energy, Inc., 4.625%, 10/15/28 | 50,000 | 51,140 | ||||||
Citgo Holding, Inc., 9.25%, 8/1/24(1)(2) | 50,000 | 50,339 | ||||||
CITGO Petroleum Corp., 7.00%, 6/15/25(1) | 75,000 | 75,086 | ||||||
CITGO Petroleum Corp., 6.375%, 6/15/26(1) | 50,000 | 49,685 | ||||||
CNX Resources Corp., 7.25%, 3/14/27(1) | 100,000 | 105,760 | ||||||
Comstock Resources, Inc., 6.75%, 3/1/29(1) | 50,000 | 50,939 | ||||||
Comstock Resources, Inc., 5.875%, 1/15/30(1) | 50,000 | 48,435 | ||||||
CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 6/15/31(1) | 250,000 | 249,062 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25 | 50,000 | 50,377 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29(1) | 75,000 | 75,723 |
58
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1) | $ | 150,000 | $ | 151,885 | ||||
DCP Midstream Operating LP, 5.375%, 7/15/25 | 150,000 | 159,045 | ||||||
DCP Midstream Operating LP, 5.125%, 5/15/29 | 100,000 | 105,421 | ||||||
DCP Midstream Operating LP, 3.25%, 2/15/32 | 50,000 | 46,689 | ||||||
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.125%, 6/1/28(1) | 50,000 | 48,972 | ||||||
EnLink Midstream Partners LP, 4.85%, 7/15/26 | 100,000 | 101,373 | ||||||
EnLink Midstream Partners LP, 5.60%, 4/1/44 | 100,000 | 85,409 | ||||||
EnLink Midstream Partners LP, 5.45%, 6/1/47 | 100,000 | 84,909 | ||||||
EQM Midstream Partners LP, 6.00%, 7/1/25(1) | 50,000 | 51,066 | ||||||
EQM Midstream Partners LP, 6.50%, 7/1/27(1) | 50,000 | 52,373 | ||||||
EQM Midstream Partners LP, 4.50%, 1/15/29(1) | 50,000 | 46,774 | ||||||
EQM Midstream Partners LP, 4.75%, 1/15/31(1) | 50,000 | 46,944 | ||||||
EQT Corp., 3.90%, 10/1/27 | 100,000 | 101,230 | ||||||
EQT Corp., 7.50%, 2/1/30 | 50,000 | 59,725 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27 | 175,000 | 177,187 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28 | 50,000 | 49,446 | ||||||
Harvest Midstream I LP, 7.50%, 9/1/28(1) | 100,000 | 101,068 | ||||||
Hess Midstream Operations LP, 5.625%, 2/15/26(1) | 100,000 | 102,626 | ||||||
Hess Midstream Operations LP, 5.125%, 6/15/28(1) | 50,000 | 51,130 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co., 6.25%, 11/1/28(1) | 50,000 | 51,059 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 2/1/31(1) | 50,000 | 50,825 | ||||||
ITT Holdings LLC, 6.50%, 8/1/29(1) | 50,000 | 46,940 | ||||||
Laredo Petroleum, Inc., 9.50%, 1/15/25 | 100,000 | 103,062 | ||||||
Matador Resources Co., 5.875%, 9/15/26 | 100,000 | 101,625 | ||||||
MEG Energy Corp., 7.125%, 2/1/27(1) | 50,000 | 52,212 | ||||||
MEG Energy Corp., 5.875%, 2/1/29(1) | 100,000 | 101,230 | ||||||
Murphy Oil Corp., 5.75%, 8/15/25 | 175,000 | 178,498 | ||||||
Murphy Oil Corp., 5.875%, 12/1/27 | 50,000 | 51,002 | ||||||
Murphy Oil Corp., 6.375%, 7/15/28 | 50,000 | 51,874 | ||||||
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26(1) | 75,000 | 75,397 | ||||||
Northern Oil and Gas, Inc., 8.125%, 3/1/28(1) | 50,000 | 52,625 | ||||||
Occidental Petroleum Corp., 5.875%, 9/1/25 | 50,000 | 53,692 | ||||||
Occidental Petroleum Corp., 5.50%, 12/1/25 | 50,000 | 53,797 | ||||||
Occidental Petroleum Corp., 3.40%, 4/15/26 | 50,000 | 50,066 | ||||||
Occidental Petroleum Corp., 8.50%, 7/15/27 | 100,000 | 120,671 | ||||||
Occidental Petroleum Corp., 6.375%, 9/1/28 | 50,000 | 56,588 | ||||||
Occidental Petroleum Corp., 8.875%, 7/15/30 | 100,000 | 129,460 | ||||||
Occidental Petroleum Corp., 6.625%, 9/1/30 | 50,000 | 58,261 | ||||||
Occidental Petroleum Corp., 6.125%, 1/1/31 | 50,000 | 56,931 | ||||||
Occidental Petroleum Corp., 7.50%, 5/1/31 | 50,000 | 60,705 | ||||||
Occidental Petroleum Corp., 4.40%, 4/15/46 | 50,000 | 47,580 | ||||||
Occidental Petroleum Corp., 4.10%, 2/15/47 | 125,000 | 115,826 | ||||||
Parkland Corp., 5.875%, 7/15/27(1) | 50,000 | 50,667 | ||||||
PBF Holding Co. LLC / PBF Finance Corp., 9.25%, 5/15/25(1) | 50,000 | 50,972 | ||||||
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28 | 50,000 | 36,666 | ||||||
PBF Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23(2) | 125,000 | 124,503 | ||||||
Penn Virginia Escrow LLC, 9.25%, 8/15/26(1) | 75,000 | 76,594 |
59
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Range Resources Corp., 8.25%, 1/15/29 | $ | 50,000 | $ | 54,854 | ||||
Rockcliff Energy II LLC, 5.50%, 10/15/29(1) | 50,000 | 49,636 | ||||||
SM Energy Co., 6.75%, 9/15/26 | 100,000 | 101,127 | ||||||
Southwestern Energy Co., 5.375%, 2/1/29 | 75,000 | 77,251 | ||||||
Southwestern Energy Co., 5.375%, 3/15/30 | 75,000 | 77,571 | ||||||
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27 | 50,000 | 51,678 | ||||||
Sunoco LP / Sunoco Finance Corp., 4.50%, 4/30/30(1) | 50,000 | 47,846 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30(1) | 75,000 | 72,353 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 9/1/31(1) | 50,000 | 47,207 | ||||||
Talos Production, Inc., 12.00%, 1/15/26 | 75,000 | 79,380 | ||||||
Tap Rock Resources LLC, 7.00%, 10/1/26(1) | 50,000 | 50,364 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.875%, 4/15/26 | 50,000 | 51,681 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 7/15/27 | 50,000 | 53,066 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28 | 175,000 | 180,643 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.875%, 2/1/31 | 50,000 | 51,482 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.00%, 1/15/32 | 50,000 | 49,328 | ||||||
Teine Energy Ltd., 6.875%, 4/15/29(1) | 50,000 | 50,731 | ||||||
Viper Energy Partners LP, 5.375%, 11/1/27(1) | 100,000 | 102,718 | ||||||
Western Midstream Operating LP, 3.60%, 2/1/25 | 100,000 | 100,375 | ||||||
Western Midstream Operating LP, 5.75%, 2/1/50 | 100,000 | 101,898 | ||||||
6,623,038 | ||||||||
Personal Products — 0.2% | ||||||||
Edgewell Personal Care Co., 5.50%, 6/1/28(1) | 50,000 | 50,322 | ||||||
Edgewell Personal Care Co., 4.125%, 4/1/29(1) | 50,000 | 47,038 | ||||||
97,360 | ||||||||
Pharmaceuticals — 2.4% | ||||||||
Bausch Health Americas, Inc., 8.50%, 1/31/27(1) | 100,000 | 101,400 | ||||||
Bausch Health Cos., Inc., 6.125%, 4/15/25(1) | 100,000 | 100,562 | ||||||
Bausch Health Cos., Inc., 9.00%, 12/15/25(1) | 113,000 | 116,660 | ||||||
Bausch Health Cos., Inc., 7.00%, 1/15/28(1) | 100,000 | 91,650 | ||||||
Bausch Health Cos., Inc., 5.00%, 1/30/28(1) | 50,000 | 41,960 | ||||||
Bausch Health Cos., Inc., 5.00%, 2/15/29(1) | 50,000 | 40,560 | ||||||
Bausch Health Cos., Inc., 6.25%, 2/15/29(1) | 50,000 | 42,716 | ||||||
Bausch Health Cos., Inc., 7.25%, 5/30/29(1) | 50,000 | 43,842 | ||||||
Bausch Health Cos., Inc., 5.25%, 1/30/30(1) | 50,000 | 40,397 | ||||||
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 6/30/28(1)(2) | 100,000 | 66,332 | ||||||
Organon & Co. / Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/31(1) | 200,000 | 199,956 | ||||||
P&L Development LLC / PLD Finance Corp., 7.75%, 11/15/25(1) | 50,000 | 47,839 | ||||||
Par Pharmaceutical, Inc., 7.50%, 4/1/27(1) | 100,000 | 100,280 | ||||||
1,034,154 | ||||||||
Professional Services — 0.2% | ||||||||
ASGN, Inc., 4.625%, 5/15/28(1) | 100,000 | 98,922 | ||||||
Real Estate Management and Development — 0.8% | ||||||||
Cushman & Wakefield US Borrower LLC, 6.75%, 5/15/28(1) | 150,000 | 156,929 |
60
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Forestar Group, Inc., 3.85%, 5/15/26(1) | $ | 50,000 | $ | 47,437 | ||||
Howard Hughes Corp. (The), 5.375%, 8/1/28(1) | 50,000 | 50,603 | ||||||
Realogy Group LLC / Realogy Co-Issuer Corp., 5.75%, 1/15/29(1) | 100,000 | 99,000 | ||||||
353,969 | ||||||||
Road and Rail — 1.2% | ||||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(1) | 100,000 | 100,939 | ||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 4/1/28(1) | 50,000 | 47,567 | ||||||
Hertz Corp. (The), 5.00%, 12/1/29(1) | 50,000 | 46,703 | ||||||
NESCO Holdings II, Inc., 5.50%, 4/15/29(1) | 50,000 | 48,127 | ||||||
Uber Technologies, Inc., 4.50%, 8/15/29(1) | 75,000 | 71,942 | ||||||
United Rentals North America, Inc., 3.875%, 2/15/31(2) | 100,000 | 96,772 | ||||||
XPO Logistics, Inc., 6.25%, 5/1/25(1) | 100,000 | 103,847 | ||||||
515,897 | ||||||||
Semiconductors and Semiconductor Equipment — 0.3% | ||||||||
ON Semiconductor Corp., 3.875%, 9/1/28(1) | 100,000 | 99,269 | ||||||
Synaptics, Inc., 4.00%, 6/15/29(1) | 50,000 | 48,288 | ||||||
147,557 | ||||||||
Software — 2.5% | ||||||||
Camelot Finance SA, 4.50%, 11/1/26(1) | 50,000 | 50,104 | ||||||
Castle US Holding Corp., 9.50%, 2/15/28(1) | 100,000 | 102,805 | ||||||
Consensus Cloud Solutions, Inc., 6.00%, 10/15/26(1) | 50,000 | 49,944 | ||||||
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28(1) | 50,000 | 50,430 | ||||||
LogMeIn, Inc., 5.50%, 9/1/27(1) | 50,000 | 47,617 | ||||||
NCR Corp., 5.75%, 9/1/27(1) | 50,000 | 50,801 | ||||||
NCR Corp., 5.125%, 4/15/29(1) | 100,000 | 99,010 | ||||||
NCR Corp., 6.125%, 9/1/29(1) | 50,000 | 51,982 | ||||||
NCR Corp., 5.25%, 10/1/30(1) | 100,000 | 97,036 | ||||||
Open Text Corp., 3.875%, 12/1/29(1) | 100,000 | 94,530 | ||||||
Open Text Holdings, Inc., 4.125%, 2/15/30(1) | 50,000 | 47,949 | ||||||
Open Text Holdings, Inc., 4.125%, 12/1/31(1) | 50,000 | 47,571 | ||||||
SS&C Technologies, Inc., 5.50%, 9/30/27(1) | 100,000 | 102,888 | ||||||
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 9/1/25(1) | 175,000 | 173,302 | ||||||
1,065,969 | ||||||||
Specialty Retail — 2.3% | ||||||||
Asbury Automotive Group, Inc., 4.625%, 11/15/29(1) | 50,000 | 48,843 | ||||||
Asbury Automotive Group, Inc., 5.00%, 2/15/32(1) | 50,000 | 48,611 | ||||||
Bath & Body Works, Inc., 6.625%, 10/1/30(1) | 50,000 | 54,188 | ||||||
Bath & Body Works, Inc., 6.75%, 7/1/36 | 100,000 | 109,216 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp., 5.375%, 4/1/26(1) | 50,000 | 47,064 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp., 5.875%, 4/1/29(1) | 100,000 | 91,634 | ||||||
Gap, Inc. (The), 3.875%, 10/1/31(1) | 50,000 | 44,896 | ||||||
Lithia Motors, Inc., 3.875%, 6/1/29(1) | 50,000 | 49,433 | ||||||
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 7.75%, 2/15/26(1) | 100,000 | 96,439 | ||||||
Michaels Cos., Inc. (The), 7.875%, 5/1/29(1) | 50,000 | 43,843 | ||||||
Rent-A-Center, Inc., 6.375%, 2/15/29(1)(2) | 50,000 | 47,928 | ||||||
Sonic Automotive, Inc., 4.875%, 11/15/31(1) | 50,000 | 47,331 | ||||||
Staples, Inc., 7.50%, 4/15/26(1) | 150,000 | 148,480 | ||||||
Staples, Inc., 10.75%, 4/15/27(1) | 75,000 | 69,989 |
61
Select High Yield ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Superior Plus LP / Superior General Partner, Inc., 4.50%, 3/15/29(1) | $ | 50,000 | $ | 47,775 | ||||
995,670 | ||||||||
Technology Hardware, Storage and Peripherals — 0.2% | ||||||||
Xerox Holdings Corp., 5.00%, 8/15/25(1) | 50,000 | 50,870 | ||||||
Xerox Holdings Corp., 5.50%, 8/15/28(1) | 50,000 | 49,962 | ||||||
100,832 | ||||||||
Thrifts and Mortgage Finance — 1.3% | ||||||||
Freedom Mortgage Corp., 8.125%, 11/15/24(1) | 50,000 | 49,961 | ||||||
Freedom Mortgage Corp., 7.625%, 5/1/26(1) | 100,000 | 96,188 | ||||||
Freedom Mortgage Corp., 6.625%, 1/15/27(1) | 50,000 | 46,221 | ||||||
MGIC Investment Corp., 5.25%, 8/15/28 | 100,000 | 101,379 | ||||||
Nationstar Mortgage Holdings, Inc., 5.50%, 8/15/28(1) | 50,000 | 49,925 | ||||||
NMI Holdings, Inc., 7.375%, 6/1/25(1) | 50,000 | 53,806 | ||||||
PennyMac Financial Services, Inc., 4.25%, 2/15/29(1) | 50,000 | 44,818 | ||||||
Radian Group, Inc., 4.875%, 3/15/27 | 50,000 | 51,710 | ||||||
United Wholesale Mortgage LLC, 5.50%, 4/15/29(1) | 50,000 | 45,836 | ||||||
539,844 | ||||||||
Trading Companies and Distributors — 0.7% | ||||||||
Beacon Roofing Supply, Inc., 4.125%, 5/15/29(1) | 50,000 | 46,688 | ||||||
Fly Leasing Ltd., 7.00%, 10/15/24(1) | 100,000 | 95,043 | ||||||
Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/1/25(1) | 50,000 | 50,681 | ||||||
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 5/1/28(1) | 50,000 | 47,840 | ||||||
H&E Equipment Services, Inc., 3.875%, 12/15/28(1) | 50,000 | 46,854 | ||||||
287,106 | ||||||||
Wireless Telecommunication Services — 1.6% | ||||||||
Sprint Corp., 7.875%, 9/15/23 | 100,000 | 107,625 | ||||||
Sprint Corp., 7.125%, 6/15/24 | 100,000 | 108,250 | ||||||
T-Mobile USA, Inc., 2.25%, 2/15/26 | 50,000 | 48,307 | ||||||
T-Mobile USA, Inc., 3.375%, 4/15/29 | 50,000 | 49,012 | ||||||
T-Mobile USA, Inc., 3.375%, 4/15/29(1) | 50,000 | 49,012 | ||||||
T-Mobile USA, Inc., 3.50%, 4/15/31(1) | 50,000 | 49,297 | ||||||
Vmed O2 UK Financing I plc, 4.25%, 1/31/31(1) | 200,000 | 184,298 | ||||||
Vodafone Group plc, VRN, 7.00%, 4/4/79 | 100,000 | 111,161 | ||||||
706,962 | ||||||||
TOTAL CORPORATE BONDS (Cost $41,990,761) | 40,512,544 | |||||||
PREFERRED STOCKS — 1.1% | ||||||||
Banks — 1.1% | ||||||||
Bank of America Corp., 6.25% | 100,000 | 104,500 | ||||||
Barclays plc, 7.75% | 200,000 | 209,540 | ||||||
Citigroup, Inc., 4.70% | 100,000 | 98,130 | ||||||
JPMorgan Chase & Co., 6.125% | 50,000 | 51,760 | ||||||
TOTAL PREFERRED STOCKS (Cost $476,231) | 463,930 | |||||||
SHORT-TERM INVESTMENTS — 5.0% | ||||||||
Money Market Funds — 5.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,786,872 | 1,786,872 |
62
Select High Yield ETF | ||||||||
Shares | Value | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio(4) | 409,343 | $ | 409,343 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,196,215) | 2,196,215 | |||||||
TOTAL INVESTMENT SECURITIES — 99.4% (Cost $44,663,207) | 43,172,689 | |||||||
OTHER ASSETS AND LIABILITIES — 0.6% | 243,580 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 43,416,269 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
PIK | - | Payment in Kind. Security may pay a cash rate and/or an in kind rate. | ||||||
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $28,125,668, which represented 64.8% of total net assets.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $396,814. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)The security's rate was paid in kind or a combination of cash and in kind at the last payment date.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $409,343.
See Notes to Financial Statements.
63
Statements of Assets and Liabilities |
FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $153,965,354 and $231,590,003, respectively) — including $4,528,404 and $—, respectively of securities on loan | $ | 148,672,618 | $ | 228,312,322 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $4,653,470 and $—, respectively) | 4,653,470 | — | ||||||
Total investment securities, at value (cost of $158,618,824 and $231,590,003, respectively) | 153,326,088 | 228,312,322 | ||||||
Cash | 356,853 | — | ||||||
Deposits with broker for futures contracts | 88,600 | — | ||||||
Deposits with broker for swap agreements | 312,409 | — | ||||||
Receivable for investments sold | 671,157 | 3,118,480 | ||||||
Receivable for variation margin on swap agreements | 15,168 | — | ||||||
Interest receivable | 827,309 | 2,047,244 | ||||||
Securities lending receivable | 676 | — | ||||||
155,598,260 | 233,478,046 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 4,653,470 | — | ||||||
Payable for investments purchased | 440,150 | 6,754,158 | ||||||
Payable for variation margin on futures contracts | 24,685 | — | ||||||
Accrued management fees | 33,898 | 50,457 | ||||||
5,152,203 | 6,804,615 | |||||||
Net Assets | $ | 150,446,057 | $ | 226,673,431 | ||||
Shares outstanding (unlimited number of shares authorized) | 3,000,000 | 4,250,000 | ||||||
Net Asset Value Per Share | $ | 50.15 | $ | 53.33 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 156,603,132 | $ | 230,487,874 | ||||
Distributable earnings | (6,157,075) | (3,814,443) | ||||||
$ | 150,446,057 | $ | 226,673,431 |
See Notes to Financial Statements.
64
FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Emerging Markets Bond ETF | Multisector Income ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $28,053,120 and $116,087,673, respectively) — including $291,927 and $1,913,807, respectively of securities on loan | $ | 25,105,638 | $ | 111,207,687 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $302,600 and $1,984,420, respectively) | 302,600 | 1,984,420 | ||||||
Total investment securities, at value (cost of $28,355,720 and $118,072,093, respectively) | 25,408,238 | 113,192,107 | ||||||
Cash | 16,500 | 621,634 | ||||||
Receivable for investments sold | 540,571 | 2,353,937 | ||||||
Receivable for variation margin on futures contracts | 2,126 | — | ||||||
Receivable for variation margin on swap agreements | — | 41,855 | ||||||
Swap agreements, at value (including net premiums paid (received) of $74,566 and $—, respectively) | 609,958 | — | ||||||
Interest and dividends receivable | 371,985 | 330,766 | ||||||
Securities lending receivable | 99 | 949 | ||||||
26,949,477 | 116,541,248 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 302,600 | 1,984,420 | ||||||
Payable for investments purchased | — | 353,501 | ||||||
Payable for variation margin on futures contracts | — | 104,328 | ||||||
Accrued management fees | 8,247 | 30,852 | ||||||
310,847 | 2,473,101 | |||||||
Net Assets | $ | 26,638,630 | $ | 114,068,147 | ||||
Shares outstanding (unlimited number of shares authorized) | 600,000 | 2,400,000 | ||||||
Net Asset Value Per Share | $ | 44.40 | $ | 47.53 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 29,812,790 | $ | 120,061,154 | ||||
Distributable earnings | (3,174,160) | (5,993,007) | ||||||
$ | 26,638,630 | $ | 114,068,147 |
See Notes to Financial Statements.
65
FEBRUARY 28, 2022 (UNAUDITED) | |||||
Select High Yield ETF | |||||
Assets | |||||
Investment securities, at value (cost of $44,253,864) — including $396,814 of securities on loan | $ | 42,763,346 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $409,343) | 409,343 | ||||
Total investment securities, at value (cost of $44,663,207) | 43,172,689 | ||||
Receivable for investments sold | 39,498 | ||||
Interest receivable | 628,109 | ||||
Securities lending receivable | 285 | ||||
43,840,581 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 409,343 | ||||
Accrued management fees | 14,969 | ||||
424,312 | |||||
Net Assets | $ | 43,416,269 | |||
Shares outstanding (unlimited number of shares authorized) | 900,000 | ||||
Net Asset Value Per Share | $ | 48.24 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 44,739,701 | |||
Distributable earnings | (1,323,432) | ||||
$ | 43,416,269 |
See Notes to Financial Statements.
66
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Interest | $ | 1,622,094 | $ | 1,697,538 | ||||
Securities lending, net | 2,314 | — | ||||||
1,624,408 | 1,697,538 | |||||||
Expenses: | ||||||||
Management fees | 220,024 | 280,866 | ||||||
Other expenses | 257 | — | ||||||
220,281 | 280,866 | |||||||
Net investment income (loss) | 1,404,127 | 1,416,672 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (Note 4) | (1,125,522) | (757,719) | ||||||
Futures contract transactions | 182,307 | — | ||||||
Swap agreement transactions | 61,160 | — | ||||||
(882,055) | (757,719) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | (6,732,236) | (7,791,493) | ||||||
Futures contracts | 4,415 | — | ||||||
Swap agreements | (135,556) | — | ||||||
(6,863,377) | (7,791,493) | |||||||
Net realized and unrealized gain (loss) | (7,745,432) | (8,549,212) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (6,341,305) | $ | (7,132,540) |
See Notes to Financial Statements.
67
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Emerging Markets Bond ETF | Multisector Income ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Interest (net of foreign taxes withheld of $127 and $—, respectively) | $ | 630,821 | $ | 1,964,058 | ||||
Dividends | — | 25,863 | ||||||
Securities lending, net | 209 | 1,945 | ||||||
631,030 | 1,991,866 | |||||||
Expenses: | ||||||||
Management fees | 50,676 | 183,690 | ||||||
Other expenses | 23 | 120 | ||||||
50,699 | 183,810 | |||||||
Net investment income (loss) | 580,331 | 1,808,056 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (Note 4) | (876,030) | (1,129,127) | ||||||
Futures contract transactions | (1,110) | 23,468 | ||||||
Swap agreement transactions | 17,421 | 149,440 | ||||||
Foreign currency translation transactions | — | (308) | ||||||
(859,719) | (956,527) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | (3,005,073) | (5,004,006) | ||||||
Futures contracts | (8,214) | (95,869) | ||||||
Swap agreements | 535,392 | (267,393) | ||||||
Translation of assets and liabilities in foreign currencies | — | 4 | ||||||
(2,477,895) | (5,367,264) | |||||||
Net realized and unrealized gain (loss) | (3,337,614) | (6,323,791) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (2,757,283) | $ | (4,515,735) |
See Notes to Financial Statements.
68
FOR THE PERIOD ENDED FEBRUARY 28, 2022 (UNAUDITED)(1) | |||||
Select High Yield ETF | |||||
Investment Income (Loss) | |||||
Income: | |||||
Interest | $ | 386,949 | |||
Securities lending, net | 397 | ||||
387,346 | |||||
Expenses: | |||||
Management fees | 38,956 | ||||
Net investment income (loss) | 348,390 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on investment transactions (Note 4) | 33,196 | ||||
Change in net unrealized appreciation (depreciation) on investments | (1,490,518) | ||||
Net realized and unrealized gain (loss) | (1,457,322) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,108,932) |
(1)November 16, 2021 (fund inception) through February 28, 2022.
See Notes to Financial Statements.
69
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 | ||||||||||||||
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021 | February 28, 2022 | August 31, 2021 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 1,404,127 | $ | 2,479,982 | $ | 1,416,672 | $ | 1,833,319 | ||||||
Net realized gain (loss) | (882,055) | 4,742,299 | (757,719) | 917,946 | ||||||||||
Change in net unrealized appreciation (depreciation) | (6,863,377) | (3,021,377) | (7,791,493) | 2,060,753 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (6,341,305) | 4,200,904 | (7,132,540) | 4,812,018 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (1,213,880) | (4,110,980) | (1,311,355) | (1,763,405) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 31,137,001 | 128,687,765 | 74,159,865 | 101,658,311 | ||||||||||
Payments for shares redeemed | (25,964,990) | (97,214,495) | (2,770,640) | (8,220,745) | ||||||||||
Other capital | 778 | 5,379 | 65,195 | 159,216 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 5,172,789 | 31,478,649 | 71,454,420 | 93,596,782 | ||||||||||
Net increase (decrease) in net assets | (2,382,396) | 31,568,573 | 63,010,525 | 96,645,395 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 152,828,453 | 121,259,880 | 163,662,906 | 67,017,511 | ||||||||||
End of period | $ | 150,446,057 | $ | 152,828,453 | $ | 226,673,431 | $ | 163,662,906 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 600,000 | 2,450,000 | 1,350,000 | 1,850,000 | ||||||||||
Redeemed | (500,000) | (1,850,000) | (50,000) | (150,000) | ||||||||||
Net increase (decrease) in shares of the funds | 100,000 | 600,000 | 1,300,000 | 1,700,000 |
See Notes to Financial Statements.
70
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2021 | ||||||||||||||
Emerging Markets Bond ETF | Multisector Income ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021(1) | February 28, 2022 | August 31, 2021(1) | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 580,331 | $ | 150,980 | $ | 1,808,056 | $ | 259,604 | ||||||
Net realized gain (loss) | (859,719) | (3,632) | (956,527) | (111,081) | ||||||||||
Change in net unrealized appreciation (depreciation) | (2,477,895) | 56,075 | (5,367,264) | 135,255 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (2,757,283) | 203,423 | (4,515,735) | 283,778 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (551,380) | (68,920) | (1,708,370) | (52,680) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 7,309,375 | 22,501,450 | 37,342,200 | 82,595,250 | ||||||||||
Other capital | 1,520 | 445 | 46,294 | 77,410 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 7,310,895 | 22,501,895 | 37,388,494 | 82,672,660 | ||||||||||
Net increase (decrease) in net assets | 4,002,232 | 22,636,398 | 31,164,389 | 82,903,758 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 22,636,398 | — | 82,903,758 | — | ||||||||||
End of period | $ | 26,638,630 | $ | 22,636,398 | $ | 114,068,147 | $ | 82,903,758 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 150,000 | 450,000 | 750,000 | 1,650,000 |
(1)June 29, 2021 (fund inception) through August 31, 2021.
See Notes to Financial Statements.
71
PERIOD ENDED FEBRUARY 28, 2022 (UNAUDITED)(1) | |||||
Select High Yield ETF | |||||
Increase (Decrease) in Net Assets | |||||
Operations | |||||
Net investment income (loss) | $ | 348,390 | |||
Net realized gain (loss) | 33,196 | ||||
Change in net unrealized appreciation (depreciation) | (1,490,518) | ||||
Net increase (decrease) in net assets resulting from operations | (1,108,932) | ||||
Distributions to Shareholders | |||||
From earnings | (214,500) | ||||
Capital Share Transactions | |||||
Proceeds from shares sold | 44,736,315 | ||||
Other capital | 3,386 | ||||
Net increase (decrease) in net assets from capital share transactions | 44,739,701 | ||||
Net increase (decrease) in net assets | 43,416,269 | ||||
Net Assets | |||||
End of period | $ | 43,416,269 | |||
Transactions in Shares of the Funds | |||||
Sold | 900,000 |
(1)November 16, 2021 (fund inception) through February 28, 2022.
See Notes to Financial Statements.
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Notes to Financial Statements |
FEBRUARY 28, 2022 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Diversified Corporate Bond ETF (Diversified Corporate Bond ETF), American Century Diversified Municipal Bond ETF (Diversified Municipal Bond ETF), American Century Emerging Markets Bond ETF (Emerging Markets Bond ETF), American Century Multisector Income ETF (Multisector Income ETF) and American Century Select High Yield ETF (Select High Yield ETF) (collectively, the funds) are five funds in a series issued by the trust. Diversified Corporate Bond ETF’s investment objective is to seek to provide current income. Diversified Municipal Bond ETF’s investment objective is to seek current income that is exempt from federal income tax. Emerging Markets Bond ETF's investment objective is to seek to provide current income and capital appreciation. Multisector Income ETF's investment objective is to seek to provide a high level of current income and total return. Select High Yield ETF's investment objective is to seek to provide high current income. Shares of each fund are listed for trading on the NYSE Arca, Inc. Emerging Markets Bond ETF and Multisector Income ETF incepted on June 29, 2021. Select High Yield ETF incepted on November 16, 2021.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, convertible bonds, bank loan obligations, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections. Fixed income securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.
73
Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred stocks and convertible preferred stocks with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.
If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Interest income less foreign taxes withheld, if any, is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. For convertible bonds, the premiums attributable only to the debt instrument are amortized. Inflation adjustments related to inflation-linked debt securities are reflected as interest income. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
74
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The funds may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.
75
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2022.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Fund / Securities Lending Transactions(1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||
Diversified Corporate Bond ETF | |||||||||||||||||
Corporate Bonds | $ | 4,653,470 | — | — | — | $ | 4,653,470 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 4,653,470 | |||||||||||||||
Emerging Markets Bond ETF | |||||||||||||||||
Corporate Bonds | $ | 302,600 | — | — | — | $ | 302,600 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 302,600 | |||||||||||||||
Multisector Income ETF | |||||||||||||||||
Corporate Bonds | $ | 1,984,420 | — | — | — | $ | 1,984,420 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,984,420 | |||||||||||||||
Select High Yield ETF | |||||||||||||||||
Corporate Bonds | $ | 409,343 | — | — | — | $ | 409,343 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 409,343 |
(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Strategic Asset Allocations, Inc. own, in aggregate, 41%, 76% and 72% of the shares of Diversified Corporate Bond ETF, Emerging Markets Bond ETF and Multisector Income ETF, respectively. ACIM owns 27% of the shares of Select High Yield ETF. Related parties do not invest in the funds for the purpose of exercising management or control.
ACIM has engaged Nomura Corporate Research and Asset Management Inc. (NCRAM) to serve as a subadvisor for Select High Yield ETF. NCRAM is responsible for making investment recommendations for the fund, subject to the oversight of the Board of Trustees and general supervision of the investment advisor and in accordance with the investment objective, polices and restrictions of the fund. ACIM pays all costs associated with retaining NCRAM as the subadvisor of the fund. A subsidiary of NCRAM’s parent company indirectly owns a non-controlling equity interest in ACC.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears.
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The annual management fee for each fund is as follows:
Annual Management Fee | |||||
Diversified Corporate Bond ETF | 0.29% | ||||
Diversified Municipal Bond ETF | 0.29% | ||||
Emerging Markets Bond ETF | 0.39% | ||||
Multisector Income ETF | 0.35% | ||||
Select High Yield ETF | 0.45% |
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended February 28, 2022 were as follows:
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | Emerging Markets Bond ETF | Multisector Income ETF | Select High Yield ETF(1) | |||||||||||||
Purchases of U.S. Treasury and Government Agency obligations | $14,476,223 | — | $289,383 | $22,993,023 | — | ||||||||||||
Purchases of other investment securities | $131,960,388 | $69,155,013 | $6,301,035 | $72,258,704 | $1,275,707 | ||||||||||||
Total Purchases | $146,436,611 | $69,155,013 | $6,590,418 | $95,251,727 | $1,275,707 | ||||||||||||
Sales of U.S. Treasury and Government Agency obligations | $8,554,242 | — | — | $12,376,917 | — | ||||||||||||
Sales of other investment securities | $139,342,603 | $32,344,219 | $6,397,600 | $72,420,573 | $1,129,575 | ||||||||||||
Total Sales | $147,896,845 | $32,344,219 | $6,397,600 | $84,797,490 | $1,129,575 |
(1)November 16, 2021 (fund inception) through February 28, 2022.
Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2022 were as follows:
In kind Subscriptions | In kind Redemptions | In kind Net Realized Gain/(Loss)* | |||||||||
Diversified Corporate Bond ETF | $30,700,731 | $25,518,371 | $175,601 | ||||||||
Diversified Municipal Bond ETF | $36,057,265 | $2,589,011 | $172,509 | ||||||||
Emerging Markets Bond ETF | $6,621,595 | — | — | ||||||||
Multisector Income ETF | $23,821,978 | — | — | ||||||||
Select High Yield ETF(1) | $42,472,893 | — | — |
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)November 16, 2021 (fund inception) through February 28, 2022.
5. Capital Share Transactions
Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.
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6. Fair Value Measurements
The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Diversified Corporate Bond ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 137,769,533 | — | |||||||
U.S. Treasury Securities | — | 8,138,906 | — | ||||||||
Municipal Securities | — | 504,850 | — | ||||||||
Short-Term Investments | $ | 6,912,799 | — | — | |||||||
$ | 6,912,799 | $ | 146,413,289 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 59,862 | — | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 70,971 | — | — | |||||||
Swap Agreements | — | $ | 431,249 | — | |||||||
$ | 70,971 | $ | 431,249 | — |
Diversified Municipal Bond ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Municipal Securities | — | $ | 214,608,630 | — | |||||||
Short-Term Investments | $ | 13,703,692 | — | — | |||||||
$ | 13,703,692 | $ | 214,608,630 | — |
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Emerging Markets Bond ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 15,649,908 | — | |||||||
Sovereign Governments and Agencies | — | 8,072,604 | — | ||||||||
U.S. Treasury Securities | — | 479,414 | — | ||||||||
Preferred Stocks | — | 420,662 | — | ||||||||
Short-Term Investments | $ | 735,650 | 50,000 | — | |||||||
$ | 735,650 | $ | 24,672,588 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 10,484 | — | — | |||||||
Swap Agreements | — | $ | 609,958 | — | |||||||
$ | 10,484 | $ | 609,958 | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 20,214 | — | — |
Multisector Income ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 52,297,096 | — | |||||||
U.S. Treasury Securities | — | 16,267,146 | — | ||||||||
Asset-Backed Securities | — | 11,550,490 | — | ||||||||
Preferred Stocks | — | 8,017,082 | — | ||||||||
Sovereign Governments and Agencies | — | 6,003,649 | — | ||||||||
Collateralized Loan Obligations | — | 5,623,381 | — | ||||||||
Commercial Mortgage-Backed Securities | — | 4,302,516 | — | ||||||||
Collateralized Mortgage Obligations | — | 3,659,728 | — | ||||||||
Bank Loan Obligations | — | 1,524,827 | — | ||||||||
Convertible Bonds | — | 512,550 | — | ||||||||
Short-Term Investments | $ | 3,433,642 | — | — | |||||||
$ | 3,433,642 | $ | 109,758,465 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 23,126 | — | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 107,760 | — | — | |||||||
Swap Agreements | — | $ | 1,141,150 | — | |||||||
$ | 107,760 | $ | 1,141,150 | — |
Select High Yield ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 40,512,544 | — | |||||||
Preferred Stocks | — | 463,930 | — | ||||||||
Short-Term Investments | $ | 2,196,215 | — | — | |||||||
$ | 2,196,215 | $ | 40,976,474 | — |
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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.
The funds' average notional amount to credit risk derivative instruments held during the period were as follows:
Diversified Corporate Bond ETF | $6,500,000 | ||||
Emerging Markets Bond ETF | $1,157,500 | ||||
Multisector Income ETF | $17,200,000 |
Interest Rate Risk — The funds are subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.
The funds' average notional exposure to interest rate risk derivative instruments held during the period were as follows:
Futures Contracts Purchased | Futures Contracts Sold | |||||||
Diversified Corporate Bond ETF | $20,456,397 | $21,442,732 | ||||||
Emerging Markets Bond ETF | $2,049,843 | $5,254,191 | ||||||
Multisector Income ETF | $22,816,389 | $13,354,759 |
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Value of Derivative Instruments as of February 28, 2022
Asset Derivatives | Liability Derivatives | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Assets and Liabilities | Value | Location on Statement of Assets and Liabilities | Value | ||||||||||
Diversified Corporate Bond ETF | ||||||||||||||
Credit Risk | Receivable for variation margin on swap agreements* | $ | 15,168 | Payable for variation margin on swap agreements* | — | |||||||||
Interest Rate Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 24,685 | |||||||||
$ | 15,168 | $ | 24,685 | |||||||||||
Emerging Markets Bond ETF | ||||||||||||||
Credit Risk | Swap agreements | $ | 609,958 | Swap agreements | — | |||||||||
Interest Rate Risk | Receivable for variation margin on futures contracts* | 2,126 | Payable for variation margin on futures contracts* | — | ||||||||||
$ | 612,084 | — | ||||||||||||
Multisector Income ETF | ||||||||||||||
Credit Risk | Receivable for variation margin on swap agreements* | $ | 41,855 | Payable for variation margin on swap agreements* | — | |||||||||
Interest Rate Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 104,328 | |||||||||
$ | 41,855 | $ | 104,328 |
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.
Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended February 28, 2022
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Operations | Value | Location on Statement of Operations | Value | ||||||||||
Diversified Corporate Bond ETF | ||||||||||||||
Credit Risk | Net realized gain (loss) on swap agreement transactions | $ | 61,160 | Change in net unrealized appreciation (depreciation) on swap agreements | $ | (135,556) | ||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | 182,307 | Change in net unrealized appreciation (depreciation) on futures contracts | 4,415 | ||||||||||
$ | 243,467 | $ | (131,141) | |||||||||||
Emerging Markets Bond ETF | ||||||||||||||
Credit Risk | Net realized gain (loss) on swap agreement transactions | $ | 17,421 | Change in net unrealized appreciation (depreciation) on swap agreements | $ | 535,392 | ||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | (1,110) | Change in net unrealized appreciation (depreciation) on futures contracts | (8,214) | ||||||||||
$ | 16,311 | $ | 527,178 | |||||||||||
Multisector Income ETF | ||||||||||||||
Credit Risk | Net realized gain (loss) on swap agreement transactions | $ | 149,440 | Change in net unrealized appreciation (depreciation) on swap agreements | $ | (267,393) | ||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | 23,468 | Change in net unrealized appreciation (depreciation) on futures contracts | (95,869) | ||||||||||
$ | 172,908 | $ | (363,262) |
81
Counterparty Risk — The funds are subject to counterparty risk, or the risk that an institution will fail to perform its obligations to the funds. The investment advisor attempts to minimize counterparty risk prior to entering into transactions by performing extensive reviews of the creditworthiness of all potential counterparties. The funds may also enter into agreements that provide provisions for legally enforceable master netting arrangements to manage the credit risk between counterparties related to forward foreign currency exchange contracts and/or over-the-counter swap agreements. A master netting arrangement provides for the net settlement of multiple contracts with a single counterparty through a single payment in the event of default or termination of any one contract. To mitigate counterparty risk, the funds may receive assets or be required to pledge assets at the custodian bank or with a broker as designated under prescribed collateral provisions.
The funds do not offset assets and liabilities subject to master netting arrangements on the Statement of
Assets and Liabilities for financial reporting purposes. The funds' asset derivatives and liability derivatives that
are subject to legally enforceable offsetting arrangements as of period end were as follows:
Emerging Markets Bond ETF | |||||||||||||||||
Counterparty | Gross Amount on Statement of Assets and Liabilities | Amount Eligible for Offset | Collateral | Net Exposure* | |||||||||||||
Assets | |||||||||||||||||
Bank of America N.A. | $ | 303,326 | — | — | $ | 303,326 | |||||||||||
Barclays Bank plc | 303,268 | — | — | 303,268 | |||||||||||||
Morgan Stanley | 3,364 | — | — | 3,364 | |||||||||||||
$ | 609,958 | — | — | $ | 609,958 |
*The net expense represents the amount receivable from the counterparty or amount payable to the
counterparty in the event of default or termination.
8. Risk Factors
The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
The funds may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments or a change in the cost of temporary borrowing for the fund.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
The funds may invest in high-yield and lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.
The majority of Emerging Markets Bond ETF and Multisector Income ETF are owned by a relatively small number of shareholders. To the extent that a large shareholder (including a fund of funds) invests in the funds, the funds may experience relatively large redemptions as such shareholder reallocates its assets. In the event of a large shareholder redemption, the ongoing operations of the funds may be at risk.
A fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.
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The novel coronavirus (COVID-19) pandemic has significantly stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the funds.
9. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | Emerging Markets Bond ETF | Multisector Income ETF | Select High Yield ETF | |||||||||||||
Federal tax cost of investments | $ | 158,633,562 | $ | 231,591,871 | $ | 28,355,720 | $ | 118,087,054 | $ | 44,663,207 | |||||||
Gross tax appreciation of investments | $ | 32,931 | $ | 1,454,966 | $ | 2,022 | $ | 32,014 | $ | 11,873 | |||||||
Gross tax depreciation of investments | (5,340,405) | (4,734,515) | (2,949,504) | (4,926,961) | (1,502,391) | ||||||||||||
Net tax appreciation (depreciation) of investments | $ | (5,307,474) | $ | (3,279,549) | $ | (2,947,482) | $ | (4,894,947) | $ | (1,490,518) |
For Diversified Corporate Bond ETF, Diversified Municipal Bond ETF and Multisector Income ETF, the difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Emerging Markets Bond ETF and Select High Yield ETF.
As of August 31, 2021, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows:
Short-term capital losses | Long-term capital losses | |||||||
Diversified Municipal Bond ETF | $(67,852) | $(10,881) | ||||||
Emerging Markets Bond ETF | $(5,148) | — | ||||||
Multisector Income ETF | $(98,393) | — |
As of August 31, 2021, Diversified Corporate Bond ETF had post-October capital loss deferral of $(40,336) which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.
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Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | ||||||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||||
Diversified Corporate Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||
2022(4) | $52.70 | 0.47 | (2.61) | (2.14) | (0.41) | — | (0.41) | 0.00(5) | $50.15 | (4.09)% | 0.29%(6) | 1.85%(6) | 97% | $150,446 | ||||||||||||||||||||||||||||||
2021 | $52.72 | 0.93 | 0.66 | 1.59 | (1.39) | (0.22) | (1.61) | 0.00(5) | $52.70 | 3.08% | 0.29% | 1.77% | 182% | $152,828 | ||||||||||||||||||||||||||||||
2020 | $51.38 | 1.28 | 1.47 | 2.75 | (1.40) | (0.03) | (1.43) | 0.02 | $52.72 | 5.48% | 0.29% | 2.50% | 174% | $121,260 | ||||||||||||||||||||||||||||||
2019 | $48.77 | 1.67 | 2.45 | 4.12 | (1.54) | — | (1.54) | 0.03 | $51.38 | 8.70% | 0.39% | 3.37% | 35% | $64,334 | ||||||||||||||||||||||||||||||
2018(7) | $50.00 | 0.96 | (1.41) | (0.45) | (0.82) | — | (0.82) | 0.04 | $48.77 | (0.77)% | 0.45%(6) | 3.09%(6) | 38% | $12,291 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)January 11, 2018 (fund inception) through August 31, 2018.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Diversified Municipal Bond ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $55.48 | 0.40 | (2.19) | (1.79) | (0.38) | 0.02 | $53.33 | (3.19)% | 0.29%(5) | 1.46%(5) | 18% | $226,673 | ||||||||||||||||||||||||||
2021 | $53.61 | 1.00 | 1.83 | 2.83 | (1.05) | 0.09 | $55.48 | 5.50% | 0.29% | 1.82% | 14% | $163,663 | ||||||||||||||||||||||||||
2020 | $53.37 | 1.19 | 0.11 | 1.30 | (1.15) | 0.09 | $53.61 | 2.66% | 0.29% | 2.26% | 23% | $67,018 | ||||||||||||||||||||||||||
2019(6) | $50.00 | 1.36 | 3.16 | 4.52 | (1.25) | 0.10 | $53.37 | 9.42% | 0.29%(5) | 2.74%(5) | 19% | $26,684 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Annualized.
(6)September 10, 2018 (fund inception) through August 31, 2019.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Emerging Markets Bond ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $50.30 | 1.07 | (5.94) | (4.87) | (1.03) | 0.00(5) | $44.40 | (9.72)% | 0.39%(6) | 4.47%(6) | 26% | $26,639 | ||||||||||||||||||||||||||
2021(7) | $50.00 | 0.36 | 0.11 | 0.47 | (0.17) | 0.00(5) | $50.30 | 0.95% | 0.39%(6) | 4.14%(6) | 7% | $22,636 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)June 29, 2021 (fund inception) through August 31, 2021.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Multisector Income ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $50.24 | 0.84 | (2.77) | (1.93) | (0.80) | 0.02 | $47.53 | (3.85)% | 0.35%(5) | 3.45%(5) | 82% | $114,068 | ||||||||||||||||||||||||||
2021(6) | $50.00 | 0.27 | 0.02 | 0.29 | (0.13) | 0.08 | $50.24 | 0.75% | 0.35%(5) | 3.08%(5) | 75% | $82,904 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Annualized.
(6)June 29, 2021 (fund inception) through August 31, 2021.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Select High Yield ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $50.00 | 0.56 | (1.92) | (1.36) | (0.41) | 0.01 | $48.24 | (2.73)% | 0.45%(5) | 4.03%(5) | 4% | $43,416 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)November 16, 2021 (fund inception) through February 28, 2022 (unaudited).
(5)Annualized.
See Notes to Financial Statements.
Approval of Management and Subadvisory Agreements |
American Century Select High Yield ETF
At a meeting held on August 13, 2021, the Funds’ Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the American Century Select High Yield ETF (the "New Fund"). Under Section 15(c) of the Investment Company Act, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent trustees and to be evaluated on an annual basis thereafter.
In advance of the Board’s consideration, the Advisor provided information concerning the New Fund. The materials circulated and the discussions held detailed the investment objective and strategy proposed to be utilized by the Advisor, the New Fund's characteristics and key attributes, the rationale for launching the New Fund, the experience of the staff designated to manage the New Fund, the proposed pricing, and the markets in which the New Fund would be sold. The information considered and the discussions held included, but were not limited to:
•the nature, extent, and quality of investment management and other services to be provided to the New Fund;
•the wide range of other programs and services the Advisor would provide to the New Fund and its shareholders on a routine and non-routine basis;
•the New Fund’s proposed investment objective and strategy, including a discussion of its anticipated investment performance and proposed benchmark;
•the cost of owning the New Fund compared to the cost of owning similar funds;
•the Advisor’s compliance policies, procedures, and regulatory experience; and
•any collateral benefits derived by the Advisor from the management of the New Fund.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of the New Fund were anticipated to be below the median of the total expense ratios of their respective peer universe.
When considering the approval of the management agreement for the New Fund, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Fund and the risk that the New Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. The Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the New Fund.
The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ counsel in connection with the approval, and evaluated such information for the New Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the overall arrangements between the New Fund and the Advisor, as provided in the management agreement, were fair and reasonable in light of the services to be provided and should be approved.
Approval of Subadvisory Agreement
The Advisor has retained Nomura Corporate Research and Asset Management Inc. (the "Subadvisor") to serve as subadvisor for the New Fund. The Subadvisor makes investment recommendations for the New Fund by delivering a model portfolio together with portfolio parameters to the Advisor. The Advisor has investment discretion to implement the model portfolio delivered by the Subadvisor.
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The Funds' Board of Trustees, in considering the approval of the subadvisory agreement (the “Subadvisory Agreement”) received detailed information regarding the Subadvisor and the experience of those designated to manage the New Fund. The Board also received a recommendation from the Advisor to approve the Subadvisor.The information considered and the discussions held with regard to the Subadvisor included, but were not limited to:
• the nature, extent, and quality of investment management services to be provided by the Subadvisor to the New Fund;
• the Subadvisor’s breadth of experience in managing its particular investment strategy and in managing investments generally;
• the expected composition and liquidity of the securities held in the New Fund;
• data comparing the performance of the Subadvisor’s proposed investment strategies employed in similar accounts to appropriate benchmarks; and
• the compliance policies, procedures, and regulatory experience of the Subadvisor, including management of other registered investment companies, if applicable.
The independent Trustees noted that the compensation paid to the Subadvisor would be paid by the Advisor out of the New Fund’s unified fee. They also noted that the terms of the Subadvisory Agreement was the result of arms’ length negotiations between the Advisor and the Subadvisor. The independent Trustees considered all of the information provided by the Advisor, the Subadvisor, and the independent Trustees’ counsel in connection with the approval, and concluded that they had sufficient information to evaluate the proposed agreement on behalf of the New Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. Based on all of the information considered, the independent Trustees concluded that the Subadvisory Agreement with the Subadvisor was fair and reasonable in light of the services to be provided and should be approved.
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Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
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Notes |
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Contact Us | americancenturyetfs.com | |||||||
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-ACI-ETFS | |||||||
Telecommunications Relay Service for the Deaf | 711 | |||||||
American Century ETF Trust | ||||||||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||||||||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||||||||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||||||||
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96947 2204 |
Semiannual Report | |||||
February 28, 2022 | |||||
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, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.
Escalating Volatility, Soaring Inflation Weighed on Returns
Upbeat economic data and continued central bank support generally buoyed global stock returns early in the period, even as inflation and government bond yields were climbing. However, bond returns broadly struggled as inflation and yields climbed higher.
In November, the emergence of the omicron coronavirus variant rattled global financial markets. The downturn was short-lived, though, as omicron proved to be less severe than other variants. Stocks resumed their upward march until early 2022, when worries about inflation, central bank policy and Russia’s invasion of Ukraine sparked sharp volatility.
Throughout the period, steady economic gains combined with ongoing monetary support, escalating energy prices and considerable supply chain disruptions ignited inflation. By February, year-over-year headline inflation in the U.S. reached 7.9%, a 40-year high, while European inflation rose to a record 5.8%. In the U.S., this backdrop set the stage for Federal Reserve (Fed) tightening, including the Fed’s first rate hike in more than three years.
Most asset classes, including broad stock and bond indices, declined for the six-month period. U.S. stocks generally fared better than non-U.S. stocks, and the value style significantly outperformed the growth style. U.S. and global bond returns declined as yields rose.
Staying Focused in Uncertain Times
Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. Even before the West imposed sanctions on Russia, our firm had started reducing exposure to Russian markets. After the sanctions, our direct exposure to Russian assets was less than $5 million, or 0.001% of total assets under supervision (as of March 7). We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet prevailing challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Focused Dynamic Growth ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Short-Term Investments | 0.3% | ||||
Other Assets and Liabilities | —* | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Industries | % of net assets | ||||
IT Services | 15.5% | ||||
Software | 11.6% | ||||
Interactive Media and Services | 10.9% | ||||
Automobiles | 8.9% | ||||
Internet and Direct Marketing Retail | 8.8% |
3
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Focused Large Cap Value ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 98.7% | ||||
Short-Term Investments | 1.0% | ||||
Other Assets and Liabilities | 0.3% | ||||
Top Five Industries | % of net assets | ||||
Insurance | 11.0% | ||||
Health Care Equipment and Supplies | 9.5% | ||||
Pharmaceuticals | 9.1% | ||||
Oil, Gas and Consumable Fuels | 5.6% | ||||
Banks | 5.4% |
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, 2021 to February 28, 2022.
Actual Expenses
The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/21 | Ending Account Value 2/28/22 | Expenses Paid During Period(1) 9/1/21 - 2/28/22 | Annualized Expense Ratio(1) | |||||||||||
Focused Dynamic Growth ETF | ||||||||||||||
Actual | $1,000 | $795.90 | $2.00 | 0.45% | ||||||||||
Hypothetical | $1,000 | $1,022.56 | $2.26 | 0.45% | ||||||||||
Focused Large Cap Value ETF | ||||||||||||||
Actual | $1,000 | $999.90 | $2.08 | 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, 2022 (UNAUDITED)
Focused Dynamic Growth ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Aerospace and Defense — 0.8% | ||||||||
Rocket Lab USA, Inc.(1) | 131,178 | $ | 1,251,438 | |||||
Automobiles — 8.9% | ||||||||
Tesla, Inc.(1) | 16,920 | 14,727,676 | ||||||
Beverages — 5.9% | ||||||||
Boston Beer Co., Inc. (The), Class A(1) | 5,758 | 2,207,963 | ||||||
Constellation Brands, Inc., Class A | 34,622 | 7,465,195 | ||||||
9,673,158 | ||||||||
Biotechnology — 7.2% | ||||||||
Alnylam Pharmaceuticals, Inc.(1) | 18,382 | 2,901,599 | ||||||
Argenx SE, ADR(1) | 6,621 | 1,904,928 | ||||||
Ascendis Pharma A/S, ADR(1) | 11,116 | 1,249,327 | ||||||
Blueprint Medicines Corp.(1) | 23,394 | 1,416,507 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 7,071 | 4,372,423 | ||||||
11,844,784 | ||||||||
Capital Markets — 4.6% | ||||||||
Intercontinental Exchange, Inc. | 26,243 | 3,362,253 | ||||||
S&P Global, Inc. | 11,018 | 4,139,463 | ||||||
7,501,716 | ||||||||
Diversified Consumer Services — 0.5% | ||||||||
Chegg, Inc.(1) | 28,512 | 891,570 | ||||||
Electrical Equipment — 2.0% | ||||||||
Rockwell Automation, Inc. | 12,358 | 3,294,396 | ||||||
Electronic Equipment, Instruments and Components — 1.8% | ||||||||
Cognex Corp. | 44,830 | 3,028,715 | ||||||
Energy Equipment and Services — 1.9% | ||||||||
Cactus, Inc., Class A | 60,719 | 3,076,024 | ||||||
Entertainment — 3.3% | ||||||||
Netflix, Inc.(1) | 10,375 | 4,093,145 | ||||||
ROBLOX Corp., Class A(1) | 26,104 | 1,346,183 | ||||||
5,439,328 | ||||||||
Health Care Equipment and Supplies — 4.0% | ||||||||
Intuitive Surgical, Inc.(1) | 20,509 | 5,954,378 | ||||||
Silk Road Medical, Inc.(1) | 19,374 | 719,357 | ||||||
6,673,735 | ||||||||
Hotels, Restaurants and Leisure — 1.8% | ||||||||
Chipotle Mexican Grill, Inc.(1) | 1,900 | 2,894,365 | ||||||
Interactive Media and Services — 10.9% | ||||||||
Alphabet, Inc., Class C(1) | 4,640 | 12,517,885 | ||||||
Meta Platforms, Inc., Class A(1) | 21,560 | 4,549,807 | ||||||
Nextdoor Holdings, Inc.(1) | 152,298 | 954,908 | ||||||
18,022,600 | ||||||||
Internet and Direct Marketing Retail — 8.8% | ||||||||
Amazon.com, Inc.(1) | 4,723 | 14,505,561 | ||||||
IT Services — 15.5% | ||||||||
Block, Inc.(1) | 33,568 | 4,279,920 |
6
Focused Dynamic Growth ETF | ||||||||
Shares | Value | |||||||
Mastercard, Inc., Class A | 17,778 | $ | 6,414,658 | |||||
Okta, Inc.(1) | 41,662 | 7,617,480 | ||||||
Visa, Inc., Class A | 33,121 | 7,158,111 | ||||||
25,470,169 | ||||||||
Machinery — 3.5% | ||||||||
Westinghouse Air Brake Technologies Corp. | 62,515 | 5,802,642 | ||||||
Professional Services — 0.4% | ||||||||
Verisk Analytics, Inc. | 3,828 | 678,857 | ||||||
Semiconductors and Semiconductor Equipment — 4.6% | ||||||||
Monolithic Power Systems, Inc. | 13,716 | 6,291,529 | ||||||
NVIDIA Corp. | 5,084 | 1,239,734 | ||||||
7,531,263 | ||||||||
Software — 11.6% | ||||||||
Bill.com Holdings, Inc.(1) | 30,734 | 7,311,004 | ||||||
DocuSign, Inc.(1) | 34,949 | 4,139,010 | ||||||
Paylocity Holding Corp.(1) | 20,775 | 4,413,441 | ||||||
salesforce.com, Inc.(1) | 15,858 | 3,338,585 | ||||||
19,202,040 | ||||||||
Textiles, Apparel and Luxury Goods — 1.7% | ||||||||
NIKE, Inc., Class B | 20,835 | 2,845,019 | ||||||
TOTAL COMMON STOCKS (Cost $151,051,404) | 164,355,056 | |||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Funds — 0.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 469,757 | 469,757 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $469,757) | 469,757 | |||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $151,521,161) | 164,824,813 | |||||||
OTHER ASSETS AND LIABILITIES† | (9,110) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 164,815,703 |
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, 2022 (UNAUDITED)
Focused Large Cap Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 98.7% | ||||||||
Aerospace and Defense — 2.1% | ||||||||
Raytheon Technologies Corp. | 47,087 | $ | 4,835,835 | |||||
Airlines — 1.0% | ||||||||
Southwest Airlines Co.(1) | 53,308 | 2,334,891 | ||||||
Banks — 5.4% | ||||||||
JPMorgan Chase & Co. | 53,630 | 7,604,734 | ||||||
Truist Financial Corp. | 74,680 | 4,646,590 | ||||||
12,251,324 | ||||||||
Beverages — 1.5% | ||||||||
PepsiCo, Inc. | 21,029 | 3,443,288 | ||||||
Capital Markets — 3.2% | ||||||||
Bank of New York Mellon Corp. (The) | 135,373 | 7,195,075 | ||||||
Commercial Services and Supplies — 1.8% | ||||||||
Republic Services, Inc. | 35,050 | 4,215,814 | ||||||
Communications Equipment — 4.5% | ||||||||
Cisco Systems, Inc. | 143,797 | 8,019,558 | ||||||
F5, Inc.(1) | 11,068 | 2,223,008 | ||||||
10,242,566 | ||||||||
Containers and Packaging — 1.1% | ||||||||
Sonoco Products Co. | 43,137 | 2,533,005 | ||||||
Diversified Financial Services — 4.8% | ||||||||
Berkshire Hathaway, Inc., Class B(1) | 34,312 | 11,029,592 | ||||||
Diversified Telecommunication Services — 3.5% | ||||||||
Verizon Communications, Inc. | 148,704 | 7,980,944 | ||||||
Electric Utilities — 3.0% | ||||||||
Duke Energy Corp. | 32,547 | 3,268,044 | ||||||
Pinnacle West Capital Corp. | 48,823 | 3,458,133 | ||||||
6,726,177 | ||||||||
Electrical Equipment — 5.2% | ||||||||
ABB Ltd., ADR | 115,753 | 3,898,561 | ||||||
Emerson Electric Co. | 63,762 | 5,924,765 | ||||||
Hubbell, Inc. | 11,324 | 2,018,503 | ||||||
11,841,829 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 1.0% | ||||||||
American Tower Corp. | 10,327 | 2,342,886 | ||||||
Food and Staples Retailing — 2.5% | ||||||||
Sysco Corp. | 32,380 | 2,820,298 | ||||||
Walmart, Inc. | 21,257 | 2,873,096 | ||||||
5,693,394 | ||||||||
Food Products — 3.9% | ||||||||
Conagra Brands, Inc. | 121,128 | 4,235,846 | ||||||
Mondelez International, Inc., Class A | 70,833 | 4,638,145 | ||||||
8,873,991 | ||||||||
Gas Utilities — 3.0% | ||||||||
Atmos Energy Corp. | 62,739 | 6,889,370 | ||||||
Health Care Equipment and Supplies — 9.5% | ||||||||
Becton Dickinson and Co. | 19,555 | 5,304,881 | ||||||
Medtronic plc | 96,069 | 10,086,284 | ||||||
Zimmer Biomet Holdings, Inc. | 48,791 | 6,205,727 | ||||||
21,596,892 |
8
Focused Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Health Care Providers and Services — 3.6% | ||||||||
Henry Schein, Inc.(1) | 28,171 | $ | 2,433,411 | |||||
Humana, Inc. | 4,227 | 1,835,871 | ||||||
UnitedHealth Group, Inc. | 8,045 | 3,828,374 | ||||||
8,097,656 | ||||||||
Health Care Technology — 3.0% | ||||||||
Cerner Corp. | 74,179 | 6,917,192 | ||||||
Household Products — 2.0% | ||||||||
Colgate-Palmolive Co. | 29,735 | 2,288,108 | ||||||
Kimberly-Clark Corp. | 17,283 | 2,249,383 | ||||||
4,537,491 | ||||||||
Industrial Conglomerates — 0.5% | ||||||||
Honeywell International, Inc. | 5,674 | 1,076,642 | ||||||
Insurance — 11.0% | ||||||||
Aflac, Inc. | 63,257 | 3,864,370 | ||||||
Allstate Corp. (The) | 43,366 | 5,306,264 | ||||||
Chubb Ltd. | 26,286 | 5,352,881 | ||||||
Marsh & McLennan Cos., Inc. | 38,479 | 5,980,021 | ||||||
Reinsurance Group of America, Inc. | 40,908 | 4,535,061 | ||||||
25,038,597 | ||||||||
Oil, Gas and Consumable Fuels — 5.6% | ||||||||
Chevron Corp. | 45,415 | 6,539,760 | ||||||
TotalEnergies SE, ADR | 125,270 | 6,329,893 | ||||||
12,869,653 | ||||||||
Personal Products — 3.6% | ||||||||
Unilever plc, ADR | 163,924 | 8,240,459 | ||||||
Pharmaceuticals — 9.1% | ||||||||
Johnson & Johnson | 73,831 | 12,150,368 | ||||||
Merck & Co., Inc. | 55,354 | 4,239,009 | ||||||
Novartis AG, ADR | 48,907 | 4,277,406 | ||||||
20,666,783 | ||||||||
Semiconductors and Semiconductor Equipment — 1.4% | ||||||||
Texas Instruments, Inc. | 18,425 | 3,132,066 | ||||||
Software — 1.9% | ||||||||
Open Text Corp. | 60,451 | 2,629,619 | ||||||
Oracle Corp. (New York) | 22,460 | 1,706,286 | ||||||
4,335,905 | ||||||||
TOTAL COMMON STOCKS (Cost $198,044,801) | 224,939,317 | |||||||
SHORT-TERM INVESTMENTS — 1.0% | ||||||||
Money Market Funds — 1.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 2,258,067 | 2,258,067 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,258,067) | 2,258,067 | |||||||
TOTAL INVESTMENT SECURITIES — 99.7% (Cost $200,302,868) | 227,197,384 | |||||||
OTHER ASSETS AND LIABILITIES — 0.3% | 606,704 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 227,804,088 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt |
(1)Non-income producing.
See Notes to Financial Statements.
9
Statements of Assets and Liabilities |
FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Focused Dynamic Growth ETF | Focused Large Cap Value ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $151,521,161 and $200,302,868, respectively) | $ | 164,824,813 | $ | 227,197,384 | ||||
Dividends and interest receivable | 49,439 | 680,494 | ||||||
164,874,252 | 227,877,878 | |||||||
Liabilities | ||||||||
Accrued management fees | 58,549 | 73,790 | ||||||
Net Assets | $ | 164,815,703 | $ | 227,804,088 | ||||
Shares outstanding (unlimited number of shares authorized) | 2,385,000 | 3,785,000 | ||||||
Net Asset Value Per Share | $ | 69.11 | $ | 60.19 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 144,105,664 | $ | 187,676,312 | ||||
Distributable earnings | 20,710,039 | 40,127,776 | ||||||
$ | 164,815,703 | $ | 227,804,088 |
See Notes to Financial Statements.
10
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Focused Dynamic Growth ETF | Focused Large Cap Value ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $— and $46,214, respectively) | $ | 219,825 | $ | 2,711,509 | ||||
Interest | 117 | 285 | ||||||
219,942 | 2,711,794 | |||||||
Expenses: | ||||||||
Management fees | 458,256 | 497,598 | ||||||
Net investment income (loss) | (238,314) | 2,214,196 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on investment transactions (Note 4) | 8,123,956 | 12,468,450 | ||||||
Change in net unrealized appreciation (depreciation) on investments | (53,733,214) | (15,098,199) | ||||||
Net realized and unrealized gain (loss) | (45,609,258) | (2,629,749) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (45,847,572) | $ | (415,553) |
See Notes to Financial Statements.
11
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 | ||||||||||||||
Focused Dynamic Growth ETF | Focused Large Cap Value ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021 | February 28, 2022 | August 31, 2021 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | (238,314) | $ | (370,443) | $ | 2,214,196 | $ | 3,728,184 | ||||||
Net realized gain (loss) | 8,123,956 | 27,904,615 | 12,468,450 | 5,086,205 | ||||||||||
Change in net unrealized appreciation (depreciation) | (53,733,214) | 23,407,498 | (15,098,199) | 37,043,077 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (45,847,572) | 50,941,670 | (415,553) | 45,857,466 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | — | (21,840) | (7,456,146) | (2,991,009) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 17,067,918 | 59,816,448 | 15,004,854 | 138,524,192 | ||||||||||
Payments for shares redeemed | (37,791,294) | (88,569,594) | (43,453,409) | — | ||||||||||
Other capital | 1,646 | 4,916 | 896 | 9,570 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | (20,721,730) | (28,748,230) | (28,447,659) | 138,533,762 | ||||||||||
Net increase (decrease) in net assets | (66,569,302) | 22,171,600 | (36,319,358) | 181,400,219 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 231,385,005 | 209,213,405 | 264,123,446 | 82,723,227 | ||||||||||
End of period | $ | 164,815,703 | $ | 231,385,005 | $ | 227,804,088 | $ | 264,123,446 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 200,000 | 780,000 | 250,000 | 2,560,000 | ||||||||||
Redeemed | (480,000) | (1,190,000) | (715,000) | — | ||||||||||
Net increase (decrease) in shares of the funds | (280,000) | (410,000) | (465,000) | 2,560,000 |
See Notes to Financial Statements.
12
Notes to Financial Statements |
FEBRUARY 28, 2022 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century 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. Each fund's investment objective is to seek long-term capital growth. Shares of each fund are listed for trading on the Cboe BZX Exchange, 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.
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.
13
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. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
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, 41% and 35% 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% |
14
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended February 28, 2022 were as follows:
Focused Dynamic Growth ETF | Focused Large Cap Value ETF | |||||||
Purchases | $53,314,870 | $26,997,650 | ||||||
Sales | $41,728,698 | $20,185,054 |
Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2022 were as follows:
In kind Subscriptions | In kind Redemptions | In kind Net Realized Gain/(Loss)* | |||||||||
Focused Dynamic Growth ETF | $5,916,703 | $36,749,748 | $11,615,677 | ||||||||
Focused Large Cap Value ETF | $1,486,887 | $42,542,926 | $9,901,907 |
*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 other capital within the Statements of Changes in Net Assets.
6. Fair Value Measurements
The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
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.
15
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, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing 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:
Focused Dynamic Growth ETF | Focused Large Cap Value ETF | |||||||
Federal tax cost of investments | $ | 151,939,598 | $ | 200,385,918 | ||||
Gross tax appreciation of investments | $ | 26,440,564 | $ | 30,506,923 | ||||
Gross tax depreciation of investments | (13,555,349) | (3,695,457) | ||||||
Net tax appreciation (depreciation) of investments | $ | 12,885,215 | $ | 26,811,466 |
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, 2021, Focused Dynamic Growth ETF had late-year ordinary loss deferrals of $(342,022), 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.
16
Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investments Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Focused Dynamic Growth ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $86.82 | (0.09) | (17.62) | (17.71) | — | 0.00(5) | $69.11 | (20.41)% | 0.45%(6) | (0.23)%(6) | 21% | $164,816 | ||||||||||||||||||||||||||
2021 | $68.04 | (0.13) | 18.92 | 18.79 | (0.01) | 0.00(5) | $86.82 | 27.61% | 0.45% | (0.17)% | 28% | $231,385 | ||||||||||||||||||||||||||
2020(7) | $40.00 | (0.04) | 28.07 | 28.03 | — | 0.01 | $68.04 | 70.11% | 0.45%(6) | (0.16)%(6) | 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, 2022 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)March 31, 2020 (fund inception) through August 31, 2020.
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: | Distributions From: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investments Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Net Investment Income | Net Realized Gains | Total Distributions | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||||
Focused Large Cap Value ETF | ||||||||||||||||||||||||||||||||||||||||||||
2022(4) | $62.15 | 0.56 | (0.57) | (0.01) | (0.61) | (1.34) | (1.95) | 0.00(5) | $60.19 | (0.01)% | 0.42%(6) | 1.87%(6) | 9% | $227,804 | ||||||||||||||||||||||||||||||
2021 | $48.95 | 1.14 | 13.01 | 14.15 | (0.95) | — | (0.95) | 0.00(5) | $62.15 | 29.19% | 0.42% | 2.00% | 36% | $264,123 | ||||||||||||||||||||||||||||||
2020(7) | $40.00 | 0.41 | 8.59 | 9.00 | (0.06) | — | (0.06) | 0.01 | $48.95 | 22.53% | 0.42%(6) | 2.10%(6) | 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, 2022 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)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 their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
19
Notes | ||||||||||||||
20
Contact Us | americancenturyetfs.com | |||||||
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-ACI-ETFS | |||||||
Telecommunications Relay Service for the Deaf | 711 | |||||||
American Century ETF Trust | ||||||||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||||||||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||||||||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||||||||
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96953 2204 |
Semiannual Report | |||||
February 28, 2022 | |||||
American Century® Mid Cap Growth Impact ETF (MID) | |||||
American Century® Sustainable Equity ETF (ESGA) | |||||
American Century® Sustainable Growth ETF (ESGY) |
Table of Contents |
President’s Letter | |||||
Mid Cap Growth Impact ETF | |||||
Fund Characteristics | |||||
Sustainable Equity ETF | |||||
Fund Characteristics | |||||
Sustainable Growth 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, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.
Escalating Volatility, Soaring Inflation Weighed on Returns
Upbeat economic data and continued central bank support generally buoyed global stock returns early in the period, even as inflation and government bond yields were climbing. However, bond returns broadly struggled as inflation and yields climbed higher.
In November, the emergence of the omicron coronavirus variant rattled global financial markets. The downturn was short-lived, though, as omicron proved to be less severe than other variants. Stocks resumed their upward march until early 2022, when worries about inflation, central bank policy and Russia’s invasion of Ukraine sparked sharp volatility.
Throughout the period, steady economic gains combined with ongoing monetary support, escalating energy prices and considerable supply chain disruptions ignited inflation. By February, year-over-year headline inflation in the U.S. reached 7.9%, a 40-year high, while European inflation rose to a record 5.8%. In the U.S., this backdrop set the stage for Federal Reserve (Fed) tightening, including the Fed’s first rate hike in more than three years.
Most asset classes, including broad stock and bond indices, declined for the six-month period. U.S. stocks generally fared better than non-U.S. stocks, and the value style significantly outperformed the growth style. U.S. and global bond returns declined as yields rose.
Staying Focused in Uncertain Times
Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. Even before the West imposed sanctions on Russia, our firm had started reducing exposure to Russian markets. After the sanctions, our direct exposure to Russian assets was less than $5 million, or 0.001% of total assets under supervision (as of March 7). We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet prevailing challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Mid Cap Growth Impact ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 98.2% | ||||
Short-Term Investments | 2.0% | ||||
Other Assets and Liabilities | (0.2)% | ||||
Top Five Industries | % of net assets | ||||
Software | 19.6% | ||||
Semiconductors and Semiconductor Equipment | 9.4% | ||||
Biotechnology | 8.5% | ||||
Chemicals | 8.2% | ||||
IT Services | 7.5% |
3
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Sustainable Equity ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.6% | ||||
Short-Term Investments | 0.3% | ||||
Other Assets and Liabilities | 0.1% | ||||
Top Five Industries | % of net assets | ||||
Software | 10.1% | ||||
Semiconductors and Semiconductor Equipment | 5.7% | ||||
Interactive Media and Services | 5.6% | ||||
Technology Hardware, Storage and Peripherals | 4.7% | ||||
Banks | 4.7% |
4
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Sustainable Growth ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Short-Term Investments | 0.2% | ||||
Other Assets and Liabilities | 0.1% | ||||
Top Five Industries | % of net assets | ||||
Software | 22.5% | ||||
Technology Hardware, Storage and Peripherals | 9.5% | ||||
Semiconductors and Semiconductor Equipment | 8.3% | ||||
Interactive Media and Services | 7.8% | ||||
IT Services | 7.2% |
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, 2021 to February 28, 2022.
Actual Expenses
The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/21 | Ending Account Value 2/28/22 | Expenses Paid During Period(1) 9/1/21 - 2/28/22 | Annualized Expense Ratio(1) | |||||||||||
Mid Cap Growth Impact ETF | ||||||||||||||
Actual | $1,000 | $800.40 | $2.01 | 0.45% | ||||||||||
Hypothetical | $1,000 | $1,022.56 | $2.26 | 0.45% | ||||||||||
Sustainable Equity ETF | ||||||||||||||
Actual | $1,000 | $959.00 | $1.89 | 0.39% | ||||||||||
Hypothetical | $1,000 | $1,022.86 | $1.96 | 0.39% | ||||||||||
Sustainable Growth ETF | ||||||||||||||
Actual | $1,000 | $930.90 | $1.87 | 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.
6
Schedules of Investments |
FEBRUARY 28, 2022 (UNAUDITED)
Mid Cap Growth Impact ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 98.2% | ||||||||
Auto Components — 4.4% | ||||||||
Aptiv plc(1) | 8,074 | $ | 1,045,098 | |||||
Biotechnology — 8.5% | ||||||||
Alnylam Pharmaceuticals, Inc.(1) | 4,129 | 651,763 | ||||||
Horizon Therapeutics plc(1) | 5,849 | 533,253 | ||||||
Natera, Inc.(1) | 5,573 | 366,425 | ||||||
Sarepta Therapeutics, Inc.(1) | 5,758 | 441,120 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 162 | 37,263 | ||||||
2,029,824 | ||||||||
Building Products — 6.0% | ||||||||
Trane Technologies plc | 5,818 | 895,565 | ||||||
Zurn Water Solutions Corp. | 16,580 | 539,181 | ||||||
1,434,746 | ||||||||
Capital Markets — 3.6% | ||||||||
MSCI, Inc. | 1,747 | 876,453 | ||||||
Chemicals — 8.2% | ||||||||
Albemarle Corp. | 4,705 | 921,662 | ||||||
Element Solutions, Inc. | 42,405 | 1,042,315 | ||||||
1,963,977 | ||||||||
Containers and Packaging — 3.1% | ||||||||
Ball Corp. | 8,186 | 734,612 | ||||||
Electrical Equipment — 3.4% | ||||||||
Generac Holdings, Inc.(1) | 1,963 | 619,268 | ||||||
Plug Power, Inc.(1) | 7,917 | 200,221 | ||||||
819,489 | ||||||||
Electronic Equipment, Instruments and Components — 4.5% | ||||||||
Keysight Technologies, Inc.(1) | 6,849 | 1,077,827 | ||||||
Health Care Equipment and Supplies — 3.5% | ||||||||
DexCom, Inc.(1) | 2,031 | 840,651 | ||||||
Health Care Technology — 3.4% | ||||||||
Veeva Systems, Inc., Class A(1) | 3,565 | 816,563 | ||||||
Hotels, Restaurants and Leisure — 4.7% | ||||||||
Chipotle Mexican Grill, Inc.(1) | 749 | 1,140,989 | ||||||
IT Services — 7.5% | ||||||||
Block, Inc.(1) | 6,535 | 833,213 | ||||||
Twilio, Inc., Class A(1) | 5,543 | 968,916 | ||||||
1,802,129 | ||||||||
Life Sciences Tools and Services — 3.4% | ||||||||
Bio-Techne Corp. | 1,923 | 806,525 | ||||||
Professional Services — 3.2% | ||||||||
Jacobs Engineering Group, Inc. | 6,169 | 758,787 | ||||||
Road and Rail — 1.8% | ||||||||
Lyft, Inc., Class A(1) | 11,154 | 434,337 | ||||||
Semiconductors and Semiconductor Equipment — 9.4% | ||||||||
Enphase Energy, Inc.(1) | 6,742 | 1,123,891 |
7
Mid Cap Growth Impact ETF | ||||||||
Shares | Value | |||||||
Marvell Technology, Inc. | 16,680 | $ | 1,139,745 | |||||
2,263,636 | ||||||||
Software — 19.6% | ||||||||
Cadence Design Systems, Inc.(1) | 8,576 | 1,298,664 | ||||||
DocuSign, Inc.(1) | 5,320 | 630,048 | ||||||
Manhattan Associates, Inc.(1) | 6,277 | 839,109 | ||||||
Palo Alto Networks, Inc.(1) | 3,278 | 1,947,951 | ||||||
4,715,772 | ||||||||
TOTAL COMMON STOCKS (Cost $24,937,481) | 23,561,415 | |||||||
SHORT-TERM INVESTMENTS — 2.0% | ||||||||
Money Market Funds — 2.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 484,929 | 484,929 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $484,929) | 484,929 | |||||||
TOTAL INVESTMENT SECURITIES — 100.2% (Cost $25,422,410) | 24,046,344 | |||||||
OTHER ASSETS AND LIABILITIES — (0.2)% | (38,230) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 24,008,114 |
NOTES TO SCHEDULE OF INVESTMENTS |
(1)Non-income producing.
See Notes to Financial Statements.
8
FEBRUARY 28, 2022 (UNAUDITED)
Sustainable Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Aerospace and Defense — 1.1% | ||||||||
Lockheed Martin Corp. | 3,248 | $ | 1,408,982 | |||||
Air Freight and Logistics — 1.0% | ||||||||
United Parcel Service, Inc., Class B | 6,396 | 1,345,846 | ||||||
Auto Components — 0.9% | ||||||||
Aptiv plc(1) | 8,895 | 1,151,369 | ||||||
Automobiles — 2.0% | ||||||||
Rivian Automotive, Inc., Class A(1) | 4,041 | 273,010 | ||||||
Tesla, Inc.(1) | 2,715 | 2,363,217 | ||||||
2,636,227 | ||||||||
Banks — 4.7% | ||||||||
Bank of America Corp. | 46,462 | 2,053,620 | ||||||
JPMorgan Chase & Co. | 15,407 | 2,184,713 | ||||||
Regions Financial Corp. | 75,253 | 1,820,370 | ||||||
6,058,703 | ||||||||
Beverages — 1.5% | ||||||||
PepsiCo, Inc. | 11,843 | 1,939,173 | ||||||
Biotechnology — 0.7% | ||||||||
Amgen, Inc. | 2,619 | 593,151 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 1,264 | 290,745 | ||||||
883,896 | ||||||||
Building Products — 1.6% | ||||||||
Johnson Controls International plc | 22,633 | 1,470,240 | ||||||
Masco Corp. | 10,388 | 582,143 | ||||||
2,052,383 | ||||||||
Capital Markets — 4.5% | ||||||||
Ameriprise Financial, Inc. | 2,914 | 873,588 | ||||||
BlackRock, Inc. | 1,398 | 1,039,958 | ||||||
Intercontinental Exchange, Inc. | 4,689 | 600,755 | ||||||
Morgan Stanley | 22,465 | 2,038,474 | ||||||
S&P Global, Inc. | 3,537 | 1,328,804 | ||||||
5,881,579 | ||||||||
Chemicals — 2.4% | ||||||||
Air Products and Chemicals, Inc. | 2,078 | 491,031 | ||||||
Ecolab, Inc. | 2,934 | 517,147 | ||||||
Linde plc | 5,142 | 1,507,840 | ||||||
Sherwin-Williams Co. (The) | 2,243 | 590,201 | ||||||
3,106,219 | ||||||||
Communications Equipment — 1.3% | ||||||||
Cisco Systems, Inc. | 30,518 | 1,701,989 | ||||||
Consumer Finance — 1.1% | ||||||||
American Express Co. | 7,162 | 1,393,296 | ||||||
Containers and Packaging — 0.6% | ||||||||
Ball Corp. | 9,048 | 811,968 | ||||||
Diversified Telecommunication Services — 0.2% | ||||||||
Verizon Communications, Inc. | 5,181 | 278,064 | ||||||
Electric Utilities — 1.8% | ||||||||
NextEra Energy, Inc. | 30,411 | 2,380,269 |
9
Sustainable Equity ETF | ||||||||
Shares | Value | |||||||
Electrical Equipment — 1.4% | ||||||||
Eaton Corp. plc | 5,861 | $ | 904,294 | |||||
Generac Holdings, Inc.(1) | 479 | 151,110 | ||||||
Rockwell Automation, Inc. | 2,622 | 698,973 | ||||||
1,754,377 | ||||||||
Electronic Equipment, Instruments and Components — 2.0% | ||||||||
CDW Corp. | 5,748 | 991,300 | ||||||
Cognex Corp. | 7,205 | 486,770 | ||||||
Keysight Technologies, Inc.(1) | 6,809 | 1,071,532 | ||||||
2,549,602 | ||||||||
Energy Equipment and Services — 1.3% | ||||||||
Schlumberger NV | 43,791 | 1,718,359 | ||||||
Entertainment — 1.7% | ||||||||
Electronic Arts, Inc. | 3,977 | 517,368 | ||||||
Walt Disney Co. (The)(1) | 11,083 | 1,645,382 | ||||||
2,162,750 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 2.3% | ||||||||
Prologis, Inc. | 20,295 | 2,960,026 | ||||||
Food and Staples Retailing — 1.8% | ||||||||
Costco Wholesale Corp. | 1,569 | 814,703 | ||||||
Sysco Corp. | 17,382 | 1,513,972 | ||||||
2,328,675 | ||||||||
Food Products — 0.8% | ||||||||
Mondelez International, Inc., Class A | 14,963 | 979,777 | ||||||
Vital Farms, Inc.(1) | 4,806 | 68,486 | ||||||
1,048,263 | ||||||||
Health Care Equipment and Supplies — 1.9% | ||||||||
Edwards Lifesciences Corp.(1) | 11,466 | 1,288,434 | ||||||
Medtronic plc | 8,548 | 897,455 | ||||||
ResMed, Inc. | 1,086 | 267,970 | ||||||
2,453,859 | ||||||||
Health Care Providers and Services — 4.4% | ||||||||
Cigna Corp. | 6,759 | 1,607,155 | ||||||
CVS Health Corp. | 14,135 | 1,465,093 | ||||||
Humana, Inc. | 1,261 | 547,678 | ||||||
UnitedHealth Group, Inc. | 4,221 | 2,008,647 | ||||||
5,628,573 | ||||||||
Hotels, Restaurants and Leisure — 2.1% | ||||||||
Booking Holdings, Inc.(1) | 420 | 912,345 | ||||||
Chipotle Mexican Grill, Inc.(1) | 372 | 566,686 | ||||||
Expedia Group, Inc.(1) | 6,356 | 1,246,475 | ||||||
2,725,506 | ||||||||
Household Products — 1.6% | ||||||||
Colgate-Palmolive Co. | 6,983 | 537,342 | ||||||
Procter & Gamble Co. (The) | 9,796 | 1,527,098 | ||||||
2,064,440 | ||||||||
Industrial Conglomerates — 1.1% | ||||||||
Honeywell International, Inc. | 7,554 | 1,433,372 | ||||||
Insurance — 1.8% | ||||||||
Marsh & McLennan Cos., Inc. | 5,053 | 785,287 | ||||||
Prudential Financial, Inc. | 5,911 | 660,022 |
10
Sustainable Equity ETF | ||||||||
Shares | Value | |||||||
Travelers Cos., Inc. (The) | 4,837 | $ | 831,142 | |||||
2,276,451 | ||||||||
Interactive Media and Services — 5.6% | ||||||||
Alphabet, Inc., Class A(1) | 2,665 | 7,198,538 | ||||||
Internet and Direct Marketing Retail — 3.6% | ||||||||
Amazon.com, Inc.(1) | 1,517 | 4,659,101 | ||||||
IT Services — 4.6% | ||||||||
Accenture plc, Class A | 4,799 | 1,516,580 | ||||||
Mastercard, Inc., Class A | 4,827 | 1,741,678 | ||||||
PayPal Holdings, Inc.(1) | 7,756 | 868,129 | ||||||
Visa, Inc., Class A | 8,543 | 1,846,313 | ||||||
5,972,700 | ||||||||
Life Sciences Tools and Services — 1.9% | ||||||||
Agilent Technologies, Inc. | 9,031 | 1,177,281 | ||||||
Thermo Fisher Scientific, Inc. | 2,344 | 1,275,136 | ||||||
2,452,417 | ||||||||
Machinery — 2.4% | ||||||||
Cummins, Inc. | 4,351 | 888,126 | ||||||
Deere & Co. | 1,338 | 481,707 | ||||||
Parker-Hannifin Corp. | 3,915 | 1,160,367 | ||||||
Xylem, Inc. | 5,687 | 505,858 | ||||||
3,036,058 | ||||||||
Media — 0.5% | ||||||||
Comcast Corp., Class A | 13,927 | 651,227 | ||||||
Multiline Retail — 0.4% | ||||||||
Target Corp. | 2,740 | 547,370 | ||||||
Oil, Gas and Consumable Fuels — 1.7% | ||||||||
ConocoPhillips | 23,757 | 2,253,589 | ||||||
Personal Products — 0.4% | ||||||||
Estee Lauder Cos., Inc. (The), Class A | 1,923 | 569,843 | ||||||
Pharmaceuticals — 3.4% | ||||||||
Bristol-Myers Squibb Co. | 21,223 | 1,457,384 | ||||||
Merck & Co., Inc. | 13,257 | 1,015,221 | ||||||
Novo Nordisk A/S, ADR | 6,795 | 699,545 | ||||||
Zoetis, Inc. | 6,108 | 1,182,814 | ||||||
4,354,964 | ||||||||
Road and Rail — 1.1% | ||||||||
Norfolk Southern Corp. | 3,018 | 774,177 | ||||||
Union Pacific Corp. | 2,783 | 684,479 | ||||||
1,458,656 | ||||||||
Semiconductors and Semiconductor Equipment — 5.7% | ||||||||
Advanced Micro Devices, Inc.(1) | 6,963 | 858,816 | ||||||
Analog Devices, Inc. | 8,254 | 1,323,034 | ||||||
Applied Materials, Inc. | 9,047 | 1,214,107 | ||||||
ASML Holding NV, NY Shares | 1,701 | 1,133,734 | ||||||
NVIDIA Corp. | 11,847 | 2,888,891 | ||||||
7,418,582 | ||||||||
Software — 10.1% | ||||||||
Adobe, Inc.(1) | 2,097 | 980,725 | ||||||
Microsoft Corp. | 35,780 | 10,690,706 | ||||||
salesforce.com, Inc.(1) | 3,528 | 742,750 |
11
Sustainable Equity ETF | ||||||||
Shares | Value | |||||||
ServiceNow, Inc.(1) | 679 | $ | 393,766 | |||||
Workday, Inc., Class A(1) | 1,418 | 324,793 | ||||||
13,132,740 | ||||||||
Specialty Retail — 2.7% | ||||||||
Home Depot, Inc. (The) | 6,906 | 2,181,122 | ||||||
TJX Cos., Inc. (The) | 13,823 | 913,700 | ||||||
Tractor Supply Co. | 1,947 | 396,779 | ||||||
3,491,601 | ||||||||
Technology Hardware, Storage and Peripherals — 4.7% | ||||||||
Apple, Inc. | 37,036 | 6,115,384 | ||||||
Textiles, Apparel and Luxury Goods — 1.2% | ||||||||
Deckers Outdoor Corp.(1) | 1,208 | 348,677 | ||||||
NIKE, Inc., Class B | 8,694 | 1,187,166 | ||||||
1,535,843 | ||||||||
TOTAL COMMON STOCKS (Cost $110,013,415) | 128,982,829 | |||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Funds — 0.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 368,685 | 368,685 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $368,685) | 368,685 | |||||||
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $110,382,100) | 129,351,514 | |||||||
OTHER ASSETS AND LIABILITIES — 0.1% | 153,743 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 129,505,257 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt |
(1)Non-income producing.
See Notes to Financial Statements.
12
FEBRUARY 28, 2022 (UNAUDITED)
Sustainable Growth ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Air Freight and Logistics — 0.8% | ||||||||
United Parcel Service, Inc., Class B | 267 | $ | 56,182 | |||||
Auto Components — 1.1% | ||||||||
Aptiv plc(1) | 557 | 72,098 | ||||||
Automobiles — 3.8% | ||||||||
Rivian Automotive, Inc., Class A(1) | 228 | 15,404 | ||||||
Tesla, Inc.(1) | 279 | 242,850 | ||||||
258,254 | ||||||||
Beverages — 1.3% | ||||||||
Coca-Cola Co. (The) | 609 | 37,904 | ||||||
Keurig Dr Pepper, Inc. | 133 | 5,143 | ||||||
PepsiCo, Inc. | 268 | 43,883 | ||||||
86,930 | ||||||||
Biotechnology — 1.6% | ||||||||
Amgen, Inc. | 202 | 45,749 | ||||||
Moderna, Inc.(1) | 45 | 6,912 | ||||||
Novavax, Inc.(1) | 61 | 5,085 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 239 | 54,975 | ||||||
112,721 | ||||||||
Building Products — 2.2% | ||||||||
Johnson Controls International plc | 1,028 | 66,779 | ||||||
Masco Corp. | 1,204 | 67,472 | ||||||
Trex Co., Inc.(1) | 193 | 17,725 | ||||||
151,976 | ||||||||
Capital Markets — 1.4% | ||||||||
S&P Global, Inc. | 251 | 94,301 | ||||||
Chemicals — 1.1% | ||||||||
Linde plc | 248 | 72,724 | ||||||
Commercial Services and Supplies — 0.2% | ||||||||
Copart, Inc.(1) | 118 | 14,500 | ||||||
Distributors — 0.4% | ||||||||
Pool Corp. | 57 | 26,139 | ||||||
Electrical Equipment — 1.3% | ||||||||
Generac Holdings, Inc.(1) | 88 | 27,761 | ||||||
Rockwell Automation, Inc. | 220 | 58,648 | ||||||
86,409 | ||||||||
Electronic Equipment, Instruments and Components — 1.3% | ||||||||
CDW Corp. | 180 | 31,043 | ||||||
Cognex Corp. | 274 | 18,511 | ||||||
Keysight Technologies, Inc.(1) | 271 | 42,647 | ||||||
92,201 | ||||||||
Entertainment — 1.4% | ||||||||
Electronic Arts, Inc. | 266 | 34,604 | ||||||
Walt Disney Co. (The)(1) | 407 | 60,423 | ||||||
95,027 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 0.7% | ||||||||
Prologis, Inc. | 338 | 49,297 | ||||||
Food Products — 0.5% | ||||||||
Mondelez International, Inc., Class A | 512 | 33,526 |
13
Sustainable Growth ETF | ||||||||
Shares | Value | |||||||
Health Care Equipment and Supplies — 2.4% | ||||||||
Align Technology, Inc.(1) | 30 | $ | 15,344 | |||||
DexCom, Inc.(1) | 40 | 16,556 | ||||||
Edwards Lifesciences Corp.(1) | 551 | 61,916 | ||||||
IDEXX Laboratories, Inc.(1) | 78 | 41,523 | ||||||
Inari Medical, Inc.(1) | 44 | 3,871 | ||||||
Shockwave Medical, Inc.(1) | 81 | 14,356 | ||||||
Tandem Diabetes Care, Inc.(1) | 125 | 14,079 | ||||||
167,645 | ||||||||
Health Care Providers and Services — 2.6% | ||||||||
Cigna Corp. | 65 | 15,455 | ||||||
UnitedHealth Group, Inc. | 340 | 161,796 | ||||||
177,251 | ||||||||
Hotels, Restaurants and Leisure — 1.3% | ||||||||
Chipotle Mexican Grill, Inc.(1) | 22 | 33,514 | ||||||
Expedia Group, Inc.(1) | 272 | 53,342 | ||||||
86,856 | ||||||||
Household Products — 1.1% | ||||||||
Procter & Gamble Co. (The) | 495 | 77,166 | ||||||
Industrial Conglomerates — 0.3% | ||||||||
3M Co. | 118 | 17,541 | ||||||
Interactive Media and Services — 7.8% | ||||||||
Alphabet, Inc., Class A(1) | 179 | 483,504 | ||||||
Meta Platforms, Inc., Class A(1) | 235 | 49,592 | ||||||
533,096 | ||||||||
Internet and Direct Marketing Retail — 6.8% | ||||||||
Amazon.com, Inc.(1) | 139 | 426,905 | ||||||
eBay, Inc. | 487 | 26,586 | ||||||
Etsy, Inc.(1) | 52 | 8,054 | ||||||
461,545 | ||||||||
IT Services — 7.2% | ||||||||
Accenture plc, Class A | 164 | 51,827 | ||||||
Mastercard, Inc., Class A | 471 | 169,946 | ||||||
Okta, Inc.(1) | 111 | 20,295 | ||||||
PayPal Holdings, Inc.(1) | 748 | 83,724 | ||||||
Visa, Inc., Class A | 763 | 164,900 | ||||||
490,692 | ||||||||
Leisure Products — 0.2% | ||||||||
YETI Holdings, Inc.(1) | 212 | 13,051 | ||||||
Life Sciences Tools and Services — 2.0% | ||||||||
Agilent Technologies, Inc. | 338 | 44,062 | ||||||
Illumina, Inc.(1) | 114 | 37,232 | ||||||
Thermo Fisher Scientific, Inc. | 49 | 26,656 | ||||||
West Pharmaceutical Services, Inc. | 68 | 26,321 | ||||||
134,271 | ||||||||
Machinery — 1.6% | ||||||||
Deere & Co. | 306 | 110,166 | ||||||
Multiline Retail — 0.3% | ||||||||
Target Corp. | 103 | 20,576 | ||||||
Personal Products — 0.1% | ||||||||
Estee Lauder Cos., Inc. (The), Class A | 35 | 10,372 |
14
Sustainable Growth ETF | ||||||||
Shares | Value | |||||||
Pharmaceuticals — 2.2% | ||||||||
Novo Nordisk A/S, ADR | 987 | $ | 101,611 | |||||
Zoetis, Inc. | 269 | 52,092 | ||||||
153,703 | ||||||||
Road and Rail — 0.4% | ||||||||
Union Pacific Corp. | 104 | 25,579 | ||||||
Semiconductors and Semiconductor Equipment — 8.3% | ||||||||
Advanced Micro Devices, Inc.(1) | 801 | 98,795 | ||||||
Applied Materials, Inc. | 156 | 20,935 | ||||||
ASML Holding NV, NY Shares | 187 | 124,638 | ||||||
Lam Research Corp. | 103 | 57,819 | ||||||
NVIDIA Corp. | 1,087 | 265,065 | ||||||
567,252 | ||||||||
Software — 22.5% | ||||||||
Adobe, Inc.(1) | 384 | 179,589 | ||||||
Cadence Design Systems, Inc.(1) | 336 | 50,880 | ||||||
Crowdstrike Holdings, Inc., Class A(1) | 150 | 29,282 | ||||||
Datadog, Inc., Class A(1) | 160 | 25,778 | ||||||
DocuSign, Inc.(1) | 70 | 8,290 | ||||||
Fair Isaac Corp.(1) | 13 | 6,125 | ||||||
HubSpot, Inc.(1) | 23 | 12,075 | ||||||
Intuit, Inc. | 38 | 18,026 | ||||||
Microsoft Corp. | 3,135 | 936,707 | ||||||
PagerDuty, Inc.(1) | 576 | 19,480 | ||||||
salesforce.com, Inc.(1) | 268 | 56,422 | ||||||
ServiceNow, Inc.(1) | 164 | 95,107 | ||||||
Splunk, Inc.(1) | 73 | 8,621 | ||||||
Workday, Inc., Class A(1) | 170 | 38,939 | ||||||
Zendesk, Inc.(1) | 438 | 51,101 | ||||||
1,536,422 | ||||||||
Specialty Retail — 2.8% | ||||||||
Best Buy Co., Inc. | 28 | 2,706 | ||||||
Home Depot, Inc. (The) | 543 | 171,496 | ||||||
Ulta Beauty, Inc.(1) | 55 | 20,597 | ||||||
194,799 | ||||||||
Technology Hardware, Storage and Peripherals — 9.5% | ||||||||
Apple, Inc. | 3,915 | 646,445 | ||||||
Textiles, Apparel and Luxury Goods — 1.2% | ||||||||
Crocs, Inc.(1) | 229 | 19,174 | ||||||
NIKE, Inc., Class B | 464 | 63,359 | ||||||
82,533 | ||||||||
TOTAL COMMON STOCKS (Cost $6,933,063) | 6,809,246 | |||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
Money Market Funds — 0.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 13,904 | 13,904 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $13,904) | 13,904 | |||||||
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $6,946,967) | 6,823,150 | |||||||
OTHER ASSETS AND LIABILITIES — 0.1% | 4,630 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 6,827,780 |
15
Sustainable Growth ETF
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt |
(1)Non-income producing.
See Notes to Financial Statements.
16
Statements of Assets and Liabilities |
FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Mid Cap Growth Impact ETF | Sustainable Equity ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $25,422,410 and $110,382,100, respectively) | $ | 24,046,344 | $ | 129,351,514 | ||||
Receivable for investments sold | — | 29,592 | ||||||
Receivable for capital shares sold | — | 546,436 | ||||||
Dividends and interest receivable | 6,997 | 153,139 | ||||||
24,053,341 | 130,080,681 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 36,918 | 532,825 | ||||||
Accrued management fees | 8,309 | 42,599 | ||||||
45,227 | 575,424 | |||||||
Net Assets | $ | 24,008,114 | $ | 129,505,257 | ||||
Shares outstanding (unlimited number of shares authorized) | 495,000 | 2,370,000 | ||||||
Net Asset Value Per Share | $ | 48.50 | $ | 54.64 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 25,428,101 | $ | 101,344,714 | ||||
Distributable earnings | (1,419,987) | 28,160,543 | ||||||
$ | 24,008,114 | $ | 129,505,257 |
See Notes to Financial Statements.
17
FEBRUARY 28, 2022 (UNAUDITED) | |||||
Sustainable Growth ETF | |||||
Assets | |||||
Investment securities, at value (cost of $6,946,967) | $ | 6,823,150 | |||
Receivable for investments sold | 58,983 | ||||
Receivable for capital shares sold | 401,635 | ||||
Dividends receivable | 4,172 | ||||
7,287,940 | |||||
Liabilities | |||||
Payable for investments purchased | 458,208 | ||||
Accrued management fees | 1,952 | ||||
460,160 | |||||
Net Assets | $ | 6,827,780 | |||
Shares outstanding (unlimited number of shares authorized) | 170,000 | ||||
Net Asset Value Per Share | $ | 40.16 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 6,980,346 | |||
Distributable earnings | (152,566) | ||||
$ | 6,827,780 |
See Notes to Financial Statements.
18
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Mid Cap Growth Impact ETF | Sustainable Equity ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $— and $617, respectively) | $ | 30,240 | $ | 883,967 | ||||
Interest | 81 | 49 | ||||||
30,321 | 884,016 | |||||||
Expenses: | ||||||||
Management fees | 53,190 | 297,249 | ||||||
Net investment income (loss) | (22,869) | 586,767 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on investment transactions (Note 4) | 223,902 | 9,352,602 | ||||||
Change in net unrealized appreciation (depreciation) on investments | (5,846,877) | (15,802,042) | ||||||
Net realized and unrealized gain (loss) | (5,622,975) | (6,449,440) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (5,645,844) | $ | (5,862,673) |
See Notes to Financial Statements.
19
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | |||||
Sustainable Growth ETF | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $98) | $ | 16,753 | |||
Expenses: | |||||
Management fees | 12,566 | ||||
Net investment income (loss) | 4,187 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on investment transactions | (21,205) | ||||
Change in net unrealized appreciation (depreciation) on investments | (524,028) | ||||
Net realized and unrealized gain (loss) | (545,233) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (541,046) |
See Notes to Financial Statements.
20
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 | ||||||||||||||
Mid Cap Growth Impact ETF | Sustainable Equity ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021 | February 28, 2022 | August 31, 2021 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | (22,869) | $ | (23,635) | $ | 586,767 | $ | 1,130,539 | ||||||
Net realized gain (loss) | 223,902 | 184,057 | 9,352,602 | 5,728,347 | ||||||||||
Change in net unrealized appreciation (depreciation) | (5,846,877) | 3,888,428 | (15,802,042) | 28,182,166 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (5,645,844) | 4,048,850 | (5,862,673) | 35,041,052 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | — | — | (593,424) | (1,026,655) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 12,016,562 | 13,522,367 | 24,765,217 | 56,555,628 | ||||||||||
Payments for shares redeemed | (4,479,431) | (1,865,381) | (39,239,595) | (24,927,794) | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 7,537,131 | 11,656,986 | (14,474,378) | 31,627,834 | ||||||||||
Net increase (decrease) in net assets | 1,891,287 | 15,705,836 | (20,930,475) | 65,642,231 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 22,116,827 | 6,410,991 | 150,435,732 | 84,793,501 | ||||||||||
End of period | $ | 24,008,114 | $ | 22,116,827 | $ | 129,505,257 | $ | 150,435,732 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 210,000 | 250,000 | 430,000 | 1,170,000 | ||||||||||
Redeemed | (80,000) | (35,000) | (690,000) | (460,000) | ||||||||||
Net increase (decrease) in shares of the funds | 130,000 | 215,000 | (260,000) | 710,000 |
See Notes to Financial Statements.
21
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2021 | ||||||||
Sustainable Growth ETF | ||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021(1) | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 4,187 | $ | 1,272 | ||||
Net realized gain (loss) | (21,205) | (9,099) | ||||||
Change in net unrealized appreciation (depreciation) | (524,028) | 400,211 | ||||||
Net increase (decrease) in net assets resulting from operations | (541,046) | 392,384 | ||||||
Distributions to Shareholders | ||||||||
From earnings | (3,904) | — | ||||||
Capital Share Transactions | ||||||||
Proceeds from shares sold | 1,329,160 | 5,651,186 | ||||||
Net increase (decrease) in net assets | 784,210 | 6,043,570 | ||||||
Net Assets | ||||||||
Beginning of period | 6,043,570 | — | ||||||
End of period | $ | 6,827,780 | $ | 6,043,570 | ||||
Transactions in Shares of the Funds | ||||||||
Sold | 30,000 | 140,000 |
(1)June 29, 2021 (fund inception) through August 31, 2021.
See Notes to Financial Statements.
22
Notes to Financial Statements |
FEBRUARY 28, 2022 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century Mid Cap Growth Impact ETF (Mid Cap Growth Impact ETF), American Century Sustainable Equity ETF (Sustainable Equity ETF) and American Century Sustainable Growth ETF (Sustainable Growth ETF) (collectively, the funds) are three funds in a series issued by the trust. The investment objective for Mid Cap Growth Impact ETF and Sustainable Equity ETF is to seek long-term capital growth. Sustainable Growth ETF's investment objective is to seek capital appreciation. Shares of each fund are listed for trading on the NYSE Arca, Inc. Sustainable Growth ETF incepted on June 29, 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.
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.
23
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 24% and 74% of the shares of Mid Cap Growth Impact ETF and Sustainable Growth 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 | |||||
Mid Cap Growth Impact ETF | 0.45% | ||||
Sustainable Equity ETF | 0.39% | ||||
Sustainable Growth ETF | 0.39% |
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4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended February 28, 2022 were as follows:
Mid Cap Growth Impact ETF | Sustainable Equity ETF | Sustainable Growth ETF | |||||||||
Purchases | $3,431,560 | $15,556,541 | $893,041 | ||||||||
Sales | $3,094,482 | $14,206,674 | $862,474 |
Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2022 were as follows:
In kind Subscriptions | In kind Redemptions | In kind Net Realized Gain/(Loss)* | |||||||||
Mid Cap Growth Impact ETF | $11,529,953 | $4,313,804 | $1,259,880 | ||||||||
Sustainable Equity ETF | $21,192,831 | $37,070,275 | $10,200,565 | ||||||||
Sustainable Growth ETF | $1,293,010 | — | — |
*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 other capital within the Statements of Changes in Net Assets.
6. Fair Value Measurements
The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
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.
25
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, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
8. Federal Tax Information
The 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:
Mid Cap Growth Impact ETF | Sustainable Equity ETF | Sustainable Growth ETF | |||||||||
Federal tax cost of investments | $ | 25,456,257 | $ | 110,502,763 | $ | 6,947,999 | |||||
Gross tax appreciation of investments | $ | 1,174,824 | $ | 21,512,144 | $ | 331,716 | |||||
Gross tax depreciation of investments | (2,584,737) | (2,663,393) | (456,565) | ||||||||
Net tax appreciation (depreciation) of investments | $ | (1,409,913) | $ | 18,848,751 | $ | (124,849) |
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, 2021, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows:
Short-term capital losses | Long-term capital losses | |||||||
Mid Cap Growth Impact ETF | $(196,308) | — | ||||||
Sustainable Equity ETF | $(302,472) | $(4,166) | ||||||
Sustainable Growth ETF | $(9,098) | — |
As of August 31, 2021, Mid Cap Growth Impact ETF had late-year ordinary loss deferrals of $(20,159) 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.
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Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | ||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | 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 | ||||||||||||||||||||||||||||||||
2022(4) | $60.59 | (0.05) | (12.04) | (12.09) | $48.50 | (19.96)% | 0.45%(5) | (0.19)%(5) | 13% | $24,008 | ||||||||||||||||||||||
2021 | $42.74 | (0.11) | 17.96 | 17.85 | $60.59 | 41.78% | 0.45% | (0.20)% | 48% | $22,117 | ||||||||||||||||||||||
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, 2022 (unaudited).
(5)Annualized.
(6)July 13, 2020 (fund inception) through August 31, 2020.
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) | |||||||||||||||||||||||||
Sustainable Equity ETF | |||||||||||||||||||||||||||||||||||
2022(4) | $57.20 | 0.22 | (2.56) | (2.34) | (0.22) | $54.64 | (4.10)% | 0.39%(5) | 0.77%(5) | 9% | $129,505 | ||||||||||||||||||||||||
2021 | $44.16 | 0.45 | 13.01 | 13.46 | (0.42) | $57.20 | 30.65% | 0.39% | 0.91% | 22% | $150,436 | ||||||||||||||||||||||||
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, 2022 (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 Growth ETF | |||||||||||||||||||||||||||||||||||
2022(4) | $43.17 | 0.03 | (3.01) | (2.98) | (0.03) | $40.16 | (6.91)% | 0.39%(5) | 0.13%(5) | 13% | $6,828 | ||||||||||||||||||||||||
2021(6) | $40.15 | 0.01 | 3.01 | 3.02 | — | $43.17 | 7.52% | 0.39%(5) | 0.14%(5) | 4% | $6,044 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Annualized.
(6)June 29, 2021 (fund inception) through August 31, 2021.
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
30
Notes |
31
Notes |
32
Contact Us | americancenturyetfs.com | |||||||
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-ACI-ETFS | |||||||
Telecommunications Relay Service for the Deaf | 711 | |||||||
American Century ETF Trust | ||||||||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||||||||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||||||||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||||||||
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96951 2204 |
Semiannual Report | |||||
February 28, 2022 | |||||
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 | |||||
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, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.
Escalating Volatility, Soaring Inflation Weighed on Returns
Upbeat economic data and continued central bank support generally buoyed global stock returns early in the period, even as inflation and government bond yields were climbing. However, bond returns broadly struggled as inflation and yields climbed higher.
In November, the emergence of the omicron coronavirus variant rattled global financial markets. The downturn was short-lived, though, as omicron proved to be less severe than other variants. Stocks resumed their upward march until early 2022, when worries about inflation, central bank policy and Russia’s invasion of Ukraine sparked sharp volatility.
Throughout the period, steady economic gains combined with ongoing monetary support, escalating energy prices and considerable supply chain disruptions ignited inflation. By February, year-over-year headline inflation in the U.S. reached 7.9%, a 40-year high, while European inflation rose to a record 5.8%. In the U.S., this backdrop set the stage for Federal Reserve (Fed) tightening, including the Fed’s first rate hike in more than three years.
Most asset classes, including broad stock and bond indices, declined for the six-month period. U.S. stocks generally fared better than non-U.S. stocks, and the value style significantly outperformed the growth style. U.S. and global bond returns declined as yields rose.
Staying Focused in Uncertain Times
Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. Even before the West imposed sanctions on Russia, our firm had started reducing exposure to Russian markets. After the sanctions, our direct exposure to Russian assets was less than $5 million, or 0.001% of total assets under supervision (as of March 7). We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet prevailing challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Low Volatility ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.6% | ||||
Short-Term Investments | 0.3% | ||||
Other Assets and Liabilities | 0.1% | ||||
Top Five Industries | % of net assets | ||||
Technology Hardware, Storage and Peripherals | 6.7% | ||||
Pharmaceuticals | 6.5% | ||||
Software | 6.2% | ||||
Health Care Providers and Services | 5.7% | ||||
Insurance | 5.1% |
3
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Quality Convertible Securities ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Convertible Bonds | 67.6% | ||||
Convertible Preferred Stocks | 26.1% | ||||
Common Stocks | 2.0% | ||||
Short-Term Investments | 4.0% | ||||
Other Assets and Liabilities | 0.3% | ||||
Top Five Industries | % of net assets | ||||
Software | 13.0% | ||||
Health Care Equipment and Supplies | 8.5% | ||||
Semiconductors and Semiconductor Equipment | 6.8% | ||||
Life Sciences Tools and Services | 5.5% | ||||
Electric Utilities | 4.5% |
4
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Quality Diversified International ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.5% | ||||
Short-Term Investments | 0.5% | ||||
Other Assets and Liabilities | —* | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
Japan | 18.3% | ||||
France | 11.9% | ||||
United Kingdom | 11.5% | ||||
Canada | 6.9% | ||||
Australia | 6.4% |
5
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Quality Preferred ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Preferred Stocks | 79.9% | ||||
Convertible Preferred Stocks | 15.1% | ||||
Short-Term Investments | 3.6% | ||||
Other Assets and Liabilities | 1.4% | ||||
Top Five Industries | % of net assets | ||||
Banks | 26.0% | ||||
Capital Markets | 13.8% | ||||
Insurance | 8.8% | ||||
Multi-Utilities | 6.2% | ||||
Mortgage Real Estate Investment Trusts (REITs) | 6.0% |
6
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
STOXX® U.S. Quality Growth ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Short-Term Investments | 0.6% | ||||
Other Assets and Liabilities | (0.3)% | ||||
Top Five Industries | % of net assets | ||||
Software | 17.1% | ||||
Semiconductors and Semiconductor Equipment | 14.8% | ||||
Specialty Retail | 6.7% | ||||
Biotechnology | 5.0% | ||||
Health Care Equipment and Supplies | 4.8% |
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Fund Characteristics |
FEBRUARY 28, 2022 | |||||
STOXX® U.S. Quality Value ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.5% | ||||
Short-Term Investments | 0.4% | ||||
Other Assets and Liabilities | 0.1% | ||||
Top Five Industries | % of net assets | ||||
Equity Real Estate Investment Trusts (REITs) | 7.0% | ||||
Electric Utilities | 6.6% | ||||
Semiconductors and Semiconductor Equipment | 6.6% | ||||
Pharmaceuticals | 6.3% | ||||
Oil, Gas and Consumable Fuels | 6.3% |
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, 2021 to February 28, 2022.
Actual Expenses
The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
9
Beginning Account Value 9/1/21 | Ending Account Value 2/28/22 | Expenses Paid During Period(1) 9/1/21 - 2/28/22 | Annualized Expense Ratio(1) | |||||||||||
Low Volatility ETF | ||||||||||||||
Actual | $1,000 | $951.20 | $1.40 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.36 | $1.45 | 0.29% | ||||||||||
Quality Convertible Securities ETF | ||||||||||||||
Actual | $1,000 | $956.50 | $1.55 | 0.32% | ||||||||||
Hypothetical | $1,000 | $1,023.21 | $1.61 | 0.32% | ||||||||||
Quality Diversified International ETF | ||||||||||||||
Actual | $1,000 | $888.30 | $1.83 | 0.39% | ||||||||||
Hypothetical | $1,000 | $1,022.86 | $1.96 | 0.39% | ||||||||||
Quality Preferred ETF | ||||||||||||||
Actual | $1,000 | $951.80 | $1.55 | 0.32% | ||||||||||
Hypothetical | $1,000 | $1,023.21 | $1.61 | 0.32% | ||||||||||
STOXX® U.S. Quality Growth ETF | ||||||||||||||
Actual | $1,000 | $888.50 | $1.36 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.36 | $1.45 | 0.29% | ||||||||||
STOXX® U.S. Quality Value ETF | ||||||||||||||
Actual | $1,000 | $985.10 | $1.43 | 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.
10
Schedules of Investments |
FEBRUARY 28, 2022 (UNAUDITED)
Low Volatility ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Aerospace and Defense — 1.4% | ||||||||
General Dynamics Corp. | 432 | $ | 101,282 | |||||
Air Freight and Logistics — 0.7% | ||||||||
FedEx Corp. | 231 | 51,344 | ||||||
Auto Components — 0.6% | ||||||||
Magna International, Inc. | 597 | 44,339 | ||||||
Banks — 3.9% | ||||||||
Bank of America Corp. | 2,304 | 101,837 | ||||||
First Horizon Corp. | 1,302 | 30,571 | ||||||
JPMorgan Chase & Co. | 915 | 129,747 | ||||||
Toronto-Dominion Bank (The) | 301 | 24,287 | ||||||
286,442 | ||||||||
Beverages — 2.6% | ||||||||
Coca-Cola Co. (The) | 2,548 | 158,588 | ||||||
PepsiCo, Inc. | 233 | 38,151 | ||||||
196,739 | ||||||||
Biotechnology — 0.6% | ||||||||
AbbVie, Inc. | 202 | 29,850 | ||||||
Amgen, Inc. | 69 | 15,627 | ||||||
45,477 | ||||||||
Capital Markets — 2.1% | ||||||||
Goldman Sachs Group, Inc. (The) | 117 | 39,931 | ||||||
Moody's Corp. | 137 | 44,118 | ||||||
S&P Global, Inc. | 139 | 52,222 | ||||||
Virtu Financial, Inc., Class A | 593 | 20,803 | ||||||
157,074 | ||||||||
Chemicals — 2.2% | ||||||||
Linde plc | 77 | 22,579 | ||||||
Nutrien Ltd. | 290 | 24,937 | ||||||
Sherwin-Williams Co. (The) | 451 | 118,672 | ||||||
166,188 | ||||||||
Commercial Services and Supplies — 2.8% | ||||||||
Republic Services, Inc. | 712 | 85,639 | ||||||
Waste Management, Inc. | 870 | 125,628 | ||||||
211,267 | ||||||||
Communications Equipment — 2.8% | ||||||||
Cisco Systems, Inc. | 2,561 | 142,827 | ||||||
Juniper Networks, Inc. | 1,161 | 39,230 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 3,031 | 28,128 | ||||||
210,185 | ||||||||
Construction Materials — 0.1% | ||||||||
CRH plc, ADR | 221 | 9,921 | ||||||
Containers and Packaging — 1.1% | ||||||||
International Paper Co. | 1,222 | 53,193 | ||||||
WestRock Co. | 603 | 27,298 | ||||||
80,491 |
11
Low Volatility ETF | ||||||||
Shares | Value | |||||||
Diversified Financial Services — 1.9% | ||||||||
Berkshire Hathaway, Inc., Class B(1) | 438 | $ | 140,795 | |||||
Diversified Telecommunication Services — 0.2% | ||||||||
Lumen Technologies, Inc. | 1,152 | 11,935 | ||||||
Electric Utilities — 0.6% | ||||||||
Southern Co. (The) | 687 | 44,497 | ||||||
Electrical Equipment — 0.3% | ||||||||
Emerson Electric Co. | 251 | 23,323 | ||||||
Electronic Equipment, Instruments and Components — 1.3% | ||||||||
Amphenol Corp., Class A | 364 | 27,667 | ||||||
TE Connectivity Ltd. | 474 | 67,512 | ||||||
95,179 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 2.7% | ||||||||
AvalonBay Communities, Inc. | 123 | 29,347 | ||||||
Host Hotels & Resorts, Inc.(1) | 1,489 | 27,204 | ||||||
Mid-America Apartment Communities, Inc. | 126 | 25,781 | ||||||
Prologis, Inc. | 265 | 38,650 | ||||||
Public Storage | 97 | 34,437 | ||||||
Simon Property Group, Inc. | 317 | 43,606 | ||||||
199,025 | ||||||||
Food and Staples Retailing — 3.3% | ||||||||
Costco Wholesale Corp. | 242 | 125,658 | ||||||
Kroger Co. (The) | 1,064 | 49,795 | ||||||
Walmart, Inc. | 491 | 66,364 | ||||||
241,817 | ||||||||
Food Products — 3.2% | ||||||||
Archer-Daniels-Midland Co. | 596 | 46,756 | ||||||
Conagra Brands, Inc. | 685 | 23,955 | ||||||
Hershey Co. (The) | 215 | 43,486 | ||||||
Ingredion, Inc. | 506 | 44,902 | ||||||
Kellogg Co. | 352 | 22,507 | ||||||
Tyson Foods, Inc., Class A | 638 | 59,117 | ||||||
240,723 | ||||||||
Health Care Equipment and Supplies — 3.1% | ||||||||
Becton Dickinson and Co. | 150 | 40,692 | ||||||
Boston Scientific Corp.(1) | 527 | 23,278 | ||||||
Intuitive Surgical, Inc.(1) | 75 | 21,775 | ||||||
Medtronic plc | 412 | 43,256 | ||||||
Stryker Corp. | 387 | 101,916 | ||||||
230,917 | ||||||||
Health Care Providers and Services — 5.7% | ||||||||
Anthem, Inc. | 160 | 72,296 | ||||||
Centene Corp.(1) | 795 | 65,683 | ||||||
CVS Health Corp. | 692 | 71,726 | ||||||
Henry Schein, Inc.(1) | 600 | 51,828 | ||||||
Humana, Inc. | 88 | 38,220 | ||||||
Laboratory Corp. of America Holdings(1) | 55 | 14,919 | ||||||
McKesson Corp. | 214 | 58,841 | ||||||
Quest Diagnostics, Inc. | 74 | 9,714 | ||||||
UnitedHealth Group, Inc. | 87 | 41,401 | ||||||
424,628 |
12
Low Volatility ETF | ||||||||
Shares | Value | |||||||
Hotels, Restaurants and Leisure — 2.0% | ||||||||
McDonald's Corp. | 392 | $ | 95,950 | |||||
Starbucks Corp. | 538 | 49,383 | ||||||
145,333 | ||||||||
Household Products — 1.3% | ||||||||
Colgate-Palmolive Co. | 501 | 38,552 | ||||||
Procter & Gamble Co. (The) | 392 | 61,109 | ||||||
99,661 | ||||||||
Independent Power and Renewable Electricity Producers — 0.6% | ||||||||
Vistra Corp. | 1,903 | 43,426 | ||||||
Insurance — 5.1% | ||||||||
Aflac, Inc. | 181 | 11,057 | ||||||
Allstate Corp. (The) | 378 | 46,252 | ||||||
Brown & Brown, Inc. | 653 | 44,149 | ||||||
Everest Re Group Ltd. | 220 | 65,609 | ||||||
Marsh & McLennan Cos., Inc. | 906 | 140,802 | ||||||
Progressive Corp. (The) | 640 | 67,795 | ||||||
375,664 | ||||||||
Interactive Media and Services — 4.4% | ||||||||
Alphabet, Inc., Class A(1) | 121 | 326,838 | ||||||
Internet and Direct Marketing Retail — 1.6% | ||||||||
Amazon.com, Inc.(1) | 38 | 116,708 | ||||||
IT Services — 4.5% | ||||||||
Accenture plc, Class A | 443 | 139,997 | ||||||
International Business Machines Corp. | 193 | 23,644 | ||||||
Visa, Inc., Class A | 805 | 173,977 | ||||||
337,618 | ||||||||
Life Sciences Tools and Services — 0.9% | ||||||||
Agilent Technologies, Inc. | 163 | 21,249 | ||||||
Danaher Corp. | 159 | 43,631 | ||||||
64,880 | ||||||||
Machinery — 2.2% | ||||||||
AGCO Corp. | 197 | 23,672 | ||||||
Dover Corp. | 370 | 58,038 | ||||||
IDEX Corp. | 172 | 33,007 | ||||||
Illinois Tool Works, Inc. | 209 | 45,215 | ||||||
159,932 | ||||||||
Media — 0.3% | ||||||||
Comcast Corp., Class A | 467 | 21,837 | ||||||
Multi-Utilities — 0.5% | ||||||||
Brookfield Infrastructure Partners LP | 665 | 39,441 | ||||||
Multiline Retail — 0.2% | ||||||||
Target Corp. | 68 | 13,584 | ||||||
Oil, Gas and Consumable Fuels — 4.4% | ||||||||
Cheniere Energy, Inc. | 106 | 14,088 | ||||||
Chevron Corp. | 520 | 74,880 | ||||||
ConocoPhillips | 294 | 27,889 | ||||||
Devon Energy Corp. | 577 | 34,360 | ||||||
Equinor ASA, ADR | 931 | 29,289 | ||||||
Exxon Mobil Corp. | 1,230 | 96,457 | ||||||
Marathon Petroleum Corp. | 184 | 14,328 |
13
Low Volatility ETF | ||||||||
Shares | Value | |||||||
Phillips 66 | 454 | $ | 38,245 | |||||
329,536 | ||||||||
Pharmaceuticals — 6.5% | ||||||||
Bristol-Myers Squibb Co. | 2,222 | 152,585 | ||||||
Johnson & Johnson | 823 | 135,441 | ||||||
Merck & Co., Inc. | 726 | 55,597 | ||||||
Pfizer, Inc. | 1,416 | 66,467 | ||||||
Viatris, Inc. | 2,587 | 28,483 | ||||||
Zoetis, Inc. | 236 | 45,701 | ||||||
484,274 | ||||||||
Professional Services — 2.8% | ||||||||
CACI International, Inc., Class A(1) | 215 | 60,155 | ||||||
Jacobs Engineering Group, Inc. | 413 | 50,799 | ||||||
KBR, Inc. | 426 | 21,147 | ||||||
ManpowerGroup, Inc. | 178 | 18,918 | ||||||
Science Applications International Corp. | 261 | 22,887 | ||||||
Verisk Analytics, Inc. | 207 | 36,709 | ||||||
210,615 | ||||||||
Real Estate Management and Development — 0.2% | ||||||||
CBRE Group, Inc., Class A(1) | 154 | 14,915 | ||||||
Road and Rail — 1.4% | ||||||||
Knight-Swift Transportation Holdings, Inc. | 277 | 15,091 | ||||||
Schneider National, Inc., Class B | 1,065 | 27,818 | ||||||
Union Pacific Corp. | 240 | 59,028 | ||||||
101,937 | ||||||||
Semiconductors and Semiconductor Equipment — 2.6% | ||||||||
Broadcom, Inc. | 148 | 86,941 | ||||||
Intel Corp. | 626 | 29,860 | ||||||
QUALCOMM, Inc. | 236 | 40,590 | ||||||
Texas Instruments, Inc. | 215 | 36,548 | ||||||
193,939 | ||||||||
Software — 6.2% | ||||||||
Adobe, Inc.(1) | 146 | 68,281 | ||||||
Intuit, Inc. | 31 | 14,706 | ||||||
Microsoft Corp. | 1,053 | 314,626 | ||||||
Synopsys, Inc.(1) | 214 | 66,851 | ||||||
464,464 | ||||||||
Specialty Retail — 1.4% | ||||||||
AutoNation, Inc.(1) | 212 | 24,308 | ||||||
Home Depot, Inc. (The) | 139 | 43,900 | ||||||
O'Reilly Automotive, Inc.(1) | 35 | 22,723 | ||||||
Penske Automotive Group, Inc. | 150 | 14,744 | ||||||
105,675 | ||||||||
Technology Hardware, Storage and Peripherals — 6.7% | ||||||||
Apple, Inc. | 2,250 | 371,520 | ||||||
Dell Technologies, Inc., Class C(1) | 400 | 20,384 | ||||||
Hewlett Packard Enterprise Co. | 3,284 | 52,281 | ||||||
HP, Inc. | 517 | 17,764 | ||||||
NetApp, Inc. | 217 | 17,009 | ||||||
Seagate Technology Holdings plc | 179 | 18,466 | ||||||
497,424 |
14
Low Volatility ETF | ||||||||
Shares | Value | |||||||
Textiles, Apparel and Luxury Goods — 0.6% | ||||||||
NIKE, Inc., Class B | 338 | $ | 46,154 | |||||
TOTAL COMMON STOCKS (Cost $7,197,712) | 7,407,443 | |||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Funds — 0.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 20,197 | 20,197 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $20,197) | 20,197 | |||||||
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $7,217,909) | 7,427,640 | |||||||
OTHER ASSETS AND LIABILITIES — 0.1% | 9,401 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 7,437,041 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt |
(1)Non-income producing.
See Notes to Financial Statements.
15
FEBRUARY 28, 2022 (UNAUDITED)
Quality Convertible Securities ETF | ||||||||
Principal Amount/ Shares | Value | |||||||
CONVERTIBLE BONDS — 67.6% | ||||||||
Air Freight and Logistics — 0.9% | ||||||||
Air Transport Services Group, Inc., 1.125%, 10/15/24 | $ | 81,000 | $ | 92,658 | ||||
Atlas Air Worldwide Holdings, Inc., 1.875%, 6/1/24 | 105,000 | 147,367 | ||||||
240,025 | ||||||||
Airlines — 1.9% | ||||||||
American Airlines Group, Inc., 6.50%, 7/1/25 | 257,000 | 346,821 | ||||||
Southwest Airlines Co., 1.25%, 5/1/25 | 122,000 | 163,511 | ||||||
510,332 | ||||||||
Auto Components — 0.4% | ||||||||
Patrick Industries, Inc., 1.00%, 2/1/23 | 111,000 | 118,437 | ||||||
Automobiles — 1.6% | ||||||||
Ford Motor Co., 0.00%, 3/15/26(1)(2) | 204,000 | 249,958 | ||||||
Tesla, Inc., 2.00%, 5/15/24 | 13,000 | 182,179 | ||||||
432,137 | ||||||||
Biotechnology — 0.6% | ||||||||
Halozyme Therapeutics, Inc., 0.25%, 3/1/27(1) | 180,000 | 157,050 | ||||||
Capital Markets — 0.6% | ||||||||
Digitalbridge Operating Co. LLC, 5.75%, 7/15/25(1) | 47,000 | 154,160 | ||||||
Communications Equipment — 1.8% | ||||||||
Lumentum Holdings, Inc., 0.50%, 12/15/26 | 208,000 | 247,645 | ||||||
Viavi Solutions, Inc., 1.00%, 3/1/24 | 194,000 | 258,626 | ||||||
506,271 | ||||||||
Consumer Finance — 0.3% | ||||||||
PRA Group, Inc., 3.50%, 6/1/23 | 69,000 | 76,763 | ||||||
Electronic Equipment, Instruments and Components — 0.8% | ||||||||
Insight Enterprises, Inc., 0.75%, 2/15/25 | 72,000 | 112,932 | ||||||
Vishay Intertechnology, Inc., 2.25%, 6/15/25 | 109,000 | 109,414 | ||||||
222,346 | ||||||||
Entertainment — 1.5% | ||||||||
World Wrestling Entertainment, Inc., 3.375%, 12/15/23 | 92,000 | 223,008 | ||||||
Zynga, Inc., 0.25%, 6/1/24 | 157,000 | 191,540 | ||||||
414,548 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 0.5% | ||||||||
IIP Operating Partnership LP, 3.75%, 2/21/24(1) | 17,000 | 49,067 | ||||||
Summit Hotel Properties, Inc., 1.50%, 2/15/26 | 83,000 | 87,441 | ||||||
136,508 | ||||||||
Health Care Equipment and Supplies — 5.9% | ||||||||
CONMED Corp., 2.625%, 2/1/24 | 145,000 | 247,443 | ||||||
Dexcom, Inc., 0.25%, 11/15/25 | 438,000 | 460,447 | ||||||
Envista Holdings Corp., 2.375%, 6/1/25 | 82,000 | 193,725 | ||||||
Insulet Corp., 0.375%, 9/1/26 | 299,000 | 398,866 | ||||||
Integra LifeSciences Holdings Corp., 0.50%, 8/15/25 | 132,000 | 143,708 | ||||||
Mesa Laboratories, Inc., 1.375%, 8/15/25 | 63,000 | 68,702 | ||||||
NuVasive, Inc., 1.00%, 6/1/23 | 118,000 | 117,705 | ||||||
1,630,596 | ||||||||
Health Care Providers and Services — 2.1% | ||||||||
Anthem, Inc., 2.75%, 10/15/42 | 92,000 | 589,324 | ||||||
Health Care Technology — 0.9% | ||||||||
Omnicell, Inc., 0.25%, 9/15/25 | 164,000 | 233,126 |
16
Quality Convertible Securities ETF | ||||||||
Principal Amount/ Shares | Value | |||||||
Hotels, Restaurants and Leisure — 2.6% | ||||||||
Airbnb, Inc., 0.00%, 3/15/26(1)(2) | $ | 243,000 | $ | 228,771 | ||||
Booking Holdings, Inc., 0.75%, 5/1/25 | 187,000 | 258,340 | ||||||
Royal Caribbean Cruises Ltd., 4.25%, 6/15/23 | 172,000 | 221,244 | ||||||
708,355 | ||||||||
Independent Power and Renewable Electricity Producers — 0.2% | ||||||||
Sunnova Energy International, Inc., 0.25%, 12/1/26(1) | 63,000 | 54,290 | ||||||
Interactive Media and Services — 2.8% | ||||||||
Snap, Inc., 0.75%, 8/1/26 | 79,000 | 150,515 | ||||||
Snap, Inc., 0.00%, 5/1/27(1)(2) | 212,000 | 186,560 | ||||||
Twitter, Inc., 0.25%, 6/15/24 | 185,000 | 188,006 | ||||||
Ziff Davis, Inc., 1.75%, 11/1/26(1) | 204,000 | 237,966 | ||||||
763,047 | ||||||||
Internet and Direct Marketing Retail — 3.2% | ||||||||
Etsy, Inc., 0.25%, 6/15/28(1) | 243,000 | 238,990 | ||||||
Match Group Financeco 2, Inc., 0.875%, 6/15/26(1) | 150,000 | 212,925 | ||||||
Match Group Financeco 3, Inc., 2.00%, 1/15/30(1) | 47,000 | 72,474 | ||||||
Wayfair, Inc., 0.625%, 10/1/25 | 338,000 | 294,398 | ||||||
Wayfair, Inc., 1.00%, 8/15/26 | 44,000 | 54,230 | ||||||
873,017 | ||||||||
IT Services — 3.5% | ||||||||
Akamai Technologies, Inc., 0.375%, 9/1/27 | 519,000 | 572,023 | ||||||
Block, Inc., 0.25%, 11/1/27 | 143,000 | 130,666 | ||||||
Cloudflare, Inc., 0.75%, 5/15/25 | 32,000 | 100,739 | ||||||
Perficient, Inc., 1.25%, 8/1/25 | 35,000 | 71,271 | ||||||
Perficient, Inc., 0.125%, 11/15/26(1) | 113,000 | 98,310 | ||||||
973,009 | ||||||||
Leisure Products — 0.4% | ||||||||
Callaway Golf Co., 2.75%, 5/1/26 | 62,000 | 98,270 | ||||||
Life Sciences Tools and Services — 1.0% | ||||||||
Illumina, Inc., 0.00%, 8/15/23(2) | 167,000 | 181,529 | ||||||
Repligen Corp., 0.375%, 7/15/24 | 55,000 | 98,285 | ||||||
279,814 | ||||||||
Machinery — 2.0% | ||||||||
Chart Industries, Inc., 1.00%, 11/15/24(1) | 65,000 | 162,747 | ||||||
John Bean Technologies Corp., 0.25%, 5/15/26(1) | 102,000 | 96,278 | ||||||
Middleby Corp. (The), 1.00%, 9/1/25 | 193,000 | 284,554 | ||||||
543,579 | ||||||||
Media — 2.6% | ||||||||
Cable One, Inc., 1.125%, 3/15/28(1) | 92,000 | 82,662 | ||||||
Liberty Broadband Corp., 2.75%, 9/30/50(1) | 443,000 | 446,217 | ||||||
Liberty Media Corp., 2.75%, 12/1/49(1) | 167,000 | 171,592 | ||||||
700,471 | ||||||||
Metals and Mining — 0.4% | ||||||||
MP Materials Corp., 0.25%, 4/1/26(1) | 93,000 | 115,599 | ||||||
Mortgage Real Estate Investment Trusts (REITs) — 2.7% | ||||||||
Apollo Commercial Real Estate Finance, Inc., 5.375%, 10/15/23 | 171,000 | 171,107 | ||||||
Arbor Realty Trust, Inc., 4.75%, 11/1/22 | 105,000 | 112,875 | ||||||
Blackstone Mortgage Trust, Inc., 4.75%, 3/15/23 | 181,000 | 187,154 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc., 4.125%, 9/1/22 | 45,000 | 81,478 |
17
Quality Convertible Securities ETF | ||||||||
Principal Amount/ Shares | Value | |||||||
PennyMac Corp., 5.50%, 3/15/26(1) | $ | 195,000 | $ | 184,884 | ||||
737,498 | ||||||||
Oil, Gas and Consumable Fuels — 3.5% | ||||||||
EQT Corp., 1.75%, 5/1/26 | 85,000 | 144,628 | ||||||
Green Plains, Inc., 2.25%, 3/15/27 | 50,000 | 64,800 | ||||||
Pioneer Natural Resources Co., 0.25%, 5/15/25 | 330,000 | 756,014 | ||||||
965,442 | ||||||||
Personal Products — 0.3% | ||||||||
Herbalife Nutrition Ltd., 2.625%, 3/15/24 | 98,000 | 94,668 | ||||||
Pharmaceuticals — 0.9% | ||||||||
Jazz Investments I Ltd., 2.00%, 6/15/26 | 223,000 | 258,541 | ||||||
Professional Services — 1.1% | ||||||||
FTI Consulting, Inc., 2.00%, 8/15/23 | 88,000 | 130,900 | ||||||
KBR, Inc., 2.50%, 11/1/23 | 86,000 | 170,280 | ||||||
301,180 | ||||||||
Real Estate Management and Development — 0.9% | ||||||||
Opendoor Technologies, Inc., 0.25%, 8/15/26(1) | 108,000 | 82,809 | ||||||
Zillow Group, Inc., 2.75%, 5/15/25 | 140,000 | 170,450 | ||||||
253,259 | ||||||||
Semiconductors and Semiconductor Equipment — 4.0% | ||||||||
Enphase Energy, Inc., 0.00%, 3/1/26(2) | 135,000 | 130,275 | ||||||
Microchip Technology, Inc., 0.125%, 11/15/24 | 203,000 | 228,882 | ||||||
ON Semiconductor Corp., 0.00%, 5/1/27(1)(2) | 190,000 | 260,205 | ||||||
Silicon Laboratories, Inc., 0.625%, 6/15/25 | 63,000 | 88,635 | ||||||
SMART Global Holdings, Inc., 2.25%, 2/15/26 | 94,000 | 142,377 | ||||||
Teradyne, Inc., 1.25%, 12/15/23 | 67,000 | 249,916 | ||||||
1,100,290 | ||||||||
Software — 12.3% | ||||||||
Alarm.com Holdings, Inc., 0.00%, 1/15/26(2) | 131,000 | 110,892 | ||||||
Bentley Systems, Inc., 0.125%, 1/15/26 | 200,000 | 185,900 | ||||||
Bill.com Holdings, Inc., 0.00%, 12/1/25(2) | 87,000 | 144,115 | ||||||
Blackline, Inc., 0.00%, 3/15/26(1)(2) | 153,000 | 129,667 | ||||||
Datadog, Inc., 0.125%, 6/15/25 | 139,000 | 259,304 | ||||||
Dropbox, Inc., 0.00%, 3/1/28(1)(2) | 156,000 | 147,716 | ||||||
Envestnet, Inc., 1.75%, 6/1/23 | 68,000 | 81,643 | ||||||
Five9, Inc., 0.50%, 6/1/25 | 93,000 | 101,190 | ||||||
HubSpot, Inc., 0.375%, 6/1/25 | 80,000 | 154,920 | ||||||
Mandiant, Inc., 0.875%, 6/1/24 | 100,000 | 107,438 | ||||||
Mitek Systems, Inc., 0.75%, 2/1/26(1) | 64,000 | 64,640 | ||||||
NortonLifeLock, Inc., 2.00%, 8/15/22(1) | 175,000 | 250,075 | ||||||
Palo Alto Networks, Inc., 0.375%, 6/1/25 | 296,000 | 599,844 | ||||||
Pegasystems, Inc., 0.75%, 3/1/25 | 129,000 | 125,710 | ||||||
Rapid7, Inc., 0.25%, 3/15/27(1) | 108,000 | 128,925 | ||||||
Tyler Technologies, Inc., 0.25%, 3/15/26(1) | 159,000 | 171,402 | ||||||
Varonis Systems, Inc., 1.25%, 8/15/25 | 51,000 | 80,045 | ||||||
Workday, Inc., 0.25%, 10/1/22 | 86,000 | 135,106 | ||||||
Workiva, Inc., 1.125%, 8/15/26 | 65,000 | 96,647 | ||||||
Zendesk, Inc., 0.625%, 6/15/25 | 151,000 | 188,750 | ||||||
Zscaler, Inc., 0.125%, 7/1/25 | 61,000 | 104,158 | ||||||
3,368,087 |
18
Quality Convertible Securities ETF | ||||||||
Principal Amount/ Shares | Value | |||||||
Specialty Retail — 2.6% | ||||||||
American Eagle Outfitters, Inc., 3.75%, 4/15/25 | $ | 57,000 | $ | 146,234 | ||||
Burlington Stores, Inc., 2.25%, 4/15/25 | 136,000 | 172,635 | ||||||
Dick's Sporting Goods, Inc., 3.25%, 4/15/25 | 73,000 | 237,934 | ||||||
RH, 0.00%, 9/15/24(2) | 80,000 | 153,760 | ||||||
710,563 | ||||||||
Technology Hardware, Storage and Peripherals — 0.4% | ||||||||
Pure Storage, Inc., 0.125%, 4/15/23 | 87,000 | 101,747 | ||||||
Textiles, Apparel and Luxury Goods — 0.4% | ||||||||
Under Armour, Inc., 1.50%, 6/1/24 | 58,000 | 97,803 | ||||||
TOTAL CONVERTIBLE BONDS (Cost $18,954,450) | 18,520,152 | |||||||
CONVERTIBLE PREFERRED STOCKS — 26.1% | ||||||||
Auto Components — 0.8% | ||||||||
Aptiv plc, 5.50%, 6/15/23 | 1,432 | 209,473 | ||||||
Banks — 1.1% | ||||||||
Bank of America Corp., 7.25% | 109 | 144,915 | ||||||
Wells Fargo & Co., 7.50% | 128 | 173,120 | ||||||
318,035 | ||||||||
Capital Markets — 2.2% | ||||||||
AMG Capital Trust II, 5.15%, 10/15/37 | 2,974 | 160,834 | ||||||
KKR & Co., Inc., 6.00%, 9/15/23 | 5,782 | 439,201 | ||||||
600,035 | ||||||||
Diversified Financial Services — 0.1% | ||||||||
2020 Mandatory Exchangeable Trust, 6.50%, 5/16/23(1) | 38 | 42,131 | ||||||
Electric Utilities — 4.5% | ||||||||
American Electric Power Co., Inc., 6.125%, 8/15/23 | 3,276 | 173,137 | ||||||
NextEra Energy, Inc., 5.28%, 3/1/23 | 3,912 | 195,013 | ||||||
NextEra Energy, Inc., 6.22%, 9/1/23 | 7,249 | 365,422 | ||||||
PG&E Corp., 5.50%, 8/16/23 | 1,940 | 210,102 | ||||||
Southern Co. (The), 6.75%, 8/1/22 | 5,569 | 284,854 | ||||||
1,228,528 | ||||||||
Electronic Equipment, Instruments and Components — 0.6% | ||||||||
II-VI, Inc., 6.00%, 7/1/23 | 580 | 166,785 | ||||||
Equity Real Estate Investment Trusts (REITs) — 0.6% | ||||||||
LXP Industrial Trust, 6.50% | 2,949 | 155,383 | ||||||
Food Products — 1.3% | ||||||||
Bunge Ltd., 4.875% | 2,736 | 369,168 | ||||||
Health Care Equipment and Supplies — 2.6% | ||||||||
Becton Dickinson and Co., 6.00%, 6/1/23 | 6,960 | 373,474 | ||||||
Boston Scientific Corp., 5.50%, 6/1/23 | 2,897 | 337,471 | ||||||
710,945 | ||||||||
Life Sciences Tools and Services — 4.5% | ||||||||
Avantor, Inc., 6.25%, 5/15/22 | 3,650 | 387,338 | ||||||
Danaher Corp., 5.00%, 4/15/23 | 566 | 844,326 | ||||||
1,231,664 | ||||||||
Machinery — 0.9% | ||||||||
Stanley Black & Decker, Inc., 5.25%, 11/15/22 | 2,476 | 240,717 | ||||||
Metals and Mining — 0.8% | ||||||||
ArcelorMittal SA, 5.50%, 5/18/23 | 3,178 | 231,072 | ||||||
Multi-Utilities — 2.1% | ||||||||
Dominion Energy, Inc., 7.25%, 6/1/22 | 1,344 | 133,795 |
19
Quality Convertible Securities ETF | ||||||||
Principal Amount/ Shares | Value | |||||||
DTE Energy Co., 6.25%, 11/1/22 | 5,533 | $ | 283,843 | |||||
NiSource, Inc., 7.75%, 3/1/24 | 1,367 | 151,723 | ||||||
569,361 | ||||||||
Semiconductors and Semiconductor Equipment — 2.8% | ||||||||
Broadcom, Inc., 8.00%, 9/30/22 | 414 | 761,371 | ||||||
Wireless Telecommunication Services — 1.2% | ||||||||
2020 Cash Mandatory Exchangeable Trust, 5.25%, 6/1/23(1) | 300 | 325,200 | ||||||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $7,284,361) | 7,159,868 | |||||||
COMMON STOCKS — 2.0% | ||||||||
Consumer Finance — 0.3% | ||||||||
Encore Capital Group, Inc.(3) | 1,262 | 83,280 | ||||||
Equity Real Estate Investment Trusts (REITs) — 0.5% | ||||||||
Innovative Industrial Properties, Inc. | 241 | 45,419 | ||||||
Invitation Homes, Inc. | 2,603 | 98,393 | ||||||
143,812 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.5% | ||||||||
Chimera Investment Corp. | 10,958 | 133,359 | ||||||
Software — 0.7% | ||||||||
DocuSign, Inc.(3) | 736 | 87,164 | ||||||
ServiceNow, Inc.(3) | 190 | 110,185 | ||||||
197,349 | ||||||||
TOTAL COMMON STOCKS (Cost $635,319) | 557,800 | |||||||
SHORT-TERM INVESTMENTS — 4.0% | ||||||||
Money Market Funds — 4.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,090,358 | 1,090,358 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,090,358) | 1,090,358 | |||||||
TOTAL INVESTMENT SECURITIES — 99.7% (Cost $27,964,488) | 27,328,178 | |||||||
OTHER ASSETS AND LIABILITIES — 0.3% | 76,880 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 27,405,058 |
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 $4,803,270, which represented 17.5% of total net assets.
(2)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(3)Non-income producing.
See Notes to Financial Statements.
20
FEBRUARY 28, 2022 (UNAUDITED)
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Australia — 6.4% | ||||||||
Aristocrat Leisure Ltd. | 12,729 | $ | 349,156 | |||||
ASX Ltd. | 3,881 | 233,099 | ||||||
BHP Group Ltd. | 9,706 | 331,423 | ||||||
BlueScope Steel Ltd. | 19,230 | 284,755 | ||||||
Charter Hall Group | 20,148 | 246,399 | ||||||
Computershare Ltd. | 20,024 | 316,386 | ||||||
CSL Ltd. | 1,146 | 217,882 | ||||||
Dexus | 34,264 | 271,233 | ||||||
Domino's Pizza Enterprises Ltd. | 5,384 | 310,884 | ||||||
Fortescue Metals Group Ltd. | 247,332 | 3,295,040 | ||||||
Goodman Group | 14,204 | 229,816 | ||||||
GPT Group (The) | 72,787 | 259,709 | ||||||
IGO Ltd. | 46,065 | 369,551 | ||||||
James Hardie Industries plc | 29,157 | 951,890 | ||||||
Lynas Rare Earths Ltd.(1) | 39,592 | 299,685 | ||||||
Medibank Pvt Ltd. | 101,001 | 232,960 | ||||||
Mineral Resources Ltd. | 7,750 | 258,436 | ||||||
Origin Energy Ltd. | 79,374 | 329,613 | ||||||
REA Group Ltd. | 2,348 | 226,322 | ||||||
Santos Ltd. | 55,072 | 293,304 | ||||||
Scentre Group | 123,369 | 274,077 | ||||||
Sonic Healthcare Ltd. | 71,324 | 1,820,017 | ||||||
Stockland, REIT | 432,625 | 1,309,077 | ||||||
Vicinity Centres | 461,458 | 600,883 | ||||||
WiseTech Global Ltd. | 11,470 | 367,224 | ||||||
Xero Ltd.(1) | 2,854 | 196,235 | ||||||
13,875,056 | ||||||||
Austria — 1.1% | ||||||||
BAWAG Group AG(1) | 4,900 | 264,550 | ||||||
OMV AG | 27,794 | 1,323,091 | ||||||
Raiffeisen Bank International AG | 12,268 | 199,906 | ||||||
Verbund AG | 3,223 | 388,747 | ||||||
voestalpine AG | 8,089 | 267,350 | ||||||
2,443,644 | ||||||||
Belgium — 0.5% | ||||||||
D'ieteren Group | 1,380 | 222,932 | ||||||
Etablissements Franz Colruyt NV | 5,845 | 233,782 | ||||||
Solvay SA | 2,441 | 272,222 | ||||||
UCB SA | 2,512 | 274,151 | ||||||
1,003,087 | ||||||||
Canada — 6.9% | ||||||||
Aritzia, Inc.(1) | 6,330 | 240,665 | ||||||
Bank of Montreal | 2,620 | 299,166 | ||||||
BRP, Inc. | 3,173 | 227,405 | ||||||
Canadian Imperial Bank of Commerce | 2,448 | 309,848 | ||||||
Canadian Natural Resources Ltd. | 7,981 | 445,865 | ||||||
CGI, Inc.(1) | 3,299 | 270,479 | ||||||
Constellation Software, Inc. | 1,632 | 2,750,464 |
21
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Dollarama, Inc. | 6,474 | $ | 334,554 | |||||
Empire Co. Ltd., Class A | 9,525 | 295,031 | ||||||
FirstService Corp. | 1,688 | 240,302 | ||||||
George Weston Ltd. | 3,114 | 337,663 | ||||||
Gildan Activewear, Inc. | 6,872 | 269,784 | ||||||
iA Financial Corp., Inc. | 5,317 | 315,916 | ||||||
Loblaw Cos. Ltd. | 15,207 | 1,186,206 | ||||||
Lundin Mining Corp. | 36,496 | 352,147 | ||||||
Magna International, Inc. | 3,345 | 248,520 | ||||||
Manulife Financial Corp. | 110,037 | 2,229,389 | ||||||
Metro, Inc. | 5,255 | 274,296 | ||||||
Ritchie Bros Auctioneers, Inc. | 3,694 | 193,603 | ||||||
Shaw Communications, Inc., B Shares | 8,660 | 259,697 | ||||||
Sun Life Financial, Inc.(2) | 4,723 | 248,391 | ||||||
Suncor Energy, Inc. | 11,208 | 342,739 | ||||||
TFI International, Inc. | 5,051 | 526,499 | ||||||
Toromont Industries Ltd. | 3,141 | 266,248 | ||||||
Tourmaline Oil Corp. | 22,610 | 891,913 | ||||||
West Fraser Timber Co. Ltd. | 13,739 | 1,371,407 | ||||||
Wheaton Precious Metals Corp. | 5,998 | 262,824 | ||||||
14,991,021 | ||||||||
China — 4.4% | ||||||||
Angang Steel Co. Ltd., H Shares | 392,000 | 194,936 | ||||||
ANTA Sports Products Ltd. | 71,000 | 1,084,397 | ||||||
BYD Co. Ltd., H Shares | 28,500 | 883,139 | ||||||
China Coal Energy Co. Ltd., H Shares | 880,000 | 548,534 | ||||||
CSPC Pharmaceutical Group Ltd. | 822,000 | 974,368 | ||||||
JD.com, Inc., ADR(1) | 728 | 52,147 | ||||||
Li Ning Co. Ltd. | 99,500 | 993,821 | ||||||
NetEase, Inc., ADR | 10,512 | 1,002,214 | ||||||
Tingyi Cayman Islands Holding Corp. | 584,000 | 1,292,043 | ||||||
Want Want China Holdings Ltd. | 1,341,000 | 1,427,529 | ||||||
Weibo Corp., ADR(1) | 12,450 | 341,503 | ||||||
Yihai International Holding Ltd.(1)(2) | 46,000 | 192,468 | ||||||
Zhongsheng Group Holdings Ltd. | 77,500 | 541,177 | ||||||
9,528,276 | ||||||||
Denmark — 2.2% | ||||||||
AP Moller - Maersk A/S, B Shares | 575 | 1,819,019 | ||||||
Danske Bank A/S | 16,599 | 281,154 | ||||||
DSV A/S | 1,155 | 212,585 | ||||||
Novo Nordisk A/S, B Shares | 14,528 | 1,503,407 | ||||||
Novozymes A/S, B Shares | 3,956 | 259,643 | ||||||
Pandora A/S | 3,796 | 388,700 | ||||||
Royal Unibrew A/S | 2,360 | 250,208 | ||||||
4,714,716 | ||||||||
Finland — 1.7% | ||||||||
Elisa Oyj | 4,267 | 236,422 | ||||||
Fortum Oyj | 9,511 | 199,044 | ||||||
Kesko Oyj, B Shares | 22,358 | 657,989 | ||||||
Neste Oyj | 5,314 | 207,218 | ||||||
Nokia Oyj(1) | 57,962 | 313,420 |
22
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Nokian Renkaat Oyj | 27,759 | $ | 523,192 | |||||
Valmet Oyj | 39,516 | 1,370,694 | ||||||
Wartsila Oyj Abp(2) | 19,674 | 220,340 | ||||||
3,728,319 | ||||||||
France — 11.9% | ||||||||
Amundi SA | 3,022 | 209,593 | ||||||
ArcelorMittal SA | 10,099 | 313,358 | ||||||
BNP Paribas SA | 4,642 | 269,350 | ||||||
Bollore SA | 51,034 | 258,237 | ||||||
Bouygues SA | 11,858 | 424,019 | ||||||
Capgemini SE | 1,183 | 247,637 | ||||||
Carrefour SA | 99,195 | 1,994,241 | ||||||
Cie de Saint-Gobain | 32,325 | 2,004,314 | ||||||
Cie Generale des Etablissements Michelin SCA | 1,700 | 234,018 | ||||||
Eiffage SA | 2,938 | 299,276 | ||||||
Engie SA | 20,567 | 327,683 | ||||||
Eurofins Scientific SE | 1,964 | 199,302 | ||||||
Faurecia SE(2) | 6,350 | 239,103 | ||||||
Hermes International | 1,342 | 1,850,667 | ||||||
Ipsen SA | 5,584 | 649,752 | ||||||
Kering SA | 1,807 | 1,253,396 | ||||||
Klepierre SA(1) | 12,934 | 369,712 | ||||||
L'Oreal SA | 6,702 | 2,649,463 | ||||||
Legrand SA | 2,293 | 216,322 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,215 | 892,909 | ||||||
Orange SA | 131,014 | 1,584,181 | ||||||
Pernod Ricard SA | 1,095 | 239,039 | ||||||
Publicis Groupe SA | 18,413 | 1,221,992 | ||||||
Remy Cointreau SA | 1,340 | 257,887 | ||||||
Rexel SA(1) | 14,895 | 327,807 | ||||||
Sanofi | 34,585 | 3,615,257 | ||||||
Sartorius Stedim Biotech | 2,449 | 939,119 | ||||||
SCOR SE | 9,600 | 312,551 | ||||||
STMicroelectronics NV | 5,926 | 248,762 | ||||||
Teleperformance | 796 | 295,365 | ||||||
Thales SA | 8,065 | 922,014 | ||||||
TotalEnergies SE | 5,950 | 303,124 | ||||||
Unibail-Rodamco-Westfield(1) | 4,092 | 311,916 | ||||||
Unibail-Rodamco-Westfield(1) | 60 | 4,567 | ||||||
Vinci SA | 2,887 | 302,706 | ||||||
Wendel SE | 2,389 | 242,528 | ||||||
26,031,167 | ||||||||
Germany — 5.8% | ||||||||
adidas AG | 868 | 205,231 | ||||||
Brenntag SE | 2,932 | 245,797 | ||||||
Carl Zeiss Meditec AG | 4,287 | 672,779 | ||||||
Covestro AG | 46,522 | 2,460,349 | ||||||
Deutsche Post AG | 8,886 | 446,630 | ||||||
Evonik Industries AG | 99,190 | 2,985,780 | ||||||
GEA Group AG | 37,824 | 1,653,997 | ||||||
HelloFresh SE(1) | 9,934 | 541,860 |
23
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Merck KGaA | 5,235 | $ | 1,038,349 | |||||
Nemetschek SE | 3,405 | 302,130 | ||||||
Puma SE | 2,173 | 199,274 | ||||||
Rational AG | 271 | 199,446 | ||||||
Sartorius AG, Preference Shares | 616 | 271,972 | ||||||
Schaeffler AG, Preference Shares | 70,576 | 469,564 | ||||||
Siemens Healthineers AG | 3,756 | 241,024 | ||||||
Symrise AG | 1,781 | 211,844 | ||||||
Uniper SE | 6,290 | 201,224 | ||||||
Wacker Chemie AG | 1,495 | 231,620 | ||||||
12,578,870 | ||||||||
Hong Kong — 1.0% | ||||||||
Chow Tai Fook Jewellery Group Ltd.(1) | 243,600 | 505,844 | ||||||
SITC International Holdings Co. Ltd. | 141,000 | 581,365 | ||||||
Techtronic Industries Co. Ltd. | 31,000 | 519,438 | ||||||
Xinyi Glass Holdings Ltd. | 232,000 | 617,988 | ||||||
2,224,635 | ||||||||
Ireland — 0.4% | ||||||||
Bank of Ireland Group plc(1) | 46,125 | 306,051 | ||||||
Smurfit Kappa Group plc | 10,298 | 514,305 | ||||||
820,356 | ||||||||
Israel — 0.9% | ||||||||
Bank Hapoalim BM | 25,539 | 270,675 | ||||||
Bank Leumi Le-Israel BM | 57,305 | 620,780 | ||||||
ICL Group Ltd. | 37,232 | 422,826 | ||||||
Israel Discount Bank Ltd., A Shares | 50,983 | 336,190 | ||||||
Mizrahi Tefahot Bank Ltd. | 6,753 | 263,903 | ||||||
1,914,374 | ||||||||
Italy — 2.1% | ||||||||
A2A SpA | 139,955 | 249,693 | ||||||
Amplifon SpA | 5,148 | 220,924 | ||||||
Assicurazioni Generali SpA(2) | 13,632 | 269,598 | ||||||
Davide Campari-Milano NV | 19,088 | 207,732 | ||||||
De' Longhi SpA | 8,170 | 259,246 | ||||||
DiaSorin SpA | 1,175 | 175,844 | ||||||
Enel SpA | 36,037 | 265,554 | ||||||
Eni SpA | 20,760 | 322,916 | ||||||
Ferrari NV | 1,215 | 261,089 | ||||||
Interpump Group SpA | 12,945 | 698,864 | ||||||
Intesa Sanpaolo SpA | 131,695 | 336,655 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 25,227 | 262,720 | ||||||
Moncler SpA | 4,609 | 276,771 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 4,022 | 196,722 | ||||||
Reply SpA | 1,306 | 212,951 | ||||||
Stellantis NV | 15,963 | 290,078 | ||||||
4,507,357 | ||||||||
Japan — 18.3% | ||||||||
Advantest Corp. | 3,000 | 241,095 | ||||||
AGC, Inc. | 5,500 | 243,994 | ||||||
Aisin Corp. | 14,500 | 528,152 | ||||||
Ajinomoto Co., Inc. | 11,600 | 338,036 |
24
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Asahi Kasei Corp. | 28,800 | $ | 270,283 | |||||
Astellas Pharma, Inc. | 104,500 | 1,743,501 | ||||||
BayCurrent Consulting, Inc. | 1,200 | 479,872 | ||||||
Bridgestone Corp. | 6,100 | 251,204 | ||||||
Canon, Inc.(2) | 14,500 | 341,228 | ||||||
Capcom Co., Ltd. | 10,000 | 242,708 | ||||||
Chugai Pharmaceutical Co. Ltd. | 7,600 | 252,119 | ||||||
CyberAgent, Inc. | 40,700 | 532,586 | ||||||
Daikin Industries Ltd. | 1,200 | 221,765 | ||||||
Daito Trust Construction Co. Ltd. | 2,400 | 265,536 | ||||||
Denso Corp. | 3,800 | 267,216 | ||||||
Dentsu Group, Inc. | 8,500 | 339,151 | ||||||
Ebara Corp. | 5,000 | 260,956 | ||||||
FUJIFILM Holdings Corp. | 3,400 | 216,118 | ||||||
Fujitsu Ltd. | 1,600 | 232,454 | ||||||
Hakuhodo DY Holdings, Inc. | 35,400 | 470,411 | ||||||
Hirose Electric Co. Ltd. | 1,500 | 225,544 | ||||||
Hitachi Ltd. | 4,600 | 227,482 | ||||||
Honda Motor Co. Ltd. | 10,000 | 303,809 | ||||||
Hoya Corp. | 2,000 | 260,537 | ||||||
Iida Group Holdings Co. Ltd. | 36,200 | 671,841 | ||||||
INPEX Corp. | 63,200 | 651,435 | ||||||
Isuzu Motors Ltd. | 20,800 | 281,312 | ||||||
ITOCHU Corp. | 10,100 | 329,145 | ||||||
Itochu Techno-Solutions Corp. | 8,300 | 215,164 | ||||||
Japan Post Holdings Co. Ltd. | 36,000 | 297,565 | ||||||
Japan Tobacco, Inc. | 141,300 | 2,598,671 | ||||||
Kakaku.com, Inc. | 8,800 | 193,608 | ||||||
Kao Corp. | 5,300 | 247,758 | ||||||
Keyence Corp. | 600 | 283,800 | ||||||
Kikkoman Corp. | 3,800 | 283,282 | ||||||
Kirin Holdings Co. Ltd. | 43,500 | 723,207 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 3,100 | 265,513 | ||||||
Kobe Bussan Co. Ltd.(2) | 6,600 | 218,525 | ||||||
Komatsu Ltd. | 11,900 | 273,747 | ||||||
Konami Holdings Corp. | 10,200 | 580,286 | ||||||
Kyocera Corp. | 4,700 | 270,499 | ||||||
Marubeni Corp. | 36,900 | 387,326 | ||||||
MEIJI Holdings Co. Ltd. | 4,800 | 288,086 | ||||||
MINEBEA MITSUMI, Inc. | 10,200 | 223,899 | ||||||
MISUMI Group, Inc. | 29,600 | 948,907 | ||||||
Mitsubishi Chemical Holdings Corp. | 34,600 | 245,793 | ||||||
Mitsubishi Corp. | 9,000 | 302,613 | ||||||
Mitsubishi Electric Corp. | 146,100 | 1,767,155 | ||||||
Mitsui & Co. Ltd. | 13,600 | 339,085 | ||||||
Mitsui Chemicals, Inc. | 29,600 | 756,711 | ||||||
Murata Manufacturing Co. Ltd. | 3,400 | 231,082 | ||||||
NGK Insulators Ltd. | 48,600 | 754,752 | ||||||
Nihon M&A Center Holdings, Inc. | 34,000 | 502,896 | ||||||
NIPPON EXPRESS HOLDINGS, Inc. | 4,700 | 284,913 | ||||||
Nippon Shinyaku Co. Ltd. | 3,300 | 214,929 |
25
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Nippon Steel Corp. | 18,100 | $ | 331,392 | |||||
Nippon Telegraph & Telephone Corp. | 9,900 | 284,535 | ||||||
Nippon Yusen KK | 4,100 | 384,133 | ||||||
Nissan Chemical Corp. | 5,300 | 301,254 | ||||||
Nitto Denko Corp. | 3,600 | 262,722 | ||||||
Nomura Holdings, Inc. | 64,500 | 294,319 | ||||||
NTT Data Corp. | 12,900 | 245,024 | ||||||
Olympus Corp. | 11,200 | 227,477 | ||||||
Ono Pharmaceutical Co. Ltd. | 11,300 | 278,206 | ||||||
Open House Group Co. Ltd. | 8,700 | 395,582 | ||||||
Otsuka Corp. | 5,900 | 229,177 | ||||||
Otsuka Holdings Co. Ltd. | 7,400 | 255,109 | ||||||
Persol Holdings Co. Ltd. | 8,600 | 192,654 | ||||||
Recruit Holdings Co. Ltd. | 9,000 | 379,892 | ||||||
Ricoh Co. Ltd. | 61,600 | 525,497 | ||||||
Santen Pharmaceutical Co. Ltd. | 20,500 | 233,641 | ||||||
SCREEN Holdings Co. Ltd. | 5,100 | 503,306 | ||||||
SCSK Corp. | 57,300 | 981,002 | ||||||
Seiko Epson Corp. | 50,600 | 778,250 | ||||||
Sekisui Chemical Co. Ltd. | 16,700 | 273,478 | ||||||
Sekisui House Ltd. | 111,800 | 2,279,388 | ||||||
Shimadzu Corp. | 7,100 | 255,720 | ||||||
Shimano, Inc. | 900 | 209,581 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,500 | 234,282 | ||||||
Shionogi & Co. Ltd. | 3,500 | 232,723 | ||||||
SMC Corp. | 400 | 238,948 | ||||||
Sumitomo Chemical Co. Ltd. | 59,000 | 281,679 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 8,400 | 297,883 | ||||||
Suntory Beverage & Food Ltd. | 7,600 | 302,853 | ||||||
Sysmex Corp. | 2,000 | 160,101 | ||||||
Taisei Corp. | 9,400 | 312,564 | ||||||
TIS, Inc. | 8,700 | 205,917 | ||||||
Tokyo Electron Ltd. | 700 | 343,544 | ||||||
Toppan, Inc. | 17,800 | 350,737 | ||||||
Toray Industries, Inc. | 46,600 | 265,745 | ||||||
Toshiba Corp. | 6,800 | 271,115 | ||||||
Toyota Tsusho Corp. | 6,200 | 257,393 | ||||||
Trend Micro, Inc. | 5,300 | 296,093 | ||||||
Yamaha Motor Co. Ltd. | 25,800 | 579,974 | ||||||
ZOZO, Inc. | 23,500 | 669,172 | ||||||
39,791,324 | ||||||||
Netherlands — 5.0% | ||||||||
Aalberts NV | 4,457 | 248,671 | ||||||
Adyen NV(1) | 246 | 512,731 | ||||||
Akzo Nobel NV | 2,388 | 227,199 | ||||||
ASM International NV | 2,797 | 903,340 | ||||||
ASML Holding NV | 2,855 | 1,910,063 | ||||||
BE Semiconductor Industries NV | 3,284 | 280,523 | ||||||
Heineken Holding NV | 3,285 | 268,282 | ||||||
IMCD NV | 1,556 | 252,759 | ||||||
ING Groep NV | 19,797 | 231,199 |
26
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Koninklijke Ahold Delhaize NV | 8,733 | $ | 268,647 | |||||
Koninklijke DSM NV | 1,389 | 260,804 | ||||||
Koninklijke Philips NV | 47,636 | 1,627,182 | ||||||
NN Group NV | 52,020 | 2,496,694 | ||||||
Randstad NV | 22,530 | 1,535,390 | ||||||
11,023,484 | ||||||||
New Zealand — 0.1% | ||||||||
Fisher & Paykel Healthcare Corp. Ltd. | 12,982 | 243,150 | ||||||
Norway — 1.3% | ||||||||
Equinor ASA(2) | 9,961 | 313,129 | ||||||
Gjensidige Forsikring ASA | 11,306 | 279,650 | ||||||
Nordic Semiconductor ASA(1) | 8,120 | 217,008 | ||||||
Norsk Hydro ASA | 42,116 | 399,937 | ||||||
Orkla ASA | 108,317 | 1,014,644 | ||||||
TOMRA Systems ASA | 4,300 | 202,364 | ||||||
Yara International ASA | 6,597 | 335,985 | ||||||
2,762,717 | ||||||||
Portugal — 0.1% | ||||||||
Galp Energia SGPS SA | 29,232 | 323,578 | ||||||
Singapore — 1.3% | ||||||||
Oversea-Chinese Banking Corp. Ltd. | 33,900 | 293,758 | ||||||
Singapore Exchange Ltd. | 287,000 | 1,991,145 | ||||||
Singapore Technologies Engineering Ltd. | 104,900 | 297,278 | ||||||
United Overseas Bank Ltd. | 14,600 | 324,490 | ||||||
2,906,671 | ||||||||
South Korea — 0.8% | ||||||||
Celltrion, Inc. | 1,604 | 214,102 | ||||||
HMM Co. Ltd.(1) | 28,515 | 690,727 | ||||||
KT Corp. | 7,186 | 191,651 | ||||||
NCSoft Corp. | 1,529 | 566,410 | ||||||
1,662,890 | ||||||||
Spain — 2.5% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 98,613 | 585,142 | ||||||
Banco Santander SA | 170,308 | 567,128 | ||||||
Endesa SA | 12,185 | 267,843 | ||||||
Fluidra SA | 6,577 | 199,187 | ||||||
Naturgy Energy Group SA(2) | 9,945 | 266,821 | ||||||
Repsol SA | 110,757 | 1,437,187 | ||||||
Telefonica SA | 448,521 | 2,142,100 | ||||||
5,465,408 | ||||||||
Sweden — 4.8% | ||||||||
Atlas Copco AB, A Shares | 5,304 | 272,011 | ||||||
Electrolux AB, B Shares(2) | 42,303 | 757,442 | ||||||
Epiroc AB, A Shares | 10,337 | 194,239 | ||||||
Evolution AB | 9,541 | 1,093,962 | ||||||
Getinge AB, B Shares | 6,516 | 252,915 | ||||||
H & M Hennes & Mauritz AB, B Shares(2) | 32,799 | 547,386 | ||||||
Husqvarna AB, B Shares | 19,386 | 233,487 | ||||||
Industrivarden AB, A Shares | 21,411 | 591,264 |
27
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Lifco AB, B Shares | 26,757 | $ | 608,228 | |||||
Lundin Energy AB | 15,268 | 563,375 | ||||||
Nibe Industrier AB, B Shares | 17,573 | 156,431 | ||||||
Sandvik AB | 11,002 | 237,121 | ||||||
Securitas AB, B Shares | 18,903 | 228,856 | ||||||
Skanska AB, B Shares | 11,836 | 267,887 | ||||||
SKF AB, B Shares | 41,105 | 758,970 | ||||||
Svenska Handelsbanken AB, A Shares | 25,767 | 244,962 | ||||||
Swedish Match AB | 275,258 | 2,001,055 | ||||||
Telefonaktiebolaget LM Ericsson, B Shares | 27,074 | 249,132 | ||||||
Thule Group AB | 8,842 | 347,205 | ||||||
Trelleborg AB, B Shares | 12,139 | 243,897 | ||||||
Volvo AB, B Shares | 37,345 | 718,289 | ||||||
10,568,114 | ||||||||
Switzerland — 6.2% | ||||||||
Adecco Group AG | 29,432 | 1,390,033 | ||||||
Bachem Holding AG, Class B | 457 | 271,972 | ||||||
Belimo Holding AG | 433 | 229,497 | ||||||
Cie Financiere Richemont SA | 6,785 | 908,556 | ||||||
EMS-Chemie Holding AG | 267 | 264,098 | ||||||
Geberit AG | 346 | 226,345 | ||||||
Georg Fischer AG | 186 | 228,842 | ||||||
Holcim Ltd.(1) | 5,667 | 285,265 | ||||||
Kuehne + Nagel International AG | 7,899 | 2,154,177 | ||||||
Logitech International SA | 3,175 | 237,582 | ||||||
Novartis AG | 22,324 | 1,962,088 | ||||||
Partners Group Holding AG | 1,601 | 2,164,213 | ||||||
Roche Holding AG | 1,423 | 538,937 | ||||||
Sika AG | 1,103 | 366,014 | ||||||
Straumann Holding AG | 117 | 185,850 | ||||||
Swatch Group AG (The), Bearer Shares | 1,044 | 321,047 | ||||||
Swiss Re AG | 2,914 | 278,449 | ||||||
VAT Group AG | 2,611 | 986,684 | ||||||
Vifor Pharma AG | 2,415 | 423,903 | ||||||
13,423,552 | ||||||||
Taiwan — 1.8% | ||||||||
AU Optronics Corp. | 504,000 | 377,333 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 55,000 | 288,929 | ||||||
Globalwafers Co. Ltd. | 20,000 | 495,048 | ||||||
MediaTek, Inc. | 40,000 | 1,580,633 | ||||||
momo.com, Inc. | 9,000 | 320,392 | ||||||
Novatek Microelectronics Corp. | 15,000 | 248,677 | ||||||
Realtek Semiconductor Corp. | 31,000 | 511,127 | ||||||
Wan Hai Lines Ltd. | 13,000 | 88,549 | ||||||
3,910,688 | ||||||||
United Kingdom — 11.5% | ||||||||
Admiral Group plc | 6,395 | 254,749 | ||||||
Anglo American plc | 7,427 | 377,007 | ||||||
Ashtead Group plc | 18,181 | 1,181,435 | ||||||
Auto Trader Group plc | 30,515 | 269,877 | ||||||
Avast plc | 33,656 | 283,485 |
28
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
BAE Systems plc | 37,547 | $ | 360,488 | |||||
Barratt Developments plc | 70,503 | 574,262 | ||||||
Bellway plc | 6,601 | 253,904 | ||||||
BP plc | 63,246 | 308,268 | ||||||
Coca-Cola HBC AG(1) | 17,009 | 432,140 | ||||||
ConvaTec Group plc | 106,602 | 257,726 | ||||||
DCC plc | 22,303 | 1,750,194 | ||||||
Dechra Pharmaceuticals plc | 4,814 | 265,490 | ||||||
Diageo plc | 4,975 | 246,473 | ||||||
Diploma plc | 6,259 | 222,101 | ||||||
Electrocomponents plc | 15,661 | 206,588 | ||||||
Evraz plc | 199,959 | 560,072 | ||||||
Experian plc | 20,576 | 803,790 | ||||||
Ferguson plc | 1,826 | 278,242 | ||||||
GlaxoSmithKline plc | 66,067 | 1,377,770 | ||||||
Glencore plc(1) | 57,721 | 339,400 | ||||||
Halma plc | 6,828 | 220,231 | ||||||
Hargreaves Lansdown plc | 70,715 | 1,071,771 | ||||||
Hikma Pharmaceuticals plc | 8,538 | 237,697 | ||||||
Howden Joinery Group plc | 21,843 | 248,464 | ||||||
IMI plc | 33,354 | 653,411 | ||||||
Imperial Brands plc | 97,334 | 2,128,331 | ||||||
Investec plc | 50,385 | 273,273 | ||||||
ITV plc(1) | 187,269 | 275,912 | ||||||
JD Sports Fashion plc | 219,092 | 440,734 | ||||||
Kingfisher plc | 324,872 | 1,325,268 | ||||||
Land Securities Group plc | 28,308 | 299,972 | ||||||
Marks & Spencer Group plc(1) | 87,239 | 203,333 | ||||||
Mondi plc | 11,970 | 251,148 | ||||||
Next plc | 2,425 | 222,039 | ||||||
Pearson plc | 34,678 | 299,996 | ||||||
Persimmon plc | 7,522 | 242,084 | ||||||
Rightmove plc | 29,494 | 264,191 | ||||||
Rio Tinto plc | 8,562 | 669,480 | ||||||
Royal Mail plc | 43,251 | 227,308 | ||||||
Sage Group plc (The) | 26,674 | 250,241 | ||||||
Schroders plc | 5,503 | 225,282 | ||||||
Shell plc | 24,957 | 661,315 | ||||||
Spirax-Sarco Engineering plc | 1,209 | 192,660 | ||||||
Taylor Wimpey plc | 136,900 | 274,592 | ||||||
Tesco plc | 74,332 | 287,959 | ||||||
Unilever plc | 5,333 | 267,887 | ||||||
Vodafone Group plc | 1,330,615 | 2,342,333 | ||||||
WPP plc | 27,871 | 392,002 | ||||||
25,052,375 | ||||||||
United States — 0.5% | ||||||||
Ovintiv, Inc. | 24,683 | 1,128,894 | ||||||
TOTAL COMMON STOCKS (Cost $218,509,496) | 216,623,723 |
29
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||
Money Market Funds — 0.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 288,067 | $ | 288,067 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 849,952 | 849,952 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,138,019) | 1,138,019 | |||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $219,647,515) | 217,761,742 | |||||||
OTHER ASSETS AND LIABILITIES† | 92,359 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 217,854,101 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Industrials | 19.8% | ||||
Consumer Discretionary | 13.1% | ||||
Health Care | 11.3% | ||||
Consumer Staples | 11.2% | ||||
Materials | 10.6% | ||||
Financials | 9.7% | ||||
Information Technology | 9.2% | ||||
Communication Services | 6.9% | ||||
Energy | 4.5% | ||||
Real Estate | 2.0% | ||||
Utilities | 1.2% | ||||
Short-Term Investments | 0.5% | ||||
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.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,143,433. 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 $2,300,670, which includes securities collateral of $1,450,718.
See Notes to Financial Statements.
30
FEBRUARY 28, 2022 (UNAUDITED)
Quality Preferred ETF | ||||||||
Shares | Value | |||||||
PREFERRED STOCKS — 79.9% | ||||||||
Automobiles — 0.5% | ||||||||
Ford Motor Co., 6.00% | 4,410 | $ | 111,132 | |||||
Banks — 24.6% | ||||||||
Bank of America Corp., 3.00% | 21,294 | 438,656 | ||||||
Bank of America Corp., 5.875% | 4,452 | 115,574 | ||||||
Bank of America Corp., 6.00% | 8,442 | 219,830 | ||||||
Bank of America Corp., 6.25% | 106,000 | 110,770 | ||||||
Citigroup, Inc., 6.875% | 15,834 | 421,026 | ||||||
Citigroup, Inc., 7.125% | 15,876 | 429,446 | ||||||
Citizens Financial Group, Inc., 6.35% | 8,442 | 221,687 | ||||||
Fifth Third Bancorp, 6.00% | 4,662 | 119,114 | ||||||
First Citizens BancShares, Inc., 5.375% | 2,814 | 70,069 | ||||||
First Horizon Corp., 6.10% | 4,620 | 121,598 | ||||||
First Republic Bank, 4.00% | 3,654 | 74,103 | ||||||
First Republic Bank, 5.125% | 9,660 | 236,283 | ||||||
JPMorgan Chase & Co., 5.75% | 6,804 | 178,061 | ||||||
JPMorgan Chase & Co., 6.75% | 329,000 | 344,011 | ||||||
JPMorgan Chase & Co., Series EE, 6.00% | 6,678 | 177,234 | ||||||
JPMorgan Chase & Co., Series R, 6.00% | 345,000 | 354,962 | ||||||
KeyCorp, 5.65% | 5,502 | 141,456 | ||||||
Old National Bancorp., 7.00% | 4,158 | 109,397 | ||||||
PNC Financial Services Group, Inc. (The), 6.125% | 11,004 | 277,411 | ||||||
Regions Financial Corp., 5.70% | 4,158 | 111,351 | ||||||
Regions Financial Corp., 6.375% | 5,460 | 146,874 | ||||||
Synovus Financial Corp., 6.30% | 8,610 | 219,211 | ||||||
Truist Financial Corp., 4.00% | 7,686 | 172,935 | ||||||
U.S. Bancorp, 3.50% | 8,862 | 188,229 | ||||||
US Bancorp, 3.75% | 3,654 | 73,372 | ||||||
USB Capital IX, 3.50% | 181,000 | 155,507 | ||||||
Wells Fargo & Co., 5.85% | 14,322 | 365,784 | ||||||
Wells Fargo & Co., 5.90% | 426,000 | 430,260 | ||||||
6,024,211 | ||||||||
Capital Markets — 13.0% | ||||||||
Affiliated Managers Group, Inc., 4.20% | 4,536 | 91,536 | ||||||
Affiliated Managers Group, Inc., 5.875% | 3,276 | 86,585 | ||||||
Goldman Sachs Group, Inc. (The), 3.75% | 3,948 | 88,040 | ||||||
Goldman Sachs Group, Inc. (The), 4.00% | 9,408 | 210,175 | ||||||
Goldman Sachs Group, Inc. (The), 5.50% | 14,196 | 364,553 | ||||||
Goldman Sachs Group, Inc. (The), 6.375% | 6,678 | 177,635 | ||||||
Goldman Sachs Group, Inc. (The), Series D, 4.00% | 7,056 | 160,101 | ||||||
Morgan Stanley, 4.00% | 8,820 | 197,039 | ||||||
Morgan Stanley, 6.375% | 6,258 | 168,716 | ||||||
Morgan Stanley, 6.875% | 12,180 | 329,104 | ||||||
Morgan Stanley, 7.125% | 16,212 | 438,210 | ||||||
Oaktree Capital Group LLC, 6.55% | 9,282 | 239,104 | ||||||
Oaktree Capital Group LLC, 6.625% | 9,534 | 246,263 | ||||||
State Street Corp., 5.90% | 11,172 | 288,908 | ||||||
Stifel Financial Corp., 6.25% | 3,528 | 90,105 | ||||||
3,176,074 |
31
Quality Preferred ETF | ||||||||
Shares | Value | |||||||
Consumer Finance — 1.3% | ||||||||
Capital One Financial Corp., 4.25% | 7,644 | $ | 160,754 | |||||
Capital One Financial Corp., 4.375% | 7,602 | 160,706 | ||||||
321,460 | ||||||||
Diversified Financial Services — 1.0% | ||||||||
Apollo Asset Management, Inc., 6.375% | 9,576 | 243,613 | ||||||
Diversified Telecommunication Services — 2.8% | ||||||||
AT&T, Inc., 5.00% | 5,040 | 115,920 | ||||||
AT&T, Inc., 5.35% | 16,422 | 410,057 | ||||||
Qwest Corp., 6.75% | 6,594 | 163,927 | ||||||
689,904 | ||||||||
Electric Utilities — 3.2% | ||||||||
Duke Energy Corp., 5.625% | 10,920 | 283,483 | ||||||
NextEra Energy Capital Holdings, Inc., 5.65% | 5,124 | 134,505 | ||||||
SCE Trust VI, 5.00% | 9,660 | 206,531 | ||||||
Southern Co. (The), 4.20% | 7,182 | 160,877 | ||||||
785,396 | ||||||||
Energy Equipment and Services — 0.6% | ||||||||
Hoegh LNG Partners LP, 8.75% | 6,720 | 154,896 | ||||||
Equity Real Estate Investment Trusts (REITs) — 2.8% | ||||||||
American Homes 4 Rent, Series F, 5.875% | 2,814 | 70,575 | ||||||
Digital Realty Trust, Inc., 5.25% | 3,612 | 90,192 | ||||||
Diversified Healthcare Trust, 5.625% | 6,888 | 126,877 | ||||||
Kimco Realty Corp., 5.25% | 4,284 | 104,358 | ||||||
Public Storage, 5.05% | 4,662 | 113,846 | ||||||
Public Storage, 5.15% | 7,014 | 175,210 | ||||||
681,058 | ||||||||
Food Products — 1.0% | ||||||||
CHS, Inc., 6.75% | 4,410 | 118,496 | ||||||
CHS, Inc., 7.10% | 4,368 | 118,504 | ||||||
237,000 | ||||||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
Tennessee Valley Authority, 2.22% | 2,814 | 71,194 | ||||||
Industrial Conglomerates — 2.2% | ||||||||
General Electric Co., 3.53% | 571,000 | 542,279 | ||||||
Insurance — 8.8% | ||||||||
Allstate Corp. (The), 5.10% | 4,746 | 120,359 | ||||||
Allstate Corp. (The), 5.625% | 3,066 | 79,716 | ||||||
American Equity Investment Life Holding Co., 5.95% | 5,250 | 135,397 | ||||||
American Equity Investment Life Holding Co., 6.625% | 2,478 | 65,692 | ||||||
Aspen Insurance Holdings Ltd., 5.95% | 3,108 | 79,658 | ||||||
Athene Holding Ltd., 4.875% | 3,612 | 77,333 | ||||||
Athene Holding Ltd., 5.625% | 5,754 | 139,880 | ||||||
Athene Holding Ltd., 6.375% | 3,948 | 106,557 | ||||||
Brighthouse Financial, Inc., 6.60% | 7,434 | 197,447 | ||||||
Enstar Group Ltd., 7.00% | 5,670 | 147,477 | ||||||
Hartford Financial Services Group, Inc. (The), 6.00% | 13,818 | 360,650 | ||||||
MetLife, Inc., 4.00% | 2,730 | 63,882 | ||||||
MetLife, Inc., 5.625% | 3,738 | 97,001 | ||||||
Reinsurance Group of America, Inc., 6.20% | 9,870 | 249,316 | ||||||
RenaissanceRe Holdings Ltd., 5.75% | 3,024 | 76,991 |
32
Quality Preferred ETF | ||||||||
Shares | Value | |||||||
W R Berkley Corp., 5.10% | 2,940 | $ | 73,588 | |||||
W R Berkley Corp., 5.70% | 2,898 | 74,739 | ||||||
2,145,683 | ||||||||
Leisure Products — 0.9% | ||||||||
Brunswick Corp., 6.50% | 5,334 | 143,164 | ||||||
Brunswick Corp., 6.625% | 2,730 | 70,680 | ||||||
213,844 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) — 6.0% | ||||||||
AGNC Investment Corp., 6.125% | 9,912 | 232,040 | ||||||
AGNC Investment Corp., 6.50% | 9,534 | 229,293 | ||||||
Annaly Capital Management, Inc., 6.50% | 7,434 | 169,049 | ||||||
Chimera Investment Corp., 7.75% | 4,788 | 117,785 | ||||||
Chimera Investment Corp., 8.00% | 8,568 | 211,972 | ||||||
MFA Financial, Inc., 6.50% | 8,526 | 194,819 | ||||||
New Residential Investment Corp., 6.375% | 14,238 | 309,819 | ||||||
1,464,777 | ||||||||
Multi-Utilities — 5.5% | ||||||||
Algonquin Power & Utilities Corp., 6.20% | 6,300 | 168,210 | ||||||
Algonquin Power & Utilities Corp., 6.875% | 7,266 | 191,169 | ||||||
CMS Energy Corp., 5.875% | 6,384 | 168,793 | ||||||
CMS Energy Corp., 5.875% | 4,578 | 118,204 | ||||||
DTE Energy Co., 4.375% | 11,970 | 274,352 | ||||||
NiSource, Inc., 6.50% | 7,518 | 196,821 | ||||||
Sempra Energy, 4.875% | 222,000 | 226,440 | ||||||
1,343,989 | ||||||||
Oil, Gas and Consumable Fuels — 3.1% | ||||||||
DCP Midstream LP, 7.875% | 8,820 | 209,475 | ||||||
Enbridge, Inc., 6.375% | 10,584 | 274,126 | ||||||
NuStar Energy LP, 6.97% | 4,914 | 112,039 | ||||||
NuStar Energy LP, 7.625% | 8,022 | 166,376 | ||||||
762,016 | ||||||||
Real Estate Management and Development — 1.2% | ||||||||
Brookfield Property Partners LP, 5.75% | 13,902 | 300,283 | ||||||
Trading Companies and Distributors — 0.7% | ||||||||
Triton International Ltd., 6.875% | 2,604 | 65,725 | ||||||
WESCO International, Inc., 10.625% | 3,822 | 111,526 | ||||||
177,251 | ||||||||
Wireless Telecommunication Services — 0.4% | ||||||||
United States Cellular Corp., 6.25% | 3,696 | 90,848 | ||||||
TOTAL PREFERRED STOCKS (Cost $20,501,442) | 19,536,908 | |||||||
CONVERTIBLE PREFERRED STOCKS — 15.1% | ||||||||
Auto Components — 0.4% | ||||||||
Aptiv plc, 5.50%, 6/15/23 | 714 | 104,444 | ||||||
Banks — 1.4% | ||||||||
Bank of America Corp., 7.25% | 168 | 223,356 | ||||||
Wells Fargo & Co., 7.50% | 84 | 113,610 | ||||||
336,966 | ||||||||
Capital Markets — 0.8% | ||||||||
KKR & Co., Inc., 6.00%, 9/15/23 | 2,478 | 188,229 |
33
Quality Preferred ETF | ||||||||
Shares | Value | |||||||
Commercial Services and Supplies — 0.5% | ||||||||
GFL Environmental, Inc., 6.00%, 3/15/23 | 1,722 | $ | 116,028 | |||||
Electric Utilities — 2.2% | ||||||||
American Electric Power Co., Inc., 6.125%, 3/15/22 | 3,906 | 203,483 | ||||||
NextEra Energy, Inc., 6.22%, 9/1/23 | 2,352 | 118,564 | ||||||
Southern Co. (The), 6.75%, 8/1/22 | 4,032 | 206,237 | ||||||
528,284 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 0.4% | ||||||||
EPR Properties, 5.75% | 4,452 | 111,167 | ||||||
Health Care Equipment and Supplies — 1.8% | ||||||||
Becton Dickinson and Co., 6.00%, 6/1/23 | 4,536 | 243,402 | ||||||
Boston Scientific Corp., 5.50%, 6/1/23 | 1,764 | 205,488 | ||||||
448,890 | ||||||||
Independent Power and Renewable Electricity Producers — 0.5% | ||||||||
AES Corp. (The), 6.875%, 2/15/24 | 1,302 | 112,896 | ||||||
Life Sciences Tools and Services — 2.0% | ||||||||
Avantor, Inc., 6.25%, 5/15/22 | 2,226 | 236,223 | ||||||
Danaher Corp., 5.00%, 4/15/23 | 174 | 259,563 | ||||||
495,786 | ||||||||
Machinery — 0.3% | ||||||||
Stanley Black & Decker, Inc., 5.25%, 11/15/22 | 840 | 81,665 | ||||||
Metals and Mining — 0.7% | ||||||||
ArcelorMittal SA, 5.50%, 5/18/23 | 2,268 | 164,906 | ||||||
Multi-Utilities — 0.7% | ||||||||
Dominion Energy, Inc., 7.25%, 6/1/22 | 1,848 | 183,968 | ||||||
Semiconductors and Semiconductor Equipment — 2.6% | ||||||||
Broadcom, Inc., 8.00%, 9/30/22 | 341 | 627,120 | ||||||
Thrifts and Mortgage Finance — 0.8% | ||||||||
New York Community Capital Trust V, 6.00%, 11/1/51 | 3,654 | 186,018 | ||||||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $3,687,196) | 3,686,367 | |||||||
SHORT-TERM INVESTMENTS — 3.6% | ||||||||
Money Market Funds — 3.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 873,792 | 873,792 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $873,792) | 873,792 | |||||||
TOTAL INVESTMENT SECURITIES — 98.6% (Cost $25,062,430) | 24,097,067 | |||||||
OTHER ASSETS AND LIABILITIES — 1.4% | 349,434 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 24,446,501 |
See Notes to Financial Statements.
34
FEBRUARY 28, 2022 (UNAUDITED)
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Aerospace and Defense — 0.2% | ||||||||
Lockheed Martin Corp. | 930 | $ | 403,434 | |||||
Air Freight and Logistics — 2.2% | ||||||||
Expeditors International of Washington, Inc. | 3,463 | 357,935 | ||||||
FedEx Corp. | 1,649 | 366,523 | ||||||
United Parcel Service, Inc., Class B | 20,629 | 4,340,754 | ||||||
5,065,212 | ||||||||
Auto Components — 0.1% | ||||||||
Autoliv, Inc. | 2,013 | 177,164 | ||||||
Automobiles — 0.7% | ||||||||
Tesla, Inc.(1) | 1,884 | 1,639,890 | ||||||
Beverages — 0.5% | ||||||||
Brown-Forman Corp., Class B | 2,935 | 191,450 | ||||||
Monster Beverage Corp.(1) | 7,451 | 628,865 | ||||||
PepsiCo, Inc. | 2,134 | 349,421 | ||||||
1,169,736 | ||||||||
Biotechnology — 5.0% | ||||||||
BioMarin Pharmaceutical, Inc.(1) | 2,266 | 177,020 | ||||||
Exelixis, Inc.(1) | 28,197 | 578,884 | ||||||
Halozyme Therapeutics, Inc.(1) | 10,956 | 388,609 | ||||||
Horizon Therapeutics plc(1) | 5,958 | 543,191 | ||||||
Neurocrine Biosciences, Inc.(1) | 12,919 | 1,161,031 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 7,150 | 4,421,274 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 18,725 | 4,307,124 | ||||||
11,577,133 | ||||||||
Building Products — 1.0% | ||||||||
Builders FirstSource, Inc.(1) | 31,076 | 2,312,676 | ||||||
Capital Markets — 3.5% | ||||||||
Blackstone, Inc. | 1,591 | 202,805 | ||||||
Charles Schwab Corp. (The) | 27,447 | 2,318,174 | ||||||
FactSet Research Systems, Inc. | 889 | 361,014 | ||||||
Interactive Brokers Group, Inc., Class A | 8,095 | 535,727 | ||||||
LPL Financial Holdings, Inc. | 10,848 | 1,962,946 | ||||||
MarketAxess Holdings, Inc. | 1,481 | 564,898 | ||||||
Moody's Corp. | 1,711 | 550,993 | ||||||
S&P Global, Inc. | 945 | 355,036 | ||||||
T. Rowe Price Group, Inc. | 2,526 | 365,158 | ||||||
Tradeweb Markets, Inc., Class A | 10,840 | 915,763 | ||||||
8,132,514 | ||||||||
Chemicals — 0.4% | ||||||||
CF Industries Holdings, Inc. | 9,225 | 748,978 | ||||||
Corteva, Inc. | 3,818 | 198,650 | ||||||
947,628 | ||||||||
Commercial Services and Supplies — 0.2% | ||||||||
Cintas Corp. | 523 | 196,292 | ||||||
Waste Management, Inc. | 1,367 | 197,395 | ||||||
393,687 | ||||||||
Communications Equipment — 0.7% | ||||||||
Arista Networks, Inc.(1) | 12,702 | 1,558,916 |
35
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Consumer Finance — 0.7% | ||||||||
American Express Co. | 1,005 | $ | 195,513 | |||||
Upstart Holdings, Inc.(1)(2) | 9,172 | 1,449,084 | ||||||
1,644,597 | ||||||||
Containers and Packaging — 0.1% | ||||||||
Sealed Air Corp. | 5,182 | 347,868 | ||||||
Distributors — 0.1% | ||||||||
Pool Corp. | 450 | 206,361 | ||||||
Electric Utilities — 1.3% | ||||||||
NRG Energy, Inc. | 80,096 | 3,030,833 | ||||||
Electronic Equipment, Instruments and Components — 0.1% | ||||||||
Corning, Inc. | 4,704 | 190,042 | ||||||
Equity Real Estate Investment Trusts (REITs) — 1.5% | ||||||||
American Tower Corp. | 847 | 192,159 | ||||||
Crown Castle International Corp. | 1,186 | 197,576 | ||||||
Lamar Advertising Co., Class A | 3,270 | 356,626 | ||||||
SBA Communications Corp. | 7,813 | 2,370,386 | ||||||
Weyerhaeuser Co. | 9,336 | 362,984 | ||||||
3,479,731 | ||||||||
Food and Staples Retailing — 0.5% | ||||||||
BJ's Wholesale Club Holdings, Inc.(1) | 5,720 | 359,617 | ||||||
Costco Wholesale Corp. | 385 | 199,911 | ||||||
Sysco Corp. | 7,779 | 677,551 | ||||||
1,237,079 | ||||||||
Food Products — 1.0% | ||||||||
Darling Ingredients, Inc.(1) | 20,509 | 1,486,492 | ||||||
Hershey Co. (The) | 2,735 | 553,181 | ||||||
Lamb Weston Holdings, Inc. | 2,901 | 192,714 | ||||||
2,232,387 | ||||||||
Health Care Equipment and Supplies — 4.8% | ||||||||
Abbott Laboratories | 3,057 | 368,735 | ||||||
Align Technology, Inc.(1) | 1,119 | 572,324 | ||||||
Edwards Lifesciences Corp.(1) | 25,302 | 2,843,186 | ||||||
Globus Medical, Inc., Class A(1) | 2,938 | 206,600 | ||||||
Hologic, Inc.(1) | 50,933 | 3,624,901 | ||||||
IDEXX Laboratories, Inc.(1) | 4,694 | 2,498,851 | ||||||
Integra LifeSciences Holdings Corp.(1) | 8,453 | 566,858 | ||||||
Intuitive Surgical, Inc.(1) | 681 | 197,715 | ||||||
ResMed, Inc. | 829 | 204,556 | ||||||
11,083,726 | ||||||||
Health Care Providers and Services — 0.7% | ||||||||
Chemed Corp. | 774 | 370,196 | ||||||
DaVita, Inc.(1) | 3,149 | 355,113 | ||||||
HCA Healthcare, Inc. | 1,470 | 367,956 | ||||||
Molina Healthcare, Inc.(1) | 1,796 | 551,138 | ||||||
1,644,403 | ||||||||
Health Care Technology — 1.0% | ||||||||
Cerner Corp. | 3,912 | 364,794 | ||||||
Omnicell, Inc.(1) | 1,548 | 200,126 | ||||||
Veeva Systems, Inc., Class A(1) | 7,122 | 1,631,294 | ||||||
2,196,214 |
36
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Hotels, Restaurants and Leisure — 4.2% | ||||||||
Booking Holdings, Inc.(1) | 77 | $ | 167,263 | |||||
Chipotle Mexican Grill, Inc.(1) | 1,550 | 2,361,193 | ||||||
Choice Hotels International, Inc. | 23,142 | 3,340,548 | ||||||
Darden Restaurants, Inc. | 3,841 | 557,790 | ||||||
Marriott International, Inc., Class A(1) | 1,117 | 190,046 | ||||||
Starbucks Corp. | 2,077 | 190,648 | ||||||
Texas Roadhouse, Inc. | 24,945 | 2,367,530 | ||||||
Yum! Brands, Inc. | 2,895 | 354,869 | ||||||
9,529,887 | ||||||||
Household Durables — 1.1% | ||||||||
NVR, Inc.(1) | 75 | 371,883 | ||||||
PulteGroup, Inc. | 7,770 | 385,858 | ||||||
Tempur Sealy International, Inc. | 54,093 | 1,785,610 | ||||||
2,543,351 | ||||||||
Household Products — 0.2% | ||||||||
Colgate-Palmolive Co. | 4,556 | 350,584 | ||||||
Interactive Media and Services — 4.0% | ||||||||
Alphabet, Inc., Class C(1) | 1,943 | 5,241,864 | ||||||
Match Group, Inc.(1) | 5,157 | 574,954 | ||||||
Meta Platforms, Inc., Class A(1) | 14,221 | 3,001,058 | ||||||
Pinterest, Inc., Class A(1) | 15,018 | 401,731 | ||||||
9,219,607 | ||||||||
Internet and Direct Marketing Retail — 0.3% | ||||||||
Amazon.com, Inc.(1) | 64 | 196,561 | ||||||
eBay, Inc. | 6,514 | 355,599 | ||||||
MercadoLibre, Inc.(1) | 218 | 245,610 | ||||||
797,770 | ||||||||
IT Services — 4.1% | ||||||||
EPAM Systems, Inc.(1) | 2,713 | 563,626 | ||||||
Gartner, Inc.(1) | 13,726 | 3,849,045 | ||||||
Genpact Ltd. | 8,319 | 348,067 | ||||||
Globant SA(1) | 768 | 210,432 | ||||||
Mastercard, Inc., Class A | 7,278 | 2,626,048 | ||||||
Shopify, Inc., Class A(1) | 2,471 | 1,715,516 | ||||||
Visa, Inc., Class A | 874 | 188,889 | ||||||
9,501,623 | ||||||||
Leisure Products — 0.7% | ||||||||
Mattel, Inc.(1) | 14,875 | 371,577 | ||||||
YETI Holdings, Inc.(1) | 18,814 | 1,158,190 | ||||||
1,529,767 | ||||||||
Life Sciences Tools and Services — 2.0% | ||||||||
Avantor, Inc.(1) | 45,960 | 1,594,352 | ||||||
Bruker Corp. | 2,821 | 198,514 | ||||||
IQVIA Holdings, Inc.(1) | 854 | 196,523 | ||||||
Repligen Corp.(1) | 1,066 | 209,682 | ||||||
West Pharmaceutical Services, Inc. | 6,214 | 2,405,315 | ||||||
4,604,386 | ||||||||
Machinery — 0.1% | ||||||||
Middleby Corp.(1) | 1,058 | 187,922 |
37
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Media — 0.2% | ||||||||
Nexstar Media Group, Inc., Class A | 2,033 | $ | 376,207 | |||||
Metals and Mining — 1.6% | ||||||||
Nucor Corp. | 24,209 | 3,186,389 | ||||||
Reliance Steel & Aluminum Co. | 1,108 | 211,484 | ||||||
Southern Copper Corp. | 3,236 | 224,546 | ||||||
3,622,419 | ||||||||
Multiline Retail — 2.2% | ||||||||
Target Corp. | 25,614 | 5,116,909 | ||||||
Oil, Gas and Consumable Fuels — 1.4% | ||||||||
Coterra Energy, Inc. | 50,728 | 1,183,484 | ||||||
Devon Energy Corp. | 8,427 | 501,828 | ||||||
EOG Resources, Inc. | 1,766 | 202,949 | ||||||
Ovintiv, Inc. | 9,171 | 420,490 | ||||||
Pioneer Natural Resources Co. | 867 | 207,733 | ||||||
Texas Pacific Land Corp. | 553 | 657,368 | ||||||
3,173,852 | ||||||||
Paper and Forest Products — 0.3% | ||||||||
Louisiana-Pacific Corp. | 10,564 | 760,080 | ||||||
Personal Products — 0.2% | ||||||||
Estee Lauder Cos., Inc. (The), Class A | 1,914 | 567,176 | ||||||
Pharmaceuticals — 1.8% | ||||||||
Eli Lilly & Co. | 1,502 | 375,425 | ||||||
Pfizer, Inc. | 74,363 | 3,490,599 | ||||||
Zoetis, Inc. | 1,018 | 197,136 | ||||||
4,063,160 | ||||||||
Professional Services — 0.5% | ||||||||
CoStar Group, Inc.(1) | 3,073 | 187,484 | ||||||
ManpowerGroup, Inc. | 3,331 | 354,019 | ||||||
Robert Half International, Inc. | 3,032 | 364,719 | ||||||
TransUnion | 2,114 | 191,866 | ||||||
1,098,088 | ||||||||
Real Estate Management and Development — 0.3% | ||||||||
CBRE Group, Inc., Class A(1) | 6,937 | 671,848 | ||||||
Road and Rail — 1.2% | ||||||||
J.B. Hunt Transport Services, Inc. | 1,023 | 207,597 | ||||||
Old Dominion Freight Line, Inc. | 8,003 | 2,513,182 | ||||||
2,720,779 | ||||||||
Semiconductors and Semiconductor Equipment — 14.8% | ||||||||
Advanced Micro Devices, Inc.(1) | 38,231 | 4,715,466 | ||||||
Ambarella, Inc.(1) | 1,451 | 202,719 | ||||||
Applied Materials, Inc. | 27,578 | 3,700,968 | ||||||
Broadcom, Inc. | 622 | 365,388 | ||||||
Entegris, Inc. | 1,525 | 198,982 | ||||||
KLA Corp. | 8,622 | 3,004,767 | ||||||
Lam Research Corp. | 6,764 | 3,796,971 | ||||||
Lattice Semiconductor Corp.(1) | 12,573 | 787,321 | ||||||
Microchip Technology, Inc. | 5,004 | 351,931 | ||||||
MKS Instruments, Inc. | 2,461 | 370,627 | ||||||
Monolithic Power Systems, Inc. | 3,377 | 1,549,030 | ||||||
NVIDIA Corp. | 13,969 | 3,406,341 |
38
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
ON Semiconductor Corp.(1) | 40,192 | $ | 2,516,421 | |||||
Power Integrations, Inc. | 12,596 | 1,133,640 | ||||||
Qorvo, Inc.(1) | 2,743 | 375,187 | ||||||
QUALCOMM, Inc. | 22,821 | 3,924,984 | ||||||
Synaptics, Inc.(1) | 1,675 | 382,620 | ||||||
Teradyne, Inc. | 12,626 | 1,488,858 | ||||||
Texas Instruments, Inc. | 4,791 | 814,422 | ||||||
Universal Display Corp. | 5,490 | 850,456 | ||||||
33,937,099 | ||||||||
Software — 17.1% | ||||||||
Adobe, Inc.(1) | 8,635 | 4,038,417 | ||||||
Aspen Technology, Inc.(1) | 2,494 | 380,111 | ||||||
Atlassian Corp. plc, Class A(1) | 5,233 | 1,599,833 | ||||||
Autodesk, Inc.(1) | 20,502 | 4,515,155 | ||||||
Cadence Design Systems, Inc.(1) | 32,700 | 4,951,761 | ||||||
Crowdstrike Holdings, Inc., Class A(1) | 6,962 | 1,359,052 | ||||||
Datadog, Inc., Class A(1) | 7,302 | 1,176,425 | ||||||
DocuSign, Inc.(1) | 6,971 | 825,575 | ||||||
Fair Isaac Corp.(1) | 1,139 | 536,685 | ||||||
Fortinet, Inc.(1) | 6,411 | 2,208,718 | ||||||
HubSpot, Inc.(1) | 2,425 | 1,273,125 | ||||||
Intuit, Inc. | 1,144 | 542,679 | ||||||
Microsoft Corp. | 18,152 | 5,423,636 | ||||||
Palo Alto Networks, Inc.(1) | 407 | 241,860 | ||||||
Paycom Software, Inc.(1) | 3,619 | 1,227,601 | ||||||
Paylocity Holding Corp.(1) | 985 | 209,253 | ||||||
PTC, Inc.(1) | 5,163 | 574,539 | ||||||
ServiceNow, Inc.(1) | 3,516 | 2,038,999 | ||||||
Synopsys, Inc.(1) | 3,930 | 1,227,693 | ||||||
Trade Desk, Inc. (The), Class A(1) | 15,516 | 1,323,825 | ||||||
Workday, Inc., Class A(1) | 887 | 203,167 | ||||||
Zendesk, Inc.(1) | 6,946 | 810,390 | ||||||
Zoom Video Communications, Inc., Class A(1) | 18,552 | 2,459,995 | ||||||
39,148,494 | ||||||||
Specialty Retail — 6.7% | ||||||||
AutoNation, Inc.(1) | 6,820 | 781,981 | ||||||
AutoZone, Inc.(1) | 194 | 361,498 | ||||||
Best Buy Co., Inc. | 3,967 | 383,371 | ||||||
Dick's Sporting Goods, Inc.(2) | 9,101 | 955,605 | ||||||
Five Below, Inc.(1) | 1,212 | 198,295 | ||||||
Floor & Decor Holdings, Inc., Class A(1) | 8,238 | 787,718 | ||||||
Home Depot, Inc. (The) | 1,136 | 358,783 | ||||||
Lithia Motors, Inc. | 4,620 | 1,574,588 | ||||||
Lowe's Cos., Inc. | 2,575 | 569,230 | ||||||
O'Reilly Automotive, Inc.(1) | 551 | 357,731 | ||||||
Ross Stores, Inc. | 5,992 | 547,609 | ||||||
TJX Cos., Inc. (The) | 35,574 | 2,351,441 | ||||||
Ulta Beauty, Inc.(1) | 12,010 | 4,497,745 | ||||||
Williams-Sonoma, Inc. | 10,815 | 1,566,661 | ||||||
15,292,256 |
39
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Technology Hardware, Storage and Peripherals — 4.8% | ||||||||
Apple, Inc. | 31,784 | $ | 5,248,174 | |||||
NetApp, Inc. | 28,122 | 2,204,202 | ||||||
Pure Storage, Inc., Class A(1) | 15,124 | 392,317 | ||||||
Seagate Technology Holdings plc | 26,771 | 2,761,696 | ||||||
Western Digital Corp.(1) | 6,725 | 342,572 | ||||||
10,948,961 | ||||||||
Textiles, Apparel and Luxury Goods — 3.6% | ||||||||
lululemon athletica, Inc.(1) | 14,516 | 4,644,249 | ||||||
NIKE, Inc., Class B | 3,999 | 546,064 | ||||||
Ralph Lauren Corp. | 7,035 | 928,901 | ||||||
Tapestry, Inc. | 36,323 | 1,485,611 | ||||||
VF Corp. | 9,503 | 551,364 | ||||||
8,156,189 | ||||||||
TOTAL COMMON STOCKS (Cost $229,614,903) | 228,589,645 | |||||||
SHORT-TERM INVESTMENTS — 0.6% | ||||||||
Money Market Funds — 0.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 814,119 | 814,119 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 549,863 | 549,863 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,363,982) | 1,363,982 | |||||||
TOTAL INVESTMENT SECURITIES — 100.3% (Cost $230,978,885) | 229,953,627 | |||||||
OTHER ASSETS AND LIABILITIES — (0.3)% | (685,192) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 229,268,435 |
NOTES TO SCHEDULE OF INVESTMENTS |
(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 $1,162,236. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,196,537, which includes securities collateral of $646,674.
See Notes to Financial Statements.
40
FEBRUARY 28, 2022 (UNAUDITED)
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Aerospace and Defense — 3.5% | ||||||||
General Dynamics Corp. | 845 | $ | 198,110 | |||||
Huntington Ingalls Industries, Inc. | 981 | 200,516 | ||||||
L3Harris Technologies, Inc. | 837 | 211,184 | ||||||
Lockheed Martin Corp. | 14,718 | 6,384,669 | ||||||
Northrop Grumman Corp. | 469 | 207,364 | ||||||
Textron, Inc. | 2,710 | 198,182 | ||||||
7,400,025 | ||||||||
Air Freight and Logistics — 1.0% | ||||||||
FedEx Corp. | 7,573 | 1,683,250 | ||||||
United Parcel Service, Inc., Class B | 1,847 | 388,646 | ||||||
2,071,896 | ||||||||
Airlines — 0.2% | ||||||||
Alaska Air Group, Inc.(1) | 3,169 | 177,908 | ||||||
Southwest Airlines Co.(1) | 4,017 | 175,944 | ||||||
353,852 | ||||||||
Auto Components — 0.2% | ||||||||
BorgWarner, Inc. | 4,324 | 177,327 | ||||||
Lear Corp. | 1,115 | 175,434 | ||||||
352,761 | ||||||||
Automobiles — 0.6% | ||||||||
Ford Motor Co. | 63,593 | 1,116,693 | ||||||
Harley-Davidson, Inc. | 5,014 | 207,078 | ||||||
1,323,771 | ||||||||
Banks — 1.7% | ||||||||
Citizens Financial Group, Inc. | 7,733 | 405,364 | ||||||
Comerica, Inc. | 15,339 | 1,464,721 | ||||||
KeyCorp | 14,400 | 361,008 | ||||||
M&T Bank Corp. | 2,122 | 386,692 | ||||||
People's United Financial, Inc. | 36,166 | 762,379 | ||||||
Popular, Inc. | 2,049 | 188,201 | ||||||
Regions Financial Corp. | 7,674 | 185,634 | ||||||
3,753,999 | ||||||||
Beverages — 0.1% | ||||||||
PepsiCo, Inc. | 1,089 | 178,313 | ||||||
Biotechnology — 5.0% | ||||||||
AbbVie, Inc. | 1,259 | 186,042 | ||||||
Amgen, Inc. | 18,060 | 4,090,229 | ||||||
Biogen, Inc.(1) | 3,678 | 776,095 | ||||||
Gilead Sciences, Inc. | 69,977 | 4,226,611 | ||||||
Moderna, Inc.(1) | 6,320 | 970,752 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 304 | 187,981 | ||||||
United Therapeutics Corp.(1) | 946 | 157,225 | ||||||
10,594,935 | ||||||||
Building Products — 0.2% | ||||||||
Builders FirstSource, Inc.(1) | 2,642 | 196,618 | ||||||
Owens Corning | 2,184 | 203,527 | ||||||
400,145 |
41
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Capital Markets — 3.2% | ||||||||
Affiliated Managers Group, Inc. | 1,331 | $ | 184,157 | |||||
Blackstone, Inc. | 22,387 | 2,853,671 | ||||||
Franklin Resources, Inc. | 52,341 | 1,556,098 | ||||||
Invesco Ltd. | 8,418 | 178,798 | ||||||
Janus Henderson Group plc | 5,510 | 184,971 | ||||||
Jefferies Financial Group, Inc. | 5,123 | 182,072 | ||||||
Morgan Stanley | 5,526 | 501,429 | ||||||
T. Rowe Price Group, Inc. | 7,727 | 1,117,015 | ||||||
6,758,211 | ||||||||
Chemicals — 4.4% | ||||||||
CF Industries Holdings, Inc. | 10,984 | 891,791 | ||||||
Dow, Inc. | 59,726 | 3,521,445 | ||||||
DuPont de Nemours, Inc. | 2,351 | 181,897 | ||||||
LyondellBasell Industries NV, Class A | 36,024 | 3,502,614 | ||||||
Mosaic Co. (The) | 16,301 | 854,661 | ||||||
Olin Corp. | 7,436 | 383,028 | ||||||
9,335,436 | ||||||||
Commercial Services and Supplies — 0.2% | ||||||||
Republic Services, Inc. | 2,905 | 349,413 | ||||||
Communications Equipment — 1.1% | ||||||||
Cisco Systems, Inc. | 3,255 | 181,531 | ||||||
Juniper Networks, Inc. | 64,783 | 2,189,018 | ||||||
2,370,549 | ||||||||
Construction and Engineering — 0.2% | ||||||||
EMCOR Group, Inc. | 1,599 | 184,749 | ||||||
MasTec, Inc.(1) | 2,628 | 206,981 | ||||||
391,730 | ||||||||
Consumer Finance — 0.2% | ||||||||
Ally Financial, Inc. | 3,719 | 185,578 | ||||||
American Express Co. | 952 | 185,202 | ||||||
370,780 | ||||||||
Containers and Packaging — 0.4% | ||||||||
Amcor plc | 15,663 | 182,160 | ||||||
Packaging Corp. of America | 4,116 | 605,834 | ||||||
Sealed Air Corp. | 2,644 | 177,492 | ||||||
965,486 | ||||||||
Diversified Financial Services — 0.1% | ||||||||
Berkshire Hathaway, Inc., Class B(1) | 583 | 187,405 | ||||||
Diversified Telecommunication Services — 2.8% | ||||||||
AT&T, Inc. | 69,444 | 1,645,128 | ||||||
Verizon Communications, Inc. | 79,453 | 4,264,243 | ||||||
5,909,371 | ||||||||
Electric Utilities — 6.6% | ||||||||
Alliant Energy Corp. | 8,216 | 479,814 | ||||||
American Electric Power Co., Inc. | 12,352 | 1,119,709 | ||||||
Entergy Corp. | 31,799 | 3,345,573 | ||||||
FirstEnergy Corp. | 8,852 | 370,456 | ||||||
NRG Energy, Inc. | 45,543 | 1,723,347 | ||||||
OGE Energy Corp. | 32,447 | 1,218,385 | ||||||
Pinnacle West Capital Corp. | 39,516 | 2,798,918 |
42
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Xcel Energy, Inc. | 45,878 | $ | 3,088,966 | |||||
14,145,168 | ||||||||
Electrical Equipment — 0.2% | ||||||||
Emerson Electric Co. | 1,976 | 183,610 | ||||||
Sensata Technologies Holding plc(1) | 3,221 | 186,528 | ||||||
370,138 | ||||||||
Electronic Equipment, Instruments and Components — 0.8% | ||||||||
Corning, Inc. | 9,849 | 397,900 | ||||||
Flex Ltd.(1) | 32,960 | 543,511 | ||||||
IPG Photonics Corp.(1) | 1,350 | 175,973 | ||||||
Jabil, Inc. | 3,140 | 181,523 | ||||||
TE Connectivity Ltd. | 1,303 | 185,586 | ||||||
Vontier Corp. | 7,351 | 178,629 | ||||||
1,663,122 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 7.0% | ||||||||
Brixmor Property Group, Inc. | 54,388 | 1,366,227 | ||||||
Crown Castle International Corp. | 2,086 | 347,507 | ||||||
CubeSmart | 51,479 | 2,481,803 | ||||||
Essex Property Trust, Inc. | 1,187 | 376,481 | ||||||
Federal Realty Investment Trust | 15,789 | 1,856,471 | ||||||
Kimco Realty Corp. | 16,433 | 386,668 | ||||||
Lamar Advertising Co., Class A | 11,173 | 1,218,527 | ||||||
National Retail Properties, Inc. | 60,343 | 2,571,215 | ||||||
Public Storage | 1,375 | 488,152 | ||||||
Simon Property Group, Inc. | 24,653 | 3,391,267 | ||||||
Weyerhaeuser Co. | 11,064 | 430,168 | ||||||
14,914,486 | ||||||||
Food and Staples Retailing — 3.5% | ||||||||
Kroger Co. (The) | 24,412 | 1,142,481 | ||||||
Walgreens Boots Alliance, Inc. | 96,798 | 4,461,420 | ||||||
Walmart, Inc. | 14,362 | 1,941,168 | ||||||
7,545,069 | ||||||||
Food Products — 4.1% | ||||||||
Archer-Daniels-Midland Co. | 2,870 | 225,152 | ||||||
Campbell Soup Co. | 65,024 | 2,924,129 | ||||||
General Mills, Inc. | 44,596 | 3,007,108 | ||||||
Hershey Co. (The) | 1,685 | 340,808 | ||||||
Ingredion, Inc. | 2,063 | 183,071 | ||||||
J.M. Smucker Co. (The) | 4,247 | 572,283 | ||||||
Tyson Foods, Inc., Class A | 15,859 | 1,469,495 | ||||||
8,722,046 | ||||||||
Health Care Equipment and Supplies — 0.3% | ||||||||
Baxter International, Inc. | 2,170 | 184,385 | ||||||
Becton Dickinson and Co. | 694 | 188,268 | ||||||
DENTSPLY SIRONA, Inc. | 3,308 | 179,095 | ||||||
Medtronic plc | 1,767 | 185,518 | ||||||
737,266 | ||||||||
Health Care Providers and Services — 2.3% | ||||||||
Anthem, Inc. | 521 | 235,414 | ||||||
Cardinal Health, Inc. | 3,399 | 183,580 |
43
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Centene Corp.(1) | 17,975 | $ | 1,485,094 | |||||
Cigna Corp. | 897 | 213,289 | ||||||
CVS Health Corp. | 3,288 | 340,801 | ||||||
DaVita, Inc.(1) | 1,606 | 181,109 | ||||||
Encompass Health Corp. | 2,782 | 183,668 | ||||||
HCA Healthcare, Inc. | 750 | 187,732 | ||||||
Henry Schein, Inc.(1) | 2,197 | 189,777 | ||||||
Humana, Inc. | 436 | 189,363 | ||||||
Laboratory Corp. of America Holdings(1) | 688 | 186,627 | ||||||
McKesson Corp. | 681 | 187,248 | ||||||
Molina Healthcare, Inc.(1) | 596 | 182,895 | ||||||
Quest Diagnostics, Inc. | 1,404 | 184,303 | ||||||
Tenet Healthcare Corp.(1) | 6,902 | 593,503 | ||||||
UnitedHealth Group, Inc. | 396 | 188,444 | ||||||
4,912,847 | ||||||||
Hotels, Restaurants and Leisure — 0.8% | ||||||||
Darden Restaurants, Inc. | 3,639 | 528,456 | ||||||
Expedia Group, Inc.(1) | 895 | 175,518 | ||||||
McDonald's Corp. | 725 | 177,458 | ||||||
Penn National Gaming, Inc.(1) | 7,943 | 407,873 | ||||||
Texas Roadhouse, Inc. | 2,068 | 196,274 | ||||||
Yum China Holdings, Inc. | 3,480 | 181,030 | ||||||
1,666,609 | ||||||||
Household Durables — 1.1% | ||||||||
Lennar Corp., Class A | 5,980 | 537,482 | ||||||
Mohawk Industries, Inc.(1) | 3,699 | 520,745 | ||||||
Newell Brands, Inc. | 7,298 | 173,328 | ||||||
PulteGroup, Inc. | 3,964 | 196,852 | ||||||
Tempur Sealy International, Inc. | 6,080 | 200,701 | ||||||
Toll Brothers, Inc. | 3,506 | 190,236 | ||||||
Whirlpool Corp. | 3,256 | 655,335 | ||||||
2,474,679 | ||||||||
Household Products — 3.5% | ||||||||
Colgate-Palmolive Co. | 45,405 | 3,493,915 | ||||||
Procter & Gamble Co. (The) | 25,260 | 3,937,781 | ||||||
7,431,696 | ||||||||
Industrial Conglomerates — 1.6% | ||||||||
3M Co. | 22,265 | 3,309,692 | ||||||
Honeywell International, Inc. | 1,004 | 190,509 | ||||||
3,500,201 | ||||||||
Insurance — 1.5% | ||||||||
Fidelity National Financial, Inc. | 52,979 | 2,523,919 | ||||||
MetLife, Inc. | 2,657 | 179,480 | ||||||
Principal Financial Group, Inc. | 4,787 | 338,154 | ||||||
Reinsurance Group of America, Inc. | 1,608 | 178,263 | ||||||
3,219,816 | ||||||||
Interactive Media and Services — 1.5% | ||||||||
Alphabet, Inc., Class C(1) | 668 | 1,802,144 | ||||||
Meta Platforms, Inc., Class A(1) | 6,348 | 1,339,618 | ||||||
Ziff Davis, Inc.(1) | 1,806 | 181,684 | ||||||
3,323,446 |
44
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Internet and Direct Marketing Retail — 0.1% | ||||||||
eBay, Inc. | 3,323 | $ | 181,403 | |||||
IT Services — 2.2% | ||||||||
Akamai Technologies, Inc.(1) | 1,825 | 197,575 | ||||||
Amdocs Ltd. | 2,352 | 185,103 | ||||||
Cognizant Technology Solutions Corp., Class A | 2,149 | 185,093 | ||||||
Concentrix Corp. | 942 | 188,296 | ||||||
DXC Technology Co.(1) | 15,645 | 532,399 | ||||||
Genpact Ltd. | 4,244 | 177,569 | ||||||
International Business Machines Corp. | 14,788 | 1,811,678 | ||||||
Western Union Co. (The) | 81,463 | 1,480,997 | ||||||
4,758,710 | ||||||||
Leisure Products — 0.2% | ||||||||
Brunswick Corp. | 1,929 | 184,258 | ||||||
Hasbro, Inc. | 3,628 | 352,098 | ||||||
536,356 | ||||||||
Machinery — 0.8% | ||||||||
AGCO Corp. | 4,314 | 518,370 | ||||||
Caterpillar, Inc. | 958 | 179,702 | ||||||
Cummins, Inc. | 860 | 175,543 | ||||||
Parker-Hannifin Corp. | 621 | 184,058 | ||||||
Snap-on, Inc. | 2,516 | 528,813 | ||||||
Stanley Black & Decker, Inc. | 1,155 | 187,919 | ||||||
1,774,405 | ||||||||
Media — 2.9% | ||||||||
Comcast Corp., Class A | 3,904 | 182,551 | ||||||
DISH Network Corp., Class A(1) | 19,263 | 615,646 | ||||||
Fox Corp., Class A | 4,382 | 183,299 | ||||||
Interpublic Group of Cos., Inc. (The) | 61,150 | 2,250,320 | ||||||
Omnicom Group, Inc. | 34,553 | 2,898,651 | ||||||
6,130,467 | ||||||||
Metals and Mining — 1.8% | ||||||||
Newmont Corp. | 50,667 | 3,354,156 | ||||||
Nucor Corp. | 1,636 | 215,330 | ||||||
Steel Dynamics, Inc. | 2,907 | 205,176 | ||||||
3,774,662 | ||||||||
Multi-Utilities — 0.4% | ||||||||
Ameren Corp. | 5,179 | 445,135 | ||||||
WEC Energy Group, Inc. | 3,959 | 359,794 | ||||||
804,929 | ||||||||
Multiline Retail — 1.2% | ||||||||
Dollar Tree, Inc.(1) | 1,311 | 186,267 | ||||||
Kohl's Corp. | 6,742 | 374,990 | ||||||
Macy's, Inc. | 15,009 | 389,033 | ||||||
Target Corp. | 7,896 | 1,577,384 | ||||||
2,527,674 | ||||||||
Oil, Gas and Consumable Fuels — 6.3% | ||||||||
APA Corp. | 17,712 | 631,079 | ||||||
Chevron Corp. | 32,230 | 4,641,120 | ||||||
ConocoPhillips | 2,086 | 197,878 | ||||||
EOG Resources, Inc. | 1,673 | 192,261 |
45
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
EQT Corp. | 25,429 | $ | 588,427 | |||||
Exxon Mobil Corp. | 56,521 | 4,432,377 | ||||||
Marathon Oil Corp. | 8,484 | 191,399 | ||||||
Valero Energy Corp. | 31,718 | 2,648,770 | ||||||
13,523,311 | ||||||||
Paper and Forest Products — 0.2% | ||||||||
Louisiana-Pacific Corp. | 5,389 | 387,739 | ||||||
Pharmaceuticals — 6.3% | ||||||||
Bristol-Myers Squibb Co. | 2,717 | 186,577 | ||||||
Johnson & Johnson | 26,328 | 4,332,799 | ||||||
Merck & Co., Inc. | 47,223 | 3,616,337 | ||||||
Organon & Co. | 12,952 | 483,498 | ||||||
Pfizer, Inc. | 102,448 | 4,808,909 | ||||||
Viatris, Inc. | 12,595 | 138,671 | ||||||
13,566,791 | ||||||||
Professional Services — 1.8% | ||||||||
Booz Allen Hamilton Holding Corp. | 28,607 | 2,308,299 | ||||||
CACI International, Inc., Class A(1) | 733 | 205,086 | ||||||
Leidos Holdings, Inc. | 2,021 | 205,818 | ||||||
ManpowerGroup, Inc. | 8,682 | 922,723 | ||||||
Nielsen Holdings plc | 10,735 | 187,004 | ||||||
3,828,930 | ||||||||
Real Estate Management and Development — 0.5% | ||||||||
CBRE Group, Inc., Class A(1) | 1,848 | 178,979 | ||||||
Jones Lang LaSalle, Inc.(1) | 3,675 | 904,858 | ||||||
1,083,837 | ||||||||
Road and Rail — 0.5% | ||||||||
CSX Corp. | 5,352 | 181,486 | ||||||
Norfolk Southern Corp. | 709 | 181,873 | ||||||
Union Pacific Corp. | 2,440 | 600,118 | ||||||
XPO Logistics, Inc.(1) | 2,669 | 193,983 | ||||||
1,157,460 | ||||||||
Semiconductors and Semiconductor Equipment — 6.6% | ||||||||
Applied Materials, Inc. | 1,407 | 188,819 | ||||||
Broadcom, Inc. | 6,211 | 3,648,590 | ||||||
Intel Corp. | 113,059 | 5,392,914 | ||||||
KLA Corp. | 515 | 179,478 | ||||||
Lam Research Corp. | 327 | 183,561 | ||||||
Microchip Technology, Inc. | 2,553 | 179,553 | ||||||
Micron Technology, Inc. | 14,163 | 1,258,524 | ||||||
MKS Instruments, Inc. | 1,256 | 189,154 | ||||||
ON Semiconductor Corp.(1) | 15,679 | 981,662 | ||||||
Qorvo, Inc.(1) | 4,615 | 631,240 | ||||||
QUALCOMM, Inc. | 3,785 | 650,982 | ||||||
Skyworks Solutions, Inc. | 1,359 | 187,773 | ||||||
Teradyne, Inc. | 1,610 | 189,851 | ||||||
Texas Instruments, Inc. | 1,099 | 186,819 | ||||||
14,048,920 | ||||||||
Software — 1.2% | ||||||||
Check Point Software Technologies Ltd.(1) | 1,371 | 198,631 | ||||||
Microsoft Corp. | 637 | 190,329 |
46
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
NortonLifeLock, Inc. | 6,742 | $ | 195,383 | |||||
Oracle Corp. (New York) | 18,344 | 1,393,594 | ||||||
VMware, Inc., Class A | 5,460 | 640,567 | ||||||
2,618,504 | ||||||||
Specialty Retail — 1.6% | ||||||||
Advance Auto Parts, Inc. | 886 | 181,169 | ||||||
AutoNation, Inc.(1) | 3,479 | 398,902 | ||||||
Bath & Body Works, Inc. | 3,563 | 190,157 | ||||||
Best Buy Co., Inc. | 13,877 | 1,341,073 | ||||||
Dick's Sporting Goods, Inc.(2) | 3,658 | 384,090 | ||||||
Home Depot, Inc. (The) | 580 | 183,182 | ||||||
Lowe's Cos., Inc. | 854 | 188,785 | ||||||
Williams-Sonoma, Inc. | 3,754 | 543,805 | ||||||
3,411,163 | ||||||||
Technology Hardware, Storage and Peripherals — 4.2% | ||||||||
Apple, Inc. | 6,380 | 1,053,465 | ||||||
Hewlett Packard Enterprise Co. | 75,725 | 1,205,542 | ||||||
HP, Inc. | 84,088 | 2,889,264 | ||||||
NetApp, Inc. | 2,128 | 166,793 | ||||||
Seagate Technology Holdings plc | 28,797 | 2,970,698 | ||||||
Western Digital Corp.(1) | 13,722 | 698,999 | ||||||
8,984,761 | ||||||||
Textiles, Apparel and Luxury Goods — 0.4% | ||||||||
Capri Holdings Ltd.(1) | 2,724 | 184,524 | ||||||
Crocs, Inc.(1) | 2,257 | 188,978 | ||||||
PVH Corp. | 1,857 | 181,782 | ||||||
Ralph Lauren Corp. | 1,414 | 186,704 | ||||||
Tapestry, Inc. | 4,632 | 189,449 | ||||||
931,437 | ||||||||
Tobacco — 0.3% | ||||||||
Altria Group, Inc. | 3,574 | 183,310 | ||||||
Philip Morris International, Inc. | 4,822 | 487,360 | ||||||
670,670 | ||||||||
Trading Companies and Distributors — 0.1% | ||||||||
United Rentals, Inc.(1) | 587 | 188,791 | ||||||
TOTAL COMMON STOCKS (Cost $203,441,671) | 212,585,587 | |||||||
SHORT-TERM INVESTMENTS — 0.4% | ||||||||
Money Market Funds — 0.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 802,750 | 802,750 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 3,861 | 3,861 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $806,611) | 806,611 | |||||||
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $204,248,282) | 213,392,198 | |||||||
OTHER ASSETS AND LIABILITIES — 0.1% | 285,828 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 213,678,026 |
47
STOXX® U.S. Quality Value ETF
NOTES TO SCHEDULE OF INVESTMENTS |
(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 $407,116. 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 $419,844, which includes securities collateral of $415,983.
See Notes to Financial Statements.
48
Statements of Assets and Liabilities |
FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Low Volatility ETF | Quality Convertible Securities ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $7,217,909 and $27,964,488, respectively) | $ | 7,427,640 | $ | 27,328,178 | ||||
Receivable for investments sold | 27,606 | — | ||||||
Dividends and interest receivable | 11,768 | 83,585 | ||||||
7,467,014 | 27,411,763 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 28,303 | — | ||||||
Accrued management fees | 1,670 | 6,705 | ||||||
29,973 | 6,705 | |||||||
Net Assets | $ | 7,437,041 | $ | 27,405,058 | ||||
Shares outstanding (unlimited number of shares authorized) | 165,000 | 600,000 | ||||||
Net Asset Value Per Share | $ | 45.07 | $ | 45.68 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 7,026,093 | $ | 28,085,292 | ||||
Distributable earnings | 410,948 | (680,234) | ||||||
$ | 7,437,041 | $ | 27,405,058 |
See Notes to Financial Statements.
49
FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Quality Diversified International ETF | Quality Preferred ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $218,797,563 and $25,062,430, respectively) — including $2,143,433 and $—, respectively of securities on loan | $ | 216,911,790 | $ | 24,097,067 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $849,952 and $—, respectively) | 849,952 | — | ||||||
Total investment securities, at value (cost of $219,647,515 and $25,062,430, respectively) | 217,761,742 | 24,097,067 | ||||||
Foreign currency holdings, at value (cost of $35,732 and $—, respectively) | 35,798 | — | ||||||
Receivable for investments sold | 1,607,388 | — | ||||||
Receivable for capital shares sold | 2,345,830 | 5,239,202 | ||||||
Dividends and interest receivable | 688,954 | 97,867 | ||||||
Securities lending receivable | 996 | — | ||||||
222,440,708 | 29,434,136 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 849,952 | — | ||||||
Payable for investments purchased | 3,669,835 | 4,982,935 | ||||||
Accrued management fees | 66,820 | 4,700 | ||||||
4,586,607 | 4,987,635 | |||||||
Net Assets | $ | 217,854,101 | $ | 24,446,501 | ||||
Shares outstanding (unlimited number of shares authorized) | 4,700,000 | 630,000 | ||||||
Net Asset Value Per Share | $ | 46.35 | $ | 38.80 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 224,009,096 | $ | 25,346,600 | ||||
Distributable earnings | (6,154,995) | (900,099) | ||||||
$ | 217,854,101 | $ | 24,446,501 |
See Notes to Financial Statements.
50
FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
STOXX® U.S. Quality Growth ETF | STOXX® U.S. Quality Value ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $230,429,022 and $204,244,421, respectively) — including $1,162,236 and $407,116, respectively of securities on loan | $ | 229,403,764 | $ | 213,388,337 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $549,863 and $3,861, respectively) | 549,863 | 3,861 | ||||||
Total investment securities, at value (cost of $230,978,885 and $204,248,282, respectively) | 229,953,627 | 213,392,198 | ||||||
Receivable for investments sold | 63,364,588 | 69,177,072 | ||||||
Receivable for capital shares sold | — | 24,674,030 | ||||||
Dividends and interest receivable | 543,856 | 546,312 | ||||||
Securities lending receivable | 161 | 77 | ||||||
293,862,232 | 307,789,689 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 549,863 | 3,861 | ||||||
Payable for investments purchased | 63,992,622 | 70,036,422 | ||||||
Payable for capital shares redeemed | — | 24,024,788 | ||||||
Accrued management fees | 51,312 | 46,592 | ||||||
64,593,797 | 94,111,663 | |||||||
Net Assets | $ | 229,268,435 | $ | 213,678,026 | ||||
Shares outstanding (unlimited number of shares authorized) | 3,425,000 | 4,225,000 | ||||||
Net Asset Value Per Share | $ | 66.94 | $ | 50.57 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 231,214,018 | $ | 198,070,361 | ||||
Distributable earnings | (1,945,583) | 15,607,665 | ||||||
$ | 229,268,435 | $ | 213,678,026 |
See Notes to Financial Statements.
51
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Low Volatility ETF | Quality Convertible Securities ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $82 and $91, respectively) | $ | 52,177 | $ | 152,517 | ||||
Interest | — | 67,625 | ||||||
52,177 | 220,142 | |||||||
Expenses: | ||||||||
Management fees | 10,153 | 35,326 | ||||||
Net investment income (loss) | 42,024 | 184,816 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on investment transactions (Note 4) | 203,435 | 467,605 | ||||||
Change in net unrealized appreciation (depreciation) on investments | (574,941) | (1,590,472) | ||||||
Net realized and unrealized gain (loss) | (371,506) | (1,122,867) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (329,482) | $ | (938,051) |
See Notes to Financial Statements.
52
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Quality Diversified International ETF | Quality Preferred ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $153,404 and $398, respectively) | $ | 2,192,469 | $ | 406,074 | ||||
Interest | 82 | 21,349 | ||||||
Securities lending, net | 6,533 | — | ||||||
2,199,084 | 427,423 | |||||||
Expenses: | ||||||||
Management fees | 419,322 | 29,039 | ||||||
Other expenses | 372 | — | ||||||
419,694 | 29,039 | |||||||
Net investment income (loss) | 1,779,390 | 398,384 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (Note 4) | (1,658,345) | 3,412 | ||||||
Foreign currency translation transactions | (20,890) | — | ||||||
(1,679,235) | 3,412 | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | (26,357,268) | (1,368,570) | ||||||
Translation of assets and liabilities in foreign currencies | (5,836) | — | ||||||
(26,363,104) | (1,368,570) | |||||||
Net realized and unrealized gain (loss) | (28,042,339) | (1,365,158) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (26,262,949) | $ | (966,774) |
See Notes to Financial Statements.
53
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (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 $504, respectively) | $ | 730,398 | $ | 2,223,328 | ||||
Securities lending, net | 1,521 | 1,372 | ||||||
Interest | 58 | 67 | ||||||
731,977 | 2,224,767 | |||||||
Expenses: | ||||||||
Management fees | 344,851 | 308,579 | ||||||
Other expenses | — | 473 | ||||||
344,851 | 309,052 | |||||||
Net investment income (loss) | 387,126 | 1,915,715 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on investment transactions (Note 4) | 4,635,769 | 17,983,330 | ||||||
Change in net unrealized appreciation (depreciation) on investments | (33,634,048) | (23,923,306) | ||||||
Net realized and unrealized gain (loss) | (28,998,279) | (5,939,976) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (28,611,153) | $ | (4,024,261) |
See Notes to Financial Statements.
54
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2021 | |||||||||||||||||
Low Volatility ETF | Quality Convertible Securities ETF | ||||||||||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021(1) | February 28, 2022 | August 31, 2021(2) | |||||||||||||
Operations | |||||||||||||||||
Net investment income (loss) | $ | 42,024 | $ | 40,657 | $ | 184,816 | $ | 147,026 | |||||||||
Net realized gain (loss) | 203,435 | 165,605 | 467,605 | (523,605) | |||||||||||||
Change in net unrealized appreciation (depreciation) | (574,941) | 784,672 | (1,590,472) | 954,162 | |||||||||||||
Net increase (decrease) in net assets resulting from operations | (329,482) | 990,934 | (938,051) | 577,583 | |||||||||||||
Distributions to Shareholders | |||||||||||||||||
From earnings | (40,674) | (27,228) | (215,150) | (104,616) | |||||||||||||
Capital Share Transactions | |||||||||||||||||
Proceeds from shares sold | 4,204,734 | 6,851,065 | 10,241,059 | 25,554,072 | |||||||||||||
Payments for shares redeemed | (2,830,681) | (1,381,627) | (7,753,296) | — | |||||||||||||
Other capital | — | — | 26,490 | 16,967 | |||||||||||||
Net increase (decrease) in net assets from capital share transactions | 1,374,053 | 5,469,438 | 2,514,253 | 25,571,039 | |||||||||||||
Net increase (decrease) in net assets | 1,003,897 | 6,433,144 | 1,361,052 | 26,044,006 | |||||||||||||
Net Assets | |||||||||||||||||
Beginning of period | 6,433,144 | — | 26,044,006 | — | |||||||||||||
End of period | $ | 7,437,041 | $ | 6,433,144 | $ | 27,405,058 | $ | 26,044,006 | |||||||||
Transactions in Shares of the Funds | |||||||||||||||||
Sold | 90,000 | 165,000 | 220,000 | 540,000 | |||||||||||||
Redeemed | (60,000) | (30,000) | (160,000) | — | |||||||||||||
Net increase (decrease) in shares of the funds | 30,000 | 135,000 | 60,000 | 540,000 |
(1)January 12, 2021 (fund inception) through August 31, 2021.
(2)February 16, 2021 (fund inception) through August 31, 2021.
See Notes to Financial Statements.
55
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 (EXCEPT AS NOTED) | ||||||||||||||
Quality Diversified International ETF | Quality Preferred ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021 | February 28, 2022 | August 31, 2021(1) | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 1,779,390 | $ | 3,487,829 | $ | 398,384 | $ | 344,799 | ||||||
Net realized gain (loss) | (1,679,235) | 13,029,182 | 3,412 | 175,516 | ||||||||||
Change in net unrealized appreciation (depreciation) | (26,363,104) | 13,883,259 | (1,368,570) | 403,207 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (26,262,949) | 30,400,270 | (966,774) | 923,522 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (2,376,175) | (3,209,185) | (415,223) | (292,191) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 59,066,947 | 129,800,116 | 10,653,207 | 26,206,795 | ||||||||||
Payments for shares redeemed | (20,994,370) | (49,841,406) | (7,345,516) | (4,335,252) | ||||||||||
Other capital | — | — | 6,067 | 11,866 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 38,072,577 | 79,958,710 | 3,313,758 | 21,883,409 | ||||||||||
Net increase (decrease) in net assets | 9,433,453 | 107,149,795 | 1,931,761 | 22,514,740 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 208,420,648 | 101,270,853 | 22,514,740 | — | ||||||||||
End of period | $ | 217,854,101 | $ | 208,420,648 | $ | 24,446,501 | $ | 22,514,740 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 1,150,000 | 2,600,000 | 270,000 | 645,000 | ||||||||||
Redeemed | (400,000) | (1,000,000) | (180,000) | (105,000) | ||||||||||
Net increase (decrease) in shares of the funds | 750,000 | 1,600,000 | 90,000 | 540,000 |
(1)February 16, 2021 (fund inception) through August 31, 2021.
See Notes to Financial Statements.
56
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 | ||||||||||||||
STOXX® U.S. Quality Growth ETF | STOXX® U.S. Quality Value ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021 | February 28, 2022 | August 31, 2021 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 387,126 | $ | 841,343 | $ | 1,915,715 | $ | 3,562,962 | ||||||
Net realized gain (loss) | 4,635,769 | 68,950,979 | 17,983,330 | 33,367,852 | ||||||||||
Change in net unrealized appreciation (depreciation) | (33,634,048) | 1,940,684 | (23,923,306) | 21,953,183 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (28,611,153) | 71,733,006 | (4,024,261) | 58,883,997 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (459,220) | (546,618) | (2,036,265) | (3,277,478) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 70,477,850 | 250,557,892 | 59,336,035 | 171,502,978 | ||||||||||
Payments for shares redeemed | (70,660,865) | (278,660,990) | (94,816,922) | (109,488,315) | ||||||||||
Net increase (decrease) in net assets from capital share transactions | (183,015) | (28,103,098) | (35,480,887) | 62,014,663 | ||||||||||
Net increase (decrease) in net assets | (29,253,388) | 43,083,290 | (41,541,413) | 117,621,182 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 258,521,823 | 215,438,533 | 255,219,439 | 137,598,257 | ||||||||||
End of period | $ | 229,268,435 | $ | 258,521,823 | $ | 213,678,026 | $ | 255,219,439 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 950,000 | 3,800,000 | 1,175,000 | 3,625,000 | ||||||||||
Redeemed | (950,000) | (4,225,000) | (1,875,000) | (2,250,000) | ||||||||||
Net increase (decrease) in shares of the funds | — | (425,000) | (700,000) | 1,375,000 |
See Notes to Financial Statements.
57
Notes to Financial Statements |
FEBRUARY 28, 2022 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. American Century 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. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. 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. For convertible bonds, the premiums attributable only to the debt instrument are amortized. 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.
59
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 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.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2022.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Fund / Securities Lending Transactions(1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||
Quality Diversified International ETF | |||||||||||||||||
Common Stocks | $ | 849,952 | — | — | — | $ | 849,952 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 849,952 | |||||||||||||||
STOXX® U.S. Quality Growth ETF | |||||||||||||||||
Common Stocks | $ | 549,863 | — | — | — | $ | 549,863 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 549,863 | |||||||||||||||
STOXX® U.S. Quality Value ETF | |||||||||||||||||
Common Stocks | $ | 3,861 | — | — | — | $ | 3,861 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 3,861 |
(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.
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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, 34%, 39% and 49% of the shares of Quality Diversified International ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF, respectively. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 25% of the shares of the Low Volatility ETF. ACIM owns 61% of the shares of Low Volatility 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 | |||||
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% |
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, 2022 were as follows:
Low Volatility ETF | Quality Convertible Securities ETF | Quality Diversified International ETF | Quality Preferred ETF | STOXX® U.S. Quality Growth ETF | STOXX® U.S. Quality Value ETF | |||||||||||||||
Purchases | $4,415,132 | $9,879,600 | $130,629,010 | $4,592,275 | $166,913,912 | $133,183,824 | ||||||||||||||
Sales | $4,588,047 | $4,977,904 | $116,182,833 | $4,785,245 | $165,733,799 | $134,146,239 |
Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2022 were as follows:
In kind Subscriptions | In kind Redemptions | In kind Net Realized Gain/(Loss)* | |||||||||
Low Volatility ETF | $4,132,810 | $2,577,803 | $371,508 | ||||||||
Quality Convertible Securities ETF | $4,859,721 | $7,436,970 | $585,502 | ||||||||
Quality Diversified International ETF | $43,796,504 | $20,530,312 | $3,791,238 | ||||||||
Quality Preferred ETF | $9,328,371 | $6,650,335 | $149,545 | ||||||||
STOXX® U.S. Quality Growth ETF | $69,108,997 | $69,793,728 | $17,393,934 | ||||||||
STOXX® U.S. Quality Value ETF | $58,298,666 | $92,853,836 | $21,181,157 |
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
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5. Capital Share Transactions
Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.
6. Fair Value Measurements
The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Low Volatility ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 7,407,443 | — | — | |||||||
Short-Term Investments | 20,197 | — | — | ||||||||
$ | 7,427,640 | — | — |
Quality Convertible Securities ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Convertible Bonds | — | $ | 18,520,152 | — | |||||||
Convertible Preferred Stocks | $ | 525,197 | 6,634,671 | — | |||||||
Common Stocks | 557,800 | — | — | ||||||||
Short-Term Investments | 1,090,358 | — | — | ||||||||
$ | 2,173,355 | $ | 25,154,823 | — |
62
Quality Diversified International ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 1,395,864 | $ | 215,227,859 | — | ||||||
Short-Term Investments | 1,138,019 | — | — | ||||||||
$ | 2,533,883 | $ | 215,227,859 | — |
Quality Preferred ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Preferred Stocks | $ | 17,372,679 | $ | 2,164,229 | — | ||||||
Convertible Preferred Stocks | 243,402 | 3,442,965 | — | ||||||||
Short-Term Investments | 873,792 | — | — | ||||||||
$ | 18,489,873 | $ | 5,607,194 | — |
STOXX® U.S. Quality Growth ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 228,589,645 | — | — | |||||||
Short-Term Investments | 1,363,982 | — | — | ||||||||
$ | 229,953,627 | — | — |
STOXX® U.S. Quality Value ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 212,585,587 | — | — | |||||||
Short-Term Investments | 806,611 | — | — | ||||||||
$ | 213,392,198 | — | — |
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, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
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.
63
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 | Quality Preferred ETF | STOXX® U.S. Quality Growth ETF | STOXX® U.S. Quality Value ETF | |||||||||||||||
Federal tax cost of investments | $ | 7,221,146 | $ | 28,050,132 | $ | 220,025,169 | $ | 25,068,850 | $ | 231,556,751 | $ | 204,680,114 | ||||||||
Gross tax appreciation of investments | $ | 435,163 | $ | 930,896 | $ | 13,714,349 | $ | 99,165 | $ | 10,595,587 | $ | 13,459,076 | ||||||||
Gross tax depreciation of investments | (228,669) | (1,652,850) | (15,977,776) | (1,070,948) | (12,198,711) | (4,746,992) | ||||||||||||||
Net tax appreciation (depreciation) of investments | $ | 206,494 | $ | (721,954) | $ | (2,263,427) | $ | (971,783) | $ | (1,603,124) | $ | 8,712,084 |
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, 2021, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows:
Short-term capital losses | Long-term capital losses | |||||||
Low Volatility ETF | $(8,387) | — | ||||||
Quality Convertible Securities ETF | $(529,702) | — | ||||||
Quality Diversified International ETF | $(1,961,773) | $(544,125) | ||||||
Quality Preferred ETF | $(1,044) | — | ||||||
STOXX® U.S. Quality Growth ETF | $(5,715,526) | — | ||||||
STOXX® U.S. Quality Value ETF | $(10,611,978) | $(828,758) |
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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) | |||||||||||||||||||||||||
Low Volatility ETF | |||||||||||||||||||||||||||||||||||
2022(4) | $47.65 | 0.28 | (2.59) | (2.31) | (0.27) | $45.07 | (4.88)% | 0.29%(5) | 1.20%(5) | 63% | $7,437 | ||||||||||||||||||||||||
2021(6) | $39.84 | 0.34 | 7.70 | 8.04 | (0.23) | $47.65 | 20.26% | 0.29%(5) | 1.24%(5) | 61% | $6,433 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Annualized.
(6)January 12, 2021 (fund inception) through August 31, 2021.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Quality Convertible Securities ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $48.23 | 0.39 | (2.52) | (2.13) | (0.48) | 0.06 | $45.68 | (4.35)% | 0.32%(5) | 1.67%(5) | 23% | $27,405 | ||||||||||||||||||||||||||
2021(6) | $50.00 | 0.39 | (1.95) | (1.56) | (0.25) | 0.04 | $48.23 | (3.03)% | 0.32%(5) | 1.53%(5) | 110% | $26,044 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Annualized.
(6)February 16, 2021 (fund inception) through August 31, 2021.
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 | |||||||||||||||||||||||||||||||||||
2022(4) | $52.76 | 0.42 | (6.27) | (5.85) | (0.56) | $46.35 | (11.17)% | 0.39%(5) | 1.65%(5) | 55% | $217,854 | ||||||||||||||||||||||||
2021 | $43.09 | 1.17 | 9.56 | 10.73 | (1.06) | $52.76 | 25.04% | 0.39% | 2.37% | 107% | $208,421 | ||||||||||||||||||||||||
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, 2022 (unaudited).
(5)Annualized.
(6)September 10, 2018 (fund inception) through August 31, 2019.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Quality Preferred ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $41.69 | 0.89 | (2.88) | (1.99) | (0.91) | 0.01 | $38.80 | (4.82)% | 0.32%(5) | 4.39%(5) | 25% | $24,447 | ||||||||||||||||||||||||||
2021(6) | $40.00 | 1.01 | 1.48 | 2.49 | (0.83) | 0.03 | $41.69 | 6.35% | 0.32%(5) | 4.59%(5) | 61% | $22,515 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Annualized.
(6)February 16, 2021 (fund inception) through August 31, 2021.
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 | |||||||||||||||||||||||||||||||||||
2022(4) | $75.48 | 0.12 | (8.52) | (8.40) | (0.14) | $66.94 | (11.15)% | 0.29%(5) | 0.33%(5) | 70% | $229,268 | ||||||||||||||||||||||||
2021 | $55.96 | 0.23 | 19.44 | 19.67 | (0.15) | $75.48 | 35.20% | 0.29% | 0.36% | 162% | $258,522 | ||||||||||||||||||||||||
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, 2022 (unaudited).
(5)Annualized.
(6)September 10, 2018 (fund inception) through August 31, 2019.
See Notes to Financial Statements.
For a Share Outstanding Throughout the 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 | |||||||||||||||||||||||||||||||||||
2022(4) | $51.82 | 0.46 | (1.24) | (0.78) | (0.47) | $50.57 | (1.49)% | 0.29%(5) | 1.80%(5) | 62% | $213,678 | ||||||||||||||||||||||||
2021 | $38.76 | 0.83 | 13.02 | 13.85 | (0.79) | $51.82 | 36.16% | 0.29% | 1.81% | 147% | $255,219 | ||||||||||||||||||||||||
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, 2022 (unaudited).
(5)Annualized.
(6)January 11, 2018 (fund inception) through August 31, 2018.
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 their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
71
Notes |
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. | ||||||||
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96949 2204 |
Semiannual Report | |||||
February 28, 2022 | |||||
Avantis® Real Estate ETF (AVRE) | |||||
Avantis® U.S. Equity ETF (AVUS) | |||||
Avantis® U.S. Large Cap Value ETF (AVLV) | |||||
Avantis® U.S. Small Cap Equity ETF (AVSC) | |||||
Avantis® U.S. Small Cap Value ETF (AVUV) |
Table of Contents |
Chairman’s Letter | |||||
Avantis Real Estate ETF | |||||
Fund Characteristics | |||||
Avantis U.S. Equity ETF | |||||
Fund Characteristics | |||||
Avantis U.S. Large Cap Value ETF | |||||
Fund Characteristics | |||||
Avantis U.S. Small Cap 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 | |||||
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, 2022. 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.
Escalating Volatility, Soaring Inflation Weighed on Returns
Upbeat economic data and continued central bank support generally buoyed global stock returns early in the period, even as inflation and government bond yields were climbing. However, bond returns broadly struggled as inflation and yields climbed higher.
In November, the emergence of the omicron coronavirus variant rattled global financial markets. The downturn was short-lived, though, as omicron proved to be less severe than other variants. Stocks resumed their upward march until early 2022, when worries about inflation, central bank policy and Russia’s invasion of Ukraine sparked sharp volatility.
Throughout the period, steady economic gains combined with ongoing monetary support, escalating energy prices and considerable supply chain disruptions ignited inflation. By February, year-over-year headline inflation in the U.S. reached 7.9%, a 40-year high, while European inflation rose to a record 5.8%. In the U.S., this backdrop set the stage for Federal Reserve (Fed) tightening, including the Fed’s first rate hike in more than three years.
Most asset classes, including broad stock and bond indices, declined for the six-month period. U.S. stocks generally fared better than non-U.S. stocks, and the value style significantly outperformed the growth style. U.S. and global bond returns declined as yields rose.
Staying Focused in Uncertain Times
Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. Even before the West imposed sanctions on Russia, our firm had started reducing exposure to Russian markets. After the sanctions, our direct exposure to Russian assets was less than $5 million, or 0.001% of total assets under supervision (as of March 7). We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet prevailing challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis Real Estate ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Short-Term Investments | 5.8% | ||||
Other Assets and Liabilities | (5.5)% | ||||
Top Five Sectors | % of net assets | ||||
Specialized REITs | 23.6% | ||||
Industrial REITs | 18.5% | ||||
Retail REITs | 15.4% | ||||
Residential REITs | 15.2% | ||||
Diversified REITs | 10.4% |
3
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis U.S. Equity ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.8% | ||||
Short-Term Investments | 0.2% | ||||
Other Assets and Liabilities | —* | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Industries | % of net assets | ||||
Banks | 6.4% | ||||
Software | 6.4% | ||||
Oil, Gas and Consumable Fuels | 6.2% | ||||
Semiconductors and Semiconductor Equipment | 5.3% | ||||
Technology Hardware, Storage and Peripherals | 5.0% |
4
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis U.S. Large Cap Value ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Short-Term Investments | 0.1% | ||||
Other Assets and Liabilities | 0.2% | ||||
Top Five Industries | % of net assets | ||||
Oil, Gas and Consumable Fuels | 14.0% | ||||
Semiconductors and Semiconductor Equipment | 7.4% | ||||
Pharmaceuticals | 6.7% | ||||
Specialty Retail | 5.7% | ||||
Capital Markets | 5.6% |
5
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis U.S. Small Cap Equity ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.9% | ||||
Short-Term Investments | 0.1% | ||||
Other Assets and Liabilities | —* | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Industries | % of net assets | ||||
Banks | 13.7% | ||||
Biotechnology | 5.3% | ||||
Machinery | 4.9% | ||||
Oil, Gas and Consumable Fuels | 4.8% | ||||
Specialty Retail | 3.3% |
6
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis U.S. Small Cap Value ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.9% | ||||
Short-Term Investments | 0.6% | ||||
Other Assets and Liabilities | (0.5)% | ||||
Top Five Industries | % of net assets | ||||
Banks | 16.7% | ||||
Oil, Gas and Consumable Fuels | 13.4% | ||||
Specialty Retail | 6.4% | ||||
Trading Companies and Distributors | 4.7% | ||||
Thrifts and Mortgage Finance | 4.6% |
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, 2021 to February 28, 2022 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
8
Beginning Account Value 9/1/21 | Ending Account Value 2/28/22 | Expenses Paid During Period(1) 9/1/21 - 2/28/22 | Annualized Expense Ratio(1) | |||||||||||
Avantis Real Estate ETF | ||||||||||||||
Actual | $1,000 | $999.40 | $0.72(2) | 0.17% | ||||||||||
Hypothetical | $1,000 | $1,023.95 | $0.85 | 0.17% | ||||||||||
Avantis U.S. Equity ETF | ||||||||||||||
Actual | $1,000 | $985.50 | $0.74 | 0.15% | ||||||||||
Hypothetical | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
Avantis U.S. Large Cap Value ETF | ||||||||||||||
Actual | $1,000 | $1,046.20 | $0.68(3) | 0.15% | ||||||||||
Hypothetical | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
Avantis U.S. Small Cap Equity ETF | ||||||||||||||
Actual | $1,000 | $951.10 | $0.33(4) | 0.25% | ||||||||||
Hypothetical | $1,000 | $1,023.56 | $1.25 | 0.25% | ||||||||||
Avantis U.S. Small Cap Value ETF | ||||||||||||||
Actual | $1,000 | $1,051.70 | $1.27 | 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.
(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 154, the number of days in the period from September 28, 2021 (fund inception) through February 28, 2022, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
(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 161, the number of days in the period from September 21, 2021 (fund inception) through February 28, 2022, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
(4)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 49, the number of days in the period from January 11, 2022 (fund inception) through February 28, 2022, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
9
Schedules of Investments |
FEBRUARY 28, 2022 (UNAUDITED)
Avantis Real Estate ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Diversified REITs — 10.4% | ||||||||
Abacus Property Group | 16,712 | $ | 42,924 | |||||
Activia Properties, Inc. | 9 | 30,547 | ||||||
AEW UK REIT plc | 2,969 | 4,600 | ||||||
Alarko Gayrimenkul Yatirim Ortakligi AS | 5,309 | 12,202 | ||||||
Alexander & Baldwin, Inc. | 1,040 | 23,327 | ||||||
Argosy Property Ltd. | 8,303 | 7,756 | ||||||
BMO Commercial Property Trust Ltd. | 20,583 | 29,887 | ||||||
British Land Co. plc (The) | 34,235 | 241,929 | ||||||
Broadstone Net Lease, Inc. | 1,683 | 36,454 | ||||||
Centuria Capital Group | 12,063 | 25,412 | ||||||
Charter Hall Group | 12,273 | 150,092 | ||||||
Charter Hall Long Wale REIT | 11,239 | 41,927 | ||||||
Cofinimmo SA | 1,089 | 142,404 | ||||||
Cromwell European Real Estate Investment Trust | 7,900 | 20,853 | ||||||
Custodian Reit plc | 10,486 | 14,478 | ||||||
Daiwa House REIT Investment Corp. | 64 | 173,570 | ||||||
Ediston Property Investment Co. plc | 4,872 | 4,979 | ||||||
Embassy Office Parks REIT | 12,745 | 63,433 | ||||||
ESCON Japan Reit Investment Corp. | 7 | 8,096 | ||||||
Essential Properties Realty Trust, Inc. | 1,278 | 32,308 | ||||||
Fibra Uno Administracion SA de CV | 102,880 | 115,333 | ||||||
Fortress REIT Ltd., A Shares | 12,080 | 10,091 | ||||||
Gecina SA | 2,220 | 282,120 | ||||||
GPT Group (The) | 83,248 | 297,035 | ||||||
Growthpoint Properties Australia Ltd. | 7,480 | 22,800 | ||||||
Growthpoint Properties Ltd. | 107,850 | 94,078 | ||||||
H&R Real Estate Investment Trust | 2,254 | 22,993 | ||||||
Hankyu Hanshin REIT, Inc. | 16 | 20,158 | ||||||
Heiwa Real Estate REIT, Inc. | 23 | 27,696 | ||||||
Hulic Reit, Inc. | 27 | 36,698 | ||||||
ICADE | 324 | 20,007 | ||||||
Industrials REIT Ltd. | 872 | 2,197 | ||||||
Is Gayrimenkul Yatirim Ortakligi AS(1) | 58,385 | 23,296 | ||||||
Land Securities Group plc | 25,943 | 274,911 | ||||||
LXI REIT plc | 17,847 | 33,125 | ||||||
Marimo Regional Revitalization REIT, Inc. | 5 | 5,463 | ||||||
Menivim- The New REIT Ltd. | 19,118 | 12,587 | ||||||
Merlin Properties Socimi SA | 7,566 | 84,429 | ||||||
Mirvac Group | 98,068 | 182,888 | ||||||
Nexus Real Estate Investment Trust | 566 | 5,506 | ||||||
NIPPON REIT Investment Corp. | 6 | 18,781 | ||||||
Nomura Real Estate Master Fund, Inc. | 80 | 105,501 | ||||||
NTT UD REIT Investment Corp. | 45 | 58,978 | ||||||
One Liberty Properties, Inc. | 285 | 8,282 | ||||||
OUE Commercial Real Estate Investment Trust | 12,900 | 3,869 |
10
Avantis Real Estate ETF | ||||||||
Shares | Value | |||||||
Ozak Gayrimenkul Yatirim Ortakligi(1) | 18,975 | $ | 9,754 | |||||
PRO Real Estate Investment Trust | 1,020 | 5,440 | ||||||
Redefine Properties Ltd. | 186,019 | 51,163 | ||||||
Reit 1 Ltd. | 4,996 | 33,059 | ||||||
Samty Residential Investment Corp. | 11 | 11,274 | ||||||
Secure Income REIT plc | 2,505 | 13,921 | ||||||
Sekisui House Reit, Inc. | 67 | 44,516 | ||||||
Standard Life Investment Property Income Trust Ltd. | 13,357 | 14,084 | ||||||
Star Asia Investment Corp. | 21 | 10,610 | ||||||
Stockland, REIT | 49,992 | 151,270 | ||||||
STORE Capital Corp. | 2,853 | 87,644 | ||||||
Stride Property Group | 2,597 | 3,415 | ||||||
Takara Leben Real Estate Investment Corp. | 12 | 11,963 | ||||||
Tokyu REIT, Inc. | 27 | 42,430 | ||||||
United Urban Investment Corp. | 46 | 52,740 | ||||||
Washington Real Estate Investment Trust | 2,150 | 50,224 | ||||||
WP Carey, Inc. | 3,102 | 240,095 | ||||||
XYMAX REIT Investment Corp. | 2 | 2,019 | ||||||
Ziraat Gayrimenkul Yatirim Ortakligi AS(1) | 39,446 | 6,559 | ||||||
3,718,180 | ||||||||
Health Care REITs — 6.9% | ||||||||
Aedifica SA | 662 | 74,921 | ||||||
Assura plc | 26,640 | 21,929 | ||||||
CareTrust REIT, Inc. | 727 | 12,723 | ||||||
Community Healthcare Trust, Inc. | 266 | 11,092 | ||||||
First Real Estate Investment Trust | 15,100 | 3,352 | ||||||
Global Medical REIT, Inc. | 941 | 14,774 | ||||||
Health Care & Medical Investment Corp. | 7 | 8,627 | ||||||
Healthcare Realty Trust, Inc. | 3,550 | 92,584 | ||||||
Healthcare Trust of America, Inc., Class A | 3,446 | 101,278 | ||||||
Healthpeak Properties, Inc. | 14,868 | 461,800 | ||||||
Impact Healthcare Reit plc | 4,270 | 6,261 | ||||||
LTC Properties, Inc. | 523 | 17,693 | ||||||
National Health Investors, Inc. | 1,179 | 62,852 | ||||||
NorthWest Healthcare Properties Real Estate Investment Trust | 2,266 | 24,260 | ||||||
Parkway Life Real Estate Investment Trust | 11,200 | 37,063 | ||||||
Physicians Realty Trust | 3,251 | 52,861 | ||||||
Primary Health Properties plc | 15,582 | 28,227 | ||||||
Universal Health Realty Income Trust | 158 | 9,023 | ||||||
Ventas, Inc. | 9,722 | 524,988 | ||||||
Vital Healthcare Property Trust | 4,414 | 9,226 | ||||||
Welltower, Inc. | 10,720 | 892,869 | ||||||
2,468,403 | ||||||||
Hotel & Resort REITs — 2.0% | ||||||||
Apple Hospitality REIT, Inc. | 3,127 | 55,317 | ||||||
Ascott Residence Trust | 58,800 | 44,745 | ||||||
CDL Hospitality Trusts | 22,300 | 18,867 | ||||||
DiamondRock Hospitality Co.(1) | 3,182 | 30,388 | ||||||
Far East Hospitality Trust | 4,900 | 2,089 | ||||||
Hoshino Resorts REIT, Inc. | 4 | 22,629 | ||||||
Host Hotels & Resorts, Inc.(1) | 19,682 | 359,590 |
11
Avantis Real Estate ETF | ||||||||
Shares | Value | |||||||
Japan Hotel REIT Investment Corp. | 109 | $ | 55,781 | |||||
Ryman Hospitality Properties, Inc.(1) | 911 | 80,268 | ||||||
Summit Hotel Properties, Inc.(1) | 1,799 | 17,792 | ||||||
Sunstone Hotel Investors, Inc.(1) | 3,190 | 33,750 | ||||||
721,216 | ||||||||
Industrial REITs — 18.5% | ||||||||
AIMS APAC REIT | 13,600 | 13,576 | ||||||
Americold Realty Trust | 2,194 | 58,624 | ||||||
ARA LOGOS Logistics Trust | 31,600 | 19,487 | ||||||
Ascendas Real Estate Investment Trust | 98,700 | 202,379 | ||||||
Centuria Industrial REIT | 12,714 | 34,706 | ||||||
CRE Logistics REIT, Inc. | 14 | 23,215 | ||||||
Dexus Industria REIT | 3,534 | 8,236 | ||||||
Dream Industrial Real Estate Investment Trust | 2,494 | 33,135 | ||||||
Duke Realty Corp. | 11,439 | 606,267 | ||||||
EastGroup Properties, Inc. | 1,150 | 219,374 | ||||||
Equites Property Fund Ltd. | 17,137 | 23,440 | ||||||
ESR-REIT | 77,100 | 23,903 | ||||||
First Industrial Realty Trust, Inc. | 2,782 | 160,188 | ||||||
Frasers Logistics & Commercial Trust | 50,700 | 52,515 | ||||||
GLP J-Reit | 92 | 137,357 | ||||||
Goodman Group | 45,050 | 728,893 | ||||||
Goodman Property Trust | 51,726 | 84,684 | ||||||
Granite Real Estate Investment Trust | 794 | 58,803 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 47 | 70,704 | ||||||
Industrial Logistics Properties Trust | 206 | 4,608 | ||||||
Innovative Industrial Properties, Inc. | 370 | 69,730 | ||||||
Intervest Offices & Warehouses NV | 716 | 21,104 | ||||||
Itochu Advance Logistics Investment Corp. | 2 | 2,551 | ||||||
Japan Logistics Fund, Inc. | 24 | 62,982 | ||||||
LaSalle Logiport REIT | 33 | 47,340 | ||||||
Londonmetric Property plc | 22,043 | 76,744 | ||||||
LXP Industrial Trust | 6,456 | 99,810 | ||||||
Macquarie Mexico Real Estate Management SA de CV | 4,646 | 5,639 | ||||||
Mapletree Industrial Trust | 37,000 | 70,002 | ||||||
Mapletree Logistics Trust | 52,600 | 68,387 | ||||||
Mitsubishi Estate Logistics REIT Investment Corp. | 7 | 25,972 | ||||||
Mitsui Fudosan Logistics Park, Inc. | 12 | 54,866 | ||||||
Montea NV | 253 | 31,511 | ||||||
Nippon Prologis REIT, Inc. | 53 | 155,823 | ||||||
PLA Administradora Industrial S de RL de CV | 14,314 | 18,947 | ||||||
Plymouth Industrial REIT, Inc. | 598 | 15,596 | ||||||
Prologis Property Mexico SA de CV | 13,474 | 32,368 | ||||||
Prologis, Inc. | 13,117 | 1,913,114 | ||||||
Rexford Industrial Realty, Inc. | 2,697 | 189,141 | ||||||
Segro plc | 29,116 | 506,358 | ||||||
SOSiLA Logistics REIT, Inc. | 7 | 9,006 | ||||||
STAG Industrial, Inc. | 2,623 | 102,192 | ||||||
Summit Industrial Income REIT | 2,720 | 46,202 | ||||||
Terreno Realty Corp. | 1,212 | 83,373 | ||||||
Tritax Big Box REIT plc | 41,093 | 129,479 |
12
Avantis Real Estate ETF | ||||||||
Shares | Value | |||||||
Urban Logistics REIT plc | 10,364 | $ | 25,542 | |||||
Warehouse Reit plc | 8,692 | 18,588 | ||||||
Warehouses De Pauw, CVA | 4,266 | 167,718 | ||||||
6,614,179 | ||||||||
Office REITs — 7.7% | ||||||||
Alexandria Real Estate Equities, Inc. | 2,905 | 550,207 | ||||||
Allied Properties Real Estate Investment Trust | 1,246 | 43,332 | ||||||
AREIT, Inc. | 24,020 | 23,107 | ||||||
Centuria Office REIT | 5,864 | 9,535 | ||||||
Cousins Properties, Inc. | 3,581 | 138,334 | ||||||
Daiwa Office Investment Corp. | 6 | 37,102 | ||||||
Derwent London plc | 2,294 | 93,521 | ||||||
Dexus | 34,796 | 275,444 | ||||||
Dream Office Real Estate Investment Trust | 1,020 | 21,036 | ||||||
Easterly Government Properties, Inc. | 1,231 | 25,629 | ||||||
GDI Property Group | 3,958 | 3,019 | ||||||
Great Portland Estates plc | 7,242 | 65,466 | ||||||
Hibernia REIT plc | 17,186 | 22,434 | ||||||
Highwoods Properties, Inc. | 516 | 22,498 | ||||||
Inmobiliaria Colonial Socimi SA | 7,374 | 62,392 | ||||||
Japan Excellent, Inc. | 30 | 33,498 | ||||||
Japan Prime Realty Investment Corp. | 23 | 74,887 | ||||||
Japan Real Estate Investment Corp. | 39 | 208,328 | ||||||
JBG SMITH Properties | 1,015 | 27,080 | ||||||
Kenedix Office Investment Corp. | 11 | 65,224 | ||||||
Keppel Pacific Oak US REIT | 18,500 | 13,163 | ||||||
Keppel REIT | 59,300 | 50,507 | ||||||
Kilroy Realty Corp. | 2,291 | 164,081 | ||||||
Manulife US Real Estate Investment Trust | 26,000 | 16,960 | ||||||
Mindspace Business Parks REIT | 3,308 | 15,690 | ||||||
Mori Hills REIT Investment Corp. | 34 | 40,865 | ||||||
Nippon Building Fund, Inc. | 51 | 292,246 | ||||||
NSI NV | 514 | 20,446 | ||||||
One REIT, Inc. | 3 | 7,480 | ||||||
Orion Office REIT, Inc.(1) | 1 | 17 | ||||||
Orix JREIT, Inc. | 56 | 78,345 | ||||||
Postal Realty Trust, Inc. | 432 | 7,538 | ||||||
Precinct Properties New Zealand Ltd. | 47,577 | 51,691 | ||||||
Prime US REIT | 13,500 | 10,357 | ||||||
Prosperity REIT | 8,000 | 2,971 | ||||||
Sankei Real Estate, Inc. | 7 | 6,593 | ||||||
True North Commercial Real Estate Investment Trust | 454 | 2,658 | ||||||
Vakif Gayrimenkul Yatirim Ortakligi AS(1) | 71,786 | 7,930 | ||||||
Vornado Realty Trust | 3,062 | 132,523 | ||||||
Workspace Group plc | 2,604 | 27,071 | ||||||
2,751,205 | ||||||||
Residential REITs — 15.2% | ||||||||
Advance Residence Investment Corp. | 32 | 89,642 | ||||||
Altarea SCA | 173 | 29,855 | ||||||
American Campus Communities, Inc. | 2,156 | 116,014 | ||||||
American Homes 4 Rent, Class A | 4,295 | 163,253 |
13
Avantis Real Estate ETF | ||||||||
Shares | Value | |||||||
Apartment Income REIT Corp. | 2,101 | $ | 108,433 | |||||
AvalonBay Communities, Inc. | 2,812 | 670,915 | ||||||
Boardwalk Real Estate Investment Trust | 906 | 40,350 | ||||||
BRT Apartments Corp. | 543 | 11,951 | ||||||
BSR Real Estate Investment Trust | 72 | 1,342 | ||||||
Camden Property Trust | 2,461 | 406,336 | ||||||
Canadian Apartment Properties REIT | 1,904 | 79,254 | ||||||
Care Property Invest NV | 631 | 15,920 | ||||||
Centerspace | 182 | 17,106 | ||||||
Civitas Social Housing plc | 6,330 | 7,515 | ||||||
Comforia Residential REIT, Inc. | 15 | 40,488 | ||||||
Daiwa Securities Living Investments Corp. | 41 | 37,463 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 40,819 | 5,863 | ||||||
Equity Lifestyle Properties, Inc. | 3,909 | 291,690 | ||||||
Equity Residential | 8,076 | 688,883 | ||||||
Essex Property Trust, Inc. | 1,354 | 429,448 | ||||||
Flagship Communities REIT | 115 | 2,111 | ||||||
Independence Realty Trust, Inc. | 3,900 | 98,553 | ||||||
Ingenia Communities Group | 10,700 | 39,690 | ||||||
InterRent Real Estate Investment Trust | 1,360 | 16,524 | ||||||
Invitation Homes, Inc. | 8,881 | 335,702 | ||||||
Irish Residential Properties REIT plc | 10,472 | 17,326 | ||||||
Kenedix Residential Next Investment Corp. | 21 | 34,499 | ||||||
Killam Apartment Real Estate Investment Trust | 1,474 | 24,805 | ||||||
Mid-America Apartment Communities, Inc. | 2,384 | 487,790 | ||||||
Minto Apartment Real Estate Investment Trust | 114 | 1,960 | ||||||
Nippon Accommodations Fund, Inc. | 11 | 57,985 | ||||||
PRS REIT plc (The) | 10,697 | 14,560 | ||||||
Sinpas Gayrimenkul Yatirim Ortakligi AS(1) | 930 | 407 | ||||||
Sun Communities, Inc. | 2,546 | 460,826 | ||||||
Triple Point Social Housing Reit plc | 5,353 | 6,238 | ||||||
UDR, Inc. | 8,085 | 443,624 | ||||||
UMH Properties, Inc. | 1,071 | 24,697 | ||||||
UNITE Group plc (The) | 6,433 | 92,018 | ||||||
Xior Student Housing NV | 201 | 10,928 | ||||||
5,421,964 | ||||||||
Retail REITs — 15.4% | ||||||||
AEON REIT Investment Corp. | 31 | 38,654 | ||||||
Agree Realty Corp. | 1,126 | 72,233 | ||||||
BWP Trust | 17,936 | 52,426 | ||||||
CapitaLand Integrated Commercial Trust | 163,500 | 255,880 | ||||||
Carmila SA | 1,999 | 34,938 | ||||||
Charter Hall Retail REIT | 21,330 | 65,000 | ||||||
Choice Properties Real Estate Investment Trust | 3,286 | 37,643 | ||||||
Crombie Real Estate Investment Trust | 1,360 | 18,648 | ||||||
CT Real Estate Investment Trust | 1,020 | 13,632 | ||||||
Eurocommercial Properties NV | 575 | 14,280 | ||||||
Federal Realty Investment Trust | 2,143 | 251,974 | ||||||
First Capital Real Estate Investment Trust | 3,174 | 45,450 | ||||||
Fortune Real Estate Investment Trust | 68,000 | 63,896 | ||||||
Frasers Centrepoint Trust | 25,100 | 41,910 |
14
Avantis Real Estate ETF | ||||||||
Shares | Value | |||||||
Frontier Real Estate Investment Corp. | 13 | $ | 53,514 | |||||
Fukuoka REIT Corp. | 16 | 21,845 | ||||||
Getty Realty Corp. | 685 | 18,872 | ||||||
Hamborner REIT AG | 2,187 | 23,665 | ||||||
HomeCo Daily Needs REIT | 33,612 | 37,413 | ||||||
Hyprop Investments Ltd. | 15,106 | 33,854 | ||||||
Japan Metropolitan Fund Invest | 68 | 55,035 | ||||||
Kenedix Retail REIT Corp. | 6 | 13,687 | ||||||
Kimco Realty Corp. | 15,044 | 353,985 | ||||||
Kite Realty Group Trust | 3,556 | 77,983 | ||||||
Kiwi Property Group Ltd. | 34,983 | 25,611 | ||||||
Klepierre SA(1) | 8,416 | 240,568 | ||||||
Lendlease Global Commercial REIT | 16,800 | 10,256 | ||||||
Link REIT | 44,300 | 357,979 | ||||||
LOTTE Reit Co. Ltd. | 6,032 | 27,405 | ||||||
Mapletree Commercial Trust | 46,500 | 62,358 | ||||||
National Retail Properties, Inc. | 3,945 | 168,097 | ||||||
NETSTREIT Corp. | 438 | 9,697 | ||||||
Phillips Edison & Co., Inc. | 1,819 | 58,790 | ||||||
Realty Income Corp. | 12,016 | 794,137 | ||||||
Regency Centers Corp. | 3,877 | 255,456 | ||||||
Resilient REIT Ltd. | 7,867 | 29,839 | ||||||
Retail Opportunity Investments Corp. | 1,788 | 32,470 | ||||||
Retail Value, Inc. | 40 | 124 | ||||||
RioCan Real Estate Investment Trust | 4,986 | 98,815 | ||||||
Sasseur Real Estate Investment Trust | 6,800 | 4,249 | ||||||
Shaftesbury plc | 6,004 | 47,367 | ||||||
Shopping Centres Australasia Property Group | 27,771 | 58,552 | ||||||
Simon Property Group, Inc. | 7,703 | 1,059,625 | ||||||
SITE Centers Corp. | 3,927 | 61,065 | ||||||
SmartCentres Real Estate Investment Trust | 2,154 | 54,058 | ||||||
SPH REIT | 24,000 | 17,057 | ||||||
Spirit Realty Capital, Inc. | 1,765 | 81,843 | ||||||
Starhill Global REIT | 42,100 | 18,696 | ||||||
Supermarket Income Reit plc | 18,894 | 31,649 | ||||||
Urstadt Biddle Properties, Inc., Class A | 839 | 15,798 | ||||||
Vastned Retail NV | 347 | 9,859 | ||||||
Vicinity Centres | 97,290 | 126,685 | ||||||
Vukile Property Fund Ltd. | 21,926 | 17,941 | ||||||
Waypoint REIT Ltd. | 16,732 | 33,078 | ||||||
5,505,541 | ||||||||
Specialized REITs — 23.6% | ||||||||
American Tower Corp. | 7,722 | 1,751,890 | ||||||
Arena REIT | 10,749 | 38,548 | ||||||
Automotive Properties Real Estate Investment Trust | 226 | 2,530 | ||||||
Big Yellow Group plc | 4,714 | 89,632 | ||||||
Charter Hall Social Infrastructure REIT | 12,097 | 33,326 | ||||||
Crown Castle International Corp. | 7,055 | 1,175,293 | ||||||
CubeSmart | 3,325 | 160,298 | ||||||
CyrusOne, Inc. | 481 | 43,458 | ||||||
Digital Realty Trust, Inc. | 4,290 | 578,807 |
15
Avantis Real Estate ETF | ||||||||
Shares | Value | |||||||
Equinix, Inc. | 1,205 | $ | 855,225 | |||||
ESR Kendall Square REIT Co. Ltd. | 3,407 | 17,962 | ||||||
Extra Space Storage, Inc. | 2,210 | 415,812 | ||||||
Four Corners Property Trust, Inc. | 979 | 25,826 | ||||||
Gaming and Leisure Properties, Inc. | 3,211 | 145,812 | ||||||
Gladstone Land Corp. | 310 | 9,266 | ||||||
Hotel Property Investments | 4,979 | 12,915 | ||||||
Keppel DC REIT | 29,500 | 47,733 | ||||||
Koramco Energy Plus Reit | 1,040 | 5,693 | ||||||
Lamar Advertising Co., Class A | 1,665 | 181,585 | ||||||
Life Storage, Inc. | 1,829 | 231,533 | ||||||
MGM Growth Properties LLC, Class A | 2,225 | 84,261 | ||||||
National Storage Affiliates Trust | 1,331 | 77,557 | ||||||
National Storage REIT | 29,468 | 55,368 | ||||||
Power REIT(1) | 82 | 3,957 | ||||||
Public Storage | 4,008 | 1,422,920 | ||||||
Rural Funds Group | 9,935 | 19,730 | ||||||
Safehold, Inc. | 168 | 10,309 | ||||||
Safestore Holdings plc | 5,439 | 92,598 | ||||||
SBA Communications Corp. | 1,724 | 523,044 | ||||||
Stor-Age Property REIT Ltd. | 5,777 | 5,238 | ||||||
Uniti Group, Inc. | 2,858 | 37,068 | ||||||
VICI Properties, Inc. | 9,746 | 272,498 | ||||||
8,427,692 | ||||||||
TOTAL COMMON STOCKS (Cost $37,294,028) | 35,628,380 | |||||||
SHORT-TERM INVESTMENTS — 5.8% | ||||||||
Money Market Funds — 5.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 2,083,355 | 2,083,355 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,083,355) | 2,083,355 | |||||||
TOTAL INVESTMENT SECURITIES — 105.5% (Cost $39,377,383) | 37,711,735 | |||||||
OTHER ASSETS AND LIABILITIES — (5.5)% | (1,959,023) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 35,752,712 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CVA | - | Certificaten Van Aandelen |
(1)Non-income producing.
See Notes to Financial Statements.
16
FEBRUARY 28, 2022 (UNAUDITED)
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Aerospace and Defense — 1.1% | ||||||||
AAR Corp.(1) | 2,071 | $ | 93,071 | |||||
Aerojet Rocketdyne Holdings, Inc. | 5,457 | 211,459 | ||||||
AeroVironment, Inc.(1) | 74 | 5,258 | ||||||
Astronics Corp.(1) | 2,546 | 37,452 | ||||||
Axon Enterprise, Inc.(1) | 3,209 | 450,062 | ||||||
Boeing Co. (The)(1) | 8,459 | 1,736,971 | ||||||
BWX Technologies, Inc. | 11,916 | 636,553 | ||||||
Curtiss-Wright Corp. | 3,672 | 541,693 | ||||||
Ducommun, Inc.(1) | 359 | 18,133 | ||||||
General Dynamics Corp. | 3,678 | 862,307 | ||||||
HEICO Corp. | 359 | 52,956 | ||||||
HEICO Corp., Class A | 726 | 89,240 | ||||||
Hexcel Corp. | 11,723 | 678,762 | ||||||
Howmet Aerospace, Inc. | 17,648 | 633,916 | ||||||
Huntington Ingalls Industries, Inc. | 3,014 | 616,062 | ||||||
Kaman Corp. | 2,320 | 100,711 | ||||||
L3Harris Technologies, Inc. | 4,773 | 1,204,276 | ||||||
Lockheed Martin Corp. | 7,595 | 3,294,711 | ||||||
Mercury Systems, Inc.(1) | 663 | 39,926 | ||||||
Moog, Inc., Class A | 6,129 | 509,381 | ||||||
National Presto Industries, Inc. | 34 | 2,703 | ||||||
Northrop Grumman Corp. | 2,638 | 1,166,365 | ||||||
Park Aerospace Corp. | 308 | 4,272 | ||||||
Parsons Corp.(1) | 1,503 | 52,094 | ||||||
Raytheon Technologies Corp. | 38,051 | 3,907,838 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 9,225 | 461,250 | ||||||
Textron, Inc. | 27,495 | 2,010,709 | ||||||
TransDigm Group, Inc.(1) | 895 | 596,598 | ||||||
Triumph Group, Inc.(1) | 14 | 350 | ||||||
Woodward, Inc. | 4,812 | 599,719 | ||||||
20,614,798 | ||||||||
Air Freight and Logistics — 0.8% | ||||||||
Air Transport Services Group, Inc.(1) | 18,896 | 595,413 | ||||||
Atlas Air Worldwide Holdings, Inc.(1) | 7,182 | 562,781 | ||||||
CH Robinson Worldwide, Inc. | 8,042 | 777,501 | ||||||
Expeditors International of Washington, Inc. | 15,115 | 1,562,286 | ||||||
FedEx Corp. | 19,209 | 4,269,584 | ||||||
Forward Air Corp. | 5,377 | 554,799 | ||||||
GXO Logistics, Inc.(1) | 3,978 | 333,874 | ||||||
Hub Group, Inc., Class A(1) | 6,750 | 569,700 | ||||||
Radiant Logistics, Inc.(1) | 2,853 | 19,686 | ||||||
United Parcel Service, Inc., Class B | 34,459 | 7,250,863 | ||||||
16,496,487 | ||||||||
Airlines — 0.3% | ||||||||
Alaska Air Group, Inc.(1) | 9,664 | 542,537 | ||||||
Allegiant Travel Co.(1) | 2,793 | 486,233 | ||||||
American Airlines Group, Inc.(1) | 24,861 | 428,852 | ||||||
Delta Air Lines, Inc.(1) | 25,085 | 1,001,393 |
17
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Hawaiian Holdings, Inc.(1) | 10,358 | $ | 198,667 | |||||
JetBlue Airways Corp.(1) | 38,034 | 580,779 | ||||||
Mesa Air Group, Inc.(1) | 361 | 1,570 | ||||||
SkyWest, Inc.(1) | 10,720 | 301,339 | ||||||
Southwest Airlines Co.(1) | 38,532 | 1,687,702 | ||||||
Spirit Airlines, Inc.(1) | 16,668 | 418,034 | ||||||
United Airlines Holdings, Inc.(1) | 11,995 | 532,578 | ||||||
6,179,684 | ||||||||
Auto Components — 0.6% | ||||||||
Adient plc(1) | 10,952 | 490,102 | ||||||
American Axle & Manufacturing Holdings, Inc.(1) | 47,880 | 443,369 | ||||||
Aptiv plc(1) | 14,703 | 1,903,156 | ||||||
Autoliv, Inc. | 12,832 | 1,129,344 | ||||||
BorgWarner, Inc. | 35,365 | 1,450,319 | ||||||
Cooper-Standard Holdings, Inc.(1) | 1,463 | 18,609 | ||||||
Dana, Inc. | 23,134 | 430,755 | ||||||
Fox Factory Holding Corp.(1) | 873 | 103,032 | ||||||
Gentex Corp. | 40,352 | 1,221,455 | ||||||
Gentherm, Inc.(1) | 6,199 | 525,923 | ||||||
Goodyear Tire & Rubber Co. (The)(1) | 56,167 | 870,027 | ||||||
LCI Industries | 3,074 | 382,775 | ||||||
Lear Corp. | 7,861 | 1,236,850 | ||||||
Modine Manufacturing Co.(1) | 7,884 | 79,628 | ||||||
Motorcar Parts of America, Inc.(1) | 175 | 2,826 | ||||||
Patrick Industries, Inc. | 3,425 | 244,340 | ||||||
Standard Motor Products, Inc. | 1,030 | 45,021 | ||||||
Stoneridge, Inc.(1) | 1,367 | 22,569 | ||||||
Tenneco, Inc., Class A(1) | 21,883 | 421,904 | ||||||
Veoneer, Inc.(1) | 2,873 | 101,848 | ||||||
Visteon Corp.(1) | 4,503 | 541,126 | ||||||
XPEL, Inc.(1) | 682 | 49,513 | ||||||
11,714,491 | ||||||||
Automobiles — 1.3% | ||||||||
Fisker, Inc.(1) | 3,266 | 39,845 | ||||||
Ford Motor Co. | 306,509 | 5,382,298 | ||||||
General Motors Co.(1) | 99,620 | 4,654,246 | ||||||
Harley-Davidson, Inc. | 24,540 | 1,013,502 | ||||||
Tesla, Inc.(1) | 15,299 | 13,316,709 | ||||||
Thor Industries, Inc. | 5,005 | 452,953 | ||||||
Winnebago Industries, Inc. | 6,692 | 428,756 | ||||||
25,288,309 | ||||||||
Banks — 6.4% | ||||||||
1st Source Corp. | 879 | 42,447 | ||||||
Allegiance Bancshares, Inc. | 623 | 26,696 | ||||||
Amalgamated Financial Corp. | 292 | 5,014 | ||||||
Amerant Bancorp, Inc. | 1,415 | 45,917 | ||||||
American National Bankshares, Inc. | 154 | 5,944 | ||||||
Ameris Bancorp | 9,977 | 493,862 | ||||||
Arrow Financial Corp. | 1,088 | 37,373 | ||||||
Associated Banc-Corp. | 22,001 | 536,604 | ||||||
Atlantic Capital Bancshares, Inc.(1) | 2,432 | 78,651 |
18
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Atlantic Union Bankshares Corp. | 6,788 | $ | 275,796 | |||||
Banc of California, Inc. | 2,598 | 51,051 | ||||||
BancFirst Corp. | 1,781 | 139,150 | ||||||
Bancorp, Inc. (The)(1) | 17,518 | 513,277 | ||||||
Bank First Corp. | 497 | 35,004 | ||||||
Bank of America Corp. | 233,670 | 10,328,214 | ||||||
Bank of Hawaii Corp. | 5,282 | 455,203 | ||||||
Bank of Marin Bancorp | 359 | 12,680 | ||||||
Bank OZK | 13,262 | 623,579 | ||||||
BankUnited, Inc. | 12,400 | 548,080 | ||||||
Banner Corp. | 3,132 | 192,963 | ||||||
Bar Harbor Bankshares | 1,022 | 29,383 | ||||||
Baycom Corp.(1) | 25 | 562 | ||||||
BCB Bancorp, Inc. | 604 | 11,005 | ||||||
Berkshire Hills Bancorp, Inc. | 7,688 | 239,097 | ||||||
BOK Financial Corp. | 1,781 | 182,909 | ||||||
Brookline Bancorp., Inc. | 9,377 | 160,722 | ||||||
Business First Bancshares, Inc. | 1,651 | 43,240 | ||||||
Byline Bancorp, Inc. | 820 | 22,361 | ||||||
Cadence Bank | 31,047 | 981,706 | ||||||
Camden National Corp. | 1,661 | 78,981 | ||||||
Capital City Bank Group, Inc. | 1,070 | 30,035 | ||||||
Capstar Financial Holdings, Inc. | 1,345 | 28,783 | ||||||
Carter Bankshares, Inc.(1) | 2,725 | 45,399 | ||||||
Cathay General Bancorp | 11,075 | 520,857 | ||||||
CBTX, Inc. | 154 | 4,629 | ||||||
Central Pacific Financial Corp. | 3,426 | 100,005 | ||||||
Central Valley Community Bancorp | 21 | 484 | ||||||
Citigroup, Inc. | 99,645 | 5,901,973 | ||||||
Citizens & Northern Corp. | 329 | 8,149 | ||||||
Citizens Financial Group, Inc. | 34,889 | 1,828,881 | ||||||
City Holding Co. | 1,033 | 82,299 | ||||||
Civista Bancshares, Inc. | 355 | 8,658 | ||||||
CNB Financial Corp. | 2,064 | 53,974 | ||||||
Codorus Valley Bancorp, Inc. | 16 | 357 | ||||||
Columbia Banking System, Inc. | 4,507 | 165,091 | ||||||
Comerica, Inc. | 16,243 | 1,551,044 | ||||||
Commerce Bancshares, Inc. | 9,529 | 683,992 | ||||||
Community Bank System, Inc. | 6,284 | 458,355 | ||||||
Community Trust Bancorp, Inc. | 1,699 | 71,834 | ||||||
ConnectOne Bancorp, Inc. | 4,665 | 153,945 | ||||||
CrossFirst Bankshares, Inc.(1) | 2,277 | 35,817 | ||||||
Cullen/Frost Bankers, Inc. | 4,377 | 615,975 | ||||||
Customers Bancorp, Inc.(1) | 7,191 | 442,606 | ||||||
CVB Financial Corp. | 13,605 | 320,806 | ||||||
Dime Community Bancshares, Inc. | 1,862 | 63,289 | ||||||
Eagle Bancorp, Inc. | 8,064 | 483,195 | ||||||
East West Bancorp, Inc. | 17,721 | 1,551,651 | ||||||
Eastern Bankshares, Inc. | 30,555 | 667,932 | ||||||
Enterprise Bancorp, Inc. | 600 | 24,174 | ||||||
Enterprise Financial Services Corp. | 2,395 | 118,409 |
19
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Equity Bancshares, Inc., Class A | 1,664 | $ | 52,333 | |||||
F.N.B. Corp. | 58,901 | 791,040 | ||||||
Farmers National Banc Corp. | 2,115 | 36,441 | ||||||
FB Financial Corp. | 2,368 | 105,234 | ||||||
Fifth Third Bancorp | 66,299 | 3,171,744 | ||||||
Financial Institutions, Inc. | 2,042 | 65,221 | ||||||
First BanCorp | 38,766 | 547,376 | ||||||
First Bancorp, Inc. (The) | 582 | 17,344 | ||||||
First Bancorp/Southern Pines NC | 1,575 | 70,686 | ||||||
First Bancshares, Inc. (The) | 623 | 21,998 | ||||||
First Busey Corp. | 6,648 | 182,488 | ||||||
First Business Financial Services, Inc. | 299 | 9,852 | ||||||
First Citizens BancShares, Inc., Class A | 1,788 | 1,409,749 | ||||||
First Commonwealth Financial Corp. | 7,410 | 119,672 | ||||||
First Community Bankshares, Inc. | 683 | 20,032 | ||||||
First Financial Bancorp | 19,162 | 471,002 | ||||||
First Financial Bankshares, Inc. | 10,677 | 511,642 | ||||||
First Financial Corp. | 792 | 36,836 | ||||||
First Foundation, Inc. | 5,504 | 146,792 | ||||||
First Hawaiian, Inc. | 16,247 | 472,300 | ||||||
First Horizon Corp. | 48,293 | 1,133,920 | ||||||
First Internet Bancorp | 768 | 37,540 | ||||||
First Interstate Bancsystem, Inc., Class A | 12,266 | 498,000 | ||||||
First Merchants Corp. | 10,697 | 467,887 | ||||||
First Mid Bancshares, Inc. | 1,142 | 45,760 | ||||||
First of Long Island Corp. (The) | 2,483 | 54,055 | ||||||
First Republic Bank | 9,022 | 1,563,152 | ||||||
Flushing Financial Corp. | 3,722 | 87,430 | ||||||
Fulton Financial Corp. | 28,134 | 506,975 | ||||||
German American Bancorp, Inc. | 1,612 | 64,125 | ||||||
Glacier Bancorp, Inc. | 10,100 | 559,540 | ||||||
Great Southern Bancorp, Inc. | 840 | 51,593 | ||||||
Guaranty Bancshares, Inc. | 311 | 10,876 | ||||||
Hancock Whitney Corp. | 10,868 | 605,130 | ||||||
Hanmi Financial Corp. | 3,241 | 84,655 | ||||||
HarborOne Bancorp, Inc. | 5,601 | 82,839 | ||||||
Heartland Financial USA, Inc. | 9,230 | 457,993 | ||||||
Heritage Commerce Corp. | 2,471 | 29,380 | ||||||
Heritage Financial Corp. | 887 | 23,257 | ||||||
Hilltop Holdings, Inc. | 14,668 | 453,535 | ||||||
Home BancShares, Inc. | 18,685 | 437,416 | ||||||
HomeStreet, Inc. | 2,781 | 143,110 | ||||||
HomeTrust Bancshares, Inc. | 894 | 26,892 | ||||||
Hope Bancorp, Inc. | 29,939 | 507,765 | ||||||
Horizon Bancorp, Inc. | 2,959 | 59,417 | ||||||
Huntington Bancshares, Inc. | 165,969 | 2,575,839 | ||||||
Independent Bank Corp. (Massachusetts) | 6,305 | 542,293 | ||||||
Independent Bank Corp. (Michigan) | 2,095 | 49,861 | ||||||
Independent Bank Group, Inc. | 1,224 | 94,432 | ||||||
International Bancshares Corp. | 11,219 | 482,529 | ||||||
Investors Bancorp, Inc. | 34,218 | 572,809 |
20
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
JPMorgan Chase & Co. | 110,895 | $ | 15,724,911 | |||||
KeyCorp | 90,878 | 2,278,311 | ||||||
Lakeland Bancorp, Inc. | 5,132 | 92,581 | ||||||
Lakeland Financial Corp. | 2,528 | 202,771 | ||||||
Live Oak Bancshares, Inc. | 7,200 | 460,440 | ||||||
M&T Bank Corp. | 8,367 | 1,524,718 | ||||||
Macatawa Bank Corp. | 2,744 | 25,190 | ||||||
MainStreet Bancshares, Inc. | 72 | 1,803 | ||||||
Mercantile Bank Corp. | 1,223 | 45,092 | ||||||
Meta Financial Group, Inc. | 9,015 | 499,341 | ||||||
Metrocity Bankshares, Inc. | 700 | 17,017 | ||||||
Metropolitan Bank Holding Corp.(1) | 845 | 86,401 | ||||||
Midland States Bancorp, Inc. | 1,619 | 47,534 | ||||||
MidWestOne Financial Group, Inc. | 888 | 26,809 | ||||||
MVB Financial Corp. | 1,299 | 50,037 | ||||||
National Bank Holdings Corp., Class A | 3,007 | 133,451 | ||||||
NBT Bancorp, Inc. | 4,301 | 165,029 | ||||||
Nicolet Bankshares, Inc.(1) | 707 | 67,349 | ||||||
Northeast Bank | 351 | 12,783 | ||||||
Northrim BanCorp, Inc. | 279 | 12,496 | ||||||
Northwest Bancshares, Inc. | 6,735 | 94,829 | ||||||
OceanFirst Financial Corp. | 3,729 | 83,455 | ||||||
OFG Bancorp | 10,049 | 283,181 | ||||||
Old National Bancorp. | 41,664 | 761,618 | ||||||
Old Second Bancorp, Inc. | 2,211 | 31,463 | ||||||
Origin Bancorp, Inc. | 2,564 | 118,406 | ||||||
Orrstown Financial Services, Inc. | 338 | 8,254 | ||||||
Pacific Premier Bancorp, Inc. | 4,344 | 168,156 | ||||||
PacWest Bancorp | 11,755 | 580,932 | ||||||
Park National Corp. | 3,267 | 437,974 | ||||||
Parke Bancorp, Inc. | 565 | 13,328 | ||||||
PCB Bancorp.(2) | 57 | 1,341 | ||||||
Peapack-Gladstone Financial Corp. | 887 | 33,458 | ||||||
People's United Financial, Inc. | 36,220 | 763,518 | ||||||
Peoples Bancorp, Inc. | 2,044 | 63,936 | ||||||
Pinnacle Financial Partners, Inc. | 5,546 | 560,590 | ||||||
PNC Financial Services Group, Inc. (The) | 19,415 | 3,868,439 | ||||||
Popular, Inc. | 11,510 | 1,057,193 | ||||||
Preferred Bank | 2,102 | 164,965 | ||||||
Premier Financial Corp. | 6,312 | 193,589 | ||||||
Primis Financial Corp. | 438 | 6,263 | ||||||
Prosperity Bancshares, Inc. | 6,701 | 498,956 | ||||||
QCR Holdings, Inc. | 1,267 | 70,775 | ||||||
RBB Bancorp | 626 | 15,099 | ||||||
Regions Financial Corp. | 77,452 | 1,873,564 | ||||||
Renasant Corp. | 6,150 | 224,537 | ||||||
Republic Bancorp, Inc., Class A | 973 | 44,641 | ||||||
S&T Bancorp, Inc. | 2,422 | 75,300 | ||||||
Sandy Spring Bancorp, Inc. | 9,613 | 452,676 | ||||||
Seacoast Banking Corp. of Florida | 12,547 | 459,848 | ||||||
ServisFirst Bancshares, Inc. | 7,526 | 657,622 |
21
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Sierra Bancorp | 887 | $ | 23,807 | |||||
Signature Bank | 5,454 | 1,881,030 | ||||||
Silvergate Capital Corp., Class A(1) | 1,045 | 133,844 | ||||||
Simmons First National Corp., Class A | 10,959 | 312,551 | ||||||
SmartFinancial, Inc. | 343 | 8,949 | ||||||
South Plains Financial, Inc. | 543 | 15,025 | ||||||
Southern First Bancshares, Inc.(1) | 624 | 35,605 | ||||||
Southside Bancshares, Inc. | 2,254 | 93,969 | ||||||
SouthState Corp. | 6,096 | 548,640 | ||||||
Spirit of Texas Bancshares, Inc. | 1,277 | 36,433 | ||||||
Stock Yards Bancorp, Inc. | 1,211 | 64,752 | ||||||
Summit Financial Group, Inc. | 308 | 8,399 | ||||||
SVB Financial Group(1) | 5,918 | 3,586,308 | ||||||
Synovus Financial Corp. | 18,936 | 996,980 | ||||||
Texas Capital Bancshares, Inc.(1) | 7,547 | 502,630 | ||||||
Tompkins Financial Corp. | 841 | 66,523 | ||||||
Towne Bank | 15,562 | 485,223 | ||||||
Trico Bancshares | 1,651 | 71,653 | ||||||
TriState Capital Holdings, Inc.(1) | 1,480 | 49,136 | ||||||
Triumph Bancorp, Inc.(1) | 5,057 | 507,318 | ||||||
Truist Financial Corp. | 62,338 | 3,878,670 | ||||||
Trustmark Corp. | 14,203 | 447,252 | ||||||
U.S. Bancorp | 65,797 | 3,720,162 | ||||||
UMB Financial Corp. | 6,646 | 676,962 | ||||||
Umpqua Holdings Corp. | 33,081 | 706,279 | ||||||
United Bankshares, Inc. | 11,000 | 402,820 | ||||||
United Community Banks, Inc. | 15,503 | 599,346 | ||||||
United Security Bancshares | 415 | 3,490 | ||||||
Univest Financial Corp. | 3,381 | 97,981 | ||||||
Valley National Bancorp | 44,727 | 624,836 | ||||||
Veritex Holdings, Inc. | 3,234 | 131,397 | ||||||
Washington Trust Bancorp, Inc. | 1,879 | 101,973 | ||||||
Webster Financial Corp. | 20,267 | 1,220,276 | ||||||
Wells Fargo & Co. | 175,127 | 9,346,528 | ||||||
WesBanco, Inc. | 13,098 | 478,601 | ||||||
West BanCorp, Inc. | 1,287 | 37,194 | ||||||
Westamerica BanCorp | 1,591 | 94,378 | ||||||
Western Alliance Bancorp | 12,514 | 1,173,062 | ||||||
Wintrust Financial Corp. | 7,340 | 729,302 | ||||||
Zions Bancorp N.A. | 20,543 | 1,456,293 | ||||||
123,287,403 | ||||||||
Beverages — 1.0% | ||||||||
Boston Beer Co., Inc. (The), Class A(1) | 701 | 268,805 | ||||||
Brown-Forman Corp., Class A | 630 | 38,455 | ||||||
Brown-Forman Corp., Class B | 18,093 | 1,180,206 | ||||||
Coca-Cola Co. (The) | 108,482 | 6,751,920 | ||||||
Coca-Cola Consolidated, Inc. | 1,028 | 510,844 | ||||||
Constellation Brands, Inc., Class A | 3,444 | 742,595 | ||||||
Keurig Dr Pepper, Inc. | 12,710 | 491,496 | ||||||
MGP Ingredients, Inc. | 387 | 30,809 | ||||||
Molson Coors Beverage Co., Class B | 15,248 | 795,641 |
22
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Monster Beverage Corp.(1) | 16,728 | $ | 1,411,843 | |||||
National Beverage Corp. | 3,153 | 138,764 | ||||||
PepsiCo, Inc. | 40,311 | 6,600,523 | ||||||
18,961,901 | ||||||||
Biotechnology — 2.4% | ||||||||
AbbVie, Inc. | 46,964 | 6,939,870 | ||||||
ACADIA Pharmaceuticals, Inc.(1) | 1,279 | 32,499 | ||||||
Agios Pharmaceuticals, Inc.(1) | 224 | 6,973 | ||||||
Alector, Inc.(1) | 12,589 | 199,410 | ||||||
Alkermes plc(1) | 4,653 | 115,674 | ||||||
Alnylam Pharmaceuticals, Inc.(1) | 3,597 | 567,786 | ||||||
Amgen, Inc. | 18,778 | 4,252,841 | ||||||
AnaptysBio, Inc.(1) | 898 | 27,452 | ||||||
Apellis Pharmaceuticals, Inc.(1) | 1,800 | 76,554 | ||||||
Arcus Biosciences, Inc.(1) | 13,341 | 496,285 | ||||||
Arena Pharmaceuticals, Inc.(1) | 8,701 | 826,334 | ||||||
Arrowhead Pharmaceuticals, Inc.(1) | 13,120 | 577,280 | ||||||
Atara Biotherapeutics, Inc.(1) | 1,522 | 19,558 | ||||||
Atreca, Inc., Class A(1) | 18 | 32 | ||||||
Avid Bioservices, Inc.(1) | 4,107 | 84,111 | ||||||
Avrobio, Inc.(1) | 5 | 7 | ||||||
BioCryst Pharmaceuticals, Inc.(1) | 5,596 | 92,950 | ||||||
Biogen, Inc.(1) | 8,817 | 1,860,475 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd.(1) | 4,006 | 475,552 | ||||||
BioMarin Pharmaceutical, Inc.(1) | 6,691 | 522,701 | ||||||
Blueprint Medicines Corp.(1) | 6,672 | 403,990 | ||||||
Bridgebio Pharma, Inc.(1) | 3,027 | 23,611 | ||||||
Catalyst Pharmaceuticals, Inc.(1) | 5,493 | 42,845 | ||||||
Celldex Therapeutics, Inc.(1) | 1,173 | 35,073 | ||||||
Coherus Biosciences, Inc.(1) | 5,511 | 64,975 | ||||||
CRISPR Therapeutics AG(1) | 2,333 | 143,176 | ||||||
CureVac NV(1)(2) | 6,036 | 101,526 | ||||||
Cyclerion Therapeutics, Inc.(1) | 6 | 6 | ||||||
CytomX Therapeutics, Inc.(1) | 9 | 34 | ||||||
Denali Therapeutics, Inc.(1) | 5,222 | 170,028 | ||||||
Dynavax Technologies Corp.(1) | 27,647 | 338,952 | ||||||
Eagle Pharmaceuticals, Inc.(1) | 711 | 33,694 | ||||||
Editas Medicine, Inc.(1) | 28 | 479 | ||||||
Eiger BioPharmaceuticals, Inc.(1) | 2 | 8 | ||||||
Emergent BioSolutions, Inc.(1) | 8,402 | 347,675 | ||||||
Enanta Pharmaceuticals, Inc.(1) | 286 | 20,140 | ||||||
Exact Sciences Corp.(1) | 4,856 | 379,059 | ||||||
Exelixis, Inc.(1) | 29,017 | 595,719 | ||||||
Gilead Sciences, Inc. | 97,883 | 5,912,133 | ||||||
Global Blood Therapeutics, Inc.(1) | 993 | 29,989 | ||||||
Gossamer Bio, Inc.(1) | 63 | 569 | ||||||
Halozyme Therapeutics, Inc.(1) | 26,787 | 950,135 | ||||||
Horizon Therapeutics plc(1) | 11,891 | 1,084,102 | ||||||
ImmunoGen, Inc.(1) | 8,461 | 47,720 | ||||||
Incyte Corp.(1) | 6,766 | 462,118 | ||||||
Intellia Therapeutics, Inc.(1) | 2,412 | 238,426 |
23
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Ionis Pharmaceuticals, Inc.(1) | 5,223 | $ | 174,344 | |||||
Iovance Biotherapeutics, Inc.(1) | 1,259 | 19,729 | ||||||
Ironwood Pharmaceuticals, Inc.(1) | 40,678 | 437,695 | ||||||
iTeos Therapeutics, Inc.(1) | 4,350 | 157,166 | ||||||
Krystal Biotech, Inc.(1) | 396 | 25,166 | ||||||
Kymera Therapeutics, Inc.(1) | 1,453 | 57,771 | ||||||
Ligand Pharmaceuticals, Inc.(1) | 1,347 | 136,343 | ||||||
Mirati Therapeutics, Inc.(1) | 1,391 | 122,811 | ||||||
Mirum Pharmaceuticals, Inc.(1) | 198 | 4,693 | ||||||
Moderna, Inc.(1) | 30,256 | 4,647,322 | ||||||
Myriad Genetics, Inc.(1) | 14,744 | 359,459 | ||||||
Natera, Inc.(1) | 4,360 | 286,670 | ||||||
Neurocrine Biosciences, Inc.(1) | 5,276 | 474,154 | ||||||
Novavax, Inc.(1)(2) | 1,270 | 105,880 | ||||||
OPKO Health, Inc.(1) | 6,740 | 21,096 | ||||||
ORIC Pharmaceuticals, Inc.(1) | 6,215 | 48,228 | ||||||
PDL BioPharma, Inc.(1) | 1,937 | 4,959 | ||||||
Protagonist Therapeutics, Inc.(1) | 866 | 21,027 | ||||||
Prothena Corp. plc(1) | 804 | 27,818 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 6,683 | 4,132,500 | ||||||
REGENXBIO, Inc.(1) | 1,188 | 31,138 | ||||||
Sage Therapeutics, Inc.(1) | 10,486 | 381,376 | ||||||
Sangamo Therapeutics, Inc.(1) | 33,268 | 194,618 | ||||||
Sarepta Therapeutics, Inc.(1) | 241 | 18,463 | ||||||
Seagen, Inc.(1) | 3,623 | 466,896 | ||||||
Solid Biosciences, Inc.(1) | 3 | 2 | ||||||
Syndax Pharmaceuticals, Inc.(1) | 77 | 1,200 | ||||||
TCR2 Therapeutics, Inc.(1) | 2 | 5 | ||||||
Travere Therapeutics, Inc.(1) | 1,906 | 51,958 | ||||||
Turning Point Therapeutics, Inc.(1) | 1,921 | 60,819 | ||||||
Ultragenyx Pharmaceutical, Inc.(1) | 2,874 | 193,478 | ||||||
uniQure NV(1) | 6,773 | 115,073 | ||||||
United Therapeutics Corp.(1) | 5,123 | 851,443 | ||||||
Vanda Pharmaceuticals, Inc.(1) | 2,213 | 25,140 | ||||||
Vericel Corp.(1) | 8 | 330 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 17,355 | 3,991,997 | ||||||
Xencor, Inc.(1) | 4,520 | 141,521 | ||||||
Xenon Pharmaceuticals, Inc.(1) | 1,433 | 45,426 | ||||||
Zentalis Pharmaceuticals, Inc.(1) | 659 | 32,878 | ||||||
46,469,118 | ||||||||
Building Products — 0.9% | ||||||||
AAON, Inc. | 7,806 | 457,119 | ||||||
Advanced Drainage Systems, Inc. | 6,805 | 794,280 | ||||||
Allegion plc | 4,755 | 544,543 | ||||||
Alpha Pro Tech Ltd.(1) | 26 | 111 | ||||||
AO Smith Corp. | 15,825 | 1,085,279 | ||||||
Apogee Enterprises, Inc. | 2,913 | 131,289 | ||||||
Armstrong Flooring, Inc.(1) | 157 | 246 | ||||||
Armstrong World Industries, Inc. | 6,944 | 613,850 | ||||||
Builders FirstSource, Inc.(1) | 27,444 | 2,042,382 | ||||||
Carlisle Cos., Inc. | 4,898 | 1,162,785 |
24
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Carrier Global Corp. | 11,182 | $ | 501,848 | |||||
CSW Industrials, Inc. | 802 | 96,505 | ||||||
Fortune Brands Home & Security, Inc. | 5,531 | 480,644 | ||||||
Gibraltar Industries, Inc.(1) | 2,525 | 122,008 | ||||||
Insteel Industries, Inc. | 949 | 35,217 | ||||||
JELD-WEN Holding, Inc.(1) | 18,755 | 432,865 | ||||||
Johnson Controls International plc | 23,759 | 1,543,385 | ||||||
Lennox International, Inc. | 144 | 38,438 | ||||||
Masco Corp. | 8,326 | 466,589 | ||||||
Masonite International Corp.(1) | 4,761 | 449,105 | ||||||
Owens Corning | 15,754 | 1,468,115 | ||||||
PGT Innovations, Inc.(1) | 2,735 | 58,830 | ||||||
Quanex Building Products Corp. | 4,536 | 103,693 | ||||||
Simpson Manufacturing Co., Inc. | 5,524 | 654,649 | ||||||
Trane Technologies plc | 5,926 | 912,189 | ||||||
Trex Co., Inc.(1) | 16,648 | 1,528,952 | ||||||
UFP Industries, Inc. | 9,307 | 798,075 | ||||||
Zurn Water Solutions Corp. | 1,076 | 34,992 | ||||||
16,557,983 | ||||||||
Capital Markets — 4.0% | ||||||||
Affiliated Managers Group, Inc. | 2,372 | 328,190 | ||||||
Ameriprise Financial, Inc. | 13,361 | 4,005,494 | ||||||
Ares Management Corp., Class A | 2,243 | 181,885 | ||||||
Artisan Partners Asset Management, Inc., Class A | 11,919 | 454,233 | ||||||
B. Riley Financial, Inc. | 7,090 | 422,210 | ||||||
Bank of New York Mellon Corp. (The) | 46,953 | 2,495,552 | ||||||
BGC Partners, Inc., Class A | 22,375 | 102,478 | ||||||
BlackRock, Inc. | 4,100 | 3,049,949 | ||||||
Blackstone, Inc. | 19,200 | 2,447,424 | ||||||
Brightsphere Investment Group, Inc. | 17,958 | 428,658 | ||||||
Carlyle Group, Inc. (The) | 30,490 | 1,429,066 | ||||||
Cboe Global Markets, Inc. | 4,358 | 511,150 | ||||||
Charles Schwab Corp. (The) | 71,358 | 6,026,897 | ||||||
CME Group, Inc. | 12,379 | 2,928,005 | ||||||
Cohen & Steers, Inc. | 5,383 | 437,423 | ||||||
Cowen, Inc., Class A | 4,092 | 121,328 | ||||||
Diamond Hill Investment Group, Inc. | 264 | 51,184 | ||||||
Evercore, Inc., Class A | 6,539 | 830,518 | ||||||
FactSet Research Systems, Inc. | 1,705 | 692,383 | ||||||
Federated Hermes, Inc. | 15,472 | 505,470 | ||||||
Franklin Resources, Inc. | 15,685 | 466,315 | ||||||
Freedom Holding Corp.(1)(2) | 2,646 | 162,623 | ||||||
Goldman Sachs Group, Inc. (The) | 21,545 | 7,353,093 | ||||||
Hamilton Lane, Inc., Class A | 5,184 | 404,870 | ||||||
Houlihan Lokey, Inc. | 7,499 | 771,347 | ||||||
Interactive Brokers Group, Inc., Class A | 4,582 | 303,237 | ||||||
Intercontinental Exchange, Inc. | 13,490 | 1,728,339 | ||||||
Invesco Ltd. | 39,701 | 843,249 | ||||||
Janus Henderson Group plc | 30,367 | 1,019,420 | ||||||
Jefferies Financial Group, Inc. | 32,509 | 1,155,370 | ||||||
KKR & Co., Inc. | 54,991 | 3,306,059 |
25
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Lazard Ltd., Class A | 18,671 | $ | 645,643 | |||||
LPL Financial Holdings, Inc. | 3,995 | 722,895 | ||||||
MarketAxess Holdings, Inc. | 1,181 | 450,469 | ||||||
Moelis & Co., Class A | 12,301 | 593,031 | ||||||
Moody's Corp. | 7,812 | 2,515,698 | ||||||
Morgan Stanley | 90,317 | 8,195,365 | ||||||
Morningstar, Inc. | 453 | 127,134 | ||||||
MSCI, Inc. | 1,808 | 907,056 | ||||||
Nasdaq, Inc. | 1,721 | 294,549 | ||||||
Northern Trust Corp. | 17,140 | 1,952,246 | ||||||
Open Lending Corp., Class A(1) | 11,647 | 242,607 | ||||||
Oppenheimer Holdings, Inc., Class A | 986 | 42,585 | ||||||
Piper Sandler Cos. | 3,869 | 572,651 | ||||||
Pzena Investment Management, Inc., Class A | 14 | 129 | ||||||
Raymond James Financial, Inc. | 19,313 | 2,117,670 | ||||||
S&P Global, Inc. | 11,164 | 4,194,240 | ||||||
Safeguard Scientifics, Inc.(1) | 2 | 12 | ||||||
SEI Investments Co. | 17,416 | 1,020,229 | ||||||
State Street Corp. | 21,369 | 1,823,417 | ||||||
Stifel Financial Corp. | 12,988 | 954,618 | ||||||
StoneX Group, Inc.(1) | 1,839 | 138,753 | ||||||
T. Rowe Price Group, Inc. | 21,423 | 3,096,909 | ||||||
Victory Capital Holdings, Inc., Class A | 1,496 | 49,622 | ||||||
Virtu Financial, Inc., Class A | 17,837 | 625,722 | ||||||
Virtus Investment Partners, Inc. | 1,660 | 399,429 | ||||||
WisdomTree Investments, Inc.(2) | 6,525 | 36,736 | ||||||
76,682,834 | ||||||||
Chemicals — 2.4% | ||||||||
AdvanSix, Inc. | 8,122 | 325,367 | ||||||
Air Products and Chemicals, Inc. | 9,820 | 2,320,466 | ||||||
Albemarle Corp. | 10,058 | 1,970,262 | ||||||
American Vanguard Corp. | 862 | 12,990 | ||||||
Ashland Global Holdings, Inc. | 5,715 | 527,380 | ||||||
Aspen Aerogels, Inc.(1) | 593 | 17,553 | ||||||
Avient Corp. | 9,082 | 475,806 | ||||||
Axalta Coating Systems Ltd.(1) | 16,512 | 446,484 | ||||||
Balchem Corp. | 409 | 56,581 | ||||||
Cabot Corp. | 11,330 | 828,903 | ||||||
Celanese Corp. | 13,144 | 1,830,696 | ||||||
CF Industries Holdings, Inc. | 12,499 | 1,014,794 | ||||||
Chase Corp. | 413 | 37,926 | ||||||
Chemours Co. (The) | 33,373 | 921,095 | ||||||
Corteva, Inc. | 52,839 | 2,749,213 | ||||||
Dow, Inc. | 58,889 | 3,472,095 | ||||||
DuPont de Nemours, Inc. | 31,260 | 2,418,586 | ||||||
Eastman Chemical Co. | 12,503 | 1,481,230 | ||||||
Ecolab, Inc. | 5,513 | 971,721 | ||||||
Ecovyst, Inc. | 974 | 10,646 | ||||||
Element Solutions, Inc. | 3,291 | 80,893 | ||||||
Ferro Corp.(1) | 18,373 | 399,245 | ||||||
FMC Corp. | 13,346 | 1,564,818 |
26
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
GCP Applied Technologies, Inc.(1) | 3,963 | $ | 125,152 | |||||
H.B. Fuller Co. | 359 | 24,545 | ||||||
Hawkins, Inc. | 1,414 | 63,998 | ||||||
Huntsman Corp. | 18,739 | 757,805 | ||||||
Ingevity Corp.(1) | 7,381 | 503,606 | ||||||
Innospec, Inc. | 5,466 | 522,003 | ||||||
International Flavors & Fragrances, Inc. | 2,015 | 267,995 | ||||||
Koppers Holdings, Inc.(1) | 1,797 | 51,448 | ||||||
Kraton Corp.(1) | 11,607 | 535,663 | ||||||
Kronos Worldwide, Inc. | 1,141 | 16,807 | ||||||
Linde plc(1) | 15,067 | 4,418,247 | ||||||
Livent Corp.(1) | 24,286 | 571,935 | ||||||
LSB Industries, Inc.(1) | 5,855 | 101,291 | ||||||
LyondellBasell Industries NV, Class A | 25,347 | 2,464,489 | ||||||
Minerals Technologies, Inc. | 6,610 | 462,634 | ||||||
Mosaic Co. (The) | 49,202 | 2,579,661 | ||||||
NewMarket Corp. | 1,524 | 484,266 | ||||||
Olin Corp. | 21,852 | 1,125,597 | ||||||
Orion Engineered Carbons SA | 9,756 | 151,608 | ||||||
PPG Industries, Inc. | 7,455 | 994,870 | ||||||
Quaker Chemical Corp. | 78 | 14,478 | ||||||
Rayonier Advanced Materials, Inc.(1) | 3,390 | 19,899 | ||||||
RPM International, Inc. | 5,719 | 483,656 | ||||||
Scotts Miracle-Gro Co. (The) | 3,677 | 515,001 | ||||||
Sensient Technologies Corp. | 6,543 | 537,377 | ||||||
Sherwin-Williams Co. (The) | 7,627 | 2,006,892 | ||||||
Stepan Co. | 4,074 | 422,148 | ||||||
Trecora Resources(1) | 63 | 559 | ||||||
Trinseo plc | 8,921 | 463,535 | ||||||
Tronox Holdings plc, Class A | 25,340 | 514,402 | ||||||
Valvoline, Inc. | 3,654 | 118,134 | ||||||
Westlake Corp. | 5,122 | 565,008 | ||||||
45,819,459 | ||||||||
Commercial Services and Supplies — 0.6% | ||||||||
ABM Industries, Inc. | 625 | 28,019 | ||||||
ADT, Inc. | 1,512 | 11,053 | ||||||
Brady Corp., Class A | 3,849 | 177,362 | ||||||
Brink's Co. (The) | 7,109 | 498,057 | ||||||
Casella Waste Systems, Inc., Class A(1) | 2,453 | 184,956 | ||||||
Cimpress plc(1) | 4,748 | 299,076 | ||||||
Cintas Corp. | 2,568 | 963,822 | ||||||
Clean Harbors, Inc.(1) | 7,761 | 740,632 | ||||||
Copart, Inc.(1) | 17,149 | 2,107,269 | ||||||
Deluxe Corp. | 359 | 11,168 | ||||||
Ennis, Inc. | 2,164 | 40,640 | ||||||
Healthcare Services Group, Inc. | 16,925 | 267,753 | ||||||
Heritage-Crystal Clean, Inc.(1) | 689 | 19,320 | ||||||
HNI Corp. | 12,107 | 492,634 | ||||||
IAA, Inc.(1) | 8,217 | 301,893 | ||||||
Interface, Inc. | 4,450 | 58,072 | ||||||
KAR Auction Services, Inc.(1) | 17,436 | 321,869 |
27
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Kimball International, Inc., Class B | 2,800 | $ | 25,956 | |||||
MillerKnoll, Inc. | 4,448 | 172,938 | ||||||
MSA Safety, Inc. | 949 | 132,006 | ||||||
Pitney Bowes, Inc. | 2,999 | 14,935 | ||||||
Quad/Graphics, Inc.(1) | 695 | 3,809 | ||||||
Republic Services, Inc. | 1,337 | 160,814 | ||||||
Rollins, Inc. | 14,590 | 476,072 | ||||||
Steelcase, Inc., Class A | 9,768 | 118,877 | ||||||
Stericycle, Inc.(1) | 86 | 5,019 | ||||||
Team, Inc.(1) | 25 | 24 | ||||||
Tetra Tech, Inc. | 2,820 | 447,731 | ||||||
UniFirst Corp. | 2,552 | 462,550 | ||||||
US Ecology, Inc.(1) | 7 | 332 | ||||||
Vidler Water Resouces, Inc.(1) | 558 | 6,707 | ||||||
VSE Corp. | 354 | 16,868 | ||||||
Waste Connections, Inc. | 5,899 | 728,467 | ||||||
Waste Management, Inc. | 17,607 | 2,542,451 | ||||||
11,839,151 | ||||||||
Communications Equipment — 0.5% | ||||||||
ADTRAN, Inc. | 1,030 | 21,208 | ||||||
Arista Networks, Inc.(1) | 11,193 | 1,373,717 | ||||||
Cambium Networks Corp.(1) | 910 | 25,307 | ||||||
Ciena Corp.(1) | 14,570 | 996,879 | ||||||
Cisco Systems, Inc. | 86,127 | 4,803,303 | ||||||
CommScope Holding Co., Inc.(1) | 15,893 | 151,619 | ||||||
Digi International, Inc.(1) | 1,076 | 21,606 | ||||||
Extreme Networks, Inc.(1) | 4,953 | 56,910 | ||||||
F5, Inc.(1) | 2,858 | 574,029 | ||||||
Infinera Corp.(1) | 7,255 | 66,964 | ||||||
Juniper Networks, Inc. | 6,144 | 207,606 | ||||||
Lumentum Holdings, Inc.(1) | 8,608 | 850,987 | ||||||
Motorola Solutions, Inc. | 3,081 | 679,145 | ||||||
NETGEAR, Inc.(1) | 2,159 | 57,451 | ||||||
NetScout Systems, Inc.(1) | 1,432 | 44,578 | ||||||
Plantronics, Inc.(1) | 750 | 21,127 | ||||||
Ubiquiti, Inc.(2) | 199 | 50,524 | ||||||
ViaSat, Inc.(1) | 12,012 | 548,228 | ||||||
Viavi Solutions, Inc.(1) | 10,864 | 178,170 | ||||||
10,729,358 | ||||||||
Construction and Engineering — 0.4% | ||||||||
AECOM | 831 | 60,380 | ||||||
Ameresco, Inc., Class A(1) | 1,838 | 118,091 | ||||||
Arcosa, Inc. | 8,594 | 452,646 | ||||||
Argan, Inc. | 1,138 | 44,257 | ||||||
Comfort Systems USA, Inc. | 5,341 | 459,219 | ||||||
Construction Partners, Inc., Class A(1) | 2,751 | 73,617 | ||||||
Dycom Industries, Inc.(1) | 6,310 | 549,349 | ||||||
EMCOR Group, Inc. | 6,824 | 788,445 | ||||||
Fluor Corp.(1) | 27,052 | 585,946 | ||||||
Great Lakes Dredge & Dock Corp.(1) | 6,924 | 97,698 | ||||||
IES Holdings, Inc.(1) | 864 | 36,322 |
28
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
INNOVATE Corp.(1)(2) | 1,669 | $ | 5,558 | |||||
MasTec, Inc.(1) | 10,065 | 792,719 | ||||||
Matrix Service Co.(1) | 30 | 208 | ||||||
MDU Resources Group, Inc. | 15,903 | 425,723 | ||||||
MYR Group, Inc.(1) | 5,337 | 478,996 | ||||||
Northwest Pipe Co.(1) | 90 | 2,565 | ||||||
Orion Group Holdings, Inc.(1) | 8 | 26 | ||||||
Primoris Services Corp. | 17,710 | 467,013 | ||||||
Quanta Services, Inc. | 18,029 | 1,964,079 | ||||||
Sterling Construction Co., Inc.(1) | 713 | 21,055 | ||||||
Tutor Perini Corp.(1) | 2,982 | 29,224 | ||||||
Valmont Industries, Inc. | 1,404 | 303,896 | ||||||
WillScot Mobile Mini Holdings Corp.(1) | 8,528 | 303,000 | ||||||
8,060,032 | ||||||||
Construction Materials — 0.2% | ||||||||
Eagle Materials, Inc. | 6,524 | 892,679 | ||||||
Forterra, Inc.(1) | 872 | 20,544 | ||||||
Martin Marietta Materials, Inc. | 3,652 | 1,385,569 | ||||||
Summit Materials, Inc., Class A(1) | 5,379 | 167,933 | ||||||
Vulcan Materials Co. | 5,736 | 1,040,797 | ||||||
3,507,522 | ||||||||
Consumer Finance — 1.5% | ||||||||
Ally Financial, Inc. | 51,388 | 2,564,261 | ||||||
American Express Co. | 39,451 | 7,674,798 | ||||||
Atlanticus Holdings Corp.(1) | 921 | 49,062 | ||||||
Capital One Financial Corp. | 36,241 | 5,554,658 | ||||||
Credit Acceptance Corp.(1) | 1,236 | 679,948 | ||||||
Discover Financial Services | 35,787 | 4,417,547 | ||||||
Encore Capital Group, Inc.(1) | 6,743 | 444,971 | ||||||
Enova International, Inc.(1) | 9,248 | 377,041 | ||||||
EZCORP, Inc., Class A(1) | 5,523 | 33,083 | ||||||
FirstCash Holdings, Inc. | 5,598 | 403,280 | ||||||
Green Dot Corp., Class A(1) | 12,280 | 351,822 | ||||||
LendingClub Corp.(1) | 5,000 | 92,900 | ||||||
Navient Corp. | 37,718 | 664,214 | ||||||
Nelnet, Inc., Class A | 5,664 | 456,235 | ||||||
OneMain Holdings, Inc. | 15,112 | 770,410 | ||||||
PRA Group, Inc.(1) | 2,730 | 121,840 | ||||||
PROG Holdings, Inc.(1) | 11,635 | 356,496 | ||||||
Regional Management Corp. | 1,045 | 53,640 | ||||||
SLM Corp. | 72,882 | 1,435,775 | ||||||
Synchrony Financial | 67,675 | 2,895,136 | ||||||
Upstart Holdings, Inc.(1)(2) | 2,821 | 445,690 | ||||||
World Acceptance Corp.(1) | 565 | 111,006 | ||||||
29,953,813 | ||||||||
Containers and Packaging — 0.6% | ||||||||
Amcor plc | 39,514 | 459,548 | ||||||
AptarGroup, Inc. | 6,501 | 792,342 | ||||||
Avery Dennison Corp. | 7,387 | 1,301,589 | ||||||
Ball Corp. | 9,731 | 873,260 | ||||||
Berry Global Group, Inc.(1) | 9,057 | 549,307 |
29
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Crown Holdings, Inc. | 5,980 | $ | 733,567 | |||||
Graphic Packaging Holding Co. | 33,808 | 695,769 | ||||||
Greif, Inc., Class A | 613 | 35,241 | ||||||
Greif, Inc., Class B | 16 | 911 | ||||||
International Paper Co. | 28,664 | 1,247,744 | ||||||
Myers Industries, Inc. | 2,626 | 43,644 | ||||||
O-I Glass, Inc.(1) | 5,433 | 69,434 | ||||||
Packaging Corp. of America | 12,339 | 1,816,177 | ||||||
Sealed Air Corp. | 4,994 | 335,247 | ||||||
Silgan Holdings, Inc. | 1,564 | 65,500 | ||||||
Sonoco Products Co. | 11,899 | 698,709 | ||||||
TriMas Corp. | 6,573 | 213,688 | ||||||
UFP Technologies, Inc.(1) | 85 | 5,877 | ||||||
WestRock Co. | 29,250 | 1,324,148 | ||||||
11,261,702 | ||||||||
Distributors — 0.3% | ||||||||
Funko, Inc., Class A(1) | 3,089 | 53,934 | ||||||
Genuine Parts Co. | 19,935 | 2,435,260 | ||||||
LKQ Corp. | 22,113 | 1,038,205 | ||||||
Pool Corp. | 4,271 | 1,958,595 | ||||||
5,485,994 | ||||||||
Diversified Consumer Services — 0.1% | ||||||||
2U, Inc.(1) | 2,196 | 23,058 | ||||||
American Public Education, Inc.(1) | 23 | 459 | ||||||
Bright Horizons Family Solutions, Inc.(1) | 1,692 | 221,043 | ||||||
frontdoor, Inc.(1) | 5,030 | 151,151 | ||||||
Graham Holdings Co., Class B | 61 | 36,669 | ||||||
Grand Canyon Education, Inc.(1) | 5,220 | 453,253 | ||||||
H&R Block, Inc. | 2,520 | 62,521 | ||||||
Houghton Mifflin Harcourt Co.(1) | 3,378 | 70,769 | ||||||
Laureate Education, Inc., Class A | 13,012 | 141,050 | ||||||
OneSpaWorld Holdings Ltd.(1) | 1,679 | 17,361 | ||||||
Perdoceo Education Corp.(1) | 5,644 | 59,093 | ||||||
Service Corp. International | 9,062 | 551,423 | ||||||
Strategic Education, Inc. | 353 | 20,834 | ||||||
Stride, Inc.(1) | 1,135 | 38,113 | ||||||
Terminix Global Holdings, Inc.(1) | 623 | 26,515 | ||||||
Universal Technical Institute, Inc.(1) | 767 | 6,627 | ||||||
1,879,939 | ||||||||
Diversified Financial Services — 0.9% | ||||||||
Alerus Financial Corp. | 981 | 28,204 | ||||||
Apollo Global Management, Inc. | 36,792 | 2,401,046 | ||||||
Berkshire Hathaway, Inc., Class B(1) | 36,046 | 11,586,987 | ||||||
Cannae Holdings, Inc.(1) | 3,787 | 101,681 | ||||||
Equitable Holdings, Inc. | 66,819 | 2,182,308 | ||||||
Voya Financial, Inc. | 12,023 | 809,749 | ||||||
17,109,975 | ||||||||
Diversified Telecommunication Services — 0.9% | ||||||||
AT&T, Inc. | 210,494 | 4,986,603 | ||||||
ATN International, Inc. | 811 | 27,031 | ||||||
Cogent Communications Holdings, Inc. | 1,026 | 65,048 |
30
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Consolidated Communications Holdings, Inc.(1) | 2,677 | $ | 19,060 | |||||
EchoStar Corp., Class A(1) | 2,795 | 68,030 | ||||||
IDT Corp., Class B(1) | 4,030 | 145,322 | ||||||
Iridium Communications, Inc.(1) | 17,526 | 693,854 | ||||||
Lumen Technologies, Inc. | 41,525 | 430,199 | ||||||
Verizon Communications, Inc. | 197,780 | 10,614,853 | ||||||
17,050,000 | ||||||||
Electric Utilities — 1.5% | ||||||||
ALLETE, Inc. | 2,445 | 153,888 | ||||||
Alliant Energy Corp. | 12,883 | 752,367 | ||||||
American Electric Power Co., Inc. | 27,658 | 2,507,198 | ||||||
Avangrid, Inc.(2) | 914 | 41,011 | ||||||
Constellation Energy Corp. | 20,516 | 943,326 | ||||||
Duke Energy Corp. | 14,685 | 1,474,521 | ||||||
Edison International | 28,016 | 1,776,775 | ||||||
Entergy Corp. | 17,074 | 1,796,356 | ||||||
Evergy, Inc. | 14,805 | 923,980 | ||||||
Eversource Energy | 8,791 | 719,104 | ||||||
Exelon Corp. | 62,586 | 2,663,660 | ||||||
FirstEnergy Corp. | 25,587 | 1,070,816 | ||||||
Hawaiian Electric Industries, Inc. | 12,977 | 531,797 | ||||||
IDACORP, Inc. | 5,071 | 527,130 | ||||||
MGE Energy, Inc. | 359 | 25,855 | ||||||
NextEra Energy, Inc. | 33,411 | 2,615,079 | ||||||
NRG Energy, Inc. | 11,831 | 447,685 | ||||||
OGE Energy Corp. | 15,620 | 586,531 | ||||||
Otter Tail Corp. | 4,658 | 288,144 | ||||||
PG&E Corp.(1) | 146,490 | 1,665,591 | ||||||
Pinnacle West Capital Corp. | 10,743 | 760,927 | ||||||
PNM Resources, Inc. | 2,216 | 100,097 | ||||||
Portland General Electric Co. | 11,621 | 589,998 | ||||||
PPL Corp. | 56,374 | 1,475,308 | ||||||
Southern Co. (The) | 46,857 | 3,034,928 | ||||||
Via Renewables, Inc. | 2 | 22 | ||||||
Xcel Energy, Inc. | 29,848 | 2,009,666 | ||||||
29,481,760 | ||||||||
Electrical Equipment — 0.6% | ||||||||
Acuity Brands, Inc. | 4,151 | 757,018 | ||||||
Allied Motion Technologies, Inc. | 102 | 3,552 | ||||||
AMETEK, Inc. | 7,452 | 967,195 | ||||||
Atkore, Inc.(1) | 10,261 | 1,043,646 | ||||||
AZZ, Inc. | 7,859 | 386,899 | ||||||
Bloom Energy Corp., Class A(1) | 1,598 | 35,476 | ||||||
Eaton Corp. plc | 13,305 | 2,052,828 | ||||||
Emerson Electric Co. | 16,722 | 1,553,808 | ||||||
Encore Wire Corp. | 1,579 | 183,827 | ||||||
Generac Holdings, Inc.(1) | 2,653 | 836,942 | ||||||
Hubbell, Inc. | 2,413 | 430,117 | ||||||
LSI Industries, Inc. | 1,121 | 7,645 | ||||||
nVent Electric plc | 2,488 | 84,418 | ||||||
Orion Energy Systems, Inc.(1) | 35 | 108 |
31
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Plug Power, Inc.(1)(2) | 3,452 | $ | 87,301 | |||||
Regal Rexnord Corp. | 3,985 | 638,995 | ||||||
Rockwell Automation, Inc. | 7,222 | 1,925,241 | ||||||
Sensata Technologies Holding plc(1) | 1,907 | 110,434 | ||||||
Stem, Inc.(1) | 3,048 | 29,017 | ||||||
Sunrun, Inc.(1) | 9,611 | 262,188 | ||||||
Thermon Group Holdings, Inc.(1) | 1 | 17 | ||||||
TPI Composites, Inc.(1) | 9,619 | 130,049 | ||||||
11,526,721 | ||||||||
Electronic Equipment, Instruments and Components — 1.3% | ||||||||
Advanced Energy Industries, Inc. | 6,669 | 572,534 | ||||||
Amphenol Corp., Class A | 10,853 | 824,937 | ||||||
Arlo Technologies, Inc.(1) | 2,485 | 23,061 | ||||||
Arrow Electronics, Inc.(1) | 11,741 | 1,430,993 | ||||||
Avnet, Inc. | 13,805 | 580,776 | ||||||
Badger Meter, Inc. | 5,199 | 516,833 | ||||||
Belden, Inc. | 515 | 29,020 | ||||||
Benchmark Electronics, Inc. | 8,576 | 224,177 | ||||||
CDW Corp. | 6,851 | 1,181,523 | ||||||
Cognex Corp. | 6,458 | 436,303 | ||||||
Coherent, Inc.(1) | 2,203 | 582,297 | ||||||
Corning, Inc. | 76,295 | 3,082,318 | ||||||
CTS Corp. | 2,160 | 81,950 | ||||||
ePlus, Inc.(1) | 7,056 | 330,926 | ||||||
Fabrinet(1) | 2,346 | 234,905 | ||||||
FARO Technologies, Inc.(1) | 666 | 36,457 | ||||||
Flex Ltd.(1) | 58,349 | 962,175 | ||||||
II-VI, Inc.(1) | 4,717 | 327,643 | ||||||
Insight Enterprises, Inc.(1) | 6,702 | 697,008 | ||||||
IPG Photonics Corp.(1) | 2,494 | 325,093 | ||||||
Jabil, Inc. | 25,217 | 1,457,795 | ||||||
Keysight Technologies, Inc.(1) | 11,452 | 1,802,201 | ||||||
Kimball Electronics, Inc.(1) | 3,734 | 64,374 | ||||||
Knowles Corp.(1) | 4,003 | 87,185 | ||||||
Littelfuse, Inc. | 396 | 102,251 | ||||||
Methode Electronics, Inc. | 1,899 | 86,670 | ||||||
National Instruments Corp. | 11,479 | 460,882 | ||||||
Novanta, Inc.(1) | 606 | 82,798 | ||||||
OSI Systems, Inc.(1) | 3,725 | 300,496 | ||||||
PC Connection, Inc. | 286 | 13,954 | ||||||
Plexus Corp.(1) | 5,830 | 474,970 | ||||||
Rogers Corp.(1) | 2,559 | 698,607 | ||||||
Sanmina Corp.(1) | 12,583 | 500,552 | ||||||
ScanSource, Inc.(1) | 3,147 | 99,382 | ||||||
TD SYNNEX Corp. | 8,674 | 883,273 | ||||||
TE Connectivity Ltd. | 16,301 | 2,321,751 | ||||||
Teledyne Technologies, Inc.(1) | 1,807 | 775,890 | ||||||
Trimble, Inc.(1) | 5,964 | 415,989 | ||||||
TTM Technologies, Inc.(1) | 20,786 | 261,280 | ||||||
Vishay Intertechnology, Inc. | 24,012 | 460,790 | ||||||
Vishay Precision Group, Inc.(1) | 537 | 16,867 |
32
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Vontier Corp. | 3,742 | $ | 90,931 | |||||
Zebra Technologies Corp., Class A(1) | 1,444 | 596,863 | ||||||
24,536,680 | ||||||||
Energy Equipment and Services — 0.7% | ||||||||
Archrock, Inc. | 58,113 | 485,243 | ||||||
Baker Hughes Co. | 30,987 | 910,398 | ||||||
Bristow Group, Inc.(1) | 2,144 | 71,052 | ||||||
Cactus, Inc., Class A | 11,120 | 563,339 | ||||||
ChampionX Corp.(1) | 12,124 | 259,575 | ||||||
DMC Global, Inc.(1) | 932 | 27,401 | ||||||
Dril-Quip, Inc.(1) | 1,287 | 37,117 | ||||||
Expro Group Holdings NV(1) | 1,950 | 31,375 | ||||||
Halliburton Co. | 128,700 | 4,315,311 | ||||||
Helix Energy Solutions Group, Inc.(1) | 10,604 | 42,946 | ||||||
Helmerich & Payne, Inc. | 14,245 | 516,096 | ||||||
Liberty Oilfield Services, Inc., Class A(1) | 4,616 | 57,608 | ||||||
Nabors Industries Ltd.(1) | 1,007 | 126,419 | ||||||
National Energy Services Reunited Corp.(1) | 1,433 | 12,768 | ||||||
NexTier Oilfield Solutions, Inc.(1) | 12,299 | 97,900 | ||||||
NOV, Inc. | 73,420 | 1,259,153 | ||||||
Oceaneering International, Inc.(1) | 35,194 | 515,240 | ||||||
Oil States International, Inc.(1) | 1,064 | 5,565 | ||||||
Patterson-UTI Energy, Inc. | 52,639 | 759,581 | ||||||
ProPetro Holding Corp.(1) | 16,674 | 212,927 | ||||||
RPC, Inc.(1) | 1,677 | 14,707 | ||||||
Schlumberger NV | 31,072 | 1,219,265 | ||||||
SEACOR Marine Holdings, Inc.(1) | 90 | 461 | ||||||
Select Energy Services, Inc., Class A(1) | 3,771 | 31,224 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 912 | 9,485 | ||||||
TechnipFMC plc(1) | 79,045 | 541,458 | ||||||
TETRA Technologies Inc(1) | 15,000 | 48,000 | ||||||
Tidewater, Inc.(1) | 2,743 | 40,624 | ||||||
Transocean Ltd.(1) | 77,840 | 275,554 | ||||||
US Silica Holdings, Inc.(1) | 15,622 | 225,894 | ||||||
Weatherford International plc(1) | 17,104 | 485,754 | ||||||
13,199,440 | ||||||||
Entertainment — 0.8% | ||||||||
Activision Blizzard, Inc. | 18,758 | 1,528,777 | ||||||
AMC Entertainment Holdings, Inc., Class A(1)(2) | 17,035 | 321,280 | ||||||
Cinemark Holdings, Inc.(1) | 883 | 15,488 | ||||||
Electronic Arts, Inc. | 12,814 | 1,666,973 | ||||||
IMAX Corp.(1) | 1,784 | 36,893 | ||||||
Liberty Media Corp.-Liberty Braves, Class C(1) | 2,527 | 62,417 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C(1) | 9,999 | 607,239 | ||||||
Live Nation Entertainment, Inc.(1) | 3,765 | 454,887 | ||||||
Madison Square Garden Entertainment Corp.(1) | 3,269 | 256,159 | ||||||
Madison Square Garden Sports Corp.(1) | 509 | 88,057 | ||||||
Netflix, Inc.(1) | 13,847 | 5,462,919 | ||||||
Playtika Holding Corp.(1) | 3,017 | 62,150 | ||||||
Roku, Inc.(1) | 1,167 | 162,832 | ||||||
Take-Two Interactive Software, Inc.(1) | 6,954 | 1,126,548 |
33
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Walt Disney Co. (The)(1) | 24,898 | $ | 3,696,357 | |||||
World Wrestling Entertainment, Inc., Class A | 9,574 | 567,355 | ||||||
Zynga, Inc., Class A(1) | 38,235 | 347,174 | ||||||
16,463,505 | ||||||||
Food and Staples Retailing — 1.8% | ||||||||
Andersons, Inc. (The) | 2,321 | 105,838 | ||||||
BJ's Wholesale Club Holdings, Inc.(1) | 6,854 | 430,911 | ||||||
Casey's General Stores, Inc. | 5,915 | 1,112,493 | ||||||
Chefs' Warehouse, Inc. (The)(1) | 1,216 | 39,946 | ||||||
Costco Wholesale Corp. | 23,362 | 12,130,718 | ||||||
HF Foods Group, Inc.(1)(2) | 111 | 694 | ||||||
Ingles Markets, Inc., Class A | 3,072 | 252,580 | ||||||
Kroger Co. (The) | 91,221 | 4,269,143 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 24 | 407 | ||||||
Performance Food Group Co.(1) | 26,548 | 1,487,750 | ||||||
PriceSmart, Inc. | 5,555 | 403,960 | ||||||
SpartanNash Co. | 6,771 | 190,536 | ||||||
Sprouts Farmers Market, Inc.(1) | 23,029 | 655,866 | ||||||
Sysco Corp. | 24,164 | 2,104,684 | ||||||
United Natural Foods, Inc.(1) | 14,854 | 597,576 | ||||||
US Foods Holding Corp.(1) | 2,116 | 82,714 | ||||||
Village Super Market, Inc., Class A | 991 | 22,575 | ||||||
Walgreens Boots Alliance, Inc. | 43,648 | 2,011,736 | ||||||
Walmart, Inc. | 62,797 | 8,487,643 | ||||||
Weis Markets, Inc. | 2,660 | 164,042 | ||||||
34,551,812 | ||||||||
Food Products — 1.2% | ||||||||
Archer-Daniels-Midland Co. | 27,007 | 2,118,699 | ||||||
B&G Foods, Inc. | 16,486 | 487,986 | ||||||
Bunge Ltd. | 18,852 | 1,970,977 | ||||||
Cal-Maine Foods, Inc. | 424 | 18,770 | ||||||
Calavo Growers, Inc. | 780 | 33,298 | ||||||
Campbell Soup Co. | 11,712 | 526,689 | ||||||
Conagra Brands, Inc. | 2,867 | 100,259 | ||||||
Darling Ingredients, Inc.(1) | 19,070 | 1,382,194 | ||||||
Flowers Foods, Inc. | 27,881 | 764,218 | ||||||
Fresh Del Monte Produce, Inc. | 1,634 | 42,288 | ||||||
General Mills, Inc. | 12,340 | 832,086 | ||||||
Hain Celestial Group, Inc. (The)(1) | 9,332 | 339,312 | ||||||
Hershey Co. (The) | 11,675 | 2,361,385 | ||||||
Hormel Foods Corp. | 11,627 | 553,910 | ||||||
Hostess Brands, Inc.(1) | 7,178 | 154,614 | ||||||
Ingredion, Inc. | 9,963 | 884,117 | ||||||
J&J Snack Foods Corp. | 363 | 59,430 | ||||||
J.M. Smucker Co. (The) | 8,972 | 1,208,977 | ||||||
John B Sanfilippo & Son, Inc. | 680 | 54,074 | ||||||
Kellogg Co. | 8,300 | 530,702 | ||||||
Kraft Heinz Co. (The) | 19,406 | 761,103 | ||||||
Lamb Weston Holdings, Inc. | 15,613 | 1,037,172 | ||||||
Lancaster Colony Corp. | 805 | 135,409 | ||||||
Landec Corp.(1) | 471 | 5,426 |
34
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
McCormick & Co., Inc. | 4,521 | $ | 430,264 | |||||
Mondelez International, Inc., Class A | 35,876 | 2,349,160 | ||||||
Pilgrim's Pride Corp.(1) | 7,154 | 168,691 | ||||||
Post Holdings, Inc.(1) | 581 | 61,086 | ||||||
Sanderson Farms, Inc. | 2,212 | 395,041 | ||||||
Seaboard Corp. | 9 | 34,735 | ||||||
Seneca Foods Corp., Class A(1) | 279 | 13,880 | ||||||
Simply Good Foods Co. (The)(1) | 3,588 | 142,192 | ||||||
Tootsie Roll Industries, Inc. | 653 | 22,039 | ||||||
TreeHouse Foods, Inc.(1) | 10 | 393 | ||||||
Tyson Foods, Inc., Class A | 27,022 | 2,503,859 | ||||||
22,484,435 | ||||||||
Gas Utilities — 0.2% | ||||||||
Atmos Energy Corp. | 5,395 | 592,425 | ||||||
Chesapeake Utilities Corp. | 362 | 48,128 | ||||||
Macquarie Infrastructure Holdings LLC | 11,234 | 41,004 | ||||||
National Fuel Gas Co. | 8,901 | 553,998 | ||||||
New Jersey Resources Corp. | 11,056 | 482,263 | ||||||
Northwest Natural Holding Co. | 2,360 | 122,744 | ||||||
ONE Gas, Inc. | 2,850 | 236,806 | ||||||
South Jersey Industries, Inc. | 4,032 | 136,806 | ||||||
Southwest Gas Holdings, Inc. | 6,016 | 426,775 | ||||||
Spire, Inc. | 13 | 872 | ||||||
Star Group LP | 1,088 | 10,608 | ||||||
UGI Corp. | 11,258 | 432,758 | ||||||
3,085,187 | ||||||||
Health Care Equipment and Supplies — 2.1% | ||||||||
Abbott Laboratories | 44,916 | 5,417,768 | ||||||
ABIOMED, Inc.(1) | 1,764 | 548,145 | ||||||
Align Technology, Inc.(1) | 3,956 | 2,023,336 | ||||||
AngioDynamics, Inc.(1) | 1,618 | 38,072 | ||||||
Apyx Medical Corp.(1) | 320 | 3,238 | ||||||
Artivion, Inc.(1) | 224 | 4,379 | ||||||
Atrion Corp. | 38 | 27,187 | ||||||
Avanos Medical, Inc.(1) | 2,943 | 104,153 | ||||||
Axogen, Inc.(1) | 60 | 560 | ||||||
Baxter International, Inc. | 39,102 | 3,322,497 | ||||||
Becton Dickinson and Co. | 4,056 | 1,100,312 | ||||||
Boston Scientific Corp.(1) | 32,004 | 1,413,617 | ||||||
Cooper Cos., Inc. (The) | 1,940 | 793,499 | ||||||
DENTSPLY SIRONA, Inc. | 8,955 | 484,824 | ||||||
DexCom, Inc.(1) | 1,553 | 642,802 | ||||||
Edwards Lifesciences Corp.(1) | 21,733 | 2,442,137 | ||||||
Glaukos Corp.(1) | 1,204 | 66,593 | ||||||
Globus Medical, Inc., Class A(1) | 2,430 | 170,878 | ||||||
Haemonetics Corp.(1) | 6,566 | 378,924 | ||||||
Hologic, Inc.(1) | 20,696 | 1,472,934 | ||||||
ICU Medical, Inc.(1) | 2,446 | 579,042 | ||||||
IDEXX Laboratories, Inc.(1) | 6,288 | 3,347,417 | ||||||
Insulet Corp.(1) | 1,832 | 484,912 | ||||||
Integer Holdings Corp.(1) | 5,087 | 426,647 |
35
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Integra LifeSciences Holdings Corp.(1) | 1,192 | $ | 79,935 | |||||
Intuitive Surgical, Inc.(1) | 9,632 | 2,796,459 | ||||||
Lantheus Holdings, Inc.(1) | 17,717 | 847,227 | ||||||
LENSAR, Inc.(1) | 146 | 856 | ||||||
LivaNova plc(1) | 8,282 | 652,787 | ||||||
Masimo Corp.(1) | 2,197 | 345,918 | ||||||
Medtronic plc | 28,613 | 3,004,079 | ||||||
Meridian Bioscience, Inc.(1) | 12,287 | 310,861 | ||||||
Merit Medical Systems, Inc.(1) | 7,495 | 487,400 | ||||||
Natus Medical, Inc.(1) | 2,335 | 64,960 | ||||||
Neogen Corp.(1) | 1,414 | 50,480 | ||||||
Nevro Corp.(1) | 309 | 22,155 | ||||||
Novocure Ltd.(1) | 390 | 31,925 | ||||||
NuVasive, Inc.(1) | 9,703 | 525,126 | ||||||
OraSure Technologies, Inc.(1) | 2,352 | 18,346 | ||||||
Orthofix Medical, Inc.(1) | 1,659 | 56,373 | ||||||
Penumbra, Inc.(1) | 403 | 89,361 | ||||||
Quidel Corp.(1) | 5,506 | 582,480 | ||||||
ResMed, Inc. | 5,137 | 1,267,555 | ||||||
Shockwave Medical, Inc.(1) | 21 | 3,722 | ||||||
Sientra, Inc.(1) | 6 | 17 | ||||||
STERIS plc | 2,753 | 660,720 | ||||||
Stryker Corp. | 6,455 | 1,699,924 | ||||||
Surmodics, Inc.(1) | 815 | 36,577 | ||||||
Tandem Diabetes Care, Inc.(1) | 180 | 20,273 | ||||||
Teleflex, Inc. | 621 | 208,848 | ||||||
Varex Imaging Corp.(1) | 889 | 21,016 | ||||||
Zimmer Biomet Holdings, Inc. | 6,087 | 774,205 | ||||||
39,953,458 | ||||||||
Health Care Providers and Services — 2.3% | ||||||||
Acadia Healthcare Co., Inc.(1) | 1,595 | 90,452 | ||||||
Addus HomeCare Corp.(1) | 668 | 56,807 | ||||||
Amedisys, Inc.(1) | 594 | 95,183 | ||||||
AmerisourceBergen Corp. | 5,449 | 776,646 | ||||||
AMN Healthcare Services, Inc.(1) | 1,662 | 176,405 | ||||||
Anthem, Inc. | 17,173 | 7,759,620 | ||||||
Apollo Medical Holdings, Inc.(1)(2) | 2,255 | 108,511 | ||||||
Brookdale Senior Living, Inc.(1) | 80,458 | 553,551 | ||||||
Cardinal Health, Inc. | 11,658 | 629,649 | ||||||
Centene Corp.(1) | 36,644 | 3,027,527 | ||||||
Chemed Corp. | 1,035 | 495,030 | ||||||
Cigna Corp. | 8,934 | 2,124,326 | ||||||
CorVel Corp.(1) | 1,026 | 163,196 | ||||||
Cross Country Healthcare, Inc.(1) | 6,762 | 150,995 | ||||||
CVS Health Corp. | 18,060 | 1,871,919 | ||||||
DaVita, Inc.(1) | 1,187 | 133,858 | ||||||
Encompass Health Corp. | 1,182 | 78,036 | ||||||
Ensign Group, Inc. (The) | 9,958 | 836,870 | ||||||
Fulgent Genetics, Inc.(1)(2) | 5,688 | 354,362 | ||||||
Guardant Health, Inc.(1) | 944 | 62,559 | ||||||
Hanger, Inc.(1) | 37 | 670 |
36
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
HCA Healthcare, Inc. | 7,312 | $ | 1,830,267 | |||||
HealthEquity, Inc.(1) | 86 | 4,619 | ||||||
Henry Schein, Inc.(1) | 7,334 | 633,511 | ||||||
Humana, Inc. | 7,837 | 3,403,766 | ||||||
Joint Corp. (The)(1) | 894 | 36,654 | ||||||
Laboratory Corp. of America Holdings(1) | 8,302 | 2,252,000 | ||||||
LHC Group, Inc.(1) | 95 | 12,936 | ||||||
McKesson Corp. | 4,303 | 1,183,153 | ||||||
ModivCare, Inc.(1) | 3,884 | 458,312 | ||||||
Molina Healthcare, Inc.(1) | 8,422 | 2,584,459 | ||||||
National Healthcare Corp. | 1,182 | 76,854 | ||||||
National Research Corp. | 715 | 28,443 | ||||||
Owens & Minor, Inc. | 15,985 | 705,738 | ||||||
Patterson Cos., Inc. | 16,188 | 484,021 | ||||||
Premier, Inc., Class A | 13,361 | 480,194 | ||||||
Privia Health Group, Inc.(1) | 1,694 | 43,604 | ||||||
Quest Diagnostics, Inc. | 3,777 | 495,807 | ||||||
R1 RCM, Inc.(1) | 16,502 | 448,689 | ||||||
RadNet, Inc.(1) | 2,262 | 55,804 | ||||||
Select Medical Holdings Corp. | 9 | 208 | ||||||
Tenet Healthcare Corp.(1) | 6,990 | 601,070 | ||||||
Tivity Health, Inc.(1) | 3,479 | 94,907 | ||||||
UnitedHealth Group, Inc. | 16,707 | 7,950,360 | ||||||
Universal Health Services, Inc., Class B | 9,511 | 1,368,918 | ||||||
44,780,466 | ||||||||
Health Care Technology — 0.3% | ||||||||
Allscripts Healthcare Solutions, Inc.(1) | 6,357 | 123,707 | ||||||
Cerner Corp. | 28,353 | 2,643,917 | ||||||
Change Healthcare, Inc.(1) | 22,719 | 486,641 | ||||||
Evolent Health, Inc., Class A(1) | 19,623 | 522,953 | ||||||
HealthStream, Inc.(1) | 887 | 18,175 | ||||||
NextGen Healthcare, Inc.(1) | 3,134 | 61,207 | ||||||
Omnicell, Inc.(1) | 1,051 | 135,873 | ||||||
Teladoc Health, Inc.(1) | 2,826 | 214,522 | ||||||
Veeva Systems, Inc., Class A(1) | 3,618 | 828,703 | ||||||
5,035,698 | ||||||||
Hotels, Restaurants and Leisure — 1.5% | ||||||||
Accel Entertainment, Inc.(1) | 1,137 | 14,883 | ||||||
Aramark | 8,867 | 327,724 | ||||||
BJ's Restaurants, Inc.(1) | 2,004 | 64,268 | ||||||
Bloomin' Brands, Inc.(1) | 12,037 | 296,231 | ||||||
Booking Holdings, Inc.(1) | 1,157 | 2,513,293 | ||||||
Boyd Gaming Corp.(1) | 8,379 | 594,406 | ||||||
Brinker International, Inc.(1) | 634 | 26,970 | ||||||
Caesars Entertainment, Inc.(1) | 7,355 | 619,217 | ||||||
Carnival Corp.(1) | 25,574 | 519,919 | ||||||
Carrols Restaurant Group, Inc. | 62 | 164 | ||||||
Century Casinos, Inc.(1) | 4 | 49 | ||||||
Cheesecake Factory, Inc. (The)(1) | 11,520 | 492,941 | ||||||
Chipotle Mexican Grill, Inc.(1) | 951 | 1,448,706 | ||||||
Choice Hotels International, Inc. | 799 | 115,336 |
37
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Churchill Downs, Inc. | 2,437 | $ | 587,000 | |||||
Chuy's Holdings, Inc.(1) | 1,418 | 46,227 | ||||||
Cracker Barrel Old Country Store, Inc. | 3,892 | 522,579 | ||||||
Darden Restaurants, Inc. | 14,020 | 2,035,984 | ||||||
Dave & Buster's Entertainment, Inc.(1) | 623 | 27,001 | ||||||
Denny's Corp.(1) | 600 | 9,492 | ||||||
Domino's Pizza, Inc. | 1,101 | 475,863 | ||||||
Expedia Group, Inc.(1) | 2,194 | 430,265 | ||||||
Fiesta Restaurant Group, Inc.(1) | 293 | 2,951 | ||||||
Golden Entertainment, Inc.(1) | 1,830 | 104,182 | ||||||
Hilton Grand Vacations, Inc.(1) | 17,456 | 905,268 | ||||||
Hilton Worldwide Holdings, Inc.(1) | 5,590 | 832,127 | ||||||
Hyatt Hotels Corp., Class A(1) | 2,540 | 246,659 | ||||||
Jack in the Box, Inc. | 263 | 22,689 | ||||||
Las Vegas Sands Corp.(1) | 12,239 | 524,564 | ||||||
Lindblad Expeditions Holdings, Inc.(1) | 902 | 15,993 | ||||||
Marriott International, Inc., Class A(1) | 10,501 | 1,786,640 | ||||||
Marriott Vacations Worldwide Corp. | 359 | 57,681 | ||||||
McDonald's Corp. | 12,608 | 3,086,060 | ||||||
MGM Resorts International | 20,491 | 907,546 | ||||||
Monarch Casino & Resort, Inc.(1) | 1,678 | 130,716 | ||||||
Noodles & Co.(1) | 6,097 | 41,704 | ||||||
Norwegian Cruise Line Holdings Ltd.(1) | 23,289 | 453,903 | ||||||
Papa John's International, Inc. | 432 | 46,146 | ||||||
Penn National Gaming, Inc.(1) | 13,556 | 696,101 | ||||||
Planet Fitness, Inc., Class A(1) | 1,071 | 90,639 | ||||||
Playa Hotels & Resorts NV(1) | 3,791 | 35,825 | ||||||
RCI Hospitality Holdings, Inc. | 272 | 17,658 | ||||||
Red Robin Gourmet Burgers, Inc.(1) | 318 | 5,581 | ||||||
Red Rock Resorts, Inc., Class A | 14,725 | 740,373 | ||||||
Royal Caribbean Cruises Ltd.(1) | 8,341 | 673,286 | ||||||
Ruth's Hospitality Group, Inc. | 1,648 | 40,887 | ||||||
Scientific Games Corp., Class A(1) | 1,694 | 106,587 | ||||||
SeaWorld Entertainment, Inc.(1) | 9,834 | 682,381 | ||||||
Six Flags Entertainment Corp.(1) | 1,211 | 52,872 | ||||||
Starbucks Corp. | 21,647 | 1,986,978 | ||||||
Texas Roadhouse, Inc. | 8,245 | 782,533 | ||||||
Travel + Leisure Co. | 6,724 | 376,880 | ||||||
Vail Resorts, Inc. | 1,368 | 356,432 | ||||||
Wendy's Co. (The) | 21,971 | 499,621 | ||||||
Wingstop, Inc. | 350 | 50,873 | ||||||
Wyndham Hotels & Resorts, Inc. | 359 | 31,021 | ||||||
Wynn Resorts Ltd.(1) | 9,320 | 806,366 | ||||||
Yum! Brands, Inc. | 6,202 | 760,241 | ||||||
29,126,482 | ||||||||
Household Durables — 1.0% | ||||||||
Beazer Homes USA, Inc.(1) | 3,612 | 59,128 | ||||||
Cavco Industries, Inc.(1) | 1,878 | 511,999 | ||||||
Century Communities, Inc. | 7,660 | 488,095 | ||||||
D.R. Horton, Inc. | 18,400 | 1,571,360 | ||||||
Ethan Allen Interiors, Inc. | 2,011 | 52,407 |
38
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Garmin Ltd. | 7,192 | $ | 794,284 | |||||
GoPro, Inc., Class A(1) | 15,431 | 132,707 | ||||||
Green Brick Partners, Inc.(1) | 819 | 18,993 | ||||||
Helen of Troy Ltd.(1) | 2,459 | 505,742 | ||||||
Installed Building Products, Inc. | 2,268 | 219,316 | ||||||
iRobot Corp.(1) | 3,566 | 221,663 | ||||||
KB Home | 12,085 | 466,602 | ||||||
La-Z-Boy, Inc. | 13,160 | 384,009 | ||||||
Legacy Housing Corp.(1) | 63 | 1,605 | ||||||
Leggett & Platt, Inc. | 1,379 | 51,133 | ||||||
Lennar Corp., Class A | 22,490 | 2,021,401 | ||||||
LGI Homes, Inc.(1) | 1,013 | 127,770 | ||||||
Lifetime Brands, Inc. | 86 | 1,127 | ||||||
M.D.C. Holdings, Inc. | 2,186 | 96,927 | ||||||
M/I Homes, Inc.(1) | 8,040 | 396,292 | ||||||
Meritage Homes Corp.(1) | 6,309 | 621,941 | ||||||
Mohawk Industries, Inc.(1) | 9,163 | 1,289,967 | ||||||
Newell Brands, Inc. | 51,992 | 1,234,810 | ||||||
NVR, Inc.(1) | 252 | 1,249,527 | ||||||
PulteGroup, Inc. | 34,538 | 1,715,157 | ||||||
Skyline Champion Corp.(1) | 4,531 | 304,664 | ||||||
Sonos, Inc.(1) | 22,469 | 615,426 | ||||||
Taylor Morrison Home Corp.(1) | 17,447 | 514,686 | ||||||
Tempur Sealy International, Inc. | 14,871 | 490,892 | ||||||
Toll Brothers, Inc. | 18,292 | 992,524 | ||||||
TopBuild Corp.(1) | 158 | 33,919 | ||||||
Tri Pointe Homes, Inc.(1) | 24,184 | 540,996 | ||||||
Universal Electronics, Inc.(1) | 924 | 30,704 | ||||||
Whirlpool Corp. | 8,595 | 1,729,916 | ||||||
19,487,689 | ||||||||
Household Products — 0.7% | ||||||||
Central Garden & Pet Co.(1) | 35 | 1,657 | ||||||
Central Garden & Pet Co., Class A(1) | 10,885 | 479,375 | ||||||
Church & Dwight Co., Inc. | 9,251 | 905,210 | ||||||
Clorox Co. (The) | 6,751 | 984,228 | ||||||
Colgate-Palmolive Co. | 28,304 | 2,177,993 | ||||||
Energizer Holdings, Inc. | 1,917 | 64,009 | ||||||
Kimberly-Clark Corp. | 10,510 | 1,367,877 | ||||||
Procter & Gamble Co. (The) | 51,221 | 7,984,842 | ||||||
Spectrum Brands Holdings, Inc. | 3,416 | 316,936 | ||||||
WD-40 Co. | 624 | 132,219 | ||||||
14,414,346 | ||||||||
Independent Power and Renewable Electricity Producers — 0.2% | ||||||||
AES Corp. (The) | 90,858 | 1,928,915 | ||||||
Clearway Energy, Inc., Class A | 1,679 | 51,361 | ||||||
Clearway Energy, Inc., Class C | 2,204 | 73,614 | ||||||
NextEra Energy Partners LP | 6,495 | 506,675 | ||||||
Ormat Technologies, Inc.(2) | 5,773 | 411,903 | ||||||
Sunnova Energy International, Inc.(1) | 3,368 | 67,865 | ||||||
Vistra Corp. | 66,841 | 1,525,312 | ||||||
4,565,645 |
39
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Industrial Conglomerates — 0.4% | ||||||||
3M Co. | 13,305 | $ | 1,977,788 | |||||
General Electric Co. | 19,504 | 1,862,827 | ||||||
Honeywell International, Inc. | 17,257 | 3,274,516 | ||||||
Roper Technologies, Inc. | 1,191 | 533,830 | ||||||
7,648,961 | ||||||||
Insurance — 3.4% | ||||||||
Aflac, Inc. | 46,654 | 2,850,093 | ||||||
Alleghany Corp.(1) | 870 | 575,870 | ||||||
Allstate Corp. (The) | 29,153 | 3,567,161 | ||||||
Ambac Financial Group, Inc.(1) | 1,415 | 18,155 | ||||||
American Equity Investment Life Holding Co. | 16,217 | 611,219 | ||||||
American Financial Group, Inc. | 10,670 | 1,444,611 | ||||||
American International Group, Inc. | 73,265 | 4,486,749 | ||||||
American National Group, Inc. | 279 | 52,739 | ||||||
AMERISAFE, Inc. | 1,550 | 73,005 | ||||||
Aon plc, Class A | 7,569 | 2,211,208 | ||||||
Arch Capital Group Ltd.(1) | 28,551 | 1,345,038 | ||||||
Argo Group International Holdings Ltd. | 3,281 | 138,360 | ||||||
Arthur J. Gallagher & Co. | 5,240 | 828,916 | ||||||
Assurant, Inc. | 5,105 | 866,370 | ||||||
Assured Guaranty Ltd. | 9,610 | 595,532 | ||||||
Axis Capital Holdings Ltd. | 13,117 | 716,451 | ||||||
Brighthouse Financial, Inc.(1) | 11,327 | 591,949 | ||||||
Brown & Brown, Inc. | 1,861 | 125,822 | ||||||
Chubb Ltd. | 16,407 | 3,341,122 | ||||||
Cincinnati Financial Corp. | 9,571 | 1,175,223 | ||||||
CNA Financial Corp. | 359 | 16,406 | ||||||
CNO Financial Group, Inc. | 20,750 | 501,528 | ||||||
Employers Holdings, Inc. | 1,505 | 58,484 | ||||||
Enstar Group Ltd.(1) | 546 | 155,626 | ||||||
Erie Indemnity Co., Class A | 1,689 | 295,744 | ||||||
Everest Re Group Ltd. | 2,488 | 741,971 | ||||||
Fidelity National Financial, Inc. | 39,927 | 1,902,122 | ||||||
First American Financial Corp. | 17,685 | 1,185,602 | ||||||
Genworth Financial, Inc., Class A(1) | 125,417 | 509,193 | ||||||
Globe Life, Inc. | 10,435 | 1,053,518 | ||||||
Goosehead Insurance, Inc., Class A | 197 | 17,135 | ||||||
Greenlight Capital Re Ltd., A Shares(1) | 438 | 3,149 | ||||||
Hallmark Financial Services, Inc.(1) | 138 | 548 | ||||||
Hanover Insurance Group, Inc. (The) | 4,111 | 573,526 | ||||||
Hartford Financial Services Group, Inc. (The) | 47,138 | 3,275,148 | ||||||
HCI Group, Inc. | 444 | 27,643 | ||||||
Horace Mann Educators Corp. | 11,575 | 481,404 | ||||||
James River Group Holdings Ltd. | 1,650 | 43,890 | ||||||
Kemper Corp. | 7,530 | 402,403 | ||||||
Kinsale Capital Group, Inc. | 740 | 155,222 | ||||||
Lincoln National Corp. | 14,473 | 975,770 | ||||||
Loews Corp. | 15,736 | 965,246 | ||||||
Markel Corp.(1) | 440 | 546,880 | ||||||
Marsh & McLennan Cos., Inc. | 8,833 | 1,372,737 |
40
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
MBIA, Inc.(1) | 2,999 | $ | 45,735 | |||||
Mercury General Corp. | 3,695 | 203,225 | ||||||
MetLife, Inc. | 43,924 | 2,967,066 | ||||||
National Western Life Group, Inc., Class A | 184 | 39,256 | ||||||
Old Republic International Corp. | 33,308 | 877,666 | ||||||
Primerica, Inc. | 6,206 | 806,097 | ||||||
Principal Financial Group, Inc. | 24,046 | 1,698,609 | ||||||
ProAssurance Corp. | 3,055 | 73,626 | ||||||
Progressive Corp. (The) | 44,365 | 4,699,585 | ||||||
Prudential Financial, Inc. | 32,273 | 3,603,603 | ||||||
Reinsurance Group of America, Inc. | 5,564 | 616,825 | ||||||
RenaissanceRe Holdings Ltd. | 3,345 | 504,359 | ||||||
RLI Corp. | 1,686 | 171,129 | ||||||
Safety Insurance Group, Inc. | 2,931 | 244,563 | ||||||
Selective Insurance Group, Inc. | 7,202 | 599,134 | ||||||
SiriusPoint Ltd.(1) | 5,795 | 42,825 | ||||||
State Auto Financial Corp. | 630 | 32,766 | ||||||
Stewart Information Services Corp. | 7,550 | 512,494 | ||||||
Tiptree, Inc. | 1,990 | 25,452 | ||||||
Travelers Cos., Inc. (The) | 24,599 | 4,226,846 | ||||||
Trupanion, Inc.(1) | 231 | 20,705 | ||||||
United Fire Group, Inc. | 18 | 497 | ||||||
Universal Insurance Holdings, Inc. | 1,959 | 22,646 | ||||||
Unum Group | 20,609 | 575,403 | ||||||
White Mountains Insurance Group Ltd. | 284 | 298,257 | ||||||
Willis Towers Watson plc | 2,187 | 486,170 | ||||||
WR Berkley Corp. | 9,246 | 834,914 | ||||||
65,105,941 | ||||||||
Interactive Media and Services — 3.6% | ||||||||
Alphabet, Inc., Class A(1) | 9,017 | 24,356,179 | ||||||
Alphabet, Inc., Class C(1) | 8,528 | 23,007,009 | ||||||
Bumble, Inc., Class A(1) | 780 | 19,991 | ||||||
Cargurus, Inc.(1) | 7,911 | 383,288 | ||||||
Cars.com, Inc.(1) | 11,800 | 190,924 | ||||||
IAC/InterActiveCorp(1) | 3,276 | 375,954 | ||||||
Match Group, Inc.(1) | 5,579 | 622,003 | ||||||
Meta Platforms, Inc., Class A(1) | 86,323 | 18,216,743 | ||||||
Snap, Inc., Class A(1) | 19,097 | 762,734 | ||||||
TrueCar, Inc.(1) | 50 | 167 | ||||||
Twitter, Inc.(1) | 26,416 | 939,089 | ||||||
Yelp, Inc.(1) | 2,985 | 101,162 | ||||||
Ziff Davis, Inc.(1) | 802 | 80,681 | ||||||
69,055,924 | ||||||||
Internet and Direct Marketing Retail — 2.5% | ||||||||
1-800-Flowers.com, Inc., Class A(1) | 3,367 | 52,121 | ||||||
Amazon.com, Inc.(1) | 14,568 | 44,742,116 | ||||||
DoorDash, Inc., Class A(1) | 3,495 | 366,800 | ||||||
eBay, Inc. | 27,533 | 1,503,026 | ||||||
Etsy, Inc.(1) | 3,987 | 617,546 | ||||||
Liquidity Services, Inc.(1) | 3,598 | 61,994 |
41
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
MercadoLibre, Inc.(1) | 842 | $ | 948,639 | |||||
PetMed Express, Inc. | 1,769 | 47,675 | ||||||
Revolve Group, Inc.(1) | 7,704 | 365,401 | ||||||
Shutterstock, Inc. | 4,789 | 433,548 | ||||||
Wayfair, Inc., Class A(1)(2) | 1,965 | 276,810 | ||||||
49,415,676 | ||||||||
IT Services — 3.1% | ||||||||
Accenture plc, Class A | 26,970 | 8,523,059 | ||||||
Akamai Technologies, Inc.(1) | 10,818 | 1,171,157 | ||||||
Alliance Data Systems Corp. | 9,986 | 673,556 | ||||||
Amdocs Ltd. | 10,836 | 852,793 | ||||||
Automatic Data Processing, Inc. | 22,386 | 4,576,594 | ||||||
Block, Inc.(1) | 10,858 | 1,384,395 | ||||||
Broadridge Financial Solutions, Inc. | 7,013 | 1,025,371 | ||||||
Cass Information Systems, Inc. | 681 | 26,954 | ||||||
Cognizant Technology Solutions Corp., Class A | 36,016 | 3,102,058 | ||||||
Computer Task Group, Inc.(1) | 51 | 470 | ||||||
Concentrix Corp. | 5,500 | 1,099,395 | ||||||
CSG Systems International, Inc. | 9,982 | 616,089 | ||||||
DXC Technology Co.(1) | 43,946 | 1,495,482 | ||||||
EPAM Systems, Inc.(1) | 2,541 | 527,893 | ||||||
Euronet Worldwide, Inc.(1) | 4,348 | 557,544 | ||||||
EVERTEC, Inc. | 1,939 | 78,258 | ||||||
ExlService Holdings, Inc.(1) | 1,280 | 154,611 | ||||||
Fidelity National Information Services, Inc. | 10,004 | 952,681 | ||||||
Fiserv, Inc.(1) | 7,923 | 773,839 | ||||||
FleetCor Technologies, Inc.(1) | 2,312 | 541,470 | ||||||
Gartner, Inc.(1) | 4,158 | 1,165,986 | ||||||
Genpact Ltd. | 4,159 | 174,013 | ||||||
Global Payments, Inc. | 5,437 | 725,187 | ||||||
GoDaddy, Inc., Class A(1) | 5,524 | 460,757 | ||||||
Hackett Group, Inc. (The) | 732 | 15,167 | ||||||
International Business Machines Corp. | 24,812 | 3,039,718 | ||||||
International Money Express, Inc.(1) | 961 | 15,434 | ||||||
Jack Henry & Associates, Inc. | 3,866 | 683,509 | ||||||
Kyndryl Holdings, Inc.(1) | 28,386 | 450,202 | ||||||
LiveRamp Holdings, Inc.(1) | 1,189 | 51,317 | ||||||
Mastercard, Inc., Class A | 24,790 | 8,944,728 | ||||||
MAXIMUS, Inc. | 6,140 | 484,200 | ||||||
MongoDB, Inc.(1) | 632 | 241,418 | ||||||
Okta, Inc.(1) | 1,501 | 274,443 | ||||||
Paychex, Inc. | 18,060 | 2,150,224 | ||||||
PayPal Holdings, Inc.(1) | 23,465 | 2,626,438 | ||||||
Perficient, Inc.(1) | 190 | 19,361 | ||||||
Sabre Corp.(1) | 5,754 | 62,891 | ||||||
Switch, Inc., Class A | 2,302 | 59,898 | ||||||
TTEC Holdings, Inc. | 2,512 | 199,704 | ||||||
Tucows, Inc., Class A(1) | 85 | 5,710 | ||||||
Twilio, Inc., Class A(1) | 2,666 | 466,017 | ||||||
Unisys Corp.(1) | 1,184 | 25,302 | ||||||
VeriSign, Inc.(1) | 2,420 | 517,202 |
42
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Visa, Inc., Class A | 41,895 | $ | 9,054,347 | |||||
Western Union Co. (The) | 29,283 | 532,365 | ||||||
WEX, Inc.(1) | 793 | 133,629 | ||||||
60,712,836 | ||||||||
Leisure Products — 0.3% | ||||||||
Acushnet Holdings Corp. | 2,973 | 130,217 | ||||||
American Outdoor Brands, Inc.(1) | 141 | 2,204 | ||||||
Brunswick Corp. | 13,182 | 1,259,145 | ||||||
Callaway Golf Co.(1) | 2,653 | 65,635 | ||||||
Clarus Corp. | 304 | 6,922 | ||||||
Hasbro, Inc. | 5,907 | 573,274 | ||||||
Johnson Outdoors, Inc., Class A | 466 | 38,431 | ||||||
Malibu Boats, Inc., Class A(1) | 6,878 | 479,190 | ||||||
Marine Products Corp. | 2 | 24 | ||||||
MasterCraft Boat Holdings, Inc.(1) | 2,140 | 61,290 | ||||||
Mattel, Inc.(1) | 4,952 | 123,701 | ||||||
Peloton Interactive, Inc., Class A(1) | 8,827 | 256,513 | ||||||
Polaris, Inc. | 10,417 | 1,265,770 | ||||||
Smith & Wesson Brands, Inc. | 6,967 | 122,828 | ||||||
Sturm Ruger & Co., Inc. | 5,568 | 403,179 | ||||||
Vista Outdoor, Inc.(1) | 14,684 | 535,232 | ||||||
YETI Holdings, Inc.(1) | 12,983 | 799,233 | ||||||
6,122,788 | ||||||||
Life Sciences Tools and Services — 1.0% | ||||||||
Adaptive Biotechnologies Corp.(1) | 1,507 | 21,746 | ||||||
Agilent Technologies, Inc. | 7,452 | 971,443 | ||||||
Bio-Rad Laboratories, Inc., Class A(1) | 973 | 609,059 | ||||||
Bio-Techne Corp. | 1,058 | 443,736 | ||||||
Bruker Corp. | 11,141 | 783,992 | ||||||
Charles River Laboratories International, Inc.(1) | 1,836 | 534,570 | ||||||
Danaher Corp. | 10,028 | 2,751,783 | ||||||
Illumina, Inc.(1) | 4,117 | 1,344,612 | ||||||
IQVIA Holdings, Inc.(1) | 3,026 | 696,343 | ||||||
Medpace Holdings, Inc.(1) | 260 | 39,772 | ||||||
Mettler-Toledo International, Inc.(1) | 1,512 | 2,130,015 | ||||||
PerkinElmer, Inc. | 1,381 | 248,041 | ||||||
Repligen Corp.(1) | 2,105 | 414,054 | ||||||
Syneos Health, Inc.(1) | 359 | 28,433 | ||||||
Thermo Fisher Scientific, Inc. | 9,910 | 5,391,040 | ||||||
Waters Corp.(1) | 5,948 | 1,883,910 | ||||||
West Pharmaceutical Services, Inc. | 4,427 | 1,713,603 | ||||||
20,006,152 | ||||||||
Machinery — 2.4% | ||||||||
AGCO Corp. | 8,493 | 1,020,519 | ||||||
Alamo Group, Inc. | 1,924 | 267,648 | ||||||
Albany International Corp., Class A | 5,890 | 517,260 | ||||||
Allison Transmission Holdings, Inc. | 2,835 | 113,230 | ||||||
Altra Industrial Motion Corp. | 2,197 | 93,307 | ||||||
Astec Industries, Inc. | 5,652 | 281,470 | ||||||
Barnes Group, Inc. | 1,900 | 88,255 | ||||||
Caterpillar, Inc. | 35,503 | 6,659,653 |
43
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
CIRCOR International, Inc.(1) | 1,274 | $ | 34,322 | |||||
Colfax Corp.(1) | 4,987 | 200,527 | ||||||
Columbus McKinnon Corp. | 1,286 | 58,693 | ||||||
Commercial Vehicle Group, Inc.(1) | 1,354 | 10,818 | ||||||
Crane Co. | 957 | 96,734 | ||||||
Cummins, Inc. | 14,307 | 2,920,345 | ||||||
Deere & Co. | 22,751 | 8,190,815 | ||||||
Donaldson Co., Inc. | 15,694 | 851,713 | ||||||
Douglas Dynamics, Inc. | 2,123 | 77,999 | ||||||
Dover Corp. | 3,368 | 528,304 | ||||||
Energy Recovery, Inc.(1) | 2,481 | 47,139 | ||||||
Enerpac Tool Group Corp. | 1,638 | 28,255 | ||||||
EnPro Industries, Inc. | 5,236 | 578,264 | ||||||
ESCO Technologies, Inc. | 694 | 48,282 | ||||||
Federal Signal Corp. | 8,488 | 306,502 | ||||||
Flowserve Corp. | 13,241 | 402,129 | ||||||
Fortive Corp. | 1,552 | 100,492 | ||||||
Franklin Electric Co., Inc. | 5,094 | 430,749 | ||||||
Gorman-Rupp Co. (The) | 1,072 | 39,943 | ||||||
Graco, Inc. | 19,268 | 1,389,030 | ||||||
Greenbrier Cos., Inc. (The) | 11,180 | 496,727 | ||||||
Helios Technologies, Inc. | 671 | 52,613 | ||||||
Hyster-Yale Materials Handling, Inc. | 921 | 35,256 | ||||||
IDEX Corp. | 2,348 | 450,581 | ||||||
Illinois Tool Works, Inc. | 12,031 | 2,602,786 | ||||||
Ingersoll Rand, Inc. | 12,138 | 613,212 | ||||||
ITT, Inc. | 7,861 | 690,746 | ||||||
John Bean Technologies Corp. | 670 | 75,958 | ||||||
Kennametal, Inc. | 13,567 | 430,210 | ||||||
Lincoln Electric Holdings, Inc. | 7,998 | 1,019,425 | ||||||
Lindsay Corp. | 342 | 44,874 | ||||||
Manitowoc Co., Inc. (The)(1) | 63 | 1,041 | ||||||
Mayville Engineering Co., Inc.(1) | 3 | 31 | ||||||
Meritor, Inc.(1) | 2,387 | 85,001 | ||||||
Middleby Corp.(1) | 631 | 112,078 | ||||||
Miller Industries, Inc. | 912 | 28,254 | ||||||
Mueller Industries, Inc. | 10,617 | 605,700 | ||||||
Mueller Water Products, Inc., Class A | 33,854 | 429,607 | ||||||
Nordson Corp. | 505 | 114,377 | ||||||
Oshkosh Corp. | 9,184 | 1,019,791 | ||||||
Otis Worldwide Corp. | 6,120 | 479,380 | ||||||
PACCAR, Inc. | 24,518 | 2,250,998 | ||||||
Park-Ohio Holdings Corp. | 296 | 4,703 | ||||||
Parker-Hannifin Corp. | 3,452 | 1,023,138 | ||||||
Pentair plc | 2,045 | 118,426 | ||||||
Proto Labs, Inc.(1) | 1,532 | 86,144 | ||||||
RBC Bearings, Inc.(1) | 2,348 | 455,160 | ||||||
REV Group, Inc. | 828 | 11,195 | ||||||
Shyft Group, Inc. (The) | 11,615 | 469,362 | ||||||
Snap-on, Inc. | 6,277 | 1,319,300 | ||||||
SPX Corp.(1) | 766 | 38,836 |
44
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
SPX FLOW, Inc. | 6,226 | $ | 534,751 | |||||
Standex International Corp. | 661 | 70,020 | ||||||
Stanley Black & Decker, Inc. | 2,929 | 476,548 | ||||||
Tennant Co. | 1,469 | 115,728 | ||||||
Terex Corp. | 13,327 | 550,139 | ||||||
Timken Co. (The) | 9,584 | 628,327 | ||||||
Titan International, Inc.(1) | 5,036 | 56,403 | ||||||
Toro Co. (The) | 13,879 | 1,301,989 | ||||||
Trinity Industries, Inc. | 17,318 | 499,797 | ||||||
Wabash National Corp. | 6,174 | 105,205 | ||||||
Watts Water Technologies, Inc., Class A | 3,670 | 528,296 | ||||||
Welbilt, Inc.(1) | 4,037 | 95,435 | ||||||
Westinghouse Air Brake Technologies Corp. | 10,523 | 976,745 | ||||||
Xylem, Inc. | 4,571 | 406,590 | ||||||
46,893,280 | ||||||||
Marine — 0.1% | ||||||||
Costamare, Inc. | 6,400 | 86,400 | ||||||
Genco Shipping & Trading Ltd. | 6 | 116 | ||||||
Kirby Corp.(1) | 1,510 | 98,376 | ||||||
Matson, Inc. | 8,865 | 981,976 | ||||||
1,166,868 | ||||||||
Media — 1.0% | ||||||||
Altice USA, Inc., Class A(1) | 22,182 | 256,424 | ||||||
AMC Networks, Inc., Class A(1) | 7,825 | 324,346 | ||||||
Audacy, Inc.(1) | 9,930 | 30,783 | ||||||
Cable One, Inc. | 320 | 458,512 | ||||||
Charter Communications, Inc., Class A(1) | 2,752 | 1,656,099 | ||||||
Comcast Corp., Class A | 143,378 | 6,704,355 | ||||||
Discovery, Inc., Class A(1) | 887 | 24,880 | ||||||
Discovery, Inc., Class C(1) | 13,908 | 389,007 | ||||||
DISH Network Corp., Class A(1) | 25,186 | 804,945 | ||||||
Entravision Communications Corp., Class A | 7,224 | 46,234 | ||||||
Fox Corp., Class A | 44,934 | 1,879,589 | ||||||
Fox Corp., Class B | 20,600 | 788,156 | ||||||
Gannett Co., Inc.(1) | 4,740 | 23,510 | ||||||
Gray Television, Inc. | 22,980 | 538,421 | ||||||
Interpublic Group of Cos., Inc. (The) | 7,811 | 287,445 | ||||||
John Wiley & Sons, Inc., Class A | 3 | 151 | ||||||
Liberty Broadband Corp., Class A(1) | 233 | 33,741 | ||||||
Liberty Broadband Corp., Class C(1) | 8,892 | 1,304,456 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C(1) | 9,982 | 502,294 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A(1) | 3,420 | 172,231 | ||||||
Loyalty Ventures, Inc.(1) | 3,430 | 82,320 | ||||||
New York Times Co. (The), Class A | 13,976 | 614,804 | ||||||
News Corp., Class A | 30,347 | 677,345 | ||||||
News Corp., Class B | 15,031 | 337,145 | ||||||
Nexstar Media Group, Inc., Class A | 969 | 179,314 | ||||||
Omnicom Group, Inc. | 7,974 | 668,939 | ||||||
Paramount Global, Class B | 18,332 | 561,143 | ||||||
Scholastic Corp. | 670 | 28,194 | ||||||
Sinclair Broadcast Group, Inc., Class A | 1,003 | 30,090 |
45
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Sirius XM Holdings, Inc.(2) | 14,281 | $ | 87,971 | |||||
TechTarget, Inc.(1) | 461 | 36,133 | ||||||
TEGNA, Inc. | 24 | 550 | ||||||
WideOpenWest, Inc.(1) | 9,996 | 169,832 | ||||||
19,699,359 | ||||||||
Metals and Mining — 1.4% | ||||||||
Alcoa Corp. | 36,333 | 2,737,328 | ||||||
Allegheny Technologies, Inc.(1) | 28,482 | 733,127 | ||||||
Alpha Metallurgical Resources, Inc.(1) | 4,140 | 392,389 | ||||||
Arconic Corp.(1) | 18,129 | 556,560 | ||||||
Carpenter Technology Corp. | 7,040 | 270,266 | ||||||
Century Aluminum Co.(1) | 4,487 | 105,983 | ||||||
Cleveland-Cliffs, Inc.(1) | 49,082 | 1,097,474 | ||||||
Coeur Mining, Inc.(1) | 53,643 | 230,665 | ||||||
Commercial Metals Co. | 24,060 | 927,513 | ||||||
Compass Minerals International, Inc. | 7,425 | 435,253 | ||||||
Fortitude Gold Corp. | 744 | 4,732 | ||||||
Freeport-McMoRan, Inc. | 105,272 | 4,942,520 | ||||||
Haynes International, Inc. | 333 | 12,174 | ||||||
Hecla Mining Co. | 19,460 | 112,090 | ||||||
Kaiser Aluminum Corp. | 4,284 | 413,406 | ||||||
Materion Corp. | 1,107 | 92,490 | ||||||
MP Materials Corp.(1) | 2,405 | 109,716 | ||||||
Newmont Corp. | 57,231 | 3,788,692 | ||||||
Nucor Corp. | 29,706 | 3,909,904 | ||||||
Olympic Steel, Inc. | 157 | 4,203 | ||||||
Reliance Steel & Aluminum Co. | 8,799 | 1,679,465 | ||||||
Royal Gold, Inc. | 4,589 | 556,462 | ||||||
Ryerson Holding Corp. | 312 | 8,149 | ||||||
Schnitzer Steel Industries, Inc., Class A | 4,201 | 204,379 | ||||||
Steel Dynamics, Inc. | 31,402 | 2,216,353 | ||||||
SunCoke Energy, Inc. | 5,564 | 44,123 | ||||||
TimkenSteel Corp.(1) | 7,051 | 127,130 | ||||||
United States Steel Corp. | 27,893 | 758,969 | ||||||
Warrior Met Coal, Inc. | 20,909 | 658,633 | ||||||
Worthington Industries, Inc. | 6,954 | 396,517 | ||||||
27,526,665 | ||||||||
Multi-Utilities — 0.8% | ||||||||
Ameren Corp. | 20,475 | 1,759,826 | ||||||
Avista Corp. | 7,527 | 335,930 | ||||||
CenterPoint Energy, Inc. | 29,829 | 815,823 | ||||||
CMS Energy Corp. | 21,057 | 1,347,859 | ||||||
Consolidated Edison, Inc. | 16,912 | 1,450,542 | ||||||
Dominion Energy, Inc. | 38,087 | 3,029,059 | ||||||
DTE Energy Co. | 7,419 | 902,076 | ||||||
NiSource, Inc. | 30,063 | 869,723 | ||||||
NorthWestern Corp. | 1,160 | 70,157 | ||||||
Public Service Enterprise Group, Inc. | 27,466 | 1,780,621 | ||||||
Sempra Energy | 12,486 | 1,800,731 | ||||||
Unitil Corp. | 1,062 | 53,620 | ||||||
WEC Energy Group, Inc. | 5,179 | 470,668 | ||||||
14,686,635 |
46
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Multiline Retail — 0.9% | ||||||||
Big Lots, Inc.(2) | 9,342 | $ | 324,728 | |||||
Dillard's, Inc., Class A | 775 | 194,300 | ||||||
Dollar General Corp. | 13,141 | 2,606,386 | ||||||
Dollar Tree, Inc.(1) | 23,041 | 3,273,665 | ||||||
Kohl's Corp. | 26,995 | 1,501,462 | ||||||
Macy's, Inc. | 64,432 | 1,670,078 | ||||||
Nordstrom, Inc.(1) | 16,017 | 332,193 | ||||||
Ollie's Bargain Outlet Holdings, Inc.(1) | 913 | 39,423 | ||||||
Target Corp. | 38,144 | 7,620,027 | ||||||
17,562,262 | ||||||||
Oil, Gas and Consumable Fuels — 6.2% | ||||||||
Alto Ingredients, Inc.(1) | 4,759 | 27,745 | ||||||
Antero Midstream Corp. | 56,020 | 562,441 | ||||||
Antero Resources Corp.(1) | 47,533 | 1,089,932 | ||||||
APA Corp. | 53,495 | 1,906,027 | ||||||
Arch Resources, Inc.(2) | 4,383 | 523,199 | ||||||
Berry Corp. | 9,626 | 96,260 | ||||||
Brigham Minerals, Inc., Class A | 848 | 19,317 | ||||||
Callon Petroleum Co.(1) | 11,591 | 653,269 | ||||||
Centennial Resource Development, Inc., Class A(1) | 17,046 | 149,664 | ||||||
Cheniere Energy, Inc. | 6,601 | 877,273 | ||||||
Chevron Corp. | 96,468 | 13,891,392 | ||||||
Civitas Resources, Inc. | 2,113 | 106,643 | ||||||
Clean Energy Fuels Corp.(1) | 15,332 | 111,464 | ||||||
CNX Resources Corp.(1) | 29,016 | 474,121 | ||||||
Comstock Resources, Inc.(1) | 17,400 | 144,420 | ||||||
ConocoPhillips | 95,790 | 9,086,639 | ||||||
CONSOL Energy, Inc.(1) | 3,874 | 119,087 | ||||||
Continental Resources, Inc. | 9,562 | 530,022 | ||||||
Coterra Energy, Inc. | 140,506 | 3,278,005 | ||||||
CVR Energy, Inc. | 2,328 | 40,484 | ||||||
Delek US Holdings, Inc.(1) | 21,082 | 363,243 | ||||||
Denbury, Inc.(1) | 6,394 | 464,588 | ||||||
Devon Energy Corp. | 113,479 | 6,757,674 | ||||||
DHT Holdings, Inc. | 19,428 | 122,202 | ||||||
Diamondback Energy, Inc. | 26,219 | 3,620,844 | ||||||
Dorian LPG Ltd. | 1,331 | 18,341 | ||||||
DTE Midstream LLC(1) | 3,554 | 188,717 | ||||||
EnLink Midstream LLC(1) | 91,296 | 812,534 | ||||||
EOG Resources, Inc. | 54,957 | 6,315,658 | ||||||
EQT Corp. | 40,480 | 936,707 | ||||||
Equitrans Midstream Corp. | 76,285 | 488,987 | ||||||
Evolution Petroleum Corp. | 477 | 3,725 | ||||||
Exxon Mobil Corp. | 214,982 | 16,858,888 | ||||||
Green Plains, Inc.(1) | 14,534 | 475,843 | ||||||
Hess Corp. | 25,084 | 2,534,989 | ||||||
HollyFrontier Corp. | 15,634 | 476,055 | ||||||
International Seaways, Inc. | 3,697 | 67,618 | ||||||
Kinder Morgan, Inc. | 68,833 | 1,197,694 | ||||||
Kosmos Energy Ltd.(1) | 131,343 | 638,327 |
47
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Laredo Petroleum, Inc.(1) | 2,994 | $ | 229,221 | |||||
Magnolia Oil & Gas Corp., Class A | 37,418 | 836,292 | ||||||
Marathon Oil Corp. | 124,137 | 2,800,531 | ||||||
Marathon Petroleum Corp. | 53,542 | 4,169,316 | ||||||
Matador Resources Co. | 25,783 | 1,278,837 | ||||||
Murphy Oil Corp. | 30,501 | 1,057,470 | ||||||
NextDecade Corp.(1)(2) | 153 | 519 | ||||||
Oasis Petroleum, Inc. | 4,692 | 621,737 | ||||||
Occidental Petroleum Corp. | 118,350 | 5,175,445 | ||||||
ONEOK, Inc. | 45,022 | 2,939,937 | ||||||
Overseas Shipholding Group, Inc., Class A(1) | 821 | 1,708 | ||||||
Ovintiv, Inc. | 43,822 | 2,009,239 | ||||||
Par Pacific Holdings, Inc.(1) | 1,990 | 27,064 | ||||||
PBF Energy, Inc., Class A(1) | 25,140 | 417,827 | ||||||
PDC Energy, Inc. | 22,314 | 1,439,699 | ||||||
Phillips 66 | 32,275 | 2,718,846 | ||||||
PHX Minerals, Inc. | 28 | 72 | ||||||
Pioneer Natural Resources Co. | 22,686 | 5,435,566 | ||||||
Plains GP Holdings LP, Class A(1) | 10,773 | 121,843 | ||||||
Range Resources Corp.(1) | 54,438 | 1,249,352 | ||||||
Ranger Oil Corp., Class A(1) | 4,542 | 153,338 | ||||||
Rattler Midstream LP | 2,616 | 36,127 | ||||||
Renewable Energy Group, Inc.(1) | 10,529 | 647,533 | ||||||
REX American Resources Corp.(1) | 312 | 29,471 | ||||||
Scorpio Tankers, Inc. | 4,575 | 79,559 | ||||||
SFL Corp. Ltd. | 12,091 | 120,305 | ||||||
SM Energy Co. | 28,464 | 1,010,757 | ||||||
Southwestern Energy Co.(1) | 156,218 | 779,528 | ||||||
Talos Energy, Inc.(1) | 8,906 | 139,913 | ||||||
Targa Resources Corp. | 42,856 | 2,801,497 | ||||||
Teekay Corp.(1) | 317 | 1,068 | ||||||
Teekay Tankers Ltd., Class A(1) | 6 | 86 | ||||||
Valero Energy Corp. | 27,221 | 2,273,226 | ||||||
Whiting Petroleum Corp. | 9,056 | 668,786 | ||||||
Williams Cos., Inc. (The) | 75,289 | 2,355,040 | ||||||
World Fuel Services Corp. | 16,309 | 462,197 | ||||||
120,118,990 | ||||||||
Paper and Forest Products — 0.1% | ||||||||
Clearwater Paper Corp.(1) | 3,765 | 108,545 | ||||||
Glatfelter Corp. | 2,820 | 38,747 | ||||||
Louisiana-Pacific Corp. | 19,579 | 1,408,709 | ||||||
Mercer International, Inc. | 2,253 | 30,122 | ||||||
Neenah, Inc. | 1,420 | 55,309 | ||||||
Sylvamo Corp.(1) | 2,839 | 99,081 | ||||||
Verso Corp., Class A | 5,896 | 156,303 | ||||||
1,896,816 | ||||||||
Personal Products — 0.3% | ||||||||
Beauty Health Co. (The)(1) | 2,852 | 55,272 | ||||||
Coty, Inc., Class A(1) | 3,823 | 35,057 | ||||||
Edgewell Personal Care Co. | 11,944 | 426,162 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 10,662 | 3,159,470 |
48
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Herbalife Nutrition Ltd.(1) | 1,285 | $ | 45,720 | |||||
Inter Parfums, Inc. | 805 | 74,768 | ||||||
Lifevantage Corp.(1) | 15 | 84 | ||||||
Medifast, Inc. | 2,711 | 504,246 | ||||||
Nature's Sunshine Products, Inc. | 2 | 35 | ||||||
NewAge, Inc.(1) | 63 | 43 | ||||||
Nu Skin Enterprises, Inc., Class A | 11,049 | 512,563 | ||||||
USANA Health Sciences, Inc.(1) | 2,257 | 198,639 | ||||||
5,012,059 | ||||||||
Pharmaceuticals — 3.6% | ||||||||
Amphastar Pharmaceuticals, Inc.(1) | 606 | 16,792 | ||||||
ANI Pharmaceuticals, Inc.(1) | 18 | 674 | ||||||
Antares Pharma, Inc.(1) | 5,956 | 20,846 | ||||||
Arvinas, Inc.(1) | 1,936 | 125,472 | ||||||
AstraZeneca plc, ADR | 16,803 | 1,022,967 | ||||||
Atea Pharmaceuticals, Inc.(1)(2) | 7,000 | 44,380 | ||||||
Bristol-Myers Squibb Co. | 107,751 | 7,399,261 | ||||||
Catalent, Inc.(1) | 11,824 | 1,206,521 | ||||||
Collegium Pharmaceutical, Inc.(1) | 3,267 | 63,609 | ||||||
Corcept Therapeutics, Inc.(1) | 21,890 | 487,928 | ||||||
Durect Corp.(1) | 3 | 2 | ||||||
Elanco Animal Health, Inc.(1) | 29,283 | 831,930 | ||||||
Eli Lilly & Co. | 32,734 | 8,181,863 | ||||||
Endo International plc(1) | 30 | 93 | ||||||
Innoviva, Inc.(1) | 13,525 | 259,815 | ||||||
Intra-Cellular Therapies, Inc.(1) | 9,712 | 538,822 | ||||||
Jazz Pharmaceuticals plc(1) | 6,358 | 873,716 | ||||||
Johnson & Johnson | 114,304 | 18,811,009 | ||||||
Merck & Co., Inc. | 130,089 | 9,962,216 | ||||||
Nektar Therapeutics(1) | 3,725 | 38,144 | ||||||
Organon & Co. | 10,070 | 375,913 | ||||||
Perrigo Co. plc | 13,138 | 466,662 | ||||||
Pfizer, Inc. | 299,524 | 14,059,657 | ||||||
Phibro Animal Health Corp., Class A | 1,151 | 24,516 | ||||||
Prestige Consumer Healthcare, Inc.(1) | 9,679 | 576,191 | ||||||
Revance Therapeutics, Inc.(1) | 9 | 122 | ||||||
SIGA Technologies, Inc.(1) | 4,063 | 24,378 | ||||||
Strongbridge Biopharma Plc(1) | 1,036 | 188 | ||||||
Supernus Pharmaceuticals, Inc.(1) | 15,506 | 495,417 | ||||||
Verrica Pharmaceuticals, Inc.(1)(2) | 2 | 17 | ||||||
Viatris, Inc. | 23,798 | 262,016 | ||||||
Xeris Biopharma Holdings, Inc.(1)(2) | 8 | 19 | ||||||
Zoetis, Inc. | 20,358 | 3,942,327 | ||||||
70,113,483 | ||||||||
Professional Services — 0.6% | ||||||||
Acacia Research Corp.(1) | 1,942 | 7,438 | ||||||
ASGN, Inc.(1) | 448 | 49,634 | ||||||
Barrett Business Services, Inc. | 153 | 9,203 | ||||||
BGSF, Inc. | 7 | 99 | ||||||
Booz Allen Hamilton Holding Corp. | 7,459 | 601,867 | ||||||
CACI International, Inc., Class A(1) | 168 | 47,005 |
49
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
CoStar Group, Inc.(1) | 7,667 | $ | 467,764 | |||||
CRA International, Inc. | 587 | 52,143 | ||||||
Equifax, Inc. | 4,260 | 930,128 | ||||||
Exponent, Inc. | 5,110 | 484,223 | ||||||
Franklin Covey Co.(1) | 476 | 21,944 | ||||||
FTI Consulting, Inc.(1) | 706 | 103,076 | ||||||
Heidrick & Struggles International, Inc. | 2,935 | 125,471 | ||||||
Insperity, Inc. | 4,480 | 402,976 | ||||||
Jacobs Engineering Group, Inc. | 4,069 | 500,487 | ||||||
KBR, Inc. | 12,926 | 641,647 | ||||||
Kelly Services, Inc., Class A | 1,273 | 27,013 | ||||||
Kforce, Inc. | 4,462 | 335,453 | ||||||
Korn Ferry | 10,088 | 668,431 | ||||||
Leidos Holdings, Inc. | 4,948 | 503,904 | ||||||
ManpowerGroup, Inc. | 7,806 | 829,622 | ||||||
ManTech International Corp., Class A | 336 | 28,012 | ||||||
Nielsen Holdings plc | 4,378 | 76,265 | ||||||
Resources Connection, Inc. | 2,132 | 35,391 | ||||||
Robert Half International, Inc. | 16,741 | 2,013,775 | ||||||
Science Applications International Corp. | 784 | 68,749 | ||||||
TransUnion | 5,142 | 466,688 | ||||||
TriNet Group, Inc.(1) | 5,342 | 466,410 | ||||||
TrueBlue, Inc.(1) | 4,523 | 123,026 | ||||||
Verisk Analytics, Inc. | 4,634 | 821,793 | ||||||
10,909,637 | ||||||||
Real Estate Management and Development — 0.3% | ||||||||
CBRE Group, Inc., Class A(1) | 33,392 | 3,234,015 | ||||||
Cushman & Wakefield plc(1) | 1,415 | 31,017 | ||||||
eXp World Holdings, Inc.(2) | 792 | 21,178 | ||||||
Forestar Group, Inc.(1) | 314 | 5,749 | ||||||
FRP Holdings, Inc.(1) | 270 | 15,641 | ||||||
Howard Hughes Corp. (The)(1) | 4,771 | 456,012 | ||||||
Jones Lang LaSalle, Inc.(1) | 7,380 | 1,817,104 | ||||||
Kennedy-Wilson Holdings, Inc. | 3,145 | 69,630 | ||||||
Marcus & Millichap, Inc.(1) | 1,231 | 61,218 | ||||||
Newmark Group, Inc., Class A | 9,346 | 165,237 | ||||||
Opendoor Technologies, Inc.(1) | 5,632 | 47,027 | ||||||
RE/MAX Holdings, Inc., Class A | 1,453 | 43,067 | ||||||
Realogy Holdings Corp.(1) | 1,500 | 27,270 | ||||||
RMR Group, Inc. (The), Class A | 571 | 16,639 | ||||||
St. Joe Co. (The) | 4,456 | 240,758 | ||||||
Tejon Ranch Co.(1) | 586 | 9,950 | ||||||
Zillow Group, Inc., Class A(1) | 3,634 | 208,119 | ||||||
Zillow Group, Inc., Class C(1) | 4,480 | 257,690 | ||||||
6,727,321 | ||||||||
Road and Rail — 1.8% | ||||||||
AMERCO | 1,034 | 597,249 | ||||||
ArcBest Corp. | 6,261 | 580,269 | ||||||
Avis Budget Group, Inc.(1) | 288 | 52,831 | ||||||
Canadian Pacific Railway Ltd. | 27,487 | 1,931,786 | ||||||
CSX Corp. | 187,126 | 6,345,443 |
50
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Daseke, Inc.(1) | 1,429 | $ | 17,934 | |||||
Heartland Express, Inc. | 2,844 | 40,840 | ||||||
J.B. Hunt Transport Services, Inc. | 11,970 | 2,429,072 | ||||||
Knight-Swift Transportation Holdings, Inc. | 12,459 | 678,766 | ||||||
Landstar System, Inc. | 5,189 | 801,233 | ||||||
Lyft, Inc., Class A(1) | 8,977 | 349,564 | ||||||
Marten Transport Ltd. | 5,541 | 95,582 | ||||||
Norfolk Southern Corp. | 18,286 | 4,690,725 | ||||||
Old Dominion Freight Line, Inc. | 11,469 | 3,601,610 | ||||||
Ryder System, Inc. | 10,588 | 834,758 | ||||||
Saia, Inc.(1) | 4,334 | 1,244,855 | ||||||
Schneider National, Inc., Class B | 3,240 | 84,629 | ||||||
Uber Technologies, Inc.(1) | 13,962 | 503,051 | ||||||
Union Pacific Corp. | 39,525 | 9,721,174 | ||||||
Universal Logistics Holdings, Inc. | 10 | 191 | ||||||
Werner Enterprises, Inc. | 11,049 | 480,190 | ||||||
XPO Logistics, Inc.(1) | 3,359 | 244,132 | ||||||
35,325,884 | ||||||||
Semiconductors and Semiconductor Equipment — 5.3% | ||||||||
Advanced Micro Devices, Inc.(1) | 73,645 | 9,083,398 | ||||||
Alpha & Omega Semiconductor Ltd.(1) | 1,104 | 59,362 | ||||||
Ambarella, Inc.(1) | 454 | 63,428 | ||||||
Amkor Technology, Inc. | 21,277 | 482,350 | ||||||
Analog Devices, Inc. | 20,705 | 3,318,804 | ||||||
Applied Materials, Inc. | 61,445 | 8,245,919 | ||||||
Axcelis Technologies, Inc.(1) | 1,448 | 100,231 | ||||||
Azenta, Inc. | 4,973 | 435,237 | ||||||
Broadcom, Inc. | 8,432 | 4,953,294 | ||||||
CEVA, Inc.(1) | 973 | 39,669 | ||||||
Cirrus Logic, Inc.(1) | 8,443 | 733,443 | ||||||
CMC Materials, Inc. | 2,645 | 490,462 | ||||||
Cohu, Inc.(1) | 13,483 | 420,400 | ||||||
Diodes, Inc.(1) | 6,222 | 557,429 | ||||||
Enphase Energy, Inc.(1) | 4,443 | 740,648 | ||||||
Entegris, Inc. | 6,515 | 850,077 | ||||||
First Solar, Inc.(1) | 6,570 | 494,655 | ||||||
Formfactor, Inc.(1) | 10,742 | 434,944 | ||||||
Intel Corp. | 184,380 | 8,794,926 | ||||||
KLA Corp. | 13,655 | 4,758,767 | ||||||
Kulicke & Soffa Industries, Inc. | 8,590 | 448,742 | ||||||
Lam Research Corp. | 10,305 | 5,784,712 | ||||||
Lattice Semiconductor Corp.(1) | 8,648 | 541,538 | ||||||
MagnaChip Semiconductor Corp.(1) | 5,171 | 94,112 | ||||||
Marvell Technology, Inc. | 23,487 | 1,604,867 | ||||||
Microchip Technology, Inc. | 10,558 | 742,544 | ||||||
Micron Technology, Inc. | 80,052 | 7,113,421 | ||||||
MKS Instruments, Inc. | 3,130 | 471,378 | ||||||
Monolithic Power Systems, Inc. | 1,301 | 596,769 | ||||||
NeoPhotonics Corp.(1) | 5,273 | 80,730 | ||||||
NVIDIA Corp. | 53,622 | 13,075,725 | ||||||
ON Semiconductor Corp.(1) | 47,387 | 2,966,900 |
51
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Onto Innovation, Inc.(1) | 3,528 | $ | 304,149 | |||||
PDF Solutions, Inc.(1) | 909 | 24,870 | ||||||
Photronics, Inc.(1) | 2,735 | 50,379 | ||||||
Power Integrations, Inc. | 2,169 | 195,210 | ||||||
Qorvo, Inc.(1) | 9,787 | 1,338,666 | ||||||
QUALCOMM, Inc. | 35,079 | 6,033,237 | ||||||
Rambus, Inc.(1) | 5,440 | 146,880 | ||||||
Semtech Corp.(1) | 1,219 | 84,574 | ||||||
Silicon Laboratories, Inc.(1) | 1,271 | 195,365 | ||||||
SiTime Corp.(1) | 270 | 54,578 | ||||||
Skyworks Solutions, Inc. | 14,779 | 2,042,014 | ||||||
SMART Global Holdings, Inc.(1) | 5,708 | 156,685 | ||||||
SolarEdge Technologies, Inc.(1) | 3,285 | 1,049,295 | ||||||
Synaptics, Inc.(1) | 4,515 | 1,031,361 | ||||||
Teradyne, Inc. | 21,956 | 2,589,052 | ||||||
Texas Instruments, Inc. | 47,602 | 8,091,864 | ||||||
Ultra Clean Holdings, Inc.(1) | 9,837 | 450,633 | ||||||
Universal Display Corp. | 2,178 | 337,394 | ||||||
Veeco Instruments, Inc.(1) | 2,097 | 59,911 | ||||||
Wolfspeed, Inc.(1) | 5,221 | 536,301 | ||||||
103,351,299 | ||||||||
Software — 6.4% | ||||||||
A10 Networks, Inc. | 7,933 | 112,966 | ||||||
ACI Worldwide, Inc.(1) | 13,806 | 462,777 | ||||||
Adobe, Inc.(1) | 10,356 | 4,843,294 | ||||||
Alarm.com Holdings, Inc.(1) | 3,190 | 209,998 | ||||||
American Software, Inc., Class A | 1,149 | 25,244 | ||||||
Anaplan, Inc.(1) | 859 | 40,691 | ||||||
ANSYS, Inc.(1) | 1,827 | 592,295 | ||||||
Appfolio, Inc., Class A(1) | 2,923 | 330,708 | ||||||
Aspen Technology, Inc.(1) | 6,141 | 935,950 | ||||||
Autodesk, Inc.(1) | 9,558 | 2,104,958 | ||||||
Avalara, Inc.(1) | 841 | 87,388 | ||||||
Avaya Holdings Corp.(1) | 11,935 | 164,345 | ||||||
Bentley Systems, Inc., Class B | 2,848 | 109,335 | ||||||
Bill.com Holdings, Inc.(1) | 3,111 | 740,045 | ||||||
Black Knight, Inc.(1) | 3,590 | 201,722 | ||||||
Blackbaud, Inc.(1) | 6,650 | 415,559 | ||||||
Blackline, Inc.(1) | 427 | 32,157 | ||||||
Bottomline Technologies de, Inc.(1) | 1,044 | 59,132 | ||||||
Box, Inc., Class A(1) | 4,500 | 115,245 | ||||||
Cadence Design Systems, Inc.(1) | 11,430 | 1,730,845 | ||||||
CDK Global, Inc. | 1,769 | 80,206 | ||||||
Cerence, Inc.(1) | 7 | 253 | ||||||
Ceridian HCM Holding, Inc.(1) | 359 | 26,175 | ||||||
ChannelAdvisor Corp.(1) | 1,237 | 22,204 | ||||||
Citrix Systems, Inc. | 5,296 | 542,840 | ||||||
CommVault Systems, Inc.(1) | 2,004 | 126,072 | ||||||
Consensus Cloud Solutions, Inc.(1) | 242 | 13,470 | ||||||
Coupa Software, Inc.(1) | 312 | 37,755 | ||||||
Crowdstrike Holdings, Inc., Class A(1) | 4,603 | 898,552 |
52
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Datadog, Inc., Class A(1) | 3,038 | $ | 489,452 | |||||
Digital Turbine, Inc.(1) | 5,871 | 284,626 | ||||||
DocuSign, Inc.(1) | 3,701 | 438,309 | ||||||
Dolby Laboratories, Inc., Class A | 5,775 | 433,703 | ||||||
Domo, Inc., Class B(1) | 505 | 22,473 | ||||||
Dropbox, Inc., Class A(1) | 6,437 | 146,056 | ||||||
Dynatrace, Inc.(1) | 1,110 | 49,306 | ||||||
Fair Isaac Corp.(1) | 1,279 | 602,652 | ||||||
Five9, Inc.(1) | 645 | 70,950 | ||||||
Fortinet, Inc.(1) | 13,264 | 4,569,713 | ||||||
Guidewire Software, Inc.(1) | 2,104 | 185,468 | ||||||
HubSpot, Inc.(1) | 1,095 | 574,875 | ||||||
InterDigital, Inc. | 6,854 | 441,535 | ||||||
Intuit, Inc. | 6,997 | 3,319,167 | ||||||
Manhattan Associates, Inc.(1) | 7,793 | 1,041,768 | ||||||
Microsoft Corp. | 244,965 | 73,193,092 | ||||||
MicroStrategy, Inc., Class A(1) | 193 | 85,499 | ||||||
Mimecast Ltd.(1) | 1,299 | 103,309 | ||||||
Mitek Systems, Inc.(1) | 2,349 | 34,906 | ||||||
NCR Corp.(1) | 12,399 | 502,407 | ||||||
New Relic, Inc.(1) | 433 | 28,682 | ||||||
NortonLifeLock, Inc. | 39,315 | 1,139,349 | ||||||
Nuance Communications, Inc.(1) | 1,820 | 101,046 | ||||||
Nutanix, Inc., Class A(1) | 4,233 | 113,021 | ||||||
Oracle Corp. (New York) | 49,802 | 3,783,458 | ||||||
Palantir Technologies, Inc., Class A(1) | 37,637 | 445,998 | ||||||
Palo Alto Networks, Inc.(1) | 3,183 | 1,891,498 | ||||||
Paycom Software, Inc.(1) | 4,254 | 1,442,999 | ||||||
Paylocity Holding Corp.(1) | 2,137 | 453,984 | ||||||
Pegasystems, Inc. | 300 | 26,136 | ||||||
Progress Software Corp. | 753 | 33,192 | ||||||
PTC, Inc.(1) | 3,206 | 356,764 | ||||||
Q2 Holdings, Inc.(1) | 359 | 23,353 | ||||||
Qualys, Inc.(1) | 4,465 | 559,509 | ||||||
RingCentral, Inc., Class A(1) | 368 | 48,149 | ||||||
SailPoint Technologies Holdings, Inc.(1) | 1,585 | 65,571 | ||||||
salesforce.com, Inc.(1) | 13,325 | 2,805,312 | ||||||
ServiceNow, Inc.(1) | 4,611 | 2,674,011 | ||||||
Smartsheet, Inc., Class A(1) | 1,759 | 93,526 | ||||||
Splunk, Inc.(1) | 943 | 111,368 | ||||||
Sprout Social, Inc., Class A(1) | 354 | 23,049 | ||||||
SPS Commerce, Inc.(1) | 1,488 | 193,217 | ||||||
SS&C Technologies Holdings, Inc. | 3,689 | 276,564 | ||||||
Synopsys, Inc.(1) | 2,989 | 933,734 | ||||||
Teradata Corp.(1) | 9,686 | 484,203 | ||||||
Trade Desk, Inc. (The), Class A(1) | 6,014 | 513,114 | ||||||
Tyler Technologies, Inc.(1) | 1,122 | 480,508 | ||||||
Verint Systems, Inc.(1) | 509 | 25,567 | ||||||
VMware, Inc., Class A | 4,461 | 523,365 | ||||||
Vonage Holdings Corp.(1) | 2,471 | 50,211 | ||||||
Workday, Inc., Class A(1) | 2,372 | 543,307 |
53
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Xperi Holding Corp. | 1,415 | $ | 24,508 | |||||
Zendesk, Inc.(1) | 1,472 | 171,738 | ||||||
Zoom Video Communications, Inc., Class A(1) | 5,061 | 671,089 | ||||||
Zscaler, Inc.(1) | 611 | 146,121 | ||||||
122,908,668 | ||||||||
Specialty Retail — 3.2% | ||||||||
Aaron's Co., Inc. (The) | 5,398 | 113,304 | ||||||
Abercrombie & Fitch Co., Class A(1) | 15,132 | 576,227 | ||||||
Academy Sports & Outdoors, Inc.(1) | 17,549 | 568,061 | ||||||
Advance Auto Parts, Inc. | 9,399 | 1,921,908 | ||||||
America's Car-Mart, Inc.(1) | 46 | 4,424 | ||||||
American Eagle Outfitters, Inc.(2) | 18,793 | 396,156 | ||||||
Asbury Automotive Group, Inc.(1) | 4,082 | 792,357 | ||||||
AutoNation, Inc.(1) | 12,821 | 1,470,056 | ||||||
AutoZone, Inc.(1) | 457 | 851,569 | ||||||
Bath & Body Works, Inc. | 8,511 | 454,232 | ||||||
Bed Bath & Beyond, Inc.(1)(2) | 19,482 | 329,051 | ||||||
Best Buy Co., Inc. | 26,532 | 2,564,053 | ||||||
Big 5 Sporting Goods Corp.(2) | 3,884 | 64,319 | ||||||
Boot Barn Holdings, Inc.(1) | 5,702 | 496,188 | ||||||
Buckle, Inc. (The) | 11,913 | 428,868 | ||||||
Burlington Stores, Inc.(1) | 5,142 | 1,161,526 | ||||||
Caleres, Inc. | 8,444 | 175,297 | ||||||
Camping World Holdings, Inc., Class A | 704 | 21,620 | ||||||
CarMax, Inc.(1) | 21,317 | 2,330,588 | ||||||
Carvana Co.(1) | 254 | 38,219 | ||||||
Cato Corp. (The), Class A | 1,679 | 29,550 | ||||||
Chico's FAS, Inc.(1) | 1,444 | 6,787 | ||||||
Children's Place, Inc. (The)(1) | 886 | 55,783 | ||||||
Citi Trends, Inc.(1) | 1,443 | 53,838 | ||||||
Conn's, Inc.(1) | 549 | 10,069 | ||||||
Container Store Group, Inc. (The)(1) | 5,121 | 45,218 | ||||||
Designer Brands, Inc., Class A(1) | 1,955 | 25,513 | ||||||
Dick's Sporting Goods, Inc.(2) | 11,283 | 1,184,715 | ||||||
Five Below, Inc.(1) | 4,234 | 692,725 | ||||||
Floor & Decor Holdings, Inc., Class A(1) | 7,533 | 720,305 | ||||||
Foot Locker, Inc. | 20,029 | 633,317 | ||||||
GameStop Corp., Class A(1)(2) | 294 | 36,262 | ||||||
Gap, Inc. (The) | 43,582 | 634,118 | ||||||
Genesco, Inc.(1) | 1,455 | 93,338 | ||||||
Group 1 Automotive, Inc. | 3,445 | 626,749 | ||||||
Guess?, Inc. | 5,799 | 126,998 | ||||||
Haverty Furniture Cos., Inc. | 1,877 | 53,326 | ||||||
Hibbett, Inc. | 5,818 | 262,275 | ||||||
Home Depot, Inc. (The) | 28,129 | 8,883,982 | ||||||
Kirkland's, Inc.(1)(2) | 2,095 | 28,995 | ||||||
Lithia Motors, Inc. | 4,155 | 1,416,107 | ||||||
LL Flooring Holdings, Inc.(1) | 2,757 | 44,277 | ||||||
Lowe's Cos., Inc. | 37,811 | 8,358,500 | ||||||
MarineMax, Inc.(1) | 7,629 | 349,103 | ||||||
Monro, Inc. | 101 | 4,715 |
54
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Murphy USA, Inc. | 4,882 | $ | 882,373 | |||||
O'Reilly Automotive, Inc.(1) | 3,847 | 2,497,626 | ||||||
ODP Corp. (The)(1) | 12,078 | 531,432 | ||||||
Penske Automotive Group, Inc. | 6,660 | 654,611 | ||||||
Rent-A-Center, Inc. | 8,965 | 254,696 | ||||||
RH(1) | 1,255 | 504,347 | ||||||
Ross Stores, Inc. | 32,302 | 2,952,080 | ||||||
Sally Beauty Holdings, Inc.(1) | 4,689 | 81,026 | ||||||
Shoe Carnival, Inc. | 1,326 | 38,666 | ||||||
Signet Jewelers Ltd. | 12,213 | 861,017 | ||||||
Sleep Number Corp.(1) | 388 | 25,492 | ||||||
Sonic Automotive, Inc., Class A | 2,172 | 116,658 | ||||||
Sportsman's Warehouse Holdings, Inc.(1) | 3,818 | 43,563 | ||||||
Tilly's, Inc., Class A | 1,364 | 17,323 | ||||||
TJX Cos., Inc. (The) | 71,421 | 4,720,928 | ||||||
Tractor Supply Co. | 15,411 | 3,140,608 | ||||||
TravelCenters of America, Inc.(1) | 802 | 33,868 | ||||||
Ulta Beauty, Inc.(1) | 7,464 | 2,795,268 | ||||||
Urban Outfitters, Inc.(1) | 14,070 | 387,066 | ||||||
Victoria's Secret & Co.(1) | 14,853 | 796,566 | ||||||
Williams-Sonoma, Inc. | 13,397 | 1,940,689 | ||||||
Zumiez, Inc.(1) | 6,345 | 282,289 | ||||||
62,692,780 | ||||||||
Technology Hardware, Storage and Peripherals — 5.0% | ||||||||
3D Systems Corp.(1) | 13,741 | 244,865 | ||||||
Apple, Inc. | 538,226 | 88,871,877 | ||||||
Contra Zagg, Inc.(1) | 2 | — | ||||||
Dell Technologies, Inc., Class C(1) | 6,487 | 330,578 | ||||||
Hewlett Packard Enterprise Co. | 36,219 | 576,607 | ||||||
HP, Inc. | 27,726 | 952,665 | ||||||
NetApp, Inc. | 12,591 | 986,883 | ||||||
Pure Storage, Inc., Class A(1) | 2,699 | 70,012 | ||||||
Seagate Technology Holdings plc | 23,193 | 2,392,590 | ||||||
Stratasys Ltd.(1) | 1,151 | 28,867 | ||||||
Super Micro Computer, Inc.(1) | 11,994 | 471,244 | ||||||
Turtle Beach Corp.(1) | 2,111 | 50,178 | ||||||
Western Digital Corp.(1) | 7,776 | 396,109 | ||||||
Xerox Holdings Corp. | 26,045 | 513,347 | ||||||
95,885,822 | ||||||||
Textiles, Apparel and Luxury Goods — 1.2% | ||||||||
Capri Holdings Ltd.(1) | 26,457 | 1,792,197 | ||||||
Carter's, Inc. | 7,141 | 690,392 | ||||||
Columbia Sportswear Co. | 3,835 | 355,581 | ||||||
Crocs, Inc.(1) | 13,640 | 1,142,077 | ||||||
Deckers Outdoor Corp.(1) | 4,608 | 1,330,053 | ||||||
Fossil Group, Inc.(1) | 3,467 | 46,874 | ||||||
G-III Apparel Group Ltd.(1) | 14,992 | 415,878 | ||||||
Hanesbrands, Inc. | 29,626 | 457,722 | ||||||
Kontoor Brands, Inc. | 34 | 1,684 | ||||||
Levi Strauss & Co., Class A | 17,785 | 402,830 | ||||||
lululemon athletica, Inc.(1) | 7,449 | 2,383,233 |
55
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Movado Group, Inc. | 1,968 | $ | 77,579 | |||||
NIKE, Inc., Class B | 58,163 | 7,942,158 | ||||||
Oxford Industries, Inc. | 4,948 | 437,354 | ||||||
PVH Corp. | 7,230 | 707,745 | ||||||
Ralph Lauren Corp. | 4,803 | 634,188 | ||||||
Rocky Brands, Inc. | 280 | 10,791 | ||||||
Skechers USA, Inc., Class A(1) | 14,510 | 667,170 | ||||||
Steven Madden Ltd. | 12,420 | 529,837 | ||||||
Tapestry, Inc. | 48,850 | 1,997,965 | ||||||
Under Armour, Inc., Class A(1) | 21,372 | 382,345 | ||||||
Under Armour, Inc., Class C(1) | 7,023 | 109,770 | ||||||
Unifi, Inc.(1) | 1,684 | 31,609 | ||||||
Vera Bradley, Inc.(1) | 320 | 2,419 | ||||||
VF Corp. | 17,662 | 1,024,749 | ||||||
Wolverine World Wide, Inc. | 15,913 | 366,476 | ||||||
23,940,676 | ||||||||
Thrifts and Mortgage Finance — 0.4% | ||||||||
Axos Financial, Inc.(1) | 10,603 | 580,408 | ||||||
Bridgewater Bancshares, Inc.(1) | 882 | 14,844 | ||||||
Columbia Financial, Inc.(1) | 2,651 | 56,307 | ||||||
Essent Group Ltd. | 12,843 | 567,404 | ||||||
Federal Agricultural Mortgage Corp., Class C | 1,543 | 190,869 | ||||||
Flagstar Bancorp, Inc. | 11,036 | 503,021 | ||||||
FS Bancorp, Inc. | 826 | 26,449 | ||||||
Hingham Institution For Savings (The) | 168 | 60,453 | ||||||
Home Bancorp, Inc. | 278 | 10,900 | ||||||
Kearny Financial Corp. | 2,963 | 39,141 | ||||||
Merchants Bancorp | 2,718 | 78,686 | ||||||
MGIC Investment Corp. | 46,451 | 705,126 | ||||||
Mr. Cooper Group, Inc.(1) | 14,719 | 748,167 | ||||||
New York Community Bancorp, Inc. | 44,758 | 516,507 | ||||||
NMI Holdings, Inc., Class A(1) | 19,779 | 457,686 | ||||||
Northfield Bancorp, Inc. | 1,679 | 26,360 | ||||||
OP Bancorp | 18 | 240 | ||||||
PCSB Financial Corp. | 153 | 2,850 | ||||||
PennyMac Financial Services, Inc. | 7,886 | 455,417 | ||||||
Provident Financial Services, Inc. | 8,102 | 192,261 | ||||||
Radian Group, Inc. | 28,220 | 674,458 | ||||||
Southern Missouri Bancorp, Inc. | 727 | 38,953 | ||||||
Sterling Bancorp, Inc.(1) | 3 | 19 | ||||||
Territorial Bancorp, Inc. | 153 | 3,837 | ||||||
TFS Financial Corp. | 1,679 | 28,829 | ||||||
TrustCo Bank Corp. NY | 1,414 | 48,316 | ||||||
Walker & Dunlop, Inc. | 5,843 | 808,379 | ||||||
Washington Federal, Inc. | 13,999 | 498,085 | ||||||
Waterstone Financial, Inc. | 2,066 | 40,370 | ||||||
Western New England Bancorp, Inc. | 90 | 833 | ||||||
WSFS Financial Corp. | 10,440 | 530,665 | ||||||
7,905,840 | ||||||||
Trading Companies and Distributors — 0.8% | ||||||||
Air Lease Corp. | 19,311 | 806,427 | ||||||
Applied Industrial Technologies, Inc. | 6,077 | 614,385 |
56
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Boise Cascade Co. | 8,960 | $ | 716,262 | |||||
DXP Enterprises, Inc.(1) | 1,016 | 29,169 | ||||||
Fastenal Co. | 53,958 | 2,776,679 | ||||||
GATX Corp. | 5,984 | 638,074 | ||||||
Global Industrial Co. | 1,507 | 47,892 | ||||||
GMS, Inc.(1) | 2,893 | 156,945 | ||||||
H&E Equipment Services, Inc. | 8,759 | 365,776 | ||||||
Herc Holdings, Inc. | 5,616 | 893,618 | ||||||
McGrath RentCorp | 6,218 | 505,399 | ||||||
MRC Global, Inc.(1) | 7,681 | 77,578 | ||||||
MSC Industrial Direct Co., Inc., Class A | 5,854 | 453,568 | ||||||
NOW, Inc.(1) | 18,403 | 171,884 | ||||||
Rush Enterprises, Inc., Class A | 9,230 | 479,406 | ||||||
Rush Enterprises, Inc., Class B | 100 | 4,901 | ||||||
SiteOne Landscape Supply, Inc.(1) | 4,590 | 791,454 | ||||||
Textainer Group Holdings Ltd. | 13,024 | 462,482 | ||||||
Titan Machinery, Inc.(1) | 1,859 | 52,665 | ||||||
Triton International Ltd. | 12,039 | 790,722 | ||||||
United Rentals, Inc.(1) | 2,854 | 917,904 | ||||||
Univar Solutions, Inc.(1) | 914 | 28,069 | ||||||
Veritiv Corp.(1) | 3,056 | 327,512 | ||||||
W.W. Grainger, Inc. | 5,187 | 2,474,510 | ||||||
Watsco, Inc. | 1,837 | 501,611 | ||||||
WESCO International, Inc.(1) | 563 | 68,534 | ||||||
15,153,426 | ||||||||
Water Utilities — 0.1% | ||||||||
American States Water Co. | 2,209 | 185,909 | ||||||
American Water Works Co., Inc. | 4,209 | 635,938 | ||||||
Artesian Resources Corp., Class A | 269 | 12,503 | ||||||
California Water Service Group | 790 | 44,975 | ||||||
Essential Utilities, Inc. | 10,772 | 507,469 | ||||||
Global Water Resources, Inc. | 7 | 107 | ||||||
1,386,901 | ||||||||
Wireless Telecommunication Services — 0.2% | ||||||||
Shenandoah Telecommunications Co. | 12,549 | 280,470 | ||||||
T-Mobile US, Inc.(1) | 27,830 | 3,428,934 | ||||||
Telephone and Data Systems, Inc. | 22,998 | 399,015 | ||||||
United States Cellular Corp.(1) | 1,452 | 39,945 | ||||||
4,148,364 | ||||||||
TOTAL COMMON STOCKS (Cost $1,676,728,713) | 1,930,724,590 | |||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
Money Market Funds — 0.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,723,123 | 1,723,123 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 2,133,250 | 2,133,250 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,856,373) | 3,856,373 | |||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $1,680,585,086) | 1,934,580,963 | |||||||
OTHER ASSETS AND LIABILITIES† | (852,778) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,933,728,185 |
57
Avantis U.S. Equity ETF
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,701,605. 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 $3,776,079, which includes securities collateral of $1,642,829.
See Notes to Financial Statements.
58
FEBRUARY 28, 2022 (UNAUDITED)
Avantis U.S. Large Cap Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Aerospace and Defense† | ||||||||
Textron, Inc. | 242 | $ | 17,697 | |||||
Air Freight and Logistics — 2.3% | ||||||||
FedEx Corp. | 4,196 | 932,645 | ||||||
United Parcel Service, Inc., Class B | 12,979 | 2,731,041 | ||||||
3,663,686 | ||||||||
Auto Components — 0.4% | ||||||||
Autoliv, Inc. | 4,791 | 421,656 | ||||||
Gentex Corp. | 15 | 454 | ||||||
Goodyear Tire & Rubber Co. (The)(1) | 11,898 | 184,300 | ||||||
606,410 | ||||||||
Automobiles — 0.2% | ||||||||
General Motors Co.(1) | 5,370 | 250,886 | ||||||
Harley-Davidson, Inc. | 2,470 | 102,011 | ||||||
352,897 | ||||||||
Banks — 3.7% | ||||||||
BOK Financial Corp. | 22 | 2,259 | ||||||
Citigroup, Inc. | 4,728 | 280,039 | ||||||
Comerica, Inc. | 4,877 | 465,705 | ||||||
Fifth Third Bancorp | 1,196 | 57,217 | ||||||
JPMorgan Chase & Co. | 13,472 | 1,910,330 | ||||||
KeyCorp | 28,256 | 708,378 | ||||||
PacWest Bancorp | 4,380 | 216,460 | ||||||
Popular, Inc. | 2,376 | 218,236 | ||||||
Regions Financial Corp. | 28,506 | 689,560 | ||||||
Synovus Financial Corp. | 6,833 | 359,757 | ||||||
Wells Fargo & Co. | 9,698 | 517,582 | ||||||
Western Alliance Bancorp | 88 | 8,249 | ||||||
Zions Bancorp N.A. | 5,826 | 413,005 | ||||||
5,846,777 | ||||||||
Beverages† | ||||||||
National Beverage Corp. | 107 | 4,709 | ||||||
Biotechnology — 3.0% | ||||||||
Gilead Sciences, Inc. | 29,074 | 1,756,069 | ||||||
Halozyme Therapeutics, Inc.(1) | 2,100 | 74,487 | ||||||
Moderna, Inc.(1) | 8,613 | 1,322,957 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 2,533 | 1,566,306 | ||||||
4,719,819 | ||||||||
Building Products — 0.3% | ||||||||
Owens Corning | 5,025 | 468,280 | ||||||
Capital Markets — 5.6% | ||||||||
Ameriprise Financial, Inc. | 3,162 | 947,936 | ||||||
Blackstone, Inc. | 14,519 | 1,850,737 | ||||||
Carlyle Group, Inc. (The) | 12,023 | 563,518 | ||||||
Goldman Sachs Group, Inc. (The) | 6,643 | 2,267,189 | ||||||
Houlihan Lokey, Inc. | 4,034 | 414,937 | ||||||
Janus Henderson Group plc | 4,622 | 155,161 | ||||||
Jefferies Financial Group, Inc. | 11,976 | 425,627 |
59
Avantis U.S. Large Cap Value ETF | ||||||||
Shares | Value | |||||||
KKR & Co., Inc. | 5,532 | $ | 332,584 | |||||
Morgan Stanley | 2,218 | 201,261 | ||||||
Raymond James Financial, Inc. | 5,138 | 563,382 | ||||||
SEI Investments Co. | 121 | 7,088 | ||||||
Stifel Financial Corp. | 415 | 30,503 | ||||||
T. Rowe Price Group, Inc. | 7,138 | 1,031,869 | ||||||
8,791,792 | ||||||||
Chemicals — 2.2% | ||||||||
Dow, Inc. | 17,312 | 1,020,716 | ||||||
FMC Corp. | 229 | 26,850 | ||||||
LyondellBasell Industries NV, Class A | 7,060 | 686,444 | ||||||
Mosaic Co. (The) | 18,392 | 964,293 | ||||||
Olin Corp. | 9,681 | 498,668 | ||||||
Westlake Corp. | 1,568 | 172,966 | ||||||
3,369,937 | ||||||||
Commercial Services and Supplies† | ||||||||
Clean Harbors, Inc.(1) | 678 | 64,702 | ||||||
Construction and Engineering — 0.2% | ||||||||
MasTec, Inc.(1) | 2,682 | 211,235 | ||||||
WillScot Mobile Mini Holdings Corp.(1) | 993 | 35,281 | ||||||
246,516 | ||||||||
Consumer Finance — 3.2% | ||||||||
Ally Financial, Inc. | 14,579 | 727,492 | ||||||
Capital One Financial Corp. | 10,205 | 1,564,120 | ||||||
Credit Acceptance Corp.(1) | 568 | 312,468 | ||||||
Discover Financial Services | 9,620 | 1,187,493 | ||||||
OneMain Holdings, Inc. | 5,645 | 287,782 | ||||||
Synchrony Financial | 21,121 | 903,557 | ||||||
4,982,912 | ||||||||
Containers and Packaging — 0.6% | ||||||||
Graphic Packaging Holding Co. | 17,879 | 367,950 | ||||||
Packaging Corp. of America | 4,186 | 616,137 | ||||||
984,087 | ||||||||
Distributors — 0.5% | ||||||||
Genuine Parts Co. | 6,677 | 815,662 | ||||||
Diversified Financial Services — 1.3% | ||||||||
Apollo Global Management, Inc. | 14,277 | 931,717 | ||||||
Equitable Holdings, Inc. | 21,366 | 697,814 | ||||||
Voya Financial, Inc. | 6,864 | 462,290 | ||||||
2,091,821 | ||||||||
Diversified Telecommunication Services — 1.9% | ||||||||
Verizon Communications, Inc. | 55,957 | 3,003,212 | ||||||
Electronic Equipment, Instruments and Components — 1.1% | ||||||||
Corning, Inc. | 23,601 | 953,481 | ||||||
Flex Ltd.(1) | 16,915 | 278,928 | ||||||
Jabil, Inc. | 7,895 | 456,410 | ||||||
1,688,819 | ||||||||
Energy Equipment and Services — 0.6% | ||||||||
Halliburton Co. | 28,370 | 951,246 | ||||||
Food and Staples Retailing — 3.3% | ||||||||
Albertsons Cos., Inc., Class A | 4,622 | 134,732 | ||||||
Casey's General Stores, Inc. | 1,836 | 345,315 |
60
Avantis U.S. Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Costco Wholesale Corp. | 1,193 | $ | 619,465 | |||||
Kroger Co. (The) | 27,009 | 1,264,021 | ||||||
Walmart, Inc. | 21,168 | 2,861,067 | ||||||
5,224,600 | ||||||||
Food Products — 0.1% | ||||||||
Ingredion, Inc. | 188 | 16,683 | ||||||
Pilgrim's Pride Corp.(1) | 5,909 | 139,334 | ||||||
Tyson Foods, Inc., Class A | 390 | 36,138 | ||||||
192,155 | ||||||||
Health Care Equipment and Supplies — 0.6% | ||||||||
Baxter International, Inc. | 418 | 35,517 | ||||||
Hologic, Inc.(1) | 9,558 | 680,243 | ||||||
Quidel Corp.(1) | 1,847 | 195,394 | ||||||
911,154 | ||||||||
Health Care Providers and Services — 2.2% | ||||||||
Anthem, Inc. | 5,214 | 2,355,946 | ||||||
Laboratory Corp. of America Holdings(1) | 367 | 99,552 | ||||||
Molina Healthcare, Inc.(1) | 3,003 | 921,531 | ||||||
3,377,029 | ||||||||
Health Care Technology — 0.1% | ||||||||
Cerner Corp. | 1,815 | 169,249 | ||||||
Hotels, Restaurants and Leisure — 0.4% | ||||||||
Boyd Gaming Corp.(1) | 4,190 | 297,238 | ||||||
Penn National Gaming, Inc.(1) | 256 | 13,146 | ||||||
Texas Roadhouse, Inc. | 3,144 | 298,397 | ||||||
608,781 | ||||||||
Household Durables — 0.9% | ||||||||
NVR, Inc.(1) | 128 | 634,680 | ||||||
PulteGroup, Inc. | 875 | 43,452 | ||||||
Toll Brothers, Inc. | 1,960 | 106,350 | ||||||
Whirlpool Corp. | 3,139 | 631,787 | ||||||
1,416,269 | ||||||||
Independent Power and Renewable Electricity Producers† | ||||||||
Vistra Corp. | 528 | 12,049 | ||||||
Insurance — 3.3% | ||||||||
Allstate Corp. (The) | 7,313 | 894,819 | ||||||
American Financial Group, Inc. | 300 | 40,617 | ||||||
Chubb Ltd. | 176 | 35,841 | ||||||
Cincinnati Financial Corp. | 132 | 16,208 | ||||||
Fidelity National Financial, Inc. | 13,235 | 630,515 | ||||||
First American Financial Corp. | 6,656 | 446,218 | ||||||
Hartford Financial Services Group, Inc. (The) | 14,198 | 986,477 | ||||||
Old Republic International Corp. | 9,250 | 243,738 | ||||||
Primerica, Inc. | 2,596 | 337,194 | ||||||
Progressive Corp. (The) | 726 | 76,905 | ||||||
Travelers Cos., Inc. (The) | 8,215 | 1,411,584 | ||||||
5,120,116 | ||||||||
Interactive Media and Services — 1.6% | ||||||||
Meta Platforms, Inc., Class A(1) | 11,983 | 2,528,773 | ||||||
Internet and Direct Marketing Retail — 1.1% | ||||||||
Amazon.com, Inc.(1) | 574 | 1,762,903 |
61
Avantis U.S. Large Cap Value ETF | ||||||||
Shares | Value | |||||||
IT Services — 0.4% | ||||||||
Accenture plc, Class A | 294 | $ | 92,910 | |||||
Automatic Data Processing, Inc. | 506 | 103,447 | ||||||
DXC Technology Co.(1) | 9,686 | 329,614 | ||||||
Jack Henry & Associates, Inc. | 869 | 153,639 | ||||||
679,610 | ||||||||
Leisure Products — 0.6% | ||||||||
Brunswick Corp. | 4,993 | 476,931 | ||||||
Polaris, Inc. | 2,712 | 329,535 | ||||||
YETI Holdings, Inc.(1) | 2,366 | 145,651 | ||||||
952,117 | ||||||||
Life Sciences Tools and Services — 0.1% | ||||||||
Bruker Corp. | 1,056 | 74,311 | ||||||
Machinery — 3.9% | ||||||||
AGCO Corp. | 303 | 36,408 | ||||||
Caterpillar, Inc. | 9,128 | 1,712,230 | ||||||
Cummins, Inc. | 4,115 | 839,954 | ||||||
Deere & Co. | 6,069 | 2,184,961 | ||||||
Donaldson Co., Inc. | 921 | 49,983 | ||||||
Lincoln Electric Holdings, Inc. | 3,461 | 441,139 | ||||||
Oshkosh Corp. | 3,072 | 341,115 | ||||||
Snap-on, Inc. | 264 | 55,488 | ||||||
Toro Co. (The) | 4,751 | 445,691 | ||||||
6,106,969 | ||||||||
Media — 0.2% | ||||||||
Cable One, Inc. | 111 | 159,046 | ||||||
DISH Network Corp., Class A(1) | 2,083 | 66,573 | ||||||
225,619 | ||||||||
Metals and Mining — 3.4% | ||||||||
Alcoa Corp. | 9,597 | 723,038 | ||||||
Cleveland-Cliffs, Inc.(1) | 3,747 | 83,783 | ||||||
Freeport-McMoRan, Inc. | 42,125 | 1,977,769 | ||||||
Newmont Corp. | 1,047 | 69,311 | ||||||
Nucor Corp. | 10,747 | 1,414,520 | ||||||
Reliance Steel & Aluminum Co. | 66 | 12,597 | ||||||
Steel Dynamics, Inc. | 9,716 | 685,755 | ||||||
United States Steel Corp. | 14,698 | 399,933 | ||||||
5,366,706 | ||||||||
Multiline Retail — 2.3% | ||||||||
Dollar Tree, Inc.(1) | 1,847 | 262,422 | ||||||
Kohl's Corp. | 8,050 | 447,741 | ||||||
Macy's, Inc. | 22,105 | 572,961 | ||||||
Target Corp. | 11,453 | 2,287,966 | ||||||
3,571,090 | ||||||||
Oil, Gas and Consumable Fuels — 14.0% | ||||||||
Chevron Corp. | 30,321 | 4,366,224 | ||||||
ConocoPhillips | 30,929 | 2,933,925 | ||||||
Continental Resources, Inc. | 3,429 | 190,070 | ||||||
Coterra Energy, Inc. | 1,661 | 38,751 | ||||||
Devon Energy Corp. | 32,167 | 1,915,545 | ||||||
Diamondback Energy, Inc. | 7,642 | 1,055,360 |
62
Avantis U.S. Large Cap Value ETF | ||||||||
Shares | Value | |||||||
EOG Resources, Inc. | 17,738 | $ | 2,038,451 | |||||
Exxon Mobil Corp. | 58,823 | 4,612,900 | ||||||
Hess Corp. | 8,097 | 818,283 | ||||||
HollyFrontier Corp. | 4,012 | 122,165 | ||||||
Marathon Oil Corp. | 35,616 | 803,497 | ||||||
Murphy Oil Corp. | 6,920 | 239,916 | ||||||
Occidental Petroleum Corp. | 34,692 | 1,517,081 | ||||||
ONEOK, Inc. | 18,556 | 1,211,707 | ||||||
Range Resources Corp.(1) | 4,156 | 95,380 | ||||||
21,959,255 | ||||||||
Paper and Forest Products — 0.3% | ||||||||
Louisiana-Pacific Corp. | 5,933 | 426,879 | ||||||
Pharmaceuticals — 6.7% | ||||||||
Bristol-Myers Squibb Co. | 880 | 60,430 | ||||||
Johnson & Johnson | 23,094 | 3,800,579 | ||||||
Merck & Co., Inc. | 43,081 | 3,299,143 | ||||||
Pfizer, Inc. | 70,954 | 3,330,581 | ||||||
10,490,733 | ||||||||
Professional Services — 0.7% | ||||||||
Robert Half International, Inc. | 6,659 | 801,011 | ||||||
TriNet Group, Inc.(1) | 3,243 | 283,146 | ||||||
1,084,157 | ||||||||
Road and Rail — 4.7% | ||||||||
AMERCO | 552 | 318,841 | ||||||
CSX Corp. | 56,446 | 1,914,084 | ||||||
J.B. Hunt Transport Services, Inc. | 3,997 | 811,111 | ||||||
Norfolk Southern Corp. | 1,023 | 262,420 | ||||||
Old Dominion Freight Line, Inc. | 1,167 | 366,473 | ||||||
Saia, Inc.(1) | 1,491 | 428,260 | ||||||
Union Pacific Corp. | 13,003 | 3,198,088 | ||||||
7,299,277 | ||||||||
Semiconductors and Semiconductor Equipment — 7.4% | ||||||||
Amkor Technology, Inc. | 6,421 | 145,564 | ||||||
Applied Materials, Inc. | 14,461 | 1,940,666 | ||||||
Intel Corp. | 53,675 | 2,560,298 | ||||||
KLA Corp. | 1,955 | 681,318 | ||||||
Lam Research Corp. | 3,143 | 1,764,323 | ||||||
Micron Technology, Inc. | 6,578 | 584,521 | ||||||
ON Semiconductor Corp.(1) | 3,339 | 209,055 | ||||||
Teradyne, Inc. | 6,724 | 792,894 | ||||||
Texas Instruments, Inc. | 16,672 | 2,834,073 | ||||||
11,512,712 | ||||||||
Software — 2.0% | ||||||||
Aspen Technology, Inc.(1) | 99 | 15,088 | ||||||
Microsoft Corp. | 10,634 | 3,177,333 | ||||||
3,192,421 | ||||||||
Specialty Retail — 5.7% | ||||||||
Advance Auto Parts, Inc. | 3,062 | 626,118 | ||||||
AutoNation, Inc.(1) | 3,297 | 378,034 | ||||||
Best Buy Co., Inc. | 9,708 | 938,181 | ||||||
Burlington Stores, Inc.(1) | 1,490 | 336,576 |
63
Avantis U.S. Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Dick's Sporting Goods, Inc.(2) | 4,165 | $ | 437,325 | |||||
Five Below, Inc.(1) | 360 | 58,900 | ||||||
Floor & Decor Holdings, Inc., Class A(1) | 570 | 54,503 | ||||||
Gap, Inc. (The) | 10,126 | 147,333 | ||||||
Penske Automotive Group, Inc. | 1,982 | 194,811 | ||||||
RH(1) | 751 | 301,804 | ||||||
Ross Stores, Inc. | 9,306 | 850,475 | ||||||
TJX Cos., Inc. (The) | 26,869 | 1,776,041 | ||||||
Tractor Supply Co. | 5,438 | 1,108,210 | ||||||
Ulta Beauty, Inc.(1) | 2,585 | 968,083 | ||||||
Williams-Sonoma, Inc. | 4,503 | 652,305 | ||||||
8,828,699 | ||||||||
Technology Hardware, Storage and Peripherals — 2.6% | ||||||||
Apple, Inc. | 24,440 | 4,035,533 | ||||||
Textiles, Apparel and Luxury Goods — 2.9% | ||||||||
Capri Holdings Ltd.(1) | 8,134 | 550,997 | ||||||
Columbia Sportswear Co. | 418 | 38,757 | ||||||
Crocs, Inc.(1) | 4,067 | 340,530 | ||||||
Deckers Outdoor Corp.(1) | 134 | 38,678 | ||||||
Levi Strauss & Co., Class A | 5,284 | 119,683 | ||||||
lululemon athletica, Inc.(1) | 161 | 51,510 | ||||||
NIKE, Inc., Class B | 19,676 | 2,686,758 | ||||||
Ralph Lauren Corp. | 319 | 42,121 | ||||||
Tapestry, Inc. | 14,188 | 580,289 | ||||||
Under Armour, Inc., Class A(1) | 559 | 10,000 | ||||||
Under Armour, Inc., Class C(1) | 604 | 9,441 | ||||||
4,468,764 | ||||||||
Trading Companies and Distributors — 0.6% | ||||||||
Fastenal Co. | 1,326 | 68,236 | ||||||
W.W. Grainger, Inc. | 1,840 | 877,790 | ||||||
946,026 | ||||||||
Wireless Telecommunication Services — 0.5% | ||||||||
T-Mobile US, Inc.(1) | 6,657 | 820,209 | ||||||
TOTAL COMMON STOCKS (Cost $159,039,097) | 156,035,146 | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Funds — 0.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 70,125 | 70,125 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $70,125) | 70,125 | |||||||
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $159,109,222) | 156,105,271 | |||||||
OTHER ASSETS AND LIABILITIES — 0.2% | 370,900 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 156,476,171 |
64
Avantis U.S. Large Cap Value ETF
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 $319,095. 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. At the period end, the aggregate value of the collateral held by the fund was $331,036, all of which is securities collateral.
See Notes to Financial Statements.
65
FEBRUARY 28, 2022 (UNAUDITED)
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Aerospace and Defense — 1.1% | ||||||||
AAR Corp.(1) | 104 | $ | 4,674 | |||||
AerSale Corp.(1) | 56 | 877 | ||||||
Astronics Corp.(1) | 56 | 824 | ||||||
Ducommun, Inc.(1) | 30 | 1,515 | ||||||
Kaman Corp. | 74 | 3,212 | ||||||
Kratos Defense & Security Solutions, Inc.(1) | 248 | 5,188 | ||||||
Maxar Technologies, Inc. | 162 | 5,255 | ||||||
Moog, Inc., Class A | 80 | 6,649 | ||||||
National Presto Industries, Inc. | 14 | 1,113 | ||||||
Park Aerospace Corp. | 50 | 694 | ||||||
Vectrus, Inc.(1) | 30 | 1,375 | ||||||
31,376 | ||||||||
Air Freight and Logistics — 1.1% | ||||||||
Air Transport Services Group, Inc.(1) | 204 | 6,428 | ||||||
Atlas Air Worldwide Holdings, Inc.(1) | 94 | 7,366 | ||||||
Forward Air Corp. | 86 | 8,873 | ||||||
Hub Group, Inc., Class A(1) | 104 | 8,778 | ||||||
Radiant Logistics, Inc.(1) | 140 | 966 | ||||||
32,411 | ||||||||
Airlines — 0.7% | ||||||||
Allegiant Travel Co.(1) | 42 | 7,312 | ||||||
Hawaiian Holdings, Inc.(1) | 134 | 2,570 | ||||||
Mesa Air Group, Inc.(1) | 78 | 339 | ||||||
SkyWest, Inc.(1) | 134 | 3,767 | ||||||
Spirit Airlines, Inc.(1) | 254 | 6,370 | ||||||
20,358 | ||||||||
Auto Components — 1.5% | ||||||||
American Axle & Manufacturing Holdings, Inc.(1) | 312 | 2,889 | ||||||
Cooper-Standard Holdings, Inc.(1) | 48 | 611 | ||||||
Dorman Products, Inc.(1) | 76 | 7,100 | ||||||
Gentherm, Inc.(1) | 100 | 8,484 | ||||||
Modine Manufacturing Co.(1) | 90 | 909 | ||||||
Motorcar Parts of America, Inc.(1) | 50 | 807 | ||||||
Patrick Industries, Inc. | 60 | 4,280 | ||||||
Standard Motor Products, Inc. | 60 | 2,623 | ||||||
Stoneridge, Inc.(1) | 64 | 1,057 | ||||||
Visteon Corp.(1) | 78 | 9,373 | ||||||
XL Fleet Corp.(1) | 182 | 355 | ||||||
XPEL, Inc.(1) | 48 | 3,485 | ||||||
41,973 | ||||||||
Automobiles — 0.2% | ||||||||
Winnebago Industries, Inc. | 88 | 5,638 | ||||||
Workhorse Group, Inc.(1) | 202 | 632 | ||||||
6,270 | ||||||||
Banks — 13.7% | ||||||||
1st Source Corp. | 24 | 1,159 | ||||||
Allegiance Bancshares, Inc. | 64 | 2,742 |
66
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Amalgamated Financial Corp. | 38 | $ | 652 | |||||
Amerant Bancorp, Inc. | 98 | 3,180 | ||||||
American National Bankshares, Inc. | 30 | 1,158 | ||||||
Arrow Financial Corp. | 38 | 1,305 | ||||||
Atlantic Capital Bancshares, Inc.(1) | 54 | 1,746 | ||||||
Atlantic Union Bankshares Corp. | 200 | 8,126 | ||||||
Banc of California, Inc. | 142 | 2,790 | ||||||
BancFirst Corp. | 54 | 4,219 | ||||||
Bancorp, Inc. (The)(1) | 144 | 4,219 | ||||||
Bank First Corp. | 20 | 1,409 | ||||||
Bank of Marin Bancorp | 44 | 1,554 | ||||||
Bank7 Corp. | 12 | 291 | ||||||
Banner Corp. | 94 | 5,791 | ||||||
Bar Harbor Bankshares | 38 | 1,093 | ||||||
Berkshire Hills Bancorp, Inc. | 124 | 3,856 | ||||||
Blue Ridge Bankshares, Inc. | 46 | 738 | ||||||
Brookline Bancorp., Inc. | 210 | 3,599 | ||||||
Business First Bancshares, Inc. | 54 | 1,414 | ||||||
Byline Bancorp, Inc. | 66 | 1,800 | ||||||
Cambridge Bancorp | 18 | 1,587 | ||||||
Camden National Corp. | 38 | 1,807 | ||||||
Capital Bancorp, Inc. | 26 | 645 | ||||||
Capital City Bank Group, Inc. | 34 | 954 | ||||||
Capstar Financial Holdings, Inc. | 46 | 984 | ||||||
Central Pacific Financial Corp. | 78 | 2,277 | ||||||
Central Valley Community Bancorp | 28 | 646 | ||||||
Citizens & Northern Corp. | 40 | 991 | ||||||
City Holding Co. | 40 | 3,187 | ||||||
Civista Bancshares, Inc. | 40 | 976 | ||||||
CNB Financial Corp. | 48 | 1,255 | ||||||
Coastal Financial Corp.(1) | 32 | 1,523 | ||||||
Columbia Banking System, Inc. | 218 | 7,985 | ||||||
Community Trust Bancorp, Inc. | 42 | 1,776 | ||||||
ConnectOne Bancorp, Inc. | 112 | 3,696 | ||||||
CrossFirst Bankshares, Inc.(1) | 114 | 1,793 | ||||||
Customers Bancorp, Inc.(1) | 96 | 5,909 | ||||||
Dime Community Bancshares, Inc. | 84 | 2,855 | ||||||
Eagle Bancorp, Inc. | 84 | 5,033 | ||||||
Enterprise Bancorp, Inc. | 28 | 1,128 | ||||||
Enterprise Financial Services Corp. | 96 | 4,746 | ||||||
Equity Bancshares, Inc., Class A | 44 | 1,384 | ||||||
Esquire Financial Holdings, Inc.(1) | 22 | 743 | ||||||
Farmers National Banc Corp. | 96 | 1,654 | ||||||
FB Financial Corp. | 106 | 4,711 | ||||||
Financial Institutions, Inc. | 44 | 1,405 | ||||||
First BanCorp | 596 | 8,416 | ||||||
First Bancorp, Inc. (The) | 26 | 775 | ||||||
First Bancorp/Southern Pines NC | 90 | 4,039 | ||||||
First Bancshares, Inc. (The) | 54 | 1,907 | ||||||
First Busey Corp. | 146 | 4,008 | ||||||
First Commonwealth Financial Corp. | 294 | 4,748 |
67
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
First Community Bankshares, Inc. | 44 | $ | 1,291 | |||||
First Financial Bancorp | 254 | 6,243 | ||||||
First Financial Corp. | 30 | 1,395 | ||||||
First Foundation, Inc. | 148 | 3,947 | ||||||
First Internet Bancorp | 30 | 1,466 | ||||||
First Interstate Bancsystem, Inc., Class A | 128 | 5,197 | ||||||
First Merchants Corp. | 146 | 6,386 | ||||||
First Mid Bancshares, Inc. | 46 | 1,843 | ||||||
First of Long Island Corp. (The) | 60 | 1,306 | ||||||
Five Star Bancorp | 30 | 912 | ||||||
Flushing Financial Corp. | 86 | 2,020 | ||||||
Fulton Financial Corp. | 452 | 8,145 | ||||||
German American Bancorp, Inc. | 76 | 3,023 | ||||||
Great Southern Bancorp, Inc. | 30 | 1,843 | ||||||
Guaranty Bancshares, Inc. | 22 | 769 | ||||||
Hanmi Financial Corp. | 94 | 2,455 | ||||||
HarborOne Bancorp, Inc. | 128 | 1,893 | ||||||
Heartland Financial USA, Inc. | 106 | 5,260 | ||||||
Heritage Commerce Corp. | 156 | 1,855 | ||||||
Heritage Financial Corp. | 94 | 2,465 | ||||||
Hilltop Holdings, Inc. | 162 | 5,009 | ||||||
HomeStreet, Inc. | 60 | 3,088 | ||||||
HomeTrust Bancshares, Inc. | 44 | 1,324 | ||||||
Hope Bancorp, Inc. | 324 | 5,495 | ||||||
Horizon Bancorp, Inc. | 110 | 2,209 | ||||||
Independent Bank Corp. (Michigan) | 60 | 1,428 | ||||||
International Bancshares Corp. | 152 | 6,538 | ||||||
Lakeland Bancorp, Inc. | 186 | 3,355 | ||||||
Lakeland Financial Corp. | 70 | 5,615 | ||||||
Live Oak Bancshares, Inc. | 106 | 6,779 | ||||||
Macatawa Bank Corp. | 86 | 789 | ||||||
Mercantile Bank Corp. | 42 | 1,549 | ||||||
Meta Financial Group, Inc. | 90 | 4,985 | ||||||
Metrocity Bankshares, Inc. | 60 | 1,459 | ||||||
Metropolitan Bank Holding Corp.(1) | 34 | 3,477 | ||||||
Mid Penn Bancorp, Inc. | 42 | 1,176 | ||||||
Midland States Bancorp, Inc. | 56 | 1,644 | ||||||
MidWestOne Financial Group, Inc. | 28 | 845 | ||||||
MVB Financial Corp. | 28 | 1,079 | ||||||
National Bank Holdings Corp., Class A | 94 | 4,172 | ||||||
NBT Bancorp, Inc. | 112 | 4,297 | ||||||
Nicolet Bankshares, Inc.(1) | 36 | 3,429 | ||||||
Northeast Bank | 20 | 728 | ||||||
Northrim BanCorp, Inc. | 16 | 717 | ||||||
Northwest Bancshares, Inc. | 332 | 4,675 | ||||||
OceanFirst Financial Corp. | 166 | 3,715 | ||||||
OFG Bancorp | 144 | 4,058 | ||||||
Old Second Bancorp, Inc. | 114 | 1,622 | ||||||
Origin Bancorp, Inc. | 58 | 2,678 | ||||||
Park National Corp. | 42 | 5,631 | ||||||
PCB Bancorp. | 34 | 800 |
68
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Peapack-Gladstone Financial Corp. | 48 | $ | 1,811 | |||||
Peoples Bancorp, Inc. | 72 | 2,252 | ||||||
Peoples Financial Services Corp. | 20 | 956 | ||||||
Premier Financial Corp. | 104 | 3,190 | ||||||
Primis Financial Corp. | 62 | 887 | ||||||
QCR Holdings, Inc. | 44 | 2,458 | ||||||
RBB Bancorp | 42 | 1,013 | ||||||
Renasant Corp. | 144 | 5,257 | ||||||
Republic Bancorp, Inc., Class A | 40 | 1,835 | ||||||
Republic First Bancorp, Inc.(1) | 138 | 716 | ||||||
S&T Bancorp, Inc. | 102 | 3,171 | ||||||
Sandy Spring Bancorp, Inc. | 128 | 6,028 | ||||||
Seacoast Banking Corp. of Florida | 172 | 6,304 | ||||||
Shore Bancshares, Inc. | 52 | 1,096 | ||||||
Sierra Bancorp | 38 | 1,020 | ||||||
SmartFinancial, Inc. | 40 | 1,044 | ||||||
South Plains Financial, Inc. | 28 | 775 | ||||||
Southern First Bancshares, Inc.(1) | 22 | 1,255 | ||||||
Southside Bancshares, Inc. | 92 | 3,836 | ||||||
Spirit of Texas Bancshares, Inc. | 42 | 1,198 | ||||||
Stock Yards Bancorp, Inc. | 80 | 4,278 | ||||||
Tompkins Financial Corp. | 34 | 2,689 | ||||||
Towne Bank | 190 | 5,924 | ||||||
Trico Bancshares | 70 | 3,038 | ||||||
TriState Capital Holdings, Inc.(1) | 94 | 3,121 | ||||||
Triumph Bancorp, Inc.(1) | 78 | 7,825 | ||||||
Trustmark Corp. | 154 | 4,849 | ||||||
Unity Bancorp, Inc. | 20 | 567 | ||||||
Univest Financial Corp. | 82 | 2,376 | ||||||
Veritex Holdings, Inc. | 130 | 5,282 | ||||||
Washington Trust Bancorp, Inc. | 44 | 2,388 | ||||||
WesBanco, Inc. | 164 | 5,993 | ||||||
West BanCorp, Inc. | 42 | 1,214 | ||||||
Westamerica BanCorp | 70 | 4,152 | ||||||
392,261 | ||||||||
Beverages — 0.1% | ||||||||
MGP Ingredients, Inc. | 46 | 3,662 | ||||||
Biotechnology — 5.3% | ||||||||
89bio, Inc.(1) | 30 | 139 | ||||||
Aadi Bioscience, Inc.(1) | 40 | 697 | ||||||
Actinium Pharmaceuticals, Inc.(1) | 58 | 313 | ||||||
Adicet Bio, Inc.(1) | 80 | 1,046 | ||||||
Aeglea BioTherapeutics, Inc.(1) | 68 | 188 | ||||||
Agios Pharmaceuticals, Inc.(1) | 104 | 3,238 | ||||||
Akebia Therapeutics, Inc.(1) | 420 | 907 | ||||||
Akero Therapeutics, Inc.(1) | 60 | 1,064 | ||||||
Akouos, Inc.(1) | 38 | 203 | ||||||
Albireo Pharma, Inc.(1) | 50 | 1,667 | ||||||
Aldeyra Therapeutics, Inc.(1) | 114 | 461 | ||||||
Alector, Inc.(1) | 90 | 1,426 | ||||||
Aligos Therapeutics, Inc.(1) | 66 | 160 |
69
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Allogene Therapeutics, Inc.(1) | 170 | $ | 1,556 | |||||
Allovir, Inc.(1) | 80 | 720 | ||||||
Alpine Immune Sciences, Inc.(1) | 52 | 428 | ||||||
Altimmune, Inc.(1) | 104 | 771 | ||||||
AnaptysBio, Inc.(1) | 64 | 1,957 | ||||||
Anika Therapeutics, Inc.(1) | 38 | 1,235 | ||||||
Annexon, Inc.(1) | 36 | 175 | ||||||
AquaBounty Technologies, Inc.(1) | 100 | 159 | ||||||
Arcus Biosciences, Inc.(1) | 158 | 5,878 | ||||||
Arcutis Biotherapeutics, Inc.(1) | 58 | 1,032 | ||||||
Assembly Biosciences, Inc.(1) | 96 | 149 | ||||||
Atreca, Inc., Class A(1) | 78 | 140 | ||||||
aTyr Pharma, Inc.(1) | 84 | 417 | ||||||
Avrobio, Inc.(1) | 96 | 139 | ||||||
Bioxcel Therapeutics, Inc.(1) | 50 | 916 | ||||||
Bluebird Bio, Inc.(1) | 110 | 664 | ||||||
BrainStorm Cell Therapeutics, Inc.(1) | 82 | 250 | ||||||
Cabaletta Bio, Inc.(1) | 76 | 164 | ||||||
Cardiff Oncology, Inc.(1) | 102 | 274 | ||||||
Catalyst Pharmaceuticals, Inc.(1) | 300 | 2,340 | ||||||
Chinook Therapeutics, Inc.(1) | 96 | 1,225 | ||||||
Cogent Biosciences, Inc.(1) | 100 | 593 | ||||||
Cortexyme, Inc.(1) | 28 | 122 | ||||||
Corvus Pharmaceuticals, Inc.(1) | 96 | 170 | ||||||
CytomX Therapeutics, Inc.(1) | 174 | 666 | ||||||
Deciphera Pharmaceuticals, Inc.(1) | 56 | 432 | ||||||
Dynavax Technologies Corp.(1) | 366 | 4,487 | ||||||
Dyne Therapeutics, Inc.(1) | 52 | 446 | ||||||
Eagle Pharmaceuticals, Inc.(1) | 32 | 1,517 | ||||||
Eiger BioPharmaceuticals, Inc.(1) | 70 | 280 | ||||||
Emergent BioSolutions, Inc.(1) | 94 | 3,890 | ||||||
Enanta Pharmaceuticals, Inc.(1) | 60 | 4,225 | ||||||
Enochian Biosciences, Inc.(1) | 64 | 484 | ||||||
Essa Pharma, Inc.(1) | 66 | 539 | ||||||
F-star Therapeutics, Inc.(1) | 42 | 128 | ||||||
FibroGen, Inc.(1) | 214 | 3,011 | ||||||
Forma Therapeutics Holdings, Inc.(1) | 56 | 552 | ||||||
Frequency Therapeutics, Inc.(1) | 48 | 136 | ||||||
G1 Therapeutics, Inc.(1) | 56 | 594 | ||||||
Generation Bio Co.(1) | 68 | 348 | ||||||
Genprex, Inc.(1) | 92 | 210 | ||||||
Gossamer Bio, Inc.(1) | 194 | 1,752 | ||||||
Gritstone bio, Inc.(1) | 188 | 959 | ||||||
Harpoon Therapeutics, Inc.(1) | 38 | 156 | ||||||
Heat Biologics, Inc.(1) | 66 | 172 | ||||||
Homology Medicines, Inc.(1) | 82 | 286 | ||||||
Ideaya Biosciences, Inc.(1) | 82 | 1,082 | ||||||
Immunic, Inc.(1) | 42 | 489 | ||||||
Immunovant, Inc.(1) | 112 | 625 | ||||||
Inmune Bio, Inc.(1) | 24 | 211 | ||||||
Inovio Pharmaceuticals, Inc.(1) | 502 | 1,627 |
70
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Iovance Biotherapeutics, Inc.(1) | 300 | $ | 4,701 | |||||
Ironwood Pharmaceuticals, Inc.(1) | 386 | 4,153 | ||||||
iTeos Therapeutics, Inc.(1) | 76 | 2,746 | ||||||
Jounce Therapeutics, Inc.(1) | 102 | 761 | ||||||
KalVista Pharmaceuticals, Inc.(1) | 38 | 610 | ||||||
Kezar Life Sciences, Inc.(1) | 152 | 2,257 | ||||||
Kiniksa Pharmaceuticals Ltd., Class A(1) | 80 | 819 | ||||||
Kinnate Biopharma, Inc.(1) | 58 | 451 | ||||||
Kronos Bio, Inc.(1) | 62 | 467 | ||||||
Krystal Biotech, Inc.(1) | 54 | 3,432 | ||||||
Kura Oncology, Inc.(1) | 120 | 1,904 | ||||||
Larimar Therapeutics, Inc.(1) | 30 | 131 | ||||||
Leap Therapeutics, Inc.(1) | 248 | 494 | ||||||
Ligand Pharmaceuticals, Inc.(1) | 48 | 4,859 | ||||||
Lineage Cell Therapeutics, Inc.(1) | 344 | 485 | ||||||
MacroGenics, Inc.(1) | 106 | 991 | ||||||
Magenta Therapeutics, Inc.(1) | 74 | 233 | ||||||
MediciNova, Inc.(1) | 118 | 282 | ||||||
MeiraGTx Holdings plc(1) | 86 | 1,232 | ||||||
Mersana Therapeutics, Inc.(1) | 96 | 421 | ||||||
Myriad Genetics, Inc.(1) | 192 | 4,681 | ||||||
Neoleukin Therapeutics, Inc.(1) | 50 | 129 | ||||||
NextCure, Inc.(1) | 36 | 176 | ||||||
Nkarta, Inc.(1) | 22 | 199 | ||||||
Nurix Therapeutics, Inc.(1) | 120 | 1,940 | ||||||
Olema Pharmaceuticals, Inc.(1) | 44 | 206 | ||||||
Oncorus, Inc.(1) | 46 | 97 | ||||||
Oncternal Therapeutics, Inc.(1) | 94 | 172 | ||||||
OPKO Health, Inc.(1) | 1,174 | 3,675 | ||||||
Organogenesis Holdings, Inc.(1) | 114 | 848 | ||||||
ORIC Pharmaceuticals, Inc.(1) | 86 | 667 | ||||||
Ovid therapeutics, Inc.(1) | 146 | 495 | ||||||
Oyster Point Pharma, Inc.(1) | 30 | 299 | ||||||
Passage Bio, Inc.(1) | 72 | 239 | ||||||
PMV Pharmaceuticals, Inc.(1) | 62 | 982 | ||||||
Poseida Therapeutics, Inc.(1) | 70 | 256 | ||||||
Praxis Precision Medicines, Inc.(1) | 96 | 1,258 | ||||||
Prothena Corp. plc(1) | 96 | 3,322 | ||||||
REGENXBIO, Inc.(1) | 102 | 2,673 | ||||||
Repare Therapeutics, Inc.(1) | 56 | 900 | ||||||
Replimune Group, Inc.(1) | 80 | 1,283 | ||||||
REVOLUTION Medicines, Inc.(1) | 186 | 3,519 | ||||||
Rhythm Pharmaceuticals, Inc.(1) | 70 | 533 | ||||||
Rigel Pharmaceuticals, Inc.(1) | 308 | 773 | ||||||
Sage Therapeutics, Inc.(1) | 112 | 4,073 | ||||||
Sangamo Therapeutics, Inc.(1) | 282 | 1,650 | ||||||
Seres Therapeutics, Inc.(1) | 190 | 1,520 | ||||||
Shattuck Labs, Inc.(1) | 40 | 200 | ||||||
Sierra Oncology, Inc.(1) | 26 | 804 | ||||||
Silverback Therapeutics, Inc.(1) | 38 | 163 | ||||||
Spero Therapeutics, Inc.(1) | 64 | 614 |
71
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
SQZ Biotechnologies Co.(1) | 56 | $ | 295 | |||||
Stoke Therapeutics, Inc.(1) | 36 | 702 | ||||||
Surface Oncology, Inc.(1) | 74 | 266 | ||||||
Sutro Biopharma, Inc.(1) | 100 | 892 | ||||||
Synlogic, Inc.(1) | 106 | 210 | ||||||
Syros Pharmaceuticals, Inc.(1) | 118 | 152 | ||||||
TCR2 Therapeutics, Inc.(1) | 50 | 136 | ||||||
Turning Point Therapeutics, Inc.(1) | 84 | 2,659 | ||||||
uniQure NV(1) | 104 | 1,767 | ||||||
Vanda Pharmaceuticals, Inc.(1) | 132 | 1,500 | ||||||
Vaxcyte, Inc.(1) | 102 | 2,363 | ||||||
Verastem, Inc.(1) | 348 | 418 | ||||||
Viking Therapeutics, Inc.(1) | 188 | 630 | ||||||
Viracta Therapeutics, Inc.(1) | 62 | 169 | ||||||
Voyager Therapeutics, Inc.(1) | 72 | 286 | ||||||
XBiotech, Inc. | 46 | 454 | ||||||
Xencor, Inc.(1) | 182 | 5,698 | ||||||
Zymeworks, Inc.(1) | 62 | 449 | ||||||
151,108 | ||||||||
Building Products — 1.1% | ||||||||
Alpha Pro Tech Ltd.(1) | 34 | 144 | ||||||
American Woodmark Corp.(1) | 44 | 2,358 | ||||||
Apogee Enterprises, Inc. | 74 | 3,335 | ||||||
Cornerstone Building Brands, Inc.(1) | 162 | 3,577 | ||||||
Griffon Corp. | 156 | 3,596 | ||||||
Insteel Industries, Inc. | 58 | 2,152 | ||||||
JELD-WEN Holding, Inc.(1) | 242 | 5,585 | ||||||
Masonite International Corp.(1) | 66 | 6,226 | ||||||
PGT Innovations, Inc.(1) | 154 | 3,313 | ||||||
Quanex Building Products Corp. | 88 | 2,012 | ||||||
32,298 | ||||||||
Capital Markets — 1.8% | ||||||||
Assetmark Financial Holdings, Inc.(1) | 52 | 1,221 | ||||||
B. Riley Financial, Inc. | 54 | 3,216 | ||||||
BGC Partners, Inc., Class A | 856 | 3,920 | ||||||
Blucora, Inc.(1) | 128 | 2,547 | ||||||
Bridge Investment Group Holdings, Inc., Class A | 76 | 1,588 | ||||||
Brightsphere Investment Group, Inc. | 178 | 4,249 | ||||||
Cowen, Inc., Class A | 68 | 2,016 | ||||||
Diamond Hill Investment Group, Inc. | 10 | 1,939 | ||||||
Donnelley Financial Solutions, Inc.(1) | 92 | 2,953 | ||||||
Greenhill & Co., Inc. | 34 | 601 | ||||||
Open Lending Corp., Class A(1) | 176 | 3,666 | ||||||
Oppenheimer Holdings, Inc., Class A | 20 | 864 | ||||||
Piper Sandler Cos. | 56 | 8,289 | ||||||
PJT Partners, Inc., Class A | 60 | 3,829 | ||||||
Pzena Investment Management, Inc., Class A | 44 | 406 | ||||||
StoneX Group, Inc.(1) | 44 | 3,320 | ||||||
Victory Capital Holdings, Inc., Class A | 62 | 2,057 | ||||||
Virtus Investment Partners, Inc. | 18 | 4,331 |
72
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
WisdomTree Investments, Inc. | 328 | $ | 1,847 | |||||
52,859 | ||||||||
Chemicals — 2.1% | ||||||||
AdvanSix, Inc. | 90 | 3,605 | ||||||
American Vanguard Corp. | 72 | 1,085 | ||||||
Chase Corp. | 20 | 1,837 | ||||||
Ecovyst, Inc. | 152 | 1,661 | ||||||
FutureFuel Corp. | 70 | 515 | ||||||
Hawkins, Inc. | 54 | 2,444 | ||||||
Ingevity Corp.(1) | 106 | 7,232 | ||||||
Innospec, Inc. | 68 | 6,494 | ||||||
Intrepid Potash, Inc.(1) | 32 | 1,821 | ||||||
Koppers Holdings, Inc.(1) | 54 | 1,546 | ||||||
Kraton Corp.(1) | 94 | 4,338 | ||||||
Kronos Worldwide, Inc. | 60 | 884 | ||||||
LSB Industries, Inc.(1) | 104 | 1,799 | ||||||
Minerals Technologies, Inc. | 88 | 6,159 | ||||||
Origin Materials, Inc.(1) | 372 | 1,931 | ||||||
Orion Engineered Carbons SA | 164 | 2,549 | ||||||
Rayonier Advanced Materials, Inc.(1) | 158 | 927 | ||||||
Stepan Co. | 58 | 6,010 | ||||||
Tredegar Corp. | 76 | 875 | ||||||
Trinseo plc | 106 | 5,508 | ||||||
59,220 | ||||||||
Commercial Services and Supplies — 2.1% | ||||||||
ABM Industries, Inc. | 180 | 8,069 | ||||||
ACCO Brands Corp. | 250 | 2,150 | ||||||
ARC Document Solutions, Inc. | 114 | 391 | ||||||
Brady Corp., Class A | 124 | 5,714 | ||||||
BrightView Holdings, Inc.(1) | 142 | 1,918 | ||||||
Civeo Corp.(1) | 32 | 699 | ||||||
Deluxe Corp. | 104 | 3,235 | ||||||
Ennis, Inc. | 68 | 1,277 | ||||||
Harsco Corp.(1) | 218 | 2,596 | ||||||
Healthcare Services Group, Inc. | 154 | 2,436 | ||||||
Heritage-Crystal Clean, Inc.(1) | 50 | 1,402 | ||||||
HNI Corp. | 120 | 4,883 | ||||||
Interface, Inc. | 166 | 2,166 | ||||||
KAR Auction Services, Inc.(1) | 336 | 6,203 | ||||||
Kimball International, Inc., Class B | 98 | 908 | ||||||
Matthews International Corp., Class A | 84 | 2,787 | ||||||
Pitney Bowes, Inc. | 464 | 2,311 | ||||||
Quad/Graphics, Inc.(1) | 86 | 471 | ||||||
SP Plus Corp.(1) | 62 | 1,851 | ||||||
Steelcase, Inc., Class A | 204 | 2,483 | ||||||
US Ecology, Inc.(1) | 84 | 3,985 | ||||||
Vidler Water Resouces, Inc.(1) | 44 | 529 | ||||||
VSE Corp. | 30 | 1,430 | ||||||
59,894 | ||||||||
Communications Equipment — 1.5% | ||||||||
ADTRAN, Inc. | 130 | 2,677 |
73
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Applied Optoelectronics, Inc.(1) | 50 | $ | 181 | |||||
Aviat Networks, Inc.(1) | 28 | 792 | ||||||
Cambium Networks Corp.(1) | 18 | 501 | ||||||
Comtech Telecommunications Corp. | 72 | 1,482 | ||||||
Digi International, Inc.(1) | 102 | 2,048 | ||||||
DZS, Inc.(1) | 48 | 696 | ||||||
EMCORE Corp.(1) | 78 | 303 | ||||||
Extreme Networks, Inc.(1) | 416 | 4,780 | ||||||
Harmonic, Inc.(1) | 316 | 2,942 | ||||||
Infinera Corp.(1) | 480 | 4,430 | ||||||
KVH Industries, Inc.(1) | 42 | 362 | ||||||
NETGEAR, Inc.(1) | 82 | 2,182 | ||||||
NetScout Systems, Inc.(1) | 194 | 6,039 | ||||||
Plantronics, Inc.(1) | 114 | 3,211 | ||||||
Ribbon Communications, Inc.(1) | 154 | 468 | ||||||
ViaSat, Inc.(1) | 194 | 8,854 | ||||||
41,948 | ||||||||
Construction and Engineering — 1.8% | ||||||||
Arcosa, Inc. | 132 | 6,952 | ||||||
Argan, Inc. | 40 | 1,556 | ||||||
Bowman Consulting Group Ltd.(1) | 24 | 406 | ||||||
Concrete Pumping Holdings, Inc.(1) | 70 | 521 | ||||||
Dycom Industries, Inc.(1) | 94 | 8,184 | ||||||
Fluor Corp.(1) | 466 | 10,093 | ||||||
Granite Construction, Inc. | 124 | 3,753 | ||||||
Great Lakes Dredge & Dock Corp.(1) | 172 | 2,427 | ||||||
IES Holdings, Inc.(1) | 22 | 925 | ||||||
Infrastructure and Energy Alternatives, Inc.(1) | 66 | 718 | ||||||
Matrix Service Co.(1) | 64 | 444 | ||||||
MYR Group, Inc.(1) | 42 | 3,769 | ||||||
Northwest Pipe Co.(1) | 26 | 741 | ||||||
NV5 Global, Inc.(1) | 44 | 4,719 | ||||||
Orbital Energy Group, Inc.(1) | 98 | 156 | ||||||
Primoris Services Corp. | 142 | 3,744 | ||||||
Sterling Construction Co., Inc.(1) | 86 | 2,540 | ||||||
Tutor Perini Corp.(1) | 112 | 1,098 | ||||||
52,746 | ||||||||
Construction Materials† | ||||||||
United States Lime & Minerals, Inc. | 6 | 705 | ||||||
Consumer Finance — 1.4% | ||||||||
Atlanticus Holdings Corp.(1) | 18 | 959 | ||||||
Consumer Portfolio Services, Inc.(1) | 48 | 565 | ||||||
Elevate Credit, Inc.(1) | 68 | 224 | ||||||
Encore Capital Group, Inc.(1) | 72 | 4,751 | ||||||
Enova International, Inc.(1) | 102 | 4,159 | ||||||
EZCORP, Inc., Class A(1) | 152 | 910 | ||||||
Green Dot Corp., Class A(1) | 124 | 3,553 | ||||||
Katapult Holdings, Inc.(1) | 46 | 105 | ||||||
Medallion Financial Corp.(1) | 38 | 328 | ||||||
Navient Corp. | 414 | 7,291 | ||||||
Oportun Financial Corp.(1) | 74 | 1,209 |
74
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
PRA Group, Inc.(1) | 134 | $ | 5,980 | |||||
PROG Holdings, Inc.(1) | 174 | 5,331 | ||||||
Regional Management Corp. | 22 | 1,129 | ||||||
World Acceptance Corp.(1) | 14 | 2,751 | ||||||
39,245 | ||||||||
Containers and Packaging — 0.6% | ||||||||
Greif, Inc., Class A | 72 | 4,139 | ||||||
Greif, Inc., Class B | 20 | 1,138 | ||||||
O-I Glass, Inc.(1) | 406 | 5,189 | ||||||
Pactiv Evergreen, Inc. | 100 | 962 | ||||||
TriMas Corp. | 108 | 3,511 | ||||||
UFP Technologies, Inc.(1) | 20 | 1,383 | ||||||
16,322 | ||||||||
Distributors† | ||||||||
Funko, Inc., Class A(1) | 70 | 1,222 | ||||||
Diversified Consumer Services — 1.5% | ||||||||
Adtalem Global Education, Inc.(1) | 122 | 2,535 | ||||||
American Public Education, Inc.(1) | 42 | 838 | ||||||
Carriage Services, Inc. | 50 | 2,461 | ||||||
frontdoor, Inc.(1) | 178 | 5,349 | ||||||
Graham Holdings Co., Class B | 10 | 6,011 | ||||||
Houghton Mifflin Harcourt Co.(1) | 412 | 8,631 | ||||||
Laureate Education, Inc., Class A | 360 | 3,902 | ||||||
Lincoln Educational Services Corp.(1) | 64 | 494 | ||||||
OneSpaWorld Holdings Ltd.(1) | 180 | 1,861 | ||||||
Perdoceo Education Corp.(1) | 184 | 1,927 | ||||||
Strategic Education, Inc. | 50 | 2,951 | ||||||
Stride, Inc.(1) | 114 | 3,828 | ||||||
Universal Technical Institute, Inc.(1) | 92 | 795 | ||||||
XpresSpa Group, Inc.(1) | 326 | 349 | ||||||
41,932 | ||||||||
Diversified Financial Services — 0.2% | ||||||||
Alerus Financial Corp. | 34 | 978 | ||||||
Cannae Holdings, Inc.(1) | 210 | 5,638 | ||||||
6,616 | ||||||||
Diversified Telecommunication Services — 0.5% | ||||||||
Anterix, Inc.(1) | 32 | 1,705 | ||||||
ATN International, Inc. | 28 | 933 | ||||||
Consolidated Communications Holdings, Inc.(1) | 154 | 1,096 | ||||||
EchoStar Corp., Class A(1) | 104 | 2,531 | ||||||
IDT Corp., Class B(1) | 60 | 2,164 | ||||||
Liberty Latin America Ltd., Class A(1) | 112 | 1,126 | ||||||
Liberty Latin America Ltd., Class C(1) | 424 | 4,278 | ||||||
Radius Global Infrastructure, Inc., Class A(1) | 72 | 926 | ||||||
14,759 | ||||||||
Electric Utilities — 0.5% | ||||||||
MGE Energy, Inc. | 100 | 7,202 | ||||||
Otter Tail Corp. | 130 | 8,042 | ||||||
Via Renewables, Inc. | 32 | 357 | ||||||
15,601 |
75
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Electrical Equipment — 0.9% | ||||||||
Allied Motion Technologies, Inc. | 44 | $ | 1,532 | |||||
AZZ, Inc. | 66 | 3,249 | ||||||
Encore Wire Corp. | 68 | 7,917 | ||||||
EnerSys | 106 | 7,709 | ||||||
FREYR Battery SA(1) | 278 | 2,647 | ||||||
Orion Energy Systems, Inc.(1) | 54 | 167 | ||||||
Powell Industries, Inc. | 24 | 507 | ||||||
Preformed Line Products Co. | 4 | 223 | ||||||
Thermon Group Holdings, Inc.(1) | 88 | 1,507 | ||||||
TPI Composites, Inc.(1) | 48 | 649 | ||||||
26,107 | ||||||||
Electronic Equipment, Instruments and Components — 2.8% | ||||||||
Airgain, Inc.(1) | 20 | 182 | ||||||
Akoustis Technologies, Inc.(1) | 96 | 605 | ||||||
Arlo Technologies, Inc.(1) | 256 | 2,376 | ||||||
Badger Meter, Inc. | 82 | 8,152 | ||||||
Bel Fuse, Inc., Class B | 28 | 441 | ||||||
Belden, Inc. | 136 | 7,664 | ||||||
Benchmark Electronics, Inc. | 100 | 2,614 | ||||||
CTS Corp. | 88 | 3,339 | ||||||
Daktronics, Inc.(1) | 100 | 461 | ||||||
ePlus, Inc.(1) | 84 | 3,940 | ||||||
Evolv Technologies Holdings, Inc.(1) | 116 | 408 | ||||||
Itron, Inc.(1) | 86 | 4,100 | ||||||
Kimball Electronics, Inc.(1) | 66 | 1,138 | ||||||
Knowles Corp.(1) | 262 | 5,706 | ||||||
Methode Electronics, Inc. | 98 | 4,473 | ||||||
Napco Security Technologies, Inc.(1) | 98 | 1,998 | ||||||
OSI Systems, Inc.(1) | 44 | 3,549 | ||||||
PC Connection, Inc. | 28 | 1,366 | ||||||
Plexus Corp.(1) | 68 | 5,540 | ||||||
Richardson Electronics Ltd. | 36 | 423 | ||||||
Sanmina Corp.(1) | 176 | 7,001 | ||||||
ScanSource, Inc.(1) | 80 | 2,526 | ||||||
TTM Technologies, Inc.(1) | 264 | 3,318 | ||||||
Velodyne Lidar, Inc.(1) | 162 | 598 | ||||||
Vishay Intertechnology, Inc. | 364 | 6,985 | ||||||
Vishay Precision Group, Inc.(1) | 32 | 1,005 | ||||||
Wrap Technologies, Inc.(1) | 50 | 109 | ||||||
80,017 | ||||||||
Energy Equipment and Services — 2.7% | ||||||||
Archrock, Inc. | 408 | 3,407 | ||||||
Bristow Group, Inc.(1) | 70 | 2,320 | ||||||
Core Laboratories NV | 120 | 3,307 | ||||||
DMC Global, Inc.(1) | 52 | 1,529 | ||||||
Dril-Quip, Inc.(1) | 82 | 2,365 | ||||||
Expro Group Holdings NV(1) | 206 | 3,315 | ||||||
Exterran Corp.(1) | 58 | 343 | ||||||
Forum Energy Technologies, Inc.(1) | 12 | 230 | ||||||
FTS International, Inc., Class A(1) | 30 | 794 |
76
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Helix Energy Solutions Group, Inc.(1) | 380 | $ | 1,539 | |||||
Liberty Oilfield Services, Inc., Class A(1) | 274 | 3,420 | ||||||
Nabors Industries Ltd.(1) | 22 | 2,762 | ||||||
National Energy Services Reunited Corp.(1) | 76 | 677 | ||||||
Newpark Resources, Inc.(1) | 270 | 1,018 | ||||||
NexTier Oilfield Solutions, Inc.(1) | 658 | 5,238 | ||||||
Oceaneering International, Inc.(1) | 274 | 4,011 | ||||||
Oil States International, Inc.(1) | 168 | 879 | ||||||
Patterson-UTI Energy, Inc. | 530 | 7,648 | ||||||
ProPetro Holding Corp.(1) | 278 | 3,550 | ||||||
RPC, Inc.(1) | 250 | 2,192 | ||||||
Select Energy Services, Inc., Class A(1) | 194 | 1,606 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 84 | 874 | ||||||
TechnipFMC plc(1) | 996 | 6,823 | ||||||
TETRA Technologies Inc(1) | 308 | 986 | ||||||
Tidewater, Inc.(1) | 104 | 1,540 | ||||||
Transocean Ltd.(1) | 1,638 | 5,798 | ||||||
US Silica Holdings, Inc.(1) | 194 | 2,805 | ||||||
Weatherford International plc(1) | 226 | 6,418 | ||||||
77,394 | ||||||||
Entertainment — 0.7% | ||||||||
CuriosityStream, Inc.(1) | 44 | 161 | ||||||
IMAX Corp.(1) | 148 | 3,061 | ||||||
Lions Gate Entertainment Corp., Class A(1) | 180 | 2,765 | ||||||
Lions Gate Entertainment Corp., Class B(1) | 366 | 5,215 | ||||||
Madison Square Garden Entertainment Corp.(1) | 74 | 5,799 | ||||||
Marcus Corp. (The)(1) | 68 | 1,236 | ||||||
Sciplay Corp., Class A(1) | 64 | 834 | ||||||
19,071 | ||||||||
Food and Staples Retailing — 1.6% | ||||||||
Andersons, Inc. (The) | 102 | 4,651 | ||||||
Blue Apron Holdings, Inc., Class A(1) | 66 | 345 | ||||||
Grocery Outlet Holding Corp.(1) | 226 | 6,285 | ||||||
HF Foods Group, Inc.(1) | 130 | 812 | ||||||
Ingles Markets, Inc., Class A | 48 | 3,947 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 36 | 611 | ||||||
PriceSmart, Inc. | 66 | 4,799 | ||||||
Rite Aid Corp.(1) | 148 | 1,356 | ||||||
SpartanNash Co. | 112 | 3,152 | ||||||
Sprouts Farmers Market, Inc.(1) | 298 | 8,487 | ||||||
United Natural Foods, Inc.(1) | 190 | 7,644 | ||||||
Village Super Market, Inc., Class A | 20 | 456 | ||||||
Weis Markets, Inc. | 50 | 3,083 | ||||||
45,628 | ||||||||
Food Products — 1.4% | ||||||||
Alico, Inc. | 12 | 393 | ||||||
AppHarvest, Inc.(1) | 90 | 344 | ||||||
B&G Foods, Inc. | 170 | 5,032 | ||||||
Cal-Maine Foods, Inc. | 108 | 4,781 | ||||||
Calavo Growers, Inc. | 42 | 1,793 | ||||||
Farmer Bros Co.(1) | 30 | 184 |
77
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Fresh Del Monte Produce, Inc. | 102 | $ | 2,640 | |||||
Hostess Brands, Inc.(1) | 432 | 9,305 | ||||||
J&J Snack Foods Corp. | 30 | 4,912 | ||||||
Landec Corp.(1) | 70 | 806 | ||||||
Limoneira Co. | 42 | 613 | ||||||
Mission Produce, Inc.(1) | 92 | 1,194 | ||||||
Seneca Foods Corp., Class A(1) | 16 | 796 | ||||||
Tootsie Roll Industries, Inc. | 38 | 1,282 | ||||||
TreeHouse Foods, Inc.(1) | 148 | 5,809 | ||||||
Vita Coco Co., Inc. (The)(1) | 30 | 348 | ||||||
Vital Farms, Inc.(1) | 50 | 712 | ||||||
40,944 | ||||||||
Gas Utilities — 0.8% | ||||||||
Chesapeake Utilities Corp. | 48 | 6,381 | ||||||
Northwest Natural Holding Co. | 82 | 4,265 | ||||||
South Jersey Industries, Inc. | 316 | 10,722 | ||||||
Star Group LP | 80 | 780 | ||||||
22,148 | ||||||||
Health Care Equipment and Supplies — 3.1% | ||||||||
Accuray, Inc.(1) | 240 | 833 | ||||||
AngioDynamics, Inc.(1) | 102 | 2,400 | ||||||
Atrion Corp. | 4 | 2,862 | ||||||
Avanos Medical, Inc.(1) | 134 | 4,742 | ||||||
Axogen, Inc.(1) | 46 | 430 | ||||||
BioSig Technologies, Inc.(1) | 88 | 132 | ||||||
Cardiovascular Systems, Inc.(1) | 58 | 1,221 | ||||||
Co-Diagnostics, Inc.(1) | 92 | 534 | ||||||
CytoSorbents Corp.(1) | 74 | 286 | ||||||
Eargo, Inc.(1) | 32 | 154 | ||||||
Glaukos Corp.(1) | 122 | 6,748 | ||||||
Haemonetics Corp.(1) | 136 | 7,849 | ||||||
Inogen, Inc.(1) | 32 | 1,116 | ||||||
Integer Holdings Corp.(1) | 92 | 7,716 | ||||||
IntriCon Corp.(1) | 22 | 526 | ||||||
iRhythm Technologies, Inc.(1) | 66 | 8,532 | ||||||
Lantheus Holdings, Inc.(1) | 178 | 8,512 | ||||||
LeMaitre Vascular, Inc. | 54 | 2,563 | ||||||
Meridian Bioscience, Inc.(1) | 116 | 2,935 | ||||||
Merit Medical Systems, Inc.(1) | 86 | 5,593 | ||||||
Mesa Laboratories, Inc. | 14 | 3,575 | ||||||
Natus Medical, Inc.(1) | 90 | 2,504�� | ||||||
Neuronetics, Inc.(1) | 54 | 180 | ||||||
NuVasive, Inc.(1) | 146 | 7,901 | ||||||
OraSure Technologies, Inc.(1) | 190 | 1,482 | ||||||
Orthofix Medical, Inc.(1) | 46 | 1,563 | ||||||
Retractable Technologies, Inc.(1) | 32 | 152 | ||||||
SeaSpine Holdings Corp.(1) | 72 | 912 | ||||||
Sensus Healthcare, Inc.(1) | 40 | 421 | ||||||
Utah Medical Products, Inc. | 10 | 900 | ||||||
Varex Imaging Corp.(1) | 106 | 2,506 | ||||||
87,780 |
78
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Health Care Providers and Services — 2.2% | ||||||||
Addus HomeCare Corp.(1) | 42 | $ | 3,572 | |||||
Apollo Medical Holdings, Inc.(1) | 88 | 4,235 | ||||||
Brookdale Senior Living, Inc.(1) | 396 | 2,724 | ||||||
CorVel Corp.(1) | 30 | 4,772 | ||||||
Fulgent Genetics, Inc.(1) | 54 | 3,364 | ||||||
InfuSystem Holdings, Inc.(1) | 40 | 460 | ||||||
Joint Corp. (The)(1) | 38 | 1,558 | ||||||
ModivCare, Inc.(1) | 34 | 4,012 | ||||||
National Healthcare Corp. | 34 | 2,211 | ||||||
National Research Corp. | 52 | 2,069 | ||||||
Owens & Minor, Inc. | 202 | 8,918 | ||||||
Patterson Cos., Inc. | 246 | 7,355 | ||||||
Privia Health Group, Inc.(1) | 60 | 1,544 | ||||||
RadNet, Inc.(1) | 112 | 2,763 | ||||||
Select Medical Holdings Corp. | 268 | 6,204 | ||||||
Sharps Compliance Corp.(1) | 34 | 209 | ||||||
Tivity Health, Inc.(1) | 120 | 3,274 | ||||||
U.S. Physical Therapy, Inc. | 34 | 3,127 | ||||||
62,371 | ||||||||
Health Care Technology — 0.5% | ||||||||
Allscripts Healthcare Solutions, Inc.(1) | 330 | 6,422 | ||||||
American Well Corp., Class A(1) | 290 | 1,227 | ||||||
Computer Programs and Systems, Inc.(1) | 38 | 1,170 | ||||||
HealthStream, Inc.(1) | 68 | 1,393 | ||||||
NextGen Healthcare, Inc.(1) | 150 | 2,929 | ||||||
Simulations Plus, Inc. | 42 | 1,654 | ||||||
14,795 | ||||||||
Hotels, Restaurants and Leisure — 2.0% | ||||||||
Accel Entertainment, Inc.(1) | 166 | 2,173 | ||||||
Bally's Corp.(1) | 80 | 2,882 | ||||||
BJ's Restaurants, Inc.(1) | 60 | 1,924 | ||||||
Bloomin' Brands, Inc.(1) | 220 | 5,414 | ||||||
BurgerFi International, Inc.(1) | 10 | 51 | ||||||
Carrols Restaurant Group, Inc. | 70 | 185 | ||||||
Century Casinos, Inc.(1) | 74 | 910 | ||||||
Cheesecake Factory, Inc. (The)(1) | 130 | 5,563 | ||||||
Chuy's Holdings, Inc.(1) | 54 | 1,760 | ||||||
Cracker Barrel Old Country Store, Inc. | 64 | 8,593 | ||||||
Dave & Buster's Entertainment, Inc.(1) | 114 | 4,941 | ||||||
El Pollo Loco Holdings, Inc.(1) | 40 | 531 | ||||||
Everi Holdings, Inc.(1) | 242 | 5,663 | ||||||
Fiesta Restaurant Group, Inc.(1) | 36 | 362 | ||||||
Golden Entertainment, Inc.(1) | 52 | 2,960 | ||||||
Monarch Casino & Resort, Inc.(1) | 36 | 2,804 | ||||||
Noodles & Co.(1) | 112 | 766 | ||||||
ONE Group Hospitality, Inc. (The)(1) | 78 | 916 | ||||||
Playa Hotels & Resorts NV(1) | 378 | 3,572 | ||||||
PlayAGS, Inc.(1) | 64 | 536 | ||||||
RCI Hospitality Holdings, Inc. | 26 | 1,688 | ||||||
Red Robin Gourmet Burgers, Inc.(1) | 24 | 421 |
79
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Ruth's Hospitality Group, Inc. | 86 | $ | 2,134 | |||||
56,749 | ||||||||
Household Durables — 1.9% | ||||||||
Bassett Furniture Industries, Inc. | 18 | 316 | ||||||
Beazer Homes USA, Inc.(1) | 96 | 1,571 | ||||||
Cavco Industries, Inc.(1) | 28 | 7,634 | ||||||
Century Communities, Inc. | 94 | 5,990 | ||||||
Ethan Allen Interiors, Inc. | 70 | 1,824 | ||||||
Flexsteel Industries, Inc. | 16 | 345 | ||||||
GoPro, Inc., Class A(1) | 340 | 2,924 | ||||||
Green Brick Partners, Inc.(1) | 98 | 2,273 | ||||||
Hooker Furnishings Corp. | 24 | 504 | ||||||
Hovnanian Enterprises, Inc., Class A(1) | 14 | 1,346 | ||||||
iRobot Corp.(1) | 68 | 4,227 | ||||||
La-Z-Boy, Inc. | 122 | 3,560 | ||||||
Legacy Housing Corp.(1) | 28 | 713 | ||||||
LGI Homes, Inc.(1) | 58 | 7,316 | ||||||
Lifetime Brands, Inc. | 38 | 498 | ||||||
M/I Homes, Inc.(1) | 82 | 4,042 | ||||||
Tri Pointe Homes, Inc.(1) | 342 | 7,650 | ||||||
Universal Electronics, Inc.(1) | 28 | 930 | ||||||
VOXX International Corp.(1) | 38 | 408 | ||||||
54,071 | ||||||||
Household Products — 0.7% | ||||||||
Central Garden & Pet Co.(1) | 28 | 1,326 | ||||||
Central Garden & Pet Co., Class A(1) | 110 | 4,844 | ||||||
Energizer Holdings, Inc. | 178 | 5,943 | ||||||
Oil-Dri Corp. of America | 14 | 432 | ||||||
WD-40 Co. | 38 | 8,052 | ||||||
20,597 | ||||||||
Insurance — 2.4% | ||||||||
Ambac Financial Group, Inc.(1) | 122 | 1,565 | ||||||
AMERISAFE, Inc. | 52 | 2,449 | ||||||
Argo Group International Holdings Ltd. | 94 | 3,964 | ||||||
CNO Financial Group, Inc. | 328 | 7,928 | ||||||
eHealth, Inc.(1) | 34 | 528 | ||||||
Employers Holdings, Inc. | 76 | 2,953 | ||||||
Genworth Financial, Inc., Class A(1) | 1,514 | 6,147 | ||||||
Greenlight Capital Re Ltd., A Shares(1) | 56 | 403 | ||||||
Heritage Insurance Holdings, Inc. | 58 | 324 | ||||||
Horace Mann Educators Corp. | 110 | 4,575 | ||||||
Investors Title Co. | 4 | 766 | ||||||
James River Group Holdings Ltd. | 76 | 2,022 | ||||||
Lemonade, Inc.(1) | 54 | 1,374 | ||||||
Mercury General Corp. | 68 | 3,740 | ||||||
National Western Life Group, Inc., Class A | 6 | 1,280 | ||||||
ProAssurance Corp. | 162 | 3,904 | ||||||
Root, Inc., Class A(1) | 166 | 301 | ||||||
Safety Insurance Group, Inc. | 38 | 3,171 | ||||||
SelectQuote, Inc.(1) | 192 | 597 | ||||||
SiriusPoint Ltd.(1) | 216 | 1,596 |
80
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Stewart Information Services Corp. | 84 | $ | 5,702 | |||||
Tiptree, Inc. | 70 | 895 | ||||||
United Fire Group, Inc. | 66 | 1,822 | ||||||
Universal Insurance Holdings, Inc. | 82 | 948 | ||||||
White Mountains Insurance Group Ltd. | 8 | 8,402 | ||||||
67,356 | ||||||||
Interactive Media and Services — 0.6% | ||||||||
Cars.com, Inc.(1) | 220 | 3,560 | ||||||
DHI Group, Inc.(1) | 146 | 826 | ||||||
Eventbrite, Inc., Class A(1) | 210 | 3,173 | ||||||
QuinStreet, Inc.(1) | 134 | 1,507 | ||||||
Travelzoo(1) | 20 | 195 | ||||||
TrueCar, Inc.(1) | 172 | 574 | ||||||
Yelp, Inc.(1) | 194 | 6,575 | ||||||
Zedge, Inc., Class B(1) | 24 | 168 | ||||||
16,578 | ||||||||
Internet and Direct Marketing Retail — 0.5% | ||||||||
1-800-Flowers.com, Inc., Class A(1) | 70 | 1,084 | ||||||
aka Brands Holding Corp.(1) | 30 | 226 | ||||||
ContextLogic, Inc., Class A(1) | 686 | 1,626 | ||||||
Duluth Holdings, Inc., Class B(1) | 28 | 390 | ||||||
Groupon, Inc.(1) | 50 | 1,086 | ||||||
Lands' End, Inc.(1) | 24 | 407 | ||||||
Liquidity Services, Inc.(1) | 72 | 1,241 | ||||||
PetMed Express, Inc. | 54 | 1,455 | ||||||
Quotient Technology, Inc.(1) | 172 | 1,142 | ||||||
Qurate Retail, Inc., Series A | 828 | 4,562 | ||||||
13,219 | ||||||||
IT Services — 1.3% | ||||||||
Brightcove, Inc.(1) | 108 | 808 | ||||||
Cass Information Systems, Inc. | 38 | 1,504 | ||||||
Conduent, Inc.(1) | 446 | 2,172 | ||||||
CSG Systems International, Inc. | 100 | 6,172 | ||||||
Hackett Group, Inc. (The) | 74 | 1,533 | ||||||
Information Services Group, Inc. | 124 | 883 | ||||||
Innodata, Inc.(1) | 68 | 360 | ||||||
International Money Express, Inc.(1) | 86 | 1,381 | ||||||
LiveRamp Holdings, Inc.(1) | 178 | 7,683 | ||||||
Paya Holdings, Inc.(1) | 140 | 903 | ||||||
Paysafe Ltd.(1) | 268 | 855 | ||||||
Rackspace Technology, Inc.(1) | 72 | 801 | ||||||
SolarWinds Corp. | 106 | 1,436 | ||||||
TaskUS, Inc., Class A(1) | 92 | 2,642 | ||||||
Verra Mobility Corp.(1) | 408 | 6,855 | ||||||
35,988 | ||||||||
Leisure Products — 0.8% | ||||||||
American Outdoor Brands, Inc.(1) | 26 | 406 | ||||||
AMMO, Inc.(1) | 184 | 867 | ||||||
JAKKS Pacific, Inc.(1) | 22 | 341 | ||||||
Johnson Outdoors, Inc., Class A | 14 | 1,155 | ||||||
Latham Group, Inc.(1) | 120 | 2,099 |
81
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Malibu Boats, Inc., Class A(1) | 56 | $ | 3,901 | |||||
MasterCraft Boat Holdings, Inc.(1) | 52 | 1,489 | ||||||
Nautilus, Inc.(1) | 44 | 214 | ||||||
Smith & Wesson Brands, Inc. | 100 | 1,763 | ||||||
Sturm Ruger & Co., Inc. | 48 | 3,476 | ||||||
Vista Outdoor, Inc.(1) | 164 | 5,978 | ||||||
21,689 | ||||||||
Life Sciences Tools and Services† | ||||||||
Harvard Bioscience, Inc.(1) | 86 | 464 | ||||||
Personalis, Inc.(1) | 62 | 651 | ||||||
1,115 | ||||||||
Machinery — 4.9% | ||||||||
Alamo Group, Inc. | 32 | 4,452 | ||||||
Albany International Corp., Class A | 90 | 7,904 | ||||||
Altra Industrial Motion Corp. | 174 | 7,390 | ||||||
Astec Industries, Inc. | 64 | 3,187 | ||||||
Barnes Group, Inc. | 130 | 6,038 | ||||||
CIRCOR International, Inc.(1) | 54 | 1,455 | ||||||
Commercial Vehicle Group, Inc.(1) | 82 | 655 | ||||||
Douglas Dynamics, Inc. | 64 | 2,351 | ||||||
Enerpac Tool Group Corp. | 158 | 2,725 | ||||||
EnPro Industries, Inc. | 66 | 7,289 | ||||||
Federal Signal Corp. | 170 | 6,139 | ||||||
Gorman-Rupp Co. (The) | 68 | 2,534 | ||||||
Greenbrier Cos., Inc. (The) | 84 | 3,732 | ||||||
Helios Technologies, Inc. | 94 | 7,371 | ||||||
Hurco Cos., Inc. | 16 | 546 | ||||||
Hyliion Holdings Corp.(1) | 234 | 1,011 | ||||||
Hyster-Yale Materials Handling, Inc. | 20 | 766 | ||||||
Kadant, Inc. | 36 | 7,105 | ||||||
Kennametal, Inc. | 230 | 7,293 | ||||||
Manitowoc Co., Inc. (The)(1) | 92 | 1,521 | ||||||
Mayville Engineering Co., Inc.(1) | 14 | 145 | ||||||
Meritor, Inc.(1) | 198 | 7,051 | ||||||
Miller Industries, Inc. | 30 | 929 | ||||||
Mueller Industries, Inc. | 106 | 6,047 | ||||||
Mueller Water Products, Inc., Class A | 426 | 5,406 | ||||||
NN, Inc.(1) | 74 | 192 | ||||||
Omega Flex, Inc. | 8 | 1,162 | ||||||
Park-Ohio Holdings Corp. | 24 | 381 | ||||||
REV Group, Inc. | 90 | 1,217 | ||||||
Shyft Group, Inc. (The) | 96 | 3,879 | ||||||
SPX Corp.(1) | 112 | 5,678 | ||||||
Standex International Corp. | 34 | 3,602 | ||||||
Tennant Co. | 48 | 3,781 | ||||||
Terex Corp. | 184 | 7,596 | ||||||
Titan International, Inc.(1) | 166 | 1,859 | ||||||
Trinity Industries, Inc. | 258 | 7,446 | ||||||
Wabash National Corp. | 160 | 2,726 | ||||||
140,561 |
82
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Marine — 0.2% | ||||||||
Costamare, Inc. | 112 | $ | 1,512 | |||||
Eagle Bulk Shipping, Inc. | 26 | 1,371 | ||||||
Genco Shipping & Trading Ltd. | 98 | 1,890 | ||||||
Pangaea Logistics Solutions Ltd. | 68 | 345 | ||||||
Safe Bulkers, Inc.(1) | 178 | 744 | ||||||
5,862 | ||||||||
Media — 1.7% | ||||||||
AMC Networks, Inc., Class A(1) | 64 | 2,653 | ||||||
Audacy, Inc.(1) | 220 | 682 | ||||||
Boston Omaha Corp., Class A(1) | 52 | 1,455 | ||||||
Cardlytics, Inc.(1) | 64 | 3,712 | ||||||
comScore, Inc.(1) | 148 | 388 | ||||||
Daily Journal Corp.(1) | 2 | 647 | ||||||
E.W. Scripps Co. (The), Class A(1) | 160 | 3,562 | ||||||
Entravision Communications Corp., Class A | 166 | 1,062 | ||||||
Fluent, Inc.(1) | 110 | 156 | ||||||
Gannett Co., Inc.(1) | 372 | 1,845 | ||||||
Gray Television, Inc. | 230 | 5,389 | ||||||
iHeartMedia, Inc., Class A (Acquired 5/2/19, Cost $5,814)(1) | 234 | 5,019 | ||||||
Integral Ad Science Holding Corp.(1) | 72 | 1,347 | ||||||
John Wiley & Sons, Inc., Class A | 120 | 6,037 | ||||||
Lee Enterprises, Inc.(1) | 18 | 599 | ||||||
Salem Media Group, Inc.(1) | 64 | 228 | ||||||
Scholastic Corp. | 56 | 2,357 | ||||||
TechTarget, Inc.(1) | 84 | 6,584 | ||||||
Thryv Holdings, Inc.(1) | 64 | 1,946 | ||||||
WideOpenWest, Inc.(1) | 148 | 2,515 | ||||||
48,183 | ||||||||
Metals and Mining — 2.3% | ||||||||
Allegheny Technologies, Inc.(1) | 262 | 6,744 | ||||||
Alpha Metallurgical Resources, Inc.(1) | 54 | 5,118 | ||||||
Carpenter Technology Corp. | 128 | 4,914 | ||||||
Century Aluminum Co.(1) | 134 | 3,165 | ||||||
Coeur Mining, Inc.(1) | 474 | 2,038 | ||||||
Compass Minerals International, Inc. | 92 | 5,393 | ||||||
Haynes International, Inc. | 36 | 1,316 | ||||||
Hecla Mining Co. | 1,206 | 6,947 | ||||||
Kaiser Aluminum Corp. | 38 | 3,667 | ||||||
Materion Corp. | 62 | 5,180 | ||||||
Olympic Steel, Inc. | 22 | 589 | ||||||
Ryerson Holding Corp. | 54 | 1,411 | ||||||
Schnitzer Steel Industries, Inc., Class A | 72 | 3,503 | ||||||
SunCoke Energy, Inc. | 226 | 1,792 | ||||||
Synalloy Corp.(1) | 26 | 415 | ||||||
TimkenSteel Corp.(1) | 126 | 2,272 | ||||||
Warrior Met Coal, Inc. | 168 | 5,292 | ||||||
Worthington Industries, Inc. | 90 | 5,132 | ||||||
64,888 | ||||||||
Multi-Utilities — 0.7% | ||||||||
Avista Corp. | 188 | 8,390 |
83
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
NorthWestern Corp. | 144 | $ | 8,709 | |||||
Unitil Corp. | 42 | 2,121 | ||||||
19,220 | ||||||||
Multiline Retail — 0.3% | ||||||||
Big Lots, Inc. | 86 | 2,989 | ||||||
Ollie's Bargain Outlet Holdings, Inc.(1) | 100 | 4,318 | ||||||
7,307 | ||||||||
Oil, Gas and Consumable Fuels — 4.8% | ||||||||
Alto Ingredients, Inc.(1) | 188 | 1,096 | ||||||
Arch Resources, Inc. | 48 | 5,730 | ||||||
Berry Corp. | 236 | 2,360 | ||||||
Brigham Minerals, Inc., Class A | 144 | 3,280 | ||||||
Callon Petroleum Co.(1) | 132 | 7,440 | ||||||
Centennial Resource Development, Inc., Class A(1) | 658 | 5,777 | ||||||
Clean Energy Fuels Corp.(1) | 398 | 2,894 | ||||||
CNX Resources Corp.(1) | 476 | 7,778 | ||||||
Comstock Resources, Inc.(1) | 280 | 2,324 | ||||||
CONSOL Energy, Inc.(1) | 76 | 2,336 | ||||||
CVR Energy, Inc. | 96 | 1,669 | ||||||
DHT Holdings, Inc. | 376 | 2,365 | ||||||
Dorian LPG Ltd. | 82 | 1,130 | ||||||
Earthstone Energy, Inc., Class A(1) | 78 | 1,014 | ||||||
Evolution Petroleum Corp. | 82 | 640 | ||||||
Falcon Minerals Corp. | 114 | 654 | ||||||
Gevo, Inc.(1) | 526 | 1,867 | ||||||
Green Plains, Inc.(1) | 154 | 5,042 | ||||||
International Seaways, Inc. | 124 | 2,268 | ||||||
Kimbell Royalty Partners LP | 140 | 2,202 | ||||||
Kosmos Energy Ltd.(1) | 1,550 | 7,533 | ||||||
Laredo Petroleum, Inc.(1) | 56 | 4,287 | ||||||
Nordic American Tankers Ltd. | 308 | 745 | ||||||
Oasis Petroleum, Inc. | 64 | 8,481 | ||||||
PBF Energy, Inc., Class A(1) | 308 | 5,119 | ||||||
Peabody Energy Corp.(1) | 288 | 4,994 | ||||||
Plains GP Holdings LP, Class A(1) | 510 | 5,768 | ||||||
Ranger Oil Corp., Class A(1) | 80 | 2,701 | ||||||
Rattler Midstream LP | 118 | 1,630 | ||||||
Renewable Energy Group, Inc.(1) | 112 | 6,888 | ||||||
REX American Resources Corp.(1) | 18 | 1,700 | ||||||
Riley Exploration Permian, Inc. | 24 | 804 | ||||||
Ring Energy, Inc.(1) | 188 | 598 | ||||||
SandRidge Energy, Inc.(1) | 104 | 1,391 | ||||||
SFL Corp. Ltd. | 334 | 3,323 | ||||||
SilverBow Resources, Inc.(1) | 30 | 772 | ||||||
Talos Energy, Inc.(1) | 208 | 3,268 | ||||||
Teekay Corp.(1) | 188 | 634 | ||||||
Teekay Tankers Ltd., Class A(1) | 60 | 857 | ||||||
VAALCO Energy, Inc. | 154 | 869 | ||||||
Vertex Energy, Inc.(1) | 68 | 452 | ||||||
Whiting Petroleum Corp. | 120 | 8,862 |
84
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
World Fuel Services Corp. | 170 | $ | 4,818 | |||||
136,360 | ||||||||
Paper and Forest Products — 0.5% | ||||||||
Clearwater Paper Corp.(1) | 54 | 1,557 | ||||||
Glatfelter Corp. | 136 | 1,868 | ||||||
Mercer International, Inc. | 108 | 1,444 | ||||||
Neenah, Inc. | 46 | 1,792 | ||||||
Schweitzer-Mauduit International, Inc. | 76 | 2,373 | ||||||
Sylvamo Corp.(1) | 96 | 3,350 | ||||||
Verso Corp., Class A | 86 | 2,280 | ||||||
14,664 | ||||||||
Personal Products — 1.0% | ||||||||
Edgewell Personal Care Co. | 146 | 5,209 | ||||||
elf Beauty, Inc.(1) | 144 | 3,806 | ||||||
Inter Parfums, Inc. | 56 | 5,201 | ||||||
Medifast, Inc. | 24 | 4,464 | ||||||
Nature's Sunshine Products, Inc. | 34 | 596 | ||||||
Nu Skin Enterprises, Inc., Class A | 134 | 6,216 | ||||||
USANA Health Sciences, Inc.(1) | 32 | 2,817 | ||||||
28,309 | ||||||||
Pharmaceuticals — 2.2% | ||||||||
Amneal Pharmaceuticals, Inc.(1) | 368 | 1,667 | ||||||
Amphastar Pharmaceuticals, Inc.(1) | 98 | 2,716 | ||||||
ANI Pharmaceuticals, Inc.(1) | 38 | 1,423 | ||||||
Antares Pharma, Inc.(1) | 376 | 1,316 | ||||||
Assertio Holdings, Inc.(1) | 118 | 271 | ||||||
Atea Pharmaceuticals, Inc.(1) | 88 | 558 | ||||||
Athira Pharma, Inc.(1) | 100 | 916 | ||||||
BioDelivery Sciences International, Inc.(1) | 166 | 926 | ||||||
Collegium Pharmaceutical, Inc.(1) | 80 | 1,558 | ||||||
Corcept Therapeutics, Inc.(1) | 290 | 6,464 | ||||||
CorMedix, Inc.(1) | 84 | 410 | ||||||
Cymabay Therapeutics, Inc.(1) | 218 | 693 | ||||||
Evolus, Inc.(1) | 50 | 458 | ||||||
Harmony Biosciences Holdings, Inc.(1) | 92 | 3,676 | ||||||
Harrow Health, Inc.(1) | 68 | 524 | ||||||
Innoviva, Inc.(1) | 188 | 3,612 | ||||||
KemPharm, Inc.(1) | 82 | 486 | ||||||
Liquidia Corp.(1) | 124 | 802 | ||||||
Nektar Therapeutics(1) | 480 | 4,915 | ||||||
Pacira BioSciences, Inc.(1) | 124 | 8,270 | ||||||
Phibro Animal Health Corp., Class A | 50 | 1,065 | ||||||
Pliant Therapeutics, Inc.(1) | 38 | 341 | ||||||
Prestige Consumer Healthcare, Inc.(1) | 144 | 8,572 | ||||||
Provention Bio, Inc.(1) | 138 | 865 | ||||||
SCYNEXIS, Inc.(1) | 62 | 259 | ||||||
SIGA Technologies, Inc.(1) | 134 | 804 | ||||||
Supernus Pharmaceuticals, Inc.(1) | 142 | 4,537 | ||||||
TFF Pharmaceuticals, Inc.(1) | 44 | 299 | ||||||
Zogenix, Inc.(1) | 118 | 3,099 | ||||||
61,502 |
85
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Professional Services — 1.1% | ||||||||
Barrett Business Services, Inc. | 20 | $ | 1,203 | |||||
CBIZ, Inc.(1) | 142 | 5,525 | ||||||
CRA International, Inc. | 20 | 1,777 | ||||||
DLH Holdings Corp.(1) | 20 | 346 | ||||||
Forrester Research, Inc.(1) | 36 | 1,869 | ||||||
Franklin Covey Co.(1) | 38 | 1,752 | ||||||
Heidrick & Struggles International, Inc. | 54 | 2,309 | ||||||
HireRight Holdings Corp.(1) | 22 | 288 | ||||||
Hudson Global, Inc.(1) | 8 | 238 | ||||||
ICF International, Inc. | 54 | 4,786 | ||||||
Kelly Services, Inc., Class A | 86 | 1,825 | ||||||
Kforce, Inc. | 62 | 4,661 | ||||||
Mistras Group, Inc.(1) | 48 | 320 | ||||||
Resources Connection, Inc. | 94 | 1,560 | ||||||
TrueBlue, Inc.(1) | 100 | 2,720 | ||||||
31,179 | ||||||||
Real Estate Management and Development — 1.0% | ||||||||
Five Point Holdings LLC, Class A(1) | 140 | 829 | ||||||
Forestar Group, Inc.(1) | 50 | 915 | ||||||
Kennedy-Wilson Holdings, Inc. | 336 | 7,439 | ||||||
Marcus & Millichap, Inc.(1) | 78 | 3,879 | ||||||
Rafael Holdings, Inc., Class B(1) | 44 | 139 | ||||||
RE/MAX Holdings, Inc., Class A | 50 | 1,482 | ||||||
Realogy Holdings Corp.(1) | 308 | 5,599 | ||||||
RMR Group, Inc. (The), Class A | 42 | 1,224 | ||||||
St. Joe Co. (The) | 100 | 5,403 | ||||||
Tejon Ranch Co.(1) | 62 | 1,053 | ||||||
27,962 | ||||||||
Road and Rail — 0.9% | ||||||||
ArcBest Corp. | 90 | 8,341 | ||||||
Covenant Logistics Group, Inc.(1) | 32 | 720 | ||||||
Daseke, Inc.(1) | 140 | 1,757 | ||||||
Heartland Express, Inc. | 124 | 1,781 | ||||||
Marten Transport Ltd. | 180 | 3,105 | ||||||
PAM Transportation Services, Inc.(1) | 10 | 675 | ||||||
Universal Logistics Holdings, Inc. | 18 | 344 | ||||||
US Xpress Enterprises, Inc., Class A(1) | 56 | 254 | ||||||
USA Truck, Inc.(1) | 22 | 536 | ||||||
Werner Enterprises, Inc. | 166 | 7,215 | ||||||
24,728 | ||||||||
Semiconductors and Semiconductor Equipment — 2.0% | ||||||||
Alpha & Omega Semiconductor Ltd.(1) | 72 | 3,872 | ||||||
Amtech Systems, Inc.(1) | 26 | 270 | ||||||
Axcelis Technologies, Inc.(1) | 100 | 6,922 | ||||||
AXT, Inc.(1) | 106 | 790 | ||||||
CEVA, Inc.(1) | 60 | 2,446 | ||||||
Cohu, Inc.(1) | 130 | 4,054 | ||||||
CyberOptics Corp.(1) | 20 | 760 | ||||||
Everspin Technologies, Inc.(1) | 52 | 525 | ||||||
Formfactor, Inc.(1) | 174 | 7,045 |
86
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Ichor Holdings Ltd.(1) | 76 | $ | 2,678 | |||||
inTEST Corp.(1) | 20 | 222 | ||||||
MagnaChip Semiconductor Corp.(1) | 126 | 2,293 | ||||||
Meta Materials, Inc.(1) | 382 | 821 | ||||||
NVE Corp. | 12 | 686 | ||||||
PDF Solutions, Inc.(1) | 104 | 2,846 | ||||||
Photronics, Inc.(1) | 196 | 3,610 | ||||||
Rambus, Inc.(1) | 326 | 8,802 | ||||||
SMART Global Holdings, Inc.(1) | 154 | 4,227 | ||||||
Ultra Clean Holdings, Inc.(1) | 122 | 5,589 | ||||||
58,458 | ||||||||
Software — 1.6% | ||||||||
A10 Networks, Inc. | 198 | 2,819 | ||||||
Avaya Holdings Corp.(1) | 228 | 3,140 | ||||||
Bottomline Technologies de, Inc.(1) | 134 | 7,590 | ||||||
ChannelAdvisor Corp.(1) | 78 | 1,400 | ||||||
Cleanspark, Inc.(1) | 106 | 1,124 | ||||||
CommVault Systems, Inc.(1) | 116 | 7,298 | ||||||
CoreCard Corp.(1) | 18 | 580 | ||||||
Ebix, Inc. | 66 | 1,948 | ||||||
eGain Corp.(1) | 60 | 707 | ||||||
InterDigital, Inc. | 84 | 5,411 | ||||||
Mitek Systems, Inc.(1) | 116 | 1,724 | ||||||
N-able, Inc.(1) | 144 | 1,666 | ||||||
OneSpan, Inc.(1) | 68 | 937 | ||||||
Progress Software Corp. | 120 | 5,290 | ||||||
SRAX, Inc.(1) | 60 | 267 | ||||||
Sumo Logic, Inc.(1) | 182 | 2,191 | ||||||
Upland Software, Inc.(1) | 40 | 754 | ||||||
Vertex, Inc., Class A(1) | 72 | 1,003 | ||||||
Viant Technology, Inc., Class A(1) | 24 | 197 | ||||||
VirnetX Holding Corp.(1) | 122 | 222 | ||||||
46,268 | ||||||||
Specialty Retail — 3.3% | ||||||||
Aaron's Co., Inc. (The) | 84 | 1,763 | ||||||
Abercrombie & Fitch Co., Class A(1) | 150 | 5,712 | ||||||
America's Car-Mart, Inc.(1) | 16 | 1,539 | ||||||
Arko Corp.(1) | 248 | 2,071 | ||||||
Barnes & Noble Education, Inc.(1) | 100 | 548 | ||||||
Bed Bath & Beyond, Inc.(1) | 166 | 2,804 | ||||||
Big 5 Sporting Goods Corp. | 56 | 927 | ||||||
Boot Barn Holdings, Inc.(1) | 102 | 8,876 | ||||||
Buckle, Inc. (The) | 84 | 3,024 | ||||||
Build-A-Bear Workshop, Inc. | 44 | 899 | ||||||
Caleres, Inc. | 98 | 2,034 | ||||||
CarLotz, Inc.(1) | 124 | 250 | ||||||
Cato Corp. (The), Class A | 50 | 880 | ||||||
Chico's FAS, Inc.(1) | 312 | 1,466 | ||||||
Children's Place, Inc. (The)(1) | 36 | 2,267 | ||||||
Citi Trends, Inc.(1) | 22 | 821 |
87
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Conn's, Inc.(1) | 50 | $ | 917 | |||||
Container Store Group, Inc. (The)(1) | 82 | 724 | ||||||
Designer Brands, Inc., Class A(1) | 162 | 2,114 | ||||||
Genesco, Inc.(1) | 38 | 2,438 | ||||||
Group 1 Automotive, Inc. | 52 | 9,460 | ||||||
Guess?, Inc. | 110 | 2,409 | ||||||
Haverty Furniture Cos., Inc. | 42 | 1,193 | ||||||
Hibbett, Inc. | 32 | 1,443 | ||||||
Kirkland's, Inc.(1) | 24 | 332 | ||||||
Lazydays Holdings, Inc.(1) | 24 | 438 | ||||||
LL Flooring Holdings, Inc.(1) | 70 | 1,124 | ||||||
MarineMax, Inc.(1) | 64 | 2,929 | ||||||
Monro, Inc. | 88 | 4,108 | ||||||
ODP Corp. (The)(1) | 122 | 5,368 | ||||||
OneWater Marine, Inc., Class A | 28 | 1,423 | ||||||
Party City Holdco, Inc.(1) | 226 | 979 | ||||||
Sally Beauty Holdings, Inc.(1) | 302 | 5,219 | ||||||
Shoe Carnival, Inc. | 48 | 1,400 | ||||||
Sonic Automotive, Inc., Class A | 58 | 3,115 | ||||||
Tile Shop Holdings, Inc. | 98 | 620 | ||||||
Tilly's, Inc., Class A | 62 | 787 | ||||||
TravelCenters of America, Inc.(1) | 40 | 1,689 | ||||||
Urban Outfitters, Inc.(1) | 160 | 4,402 | ||||||
Vroom, Inc.(1) | 148 | 900 | ||||||
Zumiez, Inc.(1) | 58 | 2,580 | ||||||
93,992 | ||||||||
Technology Hardware, Storage and Peripherals — 0.3% | ||||||||
Eastman Kodak Co.(1) | 138 | 658 | ||||||
Immersion Corp.(1) | 62 | 330 | ||||||
Intevac, Inc.(1) | 66 | 342 | ||||||
Super Micro Computer, Inc.(1) | 136 | 5,344 | ||||||
Turtle Beach Corp.(1) | 38 | 903 | ||||||
7,577 | ||||||||
Textiles, Apparel and Luxury Goods — 1.0% | ||||||||
Delta Apparel, Inc.(1) | 16 | 474 | ||||||
Fossil Group, Inc.(1) | 126 | 1,703 | ||||||
G-III Apparel Group Ltd.(1) | 120 | 3,329 | ||||||
Kontoor Brands, Inc. | 146 | 7,233 | ||||||
Lakeland Industries, Inc.(1) | 20 | 382 | ||||||
Movado Group, Inc. | 50 | 1,971 | ||||||
Oxford Industries, Inc. | 46 | 4,066 | ||||||
PLBY Group, Inc.(1) | 58 | 923 | ||||||
Rocky Brands, Inc. | 16 | 617 | ||||||
Superior Group of Cos., Inc. | 30 | 615 | ||||||
Unifi, Inc.(1) | 40 | 751 | ||||||
Vera Bradley, Inc.(1) | 66 | 499 | ||||||
Wolverine World Wide, Inc. | 218 | 5,021 | ||||||
27,584 | ||||||||
Thrifts and Mortgage Finance — 1.8% | ||||||||
Bridgewater Bancshares, Inc.(1) | 58 | 976 |
88
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Columbia Financial, Inc.(1) | 108 | $ | 2,294 | |||||
Federal Agricultural Mortgage Corp., Class C | 28 | 3,464 | ||||||
Flagstar Bancorp, Inc. | 146 | 6,655 | ||||||
Home Bancorp, Inc. | 20 | 784 | ||||||
Kearny Financial Corp. | 188 | 2,483 | ||||||
Merchants Bancorp | 44 | 1,274 | ||||||
Mr. Cooper Group, Inc.(1) | 204 | 10,369 | ||||||
NMI Holdings, Inc., Class A(1) | 228 | 5,276 | ||||||
Northfield Bancorp, Inc. | 118 | 1,853 | ||||||
Ocwen Financial Corp.(1) | 22 | 630 | ||||||
Provident Financial Services, Inc. | 204 | 4,841 | ||||||
Southern Missouri Bancorp, Inc. | 22 | 1,179 | ||||||
TrustCo Bank Corp. NY | 50 | 1,708 | ||||||
Washington Federal, Inc. | 178 | 6,333 | ||||||
Waterstone Financial, Inc. | 60 | 1,172 | ||||||
51,291 | ||||||||
Trading Companies and Distributors — 1.7% | ||||||||
Alta Equipment Group, Inc.(1) | 56 | 706 | ||||||
BlueLinx Holdings, Inc.(1) | 32 | 2,860 | ||||||
Boise Cascade Co. | 128 | 10,232 | ||||||
Global Industrial Co. | 44 | 1,398 | ||||||
H&E Equipment Services, Inc. | 92 | 3,842 | ||||||
Huttig Building Products, Inc.(1) | 66 | 613 | ||||||
Lawson Products, Inc.(1) | 12 | 510 | ||||||
McGrath RentCorp | 66 | 5,365 | ||||||
MRC Global, Inc.(1) | 216 | 2,182 | ||||||
NOW, Inc.(1) | 296 | 2,765 | ||||||
Rush Enterprises, Inc., Class A | 138 | 7,168 | ||||||
Rush Enterprises, Inc., Class B | 26 | 1,274 | ||||||
Titan Machinery, Inc.(1) | 64 | 1,813 | ||||||
Transcat, Inc.(1) | 24 | 1,883 | ||||||
Veritiv Corp.(1) | 46 | 4,930 | ||||||
47,541 | ||||||||
Water Utilities — 0.6% | ||||||||
American States Water Co. | 98 | 8,248 | ||||||
Artesian Resources Corp., Class A | 22 | 1,022 | ||||||
California Water Service Group | 132 | 7,515 | ||||||
Consolidated Water Co. Ltd. | 38 | 372 | ||||||
York Water Co. (The) | 34 | 1,526 | ||||||
18,683 | ||||||||
Wireless Telecommunication Services — 0.3% | ||||||||
Shenandoah Telecommunications Co. | 130 | 2,906 | ||||||
Spok Holdings, Inc. | 44 | 385 | ||||||
Telephone and Data Systems, Inc. | 286 | 4,962 | ||||||
United States Cellular Corp.(1) | 42 | 1,155 | ||||||
9,408 | ||||||||
TOTAL COMMON STOCKS (Cost $2,872,740) | 2,849,930 |
89
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Funds — 0.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 2,467 | $ | 2,467 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,467) | 2,467 | |||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $2,875,207) | 2,852,397 | |||||||
OTHER ASSETS AND LIABILITIES† | 851 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 2,853,248 |
NOTES TO SCHEDULE OF INVESTMENTS |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
See Notes to Financial Statements.
90
FEBRUARY 28, 2022 (UNAUDITED)
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Aerospace and Defense — 0.4% | ||||||||
AAR Corp.(1) | 122,675 | $ | 5,513,014 | |||||
Hexcel Corp. | 39,524 | 2,288,440 | ||||||
Kaman Corp. | 66,571 | 2,889,847 | ||||||
Moog, Inc., Class A | 9,052 | 752,312 | ||||||
11,443,613 | ||||||||
Air Freight and Logistics — 1.1% | ||||||||
Air Transport Services Group, Inc.(1) | 252,794 | 7,965,539 | ||||||
Atlas Air Worldwide Holdings, Inc.(1) | 161,616 | 12,664,230 | ||||||
Hub Group, Inc., Class A(1) | 100,530 | 8,484,732 | ||||||
29,114,501 | ||||||||
Airlines — 0.6% | ||||||||
Allegiant Travel Co.(1) | 48,508 | 8,444,758 | ||||||
Hawaiian Holdings, Inc.(1) | 30,438 | 583,801 | ||||||
Mesa Air Group, Inc.(1) | 86,295 | 375,383 | ||||||
SkyWest, Inc.(1) | 207,511 | 5,833,134 | ||||||
15,237,076 | ||||||||
Auto Components — 1.2% | ||||||||
American Axle & Manufacturing Holdings, Inc.(1) | 374,738 | 3,470,074 | ||||||
Cooper-Standard Holdings, Inc.(1) | 11,278 | 143,456 | ||||||
Dana, Inc. | 51,815 | 964,795 | ||||||
Dorman Products, Inc.(1) | 39,503 | 3,690,370 | ||||||
Gentherm, Inc.(1) | 34,809 | 2,953,196 | ||||||
Goodyear Tire & Rubber Co. (The)(1) | 983,360 | 15,232,247 | ||||||
Modine Manufacturing Co.(1) | 205,244 | 2,072,964 | ||||||
Motorcar Parts of America, Inc.(1) | 51,608 | 833,469 | ||||||
Standard Motor Products, Inc. | 54,291 | 2,373,060 | ||||||
31,733,631 | ||||||||
Automobiles — 0.5% | ||||||||
Harley-Davidson, Inc. | 106,459 | 4,396,757 | ||||||
Winnebago Industries, Inc. | 127,462 | 8,166,490 | ||||||
12,563,247 | ||||||||
Banks — 16.7% | ||||||||
1st Source Corp. | 28,289 | 1,366,076 | ||||||
ACNB Corp. | 25,427 | 818,241 | ||||||
Amalgamated Financial Corp. | 56,228 | 965,435 | ||||||
Amerant Bancorp, Inc. | 77,661 | 2,520,099 | ||||||
Ameris Bancorp | 157,047 | 7,773,826 | ||||||
Arrow Financial Corp. | 49,835 | 1,711,832 | ||||||
Associated Banc-Corp. | 375,453 | 9,157,299 | ||||||
Atlantic Capital Bancshares, Inc.(1) | 7,610 | 246,107 | ||||||
Atlantic Union Bankshares Corp. | 50,739 | 2,061,526 | ||||||
Banc of California, Inc. | 14,654 | 287,951 | ||||||
BancFirst Corp. | 56,310 | 4,399,500 | ||||||
Bancorp, Inc. (The)(1) | 224,664 | 6,582,655 | ||||||
Bank First Corp. | 7,990 | 562,736 | ||||||
Bank of Hawaii Corp. | 120,136 | 10,353,320 | ||||||
Bank OZK | 68,370 | 3,214,757 | ||||||
BankFinancial Corp. | 43,854 | 478,447 |
91
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
BankUnited, Inc. | 245,719 | $ | 10,860,780 | |||||
Bankwell Financial Group, Inc. | 17,994 | 627,091 | ||||||
Banner Corp. | 97,058 | 5,979,743 | ||||||
BCB Bancorp, Inc. | 56,578 | 1,030,851 | ||||||
Brookline Bancorp., Inc. | 56,358 | 965,976 | ||||||
Byline Bancorp, Inc. | 89,566 | 2,442,465 | ||||||
Cadence Bank | 64,602 | 2,042,715 | ||||||
Camden National Corp. | 11,459 | 544,875 | ||||||
Cathay General Bancorp | 233,142 | 10,964,668 | ||||||
CB Financial Services, Inc. | 14,325 | 360,274 | ||||||
Central Pacific Financial Corp. | 114,582 | 3,344,649 | ||||||
Central Valley Community Bancorp | 42,416 | 978,537 | ||||||
City Holding Co. | 39,378 | 3,137,245 | ||||||
CNB Financial Corp. | 56,521 | 1,478,024 | ||||||
Codorus Valley Bancorp, Inc. | 34,590 | 771,011 | ||||||
Columbia Banking System, Inc. | 5,647 | 206,850 | ||||||
Community Trust Bancorp, Inc. | 29,985 | 1,267,766 | ||||||
ConnectOne Bancorp, Inc. | 104,435 | 3,446,355 | ||||||
Customers Bancorp, Inc.(1) | 106,676 | 6,565,908 | ||||||
Dime Community Bancshares, Inc. | 44,538 | 1,513,847 | ||||||
Eagle Bancorp, Inc. | 108,414 | 6,496,167 | ||||||
Enterprise Financial Services Corp. | 21,635 | 1,069,634 | ||||||
Equity Bancshares, Inc., Class A | 603 | 18,964 | ||||||
F.N.B. Corp. | 755,671 | 10,148,662 | ||||||
Farmers National Banc Corp. | 96,239 | 1,658,198 | ||||||
FB Financial Corp. | 25,322 | 1,125,310 | ||||||
Financial Institutions, Inc. | 58,268 | 1,861,080 | ||||||
First BanCorp | 612,156 | 8,643,643 | ||||||
First Bancorp, Inc. (The) | 14,392 | 428,882 | ||||||
First Bancorp/Southern Pines NC | 39,431 | 1,769,663 | ||||||
First Bancshares, Inc. (The) | 5,627 | 198,689 | ||||||
First Busey Corp. | 97,825 | 2,685,296 | ||||||
First Business Financial Services, Inc. | 27,313 | 899,963 | ||||||
First Citizens BancShares, Inc., Class A | 3,948 | 3,112,801 | ||||||
First Commonwealth Financial Corp. | 57,587 | 930,030 | ||||||
First Community Bankshares, Inc. | 3,984 | 116,851 | ||||||
First Financial Corp. | 22,737 | 1,057,498 | ||||||
First Foundation, Inc. | 136,667 | 3,644,909 | ||||||
First Internet Bancorp | 30,751 | 1,503,109 | ||||||
First Interstate Bancsystem, Inc., Class A | 28,242 | 1,146,625 | ||||||
First Mid Bancshares, Inc. | 44,582 | 1,786,401 | ||||||
First of Long Island Corp. (The) | 77,499 | 1,687,153 | ||||||
First United Corp. | 24,958 | 594,999 | ||||||
Flushing Financial Corp. | 33,112 | 777,801 | ||||||
Franklin Financial Services Corp. | 14,288 | 476,076 | ||||||
Fulton Financial Corp. | 200,956 | 3,621,227 | ||||||
Glacier Bancorp, Inc. | 42,745 | 2,368,073 | ||||||
Great Southern Bancorp, Inc. | 48,899 | 3,003,377 | ||||||
Hancock Whitney Corp. | 132,449 | 7,374,760 | ||||||
Hanmi Financial Corp. | 121,297 | 3,168,278 | ||||||
HarborOne Bancorp, Inc. | 92,202 | 1,363,668 |
92
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Hawthorn Bancshares, Inc. | 20,751 | $ | 542,431 | |||||
Heartland Financial USA, Inc. | 53,215 | 2,640,528 | ||||||
Hilltop Holdings, Inc. | 200,493 | 6,199,244 | ||||||
HomeStreet, Inc. | 91,567 | 4,712,038 | ||||||
HomeTrust Bancshares, Inc. | 22,724 | 683,538 | ||||||
Hope Bancorp, Inc. | 312,357 | 5,297,575 | ||||||
Horizon Bancorp, Inc. | 59,114 | 1,187,009 | ||||||
Independent Bank Corp. (Massachusetts) | 19,124 | 1,644,855 | ||||||
Independent Bank Corp. (Michigan) | 84,650 | 2,014,670 | ||||||
International Bancshares Corp. | 168,542 | 7,248,991 | ||||||
Investors Bancorp, Inc. | 450,389 | 7,539,512 | ||||||
Lakeland Bancorp, Inc. | 168,074 | 3,032,055 | ||||||
Lakeland Financial Corp. | 69,937 | 5,609,647 | ||||||
Live Oak Bancshares, Inc. | 37,828 | 2,419,101 | ||||||
Macatawa Bank Corp. | 108,212 | 993,386 | ||||||
Mercantile Bank Corp. | 61,438 | 2,265,219 | ||||||
Meta Financial Group, Inc. | 76,475 | 4,235,950 | ||||||
Metropolitan Bank Holding Corp.(1) | 17,830 | 1,823,118 | ||||||
Midland States Bancorp, Inc. | 90,032 | 2,643,340 | ||||||
MidWestOne Financial Group, Inc. | 50,788 | 1,533,290 | ||||||
MVB Financial Corp. | 56,081 | 2,160,240 | ||||||
National Bank Holdings Corp., Class A | 60,328 | 2,677,357 | ||||||
NBT Bancorp, Inc. | 40,872 | 1,568,259 | ||||||
Nicolet Bankshares, Inc.(1) | 12,150 | 1,157,409 | ||||||
Northeast Bank | 35,798 | 1,303,763 | ||||||
Northrim BanCorp, Inc. | 21,570 | 966,120 | ||||||
OFG Bancorp | 174,306 | 4,911,943 | ||||||
Old National Bancorp. | 231,823 | 4,237,726 | ||||||
Old Second Bancorp, Inc. | 120,291 | 1,711,741 | ||||||
Origin Bancorp, Inc. | 19,350 | 893,583 | ||||||
Orrstown Financial Services, Inc. | 38,097 | 930,329 | ||||||
Pacific Premier Bancorp, Inc. | 118,405 | 4,583,458 | ||||||
PacWest Bancorp | 131,546 | 6,501,003 | ||||||
Park National Corp. | 14,026 | 1,880,326 | ||||||
Parke Bancorp, Inc. | 38,335 | 904,323 | ||||||
PCB Bancorp.(2) | 49,590 | 1,166,853 | ||||||
Peapack-Gladstone Financial Corp. | 63,193 | 2,383,640 | ||||||
Peoples Bancorp, Inc. | 36,112 | 1,129,583 | ||||||
Popular, Inc. | 106,488 | 9,780,923 | ||||||
Preferred Bank | 21,264 | 1,668,799 | ||||||
Premier Financial Corp. | 54,750 | 1,679,183 | ||||||
Primis Financial Corp. | 75,821 | 1,084,240 | ||||||
QCR Holdings, Inc. | 50,241 | 2,806,462 | ||||||
RBB Bancorp | 59,131 | 1,426,240 | ||||||
Red River Bancshares, Inc. | 1,846 | 94,515 | ||||||
Republic Bancorp, Inc., Class A | 43,251 | 1,984,356 | ||||||
Sandy Spring Bancorp, Inc. | 64,308 | 3,028,264 | ||||||
ServisFirst Bancshares, Inc. | 127,406 | 11,132,736 | ||||||
Shore Bancshares, Inc. | 23,010 | 485,051 | ||||||
Sierra Bancorp | 52,960 | 1,421,446 | ||||||
Simmons First National Corp., Class A | 184,456 | 5,260,685 |
93
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
SmartFinancial, Inc. | 38,148 | $ | 995,281 | |||||
Southern First Bancshares, Inc.(1) | 25,404 | 1,449,552 | ||||||
Southside Bancshares, Inc. | 22,677 | 945,404 | ||||||
SouthState Corp. | 39,445 | 3,550,050 | ||||||
Stock Yards Bancorp, Inc. | 24,782 | 1,325,094 | ||||||
Summit Financial Group, Inc. | 40,385 | 1,101,299 | ||||||
Synovus Financial Corp. | 150,603 | 7,929,248 | ||||||
Texas Capital Bancshares, Inc.(1) | 110,057 | 7,329,796 | ||||||
Tompkins Financial Corp. | 10,399 | 822,561 | ||||||
Towne Bank | 48,163 | 1,501,722 | ||||||
Trico Bancshares | 6,451 | 279,973 | ||||||
TriState Capital Holdings, Inc.(1) | 93,411 | 3,101,245 | ||||||
Triumph Bancorp, Inc.(1) | 34,621 | 3,473,179 | ||||||
Trustmark Corp. | 178,086 | 5,607,928 | ||||||
UMB Financial Corp. | 105,376 | 10,733,599 | ||||||
Umpqua Holdings Corp. | 570,180 | 12,173,343 | ||||||
United Community Banks, Inc. | 225,278 | 8,709,247 | ||||||
United Security Bancshares | 59,435 | 499,848 | ||||||
Unity Bancorp, Inc. | 27,314 | 774,352 | ||||||
Univest Financial Corp. | 34,729 | 1,006,446 | ||||||
Valley National Bancorp | 595,050 | 8,312,848 | ||||||
Washington Trust Bancorp, Inc. | 50,750 | 2,754,203 | ||||||
Webster Financial Corp. | 130,872 | 7,879,803 | ||||||
West BanCorp, Inc. | 56,396 | 1,629,844 | ||||||
Western Alliance Bancorp | 18,568 | 1,740,564 | ||||||
Wintrust Financial Corp. | 154,039 | 15,305,315 | ||||||
443,885,021 | ||||||||
Beverages — 0.2% | ||||||||
Coca-Cola Consolidated, Inc. | 12,786 | 6,353,747 | ||||||
Biotechnology — 1.0% | ||||||||
Alector, Inc.(1) | 84,463 | 1,337,894 | ||||||
Catalyst Pharmaceuticals, Inc.(1) | 272,244 | 2,123,503 | ||||||
Emergent BioSolutions, Inc.(1) | 158,881 | 6,574,496 | ||||||
Ironwood Pharmaceuticals, Inc.(1) | 496,216 | 5,339,284 | ||||||
iTeos Therapeutics, Inc.(1) | 90,854 | 3,282,555 | ||||||
Ovid therapeutics, Inc.(1)(2) | 38,184 | 129,444 | ||||||
Sage Therapeutics, Inc.(1) | 147,938 | 5,380,505 | ||||||
uniQure NV(1) | 173,701 | 2,951,180 | ||||||
27,118,861 | ||||||||
Building Products — 0.7% | ||||||||
Apogee Enterprises, Inc. | 92,736 | 4,179,611 | ||||||
Griffon Corp. | 63,363 | 1,460,517 | ||||||
Insteel Industries, Inc. | 64,874 | 2,407,474 | ||||||
Masonite International Corp.(1) | 88,884 | 8,384,428 | ||||||
Quanex Building Products Corp. | 127,972 | 2,925,440 | ||||||
UFP Industries, Inc. | 2,220 | 190,365 | ||||||
19,547,835 | ||||||||
Capital Markets — 1.9% | ||||||||
B. Riley Financial, Inc. | 59,108 | 3,519,881 | ||||||
Brightsphere Investment Group, Inc. | 84,362 | 2,013,721 | ||||||
Cowen, Inc., Class A | 93,997 | 2,787,011 |
94
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Diamond Hill Investment Group, Inc. | 10,698 | $ | 2,074,128 | |||||
Evercore, Inc., Class A | 62,016 | 7,876,652 | ||||||
Janus Henderson Group plc | 162,898 | 5,468,486 | ||||||
Moelis & Co., Class A | 103,179 | 4,974,260 | ||||||
Oppenheimer Holdings, Inc., Class A | 30,815 | 1,330,900 | ||||||
Piper Sandler Cos. | 52,652 | 7,793,023 | ||||||
Stifel Financial Corp. | 111,339 | 8,183,417 | ||||||
StoneX Group, Inc.(1) | 12,361 | 932,637 | ||||||
Victory Capital Holdings, Inc., Class A | 7,460 | 247,448 | ||||||
Virtus Investment Partners, Inc. | 9,631 | 2,317,411 | ||||||
49,518,975 | ||||||||
Chemicals — 3.0% | ||||||||
AdvanSix, Inc. | 133,937 | 5,365,516 | ||||||
AgroFresh Solutions, Inc.(1) | 89,458 | 179,811 | ||||||
American Vanguard Corp. | 43,487 | 655,349 | ||||||
Cabot Corp. | 185,512 | 13,572,058 | ||||||
Chemours Co. (The) | 552,496 | 15,248,890 | ||||||
Ecovyst, Inc. | 150,885 | 1,649,173 | ||||||
Ferro Corp.(1) | 153,440 | 3,334,251 | ||||||
Hawkins, Inc. | 80,437 | 3,640,579 | ||||||
Intrepid Potash, Inc.(1) | 17,341 | 986,529 | ||||||
Kraton Corp.(1) | 122,372 | 5,647,468 | ||||||
Kronos Worldwide, Inc. | 18,817 | 277,174 | ||||||
LSB Industries, Inc.(1) | 19,709 | 340,966 | ||||||
NewMarket Corp. | 17,549 | 5,576,370 | ||||||
Orion Engineered Carbons SA | 153,480 | 2,385,079 | ||||||
Rayonier Advanced Materials, Inc.(1) | 327,355 | 1,921,574 | ||||||
Sensient Technologies Corp. | 98 | 8,049 | ||||||
Stepan Co. | 80,993 | 8,392,495 | ||||||
Tronox Holdings plc, Class A | 459,155 | 9,320,846 | ||||||
78,502,177 | ||||||||
Commercial Services and Supplies — 1.0% | ||||||||
Clean Harbors, Inc.(1) | 117,438 | 11,207,108 | ||||||
Ennis, Inc. | 80,270 | 1,507,471 | ||||||
Healthcare Services Group, Inc. | 195,831 | 3,098,046 | ||||||
Heritage-Crystal Clean, Inc.(1) | 25,971 | 728,227 | ||||||
HNI Corp. | 138,319 | 5,628,200 | ||||||
Interface, Inc. | 207,383 | 2,706,348 | ||||||
Quad/Graphics, Inc.(1) | 94,889 | 519,992 | ||||||
25,395,392 | ||||||||
Communications Equipment — 0.4% | ||||||||
ViaSat, Inc.(1) | 213,944 | 9,764,404 | ||||||
Construction and Engineering — 1.4% | ||||||||
Arcosa, Inc. | 2,676 | 140,945 | ||||||
Argan, Inc. | 41,491 | 1,613,585 | ||||||
Dycom Industries, Inc.(1) | 86,116 | 7,497,259 | ||||||
EMCOR Group, Inc. | 17,968 | 2,076,023 | ||||||
Granite Construction, Inc. | 179,733 | 5,440,518 | ||||||
Great Lakes Dredge & Dock Corp.(1) | 51,493 | 726,566 | ||||||
MasTec, Inc.(1) | 55,935 | 4,405,440 | ||||||
MYR Group, Inc.(1) | 73,435 | 6,590,791 |
95
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Northwest Pipe Co.(1) | 22,590 | $ | 643,815 | |||||
Primoris Services Corp. | 138,357 | 3,648,474 | ||||||
Sterling Construction Co., Inc.(1) | 85,896 | 2,536,509 | ||||||
Tutor Perini Corp.(1) | 103,417 | 1,013,487 | ||||||
36,333,412 | ||||||||
Construction Materials — 0.1% | ||||||||
Eagle Materials, Inc. | 17,701 | 2,422,028 | ||||||
Consumer Finance — 1.9% | ||||||||
Atlanticus Holdings Corp.(1) | 7,376 | 392,920 | ||||||
Elevate Credit, Inc.(1)(2) | 11,263 | 37,055 | ||||||
Encore Capital Group, Inc.(1) | 72,542 | 4,787,047 | ||||||
Enova International, Inc.(1) | 15,630 | 637,235 | ||||||
Green Dot Corp., Class A(1) | 138,390 | 3,964,874 | ||||||
Navient Corp. | 455,536 | 8,021,989 | ||||||
Nelnet, Inc., Class A | 68,150 | 5,489,483 | ||||||
OneMain Holdings, Inc. | 35,378 | 1,803,570 | ||||||
PRA Group, Inc.(1) | 93,269 | 4,162,596 | ||||||
PROG Holdings, Inc.(1) | 233,169 | 7,144,298 | ||||||
Regional Management Corp. | 35,904 | 1,842,952 | ||||||
SLM Corp. | 582,462 | 11,474,501 | ||||||
World Acceptance Corp.(1) | 7,435 | 1,460,754 | ||||||
51,219,274 | ||||||||
Containers and Packaging† | ||||||||
TriMas Corp. | 25,266 | 821,398 | ||||||
Diversified Consumer Services — 0.7% | ||||||||
Graham Holdings Co., Class B | 3 | 1,803 | ||||||
Grand Canyon Education, Inc.(1) | 124,713 | 10,828,830 | ||||||
Laureate Education, Inc., Class A | 508,165 | 5,508,509 | ||||||
Perdoceo Education Corp.(1) | 265,619 | 2,781,031 | ||||||
Universal Technical Institute, Inc.(1) | 8,983 | 77,613 | ||||||
19,197,786 | ||||||||
Diversified Financial Services† | ||||||||
Alerus Financial Corp. | 32,340 | 929,775 | ||||||
Diversified Telecommunication Services — 0.7% | ||||||||
ATN International, Inc. | 19,545 | 651,435 | ||||||
EchoStar Corp., Class A(1) | 130,130 | 3,167,364 | ||||||
IDT Corp., Class B(1) | 45,038 | 1,624,070 | ||||||
Iridium Communications, Inc.(1) | 357,983 | 14,172,547 | ||||||
19,615,416 | ||||||||
Electrical Equipment — 1.1% | ||||||||
Atkore, Inc.(1) | 176,994 | 18,002,060 | ||||||
Encore Wire Corp. | 101,892 | 11,862,267 | ||||||
LSI Industries, Inc. | 22,995 | 156,826 | ||||||
Powell Industries, Inc. | 3 | 63 | ||||||
TPI Composites, Inc.(1) | 13,139 | 177,639 | ||||||
30,198,855 | ||||||||
Electronic Equipment, Instruments and Components — 1.7% | ||||||||
Avnet, Inc. | 24,404 | 1,026,676 | ||||||
Bel Fuse, Inc., Class B | 14,891 | 234,533 | ||||||
Benchmark Electronics, Inc. | 90,455 | 2,364,494 | ||||||
CTS Corp. | 13,788 | 523,117 |
96
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Daktronics, Inc.(1) | 43,868 | $ | 202,231 | |||||
ePlus, Inc.(1) | 1,612 | 75,603 | ||||||
Insight Enterprises, Inc.(1) | 9,774 | 1,016,496 | ||||||
Jabil, Inc. | 37,991 | 2,196,260 | ||||||
Kimball Electronics, Inc.(1) | 68,029 | 1,172,820 | ||||||
Methode Electronics, Inc. | 78,827 | 3,597,664 | ||||||
Plexus Corp.(1) | 91,178 | 7,428,272 | ||||||
Sanmina Corp.(1) | 255,383 | 10,159,136 | ||||||
ScanSource, Inc.(1) | 21,536 | 680,107 | ||||||
TTM Technologies, Inc.(1) | 414,814 | 5,214,212 | ||||||
Vishay Intertechnology, Inc. | 516,197 | 9,905,820 | ||||||
45,797,441 | ||||||||
Energy Equipment and Services — 3.3% | ||||||||
Archrock, Inc. | 695,323 | 5,805,947 | ||||||
Bristow Group, Inc.(1) | 88,883 | 2,945,583 | ||||||
Cactus, Inc., Class A | 3,863 | 195,700 | ||||||
ChampionX Corp.(1) | 683,891 | 14,642,106 | ||||||
Dril-Quip, Inc.(1) | 21,515 | 620,493 | ||||||
Exterran Corp.(1) | 155,920 | 923,046 | ||||||
Helix Energy Solutions Group, Inc.(1) | 522,585 | 2,116,469 | ||||||
Helmerich & Payne, Inc. | 278,653 | 10,095,598 | ||||||
Nabors Industries Ltd.(1) | 38,485 | 4,831,407 | ||||||
National Energy Services Reunited Corp.(1) | 2,437 | 21,714 | ||||||
Newpark Resources, Inc.(1) | 171,868 | 647,942 | ||||||
NOV, Inc. | 1,023,597 | 17,554,689 | ||||||
Oceaneering International, Inc.(1) | 414,534 | 6,068,778 | ||||||
Oil States International, Inc.(1) | 26,202 | 137,036 | ||||||
Patterson-UTI Energy, Inc. | 201,267 | 2,904,283 | ||||||
ProPetro Holding Corp.(1) | 311,487 | 3,977,689 | ||||||
Select Energy Services, Inc., Class A(1) | 45,154 | 373,875 | ||||||
TETRA Technologies Inc(1) | 450,327 | 1,441,046 | ||||||
Transocean Ltd.(1) | 1,453,724 | 5,146,183 | ||||||
US Silica Holdings, Inc.(1) | 330,828 | 4,783,773 | ||||||
Valaris Ltd.(1) | 27,552 | 1,122,468 | ||||||
Weatherford International plc(1) | 38,425 | 1,091,270 | ||||||
87,447,095 | ||||||||
Entertainment — 0.2% | ||||||||
World Wrestling Entertainment, Inc., Class A | 71,558 | 4,240,527 | ||||||
Food and Staples Retailing — 1.8% | ||||||||
Andersons, Inc. (The) | 41,332 | 1,884,739 | ||||||
Blue Apron Holdings, Inc., Class A(1) | 4,079 | 21,333 | ||||||
Ingles Markets, Inc., Class A | 87,722 | 7,212,503 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 47,708 | 809,605 | ||||||
PriceSmart, Inc. | 54,086 | 3,933,134 | ||||||
SpartanNash Co. | 178,425 | 5,020,879 | ||||||
Sprouts Farmers Market, Inc.(1) | 441,498 | 12,573,863 | ||||||
United Natural Foods, Inc.(1) | 302,046 | 12,151,311 | ||||||
Village Super Market, Inc., Class A | 40,053 | 912,407 | ||||||
Weis Markets, Inc. | 65,377 | 4,031,800 | ||||||
48,551,574 |
97
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Food Products — 1.6% | ||||||||
Flowers Foods, Inc. | 670,727 | $ | 18,384,627 | |||||
Fresh Del Monte Produce, Inc. | 77,651 | 2,009,608 | ||||||
Hostess Brands, Inc.(1) | 12,355 | 266,127 | ||||||
John B Sanfilippo & Son, Inc. | 20,324 | 1,616,164 | ||||||
Pilgrim's Pride Corp.(1) | 93,354 | 2,201,287 | ||||||
Sanderson Farms, Inc. | 89,791 | 16,035,775 | ||||||
Seaboard Corp. | 9 | 34,735 | ||||||
Seneca Foods Corp., Class A(1) | 21,426 | 1,065,944 | ||||||
41,614,267 | ||||||||
Health Care Equipment and Supplies — 0.5% | ||||||||
Co-Diagnostics, Inc.(1)(2) | 58,493 | 339,260 | ||||||
FONAR Corp.(1) | 21,426 | 370,241 | ||||||
ICU Medical, Inc.(1) | 1,107 | 262,060 | ||||||
Meridian Bioscience, Inc.(1) | 17,607 | 445,457 | ||||||
Quidel Corp.(1) | 113,328 | 11,988,969 | ||||||
13,405,987 | ||||||||
Health Care Providers and Services — 0.4% | ||||||||
Ensign Group, Inc. (The) | 1,763 | 148,162 | ||||||
Fulgent Genetics, Inc.(1)(2) | 88,042 | 5,485,017 | ||||||
National Healthcare Corp. | 3,693 | 240,119 | ||||||
Patterson Cos., Inc. | 148,800 | 4,449,120 | ||||||
10,322,418 | ||||||||
Hotels, Restaurants and Leisure — 0.7% | ||||||||
Bluegreen Vacations Holding Corp.(1) | 1 | 28 | ||||||
Carrols Restaurant Group, Inc. | 76,449 | 201,825 | ||||||
Century Casinos, Inc.(1) | 43,529 | 535,407 | ||||||
Chuy's Holdings, Inc.(1) | 51,339 | 1,673,651 | ||||||
Cracker Barrel Old Country Store, Inc. | 75,259 | 10,105,026 | ||||||
Golden Entertainment, Inc.(1) | 348 | 19,812 | ||||||
Hilton Grand Vacations, Inc.(1) | 26,968 | 1,398,561 | ||||||
Monarch Casino & Resort, Inc.(1) | 37,531 | 2,923,665 | ||||||
ONE Group Hospitality, Inc. (The)(1) | 24,219 | 284,331 | ||||||
RCI Hospitality Holdings, Inc. | 2,689 | 174,570 | ||||||
Red Robin Gourmet Burgers, Inc.(1) | 8,537 | 149,824 | ||||||
17,466,700 | ||||||||
Household Durables — 2.1% | ||||||||
Bassett Furniture Industries, Inc. | 18,141 | 318,375 | ||||||
Beazer Homes USA, Inc.(1) | 152,335 | 2,493,724 | ||||||
Century Communities, Inc. | 95,469 | 6,083,285 | ||||||
Ethan Allen Interiors, Inc. | 103,088 | 2,686,473 | ||||||
GoPro, Inc., Class A(1) | 98,942 | 850,901 | ||||||
Hamilton Beach Brands Holding Co., Class A | 2,316 | 34,972 | ||||||
La-Z-Boy, Inc. | 182,733 | 5,332,149 | ||||||
Legacy Housing Corp.(1) | 21,426 | 545,720 | ||||||
LGI Homes, Inc.(1) | 49,219 | 6,207,992 | ||||||
M/I Homes, Inc.(1) | 22,161 | 1,092,316 | ||||||
Sonos, Inc.(1) | 190,684 | 5,222,835 | ||||||
Taylor Morrison Home Corp.(1) | 429,247 | 12,662,786 | ||||||
Tri Pointe Homes, Inc.(1) | 428,077 | 9,576,082 |
98
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Universal Electronics, Inc.(1) | 54,637 | $ | 1,815,588 | |||||
54,923,198 | ||||||||
Household Products† | ||||||||
Central Garden & Pet Co.(1) | 525 | 24,854 | ||||||
Central Garden & Pet Co., Class A(1) | 4,408 | 194,128 | ||||||
218,982 | ||||||||
Independent Power and Renewable Electricity Producers — 0.1% | ||||||||
Ormat Technologies, Inc.(2) | 18,041 | 1,287,225 | ||||||
Insurance — 3.9% | ||||||||
Ambac Financial Group, Inc.(1) | 4,366 | 56,016 | ||||||
American Equity Investment Life Holding Co. | 207,745 | 7,829,909 | ||||||
American National Group, Inc. | 5,373 | 1,015,658 | ||||||
AMERISAFE, Inc. | 53,991 | 2,542,976 | ||||||
Argo Group International Holdings Ltd. | 32,729 | 1,380,182 | ||||||
Axis Capital Holdings Ltd. | 204,759 | 11,183,937 | ||||||
Brighthouse Financial, Inc.(1) | 253,153 | 13,229,776 | ||||||
CNO Financial Group, Inc. | 348,457 | 8,422,206 | ||||||
Crawford & Co., Class A | 29,122 | 224,531 | ||||||
Employers Holdings, Inc. | 79,254 | 3,079,810 | ||||||
Genworth Financial, Inc., Class A(1) | 1,570,492 | 6,376,197 | ||||||
Hanover Insurance Group, Inc. (The) | 65,080 | 9,079,311 | ||||||
Horace Mann Educators Corp. | 75,513 | 3,140,586 | ||||||
Mercury General Corp. | 50,028 | 2,751,540 | ||||||
National Western Life Group, Inc., Class A | 1,832 | 390,857 | ||||||
Safety Insurance Group, Inc. | 31,386 | 2,618,848 | ||||||
Selective Insurance Group, Inc. | 145,085 | 12,069,621 | ||||||
SiriusPoint Ltd.(1) | 209,577 | 1,548,774 | ||||||
Stewart Information Services Corp. | 75,822 | 5,146,797 | ||||||
Unum Group | 216,244 | 6,037,532 | ||||||
White Mountains Insurance Group Ltd. | 5,897 | 6,193,029 | ||||||
104,318,093 | ||||||||
Interactive Media and Services — 0.2% | ||||||||
Cars.com, Inc.(1) | 258,154 | 4,176,932 | ||||||
Internet and Direct Marketing Retail† | ||||||||
Duluth Holdings, Inc., Class B(1) | 7,841 | 109,225 | ||||||
PetMed Express, Inc. | 6,307 | 169,974 | ||||||
279,199 | ||||||||
IT Services — 0.5% | ||||||||
Alliance Data Systems Corp. | 162,168 | 10,938,232 | ||||||
Kyndryl Holdings, Inc.(1) | 172,784 | 2,740,354 | ||||||
13,678,586 | ||||||||
Leisure Products — 1.4% | ||||||||
Acushnet Holdings Corp. | 83,419 | 3,653,752 | ||||||
Callaway Golf Co.(1) | 410,370 | 10,152,554 | ||||||
Johnson Outdoors, Inc., Class A | 1,668 | 137,560 | ||||||
Malibu Boats, Inc., Class A(1) | 69,869 | 4,867,773 | ||||||
MasterCraft Boat Holdings, Inc.(1) | 23,222 | 665,078 | ||||||
Nautilus, Inc.(1) | 63,127 | 307,429 | ||||||
Smith & Wesson Brands, Inc. | 200,057 | 3,527,005 | ||||||
Sturm Ruger & Co., Inc. | 63,064 | 4,566,464 |
99
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Vista Outdoor, Inc.(1) | 220,153 | $ | 8,024,577 | |||||
35,902,192 | ||||||||
Machinery — 2.2% | ||||||||
Albany International Corp., Class A | 101,298 | 8,895,990 | ||||||
Commercial Vehicle Group, Inc.(1) | 109,157 | 872,165 | ||||||
EnPro Industries, Inc. | 13,069 | 1,443,340 | ||||||
Greenbrier Cos., Inc. (The) | 63,519 | 2,822,149 | ||||||
Kennametal, Inc. | 296,221 | 9,393,168 | ||||||
Mayville Engineering Co., Inc.(1) | 170 | 1,758 | ||||||
Miller Industries, Inc. | 40,053 | 1,240,842 | ||||||
Mueller Industries, Inc. | 210,865 | 12,029,848 | ||||||
REV Group, Inc. | 89,539 | 1,210,567 | ||||||
Shyft Group, Inc. (The) | 92,222 | 3,726,691 | ||||||
Terex Corp. | 231,573 | 9,559,334 | ||||||
Timken Co. (The) | 1,457 | 95,521 | ||||||
Trinity Industries, Inc. | 282,176 | 8,143,599 | ||||||
59,434,972 | ||||||||
Marine — 1.1% | ||||||||
Costamare, Inc. | 216,864 | 2,927,664 | ||||||
Eagle Bulk Shipping, Inc.(2) | 35,543 | 1,874,182 | ||||||
Genco Shipping & Trading Ltd. | 134,132 | 2,586,065 | ||||||
Matson, Inc. | 190,205 | 21,069,008 | ||||||
Pangaea Logistics Solutions Ltd. | 68,725 | 349,123 | ||||||
Safe Bulkers, Inc.(1) | 113,297 | 473,581 | ||||||
29,279,623 | ||||||||
Media — 0.2% | ||||||||
Audacy, Inc.(1) | 506,354 | 1,569,697 | ||||||
Cumulus Media, Inc., Class A(1) | 27,415 | 314,176 | ||||||
Entravision Communications Corp., Class A | 229,992 | 1,471,949 | ||||||
Gray Television, Inc. | 64,779 | 1,517,772 | ||||||
Scholastic Corp. | 8,985 | 378,089 | ||||||
5,251,683 | ||||||||
Metals and Mining — 3.3% | ||||||||
Alcoa Corp. | 314,414 | 23,687,951 | ||||||
Alpha Metallurgical Resources, Inc.(1) | 48,295 | 4,577,400 | ||||||
Carpenter Technology Corp. | 112,113 | 4,304,018 | ||||||
Century Aluminum Co.(1) | 86,781 | 2,049,767 | ||||||
Coeur Mining, Inc.(1) | 636,887 | 2,738,614 | ||||||
Commercial Metals Co. | 467,875 | 18,036,581 | ||||||
Haynes International, Inc. | 19,380 | 708,533 | ||||||
Hecla Mining Co. | 555,778 | 3,201,281 | ||||||
Ryerson Holding Corp. | 30,458 | 795,563 | ||||||
Schnitzer Steel Industries, Inc., Class A | 98,814 | 4,807,301 | ||||||
SunCoke Energy, Inc. | 441,201 | 3,498,724 | ||||||
TimkenSteel Corp.(1) | 142,631 | 2,571,637 | ||||||
United States Steel Corp. | 136,359 | 3,710,328 | ||||||
Warrior Met Coal, Inc. | 259,691 | 8,180,267 | ||||||
Worthington Industries, Inc. | 73,681 | 4,201,291 | ||||||
87,069,256 | ||||||||
Multiline Retail — 1.3% | ||||||||
Big Lots, Inc.(2) | 113,691 | 3,951,899 |
100
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Dillard's, Inc., Class A | 22,996 | $ | 5,765,327 | |||||
Kohl's Corp. | 102,208 | 5,684,809 | ||||||
Macy's, Inc. | 760,145 | 19,702,959 | ||||||
35,104,994 | ||||||||
Oil, Gas and Consumable Fuels — 13.4% | ||||||||
Antero Midstream Corp. | 1,303,125 | 13,083,375 | ||||||
Antero Resources Corp.(1) | 338,531 | 7,762,516 | ||||||
Arch Resources, Inc.(2) | 87,155 | 10,403,692 | ||||||
Berry Corp. | 327,356 | 3,273,560 | ||||||
Brigham Minerals, Inc., Class A | 78,773 | 1,794,449 | ||||||
Callon Petroleum Co.(1) | 237,826 | 13,403,873 | ||||||
Centennial Resource Development, Inc., Class A(1) | 823,841 | 7,233,324 | ||||||
Civitas Resources, Inc. | 303,203 | 15,302,655 | ||||||
CNX Resources Corp.(1) | 734,789 | 12,006,452 | ||||||
Comstock Resources, Inc.(1) | 401,613 | 3,333,388 | ||||||
CONSOL Energy, Inc.(1) | 142,739 | 4,387,797 | ||||||
CVR Energy, Inc. | 117,917 | 2,050,577 | ||||||
Denbury, Inc.(1) | 85,789 | 6,233,429 | ||||||
DHT Holdings, Inc. | 528,021 | 3,321,252 | ||||||
Dorian LPG Ltd. | 114,041 | 1,571,485 | ||||||
Earthstone Energy, Inc., Class A(1) | 87,580 | 1,138,540 | ||||||
EnLink Midstream LLC(1) | 1,236,559 | 11,005,375 | ||||||
EQT Corp. | 586,942 | 13,581,838 | ||||||
Equitrans Midstream Corp. | 1,992,366 | 12,771,066 | ||||||
Evolution Petroleum Corp. | 58,048 | 453,355 | ||||||
Hallador Energy Co.(1) | 15,554 | 53,350 | ||||||
HollyFrontier Corp. | 423,480 | 12,894,966 | ||||||
International Seaways, Inc. | 108,091 | 1,976,984 | ||||||
Kimbell Royalty Partners LP | 16,766 | 263,729 | ||||||
Kosmos Energy Ltd.(1) | 2,116,917 | 10,288,217 | ||||||
Laredo Petroleum, Inc.(1) | 64,569 | 4,943,403 | ||||||
Magnolia Oil & Gas Corp., Class A | 672,613 | 15,032,900 | ||||||
Matador Resources Co. | 472,940 | 23,457,824 | ||||||
Murphy Oil Corp. | 680,685 | 23,599,349 | ||||||
NACCO Industries, Inc., Class A | 16,036 | 495,673 | ||||||
Nordic American Tankers Ltd. | 504,576 | 1,221,074 | ||||||
Oasis Petroleum, Inc. | 38,600 | 5,114,886 | ||||||
Overseas Shipholding Group, Inc., Class A(1) | 197,783 | 411,389 | ||||||
Ovintiv, Inc. | 22 | 1,009 | ||||||
PBF Energy, Inc., Class A(1) | 551,430 | 9,164,767 | ||||||
PDC Energy, Inc. | 408,434 | 26,352,162 | ||||||
Range Resources Corp.(1) | 800,601 | 18,373,793 | ||||||
Ranger Oil Corp., Class A(1) | 100,567 | 3,395,142 | ||||||
Ring Energy, Inc.(1)(2) | 285,423 | 907,645 | ||||||
SandRidge Energy, Inc.(1) | 150,427 | 2,011,209 | ||||||
SFL Corp. Ltd. | 488,836 | 4,863,918 | ||||||
SilverBow Resources, Inc.(1) | 49,878 | 1,282,862 | ||||||
SM Energy Co. | 601,835 | 21,371,161 | ||||||
Talos Energy, Inc.(1) | 240,026 | 3,770,808 | ||||||
Targa Resources Corp. | 15,617 | 1,020,883 | ||||||
Teekay Corp.(1) | 210,048 | 707,862 |
101
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Teekay Tankers Ltd., Class A(1) | 87,081 | $ | 1,244,387 | |||||
VAALCO Energy, Inc. | 25,859 | 145,845 | ||||||
Whiting Petroleum Corp. | 207,712 | 15,339,531 | ||||||
World Fuel Services Corp. | 31,629 | 896,366 | ||||||
354,715,092 | ||||||||
Paper and Forest Products — 1.1% | ||||||||
Clearwater Paper Corp.(1) | 70,365 | 2,028,623 | ||||||
Glatfelter Corp. | 93,694 | 1,287,356 | ||||||
Louisiana-Pacific Corp. | 278,770 | 20,057,501 | ||||||
Mercer International, Inc. | 171,176 | 2,288,623 | ||||||
Schweitzer-Mauduit International, Inc. | 6,173 | 192,721 | ||||||
Verso Corp., Class A | 150,535 | 3,990,683 | ||||||
29,845,507 | ||||||||
Personal Products — 0.5% | ||||||||
Inter Parfums, Inc. | 9,612 | 892,763 | ||||||
Lifevantage Corp.(1) | 41,847 | 233,506 | ||||||
Nature's Sunshine Products, Inc. | 9,408 | 164,922 | ||||||
Nu Skin Enterprises, Inc., Class A | 190,234 | 8,824,955 | ||||||
USANA Health Sciences, Inc.(1) | 38,759 | 3,411,180 | ||||||
13,527,326 | ||||||||
Pharmaceuticals — 1.2% | ||||||||
Amphastar Pharmaceuticals, Inc.(1) | 24,101 | 667,839 | ||||||
Arvinas, Inc.(1) | 66,562 | 4,313,883 | ||||||
Atea Pharmaceuticals, Inc.(1) | 20,864 | 132,278 | ||||||
BioDelivery Sciences International, Inc.(1) | 246,199 | 1,373,791 | ||||||
Collegium Pharmaceutical, Inc.(1) | 101,961 | 1,985,181 | ||||||
Corcept Therapeutics, Inc.(1) | 12,070 | 269,040 | ||||||
Innoviva, Inc.(1) | 295,444 | 5,675,479 | ||||||
Perrigo Co. plc | 118,654 | 4,214,590 | ||||||
Phibro Animal Health Corp., Class A | 2,168 | 46,178 | ||||||
Prestige Consumer Healthcare, Inc.(1) | 177,095 | 10,542,465 | ||||||
SIGA Technologies, Inc.(1) | 67,487 | 404,922 | ||||||
Supernus Pharmaceuticals, Inc.(1) | 51,035 | 1,630,568 | ||||||
31,256,214 | ||||||||
Professional Services — 0.6% | ||||||||
BGSF, Inc. | 200 | 2,820 | ||||||
CRA International, Inc. | 7,204 | 639,931 | ||||||
Heidrick & Struggles International, Inc. | 67,367 | 2,879,939 | ||||||
Kelly Services, Inc., Class A | 52,934 | 1,123,260 | ||||||
Kforce, Inc. | 76,041 | 5,716,762 | ||||||
Korn Ferry | 68,225 | 4,520,589 | ||||||
TrueBlue, Inc.(1) | 3,944 | 107,277 | ||||||
14,990,578 | ||||||||
Real Estate Management and Development — 0.3% | ||||||||
Forestar Group, Inc.(1) | 32,664 | 598,078 | ||||||
Marcus & Millichap, Inc.(1) | 108,484 | 5,394,909 | ||||||
RE/MAX Holdings, Inc., Class A | 80,128 | 2,374,994 | ||||||
RMR Group, Inc. (The), Class A | 762 | 22,205 | ||||||
8,390,186 | ||||||||
Road and Rail — 2.7% | ||||||||
ArcBest Corp. | 124,010 | 11,493,247 |
102
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Covenant Logistics Group, Inc.(1) | 36,546 | $ | 822,650 | |||||
Heartland Express, Inc. | 148,587 | 2,133,709 | ||||||
Landstar System, Inc. | 3,539 | 546,457 | ||||||
Marten Transport Ltd. | 278,087 | 4,797,001 | ||||||
PAM Transportation Services, Inc.(1) | 3,556 | 239,923 | ||||||
Ryder System, Inc. | 249,371 | 19,660,410 | ||||||
Saia, Inc.(1) | 61,242 | 17,590,540 | ||||||
Schneider National, Inc., Class B | 162,743 | 4,250,847 | ||||||
US Xpress Enterprises, Inc., Class A(1) | 59,575 | 270,471 | ||||||
USA Truck, Inc.(1) | 6,469 | 157,714 | ||||||
Werner Enterprises, Inc. | 207,376 | 9,012,561 | ||||||
70,975,530 | ||||||||
Semiconductors and Semiconductor Equipment — 2.0% | ||||||||
Alpha & Omega Semiconductor Ltd.(1) | 102,953 | 5,535,783 | ||||||
Amkor Technology, Inc. | 287,384 | 6,514,995 | ||||||
Cirrus Logic, Inc.(1) | 122,065 | 10,603,786 | ||||||
Diodes, Inc.(1) | 79,744 | 7,144,265 | ||||||
Kulicke & Soffa Industries, Inc. | 232,346 | 12,137,755 | ||||||
Photronics, Inc.(1) | 240,407 | 4,428,297 | ||||||
SMART Global Holdings, Inc.(1) | 135,902 | 3,730,510 | ||||||
Synaptics, Inc.(1) | 6,339 | 1,448,018 | ||||||
51,543,409 | ||||||||
Software† | ||||||||
InterDigital, Inc. | 16,703 | 1,076,007 | ||||||
Specialty Retail — 6.4% | ||||||||
Aaron's Co., Inc. (The) | 153,665 | 3,225,428 | ||||||
Abercrombie & Fitch Co., Class A(1) | 237,808 | 9,055,729 | ||||||
Academy Sports & Outdoors, Inc.(1) | 198,674 | 6,431,077 | ||||||
American Eagle Outfitters, Inc.(2) | 350,194 | 7,382,089 | ||||||
Asbury Automotive Group, Inc.(1) | 67,011 | 13,007,505 | ||||||
AutoNation, Inc.(1) | 137,242 | 15,736,168 | ||||||
Bed Bath & Beyond, Inc.(1)(2) | 3,711 | 62,679 | ||||||
Big 5 Sporting Goods Corp.(2) | 121,278 | 2,008,364 | ||||||
Buckle, Inc. (The) | 129,727 | 4,670,172 | ||||||
Build-A-Bear Workshop, Inc. | 28,562 | 583,522 | ||||||
Caleres, Inc. | 177,547 | 3,685,876 | ||||||
Cato Corp. (The), Class A | 25,841 | 454,802 | ||||||
Chico's FAS, Inc.(1) | 385,653 | 1,812,569 | ||||||
Children's Place, Inc. (The)(1) | 35,698 | 2,247,546 | ||||||
Citi Trends, Inc.(1) | 40,053 | 1,494,377 | ||||||
Conn's, Inc.(1) | 51,530 | 945,060 | ||||||
Container Store Group, Inc. (The)(1) | 61,656 | 544,422 | ||||||
Designer Brands, Inc., Class A(1) | 83,688 | 1,092,128 | ||||||
Dick's Sporting Goods, Inc.(2) | 65,916 | 6,921,180 | ||||||
Foot Locker, Inc. | 332,708 | 10,520,227 | ||||||
Genesco, Inc.(1) | 53,092 | 3,405,852 | ||||||
Group 1 Automotive, Inc. | 61,106 | 11,117,014 | ||||||
Guess?, Inc. | 152,694 | 3,343,999 | ||||||
Haverty Furniture Cos., Inc. | 48,002 | 1,363,737 | ||||||
Hibbett, Inc. | 67,961 | 3,063,682 | ||||||
Kirkland's, Inc.(1)(2) | 63,515 | 879,048 |
103
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Lazydays Holdings, Inc.(1) | 9,602 | $ | 175,044 | |||||
LL Flooring Holdings, Inc.(1) | 106,330 | 1,707,660 | ||||||
MarineMax, Inc.(1) | 99,436 | 4,550,191 | ||||||
Murphy USA, Inc. | 77,573 | 14,020,544 | ||||||
Shoe Carnival, Inc. | 54,362 | 1,585,196 | ||||||
Signet Jewelers Ltd. | 234,616 | 16,540,428 | ||||||
Sonic Automotive, Inc., Class A | 82,922 | 4,453,741 | ||||||
Tilly's, Inc., Class A | 75,058 | 953,237 | ||||||
TravelCenters of America, Inc.(1) | 53,184 | 2,245,960 | ||||||
Urban Outfitters, Inc.(1) | 211,743 | 5,825,050 | ||||||
Zumiez, Inc.(1) | 84,660 | 3,766,523 | ||||||
170,877,826 | ||||||||
Textiles, Apparel and Luxury Goods — 1.0% | ||||||||
Carter's, Inc. | 141,864 | 13,715,412 | ||||||
Culp, Inc. | 26,099 | 211,924 | ||||||
Delta Apparel, Inc.(1) | 696 | 20,636 | ||||||
G-III Apparel Group Ltd.(1) | 142,542 | 3,954,115 | ||||||
Lakeland Industries, Inc.(1) | 9,285 | 177,251 | ||||||
Movado Group, Inc. | 54,980 | 2,167,312 | ||||||
Oxford Industries, Inc. | 57,347 | 5,068,901 | ||||||
Superior Group of Cos., Inc. | 5,574 | 114,267 | ||||||
Unifi, Inc.(1) | 14,668 | 275,318 | ||||||
Vera Bradley, Inc.(1) | 3,809 | 28,796 | ||||||
25,733,932 | ||||||||
Thrifts and Mortgage Finance — 4.6% | ||||||||
Axos Financial, Inc.(1) | 161,766 | 8,855,071 | ||||||
Bridgewater Bancshares, Inc.(1) | 80,325 | 1,351,870 | ||||||
Essent Group Ltd. | 187,276 | 8,273,854 | ||||||
Federal Agricultural Mortgage Corp., Class C | 40,035 | 4,952,329 | ||||||
Flagstar Bancorp, Inc. | 189,292 | 8,627,929 | ||||||
FS Bancorp, Inc. | 32,499 | 1,040,618 | ||||||
Hingham Institution For Savings (The) | 865 | 311,262 | ||||||
Home Bancorp, Inc. | 23,314 | 914,142 | ||||||
Luther Burbank Corp. | 53,324 | 690,012 | ||||||
Merchants Bancorp | 84,771 | 2,454,120 | ||||||
MGIC Investment Corp. | 995,345 | 15,109,337 | ||||||
Mr. Cooper Group, Inc.(1) | 254,444 | 12,933,388 | ||||||
NMI Holdings, Inc., Class A(1) | 268,181 | 6,205,708 | ||||||
Northfield Bancorp, Inc. | 46,334 | 727,444 | ||||||
OP Bancorp | 49,590 | 661,531 | ||||||
PennyMac Financial Services, Inc. | 116,397 | 6,721,927 | ||||||
Provident Financial Services, Inc. | 81,993 | 1,945,694 | ||||||
Radian Group, Inc. | 497,155 | 11,882,004 | ||||||
Riverview Bancorp, Inc. | 85,401 | 663,566 | ||||||
Southern Missouri Bancorp, Inc. | 25,637 | 1,373,630 | ||||||
Sterling Bancorp, Inc.(1) | 19,672 | 121,573 | ||||||
Territorial Bancorp, Inc. | 27,062 | 678,715 | ||||||
TrustCo Bank Corp. NY | 66,517 | 2,272,886 | ||||||
Walker & Dunlop, Inc. | 64,046 | 8,860,764 | ||||||
Washington Federal, Inc. | 193,301 | 6,877,650 | ||||||
Waterstone Financial, Inc. | 84,416 | 1,649,489 |
104
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
WSFS Financial Corp. | 107,473 | $ | 5,462,853 | |||||
121,619,366 | ||||||||
Trading Companies and Distributors — 4.7% | ||||||||
Air Lease Corp. | 431,608 | 18,023,950 | ||||||
Alta Equipment Group, Inc.(1) | 6,354 | 80,124 | ||||||
Applied Industrial Technologies, Inc. | 11,653 | 1,178,118 | ||||||
BlueLinx Holdings, Inc.(1) | 48,949 | 4,375,062 | ||||||
Boise Cascade Co. | 190,289 | 15,211,703 | ||||||
GATX Corp. | 138,652 | 14,784,463 | ||||||
Global Industrial Co. | 26,718 | 849,098 | ||||||
H&E Equipment Services, Inc. | 127,293 | 5,315,756 | ||||||
Herc Holdings, Inc. | 97,150 | 15,458,508 | ||||||
Huttig Building Products, Inc.(1) | 24,152 | 224,372 | ||||||
McGrath RentCorp | 103,690 | 8,427,923 | ||||||
NOW, Inc.(1) | 478,828 | 4,472,253 | ||||||
Rush Enterprises, Inc., Class A | 85,932 | 4,463,308 | ||||||
Rush Enterprises, Inc., Class B | 5,652 | 277,005 | ||||||
Textainer Group Holdings Ltd. | 73,642 | 2,615,027 | ||||||
Titan Machinery, Inc.(1) | 78,194 | 2,215,236 | ||||||
Triton International Ltd. | 307,477 | 20,195,089 | ||||||
Veritiv Corp.(1) | 58,227 | 6,240,188 | ||||||
124,407,183 | ||||||||
Wireless Telecommunication Services — 0.3% | ||||||||
Shenandoah Telecommunications Co. | 12,167 | 271,933 | ||||||
Telephone and Data Systems, Inc. | 413,141 | 7,167,996 | ||||||
United States Cellular Corp.(1) | 52,481 | 1,443,752 | ||||||
8,883,681 | ||||||||
TOTAL COMMON STOCKS (Cost $2,398,192,726) | 2,648,529,205 | |||||||
SHORT-TERM INVESTMENTS — 0.6% | ||||||||
Money Market Funds — 0.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,188,128 | 1,188,128 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 15,941,820 | 15,941,820 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $17,129,948) | 17,129,948 | |||||||
TOTAL INVESTMENT SECURITIES — 100.5% (Cost $2,415,322,674) | 2,665,659,153 | |||||||
OTHER ASSETS AND LIABILITIES — (0.5)% | (13,722,240) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 2,651,936,913 |
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 $22,613,857. 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 $23,227,771, which includes securities collateral of $7,285,951.
See Notes to Financial Statements.
105
Statements of Assets and Liabilities |
FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Avantis Real Estate ETF | Avantis U.S. Equity ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $39,377,383 and $1,678,451,836, respectively) — including $— and $3,701,605, respectively of securities on loan | $ | 37,711,735 | $ | 1,932,447,713 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $— and $2,133,250, respectively) | — | 2,133,250 | ||||||
Total investment securities, at value (cost of $39,377,383 and $1,680,585,086, respectively) | 37,711,735 | 1,934,580,963 | ||||||
Foreign currency holdings, at value (cost of $16,763 and $—, respectively) | 16,769 | — | ||||||
Receivable for investments sold | 18,330 | — | ||||||
Receivable for capital shares sold | 4,025,504 | — | ||||||
Dividends and interest receivable | 51,949 | 2,651,057 | ||||||
Securities lending receivable | 8 | 6,067 | ||||||
41,824,295 | 1,937,238,087 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | — | 2,133,250 | ||||||
Payable for investments purchased | 6,067,675 | 1,158,986 | ||||||
Accrued management fees | 3,908 | 217,666 | ||||||
6,071,583 | 3,509,902 | |||||||
Net Assets | $ | 35,752,712 | $ | 1,933,728,185 | ||||
Shares outstanding (unlimited number of shares authorized) | 720,000 | 25,710,000 | ||||||
Net Asset Value Per Share | $ | 49.66 | $ | 75.21 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 37,341,451 | $ | 1,662,345,491 | ||||
Distributable earnings | (1,588,739) | 271,382,694 | ||||||
$ | 35,752,712 | $ | 1,933,728,185 |
See Notes to Financial Statements.
106
FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Avantis U.S. Large Cap Value ETF | Avantis U.S. Small Cap Equity ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $159,109,222 and $2,875,207, respectively) — including $319,095 and $—, respectively of securities on loan | $ | 156,105,271 | $ | 2,852,397 | ||||
Receivable for capital shares sold | 4,164,472 | — | ||||||
Dividends and interest receivable | 324,143 | 1,178 | ||||||
Securities lending receivable | 81 | — | ||||||
160,593,967 | 2,853,575 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 4,100,850 | — | ||||||
Accrued management fees | 16,946 | 327 | ||||||
4,117,796 | 327 | |||||||
Net Assets | $ | 156,476,171 | $ | 2,853,248 | ||||
Shares outstanding (unlimited number of shares authorized) | 3,000,000 | 60,000 | ||||||
Net Asset Value Per Share | $ | 52.16 | $ | 47.55 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 159,581,100 | $ | 2,888,646 | ||||
Distributable earnings | (3,104,929) | (35,398) | ||||||
$ | 156,476,171 | $ | 2,853,248 |
See Notes to Financial Statements.
107
FEBRUARY 28, 2022 (UNAUDITED) | |||||
Avantis U.S. Small Cap Value ETF | |||||
Assets | |||||
Investment securities, at value (cost of $2,399,380,854) — including $22,613,857 of securities on loan | $ | 2,649,717,333 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $15,941,820) | 15,941,820 | ||||
Total investment securities, at value (cost of $2,415,322,674) | 2,665,659,153 | ||||
Cash | 60,077 | ||||
Receivable for capital shares sold | 6,302,880 | ||||
Dividends and interest receivable | 2,541,190 | ||||
Securities lending receivable | 4,488 | ||||
2,674,567,788 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 15,941,820 | ||||
Payable for investments purchased | 6,196,949 | ||||
Accrued management fees | 492,106 | ||||
22,630,875 | |||||
Net Assets | $ | 2,651,936,913 | |||
Shares outstanding (unlimited number of shares authorized) | 33,660,000 | ||||
Net Asset Value Per Share | $ | 78.79 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 2,324,740,185 | |||
Distributable earnings | 327,196,728 | ||||
$ | 2,651,936,913 |
See Notes to Financial Statements.
108
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (EXCEPT AS NOTED) (UNAUDITED) | ||||||||
Avantis Real Estate ETF(1) | Avantis U.S. Equity ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $11,024 and $2,891, respectively) | $ | 134,838 | $ | 12,912,348 | ||||
Securities lending, net | 8 | 27,138 | ||||||
Interest | 23 | 150 | ||||||
134,869 | 12,939,636 | |||||||
Expenses: | ||||||||
Management fees | 10,733 | 1,273,903 | ||||||
Net investment income (loss) | 124,136 | 11,665,733 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (Note 4) | 34,535 | 14,441,479 | ||||||
Foreign currency translation transactions | (451) | 15 | ||||||
34,084 | 14,441,494 | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | (1,665,648) | (59,815,706) | ||||||
Translation of assets and liabilities in foreign currencies | 697 | — | ||||||
(1,664,951) | (59,815,706) | |||||||
Net realized and unrealized gain (loss) | (1,630,867) | (45,374,212) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,506,731) | $ | (33,708,479) |
(1)September 28, 2021 (fund inception) through February 28, 2022.
See Notes to Financial Statements.
109
FOR THE PERIOD ENDED FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Avantis U.S. Large Cap Value ETF(1) | Avantis U.S. Small Cap Equity ETF(2) | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $13 and $6, respectively) | $ | 592,593 | $ | 2,393 | ||||
Securities lending, net | 118 | — | ||||||
Interest | 4 | — | ||||||
592,715 | 2,393 | |||||||
Expenses: | ||||||||
Management fees | 42,149 | 523 | ||||||
Net investment income (loss) | 550,566 | 1,870 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on investment transactions (Note 4) | (577,096) | (14,458) | ||||||
Change in net unrealized appreciation (depreciation) on investments | (3,003,951) | (22,810) | ||||||
Net realized and unrealized gain (loss) | (3,581,047) | (37,268) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (3,030,481) | $ | (35,398) |
(1)September 21, 2021 (fund inception) through February 28, 2022.
(2)January 11, 2022 (fund inception) through February 28, 2022.
See Notes to Financial Statements.
110
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | |||||
Avantis U.S. Small Cap Value ETF | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $24,716) | $ | 18,913,534 | |||
Securities lending, net | 26,084 | ||||
Interest | 251 | ||||
18,939,869 | |||||
Expenses: | |||||
Management fees | 2,603,105 | ||||
Net investment income (loss) | 16,336,764 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on investment transactions (Note 4) | 81,060,914 | ||||
Change in net unrealized appreciation (depreciation) on investments | (19,076,673) | ||||
Net realized and unrealized gain (loss) | 61,984,241 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 78,321,005 |
See Notes to Financial Statements.
111
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2022 (EXCEPT AS NOTED) (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 | |||||||||||
Avantis Real Estate ETF | Avantis U.S. Equity ETF | ||||||||||
Increase (Decrease) in Net Assets | February 28, 2022(1) | February 28, 2022 | August 31, 2021 | ||||||||
Operations | |||||||||||
Net investment income (loss) | $ | 124,136 | $ | 11,665,733 | $ | 11,940,979 | |||||
Net realized gain (loss) | 34,084 | 14,441,494 | 7,906,935 | ||||||||
Change in net unrealized appreciation (depreciation) | (1,664,951) | (59,815,706) | 243,650,591 | ||||||||
Net increase (decrease) in net assets resulting from operations | (1,506,731) | (33,708,479) | 263,498,505 | ||||||||
Distributions to Shareholders | |||||||||||
From earnings | (82,008) | (10,680,840) | (9,363,483) | ||||||||
Capital Share Transactions | |||||||||||
Proceeds from shares sold | 37,320,343 | 534,137,322 | 819,649,560 | ||||||||
Payments for shares redeemed | — | (42,477,405) | (23,425,992) | ||||||||
Other capital | 21,108 | — | — | ||||||||
Net increase (decrease) in net assets from capital share transactions | 37,341,451 | 491,659,917 | 796,223,568 | ||||||||
Net increase (decrease) in net assets | 35,752,712 | 447,270,598 | 1,050,358,590 | ||||||||
Net Assets | |||||||||||
Beginning of period | — | 1,486,457,587 | 436,098,997 | ||||||||
End of period | $ | 35,752,712 | $ | 1,933,728,185 | $ | 1,486,457,587 | |||||
Transactions in Shares of the Funds | |||||||||||
Sold | 720,000 | 6,930,000 | 11,940,000 | ||||||||
Redeemed | — | (570,000) | (360,000) | ||||||||
Net increase (decrease) in shares of the funds | 720,000 | 6,360,000 | 11,580,000 |
(1)September 28, 2021 (fund inception) through February 28, 2022.
See Notes to Financial Statements.
112
PERIOD ENDED FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Avantis U.S. Large Cap Value ETF | Avantis U.S. Small Cap Equity ETF | |||||||
Increase (Decrease) in Net Assets | February 28, 2022(1) | February 28, 2022(2) | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 550,566 | $ | 1,870 | ||||
Net realized gain (loss) | (577,096) | (14,458) | ||||||
Change in net unrealized appreciation (depreciation) | (3,003,951) | (22,810) | ||||||
Net increase (decrease) in net assets resulting from operations | (3,030,481) | (35,398) | ||||||
Distributions to Shareholders | ||||||||
From earnings | (74,448) | — | ||||||
Capital Share Transactions | ||||||||
Proceeds from shares sold | 159,581,100 | 2,888,646 | ||||||
Net increase (decrease) in net assets | 156,476,171 | 2,853,248 | ||||||
Net Assets | ||||||||
End of period | $ | 156,476,171 | $ | 2,853,248 | ||||
Transactions in Shares of the Funds | ||||||||
Sold | 3,000,000 | 60,000 |
(1)September 21, 2021 (fund inception) through February 28, 2022.
(2)January 11, 2022 (fund inception) through February 28, 2022.
See Notes to Financial Statements.
113
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 | ||||||||
Avantis U.S. Small Cap Value ETF | ||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 16,336,764 | $ | 14,994,902 | ||||
Net realized gain (loss) | 81,060,914 | 88,689,568 | ||||||
Change in net unrealized appreciation (depreciation) | (19,076,673) | 222,948,763 | ||||||
Net increase (decrease) in net assets resulting from operations | 78,321,005 | 326,633,233 | ||||||
Distributions to Shareholders | ||||||||
From earnings | (15,527,386) | (10,315,324) | ||||||
Capital Share Transactions | ||||||||
Proceeds from shares sold | 1,322,269,526 | 1,112,455,368 | ||||||
Payments for shares redeemed | (303,269,368) | (213,928,626) | ||||||
Net increase (decrease) in net assets from capital share transactions | 1,019,000,158 | 898,526,742 | ||||||
Net increase (decrease) in net assets | 1,081,793,777 | 1,214,844,651 | ||||||
Net Assets | ||||||||
Beginning of period | 1,570,143,136 | 355,298,485 | ||||||
End of period | $ | 2,651,936,913 | $ | 1,570,143,136 | ||||
Transactions in Shares of the Funds | ||||||||
Sold | 16,640,000 | 16,280,000 | ||||||
Redeemed | (3,780,000) | (3,380,000) | ||||||
Net increase (decrease) in shares of the funds | 12,860,000 | 12,900,000 |
See Notes to Financial Statements.
114
Notes to Financial Statements |
FEBRUARY 28, 2022 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Real Estate ETF, Avantis U.S. Equity ETF, Avantis U.S. Large Cap Value ETF, Avantis U.S. Small Cap 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 Real Estate ETF incepted on September 28, 2021. Avantis U.S. Large Cap Value ETF incepted on September 21, 2021. Avantis U.S. Small Cap Equity ETF incepted on January 11, 2022.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The 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.
115
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. 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. Distributions from net realized gains, if any, are generally declared and paid annually. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
116
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2022.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Fund / Securities Lending Transactions(1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||
Avantis U.S. Equity ETF | |||||||||||||||||
Common Stocks | $ | 2,133,250 | — | — | — | $ | 2,133,250 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 2,133,250 | |||||||||||||||
Avantis U.S. Small Cap Value ETF | |||||||||||||||||
Common Stocks | $ | 15,941,820 | — | — | — | $ | 15,941,820 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 15,941,820 |
(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 6% of the shares of Avantis U.S. Equity ETF. ACIM owns 8% of the shares of Avantis U.S. Small Cap Equity ETF.
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 Real Estate ETF | 0.17% | ||||
Avantis U.S. Equity ETF | 0.15% | ||||
Avantis U.S. Large Cap Value ETF | 0.15% | ||||
Avantis U.S. Small Cap Equity ETF | 0.25% | ||||
Avantis U.S. Small Cap Value ETF | 0.25% |
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4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended February 28, 2022 were as follows:
Avantis Real Estate ETF(1) | Avantis U.S. Equity ETF | Avantis U.S. Large Cap Value ETF(2) | Avantis U.S. Small Cap Equity ETF(3) | Avantis U.S. Small Cap Value ETF | |||||||||||||
Purchases | $29,753,332 | $54,724,837 | $7,009,922 | $152,078 | $468,273,841 | ||||||||||||
Sales | $214,366 | $29,664,920 | $5,829,499 | $129,272 | $332,944,568 |
(1)September 28, 2021 (fund inception) through February 28, 2022.
(2)September 21, 2021 (fund inception) through February 28, 2022.
(3)January 11, 2022 (fund inception) through February 28, 2022.
Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2022 were as follows:
In kind Subscriptions | In kind Redemptions | In kind Net Realized Gain/(Loss)* | |||||||||
Avantis Real Estate ETF(1) | $7,812,298 | — | — | ||||||||
Avantis U.S. Equity ETF | $505,528,545 | $34,450,489 | $17,503,380 | ||||||||
Avantis U.S. Large Cap Value ETF(2) | $158,468,620 | — | — | ||||||||
Avantis U.S. Small Cap Equity ETF(3) | $2,865,367 | — | — | ||||||||
Avantis U.S. Small Cap Value ETF | $1,152,592,207 | $244,214,077 | $112,278,888 |
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)September 28, 2021 (fund inception) through February 28, 2022.
(2)September 21, 2021 (fund inception) through February 28, 2022.
(3)January 11, 2022 (fund inception) through February 28, 2022.
5. Capital Share Transactions
Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.
6. Fair Value Measurements
The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
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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.
Avantis Real Estate ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Diversified REITs | $ | 478,334 | $ | 3,239,846 | — | ||||||
Health Care REITs | 2,254,537 | 213,866 | — | ||||||||
Hotel & Resort REITs | 577,105 | 144,111 | — | ||||||||
Industrial REITs | 3,522,017 | 3,092,162 | — | ||||||||
Office REITs | 1,067,907 | 1,683,298 | — | ||||||||
Residential REITs | 4,755,221 | 666,743 | — | ||||||||
Retail REITs | 3,312,149 | 2,193,392 | — | ||||||||
Specialized REITs | 8,006,419 | 421,273 | — | ||||||||
Short-Term Investments | 2,083,355 | — | — | ||||||||
$ | 26,057,044 | $ | 11,654,691 | — |
Avantis U.S. Equity ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 1,930,724,590 | — | — | |||||||
Short-Term Investments | 3,856,373 | — | — | ||||||||
$ | 1,934,580,963 | — | — |
Avantis U.S. Large Cap Value ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 156,035,146 | — | — | |||||||
Short-Term Investments | 70,125 | — | — | ||||||||
$ | 156,105,271 | — | — |
Avantis U.S. Small Cap Equity ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 2,849,930 | — | — | |||||||
Short-Term Investments | 2,467 | — | — | ||||||||
$ | 2,852,397 | — | — |
Avantis U.S. Small Cap Value ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 2,648,529,205 | — | — | |||||||
Short-Term Investments | 17,129,948 | — | — | ||||||||
$ | 2,665,659,153 | — | — |
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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, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
Avantis Real Estate ETF concentrates its investments in a narrow segment of the total market. Because of this, the fund is subject to certain additional risks as compared to investing in a more diversified portfolio of investments. The fund may be subject to certain risks similar to those associated with direct investment in real estate including but not limited to: local or regional economic conditions, changes in zoning laws, changes in property values, property tax increases, overbuilding, increased competition, environmental contamination, natural disasters, and interest rate risk.
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 U.S. Small Cap Equity 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 Real Estate ETF | Avantis U.S. Equity ETF | Avantis U.S. Large Cap Value ETF | Avantis U.S. Small Cap Equity ETF | Avantis U.S. Small Cap Value ETF | |||||||||||||
Federal tax cost of investments | $ | 39,380,403 | $ | 1,680,623,659 | $ | 159,109,252 | $ | 2,875,210 | $ | 2,416,830,513 | |||||||
Gross tax appreciation of investments | $ | 173,736 | $ | 298,129,840 | $ | 6,963,124 | $ | 82,442 | $ | 343,061,141 | |||||||
Gross tax depreciation of investments | (1,842,404) | (44,172,536) | (9,967,105) | (105,255) | (94,232,501) | ||||||||||||
Net tax appreciation (depreciation) of investments | $ | (1,668,668) | $ | 253,957,304 | $ | (3,003,981) | $ | (22,813) | $ | 248,828,640 |
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, 2021, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows:
Short-term capital losses | Long-term capital losses | |||||||
Avantis U.S. Equity ETF | $(1,343,095) | $(332,151) | ||||||
Avantis U.S. Small Cap Value ETF | $(8,944,416) | — |
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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 | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Avantis Real Estate ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $50.00 | 0.43 | (0.50) | (0.07) | (0.34) | 0.07 | $49.66 | (0.06)% | 0.17%(5) | 1.97%(5) | 1% | $35,753 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 28, 2021 (fund inception) through February 28, 2022 (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) | |||||||||||||||||||||||||
Avantis U.S. Equity ETF | |||||||||||||||||||||||||||||||||||
2022(4) | $76.82 | 0.53 | (1.64) | (1.11) | (0.50) | $75.21 | (1.45)% | 0.15%(5) | 1.37%(5) | 2% | $1,933,728 | ||||||||||||||||||||||||
2021 | $56.13 | 0.93 | 20.54 | 21.47 | (0.78) | $76.82 | 38.56% | 0.15% | 1.36% | 4% | $1,486,458 | ||||||||||||||||||||||||
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, 2022 (unaudited).
(5)Annualized.
(6)September 24, 2019 (fund inception) through August 31, 2020.
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 U.S. Large Cap Value ETF | |||||||||||||||||||||||||||||||||||
2022(4) | $50.00 | 0.45 | 1.87 | 2.32 | (0.16) | $52.16 | 4.62% | 0.15%(5) | 1.96%(5) | 9% | $156,476 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 21, 2021 (fund inception) through February 28, 2022 (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) | |||||||||||||||||||||||
Avantis U.S. Small Cap Equity ETF | ||||||||||||||||||||||||||||||||
2022(4) | $50.00 | 0.06 | (2.51) | (2.45) | $47.55 | (4.89)% | 0.25%(5) | 0.89%(5) | 7% | $2,853 |
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 11, 2022 (fund inception) through February 28, 2022 (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) | |||||||||||||||||||||||||
Avantis U.S. Small Cap Value ETF | |||||||||||||||||||||||||||||||||||
2022(4) | $75.49 | 0.61 | 3.28 | 3.89 | (0.59) | $78.79 | 5.17% | 0.25%(5) | 1.57%(5) | 16% | $2,651,937 | ||||||||||||||||||||||||
2021 | $44.97 | 1.16 | 30.24 | 31.40 | (0.88) | $75.49 | 70.34% | 0.25% | 1.72% | 22% | $1,570,143 | ||||||||||||||||||||||||
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, 2022 (unaudited).
(5)Annualized.
(6)September 24, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
Approval of Management Agreement |
Avantis Real Estate ETF
Avantis U.S. Large Cap Value ETF
Avantis U.S. Small Cap Equity ETF
Avantis U.S. Small Cap Equity ETF
At meetings held on June 3, 2021 and December 8, 2021, the Funds’ Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Avantis Real Estate ETF, Avantis U.S. Large Cap Value ETF, and Avantis U.S. Small Cap Equity 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 expected peer funds. The annual management fees charged to shareholders of each of the New Funds were anticipated to be below the median of the total expense ratios of their respective peer universe.
When considering the approval of the management agreement for the New 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. 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’ 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.
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Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
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Notes |
128
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. | ||||||||
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-97505 2204 |
Semiannual Report | |||||
February 28, 2022 | |||||
Avantis® Emerging Markets Equity ETF (AVEM) | |||||
Avantis® Emerging Markets Value ETF (AVES) | |||||
Avantis® International Equity ETF (AVDE) | |||||
Avantis® International Large Cap Value ETF (AVIV) | |||||
Avantis® International Small Cap Value ETF (AVDV) |
Table of Contents |
Chairman’s Letter | |||||
Avantis Emerging Markets Equity ETF | |||||
Fund Characteristics | |||||
Avantis Emerging Markets Value ETF | |||||
Fund Characteristics | |||||
Avantis International Equity ETF | |||||
Fund Characteristics | |||||
Avantis International Large Cap Value ETF | |||||
Fund Characteristics | |||||
Avantis International 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 | |||||
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, 2022. 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.
Escalating Volatility, Soaring Inflation Weighed on Returns
Upbeat economic data and continued central bank support generally buoyed global stock returns early in the period, even as inflation and government bond yields were climbing. However, bond returns broadly struggled as inflation and yields climbed higher.
In November, the emergence of the omicron coronavirus variant rattled global financial markets. The downturn was short-lived, though, as omicron proved to be less severe than other variants. Stocks resumed their upward march until early 2022, when worries about inflation, central bank policy and Russia’s invasion of Ukraine sparked sharp volatility.
Throughout the period, steady economic gains combined with ongoing monetary support, escalating energy prices and considerable supply chain disruptions ignited inflation. By February, year-over-year headline inflation in the U.S. reached 7.9%, a 40-year high, while European inflation rose to a record 5.8%. In the U.S., this backdrop set the stage for Federal Reserve (Fed) tightening, including the Fed’s first rate hike in more than three years.
Most asset classes, including broad stock and bond indices, declined for the six-month period. U.S. stocks generally fared better than non-U.S. stocks, and the value style significantly outperformed the growth style. U.S. and global bond returns declined as yields rose.
Staying Focused in Uncertain Times
Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. Even before the West imposed sanctions on Russia, our firm had started reducing exposure to Russian markets. After the sanctions, our direct exposure to Russian assets was less than $5 million, or 0.001% of total assets under supervision (as of March 7). We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet prevailing challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis Emerging Markets Equity ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.9% | ||||
Warrants | —* | ||||
Rights | —* | ||||
Corporate Bonds | —* | ||||
Short-Term Investments | 1.1% | ||||
Other Assets and Liabilities | (1.0)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
China | 28.8% | ||||
Taiwan | 18.9% | ||||
India | 15.0% | ||||
South Korea | 14.0% | ||||
Brazil | 5.7% |
3
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis Emerging Markets Value ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.6% | ||||
Warrants | —* | ||||
Rights | —* | ||||
Short-Term Investments | 1.0% | ||||
Other Assets and Liabilities | (0.6)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
China | 28.5% | ||||
Taiwan | 19.2% | ||||
India | 14.8% | ||||
South Korea | 14.5% | ||||
Brazil | 6.0% |
4
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis International Equity ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.8% | ||||
Warrants | —* | ||||
Rights | —* | ||||
Short-Term Investments | 1.9% | ||||
Other Assets and Liabilities | (1.7)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
Japan | 20.8% | ||||
United Kingdom | 14.1% | ||||
Canada | 11.0% | ||||
France | 9.1% | ||||
Switzerland | 8.3% |
5
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis International Large Cap Value ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Short-Term Investments | 0.1% | ||||
Other Assets and Liabilities | 0.2% | ||||
Top Five Countries | % of net assets | ||||
Japan | 20.1% | ||||
United Kingdom | 17.0% | ||||
Canada | 11.1% | ||||
Germany | 9.7% | ||||
France | 8.8% |
6
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis International Small Cap Value ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.8% | ||||
Warrants | —* | ||||
Rights | —* | ||||
Short-Term Investments | 1.4% | ||||
Other Assets and Liabilities | (1.2)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
Japan | 25.2% | ||||
United Kingdom | 15.8% | ||||
Canada | 10.1% | ||||
Australia | 9.1% | ||||
Sweden | 5.9% |
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, 2021 to February 28, 2022 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
8
Beginning Account Value 9/1/21 | Ending Account Value 2/28/22 | Expenses Paid During Period(1) 9/1/21 - 2/28/22 | Annualized Expense Ratio(1) | |||||||||||
Avantis Emerging Markets Equity ETF | ||||||||||||||
Actual | $1,000 | $920.30 | $1.57 | 0.33% | ||||||||||
Hypothetical | $1,000 | $1,023.16 | $1.66 | 0.33% | ||||||||||
Avantis Emerging Markets Value ETF | ||||||||||||||
Actual | $1,000 | $992.90 | $1.51(2) | 0.36% | ||||||||||
Hypothetical | $1,000 | $1,023.01 | $1.81 | 0.36% | ||||||||||
Avantis International Equity ETF | ||||||||||||||
Actual | $1,000 | $945.30 | $1.11 | 0.23% | ||||||||||
Hypothetical | $1,000 | $1,023.65 | $1.15 | 0.23% | ||||||||||
Avantis International Large Cap Value ETF | ||||||||||||||
Actual | $1,000 | $1,003.80 | $1.06(2) | 0.25% | ||||||||||
Hypothetical | $1,000 | $1,023.56 | $1.25 | 0.25% | ||||||||||
Avantis International Small Cap Value ETF | ||||||||||||||
Actual | $1,000 | $958.10 | $1.75 | 0.36% | ||||||||||
Hypothetical | $1,000 | $1,023.01 | $1.81 | 0.36% |
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 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 154, the number of days in the period from September 28, 2021 (fund inception) through February 28, 2022, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
9
Schedules of Investments |
FEBRUARY 28, 2022 (UNAUDITED)
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Brazil — 5.7% | ||||||||
3R PETROLEUM OLEO E GAS SA(1) | 18,466 | $ | 121,478 | |||||
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA(1) | 13,700 | 15,214 | ||||||
AES Brasil Energia SA | 100,200 | 220,759 | ||||||
Aliansce Sonae Shopping Centers SA | 54,530 | 230,556 | ||||||
Alliar Medicos A Frente SA(1) | 10,800 | 35,255 | ||||||
Alpargatas SA, Preference Shares | 3,700 | 18,208 | ||||||
Alupar Investimento SA | 40,900 | 202,495 | ||||||
Ambev SA, ADR | 315,435 | 924,225 | ||||||
Americanas SA | 24,205 | 137,799 | ||||||
Arezzo Industria e Comercio SA | 7,300 | 114,117 | ||||||
Armac Locacao Logistica E Servicos SA | 7,300 | 21,895 | ||||||
Atacadao SA | 54,300 | 195,010 | ||||||
Azul SA, ADR(1) | 11,628 | 169,885 | ||||||
B3 SA - Brasil Bolsa Balcao | 609,200 | 1,712,739 | ||||||
Banco ABC Brasil SA, Preference Shares | 39,110 | 117,716 | ||||||
Banco BMG SA, Preference Shares | 46,900 | 25,115 | ||||||
Banco Bradesco SA | 144,426 | 475,639 | ||||||
Banco Bradesco SA, ADR | 497,282 | 1,919,509 | ||||||
Banco BTG Pactual SA | 101,000 | 499,258 | ||||||
Banco do Brasil SA | 142,090 | 954,679 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 79,700 | 152,775 | ||||||
Banco Inter SA | 8,100 | 31,563 | ||||||
Banco Inter SA, Preference Shares | 21,300 | 27,848 | ||||||
Banco Pan SA, Preference Shares | 40,800 | 78,660 | ||||||
Banco Santander Brasil SA, ADR(2) | 56,673 | 332,671 | ||||||
BB Seguridade Participacoes SA | 101,100 | 442,900 | ||||||
Bemobi Mobile Tech SA(1) | 19,600 | 54,068 | ||||||
BK Brasil Operacao e Assessoria a Restaurantes SA(1) | 300 | 383 | ||||||
BR Malls Participacoes SA(1) | 328,000 | 597,078 | ||||||
BR Properties SA | 107,100 | 153,398 | ||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 22,800 | 143,964 | ||||||
Braskem SA, ADR | 7,892 | 147,186 | ||||||
BRF SA, ADR(1)(2) | 174,160 | 552,087 | ||||||
C&A Modas Ltda(1) | 27,000 | 26,628 | ||||||
Camil Alimentos SA | 43,500 | 76,898 | ||||||
CCR SA | 328,400 | 747,122 | ||||||
Centrais Eletricas Brasileiras SA, ADR | 45,620 | 302,461 | ||||||
Centrais Eletricas Brasileiras SA, Class B Preference Shares | 34,100 | 225,102 | ||||||
Cia Brasileira de Aluminio(1) | 30,800 | 117,137 | ||||||
Cia Brasileira de Distribuicao, ADR(2) | 70,523 | 320,880 | ||||||
Cia de Locacao das Americas | 63,400 | 311,195 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR | 39,994 | 320,352 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 70,400 | 192,218 | ||||||
Cia de Saneamento do Parana | 36,600 | 141,755 |
10
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Cia de Saneamento do Parana, Preference Shares | 329,400 | $ | 255,199 | |||||
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares | 9,100 | 43,027 | ||||||
Cia Energetica de Minas Gerais, ADR | 224,833 | 566,579 | ||||||
Cia Energetica de Sao Paulo, Class B Preference Shares | 32,500 | 142,631 | ||||||
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares | 14,600 | 125,381 | ||||||
Cia Paranaense de Energia, ADR | 57,988 | 380,401 | ||||||
Cia Paranaense de Energia, Preference Shares | 426,600 | 573,310 | ||||||
Cia Siderurgica Nacional SA, ADR | 139,448 | 676,323 | ||||||
Cielo SA | 419,700 | 206,413 | ||||||
Clear Sale SA(1) | 38,200 | 67,385 | ||||||
Cogna Educacao(1) | 27,500 | 12,173 | ||||||
Construtora Tenda SA | 21,700 | 52,732 | ||||||
Cosan SA | 94,996 | 390,385 | ||||||
CPFL Energia SA | 39,000 | 228,050 | ||||||
Cristal Pigmentos do Brasil SA, Preference Shares | 2,000 | 20,635 | ||||||
CVC Brasil Operadora e Agencia de Viagens SA(1) | 44,744 | 106,905 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 89,200 | 259,071 | ||||||
Dexco SA | 100,210 | 265,637 | ||||||
Dexxos Participacoes SA | 17,400 | 30,159 | ||||||
Direcional Engenharia SA | 14,000 | 32,800 | ||||||
EcoRodovias Infraestrutura e Logistica SA(1) | 102,400 | 127,881 | ||||||
EDP - Energias do Brasil SA | 52,100 | 209,412 | ||||||
Embraer SA, ADR(1) | 62,009 | 854,484 | ||||||
Enauta Participacoes SA | 55,000 | 184,504 | ||||||
Energisa SA | 16,300 | 139,083 | ||||||
Eneva SA(1) | 103,400 | 267,758 | ||||||
Engie Brasil Energia SA | 61,800 | 476,373 | ||||||
Equatorial Energia SA | 65,800 | 323,873 | ||||||
Eternit SA | 36,400 | 102,951 | ||||||
Eucatex SA Industria e Comercio, Preference Shares | 16,500 | 28,483 | ||||||
Even Construtora e Incorporadora SA | 47,100 | 54,431 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 49,900 | 168,711 | ||||||
Fleury SA | 43,200 | 150,032 | ||||||
Fras-Le SA | 20,200 | 53,088 | ||||||
Gafisa SA(1) | 76,300 | 26,363 | ||||||
Gerdau SA, ADR | 219,313 | 1,068,054 | ||||||
Getnet Adquirencia e Servicos para Meios de Pagamento SA, ADR | 4,059 | 5,114 | ||||||
Gol Linhas Aereas Inteligentes SA, ADR(1)(2) | 6,098 | 39,820 | ||||||
Gol Linhas Aereas Inteligentes SA, Preference Shares(1) | 13,120 | 42,797 | ||||||
GPS Participacoes e Empreendimentos SA | 15,200 | 44,501 | ||||||
Grendene SA | 44,600 | 69,883 | ||||||
GRUPO DE MODA SOMA SA(1) | 58,504 | 146,304 | ||||||
Grupo Mateus SA(1) | 100,300 | 114,008 | ||||||
Grupo SBF SA(1) | 7,300 | 32,230 | ||||||
Guararapes Confeccoes SA | 29,400 | 68,323 | ||||||
Hapvida Participacoes e Investimentos SA | 203,686 | 466,567 | ||||||
Hypera SA | 12,800 | 82,835 | ||||||
Iguatemi SA(1) | 22,980 | 84,048 | ||||||
Iguatemi SA | 100,000 | 47,283 | ||||||
Industrias Romi SA | 10,966 | 29,089 | ||||||
Infracommerce CXAAS SA(1) | 20,100 | 56,867 |
11
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Instituto Hermes Pardini SA | 6,200 | $ | 22,042 | |||||
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | 7,000 | 45,025 | ||||||
Iochpe Maxion SA | 28,000 | 70,138 | ||||||
Irani Papel e Embalagem SA | 27,700 | 32,479 | ||||||
IRB Brasil Resseguros S/A(1) | 194,096 | 114,894 | ||||||
Itau Unibanco Holding SA, ADR | 507,155 | 2,449,559 | ||||||
JBS SA | 156,100 | 1,073,036 | ||||||
JHSF Participacoes SA | 125,400 | 132,156 | ||||||
Kepler Weber SA | 6,400 | 62,505 | ||||||
Klabin SA | 181,400 | 809,164 | ||||||
Lavvi Empreendimentos Imobiliarios Ltda | 44,580 | 45,852 | ||||||
Light SA | 71,000 | 134,803 | ||||||
Localiza Rent a Car SA | 94,730 | 1,052,000 | ||||||
Locaweb Servicos de Internet SA(1) | 13,200 | 25,817 | ||||||
LOG Commercial Properties e Participacoes SA | 29,400 | 154,168 | ||||||
Log-in Logistica Intermodal SA(1) | 7,067 | 33,932 | ||||||
Lojas Renner SA | 92,400 | 452,389 | ||||||
M Dias Branco SA | 11,700 | 51,693 | ||||||
Magazine Luiza SA | 135,700 | 154,473 | ||||||
Mahle-Metal Leve SA | 10,400 | 54,048 | ||||||
Marcopolo SA, Preference Shares | 96,800 | 52,301 | ||||||
Marfrig Global Foods SA | 123,700 | 533,726 | ||||||
Marisa Lojas SA(1) | 43,087 | 25,544 | ||||||
Meliuz SA | 47,400 | 21,368 | ||||||
Metalurgica Gerdau SA, Preference Shares | 72,500 | 144,451 | ||||||
Mills Estruturas e Servicos de Engenharia SA | 23,700 | 28,117 | ||||||
Minerva SA | 77,600 | 163,927 | ||||||
Mitre Realty Empreendimentos E Participacoes LTDA | 16,000 | 17,612 | ||||||
Movida Participacoes SA | 44,800 | 141,318 | ||||||
MRV Engenharia e Participacoes SA | 80,000 | 181,724 | ||||||
Multilaser Industrial SA(1) | 57,100 | 63,116 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 87,100 | 367,731 | ||||||
Natura & Co. Holding SA(1) | 51,756 | 231,956 | ||||||
Odontoprev SA | 77,400 | 172,815 | ||||||
Omega Energia SA(1) | 49,110 | 102,858 | ||||||
Oncoclinicas do Brasil Servicos Medicos SA(1) | 21,600 | 41,281 | ||||||
Pet Center Comercio e Participacoes SA | 10,930 | 36,883 | ||||||
Petro Rio SA(1) | 168,800 | 858,193 | ||||||
Petroleo Brasileiro SA, ADR | 284,398 | 4,064,047 | ||||||
Petroleo Brasileiro SA, ADR Preference Shares | 365,211 | 4,780,612 | ||||||
Petroreconcavo SA(1) | 25,100 | 100,868 | ||||||
Porto Seguro SA | 25,400 | 103,264 | ||||||
Portobello SA | 29,000 | 48,570 | ||||||
Positivo Tecnologia SA | 60,400 | 92,925 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 35,800 | 89,227 | ||||||
Raia Drogasil SA | 88,000 | 399,070 | ||||||
Randon SA Implementos e Participacoes, Preference Shares | 53,400 | 109,098 | ||||||
Rede D'Or Sao Luiz SA | 15,900 | 154,573 | ||||||
Rumo SA(1) | 181,600 | 544,401 | ||||||
Santos Brasil Participacoes SA | 92,100 | 115,073 | ||||||
Sao Martinho SA | 65,800 | 510,832 |
12
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Sendas Distribuidora SA, ADR(2) | 43,219 | $ | 564,008 | |||||
Ser Educacional SA | 19,800 | 42,367 | ||||||
SIMPAR SA | 94,900 | 192,566 | ||||||
Sinqia SA | 4,800 | 15,830 | ||||||
SLC Agricola SA | 33,880 | 287,295 | ||||||
StoneCo Ltd., A Shares(1) | 26,619 | 299,198 | ||||||
Sul America SA | 113,927 | 767,192 | ||||||
Suzano SA, ADR(2) | 94,243 | 1,007,458 | ||||||
SYN prop e tech SA | 33,700 | 43,063 | ||||||
Taurus Armas SA, Preference Shares(1) | 25,100 | 108,426 | ||||||
Telefonica Brasil SA, ADR(2) | 35,526 | 347,800 | ||||||
TIM SA, ADR | 47,630 | 627,287 | ||||||
TOTVS SA | 67,200 | 431,150 | ||||||
Transmissora Alianca de Energia Eletrica SA | 75,000 | 575,602 | ||||||
Trisul SA | 18,100 | 17,821 | ||||||
Tupy SA | 23,900 | 84,637 | ||||||
Ultrapar Participacoes SA, ADR(2) | 165,449 | 481,457 | ||||||
Unipar Carbocloro SA, Preference Shares | 17,200 | 314,995 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares | 141,100 | 398,042 | ||||||
Vale SA, ADR | 424,818 | 7,854,885 | ||||||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 18,000 | 38,331 | ||||||
Via S/A(1) | 40,900 | 29,966 | ||||||
Vibra Energia SA | 217,700 | 986,141 | ||||||
Vivara Participacoes SA | 8,900 | 44,813 | ||||||
Vulcabras Azaleia SA | 16,100 | 27,991 | ||||||
WEG SA | 119,800 | 675,067 | ||||||
Wiz Solucoes e Corretagem de Seguros SA | 29,400 | 40,811 | ||||||
XP, Inc., Class A(1) | 8,935 | 288,958 | ||||||
YDUQS Participacoes SA | 48,300 | 197,927 | ||||||
61,666,964 | ||||||||
Chile — 0.5% | ||||||||
Aguas Andinas SA, A Shares | 872,574 | 184,039 | ||||||
Banco de Chile | 4,157,640 | 440,802 | ||||||
Banco de Credito e Inversiones SA | 5,419 | 193,813 | ||||||
Banco Santander Chile, ADR | 21,425 | 418,216 | ||||||
Besalco SA | 44,236 | 13,273 | ||||||
CAP SA | 24,949 | 288,792 | ||||||
Cencosud SA | 363,068 | 667,523 | ||||||
Cencosud Shopping SA | 63,751 | 68,413 | ||||||
Cia Cervecerias Unidas SA, ADR | 18,945 | 302,741 | ||||||
Cia Sud Americana de Vapores SA | 3,138,368 | 306,283 | ||||||
Colbun SA | 2,085,916 | 152,093 | ||||||
Embotelladora Andina SA, Class B Preference Shares | 112,584 | 245,164 | ||||||
Empresa Nacional de Telecomunicaciones SA | 32,914 | 122,322 | ||||||
Empresas CMPC SA | 163,505 | 270,340 | ||||||
Empresas COPEC SA | 55,424 | 429,787 | ||||||
Enel Americas SA, ADR(2) | 40,143 | 233,231 | ||||||
Enel Chile SA | 7,016,298 | 230,435 | ||||||
Engie Energia Chile SA | 182,950 | 111,124 | ||||||
Falabella SA | 59,522 | 195,975 |
13
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Forus SA | 124 | $ | 149 | |||||
Grupo Security SA | 164,860 | 25,254 | ||||||
Inversiones Aguas Metropolitanas SA | 50,459 | 25,256 | ||||||
Itau CorpBanca Chile SA(1) | 44,740,341 | 87,792 | ||||||
Latam Airlines Group SA, ADR(1) | 3,200 | 1,248 | ||||||
Parque Arauco SA(1) | 118,434 | 118,195 | ||||||
Ripley Corp. SA | 194,258 | 32,310 | ||||||
Sociedad Quimica y Minera de Chile SA, ADR | 6,234 | 412,566 | ||||||
Vina Concha y Toro SA | 14,928 | 21,903 | ||||||
5,599,039 | ||||||||
China — 28.8% | ||||||||
360 DigiTech, Inc., ADR | 41,279 | 773,981 | ||||||
361 Degrees International Ltd.(1)(2) | 331,000 | 162,729 | ||||||
3SBio, Inc.(1) | 474,500 | 377,118 | ||||||
51job, Inc., ADR(1) | 5,511 | 285,470 | ||||||
A-Living Smart City Services Co. Ltd. | 214,000 | 383,599 | ||||||
AAC Technologies Holdings, Inc.(2) | 247,000 | 675,347 | ||||||
Agile Group Holdings Ltd.(2) | 478,000 | 217,787 | ||||||
Agora, Inc., ADR(1) | 1,677 | 20,258 | ||||||
Agricultural Bank of China Ltd., H Shares | 4,320,000 | 1,636,066 | ||||||
Air China Ltd., H Shares(1)(2) | 54,000 | 41,530 | ||||||
AK Medical Holdings Ltd.(2) | 36,000 | 24,795 | ||||||
AKM Industrial Co. Ltd. | 320,000 | 72,608 | ||||||
Alibaba Group Holding Ltd., ADR(1) | 99,906 | 10,509,112 | ||||||
Alibaba Health Information Technology Ltd.(1) | 150,000 | 105,035 | ||||||
Alibaba Pictures Group Ltd.(1) | 1,030,000 | 102,979 | ||||||
Alphamab Oncology(1)(2) | 30,000 | 35,654 | ||||||
Aluminum Corp. of China Ltd., H Shares(1) | 1,354,000 | 957,039 | ||||||
Angang Steel Co. Ltd., H Shares | 32,000 | 15,913 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 297,000 | 1,593,858 | ||||||
Anhui Expressway Co. Ltd., H Shares | 132,000 | 125,930 | ||||||
ANTA Sports Products Ltd. | 165,000 | 2,520,078 | ||||||
Anton Oilfield Services Group(1) | 330,000 | 20,203 | ||||||
Aoyuan Healthy Life Group Co. Ltd.(1) | 143,000 | 41,818 | ||||||
Ascletis Pharma, Inc.(1) | 64,000 | 36,586 | ||||||
Asia Cement China Holdings Corp. | 188,500 | 117,837 | ||||||
Ausnutria Dairy Corp. Ltd.(1) | 213,000 | 268,491 | ||||||
Autohome, Inc., ADR | 24,776 | 757,898 | ||||||
BAIC Motor Corp. Ltd., H Shares | 266,000 | 92,934 | ||||||
Baidu, Inc., ADR(1) | 36,080 | 5,500,035 | ||||||
BAIOO Family Interactive Ltd. | 448,000 | 33,333 | ||||||
Bank of China Ltd., H Shares | 13,323,000 | 5,186,666 | ||||||
Bank of Chongqing Co. Ltd., H Shares | 216,000 | 128,681 | ||||||
Bank of Communications Co. Ltd., H Shares | 2,022,000 | 1,386,140 | ||||||
BBMG Corp., H Shares | 181,000 | 28,949 | ||||||
BeiGene Ltd., ADR(1) | 2,898 | 610,087 | ||||||
Beijing Capital International Airport Co. Ltd., H Shares(1) | 384,000 | 245,956 | ||||||
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares(1) | 31,750 | 43,629 | ||||||
Beijing Energy International Holding Co. Ltd.(1)(2) | 70,000 | 2,335 | ||||||
Beijing Enterprises Clean Energy Group Ltd.(1)(2) | 7,260,000 | 95,782 | ||||||
Beijing Enterprises Holdings Ltd. | 184,500 | 630,714 |
14
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Beijing Enterprises Urban Resources Group Ltd.(1) | 580,000 | $ | 49,750 | |||||
Beijing Enterprises Water Group Ltd. | 1,178,000 | 465,409 | ||||||
Beijing Jingneng Clean Energy Co. Ltd., H Shares | 250,000 | 76,361 | ||||||
Beijing North Star Co. Ltd., H Shares | 4,000 | 610 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(2) | 127,000 | 176,372 | ||||||
Best Pacific International Holdings Ltd. | 4,000 | 1,128 | ||||||
Bilibili, Inc., ADR(1)(2) | 4,844 | 153,119 | ||||||
Binjiang Service Group Co. Ltd. | 36,000 | 107,203 | ||||||
BOC Aviation Ltd. | 77,100 | 670,230 | ||||||
BOE Varitronix Ltd.(2) | 79,000 | 92,237 | ||||||
Bosideng International Holdings Ltd. | 1,428,000 | 812,485 | ||||||
Burning Rock Biotech Ltd., ADR(1) | 3,162 | 26,656 | ||||||
BYD Co. Ltd., H Shares | 132,000 | 4,090,329 | ||||||
BYD Electronic International Co. Ltd.(2) | 209,000 | 589,759 | ||||||
C&D International Investment Group Ltd. | 23,980 | 44,594 | ||||||
C&D Property Management Group Co. Ltd.(1) | 132,000 | 67,502 | ||||||
Cabbeen Fashion Ltd. | 104,000 | 35,528 | ||||||
Canaan, Inc., ADR(1) | 4,029 | 21,233 | ||||||
Canadian Solar, Inc.(1)(2) | 24,470 | 774,720 | ||||||
CanSino Biologics, Inc., H Shares(1)(2) | 12,200 | 220,495 | ||||||
Canvest Environmental Protection Group Co. Ltd. | 204,000 | 99,297 | ||||||
Cathay Media And Education Group, Inc. | 96,000 | 21,898 | ||||||
Central China Management Co. Ltd. | 117,000 | 15,682 | ||||||
Central China New Life Ltd.(1) | 65,000 | 39,682 | ||||||
Central China Real Estate Ltd.(2) | 218,000 | 17,898 | ||||||
CGN Mining Co. Ltd. | 230,000 | 26,864 | ||||||
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(1) | 53,400 | 75,107 | ||||||
Chaowei Power Holdings Ltd. | 168,000 | 42,112 | ||||||
Chen Lin Education Group Holdings Ltd.(1) | 70,000 | 18,806 | ||||||
China Aoyuan Group Ltd.(2) | 417,000 | 69,508 | ||||||
China Automotive Systems, Inc.(1)(2) | 5,187 | 13,746 | ||||||
China BlueChemical Ltd., H Shares | 818,000 | 244,934 | ||||||
China Bohai Bank Co. Ltd., H Shares | 1,012,500 | 168,831 | ||||||
China Bright Culture Group(1) | 29,000 | 1,937 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 3,271,000 | 590,460 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 2,167,000 | 1,018,302 | ||||||
China Coal Energy Co. Ltd., H Shares | 953,000 | 594,037 | ||||||
China Communications Services Corp. Ltd., H Shares | 1,046,000 | 573,858 | ||||||
China Conch Venture Holdings Ltd. | 378,500 | 1,821,432 | ||||||
China Construction Bank Corp., H Shares | 13,810,000 | 10,357,011 | ||||||
China Datang Corp. Renewable Power Co. Ltd., H Shares | 1,332,000 | 504,758 | ||||||
China Dongxiang Group Co. Ltd. | 1,053,000 | 79,465 | ||||||
China East Education Holdings Ltd.(1) | 126,500 | 73,603 | ||||||
China Eastern Airlines Corp. Ltd., H Shares(1) | 116,000 | 45,040 | ||||||
China Education Group Holdings Ltd. | 470,000 | 402,661 | ||||||
China Energy Development Holdings Ltd.(1) | 4,000 | 90 | ||||||
China Everbright Bank Co. Ltd., H Shares | 873,000 | 324,675 | ||||||
China Everbright Environment Group Ltd. | 2,316,000 | 1,662,831 | ||||||
China Everbright Greentech Ltd.(2) | 198,000 | 65,449 | ||||||
China Everbright Ltd. | 468,000 | 515,405 | ||||||
China Everbright Water Ltd. (Singapore) | 138,500 | 32,222 |
15
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
China Feihe Ltd. | 682,000 | $ | 813,803 | |||||
China Foods Ltd. | 232,000 | 99,989 | ||||||
China Galaxy Securities Co. Ltd., H Shares | 1,197,500 | 685,429 | ||||||
China Gas Holdings Ltd. | 94,000 | 148,555 | ||||||
China General Education Group Ltd.(1) | 60,000 | 28,159 | ||||||
China Glass Holdings Ltd.(1) | 622,000 | 128,050 | ||||||
China Hanking Holdings Ltd. | 175,000 | 32,907 | ||||||
China Harmony Auto Holding Ltd. | 269,500 | 127,457 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.(1) | 98,000 | 74,351 | ||||||
China Hongqiao Group Ltd. | 985,500 | 1,379,708 | ||||||
China International Capital Corp. Ltd., H Shares | 502,000 | 1,221,327 | ||||||
China Isotope & Radiation Corp.(2) | 14,400 | 42,479 | ||||||
China Kepei Education Group Ltd. | 130,000 | 38,999 | ||||||
China Lesso Group Holdings Ltd. | 389,000 | 598,898 | ||||||
China Life Insurance Co. Ltd., ADR(2) | 179,245 | 1,487,734 | ||||||
China Lilang Ltd. | 164,000 | 91,103 | ||||||
China Literature Ltd.(1)(2) | 57,400 | 311,518 | ||||||
China Logistics Property Holdings Co. Ltd.(1)(2) | 99,000 | 54,854 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 1,240,000 | 2,558,851 | ||||||
China Maple Leaf Educational Systems Ltd.(1) | 430,000 | 22,677 | ||||||
China Medical System Holdings Ltd. | 633,000 | 1,127,154 | ||||||
China Meidong Auto Holdings Ltd. | 156,000 | 734,524 | ||||||
China Mengniu Dairy Co. Ltd.(1) | 462,000 | 3,004,117 | ||||||
China Merchants Bank Co. Ltd., H Shares | 556,500 | 4,690,909 | ||||||
China Merchants Land Ltd.(1) | 148,000 | 14,791 | ||||||
China Merchants Port Holdings Co. Ltd. | 587,545 | 1,107,755 | ||||||
China Minsheng Banking Corp. Ltd., H Shares(2) | 1,418,500 | 552,504 | ||||||
China Modern Dairy Holdings Ltd.(2) | 1,258,000 | 232,481 | ||||||
China Molybdenum Co. Ltd., H Shares | 345,000 | 207,656 | ||||||
China National Building Material Co. Ltd., H Shares | 1,916,000 | 2,457,899 | ||||||
China New Higher Education Group Ltd. | 391,000 | 143,641 | ||||||
China Oil & Gas Group Ltd.(1) | 280,000 | 15,458 | ||||||
China Oriental Group Co. Ltd. | 374,000 | 108,714 | ||||||
China Pacific Insurance Group Co. Ltd., H Shares | 570,000 | 1,587,209 | ||||||
China Petroleum & Chemical Corp., ADR | 38,268 | 1,907,660 | ||||||
China Pioneer Pharma Holdings Ltd. | 123,000 | 37,411 | ||||||
China Power International Development Ltd. | 1,460,000 | 827,582 | ||||||
China Railway Group Ltd., H Shares | 884,000 | 519,046 | ||||||
China Railway Signal & Communication Corp. Ltd., H Shares | 141,000 | 51,384 | ||||||
China Rare Earth Holdings Ltd.(1) | 604,000 | 63,505 | ||||||
China Reinsurance Group Corp., H Shares | 302,000 | 29,025 | ||||||
China Renaissance Holdings Ltd.(1) | 100,700 | 150,249 | ||||||
China Resources Beer Holdings Co. Ltd. | 236,000 | 1,871,339 | ||||||
China Resources Cement Holdings Ltd. | 1,104,000 | 944,681 | ||||||
China Resources Gas Group Ltd. | 144,000 | 661,390 | ||||||
China Resources Land Ltd. | 902,000 | 4,387,596 | ||||||
China Resources Medical Holdings Co. Ltd. | 293,500 | 165,455 | ||||||
China Resources Mixc Lifestyle Services Ltd. | 125,600 | 646,044 | ||||||
China Resources Pharmaceutical Group Ltd. | 433,500 | 214,411 | ||||||
China Resources Power Holdings Co. Ltd. | 998,000 | 2,229,103 | ||||||
China Risun Group Ltd. | 316,000 | 196,846 |
16
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
China Ruyi Holdings Ltd.(1)(2) | 42,800 | $ | 12,738 | |||||
China Sanjiang Fine Chemicals Co. Ltd. | 248,000 | 65,511 | ||||||
China SCE Group Holdings Ltd. | 496,000 | 99,584 | ||||||
China Shengmu Organic Milk Ltd.(1) | 205,000 | 13,004 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 867,500 | 2,390,816 | ||||||
China Shineway Pharmaceutical Group Ltd. | 102,000 | 83,459 | ||||||
China Shuifa Singyes Energy Holdings Ltd. | 306,000 | 53,924 | ||||||
China Silver Group Ltd.(1) | 420,000 | 31,728 | ||||||
China South City Holdings Ltd. | 1,462,000 | 122,043 | ||||||
China Southern Airlines Co. Ltd., H Shares(1)(2) | 148,000 | 93,634 | ||||||
China Sunshine Paper Holdings Co. Ltd.(1) | 437,500 | 157,869 | ||||||
China Suntien Green Energy Corp. Ltd., H Shares | 807,000 | 537,567 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 658,400 | 779,287 | ||||||
China Tobacco International HK Co. Ltd. | 34,000 | 63,578 | ||||||
China Tower Corp. Ltd., H Shares | 12,320,000 | 1,435,939 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 1,104,000 | 629,346 | ||||||
China Travel International Investment Hong Kong Ltd.(1) | 704,000 | 138,280 | ||||||
China Vanke Co. Ltd., H Shares | 336,000 | 798,061 | ||||||
China Vast Industrial Urban Development Co. Ltd. | 5,000 | 1,090 | ||||||
China Water Affairs Group Ltd. | 272,000 | 300,496 | ||||||
China Wood Optimization Holding Ltd.(1) | 8,000 | 921 | ||||||
China Xinhua Education Group Ltd. | 56,000 | 9,831 | ||||||
China XLX Fertiliser Ltd. | 299,000 | 230,732 | ||||||
China Yongda Automobiles Services Holdings Ltd. | 520,000 | 606,685 | ||||||
China Youran Dairy Group Ltd.(1) | 42,000 | 22,854 | ||||||
China Youzan Ltd.(1) | 652,000 | 20,955 | ||||||
China Yuchai International Ltd. | 4,954 | 61,281 | ||||||
China Yuhua Education Corp. Ltd. | 576,000 | 149,126 | ||||||
China ZhengTong Auto Services Holdings Ltd.(1) | 574,000 | 43,520 | ||||||
Chindata Group Holdings Ltd., ADR(1) | 3,875 | 21,274 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 683,000 | 251,940 | ||||||
CIFI Ever Sunshine Services Group Ltd. | 274,000 | 498,287 | ||||||
CIFI Holdings Group Co. Ltd. | 769,631 | 536,211 | ||||||
CIMC Enric Holdings Ltd.(2) | 344,000 | 411,449 | ||||||
CIMC Vehicles Group Co. Ltd., Class H | 20,000 | 14,518 | ||||||
CITIC Ltd. | 1,366,000 | 1,594,019 | ||||||
CITIC Securities Co. Ltd., H Shares | 620,450 | 1,503,165 | ||||||
CMGE Technology Group Ltd.(1) | 412,000 | 145,684 | ||||||
COFCO Joycome Foods Ltd.(1) | 1,623,000 | 708,058 | ||||||
Cogobuy Group(1)(2) | 198,000 | 59,780 | ||||||
Colour Life Services Group Co. Ltd.(1)(2) | 6,000 | 601 | ||||||
Concord New Energy Group Ltd. | 2,120,000 | 198,804 | ||||||
Consun Pharmaceutical Group Ltd. | 108,000 | 51,435 | ||||||
Coolpad Group Ltd.(1) | 2,466,000 | 86,890 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 136,000 | 64,865 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(1)(2) | 720,749 | 1,456,796 | ||||||
COSCO SHIPPING International Hong Kong Co. Ltd. | 86,000 | 27,108 | ||||||
COSCO SHIPPING Ports Ltd. | 550,621 | 453,752 | ||||||
Country Garden Holdings Co. Ltd.(2) | 1,975,339 | 1,534,703 | ||||||
Country Garden Services Holdings Co. Ltd. | 219,000 | 1,310,049 | ||||||
CPMC Holdings Ltd. | 165,000 | 91,248 |
17
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Crazy Sports Group Ltd.(1)(2) | 902,000 | $ | 43,517 | |||||
CSPC Pharmaceutical Group Ltd. | 3,177,760 | 3,766,798 | ||||||
CSSC Hong Kong Shipping Co. Ltd. | 498,000 | 71,574 | ||||||
Dada Nexus Ltd., ADR(1) | 2,320 | 19,279 | ||||||
DaFa Properties Group Ltd.(2) | 31,000 | 14,780 | ||||||
Dali Foods Group Co. Ltd. | 699,000 | 368,151 | ||||||
Daqo New Energy Corp., ADR(1) | 24,703 | 1,184,756 | ||||||
Datang International Power Generation Co. Ltd., H Shares | 184,000 | 36,299 | ||||||
Dawnrays Pharmaceutical Holdings Ltd. | 55,000 | 9,440 | ||||||
Dexin China Holdings Co. Ltd.(1) | 50,000 | 18,485 | ||||||
DiDi Global, Inc., ADR(1) | 17,169 | 70,393 | ||||||
Differ Group Holding Co. Ltd.(1)(2) | 1,406,000 | 434,101 | ||||||
Digital China Holdings Ltd. | 231,000 | 126,107 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 892,000 | 767,768 | ||||||
Dongyue Group Ltd. | 715,000 | 1,037,279 | ||||||
DouYu International Holdings Ltd., ADR(1)(2) | 16,143 | 33,255 | ||||||
Duiba Group Ltd.(1) | 119,600 | 19,074 | ||||||
Dynagreen Environmental Protection Group Co. Ltd., H Shares | 40,000 | 19,653 | ||||||
E-House China Enterprise Holdings Ltd.(2) | 276,000 | 48,472 | ||||||
Ebang International Holdings, Inc., A Shares(1)(2) | 17,067 | 21,334 | ||||||
Edvantage Group Holdings Ltd. | 144,000 | 59,260 | ||||||
EHang Holdings Ltd., ADR(1)(2) | 1,616 | 24,014 | ||||||
ENN Energy Holdings Ltd. | 113,500 | 1,643,752 | ||||||
Essex Bio-technology Ltd. | 120,000 | 72,779 | ||||||
EVA Precision Industrial Holdings Ltd.(2) | 554,000 | 106,176 | ||||||
Excellence Commercial Property & Facilities Management Group Ltd.(1) | 20,000 | 11,988 | ||||||
Fanhua, Inc., ADR(2) | 23,222 | 155,123 | ||||||
Fantasia Holdings Group Co. Ltd.(1)(2) | 343,500 | 12,578 | ||||||
FIH Mobile Ltd.(1) | 996,000 | 146,934 | ||||||
FinVolution Group, ADR | 65,390 | 266,137 | ||||||
Fire Rock Holdings Ltd. | 186,000 | 11,820 | ||||||
First Tractor Co. Ltd., H Shares | 74,000 | 35,641 | ||||||
Flat Glass Group Co. Ltd., H Shares(2) | 39,000 | 161,272 | ||||||
Fosun International Ltd. | 566,000 | 614,112 | ||||||
Fountain SET Holdings Ltd. | 36,000 | 6,452 | ||||||
Fu Shou Yuan International Group Ltd. | 537,000 | 398,068 | ||||||
Fufeng Group Ltd.(1) | 765,000 | 286,435 | ||||||
Fuyao Glass Industry Group Co. Ltd., H Shares | 151,200 | 741,801 | ||||||
Ganfeng Lithium Co. Ltd., H Shares | 12,200 | 207,061 | ||||||
GCL New Energy Holdings Ltd.(1) | 638,000 | 14,108 | ||||||
GCL-Poly Energy Holdings Ltd.(1)(2) | 3,342,000 | 1,231,655 | ||||||
GDS Holdings Ltd., ADR(1) | 19,621 | 873,527 | ||||||
Geely Automobile Holdings Ltd. | 913,000 | 1,700,593 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 2,266,000 | 249,507 | ||||||
Genertec Universal Medical Group Co. Ltd. | 286,500 | 202,491 | ||||||
Genor Biopharma Holdings Ltd.(1)(2) | 12,000 | 8,413 | ||||||
GF Securities Co. Ltd., H Shares | 372,800 | 559,678 | ||||||
Global Bio-Chem Technology Group Co. Ltd.(1) | 40,000 | 767 | ||||||
Global Cord Blood Corp.(1) | 18,571 | 75,398 | ||||||
Glorious Property Holdings Ltd.(1) | 130,000 | 3,730 |
18
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Glory Land Co. Ltd.(1) | 17,000 | $ | 602 | |||||
Glory Sun Financial Group Ltd.(1) | 36,000 | 799 | ||||||
Goodbaby International Holdings Ltd.(1) | 338,000 | 40,837 | ||||||
Grand Baoxin Auto Group Ltd.(1) | 22,000 | 1,718 | ||||||
Grand Pharmaceutical Group Ltd. | 561,500 | 444,322 | ||||||
Great Wall Motor Co. Ltd., H Shares | 543,500 | 1,144,231 | ||||||
Greatview Aseptic Packaging Co. Ltd. | 139,000 | 49,381 | ||||||
Greenland Hong Kong Holdings Ltd. | 137,000 | 23,452 | ||||||
Greentown China Holdings Ltd. | 105,000 | 157,719 | ||||||
Greentown Management Holdings Co. Ltd. | 194,000 | 158,188 | ||||||
GreenTree Hospitality Group Ltd., ADR(2) | 2,321 | 13,183 | ||||||
Guangdong Investment Ltd. | 320,000 | 430,622 | ||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 340,000 | 336,618 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares(2) | 712,800 | 303,439 | ||||||
Guotai Junan Securities Co. Ltd., H Shares(1) | 69,200 | 101,988 | ||||||
Haidilao International Holding Ltd.(2) | 107,000 | 246,387 | ||||||
Haier Smart Home Co. Ltd., H Shares | 403,200 | 1,412,845 | ||||||
Hainan Meilan International Airport Co. Ltd., H Shares(1) | 96,000 | 271,552 | ||||||
Haitian International Holdings Ltd. | 232,000 | 618,117 | ||||||
Haitong Securities Co. Ltd., H Shares | 957,600 | 824,004 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., H Shares | 10,900 | 122,636 | ||||||
Hansoh Pharmaceutical Group Co. Ltd. | 102,000 | 217,739 | ||||||
Harbin Electric Co. Ltd., H Shares | 416,000 | 147,005 | ||||||
HC Group, Inc.(1) | 7,500 | 654 | ||||||
Hebei Construction Group Corp. Ltd., H Shares | 68,000 | 12,262 | ||||||
Hello Group, Inc., ADR | 75,361 | 718,190 | ||||||
Hengan International Group Co. Ltd. | 271,500 | 1,439,838 | ||||||
Hi Sun Technology China Ltd.(1) | 363,000 | 46,044 | ||||||
Hisense Home Appliances Group Co. Ltd., H Shares | 111,000 | 124,580 | ||||||
Hollysys Automation Technologies Ltd.(1) | 31,140 | 438,451 | ||||||
Homeland Interactive Technology Ltd.(1)(2) | 142,000 | 24,164 | ||||||
Honworld Group Ltd.(1) | 7,500 | 2,946 | ||||||
Hope Education Group Co. Ltd. | 1,860,000 | 188,974 | ||||||
Hopson Development Holdings Ltd. | 170,800 | 351,601 | ||||||
Hua Hong Semiconductor Ltd.(1) | 49,000 | 255,279 | ||||||
Hua Medicine(1) | 41,000 | 19,953 | ||||||
Huabao International Holdings Ltd.(2) | 172,000 | 98,678 | ||||||
Huadian Power International Corp. Ltd., H Shares | 132,000 | 49,892 | ||||||
Huaneng Power International, Inc., H Shares | 960,000 | 563,535 | ||||||
Huatai Securities Co. Ltd., H Shares | 619,400 | 1,014,145 | ||||||
Huaxi Holdings Co. Ltd. | 4,000 | 926 | ||||||
Huazhong In-Vehicle Holdings Co. Ltd.(2) | 248,000 | 94,942 | ||||||
Huazhu Group Ltd., ADR(1) | 36,031 | 1,490,242 | ||||||
Huijing Holdings Co. Ltd.(2) | 456,000 | 112,537 | ||||||
HUYA, Inc., ADR(1) | 9,434 | 49,529 | ||||||
I-Mab, ADR(1) | 2,742 | 67,782 | ||||||
iDreamSky Technology Holdings Ltd.(1)(2) | 158,000 | 114,221 | ||||||
IMAX China Holding, Inc. | 32,000 | 44,746 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 7,894,000 | 4,712,363 | ||||||
Inke Ltd.(1) | 296,000 | 76,627 | ||||||
International Alliance Financial Leasing Co. Ltd.(1) | 30,000 | 12,635 |
19
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
iQIYI, Inc., ADR(1)(2) | 45,671 | $ | 189,078 | |||||
IVD Medical Holding Ltd. | 3,000 | 1,274 | ||||||
JD Health International, Inc.(1) | 10,150 | 75,757 | ||||||
JD.com, Inc., ADR(1) | 65,273 | 4,675,505 | ||||||
JD.com, Inc., Class A(1) | 36,345 | 1,298,222 | ||||||
JH Educational Technology, Inc.(1) | 102,000 | 43,354 | ||||||
Jiangsu Expressway Co. Ltd., H Shares | 320,000 | 342,382 | ||||||
Jiangxi Copper Co. Ltd., H Shares | 373,000 | 671,400 | ||||||
Jiayuan International Group Ltd. | 60,000 | 19,015 | ||||||
Jinchuan Group International Resources Co. Ltd. | 1,415,000 | 252,830 | ||||||
Jingrui Holdings Ltd.(1) | 10,000 | 2,415 | ||||||
Jinke Smart Services Group Co. Ltd., H Shares(2) | 38,500 | 170,940 | ||||||
JinkoSolar Holding Co. Ltd., ADR(1)(2) | 11,203 | 566,984 | ||||||
Jinxin Fertility Group Ltd.(1)(2) | 454,000 | 530,854 | ||||||
Jiumaojiu International Holdings Ltd.(2) | 191,000 | 429,082 | ||||||
JNBY Design Ltd. | 93,500 | 126,217 | ||||||
JOYY, Inc., ADR | 8,319 | 385,087 | ||||||
Jutal Offshore Oil Services Ltd. | 186,000 | 21,113 | ||||||
JW Cayman Therapeutics Co. Ltd.(1)(2) | 7,000 | 8,893 | ||||||
Kaisa Group Holdings Ltd.(1)(2) | 604,000 | 55,020 | ||||||
Kaisa Prosperity Holdings Ltd.(1) | 26,500 | 35,691 | ||||||
Kandi Technologies Group, Inc.(1) | 10,840 | 35,122 | ||||||
Kangji Medical Holdings Ltd.(2) | 123,500 | 123,745 | ||||||
Kanzhun Ltd., ADR(1) | 3,060 | 98,838 | ||||||
Kasen International Holdings Ltd.(1) | 147,000 | 12,462 | ||||||
KE Holdings, Inc., ADR(1) | 13,689 | 265,704 | ||||||
Kingboard Holdings Ltd. | 266,500 | 1,246,726 | ||||||
Kingboard Laminates Holdings Ltd. | 411,000 | 684,868 | ||||||
Kingdee International Software Group Co. Ltd.(1) | 165,000 | 407,821 | ||||||
Kingsoft Corp. Ltd. | 317,000 | 1,185,519 | ||||||
Kintor Pharmaceutical Ltd.(1)(2) | 19,000 | 30,943 | ||||||
Koolearn Technology Holding Ltd.(1) | 6,000 | 3,764 | ||||||
Kuaishou Technology(1) | 6,700 | 77,535 | ||||||
Kunlun Energy Co. Ltd. | 986,000 | 969,912 | ||||||
KWG Group Holdings Ltd. | 388,500 | 181,905 | ||||||
KWG Living Group Holdings Ltd. | 255,249 | 105,737 | ||||||
Lee & Man Paper Manufacturing Ltd. | 366,000 | 235,285 | ||||||
Lenovo Group Ltd. | 1,748,000 | 1,946,519 | ||||||
Leoch International Technology Ltd.(1) | 124,000 | 11,879 | ||||||
LexinFintech Holdings Ltd., ADR(1) | 55,206 | 195,981 | ||||||
Li Auto, Inc., ADR(1) | 118,332 | 3,603,209 | ||||||
Li Ning Co. Ltd. | 471,500 | 4,709,412 | ||||||
Lifetech Scientific Corp.(1) | 528,000 | 209,542 | ||||||
Logan Group Co. Ltd.(2) | 211,000 | 70,109 | ||||||
Longfor Group Holdings Ltd. | 460,000 | 2,459,861 | ||||||
Lonking Holdings Ltd. | 829,000 | 220,950 | ||||||
Lufax Holding Ltd., ADR(1) | 23,057 | 149,179 | ||||||
Luokung Technology Corp.(1) | 25,975 | 14,416 | ||||||
Luoyang Glass Co. Ltd., H Shares(1) | 138,000 | 238,896 | ||||||
Luye Pharma Group Ltd.(1)(2) | 562,500 | 227,235 | ||||||
LVGEM China Real Estate Investment Co. Ltd.(1) | 194,000 | 33,239 |
20
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Maanshan Iron & Steel Co. Ltd., H Shares | 60,000 | $ | 24,668 | |||||
Maoyan Entertainment(1)(2) | 173,200 | 189,287 | ||||||
Medlive Technology Co. Ltd.(1) | 11,500 | 17,025 | ||||||
Meitu, Inc.(1) | 1,331,000 | 214,628 | ||||||
Meituan, Class B(1) | 205,000 | 4,554,107 | ||||||
Metallurgical Corp. of China Ltd., H Shares | 198,000 | 60,223 | ||||||
Midea Real Estate Holding Ltd. | 128,200 | 187,847 | ||||||
Minsheng Education Group Co. Ltd.(1) | 254,000 | 27,424 | ||||||
Minth Group Ltd. | 266,000 | 961,804 | ||||||
MMG Ltd.(1) | 1,444,000 | 523,059 | ||||||
Mobvista, Inc.(1) | 23,000 | 18,506 | ||||||
Mulsanne Group Holding Ltd.(1)(2) | 87,500 | 50,863 | ||||||
Nam Tai Property, Inc.(1)(2) | 9,475 | 72,389 | ||||||
NetDragon Websoft Holdings Ltd. | 154,500 | 346,460 | ||||||
NetEase, Inc., ADR | 73,698 | 7,026,367 | ||||||
New China Life Insurance Co. Ltd., H Shares | 263,300 | 753,531 | ||||||
New Oriental Education & Technology Group, Inc., ADR(1) | 356,532 | 538,363 | ||||||
Newborn Town, Inc.(1) | 100,000 | 56,412 | ||||||
Nexteer Automotive Group Ltd. | 584,000 | 584,922 | ||||||
Nine Dragons Paper Holdings Ltd. | 633,000 | 606,393 | ||||||
NIO, Inc., ADR(1) | 47,819 | 1,092,186 | ||||||
Niu Technologies, ADR(1) | 7,189 | 89,431 | ||||||
Noah Holdings Ltd., ADR(1) | 14,561 | 412,950 | ||||||
Nongfu Spring Co. Ltd., H Shares | 100,400 | 629,660 | ||||||
Ocumension Therapeutics(1)(2) | 8,500 | 9,633 | ||||||
Pacific Online Ltd. | 32,000 | 5,394 | ||||||
People's Insurance Co. Group of China Ltd. (The), H Shares | 1,614,000 | 519,039 | ||||||
PetroChina Co. Ltd., ADR(2) | 39,762 | 2,117,724 | ||||||
Pharmaron Beijing Co. Ltd., H Shares | 11,800 | 143,064 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 1,950,000 | 2,058,393 | ||||||
Pinduoduo, Inc., ADR(1) | 23,670 | 1,227,526 | ||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 929,282 | 7,205,339 | ||||||
Poly Property Group Co. Ltd. | 776,000 | 210,646 | ||||||
Poly Property Services Co. Ltd. | 49,200 | 348,842 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares | 1,626,000 | 1,335,082 | ||||||
Pou Sheng International Holdings Ltd.(1) | 171,000 | 25,270 | ||||||
Powerlong Commercial Management Holdings Ltd. | 56,000 | 98,003 | ||||||
Powerlong Real Estate Holdings Ltd. | 327,000 | 156,738 | ||||||
Prinx Chengshan Holdings Ltd. | 12,500 | 11,676 | ||||||
Q Technology Group Co. Ltd. | 210,000 | 198,320 | ||||||
Qudian, Inc., ADR(1)(2) | 69,556 | 57,245 | ||||||
Radiance Holdings Group Co. Ltd.(1)(2) | 264,000 | 145,661 | ||||||
Redco Properties Group Ltd.(2) | 44,000 | 12,060 | ||||||
Redsun Properties Group Ltd. | 396,000 | 113,621 | ||||||
ReneSola Ltd., ADR(1) | 3,023 | 18,168 | ||||||
Road King Infrastructure Ltd. | 27,000 | 25,689 | ||||||
Ronshine China Holdings Ltd.(1)(2) | 202,500 | 64,850 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 306,000 | 317,321 | ||||||
SCE Intelligent Commercial Management Holdings Ltd.(1)(2) | 61,000 | 17,716 | ||||||
Seazen Group Ltd.(1) | 774,000 | 408,406 | ||||||
Shandong Gold Mining Co. Ltd., H Shares(2) | 140,500 | 263,830 |
21
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Shandong Molong Petroleum Machinery Co. Ltd., H Shares(1) | 78,400 | $ | 47,203 | |||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 776,000 | 1,071,495 | ||||||
Shanghai Electric Group Co. Ltd., H Shares | 208,000 | 58,338 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares(2) | 42,500 | 170,404 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares(1)(2) | 60,000 | 161,965 | ||||||
Shanghai Industrial Holdings Ltd. | 171,000 | 259,969 | ||||||
Shanghai Industrial Urban Development Group Ltd. | 403,600 | 38,404 | ||||||
Shanghai Jin Jiang Capital Co. Ltd., H Shares | 10,000 | 3,804 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 226,700 | 409,208 | ||||||
Shenzhen Expressway Corp. Ltd., H Shares | 172,000 | 173,358 | ||||||
Shenzhen International Holdings Ltd. | 514,500 | 530,131 | ||||||
Shenzhen Investment Ltd. | 1,130,000 | 254,739 | ||||||
Shenzhou International Group Holdings Ltd. | 151,700 | 2,548,045 | ||||||
Shimao Group Holdings Ltd.(2) | 245,000 | 147,024 | ||||||
Shimao Services Holdings Ltd.(2) | 148,000 | 108,161 | ||||||
Shoucheng Holdings Ltd. | 232,800 | 38,510 | ||||||
Shougang Fushan Resources Group Ltd. | 967,249 | 319,835 | ||||||
Shui On Land Ltd. | 2,040,500 | 298,028 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd.(2) | 788,000 | 168,970 | ||||||
Simcere Pharmaceutical Group Ltd. | 24,000 | 29,131 | ||||||
Sino Biopharmaceutical Ltd. | 3,833,500 | 2,447,171 | ||||||
Sino-Ocean Group Holding Ltd. | 1,752,000 | 376,850 | ||||||
Sinolink Worldwide Holdings Ltd.(1) | 118,000 | 3,390 | ||||||
Sinopec Engineering Group Co. Ltd., H Shares | 280,500 | 134,187 | ||||||
Sinopec Kantons Holdings Ltd. | 356,000 | 133,249 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., ADR | 3,184 | 69,093 | ||||||
Sinopharm Group Co. Ltd., H Shares | 300,000 | 727,255 | ||||||
Sinotrans Ltd., H Shares | 138,000 | 43,280 | ||||||
Sinotruk Hong Kong Ltd. | 178,000 | 265,695 | ||||||
Skyfame Realty Holdings Ltd. | 158,000 | 17,172 | ||||||
Skyworth Group Ltd.(1) | 408,924 | 231,012 | ||||||
SOHO China Ltd.(1) | 514,000 | 104,715 | ||||||
Sohu.com Ltd., ADR(1) | 10,168 | 186,481 | ||||||
South Manganese Investment Ltd.(1)(2) | 400,000 | 71,423 | ||||||
SSY Group Ltd.(2) | 592,000 | 276,459 | ||||||
Sun King Technology Group Ltd.(1) | 382,000 | 155,768 | ||||||
Sunac China Holdings Ltd. | 974,000 | 796,147 | ||||||
Sunac Services Holdings Ltd.(1) | 138,120 | 118,047 | ||||||
Sunny Optical Technology Group Co. Ltd. | 173,800 | 4,164,935 | ||||||
Sunpower Group Ltd.(2) | 95,900 | 32,005 | ||||||
Suoxinda Holdings Ltd.(1) | 28,000 | 22,804 | ||||||
SY Holdings Group Ltd. | 48,000 | 44,583 | ||||||
TCL Electronics Holdings Ltd.(1) | 290,000 | 135,948 | ||||||
Tencent Holdings Ltd. | 495,800 | 26,754,018 | ||||||
Tian Ge Interactive Holdings Ltd.(1) | 9,000 | 1,019 | ||||||
Tian Lun Gas Holdings Ltd. | 128,000 | 105,853 | ||||||
Tiangong International Co. Ltd.(2) | 616,000 | 290,733 | ||||||
Tianneng Power International Ltd.(2) | 342,000 | 313,746 | ||||||
Tianyun International Holdings Ltd.(1) | 84,000 | 15,172 | ||||||
Tibet Water Resources Ltd.(1) | 19,000 | 1,316 | ||||||
Times China Holdings Ltd. | 75,000 | 24,396 |
22
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Tingyi Cayman Islands Holding Corp. | 904,000 | $ | 2,000,011 | |||||
Tong Ren Tang Technologies Co. Ltd., H Shares | 337,000 | 291,653 | ||||||
Tongcheng Travel Holdings Ltd.(1) | 298,800 | 556,500 | ||||||
Tongda Group Holdings Ltd.(1) | 2,745,000 | 53,479 | ||||||
Tongdao Liepin Group(1) | 7,000 | 16,771 | ||||||
Topsports International Holdings Ltd. | 470,000 | 488,578 | ||||||
Towngas Smart Energy Co. Ltd.(1) | 365,000 | 259,332 | ||||||
TravelSky Technology Ltd., H Shares | 95,000 | 179,167 | ||||||
Trigiant Group Ltd.(1) | 28,000 | 1,907 | ||||||
Trip.com Group Ltd., ADR(1) | 46,880 | 1,210,442 | ||||||
Truly International Holdings Ltd. | 1,206,000 | 418,468 | ||||||
Tsingtao Brewery Co. Ltd., H Shares | 90,000 | 865,876 | ||||||
Uni-President China Holdings Ltd. | 545,000 | 566,732 | ||||||
United Strength Power Holdings Ltd. | 21,000 | 32,844 | ||||||
Up Fintech Holding Ltd., ADR(1)(2) | 6,568 | 29,622 | ||||||
Uxin Ltd., ADR(1)(2) | 9,348 | 9,628 | ||||||
Vinda International Holdings Ltd.(2) | 113,000 | 322,399 | ||||||
Vipshop Holdings Ltd., ADR(1) | 131,986 | 1,144,319 | ||||||
Vnet Group, Inc., ADR(1) | 1,502 | 11,821 | ||||||
Want Want China Holdings Ltd. | 2,095,000 | 2,230,181 | ||||||
Wasion Holdings Ltd. | 82,000 | 31,748 | ||||||
Weibo Corp., ADR(1) | 18,567 | 509,293 | ||||||
Weichai Power Co. Ltd., H Shares | 439,000 | 742,845 | ||||||
Weiqiao Textile Co., H Shares | 80,000 | 23,988 | ||||||
West China Cement Ltd. | 1,486,000 | 255,107 | ||||||
Wharf Holdings Ltd. (The) | 393,000 | 1,421,870 | ||||||
Wisdom Education International Holdings Co. Ltd.(2) | 296,000 | 16,261 | ||||||
Wison Engineering Services Co. Ltd.(1) | 19,000 | 967 | ||||||
Wuling Motors Holdings Ltd.(2) | 800,000 | 120,570 | ||||||
WuXi AppTec Co. Ltd., H Shares | 25,304 | 360,189 | ||||||
Wuxi Biologics Cayman, Inc.(1) | 250,000 | 2,067,854 | ||||||
X Financial, ADR(1)(2) | 464 | 1,503 | ||||||
XD, Inc.(1) | 59,800 | 194,482 | ||||||
Xiabuxiabu Catering Management China Holdings Co. Ltd.(1) | 241,500 | 151,965 | ||||||
Ximei Resources Holding Ltd.(1) | 35,000 | 25,218 | ||||||
Xin Point Holdings Ltd. | 57,000 | 18,315 | ||||||
Xingda International Holdings Ltd. | 154,482 | 28,497 | ||||||
Xinhua Winshare Publishing and Media Co. Ltd., H Shares | 146,000 | 109,114 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares | 340,000 | 556,301 | ||||||
Xinjiang Xinxin Mining Industry Co. Ltd., H Shares(1) | 129,000 | 26,864 | ||||||
Xinyi Energy Holdings Ltd.(2) | 440,000 | 225,774 | ||||||
Xinyi Solar Holdings Ltd. | 1,392,976 | 2,530,154 | ||||||
XPeng, Inc., ADR(1) | 22,887 | 832,400 | ||||||
XTEP International Holdings Ltd. | 715,500 | 1,187,069 | ||||||
Yadea Group Holdings Ltd. | 466,000 | 691,327 | ||||||
Yankuang Energy Group Co. Ltd., H Shares(2) | 684,000 | 1,682,940 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(1)(2) | 71,000 | 57,490 | ||||||
Yidu Tech, Inc.(1)(2) | 27,900 | 40,005 | ||||||
Yihai International Holding Ltd.(1)(2) | 126,000 | 527,196 | ||||||
Youdao, Inc., ADR(1)(2) | 2,573 | 30,516 | ||||||
YuanShengTai Dairy Farm Ltd.(1) | 190,000 | 6,011 |
23
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Yuexiu Property Co. Ltd. | 580,400 | $ | 580,557 | |||||
Yuexiu Transport Infrastructure Ltd. | 372,000 | 231,096 | ||||||
Yum China Holdings, Inc. | 109,499 | 5,696,138 | ||||||
Yuzhou Group Holdings Co. Ltd. | 263,955 | 20,971 | ||||||
Zengame Technology Holding Ltd. | 150,000 | 25,440 | ||||||
Zepp Health Corp., ADR(1)(2) | 6,661 | 24,246 | ||||||
Zhaojin Mining Industry Co. Ltd., H Shares | 453,000 | 399,734 | ||||||
Zhejiang Expressway Co. Ltd., H Shares | 540,000 | 487,138 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares(2) | 73,200 | 76,853 | ||||||
Zhenro Properties Group Ltd. | 482,000 | 41,498 | ||||||
Zhong An Group Ltd.(1) | 415,000 | 16,820 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1)(2) | 3,000 | 9,874 | ||||||
Zhongliang Holdings Group Co. Ltd.(2) | 269,500 | 105,646 | ||||||
Zhongsheng Group Holdings Ltd. | 154,500 | 1,078,862 | ||||||
Zhongyu Energy Holdings Ltd. | 90,000 | 84,092 | ||||||
Zhou Hei Ya International Holdings Co. Ltd.(1)(2) | 457,500 | 305,659 | ||||||
Zhuguang Holdings Group Co. Ltd. | 616,000 | 119,867 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 940,000 | 1,395,131 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 148,400 | 98,716 | ||||||
ZTO Express Cayman, Inc., ADR | 66,979 | 1,971,862 | ||||||
310,497,662 | ||||||||
Colombia — 0.2% | ||||||||
Banco Davivienda SA, Preference Shares(1) | 24,226 | 196,909 | ||||||
Bancolombia SA | 29,384 | 291,377 | ||||||
Bancolombia SA, ADR | 13,427 | 486,460 | ||||||
Cementos Argos SA | 18,987 | 29,274 | ||||||
Corp. Financiera Colombiana SA(1) | 24,838 | 174,755 | ||||||
Ecopetrol SA, ADR(2) | 35,590 | 575,490 | ||||||
Empresa de Telecomunicaciones de Bogota(1) | 18,600 | 850 | ||||||
Grupo Argos SA | 58,241 | 190,833 | ||||||
Interconexion Electrica SA ESP | 72,853 | 449,664 | ||||||
2,395,612 | ||||||||
Czech Republic — 0.2% | ||||||||
CEZ AS | 24,478 | 931,267 | ||||||
Komercni banka AS | 10,908 | 429,125 | ||||||
Moneta Money Bank AS | 80,006 | 316,619 | ||||||
1,677,011 | ||||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt S.A.E., GDR(1) | 289,510 | 848,786 | ||||||
Greece — 0.4% | ||||||||
Alpha Services and Holdings SA(1) | 336,813 | 459,595 | ||||||
Athens Water Supply & Sewage Co. SA | 3,091 | 24,962 | ||||||
Ellaktor SA(1) | 50,516 | 72,143 | ||||||
Eurobank Ergasias Services and Holdings SA(1) | 331,053 | 362,646 | ||||||
Fourlis Holdings SA(1) | 2,838 | 12,506 | ||||||
GEK Terna Holding Real Estate Construction SA(1) | 10,321 | 100,465 | ||||||
Hellenic Exchanges - Athens Stock Exchange SA | 8,827 | 38,604 | ||||||
Hellenic Petroleum Holdings SA | 8,768 | 69,436 | ||||||
Hellenic Telecommunications Organization SA | 20,237 | 404,780 | ||||||
Holding Co. ADMIE IPTO SA | 6,638 | 17,694 | ||||||
Intracom Holdings SA(1) | 19,243 | 34,565 |
24
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
JUMBO SA | 25,828 | $ | 371,077 | |||||
LAMDA Development SA(1) | 8,171 | 61,600 | ||||||
Motor Oil Hellas Corinth Refineries SA | 12,318 | 197,650 | ||||||
Mytilineos SA | 11,184 | 180,200 | ||||||
National Bank of Greece SA(1) | 115,936 | 430,015 | ||||||
Piraeus Financial Holdings SA(1) | 138,094 | 218,707 | ||||||
Public Power Corp. SA(1) | 42,251 | 401,649 | ||||||
Terna Energy SA | 4,744 | 68,767 | ||||||
Titan Cement International SA(1) | 11,779 | 171,693 | ||||||
Viohalco SA | 25,508 | 122,796 | ||||||
3,821,550 | ||||||||
Hong Kong† | ||||||||
BC Technology Group Ltd.(1) | 10,500 | 10,687 | ||||||
Beijing Gas Blue Sky Holdings Ltd.(1) | 88,000 | 1,306 | ||||||
Brilliance China Automotive Holdings Ltd.(1) | 338,000 | 154,843 | ||||||
China Zhongwang Holdings Ltd.(1) | 525,200 | 112,909 | ||||||
Lee's Pharmaceutical Holdings Ltd. | 73,500 | 26,853 | ||||||
Tianli Education International Holdings Ltd. | 497,000 | 121,538 | ||||||
Zhenro Services Group Ltd. | 124,000 | 20,523 | ||||||
448,659 | ||||||||
Hungary — 0.2% | ||||||||
Magyar Telekom Telecommunications plc | 72,123 | 90,636 | ||||||
MOL Hungarian Oil & Gas plc | 147,460 | 1,150,232 | ||||||
OTP Bank Nyrt(1) | 26,611 | 1,015,455 | ||||||
Richter Gedeon Nyrt | 12,046 | 252,814 | ||||||
2,509,137 | ||||||||
India — 15.0% | ||||||||
63 Moons Technologies Ltd. | 6,904 | 19,595 | ||||||
Aarti Drugs Ltd. | 6,262 | 37,973 | ||||||
Aarti Industries Ltd. | 31,790 | 392,766 | ||||||
ACC Ltd. | 21,548 | 600,178 | ||||||
Accelya Solutions India Ltd. | 1,465 | 17,696 | ||||||
Action Construction Equipment Ltd. | 9,606 | 27,895 | ||||||
Adani Enterprises Ltd. | 32,974 | 725,122 | ||||||
Adani Green Energy Ltd.(1) | 9,980 | 245,579 | ||||||
Adani Ports & Special Economic Zone Ltd. | 47,885 | 452,785 | ||||||
Adani Power Ltd.(1) | 51,167 | 85,184 | ||||||
Adani Total Gas Ltd. | 25,719 | 544,126 | ||||||
Adani Transmission Ltd.(1) | 30,580 | 871,427 | ||||||
Aditya Birla Capital Ltd.(1) | 200,821 | 283,351 | ||||||
Advanced Enzyme Technologies Ltd. | 16,916 | 72,128 | ||||||
Aegis Logistics Ltd. | 24,783 | 55,891 | ||||||
Affle India Ltd.(1) | 3,390 | 55,378 | ||||||
AIA Engineering Ltd. | 1,823 | 39,384 | ||||||
Ajanta Pharma Ltd. | 3,350 | 76,792 | ||||||
Akzo Nobel India Ltd. | 1,400 | 35,109 | ||||||
Alembic Ltd. | 12,271 | 14,596 | ||||||
Alembic Pharmaceuticals Ltd. | 27,621 | 266,894 | ||||||
Alkyl Amines Chemicals | 2,873 | 115,150 | ||||||
Allcargo Logistics Ltd. | 40,261 | 172,971 | ||||||
Alok Industries Ltd.(1) | 45,160 | 14,563 |
25
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Amara Raja Batteries Ltd. | 22,319 | $ | 166,950 | |||||
Ambika Cotton Mills Ltd. | 1,427 | 48,018 | ||||||
Ambuja Cements Ltd. | 96,568 | 404,727 | ||||||
Amrutanjan Health Care Ltd. | 2,916 | 32,532 | ||||||
Anant Raj Ltd. | 26,202 | 25,650 | ||||||
Andhra Sugars Ltd. (The) | 16,310 | 31,522 | ||||||
Apar Industries Ltd. | 6,218 | 52,138 | ||||||
Apcotex Industries Ltd. | 4,173 | 18,999 | ||||||
APL Apollo Tubes Ltd.(1) | 39,074 | 445,287 | ||||||
Apollo Hospitals Enterprise Ltd. | 9,727 | 622,576 | ||||||
Apollo Tyres Ltd. | 149,572 | 369,152 | ||||||
Aptech Ltd. | 7,681 | 31,608 | ||||||
Arvind Ltd.(1) | 83,750 | 132,285 | ||||||
Ashok Leyland Ltd. | 49,812 | 78,959 | ||||||
Ashoka Buildcon Ltd.(1) | 37,620 | 46,905 | ||||||
Asian Paints Ltd. | 24,739 | 1,045,498 | ||||||
Astec Lifesciences Ltd. | 1,514 | 31,090 | ||||||
Aster DM Healthcare Ltd.(1) | 63,489 | 144,822 | ||||||
Astral Ltd. | 6,202 | 160,747 | ||||||
AstraZeneca Pharma India Ltd. | 328 | 11,370 | ||||||
Atul Ltd. | 3,470 | 428,227 | ||||||
AU Small Finance Bank Ltd.(1) | 18,992 | 305,108 | ||||||
Aurobindo Pharma Ltd. | 66,837 | 556,381 | ||||||
Avadh Sugar & Energy Ltd. | 5,242 | 37,741 | ||||||
Avanti Feeds Ltd. | 12,625 | 80,580 | ||||||
Avenue Supermarts Ltd.(1) | 7,242 | 418,981 | ||||||
Axis Bank Ltd., GDR(1) | 31,120 | 1,523,810 | ||||||
Bajaj Auto Ltd. | 7,754 | 364,885 | ||||||
Bajaj Consumer Care Ltd. | 33,298 | 71,953 | ||||||
Bajaj Electricals Ltd.(1) | 14,735 | 225,170 | ||||||
Bajaj Finance Ltd. | 14,419 | 1,349,982 | ||||||
Bajaj Finserv Ltd. | 3,898 | 835,686 | ||||||
Bajaj Hindusthan Sugar Ltd.(1) | 412,786 | 74,442 | ||||||
Balaji Amines Ltd. | 2,342 | 89,381 | ||||||
Balkrishna Industries Ltd. | 19,897 | 483,829 | ||||||
Balmer Lawrie & Co. Ltd. | 12,135 | 18,675 | ||||||
Balrampur Chini Mills Ltd. | 62,664 | 332,461 | ||||||
Bandhan Bank Ltd. | 145,319 | 594,402 | ||||||
BASF India Ltd. | 3,328 | 122,049 | ||||||
Bata India Ltd. | 11,394 | 275,488 | ||||||
Bayer CropScience Ltd. | 1,739 | 101,975 | ||||||
BEML Ltd. | 1,894 | 39,473 | ||||||
Berger Paints India Ltd. | 15,147 | 139,115 | ||||||
Bhansali Engineering Polymers Ltd. | 11,499 | 19,851 | ||||||
Bharat Electronics Ltd. | 424,689 | 1,193,498 | ||||||
Bharat Forge Ltd. | 39,007 | 353,354 | ||||||
Bharat Heavy Electricals Ltd.(1) | 274,304 | 182,944 | ||||||
Bharat Petroleum Corp. Ltd. | 207,464 | 967,704 | ||||||
Bharat Rasayan Ltd. | 356 | 57,408 | ||||||
Bharti Airtel Ltd.(1) | 16,614 | 72,926 | ||||||
Bharti Airtel Ltd.(1) | 232,596 | 2,126,926 |
26
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Biocon Ltd.(1) | 16,407 | $ | 76,253 | |||||
Birla Corp. Ltd. | 10,916 | 159,504 | ||||||
Birlasoft Ltd. | 67,325 | 366,997 | ||||||
Blue Dart Express Ltd. | 1,202 | 96,062 | ||||||
Blue Star Ltd. | 15,573 | 222,027 | ||||||
Bombay Burmah Trading Co. | 5,851 | 74,627 | ||||||
Bombay Dyeing & Manufacturing Co. Ltd.(1) | 1,774 | 2,298 | ||||||
Borosil Renewables Ltd.(1) | 14,615 | 114,513 | ||||||
Bosch Ltd. | 489 | 102,666 | ||||||
Brigade Enterprises Ltd. | 49,347 | 326,895 | ||||||
Brightcom Group Ltd. | 151,315 | 240,728 | ||||||
Britannia Industries Ltd. | 16,105 | 735,116 | ||||||
BSE Ltd. | 7,149 | 187,425 | ||||||
Butterfly Gandhimathi Appliances Ltd. | 1,687 | 31,201 | ||||||
Can Fin Homes Ltd. | 29,072 | 225,503 | ||||||
Canara Bank(1) | 108,363 | 318,378 | ||||||
Capacit'e Infraprojects Ltd.(1) | 19,339 | 32,553 | ||||||
Caplin Point Laboratories Ltd. | 7,672 | 68,235 | ||||||
Capri Global Capital Ltd. | 7,072 | 55,807 | ||||||
Carborundum Universal Ltd. | 26,856 | 288,192 | ||||||
Care Ratings Ltd. | 12,011 | 85,930 | ||||||
Castrol India Ltd. | 130,886 | 188,311 | ||||||
CCL Products India Ltd. | 33,269 | 198,903 | ||||||
Ceat Ltd. | 7,793 | 101,492 | ||||||
Central Depository Services India Ltd. | 5,186 | 93,932 | ||||||
Century Enka Ltd. | 6,013 | 41,654 | ||||||
Century Plyboards India Ltd. | 20,455 | 162,619 | ||||||
Century Textiles & Industries Ltd. | 15,509 | 158,715 | ||||||
Cera Sanitaryware Ltd. | 926 | 53,355 | ||||||
CESC Ltd. | 127,560 | 133,048 | ||||||
CG Power & Industrial Solutions Ltd.(1) | 37,320 | 85,530 | ||||||
Chalet Hotels Ltd.(1) | 8,387 | 29,381 | ||||||
Chambal Fertilisers and Chemicals Ltd. | 91,366 | 461,046 | ||||||
Chennai Petroleum Corp. Ltd.(1) | 15,454 | 20,714 | ||||||
Cholamandalam Investment and Finance Co. Ltd. | 83,014 | 765,847 | ||||||
Cigniti Technologies Ltd. | 3,206 | 21,529 | ||||||
Cipla Ltd. | 77,783 | 957,356 | ||||||
City Union Bank Ltd. | 133,818 | 223,284 | ||||||
Coal India Ltd. | 362,756 | 820,496 | ||||||
Cochin Shipyard Ltd. | 8,053 | 31,061 | ||||||
Coforge Ltd. | 4,049 | 245,094 | ||||||
Colgate-Palmolive India Ltd. | 15,710 | 303,069 | ||||||
Computer Age Management Services Ltd. | 1,912 | 63,678 | ||||||
Confidence Petroleum India Ltd. | 38,839 | 35,447 | ||||||
Container Corp. of India Ltd. | 66,818 | 534,783 | ||||||
Coromandel International Ltd. | 47,104 | 485,398 | ||||||
Cosmo Films Ltd. | 5,720 | 115,362 | ||||||
CreditAccess Grameen Ltd.(1) | 20,089 | 200,805 | ||||||
CRISIL Ltd. | 1,486 | 57,046 | ||||||
Crompton Greaves Consumer Electricals Ltd. | 73,110 | 418,145 | ||||||
Cummins India Ltd. | 29,478 | 376,553 |
27
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Cyient Ltd. | 25,627 | $ | 279,758 | |||||
Dabur India Ltd. | 64,578 | 484,169 | ||||||
Dalmia Bharat Ltd. | 20,927 | 437,021 | ||||||
Dalmia Bharat Sugar & Industries Ltd. | 5,655 | 29,894 | ||||||
DB Corp. Ltd. | 18,592 | 20,606 | ||||||
DCB Bank Ltd.(1) | 31,272 | 30,487 | ||||||
DCM Shriram Ltd. | 21,538 | 300,924 | ||||||
Deccan Cements Ltd. | 2,682 | 19,364 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. | 19,873 | 150,629 | ||||||
Deepak Nitrite Ltd. | 20,576 | 549,810 | ||||||
Delta Corp. Ltd. | 21,685 | 76,549 | ||||||
DFM Foods Ltd. | 4,696 | 15,549 | ||||||
Dhampur Sugar Mills Ltd.(1) | 11,553 | 57,930 | ||||||
Dhani Services Ltd.(1) | 48,019 | 50,378 | ||||||
Dhanuka Agritech Ltd. | 3,413 | 33,256 | ||||||
Dilip Buildcon Ltd. | 11,891 | 42,732 | ||||||
Dish TV India Ltd.(1) | 278,858 | 53,919 | ||||||
Dishman Carbogen Amcis Ltd.(1) | 16,627 | 37,139 | ||||||
Divi's Laboratories Ltd. | 9,044 | 513,984 | ||||||
Dixon Technologies India Ltd. | 4,584 | 263,895 | ||||||
DLF Ltd. | 70,353 | 330,116 | ||||||
Dolat Algotech Ltd. | 16,966 | 17,723 | ||||||
Dollar Industries Ltd. | 6,412 | 47,480 | ||||||
Dr Reddy's Laboratories Ltd., ADR | 20,647 | 1,102,963 | ||||||
Dwarikesh Sugar Industries Ltd. | 53,478 | 63,638 | ||||||
eClerx Services Ltd. | 5,636 | 161,778 | ||||||
Edelweiss Financial Services Ltd. | 119,701 | 87,281 | ||||||
Eicher Motors Ltd. | 34,874 | 1,204,564 | ||||||
EID Parry India Ltd. | 38,707 | 213,438 | ||||||
EIH Ltd.(1) | 32,352 | 56,050 | ||||||
Elecon Engineering Co. Ltd. | 17,545 | 34,790 | ||||||
Emami Ltd. | 51,412 | 339,075 | ||||||
Endurance Technologies Ltd. | 7,032 | 123,478 | ||||||
Engineers India Ltd. | 95,332 | 78,396 | ||||||
EPL Ltd. | 29,512 | 62,263 | ||||||
Equitas Holdings Ltd.(1) | 90,144 | 128,535 | ||||||
Eris Lifesciences Ltd. | 8,852 | 79,669 | ||||||
Escorts Ltd. | 27,152 | 669,365 | ||||||
Ester Industries Ltd. | 10,654 | 17,749 | ||||||
Eveready Industries India Ltd.(1) | 14,650 | 73,701 | ||||||
Everest Industries Ltd. | 2,825 | 24,517 | ||||||
Everest Kanto Cylinder Ltd. | 14,324 | 35,882 | ||||||
Excel Industries Ltd. | 1,332 | 23,459 | ||||||
Exide Industries Ltd. | 175,128 | 348,094 | ||||||
FDC Ltd.(1) | 11,851 | 42,677 | ||||||
Federal Bank Ltd. | 609,711 | 790,429 | ||||||
FIEM Industries Ltd. | 2,287 | 30,869 | ||||||
Filatex India Ltd. | 19,510 | 29,587 | ||||||
Fine Organic Industries Ltd. | 1,757 | 100,431 | ||||||
Finolex Cables Ltd. | 22,911 | 126,207 | ||||||
Finolex Industries Ltd. | 68,490 | 139,903 |
28
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Firstsource Solutions Ltd. | 31,653 | $ | 53,738 | |||||
Force Motors Ltd. | 1,685 | 23,088 | ||||||
Fortis Healthcare Ltd.(1) | 38,403 | 125,884 | ||||||
Future Consumer Ltd.(1) | 445,553 | 42,857 | ||||||
Future Retail Ltd.(1) | 18,863 | 12,304 | ||||||
Gabriel India Ltd. | 15,306 | 22,624 | ||||||
GAIL India Ltd. | 191,968 | 371,191 | ||||||
Galaxy Surfactants Ltd. | 2,423 | 89,676 | ||||||
Ganesha Ecosphere Ltd. | 2,544 | 21,338 | ||||||
Garden Reach Shipbuilders & Engineers Ltd. | 15,433 | 45,016 | ||||||
Gateway Rail Freight Ltd.(1) | 127,972 | 119,038 | ||||||
General Insurance Corp. of India(1) | 46,922 | 72,621 | ||||||
Genus Power Infrastructures Ltd. | 32,199 | 27,647 | ||||||
Geojit Financial Services Ltd. | 18,976 | 16,388 | ||||||
GHCL Ltd. | 12,634 | 69,914 | ||||||
GIC Housing Finance Ltd. | 9,147 | 16,538 | ||||||
GlaxoSmithKline Pharmaceuticals Ltd. | 1,211 | 24,477 | ||||||
Glenmark Pharmaceuticals Ltd. | 45,157 | 269,599 | ||||||
Globus Spirits Ltd. | 6,451 | 123,293 | ||||||
GMR Infrastructure Ltd.(1) | 141,365 | 71,626 | ||||||
GMR Power and Urban Infra Ltd.(1) | 14,136 | 9,287 | ||||||
Godawari Power and Ispat Ltd. | 30,527 | 130,674 | ||||||
Godrej Agrovet Ltd. | 886 | 5,477 | ||||||
Godrej Consumer Products Ltd.(1) | 16,981 | 173,663 | ||||||
Godrej Properties Ltd.(1) | 2,480 | 49,679 | ||||||
Gokaldas Exports Ltd.(1) | 19,364 | 89,394 | ||||||
Granules India Ltd. | 44,982 | 174,481 | ||||||
Graphite India Ltd. | 11,673 | 72,720 | ||||||
Grasim Industries Ltd. | 35,175 | 750,657 | ||||||
Great Eastern Shipping Co. Ltd. (The) | 44,351 | 192,196 | ||||||
Greaves Cotton Ltd. | 28,903 | 66,599 | ||||||
Greenpanel Industries Ltd. | 31,074 | 199,564 | ||||||
Greenply Industries Ltd. | 23,408 | 54,283 | ||||||
Gufic Biosciences Ltd. | 21,615 | 58,698 | ||||||
Gujarat Alkalies & Chemicals Ltd. | 10,051 | 85,493 | ||||||
Gujarat Ambuja Exports Ltd. | 20,619 | 53,276 | ||||||
Gujarat Fluorochemicals Ltd.(1) | 5,413 | 185,972 | ||||||
Gujarat Gas Ltd. | 20,358 | 158,281 | ||||||
Gujarat Mineral Development Corp. Ltd. | 35,723 | 63,663 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 48,394 | 357,555 | ||||||
Gujarat Pipavav Port Ltd. | 105,980 | 118,692 | ||||||
Gujarat State Fertilizers & Chemicals Ltd. | 83,444 | 140,064 | ||||||
Gujarat State Petronet Ltd. | 81,434 | 314,336 | ||||||
Happiest Minds Technologies Ltd. | 3,847 | 50,391 | ||||||
Hathway Cable & Datacom Ltd.(1) | 93,780 | 23,308 | ||||||
Havells India Ltd. | 11,875 | 187,606 | ||||||
HBL Power Systems Ltd. | 51,463 | 41,320 | ||||||
HCL Technologies Ltd. | 114,641 | 1,723,883 | ||||||
HDFC Asset Management Co. Ltd. | 5,871 | 163,255 | ||||||
HDFC Life Insurance Co. Ltd. | 30,920 | 215,541 | ||||||
HEG Ltd. | 4,763 | 72,273 |
29
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
HeidelbergCement India Ltd. | 21,787 | $ | 53,939 | |||||
Hemisphere Properties India Ltd.(1) | 23,316 | 33,792 | ||||||
Hero MotoCorp Ltd. | 21,434 | 726,059 | ||||||
HFCL Ltd. | 259,510 | 253,174 | ||||||
HG Infra Engineering Ltd. | 7,905 | 62,166 | ||||||
Hikal Ltd. | 13,702 | 67,178 | ||||||
HIL Ltd. | 1,459 | 80,836 | ||||||
Himadri Speciality Chemical Ltd. | 38,530 | 28,239 | ||||||
Himatsingka Seide Ltd. | 11,317 | 24,565 | ||||||
Hindalco Industries Ltd. | 331,561 | 2,548,087 | ||||||
Hinduja Global Solutions Ltd. | 3,481 | 56,397 | ||||||
Hinduja Global Solutions Ltd.(1) | 3,481 | 56,061 | ||||||
Hindustan Copper Ltd. | 17,442 | 27,599 | ||||||
Hindustan Oil Exploration Co. Ltd.(1) | 16,740 | 43,487 | ||||||
Hindustan Petroleum Corp. Ltd. | 232,073 | 844,243 | ||||||
Hindustan Unilever Ltd. | 42,745 | 1,236,113 | ||||||
Housing Development Finance Corp. Ltd. | 128,624 | 4,065,264 | ||||||
HSIL Ltd. | 20,708 | 78,250 | ||||||
I G Petrochemicals Ltd. | 5,509 | 48,989 | ||||||
ICICI Bank Ltd., ADR | 116,303 | 2,264,419 | ||||||
ICICI Lombard General Insurance Co. Ltd. | 15,986 | 269,064 | ||||||
ICICI Prudential Life Insurance Co. Ltd. | 16,814 | 107,416 | ||||||
ICICI Securities Ltd. | 6,739 | 59,837 | ||||||
IDFC First Bank Ltd.(1) | 781,219 | 439,869 | ||||||
IDFC Ltd.(1) | 462,229 | 357,132 | ||||||
IFB Industries Ltd.(1) | 1,596 | 18,928 | ||||||
IFCI Ltd.(1) | 228,442 | 37,508 | ||||||
IIFL Finance Ltd. | 56,927 | 226,193 | ||||||
IIFL Securities Ltd. | 25,305 | 28,700 | ||||||
IIFL Wealth Management Ltd. | 9,589 | 195,996 | ||||||
India Cements Ltd. (The) | 86,596 | 233,717 | ||||||
India Glycols Ltd. | 4,810 | 49,047 | ||||||
Indiabulls Housing Finance Ltd. | 137,626 | 276,057 | ||||||
Indiabulls Real Estate Ltd.(1) | 107,259 | 155,047 | ||||||
IndiaMart InterMesh Ltd. | 1,252 | 79,867 | ||||||
Indian Bank | 70,857 | 135,733 | ||||||
Indian Energy Exchange Ltd. | 133,988 | 368,959 | ||||||
Indian Hotels Co. Ltd. (The) | 68,826 | 183,716 | ||||||
Indian Oil Corp. Ltd. | 432,003 | 663,078 | ||||||
Indian Overseas Bank(1) | 35,971 | 8,529 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 14,485 | 157,176 | ||||||
Indigo Paints Ltd.(1) | 577 | 13,755 | ||||||
Indo Count Industries Ltd. | 24,311 | 56,677 | ||||||
Indraprastha Gas Ltd. | 9,946 | 45,986 | ||||||
Indraprastha Medical Corp. Ltd.(1) | 21,721 | 19,158 | ||||||
Indus Towers Ltd.(1) | 153,079 | 439,369 | ||||||
INEOS Styrolution India Ltd. | 1,561 | 21,835 | ||||||
Infibeam Avenues Ltd. | 15,228 | 7,958 | ||||||
Info Edge India Ltd. | 6,675 | 396,788 | ||||||
Infosys Ltd., ADR | 377,546 | 8,479,683 | ||||||
Inox Leisure Ltd.(1) | 22,946 | 125,462 |
30
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Inox Wind Ltd.(1) | 24,296 | $ | 36,035 | |||||
Insecticides India Ltd.(1) | 2,026 | 16,784 | ||||||
Intellect Design Arena Ltd.(1) | 23,525 | 205,618 | ||||||
InterGlobe Aviation Ltd.(1) | 8,303 | 207,857 | ||||||
IOL Chemicals and Pharmaceuticals Ltd. | 5,687 | 26,701 | ||||||
Ipca Laboratories Ltd. | 32,968 | 430,613 | ||||||
IRB Infrastructure Developers Ltd.(1) | 55,466 | 159,559 | ||||||
IRCON International Ltd. | 98,906 | 53,352 | ||||||
ITD Cementation India Ltd. | 21,419 | 18,900 | ||||||
J Kumar Infraprojects Ltd. | 11,890 | 25,711 | ||||||
Jagran Prakashan Ltd.(1) | 44,477 | 40,161 | ||||||
Jai Corp. Ltd. | 25,985 | 37,292 | ||||||
Jain Irrigation Systems Ltd.(1) | 137,162 | 73,525 | ||||||
Jaiprakash Associates Ltd.(1) | 521,016 | 68,455 | ||||||
Jaiprakash Power Ventures Ltd.(1) | 101,776 | 9,868 | ||||||
Jammu & Kashmir Bank Ltd. (The)(1) | 175,045 | 79,698 | ||||||
Jamna Auto Industries Ltd. | 36,500 | 49,533 | ||||||
JB Chemicals & Pharmaceuticals Ltd. | 7,707 | 165,611 | ||||||
JBM Auto Ltd. | 13,780 | 78,952 | ||||||
Jindal Poly Films Ltd. | 5,172 | 70,159 | ||||||
Jindal Saw Ltd. | 49,295 | 57,324 | ||||||
Jindal Stainless Hisar Ltd.(1) | 42,124 | 198,405 | ||||||
Jindal Stainless Ltd.(1) | 86,757 | 224,724 | ||||||
Jindal Steel & Power Ltd.(1) | 141,452 | 806,670 | ||||||
JK Cement Ltd. | 10,473 | 396,875 | ||||||
JK Lakshmi Cement Ltd. | 24,614 | 146,960 | ||||||
JK Paper Ltd. | 21,825 | 65,449 | ||||||
JK Tyre & Industries Ltd. | 96,052 | 135,691 | ||||||
JM Financial Ltd. | 148,148 | 134,518 | ||||||
Johnson Controls-Hitachi Air Conditioning India Ltd.(1) | 724 | 17,480 | ||||||
JSW Energy Ltd. | 101,564 | 458,828 | ||||||
JSW Ispat Special Products Ltd.(1) | 33,533 | 14,739 | ||||||
JSW Steel Ltd. | 93,044 | 780,614 | ||||||
Jubilant Foodworks Ltd. | 13,423 | 521,877 | ||||||
Jubilant Ingrevia Ltd. | 11,999 | 80,067 | ||||||
Jubilant Pharmova Ltd. | 18,288 | 96,469 | ||||||
Just Dial Ltd.(1) | 6,866 | 68,365 | ||||||
Kajaria Ceramics Ltd. | 19,394 | 279,631 | ||||||
Kalpataru Power Transmission Ltd. | 22,723 | 118,564 | ||||||
Kalyani Steels Ltd. | 4,946 | 19,237 | ||||||
Karnataka Bank Ltd. (The) | 84,934 | 67,967 | ||||||
Karur Vysya Bank Ltd. (The) | 184,315 | 116,759 | ||||||
Kaveri Seed Co. Ltd. | 5,435 | 35,243 | ||||||
KCP Ltd. (The) | 13,450 | 20,311 | ||||||
KEC International Ltd. | 54,209 | 336,496 | ||||||
KEI Industries Ltd. | 5,386 | 71,155 | ||||||
Kellton Tech Solutions Ltd. | 21,339 | 24,152 | ||||||
Kiri Industries Ltd.(1) | 6,687 | 41,220 | ||||||
Kirloskar Ferrous Industries Ltd. | 14,000 | 37,823 | ||||||
Kitex Garments Ltd. | 19,681 | 62,878 | ||||||
KNR Constructions Ltd. | 63,431 | 262,265 |
31
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Kolte-Patil Developers Ltd.(1) | 12,134 | $ | 44,767 | |||||
Kopran Ltd. | 8,693 | 31,791 | ||||||
Kotak Mahindra Bank Ltd. | 46,364 | 1,141,301 | ||||||
KPIT Technologies Ltd. | 78,856 | 600,667 | ||||||
KPR Mill Ltd. | 33,605 | 283,586 | ||||||
KRBL Ltd. | 15,584 | 40,303 | ||||||
L&T Finance Holdings Ltd.(1) | 188,445 | 166,019 | ||||||
L&T Technology Services Ltd. | 4,407 | 266,928 | ||||||
Larsen & Toubro Infotech Ltd. | 7,916 | 618,690 | ||||||
Larsen & Toubro Ltd. | 109,613 | 2,657,314 | ||||||
Laurus Labs Ltd. | 38,666 | 279,425 | ||||||
LG Balakrishnan & Bros Ltd. | 3,632 | 28,581 | ||||||
LIC Housing Finance Ltd. | 102,926 | 471,621 | ||||||
Lincoln Pharmaceuticals Ltd. | 6,400 | 26,060 | ||||||
Linde India Ltd. | 2,410 | 88,400 | ||||||
LT Foods Ltd. | 47,444 | 39,639 | ||||||
Lupin Ltd. | 15,362 | 152,614 | ||||||
LUX Industries Ltd. | 1,865 | 61,526 | ||||||
Mahanagar Gas Ltd. | 15,906 | 154,200 | ||||||
Maharashtra Scooters Ltd. | 500 | 23,415 | ||||||
Maharashtra Seamless Ltd. | 5,961 | 40,474 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 193,869 | 376,639 | ||||||
Mahindra & Mahindra Ltd. | 191,186 | 2,018,286 | ||||||
Mahindra CIE Automotive Ltd.(1) | 6,648 | 17,254 | ||||||
Mahindra Holidays & Resorts India Ltd.(1) | 13,726 | 38,553 | ||||||
Mahindra Logistics Ltd. | 11,828 | 63,267 | ||||||
Maithan Alloys Ltd. | 2,839 | 40,117 | ||||||
Man Infraconstruction Ltd. | 41,698 | 56,679 | ||||||
Manali Petrochemicals Ltd. | 47,965 | 63,200 | ||||||
Manappuram Finance Ltd. | 202,041 | 307,039 | ||||||
Mangalam Cement Ltd. | 7,000 | 32,927 | ||||||
Marico Ltd. | 80,452 | 550,781 | ||||||
Marksans Pharma Ltd. | 72,230 | 45,395 | ||||||
Maruti Suzuki India Ltd. | 12,989 | 1,439,617 | ||||||
Mastek Ltd. | 3,775 | 141,468 | ||||||
Max Financial Services Ltd.(1) | 50,769 | 561,492 | ||||||
Mayur Uniquoters Ltd. | 3,977 | 21,185 | ||||||
Mazagon Dock Shipbuilders Ltd. | 14,877 | 47,718 | ||||||
Meghmani Finechem Ltd.(1) | 2,112 | 21,409 | ||||||
Meghmani Organics Ltd. | 22,470 | 28,064 | ||||||
Metropolis Healthcare Ltd. | 5,896 | 153,865 | ||||||
Minda Corp. Ltd. | 25,905 | 68,484 | ||||||
Mindtree Ltd. | 13,326 | 691,498 | ||||||
Mishra Dhatu Nigam Ltd. | 9,961 | 23,772 | ||||||
MOIL Ltd. | 13,133 | 29,575 | ||||||
Mold-Tek Packaging Ltd. | 2,551 | 23,507 | ||||||
Motherson Sumi Systems Ltd. | 332,939 | 669,387 | ||||||
Motherson Sumi Wiring India Ltd.(1) | 196,201 | 90,617 | ||||||
Motilal Oswal Financial Services Ltd. | 17,391 | 204,196 | ||||||
Mphasis Ltd. | 12,139 | 504,318 | ||||||
MRF Ltd. | 532 | 465,503 |
32
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
MSTC Ltd. | 10,973 | $ | 45,015 | |||||
Multi Commodity Exchange of India Ltd. | 9,338 | 158,782 | ||||||
Muthoot Finance Ltd. | 33,950 | 615,087 | ||||||
Narayana Hrudayalaya Ltd.(1) | 13,965 | 127,486 | ||||||
Natco Pharma Ltd. | 17,212 | 199,092 | ||||||
National Aluminium Co. Ltd. | 352,543 | 573,272 | ||||||
National Fertilizers Ltd.(1) | 24,439 | 14,785 | ||||||
Nava Bharat Ventures Ltd. | 49,490 | 83,642 | ||||||
Navneet Education Ltd. | 18,910 | 20,875 | ||||||
NBCC India Ltd. | 382,884 | 199,209 | ||||||
NCC Ltd. | 203,622 | 169,916 | ||||||
NCL Industries Ltd. | 7,144 | 16,906 | ||||||
NELCO Ltd. | 5,720 | 48,936 | ||||||
Neogen Chemicals Ltd. | 2,187 | 44,695 | ||||||
NESCO Ltd. | 6,909 | 51,317 | ||||||
Nestle India Ltd. | 3,742 | 878,827 | ||||||
Newgen Software Technologies Ltd. | 4,838 | 32,295 | ||||||
NIIT Ltd. | 47,453 | 267,527 | ||||||
Nilkamal Ltd. | 800 | 21,796 | ||||||
Nippon Life India Asset Management Ltd. | 33,280 | 136,556 | ||||||
NOCIL Ltd. | 13,492 | 37,721 | ||||||
NTPC Ltd. | 765,741 | 1,363,120 | ||||||
Oberoi Realty Ltd.(1) | 33,204 | 402,075 | ||||||
Oil & Natural Gas Corp. Ltd. | 500,203 | 1,077,319 | ||||||
Oil India Ltd. | 107,677 | 321,167 | ||||||
Olectra Greentech Ltd.(1) | 18,741 | 158,761 | ||||||
OnMobile Global Ltd. | 15,331 | 23,140 | ||||||
Oracle Financial Services Software Ltd. | 5,177 | 234,032 | ||||||
Orient Cement Ltd. | 70,583 | 136,683 | ||||||
Orient Electric Ltd. | 48,582 | 213,680 | ||||||
Page Industries Ltd. | 902 | 507,730 | ||||||
Paisalo Digital Ltd. | 2,856 | 25,214 | ||||||
Panama Petrochem Ltd. | 12,000 | 36,605 | ||||||
Parag Milk Foods Ltd. | 10,941 | 14,678 | ||||||
PCBL Ltd. | 19,105 | 48,871 | ||||||
Persistent Systems Ltd. | 15,516 | 815,655 | ||||||
Petronet LNG Ltd. | 269,259 | 772,641 | ||||||
Pfizer Ltd. | 380 | 22,256 | ||||||
Phoenix Mills Ltd. (The) | 5,274 | 67,365 | ||||||
PI Industries Ltd. | 4,026 | 132,501 | ||||||
Pidilite Industries Ltd. | 9,493 | 303,887 | ||||||
Piramal Enterprises Ltd. | 20,848 | 576,353 | ||||||
PNB Gilts Ltd. | 22,203 | 18,014 | ||||||
PNB Housing Finance Ltd.(1) | 18,856 | 102,795 | ||||||
PNC Infratech Ltd. | 40,469 | 143,016 | ||||||
Pokarna Ltd. | 6,924 | 58,365 | ||||||
Poly Medicure Ltd. | 5,414 | 57,471 | ||||||
Polycab India Ltd. | 7,747 | 245,416 | ||||||
Polyplex Corp. Ltd. | 6,746 | 162,763 | ||||||
Poonawalla Fincorp Ltd.(1) | 59,543 | 189,528 | ||||||
Power Finance Corp. Ltd. | 70,033 | 102,556 |
33
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Power Grid Corp. of India Ltd. | 661,221 | $ | 1,841,180 | |||||
Power Mech Projects Ltd.(1) | 2,490 | 29,276 | ||||||
Praj Industries Ltd. | 38,514 | 175,205 | ||||||
Prakash Industries Ltd.(1) | 19,502 | 16,346 | ||||||
Prestige Estates Projects Ltd. | 39,944 | 242,346 | ||||||
Pricol Ltd.(1) | 25,902 | 37,753 | ||||||
Prince Pipes & Fittings Ltd. | 10,140 | 87,119 | ||||||
Prism Johnson Ltd.(1) | 51,053 | 80,326 | ||||||
Privi Speciality Chemicals Ltd. | 2,600 | 65,022 | ||||||
Procter & Gamble Health Ltd. | 232 | 14,092 | ||||||
PSP Projects Ltd. | 3,816 | 24,700 | ||||||
PTC India Ltd. | 120,717 | 136,959 | ||||||
PVR Ltd.(1) | 5,058 | 110,824 | ||||||
Quess Corp. Ltd. | 22,609 | 190,519 | ||||||
Radico Khaitan Ltd. | 19,433 | 232,508 | ||||||
Rain Industries Ltd. | 3,155 | 7,819 | ||||||
Rajesh Exports Ltd. | 19,058 | 177,787 | ||||||
Rallis India Ltd. | 22,945 | 71,514 | ||||||
Ramco Cements Ltd. (The) | 44,381 | 465,389 | ||||||
Ramco Industries Ltd. | 7,096 | 20,945 | ||||||
Ramco Systems Ltd.(1) | 2,763 | 11,115 | ||||||
Ramkrishna Forgings Ltd. | 4,032 | 43,933 | ||||||
Ramky Infrastructure Ltd.(1) | 7,149 | 17,979 | ||||||
Rashtriya Chemicals & Fertilizers Ltd. | 42,443 | 40,294 | ||||||
Raymond Ltd.(1) | 24,183 | 236,907 | ||||||
RBL Bank Ltd.(1) | 88,966 | 158,799 | ||||||
REC Ltd. | 300,605 | 489,674 | ||||||
Redington India Ltd. | 263,286 | 539,116 | ||||||
Relaxo Footwears Ltd. | 1,892 | 30,651 | ||||||
Reliance Industrial Infrastructure Ltd. | 1,798 | 16,793 | ||||||
Reliance Industries Ltd., GDR | 94,077 | 5,905,064 | ||||||
Reliance Infrastructure Ltd.(1) | 40,676 | 57,071 | ||||||
Reliance Power Ltd.(1) | 1,385,211 | 242,499 | ||||||
Repco Home Finance Ltd. | 16,729 | 42,378 | ||||||
Rhi Magnesita India Ltd. | 12,084 | 84,283 | ||||||
Rossari Biotech Ltd. | 2,357 | 30,837 | ||||||
Route Mobile Ltd. | 1,407 | 27,970 | ||||||
RSWM Ltd.(1) | 4,000 | 22,534 | ||||||
Rupa & Co. Ltd. | 8,000 | 48,999 | ||||||
Sagar Cements Ltd. | 9,772 | 29,700 | ||||||
Sanghi Industries Ltd.(1) | 21,768 | 13,735 | ||||||
Sanofi India Ltd. | 2,839 | 273,708 | ||||||
Sarda Energy & Minerals Ltd. | 3,480 | 39,360 | ||||||
SBI Cards & Payment Services Ltd.(1) | 11,997 | 125,788 | ||||||
SBI Life Insurance Co. Ltd. | 24,428 | 345,436 | ||||||
Schaeffler India Ltd. | 5,445 | 132,334 | ||||||
SEAMEC Ltd.(1) | 2,182 | 30,611 | ||||||
Sequent Scientific Ltd. | 4,729 | 8,510 | ||||||
SH Kelkar & Co. Ltd. | 10,925 | 21,217 | ||||||
Shankara Building Products Ltd.(1) | 4,974 | 48,958 | ||||||
Sharda Cropchem Ltd. | 14,481 | 103,278 |
34
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Shilpa Medicare Ltd. | 9,817 | $ | 53,158 | |||||
Shipping Corp. of India Ltd. | 50,334 | 69,981 | ||||||
Shree Cement Ltd. | 1,472 | 479,216 | ||||||
Shree Digvijay Cement Co. Ltd. | 24,457 | 21,352 | ||||||
Shree Renuka Sugars Ltd.(1) | 59,409 | 26,233 | ||||||
Shriram City Union Finance Ltd. | 9,005 | 190,230 | ||||||
Shriram Transport Finance Co. Ltd. | 61,935 | 930,946 | ||||||
Siemens Ltd. | 8,514 | 266,358 | ||||||
Siyaram Silk Mills Ltd. | 4,811 | 29,633 | ||||||
SKF India Ltd. | 2,309 | 110,441 | ||||||
Sobha Ltd. | 16,181 | 166,969 | ||||||
Solar Industries India Ltd. | 1,081 | 33,327 | ||||||
Somany Ceramics Ltd. | 5,124 | 50,490 | ||||||
Somany Home Innovation Ltd. | 6,689 | 35,886 | ||||||
Sonata Software Ltd. | 25,843 | 253,367 | ||||||
South Indian Bank Ltd. (The)(1) | 293,008 | 31,666 | ||||||
Southern Petrochemical Industries Corp. Ltd.(1) | 49,700 | 36,108 | ||||||
Spandana Sphoorty Financial Ltd.(1) | 3,664 | 18,191 | ||||||
SpiceJet Ltd.(1) | 16,517 | 13,299 | ||||||
SRF Ltd. | 25,875 | 823,455 | ||||||
Star Cement Ltd.(1) | 22,000 | 26,237 | ||||||
State Bank of India, GDR | 23,016 | 1,493,054 | ||||||
Sterling and Wilson Renewable(1) | 27,192 | 115,897 | ||||||
Sterlite Technologies Ltd. | 54,881 | 129,437 | ||||||
Strides Pharma Science Ltd. | 14,980 | 63,860 | ||||||
Sudarshan Chemical Industries | 10,257 | 73,397 | ||||||
Sumitomo Chemical India Ltd. | 13,087 | 65,724 | ||||||
Sun Pharma Advanced Research Co. Ltd.(1) | 5,387 | 19,322 | ||||||
Sun Pharmaceutical Industries Ltd. | 110,988 | 1,246,776 | ||||||
Sun TV Network Ltd. | 20,364 | 121,571 | ||||||
Sundaram Finance Ltd. | 5,399 | 136,992 | ||||||
Sundram Fasteners Ltd. | 7,000 | 79,662 | ||||||
Sunflag Iron & Steel Co.(1) | 18,687 | 17,110 | ||||||
Sunteck Realty Ltd. | 17,217 | 111,899 | ||||||
Suprajit Engineering Ltd. | 24,560 | 102,810 | ||||||
Supreme Industries Ltd. | 14,738 | 401,445 | ||||||
Supreme Petrochem Ltd. | 6,600 | 58,258 | ||||||
Surya Roshni Ltd. | 4,130 | 22,916 | ||||||
Suven Pharmaceuticals Ltd. | 21,559 | 147,194 | ||||||
Suzlon Energy Ltd.(1) | 537,185 | 67,639 | ||||||
Swaraj Engines Ltd. | 1,157 | 20,783 | ||||||
Syngene International Ltd.(1) | 10,184 | 73,523 | ||||||
Tamil Nadu Newsprint & Papers Ltd. | 19,009 | 32,430 | ||||||
Tamilnadu Petroproducts Ltd. | 28,469 | 36,282 | ||||||
Tanla Platforms Ltd. | 51,746 | 1,085,034 | ||||||
TARC Ltd.(1) | 31,587 | 15,958 | ||||||
Tata Chemicals Ltd. | 53,419 | 600,151 | ||||||
Tata Communications Ltd. | 18,712 | 295,303 | ||||||
Tata Consultancy Services Ltd. | 91,746 | 4,346,166 | ||||||
Tata Consumer Products Ltd. | 21,954 | 210,218 | ||||||
Tata Elxsi Ltd. | 5,732 | 491,933 |
35
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Tata Investment Corp. Ltd. | 5,111 | $ | 90,565 | |||||
Tata Metaliks Ltd. | 1,928 | 19,107 | ||||||
Tata Motors Ltd., ADR(1)(2) | 76,429 | 2,315,034 | ||||||
Tata Power Co. Ltd. (The) | 199,341 | 594,438 | ||||||
Tata Steel Long Products Ltd. | 5,417 | 51,227 | ||||||
Tata Steel Ltd. | 99,758 | 1,633,410 | ||||||
Tata Teleservices Maharashtra Ltd.(1) | 42,691 | 66,734 | ||||||
TCI Express Ltd. | 2,703 | 63,686 | ||||||
TeamLease Services Ltd.(1) | 1,850 | 101,168 | ||||||
Tech Mahindra Ltd. | 137,782 | 2,594,132 | ||||||
Tejas Networks Ltd.(1) | 8,477 | 46,210 | ||||||
Texmaco Rail & Engineering Ltd. | 62,732 | 28,973 | ||||||
Thermax Ltd. | 13,488 | 326,128 | ||||||
Thirumalai Chemicals Ltd. | 35,721 | 100,362 | ||||||
Thomas Cook India Ltd.(1) | 31,992 | 26,120 | ||||||
Thyrocare Technologies Ltd. | 4,641 | 53,094 | ||||||
Tide Water Oil Co. India Ltd. | 3,214 | 54,188 | ||||||
Time Technoplast Ltd. | 64,863 | 59,255 | ||||||
Timken India Ltd. | 4,184 | 113,017 | ||||||
Tinplate Co. of India Ltd. (The) | 13,735 | 60,190 | ||||||
Titagarh Wagons Ltd.(1) | 17,297 | 19,871 | ||||||
Titan Co. Ltd. | 18,006 | 611,601 | ||||||
Torrent Pharmaceuticals Ltd. | 11,245 | 411,557 | ||||||
Torrent Power Ltd. | 4,198 | 26,578 | ||||||
Transport Corp. of India Ltd. | 10,925 | 90,321 | ||||||
Trident Ltd. | 506,689 | 342,858 | ||||||
Triveni Engineering & Industries Ltd. | 46,872 | 155,619 | ||||||
Triveni Turbine Ltd. | 15,947 | 37,477 | ||||||
TTK Prestige Ltd. | 2,550 | 26,919 | ||||||
Tube Investments of India Ltd. | 27,683 | 560,709 | ||||||
TV18 Broadcast Ltd.(1) | 178,784 | 146,466 | ||||||
Uflex Ltd. | 15,317 | 106,368 | ||||||
Ujjivan Financial Services Ltd.(1) | 8,440 | 12,119 | ||||||
UltraTech Cement Ltd. | 11,982 | 1,048,686 | ||||||
United Spirits Ltd.(1) | 62,518 | 738,193 | ||||||
UPL Ltd. | 29,182 | 259,354 | ||||||
Usha Martin Ltd.(1) | 31,994 | 37,377 | ||||||
UTI Asset Management Co. Ltd. | 2,689 | 29,928 | ||||||
V-Guard Industries Ltd. | 12,375 | 32,247 | ||||||
VA Tech Wabag Ltd.(1) | 9,570 | 38,211 | ||||||
Vaibhav Global Ltd. | 7,950 | 43,541 | ||||||
Vakrangee Ltd. | 175,114 | 73,168 | ||||||
Vardhman Textiles Ltd. | 8,101 | 275,662 | ||||||
Varun Beverages Ltd. | 16,527 | 207,921 | ||||||
Vedanta Ltd. | 404,628 | 2,059,428 | ||||||
Venky's India Ltd. | 1,814 | 48,504 | ||||||
Vidhi Specialty Food Ingredients Ltd. | 7,127 | 32,996 | ||||||
Vinati Organics Ltd. | 4,973 | 122,810 | ||||||
VIP Industries Ltd.(1) | 19,877 | 170,461 | ||||||
Visaka Industries Ltd. | 4,647 | 34,844 | ||||||
Vodafone Idea Ltd.(1) | 1,680,095 | 231,820 |
36
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Voltas Ltd. | 10,398 | $ | 174,813 | |||||
VRL Logistics Ltd. | 14,585 | 89,178 | ||||||
VST Tillers Tractors Ltd. | 1,038 | 36,046 | ||||||
Welspun Corp. Ltd. | 60,515 | 115,525 | ||||||
Welspun India Ltd. | 93,718 | 131,442 | ||||||
West Coast Paper Mills Ltd. | 5,944 | 19,100 | ||||||
Westlife Development Ltd.(1) | 4,792 | 29,543 | ||||||
Wipro Ltd., ADR | 157,898 | 1,151,076 | ||||||
Wockhardt Ltd.(1) | 6,617 | 29,912 | ||||||
Yes Bank Ltd.(1) | 2,320,768 | 409,992 | ||||||
Zee Entertainment Enterprises Ltd. | 351,925 | 1,078,040 | ||||||
Zen Technologies Ltd. | 11,632 | 30,556 | ||||||
Zensar Technologies Ltd. | 56,416 | 261,832 | ||||||
161,880,492 | ||||||||
Indonesia — 1.9% | ||||||||
Ace Hardware Indonesia Tbk PT | 576,500 | 43,081 | ||||||
Adaro Energy Tbk PT | 5,213,800 | 893,288 | ||||||
Adhi Karya Persero Tbk PT(1) | 661,700 | 35,228 | ||||||
Adi Sarana Armada Tbk PT(1) | 488,400 | 86,657 | ||||||
AKR Corporindo Tbk PT | 3,182,000 | 168,321 | ||||||
Alam Sutera Realty Tbk PT(1) | 992,200 | 10,536 | ||||||
Aneka Tambang Tbk | 1,719,900 | 267,958 | ||||||
Astra Agro Lestari Tbk PT | 138,500 | 109,911 | ||||||
Astra International Tbk PT | 3,587,900 | 1,455,019 | ||||||
Bank BTPN Syariah Tbk PT | 472,400 | 118,556 | ||||||
Bank Bukopin Tbk PT(1) | 3,742,897 | 69,389 | ||||||
Bank Central Asia Tbk PT | 3,528,500 | 1,992,070 | ||||||
Bank Mandiri Persero Tbk PT | 2,238,400 | 1,210,171 | ||||||
Bank Negara Indonesia Persero Tbk PT | 1,092,700 | 612,255 | ||||||
Bank Pan Indonesia Tbk PT(1) | 657,800 | 36,792 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 540,100 | 52,467 | ||||||
Bank Pembangunan Daerah Jawa Timur Tbk PT | 862,000 | 46,222 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 4,641,218 | 1,484,076 | ||||||
Bank Raya Indonesia Tbk PT(1) | 279,141 | 27,315 | ||||||
Bank Syariah Indonesia Tbk PT(1) | 155,400 | 18,055 | ||||||
Bank Tabungan Negara Persero Tbk PT(1) | 1,754,200 | 218,063 | ||||||
Barito Pacific Tbk PT | 957,200 | 59,686 | ||||||
BFI Finance Indonesia Tbk PT | 1,512,300 | 136,290 | ||||||
Buana Lintas Lautan Tbk PT(1) | 2,600,500 | 20,730 | ||||||
Bukit Asam Tbk PT | 972,800 | 213,710 | ||||||
Bumi Resources Tbk PT(1) | 452,000 | 1,706 | ||||||
Bumi Serpong Damai Tbk PT(1) | 1,171,500 | 75,266 | ||||||
Charoen Pokphand Indonesia Tbk PT | 786,700 | 318,551 | ||||||
Ciputra Development Tbk PT | 4,037,800 | 260,444 | ||||||
Delta Dunia Makmur Tbk PT(1) | 1,566,100 | 44,445 | ||||||
Dharma Satya Nusantara Tbk PT | 1,257,100 | 54,801 | ||||||
Erajaya Swasembada Tbk PT | 1,940,700 | 75,580 | ||||||
Gajah Tunggal Tbk PT | 531,100 | 23,825 | ||||||
Global Mediacom Tbk PT(1) | 976,100 | 17,253 | ||||||
Hanson International Tbk PT(1) | 1,531,500 | 5,330 | ||||||
Harum Energy Tbk PT | 100,100 | 86,127 |
37
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Indah Kiat Pulp & Paper Tbk PT | 756,500 | $ | 427,511 | |||||
Indika Energy Tbk PT(1) | 513,100 | 80,031 | ||||||
Indo Tambangraya Megah Tbk PT | 172,600 | 321,013 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 305,400 | 233,962 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 204,400 | 121,165 | ||||||
Indofood Sukses Makmur Tbk PT | 783,600 | 338,929 | ||||||
Indomobil Sukses Internasional Tbk PT | 19,800 | 1,094 | ||||||
Indosat Tbk PT | 514,600 | 195,977 | ||||||
Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 439,030 | 29,838 | ||||||
Integra Indocabinet Tbk PT | 481,500 | 24,864 | ||||||
Jaccs Mitra Pinasthika Mustika Tbk PT | 64,300 | 4,352 | ||||||
Japfa Comfeed Indonesia Tbk PT | 1,505,900 | 165,404 | ||||||
Jasa Marga Persero Tbk PT(1) | 244,200 | 57,649 | ||||||
Kalbe Farma Tbk PT | 4,688,600 | 537,001 | ||||||
Link Net Tbk PT | 281,200 | 85,650 | ||||||
Lippo Karawaci Tbk PT(1) | 5,989,600 | 54,302 | ||||||
Matahari Department Store Tbk PT | 845,100 | 269,572 | ||||||
Matahari Putra Prima Tbk PT(1) | 1,186,000 | 22,160 | ||||||
Medco Energi Internasional Tbk PT(1) | 2,035,220 | 85,923 | ||||||
Media Nusantara Citra Tbk PT | 1,189,500 | 72,406 | ||||||
Merdeka Copper Gold Tbk PT(1) | 1,348,400 | 365,113 | ||||||
Mitra Adiperkasa Tbk PT(1) | 5,901,300 | 324,356 | ||||||
Mitra Keluarga Karyasehat Tbk PT | 713,800 | 110,451 | ||||||
MNC Studios International Tbk PT | 434,500 | 176,821 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 305,600 | 159,425 | ||||||
Pakuwon Jati Tbk PT(1) | 3,204,800 | 103,180 | ||||||
Panin Financial Tbk PT(1) | 2,927,800 | 34,457 | ||||||
Perusahaan Gas Negara Tbk PT(1) | 2,404,600 | 243,124 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 1,204,100 | 119,386 | ||||||
PP Persero Tbk PT(1) | 1,481,700 | 99,791 | ||||||
Puradelta Lestari Tbk PT | 976,100 | 12,847 | ||||||
Ramayana Lestari Sentosa Tbk PT(1) | 547,700 | 24,089 | ||||||
Salim Ivomas Pratama Tbk PT | 183,800 | 6,372 | ||||||
Sarana Menara Nusantara Tbk PT | 3,132,400 | 226,517 | ||||||
Semen Indonesia Persero Tbk PT | 514,100 | 259,688 | ||||||
Sentul City Tbk PT(1) | 1,197,800 | 4,483 | ||||||
Siloam International Hospitals Tbk PT | 1,200 | 651 | ||||||
Smartfren Telecom Tbk PT(1) | 35,606,500 | 197,096 | ||||||
Sri Rejeki Isman Tbk PT(1) | 918,200 | 9,331 | ||||||
Summarecon Agung Tbk PT(1) | 2,844,978 | 138,151 | ||||||
Surya Citra Media Tbk PT(1) | 4,039,500 | 72,927 | ||||||
Surya Semesta Internusa Tbk PT(1) | 440,500 | 10,410 | ||||||
Telkom Indonesia Persero Tbk PT, ADR | 70,505 | 2,094,704 | ||||||
Timah Tbk PT(1) | 1,047,800 | 116,623 | ||||||
Tower Bersama Infrastructure Tbk PT | 1,471,800 | 302,675 | ||||||
Transcoal Pacific Tbk PT(1) | 51,600 | 32,358 | ||||||
Tunas Baru Lampung Tbk PT | 339,100 | 19,132 | ||||||
Unilever Indonesia Tbk PT | 776,900 | 199,916 | ||||||
United Tractors Tbk PT | 475,000 | 828,868 | ||||||
Waskita Beton Precast Tbk PT(1) | 238,300 | 1,576 | ||||||
Waskita Karya Persero Tbk PT(1) | 3,601,745 | 143,831 |
38
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Wijaya Karya Persero Tbk PT(1) | 470,100 | $ | 33,376 | |||||
XL Axiata Tbk PT | 1,130,000 | 225,764 | ||||||
20,175,466 | ||||||||
Malaysia — 1.8% | ||||||||
7-Eleven Malaysia Holdings Bhd, Class B | 21,600 | 7,514 | ||||||
Aeon Co. M Bhd | 267,700 | 93,193 | ||||||
AEON Credit Service M Bhd | 4,800 | 16,799 | ||||||
Alliance Bank Malaysia Bhd | 362,900 | 297,045 | ||||||
AMMB Holdings Bhd(1) | 645,900 | 518,008 | ||||||
Ann Joo Resources Bhd | 103,300 | 46,953 | ||||||
Astro Malaysia Holdings Bhd | 96,000 | 22,665 | ||||||
ATA IMS Bhd | 11,300 | 1,127 | ||||||
Axiata Group Bhd | 291,100 | 272,577 | ||||||
Bank Islam Malaysia Bhd | 193,900 | 138,239 | ||||||
Berjaya Corp. Bhd(1) | 1,458,268 | 81,996 | ||||||
Berjaya Land Bhd(1) | 2,900 | 159 | ||||||
Berjaya Sports Toto Bhd | 61,307 | 27,934 | ||||||
Bermaz Auto Bhd | 148,900 | 63,452 | ||||||
Boustead Holdings Bhd(1) | 247,500 | 36,056 | ||||||
Boustead Plantations Bhd | 149,400 | 42,040 | ||||||
Bumi Armada Bhd(1) | 1,292,000 | 147,610 | ||||||
Bursa Malaysia Bhd | 167,400 | 251,773 | ||||||
Cahya Mata Sarawak Bhd | 204,700 | 58,690 | ||||||
Capital A Bhd(1) | 140,600 | 21,048 | ||||||
Careplus Group Bhd | 53,000 | 8,855 | ||||||
Carlsberg Brewery Malaysia Bhd | 16,900 | 81,305 | ||||||
Chin Hin Group Bhd | 81,000 | 47,984 | ||||||
CIMB Group Holdings Bhd | 691,365 | 941,773 | ||||||
CSC Steel Holdings Bhd | 75,000 | 27,328 | ||||||
CTOS Digital Bhd | 195,600 | 74,249 | ||||||
Cypark Resources Bhd(1) | 115,100 | 23,332 | ||||||
D&O Green Technologies Bhd | 80,000 | 90,370 | ||||||
Dagang NeXchange Bhd(1) | 998,600 | 270,734 | ||||||
Datasonic Group Bhd | 117,600 | 12,767 | ||||||
Dayang Enterprise Holdings Bhd | 114,920 | 23,750 | ||||||
Dialog Group Bhd | 392,200 | 264,231 | ||||||
DiGi.Com Bhd | 308,000 | 297,760 | ||||||
DRB-Hicom Bhd | 107,800 | 38,102 | ||||||
Dufu Technology Corp. Bhd | 13,600 | 9,401 | ||||||
Duopharma Biotech Bhd | 10,630 | 3,825 | ||||||
Eco World Development Group Bhd | 442,200 | 111,002 | ||||||
Eco World International Bhd | 194,300 | 19,508 | ||||||
Ekovest Bhd(1) | 177,600 | 17,793 | ||||||
Formosa Prosonic Industries Bhd | 28,500 | 25,152 | ||||||
Fraser & Neave Holdings Bhd | 14,300 | 77,062 | ||||||
Frontken Corp. Bhd | 143,050 | 99,385 | ||||||
Gamuda Bhd | 460,600 | 316,279 | ||||||
Genting Bhd | 383,600 | 425,203 | ||||||
Genting Malaysia Bhd | 228,600 | 163,613 | ||||||
Genting Plantations Bhd | 20,100 | 43,654 | ||||||
Globetronics Technology Bhd | 102,800 | 34,476 |
39
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
HAP Seng Consolidated Bhd | 44,100 | $ | 79,597 | |||||
Hartalega Holdings Bhd | 289,700 | 318,434 | ||||||
Hengyuan Refining Co. Bhd | 57,800 | 59,149 | ||||||
Hextar Global Bhd | 129,920 | 53,062 | ||||||
Hiap Teck Venture Bhd | 691,900 | 80,272 | ||||||
Hibiscus Petroleum Bhd | 922,100 | 266,228 | ||||||
Hong Leong Bank Bhd | 38,100 | 182,402 | ||||||
Hong Leong Financial Group Bhd | 33,100 | 152,501 | ||||||
Hup Seng Industries Bhd | 9,000 | 1,844 | ||||||
IHH Healthcare Bhd | 133,200 | 208,974 | ||||||
IJM Corp. Bhd | 869,400 | 319,633 | ||||||
Inari Amertron Bhd | 326,500 | 252,800 | ||||||
IOI Corp. Bhd | 72,100 | 79,224 | ||||||
IOI Properties Group Bhd | 130,000 | 31,892 | ||||||
JAKS Resources Bhd(1) | 145,900 | 12,870 | ||||||
Jaya Tiasa Holdings Bhd(1) | 193,500 | 50,330 | ||||||
KNM Group Bhd(1) | 595,500 | 21,303 | ||||||
Kobay Technology Bhd | 93,500 | 83,136 | ||||||
Kossan Rubber Industries Bhd | 308,800 | 127,309 | ||||||
KPJ Healthcare Bhd | 353,700 | 87,703 | ||||||
Kuala Lumpur Kepong Bhd | 45,300 | 280,348 | ||||||
Kumpulan Perangsang Selangor Bhd | 6,000 | 1,091 | ||||||
Leong Hup International Bhd | 10,100 | 1,267 | ||||||
Lotte Chemical Titan Holding Bhd | 138,500 | 71,964 | ||||||
Mah Sing Group Bhd | 235,900 | 37,959 | ||||||
Malakoff Corp. Bhd | 157,200 | 25,541 | ||||||
Malayan Banking Bhd | 454,083 | 948,787 | ||||||
Malayan Flour Mills Bhd | 212,300 | 31,873 | ||||||
Malaysia Airports Holdings Bhd(1) | 178,300 | 261,688 | ||||||
Malaysia Building Society Bhd | 684,792 | 94,757 | ||||||
Malaysia Marine and Heavy Engineering Holdings Bhd(1) | 10,900 | 1,008 | ||||||
Malaysian Bulk Carriers Bhd(1) | 163,800 | 19,953 | ||||||
Malaysian Pacific Industries Bhd | 11,000 | 94,700 | ||||||
Malaysian Resources Corp. Bhd | 259,300 | 21,979 | ||||||
Matrix Concepts Holdings Bhd | 77,400 | 44,378 | ||||||
Maxis Bhd | 181,200 | 173,723 | ||||||
Media Prima Bhd(1) | 407,400 | 54,496 | ||||||
Mega First Corp. Bhd | 26,400 | 22,366 | ||||||
MISC Bhd | 206,500 | 362,191 | ||||||
MNRB Holdings Bhd | 10,700 | 2,866 | ||||||
Muda Holdings Bhd | 27,400 | 16,958 | ||||||
My EG Services Bhd | 756,914 | 173,704 | ||||||
Nestle Malaysia Bhd | 5,400 | 172,565 | ||||||
OSK Holdings Bhd | 26,800 | 5,686 | ||||||
Padini Holdings Bhd | 3,200 | 2,575 | ||||||
Pantech Group Holdings Bhd | 203,100 | 29,758 | ||||||
PESTECH International Bhd | 186,625 | 30,565 | ||||||
Petronas Chemicals Group Bhd | 296,400 | 675,317 | ||||||
Petronas Dagangan Bhd | 34,300 | 176,223 | ||||||
Petronas Gas Bhd | 86,200 | 357,851 | ||||||
Pos Malaysia Bhd(1) | 5,700 | 822 |
40
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Power Root Bhd | 5,800 | $ | 1,826 | |||||
PPB Group Bhd | 33,900 | 144,885 | ||||||
Press Metal Aluminium Holdings Bhd | 185,200 | 301,919 | ||||||
Public Bank Bhd | 1,490,200 | 1,582,660 | ||||||
QL Resources Bhd | 60,900 | 71,712 | ||||||
Ranhill Utilities Bhd(1) | 298 | 36 | ||||||
RHB Bank Bhd | 372,542 | 525,022 | ||||||
Rubberex Corp. M Bhd(1) | 7,600 | 734 | ||||||
Sam Engineering & Equipment M Bhd | 14,300 | 73,692 | ||||||
Sapura Energy Bhd(1) | 1,001,500 | 9,577 | ||||||
Sarawak Oil Palms Bhd | 15,500 | 23,055 | ||||||
SCGM Bhd | 8,300 | 4,157 | ||||||
Scientex Bhd | 194,100 | 204,959 | ||||||
SEG International Bhd | 12,300 | 1,863 | ||||||
Sime Darby Bhd | 684,400 | 370,629 | ||||||
Sime Darby Plantation Bhd | 285,157 | 334,557 | ||||||
Sime Darby Property Bhd | 213,900 | 31,356 | ||||||
SKP Resources Bhd | 118,000 | 42,079 | ||||||
SP Setia Bhd Group(1) | 409,900 | 124,952 | ||||||
Sunway Bhd | 185,048 | 74,860 | ||||||
Sunway Construction Group Bhd | 55,900 | 20,109 | ||||||
Supermax Corp. Bhd | 577,122 | 144,495 | ||||||
Syarikat Takaful Malaysia Keluarga Bhd | 79,874 | 70,859 | ||||||
Ta Ann Holdings Bhd | 86,200 | 112,910 | ||||||
TASCO Bhd | 91,000 | 22,988 | ||||||
TDM Bhd | 278,600 | 19,246 | ||||||
Telekom Malaysia Bhd | 204,800 | 246,822 | ||||||
Tenaga Nasional Bhd | 405,600 | 886,637 | ||||||
Thong Guan Industries Bhd | 57,500 | 33,004 | ||||||
TIME dotCom Bhd | 172,800 | 175,159 | ||||||
Tiong NAM Logistics Holdings | 95,600 | 15,825 | ||||||
Top Glove Corp. Bhd(2) | 919,200 | 448,613 | ||||||
Tropicana Corp. Bhd(1) | 20,482 | 5,174 | ||||||
TSH Resources Bhd | 153,700 | 54,904 | ||||||
Uchi Technologies Bhd | 42,900 | 31,640 | ||||||
UEM Sunrise Bhd(1) | 89,200 | 6,940 | ||||||
UMW Holdings Bhd | 36,100 | 26,442 | ||||||
Unisem M Bhd | 172,200 | 121,778 | ||||||
United Plantations Bhd | 7,400 | 26,829 | ||||||
UOA Development Bhd | 1,700 | 711 | ||||||
UWC Bhd | 24,800 | 24,005 | ||||||
Velesto Energy Bhd(1) | 1,904,900 | 55,020 | ||||||
ViTrox Corp. Bhd | 6,000 | 10,692 | ||||||
VS Industry Bhd(2) | 949,200 | 261,321 | ||||||
Wah Seong Corp. Bhd(1) | 136,000 | 24,304 | ||||||
Westports Holdings Bhd | 182,000 | 169,632 | ||||||
Yinson Holdings Bhd | 212,400 | 266,637 | ||||||
YTL Corp. Bhd | 338,413 | 44,776 | ||||||
19,609,395 | ||||||||
Mexico — 2.3% | ||||||||
Alfa SAB de CV, Series A | 410,105 | 303,559 |
41
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Alpek SAB de CV | 35,137 | $ | 45,206 | |||||
Alsea SAB de CV(1) | 333,390 | 730,232 | ||||||
America Movil SAB de CV, Class L ADR | 177,531 | 3,216,862 | ||||||
Arca Continental SAB de CV | 61,502 | 405,389 | ||||||
Banco del Bajio SA | 254,537 | 618,912 | ||||||
Becle SAB de CV | 12,000 | 30,034 | ||||||
Bolsa Mexicana de Valores SAB de CV | 117,102 | 226,359 | ||||||
Cemex SAB de CV, ADR(1) | 87,135 | 444,389 | ||||||
Coca-Cola Femsa SAB de CV | 114,148 | 632,019 | ||||||
Consorcio ARA SAB de CV | 38,214 | 7,482 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1) | 29,649 | 565,999 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 129,352 | 232,418 | ||||||
El Puerto de Liverpool SAB de CV, Class C1(2) | 7,605 | 37,091 | ||||||
Fomento Economico Mexicano SAB de CV, ADR | 13,280 | 1,067,712 | ||||||
GCC SAB de CV | 52,284 | 347,156 | ||||||
Genomma Lab Internacional SAB de CV, Class B | 297,220 | 270,939 | ||||||
Gentera SAB de CV(1) | 456,862 | 343,968 | ||||||
Gruma SAB de CV, B Shares | 71,961 | 974,483 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 2,212 | 128,584 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, ADR(1) | 5,361 | 784,207 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, ADR | 1,695 | 366,018 | ||||||
Grupo Bimbo SAB de CV, Series A | 178,338 | 552,055 | ||||||
Grupo Carso SAB de CV | 50,605 | 153,340 | ||||||
Grupo Comercial Chedraui SA de CV | 58,782 | 132,454 | ||||||
Grupo Financiero Banorte SAB de CV | 376,736 | 2,556,640 | ||||||
Grupo Financiero Inbursa SAB de CV(1) | 444,196 | 725,904 | ||||||
Grupo GICSA SAB de CV(1) | 21,090 | 2,492 | ||||||
Grupo Industrial Saltillo SAB de CV | 26,514 | 34,500 | ||||||
Grupo Mexico SAB de CV, Series B | 449,027 | 2,293,697 | ||||||
Grupo Rotoplas SAB de CV(1) | 4,698 | 5,946 | ||||||
Grupo Televisa SAB, ADR | 115,644 | 1,233,921 | ||||||
Grupo Traxion SAB de CV(1)(2) | 146,400 | 249,397 | ||||||
Hoteles City Express SAB de CV(1) | 9,494 | 2,480 | ||||||
Industrias Bachoco SAB de CV | 13,371 | 44,772 | ||||||
Industrias Penoles SAB de CV | 26,822 | 336,948 | ||||||
Kimberly-Clark de Mexico SAB de CV, A Shares | 188,935 | 264,109 | ||||||
La Comer SAB de CV(2) | 170,365 | 313,596 | ||||||
Megacable Holdings SAB de CV | 278,728 | 819,948 | ||||||
Nemak SAB de CV(1) | 655,611 | 136,045 | ||||||
Orbia Advance Corp. SAB de CV | 235,952 | 602,754 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 45,369 | 356,621 | ||||||
Qualitas Controladora SAB de CV | 83,605 | 458,009 | ||||||
Regional SAB de CV | 108,663 | 645,314 | ||||||
Telesites SAB de CV(2) | 128,052 | 142,801 | ||||||
Unifin Financiera SAB de CV(1)(2) | 68,756 | 85,605 | ||||||
Wal-Mart de Mexico SAB de CV | 351,303 | 1,337,905 | ||||||
25,266,271 | ||||||||
Peru — 0.3% | ||||||||
Cia de Minas Buenaventura SAA, ADR(1) | 86,265 | 854,023 | ||||||
Credicorp Ltd. | 5,960 | 901,450 | ||||||
Intercorp Financial Services, Inc.(2) | 15,326 | 495,030 |
42
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Southern Copper Corp. | 6,595 | $ | 457,627 | |||||
2,708,130 | ||||||||
Philippines — 0.9% | ||||||||
Aboitiz Equity Ventures, Inc. | 321,180 | 375,095 | ||||||
Aboitiz Power Corp. | 60,500 | 42,582 | ||||||
AC Energy Corp. | 707,600 | 117,577 | ||||||
Alliance Global Group, Inc. | 1,076,800 | 269,196 | ||||||
Ayala Corp. | 35,620 | 590,623 | ||||||
Ayala Land, Inc. | 589,200 | 449,169 | ||||||
Ayalaland Logistics Holdings Corp.(1) | 28,000 | 2,747 | ||||||
Bank of the Philippine Islands | 302,750 | 591,698 | ||||||
BDO Unibank, Inc. | 274,440 | 695,476 | ||||||
Cebu Air, Inc.(1) | 28,050 | 25,338 | ||||||
Century Pacific Food, Inc. | 256,200 | 133,803 | ||||||
Converge Information and Communications Technology Solutions, Inc.(1) | 99,800 | 50,710 | ||||||
Cosco Capital, Inc. | 227,200 | 22,587 | ||||||
DITO CME Holdings Corp.(1) | 425,200 | 48,826 | ||||||
DMCI Holdings, Inc. | 1,424,000 | 235,812 | ||||||
East West Banking Corp.(1) | 70,500 | 12,329 | ||||||
Filinvest Land, Inc. | 617,000 | 13,240 | ||||||
Ginebra San Miguel, Inc. | 7,600 | 16,475 | ||||||
Global Ferronickel Holdings, Inc. | 757,000 | 38,635 | ||||||
Globe Telecom, Inc. | 5,915 | 297,210 | ||||||
GT Capital Holdings, Inc. | 24,930 | 282,325 | ||||||
International Container Terminal Services, Inc. | 133,640 | 550,791 | ||||||
JG Summit Holdings, Inc. | 270,854 | 319,920 | ||||||
Jollibee Foods Corp. | 53,350 | 250,902 | ||||||
LT Group, Inc. | 183,600 | 34,755 | ||||||
Manila Electric Co. | 38,770 | 278,977 | ||||||
Manila Water Co., Inc. | 277,300 | 108,324 | ||||||
Max's Group, Inc.(1) | 15,000 | 1,885 | ||||||
Megaworld Corp. | 3,128,800 | 196,585 | ||||||
Metro Pacific Investments Corp. | 3,254,000 | 246,230 | ||||||
Metropolitan Bank & Trust Co. | 549,320 | 612,874 | ||||||
Monde Nissin Corp.(1) | 315,100 | 101,977 | ||||||
Nickel Asia Corp. | 1,003,500 | 152,014 | ||||||
Petron Corp.(1) | 169,700 | 11,382 | ||||||
Pilipinas Shell Petroleum Corp.(1) | 7,000 | 2,461 | ||||||
PLDT, Inc., ADR(2) | 10,534 | 370,691 | ||||||
Puregold Price Club, Inc. | 289,500 | 198,896 | ||||||
Robinsons Land Corp. | 614,900 | 231,506 | ||||||
Robinsons Retail Holdings, Inc. | 128,010 | 154,180 | ||||||
Security Bank Corp. | 157,650 | 359,833 | ||||||
Semirara Mining & Power Corp. | 326,800 | 177,197 | ||||||
SM Investments Corp. | 17,325 | 301,396 | ||||||
SM Prime Holdings, Inc. | 481,000 | 375,416 | ||||||
Universal Robina Corp. | 157,270 | 368,596 | ||||||
Vista Land & Lifescapes, Inc. | 312,100 | 18,634 | ||||||
Wilcon Depot, Inc. | 238,400 | 136,210 | ||||||
9,873,085 |
43
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Poland — 0.9% | ||||||||
Alior Bank SA(1) | 39,649 | $ | 441,671 | |||||
Allegro.eu SA(1) | 11,504 | 85,735 | ||||||
AmRest Holdings SE(1) | 9,743 | 53,449 | ||||||
Asseco Poland SA | 5,620 | 99,030 | ||||||
Bank Handlowy w Warszawie SA | 1,500 | 20,685 | ||||||
Bank Millennium SA(1) | 214,323 | 357,424 | ||||||
Bank Polska Kasa Opieki SA | 27,486 | 754,051 | ||||||
Budimex SA | 1,528 | 83,119 | ||||||
CCC SA(1) | 8,186 | 104,159 | ||||||
CD Projekt SA | 16,575 | 658,353 | ||||||
Ciech SA | 8,081 | 77,632 | ||||||
Cyfrowy Polsat SA | 30,113 | 194,949 | ||||||
Dino Polska SA(1) | 5,304 | 372,961 | ||||||
Enea SA(1) | 37,000 | 77,174 | ||||||
Eurocash SA | 19,678 | 44,519 | ||||||
Famur SA(1) | 28,812 | 15,902 | ||||||
Grupa Azoty SA(1) | 14,108 | 109,332 | ||||||
Grupa Lotos SA(1) | 32,080 | 411,597 | ||||||
Jastrzebska Spolka Weglowa SA(1) | 16,997 | 198,549 | ||||||
KGHM Polska Miedz SA | 22,105 | 867,997 | ||||||
KRUK SA | 6,528 | 407,598 | ||||||
LPP SA | 241 | 495,650 | ||||||
Lubelski Wegiel Bogdanka SA(1) | 857 | 7,448 | ||||||
mBank SA(1) | 3,642 | 355,940 | ||||||
Mercator Medical SA(1) | 490 | 7,826 | ||||||
Orange Polska SA(1) | 197,201 | 366,479 | ||||||
PGE Polska Grupa Energetyczna SA(1) | 62,845 | 121,909 | ||||||
PKP Cargo SA(1) | 1,265 | 3,685 | ||||||
PlayWay SA | 52 | 3,789 | ||||||
Polski Koncern Naftowy ORLEN SA | 53,123 | 897,345 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 266,255 | 350,900 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA(1) | 34,917 | 335,571 | ||||||
Powszechny Zaklad Ubezpieczen SA | 78,689 | 590,376 | ||||||
Santander Bank Polska SA | 5,402 | 404,640 | ||||||
Tauron Polska Energia SA(1) | 200,237 | 117,616 | ||||||
TEN Square Games SA | 488 | 24,973 | ||||||
Warsaw Stock Exchange | 3,548 | 32,488 | ||||||
9,552,521 | ||||||||
Russia — 0.7% | ||||||||
Gazprom PJSC, ADR | 882,993 | 2,335,981 | ||||||
Globaltrans Investment plc, GDR | 112,592 | 210,513 | ||||||
LUKOIL PJSC, ADR | 72,062 | 1,351,657 | ||||||
Magnit PJSC, GDR | 48,513 | 76,997 | ||||||
Mechel PJSC, ADR(1) | 11,342 | 17,864 | ||||||
MMC Norilsk Nickel PJSC, ADR | 74,935 | 964,413 | ||||||
Mobile TeleSystems PJSC, ADR | 58,032 | 223,423 | ||||||
Novatek PJSC, GDR | 3,855 | 148,503 | ||||||
Novolipetsk Steel PJSC, GDR | 40,590 | 311,197 | ||||||
PhosAgro PJSC, GDR | 42,940 | 262,702 | ||||||
Ros Agro plc, GDR | 2,060 | 9,089 |
44
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Rosneft Oil Co. PJSC, GDR | 192,337 | $ | 523,129 | |||||
Severstal PAO, GDR | 53,821 | 273,232 | ||||||
Tatneft PJSC, ADR | 37,246 | 507,585 | ||||||
VTB Bank PJSC, GDR | 719,821 | 511,073 | ||||||
X5 Retail Group NV, GDR | 13,628 | 35,655 | ||||||
7,763,013 | ||||||||
South Africa — 4.3% | ||||||||
Absa Group Ltd. | 118,757 | 1,365,310 | ||||||
Adcock Ingram Holdings Ltd. | 1,014 | 3,415 | ||||||
Advtech Ltd. | 35,578 | 36,944 | ||||||
AECI Ltd. | 44,839 | 316,216 | ||||||
African Rainbow Minerals Ltd. | 24,790 | 442,457 | ||||||
Afrimat Ltd.(2) | 9,681 | 41,938 | ||||||
Alexander Forbes Group Holdings Ltd. | 87,669 | 21,130 | ||||||
Anglo American Platinum Ltd. | 2,948 | 459,688 | ||||||
AngloGold Ashanti Ltd., ADR | 86,716 | 2,015,280 | ||||||
ArcelorMittal South Africa Ltd.(1) | 60,938 | 34,786 | ||||||
Aspen Pharmacare Holdings Ltd. | 84,109 | 1,101,780 | ||||||
Astral Foods Ltd. | 15,534 | 164,887 | ||||||
AVI Ltd. | 62,416 | 291,154 | ||||||
Barloworld Ltd. | 83,925 | 669,721 | ||||||
Bid Corp. Ltd. | 30,951 | 629,682 | ||||||
Bidvest Group Ltd. (The) | 30,935 | 423,850 | ||||||
Brait plc(1)(2) | 48,661 | 13,891 | ||||||
Capitec Bank Holdings Ltd. | 6,010 | 811,426 | ||||||
Cashbuild Ltd. | 1,658 | 29,875 | ||||||
City Lodge Hotels Ltd.(1) | 91,493 | 31,633 | ||||||
Clicks Group Ltd. | 24,774 | 480,853 | ||||||
Coronation Fund Managers Ltd. | 64,473 | 192,678 | ||||||
DataTec Ltd. | 24,289 | 57,797 | ||||||
Dis-Chem Pharmacies Ltd. | 72,041 | 162,143 | ||||||
Discovery Ltd.(1)(2) | 30,201 | 309,290 | ||||||
Distell Group Holdings Ltd.(1) | 12,494 | 138,990 | ||||||
DRDGOLD Ltd. | 84,738 | 79,059 | ||||||
Exxaro Resources Ltd. | 42,639 | 549,990 | ||||||
Famous Brands Ltd.(1) | 3,093 | 14,426 | ||||||
FirstRand Ltd. | 404,703 | 1,742,512 | ||||||
Foschini Group Ltd. (The) | 95,542 | 774,826 | ||||||
Gold Fields Ltd., ADR | 140,804 | 1,974,072 | ||||||
Grindrod Shipping Holdings Ltd.(2) | 6,254 | 156,566 | ||||||
Harmony Gold Mining Co. Ltd., ADR | 248,631 | 1,056,682 | ||||||
Impala Platinum Holdings Ltd. | 151,709 | 2,893,756 | ||||||
Imperial Logistics Ltd. | 221 | 946 | ||||||
Investec Ltd. | 70,996 | 399,670 | ||||||
JSE Ltd. | 8,955 | 69,701 | ||||||
KAP Industrial Holdings Ltd. | 912,261 | 277,688 | ||||||
Kumba Iron Ore Ltd. | 6,546 | 258,755 | ||||||
Life Healthcare Group Holdings Ltd. | 230,703 | 335,928 | ||||||
MAS plc(2) | 71,323 | 88,934 | ||||||
Massmart Holdings Ltd.(1) | 20,403 | 70,210 | ||||||
Metair Investments Ltd. | 29,782 | 54,196 |
45
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
MiX Telematics Ltd., ADR(2) | 5,715 | $ | 67,151 | |||||
Momentum Metropolitan Holdings | 337,223 | 409,234 | ||||||
Motus Holdings Ltd. | 82,953 | 592,767 | ||||||
Mr Price Group Ltd. | 41,938 | 572,013 | ||||||
MTN Group Ltd.(1) | 238,376 | 2,975,539 | ||||||
MultiChoice Group | 70,235 | 576,257 | ||||||
Murray & Roberts Holdings Ltd.(1) | 20,297 | 16,657 | ||||||
Nampak Ltd.(1) | 136,616 | 33,754 | ||||||
Naspers Ltd., N Shares | 6,523 | 821,445 | ||||||
Nedbank Group Ltd. | 92,194 | 1,312,640 | ||||||
NEPI Rockcastle plc | 87,483 | 559,114 | ||||||
Netcare Ltd. | 285,417 | 272,090 | ||||||
Ninety One Ltd. | 27,643 | 90,180 | ||||||
Northam Platinum Holdings Ltd.(1) | 36,240 | 582,218 | ||||||
Oceana Group Ltd.(2) | 6,312 | 22,151 | ||||||
Old Mutual Ltd. | 1,494,139 | 1,226,710 | ||||||
Omnia Holdings Ltd. | 88,777 | 367,274 | ||||||
Pick n Pay Stores Ltd. | 102,074 | 305,839 | ||||||
PPC Ltd.(1) | 754,515 | 200,064 | ||||||
Rand Merchant Investment Holdings Ltd. | 137,211 | 430,086 | ||||||
Raubex Group Ltd. | 14,747 | 38,475 | ||||||
Reinet Investments SCA | 43,697 | 899,921 | ||||||
Remgro Ltd. | 100,541 | 914,258 | ||||||
Reunert Ltd. | 43,189 | 132,123 | ||||||
RFG Holdings Ltd. | 19,543 | 16,101 | ||||||
RMB Holdings Ltd. | 124,786 | 13,563 | ||||||
Royal Bafokeng Platinum Ltd. | 69,550 | 824,461 | ||||||
Sanlam Ltd. | 154,428 | 650,780 | ||||||
Santam Ltd. | 4,288 | 76,469 | ||||||
Sappi Ltd.(1) | 246,610 | 818,216 | ||||||
Sasol Ltd., ADR(1)(2) | 86,716 | 1,991,866 | ||||||
Shoprite Holdings Ltd. | 83,315 | 1,242,749 | ||||||
Sibanye Stillwater Ltd., ADR(2) | 92,829 | 1,774,890 | ||||||
SPAR Group Ltd. (The) | 47,587 | 507,685 | ||||||
Standard Bank Group Ltd. | 154,334 | 1,635,319 | ||||||
Steinhoff International Holdings NV(1) | 220,493 | 52,206 | ||||||
Super Group Ltd. | 100,203 | 204,582 | ||||||
Telkom SA SOC Ltd.(1) | 166,711 | 447,693 | ||||||
Thungela Resources Ltd.(1) | 17,244 | 153,386 | ||||||
Tiger Brands Ltd. | 30,730 | 326,109 | ||||||
Transaction Capital Ltd. | 16,857 | 48,530 | ||||||
Truworths International Ltd.(2) | 99,166 | 377,182 | ||||||
Tsogo Sun Gaming Ltd.(1) | 11,283 | 8,535 | ||||||
Vodacom Group Ltd. | 69,508 | 668,672 | ||||||
Wilson Bayly Holmes-Ovcon Ltd. | 9,429 | 51,163 | ||||||
Woolworths Holdings Ltd. | 119,224 | 392,568 | ||||||
Zeder Investments Ltd. | 120,266 | 27,915 | ||||||
46,773,331 | ||||||||
South Korea — 14.0% | ||||||||
Able C&C Co. Ltd.(1) | 1,868 | 10,581 | ||||||
Advanced Process Systems Corp.(1) | 4,807 | 90,335 |
46
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Aekyung Industrial Co. Ltd. | 929 | $ | 14,786 | |||||
AfreecaTV Co. Ltd. | 1,874 | 219,011 | ||||||
Agabang&Company(1) | 4,461 | 15,113 | ||||||
Ahnlab, Inc. | 882 | 47,986 | ||||||
Alteogen, Inc.(1) | 960 | 43,239 | ||||||
Amicogen, Inc.(1) | 2,420 | 51,919 | ||||||
Amorepacific Corp. | 2,239 | 345,614 | ||||||
AMOREPACIFIC Group | 2,291 | 93,602 | ||||||
Ananti, Inc.(1) | 32,359 | 252,960 | ||||||
AptaBio Therapeutics, Inc.(1) | 1,128 | 23,167 | ||||||
APTC Co. Ltd. | 1,177 | 18,920 | ||||||
Asiana Airlines, Inc.(1) | 18,951 | 306,224 | ||||||
BGF Co. Ltd. | 3,327 | 14,029 | ||||||
BGF retail Co. Ltd. | 2,146 | 304,016 | ||||||
BH Co. Ltd. | 2,474 | 40,196 | ||||||
Binggrae Co. Ltd.(1) | 1,068 | 47,668 | ||||||
Bioneer Corp.(1) | 7,543 | 243,278 | ||||||
BNC Korea Co. Ltd.(1) | 2,697 | 35,485 | ||||||
BNK Financial Group, Inc. | 128,543 | 846,205 | ||||||
Boditech Med, Inc. | 3,086 | 39,202 | ||||||
Boryung Pharmaceutical Co. Ltd. | 4,172 | 43,537 | ||||||
Bukwang Pharmaceutical Co. Ltd.(1) | 2,678 | 27,882 | ||||||
Byucksan Corp. | 12,984 | 33,856 | ||||||
Cellid Co. Ltd.(1) | 479 | 13,225 | ||||||
Celltrion Healthcare Co. Ltd. | 3,341 | 177,700 | ||||||
Celltrion Pharm, Inc.(1) | 1,561 | 114,855 | ||||||
Celltrion, Inc. | 4,627 | 617,611 | ||||||
Chabiotech Co. Ltd.(1) | 4,414 | 63,988 | ||||||
Cheil Worldwide, Inc. | 13,859 | 260,576 | ||||||
Chong Kun Dang Pharmaceutical Corp.(1) | 1,087 | 87,341 | ||||||
Chongkundang Holdings Corp.(1) | 275 | 15,725 | ||||||
Chunbo Co. Ltd. | 124 | 29,626 | ||||||
CJ CGV Co. Ltd.(1) | 2,450 | 53,321 | ||||||
CJ CheilJedang Corp. | 2,210 | 700,029 | ||||||
CJ Corp. | 3,510 | 247,264 | ||||||
CJ ENM Co. Ltd. | 4,005 | 437,039 | ||||||
CJ Logistics Corp.(1) | 2,872 | 297,774 | ||||||
CMG Pharmaceutical Co. Ltd.(1) | 455 | 1,231 | ||||||
Com2uSCorp | 622 | 57,898 | ||||||
Cosmax, Inc.(1) | 1,667 | 120,137 | ||||||
CosmoAM&T Co. Ltd.(1) | 2,136 | 69,726 | ||||||
Coway Co. Ltd. | 14,543 | 873,435 | ||||||
COWELL FASHION Co. Ltd. | 6,235 | 41,122 | ||||||
Creative & Innovative System(1) | 3,165 | 36,701 | ||||||
CrystalGenomics, Inc.(1) | 11,842 | 56,350 | ||||||
CS Wind Corp. | 1,378 | 69,239 | ||||||
Cuckoo Holdings Co. Ltd.(1) | 1,180 | 17,519 | ||||||
Cuckoo Homesys Co. Ltd.(1) | 3,407 | 110,009 | ||||||
Dae Han Flour Mills Co. Ltd.(1) | 230 | 32,031 | ||||||
Daea TI Co. Ltd.(1) | 5,395 | 21,349 | ||||||
Daeduck Electronics Co. Ltd. | 8,222 | 172,386 |
47
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Daesang Corp.(1) | 7,824 | $ | 145,715 | |||||
Daewon Pharmaceutical Co. Ltd. | 1,988 | 31,177 | ||||||
Daewoo Engineering & Construction Co. Ltd.(1) | 81,524 | 428,807 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(1) | 2,305 | 51,444 | ||||||
Daewoong Co. Ltd.(1) | 2,717 | 68,527 | ||||||
Daewoong Pharmaceutical Co. Ltd.(1) | 698 | 97,168 | ||||||
Daishin Securities Co. Ltd. | 18,794 | 266,856 | ||||||
Daou Data Corp. | 10,233 | 118,388 | ||||||
Daou Technology, Inc. | 12,597 | 226,944 | ||||||
Dawonsys Co. Ltd. | 5,471 | 132,104 | ||||||
DB Financial Investment Co. Ltd.(1) | 13,706 | 71,545 | ||||||
DB HiTek Co. Ltd. | 14,989 | 878,587 | ||||||
DB Insurance Co. Ltd. | 21,704 | 1,117,389 | ||||||
Dentium Co. Ltd.(1) | 3,057 | 155,086 | ||||||
Devsisters Co. Ltd. | 357 | 17,150 | ||||||
DGB Financial Group, Inc. | 83,731 | 662,767 | ||||||
DIO Corp.(1) | 879 | 24,226 | ||||||
DL E&C Co. Ltd. | 1,588 | 171,195 | ||||||
DL Holdings Co. Ltd. | 2,915 | 147,592 | ||||||
Dong-A Socio Holdings Co. Ltd. | 783 | 67,705 | ||||||
Dong-A ST Co. Ltd. | 975 | 55,477 | ||||||
Dongjin Semichem Co. Ltd.(1) | 14,162 | 423,661 | ||||||
DongKook Pharmaceutical Co. Ltd. | 1,681 | 29,687 | ||||||
Dongkuk Steel Mill Co. Ltd. | 25,682 | 356,885 | ||||||
Dongsuh Cos., Inc. | 2,441 | 55,912 | ||||||
Dongwha Enterprise Co. Ltd.(1) | 633 | 38,011 | ||||||
Dongwha Pharm Co. Ltd. | 4,407 | 46,576 | ||||||
Dongwon Development Co. Ltd. | 10,306 | 41,911 | ||||||
Dongwon F&B Co. Ltd. | 482 | 69,632 | ||||||
Dongwon Industries Co. Ltd. | 505 | 88,471 | ||||||
Dongwon Systems Corp. | 602 | 26,847 | ||||||
Doosan Bobcat, Inc. | 1,290 | 41,402 | ||||||
Doosan Co. Ltd.(1) | 327 | 31,292 | ||||||
Doosan Fuel Cell Co. Ltd.(1) | 1,092 | 35,757 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(1) | 30,196 | 529,445 | ||||||
DoubleUGames Co. Ltd. | 216 | 8,976 | ||||||
Douzone Bizon Co. Ltd. | 2,938 | 118,978 | ||||||
Dreamtech Co. Ltd. | 12,162 | 115,211 | ||||||
Duk San Neolux Co. Ltd.(1) | 1,519 | 49,558 | ||||||
E-MART, Inc. | 4,919 | 536,438 | ||||||
Easy Bio, Inc.(1) | 465 | 1,886 | ||||||
Easy Holdings Co. Ltd.(1) | 1 | 3 | ||||||
Echo Marketing, Inc. | 2,946 | 43,408 | ||||||
Ecopro BM Co. Ltd. | 958 | 303,161 | ||||||
Ecopro Co. Ltd. | 1,228 | 90,251 | ||||||
Ecopro HN Co. Ltd. | 984 | 43,383 | ||||||
ENF Technology Co. Ltd. | 2,415 | 58,335 | ||||||
Eo Technics Co. Ltd.(1) | 421 | 35,226 | ||||||
Eoflow Co. Ltd.(1) | 1,370 | 23,626 | ||||||
Eugene Corp.(1) | 22,122 | 86,092 | ||||||
Eugene Investment & Securities Co. Ltd.(1) | 25,011 | 70,544 |
48
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Eugene Technology Co. Ltd. | 2,922 | $ | 106,688 | |||||
F&F Co. Ltd. / New(1) | 961 | 718,288 | ||||||
Fila Holdings Corp. | 10,794 | 318,970 | ||||||
Fine Semitech Corp. | 1,327 | 23,079 | ||||||
Foosung Co. Ltd. | 7,703 | 137,527 | ||||||
GC Cell Corp.(1) | 1,288 | 73,171 | ||||||
GemVax & Kael Co. Ltd.(1) | 3,771 | 47,999 | ||||||
Genexine, Inc.(1) | 429 | 16,723 | ||||||
GOLFZON Co. Ltd.(1) | 1,385 | 176,146 | ||||||
Grand Korea Leisure Co. Ltd.(1) | 2,113 | 25,898 | ||||||
Green Cross Corp. | 247 | 37,583 | ||||||
Green Cross Holdings Corp. | 2,440 | 45,512 | ||||||
GS Engineering & Construction Corp. | 26,385 | 948,253 | ||||||
GS Holdings Corp. | 18,102 | 605,314 | ||||||
GS Retail Co. Ltd. | 15,249 | 339,099 | ||||||
HAESUNG DS Co. Ltd.(1) | 1,775 | 79,506 | ||||||
Halla Holdings Corp. | 2,055 | 69,668 | ||||||
Hana Financial Group, Inc. | 78,719 | 3,198,182 | ||||||
Hana Materials, Inc. | 1,084 | 47,270 | ||||||
Hanall Biopharma Co. Ltd.(1) | 1,378 | 21,623 | ||||||
Handok, Inc. | 398 | 6,854 | ||||||
Handsome Co. Ltd. | 5,864 | 175,847 | ||||||
Hanjin Kal Corp.(1) | 674 | 29,683 | ||||||
Hanjin Transportation Co. Ltd.(1) | 2,078 | 49,560 | ||||||
Hankook Shell Oil Co. Ltd. | 114 | 24,113 | ||||||
Hankook Tire & Technology Co. Ltd. | 21,942 | 646,482 | ||||||
Hanmi Pharm Co. Ltd.(1) | 269 | 59,583 | ||||||
Hanmi Semiconductor Co. Ltd. | 3,795 | 106,983 | ||||||
Hanon Systems | 28,087 | 272,001 | ||||||
Hansae Co. Ltd. | 9,679 | 183,685 | ||||||
Hansol Chemical Co. Ltd. | 1,235 | 222,931 | ||||||
Hansol Paper Co. Ltd. | 4,250 | 43,791 | ||||||
Hansol Technics Co. Ltd.(1) | 26,009 | 138,249 | ||||||
Hanssem Co. Ltd. | 996 | 60,921 | ||||||
Hanwha Aerospace Co. Ltd. | 11,270 | 492,113 | ||||||
Hanwha Corp. | 31,349 | 799,693 | ||||||
Hanwha Corp., Preference Shares | 1,663 | 21,270 | ||||||
Hanwha General Insurance Co. Ltd.(1) | 2,720 | 9,709 | ||||||
Hanwha Investment & Securities Co. Ltd.(1) | 49,648 | 201,117 | ||||||
Hanwha Life Insurance Co. Ltd.(1) | 111,429 | 275,180 | ||||||
Hanwha Solutions Corp.(1) | 17,797 | 505,960 | ||||||
Hanwha Systems Co. Ltd. | 15,137 | 200,014 | ||||||
Harim Holdings Co. Ltd. | 15,478 | 135,082 | ||||||
HDC Holdings Co. Ltd.(1) | 3,073 | 19,665 | ||||||
HDC Hyundai Development Co-Engineering & Construction, E Shares(1) | 16,660 | 224,212 | ||||||
Helixmith Co. Ltd.(1) | 1,612 | 27,201 | ||||||
HFR, Inc.(1) | 837 | 21,097 | ||||||
Hite Jinro Co. Ltd.(1) | 9,628 | 286,493 | ||||||
HJ Shipbuilding & Construction Co. Ltd.(1) | 15,718 | 96,289 | ||||||
HLB Life Science Co. Ltd.(1) | 4,545 | 40,507 |
49
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
HLB, Inc.(1) | 4,391 | $ | 115,050 | |||||
HMM Co. Ltd.(1) | 65,455 | 1,585,534 | ||||||
Hotel Shilla Co. Ltd. | 4,543 | 307,047 | ||||||
HS Industries Co. Ltd.(1) | 11,046 | 49,068 | ||||||
Huchems Fine Chemical Corp. | 3,534 | 65,751 | ||||||
Hugel, Inc.(1) | 678 | 83,603 | ||||||
Humax Co. Ltd.(1) | 14,003 | 49,138 | ||||||
Humedix Co. Ltd. | 981 | 18,218 | ||||||
Huons Co. Ltd. | 1,038 | 40,429 | ||||||
Huons Global Co. Ltd. | 1,022 | 25,898 | ||||||
Hwaseung Enterprise Co. Ltd.(1) | 1,558 | 21,237 | ||||||
HYBE Co. Ltd.(1) | 763 | 185,398 | ||||||
Hyosung Advanced Materials Corp. | 1,021 | 400,527 | ||||||
Hyosung Chemical Corp.(1) | 1,063 | 246,982 | ||||||
Hyosung Corp. | 740 | 52,811 | ||||||
Hyosung Heavy Industries Corp.(1) | 1,843 | 86,453 | ||||||
Hyosung TNC Corp. | 982 | 399,318 | ||||||
Hyundai Autoever Corp. | 926 | 83,956 | ||||||
Hyundai Construction Equipment Co. Ltd. | 4,697 | 132,239 | ||||||
Hyundai Corp. | 3,168 | 43,851 | ||||||
Hyundai Department Store Co. Ltd. | 1,695 | 110,430 | ||||||
Hyundai Doosan Infracore Co. Ltd.(1) | 34,040 | 192,806 | ||||||
Hyundai Electric & Energy System Co. Ltd.(1) | 9,498 | 162,937 | ||||||
Hyundai Elevator Co. Ltd.(1) | 9,493 | 300,388 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 17,112 | 623,428 | ||||||
Hyundai Futurenet Co., Ltd. | 6,288 | 20,497 | ||||||
Hyundai Glovis Co. Ltd. | 3,202 | 472,344 | ||||||
Hyundai Greenfood Co. Ltd. | 7,915 | 55,621 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 9,360 | 403,036 | ||||||
Hyundai Home Shopping Network Corp. | 1,866 | 90,732 | ||||||
Hyundai Livart Furniture Co. Ltd. | 618 | 7,205 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 28,619 | 687,402 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(1) | 2,737 | 183,848 | ||||||
Hyundai Mobis Co. Ltd. | 5,699 | 1,070,078 | ||||||
Hyundai Motor Co. | 14,490 | 2,132,156 | ||||||
Hyundai Rotem Co. Ltd.(1) | 4,106 | 68,429 | ||||||
Hyundai Steel Co. | 27,267 | 909,378 | ||||||
Hyundai Wia Corp. | 6,286 | 323,111 | ||||||
i-SENS, Inc. | 1,013 | 23,500 | ||||||
ICD Co. Ltd. | 6,931 | 58,218 | ||||||
Il Dong Pharmaceutical Co. Ltd.(1) | 137 | 6,693 | ||||||
Iljin Materials Co. Ltd. | 1,375 | 105,252 | ||||||
Ilyang Pharmaceutical Co. Ltd. | 614 | 12,927 | ||||||
iMarketKorea, Inc. | 7,862 | 65,590 | ||||||
InBody Co. Ltd. | 424 | 8,759 | ||||||
Industrial Bank of Korea | 91,487 | 821,878 | ||||||
Innocean Worldwide, Inc. | 3,380 | 140,950 | ||||||
Innox Advanced Materials Co. Ltd. | 2,835 | 100,121 | ||||||
Insun ENT Co. Ltd.(1) | 9,908 | 86,508 | ||||||
Interflex Co. Ltd.(1) | 344 | 5,783 | ||||||
Interpark Corp. | 10,327 | 51,278 |
50
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
INTOPS Co. Ltd. | 2,082 | $ | 57,487 | |||||
iNtRON Biotechnology, Inc.(1) | 1,941 | 29,864 | ||||||
IS Dongseo Co. Ltd.(1) | 1,249 | 55,236 | ||||||
JB Financial Group Co. Ltd. | 54,944 | 376,335 | ||||||
Jeju Air Co. Ltd.(1) | 1,487 | 26,779 | ||||||
Jin Air Co. Ltd.(1) | 2,411 | 33,890 | ||||||
Jusung Engineering Co. Ltd. | 5,248 | 114,772 | ||||||
JW Holdings Corp. | 1 | 3 | ||||||
JYP Entertainment Corp.(1) | 4,333 | 182,093 | ||||||
Kakao Corp. | 16,245 | 1,286,552 | ||||||
KakaoBank Corp.(1) | 5,416 | 218,663 | ||||||
Kangwon Land, Inc.(1) | 11,973 | 266,303 | ||||||
KB Financial Group, Inc., ADR(2) | 71,309 | 3,508,403 | ||||||
KC Co. Ltd. | 3,521 | 57,302 | ||||||
KC Tech Co. Ltd. | 5,090 | 88,817 | ||||||
KCC Corp. | 638 | 178,634 | ||||||
KCC Glass Corp. | 4,355 | 211,563 | ||||||
KEPCO Engineering & Construction Co., Inc.(1) | 1,249 | 93,739 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.(1) | 4,371 | 135,879 | ||||||
KG Dongbu Steel Co. Ltd. | 1,377 | 12,102 | ||||||
Kginicis Co. Ltd. | 9,154 | 133,636 | ||||||
KH Vatec Co. Ltd. | 9,846 | 181,205 | ||||||
Kia Corp. | 46,289 | 2,869,701 | ||||||
KISCO Corp. | 11,949 | 84,216 | ||||||
KISWIRE Ltd.(1) | 1,961 | 34,759 | ||||||
KIWOOM Securities Co. Ltd.(1) | 6,929 | 588,376 | ||||||
KMW Co. Ltd.(1) | 4,954 | 129,190 | ||||||
Koentec Co. Ltd. | 3,932 | 25,448 | ||||||
Koh Young Technology, Inc. | 4,065 | 65,013 | ||||||
Kolmar BNH Co. Ltd.(1) | 1,408 | 42,049 | ||||||
Kolmar Korea Co. Ltd.(1) | 1,209 | 46,663 | ||||||
Kolmar Korea Holdings Co. Ltd.(1) | 1,580 | 27,282 | ||||||
Kolon Corp. | 1,460 | 35,716 | ||||||
Kolon Industries, Inc. | 7,471 | 368,513 | ||||||
KoMiCo Ltd. | 460 | 20,867 | ||||||
KONA I Co. Ltd.(1) | 684 | 15,373 | ||||||
Korea Aerospace Industries Ltd.(1) | 21,326 | 663,492 | ||||||
Korea District Heating Corp. | 758 | 22,535 | ||||||
Korea Electric Power Corp., ADR(1) | 39,529 | 383,431 | ||||||
Korea Electric Terminal Co. Ltd. | 2,213 | 107,825 | ||||||
Korea Gas Corp. | 4,476 | 153,878 | ||||||
Korea Investment Holdings Co. Ltd.(1) | 15,256 | 1,013,535 | ||||||
Korea Line Corp.(1) | 75,823 | 176,606 | ||||||
Korea Petrochemical Ind Co. Ltd.(1) | 1,158 | 165,641 | ||||||
Korea Real Estate Investment & Trust Co. Ltd. | 45,582 | 83,454 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(1) | 2,153 | 159,615 | ||||||
Korea United Pharm, Inc.(1) | 1,469 | 56,384 | ||||||
Korea Zinc Co. Ltd. | 1,336 | 612,744 | ||||||
Korean Air Lines Co. Ltd.(1) | 33,160 | 816,961 | ||||||
Korean Reinsurance Co. | 19,006 | 153,466 | ||||||
Krafton, Inc.(1) | 784 | 194,498 |
51
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
KT Skylife Co. Ltd. | 12,012 | $ | 85,297 | |||||
KTB Investment & Securities Co. Ltd.(1) | 28,641 | 121,632 | ||||||
Kumho Petrochemical Co. Ltd.(1) | 6,937 | 935,875 | ||||||
Kumho Tire Co., Inc.(1) | 23,830 | 79,042 | ||||||
KUMHOE & C Co. Ltd.(1) | 253 | 2,279 | ||||||
Kwang Dong Pharmaceutical Co. Ltd. | 1,298 | 7,911 | ||||||
Kyung Dong Navien Co. Ltd. | 926 | 34,391 | ||||||
L&C Bio Co. Ltd. | 717 | 19,044 | ||||||
L&F Co. Ltd.(1) | 822 | 135,248 | ||||||
LB Semicon, Inc.(1) | 2,163 | 20,299 | ||||||
LEENO Industrial, Inc. | 1,799 | 271,686 | ||||||
LegoChem Biosciences, Inc.(1) | 1,052 | 38,811 | ||||||
LF Corp. | 7,819 | 116,540 | ||||||
LG Chem Ltd. | 4,357 | 2,067,589 | ||||||
LG Corp. | 7,392 | 464,589 | ||||||
LG Display Co. Ltd., ADR(1)(2) | 112,934 | 885,403 | ||||||
LG Electronics, Inc. | 22,088 | 2,305,907 | ||||||
LG Energy Solution(1) | 1,103 | 377,956 | ||||||
LG HelloVision Co. Ltd. | 6,071 | 25,342 | ||||||
LG Household & Health Care Ltd. | 500 | 396,722 | ||||||
LG Innotek Co. Ltd. | 5,391 | 1,488,200 | ||||||
LG Uplus Corp. | 62,996 | 691,970 | ||||||
LIG Nex1 Co. Ltd. | 4,268 | 243,557 | ||||||
Lock&Lock Co. Ltd.(1) | 3,706 | 31,001 | ||||||
Lotte Chemical Corp. | 2,424 | 446,743 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 1,374 | 188,922 | ||||||
Lotte Confectionery Co. Ltd. | 486 | 46,843 | ||||||
Lotte Corp. | 1,759 | 42,739 | ||||||
Lotte Data Communication Co. | 842 | 25,864 | ||||||
LOTTE Fine Chemical Co. Ltd. | 3,829 | 254,727 | ||||||
Lotte Food Co. Ltd. | 61 | 15,956 | ||||||
LOTTE Himart Co. Ltd. | 1,460 | 28,351 | ||||||
Lotte Rental Co. Ltd. | 2,046 | 65,051 | ||||||
Lotte Shopping Co. Ltd. | 3,855 | 275,450 | ||||||
LS Corp. | 5,518 | 225,196 | ||||||
LS Electric Co. Ltd. | 5,011 | 180,651 | ||||||
Lutronic Corp.(1) | 9,910 | 177,563 | ||||||
LVMC Holdings(1) | 7,813 | 20,707 | ||||||
LX Hausys Ltd. | 3,317 | 152,921 | ||||||
LX Holdings Corp.(1) | 4,548 | 37,194 | ||||||
LX INTERNATIONAL Corp. | 12,326 | 306,303 | ||||||
LX Semicon Co. Ltd. | 4,459 | 428,300 | ||||||
Maeil Dairies Co. Ltd. | 1,369 | 77,792 | ||||||
Mando Corp. | 9,907 | 378,770 | ||||||
Mcnex Co. Ltd. | 7,407 | 284,822 | ||||||
Medytox, Inc.(1) | 387 | 39,450 | ||||||
MegaStudyEdu Co. Ltd.(1) | 4,106 | 285,169 | ||||||
Meritz Financial Group, Inc. | 17,292 | 531,715 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 21,883 | 752,054 | ||||||
Meritz Securities Co. Ltd. | 130,161 | 637,394 | ||||||
Mirae Asset Life Insurance Co. Ltd. | 22,028 | 75,145 |
52
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Mirae Asset Securities Co. Ltd. | 96,318 | $ | 710,768 | |||||
Miwon Commercial Co. Ltd. | 112 | 17,661 | ||||||
Myoung Shin Industrial Co. Ltd.(1) | 1,603 | 31,984 | ||||||
Namhae Chemical Corp.(1) | 4,357 | 35,232 | ||||||
Namsun Aluminum Co. Ltd.(1) | 7,959 | 15,653 | ||||||
Naturecell Co. Ltd.(1) | 2,504 | 34,412 | ||||||
NAVER Corp. | 7,204 | 1,919,558 | ||||||
NCSoft Corp. | 1,273 | 471,576 | ||||||
Neowiz(1) | 2,115 | 43,781 | ||||||
NEPES Corp.(1) | 1,608 | 38,534 | ||||||
Neptune Co.(1) | 1,000 | 16,607 | ||||||
Netmarble Corp. | 1,301 | 111,792 | ||||||
Nexen Tire Corp.(1) | 10,720 | 56,434 | ||||||
Next Science Co. Ltd.(1) | 3,172 | 45,644 | ||||||
NEXTIN, Inc.(1) | 481 | 22,417 | ||||||
NH Investment & Securities Co. Ltd.(1) | 59,119 | 572,090 | ||||||
NHN Corp.(1) | 3,656 | 109,169 | ||||||
NHN KCP Corp.(1) | 4,752 | 93,473 | ||||||
NICE Holdings Co. Ltd. | 8,854 | 123,377 | ||||||
NICE Information Service Co. Ltd.(1) | 4,206 | 65,291 | ||||||
NKMax Co. Ltd.(1) | 990 | 12,993 | ||||||
NongShim Co. Ltd. | 446 | 114,193 | ||||||
NS Shopping Co. Ltd. | 927 | 10,794 | ||||||
OCI Co. Ltd.(1) | 1,237 | 109,424 | ||||||
OliX Pharmaceuticals, Inc.(1) | 461 | 10,710 | ||||||
OptoElectronics Solutions Co. Ltd. | 901 | 20,652 | ||||||
Orion Corp./Republic of Korea | 1,704 | 130,397 | ||||||
Orion Holdings Corp. | 4,046 | 47,697 | ||||||
Oscotec, Inc.(1) | 813 | 20,388 | ||||||
Osstem Implant Co. Ltd. | 3,438 | 285,625 | ||||||
Ottogi Corp. | 132 | 47,626 | ||||||
Pan Ocean Co. Ltd. | 71,332 | 393,638 | ||||||
Paradise Co. Ltd.(1) | 5,321 | 74,224 | ||||||
Park Systems Corp. | 330 | 32,947 | ||||||
Partron Co. Ltd. | 10,703 | 103,053 | ||||||
Pearl Abyss Corp.(1) | 3,308 | 265,312 | ||||||
PharmaResearch Co. Ltd. | 879 | 64,444 | ||||||
PI Advanced Materials Co. Ltd.(1) | 2,947 | 107,542 | ||||||
Poongsan Corp. | 2,881 | 76,732 | ||||||
POSCO, ADR | 42,539 | 2,523,413 | ||||||
POSCO Chemical Co. Ltd. | 1,219 | 116,767 | ||||||
Posco ICT Co. Ltd. | 1,823 | 8,778 | ||||||
Posco International Corp. | 14,979 | 259,905 | ||||||
PSK, Inc. | 681 | 27,171 | ||||||
Pulmuone Co. Ltd. | 3,081 | 41,939 | ||||||
Rsupport Co. Ltd.(1) | 2,340 | 11,890 | ||||||
S&S Tech Corp. | 1,373 | 32,242 | ||||||
S-1 Corp. | 1,478 | 86,039 | ||||||
S-Oil Corp. | 12,140 | 864,603 | ||||||
Samjin Pharmaceutical Co. Ltd. | 1,819 | 38,391 | ||||||
Samsung Biologics Co. Ltd.(1) | 810 | 526,948 |
53
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Samsung C&T Corp. | 6,187 | $ | 571,404 | |||||
Samsung Card Co. Ltd. | 2,438 | 65,477 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 10,775 | 1,506,433 | ||||||
Samsung Electronics Co. Ltd., GDR | 20,059 | 30,092,092 | ||||||
Samsung Engineering Co. Ltd.(1) | 53,911 | 1,053,155 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 9,836 | 1,564,126 | ||||||
Samsung Heavy Industries Co. Ltd.(1) | 34,484 | 168,102 | ||||||
Samsung Life Insurance Co. Ltd. | 9,113 | 455,646 | ||||||
Samsung Pharmaceutical Co. Ltd.(1) | 3,889 | 13,929 | ||||||
Samsung SDI Co. Ltd. | 4,079 | 1,879,767 | ||||||
Samsung SDS Co. Ltd. | 3,530 | 414,415 | ||||||
Samsung Securities Co. Ltd. | 25,574 | 906,389 | ||||||
Samwha Capacitor Co. Ltd. | 1,445 | 68,403 | ||||||
Samyang Corp. | 1,245 | 53,800 | ||||||
Samyang Foods Co. Ltd. | 1,666 | 121,884 | ||||||
Samyang Holdings Corp. | 1,512 | 105,303 | ||||||
Sangsangin Co. Ltd. | 21,966 | 171,420 | ||||||
SD Biosensor, Inc. | 11,133 | 507,571 | ||||||
Seah Besteel Corp. | 5,807 | 86,091 | ||||||
SeAH Steel Corp. | 598 | 49,835 | ||||||
SeAH Steel Holdings Corp. | 810 | 86,015 | ||||||
Sebang Global Battery Co. Ltd. | 1,069 | 57,093 | ||||||
Seegene, Inc. | 10,899 | 467,131 | ||||||
Sejong Telecom, Inc.(1) | 5,123 | 2,162 | ||||||
Seobu T&D | 4,115 | 30,782 | ||||||
Seojin System Co. Ltd.(1) | 1,166 | 33,228 | ||||||
Seoul Semiconductor Co. Ltd.(1) | 5,718 | 64,017 | ||||||
SFA Engineering Corp. | 2,392 | 75,468 | ||||||
SFA Semicon Co. Ltd.(1) | 13,190 | 72,387 | ||||||
Shin Poong Pharmaceutical Co. Ltd.(1) | 907 | 26,491 | ||||||
Shinhan Financial Group Co. Ltd., ADR | 65,206 | 2,113,979 | ||||||
Shinsegae International, Inc. | 274 | 34,904 | ||||||
Shinsegae, Inc. | 2,886 | 633,441 | ||||||
Shinsung E&G Co. Ltd.(1) | 13,081 | 18,839 | ||||||
Shinyoung Securities Co. Ltd. | 714 | 37,534 | ||||||
SillaJen, Inc.(1) | 626 | 1,666 | ||||||
SIMMTECH Co. Ltd. | 10,051 | 451,221 | ||||||
SK Biopharmaceuticals Co. Ltd.(1) | 491 | 34,851 | ||||||
SK Bioscience Co. Ltd.(1) | 1,367 | 167,401 | ||||||
SK Chemicals Co. Ltd. | 1,728 | 181,523 | ||||||
SK D&D Co. Ltd. | 2,714 | 67,736 | ||||||
SK Discovery Co. Ltd. | 5,267 | 178,434 | ||||||
SK Gas Ltd. | 666 | 66,212 | ||||||
SK Hynix, Inc. | 98,455 | 10,264,377 | ||||||
SK IE Technology Co. Ltd.(1) | 676 | 70,208 | ||||||
SK Innovation Co. Ltd.(1) | 7,408 | 1,250,589 | ||||||
SK Networks Co. Ltd. | 59,817 | 220,706 | ||||||
SK Securities Co. Ltd.(1) | 132,330 | 98,864 | ||||||
SK Telecom Co. Ltd., ADR | 30,761 | 771,178 | ||||||
SK, Inc. | 3,315 | 633,198 | ||||||
SKC Co. Ltd. | 3,807 | 442,731 |
54
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
SL Corp.(1) | 6,588 | $ | 131,327 | |||||
SM Entertainment Co. Ltd. | 2,899 | 181,274 | ||||||
SNT Dynamics Co. Ltd. | 3,850 | 27,025 | ||||||
SNT Motiv Co. Ltd. | 2,927 | 105,832 | ||||||
SOLUM Co. Ltd.(1) | 1,869 | 35,632 | ||||||
Solus Advanced Materials Co. Ltd. | 724 | 38,365 | ||||||
Songwon Industrial Co. Ltd. | 5,948 | 101,547 | ||||||
Soulbrain Co. Ltd. | 764 | 145,875 | ||||||
Soulbrain Holdings Co., Ltd. | 1,229 | 29,588 | ||||||
SPC Samlip Co. Ltd.(1) | 844 | 59,342 | ||||||
Ssangyong Motor Co.(1) | 2,905 | 6,693 | ||||||
ST Pharm Co. Ltd. | 618 | 51,534 | ||||||
STIC Investments, Inc. | 2,476 | 21,182 | ||||||
Studio Dragon Corp.(1) | 1,076 | 76,986 | ||||||
Suheung Co. Ltd. | 124 | 4,000 | ||||||
Sungwoo Hitech Co. Ltd. | 2,998 | 12,150 | ||||||
Taekwang Industrial Co. Ltd.(1) | 59 | 49,993 | ||||||
Taewoong Co. Ltd.(1) | 329 | 3,420 | ||||||
Taeyoung Engineering & Construction Co. Ltd. | 8,091 | 66,805 | ||||||
Taihan Electric Wire Co. Ltd.(1) | 26,822 | 36,032 | ||||||
TES Co. Ltd. | 7,321 | 156,256 | ||||||
Tesna, Inc. | 5,652 | 210,030 | ||||||
TK Corp.(1) | 3,134 | 27,734 | ||||||
Tokai Carbon Korea Co. Ltd. | 1,026 | 101,329 | ||||||
Tongyang Life Insurance Co. Ltd. | 24,322 | 124,884 | ||||||
Tongyang, Inc.(1) | 2,830 | 3,328 | ||||||
Toptec Co. Ltd.(1) | 329 | 2,241 | ||||||
TY Holdings Co. Ltd.(1) | 1,589 | 36,229 | ||||||
Unid Co. Ltd. | 2,924 | 213,237 | ||||||
UniTest, Inc.(1) | 1,762 | 38,929 | ||||||
Value Added Technology Co. Ltd.(1) | 3,454 | 105,871 | ||||||
Vaxcell-Bio Therapeutics Co. Ltd.(1) | 333 | 9,598 | ||||||
Vidente Co. Ltd.(1) | 2,779 | 38,276 | ||||||
Vieworks Co. Ltd. | 968 | 31,160 | ||||||
Webzen, Inc.(1) | 3,108 | 60,483 | ||||||
Wemade Co. Ltd. | 1,126 | 104,519 | ||||||
Whanin Pharmaceutical Co. Ltd. | 148 | 2,078 | ||||||
Winix, Inc. | 3,028 | 46,628 | ||||||
WiSoL Co. Ltd. | 6,266 | 56,265 | ||||||
Wonik Holdings Co. Ltd.(1) | 5,541 | 21,105 | ||||||
WONIK IPS Co. Ltd. | 7,578 | 228,799 | ||||||
Wonik Materials Co. Ltd. | 745 | 21,921 | ||||||
Wonik QnC Corp.(1) | 1,273 | 27,403 | ||||||
Woongjin Thinkbig Co. Ltd. | 11,642 | 27,857 | ||||||
Woori Financial Group, Inc. | 176,777 | 2,114,535 | ||||||
Woori Investment Bank Co. Ltd. | 116,113 | 84,231 | ||||||
Woori Technology Investment Co. Ltd.(1) | 35,476 | 254,081 | ||||||
Y G-1 Co. Ltd. | 6 | 49 | ||||||
YG Entertainment, Inc. | 1,052 | 58,201 | ||||||
Youlchon Chemical Co. Ltd. | 1,157 | 23,115 | ||||||
Young Poong Corp.(1) | 44 | 24,051 |
55
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Youngone Corp.(1) | 8,401 | $ | 298,772 | |||||
Youngone Holdings Co. Ltd.(1) | 2,100 | 81,473 | ||||||
Yuanta Securities Korea Co. Ltd.(1) | 39,133 | 116,305 | ||||||
Yuhan Corp. | 5,667 | 275,349 | ||||||
Yungjin Pharmaceutical Co. Ltd.(1) | 6,008 | 24,364 | ||||||
Zinus, Inc.(1) | 945 | 59,323 | ||||||
151,047,727 | ||||||||
Taiwan — 18.9% | ||||||||
Aaeon Technology, Inc. | 1,000 | 2,463 | ||||||
Abico Avy Co. Ltd. | 38,060 | 34,645 | ||||||
Ability Enterprise Co. Ltd.(1) | 102,000 | 102,687 | ||||||
AcBel Polytech, Inc.(2) | 95,000 | 114,629 | ||||||
Accton Technology Corp. | 65,000 | 589,457 | ||||||
Acer, Inc.(2) | 788,000 | 817,809 | ||||||
ACES Electronic Co. Ltd. | 39,720 | 73,898 | ||||||
Acter Group Corp. Ltd. | 30,207 | 238,484 | ||||||
ADATA Technology Co. Ltd.(2) | 66,000 | 222,061 | ||||||
Advanced Ceramic X Corp. | 5,000 | 48,478 | ||||||
Advanced International Multitech Co. Ltd. | 42,000 | 127,997 | ||||||
Advanced Optoelectronic Technology, Inc.(1) | 23,000 | 20,584 | ||||||
Advanced Power Electronics Corp.(2) | 25,000 | 91,909 | ||||||
Advantech Co. Ltd.(2) | 65,199 | 858,574 | ||||||
AGV Products Corp.(1) | 183,000 | 71,178 | ||||||
Airtac International Group | 4,185 | 139,202 | ||||||
Alchip Technologies Ltd. | 11,000 | 429,743 | ||||||
Alexander Marine Co. Ltd. | 13,000 | 64,363 | ||||||
Allied Circuit Co. Ltd.(2) | 10,000 | 68,296 | ||||||
Alltek Technology Corp. | 55,120 | 67,326 | ||||||
Alltop Technology Co. Ltd. | 18,252 | 120,712 | ||||||
Alpha Networks, Inc. | 35,772 | 39,512 | ||||||
Altek Corp. | 31,000 | 48,743 | ||||||
Ampire Co. Ltd. | 33,000 | 30,793 | ||||||
AMPOC Far-East Co. Ltd. | 22,000 | 31,705 | ||||||
AmTRAN Technology Co. Ltd. | 138,973 | 80,468 | ||||||
Anji Technology Co. Ltd. | 20,000 | 34,912 | ||||||
Anpec Electronics Corp.(2) | 26,000 | 211,284 | ||||||
Apacer Technology, Inc. | 25,000 | 44,703 | ||||||
APAQ Technology Co. Ltd. | 12,000 | 24,169 | ||||||
Apex International Co. Ltd.(2) | 79,000 | 284,745 | ||||||
Arcadyan Technology Corp. | 43,061 | 178,360 | ||||||
Ardentec Corp. | 192,000 | 351,880 | ||||||
Argosy Research, Inc. | 28,545 | 110,853 | ||||||
ASE Technology Holding Co. Ltd., ADR | 251,155 | 1,815,851 | ||||||
Asia Cement Corp. | 394,000 | 636,805 | ||||||
Asia Optical Co., Inc.(1) | 2,000 | 5,865 | ||||||
Asia Pacific Telecom Co. Ltd.(1) | 7,209 | 2,060 | ||||||
Asia Polymer Corp.(2) | 110,007 | 145,749 | ||||||
Asia Vital Components Co. Ltd. | 117,000 | 467,798 | ||||||
ASIX Electronics Corp. | 11,000 | 82,304 | ||||||
ASMedia Technology, Inc. | 1,000 | 61,908 | ||||||
ASolid Technology Co. Ltd. | 13,000 | 65,569 |
56
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
ASPEED Technology, Inc.(2) | 4,000 | $ | 393,140 | |||||
ASROCK, Inc. | 12,000 | 98,119 | ||||||
Asustek Computer, Inc. | 94,000 | 1,254,005 | ||||||
Aten International Co. Ltd. | 9,000 | 26,027 | ||||||
AU Optronics Corp.(2) | 1,712,200 | 1,281,884 | ||||||
Audix Corp.(1) | 19,000 | 39,188 | ||||||
AURAS Technology Co. Ltd. | 25,000 | 231,764 | ||||||
Aurora Corp. | 1,000 | 3,282 | ||||||
AVer Information, Inc. | 14,000 | 26,794 | ||||||
Avermedia Technologies(1) | 24,000 | 23,580 | ||||||
Azurewave Technologies, Inc.(1) | 23,000 | 19,125 | ||||||
Bank of Kaohsiung Co. Ltd. | 32,290 | 15,589 | ||||||
Baolong International Co. Ltd. | 34,000 | 23,371 | ||||||
Basso Industry Corp. | 26,000 | 38,522 | ||||||
BenQ Materials Corp.(2) | 76,000 | 92,412 | ||||||
BES Engineering Corp. | 276,000 | 87,346 | ||||||
Bin Chuan Enterprise Co. Ltd. | 23,000 | 18,660 | ||||||
Bioteque Corp. | 6,000 | 23,066 | ||||||
Bizlink Holding, Inc. | 14,000 | 151,594 | ||||||
Brave C&H Supply Co. Ltd. | 4,000 | 13,366 | ||||||
Brighton-Best International Taiwan, Inc. | 134,000 | 191,806 | ||||||
Browave Corp. | 15,000 | 21,045 | ||||||
C Sun Manufacturing Ltd. | 39,783 | 69,677 | ||||||
Capital Futures Corp. | 19,000 | 26,108 | ||||||
Capital Securities Corp. | 715,000 | 404,585 | ||||||
Career Technology MFG. Co. Ltd.(1) | 115,100 | 98,462 | ||||||
Caswell, Inc. | 3,000 | 9,662 | ||||||
Catcher Technology Co. Ltd. | 127,000 | 651,867 | ||||||
Cathay Financial Holding Co. Ltd. | 1,216,000 | 2,734,341 | ||||||
Cayman Engley Industrial Co. Ltd. | 7,000 | 19,782 | ||||||
Center Laboratories, Inc. | 51,738 | 109,194 | ||||||
Central Reinsurance Co. Ltd. | 73,000 | 75,473 | ||||||
Century Iron & Steel Industrial Co. Ltd. | 50,000 | 195,526 | ||||||
Chailease Holding Co. Ltd. | 66,460 | 603,158 | ||||||
Champion Building Materials Co. Ltd.(1) | 91,000 | 36,264 | ||||||
Champion Microelectronic Corp. | 19,000 | 53,810 | ||||||
Chang Hwa Commercial Bank Ltd. | 872,935 | 554,213 | ||||||
Chang Wah Electromaterials, Inc. | 113,000 | 153,938 | ||||||
Chang Wah Technology Co. Ltd. | 7,000 | 25,357 | ||||||
Channel Well Technology Co. Ltd. | 20,000 | 28,114 | ||||||
Charoen Pokphand Enterprise | 41,000 | 124,063 | ||||||
Chen Full International Co. Ltd. | 16,000 | 23,005 | ||||||
Chenbro Micom Co. Ltd. | 10,000 | 29,014 | ||||||
Cheng Loong Corp. | 221,000 | 272,733 | ||||||
Cheng Mei Materials Technology Corp.(1)(2) | 264,000 | 125,970 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 376,000 | 481,017 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 91,000 | 125,038 | ||||||
Chia Chang Co. Ltd. | 30,000 | 52,006 | ||||||
Chia Hsin Cement Corp. | 126,000 | 94,627 | ||||||
Chicony Electronics Co. Ltd. | 96,000 | 308,801 | ||||||
Chicony Power Technology Co. Ltd. | 42,000 | 119,297 |
57
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Chief Telecom, Inc. | 1,000 | $ | 9,725 | |||||
Chieftek Precision Co. Ltd. | 1,000 | 2,902 | ||||||
Chin-Poon Industrial Co. Ltd.(2) | 130,000 | 169,645 | ||||||
China Airlines Ltd.(1)(2) | 1,182,000 | 1,205,208 | ||||||
China Bills Finance Corp. | 117,000 | 71,357 | ||||||
China Chemical & Pharmaceutical Co. Ltd. | 41,000 | 32,365 | ||||||
China Development Financial Holding Corp. | 3,288,943 | 2,252,316 | ||||||
China Development Financial Holding Corp., Preference Shares(1) | 402,360 | 133,761 | ||||||
China Electric Manufacturing Corp. | 28,000 | 17,075 | ||||||
China General Plastics Corp.(2) | 157,722 | 196,308 | ||||||
China Man-Made Fiber Corp.(2) | 356,320 | 123,677 | ||||||
China Metal Products | 47,000 | 60,362 | ||||||
China Motor Corp. | 67,800 | 151,370 | ||||||
China Petrochemical Development Corp.(1)(2) | 874,980 | 378,008 | ||||||
China Steel Corp. | 1,468,000 | 1,908,920 | ||||||
China Steel Structure Co. Ltd. | 18,000 | 38,173 | ||||||
Chinese Maritime Transport Ltd. | 27,000 | 54,055 | ||||||
Chipbond Technology Corp.(2) | 190,000 | 472,769 | ||||||
ChipMOS Technologies, Inc.(2) | 206,000 | 389,089 | ||||||
Chlitina Holding Ltd. | 15,000 | 113,103 | ||||||
Chong Hong Construction Co. Ltd. | 3,000 | 8,197 | ||||||
Chroma ATE, Inc. | 59,000 | 401,701 | ||||||
Chun Yuan Steel Industry Co. Ltd.(2) | 112,000 | 99,153 | ||||||
Chung Hung Steel Corp.(2) | 257,000 | 381,651 | ||||||
Chung Hwa Chemical Industrial Works Ltd.(1) | 50,000 | 70,893 | ||||||
Chung Hwa Pulp Corp.(1)(2) | 96,000 | 77,465 | ||||||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 142,000 | 213,501 | ||||||
Chunghwa Telecom Co. Ltd., ADR(2) | 38,401 | 1,713,069 | ||||||
Cleanaway Co. Ltd. | 58,000 | 440,799 | ||||||
Clevo Co. | 82,000 | 90,391 | ||||||
CMC Magnetics Corp.(1)(2) | 279,685 | 110,027 | ||||||
Co-Tech Development Corp. | 8,000 | 21,745 | ||||||
Compal Electronics, Inc.(2) | 1,126,000 | 1,025,799 | ||||||
Compeq Manufacturing Co. Ltd.(2) | 331,000 | 573,581 | ||||||
Concord International Securities Co. Ltd. | 75,260 | 44,337 | ||||||
Concord Securities Co. Ltd. | 197,000 | 94,864 | ||||||
Concraft Holding Co. Ltd. | 16,899 | 16,897 | ||||||
Continental Holdings Corp. | 65,000 | 54,709 | ||||||
Contrel Technology Co. Ltd. | 79,000 | 54,862 | ||||||
Coremax Corp. | 10,325 | 54,238 | ||||||
Coretronic Corp. | 125,000 | 320,338 | ||||||
Creative Sensor, Inc. | 35,000 | 29,194 | ||||||
CTBC Financial Holding Co. Ltd. | 3,468,000 | 3,389,892 | ||||||
CTCI Corp. | 248,000 | 365,013 | ||||||
CviLux Corp. | 19,000 | 33,470 | ||||||
CX Technology Co. Ltd. | 16,000 | 22,188 | ||||||
CyberTAN Technology, Inc. | 61,000 | 54,200 | ||||||
D-Link Corp.(1) | 4,600 | 2,721 | ||||||
DA CIN Construction Co. Ltd. | 53,000 | 62,558 | ||||||
Da-Li Development Co. Ltd.(1) | 2,242 | 2,452 | ||||||
Dafeng TV Ltd. | 4,000 | 6,630 |
58
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Darfon Electronics Corp. | 100,000 | $ | 163,491 | |||||
Darwin Precisions Corp.(1) | 172,000 | 79,637 | ||||||
Daxin Materials Corp. | 10,000 | 43,094 | ||||||
Delta Electronics, Inc. | 142,000 | 1,265,519 | ||||||
Depo Auto Parts Ind Co. Ltd. | 27,000 | 56,672 | ||||||
Dimerco Express Corp.(2) | 50,160 | 182,369 | ||||||
Double Bond Chemical Industry Co. Ltd. | 1,070 | 2,271 | ||||||
Dr Wu Skincare Co. Ltd. | 8,000 | 28,432 | ||||||
Dynamic Electronics Co. Ltd. | 139,147 | 124,691 | ||||||
Dynapack International Technology Corp. | 42,000 | 150,242 | ||||||
E Ink Holdings, Inc. | 17,000 | 91,618 | ||||||
E-LIFE MALL Corp. | 4,000 | 11,850 | ||||||
E.Sun Financial Holding Co. Ltd. | 813,478 | 859,889 | ||||||
Eastern Media International Corp.(1)(2) | 88,350 | 104,170 | ||||||
Eclat Textile Co. Ltd. | 9,000 | 186,554 | ||||||
ECOVE Environment Corp. | 1,000 | 8,344 | ||||||
Edison Opto Corp. | 37,000 | 26,716 | ||||||
Edom Technology Co. Ltd. | 68,200 | 91,023 | ||||||
eGalax_eMPIA Technology, Inc. | 20,360 | 60,871 | ||||||
Egis Technology, Inc. | 20,000 | 75,018 | ||||||
Elan Microelectronics Corp.(2) | 122,000 | 724,563 | ||||||
Elite Advanced Laser Corp. | 55,000 | 100,895 | ||||||
Elite Material Co. Ltd. | 83,000 | 813,919 | ||||||
Elite Semiconductor Microelectronics Technology, Inc.(2) | 93,000 | 489,659 | ||||||
Elitegroup Computer Systems Co. Ltd. | 44,000 | 31,139 | ||||||
eMemory Technology, Inc. | 1,000 | 67,487 | ||||||
ENNOSTAR, Inc.(1)(2) | 190,375 | 546,415 | ||||||
Eson Precision Ind Co. Ltd. | 15,000 | 32,163 | ||||||
Eternal Materials Co. Ltd.(2) | 176,000 | 228,776 | ||||||
Eurocharm Holdings Co. Ltd. | 6,000 | 32,888 | ||||||
Eva Airways Corp.(1)(2) | 713,000 | 839,884 | ||||||
Everest Textile Co. Ltd.(1) | 2,322 | 736 | ||||||
Evergreen International Storage & Transport Corp.(2) | 143,000 | 194,798 | ||||||
Evergreen Marine Corp. Taiwan Ltd.(2) | 543,190 | 2,853,517 | ||||||
Everlight Chemical Industrial Corp.(2) | 130,000 | 120,911 | ||||||
Everlight Electronics Co. Ltd. | 177,000 | 318,798 | ||||||
Excelliance Mos Corp. | 14,000 | 94,587 | ||||||
Excelsior Medical Co. Ltd. | 16,000 | 33,801 | ||||||
Far Eastern Department Stores Ltd. | 167,000 | 127,122 | ||||||
Far Eastern International Bank | 613,761 | 244,210 | ||||||
Far Eastern New Century Corp. | 597,000 | 632,846 | ||||||
Far EasTone Telecommunications Co. Ltd.(1)(2) | 355,000 | 878,033 | ||||||
Faraday Technology Corp.(2) | 70,000 | 701,482 | ||||||
Farglory F T Z Investment Holding Co. Ltd. | 17,000 | 38,147 | ||||||
Farglory Land Development Co. Ltd. | 46,000 | 100,639 | ||||||
Federal Corp.(2) | 89,000 | 86,964 | ||||||
Feng Hsin Steel Co. Ltd. | 101,000 | 304,605 | ||||||
Feng TAY Enterprise Co. Ltd. | 39,800 | 296,683 | ||||||
Firich Enterprises Co. Ltd.(1) | 57,223 | 65,981 | ||||||
First Financial Holding Co. Ltd. | 1,152,664 | 1,061,301 | ||||||
First Hi-Tec Enterprise Co. Ltd. | 13,793 | 27,224 |
59
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
First Steamship Co. Ltd.(1)(2) | 151,210 | $ | 68,343 | |||||
FIT Holding Co. Ltd.(2) | 75,000 | 83,129 | ||||||
Fitipower Integrated Technology, Inc. | 35,361 | 286,834 | ||||||
Fittech Co. Ltd. | 26,223 | 190,081 | ||||||
FLEXium Interconnect, Inc.(1) | 82,000 | 279,918 | ||||||
Flytech Technology Co. Ltd. | 31,000 | 81,977 | ||||||
FocalTech Systems Co. Ltd.(2) | 53,804 | 298,485 | ||||||
Forcecon Tech Co. Ltd.(2) | 20,595 | 59,553 | ||||||
Forest Water Environment Engineering Co. Ltd. | 70 | 81 | ||||||
Formosa Advanced Technologies Co. Ltd. | 41,000 | 58,557 | ||||||
Formosa Chemicals & Fibre Corp. | 263,000 | 745,624 | ||||||
Formosa International Hotels Corp. | 18,000 | 115,019 | ||||||
Formosa Laboratories, Inc.(1) | 24,000 | 49,416 | ||||||
Formosa Oilseed Processing Co. Ltd. | 52,000 | 112,888 | ||||||
Formosa Petrochemical Corp. | 50,000 | 175,879 | ||||||
Formosa Plastics Corp. | 454,000 | 1,714,311 | ||||||
Formosa Sumco Technology Corp. | 7,000 | 65,132 | ||||||
Formosa Taffeta Co. Ltd. | 170,000 | 173,549 | ||||||
Formosan Rubber Group, Inc. | 87,000 | 68,851 | ||||||
Formosan Union Chemical | 179,650 | 181,486 | ||||||
Fortune Electric Co. Ltd. | 1,000 | 1,326 | ||||||
Foxconn Technology Co. Ltd.(2) | 213,000 | 490,273 | ||||||
Foxsemicon Integrated Technology, Inc. | 25,000 | 196,289 | ||||||
Franbo Lines Corp.(1) | 34,471 | 33,027 | ||||||
Froch Enterprise Co. Ltd.(2) | 45,000 | 52,126 | ||||||
FSP Technology, Inc. | 20,000 | 31,985 | ||||||
Fu Chun Shin Machinery Manufacture Co. Ltd. | 55,000 | 35,188 | ||||||
Fubon Financial Holding Co. Ltd. | 1,325,115 | 3,577,895 | ||||||
Fulgent Sun International Holding Co. Ltd. | 12,000 | 50,708 | ||||||
Fulltech Fiber Glass Corp.(1) | 92,000 | 51,196 | ||||||
Fusheng Precision Co. Ltd. | 15,000 | 105,839 | ||||||
G Shank Enterprise Co. Ltd. | 32,000 | 65,958 | ||||||
Gamania Digital Entertainment Co. Ltd. | 75,000 | 170,569 | ||||||
GEM Services, Inc. | 9,000 | 29,938 | ||||||
Gemtek Technology Corp. | 73,000 | 84,357 | ||||||
General Interface Solution Holding Ltd. | 57,000 | 185,473 | ||||||
Generalplus Technology, Inc. | 27,000 | 67,518 | ||||||
GeneReach Biotechnology Corp. | 7,206 | 24,108 | ||||||
Genesys Logic, Inc.(2) | 12,000 | 107,776 | ||||||
Genius Electronic Optical Co. Ltd. | 19,079 | 315,571 | ||||||
Getac Holdings Corp. | 94,000 | 198,625 | ||||||
GFC Ltd. | 1,000 | 2,410 | ||||||
Giant Manufacturing Co. Ltd. | 52,000 | 539,854 | ||||||
Giantplus Technology Co. Ltd.(1) | 6,000 | 2,596 | ||||||
Gigabyte Technology Co. Ltd. | 97,000 | 497,047 | ||||||
Ginko International Co. Ltd. | 18,150 | 179,509 | ||||||
Global Brands Manufacture Ltd.(1) | 109,280 | 141,214 | ||||||
Global Lighting Technologies, Inc. | 26,000 | 68,531 | ||||||
Global Mixed Mode Technology, Inc. | 24,000 | 207,705 | ||||||
Global PMX Co. Ltd. | 7,000 | 40,724 | ||||||
Global Unichip Corp. | 30,000 | 497,720 |
60
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Globalwafers Co. Ltd.(2) | 11,000 | $ | 272,277 | |||||
Gloria Material Technology Corp. | 114,000 | 98,238 | ||||||
GMI Technology, Inc.(1) | 59,400 | 53,210 | ||||||
Gold Circuit Electronics Ltd. | 104,000 | 304,781 | ||||||
Goldsun Building Materials Co. Ltd. | 255,674 | 242,603 | ||||||
Gourmet Master Co. Ltd.(2) | 20,000 | 81,796 | ||||||
Grand Fortune Securities Co. Ltd. | 54,000 | 38,791 | ||||||
Grand Ocean Retail Group Ltd. | 1,000 | 632 | ||||||
Grand Pacific Petrochemical(2) | 296,000 | 303,599 | ||||||
Grand Process Technology Corp. | 3,000 | 34,479 | ||||||
Grape King Bio Ltd. | 19,000 | 103,039 | ||||||
Great China Metal Industry | 9,000 | 8,636 | ||||||
Great Tree Pharmacy Co. Ltd. | 6,485 | 62,683 | ||||||
Great Wall Enterprise Co. Ltd. | 110,210 | 213,921 | ||||||
Greatek Electronics, Inc. | 87,000 | 227,703 | ||||||
Group Up Industrial Co. Ltd. | 8,000 | 24,679 | ||||||
Gudeng Precision Industrial Co. Ltd. | 3,346 | 31,118 | ||||||
Hai Kwang Enterprise Corp.(2) | 39,000 | 46,476 | ||||||
Hannstar Board Corp. | 110,927 | 178,935 | ||||||
HannStar Display Corp.(2) | 743,000 | 428,532 | ||||||
HannsTouch Solution, Inc. | 238,000 | 119,232 | ||||||
Harmony Electronics Corp. | 17,000 | 29,674 | ||||||
Harvatek Corp. | 35,000 | 31,194 | ||||||
Heran Co. Ltd. | 7,000 | 30,478 | ||||||
Highwealth Construction Corp. | 6,600 | 11,563 | ||||||
Hiroca Holdings Ltd. | 19,000 | 39,820 | ||||||
Hitron Technology, Inc.(1) | 42,000 | 31,101 | ||||||
Hiwin Technologies Corp. | 52,358 | 499,892 | ||||||
Ho Tung Chemical Corp. | 364,000 | 138,434 | ||||||
Hocheng Corp. | 126,000 | 67,521 | ||||||
Hold-Key Electric Wire & Cable Co. Ltd.(1) | 44,800 | 21,481 | ||||||
Holiday Entertainment Co. Ltd. | 13,000 | 28,210 | ||||||
Holtek Semiconductor, Inc. | 61,000 | 238,317 | ||||||
Holy Stone Enterprise Co. Ltd. | 42,000 | 176,917 | ||||||
Hon Hai Precision Industry Co. Ltd. | 1,089,000 | 4,045,154 | ||||||
Hong Pu Real Estate Development Co. Ltd. | 11,000 | 8,876 | ||||||
Hong TAI Electric Industrial | 36,000 | 35,424 | ||||||
Horizon Securities Co. Ltd. | 152,000 | 85,914 | ||||||
Hota Industrial Manufacturing Co. Ltd. | 17,000 | 48,585 | ||||||
Hotai Finance Co. Ltd. | 65,000 | 288,863 | ||||||
Hotai Motor Co. Ltd. | 31,000 | 701,885 | ||||||
Hsin Kuang Steel Co. Ltd. | 2,000 | 4,494 | ||||||
Hsin Yung Chien Co. Ltd. | 9,900 | 45,219 | ||||||
Hsing TA Cement Co. | 62,000 | 44,075 | ||||||
HTC Corp.(1)(2) | 48,000 | 100,982 | ||||||
Hu Lane Associate, Inc. | 30,225 | 136,060 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 1,095,243 | 868,451 | ||||||
Huaku Development Co. Ltd. | 51,000 | 165,560 | ||||||
Huang Hsiang Construction Corp. | 31,000 | 46,142 | ||||||
Hung Ching Development & Construction Co. Ltd. | 31,000 | 34,070 | ||||||
Hung Sheng Construction Ltd. | 128,880 | 113,639 |
61
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Huxen Corp. | 3,000 | $ | 5,477 | |||||
Hycon Technology Corp. | 14,351 | 75,674 | ||||||
I-Sheng Electric Wire & Cable Co. Ltd. | 10,000 | 15,331 | ||||||
IBF Financial Holdings Co. Ltd. | 420,806 | 238,153 | ||||||
Ichia Technologies, Inc. | 57,000 | 33,586 | ||||||
IEI Integration Corp. | 20,000 | 33,314 | ||||||
Info-Tek Corp. | 19,000 | 38,133 | ||||||
Infortrend Technology, Inc.(1)(2) | 92,000 | 52,485 | ||||||
Innodisk Corp. | 13,160 | 99,948 | ||||||
Innolux Corp.(2) | 1,659,000 | 1,009,524 | ||||||
Inpaq Technology Co. Ltd.(1)(2) | 30,000 | 65,666 | ||||||
Integrated Service Technology, Inc. | 39,000 | 67,438 | ||||||
Interactive Digital Technologies, Inc. | 5,000 | 13,522 | ||||||
International CSRC Investment Holdings Co. | 331,000 | 303,602 | ||||||
International Games System Co. Ltd. | 9,000 | 222,448 | ||||||
Inventec Corp. | 784,000 | 724,024 | ||||||
ITE Technology, Inc.(1) | 41,000 | 160,806 | ||||||
ITEQ Corp.(2) | 65,000 | 303,361 | ||||||
Jentech Precision Industrial Co. Ltd. | 3,000 | 41,606 | ||||||
Jess-Link Products Co. Ltd.(1) | 18,000 | 29,966 | ||||||
Jih Lin Technology Co. Ltd. | 11,000 | 38,624 | ||||||
Kaimei Electronic Corp.(2) | 21,000 | 67,030 | ||||||
KEE TAI Properties Co. Ltd. | 181,000 | 79,980 | ||||||
Kenda Rubber Industrial Co. Ltd. | 124,800 | 134,669 | ||||||
Kerry TJ Logistics Co. Ltd.(2) | 62,000 | 95,735 | ||||||
Kindom Development Co. Ltd. | 164,200 | 218,956 | ||||||
King Slide Works Co. Ltd. | 3,000 | 46,123 | ||||||
King Yuan Electronics Co. Ltd. | 418,000 | 658,507 | ||||||
King's Town Bank Co. Ltd. | 266,000 | 384,356 | ||||||
Kinik Co.(2) | 50,000 | 191,993 | ||||||
Kinpo Electronics(2) | 279,000 | 153,913 | ||||||
Kinsus Interconnect Technology Corp. | 117,000 | 973,475 | ||||||
KMC Kuei Meng International, Inc. | 10,000 | 69,201 | ||||||
KS Terminals, Inc. | 16,000 | 52,661 | ||||||
Kung Long Batteries Industrial Co. Ltd. | 48,000 | 235,049 | ||||||
Kung Sing Engineering Corp. | 70,400 | 20,561 | ||||||
Kuo Toong International Co. Ltd. | 67,000 | 48,851 | ||||||
Kuo Yang Construction Co. Ltd. | 49,727 | 41,398 | ||||||
L&K Engineering Co. Ltd. | 44,000 | 49,626 | ||||||
LandMark Optoelectronics Corp. | 9,000 | 58,750 | ||||||
Lanner Electronics, Inc. | 18,000 | 33,937 | ||||||
Largan Precision Co. Ltd. | 19,000 | 1,380,783 | ||||||
Leadtek Research, Inc.(1) | 33,000 | 82,581 | ||||||
Leadtrend Technology Corp. | 19,000 | 97,863 | ||||||
Lealea Enterprise Co. Ltd.(1) | 101,000 | 38,808 | ||||||
Lelon Electronics Corp. | 12,138 | 30,051 | ||||||
Lemtech Holdings Co. Ltd. | 6,898 | 42,729 | ||||||
Li Cheng Enterprise Co. Ltd.(1) | 1,071 | 871 | ||||||
Li Peng Enterprise Co. Ltd.(1) | 391,000 | 134,693 | ||||||
Lian HWA Food Corp. | 17,710 | 47,242 | ||||||
Lien Hwa Industrial Holdings Corp. | 7,656 | 18,387 |
62
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Lingsen Precision Industries Ltd.(1)(2) | 131,000 | $ | 112,052 | |||||
Lion Travel Service Co. Ltd.(1) | 1,000 | 3,741 | ||||||
Lite-On Technology Corp. | 373,000 | 917,162 | ||||||
Liton Technology Corp. | 18,000 | 29,416 | ||||||
Long Bon International Co. Ltd.(1) | 1,800 | 1,134 | ||||||
Longchen Paper & Packaging Co. Ltd.(2) | 140,587 | 109,535 | ||||||
Longwell Co. | 17,000 | 31,593 | ||||||
Lotes Co. Ltd.(2) | 20,251 | 525,975 | ||||||
Lotus Pharmaceutical Co. Ltd. | 18,000 | 72,558 | ||||||
Lucky Cement Corp. | 60,000 | 24,003 | ||||||
Lumax International Corp. Ltd. | 10,000 | 26,300 | ||||||
Lung Yen Life Service Corp. | 18,000 | 27,928 | ||||||
Macauto Industrial Co. Ltd. | 11,000 | 29,816 | ||||||
Machvision, Inc. | 13,039 | 102,588 | ||||||
Macroblock, Inc. | 14,000 | 90,589 | ||||||
Macronix International Co. Ltd.(2) | 637,000 | 1,008,368 | ||||||
Makalot Industrial Co. Ltd. | 14,825 | 117,112 | ||||||
Marketech International Corp. | 31,000 | 166,846 | ||||||
Materials Analysis Technology, Inc. | 20,000 | 104,033 | ||||||
Mechema Chemicals International Corp. | 2,000 | 10,011 | ||||||
MediaTek, Inc. | 101,000 | 3,991,099 | ||||||
Mega Financial Holding Co. Ltd. | 887,000 | 1,195,322 | ||||||
Mercuries & Associates Holding Ltd. | 55,000 | 41,976 | ||||||
Mercuries Life Insurance Co. Ltd.(1) | 411,220 | 131,106 | ||||||
Merida Industry Co. Ltd. | 36,000 | 366,656 | ||||||
Merry Electronics Co. Ltd.(2) | 6,000 | 17,608 | ||||||
Micro-Star International Co. Ltd. | 103,000 | 580,588 | ||||||
Microbio Co. Ltd.(1) | 6,589 | 14,870 | ||||||
MIN AIK Technology Co. Ltd.(1) | 35,000 | 28,110 | ||||||
Mirle Automation Corp. | 41,000 | 61,861 | ||||||
Mitac Holdings Corp. | 350,560 | 423,771 | ||||||
momo.com, Inc. | 7,500 | 266,993 | ||||||
MOSA Industrial Corp. | 48,000 | 65,005 | ||||||
Motech Industries, Inc.(2) | 93,000 | 103,462 | ||||||
MPI Corp. | 18,000 | 69,412 | ||||||
Nak Sealing Technologies Corp. | 15,000 | 48,381 | ||||||
Namchow Holdings Co. Ltd. | 33,000 | 57,882 | ||||||
Nan Kang Rubber Tire Co. Ltd. | 32,000 | 46,161 | ||||||
Nan Liu Enterprise Co. Ltd. | 6,000 | 24,466 | ||||||
Nan Pao Resins Chemical Co. Ltd. | 11,000 | 52,961 | ||||||
Nan Ya Plastics Corp. | 671,000 | 2,116,334 | ||||||
Nan Ya Printed Circuit Board Corp.(2) | 55,000 | 1,053,229 | ||||||
Nantex Industry Co. Ltd.(2) | 91,000 | 242,401 | ||||||
Nanya Technology Corp. | 227,000 | 635,691 | ||||||
Netronix, Inc. | 29,000 | 53,110 | ||||||
Nichidenbo Corp. | 36,000 | 68,171 | ||||||
Nien Made Enterprise Co. Ltd. | 39,000 | 505,586 | ||||||
Niko Semiconductor Co. Ltd. | 13,000 | 31,898 | ||||||
Nishoku Technology, Inc. | 6,000 | 18,642 | ||||||
Novatek Microelectronics Corp. | 135,000 | 2,238,093 | ||||||
Nuvoton Technology Corp. | 2,428 | 12,140 |
63
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Nyquest Technology Co. Ltd. | 14,000 | $ | 74,996 | |||||
O-Bank Co. Ltd. | 468,430 | 148,255 | ||||||
O-TA Precision Industry Co. Ltd. | 14,000 | 72,667 | ||||||
Ocean Plastics Co. Ltd. | 30,000 | 36,398 | ||||||
OptoTech Corp.(2) | 176,000 | 334,878 | ||||||
Orient Semiconductor Electronics Ltd.(1) | 254,000 | 209,778 | ||||||
Oriental Union Chemical Corp.(1) | 79,000 | 61,677 | ||||||
P-Duke Technology Co. Ltd. | 2,105 | 5,652 | ||||||
Pacific Hospital Supply Co. Ltd. | 11,099 | 28,799 | ||||||
Pan Jit International, Inc.(2) | 245,000 | 901,055 | ||||||
Pan-International Industrial Corp. | 112,000 | 150,906 | ||||||
Parade Technologies Ltd. | 2,000 | 138,083 | ||||||
PChome Online, Inc. | 33,000 | 134,822 | ||||||
Pegatron Corp. | 476,000 | 1,179,793 | ||||||
Pegavision Corp.(2) | 8,000 | 126,233 | ||||||
PharmaEngine, Inc. | 37,000 | 103,619 | ||||||
Pharmally International Holding Co. Ltd.(1) | 1,282 | 2,588 | ||||||
Phihong Technology Co. Ltd.(1)(2) | 67,000 | 109,701 | ||||||
Phison Electronics Corp. | 17,000 | 314,536 | ||||||
Pixart Imaging, Inc. | 22,000 | 106,436 | ||||||
Polytronics Technology Corp. | 2,094 | 7,940 | ||||||
Pou Chen Corp. | 414,000 | 477,430 | ||||||
Power Wind Health Industry, Inc. | 4,252 | 20,483 | ||||||
Powertech Technology, Inc. | 184,000 | 624,117 | ||||||
Poya International Co. Ltd. | 12,180 | 176,493 | ||||||
President Chain Store Corp.(1) | 121,000 | 1,130,686 | ||||||
President Securities Corp. | 264,929 | 204,887 | ||||||
Primax Electronics Ltd. | 83,000 | 156,730 | ||||||
Prince Housing & Development Corp. | 361,000 | 178,474 | ||||||
Promate Electronic Co. Ltd. | 35,000 | 54,561 | ||||||
Prosperity Dielectrics Co. Ltd.(2) | 34,000 | 68,662 | ||||||
Qisda Corp. | 251,000 | 277,401 | ||||||
QST International Corp. | 10,000 | 21,364 | ||||||
Quang Viet Enterprise Co. Ltd. | 6,000 | 25,722 | ||||||
Quanta Computer, Inc. | 322,000 | 1,076,735 | ||||||
Quanta Storage, Inc. | 41,000 | 65,219 | ||||||
Radiant Opto-Electronics Corp. | 96,000 | 347,119 | ||||||
Radium Life Tech Co. Ltd. | 134,000 | 50,615 | ||||||
Realtek Semiconductor Corp.(2) | 111,000 | 1,830,163 | ||||||
Rechi Precision Co. Ltd. | 41,000 | 27,181 | ||||||
Rexon Industrial Corp. Ltd.(2) | 33,000 | 50,835 | ||||||
Rich Development Co. Ltd. | 92,000 | 30,115 | ||||||
Ritek Corp.(1) | 64,281 | 21,839 | ||||||
Roo Hsing Co. Ltd.(1) | 75,000 | 17,818 | ||||||
Ruentex Development Co. Ltd. | 194,600 | 502,462 | ||||||
Ruentex Engineering & Construction Co. | 23,290 | 116,240 | ||||||
Ruentex Industries Ltd.(2) | 153,800 | 639,832 | ||||||
Sampo Corp. | 50,000 | 55,944 | ||||||
San Fang Chemical Industry Co. Ltd. | 13,000 | 9,582 | ||||||
San Shing Fastech Corp. | 17,000 | 34,793 | ||||||
Sanyang Motor Co. Ltd. | 244,000 | 247,315 |
64
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Savior Lifetec Corp.(1) | 7,372 | $ | 4,520 | |||||
SCI Pharmtech, Inc. | 9,600 | 31,016 | ||||||
Scientech Corp. | 24,000 | 76,550 | ||||||
ScinoPharm Taiwan Ltd. | 2,000 | 1,688 | ||||||
SDI Corp.(2) | 27,000 | 129,045 | ||||||
Sea Sonic Electronics Co. Ltd. | 8,000 | 20,322 | ||||||
Senao International Co. Ltd. | 1,000 | 1,174 | ||||||
Senao Networks, Inc. | 7,000 | 28,537 | ||||||
Sensortek Technology Corp. | 6,000 | 94,361 | ||||||
Sesoda Corp. | 76,997 | 112,720 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 658,000 | 1,083,888 | ||||||
Sheng Yu Steel Co. Ltd. | 7,000 | 7,989 | ||||||
ShenMao Technology, Inc. | 17,000 | 43,038 | ||||||
Shih Her Technologies, Inc. | 24,000 | 61,906 | ||||||
Shih Wei Navigation Co. Ltd.(1)(2) | 54,875 | 88,993 | ||||||
Shihlin Paper Corp.(1) | 37,000 | 82,395 | ||||||
Shin Foong Specialty & Applied Materials Co. Ltd. | 18,000 | 95,744 | ||||||
Shin Kong Financial Holding Co. Ltd.(2) | 3,762,740 | 1,525,921 | ||||||
Shin Zu Shing Co. Ltd. | 36,536 | 118,687 | ||||||
Shining Building Business Co. Ltd.(1) | 125,000 | 47,266 | ||||||
Shinkong Insurance Co. Ltd. | 14,000 | 23,836 | ||||||
Shinkong Synthetic Fibers Corp. | 299,000 | 218,671 | ||||||
Shiny Chemical Industrial Co. Ltd. | 14,666 | 99,046 | ||||||
ShunSin Technology Holding Ltd. | 12,000 | 35,632 | ||||||
Shuttle, Inc.(1) | 124,000 | 60,645 | ||||||
Sigurd Microelectronics Corp. | 178,063 | 365,815 | ||||||
Silergy Corp. | 3,000 | 399,753 | ||||||
Silicon Integrated Systems Corp.(2) | 257,640 | 208,121 | ||||||
Silicon Optronics, Inc. | 24,000 | 91,998 | ||||||
Simplo Technology Co. Ltd. | 52,000 | 583,531 | ||||||
Sinbon Electronics Co. Ltd. | 4,000 | 38,455 | ||||||
Sincere Navigation Corp. | 79,060 | 80,711 | ||||||
Singatron Enterprise Co. Ltd. | 48,000 | 45,577 | ||||||
Sinher Technology, Inc. | 15,000 | 21,730 | ||||||
Sinmag Equipment Corp. | 9,000 | 33,545 | ||||||
Sino-American Silicon Products, Inc. | 137,000 | 900,936 | ||||||
Sinon Corp. | 128,000 | 148,337 | ||||||
SinoPac Financial Holdings Co. Ltd. | 3,128,000 | 1,920,783 | ||||||
Sinopower Semiconductor, Inc. | 6,000 | 32,215 | ||||||
Sinyi Realty, Inc. | 34,000 | 41,276 | ||||||
Sitronix Technology Corp.(2) | 43,000 | 455,574 | ||||||
Siward Crystal Technology Co. Ltd. | 28,000 | 32,609 | ||||||
Soft-World International Corp. | 4,000 | 13,340 | ||||||
Solar Applied Materials Technology Corp.(2) | 248,670 | 465,321 | ||||||
Solteam, Inc. | 36,000 | 104,774 | ||||||
Sonix Technology Co. Ltd.(2) | 66,000 | 208,309 | ||||||
Speed Tech Corp. | 34,000 | 82,599 | ||||||
St Shine Optical Co. Ltd. | 12,000 | 124,117 | ||||||
Standard Chemical & Pharmaceutical Co. Ltd. | 16,000 | 24,694 | ||||||
Standard Foods Corp. | 32,000 | 58,112 | ||||||
Stark Technology, Inc. | 25,000 | 76,478 |
65
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Sunjuice Holdings Co. Ltd. | 3,000 | $ | 33,686 | |||||
Sunny Friend Environmental Technology Co. Ltd. | 10,000 | 71,150 | ||||||
Sunonwealth Electric Machine Industry Co. Ltd. | 32,000 | 52,170 | ||||||
Sunplus Technology Co. Ltd. | 25,000 | 30,814 | ||||||
Sunrex Technology Corp. | 24,000 | 35,165 | ||||||
Supreme Electronics Co. Ltd. | 49,755 | 95,541 | ||||||
Swancor Holding Co. Ltd. | 10,000 | 33,062 | ||||||
Sweeten Real Estate Development Co. Ltd. | 4,320 | 4,168 | ||||||
Symtek Automation Asia Co. Ltd. | 9,000 | 37,037 | ||||||
Syncmold Enterprise Corp. | 32,000 | 77,993 | ||||||
Synnex Technology International Corp. | 307,000 | 794,813 | ||||||
Systex Corp. | 17,000 | 50,118 | ||||||
T3EX Global Holdings Corp.(2) | 42,213 | 203,756 | ||||||
TA Chen Stainless Pipe(1)(2) | 378,133 | 722,933 | ||||||
Ta Ya Electric Wire & Cable(2) | 120,154 | 100,380 | ||||||
TA-I Technology Co. Ltd. | 31,750 | 69,307 | ||||||
TAI Roun Products Co. Ltd. | 23,000 | 14,103 | ||||||
Tai Tung Communication Co. Ltd.(1) | 42,000 | 27,120 | ||||||
Taichung Commercial Bank Co. Ltd. | 970,977 | 465,784 | ||||||
TaiDoc Technology Corp. | 15,000 | 96,697 | ||||||
Taiflex Scientific Co. Ltd. | 22,000 | 36,138 | ||||||
Taimide Tech, Inc. | 16,000 | 26,595 | ||||||
Tainan Spinning Co. Ltd.(2) | 189,000 | 158,724 | ||||||
Taishin Financial Holding Co. Ltd. | 3,055,317 | 2,141,243 | ||||||
Taisun Enterprise Co. Ltd. | 4,000 | 3,993 | ||||||
Taita Chemical Co. Ltd.(2) | 77,000 | 91,010 | ||||||
Taiwan Business Bank | 1,788,853 | 712,099 | ||||||
Taiwan Cement Corp.(2) | 689,004 | 1,169,669 | ||||||
Taiwan Cogeneration Corp. | 48,000 | 63,540 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 1,470,324 | 1,394,872 | ||||||
Taiwan FamilyMart Co. Ltd. | 1,000 | 7,939 | ||||||
Taiwan Fertilizer Co. Ltd. | 148,000 | 363,987 | ||||||
Taiwan Fire & Marine Insurance Co. Ltd. | 41,000 | 29,990 | ||||||
Taiwan FU Hsing Industrial Co. Ltd. | 29,000 | 43,618 | ||||||
Taiwan Glass Industry Corp. | 222,000 | 184,748 | ||||||
Taiwan High Speed Rail Corp. | 448,000 | 474,151 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 89,000 | 239,698 | ||||||
Taiwan Hopax Chemicals Manufacturing Co. Ltd.(2) | 41,000 | 89,318 | ||||||
Taiwan IC Packaging Corp.(1) | 32,000 | 22,271 | ||||||
Taiwan Mask Corp.(2) | 24,000 | 86,067 | ||||||
Taiwan Mobile Co. Ltd. | 293,000 | 1,083,482 | ||||||
Taiwan Navigation Co. Ltd.(2) | 76,000 | 104,099 | ||||||
Taiwan Paiho Ltd. | 92,000 | 259,062 | ||||||
Taiwan PCB Techvest Co. Ltd. | 96,000 | 176,872 | ||||||
Taiwan Sakura Corp. | 4,000 | 9,614 | ||||||
Taiwan Secom Co. Ltd. | 50,000 | 183,561 | ||||||
Taiwan Semiconductor Co. Ltd. | 76,000 | 187,855 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 311,287 | 33,310,822 | ||||||
Taiwan Shin Kong Security Co. Ltd. | 7,070 | 9,939 | ||||||
Taiwan Styrene Monomer | 30,000 | 18,550 | ||||||
Taiwan Surface Mounting Technology Corp. | 83,000 | 350,208 |
66
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Taiwan TEA Corp.(1) | 103,000 | $ | 79,123 | |||||
Taiwan Union Technology Corp. | 70,000 | 216,889 | ||||||
Taiyen Biotech Co. Ltd. | 24,000 | 28,758 | ||||||
Tatung Co. Ltd.(1)(2) | 305,000 | 344,220 | ||||||
Tatung System Technologies, Inc. | 21,000 | 29,436 | ||||||
TCI Co. Ltd. | 19,000 | 133,238 | ||||||
Teco Electric and Machinery Co. Ltd. | 437,000 | 472,035 | ||||||
Test Research, Inc. | 48,000 | 107,702 | ||||||
Test Rite International Co. Ltd. | 33,000 | 25,470 | ||||||
Tex-Ray Industrial Co. Ltd. | 40,000 | 21,549 | ||||||
Thermaltake Technology Co. Ltd. | 97 | 135 | ||||||
Thinking Electronic Industrial Co. Ltd. | 13,000 | 65,369 | ||||||
Thye Ming Industrial Co. Ltd.(1) | 22,400 | 30,729 | ||||||
Ton Yi Industrial Corp. | 148,000 | 77,583 | ||||||
Tong Hsing Electronic Industries Ltd. | 11,472 | 120,181 | ||||||
Tong Yang Industry Co. Ltd. | 125,000 | 145,981 | ||||||
Top Bright Holding Co. Ltd. | 8,000 | 36,329 | ||||||
Topco Scientific Co. Ltd. | 77,000 | 476,948 | ||||||
Topkey Corp. | 6,000 | 29,237 | ||||||
Topoint Technology Co. Ltd. | 51,000 | 71,177 | ||||||
TPK Holding Co. Ltd. | 103,000 | 142,709 | ||||||
Trade-Van Information Services Co. | 2,000 | 3,688 | ||||||
Transcend Information, Inc. | 16,000 | 40,581 | ||||||
Tripod Technology Corp. | 111,000 | 508,917 | ||||||
Tsann Kuen Enterprise Co. Ltd. | 55,000 | 71,556 | ||||||
TSC Auto ID Technology Co. Ltd. | 8,000 | 57,614 | ||||||
TSRC Corp. | 126,000 | 159,793 | ||||||
Ttet Union Corp. | 6,000 | 33,119 | ||||||
TTY Biopharm Co. Ltd. | 41,000 | 100,140 | ||||||
Tul Corp. | 18,000 | 101,221 | ||||||
Tung Ho Steel Enterprise Corp.(1) | 195,760 | 493,083 | ||||||
Tung Thih Electronic Co. Ltd. | 1,000 | 5,184 | ||||||
TXC Corp.(2) | 90,000 | 314,600 | ||||||
U-Ming Marine Transport Corp.(2) | 80,000 | 175,258 | ||||||
UDE Corp. | 31,000 | 57,701 | ||||||
Ultra Chip, Inc.(2) | 20,000 | 136,289 | ||||||
Uni-President Enterprises Corp. | 641,000 | 1,542,177 | ||||||
Unimicron Technology Corp.(2) | 188,000 | 1,747,985 | ||||||
Union Bank of Taiwan(1) | 245,401 | 121,071 | ||||||
Unitech Computer Co. Ltd. | 46,000 | 57,962 | ||||||
Unitech Printed Circuit Board Corp.(1)(2) | 100,000 | 65,021 | ||||||
United Integrated Services Co. Ltd. | 49,000 | 310,211 | ||||||
United Microelectronics Corp.(1)(2) | 2,003,000 | 3,774,355 | ||||||
United Renewable Energy Co. Ltd.(1) | 225,085 | 166,881 | ||||||
Universal Cement Corp. | 107,000 | 82,080 | ||||||
Unizyx Holding Corp.(1)(2) | 147,000 | 170,404 | ||||||
UPC Technology Corp. | 209,000 | 158,123 | ||||||
Userjoy Technology Co. Ltd. | 7,350 | 22,520 | ||||||
USI Corp.(2) | 262,000 | 268,715 | ||||||
Utechzone Co. Ltd. | 26,000 | 90,278 | ||||||
Vanguard International Semiconductor Corp.(2) | 241,000 | 1,093,746 |
67
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Ventec International Group Co. Ltd. | 17,000 | $ | 72,661 | |||||
VIA Labs, Inc. | 2,000 | 32,143 | ||||||
Visual Photonics Epitaxy Co. Ltd.(2) | 44,000 | 178,982 | ||||||
Voltronic Power Technology Corp. | 9,100 | 472,592 | ||||||
Wafer Works Corp.(2) | 41,000 | 107,787 | ||||||
Wah Hong Industrial Corp. | 19,000 | 21,730 | ||||||
Wah Lee Industrial Corp. | 37,740 | 144,409 | ||||||
Walsin Lihwa Corp. | 499,000 | 504,638 | ||||||
Walsin Technology Corp.(1) | 59,000 | 312,512 | ||||||
Walton Advanced Engineering, Inc.(1) | 88,000 | 55,258 | ||||||
Wan Hai Lines Ltd.(2) | 135,600 | 923,633 | ||||||
WEI Chih Steel Industrial Co. Ltd.(1) | 29,000 | 42,258 | ||||||
Wei Chuan Foods Corp. | 82,000 | 63,469 | ||||||
Weikeng Industrial Co. Ltd. | 216,000 | 239,331 | ||||||
Well Shin Technology Co. Ltd. | 16,000 | 27,180 | ||||||
Wha Yu Industrial Co. Ltd. | 48,000 | 35,712 | ||||||
Wholetech System Hitech Ltd. | 33,000 | 62,039 | ||||||
Win Semiconductors Corp. | 45,000 | 492,648 | ||||||
Winbond Electronics Corp.(2) | 654,000 | 787,606 | ||||||
Winstek Semiconductor Co. Ltd. | 22,000 | 24,537 | ||||||
Wisdom Marine Lines Co. Ltd. | 138,378 | 450,192 | ||||||
Wistron Corp.(2) | 951,000 | 1,002,227 | ||||||
Wistron Information Technology & Services Corp. | 8,000 | 24,712 | ||||||
Wistron NeWeb Corp. | 151,000 | 384,616 | ||||||
Wiwynn Corp.(2) | 5,000 | 178,578 | ||||||
Wowprime Corp.(2) | 29,000 | 142,208 | ||||||
WPG Holdings Ltd. | 271,000 | 540,837 | ||||||
WT Microelectronics Co. Ltd. | 159,000 | 476,455 | ||||||
WUS Printed Circuit Co. Ltd. | 9,000 | 10,703 | ||||||
Xander International Corp.(1) | 38,000 | 43,714 | ||||||
XinTec, Inc.(2) | 39,000 | 168,396 | ||||||
Xxentria Technology Materials Corp. | 16,000 | 39,783 | ||||||
Yageo Corp.(2) | 67,212 | 1,102,731 | ||||||
Yang Ming Marine Transport Corp.(1) | 325,000 | 1,373,611 | ||||||
YC INOX Co. Ltd. | 78,486 | 93,691 | ||||||
Yea Shin International Development Co. Ltd. | 35,000 | 28,628 | ||||||
Yem Chio Co. Ltd. | 99,579 | 53,110 | ||||||
Yeong Guan Energy Technology Group Co. Ltd. | 1,000 | 2,388 | ||||||
YFY, Inc. | 351,000 | 423,989 | ||||||
Yieh Hsing Enterprise Co. Ltd.(1) | 41,000 | 28,600 | ||||||
Yieh Phui Enterprise Co. Ltd.(1)(2) | 164,000 | 143,168 | ||||||
Young Fast Optoelectronics Co. Ltd.(1) | 39,000 | 36,828 | ||||||
Youngtek Electronics Corp. | 50,000 | 148,420 | ||||||
Yuanta Financial Holding Co. Ltd. | 1,624,440 | 1,451,100 | ||||||
Yulon Finance Corp. | 61,530 | 447,722 | ||||||
Yulon Motor Co. Ltd. | 219,397 | 323,005 | ||||||
YungShin Global Holding Corp. | 3,000 | 4,555 | ||||||
Zeng Hsing Industrial Co. Ltd. | 15,000 | 77,007 | ||||||
Zenitron Corp. | 50,000 | 64,016 | ||||||
Zero One Technology Co. Ltd. | 18,526 | 31,774 | ||||||
Zhen Ding Technology Holding Ltd.(2) | 170,000 | 563,854 |
68
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Zinwell Corp.(1)(2) | 75,000 | $ | 49,262 | |||||
Zippy Technology Corp. | 3,000 | 4,551 | ||||||
ZongTai Real Estate Development Co. Ltd. | 19,000 | 26,767 | ||||||
203,668,274 | ||||||||
Thailand — 2.4% | ||||||||
AAPICO Hitech PCL, NVDR | 99,800 | 70,186 | ||||||
Advanced Info Service PCL, NVDR | 126,500 | 890,474 | ||||||
Advanced Information Technology PCL, NVDR | 41,400 | 8,956 | ||||||
AEON Thana Sinsap Thailand PCL, NVDR | 28,000 | 169,708 | ||||||
Airports of Thailand PCL, NVDR(1) | 146,100 | 288,654 | ||||||
Amanah Leasing PCL, NVDR | 119,000 | 19,393 | ||||||
Amata Corp. PCL, NVDR | 263,000 | 172,768 | ||||||
Ananda Development PCL, NVDR(1) | 53,000 | 2,406 | ||||||
AP Thailand PCL, NVDR | 1,125,700 | 365,909 | ||||||
Aqua Corp. PCL, NVDR | 1,757,300 | 35,111 | ||||||
Asia Aviation PCL, NVDR(1) | 50,344 | 3,902 | ||||||
Asia Plus Group Holdings PCL, NVDR | 561,700 | 66,815 | ||||||
Asia Sermkij Leasing PCL, NVDR | 35,700 | 53,744 | ||||||
Asian Sea Corp. PCL, NVDR | 72,150 | 34,393 | ||||||
Asset World Corp. PCL, NVDR(1) | 529,200 | 77,962 | ||||||
B Grimm Power PCL, NVDR | 143,400 | 152,141 | ||||||
Bangchak Corp. PCL, NVDR | 314,000 | 299,332 | ||||||
Bangkok Airways PCL, NVDR(1) | 59,900 | 17,388 | ||||||
Bangkok Bank PCL, NVDR | 74,200 | 319,680 | ||||||
Bangkok Chain Hospital PCL, NVDR | 346,600 | 202,692 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 711,900 | 517,596 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 478,300 | 130,778 | ||||||
Bangkok Land PCL, NVDR | 2,403,600 | 76,567 | ||||||
Bangkok Life Assurance PCL, NVDR | 430,700 | 577,776 | ||||||
Banpu PCL, NVDR | 1,119,566 | 375,223 | ||||||
Banpu Power PCL, NVDR | 69,100 | 35,391 | ||||||
BCPG PCL, NVDR | 117,700 | 45,116 | ||||||
Beauty Community PCL, NVDR(1) | 64,400 | 2,969 | ||||||
BEC World PCL, NVDR(1) | 495,000 | 251,263 | ||||||
Berli Jucker PCL, NVDR | 66,300 | 68,174 | ||||||
Better World Green PCL, NVDR(1) | 2,035,900 | 61,946 | ||||||
BG Container Glass PCL, NVDR | 56,100 | 17,553 | ||||||
BTS Group Holdings PCL, NVDR | 520,100 | 151,609 | ||||||
Bumrungrad Hospital PCL, NVDR | 35,400 | 166,815 | ||||||
Cal-Comp Electronics Thailand PCL, NVDR | 440,158 | 38,151 | ||||||
Carabao Group PCL, NVDR | 10,500 | 34,377 | ||||||
Central Pattana PCL, NVDR | 160,300 | 272,595 | ||||||
Central Retail Corp. PCL, NVDR | 177,066 | 208,203 | ||||||
CH Karnchang PCL, NVDR | 368,600 | 237,808 | ||||||
Charoen Pokphand Foods PCL, NVDR | 538,100 | 416,929 | ||||||
Chularat Hospital PCL, NVDR | 953,200 | 102,200 | ||||||
CK Power PCL, NVDR | 121,300 | 18,999 | ||||||
Com7 PCL, NVDR | 189,600 | 481,325 | ||||||
Country Group Development PCL, NVDR(1) | 979,000 | 14,712 | ||||||
CP ALL PCL, NVDR | 305,000 | 637,211 | ||||||
Delta Electronics Thailand PCL, NVDR | 13,400 | 167,772 |
69
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Dhipaya Group Holdings PCL, NVDR(1) | 48,200 | $ | 88,262 | |||||
Diamond Building Products PCL, NVDR | 51,200 | 13,343 | ||||||
Dynasty Ceramic PCL, NVDR | 1,176,700 | 107,975 | ||||||
Eastern Polymer Group PCL, NVDR | 295,500 | 89,630 | ||||||
Eastern Water Resources Development and Management PCL, NVDR | 50,300 | 11,790 | ||||||
Ekachai Medical Care PCL, NVDR | 150,000 | 35,764 | ||||||
Electricity Generating PCL, NVDR | 52,200 | 287,537 | ||||||
Energy Absolute PCL, NVDR | 172,600 | 504,447 | ||||||
Erawan Group PCL (The), NVDR(1) | 77,040 | 7,383 | ||||||
Esso Thailand PCL, NVDR(1) | 180,200 | 41,606 | ||||||
GFPT PCL, NVDR | 188,400 | 75,690 | ||||||
Global Power Synergy PCL, NVDR | 65,100 | 150,276 | ||||||
Gulf Energy Development PCL, NVDR | 164,020 | 255,007 | ||||||
Gunkul Engineering PCL, NVDR | 1,181,800 | 225,569 | ||||||
Haad Thip PCL, NVDR | 13,900 | 14,785 | ||||||
Hana Microelectronics PCL, NVDR | 94,800 | 149,209 | ||||||
Home Product Center PCL, NVDR | 749,000 | 350,741 | ||||||
Ichitan Group PCL, NVDR | 86,500 | 27,336 | ||||||
Indorama Ventures PCL, NVDR | 257,900 | 357,307 | ||||||
IRPC PCL, NVDR | 1,939,500 | 227,350 | ||||||
Italian-Thai Development PCL, NVDR(1) | 1,600,500 | 101,418 | ||||||
Jasmine International PCL, NVDR(1) | 2,660,300 | 294,055 | ||||||
Jay Mart PCL, NVDR | 68,641 | 119,323 | ||||||
JMT Network Services PCL, NVDR | 71,668 | 149,961 | ||||||
JWD Infologistics PCL, NVDR | 210,600 | 117,580 | ||||||
KCE Electronics PCL, NVDR | 172,600 | 321,342 | ||||||
KGI Securities Thailand PCL, NVDR | 774,000 | 159,167 | ||||||
Khon Kaen Sugar Industry PCL, NVDR(1) | 380,000 | 39,532 | ||||||
Kiatnakin Phatra Bank PCL, NVDR | 85,500 | 179,084 | ||||||
Krung Thai Bank PCL, NVDR | 576,800 | 248,155 | ||||||
Krungthai Card PCL, NVDR | 59,700 | 116,176 | ||||||
Land & Houses PCL, NVDR | 1,458,100 | 429,413 | ||||||
Lanna Resources PCL, NVDR | 86,300 | 50,529 | ||||||
LPN Development PCL, NVDR | 441,700 | 62,847 | ||||||
Major Cineplex Group PCL, NVDR | 59,700 | 36,975 | ||||||
Master Ad PCL, NVDR(1) | 1,993,300 | 44,702 | ||||||
MBK PCL, NVDR(1) | 180,600 | 69,391 | ||||||
MC Group PCL, NVDR | 20,300 | 5,729 | ||||||
MCS Steel PCL, NVDR | 184,800 | 83,805 | ||||||
Mega Lifesciences PCL, NVDR | 88,500 | 116,576 | ||||||
Minor International PCL, NVDR(1) | 386,900 | 366,413 | ||||||
MK Restaurants Group PCL, NVDR | 9,300 | 15,416 | ||||||
Muangthai Capital PCL, NVDR | 132,000 | 209,067 | ||||||
Namyong Terminal PCL, NVDR | 30,600 | 4,214 | ||||||
Noble Development PCL, NVDR | 205,200 | 33,921 | ||||||
Northeast Rubber PCL, NVDR | 156,200 | 35,668 | ||||||
Nusasiri PCL, NVDR(1) | 2,794,300 | 111,128 | ||||||
Origin Property PCL, NVDR | 292,000 | 106,922 | ||||||
Osotspa PCL, NVDR | 70,900 | 76,747 | ||||||
Plan B Media PCL, NVDR(1) | 739,800 | 180,529 |
70
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Polyplex Thailand PCL, NVDR | 98,600 | $ | 82,395 | |||||
Precious Shipping PCL, NVDR | 176,200 | 94,864 | ||||||
Premier Marketing PCL, NVDR | 72,700 | 21,518 | ||||||
Prima Marine PCL, NVDR | 190,000 | 33,516 | ||||||
Property Perfect PCL, NVDR | 2,198,010 | 37,095 | ||||||
Pruksa Holding PCL, NVDR | 57,900 | 25,526 | ||||||
PTG Energy PCL, NVDR | 202,400 | 89,555 | ||||||
PTT Exploration & Production PCL, NVDR | 181,700 | 765,003 | ||||||
PTT Global Chemical PCL, NVDR | 310,900 | 506,663 | ||||||
PTT Oil & Retail Business PCL, NVDR | 354,500 | 280,909 | ||||||
PTT PCL, NVDR | 921,000 | 1,121,104 | ||||||
Quality Houses PCL, NVDR | 2,986,200 | 208,885 | ||||||
R&B Food Supply PCL, NVDR | 29,500 | 14,323 | ||||||
Raimon Land PCL, NVDR(1) | 1,000,000 | 34,321 | ||||||
Rajthanee Hospital PCL, NVDR | 65,600 | 65,231 | ||||||
Ratch Group PCL, NVDR | 58,500 | 82,498 | ||||||
Ratchthani Leasing PCL, NVDR | 604,400 | 80,988 | ||||||
Regional Container Lines PCL, NVDR | 251,700 | 366,068 | ||||||
Rojana Industrial Park PCL, NVDR | 239,200 | 47,714 | ||||||
RS PCL, NVDR(1) | 189,100 | 98,258 | ||||||
S Hotels & Resorts PCL, NVDR(1) | 289,200 | 29,657 | ||||||
Sabina PCL, NVDR | 40,300 | 26,764 | ||||||
Samart Corp. PCL, NVDR(1) | 72,200 | 13,926 | ||||||
Sansiri PCL, NVDR | 5,153,500 | 195,194 | ||||||
Sappe PCL, NVDR | 20,300 | 15,426 | ||||||
SC Asset Corp. PCL, NVDR | 869,800 | 103,803 | ||||||
SEAFCO PCL, NVDR(1) | 16,100 | 2,142 | ||||||
Sermsang Power Corp. Co. Ltd., NVDR | 187,880 | 68,595 | ||||||
Siam Cement PCL (The), NVDR | 52,900 | 636,632 | ||||||
Siam City Cement PCL, NVDR | 4,300 | 21,220 | ||||||
Siam Commercial Bank PCL (The), NVDR | 122,700 | 474,144 | ||||||
Siam Global House PCL, NVDR | 418,301 | 253,463 | ||||||
Siam Makro PCL, NVDR | 20,337 | 26,642 | ||||||
Siamgas & Petrochemicals PCL, NVDR | 124,500 | 53,134 | ||||||
Sikarin PCL, NVDR | 21,100 | 9,051 | ||||||
Singha Estate PCL, NVDR(1) | 1,000,000 | 59,776 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR | 350,900 | 152,387 | ||||||
Somboon Advance Technology PCL, NVDR | 66,900 | 43,289 | ||||||
SPCG PCL, NVDR | 87,000 | 47,469 | ||||||
Sri Trang Agro-Industry PCL, NVDR | 222,500 | 182,717 | ||||||
Srisawad Corp. PCL, NVDR | 100,400 | 178,242 | ||||||
Srisawad Finance PCL, NVDR | 45,700 | 37,894 | ||||||
Srivichai Vejvivat PCL, NVDR | 93,400 | 29,429 | ||||||
Star Petroleum Refining PCL, NVDR(1) | 381,900 | 105,011 | ||||||
STP & I PCL, NVDR(1) | 367,800 | 63,351 | ||||||
Supalai PCL, NVDR | 284,000 | 191,265 | ||||||
Super Energy Corp. PCL, NVDR | 6,234,700 | 175,929 | ||||||
Synnex Thailand PCL, NVDR | 146,100 | 119,061 | ||||||
Taokaenoi Food & Marketing PCL, NVDR | 138,200 | 33,912 | ||||||
Tata Steel Thailand PCL, NVDR(1) | 498,600 | 21,724 | ||||||
Thai Airways International PCL, NVDR(1) | 20,500 | 2,083 |
71
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Thai Oil PCL, NVDR | 211,200 | $ | 351,094 | |||||
Thai Solar Energy PCL, NVDR | 212,200 | 16,375 | ||||||
Thai Union Group PCL, NVDR | 611,200 | 382,245 | ||||||
Thai Vegetable Oil PCL, NVDR | 131,300 | 130,811 | ||||||
Thaicom PCL, NVDR | 154,300 | 46,437 | ||||||
Thaifoods Group PCL, NVDR | 316,200 | 41,132 | ||||||
Thanachart Capital PCL, NVDR | 55,100 | 70,698 | ||||||
Thonburi Healthcare Group PCL, NVDR | 123,200 | 187,693 | ||||||
Thoresen Thai Agencies PCL, NVDR | 349,700 | 107,111 | ||||||
Tipco Asphalt PCL, NVDR | 258,000 | 144,636 | ||||||
Tisco Financial Group PCL, NVDR | 37,300 | 111,897 | ||||||
TMBThanachart Bank PCL, NVDR | 1,642,100 | 69,222 | ||||||
TOA Paint Thailand PCL, NVDR | 27,300 | 24,333 | ||||||
Total Access Communication PCL, NVDR | 54,400 | 78,528 | ||||||
TPI Polene PCL, NVDR | 400,700 | 21,266 | ||||||
TPI Polene Power PCL, NVDR | 537,300 | 67,136 | ||||||
TQM Corp. PCL, NVDR | 52,800 | 73,228 | ||||||
True Corp. PCL, NVDR | 3,339,500 | 513,339 | ||||||
TTW PCL, NVDR | 43,900 | 15,439 | ||||||
U City PCL, NVDR(1) | 2,932,200 | 156,038 | ||||||
Unique Engineering & Construction PCL, NVDR(1) | 129,200 | 22,401 | ||||||
United Paper PCL, NVDR | 45,600 | 23,365 | ||||||
Univentures PCL, NVDR | 191,000 | 20,159 | ||||||
VGI PCL, NVDR | 146,900 | 26,203 | ||||||
Vinythai PCL, NVDR | 25,000 | 27,175 | ||||||
WHA Corp. PCL, NVDR | 441,900 | 46,125 | ||||||
Workpoint Entertainment PCL, NVDR | 45,500 | 31,606 | ||||||
Xspring Capital PCL, NVDR(1) | 248,300 | 15,888 | ||||||
25,518,810 | ||||||||
Turkey — 0.4% | ||||||||
AG Anadolu Grubu Holding AS | 7,413 | 17,322 | ||||||
Akbank T.A.S. | 461,841 | 235,736 | ||||||
Aksa Akrilik Kimya Sanayii AS | 43,628 | 113,635 | ||||||
Aksa Enerji Uretim AS(1) | 67,604 | 63,166 | ||||||
Aksigorta AS | 29,226 | 13,039 | ||||||
Alarko Holding AS | 3,511 | 4,628 | ||||||
Albaraka Turk Katilim Bankasi AS(1) | 107,779 | 12,194 | ||||||
Anadolu Anonim Turk Sigorta Sirketi | 49,944 | 18,890 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 14,148 | 24,727 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 23,682 | 38,275 | ||||||
Aygaz AS | 17,880 | 32,268 | ||||||
Bagfas Bandirma Gubre Fabrikalari AS(1) | 24,987 | 23,717 | ||||||
Bera Holding AS(1) | 9,303 | 5,489 | ||||||
BIM Birlesik Magazalar AS | 42,520 | 224,942 | ||||||
Borusan Mannesmann Boru Sanayi ve Ticaret AS(1) | 2,241 | 3,866 | ||||||
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS | 2,541 | 4,823 | ||||||
Cimsa Cimento Sanayi VE Ticaret AS(1) | 2,951 | 6,891 | ||||||
Coca-Cola Icecek AS | 15,125 | 119,085 | ||||||
Dogan Sirketler Grubu Holding AS | 93,300 | 17,190 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 10,857 | 36,836 |
72
Avantis Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 5,143 | $ | 2,747 | |||||
Enerjisa Enerji AS | 111,018 | 106,471 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 89,761 | 202,017 | ||||||
Ford Otomotiv Sanayi AS | 4,847 | 94,480 | ||||||
Goodyear Lastikleri TAS | 456 | 309 | ||||||
Gozde Girisim Sermayesi Yatirim Ortakligi AS(1) | 35,254 | 22,006 | ||||||
Gubre Fabrikalari TAS(1) | 5,436 | 29,942 | ||||||
Haci Omer Sabanci Holding AS | 185,484 | 208,626 | ||||||
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1) | 18,108 | 17,621 | ||||||
Is Finansal Kiralama AS(1) | 128,833 | 25,774 | ||||||
Is Yatirim Menkul Degerler AS | 27,641 | 35,101 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1) | 306,812 | 259,638 | ||||||
KOC Holding AS | 82,631 | 189,220 | ||||||
Koza Altin Isletmeleri AS(1) | 1,658 | 13,746 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(1) | 51,699 | 73,330 | ||||||
Logo Yazilim Sanayi Ve Ticaret AS | 1,540 | 4,591 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, B Shares | 4,532 | 18,322 | ||||||
Migros Ticaret AS(1) | 28,022 | 72,987 | ||||||
MLP Saglik Hizmetleri AS(1) | 7,865 | 16,835 | ||||||
NET Holding AS(1) | 41,981 | 22,566 | ||||||
Nuh Cimento Sanayi AS | 8,333 | 25,346 | ||||||
ODAS Elektrik Uretim ve Sanayi Ticaret AS(1) | 226,375 | 21,266 | ||||||
Pegasus Hava Tasimaciligi AS(1) | 4,230 | 28,613 | ||||||
Penta Teknoloji Urunleri Dagitim Ticaret AS(1) | 1,060 | 23,067 | ||||||
Petkim Petrokimya Holding AS(1) | 208,304 | 116,744 | ||||||
Sasa Polyester Sanayi AS(1) | 9,054 | 30,433 | ||||||
Sekerbank Turk AS(1) | 6,054 | 407 | ||||||
Selcuk Ecza Deposu Ticaret ve Sanayi A.S. | 14,657 | 11,082 | ||||||
Sok Marketler Ticaret AS | 77,870 | 63,660 | ||||||
TAV Havalimanlari Holding AS(1) | 51,753 | 126,495 | ||||||
Tekfen Holding AS | 23,085 | 30,839 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 13,715 | 79,688 | ||||||
Turk Hava Yollari AO(1) | 141,124 | 261,238 | ||||||
Turk Traktor ve Ziraat Makineleri AS | 5,674 | 87,611 | ||||||
Turkcell Iletisim Hizmetleri AS, ADR(2) | 53,138 | 188,109 | ||||||
Turkiye Garanti Bankasi AS | 265,203 | 212,551 | ||||||
Turkiye Halk Bankasi AS(1) | 139,732 | 44,319 | ||||||
Turkiye Is Bankasi AS, C Shares | 243,114 | 140,768 | ||||||
Turkiye Petrol Rafinerileri AS(1) | 27,575 | 384,864 | ||||||
Turkiye Sinai Kalkinma Bankasi AS | 261,389 | 24,396 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 128,771 | 115,071 | ||||||
Turkiye Vakiflar Bankasi TAO, D Shares(1) | 179,737 | 43,453 | ||||||
Ulusoy Elektrik Imalat Taahhut Ve Ticaret AS(1) | 777 | 3,418 | ||||||
Vestel Elektronik Sanayi ve Ticaret AS | 11,329 | 18,421 | ||||||
Yapi ve Kredi Bankasi AS | 470,853 | 121,616 | ||||||
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS | 30,757 | 23,192 | ||||||
Zorlu Enerji Elektrik Uretim AS(1) | 3,170 | 347 | ||||||
4,660,062 | ||||||||
TOTAL COMMON STOCKS (Cost $1,032,994,477) | 1,077,960,997 |
73
Avantis Emerging Markets Equity ETF | ||||||||
Shares/Principal Amount | Value | |||||||
WARRANTS† | ||||||||
Brazil† | ||||||||
Marisa Lojas SA(1) | 10,206 | $ | 812 | |||||
Malaysia† | ||||||||
PESTECH International Bhd(1) | 18,662 | 1,356 | ||||||
Thailand† | ||||||||
Advanced Information Technology PCL, NVDR(1) | 20,700 | 2,585 | ||||||
Banpu PCL, NVDR(1) | 265,866 | 38,756 | ||||||
BTS Group Holdings PCL, NVDR(1) | 19,910 | 389 | ||||||
JMT Network Services PCL, NVDR(1) | 1,746 | 582 | ||||||
MBK PCL, NVDR(1) | 7,224 | 2,133 | ||||||
Minor International PCL, NVDR(1) | 1 | — | ||||||
Plan B Media PCL, NVDR(1) | 27,400 | 1,333 | ||||||
45,778 | ||||||||
TOTAL WARRANTS (Cost $211) | 47,946 | |||||||
RIGHTS† | ||||||||
Brazil† | ||||||||
Americanas SA(1) | 538 | 707 | ||||||
South Korea† | ||||||||
BNC Korea Co. Ltd.(1) | 691 | 661 | ||||||
Samsung Biologics Co. Ltd.(1) | 54 | 6,249 | ||||||
Taihan Electric Wire Co. Ltd.(1) | 12,249 | 3,107 | ||||||
10,017 | ||||||||
Thailand† | ||||||||
Bangchak Corp. PCL, NVDR(1) | 14,592 | 4 | ||||||
Khon Kaen Sugar Industry PCL, NVDR(1) | 3,733 | 1 | ||||||
VGI PCL, NVDR(1) | 44,070 | 1,079 | ||||||
1,084 | ||||||||
TOTAL RIGHTS (Cost $—) | 11,808 | |||||||
CORPORATE BONDS† | ||||||||
India† | ||||||||
Britannia Industries Ltd., 5.50%, 6/3/24 (Acquired 5/25/21, Cost $1,668)(3) (Cost $1,668) | INR 121,365 | 1,607 | ||||||
SHORT-TERM INVESTMENTS — 1.1% | ||||||||
Money Market Funds — 1.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,944,914 | 1,944,914 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(4) | 9,853,035 | 9,853,035 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $11,797,949) | 11,797,949 | |||||||
TOTAL INVESTMENT SECURITIES — 101.0% (Cost $1,044,794,305) | 1,089,820,307 | |||||||
OTHER ASSETS AND LIABILITIES — (1.0)% | (10,688,503) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,079,131,804 |
74
Avantis Emerging Markets Equity ETF
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Information Technology | 20.7% | ||||
Financials | 20.4% | ||||
Consumer Discretionary | 11.7% | ||||
Materials | 11.5% | ||||
Industrials | 8.1% | ||||
Communication Services | 7.6% | ||||
Energy | 5.7% | ||||
Consumer Staples | 5.2% | ||||
Health Care | 3.4% | ||||
Utilities | 3.2% | ||||
Real Estate | 2.4% | ||||
Short-Term Investments | 1.1% | ||||
Other Assets and Liabilities | (1.0)% |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt | ||||||
GDR | - | Global Depositary Receipt | ||||||
INR | - | Indian Rupee | ||||||
NVDR | - | Non-Voting Depositary Receipt |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $47,232,071. 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)Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $1,607, which represented less than 0.05% of total net assets.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $50,505,029, which includes securities collateral of $40,651,994.
See Notes to Financial Statements.
75
FEBRUARY 28, 2022 (UNAUDITED)
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Brazil — 6.0% | ||||||||
Banco ABC Brasil SA, Preference Shares | 7,300 | $ | 21,972 | |||||
Banco BMG SA, Preference Shares | 400 | 214 | ||||||
Banco Bradesco SA | 14,000 | 46,106 | ||||||
Banco Bradesco SA, ADR | 47,663 | 183,979 | ||||||
Banco do Brasil SA | 34,600 | 232,472 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 15,700 | 30,095 | ||||||
Banco Santander Brasil SA, ADR | 9,002 | 52,842 | ||||||
BR Malls Participacoes SA(1) | 58,700 | 106,855 | ||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 4,200 | 26,520 | ||||||
Braskem SA, ADR | 6,885 | 128,405 | ||||||
Camil Alimentos SA | 11,700 | 20,683 | ||||||
CCR SA | 50,600 | 115,117 | ||||||
Cia Brasileira de Distribuicao, ADR(2) | 6,846 | 31,149 | ||||||
Cia Energetica de Sao Paulo, Class B Preference Shares | 500 | 2,194 | ||||||
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares | 2,000 | 17,175 | ||||||
Cia Siderurgica Nacional SA, ADR(2) | 35,760 | 173,436 | ||||||
Construtora Tenda SA | 8,300 | 20,169 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 13,600 | 39,500 | ||||||
Desktop - Sigmanet Comunicacao Multimidia S.A(1) | 3,000 | 9,196 | ||||||
Dexco SA | 20,040 | 53,122 | ||||||
EcoRodovias Infraestrutura e Logistica SA(1) | 23,200 | 28,973 | ||||||
Embraer SA, ADR(1) | 11,081 | 152,696 | ||||||
Enauta Participacoes SA | 9,800 | 32,875 | ||||||
Engie Brasil Energia SA | 10,200 | 78,625 | ||||||
Eternit SA | 7,800 | 22,061 | ||||||
Even Construtora e Incorporadora SA | 6,600 | 7,627 | ||||||
Gerdau SA, ADR | 43,614 | 212,400 | ||||||
Getnet Adquirencia e Servicos para Meios de Pagamento SA, ADR | 214 | 270 | ||||||
Infracommerce CXAAS SA(1) | 4,400 | 12,449 | ||||||
Itau Unibanco Holding SA, ADR | 101,779 | 491,593 | ||||||
JBS SA | 1,300 | 8,936 | ||||||
Kepler Weber SA | 1,000 | 9,766 | ||||||
Klabin SA | 23,800 | 106,164 | ||||||
Localiza Rent a Car SA | 13,700 | 152,142 | ||||||
LOG Commercial Properties e Participacoes SA | 2,500 | 13,110 | ||||||
Log-in Logistica Intermodal SA(1) | 3,700 | 17,765 | ||||||
Marcopolo SA, Preference Shares | 18,300 | 9,887 | ||||||
Marfrig Global Foods SA | 20,600 | 88,882 | ||||||
Minerva SA | 10,700 | 22,603 | ||||||
MRV Engenharia e Participacoes SA | 600 | 1,363 | ||||||
Petro Rio SA(1) | 49,100 | 249,629 | ||||||
Petroleo Brasileiro SA, ADR | 17,314 | 247,417 | ||||||
Petroleo Brasileiro SA, ADR Preference Shares | 22,278 | 291,619 | ||||||
Petroreconcavo SA(1) | 3,200 | 12,860 | ||||||
Randon SA Implementos e Participacoes, Preference Shares | 14,200 | 29,011 | ||||||
Sao Martinho SA | 7,300 | 56,673 | ||||||
Sul America SA | 14,900 | 100,338 |
76
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Suzano SA, ADR(2) | 32,761 | $ | 350,215 | |||||
SYN prop e tech SA | 7,900 | 10,095 | ||||||
Taurus Armas SA, Preference Shares(1) | 5,000 | 21,599 | ||||||
TIM SA, ADR | 13,320 | 175,424 | ||||||
Tupy SA | 3,700 | 13,103 | ||||||
Unipar Carbocloro SA, Preference Shares | 3,100 | 56,772 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares | 31,700 | 89,426 | ||||||
Vale SA, ADR | 25,297 | 467,742 | ||||||
4,953,311 | ||||||||
Chile — 0.5% | ||||||||
Banco de Chile | 583,267 | 61,839 | ||||||
Banco de Credito e Inversiones SA | 651 | 23,283 | ||||||
Banco Santander Chile, ADR | 2,090 | 40,797 | ||||||
CAP SA | 2,324 | 26,901 | ||||||
Cencosud SA | 43,518 | 80,011 | ||||||
Cia Cervecerias Unidas SA, ADR | 1,876 | 29,978 | ||||||
Colbun SA | 355,739 | 25,938 | ||||||
Embotelladora Andina SA, Class B Preference Shares | 15,769 | 34,339 | ||||||
Empresa Nacional de Telecomunicaciones SA | 10,496 | 39,007 | ||||||
Empresas CMPC SA | 1,168 | 1,931 | ||||||
Empresas COPEC SA | 8,625 | 66,883 | ||||||
Vina Concha y Toro SA | 6,255 | 9,178 | ||||||
440,085 | ||||||||
China — 28.5% | ||||||||
360 DigiTech, Inc., ADR | 3,177 | 59,569 | ||||||
A-Living Smart City Services Co. Ltd. | 32,250 | 57,809 | ||||||
AAC Technologies Holdings, Inc. | 50,000 | 136,710 | ||||||
Agile Group Holdings Ltd.(2) | 72,000 | 32,805 | ||||||
AKM Industrial Co. Ltd. | 60,000 | 13,614 | ||||||
Aluminum Corp. of China Ltd., H Shares(1) | 268,000 | 189,429 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 77,500 | 415,906 | ||||||
Anhui Expressway Co. Ltd., H Shares | 30,000 | 28,620 | ||||||
Anton Oilfield Services Group(1) | 34,000 | 2,082 | ||||||
Aoyuan Healthy Life Group Co. Ltd.(1) | 13,000 | 3,802 | ||||||
Asia Cement China Holdings Corp. | 20,000 | 12,503 | ||||||
Autohome, Inc., ADR | 5,530 | 169,163 | ||||||
Bank of Communications Co. Ltd., H Shares | 532,000 | 364,702 | ||||||
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares(1) | 2,750 | 3,779 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 14,000 | 19,443 | ||||||
BOC Aviation Ltd. | 22,400 | 194,723 | ||||||
Bosideng International Holdings Ltd. | 192,000 | 109,242 | ||||||
Canadian Solar, Inc.(1)(2) | 2,239 | 70,887 | ||||||
Canvest Environmental Protection Group Co. Ltd. | 38,000 | 18,496 | ||||||
CGN Mining Co. Ltd. | 295,000 | 34,456 | ||||||
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(1) | 8,100 | 11,393 | ||||||
China Aoyuan Group Ltd.(2) | 62,000 | 10,334 | ||||||
China BlueChemical Ltd., H Shares | 168,000 | 50,304 | ||||||
China Bohai Bank Co. Ltd., H Shares | 171,000 | 28,514 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 695,000 | 125,457 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 537,000 | 252,343 |
77
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
China Coal Energy Co. Ltd., H Shares | 203,000 | $ | 126,537 | |||||
China Communications Services Corp. Ltd., H Shares | 254,000 | 139,350 | ||||||
China Datang Corp. Renewable Power Co. Ltd., H Shares | 277,000 | 104,968 | ||||||
China Education Group Holdings Ltd. | 57,000 | 48,833 | ||||||
China Everbright Bank Co. Ltd., H Shares | 198,000 | 73,638 | ||||||
China Everbright Environment Group Ltd. | 460,000 | 330,269 | ||||||
China Everbright Greentech Ltd. | 37,000 | 12,230 | ||||||
China Everbright Ltd. | 92,000 | 101,319 | ||||||
China Feihe Ltd. | 284,000 | 338,886 | ||||||
China Galaxy Securities Co. Ltd., H Shares | 287,000 | 164,274 | ||||||
China Glass Holdings Ltd.(1) | 108,000 | 22,234 | ||||||
China Hanking Holdings Ltd. | 11,000 | 2,068 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.(1) | 50,000 | 37,934 | ||||||
China Hongqiao Group Ltd. | 209,000 | 292,602 | ||||||
China International Capital Corp. Ltd., H Shares | 114,800 | 279,299 | ||||||
China Kepei Education Group Ltd. | 30,000 | 9,000 | ||||||
China Lesso Group Holdings Ltd. | 111,000 | 170,894 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 230,000 | 474,626 | ||||||
China Medical System Holdings Ltd. | 136,000 | 242,169 | ||||||
China Mengniu Dairy Co. Ltd.(1) | 18,000 | 117,043 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 343,500 | 133,793 | ||||||
China Modern Dairy Holdings Ltd. | 188,000 | 34,743 | ||||||
China Molybdenum Co. Ltd., H Shares | 48,000 | 28,891 | ||||||
China National Building Material Co. Ltd., H Shares | 390,000 | 500,303 | ||||||
China New Higher Education Group Ltd. | 25,000 | 9,184 | ||||||
China Nuclear Energy Technology Corp. Ltd.(1) | 40,000 | 4,014 | ||||||
China Pacific Insurance Group Co. Ltd., H Shares | 81,800 | 227,778 | ||||||
China Petroleum & Chemical Corp., ADR | 1,628 | 81,156 | ||||||
China Railway Group Ltd., H Shares | 55,000 | 32,294 | ||||||
China Renaissance Holdings Ltd.(1) | 19,400 | 28,946 | ||||||
China Resources Cement Holdings Ltd. | 236,000 | 201,943 | ||||||
China Resources Land Ltd. | 148,000 | 719,916 | ||||||
China Resources Power Holdings Co. Ltd. | 190,000 | 424,378 | ||||||
China Risun Group Ltd. | 158,000 | 98,423 | ||||||
China Sanjiang Fine Chemicals Co. Ltd. | 16,000 | 4,227 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 137,000 | 377,570 | ||||||
China Shineway Pharmaceutical Group Ltd. | 7,000 | 5,728 | ||||||
China Shuifa Singyes Energy Holdings Ltd. | 66,000 | 11,631 | ||||||
China Sunshine Paper Holdings Co. Ltd.(1) | 82,000 | 29,589 | ||||||
China Suntien Green Energy Corp. Ltd., H Shares | 130,000 | 86,597 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 144,400 | 170,913 | ||||||
China Tower Corp. Ltd., H Shares | 3,238,000 | 377,400 | ||||||
China Vanke Co. Ltd., H Shares | 22,000 | 52,254 | ||||||
China XLX Fertiliser Ltd. | 54,000 | 41,671 | ||||||
China Yongda Automobiles Services Holdings Ltd. | 78,000 | 91,003 | ||||||
China Yuhua Education Corp. Ltd. | 80,000 | 20,712 | ||||||
China ZhengTong Auto Services Holdings Ltd.(1) | 8,000 | 607 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 89,000 | 32,830 | ||||||
CIMC Enric Holdings Ltd.(2) | 62,000 | 74,157 | ||||||
CITIC Ltd. | 284,000 | 331,406 | ||||||
CITIC Securities Co. Ltd., H Shares | 170,100 | 412,101 |
78
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
COFCO Joycome Foods Ltd.(1)(2) | 292,000 | $ | 127,389 | |||||
Cogobuy Group(1) | 41,000 | 12,379 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(1)(2) | 208,000 | 420,415 | ||||||
Country Garden Holdings Co. Ltd. | 246,000 | 191,125 | ||||||
CSPC Pharmaceutical Group Ltd. | 680,000 | 806,047 | ||||||
Dali Foods Group Co. Ltd. | 142,500 | 75,052 | ||||||
Daqo New Energy Corp., ADR(1) | 2,194 | 105,224 | ||||||
Differ Group Holding Co. Ltd.(1)(2) | 288,000 | 88,920 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 140,000 | 120,502 | ||||||
Dongyue Group Ltd. | 114,000 | 165,384 | ||||||
E-House China Enterprise Holdings Ltd. | 68,700 | 12,065 | ||||||
Ebang International Holdings, Inc., A Shares(1) | 1,542 | 1,927 | ||||||
Edvantage Group Holdings Ltd. | 18,000 | 7,407 | ||||||
EVA Precision Industrial Holdings Ltd. | 130,000 | 24,915 | ||||||
Fanhua, Inc., ADR(2) | 2,586 | 17,274 | ||||||
FinVolution Group, ADR | 5,582 | 22,719 | ||||||
First Tractor Co. Ltd., H Shares | 32,000 | 15,412 | ||||||
Fu Shou Yuan International Group Ltd. | 104,000 | 77,093 | ||||||
Fuyao Glass Industry Group Co. Ltd., H Shares | 5,600 | 27,474 | ||||||
GCL New Energy Holdings Ltd.(1) | 1,096,000 | 24,235 | ||||||
GF Securities Co. Ltd., H Shares | 83,600 | 125,507 | ||||||
Grand Pharmaceutical Group Ltd. | 114,000 | 90,210 | ||||||
Great Wall Motor Co. Ltd., H Shares | 19,500 | 41,053 | ||||||
Greentown Management Holdings Co. Ltd. | 32,000 | 26,093 | ||||||
GreenTree Hospitality Group Ltd., ADR | 253 | 1,437 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares(2) | 102,800 | 43,762 | ||||||
Hainan Meilan International Airport Co. Ltd., H Shares(1) | 19,000 | 53,745 | ||||||
Haitian International Holdings Ltd. | 53,000 | 141,208 | ||||||
Haitong Securities Co. Ltd., H Shares | 218,400 | 187,931 | ||||||
Harbin Electric Co. Ltd., H Shares | 68,000 | 24,030 | ||||||
Hello Group, Inc., ADR | 13,786 | 131,381 | ||||||
Henan Jinma Energy Co. Ltd., H Shares | 4,000 | 1,975 | ||||||
Hengan International Group Co. Ltd. | 54,500 | 289,028 | ||||||
Hisense Home Appliances Group Co. Ltd., H Shares | 26,000 | 29,181 | ||||||
Hollysys Automation Technologies Ltd.(1) | 719 | 10,123 | ||||||
Hope Education Group Co. Ltd. | 346,000 | 35,153 | ||||||
Huatai Securities Co. Ltd., H Shares | 149,400 | 244,613 | ||||||
Huazhong In-Vehicle Holdings Co. Ltd. | 74,000 | 28,329 | ||||||
Huijing Holdings Co. Ltd.(2) | 92,000 | 22,705 | ||||||
Inke Ltd.(1) | 154,000 | 39,867 | ||||||
Jiangsu Expressway Co. Ltd., H Shares | 80,000 | 85,595 | ||||||
Jinchuan Group International Resources Co. Ltd. | 433,000 | 77,368 | ||||||
Jinxin Fertility Group Ltd.(1)(2) | 80,500 | 94,127 | ||||||
Jiumaojiu International Holdings Ltd. | 30,000 | 67,395 | ||||||
JNBY Design Ltd. | 11,000 | 14,849 | ||||||
Kaisa Prosperity Holdings Ltd.(1) | 1,000 | 1,347 | ||||||
Kingboard Holdings Ltd. | 51,000 | 238,586 | ||||||
Kingboard Laminates Holdings Ltd. | 60,500 | 100,814 | ||||||
Lee & Man Paper Manufacturing Ltd. | 52,000 | 33,428 | ||||||
LexinFintech Holdings Ltd., ADR(1) | 6,192 | 21,982 | ||||||
Li Auto, Inc., ADR(1) | 3,335 | 101,551 |
79
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Longfor Group Holdings Ltd. | 119,500 | $ | 639,029 | |||||
Lonking Holdings Ltd. | 205,000 | 54,638 | ||||||
Luoyang Glass Co. Ltd., H Shares(1)(2) | 30,000 | 51,934 | ||||||
Maoyan Entertainment(1) | 24,200 | 26,448 | ||||||
Meitu, Inc.(1) | 285,500 | 46,038 | ||||||
Midea Real Estate Holding Ltd. | 33,000 | 48,354 | ||||||
Minth Group Ltd. | 38,000 | 137,401 | ||||||
MMG Ltd.(1) | 328,000 | 118,811 | ||||||
Nam Tai Property, Inc.(1)(2) | 1,207 | 9,221 | ||||||
NetDragon Websoft Holdings Ltd. | 28,000 | 62,789 | ||||||
NetEase, Inc., ADR | 6,768 | 645,261 | ||||||
New China Life Insurance Co. Ltd., H Shares | 61,600 | 176,291 | ||||||
New Oriental Education & Technology Group, Inc., ADR(1) | 51,320 | 77,493 | ||||||
Nexteer Automotive Group Ltd. | 80,000 | 80,126 | ||||||
Nine Dragons Paper Holdings Ltd. | 92,000 | 88,133 | ||||||
NiSun International Enterprise Development Group Co. Ltd.(1) | 510 | 433 | ||||||
Noah Holdings Ltd., ADR(1) | 2,486 | 70,503 | ||||||
People's Insurance Co. Group of China Ltd. (The), H Shares | 236,000 | 75,894 | ||||||
Perennial Energy Holdings Ltd.(2) | 50,000 | 10,533 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 450,000 | 475,014 | ||||||
Poly Property Group Co. Ltd. | 93,000 | 25,245 | ||||||
Poly Property Services Co. Ltd. | 3,800 | 26,943 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares | 70,000 | 57,476 | ||||||
Powerlong Commercial Management Holdings Ltd. | 15,500 | 27,126 | ||||||
Q Technology Group Co. Ltd. | 41,000 | 38,719 | ||||||
Qudian, Inc., ADR(1) | 3,671 | 3,021 | ||||||
Redsun Properties Group Ltd.(2) | 58,000 | 16,641 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 5,000 | 5,185 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 109,200 | 150,783 | ||||||
Shanghai Industrial Holdings Ltd. | 44,000 | 66,893 | ||||||
Shenzhen International Holdings Ltd. | 123,000 | 126,737 | ||||||
Shimao Services Holdings Ltd. | 30,000 | 21,882 | ||||||
Shougang Fushan Resources Group Ltd. | 202,000 | 66,794 | ||||||
Shui On Land Ltd. | 336,000 | 49,075 | ||||||
Sino Biopharmaceutical Ltd. | 840,000 | 536,226 | ||||||
Sino-Ocean Group Holding Ltd. | 354,000 | 76,144 | ||||||
Sinopec Engineering Group Co. Ltd., H Shares | 93,500 | 44,729 | ||||||
SSY Group Ltd. | 116,000 | 54,171 | ||||||
Sun King Technology Group Ltd.(1)(2) | 102,000 | 41,592 | ||||||
Sunac China Holdings Ltd. | 190,000 | 155,306 | ||||||
Tiangong International Co. Ltd.(2) | 134,000 | 63,244 | ||||||
Tingyi Cayman Islands Holding Corp. | 194,000 | 429,206 | ||||||
Tong Ren Tang Technologies Co. Ltd., H Shares | 19,000 | 16,443 | ||||||
Tongcheng Travel Holdings Ltd.(1) | 49,600 | 92,377 | ||||||
Tongda Group Holdings Ltd.(1)(2) | 190,000 | 3,702 | ||||||
Topsports International Holdings Ltd. | 108,000 | 112,269 | ||||||
Truly International Holdings Ltd. | 174,000 | 60,376 | ||||||
Tsingtao Brewery Co. Ltd., H Shares | 8,000 | 76,967 | ||||||
Uni-President China Holdings Ltd. | 117,000 | 121,665 | ||||||
Vipshop Holdings Ltd., ADR(1) | 19,309 | 167,409 | ||||||
Vnet Group, Inc., ADR(1) | 1,416 | 11,144 |
80
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Want Want China Holdings Ltd. | 462,000 | $ | 491,811 | |||||
Wasion Holdings Ltd. | 68,000 | 26,328 | ||||||
Weibo Corp., ADR(1) | 1,809 | 49,621 | ||||||
West China Cement Ltd. | 242,000 | 41,545 | ||||||
Wuling Motors Holdings Ltd.(2) | 170,000 | 25,621 | ||||||
Xiabuxiabu Catering Management China Holdings Co. Ltd.(1) | 44,000 | 27,687 | ||||||
Xinchen China Power Holdings Ltd.(1) | 43,000 | 3,649 | ||||||
Xinhua Winshare Publishing and Media Co. Ltd., H Shares | 29,000 | 21,673 | ||||||
Xinjiang Xinxin Mining Industry Co. Ltd., H Shares(1) | 10,000 | 2,082 | ||||||
Xinyi Solar Holdings Ltd. | 176,000 | 319,680 | ||||||
XTEP International Holdings Ltd. | 130,000 | 215,680 | ||||||
Yadea Group Holdings Ltd. | 94,000 | 139,452 | ||||||
Yankuang Energy Group Co. Ltd., H Shares(2) | 158,000 | 388,749 | ||||||
Yuexiu Property Co. Ltd. | 74,000 | 74,020 | ||||||
Yuexiu Transport Infrastructure Ltd. | 90,000 | 55,910 | ||||||
Yum China Holdings, Inc. | 14,480 | 753,250 | ||||||
Zhejiang Expressway Co. Ltd., H Shares | 134,000 | 120,882 | ||||||
Zhongsheng Group Holdings Ltd. | 27,000 | 188,539 | ||||||
Zhou Hei Ya International Holdings Co. Ltd.(1) | 14,500 | 9,688 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 56,000 | 83,114 | ||||||
23,576,562 | ||||||||
Greece — 0.3% | ||||||||
Alpha Services and Holdings SA(1) | 19,084 | 26,041 | ||||||
Eurobank Ergasias Services and Holdings SA(1) | 59,053 | 64,688 | ||||||
JUMBO SA | 3,338 | 47,958 | ||||||
Mytilineos SA | 1,330 | 21,429 | ||||||
National Bank of Greece SA(1) | 18,811 | 69,771 | ||||||
Piraeus Financial Holdings SA(1) | 5,753 | 9,111 | ||||||
Titan Cement International SA(1) | 914 | 13,323 | ||||||
Viohalco SA | 4,626 | 22,270 | ||||||
274,591 | ||||||||
Hong Kong† | ||||||||
Tianli Education International Holdings Ltd. | 27,000 | 6,603 | ||||||
Hungary — 0.2% | ||||||||
MOL Hungarian Oil & Gas plc | 10,268 | 80,093 | ||||||
OTP Bank Nyrt(1) | 2,550 | 97,306 | ||||||
177,399 | ||||||||
India — 14.8% | ||||||||
ACC Ltd. | 3,919 | 109,156 | ||||||
Aditya Birla Capital Ltd.(1) | 24,851 | 35,064 | ||||||
Alembic Pharmaceuticals Ltd. | 4,833 | 46,700 | ||||||
Allcargo Logistics Ltd. | 6,479 | 27,835 | ||||||
Amara Raja Batteries Ltd. | 3,589 | 26,846 | ||||||
Ambika Cotton Mills Ltd. | 311 | 10,465 | ||||||
Andhra Sugars Ltd. (The) | 4,689 | 9,062 | ||||||
Apar Industries Ltd. | 1,441 | 12,083 | ||||||
APL Apollo Tubes Ltd.(1) | 6,591 | 75,111 | ||||||
Apollo Tyres Ltd. | 23,641 | 58,347 | ||||||
Aptech Ltd. | 1,562 | 6,428 | ||||||
Arvind Ltd.(1) | 11,995 | 18,946 | ||||||
Ashoka Buildcon Ltd.(1) | 7,902 | 9,852 |
81
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Aster DM Healthcare Ltd.(1) | 9,036 | $ | 20,612 | |||||
Aurobindo Pharma Ltd. | 7,244 | 60,302 | ||||||
Avadh Sugar & Energy Ltd. | 1,300 | 9,360 | ||||||
Avanti Feeds Ltd. | 3,159 | 20,163 | ||||||
Bajaj Consumer Care Ltd. | 5,743 | 12,410 | ||||||
Bajaj Hindusthan Sugar Ltd.(1) | 66,565 | 12,004 | ||||||
Balrampur Chini Mills Ltd. | 9,248 | 49,065 | ||||||
Bandhan Bank Ltd. | 26,815 | 109,682 | ||||||
Bayer CropScience Ltd. | 426 | 24,981 | ||||||
Bhansali Engineering Polymers Ltd. | 2,536 | 4,378 | ||||||
Bharat Electronics Ltd. | 66,774 | 187,654 | ||||||
Bharat Petroleum Corp. Ltd. | 31,150 | 145,297 | ||||||
Birla Corp. Ltd. | 1,595 | 23,306 | ||||||
Birlasoft Ltd. | 7,836 | 42,715 | ||||||
Bombay Burmah Trading Co. | 1,001 | 12,767 | ||||||
Brigade Enterprises Ltd. | 8,089 | 53,585 | ||||||
Brightcom Group Ltd. | 26,294 | 41,831 | ||||||
Butterfly Gandhimathi Appliances Ltd. | 840 | 15,536 | ||||||
Can Fin Homes Ltd. | 3,933 | 30,507 | ||||||
Canara Bank(1) | 15,880 | 46,657 | ||||||
Caplin Point Laboratories Ltd. | 1,154 | 10,264 | ||||||
Castrol India Ltd. | 21,308 | 30,657 | ||||||
CCL Products India Ltd. | 5,056 | 30,228 | ||||||
Ceat Ltd. | 1,017 | 13,245 | ||||||
Century Enka Ltd. | 2,034 | 14,090 | ||||||
Chambal Fertilisers and Chemicals Ltd. | 13,938 | 70,333 | ||||||
Cipla Ltd. | 11,659 | 143,499 | ||||||
City Union Bank Ltd. | 19,164 | 31,976 | ||||||
Coal India Ltd. | 73,178 | 165,517 | ||||||
Coromandel International Ltd. | 7,390 | 76,153 | ||||||
Cosmo Films Ltd. | 877 | 17,688 | ||||||
CreditAccess Grameen Ltd.(1) | 3,166 | 31,647 | ||||||
Dalmia Bharat Ltd. | 3,919 | 81,841 | ||||||
Dalmia Bharat Sugar & Industries Ltd. | 1,821 | 9,626 | ||||||
DCB Bank Ltd.(1) | 7,689 | 7,496 | ||||||
DCM Shriram Ltd. | 4,031 | 56,320 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. | 5,093 | 38,603 | ||||||
Deepak Nitrite Ltd. | 3,263 | 87,190 | ||||||
Dhampur Sugar Mills Ltd.(1) | 1,877 | 9,412 | ||||||
Dish TV India Ltd.(1) | 67,412 | 13,034 | ||||||
Dr Reddy's Laboratories Ltd., ADR | 2,246 | 119,981 | ||||||
Eicher Motors Ltd. | 4,757 | 164,309 | ||||||
EID Parry India Ltd. | 7,091 | 39,101 | ||||||
Elecon Engineering Co. Ltd. | 3,928 | 7,789 | ||||||
Emami Ltd. | 7,497 | 49,445 | ||||||
Engineers India Ltd. | 15,577 | 12,810 | ||||||
Equitas Holdings Ltd.(1) | 11,956 | 17,048 | ||||||
Escorts Ltd. | 4,406 | 108,619 | ||||||
Eveready Industries India Ltd.(1) | 3,482 | 17,517 | ||||||
Everest Industries Ltd. | 1,179 | 10,232 | ||||||
Exide Industries Ltd. | 29,700 | 59,033 |
82
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Federal Bank Ltd. | 93,876 | $ | 121,701 | |||||
Filatex India Ltd. | 3,577 | 5,425 | ||||||
Finolex Industries Ltd. | 20,683 | 42,249 | ||||||
Future Consumer Ltd.(1) | 106,536 | 10,247 | ||||||
Galaxy Surfactants Ltd. | 518 | 19,171 | ||||||
Garden Reach Shipbuilders & Engineers Ltd. | 2,741 | 7,995 | ||||||
GHCL Ltd. | 1,496 | 8,279 | ||||||
Glenmark Pharmaceuticals Ltd. | 6,176 | 36,872 | ||||||
Globus Spirits Ltd. | 932 | 17,813 | ||||||
Godawari Power and Ispat Ltd. | 4,846 | 20,744 | ||||||
Granules India Ltd. | 9,687 | 37,575 | ||||||
Graphite India Ltd. | 1,672 | 10,416 | ||||||
Grasim Industries Ltd. | 9,892 | 211,101 | ||||||
Great Eastern Shipping Co. Ltd. (The) | 8,948 | 38,776 | ||||||
Greaves Cotton Ltd. | 3,184 | 7,337 | ||||||
Greenpanel Industries Ltd. | 4,675 | 30,024 | ||||||
Greenply Industries Ltd. | 5,568 | 12,912 | ||||||
Gufic Biosciences Ltd. | 5,829 | 15,829 | ||||||
Gujarat Alkalies & Chemicals Ltd. | 1,516 | 12,895 | ||||||
Gujarat Ambuja Exports Ltd. | 4,045 | 10,452 | ||||||
Gujarat Mineral Development Corp. Ltd. | 5,151 | 9,180 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 7,259 | 53,633 | ||||||
Gujarat Pipavav Port Ltd. | 14,200 | 15,903 | ||||||
Gujarat State Fertilizers & Chemicals Ltd. | 13,070 | 21,939 | ||||||
Hathway Cable & Datacom Ltd.(1) | 37,648 | 9,357 | ||||||
HBL Power Systems Ltd. | 17,551 | 14,092 | ||||||
HEG Ltd. | 358 | 5,432 | ||||||
Hero MotoCorp Ltd. | 3,117 | 105,586 | ||||||
HFCL Ltd. | 56,287 | 54,913 | ||||||
HIL Ltd. | 160 | 8,865 | ||||||
Himatsingka Seide Ltd. | 4,246 | 9,217 | ||||||
Hindalco Industries Ltd. | 59,960 | 460,800 | ||||||
Hinduja Global Solutions Ltd. | 475 | 7,696 | ||||||
Hinduja Global Solutions Ltd.(1) | 475 | 7,650 | ||||||
Hindustan Petroleum Corp. Ltd. | 38,804 | 141,163 | ||||||
HSIL Ltd. | 4,780 | 18,062 | ||||||
I G Petrochemicals Ltd. | 1,051 | 9,346 | ||||||
IIFL Finance Ltd. | 8,126 | 32,288 | ||||||
IIFL Securities Ltd. | 8,473 | 9,610 | ||||||
India Cements Ltd. (The) | 12,649 | 34,139 | ||||||
India Glycols Ltd. | 637 | 6,495 | ||||||
Indiabulls Housing Finance Ltd. | 20,046 | 40,209 | ||||||
Indiabulls Real Estate Ltd.(1) | 15,634 | 22,600 | ||||||
Indian Bank | 11,574 | 22,171 | ||||||
Indian Metals & Ferro Alloys Ltd. | 1,190 | 5,383 | ||||||
Indian Oil Corp. Ltd. | 75,258 | 115,513 | ||||||
Indus Towers Ltd.(1) | 32,025 | 91,918 | ||||||
Intellect Design Arena Ltd.(1) | 5,380 | 47,023 | ||||||
IOL Chemicals and Pharmaceuticals Ltd. | 972 | 4,564 | ||||||
ISGEC Heavy Engineering Ltd. | 1,198 | 9,125 | ||||||
Jaiprakash Power Ventures Ltd.(1) | 131,795 | 12,779 |
83
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Jammu & Kashmir Bank Ltd. (The)(1) | 25,685 | $ | 11,694 | |||||
Jamna Auto Industries Ltd. | 7,499 | 10,177 | ||||||
JBM Auto Ltd. | 1,878 | 10,757 | ||||||
Jindal Poly Films Ltd. | 939 | 12,738 | ||||||
Jindal Saw Ltd. | 4,533 | 5,271 | ||||||
Jindal Stainless Hisar Ltd.(1) | 7,936 | 37,379 | ||||||
Jindal Stainless Ltd.(1) | 14,012 | 36,295 | ||||||
Jindal Steel & Power Ltd.(1) | 21,699 | 123,745 | ||||||
JK Cement Ltd. | 1,760 | 66,695 | ||||||
JK Lakshmi Cement Ltd. | 3,438 | 20,527 | ||||||
JK Paper Ltd. | 2,291 | 6,870 | ||||||
JK Tyre & Industries Ltd. | 6,818 | 9,632 | ||||||
JM Financial Ltd. | 15,193 | 13,795 | ||||||
JSW Steel Ltd. | 26,177 | 219,618 | ||||||
Jubilant Pharmova Ltd. | 4,145 | 21,865 | ||||||
Karnataka Bank Ltd. (The) | 11,225 | 8,983 | ||||||
Karur Vysya Bank Ltd. (The) | 23,275 | 14,744 | ||||||
Kaveri Seed Co. Ltd. | 1,455 | 9,435 | ||||||
KEC International Ltd. | 9,971 | 61,894 | ||||||
Kirloskar Ferrous Industries Ltd. | 3,696 | 9,985 | ||||||
Kitex Garments Ltd. | 2,080 | 6,645 | ||||||
KNR Constructions Ltd. | 8,981 | 37,133 | ||||||
Kolte-Patil Developers Ltd.(1) | 2,489 | 9,183 | ||||||
KPIT Technologies Ltd. | 13,137 | 100,068 | ||||||
KPR Mill Ltd. | 5,212 | 43,983 | ||||||
KRBL Ltd. | 4,023 | 10,404 | ||||||
Larsen & Toubro Ltd. | 20,898 | 506,624 | ||||||
LG Balakrishnan & Bros Ltd. | 1,108 | 8,719 | ||||||
LIC Housing Finance Ltd. | 17,434 | 79,885 | ||||||
LT Foods Ltd. | 11,320 | 9,458 | ||||||
LUX Industries Ltd. | 271 | 8,940 | ||||||
Maharashtra Seamless Ltd. | 1,815 | 12,323 | ||||||
Mahindra & Mahindra Ltd. | 34,455 | 363,730 | ||||||
Mahindra Logistics Ltd. | 1,585 | 8,478 | ||||||
Maithan Alloys Ltd. | 648 | 9,157 | ||||||
Manali Petrochemicals Ltd. | 8,294 | 10,928 | ||||||
Manappuram Finance Ltd. | 33,236 | 50,508 | ||||||
Marksans Pharma Ltd. | 6,924 | 4,352 | ||||||
Max Financial Services Ltd.(1) | 7,099 | 78,513 | ||||||
Mazagon Dock Shipbuilders Ltd. | 2,533 | 8,125 | ||||||
MOIL Ltd. | 2,570 | 5,788 | ||||||
Motherson Sumi Systems Ltd. | 33,346 | 67,043 | ||||||
Motherson Sumi Wiring India Ltd.(1) | 33,346 | 15,401 | ||||||
Motilal Oswal Financial Services Ltd. | 3,345 | 39,275 | ||||||
MRF Ltd. | 68 | 59,500 | ||||||
MSTC Ltd. | 2,242 | 9,197 | ||||||
Muthoot Finance Ltd. | 5,720 | 103,632 | ||||||
National Aluminium Co. Ltd. | 55,155 | 89,688 | ||||||
Nava Bharat Ventures Ltd. | 5,117 | 8,648 | ||||||
NBCC India Ltd. | 52,801 | 27,472 | ||||||
NCC Ltd. | 12,620 | 10,531 |
84
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Neuland Laboratories Ltd. | 654 | $ | 9,280 | |||||
NIIT Ltd. | 6,404 | 36,104 | ||||||
NTPC Ltd. | 184,583 | 328,582 | ||||||
Oil & Natural Gas Corp. Ltd. | 95,242 | 205,129 | ||||||
Oil India Ltd. | 15,344 | 45,766 | ||||||
Olectra Greentech Ltd.(1) | 2,809 | 23,796 | ||||||
Orient Cement Ltd. | 11,013 | 21,326 | ||||||
Orient Electric Ltd. | 8,736 | 38,424 | ||||||
PCBL Ltd. | 2,613 | 6,684 | ||||||
Petronet LNG Ltd. | 42,897 | 123,093 | ||||||
PNB Housing Finance Ltd.(1) | 2,180 | 11,884 | ||||||
PNC Infratech Ltd. | 6,333 | 22,381 | ||||||
Polyplex Corp. Ltd. | 1,083 | 26,130 | ||||||
Praj Industries Ltd. | 5,236 | 23,819 | ||||||
Prince Pipes & Fittings Ltd. | 1,399 | 12,020 | ||||||
Prism Johnson Ltd.(1) | 6,637 | 10,443 | ||||||
Ramco Cements Ltd. (The) | 7,565 | 79,328 | ||||||
Rashtriya Chemicals & Fertilizers Ltd. | 6,955 | 6,603 | ||||||
Raymond Ltd.(1) | 2,791 | 27,342 | ||||||
RBL Bank Ltd.(1) | 13,710 | 24,264 | ||||||
REC Ltd. | 42,706 | 69,566 | ||||||
Redington India Ltd. | 39,092 | 80,046 | ||||||
Reliance Power Ltd.(1) | 238,721 | 41,791 | ||||||
Rhi Magnesita India Ltd. | 2,023 | 14,110 | ||||||
Rupa & Co. Ltd. | 917 | 5,616 | ||||||
Sanofi India Ltd. | 369 | 35,575 | ||||||
Sarda Energy & Minerals Ltd. | 877 | 9,919 | ||||||
Sharda Cropchem Ltd. | 1,574 | 11,226 | ||||||
Share India Securities Ltd. | 1,267 | 18,445 | ||||||
Shipping Corp. of India Ltd. | 7,833 | 10,890 | ||||||
Shree Cement Ltd. | 307 | 99,945 | ||||||
Shriram City Union Finance Ltd. | 1,365 | 28,836 | ||||||
Shriram Transport Finance Co. Ltd. | 10,406 | 156,413 | ||||||
Sobha Ltd. | 3,521 | 36,333 | ||||||
Somany Home Innovation Ltd. | 2,624 | 14,078 | ||||||
Sonata Software Ltd. | 4,076 | 39,961 | ||||||
Southern Petrochemical Industries Corp. Ltd.(1) | 13,120 | 9,532 | ||||||
State Bank of India, GDR | 5,272 | 341,996 | ||||||
Sterling and Wilson Renewable(1) | 3,352 | 14,287 | ||||||
Sterlite Technologies Ltd. | 10,152 | 23,943 | ||||||
Strides Pharma Science Ltd. | 1,933 | 8,240 | ||||||
Sudarshan Chemical Industries | 2,440 | 17,460 | ||||||
Sun TV Network Ltd. | 6,461 | 38,572 | ||||||
Supreme Industries Ltd. | 4,047 | 110,235 | ||||||
Supreme Petrochem Ltd. | 2,168 | 19,137 | ||||||
Surya Roshni Ltd. | 1,022 | 5,671 | ||||||
Tanla Platforms Ltd. | 3,889 | 81,546 | ||||||
Tata Chemicals Ltd. | 8,079 | 90,766 | ||||||
Tata Motors Ltd., ADR(1)(2) | 19,375 | 586,869 | ||||||
Tata Steel Long Products Ltd. | 1,015 | 9,599 | ||||||
Tata Steel Ltd. | 10,920 | 178,801 |
85
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Tech Mahindra Ltd. | 24,598 | $ | 463,126 | |||||
Thermax Ltd. | 2,815 | 68,064 | ||||||
Thirumalai Chemicals Ltd. | 5,168 | 14,520 | ||||||
Time Technoplast Ltd. | 5,708 | 5,214 | ||||||
Tinplate Co. of India Ltd. (The) | 1,983 | 8,690 | ||||||
Transport Corp. of India Ltd. | 1,955 | 16,163 | ||||||
Triveni Engineering & Industries Ltd. | 5,668 | 18,818 | ||||||
Triveni Turbine Ltd. | 7,053 | 16,575 | ||||||
Tube Investments of India Ltd. | 4,947 | 100,200 | ||||||
TV Today Network Ltd. | 1,420 | 7,084 | ||||||
TV18 Broadcast Ltd.(1) | 31,080 | 25,306 | ||||||
Uflex Ltd. | 3,262 | 22,653 | ||||||
UltraTech Cement Ltd. | 2,828 | 247,512 | ||||||
Usha Martin Ltd.(1) | 8,471 | 9,896 | ||||||
Valiant Organics Ltd.(1) | 576 | 6,808 | ||||||
Vedanta Ltd. | 38,140 | 194,120 | ||||||
VRL Logistics Ltd. | 2,447 | 14,962 | ||||||
Wipro Ltd., ADR | 4,634 | 33,782 | ||||||
Zee Entertainment Enterprises Ltd. | 61,686 | 188,961 | ||||||
Zensar Technologies Ltd. | 6,717 | 31,174 | ||||||
12,298,734 | ||||||||
Indonesia — 2.0% | ||||||||
Adaro Energy Tbk PT | 641,600 | 109,926 | ||||||
AKR Corporindo Tbk PT | 148,500 | 7,855 | ||||||
Aneka Tambang Tbk | 179,600 | 27,981 | ||||||
Astra Agro Lestari Tbk PT | 22,600 | 17,935 | ||||||
Astra International Tbk PT | 446,500 | 181,071 | ||||||
Bank BTPN Syariah Tbk PT | 89,000 | 22,336 | ||||||
Bank Mandiri Persero Tbk PT | 154,200 | 83,367 | ||||||
Bank Tabungan Negara Persero Tbk PT(1) | 177,500 | 22,065 | ||||||
BFI Finance Indonesia Tbk PT | 448,000 | 40,374 | ||||||
Buana Lintas Lautan Tbk PT(1) | 345,100 | 2,751 | ||||||
Bukit Asam Tbk PT | 69,700 | 15,312 | ||||||
Charoen Pokphand Indonesia Tbk PT | 27,000 | 10,933 | ||||||
Ciputra Development Tbk PT | 531,300 | 34,270 | ||||||
Delta Dunia Makmur Tbk PT(1) | 112,100 | 3,181 | ||||||
Elnusa Tbk PT | 84,100 | 1,832 | ||||||
Erajaya Swasembada Tbk PT | 222,600 | 8,669 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 119,500 | 67,531 | ||||||
Indo Tambangraya Megah Tbk PT | 19,700 | 36,639 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 7,400 | 5,669 | ||||||
Indosat Tbk PT | 35,900 | 13,672 | ||||||
Jaccs Mitra Pinasthika Mustika Tbk PT | 139,800 | 9,462 | ||||||
Japfa Comfeed Indonesia Tbk PT | 180,800 | 19,859 | ||||||
Kalbe Farma Tbk PT | 566,100 | 64,837 | ||||||
Link Net Tbk PT | 59,300 | 18,062 | ||||||
Lippo Karawaci Tbk PT(1) | 246,800 | 2,238 | ||||||
Matahari Department Store Tbk PT | 66,100 | 21,085 | ||||||
Medco Energi Internasional Tbk PT(1) | 391,200 | 16,516 | ||||||
Media Nusantara Citra Tbk PT | 354,600 | 21,585 | ||||||
Metrodata Electronics Tbk PT | 109,500 | 4,733 |
86
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Mitra Adiperkasa Tbk PT(1) | 369,600 | $ | 20,315 | |||||
MNC Vision Networks Tbk PT(1) | 957,600 | 8,484 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 15,900 | 8,295 | ||||||
Pakuwon Jati Tbk PT(1) | 205,900 | 6,629 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 165,900 | 16,449 | ||||||
PP Persero Tbk PT(1) | 180,000 | 12,123 | ||||||
Semen Indonesia Persero Tbk PT | 66,700 | 33,692 | ||||||
Smartfren Telecom Tbk PT(1) | 1,118,400 | 6,191 | ||||||
Summarecon Agung Tbk PT(1) | 361,600 | 17,559 | ||||||
Telkom Indonesia Persero Tbk PT, ADR(2) | 16,028 | 476,192 | ||||||
Timah Tbk PT(1) | 113,400 | 12,622 | ||||||
United Tractors Tbk PT | 49,700 | 86,726 | ||||||
XL Axiata Tbk PT | 112,100 | 22,397 | ||||||
1,619,420 | ||||||||
Malaysia — 1.9% | ||||||||
Aeon Co. M Bhd | 10,100 | 3,516 | ||||||
Alliance Bank Malaysia Bhd | 62,600 | 51,240 | ||||||
AMMB Holdings Bhd(1) | 93,200 | 74,746 | ||||||
Ann Joo Resources Bhd | 5,900 | 2,682 | ||||||
Bank Islam Malaysia Bhd | 36,800 | 26,236 | ||||||
Bumi Armada Bhd(1) | 227,500 | 25,992 | ||||||
Bursa Malaysia Bhd | 16,800 | 25,267 | ||||||
Cahya Mata Sarawak Bhd | 10,000 | 2,867 | ||||||
Chin Hin Group Bhd | 13,100 | 7,760 | ||||||
Dagang NeXchange Bhd(1) | 37,400 | 10,140 | ||||||
Eco World Development Group Bhd | 45,100 | 11,321 | ||||||
Formosa Prosonic Industries Bhd | 4,800 | 4,236 | ||||||
Fraser & Neave Holdings Bhd | 2,700 | 14,550 | ||||||
Gamuda Bhd | 51,000 | 35,020 | ||||||
Genting Bhd | 44,000 | 48,772 | ||||||
Genting Plantations Bhd | 3,300 | 7,167 | ||||||
Hartalega Holdings Bhd | 44,600 | 49,024 | ||||||
Hiap Teck Venture Bhd | 109,800 | 12,739 | ||||||
Hibiscus Petroleum Bhd | 117,300 | 33,867 | ||||||
IJM Corp. Bhd | 134,300 | 49,375 | ||||||
Jaya Tiasa Holdings Bhd(1) | 19,900 | 5,176 | ||||||
Kossan Rubber Industries Bhd | 48,500 | 19,995 | ||||||
Lotte Chemical Titan Holding Bhd | 7,800 | 4,053 | ||||||
Malayan Banking Bhd | 90,900 | 189,932 | ||||||
Malaysia Building Society Bhd | 124,700 | 17,255 | ||||||
Malaysian Bulk Carriers Bhd(1) | 25,900 | 3,155 | ||||||
MISC Bhd | 33,400 | 58,582 | ||||||
PESTECH International Bhd | 17,000 | 2,784 | ||||||
Petronas Chemicals Group Bhd | 52,500 | 119,616 | ||||||
Petronas Dagangan Bhd | 4,800 | 24,661 | ||||||
Public Bank Bhd | 254,100 | 269,866 | ||||||
RHB Bank Bhd | 69,000 | 97,241 | ||||||
Rubberex Corp. M Bhd(1) | 1,400 | 135 | ||||||
Sapura Energy Bhd(1) | 62,700 | 600 | ||||||
Scientex Bhd | 6,600 | 6,969 | ||||||
Serba Dinamik Holdings Bhd | 21,300 | 1,776 |
87
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Sime Darby Bhd | 87,900 | $ | 47,601 | |||||
Sime Darby Plantation Bhd | 55,600 | 65,232 | ||||||
Supermax Corp. Bhd | 44,020 | 11,021 | ||||||
Syarikat Takaful Malaysia Keluarga Bhd | 5,700 | 5,057 | ||||||
Ta Ann Holdings Bhd | 8,800 | 11,527 | ||||||
TASCO Bhd | 6,400 | 1,617 | ||||||
Telekom Malaysia Bhd | 29,200 | 35,191 | ||||||
Top Glove Corp. Bhd | 69,000 | 33,675 | ||||||
Unisem M Bhd | 11,800 | 8,345 | ||||||
Westports Holdings Bhd | 23,600 | 21,996 | ||||||
Yinson Holdings Bhd | 28,000 | 35,150 | ||||||
1,594,725 | ||||||||
Mexico — 2.4% | ||||||||
Alpek SAB de CV | 9,250 | 11,901 | ||||||
America Movil SAB de CV, Class L ADR | 9,457 | 171,361 | ||||||
Banco del Bajio SA | 29,800 | 72,459 | ||||||
Coca-Cola Femsa SAB de CV | 9,109 | 50,435 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1) | 3,564 | 68,037 | ||||||
GCC SAB de CV | 5,000 | 33,199 | ||||||
Genomma Lab Internacional SAB de CV, Class B | 38,700 | 35,278 | ||||||
Gentera SAB de CV(1) | 52,600 | 39,602 | ||||||
Gruma SAB de CV, B Shares | 8,410 | 113,887 | ||||||
Grupo Comercial Chedraui SA de CV | 8,000 | 18,026 | ||||||
Grupo Financiero Banorte SAB de CV | 57,500 | 390,211 | ||||||
Grupo Financiero Inbursa SAB de CV(1) | 97,900 | 159,988 | ||||||
Grupo Mexico SAB de CV, Series B | 66,000 | 337,138 | ||||||
Grupo Televisa SAB, ADR | 10,613 | 113,241 | ||||||
Industrias Penoles SAB de CV | 5,850 | 73,490 | ||||||
Megacable Holdings SAB de CV | 38,700 | 113,846 | ||||||
Nemak SAB de CV(1) | 111,950 | 23,231 | ||||||
Qualitas Controladora SAB de CV | 9,350 | 51,221 | ||||||
Regional SAB de CV | 11,250 | 66,810 | ||||||
1,943,361 | ||||||||
Philippines — 0.9% | ||||||||
Alliance Global Group, Inc. | 92,300 | 23,075 | ||||||
Ayala Corp. | 6,750 | 111,923 | ||||||
Bank of the Philippine Islands | 53,020 | 103,623 | ||||||
BDO Unibank, Inc. | 38,480 | 97,515 | ||||||
DMCI Holdings, Inc. | 174,600 | 28,913 | ||||||
First Gen Corp. | 6,300 | 3,437 | ||||||
Globe Telecom, Inc. | 735 | 36,931 | ||||||
GT Capital Holdings, Inc. | 2,380 | 26,953 | ||||||
International Container Terminal Services, Inc. | 8,120 | 33,466 | ||||||
JG Summit Holdings, Inc. | 33,270 | 39,297 | ||||||
Megaworld Corp. | 224,000 | 14,074 | ||||||
Metropolitan Bank & Trust Co. | 73,070 | 81,524 | ||||||
Nickel Asia Corp. | 186,900 | 28,312 | ||||||
PLDT, Inc., ADR(2) | 300 | 10,557 | ||||||
Puregold Price Club, Inc. | 23,000 | 15,802 | ||||||
Robinsons Retail Holdings, Inc. | 10,940 | 13,177 | ||||||
Security Bank Corp. | 21,850 | 49,872 |
88
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Semirara Mining & Power Corp. | 26,500 | $ | 14,369 | |||||
Universal Robina Corp. | 16,320 | 38,249 | ||||||
771,069 | ||||||||
Poland — 0.8% | ||||||||
Alior Bank SA(1) | 4,672 | 52,044 | ||||||
Bank Handlowy w Warszawie SA | 640 | 8,826 | ||||||
Bank Millennium SA(1) | 27,359 | 45,626 | ||||||
Budimex SA | 242 | 13,164 | ||||||
CD Projekt SA | 1,059 | 42,063 | ||||||
Ciech SA | 1,684 | 16,178 | ||||||
Grupa Azoty SA(1) | 607 | 4,704 | ||||||
Grupa Lotos SA(1) | 2,935 | 37,657 | ||||||
Jastrzebska Spolka Weglowa SA(1) | 2,423 | 28,304 | ||||||
KGHM Polska Miedz SA | 2,399 | 94,202 | ||||||
KRUK SA | 469 | 29,284 | ||||||
LPP SA | 25 | 51,416 | ||||||
Mercator Medical SA(1) | 72 | 1,150 | ||||||
Orange Polska SA(1) | 29,116 | 54,109 | ||||||
Polski Koncern Naftowy ORLEN SA | 8,423 | 142,280 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 39,239 | 51,713 | ||||||
672,720 | ||||||||
Russia — 0.4% | ||||||||
Globaltrans Investment plc, GDR | 15,648 | 29,257 | ||||||
LUKOIL PJSC, ADR | 7,931 | 148,761 | ||||||
Novolipetsk Steel PJSC, GDR | 7,086 | 54,327 | ||||||
VTB Bank PJSC, GDR | 76,299 | 54,172 | ||||||
286,517 | ||||||||
South Africa — 4.4% | ||||||||
Absa Group Ltd. | 21,231 | 244,086 | ||||||
AECI Ltd. | 4,930 | 34,768 | ||||||
Anglo American Platinum Ltd. | 1,068 | 166,535 | ||||||
AngloGold Ashanti Ltd., ADR | 12,214 | 283,853 | ||||||
ArcelorMittal South Africa Ltd.(1) | 18,172 | 10,373 | ||||||
Aspen Pharmacare Holdings Ltd. | 4,044 | 52,974 | ||||||
Astral Foods Ltd. | 2,051 | 21,770 | ||||||
Aveng Ltd.(1) | 8,033 | 10,064 | ||||||
Barloworld Ltd. | 8,715 | 69,546 | ||||||
Gold Fields Ltd., ADR | 23,566 | 330,395 | ||||||
Grindrod Shipping Holdings Ltd.(2) | 953 | 23,858 | ||||||
Harmony Gold Mining Co. Ltd., ADR | 30,014 | 127,560 | ||||||
Impala Platinum Holdings Ltd. | 19,083 | 363,996 | ||||||
KAP Industrial Holdings Ltd. | 138,769 | 42,241 | ||||||
Kumba Iron Ore Ltd. | 1,035 | 40,912 | ||||||
Motus Holdings Ltd. | 10,533 | 75,267 | ||||||
MTN Group Ltd.(1) | 40,738 | 508,514 | ||||||
Murray & Roberts Holdings Ltd.(1) | 2,491 | 2,044 | ||||||
Nedbank Group Ltd. | 2,611 | 37,175 | ||||||
Ninety One Ltd. | 1,384 | 4,515 | ||||||
Old Mutual Ltd. | 228,953 | 187,974 | ||||||
Omnia Holdings Ltd. | 10,908 | 45,127 | ||||||
PPC Ltd.(1) | 14,845 | 3,936 |
89
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Reinet Investments SCA | 3,689 | $ | 75,973 | |||||
Remgro Ltd. | 2,425 | 22,052 | ||||||
Royal Bafokeng Platinum Ltd. | 9,578 | 113,540 | ||||||
Sappi Ltd.(1) | 26,015 | 86,314 | ||||||
Sasol Ltd., ADR(1) | 12,659 | 290,777 | ||||||
Shoprite Holdings Ltd. | 2,019 | 30,116 | ||||||
Sibanye Stillwater Ltd., ADR | 12,971 | 248,006 | ||||||
Standard Bank Group Ltd. | 912 | 9,664 | ||||||
Telkom SA SOC Ltd.(1) | 22,496 | 60,412 | ||||||
3,624,337 | ||||||||
South Korea — 14.5% | ||||||||
Advanced Process Systems Corp.(1) | 564 | 10,599 | ||||||
Ananti, Inc.(1) | 4,469 | 34,935 | ||||||
Asiana Airlines, Inc.(1) | 1,951 | 31,526 | ||||||
BGF retail Co. Ltd. | 273 | 38,675 | ||||||
Binggrae Co. Ltd.(1) | 448 | 19,995 | ||||||
Bioneer Corp.(1) | 59 | 1,903 | ||||||
BNK Financial Group, Inc. | 21,836 | 143,747 | ||||||
Boditech Med, Inc. | 749 | 9,515 | ||||||
CJ CheilJedang Corp. | 335 | 106,113 | ||||||
CJ Corp. | 809 | 56,990 | ||||||
CJ ENM Co. Ltd. | 581 | 63,401 | ||||||
CJ Logistics Corp.(1) | 381 | 39,503 | ||||||
Cosmax, Inc.(1) | 357 | 25,728 | ||||||
Coway Co. Ltd. | 1,880 | 112,911 | ||||||
Cuckoo Homesys Co. Ltd.(1) | 487 | 15,725 | ||||||
Daeduck Electronics Co. Ltd. | 2,213 | 46,399 | ||||||
Daewoo Engineering & Construction Co. Ltd.(1) | 8,572 | 45,088 | ||||||
Daishin Securities Co. Ltd. | 3,023 | 42,924 | ||||||
Daou Data Corp. | 1,262 | 14,600 | ||||||
Daou Technology, Inc. | 1,438 | 25,907 | ||||||
DB Financial Investment Co. Ltd.(1) | 1,187 | 6,196 | ||||||
DB HiTek Co. Ltd. | 2,815 | 165,002 | ||||||
DB Insurance Co. Ltd. | 3,556 | 183,074 | ||||||
Dentium Co. Ltd.(1) | 245 | 12,429 | ||||||
DGB Financial Group, Inc. | 14,137 | 111,900 | ||||||
Dongjin Semichem Co. Ltd.(1) | 1,836 | 54,925 | ||||||
Dongkuk Steel Mill Co. Ltd. | 4,374 | 60,783 | ||||||
Dongwon F&B Co. Ltd. | 47 | 6,790 | ||||||
Dongwon Industries Co. Ltd. | 77 | 13,490 | ||||||
Dreamtech Co. Ltd. | 1,784 | 16,900 | ||||||
E-MART, Inc. | 1,160 | 126,503 | ||||||
Eugene Investment & Securities Co. Ltd.(1) | 4,137 | 11,668 | ||||||
Fila Holdings Corp. | 900 | 26,596 | ||||||
GOLFZON Co. Ltd.(1) | 111 | 14,117 | ||||||
GS Engineering & Construction Corp. | 3,972 | 142,750 | ||||||
GS Holdings Corp. | 2,504 | 83,731 | ||||||
GS Retail Co. Ltd. | 2,002 | 44,519 | ||||||
Halla Holdings Corp. | 581 | 19,697 | ||||||
Hana Financial Group, Inc. | 14,533 | 590,444 | ||||||
Handsome Co. Ltd. | 1,100 | 32,986 |
90
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Hankook Tire & Technology Co. Ltd. | 3,080 | $ | 90,747 | |||||
Hansae Co. Ltd. | 752 | 14,271 | ||||||
Hanwha Corp., Preference Shares | 1,870 | 23,918 | ||||||
Hanwha Corp. | 3,666 | 93,517 | ||||||
Hanwha Investment & Securities Co. Ltd.(1) | 6,437 | 26,075 | ||||||
Hanwha Life Insurance Co. Ltd.(1) | 17,681 | 43,664 | ||||||
Harim Holdings Co. Ltd. | 1,874 | 16,355 | ||||||
HDC Holdings Co. Ltd.(1) | 1,104 | 7,065 | ||||||
HDC Hyundai Development Co-Engineering & Construction, E Shares(1) | 2,113 | 28,437 | ||||||
Hite Jinro Co. Ltd.(1) | 1,082 | 32,196 | ||||||
HJ Shipbuilding & Construction Co. Ltd.(1) | 1,200 | 7,351 | ||||||
HMM Co. Ltd.(1) | 6,865 | 166,293 | ||||||
Humax Co. Ltd.(1) | 1,427 | 5,008 | ||||||
Hyosung Chemical Corp.(1) | 138 | 32,063 | ||||||
Hyosung Heavy Industries Corp.(1) | 208 | 9,757 | ||||||
Hyosung TNC Corp. | 107 | 43,510 | ||||||
Hyundai Doosan Infracore Co. Ltd.(1) | 5,780 | 32,738 | ||||||
Hyundai Electric & Energy System Co. Ltd.(1) | 1,272 | 21,821 | ||||||
Hyundai Elevator Co. Ltd.(1) | 1,174 | 37,149 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 2,420 | 88,166 | ||||||
Hyundai Home Shopping Network Corp. | 151 | 7,342 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 4,655 | 111,809 | ||||||
Hyundai Motor Co. | 3,274 | 481,758 | ||||||
Hyundai Steel Co. | 5,227 | 174,325 | ||||||
Hyundai Wia Corp. | 780 | 40,093 | ||||||
ICD Co. Ltd. | 881 | 7,400 | ||||||
Ilyang Pharmaceutical Co. Ltd. | 601 | 12,653 | ||||||
iMarketKorea, Inc. | 1,069 | 8,918 | ||||||
Industrial Bank of Korea | 16,481 | 148,058 | ||||||
Innocean Worldwide, Inc. | 188 | 7,840 | ||||||
JB Financial Group Co. Ltd. | 7,026 | 48,124 | ||||||
Jusung Engineering Co. Ltd. | 2,401 | 52,509 | ||||||
KB Financial Group, Inc., ADR(2) | 15,420 | 758,664 | ||||||
KCC Glass Corp. | 320 | 15,545 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.(1) | 848 | 26,361 | ||||||
Kginicis Co. Ltd. | 734 | 10,715 | ||||||
KH Vatec Co. Ltd. | 1,317 | 24,238 | ||||||
Kia Corp. | 10,630 | 659,010 | ||||||
KISCO Corp. | 2,176 | 15,336 | ||||||
KIWOOM Securities Co. Ltd.(1) | 1,033 | 87,717 | ||||||
Kolon Industries, Inc. | 1,006 | 49,622 | ||||||
Korea Electric Terminal Co. Ltd. | 348 | 16,956 | ||||||
Korea Investment Holdings Co. Ltd.(1) | 2,177 | 144,629 | ||||||
Korea Line Corp.(1) | 12,529 | 29,182 | ||||||
Korea Petrochemical Ind Co. Ltd.(1) | 223 | 31,898 | ||||||
Korean Air Lines Co. Ltd.(1) | 9,197 | 226,586 | ||||||
KTB Investment & Securities Co. Ltd.(1) | 3,757 | 15,955 | ||||||
Kumho Petrochemical Co. Ltd.(1) | 1,046 | 141,117 | ||||||
LF Corp. | 1,220 | 18,184 | ||||||
LG Display Co. Ltd., ADR(1)(2) | 21,254 | 166,631 |
91
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
LG Electronics, Inc. | 4,675 | $ | 488,053 | |||||
LG Innotek Co. Ltd. | 804 | 221,946 | ||||||
LG Uplus Corp. | 6,888 | 75,660 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 252 | 34,649 | ||||||
Lotte Rental Co. Ltd. | 1,220 | 38,789 | ||||||
Lotte Shopping Co. Ltd. | 614 | 43,872 | ||||||
LS Electric Co. Ltd. | 779 | 28,084 | ||||||
Lutronic Corp.(1) | 1,374 | 24,619 | ||||||
LX Hausys Ltd. | 450 | 20,746 | ||||||
LX Semicon Co. Ltd. | 767 | 73,673 | ||||||
Maeil Dairies Co. Ltd. | 165 | 9,376 | ||||||
Mcnex Co. Ltd. | 1,178 | 45,298 | ||||||
MegaStudyEdu Co. Ltd.(1) | 530 | 36,809 | ||||||
Meritz Financial Group, Inc. | 3,220 | 99,012 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 3,987 | 137,021 | ||||||
Meritz Securities Co. Ltd. | 23,671 | 115,916 | ||||||
Mirae Asset Life Insurance Co. Ltd. | 707 | 2,412 | ||||||
Mirae Asset Securities Co. Ltd. | 17,749 | 130,977 | ||||||
Nexen Tire Corp.(1) | 859 | 4,522 | ||||||
NH Investment & Securities Co. Ltd.(1) | 10,825 | 104,753 | ||||||
NICE Holdings Co. Ltd. | 1,180 | 16,443 | ||||||
Pan Ocean Co. Ltd. | 5,495 | 30,324 | ||||||
Partron Co. Ltd. | 2,693 | 25,929 | ||||||
S-Oil Corp. | 1,678 | 119,506 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 1,212 | 169,448 | ||||||
Samsung Engineering Co. Ltd.(1) | 9,195 | 179,625 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 1,786 | 284,011 | ||||||
Samsung Life Insurance Co. Ltd. | 2,264 | 113,199 | ||||||
Samsung Securities Co. Ltd. | 4,689 | 166,187 | ||||||
Samyang Foods Co. Ltd. | 173 | 12,657 | ||||||
Samyang Holdings Corp. | 187 | 13,024 | ||||||
Sangsangin Co. Ltd. | 4,231 | 33,018 | ||||||
SD Biosensor, Inc. | 949 | 43,266 | ||||||
Seah Besteel Corp. | 627 | 9,296 | ||||||
SeAH Steel Holdings Corp. | 50 | 5,310 | ||||||
Seegene, Inc. | 1,253 | 53,704 | ||||||
Shinhan Financial Group Co. Ltd., ADR | 18,286 | 592,832 | ||||||
Shinsegae, Inc. | 497 | 109,085 | ||||||
SIMMTECH Co. Ltd. | 1,741 | 78,159 | ||||||
SK Hynix, Inc. | 3,355 | 349,774 | ||||||
SK Networks Co. Ltd. | 8,256 | 30,462 | ||||||
SK Telecom Co. Ltd., ADR | 2,501 | 62,700 | ||||||
SK, Inc. | 711 | 135,808 | ||||||
SL Corp.(1) | 1,055 | 21,031 | ||||||
Soulbrain Co. Ltd. | 80 | 15,275 | ||||||
SPC Samlip Co. Ltd.(1) | 160 | 11,250 | ||||||
TES Co. Ltd. | 1,004 | 21,429 | ||||||
Tesna, Inc. | 942 | 35,005 | ||||||
Tongyang Life Insurance Co. Ltd. | 3,404 | 17,478 | ||||||
Unid Co. Ltd. | 317 | 23,118 | ||||||
Value Added Technology Co. Ltd.(1) | 652 | 19,985 |
92
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
WONIK IPS Co. Ltd. | 1,028 | $ | 31,038 | |||||
Woori Financial Group, Inc. | 33,231 | 397,496 | ||||||
Woori Technology Investment Co. Ltd.(1) | 5,046 | 36,140 | ||||||
Youngone Corp.(1) | 883 | 31,403 | ||||||
Youngone Holdings Co. Ltd.(1) | 332 | 12,881 | ||||||
Yuanta Securities Korea Co. Ltd.(1) | 5,679 | 16,878 | ||||||
Zinus, Inc.(1) | 373 | 23,415 | ||||||
12,053,736 | ||||||||
Taiwan — 19.2% | ||||||||
AcBel Polytech, Inc. | 15,000 | 18,099 | ||||||
Acer, Inc. | 126,000 | 130,766 | ||||||
Acter Group Corp. Ltd. | 5,000 | 39,475 | ||||||
Advanced International Multitech Co. Ltd. | 5,000 | 15,238 | ||||||
Advanced Power Electronics Corp. | 4,000 | 14,705 | ||||||
Alexander Marine Co. Ltd. | 2,000 | 9,902 | ||||||
Allied Circuit Co. Ltd. | 2,000 | 13,659 | ||||||
Alltek Technology Corp. | 10,000 | 12,214 | ||||||
Alltop Technology Co. Ltd. | 3,000 | 19,841 | ||||||
Anji Technology Co. Ltd. | 3,000 | 5,237 | ||||||
Apex International Co. Ltd. | 13,000 | 46,857 | ||||||
Arcadyan Technology Corp. | 4,000 | 16,568 | ||||||
Ardentec Corp. | 36,000 | 65,978 | ||||||
ASE Technology Holding Co. Ltd., ADR | 38,167 | 275,947 | ||||||
Asia Cement Corp. | 96,000 | 155,161 | ||||||
Asia Vital Components Co. Ltd. | 19,000 | 75,967 | ||||||
ASolid Technology Co. Ltd. | 2,000 | 10,087 | ||||||
ASROCK, Inc. | 1,000 | 8,177 | ||||||
AU Optronics Corp. | 320,000 | 239,577 | ||||||
AURAS Technology Co. Ltd. | 5,000 | 46,353 | ||||||
Avermedia Technologies(1) | 2,000 | 1,965 | ||||||
BenQ Materials Corp. | 13,000 | 15,807 | ||||||
Bioteque Corp. | 5,000 | 19,222 | ||||||
Brighton-Best International Taiwan, Inc. | 22,000 | 31,491 | ||||||
Capital Securities Corp. | 121,000 | 68,468 | ||||||
Career Technology MFG. Co. Ltd.(1) | 9,000 | 7,699 | ||||||
Catcher Technology Co. Ltd. | 32,000 | 164,250 | ||||||
Cathay Financial Holding Co. Ltd. | 304,000 | 683,585 | ||||||
Central Reinsurance Co. Ltd. | 12,000 | 12,407 | ||||||
Charoen Pokphand Enterprise | 9,000 | 27,233 | ||||||
Cheng Loong Corp. | 31,000 | 38,257 | ||||||
Chia Chang Co. Ltd. | 7,000 | 12,135 | ||||||
Chicony Electronics Co. Ltd. | 26,000 | 83,634 | ||||||
Chicony Power Technology Co. Ltd. | 7,000 | 19,883 | ||||||
China Airlines Ltd.(1) | 204,000 | 208,005 | ||||||
China Development Financial Holding Corp. | 663,728 | 454,531 | ||||||
China Development Financial Holding Corp., Preference Shares(1) | 59,976 | 19,939 | ||||||
China General Plastics Corp. | 20,000 | 24,893 | ||||||
China Metal Products | 24,000 | 30,823 | ||||||
China Steel Corp. | 69,000 | 89,724 | ||||||
Chipbond Technology Corp. | 39,000 | 97,042 | ||||||
ChipMOS Technologies, Inc. | 40,000 | 75,551 |
93
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Chlitina Holding Ltd. | 3,000 | $ | 22,621 | |||||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 19,000 | 28,567 | ||||||
CMC Magnetics Corp.(1) | 34,000 | 13,375 | ||||||
Compal Electronics, Inc. | 292,000 | 266,015 | ||||||
Compeq Manufacturing Co. Ltd. | 65,000 | 112,637 | ||||||
Concord Securities Co. Ltd. | 46,000 | 22,151 | ||||||
Continental Holdings Corp. | 11,000 | 9,258 | ||||||
Contrel Technology Co. Ltd. | 7,000 | 4,861 | ||||||
CTBC Financial Holding Co. Ltd. | 520,000 | 508,288 | ||||||
CTCI Corp. | 43,000 | 63,288 | ||||||
CX Technology Co. Ltd. | 2,000 | 2,774 | ||||||
DA CIN Construction Co. Ltd. | 16,000 | 18,885 | ||||||
Darfon Electronics Corp. | 14,000 | 22,889 | ||||||
Daxin Materials Corp. | 3,000 | 12,928 | ||||||
Dimerco Express Corp. | 9,000 | 32,722 | ||||||
Dynamic Electronics Co. Ltd. | 22,000 | 19,714 | ||||||
Dynapack International Technology Corp. | 8,000 | 28,618 | ||||||
Edom Technology Co. Ltd. | 12,000 | 16,016 | ||||||
Elan Microelectronics Corp. | 13,000 | 77,208 | ||||||
Elite Advanced Laser Corp. | 9,000 | 16,510 | ||||||
Elite Material Co. Ltd. | 16,000 | 156,900 | ||||||
Elite Semiconductor Microelectronics Technology, Inc. | 18,000 | 94,773 | ||||||
Eva Airways Corp.(1) | 120,000 | 141,355 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 92,000 | 483,300 | ||||||
Everlight Electronics Co. Ltd. | 29,000 | 52,232 | ||||||
Excelliance Mos Corp. | 2,000 | 13,512 | ||||||
Far Eastern New Century Corp. | 124,000 | 131,445 | ||||||
Far EasTone Telecommunications Co. Ltd.(1) | 88,000 | 217,653 | ||||||
Farglory Land Development Co. Ltd. | 19,000 | 41,568 | ||||||
Fitipower Integrated Technology, Inc. | 4,000 | 32,446 | ||||||
Fittech Co. Ltd. | 4,000 | 28,994 | ||||||
FLEXium Interconnect, Inc.(1) | 13,000 | 44,377 | ||||||
FocalTech Systems Co. Ltd. | 6,000 | 33,286 | ||||||
Formosa International Hotels Corp. | 3,000 | 19,170 | ||||||
Formosan Union Chemical | 34,000 | 34,347 | ||||||
Foxconn Technology Co. Ltd. | 42,000 | 96,674 | ||||||
Foxsemicon Integrated Technology, Inc. | 4,000 | 31,406 | ||||||
Fu Chun Shin Machinery Manufacture Co. Ltd. | 6,000 | 3,839 | ||||||
Fubon Financial Holding Co. Ltd. | 236,000 | 637,215 | ||||||
Full Wang International Development Co. Ltd. | 5,000 | 3,201 | ||||||
Gamania Digital Entertainment Co. Ltd. | 14,000 | 31,839 | ||||||
GEM Services, Inc. | 1,000 | 3,326 | ||||||
General Interface Solution Holding Ltd. | 10,000 | 32,539 | ||||||
Generalplus Technology, Inc. | 4,000 | 10,003 | ||||||
Global Brands Manufacture Ltd.(1) | 19,760 | 25,534 | ||||||
Global Lighting Technologies, Inc. | 3,000 | 7,907 | ||||||
Global PMX Co. Ltd. | 1,000 | 5,818 | ||||||
Gold Circuit Electronics Ltd. | 9,000 | 26,375 | ||||||
Goldsun Building Materials Co. Ltd. | 2,000 | 1,898 | ||||||
Gourmet Master Co. Ltd. | 2,000 | 8,180 | ||||||
Grand Fortune Securities Co. Ltd. | 18,000 | 12,930 |
94
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Grand Pacific Petrochemical | 46,000 | $ | 47,181 | |||||
Great Tree Pharmacy Co. Ltd. | 1,000 | 9,666 | ||||||
Greatek Electronics, Inc. | 19,000 | 49,728 | ||||||
Group Up Industrial Co. Ltd. | 4,000 | 12,340 | ||||||
Hai Kwang Enterprise Corp. | 4,000 | 4,767 | ||||||
Hannstar Board Corp. | 21,000 | 33,875 | ||||||
HannStar Display Corp. | 85,000 | 49,024 | ||||||
HannsTouch Solution, Inc. | 44,000 | 22,043 | ||||||
Ho Tung Chemical Corp. | 73,000 | 27,763 | ||||||
Hocheng Corp. | 12,000 | 6,431 | ||||||
Holy Stone Enterprise Co. Ltd. | 6,000 | 25,274 | ||||||
Hon Hai Precision Industry Co. Ltd. | 113,000 | 419,745 | ||||||
Horizon Securities Co. Ltd. | 7,000 | 3,957 | ||||||
Hotai Finance Co. Ltd. | 10,000 | 44,440 | ||||||
Hung Ching Development & Construction Co. Ltd. | 4,000 | 4,396 | ||||||
Hycon Technology Corp. | 3,000 | 15,819 | ||||||
Innolux Corp. | 325,000 | 197,767 | ||||||
Integrated Service Technology, Inc. | 4,000 | 6,917 | ||||||
International CSRC Investment Holdings Co. | 52,000 | 47,696 | ||||||
International Games System Co. Ltd. | 3,000 | 74,149 | ||||||
Inventec Corp. | 102,000 | 94,197 | ||||||
ITE Technology, Inc.(1) | 5,000 | 19,610 | ||||||
Kaori Heat Treatment Co. Ltd. | 7,000 | 12,519 | ||||||
Kenda Rubber Industrial Co. Ltd. | 13,000 | 14,028 | ||||||
Kerry TJ Logistics Co. Ltd. | 7,000 | 10,809 | ||||||
Kindom Development Co. Ltd. | 24,000 | 32,003 | ||||||
King Yuan Electronics Co. Ltd. | 77,000 | 121,304 | ||||||
King's Town Bank Co. Ltd. | 54,000 | 78,027 | ||||||
Kinik Co. | 12,000 | 46,078 | ||||||
Kinsus Interconnect Technology Corp. | 10,000 | 83,203 | ||||||
KNH Enterprise Co. Ltd. | 2,000 | 1,670 | ||||||
L&K Engineering Co. Ltd. | 14,000 | 15,790 | ||||||
Largan Precision Co. Ltd. | 1,000 | 72,673 | ||||||
Leadtek Research, Inc.(1) | 3,000 | 7,507 | ||||||
Macronix International Co. Ltd. | 90,000 | 142,470 | ||||||
Marketech International Corp. | 3,000 | 16,146 | ||||||
Materials Analysis Technology, Inc. | 4,000 | 20,807 | ||||||
Megaforce Co. Ltd. | 3,000 | 2,535 | ||||||
Micro-Star International Co. Ltd. | 14,000 | 78,915 | ||||||
MIN AIK Technology Co. Ltd.(1) | 1,000 | 803 | ||||||
Mirle Automation Corp. | 15,000 | 22,632 | ||||||
MPI Corp. | 3,000 | 11,569 | ||||||
Namchow Holdings Co. Ltd. | 4,000 | 7,016 | ||||||
Nan Liu Enterprise Co. Ltd. | 1,000 | 4,078 | ||||||
Nan Ya Printed Circuit Board Corp. | 6,000 | 114,898 | ||||||
Nantex Industry Co. Ltd. | 12,000 | 31,965 | ||||||
Nanya Technology Corp. | 65,000 | 182,026 | ||||||
Netronix, Inc. | 3,000 | 5,494 | ||||||
Nien Made Enterprise Co. Ltd. | 4,000 | 51,855 | ||||||
Novatek Microelectronics Corp. | 29,000 | 480,775 | ||||||
Nyquest Technology Co. Ltd. | 2,000 | 10,714 |
95
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
O-Bank Co. Ltd. | 4,000 | $ | 1,266 | |||||
OptoTech Corp. | 34,000 | 64,692 | ||||||
Orient Semiconductor Electronics Ltd.(1) | 36,000 | 29,732 | ||||||
Pacific Hospital Supply Co. Ltd. | 1,000 | 2,595 | ||||||
Pegatron Corp. | 102,000 | 252,813 | ||||||
Pegavision Corp. | 1,000 | 15,779 | ||||||
PharmaEngine, Inc. | 9,000 | 25,205 | ||||||
Pou Chen Corp. | 64,000 | 73,806 | ||||||
Powertech Technology, Inc. | 34,000 | 115,326 | ||||||
President Securities Corp. | 42,000 | 32,481 | ||||||
Prince Housing & Development Corp. | 83,000 | 41,034 | ||||||
Prosperity Dielectrics Co. Ltd. | 4,000 | 8,078 | ||||||
Radiant Opto-Electronics Corp. | 18,000 | 65,085 | ||||||
Realtek Semiconductor Corp. | 25,000 | 412,199 | ||||||
Rexon Industrial Corp. Ltd. | 4,000 | 6,162 | ||||||
Scientech Corp. | 4,000 | 12,758 | ||||||
Sensortek Technology Corp. | 1,000 | 15,727 | ||||||
Shih Her Technologies, Inc. | 2,000 | 5,159 | ||||||
Shin Foong Specialty & Applied Materials Co. Ltd. | 3,000 | 15,957 | ||||||
Shin Kong Financial Holding Co. Ltd. | 422,000 | 171,136 | ||||||
Shin Zu Shing Co. Ltd. | 6,000 | 19,491 | ||||||
Sigurd Microelectronics Corp. | 30,000 | 61,632 | ||||||
Silicon Optronics, Inc. | 3,000 | 11,500 | ||||||
Sino-American Silicon Products, Inc. | 24,000 | 157,828 | ||||||
Sinon Corp. | 37,000 | 42,879 | ||||||
SinoPac Financial Holdings Co. Ltd. | 583,000 | 357,998 | ||||||
Sinopower Semiconductor, Inc. | 1,000 | 5,369 | ||||||
Sinyi Realty, Inc. | 17,000 | 20,638 | ||||||
Sitronix Technology Corp. | 8,000 | 84,758 | ||||||
Soft-World International Corp. | 4,000 | 13,340 | ||||||
Softstar Entertainment, Inc. | 4,000 | 12,752 | ||||||
Solteam, Inc. | 5,000 | 14,552 | ||||||
Sonix Technology Co. Ltd. | 12,000 | 37,874 | ||||||
Symtek Automation Asia Co. Ltd. | 3,000 | 12,346 | ||||||
T3EX Global Holdings Corp. | 7,000 | 33,788 | ||||||
TA Chen Stainless Pipe(1) | 77,000 | 147,212 | ||||||
TA-I Technology Co. Ltd. | 4,000 | 8,732 | ||||||
Tai Tung Communication Co. Ltd.(1) | 5,000 | 3,229 | ||||||
Taichung Commercial Bank Co. Ltd. | 188,866 | 90,600 | ||||||
TaiDoc Technology Corp. | 2,000 | 12,893 | ||||||
Taimide Tech, Inc. | 6,000 | 9,973 | ||||||
Taishin Financial Holding Co. Ltd. | 580,000 | 406,479 | ||||||
Taita Chemical Co. Ltd. | 10,000 | 11,819 | ||||||
Taiwan Business Bank | 347,000 | 138,132 | ||||||
Taiwan Cogeneration Corp. | 13,000 | 17,209 | ||||||
Taiwan Glass Industry Corp. | 35,000 | 29,127 | ||||||
Taiwan High Speed Rail Corp. | 107,000 | 113,246 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 14,000 | 37,705 | ||||||
Taiwan Mobile Co. Ltd. | 38,000 | 140,520 | ||||||
Taiwan Paiho Ltd. | 6,000 | 16,895 | ||||||
Taiwan PCB Techvest Co. Ltd. | 23,000 | 42,375 |
96
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Taiwan Surface Mounting Technology Corp. | 16,000 | $ | 67,510 | |||||
Tex-Ray Industrial Co. Ltd. | 4,000 | 2,155 | ||||||
Tong Yang Industry Co. Ltd. | 20,000 | 23,357 | ||||||
Topco Scientific Co. Ltd. | 13,000 | 80,524 | ||||||
Topkey Corp. | 1,000 | 4,873 | ||||||
TPK Holding Co. Ltd. | 13,000 | 18,012 | ||||||
Tripod Technology Corp. | 22,000 | 100,866 | ||||||
Tsann Kuen Enterprise Co. Ltd. | 7,000 | 9,107 | ||||||
TTY Biopharm Co. Ltd. | 9,000 | 21,982 | ||||||
Tung Ho Steel Enterprise Corp.(1) | 20,340 | 51,233 | ||||||
TXC Corp. | 14,000 | 48,938 | ||||||
UDE Corp. | 2,000 | 3,723 | ||||||
Union Bank of Taiwan(1) | 87,000 | 42,922 | ||||||
Unitech Computer Co. Ltd. | 5,000 | 6,300 | ||||||
United Integrated Services Co. Ltd. | 8,000 | 50,647 | ||||||
United Microelectronics Corp.(1) | 35,000 | 65,952 | ||||||
Universal, Inc. | 2,000 | 2,881 | ||||||
Unizyx Holding Corp.(1) | 24,000 | 27,821 | ||||||
USI Corp. | 33,000 | 33,846 | ||||||
Utechzone Co. Ltd. | 3,000 | 10,417 | ||||||
Vanguard International Semiconductor Corp. | 41,000 | 186,073 | ||||||
Walsin Technology Corp.(1) | 11,000 | 58,265 | ||||||
Wan Hai Lines Ltd. | 19,000 | 129,418 | ||||||
Wei Chuan Foods Corp. | 14,000 | 10,836 | ||||||
Weikeng Industrial Co. Ltd. | 16,000 | 17,728 | ||||||
Wha Yu Industrial Co. Ltd. | 9,000 | 6,696 | ||||||
Wholetech System Hitech Ltd. | 5,000 | 9,400 | ||||||
Winbond Electronics Corp. | 187,000 | 225,202 | ||||||
Wisdom Marine Lines Co. Ltd. | 19,000 | 61,814 | ||||||
Wistron Corp. | 221,000 | 232,904 | ||||||
Wistron NeWeb Corp. | 18,000 | 45,848 | ||||||
Wowprime Corp. | 5,000 | 24,519 | ||||||
WT Microelectronics Co. Ltd. | 32,000 | 95,890 | ||||||
XinTec, Inc. | 8,000 | 34,543 | ||||||
Yageo Corp. | 1,201 | 19,705 | ||||||
Yang Ming Marine Transport Corp.(1) | 37,000 | 156,380 | ||||||
YFY, Inc. | 44,000 | 53,150 | ||||||
Youngtek Electronics Corp. | 9,000 | 26,716 | ||||||
Yulon Finance Corp. | 13,000 | 94,594 | ||||||
Yulon Motor Co. Ltd. | 36,000 | 53,001 | ||||||
Zhen Ding Technology Holding Ltd. | 27,000 | 89,553 | ||||||
Zinwell Corp.(1) | 9,000 | 5,911 | ||||||
Zippy Technology Corp. | 8,000 | 12,135 | ||||||
ZongTai Real Estate Development Co. Ltd. | 7,000 | 9,862 | ||||||
15,879,903 | ||||||||
Thailand — 2.4% | ||||||||
AAPICO Hitech PCL, NVDR | 10,300 | 7,244 | ||||||
Advanced Info Service PCL, NVDR | 26,800 | 188,654 | ||||||
Advanced Information Technology PCL, NVDR | 38,000 | 8,220 | ||||||
AEON Thana Sinsap Thailand PCL, NVDR | 4,000 | 24,244 | ||||||
Amanah Leasing PCL, NVDR | 3,500 | 570 |
97
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
AP Thailand PCL, NVDR | 138,000 | $ | 44,857 | |||||
Asia Plus Group Holdings PCL, NVDR | 85,800 | 10,206 | ||||||
Bangchak Corp. PCL, NVDR | 25,300 | 24,118 | ||||||
Bangkok Chain Hospital PCL, NVDR | 40,300 | 23,567 | ||||||
BEC World PCL, NVDR(1) | 56,800 | 28,832 | ||||||
Better World Green PCL, NVDR(1) | 97,400 | 2,964 | ||||||
BG Container Glass PCL, NVDR | 7,800 | 2,440 | ||||||
CH Karnchang PCL, NVDR | 43,200 | 27,871 | ||||||
Charoen Pokphand Foods PCL, NVDR | 63,200 | 48,968 | ||||||
Chularat Hospital PCL, NVDR | 150,200 | 16,104 | ||||||
Dynasty Ceramic PCL, NVDR | 121,800 | 11,176 | ||||||
Ekachai Medical Care PCL, NVDR | 5,900 | 1,407 | ||||||
Electricity Generating PCL, NVDR | 6,000 | 33,050 | ||||||
GFPT PCL, NVDR | 5,000 | 2,009 | ||||||
Ichitan Group PCL, NVDR | 2,000 | 632 | ||||||
Indorama Ventures PCL, NVDR | 41,800 | 57,912 | ||||||
Interlink Communication PCL, NVDR | 4,000 | 1,051 | ||||||
IRPC PCL, NVDR | 222,900 | 26,129 | ||||||
Italian-Thai Development PCL, NVDR(1) | 233,300 | 14,783 | ||||||
Jasmine International PCL, NVDR(1) | 203,400 | 22,483 | ||||||
JWD Infologistics PCL, NVDR | 15,400 | 8,598 | ||||||
KGI Securities Thailand PCL, NVDR | 90,200 | 18,549 | ||||||
Kiatnakin Phatra Bank PCL, NVDR | 9,200 | 19,270 | ||||||
Krung Thai Bank PCL, NVDR | 70,000 | 30,116 | ||||||
Krungthai Card PCL, NVDR | 13,100 | 25,493 | ||||||
Lanna Resources PCL, NVDR | 5,400 | 3,162 | ||||||
MCS Steel PCL, NVDR | 29,200 | 13,242 | ||||||
Mega Lifesciences PCL, NVDR | 13,100 | 17,256 | ||||||
MFEC PCL, NVDR | 16,900 | 4,990 | ||||||
Mono Technology PCL, NVDR(1) | 42,500 | 3,616 | ||||||
Muangthai Capital PCL, NVDR | 16,300 | 25,817 | ||||||
Noble Development PCL, NVDR | 12,500 | 2,066 | ||||||
Origin Property PCL, NVDR | 37,800 | 13,841 | ||||||
Plan B Media PCL, NVDR(1) | 119,788 | 29,231 | ||||||
Polyplex Thailand PCL, NVDR | 4,600 | 3,844 | ||||||
Precious Shipping PCL, NVDR | 20,400 | 10,983 | ||||||
Premier Marketing PCL, NVDR | 3,900 | 1,154 | ||||||
Prima Marine PCL, NVDR | 15,400 | 2,717 | ||||||
Pruksa Holding PCL, NVDR | 58,100 | 25,614 | ||||||
PTG Energy PCL, NVDR | 19,000 | 8,407 | ||||||
PTT Exploration & Production PCL, NVDR | 31,000 | 130,518 | ||||||
PTT Global Chemical PCL, NVDR | 52,300 | 85,232 | ||||||
PTT Oil & Retail Business PCL, NVDR | 33,100 | 26,229 | ||||||
PTT PCL, NVDR | 192,300 | 234,081 | ||||||
Quality Houses PCL, NVDR | 439,200 | 30,722 | ||||||
Ratchthani Leasing PCL, NVDR | 32,000 | 4,288 | ||||||
Regional Container Lines PCL, NVDR | 8,700 | 12,653 | ||||||
Sansiri PCL, NVDR | 732,400 | 27,740 | ||||||
Sappe PCL, NVDR | 1,000 | 760 | ||||||
SC Asset Corp. PCL, NVDR | 178,100 | 21,255 | ||||||
Sermsang Power Corp. Co. Ltd., NVDR | 49,300 | 17,999 |
98
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Siam Cement PCL (The), NVDR | 11,700 | $ | 140,805 | |||||
Siam Commercial Bank PCL (The), NVDR | 21,600 | 83,468 | ||||||
Siamgas & Petrochemicals PCL, NVDR | 16,700 | 7,127 | ||||||
SNC Former PCL, NVDR | 10,100 | 5,297 | ||||||
SPCG PCL, NVDR | 17,600 | 9,603 | ||||||
Sri Trang Agro-Industry PCL, NVDR | 26,000 | 21,351 | ||||||
Srisawad Corp. PCL, NVDR | 11,700 | 20,771 | ||||||
Srivichai Vejvivat PCL, NVDR | 3,000 | 945 | ||||||
Super Energy Corp. PCL, NVDR | 733,400 | 20,695 | ||||||
SVI PCL, NVDR | 12,100 | 3,157 | ||||||
Synnex Thailand PCL, NVDR | 9,000 | 7,334 | ||||||
Taokaenoi Food & Marketing PCL, NVDR | 2,900 | 712 | ||||||
Thai Vegetable Oil PCL, NVDR | 27,400 | 27,298 | ||||||
Thaicom PCL, NVDR | 25,000 | 7,524 | ||||||
Thonburi Healthcare Group PCL, NVDR | 27,300 | 41,591 | ||||||
Tipco Asphalt PCL, NVDR | 32,100 | 17,995 | ||||||
Tisco Financial Group PCL, NVDR | 5,500 | 16,500 | ||||||
TPI Polene PCL, NVDR | 267,500 | 14,197 | ||||||
TPI Polene Power PCL, NVDR | 45,900 | 5,735 | ||||||
True Corp. PCL, NVDR | 436,800 | 67,144 | ||||||
U City PCL, NVDR(1) | 194,700 | 10,361 | ||||||
2,018,544 | ||||||||
Turkey — 0.4% | ||||||||
Akbank T.A.S. | 68,438 | 34,933 | ||||||
Aksa Akrilik Kimya Sanayii AS | 5,425 | 14,130 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 951 | 3,227 | ||||||
Dyo Boya Fabrikalari Sanayi ve Ticaret AS | 358 | 210 | ||||||
GSD Holding AS(1) | 19,304 | 3,692 | ||||||
Haci Omer Sabanci Holding AS | 34,181 | 38,446 | ||||||
Is Finansal Kiralama AS(1) | 1,524 | 305 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A(1) | 7,941 | 5,840 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1) | 23,428 | 19,826 | ||||||
KOC Holding AS | 11,590 | 26,540 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(1) | 3,580 | 5,078 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 394 | 2,289 | ||||||
Turk Hava Yollari AO(1) | 18,919 | 35,021 | ||||||
Turkcell Iletisim Hizmetleri AS, ADR | 4,487 | 15,884 | ||||||
Turkiye Garanti Bankasi AS | 23,881 | 19,140 | ||||||
Turkiye Halk Bankasi AS(1) | 2,369 | 751 | ||||||
Turkiye Is Bankasi AS, C Shares | 38,483 | 22,282 | ||||||
Turkiye Petrol Rafinerileri AS(1) | 3,179 | 44,369 | ||||||
Turkiye Vakiflar Bankasi TAO, D Shares(1) | 13,736 | 3,321 | ||||||
Vestel Elektronik Sanayi ve Ticaret AS | 3,084 | 5,015 | ||||||
Yapi ve Kredi Bankasi AS | 86,637 | 22,377 | ||||||
Yesil Yapi Endustrisi AS(1) | 17,017 | 1,050 | ||||||
323,726 | ||||||||
TOTAL COMMON STOCKS (Cost $84,239,186) | 82,515,343 | |||||||
WARRANTS† | ||||||||
Malaysia† | ||||||||
PESTECH International Bhd(1) | 1,700 | 123 |
99
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Thailand† | ||||||||
Advanced Information Technology PCL, NVDR(1) | 19,000 | $ | 2,373 | |||||
Plan B Media PCL, NVDR(1) | 2,044 | 99 | ||||||
2,472 | ||||||||
TOTAL WARRANTS (Cost $—) | 2,595 | |||||||
RIGHTS† | ||||||||
Thailand† | ||||||||
Bangchak Corp. PCL, NVDR(1) (Cost $—) | 1,225 | — | ||||||
SHORT-TERM INVESTMENTS — 1.0% | ||||||||
Money Market Funds — 1.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 29,291 | 29,291 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 804,318 | 804,318 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $833,609) | 833,609 | |||||||
TOTAL INVESTMENT SECURITIES — 100.6% (Cost $85,072,795) | 83,351,547 | |||||||
OTHER ASSETS AND LIABILITIES — (0.6)% | (469,766) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 82,881,781 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 23.3% | ||||
Materials | 15.7% | ||||
Information Technology | 14.0% | ||||
Industrials | 10.7% | ||||
Consumer Discretionary | 9.2% | ||||
Communication Services | 6.6% | ||||
Energy | 6.0% | ||||
Consumer Staples | 4.4% | ||||
Health Care | 4.1% | ||||
Real Estate | 3.7% | ||||
Utilities | 1.9% | ||||
Short-Term Investments | 1.0% | ||||
Other Assets and Liabilities | (0.6)% |
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 $1,488,922. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,551,890, which includes securities collateral of $747,572.
See Notes to Financial Statements.
100
FEBRUARY 28, 2022 (UNAUDITED)
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Australia — 7.0% | ||||||||
29Metals Ltd.(1) | 30,081 | $ | 59,521 | |||||
Accent Group Ltd. | 38,175 | 52,016 | ||||||
Adairs Ltd.(2) | 18,374 | 38,383 | ||||||
Adbri Ltd. | 52,893 | 127,848 | ||||||
Aeris Resources Ltd.(1)(2) | 410,168 | 38,016 | ||||||
AGL Energy Ltd. | 46,593 | 254,916 | ||||||
Alkane Resources Ltd.(1) | 41,938 | 31,651 | ||||||
Alliance Aviation Services Ltd.(1) | 12,349 | 28,938 | ||||||
Allkem Ltd.(1) | 14,401 | 96,040 | ||||||
ALS Ltd. | 28,620 | 248,099 | ||||||
Altium Ltd. | 7,451 | 176,186 | ||||||
Alumina Ltd. | 137,794 | 199,110 | ||||||
AMA Group Ltd.(1)(2) | 2,514 | 600 | ||||||
AMP Ltd.(1) | 310,215 | 213,645 | ||||||
Ampol Ltd. | 8,558 | 184,856 | ||||||
Ansell Ltd. | 3,610 | 67,643 | ||||||
APA Group | 35,097 | 256,576 | ||||||
ARB Corp. Ltd. | 6,279 | 190,724 | ||||||
Ardent Leisure Group Ltd.(1) | 17,658 | 20,689 | ||||||
Aristocrat Leisure Ltd. | 24,748 | 678,838 | ||||||
ASX Ltd. | 24,060 | 1,445,079 | ||||||
Atlas Arteria Ltd. | 15,649 | 74,412 | ||||||
Atlassian Corp. plc, Class A(1) | 7,021 | 2,146,460 | ||||||
AUB Group Ltd. | 3,110 | 49,162 | ||||||
Aurelia Metals Ltd.(1) | 304,409 | 99,487 | ||||||
Aurizon Holdings Ltd. | 345,005 | 880,077 | ||||||
Austal Ltd. | 109,424 | 152,707 | ||||||
Australia & New Zealand Banking Group Ltd. | 198,675 | 3,761,284 | ||||||
Australian Agricultural Co. Ltd.(1) | 49,709 | 59,704 | ||||||
Australian Ethical Investment Ltd. | 12,659 | 66,300 | ||||||
Australian Finance Group Ltd. | 53,619 | 86,344 | ||||||
Australian Pharmaceutical Industries Ltd. | 76,032 | 84,595 | ||||||
AVZ Minerals Ltd.(1)(2) | 57,802 | 33,830 | ||||||
Baby Bunting Group Ltd. | 10,182 | 34,872 | ||||||
Bank of Queensland Ltd. | 50,899 | 296,315 | ||||||
Bapcor Ltd. | 17,603 | 83,077 | ||||||
Beach Energy Ltd. | 453,139 | 504,741 | ||||||
Bega Cheese Ltd. | 62,433 | 213,656 | ||||||
Bendigo & Adelaide Bank Ltd. | 67,379 | 470,245 | ||||||
BHP Group Ltd., ADR | 137,887 | 9,347,360 | ||||||
Blackmores Ltd. | 634 | 38,103 | ||||||
BlueScope Steel Ltd. | 63,416 | 939,055 | ||||||
Brambles Ltd. | 140,872 | 1,014,662 | ||||||
Bravura Solutions Ltd. | 16,149 | 19,782 | ||||||
Breville Group Ltd.(2) | 6,298 | 124,602 | ||||||
Brickworks Ltd. | 4,607 | 71,215 | ||||||
BWX Ltd. | 6,368 | 11,288 | ||||||
Calix Ltd.(1) | 14,841 | 62,460 |
101
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
carsales.com Ltd. | 15,214 | $ | 230,149 | |||||
Cedar Woods Properties Ltd. | 7,397 | 25,069 | ||||||
Challenger Ltd. | 128,493 | 631,907 | ||||||
Champion Iron Ltd. | 64,890 | 305,957 | ||||||
CIMIC Group Ltd.(2) | 1,975 | 31,768 | ||||||
City Chic Collective Ltd.(1)(2) | 8,094 | 23,275 | ||||||
Cleanaway Waste Management Ltd. | 253,239 | 511,080 | ||||||
Cochlear Ltd. | 2,758 | 450,227 | ||||||
Codan Ltd. | 7,802 | 41,699 | ||||||
Coles Group Ltd. | 106,381 | 1,345,835 | ||||||
Collins Foods Ltd. | 8,619 | 69,101 | ||||||
Commonwealth Bank of Australia | 72,644 | 4,928,420 | ||||||
Computershare Ltd. | 11,334 | 179,081 | ||||||
Coronado Global Resources, Inc.(1) | 165,950 | 199,525 | ||||||
Costa Group Holdings Ltd. | 47,871 | 94,770 | ||||||
Credit Corp. Group Ltd. | 7,623 | 169,999 | ||||||
Crown Resorts Ltd.(1) | 7,411 | 66,979 | ||||||
CSL Ltd. | 16,502 | 3,137,427 | ||||||
CSR Ltd. | 72,164 | 301,251 | ||||||
Data#3 Ltd. | 3,839 | 15,097 | ||||||
Deterra Royalties Ltd. | 19,303 | 62,753 | ||||||
Dicker Data Ltd.(2) | 6,026 | 62,127 | ||||||
Domain Holdings Australia Ltd. | 5,294 | 15,367 | ||||||
Domino's Pizza Enterprises Ltd. | 3,067 | 177,095 | ||||||
Downer EDI Ltd. | 52,490 | 193,463 | ||||||
Eagers Automotive Ltd. | 9,937 | 102,016 | ||||||
Eclipx Group Ltd.(1) | 67,605 | 114,356 | ||||||
Elders Ltd. | 9,295 | 78,120 | ||||||
Emeco Holdings Ltd. | 85,941 | 57,295 | ||||||
EML Payments Ltd.(1) | 57,267 | 101,597 | ||||||
Endeavour Group Ltd. | 72,914 | 380,809 | ||||||
EVENT Hospitality and Entertainment Ltd.(1) | 5,230 | 54,985 | ||||||
Evolution Mining Ltd. | 188,144 | 581,777 | ||||||
Flight Centre Travel Group Ltd.(1)(2) | 2,551 | 32,796 | ||||||
Fortescue Metals Group Ltd. | 169,751 | 2,261,480 | ||||||
Genworth Mortgage Insurance Australia Ltd. | 51,296 | 111,895 | ||||||
Gold Road Resources Ltd. | 148,243 | 165,427 | ||||||
GrainCorp Ltd., A Shares | 44,447 | 271,853 | ||||||
Grange Resources Ltd. | 144,899 | 102,855 | ||||||
GUD Holdings Ltd. | 9,367 | 79,226 | ||||||
Hansen Technologies Ltd. | 11,367 | 40,249 | ||||||
Harvey Norman Holdings Ltd. | 70,194 | 268,232 | ||||||
Healius Ltd. | 13,318 | 41,796 | ||||||
HT&E Ltd. | 31,735 | 43,038 | ||||||
HUB24 Ltd.(2) | 1,118 | 23,001 | ||||||
Humm Group Ltd.(2) | 52,623 | 33,784 | ||||||
IDP Education Ltd. | 4,268 | 82,541 | ||||||
IGO Ltd. | 93,565 | 750,614 | ||||||
Iluka Resources Ltd. | 83,532 | 657,235 | ||||||
Imdex Ltd. | 56,137 | 110,227 | ||||||
Incitec Pivot Ltd. | 227,710 | 511,379 |
102
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Infomedia Ltd. | 19,353 | $ | 20,282 | |||||
Inghams Group Ltd.(2) | 65,857 | 161,754 | ||||||
Insignia Financial Ltd. | 21,881 | 61,033 | ||||||
Insurance Australia Group Ltd. | 56,692 | 189,264 | ||||||
Integral Diagnostics Ltd. | 7,011 | 17,993 | ||||||
InvoCare Ltd.(2) | 27,025 | 254,682 | ||||||
IPH Ltd. | 12,111 | 73,691 | ||||||
IRESS Ltd. | 3,284 | 24,870 | ||||||
James Hardie Industries plc | 31,140 | 1,016,629 | ||||||
JB Hi-Fi Ltd.(2) | 16,970 | 610,406 | ||||||
Jervois Global Ltd.(1) | 59,872 | 31,432 | ||||||
Johns Lyng Group Ltd. | 11,306 | 62,626 | ||||||
Jumbo Interactive Ltd. | 7,168 | 93,048 | ||||||
Jupiter Mines Ltd. | 132,283 | 21,802 | ||||||
Karoon Energy Ltd.(1) | 156,794 | 235,973 | ||||||
Kelsian Group Ltd. | 5,450 | 28,659 | ||||||
Lendlease Corp. Ltd. | 51,904 | 400,427 | ||||||
Lifestyle Communities Ltd. | 2,081 | 25,943 | ||||||
Link Administration Holdings Ltd. | 33,767 | 130,078 | ||||||
Lovisa Holdings Ltd. | 6,184 | 90,425 | ||||||
Lynas Rare Earths Ltd.(1) | 48,461 | 366,818 | ||||||
MA Financial Group Ltd. | 6,842 | 38,002 | ||||||
MACA Ltd. | 7,344 | 4,113 | ||||||
Macmahon Holdings Ltd. | 38,005 | 4,857 | ||||||
Macquarie Group Ltd. | 12,002 | 1,579,502 | ||||||
Magellan Financial Group Ltd.(2) | 11,459 | 153,323 | ||||||
Mayne Pharma Group Ltd.(1) | 346,029 | 58,157 | ||||||
McMillan Shakespeare Ltd. | 11,056 | 96,634 | ||||||
Medibank Pvt Ltd. | 297,610 | 686,440 | ||||||
Megaport Ltd.(1) | 3,533 | 35,119 | ||||||
Mesoblast Ltd.(1)(2) | 19,760 | 15,777 | ||||||
Metcash Ltd. | 234,654 | 704,083 | ||||||
Mineral Resources Ltd. | 24,662 | 822,392 | ||||||
Monadelphous Group Ltd. | 7,847 | 64,685 | ||||||
Money3 Corp. Ltd. | 24,098 | 52,798 | ||||||
Mount Gibson Iron Ltd. | 58,294 | 22,358 | ||||||
Myer Holdings Ltd.(1) | 116,016 | 34,209 | ||||||
MyState Ltd. | 4,278 | 15,050 | ||||||
National Australia Bank Ltd. | 183,455 | 3,853,112 | ||||||
Netwealth Group Ltd. | 8,102 | 82,067 | ||||||
New Hope Corp. Ltd.(2) | 107,764 | 199,785 | ||||||
Newcrest Mining Ltd. | 87,854 | 1,629,762 | ||||||
NEXTDC Ltd.(1) | 17,985 | 140,687 | ||||||
nib holdings Ltd. | 54,902 | 259,443 | ||||||
Nick Scali Ltd. | 14,783 | 128,566 | ||||||
Nickel Mines Ltd. | 72,721 | 81,619 | ||||||
Nine Entertainment Co. Holdings Ltd. | 132,302 | 268,703 | ||||||
Northern Star Resources Ltd. | 28,109 | 209,496 | ||||||
Novonix Ltd.(1)(2) | 10,775 | 40,217 | ||||||
NRW Holdings Ltd. | 125,824 | 198,409 | ||||||
Nufarm Ltd. | 81,363 | 326,027 |
103
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
OFX Group Ltd.(1) | 13,526 | $ | 22,734 | |||||
Omni Bridgeway Ltd.(1) | 945 | 2,244 | ||||||
oOh!media Ltd.(1) | 26,761 | 33,113 | ||||||
Orica Ltd. | 54,411 | 580,116 | ||||||
Origin Energy Ltd. | 112,755 | 468,233 | ||||||
Orora Ltd. | 185,472 | 502,057 | ||||||
OZ Minerals Ltd. | 50,117 | 936,867 | ||||||
Pacific Current Group Ltd. | 6,132 | 34,189 | ||||||
Pact Group Holdings Ltd. | 18,243 | 34,390 | ||||||
Paladin Energy Ltd.(1) | 91,718 | 52,784 | ||||||
Peet Ltd. | 34,647 | 26,939 | ||||||
Pendal Group Ltd. | 23,617 | 79,590 | ||||||
Perenti Global Ltd. | 135,860 | 75,692 | ||||||
Perpetual Ltd. | 3,506 | 89,738 | ||||||
Perseus Mining Ltd. | 288,249 | 381,811 | ||||||
PEXA Group Ltd.(1) | 3,527 | 49,238 | ||||||
Pilbara Minerals Ltd.(1) | 28,929 | 58,096 | ||||||
Platinum Asset Management Ltd. | 47,626 | 82,086 | ||||||
Premier Investments Ltd. | 9,227 | 186,058 | ||||||
Pro Medicus Ltd.(2) | 2,137 | 73,387 | ||||||
PWR Holdings Ltd. | 4,541 | 29,139 | ||||||
Qantas Airways Ltd.(1) | 55,594 | 206,002 | ||||||
QBE Insurance Group Ltd. | 82,477 | 688,272 | ||||||
Qube Holdings Ltd. | 174,401 | 377,364 | ||||||
Ramelius Resources Ltd. | 189,111 | 209,110 | ||||||
Ramsay Health Care Ltd. | 5,641 | 263,140 | ||||||
REA Group Ltd. | 2,692 | 259,479 | ||||||
Red 5 Ltd.(1) | 122,113 | 26,862 | ||||||
Reece Ltd. | 7,131 | 100,955 | ||||||
Regis Resources Ltd.(2) | 113,302 | 160,714 | ||||||
Reliance Worldwide Corp. Ltd. | 59,045 | 198,539 | ||||||
Resimac Group Ltd.(2) | 13,764 | 17,820 | ||||||
Resolute Mining Ltd.(1) | 192,523 | 36,175 | ||||||
Rio Tinto Ltd. | 23,393 | 2,017,342 | ||||||
Sandfire Resources Ltd. | 79,554 | 392,196 | ||||||
Santos Ltd. | 340,918 | 1,815,673 | ||||||
SEEK Ltd. | 8,278 | 161,610 | ||||||
Select Harvests Ltd. | 17,604 | 70,628 | ||||||
Senex Energy Ltd. | 42,578 | 142,089 | ||||||
Servcorp Ltd. | 9,505 | 27,562 | ||||||
Service Stream Ltd.(1) | 39,525 | 26,907 | ||||||
Seven Group Holdings Ltd. | 15,447 | 250,022 | ||||||
Seven West Media Ltd.(1)(2) | 267,372 | 121,286 | ||||||
Sigma Healthcare Ltd.(2) | 160,963 | 56,872 | ||||||
Silver Lake Resources Ltd.(1) | 189,331 | 253,364 | ||||||
Sims Ltd. | 24,686 | 328,850 | ||||||
SmartGroup Corp. Ltd. | 3,284 | 20,021 | ||||||
Sonic Healthcare Ltd. | 18,284 | 466,564 | ||||||
South32 Ltd. | 597,335 | 2,096,653 | ||||||
Southern Cross Media Group Ltd. | 67,219 | 86,617 | ||||||
St. Barbara Ltd. | 79,720 | 76,729 |
104
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Star Entertainment Grp Ltd. (The)(1) | 61,102 | $ | 149,579 | |||||
Steadfast Group Ltd. | 25,669 | 86,021 | ||||||
Suncorp Group Ltd. | 76,021 | 591,346 | ||||||
Super Retail Group Ltd. | 28,909 | 232,337 | ||||||
Superloop Ltd.(1) | 34,972 | 21,912 | ||||||
Symbio Holdings Ltd. | 38 | 156 | ||||||
Syrah Resources Ltd.(1) | 67,553 | 70,138 | ||||||
Tassal Group Ltd. | 32,949 | 85,608 | ||||||
Technology One Ltd. | 19,749 | 142,718 | ||||||
Telstra Corp. Ltd. | 334,246 | 960,500 | ||||||
Temple & Webster Group Ltd.(1)(2) | 4,965 | 24,866 | ||||||
TPG Telecom Ltd. | 5,094 | 20,723 | ||||||
Transurban Group | 75,876 | 700,821 | ||||||
Treasury Wine Estates Ltd. | 105,253 | 887,829 | ||||||
Tuas Ltd.(1) | 2,799 | 3,925 | ||||||
United Malt Grp Ltd. | 62,862 | 193,172 | ||||||
Uniti Group Ltd.(1) | 14,709 | 35,457 | ||||||
Viva Energy Group Ltd. | 164,958 | 294,092 | ||||||
Vulcan Energy Resources Ltd.(1)(2) | 2,673 | 17,174 | ||||||
Washington H Soul Pattinson & Co. Ltd.(2) | 6,460 | 118,515 | ||||||
Webjet Ltd.(1)(2) | 8,984 | 35,021 | ||||||
Wesfarmers Ltd. | 52,994 | 1,858,492 | ||||||
West African Resources Ltd.(1) | 218,229 | 173,641 | ||||||
Western Areas Ltd.(1) | 41,719 | 104,254 | ||||||
Westgold Resources Ltd. | 90,799 | 148,060 | ||||||
Westpac Banking Corp., ADR(1) | 132,054 | 2,207,943 | ||||||
Whitehaven Coal Ltd. | 166,178 | 388,886 | ||||||
WiseTech Global Ltd. | 2,362 | 75,622 | ||||||
Woodside Petroleum Ltd. | 105,338 | 2,201,171 | ||||||
Woolworths Group Ltd. | 68,303 | 1,766,157 | ||||||
Worley Ltd. | 7,793 | 68,043 | ||||||
Xero Ltd.(1) | 2,298 | 158,006 | ||||||
89,762,503 | ||||||||
Austria — 0.3% | ||||||||
ANDRITZ AG | 4,138 | 185,503 | ||||||
AT&S Austria Technologie & Systemtechnik AG | 4,690 | 257,338 | ||||||
BAWAG Group AG(1) | 4,277 | 230,915 | ||||||
CA Immobilien Anlagen AG | 677 | 23,163 | ||||||
DO & CO. AG(1)(2) | 1,008 | 99,726 | ||||||
Erste Group Bank AG | 16,443 | 584,496 | ||||||
EVN AG | 7,023 | 194,930 | ||||||
FACC AG(1)(2) | 162 | 1,547 | ||||||
IMMOFINANZ AG(1)(2) | 5,298 | 136,510 | ||||||
Lenzing AG(1) | 1,091 | 120,237 | ||||||
Oesterreichische Post AG(2) | 3,070 | 124,774 | ||||||
OMV AG | 6,675 | 317,753 | ||||||
Palfinger AG | 1,200 | 35,703 | ||||||
POLYTEC Holding AG(2) | 3,258 | 26,777 | ||||||
Porr AG(1) | 28 | 376 | ||||||
Raiffeisen Bank International AG | 11,405 | 185,844 | ||||||
S IMMO AG | 1,763 | 45,188 |
105
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Schoeller-Bleckmann Oilfield Equipment AG(1) | 233 | $ | 9,979 | |||||
Semperit AG Holding | 1,920 | 60,423 | ||||||
Telekom Austria AG(1) | 14,883 | 121,914 | ||||||
UNIQA Insurance Group AG | 19,219 | 153,817 | ||||||
Verbund AG | 3,838 | 462,926 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 4,766 | 124,793 | ||||||
voestalpine AG | 4,902 | 162,016 | ||||||
Wienerberger AG | 3,032 | 90,671 | ||||||
3,757,319 | ||||||||
Belgium — 0.9% | ||||||||
Ackermans & van Haaren NV | 3,189 | 595,306 | ||||||
Ageas SA/NV | 19,134 | 920,463 | ||||||
AGFA-Gevaert NV(1) | 25,959 | 105,253 | ||||||
Anheuser-Busch InBev SA, ADR(2) | 24,063 | 1,487,815 | ||||||
Argenx SE, ADR(1) | 1,160 | 333,744 | ||||||
Barco NV | 6,971 | 159,072 | ||||||
Bekaert SA | 9,002 | 391,663 | ||||||
bpost SA(1) | 16,601 | 111,828 | ||||||
Cie d'Entreprises CFE | 1,744 | 231,807 | ||||||
D'ieteren Group | 1,961 | 316,789 | ||||||
Deceuninck NV | 12,057 | 37,138 | ||||||
Econocom Group SA | 16,489 | 66,967 | ||||||
Elia Group SA(2) | 2,607 | 375,312 | ||||||
Etablissements Franz Colruyt NV | 6,413 | 256,500 | ||||||
Euronav NV | 36,395 | 405,236 | ||||||
Exmar NV(2) | 3,779 | 21,155 | ||||||
Fagron | 6,098 | 106,075 | ||||||
Galapagos NV, ADR(1)(2) | 5,999 | 397,314 | ||||||
Gimv NV | 4,612 | 273,675 | ||||||
Greenyard NV(1) | 2,093 | 18,969 | ||||||
Ion Beam Applications | 3,668 | 75,754 | ||||||
KBC Ancora | 8,027 | 361,341 | ||||||
KBC Group NV | 15,354 | 1,106,209 | ||||||
Kinepolis Group NV(1) | 1,096 | 70,450 | ||||||
Melexis NV | 3,970 | 362,391 | ||||||
Proximus SADP | 24,745 | 491,938 | ||||||
Recticel SA | 11,451 | 237,679 | ||||||
Shurgard Self Storage SA | 2,002 | 114,685 | ||||||
Solvay SA | 7,005 | 781,201 | ||||||
Telenet Group Holding NV | 1,521 | 52,945 | ||||||
Tessenderlo Group SA(1) | 3,324 | 122,004 | ||||||
UCB SA | 6,908 | 753,916 | ||||||
Umicore SA | 17,905 | 732,488 | ||||||
VGP NV | 477 | 121,800 | ||||||
11,996,882 | ||||||||
Canada — 11.0% | ||||||||
5N Plus, Inc.(1) | 16,500 | 30,331 | ||||||
Absolute Software Corp.(2) | 4,461 | 40,263 | ||||||
Aclara Resources, Inc.(1) | 82 | 69 | ||||||
Advantage Energy Ltd.(1)(2) | 39,900 | 233,262 | ||||||
Aecon Group, Inc. | 10,217 | 141,950 |
106
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
AG Growth International, Inc. | 1,704 | $ | 50,414 | |||||
AGF Management Ltd., Class B | 4,600 | 25,622 | ||||||
Agnico Eagle Mines Ltd. | 50,204 | 2,536,144 | ||||||
Aimia, Inc.(1)(2) | 8,705 | 34,408 | ||||||
Air Canada(1) | 1,722 | 32,538 | ||||||
Alamos Gold, Inc., Class A | 48,653 | 358,516 | ||||||
Alaris Equity Partners Income | 2,635 | 38,252 | ||||||
Algonquin Power & Utilities Corp. | 14,947 | 216,275 | ||||||
Alimentation Couche-Tard, Inc. | 44,982 | 1,765,566 | ||||||
AltaGas Ltd.(2) | 9,444 | 208,029 | ||||||
Altius Minerals Corp. | 661 | 11,405 | ||||||
Altus Group Ltd. | 3,400 | 131,762 | ||||||
Amerigo Resources Ltd. | 28,700 | 37,361 | ||||||
Anaergia, Inc.(1) | 1,600 | 15,716 | ||||||
Andlauer Healthcare Group, Inc. | 1,200 | 42,717 | ||||||
ARC Resources Ltd. | 101,035 | 1,249,087 | ||||||
Argonaut Gold, Inc.(1) | 54,995 | 100,228 | ||||||
Aritzia, Inc.(1) | 9,854 | 374,646 | ||||||
Atco Ltd., Class I | 8,206 | 269,519 | ||||||
Athabasca Oil Corp.(1) | 103,800 | 161,330 | ||||||
Atrium Mortgage Investment Corp.(2) | 2,635 | 29,458 | ||||||
ATS Automation Tooling Systems, Inc.(1) | 6,334 | 245,614 | ||||||
Aurinia Pharmaceuticals, Inc.(1) | 2,432 | 29,914 | ||||||
AutoCanada, Inc.(1)(2) | 4,808 | 124,344 | ||||||
B2Gold Corp. | 181,392 | 732,723 | ||||||
Badger Infrastructure Solutions Ltd. | 4,729 | 113,347 | ||||||
Ballard Power Systems, Inc.(1) | 2,000 | 22,880 | ||||||
Bank of Montreal | 36,985 | 4,223,147 | ||||||
Bank of Nova Scotia (The) | 57,073 | 4,135,822 | ||||||
Barrick Gold Corp., (Toronto) | 111,461 | 2,519,414 | ||||||
Bausch Health Cos., Inc.(1) | 14,283 | 343,581 | ||||||
Baytex Energy Corp.(1)(2) | 154,736 | 706,841 | ||||||
BCE, Inc. | 3,817 | 200,472 | ||||||
BELLUS Health, Inc.(1)(2) | 3,600 | 23,886 | ||||||
Birchcliff Energy Ltd.(2) | 60,077 | 319,463 | ||||||
Bird Construction, Inc.(2) | 10,205 | 76,487 | ||||||
BlackBerry Ltd.(1) | 13,946 | 95,724 | ||||||
Bombardier, Inc., B Shares(1) | 66,596 | 83,015 | ||||||
Bonterra Energy Corp.(1) | 6,800 | 52,469 | ||||||
Boralex, Inc., A Shares(2) | 5,572 | 162,698 | ||||||
Boyd Group Services, Inc. | 1,000 | 130,548 | ||||||
Brookfield Asset Management, Inc., Class A | 35,178 | 1,922,509 | ||||||
Brookfield Infrastructure Corp., A Shares(2) | 12,931 | 911,750 | ||||||
Brookfield Infrastructure Corp., Class A(2) | 670 | 47,195 | ||||||
Brookfield Renewable Corp., Class A | 2,200 | 82,446 | ||||||
BRP, Inc. | 861 | 61,707 | ||||||
CAE, Inc.(1) | 19,178 | 513,078 | ||||||
Calian Group Ltd. | 1,400 | 66,659 | ||||||
Calibre Mining Corp.(1) | 20,300 | 20,660 | ||||||
Cameco Corp. | 22,954 | 564,478 | ||||||
Canaccord Genuity Group, Inc. | 20,833 | 212,193 |
107
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Canacol Energy Ltd.(2) | 27,002 | $ | 68,384 | |||||
Canada Goose Holdings, Inc.(1)(2) | 5,500 | 143,976 | ||||||
Canadian Imperial Bank of Commerce | 26,766 | 3,387,826 | ||||||
Canadian National Railway Co. | 24,425 | 3,030,049 | ||||||
Canadian Natural Resources Ltd. | 92,992 | 5,195,080 | ||||||
Canadian Pacific Railway Ltd. | 23,658 | 1,665,859 | ||||||
Canadian Tire Corp. Ltd., Class A(2) | 6,076 | 895,797 | ||||||
Canadian Utilities Ltd., A Shares | 14,825 | 412,878 | ||||||
Canadian Western Bank | 12,645 | 370,222 | ||||||
Canfor Corp.(1) | 16,435 | 372,008 | ||||||
Canfor Pulp Products, Inc.(1) | 1,114 | 5,027 | ||||||
Capital Power Corp. | 19,290 | 592,777 | ||||||
Capstone Mining Corp.(1) | 69,962 | 362,643 | ||||||
Cardinal Energy Ltd.(1) | 32,600 | 166,665 | ||||||
Cargojet, Inc. | 200 | 28,909 | ||||||
Cascades, Inc. | 13,743 | 142,363 | ||||||
CCL Industries, Inc., Class B | 8,412 | 379,220 | ||||||
Celestica, Inc.(1) | 13,616 | 161,888 | ||||||
Cenovus Energy, Inc. | 140,515 | 2,209,439 | ||||||
Centerra Gold, Inc. | 49,409 | 481,811 | ||||||
CES Energy Solutions Corp. | 52,900 | 106,009 | ||||||
CGI, Inc.(1) | 10,544 | 864,483 | ||||||
China Gold International Resources Corp. Ltd.(2) | 43,700 | 129,290 | ||||||
Chorus Aviation, Inc.(1) | 12,046 | 41,436 | ||||||
CI Financial Corp. | 13,110 | 214,621 | ||||||
Cineplex, Inc.(1)(2) | 2,300 | 25,114 | ||||||
Cogeco Communications, Inc. | 1,400 | 111,779 | ||||||
Cogeco, Inc. | 400 | 24,754 | ||||||
Colliers International Group, Inc. (Toronto) | 2,900 | 398,221 | ||||||
Computer Modelling Group Ltd. | 6,000 | 25,893 | ||||||
Constellation Software, Inc. | 986 | 1,661,739 | ||||||
Converge Technology Solutions Corp.(1)(2) | 4,700 | 35,041 | ||||||
Copper Mountain Mining Corp.(1) | 35,300 | 98,311 | ||||||
Corus Entertainment, Inc., B Shares | 37,973 | 152,192 | ||||||
Crescent Point Energy Corp. | 124,141 | 888,330 | ||||||
Crew Energy, Inc.(1)(2) | 27,500 | 80,493 | ||||||
Denison Mines Corp.(1)(2) | 12,230 | 18,333 | ||||||
Descartes Systems Group, Inc. (The)(1) | 3,100 | 220,901 | ||||||
Dollarama, Inc. | 19,574 | 1,011,516 | ||||||
Dorel Industries, Inc., Class B(2) | 8,200 | 74,528 | ||||||
DREAM Unlimited Corp., Class A | 3,222 | 119,602 | ||||||
Dundee Precious Metals, Inc. | 41,236 | 244,000 | ||||||
ECN Capital Corp. | 19,684 | 88,675 | ||||||
Eldorado Gold Corp. (Toronto)(1) | 23,234 | 255,162 | ||||||
Element Fleet Management Corp. | 50,690 | 497,502 | ||||||
Emera, Inc.(2) | 21,146 | 989,316 | ||||||
Empire Co. Ltd., Class A | 17,464 | 540,936 | ||||||
Enbridge, Inc.(2) | 44,020 | 1,901,803 | ||||||
Endeavour Mining plc | 14,970 | 395,421 | ||||||
Endeavour Silver Corp.(1)(2) | 10,000 | 42,209 | ||||||
Enerflex Ltd. | 13,146 | 81,210 |
108
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Energy Fuels, Inc.(1)(2) | 1,830 | $ | 14,951 | |||||
Enerplus Corp. | 56,920 | 727,498 | ||||||
Enghouse Systems Ltd. | 2,935 | 95,842 | ||||||
Ensign Energy Services, Inc.(1) | 18,000 | 39,479 | ||||||
Equinox Gold Corp.(1)(2) | 8,866 | 62,884 | ||||||
Equitable Group, Inc. | 4,200 | 250,973 | ||||||
ERO Copper Corp.(1) | 7,643 | 109,384 | ||||||
Evertz Technologies Ltd. | 2,936 | 30,900 | ||||||
Exchange Income Corp. | 4,051 | 129,920 | ||||||
Extendicare, Inc.(2) | 12,846 | 77,836 | ||||||
Fairfax Financial Holdings Ltd. | 2,012 | 975,364 | ||||||
Fiera Capital Corp. | 6,753 | 55,569 | ||||||
Finning International, Inc. | 27,734 | 806,966 | ||||||
Firm Capital Mortgage Investment Corp.(2) | 2,635 | 29,458 | ||||||
First Majestic Silver Corp.(2) | 7,735 | 87,084 | ||||||
First National Financial Corp.(2) | 2,786 | 97,065 | ||||||
First Quantum Minerals Ltd. | 78,900 | 2,313,777 | ||||||
FirstService Corp. | 2,500 | 355,897 | ||||||
Fortis, Inc. | 20,761 | 951,321 | ||||||
Fortuna Silver Mines, Inc.(1)(2) | 32,085 | 119,733 | ||||||
Franco-Nevada Corp. | 6,279 | 924,685 | ||||||
Freehold Royalties Ltd.(2) | 7,842 | 87,546 | ||||||
Frontera Energy Corp.(1) | 15,276 | 157,400 | ||||||
Galiano Gold, Inc.(1)(2) | 36,800 | 22,936 | ||||||
GCM Mining Corp. | 27,668 | 122,678 | ||||||
Gear Energy Ltd.(1) | 54,000 | 68,166 | ||||||
George Weston Ltd. | 6,518 | 706,772 | ||||||
GFL Environmental, Inc. | 4,500 | 131,574 | ||||||
Gibson Energy, Inc.(2) | 11,776 | 229,853 | ||||||
Gildan Activewear, Inc. | 30,292 | 1,189,215 | ||||||
goeasy Ltd. | 2,735 | 324,079 | ||||||
Great Panther Mining Ltd.(1)(2) | 17,008 | 3,690 | ||||||
Great-West Lifeco, Inc. | 23,894 | 718,799 | ||||||
Hardwoods Distribution, Inc. | 2,330 | 77,170 | ||||||
Headwater Exploration, Inc.(1) | 42,200 | 239,383 | ||||||
Heroux-Devtek, Inc.(1) | 4,400 | 60,992 | ||||||
High Liner Foods, Inc.(2) | 5,446 | 55,856 | ||||||
HLS Therapeutics, Inc. | 88 | 1,000 | ||||||
Home Capital Group, Inc.(1) | 9,352 | 282,663 | ||||||
Hudbay Minerals, Inc. | 46,203 | 376,550 | ||||||
Hydro One Ltd. | 32,788 | 809,676 | ||||||
i-80 Gold Corp.(1) | 11,800 | 25,602 | ||||||
iA Financial Corp., Inc. | 6,677 | 396,722 | ||||||
IAMGOLD Corp.(1) | 41,737 | 122,494 | ||||||
IBI Group, Inc.(1) | 2,400 | 26,604 | ||||||
IGM Financial, Inc.(2) | 4,421 | 157,063 | ||||||
Imperial Oil Ltd. | 18,616 | 835,554 | ||||||
Innergex Renewable Energy, Inc.(2) | 7,000 | 101,783 | ||||||
Intact Financial Corp. | 7,142 | 1,024,335 | ||||||
Interfor Corp. | 16,935 | 515,866 | ||||||
Intertape Polymer Group, Inc. | 8,695 | 164,365 |
109
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Ivanhoe Mines Ltd., Class A(1) | 16,700 | $ | 169,964 | |||||
Jamieson Wellness, Inc. | 400 | 10,367 | ||||||
K-Bro Linen, Inc. | 1,200 | 33,373 | ||||||
K92 Mining, Inc.(1) | 7,700 | 46,838 | ||||||
Karora Resources, Inc.(1) | 34,900 | 143,455 | ||||||
Kelt Exploration Ltd.(1) | 40,396 | 183,256 | ||||||
Keyera Corp.(2) | 18,642 | 436,671 | ||||||
Kinaxis, Inc.(1) | 364 | 41,730 | ||||||
Kinross Gold Corp. | 128,573 | 641,090 | ||||||
Knight Therapeutics, Inc.(1) | 5,446 | 23,374 | ||||||
Labrador Iron Ore Royalty Corp. | 5,599 | 206,821 | ||||||
Lassonde Industries, Inc., Class A(2) | 400 | 47,968 | ||||||
Laurentian Bank of Canada(2) | 5,817 | 195,369 | ||||||
LifeWorks, Inc. | 3,205 | 63,771 | ||||||
Linamar Corp. | 9,296 | 485,446 | ||||||
Loblaw Cos. Ltd. | 15,783 | 1,231,136 | ||||||
Lundin Gold, Inc.(1) | 12,846 | 103,579 | ||||||
Lundin Mining Corp. | 76,249 | 735,720 | ||||||
Magna International, Inc. | 18,259 | 1,356,568 | ||||||
Major Drilling Group International, Inc.(1) | 6,258 | 45,867 | ||||||
Manulife Financial Corp. | 103,280 | 2,092,489 | ||||||
Maple Leaf Foods, Inc. | 7,500 | 157,988 | ||||||
Martinrea International, Inc. | 14,140 | 110,331 | ||||||
MCAN Mortgage Corp. | 2,493 | 36,938 | ||||||
MDA Ltd.(1)(2) | 2,800 | 20,500 | ||||||
MEG Energy Corp.(1) | 42,852 | 559,527 | ||||||
Methanex Corp. | 13,780 | 717,430 | ||||||
Metro, Inc. | 17,416 | 909,067 | ||||||
Morguard Corp. | 200 | 20,966 | ||||||
MTY Food Group, Inc.(2) | 1,461 | 58,936 | ||||||
Mullen Group Ltd.(2) | 15,714 | 153,235 | ||||||
National Bank of Canada | 28,515 | 2,286,374 | ||||||
Neo Performance Materials, Inc. | 1,800 | 22,722 | ||||||
New Gold, Inc. (Toronto)(1) | 154,780 | 267,431 | ||||||
NFI Group, Inc. | 2,500 | 37,396 | ||||||
North American Construction Group Ltd. | 7,735 | 116,925 | ||||||
North West Co., Inc. (The) | 7,040 | 200,064 | ||||||
Northland Power, Inc. | 17,027 | 541,371 | ||||||
Novagold Resources, Inc.(1) | 11,458 | 79,977 | ||||||
Nutrien Ltd. | 22,532 | 1,937,841 | ||||||
Nuvei Corp.(1) | 1,600 | 86,861 | ||||||
NuVista Energy Ltd.(1)(2) | 40,314 | 307,245 | ||||||
Obsidian Energy Ltd.(1) | 14,100 | 120,031 | ||||||
OceanaGold Corp.(1) | 68,213 | 128,623 | ||||||
Onex Corp. | 12,459 | 836,694 | ||||||
Open Text Corp. | 14,163 | 616,356 | ||||||
Orla Mining Ltd.(1)(2) | 3,126 | 12,430 | ||||||
Osisko Gold Royalties Ltd. (Toronto) | 12,835 | 158,476 | ||||||
Osisko Mining, Inc.(1) | 6,500 | 20,154 | ||||||
Pan American Silver Corp. | 8,617 | 203,817 | ||||||
Paramount Resources Ltd., A Shares(2) | 10,846 | 240,623 |
110
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Parex Resources, Inc. | 31,639 | $ | 697,680 | |||||
Parkland Corp. | 5,712 | 149,481 | ||||||
Pason Systems, Inc. | 12,235 | 124,715 | ||||||
Pembina Pipeline Corp.(2) | 28,501 | 969,146 | ||||||
Pet Valu Holdings Ltd. | 1,700 | 41,310 | ||||||
Peyto Exploration & Development Corp.(2) | 45,416 | 391,993 | ||||||
Pipestone Energy Corp.(1) | 23,900 | 95,789 | ||||||
Polaris Infrastructure, Inc.(2) | 1,900 | 23,355 | ||||||
Pollard Banknote Ltd.(2) | 800 | 21,826 | ||||||
Power Corp. of Canada | 27,475 | 847,335 | ||||||
PrairieSky Royalty Ltd. | 12,337 | 166,829 | ||||||
Precision Drilling Corp.(1)(2) | 1,989 | 116,045 | ||||||
Premium Brands Holdings Corp. | 600 | 55,347 | ||||||
Pretium Resources, Inc.(1) | 18,871 | 275,286 | ||||||
Primo Water Corp. | 2,635 | 38,314 | ||||||
Quebecor, Inc., Class B | 8,874 | 194,073 | ||||||
Real Matters, Inc.(1) | 8,188 | 35,788 | ||||||
Recipe UnLtd. Corp.(1) | 1,658 | 21,976 | ||||||
Resolute Forest Products, Inc. | 8,300 | 103,725 | ||||||
Restaurant Brands International, Inc. | 8,335 | 466,563 | ||||||
Richelieu Hardware Ltd. | 4,848 | 185,467 | ||||||
Ritchie Bros Auctioneers, Inc. | 8,833 | 462,940 | ||||||
Rogers Communications, Inc., Class B(2) | 24,542 | 1,268,052 | ||||||
Rogers Sugar, Inc.(2) | 4,005 | 18,421 | ||||||
Royal Bank of Canada | 52,875 | 5,848,997 | ||||||
Russel Metals, Inc.(2) | 12,378 | 306,642 | ||||||
Sabina Gold & Silver Corp.(1) | 28,165 | 29,998 | ||||||
Sandstorm Gold Ltd. | 11,571 | 82,526 | ||||||
Saputo, Inc. | 9,961 | 244,094 | ||||||
Savaria Corp. | 1,400 | 19,738 | ||||||
Seabridge Gold, Inc.(1)(2) | 3,700 | 63,958 | ||||||
Secure Energy Services, Inc. | 28,183 | 136,301 | ||||||
Shaw Communications, Inc., B Shares | 36,681 | 1,099,996 | ||||||
ShawCor Ltd.(1)(2) | 16,100 | 74,435 | ||||||
Shopify, Inc., Class A(1) | 1,668 | 1,157,954 | ||||||
Sienna Senior Living, Inc.(2) | 2,635 | 32,098 | ||||||
Sierra Metals, Inc.(2) | 12,395 | 18,580 | ||||||
Sierra Wireless, Inc.(1)(2) | 661 | 12,474 | ||||||
Silvercorp Metals, Inc. | 18,355 | 68,062 | ||||||
Sleep Country Canada Holdings, Inc. | 2,986 | 70,368 | ||||||
SNC-Lavalin Group, Inc. | 6,200 | 139,604 | ||||||
Solaris Resources, Inc.(1) | 1,800 | 19,811 | ||||||
Spin Master Corp.(1) | 4,500 | 164,805 | ||||||
Sprott, Inc.(2) | 2,300 | 94,686 | ||||||
SSR Mining, Inc. | 33,528 | 663,682 | ||||||
Stantec, Inc. | 5,462 | 271,441 | ||||||
Stelco Holdings, Inc. | 5,910 | 181,426 | ||||||
Stella-Jones, Inc. | 5,523 | 173,206 | ||||||
Sun Life Financial, Inc. | 27,751 | 1,459,473 | ||||||
Suncor Energy, Inc. | 137,364 | 4,200,575 | ||||||
SunOpta, Inc.(1) | 12,400 | 66,133 |
111
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Superior Plus Corp. | 14,850 | $ | 133,914 | |||||
Tamarack Valley Energy Ltd. | 101,942 | 415,006 | ||||||
Taseko Mines Ltd.(1)(2) | 73,100 | 138,991 | ||||||
TC Energy Corp. | 25,757 | 1,383,867 | ||||||
Teck Resources Ltd., Class B | 61,780 | 2,224,567 | ||||||
TECSYS, Inc. | 1,200 | 33,127 | ||||||
TELUS Corp. | 28,737 | 725,737 | ||||||
TFI International, Inc. | 6,635 | 691,610 | ||||||
Thomson Reuters Corp. | 5,754 | 581,801 | ||||||
Tidewater Midstream and Infrastructure Ltd. | 12,230 | 12,737 | ||||||
Timbercreek Financial Corp.(2) | 9,046 | 67,586 | ||||||
TMX Group Ltd. | 3,378 | 341,238 | ||||||
Topaz Energy Corp. | 6,176 | 96,769 | ||||||
Torex Gold Resources, Inc.(1) | 14,216 | 180,350 | ||||||
Toromont Industries Ltd. | 7,957 | 674,477 | ||||||
Toronto-Dominion Bank (The) | 61,504 | 4,963,021 | ||||||
Tourmaline Oil Corp. | 40,261 | 1,588,205 | ||||||
TransAlta Corp. | 39,699 | 403,098 | ||||||
TransAlta Renewables, Inc.(2) | 4,535 | 62,434 | ||||||
Transcontinental, Inc., Class A | 9,035 | 145,772 | ||||||
TransGlobe Energy Corp.(1)(2) | 14,400 | 56,123 | ||||||
Trican Well Service Ltd.(1)(2) | 32,819 | 88,294 | ||||||
Tricon Residential, Inc. (Toronto) | 18,312 | 272,188 | ||||||
Trisura Group Ltd.(1) | 3,700 | 101,352 | ||||||
Turquoise Hill Resources Ltd.(1) | 9,347 | 192,250 | ||||||
Uni-Select, Inc.(1) | 7,700 | 159,528 | ||||||
Vermilion Energy, Inc.(1) | 41,354 | 773,246 | ||||||
VersaBank | 1,500 | 17,302 | ||||||
Victoria Gold Corp.(1) | 4,900 | 62,086 | ||||||
Viemed Healthcare, Inc.(1) | 5,446 | 21,011 | ||||||
Wajax Corp. | 5,600 | 104,047 | ||||||
Wesdome Gold Mines Ltd.(1) | 14,081 | 158,529 | ||||||
West Fraser Timber Co. Ltd. | 16,595 | 1,656,489 | ||||||
Western Forest Products, Inc. | 81,042 | 136,189 | ||||||
Westshore Terminals Investment Corp.(2) | 6,610 | 154,937 | ||||||
Wheaton Precious Metals Corp. | 16,794 | 735,889 | ||||||
Whitecap Resources, Inc. | 135,771 | 1,035,823 | ||||||
WildBrain Ltd.(1)(2) | 9,000 | 21,657 | ||||||
Winpak Ltd. | 2,500 | 75,345 | ||||||
WSP Global, Inc. | 5,717 | 701,421 | ||||||
Yamana Gold, Inc. | 104,130 | 511,818 | ||||||
140,218,076 | ||||||||
China† | ||||||||
Fullshare Holdings Ltd.(1) | 100,000 | 1,818 | ||||||
Truly International Holdings Ltd. | 374,000 | 129,774 | ||||||
131,592 | ||||||||
Denmark — 2.2% | ||||||||
ALK-Abello A/S(1) | 507 | 194,014 | ||||||
Alm Brand A/S | 252,213 | 411,112 | ||||||
Ambu A/S, B Shares | 2,948 | 54,363 | ||||||
AP Moller - Maersk A/S, A Shares | 255 | 764,609 |
112
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
AP Moller - Maersk A/S, B Shares | 486 | $ | 1,537,467 | |||||
Bang & Olufsen A/S(1) | 24,799 | 75,047 | ||||||
Bavarian Nordic A/S(1) | 5,002 | 125,675 | ||||||
Carlsberg A/S, B Shares | 3,891 | 570,614 | ||||||
Chemometec A/S | 788 | 91,981 | ||||||
Chr Hansen Holding A/S | 1,962 | 143,038 | ||||||
Coloplast A/S, B Shares | 6,219 | 935,574 | ||||||
D/S Norden A/S | 6,852 | 178,740 | ||||||
Danske Andelskassers Bank A/S | 9,479 | 14,612 | ||||||
Danske Bank A/S | 53,027 | 898,172 | ||||||
Demant A/S(1) | 4,308 | 182,059 | ||||||
Dfds A/S(1) | 8,763 | 407,307 | ||||||
Drilling Co. of 1972 A/S (The)(1) | 5,076 | 199,446 | ||||||
DSV A/S | 4,823 | 887,705 | ||||||
FLSmidth & Co. A/S | 6,208 | 178,225 | ||||||
Genmab A/S, ADR(1) | 38,278 | 1,280,782 | ||||||
GN Store Nord AS | 4,760 | 251,628 | ||||||
H Lundbeck A/S | 11,760 | 285,369 | ||||||
H+H International A/S, B Shares(1) | 4,897 | 142,360 | ||||||
ISS A/S(1) | 6,692 | 122,154 | ||||||
Jyske Bank A/S(1) | 7,385 | 400,368 | ||||||
Matas A/S | 1,430 | 20,869 | ||||||
Netcompany Group A/S | 627 | 41,314 | ||||||
Nilfisk Holding A/S(1) | 2,826 | 94,871 | ||||||
NKT A/S(1) | 3,517 | 147,527 | ||||||
NNIT A/S | 1,317 | 18,870 | ||||||
North Media A/S | 622 | 8,070 | ||||||
Novo Nordisk A/S, ADR | 81,806 | 8,421,928 | ||||||
Novozymes A/S, B Shares | 18,514 | 1,215,122 | ||||||
NTG Nordic Transport Group A/S(1) | 275 | 17,315 | ||||||
Orsted AS | 8,001 | 1,035,442 | ||||||
Pandora A/S | 11,447 | 1,172,142 | ||||||
Per Aarsleff Holding A/S | 3,846 | 151,963 | ||||||
Ringkjoebing Landbobank A/S | 3,526 | 438,316 | ||||||
Rockwool International A/S, B Shares | 868 | 297,560 | ||||||
Royal Unibrew A/S | 5,476 | 580,567 | ||||||
Schouw & Co. A/S | 1,181 | 102,972 | ||||||
SimCorp A/S | 5,575 | 503,479 | ||||||
Solar A/S, B Shares | 1,350 | 157,081 | ||||||
Spar Nord Bank A/S | 13,853 | 183,962 | ||||||
Sparekassen Sjaelland-Fyn A/S(1) | 2,040 | 60,582 | ||||||
Sydbank AS | 9,044 | 294,245 | ||||||
Topdanmark AS | 5,965 | 340,720 | ||||||
TORM plc(1)(2) | 3,601 | 29,173 | ||||||
Trifork Holding AG(1)(2) | 1,154 | 35,084 | ||||||
Tryg A/S | 20,863 | 472,042 | ||||||
Vestas Wind Systems A/S | 58,613 | 1,890,075 | ||||||
28,063,712 | ||||||||
Finland — 0.9% | ||||||||
Aktia Bank Oyj | 8,317 | 94,757 | ||||||
Anora Group Oyj | 5,416 | 57,765 |
113
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
CapMan Oyj, B Shares | 6,695 | $ | 20,079 | |||||
Cargotec Oyj, B Shares | 1,485 | 58,434 | ||||||
Caverion OYJ | 8,415 | 53,692 | ||||||
Citycon Oyj | 7,002 | 55,301 | ||||||
Elisa Oyj | 9,124 | 505,535 | ||||||
Fortum Oyj | 21,713 | 454,405 | ||||||
Huhtamaki Oyj | 6,102 | 222,386 | ||||||
Kamux Corp. | 1,828 | 21,930 | ||||||
Kemira Oyj | 19,081 | 252,326 | ||||||
Kesko Oyj, B Shares | 31,079 | 914,646 | ||||||
Kojamo Oyj | 4,206 | 97,522 | ||||||
Kone Oyj, B Shares | 12,788 | 746,226 | ||||||
Konecranes Oyj | 2,058 | 71,600 | ||||||
Marimekko Oyj | 1,660 | 138,310 | ||||||
Metsa Board Oyj | 25,059 | 244,085 | ||||||
Metso Outotec Oyj | 31,929 | 268,988 | ||||||
Neles Oyj | 52 | 677 | ||||||
Neste Oyj | 16,266 | 634,286 | ||||||
Nokia Oyj, ADR(1) | 178,635 | 955,697 | ||||||
Nokian Renkaat Oyj | 20,478 | 385,962 | ||||||
Orion Oyj, Class B | 8,442 | 396,427 | ||||||
Outokumpu Oyj(1) | 75,892 | 447,353 | ||||||
Puuilo Oyj(1) | 10,225 | 84,582 | ||||||
QT Group Oyj(1) | 1,002 | 123,012 | ||||||
Revenio Group Oyj | 490 | 23,767 | ||||||
Rovio Entertainment Oyj | 3,125 | 26,124 | ||||||
Sampo Oyj, A Shares | 15,289 | 721,404 | ||||||
Sanoma Oyj | 5,288 | 77,104 | ||||||
Scanfil Oyj | 1,113 | 8,240 | ||||||
Stora Enso Oyj, R Shares | 58,092 | 1,106,307 | ||||||
Suominen Oyj | 5,131 | 21,930 | ||||||
Taaleri Oyj | 3,323 | 43,460 | ||||||
TietoEVRY Oyj | 759 | 21,175 | ||||||
Tokmanni Group Corp. | 9,096 | 168,815 | ||||||
UPM-Kymmene Oyj | 34,846 | 1,204,041 | ||||||
Uponor Oyj | 9,224 | 205,190 | ||||||
Valmet Oyj | 18,607 | 645,422 | ||||||
Verkkokauppa.com Oyj(2) | 3,420 | 21,057 | ||||||
Wartsila Oyj Abp(2) | 30,171 | 337,902 | ||||||
YIT Oyj | 23,118 | 100,450 | ||||||
12,038,371 | ||||||||
France — 9.1% | ||||||||
ABC arbitrage | 4,260 | 33,498 | ||||||
Accor SA(1) | 3,066 | 104,714 | ||||||
Aeroports de Paris(1) | 1,893 | 267,650 | ||||||
Air France-KLM(1)(2) | 25,337 | 110,201 | ||||||
Air Liquide SA | 18,366 | 3,050,686 | ||||||
Airbus SE(1) | 24,969 | 3,188,019 | ||||||
Akka Technologies(1) | 194 | 10,606 | ||||||
AKWEL | 1,895 | 42,177 | ||||||
Albioma SA | 3,048 | 139,253 |
114
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
ALD SA | 26,666 | $ | 372,219 | |||||
Alstom SA | 20,713 | 526,937 | ||||||
Alten SA | 4,759 | 718,503 | ||||||
Amundi SA | 3,977 | 275,828 | ||||||
APERAM SA | 9,037 | 506,001 | ||||||
ArcelorMittal SA | 65,016 | 2,011,595 | ||||||
Arkema SA | 11,101 | 1,472,184 | ||||||
Atos SE | 3,078 | 109,356 | ||||||
Aubay | 553 | 31,058 | ||||||
AXA SA | 118,563 | 3,208,032 | ||||||
Believe SA(1) | 1,680 | 24,188 | ||||||
Beneteau SA(1) | 5,548 | 92,214 | ||||||
Bigben Interactive(2) | 1,821 | 31,762 | ||||||
BioMerieux | 7,434 | 817,081 | ||||||
Biosynex | 787 | 14,715 | ||||||
BNP Paribas SA | 59,079 | 3,428,031 | ||||||
Bollore SA | 13,081 | 66,191 | ||||||
Bonduelle SCA | 2,923 | 58,595 | ||||||
Bouygues SA | 36,173 | 1,293,476 | ||||||
Bureau Veritas SA | 24,351 | 696,264 | ||||||
Capgemini SE | 4,819 | 1,008,759 | ||||||
Carrefour SA | 79,189 | 1,592,035 | ||||||
Casino Guichard Perrachon SA(1) | 817 | 14,545 | ||||||
Catana Group(1) | 3,306 | 27,845 | ||||||
Cellectis SA, ADR(1) | 48 | 217 | ||||||
CGG SA(1) | 998 | 845 | ||||||
Chargeurs SA | 3,479 | 81,472 | ||||||
Cie de Saint-Gobain | 62,551 | 3,878,480 | ||||||
Cie des Alpes(1) | 2,998 | 47,080 | ||||||
Cie Generale des Etablissements Michelin SCA | 23,763 | 3,271,156 | ||||||
Cie Plastic Omnium SA | 7,874 | 166,434 | ||||||
Claranova SE(1) | 574 | 2,634 | ||||||
CNP Assurances | 21,076 | 513,691 | ||||||
Coface SA(1) | 23,635 | 314,386 | ||||||
Credit Agricole SA | 68,587 | 873,685 | ||||||
Danone SA | 14,350 | 873,043 | ||||||
Dassault Aviation SA | 1,450 | 215,774 | ||||||
Dassault Systemes SE | 13,322 | 642,604 | ||||||
Derichebourg SA | 25,185 | 261,662 | ||||||
Edenred | 6,095 | 277,352 | ||||||
Eiffage SA | 16,924 | 1,723,946 | ||||||
Electricite de France SA(2) | 41,858 | 378,418 | ||||||
Elis SA(1) | 4,189 | 67,050 | ||||||
Engie SA | 56,572 | 901,330 | ||||||
Eramet SA(1) | 2,698 | 353,523 | ||||||
Esker SA | 659 | 154,716 | ||||||
EssilorLuxottica SA | 8,251 | 1,440,379 | ||||||
Etablissements Maurel et Prom SA(1) | 1,592 | 5,068 | ||||||
Eurazeo SE | 6,777 | 523,460 | ||||||
Eurobio Scientific SA(1) | 2,041 | 45,814 | ||||||
Eurofins Scientific SE | 11,834 | 1,200,889 |
115
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Euronext NV | 11,056 | $ | 998,040 | |||||
Europcar Mobility Group(1) | 404,986 | 229,001 | ||||||
Eutelsat Communications SA | 52,549 | 575,530 | ||||||
Faurecia SE(2) | 30,053 | 1,131,616 | ||||||
FIGEAC-AERO(1) | 98 | 670 | ||||||
Fnac Darty SA | 717 | 39,514 | ||||||
Focus Home Interactive SA(1) | 526 | 25,722 | ||||||
Gaztransport Et Technigaz SA | 5,581 | 529,689 | ||||||
Getlink SE | 21,425 | 349,427 | ||||||
Groupe LDLC | 402 | 14,072 | ||||||
Groupe SFPI | 119 | 377 | ||||||
Hermes International | 1,530 | 2,109,926 | ||||||
ID Logistics Group(1) | 625 | 222,045 | ||||||
Imerys SA | 5,085 | 216,915 | ||||||
Innate Pharma SA(1)(2) | 12,029 | 41,692 | ||||||
Interparfums SA | 1,199 | 88,808 | ||||||
Ipsen SA | 8,471 | 985,682 | ||||||
Jacquet Metals SACA | 2,585 | 56,291 | ||||||
JCDecaux SA(1) | 8,670 | 245,075 | ||||||
Kaufman & Broad SA | 2,490 | 90,434 | ||||||
Kering SA | 4,733 | 3,282,967 | ||||||
L'Oreal SA | 5,630 | 2,225,675 | ||||||
La Francaise des Jeux SAEM | 15,927 | 660,211 | ||||||
Lagardere SA(1) | 3,627 | 102,787 | ||||||
Legrand SA | 8,852 | 835,098 | ||||||
LISI | 2,849 | 84,112 | ||||||
Lumibird(1) | 68 | 1,586 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 10,493 | 7,711,358 | ||||||
Maisons du Monde SA | 9,602 | 210,119 | ||||||
Manitou BF SA | 1,848 | 64,032 | ||||||
Mersen SA | 3,800 | 140,522 | ||||||
Metropole Television SA | 6,199 | 122,871 | ||||||
MGI Digital Graphic Technology(1) | 500 | 18,065 | ||||||
Nacon SA(1) | 363 | 2,075 | ||||||
Neoen SA(1)(2) | 4,819 | 184,782 | ||||||
Nexans SA | 6,015 | 580,233 | ||||||
Nexity SA | 8,366 | 329,770 | ||||||
Novacyt SA(1)(2) | 19,278 | 43,374 | ||||||
Orange SA, ADR | 207,336 | 2,504,619 | ||||||
Orpea SA | 2,494 | 103,277 | ||||||
Pernod Ricard SA | 8,519 | 1,859,700 | ||||||
Publicis Groupe SA | 13,499 | 895,871 | ||||||
Quadient SA | 4,719 | 86,276 | ||||||
Remy Cointreau SA | 1,060 | 204,000 | ||||||
Renault SA(1) | 37,925 | 1,188,493 | ||||||
ReWorld Media SA(1) | 7,846 | 50,039 | ||||||
Rexel SA | 42,099 | 926,508 | ||||||
Rubis SCA | 8,436 | 262,633 | ||||||
Safran SA | 12,285 | 1,562,003 | ||||||
Sanofi, ADR | 59,616 | 3,126,859 | ||||||
Sartorius Stedim Biotech | 1,461 | 560,250 |
116
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Schneider Electric SE | 9,331 | $ | 1,445,709 | |||||
SCOR SE | 22,253 | 724,500 | ||||||
SEB SA | 4,039 | 587,415 | ||||||
SES SA | 78,491 | 620,659 | ||||||
SES-imagotag SA(1) | 1,114 | 88,916 | ||||||
SMCP SA(1) | 6,736 | 49,407 | ||||||
Societe BIC SA | 3,725 | 196,557 | ||||||
Societe Generale SA | 84,862 | 2,399,688 | ||||||
Sodexo SA | 2,835 | 236,685 | ||||||
SOITEC(1) | 2,190 | 354,823 | ||||||
Solutions 30 SE(1) | 20,776 | 182,400 | ||||||
Sopra Steria Group SACA | 1,362 | 242,908 | ||||||
SPIE SA | 3,902 | 91,263 | ||||||
STMicroelectronics NV, (New York)(2) | 119,045 | 5,037,984 | ||||||
Sword Group | 534 | 23,178 | ||||||
Technicolor SA(1) | 18,219 | 61,195 | ||||||
Teleperformance | 7,004 | 2,598,919 | ||||||
Television Francaise 1 | 10,172 | 100,411 | ||||||
Thales SA | 9,497 | 1,085,724 | ||||||
TotalEnergies SE, ADR | 141,272 | 7,138,474 | ||||||
Trigano SA | 1,678 | 287,749 | ||||||
Ubisoft Entertainment SA(1) | 11,042 | 592,038 | ||||||
Valeo | 51,115 | 1,127,294 | ||||||
Vallourec SA(1) | 34,885 | 339,780 | ||||||
Valneva SE(1)(2) | 15,675 | 261,204 | ||||||
Veolia Environnement SA | 56,914 | 1,984,402 | ||||||
Verallia SA | 12,282 | 322,307 | ||||||
Vicat SA | 3,183 | 116,473 | ||||||
Vilmorin & Cie SA | 1,210 | 62,577 | ||||||
Vinci SA | 43,425 | 4,553,172 | ||||||
Virbac SA | 618 | 251,650 | ||||||
Vivendi SE | 72,024 | 909,215 | ||||||
Worldline SA(1) | 1,638 | 83,527 | ||||||
X-Fab Silicon Foundries SE(1) | 12,230 | 94,873 | ||||||
115,693,093 | ||||||||
Germany — 7.1% | ||||||||
1&1 AG | 1,516 | 36,234 | ||||||
2G Energy AG | 320 | 37,878 | ||||||
7C Solarparken AG | 5,170 | 24,341 | ||||||
Aareal Bank AG | 8,072 | 246,683 | ||||||
Adesso SE | 538 | 121,790 | ||||||
adidas AG | 10,818 | 2,557,826 | ||||||
ADLER Group SA | 5,546 | 78,041 | ||||||
ADVA Optical Networking SE(1) | 9,029 | 152,869 | ||||||
AIXTRON SE | 3,266 | 69,909 | ||||||
Allgeier SE | 1,582 | 68,436 | ||||||
Allianz SE | 16,441 | 3,706,086 | ||||||
Amadeus Fire AG | 678 | 109,365 | ||||||
Aroundtown SA | 100,716 | 621,029 | ||||||
Atoss Software AG | 649 | 125,901 | ||||||
Aumann AG(1) | 1,364 | 24,118 |
117
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
AURELIUS Equity Opportunities SE & Co. KGaA | 7,906 | $ | 236,811 | |||||
Aurubis AG | 6,180 | 723,101 | ||||||
Baader Bank AG | 2,534 | 17,080 | ||||||
BASF SE | 40,028 | 2,665,314 | ||||||
Basler AG | 611 | 77,621 | ||||||
Bauer AG(1) | 2,186 | 22,770 | ||||||
Bayer AG | 23,685 | 1,368,116 | ||||||
Bayerische Motoren Werke AG | 26,774 | 2,578,528 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 4,575 | 369,971 | ||||||
BayWa AG | 2,633 | 108,309 | ||||||
Bechtle AG | 4,200 | 215,444 | ||||||
Befesa SA | 4,696 | 327,041 | ||||||
Beiersdorf AG | 7,132 | 722,956 | ||||||
Bertrandt AG | 464 | 25,094 | ||||||
Bike24 Holding AG(1) | 1,021 | 12,246 | ||||||
Bilfinger SE | 3,404 | 127,502 | ||||||
Borussia Dortmund GmbH & Co. KGaA(1) | 5,456 | 24,519 | ||||||
Brenntag SE | 13,142 | 1,101,726 | ||||||
CANCOM SE | 3,189 | 181,265 | ||||||
Carl Zeiss Meditec AG | 2,483 | 389,669 | ||||||
CECONOMY AG | 18,599 | 73,830 | ||||||
Cewe Stiftung & Co. KGAA | 1,242 | 141,013 | ||||||
Commerzbank AG(1) | 133,731 | 1,117,605 | ||||||
CompuGroup Medical SE & Co. KgaA | 3,719 | 208,936 | ||||||
Continental AG(1) | 10,312 | 878,718 | ||||||
Corestate Capital Holding SA(1) | 1,174 | 15,426 | ||||||
Covestro AG | 28,277 | 1,495,449 | ||||||
CropEnergies AG | 2,072 | 29,007 | ||||||
CTS Eventim AG & Co. KGaA(1) | 6,219 | 433,358 | ||||||
Daimler Truck Holding AG(1) | 23,108 | 704,229 | ||||||
Datagroup SE(1) | 578 | 56,475 | ||||||
Delivery Hero SE(1) | 2,650 | 142,042 | ||||||
Dermapharm Holding SE | 3,071 | 223,826 | ||||||
Deutsche Bank AG(1) | 158,725 | 1,972,952 | ||||||
Deutsche Beteiligungs AG | 3,029 | 118,469 | ||||||
Deutsche Boerse AG | 14,797 | 2,518,784 | ||||||
Deutsche EuroShop AG | 6,263 | 117,771 | ||||||
Deutsche Lufthansa AG(1) | 90,533 | 687,602 | ||||||
Deutsche Pfandbriefbank AG | 28,558 | 309,675 | ||||||
Deutsche Post AG | 57,004 | 2,865,146 | ||||||
Deutsche Telekom AG | 151,340 | 2,712,720 | ||||||
Deutz AG(1) | 29,067 | 166,110 | ||||||
DIC Asset AG | 4,477 | 75,189 | ||||||
Draegerwerk AG & Co. KGaA | 502 | 26,339 | ||||||
Draegerwerk AG & Co. KGaA, Preference Shares | 1,672 | 94,723 | ||||||
Duerr AG | 9,332 | 336,081 | ||||||
E.ON SE | 134,329 | 1,827,082 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 1,537 | 113,064 | ||||||
Einhell Germany AG, Preference Shares | 150 | 31,626 | ||||||
Elmos Semiconductor SE | 1,403 | 90,363 | ||||||
ElringKlinger AG(1) | 3,981 | 42,274 |
118
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Encavis AG | 20,149 | $ | 342,243 | |||||
Evonik Industries AG | 20,953 | 630,719 | ||||||
Evotec SE(1) | 1,344 | 39,579 | ||||||
Fielmann AG | 951 | 56,332 | ||||||
flatexDEGIRO AG(1) | 10,756 | 222,723 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(1) | 1,701 | 115,198 | ||||||
Freenet AG | 22,449 | 597,803 | ||||||
Fresenius Medical Care AG & Co. KGaA, ADR | 7,717 | 249,336 | ||||||
Fresenius SE & Co. KGaA | 5,574 | 194,489 | ||||||
FUCHS PETROLUB SE, Preference Shares | 6,898 | 272,545 | ||||||
GEA Group AG | 15,274 | 667,913 | ||||||
Gerresheimer AG | 4,414 | 317,347 | ||||||
GFT Technologies SE | 2,706 | 123,446 | ||||||
Grand City Properties SA | 12,108 | 264,420 | ||||||
GRENKE AG | 2,632 | 75,518 | ||||||
Hamburger Hafen und Logistik AG | 7,308 | 144,800 | ||||||
Hannover Rueck SE | 5,695 | 1,048,460 | ||||||
HeidelbergCement AG | 15,280 | 991,472 | ||||||
Heidelberger Druckmaschinen AG(1) | 23,243 | 64,824 | ||||||
HelloFresh SE(1) | 19,460 | 1,061,465 | ||||||
Henkel AG & Co. KGaA | 2,144 | 164,846 | ||||||
Henkel AG & Co. KGaA, Preference Shares | 4,043 | 320,884 | ||||||
HOCHTIEF AG | 2,939 | 198,218 | ||||||
Home24 SE(1) | 4,488 | 39,012 | ||||||
Hornbach Holding AG & Co. KGaA | 1,507 | 197,395 | ||||||
HUGO BOSS AG | 13,511 | 824,468 | ||||||
Hypoport SE(1) | 257 | 107,083 | ||||||
Indus Holding AG | 2,400 | 85,594 | ||||||
Infineon Technologies AG | 63,484 | 2,148,038 | ||||||
Instone Real Estate Group SE | 2,686 | 51,563 | ||||||
Jenoptik AG | 7,714 | 274,876 | ||||||
JOST Werke AG | 3,168 | 146,344 | ||||||
Jungheinrich AG, Preference Shares | 9,461 | 341,141 | ||||||
K+S AG(1) | 43,360 | 1,112,278 | ||||||
KION Group AG | 3,451 | 276,654 | ||||||
Kloeckner & Co. SE(1) | 14,176 | 191,778 | ||||||
Knorr-Bremse AG | 7,760 | 684,122 | ||||||
Koenig & Bauer AG(1) | 2,590 | 66,727 | ||||||
Krones AG | 2,225 | 203,779 | ||||||
KSB SE & Co. KGaA | 17 | 8,539 | ||||||
KSB SE & Co. KGaA, Preference Shares | 67 | 27,126 | ||||||
KWS Saat SE & Co. KGaA | 1,413 | 102,688 | ||||||
Lang & Schwarz AG | 1,638 | 37,554 | ||||||
Lanxess AG | 9,943 | 484,340 | ||||||
LEG Immobilien SE | 6,810 | 875,700 | ||||||
Leoni AG(1) | 7,189 | 83,892 | ||||||
LPKF Laser & Electronics AG | 1,239 | 21,492 | ||||||
Manz AG(1) | 361 | 17,361 | ||||||
MBB SE | 132 | 16,955 | ||||||
Medios AG(1) | 1,294 | 46,063 | ||||||
Mercedes-Benz Group AG | 56,665 | 4,426,640 |
119
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Merck KGaA | 3,699 | $ | 733,687 | |||||
MLP SE | 5,074 | 41,303 | ||||||
MPH Health Care AG(1) | 17 | 435 | ||||||
MTU Aero Engines AG | 4,414 | 1,056,651 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 9,187 | 2,520,335 | ||||||
Mutares SE & Co. KGaA | 2,739 | 65,467 | ||||||
Nagarro SE(1) | 1,730 | 246,244 | ||||||
Nemetschek SE | 6,129 | 543,835 | ||||||
New Work SE | 220 | 39,386 | ||||||
Nordex SE(1) | 2,874 | 50,629 | ||||||
Norma Group SE | 4,199 | 145,924 | ||||||
OEKOWORLD AG, Preference Shares | 532 | 37,934 | ||||||
PATRIZIA AG | 1,333 | 25,647 | ||||||
Pfeiffer Vacuum Technology AG | 154 | 30,666 | ||||||
Porsche Automobil Holding SE, Preference Shares | 11,014 | 1,099,289 | ||||||
ProSiebenSat.1 Media SE | 13,178 | 180,147 | ||||||
Puma SE | 5,648 | 517,946 | ||||||
PVA TePla AG(1) | 3,677 | 100,633 | ||||||
QIAGEN NV(1) | 1,406 | 69,864 | ||||||
Rational AG | 334 | 245,811 | ||||||
Rheinmetall AG | 7,064 | 1,051,428 | ||||||
RTL Group SA(1) | 593 | 33,043 | ||||||
RWE AG | 67,741 | 3,136,604 | ||||||
S&T AG | 5,242 | 82,230 | ||||||
SAF-Holland SE(1) | 8,108 | 96,537 | ||||||
Salzgitter AG(1) | 5,305 | 231,731 | ||||||
SAP SE, ADR | 19,703 | 2,218,164 | ||||||
Sartorius AG, Preference Shares | 1,928 | 851,237 | ||||||
Schaeffler AG, Preference Shares | 22,549 | 150,026 | ||||||
Scout24 SE | 4,541 | 264,878 | ||||||
SGL Carbon SE(1) | 12,264 | 78,994 | ||||||
Siemens AG | 20,787 | 2,928,521 | ||||||
Siemens Energy AG(1) | 35,024 | 833,000 | ||||||
Siemens Healthineers AG | 9,491 | 609,042 | ||||||
Siltronic AG | 2,224 | 252,748 | ||||||
Sixt SE(1) | 1,906 | 284,918 | ||||||
Sixt SE, Preference Shares | 2,216 | 180,704 | ||||||
SMA Solar Technology AG | 134 | 5,267 | ||||||
Software AG | 2,608 | 98,394 | ||||||
Stabilus SA | 4,303 | 252,706 | ||||||
Steico SE | 500 | 50,150 | ||||||
STO SE & Co. KGaA, Preference Shares | 497 | 113,438 | ||||||
STRATEC SE | 1,089 | 139,847 | ||||||
Stroeer SE & Co. KGaA | 3,977 | 299,995 | ||||||
Suedzucker AG | 10,333 | 140,775 | ||||||
SUESS MicroTec SE(1) | 3,511 | 67,927 | ||||||
Symrise AG | 6,715 | 798,726 | ||||||
TAG Immobilien AG | 23,808 | 613,651 | ||||||
Takkt AG | 1,582 | 27,167 | ||||||
TeamViewer AG(1) | 10,305 | 164,449 | ||||||
Technotrans SE | 537 | 14,407 |
120
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Telefonica Deutschland Holding AG | 188,792 | $ | 515,184 | |||||
ThyssenKrupp AG(1) | 74,781 | 792,809 | ||||||
Uniper SE | 16,128 | 515,953 | ||||||
United Internet AG | 11,304 | 384,430 | ||||||
Varta AG(2) | 1,512 | 152,486 | ||||||
VERBIO Vereinigte BioEnergie AG | 2,842 | 221,287 | ||||||
Villeroy & Boch AG, Preference Shares | 748 | 19,982 | ||||||
Vitesco Technologies Group AG(1) | 2,779 | 116,799 | ||||||
Volkswagen AG | 1,372 | 354,853 | ||||||
Volkswagen AG, Preference Shares | 8,323 | 1,636,115 | ||||||
Vonovia SE | 25,408 | 1,348,733 | ||||||
Wacker Chemie AG | 2,956 | 457,973 | ||||||
Wacker Neuson SE | 6,179 | 145,484 | ||||||
Wallstreet:Online AG(1) | 565 | 10,734 | ||||||
Washtec AG | 1,313 | 70,429 | ||||||
Westwing Group SE(1) | 1,758 | 35,253 | ||||||
Wuestenrot & Wuerttembergische AG | 2,845 | 56,262 | ||||||
Zalando SE(1) | 7,972 | 527,640 | ||||||
91,150,198 | ||||||||
Hong Kong — 2.5% | ||||||||
AIA Group Ltd. | 534,664 | 5,551,868 | ||||||
ASM Pacific Technology Ltd. | 35,000 | 383,985 | ||||||
Atlas Corp.(2) | 22,753 | 328,326 | ||||||
Bank of East Asia Ltd. (The) | 260,600 | 439,279 | ||||||
BOC Hong Kong Holdings Ltd. | 328,000 | 1,179,181 | ||||||
Bossini International Holdings Ltd.(1) | 152,000 | 11,923 | ||||||
Bright Smart Securities & Commodities Group Ltd. | 8,000 | 1,469 | ||||||
Budweiser Brewing Co. APAC Ltd. | 50,400 | 156,440 | ||||||
C-Mer Eye Care Holdings Ltd.(2) | 108,000 | 75,404 | ||||||
Cafe de Coral Holdings Ltd. | 54,000 | 82,855 | ||||||
China Tonghai International Financial Ltd. | 20,000 | 501 | ||||||
Chow Sang Sang Holdings International Ltd. | 81,000 | 113,685 | ||||||
Chow Tai Fook Jewellery Group Ltd.(1) | 53,800 | 111,718 | ||||||
Chuang's Consortium International Ltd. | 4,000 | 446 | ||||||
Citychamp Watch & Jewellery Group Ltd.(1) | 156,000 | 20,604 | ||||||
CK Asset Holdings Ltd. | 187,686 | 1,185,433 | ||||||
CK Hutchison Holdings Ltd. | 97,500 | 683,579 | ||||||
CK Infrastructure Holdings Ltd. | 69,000 | 428,352 | ||||||
CLP Holdings Ltd. | 188,000 | 1,915,210 | ||||||
CMBC Capital Holdings Ltd.(2) | 73,000 | 21,747 | ||||||
Cowell e Holdings, Inc.(1) | 60,000 | 67,949 | ||||||
Dah Sing Banking Group Ltd. | 49,200 | 44,545 | ||||||
Dah Sing Financial Holdings Ltd. | 28,400 | 91,970 | ||||||
Dairy Farm International Holdings Ltd. | 18,700 | 49,745 | ||||||
Dickson Concepts International Ltd. | 15,500 | 7,967 | ||||||
E-Commodities Holdings Ltd. | 348,000 | 54,479 | ||||||
EC Healthcare | 57,000 | 57,792 | ||||||
ESR Cayman Ltd.(1) | 29,600 | 91,317 | ||||||
Far East Consortium International Ltd. | 17,000 | 5,880 | ||||||
First Pacific Co. Ltd. | 254,000 | 99,435 | ||||||
FSE Lifestyle Services Ltd. | 3,000 | 2,210 |
121
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Futu Holdings Ltd., ADR(1)(2) | 4,006 | $ | 171,256 | |||||
Galaxy Entertainment Group Ltd.(1) | 26,000 | 145,008 | ||||||
Giordano International Ltd. | 100,000 | 20,233 | ||||||
Guotai Junan International Holdings Ltd. | 520,000 | 69,990 | ||||||
Haitong International Securities Group Ltd. | 428,000 | 94,104 | ||||||
Hang Lung Group Ltd. | 98,000 | 216,205 | ||||||
Hang Lung Properties Ltd. | 138,000 | 289,510 | ||||||
Hang Seng Bank Ltd. | 48,100 | 887,016 | ||||||
Henderson Land Development Co. Ltd. | 116,000 | 482,274 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 64,500 | 63,639 | ||||||
HKT Trust & HKT Ltd. | 154,000 | 207,800 | ||||||
Hong Kong & China Gas Co. Ltd. | 338,990 | 512,636 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 44,488 | 2,155,740 | ||||||
Hong Kong Technology Venture Co. Ltd.(2) | 39,000 | 41,423 | ||||||
Hongkong & Shanghai Hotels Ltd. (The)(1) | 20,000 | 20,742 | ||||||
Hongkong Land Holdings Ltd. | 163,100 | 883,251 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 58,000 | 9,583 | ||||||
Hysan Development Co. Ltd. | 66,000 | 194,375 | ||||||
IGG, Inc. | 137,000 | 82,051 | ||||||
International Housewares Retail Co. Ltd. | 24,000 | 7,987 | ||||||
IRC Ltd.(1) | 1,018,000 | 26,747 | ||||||
Jardine Matheson Holdings Ltd. | 9,500 | 566,411 | ||||||
JBM Healthcare Ltd.(1) | 1,000 | 126 | ||||||
Johnson Electric Holdings Ltd. | 64,500 | 107,401 | ||||||
K Wah International Holdings Ltd. | 101,000 | 38,334 | ||||||
Karrie International Holdings Ltd. | 96,000 | 18,833 | ||||||
Kerry Logistics Network Ltd. | 9,566 | 23,210 | ||||||
Kerry Properties Ltd. | 74,000 | 202,774 | ||||||
Kingkey Financial International Holdings Ltd.(1)(2) | 250,000 | 19,855 | ||||||
Kwoon Chung Bus Holdings Ltd.(1) | 4,000 | 875 | ||||||
Lifestyle International Holdings Ltd.(1) | 26,000 | 15,186 | ||||||
LK Technology Holdings Ltd.(2) | 82,250 | 138,851 | ||||||
Luk Fook Holdings International Ltd. | 81,000 | 215,194 | ||||||
Man Wah Holdings Ltd. | 172,400 | 202,538 | ||||||
Melco Resorts & Entertainment Ltd., ADR(1) | 12,986 | 130,120 | ||||||
Modern Dental Group Ltd. | 48,000 | 24,955 | ||||||
MTR Corp. Ltd. | 36,786 | 190,680 | ||||||
Multifield International Holdings Ltd. | 6,400 | 900 | ||||||
New World Development Co. Ltd. | 194,750 | 778,930 | ||||||
NWS Holdings Ltd. | 245,000 | 240,977 | ||||||
Oriental Watch Holdings | 42,000 | 23,042 | ||||||
Pacific Basin Shipping Ltd. | 1,302,000 | 694,250 | ||||||
Pacific Textiles Holdings Ltd. | 139,000 | 67,436 | ||||||
Paliburg Holdings Ltd.(1) | 4,000 | 1,076 | ||||||
PAX Global Technology Ltd. | 82,000 | 61,197 | ||||||
PC Partner Group Ltd. | 54,000 | 66,933 | ||||||
PCCW Ltd. | 131,357 | 73,487 | ||||||
Perfect Medical Health Management Ltd. | 64,000 | 36,477 | ||||||
Power Assets Holdings Ltd. | 138,500 | 872,900 | ||||||
Realord Group Holdings Ltd.(1)(2) | 70,000 | 87,251 | ||||||
Regina Miracle International Holdings Ltd. | 5,000 | 3,560 | ||||||
Sa Sa International Holdings Ltd.(1) | 194,000 | 34,634 |
122
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Sands China Ltd.(1) | 60,800 | $ | 160,359 | |||||
SAS Dragon Holdings Ltd. | 4,000 | 2,405 | ||||||
Shangri-La Asia Ltd.(1) | 40,000 | 32,607 | ||||||
Shun Tak Holdings Ltd.(1) | 104,000 | 26,578 | ||||||
Sino Land Co. Ltd. | 256,164 | 323,330 | ||||||
SITC International Holdings Co. Ltd. | 221,000 | 911,218 | ||||||
SJM Holdings Ltd.(1) | 108,000 | 61,051 | ||||||
SmarTone Telecommunications Holdings Ltd. | 36,500 | 20,820 | ||||||
Solargiga Energy Holdings Ltd.(1) | 355,000 | 16,004 | ||||||
Soundwill Holdings Ltd. | 1,500 | 1,432 | ||||||
Stella International Holdings Ltd. | 30,000 | 30,403 | ||||||
Sun Hung Kai & Co. Ltd. | 33,000 | 16,753 | ||||||
Sun Hung Kai Properties Ltd. | 87,500 | 1,017,256 | ||||||
SUNeVision Holdings Ltd. | 79,000 | 70,449 | ||||||
Swire Pacific Ltd., Class A | 90,500 | 500,122 | ||||||
Swire Properties Ltd. | 105,000 | 273,054 | ||||||
Symphony Holdings Ltd. | 10,000 | 1,369 | ||||||
Techtronic Industries Co. Ltd. | 49,000 | 821,047 | ||||||
Ten Pao Group Holdings Ltd. | 68,000 | 17,442 | ||||||
Texhong Textile Group Ltd. | 52,500 | 65,337 | ||||||
Texwinca Holdings Ltd. | 26,000 | 5,428 | ||||||
Theme International Holdings Ltd.(1) | 620,000 | 101,190 | ||||||
United Laboratories International Holdings Ltd. (The) | 176,000 | 97,424 | ||||||
Upbest Group Ltd. | 6,000 | 400 | ||||||
Value Partners Group Ltd.(2) | 204,000 | 99,978 | ||||||
Vitasoy International Holdings Ltd.(2) | 62,000 | 114,974 | ||||||
VSTECS Holdings Ltd. | 144,000 | 148,047 | ||||||
VTech Holdings Ltd. | 27,400 | 225,260 | ||||||
WH Group Ltd. | 1,109,978 | 775,182 | ||||||
Wharf Real Estate Investment Co. Ltd. | 84,000 | 377,100 | ||||||
Wynn Macau Ltd.(1) | 48,800 | 41,706 | ||||||
Xinyi Electric Storage Holdings Ltd.(1) | 52,800 | 28,146 | ||||||
Xinyi Glass Holdings Ltd. | 245,000 | 652,616 | ||||||
Yue Yuen Industrial Holdings Ltd.(1) | 123,000 | 207,854 | ||||||
32,029,598 | ||||||||
Ireland — 0.6% | ||||||||
AIB Group plc(1)(2) | 77,913 | 205,556 | ||||||
Bank of Ireland Group plc(1) | 162,848 | 1,080,537 | ||||||
Cairn Homes plc(1) | 68,749 | 97,571 | ||||||
CRH plc | 37,350 | 1,697,865 | ||||||
Dalata Hotel Group plc(1) | 20,247 | 95,408 | ||||||
FBD Holdings plc(1) | 1,492 | 17,518 | ||||||
Glanbia plc | 46,207 | 646,853 | ||||||
Glenveagh Properties plc(1) | 109,581 | 150,014 | ||||||
Kerry Group plc, A Shares | 4,543 | 541,249 | ||||||
Kingspan Group plc | 8,157 | 796,631 | ||||||
Origin Enterprises plc | 12,211 | 49,440 | ||||||
Permanent TSB Group Holdings plc(1) | 426 | 822 | ||||||
Smurfit Kappa Group plc | 36,466 | 1,821,193 | ||||||
Uniphar plc(1) | 26,443 | 99,045 | ||||||
7,299,702 |
123
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Israel — 1.0% | ||||||||
Adgar Investment and Development Ltd. | 1,776 | $ | 3,948 | |||||
AFI Properties Ltd. | 610 | 35,583 | ||||||
Airport City Ltd.(1) | 4,714 | 106,544 | ||||||
Alony Hetz Properties & Investments Ltd. | 9,074 | 158,893 | ||||||
Altshuler Shaham Provident Funds & Pension Ltd. | 4,732 | 20,326 | ||||||
Amot Investments Ltd. | 10,164 | 78,055 | ||||||
Arad Investment & Industrial Development Ltd. | 146 | 20,487 | ||||||
Arad Ltd. | 793 | 11,824 | ||||||
Ashtrom Group Ltd. | 3,049 | 84,629 | ||||||
AudioCodes Ltd. | 1,060 | 30,040 | ||||||
Azorim-Investment Development & Construction Co. Ltd.(1) | 10,263 | 51,288 | ||||||
Azrieli Group Ltd. | 1,130 | 96,403 | ||||||
Bank Hapoalim BM | 61,520 | 652,019 | ||||||
Bank Leumi Le-Israel BM | 74,172 | 803,499 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(1) | 166,830 | 273,895 | ||||||
Big Shopping Centers Ltd. | 574 | 84,721 | ||||||
Blue Square Real Estate Ltd. | 224 | 17,835 | ||||||
Caesarstone Ltd. | 1,359 | 16,294 | ||||||
Camtek Ltd.(1) | 4,223 | 139,987 | ||||||
Carasso Motors Ltd. | 1,574 | 10,513 | ||||||
Cellcom Israel Ltd.(1) | 14,231 | 72,806 | ||||||
Ceragon Networks Ltd.(1) | 817 | 1,830 | ||||||
Check Point Software Technologies Ltd.(1) | 3,614 | 523,596 | ||||||
Clal Insurance Enterprises Holdings Ltd.(1) | 10,976 | 256,562 | ||||||
CyberArk Software Ltd.(1) | 901 | 153,296 | ||||||
Danel Adir Yeoshua Ltd. | 474 | 102,452 | ||||||
Delek Automotive Systems Ltd. | 6,943 | 110,239 | ||||||
Delek Group Ltd.(1) | 745 | 92,030 | ||||||
Delta Galil Industries Ltd. | 1,347 | 93,148 | ||||||
Elbit Systems Ltd. | 1,295 | 266,222 | ||||||
Elco Ltd. | 589 | 50,880 | ||||||
Electra Consumer Products 1970 Ltd. | 1,098 | 63,912 | ||||||
Electra Ltd. | 138 | 103,153 | ||||||
Electreon Wireless Ltd.(1) | 352 | 15,203 | ||||||
Energix-Renewable Energies Ltd. | 8,260 | 33,674 | ||||||
Equital Ltd.(1) | 1,617 | 64,617 | ||||||
Fattal Holdings 1998 Ltd.(1) | 472 | 61,696 | ||||||
FIBI Holdings Ltd. | 2,134 | 101,266 | ||||||
First International Bank of Israel Ltd. | 4,070 | 175,074 | ||||||
Formula Systems 1985 Ltd. | 165 | 16,777 | ||||||
Fox Wizel Ltd. | 923 | 156,391 | ||||||
Gav-Yam Lands Corp. Ltd. | 7,708 | 94,321 | ||||||
Gazit-Globe Ltd. | 7,325 | 63,906 | ||||||
Gilat Satellite Networks Ltd.(1) | 3,128 | 25,449 | ||||||
Hagag Group Real Estate Development | 921 | 6,926 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 13,471 | 163,091 | ||||||
Hilan Ltd. | 1,433 | 86,403 | ||||||
ICL Group Ltd. | 40,677 | 461,949 | ||||||
IDI Insurance Co. Ltd. | 759 | 26,307 | ||||||
Ilex Medical Ltd. | 429 | 20,007 |
124
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Infinya Ltd. | 146 | $ | 11,608 | |||||
Inmode Ltd.(1) | 3,377 | 144,164 | ||||||
Inrom Construction Industries Ltd. | 17,244 | 82,982 | ||||||
Isracard Ltd. | 36,267 | 190,344 | ||||||
Israel Canada T.R Ltd. | 5,119 | 28,884 | ||||||
Israel Corp. Ltd. (The)(1) | 305 | 160,277 | ||||||
Israel Discount Bank Ltd., A Shares | 89,214 | 588,291 | ||||||
Israel Land Development - Urban Renewal Ltd. | 1,768 | 29,784 | ||||||
Isras Investment Co. Ltd. | 161 | 38,685 | ||||||
Ituran Location and Control Ltd. | 2,962 | 60,928 | ||||||
Kamada Ltd.(1) | 543 | 3,118 | ||||||
Kenon Holdings Ltd. | 1,670 | 94,656 | ||||||
Kornit Digital Ltd.(1) | 1,964 | 186,246 | ||||||
M Yochananof & Sons Ltd. | 742 | 56,547 | ||||||
Magic Software Enterprises Ltd. | 2,798 | 50,032 | ||||||
Malam - Team Ltd. | 872 | 28,207 | ||||||
Matrix IT Ltd. | 2,263 | 61,230 | ||||||
Maytronics Ltd. | 2,847 | 61,402 | ||||||
Mediterranean Towers Ltd. | 6,613 | 20,413 | ||||||
Mega Or Holdings Ltd. | 1,423 | 56,039 | ||||||
Melisron Ltd.(1) | 1,050 | 83,372 | ||||||
Menora Mivtachim Holdings Ltd.(1) | 3,436 | 80,409 | ||||||
Migdal Insurance & Financial Holdings Ltd. | 41,156 | 72,028 | ||||||
Mivne Real Estate KD Ltd. | 43,225 | 169,555 | ||||||
Mizrahi Tefahot Bank Ltd. | 7,846 | 306,606 | ||||||
Nano Dimension Ltd., ADR(1) | 7,314 | 25,892 | ||||||
Naphtha Israel Petroleum Corp. Ltd.(1) | 1,311 | 10,376 | ||||||
Nawi Brothers Ltd. | 1,423 | 13,238 | ||||||
Neto Malinda Trading Ltd.(1) | 518 | 23,923 | ||||||
Nice Ltd., ADR(1) | 2,084 | 471,505 | ||||||
Nova Ltd.(1) | 997 | 109,222 | ||||||
Oil Refineries Ltd.(1) | 243,879 | 87,389 | ||||||
One Software Technologies Ltd. | 4,313 | 76,740 | ||||||
OPC Energy Ltd.(1) | 3,379 | 38,373 | ||||||
Partner Communications Co. Ltd.(1) | 21,047 | 161,583 | ||||||
Paz Oil Co. Ltd.(1) | 1,306 | 188,467 | ||||||
Perion Network Ltd.(1) | 5,009 | 113,899 | ||||||
Phoenix Holdings Ltd. (The) | 16,934 | 209,753 | ||||||
Prashkovsky Investments and Construction Ltd. | 500 | 20,620 | ||||||
Radware Ltd.(1) | 2,439 | 83,926 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 1,156 | 95,647 | ||||||
Raval Ics Ltd. | 1,209 | 2,592 | ||||||
Sapiens International Corp. NV | 1,050 | 28,740 | ||||||
Scope Metals Group Ltd. | 1,019 | 44,684 | ||||||
Shapir Engineering and Industry Ltd. | 10,541 | 103,949 | ||||||
Shikun & Binui Ltd.(1) | 11,430 | 69,218 | ||||||
Shufersal Ltd. | 32,615 | 291,683 | ||||||
Silicom Ltd.(1) | 230 | 9,580 | ||||||
Strauss Group Ltd. | 3,660 | 120,334 | ||||||
Summit Real Estate Holdings Ltd.(1) | 3,162 | 70,454 | ||||||
Tadiran Group Ltd. | 273 | 39,079 |
125
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Taro Pharmaceutical Industries Ltd.(1) | 711 | $ | 34,732 | |||||
Tel Aviv Stock Exchange Ltd. | 8,957 | 53,133 | ||||||
Tera Light Ltd.(1) | 1,179 | 2,527 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(1) | 28,793 | 234,087 | ||||||
Tower Semiconductor Ltd.(1) | 9,975 | 466,352 | ||||||
Victory Supermarket Chain Ltd. | 849 | 17,499 | ||||||
Wix.com Ltd.(1) | 661 | 60,534 | ||||||
YH Dimri Construction & Development Ltd. | 818 | 73,713 | ||||||
ZIM Integrated Shipping Services Ltd. | 6,442 | 449,587 | ||||||
ZUR Shamir Holdings Ltd. | 917 | 3,590 | ||||||
12,732,393 | ||||||||
Italy — 2.2% | ||||||||
A2A SpA | 301,571 | 538,030 | ||||||
ACEA SpA | 7,414 | 140,798 | ||||||
Amplifon SpA | 9,048 | 388,290 | ||||||
Anima Holding SpA | 2,119 | 10,017 | ||||||
Aquafil SpA(1) | 3,718 | 26,872 | ||||||
Arnoldo Mondadori Editore SpA(1) | 34,065 | 74,764 | ||||||
Ascopiave SpA | 16,797 | 65,856 | ||||||
Assicurazioni Generali SpA(2) | 38,838 | 768,093 | ||||||
Atlantia SpA(1) | 35,834 | 659,176 | ||||||
Autogrill SpA(1) | 6,335 | 47,933 | ||||||
Azimut Holding SpA | 16,791 | 400,658 | ||||||
Banca Generali SpA(2) | 9,306 | 343,011 | ||||||
Banca IFIS SpA | 4,286 | 90,453 | ||||||
Banca Mediolanum SpA | 28,932 | 237,103 | ||||||
Banca Monte dei Paschi di Siena SpA(1) | 15,205 | 14,590 | ||||||
Banca Popolare di Sondrio SCPA | 74,425 | 293,633 | ||||||
Banca Sistema SpA(2) | 6,395 | 14,075 | ||||||
Banco BPM SpA | 137,278 | 471,033 | ||||||
Banco di Desio e della Brianza SpA | 1,492 | 5,010 | ||||||
BFF Bank SpA | 32,161 | 231,664 | ||||||
Biesse SpA(1)(2) | 2,461 | 53,977 | ||||||
BPER Banca | 178,971 | 357,678 | ||||||
Brembo SpA | 19,714 | 232,702 | ||||||
Brunello Cucinelli SpA(1) | 5,350 | 300,062 | ||||||
Buzzi Unicem SpA | 8,576 | 163,546 | ||||||
Cairo Communication SpA | 8,514 | 16,047 | ||||||
Carel Industries SpA | 3,267 | 80,031 | ||||||
Cementir Holding NV | 4,280 | 34,050 | ||||||
CIR SpA-Compagnie Industriali(1) | 75,799 | 34,057 | ||||||
CNH Industrial NV | 89,240 | 1,269,395 | ||||||
Credito Emiliano SpA | 10,424 | 74,855 | ||||||
Danieli & C Officine Meccaniche SpA(2) | 2,036 | 47,124 | ||||||
Danieli & C Officine Meccaniche SpA, Preference Shares | 7,286 | 114,374 | ||||||
Davide Campari-Milano NV | 4,788 | 52,107 | ||||||
De' Longhi SpA | 7,808 | 247,759 | ||||||
DiaSorin SpA | 963 | 144,117 | ||||||
Digital Bros SpA(2) | 1,147 | 31,790 | ||||||
Digital Value SpA(1) | 772 | 71,302 | ||||||
doValue SpA | 10,061 | 81,243 |
126
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Enav SpA(1) | 36,812 | $ | 169,217 | |||||
Enel SpA | 205,688 | 1,515,702 | ||||||
Eni SpA, ADR | 75,437 | 2,336,284 | ||||||
ERG SpA | 2,839 | 89,482 | ||||||
Esprinet SpA | 4,756 | 59,300 | ||||||
Falck Renewables SpA | 2,628 | 25,841 | ||||||
Ferrari NV | 3,635 | 781,119 | ||||||
Fila SpA | 2,851 | 29,890 | ||||||
Fincantieri SpA(1)(2) | 60,408 | 42,453 | ||||||
FinecoBank Banca Fineco SpA | 42,330 | 705,464 | ||||||
Gruppo MutuiOnline SpA | 2,717 | 112,638 | ||||||
GVS SpA | 8,560 | 86,105 | ||||||
Hera SpA | 160,320 | 621,643 | ||||||
Infrastrutture Wireless Italiane SpA(2) | 2,416 | 24,671 | ||||||
Interpump Group SpA | 1,856 | 100,200 | ||||||
Intesa Sanpaolo SpA | 716,454 | 1,831,490 | ||||||
Iren SpA | 148,480 | 417,963 | ||||||
Italgas SpA | 86,437 | 557,952 | ||||||
Iveco Group NV(1) | 12,306 | 102,727 | ||||||
Juventus Football Club SpA(1)(2) | 75,644 | 29,528 | ||||||
La Doria SpA | 1,075 | 19,815 | ||||||
Leonardo SpA(1) | 49,826 | 444,192 | ||||||
Maire Tecnimont SpA(2) | 27,880 | 87,763 | ||||||
MARR SpA | 4,760 | 89,062 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 19,715 | 205,316 | ||||||
MFE-MediaForEurope NV, Class A(1) | 43,310 | 38,946 | ||||||
MFE-MediaForEurope NV, Class B | 43,310 | 53,045 | ||||||
Moncler SpA | 8,425 | 505,922 | ||||||
Nexi SpA(1) | 13,406 | 183,099 | ||||||
OVS SpA(1) | 59,091 | 149,078 | ||||||
Pharmanutra SpA | 424 | 29,937 | ||||||
Piaggio & C SpA | 14,394 | 42,272 | ||||||
Poste Italiane SpA | 42,158 | 483,532 | ||||||
Prima Industrie SpA(1) | 812 | 14,081 | ||||||
Prysmian SpA | 13,829 | 455,242 | ||||||
RAI Way SpA | 18,045 | 98,971 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 7,622 | 372,803 | ||||||
Reply SpA | 1,488 | 242,628 | ||||||
Safilo Group SpA(1)(2) | 41,149 | 64,036 | ||||||
Saipem SpA(1)(2) | 67,110 | 79,081 | ||||||
Salcef SpA | 1,607 | 39,703 | ||||||
Salvatore Ferragamo SpA(1) | 9,920 | 215,108 | ||||||
Sanlorenzo SpA/Ameglia | 1,000 | 43,115 | ||||||
Saras SpA(1) | 114,933 | 70,226 | ||||||
Sesa SpA | 1,467 | 234,378 | ||||||
Snam SpA | 55,292 | 307,216 | ||||||
Societa Cattolica Di Assicurazione SpA(1) | 17,156 | 104,915 | ||||||
SOL SpA | 530 | 10,364 | ||||||
Stellantis NV | 94,668 | 1,720,295 | ||||||
Tamburi Investment Partners SpA | 1,206 | 11,701 | ||||||
Technogym SpA | 16,948 | 133,673 |
127
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Telecom Italia SpA/Milano | 743,208 | $ | 312,256 | |||||
Telecom Italia SpA/Milano, Preference Shares | 449,602 | 186,705 | ||||||
Tenaris SA, ADR | 6,871 | 178,165 | ||||||
Terna - Rete Elettrica Nazionale | 120,420 | 986,576 | ||||||
Tinexta Spa | 2,223 | 71,303 | ||||||
Tod's SpA(1) | 31 | 1,585 | ||||||
UniCredit SpA | 151,413 | 1,913,030 | ||||||
Unieuro SpA(2) | 3,508 | 69,451 | ||||||
Unipol Gruppo SpA | 52,115 | 264,436 | ||||||
Webuild SpA(2) | 66,359 | 124,996 | ||||||
Zignago Vetro SpA | 929 | 13,311 | ||||||
28,538,273 | ||||||||
Japan — 20.8% | ||||||||
77 Bank Ltd. (The) | 9,100 | 122,880 | ||||||
A&D Co. Ltd. | 4,300 | 32,991 | ||||||
ABC-Mart, Inc.(2) | 700 | 30,373 | ||||||
Acom Co. Ltd. | 24,300 | 67,691 | ||||||
Adastria Co. Ltd.(2) | 2,800 | 41,280 | ||||||
ADEKA Corp. | 11,700 | 271,350 | ||||||
Advantest Corp. | 12,500 | 1,004,561 | ||||||
Adways, Inc. | 4,300 | 24,025 | ||||||
Aeon Co. Ltd.(2) | 34,700 | 786,083 | ||||||
Aeon Delight Co. Ltd.(2) | 3,100 | 80,486 | ||||||
AEON Financial Service Co. Ltd.(2) | 15,800 | 162,733 | ||||||
Aeon Hokkaido Corp. | 2,600 | 26,538 | ||||||
Aeon Mall Co. Ltd.(2) | 14,600 | 205,306 | ||||||
AFC-HD AMS Life Science Co. Ltd.(2) | 2,500 | 15,730 | ||||||
AGC, Inc. | 23,400 | 1,038,083 | ||||||
Ai Holdings Corp. | 3,600 | 54,264 | ||||||
Aica Kogyo Co. Ltd. | 2,400 | 67,197 | ||||||
Aichi Bank Ltd. (The) | 1,700 | 71,503 | ||||||
Aichi Steel Corp. | 1,300 | 29,799 | ||||||
Aida Engineering Ltd. | 3,300 | 28,573 | ||||||
Aiful Corp. | 33,400 | 107,086 | ||||||
Ain Holdings, Inc. | 1,200 | 66,962 | ||||||
Air Water, Inc. | 26,000 | 378,523 | ||||||
Airport Facilities Co. Ltd. | 1,300 | 6,420 | ||||||
Airtrip Corp. | 800 | 21,636 | ||||||
Aisan Industry Co. Ltd. | 6,000 | 38,908 | ||||||
Aisin Corp. | 14,700 | 535,437 | ||||||
Aizawa Securities Group Co. Ltd. | 2,200 | 17,475 | ||||||
Ajinomoto Co., Inc. | 37,100 | 1,081,131 | ||||||
Akatsuki, Inc. | 1,000 | 25,659 | ||||||
Akebono Brake Industry Co. Ltd.(1) | 15,900 | 22,500 | ||||||
Akita Bank Ltd. (The) | 800 | 12,069 | ||||||
Alconix Corp. | 4,500 | 55,015 | ||||||
Alfresa Holdings Corp. | 9,300 | 143,121 | ||||||
Alpen Co. Ltd.(2) | 3,500 | 64,513 | ||||||
Alps Alpine Co. Ltd. | 25,500 | 256,028 | ||||||
Altech Corp. | 1,500 | 25,317 | ||||||
Amada Co. Ltd. | 46,200 | 409,367 |
128
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Amano Corp. | 3,600 | $ | 70,576 | |||||
ANA Holdings, Inc.(1) | 1,100 | 24,220 | ||||||
Anritsu Corp.(2) | 11,100 | 155,939 | ||||||
AOKI Holdings, Inc. | 3,800 | 19,827 | ||||||
Aomori Bank Ltd. (The) | 1,400 | 23,449 | ||||||
Aoyama Trading Co. Ltd.(1) | 3,400 | 20,143 | ||||||
Aoyama Zaisan Networks Co. Ltd. | 1,600 | 16,978 | ||||||
Aozora Bank Ltd. | 15,600 | 351,253 | ||||||
Arakawa Chemical Industries Ltd. | 2,100 | 20,742 | ||||||
Arata Corp. | 2,600 | 90,628 | ||||||
Arcland Sakamoto Co. Ltd. | 4,600 | 62,954 | ||||||
Arcland Service Holdings Co. Ltd.(2) | 700 | 13,845 | ||||||
Arcs Co. Ltd.(2) | 6,700 | 126,892 | ||||||
Ardepro Co. Ltd. | 19,600 | 7,161 | ||||||
Arealink Co. Ltd. | 1,300 | 14,960 | ||||||
Argo Graphics, Inc. | 2,400 | 66,643 | ||||||
Ariake Japan Co. Ltd. | 700 | 34,955 | ||||||
Arisawa Manufacturing Co. Ltd. | 2,100 | 18,471 | ||||||
ARTERIA Networks Corp. | 3,600 | 41,695 | ||||||
ArtSpark Holdings, Inc. | 6,300 | 39,007 | ||||||
AS One Corp. | 600 | 36,272 | ||||||
Asahi Co. Ltd. | 1,300 | 15,317 | ||||||
Asahi Diamond Industrial Co. Ltd. | 5,100 | 25,518 | ||||||
Asahi Group Holdings Ltd. | 13,100 | 528,446 | ||||||
Asahi Holdings, Inc. | 10,700 | 207,799 | ||||||
Asahi Intecc Co. Ltd. | 1,900 | 41,027 | ||||||
Asahi Kasei Corp. | 100,300 | 941,298 | ||||||
ASAHI YUKIZAI Corp. | 3,100 | 56,584 | ||||||
Asanuma Corp. | 500 | 23,504 | ||||||
Asia Pile Holdings Corp. | 3,600 | 13,687 | ||||||
Asics Corp. | 21,700 | 434,621 | ||||||
ASKA Pharmaceutical Holdings Co. Ltd. | 3,500 | 34,917 | ||||||
ASKUL Corp. | 4,200 | 60,995 | ||||||
Astellas Pharma, Inc. | 91,200 | 1,521,601 | ||||||
Aucnet, Inc. | 3,500 | 48,517 | ||||||
Autobacs Seven Co. Ltd. | 8,300 | 103,995 | ||||||
Avant Corp. | 1,700 | 16,103 | ||||||
Awa Bank Ltd. (The) | 4,900 | 98,765 | ||||||
Axial Retailing, Inc. | 2,100 | 60,805 | ||||||
Azbil Corp. | 2,500 | 94,897 | ||||||
Bandai Namco Holdings, Inc. | 4,300 | 315,238 | ||||||
Bando Chemical Industries Ltd. | 2,900 | 21,745 | ||||||
Bank of Iwate Ltd. (The) | 1,100 | 18,461 | ||||||
Bank of Kyoto Ltd. (The) | 4,300 | 191,071 | ||||||
Bank of Nagoya Ltd. (The) | 2,100 | 54,129 | ||||||
Bank of Saga Ltd. (The) | 1,100 | 14,702 | ||||||
Bank of the Ryukyus Ltd. | 5,400 | 39,200 | ||||||
BayCurrent Consulting, Inc. | 1,100 | 439,883 | ||||||
Belc Co. Ltd.(2) | 1,000 | 47,889 | ||||||
Bell System24 Holdings, Inc.(2) | 2,900 | 33,856 | ||||||
Belluna Co. Ltd. | 7,300 | 46,948 |
129
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Benefit One, Inc. | 5,900 | $ | 136,655 | |||||
Benesse Holdings, Inc. | 7,800 | 158,873 | ||||||
BeNext-Yumeshin Group Co. | 2,527 | 35,998 | ||||||
Bic Camera, Inc.(2) | 10,800 | 93,964 | ||||||
BML, Inc. | 3,800 | 110,224 | ||||||
Bridgestone Corp. | 32,300 | 1,330,144 | ||||||
Brother Industries Ltd. | 26,700 | 485,964 | ||||||
Bunka Shutter Co. Ltd. | 6,500 | 61,573 | ||||||
Calbee, Inc.(2) | 4,900 | 110,180 | ||||||
Canon Electronics, Inc. | 1,400 | 19,539 | ||||||
Canon Marketing Japan, Inc. | 4,700 | 98,232 | ||||||
Canon, Inc., ADR(2) | 41,161 | 972,634 | ||||||
Capcom Co., Ltd. | 17,000 | 412,604 | ||||||
Carenet, Inc. | 3,600 | 26,157 | ||||||
Carta Holdings, Inc. | 1,600 | 32,542 | ||||||
Casio Computer Co. Ltd. | 8,700 | 101,933 | ||||||
Cawachi Ltd. | 2,200 | 46,982 | ||||||
Central Automotive Products Ltd. | 500 | 11,403 | ||||||
Central Glass Co. Ltd. | 9,700 | 174,065 | ||||||
Central Japan Railway Co. | 4,200 | 567,488 | ||||||
Central Security Patrols Co. Ltd. | 1,000 | 20,246 | ||||||
Change, Inc.(1)(2) | 800 | 12,356 | ||||||
Charm Care Corp. KK | 3,900 | 39,522 | ||||||
Chiba Bank Ltd. (The) | 42,300 | 265,895 | ||||||
Chilled & Frozen Logistics Holdings Co. Ltd. | 1,200 | 13,072 | ||||||
Chiyoda Corp.(1)(2) | 400 | 1,252 | ||||||
Chubu Electric Power Co., Inc. | 23,700 | 236,731 | ||||||
Chudenko Corp. | 2,100 | 39,994 | ||||||
Chugai Pharmaceutical Co. Ltd. | 25,900 | 859,197 | ||||||
Chugoku Bank Ltd. (The) | 18,100 | 142,427 | ||||||
Chugoku Electric Power Co., Inc. (The) | 3,500 | 27,398 | ||||||
Chugoku Marine Paints Ltd. | 3,500 | 28,051 | ||||||
CI Takiron Corp. | 5,800 | 28,292 | ||||||
Citizen Watch Co. Ltd. | 64,000 | 278,790 | ||||||
CKD Corp. | 8,700 | 151,738 | ||||||
CMIC Holdings Co. Ltd. | 1,200 | 16,139 | ||||||
CMK Corp.(1) | 10,700 | 57,436 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 11,200 | 142,597 | ||||||
COLOPL, Inc. | 5,100 | 28,745 | ||||||
Colowide Co. Ltd.(2) | 5,300 | 79,760 | ||||||
Computer Engineering & Consulting Ltd. | 1,600 | 15,778 | ||||||
COMSYS Holdings Corp. | 7,300 | 176,529 | ||||||
Comture Corp. | 1,800 | 46,346 | ||||||
Concordia Financial Group Ltd. | 84,600 | 344,177 | ||||||
Core Corp. | 100 | 1,376 | ||||||
Cosmo Energy Holdings Co. Ltd. | 11,700 | 264,454 | ||||||
Cosmos Pharmaceutical Corp. | 1,600 | 221,837 | ||||||
Create Restaurants Holdings, Inc.(2) | 6,200 | 39,094 | ||||||
Create SD Holdings Co. Ltd. | 2,300 | 63,091 | ||||||
Credit Saison Co. Ltd. | 29,700 | 334,332 | ||||||
Creek & River Co. Ltd. | 2,300 | 34,908 |
130
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Cresco Ltd. | 1,600 | $ | 25,621 | |||||
CTI Engineering Co. Ltd. | 1,500 | 29,737 | ||||||
Curves Holdings Co. Ltd.(2) | 2,300 | 14,175 | ||||||
CyberAgent, Inc. | 42,000 | 549,597 | ||||||
Cybozu, Inc. | 2,000 | 24,179 | ||||||
Dai Nippon Printing Co. Ltd. | 17,500 | 456,832 | ||||||
Dai-ichi Life Holdings, Inc. | 80,100 | 1,663,528 | ||||||
Daicel Corp. | 44,600 | 343,225 | ||||||
Daido Metal Co. Ltd. | 2,400 | 13,310 | ||||||
Daido Steel Co. Ltd. | 2,200 | 79,114 | ||||||
Daifuku Co. Ltd. | 400 | 28,931 | ||||||
Daihen Corp. | 2,900 | 109,181 | ||||||
Daiho Corp.(2) | 1,800 | 56,256 | ||||||
Daiichi Jitsugyo Co. Ltd. | 700 | 26,621 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 3,900 | 34,634 | ||||||
Daiichi Sankyo Co. Ltd. | 47,700 | 1,163,661 | ||||||
Daiichikosho Co. Ltd. | 1,900 | 57,903 | ||||||
Daiken Corp. | 1,400 | 27,382 | ||||||
Daiki Aluminium Industry Co. Ltd.(2) | 4,400 | 66,694 | ||||||
Daikin Industries Ltd. | 7,400 | 1,367,554 | ||||||
Daikokutenbussan Co. Ltd. | 800 | 33,215 | ||||||
Daikyonishikawa Corp. | 5,500 | 27,002 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 1,200 | 23,468 | ||||||
Daio Paper Corp. | 13,400 | 199,069 | ||||||
Daiseki Co. Ltd. | 3,480 | 141,769 | ||||||
Daishi Hokuetsu Financial Group, Inc. | 7,600 | 175,790 | ||||||
Daishinku Corp. | 7,400 | 69,686 | ||||||
Daito Pharmaceutical Co. Ltd. | 1,100 | 28,882 | ||||||
Daito Trust Construction Co. Ltd. | 8,700 | 962,566 | ||||||
Daiwa House Industry Co. Ltd. | 29,600 | 839,464 | ||||||
Daiwa Industries Ltd. | 2,200 | 21,259 | ||||||
Daiwa Securities Group, Inc. | 137,200 | 811,194 | ||||||
Daiwabo Holdings Co. Ltd. | 15,600 | 241,478 | ||||||
DCM Holdings Co. Ltd.(2) | 10,000 | 97,185 | ||||||
Dear Life Co. Ltd. | 300 | 1,347 | ||||||
DeNA Co. Ltd. | 5,200 | 79,909 | ||||||
Denka Co. Ltd. | 13,100 | 402,336 | ||||||
Denso Corp. | 11,900 | 836,810 | ||||||
Dentsu Group, Inc. | 20,600 | 821,944 | ||||||
Dexerials Corp. | 11,400 | 325,484 | ||||||
DIC Corp. | 12,300 | 280,186 | ||||||
Digital Arts, Inc. | 1,600 | 90,091 | ||||||
Digital Garage, Inc. | 4,700 | 163,704 | ||||||
Digital Hearts Holdings Co. Ltd. | 700 | 9,586 | ||||||
Digital Holdings, Inc. | 2,800 | 36,808 | ||||||
Digital Information Technologies Corp. | 1,300 | 14,852 | ||||||
Dip Corp.(2) | 2,700 | 80,110 | ||||||
Disco Corp. | 3,000 | 849,402 | ||||||
DKK Co. Ltd. | 1,000 | 20,738 | ||||||
DMG Mori Co. Ltd. | 13,600 | 189,983 | ||||||
Doshisha Co. Ltd. | 1,400 | 18,982 |
131
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Doutor Nichires Holdings Co. Ltd.(2) | 1,100 | $ | 15,510 | |||||
Dowa Holdings Co. Ltd. | 4,100 | 185,035 | ||||||
Dream Incubator, Inc.(1) | 2,100 | 44,622 | ||||||
DTS Corp. | 5,100 | 122,197 | ||||||
Duskin Co. Ltd. | 1,600 | 39,061 | ||||||
DyDo Group Holdings, Inc. | 700 | 31,422 | ||||||
E-Guardian, Inc. | 1,800 | 41,183 | ||||||
Eagle Industry Co. Ltd. | 4,000 | 36,097 | ||||||
Earth Corp. | 2,400 | 117,402 | ||||||
East Japan Railway Co. | 7,500 | 445,566 | ||||||
Ebara Corp. | 15,600 | 814,183 | ||||||
Ebara Jitsugyo Co. Ltd. | 1,800 | 34,960 | ||||||
Eco's Co. Ltd.(2) | 200 | 3,513 | ||||||
EDION Corp. | 12,500 | 130,315 | ||||||
Eiken Chemical Co. Ltd. | 4,400 | 66,850 | ||||||
Eisai Co. Ltd. | 4,100 | 203,421 | ||||||
Eizo Corp. | 2,000 | 64,267 | ||||||
EJ Holdings, Inc. | 2,400 | 24,661 | ||||||
Elan Corp. | 4,400 | 37,483 | ||||||
Electric Power Development Co. Ltd. | 19,400 | 307,804 | ||||||
en Japan, Inc. | 2,600 | 68,680 | ||||||
ENEOS Holdings, Inc. | 350,400 | 1,387,510 | ||||||
Enigmo, Inc. | 3,000 | 18,390 | ||||||
Enplas Corp. | 800 | 18,705 | ||||||
eRex Co. Ltd. | 4,900 | 79,175 | ||||||
ES-Con Japan Ltd. | 700 | 4,620 | ||||||
ESPEC Corp. | 1,100 | 19,813 | ||||||
Exedy Corp. | 3,600 | 52,384 | ||||||
EXEO Group, Inc. | 13,100 | 272,694 | ||||||
Ezaki Glico Co. Ltd. | 2,100 | 71,640 | ||||||
F.C.C. Co. Ltd. | 6,000 | 73,829 | ||||||
Fancl Corp. | 1,400 | 39,750 | ||||||
FANUC Corp. | 1,500 | 275,553 | ||||||
Fast Retailing Co. Ltd.(2) | 1,100 | 593,350 | ||||||
Feed One Co. Ltd. | 3,720 | 22,020 | ||||||
Ferrotec Holdings Corp. | 11,300 | 239,141 | ||||||
FIDEA Holdings Co. Ltd. | 4,040 | 49,143 | ||||||
Financial Products Group Co. Ltd. | 14,600 | 108,733 | ||||||
Fixstars Corp. | 3,500 | 21,802 | ||||||
Food & Life Cos. Ltd. | 10,600 | 352,842 | ||||||
FP Corp. | 6,000 | 170,493 | ||||||
France Bed Holdings Co. Ltd. | 3,000 | 24,369 | ||||||
Freebit Co. Ltd. | 2,100 | 16,912 | ||||||
Fronteo, Inc.(1) | 2,600 | 41,634 | ||||||
Fudo Tetra Corp. | 2,600 | 35,155 | ||||||
Fuji Co. Ltd.(2) | 3,400 | 93,113 | ||||||
Fuji Corp. Ltd. | 2,400 | 13,890 | ||||||
Fuji Corp./Aichi | 6,200 | 126,080 | ||||||
Fuji Corp./Miyagi | 1,800 | 18,584 | ||||||
Fuji Electric Co. Ltd. | 20,000 | 1,029,033 | ||||||
Fuji Kyuko Co. Ltd. | 1,000 | 34,989 |
132
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Fuji Media Holdings, Inc. | 5,800 | $ | 62,952 | |||||
Fuji Oil Holdings, Inc. | 6,000 | 116,398 | ||||||
Fuji Pharma Co. Ltd. | 1,800 | 15,921 | ||||||
Fuji Seal International, Inc. | 6,600 | 104,291 | ||||||
Fuji Soft, Inc. | 2,900 | 142,206 | ||||||
Fujibo Holdings, Inc. | 1,400 | 43,925 | ||||||
Fujicco Co. Ltd. | 1,300 | 22,607 | ||||||
FUJIFILM Holdings Corp. | 9,900 | 629,285 | ||||||
Fujikura Composites, Inc. | 3,700 | 22,207 | ||||||
Fujikura Ltd.(1) | 36,800 | 198,973 | ||||||
Fujimi, Inc. | 1,600 | 95,458 | ||||||
Fujimori Kogyo Co. Ltd. | 2,100 | 72,881 | ||||||
Fujitec Co. Ltd. | 4,300 | 103,088 | ||||||
Fujitsu General Ltd. | 5,300 | 114,933 | ||||||
Fujitsu Ltd. | 9,500 | 1,380,198 | ||||||
Fujiya Co. Ltd. | 1,700 | 37,799 | ||||||
Fukuda Corp. | 500 | 18,785 | ||||||
Fukui Bank Ltd. (The) | 1,200 | 15,268 | ||||||
Fukui Computer Holdings, Inc. | 1,000 | 27,502 | ||||||
Fukuoka Financial Group, Inc. | 17,000 | 335,146 | ||||||
Fukushima Galilei Co. Ltd. | 800 | 27,530 | ||||||
Fukuyama Transporting Co. Ltd. | 2,600 | 89,788 | ||||||
FULLCAST Holdings Co. Ltd. | 3,500 | 72,260 | ||||||
Funai Soken Holdings, Inc. | 1,300 | 25,278 | ||||||
Furukawa Battery Co. Ltd. (The) | 2,000 | 22,553 | ||||||
Furukawa Co. Ltd. | 2,100 | 24,328 | ||||||
Furukawa Electric Co. Ltd. | 5,700 | 112,848 | ||||||
Furuno Electric Co. Ltd.(2) | 4,100 | 36,876 | ||||||
Furyu Corp. | 2,500 | 22,648 | ||||||
Fuso Chemical Co. Ltd. | 3,300 | 133,162 | ||||||
Futaba Industrial Co. Ltd. | 7,600 | 25,731 | ||||||
Future Corp. | 3,800 | 47,246 | ||||||
Fuyo General Lease Co. Ltd. | 3,200 | 209,618 | ||||||
G-7 Holdings, Inc. | 4,000 | 57,862 | ||||||
G-Tekt Corp. | 3,200 | 40,485 | ||||||
Gakken Holdings Co. Ltd. | 1,700 | 15,286 | ||||||
Genky DrugStores Co. Ltd. | 1,600 | 54,984 | ||||||
Geo Holdings Corp. | 3,500 | 46,227 | ||||||
GLOBERIDE, Inc. | 5,700 | 142,790 | ||||||
Glory Ltd. | 6,200 | 112,446 | ||||||
GMO Financial Holdings, Inc. | 7,400 | 52,576 | ||||||
GMO Internet, Inc. | 2,100 | 47,807 | ||||||
GMO Payment Gateway, Inc. | 2,100 | 203,128 | ||||||
Godo Steel Ltd. | 1,200 | 13,872 | ||||||
Goldcrest Co. Ltd. | 1,700 | 27,597 | ||||||
Goldwin, Inc. | 2,800 | 147,921 | ||||||
Good Com Asset Co. Ltd. | 1,400 | 14,119 | ||||||
Gree, Inc.(2) | 1,800 | 14,817 | ||||||
gremz, Inc. | 400 | 7,625 | ||||||
GS Yuasa Corp. | 7,200 | 155,038 | ||||||
GSI Creos Corp. | 1,400 | 14,064 |
133
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
GungHo Online Entertainment, Inc. | 9,800 | $ | 217,510 | |||||
Gunma Bank Ltd. (The) | 43,200 | 142,809 | ||||||
Gunze Ltd. | 1,700 | 58,400 | ||||||
H-One Co. Ltd. | 2,900 | 16,369 | ||||||
H.U. Group Holdings, Inc. | 9,600 | 254,075 | ||||||
H2O Retailing Corp. | 12,800 | 95,710 | ||||||
Hachijuni Bank Ltd. (The) | 49,400 | 186,688 | ||||||
Hakudo Co. Ltd. | 1,300 | 30,122 | ||||||
Hakuhodo DY Holdings, Inc. | 33,900 | 450,478 | ||||||
Hakuto Co. Ltd. | 3,700 | 79,765 | ||||||
Hamakyorex Co. Ltd. | 1,800 | 45,604 | ||||||
Hamamatsu Photonics KK | 2,900 | 146,947 | ||||||
Hankyu Hanshin Holdings, Inc. | 4,800 | 143,602 | ||||||
Hanwa Co. Ltd. | 9,900 | 287,965 | ||||||
Happinet Corp. | 1,700 | 23,486 | ||||||
Haseko Corp. | 24,200 | 308,911 | ||||||
Hazama Ando Corp. | 24,000 | 193,317 | ||||||
Heiwa Corp. | 6,400 | 107,970 | ||||||
Heiwa Real Estate Co. Ltd. | 4,800 | 171,632 | ||||||
Heiwado Co. Ltd. | 4,200 | 73,206 | ||||||
HI-LEX Corp. | 1,900 | 22,160 | ||||||
Hibiya Engineering Ltd. | 2,000 | 32,804 | ||||||
Hikari Tsushin, Inc. | 2,000 | 248,526 | ||||||
Hino Motors Ltd. | 36,000 | 338,284 | ||||||
Hioki EE Corp. | 800 | 48,035 | ||||||
Hirano Tecseed Co. Ltd.(2) | 2,700 | 47,529 | ||||||
Hirata Corp. | 700 | 31,939 | ||||||
Hirogin Holdings, Inc. | 41,100 | 242,116 | ||||||
Hirose Electric Co. Ltd. | 1,900 | 285,689 | ||||||
HIS Co. Ltd.(1)(2) | 1,000 | 17,213 | ||||||
Hisamitsu Pharmaceutical Co., Inc.(2) | 1,100 | 35,150 | ||||||
Hitachi Construction Machinery Co. Ltd. | 14,400 | 352,392 | ||||||
Hitachi Ltd. | 46,000 | 2,274,824 | ||||||
Hitachi Metals Ltd.(1) | 14,100 | 251,340 | ||||||
Hitachi Transport System Ltd. | 3,300 | 174,885 | ||||||
Hitachi Zosen Corp. | 52,800 | 365,996 | ||||||
Hito Communications Holdings, Inc. | 1,100 | 16,349 | ||||||
Hochiki Corp. | 300 | 3,192 | ||||||
Hodogaya Chemical Co. Ltd. | 1,100 | 41,343 | ||||||
Hogy Medical Co. Ltd. | 2,000 | 58,324 | ||||||
Hokkaido Electric Power Co., Inc. | 22,500 | 98,508 | ||||||
Hokkoku Financial Holdings, Inc. | 4,100 | 108,265 | ||||||
Hokuetsu Corp. | 23,500 | 146,549 | ||||||
Hokuhoku Financial Group, Inc. | 17,000 | 138,254 | ||||||
Hokuriku Electric Power Co. | 12,800 | 62,681 | ||||||
Hokuto Corp. | 2,300 | 39,456 | ||||||
Honda Motor Co. Ltd., ADR | 72,728 | 2,222,568 | ||||||
Honeys Holdings Co. Ltd. | 3,400 | 30,336 | ||||||
Hoosiers Holdings | 4,500 | 27,055 | ||||||
Horiba Ltd. | 4,100 | 235,895 | ||||||
Hoshizaki Corp. | 700 | 48,805 |
134
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Hosiden Corp. | 8,200 | $ | 84,706 | |||||
Hosokawa Micron Corp. | 2,300 | 53,809 | ||||||
House Foods Group, Inc. | 2,300 | 59,460 | ||||||
Hoya Corp. | 12,556 | 1,635,653 | ||||||
HS Holdings Co. Ltd. | 4,800 | 47,624 | ||||||
Hulic Co. Ltd. | 25,800 | 235,039 | ||||||
Hyakugo Bank Ltd. (The) | 29,000 | 89,421 | ||||||
Hyakujushi Bank Ltd. (The) | 4,000 | 62,646 | ||||||
I-PEX, Inc. | 1,900 | 24,426 | ||||||
Ibiden Co. Ltd. | 13,400 | 654,436 | ||||||
Ichigo, Inc. | 15,700 | 36,534 | ||||||
Ichikoh Industries Ltd. | 4,300 | 18,969 | ||||||
Ichinen Holdings Co. Ltd. | 1,200 | 13,642 | ||||||
Ichiyoshi Securities Co. Ltd. | 2,700 | 15,258 | ||||||
Idec Corp. | 7,000 | 155,436 | ||||||
Idemitsu Kosan Co. Ltd. | 32,200 | 863,171 | ||||||
IDOM, Inc. | 14,400 | 82,484 | ||||||
IHI Corp. | 21,100 | 488,314 | ||||||
Iida Group Holdings Co. Ltd. | 16,100 | 298,802 | ||||||
Iino Kaiun Kaisha Ltd. | 17,500 | 135,366 | ||||||
IJTT Co. Ltd. | 300 | 1,369 | ||||||
Inaba Denki Sangyo Co. Ltd. | 5,200 | 121,051 | ||||||
Inabata & Co. Ltd. | 7,700 | 155,498 | ||||||
Inageya Co. Ltd. | 1,300 | 16,263 | ||||||
Ines Corp. | 1,400 | 19,031 | ||||||
Infocom Corp. | 3,600 | 63,812 | ||||||
Infomart Corp. | 4,600 | 27,409 | ||||||
Information Services International-Dentsu Ltd. | 1,900 | 61,843 | ||||||
INFRONEER Holdings, Inc. | 25,148 | 223,362 | ||||||
Innotech Corp. | 2,900 | 36,175 | ||||||
INPEX Corp. | 128,700 | 1,326,577 | ||||||
Insource Co. Ltd. | 2,100 | 36,146 | ||||||
Intage Holdings, Inc. | 6,100 | 91,079 | ||||||
Internet Initiative Japan, Inc. | 9,000 | 289,243 | ||||||
Inui Global Logistics Co. Ltd.(2) | 2,800 | 56,584 | ||||||
IR Japan Holdings Ltd. | 500 | 17,831 | ||||||
Iriso Electronics Co. Ltd. | 500 | 17,859 | ||||||
Iseki & Co. Ltd. | 3,800 | 39,615 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 26,900 | 216,936 | ||||||
Ishihara Sangyo Kaisha Ltd. | 5,800 | 53,793 | ||||||
Isuzu Motors Ltd. | 59,800 | 808,771 | ||||||
Itfor, Inc. | 2,100 | 14,566 | ||||||
ITmedia, Inc. | 1,600 | 23,091 | ||||||
Ito En Ltd. | 1,800 | 103,521 | ||||||
ITOCHU Corp. | 51,300 | 1,671,795 | ||||||
Itochu Enex Co. Ltd. | 12,100 | 110,113 | ||||||
Itochu Techno-Solutions Corp. | 4,500 | 116,655 | ||||||
Itoham Yonekyu Holdings, Inc. | 18,000 | 108,162 | ||||||
IwaiCosmo Holdings, Inc. | 2,500 | 30,620 | ||||||
Iwatani Corp. | 6,500 | 308,934 | ||||||
Iyo Bank Ltd. (The) | 26,100 | 139,875 |
135
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Izumi Co. Ltd.(2) | 3,100 | $ | 86,677 | |||||
J Front Retailing Co. Ltd. | 39,200 | 328,332 | ||||||
J Trust Co. Ltd. | 6,800 | 25,495 | ||||||
J-Oil Mills, Inc. | 1,700 | 25,697 | ||||||
JAC Recruitment Co. Ltd. | 1,100 | 17,533 | ||||||
Jaccs Co. Ltd. | 6,100 | 172,274 | ||||||
JAFCO Group Co. Ltd. | 17,500 | 263,235 | ||||||
Japan Airlines Co. Ltd.(1) | 1,900 | 37,674 | ||||||
Japan Airport Terminal Co. Ltd.(1) | 300 | 14,009 | ||||||
Japan Aviation Electronics Industry Ltd. | 8,600 | 135,532 | ||||||
Japan Communications, Inc.(1) | 13,500 | 21,727 | ||||||
Japan Electronic Materials Corp. | 2,800 | 48,725 | ||||||
Japan Elevator Service Holdings Co. Ltd. | 2,800 | 36,734 | ||||||
Japan Exchange Group, Inc. | 25,200 | 471,897 | ||||||
Japan Investment Adviser Co. Ltd. | 1,800 | 18,183 | ||||||
Japan Lifeline Co. Ltd. | 8,500 | 81,187 | ||||||
Japan Material Co. Ltd. | 7,800 | 114,483 | ||||||
Japan Petroleum Exploration Co. Ltd. | 7,500 | 178,027 | ||||||
Japan Post Bank Co. Ltd.(2) | 19,400 | 170,222 | ||||||
Japan Post Holdings Co. Ltd. | 189,900 | 1,569,657 | ||||||
Japan Post Insurance Co. Ltd. | 25,100 | 428,678 | ||||||
Japan Pulp & Paper Co. Ltd. | 700 | 25,664 | ||||||
Japan Securities Finance Co. Ltd. | 11,800 | 94,152 | ||||||
Japan Steel Works Ltd. (The) | 8,300 | 271,062 | ||||||
Japan Transcity Corp. | 1,700 | 8,948 | ||||||
Japan Wool Textile Co. Ltd. (The) | 6,800 | 53,541 | ||||||
JCR Pharmaceuticals Co. Ltd. | 3,800 | 72,538 | ||||||
JCU Corp. | 1,900 | 82,196 | ||||||
JFE Holdings, Inc. | 66,200 | 985,556 | ||||||
JGC Holdings Corp. | 35,600 | 356,815 | ||||||
JINS Holdings, Inc.(2) | 1,000 | 56,193 | ||||||
JINUSHI Co. Ltd. | 3,100 | 48,510 | ||||||
JM Holdings Co. Ltd. | 1,700 | 26,430 | ||||||
JMDC, Inc.(1) | 700 | 38,851 | ||||||
Joshin Denki Co. Ltd. | 2,100 | 38,344 | ||||||
Joyful Honda Co. Ltd. | 5,000 | 69,495 | ||||||
JSB Co. Ltd. | 500 | 13,888 | ||||||
JSP Corp. | 1,200 | 16,839 | ||||||
JSR Corp. | 28,900 | 909,131 | ||||||
JTEKT Corp. | 22,000 | 189,781 | ||||||
Juki Corp. | 7,200 | 41,519 | ||||||
Juroku Financial Group, Inc. | 4,700 | 99,548 | ||||||
Justsystems Corp. | 2,200 | 107,042 | ||||||
JVCKenwood Corp. | 32,600 | 52,635 | ||||||
K's Holdings Corp. | 16,400 | 177,710 | ||||||
Kadokawa Corp. | 3,800 | 96,435 | ||||||
Kaga Electronics Co. Ltd. | 3,500 | 92,116 | ||||||
Kagome Co. Ltd. | 4,500 | 120,132 | ||||||
Kajima Corp. | 56,300 | 757,713 | ||||||
Kakaku.com, Inc. | 12,100 | 266,211 | ||||||
Kaken Pharmaceutical Co. Ltd. | 2,000 | 73,504 |
136
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Kameda Seika Co. Ltd. | 800 | $ | 28,746 | |||||
Kamei Corp. | 1,600 | 14,653 | ||||||
Kamigumi Co. Ltd. | 11,800 | 229,301 | ||||||
Kanamoto Co. Ltd. | 6,700 | 132,748 | ||||||
Kandenko Co. Ltd. | 8,500 | 64,635 | ||||||
Kaneka Corp. | 7,800 | 255,130 | ||||||
Kanematsu Corp. | 14,800 | 180,690 | ||||||
Kanematsu Electronics Ltd. | 700 | 23,845 | ||||||
Kansai Electric Power Co., Inc. (The) | 48,200 | 485,989 | ||||||
Kansai Paint Co. Ltd. | 7,000 | 140,495 | ||||||
Kanto Denka Kogyo Co. Ltd. | 7,200 | 75,350 | ||||||
Kao Corp. | 14,700 | 687,179 | ||||||
Katakura Industries Co. Ltd. | 1,400 | 28,658 | ||||||
Katitas Co. Ltd. | 6,000 | 189,394 | ||||||
Kato Sangyo Co. Ltd. | 3,400 | 91,652 | ||||||
Kawai Musical Instruments Manufacturing Co. Ltd. | 800 | 21,523 | ||||||
Kawasaki Heavy Industries Ltd. | 5,400 | 99,628 | ||||||
Kawasaki Kisen Kaisha Ltd.(1) | 18,500 | 1,303,361 | ||||||
KDDI Corp. | 87,600 | 2,850,613 | ||||||
KeePer Technical Laboratory Co. Ltd. | 1,500 | 28,333 | ||||||
Keihan Holdings Co. Ltd. | 1,800 | 48,035 | ||||||
Keihanshin Building Co. Ltd. | 1,700 | 22,095 | ||||||
Keikyu Corp. | 2,900 | 30,387 | ||||||
Keio Corp. | 1,400 | 57,284 | ||||||
Keisei Electric Railway Co. Ltd. | 2,400 | 67,214 | ||||||
KEIWA, Inc. | 1,200 | 48,844 | ||||||
Keiyo Bank Ltd. (The) | 14,300 | 63,694 | ||||||
Keiyo Co. Ltd.(2) | 2,900 | 22,509 | ||||||
Kewpie Corp. | 8,100 | 172,899 | ||||||
Keyence Corp. | 3,300 | 1,560,902 | ||||||
KFC Holdings Japan Ltd. | 2,900 | 73,385 | ||||||
KH Neochem Co. Ltd. | 8,100 | 200,291 | ||||||
Ki-Star Real Estate Co. Ltd. | 1,900 | 83,946 | ||||||
Kikkoman Corp. | 6,900 | 514,380 | ||||||
Kimura Chemical Plants Co. Ltd. | 2,400 | 18,813 | ||||||
Kinden Corp. | 8,500 | 120,552 | ||||||
Kintetsu Group Holdings Co. Ltd.(1) | 1,000 | 30,042 | ||||||
Kintetsu World Express, Inc. | 5,800 | 152,003 | ||||||
Kirin Holdings Co. Ltd. | 21,100 | 350,797 | ||||||
Kissei Pharmaceutical Co. Ltd. | 2,000 | 42,277 | ||||||
Kito Corp. | 1,600 | 23,534 | ||||||
Kitz Corp. | 10,200 | 58,215 | ||||||
Kiyo Bank Ltd. (The) | 11,200 | 143,635 | ||||||
Koa Corp. | 4,700 | 59,560 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 600 | 51,390 | ||||||
Kobe Bussan Co. Ltd. | 5,000 | 165,549 | ||||||
Kobe Steel Ltd. | 49,600 | 263,415 | ||||||
Koei Tecmo Holdings Co. Ltd.(2) | 2,100 | 72,924 | ||||||
Kohnan Shoji Co. Ltd.(2) | 10,600 | 337,076 | ||||||
Koito Manufacturing Co. Ltd. | 4,300 | 222,408 | ||||||
Kojima Co. Ltd.(2) | 300 | 1,431 |
137
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Kokusai Pulp & Paper Co. Ltd. | 100 | $ | 304 | |||||
Kokuyo Co. Ltd. | 8,000 | 112,153 | ||||||
Komatsu Ltd. | 52,000 | 1,196,204 | ||||||
Komatsu Matere Co. Ltd. | 200 | 2,296 | ||||||
KOMEDA Holdings Co. Ltd.(2) | 3,000 | 55,215 | ||||||
Komeri Co. Ltd. | 4,700 | 115,565 | ||||||
Konami Holdings Corp. | 7,800 | 443,748 | ||||||
Kondotec, Inc. | 300 | 2,690 | ||||||
Konica Minolta, Inc. | 70,000 | 296,562 | ||||||
Konishi Co. Ltd. | 4,000 | 55,587 | ||||||
Konoshima Chemical Co. Ltd. | 1,100 | 16,592 | ||||||
Kose Corp. | 400 | 45,856 | ||||||
Kotobuki Spirits Co. Ltd. | 200 | 10,667 | ||||||
Krosaki Harima Corp. | 600 | 22,840 | ||||||
Kubota Corp. | 54,900 | 984,998 | ||||||
Kumagai Gumi Co. Ltd. | 5,700 | 143,294 | ||||||
Kumiai Chemical Industry Co. Ltd. | 200 | 1,419 | ||||||
Kura Sushi, Inc. | 1,000 | 32,336 | ||||||
Kurabo Industries Ltd. | 1,300 | 21,616 | ||||||
Kuraray Co. Ltd. | 49,400 | 463,699 | ||||||
Kureha Corp. | 3,100 | 248,773 | ||||||
Kurita Water Industries Ltd. | 8,600 | 355,393 | ||||||
Kuriyama Holdings Corp. | 1,900 | 14,379 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 1,700 | 99,956 | ||||||
KYB Corp. | 3,400 | 91,327 | ||||||
Kyocera Corp. | 10,700 | 615,817 | ||||||
Kyoden Co. Ltd. | 4,600 | 23,615 | ||||||
Kyoei Steel Ltd. | 2,900 | 40,142 | ||||||
Kyokuto Boeki Kaisha Ltd. | 1,200 | 23,844 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 3,400 | 42,926 | ||||||
Kyokuyo Co. Ltd. | 1,200 | 34,122 | ||||||
KYORIN Holdings, Inc. | 900 | 14,645 | ||||||
Kyowa Kirin Co. Ltd. | 10,900 | 278,941 | ||||||
Kyudenko Corp. | 4,800 | 128,864 | ||||||
Kyushu Electric Power Co., Inc. | 39,300 | 296,375 | ||||||
Kyushu Financial Group, Inc. | 47,400 | 169,165 | ||||||
Kyushu Railway Co. | 7,000 | 154,868 | ||||||
LAND Co. Ltd.(2) | 183,200 | 17,584 | ||||||
Lasertec Corp. | 4,600 | 852,714 | ||||||
Lawson, Inc.(2) | 6,400 | 266,853 | ||||||
Leopalace21 Corp.(1) | 200 | 356 | ||||||
Life Corp. | 2,100 | 55,615 | ||||||
LIKE, Inc.(2) | 1,200 | 19,985 | ||||||
Link And Motivation, Inc. | 4,500 | 16,326 | ||||||
Lintec Corp. | 6,500 | 144,889 | ||||||
Lion Corp. | 11,600 | 152,043 | ||||||
LITALICO, Inc. | 1,900 | 47,283 | ||||||
Lixil Corp. | 26,400 | 588,386 | ||||||
M&A Capital Partners Co. Ltd.(1) | 700 | 30,721 | ||||||
m-up Holdings, Inc. | 1,600 | 13,719 | ||||||
M3, Inc. | 11,600 | 436,433 |
138
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Mabuchi Motor Co. Ltd. | 2,600 | $ | 89,880 | |||||
Macnica Fuji Electronics Holdings, Inc. | 9,600 | 225,949 | ||||||
Macromill, Inc. | 1,900 | 18,670 | ||||||
Maeda Kosen Co. Ltd.(2) | 2,500 | 72,383 | ||||||
Makino Milling Machine Co. Ltd. | 4,400 | 143,686 | ||||||
Makita Corp. | 4,300 | 153,257 | ||||||
Mandom Corp. | 1,300 | 15,589 | ||||||
MarkLines Co. Ltd. | 800 | 18,815 | ||||||
Marubeni Corp. | 130,400 | 1,368,761 | ||||||
Marudai Food Co. Ltd. | 1,500 | 19,910 | ||||||
Maruha Nichiro Corp. | 8,400 | 183,274 | ||||||
Marui Group Co. Ltd. | 11,100 | 218,458 | ||||||
Maruichi Steel Tube Ltd. | 4,700 | 116,652 | ||||||
Marumae Co. Ltd. | 1,200 | 25,843 | ||||||
Marusan Securities Co. Ltd. | 7,700 | 36,319 | ||||||
Maruwa Co. Ltd. | 1,400 | 182,834 | ||||||
Maruwa Unyu Kikan Co. Ltd.(2) | 1,800 | 16,637 | ||||||
Maruzen Showa Unyu Co. Ltd. | 800 | 22,264 | ||||||
Marvelous, Inc. | 5,700 | 35,916 | ||||||
Matsuda Sangyo Co. Ltd. | 700 | 15,161 | ||||||
Matsui Securities Co. Ltd.(2) | 16,100 | 113,123 | ||||||
MatsukiyoCocokara & Co. | 5,220 | 201,242 | ||||||
Max Co. Ltd. | 2,400 | 37,028 | ||||||
Maxell Ltd. | 11,900 | 122,583 | ||||||
Mazda Motor Corp.(1) | 65,000 | 480,763 | ||||||
McDonald's Holdings Co. Japan Ltd. | 8,600 | 369,785 | ||||||
MCJ Co. Ltd. | 10,400 | 91,055 | ||||||
Mebuki Financial Group, Inc. | 124,600 | 292,179 | ||||||
MEC Co. Ltd. | 1,300 | 36,680 | ||||||
Media Do Co. Ltd. | 1,400 | 30,684 | ||||||
Medical Data Vision Co. Ltd. | 1,800 | 16,856 | ||||||
Medipal Holdings Corp. | 21,400 | 391,663 | ||||||
MedPeer, Inc.(1) | 800 | 22,253 | ||||||
Megachips Corp. | 2,100 | 66,936 | ||||||
Megmilk Snow Brand Co. Ltd. | 7,600 | 133,834 | ||||||
Meidensha Corp. | 5,700 | 111,582 | ||||||
MEIJI Holdings Co. Ltd. | 12,600 | 756,227 | ||||||
Meiko Electronics Co. Ltd. | 6,300 | 220,727 | ||||||
Meisei Industrial Co. Ltd. | 2,800 | 17,950 | ||||||
Meitec Corp. | 1,600 | 94,424 | ||||||
Meiwa Corp.(2) | 5,300 | 53,149 | ||||||
Members Co. Ltd. | 800 | 19,519 | ||||||
Menicon Co. Ltd. | 2,600 | 68,021 | ||||||
Mercari, Inc.(1) | 8,200 | 256,824 | ||||||
METAWATER Co. Ltd. | 3,000 | 55,378 | ||||||
Micronics Japan Co. Ltd. | 6,800 | 97,936 | ||||||
Midac Holdings Co. Ltd. | 1,200 | 24,553 | ||||||
Mie Kotsu Group Holdings, Inc. | 3,300 | 13,312 | ||||||
Milbon Co. Ltd. | 1,400 | 74,119 | ||||||
MIMAKI ENGINEERING Co. Ltd. | 3,400 | 21,839 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 3,700 | 78,966 |
139
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
MINEBEA MITSUMI, Inc. | 32,700 | $ | 717,794 | |||||
Mirait Holdings Corp. | 17,000 | 288,915 | ||||||
Miroku Jyoho Service Co. Ltd. | 1,400 | 18,623 | ||||||
MISUMI Group, Inc. | 5,200 | 166,700 | ||||||
Mito Securities Co. Ltd. | 6,000 | 14,963 | ||||||
Mitsuba Corp.(1) | 6,200 | 20,714 | ||||||
Mitsubishi Chemical Holdings Corp. | 132,200 | 939,127 | ||||||
Mitsubishi Corp. | 79,500 | 2,673,082 | ||||||
Mitsubishi Electric Corp. | 63,900 | 772,904 | ||||||
Mitsubishi Estate Co. Ltd. | 25,700 | 392,395 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 12,500 | 221,775 | ||||||
Mitsubishi HC Capital, Inc. | 90,240 | 469,288 | ||||||
Mitsubishi Heavy Industries Ltd. | 33,300 | 982,103 | ||||||
Mitsubishi Logisnext Co. Ltd. | 2,600 | 21,114 | ||||||
Mitsubishi Logistics Corp. | 3,500 | 83,700 | ||||||
Mitsubishi Materials Corp. | 14,800 | 266,389 | ||||||
Mitsubishi Motors Corp.(1) | 83,500 | 219,130 | ||||||
Mitsubishi Research Institute, Inc. | 1,500 | 50,716 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 3,400 | 91,652 | ||||||
Mitsubishi Steel Manufacturing Co. Ltd. | 2,900 | 32,369 | ||||||
Mitsubishi UFJ Financial Group, Inc., ADR(2) | 529,400 | 3,261,104 | ||||||
Mitsuboshi Belting Ltd. | 2,300 | 43,354 | ||||||
Mitsui & Co. Ltd. | 72,400 | 1,805,128 | ||||||
Mitsui Chemicals, Inc. | 23,900 | 610,993 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. | 1,000 | 17,851 | ||||||
Mitsui E&S Holdings Co. Ltd.(1) | 5,200 | 15,491 | ||||||
Mitsui Fudosan Co. Ltd. | 37,900 | 843,504 | ||||||
Mitsui High-Tec, Inc.(2) | 2,500 | 184,395 | ||||||
Mitsui Matsushima Holdings Co. Ltd. | 2,100 | 29,068 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 12,900 | 377,746 | ||||||
Mitsui OSK Lines Ltd. | 12,000 | 983,640 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 4,200 | 87,422 | ||||||
Miura Co. Ltd. | 1,300 | 35,630 | ||||||
Mixi, Inc. | 5,000 | 97,255 | ||||||
Miyaji Engineering Group, Inc. | 700 | 21,771 | ||||||
Miyazaki Bank Ltd. (The) | 1,900 | 36,363 | ||||||
Mizuho Financial Group, Inc., ADR(2) | 482,201 | 1,277,833 | ||||||
Mizuho Leasing Co. Ltd. | 4,500 | 121,554 | ||||||
Mizuho Medy Co. Ltd. | 800 | 13,914 | ||||||
Mizuno Corp. | 3,000 | 59,283 | ||||||
Mochida Pharmaceutical Co. Ltd. | 2,300 | 76,803 | ||||||
Monex Group, Inc. | 28,900 | 131,757 | ||||||
Monogatari Corp. (The) | 800 | 44,239 | ||||||
MonotaRO Co. Ltd. | 10,400 | 195,759 | ||||||
Morinaga & Co. Ltd. | 2,600 | 84,593 | ||||||
Morinaga Milk Industry Co. Ltd. | 4,700 | 235,606 | ||||||
Morita Holdings Corp. | 2,300 | 24,534 | ||||||
MOS Food Services, Inc. | 900 | 23,865 | ||||||
MrMax Holdings Ltd.(2) | 2,600 | 12,959 | ||||||
MS&AD Insurance Group Holdings, Inc. | 36,000 | 1,218,121 | ||||||
Murata Manufacturing Co. Ltd. | 19,400 | 1,318,524 |
140
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Musashi Seimitsu Industry Co. Ltd. | 8,500 | $ | 132,676 | |||||
Musashino Bank Ltd. (The) | 3,800 | 62,773 | ||||||
Nabtesco Corp. | 14,300 | 396,332 | ||||||
Nachi-Fujikoshi Corp. | 2,900 | 105,448 | ||||||
Nafco Co. Ltd. | 2,100 | 30,513 | ||||||
Nagano Keiki Co. Ltd. | 3,200 | 36,853 | ||||||
Nagase & Co. Ltd. | 13,000 | 207,993 | ||||||
Nagoya Railroad Co. Ltd.(1) | 2,400 | 44,073 | ||||||
Nakanishi, Inc. | 6,200 | 115,882 | ||||||
Nankai Electric Railway Co. Ltd. | 7,100 | 144,773 | ||||||
Nanto Bank Ltd. (The) | 4,000 | 74,081 | ||||||
NEC Capital Solutions Ltd. | 1,100 | 20,621 | ||||||
NEC Corp. | 11,300 | 488,902 | ||||||
NEC Networks & System Integration Corp. | 7,600 | 116,854 | ||||||
NET One Systems Co. Ltd. | 7,800 | 191,908 | ||||||
Neturen Co. Ltd. | 4,800 | 25,127 | ||||||
Nexon Co. Ltd. | 7,200 | 157,301 | ||||||
Nextage Co. Ltd. | 7,500 | 161,051 | ||||||
NGK Insulators Ltd. | 38,800 | 602,560 | ||||||
NGK Spark Plug Co. Ltd. | 25,200 | 454,120 | ||||||
NH Foods Ltd. | 11,600 | 435,380 | ||||||
NHK Spring Co. Ltd. | 32,300 | 257,423 | ||||||
Nichi-iko Pharmaceutical Co. Ltd. | 3,100 | 22,797 | ||||||
Nichias Corp. | 7,300 | 165,369 | ||||||
Nichicon Corp. | 2,100 | 22,328 | ||||||
Nichiha Corp. | 7,300 | 164,432 | ||||||
Nichirei Corp. | 14,300 | 315,111 | ||||||
Nichireki Co. Ltd. | 1,600 | 18,000 | ||||||
Nidec Corp. | 5,618 | 488,393 | ||||||
Nifco, Inc. | 11,500 | 327,014 | ||||||
Nihon Chouzai Co. Ltd. | 1,900 | 23,020 | ||||||
Nihon Dempa Kogyo Co. Ltd.(1) | 6,300 | 65,581 | ||||||
Nihon Kohden Corp. | 9,500 | 259,200 | ||||||
Nihon M&A Center Holdings, Inc. | 7,100 | 105,017 | ||||||
Nihon Nohyaku Co. Ltd. | 4,900 | 23,687 | ||||||
Nihon Parkerizing Co. Ltd. | 7,500 | 64,510 | ||||||
Nihon Unisys Ltd. | 10,100 | 276,702 | ||||||
Nikkiso Co. Ltd. | 1,900 | 13,163 | ||||||
Nikkon Holdings Co. Ltd. | 6,300 | 120,005 | ||||||
Nikon Corp. | 17,700 | 185,015 | ||||||
Nintendo Co. Ltd. | 4,700 | 2,380,323 | ||||||
Nippn Corp. | 4,400 | 65,272 | ||||||
Nippon Carbon Co. Ltd. | 1,600 | 57,068 | ||||||
Nippon Chemi-Con Corp.(1) | 4,300 | 67,989 | ||||||
Nippon Chemical Industrial Co. Ltd. | 1,300 | 27,389 | ||||||
Nippon Coke & Engineering Co. Ltd. | 46,500 | 56,441 | ||||||
Nippon Concrete Industries Co. Ltd. | 6,200 | 16,465 | ||||||
Nippon Denkai Ltd.(1) | 1,400 | 40,214 | ||||||
Nippon Denko Co. Ltd. | 24,300 | 71,165 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 4,800 | 66,557 | ||||||
Nippon Electric Glass Co. Ltd. | 14,500 | 349,027 |
141
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
NIPPON EXPRESS HOLDINGS, Inc. | 8,200 | $ | 497,082 | |||||
Nippon Fine Chemical Co. Ltd. | 2,200 | 39,995 | ||||||
Nippon Gas Co. Ltd. | 5,100 | 76,740 | ||||||
Nippon Kanzai Co. Ltd. | 1,800 | 44,698 | ||||||
Nippon Kayaku Co. Ltd. | 14,800 | 146,596 | ||||||
Nippon Kodoshi Corp. | 900 | 16,458 | ||||||
Nippon Koei Co. Ltd. | 2,300 | 61,498 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 10,120 | 162,170 | ||||||
Nippon Paint Holdings Co. Ltd. | 3,500 | 31,325 | ||||||
Nippon Paper Industries Co. Ltd. | 16,400 | 156,541 | ||||||
Nippon Parking Development Co. Ltd. | 6,300 | 7,687 | ||||||
Nippon Pillar Packing Co. Ltd. | 3,700 | 93,957 | ||||||
Nippon Road Co. Ltd. (The)(2) | 700 | 59,404 | ||||||
Nippon Sanso Holdings Corp. | 4,600 | 89,902 | ||||||
Nippon Seiki Co. Ltd. | 3,000 | 25,424 | ||||||
Nippon Seisen Co. Ltd. | 700 | 26,825 | ||||||
Nippon Sheet Glass Co. Ltd.(1) | 7,600 | 31,720 | ||||||
Nippon Shinyaku Co. Ltd. | 1,800 | 117,234 | ||||||
Nippon Shokubai Co. Ltd. | 4,200 | 204,806 | ||||||
Nippon Signal Co. Ltd. | 3,600 | 27,265 | ||||||
Nippon Soda Co. Ltd. | 3,100 | 90,816 | ||||||
Nippon Steel Corp. | 80,500 | 1,473,872 | ||||||
Nippon Steel Trading Corp. | 1,900 | 90,128 | ||||||
Nippon Suisan Kaisha Ltd. | 48,800 | 231,086 | ||||||
Nippon Telegraph & Telephone Corp. | 65,600 | 1,885,402 | ||||||
Nippon Television Holdings, Inc. | 7,000 | 80,079 | ||||||
Nippon Thompson Co. Ltd. | 12,000 | 56,824 | ||||||
Nippon Yakin Kogyo Co. Ltd. | 3,400 | 83,647 | ||||||
Nippon Yusen KK | 21,000 | 1,967,511 | ||||||
Nipro Corp. | 22,000 | 210,100 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 19,200 | 137,215 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 1,500 | 34,000 | ||||||
Nishimatsu Construction Co. Ltd. | 5,600 | 186,287 | ||||||
Nishimatsuya Chain Co. Ltd.(2) | 5,800 | 72,336 | ||||||
Nishio Rent All Co. Ltd. | 4,500 | 112,502 | ||||||
Nissan Chemical Corp. | 8,000 | 454,723 | ||||||
Nissan Motor Co. Ltd.(1) | 141,900 | 676,748 | ||||||
Nissei ASB Machine Co. Ltd. | 1,000 | 26,239 | ||||||
Nissha Co. Ltd. | 8,500 | 97,707 | ||||||
Nisshin Group Holdings Co. Ltd. | 3,900 | 17,169 | ||||||
Nisshin Oillio Group Ltd. (The) | 3,500 | 93,032 | ||||||
Nisshin Seifun Group, Inc. | 10,300 | 146,199 | ||||||
Nisshinbo Holdings, Inc.(2) | 23,600 | 208,315 | ||||||
Nissin Electric Co. Ltd. | 6,200 | 78,900 | ||||||
Nissin Foods Holdings Co. Ltd. | 2,900 | 231,702 | ||||||
Nisso Corp. | 4,400 | 34,414 | ||||||
Nitori Holdings Co. Ltd. | 2,000 | 300,956 | ||||||
Nitta Corp. | 1,600 | 38,786 | ||||||
Nittetsu Mining Co. Ltd. | 1,000 | 57,902 | ||||||
Nitto Denko Corp. | 13,300 | 970,613 | ||||||
Nitto Kogyo Corp. | 3,200 | 44,987 |
142
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Noevir Holdings Co. Ltd. | 800 | $ | 36,056 | |||||
NOF Corp. | 3,800 | 165,317 | ||||||
Nohmi Bosai Ltd. | 3,100 | 53,936 | ||||||
Nojima Corp. | 4,700 | 104,392 | ||||||
NOK Corp. | 13,200 | 138,180 | ||||||
Nomura Micro Science Co. Ltd.(2) | 1,300 | 41,638 | ||||||
Noritake Co. Ltd./Nagoya Japan | 600 | 23,960 | ||||||
Noritsu Koki Co. Ltd. | 1,000 | 17,989 | ||||||
Noritz Corp. | 4,200 | 56,519 | ||||||
North Pacific Bank Ltd. | 40,000 | 88,164 | ||||||
NS Solutions Corp. | 300 | 9,555 | ||||||
NS Tool Co. Ltd. | 1,800 | 23,247 | ||||||
NS United Kaiun Kaisha Ltd.(2) | 2,100 | 76,749 | ||||||
NSD Co. Ltd. | 2,200 | 41,308 | ||||||
NSK Ltd. | 44,800 | 289,032 | ||||||
NTN Corp.(1) | 53,000 | 100,251 | ||||||
NTT Data Corp. | 48,000 | 911,718 | ||||||
Obara Group, Inc. | 900 | 24,332 | ||||||
Obayashi Corp. | 76,200 | 638,022 | ||||||
Obic Co. Ltd. | 900 | 144,751 | ||||||
Odakyu Electric Railway Co. Ltd. | 5,400 | 89,092 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 4,800 | 84,780 | ||||||
Ohsho Food Service Corp. | 400 | 21,055 | ||||||
Oiles Corp. | 1,800 | 25,111 | ||||||
Oisix ra daichi, Inc.(1) | 3,400 | 76,380 | ||||||
Oita Bank Ltd. (The) | 800 | 14,190 | ||||||
Oji Holdings Corp. | 134,300 | 686,157 | ||||||
Okamoto Industries, Inc. | 900 | 31,411 | ||||||
Okamoto Machine Tool Works Ltd. | 700 | 25,619 | ||||||
Okamura Corp. | 8,100 | 83,462 | ||||||
Okasan Securities Group, Inc. | 14,700 | 50,034 | ||||||
Oki Electric Industry Co. Ltd. | 10,300 | 75,891 | ||||||
Okinawa Electric Power Co., Inc. (The) | 4,075 | 51,311 | ||||||
Okinawa Financial Group, Inc. | 2,600 | 53,127 | ||||||
OKUMA Corp. | 700 | 28,549 | ||||||
Okumura Corp. | 8,000 | 225,934 | ||||||
Okuwa Co. Ltd. | 1,900 | 16,094 | ||||||
Olympus Corp. | 51,800 | 1,052,082 | ||||||
Omron Corp. | 2,600 | 176,926 | ||||||
Ono Pharmaceutical Co. Ltd. | 13,100 | 322,522 | ||||||
Onoken Co. Ltd. | 2,600 | 36,801 | ||||||
Onward Holdings Co. Ltd. | 5,500 | 13,181 | ||||||
Open House Group Co. Ltd. | 7,600 | 345,566 | ||||||
Optex Group Co. Ltd. | 700 | 10,198 | ||||||
Optorun Co. Ltd. | 5,200 | 84,197 | ||||||
Oracle Corp. (Tokyo) | 2,200 | 157,136 | ||||||
Organo Corp. | 1,600 | 113,885 | ||||||
Orient Corp. | 75,200 | 82,632 | ||||||
Oriental Land Co. Ltd. | 1,300 | 240,324 | ||||||
Oriental Shiraishi Corp.(1) | 8,200 | 17,917 | ||||||
ORIX Corp., ADR | 17,821 | 1,756,972 |
143
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Osaka Gas Co. Ltd. | 9,100 | $ | 166,542 | |||||
Osaka Organic Chemical Industry Ltd. | 1,300 | 34,415 | ||||||
Osaka Soda Co. Ltd. | 2,600 | 71,140 | ||||||
Osaka Steel Co. Ltd. | 2,100 | 23,038 | ||||||
Osaki Electric Co. Ltd. | 4,600 | 19,660 | ||||||
OSG Corp. | 7,800 | 130,364 | ||||||
Otsuka Corp. | 5,800 | 225,292 | ||||||
Otsuka Holdings Co. Ltd. | 13,200 | 455,059 | ||||||
Outsourcing, Inc.(2) | 14,100 | 174,763 | ||||||
Oyo Corp. | 2,100 | 38,295 | ||||||
Pacific Industrial Co. Ltd. | 8,100 | 71,808 | ||||||
Pacific Metals Co. Ltd. | 2,800 | 82,378 | ||||||
PAL GROUP Holdings Co. Ltd.(2) | 3,100 | 43,018 | ||||||
PALTAC Corp. | 1,300 | 50,588 | ||||||
Pan Pacific International Holdings Corp. | 13,100 | 214,421 | ||||||
Panasonic Corp. | 139,400 | 1,455,797 | ||||||
Paramount Bed Holdings Co. Ltd. | 7,000 | 123,393 | ||||||
Park24 Co. Ltd.(1) | 7,000 | 104,621 | ||||||
Pasona Group, Inc. | 4,300 | 94,614 | ||||||
PCA Corp.(2) | 300 | 3,968 | ||||||
Penta-Ocean Construction Co. Ltd. | 78,000 | 410,585 | ||||||
PeptiDream, Inc.(1) | 2,400 | 42,720 | ||||||
Persol Holdings Co. Ltd. | 16,700 | 374,108 | ||||||
Pharma Foods International Co. Ltd.(2) | 2,200 | 30,879 | ||||||
Pigeon Corp. | 1,300 | 23,938 | ||||||
Pilot Corp. | 3,900 | 160,416 | ||||||
Piolax, Inc. | 3,900 | 58,614 | ||||||
Plenus Co. Ltd. | 2,200 | 38,274 | ||||||
Pola Orbis Holdings, Inc. | 1,700 | 26,780 | ||||||
Poletowin Pitcrew Holdings, Inc. | 5,600 | 51,592 | ||||||
Premium Group Co. Ltd. | 1,700 | 61,512 | ||||||
Press Kogyo Co. Ltd. | 21,300 | 69,331 | ||||||
Pressance Corp. | 1,900 | 29,784 | ||||||
Prestige International, Inc. | 4,100 | 24,971 | ||||||
Prima Meat Packers Ltd. | 3,500 | 73,883 | ||||||
Proto Corp. | 4,100 | 41,262 | ||||||
PS Mitsubishi Construction Co. Ltd. | 4,400 | 23,274 | ||||||
Qol Holdings Co. Ltd. | 1,800 | 20,137 | ||||||
Raccoon Holdings, Inc. | 1,900 | 18,600 | ||||||
Raito Kogyo Co. Ltd. | 7,600 | 129,486 | ||||||
Raiznext Corp. | 3,800 | 37,625 | ||||||
Rakus Co. Ltd. | 5,200 | 86,241 | ||||||
Rakuten Group, Inc. | 15,900 | 135,160 | ||||||
Recruit Holdings Co. Ltd. | 39,900 | 1,684,187 | ||||||
Relia, Inc. | 3,800 | 34,934 | ||||||
Relo Group, Inc. | 11,700 | 176,096 | ||||||
Renesas Electronics Corp.(1) | 46,300 | 545,446 | ||||||
Rengo Co. Ltd. | 32,000 | 239,513 | ||||||
RENOVA, Inc.(1) | 2,900 | 36,171 | ||||||
Resona Holdings, Inc. | 191,656 | 857,142 | ||||||
Resorttrust, Inc. | 15,000 | 253,294 |
144
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Restar Holdings Corp. | 3,300 | $ | 57,025 | |||||
Retail Partners Co. Ltd. | 2,200 | 24,624 | ||||||
Ricoh Co. Ltd. | 39,800 | 339,526 | ||||||
Ricoh Leasing Co. Ltd. | 3,000 | 97,077 | ||||||
Riken Corp. | 1,200 | 26,248 | ||||||
Riken Keiki Co. Ltd. | 3,000 | 126,565 | ||||||
Riken Technos Corp. | 5,400 | 21,922 | ||||||
Riken Vitamin Co. Ltd. | 2,800 | 42,340 | ||||||
Rinnai Corp. | 2,600 | 213,893 | ||||||
Riso Kagaku Corp. | 1,500 | 29,955 | ||||||
Riso Kyoiku Co. Ltd. | 13,100 | 41,059 | ||||||
Rohm Co. Ltd. | 3,900 | 311,039 | ||||||
Rohto Pharmaceutical Co. Ltd. | 14,300 | 479,648 | ||||||
Rokko Butter Co. Ltd. | 300 | 4,104 | ||||||
Roland DG Corp. | 3,000 | 79,387 | ||||||
Rorze Corp.(2) | 1,300 | 123,568 | ||||||
RPA Holdings, Inc.(1) | 100 | 288 | ||||||
RS Technologies Co. Ltd. | 700 | 34,219 | ||||||
Ryobi Ltd. | 1,700 | 16,183 | ||||||
Ryoden Corp. | 1,000 | 15,614 | ||||||
Ryohin Keikaku Co. Ltd.(2) | 23,200 | 341,682 | ||||||
Ryosan Co. Ltd. | 3,700 | 75,540 | ||||||
S Foods, Inc.(2) | 2,900 | 83,391 | ||||||
S-Pool, Inc. | 6,200 | 54,634 | ||||||
Saizeriya Co. Ltd. | 1,500 | 38,360 | ||||||
Sakai Chemical Industry Co. Ltd. | 2,500 | 43,124 | ||||||
Sakai Moving Service Co. Ltd. | 900 | 34,656 | ||||||
Sakata INX Corp. | 6,000 | 50,183 | ||||||
Sakata Seed Corp. | 1,600 | 47,009 | ||||||
Sala Corp. | 8,700 | 50,566 | ||||||
SAMTY Co. Ltd. | 1,400 | 26,551 | ||||||
San ju San Financial Group, Inc. | 1,900 | 24,935 | ||||||
San-A Co. Ltd. | 1,200 | 44,556 | ||||||
San-Ai Oil Co. Ltd. | 12,800 | 106,421 | ||||||
San-In Godo Bank Ltd. (The) | 24,400 | 143,782 | ||||||
Sanei Architecture Planning Co. Ltd. | 100 | 1,417 | ||||||
Sangetsu Corp. | 3,600 | 50,493 | ||||||
Sanken Electric Co. Ltd. | 3,600 | 163,427 | ||||||
Sanki Engineering Co. Ltd. | 900 | 11,679 | ||||||
Sankyo Co. Ltd. | 2,800 | 78,170 | ||||||
Sankyo Seiko Co. Ltd. | 300 | 1,481 | ||||||
Sankyu, Inc. | 8,100 | 280,850 | ||||||
Sanoh Industrial Co. Ltd. | 3,200 | 19,635 | ||||||
Santen Pharmaceutical Co. Ltd. | 28,000 | 319,119 | ||||||
Sanwa Holdings Corp. | 25,600 | 286,098 | ||||||
Sanyo Chemical Industries Ltd. | 1,800 | 80,418 | ||||||
Sanyo Denki Co. Ltd. | 700 | 31,023 | ||||||
Sanyo Special Steel Co. Ltd. | 3,000 | 55,579 | ||||||
Sanyo Trading Co. Ltd. | 2,200 | 19,152 | ||||||
Sapporo Holdings Ltd. | 4,500 | 89,015 | ||||||
Sato Holdings Corp. | 2,400 | 42,630 |
145
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Sawai Group Holdings Co. Ltd. | 5,700 | $ | 226,533 | |||||
SB Technology Corp. | 1,000 | 22,911 | ||||||
SBI Holdings, Inc. | 40,800 | 1,070,261 | ||||||
SBS Holdings, Inc. | 4,200 | 122,014 | ||||||
SCREEN Holdings Co. Ltd. | 6,400 | 631,600 | ||||||
Scroll Corp. | 5,700 | 45,531 | ||||||
SCSK Corp. | 20,400 | 349,257 | ||||||
Secom Co. Ltd. | 11,000 | 807,910 | ||||||
Sega Sammy Holdings, Inc. | 13,800 | 251,704 | ||||||
Seibu Holdings, Inc.(1) | 9,400 | 98,370 | ||||||
Seikagaku Corp. | 4,800 | 38,095 | ||||||
Seikitokyu Kogyo Co. Ltd. | 3,600 | 25,682 | ||||||
Seiko Epson Corp. | 35,500 | 546,005 | ||||||
Seiko Holdings Corp. | 5,800 | 121,208 | ||||||
Seino Holdings Co. Ltd. | 9,100 | 95,197 | ||||||
Seiren Co. Ltd. | 4,700 | 94,360 | ||||||
Sekisui Chemical Co. Ltd. | 40,500 | 663,226 | ||||||
Sekisui House Ltd. | 38,500 | 784,941 | ||||||
Sekisui Jushi Corp. | 1,400 | 23,370 | ||||||
SEMITEC Corp. | 300 | 19,282 | ||||||
Senko Group Holdings Co. Ltd. | 13,800 | 113,358 | ||||||
Senshu Electric Co. Ltd. | 800 | 43,167 | ||||||
Senshu Ikeda Holdings, Inc. | 40,600 | 65,643 | ||||||
Septeni Holdings Co. Ltd. | 15,200 | 85,185 | ||||||
Seria Co. Ltd. | 4,500 | 115,447 | ||||||
Seven & i Holdings Co. Ltd.(2) | 42,100 | 2,048,490 | ||||||
Seven Bank Ltd. | 97,900 | 208,991 | ||||||
SG Holdings Co. Ltd. | 14,400 | 305,211 | ||||||
Sharp Corp.(2) | 18,400 | 173,992 | ||||||
Shibaura Electronics Co. Ltd. | 1,900 | 110,366 | ||||||
Shibaura Machine Co. Ltd. | 400 | 10,680 | ||||||
Shibaura Mechatronics Corp. | 900 | 61,544 | ||||||
Shibuya Corp. | 800 | 17,214 | ||||||
SHIFT, Inc.(1) | 300 | 58,151 | ||||||
Shiga Bank Ltd. (The) | 6,200 | 120,329 | ||||||
Shikoku Bank Ltd. (The) | 3,300 | 22,986 | ||||||
Shikoku Chemicals Corp. | 3,300 | 41,874 | ||||||
Shikoku Electric Power Co., Inc. | 5,400 | 41,520 | ||||||
Shima Seiki Manufacturing Ltd. | 1,600 | 24,905 | ||||||
Shimadzu Corp. | 11,400 | 410,593 | ||||||
Shimamura Co. Ltd. | 2,000 | 181,420 | ||||||
Shimano, Inc. | 2,400 | 558,883 | ||||||
Shimizu Corp. | 48,400 | 320,367 | ||||||
Shin Nippon Air Technologies Co. Ltd. | 300 | 5,369 | ||||||
Shin Nippon Biomedical Laboratories Ltd. | 5,500 | 74,375 | ||||||
Shin-Etsu Chemical Co. Ltd. | 10,600 | 1,655,594 | ||||||
Shin-Etsu Polymer Co. Ltd. | 7,300 | 69,887 | ||||||
Shinagawa Refractories Co. Ltd. | 600 | 20,152 | ||||||
Shindengen Electric Manufacturing Co. Ltd.(1) | 1,500 | 38,597 | ||||||
Shinko Electric Industries Co. Ltd. | 9,800 | 418,566 | ||||||
Shinmaywa Industries Ltd. | 9,600 | 78,015 |
146
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Shinoken Group Co. Ltd. | 3,400 | $ | 30,640 | |||||
Shinsei Bank Ltd. | 10,900 | 204,288 | ||||||
Shinsho Corp. | 700 | 23,921 | ||||||
Shionogi & Co. Ltd. | 10,100 | 671,573 | ||||||
Ship Healthcare Holdings, Inc. | 11,400 | 226,923 | ||||||
Shiseido Co. Ltd. | 15,232 | 874,105 | ||||||
Shizuoka Bank Ltd. (The) | 35,000 | 258,761 | ||||||
SHO-BOND Holdings Co. Ltd. | 2,300 | 103,036 | ||||||
Shoei Co. Ltd. | 2,400 | 95,290 | ||||||
Shoei Foods Corp. | 1,400 | 51,497 | ||||||
Showa Denko KK | 10,000 | 182,806 | ||||||
Showa Sangyo Co. Ltd. | 2,000 | 47,686 | ||||||
SIGMAXYZ Holdings, Inc. | 3,100 | 58,383 | ||||||
Siix Corp. | 5,300 | 51,826 | ||||||
Sinanen Holdings Co. Ltd. | 900 | 27,105 | ||||||
Sinfonia Technology Co. Ltd. | 1,400 | 15,989 | ||||||
Sinko Industries Ltd. | 1,300 | 19,676 | ||||||
Sintokogio Ltd. | 2,700 | 16,296 | ||||||
SKY Perfect JSAT Holdings, Inc. | 31,800 | 119,582 | ||||||
Skylark Holdings Co. Ltd.(1) | 4,100 | 53,797 | ||||||
SMC Corp. | 495 | 295,698 | ||||||
SMS Co. Ltd. | 2,300 | 62,643 | ||||||
Snow Peak, Inc. | 3,000 | 74,140 | ||||||
Sodick Co. Ltd. | 4,000 | 27,106 | ||||||
Softbank Corp. | 115,000 | 1,452,954 | ||||||
SoftBank Group Corp. | 38,600 | 1,732,213 | ||||||
Softcreate Holdings Corp. | 2,000 | 79,240 | ||||||
Sohgo Security Services Co. Ltd. | 6,800 | 245,508 | ||||||
Sojitz Corp. | 40,680 | 671,915 | ||||||
Soken Chemical & Engineering Co. Ltd. | 1,100 | 15,973 | ||||||
Solasto Corp. | 4,800 | 42,979 | ||||||
Soliton Systems KK | 200 | 2,745 | ||||||
Sompo Holdings, Inc. | 29,600 | 1,285,174 | ||||||
Sony Group Corp., ADR | 60,718 | 6,225,417 | ||||||
Sotetsu Holdings, Inc.(1) | 2,400 | 45,557 | ||||||
Sparx Group Co. Ltd. | 17,200 | 38,115 | ||||||
Square Enix Holdings Co. Ltd. | 5,500 | 268,227 | ||||||
SRA Holdings | 700 | 17,730 | ||||||
St-Care Holding Corp. | 2,200 | 16,178 | ||||||
Stanley Electric Co. Ltd. | 6,900 | 163,963 | ||||||
Star Micronics Co. Ltd. | 6,800 | 86,751 | ||||||
Starts Corp., Inc. | 4,300 | 97,180 | ||||||
Starzen Co. Ltd. | 1,600 | 29,562 | ||||||
Stella Chemifa Corp. | 1,100 | 23,165 | ||||||
Strike Co. Ltd. | 400 | 15,584 | ||||||
Studio Alice Co. Ltd. | 2,000 | 37,931 | ||||||
Subaru Corp. | 28,600 | 469,063 | ||||||
Sugi Holdings Co. Ltd.(2) | 2,100 | 119,635 | ||||||
SUMCO Corp. | 39,800 | 664,224 | ||||||
Sumida Corp. | 6,300 | 49,795 | ||||||
Sumitomo Bakelite Co. Ltd. | 4,900 | 204,422 |
147
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Sumitomo Chemical Co. Ltd. | 162,500 | $ | 775,812 | |||||
Sumitomo Corp. | 96,700 | 1,577,719 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 15,200 | 166,815 | ||||||
Sumitomo Densetsu Co. Ltd. | 1,300 | 26,198 | ||||||
Sumitomo Electric Industries Ltd. | 42,000 | 557,555 | ||||||
Sumitomo Forestry Co. Ltd. | 15,800 | 304,679 | ||||||
Sumitomo Heavy Industries Ltd. | 13,600 | 329,539 | ||||||
Sumitomo Metal Mining Co. Ltd. | 14,600 | 728,284 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 15,500 | 59,547 | ||||||
Sumitomo Mitsui Financial Group, Inc., ADR(2) | 333,108 | 2,375,060 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 25,400 | 902,513 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 7,800 | 231,707 | ||||||
Sumitomo Realty & Development Co. Ltd. | 20,100 | 591,309 | ||||||
Sumitomo Riko Co. Ltd. | 7,400 | 40,484 | ||||||
Sumitomo Rubber Industries Ltd. | 24,400 | 236,099 | ||||||
Sumitomo Seika Chemicals Co. Ltd. | 1,500 | 42,690 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 5,700 | 105,718 | ||||||
Sun Frontier Fudousan Co. Ltd. | 3,900 | 36,670 | ||||||
Sun-Wa Technos Corp. | 2,500 | 29,404 | ||||||
Sundrug Co. Ltd. | 4,800 | 130,665 | ||||||
Suntory Beverage & Food Ltd. | 7,400 | 294,883 | ||||||
Suruga Bank Ltd.(2) | 40,900 | 160,393 | ||||||
Suzuken Co. Ltd. | 10,700 | 344,926 | ||||||
Suzuki Co. Ltd. | 1,900 | 13,543 | ||||||
Suzuki Motor Corp. | 14,200 | 565,415 | ||||||
SWCC Showa Holdings Co. Ltd.(2) | 4,900 | 80,863 | ||||||
Sysmex Corp. | 5,600 | 448,283 | ||||||
Systena Corp. | 18,400 | 67,240 | ||||||
T Hasegawa Co. Ltd. | 2,500 | 52,492 | ||||||
T RAD Co. Ltd. | 1,400 | 29,922 | ||||||
T&D Holdings, Inc. | 48,000 | 697,127 | ||||||
T-Gaia Corp. | 2,700 | 40,835 | ||||||
Tachi-S Co. Ltd. | 2,800 | 27,413 | ||||||
Tadano Ltd. | 17,200 | 146,863 | ||||||
Taihei Dengyo Kaisha Ltd. | 1,900 | 43,292 | ||||||
Taiheiyo Cement Corp. | 21,700 | 417,256 | ||||||
Taikisha Ltd. | 1,600 | 43,258 | ||||||
Taisei Corp. | 20,200 | 671,679 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 1,300 | 64,532 | ||||||
Taiyo Holdings Co. Ltd. | 6,400 | 171,764 | ||||||
Taiyo Yuden Co. Ltd. | 16,200 | 732,429 | ||||||
Takamatsu Construction Group Co. Ltd. | 1,000 | 17,727 | ||||||
Takaoka Toko Co. Ltd. | 1,100 | 13,951 | ||||||
Takara & Co. Ltd. | 2,300 | 37,114 | ||||||
Takara Bio, Inc. | 5,800 | 121,203 | ||||||
Takara Holdings, Inc. | 17,000 | 168,910 | ||||||
Takara Leben Co. Ltd. | 16,000 | 43,741 | ||||||
Takara Standard Co. Ltd. | 2,600 | 30,882 | ||||||
Takasago International Corp. | 1,900 | 45,658 | ||||||
Takasago Thermal Engineering Co. Ltd. | 2,300 | 38,766 | ||||||
Takashimaya Co. Ltd.(2) | 19,600 | 191,314 |
148
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Takeda Pharmaceutical Co. Ltd., ADR | 63,187 | $ | 960,442 | |||||
Takeuchi Manufacturing Co. Ltd.(2) | 5,100 | 114,013 | ||||||
Takuma Co. Ltd. | 6,600 | 83,878 | ||||||
Tama Home Co. Ltd. | 2,600 | 52,373 | ||||||
Tamron Co. Ltd. | 2,400 | 49,321 | ||||||
Tamura Corp.(2) | 7,400 | 38,818 | ||||||
Tanseisha Co. Ltd. | 1,100 | 7,028 | ||||||
TBS Holdings, Inc. | 3,700 | 59,910 | ||||||
TDC Soft, Inc. | 200 | 1,935 | ||||||
TDK Corp. | 34,400 | 1,392,278 | ||||||
TechMatrix Corp. | 2,600 | 40,679 | ||||||
TECHNO ASSOCIE Co. Ltd. | 200 | 2,077 | ||||||
TechnoPro Holdings, Inc. | 10,000 | 290,356 | ||||||
Teijin Ltd. | 20,300 | 244,207 | ||||||
Teikoku Electric Manufacturing Co. Ltd. | 900 | 10,967 | ||||||
Teikoku Sen-I Co. Ltd.(2) | 800 | 13,264 | ||||||
Tenma Corp. | 1,800 | 40,794 | ||||||
Terumo Corp. | 8,100 | 263,075 | ||||||
THK Co. Ltd. | 5,800 | 133,243 | ||||||
TIS, Inc. | 26,800 | 634,319 | ||||||
TKC Corp. | 1,900 | 51,875 | ||||||
Toa Corp. (Tokyo)(2) | 1,900 | 42,763 | ||||||
TOA ROAD Corp. | 300 | 13,151 | ||||||
Toagosei Co. Ltd. | 15,500 | 147,444 | ||||||
Tobu Railway Co. Ltd. | 19,600 | 481,779 | ||||||
TOC Co. Ltd. | 3,500 | 21,710 | ||||||
Tocalo Co. Ltd. | 11,900 | 139,749 | ||||||
Tochigi Bank Ltd. (The) | 18,200 | 35,602 | ||||||
Toda Corp. | 27,900 | 186,308 | ||||||
Toei Animation Co. Ltd. | 200 | 17,919 | ||||||
Toho Bank Ltd. (The) | 14,700 | 27,037 | ||||||
Toho Co. Ltd. | 1,800 | 75,070 | ||||||
Toho Gas Co. Ltd. | 700 | 18,723 | ||||||
Toho Holdings Co. Ltd. | 5,500 | 90,492 | ||||||
Toho Titanium Co. Ltd. | 5,600 | 53,061 | ||||||
Toho Zinc Co. Ltd.(2) | 2,000 | 47,771 | ||||||
Tohoku Electric Power Co., Inc. | 41,900 | 272,074 | ||||||
Tokai Carbon Co. Ltd. | 15,700 | 150,693 | ||||||
Tokai Corp/Gifu | 1,400 | 22,936 | ||||||
TOKAI Holdings Corp. | 21,500 | 171,117 | ||||||
Tokai Rika Co. Ltd. | 4,600 | 61,050 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 21,800 | 79,703 | ||||||
Token Corp. | 1,000 | 79,207 | ||||||
Tokio Marine Holdings, Inc. | 39,700 | 2,258,972 | ||||||
Tokushu Tokai Paper Co. Ltd. | 900 | 25,973 | ||||||
Tokuyama Corp. | 7,500 | 115,571 | ||||||
Tokyo Century Corp. | 4,400 | 192,903 | ||||||
Tokyo Electric Power Co. Holdings, Inc.(1) | 132,900 | 417,172 | ||||||
Tokyo Electron Device Ltd. | 1,700 | 80,008 | ||||||
Tokyo Electron Ltd. | 6,700 | 3,288,209 | ||||||
Tokyo Gas Co. Ltd. | 9,200 | 187,389 |
149
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Tokyo Kiraboshi Financial Group, Inc. | 4,100 | $ | 69,532 | |||||
Tokyo Ohka Kogyo Co. Ltd. | 2,100 | 133,902 | ||||||
Tokyo Seimitsu Co. Ltd. | 5,600 | 233,169 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 16,400 | 160,454 | ||||||
Tokyo Tatemono Co. Ltd. | 24,500 | 375,573 | ||||||
Tokyotokeiba Co. Ltd. | 2,300 | 81,736 | ||||||
Tokyu Construction Co. Ltd. | 18,400 | 114,047 | ||||||
Tokyu Corp. | 15,900 | 212,048 | ||||||
Tokyu Fudosan Holdings Corp. | 79,300 | 439,911 | ||||||
Tomoku Co. Ltd. | 900 | 13,323 | ||||||
TOMONY Holdings, Inc. | 24,600 | 73,770 | ||||||
Tomy Co. Ltd. | 19,000 | 207,792 | ||||||
Topcon Corp. | 19,700 | 259,768 | ||||||
Toppan, Inc. | 23,500 | 463,051 | ||||||
Topre Corp. | 4,900 | 50,818 | ||||||
Topy Industries Ltd. | 2,100 | 20,471 | ||||||
Toray Industries, Inc. | 169,100 | 964,325 | ||||||
Torex Semiconductor Ltd. | 1,100 | 24,030 | ||||||
Toridoll Holdings Corp.(2) | 6,100 | 129,616 | ||||||
Torii Pharmaceutical Co. Ltd. | 1,300 | 33,058 | ||||||
Torishima Pump Manufacturing Co. Ltd. | 2,100 | 17,690 | ||||||
Tosei Corp. | 6,900 | 65,757 | ||||||
Toshiba Corp. | 5,400 | 215,297 | ||||||
Toshiba TEC Corp. | 4,100 | 174,465 | ||||||
Tosho Co. Ltd. | 400 | 6,049 | ||||||
Tosoh Corp. | 32,500 | 504,338 | ||||||
Totetsu Kogyo Co. Ltd. | 2,100 | 45,856 | ||||||
TOTO Ltd. | 4,200 | 176,806 | ||||||
Towa Corp. | 5,700 | 117,324 | ||||||
Towa Pharmaceutical Co. Ltd. | 4,400 | 114,022 | ||||||
Toyo Construction Co. Ltd. | 15,800 | 82,329 | ||||||
Toyo Engineering Corp.(1) | 7,700 | 37,257 | ||||||
Toyo Gosei Co. Ltd. | 800 | 67,136 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 5,100 | 85,486 | ||||||
Toyo Kanetsu KK | 1,000 | 21,166 | ||||||
Toyo Seikan Group Holdings Ltd. | 24,200 | 323,321 | ||||||
Toyo Suisan Kaisha Ltd. | 3,100 | 130,314 | ||||||
Toyo Tanso Co. Ltd. | 800 | 21,582 | ||||||
Toyo Tire Corp. | 17,700 | 234,598 | ||||||
Toyobo Co. Ltd. | 20,100 | 217,569 | ||||||
Toyoda Gosei Co. Ltd. | 6,100 | 116,093 | ||||||
Toyota Boshoku Corp. | 7,700 | 140,910 | ||||||
Toyota Industries Corp. | 4,900 | 372,699 | ||||||
Toyota Motor Corp., ADR(2) | 45,537 | 8,330,994 | ||||||
Toyota Tsusho Corp. | 20,200 | 838,603 | ||||||
TPR Co. Ltd. | 4,300 | 52,045 | ||||||
Trancom Co. Ltd. | 1,100 | 69,918 | ||||||
Transaction Co. Ltd.(2) | 1,600 | 13,909 | ||||||
Transcosmos, Inc. | 4,200 | 116,159 | ||||||
TRE Holdings Corp. | 5,096 | 76,378 | ||||||
Trend Micro, Inc. | 16,400 | 916,212 |
150
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Tri Chemical Laboratories, Inc. | 400 | $ | 9,389 | |||||
Trusco Nakayama Corp. | 3,800 | 83,261 | ||||||
TS Tech Co. Ltd. | 7,400 | 99,852 | ||||||
TSI Holdings Co. Ltd. | 8,500 | 24,720 | ||||||
Tsubaki Nakashima Co. Ltd. | 5,300 | 45,064 | ||||||
Tsubakimoto Chain Co. | 3,800 | 108,673 | ||||||
Tsugami Corp. | 7,400 | 82,045 | ||||||
Tsukuba Bank Ltd. | 15,100 | 28,205 | ||||||
Tsumura & Co. | 1,200 | 33,330 | ||||||
Tsuruha Holdings, Inc. | 2,000 | 160,790 | ||||||
Tsuzuki Denki Co. Ltd. | 100 | 1,238 | ||||||
TV Asahi Holdings Corp. | 2,100 | 28,702 | ||||||
UACJ Corp.(1) | 6,700 | 137,347 | ||||||
Ube Industries Ltd. | 17,100 | 315,184 | ||||||
Uchida Yoko Co. Ltd. | 1,600 | 66,464 | ||||||
Ulvac, Inc. | 8,400 | 419,272 | ||||||
Unicharm Corp. | 6,700 | 252,551 | ||||||
Union Tool Co. | 800 | 25,900 | ||||||
Unipres Corp. | 3,600 | 24,145 | ||||||
United Super Markets Holdings, Inc.(2) | 6,600 | 60,963 | ||||||
UNITED, Inc. | 1,200 | 17,928 | ||||||
Unitika Ltd.(1) | 8,800 | 23,054 | ||||||
Universal Entertainment Corp.(1) | 1,800 | 37,026 | ||||||
Ushio, Inc. | 6,100 | 99,657 | ||||||
USS Co. Ltd. | 26,400 | 438,559 | ||||||
UT Group Co. Ltd. | 2,300 | 69,983 | ||||||
Valor Holdings Co. Ltd. | 5,500 | 106,519 | ||||||
Valqua Ltd. | 3,200 | 75,776 | ||||||
Value HR Co. Ltd. | 2,000 | 42,903 | ||||||
ValueCommerce Co. Ltd. | 2,400 | 75,112 | ||||||
Vector, Inc. | 5,600 | 54,352 | ||||||
Vertex Corp.(2) | 1,000 | 25,822 | ||||||
Vital KSK Holdings, Inc. | 3,300 | 23,388 | ||||||
VT Holdings Co. Ltd. | 11,500 | 49,362 | ||||||
Wacoal Holdings Corp. | 3,200 | 54,929 | ||||||
Wacom Co. Ltd. | 36,500 | 277,174 | ||||||
Wakachiku Construction Co. Ltd. | 2,200 | 37,753 | ||||||
Wakita & Co. Ltd. | 2,000 | 17,302 | ||||||
Warabeya Nichiyo Holdings Co. Ltd.(2) | 2,200 | 35,026 | ||||||
WDB Holdings Co. Ltd. | 1,400 | 31,752 | ||||||
Weathernews, Inc. | 300 | 20,803 | ||||||
Welcia Holdings Co. Ltd. | 4,000 | 106,669 | ||||||
West Japan Railway Co. | 2,900 | 125,117 | ||||||
Will Group, Inc. | 200 | 2,256 | ||||||
World Holdings Co. Ltd. | 500 | 9,376 | ||||||
Xebio Holdings Co. Ltd. | 4,500 | 37,686 | ||||||
YA-MAN Ltd. | 2,000 | 16,593 | ||||||
Yahagi Construction Co. Ltd. | 2,000 | 13,626 | ||||||
Yakult Honsha Co. Ltd. | 4,700 | 255,063 | ||||||
YAKUODO Holdings Co. Ltd.(2) | 1,000 | 21,202 | ||||||
YAMABIKO Corp. | 5,600 | 64,855 |
151
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Yamada Holdings Co. Ltd. | 65,900 | $ | 228,808 | |||||
Yamagata Bank Ltd. (The) | 2,500 | 21,700 | ||||||
Yamaguchi Financial Group, Inc. | 27,300 | 168,543 | ||||||
Yamaha Corp. | 3,900 | 182,983 | ||||||
Yamaha Motor Co. Ltd. | 35,100 | 789,035 | ||||||
Yamaichi Electronics Co. Ltd. | 5,800 | 98,062 | ||||||
Yamato Holdings Co. Ltd. | 20,800 | 408,487 | ||||||
Yamato Kogyo Co. Ltd. | 3,900 | 125,407 | ||||||
Yamazaki Baking Co. Ltd. | 15,500 | 209,841 | ||||||
Yamazen Corp. | 12,200 | 109,348 | ||||||
Yaoko Co. Ltd. | 2,500 | 143,241 | ||||||
Yaskawa Electric Corp.(2) | 2,400 | 96,088 | ||||||
Yellow Hat Ltd. | 6,000 | 85,188 | ||||||
Yodogawa Steel Works Ltd. | 2,600 | 62,445 | ||||||
Yokogawa Bridge Holdings Corp. | 6,400 | 116,910 | ||||||
Yokogawa Electric Corp. | 11,700 | 188,772 | ||||||
Yokohama Rubber Co. Ltd. (The) | 18,300 | 256,573 | ||||||
Yokorei Co. Ltd. | 6,900 | 52,456 | ||||||
Yokowo Co. Ltd. | 1,500 | 35,848 | ||||||
Yondoshi Holdings, Inc.(2) | 2,200 | 32,839 | ||||||
Yonex Co. Ltd. | 9,700 | 77,234 | ||||||
Yotai Refractories Co. Ltd. | 1,900 | 20,766 | ||||||
Yuasa Trading Co. Ltd. | 1,700 | 44,220 | ||||||
Yurtec Corp. | 2,300 | 14,765 | ||||||
Z Holdings Corp. | 61,700 | 302,012 | ||||||
Zenkoku Hosho Co. Ltd. | 7,400 | 311,189 | ||||||
Zenrin Co. Ltd. | 2,800 | 27,234 | ||||||
Zensho Holdings Co. Ltd.(2) | 11,567 | 277,872 | ||||||
Zeon Corp. | 14,200 | 166,647 | ||||||
ZOZO, Inc. | 8,400 | 239,194 | ||||||
265,255,157 | ||||||||
Netherlands — 3.6% | ||||||||
Aalberts NV | 16,479 | 919,419 | ||||||
ABN AMRO Bank NV, CVA | 89,939 | 1,196,838 | ||||||
Accell Group NV(1) | 4,143 | 267,376 | ||||||
Adyen NV(1) | 506 | 1,054,642 | ||||||
Aegon NV, NY Shares(2) | 384,862 | 1,912,764 | ||||||
AerCap Holdings NV(1) | 29,949 | 1,630,124 | ||||||
Akzo Nobel NV | 23,614 | 2,246,686 | ||||||
AMG Advanced Metallurgical Group NV | 7,080 | 280,459 | ||||||
Arcadis NV | 1,977 | 90,356 | ||||||
ASM International NV | 3,327 | 1,074,513 | ||||||
ASML Holding NV, NY Shares | 13,886 | 9,255,158 | ||||||
ASR Nederland NV | 34,465 | 1,489,611 | ||||||
Basic-Fit NV(1) | 5,086 | 232,082 | ||||||
BE Semiconductor Industries NV | 11,501 | 982,428 | ||||||
Beter Bed Holding NV(1)(2) | 3,753 | 18,182 | ||||||
Boskalis Westminster | 14,656 | 423,252 | ||||||
Brunel International NV | 4,395 | 52,293 | ||||||
CM.com NV(1)(2) | 572 | 12,861 | ||||||
Coca-Cola Europacific Partners PLC | 17,992 | 921,370 |
152
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Constellium SE(1) | 4,353 | $ | 84,579 | |||||
Corbion NV | 11,928 | 441,545 | ||||||
Flow Traders | 8,052 | 276,377 | ||||||
ForFarmers NV | 6,503 | 26,527 | ||||||
Fugro NV(1)(2) | 9,522 | 91,664 | ||||||
Heijmans NV, CVA | 4,776 | 73,004 | ||||||
Heineken Holding NV | 1,152 | 94,083 | ||||||
Heineken NV | 8,905 | 903,310 | ||||||
IMCD NV | 1,186 | 192,655 | ||||||
ING Groep NV, ADR | 329,500 | 3,835,380 | ||||||
InPost SA(1)(2) | 4,748 | 29,322 | ||||||
Just Eat Takeaway.com NV(1) | 9,390 | 380,034 | ||||||
Kendrion NV(2) | 1,780 | 39,862 | ||||||
Koninklijke Ahold Delhaize NV | 116,639 | 3,588,077 | ||||||
Koninklijke BAM Groep NV(1) | 47,089 | 132,480 | ||||||
Koninklijke DSM NV | 8,052 | 1,511,876 | ||||||
Koninklijke KPN NV | 628,852 | 2,152,015 | ||||||
Koninklijke Philips NV | 22,818 | 777,409 | ||||||
Koninklijke Vopak NV | 10,013 | 371,056 | ||||||
NN Group NV | 45,237 | 2,171,145 | ||||||
OCI NV(1) | 19,725 | 559,129 | ||||||
Ordina NV | 8,994 | 43,744 | ||||||
Pharming Group NV(1)(2) | 184,523 | 165,058 | ||||||
PostNL NV | 96,634 | 388,515 | ||||||
Prosus NV(1) | 14,566 | 904,281 | ||||||
Randstad NV | 7,044 | 480,039 | ||||||
SBM Offshore NV | 9,732 | 148,241 | ||||||
SIF Holding NV(2) | 604 | 7,468 | ||||||
Signify NV | 8,321 | 425,651 | ||||||
Sligro Food Group NV(1) | 4,325 | 110,312 | ||||||
TKH Group NV, CVA | 6,813 | 377,384 | ||||||
TomTom NV(1)(2) | 3,464 | 28,919 | ||||||
Universal Music Group NV | 25,442 | 580,905 | ||||||
Van Lanschot Kempen NV | 4,210 | 106,512 | ||||||
Wolters Kluwer NV | 6,711 | 683,782 | ||||||
46,242,754 | ||||||||
New Zealand — 0.3% | ||||||||
a2 Milk Co. Ltd. (The)(1) | 34,879 | 141,233 | ||||||
Air New Zealand Ltd.(1)(2) | 108,157 | 109,788 | ||||||
Arvida Group Ltd. | 63,083 | 68,528 | ||||||
Auckland International Airport Ltd.(1) | 67,831 | 328,439 | ||||||
Chorus Ltd. | 68,787 | 341,112 | ||||||
Contact Energy Ltd. | 63,527 | 350,559 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 17,791 | 334,329 | ||||||
Fletcher Building Ltd. | 75,150 | 343,273 | ||||||
Genesis Energy Ltd. | 53,599 | 100,124 | ||||||
Hallenstein Glasson Holdings Ltd. | 3,630 | 14,449 | ||||||
Heartland Group Holdings Ltd. | 48,998 | 75,470 | ||||||
Infratil Ltd. | 46,257 | 249,445 | ||||||
Kathmandu Holdings Ltd. | 94,852 | 84,519 | ||||||
Mercury NZ Ltd. | 25,338 | 98,699 |
153
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Meridian Energy Ltd. | 37,261 | $ | 126,504 | |||||
New Zealand Refining Co. Ltd. (The)(1) | 2,544 | 1,724 | ||||||
NZX Ltd. | 4,193 | 4,009 | ||||||
Oceania Healthcare Ltd. | 83,326 | 59,470 | ||||||
Pushpay Holdings Ltd.(1) | 55,414 | 35,166 | ||||||
Restaurant Brands New Zealand Ltd.(1)(2) | 933 | 9,128 | ||||||
Ryman Healthcare Ltd. | 6,473 | 44,029 | ||||||
Skellerup Holdings Ltd. | 11,000 | 43,758 | ||||||
SKYCITY Entertainment Group Ltd. | 75,887 | 152,506 | ||||||
Spark New Zealand Ltd. | 117,044 | 359,360 | ||||||
Summerset Group Holdings Ltd. | 16,675 | 133,680 | ||||||
Tourism Holdings Ltd.(1) | 3,514 | 6,248 | ||||||
TOWER Ltd. | 33,102 | 15,699 | ||||||
Vista Group International Ltd.(1) | 7,776 | 10,390 | ||||||
Z Energy Ltd. | 53,590 | 132,174 | ||||||
3,773,812 | ||||||||
Norway — 0.9% | ||||||||
ABG Sundal Collier Holding ASA | 59,246 | 57,127 | ||||||
Adevinta ASA(1) | 6,703 | 71,808 | ||||||
Aker BP ASA(2) | 7,060 | 221,123 | ||||||
Aker Offshore Wind AS(1) | 1,099 | 303 | ||||||
Aker Solutions ASA(1) | 26,621 | 84,497 | ||||||
American Shipping Co. ASA(1) | 2,356 | 8,779 | ||||||
ArcticZymes Technologies ASA(1)(2) | 2,740 | 23,386 | ||||||
Atea ASA(1) | 2,983 | 46,772 | ||||||
Atlantic Sapphire ASA(1)(2) | 6,015 | 21,296 | ||||||
Austevoll Seafood ASA | 4,629 | 65,361 | ||||||
Axactor SE(1)(2) | 598 | 391 | ||||||
B2Holding ASA | 18,817 | 20,750 | ||||||
Bakkafrost P/F | 1,289 | 87,596 | ||||||
Belships ASA | 16,794 | 33,831 | ||||||
Bonheur ASA | 2,543 | 100,681 | ||||||
Borr Drilling Ltd.(1)(2) | 17,880 | 39,403 | ||||||
Borregaard ASA | 9,187 | 203,144 | ||||||
BW Energy Ltd.(1) | 10,310 | 27,292 | ||||||
BW LPG Ltd. | 12,263 | 73,078 | ||||||
BW Offshore Ltd. | 13,081 | 41,568 | ||||||
Crayon Group Holding ASA(1) | 4,707 | 105,532 | ||||||
DNB Bank ASA | 33,703 | 754,552 | ||||||
DNO ASA | 76,865 | 97,514 | ||||||
Entra ASA | 8,571 | 180,993 | ||||||
Equinor ASA, ADR | 62,701 | 1,972,573 | ||||||
Europris ASA | 16,840 | 107,419 | ||||||
FLEX LNG Ltd. | 8,993 | 225,628 | ||||||
Frontline Ltd.(1)(2) | 13,650 | 128,446 | ||||||
Gjensidige Forsikring ASA | 5,511 | 136,313 | ||||||
Golden Ocean Group Ltd.(2) | 20,374 | 263,917 | ||||||
Grieg Seafood ASA(1) | 4,635 | 58,375 | ||||||
Hexagon Composites ASA(1)(2) | 22 | 71 | ||||||
Hexagon Purus ASA(1) | 4 | 11 | ||||||
Hunter Group ASA(1) | 48,000 | 16,787 |
154
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Kahoot! ASA(1)(2) | 5,683 | $ | 17,792 | |||||
Kid ASA | 3,728 | 42,363 | ||||||
Kitron ASA(2) | 23,646 | 55,942 | ||||||
Kongsberg Automotive ASA(1)(2) | 138,092 | 42,680 | ||||||
Kongsberg Gruppen ASA | 6,269 | 221,102 | ||||||
Leroy Seafood Group ASA | 10,584 | 92,402 | ||||||
Mowi ASA(2) | 16,985 | 437,343 | ||||||
MPC Container Ships AS | 39,352 | 124,079 | ||||||
Multiconsult ASA | 1,300 | 21,953 | ||||||
Nordic Semiconductor ASA(1) | 7,952 | 212,518 | ||||||
Norsk Hydro ASA | 91,305 | 867,040 | ||||||
Norske Skog ASA(1) | 11,693 | 63,254 | ||||||
Nykode Therapeutics AS(1) | 8,240 | 43,650 | ||||||
Odfjell Drilling Ltd.(1) | 17,199 | 43,763 | ||||||
Orkla ASA | 19,258 | 180,397 | ||||||
Otello Corp ASA(1) | 1,983 | 5,979 | ||||||
Panoro Energy ASA(1) | 14,083 | 43,145 | ||||||
Pareto Bank ASA | 2,473 | 17,025 | ||||||
PGS ASA(1)(2) | 81,102 | 22,633 | ||||||
Protector Forsikring ASA | 11,128 | 140,580 | ||||||
Salmar ASA | 1,424 | 104,627 | ||||||
Sbanken ASA | 5,773 | 59,765 | ||||||
Schibsted ASA, B Shares | 4,746 | 123,202 | ||||||
Schibsted ASA, Class A | 3,105 | 89,231 | ||||||
SpareBank 1 Nord Norge | 17,847 | 218,361 | ||||||
Sparebank 1 Oestlandet | 4,121 | 64,844 | ||||||
SpareBank 1 SMN | 18,379 | 303,712 | ||||||
SpareBank 1 Sorost-Norge | 2,242 | 15,820 | ||||||
SpareBank 1 SR-Bank ASA | 8,851 | 131,152 | ||||||
Sparebanken Vest | 6,101 | 72,536 | ||||||
Stolt-Nielsen Ltd. | 2,348 | 42,056 | ||||||
Storebrand ASA(2) | 54,479 | 539,133 | ||||||
Subsea 7 SA | 29,339 | 201,376 | ||||||
Telenor ASA | 24,832 | 367,405 | ||||||
TGS ASA | 10,130 | 114,513 | ||||||
TOMRA Systems ASA | 4,643 | 218,506 | ||||||
Veidekke ASA | 13,219 | 204,526 | ||||||
Wallenius Wilhelmsen ASA(1) | 21,001 | 158,540 | ||||||
XXL ASA | 11,532 | 15,598 | ||||||
Yara International ASA | 11,846 | 603,316 | ||||||
11,620,176 | ||||||||
Portugal — 0.2% | ||||||||
Banco Comercial Portugues SA, R Shares(1)(2) | 823,517 | 152,274 | ||||||
Corticeira Amorim SGPS SA | 3,340 | 36,164 | ||||||
CTT-Correios de Portugal SA | 24,717 | 119,732 | ||||||
EDP - Energias de Portugal SA | 125,105 | 610,820 | ||||||
EDP Renovaveis SA | 4,313 | 104,837 | ||||||
Galp Energia SGPS SA | 45,287 | 501,296 | ||||||
Jeronimo Martins SGPS SA | 14,203 | 309,649 | ||||||
Navigator Co. SA (The) | 4,889 | 17,470 | ||||||
NOS SGPS SA | 16,900 | 65,063 |
155
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
REN - Redes Energeticas Nacionais SGPS SA | 86,145 | $ | 249,931 | |||||
Sonae SGPS SA | 124,809 | 135,851 | ||||||
2,303,087 | ||||||||
Singapore — 1.3% | ||||||||
AEM Holdings Ltd. | 22,800 | 69,936 | ||||||
Ascendas India Trust | 60,600 | 53,322 | ||||||
Avarga Ltd. | 100,800 | 18,301 | ||||||
Boustead Singapore Ltd. | 1,000 | 714 | ||||||
CapitaLand Integrated Commercial Trust | 143,187 | 224,090 | ||||||
Capitaland Investment Ltd.(1) | 210,400 | 576,551 | ||||||
Centurion Corp. Ltd.(1) | 1,800 | 467 | ||||||
China Sunsine Chemical Holdings Ltd. | 40,500 | 14,516 | ||||||
City Developments Ltd. | 59,000 | 312,199 | ||||||
ComfortDelGro Corp. Ltd. | 241,200 | 251,944 | ||||||
DBS Group Holdings Ltd. | 94,685 | 2,380,393 | ||||||
Far East Orchard Ltd. | 8,300 | 6,844 | ||||||
First Resources Ltd. | 134,500 | 183,312 | ||||||
Frencken Group Ltd. | 59,900 | 71,896 | ||||||
Golden Agri-Resources Ltd. | 1,206,200 | 255,043 | ||||||
GuocoLand Ltd. | 16,800 | 18,136 | ||||||
Haw Par Corp. Ltd. | 2,900 | 25,299 | ||||||
Hong Fok Corp. Ltd. | 36,200 | 19,442 | ||||||
Hong Leong Asia Ltd. | 13,900 | 7,775 | ||||||
Hutchison Port Holdings Trust, U Shares | 890,900 | 223,996 | ||||||
iFAST Corp. Ltd.(2) | 23,600 | 105,187 | ||||||
Indofood Agri Resources Ltd.(1) | 80,500 | 20,038 | ||||||
ISDN Holdings Ltd. | 52,800 | 25,356 | ||||||
Japfa Ltd.(2) | 80,900 | 35,375 | ||||||
Jardine Cycle & Carriage Ltd. | 3,900 | 62,987 | ||||||
Keppel Corp. Ltd. | 175,700 | 782,208 | ||||||
Keppel Infrastructure Trust | 247,200 | 98,570 | ||||||
Mandarin Oriental International Ltd.(1) | 14,400 | 31,306 | ||||||
Mewah International, Inc. | 26,100 | 8,316 | ||||||
Micro-Mechanics Holdings Ltd. | 5,300 | 12,542 | ||||||
NetLink NBN Trust | 174,600 | 123,182 | ||||||
Olam International Ltd. | 87,500 | 111,575 | ||||||
OUE Ltd. | 16,700 | 16,206 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 239,631 | 2,076,503 | ||||||
QAF Ltd. | 13,000 | 8,207 | ||||||
Raffles Medical Group Ltd. | 220,100 | 188,755 | ||||||
Razer, Inc.(1) | 763,000 | 247,655 | ||||||
Rex International Holding Ltd.(1) | 213,600 | 66,910 | ||||||
SATS Ltd.(1) | 35,600 | 104,755 | ||||||
Sea Ltd., ADR(1) | 6,045 | 880,152 | ||||||
Sembcorp Industries Ltd. | 62,000 | 115,569 | ||||||
Sheng Siong Group Ltd. | 121,800 | 136,839 | ||||||
Singapore Airlines Ltd.(1)(2) | 164,150 | 621,551 | ||||||
Singapore Exchange Ltd. | 69,200 | 480,095 | ||||||
Singapore Post Ltd. | 209,200 | 97,625 |
156
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Singapore Press Holdings Ltd. | 146,100 | $ | 251,600 | |||||
Singapore Technologies Engineering Ltd. | 163,600 | 463,630 | ||||||
Singapore Telecommunications Ltd. | 671,600 | 1,259,772 | ||||||
Stamford Land Corp. Ltd. | 52,700 | 15,592 | ||||||
StarHub Ltd. | 79,000 | 73,020 | ||||||
Straits Trading Co. Ltd. | 14,200 | 32,657 | ||||||
Tuan Sing Holdings Ltd. | 134,300 | 40,675 | ||||||
UMS Holdings Ltd. | 55,250 | 49,463 | ||||||
United Overseas Bank Ltd. | 52,900 | 1,175,723 | ||||||
UOL Group Ltd. | 39,900 | 206,780 | ||||||
Venture Corp. Ltd. | 38,600 | 503,514 | ||||||
Wilmar International Ltd. | 101,700 | 330,528 | ||||||
Wing Tai Holdings Ltd. | 15,500 | 20,072 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 388,100 | 397,007 | ||||||
Yanlord Land Group Ltd. | 103,900 | 92,551 | ||||||
16,084,224 | ||||||||
Spain — 2.0% | ||||||||
Acciona SA | 3,762 | 642,903 | ||||||
Acerinox SA | 28,390 | 360,942 | ||||||
ACS Actividades de Construccion y Servicios SA(2) | 27,923 | 678,550 | ||||||
Aena SME SA(1) | 2,112 | 344,689 | ||||||
Almirall SA | 6,349 | 83,101 | ||||||
Amadeus IT Group SA(1) | 6,894 | 454,843 | ||||||
Applus Services SA | 13,771 | 125,646 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 10,491 | 45,347 | ||||||
Banco Bilbao Vizcaya Argentaria SA, ADR | 343,040 | 2,017,075 | ||||||
Banco de Sabadell SA(1) | 890,910 | 770,347 | ||||||
Banco Santander SA, ADR | 848,499 | 2,850,957 | ||||||
Bankinter SA | 70,137 | 398,261 | ||||||
CaixaBank SA | 291,705 | 958,129 | ||||||
Cellnex Telecom SA | 15,623 | 706,663 | ||||||
Cia de Distribucion Integral Logista Holdings SA(2) | 6,004 | 109,042 | ||||||
CIE Automotive SA | 5,093 | 136,156 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 3,672 | 128,225 | ||||||
Ebro Foods SA(2) | 6,389 | 118,350 | ||||||
Enagas SA | 52,312 | 1,105,540 | ||||||
Ence Energia y Celulosa SA(1) | 7,147 | 22,874 | ||||||
Endesa SA | 8,841 | 194,338 | ||||||
Ercros SA(1) | 11,902 | 42,845 | ||||||
Faes Farma SA | 31,342 | 119,894 | ||||||
Ferrovial SA | 23,541 | 641,356 | ||||||
Fluidra SA | 7,732 | 234,166 | ||||||
Fomento de Construcciones y Contratas SA | 8,315 | 94,551 | ||||||
Gestamp Automocion SA | 41,472 | 170,091 | ||||||
Global Dominion Access SA | 11,687 | 54,256 | ||||||
Grifols SA(2) | 10,449 | 198,114 | ||||||
Grupo Catalana Occidente SA | 3,270 | 105,407 | ||||||
Iberdrola SA | 192,036 | 2,178,761 | ||||||
Indra Sistemas SA(1) | 8,394 | 96,515 | ||||||
Industria de Diseno Textil SA | 27,889 | 727,506 | ||||||
Laboratorios Farmaceuticos Rovi SA | 2,884 | 234,016 |
157
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 38,597 | $ | 64,533 | |||||
Mapfre SA | 192,235 | 377,353 | ||||||
Mediaset Espana Comunicacion SA(1) | 28,635 | 146,899 | ||||||
Melia Hotels International SA(1) | 9,892 | 74,148 | ||||||
Metrovacesa SA | 1,618 | 11,574 | ||||||
Miquel y Costas & Miquel SA | 638 | 8,951 | ||||||
Naturgy Energy Group SA(2) | 10,976 | 294,482 | ||||||
Neinor Homes SA(1) | 5,876 | 78,333 | ||||||
Obrascon Huarte Lain SA(1) | 61,992 | 61,687 | ||||||
Pharma Mar SA(2) | 1,494 | 91,088 | ||||||
Prosegur Cash SA(2) | 27,680 | 21,114 | ||||||
Prosegur Cia de Seguridad SA | 25,029 | 59,463 | ||||||
Red Electrica Corp. SA | 85,019 | 1,684,265 | ||||||
Repsol SA | 216,464 | 2,808,845 | ||||||
Sacyr SA(2) | 93,124 | 217,917 | ||||||
Siemens Gamesa Renewable Energy SA(1) | 14,118 | 324,852 | ||||||
Solaria Energia y Medio Ambiente SA(1) | 7,915 | 146,359 | ||||||
Talgo SA(1)(2) | 3,804 | 18,690 | ||||||
Telefonica SA, ADR(2) | 355,614 | 1,671,386 | ||||||
Tubacex SA(1) | 21,744 | 41,687 | ||||||
Unicaja Banco SA | 241,769 | 227,941 | ||||||
Viscofan SA | 6,030 | 373,930 | ||||||
Zardoya Otis SA | 13,651 | 107,177 | ||||||
26,062,130 | ||||||||
Sweden — 3.5% | ||||||||
AAK AB | 18,328 | 333,471 | ||||||
AcadeMedia AB | 7,660 | 44,228 | ||||||
AddTech AB, B Shares | 17,367 | 285,159 | ||||||
Africa Oil Corp.(1)(2) | 39,500 | 90,375 | ||||||
AFRY AB | 2,558 | 48,634 | ||||||
Alfa Laval AB | 18,889 | 612,587 | ||||||
Alimak Group AB | 2,814 | 31,958 | ||||||
Alligo AB, Class B | 945 | 17,649 | ||||||
Ambea AB | 3,055 | 16,220 | ||||||
AQ Group AB(1) | 798 | 22,430 | ||||||
Arjo AB, B Shares | 30,587 | 262,381 | ||||||
Assa Abloy AB, B Shares | 30,029 | 788,192 | ||||||
Atlas Copco AB, B Shares | 18,457 | 833,983 | ||||||
Atlas Copco AB, A Shares | 31,608 | 1,620,988 | ||||||
Atrium Ljungberg AB, B Shares | 5,093 | 106,628 | ||||||
Attendo AB(1) | 4,807 | 16,447 | ||||||
Avanza Bank Holding AB | 25,480 | 720,766 | ||||||
Axfood AB | 13,341 | 349,482 | ||||||
Beijer Alma AB | 4,270 | 105,000 | ||||||
Beijer Ref AB | 23,617 | 355,821 | ||||||
Better Collective A/S(1) | 2,430 | 39,036 | ||||||
BICO Group AB(1) | 1,584 | 29,308 | ||||||
Bilia AB, A Shares | 18,163 | 235,862 | ||||||
BillerudKorsnas AB | 26,820 | 376,198 | ||||||
BioGaia AB, B Shares | 1,463 | 75,158 | ||||||
Biotage AB | 11,375 | 205,105 |
158
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Boliden AB | 28,002 | $ | 1,245,541 | |||||
Bonava AB, B Shares | 13,106 | 93,665 | ||||||
Boozt AB(1)(2) | 8,909 | 144,730 | ||||||
Bravida Holding AB | 10,823 | 131,053 | ||||||
Bufab AB | 2,621 | 91,792 | ||||||
Bulten AB(2) | 1,603 | 12,732 | ||||||
Bure Equity AB | 11,805 | 374,575 | ||||||
Byggmax Group AB | 13,527 | 94,344 | ||||||
Castellum AB(2) | 21,681 | 481,061 | ||||||
Catena AB | 2,586 | 134,795 | ||||||
Catena Media plc(1)(2) | 10,272 | 47,409 | ||||||
Cellavision AB | 694 | 23,303 | ||||||
Cibus Nordic Real Estate AB | 4,572 | 114,845 | ||||||
Cint Group AB(1) | 7,571 | 71,221 | ||||||
Clas Ohlson AB, B Shares | 11,843 | 132,657 | ||||||
Cloetta AB, B Shares | 23,779 | 59,566 | ||||||
Collector AB(1) | 7,374 | 24,630 | ||||||
Coor Service Management Holding AB | 3,466 | 26,411 | ||||||
Corem Property Group AB | 77,997 | 194,679 | ||||||
Dios Fastigheter AB | 13,771 | 142,086 | ||||||
Dometic Group AB | 8,487 | 81,626 | ||||||
Duni AB(1) | 2,761 | 29,415 | ||||||
Dustin Group AB | 508 | 4,358 | ||||||
Elanders AB, B Shares | 2,304 | 34,384 | ||||||
Electrolux AB, B Shares(2) | 33,568 | 601,040 | ||||||
Electrolux Professional AB, B Shares(1) | 28,724 | 166,402 | ||||||
Elekta AB, B Shares(2) | 25,629 | 221,717 | ||||||
Embracer Group AB(1) | 13,464 | 115,577 | ||||||
Eolus Vind AB, B Shares(2) | 3,678 | 31,335 | ||||||
Epiroc AB, A Shares | 47,906 | 900,185 | ||||||
Epiroc AB, B Shares | 27,158 | 440,241 | ||||||
EQT AB | 7,225 | 241,821 | ||||||
Essity AB, B Shares | 34,190 | 879,911 | ||||||
Evolution AB | 4,085 | 468,382 | ||||||
Fabege AB | 22,944 | 341,824 | ||||||
Fagerhult AB | 2,728 | 16,314 | ||||||
Fastighets AB Balder, B Shares(1) | 6,072 | 378,523 | ||||||
Ferronordic AB | 3,099 | 36,033 | ||||||
Fingerprint Cards AB, B Shares(1)(2) | 9,431 | 16,610 | ||||||
Fortnox AB | 37,460 | 148,398 | ||||||
G5 Entertainment AB | 1,269 | 30,143 | ||||||
GARO AB | 7,008 | 109,657 | ||||||
Getinge AB, B Shares | 21,409 | 830,980 | ||||||
Granges AB | 10,848 | 115,962 | ||||||
H & M Hennes & Mauritz AB, B Shares(2) | 52,777 | 880,801 | ||||||
Haldex AB(1)(2) | 7,792 | 32,576 | ||||||
Hexagon AB, B Shares | 54,416 | 735,142 | ||||||
Hexatronic Group AB | 5,543 | 200,317 | ||||||
Hexpol AB | 23,043 | 235,766 | ||||||
HMS Networks AB | 1,625 | 69,143 | ||||||
Hoist Finance AB(1)(2) | 12,496 | 32,431 |
159
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Holmen AB, B Shares | 6,305 | $ | 308,741 | |||||
Hufvudstaden AB, A Shares | 9,241 | 122,525 | ||||||
Humana AB(1) | 2,588 | 14,896 | ||||||
Husqvarna AB, B Shares | 61,345 | 738,846 | ||||||
Industrivarden AB, A Shares | 8,471 | 233,926 | ||||||
Indutrade AB | 20,287 | 448,777 | ||||||
Instalco AB | 12,740 | 97,411 | ||||||
International Petroleum Corp.(1) | 21,800 | 156,341 | ||||||
Intrum AB | 1,808 | 46,231 | ||||||
Investment AB Latour, B Shares | 3,154 | 87,123 | ||||||
Inwido AB | 6,499 | 100,632 | ||||||
JM AB | 12,160 | 376,560 | ||||||
K-fast Holding AB(1) | 3,716 | 25,039 | ||||||
Karo Pharma AB(1) | 4,396 | 27,161 | ||||||
KNOW IT AB | 1,731 | 57,092 | ||||||
Kopparbergs Bryggeri AB, B Shares | 1,831 | 32,339 | ||||||
Lifco AB, B Shares | 11,946 | 271,551 | ||||||
Lime Technologies AB(2) | 752 | 22,432 | ||||||
Lindab International AB | 12,686 | 303,902 | ||||||
Loomis AB | 12,444 | 350,965 | ||||||
Lundin Energy AB | 7,019 | 258,994 | ||||||
Maha Energy AB(1)(2) | 26,857 | 37,764 | ||||||
Mekonomen AB(1) | 8,343 | 102,919 | ||||||
Millicom International Cellular SA, SDR(1)(2) | 13,192 | 306,025 | ||||||
MIPS AB | 3,739 | 290,190 | ||||||
Modern Times Group MTG AB, B Shares(1) | 6,431 | 82,726 | ||||||
Munters Group AB | 2,707 | 18,228 | ||||||
Mycronic AB | 9,891 | 187,478 | ||||||
NCC AB, B Shares | 17,143 | 240,323 | ||||||
Net Insight AB, B Shares(1) | 41,719 | 17,070 | ||||||
New Wave Group AB, B Shares | 11,814 | 178,636 | ||||||
Nibe Industrier AB, B Shares | 54,656 | 486,535 | ||||||
Nobia AB | 19,546 | 85,790 | ||||||
Nolato AB, B Shares | 34,043 | 319,867 | ||||||
Nordea Bank Abp | 166,290 | 1,839,753 | ||||||
Nordic Entertainment Group AB, B Shares(1) | 7,673 | 260,567 | ||||||
Nordic Waterproofing Holding AB | 800 | 14,309 | ||||||
Nordnet AB publ | 14,706 | 251,856 | ||||||
Note AB(1) | 2,111 | 40,048 | ||||||
Nyfosa AB | 18,905 | 264,282 | ||||||
Ovzon AB(1) | 906 | 5,216 | ||||||
Pandox AB(1) | 8,451 | 123,376 | ||||||
Paradox Interactive AB(2) | 3,669 | 78,422 | ||||||
Peab AB, Class B | 18,250 | 176,220 | ||||||
Platzer Fastigheter Holding AB, B Shares | 4,333 | 49,182 | ||||||
Pricer AB, B Shares(2) | 6,565 | 13,290 | ||||||
Ratos AB, B Shares | 23,311 | 124,310 | ||||||
RaySearch Laboratories AB(1)(2) | 4,477 | 22,375 | ||||||
Resurs Holding AB | 27,184 | 77,953 | ||||||
Saab AB, B Shares | 9,793 | 293,629 | ||||||
Sagax AB, D Shares | 2,138 | 7,039 |
160
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Sagax AB, B Shares | 3,456 | $ | 93,974 | |||||
Samhallsbyggnadsbolaget i Norden AB(2) | 67,346 | 311,295 | ||||||
Samhallsbyggnadsbolaget i Norden AB, D Shares(2) | 10,330 | 31,058 | ||||||
Sandvik AB | 58,514 | 1,261,124 | ||||||
SAS AB(1)(2) | 229,600 | 23,037 | ||||||
Scandi Standard AB | 7,809 | 28,215 | ||||||
Scandic Hotels Group AB(1)(2) | 17,577 | 77,541 | ||||||
Sdiptech AB, Class B(1) | 596 | 23,566 | ||||||
Securitas AB, B Shares | 17,310 | 209,570 | ||||||
Sinch AB(1) | 14,553 | 122,760 | ||||||
Skandinaviska Enskilda Banken AB, A Shares | 86,388 | 995,221 | ||||||
Skanska AB, B Shares | 36,427 | 824,463 | ||||||
SKF AB, B Shares | 35,455 | 654,648 | ||||||
SkiStar AB | 7,575 | 112,337 | ||||||
Solid Forsakring AB(1) | 1,553 | 7,942 | ||||||
Spotify Technology SA(1) | 1,786 | 278,955 | ||||||
SSAB AB, B Shares(1) | 90,059 | 487,069 | ||||||
SSAB AB, A Shares(1) | 35,083 | 219,554 | ||||||
Stillfront Group AB(1)(2) | 9,000 | 29,287 | ||||||
Svenska Cellulosa AB SCA, B Shares | 41,145 | 671,303 | ||||||
Svenska Handelsbanken AB, A Shares | 91,975 | 874,389 | ||||||
Sweco AB, B Shares | 8,258 | 115,896 | ||||||
Swedbank AB, A Shares | 71,637 | 1,157,444 | ||||||
Swedish Orphan Biovitrum AB(1) | 8,535 | 175,504 | ||||||
Tele2 AB, B Shares | 12,860 | 170,410 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 161,899 | 1,502,423 | ||||||
Telia Co. AB | 225,843 | 839,723 | ||||||
Tethys Oil AB | 10,543 | 75,188 | ||||||
Thule Group AB | 8,859 | 347,872 | ||||||
Tobii AB(1)(2) | 4,195 | 13,268 | ||||||
Tobii Dynavox AB(1) | 4,195 | 9,597 | ||||||
Transtema Group AB(1) | 12,939 | 44,230 | ||||||
Trelleborg AB, B Shares | 34,877 | 700,749 | ||||||
Troax Group AB | 6,954 | 183,897 | ||||||
Vitec Software Group AB, B Shares | 1,945 | 82,190 | ||||||
Vitrolife AB | 3,780 | 126,609 | ||||||
Volvo AB, B Shares | 65,076 | 1,251,663 | ||||||
Volvo AB, A Shares | 8,220 | 160,631 | ||||||
Wallenstam AB, B Shares | 10,681 | 156,346 | ||||||
Wihlborgs Fastigheter AB | 15,975 | 315,515 | ||||||
Xvivo Perfusion AB(1) | 617 | 15,836 | ||||||
44,550,336 | ||||||||
Switzerland — 8.3% | ||||||||
ABB Ltd., ADR(2) | 47,517 | 1,600,373 | ||||||
Adecco Group AG | 6,565 | 310,056 | ||||||
Alcon, Inc. | 22,615 | 1,747,179 | ||||||
Allreal Holding AG | 792 | 171,752 | ||||||
ALSO Holding AG(1) | 776 | 207,048 | ||||||
ams-OSRAM AG(1) | 18,505 | 287,966 | ||||||
Arbonia AG | 14,274 | 316,560 | ||||||
Aryzta AG(1)(2) | 106,190 | 121,303 |
161
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Ascom Holding AG(1)(2) | 5,835 | $ | 66,212 | |||||
Autoneum Holding AG(1) | 850 | 141,783 | ||||||
Bachem Holding AG, Class B | 291 | 173,181 | ||||||
Baloise Holding AG | 6,070 | 1,018,197 | ||||||
Banque Cantonale Vaudoise | 1,456 | 124,643 | ||||||
Barry Callebaut AG | 317 | 731,211 | ||||||
Basilea Pharmaceutica AG(1)(2) | 108 | 4,441 | ||||||
Belimo Holding AG | 1,138 | 603,160 | ||||||
Bell Food Group AG | 256 | 76,408 | ||||||
Bellevue Group AG | 772 | 33,887 | ||||||
BKW AG | 1,541 | 194,153 | ||||||
Bobst Group SA(1) | 2,200 | 200,176 | ||||||
Bossard Holding AG, Class A | 1,502 | 419,034 | ||||||
Bucher Industries AG | 1,310 | 578,398 | ||||||
Burckhardt Compression Holding AG | 958 | 470,294 | ||||||
Bystronic AG | 158 | 183,380 | ||||||
Cembra Money Bank AG | 2,248 | 154,244 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 7 | 785,714 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate | 73 | 774,362 | ||||||
Cie Financiere Richemont SA | 28,955 | 3,877,263 | ||||||
Clariant AG(1) | 33,021 | 596,120 | ||||||
Coltene Holding AG(1) | 899 | 103,943 | ||||||
Comet Holding AG | 2,138 | 649,398 | ||||||
COSMO Pharmaceuticals NV(1) | 520 | 34,631 | ||||||
Credit Suisse Group AG, ADR(2) | 321,420 | 2,661,358 | ||||||
Daetwyler Holding AG | 790 | 271,364 | ||||||
DKSH Holding AG | 7,075 | 600,907 | ||||||
dormakaba Holding AG | 578 | 319,449 | ||||||
Dufry AG(1) | 6,956 | 324,890 | ||||||
EFG International AG(1) | 12,433 | 94,844 | ||||||
Emmi AG | 259 | 302,816 | ||||||
EMS-Chemie Holding AG | 443 | 438,185 | ||||||
Feintool International Holding AG(1) | 340 | 19,163 | ||||||
Flughafen Zurich AG(1) | 1,868 | 336,091 | ||||||
Forbo Holding AG | 209 | 357,391 | ||||||
Galenica AG | 7,595 | 534,469 | ||||||
GAM Holding AG(1) | 27,635 | 34,348 | ||||||
Geberit AG | 1,615 | 1,056,496 | ||||||
Georg Fischer AG | 763 | 938,742 | ||||||
Givaudan SA | 138 | 576,206 | ||||||
Gurit Holding AG | 53 | 87,118 | ||||||
Helvetia Holding AG | 7,244 | 881,092 | ||||||
Holcim Ltd.(1) | 22,977 | 1,156,616 | ||||||
Huber + Suhner AG | 3,060 | 295,018 | ||||||
Idorsia Ltd.(1)(2) | 877 | 17,541 | ||||||
Implenia AG(1) | 1,904 | 47,514 | ||||||
Ina Invest Holding AG(1) | 30 | 634 | ||||||
Inficon Holding AG | 378 | 443,196 | ||||||
Interroll Holding AG | 144 | 535,128 | ||||||
Intershop Holding AG | 107 | 71,578 | ||||||
Julius Baer Group Ltd. | 25,909 | 1,517,138 |
162
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Kardex Holding AG | 1,526 | $ | 396,169 | |||||
Komax Holding AG(1) | 553 | 145,223 | ||||||
Kuehne + Nagel International AG | 3,794 | 1,034,681 | ||||||
Landis+Gyr Group AG(1) | 1,816 | 118,624 | ||||||
LEM Holding SA | 91 | 216,217 | ||||||
Leonteq AG | 1,571 | 107,471 | ||||||
Liechtensteinische Landesbank AG | 1,152 | 69,463 | ||||||
Logitech International SA | 26,232 | 1,962,911 | ||||||
Lonza Group AG(1) | 1,700 | 1,176,233 | ||||||
Medacta Group SA(1) | 1,387 | 175,678 | ||||||
Medartis Holding AG(1) | 264 | 39,553 | ||||||
Medmix AG(1) | 1,981 | 72,969 | ||||||
Metall Zug AG, B Shares | 20 | 43,521 | ||||||
Meyer Burger Technology AG(1)(2) | 126,318 | 47,910 | ||||||
Mobilezone Holding AG | 13,573 | 200,703 | ||||||
Mobimo Holding AG | 787 | 264,151 | ||||||
Molecular Partners AG(1)(2) | 12 | 291 | ||||||
Montana Aerospace AG(1) | 1,696 | 44,964 | ||||||
Nestle SA | 73,970 | 9,637,974 | ||||||
Novartis AG, ADR | 87,087 | 7,616,629 | ||||||
OC Oerlikon Corp. AG | 30,049 | 267,534 | ||||||
Orior AG | 1,532 | 140,105 | ||||||
Partners Group Holding AG | 2,349 | 3,175,351 | ||||||
Peach Property Group AG | 1,883 | 113,852 | ||||||
PolyPeptide Group AG(1) | 2,100 | 186,474 | ||||||
PSP Swiss Property AG | 3,314 | 428,453 | ||||||
Rieter Holding AG(1) | 583 | 103,077 | ||||||
Roche Holding AG | 39,283 | 14,877,781 | ||||||
Roche Holding AG, Bearer Shares | 1,814 | 757,180 | ||||||
Schindler Holding AG | 1,911 | 428,353 | ||||||
Schindler Holding AG, Bearer Participation Certificate | 4,014 | 920,994 | ||||||
Schweiter Technologies AG | 84 | 108,348 | ||||||
Sensirion Holding AG(1) | 2,773 | 314,293 | ||||||
SFS Group AG | 3,934 | 571,524 | ||||||
SGS SA | 526 | 1,505,070 | ||||||
Siegfried Holding AG(1) | 406 | 306,913 | ||||||
SIG Combibloc Group AG(1) | 19,460 | 436,714 | ||||||
Sika AG | 3,866 | 1,282,873 | ||||||
Softwareone Holding AG(1) | 9,842 | 177,664 | ||||||
Sonova Holding AG | 1,060 | 410,426 | ||||||
St Galler Kantonalbank AG | 331 | 162,020 | ||||||
Stadler Rail AG(2) | 1,909 | 73,655 | ||||||
Straumann Holding AG | 425 | 675,097 | ||||||
Sulzer AG | 3,698 | 311,370 | ||||||
Swatch Group AG (The) | 5,058 | 299,650 | ||||||
Swatch Group AG (The), Bearer Shares | 2,513 | 772,788 | ||||||
Swiss Life Holding AG | 5,175 | 3,157,667 | ||||||
Swiss Prime Site AG | 7,410 | 726,132 | ||||||
Swiss Re AG | 20,048 | 1,915,700 | ||||||
Swiss Steel Holding AG(1) | 100,000 | 31,922 | ||||||
Swisscom AG | 2,772 | 1,660,462 |
163
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Swissquote Group Holding SA | 2,390 | $ | 414,629 | |||||
Tecan Group AG | 839 | 363,165 | ||||||
Temenos AG | 6,151 | 618,264 | ||||||
TX Group AG(1) | 361 | 56,724 | ||||||
u-blox Holding AG(1) | 748 | 53,063 | ||||||
UBS Group AG(1)(2) | 297,494 | 5,396,541 | ||||||
V-ZUG Holding AG(1) | 359 | 41,176 | ||||||
Valiant Holding AG | 2,276 | 236,451 | ||||||
Valora Holding AG(1) | 556 | 110,279 | ||||||
VAT Group AG | 1,431 | 540,768 | ||||||
Vetropack Holding AG | 438 | 22,232 | ||||||
Vifor Pharma AG | 4,468 | 784,265 | ||||||
Vontobel Holding AG | 6,751 | 533,084 | ||||||
VZ Holding AG | 2,239 | 201,034 | ||||||
Ypsomed Holding AG | 258 | 45,314 | ||||||
Zehnder Group AG | 1,917 | 165,806 | ||||||
Zurich Insurance Group AG | 12,594 | 5,780,596 | ||||||
105,709,930 | ||||||||
United Kingdom — 14.1% | ||||||||
3i Group plc | 130,699 | 2,328,288 | ||||||
Aberdeen plc | 143,030 | 396,440 | ||||||
Admiral Group plc | 21,544 | 858,218 | ||||||
AG Barr plc | 5,201 | 36,079 | ||||||
Airtel Africa plc | 91,395 | 172,682 | ||||||
AJ Bell plc | 27,608 | 113,676 | ||||||
Alliance Pharma plc | 52,917 | 72,715 | ||||||
Anglo American plc | 86,424 | 4,387,032 | ||||||
Anglo Asian Mining plc | 22,054 | 31,051 | ||||||
Anglo Pacific Group plc | 30,388 | 57,592 | ||||||
Antofagasta plc | 40,999 | 830,141 | ||||||
Arix Bioscience plc(1) | 2,236 | 3,561 | ||||||
Ashmore Group plc | 28,303 | 94,751 | ||||||
Ashtead Group plc | 43,569 | 2,831,195 | ||||||
ASOS plc(1) | 7,827 | 205,245 | ||||||
Associated British Foods plc | 19,453 | 497,722 | ||||||
Aston Martin Lagonda Global Holdings plc(1) | 7,594 | 103,027 | ||||||
AstraZeneca plc, ADR | 82,021 | 4,993,438 | ||||||
Atalaya Mining plc | 21,062 | 122,954 | ||||||
Auction Technology Group plc(1) | 1,900 | 24,632 | ||||||
Auto Trader Group plc | 78,593 | 695,082 | ||||||
Avast plc | 13,956 | 117,551 | ||||||
AVEVA Group plc | 1,300 | 43,048 | ||||||
Aviva plc | 349,223 | 1,956,828 | ||||||
Avon Protection plc | 1,988 | 33,261 | ||||||
B&M European Value Retail SA | 127,666 | 1,035,474 | ||||||
Babcock International Group plc(1) | 28,928 | 127,421 | ||||||
BAE Systems plc | 156,080 | 1,498,522 | ||||||
Balfour Beatty plc | 27,248 | 86,544 | ||||||
Bank of Georgia Group plc | 11,499 | 203,667 | ||||||
Barclays plc, ADR | 346,493 | 3,430,281 | ||||||
Barratt Developments plc | 67,653 | 551,048 |
164
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Beazley plc | 10,390 | $ | 62,842 | |||||
Begbies Traynor Group plc | 16,366 | 23,368 | ||||||
Bellway plc | 20,044 | 770,983 | ||||||
Berkeley Group Holdings plc | 16,417 | 853,787 | ||||||
Biffa plc | 51,889 | 226,516 | ||||||
Bloomsbury Publishing plc | 2,605 | 14,126 | ||||||
Bodycote plc | 33,125 | 330,912 | ||||||
boohoo Group plc(1) | 11,246 | 13,519 | ||||||
BP plc, ADR | 138,342 | 4,040,970 | ||||||
Breedon Group plc | 68,058 | 75,198 | ||||||
Brewin Dolphin Holdings plc | 60,633 | 239,066 | ||||||
Britvic plc | 50,010 | 573,608 | ||||||
BT Group plc | 1,019,837 | 2,544,588 | ||||||
Bunzl plc | 13,744 | 543,132 | ||||||
Burberry Group plc | 43,505 | 1,127,919 | ||||||
Burford Capital Ltd. | 24,551 | 238,589 | ||||||
Bytes Technology Group plc | 48,973 | 302,819 | ||||||
Capita plc(1) | 34,585 | 12,951 | ||||||
Capital Ltd. | 18,176 | 22,043 | ||||||
Capricorn Energy plc(1)(2) | 161,148 | 477,104 | ||||||
Carnival plc, ADR(1)(2) | 3,002 | 56,348 | ||||||
Centamin plc | 235,681 | 312,829 | ||||||
Central Asia Metals plc | 44,885 | 125,922 | ||||||
Centrica plc(1) | 1,007,258 | 1,037,464 | ||||||
Chemring Group plc | 39,370 | 160,977 | ||||||
Clinigen Group plc | 7,322 | 89,969 | ||||||
Clipper Logistics plc | 14,640 | 175,883 | ||||||
Close Brothers Group plc | 26,750 | 417,930 | ||||||
CMC Markets plc | 24,581 | 76,837 | ||||||
Coats Group plc | 288,805 | 235,361 | ||||||
Coca-Cola HBC AG | 11,346 | 288,263 | ||||||
Compass Group plc | 50,469 | 1,140,753 | ||||||
Computacenter plc | 8,335 | 305,093 | ||||||
ContourGlobal plc | 22,440 | 56,650 | ||||||
ConvaTec Group plc | 27,305 | 66,014 | ||||||
Costain Group plc(1)(2) | 255 | 147 | ||||||
Countryside Partnerships plc(1) | 33,545 | 136,047 | ||||||
Cranswick plc | 5,822 | 273,300 | ||||||
Crest Nicholson Holdings plc | 58,916 | 241,807 | ||||||
Croda International plc | 5,696 | 570,163 | ||||||
CVS Group plc | 9,432 | 212,107 | ||||||
DCC plc | 6,407 | 502,780 | ||||||
De La Rue plc(1) | 17,408 | 26,342 | ||||||
Dechra Pharmaceuticals plc | 2,286 | 126,072 | ||||||
Devro plc | 42,246 | 115,065 | ||||||
Diageo plc, ADR | 22,743 | 4,541,550 | ||||||
Diploma plc | 2,728 | 96,803 | ||||||
Direct Line Insurance Group plc | 203,659 | 808,006 | ||||||
Diversified Energy Co. plc | 79,887 | 125,860 | ||||||
Domino's Pizza Group plc | 14,061 | 68,620 | ||||||
dotdigital group plc | 31,427 | 63,038 |
165
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Dr. Martens plc | 62,981 | $ | 236,764 | |||||
Drax Group plc | 63,914 | 603,013 | ||||||
DS Smith plc | 72,715 | 335,060 | ||||||
Dunelm Group plc | 24,322 | 391,818 | ||||||
DX Group plc(1) | 62,822 | 25,283 | ||||||
easyJet plc(1) | 24,515 | 196,704 | ||||||
Electrocomponents plc | 45,092 | 594,820 | ||||||
Elementis plc(1) | 23,819 | 41,033 | ||||||
EMIS Group plc | 10,653 | 175,738 | ||||||
EnQuest plc(1) | 266,497 | 77,330 | ||||||
Ergomed plc(1) | 5,216 | 81,473 | ||||||
Esken Ltd.(1) | 526 | 84 | ||||||
Essentra plc | 6,788 | 27,650 | ||||||
Evraz plc | 55,223 | 154,965 | ||||||
Experian plc | 34,286 | 1,339,364 | ||||||
Ferguson plc | 21,709 | 3,307,973 | ||||||
Ferrexpo plc | 64,020 | 145,213 | ||||||
Firstgroup plc(1)(2) | 158,626 | 212,238 | ||||||
Forterra plc | 38,942 | 125,934 | ||||||
Foxtons Group plc | 28,838 | 13,279 | ||||||
Frasers Group plc(1) | 43,168 | 365,055 | ||||||
Fresnillo plc | 4,201 | 40,075 | ||||||
Frontier Developments plc(1)(2) | 2,738 | 47,895 | ||||||
Future plc | 216 | 7,643 | ||||||
Games Workshop Group plc | 4,945 | 496,053 | ||||||
Gamma Communications plc | 3,091 | 60,749 | ||||||
Gateley Holdings plc | 9,306 | 22,878 | ||||||
Genel Energy plc | 32,467 | 60,312 | ||||||
Genus plc | 1,238 | 54,525 | ||||||
Georgia Capital plc(1) | 10,810 | 81,051 | ||||||
GlaxoSmithKline plc, ADR | 150,375 | 6,294,698 | ||||||
Glencore plc(1) | 758,954 | 4,462,654 | ||||||
Go-Ahead Group plc (The)(1) | 10,875 | 96,330 | ||||||
Golar LNG Ltd.(1) | 12,093 | 210,418 | ||||||
Grafton Group plc | 47,828 | 686,817 | ||||||
Grainger plc | 60,478 | 225,781 | ||||||
Greencore Group plc(1) | 4,427 | 7,948 | ||||||
Greggs plc | 27,227 | 936,185 | ||||||
Gulf Keystone Petroleum Ltd. | 43,520 | 113,982 | ||||||
Gym Group plc (The)(1) | 12,710 | 35,913 | ||||||
Halfords Group plc | 55,156 | 204,939 | ||||||
Halma plc | 17,936 | 578,509 | ||||||
Harbour Energy plc(1) | 86,171 | 456,325 | ||||||
Hargreaves Lansdown plc | 33,222 | 503,520 | ||||||
Hays plc | 104,647 | 190,437 | ||||||
Helical plc | 8,357 | 47,256 | ||||||
Helios Towers plc(1) | 51,428 | 100,579 | ||||||
Hikma Pharmaceuticals plc | 5,957 | 165,843 | ||||||
Hill & Smith Holdings plc | 14,733 | 278,897 | ||||||
Hiscox Ltd. | 4,141 | 50,954 | ||||||
Hochschild Mining plc | 51,808 | 80,322 |
166
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
HomeServe plc | 5,068 | $ | 45,767 | |||||
Hotel Chocolat Group plc(1) | 3,698 | 22,834 | ||||||
Howden Joinery Group plc | 101,792 | 1,157,884 | ||||||
HSBC Holdings plc, ADR(2) | 173,624 | 5,996,973 | ||||||
Hunting plc | 31,999 | 99,725 | ||||||
Ibstock plc | 89,436 | 212,860 | ||||||
IG Group Holdings plc | 70,390 | 735,608 | ||||||
IMI plc | 30,079 | 589,253 | ||||||
Impax Asset Management Group plc | 19,663 | 255,744 | ||||||
Inchcape plc | 59,735 | 597,487 | ||||||
Indivior plc(1) | 194,010 | 730,024 | ||||||
Informa plc(1) | 11,325 | 89,670 | ||||||
InterContinental Hotels Group plc(1) | 5,441 | 378,873 | ||||||
Intermediate Capital Group plc | 39,224 | 898,988 | ||||||
International Personal Finance plc | 51,504 | 77,083 | ||||||
Intertek Group plc | 18,872 | 1,354,667 | ||||||
Investec plc | 88,798 | 481,613 | ||||||
IP Group plc | 225,132 | 279,758 | ||||||
IQE plc(1) | 2,822 | 1,600 | ||||||
ITV plc(1) | 173,368 | 255,431 | ||||||
IWG plc(1) | 82,589 | 309,696 | ||||||
J D Wetherspoon plc(1) | 8,784 | 102,350 | ||||||
J Sainsbury plc | 293,988 | 1,084,263 | ||||||
Jadestone Energy plc | 16,282 | 20,825 | ||||||
JD Sports Fashion plc | 356,437 | 717,023 | ||||||
JET2 plc(1) | 14,485 | 247,120 | ||||||
John Wood Group plc(1) | 25,172 | 61,056 | ||||||
Johnson Matthey plc | 26,938 | 676,939 | ||||||
Johnson Service Group plc(1) | 15,730 | 33,315 | ||||||
Jubilee Metals Group plc(1) | 408,961 | 87,767 | ||||||
Jupiter Fund Management plc | 78,525 | 223,922 | ||||||
Just Group plc(1) | 225,152 | 252,785 | ||||||
Kainos Group plc | 9,534 | 195,140 | ||||||
Keller Group plc | 17,974 | 190,201 | ||||||
Kingfisher plc | 173,427 | 707,470 | ||||||
Lancashire Holdings Ltd. | 5,561 | 35,015 | ||||||
Legal & General Group plc | 655,480 | 2,423,590 | ||||||
Liberty Global plc, Class A(1) | 12,902 | 332,614 | ||||||
Liberty Global plc, Class C(1) | 28,244 | 730,672 | ||||||
Liontrust Asset Management plc | 12,091 | 244,486 | ||||||
Lloyds Banking Group plc, ADR | 1,243,732 | 3,146,642 | ||||||
London Stock Exchange Group plc | 6,110 | 533,749 | ||||||
Lookers plc(1) | 17,841 | 20,808 | ||||||
LSL Property Services plc | 625 | 3,221 | ||||||
Luceco plc | 12,626 | 41,671 | ||||||
Luxfer Holdings plc | 5,742 | 100,026 | ||||||
M&C Saatchi plc(1) | 11,537 | 26,475 | ||||||
M&G plc | 294,634 | 811,091 | ||||||
Man Group plc | 216,360 | 557,176 | ||||||
Marks & Spencer Group plc(1) | 417,518 | 973,131 | ||||||
Marshall Motor Holdings plc | 5,520 | 28,765 |
167
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Marshalls plc | 15,520 | $ | 132,166 | |||||
Marston's plc(1) | 163,485 | 169,542 | ||||||
Mediclinic International plc(1) | 77,825 | 343,051 | ||||||
Meggitt plc(1) | 25,885 | 260,713 | ||||||
Metro Bank plc(1) | 21,896 | 26,485 | ||||||
Micro Focus International plc, ADR(2) | 3,532 | 18,190 | ||||||
Mitchells & Butlers plc(1) | 31,364 | 99,282 | ||||||
Mitie Group plc | 155,701 | 116,378 | ||||||
Molten Ventures plc(1) | 28,727 | 261,576 | ||||||
Mondi plc | 41,897 | 879,060 | ||||||
Moneysupermarket.com Group plc | 39,423 | 110,560 | ||||||
Morgan Advanced Materials plc | 50,724 | 206,134 | ||||||
Morgan Sindall Group plc | 8,500 | 262,885 | ||||||
Mortgage Advice Bureau Holdings Ltd. | 5,834 | 89,668 | ||||||
Motorpoint group plc(1) | 10,707 | 41,119 | ||||||
National Grid plc, ADR | 45,318 | 3,425,134 | ||||||
Natwest Group plc, ADR | 165,091 | 1,008,706 | ||||||
Next plc | 18,708 | 1,712,949 | ||||||
Ninety One plc | 94,176 | 311,715 | ||||||
Norcros plc | 2,204 | 7,847 | ||||||
Numis Corp. plc | 5,463 | 18,832 | ||||||
Ocado Group plc(1) | 7,817 | 143,746 | ||||||
On the Beach Group plc(1) | 5,156 | 19,572 | ||||||
OSB Group plc | 47,043 | 314,367 | ||||||
Pagegroup plc | 67,249 | 511,030 | ||||||
Pan African Resources plc | 492,106 | 143,292 | ||||||
Pantheon Resources plc(1)(2) | 852 | 1,621 | ||||||
Paragon Banking Group plc | 47,237 | 318,048 | ||||||
PayPoint plc | 12,682 | 101,648 | ||||||
Pearson plc, ADR | 25,038 | 221,336 | ||||||
Pennon Group plc | 25,446 | 353,663 | ||||||
Persimmon plc | 41,710 | 1,342,375 | ||||||
Petrofac Ltd.(1) | 371 | 533 | ||||||
Petropavlovsk plc(1) | 441,563 | 47,005 | ||||||
Phoenix Group Holdings plc | 46,122 | 382,273 | ||||||
Phoenix Spree Deutschland Ltd. | 3,746 | 19,614 | ||||||
Playtech plc(1) | 33,458 | 297,975 | ||||||
Plus500 Ltd. | 21,533 | 401,806 | ||||||
Polar Capital Holdings plc | 2,308 | 17,510 | ||||||
Premier Foods plc | 97,471 | 143,492 | ||||||
Premier Miton Group plc | 6,632 | 14,459 | ||||||
Provident Financial plc(1) | 84,955 | 327,902 | ||||||
Prudential plc, ADR | 45,734 | 1,382,539 | ||||||
PZ Cussons plc | 42,159 | 118,676 | ||||||
QinetiQ Group plc | 63,782 | 248,088 | ||||||
Quilter plc | 282,440 | 491,206 | ||||||
Rathbones Group plc | 10,153 | 223,694 | ||||||
Reach plc | 61,107 | 186,653 | ||||||
Reckitt Benckiser Group plc | 26,969 | 2,283,657 | ||||||
Redde Northgate plc | 58,742 | 298,127 | ||||||
Redrow plc | 49,221 | 375,237 |
168
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
RELX plc, ADR | 90,663 | $ | 2,767,941 | |||||
Renew Holdings plc | 3,404 | 31,006 | ||||||
Renewi plc(1) | 7,421 | 61,052 | ||||||
Renishaw plc | 1,819 | 114,258 | ||||||
Rentokil Initial plc | 190,220 | 1,290,902 | ||||||
Restore plc | 15,563 | 93,355 | ||||||
Rhi Magnesita NV | 5,669 | 210,730 | ||||||
Ricardo plc | 4,679 | 27,221 | ||||||
Rightmove plc | 144,432 | 1,293,741 | ||||||
Rio Tinto plc, ADR(2) | 60,805 | 4,778,057 | ||||||
RM plc | 8,837 | 18,917 | ||||||
Rolls-Royce Holdings plc(1) | 279,988 | 386,232 | ||||||
Rotork plc | 108,805 | 445,877 | ||||||
Royal Mail plc | 124,180 | 652,635 | ||||||
RWS Holdings plc | 3,550 | 21,808 | ||||||
Sabre Insurance Group plc | 5,649 | 15,647 | ||||||
Saga plc(1) | 808 | 3,026 | ||||||
Sage Group plc (The) | 62,963 | 590,684 | ||||||
Savannah Energy plc(1) | 92,578 | 33,026 | ||||||
Savills plc | 33,600 | 573,475 | ||||||
Schroders plc | 11,854 | 485,280 | ||||||
Secure Trust Bank plc | 925 | 16,267 | ||||||
Senior plc(1) | 68,693 | 128,701 | ||||||
Serco Group plc | 23,208 | 41,330 | ||||||
Serica Energy plc | 23,984 | 89,175 | ||||||
Severn Trent plc | 18,200 | 700,208 | ||||||
Shell plc, ADR | 222,855 | 11,675,373 | ||||||
SIG plc(1) | 72,744 | 37,515 | ||||||
Sirius Real Estate Ltd. | 108,225 | 181,408 | ||||||
Smart Metering Systems plc | 13,404 | 129,033 | ||||||
Smith & Nephew plc, ADR | 27,483 | 979,494 | ||||||
Smiths Group plc | 26,514 | 540,901 | ||||||
Softcat plc | 17,393 | 364,048 | ||||||
Spectris plc | 12,407 | 466,161 | ||||||
Speedy Hire plc | 120,755 | 84,670 | ||||||
Spirax-Sarco Engineering plc | 3,269 | 520,930 | ||||||
Spire Healthcare Group plc(1) | 36,847 | 114,636 | ||||||
Spirent Communications plc | 60,074 | 196,559 | ||||||
SSE plc | 31,224 | 708,620 | ||||||
SSP Group plc(1) | 31,391 | 116,712 | ||||||
St. James's Place plc | 83,434 | 1,564,216 | ||||||
Stagecoach Group plc(1) | 894 | 1,029 | ||||||
Standard Chartered plc (London) | 222,293 | 1,584,193 | ||||||
SThree plc | 30,112 | 178,856 | ||||||
Strix Group plc(2) | 45,971 | 151,330 | ||||||
Superdry plc(1) | 16,522 | 43,377 | ||||||
Synthomer plc | 30,571 | 117,797 | ||||||
Tate & Lyle plc | 61,321 | 615,570 | ||||||
Taylor Wimpey plc | 538,414 | 1,079,943 | ||||||
TBC Bank Group plc | 13,077 | 210,452 | ||||||
Telecom Plus plc | 6,189 | 120,324 |
169
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Tesco plc | 383,412 | $ | 1,485,321 | |||||
TI Fluid Systems plc | 27,215 | 79,278 | ||||||
TP Icap Group plc | 65,378 | 104,567 | ||||||
Trainline plc(1) | 4,705 | 12,855 | ||||||
Travis Perkins plc | 30,530 | 592,665 | ||||||
Tremor International Ltd.(1) | 2,392 | 18,774 | ||||||
TUI AG(1) | 36,003 | 115,204 | ||||||
Tullow Oil plc(1) | 105,469 | 75,914 | ||||||
Ultra Electronics Holdings plc | 1,471 | 62,828 | ||||||
Unilever plc, ADR | 79,965 | 4,019,841 | ||||||
United Utilities Group plc | 80,065 | 1,149,145 | ||||||
Vertu Motors plc | 116,353 | 93,799 | ||||||
Vesuvius plc | 10,808 | 57,424 | ||||||
Victoria plc(1) | 10,220 | 99,213 | ||||||
Victrex plc | 9,428 | 244,143 | ||||||
Virgin Money UK plc | 185,663 | 459,486 | ||||||
Vistry Group plc | 45,434 | 611,125 | ||||||
Vivo Energy plc | 114,193 | 205,491 | ||||||
Vodafone Group plc, ADR | 229,250 | 4,057,725 | ||||||
Volex plc | 22,004 | 85,512 | ||||||
Watkin Jones plc | 43,050 | 139,899 | ||||||
Weir Group plc (The) | 16,854 | 355,292 | ||||||
WH Smith plc(1) | 11,718 | 253,539 | ||||||
Whitbread plc(1) | 5,076 | 198,143 | ||||||
Wickes Group plc | 67,309 | 164,021 | ||||||
Wincanton plc | 12,922 | 61,720 | ||||||
WPP plc, ADR(2) | 13,150 | 926,944 | ||||||
Yellow Cake plc(1) | 41,299 | 194,215 | ||||||
179,929,248 | ||||||||
United States† | ||||||||
Block, Inc.(1) | 681 | 76,813 | ||||||
TOTAL COMMON STOCKS (Cost $1,173,563,172) | 1,275,019,379 | |||||||
WARRANTS† | ||||||||
Italy† | ||||||||
Webuild SpA(1)(2) (Cost $—) | 3,662 | 6,923 | ||||||
RIGHTS† | ||||||||
Australia† | ||||||||
Integral Diagnostics Ltd.(1) | 904 | 26 | ||||||
Italy† | ||||||||
Banca Popolare di Sondrio SpA(1) | 73,311 | 822 | ||||||
New Zealand† | ||||||||
NZX Ltd.(1) | 465 | — | ||||||
Sweden† | ||||||||
Stillfront Group AB(1) | 9,000 | 4,472 | ||||||
TOTAL RIGHTS (Cost $—) | 5,320 | |||||||
SHORT-TERM INVESTMENTS — 1.9% | ||||||||
Money Market Funds — 1.9% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 338,017 | 338,017 |
170
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 24,533,304 | $ | 24,533,304 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $24,871,321) | 24,871,321 | |||||||
TOTAL INVESTMENT SECURITIES — 101.7% (Cost $1,198,434,493) | 1,299,902,943 | |||||||
OTHER ASSETS AND LIABILITIES — (1.7)% | (21,787,103) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,278,115,840 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 20.5% | ||||
Industrials | 17.6% | ||||
Materials | 11.8% | ||||
Consumer Discretionary | 10.6% | ||||
Health Care | 7.3% | ||||
Information Technology | 7.1% | ||||
Consumer Staples | 7.1% | ||||
Energy | 6.0% | ||||
Communication Services | 5.1% | ||||
Utilities | 4.5% | ||||
Real Estate | 2.2% | ||||
Short-Term Investments | 1.9% | ||||
Other Assets and Liabilities | (1.7)% |
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 $53,831,648. 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 $56,415,926, which includes securities collateral of $31,882,622.
See Notes to Financial Statements.
171
FEBRUARY 28, 2022 (UNAUDITED)
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Australia — 7.1% | ||||||||
ASX Ltd. | 781 | $ | 46,908 | |||||
Aurizon Holdings Ltd. | 17,907 | 45,679 | ||||||
Australia & New Zealand Banking Group Ltd. | 5,551 | 105,091 | ||||||
BHP Group Ltd., ADR | 8,685 | 588,756 | ||||||
BlueScope Steel Ltd. | 2,989 | 44,261 | ||||||
Brambles Ltd. | 7,104 | 51,168 | ||||||
Coles Group Ltd. | 3,542 | 44,810 | ||||||
Evolution Mining Ltd. | 6,824 | 21,101 | ||||||
Fortescue Metals Group Ltd. | 4,349 | 57,939 | ||||||
Harvey Norman Holdings Ltd. | 2,491 | 9,519 | ||||||
Mineral Resources Ltd. | 1,006 | 33,547 | ||||||
National Australia Bank Ltd. | 6,490 | 136,310 | ||||||
Newcrest Mining Ltd. | 4,058 | 75,279 | ||||||
Orica Ltd. | 713 | 7,602 | ||||||
OZ Minerals Ltd. | 2,673 | 49,968 | ||||||
Rio Tinto Ltd. | 678 | 58,469 | ||||||
Santos Ltd. | 15,854 | 84,436 | ||||||
Seven Group Holdings Ltd. | 260 | 4,208 | ||||||
South32 Ltd. | 29,459 | 103,401 | ||||||
Telstra Corp. Ltd. | 13,227 | 38,009 | ||||||
Woodside Petroleum Ltd. | 4,798 | 100,260 | ||||||
1,706,721 | ||||||||
Austria — 0.2% | ||||||||
Erste Group Bank AG | 630 | 22,395 | ||||||
Oesterreichische Post AG | 153 | 6,218 | ||||||
Raiffeisen Bank International AG | 508 | 8,278 | ||||||
Telekom Austria AG(1) | 709 | 5,808 | ||||||
voestalpine AG | 315 | 10,411 | ||||||
53,110 | ||||||||
Belgium — 1.2% | ||||||||
Ageas SA/NV | 632 | 30,403 | ||||||
Bekaert SA | 425 | 18,491 | ||||||
Cie d'Entreprises CFE | 92 | 12,228 | ||||||
Etablissements Franz Colruyt NV | 257 | 10,279 | ||||||
Euronav NV | 417 | 4,643 | ||||||
KBC Ancora | 512 | 23,048 | ||||||
KBC Group NV | 883 | 63,618 | ||||||
Melexis NV | 109 | 9,950 | ||||||
Proximus SADP | 1,378 | 27,395 | ||||||
Solvay SA | 421 | 46,950 | ||||||
Umicore SA | 829 | 33,914 | ||||||
280,919 | ||||||||
Canada — 11.1% | ||||||||
Agnico Eagle Mines Ltd. | 2,098 | 105,984 | ||||||
ARC Resources Ltd. | 4,871 | 60,220 | ||||||
Bank of Montreal | 1,170 | 133,597 | ||||||
Bank of Nova Scotia (The) | 2,337 | 169,352 | ||||||
Barrick Gold Corp., (Toronto) | 4,677 | 105,717 |
172
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Brookfield Renewable Corp., Class A | 600 | $ | 22,485 | |||||
Canadian Imperial Bank of Commerce | 1,170 | 148,089 | ||||||
Canadian Natural Resources Ltd. | 4,298 | 240,112 | ||||||
Canadian Tire Corp. Ltd., Class A | 294 | 43,345 | ||||||
Cenovus Energy, Inc. | 6,820 | 107,237 | ||||||
Empire Co. Ltd., Class A | 1,170 | 36,240 | ||||||
First Quantum Minerals Ltd. | 3,507 | 102,844 | ||||||
Gildan Activewear, Inc. | 1,170 | 45,932 | ||||||
Great-West Lifeco, Inc. | 1,170 | 35,197 | ||||||
Imperial Oil Ltd. | 400 | 17,954 | ||||||
Kinross Gold Corp. | 5,847 | 29,154 | ||||||
Loblaw Cos. Ltd. | 970 | 75,664 | ||||||
Lundin Mining Corp. | 3,400 | 32,806 | ||||||
Magna International, Inc. | 1,370 | 101,785 | ||||||
Manulife Financial Corp. | 3,507 | 71,053 | ||||||
National Bank of Canada | 1,170 | 93,812 | ||||||
Northland Power, Inc. | 779 | 24,768 | ||||||
Onex Corp. | 585 | 39,286 | ||||||
Rogers Communications, Inc., Class B | 1,173 | 60,607 | ||||||
Royal Bank of Canada | 2,337 | 258,518 | ||||||
Suncor Energy, Inc. | 6,383 | 195,192 | ||||||
Teck Resources Ltd., Class B | 2,500 | 90,020 | ||||||
Tourmaline Oil Corp. | 2,337 | 92,189 | ||||||
West Fraser Timber Co. Ltd. | 1,170 | 116,788 | ||||||
2,655,947 | ||||||||
Denmark — 0.7% | ||||||||
AP Moller - Maersk A/S, A Shares | 2 | 5,997 | ||||||
AP Moller - Maersk A/S, B Shares | 10 | 31,635 | ||||||
Novo Nordisk A/S, ADR | 1,170 | 120,451 | ||||||
Vestas Wind Systems A/S | 547 | 17,639 | ||||||
175,722 | ||||||||
Finland — 1.0% | ||||||||
Kesko Oyj, B Shares | 1,450 | 42,673 | ||||||
Metsa Board Oyj | 855 | 8,328 | ||||||
Neste Oyj | 901 | 35,134 | ||||||
Nokia Oyj, ADR(1) | 13,744 | 73,530 | ||||||
Nokian Renkaat Oyj | 935 | 17,623 | ||||||
Stora Enso Oyj, R Shares | 2,173 | 41,383 | ||||||
UPM-Kymmene Oyj | 246 | 8,500 | ||||||
Valmet Oyj | 240 | 8,325 | ||||||
235,496 | ||||||||
France — 8.8% | ||||||||
ALD SA | 1,163 | 16,234 | ||||||
Alstom SA | 794 | 20,199 | ||||||
APERAM SA | 363 | 20,325 | ||||||
Arkema SA | 573 | 75,990 | ||||||
AXA SA | 3,902 | 105,579 | ||||||
BioMerieux | 223 | 24,510 | ||||||
BNP Paribas SA | 1,755 | 101,833 | ||||||
Bouygues SA | 1,321 | 47,236 | ||||||
Carrefour SA | 3,311 | 66,565 |
173
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Cie de Saint-Gobain | 2,337 | $ | 144,906 | |||||
Cie Generale des Etablissements Michelin SCA | 888 | 122,240 | ||||||
Eiffage SA | 742 | 75,583 | ||||||
Eurazeo SE | 270 | 20,855 | ||||||
Faurecia SE | 1,313 | 49,440 | ||||||
Hermes International | 58 | 79,984 | ||||||
Imerys SA | 197 | 8,404 | ||||||
Ipsen SA | 312 | 36,304 | ||||||
Kering SA | 151 | 104,739 | ||||||
La Francaise des Jeux SAEM | 670 | 27,773 | ||||||
Neoen SA(1) | 313 | 12,002 | ||||||
Nexans SA | 247 | 23,827 | ||||||
Orange SA, ADR | 6,584 | 79,535 | ||||||
Renault SA(1) | 1,156 | 36,227 | ||||||
SEB SA | 106 | 15,416 | ||||||
Societe Generale SA | 3,002 | 84,889 | ||||||
STMicroelectronics NV, (New York) | 3,733 | 157,980 | ||||||
Teleperformance | 244 | 90,539 | ||||||
Thales SA | 137 | 15,662 | ||||||
TotalEnergies SE, ADR | 4,214 | 212,933 | ||||||
Ubisoft Entertainment SA(1) | 438 | 23,484 | ||||||
Valeo | 2,256 | 49,754 | ||||||
Vinci SA | 1,563 | 163,883 | ||||||
2,114,830 | ||||||||
Germany — 9.7% | ||||||||
adidas AG | 643 | 152,032 | ||||||
Allianz SE | 968 | 218,204 | ||||||
BASF SE | 2,089 | 139,099 | ||||||
Bayerische Motoren Werke AG | 1,474 | 141,957 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 254 | 20,540 | ||||||
Continental AG(1) | 781 | 66,551 | ||||||
Covestro AG | 2,147 | 113,546 | ||||||
Daimler Truck Holding AG(1) | 1,420 | 43,275 | ||||||
Deutsche Bank AG(1) | 12,356 | 153,585 | ||||||
Deutsche Boerse AG | 1,096 | 186,564 | ||||||
Deutsche Lufthansa AG(1) | 4,555 | 34,595 | ||||||
Deutsche Post AG | 3,119 | 156,768 | ||||||
Deutsche Telekom AG | 11,598 | 207,890 | ||||||
HelloFresh SE(1) | 1,202 | 65,564 | ||||||
Knorr-Bremse AG | 531 | 46,813 | ||||||
Mercedes-Benz Group AG | 3,807 | 297,401 | ||||||
Telefonica Deutschland Holding AG | 15,304 | 41,762 | ||||||
ThyssenKrupp AG(1) | 6,183 | 65,551 | ||||||
Uniper SE | 594 | 19,003 | ||||||
Volkswagen AG | 72 | 18,622 | ||||||
Volkswagen AG, Preference Shares | 408 | 80,204 | ||||||
Wacker Chemie AG | 256 | 39,662 | ||||||
2,309,188 | ||||||||
Hong Kong — 2.4% | ||||||||
AIA Group Ltd. | 12,200 | 126,683 | ||||||
Atlas Corp. | 419 | 6,046 |
174
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
BOC Hong Kong Holdings Ltd. | 6,500 | $ | 23,368 | |||||
CK Asset Holdings Ltd. | 6,500 | 41,054 | ||||||
Hang Seng Bank Ltd. | 1,300 | 23,973 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 1,200 | 58,148 | ||||||
Hongkong Land Holdings Ltd. | 3,500 | 18,954 | ||||||
Hysan Development Co. Ltd. | 1,000 | 2,945 | ||||||
Kerry Properties Ltd. | 5,000 | 13,701 | ||||||
Luk Fook Holdings International Ltd. | 1,000 | 2,657 | ||||||
New World Development Co. Ltd. | 4,000 | 15,999 | ||||||
NWS Holdings Ltd. | 10,000 | 9,836 | ||||||
Pacific Basin Shipping Ltd. | 26,000 | 13,864 | ||||||
SITC International Holdings Co. Ltd. | 13,000 | 53,601 | ||||||
Sun Hung Kai Properties Ltd. | 5,000 | 58,129 | ||||||
SUNeVision Holdings Ltd. | 10,000 | 8,917 | ||||||
Swire Pacific Ltd., Class A | 6,500 | 35,920 | ||||||
Swire Properties Ltd. | 3,200 | 8,322 | ||||||
WH Group Ltd. | 35,500 | 24,792 | ||||||
Xinyi Glass Holdings Ltd. | 13,000 | 34,629 | ||||||
581,538 | ||||||||
Ireland — 0.6% | ||||||||
CRH plc | 1,277 | 58,050 | ||||||
Glanbia plc | 1,591 | 22,273 | ||||||
Smurfit Kappa Group plc | 1,295 | 64,675 | ||||||
144,998 | ||||||||
Israel — 0.7% | ||||||||
Bank Hapoalim BM | 3,124 | 33,110 | ||||||
Bank Leumi Le-Israel BM | 4,180 | 45,281 | ||||||
Check Point Software Technologies Ltd.(1) | 111 | 16,082 | ||||||
First International Bank of Israel Ltd. | 297 | 12,776 | ||||||
ICL Group Ltd. | 1,511 | 17,160 | ||||||
Israel Discount Bank Ltd., A Shares | 3,897 | 25,697 | ||||||
Mizrahi Tefahot Bank Ltd. | 480 | 18,758 | ||||||
Strauss Group Ltd. | 151 | 4,964 | ||||||
173,828 | ||||||||
Italy — 2.9% | ||||||||
Atlantia SpA(1) | 1,100 | 20,235 | ||||||
Banca Mediolanum SpA | 2,434 | 19,947 | ||||||
Banco BPM SpA | 6,045 | 20,742 | ||||||
Brembo SpA | 1,058 | 12,489 | ||||||
Brunello Cucinelli SpA(1) | 235 | 13,180 | ||||||
CNH Industrial NV | 6,521 | 92,758 | ||||||
De' Longhi SpA | 120 | 3,808 | ||||||
Eni SpA, ADR | 4,658 | 144,258 | ||||||
ERG SpA | 677 | 21,338 | ||||||
Intesa Sanpaolo SpA | 33,274 | 85,059 | ||||||
Iveco Group NV(1) | 374 | 3,122 | ||||||
Leonardo SpA(1) | 4,645 | 41,410 | ||||||
Poste Italiane SpA | 2,592 | 29,729 | ||||||
Salvatore Ferragamo SpA(1) | 612 | 13,271 | ||||||
Stellantis NV | 3,229 | 58,677 | ||||||
Telecom Italia SpA/Milano | 27,791 | 11,676 |
175
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Telecom Italia SpA/Milano, Preference Shares | 16,812 | $ | 6,981 | |||||
UniCredit SpA | 6,559 | 82,870 | ||||||
681,550 | ||||||||
Japan — 20.1% | ||||||||
Aeon Mall Co. Ltd. | 300 | 4,219 | ||||||
AGC, Inc. | 1,300 | 57,671 | ||||||
Air Water, Inc. | 1,300 | 18,926 | ||||||
Aisin Corp. | 1,300 | 47,352 | ||||||
Amada Co. Ltd. | 2,000 | 17,722 | ||||||
Aozora Bank Ltd. | 700 | 15,761 | ||||||
Asahi Kasei Corp. | 4,900 | 45,986 | ||||||
Asics Corp. | 1,300 | 26,037 | ||||||
Bridgestone Corp. | 1,500 | 61,771 | ||||||
Brother Industries Ltd. | 1,300 | 23,661 | ||||||
Canon Marketing Japan, Inc. | 700 | 14,630 | ||||||
Capcom Co., Ltd. | 1,200 | 29,125 | ||||||
CyberAgent, Inc. | 1,500 | 19,629 | ||||||
Dai-ichi Life Holdings, Inc. | 3,000 | 62,304 | ||||||
Daito Trust Construction Co. Ltd. | 400 | 44,256 | ||||||
Dentsu Group, Inc. | 1,300 | 51,870 | ||||||
Disco Corp. | 100 | 28,313 | ||||||
Ebara Corp. | 600 | 31,315 | ||||||
ENEOS Holdings, Inc. | 15,300 | 60,585 | ||||||
FP Corp. | 100 | 2,842 | ||||||
Fuji Electric Co. Ltd. | 800 | 41,161 | ||||||
Hakuhodo DY Holdings, Inc. | 1,400 | 18,604 | ||||||
Hikari Tsushin, Inc. | 100 | 12,426 | ||||||
Hino Motors Ltd. | 2,600 | 24,432 | ||||||
Hitachi Construction Machinery Co. Ltd. | 600 | 14,683 | ||||||
Hulic Co. Ltd. | 400 | 3,644 | ||||||
Ibiden Co. Ltd. | 800 | 39,071 | ||||||
Idemitsu Kosan Co. Ltd. | 1,500 | 40,210 | ||||||
IHI Corp. | 1,300 | 30,086 | ||||||
Iida Group Holdings Co. Ltd. | 1,300 | 24,127 | ||||||
INPEX Corp. | 5,900 | 60,814 | ||||||
Internet Initiative Japan, Inc. | 100 | 3,214 | ||||||
Isuzu Motors Ltd. | 3,500 | 47,336 | ||||||
ITOCHU Corp. | 2,600 | 84,730 | ||||||
Iwatani Corp. | 200 | 9,506 | ||||||
Japan Post Holdings Co. Ltd. | 7,300 | 60,340 | ||||||
Japan Post Insurance Co. Ltd. | 1,100 | 18,787 | ||||||
JFE Holdings, Inc. | 3,100 | 46,151 | ||||||
JTEKT Corp. | 200 | 1,725 | ||||||
Kajima Corp. | 2,200 | 29,609 | ||||||
KDDI Corp. | 4,000 | 130,165 | ||||||
Komatsu Ltd. | 1,300 | 29,905 | ||||||
Konami Holdings Corp. | 100 | 5,689 | ||||||
Kuraray Co. Ltd. | 1,300 | 12,203 | ||||||
Kurita Water Industries Ltd. | 500 | 20,662 | ||||||
Lawson, Inc. | 300 | 12,509 | ||||||
Marubeni Corp. | 400 | 4,199 |
176
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Mazda Motor Corp.(1) | 3,500 | $ | 25,887 | |||||
Medipal Holdings Corp. | 1,000 | 18,302 | ||||||
MEIJI Holdings Co. Ltd. | 700 | 42,013 | ||||||
MINEBEA MITSUMI, Inc. | 1,600 | 35,121 | ||||||
Mitsubishi Chemical Holdings Corp. | 5,800 | 41,202 | ||||||
Mitsubishi Corp. | 3,300 | 110,958 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 1,100 | 19,516 | ||||||
Mitsubishi HC Capital, Inc. | 3,500 | 18,202 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,300 | 38,340 | ||||||
Mitsubishi UFJ Financial Group, Inc., ADR | 8,973 | 55,274 | ||||||
Mitsui & Co. Ltd. | 300 | 7,480 | ||||||
Mitsui Chemicals, Inc. | 1,300 | 33,234 | ||||||
MS&AD Insurance Group Holdings, Inc. | 1,500 | 50,755 | ||||||
Murata Manufacturing Co. Ltd. | 400 | 27,186 | ||||||
Nabtesco Corp. | 400 | 11,086 | ||||||
NEC Corp. | 1,300 | 56,245 | ||||||
NGK Insulators Ltd. | 1,300 | 20,189 | ||||||
NGK Spark Plug Co. Ltd. | 1,300 | 23,427 | ||||||
NH Foods Ltd. | 1,300 | 48,793 | ||||||
Nifco, Inc. | 500 | 14,218 | ||||||
Nihon Unisys Ltd. | 400 | 10,959 | ||||||
Nippon Steel Corp. | 3,500 | 64,081 | ||||||
Nippon Telegraph & Telephone Corp. | 2,800 | 80,475 | ||||||
Nippon Yusen KK | 1,200 | 112,429 | ||||||
Nissan Motor Co. Ltd.(1) | 9,300 | 44,353 | ||||||
Nitto Denko Corp. | 600 | 43,787 | ||||||
NSK Ltd. | 1,300 | 8,387 | ||||||
NTT Data Corp. | 1,700 | 32,290 | ||||||
Obayashi Corp. | 3,700 | 30,980 | ||||||
Oji Holdings Corp. | 2,600 | 13,284 | ||||||
ORIX Corp., ADR | 1,538 | 151,631 | ||||||
Panasonic Corp. | 7,900 | 82,502 | ||||||
Resona Holdings, Inc. | 8,000 | 35,778 | ||||||
Ricoh Co. Ltd. | 2,100 | 17,915 | ||||||
Rohto Pharmaceutical Co. Ltd. | 600 | 20,125 | ||||||
Sanwa Holdings Corp. | 1,300 | 14,528 | ||||||
SBI Holdings, Inc. | 1,800 | 47,217 | ||||||
SCREEN Holdings Co. Ltd. | 100 | 9,869 | ||||||
SCSK Corp. | 500 | 8,560 | ||||||
Seiko Epson Corp. | 1,300 | 19,995 | ||||||
Sekisui Chemical Co. Ltd. | 1,400 | 22,926 | ||||||
Sharp Corp. | 1,300 | 12,293 | ||||||
Shimizu Corp. | 2,600 | 17,210 | ||||||
Shinko Electric Industries Co. Ltd. | 500 | 21,355 | ||||||
Showa Denko KK | 400 | 7,312 | ||||||
SoftBank Group Corp. | 1,500 | 67,314 | ||||||
Sojitz Corp. | 1,320 | 21,803 | ||||||
Sompo Holdings, Inc. | 1,300 | 56,444 | ||||||
Sony Group Corp., ADR | 1,996 | 204,650 | ||||||
Subaru Corp. | 2,600 | 42,642 | ||||||
Sumitomo Chemical Co. Ltd. | 7,100 | 33,897 |
177
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Sumitomo Corp. | 4,500 | $ | 73,420 | |||||
Sumitomo Electric Industries Ltd. | 2,600 | 34,515 | ||||||
Sumitomo Heavy Industries Ltd. | 1,300 | 31,500 | ||||||
Sumitomo Mitsui Financial Group, Inc., ADR | 11,629 | 82,915 | ||||||
Sumitomo Rubber Industries Ltd. | 1,300 | 12,579 | ||||||
Suzuken Co. Ltd. | 300 | 9,671 | ||||||
Suzuki Motor Corp. | 1,200 | 47,782 | ||||||
Taisei Corp. | 1,300 | 43,227 | ||||||
Taiyo Yuden Co. Ltd. | 700 | 31,648 | ||||||
Takara Bio, Inc. | 200 | 4,179 | ||||||
TDK Corp. | 1,300 | 52,615 | ||||||
TIS, Inc. | 1,200 | 28,402 | ||||||
Tobu Railway Co. Ltd. | 1,000 | 24,581 | ||||||
Tokyo Electron Ltd. | 100 | 49,078 | ||||||
Tokyo Tatemono Co. Ltd. | 1,400 | 21,461 | ||||||
Toray Industries, Inc. | 7,000 | 39,919 | ||||||
Tosoh Corp. | 1,500 | 23,277 | ||||||
Toyota Boshoku Corp. | 300 | 5,490 | ||||||
Toyota Motor Corp., ADR | 2,177 | 398,282 | ||||||
Toyota Tsusho Corp. | 1,300 | 53,970 | ||||||
Trend Micro, Inc. | 1,100 | 61,453 | ||||||
USS Co. Ltd. | 1,300 | 21,596 | ||||||
Yamada Holdings Co. Ltd. | 2,600 | 9,027 | ||||||
Yamaha Motor Co. Ltd. | 1,500 | 33,719 | ||||||
Yamato Holdings Co. Ltd. | 1,300 | 25,530 | ||||||
Zenkoku Hosho Co. Ltd. | 300 | 12,616 | ||||||
Zensho Holdings Co. Ltd. | 1,300 | 31,230 | ||||||
Zeon Corp. | 1,300 | 15,256 | ||||||
4,823,320 | ||||||||
Netherlands — 1.5% | ||||||||
Aalberts NV | 151 | 8,425 | ||||||
ABN AMRO Bank NV, CVA | 611 | 8,131 | ||||||
Aegon NV, NY Shares | 4,988 | 24,790 | ||||||
AerCap Holdings NV(1) | 696 | 37,883 | ||||||
ASML Holding NV, NY Shares | 188 | 125,304 | ||||||
ASR Nederland NV | 297 | 12,837 | ||||||
BE Semiconductor Industries NV | 30 | 2,563 | ||||||
ING Groep NV, ADR | 3,780 | 43,999 | ||||||
Koninklijke Ahold Delhaize NV | 1,516 | 46,635 | ||||||
Koninklijke KPN NV | 9,777 | 33,458 | ||||||
NN Group NV | 350 | 16,798 | ||||||
360,823 | ||||||||
New Zealand — 0.2% | ||||||||
Auckland International Airport Ltd.(1) | 1,578 | 7,641 | ||||||
Chorus Ltd. | 2,658 | 13,181 | ||||||
Fletcher Building Ltd. | 2,314 | 10,570 | ||||||
Spark New Zealand Ltd. | 4,211 | 12,929 | ||||||
44,321 | ||||||||
Norway — 1.0% | ||||||||
Borregaard ASA | 368 | 8,137 | ||||||
Equinor ASA, ADR | 3,749 | 117,944 |
178
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Norsk Hydro ASA | 4,619 | $ | 43,862 | |||||
SpareBank 1 SR-Bank ASA | 971 | 14,388 | ||||||
Storebrand ASA | 3,355 | 33,202 | ||||||
Yara International ASA | 611 | 31,118 | ||||||
248,651 | ||||||||
Portugal — 0.2% | ||||||||
Galp Energia SGPS SA | 4,159 | 46,037 | ||||||
Jeronimo Martins SGPS SA | 523 | 11,403 | ||||||
57,440 | ||||||||
Singapore — 1.3% | ||||||||
City Developments Ltd. | 2,900 | 15,345 | ||||||
DBS Group Holdings Ltd. | 3,500 | 87,990 | ||||||
Golden Agri-Resources Ltd. | 38,600 | 8,162 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 8,000 | 69,323 | ||||||
Singapore Airlines Ltd.(1) | 2,400 | 9,088 | ||||||
Singapore Exchange Ltd. | 2,800 | 19,426 | ||||||
Singapore Technologies Engineering Ltd. | 4,500 | 12,753 | ||||||
Singapore Telecommunications Ltd. | 21,400 | 40,142 | ||||||
UOL Group Ltd. | 1,300 | 6,737 | ||||||
Venture Corp. Ltd. | 1,500 | 19,567 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 12,600 | 12,889 | ||||||
301,422 | ||||||||
Spain — 2.8% | ||||||||
ACS Actividades de Construccion y Servicios SA | 800 | 19,440 | ||||||
Banco Bilbao Vizcaya Argentaria SA, ADR | 13,032 | 76,628 | ||||||
Banco de Sabadell SA(1) | 22,000 | 19,023 | ||||||
Banco Santander SA, ADR | 46,891 | 157,554 | ||||||
Mapfre SA | 10,189 | 20,001 | ||||||
Repsol SA | 18,373 | 238,409 | ||||||
Telefonica SA, ADR | 28,398 | 133,470 | ||||||
664,525 | ||||||||
Sweden — 1.9% | ||||||||
Atlas Copco AB, A Shares | 537 | 27,540 | ||||||
Atlas Copco AB, B Shares | 283 | 12,787 | ||||||
Avanza Bank Holding AB | 657 | 18,585 | ||||||
Axfood AB | 366 | 9,588 | ||||||
Boliden AB | 858 | 38,164 | ||||||
Bure Equity AB | 315 | 9,995 | ||||||
Electrolux AB, B Shares | 949 | 16,992 | ||||||
Epiroc AB, A Shares | 958 | 18,002 | ||||||
Epiroc AB, B Shares | 550 | 8,916 | ||||||
H & M Hennes & Mauritz AB, B Shares | 976 | 16,289 | ||||||
Husqvarna AB, B Shares | 1,143 | 13,766 | ||||||
Industrivarden AB, A Shares | 288 | 7,953 | ||||||
Millicom International Cellular SA, SDR(1) | 283 | 6,565 | ||||||
Nordea Bank Abp | 3,328 | 36,819 | ||||||
Nordnet AB publ | 489 | 8,375 | ||||||
Sandvik AB | 902 | 19,440 | ||||||
Skandinaviska Enskilda Banken AB, A Shares | 476 | 5,484 | ||||||
179
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Skanska AB, B Shares | 665 | $ | 15,051 | |||||
SKF AB, B Shares | 1,196 | 22,083 | ||||||
SSAB AB, A Shares(1) | 710 | 4,443 | ||||||
SSAB AB, B Shares(1) | 1,610 | 8,707 | ||||||
Swedbank AB, A Shares | 1,170 | 18,904 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 3,117 | 28,926 | ||||||
Telia Co. AB | 6,027 | 22,409 | ||||||
Trelleborg AB, B Shares | 835 | 16,777 | ||||||
Volvo AB, A Shares | 204 | 3,987 | ||||||
Volvo AB, B Shares | 1,459 | 28,062 | ||||||
444,609 | ||||||||
Switzerland — 7.3% | ||||||||
ALSO Holding AG(1) | 8 | 2,135 | ||||||
Baloise Holding AG | 220 | 36,903 | ||||||
Barry Callebaut AG | 15 | 34,600 | ||||||
Bucher Industries AG | 37 | 16,336 | ||||||
Clariant AG(1) | 724 | 13,070 | ||||||
Credit Suisse Group AG, ADR | 12,400 | 102,672 | ||||||
DKSH Holding AG | 281 | 23,866 | ||||||
Emmi AG | 13 | 15,199 | ||||||
Forbo Holding AG | 6 | 10,260 | ||||||
Georg Fischer AG | 26 | 31,989 | ||||||
Inficon Holding AG | 14 | 16,415 | ||||||
Interroll Holding AG | 2 | 7,432 | ||||||
Julius Baer Group Ltd. | 806 | 47,197 | ||||||
Kuehne + Nagel International AG | 104 | 28,362 | ||||||
Logitech International SA | 491 | 36,741 | ||||||
Novartis AG, ADR | 2,178 | 190,488 | ||||||
OC Oerlikon Corp. AG | 492 | 4,380 | ||||||
Partners Group Holding AG | 79 | 106,791 | ||||||
Roche Holding AG | 1,168 | 442,361 | ||||||
Roche Holding AG, Bearer Shares | 64 | 26,714 | ||||||
Schindler Holding AG | 58 | 13,001 | ||||||
Schindler Holding AG, Bearer Participation Certificate | 125 | 28,681 | ||||||
SFS Group AG | 71 | 10,315 | ||||||
Sulzer AG | 120 | 10,104 | ||||||
Swiss Life Holding AG | 165 | 100,679 | ||||||
Swisscom AG | 118 | 70,683 | ||||||
UBS Group AG(1) | 8,161 | 148,041 | ||||||
Vontobel Holding AG | 224 | 17,688 | ||||||
Zurich Insurance Group AG | 335 | 153,764 | ||||||
1,746,867 | ||||||||
United Kingdom — 17.0% | ||||||||
3i Group plc | 7,644 | 136,171 | ||||||
Admiral Group plc | 1,593 | 63,458 | ||||||
Anglo American plc | 6,381 | 323,911 | ||||||
Antofagasta plc | 2,701 | 54,689 | ||||||
Ashtead Group plc | 568 | 36,910 | ||||||
AstraZeneca plc, ADR | 1,904 | 115,916 | ||||||
Barclays plc, ADR | 17,023 | 168,528 | ||||||
Barratt Developments plc | 5,206 | 42,404 |
180
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
BT Group plc | 59,222 | $ | 147,764 | |||||
Burberry Group plc | 2,590 | 67,149 | ||||||
Evraz plc | 5,790 | 16,271 | ||||||
Ferguson plc | 758 | 115,503 | ||||||
GlaxoSmithKline plc, ADR | 1,800 | 75,348 | ||||||
Glencore plc(1) | 15,000 | 88,200 | ||||||
Hargreaves Lansdown plc | 2,649 | 40,149 | ||||||
Howden Joinery Group plc | 8,629 | 98,155 | ||||||
Intermediate Capital Group plc | 900 | 20,627 | ||||||
Intertek Group plc | 400 | 28,713 | ||||||
J Sainsbury plc | 16,502 | 60,861 | ||||||
JD Sports Fashion plc | 26,036 | 52,375 | ||||||
Johnson Matthey plc | 1,347 | 33,849 | ||||||
Kingfisher plc | 4,000 | 16,317 | ||||||
Legal & General Group plc | 27,572 | 101,945 | ||||||
Lloyds Banking Group plc, ADR | 82,145 | 207,827 | ||||||
M&G plc | 18,730 | 51,561 | ||||||
Marks & Spencer Group plc(1) | 20,059 | 46,753 | ||||||
Next plc | 1,366 | 125,074 | ||||||
Persimmon plc | 3,683 | 118,532 | ||||||
Rightmove plc | 10,023 | 89,780 | ||||||
Rio Tinto plc, ADR | 3,866 | 303,790 | ||||||
Royal Mail plc | 10,756 | 56,529 | ||||||
Shell plc, ADR | 11,003 | 576,447 | ||||||
Smith & Nephew plc, ADR | 1,929 | 68,750 | ||||||
St. James's Place plc | 6,942 | 130,148 | ||||||
Taylor Wimpey plc | 13,747 | 27,574 | ||||||
Vodafone Group plc, ADR | 21,124 | 373,895 | ||||||
4,081,873 | ||||||||
TOTAL COMMON STOCKS (Cost $24,231,703) | 23,887,698 | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Funds — 0.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 13,232 | 13,232 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $13,232) | 13,232 | |||||||
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $24,244,935) | 23,900,930 | |||||||
OTHER ASSETS AND LIABILITIES — 0.2% | 48,999 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 23,949,929 |
181
Avantis International Large Cap Value ETF
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 24.4% | ||||
Materials | 15.9% | ||||
Consumer Discretionary | 14.1% | ||||
Industrials | 13.4% | ||||
Energy | 10.3% | ||||
Communication Services | 7.7% | ||||
Health Care | 4.7% | ||||
Information Technology | 4.2% | ||||
Consumer Staples | 3.2% | ||||
Real Estate | 1.3% | ||||
Utilities | 0.5% | ||||
Short-Term Investments | 0.1% | ||||
Other Assets and Liabilities | 0.2% |
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.
See Notes to Financial Statements.
182
FEBRUARY 28, 2022 (UNAUDITED)
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Australia — 9.1% | ||||||||
Adairs Ltd.(1) | 35,974 | $ | 75,150 | |||||
Adbri Ltd. | 735,963 | 1,778,897 | ||||||
Aeris Resources Ltd.(1)(2) | 1,539,499 | 142,688 | ||||||
Alkane Resources Ltd.(2) | 343,784 | 259,456 | ||||||
Alliance Aviation Services Ltd.(2) | 50,306 | 117,884 | ||||||
Allkem Ltd.(2) | 1,887 | 12,584 | ||||||
Aurelia Metals Ltd.(2) | 2,897,774 | 947,047 | ||||||
Austal Ltd. | 755,941 | 1,054,955 | ||||||
Australian Finance Group Ltd. | 402,566 | 648,262 | ||||||
Australian Pharmaceutical Industries Ltd. | 131,046 | 145,805 | ||||||
Bank of Queensland Ltd. | 827,049 | 4,814,778 | ||||||
Beach Energy Ltd. | 4,333,436 | 4,826,910 | ||||||
Bega Cheese Ltd. | 363,771 | 1,244,886 | ||||||
Bendigo & Adelaide Bank Ltd. | 894,526 | 6,242,984 | ||||||
Brickworks Ltd. | 20,501 | 316,906 | ||||||
Challenger Ltd. | 929,449 | 4,570,876 | ||||||
Champion Iron Ltd. | 881,332 | 4,155,493 | ||||||
Collins Foods Ltd. | 14,000 | 112,242 | ||||||
Coronado Global Resources, Inc.(2) | 1,808,155 | 2,173,983 | ||||||
Costa Group Holdings Ltd. | 317,823 | 629,190 | ||||||
CSR Ltd. | 1,163,093 | 4,855,371 | ||||||
Dacian Gold Ltd.(1)(2) | 129,467 | 19,640 | ||||||
Eclipx Group Ltd.(2) | 778,174 | 1,316,302 | ||||||
Emeco Holdings Ltd. | 569,883 | 379,927 | ||||||
Genworth Mortgage Insurance Australia Ltd. | 752,505 | 1,641,490 | ||||||
Gold Road Resources Ltd. | 2,187,913 | 2,441,538 | ||||||
Grange Resources Ltd. | 1,536,612 | 1,090,750 | ||||||
GWA Group Ltd. | 68,617 | 114,405 | ||||||
HT&E Ltd. | 1,042 | 1,413 | ||||||
Humm Group Ltd.(1) | 474,437 | 304,588 | ||||||
IGO Ltd. | 458,464 | 3,677,973 | ||||||
Iluka Resources Ltd. | 997,142 | 7,845,580 | ||||||
Imdex Ltd. | 602,967 | 1,183,944 | ||||||
Inghams Group Ltd.(1) | 738,127 | 1,812,940 | ||||||
InvoCare Ltd.(1) | 316,890 | 2,986,350 | ||||||
JB Hi-Fi Ltd.(1) | 17,680 | 635,945 | ||||||
Karoon Energy Ltd.(2) | 692,233 | 1,041,804 | ||||||
MACA Ltd. | 207,538 | 116,221 | ||||||
Macmahon Holdings Ltd. | 354,016 | 45,240 | ||||||
Magellan Financial Group Ltd.(1) | 34,930 | 467,367 | ||||||
Mayne Pharma Group Ltd.(2) | 2,109,743 | 354,586 | ||||||
McMillan Shakespeare Ltd. | 183,808 | 1,606,563 | ||||||
Metcash Ltd. | 1,644,183 | 4,933,396 | ||||||
Monadelphous Group Ltd. | 2,067 | 17,039 | ||||||
Money3 Corp. Ltd. | 69,252 | 151,728 | ||||||
Mount Gibson Iron Ltd. | 450,340 | 172,722 | ||||||
Myer Holdings Ltd.(2) | 133,683 | 39,418 | ||||||
MyState Ltd. | 51,460 | 181,042 |
183
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
New Hope Corp. Ltd.(1) | 970,735 | $ | 1,799,659 | |||||
nib holdings Ltd. | 747,325 | 3,531,535 | ||||||
Nick Scali Ltd. | 33,789 | 293,858 | ||||||
Nickel Mines Ltd. | 398,477 | 447,237 | ||||||
Nine Entertainment Co. Holdings Ltd. | 1,256,732 | 2,552,405 | ||||||
NRW Holdings Ltd. | 1,221,296 | 1,925,838 | ||||||
Nufarm Ltd. | 576,178 | 2,308,782 | ||||||
OFX Group Ltd.(2) | 72,467 | 121,800 | ||||||
Orica Ltd. | 250,230 | 2,667,886 | ||||||
Orora Ltd. | 1,490,950 | 4,035,878 | ||||||
OZ Minerals Ltd. | 17,955 | 335,644 | ||||||
Pacific Current Group Ltd. | 35,896 | 200,141 | ||||||
Perenti Global Ltd. | 2,377,078 | 1,324,352 | ||||||
Perseus Mining Ltd. | 2,916,341 | 3,862,949 | ||||||
Platinum Asset Management Ltd. | 626,479 | 1,079,768 | ||||||
Premier Investments Ltd. | 185,080 | 3,732,052 | ||||||
Ramelius Resources Ltd. | 2,117,322 | 2,341,230 | ||||||
Red 5 Ltd.(2) | 551,334 | 121,280 | ||||||
Regis Resources Ltd.(1) | 1,313,225 | 1,862,750 | ||||||
Resimac Group Ltd.(1) | 18,160 | 23,511 | ||||||
Resolute Mining Ltd.(2) | 1,271,143 | 238,844 | ||||||
Sandfire Resources Ltd. | 971,947 | 4,791,637 | ||||||
Select Harvests Ltd. | 188,481 | 756,191 | ||||||
Senex Energy Ltd. | 40,661 | 135,692 | ||||||
Servcorp Ltd. | 22,553 | 65,398 | ||||||
Service Stream Ltd.(2) | 336,959 | 229,385 | ||||||
Seven West Media Ltd.(2) | 1,068,443 | 484,672 | ||||||
Sigma Healthcare Ltd.(1) | 745,488 | 263,398 | ||||||
Silver Lake Resources Ltd.(2) | 2,326,727 | 3,113,645 | ||||||
Sims Ltd. | 11,660 | 155,327 | ||||||
Southern Cross Media Group Ltd. | 567,644 | 731,453 | ||||||
Star Entertainment Grp Ltd. (The)(2) | 180,963 | 443,000 | ||||||
Super Retail Group Ltd. | 377,278 | 3,032,124 | ||||||
Symbio Holdings Ltd. | 3,813 | 15,648 | ||||||
Tassal Group Ltd. | 358,049 | 930,279 | ||||||
United Malt Grp Ltd. | 234,696 | 721,209 | ||||||
Viva Energy Group Ltd. | 1,771,608 | 3,158,481 | ||||||
West African Resources Ltd.(2) | 2,304,326 | 1,833,510 | ||||||
Western Areas Ltd.(2) | 510,345 | 1,275,329 | ||||||
Westgold Resources Ltd. | 1,058,669 | 1,726,302 | ||||||
Whitehaven Coal Ltd. | 1,920,531 | 4,494,385 | ||||||
136,870,722 | ||||||||
Austria — 0.6% | ||||||||
AT&S Austria Technologie & Systemtechnik AG | 6,344 | 348,092 | ||||||
DO & CO. AG(1)(2) | 410 | 40,563 | ||||||
FACC AG(1)(2) | 15,577 | 148,774 | ||||||
Lenzing AG(2) | 184 | 20,278 | ||||||
Oesterreichische Post AG | 2,987 | 121,400 | ||||||
Palfinger AG | 813 | 24,189 | ||||||
POLYTEC Holding AG(1) | 25,087 | 206,182 | ||||||
Porr AG(2) | 53,641 | 720,597 |
184
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
S IMMO AG | 5,306 | $ | 136,001 | |||||
Semperit AG Holding | 85,970 | 2,705,517 | ||||||
UNIQA Insurance Group AG | 559,879 | 4,480,935 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 10,205 | 267,208 | ||||||
9,219,736 | ||||||||
Belgium — 1.4% | ||||||||
AGFA-Gevaert NV(2) | 123,776 | 501,862 | ||||||
Bekaert SA | 170,197 | 7,405,006 | ||||||
bpost SA(2) | 184,896 | 1,245,503 | ||||||
Cie d'Entreprises CFE | 13,234 | 1,759,019 | ||||||
Deceuninck NV(1) | 136,003 | 418,919 | ||||||
Euronav NV | 370,993 | 4,130,782 | ||||||
Gimv NV | 19,232 | 1,141,221 | ||||||
Ion Beam Applications | 38,609 | 797,380 | ||||||
KBC Ancora | 15,936 | 717,371 | ||||||
Tessenderlo Group SA(2) | 81,720 | 2,999,459 | ||||||
21,116,522 | ||||||||
Canada — 10.1% | ||||||||
5N Plus, Inc.(2) | 28,000 | 51,471 | ||||||
Aclara Resources, Inc.(2) | 27,738 | 23,416 | ||||||
Advantage Energy Ltd.(1)(2) | 246,849 | 1,443,117 | ||||||
Aecon Group, Inc. | 72,682 | 1,009,807 | ||||||
AirBoss of America Corp.(1) | 5,600 | 156,314 | ||||||
Amerigo Resources Ltd. | 26,000 | 33,846 | ||||||
Anaergia, Inc.(2) | 8,600 | 84,473 | ||||||
ARC Resources Ltd. | 54,576 | 674,719 | ||||||
Argonaut Gold, Inc.(2) | 493,746 | 899,845 | ||||||
Athabasca Oil Corp.(2) | 477,919 | 742,801 | ||||||
AutoCanada, Inc.(1)(2) | 32,696 | 845,582 | ||||||
B2Gold Corp. | 1,647,140 | 6,653,536 | ||||||
Badger Infrastructure Solutions Ltd. | 12,653 | 303,273 | ||||||
Baytex Energy Corp.(1)(2) | 1,036,357 | 4,734,128 | ||||||
Birchcliff Energy Ltd.(1) | 360,400 | 1,916,446 | ||||||
Bird Construction, Inc.(1) | 21,294 | 159,600 | ||||||
Calian Group Ltd. | 3,400 | 161,886 | ||||||
Calibre Mining Corp.(2) | 148,000 | 150,627 | ||||||
Canaccord Genuity Group, Inc. | 37,040 | 377,267 | ||||||
Canacol Energy Ltd.(1) | 85,600 | 216,786 | ||||||
Canadian Western Bank | 73,055 | 2,138,912 | ||||||
Canfor Corp.(2) | 116,382 | 2,634,319 | ||||||
Capital Power Corp. | 177,863 | 5,465,691 | ||||||
Capstone Mining Corp.(2) | 504,507 | 2,615,078 | ||||||
Cardinal Energy Ltd.(2) | 186,948 | 955,758 | ||||||
Cascades, Inc. | 162,005 | 1,678,206 | ||||||
Celestica, Inc.(2) | 105,189 | 1,250,649 | ||||||
Centerra Gold, Inc. | 363,364 | 3,543,336 | ||||||
China Gold International Resources Corp. Ltd.(1) | 231,678 | 685,438 | ||||||
Chorus Aviation, Inc.(1)(2) | 151,511 | 521,174 | ||||||
Copper Mountain Mining Corp.(2) | 312,472 | 870,238 | ||||||
Corus Entertainment, Inc., B Shares | 318,006 | 1,274,533 | ||||||
Crescent Point Energy Corp. | 1,114,140 | 7,972,584 |
185
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Dorel Industries, Inc., Class B(1) | 70,584 | $ | 641,521 | |||||
DREAM Unlimited Corp., Class A | 12,622 | 468,533 | ||||||
Dundee Precious Metals, Inc. | 280,022 | 1,656,935 | ||||||
Eldorado Gold Corp. (Toronto)(2) | 101,698 | 1,116,873 | ||||||
Endeavour Mining plc | 43,604 | 1,151,765 | ||||||
Enerplus Corp. | 397,281 | 5,077,674 | ||||||
Equitable Group, Inc. | 21,226 | 1,268,369 | ||||||
ERO Copper Corp.(2) | 62,734 | 897,826 | ||||||
Evertz Technologies Ltd. | 4,000 | 42,099 | ||||||
Exchange Income Corp. | 891 | 28,575 | ||||||
Extendicare, Inc.(1) | 54,332 | 329,207 | ||||||
Finning International, Inc. | 134,720 | 3,919,900 | ||||||
First National Financial Corp. | 12,548 | 437,175 | ||||||
Fortuna Silver Mines, Inc.(1)(2) | 158,596 | 591,841 | ||||||
Frontera Energy Corp.(2) | 31,963 | 329,339 | ||||||
GCM Mining Corp. | 85,542 | 379,287 | ||||||
goeasy Ltd. | 3,100 | 367,329 | ||||||
Hardwoods Distribution, Inc. | 532 | 17,620 | ||||||
High Liner Foods, Inc. | 4 | 41 | ||||||
HLS Therapeutics, Inc. | 2 | 23 | ||||||
Home Capital Group, Inc.(2) | 65,989 | 1,994,508 | ||||||
Hudbay Minerals, Inc. | 322,982 | 2,632,271 | ||||||
IAMGOLD Corp.(2) | 630,578 | 1,850,690 | ||||||
Interfor Corp. | 120,829 | 3,680,637 | ||||||
Intertape Polymer Group, Inc. | 12,213 | 230,867 | ||||||
Karora Resources, Inc.(2) | 90,970 | 373,928 | ||||||
Kelt Exploration Ltd.(2) | 121,652 | 551,873 | ||||||
Largo, Inc.(2) | 2,962 | 30,450 | ||||||
Laurentian Bank of Canada(1) | 31,750 | 1,066,349 | ||||||
Linamar Corp. | 69,834 | 3,646,795 | ||||||
Lundin Gold, Inc.(2) | 40,200 | 324,137 | ||||||
Lundin Mining Corp. | 578,242 | 5,579,408 | ||||||
Martinrea International, Inc. | 158,626 | 1,237,721 | ||||||
Methanex Corp. | 108,435 | 5,645,464 | ||||||
Mullen Group Ltd.(1) | 7,778 | 75,847 | ||||||
New Gold, Inc. (Toronto)(2) | 901,848 | 1,558,222 | ||||||
North American Construction Group Ltd. | 17,031 | 257,447 | ||||||
North West Co., Inc. (The) | 14 | 398 | ||||||
Obsidian Energy Ltd.(2) | 41,628 | 354,372 | ||||||
OceanaGold Corp.(2) | 388,946 | 733,397 | ||||||
Onex Corp. | 32,107 | 2,156,172 | ||||||
Paramount Resources Ltd., A Shares(1) | 34,259 | 760,050 | ||||||
Parex Resources, Inc. | 176,877 | 3,900,365 | ||||||
Peyto Exploration & Development Corp.(1) | 252,082 | 2,175,761 | ||||||
Pipestone Energy Corp.(2) | 22,400 | 89,777 | ||||||
Precision Drilling Corp.(2) | 35 | 2,042 | ||||||
Pretium Resources, Inc.(2) | 188,166 | 2,744,922 | ||||||
Real Matters, Inc.(2) | 101,986 | 445,761 | ||||||
Resolute Forest Products, Inc. | 72,327 | 903,873 | ||||||
Russel Metals, Inc.(1) | 103,429 | 2,562,265 | ||||||
Secure Energy Services, Inc. | 7,039 | 34,043 |
186
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
ShawCor Ltd.(2) | 18,495 | $ | 85,507 | |||||
Sierra Metals, Inc.(1) | 3,100 | 4,647 | ||||||
SSR Mining, Inc. | 253,633 | 5,020,633 | ||||||
Stelco Holdings, Inc. | 47,086 | 1,445,457 | ||||||
SunOpta, Inc.(2) | 106,200 | 566,400 | ||||||
Tamarack Valley Energy Ltd. | 196,162 | 798,577 | ||||||
Taseko Mines Ltd.(2) | 196,331 | 373,300 | ||||||
Torex Gold Resources, Inc.(2) | 152,324 | 1,932,442 | ||||||
Transcontinental, Inc., Class A | 17 | 274 | ||||||
TransGlobe Energy Corp.(1)(2) | 35,700 | 139,138 | ||||||
Turquoise Hill Resources Ltd.(2) | 69,764 | 1,434,909 | ||||||
Vermilion Energy, Inc.(2) | 303,892 | 5,682,241 | ||||||
Wajax Corp. | 40,871 | 759,378 | ||||||
West Fraser Timber Co. Ltd. | 22,831 | 2,278,957 | ||||||
Western Forest Products, Inc. | 736,752 | 1,238,092 | ||||||
Whitecap Resources, Inc. | 1,079,593 | 8,236,421 | ||||||
Yamana Gold, Inc. | 492,731 | 2,421,865 | ||||||
150,984,838 | ||||||||
China† | ||||||||
Fullshare Holdings Ltd.(1)(2) | 12,257,500 | 222,916 | ||||||
Denmark — 1.6% | ||||||||
Bang & Olufsen A/S(2) | 24,456 | 74,008 | ||||||
Bavarian Nordic A/S(2) | 16,729 | 420,315 | ||||||
D/S Norden A/S | 91,298 | 2,381,582 | ||||||
Dfds A/S(2) | 62,674 | 2,913,109 | ||||||
Drilling Co. of 1972 A/S (The)(2) | 27,239 | 1,070,274 | ||||||
FLSmidth & Co. A/S | 69,214 | 1,987,061 | ||||||
H Lundbeck A/S | 59,816 | 1,451,501 | ||||||
H+H International A/S, B Shares(2) | 12,987 | 377,544 | ||||||
Jyske Bank A/S(2) | 71,996 | 3,903,166 | ||||||
NKT A/S(2) | 1,294 | 54,279 | ||||||
NNIT A/S | 47,672 | 683,033 | ||||||
Per Aarsleff Holding A/S | 13,508 | 533,729 | ||||||
Ringkjoebing Landbobank A/S | 4,191 | 520,982 | ||||||
Schouw & Co. A/S | 10,771 | 939,127 | ||||||
SimCorp A/S | 36,290 | 3,277,352 | ||||||
Solar A/S, B Shares | 2,800 | 325,798 | ||||||
Spar Nord Bank A/S | 74,315 | 986,873 | ||||||
Sparekassen Sjaelland-Fyn A/S(2) | 1,806 | 53,632 | ||||||
Sydbank AS | 32,536 | 1,058,553 | ||||||
TORM plc(1)(2) | 20,905 | 169,362 | ||||||
23,181,280 | ||||||||
Finland — 1.5% | ||||||||
Admicom Oyj | 424 | 29,075 | ||||||
Anora Group Oyj | 26,572 | 283,407 | ||||||
CapMan Oyj, B Shares | 9,067 | 27,193 | ||||||
Cargotec Oyj, B Shares | 15,875 | 624,671 | ||||||
HKScan Oyj, A Shares(1) | 82,580 | 133,043 | ||||||
Huhtamaki Oyj | 2,072 | 75,514 | ||||||
Kamux Corp. | 47,996 | 575,786 | ||||||
Kemira Oyj | 311,040 | 4,113,168 |
187
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Marimekko Oyj | 11,996 | $ | 999,495 | |||||
Metsa Board Oyj | 286,876 | 2,794,294 | ||||||
Neles Oyj | 14,424 | 187,714 | ||||||
Nokian Renkaat Oyj | 103,431 | 1,949,431 | ||||||
Outokumpu Oyj(2) | 399,498 | 2,354,883 | ||||||
Puuilo Oyj(1)(2) | 70,616 | 584,141 | ||||||
Sanoma Oyj | 30,703 | 447,681 | ||||||
Suominen Oyj | 39,541 | 168,998 | ||||||
Tokmanni Group Corp. | 122,819 | 2,279,428 | ||||||
Uponor Oyj | 152,196 | 3,385,633 | ||||||
Verkkokauppa.com Oyj(1) | 56,548 | 348,165 | ||||||
YIT Oyj | 346,490 | 1,505,528 | ||||||
22,867,248 | ||||||||
France — 3.3% | ||||||||
AKWEL | 4,039 | 89,896 | ||||||
Albioma SA | 1,140 | 52,083 | ||||||
ALD SA | 129,561 | 1,808,484 | ||||||
Biosynex(1) | 12,193 | 227,983 | ||||||
Bonduelle SCA | 5,544 | 111,136 | ||||||
Catana Group(2) | 20,417 | 171,966 | ||||||
Chargeurs SA | 5,057 | 118,427 | ||||||
Cie Plastic Omnium SA | 106,233 | 2,245,460 | ||||||
Derichebourg SA | 263,877 | 2,741,577 | ||||||
Eramet SA(2) | 28,735 | 3,765,190 | ||||||
Etablissements Maurel et Prom SA(2) | 41,754 | 132,918 | ||||||
Eurobio Scientific SA(2) | 20,272 | 455,039 | ||||||
Europcar Mobility Group(2) | 1,376,835 | 778,539 | ||||||
Eutelsat Communications SA | 456,581 | 5,000,595 | ||||||
Focus Home Interactive SA(2) | 2,042 | 99,857 | ||||||
Gaztransport Et Technigaz SA | 7,289 | 691,794 | ||||||
Groupe LDLC(1) | 6,031 | 211,120 | ||||||
Guillemot Corp. | 1,314 | 19,966 | ||||||
Innate Pharma SA(1)(2) | 111,652 | 386,979 | ||||||
Jacquet Metals SACA | 31,456 | 684,986 | ||||||
Kaufman & Broad SA | 19,752 | 717,369 | ||||||
LISI | 10,063 | 297,094 | ||||||
LNA Sante SA | 383 | 14,553 | ||||||
Maisons du Monde SA | 71,300 | 1,560,243 | ||||||
Manitou BF SA | 6,768 | 234,505 | ||||||
Mersen SA | 36,774 | 1,359,880 | ||||||
Metropole Television SA | 71,526 | 1,417,719 | ||||||
Nexans SA | 47,044 | 4,538,071 | ||||||
Nexity SA | 39,551 | 1,559,015 | ||||||
Novacyt SA(1)(2) | 202,532 | 455,683 | ||||||
ReWorld Media SA(2) | 7,649 | 48,782 | ||||||
SES SA | 698,095 | 5,520,113 | ||||||
SMCP SA(2) | 55,567 | 407,569 | ||||||
Societe BIC SA | 36,778 | 1,940,665 | ||||||
Solutions 30 SE(1)(2) | 107,062 | 939,936 | ||||||
Television Francaise 1 | 153,504 | 1,515,292 | ||||||
Trigano SA | 12,378 | 2,122,622 |
188
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Vallourec SA(2) | 383,104 | $ | 3,731,431 | |||||
Verallia SA | 29,003 | 761,103 | ||||||
Vicat SA | 2,741 | 100,299 | ||||||
X-Fab Silicon Foundries SE(2) | 47,740 | 370,340 | ||||||
49,406,279 | ||||||||
Germany — 5.2% | ||||||||
7C Solarparken AG | 21,004 | 98,891 | ||||||
Aareal Bank AG | 1,499 | 45,810 | ||||||
ADVA Optical Networking SE(2) | 96,376 | 1,631,730 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA | 58,066 | 1,739,269 | ||||||
Aurubis AG | 12,596 | 1,473,815 | ||||||
Baader Bank AG | 7,342 | 49,487 | ||||||
Bauer AG(2) | 8,713 | 90,758 | ||||||
Bertrandt AG | 1,999 | 108,110 | ||||||
Bilfinger SE | 4,430 | 165,933 | ||||||
CECONOMY AG | 34,859 | 138,376 | ||||||
Cewe Stiftung & Co. KGAA | 5,768 | 654,883 | ||||||
CropEnergies AG | 22,826 | 319,551 | ||||||
Deutsche Beteiligungs AG | 11,489 | 449,355 | ||||||
Deutsche EuroShop AG | 26,806 | 504,068 | ||||||
Deutsche Pfandbriefbank AG | 104,640 | 1,134,686 | ||||||
Deutz AG(2) | 252,351 | 1,442,118 | ||||||
Draegerwerk AG & Co. KGaA | 875 | 45,909 | ||||||
Draegerwerk AG & Co. KGaA, Preference Shares | 13,184 | 746,907 | ||||||
Duerr AG | 2,562 | 92,268 | ||||||
Einhell Germany AG, Preference Shares | 137 | 28,885 | ||||||
Elmos Semiconductor SE | 5,460 | 351,663 | ||||||
ElringKlinger AG(2) | 92,409 | 981,280 | ||||||
Encavis AG | 90,877 | 1,543,602 | ||||||
flatexDEGIRO AG(2) | 35,620 | 737,578 | ||||||
Hamburger Hafen und Logistik AG | 69,515 | 1,377,363 | ||||||
Hornbach Holding AG & Co. KGaA | 14,216 | 1,862,087 | ||||||
HUGO BOSS AG | 118,040 | 7,203,036 | ||||||
Instone Real Estate Group SE | 38,183 | 733,001 | ||||||
JOST Werke AG | 28,936 | 1,336,679 | ||||||
Jungheinrich AG, Preference Shares | 92,132 | 3,322,057 | ||||||
K+S AG(2) | 397,699 | 10,201,844 | ||||||
Kloeckner & Co. SE(2) | 115,790 | 1,566,446 | ||||||
Koenig & Bauer AG(2) | 567 | 14,608 | ||||||
Krones AG | 25,819 | 2,364,665 | ||||||
Lang & Schwarz AG | 30,420 | 697,425 | ||||||
Leoni AG(2) | 18,748 | 218,779 | ||||||
Manz AG(2) | 861 | 41,407 | ||||||
Rheinmetall AG | 93,720 | 13,949,575 | ||||||
SAF-Holland SE(2) | 88,498 | 1,053,688 | ||||||
Salzgitter AG(2) | 42,788 | 1,869,050 | ||||||
SGL Carbon SE(2) | 183,553 | 1,182,282 | ||||||
Siltronic AG | 12,150 | 1,380,796 | ||||||
Sixt SE, Preference Shares | 1,251 | 102,013 | ||||||
Stabilus SA | 6,741 | 395,885 | ||||||
STO SE & Co. KGaA, Preference Shares | 5,267 | 1,202,170 |
189
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Suedzucker AG | 31,562 | $ | 429,995 | |||||
TAG Immobilien AG | 277,797 | 7,160,211 | ||||||
Wacker Chemie AG | 13,135 | 2,035,005 | ||||||
Wacker Neuson SE | 45,198 | 1,064,183 | ||||||
Wuestenrot & Wuerttembergische AG | 29,962 | 592,521 | ||||||
77,931,703 | ||||||||
Hong Kong — 1.6% | ||||||||
BOCOM International Holdings Co. Ltd. | 86,000 | 14,639 | ||||||
Bright Smart Securities & Commodities Group Ltd. | 1,576,000 | 289,465 | ||||||
China Strategic Holdings Ltd.(2) | 58,220,000 | 298,580 | ||||||
Chow Sang Sang Holdings International Ltd. | 479,000 | 672,288 | ||||||
CMBC Capital Holdings Ltd.(1) | 1,387,000 | 413,184 | ||||||
Crystal International Group Ltd. | 34,500 | 11,600 | ||||||
CSI Properties Ltd. | 80,000 | 2,113 | ||||||
Dah Sing Banking Group Ltd. | 160,800 | 145,587 | ||||||
Dah Sing Financial Holdings Ltd. | 161,200 | 522,028 | ||||||
E-Commodities Holdings Ltd. | 1,392,000 | 217,916 | ||||||
First Pacific Co. Ltd. | 20,000 | 7,830 | ||||||
FSE Lifestyle Services Ltd. | 40,000 | 29,467 | ||||||
Guotai Junan International Holdings Ltd. | 6,694,000 | 900,987 | ||||||
Haitong International Securities Group Ltd. | 4,872,000 | 1,071,207 | ||||||
Hang Lung Group Ltd. | 66,000 | 145,608 | ||||||
Hengdeli Holdings Ltd.(2) | 12,000 | 414 | ||||||
IGG, Inc. | 1,977,000 | 1,184,049 | ||||||
IRC Ltd.(2) | 4,792,000 | 125,905 | ||||||
Jinhui Shipping & Transportation Ltd. | 15,000 | 22,162 | ||||||
Johnson Electric Holdings Ltd. | 576,500 | 959,946 | ||||||
K Wah International Holdings Ltd. | 2,663,000 | 1,010,730 | ||||||
Ka Shui International Holdings Ltd. | 1,564,000 | 124,598 | ||||||
Lifestyle International Holdings Ltd.(2) | 1,000 | 584 | ||||||
Luk Fook Holdings International Ltd. | 123,000 | 326,776 | ||||||
Oriental Watch Holdings | 708,000 | 388,414 | ||||||
Pacific Basin Shipping Ltd. | 11,770,000 | 6,275,975 | ||||||
PAX Global Technology Ltd. | 80,000 | 59,704 | ||||||
PC Partner Group Ltd. | 1,014,000 | 1,256,854 | ||||||
Realord Group Holdings Ltd.(1)(2) | 438,000 | 545,943 | ||||||
Regina Miracle International Holdings Ltd. | 195,000 | 138,856 | ||||||
Sa Sa International Holdings Ltd.(2) | 1,174,000 | 209,587 | ||||||
Shun Tak Holdings Ltd.(2) | 3,190,000 | 815,225 | ||||||
SmarTone Telecommunications Holdings Ltd. | 33,500 | 19,109 | ||||||
Solargiga Energy Holdings Ltd.(2) | 2,281,000 | 102,834 | ||||||
Soundwill Holdings Ltd. | 2,500 | 2,387 | ||||||
Sun Hung Kai & Co. Ltd. | 866,000 | 439,652 | ||||||
Tai Hing Group Holdings Ltd. | 245,000 | 37,991 | ||||||
Ten Pao Group Holdings Ltd. | 412,000 | 105,678 | ||||||
Texhong Textile Group Ltd. | 977,500 | 1,216,510 | ||||||
Texwinca Holdings Ltd. | 440,000 | 91,856 | ||||||
Theme International Holdings Ltd.(2) | 560,000 | 91,398 | ||||||
Time Interconnect Technology Ltd. | 424,000 | 48,434 | ||||||
United Laboratories International Holdings Ltd. (The) | 3,702,000 | 2,049,225 | ||||||
Value Partners Group Ltd.(1) | 259,000 | 126,933 |
190
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
VSTECS Holdings Ltd. | 1,258,000 | $ | 1,293,352 | |||||
VTech Holdings Ltd. | 94,700 | 778,545 | ||||||
24,592,125 | ||||||||
Ireland — 0.5% | ||||||||
FBD Holdings plc(2) | 6,291 | 73,864 | ||||||
Glenveagh Properties plc(2) | 5,258,389 | 7,198,622 | ||||||
Permanent TSB Group Holdings plc(2) | 44,096 | 85,143 | ||||||
Uniphar plc(2) | 22,899 | 85,770 | ||||||
7,443,399 | ||||||||
Israel — 2.6% | ||||||||
Adgar Investment and Development Ltd. | 13,419 | 29,831 | ||||||
AFI Properties Ltd. | 880 | 51,333 | ||||||
Airport City Ltd.(2) | 54,220 | 1,225,464 | ||||||
Caesarstone Ltd. | 1,085 | 13,009 | ||||||
Camtek Ltd.(2) | 1,162 | 38,519 | ||||||
Carasso Motors Ltd. | 19,452 | 129,926 | ||||||
Cellcom Israel Ltd.(2) | 96,365 | 493,007 | ||||||
Clal Insurance Enterprises Holdings Ltd.(2) | 151,014 | 3,529,919 | ||||||
Delek Automotive Systems Ltd. | 42,309 | 671,767 | ||||||
Delta Galil Industries Ltd. | 14,061 | 972,348 | ||||||
Equital Ltd.(2) | 12,405 | 495,714 | ||||||
Fattal Holdings 1998 Ltd.(2) | 337 | 44,050 | ||||||
FIBI Holdings Ltd. | 41,362 | 1,962,780 | ||||||
First International Bank of Israel Ltd. | 36,753 | 1,580,960 | ||||||
Gazit-Globe Ltd. | 45,755 | 399,183 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 282,414 | 3,419,142 | ||||||
IDI Insurance Co. Ltd. | 2,066 | 71,608 | ||||||
Infinya Ltd. | 1,523 | 121,086 | ||||||
Inrom Construction Industries Ltd. | 22,171 | 106,692 | ||||||
Isracard Ltd. | 507,632 | 2,664,250 | ||||||
Israel Corp. Ltd. (The)(2) | 2,738 | 1,438,813 | ||||||
Isras Investment Co. Ltd. | 1,080 | 259,504 | ||||||
Ituran Location and Control Ltd. | 495 | 10,182 | ||||||
M Yochananof & Sons Ltd. | 2,830 | 215,669 | ||||||
Menora Mivtachim Holdings Ltd.(2) | 49,696 | 1,162,988 | ||||||
Migdal Insurance & Financial Holdings Ltd. | 763,181 | 1,335,666 | ||||||
Naphtha Israel Petroleum Corp. Ltd.(2) | 10,798 | 85,459 | ||||||
Nawi Brothers Ltd. | 9,923 | 92,314 | ||||||
Oil Refineries Ltd.(2) | 5,656,146 | 2,026,753 | ||||||
Partner Communications Co. Ltd.(2) | 328,266 | 2,520,185 | ||||||
Paz Oil Co. Ltd.(2) | 18,973 | 2,737,242 | ||||||
Phoenix Holdings Ltd. (The) | 403,212 | 4,994,382 | ||||||
Prashkovsky Investments and Construction Ltd. | 5,834 | 240,598 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 11,283 | 933,553 | ||||||
Scope Metals Group Ltd. | 2,079 | 91,165 | ||||||
Shufersal Ltd. | 321,449 | 2,874,784 | ||||||
Summit Real Estate Holdings Ltd.(2) | 8,343 | 185,893 | ||||||
Taro Pharmaceutical Industries Ltd.(2) | 4,118 | 201,164 | ||||||
Tera Light Ltd.(2) | 32,642 | 69,968 | ||||||
Tower Semiconductor Ltd.(2) | 342 | 15,989 | ||||||
Victory Supermarket Chain Ltd. | 1,800 | 37,101 | ||||||
39,549,960 |
191
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Italy — 2.4% | ||||||||
Aeffe SpA(2) | 47,952 | $ | 121,888 | |||||
Arnoldo Mondadori Editore SpA(2) | 257,973 | 566,182 | ||||||
Avio SpA(1) | 33,904 | 422,358 | ||||||
Banca IFIS SpA | 59,509 | 1,255,898 | ||||||
Banca Popolare di Sondrio SCPA | 1,627,481 | 6,420,979 | ||||||
Banco di Desio e della Brianza SpA | 118,022 | 396,321 | ||||||
BFF Bank SpA | 10,248 | 73,819 | ||||||
Biesse SpA(1)(2) | 57,192 | 1,254,399 | ||||||
Cairo Communication SpA | 82,569 | 155,623 | ||||||
Cementir Holding NV | 34,500 | 274,465 | ||||||
Danieli & C Officine Meccaniche SpA(1) | 32,429 | 750,575 | ||||||
Danieli & C Officine Meccaniche SpA, Preference Shares | 121,861 | 1,912,942 | ||||||
Digital Bros SpA(1) | 40,810 | 1,131,072 | ||||||
doValue SpA | 14,047 | 113,430 | ||||||
Enav SpA(2) | 93,904 | 431,658 | ||||||
Fila SpA | 26,263 | 275,345 | ||||||
Fincantieri SpA(1)(2) | 1,216,577 | 854,966 | ||||||
FNM SpA(2) | 66,723 | 38,155 | ||||||
Geox SpA(1)(2) | 68,174 | 63,595 | ||||||
Maire Tecnimont SpA(1) | 883,925 | 2,782,498 | ||||||
MFE-MediaForEurope NV, Class A(2) | 180,257 | 162,095 | ||||||
MFE-MediaForEurope NV, Class B | 201,987 | 247,387 | ||||||
Newlat Food SpA(2) | 10,744 | 84,070 | ||||||
OVS SpA(2) | 1,479,491 | 3,732,544 | ||||||
RAI Way SpA | 233,338 | 1,279,781 | ||||||
Safilo Group SpA(1)(2) | 887,604 | 1,381,281 | ||||||
Saipem SpA(1)(2) | 2,450,275 | 2,887,368 | ||||||
Sanlorenzo SpA/Ameglia | 16,523 | 712,397 | ||||||
Saras SpA(2) | 2,872,940 | 1,755,416 | ||||||
Societa Cattolica Di Assicurazione SpA(2) | 72,279 | 442,010 | ||||||
Tesmec SpA(1)(2) | 1,690,861 | 225,892 | ||||||
Webuild SpA(1) | 2,174,311 | 4,095,614 | ||||||
36,302,023 | ||||||||
Japan — 25.2% | ||||||||
77 Bank Ltd. (The) | 77,000 | 1,039,751 | ||||||
A&D Co. Ltd. | 8,900 | 68,284 | ||||||
ADEKA Corp. | 3,100 | 71,896 | ||||||
AEON Financial Service Co. Ltd.(1) | 244,100 | 2,514,126 | ||||||
Aeon Mall Co. Ltd.(1) | 205,000 | 2,882,721 | ||||||
AFC-HD AMS Life Science Co. Ltd.(1) | 30,300 | 190,653 | ||||||
Aichi Steel Corp. | 14,300 | 327,792 | ||||||
Air Water, Inc. | 161,200 | 2,346,845 | ||||||
Airport Facilities Co. Ltd. | 3,500 | 17,285 | ||||||
Aisan Industry Co. Ltd. | 36,800 | 238,637 | ||||||
Akatsuki, Inc. | 7,500 | 192,441 | ||||||
Akebono Brake Industry Co. Ltd.(2) | 169,000 | 239,156 | ||||||
Alconix Corp. | 36,200 | 442,567 | ||||||
Alleanza Holdings Co. Ltd.(1) | 5,400 | 46,178 | ||||||
Alpen Co. Ltd.(1) | 50,200 | 925,308 | ||||||
Alps Alpine Co. Ltd. | 285,400 | 2,865,500 |
192
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
AOKI Holdings, Inc. | 4,600 | $ | 24,001 | |||||
Aozora Bank Ltd. | 15,300 | 344,498 | ||||||
Arata Corp. | 6,900 | 240,514 | ||||||
Arcland Sakamoto Co. Ltd. | 45,400 | 621,331 | ||||||
Arcs Co. Ltd.(1) | 45,100 | 854,156 | ||||||
Arealink Co. Ltd. | 500 | 5,754 | ||||||
Asahi Holdings, Inc. | 12,800 | 248,582 | ||||||
ASAHI YUKIZAI Corp. | 6,600 | 120,470 | ||||||
Asanuma Corp. | 9,900 | 465,386 | ||||||
Asia Pile Holdings Corp. | 1,400 | 5,323 | ||||||
Aucnet, Inc. | 8,300 | 115,056 | ||||||
Awa Bank Ltd. (The) | 700 | 14,109 | ||||||
Bando Chemical Industries Ltd. | 9,600 | 71,982 | ||||||
Bank of the Ryukyus Ltd. | 11,200 | 81,304 | ||||||
Belluna Co. Ltd. | 116,900 | 751,818 | ||||||
Benesse Holdings, Inc. | 87,700 | 1,786,301 | ||||||
BML, Inc. | 15,800 | 458,301 | ||||||
Bunka Shutter Co. Ltd. | 111,900 | 1,060,002 | ||||||
Careerlink Co. Ltd. | 4,500 | 57,171 | ||||||
Carta Holdings, Inc. | 3,000 | 61,016 | ||||||
Cawachi Ltd. | 9,100 | 194,336 | ||||||
Central Glass Co. Ltd. | 9,600 | 172,271 | ||||||
Chiba Kogyo Bank Ltd. (The) | 2,000 | 4,718 | ||||||
Chilled & Frozen Logistics Holdings Co. Ltd. | 1,900 | 20,697 | ||||||
Chubu Shiryo Co. Ltd. | 9,200 | 84,224 | ||||||
CI Takiron Corp. | 17,900 | 87,314 | ||||||
Citizen Watch Co. Ltd. | 493,000 | 2,147,555 | ||||||
CMIC Holdings Co. Ltd. | 1,200 | 16,139 | ||||||
CMK Corp.(2) | 51,400 | 275,906 | ||||||
Cosmo Energy Holdings Co. Ltd. | 135,400 | 3,060,429 | ||||||
CRE, Inc. | 1,100 | 16,750 | ||||||
Credit Saison Co. Ltd. | 337,300 | 3,796,970 | ||||||
CTI Engineering Co. Ltd. | 2,700 | 53,527 | ||||||
Daicel Corp. | 585,900 | 4,508,869 | ||||||
Daihen Corp. | 9,400 | 353,898 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 8,600 | 76,373 | ||||||
Daiken Corp. | 12,400 | 242,522 | ||||||
Daikokutenbussan Co. Ltd. | 2,700 | 112,101 | ||||||
Daikyonishikawa Corp. | 19,200 | 94,263 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 10,700 | 209,253 | ||||||
Daio Paper Corp. | 153,800 | 2,284,839 | ||||||
Daishi Hokuetsu Financial Group, Inc. | 26,300 | 608,327 | ||||||
Daishinku Corp. | 38,300 | 360,670 | ||||||
Daito Pharmaceutical Co. Ltd. | 900 | 23,631 | ||||||
Daiwabo Holdings Co. Ltd. | 125,200 | 1,938,016 | ||||||
DCM Holdings Co. Ltd.(1) | 52,100 | 506,334 | ||||||
Dear Life Co. Ltd. | 18,600 | 83,520 | ||||||
Denka Co. Ltd. | 179,500 | 5,512,919 | ||||||
Denyo Co. Ltd. | 900 | 13,549 | ||||||
DIC Corp. | 162,400 | 3,699,369 | ||||||
Digital Holdings, Inc. | 15,500 | 203,759 |
193
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Dream Incubator, Inc.(2) | 3,500 | $ | 74,369 | |||||
Eagle Industry Co. Ltd. | 47,000 | 424,142 | ||||||
Earth Corp. | 4,800 | 234,804 | ||||||
Ebara Corp. | 10,800 | 563,665 | ||||||
Ebara Jitsugyo Co. Ltd. | 2,600 | 50,497 | ||||||
Eco's Co. Ltd.(1) | 14,100 | 247,683 | ||||||
EDION Corp. | 4,800 | 50,041 | ||||||
EF-ON, Inc. | 12,800 | 61,529 | ||||||
Ehime Bank Ltd. (The) | 3,300 | 27,576 | ||||||
Eizo Corp. | 3,500 | 112,467 | ||||||
EJ Holdings, Inc. | 2,900 | 29,798 | ||||||
Electric Power Development Co. Ltd. | 308,200 | 4,889,960 | ||||||
Enomoto Co. Ltd. | 3,000 | 38,777 | ||||||
Exedy Corp. | 46,400 | 675,166 | ||||||
EXEO Group, Inc. | 185,700 | 3,865,599 | ||||||
F.C.C. Co. Ltd. | 55,000 | 676,762 | ||||||
FALCO HOLDINGS Co. Ltd. | 2,000 | 35,276 | ||||||
Feed One Co. Ltd. | 4,700 | 27,820 | ||||||
Ferrotec Holdings Corp. | 115,200 | 2,437,970 | ||||||
FIDEA Holdings Co. Ltd. | 7,810 | 95,002 | ||||||
Financial Products Group Co. Ltd. | 148,200 | 1,103,716 | ||||||
FJ Next Holdings Co. Ltd. | 12,000 | 106,298 | ||||||
France Bed Holdings Co. Ltd. | 12,600 | 102,351 | ||||||
Freebit Co. Ltd. | 3,900 | 31,407 | ||||||
Fuji Co. Ltd.(1) | 1,800 | 49,295 | ||||||
Fuji Corp. Ltd. | 9,000 | 52,086 | ||||||
Fuji Oil Holdings, Inc. | 33,200 | 644,070 | ||||||
Fuji Pharma Co. Ltd. | 3,800 | 33,610 | ||||||
Fuji Seal International, Inc. | 40,200 | 635,230 | ||||||
Fujibo Holdings, Inc. | 4,500 | 141,188 | ||||||
Fujikura Composites, Inc. | 29,100 | 174,658 | ||||||
Fujikura Ltd.(2) | 458,800 | 2,480,673 | ||||||
Fukuda Corp. | 800 | 30,056 | ||||||
Furukawa Battery Co. Ltd. (The) | 2,700 | 30,447 | ||||||
Furukawa Co. Ltd. | 16,600 | 192,309 | ||||||
Furuno Electric Co. Ltd.(1) | 28,000 | 251,837 | ||||||
Furyu Corp. | 600 | 5,435 | ||||||
Futaba Industrial Co. Ltd. | 107,100 | 362,603 | ||||||
Fuyo General Lease Co. Ltd. | 28,400 | 1,860,361 | ||||||
G-7 Holdings, Inc. | 10,800 | 156,228 | ||||||
G-Tekt Corp. | 14,800 | 187,244 | ||||||
Gecoss Corp. | 2,200 | 15,800 | ||||||
Genky DrugStores Co. Ltd. | 5,000 | 171,825 | ||||||
Geo Holdings Corp. | 6,700 | 88,492 | ||||||
GLOBERIDE, Inc. | 38,600 | 966,964 | ||||||
Glory Ltd. | 73,500 | 1,333,030 | ||||||
GMO Financial Holdings, Inc. | 56,300 | 400,003 | ||||||
Godo Steel Ltd. | 5,500 | 63,580 | ||||||
Goldcrest Co. Ltd. | 17,800 | 288,956 | ||||||
Good Com Asset Co. Ltd. | 12,500 | 126,065 | ||||||
GS Yuasa Corp. | 36,100 | 777,342 |
194
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
GSI Creos Corp. | 6,900 | $ | 69,318 | |||||
GungHo Online Entertainment, Inc. | 73,100 | 1,622,448 | ||||||
Gunma Bank Ltd. (The) | 87,400 | 288,923 | ||||||
H-One Co. Ltd. | 9,400 | 53,057 | ||||||
H.U. Group Holdings, Inc. | 100,600 | 2,662,495 | ||||||
H2O Retailing Corp. | 20,000 | 149,547 | ||||||
Hagiwara Electric Holdings Co. Ltd. | 1,300 | 24,714 | ||||||
Hakudo Co. Ltd. | 8,000 | 185,367 | ||||||
Hakuto Co. Ltd. | 25,700 | 554,043 | ||||||
Hamakyorex Co. Ltd. | 22,200 | 562,450 | ||||||
Hanwa Co. Ltd. | 82,400 | 2,396,796 | ||||||
Happinet Corp. | 9,100 | 125,720 | ||||||
Hazama Ando Corp. | 3,700 | 29,803 | ||||||
Heiwa Real Estate Co. Ltd. | 55,100 | 1,970,189 | ||||||
Heiwado Co. Ltd. | 2,400 | 41,832 | ||||||
HI-LEX Corp. | 4,000 | 46,652 | ||||||
Hinokiya Group Co. Ltd. | 2,200 | 45,153 | ||||||
Hirano Tecseed Co. Ltd.(1) | 14,500 | 255,250 | ||||||
Hirogin Holdings, Inc. | 185,600 | 1,093,349 | ||||||
Hitachi Transport System Ltd. | 2,900 | 153,687 | ||||||
Hitachi Zosen Corp. | 361,100 | 2,503,050 | ||||||
Hokkoku Financial Holdings, Inc. | 3,200 | 84,500 | ||||||
Hokuetsu Corp. | 221,600 | 1,381,925 | ||||||
Hokuhoku Financial Group, Inc. | 137,600 | 1,119,044 | ||||||
Hokuto Corp. | 13,500 | 231,592 | ||||||
Honeys Holdings Co. Ltd. | 7,600 | 67,809 | ||||||
Hoosiers Holdings | 15,500 | 93,188 | ||||||
Hosiden Corp. | 3,000 | 30,990 | ||||||
Hosokawa Micron Corp. | 5,800 | 135,693 | ||||||
HS Holdings Co. Ltd. | 41,900 | 415,719 | ||||||
Hyakugo Bank Ltd. (The) | 102,100 | 314,824 | ||||||
I-Net Corp./Kanagawa | 1,400 | 15,975 | ||||||
I-PEX, Inc. | 10,800 | 138,842 | ||||||
Ichigo, Inc. | 6,500 | 15,126 | ||||||
Ichinen Holdings Co. Ltd. | 4,300 | 48,883 | ||||||
IDEA Consultants, Inc. | 200 | 3,148 | ||||||
IDOM, Inc. | 184,300 | 1,055,684 | ||||||
IHI Corp. | 285,500 | 6,607,285 | ||||||
Iino Kaiun Kaisha Ltd. | 250,800 | 1,939,988 | ||||||
Inabata & Co. Ltd. | 66,500 | 1,342,939 | ||||||
Ines Corp. | 200 | 2,719 | ||||||
INFRONEER Holdings, Inc. | 272,184 | 2,417,511 | ||||||
Innotech Corp. | 7,400 | 92,308 | ||||||
Internet Initiative Japan, Inc. | 49,900 | 1,603,692 | ||||||
Iseki & Co. Ltd. | 29,800 | 310,665 | ||||||
Ishihara Sangyo Kaisha Ltd. | 75,200 | 697,455 | ||||||
Itochu Enex Co. Ltd. | 138,700 | 1,262,203 | ||||||
IwaiCosmo Holdings, Inc. | 13,500 | 165,346 | ||||||
Iwatani Corp. | 41,500 | 1,972,423 | ||||||
Iyo Bank Ltd. (The) | 28,300 | 151,665 | ||||||
Izumi Co. Ltd.(1) | 3,800 | 106,249 |
195
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
J Front Retailing Co. Ltd. | 225,600 | $ | 1,889,584 | |||||
Jaccs Co. Ltd. | 48,400 | 1,366,896 | ||||||
JAFCO Group Co. Ltd. | 170,200 | 2,560,151 | ||||||
JANOME Corp. | 10,000 | 64,871 | ||||||
Japan Aviation Electronics Industry Ltd. | 63,400 | 999,158 | ||||||
Japan Electronic Materials Corp. | 24,800 | 431,561 | ||||||
Japan Investment Adviser Co. Ltd. | 9,700 | 97,989 | ||||||
Japan Petroleum Exploration Co. Ltd. | 71,000 | 1,685,319 | ||||||
Japan Transcity Corp. | 4,400 | 23,160 | ||||||
Japan Wool Textile Co. Ltd. (The) | 7,700 | 60,628 | ||||||
JDC Corp. | 1,000 | 4,670 | ||||||
JGC Holdings Corp. | 473,700 | 4,747,851 | ||||||
JINUSHI Co. Ltd. | 17,300 | 270,719 | ||||||
JK Holdings Co. Ltd. | 200 | 1,829 | ||||||
JM Holdings Co. Ltd. | 6,100 | 94,837 | ||||||
Joshin Denki Co. Ltd. | 30,600 | 558,731 | ||||||
JSB Co. Ltd. | 2,200 | 61,109 | ||||||
JSP Corp. | 2,200 | 30,872 | ||||||
JTEKT Corp. | 451,900 | 3,898,267 | ||||||
Juki Corp. | 55,300 | 318,885 | ||||||
Juroku Financial Group, Inc. | 18,700 | 396,073 | ||||||
JVCKenwood Corp. | 724,700 | 1,170,073 | ||||||
K's Holdings Corp. | 72,700 | 787,777 | ||||||
Kaga Electronics Co. Ltd. | 33,200 | 873,785 | ||||||
Kamei Corp. | 4,700 | 43,044 | ||||||
Kanamoto Co. Ltd. | 68,500 | 1,357,199 | ||||||
Kandenko Co. Ltd. | 4,100 | 31,177 | ||||||
Kaneka Corp. | 86,500 | 2,829,324 | ||||||
Kanematsu Corp. | 149,900 | 1,830,096 | ||||||
Kanto Denka Kogyo Co. Ltd. | 107,100 | 1,120,833 | ||||||
Kawai Musical Instruments Manufacturing Co. Ltd. | 900 | 24,213 | ||||||
Keiyo Co. Ltd.(1) | 29,300 | 227,415 | ||||||
KFC Holdings Japan Ltd. | 6,900 | 174,606 | ||||||
KH Neochem Co. Ltd. | 43,400 | 1,073,166 | ||||||
Kimura Chemical Plants Co. Ltd. | 12,800 | 100,336 | ||||||
Kintetsu World Express, Inc. | 67,500 | 1,769,004 | ||||||
Kito Corp. | 1,700 | 25,005 | ||||||
Kitz Corp. | 79,300 | 452,591 | ||||||
Kiyo Bank Ltd. (The) | 124,600 | 1,597,944 | ||||||
Kobe Steel Ltd. | 805,700 | 4,278,904 | ||||||
Kohnan Shoji Co. Ltd.(1) | 25,500 | 810,890 | ||||||
Kojima Co. Ltd.(1) | 23,100 | 110,149 | ||||||
Komeri Co. Ltd. | 58,500 | 1,438,411 | ||||||
Konica Minolta, Inc. | 315,300 | 1,335,799 | ||||||
Konoike Transport Co. Ltd. | 3,700 | 38,696 | ||||||
Konoshima Chemical Co. Ltd. | 3,000 | 45,252 | ||||||
Krosaki Harima Corp. | 1,000 | 38,066 | ||||||
Kumagai Gumi Co. Ltd. | 12,100 | 304,184 | ||||||
Kuraray Co. Ltd. | 654,400 | 6,142,599 | ||||||
Kureha Corp. | 33,100 | 2,656,257 | ||||||
Kurimoto Ltd. | 100 | 1,319 |
196
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Kuriyama Holdings Corp. | 10,100 | $ | 76,433 | |||||
KYB Corp. | 44,800 | 1,203,367 | ||||||
Kyodo Printing Co. Ltd. | 2,700 | 67,144 | ||||||
Kyoei Steel Ltd. | 12,700 | 175,794 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 30,200 | 381,286 | ||||||
Kyokuyo Co. Ltd. | 2,700 | 76,775 | ||||||
Kyudenko Corp. | 600 | 16,108 | ||||||
Lawson, Inc.(1) | 1,800 | 75,052 | ||||||
Life Corp. | 6,200 | 164,195 | ||||||
Macnica Fuji Electronics Holdings, Inc. | 86,900 | 2,045,313 | ||||||
Makino Milling Machine Co. Ltd. | 7,200 | 235,122 | ||||||
Maruha Nichiro Corp. | 78,500 | 1,712,743 | ||||||
Maruwa Co. Ltd. | 200 | 26,119 | ||||||
Maruzen Showa Unyu Co. Ltd. | 2,500 | 69,576 | ||||||
Maxell Ltd. | 115,400 | 1,188,746 | ||||||
Mazda Motor Corp.(2) | 600 | 4,438 | ||||||
MCJ Co. Ltd. | 22,800 | 199,620 | ||||||
Mebuki Financial Group, Inc. | 599,900 | 1,406,726 | ||||||
Megmilk Snow Brand Co. Ltd. | 50,400 | 887,528 | ||||||
Meidensha Corp. | 18,300 | 358,236 | ||||||
Meiji Shipping Co. Ltd.(1) | 10,300 | 82,748 | ||||||
Meiko Electronics Co. Ltd. | 45,100 | 1,580,126 | ||||||
Meiwa Corp.(1) | 38,200 | 383,072 | ||||||
Micronics Japan Co. Ltd. | 20,200 | 290,927 | ||||||
Mie Kotsu Group Holdings, Inc. | 3,500 | 14,118 | ||||||
Mikuni Corp. | 22,300 | 76,489 | ||||||
MIMAKI ENGINEERING Co. Ltd. | 3,000 | 19,270 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 13,100 | 279,581 | ||||||
Mirait Holdings Corp. | 158,100 | 2,686,907 | ||||||
Mitani Sangyo Co. Ltd. | 1,200 | 3,601 | ||||||
Mitsuba Corp.(2) | 65,000 | 217,160 | ||||||
Mitsubishi Materials Corp. | 106,900 | 1,924,123 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 23,200 | 625,387 | ||||||
Mitsubishi Steel Manufacturing Co. Ltd. | 18,100 | 202,029 | ||||||
Mitsuboshi Belting Ltd. | 16,800 | 316,672 | ||||||
Mitsui Chemicals, Inc. | 60,100 | 1,536,429 | ||||||
Mitsui Matsushima Holdings Co. Ltd. | 38,000 | 525,996 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 145,900 | 4,272,340 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 55,200 | 1,148,970 | ||||||
Miyaji Engineering Group, Inc. | 700 | 21,771 | ||||||
Miyazaki Bank Ltd. (The) | 8,300 | 158,850 | ||||||
Mizuho Leasing Co. Ltd. | 60,800 | 1,642,325 | ||||||
Mizuno Corp. | 25,100 | 496,004 | ||||||
Modec, Inc. | 6,000 | 61,370 | ||||||
Monex Group, Inc. | 192,200 | 876,254 | ||||||
Morinaga Milk Industry Co. Ltd. | 7,900 | 396,019 | ||||||
MrMax Holdings Ltd.(1) | 3,100 | 15,451 | ||||||
Musashi Seimitsu Industry Co. Ltd. | 28,800 | 449,538 | ||||||
Musashino Bank Ltd. (The) | 27,400 | 452,628 | ||||||
Nachi-Fujikoshi Corp. | 35,400 | 1,287,188 | ||||||
Nafco Co. Ltd. | 7,900 | 114,788 |
197
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Nagase & Co. Ltd. | 76,800 | $ | 1,228,759 | |||||
NEC Capital Solutions Ltd. | 17,000 | 318,684 | ||||||
Neturen Co. Ltd. | 10,700 | 56,012 | ||||||
NGK Spark Plug Co. Ltd. | 238,000 | 4,288,913 | ||||||
NHK Spring Co. Ltd. | 347,300 | 2,767,893 | ||||||
Nichias Corp. | 84,500 | 1,914,204 | ||||||
Nichiha Corp. | 15,100 | 340,127 | ||||||
Nichireki Co. Ltd. | 33,200 | 373,502 | ||||||
Nihon Chouzai Co. Ltd. | 400 | 4,846 | ||||||
Nihon Dempa Kogyo Co. Ltd.(2) | 38,200 | 397,648 | ||||||
Nihon Flush Co. Ltd. | 3,600 | 32,208 | ||||||
Nihon House Holdings Co. Ltd. | 45,500 | 184,091 | ||||||
Nihon Tokushu Toryo Co. Ltd. | 1,200 | 9,183 | ||||||
Nikkon Holdings Co. Ltd. | 68,300 | 1,301,008 | ||||||
Nippon Carbon Co. Ltd. | 200 | 7,133 | ||||||
Nippon Chemi-Con Corp.(2) | 28,100 | 444,303 | ||||||
Nippon Chemical Industrial Co. Ltd. | 8,000 | 168,546 | ||||||
Nippon Coke & Engineering Co. Ltd. | 388,400 | 471,434 | ||||||
Nippon Denko Co. Ltd. | 461,000 | 1,350,087 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 20,900 | 289,800 | ||||||
Nippon Electric Glass Co. Ltd. | 188,400 | 4,534,940 | ||||||
Nippon Kayaku Co. Ltd. | 83,600 | 828,067 | ||||||
Nippon Kodoshi Corp. | 800 | 14,629 | ||||||
Nippon Koei Co. Ltd. | 10,400 | 278,079 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 125,410 | 2,009,660 | ||||||
Nippon Paper Industries Co. Ltd. | 222,000 | 2,119,035 | ||||||
Nippon Seiki Co. Ltd. | 2,100 | 17,797 | ||||||
Nippon Seisen Co. Ltd. | 3,000 | 114,965 | ||||||
Nippon Shokubai Co. Ltd. | 48,200 | 2,350,390 | ||||||
Nippon Steel Trading Corp. | 24,200 | 1,147,948 | ||||||
Nippon Suisan Kaisha Ltd. | 498,300 | 2,359,636 | ||||||
Nippon Thompson Co. Ltd. | 93,600 | 443,226 | ||||||
Nippon Yakin Kogyo Co. Ltd. | 25,710 | 632,522 | ||||||
Nipro Corp. | 234,400 | 2,238,521 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 153,400 | 1,096,292 | ||||||
Nishimatsu Construction Co. Ltd. | 61,700 | 2,052,482 | ||||||
Nishimatsuya Chain Co. Ltd.(1) | 1,000 | 12,472 | ||||||
Nishio Rent All Co. Ltd. | 52,400 | 1,310,021 | ||||||
Nissha Co. Ltd. | 96,100 | 1,104,666 | ||||||
Nisshinbo Holdings, Inc.(1) | 282,000 | 2,489,189 | ||||||
Nissin Electric Co. Ltd. | 5,100 | 64,902 | ||||||
Nittetsu Mining Co. Ltd. | 7,600 | 440,055 | ||||||
Nitto Kogyo Corp. | 21,400 | 300,853 | ||||||
Nittoc Construction Co. Ltd. | 100 | 643 | ||||||
Nojima Corp. | 53,200 | 1,181,625 | ||||||
NOK Corp. | 145,100 | 1,518,933 | ||||||
Nomura Micro Science Co. Ltd.(1) | 2,700 | 86,479 | ||||||
Noritz Corp. | 41,100 | 553,076 | ||||||
North Pacific Bank Ltd. | 239,300 | 527,444 | ||||||
NS United Kaiun Kaisha Ltd.(1) | 30,500 | 1,114,694 | ||||||
NTN Corp.(2) | 813,000 | 1,537,811 |
198
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Ogaki Kyoritsu Bank Ltd. (The) | 16,800 | $ | 296,729 | |||||
Okamoto Machine Tool Works Ltd. | 1,700 | 62,217 | ||||||
Okamura Corp. | 31,400 | 323,543 | ||||||
Oki Electric Industry Co. Ltd. | 51,300 | 377,981 | ||||||
Okumura Corp. | 80,100 | 2,262,165 | ||||||
Okuwa Co. Ltd. | 16,900 | 143,149 | ||||||
Olympic Group Corp. | 4,100 | 24,572 | ||||||
Onoken Co. Ltd. | 28,300 | 400,569 | ||||||
Organo Corp. | 10,200 | 726,015 | ||||||
Orient Corp. | 715,800 | 786,545 | ||||||
Oriental Shiraishi Corp.(2) | 34,200 | 74,726 | ||||||
Osaka Soda Co. Ltd. | 30,800 | 842,734 | ||||||
Pacific Industrial Co. Ltd. | 124,300 | 1,101,946 | ||||||
Pasco Corp. | 500 | 5,785 | ||||||
Pasona Group, Inc. | 28,200 | 620,490 | ||||||
Penta-Ocean Construction Co. Ltd. | 102,900 | 541,656 | ||||||
Press Kogyo Co. Ltd. | 251,100 | 817,322 | ||||||
Pressance Corp. | 10,100 | 158,328 | ||||||
Proto Corp. | 8,100 | 81,518 | ||||||
PS Mitsubishi Construction Co. Ltd. | 16,200 | 85,690 | ||||||
Raiznext Corp. | 16,500 | 163,371 | ||||||
Relia, Inc. | 29,600 | 272,119 | ||||||
Rengo Co. Ltd.(1) | 428,500 | 3,207,231 | ||||||
Resorttrust, Inc. | 144,900 | 2,446,816 | ||||||
Restar Holdings Corp. | 15,400 | 266,118 | ||||||
Ricoh Leasing Co. Ltd. | 31,600 | 1,022,542 | ||||||
Riken Corp. | 2,500 | 54,682 | ||||||
Riken Technos Corp. | 14,500 | 58,865 | ||||||
Rokko Butter Co. Ltd. | 1,500 | 20,522 | ||||||
Roland DG Corp. | 20,000 | 529,245 | ||||||
Ryobi Ltd. | 15,500 | 147,548 | ||||||
Ryoden Corp. | 1,700 | 26,544 | ||||||
Ryosan Co. Ltd. | 3,000 | 61,248 | ||||||
Sakai Chemical Industry Co. Ltd. | 30,000 | 517,487 | ||||||
Sakura Internet, Inc. | 500 | 2,246 | ||||||
Sala Corp. | 12,500 | 72,653 | ||||||
San-Ai Oil Co. Ltd. | 12,700 | 105,589 | ||||||
San-In Godo Bank Ltd. (The) | 73,900 | 435,470 | ||||||
Sanei Architecture Planning Co. Ltd. | 3,600 | 51,019 | ||||||
Sankyu, Inc. | 44,800 | 1,553,343 | ||||||
Sanoh Industrial Co. Ltd. | 14,500 | 88,971 | ||||||
Sanwa Holdings Corp. | 283,200 | 3,164,961 | ||||||
Sanyo Chemical Industries Ltd. | 18,600 | 830,987 | ||||||
Sanyo Denki Co. Ltd. | 5,400 | 239,320 | ||||||
Sanyo Special Steel Co. Ltd. | 28,000 | 518,738 | ||||||
SBS Holdings, Inc. | 26,700 | 775,658 | ||||||
Scroll Corp. | 30,400 | 242,832 | ||||||
Seed Co. Ltd. | 5,000 | 22,595 | ||||||
Seikitokyu Kogyo Co. Ltd. | 6,400 | 45,656 | ||||||
Seiko Epson Corp. | 29,600 | 455,261 | ||||||
Seiko Holdings Corp. | 47,900 | 1,001,012 |
199
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Seino Holdings Co. Ltd. | 13,800 | $ | 144,365 | |||||
SEMITEC Corp. | 2,200 | 141,399 | ||||||
Senko Group Holdings Co. Ltd. | 208,600 | 1,713,511 | ||||||
Senshu Electric Co. Ltd. | 9,500 | 512,608 | ||||||
Senshu Ikeda Holdings, Inc. | 128,800 | 208,248 | ||||||
Seven Bank Ltd. | 12,600 | 26,898 | ||||||
Shibaura Electronics Co. Ltd. | 5,400 | 313,673 | ||||||
Shibaura Mechatronics Corp. | 2,100 | 143,603 | ||||||
Shibuya Corp. | 1,000 | 21,517 | ||||||
Shinagawa Refractories Co. Ltd. | 1,700 | 57,097 | ||||||
Shindengen Electric Manufacturing Co. Ltd.(2) | 6,300 | 162,106 | ||||||
Shinmaywa Industries Ltd. | 115,400 | 937,801 | ||||||
Shinnihon Corp. | 3,900 | 25,453 | ||||||
Shinoken Group Co. Ltd. | 12,300 | 110,843 | ||||||
Shinsei Bank Ltd. | 40,800 | 764,674 | ||||||
Siix Corp. | 36,100 | 353,007 | ||||||
Sinko Industries Ltd. | 3,300 | 49,947 | ||||||
SK-Electronics Co. Ltd. | 200 | 1,518 | ||||||
SKY Perfect JSAT Holdings, Inc. | 361,300 | 1,358,643 | ||||||
Sodick Co. Ltd. | 39,500 | 267,673 | ||||||
Soken Chemical & Engineering Co. Ltd. | 1,300 | 18,877 | ||||||
St-Care Holding Corp. | 12,200 | 89,714 | ||||||
Star Micronics Co. Ltd. | 66,700 | 850,929 | ||||||
Starts Corp., Inc. | 61,700 | 1,394,422 | ||||||
Starzen Co. Ltd. | 10,700 | 197,699 | ||||||
Stella Chemifa Corp. | 4,400 | 92,660 | ||||||
Studio Alice Co. Ltd. | 8,400 | 159,308 | ||||||
Sumida Corp. | 36,800 | 290,868 | ||||||
Sumitomo Bakelite Co. Ltd. | 7,300 | 304,547 | ||||||
Sumitomo Forestry Co. Ltd. | 3,800 | 73,277 | ||||||
Sumitomo Heavy Industries Ltd. | 232,100 | 5,623,962 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 72,800 | 279,677 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 81,700 | 2,426,987 | ||||||
Sumitomo Riko Co. Ltd. | 57,500 | 314,570 | ||||||
Sumitomo Rubber Industries Ltd. | 333,800 | 3,229,912 | ||||||
Sumitomo Seika Chemicals Co. Ltd. | 6,700 | 190,680 | ||||||
Sun Frontier Fudousan Co. Ltd. | 55,500 | 521,844 | ||||||
Sun-Wa Technos Corp. | 1,700 | 19,995 | ||||||
Suncall Corp. | 18,200 | 79,935 | ||||||
Suruga Bank Ltd.(1) | 419,600 | 1,645,499 | ||||||
Suzuken Co. Ltd. | 91,200 | 2,939,932 | ||||||
Suzuki Co. Ltd. | 6,700 | 47,757 | ||||||
SWCC Showa Holdings Co. Ltd. | 37,600 | 620,503 | ||||||
T RAD Co. Ltd. | 4,600 | 98,316 | ||||||
Tadano Ltd. | 24,300 | 207,486 | ||||||
Taihei Dengyo Kaisha Ltd. | 9,700 | 221,019 | ||||||
Taiheiyo Cement Corp. | 272,500 | 5,239,739 | ||||||
Taiho Kogyo Co. Ltd. | 22,800 | 144,920 | ||||||
Taiyo Yuden Co. Ltd. | 19,300 | 872,585 | ||||||
Takamiya Co. Ltd. | 1,600 | 5,378 | ||||||
Takaoka Toko Co. Ltd. | 5,500 | 69,754 |
200
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Takara Leben Co. Ltd. | 170,200 | $ | 465,295 | |||||
Takara Standard Co. Ltd. | 25,900 | 307,631 | ||||||
Takasago International Corp. | 12,700 | 305,185 | ||||||
Takashimaya Co. Ltd.(1) | 48,600 | 474,380 | ||||||
Takeuchi Manufacturing Co. Ltd.(1) | 32,300 | 722,082 | ||||||
Tama Home Co. Ltd. | 43,900 | 884,294 | ||||||
Tanseisha Co. Ltd. | 13,900 | 88,811 | ||||||
Teijin Ltd. | 357,100 | 4,295,875 | ||||||
Toa Corp. (Tokyo)(1) | 43,700 | 983,538 | ||||||
Toagosei Co. Ltd. | 22,900 | 217,837 | ||||||
Toda Corp. | 82,600 | 551,578 | ||||||
Toho Zinc Co. Ltd.(1) | 13,600 | 324,845 | ||||||
TOKAI Holdings Corp. | 179,500 | 1,428,625 | ||||||
Tokai Rika Co. Ltd. | 1,800 | 23,889 | ||||||
Tokuyama Corp. | 108,700 | 1,675,011 | ||||||
Tokyo Electron Device Ltd. | 9,900 | 465,929 | ||||||
Tokyo Rope Manufacturing Co. Ltd.(2) | 10,400 | 78,923 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 139,400 | 1,363,861 | ||||||
Tokyo Tatemono Co. Ltd. | 287,600 | 4,408,773 | ||||||
Tokyo Tekko Co. Ltd. | 800 | 9,424 | ||||||
Tokyu Construction Co. Ltd. | 189,400 | 1,173,942 | ||||||
Tokyu Fudosan Holdings Corp. | 96,900 | 537,546 | ||||||
Tomoku Co. Ltd. | 200 | 2,961 | ||||||
TOMONY Holdings, Inc. | 8,700 | 26,089 | ||||||
Tomy Co. Ltd. | 113,200 | 1,238,002 | ||||||
Topre Corp. | 72,800 | 755,009 | ||||||
Tosei Corp. | 1,200 | 11,436 | ||||||
Toshiba TEC Corp. | 9,000 | 382,971 | ||||||
Towa Bank Ltd. (The) | 11,900 | 59,946 | ||||||
Towa Corp. | 34,400 | 708,059 | ||||||
Toyo Construction Co. Ltd. | 131,500 | 685,206 | ||||||
Toyo Engineering Corp.(2) | 38,200 | 184,834 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 56,700 | 950,399 | ||||||
Toyo Seikan Group Holdings Ltd. | 299,600 | 4,002,772 | ||||||
Toyo Tire Corp. | 185,600 | 2,459,963 | ||||||
Toyobo Co. Ltd. | 196,200 | 2,123,729 | ||||||
Toyoda Gosei Co. Ltd. | 85,500 | 1,627,199 | ||||||
Toyota Boshoku Corp. | 77,300 | 1,414,586 | ||||||
TPR Co. Ltd. | 21,500 | 260,227 | ||||||
Transcosmos, Inc. | 17,700 | 489,529 | ||||||
TRE Holdings Corp. | 40 | 600 | ||||||
TS Tech Co. Ltd. | 32,300 | 435,840 | ||||||
Tsubakimoto Chain Co. | 51,600 | 1,475,667 | ||||||
Tsugami Corp. | 65,200 | 722,879 | ||||||
Tsuzuki Denki Co. Ltd. | 200 | 2,475 | ||||||
TV Asahi Holdings Corp. | 7,500 | 102,508 | ||||||
UACJ Corp.(2) | 70,000 | 1,434,971 | ||||||
Ube Industries Ltd. | 216,400 | 3,988,647 | ||||||
Uchida Yoko Co. Ltd. | 8,600 | 357,246 | ||||||
Uniden Holdings Corp. | 1,700 | 54,342 | ||||||
Unipres Corp. | 33,200 | 222,674 |
201
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
United Super Markets Holdings, Inc.(1) | 33,900 | $ | 313,127 | |||||
Unitika Ltd.(2) | 43,200 | 113,176 | ||||||
Univance Corp. | 29,200 | 149,986 | ||||||
Valor Holdings Co. Ltd. | 64,200 | 1,243,365 | ||||||
VT Holdings Co. Ltd. | 3,000 | 12,877 | ||||||
Wakachiku Construction Co. Ltd. | 8,100 | 139,001 | ||||||
Wakita & Co. Ltd. | 38,200 | 330,474 | ||||||
Warabeya Nichiyo Holdings Co. Ltd.(1) | 13,200 | 210,158 | ||||||
World Holdings Co. Ltd. | 4,100 | 76,887 | ||||||
Xebio Holdings Co. Ltd. | 28,800 | 241,191 | ||||||
YAMABIKO Corp. | 73,900 | 855,859 | ||||||
Yamaguchi Financial Group, Inc. | 129,900 | 801,969 | ||||||
Yamaichi Electronics Co. Ltd. | 7,700 | 130,186 | ||||||
Yamato Corp. | 700 | 4,408 | ||||||
Yamazen Corp. | 88,000 | 788,737 | ||||||
Yaoko Co. Ltd. | 1,100 | 63,026 | ||||||
Yellow Hat Ltd. | 4,700 | 66,731 | ||||||
Yodogawa Steel Works Ltd. | 28,800 | 691,700 | ||||||
Yokogawa Bridge Holdings Corp. | 39,900 | 728,859 | ||||||
Yokohama Rubber Co. Ltd. (The) | 219,600 | 3,078,876 | ||||||
Yokorei Co. Ltd. | 51,800 | 393,799 | ||||||
Yorozu Corp. | 4,500 | 35,304 | ||||||
Yotai Refractories Co. Ltd. | 2,400 | 26,231 | ||||||
Yuasa Trading Co. Ltd. | 21,600 | 561,857 | ||||||
Yurtec Corp. | 1,000 | 6,419 | ||||||
Zeon Corp. | 218,900 | 2,568,940 | ||||||
378,232,564 | ||||||||
Netherlands — 2.1% | ||||||||
AerCap Holdings NV(2) | 159,883 | 8,702,432 | ||||||
AMG Advanced Metallurgical Group NV | 35,728 | 1,415,289 | ||||||
Arcadis NV | 1,042 | 47,623 | ||||||
ASR Nederland NV | 186,854 | 8,076,012 | ||||||
Basic-Fit NV(2) | 529 | 24,139 | ||||||
Boskalis Westminster | 88,425 | 2,553,631 | ||||||
Brunel International NV | 10,585 | 125,944 | ||||||
Flow Traders | 15,246 | 523,305 | ||||||
ForFarmers NV | 33,946 | 138,474 | ||||||
Heijmans NV, CVA | 66,887 | 1,022,403 | ||||||
Koninklijke BAM Groep NV(2) | 621,956 | 1,749,805 | ||||||
OCI NV(2) | 96,423 | 2,733,228 | ||||||
PostNL NV | 499,514 | 2,008,288 | ||||||
SIF Holding NV(1) | 285 | 3,523 | ||||||
Sligro Food Group NV(2) | 3,129 | 79,807 | ||||||
TKH Group NV, CVA | 36,328 | 2,012,272 | ||||||
31,216,175 | ||||||||
New Zealand — 0.5% | ||||||||
Air New Zealand Ltd.(1)(2) | 3,847,305 | 3,905,343 | ||||||
Heartland Group Holdings Ltd. | 49,395 | 76,082 | ||||||
Kathmandu Holdings Ltd. | 977,511 | 871,024 | ||||||
New Zealand Refining Co. Ltd. (The)(2) | 201,543 | 136,572 | ||||||
Oceania Healthcare Ltd. | 3,296,338 | 2,352,601 |
202
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
SKYCITY Entertainment Group Ltd. | 281,714 | $ | 566,145 | |||||
Tourism Holdings Ltd.(2) | 2,943 | 5,233 | ||||||
7,913,000 | ||||||||
Norway — 2.3% | ||||||||
2020 Bulkers Ltd. | 29,870 | 388,735 | ||||||
ABG Sundal Collier Holding ASA | 411,801 | 397,073 | ||||||
Belships ASA | 85,938 | 173,121 | ||||||
Bonheur ASA | 6,255 | 247,645 | ||||||
Borregaard ASA | 7,633 | 168,782 | ||||||
BW Energy Ltd.(2) | 102,506 | 271,343 | ||||||
BW LPG Ltd. | 274,233 | 1,634,212 | ||||||
BW Offshore Ltd. | 408,698 | 1,298,722 | ||||||
DNO ASA | 1,524,847 | 1,934,480 | ||||||
FLEX LNG Ltd. | 127,943 | 3,209,993 | ||||||
Frontline Ltd.(1)(2) | 28,307 | 266,369 | ||||||
Golden Ocean Group Ltd. | 235,488 | 3,050,417 | ||||||
Hunter Group ASA(2) | 85,606 | 29,940 | ||||||
IDEX Biometrics ASA(1)(2) | 220,333 | 49,425 | ||||||
Kid ASA | 52,924 | 601,398 | ||||||
Kitron ASA(1) | 53,807 | 127,297 | ||||||
Komplett Bank ASA | 54,615 | 40,374 | ||||||
Kongsberg Automotive ASA(1)(2) | 2,153,879 | 665,701 | ||||||
MPC Container Ships AS | 534,655 | 1,685,795 | ||||||
Odfjell Drilling Ltd.(2) | 241,262 | 613,890 | ||||||
OKEA ASA(2) | 8,500 | 28,271 | ||||||
Panoro Energy ASA(2) | 43,740 | 134,002 | ||||||
PGS ASA(1)(2) | 2,538,665 | 708,475 | ||||||
Protector Forsikring ASA | 56,838 | 718,037 | ||||||
Rana Gruber ASA | 3,713 | 23,566 | ||||||
SpareBank 1 Nord Norge | 264,961 | 3,241,841 | ||||||
SpareBank 1 SMN | 178,334 | 2,946,957 | ||||||
Sparebanken Vest | 58,146 | 691,310 | ||||||
Stolt-Nielsen Ltd. | 56,657 | 1,014,808 | ||||||
Subsea 7 SA | 730,993 | 5,017,364 | ||||||
TGS ASA | 48,177 | 544,608 | ||||||
Wallenius Wilhelmsen ASA(2) | 314,286 | 2,372,592 | ||||||
XXL ASA | 175,157 | 236,914 | ||||||
34,533,457 | ||||||||
Portugal — 0.2% | ||||||||
CTT-Correios de Portugal SA | 528,140 | 2,558,364 | ||||||
Mota-Engil SGPS SA(1)(2) | 18,767 | 25,558 | ||||||
NOS SGPS SA(1) | 155,072 | 597,011 | ||||||
Sonae SGPS SA | 12,843 | 13,979 | ||||||
3,194,912 | ||||||||
Singapore — 1.6% | ||||||||
Aztech Global Ltd. | 45,500 | 31,366 | ||||||
Banyan Tree Holdings Ltd.(2) | 67,500 | 14,965 | ||||||
Boustead Singapore Ltd. | 125,900 | 89,832 | ||||||
BRC Asia Ltd. | 7,900 | 9,740 | ||||||
203
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
China Sunsine Chemical Holdings Ltd. | 1,435,600 | $ | 514,544 | |||||
First Resources Ltd. | 44,100 | 60,105 | ||||||
Food Empire Holdings Ltd. | 57,400 | 22,123 | ||||||
Frencken Group Ltd. | 3,500 | 4,201 | ||||||
Golden Agri-Resources Ltd. | 27,674,100 | 5,851,509 | ||||||
Hong Leong Asia Ltd. | 422,700 | 236,450 | ||||||
Hour Glass Ltd. (The) | 250,400 | 370,370 | ||||||
Hutchison Port Holdings Trust, U Shares | 17,969,600 | 4,518,043 | ||||||
Indofood Agri Resources Ltd.(2) | 191,900 | 47,768 | ||||||
InnoTek Ltd. | 91,000 | 46,005 | ||||||
ISDN Holdings Ltd. | 1,848,800 | 887,856 | ||||||
Japfa Ltd.(1) | 2,413,400 | 1,055,293 | ||||||
Jiutian Chemical Group Ltd.(1) | 5,487,900 | 333,982 | ||||||
Medtecs International Corp. Ltd.(1) | 1,705,300 | 301,509 | ||||||
Mewah International, Inc. | 120,500 | 38,393 | ||||||
OUE Ltd.(1) | 102,800 | 99,759 | ||||||
QAF Ltd. | 46,100 | 29,103 | ||||||
Riverstone Holdings Ltd. | 596,800 | 343,252 | ||||||
Singapore Post Ltd. | 1,404,500 | 655,420 | ||||||
Singapore Press Holdings Ltd.(1) | 2,679,100 | 4,613,704 | ||||||
Tuan Sing Holdings Ltd.(1) | 1,619,900 | 490,613 | ||||||
UG Healthcare Corp. Ltd.(1) | 356,100 | 65,778 | ||||||
Yanlord Land Group Ltd. | 2,933,400 | 2,612,972 | ||||||
23,344,655 | ||||||||
Spain — 1.8% | ||||||||
Acerinox SA | 303,966 | 3,864,531 | ||||||
Almirall SA | 1,988 | 26,021 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 16,601 | 71,757 | ||||||
Banco de Sabadell SA(2) | 7,962,541 | 6,885,003 | ||||||
Bankinter SA | 860,137 | 4,884,147 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 47,478 | 1,657,916 | ||||||
Deoleo SA(1)(2) | 254,650 | 83,278 | ||||||
Ercros SA(2) | 129,180 | 465,027 | ||||||
Fomento de Construcciones y Contratas SA | 424 | 4,821 | ||||||
Gestamp Automocion SA | 436,888 | 1,791,825 | ||||||
Grupo Catalana Occidente SA | 8,585 | 276,733 | ||||||
Mediaset Espana Comunicacion SA(2) | 352,792 | 1,809,836 | ||||||
Miquel y Costas & Miquel SA | 129 | 1,810 | ||||||
Neinor Homes SA(2) | 5,865 | 78,186 | ||||||
Prosegur Cia de Seguridad SA | 418,059 | 993,213 | ||||||
Sacyr SA | 292,459 | 684,375 | ||||||
Solaria Energia y Medio Ambiente SA(2) | 129,445 | 2,393,613 | ||||||
Unicaja Banco SA | 677,006 | 638,285 | ||||||
Zardoya Otis SA | 50,683 | 397,923 | ||||||
27,008,300 | ||||||||
Sweden — 5.9% | ||||||||
Arise AB(2) | 7,802 | 36,275 | ||||||
Arjo AB, B Shares | 10,539 | 90,405 | ||||||
Avanza Bank Holding AB | 51,942 | 1,469,310 | ||||||
Bahnhof AB, B Shares | 33,644 | 114,726 | ||||||
Bilia AB, A Shares | 260,762 | 3,386,218 |
204
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
BillerudKorsnas AB | 201,275 | $ | 2,823,236 | |||||
Biotage AB | 61,962 | 1,117,250 | ||||||
Bonava AB, B Shares | 203,112 | 1,451,588 | ||||||
Boozt AB(1)(2) | 300 | 4,874 | ||||||
Bure Equity AB | 160,532 | 5,093,708 | ||||||
Byggmax Group AB | 73,172 | 510,338 | ||||||
Catena Media plc(1)(2) | 252,660 | 1,166,122 | ||||||
Cibus Nordic Real Estate AB | 91,825 | 2,306,564 | ||||||
Clas Ohlson AB, B Shares | 183,213 | 2,052,230 | ||||||
Collector AB(2) | 199,016 | 664,739 | ||||||
Corem Property Group AB | 461,097 | 1,150,891 | ||||||
Dios Fastigheter AB | 247,273 | 2,551,301 | ||||||
Electrolux Professional AB, B Shares(2) | 253,303 | 1,467,417 | ||||||
Eolus Vind AB, B Shares(1) | 20,025 | 170,607 | ||||||
Ferronordic AB | 14,279 | 166,024 | ||||||
G5 Entertainment AB(1) | 19,001 | 451,338 | ||||||
GARO AB | 27,869 | 436,078 | ||||||
Granges AB | 45,781 | 489,387 | ||||||
Haldex AB(1)(2) | 602 | 2,517 | ||||||
Hexatronic Group AB | 32,265 | 1,166,018 | ||||||
Hoist Finance AB(1)(2) | 150,437 | 390,435 | ||||||
Hufvudstaden AB, A Shares | 139,427 | 1,848,634 | ||||||
International Petroleum Corp.(2) | 148,741 | 1,066,711 | ||||||
JM AB | 174,790 | 5,412,744 | ||||||
Karo Pharma AB(2) | 10,739 | 66,352 | ||||||
Kopparbergs Bryggeri AB, B Shares | 12,361 | 218,319 | ||||||
Loomis AB | 203,334 | 5,734,743 | ||||||
Maha Energy AB(1)(2) | 53,973 | 75,893 | ||||||
Mekonomen AB(2) | 80,465 | 992,612 | ||||||
Millicom International Cellular SA, SDR(1)(2) | 196,880 | 4,567,170 | ||||||
Mycronic AB | 119,495 | 2,264,959 | ||||||
NCC AB, B Shares | 236,345 | 3,313,259 | ||||||
Net Insight AB, B Shares(2) | 363,549 | 148,751 | ||||||
New Wave Group AB, B Shares | 105,597 | 1,596,703 | ||||||
Nobia AB | 306,228 | 1,344,077 | ||||||
Nolato AB, B Shares | 189,811 | 1,783,457 | ||||||
Nordic Entertainment Group AB, B Shares(2) | 36,189 | 1,228,940 | ||||||
NP3 Fastigheter AB | 231 | 6,272 | ||||||
Nyfosa AB | 221,794 | 3,100,567 | ||||||
Pandox AB(2) | 180,317 | 2,632,436 | ||||||
Paradox Interactive AB(1) | 109,048 | 2,330,811 | ||||||
Peab AB, Class B | 385,276 | 3,720,193 | ||||||
RaySearch Laboratories AB(1)(2) | 37,992 | 189,875 | ||||||
Resurs Holding AB | 395,099 | 1,132,988 | ||||||
Saab AB, B Shares | 186,899 | 5,603,900 | ||||||
Scandi Standard AB | 245,999 | 888,817 | ||||||
SkiStar AB | 11,325 | 167,950 | ||||||
Tethys Oil AB | 93,267 | 665,140 | ||||||
Transtema Group AB(2) | 14,063 | 48,072 | ||||||
Troax Group AB | 5,590 | 147,827 | ||||||
Wihlborgs Fastigheter AB | 255,402 | 5,044,335 | ||||||
88,072,103 |
205
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Switzerland — 4.5% | ||||||||
ALSO Holding AG(2) | 13,021 | $ | 3,474,190 | |||||
Arbonia AG | 220,971 | 4,900,561 | ||||||
Ascom Holding AG(1)(2) | 11,223 | 127,351 | ||||||
Autoneum Holding AG(2) | 17,465 | 2,913,215 | ||||||
Bell Food Group AG | 2,868 | 856,006 | ||||||
Bobst Group SA(2) | 34,129 | 3,105,370 | ||||||
Bossard Holding AG, Class A | 357 | 99,597 | ||||||
Bucher Industries AG | 2,032 | 897,180 | ||||||
Burckhardt Compression Holding AG | 11,560 | 5,674,944 | ||||||
Bystronic AG | 206 | 239,090 | ||||||
Cembra Money Bank AG | 32,803 | 2,250,740 | ||||||
Coltene Holding AG(2) | 5,166 | 597,294 | ||||||
dormakaba Holding AG | 1,790 | 989,296 | ||||||
EFG International AG(2) | 302,377 | 2,306,647 | ||||||
Forbo Holding AG | 548 | 937,082 | ||||||
GAM Holding AG(2) | 271,875 | 337,916 | ||||||
Gurit Holding AG | 974 | 1,600,999 | ||||||
Huber + Suhner AG | 39,365 | 3,795,225 | ||||||
Implenia AG(2) | 43,418 | 1,083,491 | ||||||
Leonteq AG | 42,019 | 2,874,496 | ||||||
Liechtensteinische Landesbank AG | 5,325 | 321,084 | ||||||
Mobimo Holding AG | 11,480 | 3,853,175 | ||||||
OC Oerlikon Corp. AG | 555,400 | 4,944,872 | ||||||
Orior AG | 14,049 | 1,284,817 | ||||||
Rieter Holding AG(2) | 4,895 | 865,460 | ||||||
Sensirion Holding AG(2) | 12,669 | 1,435,910 | ||||||
St Galler Kantonalbank AG | 3,004 | 1,470,415 | ||||||
Sulzer AG | 182 | 15,324 | ||||||
Swiss Steel Holding AG(1)(2) | 2,110,389 | 673,677 | ||||||
Swissquote Group Holding SA | 31,390 | 5,445,695 | ||||||
TX Group AG(2) | 304 | 47,767 | ||||||
V-ZUG Holding AG(2) | 862 | 98,868 | ||||||
Valiant Holding AG | 38,655 | 4,015,822 | ||||||
Valora Holding AG(2) | 3,685 | 730,895 | ||||||
Zehnder Group AG | 34,190 | 2,957,173 | ||||||
67,221,644 | ||||||||
United Kingdom — 15.8% | ||||||||
AG Barr plc | 9,204 | 63,848 | ||||||
Anglo Asian Mining plc | 128,174 | 180,464 | ||||||
Anglo Pacific Group plc | 24,995 | 47,371 | ||||||
AO World plc(1)(2) | 86,869 | 111,029 | ||||||
ASOS plc(2) | 31,115 | 815,920 | ||||||
Aston Martin Lagonda Global Holdings plc(2) | 78,458 | 1,064,435 | ||||||
Atalaya Mining plc | 101,544 | 592,786 | ||||||
Bank of Georgia Group plc | 58,705 | 1,039,768 | ||||||
Bellway plc | 137,511 | 5,289,299 | ||||||
Berkeley Group Holdings plc | 122,686 | 6,380,445 | ||||||
Biffa plc | 315,522 | 1,377,378 | ||||||
Bodycote plc | 98,764 | 986,631 | ||||||
Brewin Dolphin Holdings plc | 277,061 | 1,092,408 |
206
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Britvic plc | 322,547 | $ | 3,699,568 | |||||
Burford Capital Ltd. | 46,206 | 449,035 | ||||||
Capricorn Energy plc(1)(2) | 1,159,571 | 3,433,091 | ||||||
Centamin plc | 2,030,185 | 2,694,745 | ||||||
Central Asia Metals plc | 314,499 | 882,307 | ||||||
Close Brothers Group plc | 280,053 | 4,375,420 | ||||||
CMC Markets plc | 182,951 | 571,881 | ||||||
Coats Group plc | 2,335,071 | 1,902,962 | ||||||
Computacenter plc | 121,090 | 4,432,356 | ||||||
ContourGlobal plc | 141,399 | 356,964 | ||||||
Crest Nicholson Holdings plc | 486,745 | 1,997,727 | ||||||
CVS Group plc | 31,443 | 707,090 | ||||||
De La Rue plc(2) | 42,121 | 63,738 | ||||||
Devro plc | 257,352 | 700,949 | ||||||
Direct Line Insurance Group plc | 2,229,497 | 8,845,403 | ||||||
Diversified Energy Co. plc | 101,761 | 160,321 | ||||||
Drax Group plc | 697,154 | 6,577,478 | ||||||
Dunelm Group plc | 109,071 | 1,757,092 | ||||||
Electrocomponents plc | 5,045 | 66,550 | ||||||
EnQuest plc(2) | 93,497 | 27,130 | ||||||
Evraz plc | 378,257 | 1,046,221 | ||||||
Ferrexpo plc | 556,838 | 1,263,041 | ||||||
Firstgroup plc(1)(2) | 1,048,829 | 1,403,308 | ||||||
Forterra plc | 159,868 | 516,996 | ||||||
Frasers Group plc(2) | 369,029 | 3,120,737 | ||||||
Go-Ahead Group plc (The)(2) | 52,670 | 466,549 | ||||||
Golar LNG Ltd.(2) | 74,051 | 1,288,487 | ||||||
Grafton Group plc | 395,206 | 5,675,211 | ||||||
Greggs plc | 75,894 | 2,609,571 | ||||||
Gulf Keystone Petroleum Ltd. | 189,744 | 496,955 | ||||||
Gym Group plc (The)(2) | 62,654 | 177,034 | ||||||
Halfords Group plc | 281,664 | 1,046,558 | ||||||
Harbour Energy plc(2) | 425,980 | 2,255,810 | ||||||
Hays plc | 403,219 | 733,779 | ||||||
Hill & Smith Holdings plc | 36,105 | 683,472 | ||||||
Hochschild Mining plc | 560,610 | 869,155 | ||||||
Howden Joinery Group plc | 978,943 | 11,135,480 | ||||||
Hunting plc | 102,211 | 318,540 | ||||||
Ibstock plc | 602,920 | 1,434,963 | ||||||
IG Group Holdings plc | 618,687 | 6,465,560 | ||||||
Inchcape plc | 627,298 | 6,274,422 | ||||||
Indivior plc(2) | 809,253 | 3,045,069 | ||||||
IntegraFin Holdings plc | 291,402 | 1,674,054 | ||||||
International Personal Finance plc | 40,468 | 60,566 | ||||||
Investec plc | 851,665 | 4,619,166 | ||||||
IP Group plc | 1,692,290 | 2,102,909 | ||||||
J Sainsbury plc | 1,875,406 | 6,916,722 | ||||||
Jadestone Energy plc | 2,050 | 2,622 | ||||||
JET2 plc(2) | 201 | 3,429 | ||||||
Johnson Matthey plc | 236,151 | 5,934,357 | ||||||
Jubilee Metals Group plc(2) | 1,208,121 | 259,274 |
207
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Jupiter Fund Management plc | 40,633 | $ | 115,869 | |||||
Just Group plc(2) | 902,416 | 1,013,171 | ||||||
Keller Group plc | 119,504 | 1,264,592 | ||||||
Lookers plc(2) | 152,366 | 177,707 | ||||||
Luceco plc | 6,947 | 22,928 | ||||||
Luxfer Holdings plc | 22,684 | 395,155 | ||||||
M&G plc | 3,421,161 | 9,418,030 | ||||||
Marks & Spencer Group plc(2) | 3,970,832 | 9,255,026 | ||||||
Marshall Motor Holdings plc | 6,340 | 33,038 | ||||||
Marston's plc(2) | 22,700 | 23,541 | ||||||
Mediclinic International plc(2) | 302,688 | 1,334,242 | ||||||
Mitchells & Butlers plc(2) | 5,974 | 18,911 | ||||||
Mitie Group plc | 304,782 | 227,807 | ||||||
Molten Ventures plc(2) | 187,571 | 1,707,941 | ||||||
Morgan Sindall Group plc | 54,782 | 1,694,281 | ||||||
N Brown Group plc(2) | 144,686 | 72,141 | ||||||
Ninety One plc | 372,074 | 1,231,533 | ||||||
OSB Group plc | 291,531 | 1,948,167 | ||||||
Pagegroup plc | 393,527 | 2,990,439 | ||||||
Pan African Resources plc | 1,386,497 | 403,721 | ||||||
Paragon Banking Group plc | 259,561 | 1,747,631 | ||||||
PayPoint plc | 30,469 | 244,213 | ||||||
Petropavlovsk plc(1)(2) | 2,033 | 216 | ||||||
Playtech plc(2) | 33,653 | 299,711 | ||||||
Plus500 Ltd. | 171,040 | 3,191,610 | ||||||
Provident Financial plc(2) | 581,319 | 2,243,725 | ||||||
PZ Cussons plc | 337,497 | 950,037 | ||||||
QinetiQ Group plc | 2,496 | 9,709 | ||||||
Quilter plc | 872,922 | 1,518,145 | ||||||
Rathbones Group plc | 55,090 | 1,213,761 | ||||||
Reach plc | 420,906 | 1,285,669 | ||||||
Redde Northgate plc | 430,003 | 2,182,346 | ||||||
Redrow plc | 361,641 | 2,756,973 | ||||||
Rhi Magnesita NV | 44,743 | 1,663,205 | ||||||
Royal Mail plc | 1,262,610 | 6,635,716 | ||||||
Senior plc(2) | 432,114 | 809,597 | ||||||
Serica Energy plc | 32,343 | 120,255 | ||||||
SIG plc(2) | 129,023 | 66,540 | ||||||
Sirius Real Estate Ltd. | 8,611 | 14,434 | ||||||
Speedy Hire plc | 986,334 | 691,588 | ||||||
Spire Healthcare Group plc(2) | 355,168 | 1,104,973 | ||||||
St. James's Place plc | 382,404 | 7,169,287 | ||||||
SThree plc | 228,752 | 1,358,714 | ||||||
Superdry plc(2) | 125,409 | 329,253 | ||||||
Tate & Lyle plc | 805,627 | 8,087,272 | ||||||
TBC Bank Group plc | 36,588 | 588,823 | ||||||
Ted Baker plc(2) | 137,644 | 188,306 | ||||||
TI Fluid Systems plc | 186,623 | 543,636 | ||||||
Travis Perkins plc | 397,652 | 7,719,442 | ||||||
Tremor International Ltd.(2) | 2,204 | 17,298 | ||||||
Vertu Motors plc | 308,689 | 248,853 |
208
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Victoria plc(2) | 16,297 | $ | 158,207 | |||||
Victrex plc | 27,550 | 713,422 | ||||||
Virgin Money UK plc | 1,479,425 | 3,661,340 | ||||||
Vistry Group plc | 335,064 | 4,506,892 | ||||||
Vivo Energy plc | 720,295 | 1,296,174 | ||||||
Watkin Jones plc | 135,402 | 440,015 | ||||||
Weir Group plc (The) | 197 | 4,153 | ||||||
Wickes Group plc | 327,456 | 797,955 | ||||||
Yellow Cake plc(2) | 260,184 | 1,223,554 | ||||||
237,794,496 | ||||||||
United States† | ||||||||
Cazoo Group Ltd.(2) | 376 | 1,327 | ||||||
TOTAL COMMON STOCKS (Cost $1,492,189,665) | 1,498,221,384 | |||||||
WARRANTS† | ||||||||
Italy† | ||||||||
Webuild SpA(1)(2) (Cost $—) | 35,053 | 66,265 | ||||||
RIGHTS† | ||||||||
Italy† | ||||||||
Banca Popolare di Sondrio SpA(2) (Cost $—) | 1,218,714 | 13,665 | ||||||
SHORT-TERM INVESTMENTS — 1.4% | ||||||||
Money Market Funds — 1.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 2,532,356 | 2,532,356 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 18,437,566 | 18,437,566 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $20,969,922) | 20,969,922 | |||||||
TOTAL INVESTMENT SECURITIES — 101.2% (Cost $1,513,159,587) | 1,519,271,236 | |||||||
OTHER ASSETS AND LIABILITIES — (1.2)% | (18,189,224) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 1,501,082,012 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Industrials | 23.1% | ||||
Materials | 21.6% | ||||
Financials | 16.1% | ||||
Consumer Discretionary | 12.9% | ||||
Energy | 7.6% | ||||
Consumer Staples | 4.9% | ||||
Information Technology | 3.6% | ||||
Real Estate | 3.5% | ||||
Communication Services | 3.3% | ||||
Health Care | 1.8% | ||||
Utilities | 1.4% | ||||
Short-Term Investments | 1.4% | ||||
Other Assets and Liabilities | (1.2)% |
209
Avantis International Small Cap Value ETF
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CVA | - | Certificaten Van Aandelen | ||||||
SDR | - | Swedish Depositary Receipt |
†Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $52,290,922. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $55,172,940, which includes securities collateral of $36,735,374.
See Notes to Financial Statements.
210
Statements of Assets and Liabilities |
FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Avantis Emerging Markets Equity ETF | Avantis Emerging Markets Value ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $1,034,941,270 and $84,268,477, respectively) — including $47,232,071 and $1,488,922, respectively of securities on loan | $ | 1,079,967,272 | $ | 82,547,229 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $9,853,035 and $804,318, respectively) | 9,853,035 | 804,318 | ||||||
Total investment securities, at value (cost of $1,044,794,305 and $85,072,795, respectively) | 1,089,820,307 | 83,351,547 | ||||||
Foreign currency holdings, at value (cost of $1,658,401 and $61,534, respectively) | 1,657,592 | 61,508 | ||||||
Receivable for investments sold | 671,556 | — | ||||||
Receivable for capital shares sold | 6,028,630 | 1,973,324 | ||||||
Dividends and interest receivable | 3,060,578 | 209,327 | ||||||
Securities lending receivable | 75,777 | 2,029 | ||||||
1,101,314,440 | 85,597,735 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 9,853,035 | 804,318 | ||||||
Payable for investments purchased | 9,705,310 | 1,890,427 | ||||||
Accrued management fees | 273,534 | 21,209 | ||||||
Accrued foreign taxes | 2,350,757 | — | ||||||
22,182,636 | 2,715,954 | |||||||
Net Assets | $ | 1,079,131,804 | $ | 82,881,781 | ||||
Shares outstanding (unlimited number of shares authorized) | 17,900,000 | 1,680,000 | ||||||
Net Asset Value Per Share | $ | 60.29 | $ | 49.33 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 1,051,312,024 | $ | 84,518,313 | ||||
Distributable earnings | 27,819,780 | (1,636,532) | ||||||
$ | 1,079,131,804 | $ | 82,881,781 |
See Notes to Financial Statements.
211
FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Avantis International Equity ETF | Avantis International Large Cap Value ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $1,173,901,189 and $24,244,935, respectively) — including $53,831,648 and $—, respectively of securities on loan | $ | 1,275,369,639 | $ | 23,900,930 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $24,533,304 and $—, respectively) | 24,533,304 | — | ||||||
Total investment securities, at value (cost of $1,198,434,493 and $24,244,935, respectively) | 1,299,902,943 | 23,900,930 | ||||||
Foreign currency holdings, at value (cost of $75,800 and $1,034, respectively) | 76,065 | 1,036 | ||||||
Receivable for investments sold | 491,382 | 42,973 | ||||||
Receivable for capital shares sold | 6,000,550 | — | ||||||
Dividends and interest receivable | 2,727,134 | 52,637 | ||||||
Securities lending receivable | 24,801 | — | ||||||
1,309,222,875 | 23,997,576 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 24,533,304 | — | ||||||
Payable for investments purchased | 6,344,505 | 42,974 | ||||||
Accrued management fees | 229,226 | 4,673 | ||||||
31,107,035 | 47,647 | |||||||
Net Assets | $ | 1,278,115,840 | $ | 23,949,929 | ||||
Shares outstanding (unlimited number of shares authorized) | 21,300,000 | 480,000 | ||||||
Net Asset Value Per Share | $ | 60.01 | $ | 49.90 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 1,185,775,456 | $ | 24,371,506 | ||||
Distributable earnings | 92,340,384 | (421,577) | ||||||
$ | 1,278,115,840 | $ | 23,949,929 |
See Notes to Financial Statements.
212
FEBRUARY 28, 2022 (UNAUDITED) | |||||
Avantis International Small Cap Value ETF | |||||
Assets | |||||
Investment securities, at value (cost of $1,494,722,021) — including $52,290,922 of securities on loan | $ | 1,500,833,670 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $18,437,566) | 18,437,566 | ||||
Total investment securities, at value (cost of $1,513,159,587) | 1,519,271,236 | ||||
Foreign currency holdings, at value (cost of $14,584) | 14,576 | ||||
Receivable for investments sold | 2,138,003 | ||||
Receivable for capital shares sold | 5,615,010 | ||||
Dividends and interest receivable | 2,517,945 | ||||
Securities lending receivable | 57,859 | ||||
1,529,614,629 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 18,437,566 | ||||
Payable for investments purchased | 9,695,514 | ||||
Accrued management fees | 399,537 | ||||
28,532,617 | |||||
Net Assets | $ | 1,501,082,012 | |||
Shares outstanding (unlimited number of shares authorized) | 24,060,000 | ||||
Net Asset Value Per Share | $ | 62.39 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 1,461,035,386 | |||
Distributable earnings | 40,046,626 | ||||
$ | 1,501,082,012 |
See Notes to Financial Statements.
213
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (EXCEPT AS NOTED) (UNAUDITED) | ||||||||
Avantis Emerging Markets Equity ETF | Avantis Emerging Markets Value ETF(1) | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $1,335,849 and $73,949, respectively) | $ | 11,137,336 | $ | 431,114 | ||||
Securities lending, net | 235,513 | 4,189 | ||||||
Interest | 307 | 42 | ||||||
11,373,156 | 435,345 | |||||||
Expenses: | ||||||||
Management fees | 1,570,373 | 64,523 | ||||||
Other expenses | 2,783 | 135 | ||||||
1,573,156 | 64,658 | |||||||
Net investment income (loss) | 9,800,000 | 370,687 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (net of foreign tax expenses paid (refunded) of $84 and $—, respectively) (Note 4) | (5,695,133) | (21,645) | ||||||
Futures contract transactions | — | 559 | ||||||
Foreign currency translation transactions | (136,381) | (22,392) | ||||||
(5,831,514) | (43,478) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments (includes (increase) decrease in accrued foreign taxes of $999,124 and $—, respectively) | (86,575,156) | (1,721,248) | ||||||
Translation of assets and liabilities in foreign currencies | (32,233) | (2,485) | ||||||
(86,607,389) | (1,723,733) | |||||||
Net realized and unrealized gain (loss) | (92,438,903) | (1,767,211) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (82,638,903) | $ | (1,396,524) |
(1)September 28, 2021 (fund inception) through February 28, 2022.
See Notes to Financial Statements.
214
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (EXCEPT AS NOTED) (UNAUDITED) | ||||||||
Avantis International Equity ETF | Avantis International Large Cap Value ETF(1) | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $1,096,377 and $12,084, respectively) | $ | 11,668,519 | $ | 126,757 | ||||
Securities lending, net | 218,521 | — | ||||||
Interest | 276 | 4 | ||||||
11,887,316 | 126,761 | |||||||
Expenses: | ||||||||
Management fees | 1,291,603 | 14,337 | ||||||
Other expenses | 5,275 | — | ||||||
1,296,878 | 14,337 | |||||||
Net investment income (loss) | 10,590,438 | 112,424 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (Note 4) | (4,599,633) | (131,671) | ||||||
Foreign currency translation transactions | (2,187) | 2,463 | ||||||
(4,601,820) | (129,208) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | (76,185,785) | (344,005) | ||||||
Translation of assets and liabilities in foreign currencies | (14,899) | 7 | ||||||
(76,200,684) | (343,998) | |||||||
Net realized and unrealized gain (loss) | (80,802,504) | (473,206) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (70,212,066) | $ | (360,782) |
(1)September 28, 2021 (fund inception) through February 28, 2022.
See Notes to Financial Statements.
215
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | |||||
Avantis International Small Cap Value ETF | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $1,310,663) | $ | 12,355,426 | |||
Securities lending, net | 398,367 | ||||
Interest | 265 | ||||
12,754,058 | |||||
Expenses: | |||||
Management fees | 2,187,178 | ||||
Other expenses | 1,450 | ||||
2,188,628 | |||||
Net investment income (loss) | 10,565,430 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions (Note 4) | 45,888,074 | ||||
Foreign currency translation transactions | (302,584) | ||||
45,585,490 | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments | (114,107,701) | ||||
Translation of assets and liabilities in foreign currencies | (6,232) | ||||
(114,113,933) | |||||
Net realized and unrealized gain (loss) | (68,528,443) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (57,963,013) |
See Notes to Financial Statements.
216
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2022 (EXCEPT AS NOTED) (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 | |||||||||||
Avantis Emerging Markets Equity ETF | Avantis Emerging Markets Value ETF | ||||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021 | February 28, 2022(1) | ||||||||
Operations | |||||||||||
Net investment income (loss) | $ | 9,800,000 | $ | 13,439,376 | $ | 370,687 | |||||
Net realized gain (loss) | (5,831,514) | (3,459,576) | (43,478) | ||||||||
Change in net unrealized appreciation (depreciation) | (86,607,389) | 100,142,245 | (1,723,733) | ||||||||
Net increase (decrease) in net assets resulting from operations | (82,638,903) | 110,122,045 | (1,396,524) | ||||||||
Distributions to Shareholders | |||||||||||
From earnings | (18,261,810) | (9,558,420) | (240,008) | ||||||||
Capital Share Transactions | |||||||||||
Proceeds from shares sold | 314,816,896 | 521,084,968 | 84,404,471 | ||||||||
Payments for shares redeemed | — | (2,598,710) | — | ||||||||
Other capital | 389,106 | 330,894 | 113,842 | ||||||||
Net increase (decrease) in net assets from capital share transactions | 315,206,002 | 518,817,152 | 84,518,313 | ||||||||
Net increase (decrease) in net assets | 214,305,289 | 619,380,777 | 82,881,781 | ||||||||
Net Assets | |||||||||||
Beginning of period | 864,826,515 | 245,445,738 | — | ||||||||
End of period | $ | 1,079,131,804 | $ | 864,826,515 | $ | 82,881,781 | |||||
Transactions in Shares of the Funds | |||||||||||
Sold | 4,950,000 | 8,300,000 | 1,680,000 | ||||||||
Redeemed | — | (50,000) | — | ||||||||
Net increase (decrease) in shares of the funds | 4,950,000 | 8,250,000 | 1,680,000 |
(1)September 28, 2021 (fund inception) through February 28, 2022.
See Notes to Financial Statements.
217
SIX MONTHS ENDED FEBRUARY 28, 2022 (EXCEPT AS NOTED) (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 | |||||||||||
Avantis International Equity ETF | Avantis International Large Cap Value ETF | ||||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021 | February 28, 2022(1) | ||||||||
Operations | |||||||||||
Net investment income (loss) | $ | 10,590,438 | $ | 15,824,875 | $ | 112,424 | |||||
Net realized gain (loss) | (4,601,820) | (1,072,621) | (129,208) | ||||||||
Change in net unrealized appreciation (depreciation) | (76,200,684) | 131,587,282 | (343,998) | ||||||||
Net increase (decrease) in net assets resulting from operations | (70,212,066) | 146,339,536 | (360,782) | ||||||||
Distributions to Shareholders | |||||||||||
From earnings | (15,209,610) | (14,039,130) | (60,795) | ||||||||
Capital Share Transactions | |||||||||||
Proceeds from shares sold | 365,661,137 | 529,082,577 | 24,365,591 | ||||||||
Payments for shares redeemed | — | (5,592,990) | — | ||||||||
Other capital | 332,674 | 409,617 | 5,915 | ||||||||
Net increase (decrease) in net assets from capital share transactions | 365,993,811 | 523,899,204 | 24,371,506 | ||||||||
Net increase (decrease) in net assets | 280,572,135 | 656,199,610 | 23,949,929 | ||||||||
Net Assets | |||||||||||
Beginning of period | 997,543,705 | 341,344,095 | — | ||||||||
End of period | $ | 1,278,115,840 | $ | 997,543,705 | $ | 23,949,929 | |||||
Transactions in Shares of the Funds | |||||||||||
Sold | 5,800,000 | 8,800,000 | 480,000 | ||||||||
Redeemed | — | (100,000) | — | ||||||||
Net increase (decrease) in shares of the funds | 5,800,000 | 8,700,000 | 480,000 |
(1)September 28, 2021 (fund inception) through February 28, 2022.
See Notes to Financial Statements.
218
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 | ||||||||
Avantis International Small Cap Value ETF | ||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 10,565,430 | $ | 13,754,952 | ||||
Net realized gain (loss) | 45,585,490 | 30,382,503 | ||||||
Change in net unrealized appreciation (depreciation) | (114,113,933) | 104,166,255 | ||||||
Net increase (decrease) in net assets resulting from operations | (57,963,013) | 148,303,710 | ||||||
Distributions to Shareholders | ||||||||
From earnings | (17,533,467) | (12,987,087) | ||||||
Capital Share Transactions | ||||||||
Proceeds from shares sold | 666,254,476 | 737,021,098 | ||||||
Payments for shares redeemed | (146,625,879) | (90,624,702) | ||||||
Other capital | 247,068 | 165,125 | ||||||
Net increase (decrease) in net assets from capital share transactions | 519,875,665 | 646,561,521 | ||||||
Net increase (decrease) in net assets | 444,379,185 | 781,878,144 | ||||||
Net Assets | ||||||||
Beginning of period | 1,056,702,827 | 274,824,683 | ||||||
End of period | $ | 1,501,082,012 | $ | 1,056,702,827 | ||||
Transactions in Shares of the Funds | ||||||||
Sold | 10,380,000 | 11,760,000 | ||||||
Redeemed | (2,310,000) | (1,470,000) | ||||||
Net increase (decrease) in shares of the funds | 8,070,000 | 10,290,000 |
See Notes to Financial Statements.
219
Notes to Financial Statements |
FEBRUARY 28, 2022 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Emerging Markets Equity ETF, Avantis Emerging Markets Value ETF, Avantis International Equity ETF, Avantis International Large Cap Value ETF and Avantis International Small Cap Value ETF (collectively, the funds) are five funds in a series issued by the trust. Each of the funds’ investment objective is to seek long-term capital appreciation. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis Emerging Markets Value ETF and Avantis International Large Cap Value ETF incepted on September 28, 2021.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Trustees has adopted valuation policies and procedures to guide the investment advisor in the funds' investment valuation process and to provide methodologies for the oversight of the funds' pricing function.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Fixed income securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.
If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
220
The funds monitor for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The funds also monitor for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Trustees, or its delegate, deems appropriate. The funds may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. Certain countries impose taxes on realized gains on the sale of securities registered in their country. The funds record the foreign tax expense, if any, on an accrual basis. The foreign tax expense on realized gains and unrealized appreciation reduces the net realized gain (loss) on investment transactions and net unrealized appreciation (depreciation) on investments, respectively.
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The funds may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The funds may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
Segregated Assets — In accordance with the 1940 Act, the funds segregate assets on their books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to ensure the funds designate a sufficient amount of liquid assets, marked-to-market daily. The funds may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.
Income Tax Status — It is each fund’s policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
221
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2022.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Fund / Securities Lending Transactions(1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||
Avantis Emerging Markets Equity ETF | |||||||||||||||||
Common Stocks | $ | 9,853,035 | — | — | — | $ | 9,853,035 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 9,853,035 | |||||||||||||||
Avantis Emerging Markets Value ETF | |||||||||||||||||
Common Stocks | $ | 804,318 | — | — | — | $ | 804,318 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 804,318 | |||||||||||||||
Avantis International Equity ETF | |||||||||||||||||
Common Stocks | $ | 24,529,959 | — | — | — | $ | 24,529,959 | ||||||||||
Warrants | 3,345 | — | — | — | 3,345 | ||||||||||||
Total Borrowings | $ | 24,533,304 | — | — | — | $ | 24,533,304 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 24,533,304 | |||||||||||||||
Avantis International Small Cap Value ETF | |||||||||||||||||
Common Stocks | $ | 18,406,128 | — | — | — | $ | 18,406,128 | ||||||||||
Warrants | 31,438 | — | — | — | 31,438 | ||||||||||||
Total Borrowings | $ | 18,437,566 | — | — | — | $ | 18,437,566 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 18,437,566 |
(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.
222
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 | 7 | % | |||
Avantis International Equity ETF | 6 | % |
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears.
The annual management fee for each fund is as follows:
Annual Management Fee | |||||
Avantis Emerging Markets Equity ETF | 0.33% | ||||
Avantis Emerging Markets Value ETF | 0.36% | ||||
Avantis International Equity ETF | 0.23% | ||||
Avantis International Large Cap Value ETF | 0.25% | ||||
Avantis International Small Cap Value ETF | 0.36% |
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended February 28, 2022 were as follows:
Avantis Emerging Markets Equity ETF | Avantis Emerging Markets Value ETF(1) | Avantis International Equity ETF | Avantis International Large Cap Value ETF(1) | Avantis International Small Cap Value ETF | |||||||||||||
Purchases | $299,487,401 | $81,721,257 | $314,845,342 | $7,036,990 | $424,126,816 | ||||||||||||
Sales | $7,518,730 | $100,260 | $39,487,345 | $1,862,878 | $90,337,747 |
(1)September 28, 2021 (fund inception) through February 28, 2022.
Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2022 were as follows:
In kind Subscriptions | In kind Redemptions | In kind Net Realized Gain/(Loss)* | |||||||||
Avantis Emerging Markets Equity ETF | $13,414,221 | — | — | ||||||||
Avantis Emerging Markets Value ETF(1) | $2,703,014 | — | — | ||||||||
Avantis International Equity ETF | $89,377,111 | — | — | ||||||||
Avantis International Large Cap Value ETF(1) | $19,188,907 | — | — | ||||||||
Avantis International Small Cap Value ETF | $331,929,111 | $145,740,372 | $58,124,059 |
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)September 28, 2021 (fund inception) through February 28, 2022.
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5. Capital Share Transactions
Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.
6. Fair Value Measurements
The funds’ investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
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The following is a summary of the level classifications as of period end. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
Avantis Emerging Markets Equity ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Brazil | $ | 31,345,300 | $ | 30,321,664 | — | ||||||
Chile | 1,368,002 | 4,231,037 | — | ||||||||
China | 62,983,673 | 247,513,989 | — | ||||||||
Colombia | 1,061,950 | 1,333,662 | — | ||||||||
India | 15,313,175 | 146,567,317 | — | ||||||||
Indonesia | 2,094,704 | 18,080,762 | — | ||||||||
Mexico | 7,807,692 | 17,458,579 | — | ||||||||
Peru | 2,708,130 | — | — | ||||||||
Philippines | 370,691 | 9,502,394 | — | ||||||||
Russia | 241,287 | 7,521,726 | — | ||||||||
South Africa | 8,879,941 | 37,893,390 | — | ||||||||
South Korea | 10,185,807 | 140,861,920 | — | ||||||||
Taiwan | 36,839,742 | 166,828,532 | — | ||||||||
Turkey | 188,109 | 4,471,953 | — | ||||||||
Other Countries | — | 63,985,869 | — | ||||||||
Warrants | — | 47,946 | — | ||||||||
Rights | — | 11,808 | — | ||||||||
Corporate Bonds | — | 1,607 | — | ||||||||
Short-Term Investments | 11,797,949 | — | — | ||||||||
$ | 193,186,152 | $ | 896,634,155 | — |
Avantis Emerging Markets Value ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Brazil | $ | 2,959,187 | $ | 1,994,124 | — | ||||||
Chile | 70,775 | 369,310 | — | ||||||||
China | 2,581,749 | 20,994,813 | — | ||||||||
India | 740,632 | 11,558,102 | — | ||||||||
Indonesia | 476,192 | 1,143,228 | — | ||||||||
Mexico | 352,639 | 1,590,722 | — | ||||||||
Philippines | 10,557 | 760,512 | — | ||||||||
South Africa | 1,280,591 | 2,343,746 | — | ||||||||
South Korea | 1,580,827 | 10,472,909 | — | ||||||||
Taiwan | 275,947 | 15,603,956 | — | ||||||||
Turkey | 15,884 | 307,842 | — | ||||||||
Other Countries | — | 5,031,099 | — | ||||||||
Warrants | — | 2,595 | — | ||||||||
Rights | — | — | — | ||||||||
Short-Term Investments | 833,609 | — | — | ||||||||
$ | 11,178,589 | $ | 72,172,958 | — |
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Avantis International Equity ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Australia | $ | 13,701,763 | $ | 76,060,740 | — | ||||||
Belgium | 2,218,873 | 9,778,009 | — | ||||||||
Canada | 172,037 | 140,046,039 | — | ||||||||
Denmark | 9,702,710 | 18,361,002 | — | ||||||||
Finland | 955,697 | 11,082,674 | — | ||||||||
France | 19,819,748 | 95,873,345 | — | ||||||||
Germany | 4,510,316 | 86,639,882 | — | ||||||||
Hong Kong | 629,702 | 31,399,896 | — | ||||||||
Israel | 2,486,237 | 10,246,156 | — | ||||||||
Italy | 2,514,449 | 26,023,824 | — | ||||||||
Japan | 27,383,024 | 237,872,133 | — | ||||||||
Netherlands | 18,416,784 | 27,825,970 | — | ||||||||
Norway | 2,101,019 | 9,519,157 | — | ||||||||
Singapore | 880,152 | 15,204,072 | — | ||||||||
Spain | 6,539,418 | 19,522,712 | — | ||||||||
Sweden | 1,781,378 | 42,768,958 | — | ||||||||
Switzerland | 17,274,901 | 88,435,029 | — | ||||||||
United Kingdom | 69,135,910 | 110,793,338 | — | ||||||||
Other Countries | — | 17,342,325 | — | ||||||||
Warrants | — | 6,923 | — | ||||||||
Rights | — | 5,320 | — | ||||||||
Short-Term Investments | 24,871,321 | — | — | ||||||||
$ | 225,095,439 | $ | 1,074,807,504 | — |
Avantis International Large Cap Value ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Australia | $ | 588,756 | $ | 1,117,965 | — | ||||||
Denmark | 120,451 | 55,271 | — | ||||||||
Finland | 73,530 | 161,966 | — | ||||||||
France | 450,448 | 1,664,382 | — | ||||||||
Germany | 153,585 | 2,155,603 | — | ||||||||
Hong Kong | 6,046 | 575,492 | — | ||||||||
Israel | 16,082 | 157,746 | — | ||||||||
Italy | 144,258 | 537,292 | — | ||||||||
Japan | 892,752 | 3,930,568 | — | ||||||||
Netherlands | 231,976 | 128,847 | — | ||||||||
Norway | 117,944 | 130,707 | — | ||||||||
Spain | 367,652 | 296,873 | — | ||||||||
Sweden | 28,926 | 415,683 | — | ||||||||
Switzerland | 441,201 | 1,305,666 | — | ||||||||
United Kingdom | 1,890,501 | 2,191,372 | — | ||||||||
Other Countries | — | 3,538,157 | — | ||||||||
Short-Term Investments | 13,232 | — | — | ||||||||
$ | 5,537,340 | $ | 18,363,590 | — |
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Avantis International Small Cap Value ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 10,878,125 | $ | 1,487,343,259 | — | ||||||
Warrants | — | 66,265 | — | ||||||||
Rights | — | 13,665 | — | ||||||||
Short-Term Investments | 20,969,922 | — | — | ||||||||
$ | 31,848,047 | $ | 1,487,423,189 | — |
7. Derivative Instruments
Equity Price Risk — The funds are subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. During the period, Avantis Emerging Markets Value ETF participated in equity price risk derivative instruments for temporary investment purposes.
At period end, the funds did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.
Effect of Derivative Instruments on the Statement of Operations for the period September 28, 2021 (fund inception) through February 28, 2022
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Operations | Value | Location on Statement of Operations | Value | ||||||||||
Avantis Emerging Markets Value ETF | ||||||||||||||
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 559 | Change in net unrealized appreciation (depreciation) on futures contracts | — |
8. Risk Factors
The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
227
Avantis International Small Cap Value ETF invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than funds investing in larger, more established companies.
9. Federal Tax Information
The 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 Emerging Markets Value ETF | Avantis International Equity ETF | Avantis International Large Cap Value ETF | Avantis International Small Cap Value ETF | |||||||||||||
Federal tax cost of investments | $ | 1,045,145,589 | $ | 85,073,630 | $ | 1,199,234,582 | $ | 24,254,253 | $ | 1,513,546,366 | |||||||
Gross tax appreciation of investments | $ | 149,212,641 | $ | 4,087,187 | $ | 148,324,059 | $ | 902,206 | $ | 115,123,071 | |||||||
Gross tax depreciation of investments | (104,537,923) | (5,809,270) | (47,655,698) | (1,255,529) | (109,398,201) | ||||||||||||
Net tax appreciation (depreciation) of investments | $ | 44,674,718 | $ | (1,722,083) | $ | 100,668,361 | $ | (353,323) | $ | 5,724,870 |
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, 2021, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows:
Short-term capital losses | Long-term capital losses | |||||||
Avantis Emerging Markets Equity ETF | $(5,131,240) | $(1,041,261) | ||||||
Avantis International Equity ETF | $(3,053,566) | $(1,096,124) | ||||||
Avantis International Small Cap Value ETF | $(6,421,355) | $(110,519) |
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Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Avantis Emerging Markets Equity ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $66.78 | 0.65 | (5.96) | (5.31) | (1.21) | 0.03 | $60.29 | (7.97)% | 0.33%(5) | 2.06%(5) | 1% | $1,079,132 | ||||||||||||||||||||||||||
2021 | $52.22 | 1.51 | 14.10 | 15.61 | (1.09) | 0.04 | $66.78 | 30.08% | 0.33% | 2.34% | 5% | $864,827 | ||||||||||||||||||||||||||
2020(6) | $50.00 | 1.35 | 1.40 | 2.75 | (0.54) | 0.01 | $52.22 | 5.57% | 0.33%(5) | 2.95%(5) | 8% | $245,446 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Annualized.
(6)September 17, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Avantis Emerging Markets Value ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $50.00 | 0.44 | (0.92) | (0.48) | (0.32) | 0.13 | $49.33 | (0.71)% | 0.36%(5) | 2.07%(5) | 0% | $82,882 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 28, 2021 (fund inception) through February 28, 2022 (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 | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Avantis International Equity ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $64.36 | 0.59 | (4.10) | (3.51) | (0.86) | 0.02 | $60.01 | (5.47)% | 0.23%(5) | 1.89%(5) | 4% | $1,278,116 | ||||||||||||||||||||||||||
2021 | $50.20 | 1.50 | 13.86 | 15.36 | (1.24) | 0.04 | $64.36 | 30.86% | 0.23% | 2.51% | 7% | $997,544 | ||||||||||||||||||||||||||
2020(6) | $50.00 | 1.12 | (0.38) | 0.74 | (0.55) | 0.01 | $50.20 | 1.52% | 0.23%(5) | 2.57%(5) | 8% | $341,344 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Annualized.
(6)September 24, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Avantis International Large Cap Value ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $50.00 | 0.42 | (0.25) | 0.17 | (0.29) | 0.02 | $49.90 | 0.38% | 0.25%(5) | 1.96%(5) | 13% | $23,950 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)September 28, 2021 (fund inception) through February 28, 2022 (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 | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Avantis International Small Cap Value ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $66.09 | 0.56 | (3.35) | (2.79) | (0.92) | 0.01 | $62.39 | (4.19)% | 0.36%(5) | 1.74%(5) | 7% | $1,501,082 | ||||||||||||||||||||||||||
2021 | $48.21 | 1.45 | 17.69 | 19.14 | (1.28) | 0.02 | $66.09 | 39.98% | 0.36% | 2.37% | 21% | $1,056,703 | ||||||||||||||||||||||||||
2020(6) | $50.00 | 0.93 | (2.25) | (1.32) | (0.50) | 0.03 | $48.21 | (2.58)% | 0.36%(5) | 2.20%(5) | 32% | $274,825 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Annualized.
(6)September 24, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
Approval of Management Agreement |
Avantis Emerging Markets Value ETF
Avantis International Large Cap Value ETF
At a meeting held on June 3, 2021, the Funds’ Board of Trustees unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Avantis Emerging Markets Value ETF and Avantis International Large Cap Value 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 expected peer funds. The annual management fees charged to shareholders of each of the New Funds were anticipated to be below the median of the total expense ratios of their respective peer universe.
When considering the approval of the management agreement for the New 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. 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’ 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.
234
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
235
Notes |
236
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. | ||||||||
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-97507 2204 |
Semiannual Report | |||||
February 28, 2022 | |||||
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 | |||||
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, 2022. 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.
Escalating Volatility, Soaring Inflation Weighed on Returns
Upbeat economic data and continued central bank support generally buoyed global stock returns early in the period, even as inflation and government bond yields were climbing. However, bond returns broadly struggled as inflation and yields climbed higher.
In November, the emergence of the omicron coronavirus variant rattled global financial markets. The downturn was short-lived, though, as omicron proved to be less severe than other variants. Stocks resumed their upward march until early 2022, when worries about inflation, central bank policy and Russia’s invasion of Ukraine sparked sharp volatility.
Throughout the period, steady economic gains combined with ongoing monetary support, escalating energy prices and considerable supply chain disruptions ignited inflation. By February, year-over-year headline inflation in the U.S. reached 7.9%, a 40-year high, while European inflation rose to a record 5.8%. In the U.S., this backdrop set the stage for Federal Reserve (Fed) tightening, including the Fed’s first rate hike in more than three years.
Most asset classes, including broad stock and bond indices, declined for the six-month period. U.S. stocks generally fared better than non-U.S. stocks, and the value style significantly outperformed the growth style. U.S. and global bond returns declined as yields rose.
Staying Focused in Uncertain Times
Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. Even before the West imposed sanctions on Russia, our firm had started reducing exposure to Russian markets. After the sanctions, our direct exposure to Russian assets was less than $5 million, or 0.001% of total assets under supervision (as of March 7). We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet prevailing challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis Core Fixed Income ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 61.7% | ||||
U.S. Treasury Securities | 24.8% | ||||
U.S. Government Agency Mortgage-Backed Securities | 19.7% | ||||
U.S. Government Agency Securities | 2.8% | ||||
Sovereign Governments and Agencies | 0.1% | ||||
Short-Term Investments | 10.0% | ||||
Other Assets and Liabilities | (19.1)% |
3
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis Core Municipal Fixed Income ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Municipal Securities | 98.9% | ||||
Short-Term Investments | 0.7% | ||||
Other Assets and Liabilities | 0.4% | ||||
Top Five States and Territories | % of net assets | ||||
California | 17.0% | ||||
New York | 13.1% | ||||
Texas | 7.8% | ||||
Georgia | 4.8% | ||||
Florida | 4.6% | ||||
Top Five Sectors | % of fund investments | ||||
Special Tax | 22% | ||||
General Obligation (GO) - Local | 15% | ||||
General Obligation (GO) - State | 14% | ||||
Public Power | 8% | ||||
Water & Sewer | 7% |
4
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis Short-Term Fixed Income ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 64.4% | ||||
U.S. Treasury Securities and Equivalents | 30.0% | ||||
U.S. Government Agency Securities | 4.3% | ||||
Sovereign Governments and Agencies | 0.2% | ||||
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, 2021 to February 28, 2022.
Actual Expenses
The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/21 | Ending Account Value 2/28/22 | Expenses Paid During Period(1) 9/1/21 - 2/28/22 | Annualized Expense Ratio(1) | |||||||||||
Avantis Core Fixed Income ETF | ||||||||||||||
Actual | $1,000 | $951.00 | $0.73 | 0.15% | ||||||||||
Hypothetical | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
Avantis Core Municipal Fixed Income ETF | ||||||||||||||
Actual | $1,000 | $966.90 | $0.73 | 0.15% | ||||||||||
Hypothetical | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
Avantis Short-Term Fixed Income ETF | ||||||||||||||
Actual | $1,000 | $973.10 | $0.73 | 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.
6
Schedules of Investments |
FEBRUARY 28, 2022 (UNAUDITED)
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
CORPORATE BONDS — 61.7% | ||||||||
Aerospace and Defense — 2.1% | ||||||||
Boeing Co. (The), 2.20%, 2/4/26 | $ | 75,000 | $ | 73,219 | ||||
Boeing Co. (The), 2.80%, 3/1/27 | 25,000 | 24,714 | ||||||
Boeing Co. (The), 2.95%, 2/1/30 | 250,000 | 239,614 | ||||||
Boeing Co. (The), 5.15%, 5/1/30 | 225,000 | 248,676 | ||||||
General Dynamics Corp., 3.625%, 4/1/30 | 307,000 | 327,046 | ||||||
Huntington Ingalls Industries, Inc., 3.48%, 12/1/27 | 400,000 | 410,904 | ||||||
Lockheed Martin Corp., 3.55%, 1/15/26 | 260,000 | 274,028 | ||||||
Northrop Grumman Corp., 3.25%, 1/15/28 | 70,000 | 71,592 | ||||||
Precision Castparts Corp., 3.25%, 6/15/25 | 393,000 | 407,358 | ||||||
Raytheon Technologies Corp., 3.50%, 3/15/27 | 65,000 | 68,070 | ||||||
Textron, Inc., 4.00%, 3/15/26 | 85,000 | 89,379 | ||||||
Textron, Inc., 2.45%, 3/15/31 | 420,000 | 393,909 | ||||||
2,628,509 | ||||||||
Air Freight and Logistics — 0.5% | ||||||||
United Parcel Service, Inc., 3.90%, 4/1/25 | 548,000 | 577,215 | ||||||
Airlines — 0.2% | ||||||||
Southwest Airlines Co., 5.125%, 6/15/27 | 102,000 | 113,169 | ||||||
Southwest Airlines Co., 2.625%, 2/10/30 | 111,000 | 105,782 | ||||||
218,951 | ||||||||
Auto Components — 0.1% | ||||||||
BorgWarner, Inc., 2.65%, 7/1/27 | 180,000 | 179,504 | ||||||
Automobiles — 0.9% | ||||||||
American Honda Finance Corp., MTN, 1.00%, 9/10/25 | 100,000 | 95,876 | ||||||
American Honda Finance Corp., MTN, 2.35%, 1/8/27 | 330,000 | 329,722 | ||||||
General Motors Co., 4.20%, 10/1/27 | 250,000 | 263,707 | ||||||
General Motors Financial Co., Inc., 5.10%, 1/17/24 | 44,000 | 46,173 | ||||||
Toyota Motor Credit Corp., MTN, 2.15%, 2/13/30 | 100,000 | 96,221 | ||||||
Toyota Motor Credit Corp., MTN, 3.375%, 4/1/30 | 200,000 | 209,570 | ||||||
Toyota Motor Credit Corp., MTN, 1.65%, 1/10/31 | 163,000 | 149,178 | ||||||
1,190,447 | ||||||||
Banks — 6.3% | ||||||||
African Development Bank, 0.75%, 4/3/23 | 110,000 | 109,460 | ||||||
Asian Development Bank, 2.625%, 1/30/24 | 50,000 | 51,092 | ||||||
Asian Development Bank, MTN, 0.625%, 10/8/24 | 50,000 | 48,715 | ||||||
Asian Development Bank, MTN, 0.375%, 9/3/25 | 350,000 | 333,312 | ||||||
Asian Development Bank, MTN, 2.375%, 8/10/27 | 40,000 | 41,059 | ||||||
Asian Infrastructure Investment Bank (The), 0.25%, 9/29/23 | 150,000 | 147,400 | ||||||
Asian Infrastructure Investment Bank (The), 0.50%, 5/28/25 | 225,000 | 215,948 | ||||||
Bank of Montreal, MTN, Series E, 3.30%, 2/5/24 | 70,000 | 71,731 | ||||||
Bank of Nova Scotia (The), 3.40%, 2/11/24 | 163,000 | 167,235 | ||||||
Citizens Financial Group, Inc., 2.50%, 2/6/30 | 200,000 | 191,818 | ||||||
Council Of Europe Development Bank, 0.25%, 10/20/23 | 25,000 | 24,527 | ||||||
Council Of Europe Development Bank, 2.50%, 2/27/24 | 20,000 | 20,397 | ||||||
European Bank for Reconstruction & Development, MTN, 2.125%, 3/7/22 | 25,000 | 25,005 |
7
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
European Investment Bank, 0.625%, 7/25/25 | $ | 170,000 | $ | 163,711 | ||||
European Investment Bank, 4.875%, 2/15/36 | 30,000 | 39,822 | ||||||
European Investment Bank, MTN, 3.125%, 12/14/23 | 100,000 | 103,007 | ||||||
Fifth Third Bancorp, 3.65%, 1/25/24 | 243,000 | 249,944 | ||||||
Fifth Third Bancorp, 2.55%, 5/5/27 | 325,000 | 324,996 | ||||||
Inter-American Development Bank, 3.00%, 10/4/23 | 100,000 | 102,543 | ||||||
Inter-American Development Bank, 2.00%, 7/23/26 | 350,000 | 352,731 | ||||||
Inter-American Development Bank, 2.375%, 7/7/27 | 255,000 | 261,408 | ||||||
Inter-American Development Bank, 3.125%, 9/18/28 | 200,000 | 214,632 | ||||||
Inter-American Development Bank, MTN, 1.125%, 1/13/31 | 200,000 | 186,370 | ||||||
International Bank for Reconstruction & Development, 1.75%, 4/19/23 | 50,000 | 50,301 | ||||||
International Bank for Reconstruction & Development, 0.875%, 7/15/26 | 125,000 | 120,480 | ||||||
International Bank for Reconstruction & Development, 0.75%, 11/24/27 | 225,000 | 210,822 | ||||||
International Bank for Reconstruction & Development, 0.875%, 5/14/30 | 155,000 | 142,749 | ||||||
International Finance Corp., MTN, 2.875%, 7/31/23 | 50,000 | 51,076 | ||||||
JPMorgan Chase & Co., 5.50%, 10/15/40 | 125,000 | 154,902 | ||||||
Kreditanstalt fuer Wiederaufbau, 2.125%, 6/15/22 | 100,000 | 100,447 | ||||||
Kreditanstalt fuer Wiederaufbau, 2.00%, 5/2/25 | 250,000 | 252,332 | ||||||
Landwirtschaftliche Rentenbank, 2.00%, 1/13/25 | 265,000 | 267,712 | ||||||
Oesterreichische Kontrollbank AG, MTN, 2.875%, 3/13/23 | 75,000 | 76,263 | ||||||
PNC Financial Services Group, Inc. (The), 3.15%, 5/19/27 | 937,000 | 972,357 | ||||||
Santander Holdings USA, Inc., 3.45%, 6/2/25 | 110,000 | 111,879 | ||||||
Santander Holdings USA, Inc., 4.40%, 7/13/27 | 260,000 | 274,083 | ||||||
Sumitomo Mitsui Financial Group, Inc., 3.94%, 10/16/23 | 250,000 | 258,105 | ||||||
Toronto-Dominion Bank (The), MTN, 0.75%, 1/6/26 | 150,000 | 141,380 | ||||||
Truist Financial Corp., MTN, 3.70%, 6/5/25 | 200,000 | 208,592 | ||||||
US Bancorp, MTN, 3.95%, 11/17/25 | 410,000 | 436,141 | ||||||
US Bancorp, MTN, 1.375%, 7/22/30 | 200,000 | 179,068 | ||||||
Wells Fargo & Co., MTN, 3.55%, 9/29/25 | 285,000 | 294,977 | ||||||
Westpac Banking Corp., 3.40%, 1/25/28 | 165,000 | 172,722 | ||||||
7,923,251 | ||||||||
Beverages — 1.9% | ||||||||
Anheuser-Busch InBev Worldwide, Inc., 4.00%, 4/13/28 | 125,000 | 133,268 | ||||||
Anheuser-Busch InBev Worldwide, Inc., 8.20%, 1/15/39 | 250,000 | 382,380 | ||||||
Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/40 | 75,000 | 80,121 | ||||||
Coca-Cola Co. (The), 3.45%, 3/25/30 | 85,000 | 89,959 | ||||||
Coca-Cola Co. (The), 1.375%, 3/15/31 | 265,000 | 238,525 | ||||||
Keurig Dr Pepper, Inc., 2.55%, 9/15/26 | 60,000 | 60,073 | ||||||
Keurig Dr Pepper, Inc., 3.20%, 5/1/30 | 525,000 | 530,806 | ||||||
Molson Coors Beverage Co., 3.00%, 7/15/26 | 256,000 | 260,540 | ||||||
PepsiCo, Inc., 3.00%, 10/15/27 | 445,000 | 459,926 | ||||||
PepsiCo, Inc., 1.625%, 5/1/30 | 70,000 | 65,347 | ||||||
PepsiCo, Inc., 1.40%, 2/25/31 | 61,000 | 54,993 | ||||||
2,355,938 | ||||||||
Biotechnology — 0.5% | ||||||||
AbbVie, Inc., 3.20%, 11/21/29 | 50,000 | 50,700 | ||||||
AbbVie, Inc., 4.50%, 5/14/35 | 535,000 | 595,352 | ||||||
646,052 |
8
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Capital Markets — 3.4% | ||||||||
Ameriprise Financial, Inc., 2.875%, 9/15/26 | $ | 325,000 | $ | 333,009 | ||||
BlackRock, Inc., 3.25%, 4/30/29 | 1,020,000 | 1,069,980 | ||||||
Brookfield Finance, Inc., 3.90%, 1/25/28 | 535,000 | 562,322 | ||||||
Charles Schwab Corp. (The), 3.20%, 3/2/27 | 100,000 | 103,854 | ||||||
Charles Schwab Corp. (The), 2.75%, 10/1/29 | 366,000 | 366,176 | ||||||
Charles Schwab Corp. (The), 1.65%, 3/11/31 | 575,000 | 522,905 | ||||||
Credit Suisse USA, Inc., 7.125%, 7/15/32 | 150,000 | 199,286 | ||||||
Franklin Resources, Inc., 1.60%, 10/30/30 | 619,000 | 554,242 | ||||||
Lazard Group LLC, 4.375%, 3/11/29 | 418,000 | 444,689 | ||||||
Morgan Stanley, 7.25%, 4/1/32 | 100,000 | 135,067 | ||||||
S&P Global, Inc., 2.95%, 1/22/27 | 75,000 | 76,915 | ||||||
4,368,445 | ||||||||
Chemicals — 2.3% | ||||||||
Air Products and Chemicals, Inc., 1.50%, 10/15/25 | 320,000 | 313,482 | ||||||
Eastman Chemical Co., 3.80%, 3/15/25 | 300,000 | 310,657 | ||||||
EI du Pont de Nemours and Co., 2.30%, 7/15/30 | 350,000 | 338,291 | ||||||
Linde, Inc., 3.20%, 1/30/26 | 80,000 | 83,160 | ||||||
Mosaic Co. (The), 4.05%, 11/15/27 | 25,000 | 26,455 | ||||||
Mosaic Co. (The), 5.45%, 11/15/33 | 500,000 | 590,380 | ||||||
Nutrien Ltd., 2.95%, 5/13/30 | 150,000 | 149,426 | ||||||
PPG Industries, Inc., 1.20%, 3/15/26 | 200,000 | 191,021 | ||||||
RPM International, Inc., 4.55%, 3/1/29 | 456,000 | 496,278 | ||||||
Westlake Corp., 3.60%, 8/15/26 | 120,000 | 124,719 | ||||||
Westlake Corp., 3.375%, 6/15/30 | 290,000 | 295,666 | ||||||
2,919,535 | ||||||||
Commercial Services and Supplies† | ||||||||
Waste Management, Inc., 1.15%, 3/15/28 | 50,000 | 45,911 | ||||||
Construction and Engineering — 0.3% | ||||||||
Quanta Services, Inc., 2.90%, 10/1/30 | 425,000 | 407,916 | ||||||
Consumer Finance — 0.3% | ||||||||
Synchrony Financial, 3.95%, 12/1/27 | 120,000 | 123,728 | ||||||
Synchrony Financial, 5.15%, 3/19/29 | 285,000 | 310,281 | ||||||
434,009 | ||||||||
Containers and Packaging — 0.4% | ||||||||
WRKCo, Inc., 4.90%, 3/15/29 | 400,000 | 442,456 | ||||||
Diversified Financial Services — 0.6% | ||||||||
Equitable Holdings, Inc., 4.35%, 4/20/28 | 404,000 | 432,922 | ||||||
National Rural Utilities Cooperative Finance Corp., 3.70%, 3/15/29 | 300,000 | 316,109 | ||||||
749,031 | ||||||||
Diversified Telecommunication Services — 0.9% | ||||||||
AT&T, Inc., 6.15%, 9/15/34 | 296,000 | 365,222 | ||||||
Telefonica Europe BV, 8.25%, 9/15/30 | 290,000 | 391,510 | ||||||
Verizon Communications, Inc., 5.25%, 3/16/37 | 315,000 | 375,917 | ||||||
1,132,649 | ||||||||
Electric Utilities — 4.1% | ||||||||
Berkshire Hathaway Energy Co., 4.05%, 4/15/25 | 120,000 | 126,567 | ||||||
Berkshire Hathaway Energy Co., 3.25%, 4/15/28 | 100,000 | 104,067 | ||||||
DTE Electric Co., 2.25%, 3/1/30 | 250,000 | 240,682 | ||||||
DTE Electric Co., Series C, 2.625%, 3/1/31 | 110,000 | 108,352 |
9
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Duke Energy Carolinas LLC, Series A, 6.00%, 12/1/28 | $ | 227,000 | $ | 269,548 | ||||
Duke Energy Florida LLC, 3.80%, 7/15/28 | 40,000 | 42,313 | ||||||
Duke Energy Ohio, Inc., 2.125%, 6/1/30 | 210,000 | 198,024 | ||||||
Entergy Arkansas LLC, 4.00%, 6/1/28 | 153,000 | 163,048 | ||||||
Entergy Louisiana LLC, 2.40%, 10/1/26 | 200,000 | 198,480 | ||||||
Entergy Louisiana LLC, 3.05%, 6/1/31 | 255,000 | 255,600 | ||||||
Florida Power & Light Co., 3.125%, 12/1/25 | 65,000 | 66,980 | ||||||
IPALCO Enterprises, Inc., 4.25%, 5/1/30 | 594,000 | 618,891 | ||||||
MidAmerican Energy Co., 6.75%, 12/30/31 | 100,000 | 131,890 | ||||||
PacifiCorp, 2.70%, 9/15/30 | 90,000 | 88,770 | ||||||
PPL Electric Utilities Corp., 6.25%, 5/15/39 | 425,000 | 566,367 | ||||||
Public Service Electric and Gas Co., MTN, 3.00%, 5/15/27 | 210,000 | 215,450 | ||||||
Puget Energy, Inc., 4.10%, 6/15/30 | 335,000 | 347,777 | ||||||
Southwestern Electric Power Co., Series M, 4.10%, 9/15/28 | 510,000 | 540,892 | ||||||
Union Electric Co., 2.95%, 3/15/30 | 612,000 | 619,001 | ||||||
Wisconsin Power and Light Co., 3.00%, 7/1/29 | 315,000 | 318,132 | ||||||
5,220,831 | ||||||||
Electronic Equipment, Instruments and Components — 1.2% | ||||||||
Flex Ltd., 3.75%, 2/1/26 | 50,000 | 51,659 | ||||||
Flex Ltd., 4.875%, 5/12/30 | 515,000 | 562,725 | ||||||
Jabil, Inc., 3.00%, 1/15/31 | 440,000 | 420,226 | ||||||
Trimble, Inc., 4.90%, 6/15/28 | 303,000 | 326,797 | ||||||
Tyco Electronics Group SA, 3.125%, 8/15/27 | 100,000 | 102,462 | ||||||
1,463,869 | ||||||||
Energy Equipment and Services — 0.5% | ||||||||
Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/27 | 200,000 | 206,334 | ||||||
Schlumberger Investment SA, 2.65%, 6/26/30 | 459,000 | 446,157 | ||||||
652,491 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 5.0% | ||||||||
American Campus Communities Operating Partnership LP, 3.875%, 1/30/31 | 471,000 | 494,568 | ||||||
American Homes 4 Rent LP, 4.25%, 2/15/28 | 234,000 | 247,373 | ||||||
American Tower Corp., 3.60%, 1/15/28 | 210,000 | 215,633 | ||||||
AvalonBay Communities, Inc., MTN, 3.20%, 1/15/28 | 640,000 | 659,687 | ||||||
Boston Properties LP, 3.65%, 2/1/26 | 125,000 | 129,537 | ||||||
Boston Properties LP, 3.25%, 1/30/31 | 350,000 | 349,735 | ||||||
Brixmor Operating Partnership LP, 3.65%, 6/15/24 | 163,000 | 167,942 | ||||||
Brixmor Operating Partnership LP, 3.90%, 3/15/27 | 145,000 | 151,077 | ||||||
Camden Property Trust, 2.80%, 5/15/30 | 65,000 | 64,388 | ||||||
Corporate Office Properties LP, 2.25%, 3/15/26 | 319,000 | 313,925 | ||||||
Digital Realty Trust LP, 3.60%, 7/1/29 | 400,000 | 412,600 | ||||||
Equinix, Inc., 1.25%, 7/15/25 | 100,000 | 95,342 | ||||||
Highwoods Realty LP, 4.125%, 3/15/28 | 105,000 | 111,657 | ||||||
Highwoods Realty LP, 2.60%, 2/1/31 | 329,000 | 313,157 | ||||||
Kimco Realty Corp., 1.90%, 3/1/28 | 50,000 | 47,312 | ||||||
Prologis LP, 3.25%, 10/1/26 | 400,000 | 416,199 | ||||||
Prologis LP, 2.25%, 4/15/30 | 200,000 | 191,875 | ||||||
Public Storage, 1.85%, 5/1/28 | 250,000 | 238,944 | ||||||
Public Storage, 2.30%, 5/1/31 | 800,000 | 771,278 | ||||||
Realty Income Corp., 3.65%, 1/15/28 | 160,000 | 166,897 | ||||||
Realty Income Corp., 2.85%, 12/15/32 | 20,000 | 19,477 |
10
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
UDR, Inc., MTN, 2.10%, 8/1/32 | $ | 355,000 | $ | 319,717 | ||||
Ventas Realty LP, 3.00%, 1/15/30 | 20,000 | 19,813 | ||||||
Ventas Realty LP, 4.75%, 11/15/30 | 360,000 | 402,593 | ||||||
6,320,726 | ||||||||
Food and Staples Retailing — 0.6% | ||||||||
Walgreens Boots Alliance, Inc., 3.45%, 6/1/26 | 58,000 | 60,192 | ||||||
Walgreens Boots Alliance, Inc., 3.20%, 4/15/30 | 375,000 | 379,356 | ||||||
Walmart, Inc., 3.55%, 6/26/25 | 350,000 | 367,784 | ||||||
807,332 | ||||||||
Food Products — 1.8% | ||||||||
Archer-Daniels-Midland Co., 3.25%, 3/27/30 | 675,000 | 700,809 | ||||||
Bunge Ltd. Finance Corp., 3.25%, 8/15/26 | 120,000 | 122,715 | ||||||
Campbell Soup Co., 4.15%, 3/15/28 | 493,000 | 527,939 | ||||||
General Mills, Inc., 3.20%, 2/10/27 | 325,000 | 334,805 | ||||||
General Mills, Inc., 4.20%, 4/17/28 | 25,000 | 26,969 | ||||||
Ingredion, Inc., 2.90%, 6/1/30 | 175,000 | 173,342 | ||||||
Mondelez International, Inc., 1.50%, 2/4/31 | 419,000 | 374,018 | ||||||
2,260,597 | ||||||||
Gas Utilities — 0.2% | ||||||||
National Fuel Gas Co., 5.50%, 1/15/26 | 45,000 | 48,792 | ||||||
Southern California Gas Co., 2.55%, 2/1/30 | 174,000 | 169,558 | ||||||
218,350 | ||||||||
Health Care Equipment and Supplies — 0.4% | ||||||||
Edwards Lifesciences Corp., 4.30%, 6/15/28 | 487,000 | 528,297 | ||||||
Health Care Providers and Services — 1.2% | ||||||||
Cigna Corp., 3.20%, 3/15/40 | 300,000 | 277,650 | ||||||
CVS Health Corp., 2.875%, 6/1/26 | 25,000 | 25,316 | ||||||
CVS Health Corp., 1.875%, 2/28/31 | 188,000 | 171,072 | ||||||
HCA, Inc., 4.50%, 2/15/27 | 25,000 | 26,516 | ||||||
HCA, Inc., 4.125%, 6/15/29 | 460,000 | 482,656 | ||||||
UnitedHealth Group, Inc., 3.45%, 1/15/27 | 540,000 | 568,151 | ||||||
1,551,361 | ||||||||
Hotels, Restaurants and Leisure — 0.4% | ||||||||
Expedia Group, Inc., 3.25%, 2/15/30 | 250,000 | 246,895 | ||||||
Hyatt Hotels Corp., 4.85%, 3/15/26 | 60,000 | 63,816 | ||||||
Starbucks Corp., 4.00%, 11/15/28 | 225,000 | 241,305 | ||||||
552,016 | ||||||||
Household Durables — 0.1% | ||||||||
Whirlpool Corp., 4.00%, 3/1/24 | 139,000 | 144,739 | ||||||
Industrial Conglomerates — 0.7% | ||||||||
3M Co., MTN, 5.70%, 3/15/37 | 580,000 | 740,148 | ||||||
Roper Technologies, Inc., 1.40%, 9/15/27 | 135,000 | 126,044 | ||||||
866,192 | ||||||||
Insurance — 1.0% | ||||||||
Chubb INA Holdings, Inc., 3.15%, 3/15/25 | 150,000 | 154,452 | ||||||
Chubb INA Holdings, Inc., 1.375%, 9/15/30 | 310,000 | 277,772 | ||||||
MetLife, Inc., 3.60%, 11/13/25 | 510,000 | 534,106 | ||||||
Prudential plc, 3.125%, 4/14/30 | 300,000 | 304,558 | ||||||
1,270,888 | ||||||||
Interactive Media and Services — 0.3% | ||||||||
Alphabet, Inc., 0.80%, 8/15/27 | 247,000 | 228,906 |
11
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Alphabet, Inc., 1.10%, 8/15/30 | $ | 100,000 | $ | 90,372 | ||||
319,278 | ||||||||
Internet and Direct Marketing Retail — 0.3% | ||||||||
Amazon.com, Inc., 5.20%, 12/3/25 | 200,000 | 220,725 | ||||||
Amazon.com, Inc., 1.20%, 6/3/27 | 150,000 | 142,751 | ||||||
363,476 | ||||||||
IT Services — 0.9% | ||||||||
International Business Machines Corp., 1.95%, 5/15/30 | 184,000 | 172,953 | ||||||
Leidos, Inc., 4.375%, 5/15/30 | 340,000 | 361,515 | ||||||
Visa, Inc., 2.75%, 9/15/27 | 190,000 | 194,858 | ||||||
Western Union Co. (The), 6.20%, 11/17/36 | 324,000 | 370,825 | ||||||
1,100,151 | ||||||||
Leisure Products — 0.2% | ||||||||
Hasbro, Inc., 3.50%, 9/15/27 | 286,000 | 294,323 | ||||||
Machinery — 1.7% | ||||||||
ABB Finance USA, Inc., 3.80%, 4/3/28 | 106,000 | 112,991 | ||||||
Caterpillar Financial Services Corp., MTN, 3.65%, 12/7/23 | 140,000 | 144,940 | ||||||
Caterpillar Financial Services Corp., MTN, 1.10%, 9/14/27 | 100,000 | 93,959 | ||||||
John Deere Capital Corp., 1.45%, 1/15/31 | 140,000 | 127,575 | ||||||
John Deere Capital Corp., MTN, 3.05%, 1/6/28 | 468,000 | 485,742 | ||||||
Kennametal, Inc., 4.625%, 6/15/28 | 108,000 | 116,580 | ||||||
Oshkosh Corp., 4.60%, 5/15/28 | 606,000 | 652,155 | ||||||
Parker-Hannifin Corp., MTN, 4.20%, 11/21/34 | 375,000 | 404,507 | ||||||
2,138,449 | ||||||||
Media — 1.1% | ||||||||
Comcast Corp., 2.65%, 2/1/30 | 168,000 | 164,780 | ||||||
Comcast Corp., 4.25%, 10/15/30 | 250,000 | 275,287 | ||||||
Interpublic Group of Cos., Inc. (The), 4.75%, 3/30/30 | 150,000 | 166,565 | ||||||
Paramount Global, 4.95%, 1/15/31 | 420,000 | 455,584 | ||||||
Walt Disney Co. (The), 2.00%, 9/1/29 | 320,000 | 305,868 | ||||||
1,368,084 | ||||||||
Metals and Mining — 0.3% | ||||||||
Kinross Gold Corp., 4.50%, 7/15/27 | 95,000 | 101,806 | ||||||
Steel Dynamics, Inc., 3.25%, 1/15/31 | 340,000 | 339,831 | ||||||
441,637 | ||||||||
Multi-Utilities — 0.3% | ||||||||
Dominion Energy, Inc., 4.25%, 6/1/28 | 100,000 | 106,865 | ||||||
San Diego Gas & Electric Co., 1.70%, 10/1/30 | 367,000 | 333,575 | ||||||
440,440 | ||||||||
Multiline Retail — 0.8% | ||||||||
Dollar Tree, Inc., 4.20%, 5/15/28 | 75,000 | 80,158 | ||||||
Target Corp., 2.65%, 9/15/30 | 870,000 | 874,347 | ||||||
954,505 | ||||||||
Oil, Gas and Consumable Fuels — 6.1% | ||||||||
Boardwalk Pipelines LP, 4.80%, 5/3/29 | 200,000 | 214,271 | ||||||
BP Capital Markets America, Inc., 3.63%, 4/6/30 | 210,000 | 218,881 | ||||||
BP Capital Markets plc, 3.28%, 9/19/27 | 90,000 | 92,626 | ||||||
Burlington Resources LLC, 7.40%, 12/1/31 | 30,000 | 41,778 | ||||||
Canadian Natural Resources Ltd., 2.95%, 7/15/30 | 563,000 | 558,982 | ||||||
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 | 104,000 | 113,499 | ||||||
Chevron Corp., 1.55%, 5/11/25 | 220,000 | 216,789 |
12
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Chevron USA, Inc., 3.85%, 1/15/28 | $ | 618,000 | $ | 666,188 | ||||
Enbridge, Inc., 3.125%, 11/15/29 | 320,000 | 320,105 | ||||||
Enterprise Products Operating LLC, 3.35%, 3/15/23 | 220,000 | 222,843 | ||||||
Enterprise Products Operating LLC, 3.70%, 2/15/26 | 80,000 | 83,588 | ||||||
Equinor ASA, 3.70%, 3/1/24 | 70,000 | 72,450 | ||||||
Equinor ASA, 2.875%, 4/6/25 | 175,000 | 178,265 | ||||||
Exxon Mobil Corp., 3.04%, 3/1/26 | 275,000 | 284,682 | ||||||
Exxon Mobil Corp., 2.44%, 8/16/29 | 340,000 | 334,651 | ||||||
Exxon Mobil Corp., 2.61%, 10/15/30 | 312,000 | 309,967 | ||||||
Kinder Morgan, Inc., 5.30%, 12/1/34 | 380,000 | 426,645 | ||||||
Marathon Petroleum Corp., 4.70%, 5/1/25 | 40,000 | 42,504 | ||||||
MPLX LP, 2.65%, 8/15/30 | 249,000 | 234,861 | ||||||
Phillips 66, 3.90%, 3/15/28 | 540,000 | 567,696 | ||||||
Pioneer Natural Resources Co., 1.90%, 8/15/30 | 575,000 | 522,808 | ||||||
Shell International Finance BV, 3.25%, 5/11/25 | 230,000 | 238,719 | ||||||
Shell International Finance BV, 2.50%, 9/12/26 | 185,000 | 187,391 | ||||||
Shell International Finance BV, 2.75%, 4/6/30 | 200,000 | 199,534 | ||||||
TotalEnergies Capital International SA, 2.43%, 1/10/25 | 147,000 | 148,899 | ||||||
TransCanada PipeLines Ltd., 4.25%, 5/15/28 | 140,000 | 149,122 | ||||||
Valero Energy Corp., 6.625%, 6/15/37 | 175,000 | 225,037 | ||||||
Valero Energy Partners LP, 4.50%, 3/15/28 | 293,000 | 311,869 | ||||||
Williams Cos., Inc. (The), 4.00%, 9/15/25 | 530,000 | 552,407 | ||||||
7,737,057 | ||||||||
Pharmaceuticals — 3.6% | ||||||||
Astrazeneca Finance LLC, 2.25%, 5/28/31 | 350,000 | 336,580 | ||||||
AstraZeneca plc, 4.00%, 1/17/29 | 383,000 | 414,776 | ||||||
Bristol-Myers Squibb Co., 3.25%, 2/27/27 | 279,000 | 292,481 | ||||||
Bristol-Myers Squibb Co., 3.45%, 11/15/27 | 165,000 | 175,345 | ||||||
Bristol-Myers Squibb Co., 1.45%, 11/13/30 | 226,000 | 204,921 | ||||||
Eli Lilly & Co., 3.375%, 3/15/29 | 238,000 | 251,426 | ||||||
Johnson & Johnson, 0.55%, 9/1/25 | 40,000 | 38,151 | ||||||
Johnson & Johnson, 2.90%, 1/15/28 | 440,000 | 453,606 | ||||||
Johnson & Johnson, 3.625%, 3/3/37 | 100,000 | 108,154 | ||||||
Merck & Co., Inc., 0.75%, 2/24/26 | 220,000 | 209,752 | ||||||
Merck & Co., Inc., 3.40%, 3/7/29 | 350,000 | 369,254 | ||||||
Mylan, Inc., 4.55%, 4/15/28 | 202,000 | 215,507 | ||||||
Novartis Capital Corp., 3.10%, 5/17/27 | 285,000 | 295,152 | ||||||
Novartis Capital Corp., 2.20%, 8/14/30 | 175,000 | 169,960 | ||||||
Royalty Pharma plc, 2.20%, 9/2/30 | 500,000 | 454,105 | ||||||
Sanofi, 3.625%, 6/19/28 | 558,000 | 602,759 | ||||||
4,591,929 | ||||||||
Road and Rail — 0.1% | ||||||||
Norfolk Southern Corp., 3.15%, 6/1/27 | 125,000 | 129,337 | ||||||
Semiconductors and Semiconductor Equipment — 2.6% | ||||||||
Broadcom, Inc., 4.11%, 9/15/28 | 185,000 | 194,564 | ||||||
Broadcom, Inc., 2.60%, 2/15/33(1) | 425,000 | 388,288 | ||||||
Intel Corp., 4.60%, 3/25/40 | 398,000 | 451,504 | ||||||
Lam Research Corp., 3.75%, 3/15/26 | 200,000 | 211,731 | ||||||
Marvell Technology, Inc., 2.95%, 4/15/31 | 425,000 | 409,723 | ||||||
Micron Technology, Inc., 4.19%, 2/15/27 | 75,000 | 79,319 | ||||||
NVIDIA Corp., 2.85%, 4/1/30 | 674,000 | 683,323 |
13
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
NVIDIA Corp., 2.00%, 6/15/31 | $ | 200,000 | $ | 188,281 | ||||
NXP BV / NXP Funding LLC, 5.55%, 12/1/28(1) | 360,000 | 409,674 | ||||||
QUALCOMM, Inc., 3.25%, 5/20/27 | 310,000 | 323,424 | ||||||
3,339,831 | ||||||||
Software — 1.3% | ||||||||
Adobe, Inc., 2.30%, 2/1/30 | 408,000 | 397,178 | ||||||
Autodesk, Inc., 2.85%, 1/15/30 | 500,000 | 488,631 | ||||||
Microsoft Corp., 2.875%, 2/6/24 | 150,000 | 153,679 | ||||||
Oracle Corp., 3.25%, 5/15/30 | 320,000 | 315,816 | ||||||
VMware, Inc., 4.70%, 5/15/30 | 250,000 | 274,748 | ||||||
1,630,052 | ||||||||
Specialty Retail — 1.6% | ||||||||
AutoNation, Inc., 3.80%, 11/15/27 | 66,000 | 68,434 | ||||||
AutoNation, Inc., 4.75%, 6/1/30 | 390,000 | 420,651 | ||||||
Home Depot, Inc. (The), 2.80%, 9/14/27 | 210,000 | 214,494 | ||||||
Home Depot, Inc. (The), 2.95%, 6/15/29 | 325,000 | 332,770 | ||||||
Home Depot, Inc. (The), 3.30%, 4/15/40 | 275,000 | 275,620 | ||||||
O'Reilly Automotive, Inc., 4.35%, 6/1/28 | 145,000 | 156,561 | ||||||
TJX Cos., Inc. (The), 1.15%, 5/15/28 | 550,000 | 509,311 | ||||||
1,977,841 | ||||||||
Technology Hardware, Storage and Peripherals — 1.7% | ||||||||
Apple, Inc., 3.25%, 2/23/26 | 390,000 | 407,443 | ||||||
Apple, Inc., 3.20%, 5/11/27 | 570,000 | 596,758 | ||||||
Apple, Inc., 3.00%, 11/13/27 | 100,000 | 104,064 | ||||||
Apple, Inc., 2.20%, 9/11/29 | 30,000 | 29,486 | ||||||
Hewlett Packard Enterprise Co., 6.20%, 10/15/35 | 464,000 | 555,670 | ||||||
HP, Inc., 3.40%, 6/17/30 | 460,000 | 464,906 | ||||||
2,158,327 | ||||||||
Trading Companies and Distributors — 0.3% | ||||||||
Air Lease Corp., 3.625%, 12/1/27 | 363,000 | 368,015 | ||||||
Transportation Infrastructure — 0.4% | ||||||||
FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 8/20/35 | 596,025 | 567,366 | ||||||
Wireless Telecommunication Services — 0.2% | ||||||||
T-Mobile USA, Inc., 3.75%, 4/15/27 | 210,000 | 218,189 | ||||||
TOTAL CORPORATE BONDS (Cost $81,653,680) | 78,215,795 | |||||||
U.S. TREASURY SECURITIES — 24.8% | ||||||||
U.S. Treasury Bonds, 1.125%, 8/15/40 | 1,136,000 | 941,549 | ||||||
U.S. Treasury Bonds, 4.75%, 2/15/41 | 598,600 | 835,819 | ||||||
U.S. Treasury Bonds, 2.25%, 5/15/41 | 1,335,000 | 1,331,193 | ||||||
U.S. Treasury Bonds, 2.00%, 11/15/41 | 2,545,000 | 2,437,235 | ||||||
U.S. Treasury Bonds, 2.50%, 2/15/45 | 315,000 | 325,299 | ||||||
U.S. Treasury Bonds, 2.875%, 8/15/45 | 1,442,700 | 1,591,929 | ||||||
U.S. Treasury Notes, 2.875%, 9/30/23 | 2,503,900 | 2,563,661 | ||||||
U.S. Treasury Notes, 0.125%, 12/15/23 | 1,502,500 | 1,468,224 | ||||||
U.S. Treasury Notes, 1.375%, 1/31/25 | 2,290,000 | 2,273,720 | ||||||
U.S. Treasury Notes, 0.375%, 4/30/25 | 2,575,000 | 2,472,805 | ||||||
U.S. Treasury Notes, 2.125%, 5/15/25 | 2,250,000 | 2,281,816 | ||||||
U.S. Treasury Notes, 2.75%, 8/31/25 | 2,821,900 | 2,921,438 | ||||||
U.S. Treasury Notes, 2.625%, 1/31/26 | 1,533,000 | 1,584,799 | ||||||
U.S. Treasury Notes, 0.875%, 9/30/26 | 2,100,000 | 2,019,117 |
14
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
U.S. Treasury Notes, 0.375%, 9/30/27(2) | $ | 1,109,100 | $ | 1,026,697 | ||||
U.S. Treasury Notes, 0.50%, 10/31/27 | 1,690,000 | 1,573,350 | ||||||
U.S. Treasury Notes, 1.375%, 10/31/28 | 3,950,000 | 3,837,518 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $32,214,222) | 31,486,169 | |||||||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 19.7% | ||||||||
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 19.7% | ||||||||
GNMA, 2.00%, TBA | 600,000 | 586,641 | ||||||
GNMA, 2.50%, TBA | 750,000 | 749,443 | ||||||
GNMA, 3.00%, TBA | 2,900,000 | 2,948,371 | ||||||
GNMA, 3.00%, TBA | 1,000,000 | 1,014,300 | ||||||
UMBS, 1.50%, TBA | 2,000,000 | 1,946,250 | ||||||
UMBS, 1.50%, TBA | 1,300,000 | 1,263,126 | ||||||
UMBS, 2.00%, TBA | 2,750,000 | 2,729,805 | ||||||
UMBS, 2.00%, TBA | 1,000,000 | 990,900 | ||||||
UMBS, 2.00%, TBA | 2,000,000 | 1,918,594 | ||||||
UMBS, 2.00%, TBA | 1,000,000 | 957,300 | ||||||
UMBS, 2.50%, TBA | 750,000 | 758,845 | ||||||
UMBS, 2.50%, TBA | 2,350,000 | 2,318,697 | ||||||
UMBS, 2.50%, TBA | 900,000 | 885,958 | ||||||
UMBS, 3.00%, TBA | 1,550,000 | 1,565,621 | ||||||
UMBS, 3.00%, TBA | 1,900,000 | 1,914,992 | ||||||
UMBS, 3.00%, TBA | 550,000 | 552,965 | ||||||
UMBS, 3.50%, TBA | 1,750,000 | 1,802,363 | ||||||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $24,912,145) | 24,904,171 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 2.8% | ||||||||
Federal Farm Credit Banks Funding Corp., 1.125%, 1/6/25 | 100,000 | 98,541 | ||||||
FHLB, 2.75%, 12/13/24 | 15,000 | 15,449 | ||||||
FHLB, 2.375%, 3/14/25 | 50,000 | 51,067 | ||||||
FHLB, 0.375%, 9/4/25 | 125,000 | 119,183 | ||||||
FHLB, 3.25%, 11/16/28 | 475,000 | 513,581 | ||||||
FHLMC, 1.50%, 2/12/25 | 120,000 | 119,440 | ||||||
FHLMC, 0.375%, 7/21/25 | 284,000 | 271,555 | ||||||
FHLMC, 0.375%, 9/23/25 | 380,000 | 361,934 | ||||||
FNMA, 2.50%, 2/5/24 | 30,000 | 30,580 | ||||||
FNMA, 1.625%, 10/15/24 | 265,000 | 265,024 | ||||||
FNMA, 0.625%, 4/22/25 | 75,000 | 72,583 | ||||||
FNMA, 0.50%, 6/17/25 | 100,000 | 96,020 | ||||||
FNMA, 0.375%, 8/25/25 | 100,000 | 95,379 | ||||||
FNMA, 1.875%, 9/24/26 | 490,000 | 492,302 | ||||||
FNMA, 6.25%, 5/15/29 | 50,000 | 64,322 | ||||||
FNMA, 7.25%, 5/15/30 | 20,000 | 28,068 | ||||||
FNMA, 5.625%, 7/15/37 | 345,000 | 481,529 | ||||||
Tennessee Valley Authority, 0.75%, 5/15/25 | 105,000 | 101,802 | ||||||
Tennessee Valley Authority, 7.125%, 5/1/30 | 20,000 | 27,414 | ||||||
Tennessee Valley Authority, 5.88%, 4/1/36 | 90,000 | 127,061 | ||||||
Tennessee Valley Authority, Series A, 2.875%, 2/1/27 | 60,000 | 62,952 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $3,595,771) | 3,495,786 |
15
Avantis Core Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.1% | ||||||||
Canada — 0.1% | ||||||||
Export Development Canada, 2.625%, 2/21/24 (Cost $104,453) | $ | 100,000 | $ | 102,118 | ||||
SHORT-TERM INVESTMENTS — 10.0% | ||||||||
Commercial Paper(3) — 2.5% | ||||||||
Glencove Funding LLC, 0.22%, 3/1/22(1) | 1,000,000 | 999,997 | ||||||
Macquarie Bank Ltd., 0.21%, 3/18/22(1) | 250,000 | 249,993 | ||||||
Old Line Funding LLC, 0.18%, 3/28/22(1) | 1,000,000 | 999,880 | ||||||
Royal Bank of Canada, 0.21%, 3/21/22 | 710,000 | 709,965 | ||||||
Sheffield Receivables Co. LLC, 0.26%, 3/8/22(1) | 250,000 | 249,995 | ||||||
3,209,830 | ||||||||
Treasury Bills — 7.5% | ||||||||
U.S. Treasury Bills, 0.02%, 3/3/22(3) | 500,000 | 500,000 | ||||||
U.S. Treasury Bills, 0.09%, 3/22/22(3) | 500,000 | 499,990 | ||||||
U.S. Treasury Bills, 0.06%, 3/31/22(3) | 2,700,000 | 2,699,851 | ||||||
U.S. Treasury Bills, 0.17%, 4/21/22(3) | 1,100,000 | 1,099,727 | ||||||
U.S. Treasury Bills, 0.20%, 5/5/22(3) | 2,700,000 | 2,698,920 | ||||||
U.S. Treasury Bills, 0.32%, 5/12/22(3) | 1,500,000 | 1,499,182 | ||||||
U.S. Treasury Cash Management Bills, 0.15%, 5/10/22(3) | 500,000 | 499,757 | ||||||
9,497,427 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $12,707,108) | 12,707,257 | |||||||
TOTAL INVESTMENT SECURITIES — 119.1% (Cost $155,187,379) | 150,911,296 | |||||||
OTHER ASSETS AND LIABILITIES — (19.1)% | (24,192,546) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 126,718,750 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 5-Year Notes | 4 | June 2022 | $ | 473,125 | $ | 117 |
^Amount represents value and unrealized appreciation (depreciation).
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS | |||||||||||||||||||||||
Reference Entity | Type‡ | Fixed Rate Received (Paid) Quarterly | Termination Date | Notional Amount | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Value^ | ||||||||||||||||
Markit CDX North America Investment Grade Index Series 37 | Sell | 1.00% | 12/20/26 | $ | 2,500,000 | $ | 53,173 | $ | (10,953) | $ | 42,220 |
‡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.
16
Avantis Core Fixed Income ETF
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CDX | - | Credit Derivatives Indexes | ||||||
FHLB | - | Federal Home Loan Bank | ||||||
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 |
†Category is less than 0.05% of total net assets.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $3,297,827, which represented 2.6% of total net assets.
(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $364,601.
(3)The rate indicated is the yield to maturity at purchase.
See Notes to Financial Statements.
17
FEBRUARY 28, 2022 (UNAUDITED)
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
MUNICIPAL SECURITIES — 98.9% | ||||||||
Alabama — 2.2% | ||||||||
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/24(1) | $ | 100,000 | $ | 109,316 | ||||
Alabama Federal Aid Highway Finance Authority Rev., 4.00%, 9/1/27, Prerefunded at 100% of Par(1) | 50,000 | 56,779 | ||||||
Alabama Public School and College Authority Rev., 5.00%, 11/1/37 | 200,000 | 248,992 | ||||||
Alabama Public School and College Authority Rev., 4.00%, 11/1/40 | 200,000 | 230,092 | ||||||
645,179 | ||||||||
Arizona — 2.3% | ||||||||
Arizona Transportation Board Rev., 5.00%, 7/1/24 | 50,000 | 54,395 | ||||||
Mesa Utility System Rev., 4.00%, 7/1/34 | 15,000 | 17,381 | ||||||
Phoenix GO, 5.00%, 7/1/25 | 85,000 | 95,027 | ||||||
Pima County Sewer System Rev., 5.00%, 7/1/24 | 25,000 | 27,161 | ||||||
Pima County Sewer System Rev., 5.00%, 7/1/25 | 35,000 | 39,177 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/31 | 30,000 | 34,864 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/31 | 60,000 | 71,477 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/39 | 65,000 | 76,782 | ||||||
Scottsdale Municipal Property Corp. Rev., 5.00%, 7/1/30 | 50,000 | 60,588 | ||||||
State of Arizona COP, 5.00%, 10/1/25(1) | 125,000 | 140,888 | ||||||
State of Arizona COP, 5.00%, 10/1/29(1) | 10,000 | 12,398 | ||||||
State of Arizona Lottery Rev., 5.00%, 7/1/29(1) | 30,000 | 37,006 | ||||||
667,144 | ||||||||
California — 17.0% | ||||||||
California State Public Works Board Rev., 5.00%, 11/1/29 | 25,000 | 26,484 | ||||||
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/25 | 40,000 | 44,450 | ||||||
California State University Rev., 5.00%, 11/1/26 | 25,000 | 28,225 | ||||||
California State University Rev., 5.00%, 11/1/36 | 200,000 | 227,204 | ||||||
Chino Basin Regional Financing Authority Rev., (Inland Empire Utilities Agency), 4.00%, 11/1/25 | 25,000 | 27,133 | ||||||
Coast Community College District GO, 5.00%, 8/15/25, Prerefunded at 100% of Par(1) | 75,000 | 84,285 | ||||||
Coast Community College District GO, Capital Appreciation, 0.00%, 8/1/27 (AGM)(2) | 50,000 | 45,182 | ||||||
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/30 | 135,000 | 150,698 | ||||||
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/33 | 30,000 | 35,135 | ||||||
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/35 | 30,000 | 35,036 | ||||||
Eastern Municipal Water District Financing Authority Rev., 4.00%, 7/1/38 | 60,000 | 69,646 | ||||||
Los Angeles Community College District GO, 5.00%, 8/1/23 | 25,000 | 26,431 | ||||||
Los Angeles County Metropolitan Transportation Authority Rev., 5.00%, 7/1/37 | 60,000 | 70,337 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/37 | 200,000 | 243,947 | ||||||
Los Angeles Department of Airports Rev., 4.00%, 5/15/39 | 10,000 | 11,353 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/39 | 200,000 | 243,121 |
18
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Los Angeles Department of Airports Rev., 4.00%, 5/15/40 | $ | 75,000 | $ | 84,948 | ||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/40 | 65,000 | 78,897 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/24 | 25,000 | 27,161 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/24 | 45,000 | 46,542 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/25 | 25,000 | 27,933 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/27 | 50,000 | 54,286 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/34 | 50,000 | 55,072 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/40 | 75,000 | 92,237 | ||||||
Los Angeles Unified School District GO, 3.00%, 7/1/35 | 45,000 | 47,226 | ||||||
Los Angeles Unified School District GO, 3.00%, 7/1/45 | 150,000 | 151,948 | ||||||
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/24 | 80,000 | 87,904 | ||||||
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/31 | 60,000 | 69,168 | ||||||
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/26 (AGM) | 120,000 | 134,393 | ||||||
Perris Union High School District GO, 4.00%, 9/1/43 (AGM) | 50,000 | 56,701 | ||||||
Riverside County Public Financing Authority Rev., (Riverside County), 4.125%, 11/1/25, Prerefunded at 100% of Par(1) | 10,000 | 10,982 | ||||||
Sacramento City Financing Authority Rev., (Sacramento), 5.25%, 12/1/30 (Ambac) | 100,000 | 123,543 | ||||||
Sacramento Municipal Utility District Rev., 5.00%, 8/15/23 | 25,000 | 26,462 | ||||||
Sacramento Municipal Utility District Rev., 5.00%, 8/15/39 | 50,000 | 61,350 | ||||||
San Diego Community College District GO, 5.00%, 8/1/26, Prerefunded at 100% of Par(1) | 30,000 | 34,630 | ||||||
San Diego Community College District GO, 5.00%, 8/1/28 | 30,000 | 34,686 | ||||||
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility Rev.), 5.00%, 5/15/29 | 35,000 | 40,030 | ||||||
San Diego Unified School District GO, 5.00%, 7/1/26 | 75,000 | 83,900 | ||||||
San Diego Unified School District GO, 5.25%, 7/1/28 (AGM) | 35,000 | 42,799 | ||||||
San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/30(2) | 40,000 | 33,367 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/32 | 20,000 | 24,033 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/35 | 40,000 | 48,028 | ||||||
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/24 | 25,000 | 27,470 | ||||||
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/34 | 25,000 | 28,857 | ||||||
San Francisco Public Utilities Commission Water Rev., 4.00%, 11/1/35 | 10,000 | 10,769 | ||||||
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/36 | 35,000 | 38,779 | ||||||
San Jose Financing Authority Rev., (San Jose), 5.00%, 6/1/23, Prerefunded at 100% of Par(1) | 45,000 | 47,238 | ||||||
Santa County Clara GO, 3.25%, 8/1/39 | 50,000 | 51,967 | ||||||
State of California GO, 5.00%, 9/1/26 | 30,000 | 34,623 | ||||||
State of California GO, 5.00%, 8/1/27 | 200,000 | 223,563 | ||||||
State of California GO, 5.00%, 8/1/28 | 5,000 | 5,892 | ||||||
State of California GO, 5.00%, 4/1/30 | 20,000 | 24,483 |
19
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
State of California GO, 5.00%, 4/1/30 | $ | 5,000 | $ | 6,247 | ||||
State of California GO, 5.00%, 10/1/31 | 15,000 | 18,504 | ||||||
State of California GO, 5.25%, 8/1/32 (AGM) | 230,000 | 301,904 | ||||||
State of California GO, 4.00%, 9/1/33 | 60,000 | 66,285 | ||||||
State of California GO, 5.00%, 3/1/35 | 70,000 | 86,682 | ||||||
State of California GO, 3.00%, 10/1/35 | 300,000 | 314,403 | ||||||
State of California GO, 4.00%, 3/1/36 | 145,000 | 165,975 | ||||||
State of California GO, 4.00%, 11/1/36 | 50,000 | 57,736 | ||||||
State of California GO, 3.00%, 10/1/37 | 90,000 | 93,738 | ||||||
State of California Department of Water Resources Rev., 5.00%, 6/1/23, Prerefunded at 100% of Par(1) | 25,000 | 26,259 | ||||||
State of California Department of Water Resources Rev., 5.00%, 12/1/24, Prerefunded at 100% of Par(1) | 145,000 | 159,774 | ||||||
University of California Rev., 5.00%, 5/15/34 | 50,000 | 59,979 | ||||||
University of California Rev., 5.00%, 5/15/36 | 65,000 | 75,660 | ||||||
University of California Rev., 5.00%, 5/15/38 | 30,000 | 37,074 | ||||||
University of California Rev., 5.00%, 5/15/38 | 30,000 | 35,875 | ||||||
4,946,629 | ||||||||
Colorado — 2.7% | ||||||||
City & County of Denver GO, 5.00%, 8/1/30 | 325,000 | 412,163 | ||||||
City & County of Denver Airport System Rev., 5.00%, 11/15/23 | 50,000 | 53,157 | ||||||
City & County of Denver Airport System Rev., 5.00%, 11/15/24 | 30,000 | 32,894 | ||||||
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/24 (NATL)(2) | 55,000 | 52,904 | ||||||
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/30 (NATL)(2) | 80,000 | 66,331 | ||||||
Regional Transportation District Sales Tax Rev., 5.00%, 11/1/28 | 30,000 | 36,369 | ||||||
State of Colorado COP, 5.00%, 12/15/32 | 50,000 | 62,777 | ||||||
State of Colorado COP, 4.00%, 12/15/37 | 40,000 | 45,834 | ||||||
State of Colorado COP, 4.00%, 12/15/38 | 30,000 | 34,180 | ||||||
796,609 | ||||||||
Connecticut — 1.9% | ||||||||
Connecticut State Health & Educational Facilities Authority Rev., (Quinnipiac University), 4.125%, 7/1/41 | 75,000 | 79,506 | ||||||
State of Connecticut GO, 5.00%, 10/15/22 | 25,000 | 25,661 | ||||||
State of Connecticut GO, 5.00%, 5/15/24 | 30,000 | 32,469 | ||||||
State of Connecticut GO, 5.00%, 4/15/25 | 25,000 | 27,761 | ||||||
State of Connecticut GO, 5.00%, 1/15/26 | 35,000 | 39,699 | ||||||
State of Connecticut GO, 5.00%, 11/15/31 | 30,000 | 33,595 | ||||||
State of Connecticut GO, 3.00%, 1/15/32 | 20,000 | 21,430 | ||||||
State of Connecticut Special Tax Rev., 5.00%, 8/1/31 | 25,000 | 27,857 | ||||||
State of Connecticut Special Tax Rev., 5.00%, 5/1/37 | 75,000 | 91,947 | ||||||
State of Connecticut Special Tax Rev., 3.125%, 5/1/40 | 75,000 | 76,207 | ||||||
University of Connecticut Rev., 4.00%, 4/15/38 | 95,000 | 105,062 | ||||||
561,194 | ||||||||
District of Columbia — 3.8% | ||||||||
District of Columbia GO, 5.00%, 6/1/28 | 35,000 | 36,718 | ||||||
District of Columbia GO, 5.00%, 10/15/30 | 100,000 | 122,234 | ||||||
District of Columbia GO, 5.00%, 6/1/31 | 40,000 | 43,279 | ||||||
District of Columbia GO, 5.00%, 6/1/33 | 60,000 | 64,848 | ||||||
District of Columbia Rev., (District of Columbia Income Tax Rev.), 4.00%, 3/1/37 | 360,000 | 410,234 |
20
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/32 | $ | 10,000 | $ | 11,449 | ||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/33 | 25,000 | 28,604 | ||||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/34 | 100,000 | 114,558 | ||||||
District of Columbia Rev., (Income Tax Revenue), 5.00%, 3/1/38 | 100,000 | 123,287 | ||||||
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/1/37 | 25,000 | 29,043 | ||||||
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/37 | 85,000 | 105,318 | ||||||
1,089,572 | ||||||||
Florida — 4.6% | ||||||||
Broward County Airport System Rev., 5.00%, 10/1/22, Prerefunded at 100% of Par(1) | 50,000 | 51,246 | ||||||
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/38 | 15,000 | 18,323 | ||||||
Central Florida Expressway Authority Rev., 4.00%, 7/1/31 | 10,000 | 10,944 | ||||||
Central Florida Expressway Authority Rev., 3.25%, 7/1/36 | 60,000 | 63,283 | ||||||
Central Florida Expressway Authority Rev., 4.00%, 7/1/37 | 95,000 | 102,684 | ||||||
Hillsborough County School Board COP, 5.00%, 7/1/22, Prerefunded at 100% of Par(1) | 30,000 | 30,438 | ||||||
Hillsborough County School Board COP, 5.00%, 7/1/26 | 105,000 | 116,552 | ||||||
Miami-Dade County GO, 4.00%, 7/1/33 | 50,000 | 52,940 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/23, Prerefunded at 100% of Par(1) | 80,000 | 84,962 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/23 | 10,000 | 10,619 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/24 | 50,000 | 54,692 | ||||||
Miami-Dade County Water & Sewer System Rev., 3.125%, 10/1/39 | 25,000 | 26,384 | ||||||
Orange County Convention Center/Orlando Rev., 5.00%, 10/1/24 | 80,000 | 87,316 | ||||||
Orange County School Board COP, 5.00%, 8/1/34 | 90,000 | 102,481 | ||||||
Palm Beach County School District COP, 5.00%, 8/1/29 | 130,000 | 155,484 | ||||||
School Board of Miami-Dade County COP, 5.00%, 2/1/25 | 60,000 | 66,103 | ||||||
School Board of Miami-Dade County COP, 5.00%, 2/1/27 | 80,000 | 90,330 | ||||||
School Board of Miami-Dade County COP, 5.00%, 5/1/30 | 60,000 | 66,106 | ||||||
School District of Broward County COP, 5.00%, 7/1/22 | 25,000 | 25,361 | ||||||
School District of Broward County COP, 5.00%, 7/1/32 | 25,000 | 30,836 | ||||||
State of Florida Department of Transportation Turnpike System Rev., 2.875%, 7/1/25 | 40,000 | 40,207 | ||||||
Tampa Bay Water Rev., 5.50%, 10/1/24 (NATL) | 55,000 | 60,946 | ||||||
1,348,237 | ||||||||
Georgia — 4.8% | ||||||||
Atlanta Department of Aviation Rev., 5.00%, 7/1/27 | 10,000 | 11,745 | ||||||
Atlanta Water & Wastewater Rev., 5.75%, 11/1/30 (AGM) | 10,000 | 13,206 | ||||||
Atlanta Water & Wastewater Rev., 5.00%, 11/1/40 | 15,000 | 16,645 | ||||||
DeKalb County Water & Sewerage Rev., 5.25%, 10/1/32 (AGM) | 75,000 | 87,463 | ||||||
Fulton County Water & Sewerage Rev., 3.00%, 1/1/40 | 150,000 | 153,453 | ||||||
Georgia State Road & Tollway Authority Rev., 5.00%, 6/1/30 | 80,000 | 99,927 | ||||||
Gwinnett County School District GO, 4.00%, 2/1/37 | 200,000 | 234,512 | ||||||
Metropolitan Atlanta Rapid Transit Authority Rev., 5.00%, 7/1/33 | 80,000 | 91,681 | ||||||
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/37 | 45,000 | 46,748 | ||||||
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/39 | 260,000 | 268,105 |
21
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Private Colleges & Universities Authority Rev., (Emory University), 5.00%, 9/1/29 | $ | 20,000 | $ | 24,643 | ||||
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/38 | 250,000 | 286,296 | ||||||
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/39 | 50,000 | 57,194 | ||||||
1,391,618 | ||||||||
Hawaii — 1.7% | ||||||||
City & County Honolulu Wastewater System Rev., 3.00%, 7/1/41 | 90,000 | 93,289 | ||||||
City & County of Honolulu GO, 5.00%, 3/1/25 | 45,000 | 49,919 | ||||||
City & County of Honolulu GO, 5.00%, 9/1/30 | 185,000 | 223,830 | ||||||
City & County of Honolulu GO, 5.00%, 3/1/31 | 45,000 | 56,197 | ||||||
State of Hawaii GO, 5.00%, 1/1/36 | 35,000 | 41,387 | ||||||
State of Hawaii GO, 3.00%, 4/1/36 | 30,000 | 31,286 | ||||||
State of Hawaii GO, 4.00%, 5/1/36 | 10,000 | 11,080 | ||||||
506,988 | ||||||||
Illinois — 3.3% | ||||||||
Chicago O'Hare International Airport Rev., 5.25%, 1/1/29 | 5,000 | 5,164 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/30 | 20,000 | 21,790 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/32 | 5,000 | 5,433 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/32 | 25,000 | 28,046 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/34 | 25,000 | 28,046 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/35 | 90,000 | 103,238 | ||||||
Cook County Sales Tax Rev., 4.00%, 11/15/40 | 105,000 | 117,666 | ||||||
Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/40 | 25,000 | 27,325 | ||||||
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 7/1/38 | 90,000 | 104,237 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/28 | 20,000 | 23,766 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 25,000 | 30,921 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 | 30,000 | 36,969 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/41 | 75,000 | 84,060 | ||||||
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/25 | 100,000 | 112,850 | ||||||
Sales Tax Securitization Corp. Rev., 5.50%, 1/1/32 | 10,000 | 12,145 | ||||||
Springfield Electric Rev., 4.00%, 3/1/40 (AGM) | 20,000 | 20,949 | ||||||
State of Illinois GO, 5.00%, 2/1/26 | 40,000 | 44,615 | ||||||
State of Illinois GO, 5.00%, 3/1/34 | 40,000 | 47,335 | ||||||
State of Illinois GO, 5.00%, 5/1/35 | 35,000 | 37,209 | ||||||
State of Illinois GO, 4.00%, 11/1/38 | 20,000 | 21,423 | ||||||
State of Illinois GO, 5.50%, 5/1/39 | 15,000 | 17,917 | ||||||
State of Illinois Rev., 5.00%, 6/15/26 | 15,000 | 15,639 | ||||||
946,743 | ||||||||
Indiana — 1.5% | ||||||||
Indiana Finance Authority Rev., (CWA Authority, Inc.), 4.00%, 10/1/36 | 360,000 | 421,434 | ||||||
Kentucky — 0.2% | ||||||||
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 5.00%, 11/1/25 | 50,000 | 56,469 | ||||||
Louisiana — 0.4% | ||||||||
East Baton Rouge Sewerage Commission Rev., 5.00%, 2/1/25, Prerefunded at 100% of Par(1) | 35,000 | 38,687 | ||||||
State of Louisiana GO, 5.00%, 8/1/27 | 75,000 | 86,471 | ||||||
125,158 |
22
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Maryland — 1.8% | ||||||||
Montgomery County GO, 5.00%, 11/1/24 | $ | 35,000 | $ | 38,468 | ||||
Prince County George's GO, 5.00%, 7/15/31 | 100,000 | 120,874 | ||||||
State of Maryland GO, 5.00%, 3/15/23 | 45,000 | 46,924 | ||||||
State of Maryland GO, 5.00%, 3/15/25 | 25,000 | 27,789 | ||||||
State of Maryland GO, 5.00%, 3/15/29 | 25,000 | 30,762 | ||||||
State of Maryland GO, 5.00%, 8/1/30 | 15,000 | 18,969 | ||||||
State of Maryland GO, 5.00%, 3/15/31 | 25,000 | 29,129 | ||||||
State of Maryland GO, 3.25%, 3/15/32 | 25,000 | 26,594 | ||||||
State of Maryland GO, 5.00%, 8/1/35 | 35,000 | 43,913 | ||||||
State of Maryland Department of Transportation Rev., 5.00%, 11/1/23 | 55,000 | 58,576 | ||||||
State of Maryland Department of Transportation Rev., 2.125%, 10/1/31 | 70,000 | 70,969 | ||||||
512,967 | ||||||||
Massachusetts — 3.8% | ||||||||
Massachusetts GO, 5.25%, 8/1/22 | 5,000 | 5,096 | ||||||
Massachusetts GO, 5.50%, 8/1/30 (Ambac) | 150,000 | 192,035 | ||||||
Massachusetts GO, 5.00%, 9/1/30 | 10,000 | 12,340 | ||||||
Massachusetts GO, 3.00%, 7/1/35 | 100,000 | 103,945 | ||||||
Massachusetts GO, 5.00%, 11/1/45 | 75,000 | 91,854 | ||||||
Massachusetts GO, 5.00%, 11/1/50 | 75,000 | 91,337 | ||||||
Massachusetts Development Finance Agency Rev., (Northeastern University), 5.00%, 3/1/39 | 75,000 | 80,158 | ||||||
Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), 5.00%, 10/15/29 | 10,000 | 12,472 | ||||||
Massachusetts School Building Authority Rev., 5.00%, 11/15/33 | 25,000 | 28,837 | ||||||
Massachusetts School Building Authority Rev., 5.00%, 8/15/37 | 60,000 | 66,788 | ||||||
Massachusetts Transportation Fund Rev., 5.00%, 6/1/25 | 150,000 | 167,646 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/33 | 155,000 | 186,328 | ||||||
Massachusetts Water Resources Authority Rev., 5.00%, 8/1/23 | 60,000 | 63,382 | ||||||
1,102,218 | ||||||||
Michigan — 0.7% | ||||||||
Michigan Finance Authority Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.00%, 7/1/26 (AGM) | 25,000 | 27,203 | ||||||
Michigan State Building Authority Rev., 5.00%, 4/15/30 | 30,000 | 33,681 | ||||||
Michigan State Building Authority Rev., 5.00%, 10/15/30 | 10,000 | 11,472 | ||||||
State of Michigan Rev., 5.00%, 3/15/22 | 25,000 | 25,040 | ||||||
State of Michigan Trunk Line Rev., 5.00%, 11/15/29 | 75,000 | 93,270 | ||||||
University of Michigan Rev., 5.00%, 4/1/40 | 20,000 | 22,630 | ||||||
213,296 | ||||||||
Minnesota — 1.1% | ||||||||
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/27 | 30,000 | 34,592 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/28 | 25,000 | 28,842 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/30 | 20,000 | 23,038 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/31 | 100,000 | 114,862 | ||||||
State of Minnesota GO, 5.00%, 8/1/23 | 105,000 | 110,950 | ||||||
312,284 |
23
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Mississippi — 0.1% | ||||||||
State of Mississippi GO, 5.00%, 10/1/27, Prerefunded at 100% of Par(1) | $ | 25,000 | $ | 29,691 | ||||
Missouri — 0.3% | ||||||||
Missouri Joint Municipal Electric Utility Commission Rev., 5.00%, 12/1/40 | 25,000 | 28,274 | ||||||
Springfield School District No. R-12 GO, 3.00%, 3/1/39 | 20,000 | 20,941 | ||||||
St. Louis Airport Rev., 5.50%, 7/1/28 (NATL) | 25,000 | 30,424 | ||||||
79,639 | ||||||||
Nebraska — 0.1% | ||||||||
Omaha Public Power District Rev., 5.00%, 2/1/31 | 30,000 | 36,520 | ||||||
Nevada — 2.0% | ||||||||
Clark County Passenger Facility Charge Rev., 5.00%, 7/1/22 | 120,000 | 121,723 | ||||||
Clark County Passenger Facility Charge Rev., 5.00%, 7/1/33 | 15,000 | 18,140 | ||||||
Clark County School District GO, 5.00%, 6/15/26 | 15,000 | 16,939 | ||||||
Clark County School District GO, 5.00%, 6/15/27 | 125,000 | 140,622 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/25 | 50,000 | 56,640 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/26 | 45,000 | 51,629 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/27 | 50,000 | 57,099 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/31 | 105,000 | 122,512 | ||||||
585,304 | ||||||||
New Jersey — 4.6% | ||||||||
Garden State Preservation Trust Rev., 5.75%, 11/1/28 (AGM) | 25,000 | 29,459 | ||||||
Garden State Preservation Trust Rev., Capital Appreciation, 0.00%, 11/1/28 (AGM)(2) | 5,000 | 4,297 | ||||||
Hudson County Improvement Authority Rev., (Hudson County), 4.00%, 10/1/46 | 100,000 | 113,492 | ||||||
Hudson County Improvement Authority Rev., (Hudson County), 4.00%, 10/1/51 | 150,000 | 169,482 | ||||||
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/25 | 30,000 | 32,408 | ||||||
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 5.00%, 11/1/26 | 50,000 | 57,030 | ||||||
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/27 | 25,000 | 27,660 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.25%, 6/15/26 | 35,000 | 37,810 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.50%, 12/15/26, Prerefunded at 100% of Par(1) | 20,000 | 23,760 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.375%, 6/15/27 | 25,000 | 26,999 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/35 | 25,000 | 27,527 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/36 | 20,000 | 22,002 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.00%, 6/15/37 | 25,000 | 26,643 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/41 | 140,000 | 156,731 | ||||||
New Jersey Educational Facilities Authority Rev., (Montclair State University, Inc.), 5.00%, 7/1/39 | 20,000 | 21,530 | ||||||
New Jersey Educational Facilities Authority Rev., (State of New Jersey), 5.00%, 9/1/36 | 55,000 | 61,607 | ||||||
New Jersey Higher Education Student Assistance Authority Rev., 2.375%, 12/1/29 | 5,000 | 5,028 |
24
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
New Jersey Transportation Trust Fund Authority Rev., 4.00%, 6/15/27 | $ | 20,000 | $ | 20,189 | ||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 | 5,000 | 5,684 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/27 | 35,000 | 40,682 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/27 | 25,000 | 29,058 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/30 | 25,000 | 28,345 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/38 | 20,000 | 20,246 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/31 | 15,000 | 17,731 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/31 | 20,000 | 23,642 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/32 | 10,000 | 11,800 | ||||||
New Jersey Turnpike Authority Rev., 4.00%, 1/1/34 | 25,000 | 27,810 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/34 | 25,000 | 28,726 | ||||||
New Jersey Turnpike Authority Rev., 4.00%, 1/1/35 | 20,000 | 22,195 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/35 | 10,000 | 11,772 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/36 | 10,000 | 11,764 | ||||||
New Jersey Turnpike Authority Rev., 3.25%, 1/1/38 | 30,000 | 31,357 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/40 | 15,000 | 17,517 | ||||||
State of New Jersey GO, 5.00%, 6/1/28 | 50,000 | 59,427 | ||||||
State of New Jersey GO, 4.00%, 6/1/31 | 25,000 | 28,923 | ||||||
State of New Jersey GO, 4.00%, 6/1/33 | 40,000 | 41,264 | ||||||
State of New Jersey GO, 4.00%, 6/1/34 | 20,000 | 21,495 | ||||||
1,343,092 | ||||||||
New Mexico — 0.2% | ||||||||
State of New Mexico Severance Tax Permanent Fund Rev., 5.00%, 7/1/31 | 45,000 | 57,429 | ||||||
New York — 13.1% | ||||||||
Dutchess County Local Development Corp. Rev., (Vassar College), 5.00%, 7/1/42 | 20,000 | 23,118 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/28 | 25,000 | 29,221 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/32 | 20,000 | 23,294 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/37 | 160,000 | 184,614 | ||||||
Long Island Power Authority Rev., 5.00%, 9/1/33 | 55,000 | 66,021 | ||||||
Long Island Power Authority Rev., 5.00%, 9/1/38 | 100,000 | 118,840 | ||||||
Metropolitan Transportation Authority Rev., 4.00%, 11/15/36 | 40,000 | 42,426 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/44 (AGM) | 25,000 | 29,102 | ||||||
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.00%, 11/15/24 | 35,000 | 36,038 | ||||||
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/33 | 25,000 | 29,649 | ||||||
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/35 | 25,000 | 29,009 | ||||||
Nassau County GO, 5.00%, 10/1/27 | 30,000 | 35,330 | ||||||
New York City GO, 5.00%, 8/1/25 | 200,000 | 224,202 | ||||||
New York City GO, 5.00%, 8/1/25 | 165,000 | 179,321 | ||||||
New York City GO, 5.00%, 8/1/26 | 25,000 | 28,777 | ||||||
New York City GO, 5.00%, 8/1/27 | 50,000 | 52,717 | ||||||
New York City GO, 5.00%, 8/1/27 | 100,000 | 117,790 | ||||||
New York City GO, 5.00%, 8/1/28 | 10,000 | 11,956 | ||||||
New York City GO, 5.00%, 8/1/28 | 60,000 | 62,191 |
25
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
New York City GO, 5.25%, 10/1/30 | $ | 50,000 | $ | 59,606 | ||||
New York City GO, 5.00%, 12/1/38 | 30,000 | 35,771 | ||||||
New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 4.00%, 3/1/45 (AGM) | 100,000 | 111,066 | ||||||
New York City Transitional Finance Authority Building Aid Rev., 5.00%, 7/15/29 | 25,000 | 29,445 | ||||||
New York Convention Center Development Corp. Rev., (New York City Hotel Unit Fee Rev.), 5.00%, 11/15/40 | 75,000 | 83,473 | ||||||
New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/36 | 50,000 | 55,262 | ||||||
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/39 | 10,000 | 11,332 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/24(1) | 60,000 | 64,412 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/30 | 35,000 | 38,618 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 40,000 | 50,190 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/38 | 65,000 | 72,920 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/39 | 200,000 | 223,976 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/39 | 25,000 | 30,229 | ||||||
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/23 | 5,000 | 5,261 | ||||||
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/23, Prerefunded at 100% of Par(1) | 50,000 | 52,663 | ||||||
New York State Dormitory Authority Rev., (Trustees of Columbia University in the New York City), 5.00%, 10/1/38 | 10,000 | 11,922 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/23 | 40,000 | 41,374 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/26 | 40,000 | 42,701 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/29 | 100,000 | 109,705 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/23 | 40,000 | 41,710 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/25 | 30,000 | 32,245 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/26 | 55,000 | 62,692 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31 | 25,000 | 29,616 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31 | 110,000 | 117,907 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 25,000 | 31,268 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/34 | 60,000 | 64,263 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/35 | 25,000 | 30,971 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/36 | 50,000 | 59,716 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/38 | 200,000 | 246,099 | ||||||
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/36 | 15,000 | 18,237 | ||||||
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/29 | 10,000 | 12,063 | ||||||
Port Authority of New York & New Jersey Rev., 5.00%, 10/15/31 | 5,000 | 5,597 | ||||||
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/33 | 15,000 | 18,628 | ||||||
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/35 | 40,000 | 49,401 |
26
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Port Authority of New York & New Jersey Rev., 4.00%, 7/15/37 | $ | 100,000 | $ | 112,894 | ||||
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24(1) | 50,000 | 54,870 | ||||||
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24, Prerefunded at 100% of Par(1) | 10,000 | 10,974 | ||||||
Suffolk County Water Authority Rev., 3.00%, 6/1/32 | 10,000 | 10,393 | ||||||
Suffolk County Water Authority Rev., 3.25%, 6/1/43 | 15,000 | 15,725 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/25 | 20,000 | 22,597 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/37 | 25,000 | 29,168 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/25 | 35,000 | 37,373 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 6/15/27 | 40,000 | 44,647 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 6/15/28 | 25,000 | 28,634 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/30 | 55,000 | 58,638 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/31 | 50,000 | 53,298 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/36 | 50,000 | 56,308 | ||||||
3,809,474 | ||||||||
North Carolina — 0.9% | ||||||||
State of North Carolina GO, 5.00%, 6/1/29 | 60,000 | 74,162 | ||||||
State of North Carolina Rev., 5.00%, 3/1/30 | 10,000 | 12,102 | ||||||
State of North Carolina Rev., 5.00%, 3/1/33 | 115,000 | 138,256 | ||||||
Wake County GO, 5.00%, 3/1/24 | 35,000 | 37,673 | ||||||
262,193 | ||||||||
Ohio — 1.1% | ||||||||
American Municipal Power, Inc. Rev., 5.00%, 2/15/33 | 90,000 | 109,913 | ||||||
Cincinnati City School District GO, 5.25%, 12/1/29 (NATL) | 15,000 | 18,905 | ||||||
Cincinnati City School District GO, 5.25%, 12/1/30 (NATL) | 30,000 | 38,591 | ||||||
Cincinnati City School District GO, 5.25%, 12/1/31 (NATL) | 5,000 | 6,563 | ||||||
Rickenbacker Port Authority Rev., 5.375%, 1/1/32 | 45,000 | 55,373 | ||||||
State of Ohio GO, 5.00%, 8/1/24 | 30,000 | 32,702 | ||||||
State of Ohio Rev., 5.00%, 12/15/23 | 55,000 | 58,739 | ||||||
320,786 | ||||||||
Oklahoma — 1.7% | ||||||||
Grand River Dam Authority Rev., 5.00%, 6/1/25 | 250,000 | 279,071 | ||||||
Oklahoma Turnpike Authority Rev., 5.00%, 1/1/30 | 175,000 | 217,311 | ||||||
496,382 | ||||||||
Oregon — 1.3% | ||||||||
Multnomah County School District No. 1 Portland GO, 5.00%, 6/15/24 (SCH BD GTY) | 25,000 | 27,135 | ||||||
Oregon State Lottery Rev., 5.00%, 4/1/27 | 175,000 | 193,832 | ||||||
State of Oregon Department of Transportation Rev., 5.00%, 11/15/23 | 30,000 | 31,989 | ||||||
State of Oregon Department of Transportation Rev., 5.00%, 11/15/24, Prerefunded at 100% of Par(1) | 65,000 | 71,514 | ||||||
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 | 38,009 | ||||||
362,479 | ||||||||
Pennsylvania — 2.8% | ||||||||
Delaware Valley Regional Finance Authority Rev., 5.50%, 8/1/28 (Ambac) | 25,000 | 30,482 | ||||||
Delaware Valley Regional Finance Authority Rev., 5.75%, 7/1/32 | 25,000 | 33,461 | ||||||
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 5.00%, 9/1/33 | 175,000 | 210,084 |
27
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 4.00%, 9/1/34 | $ | 100,000 | $ | 111,058 | ||||
Pennsylvania GO, 5.00%, 4/1/23, Prerefunded at 100% of Par(1) | 25,000 | 26,103 | ||||||
Pennsylvania GO, 4.00%, 7/1/23 | 25,000 | 25,992 | ||||||
Pennsylvania GO, 5.00%, 1/1/24 | 25,000 | 26,745 | ||||||
Pennsylvania GO, 5.00%, 1/1/28 | 5,000 | 5,790 | ||||||
Pennsylvania GO, 3.00%, 9/15/36 | 80,000 | 83,346 | ||||||
Pennsylvania GO, 3.00%, 5/1/38 | 25,000 | 25,484 | ||||||
Pennsylvania GO, 2.00%, 5/1/39 | 30,000 | 27,328 | ||||||
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM) | 30,000 | 36,167 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/23 | 30,000 | 31,969 | ||||||
Philadelphia GO, 4.00%, 8/1/35 | 20,000 | 21,395 | ||||||
Philadelphia Gas Works Co Rev., 5.00%, 8/1/50 (AGM) | 100,000 | 120,446 | ||||||
815,850 | ||||||||
Rhode Island — 0.1% | ||||||||
Rhode Island Commerce Corp. Rev., 5.00%, 6/15/23 | 25,000 | 26,268 | ||||||
South Carolina — 1.1% | ||||||||
Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/23, Prerefunded at 100% of Par(1) | 30,000 | 32,002 | ||||||
South Carolina Public Service Authority Rev., 5.00%, 12/1/26 | 50,000 | 54,731 | ||||||
South Carolina Public Service Authority Rev., 5.00%, 12/1/30 | 70,000 | 79,762 | ||||||
South Carolina Public Service Authority Rev., 5.00%, 12/1/36 | 25,000 | 28,505 | ||||||
South Carolina Public Service Authority Rev., 3.00%, 12/1/41 | 50,000 | 50,413 | ||||||
South Carolina Public Service Authority Rev., 4.00%, 12/1/42 | 60,000 | 66,237 | ||||||
311,650 | ||||||||
Tennessee — 0.3% | ||||||||
Memphis GO, 5.00%, 5/1/23 | 25,000 | 26,189 | ||||||
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 1/1/26 | 50,000 | 56,733 | ||||||
82,922 | ||||||||
Texas — 7.8% | ||||||||
Austin GO, 2.95%, 9/1/27 | 25,000 | 26,356 | ||||||
Board of Regents of the University of Texas System Rev., 5.375%, 8/15/23 | 50,000 | 53,172 | ||||||
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/24 | 35,000 | 38,189 | ||||||
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/24 | 30,000 | 32,734 | ||||||
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/26 | 25,000 | 28,889 | ||||||
Central Texas Regional Mobility Authority Rev., 3.375%, 1/1/41 | 35,000 | 35,902 | ||||||
Central Texas Turnpike System Rev., 5.00%, 8/15/39 | 90,000 | 108,576 | ||||||
Cypress-Fairbanks Independent School District GO, 5.00%, 2/15/24 (PSF-GTD) | 80,000 | 85,896 | ||||||
Dallas GO, 5.00%, 2/15/23 | 60,000 | 62,374 | ||||||
Dallas GO, 5.00%, 2/15/27 | 30,000 | 32,145 | ||||||
Dallas Area Rapid Transit Rev., 5.00%, 12/1/29 | 35,000 | 43,335 | ||||||
Dallas Area Rapid Transit Rev., 5.00%, 12/1/33 | 240,000 | 296,872 | ||||||
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/32 | 15,000 | 18,556 | ||||||
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/33 | 65,000 | 80,332 | ||||||
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/33 | 50,000 | 61,794 |
28
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Dallas Independent School District GO, 5.00%, 8/15/24 (PSF-GTD) | $ | 35,000 | $ | 38,171 | ||||
Dallas Independent School District GO, 5.00%, 8/15/24, Prerefunded at 100% of Par (PSF-GTD)(1) | 40,000 | 43,618 | ||||||
Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/27 | 80,000 | 89,959 | ||||||
Houston GO, 5.00%, 3/1/24 | 75,000 | 80,744 | ||||||
Houston GO, 5.00%, 3/1/28 | 35,000 | 41,763 | ||||||
Houston Independent School District GO, 5.00%, 2/15/27 (PSF-GTD) | 55,000 | 62,549 | ||||||
Lower Colorado River Authority Rev., (LCRA Transmission Services Corp.), 4.00%, 5/15/39 | 20,000 | 20,114 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/23(1) | 15,000 | 15,518 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/23 | 20,000 | 20,680 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/28 | 10,000 | 11,275 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/36 | 20,000 | 22,556 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/38 | 30,000 | 33,385 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/38 | 25,000 | 30,007 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/30 (AGC)(2) | 100,000 | 84,842 | ||||||
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/26 | 75,000 | 85,204 | ||||||
State of Texas GO, 4.00%, 4/1/24, Prerefunded at 100% of Par(1) | 50,000 | 52,910 | ||||||
State of Texas GO, 5.00%, 4/1/24, Prerefunded at 100% of Par(1) | 60,000 | 64,722 | ||||||
State of Texas GO, 5.00%, 10/1/28 | 40,000 | 45,234 | ||||||
State of Texas GO, 5.00%, 10/1/30 | 55,000 | 65,126 | ||||||
State of Texas GO, 5.00%, 10/1/33 | 100,000 | 118,176 | ||||||
Texas Transportation Commission State Highway Fund Rev., 5.00%, 4/1/24 | 5,000 | 5,390 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/29 | 45,000 | 50,792 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/40 | 75,000 | 84,117 | ||||||
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/28 | 25,000 | 29,533 | ||||||
University of Texas System Rev., 5.00%, 8/15/30 | 50,000 | 63,277 | ||||||
2,264,784 | ||||||||
Utah — 1.4% | ||||||||
State of Utah GO, 5.00%, 7/1/28 | 125,000 | 151,313 | ||||||
State of Utah GO, 5.00%, 7/1/29 | 40,000 | 48,854 | ||||||
Utah Transit Authority Rev., 5.00%, 6/15/25, Prerefunded at 100% of Par(1) | 30,000 | 33,529 | ||||||
Utah Transit Authority Rev., 5.00%, 6/15/25 | 110,000 | 123,081 | ||||||
Utah Transit Authority Rev., 5.25%, 6/15/32 (AGM) | 40,000 | 51,199 | ||||||
407,976 | ||||||||
Virginia — 2.8% | ||||||||
Hampton Roads Transportation Accountability Commission Rev., 5.00%, 7/1/22 | 25,000 | 25,368 | ||||||
Richmond Public Utility Rev., 5.00%, 1/15/28 | 25,000 | 28,407 | ||||||
Virginia College Building Authority Rev., 5.00%, 2/1/30 | 75,000 | 89,262 | ||||||
Virginia College Building Authority Rev., 5.00%, 2/1/31 | 70,000 | 81,492 |
29
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Virginia College Building Authority Rev., 4.00%, 2/1/33 | $ | 40,000 | $ | 42,483 | ||||
Virginia College Building Authority Rev., 3.00%, 2/1/35 | 80,000 | 83,626 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/24 | 50,000 | 54,057 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 3/15/25 | 25,000 | 27,718 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/26 | 50,000 | 57,741 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/27 | 60,000 | 71,009 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/32 | 10,000 | 11,856 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/33 | 50,000 | 59,217 | ||||||
Virginia Public Building Authority Rev., 5.00%, 8/1/27 | 100,000 | 118,246 | ||||||
Virginia Small Business Financing Authority Rev., (Hampton University), 4.00%, 10/1/38 | 60,000 | 63,219 | ||||||
813,701 | ||||||||
Washington — 3.4% | ||||||||
Central Puget Sound Regional Transit Authority Rev., 5.00%, 11/1/25, Prerefunded at 100% of Par(1) | 50,000 | 56,488 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/23 | 35,000 | 36,883 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/25 | 25,000 | 28,001 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/27 | 65,000 | 76,709 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/27 | 25,000 | 27,083 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/28 | 20,000 | 23,546 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/30 | 25,000 | 30,134 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/31 | 15,000 | 16,225 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/32 | 50,000 | 55,587 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/35 | 50,000 | 62,313 | ||||||
State of Washington GO, 4.00%, 7/1/26 | 50,000 | 52,999 | ||||||
State of Washington GO, 5.00%, 8/1/28 | 50,000 | 57,485 | ||||||
State of Washington GO, 5.00%, 8/1/31 | 25,000 | 29,362 | ||||||
State of Washington GO, 5.00%, 8/1/32 | 255,000 | 298,341 | ||||||
State of Washington GO, 5.00%, 2/1/40 | 40,000 | 48,769 | ||||||
State of Washington GO, 5.00%, 2/1/41 | 25,000 | 30,439 | ||||||
State of Washington Rev., 5.00%, 9/1/23 | 35,000 | 37,049 | ||||||
University of Washington Rev., 4.00%, 6/1/37 | 10,000 | 10,740 | ||||||
978,153 | ||||||||
TOTAL MUNICIPAL SECURITIES (Cost $29,649,735) | 28,728,032 |
30
Avantis Core Municipal Fixed Income ETF | ||||||||
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 0.7% | ||||||||
Money Market Funds — 0.7% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 192,445 | $ | 192,445 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $192,445) | 192,445 | |||||||
TOTAL INVESTMENT SECURITIES — 99.6% (Cost $29,842,180) | 28,920,477 | |||||||
OTHER ASSETS AND LIABILITIES — 0.4% | 114,110 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 29,034,587 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
AGC | - | Assured Guaranty Corporation | ||||||
AGM | - | Assured Guaranty Municipal Corporation | ||||||
COP | - | Certificates of Participation | ||||||
GO | - | General Obligation | ||||||
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 may be issued at a substantial discount from their value at maturity.
See Notes to Financial Statements.
31
FEBRUARY 28, 2022 (UNAUDITED)
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
CORPORATE BONDS — 64.4% | ||||||||
Aerospace and Defense — 1.9% | ||||||||
Boeing Co. (The), 2.20%, 2/4/26 | $ | 370,000 | $ | 361,215 | ||||
General Dynamics Corp., 3.50%, 5/15/25 | 431,000 | 446,144 | ||||||
Lockheed Martin Corp., 3.55%, 1/15/26 | 395,000 | 416,312 | ||||||
1,223,671 | ||||||||
Air Freight and Logistics — 0.7% | ||||||||
United Parcel Service, Inc., 2.20%, 9/1/24 | 459,000 | 462,650 | ||||||
Automobiles — 1.3% | ||||||||
American Honda Finance Corp., MTN, 2.15%, 9/10/24 | 167,000 | 167,700 | ||||||
American Honda Finance Corp., MTN, 1.00%, 9/10/25 | 229,000 | 219,556 | ||||||
General Motors Financial Co., Inc., 4.25%, 5/15/23 | 95,000 | 97,781 | ||||||
Toyota Motor Corp., 2.36%, 7/2/24 | 332,000 | 334,620 | ||||||
819,657 | ||||||||
Banks — 12.0% | ||||||||
African Development Bank, 3.00%, 9/20/23 | 206,000 | 211,073 | ||||||
African Development Bank, MTN, 1.625%, 9/16/22 | 56,000 | 56,231 | ||||||
Asian Development Bank, 2.625%, 1/30/24 | 250,000 | 255,461 | ||||||
Asian Development Bank, MTN, 1.75%, 9/13/22 | 106,000 | 106,490 | ||||||
Asian Development Bank, MTN, 0.25%, 10/6/23 | 239,000 | 234,752 | ||||||
Asian Infrastructure Investment Bank (The), 0.25%, 9/29/23 | 234,000 | 229,943 | ||||||
Asian Infrastructure Investment Bank (The), 0.50%, 10/30/24 | 145,000 | 140,722 | ||||||
Bank of Montreal, MTN, 0.625%, 7/9/24 | 100,000 | 96,548 | ||||||
Bank of Montreal, MTN, 1.85%, 5/1/25 | 297,000 | 293,638 | ||||||
Bank of Nova Scotia (The), 1.30%, 6/11/25 | 194,000 | 187,356 | ||||||
Bank of Nova Scotia (The), 2.70%, 8/3/26 | 59,000 | 59,615 | ||||||
Barclays plc, 3.65%, 3/16/25 | 200,000 | 205,849 | ||||||
Canadian Imperial Bank of Commerce, 2.25%, 1/28/25 | 261,000 | 260,696 | ||||||
Citigroup, Inc., 3.30%, 4/27/25 | 88,000 | 90,153 | ||||||
Council Of Europe Development Bank, 0.25%, 6/10/23 | 24,000 | 23,687 | ||||||
Council Of Europe Development Bank, 1.375%, 2/27/25 | 114,000 | 112,980 | ||||||
European Bank for Reconstruction & Development, 0.50%, 5/19/25 | 250,000 | 239,943 | ||||||
European Bank for Reconstruction & Development, MTN, 0.25%, 7/10/23 | 40,000 | 39,424 | ||||||
European Investment Bank, 0.25%, 9/15/23 | 205,000 | 201,572 | ||||||
HSBC Holdings plc, 3.90%, 5/25/26 | 200,000 | 207,927 | ||||||
Huntington Bancshares, Inc., 4.00%, 5/15/25 | 269,000 | 281,430 | ||||||
Inter-American Development Bank, 2.50%, 1/18/23 | 120,000 | 121,556 | ||||||
Inter-American Development Bank, 3.00%, 10/4/23 | 106,000 | 108,696 | ||||||
Inter-American Development Bank, 0.25%, 11/15/23 | 82,000 | 80,397 | ||||||
International Bank for Reconstruction & Development, 1.50%, 8/28/24 | 350,000 | 349,170 | ||||||
International Bank for Reconstruction & Development, 0.875%, 7/15/26 | 40,000 | 38,554 | ||||||
International Finance Corp., MTN, 2.875%, 7/31/23 | 152,000 | 155,269 | ||||||
JPMorgan Chase & Co., 3.90%, 7/15/25 | 238,000 | 249,093 | ||||||
Kreditanstalt fuer Wiederaufbau, 2.125%, 6/15/22 | 25,000 | 25,112 | ||||||
Kreditanstalt fuer Wiederaufbau, 0.25%, 3/8/24 | 450,000 | 438,941 | ||||||
Oesterreichische Kontrollbank AG, MTN, 2.875%, 3/13/23 | 50,000 | 50,842 | ||||||
PNC Financial Services Group, Inc. (The), 3.50%, 1/23/24 | 425,000 | 437,730 |
32
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Royal Bank of Canada, MTN, 2.55%, 7/16/24 | $ | 406,000 | $ | 410,639 | ||||
Santander Holdings USA, Inc., 4.50%, 7/17/25 | 263,000 | 276,256 | ||||||
Toronto-Dominion Bank (The), MTN, 1.25%, 9/10/26 | 395,000 | 374,684 | ||||||
Truist Financial Corp., MTN, 3.75%, 12/6/23 | 313,000 | 322,845 | ||||||
US Bancorp, MTN, 3.95%, 11/17/25 | 437,000 | 464,863 | ||||||
Westpac Banking Corp., 2.85%, 5/13/26 | 400,000 | 410,699 | ||||||
7,850,836 | ||||||||
Beverages — 0.7% | ||||||||
Coca-Cola Co. (The), 1.75%, 9/6/24 | 286,000 | 286,580 | ||||||
Constellation Brands, Inc., 4.40%, 11/15/25 | 165,000 | 175,291 | ||||||
461,871 | ||||||||
Biotechnology — 0.4% | ||||||||
AbbVie, Inc., 2.90%, 11/6/22 | 63,000 | 63,646 | ||||||
AbbVie, Inc., 3.20%, 5/14/26 | 210,000 | 215,500 | ||||||
279,146 | ||||||||
Capital Markets — 5.2% | ||||||||
Ameriprise Financial, Inc., 3.00%, 4/2/25 | 327,000 | 333,172 | ||||||
Bank of New York Mellon Corp. (The), MTN, 2.20%, 8/16/23 | 311,000 | 313,372 | ||||||
Cboe Global Markets, Inc., 3.65%, 1/12/27 | 500,000 | 525,452 | ||||||
Charles Schwab Corp. (The), 3.75%, 4/1/24 | 100,000 | 103,661 | ||||||
Charles Schwab Corp. (The), 3.85%, 5/21/25 | 313,000 | 329,013 | ||||||
CME Group, Inc., 3.00%, 9/15/22 | 146,000 | 147,576 | ||||||
CME Group, Inc., 3.00%, 3/15/25 | 198,000 | 203,262 | ||||||
Deutsche Bank AG, 4.10%, 1/13/26 | 142,000 | 147,340 | ||||||
Janus Henderson US Holdings, Inc., 4.875%, 8/1/25 | 180,000 | 192,291 | ||||||
Lazard Group LLC, 3.75%, 2/13/25 | 167,000 | 173,407 | ||||||
S&P Global, Inc., 2.95%, 1/22/27 | 450,000 | 461,487 | ||||||
State Street Corp., 3.55%, 8/18/25 | 475,000 | 496,716 | ||||||
3,426,749 | ||||||||
Chemicals — 0.6% | ||||||||
Air Products and Chemicals, Inc., 3.35%, 7/31/24 | 227,000 | 233,449 | ||||||
Mosaic Co. (The), 4.25%, 11/15/23 | 140,000 | 144,814 | ||||||
378,263 | ||||||||
Consumer Finance — 1.5% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 2.45%, 10/29/26 | 200,000 | 193,073 | ||||||
Capital One Financial Corp., 4.25%, 4/30/25 | 338,000 | 355,777 | ||||||
Discover Financial Services, 4.50%, 1/30/26 | 237,000 | 252,374 | ||||||
Synchrony Financial, 4.50%, 7/23/25 | 188,000 | 197,458 | ||||||
998,682 | ||||||||
Containers and Packaging† | ||||||||
Packaging Corp. of America, 3.65%, 9/15/24 | 17,000 | 17,570 | ||||||
Diversified Consumer Services — 0.3% | ||||||||
Yale University, 0.87%, 4/15/25 | 200,000 | 193,795 | ||||||
Electric Utilities — 2.1% | ||||||||
Berkshire Hathaway Energy Co., 4.05%, 4/15/25 | 148,000 | 156,099 | ||||||
Cleco Corporate Holdings LLC, 3.74%, 5/1/26 | 242,000 | 251,769 | ||||||
Duke Energy Florida LLC, 3.20%, 1/15/27 | 250,000 | 259,537 | ||||||
Entergy Louisiana LLC, 2.40%, 10/1/26 | 300,000 | 297,720 | ||||||
Oklahoma Gas and Electric Co., 0.55%, 5/26/23 | 174,000 | 171,544 | ||||||
Sierra Pacific Power Co., 2.60%, 5/1/26 | 250,000 | 253,528 | ||||||
1,390,197 |
33
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Electronic Equipment, Instruments and Components — 1.2% | ||||||||
Avnet, Inc., 4.625%, 4/15/26 | $ | 285,000 | $ | 302,172 | ||||
Flex Ltd., 3.75%, 2/1/26 | 143,000 | 147,746 | ||||||
Jabil, Inc., 1.70%, 4/15/26 | 155,000 | 149,906 | ||||||
Keysight Technologies, Inc., 4.55%, 10/30/24 | 48,000 | 50,559 | ||||||
TD SYNNEX Corp., 1.75%, 8/9/26(1) | 150,000 | 142,517 | ||||||
792,900 | ||||||||
Energy Equipment and Services — 0.7% | ||||||||
Schlumberger Finance Canada Ltd., 1.40%, 9/17/25 | 275,000 | 267,101 | ||||||
Schlumberger Investment SA, 3.65%, 12/1/23 | 163,000 | 167,522 | ||||||
434,623 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 5.3% | ||||||||
American Campus Communities Operating Partnership LP, 3.30%, 7/15/26 | 145,000 | 149,712 | ||||||
AvalonBay Communities, Inc., MTN, 2.95%, 5/11/26 | 225,000 | 230,843 | ||||||
CC Holdings GS V LLC / Crown Castle GS III Corp., 3.85%, 4/15/23 | 48,000 | 49,039 | ||||||
Corporate Office Properties LP, 2.25%, 3/15/26 | 68,000 | 66,918 | ||||||
Crown Castle International Corp., 4.45%, 2/15/26 | 250,000 | 264,491 | ||||||
ERP Operating LP, 3.375%, 6/1/25 | 463,000 | 480,034 | ||||||
Host Hotels & Resorts LP, 4.50%, 2/1/26 | 150,000 | 157,357 | ||||||
Kimco Realty Corp., 3.30%, 2/1/25 | 288,000 | 295,284 | ||||||
Omega Healthcare Investors, Inc., 4.95%, 4/1/24 | 300,000 | 313,596 | ||||||
Prologis LP, 3.25%, 10/1/26 | 450,000 | 468,224 | ||||||
Spirit Realty LP, 4.45%, 9/15/26 | 322,000 | 344,535 | ||||||
Vornado Realty LP, 2.15%, 6/1/26 | 353,000 | 342,897 | ||||||
WP Carey, Inc., 4.00%, 2/1/25 | 263,000 | 274,803 | ||||||
3,437,733 | ||||||||
Food and Staples Retailing — 0.7% | ||||||||
Costco Wholesale Corp., 2.75%, 5/18/24 | 181,000 | 184,841 | ||||||
Walmart, Inc., 3.30%, 4/22/24 | 65,000 | 67,147 | ||||||
Walmart, Inc., 3.05%, 7/8/26 | 200,000 | 208,508 | ||||||
460,496 | ||||||||
Food Products — 0.8% | ||||||||
Archer-Daniels-Midland Co., 2.50%, 8/11/26 | 150,000 | 152,094 | ||||||
Bunge Ltd. Finance Corp., 4.35%, 3/15/24 | 86,000 | 89,404 | ||||||
Bunge Ltd. Finance Corp., 1.63%, 8/17/25 | 159,000 | 154,437 | ||||||
Hershey Co. (The), 2.05%, 11/15/24 | 123,000 | 123,263 | ||||||
519,198 | ||||||||
Gas Utilities — 0.3% | ||||||||
Southern California Gas Co., 2.60%, 6/15/26 | 197,000 | 199,312 | ||||||
Health Care Providers and Services — 1.9% | ||||||||
Aetna, Inc., 3.50%, 11/15/24 | 90,000 | 92,618 | ||||||
Cardinal Health, Inc., 3.50%, 11/15/24 | 137,000 | 140,908 | ||||||
Cigna Corp., 3.05%, 11/30/22 | 38,000 | 38,488 | ||||||
CVS Health Corp., 2.875%, 6/1/26 | 70,000 | 70,885 | ||||||
HCA, Inc., 5.25%, 6/15/26 | 270,000 | 292,556 | ||||||
Humana, Inc., 4.50%, 4/1/25 | 243,000 | 258,070 | ||||||
Laboratory Corp. of America Holdings, 3.60%, 2/1/25 | 100,000 | 102,883 | ||||||
Quest Diagnostics, Inc., 3.45%, 6/1/26 | 227,000 | 235,293 | ||||||
1,231,701 |
34
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Hotels, Restaurants and Leisure — 0.6% | ||||||||
Hyatt Hotels Corp., 4.85%, 3/15/26 | $ | 65,000 | $ | 69,134 | ||||
Starbucks Corp., 3.80%, 8/15/25 | 293,000 | 307,065 | ||||||
376,199 | ||||||||
Household Durables — 0.1% | ||||||||
DR Horton, Inc., 4.75%, 2/15/23 | 70,000 | 71,472 | ||||||
Household Products — 0.7% | ||||||||
Colgate-Palmolive Co., MTN, 3.25%, 3/15/24 | 134,000 | 138,484 | ||||||
Procter & Gamble Co. (The), 2.45%, 11/3/26 | 300,000 | 305,363 | ||||||
443,847 | ||||||||
Industrial Conglomerates — 0.6% | ||||||||
3M Co., MTN, 2.25%, 9/19/26 | 400,000 | 399,542 | ||||||
Insurance — 2.6% | ||||||||
Aflac, Inc., 3.25%, 3/17/25 | 278,000 | 286,820 | ||||||
Chubb INA Holdings, Inc., 3.35%, 5/3/26 | 421,000 | 437,565 | ||||||
First American Financial Corp., 4.60%, 11/15/24 | 200,000 | 211,718 | ||||||
Loews Corp., 2.625%, 5/15/23 | 96,000 | 96,952 | ||||||
MetLife, Inc., 4.37%, 9/15/23 | 224,000 | 232,022 | ||||||
MetLife, Inc., 3.60%, 11/13/25 | 179,000 | 187,461 | ||||||
Principal Financial Group, Inc., 3.40%, 5/15/25 | 238,000 | 244,147 | ||||||
1,696,685 | ||||||||
Interactive Media and Services — 0.7% | ||||||||
Alphabet, Inc., 3.375%, 2/25/24 | 450,000 | 463,697 | ||||||
Internet and Direct Marketing Retail — 0.3% | ||||||||
Amazon.com, Inc., 2.80%, 8/22/24 | 218,000 | 223,082 | ||||||
IT Services — 1.0% | ||||||||
Mastercard, Inc., 2.95%, 11/21/26 | 250,000 | 259,318 | ||||||
Visa, Inc., 3.15%, 12/14/25 | 200,000 | 207,387 | ||||||
Western Union Co. (The), 2.85%, 1/10/25 | 171,000 | 173,274 | ||||||
639,979 | ||||||||
Machinery — 2.4% | ||||||||
Caterpillar Financial Services Corp., MTN, 3.30%, 6/9/24 | 140,000 | 144,994 | ||||||
Caterpillar Financial Services Corp., MTN, 1.45%, 5/15/25 | 323,000 | 316,286 | ||||||
Cummins, Inc., 3.65%, 10/1/23 | 106,000 | 108,670 | ||||||
Cummins, Inc., 0.75%, 9/1/25 | 250,000 | 237,958 | ||||||
Illinois Tool Works, Inc., 3.50%, 3/1/24 | 56,000 | 57,681 | ||||||
John Deere Capital Corp., MTN, 3.45%, 1/10/24 | 242,000 | 249,461 | ||||||
PACCAR Financial Corp., MTN, 2.15%, 8/15/24 | 351,000 | 352,684 | ||||||
PACCAR Financial Corp., MTN, 1.10%, 5/11/26 | 100,000 | 96,007 | ||||||
1,563,741 | ||||||||
Media — 0.9% | ||||||||
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22 | 32,000 | 33,834 | ||||||
Comcast Corp., 3.375%, 8/15/25 | 256,000 | 264,084 | ||||||
Discovery Communications LLC, 4.90%, 3/11/26 | 245,000 | 261,182 | ||||||
559,100 | ||||||||
Metals and Mining — 0.5% | ||||||||
ArcelorMittal SA, 4.55%, 3/11/26 | 140,000 | 147,145 | ||||||
BHP Billiton Finance USA Ltd., 3.85%, 9/30/23 | 45,000 | 46,554 | ||||||
Kinross Gold Corp., 5.95%, 3/15/24 | 106,000 | 112,281 | ||||||
305,980 |
35
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Multi-Utilities — 0.2% | ||||||||
Dominion Energy, Inc., 2.75%, 9/15/22 | $ | 98,000 | $ | 98,484 | ||||
Multiline Retail — 0.5% | ||||||||
Dollar Tree, Inc., 4.00%, 5/15/25 | 218,000 | 227,334 | ||||||
Target Corp., 2.25%, 4/15/25 | 100,000 | 100,655 | ||||||
327,989 | ||||||||
Oil, Gas and Consumable Fuels — 5.6% | ||||||||
Canadian Natural Resources Ltd., 2.05%, 7/15/25 | 98,000 | 96,292 | ||||||
Chevron Corp., 2.90%, 3/3/24 | 66,000 | 67,400 | ||||||
Chevron Corp., 2.95%, 5/16/26 | 285,000 | 294,572 | ||||||
ConocoPhillips Co., 4.95%, 3/15/26 | 250,000 | 274,172 | ||||||
Enbridge, Inc., 2.50%, 1/15/25 | 296,000 | 296,597 | ||||||
Energy Transfer LP, 4.75%, 1/15/26 | 338,000 | 359,148 | ||||||
Enterprise Products Operating LLC, 3.35%, 3/15/23 | 146,000 | 147,887 | ||||||
Equinor ASA, 2.45%, 1/17/23 | 66,000 | 66,648 | ||||||
Equinor ASA, 3.70%, 3/1/24 | 316,000 | 327,062 | ||||||
Exxon Mobil Corp., 2.71%, 3/6/25 | 221,000 | 225,413 | ||||||
Exxon Mobil Corp., 2.99%, 3/19/25 | 265,000 | 272,215 | ||||||
Phillips 66 Partners LP, 2.45%, 12/15/24 | 148,000 | 148,295 | ||||||
Shell International Finance BV, 3.25%, 5/11/25 | 436,000 | 452,529 | ||||||
TotalEnergies Capital Canada Ltd., 2.75%, 7/15/23 | 131,000 | 133,134 | ||||||
TotalEnergies Capital International SA, 2.43%, 1/10/25 | 150,000 | 151,938 | ||||||
TransCanada PipeLines Ltd., 2.50%, 8/1/22 | 96,000 | 96,473 | ||||||
Valero Energy Corp., 2.85%, 4/15/25 | 37,000 | 37,288 | ||||||
Williams Cos., Inc. (The), 4.00%, 9/15/25 | 238,000 | 248,062 | ||||||
3,695,125 | ||||||||
Personal Products — 0.1% | ||||||||
Estee Lauder Cos., Inc. (The), 2.00%, 12/1/24 | 48,000 | 48,218 | ||||||
Pharmaceuticals — 3.2% | ||||||||
Astrazeneca Finance LLC, 1.20%, 5/28/26 | 274,000 | 262,733 | ||||||
Bristol-Myers Squibb Co., 3.55%, 8/15/22 | 96,000 | 97,094 | ||||||
Bristol-Myers Squibb Co., 2.90%, 7/26/24 | 231,000 | 236,538 | ||||||
GlaxoSmithKline Capital, Inc., 3.625%, 5/15/25 | 99,000 | 103,413 | ||||||
GlaxoSmithKline Capital, plc, 3.00%, 6/1/24 | 287,000 | 293,082 | ||||||
Novartis Capital Corp., 1.75%, 2/14/25 | 63,000 | 62,670 | ||||||
Novartis Capital Corp., 3.00%, 11/20/25 | 361,000 | 372,183 | ||||||
Royalty Pharma plc, 1.20%, 9/2/25 | 179,000 | 170,074 | ||||||
Utah Acquisition Sub, Inc., 3.95%, 6/15/26 | 275,000 | 284,159 | ||||||
Wyeth LLC, 6.45%, 2/1/24 | 172,000 | 186,934 | ||||||
2,068,880 | ||||||||
Road and Rail — 0.8% | ||||||||
Canadian National Railway Co., 2.75%, 3/1/26 | 250,000 | 255,024 | ||||||
Ryder System, Inc., MTN, 2.50%, 9/1/24 | 48,000 | 48,191 | ||||||
Ryder System, Inc., MTN, 3.35%, 9/1/25 | 224,000 | 229,548 | ||||||
532,763 | ||||||||
Semiconductors and Semiconductor Equipment — 1.7% | ||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 1/15/27 | 175,000 | 182,344 | ||||||
Broadcom, Inc., 4.70%, 4/15/25 | 138,000 | 146,947 | ||||||
Marvell Technology, Inc., 1.65%, 4/15/26 | 230,000 | 221,602 | ||||||
Microchip Technology, Inc., 4.33%, 6/1/23 | 64,000 | 65,853 |
36
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
Micron Technology, Inc., 4.98%, 2/6/26 | $ | 295,000 | $ | 317,165 | ||||
NXP BV / NXP Funding LLC, 4.875%, 3/1/24(1) | 106,000 | 111,195 | ||||||
QUALCOMM, Inc., 3.00%, 5/20/22 | 96,000 | 96,186 | ||||||
1,141,292 | ||||||||
Software — 1.6% | ||||||||
Citrix Systems, Inc., 1.25%, 3/1/26 | 234,000 | 230,853 | ||||||
Microsoft Corp., 2.875%, 2/6/24 | 362,000 | 370,879 | ||||||
Microsoft Corp., 3.125%, 11/3/25 | 225,000 | 234,416 | ||||||
Microsoft Corp., 2.40%, 8/8/26 | 200,000 | 203,223 | ||||||
Oracle Corp., 2.40%, 9/15/23 | 40,000 | 40,309 | ||||||
1,079,680 | ||||||||
Specialty Retail — 0.8% | ||||||||
Home Depot, Inc. (The), 3.75%, 2/15/24 | 238,000 | 246,631 | ||||||
Home Depot, Inc. (The), 3.00%, 4/1/26 | 100,000 | 103,689 | ||||||
Ross Stores, Inc., 4.60%, 4/15/25 | 188,000 | 200,696 | ||||||
551,016 | ||||||||
Technology Hardware, Storage and Peripherals — 1.6% | ||||||||
Apple, Inc., 3.00%, 2/9/24 | 97,000 | 99,394 | ||||||
Apple, Inc., 1.125%, 5/11/25 | 69,000 | 67,319 | ||||||
Apple, Inc., 3.20%, 5/13/25 | 225,000 | 233,278 | ||||||
Apple, Inc., 3.25%, 2/23/26 | 428,000 | 447,143 | ||||||
Dell International LLC / EMC Corp., 6.02%, 6/15/26 | 158,000 | 176,428 | ||||||
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 | 48,000 | 51,521 | ||||||
1,075,083 | ||||||||
Trading Companies and Distributors — 0.3% | ||||||||
Air Lease Corp., MTN, 2.875%, 1/15/26 | 220,000 | 219,271 | ||||||
TOTAL CORPORATE BONDS (Cost $43,193,218) | 42,160,175 | |||||||
U.S. TREASURY SECURITIES AND EQUIVALENTS — 30.0% | ||||||||
Israel Government AID Bond, 5.50%, 9/18/23 | 32,000 | 33,945 | ||||||
U.S. Treasury Notes, 1.875%, 9/30/22 | 509,100 | 512,396 | ||||||
U.S. Treasury Notes, 1.375%, 10/15/22 | 1,086,900 | 1,090,967 | ||||||
U.S. Treasury Notes, 1.625%, 11/15/22 | 1,446,000 | 1,453,790 | ||||||
U.S. Treasury Notes, 0.125%, 10/15/23 | 900,000 | 882,000 | ||||||
U.S. Treasury Notes, 2.75%, 11/15/23 | 776,000 | 793,733 | ||||||
U.S. Treasury Notes, 2.375%, 2/29/24 | 1,560,000 | 1,587,818 | ||||||
U.S. Treasury Notes, 2.00%, 5/31/24 | 1,194,700 | 1,207,300 | ||||||
U.S. Treasury Notes, 0.25%, 6/15/24 | 1,825,000 | 1,772,104 | ||||||
U.S. Treasury Notes, 0.375%, 7/15/24 | 1,375,000 | 1,337,563 | ||||||
U.S. Treasury Notes, 1.50%, 10/31/24 | 1,650,000 | 1,645,553 | ||||||
U.S. Treasury Notes, 1.50%, 11/30/24 | 2,220,000 | 2,213,323 | ||||||
U.S. Treasury Notes, 0.25%, 10/31/25 | 1,800,000 | 1,706,555 | ||||||
U.S. Treasury Notes, 0.375%, 11/30/25 | 1,295,200 | 1,232,059 | ||||||
U.S. Treasury Notes, 0.75%, 5/31/26 | 1,200,000 | 1,151,156 | ||||||
U.S. Treasury Notes, 1.125%, 10/31/26 | 1,050,000 | 1,020,387 | ||||||
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS (Cost $19,946,157) | 19,640,649 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 4.3% | ||||||||
Federal Farm Credit Banks Funding Corp., 0.125%, 5/10/23 | 150,000 | 148,111 | ||||||
Federal Farm Credit Banks Funding Corp., 1.125%, 1/6/25 | 500,000 | 492,703 | ||||||
FHLB, 0.125%, 6/2/23 | 100,000 | 98,654 | ||||||
FHLB, 1.50%, 8/15/24 | 420,000 | 419,504 |
37
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount | Value | |||||||
FHLB, 2.75%, 12/13/24 | $ | 120,000 | $ | 123,594 | ||||
FHLB, 2.375%, 3/14/25 | 200,000 | 204,268 | ||||||
FHLMC, 0.125%, 10/16/23 | 104,000 | 101,936 | ||||||
FHLMC, 0.25%, 11/6/23 | 104,000 | 102,025 | ||||||
FHLMC, 0.25%, 12/4/23 | 100,000 | 97,970 | ||||||
FHLMC, 0.375%, 7/21/25 | 115,000 | 109,961 | ||||||
FNMA, 2.375%, 1/19/23 | 16,000 | 16,183 | ||||||
FNMA, 0.25%, 7/10/23 | 152,000 | 149,915 | ||||||
FNMA, 2.625%, 9/6/24 | 550,000 | 563,982 | ||||||
FNMA, 1.625%, 10/15/24 | 25,000 | 25,002 | ||||||
FNMA, 0.375%, 8/25/25 | 25,000 | 23,845 | ||||||
Tennessee Valley Authority, 0.75%, 5/15/25 | 125,000 | 121,193 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $2,838,566) | 2,798,846 | |||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2% | ||||||||
Canada — 0.2% | ||||||||
Export Development Canada, 2.625%, 2/21/24 (Cost $155,858) | 150,000 | 153,176 | ||||||
TOTAL INVESTMENT SECURITIES — 98.9% (Cost $66,133,799) | 64,752,846 | |||||||
OTHER ASSETS AND LIABILITIES — 1.1% | 729,831 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 65,482,677 |
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 |
†Category is less than 0.05% of total net assets.
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $253,712, which represented 0.4% of total net assets.
See Notes to Financial Statements.
38
Statements of Assets and Liabilities |
FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Avantis Core Fixed Income ETF | Avantis Core Municipal Fixed Income ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $155,187,379 and $29,842,180, respectively) | $ | 150,911,296 | $ | 28,920,477 | ||||
Cash | 786,956 | — | ||||||
Receivable for investments sold | 11,519,526 | — | ||||||
Receivable for capital shares sold | 7,039,935 | — | ||||||
Receivable for variation margin on futures contracts | 117 | — | ||||||
Interest receivable | 892,881 | 298,785 | ||||||
171,150,711 | 29,219,262 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 44,417,513 | 181,467 | ||||||
Payable for variation margin on swap agreements | 1,327 | — | ||||||
Accrued management fees | 13,121 | 3,208 | ||||||
44,431,961 | 184,675 | |||||||
Net Assets | $ | 126,718,750 | $ | 29,034,587 | ||||
Shares outstanding (unlimited number of shares authorized) | 2,700,000 | 600,000 | ||||||
Net Asset Value Per Share | $ | 46.93 | $ | 48.39 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 131,855,820 | $ | 29,934,591 | ||||
Distributable earnings | (5,137,070) | (900,004) | ||||||
$ | 126,718,750 | $ | 29,034,587 |
See Notes to Financial Statements.
39
FEBRUARY 28, 2022 (UNAUDITED) | |||||
Avantis Short-Term Fixed Income ETF | |||||
Assets | |||||
Investment securities, at value (cost of $66,133,799) | $ | 64,752,846 | |||
Cash | 348,167 | ||||
Interest receivable | 388,451 | ||||
65,489,464 | |||||
Liabilities | |||||
Accrued management fees | 6,787 | ||||
Net Assets | $ | 65,482,677 | |||
Shares outstanding (unlimited number of shares authorized) | 1,350,000 | ||||
Net Asset Value Per Share | $ | 48.51 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 66,892,213 | |||
Distributable earnings | (1,409,536) | ||||
$ | 65,482,677 |
See Notes to Financial Statements.
40
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Avantis Core Fixed Income ETF | Avantis Core Municipal Fixed Income ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Interest | $ | 709,517 | $ | 138,245 | ||||
Expenses: | ||||||||
Management fees | 69,020 | 20,443 | ||||||
Net investment income (loss) | 640,497 | 117,802 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (Note 4) | (919,214) | 61 | ||||||
Futures contract transactions | (31,454) | — | ||||||
Swap agreement transactions | 2,336 | — | ||||||
(948,332) | 61 | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | (4,665,894) | (1,025,419) | ||||||
Futures contracts | (875) | — | ||||||
Swap agreements | (15,000) | — | ||||||
(4,681,769) | (1,025,419) | |||||||
Net realized and unrealized gain (loss) | (5,630,101) | (1,025,358) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (4,989,604) | $ | (907,556) |
See Notes to Financial Statements.
41
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | |||||
Avantis Short-Term Fixed Income ETF | |||||
Investment Income (Loss) | |||||
Income: | |||||
Interest | $ | 206,998 | |||
Expenses: | |||||
Management fees | 34,058 | ||||
Net investment income (loss) | 172,940 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions (Note 4) | (78,514) | ||||
Futures contract transactions | (98) | ||||
(78,612) | |||||
Change in net unrealized appreciation (depreciation) on investments | (1,391,498) | ||||
Net realized and unrealized gain (loss) | (1,470,110) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (1,297,170) |
See Notes to Financial Statements.
42
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2021 | ||||||||||||||
Avantis Core Fixed Income ETF | Avantis Core Municipal Fixed Income ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021(1) | February 28, 2022 | August 31, 2021(2) | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 640,497 | $ | 378,942 | $ | 117,802 | $ | 125,182 | ||||||
Net realized gain (loss) | (948,332) | (47,233) | 61 | (5,086) | ||||||||||
Change in net unrealized appreciation (depreciation) | (4,681,769) | 394,850 | (1,025,419) | 103,716 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (4,989,604) | 726,559 | (907,556) | 223,812 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (564,175) | (309,850) | (109,395) | (106,865) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 62,737,370 | 69,116,150 | 2,414,684 | 27,507,410 | ||||||||||
Other capital | 1,293 | 1,007 | 9 | 12,488 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 62,738,663 | 69,117,157 | 2,414,693 | 27,519,898 | ||||||||||
Net increase (decrease) in net assets | 57,184,884 | 69,533,866 | 1,397,742 | 27,636,845 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 69,533,866 | — | 27,636,845 | — | ||||||||||
End of period | $ | 126,718,750 | $ | 69,533,866 | $ | 29,034,587 | $ | 27,636,845 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 1,300,000 | 1,400,000 | 50,000 | 550,000 |
(1)October 13, 2020 (fund inception) through August 31, 2021.
(2)December 8, 2020 (fund inception) through August 31, 2021.
See Notes to Financial Statements.
43
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2021 | ||||||||
Avantis Short-Term Fixed Income ETF | ||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021(1) | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 172,940 | $ | 80,480 | ||||
Net realized gain (loss) | (78,612) | 5,514 | ||||||
Change in net unrealized appreciation (depreciation) | (1,391,498) | 10,545 | ||||||
Net increase (decrease) in net assets resulting from operations | (1,297,170) | 96,539 | ||||||
Distributions to Shareholders | ||||||||
From earnings | (135,685) | (73,220) | ||||||
Capital Share Transactions | ||||||||
Proceeds from shares sold | 34,413,124 | 32,473,925 | ||||||
Other capital | 3,475 | 1,689 | ||||||
Net increase (decrease) in net assets from capital share transactions | 34,416,599 | 32,475,614 | ||||||
Net increase (decrease) in net assets | 32,983,744 | 32,498,933 | ||||||
Net Assets | ||||||||
Beginning of period | 32,498,933 | — | ||||||
End of period | $ | 65,482,677 | $ | 32,498,933 | ||||
Transactions in Shares of the Funds | ||||||||
Sold | 700,000 | 650,000 |
(1)October 13, 2020 (fund inception) through August 31, 2021.
See Notes to Financial Statements.
44
Notes to Financial Statements |
FEBRUARY 28, 2022 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. 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, U.S. Treasury and Government Agency securities, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. 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. 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.
45
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.
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.
46
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% |
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended February 28, 2022 were as follows:
Avantis Core Fixed Income ETF | Avantis Core Municipal Fixed Income ETF | Avantis Short-Term Fixed Income ETF | |||||||||
Purchases of U.S. Treasury and Government Agency obligations | $153,242,600 | — | $4,122,724 | ||||||||
Purchases of other investment securities | 2,193,804 | $831,647 | 14,010,204 | ||||||||
Total Purchases | $155,436,404 | $831,647 | $18,132,928 | ||||||||
Sales of U.S. Treasury and Government Agency obligations | $141,123,861 | — | $5,286,072 | ||||||||
Sales of other investment securities | 1,985,753 | $314,886 | 6,696,095 | ||||||||
Total Sales | $143,109,614 | $314,886 | $11,982,167 |
Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2022 were as follows:
In kind Subscriptions | In kind Redemptions | In kind Net Realized Gain/(Loss)* | |||||||||
Avantis Core Fixed Income ETF | $56,355,176 | — | — | ||||||||
Avantis Core Municipal Fixed Income ETF | $2,390,783 | — | — | ||||||||
Avantis Short-Term Fixed Income ETF | $28,267,224 | — | — |
*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 other capital within the Statements of Changes in Net Assets.
47
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 Core Fixed Income ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 78,215,795 | — | |||||||
U.S. Treasury Securities | — | 31,486,169 | — | ||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 24,904,171 | — | ||||||||
U.S. Government Agency Securities | — | 3,495,786 | — | ||||||||
Sovereign Governments and Agencies | — | 102,118 | — | ||||||||
Short-Term Investments | — | 12,707,257 | — | ||||||||
— | $ | 150,911,296 | — | ||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 117 | — | — | |||||||
Swap Agreements | — | $ | 42,220 | — | |||||||
$ | 117 | $ | 42,220 | — |
Avantis Core Municipal Fixed Income ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Municipal Securities | — | $ | 28,728,032 | — | |||||||
Short-Term Investments | $ | 192,445 | — | — | |||||||
$ | 192,445 | $ | 28,728,032 | — |
Avantis Short-Term Fixed Income ETF
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 42,160,175 | — | |||||||
U.S. Treasury Securities and Equivalents | — | 19,640,649 | — | ||||||||
U.S. Government Agency Securities | — | 2,798,846 | — | ||||||||
Sovereign Governments and Agencies | — | 153,176 | — | ||||||||
— | $ | 64,752,846 | — |
48
7. Derivative Instruments
Credit Risk — The funds are subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.
The fund's average notional amount to credit risk derivative instruments held during the period was as follows:
Avantis Core Fixed Income ETF | $1,750,000 |
Interest Rate Risk — The funds are subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.
The funds' average notional exposure to interest rate risk derivative instruments held during the period were as follows:
Futures Contracts Purchased | |||||
Avantis Core Fixed Income ETF | $634,385 | ||||
Avantis Short-Term Fixed Income ETF | $122,904 |
49
Value of Derivative Instruments as of February 28, 2022
Asset Derivatives | Liability Derivatives | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Assets and Liabilities | Value | Location on Statement of Assets and Liabilities | Value | ||||||||||
Avantis Core Fixed Income ETF | ||||||||||||||
Credit Risk | Receivable for variation margin on swap agreements* | — | Payable for variation margin on swap agreements* | $ | 1,327 | |||||||||
Interest Rate Risk | Receivable for variation margin on futures contracts* | $ | 117 | Payable for variation margin on futures contracts* | — | |||||||||
$ | 117 | $ | 1,327 | |||||||||||
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.
At period end, Avantis Short-Term Fixed Income ETF did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.
Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended February 28, 2022
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Operations | Value | Location on Statement of Operations | Value | ||||||||||
Avantis Core Fixed Income ETF | ||||||||||||||
Credit Risk | Net realized gain (loss) on swap agreement transactions | $ | 2,336 | Change in net unrealized appreciation (depreciation) on swap agreements | $ | (15,000) | ||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | (31,454) | Change in net unrealized appreciation (depreciation) on futures contracts | (875) | ||||||||||
$ | (29,118) | $ | (15,875) | |||||||||||
Avantis Short-Term Fixed Income ETF | ||||||||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | $ | (98) | Change in net unrealized appreciation (depreciation) on futures contracts | — |
8. Risk Factors
The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
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.
50
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 | $ | 155,385,820 | $ | 29,842,180 | $ | 66,133,799 | |||||
Gross tax appreciation of investments | $ | 62,423 | $ | 7,590 | $ | 3,572 | |||||
Gross tax depreciation of investments | (4,536,947) | (929,293) | (1,384,525) | ||||||||
Net tax appreciation (depreciation) of investments | $ | (4,474,524) | $ | (921,703) | $ | (1,380,953) |
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. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Avantis Core Municipal Fixed Income ETF and Avantis Short-Term Fixed Income ETF.
As of August 31, 2021, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows:
Short-term capital losses | Long-term capital losses | |||||||
Avantis Core Fixed Income ETF | $(45,039) | $(871) | ||||||
Avantis Core Municipal Fixed Income ETF | $(5,086) | — | ||||||
Avantis Short-Term Fixed Income ETF | $(1,519) | — |
51
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 | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Avantis Core Fixed Income ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $49.67 | 0.33 | (2.76) | (2.43) | (0.31) | 0.00(5) | $46.93 | (4.90)% | 0.15%(6) | 1.39%(6) | 137% | $126,719 | ||||||||||||||||||||||||||
2021(7) | $50.00 | 0.51 | (0.43) | 0.08 | (0.41) | 0.00(5) | $49.67 | 0.15% | 0.15%(6) | 1.17%(6) | 185% | $69,534 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)October 13, 2020 (fund inception) through August 31, 2021.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Avantis Core Municipal Fixed Income ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $50.25 | 0.21 | (1.87) | (1.66) | (0.20) | 0.00(5) | $48.39 | (3.31)% | 0.15%(6) | 0.86%(6) | 1% | $29,035 | ||||||||||||||||||||||||||
2021(7) | $50.00 | 0.26 | 0.17 | 0.43 | (0.21) | 0.03 | $50.25 | 0.93% | 0.15%(6) | 0.70%(6) | 14% | $27,637 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)December 8, 2020 (fund inception) through August 31, 2021.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Avantis Short-Term Fixed Income ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) | $50.00 | 0.19 | (1.53) | (1.34) | (0.15) | 0.00(5) | $48.51 | (2.69)% | 0.15%(6) | 0.76%(6) | 26% | $65,483 | ||||||||||||||||||||||||||
2021(7) | $50.00 | 0.18 | (0.02) | 0.16 | (0.16) | 0.00(5) | $50.00 | 0.33% | 0.15%(6) | 0.40%(6) | 49% | $32,499 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2022 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)October 13, 2020 (fund inception) through August 31, 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.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
55
Notes |
56
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. | ||||||||
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96957 2204 |
Semiannual Report | |||||
February 28, 2022 | |||||
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 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, 2022. 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.
Escalating Volatility, Soaring Inflation Weighed on Returns
Upbeat economic data and continued central bank support generally buoyed global stock returns early in the period, even as inflation and government bond yields were climbing. However, bond returns broadly struggled as inflation and yields climbed higher.
In November, the emergence of the omicron coronavirus variant rattled global financial markets. The downturn was short-lived, though, as omicron proved to be less severe than other variants. Stocks resumed their upward march until early 2022, when worries about inflation, central bank policy and Russia’s invasion of Ukraine sparked sharp volatility.
Throughout the period, steady economic gains combined with ongoing monetary support, escalating energy prices and considerable supply chain disruptions ignited inflation. By February, year-over-year headline inflation in the U.S. reached 7.9%, a 40-year high, while European inflation rose to a record 5.8%. In the U.S., this backdrop set the stage for Federal Reserve (Fed) tightening, including the Fed’s first rate hike in more than three years.
Most asset classes, including broad stock and bond indices, declined for the six-month period. U.S. stocks generally fared better than non-U.S. stocks, and the value style significantly outperformed the growth style. U.S. and global bond returns declined as yields rose.
Staying Focused in Uncertain Times
Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. Even before the West imposed sanctions on Russia, our firm had started reducing exposure to Russian markets. After the sanctions, our direct exposure to Russian assets was less than $5 million, or 0.001% of total assets under supervision (as of March 7). We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet prevailing challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis U.S. Equity Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.5% | ||||
Short-Term Investments | 3.1% | ||||
Other Assets and Liabilities | (2.6)% | ||||
Top Five Industries | % of net assets | ||||
Oil, Gas and Consumable Fuels | 6.6% | ||||
Software | 6.5% | ||||
Banks | 6.4% | ||||
Semiconductors and Semiconductor Equipment | 5.8% | ||||
Technology Hardware, Storage and Peripherals | 5.0% |
3
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis U.S. Small Cap Value Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.6% | ||||
Corporate Bonds | —* | ||||
Short-Term Investments | 1.0% | ||||
Other Assets and Liabilities | (0.6)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Industries | % of net assets | ||||
Banks | 16.3% | ||||
Oil, Gas and Consumable Fuels | 13.8% | ||||
Specialty Retail | 6.7% | ||||
Trading Companies and Distributors | 5.3% | ||||
Thrifts and Mortgage Finance | 4.3% |
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, 2021 to February 28, 2022.
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 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's. 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.
5
Beginning Account Value 9/1/21 | Ending Account Value 2/28/22 | Expenses Paid During Period(1) 9/1/21 - 2/28/22 | Annualized Expense Ratio(1) | |||||||||||
Avantis U.S. Equity Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $972.70 | $0.73 | 0.15% | ||||||||||
G Class | $1,000 | $974.10 | $0.00 | 0.00%(2) | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
G Class | $1,000 | $1,024.80 | $0.00 | 0.00%(2) | ||||||||||
Avantis U.S. Small Cap Value Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $1,055.80 | $1.27 | 0.25% | ||||||||||
G Class | $1,000 | $1,056.90 | $0.00 | 0.00%(2) | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,023.56 | $1.25 | 0.25% | ||||||||||
G Class | $1,000 | $1,024.80 | $0.00 | 0.00%(2) |
(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)Other expenses did not exceed 0.005%.
6
Schedules of Investments |
FEBRUARY 28, 2022 (UNAUDITED)
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Aerospace and Defense — 1.0% | ||||||||
AAR Corp.(1) | 678 | $ | 30,469 | |||||
Aerojet Rocketdyne Holdings, Inc. | 361 | 13,989 | ||||||
AeroVironment, Inc.(1) | 151 | 10,729 | ||||||
Astronics Corp.(1) | 327 | 4,810 | ||||||
Axon Enterprise, Inc.(1) | 257 | 36,044 | ||||||
Boeing Co. (The)(1) | 1,587 | 325,875 | ||||||
BWX Technologies, Inc. | 1,944 | 103,848 | ||||||
Curtiss-Wright Corp. | 281 | 41,453 | ||||||
Ducommun, Inc.(1) | 89 | 4,495 | ||||||
General Dynamics Corp. | 848 | 198,814 | ||||||
HEICO Corp. | 159 | 23,454 | ||||||
HEICO Corp., Class A | 385 | 47,324 | ||||||
Hexcel Corp. | 1,272 | 73,649 | ||||||
Howmet Aerospace, Inc. | 1,262 | 45,331 | ||||||
Huntington Ingalls Industries, Inc. | 493 | 100,769 | ||||||
Kaman Corp. | 710 | 30,821 | ||||||
Kratos Defense & Security Solutions, Inc.(1) | 917 | 19,184 | ||||||
L3Harris Technologies, Inc. | 689 | 173,842 | ||||||
Lockheed Martin Corp. | 1,283 | 556,565 | ||||||
Maxar Technologies, Inc. | 218 | 7,072 | ||||||
Mercury Systems, Inc.(1) | 261 | 15,717 | ||||||
Moog, Inc., Class A | 847 | 70,394 | ||||||
National Presto Industries, Inc. | 103 | 8,189 | ||||||
Northrop Grumman Corp. | 472 | 208,690 | ||||||
Parsons Corp.(1) | 30 | 1,040 | ||||||
Raytheon Technologies Corp. | 8,595 | 882,706 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 1,194 | 59,700 | ||||||
Textron, Inc. | 3,876 | 283,452 | ||||||
TransDigm Group, Inc.(1) | 207 | 137,984 | ||||||
Triumph Group, Inc.(1) | 528 | 13,221 | ||||||
Virgin Galactic Holdings, Inc.(1)(2) | 601 | 5,818 | ||||||
Woodward, Inc. | 1,377 | 171,616 | ||||||
3,707,064 | ||||||||
Air Freight and Logistics — 0.9% | ||||||||
Air Transport Services Group, Inc.(1) | 2,128 | 67,053 | ||||||
Atlas Air Worldwide Holdings, Inc.(1) | 1,208 | 94,659 | ||||||
CH Robinson Worldwide, Inc. | 502 | 48,533 | ||||||
Expeditors International of Washington, Inc. | 2,803 | 289,718 | ||||||
FedEx Corp. | 3,847 | 855,073 | ||||||
Forward Air Corp. | 234 | 24,144 | ||||||
GXO Logistics, Inc.(1) | 748 | 62,780 | ||||||
Hub Group, Inc., Class A(1) | 672 | 56,717 | ||||||
United Parcel Service, Inc., Class B | 8,117 | 1,707,979 | ||||||
3,206,656 |
7
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Airlines — 0.2% | ||||||||
Alaska Air Group, Inc.(1) | 1,423 | $ | 79,887 | |||||
Allegiant Travel Co.(1) | 385 | 67,025 | ||||||
American Airlines Group, Inc.(1) | 2,286 | 39,433 | ||||||
Delta Air Lines, Inc.(1) | 1,199 | 47,864 | ||||||
Hawaiian Holdings, Inc.(1) | 262 | 5,025 | ||||||
JetBlue Airways Corp.(1) | 4,043 | 61,737 | ||||||
Mesa Air Group, Inc.(1) | 522 | 2,271 | ||||||
SkyWest, Inc.(1) | 1,629 | 45,791 | ||||||
Southwest Airlines Co.(1) | 3,946 | 172,835 | ||||||
Spirit Airlines, Inc.(1) | 1,038 | 26,033 | ||||||
Sun Country Airlines Holdings, Inc.(1) | 212 | 5,734 | ||||||
United Airlines Holdings, Inc.(1) | 677 | 30,059 | ||||||
583,694 | ||||||||
Auto Components — 0.4% | ||||||||
Adient plc(1) | 136 | 6,086 | ||||||
American Axle & Manufacturing Holdings, Inc.(1) | 4,453 | 41,235 | ||||||
Aptiv plc(1) | 2,035 | 263,410 | ||||||
Autoliv, Inc. | 2,536 | 223,193 | ||||||
BorgWarner, Inc. | 4,383 | 179,747 | ||||||
Cooper-Standard Holdings, Inc.(1) | 132 | 1,679 | ||||||
Dana, Inc. | 2,357 | 43,887 | ||||||
Dorman Products, Inc.(1) | 693 | 64,740 | ||||||
Fox Factory Holding Corp.(1) | 305 | 35,996 | ||||||
Gentex Corp. | 4,070 | 123,199 | ||||||
Gentherm, Inc.(1) | 778 | 66,006 | ||||||
Goodyear Tire & Rubber Co. (The)(1) | 8,220 | 127,328 | ||||||
LCI Industries | 203 | 25,278 | ||||||
Lear Corp. | 944 | 148,529 | ||||||
Luminar Technologies, Inc.(1)(2) | 1,025 | 14,381 | ||||||
Modine Manufacturing Co.(1) | 860 | 8,686 | ||||||
Motorcar Parts of America, Inc.(1) | 233 | 3,763 | ||||||
Patrick Industries, Inc. | 244 | 17,407 | ||||||
QuantumScape Corp.(1)(2) | 2,508 | 40,479 | ||||||
Standard Motor Products, Inc. | 341 | 14,905 | ||||||
Stoneridge, Inc.(1) | 176 | 2,906 | ||||||
Superior Industries International, Inc.(1) | 846 | 3,299 | ||||||
Tenneco, Inc., Class A(1) | 101 | 1,947 | ||||||
Veoneer, Inc.(1) | 1,128 | 39,988 | ||||||
Visteon Corp.(1) | 323 | 38,815 | ||||||
XPEL, Inc.(1) | 189 | 13,721 | ||||||
1,550,610 | ||||||||
Automobiles — 1.3% | ||||||||
Canoo, Inc.(1)(2) | 2,240 | 12,858 | ||||||
Fisker, Inc.(1)(2) | 2,947 | 35,953 | ||||||
Ford Motor Co. | 36,419 | 639,518 | ||||||
General Motors Co.(1) | 15,250 | 712,480 | ||||||
Harley-Davidson, Inc. | 2,895 | 119,563 | ||||||
Lordstown Motors Corp., Class A(1)(2) | 2,733 | 7,024 | ||||||
Lucid Group, Inc.(1)(2) | 4,717 | 136,699 | ||||||
Rivian Automotive, Inc., Class A(1) | 241 | 16,282 |
8
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Tesla, Inc.(1) | 3,463 | $ | 3,014,299 | |||||
Thor Industries, Inc. | 768 | 69,504 | ||||||
Winnebago Industries, Inc. | 797 | 51,064 | ||||||
Workhorse Group, Inc.(1) | 232 | 726 | ||||||
4,815,970 | ||||||||
Banks — 6.4% | ||||||||
1st Source Corp. | 134 | 6,471 | ||||||
Allegiance Bancshares, Inc. | 505 | 21,639 | ||||||
Amerant Bancorp, Inc. | 864 | 28,037 | ||||||
American National Bankshares, Inc. | 144 | 5,558 | ||||||
Ameris Bancorp | 1,706 | 84,447 | ||||||
Arrow Financial Corp. | 599 | 20,576 | ||||||
Associated Banc-Corp. | 3,139 | 76,560 | ||||||
Atlantic Capital Bancshares, Inc.(1) | 708 | 22,897 | ||||||
Atlantic Union Bankshares Corp. | 1,701 | 69,112 | ||||||
Banc of California, Inc. | 1,504 | 29,554 | ||||||
BancFirst Corp. | 383 | 29,924 | ||||||
Bancorp, Inc. (The)(1) | 1,185 | 34,721 | ||||||
Bank First Corp. | 58 | 4,085 | ||||||
Bank of America Corp. | 39,414 | 1,742,099 | ||||||
Bank of Hawaii Corp. | 897 | 77,303 | ||||||
Bank of Marin Bancorp | 324 | 11,444 | ||||||
Bank OZK | 2,581 | 121,359 | ||||||
BankUnited, Inc. | 2,248 | 99,362 | ||||||
Banner Corp. | 954 | 58,776 | ||||||
Bar Harbor Bankshares | 129 | 3,709 | ||||||
Berkshire Hills Bancorp, Inc. | 845 | 26,280 | ||||||
Blue Ridge Bankshares, Inc. | 811 | 13,017 | ||||||
BOK Financial Corp. | 625 | 64,187 | ||||||
Brookline Bancorp., Inc. | 1,675 | 28,710 | ||||||
Business First Bancshares, Inc. | 748 | 19,590 | ||||||
Byline Bancorp, Inc. | 780 | 21,271 | ||||||
Cadence Bank | 2,791 | 88,251 | ||||||
Cambridge Bancorp | 192 | 16,925 | ||||||
Camden National Corp. | 451 | 21,445 | ||||||
Capital City Bank Group, Inc. | 175 | 4,912 | ||||||
Capstar Financial Holdings, Inc. | 296 | 6,334 | ||||||
Carter Bankshares, Inc.(1) | 1,318 | 21,958 | ||||||
Cathay General Bancorp | 1,459 | 68,617 | ||||||
CBTX, Inc. | 475 | 14,279 | ||||||
Central Pacific Financial Corp. | 1,144 | 33,393 | ||||||
Citigroup, Inc. | 18,405 | 1,090,128 | ||||||
Citizens & Northern Corp. | 211 | 5,226 | ||||||
Citizens Financial Group, Inc. | 8,217 | 430,735 | ||||||
City Holding Co. | 392 | 31,231 | ||||||
Civista Bancshares, Inc. | 218 | 5,317 | ||||||
CNB Financial Corp. | 770 | 20,136 | ||||||
Coastal Financial Corp.(1) | 338 | 16,089 | ||||||
Columbia Banking System, Inc. | 1,191 | 43,626 | ||||||
Comerica, Inc. | 3,303 | 315,403 | ||||||
Commerce Bancshares, Inc. | 2,089 | 149,948 |
9
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Community Bank System, Inc. | 549 | $ | 40,044 | |||||
Community Trust Bancorp, Inc. | 482 | 20,379 | ||||||
ConnectOne Bancorp, Inc. | 823 | 27,159 | ||||||
CrossFirst Bankshares, Inc.(1) | 869 | 13,669 | ||||||
Cullen/Frost Bankers, Inc. | 810 | 113,991 | ||||||
Customers Bancorp, Inc.(1) | 1,382 | 85,062 | ||||||
CVB Financial Corp. | 2,412 | 56,875 | ||||||
Dime Community Bancshares, Inc. | 674 | 22,909 | ||||||
Eagle Bancorp, Inc. | 741 | 44,401 | ||||||
East West Bancorp, Inc. | 2,811 | 246,131 | ||||||
Eastern Bankshares, Inc. | 2,790 | 60,989 | ||||||
Enterprise Bancorp, Inc. | 150 | 6,044 | ||||||
Enterprise Financial Services Corp. | 559 | 27,637 | ||||||
Equity Bancshares, Inc., Class A | 592 | 18,618 | ||||||
F.N.B. Corp. | 6,440 | 86,489 | ||||||
Farmers National Banc Corp. | 1,110 | 19,125 | ||||||
FB Financial Corp. | 818 | 36,352 | ||||||
Fifth Third Bancorp | 11,351 | 543,032 | ||||||
Financial Institutions, Inc. | 648 | 20,697 | ||||||
First BanCorp | 4,758 | 67,183 | ||||||
First Bancorp, Inc. (The) | 69 | 2,056 | ||||||
First Bancorp/Southern Pines NC | 791 | 35,500 | ||||||
First Bancshares, Inc. (The) | 537 | 18,961 | ||||||
First Busey Corp. | 1,592 | 43,700 | ||||||
First Citizens BancShares, Inc., Class A | 259 | 204,209 | ||||||
First Commonwealth Financial Corp. | 2,633 | 42,523 | ||||||
First Community Bankshares, Inc. | 369 | 10,823 | ||||||
First Financial Bancorp | 1,572 | 38,640 | ||||||
First Financial Bankshares, Inc. | 1,917 | 91,863 | ||||||
First Financial Corp. | 130 | 6,046 | ||||||
First Foundation, Inc. | 1,202 | 32,057 | ||||||
First Hawaiian, Inc. | 2,303 | 66,948 | ||||||
First Horizon Corp. | 11,889 | 279,154 | ||||||
First Internet Bancorp | 270 | 13,198 | ||||||
First Interstate Bancsystem, Inc., Class A | 2,212 | 89,807 | ||||||
First Merchants Corp. | 1,011 | 44,221 | ||||||
First Mid Bancshares, Inc. | 445 | 17,831 | ||||||
First of Long Island Corp. (The) | 279 | 6,074 | ||||||
First Republic Bank | 1,703 | 295,062 | ||||||
Five Star Bancorp | 297 | 9,032 | ||||||
Flushing Financial Corp. | 915 | 21,493 | ||||||
Fulton Financial Corp. | 4,585 | 82,622 | ||||||
German American Bancorp, Inc. | 515 | 20,487 | ||||||
Glacier Bancorp, Inc. | 1,729 | 95,787 | ||||||
Great Southern Bancorp, Inc. | 358 | 21,988 | ||||||
Hancock Whitney Corp. | 1,892 | 105,347 | ||||||
Hanmi Financial Corp. | 1,345 | 35,131 | ||||||
HarborOne Bancorp, Inc. | 694 | 10,264 | ||||||
Heartland Financial USA, Inc. | 932 | 46,246 | ||||||
Heritage Commerce Corp. | 1,136 | 13,507 | ||||||
Heritage Financial Corp. | 687 | 18,013 |
10
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Hilltop Holdings, Inc. | 1,799 | $ | 55,625 | |||||
Home BancShares, Inc. | 2,242 | 52,485 | ||||||
HomeStreet, Inc. | 686 | 35,302 | ||||||
HomeTrust Bancshares, Inc. | 196 | 5,896 | ||||||
Hope Bancorp, Inc. | 2,599 | 44,079 | ||||||
Horizon Bancorp, Inc. | 1,083 | 21,747 | ||||||
Huntington Bancshares, Inc. | 17,307 | 268,605 | ||||||
Independent Bank Corp. (Massachusetts) | 694 | 59,691 | ||||||
Independent Bank Corp. (Michigan) | 653 | 15,541 | ||||||
Independent Bank Group, Inc. | 668 | 51,536 | ||||||
International Bancshares Corp. | 1,494 | 64,257 | ||||||
Investors Bancorp, Inc. | 6,090 | 101,947 | ||||||
JPMorgan Chase & Co. | 22,283 | 3,159,729 | ||||||
KeyCorp | 20,087 | 503,581 | ||||||
Lakeland Bancorp, Inc. | 1,178 | 21,251 | ||||||
Lakeland Financial Corp. | 564 | 45,238 | ||||||
Live Oak Bancshares, Inc. | 865 | 55,317 | ||||||
M&T Bank Corp. | 2,216 | 403,822 | ||||||
Macatawa Bank Corp. | 489 | 4,489 | ||||||
Mercantile Bank Corp. | 568 | 20,942 | ||||||
Meta Financial Group, Inc. | 714 | 39,548 | ||||||
Metrocity Bankshares, Inc. | 562 | 13,662 | ||||||
Metropolitan Bank Holding Corp.(1) | 258 | 26,381 | ||||||
Mid Penn Bancorp, Inc. | 311 | 8,705 | ||||||
Midland States Bancorp, Inc. | 740 | 21,726 | ||||||
MidWestOne Financial Group, Inc. | 190 | 5,736 | ||||||
MVB Financial Corp. | 145 | 5,585 | ||||||
National Bank Holdings Corp., Class A | 687 | 30,489 | ||||||
NBT Bancorp, Inc. | 895 | 34,341 | ||||||
Nicolet Bankshares, Inc.(1) | 207 | 19,719 | ||||||
Northrim BanCorp, Inc. | 88 | 3,942 | ||||||
Northwest Bancshares, Inc. | 2,752 | 38,748 | ||||||
OceanFirst Financial Corp. | 1,395 | 31,220 | ||||||
OFG Bancorp | 1,549 | 43,651 | ||||||
Old National Bancorp. | 5,628 | 102,880 | ||||||
Old Second Bancorp, Inc. | 455 | 6,475 | ||||||
Origin Bancorp, Inc. | 543 | 25,076 | ||||||
Pacific Premier Bancorp, Inc. | 1,771 | 68,555 | ||||||
PacWest Bancorp | 3,340 | 165,063 | ||||||
Park National Corp. | 449 | 60,193 | ||||||
Parke Bancorp, Inc. | 239 | 5,638 | ||||||
PCB Bancorp. | 619 | 14,565 | ||||||
Peapack-Gladstone Financial Corp. | 200 | 7,544 | ||||||
People's United Financial, Inc. | 7,181 | 151,375 | ||||||
Peoples Bancorp, Inc. | 385 | 12,043 | ||||||
Pinnacle Financial Partners, Inc. | 1,064 | 107,549 | ||||||
PNC Financial Services Group, Inc. (The) | 3,613 | 719,890 | ||||||
Popular, Inc. | 2,387 | 219,246 | ||||||
Preferred Bank | 443 | 34,767 | ||||||
Premier Financial Corp. | 1,015 | 31,130 | ||||||
Primis Financial Corp. | 314 | 4,490 |
11
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Prosperity Bancshares, Inc. | 1,254 | $ | 93,373 | |||||
QCR Holdings, Inc. | 506 | 28,265 | ||||||
RBB Bancorp | 230 | 5,548 | ||||||
Regions Financial Corp. | 20,692 | 500,539 | ||||||
Renasant Corp. | 997 | 36,400 | ||||||
Republic Bancorp, Inc., Class A | 412 | 18,903 | ||||||
S&T Bancorp, Inc. | 647 | 20,115 | ||||||
Sandy Spring Bancorp, Inc. | 1,151 | 54,201 | ||||||
Seacoast Banking Corp. of Florida | 1,088 | 39,875 | ||||||
ServisFirst Bancshares, Inc. | 1,192 | 104,157 | ||||||
Sierra Bancorp | 218 | 5,851 | ||||||
Signature Bank | 915 | 315,574 | ||||||
Silvergate Capital Corp., Class A(1) | 419 | 53,666 | ||||||
Simmons First National Corp., Class A | 2,106 | 60,063 | ||||||
SmartFinancial, Inc. | 229 | 5,975 | ||||||
Southern First Bancshares, Inc.(1) | 222 | 12,667 | ||||||
Southside Bancshares, Inc. | 640 | 26,682 | ||||||
SouthState Corp. | 1,093 | 98,370 | ||||||
Spirit of Texas Bancshares, Inc. | 210 | 5,991 | ||||||
Stock Yards Bancorp, Inc. | 339 | 18,126 | ||||||
Summit Financial Group, Inc. | 196 | 5,345 | ||||||
SVB Financial Group(1) | 789 | 478,134 | ||||||
Synovus Financial Corp. | 4,044 | 212,917 | ||||||
Texas Capital Bancshares, Inc.(1) | 1,212 | 80,719 | ||||||
Tompkins Financial Corp. | 301 | 23,809 | ||||||
Towne Bank | 1,775 | 55,345 | ||||||
Trico Bancshares | 542 | 23,523 | ||||||
TriState Capital Holdings, Inc.(1) | 721 | 23,937 | ||||||
Triumph Bancorp, Inc.(1) | 767 | 76,945 | ||||||
Truist Financial Corp. | 11,481 | 714,348 | ||||||
Trustmark Corp. | 1,692 | 53,281 | ||||||
U.S. Bancorp | 12,505 | 707,033 | ||||||
UMB Financial Corp. | 1,004 | 102,267 | ||||||
Umpqua Holdings Corp. | 5,629 | 120,179 | ||||||
United Bankshares, Inc. | 2,235 | 81,846 | ||||||
United Community Banks, Inc. | 1,863 | 72,024 | ||||||
Univest Financial Corp. | 963 | 27,908 | ||||||
Valley National Bancorp | 7,055 | 98,558 | ||||||
Veritex Holdings, Inc. | 933 | 37,908 | ||||||
Washington Trust Bancorp, Inc. | 493 | 26,755 | ||||||
Webster Financial Corp. | 3,147 | 189,481 | ||||||
Wells Fargo & Co. | 37,916 | 2,023,577 | ||||||
WesBanco, Inc. | 1,104 | 40,340 | ||||||
West BanCorp, Inc. | 181 | 5,231 | ||||||
Westamerica BanCorp | 420 | 24,914 | ||||||
Western Alliance Bancorp | 2,406 | 225,538 | ||||||
Wintrust Financial Corp. | 1,545 | 153,511 | ||||||
Zions Bancorp N.A. | 3,760 | 266,546 | ||||||
22,987,289 | ||||||||
Beverages — 1.0% | ||||||||
Boston Beer Co., Inc. (The), Class A(1) | 75 | 28,759 |
12
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Brown-Forman Corp., Class A | 472 | $ | 28,811 | |||||
Brown-Forman Corp., Class B | 2,964 | 193,342 | ||||||
Coca-Cola Co. (The) | 18,899 | 1,176,274 | ||||||
Coca-Cola Consolidated, Inc. | 201 | 99,883 | ||||||
Constellation Brands, Inc., Class A | 1,268 | 273,406 | ||||||
Keurig Dr Pepper, Inc. | 3,480 | 134,572 | ||||||
MGP Ingredients, Inc. | 401 | 31,924 | ||||||
Molson Coors Beverage Co., Class B | 2,596 | 135,459 | ||||||
Monster Beverage Corp.(1) | 2,753 | 232,353 | ||||||
National Beverage Corp. | 860 | 37,849 | ||||||
PepsiCo, Inc. | 7,668 | 1,255,558 | ||||||
3,628,190 | ||||||||
Biotechnology — 2.6% | ||||||||
2seventy bio, Inc.(1) | 41 | 608 | ||||||
AbbVie, Inc. | 8,659 | 1,279,540 | ||||||
ACADIA Pharmaceuticals, Inc.(1) | 932 | 23,682 | ||||||
Adicet Bio, Inc.(1) | 495 | 6,475 | ||||||
Adverum Biotechnologies, Inc.(1) | 241 | 323 | ||||||
Affimed NV(1) | 1,762 | 7,770 | ||||||
Agios Pharmaceuticals, Inc.(1) | 619 | 19,269 | ||||||
Akebia Therapeutics, Inc.(1) | 228 | 492 | ||||||
Alaunos Therapeutics, Inc.(1) | 600 | 592 | ||||||
Albireo Pharma, Inc.(1) | 120 | 4,001 | ||||||
Alector, Inc.(1) | 2,399 | 38,000 | ||||||
Alkermes plc(1) | 2,415 | 60,037 | ||||||
Allakos, Inc.(1) | 54 | 302 | ||||||
Allogene Therapeutics, Inc.(1) | 125 | 1,144 | ||||||
Alnylam Pharmaceuticals, Inc.(1) | 419 | 66,139 | ||||||
Altimmune, Inc.(1)(2) | 125 | 926 | ||||||
ALX Oncology Holdings, Inc.(1) | 72 | 1,305 | ||||||
Amgen, Inc. | 2,868 | 649,545 | ||||||
Amicus Therapeutics, Inc.(1) | 341 | 2,776 | ||||||
AnaptysBio, Inc.(1) | 151 | 4,616 | ||||||
Anika Therapeutics, Inc.(1) | 17 | 552 | ||||||
Apellis Pharmaceuticals, Inc.(1) | 256 | 10,888 | ||||||
Arcturus Therapeutics Holdings, Inc.(1) | 69 | 1,654 | ||||||
Arcus Biosciences, Inc.(1) | 711 | 26,449 | ||||||
Arcutis Biotherapeutics, Inc.(1) | 166 | 2,955 | ||||||
Ardelyx, Inc.(1) | 348 | 268 | ||||||
Arena Pharmaceuticals, Inc.(1) | 726 | 68,948 | ||||||
Arrowhead Pharmaceuticals, Inc.(1) | 866 | 38,104 | ||||||
Assembly Biosciences, Inc.(1)(2) | 133 | 206 | ||||||
Atara Biotherapeutics, Inc.(1) | 834 | 10,717 | ||||||
Avid Bioservices, Inc.(1) | 1,628 | 33,341 | ||||||
Beam Therapeutics, Inc.(1)(2) | 483 | 37,843 | ||||||
BioCryst Pharmaceuticals, Inc.(1) | 946 | 15,713 | ||||||
Biogen, Inc.(1) | 1,538 | 324,533 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd.(1) | 428 | 50,808 | ||||||
BioMarin Pharmaceutical, Inc.(1) | 2,017 | 157,568 | ||||||
Bluebird Bio, Inc.(1) | 123 | 743 | ||||||
Blueprint Medicines Corp.(1) | 609 | 36,875 |
13
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Bridgebio Pharma, Inc.(1) | 308 | $ | 2,402 | |||||
C4 Therapeutics, Inc.(1) | 686 | 15,387 | ||||||
Calithera Biosciences, Inc.(1) | 173 | 84 | ||||||
Catalyst Pharmaceuticals, Inc.(1) | 2,298 | 17,924 | ||||||
Celldex Therapeutics, Inc.(1) | 295 | 8,820 | ||||||
Cerevel Therapeutics Holdings, Inc.(1) | 435 | 11,514 | ||||||
ChemoCentryx, Inc.(1) | 1,106 | 33,556 | ||||||
Chimerix, Inc.(1) | 557 | 3,141 | ||||||
Coherus Biosciences, Inc.(1) | 404 | 4,763 | ||||||
Cortexyme, Inc.(1) | 256 | 1,114 | ||||||
Crinetics Pharmaceuticals, Inc.(1) | 307 | 6,146 | ||||||
CRISPR Therapeutics AG(1) | 727 | 44,616 | ||||||
Cullinan Oncology, Inc.(1)(2) | 506 | 7,256 | ||||||
CureVac NV(1)(2) | 1,193 | 20,066 | ||||||
Day One Biopharmaceuticals, Inc.(1) | 822 | 11,229 | ||||||
Deciphera Pharmaceuticals, Inc.(1) | 82 | 632 | ||||||
Denali Therapeutics, Inc.(1) | 843 | 27,448 | ||||||
DermTech, Inc.(1) | 291 | 3,722 | ||||||
Design Therapeutics, Inc.(1) | 496 | 6,731 | ||||||
Dynavax Technologies Corp.(1) | 4,847 | 59,424 | ||||||
Eagle Pharmaceuticals, Inc.(1) | 139 | 6,587 | ||||||
Editas Medicine, Inc.(1) | 376 | 6,437 | ||||||
Emergent BioSolutions, Inc.(1) | 873 | 36,125 | ||||||
Enanta Pharmaceuticals, Inc.(1) | 212 | 14,929 | ||||||
Exact Sciences Corp.(1) | 920 | 71,815 | ||||||
Exelixis, Inc.(1) | 2,650 | 54,404 | ||||||
Fate Therapeutics, Inc.(1) | 134 | 4,630 | ||||||
FibroGen, Inc.(1) | 118 | 1,660 | ||||||
Frequency Therapeutics, Inc.(1) | 165 | 469 | ||||||
G1 Therapeutics, Inc.(1)(2) | 166 | 1,761 | ||||||
Generation Bio Co.(1) | 153 | 783 | ||||||
Geron Corp.(1) | 2,825 | 3,079 | ||||||
Gilead Sciences, Inc. | 19,108 | 1,154,123 | ||||||
Global Blood Therapeutics, Inc.(1) | 548 | 16,550 | ||||||
Gossamer Bio, Inc.(1) | 642 | 5,797 | ||||||
Gritstone bio, Inc.(1) | 1,380 | 7,038 | ||||||
Halozyme Therapeutics, Inc.(1) | 3,522 | 124,925 | ||||||
Harpoon Therapeutics, Inc.(1) | 487 | 1,997 | ||||||
Heron Therapeutics, Inc.(1) | 189 | 1,342 | ||||||
Horizon Therapeutics plc(1) | 1,939 | 176,779 | ||||||
Ideaya Biosciences, Inc.(1) | 273 | 3,604 | ||||||
ImmunoGen, Inc.(1) | 508 | 2,865 | ||||||
Incyte Corp.(1) | 1,889 | 129,019 | ||||||
Inovio Pharmaceuticals, Inc.(1) | 1,873 | 6,069 | ||||||
Instil Bio, Inc.(1)(2) | 748 | 8,026 | ||||||
Intellia Therapeutics, Inc.(1) | 521 | 51,501 | ||||||
Ionis Pharmaceuticals, Inc.(1) | 359 | 11,983 | ||||||
Iovance Biotherapeutics, Inc.(1) | 1,053 | 16,500 | ||||||
Ironwood Pharmaceuticals, Inc.(1) | 5,146 | 55,371 | ||||||
iTeos Therapeutics, Inc.(1) | 831 | 30,024 | ||||||
IVERIC bio, Inc.(1) | 2,274 | 36,475 |
14
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Keros Therapeutics, Inc.(1) | 47 | $ | 2,524 | |||||
Kezar Life Sciences, Inc.(1) | 1,295 | 19,231 | ||||||
Kiniksa Pharmaceuticals Ltd., Class A(1) | 232 | 2,376 | ||||||
Kodiak Sciences, Inc.(1) | 87 | 752 | ||||||
Krystal Biotech, Inc.(1) | 58 | 3,686 | ||||||
Kura Oncology, Inc.(1) | 858 | 13,616 | ||||||
Kymera Therapeutics, Inc.(1) | 547 | 21,749 | ||||||
Ligand Pharmaceuticals, Inc.(1) | 249 | 25,204 | ||||||
Lyell Immunopharma, Inc.(1)(2) | 1,136 | 8,225 | ||||||
MacroGenics, Inc.(1) | 152 | 1,421 | ||||||
Madrigal Pharmaceuticals, Inc.(1)(2) | 28 | 2,600 | ||||||
Merus NV(1) | 353 | 9,916 | ||||||
Mirati Therapeutics, Inc.(1) | 383 | 33,815 | ||||||
Moderna, Inc.(1) | 5,818 | 893,645 | ||||||
Monte Rosa Therapeutics, Inc.(1)(2) | 439 | 6,295 | ||||||
Myriad Genetics, Inc.(1) | 693 | 16,895 | ||||||
Natera, Inc.(1) | 459 | 30,179 | ||||||
Neurocrine Biosciences, Inc.(1) | 1,142 | 102,632 | ||||||
Nkarta, Inc.(1)(2) | 93 | 843 | ||||||
Novavax, Inc.(1) | 1,164 | 97,043 | ||||||
Nurix Therapeutics, Inc.(1) | 334 | 5,401 | ||||||
Olema Pharmaceuticals, Inc.(1) | 299 | 1,399 | ||||||
OPKO Health, Inc.(1)(2) | 3,813 | 11,935 | ||||||
Organogenesis Holdings, Inc.(1) | 778 | 5,788 | ||||||
Passage Bio, Inc.(1) | 253 | 840 | ||||||
PDL BioPharma, Inc.(1) | 752 | 1,925 | ||||||
Prometheus Biosciences, Inc.(1) | 705 | 30,696 | ||||||
Protagonist Therapeutics, Inc.(1) | 357 | 8,668 | ||||||
Prothena Corp. plc(1) | 243 | 8,408 | ||||||
RAPT Therapeutics, Inc.(1) | 240 | 4,800 | ||||||
Recursion Pharmaceuticals, Inc., Class A(1)(2) | 1,067 | 11,684 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 1,560 | 964,642 | ||||||
REGENXBIO, Inc.(1) | 230 | 6,028 | ||||||
Relay Therapeutics, Inc.(1) | 247 | 5,955 | ||||||
Repare Therapeutics, Inc.(1)(2) | 136 | 2,186 | ||||||
Replimune Group, Inc.(1) | 131 | 2,101 | ||||||
REVOLUTION Medicines, Inc.(1) | 430 | 8,136 | ||||||
Rhythm Pharmaceuticals, Inc.(1) | 119 | 907 | ||||||
Sage Therapeutics, Inc.(1) | 1,513 | 55,028 | ||||||
Sangamo Therapeutics, Inc.(1) | 1,575 | 9,214 | ||||||
Sarepta Therapeutics, Inc.(1) | 530 | 40,603 | ||||||
Seagen, Inc.(1) | 694 | 89,436 | ||||||
Spectrum Pharmaceuticals, Inc.(1) | 83 | 56 | ||||||
SpringWorks Therapeutics, Inc.(1) | 56 | 3,169 | ||||||
Stoke Therapeutics, Inc.(1) | 72 | 1,404 | ||||||
Sutro Biopharma, Inc.(1) | 160 | 1,427 | ||||||
Syndax Pharmaceuticals, Inc.(1) | 280 | 4,365 | ||||||
Talaris Therapeutics, Inc.(1) | 356 | 2,496 | ||||||
Tango Therapeutics, Inc.(1) | 1,099 | 10,067 | ||||||
TCR2 Therapeutics, Inc.(1) | 110 | 298 | ||||||
TG Therapeutics, Inc.(1) | 186 | 1,836 |
15
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Travere Therapeutics, Inc.(1) | 1,114 | $ | 30,368 | |||||
Turning Point Therapeutics, Inc.(1) | 116 | 3,673 | ||||||
Twist Bioscience Corp.(1) | 62 | 3,468 | ||||||
Ultragenyx Pharmaceutical, Inc.(1) | 172 | 11,579 | ||||||
uniQure NV(1) | 1,408 | 23,922 | ||||||
United Therapeutics Corp.(1) | 655 | 108,861 | ||||||
Vanda Pharmaceuticals, Inc.(1) | 982 | 11,156 | ||||||
Vaxart, Inc.(1)(2) | 1,500 | 7,620 | ||||||
Vaxcyte, Inc.(1) | 339 | 7,855 | ||||||
VBI Vaccines, Inc.(1)(2) | 770 | 1,147 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 4,407 | 1,013,698 | ||||||
Verve Therapeutics, Inc.(1)(2) | 173 | 5,648 | ||||||
Viking Therapeutics, Inc.(1) | 399 | 1,337 | ||||||
Vir Biotechnology, Inc.(1) | 247 | 6,222 | ||||||
Voyager Therapeutics, Inc.(1)(2) | 243 | 965 | ||||||
Xencor, Inc.(1) | 485 | 15,185 | ||||||
Xenon Pharmaceuticals, Inc.(1) | 995 | 31,541 | ||||||
Zymeworks, Inc.(1) | 83 | 601 | ||||||
9,192,740 | ||||||||
Building Products — 0.7% | ||||||||
AAON, Inc. | 427 | 25,005 | ||||||
Advanced Drainage Systems, Inc. | 484 | 56,493 | ||||||
Allegion plc | 925 | 105,931 | ||||||
American Woodmark Corp.(1) | 7 | 375 | ||||||
AO Smith Corp. | 3,011 | 206,494 | ||||||
Apogee Enterprises, Inc. | 686 | 30,918 | ||||||
Armstrong World Industries, Inc. | 518 | 45,791 | ||||||
AZEK Co., Inc. (The)(1) | 127 | 3,745 | ||||||
Builders FirstSource, Inc.(1) | 2,682 | 199,594 | ||||||
Carlisle Cos., Inc. | 502 | 119,175 | ||||||
Carrier Global Corp. | 4,462 | 200,255 | ||||||
Cornerstone Building Brands, Inc.(1) | 599 | 13,226 | ||||||
CSW Industrials, Inc. | 63 | 7,581 | ||||||
Fortune Brands Home & Security, Inc. | 926 | 80,469 | ||||||
Gibraltar Industries, Inc.(1) | 251 | 12,128 | ||||||
Griffon Corp. | 1,265 | 29,158 | ||||||
Insteel Industries, Inc. | 667 | 24,752 | ||||||
JELD-WEN Holding, Inc.(1) | 1,516 | 34,989 | ||||||
Johnson Controls International plc | 2,010 | 130,570 | ||||||
Lennox International, Inc. | 155 | 41,374 | ||||||
Masco Corp. | 1,107 | 62,036 | ||||||
Masonite International Corp.(1) | 811 | 76,502 | ||||||
Owens Corning | 2,651 | 247,047 | ||||||
PGT Innovations, Inc.(1) | 395 | 8,496 | ||||||
Quanex Building Products Corp. | 780 | 17,831 | ||||||
Resideo Technologies, Inc.(1) | 946 | 24,350 | ||||||
Simpson Manufacturing Co., Inc. | 774 | 91,727 | ||||||
Trane Technologies plc | 863 | 132,842 | ||||||
Trex Co., Inc.(1) | 2,678 | 245,948 | ||||||
UFP Industries, Inc. | 892 | 76,489 | ||||||
Zurn Water Solutions Corp. | 2,517 | 81,853 | ||||||
2,433,144 |
16
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Capital Markets — 4.0% | ||||||||
Affiliated Managers Group, Inc. | 122 | $ | 16,880 | |||||
Ameriprise Financial, Inc. | 2,435 | 729,989 | ||||||
Ares Management Corp., Class A | 806 | 65,359 | ||||||
Artisan Partners Asset Management, Inc., Class A | 1,872 | 71,342 | ||||||
B. Riley Financial, Inc. | 474 | 28,227 | ||||||
Bank of New York Mellon Corp. (The) | 7,681 | 408,245 | ||||||
BGC Partners, Inc., Class A | 5,615 | 25,717 | ||||||
BlackRock, Inc. | 854 | 635,282 | ||||||
Blackstone, Inc. | 9,082 | 1,157,683 | ||||||
Brightsphere Investment Group, Inc. | 1,432 | 34,182 | ||||||
Carlyle Group, Inc. (The) | 6,168 | 289,094 | ||||||
Cboe Global Markets, Inc. | 580 | 68,028 | ||||||
Charles Schwab Corp. (The) | 9,869 | 833,536 | ||||||
CME Group, Inc. | 2,237 | 529,118 | ||||||
Cohen & Steers, Inc. | 802 | 65,170 | ||||||
Coinbase Global, Inc., Class A(1) | 2,116 | 403,669 | ||||||
Cowen, Inc., Class A | 748 | 22,178 | ||||||
Diamond Hill Investment Group, Inc. | 95 | 18,419 | ||||||
Donnelley Financial Solutions, Inc.(1) | 603 | 19,356 | ||||||
Evercore, Inc., Class A | 1,201 | 152,539 | ||||||
FactSet Research Systems, Inc. | 543 | 220,507 | ||||||
Federated Hermes, Inc. | 2,049 | 66,941 | ||||||
Focus Financial Partners, Inc., Class A(1) | 408 | 20,416 | ||||||
Franklin Resources, Inc. | 4,032 | 119,871 | ||||||
Freedom Holding Corp.(1)(2) | 680 | 41,793 | ||||||
Goldman Sachs Group, Inc. (The) | 4,136 | 1,411,575 | ||||||
Hamilton Lane, Inc., Class A | 248 | 19,369 | ||||||
Houlihan Lokey, Inc. | 1,894 | 194,817 | ||||||
Interactive Brokers Group, Inc., Class A | 674 | 44,605 | ||||||
Intercontinental Exchange, Inc. | 1,419 | 181,802 | ||||||
Invesco Ltd. | 5,989 | 127,206 | ||||||
Janus Henderson Group plc | 4,060 | 136,294 | ||||||
Jefferies Financial Group, Inc. | 6,277 | 223,085 | ||||||
KKR & Co., Inc. | 7,160 | 430,459 | ||||||
Lazard Ltd., Class A | 3,231 | 111,728 | ||||||
LPL Financial Holdings, Inc. | 870 | 157,426 | ||||||
MarketAxess Holdings, Inc. | 363 | 138,459 | ||||||
Moelis & Co., Class A | 2,333 | 112,474 | ||||||
Moody's Corp. | 1,104 | 355,521 | ||||||
Morgan Stanley | 12,112 | 1,099,043 | ||||||
Morningstar, Inc. | 190 | 53,323 | ||||||
MSCI, Inc. | 339 | 170,073 | ||||||
Nasdaq, Inc. | 371 | 63,497 | ||||||
Northern Trust Corp. | 2,838 | 323,248 | ||||||
Open Lending Corp., Class A(1) | 2,157 | 44,930 | ||||||
Oppenheimer Holdings, Inc., Class A | 408 | 17,621 | ||||||
Piper Sandler Cos. | 766 | 113,376 | ||||||
PJT Partners, Inc., Class A | 240 | 15,317 | ||||||
Raymond James Financial, Inc. | 3,852 | 422,372 | ||||||
S&P Global, Inc. | 1,784 | 670,432 |
17
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
SEI Investments Co. | 2,711 | $ | 158,810 | |||||
State Street Corp. | 3,881 | 331,166 | ||||||
StepStone Group, Inc., Class A | 822 | 28,384 | ||||||
Stifel Financial Corp. | 2,216 | 162,876 | ||||||
StoneX Group, Inc.(1) | 391 | 29,501 | ||||||
T. Rowe Price Group, Inc. | 3,744 | 541,233 | ||||||
Tradeweb Markets, Inc., Class A | 632 | 53,391 | ||||||
Victory Capital Holdings, Inc., Class A | 933 | 30,948 | ||||||
Virtu Financial, Inc., Class A | 3,420 | 119,974 | ||||||
Virtus Investment Partners, Inc. | 188 | 45,237 | ||||||
WisdomTree Investments, Inc.(2) | 2,210 | 12,442 | ||||||
14,195,555 | ||||||||
Chemicals — 2.4% | ||||||||
AdvanSix, Inc. | 1,154 | 46,229 | ||||||
Air Products and Chemicals, Inc. | 2,140 | 505,682 | ||||||
Albemarle Corp. | 2,047 | 400,987 | ||||||
American Vanguard Corp. | 263 | 3,963 | ||||||
Amyris, Inc.(1)(2) | 1,037 | 4,729 | ||||||
Ashland Global Holdings, Inc. | 1,009 | 93,110 | ||||||
Avient Corp. | 1,128 | 59,096 | ||||||
Axalta Coating Systems Ltd.(1) | 1,496 | 40,452 | ||||||
Balchem Corp. | 317 | 43,854 | ||||||
Cabot Corp. | 2,108 | 154,221 | ||||||
Celanese Corp. | 2,436 | 339,286 | ||||||
CF Industries Holdings, Inc. | 2,530 | 205,411 | ||||||
Chase Corp. | 153 | 14,050 | ||||||
Chemours Co. (The) | 5,314 | 146,666 | ||||||
Corteva, Inc. | 9,479 | 493,192 | ||||||
Danimer Scientific, Inc.(1)(2) | 1,017 | 4,048 | ||||||
Dow, Inc. | 11,347 | 669,019 | ||||||
DuPont de Nemours, Inc. | 4,665 | 360,931 | ||||||
Eastman Chemical Co. | 2,634 | 312,050 | ||||||
Ecolab, Inc. | 789 | 139,069 | ||||||
Ecovyst, Inc. | 968 | 10,580 | ||||||
Element Solutions, Inc. | 781 | 19,197 | ||||||
Ferro Corp.(1) | 881 | 19,144 | ||||||
FMC Corp. | 2,561 | 300,277 | ||||||
FutureFuel Corp. | 321 | 2,363 | ||||||
GCP Applied Technologies, Inc.(1) | 467 | 14,748 | ||||||
H.B. Fuller Co. | 487 | 33,296 | ||||||
Hawkins, Inc. | 610 | 27,609 | ||||||
Huntsman Corp. | 5,297 | 214,211 | ||||||
Ingevity Corp.(1) | 1,050 | 71,641 | ||||||
Innospec, Inc. | 174 | 16,617 | ||||||
International Flavors & Fragrances, Inc. | 1,354 | 180,082 | ||||||
Intrepid Potash, Inc.(1) | 162 | 9,216 | ||||||
Koppers Holdings, Inc.(1) | 734 | 21,014 | ||||||
Kraton Corp.(1) | 874 | 40,335 | ||||||
Kronos Worldwide, Inc. | 305 | 4,493 | ||||||
Linde plc(1) | 2,924 | 857,434 | ||||||
Livent Corp.(1) | 812 | 19,123 |
18
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
LSB Industries, Inc.(1) | 4,030 | $ | 69,719 | |||||
LyondellBasell Industries NV, Class A | 4,751 | 461,940 | ||||||
Minerals Technologies, Inc. | 413 | 28,906 | ||||||
Mosaic Co. (The) | 9,104 | 477,323 | ||||||
NewMarket Corp. | 182 | 57,832 | ||||||
Olin Corp. | 5,149 | 265,225 | ||||||
Origin Materials, Inc.(1) | 1,311 | 6,804 | ||||||
Orion Engineered Carbons SA | 2,060 | 32,012 | ||||||
PPG Industries, Inc. | 980 | 130,781 | ||||||
PureCycle Technologies, Inc.(1) | 1,105 | 7,691 | ||||||
Quaker Chemical Corp. | 152 | 28,213 | ||||||
Rayonier Advanced Materials, Inc.(1) | 569 | 3,340 | ||||||
RPM International, Inc. | 949 | 80,257 | ||||||
Scotts Miracle-Gro Co. (The) | 430 | 60,226 | ||||||
Sensient Technologies Corp. | 532 | 43,693 | ||||||
Sherwin-Williams Co. (The) | 1,835 | 482,843 | ||||||
Stepan Co. | 372 | 38,547 | ||||||
Tredegar Corp. | 322 | 3,706 | ||||||
Trinseo plc | 1,457 | 75,706 | ||||||
Tronox Holdings plc, Class A | 4,469 | 90,721 | ||||||
Valvoline, Inc. | 2,780 | 89,877 | ||||||
Westlake Corp. | 860 | 94,867 | ||||||
8,527,654 | ||||||||
Commercial Services and Supplies — 0.5% | ||||||||
ADT, Inc. | 1,747 | 12,771 | ||||||
Brady Corp., Class A | 638 | 29,399 | ||||||
Brink's Co. (The) | 478 | 33,489 | ||||||
Casella Waste Systems, Inc., Class A(1) | 858 | 64,693 | ||||||
Cimpress plc(1) | 8 | 504 | ||||||
Cintas Corp. | 542 | 203,423 | ||||||
Civeo Corp.(1) | 270 | 5,894 | ||||||
Clean Harbors, Inc.(1) | 1,513 | 144,386 | ||||||
Copart, Inc.(1) | 1,874 | 230,277 | ||||||
Deluxe Corp. | 156 | 4,853 | ||||||
Ennis, Inc. | 205 | 3,850 | ||||||
Healthcare Services Group, Inc. | 1,523 | 24,094 | ||||||
Heritage-Crystal Clean, Inc.(1) | 610 | 17,104 | ||||||
HNI Corp. | 1,019 | 41,463 | ||||||
IAA, Inc.(1) | 1,865 | 68,520 | ||||||
Interface, Inc. | 1,955 | 25,513 | ||||||
KAR Auction Services, Inc.(1) | 586 | 10,818 | ||||||
Kimball International, Inc., Class B | 412 | 3,819 | ||||||
MillerKnoll, Inc. | 1,559 | 60,614 | ||||||
MSA Safety, Inc. | 191 | 26,568 | ||||||
Pitney Bowes, Inc. | 1,109 | 5,523 | ||||||
Republic Services, Inc. | 746 | 89,729 | ||||||
Rollins, Inc. | 1,768 | 57,690 | ||||||
Steelcase, Inc., Class A | 935 | 11,379 | ||||||
Stericycle, Inc.(1) | 75 | 4,377 | ||||||
Team, Inc.(1) | 460 | 434 | ||||||
Tetra Tech, Inc. | 261 | 41,439 |
19
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
UniFirst Corp. | 194 | $ | 35,162 | |||||
US Ecology, Inc.(1) | 196 | 9,298 | ||||||
VSE Corp. | 101 | 4,813 | ||||||
Waste Connections, Inc. | 1,017 | 125,589 | ||||||
Waste Management, Inc. | 2,970 | 428,868 | ||||||
1,826,353 | ||||||||
Communications Equipment — 0.6% | ||||||||
ADTRAN, Inc. | 351 | 7,227 | ||||||
Arista Networks, Inc.(1) | 2,598 | 318,853 | ||||||
Aviat Networks, Inc.(1) | 332 | 9,396 | ||||||
Cambium Networks Corp.(1) | 125 | 3,476 | ||||||
Ciena Corp.(1) | 2,194 | 150,113 | ||||||
Cisco Systems, Inc. | 14,143 | 788,755 | ||||||
CommScope Holding Co., Inc.(1) | 2,063 | 19,681 | ||||||
Comtech Telecommunications Corp. | 175 | 3,601 | ||||||
Digi International, Inc.(1) | 821 | 16,486 | ||||||
EMCORE Corp.(1) | 812 | 3,151 | ||||||
Extreme Networks, Inc.(1) | 2,001 | 22,991 | ||||||
F5, Inc.(1) | 259 | 52,020 | ||||||
Juniper Networks, Inc. | 2,173 | 73,426 | ||||||
Lumentum Holdings, Inc.(1) | 1,326 | 131,088 | ||||||
Motorola Solutions, Inc. | 734 | 161,796 | ||||||
NETGEAR, Inc.(1) | 326 | 8,675 | ||||||
NetScout Systems, Inc.(1) | 924 | 28,764 | ||||||
Plantronics, Inc.(1) | 797 | 22,451 | ||||||
Ribbon Communications, Inc.(1) | 594 | 1,806 | ||||||
Ubiquiti, Inc.(2) | 105 | 26,658 | ||||||
ViaSat, Inc.(1) | 1,590 | 72,568 | ||||||
Viavi Solutions, Inc.(1) | 3,474 | 56,974 | ||||||
1,979,956 | ||||||||
Construction and Engineering — 0.3% | ||||||||
AECOM | 294 | 21,362 | ||||||
Ameresco, Inc., Class A(1) | 240 | 15,420 | ||||||
API Group Corp.(1) | 1,739 | 37,510 | ||||||
Arcosa, Inc. | 359 | 18,909 | ||||||
Argan, Inc. | 354 | 13,767 | ||||||
Comfort Systems USA, Inc. | 847 | 72,825 | ||||||
Construction Partners, Inc., Class A(1) | 394 | 10,543 | ||||||
Dycom Industries, Inc.(1) | 713 | 62,074 | ||||||
EMCOR Group, Inc. | 1,105 | 127,672 | ||||||
Fluor Corp.(1) | 1,268 | 27,465 | ||||||
Granite Construction, Inc. | 1,364 | 41,288 | ||||||
Great Lakes Dredge & Dock Corp.(1) | 920 | 12,981 | ||||||
IES Holdings, Inc.(1) | 104 | 4,372 | ||||||
MasTec, Inc.(1) | 1,366 | 107,586 | ||||||
Matrix Service Co.(1) | 1 | 7 | ||||||
MDU Resources Group, Inc. | 3,472 | 92,946 | ||||||
MYR Group, Inc.(1) | 566 | 50,799 | ||||||
Northwest Pipe Co.(1) | 260 | 7,410 | ||||||
NV5 Global, Inc.(1) | 172 | 18,447 | ||||||
Primoris Services Corp. | 679 | 17,905 |
20
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Quanta Services, Inc. | 1,604 | $ | 174,740 | |||||
Sterling Construction Co., Inc.(1) | 1,283 | 37,887 | ||||||
Tutor Perini Corp.(1) | 1,023 | 10,025 | ||||||
Valmont Industries, Inc. | 236 | 51,082 | ||||||
WillScot Mobile Mini Holdings Corp.(1) | 3,752 | 133,309 | ||||||
1,168,331 | ||||||||
Construction Materials — 0.2% | ||||||||
Eagle Materials, Inc. | 835 | 114,253 | ||||||
Forterra, Inc.(1) | 187 | 4,406 | ||||||
Martin Marietta Materials, Inc. | 716 | 271,650 | ||||||
Summit Materials, Inc., Class A(1) | 1,702 | 53,137 | ||||||
United States Lime & Minerals, Inc. | 34 | 3,996 | ||||||
Vulcan Materials Co. | 1,269 | 230,260 | ||||||
677,702 | ||||||||
Consumer Finance — 1.4% | ||||||||
Ally Financial, Inc. | 8,467 | 422,503 | ||||||
American Express Co. | 5,187 | 1,009,079 | ||||||
Atlanticus Holdings Corp.(1) | 173 | 9,216 | ||||||
Capital One Financial Corp. | 6,202 | 950,581 | ||||||
Credit Acceptance Corp.(1) | 252 | 138,630 | ||||||
Discover Financial Services | 6,133 | 757,058 | ||||||
Encore Capital Group, Inc.(1) | 1,178 | 77,736 | ||||||
Enova International, Inc.(1) | 991 | 40,403 | ||||||
EZCORP, Inc., Class A(1) | 1,486 | 8,901 | ||||||
FirstCash Holdings, Inc. | 493 | 35,516 | ||||||
Green Dot Corp., Class A(1) | 1,850 | 53,003 | ||||||
LendingClub Corp.(1) | 1,423 | 26,439 | ||||||
Navient Corp. | 5,259 | 92,611 | ||||||
Nelnet, Inc., Class A | 486 | 39,147 | ||||||
OneMain Holdings, Inc. | 3,602 | 183,630 | ||||||
Oportun Financial Corp.(1) | 218 | 3,562 | ||||||
PRA Group, Inc.(1) | 1,218 | 54,359 | ||||||
PROG Holdings, Inc.(1) | 2,373 | 72,709 | ||||||
Regional Management Corp. | 404 | 20,737 | ||||||
SLM Corp. | 9,429 | 185,751 | ||||||
SoFi Technologies, Inc.(1)(2) | 8,756 | 100,256 | ||||||
Synchrony Financial | 12,233 | 523,328 | ||||||
Upstart Holdings, Inc.(1)(2) | 1,415 | 223,556 | ||||||
World Acceptance Corp.(1) | 184 | 36,151 | ||||||
5,064,862 | ||||||||
Containers and Packaging — 0.6% | ||||||||
Amcor plc | 6,192 | 72,013 | ||||||
AptarGroup, Inc. | 741 | 90,313 | ||||||
Ardagh Metal Packaging SA(1) | 1,684 | 13,994 | ||||||
Avery Dennison Corp. | 871 | 153,470 | ||||||
Ball Corp. | 2,728 | 244,811 | ||||||
Berry Global Group, Inc.(1) | 844 | 51,189 | ||||||
Crown Holdings, Inc. | 857 | 105,128 | ||||||
Graphic Packaging Holding Co. | 9,779 | 201,252 | ||||||
Greif, Inc., Class A | 102 | 5,864 | ||||||
International Paper Co. | 4,515 | 196,538 |
21
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Myers Industries, Inc. | 444 | $ | 7,379 | |||||
O-I Glass, Inc.(1) | 1,786 | 22,825 | ||||||
Packaging Corp. of America | 2,267 | 333,680 | ||||||
Sealed Air Corp. | 2,260 | 151,714 | ||||||
Silgan Holdings, Inc. | 152 | 6,366 | ||||||
Sonoco Products Co. | 2,357 | 138,403 | ||||||
TriMas Corp. | 840 | 27,308 | ||||||
UFP Technologies, Inc.(1) | 50 | 3,457 | ||||||
WestRock Co. | 5,045 | 228,387 | ||||||
2,054,091 | ||||||||
Distributors — 0.2% | ||||||||
Funko, Inc., Class A(1) | 360 | 6,286 | ||||||
Genuine Parts Co. | 3,152 | 385,048 | ||||||
LKQ Corp. | 4,458 | 209,303 | ||||||
Pool Corp. | 605 | 277,441 | ||||||
878,078 | ||||||||
Diversified Consumer Services — 0.2% | ||||||||
2U, Inc.(1) | 215 | 2,257 | ||||||
Adtalem Global Education, Inc.(1) | 365 | 7,585 | ||||||
American Public Education, Inc.(1) | 77 | 1,537 | ||||||
Bright Horizons Family Solutions, Inc.(1) | 192 | 25,083 | ||||||
Chegg, Inc.(1) | 238 | 7,442 | ||||||
Coursera, Inc.(1) | 1,086 | 22,078 | ||||||
frontdoor, Inc.(1) | 841 | 25,272 | ||||||
Graham Holdings Co., Class B | 49 | 29,455 | ||||||
Grand Canyon Education, Inc.(1) | 808 | 70,159 | ||||||
H&R Block, Inc. | 2,819 | 69,939 | ||||||
Houghton Mifflin Harcourt Co.(1) | 2,044 | 42,822 | ||||||
Laureate Education, Inc., Class A | 5,744 | 62,265 | ||||||
OneSpaWorld Holdings Ltd.(1) | 449 | 4,643 | ||||||
Perdoceo Education Corp.(1) | 2,416 | 25,296 | ||||||
Service Corp. International | 2,235 | 136,000 | ||||||
Strategic Education, Inc. | 64 | 3,777 | ||||||
Stride, Inc.(1) | 597 | 20,047 | ||||||
Terminix Global Holdings, Inc.(1) | 304 | 12,938 | ||||||
WW International, Inc.(1) | 204 | 2,079 | ||||||
570,674 | ||||||||
Diversified Financial Services — 0.8% | ||||||||
A-Mark Precious Metals, Inc. | 306 | 21,940 | ||||||
Alerus Financial Corp. | 142 | 4,083 | ||||||
Apollo Global Management, Inc. | 9,602 | 626,627 | ||||||
Berkshire Hathaway, Inc., Class B(1) | 4,666 | 1,499,886 | ||||||
Cannae Holdings, Inc.(1) | 1,598 | 42,906 | ||||||
Equitable Holdings, Inc. | 11,162 | 364,551 | ||||||
Voya Financial, Inc. | 3,224 | 217,136 | ||||||
2,777,129 | ||||||||
Diversified Telecommunication Services — 0.9% | ||||||||
Anterix, Inc.(1) | 60 | 3,197 | ||||||
AT&T, Inc. | 31,643 | 749,623 | ||||||
ATN International, Inc. | 49 | 1,633 | ||||||
Cogent Communications Holdings, Inc. | 206 | 13,060 |
22
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Consolidated Communications Holdings, Inc.(1) | 479 | $ | 3,411 | |||||
EchoStar Corp., Class A(1) | 780 | 18,985 | ||||||
Frontier Communications Parent, Inc.(1) | 7,854 | 216,378 | ||||||
IDT Corp., Class B(1) | 973 | 35,086 | ||||||
Iridium Communications, Inc.(1) | 2,214 | 87,652 | ||||||
Lumen Technologies, Inc. | 5,309 | 55,001 | ||||||
Radius Global Infrastructure, Inc., Class A(1) | 1,899 | 24,421 | ||||||
Telesat Corp.(1) | 111 | 2,301 | ||||||
Verizon Communications, Inc. | 40,028 | 2,148,303 | ||||||
3,359,051 | ||||||||
Electric Utilities — 1.5% | ||||||||
ALLETE, Inc. | 479 | 30,148 | ||||||
Alliant Energy Corp. | 1,782 | 104,069 | ||||||
American Electric Power Co., Inc. | 5,430 | 492,230 | ||||||
Avangrid, Inc.(2) | 746 | 33,473 | ||||||
Constellation Energy Corp. | 3,903 | 179,460 | ||||||
Duke Energy Corp. | 3,206 | 321,915 | ||||||
Edison International | 5,622 | 356,547 | ||||||
Entergy Corp. | 3,195 | 336,146 | ||||||
Evergy, Inc. | 2,308 | 144,042 | ||||||
Eversource Energy | 1,874 | 153,293 | ||||||
Exelon Corp. | 14,973 | 637,251 | ||||||
FirstEnergy Corp. | 4,696 | 196,528 | ||||||
Hawaiian Electric Industries, Inc. | 2,356 | 96,549 | ||||||
IDACORP, Inc. | 533 | 55,405 | ||||||
MGE Energy, Inc. | 355 | 25,567 | ||||||
NextEra Energy, Inc. | 5,012 | 392,289 | ||||||
NRG Energy, Inc. | 4,000 | 151,360 | ||||||
OGE Energy Corp. | 3,252 | 122,113 | ||||||
Otter Tail Corp. | 618 | 38,230 | ||||||
PG&E Corp.(1) | 31,766 | 361,179 | ||||||
Pinnacle West Capital Corp. | 1,165 | 82,517 | ||||||
PNM Resources, Inc. | 273 | 12,331 | ||||||
Portland General Electric Co. | 2,024 | 102,759 | ||||||
PPL Corp. | 9,537 | 249,583 | ||||||
Southern Co. (The) | 7,486 | 484,868 | ||||||
Xcel Energy, Inc. | 3,716 | 250,198 | ||||||
5,410,050 | ||||||||
Electrical Equipment — 0.6% | ||||||||
Acuity Brands, Inc. | 620 | 113,069 | ||||||
Allied Motion Technologies, Inc. | 103 | 3,586 | ||||||
AMETEK, Inc. | 981 | 127,324 | ||||||
Array Technologies, Inc.(1) | 950 | 10,678 | ||||||
Atkore, Inc.(1) | 1,887 | 191,927 | ||||||
AZZ, Inc. | 233 | 11,471 | ||||||
Bloom Energy Corp., Class A(1) | 941 | 20,890 | ||||||
ChargePoint Holdings, Inc.(1)(2) | 1,632 | 23,697 | ||||||
Eaton Corp. plc | 1,202 | 185,457 | ||||||
Emerson Electric Co. | 5,084 | 472,405 | ||||||
Encore Wire Corp. | 825 | 96,047 | ||||||
EnerSys | 620 | 45,093 |
23
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
FREYR Battery SA(1) | 2,327 | $ | 22,153 | |||||
FuelCell Energy, Inc.(1)(2) | 189 | 1,134 | ||||||
Generac Holdings, Inc.(1) | 447 | 141,015 | ||||||
GrafTech International Ltd. | 435 | 4,385 | ||||||
Hubbell, Inc. | 215 | 38,324 | ||||||
nVent Electric plc | 1,051 | 35,660 | ||||||
Plug Power, Inc.(1)(2) | 5,674 | 143,495 | ||||||
Regal Rexnord Corp. | 660 | 105,831 | ||||||
Rockwell Automation, Inc. | 1,088 | 290,039 | ||||||
Sensata Technologies Holding plc(1) | 509 | 29,476 | ||||||
Shoals Technologies Group, Inc., Class A(1) | 232 | 3,668 | ||||||
Stem, Inc.(1) | 1,139 | 10,843 | ||||||
Sunrun, Inc.(1) | 2,181 | 59,498 | ||||||
TPI Composites, Inc.(1) | 537 | 7,260 | ||||||
Vertiv Holdings Co. | 4,773 | 62,144 | ||||||
Vicor Corp.(1) | 201 | 15,029 | ||||||
2,271,598 | ||||||||
Electronic Equipment, Instruments and Components — 1.1% | ||||||||
Advanced Energy Industries, Inc. | 675 | 57,949 | ||||||
Aeva Technologies, Inc.(1) | 1,223 | 5,137 | ||||||
Amphenol Corp., Class A | 2,070 | 157,341 | ||||||
Arrow Electronics, Inc.(1) | 998 | 121,636 | ||||||
Avnet, Inc. | 1,708 | 71,855 | ||||||
Badger Meter, Inc. | 255 | 25,349 | ||||||
Bel Fuse, Inc., Class B | 256 | 4,032 | ||||||
Belden, Inc. | 19 | 1,071 | ||||||
Benchmark Electronics, Inc. | 796 | 20,807 | ||||||
CDW Corp. | 1,292 | 222,818 | ||||||
Cognex Corp. | 1,413 | 95,462 | ||||||
Coherent, Inc.(1) | 480 | 126,874 | ||||||
Corning, Inc. | 12,804 | 517,282 | ||||||
CTS Corp. | 352 | 13,355 | ||||||
Daktronics, Inc.(1) | 760 | 3,504 | ||||||
ePlus, Inc.(1) | 464 | 21,762 | ||||||
Fabrinet(1) | 572 | 57,274 | ||||||
FARO Technologies, Inc.(1) | 88 | 4,817 | ||||||
Flex Ltd.(1) | 13,886 | 228,980 | ||||||
II-VI, Inc.(1) | 1,038 | 72,099 | ||||||
Insight Enterprises, Inc.(1) | 830 | 86,320 | ||||||
IPG Photonics Corp.(1) | 275 | 35,846 | ||||||
Itron, Inc.(1) | 11 | 524 | ||||||
Jabil, Inc. | 4,260 | 246,271 | ||||||
Keysight Technologies, Inc.(1) | 2,497 | 392,953 | ||||||
Kimball Electronics, Inc.(1) | 789 | 13,602 | ||||||
Knowles Corp.(1) | 1,027 | 22,368 | ||||||
Littelfuse, Inc. | 295 | 76,172 | ||||||
Methode Electronics, Inc. | 659 | 30,077 | ||||||
Napco Security Technologies, Inc.(1) | 300 | 6,117 | ||||||
National Instruments Corp. | 1,364 | 54,765 | ||||||
nLight, Inc.(1) | 132 | 2,152 | ||||||
Novanta, Inc.(1) | 194 | 26,506 |
24
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
OSI Systems, Inc.(1) | 313 | $ | 25,250 | |||||
PC Connection, Inc. | 108 | 5,269 | ||||||
Plexus Corp.(1) | 496 | 40,409 | ||||||
Rogers Corp.(1) | 301 | 82,173 | ||||||
Sanmina Corp.(1) | 1,597 | 63,529 | ||||||
ScanSource, Inc.(1) | 877 | 27,696 | ||||||
TD SYNNEX Corp. | 1,631 | 166,085 | ||||||
TE Connectivity Ltd. | 2,688 | 382,852 | ||||||
Teledyne Technologies, Inc.(1) | 182 | 78,147 | ||||||
Trimble, Inc.(1) | 742 | 51,754 | ||||||
TTM Technologies, Inc.(1) | 3,605 | 45,315 | ||||||
Vishay Intertechnology, Inc. | 3,351 | 64,306 | ||||||
Vishay Precision Group, Inc.(1) | 149 | 4,680 | ||||||
Vontier Corp. | 1,994 | 48,454 | ||||||
Zebra Technologies Corp., Class A(1) | 322 | 133,095 | ||||||
4,042,091 | ||||||||
Energy Equipment and Services — 0.6% | ||||||||
Archrock, Inc. | 4,682 | 39,095 | ||||||
Baker Hughes Co. | 10,572 | 310,605 | ||||||
Bristow Group, Inc.(1) | 795 | 26,346 | ||||||
Cactus, Inc., Class A | 582 | 29,484 | ||||||
ChampionX Corp.(1) | 4,393 | 94,054 | ||||||
Core Laboratories NV | 695 | 19,154 | ||||||
DMC Global, Inc.(1) | 184 | 5,410 | ||||||
Dril-Quip, Inc.(1) | 252 | 7,268 | ||||||
Expro Group Holdings NV(1) | 189 | 3,041 | ||||||
Exterran Corp.(1) | 201 | 1,190 | ||||||
Halliburton Co. | 18,925 | 634,555 | ||||||
Helix Energy Solutions Group, Inc.(1) | 983 | 3,981 | ||||||
Helmerich & Payne, Inc. | 1,931 | 69,960 | ||||||
Liberty Oilfield Services, Inc., Class A(1) | 2,733 | 34,108 | ||||||
Nabors Industries Ltd.(1) | 381 | 47,831 | ||||||
National Energy Services Reunited Corp.(1) | 409 | 3,644 | ||||||
Newpark Resources, Inc.(1) | 1,250 | 4,713 | ||||||
NexTier Oilfield Solutions, Inc.(1) | 1,824 | 14,519 | ||||||
Noble Corp.(1) | 1,247 | 32,185 | ||||||
NOV, Inc. | 7,631 | 130,872 | ||||||
Oceaneering International, Inc.(1) | 4,305 | 63,025 | ||||||
Oil States International, Inc.(1) | 607 | 3,175 | ||||||
Patterson-UTI Energy, Inc. | 3,711 | 53,550 | ||||||
ProPetro Holding Corp.(1) | 3,099 | 39,574 | ||||||
RPC, Inc.(1) | 699 | 6,130 | ||||||
Schlumberger NV | 9,301 | 364,971 | ||||||
Select Energy Services, Inc., Class A(1) | 634 | 5,250 | ||||||
TechnipFMC plc(1) | 5,104 | 34,962 | ||||||
TETRA Technologies Inc(1) | 3,876 | 12,403 | ||||||
Tidewater, Inc.(1) | 322 | 4,769 | ||||||
Transocean Ltd.(1) | 8,536 | 30,217 | ||||||
US Silica Holdings, Inc.(1) | 3,249 | 46,981 | ||||||
Valaris Ltd.(1) | 2,649 | 107,920 | ||||||
2,284,942 |
25
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Entertainment — 0.8% | ||||||||
Activision Blizzard, Inc. | 3,036 | $ | 247,434 | |||||
AMC Entertainment Holdings, Inc., Class A(1) | 2,207 | 41,624 | ||||||
Electronic Arts, Inc. | 1,795 | 233,511 | ||||||
IMAX Corp.(1) | 513 | 10,609 | ||||||
Liberty Media Corp.-Liberty Braves, Class C(1) | 183 | 4,520 | ||||||
Liberty Media Corp.-Liberty Formula One, Class A(1) | 216 | 12,131 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C(1) | 2,009 | 122,007 | ||||||
Live Nation Entertainment, Inc.(1) | 402 | 48,570 | ||||||
Madison Square Garden Entertainment Corp.(1) | 519 | 40,669 | ||||||
Madison Square Garden Sports Corp.(1) | 133 | 23,009 | ||||||
Marcus Corp. (The)(1) | 226 | 4,109 | ||||||
Netflix, Inc.(1) | 2,425 | 956,711 | ||||||
Playtika Holding Corp.(1) | 514 | 10,588 | ||||||
Roku, Inc.(1) | 475 | 66,277 | ||||||
Skillz, Inc.(1) | 1,099 | 3,418 | ||||||
Take-Two Interactive Software, Inc.(1) | 2,510 | 406,620 | ||||||
Walt Disney Co. (The)(1) | 4,501 | 668,218 | ||||||
World Wrestling Entertainment, Inc., Class A | 1,456 | 86,282 | ||||||
Zynga, Inc., Class A(1) | 2,372 | 21,538 | ||||||
3,007,845 | ||||||||
Food and Staples Retailing — 1.8% | ||||||||
Albertsons Cos., Inc., Class A | 1,327 | 38,682 | ||||||
Andersons, Inc. (The) | 834 | 38,030 | ||||||
BJ's Wholesale Club Holdings, Inc.(1) | 2,011 | 126,432 | ||||||
Casey's General Stores, Inc. | 680 | 127,894 | ||||||
Chefs' Warehouse, Inc. (The)(1) | 158 | 5,190 | ||||||
Costco Wholesale Corp. | 4,900 | 2,544,325 | ||||||
Grocery Outlet Holding Corp.(1) | 68 | 1,891 | ||||||
Ingles Markets, Inc., Class A | 654 | 53,772 | ||||||
Kroger Co. (The) | 14,883 | 696,524 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 165 | 2,800 | ||||||
Performance Food Group Co.(1) | 1,656 | 92,802 | ||||||
PriceSmart, Inc. | 302 | 21,962 | ||||||
SpartanNash Co. | 1,193 | 33,571 | ||||||
Sprouts Farmers Market, Inc.(1) | 4,615 | 131,435 | ||||||
Sysco Corp. | 4,207 | 366,430 | ||||||
United Natural Foods, Inc.(1) | 2,370 | 95,345 | ||||||
US Foods Holding Corp.(1) | 249 | 9,734 | ||||||
Village Super Market, Inc., Class A | 118 | 2,688 | ||||||
Walgreens Boots Alliance, Inc. | 5,900 | 271,931 | ||||||
Walmart, Inc. | 12,991 | 1,755,864 | ||||||
Weis Markets, Inc. | 554 | 34,165 | ||||||
6,451,467 | ||||||||
Food Products — 1.0% | ||||||||
Archer-Daniels-Midland Co. | 5,720 | 448,734 | ||||||
B&G Foods, Inc. | 1,239 | 36,674 | ||||||
Bunge Ltd. | 1,924 | 201,154 | ||||||
Cal-Maine Foods, Inc. | 224 | 9,916 | ||||||
Calavo Growers, Inc. | 128 | 5,464 | ||||||
Campbell Soup Co. | 650 | 29,231 |
26
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Conagra Brands, Inc. | 997 | $ | 34,865 | |||||
Darling Ingredients, Inc.(1) | 2,924 | 211,932 | ||||||
Flowers Foods, Inc. | 5,736 | 157,224 | ||||||
Fresh Del Monte Produce, Inc. | 779 | 20,161 | ||||||
Freshpet, Inc.(1) | 113 | 10,761 | ||||||
General Mills, Inc. | 1,563 | 105,393 | ||||||
Hain Celestial Group, Inc. (The)(1) | 1,287 | 46,795 | ||||||
Hershey Co. (The) | 1,576 | 318,762 | ||||||
Hormel Foods Corp. | 1,791 | 85,323 | ||||||
Hostess Brands, Inc.(1) | 2,775 | 59,774 | ||||||
Ingredion, Inc. | 1,502 | 133,288 | ||||||
J&J Snack Foods Corp. | 148 | 24,231 | ||||||
J.M. Smucker Co. (The) | 1,415 | 190,671 | ||||||
John B Sanfilippo & Son, Inc. | 282 | 22,425 | ||||||
Kellogg Co. | 805 | 51,472 | ||||||
Kraft Heinz Co. (The) | 5,846 | 229,280 | ||||||
Lamb Weston Holdings, Inc. | 1,496 | 99,379 | ||||||
Lancaster Colony Corp. | 177 | 29,773 | ||||||
McCormick & Co., Inc. | 345 | 32,834 | ||||||
Mission Produce, Inc.(1) | 437 | 5,672 | ||||||
Mondelez International, Inc., Class A | 5,469 | 358,110 | ||||||
Pilgrim's Pride Corp.(1) | 1,548 | 36,502 | ||||||
Post Holdings, Inc.(1) | 93 | 9,778 | ||||||
Sanderson Farms, Inc. | 714 | 127,513 | ||||||
Seaboard Corp. | 3 | 11,578 | ||||||
Seneca Foods Corp., Class A(1) | 387 | 19,253 | ||||||
Simply Good Foods Co. (The)(1) | 1,298 | 51,440 | ||||||
Tattooed Chef, Inc.(1)(2) | 428 | 5,196 | ||||||
TreeHouse Foods, Inc.(1) | 20 | 785 | ||||||
Tyson Foods, Inc., Class A | 4,285 | 397,048 | ||||||
Whole Earth Brands, Inc.(1) | 405 | 3,843 | ||||||
3,622,234 | ||||||||
Gas Utilities — 0.2% | ||||||||
Atmos Energy Corp. | 1,224 | 134,407 | ||||||
Chesapeake Utilities Corp. | 291 | 38,688 | ||||||
Macquarie Infrastructure Holdings LLC | 701 | 2,559 | ||||||
National Fuel Gas Co. | 2,044 | 127,219 | ||||||
New Jersey Resources Corp. | 1,870 | 81,569 | ||||||
Northwest Natural Holding Co. | 389 | 20,232 | ||||||
ONE Gas, Inc. | 647 | 53,759 | ||||||
South Jersey Industries, Inc. | 1,641 | 55,679 | ||||||
Southwest Gas Holdings, Inc. | 632 | 44,834 | ||||||
UGI Corp. | 1,849 | 71,076 | ||||||
630,022 | ||||||||
Health Care Equipment and Supplies — 2.2% | ||||||||
Abbott Laboratories | 9,989 | 1,204,873 | ||||||
ABIOMED, Inc.(1) | 305 | 94,776 | ||||||
Accuray, Inc.(1) | 892 | 3,095 | ||||||
Align Technology, Inc.(1) | 816 | 417,351 | ||||||
AngioDynamics, Inc.(1) | 722 | 16,989 | ||||||
Asensus Surgical, Inc.(1) | 792 | 610 |
27
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Atrion Corp. | 34 | $ | 24,326 | |||||
Avanos Medical, Inc.(1) | 244 | 8,635 | ||||||
Baxter International, Inc. | 7,457 | 633,621 | ||||||
Becton Dickinson and Co. | 864 | 234,386 | ||||||
Boston Scientific Corp.(1) | 6,529 | 288,386 | ||||||
Butterfly Network, Inc.(1)(2) | 3,163 | 16,289 | ||||||
Cardiovascular Systems, Inc.(1) | 88 | 1,853 | ||||||
Co-Diagnostics, Inc.(1)(2) | 798 | 4,628 | ||||||
CONMED Corp. | 43 | 6,285 | ||||||
Cooper Cos., Inc. (The) | 485 | 198,375 | ||||||
CryoPort, Inc.(1) | 304 | 10,436 | ||||||
DENTSPLY SIRONA, Inc. | 1,323 | 71,627 | ||||||
DexCom, Inc.(1) | 406 | 168,047 | ||||||
Edwards Lifesciences Corp.(1) | 4,339 | 487,573 | ||||||
Envista Holdings Corp.(1) | 1,062 | 50,976 | ||||||
Glaukos Corp.(1) | 840 | 46,460 | ||||||
Globus Medical, Inc., Class A(1) | 1,092 | 76,789 | ||||||
Haemonetics Corp.(1) | 829 | 47,842 | ||||||
Hologic, Inc.(1) | 5,829 | 414,850 | ||||||
ICU Medical, Inc.(1) | 398 | 94,219 | ||||||
IDEXX Laboratories, Inc.(1) | 844 | 449,303 | ||||||
Inogen, Inc.(1) | 174 | 6,071 | ||||||
Insulet Corp.(1) | 144 | 38,115 | ||||||
Integer Holdings Corp.(1) | 295 | 24,742 | ||||||
Integra LifeSciences Holdings Corp.(1) | 697 | 46,741 | ||||||
Intuitive Surgical, Inc.(1) | 1,704 | 494,722 | ||||||
iRhythm Technologies, Inc.(1) | 140 | 18,098 | ||||||
Lantheus Holdings, Inc.(1) | 836 | 39,978 | ||||||
LeMaitre Vascular, Inc. | 128 | 6,076 | ||||||
LENSAR, Inc.(1) | 57 | 334 | ||||||
LivaNova plc(1) | 446 | 35,154 | ||||||
Masimo Corp.(1) | 338 | 53,218 | ||||||
Medtronic plc | 4,902 | 514,661 | ||||||
Meridian Bioscience, Inc.(1) | 713 | 18,039 | ||||||
Merit Medical Systems, Inc.(1) | 1,016 | 66,071 | ||||||
Mesa Laboratories, Inc. | 54 | 13,788 | ||||||
Natus Medical, Inc.(1) | 667 | 18,556 | ||||||
Nevro Corp.(1) | 37 | 2,653 | ||||||
Novocure Ltd.(1) | 198 | 16,208 | ||||||
NuVasive, Inc.(1) | 617 | 33,392 | ||||||
OraSure Technologies, Inc.(1) | 1,749 | 13,642 | ||||||
Ortho Clinical Diagnostics Holdings plc(1) | 248 | 4,387 | ||||||
Orthofix Medical, Inc.(1) | 268 | 9,107 | ||||||
OrthoPediatrics Corp.(1) | 107 | 5,997 | ||||||
Outset Medical, Inc.(1) | 537 | 23,612 | ||||||
Penumbra, Inc.(1) | 198 | 43,905 | ||||||
Quidel Corp.(1) | 1,409 | 149,058 | ||||||
ResMed, Inc. | 787 | 194,192 | ||||||
Shockwave Medical, Inc.(1) | 98 | 17,369 | ||||||
STAAR Surgical Co.(1) | 175 | 13,881 | ||||||
STERIS plc | 475 | 114,000 |
28
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Stryker Corp. | 1,181 | $ | 311,016 | |||||
Surmodics, Inc.(1) | 92 | 4,129 | ||||||
Tandem Diabetes Care, Inc.(1) | 400 | 45,052 | ||||||
Teleflex, Inc. | 263 | 88,450 | ||||||
TransMedics Group, Inc.(1) | 159 | 2,945 | ||||||
Utah Medical Products, Inc. | 113 | 10,171 | ||||||
Varex Imaging Corp.(1) | 658 | 15,555 | ||||||
ViewRay, Inc.(1) | 1,573 | 6,544 | ||||||
Zimmer Biomet Holdings, Inc. | 691 | 87,888 | ||||||
7,680,117 | ||||||||
Health Care Providers and Services — 2.1% | ||||||||
1Life Healthcare, Inc.(1) | 162 | 1,752 | ||||||
Acadia Healthcare Co., Inc.(1) | 340 | 19,281 | ||||||
Addus HomeCare Corp.(1) | 73 | 6,208 | ||||||
agilon health, Inc.(1) | 877 | 17,733 | ||||||
Alignment Healthcare, Inc.(1) | 326 | 2,751 | ||||||
Amedisys, Inc.(1) | 56 | 8,973 | ||||||
AmerisourceBergen Corp. | 1,636 | 233,179 | ||||||
AMN Healthcare Services, Inc.(1) | 702 | 74,510 | ||||||
Anthem, Inc. | 3,313 | 1,496,979 | ||||||
Apollo Medical Holdings, Inc.(1)(2) | 519 | 24,974 | ||||||
Brookdale Senior Living, Inc.(1) | 5,183 | 35,659 | ||||||
Cardinal Health, Inc. | 2,237 | 120,820 | ||||||
Castle Biosciences, Inc.(1) | 150 | 6,494 | ||||||
Centene Corp.(1) | 6,286 | 519,349 | ||||||
Chemed Corp. | 168 | 80,353 | ||||||
Cigna Corp. | 645 | 153,368 | ||||||
Clover Health Investments Corp.(1)(2) | 2,646 | 7,197 | ||||||
Community Health Systems, Inc.(1) | 542 | 5,696 | ||||||
CorVel Corp.(1) | 304 | 48,354 | ||||||
Covetrus, Inc.(1) | 193 | 3,420 | ||||||
Cross Country Healthcare, Inc.(1) | 560 | 12,505 | ||||||
CVS Health Corp. | 3,564 | 369,409 | ||||||
DaVita, Inc.(1) | 433 | 48,829 | ||||||
Encompass Health Corp. | 151 | 9,969 | ||||||
Ensign Group, Inc. (The) | 885 | 74,375 | ||||||
Fulgent Genetics, Inc.(1)(2) | 945 | 58,874 | ||||||
Guardant Health, Inc.(1) | 210 | 13,917 | ||||||
Hanger, Inc.(1) | 173 | 3,135 | ||||||
HCA Healthcare, Inc. | 1,258 | 314,890 | ||||||
HealthEquity, Inc.(1) | 87 | 4,673 | ||||||
Henry Schein, Inc.(1) | 881 | 76,101 | ||||||
Hims & Hers Health, Inc.(1) | 2,448 | 12,779 | ||||||
Humana, Inc. | 1,244 | 540,294 | ||||||
InfuSystem Holdings, Inc.(1) | 278 | 3,194 | ||||||
Invitae Corp.(1) | 264 | 2,849 | ||||||
Joint Corp. (The)(1) | 325 | 13,325 | ||||||
Laboratory Corp. of America Holdings(1) | 1,478 | 400,922 | ||||||
LHC Group, Inc.(1) | 107 | 14,570 | ||||||
McKesson Corp. | 392 | 107,784 | ||||||
MEDNAX, Inc.(1) | 181 | 4,248 |
29
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
ModivCare, Inc.(1) | 191 | $ | 22,538 | |||||
Molina Healthcare, Inc.(1) | 1,572 | 482,400 | ||||||
National Healthcare Corp. | 233 | 15,150 | ||||||
National Research Corp. | 202 | 8,036 | ||||||
Oak Street Health, Inc.(1) | 233 | 4,080 | ||||||
Owens & Minor, Inc. | 1,880 | 83,002 | ||||||
Patterson Cos., Inc. | 1,666 | 49,813 | ||||||
Pennant Group, Inc. (The)(1) | 123 | 1,999 | ||||||
Premier, Inc., Class A | 2,036 | 73,174 | ||||||
Privia Health Group, Inc.(1) | 226 | 5,817 | ||||||
Quest Diagnostics, Inc. | 575 | 75,480 | ||||||
R1 RCM, Inc.(1) | 2,179 | 59,247 | ||||||
RadNet, Inc.(1) | 227 | 5,600 | ||||||
Select Medical Holdings Corp. | 625 | 14,469 | ||||||
Tenet Healthcare Corp.(1) | 1,018 | 87,538 | ||||||
Tivity Health, Inc.(1) | 601 | 16,395 | ||||||
UnitedHealth Group, Inc. | 3,077 | 1,464,252 | ||||||
Universal Health Services, Inc., Class B | 846 | 121,765 | ||||||
7,544,447 | ||||||||
Health Care Technology — 0.2% | ||||||||
Allscripts Healthcare Solutions, Inc.(1) | 1,356 | 26,388 | ||||||
American Well Corp., Class A(1) | 2,082 | 8,807 | ||||||
Cerner Corp. | 4,655 | 434,079 | ||||||
Certara, Inc.(1) | 802 | 20,323 | ||||||
Change Healthcare, Inc.(1) | 1,093 | 23,412 | ||||||
Evolent Health, Inc., Class A(1) | 770 | 20,520 | ||||||
HealthStream, Inc.(1) | 242 | 4,958 | ||||||
Inspire Medical Systems, Inc.(1) | 128 | 31,240 | ||||||
Multiplan Corp.(1)(2) | 1,051 | 3,952 | ||||||
NextGen Healthcare, Inc.(1) | 1,155 | 22,557 | ||||||
Omnicell, Inc.(1) | 389 | 50,290 | ||||||
Schrodinger, Inc.(1) | 93 | 3,233 | ||||||
Teladoc Health, Inc.(1) | 531 | 40,308 | ||||||
Veeva Systems, Inc., Class A(1) | 600 | 137,430 | ||||||
827,497 | ||||||||
Hotels, Restaurants and Leisure — 1.5% | ||||||||
Accel Entertainment, Inc.(1) | 1,558 | 20,394 | ||||||
Airbnb, Inc., Class A(1) | 925 | 140,128 | ||||||
Aramark | 268 | 9,905 | ||||||
BJ's Restaurants, Inc.(1) | 123 | 3,945 | ||||||
Bloomin' Brands, Inc.(1) | 1,045 | 25,717 | ||||||
Booking Holdings, Inc.(1) | 268 | 582,163 | ||||||
Boyd Gaming Corp.(1) | 2,404 | 170,540 | ||||||
Brinker International, Inc.(1) | 97 | 4,126 | ||||||
Caesars Entertainment, Inc.(1) | 1,838 | 154,741 | ||||||
Carnival Corp.(1) | 6,046 | 122,915 | ||||||
Century Casinos, Inc.(1) | 1,373 | 16,888 | ||||||
Cheesecake Factory, Inc. (The)(1) | 793 | 33,932 | ||||||
Chipotle Mexican Grill, Inc.(1) | 279 | 425,015 | ||||||
Choice Hotels International, Inc. | 864 | 124,718 | ||||||
Churchill Downs, Inc. | 547 | 131,756 |
30
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Chuy's Holdings, Inc.(1) | 150 | $ | 4,890 | |||||
Cracker Barrel Old Country Store, Inc. | 640 | 85,933 | ||||||
Darden Restaurants, Inc. | 1,717 | 249,343 | ||||||
Dine Brands Global, Inc. | 76 | 6,372 | ||||||
Domino's Pizza, Inc. | 107 | 46,247 | ||||||
DraftKings, Inc., Class A(1) | 1,081 | 25,598 | ||||||
Everi Holdings, Inc.(1) | 1,846 | 43,196 | ||||||
Expedia Group, Inc.(1) | 973 | 190,815 | ||||||
Fiesta Restaurant Group, Inc.(1) | 301 | 3,031 | ||||||
GAN Ltd.(1) | 132 | 880 | ||||||
Golden Entertainment, Inc.(1) | 852 | 48,504 | ||||||
Hilton Grand Vacations, Inc.(1) | 2,206 | 114,403 | ||||||
Hilton Worldwide Holdings, Inc.(1) | 899 | 133,825 | ||||||
Hyatt Hotels Corp., Class A(1) | 564 | 54,770 | ||||||
International Game Technology plc | 277 | 8,482 | ||||||
Jack in the Box, Inc. | 49 | 4,227 | ||||||
Las Vegas Sands Corp.(1) | 669 | 28,673 | ||||||
Marriott International, Inc., Class A(1) | 2,042 | 347,426 | ||||||
Marriott Vacations Worldwide Corp. | 43 | 6,909 | ||||||
McDonald's Corp. | 1,418 | 347,084 | ||||||
MGM Resorts International | 3,253 | 144,075 | ||||||
Monarch Casino & Resort, Inc.(1) | 375 | 29,213 | ||||||
Noodles & Co.(1) | 1,969 | 13,468 | ||||||
Norwegian Cruise Line Holdings Ltd.(1) | 4,367 | 85,113 | ||||||
ONE Group Hospitality, Inc. (The)(1) | 584 | 6,856 | ||||||
Papa John's International, Inc. | 227 | 24,248 | ||||||
Penn National Gaming, Inc.(1) | 3,016 | 154,872 | ||||||
Planet Fitness, Inc., Class A(1) | 490 | 41,469 | ||||||
Playa Hotels & Resorts NV(1) | 945 | 8,930 | ||||||
RCI Hospitality Holdings, Inc. | 194 | 12,595 | ||||||
Red Robin Gourmet Burgers, Inc.(1) | 134 | 2,352 | ||||||
Red Rock Resorts, Inc., Class A | 2,005 | 100,811 | ||||||
Royal Caribbean Cruises Ltd.(1) | 1,756 | 141,744 | ||||||
Ruth's Hospitality Group, Inc. | 1,077 | 26,720 | ||||||
Scientific Games Corp., Class A(1) | 443 | 27,874 | ||||||
SeaWorld Entertainment, Inc.(1) | 1,367 | 94,856 | ||||||
Shake Shack, Inc., Class A(1) | 95 | 7,098 | ||||||
Six Flags Entertainment Corp.(1) | 148 | 6,462 | ||||||
Starbucks Corp. | 2,286 | 209,832 | ||||||
Texas Roadhouse, Inc. | 1,527 | 144,928 | ||||||
Travel + Leisure Co. | 327 | 18,328 | ||||||
Vail Resorts, Inc. | 134 | 34,914 | ||||||
Wendy's Co. (The) | 1,933 | 43,956 | ||||||
Wingstop, Inc. | 190 | 27,617 | ||||||
Wyndham Hotels & Resorts, Inc. | 394 | 34,046 | ||||||
Wynn Resorts Ltd.(1) | 211 | 18,256 | ||||||
Yum! Brands, Inc. | 810 | 99,290 | ||||||
5,277,414 | ||||||||
Household Durables — 0.9% | ||||||||
Bassett Furniture Industries, Inc. | 229 | 4,019 | ||||||
Beazer Homes USA, Inc.(1) | 466 | 7,628 |
31
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Cavco Industries, Inc.(1) | 165 | $ | 44,984 | |||||
Century Communities, Inc. | 837 | 53,334 | ||||||
D.R. Horton, Inc. | 3,655 | 312,137 | ||||||
Ethan Allen Interiors, Inc. | 462 | 12,040 | ||||||
Garmin Ltd. | 1,702 | 187,969 | ||||||
GoPro, Inc., Class A(1) | 2,385 | 20,511 | ||||||
Green Brick Partners, Inc.(1) | 540 | 12,523 | ||||||
Helen of Troy Ltd.(1) | 205 | 42,162 | ||||||
Hooker Furnishings Corp. | 146 | 3,066 | ||||||
Hovnanian Enterprises, Inc., Class A(1) | 211 | 20,281 | ||||||
Installed Building Products, Inc. | 370 | 35,779 | ||||||
iRobot Corp.(1) | 286 | 17,778 | ||||||
KB Home | 1,452 | 56,062 | ||||||
La-Z-Boy, Inc. | 995 | 29,034 | ||||||
Leggett & Platt, Inc. | 589 | 21,840 | ||||||
Lennar Corp., Class A | 3,819 | 343,252 | ||||||
Lennar Corp., Class B | 255 | 19,253 | ||||||
LGI Homes, Inc.(1) | 457 | 57,641 | ||||||
Lifetime Brands, Inc. | 361 | 4,729 | ||||||
Lovesac Co. (The)(1) | 217 | 9,220 | ||||||
M.D.C. Holdings, Inc. | 969 | 42,966 | ||||||
M/I Homes, Inc.(1) | 727 | 35,834 | ||||||
Meritage Homes Corp.(1) | 629 | 62,007 | ||||||
Mohawk Industries, Inc.(1) | 835 | 117,551 | ||||||
Newell Brands, Inc. | 3,563 | 84,621 | ||||||
NVR, Inc.(1) | 78 | 386,758 | ||||||
PulteGroup, Inc. | 4,554 | 226,152 | ||||||
Purple Innovation, Inc.(1) | 621 | 3,738 | ||||||
Skyline Champion Corp.(1) | 1,519 | 102,138 | ||||||
Sonos, Inc.(1) | 2,784 | 76,254 | ||||||
Taylor Morrison Home Corp.(1) | 3,148 | 92,866 | ||||||
Tempur Sealy International, Inc. | 3,035 | 100,185 | ||||||
Toll Brothers, Inc. | 3,705 | 201,033 | ||||||
TopBuild Corp.(1) | 165 | 35,422 | ||||||
Tri Pointe Homes, Inc.(1) | 3,868 | 86,527 | ||||||
Tupperware Brands Corp.(1) | 158 | 2,880 | ||||||
Universal Electronics, Inc.(1) | 86 | 2,858 | ||||||
VOXX International Corp.(1) | 219 | 2,350 | ||||||
Whirlpool Corp. | 1,609 | 323,843 | ||||||
3,301,225 | ||||||||
Household Products — 0.9% | ||||||||
Central Garden & Pet Co.(1) | 81 | 3,835 | ||||||
Central Garden & Pet Co., Class A(1) | 351 | 15,458 | ||||||
Church & Dwight Co., Inc. | 2,321 | 227,110 | ||||||
Clorox Co. (The) | 1,371 | 199,878 | ||||||
Colgate-Palmolive Co. | 7,031 | 541,035 | ||||||
Energizer Holdings, Inc. | 489 | 16,328 | ||||||
Kimberly-Clark Corp. | 3,455 | 449,668 | ||||||
Procter & Gamble Co. (The) | 9,499 | 1,480,799 | ||||||
Reynolds Consumer Products, Inc. | 84 | 2,501 | ||||||
Spectrum Brands Holdings, Inc. | 1,504 | 139,541 |
32
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
WD-40 Co. | 119 | $ | 25,215 | |||||
3,101,368 | ||||||||
Independent Power and Renewable Electricity Producers — 0.2% | ||||||||
AES Corp. (The) | 10,076 | 213,914 | ||||||
Brookfield Renewable Corp., Class A | 2,209 | 82,550 | ||||||
Clearway Energy, Inc., Class A | 438 | 13,398 | ||||||
Clearway Energy, Inc., Class C | 1,031 | 34,435 | ||||||
NextEra Energy Partners LP | 854 | 66,621 | ||||||
Ormat Technologies, Inc.(2) | 812 | 57,936 | ||||||
Sunnova Energy International, Inc.(1) | 1,348 | 27,162 | ||||||
Vistra Corp. | 6,307 | 143,926 | ||||||
639,942 | ||||||||
Industrial Conglomerates — 0.4% | ||||||||
3M Co. | 3,579 | 532,018 | ||||||
General Electric Co. | 5,710 | 545,362 | ||||||
Honeywell International, Inc. | 2,021 | 383,485 | ||||||
Roper Technologies, Inc. | 194 | 86,955 | ||||||
1,547,820 | ||||||||
Insurance — 3.3% | ||||||||
Aflac, Inc. | 7,557 | 461,657 | ||||||
Alleghany Corp.(1) | 216 | 142,975 | ||||||
Allstate Corp. (The) | 4,916 | 601,522 | ||||||
Ambac Financial Group, Inc.(1) | 1,189 | 15,255 | ||||||
American Equity Investment Life Holding Co. | 1,706 | 64,299 | ||||||
American Financial Group, Inc. | 1,682 | 227,726 | ||||||
American International Group, Inc. | 10,975 | 672,109 | ||||||
American National Group, Inc. | 138 | 26,086 | ||||||
AMERISAFE, Inc. | 368 | 17,333 | ||||||
Aon plc, Class A | 1,552 | 453,401 | ||||||
Arch Capital Group Ltd.(1) | 6,382 | 300,656 | ||||||
Argo Group International Holdings Ltd. | 916 | 38,628 | ||||||
Arthur J. Gallagher & Co. | 1,560 | 246,776 | ||||||
Assurant, Inc. | 809 | 137,295 | ||||||
Assured Guaranty Ltd. | 1,265 | 78,392 | ||||||
Axis Capital Holdings Ltd. | 2,399 | 131,033 | ||||||
Bright Health Group, Inc.(1) | 2,087 | 6,929 | ||||||
Brighthouse Financial, Inc.(1) | 2,323 | 121,400 | ||||||
Brown & Brown, Inc. | 809 | 54,696 | ||||||
Chubb Ltd. | 3,606 | 734,326 | ||||||
Cincinnati Financial Corp. | 2,166 | 265,963 | ||||||
CNA Financial Corp. | 370 | 16,909 | ||||||
CNO Financial Group, Inc. | 3,161 | 76,401 | ||||||
eHealth, Inc.(1) | 98 | 1,523 | ||||||
Employers Holdings, Inc. | 581 | 22,578 | ||||||
Enstar Group Ltd.(1) | 198 | 56,436 | ||||||
Erie Indemnity Co., Class A | 360 | 63,036 | ||||||
Everest Re Group Ltd. | 616 | 183,704 | ||||||
Fidelity National Financial, Inc. | 6,728 | 320,522 | ||||||
First American Financial Corp. | 3,297 | 221,031 | ||||||
Genworth Financial, Inc., Class A(1) | 11,877 | 48,221 | ||||||
Globe Life, Inc. | 1,399 | 141,243 |
33
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Goosehead Insurance, Inc., Class A | 185 | $ | 16,091 | |||||
Hanover Insurance Group, Inc. (The) | 586 | 81,753 | ||||||
Hartford Financial Services Group, Inc. (The) | 7,224 | 501,923 | ||||||
HCI Group, Inc. | 212 | 13,199 | ||||||
Hippo Holdings, Inc.(1) | 3,022 | 5,863 | ||||||
Horace Mann Educators Corp. | 1,128 | 46,914 | ||||||
Investors Title Co. | 48 | 9,194 | ||||||
James River Group Holdings Ltd. | 330 | 8,778 | ||||||
Kemper Corp. | 708 | 37,836 | ||||||
Kinsale Capital Group, Inc. | 435 | 91,246 | ||||||
Lemonade, Inc.(1)(2) | 288 | 7,330 | ||||||
Lincoln National Corp. | 2,560 | 172,595 | ||||||
Loews Corp. | 3,109 | 190,706 | ||||||
Markel Corp.(1) | 164 | 203,837 | ||||||
Marsh & McLennan Cos., Inc. | 1,272 | 197,682 | ||||||
MBIA, Inc.(1) | 105 | 1,601 | ||||||
Mercury General Corp. | 537 | 29,535 | ||||||
MetLife, Inc. | 8,047 | 543,575 | ||||||
National Western Life Group, Inc., Class A | 28 | 5,974 | ||||||
Old Republic International Corp. | 6,398 | 168,587 | ||||||
Oscar Health, Inc., Class A(1)(2) | 1,266 | 9,229 | ||||||
Palomar Holdings, Inc.(1) | 85 | 5,477 | ||||||
Primerica, Inc. | 1,201 | 155,998 | ||||||
Principal Financial Group, Inc. | 5,158 | 364,361 | ||||||
ProAssurance Corp. | 923 | 22,244 | ||||||
Progressive Corp. (The) | 6,505 | 689,075 | ||||||
Prudential Financial, Inc. | 4,322 | 482,594 | ||||||
Reinsurance Group of America, Inc. | 1,574 | 174,494 | ||||||
RenaissanceRe Holdings Ltd. | 880 | 132,686 | ||||||
RLI Corp. | 548 | 55,622 | ||||||
Safety Insurance Group, Inc. | 325 | 27,118 | ||||||
Selective Insurance Group, Inc. | 1,430 | 118,962 | ||||||
SelectQuote, Inc.(1) | 403 | 1,253 | ||||||
SiriusPoint Ltd.(1) | 1,818 | 13,435 | ||||||
Stewart Information Services Corp. | 1,125 | 76,365 | ||||||
Tiptree, Inc. | 1,010 | 12,918 | ||||||
Travelers Cos., Inc. (The) | 4,677 | 803,649 | ||||||
Trupanion, Inc.(1) | 330 | 29,578 | ||||||
United Fire Group, Inc. | 765 | 21,122 | ||||||
Universal Insurance Holdings, Inc. | 781 | 9,028 | ||||||
Unum Group | 1,996 | 55,728 | ||||||
White Mountains Insurance Group Ltd. | 62 | 65,112 | ||||||
Willis Towers Watson plc | 365 | 81,139 | ||||||
WR Berkley Corp. | 2,036 | 183,851 | ||||||
11,875,318 | ||||||||
Interactive Media and Services — 3.8% | ||||||||
Alphabet, Inc., Class A(1) | 1,722 | 4,651,363 | ||||||
Alphabet, Inc., Class C(1) | 1,581 | 4,265,253 | ||||||
Angi, Inc.(1) | 184 | 1,268 | ||||||
Bumble, Inc., Class A(1) | 288 | 7,381 | ||||||
Cargurus, Inc.(1) | 1,501 | 72,723 |
34
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Cars.com, Inc.(1) | 3,040 | $ | 49,187 | |||||
fuboTV, Inc.(1)(2) | 1,050 | 8,978 | ||||||
IAC/InterActiveCorp(1) | 835 | 95,825 | ||||||
Match Group, Inc.(1) | 1,025 | 114,277 | ||||||
Meta Platforms, Inc., Class A(1) | 17,205 | 3,630,771 | ||||||
Pinterest, Inc., Class A(1) | 1,833 | 49,033 | ||||||
Snap, Inc., Class A(1) | 3,439 | 137,354 | ||||||
TrueCar, Inc.(1) | 1,846 | 6,166 | ||||||
Twitter, Inc.(1) | 6,222 | 221,192 | ||||||
Yelp, Inc.(1) | 692 | 23,452 | ||||||
Ziff Davis, Inc.(1) | 366 | 36,820 | ||||||
ZoomInfo Technologies, Inc.(1) | 847 | 46,322 | ||||||
13,417,365 | ||||||||
Internet and Direct Marketing Retail — 2.9% | ||||||||
1-800-Flowers.com, Inc., Class A(1) | 849 | 13,142 | ||||||
Amazon.com, Inc.(1) | 3,019 | 9,272,134 | ||||||
Chewy, Inc., Class A(1)(2) | 788 | 37,146 | ||||||
ContextLogic, Inc., Class A(1)(2) | 3,664 | 8,684 | ||||||
DoorDash, Inc., Class A(1) | 839 | 88,053 | ||||||
eBay, Inc. | 3,096 | 169,011 | ||||||
Etsy, Inc.(1) | 1,403 | 217,311 | ||||||
Groupon, Inc.(1)(2) | 368 | 7,993 | ||||||
Lands' End, Inc.(1) | 165 | 2,798 | ||||||
Liquidity Services, Inc.(1) | 577 | 9,942 | ||||||
MercadoLibre, Inc.(1) | 280 | 315,462 | ||||||
PetMed Express, Inc.(2) | 282 | 7,600 | ||||||
Quotient Technology, Inc.(1) | 315 | 2,091 | ||||||
Qurate Retail, Inc., Series A | 824 | 4,540 | ||||||
Revolve Group, Inc.(1) | 675 | 32,015 | ||||||
Shutterstock, Inc. | 649 | 58,754 | ||||||
Stitch Fix, Inc., Class A(1)(2) | 127 | 1,594 | ||||||
Wayfair, Inc., Class A(1)(2) | 187 | 26,343 | ||||||
10,274,613 | ||||||||
IT Services — 2.9% | ||||||||
Accenture plc, Class A | 4,115 | 1,300,422 | ||||||
Akamai Technologies, Inc.(1) | 2,118 | 229,295 | ||||||
Alliance Data Systems Corp. | 1,206 | 81,345 | ||||||
Amdocs Ltd. | 953 | 75,001 | ||||||
Automatic Data Processing, Inc. | 4,017 | 821,235 | ||||||
Block, Inc.(1) | 2,995 | 381,862 | ||||||
BM Technologies, Inc.(1)(2) | 51 | 487 | ||||||
Broadridge Financial Solutions, Inc. | 933 | 136,414 | ||||||
Cass Information Systems, Inc. | 122 | 4,829 | ||||||
Cloudflare, Inc., Class A(1) | 747 | 86,966 | ||||||
Cognizant Technology Solutions Corp., Class A | 6,119 | 527,029 | ||||||
Concentrix Corp. | 587 | 117,335 | ||||||
CSG Systems International, Inc. | 812 | 50,117 | ||||||
DigitalOcean Holdings, Inc.(1)(2) | 797 | 47,278 | ||||||
DXC Technology Co.(1) | 5,578 | 189,819 | ||||||
EPAM Systems, Inc.(1) | 345 | 71,674 | ||||||
Euronet Worldwide, Inc.(1) | 413 | 52,959 |
35
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
EVERTEC, Inc. | 1,120 | $ | 45,203 | |||||
ExlService Holdings, Inc.(1) | 336 | 40,585 | ||||||
Fastly, Inc., Class A(1) | 581 | 10,807 | ||||||
Fidelity National Information Services, Inc. | 850 | 80,946 | ||||||
Fiserv, Inc.(1) | 1,078 | 105,288 | ||||||
FleetCor Technologies, Inc.(1) | 353 | 82,673 | ||||||
Gartner, Inc.(1) | 1,103 | 309,303 | ||||||
Genpact Ltd. | 1,411 | 59,036 | ||||||
Global Payments, Inc. | 532 | 70,958 | ||||||
GoDaddy, Inc., Class A(1) | 435 | 36,283 | ||||||
Hackett Group, Inc. (The) | 243 | 5,035 | ||||||
International Business Machines Corp. | 4,448 | 544,924 | ||||||
International Money Express, Inc.(1) | 870 | 13,972 | ||||||
Jack Henry & Associates, Inc. | 1,379 | 243,807 | ||||||
Kyndryl Holdings, Inc.(1) | 521 | 8,263 | ||||||
LiveRamp Holdings, Inc.(1) | 716 | 30,903 | ||||||
Mastercard, Inc., Class A | 3,969 | 1,432,095 | ||||||
MAXIMUS, Inc. | 765 | 60,328 | ||||||
MongoDB, Inc.(1) | 196 | 74,870 | ||||||
Okta, Inc.(1) | 363 | 66,371 | ||||||
Paychex, Inc. | 3,885 | 462,548 | ||||||
Payoneer Global, Inc.(1) | 2,858 | 13,776 | ||||||
PayPal Holdings, Inc.(1) | 3,536 | 395,784 | ||||||
Perficient, Inc.(1) | 80 | 8,152 | ||||||
Sabre Corp.(1) | 745 | 8,143 | ||||||
Snowflake, Inc., Class A(1) | 815 | 216,513 | ||||||
Switch, Inc., Class A | 1,413 | 36,766 | ||||||
TTEC Holdings, Inc. | 119 | 9,461 | ||||||
Tucows, Inc., Class A(1) | 51 | 3,426 | ||||||
Twilio, Inc., Class A(1) | 724 | 126,555 | ||||||
Unisys Corp.(1) | 191 | 4,082 | ||||||
VeriSign, Inc.(1) | 430 | 91,900 | ||||||
Verra Mobility Corp.(1) | 1,448 | 24,326 | ||||||
Visa, Inc., Class A | 7,182 | 1,552,174 | ||||||
Western Union Co. (The) | 3,196 | 58,103 | ||||||
WEX, Inc.(1) | 80 | 13,481 | ||||||
10,520,907 | ||||||||
Leisure Products — 0.3% | ||||||||
Acushnet Holdings Corp. | 918 | 40,208 | ||||||
American Outdoor Brands, Inc.(1) | 305 | 4,767 | ||||||
Brunswick Corp. | 2,281 | 217,881 | ||||||
Callaway Golf Co.(1) | 2,038 | 50,420 | ||||||
Clarus Corp. | 253 | 5,761 | ||||||
Hasbro, Inc. | 534 | 51,825 | ||||||
Hayward Holdings, Inc.(1) | 539 | 9,643 | ||||||
Johnson Outdoors, Inc., Class A | 43 | 3,546 | ||||||
Malibu Boats, Inc., Class A(1) | 709 | 49,396 | ||||||
MasterCraft Boat Holdings, Inc.(1) | 673 | 19,275 | ||||||
Mattel, Inc.(1) | 2,007 | 50,135 | ||||||
Nautilus, Inc.(1) | 588 | 2,863 | ||||||
Peloton Interactive, Inc., Class A(1) | 878 | 25,515 |
36
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Polaris, Inc. | 1,594 | $ | 193,687 | |||||
Smith & Wesson Brands, Inc. | 2,127 | 37,499 | ||||||
Sturm Ruger & Co., Inc. | 695 | 50,325 | ||||||
Vista Outdoor, Inc.(1) | 1,946 | 70,932 | ||||||
YETI Holdings, Inc.(1) | 2,166 | 133,339 | ||||||
1,017,017 | ||||||||
Life Sciences Tools and Services — 1.2% | ||||||||
10X Genomics, Inc., Class A(1) | 304 | 24,767 | ||||||
Adaptive Biotechnologies Corp.(1) | 381 | 5,498 | ||||||
Agilent Technologies, Inc. | 1,361 | 177,420 | ||||||
Avantor, Inc.(1) | 2,394 | 83,048 | ||||||
Berkeley Lights, Inc.(1) | 64 | 491 | ||||||
Bio-Rad Laboratories, Inc., Class A(1) | 282 | 176,521 | ||||||
Bio-Techne Corp. | 204 | 85,560 | ||||||
Bionano Genomics, Inc.(1)(2) | 2,464 | 5,273 | ||||||
Bruker Corp. | 2,063 | 145,173 | ||||||
Charles River Laboratories International, Inc.(1) | 183 | 53,282 | ||||||
Codexis, Inc.(1) | 180 | 3,587 | ||||||
Danaher Corp. | 1,954 | 536,197 | ||||||
Fluidigm Corp.(1)(2) | 380 | 1,398 | ||||||
Illumina, Inc.(1) | 539 | 176,038 | ||||||
IQVIA Holdings, Inc.(1) | 938 | 215,853 | ||||||
Maravai LifeSciences Holdings, Inc., Class A(1) | 1,771 | 69,193 | ||||||
MaxCyte, Inc.(1) | 1,890 | 13,154 | ||||||
Medpace Holdings, Inc.(1) | 254 | 38,854 | ||||||
Mettler-Toledo International, Inc.(1) | 312 | 439,527 | ||||||
NeoGenomics, Inc.(1) | 394 | 8,436 | ||||||
Pacific Biosciences of California, Inc.(1)(2) | 1,256 | 14,972 | ||||||
PerkinElmer, Inc. | 582 | 104,533 | ||||||
Personalis, Inc.(1) | 866 | 9,093 | ||||||
Quanterix Corp.(1) | 542 | 18,287 | ||||||
Repligen Corp.(1) | 303 | 59,600 | ||||||
Seer, Inc.(1)(2) | 406 | 6,220 | ||||||
Sotera Health Co.(1) | 1,121 | 24,516 | ||||||
Syneos Health, Inc.(1) | 186 | 14,731 | ||||||
Thermo Fisher Scientific, Inc. | 2,020 | 1,098,880 | ||||||
Waters Corp.(1) | 895 | 283,473 | ||||||
West Pharmaceutical Services, Inc. | 639 | 247,344 | ||||||
4,140,919 | ||||||||
Machinery — 2.2% | ||||||||
AGCO Corp. | 1,087 | 130,614 | ||||||
Alamo Group, Inc. | 139 | 19,336 | ||||||
Albany International Corp., Class A | 898 | 78,862 | ||||||
Allison Transmission Holdings, Inc. | 745 | 29,755 | ||||||
Altra Industrial Motion Corp. | 245 | 10,405 | ||||||
Astec Industries, Inc. | 209 | 10,408 | ||||||
Barnes Group, Inc. | 262 | 12,170 | ||||||
Caterpillar, Inc. | 7,133 | 1,338,008 | ||||||
Chart Industries, Inc.(1) | 201 | 29,024 | ||||||
CIRCOR International, Inc.(1) | 209 | 5,630 | ||||||
Colfax Corp.(1) | 1,327 | 53,359 |
37
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Columbus McKinnon Corp. | 233 | $ | 10,634 | |||||
Commercial Vehicle Group, Inc.(1) | 534 | 4,267 | ||||||
Crane Co. | 898 | 90,770 | ||||||
Cummins, Inc. | 2,392 | 488,255 | ||||||
Deere & Co. | 3,752 | 1,350,795 | ||||||
Desktop Metal, Inc., Class A(1)(2) | 2,197 | 9,140 | ||||||
Donaldson Co., Inc. | 2,606 | 141,428 | ||||||
Douglas Dynamics, Inc. | 466 | 17,121 | ||||||
Dover Corp. | 549 | 86,116 | ||||||
Energy Recovery, Inc.(1) | 341 | 6,479 | ||||||
Enerpac Tool Group Corp. | 189 | 3,260 | ||||||
EnPro Industries, Inc. | 349 | 38,544 | ||||||
ESCO Technologies, Inc. | 117 | 8,140 | ||||||
Evoqua Water Technologies Corp.(1) | 1,789 | 76,319 | ||||||
Federal Signal Corp. | 688 | 24,844 | ||||||
Flowserve Corp. | 1,089 | 33,073 | ||||||
Fortive Corp. | 1,371 | 88,772 | ||||||
Franklin Electric Co., Inc. | 361 | 30,526 | ||||||
Gorman-Rupp Co. (The) | 570 | 21,238 | ||||||
Graco, Inc. | 2,614 | 188,443 | ||||||
Greenbrier Cos., Inc. (The) | 795 | 35,322 | ||||||
Helios Technologies, Inc. | 388 | 30,423 | ||||||
Hillenbrand, Inc. | 929 | 44,323 | ||||||
Hyliion Holdings Corp.(1) | 1,036 | 4,476 | ||||||
Hyster-Yale Materials Handling, Inc. | 139 | 5,321 | ||||||
Ideanomics, Inc.(1)(2) | 1,009 | 1,059 | ||||||
IDEX Corp. | 266 | 51,045 | ||||||
Illinois Tool Works, Inc. | 2,019 | 436,791 | ||||||
Ingersoll Rand, Inc. | 3,083 | 155,753 | ||||||
ITT, Inc. | 1,098 | 96,481 | ||||||
John Bean Technologies Corp. | 284 | 32,197 | ||||||
Kadant, Inc. | 50 | 9,868 | ||||||
Kennametal, Inc. | 1,693 | 53,685 | ||||||
Lincoln Electric Holdings, Inc. | 1,652 | 210,564 | ||||||
Lindsay Corp. | 97 | 12,727 | ||||||
Manitowoc Co., Inc. (The)(1) | 304 | 5,025 | ||||||
Meritor, Inc.(1) | 1,156 | 41,165 | ||||||
Microvast Holdings, Inc.(1)(2) | 1,335 | 9,532 | ||||||
Middleby Corp.(1) | 205 | 36,412 | ||||||
Miller Industries, Inc. | 151 | 4,678 | ||||||
Mueller Industries, Inc. | 1,776 | 101,321 | ||||||
Mueller Water Products, Inc., Class A | 2,715 | 34,453 | ||||||
Nikola Corp.(1)(2) | 820 | 6,478 | ||||||
NN, Inc.(1) | 691 | 1,790 | ||||||
Nordson Corp. | 313 | 70,891 | ||||||
Oshkosh Corp. | 1,929 | 214,196 | ||||||
Otis Worldwide Corp. | 1,694 | 132,691 | ||||||
PACCAR, Inc. | 3,700 | 339,697 | ||||||
Park-Ohio Holdings Corp. | 125 | 1,986 | ||||||
Parker-Hannifin Corp. | 321 | 95,141 | ||||||
Pentair plc | 444 | 25,712 |
38
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Proterra, Inc.(1) | 1,940 | $ | 17,538 | |||||
Proto Labs, Inc.(1) | 71 | 3,992 | ||||||
RBC Bearings, Inc.(1) | 319 | 61,838 | ||||||
REV Group, Inc. | 628 | 8,491 | ||||||
Shyft Group, Inc. (The) | 1,440 | 58,190 | ||||||
Snap-on, Inc. | 977 | 205,346 | ||||||
SPX Corp.(1) | 349 | 17,694 | ||||||
SPX FLOW, Inc. | 478 | 41,055 | ||||||
Standex International Corp. | 289 | 30,614 | ||||||
Stanley Black & Decker, Inc. | 381 | 61,989 | ||||||
Tennant Co. | 589 | 46,401 | ||||||
Terex Corp. | 1,789 | 73,850 | ||||||
Timken Co. (The) | 830 | 54,415 | ||||||
Titan International, Inc.(1) | 669 | 7,493 | ||||||
Toro Co. (The) | 2,636 | 247,283 | ||||||
Trinity Industries, Inc. | 1,464 | 42,251 | ||||||
Wabash National Corp. | 397 | 6,765 | ||||||
Watts Water Technologies, Inc., Class A | 388 | 55,853 | ||||||
Welbilt, Inc.(1) | 90 | 2,128 | ||||||
Westinghouse Air Brake Technologies Corp. | 1,175 | 109,064 | ||||||
Xylem, Inc. | 671 | 59,685 | ||||||
7,948,873 | ||||||||
Marine — 0.1% | ||||||||
Costamare, Inc. | 645 | 8,708 | ||||||
Eagle Bulk Shipping, Inc.(2) | 245 | 12,919 | ||||||
Genco Shipping & Trading Ltd. | 847 | 16,330 | ||||||
Kirby Corp.(1) | 983 | 64,042 | ||||||
Matson, Inc. | 1,684 | 186,537 | ||||||
288,536 | ||||||||
Media — 0.8% | ||||||||
Altice USA, Inc., Class A(1) | 842 | 9,733 | ||||||
AMC Networks, Inc., Class A(1) | 737 | 30,549 | ||||||
Audacy, Inc.(1) | 1,031 | 3,196 | ||||||
Boston Omaha Corp., Class A(1) | 279 | 7,809 | ||||||
Cable One, Inc. | 109 | 156,181 | ||||||
Charter Communications, Inc., Class A(1) | 518 | 311,722 | ||||||
Comcast Corp., Class A | 17,047 | 797,118 | ||||||
Discovery, Inc., Class A(1) | 173 | 4,853 | ||||||
Discovery, Inc., Class C(1) | 1,078 | 30,152 | ||||||
DISH Network Corp., Class A(1) | 3,611 | 115,407 | ||||||
Entravision Communications Corp., Class A | 946 | 6,054 | ||||||
Fox Corp., Class A | 5,126 | 214,421 | ||||||
Fox Corp., Class B | 2,394 | 91,594 | ||||||
Gannett Co., Inc.(1) | 920 | 4,563 | ||||||
Gray Television, Inc. | 1,992 | 46,673 | ||||||
Interpublic Group of Cos., Inc. (The) | 3,801 | 139,877 | ||||||
John Wiley & Sons, Inc., Class A | 69 | 3,471 | ||||||
Liberty Broadband Corp., Class A(1) | 212 | 30,700 | ||||||
Liberty Broadband Corp., Class C(1) | 1,146 | 168,118 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A(1) | 173 | 8,712 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C(1) | 297 | 14,945 |
39
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Loyalty Ventures, Inc.(1) | 482 | $ | 11,568 | |||||
New York Times Co. (The), Class A | 3,092 | 136,017 | ||||||
News Corp., Class A | 4,508 | 100,619 | ||||||
News Corp., Class B | 1,406 | 31,537 | ||||||
Nexstar Media Group, Inc., Class A | 400 | 74,020 | ||||||
Omnicom Group, Inc. | 1,319 | 110,651 | ||||||
Paramount Global, Class B | 7,418 | 227,065 | ||||||
PubMatic, Inc., Class A(1)(2) | 139 | 4,253 | ||||||
Scholastic Corp. | 581 | 24,448 | ||||||
Sinclair Broadcast Group, Inc., Class A | 134 | 4,020 | ||||||
Sirius XM Holdings, Inc.(2) | 2,311 | 14,236 | ||||||
TechTarget, Inc.(1) | 102 | 7,995 | ||||||
TEGNA, Inc. | 439 | 10,062 | ||||||
WideOpenWest, Inc.(1) | 2,103 | 35,730 | ||||||
2,988,069 | ||||||||
Metals and Mining — 1.5% | ||||||||
Alcoa Corp. | 5,866 | 441,944 | ||||||
Allegheny Technologies, Inc.(1) | 3,016 | 77,632 | ||||||
Alpha Metallurgical Resources, Inc.(1) | 713 | 67,578 | ||||||
Arconic Corp.(1) | 2,288 | 70,242 | ||||||
Carpenter Technology Corp. | 1,064 | 40,847 | ||||||
Century Aluminum Co.(1) | 1,342 | 31,698 | ||||||
Cleveland-Cliffs, Inc.(1) | 10,429 | 233,192 | ||||||
Coeur Mining, Inc.(1) | 4,989 | 21,453 | ||||||
Commercial Metals Co. | 3,464 | 133,537 | ||||||
Compass Minerals International, Inc. | 1,236 | 72,454 | ||||||
Freeport-McMoRan, Inc. | 25,746 | 1,208,775 | ||||||
Haynes International, Inc. | 157 | 5,740 | ||||||
Hecla Mining Co. | 6,628 | 38,177 | ||||||
Kaiser Aluminum Corp. | 210 | 20,265 | ||||||
Materion Corp. | 178 | 14,872 | ||||||
MP Materials Corp.(1) | 1,504 | 68,613 | ||||||
Newmont Corp. | 11,252 | 744,882 | ||||||
Nucor Corp. | 6,843 | 900,676 | ||||||
Olympic Steel, Inc. | 164 | 4,390 | ||||||
Piedmont Lithium, Inc.(1) | 161 | 8,461 | ||||||
Reliance Steel & Aluminum Co. | 985 | 188,007 | ||||||
Royal Gold, Inc. | 832 | 100,888 | ||||||
Ryerson Holding Corp. | 527 | 13,765 | ||||||
Schnitzer Steel Industries, Inc., Class A | 541 | 26,320 | ||||||
Steel Dynamics, Inc. | 4,912 | 346,689 | ||||||
SunCoke Energy, Inc. | 3,751 | 29,745 | ||||||
TimkenSteel Corp.(1) | 1,264 | 22,790 | ||||||
United States Steel Corp. | 7,763 | 211,231 | ||||||
Warrior Met Coal, Inc. | 2,453 | 77,270 | ||||||
Worthington Industries, Inc. | 425 | 24,234 | ||||||
5,246,367 | ||||||||
Mortgage Real Estate Investment Trusts (REITs)† | ||||||||
AFC Gamma, Inc. | 610 | 12,047 | ||||||
Multi-Utilities — 0.8% | ||||||||
Ameren Corp. | 2,406 | 206,796 |
40
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Avista Corp. | 1,116 | $ | 49,807 | |||||
CenterPoint Energy, Inc. | 4,617 | 126,275 | ||||||
CMS Energy Corp. | 4,300 | 275,243 | ||||||
Consolidated Edison, Inc. | 3,455 | 296,335 | ||||||
Dominion Energy, Inc. | 6,525 | 518,933 | ||||||
DTE Energy Co. | 1,992 | 242,207 | ||||||
NiSource, Inc. | 6,681 | 193,281 | ||||||
NorthWestern Corp. | 528 | 31,934 | ||||||
Public Service Enterprise Group, Inc. | 3,253 | 210,892 | ||||||
Sempra Energy | 3,860 | 556,689 | ||||||
Unitil Corp. | 230 | 11,613 | ||||||
WEC Energy Group, Inc. | 273 | 24,810 | ||||||
2,744,815 | ||||||||
Multiline Retail — 0.8% | ||||||||
Big Lots, Inc.(2) | 932 | 32,396 | ||||||
Dillard's, Inc., Class A | 218 | 54,655 | ||||||
Dollar General Corp. | 2,109 | 418,299 | ||||||
Dollar Tree, Inc.(1) | 4,340 | 616,627 | ||||||
Kohl's Corp. | 4,291 | 238,665 | ||||||
Macy's, Inc. | 10,794 | 279,781 | ||||||
Nordstrom, Inc.(1) | 1,616 | 33,516 | ||||||
Ollie's Bargain Outlet Holdings, Inc.(1) | 379 | 16,365 | ||||||
Target Corp. | 6,122 | 1,222,992 | ||||||
2,913,296 | ||||||||
Oil, Gas and Consumable Fuels — 6.6% | ||||||||
Alto Ingredients, Inc.(1) | 755 | 4,402 | ||||||
Antero Midstream Corp. | 7,488 | 75,180 | ||||||
Antero Resources Corp.(1) | 5,381 | 123,386 | ||||||
APA Corp. | 2,072 | 73,825 | ||||||
Arch Resources, Inc.(2) | 685 | 81,769 | ||||||
Berry Corp. | 885 | 8,850 | ||||||
Brigham Minerals, Inc., Class A | 1,200 | 27,336 | ||||||
California Resources Corp. | 1,893 | 78,048 | ||||||
Callon Petroleum Co.(1) | 2,218 | 125,007 | ||||||
Centennial Resource Development, Inc., Class A(1) | 6,196 | 54,401 | ||||||
Cheniere Energy, Inc. | 1,998 | 265,534 | ||||||
Chesapeake Energy Corp. | 2,498 | 192,971 | ||||||
Chevron Corp. | 18,191 | 2,619,504 | ||||||
Civitas Resources, Inc. | 2,198 | 110,933 | ||||||
Clean Energy Fuels Corp.(1) | 3,357 | 24,405 | ||||||
CNX Resources Corp.(1) | 4,971 | 81,226 | ||||||
Comstock Resources, Inc.(1) | 4,528 | 37,582 | ||||||
ConocoPhillips | 20,765 | 1,969,768 | ||||||
CONSOL Energy, Inc.(1) | 1,572 | 48,323 | ||||||
Continental Resources, Inc.(2) | 1,968 | 109,086 | ||||||
Coterra Energy, Inc. | 15,977 | 372,743 | ||||||
CVR Energy, Inc. | 1,422 | 24,729 | ||||||
Delek US Holdings, Inc.(1) | 270 | 4,652 | ||||||
Denbury, Inc.(1) | 1,673 | 121,560 | ||||||
Devon Energy Corp. | 18,156 | 1,081,190 | ||||||
DHT Holdings, Inc. | 4,534 | 28,519 |
41
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Diamondback Energy, Inc. | 4,702 | $ | 649,346 | |||||
Dorian LPG Ltd. | 391 | 5,388 | ||||||
DTE Midstream LLC(1) | 2,211 | 117,404 | ||||||
Earthstone Energy, Inc., Class A(1) | 1,758 | 22,854 | ||||||
EnLink Midstream LLC(1) | 8,756 | 77,928 | ||||||
EOG Resources, Inc. | 11,125 | 1,278,485 | ||||||
EQT Corp. | 9,743 | 225,453 | ||||||
Equitrans Midstream Corp. | 15,816 | 101,381 | ||||||
Exxon Mobil Corp. | 45,321 | 3,554,073 | ||||||
Gevo, Inc.(1)(2) | 2,230 | 7,917 | ||||||
Green Plains, Inc.(1) | 925 | 30,285 | ||||||
Hess Corp. | 7,723 | 780,486 | ||||||
Hess Midstream LP, Class A | 276 | 8,821 | ||||||
HollyFrontier Corp. | 4,254 | 129,534 | ||||||
International Seaways, Inc. | 562 | 10,279 | ||||||
Kimbell Royalty Partners LP | 1,532 | 24,098 | ||||||
Kinder Morgan, Inc. | 19,417 | 337,856 | ||||||
Kosmos Energy Ltd.(1) | 19,076 | 92,709 | ||||||
Laredo Petroleum, Inc.(1) | 728 | 55,736 | ||||||
Magnolia Oil & Gas Corp., Class A | 6,667 | 149,008 | ||||||
Marathon Oil Corp. | 21,311 | 480,776 | ||||||
Marathon Petroleum Corp. | 9,780 | 761,569 | ||||||
Matador Resources Co. | 4,497 | 223,051 | ||||||
Murphy Oil Corp. | 5,180 | 179,591 | ||||||
New Fortress Energy, Inc.(2) | 738 | 20,362 | ||||||
Nordic American Tankers Ltd. | 931 | 2,253 | ||||||
Oasis Petroleum, Inc. | 856 | 113,429 | ||||||
Occidental Petroleum Corp. | 22,369 | 978,196 | ||||||
ONEOK, Inc. | 10,001 | 653,065 | ||||||
Ovintiv, Inc. | 5,391 | 247,177 | ||||||
Par Pacific Holdings, Inc.(1) | 624 | 8,486 | ||||||
PBF Energy, Inc., Class A(1) | 4,544 | 75,521 | ||||||
PDC Energy, Inc. | 3,359 | 216,723 | ||||||
Peabody Energy Corp.(1) | 1,451 | 25,160 | ||||||
Phillips 66 | 7,700 | 648,648 | ||||||
Pioneer Natural Resources Co. | 3,954 | 947,378 | ||||||
Plains GP Holdings LP, Class A(1) | 4,256 | 48,135 | ||||||
Range Resources Corp.(1) | 9,615 | 220,664 | ||||||
Ranger Oil Corp., Class A(1) | 1,332 | 44,968 | ||||||
Rattler Midstream LP | 462 | 6,380 | ||||||
Renewable Energy Group, Inc.(1) | 662 | 40,713 | ||||||
REX American Resources Corp.(1) | 45 | 4,251 | ||||||
Riley Exploration Permian, Inc. | 545 | 18,258 | ||||||
Ring Energy, Inc.(1)(2) | 2,236 | 7,111 | ||||||
SandRidge Energy, Inc.(1) | 1,448 | 19,360 | ||||||
Scorpio Tankers, Inc. | 628 | 10,921 | ||||||
SFL Corp. Ltd. | 4,194 | 41,730 | ||||||
SilverBow Resources, Inc.(1) | 331 | 8,513 | ||||||
SM Energy Co. | 5,538 | 196,654 | ||||||
Southwestern Energy Co.(1) | 17,782 | 88,732 | ||||||
Talos Energy, Inc.(1) | 1,408 | 22,120 |
42
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Targa Resources Corp. | 7,349 | $ | 480,404 | |||||
Teekay Tankers Ltd., Class A(1) | 1,161 | 16,591 | ||||||
Tellurian, Inc.(1)(2) | 8,156 | 31,074 | ||||||
Texas Pacific Land Corp. | 50 | 59,437 | ||||||
Uranium Energy Corp.(1)(2) | 1,959 | 7,816 | ||||||
VAALCO Energy, Inc. | 2,868 | 16,176 | ||||||
Valero Energy Corp. | 5,294 | 442,102 | ||||||
Viper Energy Partners LP | 1,359 | 39,968 | ||||||
Whiting Petroleum Corp. | 1,736 | 128,204 | ||||||
Williams Cos., Inc. (The) | 17,708 | 553,906 | ||||||
World Fuel Services Corp. | 1,606 | 45,514 | ||||||
23,585,057 | ||||||||
Paper and Forest Products — 0.1% | ||||||||
Clearwater Paper Corp.(1) | 642 | 18,509 | ||||||
Glatfelter Corp. | 1,507 | 20,706 | ||||||
Louisiana-Pacific Corp. | 3,453 | 248,443 | ||||||
Mercer International, Inc. | 1,193 | 15,951 | ||||||
Neenah, Inc. | 341 | 13,282 | ||||||
Sylvamo Corp.(1) | 221 | 7,713 | ||||||
Verso Corp., Class A | 1,063 | 28,180 | ||||||
352,784 | ||||||||
Personal Products — 0.2% | ||||||||
Beauty Health Co. (The)(1) | 788 | 15,271 | ||||||
BellRing Brands, Inc., Class A(1) | 86 | 2,199 | ||||||
Coty, Inc., Class A(1) | 226 | 2,072 | ||||||
Edgewell Personal Care Co. | 654 | 23,335 | ||||||
elf Beauty, Inc.(1) | 178 | 4,704 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 1,364 | 404,194 | ||||||
Herbalife Nutrition Ltd.(1) | 446 | 15,869 | ||||||
Inter Parfums, Inc. | 495 | 45,976 | ||||||
Medifast, Inc. | 286 | 53,196 | ||||||
Nu Skin Enterprises, Inc., Class A | 1,030 | 47,782 | ||||||
USANA Health Sciences, Inc.(1) | 309 | 27,195 | ||||||
641,793 | ||||||||
Pharmaceuticals — 3.6% | ||||||||
Aclaris Therapeutics, Inc.(1)(2) | 217 | 3,233 | ||||||
Amneal Pharmaceuticals, Inc.(1) | 658 | 2,981 | ||||||
Amphastar Pharmaceuticals, Inc.(1) | 912 | 25,272 | ||||||
Antares Pharma, Inc.(1) | 1,247 | 4,365 | ||||||
Arvinas, Inc.(1) | 1,404 | 90,993 | ||||||
AstraZeneca plc, ADR | 3,301 | 200,965 | ||||||
Atea Pharmaceuticals, Inc.(1)(2) | 3,630 | 23,014 | ||||||
Athira Pharma, Inc.(1)(2) | 865 | 7,923 | ||||||
BioDelivery Sciences International, Inc.(1) | 2,823 | 15,752 | ||||||
Bristol-Myers Squibb Co. | 12,397 | 851,302 | ||||||
Catalent, Inc.(1) | 1,264 | 128,979 | ||||||
Collegium Pharmaceutical, Inc.(1) | 1,077 | 20,969 | ||||||
Corcept Therapeutics, Inc.(1) | 1,748 | 38,963 | ||||||
Edgewise Therapeutics, Inc.(1)(2) | 410 | 4,834 | ||||||
Elanco Animal Health, Inc.(1) | 2,049 | 58,212 | ||||||
Eli Lilly & Co. | 5,481 | 1,369,976 |
43
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Endo International plc(1) | 569 | $ | 1,770 | |||||
Harrow Health, Inc.(1) | 610 | 4,703 | ||||||
Innoviva, Inc.(1) | 2,990 | 57,438 | ||||||
Intra-Cellular Therapies, Inc.(1) | 875 | 48,545 | ||||||
Jazz Pharmaceuticals plc(1) | 639 | 87,811 | ||||||
Johnson & Johnson | 23,455 | 3,859,989 | ||||||
Lannett Co., Inc.(1)(2) | 110 | 91 | ||||||
Merck & Co., Inc. | 24,356 | 1,865,182 | ||||||
Nektar Therapeutics(1) | 1,106 | 11,325 | ||||||
Nuvation Bio, Inc.(1)(2) | 2,146 | 10,859 | ||||||
Ocular Therapeutix, Inc.(1)(2) | 278 | 1,551 | ||||||
Omeros Corp.(1)(2) | 262 | 1,886 | ||||||
Organon & Co. | 1,514 | 56,518 | ||||||
Pacira BioSciences, Inc.(1) | 243 | 16,206 | ||||||
Perrigo Co. plc | 1,973 | 70,081 | ||||||
Pfizer, Inc. | 59,245 | 2,780,960 | ||||||
Phibro Animal Health Corp., Class A | 349 | 7,434 | ||||||
Pliant Therapeutics, Inc.(1)(2) | 173 | 1,552 | ||||||
Prestige Consumer Healthcare, Inc.(1) | 1,185 | 70,543 | ||||||
Reata Pharmaceuticals, Inc., Class A(1) | 1 | 33 | ||||||
Revance Therapeutics, Inc.(1) | 61 | 828 | ||||||
Royalty Pharma plc, Class A | 3,276 | 128,616 | ||||||
SIGA Technologies, Inc.(1) | 1,140 | 6,840 | ||||||
Supernus Pharmaceuticals, Inc.(1) | 1,246 | 39,810 | ||||||
Theravance Biopharma, Inc.(1) | 88 | 886 | ||||||
Viatris, Inc. | 2,171 | 23,903 | ||||||
Zoetis, Inc. | 3,630 | 702,950 | ||||||
Zogenix, Inc.(1) | 21 | 551 | ||||||
12,706,594 | ||||||||
Professional Services — 0.5% | ||||||||
Acacia Research Corp.(1) | 2,587 | 9,908 | ||||||
ASGN, Inc.(1) | 367 | 40,660 | ||||||
Barrett Business Services, Inc. | 192 | 11,549 | ||||||
Booz Allen Hamilton Holding Corp. | 1,263 | 101,911 | ||||||
CACI International, Inc., Class A(1) | 73 | 20,425 | ||||||
CBIZ, Inc.(1) | 150 | 5,836 | ||||||
Clarivate plc(1) | 5,008 | 75,020 | ||||||
CoStar Group, Inc.(1) | 2,261 | 137,944 | ||||||
CRA International, Inc. | 224 | 19,898 | ||||||
Dun & Bradstreet Holdings, Inc.(1) | 380 | 7,053 | ||||||
Equifax, Inc. | 584 | 127,510 | ||||||
Exponent, Inc. | 542 | 51,360 | ||||||
Franklin Covey Co.(1) | 585 | 26,968 | ||||||
FTI Consulting, Inc.(1) | 197 | 28,762 | ||||||
Heidrick & Struggles International, Inc. | 865 | 36,979 | ||||||
ICF International, Inc. | 43 | 3,811 | ||||||
Insperity, Inc. | 780 | 70,161 | ||||||
Jacobs Engineering Group, Inc. | 365 | 44,895 | ||||||
KBR, Inc. | 1,649 | 81,856 | ||||||
Kelly Services, Inc., Class A | 331 | 7,024 | ||||||
Kforce, Inc. | 793 | 59,618 |
44
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Korn Ferry | 1,082 | $ | 71,693 | |||||
Leidos Holdings, Inc. | 263 | 26,784 | ||||||
ManpowerGroup, Inc. | 674 | 71,633 | ||||||
ManTech International Corp., Class A | 361 | 30,096 | ||||||
Nielsen Holdings plc | 1,070 | 18,639 | ||||||
Resources Connection, Inc. | 350 | 5,810 | ||||||
Robert Half International, Inc. | 3,176 | 382,041 | ||||||
Science Applications International Corp. | 73 | 6,401 | ||||||
TransUnion | 796 | 72,245 | ||||||
TriNet Group, Inc.(1) | 1,299 | 113,416 | ||||||
TrueBlue, Inc.(1) | 728 | 19,802 | ||||||
Verisk Analytics, Inc. | 840 | 148,966 | ||||||
1,936,674 | ||||||||
Real Estate Management and Development — 0.2% | ||||||||
CBRE Group, Inc., Class A(1) | 3,938 | 381,395 | ||||||
Cushman & Wakefield plc(1) | 257 | 5,633 | ||||||
eXp World Holdings, Inc.(2) | 176 | 4,706 | ||||||
Forestar Group, Inc.(1) | 454 | 8,313 | ||||||
FRP Holdings, Inc.(1) | 20 | 1,159 | ||||||
Howard Hughes Corp. (The)(1) | 629 | 60,120 | ||||||
Jones Lang LaSalle, Inc.(1) | 540 | 132,959 | ||||||
Kennedy-Wilson Holdings, Inc. | 1,948 | 43,129 | ||||||
Marcus & Millichap, Inc.(1) | 939 | 46,696 | ||||||
Newmark Group, Inc., Class A | 1,695 | 29,968 | ||||||
Opendoor Technologies, Inc.(1) | 7,410 | 61,874 | ||||||
RE/MAX Holdings, Inc., Class A | 151 | 4,476 | ||||||
Realogy Holdings Corp.(1) | 297 | 5,399 | ||||||
St. Joe Co. (The) | 716 | 38,685 | ||||||
Zillow Group, Inc., Class A(1) | 82 | 4,696 | ||||||
Zillow Group, Inc., Class C(1) | 295 | 16,968 | ||||||
846,176 | ||||||||
Road and Rail — 2.0% | ||||||||
AMERCO | 273 | 157,687 | ||||||
ArcBest Corp. | 962 | 89,158 | ||||||
Avis Budget Group, Inc.(1) | 172 | 31,552 | ||||||
Canadian Pacific Railway Ltd. | 4,190 | 294,473 | ||||||
Covenant Logistics Group, Inc.(1) | 651 | 14,654 | ||||||
CSX Corp. | 32,337 | 1,096,548 | ||||||
Daseke, Inc.(1) | 1,443 | 18,110 | ||||||
Heartland Express, Inc. | 810 | 11,632 | ||||||
J.B. Hunt Transport Services, Inc. | 2,391 | 485,206 | ||||||
Knight-Swift Transportation Holdings, Inc. | 2,418 | 131,733 | ||||||
Landstar System, Inc. | 967 | 149,314 | ||||||
Lyft, Inc., Class A(1) | 1,303 | 50,739 | ||||||
Marten Transport Ltd. | 2,109 | 36,380 | ||||||
Norfolk Southern Corp. | 3,594 | 921,933 | ||||||
Old Dominion Freight Line, Inc. | 1,968 | 618,011 | ||||||
PAM Transportation Services, Inc.(1) | 218 | 14,708 | ||||||
Ryder System, Inc. | 1,723 | 135,841 | ||||||
Saia, Inc.(1) | 798 | 229,209 | ||||||
Schneider National, Inc., Class B | 1,675 | 43,751 |
45
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
TuSimple Holdings, Inc., Class A(1) | 1,726 | $ | 30,067 | |||||
Uber Technologies, Inc.(1) | 5,594 | 201,552 | ||||||
Union Pacific Corp. | 8,530 | 2,097,953 | ||||||
US Xpress Enterprises, Inc., Class A(1) | 274 | 1,244 | ||||||
USA Truck, Inc.(1) | 549 | 13,385 | ||||||
Werner Enterprises, Inc. | 1,690 | 73,447 | ||||||
XPO Logistics, Inc.(1) | 879 | 63,886 | ||||||
7,012,173 | ||||||||
Semiconductors and Semiconductor Equipment — 5.8% | ||||||||
Advanced Micro Devices, Inc.(1) | 15,697 | 1,936,068 | ||||||
Allegro MicroSystems, Inc.(1) | 1,211 | 34,719 | ||||||
Alpha & Omega Semiconductor Ltd.(1) | 643 | 34,574 | ||||||
Ambarella, Inc.(1) | 356 | 49,737 | ||||||
Amkor Technology, Inc. | 3,413 | 77,373 | ||||||
Analog Devices, Inc. | 2,067 | 331,319 | ||||||
Applied Materials, Inc. | 9,799 | 1,315,026 | ||||||
Axcelis Technologies, Inc.(1) | 705 | 48,800 | ||||||
AXT, Inc.(1) | 469 | 3,494 | ||||||
Azenta, Inc. | 823 | 72,029 | ||||||
Broadcom, Inc. | 1,893 | 1,112,024 | ||||||
CEVA, Inc.(1) | 78 | 3,180 | ||||||
Cirrus Logic, Inc.(1) | 1,724 | 149,764 | ||||||
CMC Materials, Inc. | 187 | 34,675 | ||||||
Cohu, Inc.(1) | 570 | 17,773 | ||||||
Diodes, Inc.(1) | 1,119 | 100,251 | ||||||
Enphase Energy, Inc.(1) | 639 | 106,521 | ||||||
Entegris, Inc. | 1,359 | 177,322 | ||||||
First Solar, Inc.(1) | 1,628 | 122,572 | ||||||
Formfactor, Inc.(1) | 1,211 | 49,033 | ||||||
GLOBALFOUNDRIES, Inc.(1) | 259 | 15,742 | ||||||
Ichor Holdings Ltd.(1) | 351 | 12,366 | ||||||
Intel Corp. | 36,872 | 1,758,794 | ||||||
KLA Corp. | 2,480 | 864,280 | ||||||
Kulicke & Soffa Industries, Inc. | 1,620 | 84,629 | ||||||
Lam Research Corp. | 2,190 | 1,229,357 | ||||||
Lattice Semiconductor Corp.(1) | 701 | 43,897 | ||||||
MACOM Technology Solutions Holdings, Inc.(1) | 105 | 6,311 | ||||||
MagnaChip Semiconductor Corp.(1) | 601 | 10,938 | ||||||
Marvell Technology, Inc. | 4,008 | 273,867 | ||||||
MaxLinear, Inc.(1) | 539 | 33,068 | ||||||
Meta Materials, Inc.(1)(2) | 2,719 | 5,846 | ||||||
Microchip Technology, Inc. | 2,183 | 153,530 | ||||||
Micron Technology, Inc. | 17,292 | 1,536,567 | ||||||
MKS Instruments, Inc. | 885 | 133,281 | ||||||
Monolithic Power Systems, Inc. | 313 | 143,573 | ||||||
NeoPhotonics Corp.(1) | 423 | 6,476 | ||||||
NVIDIA Corp. | 10,245 | 2,498,243 | ||||||
NXP Semiconductors NV | 985 | 187,268 | ||||||
ON Semiconductor Corp.(1) | 10,396 | 650,894 | ||||||
Onto Innovation, Inc.(1) | 510 | 43,967 | ||||||
PDF Solutions, Inc.(1) | 768 | 21,013 |
46
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Photronics, Inc.(1) | 1,830 | $ | 33,709 | |||||
Power Integrations, Inc. | 882 | 79,380 | ||||||
Qorvo, Inc.(1) | 1,536 | 210,094 | ||||||
QUALCOMM, Inc. | 9,918 | 1,705,797 | ||||||
Rambus, Inc.(1) | 1,432 | 38,664 | ||||||
Semtech Corp.(1) | 543 | 37,673 | ||||||
Silicon Laboratories, Inc.(1) | 561 | 86,231 | ||||||
SiTime Corp.(1) | 38 | 7,681 | ||||||
Skyworks Solutions, Inc. | 2,106 | 290,986 | ||||||
SMART Global Holdings, Inc.(1) | 1,098 | 30,140 | ||||||
SolarEdge Technologies, Inc.(1) | 301 | 96,145 | ||||||
SunPower Corp.(1) | 635 | 11,386 | ||||||
Synaptics, Inc.(1) | 920 | 210,156 | ||||||
Teradyne, Inc. | 4,306 | 507,764 | ||||||
Texas Instruments, Inc. | 10,387 | 1,765,686 | ||||||
Ultra Clean Holdings, Inc.(1) | 942 | 43,153 | ||||||
Universal Display Corp. | 310 | 48,022 | ||||||
Veeco Instruments, Inc.(1) | 988 | 28,227 | ||||||
Wolfspeed, Inc.(1) | 646 | 66,357 | ||||||
20,787,412 | ||||||||
Software — 6.5% | ||||||||
8x8, Inc.(1) | 141 | 1,827 | ||||||
A10 Networks, Inc. | 1,937 | 27,583 | ||||||
ACI Worldwide, Inc.(1) | 251 | 8,414 | ||||||
Adobe, Inc.(1) | 2,013 | 941,440 | ||||||
Alarm.com Holdings, Inc.(1) | 229 | 15,075 | ||||||
Alkami Technology, Inc.(1)(2) | 692 | 10,906 | ||||||
Altair Engineering, Inc., Class A(1) | 262 | 17,402 | ||||||
Alteryx, Inc., Class A(1) | 79 | 4,922 | ||||||
American Software, Inc., Class A | 628 | 13,797 | ||||||
Anaplan, Inc.(1) | 290 | 13,737 | ||||||
ANSYS, Inc.(1) | 336 | 108,928 | ||||||
Appfolio, Inc., Class A(1) | 540 | 61,096 | ||||||
Appian Corp.(1) | 40 | 2,438 | ||||||
Asana, Inc., Class A(1) | 238 | 13,040 | ||||||
Aspen Technology, Inc.(1) | 644 | 98,152 | ||||||
Autodesk, Inc.(1) | 1,532 | 337,392 | ||||||
Avalara, Inc.(1) | 257 | 26,705 | ||||||
Avaya Holdings Corp.(1) | 936 | 12,889 | ||||||
Bentley Systems, Inc., Class B | 523 | 20,078 | ||||||
Bill.com Holdings, Inc.(1) | 547 | 130,120 | ||||||
Black Knight, Inc.(1) | 377 | 21,184 | ||||||
Blackbaud, Inc.(1) | 48 | 3,000 | ||||||
Blackline, Inc.(1) | 233 | 17,547 | ||||||
Bottomline Technologies de, Inc.(1) | 113 | 6,400 | ||||||
Box, Inc., Class A(1) | 1,329 | 34,036 | ||||||
C3.ai, Inc., Class A(1) | 297 | 6,659 | ||||||
Cadence Design Systems, Inc.(1) | 2,267 | 343,292 | ||||||
CDK Global, Inc. | 695 | 31,511 | ||||||
Ceridian HCM Holding, Inc.(1) | 388 | 28,289 | ||||||
ChannelAdvisor Corp.(1) | 197 | 3,536 |
47
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Citrix Systems, Inc. | 775 | $ | 79,437 | |||||
CommVault Systems, Inc.(1) | 646 | 40,640 | ||||||
Consensus Cloud Solutions, Inc.(1) | 294 | 16,364 | ||||||
CoreCard Corp.(1) | 134 | 4,317 | ||||||
Coupa Software, Inc.(1) | 162 | 19,604 | ||||||
Crowdstrike Holdings, Inc., Class A(1) | 1,182 | 230,738 | ||||||
Datadog, Inc., Class A(1) | 734 | 118,255 | ||||||
Digital Turbine, Inc.(1) | 1,458 | 70,684 | ||||||
DocuSign, Inc.(1) | 1,998 | 236,623 | ||||||
Dolby Laboratories, Inc., Class A | 512 | 38,451 | ||||||
Domo, Inc., Class B(1) | 70 | 3,115 | ||||||
Dropbox, Inc., Class A(1) | 1,553 | 35,238 | ||||||
Duck Creek Technologies, Inc.(1) | 204 | 4,790 | ||||||
Dynatrace, Inc.(1) | 454 | 20,167 | ||||||
E2open Parent Holdings, Inc.(1)(2) | 920 | 8,262 | ||||||
Elastic NV(1) | 232 | 20,103 | ||||||
Envestnet, Inc.(1) | 56 | 4,190 | ||||||
Fair Isaac Corp.(1) | 220 | 103,662 | ||||||
Five9, Inc.(1) | 84 | 9,240 | ||||||
Fortinet, Inc.(1) | 1,785 | 614,968 | ||||||
Guidewire Software, Inc.(1) | 731 | 64,438 | ||||||
HubSpot, Inc.(1) | 150 | 78,750 | ||||||
InterDigital, Inc. | 562 | 36,204 | ||||||
Intuit, Inc. | 1,093 | 518,486 | ||||||
Jamf Holding Corp.(1)(2) | 148 | 5,063 | ||||||
Manhattan Associates, Inc.(1) | 966 | 129,135 | ||||||
Marathon Digital Holdings, Inc.(1)(2) | 669 | 16,959 | ||||||
McAfee Corp., Class A | 779 | 20,246 | ||||||
Microsoft Corp. | 47,550 | 14,207,464 | ||||||
MicroStrategy, Inc., Class A(1) | 59 | 26,137 | ||||||
Mimecast Ltd.(1) | 701 | 55,751 | ||||||
Mitek Systems, Inc.(1) | 300 | 4,458 | ||||||
nCino, Inc.(1) | 253 | 11,620 | ||||||
NCR Corp.(1) | 943 | 38,210 | ||||||
New Relic, Inc.(1) | 247 | 16,361 | ||||||
NortonLifeLock, Inc. | 2,630 | 76,217 | ||||||
Nuance Communications, Inc.(1) | 485 | 26,927 | ||||||
Nutanix, Inc., Class A(1) | 878 | 23,443 | ||||||
OneSpan, Inc.(1) | 120 | 1,654 | ||||||
Oracle Corp. (New York) | 6,108 | 464,025 | ||||||
PagerDuty, Inc.(1) | 480 | 16,234 | ||||||
Palantir Technologies, Inc., Class A(1) | 6,821 | 80,829 | ||||||
Palo Alto Networks, Inc.(1) | 959 | 569,886 | ||||||
Paycom Software, Inc.(1) | 360 | 122,116 | ||||||
Paylocity Holding Corp.(1) | 260 | 55,234 | ||||||
Pegasystems, Inc. | 212 | 18,469 | ||||||
Procore Technologies, Inc.(1) | 234 | 15,254 | ||||||
Progress Software Corp. | 99 | 4,364 | ||||||
PTC, Inc.(1) | 165 | 18,361 | ||||||
Q2 Holdings, Inc.(1) | 48 | 3,122 | ||||||
Qualys, Inc.(1) | 831 | 104,133 |
48
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Rapid7, Inc.(1) | 344 | $ | 35,590 | |||||
RingCentral, Inc., Class A(1) | 153 | 20,018 | ||||||
SailPoint Technologies Holdings, Inc.(1) | 179 | 7,405 | ||||||
salesforce.com, Inc.(1) | 2,871 | 604,432 | ||||||
ServiceNow, Inc.(1) | 901 | 522,508 | ||||||
ShotSpotter, Inc.(1) | 76 | 1,952 | ||||||
Smartsheet, Inc., Class A(1) | 581 | 30,892 | ||||||
Splunk, Inc.(1) | 446 | 52,673 | ||||||
Sprout Social, Inc., Class A(1) | 65 | 4,232 | ||||||
SPS Commerce, Inc.(1) | 399 | 51,810 | ||||||
SS&C Technologies Holdings, Inc. | 517 | 38,759 | ||||||
Sumo Logic, Inc.(1) | 500 | 6,020 | ||||||
Synopsys, Inc.(1) | 669 | 208,989 | ||||||
Tenable Holdings, Inc.(1) | 482 | 26,683 | ||||||
Teradata Corp.(1) | 2,037 | 101,830 | ||||||
Trade Desk, Inc. (The), Class A(1) | 1,746 | 148,969 | ||||||
Tyler Technologies, Inc.(1) | 156 | 66,809 | ||||||
Unity Software, Inc.(1) | 612 | 65,147 | ||||||
Varonis Systems, Inc.(1) | 808 | 35,229 | ||||||
Verint Systems, Inc.(1) | 99 | 4,973 | ||||||
VirnetX Holding Corp.(1)(2) | 637 | 1,159 | ||||||
VMware, Inc., Class A | 763 | 89,515 | ||||||
Vonage Holdings Corp.(1) | 279 | 5,669 | ||||||
Workday, Inc., Class A(1) | 579 | 132,620 | ||||||
Xperi Holding Corp. | 52 | 901 | ||||||
Zendesk, Inc.(1) | 119 | 13,884 | ||||||
Zoom Video Communications, Inc., Class A(1) | 605 | 80,223 | ||||||
Zscaler, Inc.(1) | 240 | 57,396 | ||||||
23,286,080 | ||||||||
Specialty Retail — 3.1% | ||||||||
Aaron's Co., Inc. (The) | 1,139 | 23,908 | ||||||
Abercrombie & Fitch Co., Class A(1) | 2,006 | 76,388 | ||||||
Academy Sports & Outdoors, Inc.(1) | 3,368 | 109,022 | ||||||
Advance Auto Parts, Inc. | 1,645 | 336,370 | ||||||
America's Car-Mart, Inc.(1) | 39 | 3,751 | ||||||
American Eagle Outfitters, Inc.(2) | 2,570 | 54,176 | ||||||
Arko Corp.(1) | 1,950 | 16,282 | ||||||
Asbury Automotive Group, Inc.(1) | 791 | 153,541 | ||||||
AutoNation, Inc.(1) | 1,703 | 195,266 | ||||||
AutoZone, Inc.(1) | 93 | 173,295 | ||||||
Barnes & Noble Education, Inc.(1) | 1,935 | 10,604 | ||||||
Bath & Body Works, Inc. | 773 | 41,255 | ||||||
Bed Bath & Beyond, Inc.(1)(2) | 1,677 | 28,325 | ||||||
Best Buy Co., Inc. | 4,874 | 471,023 | ||||||
Big 5 Sporting Goods Corp.(2) | 321 | 5,316 | ||||||
Boot Barn Holdings, Inc.(1) | 1,085 | 94,417 | ||||||
Buckle, Inc. (The) | 1,139 | 41,004 | ||||||
Build-A-Bear Workshop, Inc. | 1,114 | 22,759 | ||||||
Burlington Stores, Inc.(1) | 1,070 | 241,702 | ||||||
Caleres, Inc. | 1,305 | 27,092 | ||||||
Camping World Holdings, Inc., Class A | 462 | 14,188 |
49
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
CarMax, Inc.(1) | 1,491 | $ | 163,011 | |||||
Carvana Co.(1) | 155 | 23,323 | ||||||
Cato Corp. (The), Class A | 608 | 10,701 | ||||||
Chico's FAS, Inc.(1) | 3,603 | 16,934 | ||||||
Children's Place, Inc. (The)(1) | 496 | 31,228 | ||||||
Citi Trends, Inc.(1) | 310 | 11,566 | ||||||
Conn's, Inc.(1) | 1,071 | 19,642 | ||||||
Container Store Group, Inc. (The)(1) | 332 | 2,932 | ||||||
Designer Brands, Inc., Class A(1) | 2,126 | 27,744 | ||||||
Dick's Sporting Goods, Inc.(2) | 2,161 | 226,905 | ||||||
Express, Inc.(1) | 1,177 | 5,603 | ||||||
Five Below, Inc.(1) | 1,398 | 228,727 | ||||||
Floor & Decor Holdings, Inc., Class A(1) | 2,329 | 222,699 | ||||||
Foot Locker, Inc. | 2,276 | 71,967 | ||||||
GameStop Corp., Class A(1)(2) | 36 | 4,440 | ||||||
Gap, Inc. (The) | 4,484 | 65,242 | ||||||
Genesco, Inc.(1) | 669 | 42,916 | ||||||
Group 1 Automotive, Inc. | 719 | 130,808 | ||||||
Guess?, Inc. | 1,409 | 30,857 | ||||||
Haverty Furniture Cos., Inc. | 552 | 15,682 | ||||||
Hibbett, Inc. | 424 | 19,114 | ||||||
Home Depot, Inc. (The) | 6,141 | 1,939,512 | ||||||
Kirkland's, Inc.(1)(2) | 193 | 2,671 | ||||||
Leslie's, Inc.(1) | 228 | 4,859 | ||||||
Lithia Motors, Inc. | 612 | 208,582 | ||||||
LL Flooring Holdings, Inc.(1) | 428 | 6,874 | ||||||
Lowe's Cos., Inc. | 4,043 | 893,746 | ||||||
MarineMax, Inc.(1) | 860 | 39,354 | ||||||
Monro, Inc. | 56 | 2,614 | ||||||
Murphy USA, Inc. | 981 | 177,306 | ||||||
National Vision Holdings, Inc.(1) | 585 | 21,452 | ||||||
O'Reilly Automotive, Inc.(1) | 527 | 342,149 | ||||||
ODP Corp. (The)(1) | 983 | 43,252 | ||||||
OneWater Marine, Inc., Class A | 355 | 18,038 | ||||||
Party City Holdco, Inc.(1) | 635 | 2,750 | ||||||
Penske Automotive Group, Inc. | 1,020 | 100,256 | ||||||
Rent-A-Center, Inc. | 1,267 | 35,995 | ||||||
RH(1) | 456 | 183,253 | ||||||
Ross Stores, Inc. | 4,957 | 453,020 | ||||||
Sally Beauty Holdings, Inc.(1) | 1,334 | 23,051 | ||||||
Shoe Carnival, Inc. | 492 | 14,347 | ||||||
Signet Jewelers Ltd. | 2,014 | 141,987 | ||||||
Sleep Number Corp.(1) | 59 | 3,876 | ||||||
Sonic Automotive, Inc., Class A | 922 | 49,521 | ||||||
Sportsman's Warehouse Holdings, Inc.(1) | 796 | 9,082 | ||||||
Tilly's, Inc., Class A | 712 | 9,042 | ||||||
TJX Cos., Inc. (The) | 14,577 | 963,540 | ||||||
Tractor Supply Co. | 2,936 | 598,327 | ||||||
TravelCenters of America, Inc.(1) | 734 | 30,997 | ||||||
Ulta Beauty, Inc.(1) | 1,432 | 536,284 | ||||||
Urban Outfitters, Inc.(1) | 1,183 | 32,544 |
50
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Victoria's Secret & Co.(1) | 3,269 | $ | 175,316 | |||||
Vroom, Inc.(1)(2) | 638 | 3,879 | ||||||
Williams-Sonoma, Inc. | 2,325 | 336,799 | ||||||
Zumiez, Inc.(1) | 640 | 28,474 | ||||||
10,944,474 | ||||||||
Technology Hardware, Storage and Peripherals — 5.0% | ||||||||
3D Systems Corp.(1) | 827 | 14,737 | ||||||
Apple, Inc. | 101,155 | 16,702,714 | ||||||
Avid Technology, Inc.(1) | 259 | 8,148 | ||||||
Dell Technologies, Inc., Class C(1) | 2,087 | 106,354 | ||||||
Diebold Nixdorf, Inc.(1) | 309 | 2,688 | ||||||
Hewlett Packard Enterprise Co. | 10,968 | 174,611 | ||||||
HP, Inc. | 5,124 | 176,061 | ||||||
NetApp, Inc. | 2,900 | 227,302 | ||||||
Pure Storage, Inc., Class A(1) | 1,885 | 48,897 | ||||||
Seagate Technology Holdings plc | 2,759 | 284,618 | ||||||
Stratasys Ltd.(1) | 65 | 1,630 | ||||||
Super Micro Computer, Inc.(1) | 867 | 34,064 | ||||||
Turtle Beach Corp.(1) | 208 | 4,944 | ||||||
Western Digital Corp.(1) | 1,057 | 53,844 | ||||||
Xerox Holdings Corp. | 1,431 | 28,205 | ||||||
17,868,817 | ||||||||
Textiles, Apparel and Luxury Goods — 1.3% | ||||||||
Capri Holdings Ltd.(1) | 4,638 | 314,178 | ||||||
Carter's, Inc. | 1,203 | 116,306 | ||||||
Columbia Sportswear Co. | 506 | 46,916 | ||||||
Crocs, Inc.(1) | 1,885 | 157,831 | ||||||
Deckers Outdoor Corp.(1) | 786 | 226,871 | ||||||
Fossil Group, Inc.(1) | 764 | 10,329 | ||||||
G-III Apparel Group Ltd.(1) | 920 | 25,521 | ||||||
Hanesbrands, Inc. | 5,462 | 84,388 | ||||||
Kontoor Brands, Inc. | 1,131 | 56,030 | ||||||
Lakeland Industries, Inc.(1) | 124 | 2,367 | ||||||
Levi Strauss & Co., Class A | 2,442 | 55,311 | ||||||
lululemon athletica, Inc.(1) | 1,798 | 575,252 | ||||||
Movado Group, Inc. | 613 | 24,165 | ||||||
NIKE, Inc., Class B | 11,788 | 1,609,652 | ||||||
Oxford Industries, Inc. | 572 | 50,559 | ||||||
PVH Corp. | 2,090 | 204,590 | ||||||
Ralph Lauren Corp. | 892 | 117,780 | ||||||
Rocky Brands, Inc. | 110 | 4,239 | ||||||
Skechers USA, Inc., Class A(1) | 1,975 | 90,811 | ||||||
Steven Madden Ltd. | 1,100 | 46,926 | ||||||
Superior Group of Cos., Inc. | 178 | 3,649 | ||||||
Tapestry, Inc. | 7,489 | 306,300 | ||||||
Under Armour, Inc., Class A(1) | 4,094 | 73,242 | ||||||
Under Armour, Inc., Class C(1) | 4,805 | 75,102 | ||||||
Unifi, Inc.(1) | 394 | 7,395 | ||||||
VF Corp. | 3,131 | 181,661 | ||||||
Wolverine World Wide, Inc. | 1,604 | 36,940 | ||||||
4,504,311 |
51
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Thrifts and Mortgage Finance — 0.4% | ||||||||
Axos Financial, Inc.(1) | 1,381 | $ | 75,596 | |||||
Blue Foundry Bancorp(1) | 1,039 | 14,432 | ||||||
Bridgewater Bancshares, Inc.(1) | 288 | 4,847 | ||||||
Columbia Financial, Inc.(1) | 962 | 20,433 | ||||||
Enact Holdings, Inc. | 435 | 9,048 | ||||||
Essent Group Ltd. | 2,607 | 115,177 | ||||||
Federal Agricultural Mortgage Corp., Class C | 285 | 35,255 | ||||||
Flagstar Bancorp, Inc. | 1,880 | 85,690 | ||||||
FS Bancorp, Inc. | 140 | 4,483 | ||||||
Hingham Institution For Savings (The) | 30 | 10,795 | ||||||
Kearny Financial Corp. | 988 | 13,051 | ||||||
Merchants Bancorp | 397 | 11,493 | ||||||
MGIC Investment Corp. | 8,488 | 128,848 | ||||||
Mr. Cooper Group, Inc.(1) | 2,696 | 137,038 | ||||||
New York Community Bancorp, Inc. | 8,455 | 97,571 | ||||||
NMI Holdings, Inc., Class A(1) | 2,464 | 57,017 | ||||||
Northfield Bancorp, Inc. | 1,268 | 19,908 | ||||||
Ocwen Financial Corp.(1) | 202 | 5,783 | ||||||
PennyMac Financial Services, Inc. | 1,046 | 60,406 | ||||||
Provident Financial Services, Inc. | 1,634 | 38,775 | ||||||
Radian Group, Inc. | 4,163 | 99,496 | ||||||
Southern Missouri Bancorp, Inc. | 393 | 21,057 | ||||||
TFS Financial Corp. | 577 | 9,907 | ||||||
TrustCo Bank Corp. NY | 416 | 14,215 | ||||||
Walker & Dunlop, Inc. | 1,247 | 172,522 | ||||||
Washington Federal, Inc. | 1,392 | 49,527 | ||||||
Waterstone Financial, Inc. | 1,058 | 20,673 | ||||||
WSFS Financial Corp. | 1,283 | 65,215 | ||||||
1,398,258 | ||||||||
Trading Companies and Distributors — 0.8% | ||||||||
Air Lease Corp. | 3,323 | 138,768 | ||||||
Alta Equipment Group, Inc.(1) | 676 | 8,524 | ||||||
Applied Industrial Technologies, Inc. | 796 | 80,476 | ||||||
Beacon Roofing Supply, Inc.(1) | 542 | 32,352 | ||||||
BlueLinx Holdings, Inc.(1) | 434 | 38,791 | ||||||
Boise Cascade Co. | 1,880 | 150,287 | ||||||
DXP Enterprises, Inc.(1) | 187 | 5,369 | ||||||
Fastenal Co. | 8,539 | 439,417 | ||||||
GATX Corp. | 1,279 | 136,380 | ||||||
Global Industrial Co. | 719 | 22,850 | ||||||
GMS, Inc.(1) | 1,112 | 60,326 | ||||||
H&E Equipment Services, Inc. | 1,433 | 59,842 | ||||||
Herc Holdings, Inc. | 1,057 | 168,190 | ||||||
Huttig Building Products, Inc.(1) | 896 | 8,324 | ||||||
Lawson Products, Inc.(1) | 92 | 3,911 | ||||||
McGrath RentCorp | 588 | 47,793 | ||||||
MRC Global, Inc.(1) | 2,908 | 29,371 | ||||||
MSC Industrial Direct Co., Inc., Class A | 722 | 55,941 | ||||||
NOW, Inc.(1) | 3,177 | 29,673 | ||||||
Rush Enterprises, Inc., Class A | 1,829 | 94,998 |
52
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Rush Enterprises, Inc., Class B | 295 | $ | 14,458 | |||||
SiteOne Landscape Supply, Inc.(1) | 519 | 89,491 | ||||||
Textainer Group Holdings Ltd. | 1,559 | 55,360 | ||||||
Titan Machinery, Inc.(1) | 997 | 28,245 | ||||||
Transcat, Inc.(1) | 74 | 5,806 | ||||||
Triton International Ltd. | 2,813 | 184,758 | ||||||
United Rentals, Inc.(1) | 588 | 189,112 | ||||||
Univar Solutions, Inc.(1) | 248 | 7,616 | ||||||
Veritiv Corp.(1) | 461 | 49,405 | ||||||
W.W. Grainger, Inc. | 1,138 | 542,894 | ||||||
Watsco, Inc. | 365 | 99,667 | ||||||
WESCO International, Inc.(1) | 504 | 61,352 | ||||||
Willis Lease Finance Corp.(1) | 118 | 4,125 | ||||||
2,943,872 | ||||||||
Water Utilities† | ||||||||
American States Water Co. | 389 | 32,738 | ||||||
American Water Works Co., Inc. | 125 | 18,886 | ||||||
California Water Service Group | 504 | 28,693 | ||||||
Essential Utilities, Inc. | 555 | 26,146 | ||||||
106,463 | ||||||||
Wireless Telecommunication Services — 0.2% | ||||||||
Shenandoah Telecommunications Co. | 1,063 | 23,758 | ||||||
T-Mobile US, Inc.(1) | 4,222 | 520,193 | ||||||
Telephone and Data Systems, Inc. | 2,844 | 49,343 | ||||||
United States Cellular Corp.(1) | 145 | 3,989 | ||||||
597,283 | ||||||||
TOTAL COMMON STOCKS (Cost $335,505,251) | 355,731,235 | |||||||
SHORT-TERM INVESTMENTS — 3.1% | ||||||||
Money Market Funds — 3.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 9,548,784 | 9,548,784 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 1,390,787 | 1,390,787 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $10,939,571) | 10,939,571 | |||||||
TOTAL INVESTMENT SECURITIES — 102.6% (Cost $346,444,822) | 366,670,806 | |||||||
OTHER ASSETS AND LIABILITIES — (2.6)% | (9,178,174) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 357,492,632 |
FUTURES CONTRACTS PURCHASED | |||||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | |||||||||||||
S&P 500 E-Mini | 4 | March 2022 | $ | 873,600 | $ | (40,969) |
^Amount represents value and unrealized appreciation (depreciation).
53
Avantis U.S. Equity Fund
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,044,876. 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 $2,088,267, which includes securities collateral of $697,480.
See Notes to Financial Statements.
54
FEBRUARY 28, 2022 (UNAUDITED)
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Aerospace and Defense — 0.4% | ||||||||
AAR Corp.(1) | 14,119 | $ | 634,508 | |||||
Kaman Corp. | 13,725 | 595,802 | ||||||
Moog, Inc., Class A | 3,173 | 263,708 | ||||||
1,494,018 | ||||||||
Air Freight and Logistics — 1.0% | ||||||||
Air Transport Services Group, Inc.(1) | 40,249 | 1,268,246 | ||||||
Atlas Air Worldwide Holdings, Inc.(1) | 20,750 | 1,625,970 | ||||||
Hub Group, Inc., Class A(1) | 7,048 | 594,851 | ||||||
3,489,067 | ||||||||
Airlines — 0.6% | ||||||||
Allegiant Travel Co.(1) | 6,931 | 1,206,618 | ||||||
Hawaiian Holdings, Inc.(1) | 10,471 | 200,834 | ||||||
Mesa Air Group, Inc.(1) | 4,324 | 18,809 | ||||||
SkyWest, Inc.(1) | 29,145 | 819,266 | ||||||
2,245,527 | ||||||||
Auto Components — 1.4% | ||||||||
American Axle & Manufacturing Holdings, Inc.(1) | 52,422 | 485,428 | ||||||
Cooper-Standard Holdings, Inc.(1) | 1,677 | 21,331 | ||||||
Dana, Inc. | 24,492 | 456,041 | ||||||
Dorman Products, Inc.(1) | 5,959 | 556,690 | ||||||
Gentherm, Inc.(1) | 2,944 | 249,769 | ||||||
Goodyear Tire & Rubber Co. (The)(1) | 155,147 | 2,403,227 | ||||||
Modine Manufacturing Co.(1) | 8,884 | 89,728 | ||||||
Motorcar Parts of America, Inc.(1) | 5,397 | 87,162 | ||||||
Standard Motor Products, Inc. | 10,459 | 457,163 | ||||||
Strattec Security Corp.(1) | 45 | 1,710 | ||||||
4,808,249 | ||||||||
Automobiles — 0.4% | ||||||||
Harley-Davidson, Inc. | 5,750 | 237,475 | ||||||
Winnebago Industries, Inc. | 16,078 | 1,030,117 | ||||||
1,267,592 | ||||||||
Banks — 16.3% | ||||||||
1st Source Corp. | 3,078 | 148,637 | ||||||
ACNB Corp. | 923 | 29,702 | ||||||
Amalgamated Financial Corp. | 3,591 | 61,657 | ||||||
Amerant Bancorp, Inc. | 4,693 | 152,288 | ||||||
American National Bankshares, Inc. | 1,409 | 54,387 | ||||||
Ameris Bancorp | 17,256 | 854,172 | ||||||
Ames National Corp. | 1,518 | 36,371 | ||||||
Arrow Financial Corp. | 3,365 | 115,588 | ||||||
Associated Banc-Corp. | 51,876 | 1,265,256 | ||||||
Atlantic Capital Bancshares, Inc.(1) | 4,632 | 149,799 | ||||||
Banc of California, Inc. | 11,651 | 228,942 | ||||||
BancFirst Corp. | 4,390 | 342,991 | ||||||
Bancorp, Inc. (The)(1) | 18,493 | 541,845 | ||||||
Bank First Corp. | 423 | 29,792 | ||||||
Bank of Hawaii Corp. | 9,791 | 843,788 | ||||||
Bank OZK | 8,474 | 398,447 |
55
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
BankFinancial Corp. | 377 | $ | 4,113 | |||||
BankUnited, Inc. | 24,034 | 1,062,303 | ||||||
Banner Corp. | 11,103 | 684,056 | ||||||
Bar Harbor Bankshares | 2,956 | 84,985 | ||||||
Baycom Corp.(1) | 1,850 | 41,551 | ||||||
BCB Bancorp, Inc. | 3,352 | 61,073 | ||||||
Brookline Bancorp., Inc. | 21,062 | 361,003 | ||||||
Business First Bancshares, Inc. | 3,317 | 86,872 | ||||||
Byline Bancorp, Inc. | 4,809 | 131,141 | ||||||
C&F Financial Corp. | 431 | 21,692 | ||||||
Cambridge Bancorp | 500 | 44,075 | ||||||
Camden National Corp. | 3,412 | 162,241 | ||||||
Capital Bancorp, Inc. | 2,756 | 68,376 | ||||||
Capital City Bank Group, Inc. | 2,809 | 78,849 | ||||||
Capstar Financial Holdings, Inc. | 3,560 | 76,184 | ||||||
Cathay General Bancorp | 25,409 | 1,194,985 | ||||||
CB Financial Services, Inc. | 235 | 5,910 | ||||||
Central Pacific Financial Corp. | 7,240 | 211,336 | ||||||
Central Valley Community Bancorp | 2,641 | 60,928 | ||||||
Chemung Financial Corp. | 842 | 38,589 | ||||||
City Holding Co. | 3,653 | 291,034 | ||||||
Civista Bancshares, Inc. | 2,482 | 60,536 | ||||||
CNB Financial Corp. | 3,804 | 99,475 | ||||||
Coastal Financial Corp.(1) | 250 | 11,900 | ||||||
Colony Bankcorp, Inc. | 416 | 7,609 | ||||||
Community Financial Corp. (The) | 1,296 | 52,242 | ||||||
Community Trust Bancorp, Inc. | 3,584 | 151,532 | ||||||
ConnectOne Bancorp, Inc. | 12,835 | 423,555 | ||||||
CrossFirst Bankshares, Inc.(1) | 1,648 | 25,923 | ||||||
Customers Bancorp, Inc.(1) | 15,789 | 971,813 | ||||||
Dime Community Bancshares, Inc. | 4,859 | 165,157 | ||||||
Eagle Bancorp Montana, Inc. | 1,752 | 38,719 | ||||||
Eagle Bancorp, Inc. | 9,609 | 575,771 | ||||||
Enterprise Bancorp, Inc. | 1,329 | 53,545 | ||||||
Enterprise Financial Services Corp. | 1,640 | 81,082 | ||||||
Equity Bancshares, Inc., Class A | 2,793 | 87,840 | ||||||
Esquire Financial Holdings, Inc.(1) | 1,574 | 53,122 | ||||||
Evans Bancorp, Inc. | 1,322 | 53,039 | ||||||
F.N.B. Corp. | 73,674 | 989,442 | ||||||
Farmers National Banc Corp. | 6,519 | 112,322 | ||||||
FB Financial Corp. | 11,776 | 523,325 | ||||||
Financial Institutions, Inc. | 3,877 | 123,831 | ||||||
First BanCorp | 54,059 | 763,313 | ||||||
First Bancorp, Inc. (The) | 227 | 6,765 | ||||||
First Bancorp/Southern Pines NC | 6,690 | 300,247 | ||||||
First Bank/Hamilton NJ | 4,600 | 67,022 | ||||||
First Busey Corp. | 17,384 | 477,191 | ||||||
First Business Financial Services, Inc. | 977 | 32,192 | ||||||
First Citizens BancShares, Inc., Class A | 896 | 706,451 | ||||||
First Commonwealth Financial Corp. | 25,663 | 414,457 | ||||||
First Community Bankshares, Inc. | 2,500 | 73,325 |
56
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
First Community Corp. | 85 | $ | 1,737 | |||||
First Financial Corp. | 2,780 | 129,298 | ||||||
First Foundation, Inc. | 13,911 | 371,006 | ||||||
First Guaranty Bancshares, Inc. | 266 | 5,629 | ||||||
First Internet Bancorp | 2,597 | 126,941 | ||||||
First Mid Bancshares, Inc. | 2,956 | 118,447 | ||||||
First of Long Island Corp. (The) | 5,675 | 123,545 | ||||||
First Savings Financial Group, Inc. | 1,383 | 35,266 | ||||||
First United Corp. | 279 | 6,651 | ||||||
First Western Financial, Inc.(1) | 900 | 29,871 | ||||||
Flushing Financial Corp. | 7,696 | 180,779 | ||||||
FNCB Bancorp, Inc. | 206 | 1,914 | ||||||
Franklin Financial Services Corp. | 146 | 4,865 | ||||||
Fulton Financial Corp. | 61,870 | 1,114,897 | ||||||
FVCBankcorp, Inc.(1) | 598 | 12,492 | ||||||
Glacier Bancorp, Inc. | 2,554 | 141,492 | ||||||
Great Southern Bancorp, Inc. | 2,864 | 175,907 | ||||||
Hancock Whitney Corp. | 28,231 | 1,571,902 | ||||||
Hanmi Financial Corp. | 10,668 | 278,648 | ||||||
HarborOne Bancorp, Inc. | 11,000 | 162,690 | ||||||
Hawthorn Bancshares, Inc. | 762 | 19,919 | ||||||
HBT Financial, Inc. | 2,201 | 42,127 | ||||||
Heartland Financial USA, Inc. | 12,676 | 628,983 | ||||||
Hilltop Holdings, Inc. | 18,784 | 580,801 | ||||||
HomeStreet, Inc. | 8,098 | 416,723 | ||||||
HomeTrust Bancshares, Inc. | 2,923 | 87,924 | ||||||
Hope Bancorp, Inc. | 31,733 | 538,192 | ||||||
Horizon Bancorp, Inc. | 10,432 | 209,475 | ||||||
Independent Bank Corp. (Michigan) | 5,710 | 135,898 | ||||||
International Bancshares Corp. | 14,177 | 609,753 | ||||||
Investar Holding Corp. | 2,251 | 45,808 | ||||||
Investors Bancorp, Inc. | 86,972 | 1,455,911 | ||||||
Lakeland Bancorp, Inc. | 11,313 | 204,087 | ||||||
Lakeland Financial Corp. | 3,035 | 243,437 | ||||||
Landmark Bancorp, Inc. | 195 | 5,234 | ||||||
LCNB Corp. | 1,807 | 32,869 | ||||||
Level One Bancorp, Inc. | 984 | 40,541 | ||||||
Limestone Bancorp, Inc.(1) | 58 | 1,083 | ||||||
Live Oak Bancshares, Inc. | 8,775 | 561,161 | ||||||
Macatawa Bank Corp. | 7,793 | 71,540 | ||||||
Mercantile Bank Corp. | 3,782 | 139,442 | ||||||
Meridian Corp. | 1,533 | 54,268 | ||||||
Meta Financial Group, Inc. | 10,015 | 554,731 | ||||||
Metrocity Bankshares, Inc. | 3,750 | 91,162 | ||||||
Metropolitan Bank Holding Corp.(1) | 2,839 | 290,288 | ||||||
Mid Penn Bancorp, Inc. | 1,366 | 38,234 | ||||||
Midland States Bancorp, Inc. | 4,977 | 146,125 | ||||||
MidWestOne Financial Group, Inc. | 3,723 | 112,397 | ||||||
MVB Financial Corp. | 2,840 | 109,397 | ||||||
National Bank Holdings Corp., Class A | 8,652 | 383,976 | ||||||
National Bankshares, Inc. | 300 | 11,151 |
57
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
NBT Bancorp, Inc. | 13,430 | $ | 515,309 | |||||
Nicolet Bankshares, Inc.(1) | 1,583 | 150,797 | ||||||
Northeast Bank | 1,928 | 70,218 | ||||||
Northrim BanCorp, Inc. | 1,797 | 80,488 | ||||||
Oak Valley Bancorp | 775 | 14,725 | ||||||
OFG Bancorp | 18,224 | 513,552 | ||||||
Old National Bancorp. | 53,402 | 976,189 | ||||||
Old Second Bancorp, Inc. | 7,020 | 99,895 | ||||||
Origin Bancorp, Inc. | 5,780 | 266,920 | ||||||
Orrstown Financial Services, Inc. | 2,704 | 66,032 | ||||||
Pacific Premier Bancorp, Inc. | 10,714 | 414,739 | ||||||
PacWest Bancorp | 43,726 | 2,160,939 | ||||||
Park National Corp. | 4,634 | 621,234 | ||||||
Parke Bancorp, Inc. | 2,104 | 49,633 | ||||||
PCB Bancorp. | 1,436 | 33,789 | ||||||
Peapack-Gladstone Financial Corp. | 4,207 | 158,688 | ||||||
Peoples Bancorp of North Carolina, Inc. | 588 | 16,752 | ||||||
Peoples Bancorp, Inc. | 5,085 | 159,059 | ||||||
Plumas Bancorp | 642 | 25,430 | ||||||
Popular, Inc. | 16,729 | 1,536,559 | ||||||
Preferred Bank | 1,707 | 133,965 | ||||||
Premier Financial Corp. | 12,362 | 379,143 | ||||||
Primis Financial Corp. | 5,304 | 75,847 | ||||||
QCR Holdings, Inc. | 4,571 | 255,336 | ||||||
RBB Bancorp | 3,757 | 90,619 | ||||||
Red River Bancshares, Inc. | 185 | 9,472 | ||||||
Republic Bancorp, Inc., Class A | 3,166 | 145,256 | ||||||
Salisbury Bancorp, Inc. | 31 | 1,712 | ||||||
Sandy Spring Bancorp, Inc. | 15,303 | 720,618 | ||||||
SB Financial Group, Inc. | 134 | 2,546 | ||||||
ServisFirst Bancshares, Inc. | 7,912 | 691,351 | ||||||
Shore Bancshares, Inc. | 1,205 | 25,401 | ||||||
Sierra Bancorp | 3,475 | 93,269 | ||||||
Simmons First National Corp., Class A | 22,259 | 634,827 | ||||||
SmartFinancial, Inc. | 2,267 | 59,146 | ||||||
South Plains Financial, Inc. | 2,649 | 73,298 | ||||||
Southern First Bancshares, Inc.(1) | 1,448 | 82,623 | ||||||
Southside Bancshares, Inc. | 8,017 | 334,229 | ||||||
Spirit of Texas Bancshares, Inc. | 3,243 | 92,523 | ||||||
Stock Yards Bancorp, Inc. | 3,157 | 168,805 | ||||||
Summit Financial Group, Inc. | 1,425 | 38,860 | ||||||
Synovus Financial Corp. | 16,965 | 893,207 | ||||||
Texas Capital Bancshares, Inc.(1) | 14,141 | 941,791 | ||||||
Tompkins Financial Corp. | 2,874 | 227,333 | ||||||
Towne Bank | 19,687 | 613,841 | ||||||
Trico Bancshares | 6,953 | 301,760 | ||||||
TriState Capital Holdings, Inc.(1) | 6,084 | 201,989 | ||||||
Triumph Bancorp, Inc.(1) | 3,000 | 300,960 | ||||||
Trustmark Corp. | 18,782 | 591,445 | ||||||
UMB Financial Corp. | 15,586 | 1,587,590 | ||||||
Umpqua Holdings Corp. | 86,466 | 1,846,049 |
58
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Union Bankshares, Inc. | 156 | $ | 4,806 | |||||
United Bankshares, Inc. | 1,691 | 61,924 | ||||||
United Community Banks, Inc. | 29,137 | 1,126,436 | ||||||
United Security Bancshares | 700 | 5,887 | ||||||
Unity Bancorp, Inc. | 1,160 | 32,886 | ||||||
Univest Financial Corp. | 7,718 | 223,668 | ||||||
Valley National Bancorp | 98,198 | 1,371,826 | ||||||
Washington Trust Bancorp, Inc. | 4,347 | 235,912 | ||||||
Webster Financial Corp. | 38,252 | 2,303,153 | ||||||
West BanCorp, Inc. | 3,824 | 110,514 | ||||||
Wintrust Financial Corp. | 18,135 | 1,801,894 | ||||||
56,808,979 | ||||||||
Beverages — 0.4% | ||||||||
Coca-Cola Consolidated, Inc. | 2,476 | 1,230,399 | ||||||
Biotechnology — 1.2% | ||||||||
Alector, Inc.(1) | 19,406 | 307,391 | ||||||
Catalyst Pharmaceuticals, Inc.(1) | 37,255 | 290,589 | ||||||
Emergent BioSolutions, Inc.(1) | 17,702 | 732,509 | ||||||
Ironwood Pharmaceuticals, Inc.(1) | 65,025 | 699,669 | ||||||
iTeos Therapeutics, Inc.(1) | 16,121 | 582,452 | ||||||
Ovid therapeutics, Inc.(1)(2) | 14,703 | 49,843 | ||||||
Sage Therapeutics, Inc.(1) | 29,360 | 1,067,823 | ||||||
uniQure NV(1) | 18,039 | 306,483 | ||||||
4,036,759 | ||||||||
Building Products — 0.7% | ||||||||
Apogee Enterprises, Inc. | 13,170 | 593,572 | ||||||
Insteel Industries, Inc. | 9,193 | 341,152 | ||||||
Masonite International Corp.(1) | 12,185 | 1,149,411 | ||||||
Quanex Building Products Corp. | 14,314 | 327,218 | ||||||
2,411,353 | ||||||||
Capital Markets — 1.9% | ||||||||
B. Riley Financial, Inc. | 4,921 | 293,046 | ||||||
Brightsphere Investment Group, Inc. | 19,570 | 467,136 | ||||||
Cowen, Inc., Class A | 8,775 | 260,179 | ||||||
Diamond Hill Investment Group, Inc. | 855 | 165,767 | ||||||
Evercore, Inc., Class A | 9,843 | 1,250,159 | ||||||
Freedom Holding Corp.(1)(2) | 3,947 | 242,583 | ||||||
GAMCO Investors, Inc., Class A | 544 | 11,707 | ||||||
Hennessy Advisors, Inc. | 490 | 4,954 | ||||||
Janus Henderson Group plc | 16,383 | 549,977 | ||||||
Moelis & Co., Class A | 14,753 | 711,242 | ||||||
Oppenheimer Holdings, Inc., Class A | 2,286 | 98,732 | ||||||
Piper Sandler Cos. | 5,844 | 864,971 | ||||||
Stifel Financial Corp. | 16,908 | 1,242,738 | ||||||
StoneX Group, Inc.(1) | 2,602 | 196,321 | ||||||
Victory Capital Holdings, Inc., Class A | 4,007 | 132,912 | ||||||
Virtus Investment Partners, Inc. | 218 | 52,455 | ||||||
6,544,879 | ||||||||
Chemicals — 2.7% | ||||||||
AdvanSix, Inc. | 19,230 | 770,354 | ||||||
American Vanguard Corp. | 10,505 | 158,310 |
59
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Cabot Corp. | 25,991 | $ | 1,901,502 | |||||
Chemours Co. (The) | 85,000 | 2,346,000 | ||||||
Ecovyst, Inc. | 15,508 | 169,502 | ||||||
Ferro Corp.(1) | 13,228 | 287,444 | ||||||
Hawkins, Inc. | 5,041 | 228,156 | ||||||
Intrepid Potash, Inc.(1) | 532 | 30,265 | ||||||
Koppers Holdings, Inc.(1) | 7,463 | 213,666 | ||||||
Kraton Corp.(1) | 19,350 | 893,003 | ||||||
Kronos Worldwide, Inc. | 4,662 | 68,671 | ||||||
LSB Industries, Inc.(1) | 8,574 | 148,330 | ||||||
NewMarket Corp. | 98 | 31,141 | ||||||
Orion Engineered Carbons SA | 7,142 | 110,987 | ||||||
Rayonier Advanced Materials, Inc.(1) | 15,099 | 88,631 | ||||||
Stepan Co. | 5,121 | 530,638 | ||||||
Trecora Resources(1) | 1,362 | 12,081 | ||||||
Tronox Holdings plc, Class A | 72,621 | 1,474,206 | ||||||
9,462,887 | ||||||||
Commercial Services and Supplies — 0.9% | ||||||||
Civeo Corp.(1) | 4,767 | 104,064 | ||||||
Clean Harbors, Inc.(1) | 15,723 | 1,500,446 | ||||||
Ennis, Inc. | 4,672 | 87,740 | ||||||
Healthcare Services Group, Inc. | 23,308 | 368,732 | ||||||
Heritage-Crystal Clean, Inc.(1) | 7,190 | 201,608 | ||||||
HNI Corp. | 9,929 | 404,011 | ||||||
Interface, Inc. | 23,294 | 303,987 | ||||||
Team, Inc.(1) | 9 | 8 | ||||||
2,970,596 | ||||||||
Communications Equipment — 0.4% | ||||||||
ViaSat, Inc.(1) | 29,019 | 1,324,427 | ||||||
Construction and Engineering — 1.3% | ||||||||
Arcosa, Inc. | 1,139 | 59,991 | ||||||
Argan, Inc. | 5,290 | 205,728 | ||||||
Dycom Industries, Inc.(1) | 9,410 | 819,235 | ||||||
EMCOR Group, Inc. | 266 | 30,734 | ||||||
Granite Construction, Inc. | 29,755 | 900,684 | ||||||
Great Lakes Dredge & Dock Corp.(1) | 4,820 | 68,010 | ||||||
MasTec, Inc.(1) | 7,809 | 615,037 | ||||||
MYR Group, Inc.(1) | 10,584 | 949,914 | ||||||
Northwest Pipe Co.(1) | 1,947 | 55,489 | ||||||
Primoris Services Corp. | 11,796 | 311,061 | ||||||
Sterling Construction Co., Inc.(1) | 15,553 | 459,280 | ||||||
Tutor Perini Corp.(1) | 11,534 | 113,033 | ||||||
4,588,196 | ||||||||
Construction Materials† | ||||||||
United States Lime & Minerals, Inc. | 69 | 8,110 | ||||||
Consumer Finance — 2.2% | ||||||||
Atlanticus Holdings Corp.(1) | 2,510 | 133,708 | ||||||
Elevate Credit, Inc.(1)(2) | 566 | 1,862 | ||||||
Encore Capital Group, Inc.(1) | 10,052 | 663,331 | ||||||
Enova International, Inc.(1) | 1,107 | 45,132 | ||||||
EZCORP, Inc., Class A(1) | 8,933 | 53,509 |
60
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Green Dot Corp., Class A(1) | 19,310 | $ | 553,232 | |||||
Navient Corp. | 55,897 | 984,346 | ||||||
Nelnet, Inc., Class A | 4,308 | 347,009 | ||||||
OneMain Holdings, Inc. | 14,192 | 723,508 | ||||||
PRA Group, Inc.(1) | 14,829 | 661,818 | ||||||
PROG Holdings, Inc.(1) | 34,056 | 1,043,476 | ||||||
Regional Management Corp. | 2,426 | 124,527 | ||||||
SLM Corp. | 93,457 | 1,841,103 | ||||||
World Acceptance Corp.(1) | 1,826 | 358,754 | ||||||
7,535,315 | ||||||||
Containers and Packaging† | ||||||||
TriMas Corp. | 3,636 | 118,206 | ||||||
Distributors — 0.1% | ||||||||
Funko, Inc., Class A(1) | 11,894 | 207,669 | ||||||
Diversified Consumer Services — 0.8% | ||||||||
Grand Canyon Education, Inc.(1) | 16,607 | 1,441,986 | ||||||
Laureate Education, Inc., Class A | 80,273 | 870,159 | ||||||
Lincoln Educational Services Corp.(1) | 3,686 | 28,419 | ||||||
Perdoceo Education Corp.(1) | 38,170 | 399,640 | ||||||
Universal Technical Institute, Inc.(1) | 4,000 | 34,560 | ||||||
2,774,764 | ||||||||
Diversified Financial Services† | ||||||||
Alerus Financial Corp. | 2,974 | 85,503 | ||||||
Diversified Telecommunication Services — 0.5% | ||||||||
ATN International, Inc. | 2,999 | 99,957 | ||||||
EchoStar Corp., Class A(1) | 16,186 | 393,967 | ||||||
IDT Corp., Class B(1) | 7,562 | 272,686 | ||||||
Iridium Communications, Inc.(1) | 25,633 | 1,014,810 | ||||||
1,781,420 | ||||||||
Electrical Equipment — 1.1% | ||||||||
Atkore, Inc.(1) | 22,875 | 2,326,616 | ||||||
Encore Wire Corp. | 12,952 | 1,507,872 | ||||||
Preformed Line Products Co. | 32 | 1,784 | ||||||
TPI Composites, Inc.(1) | 5,049 | 68,263 | ||||||
3,904,535 | ||||||||
Electronic Equipment, Instruments and Components — 1.7% | ||||||||
Bel Fuse, Inc., Class B | 746 | 11,750 | ||||||
Benchmark Electronics, Inc. | 8,668 | 226,582 | ||||||
CTS Corp. | 5,819 | 220,773 | ||||||
Daktronics, Inc.(1) | 15,564 | 71,750 | ||||||
ePlus, Inc.(1) | 4,185 | 196,276 | ||||||
Kimball Electronics, Inc.(1) | 6,731 | 116,042 | ||||||
Methode Electronics, Inc. | 10,916 | 498,206 | ||||||
Plexus Corp.(1) | 5,661 | 461,202 | ||||||
Sanmina Corp.(1) | 31,382 | 1,248,376 | ||||||
ScanSource, Inc.(1) | 6,785 | 214,270 | ||||||
TD SYNNEX Corp. | 4,369 | 444,895 | ||||||
TTM Technologies, Inc.(1) | 56,407 | 709,036 | ||||||
Vishay Intertechnology, Inc. | 74,711 | 1,433,704 | ||||||
5,852,862 | ||||||||
Energy Equipment and Services — 3.3% | ||||||||
Archrock, Inc. | 93,272 | 778,821 |
61
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Bristow Group, Inc.(1) | 12,875 | $ | 426,678 | |||||
ChampionX Corp.(1) | 22,298 | 477,400 | ||||||
FTS International, Inc., Class A(1) | 3,091 | 81,819 | ||||||
Geospace Technologies Corp.(1) | 1,026 | 6,043 | ||||||
Helmerich & Payne, Inc. | 25,283 | 916,003 | ||||||
Nabors Industries Ltd.(1) | 5,541 | 695,617 | ||||||
National Energy Services Reunited Corp.(1) | 6,596 | 58,770 | ||||||
Natural Gas Services Group, Inc.(1) | 3,161 | 39,765 | ||||||
Newpark Resources, Inc.(1) | 37,589 | 141,711 | ||||||
NexTier Oilfield Solutions, Inc.(1) | 19,357 | 154,082 | ||||||
NOV, Inc. | 169,361 | 2,904,541 | ||||||
Oceaneering International, Inc.(1) | 51,766 | 757,854 | ||||||
Oil States International, Inc.(1) | 6,690 | 34,989 | ||||||
Patterson-UTI Energy, Inc. | 53,148 | 766,926 | ||||||
ProPetro Holding Corp.(1) | 58,748 | 750,212 | ||||||
Select Energy Services, Inc., Class A(1) | 18,851 | 156,086 | ||||||
TETRA Technologies Inc(1) | 64,383 | 206,026 | ||||||
Transocean Ltd.(1) | 206,443 | 730,808 | ||||||
US Silica Holdings, Inc.(1) | 45,067 | 651,669 | ||||||
Valaris Ltd.(1) | 7,196 | 293,165 | ||||||
Weatherford International plc(1) | 17,468 | 496,091 | ||||||
11,525,076 | ||||||||
Food and Staples Retailing — 2.0% | ||||||||
Andersons, Inc. (The) | 18,387 | 838,447 | ||||||
HF Foods Group, Inc.(1)(2) | 4,000 | 25,000 | ||||||
Ingles Markets, Inc., Class A | 10,442 | 858,541 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 4,681 | 79,437 | ||||||
PriceSmart, Inc. | 6,006 | 436,756 | ||||||
SpartanNash Co. | 24,069 | 677,302 | ||||||
Sprouts Farmers Market, Inc.(1) | 60,094 | 1,711,477 | ||||||
United Natural Foods, Inc.(1) | 41,532 | 1,670,833 | ||||||
Village Super Market, Inc., Class A | 2,044 | 46,562 | ||||||
Weis Markets, Inc. | 10,239 | 631,439 | ||||||
6,975,794 | ||||||||
Food Products — 1.5% | ||||||||
Flowers Foods, Inc. | 80,661 | 2,210,918 | ||||||
Fresh Del Monte Produce, Inc. | 16,780 | 434,267 | ||||||
Pilgrim's Pride Corp.(1) | 12,579 | 296,613 | ||||||
Sanderson Farms, Inc. | 11,343 | 2,025,746 | ||||||
Seneca Foods Corp., Class A(1) | 2,432 | 120,992 | ||||||
5,088,536 | ||||||||
Health Care Equipment and Supplies — 0.8% | ||||||||
Co-Diagnostics, Inc.(1)(2) | 13,905 | 80,649 | ||||||
FONAR Corp.(1) | 475 | 8,208 | ||||||
Meridian Bioscience, Inc.(1) | 21,524 | 544,557 | ||||||
Quidel Corp.(1) | 19,548 | 2,067,983 | ||||||
Utah Medical Products, Inc. | 574 | 51,666 | ||||||
2,753,063 | ||||||||
Health Care Providers and Services — 0.4% | ||||||||
Fulgent Genetics, Inc.(1)(2) | 11,684 | 727,913 | ||||||
National Healthcare Corp. | 1,399 | 90,963 |
62
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Patterson Cos., Inc. | 15,682 | $ | 468,892 | |||||
1,287,768 | ||||||||
Hotels, Restaurants and Leisure — 0.6% | ||||||||
Carrols Restaurant Group, Inc. | 3,216 | 8,490 | ||||||
Century Casinos, Inc.(1) | 11,411 | 140,355 | ||||||
Chuy's Holdings, Inc.(1) | 9,479 | 309,016 | ||||||
Cracker Barrel Old Country Store, Inc. | 5,801 | 778,900 | ||||||
Hilton Grand Vacations, Inc.(1) | 2,545 | 131,984 | ||||||
Monarch Casino & Resort, Inc.(1) | 7,327 | 570,773 | ||||||
ONE Group Hospitality, Inc. (The)(1) | 10,666 | 125,219 | ||||||
RCI Hospitality Holdings, Inc. | 902 | 58,558 | ||||||
Red Robin Gourmet Burgers, Inc.(1) | 4,768 | 83,678 | ||||||
2,206,973 | ||||||||
Household Durables — 1.6% | ||||||||
Bassett Furniture Industries, Inc. | 2,642 | 46,367 | ||||||
Beazer Homes USA, Inc.(1) | 11,698 | 191,496 | ||||||
Cavco Industries, Inc.(1) | 169 | 46,074 | ||||||
Century Communities, Inc. | 8,355 | 532,381 | ||||||
Ethan Allen Interiors, Inc. | 12,698 | 330,910 | ||||||
GoPro, Inc., Class A(1) | 52,232 | 449,195 | ||||||
La-Z-Boy, Inc. | 21,408 | 624,685 | ||||||
Legacy Housing Corp.(1) | 861 | 21,930 | ||||||
Lifetime Brands, Inc. | 559 | 7,323 | ||||||
Taylor Morrison Home Corp.(1) | 65,753 | 1,939,714 | ||||||
Tri Pointe Homes, Inc.(1) | 61,288 | 1,371,013 | ||||||
Universal Electronics, Inc.(1) | 4,678 | 155,450 | ||||||
VOXX International Corp.(1) | 3,636 | 39,014 | ||||||
5,755,552 | ||||||||
Household Products† | ||||||||
Central Garden & Pet Co.(1) | 952 | 45,068 | ||||||
Ocean Bio-Chem, Inc. | 261 | 2,268 | ||||||
47,336 | ||||||||
Insurance — 3.9% | ||||||||
Ambac Financial Group, Inc.(1) | 12,074 | 154,909 | ||||||
American Equity Investment Life Holding Co. | 24,965 | 940,931 | ||||||
American National Group, Inc. | 1,671 | 315,869 | ||||||
AMERISAFE, Inc. | 3,786 | 178,321 | ||||||
Argo Group International Holdings Ltd. | 7,434 | 313,492 | ||||||
Axis Capital Holdings Ltd. | 30,229 | 1,651,108 | ||||||
Brighthouse Financial, Inc.(1) | 30,139 | 1,575,064 | ||||||
CNO Financial Group, Inc. | 35,969 | 869,371 | ||||||
Crawford & Co., Class A | 616 | 4,749 | ||||||
Donegal Group, Inc., Class A | 3,433 | 46,895 | ||||||
Employers Holdings, Inc. | 6,455 | 250,841 | ||||||
Genworth Financial, Inc., Class A(1) | 128,019 | 519,757 | ||||||
Hanover Insurance Group, Inc. (The) | 7,019 | 979,221 | ||||||
HCI Group, Inc. | 1,390 | 86,541 | ||||||
Horace Mann Educators Corp. | 13,411 | 557,764 | ||||||
Investors Title Co. | 100 | 19,155 | ||||||
Mercury General Corp. | 6,971 | 383,405 | ||||||
NI Holdings, Inc.(1) | 1,243 | 22,287 |
63
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Safety Insurance Group, Inc. | 4,417 | $ | 368,554 | |||||
Selective Insurance Group, Inc. | 19,011 | 1,581,525 | ||||||
SiriusPoint Ltd.(1) | 28,701 | 212,100 | ||||||
Stewart Information Services Corp. | 10,742 | 729,167 | ||||||
Tiptree, Inc. | 6,709 | 85,808 | ||||||
Unum Group | 35,628 | 994,734 | ||||||
White Mountains Insurance Group Ltd. | 813 | 853,813 | ||||||
13,695,381 | ||||||||
Interactive Media and Services — 0.2% | ||||||||
Cars.com, Inc.(1) | 40,989 | 663,202 | ||||||
Internet and Direct Marketing Retail — 0.1% | ||||||||
Duluth Holdings, Inc., Class B(1) | 5,416 | 75,445 | ||||||
Lands' End, Inc.(1) | 5,925 | 100,488 | ||||||
175,933 | ||||||||
IT Services — 0.6% | ||||||||
Alliance Data Systems Corp. | 22,237 | 1,499,886 | ||||||
Computer Task Group, Inc.(1) | 1,148 | 10,573 | ||||||
Innodata, Inc.(1) | 154 | 815 | ||||||
Kyndryl Holdings, Inc.(1) | 39,532 | 626,977 | ||||||
2,138,251 | ||||||||
Leisure Products — 1.4% | ||||||||
Acushnet Holdings Corp. | 14,795 | 648,021 | ||||||
Callaway Golf Co.(1) | 57,371 | 1,419,359 | ||||||
Johnson Outdoors, Inc., Class A | 21 | 1,732 | ||||||
Malibu Boats, Inc., Class A(1) | 8,196 | 571,015 | ||||||
MasterCraft Boat Holdings, Inc.(1) | 8,678 | 248,538 | ||||||
Smith & Wesson Brands, Inc. | 21,688 | 382,359 | ||||||
Sturm Ruger & Co., Inc. | 8,283 | 599,772 | ||||||
Vista Outdoor, Inc.(1) | 29,235 | 1,065,616 | ||||||
4,936,412 | ||||||||
Machinery — 2.1% | ||||||||
Albany International Corp., Class A | 14,081 | 1,236,593 | ||||||
Commercial Vehicle Group, Inc.(1) | 10,619 | 84,846 | ||||||
EnPro Industries, Inc. | 5,418 | 598,364 | ||||||
Greenbrier Cos., Inc. (The) | 9,261 | 411,466 | ||||||
Kennametal, Inc. | 22,770 | 722,037 | ||||||
L.B. Foster Co., Class A(1) | 1,249 | 19,634 | ||||||
Mayville Engineering Co., Inc.(1) | 1,461 | 15,107 | ||||||
Miller Industries, Inc. | 2,093 | 64,841 | ||||||
Mueller Industries, Inc. | 32,689 | 1,864,908 | ||||||
REV Group, Inc. | 12,514 | 169,189 | ||||||
Shyft Group, Inc. (The) | 5,994 | 242,218 | ||||||
Terex Corp. | 28,165 | 1,162,651 | ||||||
Trinity Industries, Inc. | 28,873 | 833,275 | ||||||
7,425,129 | ||||||||
Marine — 1.1% | ||||||||
Costamare, Inc. | 18,233 | 246,145 | ||||||
Eagle Bulk Shipping, Inc.(2) | 5,751 | 303,250 | ||||||
Genco Shipping & Trading Ltd. | 16,289 | 314,052 | ||||||
Matson, Inc. | 24,434 | 2,706,554 | ||||||
Safe Bulkers, Inc.(1) | 30,714 | 128,385 | ||||||
3,698,386 |
64
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Media — 0.2% | ||||||||
Audacy, Inc.(1) | 33,969 | $ | 105,304 | |||||
Cumulus Media, Inc., Class A(1) | 3,804 | 43,594 | ||||||
Entravision Communications Corp., Class A | 30,218 | 193,395 | ||||||
Gray Television, Inc. | 945 | 22,141 | ||||||
Scholastic Corp. | 8,832 | 371,651 | ||||||
736,085 | ||||||||
Metals and Mining — 3.4% | ||||||||
Alcoa Corp. | 59,145 | 4,455,984 | ||||||
Alpha Metallurgical Resources, Inc.(1) | 9,300 | 881,454 | ||||||
Carpenter Technology Corp. | 17,320 | 664,915 | ||||||
Century Aluminum Co.(1) | 5,448 | 128,682 | ||||||
Coeur Mining, Inc.(1) | 72,945 | 313,663 | ||||||
Commercial Metals Co. | 56,836 | 2,191,028 | ||||||
Haynes International, Inc. | 2,942 | 107,560 | ||||||
Ryerson Holding Corp. | 3,000 | 78,360 | ||||||
Schnitzer Steel Industries, Inc., Class A | 13,372 | 650,548 | ||||||
SunCoke Energy, Inc. | 42,909 | 340,268 | ||||||
Synalloy Corp.(1) | 921 | 14,718 | ||||||
TimkenSteel Corp.(1) | 22,578 | 407,081 | ||||||
United States Steel Corp. | 6,000 | 163,260 | ||||||
Warrior Met Coal, Inc. | 45,948 | 1,447,362 | ||||||
Worthington Industries, Inc. | 1,487 | 84,789 | ||||||
11,929,672 | ||||||||
Multiline Retail — 1.3% | ||||||||
Big Lots, Inc. | 14,276 | 496,234 | ||||||
Dillard's, Inc., Class A | 2,544 | 637,806 | ||||||
Kohl's Corp. | 17,187 | 955,941 | ||||||
Macy's, Inc. | 94,123 | 2,439,668 | ||||||
4,529,649 | ||||||||
Oil, Gas and Consumable Fuels — 13.8% | ||||||||
Antero Midstream Corp. | 191,266 | 1,920,311 | ||||||
Antero Resources Corp.(1) | 68,678 | 1,574,787 | ||||||
Arch Resources, Inc.(2) | 10,926 | 1,304,237 | ||||||
Ardmore Shipping Corp.(1) | 3,480 | 15,312 | ||||||
Berry Corp. | 33,513 | 335,130 | ||||||
Brigham Minerals, Inc., Class A | 7,212 | 164,289 | ||||||
Callon Petroleum Co.(1) | 30,803 | 1,736,057 | ||||||
Centennial Resource Development, Inc., Class A(1) | 120,522 | 1,058,183 | ||||||
Civitas Resources, Inc. | 33,935 | 1,712,699 | ||||||
CNX Resources Corp.(1) | 113,171 | 1,849,214 | ||||||
Comstock Resources, Inc.(1) | 56,462 | 468,635 | ||||||
CONSOL Energy, Inc.(1) | 19,841 | 609,912 | ||||||
CVR Energy, Inc. | 20,034 | 348,391 | ||||||
Denbury, Inc.(1) | 10,199 | 741,059 | ||||||
DHT Holdings, Inc. | 74,073 | 465,919 | ||||||
Dorian LPG Ltd. | 15,609 | 215,092 | ||||||
Earthstone Energy, Inc., Class A(1) | 12,000 | 156,000 | ||||||
EnLink Midstream LLC(1) | 137,612 | 1,224,747 | ||||||
EQT Corp. | 64,348 | 1,489,013 | ||||||
Equitrans Midstream Corp. | 274,898 | 1,762,096 |
65
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
HollyFrontier Corp. | 39,733 | $ | 1,209,870 | |||||
International Seaways, Inc. | 10,652 | 194,825 | ||||||
Kimbell Royalty Partners LP | 17,951 | 282,369 | ||||||
Kosmos Energy Ltd.(1) | 304,082 | 1,477,839 | ||||||
Laredo Petroleum, Inc.(1) | 11,562 | 885,187 | ||||||
Magnolia Oil & Gas Corp., Class A | 104,002 | 2,324,445 | ||||||
Matador Resources Co. | 75,115 | 3,725,704 | ||||||
Murphy Oil Corp. | 96,220 | 3,335,947 | ||||||
Nordic American Tankers Ltd. | 49,596 | 120,022 | ||||||
Oasis Petroleum, Inc. | 5,306 | 703,098 | ||||||
Overseas Shipholding Group, Inc., Class A(1) | 20,289 | 42,201 | ||||||
PBF Energy, Inc., Class A(1) | 83,304 | 1,384,513 | ||||||
PDC Energy, Inc. | 51,695 | 3,335,361 | ||||||
Range Resources Corp.(1) | 88,344 | 2,027,495 | ||||||
Ranger Oil Corp., Class A(1) | 10,940 | 369,334 | ||||||
Ring Energy, Inc.(1)(2) | 43,209 | 137,405 | ||||||
SandRidge Energy, Inc.(1) | 17,264 | 230,820 | ||||||
Scorpio Tankers, Inc. | 5,961 | 103,662 | ||||||
SFL Corp. Ltd. | 67,577 | 672,391 | ||||||
SilverBow Resources, Inc.(1) | 5,834 | 150,050 | ||||||
SM Energy Co. | 86,384 | 3,067,496 | ||||||
Talos Energy, Inc.(1) | 36,216 | 568,953 | ||||||
Teekay Corp.(1) | 25,357 | 85,453 | ||||||
Teekay Tankers Ltd., Class A(1) | 8,343 | 119,221 | ||||||
VAALCO Energy, Inc. | 19,484 | 109,890 | ||||||
Whiting Petroleum Corp. | 33,256 | 2,455,956 | ||||||
48,270,590 | ||||||||
Paper and Forest Products — 1.0% | ||||||||
Clearwater Paper Corp.(1) | 10,009 | 288,559 | ||||||
Glatfelter Corp. | 20,374 | 279,939 | ||||||
Louisiana-Pacific Corp. | 32,421 | 2,332,691 | ||||||
Mercer International, Inc. | 19,001 | 254,043 | ||||||
Verso Corp., Class A | 15,650 | 414,882 | ||||||
3,570,114 | ||||||||
Personal Products — 0.6% | ||||||||
Inter Parfums, Inc. | 5,090 | 472,759 | ||||||
Nature's Sunshine Products, Inc. | 4,126 | 72,329 | ||||||
Nu Skin Enterprises, Inc., Class A | 21,921 | 1,016,915 | ||||||
USANA Health Sciences, Inc.(1) | 5,730 | 504,297 | ||||||
2,066,300 | ||||||||
Pharmaceuticals — 1.1% | ||||||||
Arvinas, Inc.(1) | 17,881 | 1,158,868 | ||||||
BioDelivery Sciences International, Inc.(1) | 34,095 | 190,250 | ||||||
Collegium Pharmaceutical, Inc.(1) | 12,035 | 234,321 | ||||||
Innoviva, Inc.(1) | 34,691 | 666,414 | ||||||
Phibro Animal Health Corp., Class A | 2,972 | 63,304 | ||||||
Prestige Consumer Healthcare, Inc.(1) | 18,987 | 1,130,296 | ||||||
SIGA Technologies, Inc.(1) | 10,000 | 60,000 | ||||||
Supernus Pharmaceuticals, Inc.(1) | 11,238 | 359,054 | ||||||
3,862,507 |
66
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Professional Services — 0.4% | ||||||||
CRA International, Inc. | 2,512 | $ | 223,141 | |||||
Heidrick & Struggles International, Inc. | 7,891 | 337,340 | ||||||
Hill International, Inc.(1) | 9,201 | 16,562 | ||||||
Kelly Services, Inc., Class A | 7,404 | 157,113 | ||||||
Kforce, Inc. | 4,885 | 367,254 | ||||||
Korn Ferry | 5,083 | 336,800 | ||||||
1,438,210 | ||||||||
Real Estate Management and Development — 0.3% | ||||||||
Forestar Group, Inc.(1) | 8,966 | 164,167 | ||||||
Marcus & Millichap, Inc.(1) | 15,748 | 783,148 | ||||||
RE/MAX Holdings, Inc., Class A | 8,820 | 261,425 | ||||||
1,208,740 | ||||||||
Road and Rail — 2.5% | ||||||||
ArcBest Corp. | 15,963 | 1,479,451 | ||||||
Covenant Logistics Group, Inc.(1) | 4,475 | 100,732 | ||||||
Heartland Express, Inc. | 19,812 | 284,500 | ||||||
Marten Transport Ltd. | 32,857 | 566,783 | ||||||
PAM Transportation Services, Inc.(1) | 1,739 | 117,330 | ||||||
Ryder System, Inc. | 28,891 | 2,277,766 | ||||||
Saia, Inc.(1) | 5,869 | 1,685,753 | ||||||
Schneider National, Inc., Class B | 30,754 | 803,295 | ||||||
US Xpress Enterprises, Inc., Class A(1) | 5,048 | 22,918 | ||||||
USA Truck, Inc.(1) | 4,124 | 100,543 | ||||||
Werner Enterprises, Inc. | 32,736 | 1,422,707 | ||||||
8,861,778 | ||||||||
Semiconductors and Semiconductor Equipment — 1.8% | ||||||||
Alpha & Omega Semiconductor Ltd.(1) | 13,415 | 721,324 | ||||||
Amkor Technology, Inc. | 25,556 | 579,354 | ||||||
Cirrus Logic, Inc.(1) | 11,026 | 957,829 | ||||||
Diodes, Inc.(1) | 12,607 | 1,129,461 | ||||||
Kulicke & Soffa Industries, Inc. | 31,629 | 1,652,299 | ||||||
MagnaChip Semiconductor Corp.(1) | 1,624 | 29,557 | ||||||
Photronics, Inc.(1) | 35,409 | 652,234 | ||||||
SMART Global Holdings, Inc.(1) | 18,508 | 508,045 | ||||||
6,230,103 | ||||||||
Specialty Retail — 6.7% | ||||||||
Aaron's Co., Inc. (The) | 13,905 | 291,866 | ||||||
Abercrombie & Fitch Co., Class A(1) | 29,333 | 1,117,001 | ||||||
Academy Sports & Outdoors, Inc.(1) | 38,979 | 1,261,750 | ||||||
American Eagle Outfitters, Inc.(2) | 60,061 | 1,266,086 | ||||||
Asbury Automotive Group, Inc.(1) | 10,926 | 2,120,846 | ||||||
AutoNation, Inc.(1) | 11,121 | 1,275,134 | ||||||
Big 5 Sporting Goods Corp. | 10,404 | 172,290 | ||||||
Buckle, Inc. (The) | 15,961 | 574,596 | ||||||
Build-A-Bear Workshop, Inc. | 6,830 | 139,537 | ||||||
Caleres, Inc. | 20,740 | 430,562 | ||||||
Cato Corp. (The), Class A | 10,167 | 178,939 | ||||||
Chico's FAS, Inc.(1) | 56,054 | 263,454 | ||||||
Children's Place, Inc. (The)(1) | 6,298 | 396,522 | ||||||
Citi Trends, Inc.(1) | 4,400 | 164,164 |
67
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Conn's, Inc.(1) | 10,875 | $ | 199,447 | |||||
Container Store Group, Inc. (The)(1) | 13,676 | 120,759 | ||||||
Dick's Sporting Goods, Inc.(2) | 7,201 | 756,105 | ||||||
Foot Locker, Inc. | 36,984 | 1,169,434 | ||||||
Genesco, Inc.(1) | 8,312 | 533,215 | ||||||
Group 1 Automotive, Inc. | 9,311 | 1,693,950 | ||||||
Guess?, Inc. | 20,338 | 445,402 | ||||||
Haverty Furniture Cos., Inc. | 8,061 | 229,013 | ||||||
Hibbett, Inc. | 7,288 | 328,543 | ||||||
Kirkland's, Inc.(1)(2) | 3,934 | 54,447 | ||||||
Lazydays Holdings, Inc.(1) | 2,951 | 53,797 | ||||||
LL Flooring Holdings, Inc.(1) | 5,680 | 91,221 | ||||||
MarineMax, Inc.(1) | 11,997 | 548,983 | ||||||
Murphy USA, Inc. | 10,749 | 1,942,774 | ||||||
ODP Corp. (The)(1) | 4,262 | 187,528 | ||||||
Penske Automotive Group, Inc. | 7,433 | 730,590 | ||||||
Shoe Carnival, Inc. | 9,251 | 269,759 | ||||||
Signet Jewelers Ltd. | 29,714 | 2,094,837 | ||||||
Sonic Automotive, Inc., Class A | 11,437 | 614,281 | ||||||
Sportsman's Warehouse Holdings, Inc.(1) | 1,389 | 15,848 | ||||||
Tilly's, Inc., Class A | 11,039 | 140,195 | ||||||
TravelCenters of America, Inc.(1) | 8,883 | 375,129 | ||||||
Urban Outfitters, Inc.(1) | 21,311 | 586,266 | ||||||
Zumiez, Inc.(1) | 10,448 | 464,832 | ||||||
23,299,102 | ||||||||
Technology Hardware, Storage and Peripherals† | ||||||||
Super Micro Computer, Inc.(1) | 135 | 5,304 | ||||||
Textiles, Apparel and Luxury Goods — 1.0% | ||||||||
Capri Holdings Ltd.(1) | 4,003 | 271,163 | ||||||
Carter's, Inc. | 14,803 | 1,431,154 | ||||||
Crown Crafts, Inc. | 31 | 208 | ||||||
Delta Apparel, Inc.(1) | 1,000 | 29,650 | ||||||
G-III Apparel Group Ltd.(1) | 19,772 | 548,475 | ||||||
Lakeland Industries, Inc.(1) | 1,868 | 35,660 | ||||||
Movado Group, Inc. | 9,896 | 390,101 | ||||||
Oxford Industries, Inc. | 8,721 | 770,849 | ||||||
Superior Group of Cos., Inc. | 233 | 4,777 | ||||||
Unifi, Inc.(1) | 4,426 | 83,076 | ||||||
Vera Bradley, Inc.(1) | 5,863 | 44,324 | ||||||
3,609,437 | ||||||||
Thrifts and Mortgage Finance — 4.3% | ||||||||
Axos Financial, Inc.(1) | 16,026 | 877,263 | ||||||
Bridgewater Bancshares, Inc.(1) | 5,299 | 89,182 | ||||||
Essent Group Ltd. | 37,608 | 1,661,521 | ||||||
Federal Agricultural Mortgage Corp., Class C | 3,528 | 436,414 | ||||||
Flagstar Bancorp, Inc. | 27,065 | 1,233,623 | ||||||
FS Bancorp, Inc. | 2,126 | 68,074 | ||||||
Greene County Bancorp, Inc. | 134 | 5,460 | ||||||
Hingham Institution For Savings (The) | 363 | 130,622 | ||||||
Home Bancorp, Inc. | 1,338 | 52,463 | ||||||
Luther Burbank Corp. | 2,236 | 28,934 |
68
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Merchants Bancorp | 8,404 | $ | 243,296 | |||||
MGIC Investment Corp. | 125,440 | 1,904,179 | ||||||
Mr. Cooper Group, Inc.(1) | 29,870 | 1,518,292 | ||||||
NMI Holdings, Inc., Class A(1) | 28,705 | 664,234 | ||||||
Northfield Bancorp, Inc. | 5,000 | 78,500 | ||||||
OP Bancorp | 1,343 | 17,916 | ||||||
PennyMac Financial Services, Inc. | 13,369 | 772,060 | ||||||
Provident Financial Services, Inc. | 15,477 | 367,269 | ||||||
Radian Group, Inc. | 64,132 | 1,532,755 | ||||||
Riverview Bancorp, Inc. | 2,994 | 23,263 | ||||||
Southern Missouri Bancorp, Inc. | 2,022 | 108,339 | ||||||
Territorial Bancorp, Inc. | 886 | 22,221 | ||||||
Timberland Bancorp, Inc. | 1,932 | 53,342 | ||||||
TrustCo Bank Corp. NY | 3,672 | 125,472 | ||||||
Walker & Dunlop, Inc. | 10,373 | 1,435,105 | ||||||
Washington Federal, Inc. | 15,510 | 551,846 | ||||||
Waterstone Financial, Inc. | 5,837 | 114,055 | ||||||
WSFS Financial Corp. | 18,338 | 932,121 | ||||||
15,047,821 | ||||||||
Trading Companies and Distributors — 5.3% | ||||||||
Air Lease Corp. | 65,266 | 2,725,508 | ||||||
Alta Equipment Group, Inc.(1) | 4,324 | 54,526 | ||||||
BlueLinx Holdings, Inc.(1) | 6,604 | 590,266 | ||||||
Boise Cascade Co. | 24,337 | 1,945,500 | ||||||
GATX Corp. | 18,692 | 1,993,128 | ||||||
Global Industrial Co. | 2,247 | 71,410 | ||||||
H&E Equipment Services, Inc. | 14,452 | 603,515 | ||||||
Herc Holdings, Inc. | 15,672 | 2,493,729 | ||||||
Huttig Building Products, Inc.(1) | 9,493 | 88,190 | ||||||
Lawson Products, Inc.(1) | 186 | 7,907 | ||||||
McGrath RentCorp | 13,231 | 1,075,416 | ||||||
NOW, Inc.(1) | 78,189 | 730,285 | ||||||
Rush Enterprises, Inc., Class A | 25,814 | 1,340,779 | ||||||
Rush Enterprises, Inc., Class B | 3,706 | 181,631 | ||||||
Textainer Group Holdings Ltd. | 22,020 | 781,930 | ||||||
Titan Machinery, Inc.(1) | 10,728 | 303,924 | ||||||
Triton International Ltd. | 42,512 | 2,792,188 | ||||||
Veritiv Corp.(1) | 8,356 | 895,512 | ||||||
18,675,344 | ||||||||
Wireless Telecommunication Services — 0.3% | ||||||||
Telephone and Data Systems, Inc. | 51,009 | 885,006 | ||||||
United States Cellular Corp.(1) | 6,875 | 189,131 | ||||||
1,074,137 | ||||||||
TOTAL COMMON STOCKS (Cost $274,032,204) | 347,738,997 |
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Avantis U.S. Small Cap Value Fund | ||||||||
Principal Amount/Shares | Value | |||||||
CORPORATE BOND† | ||||||||
Capital Markets† | ||||||||
GAMCO Investors, Inc., 4.00%, 6/15/23 (Cost $1,000) | $ | 1,000 | $ | 981 | ||||
SHORT-TERM INVESTMENTS — 1.0% | ||||||||
Money Market Funds — 1.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 948,347 | 948,347 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 2,617,963 | 2,617,963 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,566,310) | 3,566,310 | |||||||
TOTAL INVESTMENT SECURITIES — 100.6% (Cost $277,599,514) | 351,306,288 | |||||||
OTHER ASSETS AND LIABILITIES — (0.6)% | (2,213,201) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 349,093,087 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
Russell 2000 E-Mini Index | 6 | March 2022 | $ | 613,350 | $ | (30,268) |
^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 $4,346,846. 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 $4,472,630, which includes securities collateral of $1,854,667.
See Notes to Financial Statements.
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Statements of Assets and Liabilities |
FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Avantis U.S. Equity Fund | Avantis U.S. Small Cap Value Fund | |||||||
Assets | ||||||||
Investment securities, at value (cost of $345,054,035 and $274,981,551, respectively) — including $2,044,876 and $4,346,846, respectively of securities on loan | $ | 365,280,019 | $ | 348,688,325 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $1,390,787 and $2,617,963, respectively) | 1,390,787 | 2,617,963 | ||||||
Total investment securities, at value (cost of $346,444,822 and $277,599,514, respectively) | 366,670,806 | 351,306,288 | ||||||
Deposits with broker for futures contracts | 43,200 | 33,000 | ||||||
Receivable for investments sold | — | 134,789 | ||||||
Receivable for capital shares sold | 137,730 | 141,924 | ||||||
Receivable for variation margin on futures contracts | — | 1,650 | ||||||
Dividends and interest receivable | 484,565 | 332,625 | ||||||
Securities lending receivable | 3,797 | 11,836 | ||||||
367,340,098 | 351,962,112 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 1,390,787 | 2,617,963 | ||||||
Payable for investments purchased | 8,405,685 | — | ||||||
Payable for capital shares redeemed | 10,040 | 184,906 | ||||||
Payable for variation margin on futures contracts | 2,400 | — | ||||||
Accrued management fees | 38,554 | 66,156 | ||||||
9,847,466 | 2,869,025 | |||||||
Net Assets | $ | 357,492,632 | $ | 349,093,087 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 336,663,305 | $ | 264,930,783 | ||||
Distributable earnings | 20,829,327 | 84,162,304 | ||||||
$ | 357,492,632 | $ | 349,093,087 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis U.S. Equity Fund | |||||||||||
Institutional Class | $335,671,648 | 23,319,896 | $14.39 | ||||||||
G Class | $21,820,984 | 1,514,567 | $14.41 | ||||||||
Avantis U.S. Small Cap Value Fund | |||||||||||
Institutional Class | $347,093,708 | 22,898,538 | $15.16 | ||||||||
G Class | $1,999,379 | 131,859 | $15.16 |
See Notes to Financial Statements.
71
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Avantis U.S. Equity Fund | Avantis U.S. Small Cap Value Fund | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $732 and $3,002, respectively) | $ | 2,141,399 | $ | 2,646,549 | ||||
Securities lending, net | 12,161 | 55,823 | ||||||
Interest | 402 | 359 | ||||||
2,153,962 | 2,702,731 | |||||||
Expenses: | ||||||||
Management fees | 216,963 | 391,321 | ||||||
Other expenses | 47 | 7,416 | ||||||
217,010 | 398,737 | |||||||
Fees waived - G Class | (3,773) | (586) | ||||||
213,237 | 398,151 | |||||||
Net investment income (loss) | 1,940,725 | 2,304,580 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | 64,884 | 10,625,413 | ||||||
Futures contract transactions | 81,155 | 26,683 | ||||||
146,039 | 10,652,096 | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | (16,512,143) | 576,308 | ||||||
Futures contracts | (62,002) | (77,935) | ||||||
(16,574,145) | 498,373 | |||||||
Net realized and unrealized gain (loss) | (16,428,106) | 11,150,469 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (14,487,381) | $ | 13,455,049 |
See Notes to Financial Statements.
72
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 | ||||||||||||||
Avantis U.S. Equity Fund | Avantis U.S. Small Cap Value Fund | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021 | February 28, 2022 | August 31, 2021 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 1,940,725 | $ | 1,353,507 | $ | 2,304,580 | $ | 3,137,208 | ||||||
Net realized gain (loss) | 146,039 | 794,199 | 10,652,096 | 15,334,310 | ||||||||||
Change in net unrealized appreciation (depreciation) | (16,574,145) | 27,174,332 | 498,373 | 60,204,107 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (14,487,381) | 29,322,038 | 13,455,049 | 78,675,625 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings: | ||||||||||||||
Institutional Class | (3,104,121) | (550,258) | (18,793,908) | (948,448) | ||||||||||
G Class | (24,544) | — | (13,000) | — | ||||||||||
Decrease in net assets from distributions | (3,128,665) | (550,258) | (18,806,908) | (948,448) | ||||||||||
Capital Share Transactions | ||||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 161,370,480 | 133,435,192 | 94,088,612 | 103,291,530 | ||||||||||
Net increase (decrease) in net assets | 143,754,434 | 162,206,972 | 88,736,753 | 181,018,707 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 213,738,198 | 51,531,226 | 260,356,334 | 79,337,627 | ||||||||||
End of period | $ | 357,492,632 | $ | 213,738,198 | $ | 349,093,087 | $ | 260,356,334 |
See Notes to Financial Statements.
73
Notes to Financial Statements |
FEBRUARY 28, 2022 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis U.S. Equity Fund and Avantis U.S. Small Cap Value Fund (collectively, the funds) are two 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 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.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
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.
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
74
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. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Segregated Assets — In accordance with the 1940 Act, the 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. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending
75
securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2022.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Fund / Securities Lending Transactions(1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||
Avantis U.S. Equity Fund | |||||||||||||||||
Common Stocks | $ | 1,390,787 | — | — | — | $ | 1,390,787 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,390,787 | |||||||||||||||
Avantis U.S. Small Cap Value Fund | |||||||||||||||||
Common Stocks | $ | 2,617,963 | — | — | — | $ | 2,617,963 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 2,617,963 |
(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. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 6% of the shares of the Avantis U.S. Equity Fund.
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 each fund's G Class 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, 2022, the annual management fee for the Institutional Class and the annual management fee before and after waiver for G Class for each fund are as follows:
Annual Management Fee | |||||||||||
Institutional Class | G Class Before Waiver | G Class After Waiver | |||||||||
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.
76
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended February 28, 2022 were as follows:
Avantis U.S. Equity Fund | Avantis U.S. Small Cap Value Fund | |||||||
Purchases | $161,648,447 | $146,478,934 | ||||||
Sales | $918,775 | $65,572,408 |
5. Capital Share Transactions
Transactions in shares of the funds were as follows (unlimited number of shares authorized):
Six months ended February 28, 2022 | Year ended August 31, 2021(1) | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Avantis U.S. Equity Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 10,045,067 | $ | 154,818,325 | 12,039,286 | $ | 163,599,924 | ||||||||
Issued in reinvestment of distributions | 203,548 | 3,104,121 | 45,855 | 550,258 | ||||||||||
Redeemed | (1,137,437) | (17,066,893) | (2,596,029) | (32,277,485) | ||||||||||
9,111,178 | 140,855,553 | 9,489,112 | 131,872,697 | |||||||||||
G Class | ||||||||||||||
Sold | 1,456,163 | 21,290,201 | 120,988 | 1,701,468 | ||||||||||
Issued in reinvestment of distributions | 1,608 | 24,544 | — | — | ||||||||||
Redeemed | (54,503) | (799,818) | (9,689) | (138,973) | ||||||||||
1,403,268 | 20,514,927 | 111,299 | 1,562,495 | |||||||||||
Net increase (decrease) | 10,514,446 | $ | 161,370,480 | 9,600,411 | $ | 133,435,192 | ||||||||
Avantis U.S. Small Cap Value Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 8,721,988 | $ | 139,728,708 | 12,018,509 | $ | 150,648,156 | ||||||||
Issued in reinvestment of distributions | 1,238,456 | 18,774,999 | 83,637 | 948,448 | ||||||||||
Redeemed | (4,184,237) | (66,254,488) | (3,763,099) | (48,461,598) | ||||||||||
5,776,207 | 92,249,219 | 8,339,047 | 103,135,006 | |||||||||||
G Class | ||||||||||||||
Sold | 124,820 | 1,893,383 | 11,337 | 168,264 | ||||||||||
Issued in reinvestment of distributions | 858 | 13,000 | — | — | ||||||||||
Redeemed | (4,376) | (66,990) | (780) | (11,740) | ||||||||||
121,302 | 1,839,393 | 10,557 | 156,524 | |||||||||||
Net increase (decrease) | 5,897,509 | $ | 94,088,612 | 8,349,604 | $ | 103,291,530 |
(1)January 20, 2021 (commencement of sale) through August 31, 2021 for the G Class.
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.
77
•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 U.S. Equity Fund | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 355,731,235 | — | — | |||||||
Short-Term Investments | 10,939,571 | — | — | ||||||||
$ | 366,670,806 | — | — | ||||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 40,969 | — | — |
Avantis U.S. Small Cap Value Fund | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 347,738,997 | — | — | |||||||
Corporate Bonds | — | $ | 981 | — | |||||||
Short-Term Investments | 3,566,310 | — | — | ||||||||
$ | 351,305,307 | $ | 981 | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 30,268 | — | — |
7. Derivative Instruments
Equity Price Risk — The funds are subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.
The funds' average notional exposure to equity price risk derivative instruments held during the period were as follows:
Futures Contracts Purchased | |||||
Avantis U.S. Equity Fund | $753,092 | ||||
Avantis U.S. Small Cap Value Fund | $732,202 |
78
Value of Derivative Instruments as of February 28, 2022
Asset Derivatives | Liability Derivatives | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Assets and Liabilities | Value | Location on Statement of Assets and Liabilities | Value | ||||||||||
Avantis U.S. Equity Fund | ||||||||||||||
Equity Price Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 2,400 | |||||||||
Avantis U.S. Small Cap Value Fund | ||||||||||||||
Equity Price Risk | Receivable for variation margin on futures contracts* | $ | 1,650 | Payable for variation margin on futures contracts* | — |
*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, 2022
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Operations | Value | Location on Statement of Operations | Value | ||||||||||
Avantis U.S. Equity Fund | ||||||||||||||
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 81,155 | Change in net unrealized appreciation (depreciation) on futures contracts | $ | (62,002) | ||||||||
Avantis U.S. Small Cap Value Fund | ||||||||||||||
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 26,683 | Change in net unrealized appreciation (depreciation) on futures contracts | $ | (77,935) |
8. Risk Factors
The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
Avantis U.S. Small Cap Value Fund invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than a fund 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 U.S. Equity Fund | Avantis U.S. Small Cap Value Fund | |||||||
Federal tax cost of investments | $ | 346,667,150 | $ | 278,264,407 | ||||
Gross tax appreciation of investments | $ | 35,533,614 | $ | 81,184,785 | ||||
Gross tax depreciation of investments | (15,529,958) | (8,142,904) | ||||||
Net tax appreciation (depreciation) of investments | $ | 20,003,656 | $ | 73,041,881 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
79
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 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
2022(3) | $14.93 | 0.10 | (0.50) | (0.40) | (0.10) | (0.04) | (0.14) | $14.39 | (2.73)% | 0.15%(4) | 0.15%(4) | 1.34%(4) | 1.34%(4) | 0% | $335,672 | ||||||||||||||||||||||||||||||||
2021 | $10.92 | 0.18 | 3.95 | 4.13 | (0.09) | (0.03) | (0.12) | $14.93 | 38.03% | 0.15% | 0.15% | 1.37% | 1.37% | 3% | $212,075 | ||||||||||||||||||||||||||||||||
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% | 3% | $51,531 | ||||||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||||||||
2022(3) | $14.95 | 0.12 | (0.50) | (0.38) | (0.12) | (0.04) | (0.16) | $14.41 | (2.59)% | 0.00%(4)(6) | 0.15%(4) | 1.49%(4) | 1.34%(4) | 0% | $21,821 | ||||||||||||||||||||||||||||||||
2021(7) | $12.80 | 0.14 | 2.01 | 2.15 | — | — | — | $14.95 | 16.80% | 0.00%(4)(6) | 0.15%(4) | 1.55%(4) | 1.40%(4) | 3%(8) | $1,663 |
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, 2022 (unaudited).
(4)Annualized.
(5)December 4, 2019 (fund inception) through August 31, 2020.
(6)Ratio was less than 0.005%.
(7)January 20, 2021 (commencement of sale) through August 31, 2021.
(8)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.
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: | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
2022(3) | $15.20 | 0.11 | 0.74 | 0.85 | (0.19) | (0.70) | (0.89) | $15.16 | 5.58% | 0.25%(4) | 0.25%(4) | 1.48%(4) | 1.48%(4) | 21% | $347,094 | ||||||||||||||||||||||||||||||||
2021 | $9.03 | 0.24 | 6.01 | 6.25 | (0.08) | —(5) | (0.08) | $15.20 | 69.57% | 0.25% | 0.25% | 1.81% | 1.81% | 37% | $260,196 | ||||||||||||||||||||||||||||||||
2020(6) | $10.00 | 0.11 | (1.07) | (0.96) | (0.01) | — | (0.01) | $9.03 | (9.57)% | 0.25%(4) | 0.25%(4) | 1.89%(4) | 1.89%(4) | 4% | $79,338 | ||||||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||||||||
2022(3) | $15.22 | 0.11 | 0.76 | 0.87 | (0.23) | (0.70) | (0.93) | $15.16 | 5.69% | 0.00%(4)(7) | 0.25%(4) | 1.73%(4) | 1.48%(4) | 21% | $1,999 | ||||||||||||||||||||||||||||||||
2021(8) | $12.82 | 0.18 | 2.22 | 2.40 | — | — | — | $15.22 | 18.72% | 0.00%(4)(7) | 0.25%(4) | 2.00%(4) | 1.75%(4) | 37%(9) | $161 |
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, 2022 (unaudited).
(4)Annualized.
(5)Per-share amount was less than $0.005.
(6)December 4, 2019 (fund inception) through August 31, 2020.
(7)Ratio was less than 0.005%.
(8)January 20, 2021 (commencement of sale) through August 31, 2021.
(9)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 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 their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
84
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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. | ||||||||
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-97501 2204 |
Semiannual Report | |||||
February 28, 2022 | |||||
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) |
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 | |||||
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, 2022. 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.
Escalating Volatility, Soaring Inflation Weighed on Returns
Upbeat economic data and continued central bank support generally buoyed global stock returns early in the period, even as inflation and government bond yields were climbing. However, bond returns broadly struggled as inflation and yields climbed higher.
In November, the emergence of the omicron coronavirus variant rattled global financial markets. The downturn was short-lived, though, as omicron proved to be less severe than other variants. Stocks resumed their upward march until early 2022, when worries about inflation, central bank policy and Russia’s invasion of Ukraine sparked sharp volatility.
Throughout the period, steady economic gains combined with ongoing monetary support, escalating energy prices and considerable supply chain disruptions ignited inflation. By February, year-over-year headline inflation in the U.S. reached 7.9%, a 40-year high, while European inflation rose to a record 5.8%. In the U.S., this backdrop set the stage for Federal Reserve (Fed) tightening, including the Fed’s first rate hike in more than three years.
Most asset classes, including broad stock and bond indices, declined for the six-month period. U.S. stocks generally fared better than non-U.S. stocks, and the value style significantly outperformed the growth style. U.S. and global bond returns declined as yields rose.
Staying Focused in Uncertain Times
Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. Even before the West imposed sanctions on Russia, our firm had started reducing exposure to Russian markets. After the sanctions, our direct exposure to Russian assets was less than $5 million, or 0.001% of total assets under supervision (as of March 7). We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet prevailing challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis Emerging Markets Equity Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.2% | ||||
Warrants | —* | ||||
Rights | —* | ||||
Corporate Bonds | —* | ||||
Short-Term Investments | 3.1% | ||||
Other Assets and Liabilities | (2.3)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
China | 28.5% | ||||
Taiwan | 18.6% | ||||
India | 14.7% | ||||
South Korea | 14.2% | ||||
Brazil | 5.6% |
3
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis International Equity Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 98.8% | ||||
Rights | —* | ||||
Short-Term Investments | 6.4% | ||||
Other Assets and Liabilities | (5.2)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
Japan | 20.1% | ||||
United Kingdom | 14.0% | ||||
Canada | 10.6% | ||||
France | 8.9% | ||||
Switzerland | 8.3% |
4
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis International Small Cap Value Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.3% | ||||
Warrants | —* | ||||
Rights | —* | ||||
Short-Term Investments | 2.7% | ||||
Other Assets and Liabilities | (2.0)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
Japan | 24.9% | ||||
United Kingdom | 15.2% | ||||
Canada | 10.1% | ||||
Australia | 9.4% | ||||
Sweden | 5.5% |
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, 2021 to February 28, 2022.
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 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's. 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 9/1/21 | Ending Account Value 2/28/22 | Expenses Paid During Period(1) 9/1/21 - 2/28/22 | Annualized Expense Ratio(1) | |||||||||||
Avantis Emerging Markets Equity Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $916.10 | $1.57 | 0.33% | ||||||||||
G Class | $1,000 | $917.70 | $0.00 | 0.00%(2) | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,023.16 | $1.66 | 0.33% | ||||||||||
G Class | $1,000 | $1,024.80 | $0.00 | 0.00%(2) | ||||||||||
Avantis International Equity Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $944.00 | $1.11 | 0.23% | ||||||||||
G Class | $1,000 | $945.30 | $0.00 | 0.00%(2) | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,023.65 | $1.15 | 0.23% | ||||||||||
G Class | $1,000 | $1,024.80 | $0.00 | 0.00%(2) | ||||||||||
Avantis International Small Cap Value Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $959.60 | $1.80 | 0.37% | ||||||||||
G Class | $1,000 | $961.30 | $0.05 | 0.01% | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,022.96 | $1.86 | 0.37% | ||||||||||
G Class | $1,000 | $1,024.74 | $0.05 | 0.01% |
(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)Other expenses did not exceed 0.005%.
7
Schedules of Investments |
FEBRUARY 28, 2022 (UNAUDITED)
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.2% | ||||||||
Brazil — 5.6% | ||||||||
3R PETROLEUM OLEO E GAS SA(1) | 4,800 | $ | 31,577 | |||||
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA(1) | 2,800 | 3,109 | ||||||
AES Brasil Energia SA | 16,800 | 37,013 | ||||||
Aliansce Sonae Shopping Centers SA | 9,500 | 40,167 | ||||||
Alpargatas SA, Preference Shares | 3,300 | 16,240 | ||||||
Alupar Investimento SA | 8,900 | 44,064 | ||||||
Ambev SA, ADR | 59,269 | 173,658 | ||||||
Americanas SA | 7,256 | 41,308 | ||||||
Anima Holding SA(1) | 600 | 838 | ||||||
Arezzo Industria e Comercio SA | 2,300 | 35,955 | ||||||
Atacadao SA | 14,600 | 52,434 | ||||||
Azul SA, ADR(1) | 1,804 | 26,356 | ||||||
B3 SA - Brasil Bolsa Balcao | 69,300 | 194,834 | ||||||
Banco ABC Brasil SA, Preference Shares | 3,900 | 11,738 | ||||||
Banco BMG SA, Preference Shares | 4,900 | 2,624 | ||||||
Banco Bradesco SA | 23,236 | 76,523 | ||||||
Banco Bradesco SA, ADR | 81,184 | 313,370 | ||||||
Banco BTG Pactual SA | 25,300 | 125,062 | ||||||
Banco do Brasil SA | 25,660 | 172,405 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 19,000 | 36,421 | ||||||
Banco Inter SA | 1,500 | 5,845 | ||||||
Banco Inter SA, Preference Shares | 6,900 | 9,021 | ||||||
Banco Mercantil do Brasil SA, Preference Shares | 800 | 1,698 | ||||||
Banco Pan SA, Preference Shares | 11,300 | 21,786 | ||||||
Banco Santander Brasil SA, ADR(2) | 9,281 | 54,479 | ||||||
BB Seguridade Participacoes SA | 19,100 | 83,673 | ||||||
BK Brasil Operacao e Assessoria a Restaurantes SA(1) | 10,800 | 13,801 | ||||||
BR Malls Participacoes SA(1) | 61,400 | 111,770 | ||||||
BR Properties SA | 8,200 | 11,745 | ||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 2,800 | 17,680 | ||||||
Braskem SA, ADR | 3,958 | 73,817 | ||||||
BRF SA, ADR(1)(2) | 30,252 | 95,899 | ||||||
C&A Modas Ltda(1) | 4,900 | 4,833 | ||||||
Camil Alimentos SA | 13,900 | 24,572 | ||||||
CCR SA | 61,200 | 139,232 | ||||||
Centrais Eletricas Brasileiras SA, ADR | 7,470 | 49,526 | ||||||
Centrais Eletricas Brasileiras SA, Class B Preference Shares | 4,900 | 32,346 | ||||||
Cia Brasileira de Distribuicao, ADR(2) | 9,143 | 41,601 | ||||||
Cia de Locacao das Americas | 10,400 | 51,048 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR | 2,823 | 22,612 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 14,600 | 39,863 | ||||||
Cia de Saneamento do Parana | 7,500 | 29,048 | ||||||
Cia de Saneamento do Parana, Preference Shares | 71,900 | 55,704 | ||||||
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares | 5,200 | 24,587 |
8
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Cia Energetica de Minas Gerais, ADR | 39,906 | $ | 100,563 | |||||
Cia Energetica de Sao Paulo, Class B Preference Shares | 11,400 | 50,031 | ||||||
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares | 3,800 | 32,633 | ||||||
Cia Paranaense de Energia, ADR | 11,513 | 75,525 | ||||||
Cia Paranaense de Energia, Preference Shares | 81,200 | 109,125 | ||||||
Cia Siderurgica Nacional SA, ADR | 17,891 | 86,771 | ||||||
Cielo SA | 50,500 | 24,836 | ||||||
Clear Sale SA(1) | 7,300 | 12,877 | ||||||
CM Hospitalar SA | 4,800 | 15,448 | ||||||
Cogna Educacao(1) | 5,800 | 2,567 | ||||||
Construtora Tenda SA | 4,800 | 11,664 | ||||||
Cosan SA | 15,144 | 62,234 | ||||||
CPFL Energia SA | 7,800 | 45,610 | ||||||
Cristal Pigmentos do Brasil SA, Preference Shares | 200 | 2,064 | ||||||
CVC Brasil Operadora e Agencia de Viagens SA(1) | 3,814 | 9,113 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 14,800 | 42,985 | ||||||
Dexco SA | 19,580 | 51,903 | ||||||
Dexxos Participacoes SA | 3,600 | 6,240 | ||||||
Direcional Engenharia SA | 2,300 | 5,389 | ||||||
Dommo Energia SA(1) | 1,400 | 257 | ||||||
EcoRodovias Infraestrutura e Logistica SA(1) | 24,600 | 30,721 | ||||||
EDP - Energias do Brasil SA | 8,700 | 34,969 | ||||||
Embraer SA, ADR(1) | 12,244 | 168,722 | ||||||
Enauta Participacoes SA | 5,900 | 19,792 | ||||||
Energisa SA | 7,500 | 63,995 | ||||||
Eneva SA(1) | 25,500 | 66,033 | ||||||
Engie Brasil Energia SA | 6,000 | 46,250 | ||||||
Equatorial Energia SA | 10,200 | 50,205 | ||||||
Eternit SA | 9,288 | 26,269 | ||||||
Eucatex SA Industria e Comercio, Preference Shares | 3,000 | 5,179 | ||||||
Even Construtora e Incorporadora SA | 7,000 | 8,090 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 1,600 | 5,410 | ||||||
Fleury SA | 8,500 | 29,520 | ||||||
Fras-Le SA | 1,000 | 2,628 | ||||||
Gafisa SA(1) | 10,749 | 3,714 | ||||||
Gerdau SA, ADR | 38,788 | 188,898 | ||||||
Getnet Adquirencia e Servicos para Meios de Pagamento SA, ADR | 766 | 965 | ||||||
Gol Linhas Aereas Inteligentes SA, ADR(1) | 748 | 4,884 | ||||||
Gol Linhas Aereas Inteligentes SA, Preference Shares(1) | 2,495 | 8,139 | ||||||
GPS Participacoes e Empreendimentos SA | 12,500 | 36,596 | ||||||
Grazziotin SA, Preference Shares | 200 | 1,360 | ||||||
Grendene SA | 11,100 | 17,392 | ||||||
GRUPO DE MODA SOMA SA(1) | 8,288 | 20,726 | ||||||
Grupo Mateus SA(1) | 4,100 | 4,660 | ||||||
Grupo SBF SA(1) | 1,700 | 7,506 | ||||||
Guararapes Confeccoes SA | 4,800 | 11,155 | ||||||
Hapvida Participacoes e Investimentos SA | 31,628 | 72,449 | ||||||
Helbor Empreendimentos SA | 720 | 486 | ||||||
Hidrovias do Brasil SA(1) | 28,100 | 16,193 | ||||||
Hypera SA | 5,800 | 37,535 | ||||||
Iguatemi SA(1) | 7,180 | 26,261 |
9
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Iguatemi SA | 13,000 | $ | 6,147 | |||||
Industrias Romi SA | 1,850 | 4,907 | ||||||
Infracommerce CXAAS SA(1) | 6,800 | 19,239 | ||||||
Instituto Hermes Pardini SA | 1,400 | 4,977 | ||||||
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | 1,000 | 6,432 | ||||||
Iochpe Maxion SA | 10,000 | 25,049 | ||||||
Irani Papel e Embalagem SA | 5,300 | 6,214 | ||||||
IRB Brasil Resseguros S/A(1) | 50,114 | 29,665 | ||||||
Itau Unibanco Holding SA, ADR | 91,238 | 440,680 | ||||||
JBS SA | 21,800 | 149,854 | ||||||
JHSF Participacoes SA | 26,500 | 27,928 | ||||||
Kepler Weber SA | 1,400 | 13,673 | ||||||
Klabin SA | 41,200 | 183,779 | ||||||
Lavvi Empreendimentos Imobiliarios Ltda | 5,200 | 5,348 | ||||||
Light SA | 15,600 | 29,619 | ||||||
Localiza Rent a Car SA | 21,880 | 242,983 | ||||||
LOG Commercial Properties e Participacoes SA | 4,900 | 25,695 | ||||||
Log-in Logistica Intermodal SA(1) | 1,858 | 8,921 | ||||||
Lojas Renner SA | 13,970 | 68,397 | ||||||
LPS Brasil Consultoria de Imoveis SA(1) | 6,100 | 3,872 | ||||||
M Dias Branco SA | 3,200 | 14,138 | ||||||
Magazine Luiza SA | 22,100 | 25,157 | ||||||
Mahle-Metal Leve SA | 4,400 | 22,866 | ||||||
Marcopolo SA, Preference Shares | 53,500 | 28,906 | ||||||
Marfrig Global Foods SA | 29,900 | 129,009 | ||||||
Marisa Lojas SA(1) | 12,448 | 7,380 | ||||||
Meliuz SA | 4,800 | 2,164 | ||||||
Metalurgica Gerdau SA, Preference Shares | 37,100 | 73,919 | ||||||
Mills Estruturas e Servicos de Engenharia SA | 8,549 | 10,142 | ||||||
Minerva SA | 22,500 | 47,530 | ||||||
Mitre Realty Empreendimentos E Participacoes LTDA | 2,600 | 2,862 | ||||||
Movida Participacoes SA | 10,100 | 31,860 | ||||||
MPM Corporeos SA | 2,100 | 1,756 | ||||||
MRV Engenharia e Participacoes SA | 14,400 | 32,710 | ||||||
Multilaser Industrial SA(1) | 10,400 | 11,496 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 11,500 | 48,552 | ||||||
Natura & Co. Holding SA(1) | 10,478 | 46,960 | ||||||
Odontoprev SA | 15,600 | 34,831 | ||||||
Omega Energia SA(1) | 15,163 | 31,758 | ||||||
Paranapanema SA(1) | 200 | 296 | ||||||
Petro Rio SA(1) | 39,000 | 198,279 | ||||||
Petroleo Brasileiro SA, ADR | 47,800 | 683,062 | ||||||
Petroleo Brasileiro SA, ADR Preference Shares | 60,155 | 787,429 | ||||||
Porto Seguro SA | 3,800 | 15,449 | ||||||
Portobello SA | 4,200 | 7,034 | ||||||
Positivo Tecnologia SA | 2,800 | 4,308 | ||||||
Profarma Distribuidora de Produtos Farmaceuticos SA | 1,200 | 1,111 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 5,900 | 14,705 | ||||||
Raia Drogasil SA | 23,700 | 107,477 | ||||||
Randon SA Implementos e Participacoes, Preference Shares | 8,700 | 17,774 | ||||||
Rede D'Or Sao Luiz SA | 3,800 | 36,942 |
10
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Rumo SA(1) | 38,900 | $ | 116,615 | |||||
Santos Brasil Participacoes SA | 20,600 | 25,738 | ||||||
Sao Carlos Empreendimentos e Participacoes SA | 100 | 664 | ||||||
Sao Martinho SA | 11,400 | 88,503 | ||||||
Sendas Distribuidora SA, ADR(2) | 5,280 | 68,904 | ||||||
Ser Educacional SA | 2,100 | 4,493 | ||||||
SIMPAR SA | 19,700 | 39,974 | ||||||
SLC Agricola SA | 4,400 | 37,311 | ||||||
StoneCo Ltd., A Shares(1) | 1,010 | 11,352 | ||||||
Sul America SA | 24,973 | 168,170 | ||||||
Suzano SA, ADR | 19,537 | 208,851 | ||||||
SYN prop e tech SA | 7,800 | 9,967 | ||||||
Taurus Armas SA, Preference Shares(1) | 3,200 | 13,823 | ||||||
Tegma Gestao Logistica SA | 400 | 1,176 | ||||||
Telefonica Brasil SA, ADR(2) | 6,442 | 63,067 | ||||||
TIM SA, ADR | 8,487 | 111,774 | ||||||
TOTVS SA | 7,000 | 44,911 | ||||||
Transmissora Alianca de Energia Eletrica SA | 7,600 | 58,328 | ||||||
Trisul SA | 300 | 295 | ||||||
Tupy SA | 7,300 | 25,851 | ||||||
Ultrapar Participacoes SA, ADR(2) | 20,277 | 59,006 | ||||||
Unipar Carbocloro SA, Preference Shares | 3,600 | 65,929 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares | 25,100 | 70,807 | ||||||
Vale SA, ADR | 72,454 | 1,339,674 | ||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 600 | 1,183 | ||||||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 2,400 | 5,111 | ||||||
Via S/A(1) | 4,800 | 3,517 | ||||||
Vibra Energia SA | 49,900 | 226,038 | ||||||
Vivara Participacoes SA | 800 | 4,028 | ||||||
Vulcabras Azaleia SA | 8,900 | 15,473 | ||||||
WEG SA | 18,900 | 106,501 | ||||||
Wiz Solucoes e Corretagem de Seguros SA | 4,600 | 6,385 | ||||||
XP, Inc., Class A(1) | 1,166 | 37,708 | ||||||
YDUQS Participacoes SA | 13,000 | 53,272 | ||||||
11,092,059 | ||||||||
Chile — 0.5% | ||||||||
Aguas Andinas SA, A Shares | 212,600 | 44,841 | ||||||
Banco de Chile | 837,675 | 88,812 | ||||||
Banco de Credito e Inversiones SA | 1,738 | 62,160 | ||||||
Banco Santander Chile, ADR | 3,896 | 76,050 | ||||||
Besalco SA | 2,057 | 617 | ||||||
CAP SA | 4,006 | 46,371 | ||||||
Cencosud SA | 74,549 | 137,063 | ||||||
Cencosud Shopping SA | 6,154 | 6,604 | ||||||
Cia Cervecerias Unidas SA, ADR | 3,272 | 52,287 | ||||||
Cia Sud Americana de Vapores SA | 569,019 | 55,532 | ||||||
Colbun SA | 650,796 | 47,452 | ||||||
Embotelladora Andina SA, Class B Preference Shares | 26,225 | 57,108 | ||||||
Empresa Nacional de Telecomunicaciones SA | 11,288 | 41,951 | ||||||
Empresas CMPC SA | 25,438 | 42,059 |
11
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Empresas COPEC SA | 10,547 | $ | 81,787 | |||||
Enel Americas SA, ADR(2) | 3,382 | 19,649 | ||||||
Enel Chile SA | 1,085,633 | 35,655 | ||||||
Engie Energia Chile SA | 14,725 | 8,944 | ||||||
Falabella SA | 6,732 | 22,165 | ||||||
Grupo Security SA | 30,991 | 4,747 | ||||||
Inversiones Aguas Metropolitanas SA | 7,601 | 3,805 | ||||||
Itau CorpBanca Chile SA(1) | 7,621,777 | 14,956 | ||||||
Latam Airlines Group SA, ADR(1) | 802 | 313 | ||||||
Parque Arauco SA(1) | 19,943 | 19,903 | ||||||
Ripley Corp. SA | 12,313 | 2,048 | ||||||
Salfacorp SA | 2,048 | 720 | ||||||
Sociedad Quimica y Minera de Chile SA, ADR | 1,239 | 81,997 | ||||||
SONDA SA | 16,560 | 5,873 | ||||||
1,061,469 | ||||||||
China — 28.5% | ||||||||
360 DigiTech, Inc., ADR | 7,580 | 142,125 | ||||||
361 Degrees International Ltd.(1)(2) | 85,000 | 41,788 | ||||||
3SBio, Inc.(1) | 98,500 | 78,285 | ||||||
51job, Inc., ADR(1) | 559 | 28,956 | ||||||
A-Living Smart City Services Co. Ltd. | 33,500 | 60,049 | ||||||
AAC Technologies Holdings, Inc.(2) | 48,000 | 131,242 | ||||||
Agile Group Holdings Ltd.(2) | 60,000 | 27,337 | ||||||
Agora, Inc., ADR(1)(2) | 697 | 8,420 | ||||||
Agricultural Bank of China Ltd., H Shares | 784,000 | 296,916 | ||||||
Air China Ltd., H Shares(1)(2) | 28,000 | 21,534 | ||||||
Ajisen China Holdings Ltd. | 4,000 | 624 | ||||||
AK Medical Holdings Ltd.(2) | 8,000 | 5,510 | ||||||
AKM Industrial Co. Ltd. | 100,000 | 22,690 | ||||||
Alibaba Group Holding Ltd., ADR(1) | 23,799 | 2,503,417 | ||||||
Alibaba Health Information Technology Ltd.(1) | 34,000 | 23,808 | ||||||
Alibaba Pictures Group Ltd.(1) | 330,000 | 32,993 | ||||||
Alphamab Oncology(1)(2) | 10,000 | 11,885 | ||||||
Aluminum Corp. of China Ltd., H Shares(1) | 274,000 | 193,670 | ||||||
Angang Steel Co. Ltd., H Shares | 4,000 | 1,989 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 60,000 | 321,992 | ||||||
Anhui Expressway Co. Ltd., H Shares | 34,000 | 32,437 | ||||||
ANTA Sports Products Ltd. | 26,600 | 406,267 | ||||||
Antengene Corp. Ltd.(1) | 12,500 | 9,376 | ||||||
Aoyuan Healthy Life Group Co. Ltd.(1)(2) | 14,000 | 4,094 | ||||||
Ascentage Pharma Group International(1)(2) | 1,100 | 2,582 | ||||||
Asia Cement China Holdings Corp. | 43,000 | 26,881 | ||||||
Ausnutria Dairy Corp. Ltd.(1) | 31,000 | 39,076 | ||||||
Autohome, Inc., ADR | 2,909 | 88,986 | ||||||
BAIC Motor Corp. Ltd., H Shares | 47,000 | 16,421 | ||||||
Baidu, Inc., ADR(1) | 6,466 | 985,677 | ||||||
BAIOO Family Interactive Ltd. | 74,000 | 5,506 | ||||||
Bank of China Ltd., H Shares | 2,493,000 | 970,529 | ||||||
Bank of Chongqing Co. Ltd., H Shares | 27,000 | 16,085 | ||||||
Bank of Communications Co. Ltd., H Shares | 368,000 | 252,275 | ||||||
Baozun, Inc., ADR(1)(2) | 1,003 | 10,562 |
12
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Baozun, Inc., Class A(1) | 1,700 | $ | 5,919 | |||||
BBMG Corp., H Shares | 5,000 | 800 | ||||||
BeiGene Ltd., ADR(1) | 383 | 80,629 | ||||||
Beijing Capital International Airport Co. Ltd., H Shares(1) | 58,000 | 37,150 | ||||||
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares(1) | 8,000 | 10,993 | ||||||
Beijing Enterprises Clean Energy Group Ltd.(1)(2) | 1,000,000 | 13,193 | ||||||
Beijing Enterprises Holdings Ltd. | 32,000 | 109,392 | ||||||
Beijing Enterprises Urban Resources Group Ltd.(1) | 96,000 | 8,234 | ||||||
Beijing Enterprises Water Group Ltd. | 240,000 | 94,820 | ||||||
Beijing North Star Co. Ltd., H Shares | 4,000 | 610 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(2) | 23,000 | 31,941 | ||||||
Bilibili, Inc., ADR(1)(2) | 1,148 | 36,288 | ||||||
Binjiang Service Group Co. Ltd. | 3,000 | 8,934 | ||||||
BOC Aviation Ltd. | 19,700 | 171,252 | ||||||
Bosideng International Holdings Ltd. | 254,000 | 144,518 | ||||||
Bright Scholar Education Holdings Ltd., ADR | 109 | 116 | ||||||
Burning Rock Biotech Ltd., ADR(1) | 365 | 3,077 | ||||||
BYD Co. Ltd., H Shares | 25,000 | 774,684 | ||||||
BYD Electronic International Co. Ltd.(2) | 26,000 | 73,367 | ||||||
C&D International Investment Group Ltd. | 11,990 | 22,297 | ||||||
C&D Property Management Group Co. Ltd.(1) | 19,000 | 9,716 | ||||||
Cabbeen Fashion Ltd. | 11,000 | 3,758 | ||||||
Canaan, Inc., ADR(1)(2) | 2,134 | 11,246 | ||||||
Canadian Solar, Inc.(1) | 4,366 | 138,228 | ||||||
CanSino Biologics, Inc., H Shares(1)(2) | 3,200 | 57,835 | ||||||
Canvest Environmental Protection Group Co. Ltd. | 32,000 | 15,576 | ||||||
Cathay Media And Education Group, Inc. | 12,000 | 2,737 | ||||||
Central China Management Co. Ltd.(2) | 18,000 | 2,413 | ||||||
Central China New Life Ltd.(1) | 5,000 | 3,052 | ||||||
Central China Real Estate Ltd.(2) | 18,000 | 1,478 | ||||||
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(1)(2) | 14,700 | 20,676 | ||||||
Chaowei Power Holdings Ltd. | 36,000 | 9,024 | ||||||
Cheetah Mobile, Inc., ADR(1) | 309 | 396 | ||||||
China Aircraft Leasing Group Holdings Ltd. | 1,000 | 723 | ||||||
China Aoyuan Group Ltd.(2) | 80,000 | 13,335 | ||||||
China Automotive Systems, Inc.(1)(2) | 741 | 1,964 | ||||||
China Beststudy Education Group(1) | 17,000 | 617 | ||||||
China BlueChemical Ltd., H Shares | 164,000 | 49,107 | ||||||
China Bohai Bank Co. Ltd., H Shares | 215,000 | 35,851 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 555,000 | 100,185 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 374,000 | 175,747 | ||||||
China Coal Energy Co. Ltd., H Shares | 167,000 | 104,097 | ||||||
China Communications Services Corp. Ltd., H Shares | 266,000 | 145,933 | ||||||
China Conch Venture Holdings Ltd. | 91,500 | 440,320 | ||||||
China Construction Bank Corp., H Shares | 2,574,000 | 1,930,409 | ||||||
China Datang Corp. Renewable Power Co. Ltd., H Shares | 284,000 | 107,621 | ||||||
China Dongxiang Group Co. Ltd. | 210,000 | 15,848 | ||||||
China East Education Holdings Ltd.(1) | 18,000 | 10,473 | ||||||
China Eastern Airlines Corp. Ltd., H Shares(1) | 14,000 | 5,436 | ||||||
China Education Group Holdings Ltd. | 61,000 | 52,260 | ||||||
China Energy Development Holdings Ltd.(1) | 48,000 | 1,085 |
13
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
China Everbright Bank Co. Ltd., H Shares | 164,000 | $ | 60,993 | |||||
China Everbright Environment Group Ltd. | 386,000 | 277,138 | ||||||
China Everbright Greentech Ltd.(2) | 31,000 | 10,247 | ||||||
China Everbright Ltd. | 74,000 | 81,496 | ||||||
China Feihe Ltd. | 125,000 | 149,157 | ||||||
China Foods Ltd. | 32,000 | 13,792 | ||||||
China Galaxy Securities Co. Ltd., H Shares | 223,000 | 127,641 | ||||||
China Gas Holdings Ltd. | 11,600 | 18,332 | ||||||
China Glass Holdings Ltd.(1) | 156,000 | 32,115 | ||||||
China Harmony Auto Holding Ltd. | 31,500 | 14,898 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.(1) | 51,000 | 38,693 | ||||||
China Hongqiao Group Ltd. | 175,000 | 245,001 | ||||||
China International Capital Corp. Ltd., H Shares | 80,400 | 195,607 | ||||||
China Isotope & Radiation Corp. | 2,200 | 6,490 | ||||||
China Kepei Education Group Ltd. | 26,000 | 7,800 | ||||||
China Lesso Group Holdings Ltd. | 42,000 | 64,663 | ||||||
China Life Insurance Co. Ltd., ADR(2) | 39,466 | 327,568 | ||||||
China Lilang Ltd. | 24,000 | 13,332 | ||||||
China Literature Ltd.(1)(2) | 3,200 | 17,367 | ||||||
China Logistics Property Holdings Co. Ltd.(1)(2) | 22,000 | 12,190 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 249,000 | 513,834 | ||||||
China Maple Leaf Educational Systems Ltd.(1)(2) | 42,000 | 2,215 | ||||||
China Medical System Holdings Ltd. | 109,000 | 194,091 | ||||||
China Meidong Auto Holdings Ltd. | 36,000 | 169,506 | ||||||
China Mengniu Dairy Co. Ltd.(1) | 72,000 | 468,174 | ||||||
China Merchants Bank Co. Ltd., H Shares | 99,000 | 834,501 | ||||||
China Merchants Land Ltd.(1) | 40,000 | 3,998 | ||||||
China Merchants Port Holdings Co. Ltd. | 94,756 | 178,653 | ||||||
China Minsheng Banking Corp. Ltd., H Shares(2) | 180,500 | 70,304 | ||||||
China Modern Dairy Holdings Ltd.(2) | 139,000 | 25,687 | ||||||
China Molybdenum Co. Ltd., H Shares | 102,000 | 61,394 | ||||||
China National Building Material Co. Ltd., H Shares | 348,000 | 446,424 | ||||||
China New Higher Education Group Ltd.(2) | 55,000 | 20,205 | ||||||
China Oil & Gas Group Ltd.(1) | 40,000 | 2,208 | ||||||
China Oriental Group Co. Ltd. | 26,000 | 7,558 | ||||||
China Pacific Insurance Group Co. Ltd., H Shares | 94,400 | 262,864 | ||||||
China Petroleum & Chemical Corp., ADR | 9,161 | 456,676 | ||||||
China Pioneer Pharma Holdings Ltd. | 22,000 | 6,691 | ||||||
China Power International Development Ltd. | 195,000 | 110,533 | ||||||
China Railway Group Ltd., H Shares | 182,000 | 106,862 | ||||||
China Railway Signal & Communication Corp. Ltd., H Shares | 31,000 | 11,297 | ||||||
China Rare Earth Holdings Ltd.(1)(2) | 68,000 | 7,150 | ||||||
China Reinsurance Group Corp., H Shares | 43,000 | 4,133 | ||||||
China Renaissance Holdings Ltd.(1) | 18,900 | 28,200 | ||||||
China Resources Beer Holdings Co. Ltd. | 54,000 | 428,188 | ||||||
China Resources Cement Holdings Ltd. | 192,000 | 164,292 | ||||||
China Resources Gas Group Ltd. | 26,000 | 119,418 | ||||||
China Resources Land Ltd. | 158,000 | 768,559 | ||||||
China Resources Medical Holdings Co. Ltd. | 39,000 | 21,985 | ||||||
China Resources Mixc Lifestyle Services Ltd. | 3,800 | 19,546 | ||||||
China Resources Pharmaceutical Group Ltd. | 64,500 | 31,902 |
14
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
China Resources Power Holdings Co. Ltd. | 176,000 | $ | 393,108 | |||||
China Risun Group Ltd. | 35,000 | 21,803 | ||||||
China Sanjiang Fine Chemicals Co. Ltd. | 48,000 | 12,680 | ||||||
China SCE Group Holdings Ltd. | 91,000 | 18,270 | ||||||
China Shengmu Organic Milk Ltd.(1) | 55,000 | 3,489 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 140,500 | 387,216 | ||||||
China Shineway Pharmaceutical Group Ltd. | 16,000 | 13,092 | ||||||
China Shuifa Singyes Energy Holdings Ltd. | 66,000 | 11,631 | ||||||
China South City Holdings Ltd.(2) | 148,000 | 12,355 | ||||||
China Southern Airlines Co. Ltd., H Shares(1)(2) | 18,000 | 11,388 | ||||||
China Sunshine Paper Holdings Co. Ltd.(1) | 69,000 | 24,898 | ||||||
China Suntien Green Energy Corp. Ltd., H Shares | 162,000 | 107,913 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 121,600 | 143,927 | ||||||
China Tobacco International HK Co. Ltd. | 12,000 | 22,439 | ||||||
China Tower Corp. Ltd., H Shares | 2,540,000 | 296,046 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 220,000 | 125,413 | ||||||
China Travel International Investment Hong Kong Ltd.(1)(2) | 170,000 | 33,392 | ||||||
China Vanke Co. Ltd., H Shares | 46,100 | 109,496 | ||||||
China Water Affairs Group Ltd. | 66,000 | 72,914 | ||||||
China Xinhua Education Group Ltd. | 17,000 | 2,984 | ||||||
China XLX Fertiliser Ltd. | 50,000 | 38,584 | ||||||
China Yongda Automobiles Services Holdings Ltd. | 83,000 | 96,836 | ||||||
China Youran Dairy Group Ltd.(1) | 46,000 | 25,031 | ||||||
China Youzan Ltd.(1)(2) | 80,000 | 2,571 | ||||||
China Yuchai International Ltd. | 512 | 6,333 | ||||||
China Yuhua Education Corp. Ltd. | 64,000 | 16,569 | ||||||
China ZhengTong Auto Services Holdings Ltd.(1) | 80,000 | 6,066 | ||||||
Chindata Group Holdings Ltd., ADR(1) | 1,971 | 10,821 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 147,000 | 54,224 | ||||||
CIFI Ever Sunshine Services Group Ltd. | 58,000 | 105,477 | ||||||
CIFI Holdings Group Co. Ltd. | 200,000 | 139,342 | ||||||
CIMC Enric Holdings Ltd.(2) | 76,000 | 90,902 | ||||||
CITIC Ltd. | 251,000 | 292,898 | ||||||
CITIC Securities Co. Ltd., H Shares | 109,825 | 266,073 | ||||||
CMGE Technology Group Ltd.(1) | 60,000 | 21,216 | ||||||
COFCO Joycome Foods Ltd.(1)(2) | 240,000 | 104,704 | ||||||
Cogobuy Group(1)(2) | 66,000 | 19,927 | ||||||
Colour Life Services Group Co. Ltd.(1)(2) | 2,000 | 200 | ||||||
Concord New Energy Group Ltd. | 350,000 | 32,821 | ||||||
Consun Pharmaceutical Group Ltd. | 29,000 | 13,811 | ||||||
Coolpad Group Ltd.(1) | 372,000 | 13,107 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 20,000 | 9,539 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(1) | 115,049 | 232,540 | ||||||
COSCO SHIPPING International Hong Kong Co. Ltd. | 16,000 | 5,043 | ||||||
COSCO SHIPPING Ports Ltd. | 123,929 | 102,127 | ||||||
Country Garden Holdings Co. Ltd.(2) | 362,210 | 281,412 | ||||||
Country Garden Services Holdings Co. Ltd. | 23,000 | 137,585 | ||||||
CPMC Holdings Ltd. | 28,000 | 15,485 | ||||||
Crazy Sports Group Ltd.(1)(2) | 124,000 | 5,982 | ||||||
CSPC Pharmaceutical Group Ltd. | 527,200 | 624,923 | ||||||
Dada Nexus Ltd., ADR(1) | 1,333 | 11,077 |
15
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
DaFa Properties Group Ltd.(2) | 2,000 | $ | 954 | |||||
Dali Foods Group Co. Ltd. | 149,500 | 78,739 | ||||||
Daqo New Energy Corp., ADR(1) | 4,782 | 229,345 | ||||||
Datang International Power Generation Co. Ltd., H Shares | 6,000 | 1,184 | ||||||
Dawnrays Pharmaceutical Holdings Ltd. | 7,000 | 1,201 | ||||||
Dexin China Holdings Co. Ltd.(1) | 5,000 | 1,849 | ||||||
DiDi Global, Inc., ADR(1) | 3,863 | 15,838 | ||||||
Differ Group Holding Co. Ltd.(1)(2) | 306,000 | 94,477 | ||||||
Digital China Holdings Ltd. | 44,000 | 24,020 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 186,000 | 160,095 | ||||||
Dongyue Group Ltd. | 127,000 | 184,244 | ||||||
DouYu International Holdings Ltd., ADR(1)(2) | 1,695 | 3,492 | ||||||
Duiba Group Ltd.(1)(2) | 16,000 | 2,552 | ||||||
Dynagreen Environmental Protection Group Co. Ltd., H Shares | 28,000 | 13,757 | ||||||
E-House China Enterprise Holdings Ltd.(2) | 48,000 | 8,430 | ||||||
Ebang International Holdings, Inc., A Shares(1)(2) | 10,000 | 12,500 | ||||||
Edvantage Group Holdings Ltd. | 14,000 | 5,761 | ||||||
ENN Energy Holdings Ltd. | 20,600 | 298,337 | ||||||
Essex Bio-technology Ltd. | 21,000 | 12,736 | ||||||
EVA Precision Industrial Holdings Ltd.(2) | 114,000 | 21,848 | ||||||
Everest Medicines Ltd.(1) | 3,500 | 10,813 | ||||||
Fanhua, Inc., ADR(2) | 4,262 | 28,470 | ||||||
Fantasia Holdings Group Co. Ltd.(1)(2) | 48,000 | 1,758 | ||||||
FIH Mobile Ltd.(1) | 167,000 | 24,636 | ||||||
FinVolution Group, ADR | 10,362 | 42,173 | ||||||
First Tractor Co. Ltd., H Shares | 44,000 | 21,192 | ||||||
Flat Glass Group Co. Ltd., H Shares(2) | 4,000 | 16,541 | ||||||
Fosun International Ltd. | 96,500 | 104,703 | ||||||
Fountain SET Holdings Ltd. | 6,000 | 1,075 | ||||||
FriendTimes, Inc. | 28,000 | 4,397 | ||||||
Fu Shou Yuan International Group Ltd. | 103,000 | 76,352 | ||||||
Fufeng Group Ltd.(1) | 136,000 | 50,922 | ||||||
Fuyao Glass Industry Group Co. Ltd., H Shares | 15,200 | 74,573 | ||||||
Ganfeng Lithium Co. Ltd., H Shares | 2,200 | 37,339 | ||||||
Ganglong China Property Group Ltd.(2) | 25,000 | 15,069 | ||||||
GCL New Energy Holdings Ltd.(1) | 928,000 | 20,520 | ||||||
GCL-Poly Energy Holdings Ltd.(1)(2) | 555,000 | 204,539 | ||||||
GDS Holdings Ltd., ADR(1) | 3,454 | 153,772 | ||||||
Geely Automobile Holdings Ltd. | 115,000 | 214,204 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 316,000 | 34,794 | ||||||
Genertec Universal Medical Group Co. Ltd. | 42,500 | 30,038 | ||||||
Genor Biopharma Holdings Ltd.(1)(2) | 2,500 | 1,753 | ||||||
GF Securities Co. Ltd., H Shares | 68,800 | 103,288 | ||||||
Global Cord Blood Corp.(1) | 2,020 | 8,201 | ||||||
Glory Land Co. Ltd.(1) | 29,000 | 1,027 | ||||||
Glory Sun Financial Group Ltd.(1)(2) | 140,000 | 3,105 | ||||||
Goodbaby International Holdings Ltd.(1) | 58,000 | 7,007 | ||||||
Grand Pharmaceutical Group Ltd.(2) | 94,500 | 74,779 | ||||||
Great Wall Motor Co. Ltd., H Shares | 85,500 | 180,003 | ||||||
Greatview Aseptic Packaging Co. Ltd. | 30,000 | 10,658 | ||||||
Greenland Hong Kong Holdings Ltd. | 22,000 | 3,766 |
16
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Greentown China Holdings Ltd. | 34,500 | $ | 51,822 | |||||
Greentown Management Holdings Co. Ltd. | 22,000 | 17,939 | ||||||
Guangdong Investment Ltd. | 44,000 | 59,211 | ||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 72,000 | 71,284 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares(2) | 88,000 | 37,462 | ||||||
Guotai Junan Securities Co. Ltd., H Shares(1) | 4,400 | 6,485 | ||||||
Haichang Ocean Park Holdings Ltd.(1) | 83,000 | 30,632 | ||||||
Haidilao International Holding Ltd.(2) | 26,000 | 59,870 | ||||||
Haier Smart Home Co. Ltd., H Shares | 34,800 | 121,942 | ||||||
Hainan Meilan International Airport Co. Ltd., H Shares(1) | 20,000 | 56,573 | ||||||
Haitian International Holdings Ltd. | 50,000 | 133,215 | ||||||
Haitong Securities Co. Ltd., H Shares | 156,800 | 134,925 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., H Shares | 1,700 | 19,127 | ||||||
Hansoh Pharmaceutical Group Co. Ltd. | 26,000 | 55,502 | ||||||
Harbin Electric Co. Ltd., H Shares | 92,000 | 32,511 | ||||||
Hebei Construction Group Corp. Ltd., H Shares | 3,000 | 541 | ||||||
Hello Group, Inc., ADR | 15,765 | 150,240 | ||||||
Hengan International Group Co. Ltd. | 49,000 | 259,860 | ||||||
Hi Sun Technology China Ltd.(1) | 57,000 | 7,230 | ||||||
Hisense Home Appliances Group Co. Ltd., H Shares | 16,000 | 17,957 | ||||||
Hollysys Automation Technologies Ltd.(1) | 5,781 | 81,396 | ||||||
Homeland Interactive Technology Ltd.(1)(2) | 24,000 | 4,084 | ||||||
Hope Education Group Co. Ltd. | 118,000 | 11,989 | ||||||
Hopson Development Holdings Ltd. | 26,400 | 54,346 | ||||||
Hua Hong Semiconductor Ltd.(1) | 28,000 | 145,874 | ||||||
Hua Medicine(1) | 8,500 | 4,137 | ||||||
Huabao International Holdings Ltd.(2) | 29,000 | 16,638 | ||||||
Huadian Power International Corp. Ltd., H Shares | 30,000 | 11,339 | ||||||
Huaneng Power International, Inc., H Shares | 210,000 | 123,273 | ||||||
Huatai Securities Co. Ltd., H Shares | 94,400 | 154,561 | ||||||
Huaxi Holdings Co. Ltd. | 4,000 | 926 | ||||||
Huazhong In-Vehicle Holdings Co. Ltd.(2) | 40,000 | 15,313 | ||||||
Huazhu Group Ltd., ADR(1) | 5,798 | 239,805 | ||||||
Huijing Holdings Co. Ltd.(2) | 106,000 | 26,160 | ||||||
HUYA, Inc., ADR(1) | 2,310 | 12,127 | ||||||
I-Mab, ADR(1) | 310 | 7,663 | ||||||
iDreamSky Technology Holdings Ltd.(1)(2) | 9,600 | 6,940 | ||||||
IMAX China Holding, Inc. | 4,700 | 6,572 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 1,199,000 | 715,749 | ||||||
Inke Ltd.(1) | 38,000 | 9,837 | ||||||
International Alliance Financial Leasing Co. Ltd.(1) | 24,000 | 10,108 | ||||||
iQIYI, Inc., ADR(1)(2) | 9,854 | 40,796 | ||||||
JD Health International, Inc.(1) | 6,950 | 51,873 | ||||||
JD.com, Inc., ADR(1) | 13,011 | 931,978 | ||||||
JD.com, Inc., Class A(1) | 4,138 | 147,807 | ||||||
JH Educational Technology, Inc.(1) | 14,000 | 5,951 | ||||||
Jiangsu Expressway Co. Ltd., H Shares | 82,000 | 87,735 | ||||||
Jiangxi Copper Co. Ltd., H Shares | 65,000 | 117,000 | ||||||
Jiayuan International Group Ltd.(2) | 52,000 | 16,480 | ||||||
Jinchuan Group International Resources Co. Ltd. | 288,000 | 51,459 | ||||||
Jingrui Holdings Ltd.(1) | 6,000 | 1,449 |
17
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Jinke Smart Services Group Co. Ltd., H Shares(2) | 5,200 | $ | 23,088 | |||||
JinkoSolar Holding Co. Ltd., ADR(1)(2) | 1,540 | 77,939 | ||||||
Jinxin Fertility Group Ltd.(1)(2) | 52,500 | 61,387 | ||||||
Jiumaojiu International Holdings Ltd.(2) | 34,000 | 76,381 | ||||||
JNBY Design Ltd. | 11,500 | 15,524 | ||||||
JOYY, Inc., ADR | 959 | 44,392 | ||||||
Jutal Offshore Oil Services Ltd. | 46,000 | 5,221 | ||||||
Kaisa Group Holdings Ltd.(1)(2) | 76,571 | 6,975 | ||||||
Kaisa Prosperity Holdings Ltd.(1) | 3,750 | 5,051 | ||||||
Kandi Technologies Group, Inc.(1)(2) | 639 | 2,070 | ||||||
Kangji Medical Holdings Ltd.(2) | 15,000 | 15,030 | ||||||
Kanzhun Ltd., ADR(1) | 952 | 30,750 | ||||||
Kasen International Holdings Ltd.(1) | 37,000 | 3,137 | ||||||
KE Holdings, Inc., ADR(1) | 8,162 | 158,424 | ||||||
Kingboard Holdings Ltd. | 52,000 | 243,264 | ||||||
Kingboard Laminates Holdings Ltd. | 81,500 | 135,807 | ||||||
Kingsoft Corp. Ltd. | 54,800 | 204,941 | ||||||
Kuaishou Technology(1) | 1,600 | 18,516 | ||||||
Kunlun Energy Co. Ltd. | 158,000 | 155,422 | ||||||
KWG Group Holdings Ltd. | 86,000 | 40,267 | ||||||
KWG Living Group Holdings Ltd. | 45,500 | 18,848 | ||||||
Lee & Man Chemical Co. Ltd. | 4,000 | 3,671 | ||||||
Lee & Man Paper Manufacturing Ltd. | 99,000 | 63,643 | ||||||
Legend Biotech Corp., ADR(1) | 353 | 13,975 | ||||||
Lenovo Group Ltd. | 334,000 | 371,932 | ||||||
LexinFintech Holdings Ltd., ADR(1) | 6,546 | 23,238 | ||||||
Li Auto, Inc., ADR(1) | 19,486 | 593,349 | ||||||
Li Ning Co. Ltd. | 71,000 | 709,159 | ||||||
LightInTheBox Holding Co. Ltd., ADR(1) | 2,012 | 2,414 | ||||||
Logan Group Co. Ltd.(2) | 30,000 | 9,968 | ||||||
Longfor Group Holdings Ltd. | 81,500 | 435,823 | ||||||
Lonking Holdings Ltd. | 202,000 | 53,838 | ||||||
Lufax Holding Ltd., ADR(1) | 2,836 | 18,349 | ||||||
Luokung Technology Corp.(1) | 3,718 | 2,063 | ||||||
Luoyang Glass Co. Ltd., H Shares(1) | 6,000 | 10,387 | ||||||
Luye Pharma Group Ltd.(1)(2) | 75,000 | 30,298 | ||||||
LVGEM China Real Estate Investment Co. Ltd.(1) | 34,000 | 5,825 | ||||||
Maanshan Iron & Steel Co. Ltd., H Shares | 4,000 | 1,645 | ||||||
Maoyan Entertainment(1)(2) | 27,400 | 29,945 | ||||||
Medlive Technology Co. Ltd.(1) | 7,000 | 10,363 | ||||||
Meitu, Inc.(1)(2) | 239,000 | 38,540 | ||||||
Meituan, Class B(1) | 37,600 | 835,290 | ||||||
Metallurgical Corp. of China Ltd., H Shares | 5,000 | 1,521 | ||||||
Midea Real Estate Holding Ltd.(2) | 24,000 | 35,166 | ||||||
Minsheng Education Group Co. Ltd.(1) | 34,000 | 3,671 | ||||||
Minth Group Ltd. | 52,000 | 188,022 | ||||||
MMG Ltd.(1) | 276,000 | 99,975 | ||||||
Mulsanne Group Holding Ltd.(1)(2) | 12,500 | 7,266 | ||||||
Nam Tai Property, Inc.(1)(2) | 1,859 | 14,203 | ||||||
NetDragon Websoft Holdings Ltd. | 30,500 | 68,395 | ||||||
NetEase, Inc., ADR | 12,794 | 1,219,780 |
18
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
New China Life Insurance Co. Ltd., H Shares | 52,400 | $ | 149,962 | |||||
New Oriental Education & Technology Group, Inc., ADR(1) | 71,164 | 107,458 | ||||||
New Sparkle Roll International Group Ltd.(1) | 136,000 | 2,434 | ||||||
Newborn Town, Inc.(1) | 46,000 | 25,950 | ||||||
Nexteer Automotive Group Ltd. | 84,000 | 84,133 | ||||||
Nine Dragons Paper Holdings Ltd. | 107,000 | 102,502 | ||||||
NIO, Inc., ADR(1) | 9,991 | 228,194 | ||||||
NiSun International Enterprise Development Group Co. Ltd.(1) | 338 | 287 | ||||||
Niu Technologies, ADR(1) | 2,039 | 25,365 | ||||||
Noah Holdings Ltd., ADR(1) | 3,545 | 100,536 | ||||||
Nongfu Spring Co. Ltd., H Shares | 48,200 | 302,287 | ||||||
Ocumension Therapeutics(1)(2) | 1,500 | 1,700 | ||||||
Pacific Millennium Packaging Group Corp. | 2,000 | 1,579 | ||||||
Pacific Online Ltd. | 6,000 | 1,011 | ||||||
People's Insurance Co. Group of China Ltd. (The), H Shares | 332,000 | 106,766 | ||||||
Perennial Energy Holdings Ltd.(2) | 40,000 | 8,427 | ||||||
PetroChina Co. Ltd., ADR(2) | 8,096 | 431,193 | ||||||
Pharmaron Beijing Co. Ltd., H Shares | 2,600 | 31,523 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 322,000 | 339,899 | ||||||
Pinduoduo, Inc., ADR(1) | 3,319 | 172,123 | ||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 162,006 | 1,256,140 | ||||||
Poly Property Group Co. Ltd. | 198,000 | 53,747 | ||||||
Poly Property Services Co. Ltd. | 9,200 | 65,231 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares | 300,000 | 246,325 | ||||||
Pou Sheng International Holdings Ltd.(1) | 90,000 | 13,300 | ||||||
Powerlong Commercial Management Holdings Ltd. | 8,500 | 14,875 | ||||||
Powerlong Real Estate Holdings Ltd. | 62,000 | 29,718 | ||||||
Prinx Chengshan Holdings Ltd.(2) | 6,000 | 5,604 | ||||||
PW Medtech Group Ltd.(1) | 7,000 | 833 | ||||||
Q Technology Group Co. Ltd. | 41,000 | 38,720 | ||||||
Qingling Motors Co. Ltd., H Shares | 6,000 | 1,160 | ||||||
Qudian, Inc., ADR(1)(2) | 12,033 | 9,903 | ||||||
Radiance Holdings Group Co. Ltd.(1)(2) | 64,000 | 35,312 | ||||||
Redco Properties Group Ltd.(2) | 22,000 | 6,030 | ||||||
Redsun Properties Group Ltd.(2) | 84,000 | 24,101 | ||||||
ReneSola Ltd., ADR(1) | 3,379 | 20,308 | ||||||
Road King Infrastructure Ltd. | 5,000 | 4,757 | ||||||
Ronshine China Holdings Ltd.(1)(2) | 27,500 | 8,807 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 50,000 | 51,850 | ||||||
SCE Intelligent Commercial Management Holdings Ltd.(1)(2) | 14,000 | 4,066 | ||||||
Scholar Education Group | 5,000 | 675 | ||||||
Seazen Group Ltd.(1) | 146,000 | 77,038 | ||||||
Shandong Gold Mining Co. Ltd., H Shares(2) | 13,250 | 24,881 | ||||||
Shandong Molong Petroleum Machinery Co. Ltd., H Shares(1) | 12,800 | 7,707 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 123,200 | 170,114 | ||||||
Shanghai Electric Group Co. Ltd., H Shares | 40,000 | 11,219 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 6,000 | 24,057 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares(1)(2) | 4,000 | 10,798 | ||||||
Shanghai Haohai Biological Technology Co. Ltd., H Shares | 200 | 1,080 | ||||||
Shanghai Industrial Holdings Ltd. | 39,000 | 59,291 | ||||||
Shanghai Industrial Urban Development Group Ltd. | 1,600 | 152 |
19
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 44,700 | $ | 80,686 | |||||
Shenzhen Expressway Corp. Ltd., H Shares | 34,000 | 34,268 | ||||||
Shenzhen International Holdings Ltd. | 106,500 | 109,736 | ||||||
Shenzhen Investment Ltd. | 152,000 | 34,266 | ||||||
Shenzhou International Group Holdings Ltd. | 31,000 | 520,695 | ||||||
Shimao Group Holdings Ltd.(2) | 35,500 | 21,303 | ||||||
Shimao Services Holdings Ltd.(2) | 5,000 | 3,654 | ||||||
Shoucheng Holdings Ltd. | 113,200 | 18,725 | ||||||
Shougang Fushan Resources Group Ltd. | 190,000 | 62,826 | ||||||
Shui On Land Ltd. | 355,500 | 51,923 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd.(2) | 105,000 | 22,515 | ||||||
Silver Grant International Holdings Group Ltd.(1) | 8,000 | 465 | ||||||
Sino Biopharmaceutical Ltd. | 564,500 | 360,357 | ||||||
Sino-Ocean Group Holding Ltd. | 256,000 | 55,065 | ||||||
Sinopec Engineering Group Co. Ltd., H Shares | 83,000 | 39,706 | ||||||
Sinopec Kantons Holdings Ltd. | 30,000 | 11,229 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., ADR | 365 | 7,920 | ||||||
Sinopharm Group Co. Ltd., H Shares | 56,400 | 136,724 | ||||||
Sinosoft Technology Group Ltd. | 22,000 | 2,034 | ||||||
Sinotrans Ltd., H Shares | 4,000 | 1,255 | ||||||
Sinotruk Hong Kong Ltd. | 28,000 | 41,795 | ||||||
Skyfame Realty Holdings Ltd. | 46,000 | 4,999 | ||||||
Skyworth Group Ltd.(1) | 128,487 | 72,586 | ||||||
So-Young International, Inc., ADR(1)(2) | 363 | 802 | ||||||
SOHO China Ltd.(1) | 54,500 | 11,103 | ||||||
Sohu.com Ltd., ADR(1) | 1,060 | 19,440 | ||||||
SSY Group Ltd.(2) | 110,000 | 51,369 | ||||||
Sun King Technology Group Ltd.(1) | 42,000 | 17,126 | ||||||
Sunac China Holdings Ltd. | 159,000 | 129,966 | ||||||
Sunac Services Holdings Ltd.(1) | 15,386 | 13,150 | ||||||
Sunny Optical Technology Group Co. Ltd. | 29,800 | 714,126 | ||||||
SY Holdings Group Ltd.(2) | 16,500 | 15,325 | ||||||
TAL Education Group, ADR(1) | 6,914 | 19,636 | ||||||
TCL Electronics Holdings Ltd.(1) | 38,000 | 17,814 | ||||||
Tencent Holdings Ltd. | 89,000 | 4,802,557 | ||||||
Tencent Music Entertainment Group, ADR(1) | 3,456 | 18,628 | ||||||
Tian Ge Interactive Holdings Ltd.(1) | 5,000 | 566 | ||||||
Tian Lun Gas Holdings Ltd. | 32,000 | 26,463 | ||||||
Tiangong International Co. Ltd.(2) | 126,000 | 59,468 | ||||||
Tianjin Port Development Holdings Ltd. | 12,000 | 967 | ||||||
Tianneng Power International Ltd.(2) | 38,000 | 34,861 | ||||||
Times China Holdings Ltd. | 11,000 | 3,578 | ||||||
Tingyi Cayman Islands Holding Corp. | 152,000 | 336,285 | ||||||
Tong Ren Tang Technologies Co. Ltd., H Shares | 36,000 | 31,156 | ||||||
Tongcheng Travel Holdings Ltd.(1) | 70,000 | 130,371 | ||||||
Tongda Group Holdings Ltd.(1)(2) | 745,000 | 14,514 | ||||||
Topsports International Holdings Ltd. | 89,000 | 92,518 | ||||||
Towngas Smart Energy Co. Ltd.(1) | 60,000 | 42,630 | ||||||
TravelSky Technology Ltd., H Shares | 49,000 | 92,412 | ||||||
Trigiant Group Ltd.(1) | 6,000 | 409 | ||||||
Trip.com Group Ltd., ADR(1) | 9,118 | 235,427 |
20
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Truly International Holdings Ltd. | 256,000 | $ | 88,829 | |||||
Tsingtao Brewery Co. Ltd., H Shares | 16,000 | 153,933 | ||||||
Uni-President China Holdings Ltd. | 107,000 | 111,267 | ||||||
United Strength Power Holdings Ltd. | 2,000 | 3,128 | ||||||
Up Fintech Holding Ltd., ADR(1)(2) | 818 | 3,689 | ||||||
Uxin Ltd., ADR(1)(2) | 1,379 | 1,420 | ||||||
Vinda International Holdings Ltd.(2) | 25,000 | 71,327 | ||||||
Viomi Technology Co. Ltd., ADR(1) | 993 | 1,926 | ||||||
Vipshop Holdings Ltd., ADR(1) | 18,018 | 156,216 | ||||||
Want Want China Holdings Ltd. | 383,000 | 407,713 | ||||||
Wasion Holdings Ltd. | 28,000 | 10,841 | ||||||
Weibo Corp., ADR(1) | 3,913 | 107,334 | ||||||
Weichai Power Co. Ltd., H Shares | 61,000 | 103,220 | ||||||
Weiqiao Textile Co., H Shares | 25,500 | 7,646 | ||||||
West China Cement Ltd. | 310,000 | 53,219 | ||||||
Wharf Holdings Ltd. (The) | 81,000 | 293,057 | ||||||
Wisdom Education International Holdings Co. Ltd.(2) | 40,000 | 2,197 | ||||||
Wuling Motors Holdings Ltd.(2) | 160,000 | 24,114 | ||||||
WuXi AppTec Co. Ltd., H Shares | 4,607 | 65,578 | ||||||
Wuxi Biologics Cayman, Inc.(1) | 43,000 | 355,671 | ||||||
Xiabuxiabu Catering Management China Holdings Co. Ltd.(1) | 21,000 | 13,214 | ||||||
Xiamen International Port Co. Ltd., H Shares | 8,000 | 863 | ||||||
Xin Point Holdings Ltd. | 12,000 | 3,856 | ||||||
Xingda International Holdings Ltd. | 30,896 | 5,699 | ||||||
Xinhua Winshare Publishing and Media Co. Ltd., H Shares | 16,000 | 11,958 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares | 9,000 | 14,726 | ||||||
Xinyi Energy Holdings Ltd. | 56,000 | 28,735 | ||||||
Xinyi Solar Holdings Ltd. | 294,541 | 534,994 | ||||||
XPeng, Inc., ADR(1) | 5,211 | 189,524 | ||||||
XTEP International Holdings Ltd.(2) | 132,000 | 218,998 | ||||||
Xunlei Ltd., ADR(1)(2) | 887 | 1,517 | ||||||
Yadea Group Holdings Ltd. | 72,000 | 106,814 | ||||||
Yankuang Energy Group Co. Ltd., H Shares(2) | 122,000 | 300,174 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(1)(2) | 8,800 | 7,126 | ||||||
Yidu Tech, Inc.(1)(2) | 1,600 | 2,294 | ||||||
Yihai International Holding Ltd.(1)(2) | 12,000 | 50,209 | ||||||
Yincheng International Holding Co. Ltd.(2) | 4,000 | 1,514 | ||||||
Youdao, Inc., ADR(1)(2) | 285 | 3,380 | ||||||
YuanShengTai Dairy Farm Ltd.(1) | 41,000 | 1,297 | ||||||
Yuexiu Property Co. Ltd. | 112,800 | 112,831 | ||||||
Yuexiu Transport Infrastructure Ltd. | 80,000 | 49,698 | ||||||
Yum China Holdings, Inc. | 20,103 | 1,045,758 | ||||||
Yuzhou Group Holdings Co. Ltd.(2) | 48,133 | 3,824 | ||||||
Zengame Technology Holding Ltd. | 48,000 | 8,141 | ||||||
Zepp Health Corp., ADR(1)(2) | 940 | 3,422 | ||||||
Zhaojin Mining Industry Co. Ltd., H Shares | 15,500 | 13,677 | ||||||
Zhejiang Expressway Co. Ltd., H Shares | 102,000 | 92,015 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares(2) | 6,400 | 6,719 | ||||||
Zhenro Properties Group Ltd. | 71,000 | 6,113 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1)(2) | 2,200 | 7,241 | ||||||
Zhongliang Holdings Group Co. Ltd.(2) | 34,000 | 13,328 |
21
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Zhongsheng Group Holdings Ltd. | 30,000 | $ | 209,488 | |||||
Zhongyu Energy Holdings Ltd. | 54,000 | 50,455 | ||||||
Zhou Hei Ya International Holdings Co. Ltd.(1)(2) | 68,500 | 45,765 | ||||||
Zhuguang Holdings Group Co. Ltd. | 66,000 | 12,843 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 120,000 | 178,102 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 14,800 | 9,845 | ||||||
ZTO Express Cayman, Inc., ADR | 16,022 | 471,688 | ||||||
56,187,956 | ||||||||
Colombia — 0.2% | ||||||||
Banco Davivienda SA, Preference Shares(1) | 3,823 | 31,073 | ||||||
Bancolombia SA | 5,809 | 57,603 | ||||||
Bancolombia SA, ADR | 2,578 | 93,401 | ||||||
Cementos Argos SA | 12,288 | 18,946 | ||||||
Corp. Financiera Colombiana SA(1) | 3,119 | 21,945 | ||||||
Ecopetrol SA, ADR(2) | 6,149 | 99,429 | ||||||
Grupo Argos SA | 6,893 | 22,586 | ||||||
Grupo Aval Acciones y Valores SA, Preference Shares | 3,792 | 1,021 | ||||||
Interconexion Electrica SA ESP | 15,652 | 96,607 | ||||||
442,611 | ||||||||
Czech Republic — 0.1% | ||||||||
CEZ AS | 3,266 | 124,255 | ||||||
Komercni banka AS | 1,832 | 72,072 | ||||||
Moneta Money Bank AS | 18,008 | 71,265 | ||||||
267,592 | ||||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt S.A.E., GDR(1) | 53,642 | 157,268 | ||||||
Greece — 0.4% | ||||||||
Alpha Services and Holdings SA(1) | 68,380 | 93,307 | ||||||
Athens Water Supply & Sewage Co. SA | 574 | 4,636 | ||||||
Attica Bank SA(1) | 36 | 6 | ||||||
Ellaktor SA(1) | 4,161 | 5,942 | ||||||
Eurobank Ergasias Services and Holdings SA(1) | 92,148 | 100,942 | ||||||
Fourlis Holdings SA(1) | 301 | 1,326 | ||||||
GEK Terna Holding Real Estate Construction SA(1) | 2,775 | 27,012 | ||||||
Hellenic Exchanges - Athens Stock Exchange SA | 1,076 | 4,706 | ||||||
Hellenic Petroleum Holdings SA | 215 | 1,703 | ||||||
Hellenic Telecommunications Organization SA | 3,286 | 65,726 | ||||||
JUMBO SA | 2,807 | 40,329 | ||||||
Motor Oil Hellas Corinth Refineries SA | 2,389 | 38,333 | ||||||
Mytilineos SA | 3,750 | 60,421 | ||||||
National Bank of Greece SA(1) | 26,488 | 98,246 | ||||||
Piraeus Financial Holdings SA(1) | 19,099 | 30,248 | ||||||
Public Power Corp. SA(1) | 5,060 | 48,102 | ||||||
Terna Energy SA | 969 | 14,046 | ||||||
Titan Cement International SA(1) | 2,169 | 31,616 | ||||||
Viohalco SA | 2,419 | 11,645 | ||||||
678,292 | ||||||||
Hong Kong† | ||||||||
BC Technology Group Ltd.(1) | 3,500 | 3,562 | ||||||
Brilliance China Automotive Holdings Ltd.(1) | 60,000 | 27,487 | ||||||
China First Capital Group Ltd.(1) | 5,600 | 183 |
22
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
China Zhongwang Holdings Ltd.(1)(2) | 86,400 | $ | 18,574 | |||||
Lee's Pharmaceutical Holdings Ltd. | 11,000 | 4,019 | ||||||
Tianli Education International Holdings Ltd. | 68,000 | 16,629 | ||||||
Zhenro Services Group Ltd.(2) | 12,000 | 1,986 | ||||||
72,440 | ||||||||
Hungary — 0.2% | ||||||||
Magyar Telekom Telecommunications plc | 10,305 | 12,950 | ||||||
MOL Hungarian Oil & Gas plc | 29,909 | 233,299 | ||||||
OTP Bank Nyrt(1) | 4,179 | 159,467 | ||||||
Richter Gedeon Nyrt | 2,331 | 48,922 | ||||||
454,638 | ||||||||
India — 14.7% | ||||||||
3M India Ltd.(1) | 18 | 5,085 | ||||||
Aarti Drugs Ltd. | 1,000 | 6,064 | ||||||
Aarti Industries Ltd. | 4,454 | 55,029 | ||||||
ACC Ltd. | 3,875 | 107,931 | ||||||
Adani Enterprises Ltd. | 6,327 | 139,135 | ||||||
Adani Green Energy Ltd.(1) | 1,411 | 34,721 | ||||||
Adani Ports & Special Economic Zone Ltd. | 9,566 | 90,453 | ||||||
Adani Power Ltd.(1) | 15,009 | 24,987 | ||||||
Adani Total Gas Ltd. | 5,496 | 116,277 | ||||||
Adani Transmission Ltd.(1) | 7,742 | 220,621 | ||||||
Aditya Birla Capital Ltd.(1) | 10,997 | 15,516 | ||||||
Aegis Logistics Ltd. | 7,377 | 16,637 | ||||||
AIA Engineering Ltd. | 587 | 12,682 | ||||||
Ajanta Pharma Ltd. | 1,151 | 26,384 | ||||||
Akzo Nobel India Ltd. | 222 | 5,567 | ||||||
Alembic Ltd. | 2,801 | 3,332 | ||||||
Alembic Pharmaceuticals Ltd. | 4,979 | 48,111 | ||||||
Alkyl Amines Chemicals | 545 | 21,844 | ||||||
Allcargo Logistics Ltd. | 9,782 | 42,026 | ||||||
Amara Raja Batteries Ltd. | 4,772 | 35,695 | ||||||
Ambuja Cements Ltd. | 19,147 | 80,247 | ||||||
Apar Industries Ltd. | 1,193 | 10,003 | ||||||
APL Apollo Tubes Ltd.(1) | 7,722 | 88,000 | ||||||
Apollo Hospitals Enterprise Ltd. | 1,499 | 95,943 | ||||||
Apollo Tyres Ltd. | 24,031 | 59,310 | ||||||
Arvind Ltd.(1) | 19,696 | 31,110 | ||||||
Ashok Leyland Ltd. | 28,318 | 44,888 | ||||||
Ashoka Buildcon Ltd.(1) | 5,427 | 6,766 | ||||||
Asian Paints Ltd. | 4,115 | 173,904 | ||||||
Aster DM Healthcare Ltd.(1) | 13,761 | 31,390 | ||||||
Astral Ltd. | 1,639 | 42,481 | ||||||
AstraZeneca Pharma India Ltd. | 87 | 3,016 | ||||||
Atul Ltd. | 565 | 69,726 | ||||||
AU Small Finance Bank Ltd.(1) | 3,199 | 51,392 | ||||||
Aurobindo Pharma Ltd. | 9,489 | 78,991 | ||||||
Aurum Proptech Ltd.(1) | 376 | 572 | ||||||
Avanti Feeds Ltd. | 3,130 | 19,977 | ||||||
Avenue Supermarts Ltd.(1) | 1,289 | 74,574 | ||||||
Axis Bank Ltd., GDR(1) | 3,747 | 183,474 |
23
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Bajaj Auto Ltd. | 1,052 | $ | 49,505 | |||||
Bajaj Consumer Care Ltd. | 4,232 | 9,145 | ||||||
Bajaj Electricals Ltd.(1) | 2,160 | 33,008 | ||||||
Bajaj Finance Ltd. | 2,877 | 269,360 | ||||||
Bajaj Finserv Ltd. | 731 | 156,718 | ||||||
Bajaj Hindusthan Sugar Ltd.(1) | 46,281 | 8,346 | ||||||
Balaji Amines Ltd. | 521 | 19,884 | ||||||
Balkrishna Industries Ltd. | 3,360 | 81,704 | ||||||
Balrampur Chini Mills Ltd. | 12,804 | 67,931 | ||||||
Bandhan Bank Ltd. | 25,515 | 104,365 | ||||||
BASF India Ltd. | 868 | 31,832 | ||||||
Bata India Ltd. | 1,352 | 32,689 | ||||||
Bayer CropScience Ltd. | 493 | 28,910 | ||||||
Berger Paints India Ltd. | 1,983 | 18,213 | ||||||
Bhansali Engineering Polymers Ltd. | 2,839 | 4,901 | ||||||
Bharat Electronics Ltd. | 69,690 | 195,849 | ||||||
Bharat Forge Ltd. | 5,344 | 48,410 | ||||||
Bharat Heavy Electricals Ltd.(1) | 45,108 | 30,084 | ||||||
Bharat Petroleum Corp. Ltd. | 37,697 | 175,836 | ||||||
Bharat Rasayan Ltd. | 54 | 8,708 | ||||||
Bharti Airtel Ltd.(1) | 26,351 | 240,961 | ||||||
Bharti Airtel Ltd.(1) | 1,882 | 8,261 | ||||||
Biocon Ltd.(1) | 5,175 | 24,051 | ||||||
Birla Corp. Ltd. | 2,240 | 32,731 | ||||||
Birlasoft Ltd. | 11,057 | 60,273 | ||||||
Blue Dart Express Ltd. | 342 | 27,332 | ||||||
Blue Star Ltd. | 3,295 | 46,977 | ||||||
Bombay Burmah Trading Co. | 1,082 | 13,800 | ||||||
Borosil Renewables Ltd.(1) | 3,124 | 24,477 | ||||||
Bosch Ltd. | 97 | 20,365 | ||||||
Brigade Enterprises Ltd. | 10,507 | 69,603 | ||||||
Brightcom Group Ltd. | 63,897 | 101,654 | ||||||
Britannia Industries Ltd. | 2,516 | 114,843 | ||||||
BSE Ltd. | 1,531 | 40,138 | ||||||
Can Fin Homes Ltd. | 5,036 | 39,063 | ||||||
Canara Bank(1) | 18,607 | 54,669 | ||||||
Capacit'e Infraprojects Ltd.(1) | 3,479 | 5,856 | ||||||
Caplin Point Laboratories Ltd. | 1,037 | 9,223 | ||||||
Capri Global Capital Ltd. | 800 | 6,313 | ||||||
Carborundum Universal Ltd. | 5,975 | 64,118 | ||||||
Care Ratings Ltd. | 1,529 | 10,939 | ||||||
Castrol India Ltd. | 20,682 | 29,756 | ||||||
CCL Products India Ltd. | 8,126 | 48,582 | ||||||
Ceat Ltd. | 1,095 | 14,261 | ||||||
Central Depository Services India Ltd. | 1,383 | 25,050 | ||||||
Century Plyboards India Ltd. | 4,675 | 37,167 | ||||||
Century Textiles & Industries Ltd. | 3,854 | 39,441 | ||||||
Cera Sanitaryware Ltd. | 332 | 19,129 | ||||||
CESC Ltd. | 31,367 | 32,717 | ||||||
CG Power & Industrial Solutions Ltd.(1) | 22,490 | 51,542 | ||||||
Chambal Fertilisers and Chemicals Ltd. | 14,789 | 74,627 |
24
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Cholamandalam Financial Holdings Ltd. | 962 | $ | 8,253 | |||||
Cholamandalam Investment and Finance Co. Ltd. | 12,742 | 117,552 | ||||||
Cipla Ltd. | 14,795 | 182,097 | ||||||
City Union Bank Ltd. | 20,907 | 34,885 | ||||||
Coal India Ltd. | 66,783 | 151,052 | ||||||
Cochin Shipyard Ltd. | 945 | 3,645 | ||||||
Coforge Ltd. | 586 | 35,472 | ||||||
Colgate-Palmolive India Ltd. | 3,057 | 58,974 | ||||||
Computer Age Management Services Ltd. | 312 | 10,391 | ||||||
Container Corp. of India Ltd. | 8,549 | 68,423 | ||||||
Coromandel International Ltd. | 6,834 | 70,423 | ||||||
Cosmo Films Ltd. | 943 | 19,019 | ||||||
CreditAccess Grameen Ltd.(1) | 4,226 | 42,242 | ||||||
CRISIL Ltd. | 173 | 6,641 | ||||||
Crompton Greaves Consumer Electricals Ltd. | 14,589 | 83,440 | ||||||
Cummins India Ltd. | 4,689 | 59,897 | ||||||
Cyient Ltd. | 5,022 | 54,823 | ||||||
Dabur India Ltd. | 8,007 | 60,032 | ||||||
Dalmia Bharat Ltd. | 4,247 | 88,691 | ||||||
Dalmia Bharat Sugar & Industries Ltd. | 1,638 | 8,659 | ||||||
DCB Bank Ltd.(1) | 7,572 | 7,382 | ||||||
DCM Shriram Ltd. | 4,794 | 66,981 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. | 4,378 | 33,183 | ||||||
Deepak Nitrite Ltd. | 4,485 | 119,843 | ||||||
Delta Corp. Ltd. | 3,208 | 11,324 | ||||||
Dhani Services Ltd.(1) | 4,561 | 4,785 | ||||||
Dilip Buildcon Ltd. | 1,435 | 5,157 | ||||||
Dish TV India Ltd.(1) | 128,989 | 24,941 | ||||||
Dishman Carbogen Amcis Ltd.(1) | 4,829 | 10,786 | ||||||
Divi's Laboratories Ltd. | 1,828 | 103,888 | ||||||
Dixon Technologies India Ltd. | 770 | 44,328 | ||||||
DLF Ltd. | 17,606 | 82,612 | ||||||
Dr Reddy's Laboratories Ltd., ADR | 3,830 | 204,599 | ||||||
Dwarikesh Sugar Industries Ltd. | 7,500 | 8,925 | ||||||
eClerx Services Ltd. | 985 | 28,274 | ||||||
Edelweiss Financial Services Ltd. | 21,252 | 15,496 | ||||||
Eicher Motors Ltd. | 6,003 | 207,346 | ||||||
EID Parry India Ltd. | 7,777 | 42,884 | ||||||
Emami Ltd. | 12,102 | 79,816 | ||||||
Endurance Technologies Ltd. | 938 | 16,471 | ||||||
Engineers India Ltd. | 11,169 | 9,185 | ||||||
EPL Ltd. | 3,140 | 6,625 | ||||||
Equitas Holdings Ltd.(1) | 15,078 | 21,499 | ||||||
Eris Lifesciences Ltd. | 2,218 | 19,962 | ||||||
Escorts Ltd. | 5,374 | 132,483 | ||||||
Eveready Industries India Ltd.(1) | 3,403 | 17,120 | ||||||
Exide Industries Ltd. | 34,177 | 67,932 | ||||||
FDC Ltd.(1) | 1,453 | 5,232 | ||||||
Federal Bank Ltd. | 101,209 | 131,207 | ||||||
Fine Organic Industries Ltd. | 202 | 11,546 | ||||||
Finolex Cables Ltd. | 4,004 | 22,056 |
25
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Finolex Industries Ltd. | 24,605 | $ | 50,260 | |||||
Firstsource Solutions Ltd. | 8,525 | 14,473 | ||||||
Force Motors Ltd. | 351 | 4,809 | ||||||
Fortis Healthcare Ltd.(1) | 5,887 | 19,297 | ||||||
Future Lifestyle Fashions Ltd.(1) | 1,257 | 896 | ||||||
GAIL India Ltd. | 31,533 | 60,972 | ||||||
Galaxy Surfactants Ltd. | 486 | 17,987 | ||||||
Garden Reach Shipbuilders & Engineers Ltd. | 5,677 | 16,559 | ||||||
Garware Technical Fibres Ltd. | 298 | 11,729 | ||||||
GHCL Ltd. | 1,717 | 9,502 | ||||||
Gillette India Ltd. | 152 | 10,481 | ||||||
GlaxoSmithKline Pharmaceuticals Ltd. | 421 | 8,509 | ||||||
Glenmark Pharmaceuticals Ltd. | 7,097 | 42,371 | ||||||
Globus Spirits Ltd. | 1,282 | 24,502 | ||||||
GMR Infrastructure Ltd.(1) | 15,059 | 7,630 | ||||||
GMR Power and Urban Infra Ltd.(1) | 1,505 | 989 | ||||||
GNA Axles Ltd. | 786 | 5,065 | ||||||
Godawari Power and Ispat Ltd. | 8,189 | 35,054 | ||||||
Godrej Consumer Products Ltd.(1) | 3,290 | 33,647 | ||||||
Godrej Industries Ltd.(1) | 830 | 5,741 | ||||||
Godrej Properties Ltd.(1) | 1,216 | 24,359 | ||||||
Gokaldas Exports Ltd.(1) | 4,153 | 19,172 | ||||||
Granules India Ltd. | 9,443 | 36,628 | ||||||
Graphite India Ltd. | 1,876 | 11,687 | ||||||
Grasim Industries Ltd. | 9,980 | 212,979 | ||||||
Great Eastern Shipping Co. Ltd. (The) | 5,941 | 25,745 | ||||||
Greaves Cotton Ltd. | 5,350 | 12,328 | ||||||
Greenpanel Industries Ltd. | 7,398 | 47,512 | ||||||
Greenply Industries Ltd. | 3,388 | 7,857 | ||||||
Gufic Biosciences Ltd. | 3,500 | 9,505 | ||||||
Gujarat Alkalies & Chemicals Ltd. | 1,841 | 15,659 | ||||||
Gujarat Ambuja Exports Ltd. | 2,194 | 5,669 | ||||||
Gujarat Fluorochemicals Ltd.(1) | 757 | 26,008 | ||||||
Gujarat Gas Ltd. | 6,223 | 48,383 | ||||||
Gujarat Mineral Development Corp. Ltd. | 6,110 | 10,889 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 7,658 | 56,581 | ||||||
Gujarat Pipavav Port Ltd. | 21,599 | 24,190 | ||||||
Gujarat State Fertilizers & Chemicals Ltd. | 12,021 | 20,178 | ||||||
Gujarat State Petronet Ltd. | 14,796 | 57,113 | ||||||
Happiest Minds Technologies Ltd. | 520 | 6,811 | ||||||
Hathway Cable & Datacom Ltd.(1) | 53,179 | 13,217 | ||||||
Havells India Ltd. | 1,048 | 16,557 | ||||||
HBL Power Systems Ltd. | 15,215 | 12,216 | ||||||
HCL Technologies Ltd. | 18,615 | 279,918 | ||||||
HDFC Asset Management Co. Ltd. | 1,211 | 33,674 | ||||||
HDFC Life Insurance Co. Ltd. | 6,121 | 42,669 | ||||||
HEG Ltd. | 507 | 7,693 | ||||||
HeidelbergCement India Ltd. | 3,441 | 8,519 | ||||||
Hero MotoCorp Ltd. | 6,316 | 213,949 | ||||||
HFCL Ltd. | 55,288 | 53,938 | ||||||
HG Infra Engineering Ltd. | 1,319 | 10,373 |
26
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Hikal Ltd. | 2,164 | $ | 10,610 | |||||
HIL Ltd. | 354 | 19,613 | ||||||
Himatsingka Seide Ltd. | 1,947 | 4,226 | ||||||
Hindalco Industries Ltd. | 61,283 | 470,967 | ||||||
Hinduja Global Solutions Ltd. | 354 | 5,735 | ||||||
Hinduja Global Solutions Ltd.(1) | 354 | 5,701 | ||||||
Hindustan Oil Exploration Co. Ltd.(1) | 4,116 | 10,693 | ||||||
Hindustan Petroleum Corp. Ltd. | 38,966 | 141,752 | ||||||
Hindustan Unilever Ltd. | 5,983 | 173,018 | ||||||
Hitachi Energy India Ltd. | 241 | 10,628 | ||||||
Home First Finance Co. India Ltd.(1) | 1,412 | 12,806 | ||||||
Housing Development Finance Corp. Ltd. | 22,151 | 700,100 | ||||||
HSIL Ltd. | 3,207 | 12,118 | ||||||
I G Petrochemicals Ltd. | 1,499 | 13,330 | ||||||
ICICI Bank Ltd., ADR | 21,856 | 425,536 | ||||||
ICICI Lombard General Insurance Co. Ltd. | 2,124 | 35,750 | ||||||
ICICI Prudential Life Insurance Co. Ltd. | 3,384 | 21,619 | ||||||
IDFC First Bank Ltd.(1) | 74,379 | 41,879 | ||||||
IDFC Ltd.(1) | 74,019 | 57,189 | ||||||
IFB Industries Ltd.(1) | 268 | 3,178 | ||||||
IFCI Ltd.(1) | 32,831 | 5,391 | ||||||
IIFL Finance Ltd. | 11,992 | 47,649 | ||||||
IIFL Securities Ltd. | 5,318 | 6,032 | ||||||
IIFL Wealth Management Ltd. | 1,793 | 36,648 | ||||||
India Cements Ltd. (The) | 11,094 | 29,942 | ||||||
India Glycols Ltd. | 1,220 | 12,440 | ||||||
Indiabulls Housing Finance Ltd. | 19,242 | 38,597 | ||||||
Indiabulls Real Estate Ltd.(1) | 22,587 | 32,650 | ||||||
Indian Bank | 16,628 | 31,853 | ||||||
Indian Energy Exchange Ltd. | 23,847 | 65,667 | ||||||
Indian Hotels Co. Ltd. (The) | 17,753 | 47,388 | ||||||
Indian Oil Corp. Ltd. | 79,925 | 122,676 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 2,155 | 23,384 | ||||||
Indo Count Industries Ltd. | 3,348 | 7,805 | ||||||
Indraprastha Gas Ltd. | 1,402 | 6,482 | ||||||
Indus Towers Ltd.(1) | 30,459 | 87,424 | ||||||
Info Edge India Ltd. | 1,068 | 63,486 | ||||||
Infosys Ltd., ADR | 70,584 | 1,585,317 | ||||||
Inox Leisure Ltd.(1) | 3,720 | 20,340 | ||||||
Inox Wind Ltd.(1) | 5,788 | 8,584 | ||||||
Intellect Design Arena Ltd.(1) | 4,267 | 37,295 | ||||||
InterGlobe Aviation Ltd.(1) | 1,748 | 43,759 | ||||||
IOL Chemicals and Pharmaceuticals Ltd. | 943 | 4,427 | ||||||
Ipca Laboratories Ltd. | 5,700 | 74,451 | ||||||
IRB Infrastructure Developers Ltd.(1) | 9,082 | 26,126 | ||||||
J Kumar Infraprojects Ltd. | 3,364 | 7,274 | ||||||
Jagran Prakashan Ltd.(1) | 9,956 | 8,990 | ||||||
Jai Corp. Ltd. | 9,007 | 12,926 | ||||||
Jain Irrigation Systems Ltd.(1) | 33,922 | 18,184 | ||||||
Jaiprakash Associates Ltd.(1) | 47,432 | 6,232 | ||||||
Jaiprakash Power Ventures Ltd.(1) | 337,329 | 32,707 |
27
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Jammu & Kashmir Bank Ltd. (The)(1) | 42,258 | $ | 19,240 | |||||
Jamna Auto Industries Ltd. | 10,646 | 14,447 | ||||||
JB Chemicals & Pharmaceuticals Ltd. | 1,844 | 39,625 | ||||||
Jindal Poly Films Ltd. | 790 | 10,717 | ||||||
Jindal Saw Ltd. | 8,035 | 9,344 | ||||||
Jindal Stainless Hisar Ltd.(1) | 11,911 | 56,101 | ||||||
Jindal Stainless Ltd.(1) | 17,129 | 44,369 | ||||||
Jindal Steel & Power Ltd.(1) | 22,818 | 130,126 | ||||||
JK Cement Ltd. | 2,071 | 78,481 | ||||||
JK Lakshmi Cement Ltd. | 6,614 | 39,490 | ||||||
JK Paper Ltd. | 2,723 | 8,166 | ||||||
JK Tyre & Industries Ltd. | 14,652 | 20,699 | ||||||
JM Financial Ltd. | 38,923 | 35,342 | ||||||
JSW Energy Ltd. | 10,448 | 47,200 | ||||||
JSW Steel Ltd. | 20,919 | 175,505 | ||||||
Jubilant Foodworks Ltd. | 2,760 | 107,307 | ||||||
Jubilant Ingrevia Ltd. | 2,179 | 14,540 | ||||||
Jubilant Pharmova Ltd. | 3,351 | 17,676 | ||||||
Just Dial Ltd.(1) | 979 | 9,748 | ||||||
Jyothy Labs Ltd. | 4,782 | 8,716 | ||||||
Kajaria Ceramics Ltd. | 4,758 | 68,603 | ||||||
Kalpataru Power Transmission Ltd. | 3,140 | 16,384 | ||||||
Kansai Nerolac Paints Ltd. | 2,339 | 14,146 | ||||||
Karnataka Bank Ltd. (The) | 4,895 | 3,917 | ||||||
Karur Vysya Bank Ltd. (The) | 21,540 | 13,645 | ||||||
Kaveri Seed Co. Ltd. | 951 | 6,167 | ||||||
KEC International Ltd. | 10,118 | 62,806 | ||||||
KEI Industries Ltd. | 948 | 12,524 | ||||||
Kirloskar Ferrous Industries Ltd. | 3,735 | 10,091 | ||||||
Kirloskar Oil Engines Ltd. | 3,353 | 5,912 | ||||||
KNR Constructions Ltd. | 12,064 | 49,880 | ||||||
Kolte-Patil Developers Ltd.(1) | 1,397 | 5,154 | ||||||
Kopran Ltd. | 1,454 | 5,317 | ||||||
Kotak Mahindra Bank Ltd. | 8,044 | 198,012 | ||||||
KPIT Technologies Ltd. | 15,137 | 115,303 | ||||||
KPR Mill Ltd. | 5,470 | 46,160 | ||||||
KRBL Ltd. | 2,143 | 5,542 | ||||||
L&T Finance Holdings Ltd.(1) | 24,350 | 21,452 | ||||||
L&T Technology Services Ltd. | 955 | 57,844 | ||||||
Larsen & Toubro Infotech Ltd. | 1,594 | 124,582 | ||||||
Larsen & Toubro Ltd. | 18,935 | 459,035 | ||||||
Laurus Labs Ltd. | 6,295 | 45,492 | ||||||
LIC Housing Finance Ltd. | 16,466 | 75,449 | ||||||
Linde India Ltd. | 348 | 12,765 | ||||||
LT Foods Ltd. | 7,047 | 5,888 | ||||||
Lupin Ltd. | 2,335 | 23,197 | ||||||
Mahanagar Gas Ltd. | 1,830 | 17,741 | ||||||
Maharashtra Seamless Ltd. | 2,014 | 13,675 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 33,525 | 65,131 | ||||||
Mahindra & Mahindra Ltd. | 31,274 | 330,149 | ||||||
Mahindra Lifespace Developers Ltd.(1) | 2,988 | 11,809 |
28
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Mahindra Logistics Ltd. | 3,262 | $ | 17,448 | |||||
Maithan Alloys Ltd. | 1,132 | 15,996 | ||||||
Manali Petrochemicals Ltd. | 9,199 | 12,121 | ||||||
Manappuram Finance Ltd. | 40,753 | 61,932 | ||||||
Marico Ltd. | 15,837 | 108,421 | ||||||
Marksans Pharma Ltd. | 7,598 | 4,775 | ||||||
Maruti Suzuki India Ltd. | 2,514 | 278,636 | ||||||
Mastek Ltd. | 528 | 19,787 | ||||||
Matrimony.com Ltd. | 690 | 6,652 | ||||||
Max Financial Services Ltd.(1) | 8,843 | 97,801 | ||||||
Mayur Uniquoters Ltd. | 698 | 3,718 | ||||||
Mazagon Dock Shipbuilders Ltd. | 3,870 | 12,413 | ||||||
Meghmani Finechem Ltd.(1) | 423 | 4,288 | ||||||
Meghmani Organics Ltd. | 4,499 | 5,619 | ||||||
Metropolis Healthcare Ltd. | 1,019 | 26,592 | ||||||
Minda Corp. Ltd. | 3,029 | 8,008 | ||||||
Minda Industries Ltd. | 2,212 | 27,197 | ||||||
Mindtree Ltd. | 2,532 | 131,388 | ||||||
MOIL Ltd. | 2,822 | 6,355 | ||||||
Motherson Sumi Systems Ltd. | 61,782 | 124,215 | ||||||
Motherson Sumi Wiring India Ltd.(1) | 33,006 | 15,244 | ||||||
Motilal Oswal Financial Services Ltd. | 3,447 | 40,473 | ||||||
Mphasis Ltd. | 1,587 | 65,932 | ||||||
MRF Ltd. | 88 | 77,000 | ||||||
MSTC Ltd. | 1,029 | 4,221 | ||||||
Multi Commodity Exchange of India Ltd. | 1,228 | 20,881 | ||||||
Muthoot Finance Ltd. | 5,694 | 103,161 | ||||||
Narayana Hrudayalaya Ltd.(1) | 3,375 | 30,810 | ||||||
Natco Pharma Ltd. | 3,159 | 36,540 | ||||||
National Aluminium Co. Ltd. | 64,321 | 104,593 | ||||||
Nava Bharat Ventures Ltd. | 5,922 | 10,009 | ||||||
NBCC India Ltd. | 27,199 | 14,151 | ||||||
NCC Ltd. | 21,138 | 17,639 | ||||||
NELCO Ltd. | 701 | 5,997 | ||||||
Neogen Chemicals Ltd. | 823 | 16,819 | ||||||
NESCO Ltd. | 711 | 5,281 | ||||||
Nestle India Ltd. | 611 | 143,496 | ||||||
Newgen Software Technologies Ltd. | 1,964 | 13,110 | ||||||
NIIT Ltd. | 9,326 | 52,577 | ||||||
Nippon Life India Asset Management Ltd. | 6,940 | 28,476 | ||||||
NOCIL Ltd. | 1,719 | 4,806 | ||||||
NTPC Ltd. | 183,982 | 327,512 | ||||||
Oberoi Realty Ltd.(1) | 6,424 | 77,790 | ||||||
Oil & Natural Gas Corp. Ltd. | 91,482 | 197,031 | ||||||
Oil India Ltd. | 21,074 | 62,857 | ||||||
Olectra Greentech Ltd.(1) | 3,191 | 27,032 | ||||||
OnMobile Global Ltd. | 3,493 | 5,272 | ||||||
Oracle Financial Services Software Ltd. | 1,287 | 58,180 | ||||||
Orient Cement Ltd. | 10,302 | 19,950 | ||||||
Orient Electric Ltd. | 9,374 | 41,230 | ||||||
Page Industries Ltd. | 188 | 105,824 |
29
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Paisalo Digital Ltd. | 1,179 | $ | 10,409 | |||||
PCBL Ltd. | 2,127 | 5,441 | ||||||
Persistent Systems Ltd. | 2,477 | 130,212 | ||||||
Petronet LNG Ltd. | 48,819 | 140,087 | ||||||
Phoenix Mills Ltd. (The) | 2,284 | 29,174 | ||||||
PI Industries Ltd. | 1,103 | 36,301 | ||||||
Pidilite Industries Ltd. | 1,927 | 61,686 | ||||||
Piramal Enterprises Ltd. | 4,189 | 115,807 | ||||||
PNB Housing Finance Ltd.(1) | 6,414 | 34,967 | ||||||
PNC Infratech Ltd. | 10,165 | 35,923 | ||||||
Polycab India Ltd. | 446 | 14,129 | ||||||
Polyplex Corp. Ltd. | 1,130 | 27,264 | ||||||
Poonawalla Fincorp Ltd.(1) | 2,566 | 8,168 | ||||||
Power Finance Corp. Ltd. | 10,140 | 14,849 | ||||||
Power Grid Corp. of India Ltd. | 114,009 | 317,460 | ||||||
Praj Industries Ltd. | 7,674 | 34,910 | ||||||
Prestige Estates Projects Ltd. | 8,021 | 48,665 | ||||||
Pricol Ltd.(1) | 4,351 | 6,342 | ||||||
Prince Pipes & Fittings Ltd. | 1,925 | 16,539 | ||||||
Prism Johnson Ltd.(1) | 6,392 | 10,057 | ||||||
Privi Speciality Chemicals Ltd. | 426 | 10,654 | ||||||
Procter & Gamble Health Ltd. | 56 | 3,401 | ||||||
PTC India Ltd. | 20,398 | 23,142 | ||||||
PVR Ltd.(1) | 736 | 16,126 | ||||||
Quess Corp. Ltd. | 2,432 | 20,494 | ||||||
Radico Khaitan Ltd. | 4,520 | 54,080 | ||||||
Rain Industries Ltd. | 2,672 | 6,622 | ||||||
Rajesh Exports Ltd. | 5,055 | 47,157 | ||||||
Rallis India Ltd. | 2,331 | 7,265 | ||||||
Ramco Cements Ltd. (The) | 5,309 | 55,671 | ||||||
Rashtriya Chemicals & Fertilizers Ltd. | 7,086 | 6,727 | ||||||
Ratnamani Metals & Tubes Ltd. | 335 | 9,973 | ||||||
Raymond Ltd.(1) | 1,780 | 17,438 | ||||||
RBL Bank Ltd.(1) | 13,582 | 24,243 | ||||||
REC Ltd. | 60,914 | 99,227 | ||||||
Redington India Ltd. | 52,432 | 107,362 | ||||||
Relaxo Footwears Ltd. | 466 | 7,549 | ||||||
Reliance Industrial Infrastructure Ltd. | 626 | 5,847 | ||||||
Reliance Industries Ltd., GDR | 17,652 | 1,107,988 | ||||||
Reliance Infrastructure Ltd.(1) | 17,976 | 25,221 | ||||||
Reliance Power Ltd.(1) | 326,382 | 57,137 | ||||||
Repco Home Finance Ltd. | 1,964 | 4,975 | ||||||
Rhi Magnesita India Ltd. | 2,629 | 18,337 | ||||||
Rupa & Co. Ltd. | 2,495 | 15,282 | ||||||
Sanofi India Ltd. | 513 | 49,458 | ||||||
Saregama India Ltd. | 198 | 10,349 | ||||||
SBI Cards & Payment Services Ltd.(1) | 2,749 | 28,823 | ||||||
SBI Life Insurance Co. Ltd. | 5,203 | 73,576 | ||||||
Schaeffler India Ltd. | 875 | 21,266 | ||||||
Sharda Cropchem Ltd. | 930 | 6,633 | ||||||
Shipping Corp. of India Ltd. | 5,563 | 7,734 |
30
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Shree Cement Ltd. | 224 | $ | 72,924 | |||||
Shriram City Union Finance Ltd. | 1,000 | 21,125 | ||||||
Shriram Transport Finance Co. Ltd. | 11,748 | 176,584 | ||||||
Siemens Ltd. | 1,247 | 39,012 | ||||||
Sobha Ltd. | 3,140 | 32,401 | ||||||
Sonata Software Ltd. | 6,467 | 63,403 | ||||||
South Indian Bank Ltd. (The)(1) | 51,265 | 5,540 | ||||||
Spandana Sphoorty Financial Ltd.(1) | 887 | 4,404 | ||||||
SRF Ltd. | 5,107 | 162,527 | ||||||
Star Cement Ltd.(1) | 7,215 | 8,605 | ||||||
State Bank of India, GDR | 4,441 | 288,089 | ||||||
Sterling and Wilson Renewable(1) | 4,243 | 18,084 | ||||||
Sterlite Technologies Ltd. | 13,985 | 32,984 | ||||||
Strides Pharma Science Ltd. | 2,601 | 11,088 | ||||||
Subex Ltd. | 6,461 | 3,176 | ||||||
Sudarshan Chemical Industries | 1,564 | 11,192 | ||||||
Sumitomo Chemical India Ltd. | 963 | 4,836 | ||||||
Sun Pharma Advanced Research Co. Ltd.(1) | 1,889 | 6,776 | ||||||
Sun Pharmaceutical Industries Ltd. | 22,513 | 252,898 | ||||||
Sun TV Network Ltd. | 1,226 | 7,319 | ||||||
Sundaram Finance Ltd. | 691 | 17,533 | ||||||
Sundram Fasteners Ltd. | 4,294 | 48,867 | ||||||
Sunteck Realty Ltd. | 3,995 | 25,965 | ||||||
Suprajit Engineering Ltd. | 3,688 | 15,438 | ||||||
Supreme Industries Ltd. | 4,071 | 110,889 | ||||||
Supreme Petrochem Ltd. | 1,178 | 10,398 | ||||||
Surya Roshni Ltd. | 797 | 4,422 | ||||||
Suven Pharmaceuticals Ltd. | 5,278 | 36,036 | ||||||
Suzlon Energy Ltd.(1) | 104,836 | 13,200 | ||||||
Tamil Nadu Newsprint & Papers Ltd. | 3,992 | 6,811 | ||||||
Tanla Platforms Ltd. | 5,252 | 110,126 | ||||||
Tata Chemicals Ltd. | 8,877 | 99,731 | ||||||
Tata Communications Ltd. | 4,299 | 67,845 | ||||||
Tata Consultancy Services Ltd. | 16,666 | 789,497 | ||||||
Tata Consumer Products Ltd. | 5,037 | 48,231 | ||||||
Tata Elxsi Ltd. | 828 | 71,061 | ||||||
Tata Investment Corp. Ltd. | 995 | 17,631 | ||||||
Tata Motors Ltd., ADR(1)(2) | 12,870 | 389,832 | ||||||
Tata Power Co. Ltd. (The) | 24,630 | 73,447 | ||||||
Tata Steel Long Products Ltd. | 679 | 6,421 | ||||||
Tata Steel Ltd. | 25,686 | 420,575 | ||||||
TCI Express Ltd. | 457 | 10,768 | ||||||
TeamLease Services Ltd.(1) | 553 | 30,241 | ||||||
Tech Mahindra Ltd. | 25,268 | 475,741 | ||||||
Tejas Networks Ltd.(1) | 1,973 | 10,755 | ||||||
Thermax Ltd. | 2,939 | 71,062 | ||||||
Thirumalai Chemicals Ltd. | 10,204 | 28,669 | ||||||
Thyrocare Technologies Ltd. | 472 | 5,400 | ||||||
Tide Water Oil Co. India Ltd. | 360 | 6,070 | ||||||
Time Technoplast Ltd. | 5,081 | 4,642 | ||||||
Timken India Ltd. | 782 | 21,123 |
31
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Tinplate Co. of India Ltd. (The) | 3,598 | $ | 15,767 | |||||
Titagarh Wagons Ltd.(1) | 11,407 | 13,105 | ||||||
Titan Co. Ltd. | 3,073 | 104,379 | ||||||
Torrent Pharmaceuticals Ltd. | 1,946 | 71,222 | ||||||
Torrent Power Ltd. | 3,732 | 23,628 | ||||||
Transport Corp. of India Ltd. | 1,642 | 13,575 | ||||||
Trident Ltd. | 68,002 | 46,015 | ||||||
Triveni Engineering & Industries Ltd. | 6,923 | 22,985 | ||||||
Triveni Turbine Ltd. | 9,259 | 21,760 | ||||||
Tube Investments of India Ltd. | 4,147 | 83,996 | ||||||
TV18 Broadcast Ltd.(1) | 50,440 | 41,322 | ||||||
Uflex Ltd. | 3,123 | 21,687 | ||||||
Ujjivan Financial Services Ltd.(1) | 1,463 | 2,101 | ||||||
UltraTech Cement Ltd. | 2,530 | 221,430 | ||||||
Union Bank of India Ltd.(1) | 17,616 | 9,464 | ||||||
United Spirits Ltd.(1) | 12,264 | 144,809 | ||||||
UPL Ltd. | 5,649 | 50,205 | ||||||
Usha Martin Ltd.(1) | 12,880 | 15,047 | ||||||
UTI Asset Management Co. Ltd. | 572 | 6,366 | ||||||
V-Guard Industries Ltd. | 2,008 | 5,232 | ||||||
VA Tech Wabag Ltd.(1) | 2,681 | 10,705 | ||||||
Vaibhav Global Ltd. | 1,025 | 5,614 | ||||||
Vakrangee Ltd. | 31,841 | 13,304 | ||||||
Vardhman Textiles Ltd. | 1,551 | 52,778 | ||||||
Varroc Engineering Ltd.(1) | 1,399 | 6,644 | ||||||
Varun Beverages Ltd. | 5,154 | 64,841 | ||||||
Vedanta Ltd. | 52,624 | 267,839 | ||||||
Venky's India Ltd. | 238 | 6,364 | ||||||
VIP Industries Ltd.(1) | 1,621 | 13,901 | ||||||
Vodafone Idea Ltd.(1) | 232,783 | 32,120 | ||||||
Voltas Ltd. | 1,275 | 21,436 | ||||||
VRL Logistics Ltd. | 2,302 | 14,075 | ||||||
Welspun Corp. Ltd. | 11,369 | 21,704 | ||||||
Welspun India Ltd. | 20,423 | 28,644 | ||||||
Westlife Development Ltd.(1) | 808 | 4,981 | ||||||
Wipro Ltd., ADR | 26,591 | 193,848 | ||||||
Wockhardt Ltd.(1) | 1,407 | 6,360 | ||||||
Yes Bank Ltd.(1) | 240,779 | 42,537 | ||||||
Zee Entertainment Enterprises Ltd. | 65,242 | 199,854 | ||||||
Zen Technologies Ltd. | 2,024 | 5,317 | ||||||
Zensar Technologies Ltd. | 10,622 | 49,298 | ||||||
28,960,347 | ||||||||
Indonesia — 1.9% | ||||||||
Ace Hardware Indonesia Tbk PT | 107,700 | 8,048 | ||||||
Adaro Energy Tbk PT | 973,100 | 166,723 | ||||||
Adhi Karya Persero Tbk PT(1) | 82,400 | 4,387 | ||||||
Adi Sarana Armada Tbk PT(1) | 73,600 | 13,059 | ||||||
Agung Podomoro Land Tbk PT(1) | 80,200 | 643 | ||||||
AKR Corporindo Tbk PT | 510,500 | 27,004 | ||||||
Alam Sutera Realty Tbk PT(1) | 534,300 | 5,674 | ||||||
Aneka Tambang Tbk | 212,200 | 33,060 |
32
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Astra Agro Lestari Tbk PT | 40,600 | $ | 32,219 | |||||
Astra International Tbk PT | 566,800 | 229,857 | ||||||
Bank BTPN Syariah Tbk PT | 164,600 | 41,309 | ||||||
Bank Bukopin Tbk PT(1) | 1,089,998 | 20,207 | ||||||
Bank Central Asia Tbk PT | 684,800 | 386,615 | ||||||
Bank China Construction Bank Indonesia Tbk PT(1) | 357,900 | 2,488 | ||||||
Bank Mandiri Persero Tbk PT | 431,100 | 233,070 | ||||||
Bank Negara Indonesia Persero Tbk PT | 210,700 | 118,058 | ||||||
Bank Pan Indonesia Tbk PT(1) | 16,900 | 945 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 85,800 | 8,335 | ||||||
Bank Pembangunan Daerah Jawa Timur Tbk PT | 113,500 | 6,086 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 656,197 | 209,826 | ||||||
Bank Syariah Indonesia Tbk PT(1) | 61,200 | 7,110 | ||||||
Bank Tabungan Negara Persero Tbk PT(1) | 374,000 | 46,492 | ||||||
Barito Pacific Tbk PT | 254,400 | 15,863 | ||||||
BFI Finance Indonesia Tbk PT | 479,000 | 43,168 | ||||||
Buana Lintas Lautan Tbk PT(1) | 553,700 | 4,414 | ||||||
Bukit Asam Tbk PT | 206,400 | 45,343 | ||||||
Bumi Serpong Damai Tbk PT(1) | 228,300 | 14,668 | ||||||
Buyung Poetra Sembada PT | 68,000 | 763 | ||||||
Charoen Pokphand Indonesia Tbk PT | 136,200 | 55,150 | ||||||
Ciputra Development Tbk PT | 808,700 | 52,162 | ||||||
Delta Dunia Makmur Tbk PT(1) | 222,900 | 6,326 | ||||||
Dharma Satya Nusantara Tbk PT | 370,800 | 16,165 | ||||||
Elnusa Tbk PT | 183,200 | 3,992 | ||||||
Erajaya Swasembada Tbk PT | 584,000 | 22,744 | ||||||
Gajah Tunggal Tbk PT | 82,900 | 3,719 | ||||||
Global Mediacom Tbk PT(1) | 53,600 | 947 | ||||||
Harum Energy Tbk PT | 16,200 | 13,939 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 174,200 | 98,443 | ||||||
Indika Energy Tbk PT(1) | 181,000 | 28,232 | ||||||
Indo Tambangraya Megah Tbk PT | 36,800 | 68,443 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 60,200 | 46,118 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 49,400 | 29,284 | ||||||
Indofood Sukses Makmur Tbk PT | 70,800 | 30,623 | ||||||
Indosat Tbk PT | 74,500 | 28,372 | ||||||
Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 101,252 | 6,881 | ||||||
Japfa Comfeed Indonesia Tbk PT | 274,200 | 30,117 | ||||||
Jasa Marga Persero Tbk PT(1) | 50,700 | 11,969 | ||||||
Kalbe Farma Tbk PT | 769,000 | 88,076 | ||||||
Kresna Graha Investama Tbk PT(1) | 28,000 | 149 | ||||||
Link Net Tbk PT | 58,100 | 17,697 | ||||||
Lippo Karawaci Tbk PT(1) | 765,000 | 6,936 | ||||||
Malindo Feedmill Tbk PT(1) | 13,400 | 623 | ||||||
Matahari Department Store Tbk PT | 145,500 | 46,412 | ||||||
Medco Energi Internasional Tbk PT(1) | 503,940 | 21,275 | ||||||
Media Nusantara Citra Tbk PT | 425,200 | 25,882 | ||||||
Merdeka Copper Gold Tbk PT(1) | 106,600 | 28,865 | ||||||
Mitra Adiperkasa Tbk PT(1) | 508,100 | 27,927 | ||||||
Mitra Keluarga Karyasehat Tbk PT | 78,500 | 12,147 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 25,700 | 13,407 |
33
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Pakuwon Jati Tbk PT(1) | 688,800 | $ | 22,176 | |||||
Panin Financial Tbk PT(1) | 427,000 | 5,025 | ||||||
Perusahaan Gas Negara Tbk PT(1) | 351,300 | 35,519 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 344,600 | 34,167 | ||||||
PP Persero Tbk PT(1) | 159,800 | 10,762 | ||||||
Puradelta Lestari Tbk PT | 105,100 | 1,383 | ||||||
Rimo International Lestari Tbk PT(1) | 329,900 | 1,148 | ||||||
Salim Ivomas Pratama Tbk PT | 44,700 | 1,550 | ||||||
Sarana Menara Nusantara Tbk PT | 505,900 | 36,584 | ||||||
Sawit Sumbermas Sarana Tbk PT | 188,300 | 14,751 | ||||||
Selamat Sempurna Tbk PT | 68,200 | 6,225 | ||||||
Semen Indonesia Persero Tbk PT | 92,300 | 46,624 | ||||||
Siloam International Hospitals Tbk PT | 2,000 | 1,085 | ||||||
Smartfren Telecom Tbk PT(1) | 3,336,600 | 18,469 | ||||||
Sri Rejeki Isman Tbk PT(1) | 54,600 | 555 | ||||||
Steel Pipe Industry of Indonesia PT | 274,200 | 7,526 | ||||||
Summarecon Agung Tbk PT(1) | 747,358 | 36,291 | ||||||
Surya Citra Media Tbk PT(1) | 945,000 | 17,061 | ||||||
Surya Esa Perkasa Tbk PT(1) | 52,700 | 2,463 | ||||||
Surya Semesta Internusa Tbk PT(1) | 20,600 | 487 | ||||||
Telkom Indonesia Persero Tbk PT, ADR | 15,291 | 454,296 | ||||||
Timah Tbk PT(1) | 178,800 | 19,901 | ||||||
Tower Bersama Infrastructure Tbk PT | 253,700 | 52,173 | ||||||
Transcoal Pacific Tbk PT(1) | 29,600 | 18,562 | ||||||
Tunas Baru Lampung Tbk PT | 24,900 | 1,405 | ||||||
Unilever Indonesia Tbk PT | 131,800 | 33,916 | ||||||
United Tractors Tbk PT | 77,900 | 135,934 | ||||||
Waskita Beton Precast Tbk PT(1) | 48,300 | 319 | ||||||
Waskita Karya Persero Tbk PT(1) | 384,292 | 15,346 | ||||||
Wijaya Karya Persero Tbk PT(1) | 60,800 | 4,317 | ||||||
XL Axiata Tbk PT | 243,300 | 48,609 | ||||||
3,653,085 | ||||||||
Malaysia — 1.8% | ||||||||
7-Eleven Malaysia Holdings Bhd, Class B | 3,000 | 1,044 | ||||||
Aeon Co. M Bhd | 34,400 | 11,975 | ||||||
AEON Credit Service M Bhd | 500 | 1,750 | ||||||
Alliance Bank Malaysia Bhd | 67,500 | 55,251 | ||||||
AMMB Holdings Bhd(1) | 108,800 | 87,257 | ||||||
Ann Joo Resources Bhd | 16,600 | 7,545 | ||||||
Astro Malaysia Holdings Bhd | 23,800 | 5,619 | ||||||
ATA IMS Bhd | 14,300 | 1,426 | ||||||
Axiata Group Bhd | 40,600 | 38,017 | ||||||
Bank Islam Malaysia Bhd | 35,200 | 25,096 | ||||||
Berjaya Corp. Bhd(1) | 18,096 | 1,018 | ||||||
Berjaya Sports Toto Bhd | 7,474 | 3,405 | ||||||
Bermaz Auto Bhd | 17,800 | 7,585 | ||||||
Beshom Holdings Bhd | 2,076 | 857 | ||||||
Bumi Armada Bhd(1) | 305,000 | 34,846 | ||||||
Bursa Malaysia Bhd | 27,900 | 41,962 | ||||||
Cahya Mata Sarawak Bhd | 32,700 | 9,376 | ||||||
Capital A Bhd(1) | 33,100 | 4,955 |
34
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Careplus Group Bhd | 13,500 | $ | 2,256 | |||||
Carlsberg Brewery Malaysia Bhd | 2,500 | 12,027 | ||||||
CIMB Group Holdings Bhd | 126,935 | 172,910 | ||||||
Coastal Contracts Bhd(1) | 3,400 | 1,557 | ||||||
Comfort Glove Bhd | 6,800 | 1,175 | ||||||
CSC Steel Holdings Bhd | 18,100 | 6,595 | ||||||
Cypark Resources Bhd(1) | 15,400 | 3,122 | ||||||
D&O Green Technologies Bhd | 25,100 | 28,354 | ||||||
Dagang NeXchange Bhd(1) | 112,300 | 30,446 | ||||||
Datasonic Group Bhd | 28,200 | 3,062 | ||||||
Dayang Enterprise Holdings Bhd | 17,100 | 3,534 | ||||||
Dialog Group Bhd | 69,000 | 46,486 | ||||||
DiGi.Com Bhd | 60,400 | 58,392 | ||||||
DRB-Hicom Bhd | 29,900 | 10,568 | ||||||
Dufu Technology Corp. Bhd | 2,800 | 1,936 | ||||||
Eco World Development Group Bhd | 95,100 | 23,872 | ||||||
Econpile Holdings Bhd(1) | 5,500 | 395 | ||||||
Ekovest Bhd(1) | 9,600 | 962 | ||||||
Focus Dynamics Group Bhd(1) | 55,800 | 469 | ||||||
Fraser & Neave Holdings Bhd | 5,300 | 28,561 | ||||||
Frontken Corp. Bhd | 31,000 | 21,538 | ||||||
Gamuda Bhd | 93,400 | 64,135 | ||||||
Genting Bhd | 69,300 | 76,816 | ||||||
Genting Malaysia Bhd | 34,300 | 24,549 | ||||||
Genting Plantations Bhd | 6,300 | 13,683 | ||||||
Globetronics Technology Bhd | 12,200 | 4,091 | ||||||
HAP Seng Consolidated Bhd | 16,900 | 30,503 | ||||||
Hartalega Holdings Bhd | 66,200 | 72,766 | ||||||
Heineken Malaysia Bhd | 2,600 | 13,656 | ||||||
Hengyuan Refining Co. Bhd | 5,300 | 5,424 | ||||||
Hextar Global Bhd | 4,440 | 1,813 | ||||||
Hiap Teck Venture Bhd | 125,000 | 14,502 | ||||||
Hibiscus Petroleum Bhd | 117,100 | 33,809 | ||||||
Hong Leong Bank Bhd | 9,400 | 45,002 | ||||||
Hong Leong Financial Group Bhd | 8,500 | 39,162 | ||||||
Hong Leong Industries Bhd | 400 | 901 | ||||||
IHH Healthcare Bhd | 14,000 | 21,964 | ||||||
IJM Corp. Bhd | 180,900 | 66,508 | ||||||
Inari Amertron Bhd | 72,300 | 55,980 | ||||||
IOI Corp. Bhd | 39,200 | 43,073 | ||||||
IOI Properties Group Bhd | 41,800 | 10,254 | ||||||
JAKS Resources Bhd(1) | 11,180 | 986 | ||||||
Jaya Tiasa Holdings Bhd(1) | 28,000 | 7,283 | ||||||
Kossan Rubber Industries Bhd | 54,100 | 22,304 | ||||||
KPJ Healthcare Bhd | 33,800 | 8,381 | ||||||
KSL Holdings Bhd(1) | 5,500 | 910 | ||||||
Kuala Lumpur Kepong Bhd | 5,100 | 31,562 | ||||||
Land & General Bhd | 29,900 | 786 | ||||||
LBS Bina Group Bhd | 8,961 | 1,092 | ||||||
Leong Hup International Bhd | 5,600 | 702 | ||||||
Lii Hen Industries Bhd | 1,400 | 1,003 |
35
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Lotte Chemical Titan Holding Bhd | 20,000 | $ | 10,392 | |||||
Luxchem Corp. Bhd | 20,900 | 3,444 | ||||||
Mah Sing Group Bhd | 51,600 | 8,303 | ||||||
Malakoff Corp. Bhd | 6,800 | 1,105 | ||||||
Malayan Banking Bhd | 97,835 | 204,422 | ||||||
Malayan Flour Mills Bhd | 26,300 | 3,948 | ||||||
Malaysia Airports Holdings Bhd(1) | 27,900 | 40,948 | ||||||
Malaysia Building Society Bhd | 190,000 | 26,291 | ||||||
Malaysia Marine and Heavy Engineering Holdings Bhd(1) | 4,700 | 435 | ||||||
Malaysian Pacific Industries Bhd | 2,600 | 22,384 | ||||||
Malaysian Resources Corp. Bhd | 9,900 | 839 | ||||||
Matrix Concepts Holdings Bhd | 12,200 | 6,995 | ||||||
Maxis Bhd | 58,000 | 55,607 | ||||||
Media Prima Bhd(1) | 58,500 | 7,825 | ||||||
Mega First Corp. Bhd | 4,200 | 3,558 | ||||||
MISC Bhd | 42,500 | 74,543 | ||||||
MKH Bhd | 2,900 | 982 | ||||||
Muhibbah Engineering M Bhd(1) | 2,000 | 304 | ||||||
My EG Services Bhd | 132,900 | 30,499 | ||||||
Naim Holdings Bhd | 4,300 | 590 | ||||||
Nestle Malaysia Bhd | 1,200 | 38,348 | ||||||
OCK Group Bhd(1) | 7,100 | 678 | ||||||
OSK Holdings Bhd | 6,600 | 1,400 | ||||||
Padini Holdings Bhd | 12,900 | 10,382 | ||||||
Paramount Corp. Bhd | 3,400 | 568 | ||||||
Perak Transit Bhd | 5,566 | 751 | ||||||
PESTECH International Bhd | 29,625 | 4,852 | ||||||
Petronas Chemicals Group Bhd | 68,200 | 155,387 | ||||||
Petronas Dagangan Bhd | 10,200 | 52,405 | ||||||
Petronas Gas Bhd | 12,100 | 50,232 | ||||||
Poh Huat Resources Holdings Bhd | 2,800 | 935 | ||||||
PPB Group Bhd | 7,200 | 30,772 | ||||||
Press Metal Aluminium Holdings Bhd | 39,400 | 64,231 | ||||||
Public Bank Bhd | 267,700 | 284,310 | ||||||
QL Resources Bhd | 14,450 | 17,015 | ||||||
Ranhill Utilities Bhd(1) | 3,810 | 463 | ||||||
RHB Bank Bhd | 71,285 | 100,462 | ||||||
Sam Engineering & Equipment M Bhd | 600 | 3,092 | ||||||
Sapura Energy Bhd(1) | 43,200 | 413 | ||||||
Sarawak Oil Palms Bhd | 1,400 | 2,082 | ||||||
Scientex Bhd | 22,400 | 23,653 | ||||||
Serba Dinamik Holdings Bhd | 4,000 | 333 | ||||||
Sime Darby Bhd | 142,000 | 76,899 | ||||||
Sime Darby Plantation Bhd | 55,000 | 64,528 | ||||||
Sime Darby Property Bhd | 33,900 | 4,969 | ||||||
SP Setia Bhd Group(1) | 120,300 | 36,672 | ||||||
Sunway Bhd | 27,600 | 11,165 | ||||||
Sunway Construction Group Bhd | 11,200 | 4,029 | ||||||
Supermax Corp. Bhd | 62,243 | 15,584 | ||||||
Syarikat Takaful Malaysia Keluarga Bhd | 18,100 | 16,057 | ||||||
Ta Ann Holdings Bhd | 26,400 | 34,580 |
36
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Telekom Malaysia Bhd | 42,500 | $ | 51,220 | |||||
Tenaga Nasional Bhd | 70,300 | 153,675 | ||||||
Thong Guan Industries Bhd | 2,400 | 1,378 | ||||||
TIME dotCom Bhd | 38,400 | 38,924 | ||||||
Tiong NAM Logistics Holdings | 26,900 | 4,453 | ||||||
Top Glove Corp. Bhd | 109,800 | 53,588 | ||||||
Tropicana Corp. Bhd(1) | 4,807 | 1,214 | ||||||
Uchi Technologies Bhd | 7,500 | 5,531 | ||||||
UEM Sunrise Bhd(1) | 6,800 | 529 | ||||||
UMW Holdings Bhd | 5,900 | 4,322 | ||||||
Unisem M Bhd | 26,600 | 18,811 | ||||||
UWC Bhd | 6,400 | 6,195 | ||||||
Velesto Energy Bhd(1) | 250,600 | 7,238 | ||||||
ViTrox Corp. Bhd | 4,000 | 7,128 | ||||||
Vizione Holdings Bhd(1) | 5,100 | 73 | ||||||
VS Industry Bhd | 66,800 | 18,391 | ||||||
Wah Seong Corp. Bhd(1) | 16,200 | 2,895 | ||||||
WCT Holdings Bhd(1) | 7,446 | 916 | ||||||
Westports Holdings Bhd | 38,900 | 36,257 | ||||||
Yinson Holdings Bhd | 46,900 | 58,876 | ||||||
YTL Corp. Bhd | 27,796 | 3,678 | ||||||
3,596,754 | ||||||||
Mexico — 2.3% | ||||||||
Alfa SAB de CV, Series A | 66,800 | 49,445 | ||||||
Alpek SAB de CV | 45,690 | 58,783 | ||||||
Alsea SAB de CV(1) | 16,700 | 36,578 | ||||||
America Movil SAB de CV, Class L ADR | 30,864 | 559,256 | ||||||
Arca Continental SAB de CV | 7,700 | 50,754 | ||||||
Banco del Bajio SA | 55,377 | 134,650 | ||||||
Becle SAB de CV | 4,400 | 11,012 | ||||||
Bolsa Mexicana de Valores SAB de CV | 15,400 | 29,768 | ||||||
Cemex SAB de CV, ADR(1) | 9,300 | 47,430 | ||||||
Coca-Cola Femsa SAB de CV | 21,495 | 119,014 | ||||||
Consorcio ARA SAB de CV | 4,900 | 959 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1) | 5,699 | 108,794 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 28,500 | 51,209 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 600 | 2,926 | ||||||
Fomento Economico Mexicano SAB de CV, ADR | 1,708 | 137,323 | ||||||
GCC SAB de CV | 11,000 | 73,038 | ||||||
Genomma Lab Internacional SAB de CV, Class B | 78,900 | 71,923 | ||||||
Gentera SAB de CV(1) | 92,800 | 69,869 | ||||||
Gruma SAB de CV, B Shares | 13,190 | 178,617 | ||||||
Grupo Aeromexico SAB de CV(1) | 6,856 | 459 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 859 | 49,934 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, ADR(1) | 1,077 | 157,544 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, ADR | 232 | 50,098 | ||||||
Grupo Bimbo SAB de CV, Series A | 21,200 | 65,626 | ||||||
Grupo Carso SAB de CV | 8,000 | 24,241 | ||||||
Grupo Comercial Chedraui SA de CV | 20,500 | 46,193 | ||||||
Grupo Financiero Banorte SAB de CV | 77,596 | 526,589 | ||||||
Grupo Financiero Inbursa SAB de CV(1) | 109,250 | 178,536 |
37
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Grupo GICSA SAB de CV(1) | 8,000 | $ | 945 | |||||
Grupo Industrial Saltillo SAB de CV | 1,800 | 2,342 | ||||||
Grupo Mexico SAB de CV, Series B | 79,594 | 406,578 | ||||||
Grupo Rotoplas SAB de CV(1) | 1,969 | 2,492 | ||||||
Grupo Televisa SAB, ADR | 23,272 | 248,312 | ||||||
Grupo Traxion SAB de CV(1) | 10,800 | 18,398 | ||||||
Hoteles City Express SAB de CV(1) | 1,300 | 340 | ||||||
Industrias Bachoco SAB de CV | 700 | 2,344 | ||||||
Industrias Penoles SAB de CV | 9,820 | 123,363 | ||||||
Kimberly-Clark de Mexico SAB de CV, A Shares | 35,800 | 50,044 | ||||||
La Comer SAB de CV | 16,000 | 29,452 | ||||||
Megacable Holdings SAB de CV | 49,200 | 144,734 | ||||||
Nemak SAB de CV(1) | 132,340 | 27,462 | ||||||
Orbia Advance Corp. SAB de CV | 49,300 | 125,940 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 4,330 | 34,036 | ||||||
Qualitas Controladora SAB de CV | 15,900 | 87,104 | ||||||
Regional SAB de CV | 22,590 | 134,155 | ||||||
Unifin Financiera SAB de CV(1)(2) | 723 | 900 | ||||||
Wal-Mart de Mexico SAB de CV | 69,197 | 263,530 | ||||||
4,593,039 | ||||||||
Peru — 0.3% | ||||||||
Cia de Minas Buenaventura SAA, ADR(1) | 11,752 | 116,345 | ||||||
Credicorp Ltd. | 1,318 | 199,347 | ||||||
Intercorp Financial Services, Inc. | 1,730 | 55,879 | ||||||
Southern Copper Corp. | 1,674 | 116,159 | ||||||
487,730 | ||||||||
Philippines — 1.0% | ||||||||
Aboitiz Equity Ventures, Inc. | 68,690 | 80,221 | ||||||
Aboitiz Power Corp. | 12,100 | 8,516 | ||||||
AC Energy Corp. | 92,100 | 15,304 | ||||||
Alliance Global Group, Inc. | 166,000 | 41,499 | ||||||
Ayala Corp. | 6,810 | 112,918 | ||||||
Ayala Land, Inc. | 128,900 | 98,265 | ||||||
Ayalaland Logistics Holdings Corp.(1) | 17,000 | 1,668 | ||||||
Bank of the Philippine Islands | 57,660 | 112,691 | ||||||
BDO Unibank, Inc. | 42,830 | 108,538 | ||||||
Cebu Air, Inc.(1) | 6,390 | 5,772 | ||||||
Century Pacific Food, Inc. | 41,200 | 21,517 | ||||||
Converge Information and Communications Technology Solutions, Inc.(1) | 28,200 | 14,329 | ||||||
Cosco Capital, Inc. | 51,700 | 5,140 | ||||||
DMCI Holdings, Inc. | 350,700 | 58,075 | ||||||
DoubleDragon Corp. | 2,700 | 546 | ||||||
East West Banking Corp.(1) | 5,400 | 944 | ||||||
EEI Corp.(1) | 5,000 | 588 | ||||||
Filinvest Land, Inc. | 41,000 | 880 | ||||||
First Gen Corp. | 22,300 | 12,166 | ||||||
Ginebra San Miguel, Inc. | 1,300 | 2,818 | ||||||
Global Ferronickel Holdings, Inc. | 171,000 | 8,727 | ||||||
Globe Telecom, Inc. | 780 | 39,192 | ||||||
GT Capital Holdings, Inc. | 4,830 | 54,698 |
38
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Integrated Micro-Electronics, Inc.(1) | 6,600 | $ | 1,074 | |||||
International Container Terminal Services, Inc. | 26,150 | 107,776 | ||||||
JG Summit Holdings, Inc. | 30,713 | 36,277 | ||||||
Jollibee Foods Corp. | 9,390 | 44,161 | ||||||
Manila Electric Co. | 5,510 | 39,648 | ||||||
Manila Water Co., Inc. | 32,900 | 12,852 | ||||||
Max's Group, Inc.(1) | 4,100 | 515 | ||||||
Megaworld Corp. | 712,000 | 44,736 | ||||||
Metro Pacific Investments Corp. | 373,000 | 28,225 | ||||||
Metropolitan Bank & Trust Co. | 93,560 | 104,384 | ||||||
Monde Nissin Corp.(1) | 116,200 | 274,216 | ||||||
Nickel Asia Corp. | 85,000 | 12,876 | ||||||
Petron Corp.(1) | 75,000 | 5,030 | ||||||
Pilipinas Shell Petroleum Corp.(1) | 1,600 | 563 | ||||||
PLDT, Inc., ADR(2) | 2,164 | 76,151 | ||||||
Puregold Price Club, Inc. | 65,600 | 45,069 | ||||||
Robinsons Land Corp. | 91,300 | 34,374 | ||||||
Robinsons Retail Holdings, Inc. | 34,190 | 41,180 | ||||||
Security Bank Corp. | 32,810 | 74,888 | ||||||
Semirara Mining & Power Corp. | 60,700 | 32,913 | ||||||
SM Investments Corp. | 2,055 | 35,750 | ||||||
SM Prime Holdings, Inc. | 80,700 | 62,986 | ||||||
Universal Robina Corp. | 32,640 | 76,499 | ||||||
Vista Land & Lifescapes, Inc. | 62,800 | 3,749 | ||||||
Wilcon Depot, Inc. | 52,200 | 29,825 | ||||||
2,030,729 | ||||||||
Poland — 0.9% | ||||||||
Alior Bank SA(1) | 7,262 | 80,895 | ||||||
Allegro.eu SA(1) | 1,485 | 11,067 | ||||||
AmRest Holdings SE(1) | 2,830 | 15,525 | ||||||
Asseco Poland SA | 1,398 | 24,634 | ||||||
Bank Millennium SA(1) | 49,227 | 82,095 | ||||||
Bank Polska Kasa Opieki SA | 4,027 | 110,477 | ||||||
CCC SA(1) | 861 | 10,955 | ||||||
CD Projekt SA | 3,015 | 119,755 | ||||||
Ciech SA | 2,368 | 22,749 | ||||||
Cyfrowy Polsat SA | 4,067 | 26,329 | ||||||
Dino Polska SA(1) | 1,264 | 88,881 | ||||||
Enea SA(1) | 4,731 | 9,868 | ||||||
Eurocash SA | 2,586 | 5,851 | ||||||
Famur SA(1) | 6,958 | 3,840 | ||||||
Grupa Azoty SA(1) | 3,462 | 26,829 | ||||||
Grupa Lotos SA(1) | 5,066 | 64,998 | ||||||
Jastrzebska Spolka Weglowa SA(1) | 5,105 | 59,633 | ||||||
KGHM Polska Miedz SA | 3,278 | 128,717 | ||||||
KRUK SA | 1,351 | 84,354 | ||||||
LiveChat Software SA | 1,024 | 23,737 | ||||||
LPP SA | 45 | 92,549 | ||||||
Lubelski Wegiel Bogdanka SA(1) | 109 | 947 | ||||||
mBank SA(1) | 675 | 65,969 | ||||||
Mercator Medical SA(1) | 146 | 2,332 |
39
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Neuca SA | 24 | $ | 4,275 | |||||
Orange Polska SA(1) | 42,954 | 79,826 | ||||||
PGE Polska Grupa Energetyczna SA(1) | 7,153 | 13,876 | ||||||
PKP Cargo SA(1) | 196 | 571 | ||||||
Polski Koncern Naftowy ORLEN SA | 7,442 | 125,709 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 46,946 | 61,871 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA(1) | 8,650 | 83,131 | ||||||
Powszechny Zaklad Ubezpieczen SA | 14,313 | 107,385 | ||||||
Santander Bank Polska SA | 714 | 53,483 | ||||||
Tauron Polska Energia SA(1) | 17,464 | 10,258 | ||||||
TEN Square Games SA | 170 | 8,700 | ||||||
Warsaw Stock Exchange | 783 | 7,170 | ||||||
1,719,241 | ||||||||
Russia — 0.7% | ||||||||
Gazprom PJSC, ADR | 154,772 | 409,453 | ||||||
Globaltrans Investment plc, GDR | 19,562 | 36,575 | ||||||
LUKOIL PJSC, ADR | 14,461 | 271,243 | ||||||
Magnit PJSC, GDR | 8,068 | 12,805 | ||||||
Mechel PJSC, ADR(1) | 3,686 | 5,806 | ||||||
MMC Norilsk Nickel PJSC, ADR | 8,493 | 109,305 | ||||||
Mobile TeleSystems PJSC, ADR | 11,495 | 44,256 | ||||||
Novatek PJSC, GDR | 870 | 33,514 | ||||||
Novolipetsk Steel PJSC, GDR | 6,058 | 46,446 | ||||||
O'Key Group SA, GDR(1) | 1,578 | 929 | ||||||
PhosAgro PJSC, GDR | 6,871 | 42,036 | ||||||
Ros Agro plc, GDR | 3,053 | 13,470 | ||||||
Rosneft Oil Co. PJSC, GDR | 36,427 | 99,076 | ||||||
Severstal PAO, GDR | 6,837 | 34,709 | ||||||
Tatneft PJSC, ADR | 10,228 | 139,386 | ||||||
VK Co. Ltd., GDR(1) | 87 | 63 | ||||||
VTB Bank PJSC, GDR | 193,198 | 137,171 | ||||||
X5 Retail Group NV, GDR | 2,570 | 6,724 | ||||||
1,442,967 | ||||||||
South Africa — 4.2% | ||||||||
Absa Group Ltd. | 23,875 | 274,483 | ||||||
Adcock Ingram Holdings Ltd. | 305 | 1,027 | ||||||
Advtech Ltd. | 12,737 | 13,226 | ||||||
AECI Ltd. | 8,701 | 61,362 | ||||||
African Rainbow Minerals Ltd. | 3,920 | 69,965 | ||||||
Afrimat Ltd. | 756 | 3,275 | ||||||
Alexander Forbes Group Holdings Ltd. | 4,775 | 1,151 | ||||||
Anglo American Platinum Ltd. | 425 | 66,271 | ||||||
AngloGold Ashanti Ltd., ADR | 15,252 | 354,456 | ||||||
Aspen Pharmacare Holdings Ltd. | 16,004 | 209,643 | ||||||
Astral Foods Ltd. | 3,362 | 35,686 | ||||||
Aveng Ltd.(1) | 7,715 | 9,666 | ||||||
AVI Ltd. | 12,621 | 58,873 | ||||||
Balwin Properties Ltd. | 4,197 | 842 | ||||||
Barloworld Ltd. | 16,801 | 134,072 | ||||||
Bid Corp. Ltd. | 4,461 | 90,757 | ||||||
Bidvest Group Ltd. (The) | 6,862 | 94,018 |
40
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Blue Label Telecoms Ltd.(1) | 5,048 | $ | 1,745 | |||||
Brait plc(1) | 4,194 | 1,197 | ||||||
Capitec Bank Holdings Ltd. | 943 | 127,317 | ||||||
Cashbuild Ltd. | 488 | 8,793 | ||||||
City Lodge Hotels Ltd.(1) | 2,646 | 915 | ||||||
Clicks Group Ltd. | 5,854 | 113,624 | ||||||
Coronation Fund Managers Ltd. | 13,375 | 39,971 | ||||||
Curro Holdings Ltd.(1) | 896 | 781 | ||||||
DataTec Ltd. | 6,876 | 16,362 | ||||||
Dis-Chem Pharmacies Ltd. | 19,019 | 42,806 | ||||||
Discovery Ltd.(1) | 8,239 | 84,376 | ||||||
Distell Group Holdings Ltd.(1) | 1,448 | 16,108 | ||||||
DRDGOLD Ltd. | 20,138 | 18,788 | ||||||
EOH Holdings Ltd.(1) | 1,194 | 379 | ||||||
Exxaro Resources Ltd. | 8,348 | 107,679 | ||||||
Famous Brands Ltd.(1) | 293 | 1,367 | ||||||
FirstRand Ltd. | 74,567 | 321,060 | ||||||
Foschini Group Ltd. (The) | 12,120 | 98,291 | ||||||
Gold Fields Ltd., ADR | 24,519 | 343,756 | ||||||
Grindrod Shipping Holdings Ltd. | 1,481 | 37,076 | ||||||
Harmony Gold Mining Co. Ltd., ADR | 38,478 | 163,531 | ||||||
Impala Platinum Holdings Ltd. | 22,688 | 432,760 | ||||||
Investec Ltd. | 11,930 | 67,160 | ||||||
JSE Ltd. | 2,920 | 22,728 | ||||||
KAP Industrial Holdings Ltd. | 124,978 | 38,043 | ||||||
Kumba Iron Ore Ltd. | 679 | 26,840 | ||||||
Lewis Group Ltd. | 508 | 1,537 | ||||||
Life Healthcare Group Holdings Ltd. | 32,255 | 46,967 | ||||||
Massmart Holdings Ltd.(1) | 4,582 | 15,767 | ||||||
Metair Investments Ltd. | 1,914 | 3,483 | ||||||
MiX Telematics Ltd., ADR(2) | 83 | 975 | ||||||
Momentum Metropolitan Holdings | 59,651 | 72,389 | ||||||
Motus Holdings Ltd. | 16,603 | 118,642 | ||||||
Mpact Ltd.(1) | 965 | 1,955 | ||||||
Mr Price Group Ltd. | 6,006 | 81,919 | ||||||
MTN Group Ltd.(1) | 47,283 | 590,212 | ||||||
MultiChoice Group | 16,569 | 135,944 | ||||||
Murray & Roberts Holdings Ltd.(1) | 1,453 | 1,192 | ||||||
Nampak Ltd.(1) | 4,076 | 1,007 | ||||||
Naspers Ltd., N Shares | 1,386 | 174,540 | ||||||
Nedbank Group Ltd. | 18,333 | 261,022 | ||||||
NEPI Rockcastle plc | 15,391 | 98,366 | ||||||
Netcare Ltd. | 55,488 | 52,897 | ||||||
Ninety One Ltd. | 3,721 | 12,139 | ||||||
Northam Platinum Holdings Ltd.(1) | 5,393 | 86,642 | ||||||
Oceana Group Ltd. | 464 | 1,628 | ||||||
Old Mutual Ltd. | 276,815 | 227,269 | ||||||
Omnia Holdings Ltd. | 15,314 | 63,355 | ||||||
Pepkor Holdings Ltd. | 20,522 | 29,315 | ||||||
Pick n Pay Stores Ltd. | 17,542 | 52,560 | ||||||
PPC Ltd.(1) | 125,428 | 33,258 |
41
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Rand Merchant Investment Holdings Ltd. | 22,456 | $ | 70,388 | |||||
Raubex Group Ltd. | 1,373 | 3,582 | ||||||
Reinet Investments SCA | 8,127 | 167,372 | ||||||
Remgro Ltd. | 20,703 | 188,260 | ||||||
Reunert Ltd. | 3,156 | 9,655 | ||||||
RFG Holdings Ltd. | 1,040 | 857 | ||||||
RMB Holdings Ltd. | 8,812 | 958 | ||||||
Royal Bafokeng Platinum Ltd. | 15,814 | 187,463 | ||||||
Sanlam Ltd. | 26,643 | 112,277 | ||||||
Santam Ltd. | 817 | 14,570 | ||||||
Sappi Ltd.(1) | 51,586 | 171,155 | ||||||
Sasol Ltd., ADR(1)(2) | 13,550 | 311,243 | ||||||
Shoprite Holdings Ltd. | 11,215 | 167,286 | ||||||
Sibanye Stillwater Ltd., ADR(2) | 15,264 | 291,848 | ||||||
SPAR Group Ltd. (The) | 5,074 | 54,132 | ||||||
Standard Bank Group Ltd. | 29,075 | 308,079 | ||||||
Steinhoff International Holdings NV(1) | 35,801 | 8,477 | ||||||
Sun International Ltd.(1) | 488 | 792 | ||||||
Super Group Ltd. | 12,586 | 25,697 | ||||||
Telkom SA SOC Ltd.(1) | 34,495 | 92,634 | ||||||
Thungela Resources Ltd.(1) | 2,210 | 19,658 | ||||||
Tiger Brands Ltd. | 4,347 | 46,131 | ||||||
Transaction Capital Ltd. | 4,056 | 11,677 | ||||||
Trencor Ltd.(1) | 1,689 | 514 | ||||||
Truworths International Ltd. | 19,786 | 75,257 | ||||||
Tsogo Sun Gaming Ltd.(1) | 3,616 | 2,735 | ||||||
Tsogo Sun Hotels Ltd.(1) | 3,866 | 817 | ||||||
Vodacom Group Ltd. | 11,347 | 109,159 | ||||||
Wilson Bayly Holmes-Ovcon Ltd. | 1,556 | 8,443 | ||||||
Woolworths Holdings Ltd. | 31,006 | 102,093 | ||||||
Zeder Investments Ltd. | 8,750 | 2,031 | ||||||
8,342,446 | ||||||||
South Korea — 14.2% | ||||||||
ABLBio, Inc.(1) | 537 | 11,898 | ||||||
Ace Technologies Corp.(1) | 775 | 6,976 | ||||||
Advanced Process Systems Corp.(1) | 1,624 | 30,519 | ||||||
Aekyung Industrial Co. Ltd. | 349 | 5,555 | ||||||
AfreecaTV Co. Ltd. | 388 | 45,345 | ||||||
Agabang&Company(1) | 2,113 | 7,158 | ||||||
Ahnlab, Inc. | 230 | 12,513 | ||||||
Alteogen, Inc.(1) | 180 | 8,107 | ||||||
Amicogen, Inc.(1) | 579 | 12,422 | ||||||
Amorepacific Corp. | 322 | 49,704 | ||||||
AMOREPACIFIC Group | 544 | 22,226 | ||||||
Ananti, Inc.(1) | 6,338 | 49,546 | ||||||
Aprogen Medicines, Inc.(1) | 437 | 541 | ||||||
Aprogen pharmaceuticals, Inc.(1) | 1,383 | 912 | ||||||
AptaBio Therapeutics, Inc.(1) | 502 | 10,310 | ||||||
Asiana Airlines, Inc.(1) | 3,845 | 62,130 | ||||||
BGF Co. Ltd. | 616 | 2,598 | ||||||
BGF retail Co. Ltd. | 495 | 70,125 |
42
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
BH Co. Ltd. | 952 | $ | 15,467 | |||||
Binggrae Co. Ltd.(1) | 162 | 7,231 | ||||||
Bioneer Corp.(1) | 1,389 | 44,798 | ||||||
BNC Korea Co. Ltd.(1) | 988 | 12,999 | ||||||
BNK Financial Group, Inc. | 23,491 | 154,642 | ||||||
Boditech Med, Inc. | 953 | 12,106 | ||||||
Boryung Pharmaceutical Co. Ltd. | 285 | 2,974 | ||||||
Bukwang Pharmaceutical Co. Ltd.(1) | 513 | 5,341 | ||||||
Byucksan Corp. | 2,612 | 6,811 | ||||||
Cellid Co. Ltd.(1) | 65 | 1,795 | ||||||
Celltrion Healthcare Co. Ltd. | 392 | 20,850 | ||||||
Celltrion Pharm, Inc.(1) | 252 | 18,542 | ||||||
Celltrion, Inc. | 606 | 80,889 | ||||||
Chabiotech Co. Ltd.(1) | 516 | 7,480 | ||||||
Cheil Worldwide, Inc. | 2,198 | 41,327 | ||||||
Chong Kun Dang Pharmaceutical Corp.(1) | 246 | 19,766 | ||||||
Chongkundang Holdings Corp.(1) | 42 | 2,402 | ||||||
Chunbo Co. Ltd. | 75 | 17,919 | ||||||
CJ CGV Co. Ltd.(1) | 377 | 8,205 | ||||||
CJ CheilJedang Corp. | 230 | 72,854 | ||||||
CJ Corp. | 1,048 | 73,827 | ||||||
CJ ENM Co. Ltd. | 760 | 82,934 | ||||||
CJ Logistics Corp.(1) | 623 | 64,594 | ||||||
CMG Pharmaceutical Co. Ltd.(1) | 803 | 2,173 | ||||||
Com2uSCorp | 114 | 10,612 | ||||||
Cosmax, Inc.(1) | 739 | 53,258 | ||||||
CosmoAM&T Co. Ltd.(1) | 253 | 8,259 | ||||||
COSON Co. Ltd.(1) | 1,078 | 2,358 | ||||||
Coway Co. Ltd. | 2,887 | 173,390 | ||||||
COWELL FASHION Co. Ltd. | 866 | 5,712 | ||||||
Creative & Innovative System(1) | 493 | 5,717 | ||||||
CrystalGenomics, Inc.(1) | 1,166 | 5,548 | ||||||
CS Wind Corp. | 558 | 28,037 | ||||||
Cuckoo Homesys Co. Ltd.(1) | 704 | 22,732 | ||||||
Daea TI Co. Ltd.(1) | 824 | 3,261 | ||||||
Daeduck Electronics Co. Ltd. | 1,856 | 38,914 | ||||||
Daesang Corp.(1) | 1,157 | 21,548 | ||||||
Daewon Pharmaceutical Co. Ltd. | 384 | 6,022 | ||||||
Daewoo Engineering & Construction Co. Ltd.(1) | 14,667 | 77,147 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(1) | 196 | 4,374 | ||||||
Daewoong Co. Ltd.(1) | 705 | 17,781 | ||||||
Daewoong Pharmaceutical Co. Ltd.(1) | 177 | 24,640 | ||||||
Daishin Securities Co. Ltd. | 4,161 | 59,082 | ||||||
Daou Data Corp. | 2,016 | 23,324 | ||||||
Daou Technology, Inc. | 2,270 | 40,896 | ||||||
Dawonsys Co. Ltd. | 644 | 15,550 | ||||||
DB Financial Investment Co. Ltd.(1) | 1,678 | 8,759 | ||||||
DB HiTek Co. Ltd. | 3,002 | 175,964 | ||||||
DB Insurance Co. Ltd. | 3,664 | 188,634 | ||||||
Dentium Co. Ltd.(1) | 478 | 24,250 | ||||||
Devsisters Co. Ltd. | 99 | 4,756 |
43
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
DGB Financial Group, Inc. | 16,567 | $ | 131,135 | |||||
DIO Corp.(1) | 562 | 15,489 | ||||||
DL E&C Co. Ltd. | 275 | 29,647 | ||||||
DL Holdings Co. Ltd. | 439 | 22,227 | ||||||
Dong-A Socio Holdings Co. Ltd. | 122 | 10,549 | ||||||
Dong-A ST Co. Ltd. | 223 | 12,689 | ||||||
Dongjin Semichem Co. Ltd.(1) | 2,768 | 82,806 | ||||||
DongKook Pharmaceutical Co. Ltd. | 415 | 7,329 | ||||||
Dongkuk Steel Mill Co. Ltd. | 3,678 | 51,111 | ||||||
Dongsuh Cos., Inc. | 282 | 6,459 | ||||||
Dongwha Enterprise Co. Ltd.(1) | 82 | 4,924 | ||||||
Dongwha Pharm Co. Ltd. | 1,215 | 12,841 | ||||||
Dongwon Development Co. Ltd. | 641 | 2,607 | ||||||
Dongwon F&B Co. Ltd. | 93 | 13,435 | ||||||
Dongwon Industries Co. Ltd. | 66 | 11,563 | ||||||
Dongwon Systems Corp. | 217 | 9,678 | ||||||
Doosan Heavy Industries & Construction Co. Ltd.(1) | 8,853 | 155,225 | ||||||
DoubleUGames Co. Ltd. | 275 | 11,428 | ||||||
Douzone Bizon Co. Ltd. | 812 | 32,883 | ||||||
Dreamtech Co. Ltd. | 2,769 | 26,231 | ||||||
Duk San Neolux Co. Ltd.(1) | 569 | 18,564 | ||||||
E-MART, Inc. | 671 | 73,175 | ||||||
Echo Marketing, Inc. | 366 | 5,393 | ||||||
Ecopro BM Co. Ltd. | 118 | 37,341 | ||||||
Ecopro Co. Ltd. | 169 | 12,420 | ||||||
Ecopro HN Co. Ltd. | 136 | 5,996 | ||||||
ENF Technology Co. Ltd. | 240 | 5,797 | ||||||
Eo Technics Co. Ltd.(1) | 129 | 10,794 | ||||||
Eoflow Co. Ltd.(1) | 486 | 8,381 | ||||||
Eugene Corp.(1) | 3,001 | 11,679 | ||||||
Eugene Investment & Securities Co. Ltd.(1) | 4,439 | 12,520 | ||||||
Eugene Technology Co. Ltd. | 502 | 18,329 | ||||||
F&F Co. Ltd. / New(1) | 180 | 134,539 | ||||||
F&F Holdings Co. Ltd.(1) | 27 | 617 | ||||||
Fila Holdings Corp. | 1,963 | 58,008 | ||||||
Fine Semitech Corp. | 363 | 6,313 | ||||||
Foosung Co. Ltd. | 1,807 | 32,262 | ||||||
GC Cell Corp.(1) | 386 | 21,929 | ||||||
GemVax & Kael Co. Ltd.(1) | 680 | 8,655 | ||||||
Genexine, Inc.(1) | 81 | 3,157 | ||||||
Giantstep, Inc.(1) | 170 | 6,376 | ||||||
GOLFZON Co. Ltd.(1) | 158 | 20,095 | ||||||
Grand Korea Leisure Co. Ltd.(1) | 242 | 2,966 | ||||||
Green Cross Corp. | 41 | 6,238 | ||||||
Green Cross Holdings Corp. | 435 | 8,114 | ||||||
GS Engineering & Construction Corp. | 4,090 | 146,991 | ||||||
GS Holdings Corp. | 3,191 | 106,704 | ||||||
GS Retail Co. Ltd. | 2,870 | 63,821 | ||||||
HAESUNG DS Co. Ltd.(1) | 421 | 18,857 | ||||||
Halla Holdings Corp. | 590 | 20,002 | ||||||
Hana Financial Group, Inc. | 15,120 | 614,293 |
44
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Hana Materials, Inc. | 366 | $ | 15,960 | |||||
Hana Tour Service, Inc.(1) | 496 | 32,568 | ||||||
Hanall Biopharma Co. Ltd.(1) | 410 | 6,434 | ||||||
Handsome Co. Ltd. | 1,148 | 34,426 | ||||||
Hanil Cement Co. Ltd. | 730 | 11,107 | ||||||
Hanjin Kal Corp.(1) | 187 | 8,235 | ||||||
Hanjin Transportation Co. Ltd.(1) | 337 | 8,037 | ||||||
Hankook Shell Oil Co. Ltd. | 40 | 8,461 | ||||||
Hankook Tire & Technology Co. Ltd. | 4,178 | 123,097 | ||||||
Hanmi Pharm Co. Ltd.(1) | 114 | 25,251 | ||||||
Hanmi Semiconductor Co. Ltd. | 682 | 19,226 | ||||||
Hanon Systems | 5,582 | 54,057 | ||||||
Hansae Co. Ltd. | 1,736 | 32,945 | ||||||
Hansol Chemical Co. Ltd. | 375 | 67,692 | ||||||
Hansol Paper Co. Ltd. | 1,067 | 10,994 | ||||||
Hansol Technics Co. Ltd.(1) | 1,045 | 5,555 | ||||||
Hanssem Co. Ltd. | 322 | 19,695 | ||||||
Hanwha Aerospace Co. Ltd. | 1,438 | 62,791 | ||||||
Hanwha Corp. | 3,440 | 87,752 | ||||||
Hanwha General Insurance Co. Ltd.(1) | 2,607 | 9,305 | ||||||
Hanwha Investment & Securities Co. Ltd.(1) | 10,391 | 42,092 | ||||||
Hanwha Life Insurance Co. Ltd.(1) | 21,319 | 52,648 | ||||||
Hanwha Solutions Corp.(1) | 3,550 | 100,925 | ||||||
Hanwha Systems Co. Ltd. | 2,295 | 30,325 | ||||||
Harim Holdings Co. Ltd. | 3,557 | 31,043 | ||||||
HDC Holdings Co. Ltd.(1) | 1,750 | 11,199 | ||||||
HDC Hyundai Development Co-Engineering & Construction, E Shares(1) | 3,589 | 48,301 | ||||||
Helixmith Co. Ltd.(1) | 720 | 12,149 | ||||||
Hite Jinro Co. Ltd.(1) | 2,211 | 65,791 | ||||||
HJ Shipbuilding & Construction Co. Ltd.(1) | 2,594 | 15,891 | ||||||
HK inno N Corp.(1) | 227 | 8,158 | ||||||
HLB Life Science Co. Ltd.(1) | 1,360 | 12,121 | ||||||
HLB, Inc.(1) | 686 | 17,974 | ||||||
HMM Co. Ltd.(1) | 9,756 | 236,322 | ||||||
Hotel Shilla Co. Ltd. | 1,180 | 79,753 | ||||||
HS Industries Co. Ltd.(1) | 1,315 | 5,841 | ||||||
Huchems Fine Chemical Corp. | 1,424 | 26,494 | ||||||
Hugel, Inc.(1) | 170 | 20,962 | ||||||
Humax Co. Ltd.(1) | 1,601 | 5,618 | ||||||
Humedix Co. Ltd. | 254 | 4,717 | ||||||
Huons Co. Ltd. | 129 | 5,024 | ||||||
Huons Global Co. Ltd. | 141 | 3,573 | ||||||
Hwaseung Enterprise Co. Ltd.(1) | 315 | 4,294 | ||||||
HYBE Co. Ltd.(1) | 162 | 39,364 | ||||||
Hyosung Advanced Materials Corp. | 134 | 52,567 | ||||||
Hyosung Chemical Corp.(1) | 216 | 50,186 | ||||||
Hyosung Corp. | 369 | 26,334 | ||||||
Hyosung Heavy Industries Corp.(1) | 224 | 10,508 | ||||||
Hyosung TNC Corp. | 186 | 75,635 | ||||||
Hyundai Autoever Corp. | 90 | 8,160 |
45
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Hyundai Bioscience Co. Ltd.(1) | 581 | $ | 15,485 | |||||
Hyundai Construction Equipment Co. Ltd. | 678 | 19,088 | ||||||
Hyundai Corp. | 337 | 4,665 | ||||||
Hyundai Department Store Co. Ltd. | 646 | 42,087 | ||||||
Hyundai Doosan Infracore Co. Ltd.(1) | 5,579 | 31,600 | ||||||
Hyundai Electric & Energy System Co. Ltd.(1) | 1,951 | 33,469 | ||||||
Hyundai Elevator Co. Ltd.(1) | 1,982 | 62,717 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 2,544 | 92,684 | ||||||
Hyundai Futurenet Co., Ltd. | 2,521 | 8,218 | ||||||
Hyundai Glovis Co. Ltd. | 496 | 73,168 | ||||||
Hyundai Greenfood Co. Ltd. | 883 | 6,205 | ||||||
Hyundai Heavy Industries Holdings Co. Ltd. | 1,270 | 54,685 | ||||||
Hyundai Home Shopping Network Corp. | 257 | 12,496 | ||||||
Hyundai Livart Furniture Co. Ltd. | 429 | 5,001 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 5,208 | 125,091 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(1) | 294 | 19,748 | ||||||
Hyundai Mobis Co. Ltd. | 1,290 | 242,218 | ||||||
Hyundai Motor Co. | 4,336 | 638,028 | ||||||
Hyundai Steel Co. | 4,931 | 164,453 | ||||||
Hyundai Wia Corp. | 564 | 28,991 | ||||||
i-SENS, Inc. | 272 | 6,310 | ||||||
ICD Co. Ltd. | 2,133 | 17,916 | ||||||
Il Dong Pharmaceutical Co. Ltd.(1) | 741 | 36,201 | ||||||
Iljin Diamond Co. Ltd.(1) | 93 | 2,037 | ||||||
Iljin Materials Co. Ltd. | 319 | 24,418 | ||||||
Ilyang Pharmaceutical Co. Ltd. | 886 | 18,653 | ||||||
iMarketKorea, Inc. | 2,108 | 17,586 | ||||||
Industrial Bank of Korea | 14,243 | 127,953 | ||||||
Innocean Worldwide, Inc. | 782 | 32,610 | ||||||
Innox Advanced Materials Co. Ltd. | 328 | 11,584 | ||||||
Inscobee, Inc.(1) | 756 | 1,715 | ||||||
Insun ENT Co. Ltd.(1) | 1,650 | 14,406 | ||||||
Interflex Co. Ltd.(1) | 276 | 4,640 | ||||||
Interpark Corp. | 3,022 | 15,005 | ||||||
INTOPS Co. Ltd. | 746 | 20,598 | ||||||
iNtRON Biotechnology, Inc.(1) | 366 | 5,631 | ||||||
IS Dongseo Co. Ltd.(1) | 141 | 6,236 | ||||||
JB Financial Group Co. Ltd. | 10,257 | 70,255 | ||||||
Jeil Pharmaceutical Co. Ltd.(1) | 24 | 539 | ||||||
Jeju Air Co. Ltd.(1) | 190 | 3,422 | ||||||
Jin Air Co. Ltd.(1) | 624 | 8,771 | ||||||
Jusung Engineering Co. Ltd. | 892 | 19,508 | ||||||
JW Holdings Corp. | 399 | 1,301 | ||||||
JW Pharmaceutical Corp. | 316 | 6,648 | ||||||
JYP Entertainment Corp.(1) | 869 | 36,519 | ||||||
Kakao Corp. | 3,341 | 264,596 | ||||||
KakaoBank Corp.(1) | 897 | 36,215 | ||||||
Kangwon Land, Inc.(1) | 1,592 | 35,409 | ||||||
KB Financial Group, Inc., ADR(2) | 12,716 | 625,627 | ||||||
KC Co. Ltd. | 435 | 7,079 | ||||||
KC Tech Co. Ltd. | 493 | 8,603 |
46
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
KCC Corp. | 181 | $ | 50,678 | |||||
KCC Glass Corp. | 462 | 22,444 | ||||||
KEPCO Engineering & Construction Co., Inc.(1) | 229 | 17,187 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.(1) | 604 | 18,776 | ||||||
KG Dongbu Steel Co. Ltd. | 279 | 2,452 | ||||||
Kginicis Co. Ltd. | 1,731 | 25,270 | ||||||
KH Feelux Co. Ltd.(1) | 8,049 | 13,600 | ||||||
KH Vatec Co. Ltd. | 1,906 | 35,078 | ||||||
Kia Corp. | 9,502 | 589,080 | ||||||
KISCO Corp. | 1,358 | 9,571 | ||||||
KIWOOM Securities Co. Ltd.(1) | 1,342 | 113,956 | ||||||
KMW Co. Ltd.(1) | 276 | 7,198 | ||||||
Koentec Co. Ltd. | 632 | 4,090 | ||||||
Koh Young Technology, Inc. | 700 | 11,195 | ||||||
Kolmar BNH Co. Ltd.(1) | 169 | 5,047 | ||||||
Kolmar Korea Co. Ltd.(1) | 104 | 4,014 | ||||||
Kolmar Korea Holdings Co. Ltd.(1) | 244 | 4,213 | ||||||
Kolon Industries, Inc. | 1,544 | 76,159 | ||||||
KoMiCo Ltd. | 129 | 5,852 | ||||||
Komipharm International Co. Ltd.(1) | 185 | 1,286 | ||||||
Korea Aerospace Industries Ltd.(1) | 3,129 | 97,349 | ||||||
Korea Electric Power Corp., ADR(1)(2) | 9,335 | 90,550 | ||||||
Korea Electric Terminal Co. Ltd. | 609 | 29,672 | ||||||
Korea Gas Corp. | 430 | 14,783 | ||||||
Korea Investment Holdings Co. Ltd.(1) | 2,593 | 172,266 | ||||||
Korea Line Corp.(1) | 17,992 | 41,907 | ||||||
Korea Petrochemical Ind Co. Ltd.(1) | 128 | 18,309 | ||||||
Korea Real Estate Investment & Trust Co. Ltd. | 3,951 | 7,234 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(1) | 519 | 38,477 | ||||||
Korea United Pharm, Inc.(1) | 247 | 9,480 | ||||||
Korea Zinc Co. Ltd. | 260 | 119,247 | ||||||
Korean Air Lines Co. Ltd.(1) | 5,365 | 132,177 | ||||||
Korean Reinsurance Co. | 3,944 | 31,846 | ||||||
KT Skylife Co. Ltd. | 1,686 | 11,972 | ||||||
KTB Investment & Securities Co. Ltd.(1) | 5,885 | 24,992 | ||||||
Kumho Petrochemical Co. Ltd.(1) | 765 | 103,207 | ||||||
Kumho Tire Co., Inc.(1) | 3,469 | 11,506 | ||||||
Kwang Dong Pharmaceutical Co. Ltd. | 671 | 4,089 | ||||||
Kyobo Securities Co. Ltd. | 138 | 872 | ||||||
Kyung Dong Navien Co. Ltd. | 141 | 5,237 | ||||||
L&C Bio Co. Ltd. | 334 | 8,871 | ||||||
L&F Co. Ltd.(1) | 173 | 28,465 | ||||||
LB Semicon, Inc.(1) | 1,686 | 15,822 | ||||||
LEENO Industrial, Inc. | 353 | 53,310 | ||||||
LF Corp. | 2,214 | 32,999 | ||||||
LG Chem Ltd. | 632 | 299,912 | ||||||
LG Corp. | 1,880 | 118,158 | ||||||
LG Display Co. Ltd., ADR(1)(2) | 37,882 | 296,995 | ||||||
LG Electronics, Inc. | 4,246 | 443,267 | ||||||
LG HelloVision Co. Ltd. | 1,238 | 5,168 | ||||||
LG Household & Health Care Ltd. | 200 | 158,689 |
47
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
LG Innotek Co. Ltd. | 931 | $ | 257,005 | |||||
LG Uplus Corp. | 11,210 | 123,135 | ||||||
LIG Nex1 Co. Ltd. | 595 | 33,954 | ||||||
Lock&Lock Co. Ltd.(1) | 304 | 2,543 | ||||||
Lotte Chemical Corp. | 477 | 87,911 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 222 | 30,525 | ||||||
Lotte Confectionery Co. Ltd. | 107 | 10,313 | ||||||
Lotte Corp. | 231 | 5,613 | ||||||
LOTTE Fine Chemical Co. Ltd. | 810 | 53,886 | ||||||
Lotte Food Co. Ltd. | 21 | 5,493 | ||||||
LOTTE Himart Co. Ltd. | 116 | 2,253 | ||||||
Lotte Rental Co. Ltd. | 1,482 | 47,119 | ||||||
Lotte Shopping Co. Ltd. | 743 | 53,089 | ||||||
LS Corp. | 813 | 33,179 | ||||||
LS Electric Co. Ltd. | 817 | 29,454 | ||||||
Lutronic Corp.(1) | 1,474 | 26,410 | ||||||
LVMC Holdings(1) | 986 | 2,613 | ||||||
LX Hausys Ltd. | 346 | 15,951 | ||||||
LX Holdings Corp.(1) | 355 | 2,903 | ||||||
LX INTERNATIONAL Corp. | 1,786 | 44,382 | ||||||
LX Semicon Co. Ltd. | 992 | 95,285 | ||||||
Maeil Dairies Co. Ltd. | 252 | 14,320 | ||||||
Mando Corp. | 1,602 | 61,249 | ||||||
Mcnex Co. Ltd. | 1,291 | 49,643 | ||||||
Medytox, Inc.(1) | 163 | 16,616 | ||||||
MegaStudyEdu Co. Ltd.(1) | 837 | 58,131 | ||||||
Meritz Financial Group, Inc. | 3,092 | 95,076 | ||||||
Meritz Fire & Marine Insurance Co. Ltd. | 4,008 | 137,743 | ||||||
Meritz Securities Co. Ltd. | 25,487 | 124,809 | ||||||
Mirae Asset Life Insurance Co. Ltd. | 2,237 | 7,631 | ||||||
Mirae Asset Securities Co. Ltd. | 19,540 | 144,193 | ||||||
Miwon Commercial Co. Ltd. | 26 | 4,100 | ||||||
Myoung Shin Industrial Co. Ltd.(1) | 421 | 8,400 | ||||||
Namhae Chemical Corp.(1) | 960 | 7,763 | ||||||
Namsun Aluminum Co. Ltd.(1) | 4,341 | 8,538 | ||||||
Naturecell Co. Ltd.(1) | 342 | 4,700 | ||||||
NAVER Corp. | 1,483 | 395,156 | ||||||
NCSoft Corp. | 141 | 52,233 | ||||||
Neowiz(1) | 562 | 11,633 | ||||||
NEPES Corp.(1) | 475 | 11,383 | ||||||
Netmarble Corp. | 181 | 15,553 | ||||||
Nexen Tire Corp.(1) | 3,291 | 17,325 | ||||||
Next Science Co. Ltd.(1) | 807 | 11,612 | ||||||
NH Investment & Securities Co. Ltd.(1) | 11,541 | 111,681 | ||||||
NHN Corp.(1) | 938 | 28,009 | ||||||
NHN KCP Corp.(1) | 1,223 | 24,057 | ||||||
NICE Holdings Co. Ltd. | 1,626 | 22,658 | ||||||
NICE Information Service Co. Ltd.(1) | 1,931 | 29,975 | ||||||
NKMax Co. Ltd.(1) | 576 | 7,560 | ||||||
NongShim Co. Ltd. | 108 | 27,652 | ||||||
OCI Co. Ltd.(1) | 635 | 56,172 |
48
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
OliX Pharmaceuticals, Inc.(1) | 206 | $ | 4,786 | |||||
OptoElectronics Solutions Co. Ltd. | 81 | 1,857 | ||||||
Orion Corp./Republic of Korea | 639 | 48,899 | ||||||
Orion Holdings Corp. | 494 | 5,824 | ||||||
Osstem Implant Co. Ltd. | 576 | 47,854 | ||||||
Ottogi Corp. | 71 | 25,617 | ||||||
Pan Ocean Co. Ltd. | 10,087 | 55,664 | ||||||
Paradise Co. Ltd.(1) | 1,512 | 21,091 | ||||||
Park Systems Corp. | 72 | 7,189 | ||||||
Partron Co. Ltd. | 1,926 | 18,544 | ||||||
Pearl Abyss Corp.(1) | 642 | 51,490 | ||||||
PharmaResearch Co. Ltd. | 223 | 16,349 | ||||||
PI Advanced Materials Co. Ltd.(1) | 961 | 35,069 | ||||||
Poongsan Corp. | 487 | 12,971 | ||||||
POSCO, ADR | 6,681 | 396,317 | ||||||
POSCO Chemical Co. Ltd. | 347 | 33,239 | ||||||
Posco ICT Co. Ltd. | 844 | 4,064 | ||||||
Posco International Corp. | 2,436 | 42,268 | ||||||
PSK, Inc. | 308 | 12,289 | ||||||
Pulmuone Co. Ltd. | 627 | 8,535 | ||||||
S&S Tech Corp. | 452 | 10,614 | ||||||
S-1 Corp. | 691 | 40,225 | ||||||
S-Oil Corp. | 2,420 | 172,351 | ||||||
Samchully Co. Ltd.(1) | 65 | 5,492 | ||||||
Samjin Pharmaceutical Co. Ltd. | 249 | 5,255 | ||||||
Samsung Biologics Co. Ltd.(1) | 164 | 106,691 | ||||||
Samsung C&T Corp. | 1,542 | 142,412 | ||||||
Samsung Card Co. Ltd. | 448 | 12,032 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 1,588 | 222,015 | ||||||
Samsung Electronics Co. Ltd., GDR | 3,523 | 5,285,131 | ||||||
Samsung Engineering Co. Ltd.(1) | 7,211 | 140,867 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 1,688 | 268,427 | ||||||
Samsung Heavy Industries Co. Ltd.(1) | 16,989 | 82,818 | ||||||
Samsung Life Insurance Co. Ltd. | 1,465 | 73,249 | ||||||
Samsung Pharmaceutical Co. Ltd.(1) | 723 | 2,589 | ||||||
Samsung SDI Co. Ltd. | 786 | 362,220 | ||||||
Samsung SDS Co. Ltd. | 704 | 82,648 | ||||||
Samsung Securities Co. Ltd. | 5,078 | 179,974 | ||||||
Samwha Capacitor Co. Ltd. | 200 | 9,468 | ||||||
Samyang Corp. | 176 | 7,605 | ||||||
Samyang Foods Co. Ltd. | 395 | 28,898 | ||||||
Samyang Holdings Corp. | 195 | 13,581 | ||||||
Sangsangin Co. Ltd. | 4,184 | 32,651 | ||||||
SD Biosensor, Inc. | 774 | 35,288 | ||||||
Seah Besteel Corp. | 911 | 13,506 | ||||||
SeAH Steel Corp. | 101 | 8,417 | ||||||
SeAH Steel Holdings Corp. | 160 | 16,991 | ||||||
Sebang Global Battery Co. Ltd. | 158 | 8,438 | ||||||
Seegene, Inc. | 1,066 | 45,689 | ||||||
Seobu T&D | 1,800 | 13,465 | ||||||
Seojin System Co. Ltd.(1) | 515 | 14,676 |
49
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Seoul Semiconductor Co. Ltd.(1) | 725 | $ | 8,117 | |||||
Seoul Viosys Co. Ltd.(1) | 377 | 3,303 | ||||||
SFA Engineering Corp. | 912 | 28,774 | ||||||
SFA Semicon Co. Ltd.(1) | 2,124 | 11,657 | ||||||
Shin Poong Pharmaceutical Co. Ltd.(1) | 78 | 2,278 | ||||||
Shinhan Financial Group Co. Ltd., ADR(2) | 16,444 | 533,114 | ||||||
Shinsegae International, Inc. | 26 | 3,312 | ||||||
Shinsegae, Inc. | 531 | 116,548 | ||||||
Shinsung E&G Co. Ltd.(1) | 2,421 | 3,487 | ||||||
Shinyoung Securities Co. Ltd. | 132 | 6,939 | ||||||
SIMMTECH Co. Ltd. | 2,012 | 90,325 | ||||||
SK Biopharmaceuticals Co. Ltd.(1) | 226 | 16,042 | ||||||
SK Bioscience Co. Ltd.(1) | 259 | 31,717 | ||||||
SK Chemicals Co. Ltd. | 509 | 53,470 | ||||||
SK D&D Co. Ltd. | 398 | 9,933 | ||||||
SK Discovery Co. Ltd. | 345 | 11,688 | ||||||
SK Gas Ltd. | 126 | 12,527 | ||||||
SK Hynix, Inc. | 14,583 | 1,520,343 | ||||||
SK IE Technology Co. Ltd.(1) | 232 | 24,095 | ||||||
SK Innovation Co. Ltd.(1) | 1,073 | 181,140 | ||||||
SK Networks Co. Ltd. | 11,687 | 43,121 | ||||||
SK Securities Co. Ltd.(1) | 31,975 | 23,889 | ||||||
SK Telecom Co. Ltd., ADR | 5,221 | 130,890 | ||||||
SK, Inc. | 1,039 | 198,459 | ||||||
SKC Co. Ltd. | 731 | 85,011 | ||||||
SL Corp.(1) | 1,283 | 25,576 | ||||||
SM Entertainment Co. Ltd. | 586 | 36,643 | ||||||
SNT Motiv Co. Ltd. | 434 | 15,692 | ||||||
SOLUM Co. Ltd.(1) | 448 | 8,541 | ||||||
Songwon Industrial Co. Ltd. | 1,219 | 20,811 | ||||||
Soulbrain Co. Ltd. | 82 | 15,657 | ||||||
Soulbrain Holdings Co., Ltd. | 101 | 2,432 | ||||||
SPC Samlip Co. Ltd.(1) | 100 | 7,031 | ||||||
ST Pharm Co. Ltd. | 132 | 11,007 | ||||||
STIC Investments, Inc. | 700 | 5,988 | ||||||
Studio Dragon Corp.(1) | 147 | 10,518 | ||||||
Suheung Co. Ltd. | 280 | 9,032 | ||||||
Taeyoung Engineering & Construction Co. Ltd. | 1,144 | 9,446 | ||||||
TES Co. Ltd. | 1,403 | 29,945 | ||||||
Tesna, Inc. | 851 | 31,623 | ||||||
TK Corp.(1) | 771 | 6,823 | ||||||
Tokai Carbon Korea Co. Ltd. | 90 | 8,889 | ||||||
Tongyang Life Insurance Co. Ltd. | 4,796 | 24,626 | ||||||
Tongyang, Inc.(1) | 3,527 | 4,147 | ||||||
Toptec Co. Ltd.(1) | 247 | 1,682 | ||||||
TSE Co. Ltd. | 162 | 8,575 | ||||||
TY Holdings Co. Ltd.(1) | 1,322 | 30,141 | ||||||
Unid Co. Ltd. | 507 | 36,974 | ||||||
Unison Co. Ltd.(1) | 4,003 | 8,852 | ||||||
UniTest, Inc.(1) | 329 | 7,269 | ||||||
Value Added Technology Co. Ltd.(1) | 1,055 | 32,337 |
50
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Vaxcell-Bio Therapeutics Co. Ltd.(1) | 86 | $ | 2,479 | |||||
Vidente Co. Ltd.(1) | 1,697 | 23,373 | ||||||
Vieworks Co. Ltd. | 344 | 11,074 | ||||||
Webzen, Inc.(1) | 493 | 9,594 | ||||||
Wemade Co. Ltd. | 705 | 65,440 | ||||||
Winix, Inc. | 383 | 5,898 | ||||||
WiSoL Co. Ltd. | 935 | 8,396 | ||||||
Wonik Holdings Co. Ltd.(1) | 908 | 3,458 | ||||||
WONIK IPS Co. Ltd. | 1,371 | 41,394 | ||||||
Wonik Materials Co. Ltd. | 174 | 5,120 | ||||||
Wonik QnC Corp.(1) | 715 | 15,391 | ||||||
Woongjin Thinkbig Co. Ltd. | 2,317 | 5,544 | ||||||
Woori Financial Group, Inc. | 30,746 | 367,771 | ||||||
Woori Investment Bank Co. Ltd. | 18,555 | 13,460 | ||||||
Woori Technology Investment Co. Ltd.(1) | 6,780 | 48,559 | ||||||
Wysiwyg Studios Co. Ltd.(1) | 834 | 25,141 | ||||||
Youngone Corp.(1) | 1,635 | 58,147 | ||||||
Youngone Holdings Co. Ltd.(1) | 191 | 7,410 | ||||||
Yuanta Securities Korea Co. Ltd.(1) | 8,160 | 24,252 | ||||||
Yuhan Corp. | 728 | 35,372 | ||||||
Zinus, Inc.(1) | 287 | 18,017 | ||||||
27,925,149 | ||||||||
Taiwan — 18.6% | ||||||||
Abico Avy Co. Ltd. | 6,020 | 5,480 | ||||||
Ability Enterprise Co. Ltd.(1) | 22,000 | 22,148 | ||||||
AcBel Polytech, Inc. | 24,000 | 28,959 | ||||||
Accton Technology Corp. | 5,000 | 45,343 | ||||||
Acer, Inc.(2) | 187,000 | 194,074 | ||||||
ACES Electronic Co. Ltd. | 7,514 | 13,980 | ||||||
Acter Group Corp. Ltd. | 5,000 | 39,475 | ||||||
ADATA Technology Co. Ltd. | 9,000 | 30,281 | ||||||
Advanced Analog Technology, Inc. | 2,000 | 5,140 | ||||||
Advanced International Multitech Co. Ltd. | 5,000 | 15,238 | ||||||
Advanced Power Electronics Corp. | 6,000 | 22,058 | ||||||
Advantech Co. Ltd. | 6,099 | 80,315 | ||||||
AGV Products Corp.(1) | 14,000 | 5,445 | ||||||
Airmate Cayman International Co. Ltd. | 1,060 | 794 | ||||||
Airtac International Group | 1,046 | 34,792 | ||||||
Alchip Technologies Ltd. | 4,000 | 156,270 | ||||||
Alcor Micro Corp.(1) | 4,000 | 7,605 | ||||||
Allied Circuit Co. Ltd.(2) | 2,000 | 13,659 | ||||||
Allis Electric Co. Ltd. | 2,205 | 1,869 | ||||||
Alltek Technology Corp. | 7,420 | 9,063 | ||||||
Alltop Technology Co. Ltd. | 3,500 | 23,148 | ||||||
Alpha Networks, Inc. | 5,773 | 6,377 | ||||||
Altek Corp. | 7,000 | 11,006 | ||||||
Ampire Co. Ltd. | 2,000 | 1,866 | ||||||
AMPOC Far-East Co. Ltd. | 2,000 | 2,882 | ||||||
AmTRAN Technology Co. Ltd. | 50,292 | 29,120 | ||||||
Anji Technology Co. Ltd. | 5,000 | 8,728 | ||||||
Anpec Electronics Corp. | 5,000 | 40,632 |
51
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Apacer Technology, Inc. | 1,000 | $ | 1,788 | |||||
APAQ Technology Co. Ltd. | 3,000 | 6,042 | ||||||
APCB, Inc. | 2,000 | 1,478 | ||||||
Apex International Co. Ltd. | 14,000 | 50,461 | ||||||
Arcadyan Technology Corp. | 7,000 | 28,994 | ||||||
Ardentec Corp. | 40,000 | 73,308 | ||||||
Argosy Research, Inc. | 4,155 | 16,136 | ||||||
ASE Technology Holding Co. Ltd., ADR | 42,013 | 303,754 | ||||||
Asia Cement Corp. | 69,000 | 111,522 | ||||||
Asia Optical Co., Inc.(1) | 2,000 | 5,865 | ||||||
Asia Pacific Telecom Co. Ltd.(1) | 28,621 | 8,180 | ||||||
Asia Polymer Corp. | 25,353 | 33,590 | ||||||
Asia Vital Components Co. Ltd. | 22,000 | 87,962 | ||||||
ASolid Technology Co. Ltd. | 2,000 | 10,087 | ||||||
ASROCK, Inc. | 2,000 | 16,353 | ||||||
Asustek Computer, Inc. | 13,000 | 173,426 | ||||||
Aten International Co. Ltd. | 2,000 | 5,784 | ||||||
AU Optronics Corp.(2) | 341,800 | 255,898 | ||||||
Audix Corp.(1) | 1,000 | 2,063 | ||||||
AURAS Technology Co. Ltd. | 5,000 | 46,353 | ||||||
Avermedia Technologies(1) | 8,800 | 8,646 | ||||||
Bank of Kaohsiung Co. Ltd. | 4,305 | 2,078 | ||||||
Basso Industry Corp. | 3,000 | 4,445 | ||||||
BenQ Materials Corp. | 17,000 | 20,671 | ||||||
BES Engineering Corp. | 89,000 | 28,166 | ||||||
Bin Chuan Enterprise Co. Ltd. | 2,000 | 1,623 | ||||||
Bizlink Holding, Inc. | 4,000 | 43,313 | ||||||
Brighton-Best International Taiwan, Inc. | 31,000 | 44,373 | ||||||
C Sun Manufacturing Ltd. | 7,140 | 12,505 | ||||||
Capital Securities Corp. | 98,000 | 55,454 | ||||||
Career Technology MFG. Co. Ltd.(1) | 23,020 | 19,692 | ||||||
Catcher Technology Co. Ltd. | 23,000 | 118,055 | ||||||
Cathay Financial Holding Co. Ltd. | 236,000 | 530,678 | ||||||
Cayman Engley Industrial Co. Ltd. | 2,000 | 5,652 | ||||||
Central Reinsurance Co. Ltd. | 10,000 | 10,339 | ||||||
Century Iron & Steel Industrial Co. Ltd. | 7,000 | 27,374 | ||||||
Chailease Holding Co. Ltd. | 1,092 | 9,910 | ||||||
ChainQui Construction Development Co. Ltd. | 2,200 | 1,406 | ||||||
Champion Building Materials Co. Ltd.(1) | 25,000 | 9,963 | ||||||
Champion Microelectronic Corp. | 4,000 | 11,328 | ||||||
Chang Hwa Commercial Bank Ltd. | 175,482 | 111,411 | ||||||
Chang Wah Electromaterials, Inc. | 16,000 | 21,797 | ||||||
Chang Wah Technology Co. Ltd. | 1,000 | 3,622 | ||||||
Channel Well Technology Co. Ltd. | 2,000 | 2,811 | ||||||
Charoen Pokphand Enterprise | 11,000 | 33,285 | ||||||
CHC Healthcare Group | 1,000 | 1,402 | ||||||
Chen Full International Co. Ltd. | 4,000 | 5,751 | ||||||
Cheng Loong Corp. | 23,000 | 28,384 | ||||||
Cheng Mei Materials Technology Corp.(1) | 48,000 | 22,904 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 47,000 | 60,127 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 21,000 | 28,855 |
52
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Chia Chang Co. Ltd. | 5,000 | $ | 8,668 | |||||
Chia Hsin Cement Corp. | 2,000 | 1,502 | ||||||
Chicony Electronics Co. Ltd. | 28,000 | 90,067 | ||||||
Chicony Power Technology Co. Ltd. | 4,000 | 11,362 | ||||||
Chin-Poon Industrial Co. Ltd. | 22,000 | 28,709 | ||||||
China Airlines Ltd.(1)(2) | 180,000 | 183,534 | ||||||
China Bills Finance Corp. | 46,000 | 28,055 | ||||||
China Chemical & Pharmaceutical Co. Ltd. | 2,000 | 1,579 | ||||||
China Development Financial Holding Corp., Preference Shares(1) | 80,081 | 26,622 | ||||||
China Development Financial Holding Corp. | 676,760 | 463,455 | ||||||
China Electric Manufacturing Corp. | 28,000 | 17,075 | ||||||
China General Plastics Corp. | 26,805 | 33,363 | ||||||
China Man-Made Fiber Corp. | 82,000 | 28,462 | ||||||
China Metal Products | 1,000 | 1,284 | ||||||
China Motor Corp. | 17,000 | 37,954 | ||||||
China Petrochemical Development Corp.(1) | 107,690 | 46,524 | ||||||
China Steel Chemical Corp. | 2,000 | 8,603 | ||||||
China Steel Corp. | 206,000 | 267,873 | ||||||
Chinese Maritime Transport Ltd. | 7,000 | 14,014 | ||||||
Ching Feng Home Fashions Co. Ltd. | 1,000 | 654 | ||||||
Chipbond Technology Corp. | 32,000 | 79,624 | ||||||
ChipMOS Technologies, Inc. | 39,000 | 73,663 | ||||||
Chlitina Holding Ltd. | 4,000 | 30,161 | ||||||
Chong Hong Construction Co. Ltd. | 2,000 | 5,465 | ||||||
Chroma ATE, Inc. | 1,000 | 6,809 | ||||||
Chung Hung Steel Corp. | 32,000 | 47,521 | ||||||
Chung Hwa Chemical Industrial Works Ltd.(1) | 6,000 | 8,507 | ||||||
Chung Hwa Pulp Corp.(1) | 19,000 | 15,332 | ||||||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 18,000 | 27,064 | ||||||
Chunghwa Telecom Co. Ltd., ADR(2) | 9,721 | 433,654 | ||||||
Cleanaway Co. Ltd. | 6,000 | 45,600 | ||||||
Clevo Co. | 25,000 | 27,558 | ||||||
CMC Magnetics Corp.(1) | 62,000 | 24,390 | ||||||
Co-Tech Development Corp. | 1,000 | 2,718 | ||||||
Compal Electronics, Inc. | 266,000 | 242,329 | ||||||
Compeq Manufacturing Co. Ltd. | 67,000 | 116,102 | ||||||
Concord International Securities Co. Ltd. | 13,000 | 7,659 | ||||||
Concord Securities Co. Ltd. | 40,028 | 19,275 | ||||||
Concraft Holding Co. Ltd. | 3,000 | 3,000 | ||||||
Continental Holdings Corp. | 25,000 | 21,042 | ||||||
Contrel Technology Co. Ltd. | 13,000 | 9,028 | ||||||
Coretronic Corp. | 21,000 | 53,817 | ||||||
CTBC Financial Holding Co. Ltd. | 664,000 | 649,045 | ||||||
CTCI Corp. | 49,000 | 72,119 | ||||||
CviLux Corp. | 4,000 | 7,046 | ||||||
CyberTAN Technology, Inc. | 25,000 | 22,213 | ||||||
DA CIN Construction Co. Ltd. | 6,000 | 7,082 | ||||||
Darfon Electronics Corp. | 12,000 | 19,619 | ||||||
Darwin Precisions Corp.(1) | 23,000 | 10,649 | ||||||
Daxin Materials Corp. | 6,000 | 25,856 | ||||||
Delta Electronics, Inc. | 17,000 | 151,506 |
53
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Depo Auto Parts Ind Co. Ltd. | 3,000 | $ | 6,297 | |||||
Dimerco Express Corp. | 8,240 | 29,959 | ||||||
DONPON PRECISION, Inc. | 10,000 | 8,030 | ||||||
Dr Wu Skincare Co. Ltd. | 3,000 | 10,662 | ||||||
Dyaco International, Inc. | 1,000 | 1,689 | ||||||
Dynamic Electronics Co. Ltd. | 27,274 | 24,440 | ||||||
Dynapack International Technology Corp. | 9,000 | 32,195 | ||||||
E Ink Holdings, Inc. | 1,000 | 5,389 | ||||||
E-LIFE MALL Corp. | 1,000 | 2,962 | ||||||
E.Sun Financial Holding Co. Ltd. | 180,076 | 190,350 | ||||||
Eastern Media International Corp.(1) | 14,250 | 16,802 | ||||||
Eclat Textile Co. Ltd. | 1,000 | 20,728 | ||||||
Edom Technology Co. Ltd. | 16,900 | 22,556 | ||||||
eGalax_eMPIA Technology, Inc. | 2,060 | 6,159 | ||||||
Egis Technology, Inc. | 2,000 | 7,502 | ||||||
Elan Microelectronics Corp. | 12,000 | 71,268 | ||||||
Elite Advanced Laser Corp. | 8,000 | 14,676 | ||||||
Elite Material Co. Ltd. | 17,000 | 166,706 | ||||||
Elite Semiconductor Microelectronics Technology, Inc. | 18,000 | 94,773 | ||||||
Elitegroup Computer Systems Co. Ltd. | 3,000 | 2,123 | ||||||
eMemory Technology, Inc. | 2,000 | 134,974 | ||||||
ENE Technology, Inc.(1) | 5,000 | 7,966 | ||||||
ENNOSTAR, Inc.(1) | 31,325 | 89,909 | ||||||
Eson Precision Ind Co. Ltd. | 1,000 | 2,144 | ||||||
Eternal Materials Co. Ltd. | 18,000 | 23,398 | ||||||
Eva Airways Corp.(1)(2) | 143,000 | 168,448 | ||||||
Evergreen International Storage & Transport Corp. | 36,000 | 49,040 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 97,000 | 509,566 | ||||||
Everlight Chemical Industrial Corp. | 26,000 | 24,182 | ||||||
Everlight Electronics Co. Ltd. | 26,000 | 46,829 | ||||||
Excellence Opto, Inc. | 2,000 | 2,087 | ||||||
Excelliance Mos Corp. | 2,000 | 13,512 | ||||||
Excelsior Medical Co. Ltd. | 3,000 | 6,338 | ||||||
Far Eastern Department Stores Ltd. | 15,000 | 11,418 | ||||||
Far Eastern International Bank | 113,883 | 45,313 | ||||||
Far Eastern New Century Corp. | 117,000 | 124,025 | ||||||
Far EasTone Telecommunications Co. Ltd.(1) | 79,000 | 195,393 | ||||||
Faraday Technology Corp. | 14,000 | 140,296 | ||||||
Farglory F T Z Investment Holding Co. Ltd. | 10,000 | 22,440 | ||||||
Farglory Land Development Co. Ltd. | 9,000 | 19,690 | ||||||
Federal Corp. | 9,000 | 8,794 | ||||||
Feedback Technology Corp. | 3,000 | 9,163 | ||||||
Feng Hsin Steel Co. Ltd. | 12,000 | 36,191 | ||||||
Feng TAY Enterprise Co. Ltd. | 1,200 | 8,945 | ||||||
Firich Enterprises Co. Ltd.(1) | 9,000 | 10,377 | ||||||
First Financial Holding Co. Ltd. | 110,410 | 101,659 | ||||||
First Steamship Co. Ltd.(1) | 28,350 | 12,813 | ||||||
FIT Holding Co. Ltd. | 9,000 | 9,976 | ||||||
Fitipower Integrated Technology, Inc. | 5,451 | 44,216 | ||||||
Fittech Co. Ltd. | 5,000 | 36,243 | ||||||
FLEXium Interconnect, Inc.(1) | 12,000 | 40,964 |
54
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Flytech Technology Co. Ltd. | 10,000 | $ | 26,444 | |||||
FocalTech Systems Co. Ltd.(2) | 8,900 | 49,374 | ||||||
Forcecon Tech Co. Ltd. | 3,559 | 10,291 | ||||||
Formosa Advanced Technologies Co. Ltd. | 5,000 | 7,141 | ||||||
Formosa Chemicals & Fibre Corp. | 44,000 | 124,743 | ||||||
Formosa International Hotels Corp. | 4,000 | 25,560 | ||||||
Formosa Laboratories, Inc.(1) | 4,000 | 8,236 | ||||||
Formosa Optical Technology Co. Ltd. | 1,000 | 2,181 | ||||||
Formosa Petrochemical Corp. | 10,000 | 35,176 | ||||||
Formosa Plastics Corp. | 104,000 | 392,706 | ||||||
Formosa Sumco Technology Corp. | 2,000 | 18,609 | ||||||
Formosa Taffeta Co. Ltd. | 29,000 | 29,605 | ||||||
Formosan Rubber Group, Inc. | 13,000 | 10,288 | ||||||
Formosan Union Chemical | 30,000 | 30,307 | ||||||
Founding Construction & Development Co. Ltd. | 2,000 | 1,382 | ||||||
Foxconn Technology Co. Ltd. | 46,000 | 105,881 | ||||||
Foxsemicon Integrated Technology, Inc. | 5,000 | 39,258 | ||||||
Franbo Lines Corp.(1) | 10,698 | 10,250 | ||||||
FSP Technology, Inc. | 5,000 | 7,996 | ||||||
Fubon Financial Holding Co. Ltd. | 237,364 | 640,898 | ||||||
Fulgent Sun International Holding Co. Ltd. | 3,042 | 12,855 | ||||||
Full Wang International Development Co. Ltd. | 2,000 | 1,280 | ||||||
Fulltech Fiber Glass Corp.(1) | 14,000 | 7,791 | ||||||
Fusheng Precision Co. Ltd. | 2,000 | 14,112 | ||||||
G Shank Enterprise Co. Ltd. | 9,000 | 18,551 | ||||||
Gallant Precision Machining Co. Ltd. | 7,000 | 7,665 | ||||||
Gamania Digital Entertainment Co. Ltd. | 11,000 | 25,017 | ||||||
GEM Services, Inc. | 3,000 | 9,979 | ||||||
Gemtek Technology Corp. | 16,000 | 18,489 | ||||||
General Interface Solution Holding Ltd. | 10,000 | 32,539 | ||||||
Generalplus Technology, Inc. | 4,000 | 10,003 | ||||||
Genius Electronic Optical Co. Ltd. | 4,000 | 66,161 | ||||||
Getac Holdings Corp. | 12,000 | 25,356 | ||||||
Giant Manufacturing Co. Ltd. | 6,000 | 62,291 | ||||||
Gigabyte Technology Co. Ltd. | 25,000 | 128,105 | ||||||
Ginko International Co. Ltd. | 3,100 | 30,660 | ||||||
Global Brands Manufacture Ltd.(1) | 23,200 | 29,980 | ||||||
Global Lighting Technologies, Inc. | 5,000 | 13,179 | ||||||
Global Mixed Mode Technology, Inc. | 4,000 | 34,618 | ||||||
Global PMX Co. Ltd. | 4,000 | 23,271 | ||||||
Global Unichip Corp. | 5,000 | 82,953 | ||||||
Globalwafers Co. Ltd. | 2,000 | 49,505 | ||||||
Globe Union Industrial Corp. | 2,000 | 1,052 | ||||||
Gloria Material Technology Corp. | 2,000 | 1,723 | ||||||
Gold Circuit Electronics Ltd. | 29,000 | 84,987 | ||||||
Goldsun Building Materials Co. Ltd. | 60,990 | 57,872 | ||||||
Gourmet Master Co. Ltd. | 3,000 | 12,269 | ||||||
Grand Fortune Securities Co. Ltd. | 9,391 | 6,746 | ||||||
Grand Pacific Petrochemical | 51,000 | 52,309 | ||||||
Grand Process Technology Corp. | 1,000 | 11,493 | ||||||
Grape King Bio Ltd. | 6,000 | 32,539 |
55
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Great Tree Pharmacy Co. Ltd. | 2,594 | $ | 25,073 | |||||
Great Wall Enterprise Co. Ltd. | 16,480 | 31,988 | ||||||
Greatek Electronics, Inc. | 23,000 | 60,197 | ||||||
Group Up Industrial Co. Ltd. | 3,000 | 9,255 | ||||||
GTM Holdings Corp. | 2,000 | 1,922 | ||||||
Hai Kwang Enterprise Corp. | 12,000 | 14,300 | ||||||
Hannstar Board Corp. | 20,301 | 32,747 | ||||||
HannStar Display Corp.(2) | 94,000 | 54,215 | ||||||
HannsTouch Solution, Inc. | 53,000 | 26,552 | ||||||
Harmony Electronics Corp. | 5,000 | 8,728 | ||||||
Harvatek Corp. | 11,000 | 9,804 | ||||||
Heran Co. Ltd. | 2,000 | 8,708 | ||||||
Highlight Tech Corp.(1) | 7,000 | 13,503 | ||||||
Highwealth Construction Corp. | 1,100 | 1,927 | ||||||
Hiroca Holdings Ltd. | 4,000 | 8,383 | ||||||
Hitron Technology, Inc.(1) | 3,000 | 2,222 | ||||||
Hiwin Technologies Corp. | 8,122 | 77,545 | ||||||
Ho Tung Chemical Corp. | 81,000 | 30,805 | ||||||
Hocheng Corp. | 27,000 | 14,469 | ||||||
Hold-Key Electric Wire & Cable Co. Ltd.(1) | 7,200 | 3,452 | ||||||
Holiday Entertainment Co. Ltd. | 1,000 | 2,170 | ||||||
Holtek Semiconductor, Inc. | 13,000 | 50,789 | ||||||
Holy Stone Enterprise Co. Ltd. | 7,000 | 29,486 | ||||||
Hon Hai Precision Industry Co. Ltd. | 314,000 | 1,166,371 | ||||||
Hong Pu Real Estate Development Co. Ltd. | 2,000 | 1,614 | ||||||
Hong YI Fiber Industry Co. | 2,000 | 1,740 | ||||||
Horizon Securities Co. Ltd. | 18,000 | 10,174 | ||||||
Hota Industrial Manufacturing Co. Ltd. | 2,147 | 6,136 | ||||||
Hotai Finance Co. Ltd. | 9,000 | 39,996 | ||||||
Hotai Motor Co. Ltd. | 9,000 | 203,773 | ||||||
Hsing TA Cement Co. | 2,000 | 1,422 | ||||||
HTC Corp.(1) | 9,000 | 18,934 | ||||||
Hu Lane Associate, Inc. | 4,025 | 18,119 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 172,097 | 136,461 | ||||||
Huaku Development Co. Ltd. | 9,000 | 29,216 | ||||||
Huang Hsiang Construction Corp. | 1,000 | 1,488 | ||||||
Hung Ching Development & Construction Co. Ltd. | 2,000 | 2,198 | ||||||
Hung Sheng Construction Ltd. | 16,920 | 14,919 | ||||||
Hycon Technology Corp. | 2,100 | 11,073 | ||||||
I-Sheng Electric Wire & Cable Co. Ltd. | 1,000 | 1,533 | ||||||
IBF Financial Holdings Co. Ltd. | 49,085 | 27,779 | ||||||
Ichia Technologies, Inc. | 16,000 | 9,428 | ||||||
IEI Integration Corp. | 3,000 | 4,997 | ||||||
Infortrend Technology, Inc.(1) | 23,000 | 13,121 | ||||||
Innolux Corp.(2) | 279,000 | 169,775 | ||||||
Inpaq Technology Co. Ltd.(1) | 5,000 | 10,944 | ||||||
Integrated Service Technology, Inc. | 5,000 | 8,646 | ||||||
International CSRC Investment Holdings Co. | 60,000 | 55,034 | ||||||
International Games System Co. Ltd. | 3,000 | 74,149 | ||||||
Inventec Corp. | 157,000 | 144,989 | ||||||
ITE Technology, Inc.(1) | 10,000 | 39,221 |
56
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
ITEQ Corp. | 15,000 | $ | 70,006 | |||||
Jarllytec Co. Ltd. | 3,000 | 8,021 | ||||||
Jess-Link Products Co. Ltd.(1) | 10,000 | 16,648 | ||||||
Jih Lin Technology Co. Ltd. | 2,000 | 7,023 | ||||||
Joinsoon Electronics Manufacturing Co. Ltd.(1) | 10,000 | 9,287 | ||||||
K Laser Technology, Inc. | 2,000 | 1,773 | ||||||
Kaimei Electronic Corp. | 3,000 | 9,576 | ||||||
Kaori Heat Treatment Co. Ltd. | 8,000 | 14,308 | ||||||
KEE TAI Properties Co. Ltd. | 42,000 | 18,559 | ||||||
Kenda Rubber Industrial Co. Ltd. | 17,040 | 18,388 | ||||||
Kenmec Mechanical Engineering Co. Ltd.(1) | 2,000 | 1,852 | ||||||
Kerry TJ Logistics Co. Ltd. | 8,000 | 12,353 | ||||||
Kindom Development Co. Ltd. | 26,400 | 35,204 | ||||||
King Yuan Electronics Co. Ltd. | 51,000 | 80,344 | ||||||
King's Town Bank Co. Ltd. | 52,000 | 75,137 | ||||||
Kinik Co. | 12,000 | 46,078 | ||||||
Kinpo Electronics | 53,000 | 29,238 | ||||||
Kinsus Interconnect Technology Corp. | 17,000 | 141,445 | ||||||
KMC Kuei Meng International, Inc. | 2,000 | 13,840 | ||||||
KNH Enterprise Co. Ltd. | 4,000 | 3,341 | ||||||
KS Terminals, Inc. | 1,000 | 3,291 | ||||||
Kung Long Batteries Industrial Co. Ltd. | 2,000 | 9,794 | ||||||
Kung Sing Engineering Corp. | 4,400 | 1,285 | ||||||
Kuo Toong International Co. Ltd. | 13,000 | 9,479 | ||||||
Kuo Yang Construction Co. Ltd. | 4,545 | 3,784 | ||||||
L&K Engineering Co. Ltd. | 5,000 | 5,639 | ||||||
LandMark Optoelectronics Corp. | 3,000 | 19,583 | ||||||
Lanner Electronics, Inc. | 3,000 | 5,656 | ||||||
Largan Precision Co. Ltd. | 2,000 | 145,346 | ||||||
Leadtek Research, Inc.(1) | 4,000 | 10,010 | ||||||
Lealea Enterprise Co. Ltd.(1) | 23,000 | 8,837 | ||||||
Lelon Electronics Corp. | 2,000 | 4,952 | ||||||
Lemtech Holdings Co. Ltd. | 2,299 | 14,241 | ||||||
Li Peng Enterprise Co. Ltd.(1) | 34,000 | 11,712 | ||||||
Lian HWA Food Corp. | 4,400 | 11,737 | ||||||
Lien Hwa Industrial Holdings Corp. | 1,276 | 3,064 | ||||||
Lingsen Precision Industries Ltd.(1) | 15,000 | 12,830 | ||||||
Lite-On Technology Corp. | 55,000 | 135,238 | ||||||
Long Da Construction & Development Corp. | 2,000 | 1,649 | ||||||
Longchen Paper & Packaging Co. Ltd. | 27,591 | 21,497 | ||||||
Lotes Co. Ltd. | 4,038 | 104,878 | ||||||
Lotus Pharmaceutical Co. Ltd. | 3,000 | 12,093 | ||||||
Lucky Cement Corp. | 9,000 | 3,601 | ||||||
Lumax International Corp. Ltd. | 1,000 | 2,630 | ||||||
Lung Yen Life Service Corp. | 3,000 | 4,655 | ||||||
Macauto Industrial Co. Ltd. | 2,000 | 5,421 | ||||||
Machvision, Inc. | 2,000 | 15,736 | ||||||
Macroblock, Inc. | 3,000 | 19,412 | ||||||
Macronix International Co. Ltd. | 77,000 | 121,891 | ||||||
MacroWell OMG Digital Entertainment Co. Ltd. | 3,000 | 18,762 | ||||||
Marketech International Corp. | 6,000 | 32,293 |
57
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Materials Analysis Technology, Inc. | 3,000 | $ | 15,605 | |||||
MediaTek, Inc. | 15,000 | 592,737 | ||||||
Mega Financial Holding Co. Ltd. | 168,000 | 226,397 | ||||||
Megaforce Co. Ltd. | 9,000 | 7,605 | ||||||
Meiloon Industrial Co. | 2,000 | 2,270 | ||||||
Mercuries & Associates Holding Ltd. | 10,400 | 7,937 | ||||||
Mercuries Life Insurance Co. Ltd.(1) | 66,485 | 21,197 | ||||||
Merida Industry Co. Ltd. | 4,000 | 40,740 | ||||||
Merry Electronics Co. Ltd. | 3,000 | 8,804 | ||||||
Micro-Star International Co. Ltd. | 17,000 | 95,825 | ||||||
MIN AIK Technology Co. Ltd.(1) | 12,000 | 9,638 | ||||||
Mitac Holdings Corp. | 57,840 | 69,919 | ||||||
Mobiletron Electronics Co. Ltd.(1) | 1,000 | 2,115 | ||||||
momo.com, Inc. | 1,300 | 46,279 | ||||||
MOSA Industrial Corp. | 8,000 | 10,834 | ||||||
MPI Corp. | 4,000 | 15,425 | ||||||
Namchow Holdings Co. Ltd. | 5,000 | 8,770 | ||||||
Nan Liu Enterprise Co. Ltd. | 1,000 | 4,078 | ||||||
Nan Pao Resins Chemical Co. Ltd. | 1,000 | 4,815 | ||||||
Nan Ren Lake Leisure Amusement Co. Ltd. | 2,000 | 1,075 | ||||||
Nan Ya Plastics Corp. | 97,000 | 305,938 | ||||||
Nan Ya Printed Circuit Board Corp. | 8,000 | 153,197 | ||||||
Nantex Industry Co. Ltd. | 11,000 | 29,301 | ||||||
Nanya Technology Corp. | 45,000 | 126,018 | ||||||
Nichidenbo Corp. | 7,000 | 13,255 | ||||||
Nien Made Enterprise Co. Ltd. | 5,000 | 64,819 | ||||||
Niko Semiconductor Co. Ltd. | 4,000 | 9,815 | ||||||
Nishoku Technology, Inc. | 2,000 | 6,214 | ||||||
Novatek Microelectronics Corp. | 26,000 | 431,040 | ||||||
Nyquest Technology Co. Ltd. | 2,000 | 10,714 | ||||||
O-Bank Co. Ltd. | 21,000 | 6,646 | ||||||
O-TA Precision Industry Co. Ltd. | 3,000 | 15,572 | ||||||
Ocean Plastics Co. Ltd. | 9,000 | 10,919 | ||||||
OptoTech Corp. | 38,000 | 72,303 | ||||||
Orient Semiconductor Electronics Ltd.(1) | 52,000 | 42,947 | ||||||
Oriental Union Chemical Corp.(1) | 36,000 | 28,106 | ||||||
P-Two Industries, Inc. | 5,000 | 8,009 | ||||||
Pacific Hospital Supply Co. Ltd. | 3,000 | 7,784 | ||||||
PADAUK Technology Co. Ltd. | 2,200 | 11,551 | ||||||
Pan Jit International, Inc. | 9,000 | 33,100 | ||||||
Pan-International Industrial Corp. | 21,000 | 28,295 | ||||||
Parade Technologies Ltd. | 1,000 | 69,042 | ||||||
PChome Online, Inc. | 6,000 | 24,513 | ||||||
Pegatron Corp. | 92,000 | 228,027 | ||||||
Pegavision Corp. | 2,000 | 31,558 | ||||||
PharmaEngine, Inc. | 8,000 | 22,404 | ||||||
Phihong Technology Co. Ltd.(1) | 14,000 | 22,923 | ||||||
Phison Electronics Corp. | 2,000 | 37,004 | ||||||
Phoenix Silicon International Corp. | 6,169 | 11,133 | ||||||
Pixart Imaging, Inc. | 4,000 | 19,352 | ||||||
Plotech Co. Ltd.(1) | 1,800 | 1,798 |
58
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Pou Chen Corp. | 116,000 | $ | 133,773 | |||||
Power Wind Health Industry, Inc. | 1,050 | 5,058 | ||||||
Powertech Technology, Inc. | 36,000 | 122,110 | ||||||
Powertip Technology Corp.(1) | 14,000 | 6,811 | ||||||
Poya International Co. Ltd. | 3,030 | 43,906 | ||||||
President Chain Store Corp.(1) | 18,000 | 168,201 | ||||||
President Securities Corp. | 30,451 | 23,550 | ||||||
Prince Housing & Development Corp. | 60,000 | 29,663 | ||||||
Promate Electronic Co. Ltd. | 9,000 | 14,030 | ||||||
Prosperity Dielectrics Co. Ltd. | 3,000 | 6,058 | ||||||
Qisda Corp. | 59,000 | 65,206 | ||||||
Qualipoly Chemical Corp. | 4,000 | 6,639 | ||||||
Quang Viet Enterprise Co. Ltd. | 1,000 | 4,287 | ||||||
Quanta Computer, Inc. | 32,000 | 107,005 | ||||||
Quanta Storage, Inc. | 5,000 | 7,954 | ||||||
Radiant Opto-Electronics Corp. | 13,000 | 47,006 | ||||||
Radium Life Tech Co. Ltd. | 21,000 | 7,932 | ||||||
Realtek Semiconductor Corp. | 22,000 | 362,735 | ||||||
Rechi Precision Co. Ltd. | 12,000 | 7,955 | ||||||
Rexon Industrial Corp. Ltd. | 4,000 | 6,162 | ||||||
Rich Development Co. Ltd. | 21,000 | 6,874 | ||||||
RiTdisplay Corp. | 4,000 | 9,453 | ||||||
Ritek Corp.(1) | 16,000 | 5,436 | ||||||
Roo Hsing Co. Ltd.(1) | 3,000 | 713 | ||||||
Ruentex Development Co. Ltd. | 55,800 | 144,077 | ||||||
Ruentex Engineering & Construction Co. | 5,480 | 27,351 | ||||||
Ruentex Industries Ltd. | 24,400 | 101,508 | ||||||
Ruentex Materials Co. Ltd. | 1,000 | 1,030 | ||||||
Sampo Corp. | 9,000 | 10,070 | ||||||
San Fang Chemical Industry Co. Ltd. | 2,000 | 1,474 | ||||||
San Far Property Ltd. | 2,316 | 1,168 | ||||||
San Shing Fastech Corp. | 3,000 | 6,140 | ||||||
Sanyang Motor Co. Ltd. | 12,000 | 12,163 | ||||||
SCI Pharmtech, Inc. | 1,200 | 3,877 | ||||||
Scientech Corp. | 5,000 | 15,948 | ||||||
SDI Corp. | 1,000 | 4,779 | ||||||
Sensortek Technology Corp. | 1,000 | 15,727 | ||||||
Shan-Loong Transportation Co. Ltd. | 2,000 | 2,705 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 143,000 | 235,556 | ||||||
Sheng Yu Steel Co. Ltd. | 2,000 | 2,282 | ||||||
ShenMao Technology, Inc. | 2,000 | 5,063 | ||||||
Shih Her Technologies, Inc. | 6,000 | 15,476 | ||||||
Shih Wei Navigation Co. Ltd.(1) | 8,000 | 12,974 | ||||||
Shihlin Paper Corp.(1) | 9,000 | 20,042 | ||||||
Shin Foong Specialty & Applied Materials Co. Ltd. | 3,000 | 15,957 | ||||||
Shin Kong Financial Holding Co. Ltd. | 520,852 | 211,223 | ||||||
Shin Zu Shing Co. Ltd. | 8,123 | 26,388 | ||||||
Shining Building Business Co. Ltd.(1) | 22,000 | 8,319 | ||||||
Shinkong Insurance Co. Ltd. | 5,000 | 8,513 | ||||||
Shinkong Synthetic Fibers Corp. | 67,000 | 49,000 | ||||||
Shiny Chemical Industrial Co. Ltd. | 2,222 | 15,006 |
59
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
ShunSin Technology Holding Ltd. | 2,000 | $ | 5,939 | |||||
Shuttle, Inc.(1) | 27,000 | 13,205 | ||||||
Sigurd Microelectronics Corp. | 31,000 | 63,687 | ||||||
Silergy Corp. | 1,000 | 133,251 | ||||||
Silicon Integrated Systems Corp.(2) | 43,600 | 35,220 | ||||||
Silicon Optronics, Inc. | 5,000 | 19,166 | ||||||
Simplo Technology Co. Ltd. | 10,000 | 112,217 | ||||||
Sincere Navigation Corp. | 12,000 | 12,251 | ||||||
Singatron Enterprise Co. Ltd. | 8,000 | 7,596 | ||||||
Sino-American Silicon Products, Inc. | 26,000 | 170,981 | ||||||
Sinon Corp. | 39,000 | 45,196 | ||||||
SinoPac Financial Holdings Co. Ltd. | 564,000 | 346,330 | ||||||
Sinyi Realty, Inc. | 6,000 | 7,284 | ||||||
Sirtec International Co. Ltd. | 1,000 | 961 | ||||||
Sitronix Technology Corp.(2) | 8,000 | 84,758 | ||||||
Siward Crystal Technology Co. Ltd. | 2,000 | 2,329 | ||||||
Soft-World International Corp. | 2,000 | 6,670 | ||||||
Solar Applied Materials Technology Corp. | 12,547 | 23,478 | ||||||
Solomon Technology Corp. | 9,000 | 7,269 | ||||||
Solteam, Inc. | 5,000 | 14,552 | ||||||
Sonix Technology Co. Ltd. | 12,000 | 37,874 | ||||||
Speed Tech Corp. | 7,000 | 17,006 | ||||||
Sporton International, Inc. | 1,050 | 7,559 | ||||||
St Shine Optical Co. Ltd. | 2,000 | 20,686 | ||||||
Standard Chemical & Pharmaceutical Co. Ltd. | 7,000 | 10,804 | ||||||
Standard Foods Corp. | 6,000 | 10,896 | ||||||
Star Comgistic Capital Co. Ltd. | 4,000 | 3,901 | ||||||
Stark Technology, Inc. | 3,000 | 9,177 | ||||||
Sunjuice Holdings Co. Ltd. | 1,000 | 11,229 | ||||||
Sunny Friend Environmental Technology Co. Ltd. | 2,000 | 14,230 | ||||||
Sunonwealth Electric Machine Industry Co. Ltd. | 1,000 | 1,630 | ||||||
Sunrex Technology Corp. | 5,000 | 7,326 | ||||||
Superior Plating Technology Co. Ltd. | 3,000 | 7,448 | ||||||
Supreme Electronics Co. Ltd. | 7,739 | 14,861 | ||||||
Sweeten Real Estate Development Co. Ltd. | 2,160 | 2,084 | ||||||
Symtek Automation Asia Co. Ltd. | 2,000 | 8,230 | ||||||
Syncmold Enterprise Corp. | 6,000 | 14,624 | ||||||
Synnex Technology International Corp. | 23,000 | 59,546 | ||||||
Systex Corp. | 4,000 | 11,793 | ||||||
T3EX Global Holdings Corp. | 10,121 | 48,853 | ||||||
TA Chen Stainless Pipe(1) | 75,741 | 144,805 | ||||||
Ta Ya Electric Wire & Cable | 17,164 | 14,339 | ||||||
TA-I Technology Co. Ltd. | 3,000 | 6,549 | ||||||
Tah Hsin Industrial Corp.(1) | 2,145 | 6,450 | ||||||
Tai Tung Communication Co. Ltd.(1) | 12,000 | 7,749 | ||||||
Tai-Saw Technology Co. Ltd.(1) | 2,000 | 2,310 | ||||||
Taichung Commercial Bank Co. Ltd. | 188,538 | 90,443 | ||||||
TaiDoc Technology Corp. | 4,000 | 25,786 | ||||||
Taiflex Scientific Co. Ltd. | 4,000 | 6,571 | ||||||
Tainan Spinning Co. Ltd. | 33,000 | 27,714 | ||||||
Taishin Financial Holding Co. Ltd. | 485,391 | 340,174 |
60
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Taisun Enterprise Co. Ltd. | 2,000 | $ | 1,997 | |||||
Taita Chemical Co. Ltd. | 8,899 | 10,518 | ||||||
Taitien Electronics Co. Ltd. | 5,000 | 6,149 | ||||||
Taiwan Business Bank | 336,085 | 133,787 | ||||||
Taiwan Cement Corp. | 86,150 | 146,250 | ||||||
Taiwan Cogeneration Corp. | 19,000 | 25,151 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 158,691 | 150,548 | ||||||
Taiwan FamilyMart Co. Ltd. | 1,000 | 7,939 | ||||||
Taiwan Fertilizer Co. Ltd. | 39,000 | 95,916 | ||||||
Taiwan Fire & Marine Insurance Co. Ltd. | 2,000 | 1,463 | ||||||
Taiwan FU Hsing Industrial Co. Ltd. | 4,000 | 6,016 | ||||||
Taiwan Glass Industry Corp. | 42,000 | 34,952 | ||||||
Taiwan High Speed Rail Corp. | 90,000 | 95,253 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 15,000 | 40,398 | ||||||
Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 2,000 | 4,357 | ||||||
Taiwan Land Development Corp.(1) | 21,000 | 2,361 | ||||||
Taiwan Mobile Co. Ltd. | 44,000 | 162,707 | ||||||
Taiwan Navigation Co. Ltd. | 11,000 | 15,067 | ||||||
Taiwan Paiho Ltd. | 10,000 | 28,159 | ||||||
Taiwan PCB Techvest Co. Ltd. | 20,000 | 36,848 | ||||||
Taiwan Sakura Corp. | 4,000 | 9,614 | ||||||
Taiwan Secom Co. Ltd. | 7,000 | 25,699 | ||||||
Taiwan Semiconductor Co. Ltd. | 15,000 | 37,077 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 64,028 | 6,851,636 | ||||||
Taiwan Shin Kong Security Co. Ltd. | 1,010 | 1,420 | ||||||
Taiwan Styrene Monomer | 2,000 | 1,237 | ||||||
Taiwan Surface Mounting Technology Corp. | 16,000 | 67,510 | ||||||
Taiwan TEA Corp.(1) | 29,000 | 22,277 | ||||||
Taiwan Union Technology Corp. | 9,000 | 27,886 | ||||||
Taiyen Biotech Co. Ltd. | 6,000 | 7,190 | ||||||
Tatung Co. Ltd.(1) | 2,000 | 2,257 | ||||||
TCI Co. Ltd. | 2,000 | 14,025 | ||||||
Te Chang Construction Co. Ltd. | 1,000 | 1,097 | ||||||
Teco Electric and Machinery Co. Ltd. | 71,000 | 76,692 | ||||||
Tera Autotech Corp. | 1,081 | 774 | ||||||
Test Research, Inc. | 13,000 | 29,169 | ||||||
Test Rite International Co. Ltd. | 2,000 | 1,544 | ||||||
Tex-Ray Industrial Co. Ltd. | 12,000 | 6,465 | ||||||
Thinking Electronic Industrial Co. Ltd. | 2,000 | 10,057 | ||||||
Thye Ming Industrial Co. Ltd.(1) | 800 | 1,097 | ||||||
Ton Yi Industrial Corp. | 20,000 | 10,484 | ||||||
Tong Yang Industry Co. Ltd. | 23,000 | 26,860 | ||||||
Tong-Tai Machine & Tool Co. Ltd.(1) | 2,000 | 1,206 | ||||||
Top Union Electronics Corp. | 8,000 | 7,380 | ||||||
Topco Scientific Co. Ltd. | 14,000 | 86,718 | ||||||
Topoint Technology Co. Ltd. | 7,000 | 9,769 | ||||||
TPK Holding Co. Ltd. | 23,000 | 31,867 | ||||||
Transcend Information, Inc. | 3,000 | 7,609 | ||||||
Tripod Technology Corp. | 17,000 | 77,942 | ||||||
Tsann Kuen Enterprise Co. Ltd. | 12,000 | 15,612 | ||||||
TSC Auto ID Technology Co. Ltd. | 1,000 | 7,202 |
61
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
TSRC Corp. | 14,000 | $ | 17,755 | |||||
Ttet Union Corp. | 2,000 | 11,040 | ||||||
TTY Biopharm Co. Ltd. | 10,000 | 24,424 | ||||||
Tul Corp. | 3,000 | 16,870 | ||||||
Tung Ho Steel Enterprise Corp.(1) | 20,770 | 52,316 | ||||||
TXC Corp. | 19,000 | 66,416 | ||||||
TYC Brother Industrial Co. Ltd. | 10,000 | 6,666 | ||||||
Tyntek Corp. | 3,000 | 2,859 | ||||||
U-Ming Marine Transport Corp. | 12,000 | 26,289 | ||||||
U-Tech Media Corp. | 13,000 | 8,626 | ||||||
Ultra Chip, Inc. | 3,000 | 20,443 | ||||||
Uni-President Enterprises Corp. | 86,000 | 206,907 | ||||||
Unimicron Technology Corp. | 30,000 | 278,934 | ||||||
Union Bank of Taiwan(1) | 41,960 | 20,701 | ||||||
Union Insurance Co. Ltd. | 2,100 | 1,466 | ||||||
Unitech Computer Co. Ltd. | 10,000 | 12,600 | ||||||
Unitech Printed Circuit Board Corp.(1) | 12,000 | 7,802 | ||||||
United Integrated Services Co. Ltd. | 6,000 | 37,985 | ||||||
United Microelectronics Corp.(1)(2) | 380,000 | 716,053 | ||||||
United Renewable Energy Co. Ltd.(1) | 6,285 | 4,660 | ||||||
Univacco Technology, Inc. | 2,000 | 2,029 | ||||||
Universal Cement Corp. | 15,000 | 11,507 | ||||||
Unizyx Holding Corp.(1) | 30,000 | 34,776 | ||||||
UPC Technology Corp. | 28,000 | 21,184 | ||||||
Userjoy Technology Co. Ltd. | 4,000 | 12,256 | ||||||
USI Corp. | 47,000 | 48,205 | ||||||
Utechzone Co. Ltd. | 6,000 | 20,833 | ||||||
Vanguard International Semiconductor Corp.(2) | 46,000 | 208,765 | ||||||
Ventec International Group Co. Ltd. | 2,000 | 8,548 | ||||||
Visual Photonics Epitaxy Co. Ltd. | 9,000 | 36,610 | ||||||
Voltronic Power Technology Corp. | 1,000 | 51,933 | ||||||
Wafer Works Corp. | 8,000 | 21,032 | ||||||
Wah Lee Industrial Corp. | 12,100 | 46,300 | ||||||
Walsin Lihwa Corp. | 111,000 | 112,254 | ||||||
Walsin Technology Corp.(1) | 10,000 | 52,968 | ||||||
Walton Advanced Engineering, Inc.(1) | 12,000 | 7,535 | ||||||
Wan Hai Lines Ltd.(2) | 25,900 | 176,417 | ||||||
Wei Chuan Foods Corp. | 9,000 | 6,966 | ||||||
Weikeng Industrial Co. Ltd. | 36,000 | 39,888 | ||||||
Well Shin Technology Co. Ltd. | 5,000 | 8,494 | ||||||
Weltrend Semiconductor | 2,000 | 6,468 | ||||||
Wholetech System Hitech Ltd. | 6,000 | 11,280 | ||||||
Win Semiconductors Corp. | 9,000 | 98,530 | ||||||
Winbond Electronics Corp. | 92,000 | 110,795 | ||||||
Winstek Semiconductor Co. Ltd. | 2,000 | 2,231 | ||||||
WinWay Technology Co. Ltd. | 2,000 | 26,684 | ||||||
Wisdom Marine Lines Co. Ltd. | 24,047 | 78,233 | ||||||
Wistron Corp.(2) | 157,000 | 165,457 | ||||||
Wistron Information Technology & Services Corp. | 2,000 | 6,178 | ||||||
Wistron NeWeb Corp. | 25,000 | 63,678 | ||||||
Wiwynn Corp. | 1,000 | 35,716 |
62
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Wowprime Corp. | 4,000 | $ | 19,615 | |||||
WPG Holdings Ltd. | 46,000 | 91,803 | ||||||
WT Microelectronics Co. Ltd. | 29,000 | 86,901 | ||||||
WUS Printed Circuit Co. Ltd. | 10,800 | 12,844 | ||||||
Xander International Corp.(1) | 8,000 | 9,203 | ||||||
XinTec, Inc. | 11,000 | 47,496 | ||||||
Xxentria Technology Materials Corp. | 1,000 | 2,486 | ||||||
Yageo Corp. | 7,801 | 127,989 | ||||||
Yang Ming Marine Transport Corp.(1) | 72,000 | 304,308 | ||||||
YC INOX Co. Ltd. | 14,000 | 16,712 | ||||||
YCC Parts Manufacturing Co. Ltd. | 1,000 | 1,221 | ||||||
Yea Shin International Development Co. Ltd. | 5,000 | 4,090 | ||||||
Yem Chio Co. Ltd. | 13,771 | 7,345 | ||||||
YFY, Inc. | 64,000 | 77,309 | ||||||
Yi Jinn Industrial Co. Ltd. | 7,000 | 4,707 | ||||||
Yieh Phui Enterprise Co. Ltd.(1) | 27,000 | 23,570 | ||||||
Yonyu Plastics Co. Ltd. | 1,000 | 1,287 | ||||||
Young Fast Optoelectronics Co. Ltd.(1) | 4,000 | 3,777 | ||||||
Youngtek Electronics Corp. | 9,000 | 26,716 | ||||||
Yuanta Financial Holding Co. Ltd. | 310,600 | 277,457 | ||||||
Yulon Finance Corp. | 12,865 | 93,612 | ||||||
Yulon Motor Co. Ltd. | 43,357 | 63,832 | ||||||
YungShin Global Holding Corp. | 1,000 | 1,518 | ||||||
Yungtay Engineering Co. Ltd. | 1,000 | 2,301 | ||||||
Zeng Hsing Industrial Co. Ltd. | 2,000 | 10,268 | ||||||
Zenitron Corp. | 2,000 | 2,561 | ||||||
Zero One Technology Co. Ltd. | 2,315 | 3,970 | ||||||
Zhen Ding Technology Holding Ltd. | 34,000 | 112,771 | ||||||
Zig Sheng Industrial Co. Ltd. | 22,000 | 12,195 | ||||||
Zinwell Corp.(1) | 18,000 | 11,823 | ||||||
Zippy Technology Corp. | 11,000 | 16,685 | ||||||
ZongTai Real Estate Development Co. Ltd. | 6,000 | 8,453 | ||||||
36,711,058 | ||||||||
Thailand — 2.6% | ||||||||
AAPICO Hitech PCL, NVDR | 10,890 | 7,659 | ||||||
Advanced Info Service PCL, NVDR | 23,200 | 163,312 | ||||||
Advanced Information Technology PCL, NVDR | 50,000 | 10,816 | ||||||
AEON Thana Sinsap Thailand PCL, NVDR | 6,200 | 37,578 | ||||||
Airports of Thailand PCL, NVDR(1) | 33,200 | 65,594 | ||||||
Amanah Leasing PCL, NVDR | 9,200 | 1,499 | ||||||
Amata Corp. PCL, NVDR | 23,700 | 15,569 | ||||||
AP Thailand PCL, NVDR | 222,000 | 72,161 | ||||||
Aqua Corp. PCL, NVDR | 783,300 | 15,650 | ||||||
Asia Plus Group Holdings PCL, NVDR | 240,200 | 28,572 | ||||||
Asia Sermkij Leasing PCL, NVDR | 1,800 | 2,710 | ||||||
Asian Sea Corp. PCL, NVDR | 9,900 | 4,719 | ||||||
Asset World Corp. PCL, NVDR(1) | 171,600 | 25,280 | ||||||
B Grimm Power PCL, NVDR | 9,700 | 10,291 | ||||||
Bangchak Corp. PCL, NVDR | 58,000 | 55,291 | ||||||
Bangkok Airways PCL, NVDR(1) | 31,300 | 9,086 | ||||||
Bangkok Aviation Fuel Services PCL, NVDR(1) | 1,000 | 790 |
63
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Bangkok Bank PCL, NVDR | 9,600 | $ | 41,360 | |||||
Bangkok Chain Hospital PCL, NVDR | 64,000 | 37,427 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 139,800 | 101,643 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 140,900 | 38,525 | ||||||
Bangkok Land PCL, NVDR | 666,800 | 21,241 | ||||||
Bangkok Life Assurance PCL, NVDR | 29,200 | 39,171 | ||||||
Banpu PCL, NVDR | 211,366 | 70,839 | ||||||
Banpu Power PCL, NVDR | 9,700 | 4,968 | ||||||
BCPG PCL, NVDR | 8,700 | 3,335 | ||||||
BEC World PCL, NVDR(1) | 74,300 | 37,715 | ||||||
Berli Jucker PCL, NVDR | 15,100 | 15,527 | ||||||
BG Container Glass PCL, NVDR | 26,300 | 8,229 | ||||||
BTS Group Holdings PCL, NVDR | 87,900 | 25,623 | ||||||
Bumrungrad Hospital PCL, NVDR | 9,400 | 44,296 | ||||||
Cal-Comp Electronics Thailand PCL, NVDR | 108,125 | 9,372 | ||||||
Carabao Group PCL, NVDR | 7,200 | 23,573 | ||||||
Central Pattana PCL, NVDR | 36,500 | 62,069 | ||||||
Central Plaza Hotel PCL, NVDR(1) | 1,900 | 2,008 | ||||||
Central Retail Corp. PCL, NVDR | 34,541 | 40,615 | ||||||
CH Karnchang PCL, NVDR | 87,000 | 56,130 | ||||||
Charoen Pokphand Foods PCL, NVDR | 96,400 | 74,692 | ||||||
Chularat Hospital PCL, NVDR | 279,700 | 29,989 | ||||||
CK Power PCL, NVDR | 6,000 | 940 | ||||||
Com7 PCL, NVDR | 18,100 | 45,949 | ||||||
CP ALL PCL, NVDR | 78,000 | 162,959 | ||||||
Delta Electronics Thailand PCL, NVDR | 1,500 | 18,780 | ||||||
Dhipaya Group Holdings PCL, NVDR(1) | 5,900 | 10,804 | ||||||
Diamond Building Products PCL, NVDR | 5,000 | 1,303 | ||||||
Dohome PCL, NVDR | 3,791 | 2,749 | ||||||
Dynasty Ceramic PCL, NVDR | 269,300 | 24,711 | ||||||
Eastern Polymer Group PCL, NVDR | 42,400 | 12,861 | ||||||
Eastern Water Resources Development and Management PCL, NVDR | 2,900 | 680 | ||||||
Ekachai Medical Care PCL, NVDR | 48,400 | 11,540 | ||||||
Electricity Generating PCL, NVDR | 9,300 | 51,228 | ||||||
Energy Absolute PCL, NVDR | 22,100 | 64,590 | ||||||
Erawan Group PCL (The), NVDR(1) | 15,660 | 1,501 | ||||||
Esso Thailand PCL, NVDR(1) | 67,300 | 15,539 | ||||||
GFPT PCL, NVDR | 27,500 | 11,048 | ||||||
Global Power Synergy PCL, NVDR | 12,600 | 29,086 | ||||||
Gulf Energy Development PCL, NVDR | 32,100 | 49,907 | ||||||
Gunkul Engineering PCL, NVDR | 152,900 | 29,184 | ||||||
Haad Thip PCL, NVDR | 1,400 | 1,489 | ||||||
Hana Microelectronics PCL, NVDR | 17,600 | 27,701 | ||||||
Home Product Center PCL, NVDR | 166,100 | 77,781 | ||||||
Humanica PCL, NVDR | 27,200 | 10,619 | ||||||
Ichitan Group PCL, NVDR | 20,000 | 6,321 | ||||||
Indorama Ventures PCL, NVDR | 44,300 | 61,375 | ||||||
Interlink Communication PCL, NVDR | 21,100 | 5,543 | ||||||
IRPC PCL, NVDR | 414,800 | 48,623 | ||||||
Italian-Thai Development PCL, NVDR(1) | 149,800 | 9,492 | ||||||
Jasmine International PCL, NVDR(1) | 218,300 | 24,130 |
64
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
JMT Network Services PCL, NVDR | 16,697 | $ | 34,937 | |||||
JWD Infologistics PCL, NVDR | 30,600 | 17,084 | ||||||
KCE Electronics PCL, NVDR | 18,300 | 34,070 | ||||||
KGI Securities Thailand PCL, NVDR | 97,400 | 20,030 | ||||||
Khon Kaen Sugar Industry PCL, NVDR(1) | 55,500 | 5,774 | ||||||
Kiatnakin Phatra Bank PCL, NVDR | 16,500 | 34,560 | ||||||
Krung Thai Bank PCL, NVDR | 101,100 | 43,496 | ||||||
Krungthai Card PCL, NVDR | 10,800 | 21,017 | ||||||
Land & Houses PCL, NVDR | 270,800 | 79,751 | ||||||
Lanna Resources PCL, NVDR | 38,500 | 22,542 | ||||||
LPN Development PCL, NVDR | 37,300 | 5,307 | ||||||
Major Cineplex Group PCL, NVDR | 17,300 | 10,715 | ||||||
Master Ad PCL, NVDR(1) | 596,800 | 13,384 | ||||||
MBK PCL, NVDR(1) | 22,800 | 8,760 | ||||||
MC Group PCL, NVDR | 4,300 | 1,213 | ||||||
MCS Steel PCL, NVDR | 43,200 | 19,591 | ||||||
Mega Lifesciences PCL, NVDR | 26,600 | 35,039 | ||||||
MFEC PCL, NVDR | 43,100 | 12,725 | ||||||
Minor International PCL, NVDR(1) | 43,700 | 41,386 | ||||||
MK Restaurants Group PCL, NVDR | 9,400 | 15,582 | ||||||
Muangthai Capital PCL, NVDR | 21,600 | 34,211 | ||||||
Nex Point Parts PCL, NVDR(1) | 9,400 | 5,371 | ||||||
Noble Development PCL, NVDR | 40,800 | 6,745 | ||||||
Nusasiri PCL, NVDR(1) | 480,300 | 19,101 | ||||||
Origin Property PCL, NVDR | 60,500 | 22,153 | ||||||
Osotspa PCL, NVDR | 20,100 | 21,758 | ||||||
Plan B Media PCL, NVDR(1) | 144,504 | 35,263 | ||||||
Polyplex Thailand PCL, NVDR | 13,000 | 10,863 | ||||||
Precious Shipping PCL, NVDR | 61,900 | 33,326 | ||||||
Premier Marketing PCL, NVDR | 3,900 | 1,154 | ||||||
Prima Marine PCL, NVDR | 39,800 | 7,021 | ||||||
Property Perfect PCL, NVDR | 40,700 | 687 | ||||||
Pruksa Holding PCL, NVDR | 61,600 | 27,158 | ||||||
PTG Energy PCL, NVDR | 19,400 | 8,584 | ||||||
PTT Exploration & Production PCL, NVDR | 36,800 | 154,937 | ||||||
PTT Global Chemical PCL, NVDR | 56,100 | 91,424 | ||||||
PTT Oil & Retail Business PCL, NVDR | 85,200 | 67,513 | ||||||
PTT PCL, NVDR | 175,000 | 213,022 | ||||||
Quality Houses PCL, NVDR | 618,800 | 43,285 | ||||||
R&B Food Supply PCL, NVDR | 8,900 | 4,321 | ||||||
Raimon Land PCL, NVDR(1) | 40,600 | 1,393 | ||||||
Rajthanee Hospital PCL, NVDR | 10,300 | 10,242 | ||||||
Ratch Group PCL, NVDR | 28,200 | 39,768 | ||||||
Ratchthani Leasing PCL, NVDR | 172,650 | 23,135 | ||||||
Regional Container Lines PCL, NVDR | 31,100 | 45,231 | ||||||
Rojana Industrial Park PCL, NVDR | 6,800 | 1,356 | ||||||
RS PCL, NVDR(1) | 38,900 | 20,213 | ||||||
S 11 Group PCL, NVDR | 4,200 | 823 | ||||||
Samart Digital PCL, NVDR(1) | 296,000 | 4,458 | ||||||
Sansiri PCL, NVDR | 1,174,700 | 44,493 | ||||||
SC Asset Corp. PCL, NVDR | 164,100 | 466,863 | ||||||
SEAFCO PCL, NVDR(1) | 5,200 | 692 |
65
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Sermsang Power Corp. Co. Ltd., NVDR | 32,120 | $ | 11,727 | |||||
Siam Cement PCL (The), NVDR | 12,500 | 150,433 | ||||||
Siam City Cement PCL, NVDR | 1,800 | 8,883 | ||||||
Siam Commercial Bank PCL (The), NVDR | 21,200 | 81,922 | ||||||
Siam Global House PCL, NVDR | 19,361 | 11,732 | ||||||
Siam Makro PCL, NVDR | 5,200 | 6,812 | ||||||
Siamgas & Petrochemicals PCL, NVDR | 27,100 | 11,566 | ||||||
Singha Estate PCL, NVDR(1) | 20,100 | 1,202 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR | 17,200 | 7,470 | ||||||
SNC Former PCL, NVDR | 2,800 | 1,469 | ||||||
Somboon Advance Technology PCL, NVDR | 2,000 | 1,294 | ||||||
SPCG PCL, NVDR | 13,200 | 7,202 | ||||||
Sri Trang Agro-Industry PCL, NVDR | 44,100 | 36,215 | ||||||
Srisawad Corp. PCL, NVDR | 25,500 | 45,271 | ||||||
Srisawad Finance PCL, NVDR | 4,400 | 3,648 | ||||||
Srivichai Vejvivat PCL, NVDR | 25,600 | 8,066 | ||||||
Star Petroleum Refining PCL, NVDR(1) | 67,500 | 18,561 | ||||||
Stars Microelectronics Thailand PCL, NVDR(1) | 33,500 | 4,855 | ||||||
STP & I PCL, NVDR(1) | 59,900 | 10,317 | ||||||
Supalai PCL, NVDR | 60,700 | 40,880 | ||||||
Super Energy Corp. PCL, NVDR | 762,900 | 21,527 | ||||||
Susco PCL, NVDR | 10,600 | 1,156 | ||||||
Synnex Thailand PCL, NVDR | 11,700 | 9,535 | ||||||
Taokaenoi Food & Marketing PCL, NVDR | 16,200 | 3,975 | ||||||
Thai Airways International PCL, NVDR(1) | 6,800 | 691 | ||||||
Thai Oil PCL, NVDR | 29,400 | 48,874 | ||||||
Thai Union Group PCL, NVDR | 97,200 | 60,789 | ||||||
Thai Vegetable Oil PCL, NVDR | 21,200 | 21,121 | ||||||
Thaicom PCL, NVDR | 73,800 | 22,211 | ||||||
Thaifoods Group PCL, NVDR | 70,100 | 9,119 | ||||||
Thanachart Capital PCL, NVDR | 10,700 | 13,729 | ||||||
Thonburi Healthcare Group PCL, NVDR | 24,400 | 37,173 | ||||||
Thoresen Thai Agencies PCL, NVDR | 68,300 | 20,920 | ||||||
Tipco Asphalt PCL, NVDR | 46,800 | 26,236 | ||||||
Tisco Financial Group PCL, NVDR | 8,700 | 26,099 | ||||||
TMBThanachart Bank PCL, NVDR | 219,700 | 9,261 | ||||||
TOA Paint Thailand PCL, NVDR | 15,900 | 14,172 | ||||||
Total Access Communication PCL, NVDR | 15,400 | 22,230 | ||||||
TPI Polene PCL, NVDR | 156,800 | 8,322 | ||||||
TPI Polene Power PCL, NVDR | 54,800 | 6,847 | ||||||
TQM Corp. PCL, NVDR | 7,200 | 9,986 | ||||||
True Corp. PCL, NVDR | 593,900 | 91,293 | ||||||
TTW PCL, NVDR | 14,400 | 5,064 | ||||||
U City PCL, NVDR(1) | 368,200 | 19,594 | ||||||
Unique Engineering & Construction PCL, NVDR(1) | 4,000 | 694 | ||||||
Univanich Palm Oil PCL, NVDR | 5,800 | 1,309 | ||||||
VGI PCL, NVDR | 22,200 | 3,960 | ||||||
Vinythai PCL, NVDR | 1,500 | 1,631 | ||||||
WHA Corp. PCL, NVDR | 142,800 | 14,905 | ||||||
Workpoint Entertainment PCL, NVDR | 14,600 | 10,142 | ||||||
WP Energy PCL, NVDR | 5,900 | 901 |
66
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Xspring Capital PCL, NVDR(1) | 107,200 | $ | 6,859 | |||||
Zen Corp. Group PCL, NVDR(1) | 2,200 | 816 | ||||||
5,097,550 | ||||||||
Turkey — 0.4% | ||||||||
AG Anadolu Grubu Holding AS | 1,279 | 2,989 | ||||||
Akbank T.A.S. | 118,317 | 60,392 | ||||||
Aksa Akrilik Kimya Sanayii AS | 3,764 | 9,804 | ||||||
Aksa Enerji Uretim AS(1) | 15,862 | 14,821 | ||||||
Aksigorta AS | 4,966 | 2,216 | ||||||
Alarko Holding AS | 3,317 | 4,372 | ||||||
Anadolu Anonim Turk Sigorta Sirketi | 5,534 | 2,093 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 3,095 | 5,409 | ||||||
Arcelik AS | 470 | 1,881 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 8,801 | 14,224 | ||||||
Bagfas Bandirma Gubre Fabrikalari AS(1) | 3,765 | 3,574 | ||||||
Baticim Bati Anadolu Cimento Sanayii AS(1) | 2,996 | 3,196 | ||||||
Bera Holding AS(1) | 2,301 | 1,358 | ||||||
BIM Birlesik Magazalar AS | 7,140 | 37,773 | ||||||
Cemtas Celik Makina Sanayi Ve Ticaret AS | 729 | 967 | ||||||
Cimsa Cimento Sanayi VE Ticaret AS(1) | 1,448 | 3,381 | ||||||
Coca-Cola Icecek AS | 1,377 | 10,842 | ||||||
Dogan Sirketler Grubu Holding AS | 15,748 | 2,902 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 3,638 | 12,343 | ||||||
EGE Endustri VE Ticaret AS | 21 | 2,702 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 26,105 | 58,752 | ||||||
Ford Otomotiv Sanayi AS | 1,168 | 22,767 | ||||||
GSD Holding AS(1) | 63,384 | 12,121 | ||||||
Haci Omer Sabanci Holding AS | 62,822 | 70,660 | ||||||
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1) | 856 | 833 | ||||||
Is Finansal Kiralama AS(1) | 5,787 | 1,158 | ||||||
Is Yatirim Menkul Degerler AS | 1,327 | 1,685 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A(1) | 6,824 | 5,018 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1) | 52,809 | 44,689 | ||||||
Kartonsan Karton Sanayi ve Ticaret AS | 321 | 1,034 | ||||||
KOC Holding AS | 17,503 | 40,081 | ||||||
Koza Altin Isletmeleri AS(1) | 720 | 5,970 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(1) | 12,688 | 17,997 | ||||||
Logo Yazilim Sanayi Ve Ticaret AS | 1,020 | 3,041 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, B Shares | 783 | 3,165 | ||||||
Migros Ticaret AS(1) | 3,677 | 9,577 | ||||||
MLP Saglik Hizmetleri AS(1) | 4,033 | 8,632 | ||||||
NET Holding AS(1) | 2,629 | 1,413 | ||||||
Nuh Cimento Sanayi AS | 462 | 1,405 | ||||||
Pegasus Hava Tasimaciligi AS(1) | 1,470 | 9,944 | ||||||
Petkim Petrokimya Holding AS(1) | 36,883 | 20,671 | ||||||
Sasa Polyester Sanayi AS(1) | 2,292 | 7,704 | ||||||
Selcuk Ecza Deposu Ticaret ve Sanayi AS | 1,189 | 899 | ||||||
Sok Marketler Ticaret AS | 7,558 | 6,179 | ||||||
TAV Havalimanlari Holding AS(1) | 4,174 | 10,202 | ||||||
Tekfen Holding AS | 4,089 | 5,462 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 4,881 | 28,360 | ||||||
Turk Hava Yollari AO(1) | 16,368 | 30,299 |
67
Avantis Emerging Markets Equity Fund | ||||||||
Shares | Value | |||||||
Turk Traktor ve Ziraat Makineleri AS | 343 | $ | 5,296 | |||||
Turkcell Iletisim Hizmetleri AS, ADR(2) | 11,052 | 39,124 | ||||||
Turkiye Garanti Bankasi AS | 30,699 | 24,604 | ||||||
Turkiye Halk Bankasi AS(1) | 30,178 | 9,572 | ||||||
Turkiye Is Bankasi AS, C Shares | 45,470 | 26,328 | ||||||
Turkiye Petrol Rafinerileri AS(1) | 3,354 | 46,812 | ||||||
Turkiye Sigorta AS | 4,436 | 1,396 | ||||||
Turkiye Sinai Kalkinma Bankasi AS | 29,795 | 2,781 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 17,915 | 16,009 | ||||||
Turkiye Vakiflar Bankasi TAO, D Shares(1) | 11,240 | 2,717 | ||||||
Vestel Elektronik Sanayi ve Ticaret AS | 1,746 | 2,839 | ||||||
Yapi ve Kredi Bankasi AS | 205,561 | 53,094 | ||||||
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS | 2,668 | 2,012 | ||||||
Yesil Yapi Endustrisi AS(1) | 21,886 | 1,350 | ||||||
Zorlu Enerji Elektrik Uretim AS(1) | 5,104 | 558 | ||||||
861,449 | ||||||||
TOTAL COMMON STOCKS (Cost $190,758,664) | 195,835,869 | |||||||
WARRANTS† | ||||||||
Brazil† | ||||||||
Marisa Lojas SA(1) | 2,948 | 235 | ||||||
Malaysia† | ||||||||
Perak Transit Bhd(1) | 1,391 | 50 | ||||||
PESTECH International Bhd(1) | 2,962 | 215 | ||||||
Vizione Holdings Bhd(1) | 2,768 | 6 | ||||||
271 | ||||||||
Thailand† | ||||||||
Advanced Information Technology PCL, NVDR(1) | 25,000 | 3,122 | ||||||
Banpu PCL, NVDR(1) | 29,466 | 4,295 | ||||||
BTS Group Holdings PCL, NVDR(1) | 3,760 | 73 | ||||||
Erawan Group PCL (The), NVDR(1) | 1,243 | 32 | ||||||
JMT Network Services PCL, NVDR(1) | 438 | 146 | ||||||
MBK PCL, NVDR(1) | 912 | 269 | ||||||
Minor International PCL, NVDR(1) | 466 | 62 | ||||||
Plan B Media PCL, NVDR(1) | 5,352 | 261 | ||||||
8,260 | ||||||||
TOTAL WARRANTS (Cost $53) | 8,766 | |||||||
RIGHTS† | ||||||||
Brazil† | ||||||||
Americanas SA(1) | 161 | 212 | ||||||
South Korea† | ||||||||
BNC Korea Co. Ltd.(1) | 253 | 242 | ||||||
Samsung Biologics Co. Ltd.(1) | 11 | 1,265 | ||||||
1,507 | ||||||||
Thailand† | ||||||||
Bangchak Corp. PCL, NVDR(1) | 2,809 | 1 | ||||||
Khon Kaen Sugar Industry PCL, NVDR(1) | 545 | — | ||||||
VGI PCL, NVDR(1) | 6,660 | 163 | ||||||
164 | ||||||||
TOTAL RIGHTS (Cost $—) | 1,883 |
68
Avantis Emerging Markets Equity Fund | |||||||||||
Principal Amount/Shares | Value | ||||||||||
CORPORATE BONDS† | |||||||||||
India† | |||||||||||
Britannia Industries Ltd., 5.50%, 6/3/24 (Acquired 5/25/21, Cost $433)(3) (Cost $433) | INR | 31,523 | $ | 417 | |||||||
SHORT-TERM INVESTMENTS — 3.1% | |||||||||||
Money Market Funds — 3.1% | |||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 2,519,974 | 2,519,974 | |||||||||
State Street Navigator Securities Lending Government Money Market Portfolio(4) | 3,738,955 | 3,738,955 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $6,258,929) | 6,258,929 | ||||||||||
TOTAL INVESTMENT SECURITIES — 102.3% (Cost $197,018,079) | 202,105,864 | ||||||||||
OTHER ASSETS AND LIABILITIES — (2.3)% | (4,633,132) | ||||||||||
TOTAL NET ASSETS — 100.0% | $ | 197,472,732 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
S&P 500 E-Mini | 4 | March 2022 | $ | 873,600 | $ | (60,469) |
^Amount represents value and unrealized appreciation (depreciation).
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Information Technology | 20.9% | ||||
Financials | 19.5% | ||||
Consumer Discretionary | 11.3% | ||||
Materials | 11.1% | ||||
Industrials | 8.2% | ||||
Communication Services | 8.1% | ||||
Consumer Staples | 5.6% | ||||
Energy | 5.2% | ||||
Real Estate | 3.2% | ||||
Utilities | 3.2% | ||||
Health Care | 2.9% | ||||
Short-Term Investments | 3.1% | ||||
Other Assets and Liabilities | (2.3)% |
69
Avantis Emerging Markets Equity Fund
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt | ||||||
GDR | - | Global Depositary Receipt | ||||||
INR | - | Indian Rupee | ||||||
NVDR | - | Non-Voting Depositary Receipt |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $8,014,655. 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)Restricted security that may not be offered for public sale without being registered with the Securities and Exchange Commission and/or may be subject to resale, redemption or transferability restrictions. The aggregate value of these securities at the period end was $417, which represented less than 0.05% of total net assets.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $8,426,258, which includes securities collateral of $4,687,303.
See Notes to Financial Statements.
70
FEBRUARY 28, 2022 (UNAUDITED)
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 98.8% | ||||||||
Australia — 6.8% | ||||||||
Adairs Ltd.(1) | 1,603 | $ | 3,349 | |||||
Adbri Ltd. | 5,681 | 13,732 | ||||||
AGL Energy Ltd. | 3,791 | 20,741 | ||||||
Alkane Resources Ltd.(1)(2) | 2,522 | 1,903 | ||||||
Alliance Aviation Services Ltd.(2) | 1,918 | 4,494 | ||||||
Allkem Ltd.(2) | 5,630 | 37,546 | ||||||
ALS Ltd. | 829 | 7,186 | ||||||
Altium Ltd. | 597 | 14,117 | ||||||
Alumina Ltd. | 14,872 | 21,490 | ||||||
AMP Ltd.(2) | 36,465 | 25,113 | ||||||
Ampol Ltd. | 692 | 14,947 | ||||||
Ansell Ltd. | 204 | 3,822 | ||||||
APA Group | 2,570 | 18,788 | ||||||
Appen Ltd. | 277 | 1,423 | ||||||
ARB Corp. Ltd. | 367 | 11,148 | ||||||
Ardent Leisure Group Ltd.(2) | 1,272 | 1,490 | ||||||
Aristocrat Leisure Ltd. | 1,949 | 53,461 | ||||||
ASX Ltd. | 2,026 | 121,684 | ||||||
Atlas Arteria Ltd. | 1,021 | 4,855 | ||||||
Atlassian Corp. plc, Class A(2) | 677 | 206,972 | ||||||
Aurelia Metals Ltd.(2) | 17,744 | 5,799 | ||||||
Aurizon Holdings Ltd. | 22,960 | 58,569 | ||||||
Austal Ltd. | 4,451 | 6,212 | ||||||
Australia & New Zealand Banking Group Ltd. | 15,959 | 302,133 | ||||||
Australian Agricultural Co. Ltd.(2) | 2,182 | 2,621 | ||||||
Australian Ethical Investment Ltd. | 906 | 4,745 | ||||||
Australian Finance Group Ltd. | 3,111 | 5,010 | ||||||
Australian Pharmaceutical Industries Ltd. | 6,282 | 6,990 | ||||||
Australian Strategic Materials Ltd.(2) | 504 | 3,007 | ||||||
Bank of Queensland Ltd. | 6,354 | 36,991 | ||||||
Bapcor Ltd. | 1,574 | 7,428 | ||||||
Beach Energy Ltd. | 40,860 | 45,513 | ||||||
Bega Cheese Ltd. | 4,198 | 14,366 | ||||||
Bendigo & Adelaide Bank Ltd. | 5,047 | 35,223 | ||||||
BHP Group Ltd., ADR | 11,945 | 809,752 | ||||||
Blackmores Ltd. | 116 | 6,972 | ||||||
BlueScope Steel Ltd. | 5,874 | 86,981 | ||||||
Brambles Ltd. | 12,823 | 92,360 | ||||||
Breville Group Ltd.(1) | 604 | 11,950 | ||||||
Brickworks Ltd. | 607 | 9,383 | ||||||
carsales.com Ltd. | 1,859 | 28,122 | ||||||
Cedar Woods Properties Ltd. | 198 | 671 | ||||||
Challenger Ltd. | 12,960 | 63,735 | ||||||
Champion Iron Ltd. | 7,862 | 37,069 | ||||||
Cleanaway Waste Management Ltd. | 4,316 | 8,710 | ||||||
Cochlear Ltd. | 118 | 19,263 | ||||||
Codan Ltd. | 230 | 1,229 | ||||||
Coles Group Ltd. | 7,298 | 92,328 |
71
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Collins Foods Ltd. | 144 | $ | 1,154 | |||||
Commonwealth Bank of Australia | 6,156 | 417,644 | ||||||
Computershare Ltd. | 641 | 10,128 | ||||||
Coronado Global Resources, Inc.(2) | 22,324 | 26,841 | ||||||
Costa Group Holdings Ltd. | 7,789 | 15,420 | ||||||
Credit Corp. Group Ltd. | 607 | 13,537 | ||||||
Crown Resorts Ltd.(2) | 1,349 | 12,192 | ||||||
CSL Ltd. | 1,433 | 272,448 | ||||||
CSR Ltd. | 6,817 | 28,458 | ||||||
Data#3 Ltd. | 932 | 3,665 | ||||||
Deterra Royalties Ltd. | 3,894 | 12,659 | ||||||
Dicker Data Ltd.(1) | 234 | 2,412 | ||||||
Domino's Pizza Enterprises Ltd. | 338 | 19,517 | ||||||
Downer EDI Ltd. | 3,856 | 14,212 | ||||||
Eagers Automotive Ltd. | 1,100 | 11,293 | ||||||
Eclipx Group Ltd.(2) | 5,402 | 9,138 | ||||||
Elders Ltd. | 290 | 2,437 | ||||||
Emeco Holdings Ltd. | 5,966 | 3,977 | ||||||
EML Payments Ltd.(2) | 3,800 | 6,742 | ||||||
Endeavour Group Ltd. | 8,519 | 44,492 | ||||||
EVENT Hospitality and Entertainment Ltd.(2) | 724 | 7,612 | ||||||
Evolution Mining Ltd. | 20,550 | 63,544 | ||||||
Flight Centre Travel Group Ltd.(1)(2) | 361 | 4,641 | ||||||
Fortescue Metals Group Ltd. | 9,797 | 130,519 | ||||||
Genworth Mortgage Insurance Australia Ltd. | 10,695 | 23,330 | ||||||
Gold Road Resources Ltd. | 13,654 | 15,237 | ||||||
GrainCorp Ltd., A Shares | 3,047 | 18,636 | ||||||
Grange Resources Ltd. | 15,468 | 10,980 | ||||||
GUD Holdings Ltd. | 929 | 7,857 | ||||||
GWA Group Ltd. | 2,433 | 4,057 | ||||||
Harvey Norman Holdings Ltd. | 5,521 | 21,097 | ||||||
Healius Ltd. | 2,245 | 7,046 | ||||||
HT&E Ltd. | 1,854 | 2,514 | ||||||
HUB24 Ltd. | 60 | 1,234 | ||||||
Humm Group Ltd.(1) | 743 | 477 | ||||||
IDP Education Ltd. | 1,098 | 21,235 | ||||||
IGO Ltd. | 5,101 | 40,922 | ||||||
Iluka Resources Ltd. | 7,537 | 59,302 | ||||||
Imdex Ltd. | 5,249 | 10,307 | ||||||
Incitec Pivot Ltd. | 15,366 | 34,508 | ||||||
Infomedia Ltd. | 4,782 | 5,011 | ||||||
Inghams Group Ltd.(1) | 3,906 | 9,594 | ||||||
Insignia Financial Ltd. | 2,703 | 7,540 | ||||||
Insurance Australia Group Ltd. | 3,293 | 10,994 | ||||||
Integrated Research Ltd.(1)(2) | 1,922 | 967 | ||||||
InvoCare Ltd. | 2,422 | 22,825 | ||||||
IPH Ltd. | 2,732 | 16,623 | ||||||
IRESS Ltd. | 889 | 6,733 | ||||||
James Hardie Industries plc | 2,080 | 67,906 | ||||||
JB Hi-Fi Ltd.(1) | 1,381 | 49,674 | ||||||
Johns Lyng Group Ltd. | 704 | 3,900 |
72
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Jumbo Interactive Ltd. | 617 | $ | 8,009 | |||||
Jupiter Mines Ltd. | 22,840 | 3,764 | ||||||
Karoon Energy Ltd.(2) | 10,001 | 15,051 | ||||||
Kelsian Group Ltd. | 288 | 1,514 | ||||||
Kogan.com Ltd.(1) | 842 | 3,388 | ||||||
Lendlease Corp. Ltd. | 2,729 | 21,054 | ||||||
Link Administration Holdings Ltd. | 2,543 | 9,796 | ||||||
Lovisa Holdings Ltd. | 719 | 10,513 | ||||||
Lynas Rare Earths Ltd.(2) | 5,893 | 44,606 | ||||||
Macmahon Holdings Ltd. | 6,093 | 779 | ||||||
Macquarie Group Ltd. | 1,084 | 142,658 | ||||||
Magellan Financial Group Ltd.(1) | 644 | 8,617 | ||||||
Mayne Pharma Group Ltd.(2) | 42,422 | 7,130 | ||||||
McMillan Shakespeare Ltd. | 968 | 8,461 | ||||||
Medibank Pvt Ltd. | 17,562 | 40,507 | ||||||
Megaport Ltd.(2) | 529 | 5,258 | ||||||
Metcash Ltd. | 9,942 | 29,831 | ||||||
Mineral Resources Ltd. | 1,750 | 58,356 | ||||||
Monadelphous Group Ltd. | 839 | 6,916 | ||||||
Money3 Corp. Ltd. | 3,577 | 7,837 | ||||||
Mount Gibson Iron Ltd. | 15,532 | 5,957 | ||||||
Myer Holdings Ltd.(2) | 19,906 | 5,869 | ||||||
MyState Ltd. | 613 | 2,157 | ||||||
National Australia Bank Ltd. | 17,225 | 361,777 | ||||||
Nearmap Ltd.(1)(2) | 4,535 | 3,896 | ||||||
Netwealth Group Ltd. | 1,149 | 11,638 | ||||||
New Energy Solar | 2,331 | 1,557 | ||||||
New Hope Corp. Ltd.(1) | 14,116 | 26,170 | ||||||
Newcrest Mining Ltd. | 7,005 | 129,948 | ||||||
NEXTDC Ltd.(2) | 1,704 | 13,329 | ||||||
nib holdings Ltd. | 3,997 | 18,888 | ||||||
Nick Scali Ltd. | 1,075 | 9,349 | ||||||
Nine Entertainment Co. Holdings Ltd. | 9,409 | 19,110 | ||||||
Northern Star Resources Ltd. | 2,841 | 21,174 | ||||||
NRW Holdings Ltd. | 5,096 | 8,036 | ||||||
Nufarm Ltd. | 9,128 | 36,576 | ||||||
Omni Bridgeway Ltd.(2) | 656 | 1,557 | ||||||
Orica Ltd. | 3,914 | 41,730 | ||||||
Origin Energy Ltd. | 11,407 | 47,369 | ||||||
Orora Ltd. | 15,560 | 42,120 | ||||||
OZ Minerals Ltd. | 3,750 | 70,101 | ||||||
Pacific Current Group Ltd. | 220 | 1,227 | ||||||
Paladin Energy Ltd.(2) | 44,959 | 25,874 | ||||||
Peet Ltd. | 1,161 | 903 | ||||||
Pendal Group Ltd. | 904 | 3,046 | ||||||
Perenti Global Ltd. | 16,854 | 9,390 | ||||||
Perpetual Ltd. | 305 | 7,807 | ||||||
Perseus Mining Ltd. | 23,044 | 30,524 | ||||||
Pilbara Minerals Ltd.(2) | 28,029 | 56,289 | ||||||
Platinum Asset Management Ltd. | 2,221 | 3,828 | ||||||
Premier Investments Ltd. | 925 | 18,652 |
73
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Pro Medicus Ltd.(1) | 76 | $ | 2,610 | |||||
PWR Holdings Ltd. | 302 | 1,938 | ||||||
Qantas Airways Ltd.(2) | 2,914 | 10,798 | ||||||
QBE Insurance Group Ltd. | 7,292 | 60,852 | ||||||
Qube Holdings Ltd. | 16,040 | 34,707 | ||||||
Ramelius Resources Ltd. | 15,930 | 17,615 | ||||||
Ramsay Health Care Ltd. | 461 | 21,505 | ||||||
REA Group Ltd. | 347 | 33,447 | ||||||
Red 5 Ltd.(2) | 29,625 | 6,517 | ||||||
Reece Ltd. | 610 | 8,636 | ||||||
Regis Resources Ltd.(1) | 12,472 | 17,691 | ||||||
Reliance Worldwide Corp. Ltd. | 3,953 | 13,292 | ||||||
Resimac Group Ltd.(1) | 2,359 | 3,054 | ||||||
Resolute Mining Ltd.(2) | 13,533 | 2,543 | ||||||
Rio Tinto Ltd. | 977 | 84,254 | ||||||
Sandfire Resources Ltd. | 6,798 | 33,514 | ||||||
Santos Ltd. | 28,146 | 149,901 | ||||||
SEEK Ltd. | 519 | 10,132 | ||||||
Select Harvests Ltd. | 1,691 | 6,784 | ||||||
Senex Energy Ltd. | 2,725 | 9,094 | ||||||
Seven Group Holdings Ltd. | 1,190 | 19,261 | ||||||
Seven West Media Ltd.(2) | 35,885 | 16,278 | ||||||
Sigma Healthcare Ltd.(1) | 13,377 | 4,726 | ||||||
Silver Lake Resources Ltd.(2) | 16,247 | 21,742 | ||||||
Sims Ltd. | 2,335 | 31,105 | ||||||
SmartGroup Corp. Ltd. | 213 | 1,299 | ||||||
Sonic Healthcare Ltd. | 1,515 | 38,659 | ||||||
South32 Ltd. | 50,508 | 177,284 | ||||||
Southern Cross Media Group Ltd. | 4,053 | 5,223 | ||||||
St. Barbara Ltd. | 9,352 | 9,001 | ||||||
Star Entertainment Grp Ltd. (The)(2) | 10,436 | 25,547 | ||||||
Steadfast Group Ltd. | 2,294 | 7,688 | ||||||
Suncorp Group Ltd. | 7,497 | 58,317 | ||||||
Super Retail Group Ltd. | 1,871 | 15,037 | ||||||
Syrah Resources Ltd.(2) | 10,036 | 10,420 | ||||||
Tassal Group Ltd. | 2,716 | 7,057 | ||||||
Technology One Ltd. | 2,656 | 19,194 | ||||||
Telstra Corp. Ltd. | 31,624 | 90,876 | ||||||
TPG Telecom Ltd. | 527 | 2,144 | ||||||
Transurban Group | 7,129 | 65,846 | ||||||
Treasury Wine Estates Ltd. | 7,385 | 62,294 | ||||||
Tuas Ltd.(2) | 517 | 725 | ||||||
United Malt Grp Ltd. | 7,330 | 22,525 | ||||||
Viva Energy Group Ltd. | 11,356 | 20,246 | ||||||
Washington H Soul Pattinson & Co. Ltd.(1) | 499 | 9,155 | ||||||
Wesfarmers Ltd. | 4,604 | 161,462 | ||||||
West African Resources Ltd.(2) | 15,935 | 12,679 | ||||||
Western Areas Ltd.(2) | 3,767 | 9,414 | ||||||
Westgold Resources Ltd. | 8,310 | 13,551 | ||||||
Westpac Banking Corp., ADR(2) | 14,385 | 240,517 | ||||||
Whitehaven Coal Ltd. | 21,998 | 51,479 |
74
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
WiseTech Global Ltd. | 468 | $ | 14,983 | |||||
Woodside Petroleum Ltd. | 7,910 | 165,289 | ||||||
Woolworths Group Ltd. | 5,423 | 140,226 | ||||||
Worley Ltd. | 123 | 1,074 | ||||||
Xero Ltd.(2) | 297 | 20,421 | ||||||
7,578,102 | ||||||||
Austria — 0.3% | ||||||||
Addiko Bank AG | 63 | 837 | ||||||
ANDRITZ AG | 277 | 12,418 | ||||||
AT&S Austria Technologie & Systemtechnik AG | 321 | 17,613 | ||||||
BAWAG Group AG(2) | 235 | 12,688 | ||||||
DO & CO. AG(1)(2) | 67 | 6,629 | ||||||
Erste Group Bank AG | 1,716 | 60,998 | ||||||
EVN AG | 663 | 18,402 | ||||||
IMMOFINANZ AG(1)(2) | 530 | 13,656 | ||||||
Lenzing AG(2) | 88 | 9,698 | ||||||
Oesterreichische Post AG(1) | 396 | 16,095 | ||||||
OMV AG | 706 | 33,608 | ||||||
Palfinger AG | 238 | 7,081 | ||||||
Porr AG(2) | 59 | 793 | ||||||
Raiffeisen Bank International AG | 1,502 | 24,475 | ||||||
S IMMO AG | 449 | 11,509 | ||||||
Semperit AG Holding | 239 | 7,521 | ||||||
Telekom Austria AG(2) | 1,177 | 9,641 | ||||||
UNIQA Insurance Group AG | 1,663 | 13,310 | ||||||
Verbund AG | 336 | 40,527 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 237 | 6,206 | ||||||
voestalpine AG | 461 | 15,236 | ||||||
Wienerberger AG | 313 | 9,360 | ||||||
348,301 | ||||||||
Belgium — 0.9% | ||||||||
Ackermans & van Haaren NV | 287 | 53,576 | ||||||
Ageas SA/NV | 1,809 | 87,024 | ||||||
AGFA-Gevaert NV(2) | 2,083 | 8,446 | ||||||
Anheuser-Busch InBev SA, ADR(1) | 1,712 | 105,853 | ||||||
Argenx SE, ADR(2) | 131 | 37,690 | ||||||
Barco NV | 429 | 9,789 | ||||||
Bekaert SA | 590 | 25,670 | ||||||
bpost SA(2) | 1,137 | 7,659 | ||||||
Cie d'Entreprises CFE | 208 | 27,647 | ||||||
D'ieteren Group | 216 | 34,894 | ||||||
Deceuninck NV(1) | 1,645 | 5,067 | ||||||
Econocom Group SA | 2,474 | 10,048 | ||||||
Elia Group SA | 186 | 26,777 | ||||||
Etablissements Franz Colruyt NV | 625 | 24,998 | ||||||
Euronav NV | 2,736 | 30,464 | ||||||
EVS Broadcast Equipment SA | 45 | 1,032 | ||||||
Fagron | 492 | 8,558 | ||||||
Galapagos NV, ADR(1)(2) | 686 | 45,434 | ||||||
Gimv NV | 364 | 21,600 | ||||||
Ion Beam Applications | 379 | 7,827 |
75
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
KBC Ancora | 509 | $ | 22,913 | |||||
KBC Group NV | 1,265 | 91,139 | ||||||
Kinepolis Group NV(2) | 101 | 6,492 | ||||||
Melexis NV | 418 | 38,156 | ||||||
Ontex Group NV(2) | 466 | 3,324 | ||||||
Proximus SADP | 1,809 | 35,963 | ||||||
Recticel SA | 969 | 20,113 | ||||||
Shurgard Self Storage SA | 159 | 9,108 | ||||||
Solvay SA | 644 | 71,819 | ||||||
Telenet Group Holding NV | 98 | 3,411 | ||||||
Tessenderlo Group SA(2) | 331 | 12,149 | ||||||
UCB SA | 513 | 55,987 | ||||||
Umicore SA | 1,355 | 55,433 | ||||||
VGP NV | 46 | 11,746 | ||||||
1,017,806 | ||||||||
Canada — 10.6% | ||||||||
Aclara Resources, Inc.(1)(2) | 572 | 483 | ||||||
AcuityAds Holdings, Inc.(1)(2) | 500 | 1,392 | ||||||
Advantage Energy Ltd.(1)(2) | 2,900 | 16,954 | ||||||
Aecon Group, Inc. | 960 | 13,338 | ||||||
Agnico Eagle Mines Ltd. | 4,294 | 216,919 | ||||||
Air Canada(2) | 400 | 7,558 | ||||||
Alamos Gold, Inc., Class A | 3,800 | 28,002 | ||||||
Alaris Equity Partners Income | 100 | 1,452 | ||||||
Algonquin Power & Utilities Corp. | 1,900 | 27,492 | ||||||
Alimentation Couche-Tard, Inc. | 4,000 | 157,002 | ||||||
AltaGas Ltd.(1) | 700 | 15,419 | ||||||
Altius Minerals Corp. | 500 | 8,627 | ||||||
Altus Group Ltd. | 300 | 11,626 | ||||||
ARC Resources Ltd. | 7,588 | 93,810 | ||||||
Argonaut Gold, Inc.(2) | 5,100 | 9,295 | ||||||
Aritzia, Inc.(2) | 600 | 22,812 | ||||||
Atco Ltd., Class I | 600 | 19,707 | ||||||
Athabasca Oil Corp.(2) | 7,700 | 11,968 | ||||||
Atrium Mortgage Investment Corp.(1) | 100 | 1,118 | ||||||
ATS Automation Tooling Systems, Inc.(2) | 500 | 19,389 | ||||||
Aurinia Pharmaceuticals, Inc.(2) | 4,782 | 58,819 | ||||||
AutoCanada, Inc.(1)(2) | 400 | 10,345 | ||||||
B2Gold Corp. | 15,200 | 61,400 | ||||||
Badger Infrastructure Solutions Ltd. | 400 | 9,587 | ||||||
Bank of Montreal | 2,817 | 321,660 | ||||||
Bank of Nova Scotia (The) | 5,200 | 376,820 | ||||||
Barrick Gold Corp., (Toronto) | 7,400 | 167,266 | ||||||
Bausch Health Cos., Inc.(2) | 920 | 22,131 | ||||||
Baytex Energy Corp.(1)(2) | 12,350 | 56,415 | ||||||
BCE, Inc. | 400 | 21,008 | ||||||
Birchcliff Energy Ltd.(1) | 7,400 | 39,350 | ||||||
Bird Construction, Inc.(1) | 300 | 2,249 | ||||||
BlackBerry Ltd.(2) | 1,700 | 11,669 | ||||||
Bombardier, Inc., B Shares(2) | 7,100 | 8,850 | ||||||
Boyd Group Services, Inc. | 99 | 12,924 |
76
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Brookfield Asset Management Reinsurance Partners Ltd., A Shares(2) | 11 | $ | 610 | |||||
Brookfield Asset Management, Inc., Class A | 2,250 | 122,964 | ||||||
Brookfield Infrastructure Corp., A Shares(1) | 875 | 61,695 | ||||||
Brookfield Infrastructure Corp., Class A(1) | 71 | 5,001 | ||||||
BRP, Inc. | 100 | 7,167 | ||||||
CAE, Inc.(2) | 1,300 | 34,779 | ||||||
Calibre Mining Corp.(2) | 2,700 | 2,748 | ||||||
Cameco Corp. | 2,200 | 54,102 | ||||||
Canaccord Genuity Group, Inc. | 1,615 | 16,449 | ||||||
Canacol Energy Ltd.(1) | 2,100 | 5,318 | ||||||
Canada Goose Holdings, Inc.(2) | 300 | 7,853 | ||||||
Canadian Imperial Bank of Commerce | 2,400 | 303,773 | ||||||
Canadian National Railway Co. | 2,300 | 285,327 | ||||||
Canadian Natural Resources Ltd. | 8,400 | 469,273 | ||||||
Canadian Pacific Railway Ltd. | 1,700 | 119,704 | ||||||
Canadian Tire Corp. Ltd., Class A(1) | 500 | 73,716 | ||||||
Canadian Utilities Ltd., A Shares | 1,600 | 44,560 | ||||||
Canadian Western Bank(1) | 800 | 23,422 | ||||||
Canfor Corp.(2) | 1,400 | 31,689 | ||||||
Capital Power Corp. | 1,200 | 36,876 | ||||||
Capstone Mining Corp.(2) | 5,000 | 25,917 | ||||||
Cardinal Energy Ltd.(2) | 2,000 | 10,225 | ||||||
Cargojet, Inc. | 100 | 14,454 | ||||||
Cascades, Inc. | 2,300 | 23,826 | ||||||
CCL Industries, Inc., Class B | 400 | 18,032 | ||||||
Celestica, Inc.(2) | 1,700 | 20,212 | ||||||
Cenovus Energy, Inc. | 10,638 | 167,270 | ||||||
Centerra Gold, Inc. | 4,400 | 42,907 | ||||||
CES Energy Solutions Corp. | 4,300 | 8,617 | ||||||
CGI, Inc.(2) | 700 | 57,392 | ||||||
Chorus Aviation, Inc.(2) | 1,800 | 6,192 | ||||||
CI Financial Corp. | 800 | 13,097 | ||||||
Cogeco Communications, Inc. | 100 | 7,984 | ||||||
Cogeco, Inc. | 100 | 6,189 | ||||||
Colliers International Group, Inc. (Toronto) | 400 | 54,927 | ||||||
Computer Modelling Group Ltd. | 200 | 863 | ||||||
Constellation Software, Inc. | 100 | 168,533 | ||||||
Converge Technology Solutions Corp.(1)(2) | 600 | 4,473 | ||||||
Copper Mountain Mining Corp.(2) | 6,200 | 17,267 | ||||||
Corus Entertainment, Inc., B Shares(1) | 2,600 | 10,421 | ||||||
Crescent Point Energy Corp. | 11,700 | 83,723 | ||||||
Descartes Systems Group, Inc. (The)(2) | 300 | 21,378 | ||||||
Dollarama, Inc. | 1,300 | 67,179 | ||||||
Dorel Industries, Inc., Class B(1) | 500 | 4,544 | ||||||
DREAM Unlimited Corp., Class A | 400 | 14,848 | ||||||
Dundee Precious Metals, Inc. | 4,590 | 27,160 | ||||||
ECN Capital Corp. | 300 | 1,351 | ||||||
Eldorado Gold Corp. (Toronto)(2) | 1,200 | 13,179 | ||||||
Element Fleet Management Corp. | 4,800 | 47,110 | ||||||
Emera, Inc.(1) | 2,100 | 98,249 |
77
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Empire Co. Ltd., Class A | 1,200 | $ | 37,169 | |||||
Enbridge, Inc.(1) | 3,500 | 151,211 | ||||||
Endeavour Mining plc | 1,938 | 51,191 | ||||||
Enerflex Ltd. | 1,000 | 6,178 | ||||||
Enerplus Corp. | 4,658 | 59,534 | ||||||
Enghouse Systems Ltd. | 300 | 9,796 | ||||||
Equinox Gold Corp.(1)(2) | 3,893 | 27,612 | ||||||
Equitable Group, Inc. | 400 | 23,902 | ||||||
ERO Copper Corp.(2) | 600 | 8,587 | ||||||
Evertz Technologies Ltd. | 400 | 4,210 | ||||||
Exchange Income Corp. | 300 | 9,621 | ||||||
Exco Technologies Ltd. | 200 | 1,478 | ||||||
Extendicare, Inc.(1) | 1,100 | 6,665 | ||||||
Fairfax Financial Holdings Ltd. | 200 | 96,955 | ||||||
Finning International, Inc. | 2,500 | 72,742 | ||||||
First Majestic Silver Corp.(1) | 900 | 10,133 | ||||||
First Mining Gold Corp.(1)(2) | 9,000 | 1,988 | ||||||
First National Financial Corp.(1) | 100 | 3,484 | ||||||
First Quantum Minerals Ltd. | 5,700 | 167,155 | ||||||
FirstService Corp. | 200 | 28,472 | ||||||
Fortis, Inc. | 2,600 | 119,138 | ||||||
Fortuna Silver Mines, Inc.(1)(2) | 3,699 | 13,804 | ||||||
Franco-Nevada Corp. | 400 | 58,906 | ||||||
Freehold Royalties Ltd.(1) | 1,300 | 14,513 | ||||||
Frontera Energy Corp.(2) | 1,500 | 15,456 | ||||||
Galiano Gold, Inc.(1)(2) | 1,100 | 686 | ||||||
GCM Mining Corp. | 2,600 | 11,528 | ||||||
George Weston Ltd. | 600 | 65,060 | ||||||
Gibson Energy, Inc.(1) | 1,000 | 19,519 | ||||||
Gildan Activewear, Inc. | 1,500 | 58,888 | ||||||
goeasy Ltd. | 200 | 23,699 | ||||||
Great-West Lifeco, Inc. | 2,100 | 63,174 | ||||||
Hardwoods Distribution, Inc. | 100 | 3,312 | ||||||
Headwater Exploration, Inc.(2) | 3,100 | 17,585 | ||||||
Heroux-Devtek, Inc.(2) | 600 | 8,317 | ||||||
High Liner Foods, Inc.(1) | 200 | 2,051 | ||||||
Home Capital Group, Inc.(2) | 941 | 28,442 | ||||||
Hudbay Minerals, Inc. | 4,900 | 39,935 | ||||||
Hut 8 Mining Corp.(1)(2) | 700 | 4,286 | ||||||
Hydro One Ltd. | 2,300 | 56,797 | ||||||
i-80 Gold Corp.(2) | 800 | 1,736 | ||||||
iA Financial Corp., Inc. | 600 | 35,650 | ||||||
IAMGOLD Corp.(2) | 5,900 | 17,316 | ||||||
IGM Financial, Inc. | 200 | 7,105 | ||||||
Imperial Oil Ltd. | 1,500 | 67,325 | ||||||
Intact Financial Corp. | 600 | 86,054 | ||||||
Interfor Corp. | 1,700 | 51,785 | ||||||
Intertape Polymer Group, Inc. | 900 | 17,013 | ||||||
Ivanhoe Mines Ltd., Class A(2) | 2,400 | 24,426 | ||||||
Karora Resources, Inc.(2) | 1,900 | 7,810 | ||||||
Kelt Exploration Ltd.(2) | 4,300 | 19,507 |
78
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Keyera Corp.(1) | 2,000 | $ | 46,848 | |||||
Kinross Gold Corp. | 13,300 | 66,316 | ||||||
Knight Therapeutics, Inc.(2) | 1,000 | 4,292 | ||||||
Labrador Iron Ore Royalty Corp. | 500 | 18,469 | ||||||
Largo, Inc.(1)(2) | 700 | 7,196 | ||||||
Laurentian Bank of Canada(1) | 300 | 10,076 | ||||||
LifeWorks, Inc. | 300 | 5,969 | ||||||
Lightspeed Commerce, Inc.(2) | 300 | 7,882 | ||||||
Linamar Corp. | 500 | 26,110 | ||||||
Loblaw Cos. Ltd. | 1,500 | 117,006 | ||||||
Lundin Mining Corp. | 8,700 | 83,946 | ||||||
Magna International, Inc. | 2,000 | 148,592 | ||||||
Major Drilling Group International, Inc.(2) | 300 | 2,199 | ||||||
Manulife Financial Corp. | 12,100 | 245,150 | ||||||
Maple Leaf Foods, Inc. | 400 | 8,426 | ||||||
Martinrea International, Inc. | 1,100 | 8,583 | ||||||
MEG Energy Corp.(2) | 4,300 | 56,146 | ||||||
Methanex Corp. | 1,400 | 72,888 | ||||||
Metro, Inc. | 1,200 | 62,637 | ||||||
MTY Food Group, Inc.(1) | 200 | 8,068 | ||||||
Mullen Group Ltd.(1) | 1,400 | 13,652 | ||||||
National Bank of Canada | 2,100 | 168,381 | ||||||
New Gold, Inc. (Toronto)(2) | 14,500 | 25,053 | ||||||
NexGen Energy Ltd.(2) | 2,100 | 11,150 | ||||||
North American Construction Group Ltd. | 700 | 10,581 | ||||||
North West Co., Inc. (The) | 700 | 19,893 | ||||||
Northland Power, Inc. | 1,680 | 53,415 | ||||||
Novagold Resources, Inc.(2) | 9,842 | 68,697 | ||||||
Nutrien Ltd. | 2,000 | 172,008 | ||||||
Nuvei Corp.(2) | 100 | 5,429 | ||||||
NuVista Energy Ltd.(2) | 1,000 | 7,621 | ||||||
Obsidian Energy Ltd.(2) | 1,400 | 11,918 | ||||||
OceanaGold Corp.(2) | 3,700 | 6,977 | ||||||
Onex Corp. | 1,200 | 80,587 | ||||||
Open Text Corp. | 900 | 39,167 | ||||||
Osisko Gold Royalties Ltd. (Toronto) | 900 | 11,112 | ||||||
Osisko Mining, Inc.(2) | 1,400 | 4,341 | ||||||
Pan American Silver Corp. | 1,670 | 39,500 | ||||||
Paramount Resources Ltd., A Shares(1) | 1,000 | 22,185 | ||||||
Parex Resources, Inc. | 2,600 | 57,333 | ||||||
Parkland Corp. | 600 | 15,702 | ||||||
Pason Systems, Inc. | 1,100 | 11,213 | ||||||
Pembina Pipeline Corp.(1) | 1,900 | 64,607 | ||||||
Peyto Exploration & Development Corp.(1) | 3,100 | 26,757 | ||||||
Pizza Pizza Royalty Corp. | 200 | 1,983 | ||||||
Pollard Banknote Ltd.(1) | 200 | 5,456 | ||||||
Power Corp. of Canada | 1,805 | 55,667 | ||||||
PrairieSky Royalty Ltd. | 1,200 | 16,227 | ||||||
Precision Drilling Corp.(1)(2) | 300 | 17,503 | ||||||
Pretium Resources, Inc.(2) | 1,350 | 19,693 | ||||||
Primo Water Corp. | 700 | 10,178 |
79
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Quarterhill, Inc. | 800 | $ | 1,401 | |||||
Quebecor, Inc., Class B | 500 | 10,935 | ||||||
Real Matters, Inc.(2) | 650 | 2,841 | ||||||
Resolute Forest Products, Inc. | 500 | 6,249 | ||||||
Restaurant Brands International, Inc. | 600 | 33,586 | ||||||
Richelieu Hardware Ltd. | 400 | 15,303 | ||||||
Ritchie Bros Auctioneers, Inc. | 700 | 36,687 | ||||||
Rogers Communications, Inc., Class B(1) | 2,100 | 108,504 | ||||||
Royal Bank of Canada | 4,383 | 484,845 | ||||||
Russel Metals, Inc.(1) | 1,000 | 24,773 | ||||||
Sabina Gold & Silver Corp.(2) | 3,500 | 3,728 | ||||||
Sandstorm Gold Ltd. | 800 | 5,706 | ||||||
Saputo, Inc. | 900 | 22,054 | ||||||
Secure Energy Services, Inc. | 2,000 | 9,673 | ||||||
Shaw Communications, Inc., B Shares | 2,900 | 86,966 | ||||||
ShawCor Ltd.(1)(2) | 2,500 | 11,558 | ||||||
Shopify, Inc., Class A(2) | 200 | 138,843 | ||||||
Sienna Senior Living, Inc.(1) | 100 | 1,218 | ||||||
Silvercorp Metals, Inc. | 800 | 2,966 | ||||||
Sleep Country Canada Holdings, Inc. | 200 | 4,713 | ||||||
SNC-Lavalin Group, Inc. | 100 | 2,252 | ||||||
Spin Master Corp.(2) | 400 | 14,649 | ||||||
SSR Mining, Inc. | 2,809 | 55,604 | ||||||
Stantec, Inc. | 400 | 19,878 | ||||||
Stelco Holdings, Inc. | 500 | 15,349 | ||||||
Stella-Jones, Inc. | 500 | 15,680 | ||||||
Sun Life Financial, Inc. | 2,100 | 110,443 | ||||||
Suncor Energy, Inc. | 10,566 | 323,107 | ||||||
SunOpta, Inc.(2) | 900 | 4,800 | ||||||
Superior Plus Corp. | 1,400 | 12,625 | ||||||
Tamarack Valley Energy Ltd. | 6,700 | 27,276 | ||||||
Taseko Mines Ltd.(1)(2) | 3,500 | 6,655 | ||||||
TC Energy Corp. | 2,200 | 118,201 | ||||||
Teck Resources Ltd., Class B | 5,800 | 208,846 | ||||||
TECSYS, Inc. | 200 | 5,521 | ||||||
TELUS Corp. | 1,700 | 42,933 | ||||||
TFI International, Inc. | 500 | 52,118 | ||||||
Thomson Reuters Corp. | 400 | 40,445 | ||||||
Timbercreek Financial Corp.(1) | 700 | 5,230 | ||||||
TMX Group Ltd. | 300 | 30,305 | ||||||
Torex Gold Resources, Inc.(2) | 1,060 | 13,448 | ||||||
Toromont Industries Ltd. | 600 | 50,859 | ||||||
Toronto-Dominion Bank (The) | 5,490 | 443,012 | ||||||
Tourmaline Oil Corp. | 3,000 | 118,343 | ||||||
TransAlta Corp. | 3,000 | 30,462 | ||||||
TransAlta Renewables, Inc.(1) | 500 | 6,884 | ||||||
Transcontinental, Inc., Class A | 560 | 9,035 | ||||||
Treasury Metals, Inc.(1)(2) | 300 | 175 | ||||||
Trican Well Service Ltd.(1)(2) | 3,500 | 9,416 | ||||||
Tricon Residential, Inc. (Toronto) | 1,930 | 28,687 | ||||||
Turquoise Hill Resources Ltd.(2) | 1,100 | 22,625 |
80
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Uni-Select, Inc.(2) | 800 | $ | 16,574 | |||||
Vermilion Energy, Inc.(2) | 4,233 | 79,150 | ||||||
Victoria Gold Corp.(2) | 1,300 | 16,472 | ||||||
Viemed Healthcare, Inc.(2) | 200 | 772 | ||||||
Viemed Healthcare, Inc. (Toronto)(2) | 474 | 1,820 | ||||||
Wajax Corp. | 500 | 9,290 | ||||||
Wesdome Gold Mines Ltd.(2) | 700 | 7,881 | ||||||
West Fraser Timber Co. Ltd. | 1,472 | 146,933 | ||||||
Western Forest Products, Inc. | 5,500 | 9,243 | ||||||
Westshore Terminals Investment Corp.(1) | 600 | 14,064 | ||||||
Wheaton Precious Metals Corp. | 800 | 35,055 | ||||||
Whitecap Resources, Inc.(1) | 10,796 | 82,365 | ||||||
Winpak Ltd. | 200 | 6,028 | ||||||
WSP Global, Inc. | 300 | 36,807 | ||||||
Yamana Gold, Inc. | 8,500 | 41,779 | ||||||
11,810,737 | ||||||||
China† | ||||||||
Fullshare Holdings Ltd.(2) | 167,500 | 3,046 | ||||||
Truly International Holdings Ltd. | 24,000 | 8,328 | ||||||
11,374 | ||||||||
Denmark — 2.2% | ||||||||
ALK-Abello A/S(2) | 23 | 8,801 | ||||||
Alm Brand A/S | 21,735 | 35,428 | ||||||
Ambu A/S, B Shares | 369 | 6,805 | ||||||
AP Moller - Maersk A/S, A Shares | 27 | 80,959 | ||||||
AP Moller - Maersk A/S, B Shares | 47 | 148,685 | ||||||
Bang & Olufsen A/S(2) | 1,614 | 4,884 | ||||||
Bavarian Nordic A/S(2) | 415 | 10,427 | ||||||
Carlsberg A/S, B Shares | 216 | 31,676 | ||||||
Chemometec A/S | 95 | 11,089 | ||||||
Chr Hansen Holding A/S | 205 | 14,945 | ||||||
Coloplast A/S, B Shares | 286 | 43,025 | ||||||
D/S Norden A/S | 947 | 24,703 | ||||||
Danske Bank A/S | 4,170 | 70,632 | ||||||
Demant A/S(2) | 172 | 7,269 | ||||||
Dfds A/S(2) | 682 | 31,700 | ||||||
Drilling Co. of 1972 A/S (The)(2) | 360 | 14,145 | ||||||
DSV A/S | 643 | 118,348 | ||||||
FLSmidth & Co. A/S | 362 | 10,393 | ||||||
Genmab A/S, ADR(2) | 2,786 | 93,220 | ||||||
GN Store Nord AS | 283 | 14,960 | ||||||
H Lundbeck A/S | 981 | 23,805 | ||||||
H+H International A/S, B Shares(2) | 331 | 9,622 | ||||||
ISS A/S(2) | 46 | 840 | ||||||
Jyske Bank A/S(2) | 578 | 31,336 | ||||||
Netcompany Group A/S | 132 | 8,698 | ||||||
Nilfisk Holding A/S(2) | 257 | 8,628 | ||||||
NKT A/S(2) | 296 | 12,416 | ||||||
NNIT A/S | 254 | 3,639 | ||||||
Novo Nordisk A/S, ADR | 7,597 | 782,111 | ||||||
Novozymes A/S, B Shares | 1,387 | 91,032 |
81
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Orsted AS | 763 | $ | 98,743 | |||||
Pandora A/S | 903 | 92,465 | ||||||
Per Aarsleff Holding A/S | 341 | 13,474 | ||||||
Ringkjoebing Landbobank A/S | 247 | 30,705 | ||||||
Rockwool International A/S, B Shares | 68 | 23,311 | ||||||
Royal Unibrew A/S | 310 | 32,866 | ||||||
Schouw & Co. A/S | 57 | 4,970 | ||||||
SimCorp A/S | 408 | 36,847 | ||||||
Solar A/S, B Shares | 136 | 15,824 | ||||||
SP Group A/S | 96 | 5,148 | ||||||
Spar Nord Bank A/S | 1,639 | 21,765 | ||||||
Sydbank AS | 934 | 30,388 | ||||||
Topdanmark AS | 454 | 25,932 | ||||||
TORM plc(1)(2) | 105 | 851 | ||||||
Tryg A/S | 2,333 | 52,786 | ||||||
Vestas Wind Systems A/S | 4,906 | 158,202 | ||||||
2,398,498 | ||||||||
Finland — 1.0% | ||||||||
Aktia Bank Oyj | 500 | 5,697 | ||||||
Anora Group Oyj | 360 | 3,840 | ||||||
Cargotec Oyj, B Shares | 258 | 10,152 | ||||||
Caverion OYJ | 704 | 4,492 | ||||||
Citycon Oyj | 126 | 995 | ||||||
Elisa Oyj | 863 | 47,816 | ||||||
Finnair Oyj(2) | 3,004 | 1,505 | ||||||
Fortum Oyj | 3,183 | 66,613 | ||||||
HKScan Oyj, A Shares(1) | 1,333 | 2,148 | ||||||
Huhtamaki Oyj | 439 | 15,999 | ||||||
Kemira Oyj(1) | 1,934 | 25,575 | ||||||
Kesko Oyj, B Shares | 2,060 | 60,625 | ||||||
Kojamo Oyj | 408 | 9,460 | ||||||
Kone Oyj, B Shares | 1,344 | 78,427 | ||||||
Konecranes Oyj | 267 | 9,289 | ||||||
Marimekko Oyj | 123 | 10,248 | ||||||
Metsa Board Oyj | 3,411 | 33,225 | ||||||
Metso Outotec Oyj | 2,567 | 21,626 | ||||||
Neles Oyj | 508 | 6,611 | ||||||
Neste Oyj | 1,304 | 50,849 | ||||||
Nokia Oyj, ADR(2) | 19,253 | 103,004 | ||||||
Nokian Renkaat Oyj | 1,505 | 28,366 | ||||||
Oriola Oyj, B Shares | 441 | 978 | ||||||
Orion Oyj, Class B | 698 | 32,777 | ||||||
Outokumpu Oyj(2) | 4,900 | 28,884 | ||||||
Puuilo Oyj(1)(2) | 1,119 | 9,256 | ||||||
QT Group Oyj(2) | 78 | 9,576 | ||||||
Sampo Oyj, A Shares | 1,563 | 73,749 | ||||||
Sanoma Oyj | 490 | 7,145 | ||||||
Stora Enso Oyj, R Shares | 4,682 | 89,164 | ||||||
TietoEVRY Oyj | 97 | 2,706 | ||||||
Tokmanni Group Corp. | 974 | 18,077 | ||||||
UPM-Kymmene Oyj | 3,124 | 107,944 |
82
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Uponor Oyj | 617 | $ | 13,725 | |||||
Valmet Oyj | 1,402 | 48,631 | ||||||
Wartsila Oyj Abp(1) | 1,458 | 16,329 | ||||||
YIT Oyj | 2,168 | 9,420 | ||||||
1,064,923 | ||||||||
France — 8.9% | ||||||||
ABC arbitrage | 396 | 3,114 | ||||||
Accor SA(2) | 813 | 27,767 | ||||||
Aeroports de Paris(2) | 165 | 23,329 | ||||||
Air France-KLM(1)(2) | 2,011 | 8,747 | ||||||
Air Liquide SA | 1,746 | 290,019 | ||||||
Airbus SE(2) | 1,908 | 243,612 | ||||||
AKWEL | 46 | 1,024 | ||||||
Albioma SA | 255 | 11,650 | ||||||
ALD SA | 2,285 | 31,895 | ||||||
Alstom SA | 2,090 | 53,169 | ||||||
Alten SA | 263 | 39,707 | ||||||
Amundi SA | 283 | 19,628 | ||||||
APERAM SA | 644 | 36,059 | ||||||
ArcelorMittal SA | 4,963 | 153,555 | ||||||
Arkema SA | 1,244 | 164,976 | ||||||
Atari SA(1)(2) | 5,671 | 1,473 | ||||||
Atos SE | 526 | 18,688 | ||||||
Aubay | 27 | 1,516 | ||||||
AXA SA | 10,150 | 274,635 | ||||||
Beneteau SA(2) | 586 | 9,740 | ||||||
Bigben Interactive(1) | 62 | 1,081 | ||||||
BioMerieux | 589 | 64,738 | ||||||
BNP Paribas SA | 5,397 | 313,158 | ||||||
Bollore SA | 241 | 1,219 | ||||||
Bonduelle SCA | 188 | 3,769 | ||||||
Bouygues SA | 3,154 | 112,781 | ||||||
Bureau Veritas SA | 2,025 | 57,900 | ||||||
Capgemini SE | 485 | 101,525 | ||||||
Carrefour SA | 7,556 | 151,908 | ||||||
Casino Guichard Perrachon SA(2) | 140 | 2,492 | ||||||
Catana Group(2) | 769 | 6,477 | ||||||
Cellectis SA, ADR(2) | 316 | 1,431 | ||||||
CGG SA(2) | 5,929 | 5,020 | ||||||
Chargeurs SA | 243 | 5,691 | ||||||
Cie de Saint-Gobain | 5,538 | 343,384 | ||||||
Cie des Alpes(2) | 439 | 6,894 | ||||||
Cie Generale des Etablissements Michelin SCA | 1,888 | 259,897 | ||||||
Cie Plastic Omnium SA | 611 | 12,915 | ||||||
Claranova SE(2) | 583 | 2,676 | ||||||
CNP Assurances | 1,946 | 47,430 | ||||||
Coface SA(2) | 1,697 | 22,573 | ||||||
Credit Agricole SA | 6,514 | 82,978 | ||||||
Danone SA | 875 | 53,234 | ||||||
Dassault Aviation SA | 170 | 25,298 | ||||||
Dassault Systemes SE | 1,443 | 69,605 |
83
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Derichebourg SA | 2,051 | $ | 21,309 | |||||
Edenred | 571 | 25,983 | ||||||
Eiffage SA | 1,500 | 152,796 | ||||||
Electricite de France SA(1) | 3,434 | 31,045 | ||||||
Elis SA(2) | 536 | 8,579 | ||||||
Engie SA | 5,481 | 87,326 | ||||||
Eramet SA(2) | 250 | 32,758 | ||||||
EssilorLuxottica SA | 626 | 109,281 | ||||||
Etablissements Maurel et Prom SA(2) | 1,540 | 4,902 | ||||||
Eurazeo SE | 519 | 40,088 | ||||||
Eurobio Scientific SA(2) | 276 | 6,195 | ||||||
Eurofins Scientific SE | 816 | 82,806 | ||||||
Euronext NV | 851 | 76,821 | ||||||
Europcar Mobility Group(2) | 56,883 | 32,165 | ||||||
Eutelsat Communications SA | 4,418 | 48,387 | ||||||
Faurecia SE(1) | 2,485 | 93,570 | ||||||
Fnac Darty SA | 114 | 6,283 | ||||||
Focus Home Interactive SA(2) | 53 | 2,592 | ||||||
Gaztransport Et Technigaz SA | 563 | 53,434 | ||||||
Getlink SE | 1,718 | 28,019 | ||||||
Groupe LDLC(1) | 99 | 3,466 | ||||||
Hermes International | 131 | 180,654 | ||||||
ID Logistics Group(2) | 79 | 28,066 | ||||||
Imerys SA | 381 | 16,253 | ||||||
Infotel SA | 51 | 3,030 | ||||||
Innate Pharma SA(1)(2) | 719 | 2,492 | ||||||
Interparfums SA | 139 | 10,296 | ||||||
Ipsen SA | 576 | 67,023 | ||||||
Jacquet Metals SACA | 231 | 5,030 | ||||||
JCDecaux SA(2) | 633 | 17,893 | ||||||
Kaufman & Broad SA | 197 | 7,155 | ||||||
Kering SA | 368 | 255,257 | ||||||
L'Oreal SA | 520 | 205,569 | ||||||
La Francaise des Jeux SAEM | 944 | 39,131 | ||||||
Lagardere SA(2) | 505 | 14,311 | ||||||
Legrand SA | 515 | 48,585 | ||||||
LISI | 253 | 7,469 | ||||||
LNA Sante SA | 142 | 5,396 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 879 | 645,981 | ||||||
Maisons du Monde SA | 672 | 14,705 | ||||||
Manitou BF SA | 243 | 8,420 | ||||||
Mersen SA | 475 | 17,565 | ||||||
Metropole Television SA | 374 | 7,413 | ||||||
MGI Digital Graphic Technology(2) | 17 | 614 | ||||||
Nacon SA(2) | 12 | 69 | ||||||
Neoen SA(2) | 517 | 19,824 | ||||||
Nexans SA | 441 | 42,541 | ||||||
Nexity SA | 557 | 21,956 | ||||||
Novacyt SA(1)(2) | 1,610 | 3,622 | ||||||
Orange SA, ADR | 18,963 | 229,073 | ||||||
Orpea SA | 451 | 18,676 |
84
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Pernod Ricard SA | 498 | $ | 108,713 | |||||
Publicis Groupe SA | 982 | 65,171 | ||||||
Quadient SA | 622 | 11,372 | ||||||
Remy Cointreau SA | 170 | 32,717 | ||||||
Renault SA(2) | 2,206 | 69,132 | ||||||
ReWorld Media SA(2) | 641 | 4,088 | ||||||
Rexel SA(2) | 1,737 | 38,228 | ||||||
Rubis SCA | 317 | 9,869 | ||||||
Safran SA | 1,218 | 154,865 | ||||||
Sanofi, ADR | 5,250 | 275,362 | ||||||
Sartorius Stedim Biotech | 112 | 42,949 | ||||||
Schneider Electric SE | 892 | 138,203 | ||||||
SCOR SE | 2,032 | 66,157 | ||||||
SEB SA | 387 | 56,284 | ||||||
SES SA | 7,148 | 56,522 | ||||||
SMCP SA(2) | 707 | 5,186 | ||||||
Societe BIC SA | 346 | 18,257 | ||||||
Societe Generale SA | 9,284 | 262,529 | ||||||
Sodexo SA | 422 | 35,231 | ||||||
SOITEC(2) | 170 | 27,543 | ||||||
Solutions 30 SE(1)(2) | 1,773 | 15,566 | ||||||
Sopra Steria Group SACA | 115 | 20,510 | ||||||
SPIE SA | 545 | 12,747 | ||||||
STMicroelectronics NV, (New York)(1) | 10,472 | 443,175 | ||||||
Technicolor SA(2) | 2,087 | 7,010 | ||||||
Teleperformance | 503 | 186,644 | ||||||
Television Francaise 1 | 741 | 7,315 | ||||||
Thales SA | 659 | 75,339 | ||||||
TotalEnergies SE, ADR | 13,269 | 670,483 | ||||||
Trigano SA | 132 | 22,636 | ||||||
Ubisoft Entertainment SA(2) | 1,636 | 87,717 | ||||||
Valeo | 4,285 | 94,502 | ||||||
Vallourec SA(2) | 2,861 | 27,866 | ||||||
Valneva SE(1)(2) | 932 | 15,531 | ||||||
Veolia Environnement SA | 5,967 | 208,049 | ||||||
Verallia SA | 836 | 21,939 | ||||||
Vicat SA | 337 | 12,332 | ||||||
Vilmorin & Cie SA | 141 | 7,292 | ||||||
Vinci SA | 3,019 | 316,546 | ||||||
Virbac SA | 55 | 22,396 | ||||||
Vivendi SE | 6,717 | 84,794 | ||||||
Worldline SA(2) | 151 | 7,700 | ||||||
X-Fab Silicon Foundries SE(2) | 839 | 6,508 | ||||||
9,915,226 | ||||||||
Germany — 7.4% | ||||||||
1&1 AG | 260 | 6,214 | ||||||
2G Energy AG | 35 | 4,143 | ||||||
Aareal Bank AG | 477 | 14,577 | ||||||
Adesso SE | 58 | 13,130 | ||||||
adidas AG | 938 | 221,782 | ||||||
ADLER Group SA | 223 | 3,138 |
85
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
ADVA Optical Networking SE(2) | 742 | $ | 12,563 | |||||
AIXTRON SE | 204 | 4,367 | ||||||
Allgeier SE | 105 | 4,542 | ||||||
Allianz SE | 1,788 | 403,046 | ||||||
Amadeus Fire AG | 60 | 9,678 | ||||||
Aroundtown SA | 7,517 | 46,351 | ||||||
Atoss Software AG | 106 | 20,563 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA | 862 | 25,820 | ||||||
Aurubis AG | 589 | 68,917 | ||||||
BASF SE | 3,358 | 223,597 | ||||||
Basler AG | 39 | 4,954 | ||||||
Bayer AG | 1,971 | 113,851 | ||||||
Bayerische Motoren Werke AG | 2,512 | 241,924 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 433 | 35,016 | ||||||
BayWa AG | 138 | 5,677 | ||||||
Bechtle AG | 696 | 35,702 | ||||||
Befesa SA | 492 | 34,264 | ||||||
Beiersdorf AG | 602 | 61,024 | ||||||
Bertrandt AG | 99 | 5,354 | ||||||
Bijou Brigitte AG(2) | 20 | 510 | ||||||
Bilfinger SE | 352 | 13,185 | ||||||
Borussia Dortmund GmbH & Co. KGaA(2) | 870 | 3,910 | ||||||
Brenntag SE | 1,086 | 91,042 | ||||||
CANCOM SE | 186 | 10,572 | ||||||
Carl Zeiss Meditec AG | 235 | 36,880 | ||||||
CECONOMY AG | 4,325 | 17,168 | ||||||
Cewe Stiftung & Co. KGAA | 104 | 11,808 | ||||||
Commerzbank AG(2) | 11,206 | 93,650 | ||||||
CompuGroup Medical SE & Co. KgaA | 280 | 15,731 | ||||||
Continental AG(2) | 772 | 65,785 | ||||||
Covestro AG | 2,544 | 134,541 | ||||||
CropEnergies AG | 109 | 1,526 | ||||||
CTS Eventim AG & Co. KGaA(2) | 848 | 59,091 | ||||||
Daimler Truck Holding AG(2) | 1,680 | 51,199 | ||||||
Delivery Hero SE(2) | 303 | 16,241 | ||||||
Dermapharm Holding SE | 201 | 14,650 | ||||||
Deutsche Bank AG(2) | 14,144 | 175,810 | ||||||
Deutsche Beteiligungs AG | 216 | 8,448 | ||||||
Deutsche Boerse AG | 1,412 | 240,354 | ||||||
Deutsche EuroShop AG | 569 | 10,700 | ||||||
Deutsche Lufthansa AG(2) | 9,574 | 72,715 | ||||||
Deutsche Pfandbriefbank AG | 2,973 | 32,238 | ||||||
Deutsche Post AG | 5,066 | 254,628 | ||||||
Deutsche Telekom AG | 14,750 | 264,389 | ||||||
Deutz AG(2) | 1,338 | 7,646 | ||||||
DIC Asset AG | 312 | 5,240 | ||||||
Draegerwerk AG & Co. KGaA | 78 | 4,092 | ||||||
Draegerwerk AG & Co. KGaA, Preference Shares | 119 | 6,742 | ||||||
Duerr AG | 958 | 34,501 | ||||||
E.ON SE | 7,412 | 100,815 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 152 | 11,181 |
86
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Elmos Semiconductor SE | 204 | $ | 13,139 | |||||
ElringKlinger AG(2) | 121 | 1,285 | ||||||
Encavis AG | 1,361 | 23,117 | ||||||
Evonik Industries AG | 1,636 | 49,246 | ||||||
Fielmann AG | 239 | 14,157 | ||||||
flatexDEGIRO AG(2) | 1,036 | 21,452 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(2) | 157 | 10,633 | ||||||
Freenet AG | 282 | 7,509 | ||||||
Fresenius Medical Care AG & Co. KGaA, ADR | 522 | 16,866 | ||||||
Fresenius SE & Co. KGaA | 368 | 12,840 | ||||||
FUCHS PETROLUB SE, Preference Shares | 646 | 25,524 | ||||||
GEA Group AG | 1,432 | 62,620 | ||||||
Gerresheimer AG | 405 | 29,118 | ||||||
GFT Technologies SE | 224 | 10,219 | ||||||
Grand City Properties SA | 1,049 | 22,909 | ||||||
GRENKE AG | 380 | 10,903 | ||||||
Hamburger Hafen und Logistik AG | 771 | 15,277 | ||||||
Hannover Rueck SE | 505 | 92,971 | ||||||
HeidelbergCement AG | 899 | 58,333 | ||||||
Heidelberger Druckmaschinen AG(2) | 3,633 | 10,132 | ||||||
HelloFresh SE(2) | 1,739 | 94,855 | ||||||
Henkel AG & Co. KGaA | 460 | 35,368 | ||||||
Henkel AG & Co. KGaA, Preference Shares | 789 | 62,621 | ||||||
HOCHTIEF AG | 188 | 12,679 | ||||||
Hornbach Holding AG & Co. KGaA | 153 | 20,041 | ||||||
HUGO BOSS AG | 851 | 51,930 | ||||||
Hypoport SE(2) | 22 | 9,167 | ||||||
Indus Holding AG | 184 | 6,562 | ||||||
Infineon Technologies AG | 5,657 | 191,410 | ||||||
Instone Real Estate Group SE | 786 | 15,089 | ||||||
Jenoptik AG | 456 | 16,249 | ||||||
JOST Werke AG | 365 | 16,861 | ||||||
Jungheinrich AG, Preference Shares | 672 | 24,231 | ||||||
K+S AG(2) | 3,931 | 100,839 | ||||||
KION Group AG | 468 | 37,518 | ||||||
Kloeckner & Co. SE(2) | 1,094 | 14,800 | ||||||
Knorr-Bremse AG | 639 | 56,334 | ||||||
Koenig & Bauer AG(2) | 246 | 6,338 | ||||||
Krones AG | 272 | 24,911 | ||||||
KSB SE & Co. KGaA, Preference Shares | 15 | 6,073 | ||||||
KWS Saat SE & Co. KGaA | 122 | 8,866 | ||||||
Lang & Schwarz AG | 141 | 3,233 | ||||||
Lanxess AG | 975 | 47,494 | ||||||
LEG Immobilien SE | 610 | 78,440 | ||||||
Leifheit AG | 4 | 124 | ||||||
Leoni AG(2) | 416 | 4,854 | ||||||
LPKF Laser & Electronics AG | 302 | 5,238 | ||||||
Mercedes-Benz Group AG | 6,059 | 473,326 | ||||||
Merck KGaA | 292 | 57,917 | ||||||
MLP SE | 786 | 6,398 | ||||||
MTU Aero Engines AG | 677 | 162,064 |
87
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Muenchener Rueckversicherungs-Gesellschaft AG | 715 | $ | 196,151 | |||||
Mutares SE & Co. KGaA | 412 | 9,848 | ||||||
Nagarro SE(2) | 105 | 14,945 | ||||||
Nemetschek SE | 560 | 49,690 | ||||||
New Work SE | 30 | 5,371 | ||||||
Norma Group SE | 326 | 11,329 | ||||||
OHB SE | 22 | 857 | ||||||
PATRIZIA AG | 274 | 5,272 | ||||||
Pfeiffer Vacuum Technology AG | 35 | 6,970 | ||||||
Porsche Automobil Holding SE, Preference Shares | 877 | 87,532 | ||||||
ProSiebenSat.1 Media SE | 1,049 | 14,340 | ||||||
publity AG(2) | 24 | 691 | ||||||
Puma SE | 729 | 66,852 | ||||||
PVA TePla AG(2) | 186 | 5,090 | ||||||
QIAGEN NV(2) | 69 | 3,429 | ||||||
Rational AG | 50 | 36,798 | ||||||
Rheinmetall AG | 778 | 115,800 | ||||||
RTL Group SA(2) | 47 | 2,619 | ||||||
RWE AG | 5,450 | 252,351 | ||||||
S&T AG | 507 | 7,953 | ||||||
SAF-Holland SE(2) | 676 | 8,049 | ||||||
Salzgitter AG(2) | 583 | 25,466 | ||||||
SAP SE, ADR | 1,563 | 175,963 | ||||||
Sartorius AG, Preference Shares | 147 | 64,902 | ||||||
Schaeffler AG, Preference Shares | 2,472 | 16,447 | ||||||
Scout24 SE | 365 | 21,291 | ||||||
SGL Carbon SE(2) | 809 | 5,211 | ||||||
Siemens AG | 1,943 | 273,734 | ||||||
Siemens Energy AG(2) | 2,395 | 56,962 | ||||||
Siemens Healthineers AG | 797 | 51,144 | ||||||
Siltronic AG | 222 | 25,229 | ||||||
Sixt SE(2) | 155 | 23,170 | ||||||
Sixt SE, Preference Shares | 193 | 15,738 | ||||||
SMA Solar Technology AG | 128 | 5,032 | ||||||
Software AG | 355 | 13,393 | ||||||
Stabilus SA | 292 | 17,149 | ||||||
Steico SE | 77 | 7,723 | ||||||
STO SE & Co. KGaA, Preference Shares | 45 | 10,271 | ||||||
STRATEC SE | 85 | 10,915 | ||||||
Stroeer SE & Co. KGaA | 379 | 28,589 | ||||||
Suedzucker AG | 1,714 | 23,351 | ||||||
SUESS MicroTec SE(2) | 143 | 2,767 | ||||||
Symrise AG | 665 | 79,099 | ||||||
TAG Immobilien AG | 2,120 | 54,643 | ||||||
Takkt AG | 294 | 5,049 | ||||||
TeamViewer AG(2) | 861 | 13,740 | ||||||
Technotrans SE | 128 | 3,434 | ||||||
Telefonica Deutschland Holding AG | 17,628 | 48,104 | ||||||
ThyssenKrupp AG(2) | 5,850 | 62,020 | ||||||
Traffic Systems SE | 40 | 1,290 | ||||||
UmweltBank AG | 260 | 4,658 |
88
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Uniper SE | 1,851 | $ | 59,216 | |||||
United Internet AG | 861 | 29,281 | ||||||
Varta AG(1) | 146 | 14,724 | ||||||
VERBIO Vereinigte BioEnergie AG | 229 | 17,831 | ||||||
Villeroy & Boch AG, Preference Shares | 155 | 4,141 | ||||||
Vitesco Technologies Group AG(2) | 380 | 15,971 | ||||||
Volkswagen AG | 155 | 40,089 | ||||||
Volkswagen AG, Preference Shares | 895 | 175,937 | ||||||
Vonovia SE | 2,110 | 112,005 | ||||||
Vossloh AG | 187 | 8,301 | ||||||
Wacker Chemie AG | 203 | 31,451 | ||||||
Wacker Neuson SE | 447 | 10,525 | ||||||
Washtec AG | 108 | 5,793 | ||||||
Westwing Group SE(2) | 246 | 4,933 | ||||||
Wuestenrot & Wuerttembergische AG | 218 | 4,311 | ||||||
Zalando SE(2) | 392 | 25,945 | ||||||
8,256,137 | ||||||||
Hong Kong — 2.5% | ||||||||
AIA Group Ltd. | 40,068 | 416,060 | ||||||
ASM Pacific Technology Ltd. | 2,000 | 21,942 | ||||||
Atlas Corp.(1) | 4,940 | 71,284 | ||||||
Bank of East Asia Ltd. (The) | 21,400 | 36,073 | ||||||
BOC Hong Kong Holdings Ltd. | 24,000 | 86,282 | ||||||
Bright Smart Securities & Commodities Group Ltd. | 14,000 | 2,571 | ||||||
Budweiser Brewing Co. APAC Ltd. | 4,600 | 14,278 | ||||||
C-Mer Eye Care Holdings Ltd.(1) | 4,000 | 2,793 | ||||||
Cafe de Coral Holdings Ltd. | 4,000 | 6,137 | ||||||
China Strategic Holdings Ltd.(2) | 230,000 | 1,180 | ||||||
Chinese Estates Holdings Ltd. | 7,500 | 2,501 | ||||||
Chow Sang Sang Holdings International Ltd. | 5,000 | 7,018 | ||||||
Chow Tai Fook Jewellery Group Ltd.(2) | 5,200 | 10,798 | ||||||
CK Asset Holdings Ltd. | 17,406 | 109,937 | ||||||
CK Hutchison Holdings Ltd. | 8,500 | 59,594 | ||||||
CK Infrastructure Holdings Ltd. | 4,500 | 27,936 | ||||||
CLP Holdings Ltd. | 14,000 | 142,622 | ||||||
Comba Telecom Systems Holdings Ltd.(1)(2) | 18,000 | 4,382 | ||||||
Cowell e Holdings, Inc.(2) | 11,000 | 12,457 | ||||||
Dah Sing Banking Group Ltd. | 16,800 | 15,211 | ||||||
Dah Sing Financial Holdings Ltd. | 3,200 | 10,363 | ||||||
Dairy Farm International Holdings Ltd. | 2,300 | 6,118 | ||||||
Esprit Holdings Ltd.(2) | 5,100 | 582 | ||||||
ESR Cayman Ltd.(2) | 7,800 | 24,063 | ||||||
Fairwood Holdings Ltd. | 2,000 | 3,838 | ||||||
Far East Consortium International Ltd. | 15,000 | 5,188 | ||||||
First Pacific Co. Ltd. | 24,000 | 9,395 | ||||||
Futu Holdings Ltd., ADR(1)(2) | 726 | 31,037 | ||||||
Galaxy Entertainment Group Ltd.(2) | 4,000 | 22,309 | ||||||
Giordano International Ltd. | 4,000 | 809 | ||||||
Guotai Junan International Holdings Ltd. | 40,000 | 5,384 | ||||||
Haitong International Securities Group Ltd. | 31,000 | 6,816 | ||||||
Hang Lung Group Ltd. | 9,000 | 19,856 |
89
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Hang Lung Properties Ltd. | 11,000 | $ | 23,077 | |||||
Hang Seng Bank Ltd. | 5,400 | 99,582 | ||||||
Health & Happiness H&H International Holdings Ltd. | 1,500 | 2,327 | ||||||
Henderson Land Development Co. Ltd. | 19,000 | 78,993 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 8,000 | 7,893 | ||||||
HKT Trust & HKT Ltd. | 16,000 | 21,590 | ||||||
Hong Kong & China Gas Co. Ltd. | 29,332 | 44,357 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 3,600 | 174,444 | ||||||
Hongkong & Shanghai Hotels Ltd. (The)(2) | 1,000 | 1,037 | ||||||
Hongkong Land Holdings Ltd. | 8,500 | 46,031 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 20,000 | 3,304 | ||||||
Hysan Development Co. Ltd. | 5,000 | 14,725 | ||||||
IGG, Inc. | 10,000 | 5,989 | ||||||
IRC Ltd.(2) | 202,000 | 5,307 | ||||||
Jardine Matheson Holdings Ltd. | 600 | 35,773 | ||||||
Johnson Electric Holdings Ltd. | 4,000 | 6,661 | ||||||
K Wah International Holdings Ltd. | 11,000 | 4,175 | ||||||
Kerry Logistics Network Ltd. | 728 | 1,766 | ||||||
Kerry Properties Ltd. | 10,000 | 27,402 | ||||||
Lifestyle International Holdings Ltd.(2) | 5,000 | 2,920 | ||||||
LK Technology Holdings Ltd.(1) | 10,000 | 16,882 | ||||||
Luk Fook Holdings International Ltd. | 5,000 | 13,284 | ||||||
Man Wah Holdings Ltd. | 16,800 | 19,737 | ||||||
Melco Resorts & Entertainment Ltd., ADR(2) | 529 | 5,301 | ||||||
MGM China Holdings Ltd.(1)(2) | 800 | 515 | ||||||
Modern Dental Group Ltd. | 6,000 | 3,119 | ||||||
MTR Corp. Ltd. | 3,000 | 15,551 | ||||||
New World Development Co. Ltd. | 23,000 | 91,992 | ||||||
NWS Holdings Ltd. | 38,000 | 37,376 | ||||||
Oriental Watch Holdings(1) | 2,828 | 1,551 | ||||||
Pacific Basin Shipping Ltd. | 130,000 | 69,318 | ||||||
Pacific Century Premium Developments Ltd.(2) | 2,268 | 166 | ||||||
Pacific Textiles Holdings Ltd. | 12,000 | 5,822 | ||||||
PC Partner Group Ltd. | 8,000 | 9,916 | ||||||
PCCW Ltd. | 9,024 | 5,048 | ||||||
Perfect Medical Health Management Ltd. | 7,000 | 3,990 | ||||||
Plover Bay Technologies Ltd. | 16,000 | 7,641 | ||||||
Power Assets Holdings Ltd. | 11,000 | 69,328 | ||||||
Realord Group Holdings Ltd.(1)(2) | 6,000 | 7,479 | ||||||
Regencell Bioscience Holdings Ltd.(2) | 100 | 3,587 | ||||||
Regina Miracle International Holdings Ltd. | 2,000 | 1,424 | ||||||
Sa Sa International Holdings Ltd.(2) | 4,000 | 714 | ||||||
Sands China Ltd.(2) | 3,600 | 9,495 | ||||||
Shun Tak Holdings Ltd.(2) | 16,000 | 4,089 | ||||||
Sino Land Co. Ltd. | 19,055 | 24,051 | ||||||
SITC International Holdings Co. Ltd. | 20,000 | 82,463 | ||||||
SJM Holdings Ltd.(2) | 14,000 | 7,914 | ||||||
SmarTone Telecommunications Holdings Ltd. | 1,500 | 856 | ||||||
Sun Hung Kai & Co. Ltd. | 10,000 | 5,077 | ||||||
Sun Hung Kai Properties Ltd. | 7,000 | 81,380 | ||||||
SUNeVision Holdings Ltd. | 11,000 | 9,809 |
90
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Swire Pacific Ltd., Class A | 5,000 | $ | 27,631 | |||||
Swire Properties Ltd. | 5,800 | 15,083 | ||||||
Techtronic Industries Co. Ltd. | 5,500 | 92,158 | ||||||
Texhong Textile Group Ltd. | 4,000 | 4,978 | ||||||
Texwinca Holdings Ltd. | 4,000 | 835 | ||||||
United Laboratories International Holdings Ltd. (The) | 10,000 | 5,535 | ||||||
Value Partners Group Ltd.(1) | 10,000 | 4,901 | ||||||
Vitasoy International Holdings Ltd. | 6,000 | 11,127 | ||||||
VSTECS Holdings Ltd. | 8,000 | 8,225 | ||||||
VTech Holdings Ltd. | 2,400 | 19,731 | ||||||
WH Group Ltd. | 95,923 | 66,990 | ||||||
Wharf Real Estate Investment Co. Ltd. | 6,000 | 26,936 | ||||||
Wynn Macau Ltd.(2) | 7,600 | 6,495 | ||||||
Xinyi Glass Holdings Ltd. | 16,000 | 42,620 | ||||||
Yue Yuen Industrial Holdings Ltd.(2) | 6,500 | 10,984 | ||||||
2,763,271 | ||||||||
Ireland — 0.6% | ||||||||
AIB Group plc(1)(2) | 7,131 | 18,813 | ||||||
Bank of Ireland Group plc(2) | 12,016 | 79,729 | ||||||
Cairn Homes plc(2) | 7,836 | 11,121 | ||||||
CRH plc | 3,767 | 171,241 | ||||||
Dalata Hotel Group plc(2) | 1,290 | 6,079 | ||||||
FBD Holdings plc(2) | 510 | 5,988 | ||||||
Glanbia plc | 2,365 | 33,108 | ||||||
Glenveagh Properties plc(2) | 8,853 | 12,120 | ||||||
Kerry Group plc, A Shares | 374 | 44,558 | ||||||
Kingspan Group plc | 1,070 | 104,499 | ||||||
Origin Enterprises plc | 1,105 | 4,474 | ||||||
Smurfit Kappa Group plc | 3,344 | 167,007 | ||||||
Uniphar plc(2) | 1,590 | 5,955 | ||||||
664,692 | ||||||||
Israel — 1.0% | ||||||||
AFI Properties Ltd. | 174 | 10,144 | ||||||
Airport City Ltd.(2) | 717 | 16,205 | ||||||
Alony Hetz Properties & Investments Ltd. | 537 | 9,403 | ||||||
Amot Investments Ltd. | 717 | 5,506 | ||||||
Ashtrom Group Ltd. | 80 | 2,221 | ||||||
AudioCodes Ltd. | 183 | 5,186 | ||||||
Azrieli Group Ltd. | 70 | 5,972 | ||||||
Bank Hapoalim BM | 4,314 | 45,722 | ||||||
Bank Leumi Le-Israel BM | 6,853 | 74,238 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.(2) | 9,376 | 15,393 | ||||||
Big Shopping Centers Ltd. | 98 | 14,464 | ||||||
Caesarstone Ltd. | 67 | 803 | ||||||
Camtek Ltd.(2) | 290 | 9,613 | ||||||
Cellcom Israel Ltd.(2) | 759 | 3,883 | ||||||
Check Point Software Technologies Ltd.(2) | 280 | 40,566 | ||||||
Clal Insurance Enterprises Holdings Ltd.(2) | 729 | 17,040 | ||||||
Cognyte Software Ltd.(2) | 134 | 1,495 | ||||||
CyberArk Software Ltd.(2) | 90 | 15,313 | ||||||
Danel Adir Yeoshua Ltd. | 47 | 10,159 |
91
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Delek Automotive Systems Ltd. | 536 | $ | 8,510 | |||||
Delek Group Ltd.(2) | 84 | 10,377 | ||||||
Delta Galil Industries Ltd. | 164 | 11,341 | ||||||
Elbit Systems Ltd. | 111 | 22,819 | ||||||
Elco Ltd. | 83 | 7,170 | ||||||
Electra Consumer Products 1970 Ltd. | 158 | 9,197 | ||||||
Electra Ltd. | 11 | 8,222 | ||||||
Energix-Renewable Energies Ltd. | 935 | 3,812 | ||||||
Equital Ltd.(2) | 35 | 1,399 | ||||||
Fattal Holdings 1998 Ltd.(2) | 45 | 5,882 | ||||||
FIBI Holdings Ltd. | 173 | 8,209 | ||||||
First International Bank of Israel Ltd. | 339 | 14,582 | ||||||
Fiverr International Ltd.(2) | 21 | 1,657 | ||||||
FMS Enterprises Migun Ltd. | 27 | 945 | ||||||
Fox Wizel Ltd. | 130 | 22,027 | ||||||
Gav-Yam Lands Corp. Ltd. | 714 | 8,737 | ||||||
Gazit-Globe Ltd. | 640 | 5,584 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 895 | 10,836 | ||||||
Hilan Ltd. | 26 | 1,568 | ||||||
ICL Group Ltd. | 3,029 | 34,399 | ||||||
IDI Insurance Co. Ltd. | 30 | 1,040 | ||||||
Inmode Ltd.(2) | 236 | 10,075 | ||||||
Inrom Construction Industries Ltd. | 1,146 | 5,515 | ||||||
Isracard Ltd. | 4,656 | 24,434 | ||||||
Israel Corp. Ltd. (The)(2) | 34 | 17,867 | ||||||
Israel Discount Bank Ltd., A Shares | 4,926 | 32,483 | ||||||
Ituran Location and Control Ltd. | 393 | 8,084 | ||||||
Kamada Ltd.(2) | 533 | 3,061 | ||||||
Kornit Digital Ltd.(2) | 68 | 6,448 | ||||||
M Yochananof & Sons Ltd. | 68 | 5,182 | ||||||
Matrix IT Ltd. | 212 | 5,736 | ||||||
Maytronics Ltd. | 330 | 7,117 | ||||||
Mediterranean Towers Ltd. | 327 | 1,009 | ||||||
Melisron Ltd.(2) | 83 | 6,590 | ||||||
Menora Mivtachim Holdings Ltd.(2) | 483 | 11,303 | ||||||
Migdal Insurance & Financial Holdings Ltd. | 3,642 | 6,374 | ||||||
Mivne Real Estate KD Ltd. | 2,451 | 9,614 | ||||||
Mizrahi Tefahot Bank Ltd. | 682 | 26,652 | ||||||
Neto Malinda Trading Ltd.(2) | 370 | 17,088 | ||||||
Nice Ltd., ADR(2) | 211 | 47,739 | ||||||
Nova Ltd.(2) | 76 | 8,326 | ||||||
Novolog Ltd. | 5,599 | 5,660 | ||||||
Oil Refineries Ltd.(2) | 45,199 | 16,196 | ||||||
One Software Technologies Ltd. | 600 | 10,676 | ||||||
Partner Communications Co. Ltd.(2) | 2,031 | 15,593 | ||||||
Paz Oil Co. Ltd.(2) | 218 | 31,451 | ||||||
Perion Network Ltd.(2) | 476 | 10,824 | ||||||
Phoenix Holdings Ltd. (The) | 1,467 | 18,171 | ||||||
Radware Ltd.(2) | 185 | 6,366 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 98 | 8,109 | ||||||
Sapiens International Corp. NV | 45 | 1,232 |
92
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Scope Metals Group Ltd. | 181 | $ | 7,937 | |||||
Shapir Engineering and Industry Ltd. | 867 | 8,550 | ||||||
Shikun & Binui Ltd.(2) | 1,741 | 10,545 | ||||||
Shufersal Ltd. | 2,170 | 19,407 | ||||||
Strauss Group Ltd. | 234 | 7,693 | ||||||
Summit Real Estate Holdings Ltd.(2) | 420 | 9,358 | ||||||
Taro Pharmaceutical Industries Ltd.(2) | 51 | 2,491 | ||||||
Tel Aviv Stock Exchange Ltd. | 917 | 5,440 | ||||||
Tera Light Ltd.(2) | 69 | 148 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(2) | 5,571 | 45,292 | ||||||
Tower Semiconductor Ltd.(2) | 396 | 18,514 | ||||||
Wix.com Ltd.(2) | 66 | 6,044 | ||||||
ZIM Integrated Shipping Services Ltd. | 728 | 50,807 | ||||||
1,078,840 | ||||||||
Italy — 2.3% | ||||||||
A2A SpA | 20,434 | 36,456 | ||||||
ACEA SpA | 668 | 12,686 | ||||||
Amplifon SpA | 364 | 15,621 | ||||||
Anima Holding SpA | 197 | 931 | ||||||
Arnoldo Mondadori Editore SpA(2) | 2,193 | 4,813 | ||||||
Ascopiave SpA | 1,761 | 6,904 | ||||||
Assicurazioni Generali SpA(1) | 2,179 | 43,094 | ||||||
Atlantia SpA(2) | 4,259 | 78,345 | ||||||
Autogrill SpA(2) | 1,705 | 12,901 | ||||||
Azimut Holding SpA | 969 | 23,122 | ||||||
Banca Generali SpA | 776 | 28,603 | ||||||
Banca IFIS SpA | 489 | 10,320 | ||||||
Banca Mediolanum SpA | 3,320 | 27,208 | ||||||
Banca Monte dei Paschi di Siena SpA(2) | 639 | 613 | ||||||
Banca Popolare di Sondrio SCPA | 5,964 | 23,530 | ||||||
Banco BPM SpA | 13,681 | 46,943 | ||||||
BFF Bank SpA | 1,044 | 7,520 | ||||||
Biesse SpA(1)(2) | 223 | 4,891 | ||||||
BPER Banca | 13,155 | 26,291 | ||||||
Brembo SpA | 1,664 | 19,642 | ||||||
Brunello Cucinelli SpA(2) | 330 | 18,509 | ||||||
Buzzi Unicem SpA | 568 | 10,832 | ||||||
Carel Industries SpA | 333 | 8,157 | ||||||
Cementir Holding NV | 699 | 5,561 | ||||||
CIR SpA-Compagnie Industriali(2) | 10,844 | 4,872 | ||||||
CNH Industrial NV | 9,034 | 128,504 | ||||||
Credito Emiliano SpA | 1,683 | 12,086 | ||||||
Danieli & C Officine Meccaniche SpA(1) | 239 | 5,532 | ||||||
Danieli & C Officine Meccaniche SpA, Preference Shares | 502 | 7,880 | ||||||
Davide Campari-Milano NV | 589 | 6,410 | ||||||
De' Longhi SpA | 573 | 18,182 | ||||||
DiaSorin SpA | 42 | 6,285 | ||||||
Digital Value SpA(2) | 81 | 7,481 | ||||||
doValue SpA | 489 | 3,949 | ||||||
El.En. SpA | 488 | 7,077 | ||||||
Enav SpA(2) | 4,093 | 18,815 |
93
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Enel SpA | 21,039 | $ | 155,035 | |||||
Eni SpA, ADR(1) | 6,764 | 209,481 | ||||||
ERG SpA | 534 | 16,831 | ||||||
Falck Renewables SpA | 779 | 7,660 | ||||||
Ferrari NV | 449 | 96,485 | ||||||
Fila SpA | 454 | 4,760 | ||||||
FinecoBank Banca Fineco SpA | 1,755 | 29,249 | ||||||
Gruppo MutuiOnline SpA | 307 | 12,727 | ||||||
GVS SpA | 500 | 5,030 | ||||||
Hera SpA | 11,095 | 43,021 | ||||||
Infrastrutture Wireless Italiane SpA(1) | 103 | 1,052 | ||||||
Interpump Group SpA | 205 | 11,067 | ||||||
Intesa Sanpaolo SpA | 83,357 | 213,088 | ||||||
Iren SpA | 14,150 | 39,832 | ||||||
Italgas SpA | 7,481 | 48,290 | ||||||
Iveco Group NV(2) | 929 | 7,755 | ||||||
Leonardo SpA(2) | 4,135 | 36,863 | ||||||
Maire Tecnimont SpA(1) | 2,273 | 7,155 | ||||||
MARR SpA | 738 | 13,808 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 1,880 | 19,579 | ||||||
MFE-MediaForEurope NV, Class A(2) | 524 | 471 | ||||||
MFE-MediaForEurope NV, Class B | 7,657 | 9,378 | ||||||
Moncler SpA | 821 | 49,301 | ||||||
Nexi SpA(2) | 501 | 6,843 | ||||||
OVS SpA(2) | 5,412 | 13,654 | ||||||
Piaggio & C SpA | 2,541 | 7,462 | ||||||
Poste Italiane SpA | 3,079 | 35,315 | ||||||
Prysmian SpA | 1,027 | 33,808 | ||||||
RAI Way SpA | 2,481 | 13,607 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 641 | 31,352 | ||||||
Reply SpA | 152 | 24,785 | ||||||
Safilo Group SpA(1)(2) | 6,247 | 9,722 | ||||||
Saipem SpA(1)(2) | 2,523 | 2,973 | ||||||
Salcef SpA | 384 | 9,487 | ||||||
Salvatore Ferragamo SpA(2) | 973 | 21,099 | ||||||
Sanlorenzo SpA/Ameglia | 180 | 7,761 | ||||||
Saras SpA(2) | 13,930 | 8,511 | ||||||
Sesa SpA | 103 | 16,456 | ||||||
Snam SpA | 6,797 | 37,766 | ||||||
Societa Cattolica Di Assicurazione SpA(2) | 967 | 5,914 | ||||||
Stellantis NV | 10,377 | 188,570 | ||||||
Technogym SpA | 1,602 | 12,635 | ||||||
Telecom Italia SpA/Milano | 49,767 | 20,909 | ||||||
Telecom Italia SpA/Milano, Preference Shares | 37,591 | 15,610 | ||||||
Tenaris SA, ADR | 967 | 25,074 | ||||||
Terna - Rete Elettrica Nazionale | 7,929 | 64,961 | ||||||
Tinexta Spa | 269 | 8,628 | ||||||
UniCredit SpA | 10,670 | 134,810 | ||||||
Unieuro SpA(1) | 231 | 4,573 | ||||||
Unipol Gruppo SpA | 5,271 | 26,745 | ||||||
Webuild SpA(1) | 6,794 | 12,797 | ||||||
2,540,311 |
94
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Japan — 20.1% | ||||||||
77 Bank Ltd. (The) | 500 | $ | 6,752 | |||||
A&D Co. Ltd. | 200 | 1,534 | ||||||
ABC-Mart, Inc. | 100 | 4,339 | ||||||
Acom Co. Ltd. | 1,400 | 3,900 | ||||||
Adastria Co. Ltd. | 300 | 4,423 | ||||||
ADEKA Corp. | 800 | 18,554 | ||||||
Advantest Corp. | 500 | 40,182 | ||||||
Aeon Co. Ltd. | 4,100 | 92,880 | ||||||
Aeon Delight Co. Ltd. | 200 | 5,193 | ||||||
AEON Financial Service Co. Ltd. | 1,500 | 15,449 | ||||||
Aeon Mall Co. Ltd. | 1,400 | 19,687 | ||||||
AGC, Inc. | 2,000 | 88,725 | ||||||
Ai Holdings Corp. | 100 | 1,507 | ||||||
Aica Kogyo Co. Ltd. | 200 | 5,600 | ||||||
Aichi Bank Ltd. (The) | 200 | 8,412 | ||||||
Aida Engineering Ltd. | 200 | 1,732 | ||||||
Aiful Corp. | 3,700 | 11,863 | ||||||
Ain Holdings, Inc. | 100 | 5,580 | ||||||
Air Water, Inc. | 3,300 | 48,043 | ||||||
Aisan Industry Co. Ltd. | 200 | 1,297 | ||||||
Aisin Corp. | 1,300 | 47,352 | ||||||
Ajinomoto Co., Inc. | 2,400 | 69,938 | ||||||
Akatsuki, Inc. | 100 | 2,566 | ||||||
Alconix Corp. | 100 | 1,223 | ||||||
Alfresa Holdings Corp. | 900 | 13,850 | ||||||
Alpen Co. Ltd. | 400 | 7,373 | ||||||
Alps Alpine Co. Ltd. | 3,200 | 32,129 | ||||||
Altech Corp. | 300 | 5,063 | ||||||
Amada Co. Ltd. | 2,700 | 23,924 | ||||||
Amano Corp. | 400 | 7,842 | ||||||
ANA Holdings, Inc.(2) | 100 | 2,202 | ||||||
Anritsu Corp. | 700 | 9,834 | ||||||
AOKI Holdings, Inc. | 100 | 522 | ||||||
Aoyama Trading Co. Ltd.(2) | 100 | 592 | ||||||
Aozora Bank Ltd. | 1,000 | 22,516 | ||||||
Arata Corp. | 200 | 6,971 | ||||||
Arcland Sakamoto Co. Ltd. | 400 | 5,474 | ||||||
Arcs Co. Ltd. | 500 | 9,470 | ||||||
Argo Graphics, Inc. | 100 | 2,777 | ||||||
Arisawa Manufacturing Co. Ltd. | 200 | 1,759 | ||||||
ARTERIA Networks Corp. | 100 | 1,158 | ||||||
Artnature, Inc. | 200 | 1,271 | ||||||
ArtSpark Holdings, Inc. | 900 | 5,572 | ||||||
Aruhi Corp. | 200 | 1,753 | ||||||
Asahi Co. Ltd. | 300 | 3,535 | ||||||
Asahi Diamond Industrial Co. Ltd. | 200 | 1,001 | ||||||
Asahi Group Holdings Ltd. | 700 | 28,238 | ||||||
Asahi Holdings, Inc. | 1,400 | 1,681 | ||||||
Asahi Intecc Co. Ltd. | 200 | 4,319 | ||||||
Asahi Kasei Corp. | 8,100 | 76,017 |
95
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
ASAHI YUKIZAI Corp. | 500 | $ | 9,126 | |||||
Asanuma Corp. | 100 | 4,701 | ||||||
Asia Pile Holdings Corp. | 200 | 760 | ||||||
Asics Corp. | 1,600 | 32,046 | ||||||
ASKUL Corp. | 400 | 5,809 | ||||||
Astellas Pharma, Inc. | 6,200 | 103,442 | ||||||
Autobacs Seven Co. Ltd. | 500 | 6,265 | ||||||
Awa Bank Ltd. (The) | 300 | 6,047 | ||||||
Axial Retailing, Inc. | 100 | 2,895 | ||||||
Azbil Corp. | 100 | 3,796 | ||||||
Bandai Namco Holdings, Inc. | 500 | 36,656 | ||||||
Bando Chemical Industries Ltd. | 200 | 1,500 | ||||||
Bank of Iwate Ltd. (The) | 200 | 3,357 | ||||||
Bank of Kyoto Ltd. (The) | 300 | 13,331 | ||||||
Bank of Nagoya Ltd. (The) | 200 | 5,155 | ||||||
Bank of the Ryukyus Ltd. | 100 | 726 | ||||||
BayCurrent Consulting, Inc. | 100 | 39,989 | ||||||
Beenos, Inc. | 300 | 4,029 | ||||||
Belc Co. Ltd. | 100 | 4,789 | ||||||
Belluna Co. Ltd. | 800 | 5,145 | ||||||
Benefit One, Inc. | 400 | 9,265 | ||||||
Benesse Holdings, Inc. | 500 | 10,184 | ||||||
Bic Camera, Inc. | 400 | 3,480 | ||||||
BML, Inc. | 200 | 5,801 | ||||||
Br Holdings Corp. | 700 | 2,064 | ||||||
Bridgestone Corp. | 3,200 | 131,779 | ||||||
Broadleaf Co. Ltd. | 200 | 608 | ||||||
Brother Industries Ltd. | 2,200 | 40,042 | ||||||
Bunka Shutter Co. Ltd. | 700 | 6,631 | ||||||
Calbee, Inc. | 700 | 15,740 | ||||||
Canon Marketing Japan, Inc. | 400 | 8,360 | ||||||
Canon, Inc., ADR(1) | 2,778 | 65,644 | ||||||
Capcom Co., Ltd. | 1,200 | 29,125 | ||||||
Carenet, Inc. | 800 | 5,813 | ||||||
Casio Computer Co. Ltd. | 700 | 8,201 | ||||||
Cawachi Ltd. | 200 | 4,271 | ||||||
Central Glass Co. Ltd. | 400 | 7,178 | ||||||
Central Japan Railway Co. | 400 | 54,046 | ||||||
Change, Inc.(2) | 400 | 6,178 | ||||||
Chiba Bank Ltd. (The) | 2,800 | 17,601 | ||||||
Chilled & Frozen Logistics Holdings Co. Ltd. | 100 | 1,089 | ||||||
Chubu Electric Power Co., Inc. | 1,700 | 16,981 | ||||||
Chubu Shiryo Co. Ltd. | 400 | 3,662 | ||||||
Chudenko Corp. | 200 | 3,809 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,800 | 59,713 | ||||||
Chugoku Bank Ltd. (The) | 800 | 6,295 | ||||||
Chugoku Electric Power Co., Inc. (The) | 300 | 2,348 | ||||||
Citizen Watch Co. Ltd. | 6,900 | 30,057 | ||||||
CKD Corp. | 400 | 6,976 | ||||||
Cleanup Corp. | 200 | 959 | ||||||
CMK Corp.(2) | 200 | 1,074 |
96
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 600 | $ | 7,639 | |||||
COLOPL, Inc. | 600 | 3,382 | ||||||
Colowide Co. Ltd. | 100 | 1,505 | ||||||
Computer Engineering & Consulting Ltd. | 300 | 2,958 | ||||||
COMSYS Holdings Corp. | 500 | 12,091 | ||||||
Comture Corp. | 200 | 5,150 | ||||||
Concordia Financial Group Ltd. | 6,100 | 24,817 | ||||||
Cosmo Energy Holdings Co. Ltd. | 1,400 | 31,644 | ||||||
Cosmos Pharmaceutical Corp. | 200 | 27,730 | ||||||
Create Restaurants Holdings, Inc. | 200 | 1,261 | ||||||
Create SD Holdings Co. Ltd. | 200 | 5,486 | ||||||
Credit Saison Co. Ltd. | 3,400 | 38,274 | ||||||
CTI Engineering Co. Ltd. | 200 | 3,965 | ||||||
CyberAgent, Inc. | 2,600 | 34,023 | ||||||
Cybozu, Inc. | 200 | 2,418 | ||||||
Dai Nippon Printing Co. Ltd. | 1,200 | 31,326 | ||||||
Dai-Dan Co. Ltd. | 200 | 4,062 | ||||||
Dai-ichi Life Holdings, Inc. | 6,900 | 143,300 | ||||||
Daicel Corp. | 5,200 | 40,017 | ||||||
Daido Metal Co. Ltd. | 200 | 1,109 | ||||||
Daido Steel Co. Ltd. | 200 | 7,192 | ||||||
Daifuku Co. Ltd. | 100 | 7,233 | ||||||
Daihen Corp. | 200 | 7,530 | ||||||
Daiho Corp. | 100 | 3,125 | ||||||
Daiichi Jitsugyo Co. Ltd. | 200 | 7,606 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 200 | 1,776 | ||||||
Daiichi Sankyo Co. Ltd. | 4,500 | 109,779 | ||||||
Daiki Aluminium Industry Co. Ltd. | 200 | 3,032 | ||||||
Daikin Industries Ltd. | 600 | 110,883 | ||||||
Daikokutenbussan Co. Ltd. | 200 | 8,304 | ||||||
Daikyonishikawa Corp. | 200 | 982 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 400 | 7,823 | ||||||
Daio Paper Corp. | 800 | 11,885 | ||||||
Daiseki Co. Ltd. | 360 | 14,666 | ||||||
Daishi Hokuetsu Financial Group, Inc. | 300 | 6,939 | ||||||
Daito Pharmaceutical Co. Ltd. | 200 | 5,251 | ||||||
Daito Trust Construction Co. Ltd. | 700 | 77,448 | ||||||
Daiwa House Industry Co. Ltd. | 2,500 | 70,901 | ||||||
Daiwa Securities Group, Inc. | 9,400 | 55,577 | ||||||
Daiwabo Holdings Co. Ltd. | 1,000 | 15,479 | ||||||
DCM Holdings Co. Ltd. | 1,000 | 9,718 | ||||||
DeNA Co. Ltd. | 400 | 6,147 | ||||||
Denka Co. Ltd. | 1,000 | 30,713 | ||||||
Denso Corp. | 1,000 | 70,320 | ||||||
Dentsu Group, Inc. | 2,000 | 79,800 | ||||||
Denyo Co. Ltd. | 200 | 3,011 | ||||||
Dexerials Corp. | 1,400 | 39,972 | ||||||
DIC Corp. | 1,600 | 36,447 | ||||||
Digital Arts, Inc. | 100 | 5,631 | ||||||
Digital Garage, Inc. | 600 | 20,898 | ||||||
Digital Holdings, Inc. | 400 | 5,258 |
97
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Dip Corp. | 300 | $ | 8,901 | |||||
Disco Corp. | 200 | 56,627 | ||||||
DMG Mori Co. Ltd. | 1,700 | 23,748 | ||||||
Doshisha Co. Ltd. | 400 | 5,423 | ||||||
Doutor Nichires Holdings Co. Ltd. | 300 | 4,230 | ||||||
Dowa Holdings Co. Ltd. | 500 | 22,565 | ||||||
DTS Corp. | 300 | 7,188 | ||||||
Duskin Co. Ltd. | 100 | 2,441 | ||||||
DyDo Group Holdings, Inc. | 200 | 8,978 | ||||||
Eagle Industry Co. Ltd. | 200 | 1,805 | ||||||
Earth Corp. | 100 | 4,892 | ||||||
East Japan Railway Co. | 900 | 53,468 | ||||||
Ebara Corp. | 1,200 | 62,629 | ||||||
Ebara Jitsugyo Co. Ltd. | 300 | 5,827 | ||||||
EDION Corp. | 700 | 7,298 | ||||||
Ehime Bank Ltd. (The) | 100 | 836 | ||||||
Eiken Chemical Co. Ltd. | 200 | 3,039 | ||||||
Eisai Co. Ltd. | 300 | 14,884 | ||||||
Eizo Corp. | 200 | 6,427 | ||||||
Elecom Co. Ltd. | 200 | 2,757 | ||||||
Electric Power Development Co. Ltd. | 1,600 | 25,386 | ||||||
en Japan, Inc. | 500 | 13,208 | ||||||
ENEOS Holdings, Inc. | 27,800 | 110,082 | ||||||
Enigmo, Inc. | 600 | 3,678 | ||||||
eRex Co. Ltd. | 500 | 8,079 | ||||||
ESPEC Corp. | 200 | 3,602 | ||||||
Exedy Corp. | 500 | 7,275 | ||||||
EXEO Group, Inc. | 1,400 | 29,143 | ||||||
Ezaki Glico Co. Ltd. | 100 | 3,411 | ||||||
F.C.C. Co. Ltd. | 300 | 3,691 | ||||||
Fancl Corp. | 300 | 8,518 | ||||||
FANUC Corp. | 200 | 36,740 | ||||||
Fast Retailing Co. Ltd. | 100 | 53,941 | ||||||
Ferrotec Holdings Corp. | 1,200 | 25,396 | ||||||
Financial Products Group Co. Ltd. | 1,000 | 7,447 | ||||||
Food & Life Cos. Ltd. | 800 | 26,630 | ||||||
Foster Electric Co. Ltd. | 100 | 690 | ||||||
FP Corp. | 800 | 22,732 | ||||||
France Bed Holdings Co. Ltd. | 200 | 1,625 | ||||||
Freee KK(2) | 100 | 3,362 | ||||||
Fudo Tetra Corp. | 100 | 1,352 | ||||||
Fuji Co. Ltd. | 100 | 2,739 | ||||||
Fuji Corp./Aichi | 400 | 8,134 | ||||||
Fuji Electric Co. Ltd. | 1,500 | 77,177 | ||||||
Fuji Kyuko Co. Ltd. | 200 | 6,998 | ||||||
Fuji Media Holdings, Inc. | 600 | 6,512 | ||||||
Fuji Oil Holdings, Inc. | 400 | 7,760 | ||||||
Fuji Seal International, Inc. | 800 | 12,641 | ||||||
Fuji Soft, Inc. | 200 | 9,807 | ||||||
Fujibo Holdings, Inc. | 100 | 3,138 | ||||||
Fujicco Co. Ltd. | 200 | 3,478 |
98
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
FUJIFILM Holdings Corp. | 1,100 | $ | 69,921 | |||||
Fujikura Ltd.(2) | 5,100 | 27,575 | ||||||
Fujimi, Inc. | 200 | 11,932 | ||||||
Fujimori Kogyo Co. Ltd. | 200 | 6,941 | ||||||
Fujitec Co. Ltd. | 600 | 14,384 | ||||||
Fujitsu General Ltd. | 400 | 8,674 | ||||||
Fujitsu Ltd. | 700 | 101,699 | ||||||
Fukuda Corp. | 200 | 7,514 | ||||||
Fukui Computer Holdings, Inc. | 100 | 2,750 | ||||||
Fukuoka Financial Group, Inc. | 1,800 | 35,486 | ||||||
Fukushima Galilei Co. Ltd. | 200 | 6,883 | ||||||
Fukuyama Transporting Co. Ltd. | 200 | 6,907 | ||||||
FULLCAST Holdings Co. Ltd. | 300 | 6,194 | ||||||
Funai Soken Holdings, Inc. | 200 | 3,889 | ||||||
Furukawa Co. Ltd. | 300 | 3,475 | ||||||
Furukawa Electric Co. Ltd. | 300 | 5,939 | ||||||
Furuno Electric Co. Ltd. | 100 | 899 | ||||||
Fuso Chemical Co. Ltd. | 200 | 8,070 | ||||||
Futaba Industrial Co. Ltd. | 200 | 677 | ||||||
Future Corp. | 600 | 7,460 | ||||||
Fuyo General Lease Co. Ltd. | 200 | 13,101 | ||||||
G-7 Holdings, Inc. | 200 | 2,893 | ||||||
G-Tekt Corp. | 100 | 1,265 | ||||||
Genky DrugStores Co. Ltd. | 200 | 6,873 | ||||||
Geo Holdings Corp. | 500 | 6,604 | ||||||
GLOBERIDE, Inc. | 400 | 10,020 | ||||||
Glory Ltd. | 1,100 | 19,950 | ||||||
GMO Financial Holdings, Inc. | 200 | 1,421 | ||||||
GMO Internet, Inc. | 400 | 9,106 | ||||||
GMO Payment Gateway, Inc. | 100 | 9,673 | ||||||
Goldcrest Co. Ltd. | 100 | 1,623 | ||||||
Goldwin, Inc. | 200 | 10,566 | ||||||
GS Yuasa Corp. | 800 | 17,226 | ||||||
GungHo Online Entertainment, Inc. | 1,400 | 31,073 | ||||||
Gunma Bank Ltd. (The) | 3,000 | 9,917 | ||||||
Gunze Ltd. | 100 | 3,435 | ||||||
H-One Co. Ltd. | 200 | 1,129 | ||||||
H.U. Group Holdings, Inc. | 1,400 | 37,053 | ||||||
H2O Retailing Corp. | 1,000 | 7,477 | ||||||
Hachijuni Bank Ltd. (The) | 2,900 | 10,959 | ||||||
Hakuhodo DY Holdings, Inc. | 2,500 | 33,221 | ||||||
Hakuto Co. Ltd. | 700 | 15,091 | ||||||
Halows Co. Ltd. | 200 | 5,090 | ||||||
Hamakyorex Co. Ltd. | 200 | 5,067 | ||||||
Hamamatsu Photonics KK | 100 | 5,067 | ||||||
Hankyu Hanshin Holdings, Inc. | 400 | 11,967 | ||||||
Hanwa Co. Ltd. | 500 | 14,544 | ||||||
Happinet Corp. | 600 | 8,289 | ||||||
Haseko Corp. | 1,800 | 22,977 | ||||||
Hazama Ando Corp. | 1,100 | 8,860 | ||||||
Heiwa Corp. | 700 | 11,809 |
99
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Heiwa Real Estate Co. Ltd. | 800 | $ | 28,605 | |||||
Heiwado Co. Ltd. | 400 | 6,972 | ||||||
Hikari Tsushin, Inc. | 200 | 24,853 | ||||||
Hino Motors Ltd. | 5,000 | 46,984 | ||||||
Hirata Corp. | 100 | 4,563 | ||||||
Hirogin Holdings, Inc. | 3,100 | 18,262 | ||||||
Hirose Electric Co. Ltd. | 100 | 15,036 | ||||||
HIS Co. Ltd.(2) | 300 | 5,164 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 200 | 6,391 | ||||||
Hitachi Construction Machinery Co. Ltd. | 1,500 | 36,707 | ||||||
Hitachi Ltd. | 3,200 | 158,249 | ||||||
Hitachi Metals Ltd.(2) | 400 | 7,130 | ||||||
Hitachi Transport System Ltd. | 500 | 26,498 | ||||||
Hitachi Zosen Corp. | 4,300 | 29,806 | ||||||
Hogy Medical Co. Ltd. | 100 | 2,916 | ||||||
Hokkaido Electric Power Co., Inc. | 1,300 | 5,692 | ||||||
Hokko Chemical Industry Co. Ltd. | 200 | 1,524 | ||||||
Hokkoku Financial Holdings, Inc. | 100 | 2,641 | ||||||
Hokuetsu Corp. | 1,200 | 7,483 | ||||||
Hokuetsu Industries Co. Ltd. | 100 | 761 | ||||||
Hokuhoku Financial Group, Inc. | 1,100 | 8,946 | ||||||
Hokuriku Electric Power Co. | 1,300 | 6,366 | ||||||
Hokuto Corp. | 200 | 3,431 | ||||||
Honda Motor Co. Ltd., ADR | 5,463 | 166,949 | ||||||
Honeys Holdings Co. Ltd. | 100 | 892 | ||||||
Hoosiers Holdings | 200 | 1,202 | ||||||
Horiba Ltd. | 400 | 23,014 | ||||||
Hoshizaki Corp. | 100 | 6,972 | ||||||
Hosiden Corp. | 800 | 8,264 | ||||||
Hosokawa Micron Corp. | 200 | 4,679 | ||||||
House Foods Group, Inc. | 200 | 5,170 | ||||||
Hoya Corp. | 784 | 102,131 | ||||||
HS Holdings Co. Ltd. | 200 | 1,984 | ||||||
Hulic Co. Ltd. | 1,400 | 12,754 | ||||||
Hyakugo Bank Ltd. (The) | 2,000 | 6,167 | ||||||
Hyakujushi Bank Ltd. (The) | 200 | 3,132 | ||||||
I-Net Corp./Kanagawa | 100 | 1,141 | ||||||
I-PEX, Inc. | 200 | 2,571 | ||||||
Ibiden Co. Ltd. | 1,000 | 48,838 | ||||||
Ichibanya Co. Ltd. | 100 | 4,070 | ||||||
Ichigo, Inc. | 600 | 1,396 | ||||||
Ichikoh Industries Ltd. | 200 | 882 | ||||||
Ichinen Holdings Co. Ltd. | 100 | 1,137 | ||||||
Icom, Inc. | 200 | 4,152 | ||||||
Idec Corp. | 300 | 6,662 | ||||||
Idemitsu Kosan Co. Ltd. | 3,000 | 80,420 | ||||||
IDOM, Inc. | 900 | 5,155 | ||||||
IHI Corp. | 1,400 | 32,400 | ||||||
Iida Group Holdings Co. Ltd. | 1,100 | 20,415 | ||||||
Iino Kaiun Kaisha Ltd. | 400 | 3,094 | ||||||
Inaba Denki Sangyo Co. Ltd. | 600 | 13,967 |
100
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Inabata & Co. Ltd. | 400 | $ | 8,078 | |||||
Inageya Co. Ltd. | 300 | 3,753 | ||||||
Ines Corp. | 100 | 1,359 | ||||||
Infocom Corp. | 200 | 3,545 | ||||||
Infomart Corp. | 200 | 1,192 | ||||||
Information Services International-Dentsu Ltd. | 400 | 13,020 | ||||||
INFRONEER Holdings, Inc. | 2,484 | 22,063 | ||||||
INPEX Corp. | 11,000 | 113,383 | ||||||
Intage Holdings, Inc. | 600 | 8,959 | ||||||
Inter Action Corp. | 200 | 3,756 | ||||||
Internet Initiative Japan, Inc. | 600 | 19,283 | ||||||
IR Japan Holdings Ltd. | 100 | 3,566 | ||||||
Iseki & Co. Ltd. | 500 | 5,212 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 3,400 | 27,419 | ||||||
Ishihara Sangyo Kaisha Ltd. | 900 | 8,347 | ||||||
Isuzu Motors Ltd. | 4,600 | 62,213 | ||||||
Ito En Ltd. | 200 | 11,502 | ||||||
ITOCHU Corp. | 3,900 | 127,096 | ||||||
Itochu Enex Co. Ltd. | 600 | 5,460 | ||||||
Itochu Techno-Solutions Corp. | 500 | 12,962 | ||||||
Itoham Yonekyu Holdings, Inc. | 900 | 5,408 | ||||||
IwaiCosmo Holdings, Inc. | 100 | 1,225 | ||||||
Iwatani Corp. | 500 | 23,764 | ||||||
Iyo Bank Ltd. (The) | 2,000 | 10,718 | ||||||
Izumi Co. Ltd. | 300 | 8,388 | ||||||
J Front Retailing Co. Ltd. | 3,900 | 32,666 | ||||||
J Trust Co. Ltd. | 1,200 | 4,499 | ||||||
JAC Recruitment Co. Ltd. | 300 | 4,782 | ||||||
Jaccs Co. Ltd. | 500 | 14,121 | ||||||
JAFCO Group Co. Ltd. | 2,100 | 31,588 | ||||||
Japan Airlines Co. Ltd.(2) | 200 | 3,966 | ||||||
Japan Airport Terminal Co. Ltd.(2) | 200 | 9,339 | ||||||
Japan Aviation Electronics Industry Ltd. | 600 | 9,456 | ||||||
Japan Elevator Service Holdings Co. Ltd. | 500 | 6,560 | ||||||
Japan Exchange Group, Inc. | 1,900 | 35,580 | ||||||
Japan Investment Adviser Co. Ltd. | 400 | 4,041 | ||||||
Japan Lifeline Co. Ltd. | 600 | 5,731 | ||||||
Japan Material Co. Ltd. | 500 | 7,339 | ||||||
Japan Petroleum Exploration Co. Ltd. | 700 | 16,616 | ||||||
Japan Post Bank Co. Ltd. | 700 | 6,142 | ||||||
Japan Post Holdings Co. Ltd. | 15,400 | 127,292 | ||||||
Japan Post Insurance Co. Ltd. | 2,200 | 37,573 | ||||||
Japan Pulp & Paper Co. Ltd. | 200 | 7,333 | ||||||
Japan Securities Finance Co. Ltd. | 700 | 5,585 | ||||||
Japan Steel Works Ltd. (The) | 600 | 19,595 | ||||||
Japan Wool Textile Co. Ltd. (The) | 700 | 5,512 | ||||||
JCR Pharmaceuticals Co. Ltd. | 200 | 3,818 | ||||||
JCU Corp. | 200 | 8,652 | ||||||
JDC Corp. | 200 | 934 | ||||||
JFE Holdings, Inc. | 6,400 | 95,280 | ||||||
JGC Holdings Corp. | 3,500 | 35,080 |
101
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
JINS Holdings, Inc. | 100 | $ | 5,619 | |||||
JINUSHI Co. Ltd. | 300 | 4,695 | ||||||
Joshin Denki Co. Ltd. | 300 | 5,478 | ||||||
JSR Corp. | 2,500 | 78,645 | ||||||
JTEKT Corp. | 1,700 | 14,665 | ||||||
Juki Corp. | 1,000 | 5,766 | ||||||
Juroku Financial Group, Inc. | 200 | 4,236 | ||||||
Justsystems Corp. | 200 | 9,731 | ||||||
JVCKenwood Corp. | 4,600 | 7,427 | ||||||
K's Holdings Corp. | 2,800 | 30,341 | ||||||
Kadokawa Corp. | 400 | 10,151 | ||||||
Kaga Electronics Co. Ltd. | 100 | 2,632 | ||||||
Kagome Co. Ltd. | 800 | 21,357 | ||||||
Kajima Corp. | 4,500 | 60,563 | ||||||
Kakaku.com, Inc. | 800 | 17,601 | ||||||
Kaken Pharmaceutical Co. Ltd. | 200 | 7,350 | ||||||
Kameda Seika Co. Ltd. | 100 | 3,593 | ||||||
Kamei Corp. | 100 | 916 | ||||||
Kamigumi Co. Ltd. | 900 | 17,489 | ||||||
Kanamoto Co. Ltd. | 300 | 5,944 | ||||||
Kandenko Co. Ltd. | 900 | 6,844 | ||||||
Kaneka Corp. | 500 | 16,354 | ||||||
Kanematsu Corp. | 900 | 10,988 | ||||||
Kanematsu Electronics Ltd. | 200 | 6,813 | ||||||
Kansai Electric Power Co., Inc. (The) | 4,500 | 45,372 | ||||||
Kansai Paint Co. Ltd. | 300 | 6,021 | ||||||
Kanto Denka Kogyo Co. Ltd. | 1,200 | 12,558 | ||||||
Kao Corp. | 1,300 | 60,771 | ||||||
Kasai Kogyo Co. Ltd.(2) | 200 | 497 | ||||||
Katitas Co. Ltd. | 500 | 15,783 | ||||||
Kato Sangyo Co. Ltd. | 700 | 18,869 | ||||||
Kawasaki Heavy Industries Ltd. | 700 | 12,915 | ||||||
Kawasaki Kisen Kaisha Ltd.(2) | 600 | 42,271 | ||||||
KDDI Corp. | 7,300 | 237,551 | ||||||
KeePer Technical Laboratory Co. Ltd. | 300 | 5,667 | ||||||
Keihan Holdings Co. Ltd. | 100 | 2,669 | ||||||
Keihanshin Building Co. Ltd. | 300 | 3,899 | ||||||
Keikyu Corp. | 300 | 3,143 | ||||||
Keio Corp. | 200 | 8,183 | ||||||
Keisei Electric Railway Co. Ltd. | 100 | 2,801 | ||||||
KEIWA, Inc. | 200 | 8,141 | ||||||
Keiyo Bank Ltd. (The) | 200 | 891 | ||||||
Kewpie Corp. | 600 | 12,807 | ||||||
Keyence Corp. | 200 | 94,600 | ||||||
KFC Holdings Japan Ltd. | 100 | 2,531 | ||||||
KH Neochem Co. Ltd. | 800 | 19,782 | ||||||
Ki-Star Real Estate Co. Ltd. | 300 | 13,255 | ||||||
Kikkoman Corp. | 300 | 22,364 | ||||||
Kinden Corp. | 1,300 | 18,437 | ||||||
Kintetsu Group Holdings Co. Ltd.(2) | 100 | 3,004 | ||||||
Kintetsu World Express, Inc. | 500 | 13,104 |
102
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Kirin Holdings Co. Ltd. | 1,700 | $ | 28,263 | |||||
Kissei Pharmaceutical Co. Ltd. | 400 | 8,455 | ||||||
Kitanotatsujin Corp. | 200 | 392 | ||||||
Kito Corp. | 100 | 1,471 | ||||||
Kitz Corp. | 900 | 5,137 | ||||||
Kiyo Bank Ltd. (The) | 500 | 6,412 | ||||||
Koa Corp. | 500 | 6,336 | ||||||
Koatsu Gas Kogyo Co. Ltd. | 200 | 1,228 | ||||||
Kobe Bussan Co. Ltd. | 700 | 23,177 | ||||||
Kobe Steel Ltd. | 3,400 | 18,057 | ||||||
Koei Tecmo Holdings Co. Ltd. | 260 | 9,029 | ||||||
Kohnan Shoji Co. Ltd. | 300 | 9,540 | ||||||
Koito Manufacturing Co. Ltd. | 500 | 25,861 | ||||||
Kokuyo Co. Ltd. | 500 | 7,010 | ||||||
Komatsu Ltd. | 5,300 | 121,921 | ||||||
Komeri Co. Ltd. | 300 | 7,376 | ||||||
Komori Corp. | 100 | 654 | ||||||
Konami Holdings Corp. | 900 | 51,202 | ||||||
Konica Minolta, Inc. | 4,500 | 19,065 | ||||||
Konishi Co. Ltd. | 400 | 5,559 | ||||||
Konoike Transport Co. Ltd. | 400 | 4,183 | ||||||
Koshidaka Holdings Co. Ltd. | 100 | 556 | ||||||
Kotobuki Spirits Co. Ltd. | 100 | 5,333 | ||||||
Kubota Corp. | 4,700 | 84,326 | ||||||
Kumagai Gumi Co. Ltd. | 400 | 10,056 | ||||||
Kura Sushi, Inc. | 400 | 12,934 | ||||||
Kurabo Industries Ltd. | 200 | 3,325 | ||||||
Kuraray Co. Ltd. | 3,300 | 30,976 | ||||||
Kureha Corp. | 300 | 24,075 | ||||||
Kurita Water Industries Ltd. | 1,100 | 45,457 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 200 | 11,760 | ||||||
KYB Corp. | 300 | 8,058 | ||||||
Kyocera Corp. | 1,100 | 63,308 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 400 | 5,050 | ||||||
Kyokuyo Co. Ltd. | 200 | 5,687 | ||||||
Kyowa Kirin Co. Ltd. | 1,500 | 38,386 | ||||||
Kyudenko Corp. | 300 | 8,054 | ||||||
Kyushu Electric Power Co., Inc. | 2,500 | 18,853 | ||||||
Kyushu Financial Group, Inc. | 2,500 | 8,922 | ||||||
Kyushu Railway Co. | 300 | 6,637 | ||||||
Lasertec Corp. | 300 | 55,612 | ||||||
Lawson, Inc. | 600 | 25,017 | ||||||
LEC, Inc. | 400 | 3,337 | ||||||
Life Corp. | 200 | 5,297 | ||||||
Lintec Corp. | 500 | 11,145 | ||||||
Lion Corp. | 600 | 7,864 | ||||||
Lixil Corp. | 1,400 | 31,202 | ||||||
M&A Capital Partners Co. Ltd.(2) | 100 | 4,389 | ||||||
M3, Inc. | 1,000 | 37,623 | ||||||
Mabuchi Motor Co. Ltd. | 100 | 3,457 | ||||||
Macnica Fuji Electronics Holdings, Inc. | 800 | 18,829 |
103
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Maeda Kosen Co. Ltd. | 100 | $ | 2,895 | |||||
Makino Milling Machine Co. Ltd. | 600 | 19,593 | ||||||
Makita Corp. | 800 | 28,513 | ||||||
Mani, Inc. | 200 | 2,830 | ||||||
Marubeni Corp. | 12,600 | 132,258 | ||||||
Marudai Food Co. Ltd. | 200 | 2,655 | ||||||
Maruha Nichiro Corp. | 800 | 17,455 | ||||||
Marui Group Co. Ltd. | 500 | 9,840 | ||||||
Maruichi Steel Tube Ltd. | 200 | 4,964 | ||||||
Maruwa Co. Ltd. | 100 | 13,060 | ||||||
Maruwa Unyu Kikan Co. Ltd. | 400 | 3,697 | ||||||
Maruzen Showa Unyu Co. Ltd. | 200 | 5,566 | ||||||
Matsui Securities Co. Ltd. | 1,500 | 10,539 | ||||||
MatsukiyoCocokara & Co. | 100 | 3,855 | ||||||
Maxell Ltd. | 700 | 7,211 | ||||||
Mazda Motor Corp.(2) | 6,400 | 47,337 | ||||||
McDonald's Holdings Co. Japan Ltd. | 700 | 30,099 | ||||||
MCJ Co. Ltd. | 900 | 7,880 | ||||||
Mebuki Financial Group, Inc. | 11,100 | 26,029 | ||||||
Media Do Co. Ltd. | 200 | 4,383 | ||||||
Medipal Holdings Corp. | 1,500 | 27,453 | ||||||
MedPeer, Inc.(2) | 200 | 5,563 | ||||||
Megachips Corp. | 200 | 6,375 | ||||||
Megmilk Snow Brand Co. Ltd. | 400 | 7,044 | ||||||
Meidensha Corp. | 400 | 7,830 | ||||||
MEIJI Holdings Co. Ltd. | 1,000 | 60,018 | ||||||
Meiko Electronics Co. Ltd. | 400 | 14,014 | ||||||
Meisei Industrial Co. Ltd. | 200 | 1,282 | ||||||
Meitec Corp. | 200 | 11,803 | ||||||
Melco Holdings, Inc. | 200 | 6,705 | ||||||
Menicon Co. Ltd. | 200 | 5,232 | ||||||
Mercari, Inc.(2) | 600 | 18,792 | ||||||
Micronics Japan Co. Ltd. | 1,300 | 18,723 | ||||||
Mie Kotsu Group Holdings, Inc. | 200 | 807 | ||||||
Milbon Co. Ltd. | 100 | 5,294 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 100 | 2,134 | ||||||
MINEBEA MITSUMI, Inc. | 3,000 | 65,853 | ||||||
Mirait Holdings Corp. | 1,000 | 16,995 | ||||||
Miroku Jyoho Service Co. Ltd. | 200 | 2,660 | ||||||
MISUMI Group, Inc. | 600 | 19,235 | ||||||
Mitsuba Corp.(2) | 200 | 668 | ||||||
Mitsubishi Chemical Holdings Corp. | 9,600 | 68,197 | ||||||
Mitsubishi Corp. | 6,000 | 201,742 | ||||||
Mitsubishi Electric Corp. | 4,000 | 48,382 | ||||||
Mitsubishi Estate Co. Ltd. | 4,300 | 65,654 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 1,300 | 23,065 | ||||||
Mitsubishi HC Capital, Inc. | 6,030 | 31,359 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,800 | 53,087 | ||||||
Mitsubishi Kakoki Kaisha Ltd. | 200 | 3,464 | ||||||
Mitsubishi Logisnext Co. Ltd. | 400 | 3,248 | ||||||
Mitsubishi Logistics Corp. | 200 | 4,783 |
104
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Mitsubishi Materials Corp. | 1,000 | $ | 17,999 | |||||
Mitsubishi Motors Corp.(2) | 5,700 | 14,959 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 400 | 10,783 | ||||||
Mitsubishi UFJ Financial Group, Inc., ADR(1) | 47,838 | 294,682 | ||||||
Mitsuboshi Belting Ltd. | 100 | 1,885 | ||||||
Mitsui & Co. Ltd. | 6,300 | 157,076 | ||||||
Mitsui Chemicals, Inc. | 1,800 | 46,016 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. | 100 | 1,785 | ||||||
Mitsui E&S Holdings Co. Ltd.(2) | 200 | 596 | ||||||
Mitsui Fudosan Co. Ltd. | 3,100 | 68,994 | ||||||
Mitsui High-Tec, Inc. | 300 | 22,127 | ||||||
Mitsui Matsushima Holdings Co. Ltd. | 100 | 1,384 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 1,000 | 29,283 | ||||||
Mitsui OSK Lines Ltd. | 1,000 | 81,970 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 300 | 6,244 | ||||||
Mitsuuroko Group Holdings Co. Ltd. | 400 | 3,769 | ||||||
Miura Co. Ltd. | 200 | 5,482 | ||||||
Mixi, Inc. | 300 | 5,835 | ||||||
Mizuho Financial Group, Inc., ADR(1) | 52,445 | 138,979 | ||||||
Mizuho Leasing Co. Ltd. | 300 | 8,104 | ||||||
Mizuno Corp. | 100 | 1,976 | ||||||
Mochida Pharmaceutical Co. Ltd. | 100 | 3,339 | ||||||
Modec, Inc. | 100 | 1,023 | ||||||
Monex Group, Inc. | 2,000 | 9,118 | ||||||
MonotaRO Co. Ltd. | 800 | 15,058 | ||||||
Morinaga & Co. Ltd. | 200 | 6,507 | ||||||
Morinaga Milk Industry Co. Ltd. | 500 | 25,064 | ||||||
Moriroku Holdings Co. Ltd. | 400 | 6,672 | ||||||
Morita Holdings Corp. | 600 | 6,400 | ||||||
MrMax Holdings Ltd. | 400 | 1,994 | ||||||
MS&AD Insurance Group Holdings, Inc. | 2,800 | 94,743 | ||||||
Murata Manufacturing Co. Ltd. | 1,400 | 95,151 | ||||||
Musashi Seimitsu Industry Co. Ltd. | 600 | 9,365 | ||||||
Musashino Bank Ltd. (The) | 400 | 6,608 | ||||||
Nabtesco Corp. | 1,000 | 27,716 | ||||||
Nachi-Fujikoshi Corp. | 200 | 7,272 | ||||||
Nagaileben Co. Ltd. | 200 | 3,821 | ||||||
Nagase & Co. Ltd. | 1,100 | 17,599 | ||||||
Nagoya Railroad Co. Ltd.(2) | 500 | 9,182 | ||||||
Nakanishi, Inc. | 400 | 7,476 | ||||||
Nankai Electric Railway Co. Ltd. | 600 | 12,234 | ||||||
Nanto Bank Ltd. (The) | 500 | 9,260 | ||||||
NEC Corp. | 1,700 | 73,552 | ||||||
NEC Networks & System Integration Corp. | 800 | 12,300 | ||||||
NET One Systems Co. Ltd. | 600 | 14,762 | ||||||
Nexon Co. Ltd. | 1,200 | 26,217 | ||||||
Nextage Co. Ltd. | 900 | 19,326 | ||||||
NexTone, Inc.(2) | 200 | 4,121 | ||||||
NGK Insulators Ltd. | 3,700 | 57,461 | ||||||
NGK Spark Plug Co. Ltd. | 2,100 | 37,843 | ||||||
NH Foods Ltd. | 600 | 22,520 |
105
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
NHK Spring Co. Ltd. | 4,400 | $ | 35,067 | |||||
Nichi-iko Pharmaceutical Co. Ltd. | 400 | 2,942 | ||||||
Nichias Corp. | 1,000 | 22,653 | ||||||
Nichicon Corp. | 100 | 1,063 | ||||||
Nichiha Corp. | 300 | 6,757 | ||||||
Nichirei Corp. | 800 | 17,629 | ||||||
Nichireki Co. Ltd. | 100 | 1,125 | ||||||
Nidec Corp. | 823 | 71,546 | ||||||
Nifco, Inc. | 1,200 | 34,123 | ||||||
Nihon Dempa Kogyo Co. Ltd.(2) | 200 | 2,082 | ||||||
Nihon Flush Co. Ltd. | 400 | 3,579 | ||||||
Nihon House Holdings Co. Ltd. | 300 | 1,214 | ||||||
Nihon Kohden Corp. | 1,300 | 35,470 | ||||||
Nihon M&A Center Holdings, Inc. | 1,000 | 14,791 | ||||||
Nihon Nohyaku Co. Ltd. | 200 | 967 | ||||||
Nihon Parkerizing Co. Ltd. | 100 | 860 | ||||||
Nihon Plast Co. Ltd. | 200 | 937 | ||||||
Nihon Unisys Ltd. | 600 | 16,438 | ||||||
Nikkon Holdings Co. Ltd. | 500 | 9,524 | ||||||
Nikon Corp. | 600 | 6,272 | ||||||
Nintendo Co. Ltd. | 500 | 253,226 | ||||||
Nippn Corp. | 700 | 10,384 | ||||||
Nippon Carbon Co. Ltd. | 100 | 3,567 | ||||||
Nippon Chemi-Con Corp.(2) | 500 | 7,906 | ||||||
Nippon Coke & Engineering Co. Ltd. | 7,500 | 9,103 | ||||||
Nippon Denko Co. Ltd. | 2,400 | 7,029 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 100 | 1,387 | ||||||
Nippon Electric Glass Co. Ltd. | 1,600 | 38,513 | ||||||
NIPPON EXPRESS HOLDINGS, Inc. | 700 | 42,434 | ||||||
Nippon Gas Co. Ltd. | 600 | 9,028 | ||||||
Nippon Kayaku Co. Ltd. | 1,500 | 14,858 | ||||||
Nippon Koei Co. Ltd. | 200 | 5,348 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 1,160 | 18,589 | ||||||
Nippon Paint Holdings Co. Ltd. | 500 | 4,475 | ||||||
Nippon Paper Industries Co. Ltd. | 1,900 | 18,136 | ||||||
Nippon Parking Development Co. Ltd. | 3,300 | 4,027 | ||||||
Nippon Pillar Packing Co. Ltd. | 200 | 5,079 | ||||||
Nippon Road Co. Ltd. (The) | 200 | 16,972 | ||||||
Nippon Sanso Holdings Corp. | 1,100 | 21,498 | ||||||
Nippon Seiki Co. Ltd. | 400 | 3,390 | ||||||
Nippon Sheet Glass Co. Ltd.(2) | 1,300 | 5,426 | ||||||
Nippon Shokubai Co. Ltd. | 400 | 19,505 | ||||||
Nippon Signal Co. Ltd. | 100 | 757 | ||||||
Nippon Soda Co. Ltd. | 700 | 20,507 | ||||||
Nippon Steel Corp. | 7,000 | 128,163 | ||||||
Nippon Steel Trading Corp. | 200 | 9,487 | ||||||
Nippon Suisan Kaisha Ltd. | 4,400 | 20,836 | ||||||
Nippon Telegraph & Telephone Corp. | 5,700 | 163,823 | ||||||
Nippon Television Holdings, Inc. | 800 | 9,152 | ||||||
Nippon Yakin Kogyo Co. Ltd. | 200 | 4,920 | ||||||
Nippon Yusen KK | 1,900 | 178,013 |
106
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Nipro Corp. | 2,100 | $ | 20,055 | |||||
Nishi-Nippon Financial Holdings, Inc. | 900 | 6,432 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 1,000 | 22,667 | ||||||
Nishimatsu Construction Co. Ltd. | 300 | 9,980 | ||||||
Nishimatsuya Chain Co. Ltd. | 800 | 9,977 | ||||||
Nishio Rent All Co. Ltd. | 300 | 7,500 | ||||||
Nissan Chemical Corp. | 800 | 45,472 | ||||||
Nissan Motor Co. Ltd.(2) | 10,800 | 51,507 | ||||||
Nissei ASB Machine Co. Ltd. | 200 | 5,248 | ||||||
Nissha Co. Ltd. | 700 | 8,046 | ||||||
Nisshin Group Holdings Co. Ltd. | 200 | 880 | ||||||
Nisshin Oillio Group Ltd. (The) | 300 | 7,974 | ||||||
Nisshin Seifun Group, Inc. | 400 | 5,678 | ||||||
Nisshinbo Holdings, Inc. | 1,400 | 12,358 | ||||||
Nissin Electric Co. Ltd. | 500 | 6,363 | ||||||
Nissin Foods Holdings Co. Ltd. | 300 | 23,969 | ||||||
Nitori Holdings Co. Ltd. | 200 | 30,096 | ||||||
Nittetsu Mining Co. Ltd. | 200 | 11,580 | ||||||
Nitto Denko Corp. | 1,300 | 94,872 | ||||||
Nitto Kogyo Corp. | 400 | 5,623 | ||||||
Nittoc Construction Co. Ltd. | 200 | 1,287 | ||||||
Nittoku Co. Ltd. | 200 | 4,625 | ||||||
Noevir Holdings Co. Ltd. | 100 | 4,507 | ||||||
NOF Corp. | 200 | 8,701 | ||||||
Nojima Corp. | 500 | 11,105 | ||||||
NOK Corp. | 1,200 | 12,562 | ||||||
Nomura Co. Ltd. | 100 | 809 | ||||||
Nomura Micro Science Co. Ltd. | 200 | 6,406 | ||||||
Noritake Co. Ltd./Nagoya Japan | 100 | 3,993 | ||||||
Noritsu Koki Co. Ltd. | 300 | 5,397 | ||||||
Noritz Corp. | 300 | 4,037 | ||||||
North Pacific Bank Ltd. | 3,000 | 6,612 | ||||||
NS Solutions Corp. | 200 | 6,370 | ||||||
NS United Kaiun Kaisha Ltd. | 400 | 14,619 | ||||||
NSK Ltd. | 2,500 | 16,129 | ||||||
NTN Corp.(2) | 4,600 | 8,701 | ||||||
NTT Data Corp. | 2,900 | 55,083 | ||||||
Obara Group, Inc. | 200 | 5,407 | ||||||
Obayashi Corp. | 5,200 | 43,540 | ||||||
Obic Co. Ltd. | 100 | 16,083 | ||||||
Odakyu Electric Railway Co. Ltd. | 700 | 11,549 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 400 | 7,065 | ||||||
Oiles Corp. | 400 | 5,580 | ||||||
Oisix ra daichi, Inc.(2) | 300 | 6,739 | ||||||
Oji Holdings Corp. | 6,600 | 33,720 | ||||||
Okamoto Machine Tool Works Ltd. | 200 | 7,320 | ||||||
Okamura Corp. | 400 | 4,122 | ||||||
Okasan Securities Group, Inc. | 1,000 | 3,404 | ||||||
Oki Electric Industry Co. Ltd. | 1,000 | 7,368 | ||||||
Okinawa Electric Power Co., Inc. (The) | 315 | 3,966 | ||||||
Okinawa Financial Group, Inc. | 100 | 2,043 |
107
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
OKUMA Corp. | 400 | $ | 16,314 | |||||
Okumura Corp. | 500 | 14,121 | ||||||
Okura Industrial Co. Ltd. | 400 | 6,621 | ||||||
Okuwa Co. Ltd. | 100 | 847 | ||||||
Olympus Corp. | 4,100 | 83,273 | ||||||
Omron Corp. | 200 | 13,610 | ||||||
Ono Pharmaceutical Co. Ltd. | 1,400 | 34,468 | ||||||
Onward Holdings Co. Ltd. | 1,000 | 2,397 | ||||||
Open House Group Co. Ltd. | 600 | 27,281 | ||||||
Optim Corp.(2) | 200 | 1,675 | ||||||
Optorun Co. Ltd. | 900 | 14,573 | ||||||
Oracle Corp. (Tokyo) | 100 | 7,143 | ||||||
Organo Corp. | 100 | 7,118 | ||||||
Orient Corp. | 3,800 | 4,176 | ||||||
Oriental Land Co. Ltd. | 200 | 36,973 | ||||||
Oriental Shiraishi Corp.(2) | 1,400 | 3,059 | ||||||
ORIX Corp., ADR | 1,730 | 170,561 | ||||||
Osaka Gas Co. Ltd. | 800 | 14,641 | ||||||
Osaka Organic Chemical Industry Ltd. | 200 | 5,295 | ||||||
Osaka Soda Co. Ltd. | 200 | 5,472 | ||||||
OSG Corp. | 800 | 13,371 | ||||||
Otsuka Corp. | 400 | 15,537 | ||||||
Otsuka Holdings Co. Ltd. | 800 | 27,579 | ||||||
Outsourcing, Inc. | 1,100 | 13,634 | ||||||
Pacific Industrial Co. Ltd. | 700 | 6,206 | ||||||
Pack Corp. (The) | 100 | 2,392 | ||||||
PAL GROUP Holdings Co. Ltd. | 600 | 8,326 | ||||||
PALTAC Corp. | 200 | 7,783 | ||||||
Pan Pacific International Holdings Corp. | 1,400 | 22,915 | ||||||
Panasonic Corp. | 14,000 | 146,206 | ||||||
Paramount Bed Holdings Co. Ltd. | 400 | 7,051 | ||||||
Park24 Co. Ltd.(2) | 500 | 7,473 | ||||||
Pasona Group, Inc. | 400 | 8,801 | ||||||
Penta-Ocean Construction Co. Ltd. | 3,000 | 15,792 | ||||||
PeptiDream, Inc.(2) | 300 | 5,340 | ||||||
Persol Holdings Co. Ltd. | 1,300 | 29,122 | ||||||
Pharma Foods International Co. Ltd. | 300 | 4,211 | ||||||
Pigeon Corp. | 300 | 5,524 | ||||||
Pilot Corp. | 300 | 12,340 | ||||||
Piolax, Inc. | 100 | 1,503 | ||||||
Plenus Co. Ltd. | 200 | 3,479 | ||||||
Pola Orbis Holdings, Inc. | 300 | 4,726 | ||||||
Poletowin Pitcrew Holdings, Inc. | 100 | 921 | ||||||
Premium Group Co. Ltd. | 200 | 7,237 | ||||||
Press Kogyo Co. Ltd. | 2,300 | 7,486 | ||||||
Prestige International, Inc. | 600 | 3,654 | ||||||
Prima Meat Packers Ltd. | 200 | 4,222 | ||||||
PS Mitsubishi Construction Co. Ltd. | 200 | 1,058 | ||||||
Raccoon Holdings, Inc. | 300 | 2,937 | ||||||
Raito Kogyo Co. Ltd. | 500 | 8,519 | ||||||
Raiznext Corp. | 700 | 6,931 |
108
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Rakus Co. Ltd. | 400 | $ | 6,634 | |||||
Rakuten Group, Inc. | 2,100 | 17,851 | ||||||
Recruit Holdings Co. Ltd. | 3,500 | 147,736 | ||||||
Relia, Inc. | 500 | 4,597 | ||||||
Relo Group, Inc. | 700 | 10,536 | ||||||
Renesas Electronics Corp.(2) | 3,300 | 38,876 | ||||||
Rengo Co. Ltd. | 3,800 | 28,442 | ||||||
RENOVA, Inc.(2) | 200 | 2,495 | ||||||
Resona Holdings, Inc. | 16,484 | 73,721 | ||||||
Resorttrust, Inc. | 2,100 | 35,461 | ||||||
Restar Holdings Corp. | 500 | 8,640 | ||||||
Ricoh Co. Ltd. | 5,500 | 46,919 | ||||||
Ricoh Leasing Co. Ltd. | 200 | 6,472 | ||||||
Riken Keiki Co. Ltd. | 400 | 16,875 | ||||||
Riken Vitamin Co. Ltd. | 500 | 7,561 | ||||||
Rinnai Corp. | 300 | 24,680 | ||||||
Riso Kyoiku Co. Ltd. | 1,600 | 5,015 | ||||||
Rohm Co. Ltd. | 200 | 15,951 | ||||||
Rohto Pharmaceutical Co. Ltd. | 1,000 | 33,542 | ||||||
Roland DG Corp. | 300 | 7,939 | ||||||
Rorze Corp. | 100 | 9,505 | ||||||
RS Technologies Co. Ltd. | 200 | 9,777 | ||||||
Ryobi Ltd. | 100 | 952 | ||||||
Ryohin Keikaku Co. Ltd. | 2,100 | 30,928 | ||||||
Ryosan Co. Ltd. | 200 | 4,083 | ||||||
S Foods, Inc. | 200 | 5,751 | ||||||
S-Pool, Inc. | 1,600 | 14,099 | ||||||
Saizeriya Co. Ltd. | 200 | 5,115 | ||||||
Sakai Moving Service Co. Ltd. | 100 | 3,851 | ||||||
Sakata INX Corp. | 900 | 7,527 | ||||||
Sakata Seed Corp. | 200 | 5,876 | ||||||
Sakura Internet, Inc. | 200 | 899 | ||||||
Sala Corp. | 200 | 1,162 | ||||||
San-A Co. Ltd. | 100 | 3,713 | ||||||
San-Ai Oil Co. Ltd. | 700 | 5,820 | ||||||
San-In Godo Bank Ltd. (The) | 800 | 4,714 | ||||||
Sanei Architecture Planning Co. Ltd. | 100 | 1,417 | ||||||
Sangetsu Corp. | 300 | 4,208 | ||||||
Sanken Electric Co. Ltd. | 600 | 27,238 | ||||||
Sanki Engineering Co. Ltd. | 100 | 1,298 | ||||||
Sankyo Co. Ltd. | 200 | 5,584 | ||||||
Sankyo Tateyama, Inc. | 100 | 549 | ||||||
Sankyu, Inc. | 500 | 17,336 | ||||||
Sanoh Industrial Co. Ltd. | 100 | 614 | ||||||
Santen Pharmaceutical Co. Ltd. | 1,700 | 19,375 | ||||||
Sanwa Holdings Corp. | 1,700 | 18,999 | ||||||
Sanyo Chemical Industries Ltd. | 100 | 4,468 | ||||||
Sanyo Denki Co. Ltd. | 200 | 8,864 | ||||||
Sanyo Special Steel Co. Ltd. | 800 | 14,821 | ||||||
Sapporo Holdings Ltd. | 600 | 11,869 | ||||||
Sato Holdings Corp. | 500 | 8,881 |
109
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Sawai Group Holdings Co. Ltd. | 300 | $ | 11,923 | |||||
SB Technology Corp. | 200 | 4,582 | ||||||
SBI Holdings, Inc. | 3,300 | 86,565 | ||||||
SBS Holdings, Inc. | 400 | 11,620 | ||||||
SCREEN Holdings Co. Ltd. | 600 | 59,213 | ||||||
Scroll Corp. | 1,200 | 9,585 | ||||||
SCSK Corp. | 1,800 | 30,817 | ||||||
Secom Co. Ltd. | 900 | 66,102 | ||||||
Sega Sammy Holdings, Inc. | 500 | 9,120 | ||||||
Seibu Holdings, Inc.(2) | 500 | 5,232 | ||||||
Seikitokyu Kogyo Co. Ltd. | 200 | 1,427 | ||||||
Seiko Epson Corp. | 3,600 | 55,370 | ||||||
Seiko Holdings Corp. | 600 | 12,539 | ||||||
Seino Holdings Co. Ltd. | 900 | 9,415 | ||||||
Seiren Co. Ltd. | 400 | 8,031 | ||||||
Sekisui Chemical Co. Ltd. | 3,500 | 57,316 | ||||||
Sekisui House Ltd. | 2,500 | 50,970 | ||||||
Sekisui Jushi Corp. | 100 | 1,669 | ||||||
Senko Group Holdings Co. Ltd. | 700 | 5,750 | ||||||
Senshu Electric Co. Ltd. | 200 | 10,792 | ||||||
Senshu Ikeda Holdings, Inc. | 2,000 | 3,234 | ||||||
Septeni Holdings Co. Ltd. | 1,000 | 5,604 | ||||||
Seria Co. Ltd. | 300 | 7,696 | ||||||
Seven & i Holdings Co. Ltd. | 3,100 | 150,839 | ||||||
Seven Bank Ltd. | 6,000 | 12,808 | ||||||
SG Holdings Co. Ltd. | 1,500 | 31,793 | ||||||
Sharp Corp. | 2,100 | 19,858 | ||||||
Shibaura Electronics Co. Ltd. | 400 | 23,235 | ||||||
Shibaura Machine Co. Ltd. | 200 | 5,340 | ||||||
Shibuya Corp. | 100 | 2,152 | ||||||
SHIFT, Inc.(2) | 100 | 19,384 | ||||||
Shiga Bank Ltd. (The) | 300 | 5,822 | ||||||
Shikoku Bank Ltd. (The) | 200 | 1,393 | ||||||
Shikoku Chemicals Corp. | 100 | 1,269 | ||||||
Shikoku Electric Power Co., Inc. | 900 | 6,920 | ||||||
Shimadzu Corp. | 600 | 21,610 | ||||||
Shimamura Co. Ltd. | 100 | 9,071 | ||||||
Shimano, Inc. | 200 | 46,574 | ||||||
Shimizu Corp. | 3,800 | 25,153 | ||||||
Shin Nippon Air Technologies Co. Ltd. | 200 | 3,579 | ||||||
Shin Nippon Biomedical Laboratories Ltd. | 600 | 8,114 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,100 | 171,807 | ||||||
Shin-Etsu Polymer Co. Ltd. | 200 | 1,915 | ||||||
Shinko Electric Industries Co. Ltd. | 1,000 | 42,711 | ||||||
Shinmaywa Industries Ltd. | 500 | 4,063 | ||||||
Shinnihon Corp. | 200 | 1,305 | ||||||
Shinoken Group Co. Ltd. | 100 | 901 | ||||||
Shinsei Bank Ltd. | 1,000 | 18,742 | ||||||
Shionogi & Co. Ltd. | 600 | 39,895 | ||||||
Ship Healthcare Holdings, Inc. | 1,000 | 19,905 | ||||||
Shiseido Co. Ltd. | 1,500 | 86,079 |
110
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Shizuoka Bank Ltd. (The) | 2,400 | $ | 17,744 | |||||
Shoei Co. Ltd. | 200 | 7,941 | ||||||
Showa Denko KK | 1,100 | 20,109 | ||||||
Showa Sangyo Co. Ltd. | 200 | 4,769 | ||||||
Siix Corp. | 300 | 2,934 | ||||||
Sinanen Holdings Co. Ltd. | 200 | 6,023 | ||||||
Sinfonia Technology Co. Ltd. | 300 | 3,426 | ||||||
Sinko Industries Ltd. | 200 | 3,027 | ||||||
Sintokogio Ltd. | 200 | 1,207 | ||||||
SKY Perfect JSAT Holdings, Inc. | 1,200 | 4,512 | ||||||
Skylark Holdings Co. Ltd.(2) | 500 | 6,561 | ||||||
SMC Corp. | 53 | 31,661 | ||||||
SMS Co. Ltd. | 300 | 8,171 | ||||||
Snow Peak, Inc. | 400 | 9,885 | ||||||
Sodick Co. Ltd. | 200 | 1,355 | ||||||
Softbank Corp. | 8,300 | 104,865 | ||||||
SoftBank Group Corp. | 2,700 | 121,165 | ||||||
Sohgo Security Services Co. Ltd. | 700 | 25,273 | ||||||
Sojitz Corp. | 2,640 | 43,605 | ||||||
Solasto Corp. | 100 | 895 | ||||||
Sompo Holdings, Inc. | 2,500 | 108,545 | ||||||
Sony Group Corp., ADR | 5,027 | 515,418 | ||||||
Sotetsu Holdings, Inc.(2) | 600 | 11,389 | ||||||
Sparx Group Co. Ltd. | 2,100 | 4,654 | ||||||
Square Enix Holdings Co. Ltd. | 400 | 19,507 | ||||||
St. Marc Holdings Co. Ltd. | 300 | 4,193 | ||||||
Stanley Electric Co. Ltd. | 500 | 11,881 | ||||||
Star Micronics Co. Ltd. | 500 | 6,379 | ||||||
Starts Corp., Inc. | 400 | 9,040 | ||||||
Starzen Co. Ltd. | 200 | 3,695 | ||||||
Stella Chemifa Corp. | 200 | 4,212 | ||||||
Strike Co. Ltd. | 100 | 3,896 | ||||||
Subaru Corp. | 3,900 | 63,963 | ||||||
Sugi Holdings Co. Ltd. | 200 | 11,394 | ||||||
SUMCO Corp. | 2,100 | 35,047 | ||||||
Sumida Corp. | 700 | 5,533 | ||||||
Sumitomo Bakelite Co. Ltd. | 500 | 20,859 | ||||||
Sumitomo Chemical Co. Ltd. | 16,200 | 77,342 | ||||||
Sumitomo Corp. | 9,200 | 150,104 | ||||||
Sumitomo Dainippon Pharma Co., Ltd. | 800 | 8,780 | ||||||
Sumitomo Densetsu Co. Ltd. | 100 | 2,015 | ||||||
Sumitomo Electric Industries Ltd. | 5,600 | 74,341 | ||||||
Sumitomo Forestry Co. Ltd. | 1,100 | 21,212 | ||||||
Sumitomo Heavy Industries Ltd. | 1,100 | 26,654 | ||||||
Sumitomo Metal Mining Co. Ltd. | 1,400 | 69,835 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 300 | 1,153 | ||||||
Sumitomo Mitsui Financial Group, Inc., ADR(1) | 27,263 | 194,385 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,800 | 63,958 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 600 | 17,824 | ||||||
Sumitomo Realty & Development Co. Ltd. | 1,500 | 44,127 | ||||||
Sumitomo Riko Co. Ltd. | 200 | 1,094 |
111
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Sumitomo Rubber Industries Ltd. | 1,400 | $ | 13,547 | |||||
Sumitomo Seika Chemicals Co. Ltd. | 200 | 5,692 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 500 | 9,274 | ||||||
Sun Frontier Fudousan Co. Ltd. | 500 | 4,701 | ||||||
Sundrug Co. Ltd. | 300 | 8,167 | ||||||
Suntory Beverage & Food Ltd. | 900 | 35,864 | ||||||
Suruga Bank Ltd. | 2,600 | 10,196 | ||||||
Suzuken Co. Ltd. | 700 | 22,565 | ||||||
Suzuki Motor Corp. | 1,800 | 71,672 | ||||||
SWCC Showa Holdings Co. Ltd. | 200 | 3,301 | ||||||
Sysmex Corp. | 600 | 48,030 | ||||||
Systena Corp. | 2,000 | 7,309 | ||||||
T Hasegawa Co. Ltd. | 200 | 4,199 | ||||||
T&D Holdings, Inc. | 2,700 | 39,213 | ||||||
T-Gaia Corp. | 100 | 1,512 | ||||||
Tadano Ltd. | 2,200 | 18,785 | ||||||
Taihei Dengyo Kaisha Ltd. | 100 | 2,279 | ||||||
Taiheiyo Cement Corp. | 1,500 | 28,843 | ||||||
Taikisha Ltd. | 200 | 5,407 | ||||||
Taisei Corp. | 1,800 | 59,853 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 100 | 4,964 | ||||||
Taiyo Holdings Co. Ltd. | 600 | 16,103 | ||||||
Taiyo Yuden Co. Ltd. | 1,200 | 54,254 | ||||||
Takamatsu Construction Group Co. Ltd. | 100 | 1,773 | ||||||
Takara Bio, Inc. | 300 | 6,269 | ||||||
Takara Holdings, Inc. | 1,700 | 16,891 | ||||||
Takara Leben Co. Ltd. | 1,500 | 4,101 | ||||||
Takara Standard Co. Ltd. | 100 | 1,188 | ||||||
Takasago International Corp. | 400 | 9,612 | ||||||
Takasago Thermal Engineering Co. Ltd. | 600 | 10,113 | ||||||
Takashimaya Co. Ltd. | 1,900 | 18,546 | ||||||
Takeda Pharmaceutical Co. Ltd., ADR(1) | 3,998 | 60,770 | ||||||
Takeuchi Manufacturing Co. Ltd. | 400 | 8,942 | ||||||
Takuma Co. Ltd. | 500 | 6,354 | ||||||
Tama Home Co. Ltd. | 500 | 10,072 | ||||||
Tamron Co. Ltd. | 200 | 4,110 | ||||||
Tamura Corp. | 200 | 1,049 | ||||||
Tanseisha Co. Ltd. | 800 | 5,111 | ||||||
Tatsuta Electric Wire and Cable Co. Ltd. | 200 | 793 | ||||||
TBS Holdings, Inc. | 600 | 9,715 | ||||||
TDK Corp. | 3,800 | 153,798 | ||||||
TechMatrix Corp. | 400 | 6,258 | ||||||
TechnoPro Holdings, Inc. | 700 | 20,325 | ||||||
Teijin Ltd. | 3,100 | 37,293 | ||||||
Teikoku Electric Manufacturing Co. Ltd. | 400 | 4,874 | ||||||
Teikoku Sen-I Co. Ltd. | 200 | 3,316 | ||||||
Terumo Corp. | 800 | 25,983 | ||||||
THK Co. Ltd. | 500 | 11,486 | ||||||
TIS, Inc. | 1,800 | 42,603 | ||||||
TKC Corp. | 200 | 5,461 | ||||||
Toa Corp. (Tokyo) | 300 | 6,752 |
112
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Toagosei Co. Ltd. | 1,300 | $ | 12,366 | |||||
Tobu Railway Co. Ltd. | 2,000 | 49,161 | ||||||
TOC Co. Ltd. | 200 | 1,241 | ||||||
Tocalo Co. Ltd. | 600 | 7,046 | ||||||
Toda Corp. | 4,500 | 30,050 | ||||||
Toho Bank Ltd. (The) | 500 | 920 | ||||||
Toho Co. Ltd. | 300 | 12,512 | ||||||
Toho Gas Co. Ltd. | 100 | 2,675 | ||||||
Toho Holdings Co. Ltd. | 300 | 4,936 | ||||||
Toho Titanium Co. Ltd. | 600 | 5,685 | ||||||
Toho Zinc Co. Ltd. | 200 | 4,777 | ||||||
Tohoku Electric Power Co., Inc. | 5,300 | 34,415 | ||||||
Tokai Carbon Co. Ltd. | 1,600 | 15,357 | ||||||
Tokai Corp/Gifu | 200 | 3,277 | ||||||
TOKAI Holdings Corp. | 2,800 | 22,285 | ||||||
Tokai Rika Co. Ltd. | 500 | 6,636 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 1,400 | 5,119 | ||||||
Token Corp. | 100 | 7,921 | ||||||
Tokio Marine Holdings, Inc. | 3,200 | 182,083 | ||||||
Tokushu Tokai Paper Co. Ltd. | 100 | 2,886 | ||||||
Tokuyama Corp. | 500 | 7,705 | ||||||
Tokyo Century Corp. | 500 | 21,921 | ||||||
Tokyo Electric Power Co. Holdings, Inc.(2) | 14,400 | 45,201 | ||||||
Tokyo Electron Device Ltd. | 200 | 9,413 | ||||||
Tokyo Electron Ltd. | 400 | 196,311 | ||||||
Tokyo Gas Co. Ltd. | 1,500 | 30,552 | ||||||
Tokyo Kiraboshi Financial Group, Inc. | 500 | 8,480 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 500 | 31,881 | ||||||
Tokyo Seimitsu Co. Ltd. | 400 | 16,655 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 900 | 8,805 | ||||||
Tokyo Tatemono Co. Ltd. | 2,000 | 30,659 | ||||||
Tokyotokeiba Co. Ltd. | 200 | 7,107 | ||||||
Tokyu Construction Co. Ltd. | 2,800 | 17,355 | ||||||
Tokyu Corp. | 1,000 | 13,336 | ||||||
Tokyu Fudosan Holdings Corp. | 5,600 | 31,066 | ||||||
TOMONY Holdings, Inc. | 1,400 | 4,198 | ||||||
Tomy Co. Ltd. | 1,400 | 15,311 | ||||||
Topcon Corp. | 1,300 | 17,142 | ||||||
Toppan, Inc. | 2,300 | 45,320 | ||||||
Topre Corp. | 500 | 5,185 | ||||||
Toray Industries, Inc. | 12,500 | 71,284 | ||||||
Toridoll Holdings Corp. | 200 | 4,250 | ||||||
Torii Pharmaceutical Co. Ltd. | 100 | 2,543 | ||||||
Tosei Corp. | 500 | 4,765 | ||||||
Toshiba Corp. | 300 | 11,961 | ||||||
Toshiba TEC Corp. | 400 | 17,021 | ||||||
Tosoh Corp. | 2,600 | 40,347 | ||||||
Totetsu Kogyo Co. Ltd. | 300 | 6,551 | ||||||
TOTO Ltd. | 500 | 21,048 | ||||||
Towa Bank Ltd. (The) | 200 | 1,007 | ||||||
Towa Corp. | 500 | 10,292 |
113
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Towa Pharmaceutical Co. Ltd. | 600 | $ | 15,548 | |||||
Toyo Construction Co. Ltd. | 700 | 3,647 | ||||||
Toyo Engineering Corp.(2) | 1,000 | 4,839 | ||||||
Toyo Gosei Co. Ltd. | 100 | 8,392 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 200 | 3,352 | ||||||
Toyo Kanetsu KK | 200 | 4,233 | ||||||
Toyo Seikan Group Holdings Ltd. | 1,700 | 22,713 | ||||||
Toyo Suisan Kaisha Ltd. | 200 | 8,407 | ||||||
Toyo Tire Corp. | 900 | 11,929 | ||||||
Toyobo Co. Ltd. | 1,700 | 18,401 | ||||||
Toyoda Gosei Co. Ltd. | 1,000 | 19,032 | ||||||
Toyota Boshoku Corp. | 600 | 10,980 | ||||||
Toyota Industries Corp. | 600 | 45,637 | ||||||
Toyota Motor Corp., ADR(1) | 3,891 | 711,858 | ||||||
Toyota Tsusho Corp. | 1,500 | 62,272 | ||||||
TPR Co. Ltd. | 200 | 2,421 | ||||||
Trancom Co. Ltd. | 100 | 6,356 | ||||||
Transcosmos, Inc. | 200 | 5,531 | ||||||
TRE Holdings Corp. | 868 | 13,009 | ||||||
Trend Micro, Inc. | 1,400 | 78,213 | ||||||
Tri Chemical Laboratories, Inc. | 400 | 9,389 | ||||||
TS Tech Co. Ltd. | 600 | 8,096 | ||||||
Tsubakimoto Chain Co. | 400 | 11,439 | ||||||
Tsugami Corp. | 500 | 5,544 | ||||||
Tsukishima Kikai Co. Ltd. | 500 | 4,557 | ||||||
Tsumura & Co. | 200 | 5,555 | ||||||
Tsuruha Holdings, Inc. | 200 | 16,079 | ||||||
UACJ Corp.(2) | 500 | 10,250 | ||||||
Ube Industries Ltd. | 2,200 | 40,550 | ||||||
Uchida Yoko Co. Ltd. | 200 | 8,308 | ||||||
Ulvac, Inc. | 700 | 34,939 | ||||||
Unicharm Corp. | 700 | 26,386 | ||||||
Unipres Corp. | 100 | 671 | ||||||
United Super Markets Holdings, Inc. | 900 | 8,313 | ||||||
Universal Entertainment Corp.(2) | 100 | 2,057 | ||||||
Ushio, Inc. | 500 | 8,169 | ||||||
USS Co. Ltd. | 2,300 | 38,208 | ||||||
UT Group Co. Ltd. | 200 | 6,085 | ||||||
V Technology Co. Ltd. | 200 | 5,992 | ||||||
Valor Holdings Co. Ltd. | 300 | 5,810 | ||||||
Valqua Ltd. | 400 | 9,472 | ||||||
ValueCommerce Co. Ltd. | 200 | 6,259 | ||||||
Vital KSK Holdings, Inc. | 400 | 2,835 | ||||||
VT Holdings Co. Ltd. | 300 | 1,288 | ||||||
Wacoal Holdings Corp. | 200 | 3,433 | ||||||
Wacom Co. Ltd. | 1,800 | 13,669 | ||||||
Wakita & Co. Ltd. | 600 | 5,191 | ||||||
Welcia Holdings Co. Ltd. | 400 | 10,667 | ||||||
West Japan Railway Co. | 400 | 17,258 | ||||||
Xebio Holdings Co. Ltd. | 800 | 6,700 | ||||||
Yahagi Construction Co. Ltd. | 400 | 2,725 |
114
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Yakult Honsha Co. Ltd. | 200 | $ | 10,854 | |||||
YAKUODO Holdings Co. Ltd. | 200 | 4,240 | ||||||
YAMABIKO Corp. | 500 | 5,791 | ||||||
Yamada Holdings Co. Ltd. | 5,100 | 17,707 | ||||||
Yamaguchi Financial Group, Inc. | 2,800 | 17,286 | ||||||
Yamaha Corp. | 500 | 23,459 | ||||||
Yamaha Motor Co. Ltd. | 2,300 | 51,703 | ||||||
Yamaichi Electronics Co. Ltd. | 1,000 | 16,907 | ||||||
Yamato Corp. | 200 | 1,260 | ||||||
Yamato Holdings Co. Ltd. | 1,600 | 31,422 | ||||||
Yamato Kogyo Co. Ltd. | 200 | 6,431 | ||||||
Yamazaki Baking Co. Ltd. | 700 | 9,477 | ||||||
Yamazen Corp. | 1,900 | 17,030 | ||||||
Yaoko Co. Ltd. | 200 | 11,459 | ||||||
Yaskawa Electric Corp. | 500 | 20,018 | ||||||
Yellow Hat Ltd. | 500 | 7,099 | ||||||
Yodogawa Steel Works Ltd. | 200 | 4,803 | ||||||
Yokogawa Bridge Holdings Corp. | 500 | 9,134 | ||||||
Yokogawa Electric Corp. | 1,200 | 19,361 | ||||||
Yokohama Rubber Co. Ltd. (The) | 1,500 | 21,031 | ||||||
Yokorei Co. Ltd. | 700 | 5,322 | ||||||
Yokowo Co. Ltd. | 200 | 4,780 | ||||||
Yorozu Corp. | 100 | 785 | ||||||
Yotai Refractories Co. Ltd. | 200 | 2,186 | ||||||
Yuasa Trading Co. Ltd. | 100 | 2,601 | ||||||
Yurtec Corp. | 200 | 1,284 | ||||||
Z Holdings Corp. | 7,600 | 37,201 | ||||||
Zenkoku Hosho Co. Ltd. | 500 | 21,026 | ||||||
Zensho Holdings Co. Ltd. | 1,100 | 26,425 | ||||||
Zeon Corp. | 1,000 | 11,736 | ||||||
ZERIA Pharmaceutical Co. Ltd. | 200 | 3,451 | ||||||
ZOZO, Inc. | 400 | 11,390 | ||||||
22,280,405 | ||||||||
Netherlands — 3.7% | ||||||||
Aalberts NV | 850 | 47,424 | ||||||
ABN AMRO Bank NV, CVA | 6,245 | 83,104 | ||||||
Accell Group NV(2) | 226 | 14,585 | ||||||
Adyen NV(2) | 88 | 183,416 | ||||||
Aegon NV, NY Shares(1) | 31,910 | 158,593 | ||||||
AerCap Holdings NV(2) | 4,242 | 230,892 | ||||||
Akzo Nobel NV | 1,540 | 146,519 | ||||||
AMG Advanced Metallurgical Group NV | 720 | 28,521 | ||||||
Arcadis NV | 530 | 24,223 | ||||||
ASM International NV | 183 | 59,103 | ||||||
ASML Holding NV, NY Shares | 1,353 | 901,788 | ||||||
ASR Nederland NV | 2,982 | 128,885 | ||||||
B&S Group Sarl | 176 | 1,427 | ||||||
Basic-Fit NV(2) | 704 | 32,125 | ||||||
BE Semiconductor Industries NV | 854 | 72,950 | ||||||
Boskalis Westminster | 1,596 | 46,091 | ||||||
Brunel International NV | 841 | 10,006 |
115
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Coca-Cola Europacific Partners plc | 1,390 | $ | 71,182 | |||||
Constellium SE(2) | 392 | 7,617 | ||||||
Corbion NV | 582 | 21,544 | ||||||
Flow Traders | 711 | 24,404 | ||||||
ForFarmers NV | 632 | 2,578 | ||||||
Fugro NV(1)(2) | 932 | 8,972 | ||||||
Heijmans NV, CVA | 462 | 7,062 | ||||||
Heineken Holding NV | 291 | 23,766 | ||||||
Heineken NV | 725 | 73,543 | ||||||
IMCD NV(1) | 81 | 13,158 | ||||||
ING Groep NV, ADR | 28,840 | 335,698 | ||||||
InPost SA(1)(2) | 415 | 2,563 | ||||||
Just Eat Takeaway.com NV(2) | 1,120 | 45,329 | ||||||
Kendrion NV(1) | 45 | 1,008 | ||||||
Koninklijke Ahold Delhaize NV | 9,529 | 293,133 | ||||||
Koninklijke BAM Groep NV(2) | 6,219 | 17,496 | ||||||
Koninklijke DSM NV | 751 | 141,011 | ||||||
Koninklijke KPN NV | 48,467 | 165,860 | ||||||
Koninklijke Philips NV | 1,795 | 61,156 | ||||||
Koninklijke Vopak NV | 765 | 28,349 | ||||||
Nedap N.V. | 19 | 1,367 | ||||||
NN Group NV | 3,179 | 152,576 | ||||||
OCI NV(2) | 1,516 | 42,973 | ||||||
Pharming Group NV(2) | 6,312 | 5,646 | ||||||
PostNL NV | 7,561 | 30,399 | ||||||
Prosus NV(2) | 1,877 | 116,527 | ||||||
Randstad NV | 381 | 25,965 | ||||||
SBM Offshore NV | 1,193 | 18,172 | ||||||
SIF Holding NV(1) | 255 | 3,153 | ||||||
Signify NV | 428 | 21,894 | ||||||
Sligro Food Group NV(2) | 705 | 17,981 | ||||||
TKH Group NV, CVA | 493 | 27,308 | ||||||
TomTom NV(1)(2) | 753 | 6,286 | ||||||
Universal Music Group NV | 1,205 | 27,513 | ||||||
Van Lanschot Kempen NV | 419 | 10,600 | ||||||
Wolters Kluwer NV | 401 | 40,858 | ||||||
4,064,299 | ||||||||
New Zealand — 0.3% | ||||||||
a2 Milk Co. Ltd. (The)(2) | 3,341 | 13,528 | ||||||
Air New Zealand Ltd.(1)(2) | 9,471 | 9,614 | ||||||
Arvida Group Ltd. | 960 | 1,043 | ||||||
Auckland International Airport Ltd.(2) | 7,581 | 36,707 | ||||||
Chorus Ltd. | 6,898 | 34,207 | ||||||
Contact Energy Ltd. | 4,639 | 25,599 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 1,195 | 22,457 | ||||||
Fletcher Building Ltd. | 5,977 | 27,302 | ||||||
Genesis Energy Ltd. | 6,539 | 12,215 | ||||||
Hallenstein Glasson Holdings Ltd. | 237 | 943 | ||||||
Infratil Ltd. | 2,076 | 11,195 | ||||||
Kathmandu Holdings Ltd. | 4,584 | 4,085 | ||||||
Mercury NZ Ltd. | 1,963 | 7,647 |
116
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Meridian Energy Ltd. | 2,645 | $ | 8,980 | |||||
NZX Ltd. | 2,074 | 1,983 | ||||||
Oceania Healthcare Ltd. | 10,328 | 7,371 | ||||||
Pushpay Holdings Ltd.(2) | 6,208 | 3,940 | ||||||
Ryman Healthcare Ltd. | 830 | 5,646 | ||||||
Sanford Ltd.(2) | 585 | 1,746 | ||||||
Scales Corp. Ltd. | 162 | 555 | ||||||
SKYCITY Entertainment Group Ltd. | 4,175 | 8,390 | ||||||
Spark New Zealand Ltd. | 12,261 | 37,645 | ||||||
Summerset Group Holdings Ltd. | 1,675 | 13,428 | ||||||
Synlait Milk Ltd.(1)(2) | 167 | 382 | ||||||
Z Energy Ltd. | 5,301 | 13,074 | ||||||
309,682 | ||||||||
Norway — 0.9% | ||||||||
ABG Sundal Collier Holding ASA | 7,195 | 6,938 | ||||||
Adevinta ASA(2) | 508 | 5,442 | ||||||
Aker BP ASA(1) | 462 | 14,470 | ||||||
Atea ASA(2) | 431 | 6,758 | ||||||
Austevoll Seafood ASA | 108 | 1,525 | ||||||
Bakkafrost P/F | 34 | 2,310 | ||||||
Bonheur ASA | 230 | 9,106 | ||||||
Borr Drilling Ltd.(2) | 3,895 | 8,584 | ||||||
Borregaard ASA | 682 | 15,080 | ||||||
Bouvet ASA | 260 | 1,909 | ||||||
BW Energy Ltd.(2) | 49 | 130 | ||||||
BW LPG Ltd. | 1,378 | 8,212 | ||||||
BW Offshore Ltd. | 1,603 | 5,094 | ||||||
Crayon Group Holding ASA(2) | 407 | 9,125 | ||||||
DNB Bank ASA | 3,804 | 85,165 | ||||||
DNO ASA | 6,539 | 8,296 | ||||||
Entra ASA | 613 | 12,945 | ||||||
Equinor ASA, ADR | 5,111 | 160,792 | ||||||
Europris ASA | 1,242 | 7,922 | ||||||
Fjordkraft Holding ASA | 637 | 2,652 | ||||||
FLEX LNG Ltd. | 384 | 9,634 | ||||||
Frontline Ltd.(1)(2) | 857 | 8,064 | ||||||
Gjensidige Forsikring ASA | 310 | 7,668 | ||||||
Golden Ocean Group Ltd.(1) | 1,164 | 15,078 | ||||||
Grieg Seafood ASA(2) | 515 | 6,486 | ||||||
IDEX Biometrics ASA(1)(2) | 13,201 | 2,961 | ||||||
Kahoot! ASA(1)(2) | 1,016 | 3,181 | ||||||
Kitron ASA(1) | 2,712 | 6,416 | ||||||
Kongsberg Automotive ASA(1)(2) | 17,100 | 5,285 | ||||||
Kongsberg Gruppen ASA | 294 | 10,369 | ||||||
Leroy Seafood Group ASA | 712 | 6,216 | ||||||
Mowi ASA(1) | 1,442 | 37,130 | ||||||
MPC Container Ships AS | 2,352 | 7,416 | ||||||
Nordic Semiconductor ASA(2) | 634 | 16,944 | ||||||
Norsk Hydro ASA | 6,378 | 60,566 | ||||||
Norske Skog ASA(2) | 1,236 | 6,686 | ||||||
Nykode Therapeutics AS(2) | 2,710 | 14,356 |
117
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Odfjell Drilling Ltd.(2) | 354 | $ | 901 | |||||
Orkla ASA | 3,095 | 28,992 | ||||||
PGS ASA(1)(2) | 8,947 | 2,497 | ||||||
Protector Forsikring ASA | 851 | 10,751 | ||||||
Salmar ASA | 167 | 12,270 | ||||||
Sbanken ASA | 858 | 8,882 | ||||||
Scatec ASA | 510 | 7,349 | ||||||
Schibsted ASA, B Shares | 235 | 6,100 | ||||||
Schibsted ASA, Class A | 204 | 5,863 | ||||||
SpareBank 1 Nord Norge | 1,363 | 16,676 | ||||||
Sparebank 1 Oestlandet | 512 | 8,056 | ||||||
SpareBank 1 SMN | 1,594 | 26,341 | ||||||
SpareBank 1 SR-Bank ASA | 1,147 | 16,996 | ||||||
Sparebanken More | 30 | 1,483 | ||||||
Sparebanken Vest | 955 | 11,354 | ||||||
Stolt-Nielsen Ltd. | 82 | 1,469 | ||||||
Storebrand ASA | 3,174 | 31,410 | ||||||
Subsea 7 SA | 1,267 | 8,696 | ||||||
Telenor ASA | 1,943 | 28,748 | ||||||
TGS ASA | 1,885 | 21,309 | ||||||
TOMRA Systems ASA | 438 | 20,613 | ||||||
Veidekke ASA | 669 | 10,351 | ||||||
Wallenius Wilhelmsen ASA(2) | 2,050 | 15,476 | ||||||
Yara International ASA | 1,125 | 57,296 | ||||||
956,790 | ||||||||
Portugal — 0.2% | ||||||||
Banco Comercial Portugues SA, R Shares(1)(2) | 47,877 | 8,853 | ||||||
Corticeira Amorim SGPS SA | 399 | 4,320 | ||||||
CTT-Correios de Portugal SA | 1,350 | 6,540 | ||||||
EDP - Energias de Portugal SA | 11,686 | 57,056 | ||||||
EDP Renovaveis SA | 452 | 10,987 | ||||||
Galp Energia SGPS SA | 4,926 | 54,527 | ||||||
Jeronimo Martins SGPS SA | 1,167 | 25,443 | ||||||
NOS SGPS SA | 979 | 3,769 | ||||||
REN - Redes Energeticas Nacionais SGPS SA | 6,650 | 19,293 | ||||||
Sonae SGPS SA | 9,551 | 10,396 | ||||||
201,184 | ||||||||
Singapore — 1.2% | ||||||||
Ascendas India Trust | 5,600 | 4,927 | ||||||
CapitaLand Integrated Commercial Trust | 2,381 | 3,726 | ||||||
Capitaland Investment Ltd.(2) | 15,400 | 42,200 | ||||||
Chip Eng Seng Corp. Ltd. | 900 | 303 | ||||||
City Developments Ltd. | 3,500 | 18,520 | ||||||
ComfortDelGro Corp. Ltd. | 25,800 | 26,949 | ||||||
DBS Group Holdings Ltd. | 9,252 | 232,596 | ||||||
Far East Orchard Ltd. | 3,900 | 3,216 | ||||||
First Resources Ltd. | 11,900 | 16,219 | ||||||
Frencken Group Ltd. | 6,300 | 7,562 | ||||||
Fu Yu Corp. Ltd. | 17,800 | 3,478 |
118
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Golden Agri-Resources Ltd. | 182,400 | $ | 38,567 | |||||
GuocoLand Ltd. | 800 | 864 | ||||||
Hour Glass Ltd. (The) | 1,700 | 2,514 | ||||||
Hutchison Port Holdings Trust, U Shares | 74,900 | 18,832 | ||||||
iFAST Corp. Ltd. | 2,000 | 8,914 | ||||||
Japfa Ltd. | 10,400 | 4,548 | ||||||
Jardine Cycle & Carriage Ltd. | 500 | 8,075 | ||||||
Keppel Corp. Ltd. | 9,400 | 41,848 | ||||||
Keppel Infrastructure Trust | 21,100 | 8,414 | ||||||
Mandarin Oriental International Ltd.(2) | 3,400 | 7,392 | ||||||
Nanofilm Technologies International Ltd.(1) | 1,100 | 2,306 | ||||||
NetLink NBN Trust | 1,500 | 1,058 | ||||||
Olam International Ltd. | 11,500 | 14,664 | ||||||
OUE Ltd. | 1,000 | 970 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 20,324 | 176,116 | ||||||
QAF Ltd. | 5,200 | 3,283 | ||||||
Raffles Medical Group Ltd. | 9,500 | 8,147 | ||||||
Razer, Inc.(2) | 50,000 | 16,229 | ||||||
SATS Ltd.(2) | 2,200 | 6,474 | ||||||
Sea Ltd., ADR(2) | 571 | 83,138 | ||||||
Sembcorp Industries Ltd. | 8,900 | 16,590 | ||||||
Sheng Siong Group Ltd. | 5,700 | 6,404 | ||||||
SIA Engineering Co. Ltd.(2) | 2,500 | 4,063 | ||||||
Singapore Airlines Ltd.(1)(2) | 14,600 | 55,283 | ||||||
Singapore Exchange Ltd. | 4,800 | 33,301 | ||||||
Singapore Post Ltd. | 13,100 | 6,113 | ||||||
Singapore Press Holdings Ltd. | 13,100 | 22,560 | ||||||
Singapore Technologies Engineering Ltd. | 12,900 | 36,558 | ||||||
Singapore Telecommunications Ltd. | 53,600 | 100,542 | ||||||
StarHub Ltd. | 4,500 | 4,159 | ||||||
UMS Holdings Ltd. | 7,375 | 6,602 | ||||||
United Overseas Bank Ltd. | 3,900 | 86,679 | ||||||
UOL Group Ltd. | 6,600 | 34,204 | ||||||
Venture Corp. Ltd. | 2,600 | 33,915 | ||||||
Wilmar International Ltd. | 17,900 | 58,176 | ||||||
Wing Tai Holdings Ltd. | 4,300 | 5,568 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 32,800 | 33,553 | ||||||
Yanlord Land Group Ltd. | 8,800 | 7,839 | ||||||
1,364,158 | ||||||||
Spain — 2.0% | ||||||||
Acciona SA | 265 | 45,287 | ||||||
Acerinox SA | 2,455 | 31,212 | ||||||
ACS Actividades de Construccion y Servicios SA(1) | 1,928 | 46,847 | ||||||
Aena SME SA(2) | 182 | 29,703 | ||||||
Almirall SA | 764 | 10,000 | ||||||
Amadeus IT Group SA(2) | 556 | 36,683 | ||||||
Applus Services SA | 1,497 | 13,659 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 1,279 | 5,528 | ||||||
Banco Bilbao Vizcaya Argentaria SA, ADR | 27,319 | 160,636 | ||||||
Banco de Sabadell SA(2) | 68,269 | 59,030 | ||||||
Banco Santander SA, ADR | 77,783 | 261,351 |
119
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Bankinter SA | 7,173 | $ | 40,731 | |||||
CaixaBank SA | 26,387 | 86,670 | ||||||
Cellnex Telecom SA | 1,167 | 52,786 | ||||||
Cia de Distribucion Integral Logista Holdings SA(1) | 542 | 9,844 | ||||||
CIE Automotive SA | 454 | 12,137 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 289 | 10,092 | ||||||
Ebro Foods SA(1) | 526 | 9,744 | ||||||
Enagas SA | 4,377 | 92,502 | ||||||
Ence Energia y Celulosa SA(2) | 1,443 | 4,618 | ||||||
Endesa SA | 3,527 | 77,528 | ||||||
Ercros SA(2) | 385 | 1,386 | ||||||
Faes Farma SA | 2,981 | 11,403 | ||||||
Ferrovial SA | 1,742 | 47,459 | ||||||
Fluidra SA | 584 | 17,687 | ||||||
Fomento de Construcciones y Contratas SA | 484 | 5,504 | ||||||
Gestamp Automocion SA | 6,053 | 24,825 | ||||||
Global Dominion Access SA | 1,242 | 5,766 | ||||||
Grifols SA(1) | 808 | 15,320 | ||||||
Grupo Catalana Occidente SA | 464 | 14,957 | ||||||
Iberdrola SA | 13,043 | 147,980 | ||||||
Indra Sistemas SA(2) | 855 | 9,831 | ||||||
Industria de Diseno Textil SA | 2,325 | 60,649 | ||||||
Laboratorios Farmaceuticos Rovi SA | 220 | 17,851 | ||||||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros | 2,702 | 4,518 | ||||||
Mapfre SA | 11,653 | 22,875 | ||||||
Mediaset Espana Comunicacion SA(2) | 2,011 | 10,317 | ||||||
Melia Hotels International SA(2) | 1,566 | 11,738 | ||||||
Miquel y Costas & Miquel SA | 78 | 1,094 | ||||||
Naturgy Energy Group SA(1) | 2,010 | 53,928 | ||||||
Neinor Homes SA(2) | 540 | 7,199 | ||||||
Pharma Mar SA(1) | 50 | 3,048 | ||||||
Prosegur Cash SA(1) | 3,818 | 2,912 | ||||||
Prosegur Cia de Seguridad SA | 2,790 | 6,628 | ||||||
Red Electrica Corp. SA | 4,608 | 91,287 | ||||||
Repsol SA | 21,429 | 278,064 | ||||||
Sacyr SA | 11,530 | 26,981 | ||||||
Siemens Gamesa Renewable Energy SA(2) | 615 | 14,151 | ||||||
Solaria Energia y Medio Ambiente SA(2) | 1,101 | 20,359 | ||||||
Talgo SA(1)(2) | 319 | 1,567 | ||||||
Tecnicas Reunidas SA(1)(2) | 508 | 4,153 | ||||||
Telefonica SA, ADR | 31,316 | 147,185 | ||||||
Unicaja Banco SA | 20,803 | 19,613 | ||||||
Viscofan SA | 433 | 26,851 | ||||||
Zardoya Otis SA | 1,487 | 11,675 | ||||||
2,243,349 | ||||||||
Sweden — 3.6% | ||||||||
AAK AB | 1,407 | 25,600 | ||||||
AcadeMedia AB | 673 | 3,886 | ||||||
AddTech AB, B Shares | 1,286 | 21,116 | ||||||
Africa Oil Corp.(1)(2) | 2,600 | 5,949 | ||||||
AFRY AB | 464 | 8,822 |
120
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Alfa Laval AB | 1,710 | $ | 55,457 | |||||
Alimak Group AB | 274 | 3,112 | ||||||
Ambea AB | 451 | 2,394 | ||||||
Annehem Fastigheter AB, B Shares(2) | 151 | 497 | ||||||
Arjo AB, B Shares | 2,424 | 20,794 | ||||||
Assa Abloy AB, B Shares | 2,571 | 67,483 | ||||||
Atlas Copco AB, B Shares | 1,413 | 63,847 | ||||||
Atlas Copco AB, A Shares | 2,432 | 124,723 | ||||||
Atrium Ljungberg AB, B Shares | 320 | 6,700 | ||||||
Avanza Bank Holding AB | 2,022 | 57,197 | ||||||
Axfood AB | 923 | 24,179 | ||||||
Beijer Alma AB | 713 | 17,533 | ||||||
Beijer Ref AB | 2,350 | 35,406 | ||||||
Better Collective A/S(2) | 287 | 4,610 | ||||||
Bilia AB, A Shares | 790 | 10,259 | ||||||
BillerudKorsnas AB | 2,133 | 29,919 | ||||||
BioArctic AB(2) | 99 | 1,032 | ||||||
BioGaia AB, B Shares | 118 | 6,062 | ||||||
Biotage AB | 900 | 16,228 | ||||||
Boliden AB | 3,354 | 149,187 | ||||||
Bonava AB, B Shares | 824 | 5,889 | ||||||
Bravida Holding AB | 855 | 10,353 | ||||||
Bure Equity AB | 775 | 24,591 | ||||||
Byggmax Group AB | 1,186 | 8,272 | ||||||
Castellum AB(1) | 1,373 | 30,464 | ||||||
Catena AB | 162 | 8,444 | ||||||
Catena Media plc(1)(2) | 1,233 | 5,691 | ||||||
Cibus Nordic Real Estate AB | 262 | 6,581 | ||||||
Cint Group AB(2) | 610 | 5,738 | ||||||
Clas Ohlson AB, B Shares | 1,811 | 20,286 | ||||||
Cloetta AB, B Shares | 1,689 | 4,231 | ||||||
Coor Service Management Holding AB | 784 | 5,974 | ||||||
Corem Property Group AB | 6,921 | 17,275 | ||||||
Dios Fastigheter AB | 1,235 | 12,742 | ||||||
Dometic Group AB | 104 | 1,000 | ||||||
Electrolux AB, B Shares(1) | 3,258 | 58,335 | ||||||
Electrolux Professional AB, B Shares(2) | 3,519 | 20,386 | ||||||
Elekta AB, B Shares(1) | 1,785 | 15,442 | ||||||
Embracer Group AB(2) | 2,390 | 20,516 | ||||||
Eolus Vind AB, B Shares(1) | 472 | 4,021 | ||||||
Epiroc AB, B Shares | 2,925 | 47,415 | ||||||
Epiroc AB, A Shares | 4,876 | 91,623 | ||||||
EQT AB | 716 | 23,965 | ||||||
Essity AB, B Shares | 2,321 | 59,733 | ||||||
Evolution AB | 379 | 43,456 | ||||||
Fabege AB | 1,768 | 26,340 | ||||||
Fastighets AB Balder, B Shares(2) | 403 | 25,123 | ||||||
Ferronordic AB | 267 | 3,104 | ||||||
Fingerprint Cards AB, B Shares(1)(2) | 1,176 | 2,071 | ||||||
Fortnox AB | 3,740 | 14,816 | ||||||
G5 Entertainment AB | 124 | 2,945 |
121
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
GARO AB | 383 | $ | 5,993 | |||||
Getinge AB, B Shares | 1,746 | 67,770 | ||||||
Granges AB | 1,135 | 12,133 | ||||||
H & M Hennes & Mauritz AB, B Shares(1) | 4,919 | 82,094 | ||||||
Hexagon AB, B Shares | 4,158 | 56,173 | ||||||
Hexatronic Group AB | 584 | 21,105 | ||||||
Hexpol AB | 1,841 | 18,836 | ||||||
HMS Networks AB | 126 | 5,361 | ||||||
Hoist Finance AB(1)(2) | 1,730 | 4,490 | ||||||
Holmen AB, B Shares | 523 | 25,610 | ||||||
Hufvudstaden AB, A Shares | 917 | 12,158 | ||||||
Husqvarna AB, B Shares | 5,584 | 67,254 | ||||||
Industrivarden AB, A Shares | 1,066 | 29,438 | ||||||
Indutrade AB | 1,857 | 41,079 | ||||||
International Petroleum Corp.(2) | 2,000 | 14,343 | ||||||
Intrum AB | 284 | 7,262 | ||||||
Investment AB Latour, B Shares | 184 | 5,083 | ||||||
INVISIO AB | 463 | 6,881 | ||||||
Inwido AB | 628 | 9,724 | ||||||
JM AB | 1,250 | 38,709 | ||||||
Karo Pharma AB(2) | 252 | 1,557 | ||||||
KNOW IT AB | 207 | 6,827 | ||||||
Kopparbergs Bryggeri AB, B Shares | 454 | 8,019 | ||||||
Lifco AB, B Shares | 785 | 17,844 | ||||||
Lime Technologies AB(1) | 93 | 2,774 | ||||||
Lindab International AB | 778 | 18,638 | ||||||
Loomis AB | 1,390 | 39,203 | ||||||
Lundin Energy AB | 591 | 21,807 | ||||||
Maha Energy AB(1)(2) | 2,600 | 3,656 | ||||||
Mekonomen AB(2) | 513 | 6,328 | ||||||
Millicom International Cellular SA, SDR(1)(2) | 1,000 | 23,198 | ||||||
MIPS AB | 249 | 19,325 | ||||||
Munters Group AB | 204 | 1,374 | ||||||
Mycronic AB | 817 | 15,486 | ||||||
NCC AB, B Shares | 1,971 | 27,631 | ||||||
New Wave Group AB, B Shares | 885 | 13,382 | ||||||
Nibe Industrier AB, B Shares | 4,052 | 36,070 | ||||||
Nobia AB | 1,165 | 5,113 | ||||||
Nolato AB, B Shares | 2,030 | 19,074 | ||||||
Nordea Bank Abp | 14,046 | 155,398 | ||||||
Nordic Entertainment Group AB, B Shares(2) | 422 | 14,331 | ||||||
Nordic Waterproofing Holding AB | 311 | 5,563 | ||||||
Nordnet AB publ | 1,513 | 25,912 | ||||||
NP3 Fastigheter AB | 89 | 2,417 | ||||||
Nyfosa AB | 1,109 | 15,503 | ||||||
Pandox AB(2) | 470 | 6,862 | ||||||
Paradox Interactive AB(1) | 1,018 | 21,759 | ||||||
Peab AB, Class B | 1,849 | 17,854 | ||||||
Platzer Fastigheter Holding AB, B Shares | 531 | 6,027 | ||||||
Proact IT Group AB | 345 | 2,495 | ||||||
Ratos AB, B Shares | 1,684 | 8,980 |
122
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
RaySearch Laboratories AB(1)(2) | 89 | $ | 445 | |||||
Rejlers AB | 199 | 2,672 | ||||||
Resurs Holding AB | 1,899 | 5,446 | ||||||
Saab AB, B Shares | 631 | 18,920 | ||||||
Sagax AB, B Shares | 507 | 13,786 | ||||||
Samhallsbyggnadsbolaget i Norden AB(1) | 6,754 | 31,219 | ||||||
Sandvik AB | 5,608 | 120,867 | ||||||
SAS AB(1)(2) | 6,440 | 646 | ||||||
Scandi Standard AB | 736 | 2,659 | ||||||
Scandic Hotels Group AB(1)(2) | 200 | 882 | ||||||
Sectra AB, B Shares(1)(2) | 1,153 | 18,341 | ||||||
Securitas AB, B Shares | 1,129 | 13,669 | ||||||
Sinch AB(2) | 1,121 | 9,456 | ||||||
Skandinaviska Enskilda Banken AB, A Shares | 7,803 | 89,893 | ||||||
Skanska AB, B Shares | 3,827 | 86,618 | ||||||
SKF AB, B Shares | 4,516 | 83,384 | ||||||
SkiStar AB | 525 | 7,786 | ||||||
Solid Forsakring AB(2) | 189 | 967 | ||||||
Spotify Technology SA(2) | 155 | 24,209 | ||||||
SSAB AB, A Shares(2) | 4,621 | 28,919 | ||||||
SSAB AB, B Shares(2) | 8,714 | 47,128 | ||||||
Stillfront Group AB(1)(2) | 1,580 | 5,141 | ||||||
Svenska Cellulosa AB SCA, B Shares | 2,803 | 45,732 | ||||||
Svenska Handelsbanken AB, A Shares | 8,726 | 82,956 | ||||||
Sweco AB, B Shares | 1,505 | 21,122 | ||||||
Swedbank AB, A Shares | 5,618 | 90,770 | ||||||
Swedish Orphan Biovitrum AB(2) | 1,017 | 20,912 | ||||||
Tele2 AB, B Shares | 923 | 12,231 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 12,262 | 113,791 | ||||||
Telia Co. AB | 24,488 | 91,051 | ||||||
Tethys Oil AB | 639 | 4,557 | ||||||
TF Bank AB | 201 | 3,561 | ||||||
Thule Group AB | 941 | 36,951 | ||||||
Transtema Group AB(2) | 1,003 | 3,429 | ||||||
Trelleborg AB, B Shares | 3,882 | 77,997 | ||||||
Troax Group AB | 724 | 19,146 | ||||||
Vitec Software Group AB, B Shares | 386 | 16,311 | ||||||
Vitrolife AB | 318 | 10,651 | ||||||
Volvo AB, B Shares | 7,444 | 143,177 | ||||||
Volvo AB, A Shares | 1,259 | 24,603 | ||||||
Wallenstam AB, B Shares | 557 | 8,153 | ||||||
Wihlborgs Fastigheter AB | 993 | 19,612 | ||||||
3,950,483 | ||||||||
Switzerland — 8.3% | ||||||||
ABB Ltd., ADR | 6,021 | 202,787 | ||||||
Adecco Group AG | 859 | 40,569 | ||||||
Alcon, Inc. | 2,241 | 173,134 | ||||||
Allreal Holding AG | 108 | 23,421 | ||||||
ALSO Holding AG(2) | 84 | 22,412 | ||||||
Aluflexpack AG(2) | 154 | 3,077 | ||||||
ams-OSRAM AG(2) | 2,550 | 39,682 |
123
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
APG SGA SA(2) | 4 | $ | 845 | |||||
Arbonia AG | 1,126 | 24,972 | ||||||
Aryzta AG(2) | 9,863 | 11,267 | ||||||
Ascom Holding AG(2) | 361 | 4,096 | ||||||
Autoneum Holding AG(2) | 85 | 14,178 | ||||||
Bachem Holding AG, Class B | 36 | 21,425 | ||||||
Baloise Holding AG | 529 | 88,736 | ||||||
Banque Cantonale Vaudoise | 176 | 15,067 | ||||||
Barry Callebaut AG | 42 | 96,880 | ||||||
Belimo Holding AG | 216 | 114,484 | ||||||
Bell Food Group AG | 17 | 5,074 | ||||||
Bellevue Group AG | 89 | 3,907 | ||||||
BKW AG | 65 | 8,189 | ||||||
Bobst Group SA(2) | 202 | 18,380 | ||||||
Bossard Holding AG, Class A | 91 | 25,388 | ||||||
Bucher Industries AG | 72 | 31,790 | ||||||
Burckhardt Compression Holding AG | 65 | 31,909 | ||||||
Burkhalter Holding AG | 46 | 3,103 | ||||||
Bystronic AG | 14 | 16,249 | ||||||
Cembra Money Bank AG | 180 | 12,351 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 1 | 112,245 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate | 7 | 74,254 | ||||||
Cie Financiere Richemont SA | 2,801 | 375,072 | ||||||
Clariant AG(2) | 2,715 | 49,013 | ||||||
Coltene Holding AG(2) | 73 | 8,440 | ||||||
Comet Holding AG | 138 | 41,916 | ||||||
COSMO Pharmaceuticals NV(2) | 51 | 3,397 | ||||||
Credit Suisse Group AG, ADR(1) | 22,786 | 188,668 | ||||||
Daetwyler Holding AG | 76 | 26,106 | ||||||
DKSH Holding AG | 629 | 53,423 | ||||||
dormakaba Holding AG | 51 | 28,187 | ||||||
Dufry AG(2) | 372 | 17,375 | ||||||
EFG International AG(2) | 847 | 6,461 | ||||||
Emmi AG | 40 | 46,767 | ||||||
EMS-Chemie Holding AG | 27 | 26,707 | ||||||
Evolva Holding SA(2) | 11,416 | 1,635 | ||||||
Flughafen Zurich AG(2) | 162 | 29,147 | ||||||
Forbo Holding AG | 18 | 30,780 | ||||||
Fundamenta Real Estate AG | 318 | 6,779 | ||||||
Galenica AG | 548 | 38,563 | ||||||
GAM Holding AG(2) | 1,797 | 2,234 | ||||||
Geberit AG | 217 | 141,956 | ||||||
Georg Fischer AG | 63 | 77,511 | ||||||
Givaudan SA | 14 | 58,456 | ||||||
Gurit Holding AG | 6 | 9,862 | ||||||
Helvetia Holding AG | 514 | 62,518 | ||||||
Holcim Ltd.(2) | 2,775 | 139,688 | ||||||
Huber + Suhner AG | 289 | 27,863 | ||||||
Implenia AG(2) | 101 | 2,520 | ||||||
Ina Invest Holding AG(2) | 20 | 423 | ||||||
Inficon Holding AG | 27 | 31,657 |
124
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Interroll Holding AG | 11 | $ | 40,878 | |||||
Intershop Holding AG | 7 | 4,683 | ||||||
Julius Baer Group Ltd. | 2,318 | 135,734 | ||||||
Kardex Holding AG | 96 | 24,923 | ||||||
Komax Holding AG(2) | 34 | 8,929 | ||||||
Kuehne + Nagel International AG | 323 | 88,087 | ||||||
Landis+Gyr Group AG(2) | 181 | 11,823 | ||||||
LEM Holding SA | 6 | 14,256 | ||||||
Leonteq AG | 202 | 13,819 | ||||||
Liechtensteinische Landesbank AG | 79 | 4,763 | ||||||
Logitech International SA | 1,700 | 127,209 | ||||||
Lonza Group AG | 125 | 86,488 | ||||||
Medacta Group SA(2) | 105 | 13,299 | ||||||
Medartis Holding AG(2) | 54 | 8,090 | ||||||
Medmix AG(2) | 220 | 8,104 | ||||||
Metall Zug AG, B Shares | 4 | 8,704 | ||||||
Mobilezone Holding AG | 1,460 | 21,589 | ||||||
Mobimo Holding AG(2) | 69 | 23,159 | ||||||
Nestle SA | 6,199 | 807,703 | ||||||
Novartis AG, ADR | 8,513 | 744,547 | ||||||
OC Oerlikon Corp. AG | 2,162 | 19,249 | ||||||
Orior AG | 86 | 7,865 | ||||||
Partners Group Holding AG | 192 | 259,543 | ||||||
Peach Property Group AG | 168 | 10,158 | ||||||
PolyPeptide Group AG(2) | 196 | 17,404 | ||||||
PSP Swiss Property AG | 342 | 44,216 | ||||||
Rieter Holding AG(2) | 59 | 10,431 | ||||||
Roche Holding AG | 3,287 | 1,244,896 | ||||||
Roche Holding AG, Bearer Shares | 163 | 68,038 | ||||||
Schindler Holding AG | 149 | 33,399 | ||||||
Schindler Holding AG, Bearer Participation Certificate | 301 | 69,063 | ||||||
Schweiter Technologies AG | 10 | 12,899 | ||||||
Sensirion Holding AG(2) | 193 | 21,875 | ||||||
SFS Group AG | 137 | 19,903 | ||||||
SGS SA | 43 | 123,038 | ||||||
Siegfried Holding AG(2) | 35 | 26,458 | ||||||
SIG Combibloc Group AG(2) | 1,594 | 35,772 | ||||||
Sika AG | 252 | 83,622 | ||||||
Softwareone Holding AG(2) | 836 | 15,091 | ||||||
Sonova Holding AG | 123 | 47,625 | ||||||
St Galler Kantonalbank AG | 62 | 30,348 | ||||||
Stadler Rail AG | 318 | 12,269 | ||||||
Straumann Holding AG | 67 | 106,427 | ||||||
Sulzer AG | 326 | 27,449 | ||||||
Swatch Group AG (The) | 374 | 22,157 | ||||||
Swatch Group AG (The), Bearer Shares | 250 | 76,879 | ||||||
Swiss Life Holding AG | 425 | 259,325 | ||||||
Swiss Prime Site AG | 520 | 50,957 | ||||||
Swiss Re AG | 1,578 | 150,787 | ||||||
Swisscom AG | 270 | 161,733 | ||||||
Swissquote Group Holding SA | 270 | 46,841 |
125
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Tecan Group AG | 146 | $ | 63,197 | |||||
Temenos AG | 442 | 44,427 | ||||||
TX Group AG(2) | 61 | 9,585 | ||||||
u-blox Holding AG(2) | 60 | 4,256 | ||||||
UBS Group AG(1)(2) | 25,360 | 460,030 | ||||||
V-ZUG Holding AG(2) | 38 | 4,358 | ||||||
Valiant Holding AG | 140 | 14,544 | ||||||
Valora Holding AG(2) | 44 | 8,727 | ||||||
VAT Group AG | 94 | 35,522 | ||||||
Vetropack Holding AG | 50 | 2,538 | ||||||
Vifor Pharma AG(2) | 318 | 55,826 | ||||||
Vontobel Holding AG | 557 | 43,983 | ||||||
VP Bank AG | 24 | 2,571 | ||||||
VZ Holding AG | 197 | 17,688 | ||||||
Ypsomed Holding AG | 8 | 1,405 | ||||||
Zehnder Group AG | 116 | 10,033 | ||||||
Zurich Insurance Group AG | 860 | 394,737 | ||||||
9,258,926 | ||||||||
United Kingdom — 14.0% | ||||||||
3i Group plc | 11,166 | 198,912 | ||||||
Aberdeen plc | 11,000 | 30,489 | ||||||
Admiral Group plc | 1,789 | 71,266 | ||||||
AG Barr plc | 685 | 4,752 | ||||||
Airtel Africa plc | 9,146 | 17,281 | ||||||
AJ Bell plc | 2,395 | 9,861 | ||||||
Anglo American plc | 8,031 | 407,667 | ||||||
Anglo Asian Mining plc | 529 | 745 | ||||||
Antofagasta plc | 3,453 | 69,916 | ||||||
AO World plc(1)(2) | 4,668 | 5,966 | ||||||
Ashmore Group plc | 2,920 | 9,775 | ||||||
Ashtead Group plc | 3,206 | 208,332 | ||||||
ASOS plc(2) | 317 | 8,313 | ||||||
Associated British Foods plc | 2,413 | 61,739 | ||||||
Aston Martin Lagonda Global Holdings plc(2) | 795 | 10,786 | ||||||
AstraZeneca plc, ADR | 8,684 | 528,682 | ||||||
Atalaya Mining plc | 1,621 | 9,463 | ||||||
Auto Trader Group plc | 6,808 | 60,210 | ||||||
Avast plc | 411 | 3,462 | ||||||
Avation plc(2) | 285 | 359 | ||||||
AVEVA Group plc | 241 | 7,980 | ||||||
Aviva plc | 25,074 | 140,499 | ||||||
B&M European Value Retail SA | 9,160 | 74,295 | ||||||
Babcock International Group plc(2) | 2,270 | 9,999 | ||||||
BAE Systems plc | 15,422 | 148,066 | ||||||
Balfour Beatty plc | 1,849 | 5,873 | ||||||
Bank of Georgia Group plc | 924 | 16,366 | ||||||
Barclays plc, ADR | 27,964 | 276,844 | ||||||
Barratt Developments plc | 12,137 | 98,858 | ||||||
Beazley plc | 2,177 | 13,167 | ||||||
Bellway plc | 1,639 | 63,043 | ||||||
Berkeley Group Holdings plc | 1,710 | 88,931 |
126
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Biffa plc | 4,089 | $ | 17,850 | |||||
Bioventix plc | 97 | 3,953 | ||||||
Bloomsbury Publishing plc | 1,593 | 8,639 | ||||||
Bodycote plc | 2,068 | 20,659 | ||||||
boohoo Group plc(2) | 5,993 | 7,204 | ||||||
BP plc, ADR | 12,090 | 353,149 | ||||||
Brewin Dolphin Holdings plc | 3,143 | 12,392 | ||||||
Britvic plc | 3,501 | 40,156 | ||||||
BT Group plc | 93,688 | 233,760 | ||||||
Bunzl plc | 1,282 | 50,662 | ||||||
Burberry Group plc | 3,361 | 87,138 | ||||||
Burford Capital Ltd. | 2,226 | 21,632 | ||||||
Bytes Technology Group plc | 2,614 | 16,163 | ||||||
Capita plc(2) | 2,336 | 875 | ||||||
Capricorn Energy plc(1)(2) | 12,461 | 36,893 | ||||||
Carnival plc, ADR(1)(2) | 380 | 7,133 | ||||||
Centamin plc | 15,784 | 20,951 | ||||||
Central Asia Metals plc | 2,002 | 5,616 | ||||||
Centrica plc(2) | 110,918 | 114,244 | ||||||
Cerillion plc | 701 | 6,322 | ||||||
Chemring Group plc | 1,059 | 4,330 | ||||||
Clinigen Group plc | 497 | 6,107 | ||||||
Clipper Logistics plc | 1,166 | 14,008 | ||||||
Close Brothers Group plc | 2,096 | 32,747 | ||||||
CMC Markets plc | 1,424 | 4,451 | ||||||
Coats Group plc | 32,332 | 26,349 | ||||||
Coca-Cola HBC AG(2) | 1,384 | 35,163 | ||||||
Compass Group plc | 1,753 | 39,623 | ||||||
Computacenter plc | 643 | 23,536 | ||||||
ContourGlobal plc | 2,246 | 5,670 | ||||||
ConvaTec Group plc | 3,280 | 7,930 | ||||||
Countryside Partnerships plc(2) | 390 | 1,582 | ||||||
Cranswick plc | 561 | 26,335 | ||||||
Crest Nicholson Holdings plc | 4,562 | 18,724 | ||||||
Croda International plc | 419 | 41,941 | ||||||
Currys PLC | 686 | 861 | ||||||
CVS Group plc | 810 | 18,215 | ||||||
DCC plc | 810 | 63,563 | ||||||
De La Rue plc(2) | 2,261 | 3,421 | ||||||
Dechra Pharmaceuticals plc | 30 | 1,654 | ||||||
Devro plc | 2,672 | 7,278 | ||||||
Diageo plc, ADR | 1,898 | 379,012 | ||||||
Diploma plc | 266 | 9,439 | ||||||
Direct Line Insurance Group plc | 15,267 | 60,571 | ||||||
Diversified Energy Co. plc | 6,380 | 10,051 | ||||||
Domino's Pizza Group plc | 1,387 | 6,769 | ||||||
Dr. Martens plc | 5,887 | 22,131 | ||||||
Drax Group plc | 5,526 | 52,136 | ||||||
DS Smith plc | 6,534 | 30,108 | ||||||
Dunelm Group plc | 1,681 | 27,080 | ||||||
easyJet plc(2) | 1,160 | 9,308 |
127
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Eckoh plc | 1,273 | $ | 728 | |||||
Electrocomponents plc | 2,385 | 31,461 | ||||||
EMIS Group plc | 656 | 10,822 | ||||||
Ergomed plc(2) | 532 | 8,310 | ||||||
Essentra plc | 981 | 3,996 | ||||||
Evraz plc | 4,911 | 13,802 | ||||||
Experian plc | 3,307 | 129,186 | ||||||
Ferguson plc | 1,539 | 234,510 | ||||||
Ferrexpo plc | 4,115 | 9,334 | ||||||
Firstgroup plc(1)(2) | 13,876 | 18,566 | ||||||
Forterra plc | 2,009 | 6,497 | ||||||
Frasers Group plc(2) | 4,573 | 38,672 | ||||||
Fresnillo plc | 497 | 4,741 | ||||||
Frontier Developments plc(1)(2) | 65 | 1,137 | ||||||
Games Workshop Group plc | 365 | 36,615 | ||||||
Gamma Communications plc | 370 | 7,272 | ||||||
Gateley Holdings plc | 451 | 1,109 | ||||||
Genus plc | 152 | 6,694 | ||||||
Georgia Capital plc(2) | 584 | 4,379 | ||||||
GlaxoSmithKline plc, ADR | 11,743 | 491,562 | ||||||
Glencore plc(2) | 55,454 | 326,070 | ||||||
Go-Ahead Group plc (The)(2) | 672 | 5,953 | ||||||
Golar LNG Ltd.(2) | 1,158 | 20,149 | ||||||
Grafton Group plc | 4,069 | 58,431 | ||||||
Grainger plc | 4,141 | 15,459 | ||||||
Greggs plc | 1,975 | 67,909 | ||||||
Gulf Keystone Petroleum Ltd. | 636 | 1,666 | ||||||
Gym Group plc (The)(2) | 298 | 842 | ||||||
Halfords Group plc | 3,874 | 14,394 | ||||||
Halma plc | 1,280 | 41,285 | ||||||
Harbour Energy plc(2) | 8,634 | 45,722 | ||||||
Hargreaves Lansdown plc | 3,944 | 59,776 | ||||||
Hays plc | 11,502 | 20,931 | ||||||
Headlam Group plc | 1,141 | 5,990 | ||||||
Helical plc | 1,145 | 6,475 | ||||||
Helios Towers plc(2) | 11,166 | 21,838 | ||||||
Hikma Pharmaceuticals plc | 744 | 20,713 | ||||||
Hill & Smith Holdings plc | 879 | 16,640 | ||||||
Hiscox Ltd. | 2,060 | 25,348 | ||||||
Hochschild Mining plc | 4,168 | 6,462 | ||||||
HomeServe plc | 887 | 8,010 | ||||||
Hotel Chocolat Group plc(2) | 183 | 1,130 | ||||||
Howden Joinery Group plc | 7,466 | 84,926 | ||||||
HSBC Holdings plc, ADR | 19,221 | 663,893 | ||||||
Hunting plc | 2,569 | 8,006 | ||||||
Ibstock plc | 6,036 | 14,366 | ||||||
IG Group Holdings plc | 5,057 | 52,848 | ||||||
IMI plc | 2,241 | 43,902 | ||||||
Impax Asset Management Group plc | 1,397 | 18,170 | ||||||
Inchcape plc | 5,005 | 50,061 | ||||||
Indivior plc(2) | 13,135 | 49,425 |
128
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Informa plc(2) | 300 | $ | 2,375 | |||||
IntegraFin Holdings plc | 2,862 | 16,442 | ||||||
InterContinental Hotels Group plc(2) | 551 | 38,368 | ||||||
Intermediate Capital Group plc | 3,734 | 85,581 | ||||||
International Personal Finance plc | 4,374 | 6,546 | ||||||
Intertek Group plc | 1,307 | 93,819 | ||||||
Investec plc | 9,925 | 53,830 | ||||||
IP Group plc | 14,801 | 18,392 | ||||||
ITV plc(2) | 12,599 | 18,563 | ||||||
IWG plc(2) | 7,707 | 28,900 | ||||||
J D Wetherspoon plc(2) | 378 | 4,404 | ||||||
J Sainsbury plc | 20,840 | 76,860 | ||||||
Jadestone Energy plc | 2,676 | 3,423 | ||||||
JD Sports Fashion plc | 25,759 | 51,818 | ||||||
JET2 plc(2) | 1,045 | 17,828 | ||||||
Johnson Matthey plc | 2,250 | 56,541 | ||||||
Jubilee Metals Group plc(2) | 28,078 | 6,026 | ||||||
Judges Scientific plc | 96 | 9,436 | ||||||
Jupiter Fund Management plc | 7,591 | 21,647 | ||||||
Just Group plc(2) | 13,695 | 15,376 | ||||||
K3 Capital Group plc | 1,453 | 5,681 | ||||||
Kainos Group plc | 1,078 | 22,064 | ||||||
Kape Technologies plc(2) | 1,411 | 6,205 | ||||||
Keller Group plc | 1,301 | 13,767 | ||||||
Kingfisher plc | 17,026 | 69,455 | ||||||
Knights Group Holdings plc | 237 | 1,148 | ||||||
Lancashire Holdings Ltd. | 652 | 4,105 | ||||||
Legal & General Group plc | 51,659 | 191,005 | ||||||
Liberty Global plc, Class A(2) | 1,044 | 26,914 | ||||||
Liberty Global plc, Class C(2) | 2,576 | 66,641 | ||||||
Liontrust Asset Management plc | 689 | 13,932 | ||||||
Lloyds Banking Group plc, ADR | 129,776 | 328,333 | ||||||
London Stock Exchange Group plc | 502 | 43,853 | ||||||
Lookers plc(2) | 1,152 | 1,344 | ||||||
Luxfer Holdings plc | 635 | 11,062 | ||||||
M&G plc | 23,519 | 64,745 | ||||||
Man Group plc | 15,864 | 40,853 | ||||||
Marks & Spencer Group plc(2) | 31,253 | 72,843 | ||||||
Marshalls plc | 1,809 | 15,405 | ||||||
Marston's plc(2) | 6,983 | 7,242 | ||||||
McBride plc(2) | 3,696 | 2,212 | ||||||
Mediclinic International plc(2) | 6,963 | 30,693 | ||||||
Meggitt plc(2) | 3,447 | 34,718 | ||||||
Micro Focus International plc, ADR | 162 | 834 | ||||||
Mitchells & Butlers plc(1)(2) | 2,602 | 8,237 | ||||||
Mitie Group plc | 15,699 | 11,734 | ||||||
Molten Ventures plc(2) | 2,262 | 20,597 | ||||||
Mondi plc | 2,767 | 58,056 | ||||||
Moneysupermarket.com Group plc | 4,312 | 12,093 | ||||||
Morgan Advanced Materials plc | 3,279 | 13,325 | ||||||
Morgan Sindall Group plc | 493 | 15,247 |
129
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Mortgage Advice Bureau Holdings Ltd. | 524 | $ | 8,054 | |||||
Motorpoint group plc(2) | 1,442 | 5,538 | ||||||
Naked Wines plc(1)(2) | 964 | 5,467 | ||||||
National Grid plc, ADR | 4,015 | 303,454 | ||||||
Natwest Group plc, ADR | 13,113 | 80,120 | ||||||
Network International Holdings plc(2) | 1,147 | 3,453 | ||||||
Next plc | 1,513 | 138,534 | ||||||
Ninety One plc | 5,891 | 19,499 | ||||||
Norcros plc | 2,404 | 8,559 | ||||||
Ocado Group plc(2) | 886 | 16,293 | ||||||
On the Beach Group plc(2) | 178 | 676 | ||||||
OSB Group plc | 2,623 | 17,528 | ||||||
Pagegroup plc | 4,975 | 37,805 | ||||||
Pan African Resources plc | 35,963 | 10,472 | ||||||
Paragon Banking Group plc | 3,792 | 25,532 | ||||||
PayPoint plc | 948 | 7,598 | ||||||
Pearson plc, ADR | 1,762 | 15,576 | ||||||
Pennon Group plc | 2,133 | 29,646 | ||||||
Persimmon plc | 3,579 | 115,185 | ||||||
Petrofac Ltd.(2) | 3,277 | 4,705 | ||||||
Petropavlovsk plc(2) | 26,205 | 2,790 | ||||||
Phoenix Group Holdings plc | 5,470 | 45,337 | ||||||
Playtech plc(2) | 3,187 | 28,383 | ||||||
Plus500 Ltd. | 1,313 | 24,501 | ||||||
Premier Foods plc | 10,225 | 15,053 | ||||||
Provident Financial plc(2) | 9,000 | 34,737 | ||||||
Prudential plc, ADR | 5,306 | 160,400 | ||||||
PZ Cussons plc | 2,000 | 5,630 | ||||||
QinetiQ Group plc | 4,323 | 16,815 | ||||||
Quilter plc | 13,962 | 24,282 | ||||||
Rathbones Group plc | 909 | 20,027 | ||||||
Reach plc | 5,624 | 17,179 | ||||||
Reckitt Benckiser Group plc | 2,238 | 189,507 | ||||||
Redde Northgate plc | 3,835 | 19,463 | ||||||
Redrow plc | 4,467 | 34,054 | ||||||
RELX plc, ADR | 7,723 | 235,783 | ||||||
Renewi plc(2) | 877 | 7,215 | ||||||
Renishaw plc | 107 | 6,721 | ||||||
Rentokil Initial plc | 13,305 | 90,293 | ||||||
Restore plc | 1,422 | 8,530 | ||||||
Rhi Magnesita NV | 334 | 12,416 | ||||||
Rightmove plc | 12,407 | 111,135 | ||||||
Rio Tinto plc, ADR(1) | 6,688 | 525,543 | ||||||
Rolls-Royce Holdings plc(2) | 23,152 | 31,937 | ||||||
Rotork plc | 7,216 | 29,571 | ||||||
Royal Mail plc | 8,658 | 45,503 | ||||||
Sabre Insurance Group plc | 263 | 728 | ||||||
Saga plc(2) | 108 | 405 | ||||||
Sage Group plc (The) | 4,743 | 44,496 | ||||||
Savills plc | 2,570 | 43,864 | ||||||
Schroders plc | 879 | 35,985 |
130
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Senior plc(2) | 6,285 | $ | 11,775 | |||||
Serco Group plc | 3,080 | 5,485 | ||||||
Serica Energy plc | 3,636 | 13,519 | ||||||
Severn Trent plc | 1,404 | 54,016 | ||||||
Shanta Gold Ltd. | 16,512 | 2,038 | ||||||
Shell plc, ADR | 20,217 | 1,059,169 | ||||||
SIG plc(2) | 12,374 | 6,381 | ||||||
Sirius Real Estate Ltd. | 6,667 | 11,175 | ||||||
Smart Metering Systems plc | 1,076 | 10,358 | ||||||
Smith & Nephew plc, ADR | 2,446 | 87,175 | ||||||
Smiths Group plc | 1,674 | 34,151 | ||||||
Softcat plc | 1,227 | 25,682 | ||||||
Spectris plc | 924 | 34,717 | ||||||
Speedy Hire plc | 6,740 | 4,726 | ||||||
Spirax-Sarco Engineering plc | 254 | 40,476 | ||||||
Spire Healthcare Group plc(2) | 642 | 1,997 | ||||||
Spirent Communications plc | 3,163 | 10,349 | ||||||
SSE plc | 2,815 | 63,886 | ||||||
SSP Group plc(2) | 3,100 | 11,526 | ||||||
St. James's Place plc | 7,501 | 140,628 | ||||||
Standard Chartered plc (London) | 18,166 | 129,462 | ||||||
SThree plc | 2,722 | 16,168 | ||||||
Strix Group plc(1) | 2,672 | 8,796 | ||||||
Studio Retail Group plc(2) | 420 | 648 | ||||||
Superdry plc(2) | 1,215 | 3,190 | ||||||
Synthomer plc | 2,700 | 10,404 | ||||||
Tate & Lyle plc | 7,106 | 71,333 | ||||||
Tatton Asset Management plc | 821 | 5,095 | ||||||
Taylor Wimpey plc | 50,329 | 100,949 | ||||||
TBC Bank Group plc | 854 | 13,744 | ||||||
Telecom Plus plc | 530 | 10,304 | ||||||
Tesco plc | 27,194 | 105,348 | ||||||
TI Fluid Systems plc | 1,823 | 5,310 | ||||||
Topps Tiles plc | 1,038 | 833 | ||||||
TP Icap Group plc | 4,487 | 7,177 | ||||||
Trainline plc(2) | 174 | 475 | ||||||
Travis Perkins plc | 2,650 | 51,443 | ||||||
Treatt plc | 501 | 6,543 | ||||||
TUI AG(2) | 2,877 | 9,206 | ||||||
Tullow Oil plc(2) | 13,780 | 9,918 | ||||||
Ultra Electronics Holdings plc | 39 | 1,666 | ||||||
Unilever plc, ADR | 9,003 | 452,581 | ||||||
United Utilities Group plc | 4,817 | 69,137 | ||||||
Vertu Motors plc | 18,946 | 15,273 | ||||||
Vesuvius plc | 1,468 | 7,800 | ||||||
Victrex plc | 494 | 12,792 | ||||||
Virgin Money UK plc | 16,432 | 40,667 | ||||||
Vistry Group plc | 3,803 | 51,154 | ||||||
Vivo Energy plc | 11,269 | 20,279 | ||||||
Vodafone Group plc, ADR(1) | 20,211 | 357,735 | ||||||
Vp plc | 87 | 1,056 |
131
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Watkin Jones plc | 3,373 | $ | 10,961 | |||||
Weir Group plc (The) | 1,376 | 29,007 | ||||||
WH Smith plc(2) | 794 | 17,180 | ||||||
Whitbread plc(2) | 334 | 13,038 | ||||||
Wickes Group plc | 3,918 | 9,547 | ||||||
Wincanton plc | 1,138 | 5,435 | ||||||
WPP plc, ADR(1) | 1,117 | 78,737 | ||||||
Yellow Cake plc(2) | 5,262 | 24,745 | ||||||
15,530,424 | ||||||||
United States† | ||||||||
Block, Inc.(2) | 91 | 10,264 | ||||||
Cazoo Group Ltd.(2) | 548 | 1,935 | ||||||
12,199 | ||||||||
TOTAL COMMON STOCKS (Cost $95,580,577) | 109,620,117 | |||||||
RIGHTS† | ||||||||
Italy† | ||||||||
Banca Popolare di Sondrio SpA(2) | 5,964 | 67 | ||||||
New Zealand† | ||||||||
NZX Ltd.(2) | 230 | — | ||||||
Sweden† | ||||||||
Stillfront Group AB(2) | 1,580 | 785 | ||||||
TOTAL RIGHTS (Cost $—) | 852 | |||||||
SHORT-TERM INVESTMENTS — 6.4% | ||||||||
Money Market Funds — 6.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 4,215,874 | 4,215,874 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 2,841,395 | 2,841,395 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $7,057,269) | 7,057,269 | |||||||
TOTAL INVESTMENT SECURITIES — 105.2% (Cost $102,637,846) | 116,678,238 | |||||||
OTHER ASSETS AND LIABILITIES — (5.2)% | (5,716,008) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 110,962,230 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
S&P 500 E-Mini | 4 | March 2022 | $ | 873,600 | $ | (16,869) |
^Amount represents value and unrealized appreciation (depreciation).
132
Avantis International Equity Fund
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 20.2% | ||||
Industrials | 16.1% | ||||
Materials | 12.1% | ||||
Consumer Discretionary | 10.8% | ||||
Health Care | 8.1% | ||||
Information Technology | 7.0% | ||||
Consumer Staples | 6.5% | ||||
Energy | 6.5% | ||||
Communication Services | 5.0% | ||||
Utilities | 4.6% | ||||
Real Estate | 1.9% | ||||
Short-Term Investments | 6.4% | ||||
Other Assets and Liabilities | (5.2)% |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | - | American Depositary Receipt | ||||||
CVA | - | Certificaten Van Aandelen | ||||||
SDR | - | Swedish Depositary Receipt |
†Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $5,390,000. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $5,627,389, which includes securities collateral of $2,785,994.
See Notes to Financial Statements.
133
FEBRUARY 28, 2022 (UNAUDITED)
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.3% | ||||||||
Australia — 9.4% | ||||||||
Adairs Ltd.(1) | 10,087 | $ | 21,072 | |||||
Adbri Ltd. | 41,613 | 100,583 | ||||||
Aeris Resources Ltd.(1)(2) | 389,885 | 36,136 | ||||||
Alkane Resources Ltd.(2) | 84,644 | 63,881 | ||||||
Alliance Aviation Services Ltd.(2) | 9,551 | 22,381 | ||||||
Aurelia Metals Ltd.(2) | 329,886 | 107,813 | ||||||
Austal Ltd. | 45,202 | 63,082 | ||||||
Australian Agricultural Co. Ltd.(2) | 6,913 | 8,303 | ||||||
Australian Finance Group Ltd. | 51,743 | 83,323 | ||||||
Australian Pharmaceutical Industries Ltd. | 79,385 | 88,326 | ||||||
Bank of Queensland Ltd. | 92,248 | 537,034 | ||||||
Beach Energy Ltd. | 483,396 | 538,443 | ||||||
Bega Cheese Ltd. | 32,322 | 110,611 | ||||||
Bendigo & Adelaide Bank Ltd. | 109,009 | 760,785 | ||||||
Byron Energy Ltd.(2) | 7,834 | 795 | ||||||
Challenger Ltd. | 97,841 | 481,166 | ||||||
Champion Iron Ltd. | 59,052 | 278,431 | ||||||
Coronado Global Resources, Inc.(2) | 257,710 | 309,850 | ||||||
Costa Group Holdings Ltd. | 60,395 | 119,563 | ||||||
CSR Ltd. | 119,094 | 497,162 | ||||||
Dacian Gold Ltd.(1)(2) | 57,096 | 8,661 | ||||||
Eclipx Group Ltd.(2) | 76,422 | 129,270 | ||||||
Emeco Holdings Ltd. | 88,013 | 58,676 | ||||||
Fleetwood Ltd. | 1,403 | 2,018 | ||||||
Gold Road Resources Ltd. | 239,688 | 267,473 | ||||||
Grange Resources Ltd. | 110,167 | 78,201 | ||||||
HUB24 Ltd. | 126 | 2,592 | ||||||
Humm Group Ltd.(1) | 50,226 | 32,245 | ||||||
IGO Ltd. | 77,043 | 618,068 | ||||||
Iluka Resources Ltd. | 78,171 | 615,055 | ||||||
Imdex Ltd. | 58,198 | 114,274 | ||||||
Inghams Group Ltd.(1) | 78,223 | 192,126 | ||||||
Integrated Research Ltd.(1)(2) | 13,306 | 6,692 | ||||||
InvoCare Ltd.(1) | 34,430 | 324,466 | ||||||
JB Hi-Fi Ltd.(1) | 1,944 | 69,925 | ||||||
Karoon Energy Ltd.(2) | 146,081 | 219,851 | ||||||
Lovisa Holdings Ltd. | 6,765 | 98,920 | ||||||
MACA Ltd. | 43,040 | 24,102 | ||||||
Macmahon Holdings Ltd. | 111,757 | 14,281 | ||||||
Mayne Pharma Group Ltd.(2) | 223,000 | 37,480 | ||||||
McMillan Shakespeare Ltd. | 17,332 | 151,489 | ||||||
Medusa Mining Ltd. | 4,832 | 2,685 | ||||||
Metcash Ltd. | 220,661 | 662,097 | ||||||
Money3 Corp. Ltd. | 24,174 | 52,964 | ||||||
Mount Gibson Iron Ltd. | 98,675 | 37,846 | ||||||
Myer Holdings Ltd.(2) | 187,519 | 55,292 | ||||||
MyState Ltd. | 7,500 | 26,386 | ||||||
New Hope Corp. Ltd.(1) | 138,775 | 257,277 |
134
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
nib holdings Ltd. | 74,771 | $ | 353,335 | |||||
Nick Scali Ltd. | 16,045 | 139,541 | ||||||
Nine Entertainment Co. Holdings Ltd. | 191,474 | 388,881 | ||||||
NRW Holdings Ltd. | 136,556 | 215,332 | ||||||
OFX Group Ltd.(2) | 16,524 | 27,773 | ||||||
Orica Ltd. | 39,595 | 422,151 | ||||||
Orora Ltd. | 138,357 | 374,521 | ||||||
Pacific Current Group Ltd. | 868 | 4,840 | ||||||
Perenti Global Ltd. | 163,178 | 90,912 | ||||||
Perseus Mining Ltd. | 332,298 | 440,158 | ||||||
Platinum Asset Management Ltd. | 40,670 | 70,097 | ||||||
Premier Investments Ltd. | 19,428 | 391,757 | ||||||
Ramelius Resources Ltd. | 204,754 | 226,407 | ||||||
Red 5 Ltd.(2) | 97,638 | 21,478 | ||||||
Regis Resources Ltd.(1) | 154,229 | 218,767 | ||||||
Reject Shop Ltd. (The)(2) | 3,585 | 16,470 | ||||||
Resimac Group Ltd.(1) | 17,203 | 22,272 | ||||||
Resolute Mining Ltd.(2) | 203,821 | 38,297 | ||||||
Sandfire Resources Ltd. | 78,484 | 386,921 | ||||||
Senex Energy Ltd. | 30,584 | 102,063 | ||||||
Service Stream Ltd.(2) | 87,623 | 59,649 | ||||||
Silver Lake Resources Ltd.(2) | 181,307 | 242,627 | ||||||
Southern Cross Media Group Ltd. | 65,243 | 84,071 | ||||||
Super Retail Group Ltd. | 41,304 | 331,954 | ||||||
Tassal Group Ltd. | 30,862 | 80,185 | ||||||
Viva Energy Group Ltd. | 226,390 | 403,616 | ||||||
West African Resources Ltd.(2) | 274,129 | 218,119 | ||||||
Western Areas Ltd.(2) | 51,148 | 127,817 | ||||||
Westgold Resources Ltd. | 84,781 | 138,247 | ||||||
Whitehaven Coal Ltd. | 231,777 | 542,400 | ||||||
14,569,810 | ||||||||
Austria — 0.8% | ||||||||
IMMOFINANZ AG(2) | 993 | 25,586 | ||||||
Oesterreichische Post AG(1) | 3,090 | 125,586 | ||||||
Palfinger AG | 824 | 24,516 | ||||||
POLYTEC Holding AG(1) | 6,121 | 50,307 | ||||||
Porr AG(2) | 7,672 | 103,063 | ||||||
S IMMO AG | 3,585 | 91,889 | ||||||
Semperit AG Holding | 8,741 | 275,083 | ||||||
UNIQA Insurance Group AG | 74,940 | 599,775 | ||||||
1,295,805 | ||||||||
Belgium — 1.4% | ||||||||
Bekaert SA | 16,701 | 726,634 | ||||||
bpost SA(2) | 14,882 | 100,249 | ||||||
Cie d'Entreprises CFE | 3,231 | 429,454 | ||||||
Deceuninck NV(1) | 6,823 | 21,016 | ||||||
Euronav NV | 28,042 | 312,231 | ||||||
Gimv NV | 881 | 52,278 | ||||||
Ion Beam Applications | 6,058 | 125,114 | ||||||
Jensen-Group NV | 250 | 7,558 | ||||||
KBC Ancora | 1,621 | 178,447 |
135
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Tessenderlo Group SA(2) | 6,181 | $ | 226,868 | |||||
2,179,849 | ||||||||
Canada — 10.1% | ||||||||
5N Plus, Inc.(2) | 8,700 | 15,993 | ||||||
Advantage Energy Ltd.(1)(2) | 26,700 | 156,092 | ||||||
Aecon Group, Inc. | 8,800 | 122,263 | ||||||
Alaris Equity Partners Income | 1,400 | 20,323 | ||||||
Algoma Central Corp. | 200 | 2,761 | ||||||
Argonaut Gold, Inc.(2) | 34,000 | 61,964 | ||||||
Athabasca Oil Corp.(2) | 62,300 | 96,829 | ||||||
AutoCanada, Inc.(1)(2) | 3,160 | 81,724 | ||||||
B2Gold Corp. | 105,000 | 424,142 | ||||||
Badger Infrastructure Solutions Ltd. | 504 | 12,080 | ||||||
Baytex Energy Corp.(1)(2) | 128,800 | 588,364 | ||||||
Birchcliff Energy Ltd.(1) | 44,015 | 234,052 | ||||||
Bird Construction, Inc.(1) | 4,000 | 29,980 | ||||||
Calibre Mining Corp.(2) | 24,200 | 24,630 | ||||||
Canaccord Genuity Group, Inc. | 579 | 5,897 | ||||||
Canacol Energy Ltd.(1) | 15,500 | 39,254 | ||||||
Canadian Western Bank(1) | 9,100 | 266,431 | ||||||
Canfor Corp.(2) | 7,500 | 169,763 | ||||||
Capital Power Corp. | 17,700 | 543,917 | ||||||
Capstone Mining Corp.(2) | 41,300 | 214,076 | ||||||
Cardinal Energy Ltd.(2) | 25,400 | 129,856 | ||||||
Cascades, Inc. | 10,800 | 111,877 | ||||||
Celestica, Inc.(2) | 9,600 | 114,140 | ||||||
Centerra Gold, Inc. | 39,700 | 387,134 | ||||||
CES Energy Solutions Corp. | 11,400 | 22,845 | ||||||
China Gold International Resources Corp. Ltd.(1) | 2,500 | 7,396 | ||||||
Chorus Aviation, Inc.(2) | 12,431 | 42,761 | ||||||
Copper Mountain Mining Corp.(2) | 21,000 | 58,485 | ||||||
Corus Entertainment, Inc., B Shares(1) | 23,366 | 93,648 | ||||||
Crescent Point Energy Corp. | 17,130 | 122,579 | ||||||
Dorel Industries, Inc., Class B(1) | 3,777 | 34,328 | ||||||
DREAM Unlimited Corp., Class A | 2,350 | 87,233 | ||||||
Dundee Precious Metals, Inc. | 28,800 | 170,414 | ||||||
Element Fleet Management Corp. | 55,582 | 545,515 | ||||||
Endeavour Mining plc | 20 | 528 | ||||||
Enerplus Corp. | 46,800 | 598,154 | ||||||
Equitable Group, Inc. | 2,700 | 161,340 | ||||||
ERO Copper Corp.(2) | 3,500 | 50,091 | ||||||
Evertz Technologies Ltd. | 1,700 | 17,892 | ||||||
Exchange Income Corp. | 600 | 19,243 | ||||||
Extendicare, Inc.(1) | 5,700 | 34,537 | ||||||
First National Financial Corp.(1) | 1,700 | 59,228 | ||||||
Freehold Royalties Ltd.(1) | 7,600 | 84,844 | ||||||
Frontera Energy Corp.(2) | 445 | 4,585 | ||||||
Galiano Gold, Inc.(1)(2) | 6,066 | 3,781 | ||||||
GCM Mining Corp. | 7,900 | 35,028 | ||||||
Great Panther Mining Ltd.(1)(2) | 19,500 | 4,231 | ||||||
Heroux-Devtek, Inc.(2) | 2,600 | 36,041 |
136
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Home Capital Group, Inc.(2) | 3,253 | $ | 98,321 | |||||
Hudbay Minerals, Inc. | 32,200 | 262,427 | ||||||
IAMGOLD Corp.(2) | 37,500 | 110,059 | ||||||
Interfor Corp. | 11,430 | 348,175 | ||||||
Jaguar Mining, Inc. | 3,200 | 11,664 | ||||||
Karora Resources, Inc.(2) | 10,789 | 44,348 | ||||||
Kelt Exploration Ltd.(2) | 25,800 | 117,041 | ||||||
Laurentian Bank of Canada(1) | 4,700 | 157,853 | ||||||
Linamar Corp. | 6,500 | 339,436 | ||||||
Lundin Gold, Inc.(2) | 6,000 | 48,379 | ||||||
Lundin Mining Corp. | 56,500 | 545,164 | ||||||
Major Drilling Group International, Inc.(2) | 3,900 | 28,585 | ||||||
Martinrea International, Inc. | 10,360 | 80,837 | ||||||
Methanex Corp. | 11,500 | 598,726 | ||||||
Mullen Group Ltd.(1) | 2,282 | 22,253 | ||||||
New Gold, Inc. (Toronto)(2) | 58,300 | 100,731 | ||||||
North American Construction Group Ltd. | 3,549 | 53,648 | ||||||
NuVista Energy Ltd.(2) | 3,188 | 24,297 | ||||||
Obsidian Energy Ltd.(1)(2) | 9,400 | 80,021 | ||||||
OceanaGold Corp.(2) | 41,400 | 78,064 | ||||||
Onex Corp. | 3,900 | 261,908 | ||||||
Paramount Resources Ltd., A Shares(1) | 6,300 | 139,768 | ||||||
Parex Resources, Inc. | 21,900 | 482,923 | ||||||
Peyto Exploration & Development Corp.(1) | 25,100 | 216,642 | ||||||
Precision Drilling Corp.(1)(2) | 10 | 583 | ||||||
Pretium Resources, Inc.(2) | 16,300 | 237,781 | ||||||
Real Matters, Inc.(2) | 7,600 | 33,218 | ||||||
Resolute Forest Products, Inc. | 7,600 | 94,977 | ||||||
Russel Metals, Inc.(1) | 10,082 | 249,763 | ||||||
Secure Energy Services, Inc. | 3,094 | 14,963 | ||||||
Sierra Metals, Inc.(1) | 6,600 | 9,893 | ||||||
Spin Master Corp.(2) | 1,567 | 57,389 | ||||||
SSR Mining, Inc. | 28,300 | 560,195 | ||||||
Stelco Holdings, Inc. | 2,900 | 89,025 | ||||||
SunOpta, Inc.(2) | 5,000 | 26,667 | ||||||
Tamarack Valley Energy Ltd. | 69,200 | 281,714 | ||||||
Taseko Mines Ltd.(1)(2) | 22,300 | 42,401 | ||||||
Torex Gold Resources, Inc.(2) | 7,300 | 92,611 | ||||||
Tourmaline Oil Corp. | 19,100 | 753,452 | ||||||
Trican Well Service Ltd.(1)(2) | 22,900 | 61,609 | ||||||
Turquoise Hill Resources Ltd.(2) | 5,930 | 121,969 | ||||||
Vermilion Energy, Inc.(2) | 34,200 | 639,479 | ||||||
Wajax Corp. | 2,675 | 49,701 | ||||||
West Fraser Timber Co. Ltd. | 6,630 | 661,797 | ||||||
Western Forest Products, Inc. | 48,200 | 80,999 | ||||||
Whitecap Resources, Inc.(1) | 120,024 | 915,686 | ||||||
Yamana Gold, Inc. | 64,000 | 314,572 | ||||||
15,789,983 | ||||||||
China — 0.1% | ||||||||
Fullshare Holdings Ltd.(2) | 2,015,000 | 36,645 | ||||||
Truly International Holdings Ltd. | 218,000 | 75,644 | ||||||
112,289 |
137
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Denmark — 1.5% | ||||||||
Brodrene Hartmann A/S(2) | 40 | $ | 1,907 | |||||
D/S Norden A/S | 3,337 | 87,048 | ||||||
Dfds A/S(2) | 6,653 | 309,234 | ||||||
Drilling Co. of 1972 A/S (The)(2) | 3,387 | 133,082 | ||||||
FLSmidth & Co. A/S | 7,431 | 213,336 | ||||||
H Lundbeck A/S | 7,785 | 188,912 | ||||||
Jyske Bank A/S(2) | 7,712 | 418,096 | ||||||
Per Aarsleff Holding A/S | 2,343 | 92,577 | ||||||
SimCorp A/S | 4,819 | 435,204 | ||||||
Solar A/S, B Shares | 812 | 94,481 | ||||||
Spar Nord Bank A/S | 11,561 | 153,525 | ||||||
Sydbank AS | 4,966 | 161,568 | ||||||
2,288,970 | ||||||||
Finland — 1.5% | ||||||||
Anora Group Oyj | 5,074 | 54,117 | ||||||
Aspo Oyj | 1,402 | 12,385 | ||||||
Atria Oyj | 936 | 10,787 | ||||||
HKScan Oyj, A Shares(1) | 3,016 | 4,859 | ||||||
Kamux Corp. | 4,682 | 56,168 | ||||||
Kemira Oyj(1) | 20,995 | 277,636 | ||||||
Marimekko Oyj | 1,285 | 107,065 | ||||||
Metsa Board Oyj | 25,525 | 248,624 | ||||||
Neles Oyj | 11,853 | 154,255 | ||||||
Nokian Renkaat Oyj | 2,496 | 47,044 | ||||||
Outokumpu Oyj(2) | 50,610 | 298,326 | ||||||
Sanoma Oyj | 2,571 | 37,488 | ||||||
Tokmanni Group Corp. | 6,989 | 129,710 | ||||||
Uponor Oyj | 14,643 | 325,737 | ||||||
Valmet Oyj | 11,541 | 400,323 | ||||||
Verkkokauppa.com Oyj(1) | 4,196 | 25,835 | ||||||
YIT Oyj | 35,188 | 152,895 | ||||||
2,343,254 | ||||||||
France — 3.1% | ||||||||
AKWEL | 113 | 2,515 | ||||||
ALD SA | 14,709 | 205,316 | ||||||
APERAM SA | 1,255 | 70,270 | ||||||
Biosynex(1) | 1,444 | 27,000 | ||||||
Bonduelle SCA | 1,917 | 38,428 | ||||||
Catana Group(2) | 2,606 | 21,950 | ||||||
Chargeurs SA | 1,920 | 44,963 | ||||||
Cie Plastic Omnium SA | 10,910 | 230,606 | ||||||
Derichebourg SA | 25,674 | 266,743 | ||||||
Eramet SA(2) | 2,914 | 381,826 | ||||||
Etablissements Maurel et Prom SA(2) | 10,051 | 31,996 | ||||||
Eurobio Scientific SA(2) | 2,309 | 51,829 | ||||||
Europcar Mobility Group(2) | 72,565 | 41,032 | ||||||
Eutelsat Communications SA | 48,281 | 528,786 | ||||||
Focus Home Interactive SA(2) | 483 | 23,619 | ||||||
Groupe LDLC(1) | 755 | 26,429 | ||||||
Guerbet | 63 | 2,018 |
138
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Jacquet Metals SACA | 2,650 | $ | 57,706 | |||||
Kaufman & Broad SA | 2,502 | 90,870 | ||||||
LISI | 1,670 | 49,304 | ||||||
LNA Sante SA | 300 | 11,400 | ||||||
Maisons du Monde SA | 6,644 | 145,389 | ||||||
Manitou BF SA | 557 | 19,300 | ||||||
Mersen SA | 3,752 | 138,747 | ||||||
Metropole Television SA | 6,034 | 119,600 | ||||||
Nexans SA | 5,237 | 505,184 | ||||||
Novacyt SA(1)(2) | 19,950 | 44,886 | ||||||
ReWorld Media SA(2) | 3,699 | 23,591 | ||||||
SES SA | 87,070 | 688,497 | ||||||
SMCP SA(2) | 5,939 | 43,561 | ||||||
Societe BIC SA | 3,618 | 190,911 | ||||||
Solutions 30 SE(1)(2) | 7,870 | 69,094 | ||||||
Synergie SE | 96 | 3,756 | ||||||
Television Francaise 1 | 11,044 | 109,019 | ||||||
Trigano SA | 973 | 166,853 | ||||||
Valeo | 2,789 | 61,509 | ||||||
Vallourec SA(2) | 14,226 | 138,561 | ||||||
Vicat SA | 1,081 | 39,556 | ||||||
Vilmorin & Cie SA | 697 | 36,047 | ||||||
X-Fab Silicon Foundries SE(2) | 5,908 | 45,831 | ||||||
Xilam Animation SA(2) | 33 | 1,341 | ||||||
4,795,839 | ||||||||
Germany — 5.0% | ||||||||
7C Solarparken AG | 5,130 | 24,153 | ||||||
ADVA Optical Networking SE(2) | 5,917 | 100,180 | ||||||
AlzChem Group AG | 231 | 5,806 | ||||||
Aumann AG(2) | 772 | 13,650 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA | 6,741 | 201,915 | ||||||
Aurubis AG | 2,019 | 236,236 | ||||||
Baader Bank AG | 2,427 | 16,359 | ||||||
Bauer AG(2) | 749 | 7,802 | ||||||
Bertrandt AG | 560 | 30,286 | ||||||
Centrotec SE | 423 | 11,383 | ||||||
Cewe Stiftung & Co. KGAA | 858 | 97,415 | ||||||
CropEnergies AG | 1,640 | 22,959 | ||||||
Deutsche Beteiligungs AG | 1,500 | 58,668 | ||||||
Deutsche EuroShop AG | 2,312 | 43,476 | ||||||
Deutsche Pfandbriefbank AG | 10,774 | 116,830 | ||||||
Deutz AG(2) | 23,572 | 134,708 | ||||||
Draegerwerk AG & Co. KGaA | 511 | 26,811 | ||||||
Draegerwerk AG & Co. KGaA, Preference Shares | 1,702 | 96,423 | ||||||
ElringKlinger AG(2) | 4,056 | 43,070 | ||||||
Encavis AG | 11,840 | 201,110 | ||||||
Gesco AG(2) | 473 | 11,829 | ||||||
Hamburger Hafen und Logistik AG | 5,162 | 102,279 | ||||||
Hornbach Holding AG & Co. KGaA | 1,117 | 146,311 | ||||||
HUGO BOSS AG | 11,660 | 711,516 | ||||||
Instone Real Estate Group SE | 5,027 | 96,504 |
139
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
JOST Werke AG | 1,973 | $ | 91,141 | |||||
Jungheinrich AG, Preference Shares | 5,786 | 208,629 | ||||||
K+S AG(2) | 35,832 | 919,169 | ||||||
Kloeckner & Co. SE(2) | 15,225 | 205,969 | ||||||
Koenig & Bauer AG(2) | 2,154 | 55,494 | ||||||
Krones AG | 2,736 | 250,580 | ||||||
KSB SE & Co. KGaA | 1 | 502 | ||||||
KSB SE & Co. KGaA, Preference Shares | 69 | 27,935 | ||||||
Lang & Schwarz AG | 1,344 | 30,813 | ||||||
Leoni AG(2) | 3,260 | 38,042 | ||||||
Manz AG(2) | 675 | 32,462 | ||||||
Multitude SE(2) | 1,131 | 5,074 | ||||||
Nagarro SE(2) | 622 | 88,534 | ||||||
Rheinmetall AG | 10,028 | 1,492,599 | ||||||
SAF-Holland SE(2) | 8,614 | 102,561 | ||||||
Salzgitter AG(2) | 5,650 | 246,801 | ||||||
SGL Carbon SE(2) | 2,847 | 18,338 | ||||||
Siltronic AG | 1,622 | 184,334 | ||||||
STO SE & Co. KGaA, Preference Shares | 488 | 111,384 | ||||||
Suedzucker AG | 1,534 | 20,899 | ||||||
TAG Immobilien AG | 29,487 | 760,027 | ||||||
Villeroy & Boch AG, Preference Shares | 1,357 | 36,251 | ||||||
Wacker Chemie AG | 579 | 89,704 | ||||||
Wacker Neuson SE | 6,370 | 149,981 | ||||||
Wuestenrot & Wuerttembergische AG | 1,952 | 38,602 | ||||||
7,763,504 | ||||||||
Hong Kong — 1.5% | ||||||||
Analogue Holdings Ltd. | 12,000 | 2,521 | ||||||
BOCOM International Holdings Co. Ltd. | 92,000 | 15,660 | ||||||
Bright Smart Securities & Commodities Group Ltd. | 120,000 | 22,040 | ||||||
Cafe de Coral Holdings Ltd. | 26,000 | 39,893 | ||||||
China Strategic Holdings Ltd.(2) | 4,425,000 | 22,693 | ||||||
Chow Sang Sang Holdings International Ltd. | 46,000 | 64,562 | ||||||
CMBC Capital Holdings Ltd.(1) | 126,250 | 37,609 | ||||||
Crystal International Group Ltd. | 15,500 | 5,212 | ||||||
CSI Properties Ltd. | 350,000 | 9,244 | ||||||
Dah Sing Banking Group Ltd. | 20,400 | 18,470 | ||||||
Dah Sing Financial Holdings Ltd. | 15,600 | 50,519 | ||||||
Dickson Concepts International Ltd. | 25,000 | 12,850 | ||||||
Eagle Nice International Holdings Ltd. | 2,000 | 1,203 | ||||||
Guotai Junan International Holdings Ltd. | 92,000 | 12,383 | ||||||
Hang Lung Group Ltd. | 9,000 | 19,856 | ||||||
IGG, Inc. | 198,000 | 118,585 | ||||||
International Housewares Retail Co. Ltd. | 10,000 | 3,328 | ||||||
IRC Ltd.(2) | 124,000 | 3,258 | ||||||
Johnson Electric Holdings Ltd. | 48,500 | 80,759 | ||||||
K Wah International Holdings Ltd. | 220,000 | 83,500 | ||||||
Ka Shui International Holdings Ltd. | 108,000 | 8,604 | ||||||
Karrie International Holdings Ltd. | 96,000 | 18,833 | ||||||
Lifestyle International Holdings Ltd.(2) | 28,000 | 16,354 | ||||||
LK Technology Holdings Ltd.(1) | 250 | 422 |
140
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Minmetals Land Ltd. | 4,000 | $ | 443 | |||||
Oriental Watch Holdings | 28,000 | 15,361 | ||||||
Pacific Basin Shipping Ltd. | 1,360,000 | 725,176 | ||||||
PC Partner Group Ltd. | 108,000 | 133,866 | ||||||
Regina Miracle International Holdings Ltd. | 26,000 | 18,514 | ||||||
Shun Tak Holdings Ltd.(2) | 208,000 | 53,156 | ||||||
SmarTone Telecommunications Holdings Ltd. | 69,000 | 39,359 | ||||||
Solargiga Energy Holdings Ltd.(2) | 480,000 | 21,640 | ||||||
Sun Hung Kai & Co. Ltd. | 54,000 | 27,415 | ||||||
Tai Hing Group Holdings Ltd. | 50,000 | 7,753 | ||||||
Ten Pao Group Holdings Ltd. | 80,000 | 20,520 | ||||||
Texhong Textile Group Ltd. | 143,500 | 178,587 | ||||||
Texwinca Holdings Ltd. | 26,000 | 5,428 | ||||||
United Laboratories International Holdings Ltd. (The) | 376,000 | 208,133 | ||||||
Value Partners Group Ltd.(1) | 125,000 | 61,261 | ||||||
VSTECS Holdings Ltd. | 88,000 | 90,473 | ||||||
2,275,443 | ||||||||
Ireland — 0.5% | ||||||||
FBD Holdings plc(2) | 2,442 | 28,672 | ||||||
Glenveagh Properties plc(2) | 509,996 | 698,173 | ||||||
Permanent TSB Group Holdings plc(2) | 4,574 | 8,832 | ||||||
Uniphar plc(2) | 4,899 | 18,350 | ||||||
754,027 | ||||||||
Israel — 3.3% | ||||||||
Adgar Investment and Development Ltd. | 786 | 1,747 | ||||||
Airport City Ltd.(2) | 7,779 | 175,819 | ||||||
Arad Investment & Industrial Development Ltd. | 163 | 22,872 | ||||||
Ashtrom Group Ltd. | 4,857 | 134,813 | ||||||
Aspen Group Ltd. | 664 | 1,901 | ||||||
Azorim-Investment Development & Construction Co. Ltd.(2) | 8,901 | 44,481 | ||||||
Caesarstone Ltd. | 611 | 7,326 | ||||||
Camtek Ltd.(2) | 1,975 | 65,469 | ||||||
Carasso Motors Ltd. | 2,263 | 15,115 | ||||||
Cellcom Israel Ltd.(2) | 10,293 | 52,659 | ||||||
Clal Insurance Enterprises Holdings Ltd.(2) | 14,781 | 345,503 | ||||||
Delta Galil Industries Ltd. | 1,864 | 128,899 | ||||||
Dor Alon Energy in Israel 1988 Ltd. | 81 | 2,685 | ||||||
Equital Ltd.(2) | 2,082 | 83,198 | ||||||
Fattal Holdings 1998 Ltd.(2) | 266 | 34,769 | ||||||
FIBI Holdings Ltd. | 3,410 | 161,817 | ||||||
First International Bank of Israel Ltd. | 4,077 | 175,375 | ||||||
Fox Wizel Ltd. | 963 | 163,169 | ||||||
Gazit-Globe Ltd. | 6,618 | 57,738 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 23,818 | 288,361 | ||||||
IDI Insurance Co. Ltd. | 228 | 7,902 | ||||||
Infinya Ltd. | 120 | 9,541 | ||||||
Inrom Construction Industries Ltd. | 6,953 | 33,459 | ||||||
Isracard Ltd. | 39,799 | 208,881 | ||||||
Israel Corp. Ltd. (The)(2) | 613 | 322,130 | ||||||
Israel Land Development - Urban Renewal Ltd. | 937 | 15,785 | ||||||
Isras Investment Co. Ltd. | 182 | 43,731 |
141
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
M Yochananof & Sons Ltd. | 273 | $ | 20,805 | |||||
Mehadrin Ltd.(2) | 7 | 374 | ||||||
Melisron Ltd.(2) | 1,144 | 90,835 | ||||||
Menora Mivtachim Holdings Ltd.(2) | 5,658 | 132,409 | ||||||
Migdal Insurance & Financial Holdings Ltd. | 98,590 | 172,545 | ||||||
Mizrahi Tefahot Bank Ltd. | 1 | 20 | ||||||
Naphtha Israel Petroleum Corp. Ltd.(2) | 2,351 | 18,607 | ||||||
Norstar Holdings, Inc. | 1,581 | 21,048 | ||||||
Oil Refineries Ltd.(2) | 354,376 | 126,983 | ||||||
Partner Communications Co. Ltd.(2) | 23,332 | 179,126 | ||||||
Paz Oil Co. Ltd.(2) | 2,059 | 297,053 | ||||||
Perion Network Ltd.(2) | 1,361 | 30,947 | ||||||
Phoenix Holdings Ltd. (The) | 44,325 | 549,031 | ||||||
Property & Building Corp. Ltd.(2) | 116 | 15,227 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 639 | 52,871 | ||||||
Scope Metals Group Ltd. | 511 | 22,408 | ||||||
Shufersal Ltd. | 52,963 | 473,659 | ||||||
Summit Real Estate Holdings Ltd.(2) | 5,021 | 111,875 | ||||||
Tadiran Group Ltd. | 102 | 14,601 | ||||||
Tamar Petroleum Ltd. | 732 | 2,074 | ||||||
Taro Pharmaceutical Industries Ltd.(2) | 1,168 | 57,057 | ||||||
Tera Light Ltd.(2) | 4,745 | 10,171 | ||||||
Tower Semiconductor Ltd.(2) | 2,114 | 98,834 | ||||||
Victory Supermarket Chain Ltd. | 265 | 5,462 | ||||||
5,109,167 | ||||||||
Italy — 2.2% | ||||||||
Aeffe SpA(2) | 1,917 | 4,873 | ||||||
Aquafil SpA(2) | 8,245 | 59,591 | ||||||
Arnoldo Mondadori Editore SpA(2) | 45,646 | 100,181 | ||||||
Avio SpA(1) | 4,000 | 49,830 | ||||||
Banca IFIS SpA | 5,863 | 123,735 | ||||||
Banca Popolare di Sondrio SCPA | 98,673 | 389,299 | ||||||
Banca Sistema SpA(1) | 12,370 | 27,226 | ||||||
Biesse SpA(1)(2) | 5,366 | 117,693 | ||||||
Credito Emiliano SpA | 11,263 | 80,879 | ||||||
d'Amico International Shipping SA(2) | 82,680 | 8,636 | ||||||
Danieli & C Officine Meccaniche SpA(1) | 4,040 | 93,507 | ||||||
Danieli & C Officine Meccaniche SpA, Preference Shares | 12,650 | 198,576 | ||||||
Digital Bros SpA(1) | 2,515 | 69,705 | ||||||
Emak SpA | 11,086 | 20,554 | ||||||
Fila SpA | 3,915 | 41,045 | ||||||
Fincantieri SpA(1)(2) | 50,691 | 35,624 | ||||||
Gefran SpA | 300 | 3,329 | ||||||
Geox SpA(1)(2) | 34,516 | 32,198 | ||||||
Maire Tecnimont SpA(1) | 104,706 | 329,603 | ||||||
OVS SpA(2) | 138,877 | 350,367 | ||||||
RAI Way SpA | 26,634 | 146,079 | ||||||
Safilo Group SpA(1)(2) | 111,237 | 173,106 | ||||||
Saipem SpA(1)(2) | 70,707 | 83,320 | ||||||
Salcef SpA | 1,000 | 24,706 | ||||||
Sanlorenzo SpA/Ameglia | 1,250 | 53,894 |
142
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Saras SpA(2) | 217,331 | $ | 132,793 | |||||
Servizi Italia SpA(2) | 1,623 | 3,583 | ||||||
Sesa SpA | 472 | 75,410 | ||||||
Societa Cattolica Di Assicurazione SpA(2) | 15,574 | 95,240 | ||||||
Tesmec SpA(1)(2) | 215,373 | 28,773 | ||||||
Webuild SpA(1) | 286,264 | 539,218 | ||||||
3,492,573 | ||||||||
Japan — 24.9% | ||||||||
77 Bank Ltd. (The) | 4,800 | 64,816 | ||||||
A&D Co. Ltd. | 1,600 | 12,276 | ||||||
ADEKA Corp. | 400 | 9,277 | ||||||
AEON Financial Service Co. Ltd. | 30,600 | 315,167 | ||||||
Aeon Mall Co. Ltd. | 23,000 | 323,427 | ||||||
AFC-HD AMS Life Science Co. Ltd. | 1,900 | 11,955 | ||||||
Ahresty Corp. | 3,200 | 10,467 | ||||||
Aichi Steel Corp. | 1,200 | 27,507 | ||||||
Air Water, Inc. | 23,500 | 342,127 | ||||||
Airport Facilities Co. Ltd. | 400 | 1,975 | ||||||
Aisan Industry Co. Ltd. | 5,400 | 35,017 | ||||||
Akatsuki, Inc. | 1,000 | 25,659 | ||||||
Akebono Brake Industry Co. Ltd.(2) | 19,400 | 27,453 | ||||||
Alconix Corp. | 5,100 | 62,351 | ||||||
Alinco, Inc. | 200 | 1,586 | ||||||
Allied Telesis Holdings KK(2) | 4,200 | 3,882 | ||||||
Alpen Co. Ltd. | 2,600 | 47,924 | ||||||
Alps Alpine Co. Ltd. | 40,300 | 404,624 | ||||||
AOKI Holdings, Inc. | 3,100 | 16,174 | ||||||
Aozora Bank Ltd. | 10,100 | 227,414 | ||||||
Applied Co. Ltd. | 200 | 3,833 | ||||||
Arakawa Chemical Industries Ltd. | 1,500 | 14,816 | ||||||
Arcland Sakamoto Co. Ltd. | 7,000 | 95,800 | ||||||
Arcs Co. Ltd. | 5,300 | 100,378 | ||||||
Arealink Co. Ltd. | 200 | 2,302 | ||||||
Asahi Holdings, Inc. | 4,100 | 79,743 | ||||||
ASAHI YUKIZAI Corp. | 3,000 | 54,759 | ||||||
Asia Pile Holdings Corp. | 800 | 3,042 | ||||||
Aucnet, Inc. | 2,500 | 34,655 | ||||||
Bando Chemical Industries Ltd. | 1,300 | 9,748 | ||||||
Bank of the Ryukyus Ltd. | 2,300 | 16,696 | ||||||
Belluna Co. Ltd. | 5,800 | 37,301 | ||||||
Benesse Holdings, Inc. | 11,300 | 230,162 | ||||||
BML, Inc. | 600 | 17,404 | ||||||
Bunka Shutter Co. Ltd. | 7,800 | 73,888 | ||||||
Carlit Holdings Co. Ltd. | 1,800 | 10,848 | ||||||
Cawachi Ltd. | 2,000 | 42,711 | ||||||
Chiba Kogyo Bank Ltd. (The) | 4,000 | 9,436 | ||||||
Chilled & Frozen Logistics Holdings Co. Ltd. | 500 | 5,447 | ||||||
Chubu Shiryo Co. Ltd. | 1,600 | 14,648 | ||||||
Citizen Watch Co. Ltd. | 51,700 | 225,210 | ||||||
CMIC Holdings Co. Ltd. | 100 | 1,345 | ||||||
Cosmo Energy Holdings Co. Ltd. | 17,400 | 393,290 |
143
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Credit Saison Co. Ltd. | 40,100 | $ | 451,404 | |||||
CTI Engineering Co. Ltd. | 500 | 9,912 | ||||||
Daicel Corp. | 57,800 | 444,807 | ||||||
Daido Metal Co. Ltd. | 3,000 | 16,638 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 3,300 | 29,306 | ||||||
Daiken Corp. | 1,300 | 25,426 | ||||||
Daikyonishikawa Corp. | 4,500 | 22,093 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 1,800 | 35,201 | ||||||
Daio Paper Corp. | 8,100 | 120,333 | ||||||
Daito Chemix Corp. | 1,100 | 7,976 | ||||||
Daitron Co. Ltd. | 100 | 1,561 | ||||||
Denka Co. Ltd. | 14,000 | 429,977 | ||||||
DIC Corp. | 15,400 | 350,802 | ||||||
Digital Holdings, Inc. | 2,600 | 34,179 | ||||||
Dream Incubator, Inc.(2) | 2,200 | 46,746 | ||||||
Eagle Industry Co. Ltd. | 2,800 | 25,268 | ||||||
Eco's Co. Ltd. | 100 | 1,757 | ||||||
EF-ON, Inc. | 2,000 | 9,614 | ||||||
Ehime Bank Ltd. (The) | 1,800 | 15,041 | ||||||
Eizo Corp. | 2,700 | 86,760 | ||||||
EJ Holdings, Inc. | 1,100 | 11,303 | ||||||
Electric Power Development Co. Ltd. | 34,500 | 547,384 | ||||||
Endo Lighting Corp. | 2,800 | 25,286 | ||||||
Enomoto Co. Ltd. | 700 | 9,048 | ||||||
Exedy Corp. | 5,100 | 74,210 | ||||||
EXEO Group, Inc. | 15,300 | 318,490 | ||||||
F.C.C. Co. Ltd. | 5,500 | 67,676 | ||||||
Feed One Co. Ltd. | 1,900 | 11,247 | ||||||
Ferrotec Holdings Corp. | 8,100 | 171,420 | ||||||
FIDEA Holdings Co. Ltd. | 1,620 | 19,706 | ||||||
Financial Products Group Co. Ltd. | 9,800 | 72,985 | ||||||
FJ Next Holdings Co. Ltd. | 1,700 | 15,059 | ||||||
France Bed Holdings Co. Ltd. | 3,100 | 25,182 | ||||||
Frontier International, Inc. | 300 | 5,069 | ||||||
Fuji Corp. Ltd. | 3,300 | 19,098 | ||||||
Fuji Corp/Miyagi | 800 | 8,260 | ||||||
Fuji Pharma Co. Ltd. | 1,500 | 13,267 | ||||||
Fuji Seal International, Inc. | 4,300 | 67,947 | ||||||
Fujikura Composites, Inc. | 3,600 | 21,607 | ||||||
Fujikura Ltd.(2) | 53,100 | 287,105 | ||||||
Fukuda Corp. | 200 | 7,514 | ||||||
Fukuoka Financial Group, Inc. | 12,600 | 248,403 | ||||||
Furukawa Co. Ltd. | 2,100 | 24,328 | ||||||
Furuno Electric Co. Ltd. | 1,800 | 16,190 | ||||||
Furyu Corp. | 200 | 1,812 | ||||||
Futaba Industrial Co. Ltd. | 10,000 | 33,856 | ||||||
Fuyo General Lease Co. Ltd. | 2,900 | 189,966 | ||||||
G-7 Holdings, Inc. | 1,600 | 23,145 | ||||||
G-Tekt Corp. | 2,800 | 35,425 | ||||||
Gecoss Corp. | 400 | 2,873 | ||||||
Geomatec Co. Ltd.(2) | 900 | 4,090 |
144
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
GLOBERIDE, Inc. | 4,200 | $ | 105,214 | |||||
Glory Ltd. | 10,200 | 184,992 | ||||||
Goldcrest Co. Ltd. | 2,400 | 38,960 | ||||||
GS Yuasa Corp. | 4,100 | 88,285 | ||||||
GSI Creos Corp. | 1,000 | 10,046 | ||||||
GungHo Online Entertainment, Inc. | 6,000 | 133,169 | ||||||
H-One Co. Ltd. | 2,700 | 15,240 | ||||||
H.U. Group Holdings, Inc. | 10,000 | 264,662 | ||||||
Hagiwara Electric Holdings Co. Ltd. | 800 | 15,208 | ||||||
Hakudo Co. Ltd. | 1,200 | 27,805 | ||||||
Hakuto Co. Ltd. | 2,800 | 60,363 | ||||||
Halows Co. Ltd. | 600 | 15,270 | ||||||
Hamakyorex Co. Ltd. | 3,100 | 78,540 | ||||||
Hanwa Co. Ltd. | 8,500 | 247,242 | ||||||
Happinet Corp. | 1,500 | 20,723 | ||||||
Heiwa Real Estate Co. Ltd. | 5,200 | 185,934 | ||||||
Hinokiya Group Co. Ltd. | 500 | 10,262 | ||||||
Hirano Tecseed Co. Ltd. | 1,600 | 28,165 | ||||||
Hirogin Holdings, Inc. | 18,600 | 109,571 | ||||||
Hitachi Zosen Corp. | 24,000 | 166,362 | ||||||
Hokuetsu Corp. | 26,900 | 167,752 | ||||||
Hokuhoku Financial Group, Inc. | 11,000 | 89,458 | ||||||
Hoosiers Holdings | 3,200 | 19,239 | ||||||
Hosokawa Micron Corp. | 800 | 18,716 | ||||||
HS Holdings Co. Ltd. | 4,400 | 43,655 | ||||||
Hyakugo Bank Ltd. (The) | 18,300 | 56,428 | ||||||
I-Net Corp./Kanagawa | 200 | 2,282 | ||||||
I-PEX, Inc. | 2,000 | 25,711 | ||||||
Ichikoh Industries Ltd. | 3,500 | 15,440 | ||||||
Ichinen Holdings Co. Ltd. | 1,300 | 14,779 | ||||||
IDOM, Inc. | 15,200 | 87,067 | ||||||
IHI Corp. | 26,900 | 622,543 | ||||||
Iino Kaiun Kaisha Ltd. | 23,200 | 179,457 | ||||||
Inabata & Co. Ltd. | 7,600 | 153,479 | ||||||
INFRONEER Holdings, Inc. | 40 | 355 | ||||||
Innotech Corp. | 1,800 | 22,453 | ||||||
Internet Initiative Japan, Inc. | 7,700 | 247,464 | ||||||
Iseki & Co. Ltd. | 3,600 | 37,530 | ||||||
Ishihara Sangyo Kaisha Ltd. | 6,200 | 57,503 | ||||||
Itochu Enex Co. Ltd. | 12,000 | 109,203 | ||||||
IwaiCosmo Holdings, Inc. | 2,100 | 25,721 | ||||||
Iwasaki Electric Co. Ltd. | 200 | 3,933 | ||||||
Iwatani Corp. | 3,000 | 142,585 | ||||||
Izumi Co. Ltd. | 2,800 | 78,302 | ||||||
J Front Retailing Co. Ltd. | 24,400 | 204,370 | ||||||
Jaccs Co. Ltd. | 5,900 | 166,626 | ||||||
JAFCO Group Co. Ltd. | 18,300 | 275,269 | ||||||
Japan Aviation Electronics Industry Ltd. | 6,400 | 100,861 | ||||||
Japan Investment Adviser Co. Ltd. | 2,500 | 25,255 | ||||||
Japan Petroleum Exploration Co. Ltd. | 8,100 | 192,269 | ||||||
Japan Transcity Corp. | 2,000 | 10,527 |
145
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
JFE Holdings, Inc. | 5,000 | $ | 74,438 | |||||
JGC Holdings Corp. | 56,200 | 563,287 | ||||||
JINUSHI Co. Ltd. | 1,400 | 21,908 | ||||||
JSP Corp. | 1,200 | 16,839 | ||||||
JTEKT Corp. | 40,400 | 348,506 | ||||||
Juki Corp. | 5,100 | 29,409 | ||||||
Juroku Financial Group, Inc. | 100 | 2,118 | ||||||
JVCKenwood Corp. | 34,700 | 56,025 | ||||||
Kaga Electronics Co. Ltd. | 3,600 | 94,748 | ||||||
Kamei Corp. | 1,400 | 12,822 | ||||||
Kanamoto Co. Ltd. | 8,700 | 172,374 | ||||||
Kaneka Corp. | 9,500 | 310,735 | ||||||
Kanematsu Corp. | 20,300 | 247,838 | ||||||
Kanto Denka Kogyo Co. Ltd. | 6,300 | 65,931 | ||||||
Kawai Musical Instruments Manufacturing Co. Ltd. | 800 | 21,523 | ||||||
KFC Holdings Japan Ltd. | 1,400 | 35,427 | ||||||
KH Neochem Co. Ltd. | 6,800 | 168,146 | ||||||
Kimura Chemical Plants Co. Ltd. | 1,900 | 14,894 | ||||||
Kintetsu World Express, Inc. | 6,200 | 162,486 | ||||||
Kito Corp. | 1,900 | 27,947 | ||||||
Kitz Corp. | 8,700 | 49,654 | ||||||
Kiyo Bank Ltd. (The) | 7,500 | 96,184 | ||||||
Kobe Steel Ltd. | 56,300 | 298,998 | ||||||
Koei Chemical Co. Ltd. | 200 | 4,235 | ||||||
Komeri Co. Ltd. | 6,300 | 154,906 | ||||||
Konoike Transport Co. Ltd. | 1,200 | 12,550 | ||||||
Konoshima Chemical Co. Ltd. | 700 | 10,559 | ||||||
Kurabo Industries Ltd. | 1,300 | 21,616 | ||||||
Kuraray Co. Ltd. | 62,100 | 582,909 | ||||||
Kureha Corp. | 3,500 | 280,873 | ||||||
Kuriyama Holdings Corp. | 2,800 | 21,189 | ||||||
KYB Corp. | 3,800 | 102,071 | ||||||
Kyoden Co. Ltd. | 3,400 | 17,455 | ||||||
Kyokuyo Co. Ltd. | 200 | 5,687 | ||||||
Lawson, Inc. | 500 | 20,848 | ||||||
Life Corp. | 2,600 | 68,856 | ||||||
Macnica Fuji Electronics Holdings, Inc. | 11,700 | 275,376 | ||||||
Maruha Nichiro Corp. | 9,100 | 198,547 | ||||||
Maruzen Showa Unyu Co. Ltd. | 1,200 | 33,396 | ||||||
Maxell Ltd. | 8,500 | 87,559 | ||||||
Mebuki Financial Group, Inc. | 82,700 | 193,926 | ||||||
Medius Holdings Co. Ltd. | 800 | 6,523 | ||||||
Meiko Electronics Co. Ltd. | 5,100 | 178,684 | ||||||
Meiwa Corp. | 5,000 | 50,140 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 800 | 17,074 | ||||||
Mirait Holdings Corp. | 17,400 | 295,713 | ||||||
Mitsuba Corp.(2) | 5,300 | 17,707 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 3,700 | 99,738 | ||||||
Mitsubishi Steel Manufacturing Co. Ltd. | 2,000 | 22,324 | ||||||
Mitsuboshi Belting Ltd. | 5,600 | 105,557 | ||||||
Mitsui Matsushima Holdings Co. Ltd. | 2,700 | 37,373 |
146
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Mitsui Mining & Smelting Co. Ltd. | 14,600 | $ | 427,527 | |||||
Mitsui-Soko Holdings Co. Ltd. | 4,400 | 91,585 | ||||||
Miyaji Engineering Group, Inc. | 800 | 24,881 | ||||||
Miyazaki Bank Ltd. (The) | 1,500 | 28,708 | ||||||
Mizuho Leasing Co. Ltd. | 3,600 | 97,243 | ||||||
Mizuno Corp. | 3,400 | 67,188 | ||||||
Monex Group, Inc. | 16,500 | 75,225 | ||||||
Morinaga Milk Industry Co. Ltd. | 1,500 | 75,153 | ||||||
Moriroku Holdings Co. Ltd. | 800 | 13,344 | ||||||
Musashino Bank Ltd. (The) | 3,300 | 54,514 | ||||||
Nachi-Fujikoshi Corp. | 3,800 | 138,173 | ||||||
Nagase & Co. Ltd. | 17,200 | 275,191 | ||||||
Naigai Tec Corp. | 300 | 7,426 | ||||||
Nanto Bank Ltd. (The) | 3,100 | 57,413 | ||||||
Nasu Denki Tekko Co. Ltd. | 100 | 8,687 | ||||||
NEC Capital Solutions Ltd. | 1,000 | 18,746 | ||||||
New Japan Chemical Co. Ltd. | 5,000 | 10,418 | ||||||
Nexus Bank Co. Ltd.(2) | 4,000 | 2,970 | ||||||
NGK Spark Plug Co. Ltd. | 26,000 | 468,537 | ||||||
NHK Spring Co. Ltd. | 39,000 | 310,820 | ||||||
Nichias Corp. | 8,800 | 199,349 | ||||||
Nichiha Corp. | 800 | 18,020 | ||||||
Nichireki Co. Ltd. | 4,600 | 51,750 | ||||||
Nihon Chouzai Co. Ltd. | 1,800 | 21,809 | ||||||
Nihon Dempa Kogyo Co. Ltd.(2) | 3,000 | 31,229 | ||||||
Nihon Dengi Co. Ltd. | 100 | 3,428 | ||||||
Nihon Flush Co. Ltd. | 400 | 3,579 | ||||||
Nihon House Holdings Co. Ltd. | 7,900 | 31,963 | ||||||
Nikkon Holdings Co. Ltd. | 5,700 | 108,576 | ||||||
Nippon Avionics Co. Ltd.(2) | 300 | 5,770 | ||||||
Nippon Chemi-Con Corp.(2) | 3,400 | 53,759 | ||||||
Nippon Chemical Industrial Co. Ltd. | 1,100 | 23,175 | ||||||
Nippon Coke & Engineering Co. Ltd. | 53,600 | 65,059 | ||||||
Nippon Concrete Industries Co. Ltd. | 4,300 | 11,420 | ||||||
Nippon Denko Co. Ltd. | 35,300 | 103,380 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 4,100 | 56,851 | ||||||
Nippon Electric Glass Co. Ltd. | 19,800 | 476,602 | ||||||
Nippon Kodoshi Corp. | 600 | 10,972 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 13,400 | 214,731 | ||||||
Nippon Paper Industries Co. Ltd. | 21,800 | 208,085 | ||||||
Nippon Shokubai Co. Ltd. | 4,300 | 209,682 | ||||||
Nippon Steel Trading Corp. | 3,500 | 166,026 | ||||||
Nippon Suisan Kaisha Ltd. | 56,200 | 266,128 | ||||||
Nippon Thompson Co. Ltd. | 12,200 | 57,771 | ||||||
Nippon Yakin Kogyo Co. Ltd. | 3,300 | 81,187 | ||||||
Nipro Corp. | 19,000 | 181,450 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 12,800 | 91,477 | ||||||
Nishikawa Rubber Co. Ltd. | 200 | 2,619 | ||||||
Nishimatsu Construction Co. Ltd. | 8,600 | 286,083 | ||||||
Nishio Rent All Co. Ltd. | 3,900 | 97,502 | ||||||
Nissha Co. Ltd. | 10,900 | 125,295 |
147
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Nisshinbo Holdings, Inc. | 30,600 | $ | 270,104 | |||||
Nittetsu Mining Co. Ltd. | 1,000 | 57,902 | ||||||
Nitto Kogyo Corp. | 3,900 | 54,828 | ||||||
Nojima Corp. | 5,100 | 113,276 | ||||||
NOK Corp. | 10,000 | 104,682 | ||||||
Nomura Micro Science Co. Ltd. | 600 | 19,217 | ||||||
Noritz Corp. | 5,200 | 69,976 | ||||||
NS United Kaiun Kaisha Ltd. | 2,400 | 87,714 | ||||||
NTN Corp.(2) | 61,200 | 115,761 | ||||||
Oji Holdings Corp. | 11,900 | 60,799 | ||||||
Oki Electric Industry Co. Ltd. | 19,600 | 144,414 | ||||||
Okumura Corp. | 8,600 | 242,879 | ||||||
Okura Industrial Co. Ltd. | 900 | 14,897 | ||||||
Okuwa Co. Ltd. | 2,200 | 18,635 | ||||||
Olympic Group Corp. | 500 | 2,997 | ||||||
Onoken Co. Ltd. | 2,900 | 41,048 | ||||||
Organo Corp. | 1,500 | 106,767 | ||||||
Orient Corp. | 83,700 | 91,972 | ||||||
Osaka Soda Co. Ltd. | 1,900 | 51,987 | ||||||
Osaka Steel Co. Ltd. | 1,600 | 17,553 | ||||||
Pacific Industrial Co. Ltd. | 7,400 | 65,603 | ||||||
PAL GROUP Holdings Co. Ltd. | 1,900 | 26,366 | ||||||
Pasona Group, Inc. | 5,700 | 125,418 | ||||||
Press Kogyo Co. Ltd. | 24,800 | 80,723 | ||||||
Pressance Corp. | 2,200 | 34,487 | ||||||
PS Mitsubishi Construction Co. Ltd. | 1,700 | 8,992 | ||||||
Raiznext Corp. | 700 | 6,931 | ||||||
Rengo Co. Ltd. | 26,800 | 200,592 | ||||||
Resorttrust, Inc. | 21,800 | 368,120 | ||||||
Restar Holdings Corp. | 3,800 | 65,665 | ||||||
Ricoh Leasing Co. Ltd. | 2,600 | 84,133 | ||||||
Riken Corp. | 1,400 | 30,622 | ||||||
Riken Technos Corp. | 1,900 | 7,713 | ||||||
Roland DG Corp. | 3,500 | 92,618 | ||||||
Ryobi Ltd. | 2,500 | 23,798 | ||||||
Ryosan Co. Ltd. | 1,100 | 22,458 | ||||||
Sakai Chemical Industry Co. Ltd. | 2,000 | 34,499 | ||||||
Sakura Internet, Inc. | 300 | 1,348 | ||||||
Sala Corp. | 3,300 | 19,180 | ||||||
San Holdings, Inc. | 400 | 5,665 | ||||||
San-In Godo Bank Ltd. (The) | 12,500 | 73,659 | ||||||
Sanei Architecture Planning Co. Ltd. | 1,700 | 24,092 | ||||||
Sanix, Inc.(2) | 1,600 | 2,845 | ||||||
Sankyo Frontier Co. Ltd. | 200 | 8,314 | ||||||
Sanoh Industrial Co. Ltd. | 2,500 | 15,340 | ||||||
Sanwa Holdings Corp. | 27,100 | 302,862 | ||||||
Sanyo Chemical Industries Ltd. | 2,200 | 98,289 | ||||||
Sanyo Denki Co. Ltd. | 800 | 35,455 | ||||||
Sanyo Special Steel Co. Ltd. | 2,700 | 50,021 | ||||||
SBS Holdings, Inc. | 3,400 | 98,773 | ||||||
Scroll Corp. | 5,900 | 47,129 |
148
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
SEC Carbon Ltd. | 100 | $ | 5,117 | |||||
Seed Co. Ltd. | 1,600 | 7,230 | ||||||
Seikitokyu Kogyo Co. Ltd. | 1,800 | 12,841 | ||||||
Seiko Holdings Corp. | 4,700 | 98,220 | ||||||
Sekisui Kasei Co. Ltd. | 2,100 | 8,526 | ||||||
SEMITEC Corp. | 200 | 12,854 | ||||||
Senko Group Holdings Co. Ltd. | 23,800 | 195,501 | ||||||
Senshu Electric Co. Ltd. | 1,500 | 80,938 | ||||||
Senshu Ikeda Holdings, Inc. | 17,200 | 27,809 | ||||||
Shibaura Electronics Co. Ltd. | 2,000 | 116,175 | ||||||
Shibaura Mechatronics Corp. | 600 | 41,029 | ||||||
Shibusawa Warehouse Co. Ltd. (The) | 100 | 1,943 | ||||||
Shikoku Bank Ltd. (The) | 2,100 | 14,627 | ||||||
Shin Nippon Biomedical Laboratories Ltd. | 1,000 | 13,523 | ||||||
Shin-Nihon Tatemono Co. Ltd. | 3,200 | 11,592 | ||||||
Shinagawa Refractories Co. Ltd. | 500 | 16,793 | ||||||
Shindengen Electric Manufacturing Co. Ltd.(2) | 1,100 | 28,304 | ||||||
Shinmaywa Industries Ltd. | 12,500 | 101,582 | ||||||
Shinnihon Corp. | 400 | 2,611 | ||||||
Shinsei Bank Ltd. | 13,200 | 247,395 | ||||||
SK-Electronics Co. Ltd. | 100 | 759 | ||||||
SKY Perfect JSAT Holdings, Inc. | 41,500 | 156,058 | ||||||
Sodick Co. Ltd. | 5,900 | 39,981 | ||||||
Soken Chemical & Engineering Co. Ltd. | 800 | 11,616 | ||||||
St-Care Holding Corp. | 1,900 | 13,972 | ||||||
Star Micronics Co. Ltd. | 5,900 | 75,270 | ||||||
Starts Corp., Inc. | 6,300 | 142,380 | ||||||
Stella Chemifa Corp. | 600 | 12,635 | ||||||
Studio Alice Co. Ltd. | 400 | 7,586 | ||||||
Subaru Enterprise Co. Ltd. | 100 | 7,130 | ||||||
Sumida Corp. | 5,100 | 40,310 | ||||||
Sumitomo Bakelite Co. Ltd. | 5,300 | 221,110 | ||||||
Sumitomo Heavy Industries Ltd. | 20,700 | 501,577 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 8,400 | 249,531 | ||||||
Sumitomo Riko Co. Ltd. | 6,000 | 32,825 | ||||||
Sumitomo Rubber Industries Ltd. | 35,700 | 345,440 | ||||||
Sumitomo Seika Chemicals Co. Ltd. | 900 | 25,614 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 4,900 | 90,880 | ||||||
Sun Frontier Fudousan Co. Ltd. | 4,900 | 46,073 | ||||||
Sun-Wa Technos Corp. | 1,500 | 17,643 | ||||||
Suruga Bank Ltd. | 36,000 | 141,177 | ||||||
Suzuken Co. Ltd. | 13,200 | 425,516 | ||||||
Suzuki Co. Ltd. | 1,300 | 9,266 | ||||||
SWCC Showa Holdings Co. Ltd. | 6,400 | 105,617 | ||||||
T RAD Co. Ltd. | 1,600 | 34,197 | ||||||
Tachikawa Corp. | 400 | 3,759 | ||||||
Taiheiyo Cement Corp. | 24,400 | 469,173 | ||||||
Taiho Kogyo Co. Ltd. | 1,500 | 9,534 | ||||||
Takamiya Co. Ltd. | 1,000 | 3,361 | ||||||
Takara Standard Co. Ltd. | 1,600 | 19,004 | ||||||
Takasago International Corp. | 1,900 | 45,658 |
149
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Takeuchi Manufacturing Co. Ltd. | 7,300 | $ | 163,195 | |||||
Tama Home Co. Ltd. | 2,600 | 52,373 | ||||||
Tamron Co. Ltd. | 2,200 | 45,211 | ||||||
Teijin Ltd. | 23,200 | 279,093 | ||||||
Tera Probe, Inc. | 500 | 6,882 | ||||||
Toa Corp. (Tokyo) | 3,000 | 67,520 | ||||||
TOA ROAD Corp. | 200 | 8,767 | ||||||
Toagosei Co. Ltd. | 10,000 | 95,125 | ||||||
Toda Corp. | 100 | 668 | ||||||
Toenec Corp. | 100 | 3,096 | ||||||
TOKAI Holdings Corp. | 19,400 | 154,403 | ||||||
Tokuyama Corp. | 12,200 | 187,996 | ||||||
Tokyo Electron Device Ltd. | 1,200 | 56,476 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 17,700 | 173,173 | ||||||
Tokyo Tatemono Co. Ltd. | 36,200 | 554,929 | ||||||
Tokyu Construction Co. Ltd. | 21,800 | 135,121 | ||||||
TOMONY Holdings, Inc. | 900 | 2,699 | ||||||
Tomy Co. Ltd. | 21,200 | 231,852 | ||||||
Tonami Holdings Co. Ltd. | 300 | 9,741 | ||||||
Topre Corp. | 5,200 | 53,929 | ||||||
Towa Corp. | 5,200 | 107,032 | ||||||
Toyo Construction Co. Ltd. | 13,700 | 71,386 | ||||||
Toyo Engineering Corp.(2) | 5,200 | 25,161 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 7,000 | 117,333 | ||||||
Toyo Seikan Group Holdings Ltd. | 35,000 | 467,614 | ||||||
Toyo Tire Corp. | 14,900 | 197,486 | ||||||
Toyobo Co. Ltd. | 21,700 | 234,887 | ||||||
Toyoda Gosei Co. Ltd. | 8,100 | 154,156 | ||||||
Toyota Boshoku Corp. | 9,800 | 179,339 | ||||||
TPR Co. Ltd. | 4,200 | 50,835 | ||||||
Traders Holdings Co. Ltd. | 1,500 | 4,909 | ||||||
Transcosmos, Inc. | 1,000 | 27,657 | ||||||
TRE Holdings Corp. | 24 | 360 | ||||||
Tsubakimoto Chain Co. | 5,900 | 168,729 | ||||||
Tsugami Corp. | 8,600 | 95,349 | ||||||
Tsukuba Bank Ltd. | 6,900 | 12,888 | ||||||
UACJ Corp.(2) | 8,300 | 170,147 | ||||||
Ube Industries Ltd. | 23,800 | 438,677 | ||||||
Uchida Yoko Co. Ltd. | 1,300 | 54,002 | ||||||
Ueki Corp. | 300 | 3,861 | ||||||
Uniden Holdings Corp. | 700 | 22,376 | ||||||
Unipres Corp. | 4,000 | 26,828 | ||||||
Unitika Ltd.(2) | 10,300 | 26,984 | ||||||
Univance Corp. | 3,000 | 15,409 | ||||||
Valor Holdings Co. Ltd. | 8,100 | 156,873 | ||||||
Vertex Corp. | 1,000 | 25,822 | ||||||
Wakita & Co. Ltd. | 3,800 | 32,874 | ||||||
Warabeya Nichiyo Holdings Co. Ltd. | 2,400 | 38,211 | ||||||
Willplus Holdings Corp. | 900 | 7,248 | ||||||
Xebio Holdings Co. Ltd. | 5,500 | 46,061 | ||||||
Yachiyo Industry Co. Ltd. | 2,600 | 16,797 |
150
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
YAMABIKO Corp. | 4,700 | $ | 54,432 | |||||
Yamaguchi Financial Group, Inc. | 15,200 | 93,841 | ||||||
Yamazen Corp. | 12,000 | 107,555 | ||||||
Yodogawa Steel Works Ltd. | 2,100 | 50,436 | ||||||
Yokohama Rubber Co. Ltd. (The) | 22,300 | 312,654 | ||||||
Yokorei Co. Ltd. | 9,800 | 74,502 | ||||||
Yorozu Corp. | 1,600 | 12,553 | ||||||
Yuasa Trading Co. Ltd. | 800 | 20,810 | ||||||
Zeon Corp. | 24,500 | 287,524 | ||||||
38,720,868 | ||||||||
Netherlands — 2.2% | ||||||||
AerCap Holdings NV(2) | 14,084 | 766,592 | ||||||
AMG Advanced Metallurgical Group NV | 3,635 | 143,993 | ||||||
ASR Nederland NV | 20,701 | 894,717 | ||||||
Boskalis Westminster | 9,284 | 268,113 | ||||||
Brunel International NV | 2,542 | 30,246 | ||||||
Flow Traders | 6,272 | 215,281 | ||||||
ForFarmers NV | 2,391 | 9,753 | ||||||
Heijmans NV, CVA | 3,157 | 48,256 | ||||||
Koninklijke BAM Groep NV(2) | 42,608 | 119,873 | ||||||
Nedap N.V. | 63 | 4,533 | ||||||
OCI NV(2) | 13,847 | 392,510 | ||||||
PostNL NV | 58,821 | 236,489 | ||||||
SIF Holding NV(1) | 899 | 11,115 | ||||||
TKH Group NV, CVA | 5,405 | 299,393 | ||||||
3,440,864 | ||||||||
New Zealand — 0.7% | ||||||||
Air New Zealand Ltd.(1)(2) | 433,442 | 439,981 | ||||||
Heartland Group Holdings Ltd. | 9,499 | 14,631 | ||||||
Kathmandu Holdings Ltd. | 160,581 | 143,088 | ||||||
New Zealand Refining Co. Ltd. (The)(2) | 5,917 | 4,009 | ||||||
Oceania Healthcare Ltd. | 424,216 | 302,764 | ||||||
PGG Wrightson Ltd. | 3,178 | 10,924 | ||||||
SKY Network Television Ltd.(2) | 12,857 | 22,776 | ||||||
SKYCITY Entertainment Group Ltd. | 82,111 | 165,014 | ||||||
Tourism Holdings Ltd.(2) | 730 | 1,298 | ||||||
Warehouse Group Ltd. (The) | 4,116 | 8,591 | ||||||
1,113,076 | ||||||||
Norway — 2.3% | ||||||||
ABG Sundal Collier Holding ASA | 106,475 | 102,667 | ||||||
Aker Solutions ASA(2) | 39,671 | 125,919 | ||||||
BW Energy Ltd.(2) | 17,459 | 46,216 | ||||||
BW LPG Ltd. | 7,243 | 43,163 | ||||||
BW Offshore Ltd. | 17,932 | 56,983 | ||||||
DNO ASA | 149,189 | 189,267 | ||||||
FLEX LNG Ltd. | 13,168 | 330,375 | ||||||
Hafnia Ltd.(2) | 11,755 | 28,215 | ||||||
Hunter Group ASA(2) | 64,018 | 22,389 | ||||||
Kid ASA | 4,498 | 51,113 | ||||||
Kitron ASA(1) | 26,921 | 63,690 | ||||||
Klaveness Combination Carriers ASA | 508 | 2,865 |
151
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Kongsberg Automotive ASA(1)(2) | 273,681 | $ | 84,587 | |||||
MPC Container Ships AS | 43,770 | 138,009 | ||||||
Norske Skog ASA(2) | 12,428 | 67,230 | ||||||
Norwegian Energy Co. ASA(2) | 2,000 | 40,524 | ||||||
Odfjell Drilling Ltd.(2) | 38,648 | 98,340 | ||||||
PGS ASA(1)(2) | 132,512 | 36,981 | ||||||
Protector Forsikring ASA | 15,146 | 191,340 | ||||||
SpareBank 1 Nord Norge | 28,395 | 347,417 | ||||||
SpareBank 1 SMN | 27,115 | 448,073 | ||||||
SpareBank 1 Sorost-Norge | 1,293 | 9,123 | ||||||
Sparebanken More | 267 | 13,195 | ||||||
Sparebanken Vest | 1,609 | 19,130 | ||||||
Stolt-Nielsen Ltd. | 4,558 | 81,640 | ||||||
Subsea 7 SA | 66,957 | 459,577 | ||||||
Veidekke ASA | 13,708 | 212,091 | ||||||
Wallenius Wilhelmsen ASA(2) | 31,730 | 239,534 | ||||||
3,549,653 | ||||||||
Portugal — 0.2% | ||||||||
CTT-Correios de Portugal SA | 59,235 | 286,941 | ||||||
Ibersol SGPS SA(2) | 101 | 576 | ||||||
NOS SGPS SA | 4,467 | 17,198 | ||||||
Sonae SGPS SA | 53,840 | 58,603 | ||||||
363,318 | ||||||||
Singapore — 1.6% | ||||||||
BRC Asia Ltd. | 5,500 | 6,781 | ||||||
Centurion Corp. Ltd.(2) | 10,500 | 2,722 | ||||||
China Sunsine Chemical Holdings Ltd. | 27,500 | 9,857 | ||||||
Food Empire Holdings Ltd. | 7,400 | 2,852 | ||||||
Fu Yu Corp. Ltd. | 20,700 | 4,045 | ||||||
GKE Corp. Ltd. | 228,600 | 18,307 | ||||||
Golden Agri-Resources Ltd. | 2,506,500 | 529,983 | ||||||
Hong Fok Corp. Ltd. | 81,600 | 43,824 | ||||||
Hong Leong Asia Ltd. | 61,300 | 34,290 | ||||||
Hour Glass Ltd. (The) | 10,500 | 15,531 | ||||||
Hutchison Port Holdings Trust, U Shares | 1,971,200 | 495,613 | ||||||
InnoTek Ltd. | 30,500 | 15,419 | ||||||
ISDN Holdings Ltd. | 148,100 | 71,123 | ||||||
Japfa Ltd.(1) | 138,500 | 60,561 | ||||||
Jiutian Chemical Group Ltd. | 300,000 | 18,257 | ||||||
Medtecs International Corp. Ltd. | 226,200 | 39,994 | ||||||
OUE Ltd. | 37,000 | 35,906 | ||||||
Sing Holdings Ltd. | 11,800 | 3,271 | ||||||
Singapore Press Holdings Ltd. | 419,200 | 721,908 | ||||||
Tuan Sing Holdings Ltd. | 409,500 | 124,024 | ||||||
Yanlord Land Group Ltd. | 332,100 | 295,823 | ||||||
Ying Li International Real Estate Ltd.(2) | 4,700 | 225 | ||||||
2,550,316 | ||||||||
Spain — 1.8% | ||||||||
Acerinox SA | 28,026 | 356,314 |
152
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Atresmedia Corp. de Medios de Comunicacion SA | 8,268 | $ | 35,738 | |||||
Banco de Sabadell SA(2) | 593,231 | 512,952 | ||||||
Bankinter SA | 138,789 | 788,091 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 4,339 | 151,516 | ||||||
Deoleo SA(1)(2) | 20,503 | 6,705 | ||||||
Ercros SA(2) | 21,359 | 76,889 | ||||||
Gestamp Automocion SA | 39,788 | 163,184 | ||||||
Mediaset Espana Comunicacion SA(2) | 21,551 | 110,557 | ||||||
Miquel y Costas & Miquel SA | 1,905 | 26,728 | ||||||
Prosegur Cia de Seguridad SA | 28,778 | 68,370 | ||||||
Sacyr SA | 40,157 | 93,971 | ||||||
Solaria Energia y Medio Ambiente SA(2) | 10,216 | 188,908 | ||||||
Tubacex SA(2) | 3,983 | 7,636 | ||||||
Zardoya Otis SA | 24,059 | 188,892 | ||||||
2,776,451 | ||||||||
Sweden — 5.5% | ||||||||
Annehem Fastigheter AB, B Shares(2) | 455 | 1,496 | ||||||
AQ Group AB(2) | 739 | 20,771 | ||||||
Avanza Bank Holding AB | 1,097 | 31,031 | ||||||
Bilia AB, A Shares | 22,219 | 288,533 | ||||||
BillerudKorsnas AB | 20,998 | 294,534 | ||||||
Biotage AB | 6,451 | 116,319 | ||||||
Bonava AB, B Shares | 20,091 | 143,585 | ||||||
Bulten AB(1) | 2,640 | 20,968 | ||||||
Bure Equity AB | 16,806 | 533,257 | ||||||
Byggmax Group AB | 23,825 | 166,167 | ||||||
Catena Media plc(1)(2) | 25,029 | 115,518 | ||||||
Cibus Nordic Real Estate AB | 9,893 | 248,504 | ||||||
Clas Ohlson AB, B Shares | 11,329 | 126,900 | ||||||
Collector AB(2) | 18,091 | 60,426 | ||||||
Corem Property Group AB | 80,542 | 201,032 | ||||||
Dios Fastigheter AB | 25,394 | 262,009 | ||||||
Elanders AB, B Shares | 400 | 5,969 | ||||||
Electrolux Professional AB, B Shares(2) | 17,922 | 103,824 | ||||||
Ferronordic AB | 2,502 | 29,091 | ||||||
G5 Entertainment AB(1) | 2,128 | 50,547 | ||||||
GARO AB | 655 | 10,249 | ||||||
Granges AB | 2,384 | 25,484 | ||||||
Hexatronic Group AB | 10,203 | 368,724 | ||||||
Hufvudstaden AB, A Shares | 11,050 | 146,510 | ||||||
International Petroleum Corp.(2) | 11,100 | 79,605 | ||||||
JM AB | 17,219 | 533,223 | ||||||
Loomis AB | 18,761 | 529,127 | ||||||
Maha Energy AB(1)(2) | 17,201 | 24,187 | ||||||
Mekonomen AB(2) | 12,809 | 158,011 | ||||||
Millicom International Cellular SA, SDR(1)(2) | 18,445 | 427,882 | ||||||
Mycronic AB | 14,579 | 276,337 | ||||||
NCC AB, B Shares | 15,124 | 212,019 | ||||||
Net Insight AB, B Shares(2) | 94,147 | 38,521 | ||||||
New Wave Group AB, B Shares | 17,177 | 259,729 | ||||||
Nobia AB | 22,383 | 98,242 |
153
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Nyfosa AB | 5,726 | $ | 80,047 | |||||
Pandox AB(2) | 18,406 | 268,708 | ||||||
Paradox Interactive AB(1) | 8,206 | 175,397 | ||||||
Peab AB, Class B | 38,725 | 373,925 | ||||||
RaySearch Laboratories AB(1)(2) | 3,561 | 17,797 | ||||||
Resurs Holding AB | 48,139 | 138,044 | ||||||
Saab AB, B Shares | 18,853 | 565,280 | ||||||
Scandi Standard AB | 7,357 | 26,582 | ||||||
SkiStar AB | 6,366 | 94,408 | ||||||
Solid Forsakring AB(2) | 4,813 | 24,613 | ||||||
Stendorren Fastigheter AB(2) | 511 | 12,953 | ||||||
Tethys Oil AB | 6,786 | 48,395 | ||||||
TF Bank AB | 180 | 3,189 | ||||||
Troax Group AB | 2,467 | 65,239 | ||||||
Wihlborgs Fastigheter AB | 33,867 | 668,893 | ||||||
8,571,801 | ||||||||
Switzerland — 4.5% | ||||||||
ALSO Holding AG(2) | 569 | 151,817 | ||||||
Arbonia AG | 20,734 | 459,826 | ||||||
Autoneum Holding AG(2) | 941 | 156,962 | ||||||
Bell Food Group AG | 478 | 142,668 | ||||||
Bellevue Group AG | 642 | 28,181 | ||||||
Bobst Group SA(2) | 2,868 | 260,957 | ||||||
Bucher Industries AG | 1,065 | 470,225 | ||||||
Burckhardt Compression Holding AG | 1,100 | 540,003 | ||||||
Burkhalter Holding AG | 341 | 23,001 | ||||||
Bystronic AG | 60 | 69,638 | ||||||
Coltene Holding AG(2) | 353 | 40,814 | ||||||
EFG International AG(2) | 25,607 | 195,340 | ||||||
Feintool International Holding AG(2) | 177 | 9,976 | ||||||
Forbo Holding AG | 129 | 220,591 | ||||||
GAM Holding AG(2) | 32,581 | 40,495 | ||||||
Gurit Holding AG | 75 | 123,280 | ||||||
Huber + Suhner AG | 6,084 | 586,565 | ||||||
Leonteq AG | 3,159 | 216,105 | ||||||
Liechtensteinische Landesbank AG | 1,372 | 82,728 | ||||||
Mobimo Holding AG(2) | 1,352 | 453,789 | ||||||
OC Oerlikon Corp. AG | 51,117 | 455,108 | ||||||
Orior AG | 1,860 | 170,102 | ||||||
Phoenix Mecano AG | 43 | 18,188 | ||||||
Rieter Holding AG(2) | 462 | 81,684 | ||||||
Sensirion Holding AG(2) | 2,510 | 284,484 | ||||||
St Galler Kantonalbank AG | 601 | 294,181 | ||||||
Swissquote Group Holding SA | 3,407 | 591,063 | ||||||
TX Group AG(2) | 373 | 58,609 | ||||||
V-ZUG Holding AG(2) | 209 | 23,971 | ||||||
Valiant Holding AG | 3,533 | 367,039 | ||||||
Valora Holding AG(2) | 385 | 76,362 | ||||||
Zehnder Group AG | 3,544 | 306,529 | ||||||
7,000,281 | ||||||||
United Kingdom — 15.2% | ||||||||
AG Barr plc | 7,361 | 51,063 |
154
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Anglo Asian Mining plc | 5,959 | $ | 8,390 | |||||
Anglo Pacific Group plc | 7,591 | 14,387 | ||||||
Aston Martin Lagonda Global Holdings plc(2) | 13,228 | 179,463 | ||||||
Atalaya Mining plc | 12,194 | 71,185 | ||||||
Bank of Georgia Group plc | 6,656 | 117,889 | ||||||
Bellway plc | 8,979 | 345,373 | ||||||
Berkeley Group Holdings plc | 13,683 | 711,602 | ||||||
Biffa plc | 28,021 | 122,323 | ||||||
Brewin Dolphin Holdings plc | 49,184 | 193,925 | ||||||
Britvic plc | 45,555 | 522,509 | ||||||
Capricorn Energy plc(1)(2) | 136,407 | 403,854 | ||||||
Centamin plc | 235,511 | 312,603 | ||||||
Central Asia Metals plc | 30,400 | 85,285 | ||||||
Close Brothers Group plc | 31,044 | 485,017 | ||||||
CMC Markets plc | 15,800 | 49,389 | ||||||
Coats Group plc | 288,684 | 235,262 | ||||||
Computacenter plc | 13,411 | 490,894 | ||||||
ContourGlobal plc | 16,408 | 41,422 | ||||||
Crest Nicholson Holdings plc | 40,145 | 164,766 | ||||||
Devro plc | 13,264 | 36,127 | ||||||
Direct Line Insurance Group plc | 222,294 | 881,939 | ||||||
Drax Group plc | 47,881 | 451,746 | ||||||
Dunelm Group plc | 15,171 | 244,399 | ||||||
Esken Ltd.(2) | 2,653 | 425 | ||||||
Evraz plc | 28,357 | 79,692 | ||||||
Ferrexpo plc | 48,113 | 109,132 | ||||||
Firstgroup plc(1)(2) | 73,074 | 97,771 | ||||||
Forterra plc | 32,641 | 105,558 | ||||||
Frasers Group plc(2) | 34,089 | 288,278 | ||||||
Games Workshop Group plc | 267 | 26,784 | ||||||
Genel Energy plc | 15,129 | 28,104 | ||||||
Georgia Capital plc(2) | 3,896 | 29,211 | ||||||
Go-Ahead Group plc (The)(2) | 5,271 | 46,690 | ||||||
Golar LNG Ltd.(2) | 1,248 | 21,715 | ||||||
Grafton Group plc | 50,921 | 731,232 | ||||||
Greggs plc | 8,468 | 291,167 | ||||||
Gulf Keystone Petroleum Ltd. | 24,211 | 63,411 | ||||||
Halfords Group plc | 21,023 | 78,114 | ||||||
Harbour Energy plc(2) | 44,648 | 236,437 | ||||||
Hill & Smith Holdings plc | 10,982 | 207,891 | ||||||
Hochschild Mining plc | 68,105 | 105,588 | ||||||
Howden Joinery Group plc | 107,648 | 1,224,496 | ||||||
Hunting plc | 13,843 | 43,142 | ||||||
Ibstock plc | 62,218 | 148,080 | ||||||
IG Group Holdings plc | 83,740 | 875,121 | ||||||
Inchcape plc | 62,431 | 624,454 | ||||||
Indivior plc(2) | 74,717 | 281,146 | ||||||
IntegraFin Holdings plc | 28,521 | 163,848 | ||||||
International Personal Finance plc | 32,615 | 48,813 | ||||||
Investec plc | 63,009 | 341,741 | ||||||
IP Group plc | 215,528 | 267,824 |
155
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
J Sainsbury plc | 186,386 | $ | 687,414 | |||||
Jadestone Energy plc | 3,089 | 3,951 | ||||||
Johnson Matthey plc | 29,613 | 744,160 | ||||||
Jubilee Metals Group plc(2) | 2,770 | 595 | ||||||
Just Group plc(2) | 19,926 | 22,372 | ||||||
Keller Group plc | 8,827 | 93,407 | ||||||
Luxfer Holdings plc | 2,514 | 43,794 | ||||||
M&G plc | 395,614 | 1,089,076 | ||||||
Marks & Spencer Group plc(2) | 459,223 | 1,070,335 | ||||||
McBride plc(2) | 1,428 | 855 | ||||||
Molten Ventures plc(2) | 35,249 | 320,962 | ||||||
Morgan Sindall Group plc | 4,499 | 139,144 | ||||||
Motorpoint group plc(2) | 61 | 234 | ||||||
N Brown Group plc(2) | 12,509 | 6,237 | ||||||
OSB Group plc | 24,245 | 162,018 | ||||||
Pagegroup plc | 63,837 | 485,102 | ||||||
Pan African Resources plc | 75,333 | 21,936 | ||||||
Paragon Banking Group plc | 24,292 | 163,559 | ||||||
Plus500 Ltd. | 20,953 | 390,983 | ||||||
Provident Financial plc(2) | 67,992 | 262,430 | ||||||
PZ Cussons plc | 36,372 | 102,385 | ||||||
Rathbones Group plc | 7,463 | 164,427 | ||||||
Reach plc | 60,293 | 184,167 | ||||||
Redde Northgate plc | 52,618 | 267,046 | ||||||
Redrow plc | 11,645 | 88,776 | ||||||
Rhi Magnesita NV | 3,934 | 146,236 | ||||||
Royal Mail plc | 93,916 | 493,581 | ||||||
Secure Trust Bank plc | 121 | 2,128 | ||||||
Senior plc(2) | 47,232 | 88,493 | ||||||
Serica Energy plc | 5,537 | 20,587 | ||||||
Shanta Gold Ltd. | 106,592 | 13,157 | ||||||
Speedy Hire plc | 52,895 | 37,088 | ||||||
Spire Healthcare Group plc(2) | 29,420 | 91,529 | ||||||
St. James's Place plc | 9,449 | 177,149 | ||||||
SThree plc | 28,594 | 169,839 | ||||||
Superdry plc(2) | 8,840 | 23,209 | ||||||
Tate & Lyle plc | 91,525 | 918,772 | ||||||
TBC Bank Group plc | 9,590 | 154,335 | ||||||
TI Fluid Systems plc | 30,162 | 87,863 | ||||||
TP Icap Group plc | 1,502 | 2,402 | ||||||
Travis Perkins plc | 38,966 | 756,430 | ||||||
Vertu Motors plc | 14,773 | 11,909 | ||||||
Victrex plc | 8,487 | 219,775 | ||||||
Virgin Money UK plc | 105,165 | 260,267 | ||||||
Vistry Group plc | 39,478 | 531,012 | ||||||
Vp plc | 235 | 2,852 | ||||||
Watkin Jones plc | 4,934 | 16,034 | ||||||
Wickes Group plc | 43,281 | 105,469 | ||||||
Xaar plc(2) | 533 | 1,454 | ||||||
23,633,612 | ||||||||
TOTAL COMMON STOCKS (Cost $144,089,923) | 154,490,753 |
156
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
WARRANTS† | ||||||||
Italy† | ||||||||
Webuild SpA(1)(2) (Cost $—) | 6,684 | $ | 12,636 | |||||
RIGHTS† | ||||||||
Italy† | ||||||||
Banca Popolare di Sondrio SpA(2) (Cost $—) | 98,673 | 1,106 | ||||||
SHORT-TERM INVESTMENTS — 2.7% | ||||||||
Money Market Funds — 2.7% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,499,799 | 1,499,799 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 2,723,321 | 2,723,321 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,223,120) | 4,223,120 | |||||||
TOTAL INVESTMENT SECURITIES — 102.0% (Cost $148,313,043) | 158,727,615 | |||||||
OTHER ASSETS AND LIABILITIES — (2.0)% | (3,105,861) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 155,621,754 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
Russell 2000 E-Mini Index | 7 | March 2022 | $ | 715,575 | $ | 5,274 |
^Amount represents value and unrealized appreciation (depreciation).
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Industrials | 22.9% | ||||
Materials | 19.5% | ||||
Financials | 16.4% | ||||
Consumer Discretionary | 12.3% | ||||
Energy | 8.3% | ||||
Consumer Staples | 4.7% | ||||
Information Technology | 4.5% | ||||
Real Estate | 4.1% | ||||
Communication Services | 3.6% | ||||
Health Care | 1.8% | ||||
Utilities | 1.2% | ||||
Short-Term Investments | 2.7% | ||||
Other Assets and Liabilities | (2.0%) |
157
Avantis International Small Cap Value Fund
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CVA | - | Certificaten Van Aandelen | ||||||
SDR | - | Swedish Depositary Receipt |
†Category is less than 0.05% of total net assets.
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $7,497,523. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(2)Non-income producing.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $7,918,036, which includes securities collateral of $5,194,715.
See Notes to Financial Statements.
158
Statements of Assets and Liabilities |
FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Avantis Emerging Markets Equity Fund | Avantis International Equity Fund | |||||||
Assets | ||||||||
Investment securities, at value (cost of $193,279,124 and $99,796,451, respectively) — including $8,014,655 and $5,390,000, respectively of securities on loan | $ | 198,366,909 | $ | 113,836,843 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $3,738,955 and $2,841,395, respectively) | 3,738,955 | 2,841,395 | ||||||
Total investment securities, at value (cost of $197,018,079 and $102,637,846, respectively) | 202,105,864 | 116,678,238 | ||||||
Foreign currency holdings, at value (cost of $44,791 and $3,451, respectively) | 44,717 | 3,460 | ||||||
Deposits with broker for futures contracts | 43,200 | 43,200 | ||||||
Receivable for investments sold | 98,202 | 30,836 | ||||||
Receivable for capital shares sold | 213,650 | 11,892 | ||||||
Dividends and interest receivable | 587,609 | 219,999 | ||||||
Securities lending receivable | 9,501 | 2,810 | ||||||
203,102,743 | 116,990,435 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 3,738,955 | 2,841,395 | ||||||
Payable for investments purchased | 1,495,894 | 3,133,712 | ||||||
Payable for capital shares redeemed | 13,759 | 32,289 | ||||||
Payable for variation margin on futures contracts | 2,400 | 2,400 | ||||||
Accrued management fees | 51,047 | 18,409 | ||||||
Accrued foreign taxes | 327,956 | — | ||||||
5,630,011 | 6,028,205 | |||||||
Net Assets | $ | 197,472,732 | $ | 110,962,230 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 194,628,320 | $ | 97,213,650 | ||||
Distributable earnings | 2,844,412 | 13,748,580 | ||||||
$ | 197,472,732 | $ | 110,962,230 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis Emerging Markets Equity Fund | |||||||||||
Institutional Class | $195,200,261 | 16,209,223 | $12.04 | ||||||||
G Class | $2,272,471 | 188,489 | $12.06 | ||||||||
Avantis International Equity Fund | |||||||||||
Institutional Class | $102,558,459 | 8,989,719 | $11.41 | ||||||||
G Class | $8,403,771 | 736,348 | $11.41 |
See Notes to Financial Statements.
159
FEBRUARY 28, 2022 (UNAUDITED) | |||||
Avantis International Small Cap Value Fund | |||||
Assets | |||||
Investment securities, at value (cost of $145,589,722) — including $7,497,523 of securities on loan | $ | 156,004,294 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $2,723,321) | 2,723,321 | ||||
Total investment securities, at value (cost of $148,313,043) | 158,727,615 | ||||
Foreign currency holdings, at value (cost of $15,866) | 15,918 | ||||
Deposits with broker for futures contracts | 38,500 | ||||
Receivable for investments sold | 103,401 | ||||
Receivable for capital shares sold | 62,095 | ||||
Receivable for variation margin on futures contracts | 1,925 | ||||
Dividends and interest receivable | 292,495 | ||||
Securities lending receivable | 6,706 | ||||
159,248,655 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 2,723,321 | ||||
Payable for investments purchased | 698,012 | ||||
Payable for capital shares redeemed | 162,193 | ||||
Accrued management fees | 43,375 | ||||
3,626,901 | |||||
Net Assets | $ | 155,621,754 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 143,180,653 | |||
Distributable earnings | 12,441,101 | ||||
$ | 155,621,754 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis International Small Cap Value Fund | |||||||||||
Institutional Class | $155,615,507 | 13,258,009 | $11.74 | ||||||||
G Class | $6,247 | 532 | $11.74 |
See Notes to Financial Statements.
160
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Avantis Emerging Markets Equity Fund | Avantis International Equity Fund | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $227,435 and $85,706, respectively) | $ | 1,850,127 | $ | 913,508 | ||||
Securities lending, net | 45,914 | 23,206 | ||||||
Interest | 322 | 189 | ||||||
1,896,363 | 936,903 | |||||||
Expenses: | ||||||||
Management fees | 267,813 | 103,698 | ||||||
Other expenses | 445 | 195 | ||||||
268,258 | 103,893 | |||||||
Fees waived - G Class | (883) | (2,286) | ||||||
267,375 | 101,607 | |||||||
Net investment income (loss) | 1,628,988 | 835,296 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (net of foreign tax expenses paid (refunded) of $2 and $—, respectively) | (791,435) | 95,390 | ||||||
Futures contract transactions | 12,889 | 43,021 | ||||||
Foreign currency translation transactions | (43,061) | (8,989) | ||||||
(821,607) | 129,422 | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments (includes (increase) decrease in accrued foreign taxes of $232,177 and $—, respectively) | (15,485,811) | (6,518,518) | ||||||
Futures contracts | (121,810) | (59,449) | ||||||
Translation of assets and liabilities in foreign currencies | (4,356) | 3,285 | ||||||
(15,611,977) | (6,574,682) | |||||||
Net realized and unrealized gain (loss) | (16,433,584) | (6,445,260) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (14,804,596) | $ | (5,609,964) |
See Notes to Financial Statements.
161
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | |||||
Avantis International Small Cap Value Fund | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $151,269) | $ | 1,494,210 | |||
Securities lending, net | 54,769 | ||||
Interest | 200 | ||||
1,549,179 | |||||
Expenses: | |||||
Management fees | 270,098 | ||||
Other expenses | 6,365 | ||||
276,463 | |||||
Fees waived - G Class | (11) | ||||
276,452 | |||||
Net investment income (loss) | 1,272,727 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions | 3,500,169 | ||||
Futures contract transactions | (151,105) | ||||
Foreign currency translation transactions | 677 | ||||
3,349,741 | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments | (11,818,771) | ||||
Futures contracts | 26,127 | ||||
Translation of assets and liabilities in foreign currencies | 174 | ||||
(11,792,470) | |||||
Net realized and unrealized gain (loss) | (8,442,729) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (7,170,002) |
See Notes to Financial Statements.
162
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 | ||||||||||||||
Avantis Emerging Markets Equity Fund | Avantis International Equity Fund | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021 | February 28, 2022 | August 31, 2021 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 1,628,988 | $ | 1,975,710 | $ | 835,296 | $ | 1,485,331 | ||||||
Net realized gain (loss) | (821,607) | (443,772) | 129,422 | 890,582 | ||||||||||
Change in net unrealized appreciation (depreciation) | (15,611,977) | 15,145,633 | (6,574,682) | 13,410,567 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (14,804,596) | 16,677,571 | (5,609,964) | 15,786,480 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings: | ||||||||||||||
Institutional Class | (3,595,649) | (961,367) | (3,058,961) | (945,667) | ||||||||||
G Class | (5,179) | — | (34,017) | — | ||||||||||
Decrease in net assets from distributions | (3,600,828) | (961,367) | (3,092,978) | (945,667) | ||||||||||
Capital Share Transactions | ||||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 96,823,267 | 66,800,095 | 41,586,665 | 12,339,585 | ||||||||||
Net increase (decrease) in net assets | 78,417,843 | 82,516,299 | 32,883,723 | 27,180,398 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 119,054,889 | 36,538,590 | 78,078,507 | 50,898,109 | ||||||||||
End of period | $ | 197,472,732 | $ | 119,054,889 | $ | 110,962,230 | $ | 78,078,507 |
See Notes to Financial Statements.
163
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2021 | ||||||||
Avantis International Small Cap Value Fund | ||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 1,272,727 | $ | 1,990,491 | ||||
Net realized gain (loss) | 3,349,741 | 3,293,883 | ||||||
Change in net unrealized appreciation (depreciation) | (11,792,470) | 18,343,811 | ||||||
Net increase (decrease) in net assets resulting from operations | (7,170,002) | 23,628,185 | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Institutional Class | (7,085,204) | (742,081) | ||||||
G Class | (282) | — | ||||||
Decrease in net assets from distributions | (7,085,486) | (742,081) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 38,168,419 | 66,559,222 | ||||||
Net increase (decrease) in net assets | 23,912,931 | 89,445,326 | ||||||
Net Assets | ||||||||
Beginning of period | 131,708,823 | 42,263,497 | ||||||
End of period | $ | 155,621,754 | $ | 131,708,823 |
See Notes to Financial Statements.
164
Notes to Financial Statements |
FEBRUARY 28, 2022 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Avantis Emerging Markets Equity Fund, Avantis International Equity Fund and Avantis International Small Cap Value Fund (collectively, the funds) are three 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 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.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Fixed income securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.
If the funds determine that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Trustees or its delegate, in accordance with policies and procedures adopted by the Board of Trustees. In its determination of fair value, the funds may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the funds to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
165
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. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).
166
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2022.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Fund / Securities Lending Transactions(1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||
Avantis Emerging Markets Equity Fund | |||||||||||||||||
Common Stocks | $ | 3,738,955 | — | — | — | $ | 3,738,955 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 3,738,955 |
Avantis International Equity Fund | |||||||||||||||||
Common Stocks | $ | 2,841,395 | — | — | — | $ | 2,841,395 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 2,841,395 |
Avantis International Small Cap Value Fund | |||||||||||||||||
Common Stocks | $ | 2,711,951 | — | — | — | $ | 2,711,951 | ||||||||||
Warrants | 11,370 | — | — | — | 11,370 | ||||||||||||
Total Borrowings | $ | 2,723,321 | — | — | — | $ | 2,723,321 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 2,723,321 |
(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.
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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. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 8% of the shares of the Avantis International Equity Fund.
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 each fund's G Class 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, 2022, the annual management fee for the Institutional Class and the annual management fee before and after waiver for G Class for each fund are as follows:
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% |
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, 2022 were as follows:
Avantis Emerging Markets Equity Fund | Avantis International Equity Fund | Avantis International Small Cap Value Fund | |||||||||
Purchases | $95,847,652 | $41,232,282 | $66,004,188 | ||||||||
Sales | $1,614,149 | $1,628,409 | $32,426,378 |
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5. Capital Share Transactions
Transactions in shares of the funds were as follows (unlimited number of shares authorized):
Six months ended February 28, 2022 | Year ended August 31, 2021(1) | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Avantis Emerging Markets Equity Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 8,126,447 | $ | 105,051,502 | 7,036,283 | $ | 85,129,263 | ||||||||
Issued in reinvestment of distributions | 279,932 | 3,518,747 | 82,168 | 961,367 | ||||||||||
Redeemed | (1,104,054) | (13,899,339) | (1,750,431) | (19,477,229) | ||||||||||
7,302,325 | 94,670,910 | 5,368,020 | 66,613,401 | |||||||||||
G Class | ||||||||||||||
Sold | 180,703 | 2,231,946 | 15,109 | 200,031 | ||||||||||
Issued in reinvestment of distributions | 412 | 5,179 | — | — | ||||||||||
Redeemed | (6,721) | (84,768) | (1,014) | (13,337) | ||||||||||
174,394 | 2,152,357 | 14,095 | 186,694 | |||||||||||
Net increase (decrease) | 7,476,719 | $ | 96,823,267 | 5,382,115 | $ | 66,800,095 | ||||||||
Avantis International Equity Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 3,178,450 | $ | 38,089,797 | 2,528,683 | $ | 28,162,838 | ||||||||
Issued in reinvestment of distributions | 257,056 | 3,058,961 | 88,298 | 945,667 | ||||||||||
Redeemed | (636,270) | (7,571,351) | (1,631,782) | (17,402,937) | ||||||||||
2,799,236 | 33,577,407 | 985,199 | 11,705,568 | |||||||||||
G Class | ||||||||||||||
Sold | 706,564 | 8,276,945 | 56,777 | 687,665 | ||||||||||
Issued in reinvestment of distributions | 2,861 | 34,017 | — | — | ||||||||||
Redeemed | (25,473) | (301,704) | (4,381) | (53,648) | ||||||||||
683,952 | 8,009,258 | 52,396 | 634,017 | |||||||||||
Net increase (decrease) | 3,483,188 | $ | 41,586,665 | 1,037,595 | $ | 12,339,585 | ||||||||
Avantis International Small Cap Value Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 4,736,093 | $ | 59,703,000 | 7,205,043 | $ | 81,466,015 | ||||||||
Issued in reinvestment of distributions | 594,896 | 7,085,204 | 70,473 | 742,081 | ||||||||||
Redeemed | (2,405,255) | (28,620,067) | (1,478,397) | (15,654,623) | ||||||||||
2,925,734 | 38,168,137 | 5,797,119 | 66,553,473 | |||||||||||
G Class | ||||||||||||||
Sold | — | — | 508 | 5,749 | ||||||||||
Issued in reinvestment of distributions | 24 | 282 | — | — | ||||||||||
24 | 282 | 508 | 5,749 | |||||||||||
Net increase (decrease) | 2,925,758 | $ | 38,168,419 | 5,797,627 | $ | 66,559,222 |
(1)January 20, 2021 (commencement of sale) through August 31, 2021 for the G Class.
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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 | $ | 5,289,153 | $ | 5,802,906 | — | ||||||
Chile | 230,296 | 831,173 | — | ||||||||
China | 12,394,398 | 43,793,558 | — | ||||||||
Colombia | 192,830 | 249,781 | — | ||||||||
India | 2,799,132 | 26,161,215 | — | ||||||||
Indonesia | 454,296 | 3,198,789 | — | ||||||||
Mexico | 1,358,691 | 3,234,348 | — | ||||||||
Peru | 487,730 | — | — | ||||||||
Philippines | 76,151 | 1,954,578 | — | ||||||||
Russia | 50,062 | 1,392,905 | — | ||||||||
South Africa | 1,465,809 | 6,876,637 | — | ||||||||
South Korea | 2,073,493 | 25,851,656 | — | ||||||||
Taiwan | 7,589,044 | 29,122,014 | — | ||||||||
Turkey | 39,124 | 822,325 | — | ||||||||
Other Countries | — | 12,043,775 | — | ||||||||
Warrants | — | 8,766 | — | ||||||||
Rights | — | 1,883 | — | ||||||||
Corporate Bonds | — | 417 | — | ||||||||
Short-Term Investments | 6,258,929 | — | — | ||||||||
$ | 40,759,138 | $ | 161,346,726 | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 60,469 | — | — |
170
Avantis International Equity Fund | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Australia | $ | 1,257,241 | $ | 6,320,861 | — | ||||||
Belgium | 188,977 | 828,829 | — | ||||||||
Canada | 134,337 | 11,676,400 | — | ||||||||
Denmark | 875,331 | 1,523,167 | — | ||||||||
Finland | 103,004 | 961,919 | — | ||||||||
France | 1,773,079 | 8,142,147 | — | ||||||||
Germany | 372,068 | 7,884,069 | — | ||||||||
Hong Kong | 111,209 | 2,652,062 | — | ||||||||
Israel | 248,366 | 830,474 | — | ||||||||
Italy | 234,555 | 2,305,756 | — | ||||||||
Japan | 2,319,246 | 19,961,159 | — | ||||||||
Netherlands | 1,766,926 | 2,297,373 | — | ||||||||
Norway | 168,856 | 787,934 | — | ||||||||
Singapore | 83,138 | 1,281,020 | — | ||||||||
Spain | 569,172 | 1,674,177 | — | ||||||||
Sweden | 138,000 | 3,812,483 | — | ||||||||
Switzerland | 1,596,032 | 7,662,894 | — | ||||||||
United Kingdom | 6,510,481 | 9,019,943 | — | ||||||||
United States | 1,935 | 10,264 | — | ||||||||
Other Countries | — | 1,535,233 | — | ||||||||
Rights | — | 852 | — | ||||||||
Short-Term Investments | 7,057,269 | — | — | ||||||||
$ | 25,509,222 | $ | 91,169,016 | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 16,869 | — | — |
Avantis International Small Cap Value Fund | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 896,484 | $ | 153,594,269 | — | ||||||
Warrants | — | 12,636 | — | ||||||||
Rights | — | 1,106 | — | ||||||||
Short-Term Investments | 4,223,120 | — | — | ||||||||
$ | 5,119,604 | $ | 153,608,011 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 5,274 | — | — |
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7. Derivative Instruments
Equity Price Risk — The funds are subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.
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 | $901,456 | ||||
Avantis International Equity Fund | $714,727 | ||||
Avantis International Small Cap Value Fund | $579,524 |
Value of Derivative Instruments as of February 28, 2022
Asset Derivatives | Liability Derivatives | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Assets and Liabilities | Value | Location on Statement of Assets and Liabilities | Value | ||||||||||
Avantis Emerging Markets Equity Fund | ||||||||||||||
Equity Price Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 2,400 |
Avantis International Equity Fund
Equity Price Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 2,400 |
Avantis International Small Cap Value Fund
Equity Price Risk | Receivable for variation margin on futures contracts* | $ | 1,925 | Payable for variation margin on futures contracts* | — |
*Included in the unrealized appreciation (depreciation) on futures contracts, as reported in the Schedule of Investments.
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Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended February 28, 2022
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Operations | Value | Location on Statement of Operations | Value | ||||||||||
Avantis Emerging Markets Equity Fund | ||||||||||||||
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 12,889 | Change in net unrealized appreciation (depreciation) on futures contracts | $ | (121,810) |
Avantis International Equity Fund
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 43,021 | Change in net unrealized appreciation (depreciation) on futures contracts | $ | (59,449) |
Avantis International Small Cap Value Fund
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | (151,105) | Change in net unrealized appreciation (depreciation) on futures contracts | $ | 26,127 |
8. Risk Factors
The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
Avantis International Small Cap Value Fund invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than funds investing in larger, more established companies.
9. Federal Tax Information
The 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.
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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 | |||||||||
Federal tax cost of investments | $ | 197,252,559 | $ | 102,651,766 | $ | 148,351,903 | |||||
Gross tax appreciation of investments | $ | 23,704,744 | $ | 17,359,854 | $ | 20,165,066 | |||||
Gross tax depreciation of investments | (18,851,439) | (3,333,382) | (9,789,354) | ||||||||
Net tax appreciation (depreciation) of investments | $ | 4,853,305 | $ | 14,026,472 | $ | 10,375,712 |
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, 2021, the Avantis Emerging Markets Equity Fund had accumulated short-term capital losses of $(408,414), 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.
174
Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | |||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | 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 | |||||||||||||||||||||||||||||||||||||||||
2022(3) | $13.35 | 0.13 | (1.20) | (1.07) | (0.24) | $12.04 | (8.39)% | 0.33%(4) | 0.33%(4) | 2.01%(4) | 2.01%(4) | 1% | $195,200 | ||||||||||||||||||||||||||||
2021 | $10.32 | 0.29 | 2.93 | 3.22 | (0.19) | $13.35 | 31.29% | 0.33% | 0.33% | 2.29% | 2.29% | 9% | $118,866 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
2022(3) | $13.38 | 0.12 | (1.16) | (1.04) | (0.28) | $12.06 | (8.23)% | 0.00%(4)(6) | 0.33%(4) | 2.34%(4) | 2.01%(4) | 1% | $2,272 | ||||||||||||||||||||||||||||
2021(7) | $13.16 | 0.31 | (0.09) | 0.22 | — | $13.38 | 1.67% | 0.00%(4)(6) | 0.33%(4) | 3.75%(4) | 3.42%(4) | 9%(8) | $189 |
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, 2022 (unaudited).
(4)Annualized.
(5)December 4, 2019 (fund inception) through August 31, 2020.
(6)Ratio was less than 0.005%.
(7)January 20, 2021 (commencement of sale) through August 31, 2021.
(8)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.
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: | 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 International Equity Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||
2022(3) | $12.51 | 0.11 | (0.79) | (0.68) | (0.30) | (0.12) | (0.42) | $11.41 | (5.60)% | 0.23%(4) | 0.23%(4) | 1.85%(4) | 1.85%(4) | 2% | $102,558 | ||||||||||||||||||||||||||||||||
2021 | $9.78 | 0.27 | 2.64 | 2.91 | (0.18) | — | (0.18) | $12.51 | 30.11% | 0.23% | 0.23% | 2.35% | 2.35% | 13% | $77,422 | ||||||||||||||||||||||||||||||||
2020(5) | $10.00 | 0.17 | (0.38) | (0.21) | (0.01) | — | (0.01) | $9.78 | (2.10)% | 0.23%(4) | 0.23%(4) | 2.54%(4) | 2.54%(4) | 2% | $50,898 | ||||||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||||||||
2022(3) | $12.52 | 0.10 | (0.77) | (0.67) | (0.32) | (0.12) | (0.44) | $11.41 | (5.47)% | 0.00%(4)(6) | 0.23%(4) | 2.08%(4) | 1.85%(4) | 2% | $8,404 | ||||||||||||||||||||||||||||||||
2021(7) | $11.35 | 0.21 | 0.96 | 1.17 | — | — | — | $12.52 | 10.31% | 0.00%(4)(6) | 0.23%(4) | 2.79%(4) | 2.56%(4) | 13%(8) | $656 |
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, 2022 (unaudited).
(4)Annualized.
(5)December 4, 2019 (fund inception) through August 31, 2020.
(6)Ratio was less than 0.005%.
(7)January 20, 2021 (commencement of sale) through August 31, 2021.
(8)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 2021.
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: | 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 International Small Cap Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||
2022(3) | $12.75 | 0.10 | (0.60) | (0.50) | (0.30) | (0.21) | (0.51) | $11.74 | (4.04)% | 0.37%(4) | 0.37%(4) | 1.69%(4) | 1.69%(4) | 22% | $155,616 | ||||||||||||||||||||||||||||||||
2021 | $9.32 | 0.27 | 3.31 | 3.58 | (0.15) | — | — | $12.75 | 38.73% | 0.36% | 0.36% | 2.33% | 2.33% | 34% | $131,702 | ||||||||||||||||||||||||||||||||
2020(5) | $10.00 | 0.14 | (0.78) | (0.64) | (0.04) | — | (0.04) | $9.32 | (6.43)% | 0.36%(4) | 0.36%(4) | 2.18%(4) | 2.18%(4) | 12% | $42,263 | ||||||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||||||||
2022(3) | $12.77 | 0.13 | (0.61) | (0.48) | (0.34) | (0.21) | (0.55) | $11.74 | (3.87)% | 0.01%(4) | 0.37%(4) | 2.05%(4) | 1.69%(4) | 22% | $6 | ||||||||||||||||||||||||||||||||
2021(6) | $11.31 | 0.21 | 1.25 | 1.46 | — | — | — | $12.77 | 12.91% | 0.00%(4)(7) | 0.36%(4) | 2.82%(4) | 2.46%(4) | 34%(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, 2022 (unaudited).
(4)Annualized.
(5)December 4, 2019 (fund inception) through August 31, 2020.
(6)January 20, 2021 (commencement of sale) through August 31, 2021.
(7)Ratio was less than 0.005%.
(8)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended August 31, 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 their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
179
Notes |
180
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. | ||||||||
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-97503 2204 |
Semiannual Report | |||||
February 28, 2022 | |||||
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 | |||||
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, 2022. 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.
Escalating Volatility, Soaring Inflation Weighed on Returns
Upbeat economic data and continued central bank support generally buoyed global stock returns early in the period, even as inflation and government bond yields were climbing. However, bond returns broadly struggled as inflation and yields climbed higher.
In November, the emergence of the omicron coronavirus variant rattled global financial markets. The downturn was short-lived, though, as omicron proved to be less severe than other variants. Stocks resumed their upward march until early 2022, when worries about inflation, central bank policy and Russia’s invasion of Ukraine sparked sharp volatility.
Throughout the period, steady economic gains combined with ongoing monetary support, escalating energy prices and considerable supply chain disruptions ignited inflation. By February, year-over-year headline inflation in the U.S. reached 7.9%, a 40-year high, while European inflation rose to a record 5.8%. In the U.S., this backdrop set the stage for Federal Reserve (Fed) tightening, including the Fed’s first rate hike in more than three years.
Most asset classes, including broad stock and bond indices, declined for the six-month period. U.S. stocks generally fared better than non-U.S. stocks, and the value style significantly outperformed the growth style. U.S. and global bond returns declined as yields rose.
Staying Focused in Uncertain Times
Russia’s invasion of Ukraine has led to a devastating humanitarian crisis and further complicated a tense geopolitical backdrop. Even before the West imposed sanctions on Russia, our firm had started reducing exposure to Russian markets. After the sanctions, our direct exposure to Russian assets was less than $5 million, or 0.001% of total assets under supervision (as of March 7). We will continue to monitor the evolving situation and its implications for our clients and our investment exposure.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet prevailing challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis Core Fixed Income Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 61.1% | ||||
U.S. Treasury Securities and Equivalents | 25.1% | ||||
U.S. Government Agency Mortgage-Backed Securities | 18.8% | ||||
U.S. Government Agency Securities | 2.8% | ||||
Sovereign Governments and Agencies | 0.2% | ||||
Short-Term Investments | 34.2% | ||||
Other Assets and Liabilities | (42.2)%* |
*Amount relates primarily to payable for investments purchased, but not settled, at period end.
3
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis Core Municipal Fixed Income Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Municipal Securities | 98.1% | ||||
Short-Term Investments | 0.8% | ||||
Other Assets and Liabilities | 1.1% | ||||
Top Five States and Territories | % of net assets | ||||
California | 15.0% | ||||
New York | 14.1% | ||||
Florida | 6.3% | ||||
Texas | 6.0% | ||||
Illinois | 4.8% | ||||
Top Five Sectors | % of fund investments | ||||
Special Tax | 23% | ||||
General Obligation (GO) - State | 17% | ||||
General Obligation (GO) - Local | 14% | ||||
Public Power | 9% | ||||
Water & Sewer | 7% |
4
Fund Characteristics |
FEBRUARY 28, 2022 | |||||
Avantis Short-Term Fixed Income Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 65.8% | ||||
U.S. Treasury Securities and Equivalents | 30.7% | ||||
U.S. Government Agency Securities | 3.2% | ||||
Short-Term Investments | 0.8% | ||||
Other Assets and Liabilities | (0.5)% |
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, 2021 to February 28, 2022.
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 9/1/21 | Ending Account Value 2/28/22 | Expenses Paid During Period(1) 9/1/21 - 2/28/22 | Annualized Expense Ratio(1) | |||||||||||
Avantis Core Fixed Income Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $951.20 | $0.73 | 0.15% | ||||||||||
G Class | $1,000 | $951.90 | $0.00 | 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 | $964.50 | $0.73 | 0.15% | ||||||||||
G Class | $1,000 | $965.30 | $0.00 | 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 | $973.10 | $0.73 | 0.15% | ||||||||||
G Class | $1,000 | $973.90 | $0.00 | 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.
7
Schedules of Investments |
FEBRUARY 28, 2022 (UNAUDITED)
Avantis Core Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
CORPORATE BONDS — 61.1% | ||||||||
Aerospace and Defense — 1.6% | ||||||||
Boeing Co. (The), 6.125%, 2/15/33 | $ | 20,000 | $ | 23,496 | ||||
Boeing Co. (The), 6.625%, 2/15/38 | 45,000 | 55,483 | ||||||
General Dynamics Corp., 3.625%, 4/1/30 | 64,000 | 68,179 | ||||||
Huntington Ingalls Industries, Inc., 3.48%, 12/1/27 | 30,000 | 30,818 | ||||||
Lockheed Martin Corp., 3.55%, 1/15/26 | 97,000 | 102,234 | ||||||
Northrop Grumman Corp., 3.25%, 1/15/28 | 42,000 | 42,955 | ||||||
Precision Castparts Corp., 3.25%, 6/15/25 | 42,000 | 43,535 | ||||||
Textron, Inc., 4.00%, 3/15/26 | 30,000 | 31,545 | ||||||
Textron, Inc., 2.45%, 3/15/31 | 42,000 | 39,391 | ||||||
437,636 | ||||||||
Air Freight and Logistics — 0.4% | ||||||||
United Parcel Service, Inc., 3.90%, 4/1/25 | 100,000 | 105,331 | ||||||
Airlines — 0.6% | ||||||||
Southwest Airlines Co., 5.125%, 6/15/27 | 32,000 | 35,504 | ||||||
Southwest Airlines Co., 2.625%, 2/10/30 | 37,000 | 35,261 | ||||||
United Airlines 2019-2 Class AA Pass Through Trust, 2.70%, 11/1/33 | 84,202 | 81,664 | ||||||
152,429 | ||||||||
Auto Components — 0.2% | ||||||||
BorgWarner, Inc., 2.65%, 7/1/27 | 48,000 | 47,868 | ||||||
Automobiles — 1.2% | ||||||||
American Honda Finance Corp., MTN, 1.00%, 9/10/25 | 60,000 | 57,526 | ||||||
American Honda Finance Corp., MTN, 2.35%, 1/8/27 | 48,000 | 47,959 | ||||||
General Motors Co., 5.15%, 4/1/38 | 40,000 | 43,386 | ||||||
General Motors Financial Co., Inc., 5.10%, 1/17/24 | 27,000 | 28,333 | ||||||
General Motors Financial Co., Inc., 4.00%, 1/15/25 | 65,000 | 67,329 | ||||||
Toyota Motor Credit Corp., MTN, 3.375%, 4/1/30 | 30,000 | 31,436 | ||||||
Toyota Motor Credit Corp., MTN, 1.65%, 1/10/31 | 38,000 | 34,778 | ||||||
310,747 | ||||||||
Banks — 4.1% | ||||||||
Asian Development Bank, MTN, 0.25%, 10/6/23 | 25,000 | 24,556 | ||||||
Asian Development Bank, MTN, 0.625%, 10/8/24 | 150,000 | 146,145 | ||||||
Asian Development Bank, MTN, 0.375%, 9/3/25 | 50,000 | 47,616 | ||||||
Asian Development Bank, MTN, 2.75%, 1/19/28 | 50,000 | 52,466 | ||||||
Bank of Nova Scotia (The), 3.40%, 2/11/24 | 68,000 | 69,766 | ||||||
Council Of Europe Development Bank, 0.25%, 10/20/23 | 50,000 | 49,054 | ||||||
Council Of Europe Development Bank, 2.50%, 2/27/24 | 25,000 | 25,496 | ||||||
Fifth Third Bancorp, 3.65%, 1/25/24 | 66,000 | 67,886 | ||||||
Inter-American Development Bank, 2.625%, 1/16/24 | 50,000 | 51,050 | ||||||
Inter-American Development Bank, 3.125%, 9/18/28 | 60,000 | 64,390 | ||||||
International Bank for Reconstruction & Development, 0.50%, 10/28/25 | 75,000 | 71,552 | ||||||
International Bank for Reconstruction & Development, 0.875%, 7/15/26 | 25,000 | 24,096 | ||||||
International Bank for Reconstruction & Development, 0.75%, 11/24/27 | 60,000 | 56,219 |
8
Avantis Core Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Santander Holdings USA, Inc., 3.45%, 6/2/25 | $ | 36,000 | $ | 36,615 | ||||
Santander Holdings USA, Inc., 4.40%, 7/13/27 | 36,000 | 37,950 | ||||||
Sumitomo Mitsui Financial Group, Inc., 3.94%, 10/16/23 | 30,000 | 30,973 | ||||||
US Bancorp, MTN, 3.95%, 11/17/25 | 97,000 | 103,185 | ||||||
Wells Fargo & Co., MTN, 3.55%, 9/29/25 | 66,000 | 68,310 | ||||||
Westpac Banking Corp., 2.85%, 5/13/26 | 70,000 | 71,872 | ||||||
1,099,197 | ||||||||
Beverages — 1.2% | ||||||||
Anheuser-Busch InBev Worldwide, Inc., 5.875%, 6/15/35 | 110,000 | 135,589 | ||||||
Molson Coors Beverage Co., 3.00%, 7/15/26 | 73,000 | 74,295 | ||||||
PepsiCo, Inc., 3.00%, 10/15/27 | 73,000 | 75,448 | ||||||
PepsiCo, Inc., 1.40%, 2/25/31 | 31,000 | 27,947 | ||||||
313,279 | ||||||||
Biotechnology — 0.8% | ||||||||
AbbVie, Inc., 4.50%, 5/14/35 | 136,000 | 151,342 | ||||||
Biogen, Inc., 2.25%, 5/1/30 | 78,000 | 71,336 | ||||||
222,678 | ||||||||
Building Products — 0.2% | ||||||||
Owens Corning, 7.00%, 12/1/36 | 50,000 | 65,921 | ||||||
Capital Markets — 2.3% | ||||||||
BlackRock, Inc., 3.25%, 4/30/29 | 12,000 | 12,588 | ||||||
BlackRock, Inc., 2.10%, 2/25/32 | 75,000 | 70,181 | ||||||
Brookfield Finance, Inc., 3.90%, 1/25/28 | 66,000 | 69,371 | ||||||
Charles Schwab Corp. (The), 3.20%, 3/2/27 | 30,000 | 31,156 | ||||||
Charles Schwab Corp. (The), 2.75%, 10/1/29 | 55,000 | 55,027 | ||||||
Charles Schwab Corp. (The), 1.95%, 12/1/31 | 120,000 | 110,690 | ||||||
Franklin Resources, Inc., 1.60%, 10/30/30 | 57,000 | 51,037 | ||||||
Intercontinental Exchange, Inc., 3.75%, 9/21/28 | 125,000 | 132,371 | ||||||
Jefferies Group LLC, 6.25%, 1/15/36 | 40,000 | 48,843 | ||||||
S&P Global, Inc., 2.95%, 1/22/27 | 25,000 | 25,638 | ||||||
606,902 | ||||||||
Chemicals — 2.0% | ||||||||
Air Products and Chemicals, Inc., 1.50%, 10/15/25 | 73,000 | 71,513 | ||||||
Ecolab, Inc., 2.70%, 11/1/26 | 160,000 | 162,875 | ||||||
EI du Pont de Nemours and Co., 2.30%, 7/15/30 | 30,000 | 28,996 | ||||||
Linde, Inc., 3.20%, 1/30/26 | 48,000 | 49,896 | ||||||
Mosaic Co. (The), 5.45%, 11/15/33 | 60,000 | 70,846 | ||||||
RPM International, Inc., 4.55%, 3/1/29 | 64,000 | 69,653 | ||||||
Westlake Corp., 3.60%, 8/15/26 | 42,000 | 43,652 | ||||||
Westlake Corp., 3.375%, 6/15/30 | 30,000 | 30,586 | ||||||
528,017 | ||||||||
Construction and Engineering — 0.1% | ||||||||
Quanta Services, Inc., 2.90%, 10/1/30 | 30,000 | 28,794 | ||||||
Consumer Finance — 1.6% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 6.50%, 7/15/25 | 150,000 | 165,337 | ||||||
Ally Financial, Inc., 5.80%, 5/1/25 | 120,000 | 129,926 | ||||||
Synchrony Financial, 5.15%, 3/19/29 | 66,000 | 71,855 | ||||||
Synchrony Financial, 2.875%, 10/28/31 | 70,000 | 65,072 | ||||||
432,190 | ||||||||
Diversified Financial Services — 0.1% | ||||||||
Equitable Holdings, Inc., 4.35%, 4/20/28 | 30,000 | 32,148 |
9
Avantis Core Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Diversified Telecommunication Services — 0.6% | ||||||||
AT&T, Inc., 6.15%, 9/15/34 | $ | 106,000 | $ | 130,789 | ||||
Telefonica Europe BV, 8.25%, 9/15/30 | 24,000 | 32,401 | ||||||
163,190 | ||||||||
Electric Utilities — 4.1% | ||||||||
Baltimore Gas and Electric Co., 2.25%, 6/15/31 | 140,000 | 133,173 | ||||||
Berkshire Hathaway Energy Co., 4.05%, 4/15/25 | 12,000 | 12,657 | ||||||
DTE Electric Co., Series C, 2.625%, 3/1/31 | 66,000 | 65,011 | ||||||
Duke Energy Carolinas LLC, Series A, 6.00%, 12/1/28 | 30,000 | 35,623 | ||||||
Duke Energy Indiana LLC, 6.12%, 10/15/35 | 45,000 | 55,657 | ||||||
Duke Energy Ohio, Inc., 2.125%, 6/1/30 | 36,000 | 33,947 | ||||||
Edison International, 3.55%, 11/15/24 | 65,000 | 66,349 | ||||||
Edison International, 4.95%, 4/15/25 | 70,000 | 73,830 | ||||||
Entergy Arkansas LLC, 4.00%, 6/1/28 | 32,000 | 34,102 | ||||||
Entergy Louisiana LLC, 3.05%, 6/1/31 | 33,000 | 33,078 | ||||||
IPALCO Enterprises, Inc., 4.25%, 5/1/30 | 57,000 | 59,389 | ||||||
MidAmerican Energy Co., 6.75%, 12/30/31 | 70,000 | 92,323 | ||||||
PacifiCorp, 2.70%, 9/15/30 | 54,000 | 53,262 | ||||||
PPL Electric Utilities Corp., 6.25%, 5/15/39 | 18,000 | 23,987 | ||||||
Public Service Co. of New Hampshire, 2.20%, 6/15/31 | 140,000 | 131,719 | ||||||
Public Service Electric and Gas Co., MTN, 3.00%, 5/15/27 | 36,000 | 36,934 | ||||||
Puget Energy, Inc., 4.10%, 6/15/30 | 66,000 | 68,517 | ||||||
Union Electric Co., 2.95%, 3/15/30 | 68,000 | 68,778 | ||||||
Wisconsin Power and Light Co., 3.00%, 7/1/29 | 24,000 | 24,239 | ||||||
1,102,575 | ||||||||
Electronic Equipment, Instruments and Components — 1.1% | ||||||||
Flex Ltd., 3.75%, 2/1/26 | 30,000 | 30,996 | ||||||
Flex Ltd., 4.875%, 5/12/30 | 24,000 | 26,224 | ||||||
Jabil, Inc., 3.00%, 1/15/31 | 30,000 | 28,652 | ||||||
TD SYNNEX Corp., 2.65%, 8/9/31(1) | 150,000 | 136,424 | ||||||
Trimble, Inc., 4.90%, 6/15/28 | 62,000 | 66,869 | ||||||
289,165 | ||||||||
Energy Equipment and Services — 0.6% | ||||||||
Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc., 3.34%, 12/15/27 | 30,000 | 30,950 | ||||||
Schlumberger Finance Canada Ltd., 1.40%, 9/17/25 | 70,000 | 67,990 | ||||||
Schlumberger Investment SA, 2.65%, 6/26/30 | 66,000 | 64,153 | ||||||
163,093 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 7.0% | ||||||||
American Campus Communities Operating Partnership LP, 3.875%, 1/30/31 | 66,000 | 69,303 | ||||||
American Homes 4 Rent LP, 4.25%, 2/15/28 | 66,000 | 69,772 | ||||||
American Tower Corp., 2.95%, 1/15/25 | 65,000 | 65,719 | ||||||
American Tower Corp., 3.60%, 1/15/28 | 66,000 | 67,771 | ||||||
AvalonBay Communities, Inc., MTN, 3.35%, 5/15/27 | 100,000 | 104,052 | ||||||
AvalonBay Communities, Inc., MTN, 3.20%, 1/15/28 | 24,000 | 24,738 | ||||||
AvalonBay Communities, Inc., MTN, 3.30%, 6/1/29 | 75,000 | 77,759 | ||||||
Brixmor Operating Partnership LP, 3.65%, 6/15/24 | 69,000 | 71,092 | ||||||
Camden Property Trust, 3.15%, 7/1/29 | 85,000 | 86,991 | ||||||
Corporate Office Properties LP, 2.25%, 3/15/26 | 72,000 | 70,854 | ||||||
Equinix, Inc., 2.50%, 5/15/31 | 150,000 | 138,838 | ||||||
ERP Operating LP, 3.00%, 7/1/29 | 125,000 | 126,661 |
10
Avantis Core Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Highwoods Realty LP, 4.125%, 3/15/28 | $ | 33,000 | $ | 35,092 | ||||
Highwoods Realty LP, 2.60%, 2/1/31 | 36,000 | 34,266 | ||||||
Host Hotels & Resorts LP, 4.50%, 2/1/26 | 125,000 | 131,131 | ||||||
Kilroy Realty LP, 2.50%, 11/15/32 | 79,000 | 72,140 | ||||||
Prologis LP, 2.125%, 4/15/27 | 110,000 | 108,305 | ||||||
Prologis LP, 2.25%, 4/15/30 | 115,000 | 110,328 | ||||||
Realty Income Corp., 3.65%, 1/15/28 | 36,000 | 37,552 | ||||||
Simon Property Group LP, 6.75%, 2/1/40 | 30,000 | 41,209 | ||||||
Tanger Properties LP, 2.75%, 9/1/31 | 150,000 | 136,590 | ||||||
Ventas Realty LP, 4.75%, 11/15/30 | 66,000 | 73,809 | ||||||
Vornado Realty LP, 3.40%, 6/1/31 | 125,000 | 122,725 | ||||||
1,876,697 | ||||||||
Food and Staples Retailing — 0.6% | ||||||||
Costco Wholesale Corp., 3.00%, 5/18/27 | 125,000 | 129,676 | ||||||
Walgreens Boots Alliance, Inc., 3.45%, 6/1/26 | 5,000 | 5,189 | ||||||
Walgreens Boots Alliance, Inc., 3.20%, 4/15/30 | 30,000 | 30,349 | ||||||
165,214 | ||||||||
Food Products — 1.1% | ||||||||
Archer-Daniels-Midland Co., 3.25%, 3/27/30 | 66,000 | 68,523 | ||||||
Bunge Ltd. Finance Corp., 3.25%, 8/15/26 | 73,000 | 74,652 | ||||||
Campbell Soup Co., 4.15%, 3/15/28 | 64,000 | 68,536 | ||||||
Conagra Brands, Inc., 4.85%, 11/1/28 | 75,000 | 82,654 | ||||||
294,365 | ||||||||
Gas Utilities — 0.4% | ||||||||
National Fuel Gas Co., 5.50%, 1/15/26 | 45,000 | 48,792 | ||||||
National Fuel Gas Co., 4.75%, 9/1/28 | 35,000 | 36,472 | ||||||
Southern California Gas Co., 2.55%, 2/1/30 | 35,000 | 34,106 | ||||||
119,370 | ||||||||
Health Care Equipment and Supplies — 1.2% | ||||||||
Abbott Laboratories, 3.875%, 9/15/25 | 125,000 | 132,314 | ||||||
Edwards Lifesciences Corp., 4.30%, 6/15/28 | 26,000 | 28,205 | ||||||
Medtronic Global Holdings SCA, 3.35%, 4/1/27 | 125,000 | 130,673 | ||||||
Medtronic, Inc., 4.375%, 3/15/35 | 30,000 | 34,257 | ||||||
325,449 | ||||||||
Health Care Providers and Services — 2.0% | ||||||||
Cardinal Health, Inc., 3.08%, 6/15/24 | 30,000 | 30,496 | ||||||
Cigna Corp., 3.05%, 10/15/27 | 65,000 | 66,392 | ||||||
CVS Health Corp., 1.875%, 2/28/31 | 53,000 | 48,228 | ||||||
CVS Health Corp., 4.875%, 7/20/35 | 70,000 | 80,665 | ||||||
HCA, Inc., 5.25%, 6/15/26 | 60,000 | 65,013 | ||||||
HCA, Inc., 4.125%, 6/15/29 | 66,000 | 69,251 | ||||||
UnitedHealth Group, Inc., 3.45%, 1/15/27 | 24,000 | 25,251 | ||||||
UnitedHealth Group, Inc., 3.375%, 4/15/27 | 125,000 | 131,321 | ||||||
UnitedHealth Group, Inc., 4.625%, 7/15/35 | 24,000 | 27,700 | ||||||
544,317 | ||||||||
Hotels, Restaurants and Leisure — 0.8% | ||||||||
Expedia Group, Inc., 3.25%, 2/15/30 | 60,000 | 59,255 | ||||||
Hyatt Hotels Corp., 4.85%, 3/15/26 | 75,000 | 79,770 | ||||||
Marriott International, Inc., 4.625%, 6/15/30 | 75,000 | 81,057 | ||||||
220,082 | ||||||||
Household Durables — 0.2% | ||||||||
Whirlpool Corp., 4.00%, 3/1/24 | 54,000 | 56,229 |
11
Avantis Core Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Industrial Conglomerates — 0.5% | ||||||||
3M Co., MTN, 5.70%, 3/15/37 | $ | 18,000 | $ | 22,970 | ||||
Honeywell International, Inc., 5.70%, 3/15/36 | 24,000 | 30,987 | ||||||
Roper Technologies, Inc., 1.40%, 9/15/27 | 73,000 | 68,158 | ||||||
122,115 | ||||||||
Insurance — 1.5% | ||||||||
Aflac, Inc., 3.60%, 4/1/30 | 75,000 | 79,710 | ||||||
Athene Holding Ltd., 6.15%, 4/3/30 | 70,000 | 82,403 | ||||||
Chubb INA Holdings, Inc., 1.375%, 9/15/30 | 36,000 | 32,257 | ||||||
Chubb INA Holdings, Inc., 6.70%, 5/15/36 | 75,000 | 103,545 | ||||||
MetLife, Inc., 3.60%, 11/13/25 | 97,000 | 101,585 | ||||||
399,500 | ||||||||
Interactive Media and Services — 0.2% | ||||||||
Alphabet, Inc., 0.80%, 8/15/27 | 48,000 | 44,484 | ||||||
Internet and Direct Marketing Retail — 0.4% | ||||||||
Amazon.com, Inc., 5.20%, 12/3/25 | 30,000 | 33,109 | ||||||
Amazon.com, Inc., 3.875%, 8/22/37 | 65,000 | 71,279 | ||||||
104,388 | ||||||||
IT Services — 1.5% | ||||||||
International Business Machines Corp., 1.95%, 5/15/30 | 111,000 | 104,335 | ||||||
VeriSign, Inc., 2.70%, 6/15/31 | 150,000 | 139,439 | ||||||
Visa, Inc., 2.75%, 9/15/27 | 96,000 | 98,455 | ||||||
Visa, Inc., 1.10%, 2/15/31 | 30,000 | 26,617 | ||||||
Western Union Co. (The), 6.20%, 11/17/36 | 30,000 | 34,336 | ||||||
403,182 | ||||||||
Leisure Products — 0.3% | ||||||||
Hasbro, Inc., 3.50%, 9/15/27 | 67,000 | 68,950 | ||||||
Machinery — 1.3% | ||||||||
ABB Finance USA, Inc., 3.80%, 4/3/28 | 64,000 | 68,221 | ||||||
Caterpillar Financial Services Corp., MTN, 1.10%, 9/14/27 | 30,000 | 28,187 | ||||||
John Deere Capital Corp., MTN, 3.05%, 1/6/28 | 102,000 | 105,867 | ||||||
Kennametal, Inc., 4.625%, 6/15/28 | 65,000 | 70,164 | ||||||
Oshkosh Corp., 4.60%, 5/15/28 | 64,000 | 68,875 | ||||||
341,314 | ||||||||
Media — 1.7% | ||||||||
Comcast Corp., 4.25%, 10/15/30 | 60,000 | 66,069 | ||||||
Discovery Communications LLC, 3.95%, 3/20/28 | 80,000 | 82,598 | ||||||
Fox Corp., 3.05%, 4/7/25 | 130,000 | 132,689 | ||||||
Paramount Global, 4.95%, 1/15/31 | 42,000 | 45,558 | ||||||
Walt Disney Co. (The), 2.00%, 9/1/29 | 42,000 | 40,145 | ||||||
Walt Disney Co. (The), 6.55%, 3/15/33 | 40,000 | 52,134 | ||||||
Walt Disney Co. (The), 6.15%, 2/15/41 | 30,000 | 40,329 | ||||||
459,522 | ||||||||
Metals and Mining — 0.8% | ||||||||
Barrick Gold Corp., 6.45%, 10/15/35 | 100,000 | 129,664 | ||||||
Kinross Gold Corp., 4.50%, 7/15/27 | 42,000 | 45,009 | ||||||
Steel Dynamics, Inc., 3.25%, 1/15/31 | 54,000 | 53,973 | ||||||
228,646 | ||||||||
Multi-Utilities — 0.6% | ||||||||
Dominion Energy, Inc., 5.95%, 6/15/35 | 100,000 | 120,990 | ||||||
San Diego Gas & Electric Co., 1.70%, 10/1/30 | 37,000 | 33,630 | ||||||
154,620 |
12
Avantis Core Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Multiline Retail — 0.5% | ||||||||
Dollar Tree, Inc., 4.00%, 5/15/25 | $ | 65,000 | $ | 67,783 | ||||
Dollar Tree, Inc., 4.20%, 5/15/28 | 30,000 | 32,063 | ||||||
Target Corp., 2.65%, 9/15/30 | 42,000 | 42,210 | ||||||
142,056 | ||||||||
Oil, Gas and Consumable Fuels — 6.0% | ||||||||
Boardwalk Pipelines LP, 4.80%, 5/3/29 | 50,000 | 53,568 | ||||||
BP Capital Markets America, Inc., 3.63%, 4/6/30 | 100,000 | 104,229 | ||||||
Burlington Resources LLC, 7.40%, 12/1/31 | 18,000 | 25,067 | ||||||
Canadian Natural Resources Ltd., 2.95%, 7/15/30 | 29,000 | 28,793 | ||||||
Canadian Natural Resources Ltd., 5.85%, 2/1/35 | 60,000 | 70,808 | ||||||
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 | 63,000 | 68,754 | ||||||
Chevron Corp., 1.55%, 5/11/25 | 42,000 | 41,387 | ||||||
Chevron Corp., 3.33%, 11/17/25 | 125,000 | 129,811 | ||||||
Chevron USA, Inc., 3.85%, 1/15/28 | 26,000 | 28,027 | ||||||
ConocoPhillips Co., 6.95%, 4/15/29 | 85,000 | 108,744 | ||||||
Enbridge, Inc., 3.125%, 11/15/29 | 42,000 | 42,014 | ||||||
Enterprise Products Operating LLC, 3.70%, 2/15/26 | 18,000 | 18,807 | ||||||
Equinor ASA, 2.875%, 4/6/25 | 44,000 | 44,821 | ||||||
Equinor ASA, 1.75%, 1/22/26 | 70,000 | 68,689 | ||||||
Exxon Mobil Corp., 2.44%, 8/16/29 | 54,000 | 53,151 | ||||||
Exxon Mobil Corp., 2.61%, 10/15/30 | 36,000 | 35,765 | ||||||
Kinder Morgan, Inc., 5.30%, 12/1/34 | 18,000 | 20,210 | ||||||
Marathon Petroleum Corp., 4.70%, 5/1/25 | 24,000 | 25,502 | ||||||
MPLX LP, 2.65%, 8/15/30 | 30,000 | 28,297 | ||||||
ONEOK, Inc., 6.35%, 1/15/31 | 35,000 | 41,567 | ||||||
ONEOK, Inc., 6.00%, 6/15/35 | 60,000 | 68,922 | ||||||
Phillips 66, 3.90%, 3/15/28 | 24,000 | 25,231 | ||||||
Pioneer Natural Resources Co., 1.90%, 8/15/30 | 30,000 | 27,277 | ||||||
Shell International Finance BV, 3.25%, 5/11/25 | 18,000 | 18,682 | ||||||
Shell International Finance BV, 2.50%, 9/12/26 | 66,000 | 66,853 | ||||||
Shell International Finance BV, 2.375%, 11/7/29 | 110,000 | 107,302 | ||||||
Shell International Finance BV, 4.125%, 5/11/35 | 12,000 | 13,073 | ||||||
TransCanada PipeLines Ltd., 4.25%, 5/15/28 | 149,000 | 158,708 | ||||||
Valero Energy Corp., 6.625%, 6/15/37 | 30,000 | 38,578 | ||||||
Valero Energy Partners LP, 4.50%, 3/15/28 | 26,000 | 27,674 | ||||||
Williams Cos., Inc. (The), 4.00%, 9/15/25 | 18,000 | 18,761 | ||||||
1,609,072 | ||||||||
Paper and Forest Products — 0.5% | ||||||||
WestRock MWV LLC, 7.95%, 2/15/31 | 100,000 | 133,502 | ||||||
Personal Products — 0.2% | ||||||||
Estee Lauder Cos., Inc. (The), 1.95%, 3/15/31 | 57,000 | 53,703 | ||||||
Pharmaceuticals — 3.2% | ||||||||
Astrazeneca Finance LLC, 2.25%, 5/28/31 | 50,000 | 48,083 | ||||||
AstraZeneca plc, 0.70%, 4/8/26 | 140,000 | 131,566 | ||||||
Bristol-Myers Squibb Co., 3.25%, 2/27/27 | 33,000 | 34,594 | ||||||
Bristol-Myers Squibb Co., 1.45%, 11/13/30 | 46,000 | 41,710 | ||||||
Bristol-Myers Squibb Co., 4.125%, 6/15/39 | 35,000 | 38,429 | ||||||
Eli Lilly & Co., 3.375%, 3/15/29 | 16,000 | 16,902 | ||||||
GlaxoSmithKline Capital, Inc., 6.375%, 5/15/38 | 36,000 | 49,266 | ||||||
Johnson & Johnson, 0.55%, 9/1/25 | 24,000 | 22,891 |
13
Avantis Core Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Johnson & Johnson, 2.90%, 1/15/28 | $ | 54,000 | $ | 55,670 | ||||
Merck & Co., Inc., 0.75%, 2/24/26 | 42,000 | 40,044 | ||||||
Mylan, Inc., 4.55%, 4/15/28 | 61,000 | 65,079 | ||||||
Novartis Capital Corp., 3.10%, 5/17/27 | 66,000 | 68,351 | ||||||
Novartis Capital Corp., 2.20%, 8/14/30 | 36,000 | 34,963 | ||||||
Royalty Pharma plc, 2.20%, 9/2/30 | 73,000 | 66,299 | ||||||
Sanofi, 3.625%, 6/19/28 | 65,000 | 70,214 | ||||||
Utah Acquisition Sub, Inc., 3.95%, 6/15/26 | 65,000 | 67,165 | ||||||
851,226 | ||||||||
Semiconductors and Semiconductor Equipment — 1.7% | ||||||||
Broadcom, Inc., 4.11%, 9/15/28 | 66,000 | 69,412 | ||||||
Broadcom, Inc., 3.42%, 4/15/33(1) | 75,000 | 73,201 | ||||||
Intel Corp., 3.90%, 3/25/30 | 60,000 | 64,663 | ||||||
Intel Corp., 4.60%, 3/25/40 | 58,000 | 65,797 | ||||||
Micron Technology, Inc., 4.66%, 2/15/30 | 75,000 | 80,747 | ||||||
NXP BV / NXP Funding LLC, 5.55%, 12/1/28(1) | 24,000 | 27,312 | ||||||
QUALCOMM, Inc., 3.25%, 5/20/27 | 66,000 | 68,858 | ||||||
449,990 | ||||||||
Software — 0.9% | ||||||||
Adobe, Inc., 2.30%, 2/1/30 | 35,000 | 34,072 | ||||||
Oracle Corp., 3.90%, 5/15/35 | 135,000 | 132,473 | ||||||
VMware, Inc., 4.70%, 5/15/30 | 60,000 | 65,939 | ||||||
232,484 | ||||||||
Specialty Retail — 0.6% | ||||||||
AutoNation, Inc., 3.80%, 11/15/27 | 40,000 | 41,475 | ||||||
AutoNation, Inc., 4.75%, 6/1/30 | 24,000 | 25,886 | ||||||
Home Depot, Inc. (The), 2.80%, 9/14/27 | 66,000 | 67,412 | ||||||
TJX Cos., Inc. (The), 1.15%, 5/15/28 | 30,000 | 27,781 | ||||||
162,554 | ||||||||
Technology Hardware, Storage and Peripherals — 1.8% | ||||||||
Apple, Inc., 3.25%, 2/23/26 | 24,000 | 25,074 | ||||||
Apple, Inc., 3.20%, 5/11/27 | 12,000 | 12,563 | ||||||
Apple, Inc., 2.20%, 9/11/29 | 18,000 | 17,691 | ||||||
Apple, Inc., 1.65%, 5/11/30 | 48,000 | 44,801 | ||||||
Apple, Inc., 1.70%, 8/5/31 | 225,000 | 208,785 | ||||||
Hewlett Packard Enterprise Co., 6.20%, 10/15/35 | 112,000 | 134,127 | ||||||
HP, Inc., 3.40%, 6/17/30 | 42,000 | 42,448 | ||||||
485,489 | ||||||||
Trading Companies and Distributors — 0.3% | ||||||||
Air Lease Corp., 3.625%, 12/1/27 | 69,000 | 69,953 | ||||||
Transportation Infrastructure — 0.2% | ||||||||
FedEx Corp. 2020-1 Class AA Pass Through Trust, 1.875%, 8/20/35 | 67,145 | 63,916 | ||||||
Wireless Telecommunication Services — 0.3% | ||||||||
T-Mobile USA, Inc., 3.75%, 4/15/27 | 66,000 | 68,574 | ||||||
TOTAL CORPORATE BONDS (Cost $16,876,086) | 16,352,123 | |||||||
U.S. TREASURY SECURITIES AND EQUIVALENTS — 25.1% | ||||||||
Israel Government AID Bond, 5.50%, 9/18/23 | 25,000 | 26,520 | ||||||
U.S. Treasury Bonds, 7.625%, 2/15/25 | 340,000 | 399,327 | ||||||
U.S. Treasury Bonds, 5.50%, 8/15/28 | 120,000 | 146,906 |
14
Avantis Core Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
U.S. Treasury Bonds, 5.375%, 2/15/31 | $ | 110,000 | $ | 142,626 | ||||
U.S. Treasury Bonds, 4.50%, 2/15/36 | 200,000 | 264,719 | ||||||
U.S. Treasury Bonds, 2.25%, 5/15/41 | 175,000 | 174,501 | ||||||
U.S. Treasury Bonds, 2.00%, 11/15/41 | 90,000 | 86,189 | ||||||
U.S. Treasury Bonds, 3.125%, 11/15/41 | 165,000 | 187,978 | ||||||
U.S. Treasury Bonds, 3.375%, 5/15/44 | 180,000 | 213,736 | ||||||
U.S. Treasury Bonds, 2.50%, 2/15/45 | 55,000 | 56,798 | ||||||
U.S. Treasury Bonds, 2.875%, 8/15/45(2) | 260,000 | 286,894 | ||||||
U.S. Treasury Notes, 0.125%, 2/15/24 | 150,000 | 146,144 | ||||||
U.S. Treasury Notes, 2.125%, 3/31/24 | 280,000 | 283,620 | ||||||
U.S. Treasury Notes, 0.375%, 8/15/24 | 150,000 | 145,699 | ||||||
U.S. Treasury Notes, 1.50%, 2/15/25 | 500,000 | 498,047 | ||||||
U.S. Treasury Notes, 0.25%, 5/31/25 | 500,000 | 477,461 | ||||||
U.S. Treasury Notes, 2.75%, 8/31/25 | 500,000 | 517,637 | ||||||
U.S. Treasury Notes, 0.375%, 1/31/26(2) | 635,000 | 602,456 | ||||||
U.S. Treasury Notes, 0.625%, 7/31/26 | 25,000 | 23,809 | ||||||
U.S. Treasury Notes, 1.50%, 8/15/26 | 190,000 | 187,996 | ||||||
U.S. Treasury Notes, 2.25%, 2/15/27 | 50,000 | 51,184 | ||||||
U.S. Treasury Notes, 0.625%, 11/30/27 | 300,000 | 280,887 | ||||||
U.S. Treasury Notes, 0.75%, 1/31/28 | 475,000 | 447,075 | ||||||
U.S. Treasury Notes, 1.25%, 3/31/28 | 175,000 | 169,449 | ||||||
U.S. Treasury Notes, 1.375%, 10/31/28 | 180,000 | 174,874 | ||||||
U.S. Treasury Notes, 0.875%, 11/15/30 | 200,000 | 184,820 | ||||||
U.S. Treasury Notes, 1.125%, 2/15/31 | 100,000 | 94,246 | ||||||
U.S. Treasury Notes, 1.875%, 2/15/32 | 200,000 | 200,766 | ||||||
U.S. Treasury Notes, 2.375%, 2/15/42 | 250,000 | 255,352 | ||||||
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS (Cost $6,860,540) | 6,727,716 | |||||||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 18.8% | ||||||||
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 18.8% | ||||||||
GNMA, 2.00%, TBA | 100,000 | 97,773 | ||||||
GNMA, 2.50%, TBA | 200,000 | 199,852 | ||||||
GNMA, 3.00%, TBA | 550,000 | 559,174 | ||||||
GNMA, 3.00%, TBA | 150,000 | 152,145 | ||||||
UMBS, 1.50%, TBA | 300,000 | 291,491 | ||||||
UMBS, 1.50%, TBA | 400,000 | 389,250 | ||||||
UMBS, 2.00%, TBA | 100,000 | 99,090 | ||||||
UMBS, 2.00%, TBA | 300,000 | 287,789 | ||||||
UMBS, 2.00%, TBA | 150,000 | 143,595 | ||||||
UMBS, 2.00%, TBA | 500,000 | 496,328 | ||||||
UMBS, 2.50%, TBA | 500,000 | 505,897 | ||||||
UMBS, 2.50%, TBA | 500,000 | 493,340 | ||||||
UMBS, 2.50%, TBA | 100,000 | 98,440 | ||||||
UMBS, 3.00%, TBA | 250,000 | 252,519 | ||||||
UMBS, 3.00%, TBA | 300,000 | 302,367 | ||||||
UMBS, 3.00%, TBA | 50,000 | 50,269 | ||||||
UMBS, 3.50%, TBA | 600,000 | 617,953 | ||||||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $5,033,232) | 5,037,272 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 2.8% | ||||||||
FHLB, 0.375%, 9/4/25 | 50,000 | 47,673 |
15
Avantis Core Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
FHLB, 3.25%, 11/16/28 | $ | 250,000 | $ | 270,306 | ||||
FHLMC, 0.375%, 7/21/25 | 35,000 | 33,466 | ||||||
FNMA, 0.25%, 5/22/23 | 150,000 | 148,301 | ||||||
FNMA, 0.375%, 8/25/25 | 25,000 | 23,845 | ||||||
Tennessee Valley Authority, 0.75%, 5/15/25 | 225,000 | 218,147 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $745,147) | 741,738 | |||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2% | ||||||||
Canada — 0.2% | ||||||||
Export Development Canada, 2.625%, 2/21/24 (Cost $52,176) | 50,000 | 51,059 | ||||||
SHORT-TERM INVESTMENTS — 34.2% | ||||||||
Commercial Paper(3) — 2.6% | ||||||||
Mitsubishi UFJ Financial Group, Inc., 0.23%, 3/1/22(1) | 400,000 | 399,999 | ||||||
Old Line Funding LLC, 0.18%, 3/28/22(1) | 300,000 | 299,964 | ||||||
699,963 | ||||||||
Money Market Funds — 24.9% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 6,661,473 | 6,661,473 | ||||||
Treasury Bills — 6.7% | ||||||||
U.S. Treasury Bills, 0.02%, 3/3/22(3) | 250,000 | 250,000 | ||||||
U.S. Treasury Bills, 0.06%, 3/31/22(3) | 550,000 | 549,969 | ||||||
U.S. Treasury Bills, 0.23%, 5/5/22(3) | 1,000,000 | 999,600 | ||||||
1,799,569 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $9,161,002) | 9,161,005 | |||||||
TOTAL INVESTMENT SECURITIES — 142.2% (Cost $38,728,183) | 38,070,913 | |||||||
OTHER ASSETS AND LIABILITIES(4) — (42.2)% | (11,299,126) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 26,771,787 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 5-Year Notes | 3 | June 2022 | $ | 354,844 | $ | 2,127 |
^Amount represents value and unrealized appreciation (depreciation).
16
Avantis Core Fixed Income Fund
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 37 | Sell | 1.00% | 12/20/26 | $ | 350,000 | $ | 8,302 | $ | (2,391) | $ | 5,911 |
‡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 | ||||||||
AID | - | Agency for International Development | ||||||
CDX | - | Credit Derivatives Indexes | ||||||
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 | ||||||
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 $936,900, which represented 3.5% of total net assets.
(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $13,887.
(3)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.
(4)Amount relates primarily to payable for investments purchased, but not settled, at period end.
See Notes to Financial Statements.
17
FEBRUARY 28, 2022 (UNAUDITED)
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
MUNICIPAL SECURITIES — 98.1% | ||||||||
Alabama — 2.5% | ||||||||
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/24(1) | $ | 10,000 | $ | 10,932 | ||||
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/26, Prerefunded at 100% of Par(1) | 10,000 | 11,584 | ||||||
Alabama Federal Aid Highway Finance Authority Rev., 4.00%, 9/1/27, Prerefunded at 100% of Par(1) | 25,000 | 28,389 | ||||||
Alabama Public School and College Authority Rev., 5.00%, 11/1/37 | 100,000 | 124,496 | ||||||
Alabama Public School and College Authority Rev., 4.00%, 11/1/40 | 100,000 | 115,046 | ||||||
State of Alabama GO, 5.00%, 8/1/27 | 60,000 | 69,268 | ||||||
359,715 | ||||||||
Arizona — 2.8% | ||||||||
Mesa Utility System Rev., 4.00%, 7/1/34 | 15,000 | 17,381 | ||||||
Pima County Sewer System Rev., 5.00%, 7/1/25 | 20,000 | 22,387 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30 | 65,000 | 77,653 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/31 | 55,000 | 65,520 | ||||||
Scottsdale Municipal Property Corp. Rev., 5.00%, 7/1/30 | 30,000 | 36,353 | ||||||
State of Arizona COP, 5.00%, 10/1/25(1) | 10,000 | 11,271 | ||||||
State of Arizona COP, 5.00%, 10/1/27(1) | 140,000 | 166,270 | ||||||
State of Arizona Lottery Rev., 5.00%, 7/1/27(1) | 10,000 | 11,807 | ||||||
408,642 | ||||||||
California — 15.0% | ||||||||
California Infrastructure & Economic Development Bank Rev., 5.00%, 10/1/28 | 30,000 | 35,241 | ||||||
California State Public Works Board Rev., 5.00%, 11/1/29 | 15,000 | 15,891 | ||||||
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/25 | 25,000 | 27,781 | ||||||
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/27 | 50,000 | 55,513 | ||||||
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/28 | 30,000 | 33,219 | ||||||
California State University Rev., 5.00%, 11/1/26 | 10,000 | 11,290 | ||||||
California State University Rev., 4.00%, 11/1/34 | 50,000 | 54,563 | ||||||
California State University Rev., 5.00%, 11/1/37 | 25,000 | 28,044 | ||||||
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/30 | 10,000 | 11,163 | ||||||
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/33 | 20,000 | 23,423 | ||||||
Eastern Municipal Water District Financing Authority Rev., 4.00%, 7/1/38 | 40,000 | 46,431 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/31 | 95,000 | 116,767 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/38 | 95,000 | 115,676 | ||||||
Los Angeles Department of Water & Power Rev., 5.00%, 7/1/28 | 105,000 | 126,610 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/28 | 20,000 | 22,064 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/34 | 15,000 | 16,522 | ||||||
Los Angeles Unified School District GO, 5.00%, 7/1/29 | 25,000 | 29,806 | ||||||
Los Angeles Unified School District GO, 3.00%, 7/1/35 | 90,000 | 94,451 |
18
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Municipal Improvement Corp. of Los Angeles Rev., (Los Angeles), 5.00%, 11/1/31 | $ | 40,000 | $ | 46,112 | ||||
Port of Los Angeles Rev., 5.00%, 8/1/26 | 25,000 | 28,812 | ||||||
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility Rev.), 5.00%, 5/15/29 | 25,000 | 28,593 | ||||||
San Diego Unified School District GO, 5.25%, 7/1/28 (AGM) | 25,000 | 30,571 | ||||||
San Diego Unified School District GO, 5.00%, 7/1/29 | 20,000 | 22,962 | ||||||
San Diego Unified School District GO, 4.00%, 7/1/32 | 40,000 | 43,915 | ||||||
San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/30(2) | 15,000 | 12,513 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/35 | 10,000 | 12,007 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/37 | 10,000 | 11,995 | ||||||
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/29 | 50,000 | 57,933 | ||||||
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/34 | 15,000 | 17,314 | ||||||
San Jose Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/34 | 10,000 | 11,700 | ||||||
Southern California Public Power Authority Rev., 5.00%, 7/1/30 | 10,000 | 10,662 | ||||||
State of California GO, 5.00%, 9/1/26 | 20,000 | 23,082 | ||||||
State of California GO, 5.00%, 11/1/27 | 40,000 | 47,501 | ||||||
State of California GO, 5.00%, 8/1/29 | 30,000 | 34,491 | ||||||
State of California GO, 5.00%, 8/1/30 | 40,000 | 48,197 | ||||||
State of California GO, 5.25%, 8/1/32 (AGM) | 10,000 | 13,126 | ||||||
State of California GO, 4.00%, 9/1/33 | 70,000 | 77,333 | ||||||
State of California GO, 5.00%, 9/1/35 | 40,000 | 45,939 | ||||||
State of California GO, 3.00%, 10/1/35 | 165,000 | 172,921 | ||||||
State of California GO, 4.00%, 3/1/36 | 110,000 | 125,912 | ||||||
State of California GO, 3.00%, 10/1/37 | 50,000 | 52,076 | ||||||
State of California Department of Water Resources Rev., 5.00%, 12/1/26, Prerefunded at 100% of Par(1) | 50,000 | 58,358 | ||||||
State of California Department of Water Resources Rev., 5.00%, 12/1/29 | 25,000 | 29,017 | ||||||
State of California Department of Water Resources Rev., 5.00%, 12/1/34 | 25,000 | 31,575 | ||||||
University of California Rev., 5.00%, 5/15/27 | 40,000 | 44,473 | ||||||
University of California Rev., 5.00%, 5/15/32 | 50,000 | 58,363 | ||||||
University of California Rev., 5.00%, 5/15/32 | 25,000 | 30,035 | ||||||
University of California Rev., 5.00%, 5/15/36 | 50,000 | 58,200 | ||||||
2,150,143 | ||||||||
Colorado — 1.4% | ||||||||
City & County of Denver GO, 5.00%, 8/1/27 | 25,000 | 29,676 | ||||||
City & County of Denver Airport System Rev., 4.00%, 11/15/31 | 25,000 | 25,529 | ||||||
Regional Transportation District COP, 5.00%, 6/1/39 | 75,000 | 78,099 | ||||||
Regional Transportation District Sales Tax Rev., 5.00%, 11/1/28 | 20,000 | 24,246 | ||||||
State of Colorado COP, 5.00%, 12/15/29 | 25,000 | 30,360 | ||||||
State of Colorado COP, 4.00%, 12/15/37 | 10,000 | 11,459 | ||||||
199,369 | ||||||||
Connecticut — 2.0% | ||||||||
State of Connecticut GO, 5.00%, 11/15/26 | 60,000 | 67,790 | ||||||
State of Connecticut GO, 5.00%, 6/15/28 | 25,000 | 30,033 | ||||||
State of Connecticut GO, 5.00%, 1/15/31 | 25,000 | 30,892 |
19
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
State of Connecticut, Special Tax Rev., 5.00%, 8/1/26 | $ | 20,000 | $ | 22,363 | ||||
State of Connecticut, Special Tax Rev., 5.00%, 9/1/27 | 20,000 | 21,786 | ||||||
State of Connecticut, Special Tax Rev., 5.00%, 1/1/28 | 40,000 | 47,580 | ||||||
State of Connecticut, Special Tax Rev., 5.00%, 1/1/31 | 10,000 | 11,790 | ||||||
University of Connecticut Rev., 4.00%, 4/15/38 | 50,000 | 55,296 | ||||||
287,530 | ||||||||
District of Columbia — 1.5% | ||||||||
District of Columbia GO, 5.00%, 10/15/27 | 10,000 | 11,899 | ||||||
District of Columbia GO, 5.00%, 6/1/31 | 25,000 | 27,049 | ||||||
District of Columbia GO, 5.00%, 6/1/33 | 35,000 | 37,828 | ||||||
District of Columbia GO, 5.00%, 10/15/34 | 50,000 | 60,785 | ||||||
District of Columbia GO, 5.00%, 10/15/36 | 30,000 | 36,406 | ||||||
District of Columbia GO, 4.00%, 6/1/37 | 5,000 | 5,560 | ||||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/34 | 35,000 | 40,095 | ||||||
219,622 | ||||||||
Florida — 6.3% | ||||||||
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/38 | 15,000 | 18,323 | ||||||
Cape Coral Water & Sewer Rev., 5.00%, 10/1/39 | 10,000 | 11,695 | ||||||
Central Florida Expressway Authority Rev., 4.00%, 7/1/31 | 5,000 | 5,472 | ||||||
Central Florida Expressway Authority Rev., 4.00%, 7/1/37 | 70,000 | 75,662 | ||||||
Central Florida Expressway Authority Rev., 4.00%, 7/1/38 | 15,000 | 16,194 | ||||||
Florida Department of Management Services COP, 5.00%, 11/1/28 | 50,000 | 60,439 | ||||||
Florida Municipal Power Agency Rev., 5.00%, 10/1/27 | 90,000 | 103,752 | ||||||
Hillsborough County School Board COP, 5.00%, 7/1/26 | 45,000 | 49,951 | ||||||
Hillsborough County School Board COP, 5.00%, 7/1/29 | 30,000 | 36,313 | ||||||
Miami-Dade County Aviation Rev., 5.00%, 10/1/28 | 50,000 | 57,100 | ||||||
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/25 | 10,000 | 10,833 | ||||||
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/27 | 75,000 | 81,069 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/24 | 15,000 | 16,408 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/30 | 20,000 | 22,386 | ||||||
Orange County School Board COP, 5.00%, 8/1/34 | 60,000 | 68,321 | ||||||
Palm Beach County School District COP, 5.00%, 8/1/28 | 35,000 | 42,185 | ||||||
Palm Beach County School District COP, 5.00%, 8/1/29 | 15,000 | 17,940 | ||||||
School Board of Miami-Dade County COP, 5.00%, 2/1/25 | 40,000 | 44,069 | ||||||
School Board of Miami-Dade County COP, 5.00%, 5/1/26 | 70,000 | 77,420 | ||||||
School District of Broward County COP, 5.00%, 7/1/25 | 75,000 | 83,691 | ||||||
899,223 | ||||||||
Georgia — 0.9% | ||||||||
Atlanta Water & Wastewater Rev., 5.00%, 11/1/31 | 25,000 | 27,837 | ||||||
Georgia State Road & Tollway Authority Rev., 5.00%, 6/1/29 | 10,000 | 12,253 | ||||||
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/37 | 10,000 | 10,388 | ||||||
State of Georgia GO, 5.00%, 7/1/28 | 65,000 | 78,902 | ||||||
129,380 | ||||||||
Hawaii — 2.2% | ||||||||
City & County of Honolulu GO, 5.00%, 3/1/25 | 30,000 | 33,279 | ||||||
City & County of Honolulu GO, 5.00%, 3/1/28 | 80,000 | 95,862 | ||||||
City & County of Honolulu GO, 5.00%, 9/1/29 | 65,000 | 78,676 | ||||||
State of Hawaii GO, 5.00%, 1/1/28 | 35,000 | 41,892 |
20
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
State of Hawaii GO, 5.00%, 10/1/28 | $ | 25,000 | $ | 28,928 | ||||
State of Hawaii GO, 5.00%, 10/1/30 | 30,000 | 35,400 | ||||||
314,037 | ||||||||
Idaho — 0.2% | ||||||||
Idaho Housing & Finance Association Rev., 5.00%, 7/15/26 | 20,000 | 22,958 | ||||||
Illinois — 4.8% | ||||||||
Chicago Midway International Airport Rev., 5.00%, 1/1/41 | 35,000 | 39,110 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/30 | 50,000 | 56,093 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/31 | 20,000 | 21,761 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/32 | 15,000 | 16,828 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/38 | 25,000 | 28,618 | ||||||
Cook County GO, 5.00%, 11/15/31 | 20,000 | 22,776 | ||||||
Cook County Sales Tax Rev., 4.00%, 11/15/40 | 45,000 | 50,428 | ||||||
Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/40 | 75,000 | 81,974 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 15,000 | 18,552 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 30,000 | 37,105 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/41 | 40,000 | 44,832 | ||||||
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/29 | 95,000 | 109,603 | ||||||
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/30 | 25,000 | 28,831 | ||||||
State of Illinois GO, 4.00%, 10/1/32 | 10,000 | 10,876 | ||||||
State of Illinois GO, 5.00%, 3/1/34 | 35,000 | 41,418 | ||||||
State of Illinois GO, 4.25%, 12/1/37 | 35,000 | 37,484 | ||||||
State of Illinois GO, 4.00%, 11/1/38 | 25,000 | 26,779 | ||||||
State of Illinois Rev., 5.00%, 6/15/26 | 20,000 | 20,852 | ||||||
693,920 | ||||||||
Indiana — 1.1% | ||||||||
Indiana Finance Authority Rev., (Indiana Department of Transportation), 5.00%, 6/1/28 | 105,000 | 121,922 | ||||||
Indiana Finance Authority Rev., (Indiana Finance Authority State Revolving Fund), 5.00%, 2/1/37 | 10,000 | 12,175 | ||||||
Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.25%, 2/1/37 | 10,000 | 11,240 | ||||||
Indiana Municipal Power Agency Rev., 5.00%, 1/1/35 | 10,000 | 11,332 | ||||||
156,669 | ||||||||
Kansas — 0.6% | ||||||||
State of Kansas Department of Transportation Rev., 5.00%, 9/1/26 | 50,000 | 56,295 | ||||||
State of Kansas Department of Transportation Rev., 5.00%, 9/1/27 | 25,000 | 28,120 | ||||||
84,415 | ||||||||
Kentucky — 1.5% | ||||||||
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 5.00%, 11/1/26 | 90,000 | 104,148 | ||||||
Kentucky Turnpike Authority Rev., (Kentucky Transportation Cabinet), 5.00%, 7/1/27 | 100,000 | 114,491 | ||||||
218,639 | ||||||||
Louisiana — 0.7% | ||||||||
State of Louisiana GO, 5.00%, 8/1/27 | 50,000 | 57,648 | ||||||
State of Louisiana GO, 5.00%, 8/1/28 | 35,000 | 40,191 | ||||||
97,839 | ||||||||
Maryland — 1.6% | ||||||||
State of Maryland GO, 5.00%, 3/15/25 | 15,000 | 16,673 |
21
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
State of Maryland GO, 5.00%, 3/15/27 | $ | 10,000 | $ | 11,761 | ||||
State of Maryland GO, 5.00%, 3/15/29 | 15,000 | 18,457 | ||||||
State of Maryland GO, 5.00%, 3/15/30 | 45,000 | 53,992 | ||||||
State of Maryland GO, 5.00%, 3/15/31 | 95,000 | 116,304 | ||||||
State of Maryland GO, 5.00%, 3/15/31 | 15,000 | 17,478 | ||||||
234,665 | ||||||||
Massachusetts — 3.9% | ||||||||
Massachusetts GO, 5.00%, 7/1/27 | 25,000 | 29,531 | ||||||
Massachusetts GO, 5.00%, 11/1/27 | 35,000 | 41,668 | ||||||
Massachusetts GO, 5.00%, 3/1/28 | 20,000 | 23,991 | ||||||
Massachusetts GO, 5.00%, 1/1/30 | 35,000 | 42,594 | ||||||
Massachusetts GO, 5.00%, 9/1/30 | 30,000 | 37,019 | ||||||
Massachusetts GO, 5.00%, 1/1/31 | 60,000 | 72,651 | ||||||
Massachusetts GO, 3.00%, 7/1/35 | 15,000 | 15,592 | ||||||
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/28 | 110,000 | 132,418 | ||||||
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/29 | 45,000 | 55,299 | ||||||
Massachusetts School Building Authority Rev., 5.00%, 8/15/37 | 40,000 | 44,526 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/27 | 30,000 | 34,697 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/31 | 25,000 | 30,110 | ||||||
560,096 | ||||||||
Michigan — 1.9% | ||||||||
Great Lakes Water Authority Sewage Disposal System Rev., 5.00%, 7/1/29 | 45,000 | 55,125 | ||||||
Great Lakes Water Authority Sewage Disposal System Rev., 5.00%, 7/1/30 | 40,000 | 46,068 | ||||||
Michigan Finance Authority Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.00%, 7/1/26 (AGM) | 30,000 | 32,644 | ||||||
Michigan State Building Authority Rev., 5.00%, 4/15/30 | 20,000 | 22,454 | ||||||
State of Michigan Rev., 5.00%, 3/15/27 | 100,000 | 117,182 | ||||||
273,473 | ||||||||
Minnesota — 0.8% | ||||||||
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/26 | 55,000 | 61,967 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/27 | 15,000 | 17,296 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/28 | 25,000 | 28,843 | ||||||
108,106 | ||||||||
Mississippi — 0.8% | ||||||||
State of Mississippi GO, 5.00%, 10/1/27 | 75,000 | 89,250 | ||||||
State of Mississippi GO, 5.00%, 10/1/27, Prerefunded at 100% of Par(1) | 25,000 | 29,691 | ||||||
118,941 | ||||||||
Nevada — 2.7% | ||||||||
Clark County School District GO, 5.00%, 6/15/25 | 65,000 | 72,396 | ||||||
Clark County School District GO, 5.00%, 6/15/27 | 25,000 | 28,124 | ||||||
Las Vegas Valley Water District GO, 5.00%, 6/1/39 | 85,000 | 92,767 | ||||||
State of Nevada GO, 5.00%, 4/1/27 | 20,000 | 22,139 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/26 | 15,000 | 17,210 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/27 | 35,000 | 39,969 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/28 | 70,000 | 79,907 |
22
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/31 | $ | 35,000 | $ | 40,838 | ||||
393,350 | ||||||||
New Jersey — 3.6% | ||||||||
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/27 | 75,000 | 82,979 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.25%, 6/15/26 | 70,000 | 75,620 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.00%, 6/15/37 | 15,000 | 15,986 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/41 | 20,000 | 22,390 | ||||||
New Jersey Educational Facilities Authority Rev., (State of New Jersey), 5.00%, 9/1/36 | 60,000 | 67,208 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/24 | 25,000 | 27,310 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 4.00%, 6/15/37 | 40,000 | 43,182 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/32 | 45,000 | 53,098 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/33 | 20,000 | 23,001 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/34 | 10,000 | 11,491 | ||||||
New Jersey Turnpike Authority Rev., 3.25%, 1/1/38 | 20,000 | 20,904 | ||||||
State of New Jersey GO, 5.00%, 6/1/27 | 30,000 | 33,187 | ||||||
State of New Jersey GO, 5.00%, 6/1/28 | 35,000 | 41,599 | ||||||
517,955 | ||||||||
New Mexico — 0.2% | ||||||||
State of New Mexico Severance Tax Permanent Fund Rev., 5.00%, 7/1/31 | 25,000 | 31,905 | ||||||
New York — 14.1% | ||||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/24 | 20,000 | 21,486 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/28 | 15,000 | 17,533 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/32 | 15,000 | 17,470 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/37 | 105,000 | 121,153 | ||||||
Long Island Power Authority Rev., 5.00%, 9/1/29 | 20,000 | 24,291 | ||||||
Metropolitan Transportation Authority Rev., (Dedicated Tax Fund), 5.25%, 11/15/27 | 25,000 | 29,145 | ||||||
Metropolitan Transportation Authority Rev., (Dedicated Tax Fund), 5.25%, 11/15/29 | 50,000 | 58,219 | ||||||
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/33 | 15,000 | 17,790 | ||||||
Nassau County GO, 5.00%, 10/1/27 | 95,000 | 111,878 | ||||||
New York City GO, 5.00%, 8/1/26 | 15,000 | 17,266 | ||||||
New York City GO, 5.00%, 8/1/27 | 60,000 | 70,674 | ||||||
New York City GO, 5.00%, 8/1/28 | 75,000 | 77,739 | ||||||
New York City GO, 5.00%, 12/1/33 | 25,000 | 28,744 | ||||||
New York City GO, 4.00%, 10/1/39 | 115,000 | 129,045 | ||||||
New York City GO, 4.00%, 3/1/42 | 20,000 | 22,239 | ||||||
New York City Transitional Finance Authority Building Aid Rev., 5.00%, 7/15/30 | 50,000 | 58,637 | ||||||
New York City Transitional Finance Authority Building Aid Rev., 4.00%, 7/15/36 | 25,000 | 27,431 | ||||||
New York Convention Center Development Corp. Rev., (New York City Hotel Unit Fee Rev.)), 5.00%, 11/15/40 | 25,000 | 27,824 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 25,000 | 30,531 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 20,000 | 24,003 |
23
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | $ | 60,000 | $ | 75,285 | ||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/34 | 20,000 | 22,849 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/39 | 15,000 | 18,138 | ||||||
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/26 | 50,000 | 57,404 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/23 | 25,000 | 25,859 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/28 | 40,000 | 43,952 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/32 | 10,000 | 10,936 | ||||||
New York State Thruway Authority Rev., 3.50%, 1/1/37 | 25,000 | 27,057 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/26 | 35,000 | 39,895 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/26 | 50,000 | 56,993 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31 | 15,000 | 17,770 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 30,000 | 37,521 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/34 | 40,000 | 42,842 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/37 | 35,000 | 39,682 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/37 | 10,000 | 11,266 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/39 | 45,000 | 53,310 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/39 | 30,000 | 35,652 | ||||||
Port Authority of New York & New Jersey Rev., 5.00%, 10/15/34 | 15,000 | 16,750 | ||||||
Port Authority of New York & New Jersey Rev., 4.00%, 7/15/37 | 65,000 | 73,381 | ||||||
Port Authority of New York & New Jersey Rev., 4.00%, 9/1/37 | 20,000 | 22,347 | ||||||
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24(1) | 65,000 | 71,332 | ||||||
Suffolk County Water Authority Rev., 3.00%, 6/1/32 | 10,000 | 10,393 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/25 | 15,000 | 16,948 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/29 | 45,000 | 55,705 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/30 | 40,000 | 50,420 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/38 | 15,000 | 17,492 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 6/15/25 | 15,000 | 15,763 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/25 | 25,000 | 26,695 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/26 | 10,000 | 11,000 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/35 | 50,000 | 56,386 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/36 | 35,000 | 39,415 | ||||||
2,033,536 | ||||||||
North Carolina — 0.9% | ||||||||
State of North Carolina Rev., 5.00%, 3/1/27 | 15,000 | 16,572 | ||||||
State of North Carolina Rev., 5.00%, 3/1/27 | 20,000 | 23,341 | ||||||
State of North Carolina Rev., 5.00%, 3/1/29 | 45,000 | 54,760 | ||||||
State of North Carolina Rev., 5.00%, 3/1/33 | 30,000 | 36,066 | ||||||
130,739 | ||||||||
Ohio — 1.3% | ||||||||
Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/29 | 30,000 | 37,215 |
24
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 6/1/29 | $ | 15,000 | $ | 18,425 | ||||
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 6/1/33 | 15,000 | 18,737 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/38 | 20,000 | 24,700 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/39 | 30,000 | 37,121 | ||||||
State of Ohio Rev., 5.00%, 12/15/23 | 30,000 | 32,040 | ||||||
State of Ohio Rev., 5.00%, 12/15/25 | 20,000 | 22,705 | ||||||
190,943 | ||||||||
Oklahoma — 1.8% | ||||||||
Grand River Dam Authority Rev., 5.00%, 6/1/27 | 100,000 | 116,466 | ||||||
Tulsa Public Facilities Authority Rev., (Tulsa), 5.00%, 6/1/25 | 130,000 | 144,853 | ||||||
261,319 | ||||||||
Oregon — 0.5% | ||||||||
Multnomah County GO, 5.00%, 6/15/29 | 20,000 | 24,632 | ||||||
Oregon State Lottery Rev., 5.00%, 4/1/27 | 35,000 | 38,766 | ||||||
63,398 | ||||||||
Pennsylvania — 3.0% | ||||||||
Delaware Valley Regional Finance Authority Rev., 5.50%, 8/1/28 (Ambac) | 20,000 | 24,385 | ||||||
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 5.00%, 9/1/33 | 70,000 | 84,034 | ||||||
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 4.00%, 9/1/34 | 130,000 | 144,376 | ||||||
Pennsylvania GO, 5.00%, 7/15/27 | 75,000 | 88,309 | ||||||
Pennsylvania GO, 5.00%, 7/15/29 | 35,000 | 42,966 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/23 | 20,000 | 21,313 | ||||||
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/39 | 10,000 | 11,038 | ||||||
Philadelphia Water & Wastewater Rev., 5.00%, 7/1/24, Prerefunded at 100% of Par(1) | 15,000 | 16,293 | ||||||
432,714 | ||||||||
South Carolina — 0.9% | ||||||||
South Carolina Public Service Authority Rev., 5.00%, 12/1/30 | 75,000 | 85,459 | ||||||
South Carolina Public Service Authority Rev., 4.00%, 12/1/42 | 40,000 | 44,158 | ||||||
129,617 | ||||||||
Tennessee — 1.3% | ||||||||
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 1/1/26 | 10,000 | 11,347 | ||||||
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 7/1/27 | 25,000 | 29,405 | ||||||
Metropolitan Government of Nashville & Davidson County GO, 4.00%, 7/1/28 | 125,000 | 140,598 | ||||||
181,350 | ||||||||
Texas — 6.0% | ||||||||
Central Texas Turnpike System Rev., 5.00%, 8/15/37 | 20,000 | 21,540 | ||||||
Dallas Area Rapid Transit Rev., 5.00%, 12/1/29 | 15,000 | 18,572 | ||||||
Dallas County Utility & Reclamation District GO, 5.00%, 2/15/28 | 85,000 | 100,056 | ||||||
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/32 | 50,000 | 61,854 | ||||||
Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/27 | 45,000 | 50,602 | ||||||
Houston GO, 5.00%, 3/1/28 | 25,000 | 29,830 | ||||||
Houston GO, 5.00%, 3/1/28 | 20,000 | 23,288 |
25
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Houston GO, 5.00%, 3/1/30 | $ | 30,000 | $ | 36,372 | ||||
Houston Combined Utility System Rev., 5.00%, 11/15/33 | 75,000 | 94,052 | ||||||
North Texas Tollway Authority Rev., 5.00%, 1/1/33 | 50,000 | 54,503 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/30 (AGC)(2) | 65,000 | 55,148 | ||||||
Port Authority of Houston of Harris County Texas GO, 3.00%, 10/1/39 | 50,000 | 53,115 | ||||||
San Antonio Electric & Gas Systems Rev., 3.125%, 2/1/28 | 20,000 | 21,222 | ||||||
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/30 | 45,000 | 51,426 | ||||||
Texas State University System Rev., 5.00%, 3/15/31 | 80,000 | 92,817 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/29 | 20,000 | 23,774 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/36 | 30,000 | 34,815 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/37 | 25,000 | 28,332 | ||||||
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/28 | 15,000 | 17,720 | ||||||
869,038 | ||||||||
Utah — 0.2% | ||||||||
Utah Transit Authority Rev., 5.25%, 6/15/32 (AGM) | 25,000 | 31,999 | ||||||
Virginia — 3.3% | ||||||||
Richmond Public Utility Rev., 5.00%, 1/15/28 | 20,000 | 22,726 | ||||||
Virginia College Building Authority Rev., 5.00%, 2/1/30 | 185,000 | 225,399 | ||||||
Virginia College Building Authority Rev., 5.00%, 2/1/30 | 20,000 | 23,803 | ||||||
Virginia College Building Authority Rev., 3.00%, 2/1/35 | 20,000 | 20,906 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 3/15/25 | 15,000 | 16,631 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/26 | 35,000 | 40,418 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/27 | 20,000 | 23,487 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/29 | 25,000 | 29,789 | ||||||
Virginia Public Building Authority Rev., 5.00%, 8/1/27 | 65,000 | 76,860 | ||||||
480,019 | ||||||||
Washington — 4.4% | ||||||||
Central Puget Sound Regional Transit Authority Rev., 5.00%, 11/1/25, Prerefunded at 100% of Par(1) | 25,000 | 28,244 | ||||||
Central Puget Sound Regional Transit Authority Rev., 5.00%, 11/1/25, Prerefunded at 100% of Par(1) | 35,000 | 39,542 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/25 | 10,000 | 11,200 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/27 | 65,000 | 76,709 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/27 | 55,000 | 64,907 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/28 | 40,000 | 48,206 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/28 | 10,000 | 11,773 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/30 | 20,000 | 24,107 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33 | 35,000 | 41,987 | ||||||
State of Washington GO, 5.00%, 8/1/27 | 40,000 | 47,367 | ||||||
State of Washington GO, 5.00%, 7/1/29 | 10,000 | 11,291 |
26
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
State of Washington GO, 5.00%, 7/1/29 | $ | 20,000 | $ | 21,953 | ||||
State of Washington GO, 5.00%, 7/1/32 | 145,000 | 162,736 | ||||||
State of Washington GO, 5.00%, 8/1/32 | 10,000 | 11,405 | ||||||
State of Washington Rev., 5.00%, 9/1/23 | 25,000 | 26,463 | ||||||
627,890 | ||||||||
Wisconsin — 1.4% | ||||||||
State of Wisconsin GO, 5.00%, 5/1/27 | 10,000 | 10,952 | ||||||
State of Wisconsin GO, 5.00%, 11/1/29 | 25,000 | 29,277 | ||||||
State of Wisconsin Rev., 5.00%, 5/1/27 | 125,000 | 146,117 | ||||||
Wisconsin Department of Transportation Rev., 5.00%, 7/1/27 | 15,000 | 17,685 | ||||||
204,031 | ||||||||
TOTAL MUNICIPAL SECURITIES (Cost $14,474,367) | 14,117,185 | |||||||
SHORT-TERM INVESTMENTS — 0.8% | ||||||||
Money Market Funds — 0.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 117,312 | 117,312 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $117,312) | 117,312 | |||||||
TOTAL INVESTMENT SECURITIES — 98.9% (Cost $14,591,679) | 14,234,497 | |||||||
OTHER ASSETS AND LIABILITIES — 1.1% | 157,283 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 14,391,780 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
AGC | - | Assured Guaranty Corporation | ||||||
AGM | - | Assured Guaranty Municipal Corporation | ||||||
COP | - | Certificates of Participation | ||||||
GO | - | General Obligation |
(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 may be issued at a substantial discount from their value at maturity.
See Notes to Financial Statements.
27
FEBRUARY 28, 2022 (UNAUDITED)
Avantis Short-Term Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
CORPORATE BONDS — 65.8% | ||||||||
Aerospace and Defense — 1.1% | ||||||||
Boeing Co. (The), 2.20%, 2/4/26 | $ | 75,000 | $ | 73,219 | ||||
General Dynamics Corp., 3.50%, 5/15/25 | 42,000 | 43,476 | ||||||
Huntington Ingalls Industries, Inc., 3.84%, 5/1/25 | 36,000 | 37,349 | ||||||
154,044 | ||||||||
Air Freight and Logistics — 0.7% | ||||||||
United Parcel Service, Inc., 2.20%, 9/1/24 | 101,000 | 101,803 | ||||||
Automobiles — 1.0% | ||||||||
American Honda Finance Corp., MTN, 1.00%, 9/10/25 | 78,000 | 74,783 | ||||||
General Motors Financial Co., Inc., 4.25%, 5/15/23 | 20,000 | 20,585 | ||||||
General Motors Financial Co., Inc., 5.25%, 3/1/26 | 45,000 | 49,014 | ||||||
144,382 | ||||||||
Banks — 11.8% | ||||||||
African Development Bank, 0.50%, 4/22/22 | 50,000 | 50,007 | ||||||
Asian Development Bank, MTN, 0.25%, 7/14/23 | 100,000 | 98,587 | ||||||
Bank of Montreal, MTN, 0.625%, 7/9/24 | 60,000 | 57,929 | ||||||
Bank of Montreal, MTN, 1.85%, 5/1/25 | 72,000 | 71,185 | ||||||
Bank of Nova Scotia (The), 1.30%, 6/11/25 | 108,000 | 104,301 | ||||||
Citigroup, Inc., 3.30%, 4/27/25 | 66,000 | 67,615 | ||||||
Council Of Europe Development Bank, 2.50%, 2/27/24 | 25,000 | 25,497 | ||||||
European Bank for Reconstruction & Development, MTN, 0.25%, 7/10/23 | 50,000 | 49,280 | ||||||
European Investment Bank, 0.25%, 9/15/23 | 150,000 | 147,492 | ||||||
Inter-American Development Bank, 2.625%, 1/16/24 | 150,000 | 153,150 | ||||||
Inter-American Development Bank, 3.00%, 2/21/24 | 140,000 | 144,083 | ||||||
International Bank for Reconstruction & Development, 0.875%, 7/15/26 | 10,000 | 9,638 | ||||||
Kreditanstalt fuer Wiederaufbau, 2.375%, 12/29/22 | 100,000 | 101,131 | ||||||
Oesterreichische Kontrollbank AG, MTN, 2.875%, 3/13/23 | 100,000 | 101,684 | ||||||
PNC Financial Services Group, Inc. (The), 2.20%, 11/1/24 | 90,000 | 90,432 | ||||||
Royal Bank of Canada, MTN, 2.55%, 7/16/24 | 42,000 | 42,480 | ||||||
Royal Bank of Canada, MTN, 1.15%, 7/14/26 | 60,000 | 56,840 | ||||||
Santander Holdings USA, Inc., 4.50%, 7/17/25 | 66,000 | 69,327 | ||||||
Santander Holdings USA, Inc., 3.24%, 10/5/26 | 70,000 | 70,706 | ||||||
Toronto-Dominion Bank (The), MTN, 1.20%, 6/3/26 | 105,000 | 100,140 | ||||||
Wells Fargo & Co., MTN, 3.55%, 9/29/25 | 36,000 | 37,260 | ||||||
1,648,764 | ||||||||
Beverages — 0.7% | ||||||||
Coca-Cola Co. (The), 1.75%, 9/6/24 | 101,000 | 101,205 | ||||||
Biotechnology — 0.2% | ||||||||
AbbVie, Inc., 2.90%, 11/6/22 | 29,000 | 29,297 | ||||||
Building Products — 0.2% | ||||||||
Owens Corning, 3.40%, 8/15/26 | 28,000 | 28,911 | ||||||
Capital Markets — 5.2% | ||||||||
Ameriprise Financial, Inc., 2.875%, 9/15/26 | 98,000 | 100,415 | ||||||
Bank of New York Mellon Corp. (The), MTN, 3.25%, 9/11/24 | 98,000 | 100,985 | ||||||
BlackRock, Inc., 3.50%, 3/18/24 | 70,000 | 72,538 | ||||||
Brookfield Finance, Inc., 4.00%, 4/1/24 | 66,000 | 68,300 | ||||||
Charles Schwab Corp. (The), 3.85%, 5/21/25 | 66,000 | 69,377 | ||||||
CME Group, Inc., 3.00%, 3/15/25 | 35,000 | 35,930 |
28
Avantis Short-Term Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Goldman Sachs Group, Inc. (The), 3.75%, 5/22/25 | $ | 66,000 | $ | 68,304 | ||||
Janus Henderson US Holdings, Inc., 4.875%, 8/1/25 | 30,000 | 32,048 | ||||||
Lazard Group LLC, 3.75%, 2/13/25 | 66,000 | 68,532 | ||||||
S&P Global, Inc., 2.95%, 1/22/27 | 25,000 | 25,638 | ||||||
State Street Corp., 3.55%, 8/18/25 | 86,000 | 89,932 | ||||||
731,999 | ||||||||
Chemicals — 0.9% | ||||||||
Ecolab, Inc., 2.70%, 11/1/26 | 95,000 | 96,707 | ||||||
Mosaic Co. (The), 4.25%, 11/15/23 | 30,000 | 31,032 | ||||||
127,739 | ||||||||
Consumer Finance — 1.5% | ||||||||
Capital One Financial Corp., 4.25%, 4/30/25 | 66,000 | 69,471 | ||||||
Discover Financial Services, 4.50%, 1/30/26 | 65,000 | 69,217 | ||||||
Synchrony Financial, 4.50%, 7/23/25 | 66,000 | 69,320 | ||||||
208,008 | ||||||||
Containers and Packaging — 0.1% | ||||||||
Packaging Corp. of America, 3.65%, 9/15/24 | 13,000 | 13,436 | ||||||
Electric Utilities — 3.0% | ||||||||
Baltimore Gas and Electric Co., 2.40%, 8/15/26 | 64,000 | 64,889 | ||||||
Berkshire Hathaway Energy Co., 4.05%, 4/15/25 | 36,000 | 37,970 | ||||||
Cleco Corporate Holdings LLC, 3.74%, 5/1/26 | 61,000 | 63,463 | ||||||
Duke Energy Progress LLC, 3.25%, 8/15/25 | 24,000 | 24,902 | ||||||
Edison International, 4.95%, 4/15/25 | 30,000 | 31,641 | ||||||
Emera US Finance LP, 3.55%, 6/15/26 | 62,000 | 63,811 | ||||||
Entergy Gulf States Louisiana LLC, 5.59%, 10/1/24 | 58,000 | 62,695 | ||||||
Public Service Electric and Gas Co., MTN, 2.25%, 9/15/26 | 64,000 | 64,186 | ||||||
413,557 | ||||||||
Electronic Equipment, Instruments and Components — 1.1% | ||||||||
Flex Ltd., 3.75%, 2/1/26 | 47,000 | 48,560 | ||||||
Keysight Technologies, Inc., 4.55%, 10/30/24 | 36,000 | 37,919 | ||||||
TD SYNNEX Corp., 1.75%, 8/9/26(1) | 75,000 | 71,258 | ||||||
157,737 | ||||||||
Energy Equipment and Services — 0.7% | ||||||||
Schlumberger Finance Canada Ltd., 1.40%, 9/17/25 | 104,000 | 101,013 | ||||||
Equity Real Estate Investment Trusts (REITs) — 4.8% | ||||||||
American Campus Communities Operating Partnership LP, 3.30%, 7/15/26 | 63,000 | 65,047 | ||||||
CC Holdings GS V LLC / Crown Castle GS III Corp., 3.85%, 4/15/23 | 36,000 | 36,779 | ||||||
Corporate Office Properties LP, 2.25%, 3/15/26 | 29,000 | 28,539 | ||||||
ERP Operating LP, 3.375%, 6/1/25 | 105,000 | 108,863 | ||||||
Host Hotels & Resorts LP, 4.50%, 2/1/26 | 75,000 | 78,679 | ||||||
Kimco Realty Corp., 3.30%, 2/1/25 | 66,000 | 67,669 | ||||||
Omega Healthcare Investors, Inc., 4.95%, 4/1/24 | 75,000 | 78,399 | ||||||
Prologis LP, 3.25%, 10/1/26 | 100,000 | 104,050 | ||||||
Spirit Realty LP, 4.45%, 9/15/26 | 42,000 | 44,939 | ||||||
Vornado Realty LP, 2.15%, 6/1/26 | 66,000 | 64,111 | ||||||
677,075 | ||||||||
Food and Staples Retailing — 0.6% | ||||||||
Costco Wholesale Corp., 2.75%, 5/18/24 | 42,000 | 42,891 | ||||||
Sysco Corp., 3.30%, 7/15/26 | 45,000 | 46,329 | ||||||
89,220 |
29
Avantis Short-Term Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Food Products — 1.4% | ||||||||
Bunge Ltd. Finance Corp., 4.35%, 3/15/24 | $ | 27,000 | $ | 28,069 | ||||
Bunge Ltd. Finance Corp., 1.63%, 8/17/25 | 29,000 | 28,168 | ||||||
Hershey Co. (The), 2.05%, 11/15/24 | 36,000 | 36,077 | ||||||
Hormel Foods Corp., 0.65%, 6/3/24 | 60,000 | 58,373 | ||||||
Tyson Foods, Inc., 4.00%, 3/1/26 | 45,000 | 47,172 | ||||||
197,859 | ||||||||
Gas Utilities — 0.8% | ||||||||
National Fuel Gas Co., 5.50%, 1/15/26 | 45,000 | 48,792 | ||||||
Southern California Gas Co., 3.15%, 9/15/24 | 63,000 | 64,551 | ||||||
113,343 | ||||||||
Health Care Providers and Services — 3.6% | ||||||||
Anthem, Inc., 2.375%, 1/15/25 | 60,000 | 60,273 | ||||||
Cardinal Health, Inc., 3.50%, 11/15/24 | 69,000 | 70,968 | ||||||
Cigna Corp., 3.05%, 11/30/22 | 29,000 | 29,372 | ||||||
CommonSpirit Health, 2.76%, 10/1/24 | 36,000 | 36,337 | ||||||
HCA, Inc., 5.00%, 3/15/24 | 66,000 | 69,398 | ||||||
Humana, Inc., 4.50%, 4/1/25 | 66,000 | 70,093 | ||||||
UnitedHealth Group, Inc., 2.375%, 8/15/24 | 100,000 | 101,406 | ||||||
Universal Health Services, Inc., 1.65%, 9/1/26(1) | 68,000 | 64,611 | ||||||
502,458 | ||||||||
Hotels, Restaurants and Leisure — 1.1% | ||||||||
Booking Holdings, Inc., 3.65%, 3/15/25 | 97,000 | 100,832 | ||||||
Hyatt Hotels Corp., 4.85%, 3/15/26 | 45,000 | 47,862 | ||||||
148,694 | ||||||||
Household Durables — 0.2% | ||||||||
DR Horton, Inc., 4.75%, 2/15/23 | 30,000 | 30,631 | ||||||
Household Products — 0.2% | ||||||||
Colgate-Palmolive Co., MTN, 3.25%, 3/15/24 | 20,000 | 20,669 | ||||||
Insurance — 2.6% | ||||||||
Aflac, Inc., 3.625%, 11/15/24 | 96,000 | 99,929 | ||||||
Aon plc, 3.875%, 12/15/25 | 50,000 | 52,247 | ||||||
First American Financial Corp., 4.60%, 11/15/24 | 50,000 | 52,929 | ||||||
MetLife, Inc., 4.37%, 9/15/23 | 50,000 | 51,791 | ||||||
MetLife, Inc., 3.60%, 11/13/25 | 34,000 | 35,607 | ||||||
Principal Financial Group, Inc., 3.40%, 5/15/25 | 66,000 | 67,705 | ||||||
360,208 | ||||||||
IT Services — 1.3% | ||||||||
International Business Machines Corp., 3.00%, 5/15/24 | 100,000 | 102,350 | ||||||
Western Union Co. (The), 2.85%, 1/10/25 | 72,000 | 72,957 | ||||||
175,307 | ||||||||
Machinery — 2.6% | ||||||||
Caterpillar Financial Services Corp., MTN, 3.30%, 6/9/24 | 69,000 | 71,461 | ||||||
Caterpillar Financial Services Corp., MTN, 1.45%, 5/15/25 | 36,000 | 35,252 | ||||||
Cummins, Inc., 3.65%, 10/1/23 | 42,000 | 43,058 | ||||||
Illinois Tool Works, Inc., 3.50%, 3/1/24 | 42,000 | 43,261 | ||||||
John Deere Capital Corp., MTN, 3.45%, 1/10/24 | 69,000 | 71,127 | ||||||
PACCAR Financial Corp., MTN, 2.15%, 8/15/24 | 101,000 | 101,485 | ||||||
365,644 | ||||||||
Media — 0.9% | ||||||||
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22 | 24,000 | 25,376 |
30
Avantis Short-Term Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Comcast Corp., 3.375%, 8/15/25 | $ | 42,000 | $ | 43,326 | ||||
Discovery Communications LLC, 4.90%, 3/11/26 | 60,000 | 63,963 | ||||||
132,665 | ||||||||
Metals and Mining — 1.0% | ||||||||
ArcelorMittal SA, 4.55%, 3/11/26 | 60,000 | 63,062 | ||||||
BHP Billiton Finance USA Ltd., 3.85%, 9/30/23 | 34,000 | 35,174 | ||||||
Kinross Gold Corp., 5.95%, 3/15/24 | 42,000 | 44,489 | ||||||
142,725 | ||||||||
Multi-Utilities — 0.3% | ||||||||
Dominion Energy, Inc., 2.75%, 9/15/22 | 36,000 | 36,178 | ||||||
Multiline Retail — 0.5% | ||||||||
Dollar Tree, Inc., 4.00%, 5/15/25 | 66,000 | 68,826 | ||||||
Oil, Gas and Consumable Fuels — 5.6% | ||||||||
Canadian Natural Resources Ltd., 2.05%, 7/15/25 | 36,000 | 35,373 | ||||||
Chevron Corp., 1.55%, 5/11/25 | 102,000 | 100,511 | ||||||
Enbridge, Inc., 2.50%, 1/15/25 | 72,000 | 72,145 | ||||||
Energy Transfer LP, 3.90%, 7/15/26 | 70,000 | 72,555 | ||||||
Enterprise Products Operating LLC, 3.35%, 3/15/23 | 72,000 | 72,930 | ||||||
Equinor ASA, 2.875%, 4/6/25 | 35,000 | 35,653 | ||||||
Exxon Mobil Corp., 2.71%, 3/6/25 | 72,000 | 73,438 | ||||||
Phillips 66 Partners LP, 2.45%, 12/15/24 | 36,000 | 36,072 | ||||||
Shell International Finance BV, 3.25%, 5/11/25 | 66,000 | 68,502 | ||||||
TotalEnergies Capital Canada Ltd., 2.75%, 7/15/23 | 72,000 | 73,173 | ||||||
TransCanada PipeLines Ltd., 2.50%, 8/1/22 | 72,000 | 72,355 | ||||||
Valero Energy Corp., 2.85%, 4/15/25 | 9,000 | 9,070 | ||||||
Williams Cos., Inc. (The), 4.00%, 9/15/25 | 66,000 | 68,790 | ||||||
790,567 | ||||||||
Personal Products — 0.3% | ||||||||
Estee Lauder Cos., Inc. (The), 2.00%, 12/1/24 | 36,000 | 36,164 | ||||||
Pharmaceuticals — 3.4% | ||||||||
Bristol-Myers Squibb Co., 3.55%, 8/15/22 | 72,000 | 72,821 | ||||||
GlaxoSmithKline Capital, Inc., 3.625%, 5/15/25 | 18,000 | 18,802 | ||||||
GlaxoSmithKline Capital, plc, 3.00%, 6/1/24 | 84,000 | 85,780 | ||||||
Novartis Capital Corp., 1.75%, 2/14/25 | 29,000 | 28,848 | ||||||
Novartis Capital Corp., 3.00%, 11/20/25 | 27,000 | 27,836 | ||||||
Pfizer, Inc., 3.40%, 5/15/24 | 97,000 | 100,494 | ||||||
Royalty Pharma plc, 1.20%, 9/2/25 | 78,000 | 74,111 | ||||||
Utah Acquisition Sub, Inc., 3.95%, 6/15/26 | 61,000 | 63,032 | ||||||
471,724 | ||||||||
Road and Rail — 0.4% | ||||||||
Ryder System, Inc., MTN, 2.50%, 9/1/24 | 36,000 | 36,143 | ||||||
Ryder System, Inc., MTN, 3.35%, 9/1/25 | 18,000 | 18,446 | ||||||
54,589 | ||||||||
Semiconductors and Semiconductor Equipment — 2.1% | ||||||||
Broadcom, Inc., 4.70%, 4/15/25 | 66,000 | 70,279 | ||||||
Marvell Technology, Inc., 1.65%, 4/15/26 | 67,000 | 64,554 | ||||||
Microchip Technology, Inc., 4.33%, 6/1/23 | 48,000 | 49,389 | ||||||
NXP BV / NXP Funding LLC, 4.875%, 3/1/24(1) | 42,000 | 44,058 | ||||||
QUALCOMM, Inc., 3.00%, 5/20/22 | 72,000 | 72,140 | ||||||
300,420 |
31
Avantis Short-Term Fixed Income Fund | ||||||||
Principal Amount | Value | |||||||
Software — 1.4% | ||||||||
Citrix Systems, Inc., 1.25%, 3/1/26 | $ | 69,000 | $ | 68,072 | ||||
Intuit, Inc., 0.95%, 7/15/25 | 42,000 | 40,220 | ||||||
Microsoft Corp., 2.875%, 2/6/24 | 84,000 | 86,060 | ||||||
194,352 | ||||||||
Specialty Retail — 1.0% | ||||||||
Home Depot, Inc. (The), 3.75%, 2/15/24 | 66,000 | 68,394 | ||||||
Ross Stores, Inc., 4.60%, 4/15/25 | 66,000 | 70,457 | ||||||
138,851 | ||||||||
Technology Hardware, Storage and Peripherals — 1.0% | ||||||||
Apple, Inc., 3.00%, 2/9/24 | 35,000 | 35,864 | ||||||
Apple, Inc., 2.45%, 8/4/26 | 71,000 | 72,134 | ||||||
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 | 36,000 | 38,641 | ||||||
146,639 | ||||||||
Trading Companies and Distributors — 0.5% | ||||||||
Air Lease Corp., MTN, 2.875%, 1/15/26 | 71,000 | 70,765 | ||||||
TOTAL CORPORATE BONDS (Cost $9,532,319) | 9,227,468 | |||||||
U.S. TREASURY SECURITIES AND EQUIVALENTS — 30.7% | ||||||||
Israel Government AID Bond, 5.50%, 9/18/23 | 100,000 | 106,080 | ||||||
U.S. Treasury Notes, 0.125%, 6/30/22 | 40,000 | 39,948 | ||||||
U.S. Treasury Notes, 2.75%, 2/15/24 | 350,000 | 358,777 | ||||||
U.S. Treasury Notes, 2.125%, 2/29/24 | 350,000 | 354,526 | ||||||
U.S. Treasury Notes, 2.375%, 2/29/24 | 400,000 | 407,133 | ||||||
U.S. Treasury Notes, 0.375%, 4/15/24 | 350,000 | 341,729 | ||||||
U.S. Treasury Notes, 0.375%, 7/15/24 | 450,000 | 437,748 | ||||||
U.S. Treasury Notes, 0.375%, 8/15/24 | 440,000 | 427,384 | ||||||
U.S. Treasury Notes, 1.50%, 10/31/24 | 450,000 | 448,787 | ||||||
U.S. Treasury Notes, 0.25%, 7/31/25 | 298,000 | 283,810 | ||||||
U.S. Treasury Notes, 0.375%, 1/31/26 | 513,000 | 486,709 | ||||||
U.S. Treasury Notes, 1.625%, 2/15/26 | 285,000 | 283,775 | ||||||
U.S. Treasury Notes, 0.625%, 7/31/26 | 30,000 | 28,570 | ||||||
U.S. Treasury Notes, 1.25%, 12/31/26 | 300,000 | 293,121 | ||||||
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS (Cost $4,405,752) | 4,298,097 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 3.2% | ||||||||
FHLB, 2.375%, 3/14/25 | 50,000 | 51,067 | ||||||
FHLB, 0.375%, 9/4/25 | 25,000 | 23,836 | ||||||
FHLB, 3.25%, 11/16/28 | 25,000 | 27,031 | ||||||
FHLMC, 0.25%, 11/6/23 | 100,000 | 98,101 | ||||||
FNMA, 0.25%, 5/22/23 | 75,000 | 74,150 | ||||||
FNMA, 1.625%, 10/15/24 | 110,000 | 110,010 | ||||||
FNMA, 0.375%, 8/25/25 | 25,000 | 23,845 | ||||||
Tennessee Valley Authority, 0.75%, 5/15/25 | 48,000 | 46,538 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $461,388) | 454,578 |
32
Avantis Short-Term Fixed Income Fund | ||||||||
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 0.8% | ||||||||
Money Market Funds — 0.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 110,162 | $ | 110,162 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $110,162) | 110,162 | |||||||
TOTAL INVESTMENT SECURITIES — 100.5% (Cost $14,509,621) | 14,090,305 | |||||||
OTHER ASSETS AND LIABILITIES — (0.5)% | (69,677) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 14,020,628 |
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 $179,927, which represented 1.3% of total net assets.
See Notes to Financial Statements.
33
Statements of Assets and Liabilities |
FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Avantis Core Fixed Income Fund | Avantis Core Municipal Fixed Income Fund | |||||||
Assets | ||||||||
Investment securities, at value (cost of $38,728,183 and $14,591,679, respectively) | $ | 38,070,913 | $ | 14,234,497 | ||||
Cash | 536 | — | ||||||
Receivable for investments sold | 1,686,377 | — | ||||||
Receivable for capital shares sold | 78,048 | — | ||||||
Receivable for variation margin on futures contracts | 2,531 | — | ||||||
Interest receivable | 173,575 | 160,198 | ||||||
40,011,980 | 14,394,695 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 13,239,004 | — | ||||||
Payable for capital shares redeemed | 682 | 1,370 | ||||||
Payable for variation margin on swap agreements | 186 | — | ||||||
Accrued management fees | 321 | 1,545 | ||||||
13,240,193 | 2,915 | |||||||
Net Assets | $ | 26,771,787 | $ | 14,391,780 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 27,526,813 | $ | 14,752,004 | ||||
Distributable earnings | (755,026) | (360,224) | ||||||
$ | 26,771,787 | $ | 14,391,780 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis Core Fixed Income Fund | |||||||||||
Institutional Class | $3,002,843 | 315,419 | $9.52 | ||||||||
G Class | $23,768,944 | 2,496,978 | $9.52 | ||||||||
Avantis Core Municipal Fixed Income Fund | |||||||||||
Institutional Class | $13,405,203 | 1,374,008 | $9.76 | ||||||||
G Class | $986,577 | 101,122 | $9.76 |
See Notes to Financial Statements.
34
FEBRUARY 28, 2022 (UNAUDITED) | |||||
Avantis Short-Term Fixed Income Fund | |||||
Assets | |||||
Investment securities, at value (cost of $14,509,621) | $ | 14,090,305 | |||
Receivable for capital shares sold | 704 | ||||
Interest receivable | 87,046 | ||||
14,178,055 | |||||
Liabilities | |||||
Payable for capital shares redeemed | 156,004 | ||||
Accrued management fees | 1,423 | ||||
157,427 | |||||
Net Assets | $ | 14,020,628 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 14,468,615 | |||
Distributable earnings | (447,987) | ||||
$ | 14,020,628 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis Short-Term Fixed Income Fund | |||||||||||
Institutional Class | $11,759,183 | 1,212,088 | $9.70 | ||||||||
G Class | $2,261,445 | 233,110 | $9.70 |
See Notes to Financial Statements.
35
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | ||||||||
Avantis Core Fixed Income Fund | Avantis Core Municipal Fixed Income Fund | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Interest | $ | 127,621 | $ | 87,020 | ||||
Expenses: | ||||||||
Management fees | 12,803 | 11,220 | ||||||
Fees waived - G Class | (4,920) | (752) | ||||||
7,883 | 10,468 | |||||||
Net investment income (loss) | 119,738 | 76,552 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (89,812) | (2,922) | ||||||
Futures contract transactions | (5,654) | — | ||||||
Swap agreement transactions | 472 | — | ||||||
(94,994) | (2,922) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | (791,669) | (616,995) | ||||||
Futures contracts | 1,879 | — | ||||||
Swap agreements | (3,324) | — | ||||||
(793,114) | (616,995) | |||||||
Net realized and unrealized gain (loss) | (888,108) | (619,917) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (768,370) | $ | (543,365) |
See Notes to Financial Statements.
36
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) | |||||
Avantis Short-Term Fixed Income Fund | |||||
Investment Income (Loss) | |||||
Income: | |||||
Interest | $ | 58,824 | |||
Expenses: | |||||
Management fees | 11,050 | ||||
Fees waived - G Class | (992) | ||||
10,058 | |||||
Net investment income (loss) | 48,766 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions | (23,344) | ||||
Futures contract transactions | (219) | ||||
(23,563) | |||||
Change in net unrealized appreciation (depreciation) on investments | (419,537) | ||||
Net realized and unrealized gain (loss) | (443,100) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (394,334) |
See Notes to Financial Statements.
37
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2021 | |||||||||||||||||
Avantis Core Fixed Income Fund | Avantis Core Municipal Fixed Income Fund | ||||||||||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021(1) | February 28, 2022 | August 31, 2021(1) | |||||||||||||
Operations | |||||||||||||||||
Net investment income (loss) | $ | 119,738 | $ | 105,070 | $ | 76,552 | $ | 70,766 | |||||||||
Net realized gain (loss) | (94,994) | 22,346 | (2,922) | (120) | |||||||||||||
Change in net unrealized appreciation (depreciation) | (793,114) | 135,580 | (616,995) | 259,813 | |||||||||||||
Net increase (decrease) in net assets resulting from operations | (768,370) | 262,996 | (543,365) | 330,459 | |||||||||||||
Distributions to Shareholders | |||||||||||||||||
From earnings: | |||||||||||||||||
Institutional Class | (87,543) | (91,575) | (70,714) | (65,321) | |||||||||||||
G Class | (56,108) | (14,426) | (5,838) | (5,445) | |||||||||||||
Decrease in net assets from distributions | (143,651) | (106,001) | (76,552) | (70,766) | |||||||||||||
Capital Share Transactions | |||||||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 10,817,357 | 16,709,456 | (368,752) | 15,120,756 | |||||||||||||
Net increase (decrease) in net assets | 9,905,336 | 16,866,451 | (988,669) | 15,380,449 | |||||||||||||
Net Assets | |||||||||||||||||
Beginning of period | 16,866,451 | — | 15,380,449 | — | |||||||||||||
End of period | $ | 26,771,787 | $ | 16,866,451 | $ | 14,391,780 | $ | 15,380,449 |
(1)February 24, 2021 (fund inception) through August 31, 2021.
See Notes to Financial Statements.
38
SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2021 | |||||||||||
Avantis Short-Term Fixed Income Fund | |||||||||||
Increase (Decrease) in Net Assets | February 28, 2022 | August 31, 2021(1) | |||||||||
Operations | |||||||||||
Net investment income (loss) | $ | 48,766 | $ | 32,896 | |||||||
Net realized gain (loss) | (23,563) | (5,108) | |||||||||
Change in net unrealized appreciation (depreciation) | (419,537) | 221 | |||||||||
Net increase (decrease) in net assets resulting from operations | (394,334) | 28,009 | |||||||||
Distributions to Shareholders | |||||||||||
From earnings: | |||||||||||
Institutional Class | (43,345) | (29,858) | |||||||||
G Class | (5,421) | (3,038) | |||||||||
Decrease in net assets from distributions | (48,766) | (32,896) | |||||||||
Capital Share Transactions | |||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | (541,476) | 15,010,091 | |||||||||
Net increase (decrease) in net assets | (984,576) | 15,005,204 | |||||||||
Net Assets | |||||||||||
Beginning of period | 15,005,204 | — | |||||||||
End of period | $ | 14,020,628 | $ | 15,005,204 |
(1)February 24, 2021 (fund inception) through August 31, 2021.
See Notes to Financial Statements.
39
Notes to Financial Statements |
FEBRUARY 28, 2022 (UNAUDITED)
1. Organization
American Century ETF Trust (the trust) was registered as a Delaware statutory trust in 2017 and is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. 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, U.S. Treasury and Government Agency securities, municipal securities, and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. 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. 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.
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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.
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.
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.
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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. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 85% and 9% of the shares of the Avantis Core Fixed Income Fund and Avantis Short-Term Fixed Income Fund, respectively. ACIM owns 77% and 62% of the shares of the Avantis Core Municipal Fixed Income Fund and Avantis Short-Term Fixed Income Fund, 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) 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 each fund's G Class 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, 2022, the annual management fee for the Institutional Class and the annual management fee before and after waiver for G Class for each fund are as follows:
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, 2022 were as follows:
Avantis Core Fixed Income Fund | Avantis Core Municipal Fixed Income Fund | Avantis Short-Term Fixed Income Fund | |||||||||
Purchases of U.S. Treasury and Government Agency obligations | $28,824,468 | — | $1,310,914 | ||||||||
Purchases of other investment securities | 7,015,624 | $127,890 | 3,748,244 | ||||||||
Total Purchases | $35,840,092 | $127,890 | $5,059,158 | ||||||||
Sales of U.S. Treasury and Government Agency obligations | $23,929,450 | — | $3,103,869 | ||||||||
Sales of other investment securities | 490,266 | $413,907 | 2,206,397 | ||||||||
Total Sales | $24,419,716 | $413,907 | $5,310,266 |
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5. Capital Share Transactions
Transactions in shares of the funds were as follows (unlimited number of shares authorized):
Six months ended February 28, 2022 | Period ended August 31, 2021(1) | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Avantis Core Fixed Income Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 207,336 | $ | 2,034,432 | 1,551,182 | $ | 15,497,766 | ||||||||
Issued in reinvestment of distributions | 8,843 | 87,543 | 9,172 | 91,575 | ||||||||||
Redeemed | (1,285,828) | (12,549,804) | (175,286) | (1,740,476) | ||||||||||
(1,069,649) | (10,427,829) | 1,385,068 | 13,848,865 | |||||||||||
G Class | ||||||||||||||
Sold | 2,342,936 | 22,520,630 | 302,966 | 3,022,315 | ||||||||||
Issued in reinvestment of distributions | 5,776 | 56,108 | 1,441 | 14,426 | ||||||||||
Redeemed | (138,526) | (1,331,552) | (17,615) | (176,150) | ||||||||||
2,210,186 | 21,245,186 | 286,792 | 2,860,591 | |||||||||||
Net increase (decrease) | 1,140,537 | $ | 10,817,357 | 1,671,860 | $ | 16,709,456 | ||||||||
Avantis Core Municipal Fixed Income Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 375,336 | $ | 3,717,810 | 1,404,925 | $ | 14,049,990 | ||||||||
Issued in reinvestment of distributions | 7,073 | 70,616 | 6,445 | 65,321 | ||||||||||
Redeemed | (419,771) | (4,163,016) | — | — | ||||||||||
(37,362) | (374,590) | 1,411,370 | 14,115,311 | |||||||||||
G Class | ||||||||||||||
Sold | — | — | 100,000 | 1,000,000 | ||||||||||
Issued in reinvestment of distributions | 585 | 5,838 | 537 | 5,445 | ||||||||||
585 | 5,838 | 100,537 | 1,005,445 | |||||||||||
Net increase (decrease) | (36,777) | $ | (368,752) | 1,511,907 | $ | 15,120,756 | ||||||||
Avantis Short-Term Fixed Income Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 500,052 | $ | 4,903,701 | 1,421,448 | $ | 14,214,166 | ||||||||
Issued in reinvestment of distributions | 4,402 | 43,345 | 2,990 | 29,858 | ||||||||||
Redeemed | (684,262) | (6,699,751) | (32,542) | (325,176) | ||||||||||
(179,808) | (1,752,705) | 1,391,896 | 13,918,848 | |||||||||||
G Class | ||||||||||||||
Sold | 128,995 | 1,260,091 | 109,983 | 1,099,661 | ||||||||||
Issued in reinvestment of distributions | 552 | 5,421 | 304 | 3,038 | ||||||||||
Redeemed | (5,576) | (54,283) | (1,148) | (11,456) | ||||||||||
123,971 | 1,211,229 | 109,139 | 1,091,243 | |||||||||||
Net increase (decrease) | (55,837) | $ | (541,476) | 1,501,035 | $ | 15,010,091 |
(1)February 24, 2021 (fund inception) through August 31, 2021.
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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 Core Fixed Income Fund
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 16,352,123 | — | |||||||
U.S. Treasury Securities and Equivalents | — | 6,727,716 | — | ||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 5,037,272 | — | ||||||||
U.S. Government Agency Securities | — | 741,738 | — | ||||||||
Sovereign Governments and Agencies | — | 51,059 | — | ||||||||
Short-Term Investments | $ | 6,661,473 | 2,499,532 | — | |||||||
$ | 6,661,473 | $ | 31,409,440 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 2,127 | — | — | |||||||
Swap Agreements | — | $ | 5,911 | — | |||||||
$ | 2,127 | $ | 5,911 | — |
Avantis Core Municipal Fixed Income Fund
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Municipal Securities | �� | $ | 14,117,185 | — | |||||||
Short-Term Investments | $ | 117,312 | — | — | |||||||
$ | 117,312 | $ | 14,117,185 | — |
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Avantis Short-Term Fixed Income Fund
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 9,227,468 | — | |||||||
U.S. Treasury Securities and Equivalents | — | 4,298,097 | — | ||||||||
U.S. Government Agency Securities | — | 454,578 | — | ||||||||
Short-Term Investments | $ | 110,162 | — | — | |||||||
$ | 110,162 | $ | 13,980,143 | — |
7. Derivative Instruments
Credit Risk — The funds are subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments.
The fund's average notional amount to credit risk derivative instruments held during the period was as follows:
Avantis Core Fixed Income Fund | $350,000 |
Interest Rate Risk — The funds are subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities.
The funds' average notional exposure to interest rate risk derivative instruments held during the period were as follows:
Futures Contracts Purchased | |||||
Avantis Core Fixed Income Fund | $166,274 | ||||
Avantis Short-Term Fixed Income Fund | $245,809 |
45
Value of Derivative Instruments as of February 28, 2022
Asset Derivatives | Liability Derivatives | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Assets and Liabilities | Value | Location on Statement of Assets and Liabilities | Value | ||||||||||
Avantis Core Fixed Income Fund | ||||||||||||||
Credit Risk | Receivable for variation margin on swap agreements* | — | Payable for variation margin on swap agreements* | $ | 186 | |||||||||
Interest Rate Risk | Receivable for variation margin on futures contracts* | $ | 2,531 | Payable for variation margin on futures contracts* | — | |||||||||
$ | 2,531 | $ | 186 |
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.
At period end, Avantis Short-Term Fixed Income Fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities.
Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended February 28, 2022
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Operations | Value | Location on Statement of Operations | Value | ||||||||||
Avantis Core Fixed Income Fund | ||||||||||||||
Credit Risk | Net realized gain (loss) on swap agreement transactions | $ | 472 | Change in net unrealized appreciation (depreciation) on swap agreements | $ | (3,324) | ||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | (5,654) | Change in net unrealized appreciation (depreciation) on futures contracts | 1,879 | ||||||||||
$ | (5,182) | $ | (1,445) | |||||||||||
Avantis Short-Term Fixed Income Fund | ||||||||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | $ | (219) | Change in net unrealized appreciation (depreciation) on futures contracts | — |
8. Risk Factors
The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
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.
46
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 | $ | 38,753,249 | $ | 14,591,679 | $ | 14,509,621 | |||||
Gross tax appreciation of investments | $ | 58,864 | $ | 524 | $ | 396 | |||||
Gross tax depreciation of investments | (741,200) | (357,706) | (419,712) | ||||||||
Net tax appreciation (depreciation) of investments | $ | (682,336) | $ | (357,182) | $ | (419,316) |
For Avantis Core Fixed Income Fund, the difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Avantis Core Municipal Fixed Income Fund and Avantis Short-Term Fixed Income Fund.
As of August 31, 2021, the Avantis Short-Term Fixed Income Fund had accumulated short-term capital losses of $(5,108), 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.
47
Financial Highlights |
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 Core Fixed Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||
2022(3) | $10.09 | 0.06 | (0.55) | (0.49) | (0.07) | (0.01) | (0.08) | $9.52 | (4.88)% | 0.15%(4) | 0.15%(4) | 1.35%(4) | 1.35%(4) | 122% | $3,003 | ||||||||||||||||||||||||||||||||
2021(5) | $10.00 | 0.06 | 0.10 | 0.16 | (0.07) | — | (0.07) | $10.09 | 1.56% | 0.15%(4) | 0.15%(4) | 1.26%(4) | 1.26%(4) | 113% | $13,973 | ||||||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||||||||
2022(3) | $10.09 | 0.07 | (0.56) | (0.49) | (0.07) | (0.01) | (0.08) | $9.52 | (4.81)% | 0.00%(4) | 0.15%(4) | 1.50%(4) | 1.35%(4) | 122% | $23,769 | ||||||||||||||||||||||||||||||||
2021(5) | $10.00 | 0.07 | 0.09 | 0.16 | (0.07) | — | (0.07) | $10.09 | 1.64% | 0.00%(4)(6) | 0.15%(4) | 1.41%(4) | 1.26%(4) | 113% | $2,893 |
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, 2022 (unaudited).
(4)Annualized.
(5)February 24, 2021 (fund inception) through August 31, 2021.
(6)Ratio was less than 0.005%.
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 Core Municipal Fixed Income Fund | |||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||
2022(3) | $10.17 | 0.05 | (0.41) | (0.36) | (0.05) | $9.76 | (3.55)% | 0.15%(4) | 0.15%(4) | 1.01%(4) | 1.01%(4) | 1% | $13,405 | ||||||||||||||||||||||||||||
2021(5) | $10.00 | 0.05 | 0.17 | 0.22 | (0.05) | $10.17 | 2.17% | 0.15%(4) | 0.15%(4) | 0.89%(4) | 0.89%(4) | 2% | $14,358 | ||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||
2022(3) | $10.17 | 0.06 | (0.41) | (0.35) | (0.06) | $9.76 | (3.47)% | 0.00%(4) | 0.15%(4) | 1.16%(4) | 1.01%(4) | 1% | $987 | ||||||||||||||||||||||||||||
2021(5) | $10.00 | 0.05 | 0.17 | 0.22 | (0.05) | $10.17 | 2.25% | 0.00%(4) | 0.15%(4) | 1.04%(4) | 0.89%(4) | 2% | $1,023 |
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, 2022 (unaudited).
(4)Annualized.
(5)February 24, 2021 (fund inception) through August 31, 2021.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | 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 | |||||||||||||||||||||||||||||||||||||||||
2022(3) | $10.00 | 0.03 | (0.30) | (0.27) | (0.03) | $9.70 | (2.69)% | 0.15%(4) | 0.15%(4) | 0.65%(4) | 0.65%(4) | 35% | $11,759 | ||||||||||||||||||||||||||||
2021(5) | $10.00 | 0.02 | —(6) | 0.02 | (0.02) | $10.00 | 0.21% | 0.15%(4) | 0.15%(4) | 0.42%(4) | 0.42%(4) | 29% | $13,914 | ||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||
2022(3) | $10.00 | 0.04 | (0.30) | (0.26) | (0.04) | $9.70 | (2.61)% | 0.00%(4) | 0.15%(4) | 0.80%(4) | 0.65%(4) | 35% | $2,261 | ||||||||||||||||||||||||||||
2021(5) | $10.00 | 0.03 | —(6) | 0.03 | (0.03) | $10.00 | 0.29% | 0.00%(4) | 0.15%(4) | 0.57%(4) | 0.42%(4) | 29% | $1,091 |
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, 2022 (unaudited).
(4)Annualized.
(5)February 24, 2021 (fund inception) through August 31, 2021.
(6)Per-share amount was less than $0.005.
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 their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
51
Notes |
52
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. | ||||||||
©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96961 2204 |
(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, 2022 |
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, 2022 |
By: | /s/ R. Wes Campbell | ||||||||||
Name: | R. Wes Campbell | ||||||||||
Title: | Treasurer and Chief Financial Officer | ||||||||||
(principal financial officer) | |||||||||||
Date: | April 27, 2022 |