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: | 02-28-2023 |
ITEM 1. REPORTS TO STOCKHOLDERS.
(a) Provided under separate cover.
Semiannual Report | |||||
February 28, 2023 | |||||
American Century® Diversified Corporate Bond ETF (KORP) | |||||
American Century® Diversified Municipal Bond ETF (TAXF) | |||||
American Century® Emerging Markets Bond ETF (AEMB) | |||||
American Century® Multisector Income ETF (MUSI) | |||||
American Century® Select High Yield ETF (AHYB) | |||||
American Century® Short Duration Strategic Income ETF (SDSI) |
Table of Contents |
President’s Letter | |||||
Diversified Corporate Bond ETF | |||||
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 | |||||
Short Duration Strategic Income ETF | |||||
Fund Characteristics | |||||
Shareholder Fee Examples | |||||
Schedules of Investments | |||||
Statements of Assets and Liabilities | |||||
Statements of Operations | |||||
Statements of Changes in Net Assets | |||||
Notes to Financial Statements | |||||
Financial Highlights | |||||
Approval of Management Agreement | |||||
Additional Information |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
President’s Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.
Stocks and Bonds Delivered Mixed Results as Volatility Reigned
Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.
The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.
In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.
For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Diversified Corporate Bond ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 96.1% | ||||
U.S. Treasury Securities | 1.6% | ||||
Municipal Securities | 0.2% | ||||
Short-Term Investments | 2.9% | ||||
Other Assets and Liabilities | (0.8)% |
3
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Diversified Municipal Bond ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Municipal Securities | 97.4% | ||||
Short-Term Investments | 1.8% | ||||
Other Assets and Liabilities | 0.8% | ||||
Top Five States and Territories | % of net assets | ||||
New York | 10.5% | ||||
Florida | 8.9% | ||||
California | 8.6% | ||||
Texas | 8.4% | ||||
Illinois | 6.1% | ||||
Top Five Sectors | % of fund investments | ||||
Special Tax | 13% | ||||
General Obligation (GO) - State | 11% | ||||
General Obligation (GO) - Local | 11% | ||||
Water & Sewer | 10% | ||||
Hospital | 8% |
4
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Emerging Markets Bond ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Sovereign Governments and Agencies | 42.5% | ||||
Corporate Bonds | 39.7% | ||||
U.S. Treasury Securities | 4.6% | ||||
Preferred Stocks | 0.6% | ||||
Short-Term Investments | 11.4% | ||||
Other Assets and Liabilities | 1.2% |
5
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Multisector Income ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 47.3% | ||||
U.S. Treasury Securities | 13.1% | ||||
Asset-Backed Securities | 10.5% | ||||
Collateralized Loan Obligations | 7.3% | ||||
Collateralized Mortgage Obligations | 5.6% | ||||
Commercial Mortgage-Backed Securities | 4.0% | ||||
Bank Loan Obligations | 1.7% | ||||
Sovereign Governments and Agencies | 1.7% | ||||
Preferred Stocks | 1.3% | ||||
Short-Term Investments | 10.7% | ||||
Other Assets and Liabilities | (3.2)% |
6
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Select High Yield ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 94.1% | ||||
Preferred Stocks | 0.6% | ||||
Short-Term Investments | 11.8% | ||||
Other Assets and Liabilities | (6.5)% |
7
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Short Duration Strategic Income ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 47.7% | ||||
Asset-Backed Securities | 9.5% | ||||
Collateralized Loan Obligations | 8.9% | ||||
Collateralized Mortgage Obligations | 6.0% | ||||
U.S. Treasury Securities | 4.4% | ||||
Commercial Mortgage-Backed Securities | 4.1% | ||||
Bank Loan Obligations | 1.8% | ||||
Sovereign Governments and Agencies | 1.1% | ||||
Preferred Stocks | 0.3% | ||||
Short-Term Investments | 18.2% | ||||
Other Assets and Liabilities | (2.0)% |
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, 2022 to February 28, 2023 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
9
Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid During Period(1) 9/1/22 - 2/28/23 | Annualized Expense Ratio(1) | |||||||||||
Diversified Corporate Bond ETF | ||||||||||||||
Actual | $1,000 | $996.10 | $1.44 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.36 | $1.45 | 0.29% | ||||||||||
Diversified Municipal Bond ETF | ||||||||||||||
Actual | $1,000 | $1,004.40 | $1.44 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.36 | $1.45 | 0.29% | ||||||||||
Emerging Markets Bond ETF | ||||||||||||||
Actual | $1,000 | $1,016.30 | $2.05 | 0.41% | ||||||||||
Hypothetical | $1,000 | $1,022.76 | $2.06 | 0.41% | ||||||||||
Multisector Income ETF | ||||||||||||||
Actual | $1,000 | $999.90 | $1.74 | 0.35% | ||||||||||
Hypothetical | $1,000 | $1,023.06 | $1.76 | 0.35% | ||||||||||
Select High Yield ETF | ||||||||||||||
Actual | $1,000 | $1,024.40 | $2.26 | 0.45% | ||||||||||
Hypothetical | $1,000 | $1,022.56 | $2.26 | 0.45% | ||||||||||
Short Duration Strategic Income ETF | ||||||||||||||
Actual | $1,000 | $1,031.90 | $1.26(2) | 0.32% | ||||||||||
Hypothetical | $1,000 | $1,023.21 | $1.61 | 0.32% |
(1)Expenses are equal to the fund's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 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 141, the number of days in the period from October 11, 2022 (fund inception) through February 28, 2023, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
10
Schedules of Investments |
FEBRUARY 28, 2023 (UNAUDITED)
Diversified Corporate Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
CORPORATE BONDS — 96.1% | ||||||||
Aerospace and Defense — 1.4% | ||||||||
Boeing Co., 5.15%, 5/1/30 | $ | 900,000 | $ | 871,464 | ||||
Lockheed Martin Corp., 5.25%, 1/15/33 | 467,000 | 478,953 | ||||||
Raytheon Technologies Corp., 2.25%, 7/1/30 | 1,792,000 | 1,485,735 | ||||||
2,836,152 | ||||||||
Air Freight and Logistics — 0.2% | ||||||||
GXO Logistics, Inc., 2.65%, 7/15/31 | 492,000 | 375,833 | ||||||
Airlines — 0.4% | ||||||||
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(1) | 245,000 | 232,897 | ||||||
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27(1) | 26 | 26 | ||||||
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27 | 661,279 | 641,611 | ||||||
874,534 | ||||||||
Automobiles — 2.3% | ||||||||
General Motors Financial Co., Inc., 5.10%, 1/17/24 | 849,000 | 845,169 | ||||||
General Motors Financial Co., Inc., 1.20%, 10/15/24 | 1,000,000 | 929,892 | ||||||
General Motors Financial Co., Inc., 3.80%, 4/7/25 | 400,000 | 384,968 | ||||||
Mercedes-Benz Finance North America LLC, 5.375%, 11/26/25(1) | 290,000 | 291,347 | ||||||
Toyota Motor Credit Corp., 3.95%, 6/30/25 | 853,000 | 832,648 | ||||||
Toyota Motor Credit Corp., 4.625%, 1/12/28 | 1,407,000 | 1,389,583 | ||||||
4,673,607 | ||||||||
Banks — 22.3% | ||||||||
Banco Santander SA, VRN, 1.72%, 9/14/27 | 900,000 | 776,207 | ||||||
Bank of America Corp., VRN, 1.73%, 7/22/27 | 1,570,000 | 1,383,606 | ||||||
Bank of America Corp., VRN, 2.88%, 10/22/30 | 1,705,000 | 1,442,935 | ||||||
Bank of America Corp., VRN, 4.57%, 4/27/33 | 2,105,000 | 1,957,753 | ||||||
Bank of America Corp., VRN, 2.48%, 9/21/36 | 105,000 | 78,723 | ||||||
Bank of Montreal, 5.20%, 2/1/28 | 2,406,000 | 2,396,846 | ||||||
Bank of Nova Scotia, 4.85%, 2/1/30 | 520,000 | 504,829 | ||||||
Banque Federative du Credit Mutuel SA, 4.94%, 1/26/26(1) | 1,329,000 | 1,311,018 | ||||||
Barclays PLC, VRN, 2.28%, 11/24/27 | 897,000 | 789,663 | ||||||
Barclays PLC, VRN, 7.39%, 11/2/28 | 346,000 | 364,179 | ||||||
BNP Paribas SA, VRN, 5.125%, 1/13/29(1) | 656,000 | 645,359 | ||||||
BPCE SA, 4.50%, 3/15/25(1) | 1,242,000 | 1,201,012 | ||||||
BPCE SA, VRN, 5.98%, 1/18/27(1) | 520,000 | 519,669 | ||||||
Citigroup, Inc., VRN, 5.61%, 9/29/26 | 870,000 | 870,325 | ||||||
Citigroup, Inc., VRN, 3.07%, 2/24/28 | 246,000 | 223,401 | ||||||
Citigroup, Inc., VRN, 3.52%, 10/27/28 | 1,781,000 | 1,631,554 | ||||||
Citigroup, Inc., VRN, 4.41%, 3/31/31 | 255,000 | 237,246 | ||||||
Citigroup, Inc., VRN, 3.06%, 1/25/33 | 500,000 | 410,844 | ||||||
Cooperatieve Rabobank UA, VRN, 5.56%, 2/28/29(1) | 1,045,000 | 1,039,778 | ||||||
Credit Agricole SA, 5.30%, 7/12/28(1) | 725,000 | 721,383 | ||||||
Discover Bank, VRN, 4.68%, 8/9/28 | 1,375,000 | 1,315,585 | ||||||
First-Citizens Bank & Trust Co., VRN, 2.97%, 9/27/25 | 605,000 | 576,104 |
11
Diversified Corporate Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
HSBC Holdings PLC, VRN, 1.16%, 11/22/24 | $ | 518,000 | $ | 499,874 | ||||
HSBC Holdings PLC, VRN, 4.76%, 6/9/28 | 2,300,000 | 2,210,769 | ||||||
JPMorgan Chase & Co., VRN, 1.04%, 2/4/27 | 1,066,000 | 936,477 | ||||||
JPMorgan Chase & Co., VRN, 3.78%, 2/1/28 | 1,535,000 | 1,443,143 | ||||||
JPMorgan Chase & Co., VRN, 2.95%, 2/24/28 | 810,000 | 735,069 | ||||||
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 | 921,000 | 776,947 | ||||||
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31 | 1,490,000 | 1,233,036 | ||||||
JPMorgan Chase & Co., VRN, 4.91%, 7/25/33 | 600,000 | 574,780 | ||||||
KeyBank NA, 5.00%, 1/26/33(2) | 810,000 | 779,272 | ||||||
Lloyds Banking Group PLC, VRN, 5.87%, 3/6/29(3) | 349,000 | 349,292 | ||||||
Mitsubishi UFJ Financial Group, Inc., VRN, 5.72%, 2/20/26 | 627,000 | 626,263 | ||||||
Mitsubishi UFJ Financial Group, Inc., VRN, 5.42%, 2/22/29 | 537,000 | 533,573 | ||||||
National Australia Bank Ltd., 4.97%, 1/12/26(2) | 494,000 | 492,352 | ||||||
PNC Financial Services Group, Inc., VRN, 4.76%, 1/26/27 | 1,165,000 | 1,148,015 | ||||||
PNC Financial Services Group, Inc., VRN, 5.07%, 1/24/34(2) | 480,000 | 464,472 | ||||||
Royal Bank of Canada, 4.24%, 8/3/27 | 1,222,000 | 1,174,152 | ||||||
Societe Generale SA, VRN, 2.23%, 1/21/26(1) | 1,320,000 | 1,227,624 | ||||||
Societe Generale SA, VRN, 6.69%, 1/10/34(1) | 218,000 | 222,645 | ||||||
Sumitomo Mitsui Financial Group, Inc., 5.46%, 1/13/26 | 475,000 | 474,146 | ||||||
Toronto-Dominion Bank, 4.69%, 9/15/27 | 933,000 | 913,045 | ||||||
Toronto-Dominion Bank, 2.45%, 1/12/32 | 350,000 | 283,515 | ||||||
Toronto-Dominion Bank, 4.46%, 6/8/32 | 523,000 | 492,657 | ||||||
Truist Bank, VRN, 2.64%, 9/17/29 | 739,000 | 696,591 | ||||||
Truist Financial Corp., VRN, 4.12%, 6/6/28 | 1,400,000 | 1,339,509 | ||||||
Truist Financial Corp., VRN, 4.87%, 1/26/29 | 575,000 | 564,647 | ||||||
UniCredit SpA, 7.83%, 12/4/23(1)(2) | 475,000 | 482,933 | ||||||
UniCredit SpA, VRN, 2.57%, 9/22/26(1) | 500,000 | 451,333 | ||||||
US Bancorp, VRN, 4.84%, 2/1/34 | 714,000 | 683,846 | ||||||
Wells Fargo & Co., VRN, 4.54%, 8/15/26 | 311,000 | 303,578 | ||||||
Wells Fargo & Co., VRN, 3.53%, 3/24/28 | 985,000 | 912,532 | ||||||
Wells Fargo & Co., VRN, 3.58%, 5/22/28 | 970,000 | 898,183 | ||||||
Wells Fargo & Co., VRN, 4.48%, 4/4/31 | 685,000 | 644,763 | ||||||
44,967,052 | ||||||||
Beverages — 1.5% | ||||||||
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29 | 2,000,000 | 1,967,261 | ||||||
PepsiCo, Inc., 3.60%, 2/18/28 | 1,050,000 | 1,001,642 | ||||||
2,968,903 | ||||||||
Biotechnology — 1.7% | ||||||||
AbbVie, Inc., 3.20%, 11/21/29 | 1,288,000 | 1,139,694 | ||||||
Amgen, Inc., 5.25%, 3/2/25(3) | 350,000 | 349,282 | ||||||
Amgen, Inc., 4.05%, 8/18/29 | 970,000 | 904,839 | ||||||
Amgen, Inc., 5.25%, 3/2/33(3) | 286,000 | 284,121 | ||||||
CSL Finance PLC, 3.85%, 4/27/27(1) | 816,000 | 777,267 | ||||||
3,455,203 | ||||||||
Building Products — 0.1% | ||||||||
Trane Technologies Financing Ltd., 5.25%, 3/3/33(3) | 200,000 | 198,724 | ||||||
Capital Markets — 6.8% | ||||||||
Bank of New York Mellon Corp., VRN, 3.99%, 6/13/28 | 1,200,000 | 1,148,894 | ||||||
Bank of New York Mellon Corp., VRN, 5.80%, 10/25/28 | 475,000 | 486,911 | ||||||
Bank of New York Mellon Corp., VRN, 4.54%, 2/1/29 | 1,040,000 | 1,011,107 |
12
Diversified Corporate Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Deutsche Bank AG, VRN, 4.30%, 5/24/28 | $ | 356,000 | $ | 351,080 | ||||
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/25 | 1,353,000 | 1,302,643 | ||||||
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27 | 1,532,000 | 1,342,727 | ||||||
Goldman Sachs Group, Inc., VRN, 2.64%, 2/24/28 | 415,000 | 371,072 | ||||||
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29 | 1,034,000 | 949,805 | ||||||
Goldman Sachs Group, Inc., VRN, 1.99%, 1/27/32 | 360,000 | 276,809 | ||||||
Morgan Stanley, VRN, 1.16%, 10/21/25 | 893,000 | 827,535 | ||||||
Morgan Stanley, VRN, 2.63%, 2/18/26 | 1,026,000 | 968,132 | ||||||
Morgan Stanley, VRN, 3.77%, 1/24/29 | 915,000 | 845,138 | ||||||
Morgan Stanley, VRN, 5.12%, 2/1/29 | 191,000 | 187,638 | ||||||
Morgan Stanley, VRN, 2.70%, 1/22/31 | 1,010,000 | 844,122 | ||||||
Morgan Stanley, VRN, 2.51%, 10/20/32 | 410,000 | 324,766 | ||||||
Morgan Stanley, VRN, 6.34%, 10/18/33(2) | 650,000 | 685,572 | ||||||
Owl Rock Capital Corp., 3.40%, 7/15/26 | 470,000 | 418,634 | ||||||
OWL Rock Core Income Corp., 3.125%, 9/23/26 | 126,000 | 109,153 | ||||||
State Street Corp., VRN, 4.82%, 1/26/34 | 938,000 | 905,033 | ||||||
UBS Group AG, VRN, 2.75%, 2/11/33(1) | 430,000 | 338,202 | ||||||
13,694,973 | ||||||||
Commercial Services and Supplies — 1.6% | ||||||||
Republic Services, Inc., 2.90%, 7/1/26 | 1,585,000 | 1,474,890 | ||||||
Waste Connections, Inc., 4.25%, 12/1/28 | 760,000 | 726,623 | ||||||
Waste Management, Inc., 4.625%, 2/15/30 | 800,000 | 777,772 | ||||||
Waste Management, Inc., 4.625%, 2/15/33 | 180,000 | 173,357 | ||||||
3,152,642 | ||||||||
Construction and Engineering — 0.3% | ||||||||
Quanta Services, Inc., 2.35%, 1/15/32 | 876,000 | 669,699 | ||||||
Construction Materials — 0.4% | ||||||||
Eagle Materials, Inc., 2.50%, 7/1/31 | 911,000 | 714,043 | ||||||
Consumer Finance — 1.0% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.65%, 10/29/24 | 279,000 | 258,980 | ||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 10/29/24 | 745,000 | 692,298 | ||||||
BOC Aviation USA Corp., 1.625%, 4/29/24(1) | 760,000 | 726,191 | ||||||
Capital One Financial Corp., VRN, 5.47%, 2/1/29 | 250,000 | 245,621 | ||||||
1,923,090 | ||||||||
Containers and Packaging — 0.2% | ||||||||
Sonoco Products Co., 2.25%, 2/1/27 | 481,000 | 431,645 | ||||||
Diversified Financial Services — 0.4% | ||||||||
Antares Holdings LP, 2.75%, 1/15/27(1) | 255,000 | 211,109 | ||||||
Corebridge Financial, Inc., 3.65%, 4/5/27(1) | 700,000 | 653,566 | ||||||
864,675 | ||||||||
Diversified Telecommunication Services — 1.1% | ||||||||
AT&T, Inc., 4.35%, 3/1/29 | 1,163,000 | 1,103,168 | ||||||
Verizon Communications, Inc., 4.02%, 12/3/29 | 1,286,000 | 1,187,055 | ||||||
2,290,223 | ||||||||
Electric Utilities — 5.8% | ||||||||
CenterPoint Energy Houston Electric LLC, Series AI, 4.45%, 10/1/32 | 1,042,000 | 1,000,123 | ||||||
Duke Energy Carolinas LLC, 4.95%, 1/15/33 | 1,200,000 | 1,182,662 | ||||||
Duke Energy Corp., 2.55%, 6/15/31 | 1,140,000 | 918,957 |
13
Diversified Corporate Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Exelon Corp., 2.75%, 3/15/27 | $ | 1,040,000 | $ | 943,569 | ||||
Exelon Corp., 5.15%, 3/15/28 | 350,000 | 347,057 | ||||||
Jersey Central Power & Light Co., 4.30%, 1/15/26(1) | 1,050,000 | 1,007,856 | ||||||
MidAmerican Energy Co., 3.65%, 4/15/29 | 2,000,000 | 1,855,423 | ||||||
NextEra Energy Capital Holdings, Inc., 4.90%, 2/28/28 | 800,000 | 790,777 | ||||||
NextEra Energy Capital Holdings, Inc., 5.00%, 7/15/32 | 1,209,000 | 1,164,911 | ||||||
NRG Energy, Inc., 2.00%, 12/2/25(1) | 555,000 | 491,482 | ||||||
Pacific Gas & Electric Co., 6.15%, 1/15/33 | 300,000 | 296,471 | ||||||
Public Service Electric & Gas Co., 3.10%, 3/15/32 | 575,000 | 501,055 | ||||||
Southern Co. Gas Capital Corp., 1.75%, 1/15/31 | 927,000 | 715,838 | ||||||
Vistra Operations Co. LLC, 5.125%, 5/13/25(1) | 500,000 | 486,340 | ||||||
11,702,521 | ||||||||
Electrical Equipment — 0.3% | ||||||||
Regal Rexnord Corp., 6.40%, 4/15/33(1) | 557,000 | 548,629 | ||||||
Electronic Equipment, Instruments and Components — 0.7% | ||||||||
Teledyne Technologies, Inc., 0.95%, 4/1/24 | 1,483,000 | 1,409,509 | ||||||
Energy Equipment and Services — 0.3% | ||||||||
Helmerich & Payne, Inc., 2.90%, 9/29/31 | 631,000 | 515,332 | ||||||
Entertainment — 0.6% | ||||||||
Warnermedia Holdings, Inc., 3.79%, 3/15/25(1) | 420,000 | 401,749 | ||||||
Warnermedia Holdings, Inc., 3.76%, 3/15/27(1) | 907,000 | 832,415 | ||||||
1,234,164 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 3.8% | ||||||||
American Tower Corp., 3.95%, 3/15/29 | 1,047,000 | 955,893 | ||||||
Boston Properties LP, 3.125%, 9/1/23 | 1,075,000 | 1,059,954 | ||||||
Equinix, Inc., 2.90%, 11/18/26 | 790,000 | 721,560 | ||||||
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26 | 1,133,000 | 1,106,029 | ||||||
Healthpeak Properties Interim, Inc., 5.25%, 12/15/32 | 512,000 | 503,288 | ||||||
National Retail Properties, Inc., 4.30%, 10/15/28 | 755,000 | 706,036 | ||||||
Realty Income Corp., 3.25%, 1/15/31 | 341,000 | 297,653 | ||||||
VICI Properties LP, 4.375%, 5/15/25 | 900,000 | 866,979 | ||||||
Welltower OP LLC, 4.25%, 4/15/28(2) | 1,541,000 | 1,456,545 | ||||||
7,673,937 | ||||||||
Food and Staples Retailing — 0.8% | ||||||||
Sysco Corp., 5.95%, 4/1/30 | 1,609,000 | 1,669,198 | ||||||
Food Products — 0.2% | ||||||||
General Mills, Inc., 5.24%, 11/18/25 | 424,000 | 421,642 | ||||||
Gas Utilities — 0.3% | ||||||||
Southern California Gas Co., 2.95%, 4/15/27 | 650,000 | 602,049 | ||||||
Health Care Equipment and Supplies — 2.2% | ||||||||
Baxter International, Inc., 2.54%, 2/1/32 | 332,000 | 257,470 | ||||||
Becton Dickinson & Co., 3.70%, 6/6/27 | 1,300,000 | 1,228,366 | ||||||
Becton Dickinson & Co., 4.69%, 2/13/28 | 1,000,000 | 978,037 | ||||||
GE HealthCare Technologies, Inc., 5.65%, 11/15/27(1) | 480,000 | 486,719 | ||||||
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24 | 1,500,000 | 1,398,622 | ||||||
4,349,214 | ||||||||
Health Care Providers and Services — 5.2% | ||||||||
Centene Corp., 4.25%, 12/15/27 | 1,245,000 | 1,151,563 | ||||||
Cigna Group, 4.375%, 10/15/28 | 1,549,000 | 1,488,316 | ||||||
Cigna Group, 5.40%, 3/15/33(3) | 400,000 | 400,602 |
14
Diversified Corporate Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
CVS Health Corp., 4.30%, 3/25/28 | $ | 946,000 | $ | 904,716 | ||||
CVS Health Corp., 5.25%, 2/21/33 | 300,000 | 295,461 | ||||||
Elevance Health, Inc., 4.75%, 2/15/33 | 1,095,000 | 1,052,664 | ||||||
HCA, Inc., 4.125%, 6/15/29 | 952,000 | 867,321 | ||||||
Humana, Inc., 3.70%, 3/23/29 | 1,162,000 | 1,054,805 | ||||||
Roche Holdings, Inc., 2.31%, 3/10/27(1) | 1,350,000 | 1,226,131 | ||||||
UnitedHealth Group, Inc., 2.30%, 5/15/31 | 950,000 | 783,590 | ||||||
UnitedHealth Group, Inc., 5.35%, 2/15/33 | 245,000 | 250,800 | ||||||
Universal Health Services, Inc., 2.65%, 10/15/30 | 1,200,000 | 977,982 | ||||||
10,453,951 | ||||||||
Hotels, Restaurants and Leisure — 0.8% | ||||||||
Marriott International, Inc., Series FF, 4.625%, 6/15/30 | 565,000 | 533,751 | ||||||
Starbucks Corp., 4.75%, 2/15/26 | 1,000,000 | 990,773 | ||||||
1,524,524 | ||||||||
Household Durables — 0.2% | ||||||||
Safehold Operating Partnership LP, 2.85%, 1/15/32 | 468,000 | 357,899 | ||||||
Insurance — 1.3% | ||||||||
Aon Corp. / Aon Global Holdings PLC, 5.35%, 2/28/33 | 542,000 | 542,160 | ||||||
Hartford Financial Services Group, Inc., 2.80%, 8/19/29 | 985,000 | 849,168 | ||||||
Met Tower Global Funding, 1.25%, 9/14/26(1) | 1,307,000 | 1,137,790 | ||||||
2,529,118 | ||||||||
Internet and Direct Marketing Retail — 0.8% | ||||||||
Amazon.com, Inc., 4.70%, 11/29/24 | 570,000 | 567,048 | ||||||
Amazon.com, Inc., 4.60%, 12/1/25 | 544,000 | 540,153 | ||||||
Amazon.com, Inc., 4.55%, 12/1/27 | 450,000 | 445,113 | ||||||
1,552,314 | ||||||||
IT Services — 2.0% | ||||||||
Fiserv, Inc., 5.45%, 3/2/28(3) | 600,000 | 599,556 | ||||||
Global Payments, Inc., 3.75%, 6/1/23 | 761,000 | 757,384 | ||||||
Global Payments, Inc., 4.45%, 6/1/28 | 985,000 | 920,541 | ||||||
International Business Machines Corp., 3.30%, 5/15/26 | 1,250,000 | 1,181,792 | ||||||
International Business Machines Corp., 4.75%, 2/6/33 | 665,000 | 636,204 | ||||||
4,095,477 | ||||||||
Life Sciences Tools and Services — 0.4% | ||||||||
Illumina, Inc., 5.80%, 12/12/25 | 750,000 | 756,840 | ||||||
Machinery — 3.2% | ||||||||
Caterpillar Financial Services Corp., 4.80%, 1/6/26 | 1,100,000 | 1,096,699 | ||||||
CNH Industrial Capital LLC, 5.45%, 10/14/25 | 1,250,000 | 1,251,049 | ||||||
John Deere Capital Corp., 4.75%, 1/20/28 | 309,000 | 307,533 | ||||||
John Deere Capital Corp., 4.85%, 10/11/29 | 1,333,000 | 1,334,129 | ||||||
Parker-Hannifin Corp., 4.25%, 9/15/27 | 1,727,000 | 1,653,482 | ||||||
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/28 | 892,000 | 861,556 | ||||||
6,504,448 | ||||||||
Media — 4.0% | ||||||||
Cox Communications, Inc., 3.15%, 8/15/24(1) | 1,768,000 | 1,704,084 | ||||||
Fox Corp., 4.71%, 1/25/29 | 750,000 | 716,781 | ||||||
Paramount Global, 4.95%, 1/15/31(2) | 484,000 | 434,271 | ||||||
Sky Ltd., 3.75%, 9/16/24(1) | 3,530,000 | 3,440,924 | ||||||
WPP Finance 2010, 3.75%, 9/19/24 | 1,834,000 | 1,779,910 | ||||||
8,075,970 |
15
Diversified Corporate Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Metals and Mining — 0.4% | ||||||||
Glencore Funding LLC, 2.625%, 9/23/31(1) | $ | 513,000 | $ | 408,941 | ||||
South32 Treasury Ltd., 4.35%, 4/14/32(1) | 569,000 | 501,061 | ||||||
910,002 | ||||||||
Multi-Utilities — 2.1% | ||||||||
Abu Dhabi National Energy Co. PJSC, 2.00%, 4/29/28(1) | 400,000 | 351,054 | ||||||
Ameren Corp., 1.75%, 3/15/28 | 800,000 | 682,697 | ||||||
Ameren Corp., 3.50%, 1/15/31 | 431,000 | 379,332 | ||||||
Ameren Illinois Co., 3.85%, 9/1/32 | 818,000 | 749,364 | ||||||
Dominion Energy, Inc., Series A, 4.35%, 8/15/32(2) | 500,000 | 461,798 | ||||||
DTE Energy Co., 2.85%, 10/1/26 | 650,000 | 597,119 | ||||||
DTE Energy Co., VRN, 4.22%, 11/1/24 | 988,000 | 966,882 | ||||||
4,188,246 | ||||||||
Oil, Gas and Consumable Fuels — 4.6% | ||||||||
Continental Resources, Inc., 2.27%, 11/15/26(1) | 492,000 | 429,010 | ||||||
Diamondback Energy, Inc., 6.25%, 3/15/33 | 340,000 | 347,276 | ||||||
Energy Transfer LP, 5.50%, 6/1/27 | 580,000 | 577,132 | ||||||
Energy Transfer LP, 5.75%, 2/15/33 | 794,000 | 782,177 | ||||||
EQT Corp., 5.70%, 4/1/28 | 250,000 | 245,971 | ||||||
Hess Corp., 3.50%, 7/15/24(2) | 445,000 | 434,561 | ||||||
HF Sinclair Corp., 2.625%, 10/1/23 | 425,000 | 417,312 | ||||||
MPLX LP, 4.875%, 6/1/25 | 700,000 | 689,497 | ||||||
Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 | 689,000 | 693,468 | ||||||
Shell International Finance BV, 2.375%, 11/7/29 | 2,089,000 | 1,794,867 | ||||||
Southwestern Energy Co., 5.375%, 3/15/30 | 843,000 | 771,345 | ||||||
Williams Cos., Inc., 4.55%, 6/24/24 | 1,871,000 | 1,845,774 | ||||||
Williams Cos., Inc., 5.65%, 3/15/33(3) | 250,000 | 250,040 | ||||||
9,278,430 | ||||||||
Paper and Forest Products — 0.6% | ||||||||
Georgia-Pacific LLC, 3.60%, 3/1/25(1) | 1,350,000 | 1,299,987 | ||||||
Personal Products — 0.3% | ||||||||
GSK Consumer Healthcare Capital U.K. PLC, 3.125%, 3/24/25 | 731,000 | 695,263 | ||||||
Pharmaceuticals — 1.7% | ||||||||
Astrazeneca Finance LLC, 4.90%, 3/3/30(3) | 145,000 | 143,978 | ||||||
Pfizer, Inc., 1.70%, 5/28/30 | 1,616,000 | 1,322,276 | ||||||
Royalty Pharma PLC, 1.20%, 9/2/25 | 719,000 | 643,969 | ||||||
Utah Acquisition Sub, Inc., 3.95%, 6/15/26 | 725,000 | 678,393 | ||||||
Viatris, Inc., 1.65%, 6/22/25 | 600,000 | 546,338 | ||||||
Zoetis, Inc., 5.60%, 11/16/32 | 150,000 | 155,469 | ||||||
3,490,423 | ||||||||
Real Estate Management and Development — 0.1% | ||||||||
Essential Properties LP, 2.95%, 7/15/31 | 342,000 | 254,979 | ||||||
Road and Rail — 2.9% | ||||||||
Ashtead Capital, Inc., 4.375%, 8/15/27(1) | 600,000 | 562,903 | ||||||
Ashtead Capital, Inc., 5.50%, 8/11/32(1) | 500,000 | 480,049 | ||||||
Canadian National Railway Co., 3.85%, 8/5/32 | 1,150,000 | 1,056,091 | ||||||
CSX Corp., 4.25%, 3/15/29 | 1,220,000 | 1,158,240 | ||||||
DAE Funding LLC, 1.55%, 8/1/24(1) | 231,000 | 216,420 | ||||||
DAE Funding LLC, 2.625%, 3/20/25(1) | 527,000 | 494,411 | ||||||
Triton Container International Ltd., 1.15%, 6/7/24(1) | 1,225,000 | 1,142,238 |
16
Diversified Corporate Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
United Rentals North America, Inc., 6.00%, 12/15/29(1) | $ | 735,000 | $ | 735,974 | ||||
5,846,326 | ||||||||
Semiconductors and Semiconductor Equipment — 1.1% | ||||||||
Broadcom, Inc., 4.00%, 4/15/29(1) | 948,000 | 859,231 | ||||||
Intel Corp., 2.45%, 11/15/29 | 1,555,000 | 1,308,927 | ||||||
2,168,158 | ||||||||
Software — 0.3% | ||||||||
Oracle Corp., 6.25%, 11/9/32 | 565,000 | 588,440 | ||||||
Specialty Retail — 2.5% | ||||||||
AutoZone, Inc., 4.50%, 2/1/28 | 1,000,000 | 970,101 | ||||||
Dick's Sporting Goods, Inc., 3.15%, 1/15/32(2) | 888,000 | 701,982 | ||||||
Home Depot, Inc., 2.70%, 4/15/25 | 1,145,000 | 1,092,564 | ||||||
Lowe's Cos., Inc., 3.35%, 4/1/27 | 1,137,000 | 1,064,226 | ||||||
Lowe's Cos., Inc., 2.625%, 4/1/31 | 750,000 | 617,169 | ||||||
O'Reilly Automotive, Inc., 4.70%, 6/15/32 | 600,000 | 572,154 | ||||||
5,018,196 | ||||||||
Technology Hardware, Storage and Peripherals — 1.1% | ||||||||
Apple, Inc., 3.25%, 8/8/29 | 2,505,000 | 2,305,398 | ||||||
Thrifts and Mortgage Finance — 0.5% | ||||||||
Nationwide Building Society, 4.85%, 7/27/27(1) | 1,116,000 | 1,088,758 | ||||||
Trading Companies and Distributors — 0.9% | ||||||||
Air Lease Corp., 5.30%, 2/1/28 | 695,000 | 675,848 | ||||||
Aircastle Ltd., 4.125%, 5/1/24 | 526,000 | 513,946 | ||||||
Aircastle Ltd., 5.25%, 8/11/25(1) | 583,000 | 568,880 | ||||||
1,758,674 | ||||||||
Water Utilities — 0.5% | ||||||||
American Water Capital Corp., 4.45%, 6/1/32 | 1,111,000 | 1,058,694 | ||||||
Wireless Telecommunication Services — 1.9% | ||||||||
Sprint LLC, 7.625%, 2/15/25 | 1,155,000 | 1,184,112 | ||||||
T-Mobile USA, Inc., 3.375%, 4/15/29 | 2,977,000 | 2,631,877 | ||||||
3,815,989 | ||||||||
TOTAL CORPORATE BONDS (Cost $200,342,575) | 193,833,697 | |||||||
U.S. TREASURY SECURITIES — 1.6% | ||||||||
U.S. Treasury Notes, 2.875%, 6/15/25 | 400,000 | 384,500 | ||||||
U.S. Treasury Notes, 3.875%, 1/15/26 | 2,200,000 | 2,162,360 | ||||||
U.S. Treasury Notes, 3.875%, 11/30/27 | 500,000 | 492,920 | ||||||
U.S. Treasury Notes, 1.875%, 2/28/29 | 140,000 | 123,506 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $3,223,664) | 3,163,286 | |||||||
MUNICIPAL SECURITIES — 0.2% | ||||||||
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34 (Cost $517,689) | 515,000 | 419,210 | ||||||
SHORT-TERM INVESTMENTS — 2.9% | ||||||||
Money Market Funds — 2.9% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 2,587,700 | 2,587,700 |
17
Diversified Corporate Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio(4) | 3,300,528 | $ | 3,300,528 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,888,228) | 5,888,228 | |||||||
TOTAL INVESTMENT SECURITIES — 100.8% (Cost $209,972,156) | 203,304,421 | |||||||
OTHER ASSETS AND LIABILITIES — (0.8)% | (1,519,685) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 201,784,736 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 2-Year Notes | 76 | June 2023 | $ | 15,483,219 | $ | 107 | ||||||||
U.S. Treasury 10-Year Notes | 121 | June 2023 | 13,510,406 | 2,484 | ||||||||||
$ | 28,993,625 | $ | 2,591 |
^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 | 123 | June 2023 | $ | 13,167,727 | $ | (95) | ||||||||
U.S. Treasury 10-Year Ultra Notes | 21 | June 2023 | 2,460,937 | (1,166) | ||||||||||
U.S. Treasury Long Bonds | 1 | June 2023 | 125,219 | 123 | ||||||||||
$ | 15,753,883 | $ | (1,138) |
^Amount represents value and unrealized appreciation (depreciation).
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $31,956,395, which represented 15.8% 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 $3,218,067. 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)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.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,300,528.
See Notes to Financial Statements.
18
FEBRUARY 28, 2023 (UNAUDITED)
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
MUNICIPAL SECURITIES — 97.4% | ||||||||
Alabama — 1.0% | ||||||||
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs Group, Inc.) | $ | 535,000 | $ | 535,532 | ||||
Black Belt Energy Gas District Rev., VRN, 4.00%, 7/1/52 (LIQ FAC: Royal Bank of Canada) | 415,000 | 414,915 | ||||||
Black Belt Energy Gas District Rev., VRN, 3.77%, (MUNIPSA plus 0.35%), 10/1/52 (GA: Goldman Sachs Group, Inc.) | 500,000 | 481,270 | ||||||
Black Belt Energy Gas District Rev., VRN, 5.00%, 5/1/53 (GA: Canadian Imperial Bank) | 500,000 | 524,902 | ||||||
Black Belt Energy Gas District Rev., VRN, 5.50%, 11/1/53 (GA: Goldman Sachs Group, Inc.) | 330,000 | 348,629 | ||||||
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 4/1/49 (GA: Goldman Sachs Group, Inc.) | 455,000 | 454,837 | ||||||
2,760,085 | ||||||||
Arizona — 4.0% | ||||||||
Arizona Board of Regents Rev., (Arizona State University), 5.00%, 7/1/36 | 250,000 | 286,426 | ||||||
Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/29 | 160,000 | 163,719 | ||||||
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 3.67%, (MUNIPSA plus 0.25%), 1/1/46 | 155,000 | 151,449 | ||||||
Arizona Industrial Development Authority Rev., 3.625%, 5/20/33 | 188,203 | 174,795 | ||||||
Arizona Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated Group), 5.00%, 7/1/51(1) | 250,000 | 223,915 | ||||||
Arizona Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%, 7/1/51(1)(2)(6) | 100,000 | 65,000 | ||||||
Arizona Industrial Development Authority Rev., (Pinecrest Academy of Nevada), 4.00%, 7/15/40(1) | 200,000 | 168,688 | ||||||
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/27 (BAM) | 400,000 | 427,114 | ||||||
Arizona Industrial Development Authority Rev., (Somerset Academy of Las Vegas), 4.00%, 12/15/41(1) | 750,000 | 600,378 | ||||||
Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert Waterworks & Sewer System Rev.), 5.00%, 7/15/27 | 1,000,000 | 1,091,374 | ||||||
Industrial Development Authority of the City of Phoenix Arizona Rev., (BASIS Schools, Inc. Obligated Group), 4.00%, 7/1/25(1) | 325,000 | 318,684 | ||||||
Industrial Development Authority of the City of Phoenix Arizona Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 | 155,000 | 159,293 | ||||||
Industrial Development Authority of the County of Pima Rev., (American Leadership Academy, Inc.), 4.00%, 6/15/41(1) | 620,000 | 503,038 | ||||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28 | 75,000 | 77,012 | ||||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 3.00%, 7/1/31(1) | 500,000 | 434,077 | ||||||
Maricopa County Industrial Development Authority Rev., (Legacy Traditional School Obligated Group), 5.00%, 7/1/39(1) | 200,000 | 191,910 | ||||||
Pima County Sewer System Rev., 5.00%, 7/1/30 | 600,000 | 668,017 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30 | 910,000 | 1,003,026 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35 | 250,000 | 273,378 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38 | 755,000 | 810,429 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/47 | 1,500,000 | 1,642,899 |
19
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets) | $ | 175,000 | $ | 178,737 | ||||
Scottsdale GO, 4.00%, 7/1/31 | 500,000 | 543,862 | ||||||
State of Arizona COP, 5.00%, 9/1/25 | 240,000 | 251,204 | ||||||
State of Arizona COP, 5.00%, 9/1/25(3) | 580,000 | 606,650 | ||||||
11,015,074 | ||||||||
California — 8.6% | ||||||||
Bay Area Toll Authority Rev., 4.00%, 4/1/29 | 275,000 | 288,380 | ||||||
Bay Area Toll Authority Rev., VRN, 3.87%, (MUNIPSA plus 0.45%), 4/1/56 | 250,000 | 247,646 | ||||||
California Community Choice Financing Authority Rev., VRN, 3.87%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley) | 1,755,000 | 1,641,019 | ||||||
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/30 | 500,000 | 523,568 | ||||||
California County Tobacco Securitization Agency Rev., (Alameda County Tobacco Securitization Corp.), 0.00%, 6/1/50(4) | 100,000 | 18,948 | ||||||
California Enterprise Development Authority Rev., (Provident Group-SDSU Properties LLC), 5.00%, 8/1/50 | 100,000 | 100,673 | ||||||
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/48 | 850,000 | 867,879 | ||||||
California Housing Finance Rev., 4.25%, 1/15/35 | 473,698 | 472,021 | ||||||
California Housing Finance Rev., 3.50%, 11/20/35 | 389,254 | 366,598 | ||||||
California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), VRN, 3.77%, (MUNIPSA plus 0.35%), 8/1/47 | 250,000 | 246,979 | ||||||
California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRN, 4.12%, (MUNIPSA plus 0.70%), 12/1/50 | 1,000,000 | 966,413 | ||||||
California Municipal Finance Authority COP, (Palomar Health Obligated Group), 5.25%, 11/1/52 (AGM) | 165,000 | 173,887 | ||||||
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/29(1) | 50,000 | 52,065 | ||||||
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/30(1) | 110,000 | 115,102 | ||||||
California Municipal Finance Authority Rev., (Community Health Centers of The Central Coast, Inc.), 5.00%, 12/1/36(1) | 175,000 | 176,841 | ||||||
California Municipal Finance Authority Rev., (P3 Claremont Holdings LLC), 5.00%, 7/1/52(1) | 110,000 | 97,938 | ||||||
California Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.375%, 11/15/28(1) | 265,000 | 245,407 | ||||||
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/25(1) | 260,000 | 259,477 | ||||||
California School Finance Authority Rev., (Aspire Public Schools Obligated Group), 4.00%, 8/1/26(1) | 405,000 | 404,518 | ||||||
California School Finance Authority Rev., (Green Dot Public Schools Obligated Group), 5.375%, 8/1/42(1) | 200,000 | 206,798 | ||||||
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/34 | 185,000 | 189,870 | ||||||
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24 | 250,000 | 254,100 | ||||||
California Statewide Communities Development Authority Rev., (Loma Linda University Medical Center Obligated Group), 5.25%, 12/1/38(1) | 240,000 | 243,045 | ||||||
California Statewide Communities Development Authority Special Assessment, (San Diego Assessment District No. 18-01), 5.00%, 9/2/29 | 250,000 | 269,802 |
20
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
California Statewide Communities Development Authority Special Tax, (Community Facilities District No. 2015), 4.00%, 9/1/40 | $ | 245,000 | $ | 224,550 | ||||
City & County of San Francisco, Special Tax District No. 2020-1 Special Tax, 4.00%, 9/1/46(1) | 500,000 | 414,775 | ||||||
CSCDA Community Improvement Authority Rev., (1818 Platinum Triangle-Anaheim), 4.00%, 4/1/57(1) | 350,000 | 243,155 | ||||||
CSCDA Community Improvement Authority Rev., (Altana Apartments), 4.00%, 10/1/56(1) | 100,000 | 75,289 | ||||||
CSCDA Community Improvement Authority Rev., (Escondido Portfolio), 4.00%, 12/1/59(1) | 750,000 | 469,640 | ||||||
CSCDA Community Improvement Authority Rev., (Oceanaire Apartments), 4.00%, 9/1/56(1) | 300,000 | 231,466 | ||||||
CSCDA Community Improvement Authority Rev., (Westgate Apartments), 4.00%, 6/1/57(1) | 290,000 | 202,847 | ||||||
Eastern Municipal Water District Rev., VRN, 3.52%, (MUNIPSA plus 0.10%), 7/1/46 | 750,000 | 745,379 | ||||||
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39 | 500,000 | 510,454 | ||||||
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 3.00%, 9/1/25 | 155,000 | 148,092 | ||||||
Golden State Tobacco Securitization Corp. Rev., Capital Appreciation, 0.00%, 6/1/66(4) | 500,000 | 49,701 | ||||||
Hastings Campus Housing Finance Authority Rev., 5.00%, 7/1/45(1) | 1,070,000 | 916,933 | ||||||
Independent Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/31 (AGM)(1) | 215,000 | 222,590 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/45 | 500,000 | 541,999 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/47 | 905,000 | 918,719 | ||||||
Metropolitan Water District of Southern California Rev., VRN, 3.56%, (MUNIPSA plus 0.14%), 7/1/37 | 200,000 | 199,225 | ||||||
Morongo Band of Mission Indians Rev., 5.00%, 10/1/42(1) | 100,000 | 99,268 | ||||||
Mountain View Los Altos Union High School District GO, 4.00%, 8/1/35 | 1,000,000 | 1,079,605 | ||||||
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2015-1), 5.25%, 8/15/45 | 415,000 | 421,585 | ||||||
Orange County Transportation Authority Rev., 4.00%, 10/15/24(3) | 1,715,000 | 1,741,234 | ||||||
Palomar Health GO, 5.00%, 8/1/27 | 545,000 | 576,640 | ||||||
Poway Unified School District Special Tax, (Poway Unified School District Community Facilities District No. 16), 4.00%, 9/1/31 | 315,000 | 311,714 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/24 | 1,000,000 | 1,015,027 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/38 | 400,000 | 418,068 | ||||||
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 5.00%, 9/1/35 | 600,000 | 632,797 | ||||||
Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.) | 630,000 | 676,122 | ||||||
State of California GO, 5.00%, 8/1/34 | 245,000 | 260,766 | ||||||
State of California GO, 5.00%, 4/1/35 | 1,045,000 | 1,155,480 | ||||||
State of California GO, 5.00%, 9/1/42 | 290,000 | 309,389 | ||||||
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/39 | 280,000 | 286,016 | ||||||
23,527,499 |
21
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Colorado — 3.8% | ||||||||
Adams & Weld Counties School District No. 27J Brighton GO, 5.00%, 12/1/23 | $ | 1,000,000 | $ | 1,013,905 | ||||
Board of Governors of Colorado State University System Rev., 4.00%, 3/1/44 | 1,220,000 | 1,140,328 | ||||||
Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/40 | 515,000 | 468,199 | ||||||
City & County of Denver Airport System Rev., 5.50%, 11/15/42 | 750,000 | 823,925 | ||||||
City & County of Denver Airport System Rev., 5.75%, 11/15/45 | 750,000 | 835,619 | ||||||
Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/48 | 100,000 | 103,955 | ||||||
Colorado Health Facilities Authority Rev., (CommonSpirit Health Obligated Group), 5.50%, 11/1/47 | 200,000 | 210,751 | ||||||
Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40 | 500,000 | 430,178 | ||||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23 | 100,000 | 100,050 | ||||||
Colorado Health Facilities Authority Rev., (Intermountain Healthcare Obligated Group), VRN, 5.00%, 5/15/62 | 1,500,000 | 1,592,649 | ||||||
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39 | 530,000 | 512,807 | ||||||
Colorado Health Facilities Authority Rev., (Sisters of Charity of Leavenworth Health System, Inc. Obligated Group), 4.00%, 1/1/38 | 210,000 | 211,358 | ||||||
Denver City & County School District No. 1 GO, 5.00%, 12/1/24 | 1,500,000 | 1,549,937 | ||||||
Denver Urban Renewal Authority Tax Allocation, (9th & Colorado Urban Redevelopment Area), 5.25%, 12/1/39(1) | 100,000 | 100,667 | ||||||
State of Colorado COP, 6.00%, 12/15/38 | 230,000 | 277,697 | ||||||
State of Colorado COP, 6.00%, 12/15/40 | 385,000 | 460,082 | ||||||
Village Metropolitan District GO, 5.00%, 12/1/49 | 500,000 | 459,262 | ||||||
10,291,369 | ||||||||
Connecticut — 2.0% | ||||||||
Connecticut State Health & Educational Facilities Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/45 | 1,000,000 | 1,015,854 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., VRN, 2.80%, 7/1/57 | 470,000 | 464,808 | ||||||
State of Connecticut GO, 5.00%, 6/15/34 | 680,000 | 695,724 | ||||||
State of Connecticut GO, 4.00%, 1/15/35 | 1,000,000 | 1,033,919 | ||||||
State of Connecticut GO, 4.00%, 6/1/36 | 1,000,000 | 1,018,622 | ||||||
State of Connecticut Special Tax Rev., 5.00%, 5/1/29 | 1,145,000 | 1,289,637 | ||||||
5,518,564 | ||||||||
Delaware — 0.3% | ||||||||
Delaware Transportation Authority Rev., 5.00%, 7/1/24 | 750,000 | 768,717 | ||||||
District of Columbia — 1.7% | ||||||||
District of Columbia GO, 5.00%, 2/1/41 | 520,000 | 569,085 | ||||||
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 7/1/47 | 750,000 | 815,352 | ||||||
District of Columbia Rev., (Plenary Infrastructure LLC), 5.00%, 2/28/25 | 1,000,000 | 1,014,870 | ||||||
District of Columbia Water & Sewer Authority Rev., 5.00%, 10/1/39 | 1,535,000 | 1,595,739 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road Rev., 4.00%, 10/1/38 | 270,000 | 263,242 |
22
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/28 | $ | 390,000 | $ | 431,015 | ||||
4,689,303 | ||||||||
Florida — 8.9% | ||||||||
Broward County Port Facilities Rev., 5.00%, 9/1/40 | 1,000,000 | 1,057,678 | ||||||
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/40 | 925,000 | 997,700 | ||||||
Broward County Water & Sewer Utility Rev., 4.00%, 10/1/47 | 880,000 | 827,746 | ||||||
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28 | 300,000 | 300,711 | ||||||
Central Florida Expressway Authority Rev., 5.00%, 7/1/28 (AGM) | 750,000 | 833,327 | ||||||
Duval County Public Schools COP, 5.00%, 7/1/35 (AGM) | 295,000 | 329,248 | ||||||
Florida Development Finance Corp. Rev., 3.00%, 7/1/31(1) | 260,000 | 232,138 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 3.00%, 6/1/23 | 115,000 | 114,366 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/24 | 105,000 | 103,404 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/25 | 110,000 | 106,955 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/26 | 110,000 | 105,556 | ||||||
Florida Keys Aqueduct Authority Rev., VRDN, 3.42%, 3/7/23 (LOC: TD Bank N.A.) | 3,000,000 | 3,000,000 | ||||||
Fort Pierce Utilities Authority Rev., 5.00%, 10/1/29 (AGM) | 1,050,000 | 1,171,206 | ||||||
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/33 | 180,000 | 188,704 | ||||||
Hillsborough County Aviation Authority Rev., 5.00%, 10/1/27 | 375,000 | 398,191 | ||||||
Lake County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%, 1/15/39(1) | 550,000 | 523,337 | ||||||
Miami-Dade County Aviation Rev., 5.00%, 10/1/38 | 500,000 | 508,560 | ||||||
Miami-Dade County Seaport Department Rev., 5.25%, 10/1/52 | 300,000 | 313,211 | ||||||
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/35 | 175,000 | 176,981 | ||||||
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/44 | 1,000,000 | 949,332 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/44 | 1,390,000 | 1,481,214 | ||||||
Orange County Health Facilities Authority Rev., (Orlando Health Obligated Group), 5.00%, 10/1/53 | 500,000 | 522,174 | ||||||
Orlando Utilities Commission Rev., VRDN, 3.55%, 3/7/23 (SBBPA: TD Bank N.A.) | 3,000,000 | 3,000,000 | ||||||
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | 105,000 | 105,977 | ||||||
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | 375,000 | 362,617 | ||||||
Pompano Beach Rev., (John Knox Village of Florida, Inc. Obligated Group), 1.45%, 1/1/27 | 750,000 | 658,445 | ||||||
South Florida Water Management District COP, 5.00%, 10/1/36 | 560,000 | 581,828 | ||||||
State of Florida GO, 5.00%, 6/1/23 | 1,700,000 | 1,708,051 | ||||||
State of Florida Department of Transportation Turnpike System Rev., 5.00%, 7/1/23 | 600,000 | 603,714 | ||||||
Tampa Water & Wastewater System Rev., 5.00%, 10/1/41 | 1,000,000 | 1,124,883 | ||||||
Village Community Development District No. 14 Special Assessment, 5.50%, 5/1/53 | 1,000,000 | 981,151 | ||||||
Wildwood Utility Dependent District Rev., 5.00%, 10/1/41 (BAM) | 900,000 | 965,658 | ||||||
24,334,063 |
23
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Georgia — 4.5% | ||||||||
Atlanta Airport Passenger Facility Charge Rev., 4.00%, 7/1/40 | $ | 1,000,000 | $ | 957,030 | ||||
Atlanta Water & Wastewater Rev., 4.00%, 11/1/37 | 1,345,000 | 1,352,311 | ||||||
Cobb County Kennestone Hospital Authority Rev., (WellStar Health System Obligated Group), 4.00%, 4/1/52 | 1,000,000 | 884,689 | ||||||
George L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC), 3.625%, 1/1/31(1) | 475,000 | 411,271 | ||||||
Georgia Ports Authority Rev., 5.25%, 7/1/52 | 500,000 | 549,306 | ||||||
Main Street Natural Gas Inc. Rev., VRN, 4.00%, 7/1/52 (GA: Royal Bank of Canada) | 1,000,000 | 999,835 | ||||||
Main Street Natural Gas Inc. Rev., VRN, 5.00%, 7/1/53 (GA: Royal Bank of Canada) | 1,000,000 | 1,057,457 | ||||||
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 3/1/50 (GA: Citigroup Global Markets) | 500,000 | 496,674 | ||||||
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 5/1/52 (GA: Citigroup Global Markets) | 1,200,000 | 1,184,540 | ||||||
Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/52 (GA: Citigroup, Inc.) | 1,190,000 | 1,236,852 | ||||||
Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/44 | 575,000 | 530,714 | ||||||
State of Georgia GO, 5.00%, 8/1/23 | 1,000,000 | 1,007,779 | ||||||
State of Georgia GO, 5.00%, 7/1/29 | 1,465,000 | 1,671,330 | ||||||
12,339,788 | ||||||||
Hawaii — 0.7% | ||||||||
City & County Honolulu Wastewater System Rev., 4.00%, 7/1/32 | 250,000 | 255,352 | ||||||
City & County of Honolulu GO, 5.00%, 3/1/29 | 700,000 | 788,200 | ||||||
City & County of Honolulu GO, 5.25%, 7/1/44 | 760,000 | 852,153 | ||||||
1,895,705 | ||||||||
Idaho — 0.1% | ||||||||
Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), 4.00%, 3/1/46 | 365,000 | 327,429 | ||||||
Illinois — 6.1% | ||||||||
Chicago GO, 5.00%, 1/1/26 | 275,000 | 280,428 | ||||||
Chicago GO, 5.25%, 1/1/38 | 1,000,000 | 1,045,931 | ||||||
Chicago GO, 5.50%, 1/1/49 | 100,000 | 102,437 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/34 | 280,000 | 285,676 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/42 | 1,060,000 | 1,001,431 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/26 | 1,000,000 | 1,029,884 | ||||||
Chicago Wastewater Transmission Rev., 5.50%, 1/1/30 (AGM-CR)(NATL-RE) | 130,000 | 143,637 | ||||||
Cook County Sales Tax Rev., 5.25%, 11/15/45 | 725,000 | 775,099 | ||||||
Illinois Finance Authority Rev., (Plymouth Place Obligated Group), 4.75%, 11/15/27 | 500,000 | 500,219 | ||||||
Illinois Finance Authority Rev., (Presbyterian Homes Obligated Group), VRN, 4.12%, (MUNIPSA plus 0.70%), 5/1/42 | 250,000 | 243,184 | ||||||
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 1/1/33 | 1,000,000 | 1,065,735 | ||||||
Illinois Finance Authority Rev., (University of Chicago Medical Center Obligated Group), VRN, 5.00%, 8/15/52 | 250,000 | 266,943 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37 | 400,000 | 416,425 | ||||||
Illinois State Toll Highway Authority Rev., 4.00%, 1/1/42 | 1,000,000 | 962,541 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/46 | 1,150,000 | 1,225,637 | ||||||
Joliet Waterworks & Sewerage Rev., 5.00%, 1/1/24 | 345,000 | 347,584 | ||||||
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/31 (AGM) | 200,000 | 211,180 |
24
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/28 | $ | 605,000 | $ | 644,818 | ||||
Northern Illinois University Rev., 5.00%, 10/1/28 (BAM) | 325,000 | 348,361 | ||||||
Peoria City School District No. 150 GO, 4.00%, 1/1/26 (AGM) | 840,000 | 854,072 | ||||||
State of Illinois GO, 5.00%, 10/1/25 | 175,000 | 179,787 | ||||||
State of Illinois GO, 5.00%, 11/1/29 | 280,000 | 292,832 | ||||||
State of Illinois GO, 5.00%, 10/1/30 | 625,000 | 657,089 | ||||||
State of Illinois GO, 5.00%, 10/1/33 | 200,000 | 208,427 | ||||||
State of Illinois GO, 5.00%, 2/1/39 | 750,000 | 753,318 | ||||||
State of Illinois GO, 5.50%, 5/1/39 | 220,000 | 233,879 | ||||||
State of Illinois GO, 5.50%, 10/1/39 | 1,000,000 | 1,078,362 | ||||||
State of Illinois GO, 5.50%, 3/1/42 | 1,250,000 | 1,329,914 | ||||||
State of Illinois GO, 5.75%, 5/1/45 | 225,000 | 238,616 | ||||||
16,723,446 | ||||||||
Indiana — 0.2% | ||||||||
Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.00%, 2/1/26 | 500,000 | 521,715 | ||||||
Iowa — 0.9% | ||||||||
Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/44 | 500,000 | 540,425 | ||||||
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 3.74%, (SOFR plus 0.55%), 5/15/56 | 500,000 | 473,740 | ||||||
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/39 | 850,000 | 805,100 | ||||||
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/49 | 645,000 | 631,506 | ||||||
2,450,771 | ||||||||
Kansas — 0.3% | ||||||||
Kansas Development Finance Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/54 | 700,000 | 780,335 | ||||||
Prairie Village Tax Allocation, (Prairie Village Meadowbrook Redevelopment District), 3.125%, 4/1/36 | 130,000 | 103,561 | ||||||
883,896 | ||||||||
Kentucky — 1.3% | ||||||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/30 | 370,000 | 398,983 | ||||||
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.25%, 6/1/41 | 100,000 | 102,060 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 4/1/48 (GA: Morgan Stanley) | 300,000 | 300,221 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 1/1/49 (GA: BP Corp. North America, Inc.) | 440,000 | 438,049 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 250,000 | 250,192 | ||||||
Kentucky Public Energy Authority Rev., VRN, 4.25%, (SOFR plus 0.12%), 8/1/52 (GA: Morgan Stanley) | 1,000,000 | 951,545 | ||||||
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 4.00%, 11/1/38 | 500,000 | 489,816 | ||||||
Kentucky State University COP, 4.00%, 11/1/46 (BAM) | 750,000 | 692,651 | ||||||
3,623,517 | ||||||||
Louisiana — 0.4% | ||||||||
Louisiana Public Facilities Authority Rev., (Tulane University), 5.00%, 10/15/48 | 750,000 | 797,828 | ||||||
Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23 | 100,000 | 100,099 | ||||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/48 (AGM) | 250,000 | 259,633 | ||||||
1,157,560 |
25
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Maryland — 2.3% | ||||||||
Baltimore Rev., 5.00%, 6/1/51 | $ | 400,000 | $ | 376,418 | ||||
Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27 | 200,000 | 196,043 | ||||||
Baltimore County COP, 5.00%, 3/1/28 | 375,000 | 413,090 | ||||||
Brunswick Special Tax, 5.00%, 7/1/36 | 100,000 | 100,700 | ||||||
Gaithersburg Rev., (Asbury Maryland Obligated Group), 5.125%, 1/1/42 | 400,000 | 390,299 | ||||||
Maryland Economic Development Corp. Tax Allocation, (City of Baltimore Port Covington Development District), 4.00%, 9/1/50 | 1,000,000 | 805,521 | ||||||
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/51 | 500,000 | 413,029 | ||||||
Maryland Stadium Authority Built to Learn Rev., 5.00%, 6/1/25 | 500,000 | 519,421 | ||||||
State of Maryland GO, 4.00%, 8/1/23 | 1,250,000 | 1,254,577 | ||||||
State of Maryland GO, 5.00%, 6/1/31 | 1,640,000 | 1,928,782 | ||||||
6,397,880 | ||||||||
Massachusetts — 2.7% | ||||||||
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/43 | 1,190,000 | 1,301,356 | ||||||
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/51 | 1,000,000 | 1,067,449 | ||||||
Massachusetts GO, 5.00%, 10/1/37 | 1,000,000 | 1,141,695 | ||||||
Massachusetts Development Finance Agency Rev., (Boston Medical Center Corp. Obligated Group), 5.25%, 7/1/48 | 750,000 | 785,456 | ||||||
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 4.00%, 10/1/32(1) | 100,000 | 97,815 | ||||||
Massachusetts Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated Group), 5.00%, 10/1/37(1) | 150,000 | 151,583 | ||||||
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/44 | 890,000 | 847,257 | ||||||
Massachusetts Port Authority Rev., 5.00%, 7/1/41 | 800,000 | 844,686 | ||||||
Massachusetts School Building Authority Rev., 5.00%, 8/15/45 | 730,000 | 786,489 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/32 | 460,000 | 510,597 | ||||||
7,534,383 | ||||||||
Michigan — 1.3% | ||||||||
Detroit GO, 5.00%, 4/1/25 | 50,000 | 50,501 | ||||||
Detroit GO, 5.00%, 4/1/36 | 550,000 | 554,084 | ||||||
Detroit GO, 5.00%, 4/1/37 | 250,000 | 249,378 | ||||||
Detroit Downtown Development Authority Tax Allocation, (Development Area No. 1), 5.00%, 7/1/23 (AGM) | 350,000 | 351,749 | ||||||
Michigan Finance Authority Rev., (BHSH System Obligated Group), 5.00%, 4/15/27 | 1,335,000 | 1,436,751 | ||||||
Michigan Finance Authority Rev., (BHSH System Obligated Group), 4.00%, 4/15/42 | 395,000 | 372,312 | ||||||
Michigan Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/24, Prerefunded at 100% of Par(1)(3) | 100,000 | 103,854 | ||||||
Michigan State Hospital Finance Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/24 | 355,000 | 366,206 | ||||||
3,484,835 | ||||||||
Minnesota — 0.5% | ||||||||
State of Minnesota GO, 5.00%, 9/1/23 | 1,350,000 | 1,363,198 | ||||||
Missouri — 1.0% | ||||||||
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/27 | 200,000 | 213,884 |
26
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/28 | $ | 150,000 | $ | 163,316 | ||||
Kansas City GO, 5.00%, 2/1/24 | 625,000 | 635,331 | ||||||
Kansas City Industrial Development Authority Rev., 5.00%, 3/1/44 | 1,000,000 | 1,020,196 | ||||||
St. Louis Airport Rev., 5.00%, 7/1/52 | 750,000 | 789,920 | ||||||
2,822,647 | ||||||||
Nebraska — 0.6% | ||||||||
Central Plains Energy Project Rev., VRN, 4.00%, 12/1/49 (LIQ FAC: Royal Bank of Canada) (GA: Royal Bank of Canada) | 600,000 | 603,255 | ||||||
Central Plains Energy Project Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs & Company) | 1,000,000 | 1,030,535 | ||||||
1,633,790 | ||||||||
Nevada — 1.6% | ||||||||
Las Vegas Special Improvement District No. 815 Special Assessment, 4.00%, 12/1/31 | 250,000 | 234,626 | ||||||
Las Vegas Special Improvement District No. 815 Special Assessment, 5.00%, 12/1/49 | 200,000 | 186,591 | ||||||
Las Vegas Special Improvement District No. 816 Special Assessment, 2.00%, 6/1/23 | 150,000 | 149,141 | ||||||
Las Vegas Valley Water District GO, 5.00%, 6/1/38 | 1,340,000 | 1,396,383 | ||||||
Sparks Rev., 2.50%, 6/15/24(1) | 60,000 | 58,405 | ||||||
State of Nevada GO, 5.00%, 8/1/30 | 1,530,000 | 1,733,913 | ||||||
State of Nevada Highway Improvement Rev., 4.00%, 12/1/33 | 375,000 | 390,837 | ||||||
Tahoe-Douglas Visitors Authority Rev., 4.00%, 7/1/25 | 200,000 | 198,062 | ||||||
4,347,958 | ||||||||
New Hampshire — 0.3% | ||||||||
New Hampshire Business Finance Authority Rev., (Springpoint Senior Living Obligated Group), 4.00%, 1/1/27 | 500,000 | 487,493 | ||||||
New Hampshire Business Finance Authority Rev., 4.125%, 1/20/34 | 286,556 | 282,125 | ||||||
769,618 | ||||||||
New Jersey — 3.2% | ||||||||
New Jersey Economic Development Authority Rev., 5.50%, 12/15/26, Prerefunded at 100% of Par(3) | 260,000 | 283,342 | ||||||
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 5.00%, 11/1/37 | 500,000 | 534,737 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.50%, 9/1/24 (Ambac) | 1,000,000 | 1,027,430 | ||||||
New Jersey Educational Facilities Authority Rev., (Trustees of Princeton University), 5.00%, 3/1/32 | 625,000 | 744,858 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 | 715,000 | 750,198 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/28 | 455,000 | 492,507 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/28 | 375,000 | 409,273 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/32 | 400,000 | 433,366 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/33 | 260,000 | 279,964 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/35 | 1,000,000 | 1,100,418 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 4.00%, 6/15/38 | 620,000 | 604,677 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/48 | 150,000 | 157,587 |
27
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Newark Board of Education GO, 5.00%, 7/15/33 (BAM) | $ | 900,000 | $ | 1,012,796 | ||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46 | 280,000 | 277,206 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.25%, 6/1/46 | 750,000 | 775,268 | ||||||
8,883,627 | ||||||||
New Mexico — 0.6% | ||||||||
New Mexico Finance Authority Rev., (New Mexico Finance Authority Public Project Revolving Fund), 5.00%, 6/1/24 | 1,000,000 | 1,023,188 | ||||||
New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/23 | 70,000 | 69,252 | ||||||
New Mexico Municipal Energy Acquisition Authority Rev., VRN, 5.00%, 11/1/39 (LIQ FAC: Royal Bank of Canada) (GA: Royal Bank of Canada) | 500,000 | 513,858 | ||||||
1,606,298 | ||||||||
New York — 10.5% | ||||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 110,000 | 112,330 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 560,000 | 571,860 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 750,000 | 799,982 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/38 | 255,000 | 264,676 | ||||||
Metropolitan Transportation Authority Rev., VRN, 3.85%, (SOFR plus 0.80%), 11/1/32 (AGM) | 250,000 | 247,648 | ||||||
Nassau County Interim Finance Authority Rev., 4.00%, 11/15/35 | 500,000 | 539,672 | ||||||
New York City GO, 5.25%, 5/1/41 | 150,000 | 167,463 | ||||||
New York City GO, 5.00%, 4/1/43 | 500,000 | 528,329 | ||||||
New York City GO, 4.00%, 8/1/44 | 1,000,000 | 957,113 | ||||||
New York City GO, 4.00%, 9/1/46 | 250,000 | 236,952 | ||||||
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/25 | 750,000 | 760,323 | ||||||
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/39 | 815,000 | 839,305 | ||||||
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/49 | 390,000 | 415,302 | ||||||
New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/29 | 1,100,000 | 1,211,543 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/26 | 1,000,000 | 1,070,228 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 11/1/34 | 500,000 | 587,470 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 2/1/36 | 200,000 | 226,949 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.25%, 11/1/40 | 1,000,000 | 1,130,536 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/42 | 650,000 | 631,930 | ||||||
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.50%, 10/1/37 (GA: Goldman Sachs Group, Inc.) | 175,000 | 198,681 | ||||||
New York Power Authority Rev., 5.00%, 11/15/27 (AGM) | 1,000,000 | 1,102,577 | ||||||
New York State Dormitory Authority Rev., 5.00%, 10/1/28 (BAM) | 670,000 | 746,473 | ||||||
New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/45 | 1,000,000 | 935,911 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37 | 500,000 | 502,541 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/40 | 750,000 | 735,865 | ||||||
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/26(3) | 1,100,000 | 1,169,035 |
28
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/27(3) | $ | 815,000 | $ | 881,704 | ||||
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/24 | 500,000 | 512,040 | ||||||
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/39 | 850,000 | 958,652 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/29 | 915,000 | 943,386 | ||||||
New York State Thruway Authority Rev., 4.00%, 1/1/38 | 700,000 | 693,065 | ||||||
New York State Thruway Authority Rev., 4.00%, 1/1/45 | 945,000 | 880,180 | ||||||
New York State Thruway Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/44 | 750,000 | 716,975 | ||||||
New York Transportation Development Corp. Rev., (American Airlines, Inc.), 3.00%, 8/1/31 (GA: American Airlines Group) | 130,000 | 116,041 | ||||||
New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 4/30/53 | 500,000 | 410,509 | ||||||
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/40 | 200,000 | 184,275 | ||||||
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/41 | 640,000 | 652,961 | ||||||
New York Transportation Development Corp. Rev., (Laguardia Gateway Partners LLC), 4.00%, 7/1/36 (AGM) | 685,000 | 653,405 | ||||||
Town of Oyster Bay GO, 5.00%, 8/1/25 (AGM) | 545,000 | 569,833 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27 | 255,000 | 277,975 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/39 | 1,000,000 | 1,112,555 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/30 | 1,000,000 | 1,013,062 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/33 | 980,000 | 1,025,291 | ||||||
Westchester County Local Development Corp. Rev., (Purchase Senior Learning Community Obligated Group), 2.875%, 7/1/26(1) | 455,000 | 434,429 | ||||||
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39 | 100,000 | 93,047 | ||||||
28,820,079 | ||||||||
North Carolina — 1.5% | ||||||||
North Carolina Medical Care Commission Rev., (Forest at Duke, Inc. Obligated Group), 4.00%, 9/1/46 | 715,000 | 574,494 | ||||||
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/26 | 45,000 | 42,336 | ||||||
North Carolina Turnpike Authority Rev., 5.00%, 2/1/24(3) | 1,000,000 | 1,014,267 | ||||||
State of North Carolina Rev., 5.00%, 3/1/34 | 345,000 | 384,341 | ||||||
State of North Carolina Rev., (Highway Trust Fund), 5.00%, 5/1/25 | 1,000,000 | 1,041,015 | ||||||
Wake County GO, 5.00%, 2/1/27 | 1,000,000 | 1,082,643 | ||||||
4,139,096 | ||||||||
Ohio — 2.9% | ||||||||
Allen County Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), 4.00%, 8/1/47 | 1,000,000 | 918,366 | ||||||
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48 | 300,000 | 262,689 | ||||||
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55 | 1,265,000 | 1,150,441 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/40 | 450,000 | 436,030 | ||||||
Columbus GO, 5.00%, 4/1/32 | 500,000 | 560,089 | ||||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/42 | 360,000 | 362,312 | ||||||
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/37 | 170,000 | 171,756 | ||||||
Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53 | 100,000 | 94,480 |
29
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/42 | $ | 1,250,000 | $ | 1,387,414 | ||||
State of Ohio GO, 5.00%, 5/1/40 | 660,000 | 735,928 | ||||||
State of Ohio Rev., (University Hospitals Health System, Inc. Obligated Group), 4.00%, 1/15/39 | 700,000 | 656,538 | ||||||
Worthington City School District GO, 5.50%, 12/1/54(5) | 1,000,000 | 1,119,350 | ||||||
7,855,393 | ||||||||
Oklahoma — 0.3% | ||||||||
Oklahoma Capitol Improvement Authority Rev., (Oklahoma Department of Transportation), 4.00%, 7/1/38 | 850,000 | 830,152 | ||||||
Oregon — 0.9% | ||||||||
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40 | 250,000 | 231,457 | ||||||
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47 | 100,000 | 91,144 | ||||||
State of Oregon GO, 4.00%, 8/1/31 | 1,000,000 | 1,027,204 | ||||||
State of Oregon Department of Transportation Rev., 5.25%, 11/15/47 | 1,000,000 | 1,112,624 | ||||||
2,462,429 | ||||||||
Pennsylvania — 3.6% | ||||||||
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 2/1/28 | 150,000 | 131,732 | ||||||
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 11/1/40 | 300,000 | 208,835 | ||||||
Bucks County Water and Sewer Authority Rev., 5.00%, 12/1/37 (AGM) | 450,000 | 501,159 | ||||||
Bucks County Water and Sewer Authority Rev., 5.00%, 12/1/38 (AGM) | 525,000 | 582,637 | ||||||
Commonwealth Financing Authority Rev., 5.00%, 6/1/24 | 1,625,000 | 1,653,080 | ||||||
Commonwealth Financing Authority Rev., 5.00%, 6/1/25 | 290,000 | 298,909 | ||||||
Delaware County Authority Rev., (Villanova University), 5.00%, 8/1/31 | 1,200,000 | 1,238,272 | ||||||
Pennsylvania GO, 5.00%, 1/1/24 | 690,000 | 700,941 | ||||||
Pennsylvania GO, 5.00%, 10/1/24 | 1,000,000 | 1,029,948 | ||||||
Pennsylvania GO, 5.00%, 7/15/29 | 845,000 | 954,653 | ||||||
Pennsylvania Economic Development Financing Authority Rev., (Commonwealth of Pennsylvania Department of Transportation), 5.75%, 6/30/48 | 400,000 | 426,334 | ||||||
Pennsylvania Economic Development Financing Authority Rev., (Commonwealth of Pennsylvania Department of Transportation), 5.00%, 12/31/57 (AGM) | 400,000 | 404,621 | ||||||
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM) | 290,000 | 324,636 | ||||||
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/39 | 340,000 | 347,637 | ||||||
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/44 | 750,000 | 824,334 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/46 | 300,000 | 306,978 | ||||||
9,934,706 | ||||||||
South Carolina — 0.2% | ||||||||
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40 | 100,000 | 84,575 | ||||||
Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/37 | 325,000 | 373,188 | ||||||
Richland County Special Assessment, (Richland County Village at Sandhill Improvement District), 3.75%, 11/1/36(1) | 270,000 | 210,035 | ||||||
667,798 |
30
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Tennessee — 1.0% | ||||||||
Metropolitan Government Nashville & Davidson County Industrial Development Board Special Assessment, (South Nashville Central Business Improvement District), Capital Appreciation, 0.00%, 6/1/43(1)(4) | $ | 4,000,000 | $ | 1,247,063 | ||||
Metropolitan Nashville Airport Authority Rev., 5.50%, 7/1/52 | 100,000 | 107,041 | ||||||
Nashville Metropolitan Development & Housing Agency Tax Allocation, 5.125%, 6/1/36(1) | 225,000 | 227,300 | ||||||
Tennessee Energy Acquisition Corp. Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs Group, Inc.) | 1,000,000 | 1,033,040 | ||||||
2,614,444 | ||||||||
Texas — 8.4% | ||||||||
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD) | 425,000 | 435,434 | ||||||
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 5.00%, 8/15/29 (PSF-GTD) | 400,000 | 448,800 | ||||||
Austin Airport System Rev., 5.00%, 11/15/41 | 1,000,000 | 1,048,741 | ||||||
Central Texas Regional Mobility Authority Rev., 5.00%, 1/1/27 | 775,000 | 805,490 | ||||||
Central Texas Regional Mobility Authority Rev., 4.00%, 1/1/51 | 1,290,000 | 1,165,224 | ||||||
Central Texas Turnpike System Rev., 5.00%, 8/15/42 | 1,250,000 | 1,258,160 | ||||||
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/38 (PSF-GTD) | 520,000 | 531,890 | ||||||
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 4.00%, 8/15/42 (PSF-GTD) | 465,000 | 443,706 | ||||||
Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/48 | 50,000 | 50,285 | ||||||
El Paso Water & Sewer Rev., 4.00%, 3/1/40 | 1,000,000 | 980,001 | ||||||
Fort Bend Independent School District GO, 4.00%, 8/15/35 (PSF-GTD) | 1,000,000 | 1,036,137 | ||||||
Frisco Independent School District GO, 5.00%, 2/15/26 (PSF-GTD) | 780,000 | 825,940 | ||||||
Frisco Independent School District GO, 5.00%, 8/15/32 (PSF-GTD) | 1,000,000 | 1,123,141 | ||||||
Houston GO, 5.00%, 3/1/29 | 340,000 | 380,842 | ||||||
Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51 | 200,000 | 159,922 | ||||||
Katy Independent School District GO, 5.00%, 2/15/28 (PSF-GTD) | 350,000 | 386,382 | ||||||
Metropolitan Transit Authority of Harris County Rev., 5.00%, 11/1/26 | 1,755,000 | 1,880,774 | ||||||
New Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate Housing Island Campus LLC), 5.00%, 4/1/27(3) | 240,000 | 258,000 | ||||||
North Texas Tollway Authority Rev., 4.00%, 1/1/35 | 595,000 | 598,832 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/26 | 585,000 | 592,493 | ||||||
Permanent University Fund - University of Texas System Rev., 5.00%, 7/1/27 | 500,000 | 543,943 | ||||||
San Antonio Water System Rev., 4.00%, 5/15/34 | 275,000 | 286,523 | ||||||
State of Texas GO, 5.00%, 8/1/40 | 815,000 | 839,090 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Baylor Scott & White Health Obligated Group), VRN, 5.00%, 11/15/52 | 160,000 | 167,083 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), 4.00%, 10/1/42 | 665,000 | 634,605 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Texas Health Resources Obligated Group), 5.00%, 2/15/24 | 945,000 | 959,933 | ||||||
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/26 (GA: Macquarie Group Ltd.) | 250,000 | 255,514 |
31
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/38 | $ | 1,300,000 | $ | 1,213,378 | ||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/43 | 1,360,000 | 1,323,828 | ||||||
Texas Water Development Board Rev., (Texas Water Development Board State Revolving Fund), 5.00%, 8/1/41 | 1,000,000 | 1,106,940 | ||||||
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/32 | 1,000,000 | 1,187,958 | ||||||
22,928,989 | ||||||||
Utah — 1.4% | ||||||||
Intermountain Power Agency Rev., 5.00%, 7/1/27 | 500,000 | 545,436 | ||||||
State of Utah GO, 5.00%, 7/1/28 | 585,000 | 653,378 | ||||||
UIPA Crossroads Public Infrastructure District Tax Allocation, (AJL Project Area), 4.375%, 6/1/52(1) | 750,000 | 629,210 | ||||||
University of Utah Rev., 5.00%, 8/1/46 | 855,000 | 931,238 | ||||||
Utah State University Rev., 4.00%, 12/1/42 (AGM) | 1,215,000 | 1,157,298 | ||||||
3,916,560 | ||||||||
Virginia — 1.1% | ||||||||
Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 5.00%, 5/15/27 | 330,000 | 357,900 | ||||||
Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 4.00%, 5/15/42 | 670,000 | 649,079 | ||||||
Fairfax County Sewer Rev., 5.00%, 7/15/46 | 1,000,000 | 1,109,214 | ||||||
Lynchburg Economic Development Authority Rev., (Centra Health Obligated Group), 4.00%, 1/1/37 | 825,000 | 783,713 | ||||||
Peninsula Town Center Community Development Authority Special Assessment, 5.00%, 9/1/45(1) | 200,000 | 176,155 | ||||||
3,076,061 | ||||||||
Washington — 5.0% | ||||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/37 | 500,000 | 565,622 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/39 | 525,000 | 577,153 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/40 | 1,955,000 | 2,154,038 | ||||||
King County School District No. 411 Issaquah GO, 4.00%, 12/1/33 (SCH BD GTY) | 680,000 | 717,249 | ||||||
Port of Seattle Rev., 5.00%, 4/1/36 | 1,365,000 | 1,446,525 | ||||||
Port of Seattle Rev., 5.50%, 8/1/47 | 1,000,000 | 1,076,218 | ||||||
Seattle Municipal Light & Power Rev., 5.00%, 7/1/42 | 1,125,000 | 1,239,556 | ||||||
Seattle Municipal Light & Power Rev., 5.00%, 7/1/52 | 1,000,000 | 1,081,715 | ||||||
Seattle Municipal Light & Power Rev., VRN, 3.67%, (MUNIPSA plus 0.25%), 5/1/45 | 200,000 | 196,312 | ||||||
State of Washington GO, 5.00%, 2/1/29 | 420,000 | 464,272 | ||||||
State of Washington GO, 5.00%, 8/1/39 | 300,000 | 308,518 | ||||||
State of Washington GO, 5.00%, 6/1/41 | 770,000 | 833,731 | ||||||
State of Washington GO, 5.00%, 2/1/42 | 625,000 | 652,773 | ||||||
State of Washington GO, 5.00%, 6/1/45 | 1,000,000 | 1,080,708 | ||||||
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | 300,000 | 310,332 | ||||||
Washington Health Care Facilities Authority Rev., (Providence State Joseph Health Obligated Group), 5.00%, 10/1/33 | 650,000 | 652,980 | ||||||
Washington State Housing Finance Commission Rev., (Spokane United Methodist Homes Obligated Group), 3.00%, 7/1/27(1) | 300,000 | 263,279 | ||||||
13,620,981 |
32
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Wisconsin — 1.7% | ||||||||
Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 5.00%, 7/1/41 | $ | 250,000 | $ | 255,553 | ||||
Public Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%, 6/1/48(1) | 75,000 | 67,050 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/39 (AGM) | 150,000 | 140,541 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/44 (AGM) | 600,000 | 612,597 | ||||||
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM) | 75,000 | 80,712 | ||||||
Public Finance Authority Rev., (Duke Energy Progress LLC), VRN, 3.30%, 10/1/46 | 540,000 | 536,739 | ||||||
Public Finance Authority Rev., (Roseman University of Health Sciences), 4.00%, 4/1/52(1) | 250,000 | 183,772 | ||||||
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 4.00%, 7/1/61(1) | 225,000 | 161,373 | ||||||
Public Finance Authority Rev., (UHF RISE Student Housing LLC), 5.25%, 7/1/61(1) | 215,000 | 163,715 | ||||||
Public Finance Authority Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.00%, 10/1/41 | 505,000 | 413,417 | ||||||
State of Wisconsin GO, 4.00%, 5/1/39 | 750,000 | 754,013 | ||||||
Wisconsin Health & Educational Facilities Authority Rev., (Advocate Aurora Health Obligated Group), VRN, 3.60%, (MUNIPSA plus 0.18%), 8/15/54 | 1,000,000 | 966,917 | ||||||
Wisconsin Health & Educational Facilities Authority Rev., (Bellin Memorial Hospital Obligated Group), 5.50%, 12/1/52 | 200,000 | 215,724 | ||||||
4,552,123 | ||||||||
TOTAL MUNICIPAL SECURITIES (Cost $277,594,153) | 267,091,546 | |||||||
SHORT-TERM INVESTMENTS — 1.8% | ||||||||
Money Market Funds — 1.8% | ||||||||
Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio, Institutional Class (Cost $4,810,658) | 4,811,462 | 4,811,462 | ||||||
TOTAL INVESTMENT SECURITIES — 99.2% (Cost $282,404,811) | 271,903,008 | |||||||
OTHER ASSETS AND LIABILITIES — 0.8% | 2,299,234 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 274,202,242 |
33
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 | ||||||
LOC | – | Letter of Credit | ||||||
MUNIPSA | – | SIFMA Municipal Swap Index | ||||||
NATL-RE | – | National Public Finance Guarantee Corporation - Reinsured | ||||||
PSF-GTD | – | Permanent School Fund Guaranteed | ||||||
SBBPA | – | Standby Bond Purchase Agreement | ||||||
SCH BD GTY | – | School Bond Guaranty | ||||||
SOFR | – | Secured Overnight Financing Rate | ||||||
VRDN | – | Variable Rate Demand Note. The instrument may be payable upon demand and 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 date of the demand feature is disclosed. | ||||||
VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $12,625,295, which represented 4.6% of total net assets.
(2)Security is in default.
(3)Escrowed to maturity in U.S. government securities or state and local government securities.
(4)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(5)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.
(6)Non-income producing.
See Notes to Financial Statements.
34
FEBRUARY 28, 2023 (UNAUDITED)
Emerging Markets Bond ETF | ||||||||
Principal Amount/ Shares | Value | |||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 42.5% | ||||||||
Angola — 2.2% | ||||||||
Angolan Government International Bond, 8.25%, 5/9/28(1) | $ | 500,000 | $ | 462,390 | ||||
Angolan Government International Bond, 9.375%, 5/8/48(1) | 300,000 | 256,410 | ||||||
718,800 | ||||||||
Argentina — 0.9% | ||||||||
Argentine Republic Government International Bond, 1.50%, 7/9/35 | 978,000 | 280,489 | ||||||
Chile — 3.4% | ||||||||
Chile Government International Bond, 2.55%, 1/27/32 | 676,000 | 555,876 | ||||||
Chile Government International Bond, 2.55%, 7/27/33 | 200,000 | 157,321 | ||||||
Chile Government International Bond, 3.50%, 1/31/34 | 100,000 | 85,506 | ||||||
Chile Government International Bond, 4.34%, 3/7/42 | 200,000 | 171,495 | ||||||
Chile Government International Bond, 4.00%, 1/31/52 | 170,000 | 132,416 | ||||||
1,102,614 | ||||||||
Colombia — 0.5% | ||||||||
Colombia Government International Bond, 7.50%, 2/2/34 | 11,000 | 10,444 | ||||||
Colombia Government International Bond, 6.125%, 1/18/41 | 200,000 | 157,000 | ||||||
167,444 | ||||||||
Dominican Republic — 3.0% | ||||||||
Dominican Republic International Bond, 4.50%, 1/30/30 | 200,000 | 172,488 | ||||||
Dominican Republic International Bond, 4.875%, 9/23/32 | 772,000 | 648,154 | ||||||
Dominican Republic International Bond, 5.875%, 1/30/60 | 200,000 | 150,899 | ||||||
971,541 | ||||||||
Ecuador — 1.0% | ||||||||
Ecuador Government International Bond, 5.50%, 7/31/30 | 200,000 | 98,300 | ||||||
Ecuador Government International Bond, 2.50%, 7/31/35 | 625,000 | 224,103 | ||||||
322,403 | ||||||||
Egypt — 2.7% | ||||||||
Egypt Government International Bond, 5.80%, 9/30/27 | 200,000 | 157,249 | ||||||
Egypt Government International Bond, 7.05%, 1/15/32 | 815,000 | 570,388 | ||||||
Egypt Government International Bond, 7.625%, 5/29/32(1) | 50,000 | 35,569 | ||||||
Egypt Government International Bond, 8.50%, 1/31/47(1) | 150,000 | 96,405 | ||||||
859,611 | ||||||||
Ghana — 0.3% | ||||||||
Ghana Government International Bond, 8.95%, 3/26/51(1) | 250,000 | 92,215 | ||||||
Guatemala — 1.9% | ||||||||
Guatemala Government Bond, 4.375%, 6/5/27(1) | 50,000 | 47,498 | ||||||
Guatemala Government Bond, 5.25%, 8/10/29(1) | 200,000 | 192,556 | ||||||
Guatemala Government Bond, 4.90%, 6/1/30 | 400,000 | 377,451 | ||||||
617,505 | ||||||||
Indonesia — 2.3% | ||||||||
Indonesia Government International Bond, 8.50%, 10/12/35 | 355,000 | 452,756 | ||||||
Indonesia Government International Bond, 4.75%, 7/18/47 | 75,000 | 70,505 | ||||||
Indonesia Government International Bond, 5.45%, 9/20/52 | 200,000 | 199,000 | ||||||
722,261 | ||||||||
Ivory Coast — 1.4% | ||||||||
Ivory Coast Government International Bond, 5.75%, 12/31/32 | 474,571 | 433,913 | ||||||
Jordan — 0.3% | ||||||||
Jordan Government International Bond, 7.375%, 10/10/47(1) | 100,000 | 87,941 |
35
Emerging Markets Bond ETF | ||||||||
Principal Amount/ Shares | Value | |||||||
Kenya — 0.2% | ||||||||
Kenya Government International Bond, 8.25%, 2/28/48(1) | $ | 100,000 | $ | 77,707 | ||||
Mexico — 2.5% | ||||||||
Mexico Government International Bond, 4.75%, 4/27/32 | 435,000 | 406,546 | ||||||
Mexico Government International Bond, 3.50%, 2/12/34 | 441,000 | 360,276 | ||||||
Mexico Government International Bond, 6.35%, 2/9/35 | 20,000 | 20,570 | ||||||
787,392 | ||||||||
Mongolia — 0.5% | ||||||||
Development Bank of Mongolia LLC, 7.25%, 10/23/23 | 165,000 | 158,400 | ||||||
Nigeria — 0.5% | ||||||||
Nigeria Government International Bond, 7.875%, 2/16/32 | 200,000 | 154,624 | ||||||
Oman — 2.1% | ||||||||
Oman Government International Bond, 6.75%, 1/17/48 | 700,000 | 672,847 | ||||||
Pakistan — 0.3% | ||||||||
Pakistan Government International Bond, 8.25%, 9/30/25 | 200,000 | 97,668 | ||||||
Panama — 1.2% | ||||||||
Panama Government International Bond, 4.50%, 4/16/50 | 500,000 | 379,280 | ||||||
Paraguay — 0.5% | ||||||||
Paraguay Government International Bond, 5.40%, 3/30/50 | 200,000 | 168,220 | ||||||
Peru — 2.0% | ||||||||
Peruvian Government International Bond, 8.75%, 11/21/33 | 200,000 | 248,172 | ||||||
Peruvian Government International Bond, 3.55%, 3/10/51 | 538,000 | 383,597 | ||||||
631,769 | ||||||||
Philippines — 1.5% | ||||||||
Philippine Government International Bond, 6.375%, 1/15/32 | 200,000 | 217,045 | ||||||
Philippine Government International Bond, 5.50%, 1/17/48 | 267,000 | 271,160 | ||||||
488,205 | ||||||||
Poland — 0.3% | ||||||||
Republic of Poland Government International Bond, 5.75%, 11/16/32 | 100,000 | 105,028 | ||||||
Romania — 1.5% | ||||||||
Romanian Government International Bond, 6.625%, 2/17/28(1) | 200,000 | 204,725 | ||||||
Romanian Government International Bond, 6.00%, 5/25/34(1) | 150,000 | 146,430 | ||||||
Romanian Government International Bond, 7.625%, 1/17/53(1) | 112,000 | 121,293 | ||||||
472,448 | ||||||||
Saudi Arabia — 3.5% | ||||||||
Saudi Government International Bond, 4.75%, 1/18/28(1) | 81,000 | 80,214 | ||||||
Saudi Government International Bond, 5.50%, 10/25/32(1) | 329,000 | 343,242 | ||||||
Saudi Government International Bond, 4.625%, 10/4/47 | 600,000 | 526,500 | ||||||
Saudi Government International Bond, 4.625%, 10/4/47(1) | 200,000 | 175,500 | ||||||
1,125,456 | ||||||||
Serbia — 0.6% | ||||||||
Serbia International Bond, 6.50%, 9/26/33(1) | 200,000 | 194,963 | ||||||
South Africa — 3.5% | ||||||||
Republic of South Africa Government International Bond, 5.875%, 9/16/25 | 300,000 | 299,254 | ||||||
Republic of South Africa Government International Bond, 5.875%, 4/20/32 | 600,000 | 536,721 | ||||||
Republic of South Africa Government International Bond, 5.75%, 9/30/49 | 400,000 | 292,830 | ||||||
1,128,805 |
36
Emerging Markets Bond ETF | ||||||||
Principal Amount/ Shares | Value | |||||||
Turkey — 1.3% | ||||||||
Turkey Government International Bond, 9.875%, 1/15/28 | $ | 250,000 | $ | 254,205 | ||||
Turkey Government International Bond, 6.625%, 2/17/45 | 200,000 | 150,374 | ||||||
404,579 | ||||||||
Ukraine — 0.6% | ||||||||
Ukraine Government International Bond, 7.25%, 3/15/35(5)(6) | 1,050,000 | 182,962 | ||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $14,613,113) | 13,607,090 | |||||||
CORPORATE BONDS — 39.7% | ||||||||
Brazil — 5.0% | ||||||||
Braskem Netherlands Finance BV, 7.25%, 2/13/33(1) | 87,000 | 84,993 | ||||||
CSN Resources SA, 4.625%, 6/10/31(1) | 400,000 | 315,357 | ||||||
Embraer Netherlands Finance BV, 6.95%, 1/17/28(1) | 200,000 | 200,769 | ||||||
Guara Norte Sarl, 5.20%, 6/15/34(1) | 182,114 | 152,728 | ||||||
GUSAP III LP, 4.25%, 1/21/30(1) | 360,000 | 330,978 | ||||||
Light Servicos de Eletricidade SA/Light Energia SA, 4.375%, 6/18/26 | 75,000 | 32,774 | ||||||
MC Brazil Downstream Trading SARL, 7.25%, 6/30/31(1) | 193,251 | 158,694 | ||||||
Minerva Luxembourg SA, 4.375%, 3/18/31 | 400,000 | 314,451 | ||||||
1,590,744 | ||||||||
Chile — 0.8% | ||||||||
Kenbourne Invest SA, 4.70%, 1/22/28(1) | 229,000 | 158,434 | ||||||
VTR Finance NV, 6.375%, 7/15/28(1) | 200,000 | 88,400 | ||||||
246,834 | ||||||||
China — 1.3% | ||||||||
Alibaba Group Holding Ltd., 4.20%, 12/6/47 | 150,000 | 117,186 | ||||||
Longfor Group Holdings Ltd., 3.95%, 9/16/29 | 200,000 | 157,503 | ||||||
Tencent Holdings Ltd., 3.24%, 6/3/50 | 200,000 | 129,171 | ||||||
403,860 | ||||||||
Colombia — 4.6% | ||||||||
Ecopetrol SA, 5.875%, 9/18/23 | 200,000 | 199,193 | ||||||
Ecopetrol SA, 6.875%, 4/29/30 | 200,000 | 177,800 | ||||||
Ecopetrol SA, 4.625%, 11/2/31 | 200,000 | 149,300 | ||||||
EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.375%, 12/30/30(1) | 717,000 | 459,103 | ||||||
Geopark Ltd., 5.50%, 1/17/27(1) | 400,000 | 338,392 | ||||||
Millicom International Cellular SA, 4.50%, 4/27/31(1)(2) | 200,000 | 161,700 | ||||||
1,485,488 | ||||||||
Guatemala — 1.6% | ||||||||
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, 5.25%, 4/27/29(1)(2) | 400,000 | 368,624 | ||||||
CT Trust, 5.125%, 2/3/32(1) | 200,000 | 158,200 | ||||||
526,824 | ||||||||
India — 2.2% | ||||||||
Greenko Dutch BV, 3.85%, 3/29/26 | 191,000 | 169,073 | ||||||
Reliance Industries Ltd., 2.875%, 1/12/32(1) | 250,000 | 202,927 | ||||||
Vedanta Resources Finance II PLC, 8.00%, 4/23/23 | 200,000 | 185,548 | ||||||
Vedanta Resources Ltd., 6.125%, 8/9/24 | 200,000 | 130,091 | ||||||
687,639 | ||||||||
Indonesia — 4.3% | ||||||||
Freeport Indonesia PT, 4.76%, 4/14/27(1) | 200,000 | 192,911 | ||||||
Indonesia Asahan Aluminium Persero PT, 5.45%, 5/15/30(1) | 425,000 | 415,076 |
37
Emerging Markets Bond ETF | ||||||||
Principal Amount/ Shares | Value | |||||||
Indonesia Asahan Aluminium Persero PT, 5.80%, 5/15/50 | $ | 200,000 | $ | 175,338 | ||||
Medco Bell Pte Ltd., 6.375%, 1/30/27(1) | 200,000 | 183,510 | ||||||
Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara, 5.45%, 5/21/28 | 425,000 | 420,594 | ||||||
1,387,429 | ||||||||
Israel — 2.1% | ||||||||
Energean Israel Finance Ltd., 4.50%, 3/30/24(1) | 675,000 | 657,878 | ||||||
Leviathan Bond Ltd., 5.75%, 6/30/23(1) | 10,000 | 9,980 | ||||||
667,858 | ||||||||
Kazakhstan — 1.4% | ||||||||
KazMunayGas National Co. JSC, 4.75%, 4/19/27(1) | 300,000 | 275,396 | ||||||
KazMunayGas National Co. JSC, 5.75%, 4/19/47 | 200,000 | 160,128 | ||||||
435,524 | ||||||||
Luxembourg — 2.3% | ||||||||
EIG Pearl Holdings Sarl, 4.39%, 11/30/46(1) | 461,000 | 350,706 | ||||||
Petrorio Luxembourg Trading Sarl, 6.125%, 6/9/26(1) | 308,000 | 291,295 | ||||||
TMS Issuer Sarl, 5.78%, 8/23/32(1) | 100,000 | 101,858 | ||||||
743,859 | ||||||||
Malaysia — 0.6% | ||||||||
Petronas Capital Ltd., 3.50%, 4/21/30 | 200,000 | 182,550 | ||||||
Mexico — 5.7% | ||||||||
BBVA Bancomer SA, VRN, 5.125%, 1/18/33(1) | 200,000 | 180,089 | ||||||
FEL Energy VI Sarl, 5.75%, 12/1/40(1) | 415,777 | 346,442 | ||||||
Minera Mexico SA de CV, 4.50%, 1/26/50(1) | 140,000 | 105,205 | ||||||
Orbia Advance Corp. SAB de CV, 2.875%, 5/11/31 | 100,000 | 78,850 | ||||||
Petroleos Mexicanos, 6.49%, 1/23/27 | 614,000 | 558,679 | ||||||
Petroleos Mexicanos, 5.95%, 1/28/31(2) | 250,000 | 191,807 | ||||||
Petroleos Mexicanos, 10.00%, 2/7/33(1) | 210,000 | 202,524 | ||||||
Petroleos Mexicanos, 6.50%, 6/2/41(2) | 250,000 | 167,975 | ||||||
1,831,571 | ||||||||
Nigeria — 0.3% | ||||||||
IHS Netherlands Holdco BV, 8.00%, 9/18/27(1) | 100,000 | 90,850 | ||||||
Panama — 1.1% | ||||||||
C&W Senior Financing DAC, 6.875%, 9/15/27(1) | 400,000 | 362,788 | ||||||
Qatar — 0.2% | ||||||||
Ooredoo International Finance Ltd., 4.50%, 1/31/43(1) | 50,000 | 48,132 | ||||||
Saudi Arabia — 2.3% | ||||||||
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 3/21/23 | 400,000 | 399,455 | ||||||
Saudi Arabian Oil Co., 4.25%, 4/16/39 | 400,000 | 351,704 | ||||||
751,159 | ||||||||
South Africa — 1.8% | ||||||||
Eskom Holdings SOC Ltd., 6.75%, 8/6/23(1) | 200,000 | 199,250 | ||||||
Eskom Holdings SOC Ltd., 7.125%, 2/11/25(1) | 200,000 | 196,938 | ||||||
Prosus NV, 4.19%, 1/19/32 | 25,000 | 20,573 | ||||||
Sasol Financing USA LLC, 5.50%, 3/18/31 | 200,000 | 167,017 | ||||||
583,778 | ||||||||
United Arab Emirates — 0.6% | ||||||||
DP World Crescent Ltd., 4.85%, 9/26/28 | 200,000 | 197,086 | ||||||
United States — 0.3% | ||||||||
DAE Funding LLC, 3.375%, 3/20/28(1) | 100,000 | 89,446 |
38
Emerging Markets Bond ETF | ||||||||
Principal Amount/ Shares | Value | |||||||
Zambia — 1.2% | ||||||||
First Quantum Minerals Ltd., 6.875%, 10/15/27(1) | $ | 412,000 | $ | 386,991 | ||||
TOTAL CORPORATE BONDS (Cost $14,188,270) | 12,700,410 | |||||||
U.S. TREASURY SECURITIES — 4.6% | ||||||||
U.S. Treasury Notes, 2.50%, 3/31/27(3) | 550,000 | 513,036 | ||||||
U.S. Treasury Notes, 1.375%, 11/15/31 | 400,000 | 325,672 | ||||||
U.S. Treasury Notes, 1.875%, 2/15/32(3) | 750,000 | 635,507 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $1,599,822) | 1,474,215 | |||||||
PREFERRED STOCKS — 0.6% | ||||||||
Mexico — 0.6% | ||||||||
Banco Mercantil del Norte SA, 8.375%(1) (Cost $260,202) | 220,000 | 216,534 | ||||||
SHORT-TERM INVESTMENTS — 11.4% | ||||||||
Money Market Funds — 11.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 3,178,627 | 3,178,627 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(4) | 461,438 | 461,438 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,640,065) | 3,640,065 | |||||||
TOTAL INVESTMENT SECURITIES — 98.8% (Cost $34,301,472) | 31,638,314 | |||||||
OTHER ASSETS AND LIABILITIES — 1.2% | 370,074 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 32,008,388 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 10-Year Ultra Notes | 10 | June 2023 | $ | 1,171,875 | $ | 1,153 | ||||||||
U.S. Treasury Ultra Bonds | 17 | June 2023 | 2,296,063 | (2,187) | ||||||||||
$ | 3,467,938 | $ | (1,034) |
^Amount represents value and unrealized appreciation (depreciation).
FUTURES CONTRACTS SOLD | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 2-Year Notes | 8 | June 2023 | $ | 1,629,812 | $ | 110 | ||||||||
U.S. Treasury 5-Year Notes | 1 | June 2023 | 107,055 | 1 | ||||||||||
U.S. Treasury Long Bonds | 6 | June 2023 | 751,313 | 738 | ||||||||||
$ | 2,488,180 | $ | 849 |
^Amount represents value and unrealized appreciation (depreciation).
39
Emerging Markets Bond ETF
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS | |||||||||||||||||||||||
Reference Entity | Type | Fixed Rate Received (Paid) Quarterly | Termination Date | Notional Amount | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Value^ | ||||||||||||||||
Brazil Government International Bond | Buy | (1.00)% | 12/20/27 | $ | 1,340,000 | $ | 88,591 | $ | (19,460) | $ | 69,131 | ||||||||||||
Mexico Government International Bond | Buy | (1.00)% | 12/20/27 | $ | 1,500,000 | 13,913 | (6,818) | 7,095 | |||||||||||||||
Republic of South Africa Government International Bond | Buy | (1.00)% | 12/20/27 | $ | 521,000 | 36,610 | (4,352) | 32,258 | |||||||||||||||
$ | 139,114 | $ | (30,630) | $ | 108,484 |
^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 | ||||||||
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 $10,698,156, which represented 33.4% of total net assets.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $445,053. 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 $540,856.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $461,438.
(5)Non-income producing.
(6)Security is in default.
See Notes to Financial Statements.
40
FEBRUARY 28, 2023 (UNAUDITED)
Multisector Income ETF | |||||||||||
Principal Amount/Shares | Value | ||||||||||
CORPORATE BONDS — 47.3% | |||||||||||
Aerospace and Defense — 0.8% | |||||||||||
Boeing Co., 2.80%, 3/1/24 | $ | 680,000 | $ | 661,552 | |||||||
Bombardier, Inc., 7.50%, 2/1/29(1)(2) | 210,000 | 206,009 | |||||||||
Spirit AeroSystems, Inc., 9.375%, 11/30/29(1) | 165,000 | 174,488 | |||||||||
TransDigm, Inc., 4.625%, 1/15/29 | 220,000 | 189,290 | |||||||||
1,231,339 | |||||||||||
Air Freight and Logistics — 0.3% | |||||||||||
Rand Parent LLC, 8.50%, 2/15/30(1) | 450,000 | 432,562 | |||||||||
Airlines — 1.5% | |||||||||||
American Airlines, Inc., 11.75%, 7/15/25(1) | 525,000 | 576,282 | |||||||||
American Airlines, Inc., 7.25%, 2/15/28(1) | 300,000 | 293,250 | |||||||||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1) | 220,000 | 214,343 | |||||||||
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27(1) | 1,513 | 1,515 | |||||||||
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 8.00%, 9/20/25(1) | 715,000 | 718,396 | |||||||||
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27 | 354,515 | 343,971 | |||||||||
2,147,757 | |||||||||||
Automobiles — 0.7% | |||||||||||
Ford Motor Co., 6.10%, 8/19/32(2) | 300,000 | 279,665 | |||||||||
Ford Motor Credit Co. LLC, 4.95%, 5/28/27 | 260,000 | 242,521 | |||||||||
General Motors Financial Co., Inc., 3.80%, 4/7/25 | 465,000 | 447,526 | |||||||||
General Motors Financial Co., Inc., 4.30%, 7/13/25 | 101,000 | 98,098 | |||||||||
1,067,810 | |||||||||||
Banks — 8.2% | |||||||||||
Bank of America Corp., VRN, 1.73%, 7/22/27 | 520,000 | 458,264 | |||||||||
Bank of America Corp., VRN, 2.88%, 10/22/30 | 595,000 | 503,546 | |||||||||
Bank of America Corp., VRN, 4.57%, 4/27/33 | 245,000 | 227,862 | |||||||||
Bank of America Corp., VRN, 5.02%, 7/22/33 | 143,000 | 137,648 | |||||||||
Bank of Montreal, 5.20%, 2/1/28 | 500,000 | 498,098 | |||||||||
Bank of Nova Scotia, 4.85%, 2/1/30 | 345,000 | 334,935 | |||||||||
Banque Federative du Credit Mutuel SA, 4.94%, 1/26/26(1) | 595,000 | 586,949 | |||||||||
Barclays PLC, VRN, 2.28%, 11/24/27 | 465,000 | 409,357 | |||||||||
Barclays PLC, VRN, 7.39%, 11/2/28 | 210,000 | 221,034 | |||||||||
BNP Paribas SA, VRN, 5.125%, 1/13/29(1) | 365,000 | 359,079 | |||||||||
BPCE SA, VRN, 5.98%, 1/18/27(1) | 496,000 | 495,684 | |||||||||
Citigroup, Inc., VRN, 5.61%, 9/29/26 | 605,000 | 605,226 | |||||||||
Credit Agricole SA, 5.30%, 7/12/28(1) | 505,000 | 502,480 | |||||||||
Discover Bank, VRN, 4.68%, 8/9/28 | 1,185,000 | 1,133,795 | |||||||||
HSBC Holdings PLC, 4.25%, 8/18/25 | 200,000 | 193,106 | |||||||||
HSBC Holdings PLC, VRN, 5.40%, 8/11/33 | 399,000 | 382,737 | |||||||||
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 | 233,000 | 196,557 | |||||||||
KeyBank NA, 5.00%, 1/26/33 | 515,000 | 495,463 | |||||||||
Lloyds Banking Group PLC, VRN, 5.87%, 3/6/29(3) | 298,000 | 298,250 | |||||||||
Mitsubishi UFJ Financial Group, Inc., VRN, 5.44%, 2/22/34 | 380,000 | 373,867 |
41
Multisector Income ETF | |||||||||||
Principal Amount/Shares | Value | ||||||||||
PNC Financial Services Group, Inc., VRN, 4.76%, 1/26/27 | $ | 520,000 | $ | 512,419 | |||||||
Royal Bank of Canada, 6.00%, 11/1/27 | 290,000 | 298,581 | |||||||||
Societe Generale SA, VRN, 6.69%, 1/10/34(1) | 416,000 | 424,865 | |||||||||
Societe Generale SA, VRN, 3.65%, 7/8/35(1) | 350,000 | 281,986 | |||||||||
Toronto-Dominion Bank, 2.45%, 1/12/32 | 280,000 | 226,812 | |||||||||
Toronto-Dominion Bank, 3.20%, 3/10/32(2) | 215,000 | 184,703 | |||||||||
Truist Bank, VRN, 2.64%, 9/17/29 | 271,000 | 255,448 | |||||||||
Truist Financial Corp., VRN, 5.12%, 1/26/34 | 515,000 | 501,414 | |||||||||
US Bancorp, VRN, 5.85%, 10/21/33 | 175,000 | 180,542 | |||||||||
US Bancorp, VRN, 4.84%, 2/1/34 | 520,000 | 498,039 | |||||||||
Wells Fargo & Co., 3.00%, 10/23/26 | 105,000 | 96,984 | |||||||||
Wells Fargo & Co., VRN, 4.54%, 8/15/26 | 85,000 | 82,971 | |||||||||
11,958,701 | |||||||||||
Beverages — 0.2% | |||||||||||
PepsiCo, Inc., 3.60%, 2/18/28 | 272,000 | 259,473 | |||||||||
Biotechnology — 0.6% | |||||||||||
Amgen, Inc., 5.25%, 3/2/25(3) | 298,000 | 297,389 | |||||||||
Amgen, Inc., 5.15%, 3/2/28(3) | 520,000 | 518,103 | |||||||||
815,492 | |||||||||||
Building Products — 0.5% | |||||||||||
Builders FirstSource, Inc., 5.00%, 3/1/30(1) | 670,000 | 604,110 | |||||||||
Standard Industries, Inc., 4.375%, 7/15/30(1) | 225,000 | 187,533 | |||||||||
791,643 | |||||||||||
Capital Markets — 4.2% | |||||||||||
Deutsche Bank AG, VRN, 4.30%, 5/24/28 | 237,000 | 233,725 | |||||||||
Deutsche Bank AG, VRN, 3.74%, 1/7/33 | 375,000 | 287,569 | |||||||||
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27 | 334,000 | 292,736 | |||||||||
Goldman Sachs Group, Inc., VRN, 2.64%, 2/24/28 | 745,000 | 666,142 | |||||||||
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29 | 84,000 | 77,160 | |||||||||
Morgan Stanley, VRN, 2.63%, 2/18/26 | 755,000 | 712,417 | |||||||||
Morgan Stanley, VRN, 0.99%, 12/10/26 | 415,000 | 365,251 | |||||||||
Morgan Stanley, VRN, 5.12%, 2/1/29 | 58,000 | 56,979 | |||||||||
Morgan Stanley, VRN, 2.70%, 1/22/31 | 995,000 | 831,585 | |||||||||
Morgan Stanley, VRN, 6.34%, 10/18/33(2) | 400,000 | 421,891 | |||||||||
Morgan Stanley, VRN, 2.48%, 9/16/36 | 177,000 | 132,149 | |||||||||
Owl Rock Capital Corp., 3.40%, 7/15/26 | 768,000 | 684,066 | |||||||||
State Street Corp., VRN, 4.82%, 1/26/34 | 515,000 | 496,900 | |||||||||
UBS Group AG, VRN, 2.75%, 2/11/33(1) | 1,110,000 | 873,032 | |||||||||
6,131,602 | |||||||||||
Chemicals — 0.6% | |||||||||||
Celanese US Holdings LLC, 5.90%, 7/5/24 | 525,000 | 524,604 | |||||||||
Tronox, Inc., 4.625%, 3/15/29(1) | 475,000 | 387,621 | |||||||||
912,225 | |||||||||||
Commercial Services and Supplies — 0.2% | |||||||||||
Clean Harbors, Inc., 6.375%, 2/1/31(1)(2) | 365,000 | 362,830 | |||||||||
Construction and Engineering — 0.3% | |||||||||||
IHS Netherlands Holdco BV, 8.00%, 9/18/27 | 550,000 | 499,288 | |||||||||
Consumer Finance — 2.1% | |||||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 10/29/24 | 665,000 | 617,957 |
42
Multisector Income ETF | |||||||||||
Principal Amount/Shares | Value | ||||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.45%, 4/3/26 | $ | 673,000 | $ | 640,012 | |||||||
Avolon Holdings Funding Ltd., 2.125%, 2/21/26(1) | 685,000 | 600,346 | |||||||||
Capital One Financial Corp., VRN, 5.47%, 2/1/29 | 117,000 | 114,951 | |||||||||
Navient Corp., 6.125%, 3/25/24 | 340,000 | 337,848 | |||||||||
OneMain Finance Corp., 8.25%, 10/1/23 | 695,000 | 700,839 | |||||||||
3,011,953 | |||||||||||
Containers and Packaging — 1.7% | |||||||||||
Ball Corp., 6.875%, 3/15/28 | 450,000 | 454,905 | |||||||||
Owens-Brockway Glass Container, Inc., 5.375%, 1/15/25(1)(2) | 775,000 | 753,872 | |||||||||
Sealed Air Corp., 6.125%, 2/1/28(1) | 660,000 | 650,661 | |||||||||
Sealed Air Corp., 5.00%, 4/15/29(1) | 720,000 | 658,138 | |||||||||
2,517,576 | |||||||||||
Diversified Financial Services — 0.2% | |||||||||||
Block Financial LLC, 3.875%, 8/15/30 | 332,000 | 291,245 | |||||||||
Diversified Telecommunication Services — 1.3% | |||||||||||
AT&T, Inc., 4.50%, 5/15/35 | 170,000 | 153,052 | |||||||||
Cogent Communications Group, Inc., 7.00%, 6/15/27(1) | 690,000 | 668,196 | |||||||||
Level 3 Financing, Inc., 3.40%, 3/1/27(1) | 720,000 | 604,970 | |||||||||
Telecom Italia SpA, 5.30%, 5/30/24(1) | 465,000 | 453,249 | |||||||||
1,879,467 | |||||||||||
Electric Utilities — 0.8% | |||||||||||
American Electric Power Co., Inc., VRN, 3.875%, 2/15/62 | 460,000 | 385,909 | |||||||||
FEL Energy VI Sarl, 5.75%, 12/1/40(1) | 739,160 | 615,898 | |||||||||
Pacific Gas & Electric Co., 6.15%, 1/15/33 | 120,000 | 118,588 | |||||||||
1,120,395 | |||||||||||
Electrical Equipment — 0.1% | |||||||||||
Regal Rexnord Corp., 6.40%, 4/15/33(1) | 205,000 | 201,919 | |||||||||
Entertainment — 0.1% | |||||||||||
Warnermedia Holdings, Inc., 3.76%, 3/15/27(1) | 155,000 | 142,254 | |||||||||
Equity Real Estate Investment Trusts (REITs) — 3.4% | |||||||||||
Equinix, Inc., 2.90%, 11/18/26 | 165,000 | 150,705 | |||||||||
ERP Operating LP, 4.15%, 12/1/28 | 685,000 | 646,927 | |||||||||
Healthpeak Properties Interim, Inc., 5.25%, 12/15/32 | 77,000 | 75,690 | |||||||||
Iron Mountain, Inc., 5.625%, 7/15/32(1) | 875,000 | 758,039 | |||||||||
iStar, Inc., 4.75%, 10/1/24 | 72,000 | 71,938 | |||||||||
iStar, Inc., 4.25%, 8/1/25(2) | 340,000 | 338,650 | |||||||||
MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/27 | 550,000 | 451,766 | |||||||||
National Retail Properties, Inc., 4.30%, 10/15/28 | 735,000 | 687,333 | |||||||||
Spirit Realty LP, 3.40%, 1/15/30 | 725,000 | 613,808 | |||||||||
VICI Properties LP, 4.375%, 5/15/25 | 410,000 | 394,957 | |||||||||
VICI Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1) | 415,000 | 358,844 | |||||||||
Welltower OP LLC, 4.25%, 4/15/28(2) | 380,000 | 359,174 | |||||||||
4,907,831 | |||||||||||
Food and Staples Retailing — 0.3% | |||||||||||
United Natural Foods, Inc., 6.75%, 10/15/28(1) | 540,000 | 511,620 | |||||||||
Health Care Equipment and Supplies — 0.4% | |||||||||||
Medline Borrower LP, 3.875%, 4/1/29(1)(2) | 675,000 | 563,203 |
43
Multisector Income ETF | |||||||||||
Principal Amount/Shares | Value | ||||||||||
Health Care Providers and Services — 1.0% | |||||||||||
Centene Corp., 3.375%, 2/15/30 | $ | 415,000 | $ | 350,614 | |||||||
Owens & Minor, Inc., 6.625%, 4/1/30(1) | 645,000 | 531,409 | |||||||||
Tenet Healthcare Corp., 6.125%, 10/1/28(2) | 612,000 | 566,651 | |||||||||
1,448,674 | |||||||||||
Hotels, Restaurants and Leisure — 1.8% | |||||||||||
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(2) | 465,000 | 398,138 | |||||||||
Caesars Entertainment, Inc., 7.00%, 2/15/30(1) | 165,000 | 166,431 | |||||||||
Carnival Corp., 5.75%, 3/1/27(1) | 190,000 | 156,526 | |||||||||
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1) | 435,000 | 404,509 | |||||||||
NCL Corp. Ltd., 8.375%, 2/1/28(1) | 113,000 | 114,907 | |||||||||
Penn Entertainment, Inc., 4.125%, 7/1/29(1)(2) | 176,000 | 142,993 | |||||||||
Royal Caribbean Cruises Ltd., 7.25%, 1/15/30(1) | 320,000 | 321,163 | |||||||||
Scientific Games International, Inc., 7.25%, 11/15/29(1) | 530,000 | 521,387 | |||||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1) | 465,000 | 433,518 | |||||||||
2,659,572 | |||||||||||
Household Durables — 0.1% | |||||||||||
Safehold Operating Partnership LP, 2.85%, 1/15/32 | 226,000 | 172,832 | |||||||||
Insurance — 0.5% | |||||||||||
Aon Corp. / Aon Global Holdings PLC, 5.35%, 2/28/33 | 442,000 | 442,131 | |||||||||
SBL Holdings, Inc., VRN, 6.50%(1)(4) | 365,000 | 275,575 | |||||||||
717,706 | |||||||||||
IT Services — 0.3% | |||||||||||
Fiserv, Inc., 5.60%, 3/2/33(3) | 450,000 | 449,706 | |||||||||
Life Sciences Tools and Services — 0.5% | |||||||||||
Illumina, Inc., 5.80%, 12/12/25 | 675,000 | 681,156 | |||||||||
Machinery — 0.3% | |||||||||||
Chart Industries, Inc., 9.50%, 1/1/31(1)(2) | 419,000 | 438,398 | |||||||||
Media — 2.6% | |||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)(2) | 660,000 | 616,031 | |||||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 1/15/34(1) | 505,000 | 378,527 | |||||||||
Comcast Corp., 6.50%, 11/15/35 | 105,000 | 116,595 | |||||||||
DISH DBS Corp., 5.25%, 12/1/26(1) | 670,000 | 562,381 | |||||||||
DISH Network Corp., 11.75%, 11/15/27(1) | 590,000 | 598,484 | |||||||||
Gray Escrow II, Inc., 5.375%, 11/15/31(1) | 520,000 | 386,699 | |||||||||
iHeartCommunications, Inc., 8.375%, 5/1/27(2) | 265,000 | 233,465 | |||||||||
Paramount Global, VRN, 6.25%, 2/28/57 | 460,000 | 380,002 | |||||||||
Paramount Global, VRN, 6.375%, 3/30/62 | 445,000 | 383,946 | |||||||||
VTR Finance NV, 6.375%, 7/15/28(1) | 300,000 | 132,600 | |||||||||
3,788,730 | |||||||||||
Metals and Mining — 1.2% | |||||||||||
Alcoa Nederland Holding BV, 4.125%, 3/31/29(1) | 695,000 | 617,959 | |||||||||
ATI, Inc., 4.875%, 10/1/29 | 365,000 | 327,219 | |||||||||
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1)(2) | 565,000 | 515,314 | |||||||||
GUSAP III LP, 4.25%, 1/21/30(1) | 250,000 | 229,846 | |||||||||
1,690,338 | |||||||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.7% | |||||||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/1/25(1) | 774,000 | 724,082 |
44
Multisector Income ETF | |||||||||||
Principal Amount/Shares | Value | ||||||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1) | $ | 301,000 | $ | 245,117 | |||||||
969,199 | |||||||||||
Multiline Retail — 0.1% | |||||||||||
Macy's Retail Holdings LLC, 5.875%, 3/15/30(1)(2) | 90,000 | 79,452 | |||||||||
Multi-Utilities — 0.3% | |||||||||||
Sempra Energy, VRN, 4.125%, 4/1/52 | 575,000 | 488,690 | |||||||||
Oil, Gas and Consumable Fuels — 4.9% | |||||||||||
Antero Resources Corp., 5.375%, 3/1/30(1)(2) | 605,000 | 551,819 | |||||||||
Blue Racer Midstream LLC / Blue Racer Finance Corp., 7.625%, 12/15/25(1) | 485,000 | 487,966 | |||||||||
Callon Petroleum Co., 7.50%, 6/15/30(1)(2) | 175,000 | 164,570 | |||||||||
Crescent Energy Finance LLC, 9.25%, 2/15/28(1) | 355,000 | 346,542 | |||||||||
CrownRock LP / CrownRock Finance, Inc., 5.00%, 5/1/29(1)(2) | 655,000 | 593,732 | |||||||||
Ecopetrol SA, 5.875%, 9/18/23 | 565,000 | 562,720 | |||||||||
Ecopetrol SA, 8.875%, 1/13/33 | 170,000 | 166,772 | |||||||||
EQM Midstream Partners LP, 7.50%, 6/1/27(1) | 455,000 | 446,360 | |||||||||
Geopark Ltd., 5.50%, 1/17/27(1) | 800,000 | 676,784 | |||||||||
Holly Energy Partners LP / Holly Energy Finance Corp., 6.375%, 4/15/27(1) | 240,000 | 232,998 | |||||||||
MEG Energy Corp., 5.875%, 2/1/29(1)(2) | 730,000 | 681,623 | |||||||||
Occidental Petroleum Corp., 6.375%, 9/1/28(2) | 595,000 | 601,810 | |||||||||
Occidental Petroleum Corp., 6.125%, 1/1/31(2) | 449,000 | 452,812 | |||||||||
Petroleos Mexicanos, 5.95%, 1/28/31 | 480,000 | 368,269 | |||||||||
Petroleos Mexicanos, 6.70%, 2/16/32 | 95,000 | 75,609 | |||||||||
Southwestern Energy Co., 5.375%, 3/15/30 | 745,000 | 681,675 | |||||||||
7,092,061 | |||||||||||
Road and Rail — 0.3% | |||||||||||
United Rentals North America, Inc., 6.00%, 12/15/29(1) | 445,000 | 445,590 | |||||||||
Semiconductors and Semiconductor Equipment — 1.0% | |||||||||||
Broadcom, Inc., 4.00%, 4/15/29(1) | 647,000 | 586,416 | |||||||||
Intel Corp., 2.45%, 11/15/29 | 510,000 | 429,294 | |||||||||
Micron Technology, Inc., 5.875%, 2/9/33 | 450,000 | 436,279 | |||||||||
1,451,989 | |||||||||||
Software — 0.8% | |||||||||||
Gen Digital, Inc., 7.125%, 9/30/30(1)(2) | 610,000 | 595,409 | |||||||||
McAfee Corp., 7.375%, 2/15/30(1) | 660,000 | 523,846 | |||||||||
1,119,255 | |||||||||||
Thrifts and Mortgage Finance — 0.3% | |||||||||||
Nationwide Building Society, 4.85%, 7/27/27(1) | 497,000 | 484,868 | |||||||||
Trading Companies and Distributors — 0.6% | |||||||||||
Air Lease Corp., 0.80%, 8/18/24 | 321,000 | 298,237 | |||||||||
Air Lease Corp., 5.30%, 2/1/28 | 670,000 | 651,536 | |||||||||
949,773 | |||||||||||
Wireless Telecommunication Services — 1.5% | |||||||||||
Kenbourne Invest SA, 4.70%, 1/22/28(1) | 343,000 | 237,306 | |||||||||
Sprint LLC, 7.125%, 6/15/24 | 355,000 | 359,792 | |||||||||
Sprint LLC, 7.625%, 2/15/25 | 935,000 | 958,567 | |||||||||
T-Mobile USA, Inc., 3.375%, 4/15/29 | 560,000 | 495,079 |
45
Multisector Income ETF | |||||||||||
Principal Amount/Shares | Value | ||||||||||
T-Mobile USA, Inc., 4.375%, 4/15/40 | $ | 175,000 | $ | 148,875 | |||||||
2,199,619 | |||||||||||
TOTAL CORPORATE BONDS (Cost $72,260,158) | 69,085,793 | ||||||||||
U.S. TREASURY SECURITIES — 13.1% | |||||||||||
U.S. Treasury Notes, 4.50%, 11/30/24 | 6,000,000 | 5,957,227 | |||||||||
U.S. Treasury Notes, 1.00%, 12/15/24(5) | 3,000,000 | 2,800,664 | |||||||||
U.S. Treasury Notes, 2.875%, 6/15/25 | 1,575,000 | 1,513,969 | |||||||||
U.S. Treasury Notes, 3.875%, 1/15/26 | 500,000 | 491,445 | |||||||||
U.S. Treasury Notes, 3.875%, 11/30/27 | 2,870,000 | 2,829,360 | |||||||||
U.S. Treasury Notes, 4.00%, 2/29/28 | 2,000,000 | 1,985,312 | |||||||||
U.S. Treasury Notes, 2.875%, 4/30/29 | 855,000 | 797,254 | |||||||||
U.S. Treasury Notes, 3.875%, 11/30/29 | 960,000 | 947,850 | |||||||||
U.S. Treasury Notes, 0.625%, 5/15/30 | 1,760,000 | 1,392,394 | |||||||||
U.S. Treasury Notes, 4.125%, 11/15/32 | 360,000 | 365,794 | |||||||||
TOTAL U.S. TREASURY SECURITIES (Cost $19,387,030) | 19,081,269 | ||||||||||
ASSET-BACKED SECURITIES — 10.5% | |||||||||||
Aaset Trust, Series 2021-2A, Class B, 3.54%, 1/15/47(1) | 445,972 | 335,354 | |||||||||
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(1) | 400,000 | 339,823 | |||||||||
Applebee's Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2I, SEQ, 4.19%, 6/5/49(1) | 498,960 | 485,834 | |||||||||
Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.45%, 7/15/46(1) | 469,291 | 360,990 | |||||||||
CARS-DB4 LP, Series 2020-1A, Class A4, 3.19%, 2/15/50(1) | 396,583 | 369,994 | |||||||||
CARS-DB4 LP, Series 2020-1A, Class B1, 4.17%, 2/15/50(1) | 100,000 | 93,069 | |||||||||
CARS-DB4 LP, Series 2020-1A, Class B2, 4.52%, 2/15/50(1) | 100,000 | 88,672 | |||||||||
Castlelake Aircraft Securitization Trust, Series 2018-1, Class A, SEQ, 4.125%, 6/15/43(1) | 255,636 | 223,761 | |||||||||
Castlelake Aircraft Structured Trust, Series 2021-1A, Class A, SEQ, 3.47%, 1/15/46(1) | 371,330 | 340,238 | |||||||||
Clsec Holdings 22t LLC, Series 2021-1, Class C, 6.17%, 5/11/37(1) | 523,776 | 429,283 | |||||||||
Cologix Canadian Issuer LP, Series 2022-1CAN, Class A2, SEQ, 4.94%, 1/25/52(1) | CAD | 450,000 | 303,269 | ||||||||
Cologix Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52(1) | CAD | 350,000 | 236,197 | ||||||||
Cologix Data Centers US Issuer LLC, Series 2021-1A, Class A2, SEQ, 3.30%, 12/26/51(1) | $ | 550,000 | 486,204 | ||||||||
Diamond Issuer, Series 2021-1A, Class A, SEQ, 2.31%, 11/20/51(1) | 691,000 | 589,859 | |||||||||
Diamond Issuer, Series 2021-1A, Class C, 3.79%, 11/20/51(1) | 575,000 | 453,484 | |||||||||
Domino's Pizza Master Issuer LLC, Series 2015-1A, Class A2II, SEQ, 4.47%, 10/25/45(1) | 187,500 | 180,685 | |||||||||
Edgeconnex Data Centers Issuer LLC, Series 2022-1, Class A2, SEQ, 4.25%, 3/25/52(1) | 291,550 | 266,773 | |||||||||
Falcon Aerospace Ltd., Series 2019-1, Class A, SEQ, 3.60%, 9/15/39(1) | 375,507 | 311,229 | |||||||||
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(1) | 600,000 | 514,484 |
46
Multisector Income ETF | |||||||||||
Principal Amount/Shares | Value | ||||||||||
Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51(1) | $ | 525,000 | $ | 468,343 | |||||||
Hilton Grand Vacations Trust, Series 2017-AA, Class B, 2.96%, 12/26/28(1) | 472,805 | 464,802 | |||||||||
Lunar Aircarft Ltd., Series 2020-1A, Class A, SEQ, 3.38%, 2/15/45(1) | 280,062 | 236,650 | |||||||||
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.43%, 10/15/46(1) | 347,573 | 277,897 | |||||||||
MACH 1 Cayman Ltd., Series 2019-1, Class A, SEQ, 3.47%, 10/15/39(1) | 288,141 | 241,219 | |||||||||
MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46(1) | 363,423 | 316,060 | |||||||||
Navigator Aircraft ABS Ltd., Series 2021-1, Class B, SEQ, 3.57%, 11/15/46(1) | 275,670 | 224,270 | |||||||||
NP SPE II LLC, Series 2019-1A, Class A1, SEQ, 2.57%, 9/20/49(1) | 364,394 | 338,917 | |||||||||
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A, SEQ, 3.97%, 6/15/44(1) | 402,041 | 342,460 | |||||||||
Progress Residential Trust, Series 2021-SFR1, Class D, 1.81%, 4/17/38(1) | 750,000 | 645,589 | |||||||||
Progress Residential Trust, Series 2021-SFR1, Class E, 2.11%, 4/17/38(1) | 261,000 | 225,344 | |||||||||
Progress Residential Trust, Series 2021-SFR1, Class F, 2.76%, 4/17/38(1) | 445,000 | 383,495 | |||||||||
Progress Residential Trust, Series 2021-SFR8, Class E1, 2.38%, 10/17/38(1) | 200,000 | 168,750 | |||||||||
Sabey Data Center Issuer LLC, Series 2021-1, Class A2, SEQ, 1.88%, 6/20/46(1) | 323,000 | 278,689 | |||||||||
Sapphire Aviation Finance II Ltd., Series 2020-1A, Class A, SEQ, 3.23%, 3/15/40(1) | 182,270 | 147,361 | |||||||||
ServiceMaster Funding LLC, Series 2020-1, Class A2I, SEQ, 2.84%, 1/30/51(1) | 196,000 | 162,029 | |||||||||
ServiceMaster Funding LLC, Series 2020-1, Class A2II, SEQ, 3.34%, 1/30/51(1) | 408,660 | 319,522 | |||||||||
Sierra Timeshare Receivables Funding LLC, Series 2022-3A, Class C, 7.63%, 7/20/39(1) | 444,518 | 446,840 | |||||||||
Slam Ltd., Series 2021-1A, Class B, 3.42%, 6/15/46(1) | 447,900 | 369,886 | |||||||||
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, SEQ, 4.54%, 2/25/44(1) | 863,040 | 846,970 | |||||||||
Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, SEQ, 1.88%, 3/26/46(1) | 167,000 | 146,740 | |||||||||
Start Ltd., Series 2018-1, Class A, SEQ, 4.09%, 5/15/43(1) | 538,158 | 459,896 | |||||||||
Trinity Rail Leasing LP, Series 2009-1A, Class A, SEQ, 6.66%, 11/16/39(1) | 175,665 | 172,676 | |||||||||
Vantage Data Centers LLC, Series 2018-2A, Class A2, SEQ, 4.20%, 11/15/43(1) | 354,275 | 348,398 | |||||||||
Vantage Data Centers LLC, Series 2020-1A, Class A2, SEQ, 1.65%, 9/15/45(1) | 568,000 | 506,710 | |||||||||
VB-S1 Issuer LLC, Series 2022-1A, Class D, 4.29%, 2/15/52(1) | 425,000 | 384,374 | |||||||||
TOTAL ASSET-BACKED SECURITIES (Cost $17,026,859) | 15,333,089 | ||||||||||
COLLATERALIZED LOAN OBLIGATIONS — 7.3% | |||||||||||
AIMCO CLO, Series 2018-AA, Class B, VRN, 6.19%, (3-month LIBOR plus 1.40%), 4/17/31(1) | 750,000 | 737,042 | |||||||||
AMMC CLO XIV Ltd., Series 2014-14A, Class BL1R, VRN, 8.42%, (3-month LIBOR plus 3.60%), 7/25/29(1) | 500,000 | 495,049 |
47
Multisector Income ETF | |||||||||||
Principal Amount/Shares | Value | ||||||||||
Arbor Realty Collateralized Loan Obligation Ltd., Series 2020-FL1, Class AS, VRN, 6.08%, (1-month SOFR plus 1.51%), 2/15/35(1) | $ | 196,500 | $ | 193,381 | |||||||
Arbor Realty Commercial Real Estate Notes Ltd., Series 2019-FL2, Class A, VRN, 5.88%, (1-month SOFR plus 1.31%), 9/15/34(1) | 83,958 | 83,850 | |||||||||
Arbor Realty Commercial Real Estate Notes Ltd., Series 2019-FL2, Class AS, VRN, 6.13%, (1-month SOFR plus 1.56%), 9/15/34(1) | 421,000 | 418,387 | |||||||||
ARES XLVII CLO Ltd., Series 2018-47A, Class C, VRN, 6.54%, (3-month LIBOR plus 1.75%), 4/15/30(1) | 500,000 | 484,250 | |||||||||
BDS Ltd., Series 2020-FL6, Class E, VRN, 7.80%, (30-day average SOFR plus 3.36%), 9/15/35(1) | 243,000 | 239,555 | |||||||||
CIFC Funding Ltd., Series 2016-1A, Class D2RR, VRN, 9.07%, (3-month LIBOR plus 4.25%), 10/21/31(1) | 600,000 | 584,668 | |||||||||
CIFC Funding Ltd., Series 2017-3A, Class C, VRN, 8.46%, (3-month LIBOR plus 3.65%), 7/20/30(1) | 500,000 | 473,529 | |||||||||
CIFC Funding Ltd., Series 2017-5A, Class B, VRN, 6.64%, (3-month LIBOR plus 1.85%), 11/16/30(1) | 200,000 | 193,026 | |||||||||
Dryden 30 Senior Loan Fund, Series 2013-30A, Class CR, VRN, 6.56%, (3-month LIBOR plus 1.70%), 11/15/28(1) | 300,000 | 290,205 | |||||||||
Dryden 72 CLO Ltd., Series 2019-72A, Class CR, VRN, 6.71%, (3-month LIBOR plus 1.85%), 5/15/32(1) | 500,000 | 487,143 | |||||||||
Greystone CRE Notes Ltd., Series 2019-FL2, Class D, VRN, 6.99%, (1-month LIBOR plus 2.40%), 9/15/37(1) | 197,000 | 190,525 | |||||||||
HGI CRE CLO Ltd., Series 2021-FL1, Class AS, VRN, 5.99%, (1-month LIBOR plus 1.40%), 6/16/36(1) | 603,000 | 581,475 | |||||||||
KKR Static CLO I Ltd., Series 2022-1A, Class B, VRN, 7.24%, (3-month SOFR plus 2.60%), 7/20/31(1) | 430,000 | 419,492 | |||||||||
KVK CLO Ltd., Series 2013-1A, Class DR, VRN, 7.74%, (3-month LIBOR plus 2.95%), 1/14/28(1) | 250,000 | 245,535 | |||||||||
Madison Park Funding XIX Ltd., Series 2015-19A, Class DR, VRN, 9.17%, (3-month LIBOR plus 4.35%), 1/22/28(1) | 475,000 | 431,026 | |||||||||
MF1 Ltd., Series 2020-FL4, Class D, VRN, 8.78%, (1-month SOFR plus 4.21%), 11/15/35(1) | 585,000 | 564,193 | |||||||||
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class D, VRN, 7.18%, (1-month SOFR plus 2.61%), 7/15/36(1) | 400,000 | 374,106 | |||||||||
Octagon Investment Partners XV Ltd., Series 2013-1A, Class CRR, VRN, 6.80%, (3-month LIBOR plus 2.00%), 7/19/30(1) | 300,000 | 285,719 | |||||||||
Ready Capital Mortgage Financing LLC, Series 2021-FL5, Class C, VRN, 6.87%, (1-month LIBOR plus 2.25%), 4/25/38(1) | 400,000 | 383,932 | |||||||||
Ready Capital Mortgage Financing LLC, Series 2021-FL6, Class C, VRN, 6.52%, (1-month LIBOR plus 1.90%), 7/25/36(1) | 350,000 | 333,648 | |||||||||
Shelter Growth CRE Issuer Ltd., Series 2022-FL4, Class A, VRN, 6.86%, (1-month SOFR plus 2.30%), 6/17/37(1) | 322,000 | 322,199 | |||||||||
Stewart Park CLO Ltd., Series 2015-1A, Class CR, VRN, 6.59%, (3-month LIBOR plus 1.80%), 1/15/30(1) | 300,000 | 286,850 | |||||||||
Stratus CLO Ltd., Series 2021-2A, Class C, VRN, 6.71%, (3-month LIBOR plus 1.90%), 12/28/29(1) | 350,000 | 330,883 | |||||||||
Symphony CLO XIV Ltd., Series 2014-14A, Class CR, VRN, 6.89%, (3-month LIBOR plus 2.10%), 7/14/26(1) | 500,000 | 495,122 | |||||||||
TICP CLO I-2 Ltd., Series 2018-IA, Class C, VRN, 7.86%, (3-month LIBOR plus 3.04%), 4/26/28(1) | 350,000 | 347,935 |
48
Multisector Income ETF | |||||||||||
Principal Amount/Shares | Value | ||||||||||
Vibrant CLO VII Ltd., Series 2017-7A, Class B, VRN, 7.21%, (3-month LIBOR plus 2.40%), 9/15/30(1) | $ | 350,000 | $ | 335,098 | |||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $10,717,203) | 10,607,823 | ||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 5.6% | |||||||||||
Private Sponsor Collateralized Mortgage Obligations — 4.2% | |||||||||||
Angel Oak Mortgage Trust, Series 2020-2, Class A2, VRN, 3.86%, 1/26/65(1) | 200,719 | 188,868 | |||||||||
Angel Oak Mortgage Trust, Series 2020-5, Class A2, SEQ, VRN, 1.58%, 5/25/65(1) | 563,365 | 514,498 | |||||||||
Angel Oak Mortgage Trust, Series 2021-3, Class M1, VRN, 2.48%, 5/25/66(1) | 600,000 | 381,563 | |||||||||
Angel Oak Mortgage Trust, Series 2021-5, Class A1, VRN, 0.95%, 7/25/66(1) | 570,373 | 467,921 | |||||||||
Bellemeade Re Ltd., Series 2018-1A, Class M2, VRN, 7.52%, (1-month LIBOR plus 2.90%), 4/25/28(1) | 256,671 | 257,660 | |||||||||
Bellemeade Re Ltd., Series 2019-3A, Class M1C, VRN, 6.57%, (1-month LIBOR plus 1.95%), 7/25/29(1) | 300,000 | 299,587 | |||||||||
Deephaven Residential Mortgage Trust, Series 2021-3, Class A1, VRN, 1.19%, 8/25/66(1) | 324,017 | 276,043 | |||||||||
EFMT, Series 2023-1, Class A2, 6.24%, 2/25/68(1) | 300,000 | 296,698 | |||||||||
Farm Mortgage Trust, Series 2021-1, Class B, VRN, 3.24%, 7/25/51(1) | 569,245 | 355,341 | |||||||||
GCAT Trust, Series 2021-CM2, Class A1, SEQ, VRN, 2.35%, 8/25/66(1) | 406,386 | 368,981 | |||||||||
Home RE Ltd., Series 2022-1, Class M1A, VRN, 7.33%, (30-day average SOFR plus 2.85%), 10/25/34(1) | 125,000 | 126,125 | |||||||||
MFA Trust, Series 2020-NQM2, Class A1, SEQ, VRN, 1.38%, 4/25/65(1) | 126,645 | 114,457 | |||||||||
MFA Trust, Series 2023-INV1, Class A2, 6.45%, 2/25/58(1) | 498,947 | 494,975 | |||||||||
Radnor RE Ltd., Series 2021-2, Class M1A, VRN, 6.33%, (30-day average SOFR plus 1.85%), 11/25/31(1) | 482,727 | 482,914 | |||||||||
Traingle Re Ltd., Series 2021-1, Class M2, VRN, 8.52%, (1-month LIBOR plus 3.90%), 8/25/33(1) | 541,651 | 546,032 | |||||||||
Triangle Re Ltd., Series 2021-3, Class M1A, VRN, 6.38%, (30-day average SOFR plus 1.90%), 2/25/34(1) | 192,500 | 192,571 | |||||||||
Visio Trust, Series 2020-1, Class A2, SEQ,VRN, 2.50%, 8/25/55(1) | 890,000 | 808,062 | |||||||||
6,172,296 | |||||||||||
U.S. Government Agency Collateralized Mortgage Obligations — 1.4% | |||||||||||
FHLMC, Series 2017-HRP1, Class M2, VRN, 7.07%, (1-month LIBOR plus 2.45%), 12/25/42 | 180,492 | 181,262 | |||||||||
FHLMC, Series 2021-DNA2, Class M1, VRN, 5.28%, (30-day average SOFR plus 0.80%), 8/25/33(1) | 126,652 | 126,107 | |||||||||
FHLMC, Series 2021-HQA3, Class M1, VRN, 5.33%, (30-day average SOFR plus 0.85%), 9/25/41(1) | 428,526 | 413,278 | |||||||||
FHLMC, Series 2022-DNA3, Class M1A, VRN, 6.48%, (30-day average SOFR plus 2.00%), 4/25/42(1) | 404,983 | 406,963 | |||||||||
FHLMC, Series 2022-DNA6, Class M1A, VRN, 6.63%, (30-day average SOFR plus 2.15%), 9/25/42(1) | 224,482 | 225,456 | |||||||||
FNMA, Series 2022-R03, Class 1M1, VRN, 6.58%, (30-day average SOFR plus 2.10%), 3/25/42(1) | 232,932 | 233,652 | |||||||||
FNMA, Series 2022-R09, Class 2M1, VRN, 6.99%, (30-day average SOFR plus 2.50%), 9/25/42(1) | 364,946 | 367,428 | |||||||||
1,954,146 | |||||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $8,404,806) | 8,126,442 |
49
Multisector Income ETF | |||||||||||
Principal Amount/Shares | Value | ||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.0% | |||||||||||
BX Commercial Mortgage Trust, Series 2019-XL, Class E, VRN, 6.48%, (1-month SOFR plus 1.91%), 10/15/36(1) | $ | 237,843 | $ | 233,858 | |||||||
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.55%, 3/11/44(1) | 400,000 | 320,198 | |||||||||
BX Commercial Mortgage Trust, Series 2021-ACNT, Class D, VRN, 6.44%, (1-month LIBOR plus 1.85%), 11/15/38(1) | 501,205 | 486,987 | |||||||||
BX Commercial Mortgage Trust, Series 2021-VOLT, Class E, VRN, 6.59%, (1-month LIBOR plus 2.00%), 9/15/36(1) | 400,000 | 385,155 | |||||||||
BX Trust, Series 2021-ARIA, Class G, VRN, 7.73%, (1-month LIBOR plus 3.14%), 10/15/36(1) | 314,000 | 291,237 | |||||||||
BX Trust, Series 2021-RISE, Class D, VRN, 6.34%, (1-month LIBOR plus 1.75%), 11/15/36(1) | 210,000 | 203,556 | |||||||||
BXHPP Trust, Series 2021-FILM, Class D, VRN, 6.09%, (1-month LIBOR plus 1.50%), 8/15/36(1) | 300,000 | 277,209 | |||||||||
BXHPP Trust, Series 2021-FILM, Class E, VRN, 6.59%, (1-month LIBOR plus 2.00%), 8/15/36(1) | 250,000 | 226,183 | |||||||||
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, VRN, 6.74%, (1-month LIBOR plus 2.15%), 5/15/36(1) | 476,814 | 470,059 | |||||||||
Great Wolf Trust, Series 2019-WOLF, Class C, VRN, 6.31%, (1-month SOFR plus 1.75%), 12/15/36(1) | 253,000 | 248,125 | |||||||||
J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class A, SEQ, 4.13%, 7/5/31(1) | 282,000 | 249,852 | |||||||||
Life Mortgage Trust, Series 2021-BMR, Class D, VRN, 5.99%, (1-month LIBOR plus 1.40%), 3/15/38(1) | 590,765 | 573,227 | |||||||||
Life Mortgage Trust, Series 2021-BMR, Class F, VRN, 6.94%, (1-month LIBOR plus 2.35%), 3/15/38(1) | 237,879 | 230,365 | |||||||||
Med Trust, Series 2021-MDLN, Class F, VRN, 8.59%, (1-month LIBOR plus 4.00%), 11/15/38(1) | 370,350 | 350,756 | |||||||||
MHP Trust, Series 2022-MHIL, Class D, VRN, 6.18%, (1-month SOFR plus 1.61%), 1/15/27(1) | 489,716 | 472,078 | |||||||||
One New York Plaza Trust, Series 2020-1NYP, Class B, VRN, 6.09%, (1-month LIBOR plus 1.50%), 1/15/36(1) | 229,000 | 215,141 | |||||||||
SMRT Commercial Mortgage Trust, Series 2022-MINI, Class F, VRN, 7.91%, (1-month SOFR plus 3.35%), 1/15/39(1) | 596,000 | 555,125 | |||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $6,014,166) | 5,789,111 | ||||||||||
BANK LOAN OBLIGATIONS(6) — 1.7% | |||||||||||
Airlines — 0.3% | |||||||||||
American Airlines, Inc., 2023 Term Loan B, 8.15%, (6-month SOFR plus 2.75%), 2/15/28 | 485,000 | 473,025 | |||||||||
Entertainment — 0.2% | |||||||||||
Caesars Entertainment Corp., Term Loan B, 7.97%, (1-month SOFR plus 3.25%), 2/6/30 | 320,000 | 319,978 | |||||||||
Health Care Providers and Services — 0.5% | |||||||||||
Surgery Center Holdings, Inc., 2021 Term Loan, 8/31/26(7) | 726,000 | 721,916 | |||||||||
Pharmaceuticals — 0.5% | |||||||||||
Jazz Financing Lux S.a.r.l., USD Term Loan, 8.13%, (1-month LIBOR plus 3.50%), 5/5/28 | 725,226 | 724,903 | |||||||||
Technology Hardware, Storage and Peripherals — 0.2% | |||||||||||
McAfee LLC, 2022 USD Term Loan B, 8.42%, (1-month SOFR plus 3.75%), 3/1/29 | 353,225 | 331,899 | |||||||||
TOTAL BANK LOAN OBLIGATIONS (Cost $2,590,524) | 2,571,721 |
50
Multisector Income ETF | |||||||||||
Principal Amount/Shares | Value | ||||||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 1.7% | |||||||||||
Colombia — 0.3% | |||||||||||
Colombia Government International Bond, 3.875%, 4/25/27 | $ | 450,000 | $ | 400,766 | |||||||
Dominican Republic — 0.3% | |||||||||||
Dominican Republic International Bond, 6.875%, 1/29/26 | 400,000 | 406,224 | |||||||||
Mexico — 0.2% | |||||||||||
Mexico Government International Bond, 5.40%, 2/9/28 | 200,000 | 201,193 | |||||||||
Mexico Government International Bond, 4.875%, 5/19/33 | 120,000 | 111,618 | |||||||||
312,811 | |||||||||||
Oman — 0.1% | |||||||||||
Oman Government International Bond, 4.75%, 6/15/26(1) | 200,000 | 194,695 | |||||||||
Romania — 0.2% | |||||||||||
Romanian Government International Bond, 6.625%, 2/17/28(1) | 356,000 | 364,410 | |||||||||
Saudi Arabia — 0.3% | |||||||||||
Saudi Government International Bond, 4.75%, 1/18/28(1) | 264,000 | 261,437 | |||||||||
Saudi Government International Bond, 5.50%, 10/25/32(1) | 210,000 | 219,091 | |||||||||
480,528 | |||||||||||
South Africa — 0.3% | |||||||||||
Republic of South Africa Government International Bond, 5.875%, 6/22/30 | 400,000 | 370,659 | |||||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $2,583,144) | 2,530,093 | ||||||||||
PREFERRED STOCKS — 1.3% | |||||||||||
Banks — 1.0% | |||||||||||
Banco Mercantil del Norte SA, 8.375%(1) | 400,000 | 393,699 | |||||||||
Barclays PLC, 4.375% | 475,000 | 374,238 | |||||||||
BNP Paribas SA, 7.75%(1) | 210,000 | 214,462 | |||||||||
JPMorgan Chase & Co., 4.60% | 545,000 | 506,932 | |||||||||
1,489,331 | |||||||||||
Insurance — 0.1% | |||||||||||
Allianz SE, 3.20%(1) | 185,000 | 139,617 | |||||||||
Trading Companies and Distributors — 0.2% | |||||||||||
Aircastle Ltd., 5.25%(1) | 440,000 | 358,627 | |||||||||
TOTAL PREFERRED STOCKS (Cost $2,295,647) | 1,987,575 | ||||||||||
SHORT-TERM INVESTMENTS — 10.7% | |||||||||||
Money Market Funds — 7.7% | |||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 5,779,138 | 5,779,138 | |||||||||
State Street Navigator Securities Lending Government Money Market Portfolio(8) | 5,494,585 | 5,494,585 | |||||||||
11,273,723 | |||||||||||
Treasury Bills(9) — 3.0% | |||||||||||
U.S. Treasury Bills, 5.10%, 8/24/23 | $ | 4,500,000 | 4,392,512 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $15,665,758) | 15,666,235 | ||||||||||
TOTAL INVESTMENT SECURITIES — 103.2% (Cost $156,945,295) | 150,779,151 | ||||||||||
OTHER ASSETS AND LIABILITIES — (3.2)% | (4,727,631) | ||||||||||
TOTAL NET ASSETS — 100.0% | $ | 146,051,520 |
51
Multisector Income ETF
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 2-Year Notes | 125 | June 2023 | $ | 25,465,820 | $ | (20,298) | ||||||||
U.S. Treasury 5-Year Notes | 29 | June 2023 | 3,104,586 | 1,717 | ||||||||||
U.S. Treasury 10-Year Notes | 90 | June 2023 | 10,049,063 | 1,759 | ||||||||||
U.S. Treasury 10-Year Ultra Notes | 134 | June 2023 | 15,703,125 | 15,483 | ||||||||||
$ | 54,322,594 | $ | (1,339) |
^Amount represents value and unrealized appreciation (depreciation).
FUTURES CONTRACTS SOLD | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury Long Bonds | 9 | June 2023 | $ | 1,126,969 | $ | 587 | ||||||||
U.S. Treasury Ultra Bonds | 2 | June 2023 | 270,125 | 402 | ||||||||||
$ | 1,397,094 | $ | 989 |
^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 39 | Buy | (5.00)% | 12/20/27 | $ | 2,900,000 | $ | (71,623) | $ | (2,468) | $ | (74,091) |
^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.
52
Multisector Income ETF
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CAD | – | Canadian Dollar | ||||||
CDX | – | Credit Derivatives Indexes | ||||||
FHLMC | – | Federal Home Loan Mortgage Corporation | ||||||
FNMA | – | Federal National Mortgage Association | ||||||
LIBOR | – | London Interbank Offered Rate | ||||||
SEQ | – | Sequential Payer | ||||||
SOFR | – | Secured Overnight Financing Rate | ||||||
USD | – | United States Dollar | ||||||
VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $73,092,739, which represented 50.0% 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 $5,704,190. 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)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.
(4)Perpetual maturity with no stated maturity date.
(5)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 $1,020,376.
(6)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.
(7)The interest rate will be determined upon settlement of the bank loan obligation after period end.
(8)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $5,945,845, which includes securities collateral of $451,260.
(9)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.
See Notes to Financial Statements.
53
FEBRUARY 28, 2023 (UNAUDITED)
Select High Yield ETF | ||||||||
Principal Amount/Shares | Value | |||||||
CORPORATE BONDS — 94.1% | ||||||||
Aerospace and Defense — 2.1% | ||||||||
Bombardier, Inc., 7.875%, 4/15/27(1)(2) | $ | 50,000 | $ | 49,738 | ||||
Spirit AeroSystems, Inc., 7.50%, 4/15/25(1) | 47,000 | 47,008 | ||||||
Spirit AeroSystems, Inc., 9.375%, 11/30/29(1) | 50,000 | 52,875 | ||||||
TransDigm, Inc., 6.25%, 3/15/26(1) | 117,000 | 115,587 | ||||||
TransDigm, Inc., 6.375%, 6/15/26 | 70,000 | 67,957 | ||||||
TransDigm, Inc., 7.50%, 3/15/27 | 47,000 | 46,455 | ||||||
TransDigm, Inc., 5.50%, 11/15/27 | 186,000 | 171,437 | ||||||
TransDigm, Inc., 4.875%, 5/1/29 | 47,000 | 40,349 | ||||||
591,406 | ||||||||
Air Freight and Logistics — 0.1% | ||||||||
Western Global Airlines LLC, 10.375%, 8/15/25(1)(2) | 47,000 | 28,274 | ||||||
Airlines — 2.0% | ||||||||
Air Canada, 3.875%, 8/15/26(1) | 47,000 | 42,382 | ||||||
American Airlines, Inc., 11.75%, 7/15/25(1) | 140,000 | 153,675 | ||||||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1) | 69,643 | 67,852 | ||||||
Delta Air Lines, Inc., 7.00%, 5/1/25(1) | 70,000 | 71,479 | ||||||
Delta Air Lines, Inc., 4.375%, 4/19/28(2) | 50,000 | 45,675 | ||||||
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 1/20/26(1) | 46,429 | 43,221 | ||||||
United Airlines, Inc., 4.375%, 4/15/26(1) | 47,000 | 44,278 | ||||||
United Airlines, Inc., 4.625%, 4/15/29(1) | 97,000 | 86,081 | ||||||
554,643 | ||||||||
Auto Components — 1.6% | ||||||||
Adient Global Holdings Ltd., 4.875%, 8/15/26(1)(2) | 200,000 | 185,296 | ||||||
Clarios Global LP, 6.75%, 5/15/25(1) | 47,000 | 46,776 | ||||||
Clarios Global LP / Clarios US Finance Co., 6.25%, 5/15/26(1) | 50,000 | 49,131 | ||||||
Goodyear Tire & Rubber Co., 9.50%, 5/31/25 | 70,000 | 72,237 | ||||||
Goodyear Tire & Rubber Co., 5.00%, 5/31/26(2) | 70,000 | 67,453 | ||||||
Patrick Industries, Inc., 4.75%, 5/1/29(1)(2) | 47,000 | 39,998 | ||||||
460,891 | ||||||||
Automobiles — 2.6% | ||||||||
Ford Motor Co., 3.25%, 2/12/32 | 47,000 | 35,684 | ||||||
Ford Motor Co., 6.10%, 8/19/32(2) | 103,000 | 96,018 | ||||||
Ford Motor Credit Co. LLC, 4.13%, 8/4/25 | 200,000 | 188,506 | ||||||
Ford Motor Credit Co. LLC, 3.82%, 11/2/27 | 200,000 | 175,807 | ||||||
Ford Motor Credit Co. LLC, 5.11%, 5/3/29 | 200,000 | 183,000 | ||||||
PM General Purchaser LLC, 9.50%, 10/1/28(1) | 47,000 | 42,977 | ||||||
721,992 | ||||||||
Beverages — 0.1% | ||||||||
Primo Water Holdings, Inc., 4.375%, 4/30/29(1) | 47,000 | 40,301 | ||||||
Building Products — 1.3% | ||||||||
Builders FirstSource, Inc., 4.25%, 2/1/32(1)(2) | 117,000 | 98,343 | ||||||
Griffon Corp., 5.75%, 3/1/28 | 70,000 | 64,485 | ||||||
Masonite International Corp., 3.50%, 2/15/30(1) | 47,000 | 38,274 | ||||||
PGT Innovations, Inc., 4.375%, 10/1/29(1) | 47,000 | 39,509 | ||||||
Standard Industries, Inc., 4.375%, 7/15/30(1) | 93,000 | 77,514 |
54
Select High Yield ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Standard Industries, Inc., 3.375%, 1/15/31(1) | $ | 47,000 | $ | 36,110 | ||||
354,235 | ||||||||
Capital Markets — 1.4% | ||||||||
Compass Group Diversified Holdings LLC, 5.25%, 4/15/29(1) | 47,000 | 41,027 | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/24 | 70,000 | 68,322 | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/26 | 70,000 | 67,984 | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27 | 117,000 | 108,366 | ||||||
LCM Investments Holdings II LLC, 4.875%, 5/1/29(1) | 47,000 | 38,244 | ||||||
MSCI, Inc., 3.625%, 9/1/30(1) | 93,000 | 79,143 | ||||||
403,086 | ||||||||
Chemicals — 1.9% | ||||||||
Avient Corp., 5.75%, 5/15/25(1) | 47,000 | 46,122 | ||||||
FXI Holdings, Inc., 12.25%, 11/15/26(1) | 47,000 | 41,273 | ||||||
NOVA Chemicals Corp., 4.875%, 6/1/24(1) | 70,000 | 68,695 | ||||||
NOVA Chemicals Corp., 5.25%, 6/1/27(1) | 47,000 | 42,364 | ||||||
Olin Corp., 5.00%, 2/1/30(2) | 47,000 | 42,822 | ||||||
SCIH Salt Holdings, Inc., 4.875%, 5/1/28(1) | 47,000 | 40,683 | ||||||
SCIH Salt Holdings, Inc., 6.625%, 5/1/29(1) | 47,000 | 38,222 | ||||||
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%, 9/1/25(1) | 70,000 | 61,293 | ||||||
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%, 4/1/29(1) | 47,000 | 31,363 | ||||||
Tronox, Inc., 4.625%, 3/15/29(1) | 47,000 | 38,354 | ||||||
WR Grace Holdings LLC, 4.875%, 6/15/27(1) | 67,000 | 61,649 | ||||||
WR Grace Holdings LLC, 5.625%, 8/15/29(1) | 47,000 | 37,802 | ||||||
550,642 | ||||||||
Commercial Services and Supplies — 2.0% | ||||||||
ADT Security Corp., 4.125%, 8/1/29(1) | 47,000 | 40,490 | ||||||
ADT Security Corp., 4.875%, 7/15/32(1) | 70,000 | 60,101 | ||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp., 6.625%, 7/15/26(1) | 70,000 | 66,560 | ||||||
Brink's Co., 4.625%, 10/15/27(1) | 70,000 | 63,716 | ||||||
GFL Environmental, Inc., 4.00%, 8/1/28(1)(2) | 50,000 | 43,558 | ||||||
Matthews International Corp., 5.25%, 12/1/25(1) | 117,000 | 110,053 | ||||||
Metis Merger Sub LLC, 6.50%, 5/15/29(1) | 47,000 | 38,127 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., 3.375%, 8/31/27(1) | 47,000 | 40,705 | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., 6.25%, 1/15/28(1)(2) | 97,000 | 90,068 | ||||||
553,378 | ||||||||
Communications Equipment — 0.2% | ||||||||
CommScope, Inc., 6.00%, 3/1/26(1) | 70,000 | 67,514 | ||||||
Construction and Engineering — 0.3% | ||||||||
New Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28(1)(2) | 88,000 | 80,533 | ||||||
Construction Materials — 0.2% | ||||||||
Smyrna Ready Mix Concrete LLC, 6.00%, 11/1/28(1) | 70,000 | 62,207 | ||||||
Consumer Finance — 1.8% | ||||||||
Global Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1) | 144,723 | 130,975 | ||||||
Navient Corp., 7.25%, 9/25/23(2) | 65,000 | 65,253 |
55
Select High Yield ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Navient Corp., 5.875%, 10/25/24 | $ | 47,000 | $ | 45,738 | ||||
Navient Corp., 6.75%, 6/25/25 | 47,000 | 46,389 | ||||||
Navient Corp., 5.50%, 3/15/29 | 47,000 | 39,823 | ||||||
OneMain Finance Corp., 6.125%, 3/15/24 | 70,000 | 69,094 | ||||||
OneMain Finance Corp., 6.875%, 3/15/25 | 117,000 | 114,334 | ||||||
511,606 | ||||||||
Containers and Packaging — 1.3% | ||||||||
Ball Corp., 3.125%, 9/15/31 | 47,000 | 37,685 | ||||||
Berry Global, Inc., 4.50%, 2/15/26(1) | 70,000 | 67,200 | ||||||
Berry Global, Inc., 4.875%, 7/15/26(1) | 47,000 | 45,050 | ||||||
OI European Group BV, 4.75%, 2/15/30(1) | 47,000 | 41,924 | ||||||
Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23(1) | 68,000 | 67,690 | ||||||
Sealed Air Corp., 5.125%, 12/1/24(1) | 70,000 | 68,842 | ||||||
TriMas Corp., 4.125%, 4/15/29(1) | 47,000 | 40,933 | ||||||
369,324 | ||||||||
Distributors — 0.3% | ||||||||
Performance Food Group, Inc., 5.50%, 10/15/27(1) | 47,000 | 44,612 | ||||||
Performance Food Group, Inc., 4.25%, 8/1/29(1)(2) | 47,000 | 41,081 | ||||||
85,693 | ||||||||
Diversified Consumer Services — 0.4% | ||||||||
Adtalem Global Education, Inc., 5.50%, 3/1/28(1) | 37,000 | 34,093 | ||||||
Service Corp. International, 3.375%, 8/15/30 | 47,000 | 38,233 | ||||||
Service Corp. International, 4.00%, 5/15/31 | 47,000 | 39,748 | ||||||
112,074 | ||||||||
Diversified Financial Services — 0.6% | ||||||||
Jefferson Capital Holdings LLC, 6.00%, 8/15/26(1) | 47,000 | 40,299 | ||||||
Kinetik Holdings LP, 5.875%, 6/15/30(1) | 50,000 | 46,287 | ||||||
MPH Acquisition Holdings LLC, 5.50%, 9/1/28(1) | 70,000 | 53,118 | ||||||
Paysafe Finance PLC / Paysafe Holdings US Corp., 4.00%, 6/15/29(1)(2) | 47,000 | 37,447 | ||||||
177,151 | ||||||||
Diversified Telecommunication Services — 3.0% | ||||||||
Altice France SA, 5.125%, 7/15/29(1) | 200,000 | 155,206 | ||||||
Cogent Communications Group, Inc., 7.00%, 6/15/27(1) | 50,000 | 48,420 | ||||||
Connect Finco Sarl / Connect US Finco LLC, 6.75%, 10/1/26(1) | 200,000 | 185,228 | ||||||
Embarq Corp., 8.00%, 6/1/36 | 70,000 | 30,195 | ||||||
Level 3 Financing, Inc., 4.25%, 7/1/28(1) | 93,000 | 63,605 | ||||||
Level 3 Financing, Inc., 3.625%, 1/15/29(1) | 72,000 | 46,290 | ||||||
Level 3 Financing, Inc., 3.75%, 7/15/29(1) | 47,000 | 29,610 | ||||||
Lumen Technologies, Inc., 4.50%, 1/15/29(1) | 47,000 | 24,902 | ||||||
Sprint Capital Corp., 6.875%, 11/15/28 | 47,000 | 49,326 | ||||||
Sprint Capital Corp., 8.75%, 3/15/32 | 70,000 | 83,401 | ||||||
Telecom Italia Capital SA, 6.00%, 9/30/34 | 47,000 | 39,315 | ||||||
Telecom Italia Capital SA, 7.20%, 7/18/36 | 47,000 | 41,328 | ||||||
Zayo Group Holdings, Inc., 4.00%, 3/1/27(1) | 70,000 | 53,769 | ||||||
850,595 | ||||||||
Electric Utilities — 1.7% | ||||||||
FirstEnergy Corp., 4.15%, 7/15/27 | 47,000 | 43,893 | ||||||
NextEra Energy Operating Partners LP, 3.875%, 10/15/26(1) | 70,000 | 63,427 | ||||||
NRG Energy, Inc., 6.625%, 1/15/27 | 47,000 | 46,922 | ||||||
NRG Energy, Inc., 3.625%, 2/15/31(1) | 97,000 | 75,311 |
56
Select High Yield ETF | ||||||||
Principal Amount/Shares | Value | |||||||
PG&E Corp., 5.00%, 7/1/28(2) | $ | 47,000 | $ | 42,966 | ||||
PG&E Corp., 5.25%, 7/1/30 | 47,000 | 42,006 | ||||||
Vistra Operations Co. LLC, 5.625%, 2/15/27(1) | 70,000 | 66,410 | ||||||
Vistra Operations Co. LLC, 5.00%, 7/31/27(1) | 70,000 | 65,100 | ||||||
Vistra Operations Co. LLC, 4.375%, 5/1/29(1) | 47,000 | 40,657 | ||||||
486,692 | ||||||||
Electrical Equipment — 0.5% | ||||||||
Atkore, Inc., 4.25%, 6/1/31(1)(2) | 70,000 | 61,007 | ||||||
WESCO Distribution, Inc., 7.125%, 6/15/25(1) | 25,000 | 25,252 | ||||||
WESCO Distribution, Inc., 7.25%, 6/15/28(1) | 47,000 | 47,670 | ||||||
133,929 | ||||||||
Electronic Equipment, Instruments and Components — 0.8% | ||||||||
Imola Merger Corp., 4.75%, 5/15/29(1) | 140,000 | 119,202 | ||||||
Sensata Technologies, Inc., 4.375%, 2/15/30(1) | 117,000 | 103,657 | ||||||
222,859 | ||||||||
Energy Equipment and Services — 1.3% | ||||||||
Archrock Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1) | 47,000 | 45,641 | ||||||
Archrock Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28(1)(2) | 70,000 | 66,518 | ||||||
Bristow Group, Inc., 6.875%, 3/1/28(1) | 70,000 | 65,959 | ||||||
Nabors Industries, Inc., 7.375%, 5/15/27(1) | 47,000 | 45,344 | ||||||
Precision Drilling Corp., 6.875%, 1/15/29(1) | 47,000 | 42,418 | ||||||
Transocean Poseidon Ltd., 6.875%, 2/1/27(1) | 20,313 | 19,748 | ||||||
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27 | 47,000 | 44,563 | ||||||
Weatherford International Ltd., 8.625%, 4/30/30(1) | 47,000 | 46,991 | ||||||
377,182 | ||||||||
Entertainment — 0.9% | ||||||||
Cinemark USA, Inc., 5.875%, 3/15/26(1) | 47,000 | 43,077 | ||||||
Cinemark USA, Inc., 5.25%, 7/15/28(1)(2) | 47,000 | 39,534 | ||||||
Live Nation Entertainment, Inc., 4.75%, 10/15/27(1)(2) | 70,000 | 63,107 | ||||||
Playtika Holding Corp., 4.25%, 3/15/29(1) | 47,000 | 38,112 | ||||||
WMG Acquisition Corp., 3.875%, 7/15/30(1) | 47,000 | 39,908 | ||||||
WMG Acquisition Corp., 3.00%, 2/15/31(1)(2) | 47,000 | 36,953 | ||||||
260,691 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 3.8% | ||||||||
CTR Partnership LP / CareTrust Capital Corp., 3.875%, 6/30/28(1) | 47,000 | 39,977 | ||||||
Diversified Healthcare Trust, 9.75%, 6/15/25 | 35,000 | 33,954 | ||||||
Diversified Healthcare Trust, 4.375%, 3/1/31 | 47,000 | 32,630 | ||||||
HAT Holdings I LLC / HAT Holdings II LLC, 3.375%, 6/15/26(1) | 47,000 | 40,821 | ||||||
Iron Mountain, Inc., 5.25%, 3/15/28(1) | 140,000 | 129,016 | ||||||
Iron Mountain, Inc., 4.875%, 9/15/29(1) | 70,000 | 61,032 | ||||||
Iron Mountain, Inc., 4.50%, 2/15/31(1) | 47,000 | 38,958 | ||||||
MPT Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29 | 70,000 | 52,414 | ||||||
MPT Operating Partnership LP / MPT Finance Corp., 3.50%, 3/15/31 | 50,000 | 34,324 | ||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, 7.50%, 6/1/25(1) | 70,000 | 70,284 | ||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer, 5.875%, 10/1/28(1) | 47,000 | 41,847 |
57
Select High Yield ETF | ||||||||
Principal Amount/Shares | Value | |||||||
RLJ Lodging Trust LP, 3.75%, 7/1/26(1) | $ | 47,000 | $ | 42,572 | ||||
RLJ Lodging Trust LP, 4.00%, 9/15/29(1) | 47,000 | 38,788 | ||||||
SBA Communications Corp., 3.875%, 2/15/27 | 117,000 | 105,990 | ||||||
Service Properties Trust, 4.35%, 10/1/24 | 70,000 | 67,079 | ||||||
Service Properties Trust, 5.25%, 2/15/26 | 47,000 | 42,703 | ||||||
Service Properties Trust, 4.95%, 2/15/27 | 70,000 | 60,419 | ||||||
Service Properties Trust, 4.95%, 10/1/29 | 70,000 | 55,294 | ||||||
Service Properties Trust, 4.375%, 2/15/30 | 47,000 | 35,963 | ||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 4.75%, 4/15/28(1) | 47,000 | 37,320 | ||||||
1,061,385 | ||||||||
Food and Staples Retailing — 0.5% | ||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.625%, 1/15/27(1) | 47,000 | 44,233 | ||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.875%, 2/15/28(1) | 47,000 | 45,541 | ||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%, 3/15/29(1) | 47,000 | 39,828 | ||||||
129,602 | ||||||||
Food Products — 1.3% | ||||||||
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.875%, 9/1/25(1) | 47,000 | 45,282 | ||||||
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%, 1/15/30(1) | 70,000 | 65,982 | ||||||
Lamb Weston Holdings, Inc., 4.375%, 1/31/32(1) | 50,000 | 44,039 | ||||||
Pilgrim's Pride Corp., 5.875%, 9/30/27(1) | 70,000 | 68,682 | ||||||
Post Holdings, Inc., 5.75%, 3/1/27(1) | 26,000 | 25,345 | ||||||
Post Holdings, Inc., 4.50%, 9/15/31(1) | 50,000 | 42,155 | ||||||
Simmons Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. / Simmons Feed, Inc., 4.625%, 3/1/29(1) | 47,000 | 38,353 | ||||||
US Foods, Inc., 4.75%, 2/15/29(1)(2) | 50,000 | 45,108 | ||||||
374,946 | ||||||||
Health Care Equipment and Supplies — 0.6% | ||||||||
Avantor Funding, Inc., 3.875%, 11/1/29(1) | 47,000 | 40,711 | ||||||
Medline Borrower LP, 3.875%, 4/1/29(1) | 70,000 | 58,406 | ||||||
Medline Borrower LP, 5.25%, 10/1/29(1)(2) | 93,000 | 76,444 | ||||||
175,561 | ||||||||
Health Care Providers and Services — 5.2% | ||||||||
Catalent Pharma Solutions, Inc., 3.50%, 4/1/30(1)(2) | 97,000 | 84,349 | ||||||
Centene Corp., 4.25%, 12/15/27 | 117,000 | 108,219 | ||||||
Centene Corp., 4.625%, 12/15/29 | 71,000 | 65,004 | ||||||
Centene Corp., 3.375%, 2/15/30 | 47,000 | 39,708 | ||||||
CHS / Community Health Systems, Inc., 8.00%, 3/15/26(1) | 138,000 | 134,720 | ||||||
CHS / Community Health Systems, Inc., 5.625%, 3/15/27(1) | 77,000 | 67,662 | ||||||
CHS / Community Health Systems, Inc., 8.00%, 12/15/27(1)(2) | 47,000 | 45,638 | ||||||
CHS / Community Health Systems, Inc., 4.75%, 2/15/31(1) | 47,000 | 36,363 | ||||||
DaVita, Inc., 4.625%, 6/1/30(1) | 140,000 | 115,532 | ||||||
DaVita, Inc., 3.75%, 2/15/31(1) | 47,000 | 35,538 | ||||||
HCA, Inc., 5.375%, 2/1/25 | 70,000 | 69,371 | ||||||
HCA, Inc., 5.875%, 2/15/26 | 47,000 | 46,987 | ||||||
HCA, Inc., 5.375%, 9/1/26 | 70,000 | 69,028 | ||||||
HealthEquity, Inc., 4.50%, 10/1/29(1) | 47,000 | 41,136 | ||||||
Legacy LifePoint Health LLC, 6.75%, 4/15/25(1) | 47,000 | 44,967 |
58
Select High Yield ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Molina Healthcare, Inc., 3.875%, 5/15/32(1)(2) | $ | 47,000 | $ | 38,636 | ||||
Owens & Minor, Inc., 4.50%, 3/31/29(1)(2) | 47,000 | 36,121 | ||||||
Tenet Healthcare Corp., 4.875%, 1/1/26 | 140,000 | 133,466 | ||||||
Tenet Healthcare Corp., 6.25%, 2/1/27 | 70,000 | 68,238 | ||||||
Tenet Healthcare Corp., 5.125%, 11/1/27 | 47,000 | 44,228 | ||||||
Tenet Healthcare Corp., 6.125%, 10/1/28(2) | 50,000 | 46,295 | ||||||
Tenet Healthcare Corp., 4.25%, 6/1/29 | 47,000 | 41,200 | ||||||
Tenet Healthcare Corp., 6.125%, 6/15/30(1) | 44,000 | 41,972 | ||||||
1,454,378 | ||||||||
Hotels, Restaurants and Leisure — 9.6% | ||||||||
1011778 BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1)(2) | 47,000 | 42,064 | ||||||
1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/30(1) | 117,000 | 96,754 | ||||||
Affinity Interactive, 6.875%, 12/15/27(1) | 117,000 | 104,463 | ||||||
Aramark Services, Inc., 6.375%, 5/1/25(1) | 117,000 | 116,379 | ||||||
Boyd Gaming Corp., 4.75%, 6/15/31(1) | 100,000 | 88,390 | ||||||
Caesars Entertainment, Inc., 6.25%, 7/1/25(1) | 97,000 | 96,297 | ||||||
Caesars Entertainment, Inc., 4.625%, 10/15/29(1)(2) | 97,000 | 83,052 | ||||||
Carnival Corp., 10.50%, 2/1/26(1)(2) | 70,000 | 72,516 | ||||||
Carnival Corp., 7.625%, 3/1/26(1)(2) | 70,000 | 62,920 | ||||||
Carnival Corp., 5.75%, 3/1/27(1) | 163,000 | 134,283 | ||||||
Carnival Corp., 9.875%, 8/1/27(1)(2) | 47,000 | 47,897 | ||||||
Carnival Corp., 4.00%, 8/1/28(1) | 47,000 | 39,781 | ||||||
Carnival Corp., 6.00%, 5/1/29(1) | 140,000 | 109,200 | ||||||
Carnival Holdings Bermuda Ltd., 10.375%, 5/1/28(1) | 50,000 | 53,545 | ||||||
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(1) | 50,000 | 46,495 | ||||||
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(1) | 70,000 | 60,606 | ||||||
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 8/15/28(1) | 47,000 | 29,658 | ||||||
Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28(1)(2) | 47,000 | 45,623 | ||||||
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/30 | 47,000 | 43,167 | ||||||
Hilton Domestic Operating Co., Inc., 3.625%, 2/15/32(1) | 47,000 | 38,629 | ||||||
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 5.00%, 6/1/29(1) | 70,000 | 61,498 | ||||||
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 4.875%, 7/1/31(1) | 47,000 | 39,555 | ||||||
Life Time, Inc., 8.00%, 4/15/26(1)(2) | 47,000 | 45,330 | ||||||
MGM Resorts International, 6.75%, 5/1/25 | 93,000 | 93,313 | ||||||
MGM Resorts International, 4.75%, 10/15/28 | 47,000 | 42,174 | ||||||
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.875%, 5/1/29(1) | 47,000 | 40,238 | ||||||
NCL Corp. Ltd., 3.625%, 12/15/24(1)(2) | 70,000 | 65,800 | ||||||
NCL Corp. Ltd., 5.875%, 3/15/26(1) | 47,000 | 40,710 | ||||||
NCL Finance Ltd., 6.125%, 3/15/28(1)(2) | 47,000 | 39,183 | ||||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.625%, 9/1/29(1) | 47,000 | 34,599 | ||||||
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.875%, 9/1/31(1) | 47,000 | 33,915 | ||||||
Royal Caribbean Cruises Ltd., 5.375%, 7/15/27(1) | 25,000 | 21,998 | ||||||
Royal Caribbean Cruises Ltd., 7.50%, 10/15/27 | 70,000 | 65,835 | ||||||
Royal Caribbean Cruises Ltd., 3.70%, 3/15/28(2) | 47,000 | 37,571 | ||||||
Royal Caribbean Cruises Ltd., 5.50%, 4/1/28(1)(2) | 140,000 | 122,150 | ||||||
Royal Caribbean Cruises Ltd., 8.25%, 1/15/29(1) | 50,000 | 51,816 |
59
Select High Yield ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Scientific Games International, Inc., 7.25%, 11/15/29(1) | $ | 47,000 | $ | 46,236 | ||||
SeaWorld Parks & Entertainment, Inc., 5.25%, 8/15/29(1)(2) | 50,000 | 44,797 | ||||||
Sizzling Platter LLC / Sizzling Platter Finance Corp., 8.50%, 11/28/25(1) | 47,000 | 42,940 | ||||||
Travel & Leisure Co., 6.625%, 7/31/26(1) | 47,000 | 46,120 | ||||||
Travel + Leisure Co., 4.50%, 12/1/29(1) | 47,000 | 39,515 | ||||||
Viking Cruises Ltd., 6.25%, 5/15/25(1) | 70,000 | 64,968 | ||||||
Viking Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1) | 70,000 | 60,156 | ||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1) | 93,000 | 90,339 | ||||||
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 7.75%, 4/15/25(1) | 23,000 | 23,483 | ||||||
2,705,958 | ||||||||
Household Durables — 2.6% | ||||||||
Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 4/1/30(1) | 47,000 | 37,883 | ||||||
Beazer Homes USA, Inc., 6.75%, 3/15/25 | 70,000 | 69,025 | ||||||
Beazer Homes USA, Inc., 5.875%, 10/15/27(2) | 47,000 | 41,784 | ||||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 5.00%, 6/15/29(1) | 70,000 | 54,667 | ||||||
Century Communities, Inc., 6.75%, 6/1/27 | 117,000 | 114,026 | ||||||
KB Home, 4.00%, 6/15/31 | 47,000 | 38,431 | ||||||
Mattamy Group Corp., 4.625%, 3/1/30(1)(2) | 47,000 | 38,998 | ||||||
Newell Brands, Inc., 4.45%, 4/1/26 | 70,000 | 66,258 | ||||||
Newell Brands, Inc., 6.375%, 9/15/27 | 50,000 | 49,785 | ||||||
Newell Brands, Inc., 6.625%, 9/15/29(2) | 50,000 | 49,610 | ||||||
Taylor Morrison Communities, Inc., 5.125%, 8/1/30(1) | 47,000 | 41,521 | ||||||
Tempur Sealy International, Inc., 4.00%, 4/15/29(1) | 47,000 | 40,228 | ||||||
Tempur Sealy International, Inc., 3.875%, 10/15/31(1) | 47,000 | 37,929 | ||||||
Tri Pointe Homes, Inc., 5.25%, 6/1/27 | 70,000 | 65,011 | ||||||
745,156 | ||||||||
Independent Power and Renewable Electricity Producers — 1.1% | ||||||||
Calpine Corp., 5.25%, 6/1/26(1) | 35,000 | 33,586 | ||||||
Calpine Corp., 4.50%, 2/15/28(1) | 70,000 | 63,095 | ||||||
Calpine Corp., 5.125%, 3/15/28(1) | 70,000 | 62,178 | ||||||
Clearway Energy Operating LLC, 4.75%, 3/15/28(1) | 70,000 | 64,314 | ||||||
Sunnova Energy Corp., 5.875%, 9/1/26(1) | 47,000 | 41,014 | ||||||
TerraForm Power Operating LLC, 5.00%, 1/31/28(1) | 47,000 | 43,283 | ||||||
307,470 | ||||||||
Insurance — 0.2% | ||||||||
Acrisure LLC / Acrisure Finance, Inc., 4.25%, 2/15/29(1) | 70,000 | 57,050 | ||||||
Interactive Media and Services — 0.2% | ||||||||
Rackspace Technology Global, Inc., 3.50%, 2/15/28(1) | 47,000 | 28,662 | ||||||
Ziff Davis, Inc., 4.625%, 10/15/30(1) | 47,000 | 39,687 | ||||||
68,349 | ||||||||
Internet and Direct Marketing Retail — 0.3% | ||||||||
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 3/1/29(1) | 25,000 | 20,969 | ||||||
Match Group Holdings II LLC, 3.625%, 10/1/31(1)(2) | 47,000 | 36,820 | ||||||
Millennium Escrow Corp., 6.625%, 8/1/26(1) | 47,000 | 31,452 | ||||||
89,241 |
60
Select High Yield ETF | ||||||||
Principal Amount/Shares | Value | |||||||
IT Services — 0.3% | ||||||||
CDW LLC / CDW Finance Corp., 4.125%, 5/1/25 | $ | 47,000 | $ | 44,931 | ||||
Presidio Holdings, Inc., 4.875%, 2/1/27(1) | 47,000 | 42,860 | ||||||
87,791 | ||||||||
Leisure Products — 0.1% | ||||||||
Mattel, Inc., 5.45%, 11/1/41(2) | 47,000 | 39,541 | ||||||
Life Sciences Tools and Services — 0.2% | ||||||||
Charles River Laboratories International, Inc., 4.00%, 3/15/31(1)(2) | 50,000 | 42,835 | ||||||
Machinery — 0.5% | ||||||||
Allison Transmission, Inc., 5.875%, 6/1/29(1) | 50,000 | 47,424 | ||||||
Hillenbrand, Inc., 3.75%, 3/1/31 | 47,000 | 38,495 | ||||||
Terex Corp., 5.00%, 5/15/29(1) | 47,000 | 43,195 | ||||||
129,114 | ||||||||
Media — 9.1% | ||||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1) | 70,000 | 64,841 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 5.375%, 6/1/29(1) | 70,000 | 62,500 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)(2) | 47,000 | 43,869 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30(1) | 70,000 | 58,935 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30(1) | 117,000 | 96,357 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1) | 117,000 | 94,021 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32 | 140,000 | 110,950 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33(1) | 93,000 | 72,444 | ||||||
Clear Channel Outdoor Holdings, Inc., 5.125%, 8/15/27(1) | 47,000 | 41,992 | ||||||
CSC Holdings LLC, 6.50%, 2/1/29(1) | 200,000 | 169,755 | ||||||
CSC Holdings LLC, 5.75%, 1/15/30(1) | 250,000 | 143,466 | ||||||
Directv Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%, 8/15/27(1) | 117,000 | 104,737 | ||||||
DISH DBS Corp., 5.00%, 3/15/23 | 70,000 | 69,888 | ||||||
DISH DBS Corp., 7.75%, 7/1/26 | 70,000 | 54,408 | ||||||
DISH DBS Corp., 5.25%, 12/1/26(1) | 70,000 | 58,756 | ||||||
DISH DBS Corp., 5.75%, 12/1/28(1) | 25,000 | 20,017 | ||||||
DISH DBS Corp., 5.125%, 6/1/29 | 47,000 | 27,818 | ||||||
GCI LLC, 4.75%, 10/15/28(1) | 47,000 | 40,346 | ||||||
Gray Television, Inc., 7.00%, 5/15/27(1)(2) | 117,000 | 106,102 | ||||||
Gray Television, Inc., 4.75%, 10/15/30(1) | 47,000 | 34,502 | ||||||
iHeartCommunications, Inc., 5.25%, 8/15/27(1)(2) | 47,000 | 40,949 | ||||||
iHeartCommunications, Inc., 4.75%, 1/15/28(1)(2) | 47,000 | 39,566 | ||||||
Lamar Media Corp., 3.75%, 2/15/28 | 47,000 | 41,647 | ||||||
Lamar Media Corp., 4.875%, 1/15/29 | 47,000 | 43,431 | ||||||
Lamar Media Corp., 4.00%, 2/15/30 | 47,000 | 40,462 | ||||||
News Corp., 3.875%, 5/15/29(1) | 70,000 | 60,050 | ||||||
Nexstar Media, Inc., 5.625%, 7/15/27(1) | 47,000 | 43,695 | ||||||
Outfront Media Capital LLC / Outfront Media Capital Corp., 5.00%, 8/15/27(1) | 93,000 | 84,020 | ||||||
Sinclair Television Group, Inc., 5.125%, 2/15/27(1)(2) | 47,000 | 41,403 |
61
Select High Yield ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Sinclair Television Group, Inc., 5.50%, 3/1/30(1)(2) | $ | 70,000 | $ | 51,711 | ||||
Sinclair Television Group, Inc., 4.125%, 12/1/30(1) | 47,000 | 36,618 | ||||||
Sirius XM Radio, Inc., 3.125%, 9/1/26(1) | 25,000 | 22,128 | ||||||
Sirius XM Radio, Inc., 5.00%, 8/1/27(1) | 70,000 | 64,294 | ||||||
Sirius XM Radio, Inc., 4.00%, 7/15/28(1) | 70,000 | 59,913 | ||||||
Sirius XM Radio, Inc., 5.50%, 7/1/29(1) | 47,000 | 42,462 | ||||||
Sirius XM Radio, Inc., 3.875%, 9/1/31(1) | 47,000 | 36,589 | ||||||
Univision Communications, Inc., 5.125%, 2/15/25(1) | 70,000 | 68,219 | ||||||
Univision Communications, Inc., 6.625%, 6/1/27(1) | 47,000 | 44,668 | ||||||
Videotron Ltd., 3.625%, 6/15/29(1)(2) | 47,000 | 39,640 | ||||||
Virgin Media Secured Finance PLC, 5.50%, 5/15/29(1) | 200,000 | 181,412 | ||||||
2,558,581 | ||||||||
Metals and Mining — 2.2% | ||||||||
Arconic Corp., 6.00%, 5/15/25(1) | 47,000 | 47,117 | ||||||
Arconic Corp., 6.125%, 2/15/28(1)(2) | 47,000 | 46,231 | ||||||
ATI, Inc., 4.875%, 10/1/29 | 25,000 | 22,412 | ||||||
ATI, Inc., 5.125%, 10/1/31 | 47,000 | 41,451 | ||||||
Carpenter Technology Corp., 6.375%, 7/15/28(2) | 47,000 | 45,081 | ||||||
Cleveland-Cliffs, Inc., 4.625%, 3/1/29(1) | 25,000 | 22,801 | ||||||
Cleveland-Cliffs, Inc., 4.875%, 3/1/31(1) | 47,000 | 42,836 | ||||||
Coeur Mining, Inc., 5.125%, 2/15/29(1)(2) | 47,000 | 35,630 | ||||||
Compass Minerals International, Inc., 6.75%, 12/1/27(1) | 47,000 | 44,365 | ||||||
Hudbay Minerals, Inc., 6.125%, 4/1/29(1) | 47,000 | 41,542 | ||||||
IAMGOLD Corp., 5.75%, 10/15/28(1) | 47,000 | 35,072 | ||||||
Novelis Corp., 4.75%, 1/30/30(1) | 117,000 | 102,912 | ||||||
PT FMG Resources August 2006 Pty Ltd., 4.375%, 4/1/31(1) | 47,000 | 39,710 | ||||||
Taseko Mines Ltd., 7.00%, 2/15/26(1)(2) | 47,000 | 42,521 | ||||||
609,681 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.1% | ||||||||
Blackstone Mortgage Trust, Inc., 3.75%, 1/15/27(1) | 47,000 | 40,000 | ||||||
Multiline Retail — 0.2% | ||||||||
Macy's Retail Holdings LLC, 5.875%, 4/1/29(1)(2) | 47,000 | 42,745 | ||||||
Oil, Gas and Consumable Fuels — 16.0% | ||||||||
Aethon United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26(1) | 47,000 | 45,265 | ||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.875%, 5/15/26(1) | 47,000 | 47,517 | ||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.375%, 6/15/29(1) | 97,000 | 87,398 | ||||||
Apache Corp., 4.25%, 1/15/30(2) | 50,000 | 44,240 | ||||||
Apache Corp., 5.10%, 9/1/40 | 70,000 | 57,671 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 7.00%, 11/1/26(1)(2) | 70,000 | 68,007 | ||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 5.875%, 6/30/29(1)(2) | 47,000 | 40,939 | ||||||
Callon Petroleum Co., 7.50%, 6/15/30(1)(2) | 50,000 | 47,020 | ||||||
Cheniere Energy Partners LP, 4.00%, 3/1/31 | 163,000 | 140,628 | ||||||
Cheniere Energy, Inc., 4.625%, 10/15/28 | 47,000 | 43,618 | ||||||
Citgo Holding, Inc., 9.25%, 8/1/24(1) | 47,000 | 47,151 | ||||||
CITGO Petroleum Corp., 7.00%, 6/15/25(1) | 47,000 | 46,318 | ||||||
CITGO Petroleum Corp., 6.375%, 6/15/26(1) | 47,000 | 45,435 | ||||||
CNX Resources Corp., 7.25%, 3/14/27(1)(2) | 7,000 | 6,950 |
62
Select High Yield ETF | ||||||||
Principal Amount/Shares | Value | |||||||
CNX Resources Corp., 7.375%, 1/15/31(1)(2) | $ | 50,000 | $ | 47,700 | ||||
Comstock Resources, Inc., 6.75%, 3/1/29(1) | 47,000 | 43,298 | ||||||
Comstock Resources, Inc., 5.875%, 1/15/30(1) | 47,000 | 40,487 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25 | 47,000 | 45,640 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%, 2/1/29(1) | 47,000 | 42,806 | ||||||
CrownRock LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1)(2) | 117,000 | 113,030 | ||||||
DCP Midstream Operating LP, 5.125%, 5/15/29 | 70,000 | 67,445 | ||||||
Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.125%, 6/1/28(1) | 47,000 | 41,403 | ||||||
Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 1/30/28(1) | 100,000 | 96,592 | ||||||
EnLink Midstream LLC, 6.50%, 9/1/30(1)(2) | 47,000 | 46,354 | ||||||
EnLink Midstream Partners LP, 4.85%, 7/15/26 | 70,000 | 66,436 | ||||||
EnLink Midstream Partners LP, 5.60%, 4/1/44 | 70,000 | 57,196 | ||||||
EnLink Midstream Partners LP, 5.45%, 6/1/47(2) | 70,000 | 55,274 | ||||||
EQM Midstream Partners LP, 6.00%, 7/1/25(1) | 47,000 | 45,408 | ||||||
EQM Midstream Partners LP, 6.50%, 7/1/27(1)(2) | 47,000 | 44,570 | ||||||
EQM Midstream Partners LP, 4.50%, 1/15/29(1) | 47,000 | 39,254 | ||||||
EQM Midstream Partners LP, 4.75%, 1/15/31(1) | 47,000 | 38,236 | ||||||
EQT Corp., 3.90%, 10/1/27 | 70,000 | 64,082 | ||||||
EQT Corp., 7.00%, 2/1/30 | 47,000 | 48,575 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27 | 117,000 | 114,544 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28 | 47,000 | 45,045 | ||||||
Harvest Midstream I LP, 7.50%, 9/1/28(1) | 70,000 | 67,572 | ||||||
Hess Midstream Operations LP, 5.625%, 2/15/26(1) | 70,000 | 68,213 | ||||||
Hess Midstream Operations LP, 5.125%, 6/15/28(1)(2) | 47,000 | 43,165 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 2/1/31(1) | 47,000 | 42,345 | ||||||
Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 2/1/28(1) | 47,000 | 42,694 | ||||||
ITT Holdings LLC, 6.50%, 8/1/29(1) | 47,000 | 38,697 | ||||||
Matador Resources Co., 5.875%, 9/15/26(2) | 70,000 | 67,570 | ||||||
MEG Energy Corp., 7.125%, 2/1/27(1) | 47,000 | 47,754 | ||||||
MEG Energy Corp., 5.875%, 2/1/29(1)(2) | 70,000 | 65,361 | ||||||
Murphy Oil Corp., 5.75%, 8/15/25 | 25,000 | 24,774 | ||||||
Murphy Oil Corp., 5.875%, 12/1/27 | 47,000 | 44,970 | ||||||
Murphy Oil Corp., 6.375%, 7/15/28 | 47,000 | 45,417 | ||||||
NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26(1) | 70,000 | 66,915 | ||||||
Northern Oil & Gas, Inc., 8.125%, 3/1/28(1) | 47,000 | 45,397 | ||||||
NuStar Logistics LP, 6.375%, 10/1/30 | 47,000 | 44,071 | ||||||
Occidental Petroleum Corp., 5.50%, 12/1/25 | 47,000 | 46,630 | ||||||
Occidental Petroleum Corp., 3.40%, 4/15/26 | 47,000 | 43,645 | ||||||
Occidental Petroleum Corp., 8.50%, 7/15/27 | 70,000 | 75,176 | ||||||
Occidental Petroleum Corp., 6.375%, 9/1/28(2) | 47,000 | 47,538 | ||||||
Occidental Petroleum Corp., 8.875%, 7/15/30 | 70,000 | 79,596 | ||||||
Occidental Petroleum Corp., 6.625%, 9/1/30 | 47,000 | 48,359 | ||||||
Occidental Petroleum Corp., 6.125%, 1/1/31 | 47,000 | 47,399 | ||||||
Occidental Petroleum Corp., 7.50%, 5/1/31 | 47,000 | 50,350 | ||||||
Occidental Petroleum Corp., 4.40%, 4/15/46 | 47,000 | 36,110 |
63
Select High Yield ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Occidental Petroleum Corp., 4.10%, 2/15/47 | $ | 70,000 | $ | 52,575 | ||||
Parkland Corp., 4.625%, 5/1/30(1) | 47,000 | 39,174 | ||||||
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28 | 47,000 | 43,894 | ||||||
Range Resources Corp., 8.25%, 1/15/29 | 47,000 | 48,279 | ||||||
ROCC Holdings LLC, 9.25%, 8/15/26(1) | 47,000 | 49,644 | ||||||
Rockcliff Energy II LLC, 5.50%, 10/15/29(1) | 47,000 | 43,179 | ||||||
Rockies Express Pipeline LLC, 4.95%, 7/15/29(1) | 50,000 | 43,540 | ||||||
SM Energy Co., 6.75%, 9/15/26 | 70,000 | 67,616 | ||||||
Southwestern Energy Co., 5.375%, 2/1/29 | 47,000 | 44,013 | ||||||
Southwestern Energy Co., 5.375%, 3/15/30 | 47,000 | 43,005 | ||||||
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27 | 47,000 | 46,234 | ||||||
Sunoco LP / Sunoco Finance Corp., 4.50%, 4/30/30 | 47,000 | 40,772 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 12/31/30(1) | 47,000 | 40,592 | ||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%, 9/1/31(1) | 47,000 | 40,225 | ||||||
Talos Production, Inc., 12.00%, 1/15/26 | 47,000 | 49,652 | ||||||
Tap Rock Resources LLC, 7.00%, 10/1/26(1) | 47,000 | 43,049 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 7/15/27 | 47,000 | 47,570 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28 | 117,000 | 111,543 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.875%, 2/1/31 | 47,000 | 42,733 | ||||||
Teine Energy Ltd., 6.875%, 4/15/29(1) | 47,000 | 43,025 | ||||||
Venture Global Calcasieu Pass LLC, 3.875%, 8/15/29(1) | 93,000 | 80,300 | ||||||
Viper Energy Partners LP, 5.375%, 11/1/27(1) | 70,000 | 66,624 | ||||||
Vital Energy, Inc., 9.50%, 1/15/25(2) | 70,000 | 70,632 | ||||||
Western Midstream Operating LP, 3.35%, 2/1/25 | 70,000 | 66,420 | ||||||
Western Midstream Operating LP, 5.50%, 2/1/50 | 70,000 | 57,240 | ||||||
4,522,780 | ||||||||
Personal Products — 0.3% | ||||||||
Edgewell Personal Care Co., 5.50%, 6/1/28(1) | 47,000 | 43,939 | ||||||
Edgewell Personal Care Co., 4.125%, 4/1/29(1) | 47,000 | 40,129 | ||||||
84,068 | ||||||||
Pharmaceuticals — 0.7% | ||||||||
Bausch Health Cos., Inc., 6.125%, 2/1/27(1)(2) | 50,000 | 34,557 | ||||||
Bausch Health Cos., Inc., 5.75%, 8/15/27(1) | 50,000 | 33,223 | ||||||
Par Pharmaceutical, Inc., 7.50%, 4/1/27(1)(3) | 75,000 | 56,531 | ||||||
Prestige Brands, Inc., 3.75%, 4/1/31(1) | 75,000 | 61,015 | ||||||
185,326 | ||||||||
Professional Services — 0.2% | ||||||||
ASGN, Inc., 4.625%, 5/15/28(1) | 70,000 | 63,324 | ||||||
Real Estate Management and Development — 0.7% | ||||||||
Cushman & Wakefield US Borrower LLC, 6.75%, 5/15/28(1) | 70,000 | 66,048 | ||||||
Forestar Group, Inc., 3.85%, 5/15/26(1) | 47,000 | 41,185 | ||||||
Howard Hughes Corp., 5.375%, 8/1/28(1) | 47,000 | 42,644 | ||||||
Realogy Group LLC / Realogy Co.-Issuer Corp., 5.75%, 1/15/29(1) | 47,000 | 33,814 | ||||||
183,691 | ||||||||
Road and Rail — 1.8% | ||||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 7/15/27(1)(2) | 70,000 | 66,142 |
64
Select High Yield ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%, 4/1/28(1)(2) | $ | 47,000 | $ | 41,755 | ||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.375%, 3/1/29(1)(2) | 47,000 | 42,354 | ||||||
Hertz Corp., 5.00%, 12/1/29(1) | 47,000 | 39,071 | ||||||
NESCO Holdings II, Inc., 5.50%, 4/15/29(1) | 47,000 | 41,937 | ||||||
Uber Technologies, Inc., 7.50%, 9/15/27(1) | 50,000 | 50,754 | ||||||
Uber Technologies, Inc., 4.50%, 8/15/29(1) | 93,000 | 82,394 | ||||||
United Rentals North America, Inc., 4.875%, 1/15/28 | 97,000 | 92,548 | ||||||
United Rentals North America, Inc., 3.875%, 2/15/31 | 70,000 | 59,980 | ||||||
516,935 | ||||||||
Semiconductors and Semiconductor Equipment — 0.3% | ||||||||
ON Semiconductor Corp., 3.875%, 9/1/28(1) | 47,000 | 41,351 | ||||||
Synaptics, Inc., 4.00%, 6/15/29(1)(2) | 47,000 | 39,029 | ||||||
80,380 | ||||||||
Software — 1.8% | ||||||||
Castle US Holding Corp., 9.50%, 2/15/28(1) | 70,000 | 27,276 | ||||||
Cloud Software Group Holdings, Inc., 6.50%, 3/31/29(1) | 50,000 | 43,363 | ||||||
Consensus Cloud Solutions, Inc., 6.50%, 10/15/28(1) | 47,000 | 41,053 | ||||||
GoTo Group, Inc., 5.50%, 9/1/27(1) | 47,000 | 22,560 | ||||||
NCR Corp., 5.125%, 4/15/29(1) | 70,000 | 59,845 | ||||||
NCR Corp., 6.125%, 9/1/29(1)(2) | 47,000 | 45,771 | ||||||
NCR Corp., 5.25%, 10/1/30(1) | 70,000 | 57,954 | ||||||
Open Text Corp., 3.875%, 12/1/29(1) | 70,000 | 56,574 | ||||||
Open Text Holdings, Inc., 4.125%, 2/15/30(1)(2) | 47,000 | 38,730 | ||||||
Open Text Holdings, Inc., 4.125%, 12/1/31(1) | 47,000 | 37,445 | ||||||
SS&C Technologies, Inc., 5.50%, 9/30/27(1) | 70,000 | 65,943 | ||||||
496,514 | ||||||||
Specialty Retail — 2.1% | ||||||||
Asbury Automotive Group, Inc., 5.00%, 2/15/32(1) | 47,000 | 40,115 | ||||||
Bath & Body Works, Inc., 6.625%, 10/1/30(1) | 47,000 | 44,585 | ||||||
Bath & Body Works, Inc., 6.75%, 7/1/36 | 70,000 | 60,203 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp., 5.375%, 4/1/26(1) | 47,000 | 42,362 | ||||||
Ferrellgas LP / Ferrellgas Finance Corp., 5.875%, 4/1/29(1) | 70,000 | 57,241 | ||||||
Gap, Inc., 3.875%, 10/1/31(1) | 47,000 | 33,774 | ||||||
Lithia Motors, Inc., 3.875%, 6/1/29(1) | 47,000 | 39,318 | ||||||
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 7.75%, 2/15/26(1) | 70,000 | 61,624 | ||||||
Sonic Automotive, Inc., 4.875%, 11/15/31(1) | 47,000 | 37,448 | ||||||
Staples, Inc., 7.50%, 4/15/26(1) | 117,000 | 104,261 | ||||||
Staples, Inc., 10.75%, 4/15/27(1)(2) | 47,000 | 36,045 | ||||||
Superior Plus LP / Superior General Partner, Inc., 4.50%, 3/15/29(1) | 47,000 | 40,873 | ||||||
597,849 | ||||||||
Technology Hardware, Storage and Peripherals — 0.4% | ||||||||
Seagate HDD Cayman, 9.625%, 12/1/32(1)(2) | 35,955 | 39,349 | ||||||
Xerox Holdings Corp., 5.00%, 8/15/25(1) | 47,000 | 43,796 | ||||||
Xerox Holdings Corp., 5.50%, 8/15/28(1)(2) | 47,000 | 39,529 | ||||||
122,674 | ||||||||
Thrifts and Mortgage Finance — 1.4% | ||||||||
Freedom Mortgage Corp., 8.125%, 11/15/24(1) | 25,000 | 24,026 | ||||||
Freedom Mortgage Corp., 7.625%, 5/1/26(1) | 70,000 | 59,829 |
65
Select High Yield ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Freedom Mortgage Corp., 6.625%, 1/15/27(1) | $ | 47,000 | $ | 38,338 | ||||
MGIC Investment Corp., 5.25%, 8/15/28 | 70,000 | 65,537 | ||||||
Nationstar Mortgage Holdings, Inc., 5.50%, 8/15/28(1) | 47,000 | 39,972 | ||||||
NMI Holdings, Inc., 7.375%, 6/1/25(1) | 47,000 | 46,813 | ||||||
PennyMac Financial Services, Inc., 4.25%, 2/15/29(1) | 47,000 | 36,834 | ||||||
Radian Group, Inc., 4.875%, 3/15/27 | 47,000 | 43,828 | ||||||
United Wholesale Mortgage LLC, 5.50%, 4/15/29(1) | 47,000 | 38,956 | ||||||
394,133 | ||||||||
Trading Companies and Distributors — 0.6% | ||||||||
Beacon Roofing Supply, Inc., 4.125%, 5/15/29(1)(2) | 47,000 | 40,289 | ||||||
Fly Leasing Ltd., 7.00%, 10/15/24(1) | 70,000 | 60,916 | ||||||
Fortress Transportation & Infrastructure Investors LLC, 6.50%, 10/1/25(1) | 36,000 | 35,155 | ||||||
Fortress Transportation & Infrastructure Investors LLC, 5.50%, 5/1/28(1) | 47,000 | 42,027 | ||||||
178,387 | ||||||||
Transportation Infrastructure — 0.2% | ||||||||
Seaspan Corp., 5.50%, 8/1/29(1) | 70,000 | 52,778 | ||||||
Wireless Telecommunication Services — 1.1% | ||||||||
Sprint LLC, 7.125%, 6/15/24 | 117,000 | 118,579 | ||||||
T-Mobile USA, Inc., 2.25%, 2/15/26 | 47,000 | 42,796 | ||||||
T-Mobile USA, Inc., 3.375%, 4/15/29 | 93,000 | 82,219 | ||||||
Vodafone Group PLC, VRN, 7.00%, 4/4/79 | 70,000 | 68,728 | ||||||
312,322 | ||||||||
TOTAL CORPORATE BONDS (Cost $30,187,953) | 26,567,443 | |||||||
PREFERRED STOCKS — 0.6% | ||||||||
Banks — 0.6% | ||||||||
Bank of America Corp., 6.25% | 70,000 | 70,175 | ||||||
Citigroup, Inc., 4.70% | 70,000 | 64,050 | ||||||
JPMorgan Chase & Co., 6.125% | 47,000 | 47,129 | ||||||
TOTAL PREFERRED STOCKS (Cost $196,577) | 181,354 | |||||||
SHORT-TERM INVESTMENTS — 11.8% | ||||||||
Money Market Funds — 11.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,053,888 | 1,053,888 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(4) | 2,263,873 | 2,263,873 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,317,761) | 3,317,761 | |||||||
TOTAL INVESTMENT SECURITIES — 106.5% (Cost $33,702,291) | 30,066,558 | |||||||
OTHER ASSETS AND LIABILITIES — (6.5)% | (1,827,929) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 28,238,629 |
66
Select High Yield ETF
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
PIK | – | Payment in Kind. Security may elect to pay a cash rate and/or an in kind rate. | ||||||
VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $18,397,060, which represented 65.1% 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 $2,205,135. 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 is in default.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,285,561, which includes securities collateral of $21,688.
See Notes to Financial Statements.
67
FEBRUARY 28, 2023 (UNAUDITED)
Short Duration Strategic Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
CORPORATE BONDS — 47.7% | ||||||||
Aerospace and Defense — 0.4% | ||||||||
Boeing Co., 1.43%, 2/4/24 | $ | 60,000 | $ | 57,712 | ||||
Boeing Co., 2.80%, 3/1/24 | 90,000 | 87,558 | ||||||
145,270 | ||||||||
Air Freight and Logistics — 0.6% | ||||||||
GXO Logistics, Inc., 1.65%, 7/15/26 | 110,000 | 94,537 | ||||||
Rand Parent LLC, 8.50%, 2/15/30(1) | 105,000 | 100,931 | ||||||
195,468 | ||||||||
Airlines — 1.2% | ||||||||
American Airlines, Inc., 11.75%, 7/15/25(1) | 90,000 | 98,791 | ||||||
American Airlines, Inc., 11.75%, 7/15/25 | 25,000 | 27,442 | ||||||
American Airlines, Inc., 7.25%, 2/15/28(1) | 54,000 | 52,785 | ||||||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1) | 60,000 | 58,457 | ||||||
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(1) | 35,000 | 33,271 | ||||||
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 8.00%, 9/20/25(1) | 130,000 | 130,618 | ||||||
401,364 | ||||||||
Automobiles — 1.7% | ||||||||
Ford Motor Credit Co. LLC, 2.30%, 2/10/25 | 200,000 | 184,007 | ||||||
General Motors Financial Co., Inc., 1.20%, 10/15/24 | 80,000 | 74,391 | ||||||
General Motors Financial Co., Inc., 3.80%, 4/7/25 | 125,000 | 120,303 | ||||||
Mercedes-Benz Finance North America LLC, 5.375%, 11/26/25(1) | 75,000 | 75,348 | ||||||
Toyota Motor Credit Corp., 3.95%, 6/30/25 | 120,000 | 117,137 | ||||||
571,186 | ||||||||
Banks — 12.0% | ||||||||
Bank of America Corp., VRN, 1.73%, 7/22/27 | 135,000 | 118,972 | ||||||
Bank of America Corp., VRN, 4.95%, 7/22/28 | 45,000 | 44,036 | ||||||
Bank of America Corp., VRN, 2.88%, 10/22/30 | 90,000 | 76,167 | ||||||
Bank of Montreal, 5.20%, 2/1/28 | 210,000 | 209,201 | ||||||
Banque Federative du Credit Mutuel SA, 4.94%, 1/26/26(1) | 215,000 | 212,091 | ||||||
Citigroup, Inc., VRN, 2.01%, 1/25/26 | 80,000 | 74,647 | ||||||
Citigroup, Inc., VRN, 3.11%, 4/8/26 | 30,000 | 28,502 | ||||||
Cooperatieve Rabobank UA, VRN, 5.56%, 2/28/29(1) | 250,000 | 248,751 | ||||||
Discover Bank, VRN, 4.68%, 8/9/28 | 505,000 | 483,179 | ||||||
DNB Bank ASA, VRN, 2.97%, 3/28/25(1) | 205,000 | 198,573 | ||||||
HSBC Holdings PLC, VRN, 0.73%, 8/17/24 | 210,000 | 204,827 | ||||||
JPMorgan Chase & Co., VRN, 5.55%, 12/15/25 | 70,000 | 69,948 | ||||||
JPMorgan Chase & Co., VRN, 1.04%, 2/4/27 | 55,000 | 48,317 | ||||||
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27 | 35,000 | 30,977 | ||||||
JPMorgan Chase & Co., VRN, 1.47%, 9/22/27 | 25,000 | 21,686 | ||||||
Lloyds Banking Group PLC, VRN, 4.72%, 8/11/26 | 415,000 | 404,811 | ||||||
Lloyds Banking Group PLC, VRN, 5.87%, 3/6/29(2) | 207,000 | 207,173 | ||||||
Mitsubishi UFJ Financial Group, Inc., VRN, 5.72%, 2/20/26 | 200,000 | 199,765 | ||||||
Mitsubishi UFJ Financial Group, Inc., VRN, 5.42%, 2/22/29 | 200,000 | 198,724 | ||||||
PNC Financial Services Group, Inc., VRN, 4.76%, 1/26/27 | 105,000 | 103,469 | ||||||
Royal Bank of Canada, 6.00%, 11/1/27 | 135,000 | 138,995 | ||||||
Societe Generale SA, 4.35%, 6/13/25(1) | 205,000 | 200,183 |
68
Short Duration Strategic Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Sumitomo Mitsui Financial Group, Inc., 5.46%, 1/13/26 | $ | 200,000 | $ | 199,640 | ||||
Toronto-Dominion Bank, 4.11%, 6/8/27 | 75,000 | 71,925 | ||||||
Truist Financial Corp., VRN, 4.87%, 1/26/29 | 100,000 | 98,199 | ||||||
US Bancorp, VRN, 4.65%, 2/1/29 | 80,000 | 77,786 | ||||||
3,970,544 | ||||||||
Beverages — 0.2% | ||||||||
PepsiCo, Inc., 3.60%, 2/18/28 | 75,000 | 71,546 | ||||||
Biotechnology — 0.5% | ||||||||
Amgen, Inc., 5.25%, 3/2/25(2) | 96,000 | 95,803 | ||||||
CSL Finance PLC, 3.85%, 4/27/27(1) | 65,000 | 61,915 | ||||||
157,718 | ||||||||
Capital Markets — 2.8% | ||||||||
Bank of New York Mellon Corp., VRN, 5.80%, 10/25/28 | 100,000 | 102,508 | ||||||
Bank of New York Mellon Corp., VRN, 4.54%, 2/1/29 | 70,000 | 68,055 | ||||||
Deutsche Bank AG, VRN, 4.30%, 5/24/28 | 225,000 | 221,891 | ||||||
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27 | 80,000 | 70,116 | ||||||
Goldman Sachs Group, Inc., VRN, 2.64%, 2/24/28 | 70,000 | 62,591 | ||||||
Morgan Stanley, VRN, 0.79%, 5/30/25 | 35,000 | 32,787 | ||||||
Morgan Stanley, VRN, 1.16%, 10/21/25 | 80,000 | 74,135 | ||||||
Morgan Stanley, VRN, 2.63%, 2/18/26 | 60,000 | 56,616 | ||||||
Morgan Stanley, VRN, 6.14%, 10/16/26 | 150,000 | 152,829 | ||||||
Morgan Stanley, VRN, 5.05%, 1/28/27 | 73,000 | 72,192 | ||||||
913,720 | ||||||||
Chemicals — 0.6% | ||||||||
Celanese US Holdings LLC, 5.90%, 7/5/24 | 95,000 | 94,928 | ||||||
Orbia Advance Corp. SAB de CV, 4.00%, 10/4/27 | 100,000 | 92,850 | ||||||
187,778 | ||||||||
Consumer Finance — 2.4% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.65%, 10/29/24 | 315,000 | 292,397 | ||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 10/29/24 | 125,000 | 116,157 | ||||||
BOC Aviation USA Corp., 1.625%, 4/29/24(1) | 210,000 | 200,658 | ||||||
Capital One Financial Corp., VRN, 5.47%, 2/1/29 | 28,000 | 27,510 | ||||||
Navient Corp., 6.125%, 3/25/24 | 65,000 | 64,588 | ||||||
OneMain Finance Corp., 8.25%, 10/1/23 | 85,000 | 85,714 | ||||||
787,024 | ||||||||
Containers and Packaging — 1.9% | ||||||||
Amcor Flexibles North America, Inc., 4.00%, 5/17/25 | 110,000 | 106,286 | ||||||
Ball Corp., 6.875%, 3/15/28 | 125,000 | 126,363 | ||||||
Owens-Brockway Glass Container, Inc., 5.375%, 1/15/25(1) | 110,000 | 107,001 | ||||||
Sealed Air Corp., 1.57%, 10/15/26(1) | 130,000 | 112,088 | ||||||
Sealed Air Corp., 1.57%, 10/15/26 | 25,000 | 21,555 | ||||||
Sealed Air Corp., 6.125%, 2/1/28(1) | 155,000 | 152,807 | ||||||
626,100 | ||||||||
Diversified Telecommunication Services — 0.6% | ||||||||
AT&T, Inc., 7.30%, 8/15/26 | 45,000 | 46,470 | ||||||
Cogent Communications Group, Inc., 7.00%, 6/15/27(1) | 60,000 | 58,104 | ||||||
Level 3 Financing, Inc., 3.40%, 3/1/27(1) | 90,000 | 75,621 | ||||||
Level 3 Financing, Inc., 4.625%, 9/15/27(1) | 30,000 | 22,453 | ||||||
202,648 |
69
Short Duration Strategic Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Electric Utilities — 2.2% | ||||||||
American Electric Power Co., Inc., 2.03%, 3/15/24 | $ | 80,000 | $ | 77,080 | ||||
American Electric Power Co., Inc., VRN, 3.875%, 2/15/62 | 90,000 | 75,504 | ||||||
Duke Energy Corp., VRN, 3.25%, 1/15/82 | 80,000 | 63,568 | ||||||
Jersey Central Power & Light Co., 4.30%, 1/15/26(1) | 130,000 | 124,782 | ||||||
NextEra Energy Capital Holdings, Inc., 4.26%, 9/1/24 | 80,000 | 78,521 | ||||||
NextEra Energy Capital Holdings, Inc., 6.05%, 3/1/25(2) | 36,000 | 36,239 | ||||||
NextEra Energy Capital Holdings, Inc., 4.45%, 6/20/25 | 140,000 | 137,055 | ||||||
Vistra Operations Co. LLC, 5.125%, 5/13/25(1) | 105,000 | 102,131 | ||||||
Vistra Operations Co. LLC, 5.125%, 5/13/25 | 25,000 | 24,317 | ||||||
719,197 | ||||||||
Electrical Equipment — 0.4% | ||||||||
Regal Rexnord Corp., 6.05%, 2/15/26(1) | 125,000 | 124,063 | ||||||
Entertainment — 0.5% | ||||||||
Warnermedia Holdings, Inc., 3.79%, 3/15/25(1) | 105,000 | 100,437 | ||||||
Warnermedia Holdings, Inc., 3.76%, 3/15/27(1) | 70,000 | 64,244 | ||||||
164,681 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 2.7% | ||||||||
Equinix, Inc., 2.90%, 11/18/26 | 75,000 | 68,503 | ||||||
Extra Space Storage LP, 2.55%, 6/1/31 | 60,000 | 47,784 | ||||||
Federal Realty Investment Trust, 2.75%, 6/1/23 | 115,000 | 114,283 | ||||||
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26 | 110,000 | 107,382 | ||||||
iStar, Inc., 4.75%, 10/1/24 | 40,000 | 39,965 | ||||||
iStar, Inc., 4.25%, 8/1/25 | 75,000 | 74,702 | ||||||
MPT Operating Partnership LP / MPT Finance Corp., 5.00%, 10/15/27 | 100,000 | 82,139 | ||||||
Realty Income Corp., 5.05%, 1/13/26 | 77,000 | 76,305 | ||||||
Sabra Health Care LP, 5.125%, 8/15/26 | 45,000 | 42,605 | ||||||
SBA Tower Trust, 1.88%, 7/15/50(1) | 41,000 | 36,341 | ||||||
VICI Properties LP, 4.375%, 5/15/25 | 75,000 | 72,248 | ||||||
VICI Properties LP / VICI Note Co., Inc., 3.50%, 2/15/25(1) | 140,000 | 132,375 | ||||||
894,632 | ||||||||
Food Products — 0.2% | ||||||||
General Mills, Inc., 5.24%, 11/18/25 | 85,000 | 84,527 | ||||||
Health Care Equipment and Supplies — 0.6% | ||||||||
GE HealthCare Technologies, Inc., 5.55%, 11/15/24(1) | 200,000 | 199,609 | ||||||
Health Care Providers and Services — 0.7% | ||||||||
CVS Health Corp., 5.00%, 2/20/26 | 85,000 | 84,562 | ||||||
HCA, Inc., 3.125%, 3/15/27(1) | 50,000 | 45,522 | ||||||
Universal Health Services, Inc., 1.65%, 9/1/26 | 115,000 | 99,902 | ||||||
229,986 | ||||||||
Hotels, Restaurants and Leisure — 0.4% | ||||||||
Hyatt Hotels Corp., 1.80%, 10/1/24 | 80,000 | 75,498 | ||||||
Starbucks Corp., 4.75%, 2/15/26 | 65,000 | 64,400 | ||||||
139,898 | ||||||||
Household Durables — 0.4% | ||||||||
Meritage Homes Corp., 6.00%, 6/1/25 | 130,000 | 129,494 | ||||||
Insurance — 1.2% | ||||||||
Athene Global Funding, 2.51%, 3/8/24(1) | 100,000 | 96,848 | ||||||
Metropolitan Life Global Funding I, 4.05%, 8/25/25(1) | 305,000 | 296,285 | ||||||
393,133 |
70
Short Duration Strategic Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Internet and Direct Marketing Retail — 0.4% | ||||||||
Amazon.com, Inc., 4.70%, 11/29/24 | $ | 60,000 | $ | 59,689 | ||||
Amazon.com, Inc., 4.60%, 12/1/25 | 20,000 | 19,859 | ||||||
Amazon.com, Inc., 4.55%, 12/1/27 | 45,000 | 44,511 | ||||||
124,059 | ||||||||
IT Services — 0.9% | ||||||||
Fiserv, Inc., 5.45%, 3/2/28(2) | 72,000 | 71,947 | ||||||
Global Payments, Inc., 3.75%, 6/1/23 | 40,000 | 39,810 | ||||||
Global Payments, Inc., 4.45%, 6/1/28 | 85,000 | 79,438 | ||||||
International Business Machines Corp., 3.30%, 5/15/26 | 105,000 | 99,270 | ||||||
290,465 | ||||||||
Leisure Products — 0.1% | ||||||||
Brunswick Corp., 0.85%, 8/18/24 | 30,000 | 27,970 | ||||||
Life Sciences Tools and Services — 0.5% | ||||||||
Illumina, Inc., 5.80%, 12/12/25 | 150,000 | 151,368 | ||||||
Machinery — 0.5% | ||||||||
CNH Industrial Capital LLC, 3.95%, 5/23/25 | 90,000 | 86,984 | ||||||
John Deere Capital Corp., 3.40%, 6/6/25 | 95,000 | 91,677 | ||||||
178,661 | ||||||||
Media — 1.8% | ||||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1) | 110,000 | 102,672 | ||||||
Cox Communications, Inc., 3.15%, 8/15/24(1) | 80,000 | 77,108 | ||||||
DISH DBS Corp., 7.75%, 7/1/26 | 55,000 | 42,749 | ||||||
DISH DBS Corp., 5.25%, 12/1/26(1) | 95,000 | 79,741 | ||||||
iHeartCommunications, Inc., 8.375%, 5/1/27 | 55,000 | 48,455 | ||||||
Paramount Global, VRN, 6.25%, 2/28/57 | 75,000 | 61,957 | ||||||
Paramount Global, VRN, 6.375%, 3/30/62 | 60,000 | 51,768 | ||||||
WPP Finance 2010, 3.75%, 9/19/24 | 135,000 | 131,018 | ||||||
595,468 | ||||||||
Metals and Mining — 0.8% | ||||||||
GUSAP III LP, 4.25%, 1/21/30(1) | 70,000 | 64,357 | ||||||
Novelis Corp., 3.25%, 11/15/26(1) | 60,000 | 52,953 | ||||||
Nucor Corp., 3.95%, 5/23/25 | 35,000 | 34,051 | ||||||
Steel Dynamics, Inc., 2.80%, 12/15/24 | 115,000 | 109,740 | ||||||
261,101 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.5% | ||||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%, 10/1/25(1) | 130,000 | 121,616 | ||||||
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%, 6/15/29(1) | 40,000 | 32,574 | ||||||
154,190 | ||||||||
Multiline Retail — 0.2% | ||||||||
Nordstrom, Inc., 2.30%, 4/8/24 | 60,000 | 56,764 | ||||||
Multi-Utilities — 0.4% | ||||||||
Ameren Corp., 1.75%, 3/15/28 | 55,000 | 46,936 | ||||||
DTE Energy Co., VRN, 4.22%, 11/1/24 | 85,000 | 83,183 | ||||||
130,119 | ||||||||
Oil, Gas and Consumable Fuels — 2.2% | ||||||||
Ecopetrol SA, 5.875%, 9/18/23 | 90,000 | 89,637 | ||||||
Enbridge, Inc., VRN, 5.20%, 2/16/24 | 80,000 | 79,844 |
71
Short Duration Strategic Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Energy Transfer LP, 4.25%, 4/1/24 | $ | 60,000 | $ | 59,076 | ||||
Enterprise Products Operating LLC, 3.70%, 2/15/26 | 120,000 | 115,289 | ||||||
EQT Corp., 5.68%, 10/1/25 | 85,000 | 83,980 | ||||||
Hess Corp., 3.50%, 7/15/24 | 90,000 | 87,889 | ||||||
HF Sinclair Corp., 2.625%, 10/1/23 | 100,000 | 98,191 | ||||||
Holly Energy Partners LP / Holly Energy Finance Corp., 6.375%, 4/15/27(1) | 50,000 | 48,541 | ||||||
Petroleos Mexicanos, 6.50%, 3/13/27 | 40,000 | 36,449 | ||||||
Petroleos Mexicanos, 5.95%, 1/28/31 | 40,000 | 30,689 | ||||||
729,585 | ||||||||
Pharmaceuticals — 0.6% | ||||||||
Horizon Therapeutics USA, Inc., 5.50%, 8/1/27(1) | 200,000 | 203,440 | ||||||
Road and Rail — 1.5% | ||||||||
Ashtead Capital, Inc., 4.375%, 8/15/27(1) | 200,000 | 187,634 | ||||||
SMBC Aviation Capital Finance DAC, 4.125%, 7/15/23(1) | 225,000 | 223,567 | ||||||
Triton Container International Ltd., 1.15%, 6/7/24(1) | 110,000 | 102,568 | ||||||
513,769 | ||||||||
Semiconductors and Semiconductor Equipment — 0.3% | ||||||||
Intel Corp., 2.45%, 11/15/29 | 120,000 | 101,010 | ||||||
Software — 0.5% | ||||||||
Gen Digital, Inc., 6.75%, 9/30/27(1) | 75,000 | 73,801 | ||||||
Gen Digital, Inc., 7.125%, 9/30/30(1) | 30,000 | 29,283 | ||||||
McAfee Corp., 7.375%, 2/15/30(1) | 95,000 | 75,402 | ||||||
178,486 | ||||||||
Trading Companies and Distributors — 0.6% | ||||||||
Air Lease Corp., 2.875%, 1/15/26 | 60,000 | 55,344 | ||||||
Air Lease Corp., 5.30%, 2/1/28 | 135,000 | 131,280 | ||||||
Aircastle Ltd., 5.25%, 8/11/25(1) | 30,000 | 29,273 | ||||||
215,897 | ||||||||
Wireless Telecommunication Services — 1.7% | ||||||||
Sprint LLC, 7.875%, 9/15/23 | 130,000 | 131,331 | ||||||
Sprint LLC, 7.125%, 6/15/24 | 155,000 | 157,092 | ||||||
Sprint LLC, 7.625%, 2/15/25 | 160,000 | 164,033 | ||||||
T-Mobile USA, Inc., 3.375%, 4/15/29 | 125,000 | 110,509 | ||||||
562,965 | ||||||||
TOTAL CORPORATE BONDS (Cost $15,762,325) | 15,784,903 | |||||||
ASSET-BACKED SECURITIES — 9.5% | ||||||||
Aaset Trust, Series 2021-2A, Class B, 3.54%, 1/15/47(1) | 215,654 | 162,163 | ||||||
Aligned Data Centers Issuer LLC, Series 2021-1A, Class A2, SEQ, 1.94%, 8/15/46(1) | 150,000 | 130,823 | ||||||
Applebee's Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2I, SEQ, 4.19%, 6/5/49(1) | 123,750 | 120,495 | ||||||
Avis Budget Rental Car Funding AESOP LLC, Series 2017-2A, Class A, SEQ, 2.97%, 3/20/24(1) | 37,500 | 37,461 | ||||||
Blackbird Capital Aircraft, Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46(1) | 208,787 | 177,040 | ||||||
Brazos Education Loan Authority, Inc., Series 2012-1, Class A1, VRN, 5.32%, (1-month LIBOR plus 0.70%), 12/26/35 | 39,008 | 38,479 | ||||||
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A, SEQ, 2.74%, 8/15/41(1) | 72,374 | 65,180 | ||||||
Castlelake Aircraft Structured Trust, Series 2021-1A, Class A, SEQ, 3.47%, 1/15/46(1) | 148,532 | 136,095 |
72
Short Duration Strategic Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Diamond Issuer, Series 2021-1A, Class A, SEQ, 2.31%, 11/20/51(1) | $ | 165,000 | $ | 140,849 | ||||
FirstKey Homes Trust, Series 2020-SFR2, Class D, 1.97%, 10/19/37(1) | 100,000 | 89,510 | ||||||
Flagship Credit Auto Trust, Series 2021-2, Class A, SEQ, 0.37%, 12/15/26(1) | 11,385 | 11,239 | ||||||
Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51(1) | 100,000 | 89,208 | ||||||
Hilton Grand Vacations Trust, Series 2017-AA, Class B, 2.96%, 12/26/28(1) | 75,319 | 74,044 | ||||||
MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46(1) | 190,874 | 165,998 | ||||||
MVW LLC, Series 2020-1A, Class C, 4.21%, 10/20/37(1) | 112,924 | 105,868 | ||||||
MVW LLC, Series 2021-2A, Class C, 2.23%, 5/20/39(1) | 151,267 | 132,465 | ||||||
MVW LLC, Series 2022-2A, Class C, 7.62%, 10/21/41(1) | 92,288 | 93,213 | ||||||
MVW Owner Trust, Series 2019-1A, Class C, 3.33%, 11/20/36(1) | 110,418 | 102,757 | ||||||
Nelnet Student Loan Trust, Series 2019-5, Class A, SEQ, 2.53%, 10/25/67(1) | 83,525 | 76,552 | ||||||
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(1) | 100,000 | 84,278 | ||||||
Pioneer Aircraft Finance Ltd., Series 2019-1, Class A, SEQ, 3.97%, 6/15/44(1) | 191,448 | 163,076 | ||||||
Sabey Data Center Issuer LLC, Series 2020-1, Class A2, SEQ, 3.81%, 4/20/45(1) | 68,000 | 64,101 | ||||||
Sierra Timeshare Receivables Funding LLC, Series 2020-2A, Class B, 2.32%, 7/20/37(1) | 71,581 | 66,657 | ||||||
Sierra Timeshare Receivables Funding LLC, Series 2022-3A, Class C, 7.63%, 7/20/39(1) | 80,821 | 81,244 | ||||||
SoFi Professional Loan Program LLC, Series 2018-A, Class A1, VRN, 4.97%, (1-month LIBOR plus 0.35%), 2/25/42(1) | 36,233 | 36,169 | ||||||
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, SEQ, 4.54%, 2/25/44(1) | 168,000 | 164,872 | ||||||
Start II Ltd., Series 2019-1, Class A, SEQ, 4.09%, 3/15/44(1) | 193,471 | 169,952 | ||||||
TAL Advantage VII LLC, Series 2020-1A, Class A, SEQ, 2.05%, 9/20/45(1) | 74,625 | 65,512 | ||||||
Vantage Data Centers LLC, Series 2019-1A, Class A2, SEQ, 3.19%, 7/15/44(1) | 135,100 | 129,210 | ||||||
Vantage Data Centers LLC, Series 2020-1A, Class A2, SEQ, 1.65%, 9/15/45(1) | 95,000 | 84,749 | ||||||
Vantage Data Centers LLC, Series 2020-2A, Class A2, SEQ, 1.99%, 9/15/45(1) | 100,000 | 83,698 | ||||||
Westlake Automobile Receivables Trust, Series 2019-2A, Class D, 3.20%, 11/15/24(1) | 9,342 | 9,332 | ||||||
TOTAL ASSET-BACKED SECURITIES (Cost $3,077,741) | 3,152,289 | |||||||
COLLATERALIZED LOAN OBLIGATIONS — 8.9% | ||||||||
AMMC CLO XI Ltd., Series 2012-11A, Class BR2, VRN, 6.40%, (3-month LIBOR plus 1.60%), 4/30/31(1) | 100,000 | 96,261 | ||||||
Arbor Realty Commercial Real Estate Notes Ltd., Series 2019-FL2, Class A, VRN, 5.88%, (1-month SOFR plus 1.31%), 9/15/34(1) | 20,312 | 20,286 | ||||||
ARES XLVII CLO Ltd., Series 2018-47A, Class C, VRN, 6.54%, (3-month LIBOR plus 1.75%), 4/15/30(1) | 100,000 | 96,850 | ||||||
BDS Ltd., Series 2019-FL4, Class A, VRN, 5.70%, (1-month LIBOR plus 1.10%), 8/15/36(1) | 58,085 | 57,997 | ||||||
BXMT Ltd., Series 2020-FL2, Class A, VRN, 5.58%, (1-month SOFR plus 1.01%), 2/15/38(1) | 76,878 | 75,240 | ||||||
BXMT Ltd., Series 2021-FL4, Class AS, VRN, 5.89%, (1-month LIBOR plus 1.30%), 5/15/38(1) | 250,000 | 241,614 |
73
Short Duration Strategic Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
CBAM Ltd., Series 2017-1A, Class B, VRN, 6.61%, (3-month LIBOR plus 1.80%), 7/20/30(1) | $ | 100,000 | $ | 98,604 | ||||
CBAM Ltd., Series 2019-11RA, Class C, VRN, 7.06%, (3-month LIBOR plus 2.25%), 1/20/35(1) | 100,000 | 94,857 | ||||||
Cerberus Loan Funding XXVII LP, Series 2019-2A, Class A2, 3.50%, 1/15/32(1) | 100,000 | 95,032 | ||||||
CIFC Funding Ltd., Series 2017-5A, Class B, VRN, 6.64%, (3-month LIBOR plus 1.85%), 11/16/30(1) | 100,000 | 96,513 | ||||||
Dryden 30 Senior Loan Fund, Series 2013-30A, Class CR, VRN, 6.56%, (3-month LIBOR plus 1.70%), 11/15/28(1) | 75,000 | 72,551 | ||||||
Dryden 72 CLO Ltd., Series 2019-72A, Class CR, VRN, 6.71%, (3-month LIBOR plus 1.85%), 5/15/32(1) | 150,000 | 146,143 | ||||||
Goldentree Loan Opportunities X Ltd., Series 2015-10A, Class BR, VRN, 6.46%, (3-month LIBOR plus 1.65%), 7/20/31(1) | 100,000 | 98,978 | ||||||
Greystone CRE Notes Ltd., Series 2019-FL2, Class A, VRN, 5.77%, (1-month LIBOR plus 1.18%), 9/15/37(1) | 62,719 | 62,036 | ||||||
Greystone CRE Notes Ltd., Series 2019-FL2, Class D, VRN, 6.99%, (1-month LIBOR plus 2.40%), 9/15/37(1) | 130,000 | 125,727 | ||||||
HGI CRE CLO Ltd., Series 2021-FL1, Class AS, VRN, 5.99%, (1-month LIBOR plus 1.40%), 6/16/36(1) | 125,000 | 120,538 | ||||||
KKR Static CLO I Ltd., Series 2022-1A, Class B, VRN, 7.24%, (3-month SOFR plus 2.60%), 7/20/31(1) | 100,000 | 97,556 | ||||||
KVK CLO Ltd., Series 2013-1A, Class DR, VRN, 7.74%, (3-month LIBOR plus 2.95%), 1/14/28(1) | 100,000 | 98,214 | ||||||
Marathon CLO Ltd., Series 2020-15A, Class A1S, VRN, 6.56%, (3-month LIBOR plus 1.70%), 11/15/31(1) | 75,000 | 74,742 | ||||||
MF1 Ltd., Series 2020-FL4, Class D, VRN, 8.78%, (1-month SOFR plus 4.21%), 11/15/35(1) | 200,000 | 192,887 | ||||||
Palmer Square Loan Funding Ltd., Series 2021-3A, Class B, VRN, 6.56%, (3-month LIBOR plus 1.75%), 7/20/29(1) | 125,000 | 120,295 | ||||||
Palmer Square Loan Funding Ltd., Series 2021-3A, Class C, VRN, 7.31%, (3-month LIBOR plus 2.50%), 7/20/29(1) | 75,000 | 72,597 | ||||||
Palmer Square Loan Funding Ltd., Series 2022-4A, Class B, VRN, 7.53%, (3-month SOFR plus 2.75%), 7/24/31(1)(2) | 100,000 | 100,000 | ||||||
Ready Capital Mortgage Financing LLC, Series 2020-FL4, Class B, VRN, 8.47%, (1-month LIBOR plus 3.85%), 2/25/35(1) | 70,000 | 69,388 | ||||||
Ready Capital Mortgage Financing LLC, Series 2023-FL11, Class A, VRN, 6.94%, (1-month SOFR plus 2.37%), 10/25/39(1) | 100,000 | 99,850 | ||||||
Rockford Tower CLO Ltd., Series 2017-3A, Class A, VRN, 6.00%, (3-month LIBOR plus 1.19%), 10/20/30(1) | 100,000 | 99,439 | ||||||
Stewart Park CLO Ltd., Series 2015-1A, Class CR, VRN, 6.59%, (3-month LIBOR plus 1.80%), 1/15/30(1) | 125,000 | 119,521 | ||||||
Stratus CLO Ltd., Series 2021-2A, Class C, VRN, 6.71%, (3-month LIBOR plus 1.90%), 12/28/29(1) | 100,000 | 94,538 | ||||||
Symphony CLO XXII Ltd., Series 2020-22A, Class B, VRN, 6.49%, (3-month LIBOR plus 1.70%), 4/18/33(1) | 100,000 | 97,483 | ||||||
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $2,899,007) | 2,935,737 | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 6.0% | ||||||||
Private Sponsor Collateralized Mortgage Obligations — 3.8% | ||||||||
Angel Oak Mortgage Trust, Series 2020-5, Class A2, SEQ, VRN, 1.58%, 5/25/65(1) | 93,513 | 85,402 | ||||||
Bellemeade Re Ltd., Series 2018-1A, Class M2, VRN, 7.52%, (1-month LIBOR plus 2.90%), 4/25/28(1) | 64,168 | 64,415 | ||||||
Bellemeade Re Ltd., Series 2018-3A, Class M1B, VRN, 6.47%, (1-month LIBOR plus 1.85%), 10/25/28(1) | 16,330 | 16,330 | ||||||
BRAVO Residential Funding Trust, Series 2023-NQM1, Class A2, SEQ, 6.35%, 1/25/63(1) | 99,322 | 98,009 |
74
Short Duration Strategic Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Credit Suisse Mortgage Capital Certificates, Series 2020-SPT1, Class A1, SEQ, 1.62%, 4/25/65(1) | $ | 76,240 | $ | 74,694 | ||||
CSMC Trust, Series 2019-NQM1, Class A2, SEQ, 2.86%, 10/25/59(1) | 90,343 | 86,872 | ||||||
Ellington Financial Mortgage Trust, Series 2020-1, Class A1, VRN, 2.01%, 5/25/65(1) | 88,704 | 86,073 | ||||||
GCAT Trust, Series 2022-NQM5, Class A1, 5.71%, 8/25/67(1) | 98,092 | 96,723 | ||||||
MFA Trust, Series 2023-INV1, Class A2, 6.45%, 2/25/58(1) | 99,789 | 98,995 | ||||||
Residential Mortgage Loan Trust, Series 2020-1, Class A1, VRN, 2.38%, 1/26/60(1) | 90,194 | 86,005 | ||||||
Traingle Re Ltd., Series 2021-1, Class M2, VRN, 8.52%, (1-month LIBOR plus 3.90%), 8/25/33(1) | 147,723 | 148,918 | ||||||
Verus Securitization Trust, Series 2019-4, Class A3, 3.00%, 11/25/59(1) | 103,381 | 98,738 | ||||||
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(1) | 56,761 | 49,904 | ||||||
Visio Trust, Series 2020-1, Class A2, SEQ,VRN, 2.50%, 8/25/55(1) | 110,000 | 99,873 | ||||||
Vista Point Securitization Trust, Series 2020-2, Class A1, VRN, 1.48%, 4/25/65(1) | 97,776 | 87,177 | ||||||
1,278,128 | ||||||||
U.S. Government Agency Collateralized Mortgage Obligations — 2.2% | ||||||||
FHLMC, Series 2021-DNA2, Class M1, VRN, 5.28%, (30-day average SOFR plus 0.80%), 8/25/33(1) | 32,592 | 32,451 | ||||||
FHLMC, Series 2021-HQA3, Class M1, VRN, 5.33%, (30-day average SOFR plus 0.85%), 9/25/41(1) | 85,705 | 82,656 | ||||||
FHLMC, Series 2022-DNA3, Class M1A, VRN, 6.48%, (30-day average SOFR plus 2.00%), 4/25/42(1) | 101,246 | 101,741 | ||||||
FHLMC, Series 2022-DNA5, Class M1A, VRN, 7.43%, (30-day average SOFR plus 2.95%), 6/25/42(1) | 90,374 | 92,599 | ||||||
FHLMC, Series 2022-DNA6, Class M1A, VRN, 6.63%, (30-day average SOFR plus 2.15%), 9/25/42(1) | 89,793 | 90,183 | ||||||
FNMA, Series 2014-C04, Class 1M2, VRN, 9.52%, (1-month LIBOR plus 4.90%), 11/25/24 | 83,760 | 87,184 | ||||||
FNMA, Series 2014-C04, Class 2M2, VRN, 9.62%, (1-month LIBOR plus 5.00%), 11/25/24 | 13,216 | 13,349 | ||||||
FNMA, Series 2015-C01, Class 1M2, VRN, 8.92%, (1-month LIBOR plus 4.30%), 2/25/25 | 86,668 | 89,370 | ||||||
FNMA, Series 2017-C02, Class 2ED3, VRN, 5.97%, (1-month LIBOR plus 1.35%), 9/25/29 | 74,171 | 74,309 | ||||||
FNMA, Series 2019-R07, Class 1M2, VRN, 6.72%, (1-month LIBOR plus 2.10%), 10/25/39(1) | 51,951 | 51,959 | ||||||
715,801 | ||||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,974,407) | 1,993,929 | |||||||
U.S. TREASURY SECURITIES — 4.4% | ||||||||
U.S. Treasury Notes, 3.00%, 6/30/24 | 200,000 | 194,629 | ||||||
U.S. Treasury Notes, 1.00%, 12/15/24(3) | 425,000 | 396,761 | ||||||
U.S. Treasury Notes, 3.50%, 9/15/25 | 210,000 | 204,508 | ||||||
U.S. Treasury Notes, 4.00%, 12/15/25 | 400,000 | 394,689 | ||||||
U.S. Treasury Notes, 3.875%, 1/15/26 | 200,000 | 196,578 | ||||||
U.S. Treasury Notes, 3.25%, 6/30/29 | 70,000 | 66,629 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $1,460,226) | 1,453,794 | |||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 4.1% | ||||||||
BAMLL Commercial Mortgage Securities Trust, Series 2015-200P, Class C, VRN, 3.60%, 4/14/33(1) | 100,000 | 91,252 |
75
Short Duration Strategic Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
BFLD Trust, Series 2019-DPLO, Class A, VRN, 5.68%, (1-month LIBOR plus 1.09%), 10/15/34(1) | $ | 185,000 | $ | 183,262 | ||||
BX Commercial Mortgage Trust, Series 2021-VOLT, Class E, VRN, 6.59%, (1-month LIBOR plus 2.00%), 9/15/36(1) | 100,000 | 96,289 | ||||||
BX Trust, Series 2021-ARIA, Class G, VRN, 7.73%, (1-month LIBOR plus 3.14%), 10/15/36(1) | 50,000 | 46,375 | ||||||
BXHPP Trust, Series 2021-FILM, Class D, VRN, 6.09%, (1-month LIBOR plus 1.50%), 8/15/36(1) | 70,000 | 64,682 | ||||||
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class D, VRN, 6.19%, (1-month LIBOR plus 1.60%), 5/15/36(1) | 99,752 | 98,693 | ||||||
DBWF Mortgage Trust, Series 2018-GLKS, Class A, VRN, 5.73%, (1-month LIBOR plus 1.13%), 12/19/30(1) | 150,000 | 148,464 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class E, VRN, 7.44%, (1-month LIBOR plus 2.85%), 7/15/38(1) | 97,619 | 95,481 | ||||||
Fontainebleau Miami Beach Trust, Series 2019-FBLU, Class F, VRN, 3.96%, 12/10/36(1) | 100,000 | 92,429 | ||||||
Great Wolf Trust, Series 2019-WOLF, Class C, VRN, 6.31%, (1-month SOFR plus 1.75%), 12/15/36(1) | 70,000 | 68,651 | ||||||
Life Mortgage Trust, Series 2021-BMR, Class D, VRN, 5.99%, (1-month LIBOR plus 1.40%), 3/15/38(1) | 304,721 | 295,675 | ||||||
Med Trust, Series 2021-MDLN, Class F, VRN, 8.59%, (1-month LIBOR plus 4.00%), 11/15/38(1) | 99,704 | 94,429 | ||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $1,347,272) | 1,375,682 | |||||||
BANK LOAN OBLIGATIONS(4) — 1.8% | ||||||||
Airlines — 0.4% | ||||||||
American Airlines, Inc., 2023 Term Loan B, 2/15/28(5) | 135,000 | 131,625 | ||||||
Health Care Equipment and Supplies — 0.6% | ||||||||
Avantor Funding, Inc., 2021 Term Loan B5, 11/8/27(5) | 90,283 | 90,283 | ||||||
Medline Borrower LP, USD Term Loan B, 10/23/28(5) | 100,000 | 96,576 | ||||||
186,859 | ||||||||
Health Care Providers and Services — 0.4% | ||||||||
Surgery Center Holdings, Inc., 2021 Term Loan, 8/31/26(5) | 151,000 | 150,150 | ||||||
Pharmaceuticals — 0.4% | ||||||||
Jazz Financing Lux S.a.r.l., USD Term Loan, 5/5/28(5) | 140,000 | 139,938 | ||||||
TOTAL BANK LOAN OBLIGATIONS (Cost $608,325) | 608,572 | |||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 1.1% | ||||||||
Colombia — 0.2% | ||||||||
Colombia Government International Bond, 3.875%, 4/25/27 | 75,000 | 66,794 | ||||||
Dominican Republic — 0.3% | ||||||||
Dominican Republic International Bond, 6.875%, 1/29/26 | 100,000 | 101,556 | ||||||
Romania — 0.2% | ||||||||
Romanian Government International Bond, 6.625%, 2/17/28(1) | 60,000 | 61,418 | ||||||
Saudi Arabia — 0.4% | ||||||||
Saudi Government International Bond, 4.75%, 1/18/28(1) | 20,000 | 19,806 | ||||||
Saudi Government International Bond, 5.50%, 10/25/32(1) | 100,000 | 104,329 | ||||||
124,135 | ||||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $345,816) | 353,903 |
76
Short Duration Strategic Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
PREFERRED STOCKS — 0.3% | ||||||||
Banks — 0.1% | ||||||||
JPMorgan Chase & Co., 4.60% | 55,000 | $ | 51,158 | |||||
Oil, Gas and Consumable Fuels — 0.1% | ||||||||
BP Capital Markets PLC, 4.375% | 20,000 | 19,118 | ||||||
Trading Companies and Distributors — 0.1% | ||||||||
Aircastle Ltd., 5.25%(1) | 41,000 | 33,417 | ||||||
TOTAL PREFERRED STOCKS (Cost $98,466) | 103,693 | |||||||
SHORT-TERM INVESTMENTS — 18.2% | ||||||||
Money Market Funds — 4.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,333,951 | 1,333,951 | ||||||
Treasury Bills(6) — 14.2% | ||||||||
U.S. Treasury Bills, 5.09%, 8/24/23 | $ | 4,800,000 | 4,685,346 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $6,019,082) | 6,019,297 | |||||||
TOTAL INVESTMENT SECURITIES — 102.0% (Cost $33,592,667) | 33,781,799 | |||||||
OTHER ASSETS AND LIABILITIES — (2.0)% | (672,574) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 33,109,225 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 2-Year Notes | 31 | June 2023 | $ | 6,315,523 | $ | (10,804) | ||||||||
U.S. Treasury 10-Year Notes | 2 | June 2023 | 223,313 | 39 | ||||||||||
$ | 6,538,836 | $ | (10,765) |
^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 | 10 | June 2023 | $ | 1,070,547 | $ | (115) | ||||||||
U.S. Treasury 10-Year Ultra Notes | 2 | June 2023 | 234,375 | (111) | ||||||||||
$ | 1,304,922 | $ | (226) |
^Amount represents value and unrealized appreciation (depreciation).
77
Short Duration Strategic Income ETF
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS | |||||||||||||||||||||||
Reference Entity | Type | Fixed Rate Received (Paid) Quarterly | Termination Date | Notional Amount | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Value^ | ||||||||||||||||
Markit CDX North America High Yield Index Series 39 | Buy | (5.00)% | 12/20/27 | $ | 1,200,000 | $ | (29,351) | $ | (1,307) | $ | (30,658) |
^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CDX | – | Credit Derivatives Indexes | ||||||
FHLMC | – | Federal Home Loan Mortgage Corporation | ||||||
FNMA | – | Federal National Mortgage Association | ||||||
LIBOR | – | London Interbank Offered Rate | ||||||
SEQ | – | Sequential Payer | ||||||
SOFR | – | Secured Overnight Financing Rate | ||||||
VRN | – | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
(1)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 $14,401,529, which represented 43.5% of total net assets.
(2)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.
(3)Security, or a portion thereof, 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 $324,877.
(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)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.
See Notes to Financial Statements.
78
Statements of Assets and Liabilities |
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $206,671,628 and $282,404,811, respectively) — including $3,218,067 and $—, respectively of securities on loan | $ | 200,003,893 | $ | 271,903,008 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $3,300,528 and $—, respectively) | 3,300,528 | — | ||||||
Total investment securities, at value (cost of $209,972,156 and $282,404,811, respectively) | 203,304,421 | 271,903,008 | ||||||
Cash | — | 3,069,852 | ||||||
Deposits with broker for futures contracts | 171,548 | — | ||||||
Receivable for investments sold | 3,427,730 | — | ||||||
Interest receivable | 1,944,487 | 2,950,036 | ||||||
Securities lending receivable | 821 | — | ||||||
208,849,007 | 277,922,896 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 3,300,528 | — | ||||||
Payable for investments purchased | 3,701,846 | 3,658,865 | ||||||
Payable for variation margin on futures contracts | 17,146 | — | ||||||
Accrued management fees | 44,751 | 61,789 | ||||||
7,064,271 | 3,720,654 | |||||||
Net Assets | $ | 201,784,736 | $ | 274,202,242 | ||||
Shares outstanding (unlimited number of shares authorized) | 4,450,000 | 5,550,000 | ||||||
Net Asset Value Per Share | $ | 45.34 | $ | 49.41 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 222,750,573 | $ | 296,026,610 | ||||
Distributable earnings (loss) | (20,965,837) | (21,824,368) | ||||||
$ | 201,784,736 | $ | 274,202,242 |
See Notes to Financial Statements.
79
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Emerging Markets Bond ETF | Multisector Income ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $33,840,034 and $151,450,710, respectively) — including $445,053 and $5,704,190, respectively of securities on loan | $ | 31,176,876 | $ | 145,284,566 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $461,438 and $5,494,585, respectively) | 461,438 | 5,494,585 | ||||||
Total investment securities, at value (cost of $34,301,472 and $156,945,295, respectively) | 31,638,314 | 150,779,151 | ||||||
Cash | — | 489,231 | ||||||
Receivable for investments sold | 905,106 | 2,270,905 | ||||||
Receivable for variation margin on futures contracts | 102 | 14,803 | ||||||
Receivable for variation margin on swap agreements | — | 4,988 | ||||||
Interest receivable | 450,660 | 1,239,093 | ||||||
Securities lending receivable | 129 | 3,300 | ||||||
32,994,311 | 154,801,471 | |||||||
Liabilities | ||||||||
Disbursements in excess of demand deposit cash | 102,053 | — | ||||||
Payable for collateral received for securities on loan | 461,438 | 5,494,585 | ||||||
Payable for investments purchased | 412,692 | 3,215,771 | ||||||
Payable for variation margin on swap agreements | 268 | — | ||||||
Accrued management fees | 9,472 | 39,595 | ||||||
985,923 | 8,749,951 | |||||||
Net Assets | $ | 32,008,388 | $ | 146,051,520 | ||||
Shares outstanding (unlimited number of shares authorized) | 850,000 | 3,400,000 | ||||||
Net Asset Value Per Share | $ | 37.66 | $ | 42.96 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 39,474,285 | $ | 163,476,223 | ||||
Distributable earnings (loss) | (7,465,897) | (17,424,703) | ||||||
$ | 32,008,388 | $ | 146,051,520 |
See Notes to Financial Statements.
80
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Select High Yield ETF | Short Duration Strategic Income ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $31,438,418 and $33,592,667, respectively) — including $2,205,135 and $—, respectively of securities on loan | $ | 27,802,685 | $ | 33,781,799 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $2,263,873 and $—, respectively) | 2,263,873 | — | ||||||
Total investment securities, at value (cost of $33,702,291 and $33,592,667, respectively) | 30,066,558 | 33,781,799 | ||||||
Cash | — | 134,117 | ||||||
Receivable for investments sold | — | 629,893 | ||||||
Receivable for variation margin on swap agreements | — | 2,064 | ||||||
Interest receivable | 444,248 | 189,666 | ||||||
Securities lending receivable | 1,531 | — | ||||||
30,512,337 | 34,737,539 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 2,263,873 | — | ||||||
Payable for investments purchased | — | 1,619,519 | ||||||
Payable for variation margin on futures contracts | — | 641 | ||||||
Accrued management fees | 9,835 | 8,154 | ||||||
2,273,708 | 1,628,314 | |||||||
Net Assets | $ | 28,238,629 | $ | 33,109,225 | ||||
Shares outstanding (unlimited number of shares authorized) | 650,000 | 650,000 | ||||||
Net Asset Value Per Share | $ | 43.44 | $ | 50.94 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 32,715,067 | $ | 32,702,710 | ||||
Distributable earnings (loss) | (4,476,438) | 406,515 | ||||||
$ | 28,238,629 | $ | 33,109,225 |
See Notes to Financial Statements.
81
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Interest (net of foreign taxes withheld of $821 and $—, respectively) | $ | 3,520,269 | $ | 4,031,373 | ||||
Securities lending, net | 4,792 | — | ||||||
3,525,061 | 4,031,373 | |||||||
Expenses: | ||||||||
Management fees | 240,836 | 396,391 | ||||||
Other expenses | 1,535 | — | ||||||
242,371 | 396,391 | |||||||
Net investment income (loss) | 3,282,690 | 3,634,982 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (5,134,452) | (6,145,361) | ||||||
Futures contract transactions | (197,412) | — | ||||||
Swap agreement transactions | (65,494) | — | ||||||
(5,397,358) | (6,145,361) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | 1,966,101 | 3,747,601 | ||||||
Futures contracts | 2,590 | — | ||||||
Swap agreements | 8,801 | — | ||||||
1,977,492 | 3,747,601 | |||||||
Net realized and unrealized gain (loss) | (3,419,866) | (2,397,760) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (137,176) | $ | 1,237,222 |
See Notes to Financial Statements.
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FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Emerging Markets Bond ETF | Multisector Income ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Interest | $ | 814,530 | $ | 3,301,770 | ||||
Securities lending, net | 910 | 15,717 | ||||||
815,440 | 3,317,487 | |||||||
Expenses: | ||||||||
Management fees | 52,806 | 222,046 | ||||||
Other expenses | 2,467 | 1,799 | ||||||
55,273 | 223,845 | |||||||
Net investment income (loss) | 760,167 | 3,093,642 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (1,505,061) | (4,283,004) | ||||||
Futures contract transactions | (72,510) | (1,024,710) | ||||||
Swap agreement transactions | (15,950) | 6,971 | ||||||
Foreign currency translation transactions | — | (226) | ||||||
(1,593,521) | (5,300,969) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | 1,182,582 | 2,946,633 | ||||||
Futures contracts | 1,284 | 22,491 | ||||||
Swap agreements | (47,362) | (107,100) | ||||||
Translation of assets and liabilities in foreign currencies | — | 5 | ||||||
1,136,504 | 2,862,029 | |||||||
Net realized and unrealized gain (loss) | (457,017) | (2,438,940) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 303,150 | $ | 654,702 |
See Notes to Financial Statements.
83
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) (EXCEPT AS NOTED) | ||||||||
Select High Yield ETF | Short Duration Strategic Income ETF(1) | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Interest | $ | 767,238 | $ | 600,574 | ||||
Securities lending, net | 8,203 | — | ||||||
775,441 | 600,574 | |||||||
Expenses: | ||||||||
Management fees | 63,023 | 34,980 | ||||||
Other expenses | 49 | 51 | ||||||
63,072 | 35,031 | |||||||
Net investment income (loss) | 712,369 | 565,543 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (474,910) | 95,820 | ||||||
Futures contract transactions | — | (55,108) | ||||||
Swap agreement transactions | — | 4,886 | ||||||
(474,910) | 45,598 | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | 449,157 | 189,132 | ||||||
Futures contracts | — | (10,991) | ||||||
Swap agreements | — | (1,307) | ||||||
449,157 | 176,834 | |||||||
Net realized and unrealized gain (loss) | (25,753) | 222,432 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 686,616 | $ | 787,975 |
(1)October 11, 2022 (fund inception) through February 28, 2023.
See Notes to Financial Statements.
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Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | ||||||||||||||
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | February 28, 2023 | August 31, 2022 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 3,282,690 | $ | 3,259,572 | $ | 3,634,982 | $ | 3,645,084 | ||||||
Net realized gain (loss) | (5,397,358) | (9,385,442) | (6,145,361) | (5,640,496) | ||||||||||
Change in net unrealized appreciation (depreciation) | 1,977,492 | (10,067,750) | 3,747,601 | (18,763,216) | ||||||||||
Net increase (decrease) in net assets resulting from operations | (137,176) | (16,193,620) | 1,237,222 | (20,758,628) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (2,906,160) | (2,951,390) | (3,481,310) | (3,278,595) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 61,139,815 | 35,965,410 | 12,369,434 | 139,499,410 | ||||||||||
Payments for shares redeemed | — | (25,964,990) | (12,379,215) | (2,770,640) | ||||||||||
Other capital | 3,508 | 886 | 9,847 | 91,811 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 61,143,323 | 10,001,306 | 66 | 136,820,581 | ||||||||||
Net increase (decrease) in net assets | 58,099,987 | (9,143,704) | (2,244,022) | 112,783,358 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 143,684,749 | 152,828,453 | 276,446,264 | 163,662,906 | ||||||||||
End of period | $ | 201,784,736 | $ | 143,684,749 | $ | 274,202,242 | $ | 276,446,264 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 1,350,000 | 700,000 | 250,000 | 2,650,000 | ||||||||||
Redeemed | — | (500,000) | (250,000) | (50,000) | ||||||||||
Net increase (decrease) in shares of the funds | 1,350,000 | 200,000 | — | 2,600,000 |
See Notes to Financial Statements.
85
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | ||||||||||||||
Emerging Markets Bond ETF | Multisector Income ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | February 28, 2023 | August 31, 2022 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 760,167 | $ | 1,262,646 | $ | 3,093,642 | $ | 3,980,476 | ||||||
Net realized gain (loss) | (1,593,521) | (3,320,814) | (5,300,969) | (6,698,401) | ||||||||||
Change in net unrealized appreciation (depreciation) | 1,136,504 | (3,886,552) | 2,862,029 | (9,166,249) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 303,150 | (5,944,720) | 654,702 | (11,884,174) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (764,200) | (1,194,630) | (2,903,410) | (3,577,090) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 5,774,709 | 11,194,156 | 33,887,740 | 49,086,845 | ||||||||||
Payments for shares redeemed | — | — | — | (2,224,880) | ||||||||||
Other capital | 1,256 | 2,269 | 49,799 | 58,230 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 5,775,965 | 11,196,425 | 33,937,539 | 46,920,195 | ||||||||||
Net increase (decrease) in net assets | 5,314,915 | 4,057,075 | 31,688,831 | 31,458,931 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 26,693,473 | 22,636,398 | 114,362,689 | 82,903,758 | ||||||||||
End of period | $ | 32,008,388 | $ | 26,693,473 | $ | 146,051,520 | $ | 114,362,689 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 150,000 | 250,000 | 800,000 | 1,000,000 | ||||||||||
Redeemed | — | — | — | (50,000) | ||||||||||
Net increase (decrease) in shares of the funds | 150,000 | 250,000 | 800,000 | 950,000 |
See Notes to Financial Statements.
86
SIX MONTHS ENDED FEBRUARY 28, 2023 (EXCEPT AS NOTED) (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2022 | |||||||||||
Select High Yield ETF | Short Duration Strategic Income ETF | ||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022(1) | February 28, 2023(2) | ||||||||
Operations | |||||||||||
Net investment income (loss) | $ | 712,369 | $ | 1,079,338 | $ | 565,543 | |||||
Net realized gain (loss) | (474,910) | (882,135) | 45,598 | ||||||||
Change in net unrealized appreciation (depreciation) | 449,157 | (4,084,890) | 176,834 | ||||||||
Net increase (decrease) in net assets resulting from operations | 686,616 | (3,887,687) | 787,975 | ||||||||
Distributions to Shareholders | |||||||||||
From earnings | (753,310) | (1,026,610) | (381,460) | ||||||||
Capital Share Transactions | |||||||||||
Proceeds from shares sold | — | 44,736,315 | 32,656,690 | ||||||||
Payments for shares redeemed | (2,177,200) | (9,346,900) | — | ||||||||
Other capital | 1,715 | 5,690 | 46,020 | ||||||||
Net increase (decrease) in net assets from capital share transactions | (2,175,485) | 35,395,105 | 32,702,710 | ||||||||
Net increase (decrease) in net assets | (2,242,179) | 30,480,808 | 33,109,225 | ||||||||
Net Assets | |||||||||||
Beginning of period | 30,480,808 | — | — | ||||||||
End of period | $ | 28,238,629 | $ | 30,480,808 | $ | 33,109,225 | |||||
Transactions in Shares of the Funds | |||||||||||
Sold | — | 900,000 | 650,000 | ||||||||
Redeemed | (50,000) | (200,000) | — | ||||||||
Net increase (decrease) in shares of the funds | (50,000) | 700,000 | 650,000 |
(1)November 16, 2021 (fund inception) through August 31, 2022.
(2)October 11, 2022 (fund inception) through February 28, 2023.
See Notes to Financial Statements.
87
Notes to Financial Statements |
FEBRUARY 28, 2023 (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), American Century Select High Yield ETF (Select High Yield ETF) and American Century Short Duration Strategic Income ETF (Short Duration Strategic Income ETF) (collectively, the funds) are six 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. Short Duration Strategic Income ETF's investment objective is to seek income. As a secondary objective, Short Duration Strategic Income ETF seeks long-term capital appreciation. Shares of Diversified Corporate Bond ETF, Diversified Municipal Bond ETF, Emerging Markets Bond ETF, Multisector Income ETF and Select High Yield ETF are listed for trading on the NYSE Arca, Inc. Shares of Short Duration Strategic Income ETF are listed for trading on The Nasdaq Stock Market LLC. Select High Yield ETF incepted on November 16, 2021. Short Duration Strategic Income ETF incepted on October 11, 2022.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, 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.
88
Hybrid securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Preferred stocks and convertible preferred stocks with perpetual maturities are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information.
Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — Interest income 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. Inflation adjustments related to inflation-linked debt securities are reflected as interest income. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The funds may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.
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. ACIM 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. The funds may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.
Income Tax Status — It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
89
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2023.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Fund / Securities Lending Transactions(1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||
Diversified Corporate Bond ETF | |||||||||||||||||
Corporate Bonds | $ | 3,300,528 | — | — | — | $ | 3,300,528 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 3,300,528 | |||||||||||||||
Emerging Markets Bond ETF | |||||||||||||||||
Corporate Bonds | $ | 461,438 | — | — | — | $ | 461,438 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 461,438 | |||||||||||||||
Multisector Income ETF | |||||||||||||||||
Corporate Bonds | $ | 5,494,585 | — | — | — | $ | 5,494,585 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 5,494,585 | |||||||||||||||
Select High Yield ETF | |||||||||||||||||
Corporate Bonds | $ | 2,263,873 | — | — | — | $ | 2,263,873 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 2,263,873 |
(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.
90
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, 27%, 61%, 50% and 30% of the shares of Diversified Corporate Bond ETF, Emerging Markets Bond ETF, Multisector Income ETF and Short Duration Strategic Income ETF, respectively. ACIM owns 38% and 60% of the shares of Select High Yield ETF and Short Duration Strategic Income ETF, respectively. Related parties do not invest in the funds for the purpose of exercising management or control.
ACIM has engaged Nomura Corporate Research and Asset Management Inc. (NCRAM) to serve as a subadvisor for Select High Yield ETF. NCRAM is responsible for making investment recommendations for the fund, subject to the oversight of the Board of Trustees and general supervision of the investment advisor and in accordance with the investment objective, polices and restrictions of the fund. ACIM pays all costs associated with retaining NCRAM as the subadvisor of the fund. A subsidiary of NCRAM’s parent company indirectly owns a non-controlling equity interest in ACC.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears.
The annual management fee for each fund is as follows:
Annual Management Fee | |||||
Diversified Corporate Bond ETF | 0.29% | ||||
Diversified Municipal Bond ETF | 0.29% | ||||
Emerging Markets Bond ETF | 0.39% | ||||
Multisector Income ETF | 0.35% | ||||
Select High Yield ETF | 0.45% | ||||
Short Duration Strategic Income ETF | 0.32% |
Other Expenses — Emerging Markets Bond ETF's other expenses may include interest charges, clearing exchange fees, proxy solicitation expenses, fees associated with the recovery of foreign tax reclaims and other miscellaneous expenses. The impact of other expenses to the annualized ratio of operating expenses to average net assets was 0.02% for the period ended February 28, 2023.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended February 28, 2023 were as follows:
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | Emerging Markets Bond ETF | |||||||||
Purchases of U.S. Treasury and Government Agency obligations | $ | 4,191,606 | — | — | |||||||
Purchases of other investment securities | $ | 112,739,260 | $ | 60,936,633 | $ | 8,952,970 | |||||
Total Purchases | $ | 116,930,866 | $ | 60,936,633 | $ | 8,952,970 | |||||
Sales of U.S. Treasury and Government Agency obligations | $ | 3,890,184 | — | $ | 172,945 | ||||||
Sales of other investment securities | $ | 113,220,598 | $ | 53,278,600 | $ | 9,936,079 | |||||
Total Sales | $ | 117,110,782 | $ | 53,278,600 | $ | 10,109,024 |
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Multisector Income ETF | Select High Yield ETF | Short Duration Strategic Income ETF(1) | |||||||||
Purchases of U.S. Treasury and Government Agency obligations | $ | 33,130,214 | — | $ | 5,402,872 | ||||||
Purchases of other investment securities | $ | 71,715,169 | $ | 2,135,752 | $ | 21,739,169 | |||||
Total Purchases | $ | 104,845,383 | $ | 2,135,752 | $ | 27,142,041 | |||||
Sales of U.S. Treasury and Government Agency obligations | $ | 49,254,772 | — | $ | 10,289,733 | ||||||
Sales of other investment securities | $ | 52,979,164 | $ | 2,624,231 | $ | 9,430,336 | |||||
Total Sales | $ | 102,233,936 | $ | 2,624,231 | $ | 19,720,069 |
(1)October 11, 2022 (fund inception) through February 28, 2023.
Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2023 were as follows:
In kind Subscriptions | In kind Redemptions | In kind Net Realized Gain/(Loss)* | |||||||||
Diversified Corporate Bond ETF | $ | 59,033,269 | — | — | |||||||
Diversified Municipal Bond ETF | $ | 7,036,459 | $ | 12,047,518 | $ | (1,165,665) | |||||
Emerging Markets Bond ETF | $ | 5,373,595 | — | — | |||||||
Multisector Income ETF | $ | 19,379,473 | — | — | |||||||
Select High Yield ETF | — | $ | 1,664,716 | $ | (214,422) | ||||||
Short Duration Strategic Income ETF(1) | $ | 20,227,700 | — | — |
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)October 11, 2022 (fund inception) through February 28, 2023.
5. Capital Share Transactions
Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.
6. Fair Value Measurements
The funds' investment valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the funds. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
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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 | — | $ | 193,833,697 | — | |||||||
U.S. Treasury Securities | — | 3,163,286 | — | ||||||||
Municipal Securities | — | 419,210 | — | ||||||||
Short-Term Investments | $ | 5,888,228 | — | — | |||||||
$ | 5,888,228 | $ | 197,416,193 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 2,714 | — | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 1,261 | — | — |
Diversified Municipal Bond ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Municipal Securities | — | $ | 267,091,546 | — | |||||||
Short-Term Investments | $ | 4,811,462 | — | — | |||||||
$ | 4,811,462 | $ | 267,091,546 | — |
Emerging Markets Bond ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Sovereign Governments and Agencies | — | $ | 13,607,090 | — | |||||||
Corporate Bonds | — | 12,700,410 | — | ||||||||
U.S. Treasury Securities | — | 1,474,215 | — | ||||||||
Preferred Stocks | — | 216,534 | — | ||||||||
Short-Term Investments | $ | 3,640,065 | — | — | |||||||
$ | 3,640,065 | $ | 27,998,249 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 2,002 | — | — | |||||||
Swap Agreements | — | $ | 108,484 | — | |||||||
$ | 2,002 | $ | 108,484 | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 2,187 | — | — |
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Multisector Income ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 69,085,793 | — | |||||||
U.S. Treasury Securities | — | 19,081,269 | — | ||||||||
Asset-Backed Securities | — | 15,333,089 | — | ||||||||
Collateralized Loan Obligations | — | 10,607,823 | — | ||||||||
Collateralized Mortgage Obligations | — | 8,126,442 | — | ||||||||
Commercial Mortgage-Backed Securities | — | 5,789,111 | — | ||||||||
Bank Loan Obligations | — | 2,571,721 | — | ||||||||
Sovereign Governments and Agencies | — | 2,530,093 | — | ||||||||
Preferred Stocks | — | 1,987,575 | — | ||||||||
Short-Term Investments | $ | 11,273,723 | 4,392,512 | — | |||||||
$ | 11,273,723 | $ | 139,505,428 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 19,948 | — | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 20,298 | — | — | |||||||
Swap Agreements | — | $ | 74,091 | — | |||||||
$ | 20,298 | $ | 74,091 | — |
Select High Yield ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 26,567,443 | — | |||||||
Preferred Stocks | — | 181,354 | — | ||||||||
Short-Term Investments | $ | 3,317,761 | — | — | |||||||
$ | 3,317,761 | $ | 26,748,797 | — |
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Short Duration Strategic Income ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 15,784,903 | — | |||||||
Asset-Backed Securities | — | 3,152,289 | — | ||||||||
Collateralized Loan Obligations | — | 2,935,737 | — | ||||||||
Collateralized Mortgage Obligations | — | 1,993,929 | — | ||||||||
U.S. Treasury Securities | — | 1,453,794 | — | ||||||||
Commercial Mortgage-Backed Securities | — | 1,375,682 | — | ||||||||
Bank Loan Obligations | — | 608,572 | — | ||||||||
Sovereign Governments and Agencies | — | 353,903 | — | ||||||||
Preferred Stocks | — | 103,693 | — | ||||||||
Short-Term Investments | $ | 1,333,951 | 4,685,346 | — | |||||||
$ | 1,333,951 | $ | 32,447,848 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 39 | — | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 11,030 | — | — | |||||||
Swap Agreements | — | $ | 30,658 | — | |||||||
$ | 11,030 | $ | 30,658 | — |
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 | $ | 1,897,000 | |||
Emerging Markets Bond ETF | $ | 2,115,667 | |||
Multisector Income ETF | $ | 3,033,010 | |||
Short Duration Strategic Income ETF | $ | 1,200,000 |
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Interest Rate Risk — The funds are subject to interest rate risk in the normal course of pursuing 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 | $ | 20,224,167 | $ | 13,645,356 | ||||
Emerging Markets Bond ETF | $ | 2,218,695 | $ | 2,150,146 | ||||
Multisector Income ETF | $ | 33,377,741 | $ | 2,232,662 | ||||
Short Duration Strategic Income ETF | $ | 2,308,498 | $ | 1,103,022 |
Value of Derivative Instruments as of February 28, 2023
Asset Derivatives | Liability Derivatives | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Assets and Liabilities | Value | Location on Statement of Assets and Liabilities | Value | ||||||||||
Diversified Corporate Bond ETF | ||||||||||||||
Interest Rate Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 17,146 | |||||||||
Emerging Markets Bond ETF | ||||||||||||||
Credit Risk | Receivable for variation margin on swap agreements* | — | Payable for variation margin on swap agreements* | $ | 268 | |||||||||
Interest Rate Risk | Receivable for variation margin on futures contracts* | $ | 102 | Payable for variation margin on futures contracts* | — | |||||||||
$ | 102 | $ | 268 | |||||||||||
Multisector Income ETF | ||||||||||||||
Credit Risk | Receivable for variation margin on swap agreements* | $ | 4,988 | Payable for variation margin on swap agreements* | — | |||||||||
Interest Rate Risk | Receivable for variation margin on futures contracts* | 14,803 | Payable for variation margin on futures contracts* | — | ||||||||||
$ | 19,791 | — | ||||||||||||
Short Duration Strategic Income ETF | ||||||||||||||
Credit Risk | Receivable for variation margin on swap agreements* | $ | 2,064 | Payable for variation margin on swap agreements* | — | |||||||||
Interest Rate Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 641 | |||||||||
$ | 2,064 | $ | 641 |
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, 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, 2023
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Operations | Value | Location on Statement of Operations | Value | ||||||||||
Diversified Corporate Bond ETF | ||||||||||||||
Credit Risk | Net realized gain (loss) on swap agreement transactions | $ | (65,494) | Change in net unrealized appreciation (depreciation) on swap agreements | $ | 8,801 | ||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | (197,412) | Change in net unrealized appreciation (depreciation) on futures contracts | 2,590 | ||||||||||
$ | (262,906) | $ | 11,391 | |||||||||||
Emerging Markets Bond ETF | ||||||||||||||
Credit Risk | Net realized gain (loss) on swap agreement transactions | $ | (15,950) | Change in net unrealized appreciation (depreciation) on swap agreements | $ | (47,362) | ||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | (72,510) | Change in net unrealized appreciation (depreciation) on futures contracts | 1,284 | ||||||||||
$ | (88,460) | $ | (46,078) | |||||||||||
Multisector Income ETF | ||||||||||||||
Credit Risk | Net realized gain (loss) on swap agreement transactions | $ | 6,971 | Change in net unrealized appreciation (depreciation) on swap agreements | $ | (107,100) | ||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | (1,024,710) | Change in net unrealized appreciation (depreciation) on futures contracts | 22,491 | ||||||||||
$ | (1,017,739) | $ | (84,609) | |||||||||||
Short Duration Strategic Income ETF | ||||||||||||||
Credit Risk | Net realized gain (loss) on swap agreement transactions | $ | 4,886 | Change in net unrealized appreciation (depreciation) on swap agreements | $ | (1,307) | ||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | (55,108) | Change in net unrealized appreciation (depreciation) on futures contracts | (10,991) | ||||||||||
$ | (50,222) | $ | (12,298) |
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.
97
There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
The funds may invest in high-yield and lower-rated debt securities, which are subject to substantial risks including liquidity risk and credit risk.
A fund's investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.
The novel coronavirus (COVID-19) pandemic has 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 | |||||||||
Federal tax cost of investments | $ | 210,218,756 | $ | 282,441,965 | $ | 34,557,119 | |||||
Gross tax appreciation of investments | $ | 356,355 | $ | 1,230,086 | $ | 188,776 | |||||
Gross tax depreciation of investments | (7,270,690) | (11,769,043) | (3,107,581) | ||||||||
Net tax appreciation (depreciation) of investments | $ | (6,914,335) | $ | (10,538,957) | $ | (2,918,805) |
Multisector Income ETF | Select High Yield ETF | Short Duration Strategic Income ETF | |||||||||
Federal tax cost of investments | $ | 157,002,086 | $ | 33,702,291 | $ | 33,599,585 | |||||
Gross tax appreciation of investments | $ | 648,120 | $ | 26,584 | $ | 278,619 | |||||
Gross tax depreciation of investments | (6,871,055) | (3,662,317) | (96,405) | ||||||||
Net tax appreciation (depreciation) of investments | $ | (6,222,935) | $ | (3,635,733) | $ | 182,214 |
For Diversified Corporate Bond ETF, Diversified Municipal Bond ETF, Emerging Markets Bond ETF,
Multisector Income ETF and Short Duration Strategic Income ETF, the difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales. The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes for Select High Yield ETF.
As of August 31, 2022, 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 Corporate Bond ETF | $ | (8,275,499) | $ | (1,408,897) | ||||
Diversified Municipal Bond ETF | $ | (4,713,606) | $ | (1,176,877) | ||||
Emerging Markets Bond ETF | $ | (2,547,989) | $ | (561,292) | ||||
Multisector Income ETF | $ | (6,715,554) | — | |||||
Select High Yield ETF | $ | (466,310) | — |
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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 | ||||||||||||||||||||||||||||||||||||||||||||
2023(4) | $46.35 | 0.89 | (1.08) | (0.19) | (0.82) | — | (0.82) | 0.00(5) | $45.34 | (0.39)% | 0.29%(6) | 3.95%(6) | 72% | $201,785 | ||||||||||||||||||||||||||||||
2022 | $52.70 | 1.08 | (6.45) | (5.37) | (0.98) | — | (0.98) | 0.00(5) | $46.35 | (10.30)% | 0.29% | 2.18% | 181% | $143,685 | ||||||||||||||||||||||||||||||
2021 | $52.72 | 0.93 | 0.66 | 1.59 | (1.39) | (0.22) | (1.61) | 0.00(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, 2023 (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 | ||||||||||||||||||||||||||||||||||||||
2023(4) | $49.81 | 0.65 | (0.43) | 0.22 | (0.62) | 0.00(5) | $49.41 | 0.44% | 0.29%(6) | 2.66%(6) | 20% | $274,202 | ||||||||||||||||||||||||||
2022 | $55.48 | 0.89 | (5.76) | (4.87) | (0.82) | 0.02 | $49.81 | (8.82)% | 0.29% | 1.70% | 46% | $276,446 | ||||||||||||||||||||||||||
2021 | $53.61 | 1.00 | 1.83 | 2.83 | (1.05) | 0.09 | $55.48 | 5.50% | 0.29% | 1.82% | 14% | $163,663 | ||||||||||||||||||||||||||
2020 | $53.37 | 1.19 | 0.11 | 1.30 | (1.15) | 0.09 | $53.61 | 2.66% | 0.29% | 2.26% | 23% | $67,018 | ||||||||||||||||||||||||||
2019(7) | $50.00 | 1.36 | 3.16 | 4.52 | (1.25) | 0.10 | $53.37 | 9.42% | 0.29%(6) | 2.74%(6) | 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, 2023 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)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 | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Emerging Markets Bond ETF | ||||||||||||||||||||||||||||||||||||||
2023(4) | $38.13 | 1.04 | (0.44) | 0.60 | (1.07) | 0.00(5) | $37.66 | 1.63% | 0.41%(6) | 5.61%(6) | 38% | $32,008 | ||||||||||||||||||||||||||
2022 | $50.30 | 2.13 | (12.25) | (10.12) | (2.05) | 0.00(5) | $38.13 | (20.60)% | 0.39% | 4.87% | 64% | $26,693 | ||||||||||||||||||||||||||
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, 2023 (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 Years Ended August 31 (except as noted) | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Multisector Income ETF | ||||||||||||||||||||||||||||||||||||||
2023(4) | $43.99 | 1.04 | (1.07) | (0.03) | (1.02) | 0.02 | $42.96 | (0.01)% | 0.35%(5) | 4.88%(5) | 83% | $146,052 | ||||||||||||||||||||||||||
2022 | $50.24 | 1.67 | (6.41) | (4.74) | (1.53) | 0.02 | $43.99 | (9.60)% | 0.35% | 3.55% | 147% | $114,363 | ||||||||||||||||||||||||||
2021(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, 2023 (unaudited).
(5)Annualized.
(6)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) | |||||||||||||||||||||||||||
Select High Yield ETF | ||||||||||||||||||||||||||||||||||||||
2023(4) | $43.54 | 1.09 | (0.05) | 1.04 | (1.14) | 0.00(5) | $43.44 | 2.44% | 0.45%(6) | 5.09%(6) | 8% | $28,239 | ||||||||||||||||||||||||||
2022(7) | $50.00 | 1.58 | (6.54) | (4.96) | (1.51) | 0.01 | $43.54 | (10.04)% | 0.45%(6) | 4.32%(6) | 12% | $30,481 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2023 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)November 16, 2021 (fund inception) through August 31, 2022.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Other Capital(1) | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Short Duration Strategic Income ETF | ||||||||||||||||||||||||||||||||||||||
2023(4) | $50.00 | 1.01 | 0.50 | 1.51 | (0.65) | 0.08 | $50.94 | 3.19% | 0.32%(5) | 5.17%(5) | 80% | $33,109 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)October 11, 2022 (fund inception) through February 28, 2023 (unaudited).
(5)Annualized.
See Notes to Financial Statements.
Approval of Management Agreement |
American Century Short Duration Strategic Income ETF
At a meeting held on June 2, 2022, the Fund's Board of Trustees (the "Board") unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the American Century Short Duration Strategic Income ETF (the "New Fund").
Under Section 15 of the of the Investment Company Act of 1940, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent Trustees and, after a period two years from execution, to be evaluated on an annual basis.
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 similarly-managed funds;
•the Advisor’s compliance policies, procedures, and regulatory experience; and
•any collateral benefits derived by the Advisor from the management of the New Fund.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent data provider and comparing the New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of the New Fund was anticipated to be below the median of the total expense ratios of it's respective peer universe.
When considering the approval of the management agreement for the New Fund, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Fund and the risk that the New Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. A majority of the Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the New Fund.
The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ independent counsel in connection with the approval, and evaluated such information for the New Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the 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.
105
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
106
Notes |
107
Notes |
108
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. | ||||||||
©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96947 2304 |
Semiannual Report | |||||
February 28, 2023 | |||||
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 ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.
Stocks and Bonds Delivered Mixed Results as Volatility Reigned
Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.
The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.
In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.
For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Focused Dynamic Growth ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 98.4% | ||||
Short-Term Investments | 1.6% | ||||
Other Assets and Liabilities | —* | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Industries | % of net assets | ||||
IT Services | 13.1% | ||||
Biotechnology | 10.9% | ||||
Software | 10.4% | ||||
Internet and Direct Marketing Retail | 7.5% | ||||
Interactive Media and Services | 7.3% |
3
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Focused Large Cap Value ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 98.7% | ||||
Short-Term Investments | 1.1% | ||||
Other Assets and Liabilities | 0.2% | ||||
Top Five Industries | % of net assets | ||||
Health Care Equipment and Supplies | 9.7% | ||||
Insurance | 9.4% | ||||
Household Products | 8.3% | ||||
Oil, Gas and Consumable Fuels | 7.5% | ||||
Pharmaceuticals | 7.1% |
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, 2022 to February 28, 2023.
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 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid During Period(1) 9/1/22 - 2/28/23 | Annualized Expense Ratio(1) | |||||||||||
Focused Dynamic Growth ETF | ||||||||||||||
Actual | $1,000 | $962.50 | $2.19 | 0.45% | ||||||||||
Hypothetical | $1,000 | $1,022.56 | $2.26 | 0.45% | ||||||||||
Focused Large Cap Value ETF | ||||||||||||||
Actual | $1,000 | $1,066.20 | $2.15 | 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, 2023 (UNAUDITED)
Focused Dynamic Growth ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 98.4% | ||||||||
Aerospace and Defense — 0.8% | ||||||||
Rocket Lab USA, Inc.(1)(2) | 210,518 | $ | 947,331 | |||||
Automobiles — 7.2% | ||||||||
Tesla, Inc.(1) | 44,457 | 9,145,249 | ||||||
Beverages — 6.0% | ||||||||
Boston Beer Co., Inc., Class A(1) | 5,288 | 1,712,255 | ||||||
Constellation Brands, Inc., Class A | 26,586 | 5,947,288 | ||||||
7,659,543 | ||||||||
Biotechnology — 10.9% | ||||||||
Alnylam Pharmaceuticals, Inc.(1) | 18,195 | 3,483,433 | ||||||
Argenx SE, ADR(1) | 7,120 | 2,606,062 | ||||||
Ascendis Pharma A/S, ADR(1) | 12,322 | 1,368,851 | ||||||
Blueprint Medicines Corp.(1) | 14,694 | 622,585 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 7,503 | 5,705,431 | ||||||
13,786,362 | ||||||||
Capital Markets — 3.4% | ||||||||
Intercontinental Exchange, Inc. | 26,021 | 2,648,938 | ||||||
S&P Global, Inc. | 4,973 | 1,696,787 | ||||||
4,345,725 | ||||||||
Electronic Equipment, Instruments and Components — 2.8% | ||||||||
Cognex Corp. | 32,544 | 1,543,237 | ||||||
Keysight Technologies, Inc.(1) | 12,394 | 1,982,544 | ||||||
3,525,781 | ||||||||
Energy Equipment and Services — 1.6% | ||||||||
Cactus, Inc., Class A | 45,312 | 2,082,086 | ||||||
Entertainment — 1.8% | ||||||||
Netflix, Inc.(1) | 6,974 | 2,246,535 | ||||||
Health Care Equipment and Supplies — 4.0% | ||||||||
Intuitive Surgical, Inc.(1) | 16,407 | 3,763,602 | ||||||
Silk Road Medical, Inc.(1) | 25,722 | 1,363,009 | ||||||
5,126,611 | ||||||||
Hotels, Restaurants and Leisure — 2.9% | ||||||||
Chipotle Mexican Grill, Inc.(1) | 2,464 | 3,674,021 | ||||||
Interactive Media and Services — 7.3% | ||||||||
Alphabet, Inc., Class C(1) | 102,992 | 9,300,178 | ||||||
Internet and Direct Marketing Retail — 7.5% | ||||||||
Amazon.com, Inc.(1) | 101,616 | 9,575,276 | ||||||
IT Services — 13.1% | ||||||||
Block, Inc.(1) | 32,600 | 2,501,398 | ||||||
Mastercard, Inc., Class A | 15,925 | 5,657,993 | ||||||
Okta, Inc.(1) | 36,138 | 2,576,278 | ||||||
Visa, Inc., Class A | 26,971 | 5,932,002 | ||||||
16,667,671 | ||||||||
Machinery — 7.3% | ||||||||
Graco, Inc. | 47,988 | 3,337,086 |
6
Focused Dynamic Growth ETF | ||||||||
Shares | Value | |||||||
Westinghouse Air Brake Technologies Corp. | 56,916 | $ | 5,938,046 | |||||
9,275,132 | ||||||||
Professional Services — 1.2% | ||||||||
Verisk Analytics, Inc. | 8,928 | 1,527,670 | ||||||
Semiconductors and Semiconductor Equipment — 6.9% | ||||||||
Monolithic Power Systems, Inc. | 5,295 | 2,564,316 | ||||||
NVIDIA Corp. | 26,470 | 6,145,275 | ||||||
8,709,591 | ||||||||
Software — 10.4% | ||||||||
Bill.com Holdings, Inc.(1) | 18,011 | 1,524,271 | ||||||
Cadence Design Systems, Inc.(1) | 10,615 | 2,048,058 | ||||||
DocuSign, Inc.(1) | 28,626 | 1,756,205 | ||||||
HubSpot, Inc.(1) | 1,638 | 633,677 | ||||||
Paylocity Holding Corp.(1) | 23,307 | 4,489,161 | ||||||
Salesforce, Inc.(1) | 16,572 | 2,711,345 | ||||||
13,162,717 | ||||||||
Textiles, Apparel and Luxury Goods — 3.3% | ||||||||
NIKE, Inc., Class B | 35,589 | 4,227,617 | ||||||
TOTAL COMMON STOCKS (Cost $126,842,445) | 124,985,096 | |||||||
SHORT-TERM INVESTMENTS — 1.6% | ||||||||
Money Market Funds — 1.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $2,030,352) | 2,030,352 | 2,030,352 | ||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $128,872,797) | 127,015,448 | |||||||
OTHER ASSETS AND LIABILITIES† | (2,803) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 127,012,645 |
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 $644,706. 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 $672,929, all of which is securities collateral.
See Notes to Financial Statements.
7
FEBRUARY 28, 2023 (UNAUDITED)
Focused Large Cap Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 98.7% | ||||||||
Aerospace and Defense — 3.7% | ||||||||
Raytheon Technologies Corp. | 83,913 | $ | 8,231,026 | |||||
Airlines — 1.0% | ||||||||
Southwest Airlines Co. | 68,995 | 2,316,852 | ||||||
Banks — 5.7% | ||||||||
JPMorgan Chase & Co. | 58,124 | 8,332,075 | ||||||
Truist Financial Corp. | 93,763 | 4,402,173 | ||||||
12,734,248 | ||||||||
Capital Markets — 4.4% | ||||||||
Bank of New York Mellon Corp. | 140,360 | 7,141,517 | ||||||
BlackRock, Inc. | 3,936 | 2,713,596 | ||||||
9,855,113 | ||||||||
Communications Equipment — 3.8% | ||||||||
Cisco Systems, Inc. | 98,079 | 4,748,985 | ||||||
F5, Inc.(1) | 26,676 | 3,814,135 | ||||||
8,563,120 | ||||||||
Containers and Packaging — 2.7% | ||||||||
Packaging Corp. of America | 26,933 | 3,682,280 | ||||||
Sonoco Products Co. | 40,848 | 2,412,483 | ||||||
6,094,763 | ||||||||
Diversified Financial Services — 3.9% | ||||||||
Berkshire Hathaway, Inc., Class B(1) | 28,896 | 8,818,481 | ||||||
Diversified Telecommunication Services — 2.9% | ||||||||
AT&T, Inc. | 343,648 | 6,498,384 | ||||||
Electric Utilities — 3.7% | ||||||||
Duke Energy Corp. | 88,935 | 8,383,013 | ||||||
Electrical Equipment — 4.5% | ||||||||
ABB Ltd., ADR(2) | 55,953 | 1,863,235 | ||||||
Emerson Electric Co. | 56,070 | 4,637,550 | ||||||
nVent Electric PLC | 78,531 | 3,599,861 | ||||||
10,100,646 | ||||||||
Electronic Equipment, Instruments and Components — 1.3% | ||||||||
TE Connectivity Ltd. | 23,153 | 2,947,840 | ||||||
Entertainment — 1.7% | ||||||||
Walt Disney Co.(1) | 37,903 | 3,775,518 | ||||||
Equity Real Estate Investment Trusts (REITs) — 1.9% | ||||||||
Public Storage | 14,247 | 4,259,141 | ||||||
Food and Staples Retailing — 2.4% | ||||||||
Sysco Corp. | 35,077 | 2,615,692 | ||||||
Walmart, Inc. | 19,753 | 2,807,494 | ||||||
5,423,186 | ||||||||
Food Products — 3.7% | ||||||||
Conagra Brands, Inc. | 110,536 | 4,024,616 | ||||||
Mondelez International, Inc., Class A | 64,913 | 4,231,029 | ||||||
8,255,645 | ||||||||
Gas Utilities — 2.9% | ||||||||
Atmos Energy Corp. | 56,711 | 6,397,568 | ||||||
Health Care Equipment and Supplies — 9.7% | ||||||||
Becton Dickinson & Co. | 9,800 | 2,298,590 |
8
Focused Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Medtronic PLC | 134,055 | $ | 11,099,754 | |||||
Zimmer Biomet Holdings, Inc. | 66,981 | 8,296,936 | ||||||
21,695,280 | ||||||||
Health Care Providers and Services — 3.0% | ||||||||
Henry Schein, Inc.(1) | 47,555 | 3,724,032 | ||||||
Quest Diagnostics, Inc. | 22,470 | 3,108,949 | ||||||
6,832,981 | ||||||||
Household Products — 8.3% | ||||||||
Colgate-Palmolive Co. | 65,583 | 4,807,234 | ||||||
Kimberly-Clark Corp. | 44,619 | 5,579,606 | ||||||
Procter & Gamble Co. | 59,750 | 8,219,210 | ||||||
18,606,050 | ||||||||
Industrial Conglomerates — 0.4% | ||||||||
Honeywell International, Inc. | 4,192 | 802,684 | ||||||
Insurance — 9.4% | ||||||||
Aflac, Inc. | 56,754 | 3,867,785 | ||||||
Allstate Corp. | 48,034 | 6,185,819 | ||||||
Marsh & McLennan Cos., Inc. | 31,623 | 5,127,353 | ||||||
Reinsurance Group of America, Inc. | 40,310 | 5,823,586 | ||||||
21,004,543 | ||||||||
Machinery — 1.0% | ||||||||
Oshkosh Corp. | 25,580 | 2,281,480 | ||||||
Oil, Gas and Consumable Fuels — 7.5% | ||||||||
Exxon Mobil Corp. | 77,046 | 8,468,126 | ||||||
TotalEnergies SE, ADR | 135,455 | 8,386,019 | ||||||
16,854,145 | ||||||||
Pharmaceuticals — 7.1% | ||||||||
Johnson & Johnson | 76,222 | 11,681,783 | ||||||
Novartis AG, ADR | 50,048 | 4,210,038 | ||||||
15,891,821 | ||||||||
Semiconductors and Semiconductor Equipment — 1.1% | ||||||||
Texas Instruments, Inc. | 14,155 | 2,426,875 | ||||||
Software — 1.0% | ||||||||
Microsoft Corp. | 8,927 | 2,226,572 | ||||||
TOTAL COMMON STOCKS (Cost $203,775,422) | 221,276,975 | |||||||
SHORT-TERM INVESTMENTS — 1.1% | ||||||||
Money Market Funds — 1.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $2,362,856) | 2,362,856 | 2,362,856 | ||||||
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $206,138,278) | 223,639,831 | |||||||
OTHER ASSETS AND LIABILITIES — 0.2% | 501,876 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 224,141,707 |
9
Focused Large Cap Value ETF
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | – | American Depositary Receipt |
(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 $1,191,774. 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 $1,226,879, all of which is securities collateral.
See Notes to Financial Statements.
10
Statements of Assets and Liabilities |
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Focused Dynamic Growth ETF | Focused Large Cap Value ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $128,872,797 and $206,138,278, respectively) — including $644,706 and $1,191,774, respectively of securities on loan | $ | 127,015,448 | $ | 223,639,831 | ||||
Receivable for investments sold | — | 831,083 | ||||||
Dividends and interest receivable | 42,629 | 687,772 | ||||||
Securities lending receivable | 125 | 714 | ||||||
127,058,202 | 225,159,400 | |||||||
Liabilities | ||||||||
Payable for investments purchased | — | 944,104 | ||||||
Accrued management fees | 45,557 | 73,589 | ||||||
45,557 | 1,017,693 | |||||||
Net Assets | $ | 127,012,645 | $ | 224,141,707 | ||||
Shares outstanding (unlimited number of shares authorized) | 2,285,000 | 3,840,000 | ||||||
Net Asset Value Per Share | $ | 55.59 | $ | 58.37 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 154,091,390 | $ | 204,359,933 | ||||
Distributable earnings (loss) | (27,078,745) | 19,781,774 | ||||||
$ | 127,012,645 | $ | 224,141,707 |
See Notes to Financial Statements.
11
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Focused Dynamic Growth ETF | Focused Large Cap Value ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $— and $67,078, respectively) | $ | 237,267 | $ | 2,866,658 | ||||
Interest | 44,467 | 41,469 | ||||||
Securities lending, net | 414 | 3,855 | ||||||
282,148 | 2,911,982 | |||||||
Expenses: | ||||||||
Management fees | 283,969 | 460,812 | ||||||
Net investment income (loss) | (1,821) | 2,451,170 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on investment transactions | (5,430,239) | 2,568,412 | ||||||
Change in net unrealized appreciation (depreciation) on investments | 352,747 | 9,251,422 | ||||||
Net realized and unrealized gain (loss) | (5,077,492) | 11,819,834 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (5,079,313) | $ | 14,271,004 |
See Notes to Financial Statements.
12
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | ||||||||||||||
Focused Dynamic Growth ETF | Focused Large Cap Value ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | February 28, 2023 | August 31, 2022 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | (1,821) | $ | (325,018) | $ | 2,451,170 | $ | 4,722,272 | ||||||
Net realized gain (loss) | (5,430,239) | (7,024,149) | 2,568,412 | 18,521,090 | ||||||||||
Change in net unrealized appreciation (depreciation) | 352,747 | (69,246,962) | 9,251,422 | (33,742,584) | ||||||||||
Net increase (decrease) in net assets resulting from operations | (5,079,313) | (76,596,129) | 14,271,004 | (10,499,222) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | — | — | (8,567,054) | (9,716,163) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 4,342,895 | 43,427,709 | 15,450,593 | 25,226,721 | ||||||||||
Payments for shares redeemed | (12,585,142) | (57,885,327) | (10,783,110) | (55,367,369) | ||||||||||
Other capital | 1,301 | 1,646 | 1,053 | 1,808 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | (8,240,946) | (14,455,972) | 4,668,536 | (30,138,840) | ||||||||||
Net increase (decrease) in net assets | (13,320,259) | (91,052,101) | 10,372,486 | (50,354,225) | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 140,332,904 | 231,385,005 | 213,769,221 | 264,123,446 | ||||||||||
End of period | $ | 127,012,645 | $ | 140,332,904 | $ | 224,141,707 | $ | 213,769,221 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 80,000 | 585,000 | 265,000 | 420,000 | ||||||||||
Redeemed | (225,000) | (820,000) | (180,000) | (915,000) | ||||||||||
Net increase (decrease) in shares of the funds | (145,000) | (235,000) | 85,000 | (495,000) |
See Notes to Financial Statements.
13
Notes to Financial Statements |
FEBRUARY 28, 2023 (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 value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
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 valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
14
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. ACIM 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. The funds may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.
Income Tax Status — It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
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.
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.
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% and 31% 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.
15
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% |
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, 2023 were as follows:
Focused Dynamic Growth ETF | Focused Large Cap Value ETF | |||||||
Purchases | $18,265,889 | $63,066,341 | ||||||
Sales | $20,669,497 | $53,937,026 |
Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2023 were as follows:
In kind Subscriptions | In kind Redemptions | In kind Net Realized Gain/(Loss)* | |||||||||
Focused Dynamic Growth ETF | — | $6,196,114 | $1,320,137 | ||||||||
Focused Large Cap Value ETF | — | $10,546,722 | $1,973,929 |
*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.
16
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the funds' investment securities were classified as Level 1. The Schedules of Investments provide additional information on the funds' portfolio holdings.
7. Risk Factors
The value of the funds’ shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the funds and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the funds’ investments. Natural disasters, public health emergencies, 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 | $ | 130,872,311 | $ | 206,231,775 | ||||
Gross tax appreciation of investments | $ | 14,024,139 | $ | 22,118,586 | ||||
Gross tax depreciation of investments | (17,881,002) | (4,710,530) | ||||||
Net tax appreciation (depreciation) of investments | $ | (3,856,863) | $ | 17,408,056 |
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, 2022, Focused Dynamic Growth ETF had accumulated short-term capital losses of $(10,714,374) and accumulated long-term capital losses of $(7,768,132), 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.
As of August 31, 2022, Focused Dynamic Growth ETF had late-year ordinary loss deferrals of $(132,891), 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.
17
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) | |||||||||||||||||||||||||||
Focused Dynamic Growth ETF | ||||||||||||||||||||||||||||||||||||||
2023(4) | $57.75 | —(5) | (2.16) | (2.16) | — | 0.00(5) | $55.59 | (3.75)% | 0.45%(6) | —%(6)(7) | 14% | $127,013 | ||||||||||||||||||||||||||
2022 | $86.82 | (0.13) | (28.94) | (29.07) | — | 0.00(5) | $57.75 | (33.49)% | 0.45% | (0.19)% | 42% | $140,333 | ||||||||||||||||||||||||||
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(8) | $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, 2023 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)Ratio was less than 0.005%.
(8)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 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) | |||||||||||||||||||||||||||||||
Focused Large Cap Value ETF | ||||||||||||||||||||||||||||||||||||||||||||
2023(4) | $56.93 | 0.65 | 3.10 | 3.75 | (0.70) | (1.61) | (2.31) | 0.00(5) | $58.37 | 6.62% | 0.42%(6) | 2.23%(6) | 25% | $224,142 | ||||||||||||||||||||||||||||||
2022 | $62.15 | 1.24 | (3.89) | (2.65) | (1.23) | (1.34) | (2.57) | 0.00(5) | $56.93 | (4.41)% | 0.42% | 2.06% | 22% | $213,769 | ||||||||||||||||||||||||||||||
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, 2023 (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 at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
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. | ||||||||
©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96953 2304 |
Semiannual Report | |||||
February 28, 2023 | |||||
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 ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.
Stocks and Bonds Delivered Mixed Results as Volatility Reigned
Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.
The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.
In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.
For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Mid Cap Growth Impact ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 100.0% | ||||
Short-Term Investments | 0.3% | ||||
Other Assets and Liabilities | (0.3)% | ||||
Top Five Industries | % of net assets | ||||
Software | 18.5% | ||||
Semiconductors and Semiconductor Equipment | 12.4% | ||||
Biotechnology | 8.8% | ||||
Chemicals | 8.0% | ||||
Hotels, Restaurants and Leisure | 7.8% |
3
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Sustainable Equity ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.4% | ||||
Short-Term Investments | 0.5% | ||||
Other Assets and Liabilities | 0.1% | ||||
Top Five Industries | % of net assets | ||||
Software | 9.2% | ||||
Semiconductors and Semiconductor Equipment | 6.1% | ||||
Health Care Providers and Services | 4.9% | ||||
Interactive Media and Services | 4.8% | ||||
Capital Markets | 4.7% |
4
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Sustainable Growth ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.4% | ||||
Short-Term Investments | 0.5% | ||||
Other Assets and Liabilities | 0.1% | ||||
Top Five Industries | % of net assets | ||||
Software | 18.5% | ||||
Technology Hardware, Storage and Peripherals | 9.8% | ||||
Semiconductors and Semiconductor Equipment | 9.0% | ||||
IT Services | 7.8% | ||||
Interactive Media and Services | 5.8% |
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, 2022 to February 28, 2023.
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 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid During Period(1) 9/1/22 - 2/28/23 | Annualized Expense Ratio(1) | |||||||||||
Mid Cap Growth Impact ETF | ||||||||||||||
Actual | $1,000 | $1,017.80 | $2.25 | 0.45% | ||||||||||
Hypothetical | $1,000 | $1,022.56 | $2.26 | 0.45% | ||||||||||
Sustainable Equity ETF | ||||||||||||||
Actual | $1,000 | $1,027.30 | $1.96 | 0.39% | ||||||||||
Hypothetical | $1,000 | $1,022.86 | $1.96 | 0.39% | ||||||||||
Sustainable Growth ETF | ||||||||||||||
Actual | $1,000 | $998.00 | $1.93 | 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, 2023 (UNAUDITED)
Mid Cap Growth Impact ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 100.0% | ||||||||
Aerospace and Defense — 1.6% | ||||||||
CAE, Inc.(1) | 23,627 | $ | 533,498 | |||||
Auto Components — 5.4% | ||||||||
Aptiv PLC(1) | 15,530 | 1,805,828 | ||||||
Biotechnology — 8.8% | ||||||||
Alnylam Pharmaceuticals, Inc.(1) | 2,651 | 507,534 | ||||||
Cytokinetics, Inc.(1) | 15,370 | 666,443 | ||||||
IVERIC bio, Inc.(1) | 28,025 | 582,360 | ||||||
Sarepta Therapeutics, Inc.(1) | 9,577 | 1,169,639 | ||||||
2,925,976 | ||||||||
Building Products — 4.3% | ||||||||
Trane Technologies PLC | 7,676 | 1,419,830 | ||||||
Capital Markets — 4.1% | ||||||||
MSCI, Inc. | 2,595 | 1,354,979 | ||||||
Chemicals — 8.0% | ||||||||
Albemarle Corp. | 1,115 | 283,556 | ||||||
Avient Corp. | 21,703 | 946,902 | ||||||
Element Solutions, Inc. | 68,863 | 1,414,446 | ||||||
2,644,904 | ||||||||
Commercial Services and Supplies — 1.8% | ||||||||
Republic Services, Inc. | 4,722 | 608,808 | ||||||
Electrical Equipment — 3.3% | ||||||||
Eaton Corp. PLC | 5,296 | 926,429 | ||||||
Plug Power, Inc.(1)(2) | 11,761 | 174,886 | ||||||
1,101,315 | ||||||||
Electronic Equipment, Instruments and Components — 4.9% | ||||||||
Keysight Technologies, Inc.(1) | 10,177 | 1,627,913 | ||||||
Health Care Equipment and Supplies — 4.1% | ||||||||
DexCom, Inc.(1) | 12,243 | 1,359,095 | ||||||
Health Care Technology — 0.3% | ||||||||
Veeva Systems, Inc., Class A(1) | 571 | 94,592 | ||||||
Hotels, Restaurants and Leisure — 7.8% | ||||||||
Airbnb, Inc., Class A(1) | 10,756 | 1,325,999 | ||||||
Chipotle Mexican Grill, Inc.(1) | 847 | 1,262,945 | ||||||
2,588,944 | ||||||||
Life Sciences Tools and Services — 6.0% | ||||||||
Bio-Techne Corp. | 11,420 | 829,549 | ||||||
IQVIA Holdings, Inc.(1) | 5,508 | 1,148,253 | ||||||
1,977,802 | ||||||||
Oil, Gas and Consumable Fuels — 2.4% | ||||||||
Excelerate Energy, Inc., Class A | 37,099 | 801,709 | ||||||
Pharmaceuticals — 3.2% | ||||||||
Catalent, Inc.(1) | 15,341 | 1,046,563 | ||||||
Professional Services — 3.1% | ||||||||
Jacobs Solutions, Inc. | 8,528 | 1,019,096 | ||||||
Semiconductors and Semiconductor Equipment — 12.4% | ||||||||
Enphase Energy, Inc.(1) | 8,745 | 1,841,085 |
7
Mid Cap Growth Impact ETF | ||||||||
Shares | Value | |||||||
Marvell Technology, Inc. | 24,760 | $ | 1,117,914 | |||||
Monolithic Power Systems, Inc. | 2,387 | 1,156,000 | ||||||
4,114,999 | ||||||||
Software — 18.5% | ||||||||
Cadence Design Systems, Inc.(1) | 12,721 | 2,454,390 | ||||||
DocuSign, Inc.(1) | 7,897 | 484,481 | ||||||
Manhattan Associates, Inc.(1) | 11,598 | 1,667,212 | ||||||
Palo Alto Networks, Inc.(1) | 8,113 | 1,528,246 | ||||||
6,134,329 | ||||||||
TOTAL COMMON STOCKS (Cost $32,673,916) | 33,160,180 | |||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Funds — 0.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 19,942 | 19,942 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 88,648 | 88,648 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $108,590) | 108,590 | |||||||
TOTAL INVESTMENT SECURITIES — 100.3% (Cost $32,782,506) | 33,268,770 | |||||||
OTHER ASSETS AND LIABILITIES — (0.3)% | (100,478) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 33,168,292 |
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 $86,439. 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 $88,648.
See Notes to Financial Statements.
8
FEBRUARY 28, 2023 (UNAUDITED)
Sustainable Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Aerospace and Defense — 1.3% | ||||||||
Lockheed Martin Corp. | 3,022 | $ | 1,433,214 | |||||
Air Freight and Logistics — 0.9% | ||||||||
United Parcel Service, Inc., Class B | 5,693 | 1,038,916 | ||||||
Auto Components — 0.9% | ||||||||
Aptiv PLC(1) | 8,869 | 1,031,287 | ||||||
Automobiles — 1.0% | ||||||||
Tesla, Inc.(1) | 5,741 | 1,180,981 | ||||||
Banks — 3.9% | ||||||||
Bank of America Corp. | 26,458 | 907,509 | ||||||
JPMorgan Chase & Co. | 12,929 | 1,853,372 | ||||||
Regions Financial Corp. | 70,281 | 1,638,953 | ||||||
4,399,834 | ||||||||
Beverages — 1.7% | ||||||||
PepsiCo, Inc. | 11,150 | 1,934,859 | ||||||
Biotechnology — 2.5% | ||||||||
AbbVie, Inc. | 9,133 | 1,405,569 | ||||||
Amgen, Inc. | 3,391 | 785,559 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 1,980 | 574,774 | ||||||
2,765,902 | ||||||||
Building Products — 1.7% | ||||||||
Johnson Controls International PLC | 21,034 | 1,319,252 | ||||||
Masco Corp. | 10,802 | 566,349 | ||||||
1,885,601 | ||||||||
Capital Markets — 4.7% | ||||||||
Ameriprise Financial, Inc. | 2,721 | 932,949 | ||||||
BlackRock, Inc. | 1,569 | 1,081,716 | ||||||
Intercontinental Exchange, Inc. | 5,573 | 567,331 | ||||||
Morgan Stanley | 20,964 | 2,023,026 | ||||||
S&P Global, Inc. | 1,932 | 659,199 | ||||||
5,264,221 | ||||||||
Chemicals — 2.5% | ||||||||
Air Products and Chemicals, Inc. | 2,354 | 673,197 | ||||||
Ecolab, Inc. | 3,116 | 496,597 | ||||||
Linde PLC | 4,797 | 1,671,131 | ||||||
2,840,925 | ||||||||
Communications Equipment — 1.9% | ||||||||
Cisco Systems, Inc. | 45,081 | 2,182,822 | ||||||
Consumer Finance — 0.6% | ||||||||
American Express Co. | 3,827 | 665,860 | ||||||
Containers and Packaging — 0.6% | ||||||||
Ball Corp. | 11,025 | 619,715 | ||||||
Diversified Telecommunication Services — 1.3% | ||||||||
Verizon Communications, Inc. | 36,762 | 1,426,733 | ||||||
Electric Utilities — 1.9% | ||||||||
NextEra Energy, Inc. | 30,762 | 2,185,025 | ||||||
Electrical Equipment — 1.0% | ||||||||
Eaton Corp. PLC | 5,550 | 970,862 | ||||||
Generac Holdings, Inc.(1) | 1,318 | 158,173 | ||||||
1,129,035 |
9
Sustainable Equity ETF | ||||||||
Shares | Value | |||||||
Electronic Equipment, Instruments and Components — 2.0% | ||||||||
CDW Corp. | 5,995 | $ | 1,213,508 | |||||
Keysight Technologies, Inc.(1) | 6,348 | 1,015,426 | ||||||
2,228,934 | ||||||||
Energy Equipment and Services — 2.4% | ||||||||
Schlumberger Ltd. | 50,358 | 2,679,549 | ||||||
Entertainment — 1.4% | ||||||||
Electronic Arts, Inc. | 3,694 | 409,813 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C(1) | 4,190 | 284,375 | ||||||
Walt Disney Co.(1) | 8,438 | 840,509 | ||||||
1,534,697 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 2.7% | ||||||||
Prologis, Inc. | 20,129 | 2,483,918 | ||||||
SBA Communications Corp. | 2,145 | 556,306 | ||||||
3,040,224 | ||||||||
Food and Staples Retailing — 2.4% | ||||||||
Costco Wholesale Corp. | 1,478 | 715,618 | ||||||
Kroger Co. | 16,861 | 727,384 | ||||||
Sysco Corp. | 16,685 | 1,244,200 | ||||||
2,687,202 | ||||||||
Food Products — 0.9% | ||||||||
Mondelez International, Inc., Class A | 14,875 | 969,553 | ||||||
Vital Farms, Inc.(1) | 4,051 | 65,464 | ||||||
1,035,017 | ||||||||
Health Care Equipment and Supplies — 0.3% | ||||||||
Medtronic PLC | 1,894 | 156,823 | ||||||
ResMed, Inc. | 1,061 | 225,993 | ||||||
382,816 | ||||||||
Health Care Providers and Services — 4.9% | ||||||||
Cigna Group | 6,100 | 1,781,810 | ||||||
CVS Health Corp. | 13,103 | 1,094,625 | ||||||
Humana, Inc. | 1,218 | 602,934 | ||||||
UnitedHealth Group, Inc. | 4,329 | 2,060,344 | ||||||
5,539,713 | ||||||||
Hotels, Restaurants and Leisure — 1.1% | ||||||||
Airbnb, Inc., Class A(1) | 2,807 | 346,047 | ||||||
Booking Holdings, Inc.(1) | 256 | 646,144 | ||||||
Chipotle Mexican Grill, Inc.(1) | 170 | 253,484 | ||||||
1,245,675 | ||||||||
Household Products — 1.6% | ||||||||
Colgate-Palmolive Co. | 6,559 | 480,774 | ||||||
Procter & Gamble Co. | 9,187 | 1,263,764 | ||||||
1,744,538 | ||||||||
Industrial Conglomerates — 0.9% | ||||||||
Honeywell International, Inc. | 5,220 | 999,526 | ||||||
Insurance — 2.3% | ||||||||
Marsh & McLennan Cos., Inc. | 5,615 | 910,416 | ||||||
Prudential Financial, Inc. | 8,295 | 829,500 | ||||||
Travelers Cos., Inc. | 4,562 | 844,518 | ||||||
2,584,434 | ||||||||
Interactive Media and Services — 4.8% | ||||||||
Alphabet, Inc., Class A(1) | 46,008 | 4,143,480 |
10
Sustainable Equity ETF | ||||||||
Shares | Value | |||||||
Meta Platforms, Inc., Class A(1) | 7,369 | $ | 1,289,133 | |||||
5,432,613 | ||||||||
Internet and Direct Marketing Retail — 2.0% | ||||||||
Amazon.com, Inc.(1) | 24,189 | 2,279,329 | ||||||
IT Services — 4.2% | ||||||||
Accenture PLC, Class A | 4,431 | 1,176,652 | ||||||
Mastercard, Inc., Class A | 3,995 | 1,419,383 | ||||||
Visa, Inc., Class A | 9,818 | 2,159,371 | ||||||
4,755,406 | ||||||||
Life Sciences Tools and Services — 2.9% | ||||||||
Agilent Technologies, Inc. | 8,460 | 1,201,066 | ||||||
Danaher Corp. | 3,390 | 839,127 | ||||||
Thermo Fisher Scientific, Inc. | 2,182 | 1,182,120 | ||||||
3,222,313 | ||||||||
Machinery — 2.2% | ||||||||
Cummins, Inc. | 4,029 | 979,369 | ||||||
Deere & Co. | 1,210 | 507,281 | ||||||
Parker-Hannifin Corp. | 1,381 | 485,905 | ||||||
Xylem, Inc. | 5,325 | 546,611 | ||||||
2,519,166 | ||||||||
Multiline Retail — 0.5% | ||||||||
Target Corp. | 3,215 | 541,727 | ||||||
Oil, Gas and Consumable Fuels — 2.1% | ||||||||
ConocoPhillips | 23,360 | 2,414,256 | ||||||
Personal Products — 0.1% | ||||||||
Estee Lauder Cos., Inc., Class A | 374 | 90,901 | ||||||
Pharmaceuticals — 4.3% | ||||||||
Bristol-Myers Squibb Co. | 21,544 | 1,485,674 | ||||||
Eli Lilly & Co. | 1,290 | 401,474 | ||||||
Merck & Co., Inc. | 10,761 | 1,143,249 | ||||||
Novo Nordisk A/S, ADR | 5,795 | 817,037 | ||||||
Zoetis, Inc. | 5,696 | 951,232 | ||||||
4,798,666 | ||||||||
Road and Rail — 1.2% | ||||||||
Norfolk Southern Corp. | 2,802 | 629,946 | ||||||
Uber Technologies, Inc.(1) | 9,096 | 302,533 | ||||||
Union Pacific Corp. | 1,793 | 371,653 | ||||||
1,304,132 | ||||||||
Semiconductors and Semiconductor Equipment — 6.1% | ||||||||
Advanced Micro Devices, Inc.(1) | 9,872 | 775,742 | ||||||
Analog Devices, Inc. | 7,664 | 1,406,114 | ||||||
Applied Materials, Inc. | 11,747 | 1,364,414 | ||||||
ASML Holding NV, NY Shares | 1,200 | 741,276 | ||||||
GLOBALFOUNDRIES, Inc.(1) | 4,571 | 298,669 | ||||||
NVIDIA Corp. | 9,866 | 2,290,491 | ||||||
6,876,706 | ||||||||
Software — 9.2% | ||||||||
Adobe, Inc.(1) | 796 | 257,864 | ||||||
Cadence Design Systems, Inc.(1) | 2,685 | 518,044 | ||||||
Microsoft Corp. | 32,672 | 8,149,050 | ||||||
Salesforce, Inc.(1) | 5,759 | 942,230 |
11
Sustainable Equity ETF | ||||||||
Shares | Value | |||||||
ServiceNow, Inc.(1) | 661 | $ | 285,665 | |||||
Workday, Inc., Class A(1) | 1,330 | 246,675 | ||||||
10,399,528 | ||||||||
Specialty Retail — 3.1% | ||||||||
Home Depot, Inc. | 6,391 | 1,895,187 | ||||||
TJX Cos., Inc. | 14,942 | 1,144,557 | ||||||
Tractor Supply Co. | 1,840 | 429,199 | ||||||
3,468,943 | ||||||||
Technology Hardware, Storage and Peripherals — 4.5% | ||||||||
Apple, Inc. | 34,532 | 5,090,362 | ||||||
Textiles, Apparel and Luxury Goods — 0.9% | ||||||||
Deckers Outdoor Corp.(1) | 1,310 | 545,419 | ||||||
NIKE, Inc., Class B | 3,722 | 442,136 | ||||||
987,555 | ||||||||
TOTAL COMMON STOCKS (Cost $107,998,369) | 111,868,858 | |||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||
Money Market Funds — 0.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $526,322) | 526,322 | 526,322 | ||||||
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $108,524,691) | 112,395,180 | |||||||
OTHER ASSETS AND LIABILITIES — 0.1% | 127,703 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 112,522,883 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | – | American Depositary Receipt |
(1)Non-income producing.
See Notes to Financial Statements.
12
FEBRUARY 28, 2023 (UNAUDITED)
Sustainable Growth ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Aerospace and Defense — 0.6% | ||||||||
Lockheed Martin Corp. | 89 | $ | 42,209 | |||||
Air Freight and Logistics — 0.8% | ||||||||
United Parcel Service, Inc., Class B | 312 | 56,937 | ||||||
Auto Components — 1.1% | ||||||||
Aptiv PLC(1) | 651 | 75,698 | ||||||
Automobiles — 2.3% | ||||||||
Tesla, Inc.(1) | 784 | 161,277 | ||||||
Beverages — 3.0% | ||||||||
Coca-Cola Co. | 1,398 | 83,195 | ||||||
PepsiCo, Inc. | 693 | 120,256 | ||||||
203,451 | ||||||||
Biotechnology — 2.8% | ||||||||
AbbVie, Inc. | 739 | 113,732 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 280 | 81,281 | ||||||
195,013 | ||||||||
Building Products — 3.2% | ||||||||
Johnson Controls International PLC | 1,198 | 75,138 | ||||||
Masco Corp. | 1,407 | 73,769 | ||||||
Trane Technologies PLC | 312 | 57,711 | ||||||
Trex Co., Inc.(1) | 229 | 11,709 | ||||||
218,327 | ||||||||
Capital Markets — 0.5% | ||||||||
S&P Global, Inc. | 93 | 31,732 | ||||||
Chemicals — 1.5% | ||||||||
Linde PLC | 291 | 101,376 | ||||||
Commercial Services and Supplies — 0.3% | ||||||||
Copart, Inc.(1) | 279 | 19,658 | ||||||
Communications Equipment — 0.8% | ||||||||
Cisco Systems, Inc. | 1,085 | 52,536 | ||||||
Distributors — 0.2% | ||||||||
Pool Corp. | 47 | 16,773 | ||||||
Electrical Equipment — 0.2% | ||||||||
Eaton Corp. PLC | 48 | 8,397 | ||||||
Generac Holdings, Inc.(1) | 37 | 4,440 | ||||||
12,837 | ||||||||
Electronic Equipment, Instruments and Components — 1.3% | ||||||||
CDW Corp. | 208 | 42,103 | ||||||
Keysight Technologies, Inc.(1) | 315 | 50,388 | ||||||
92,491 | ||||||||
Energy Equipment and Services — 0.9% | ||||||||
Schlumberger Ltd. | 1,197 | 63,692 | ||||||
Entertainment — 1.2% | ||||||||
Electronic Arts, Inc. | 310 | 34,392 | ||||||
Walt Disney Co.(1) | 476 | 47,414 | ||||||
81,806 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 1.0% | ||||||||
Prologis, Inc. | 395 | 48,743 | ||||||
SBA Communications Corp. | 84 | 21,785 | ||||||
70,528 |
13
Sustainable Growth ETF | ||||||||
Shares | Value | |||||||
Food and Staples Retailing — 0.2% | ||||||||
Kroger Co. | 252 | $ | 10,871 | |||||
Food Products — 0.6% | ||||||||
Mondelez International, Inc., Class A | 596 | 38,847 | ||||||
Health Care Equipment and Supplies — 2.0% | ||||||||
DexCom, Inc.(1) | 188 | 20,870 | ||||||
Edwards Lifesciences Corp.(1) | 646 | 51,964 | ||||||
IDEXX Laboratories, Inc.(1) | 91 | 43,065 | ||||||
Shockwave Medical, Inc.(1) | 95 | 18,073 | ||||||
133,972 | ||||||||
Health Care Providers and Services — 3.9% | ||||||||
Cigna Group | 229 | 66,891 | ||||||
Elevance Health, Inc. | 43 | 20,196 | ||||||
UnitedHealth Group, Inc. | 381 | 181,333 | ||||||
268,420 | ||||||||
Hotels, Restaurants and Leisure — 1.4% | ||||||||
Airbnb, Inc., Class A(1) | 333 | 41,052 | ||||||
Booking Holdings, Inc.(1) | 11 | 27,764 | ||||||
Chipotle Mexican Grill, Inc.(1) | 17 | 25,349 | ||||||
94,165 | ||||||||
Household Products† | ||||||||
Procter & Gamble Co. | 22 | 3,026 | ||||||
Interactive Media and Services — 5.8% | ||||||||
Alphabet, Inc., Class A(1) | 4,124 | 371,407 | ||||||
Meta Platforms, Inc., Class A(1) | 168 | 29,390 | ||||||
400,797 | ||||||||
Internet and Direct Marketing Retail — 4.4% | ||||||||
Amazon.com, Inc.(1) | 2,949 | 277,884 | ||||||
eBay, Inc. | 571 | 26,209 | ||||||
304,093 | ||||||||
IT Services — 7.8% | ||||||||
Accenture PLC, Class A | 298 | 79,134 | ||||||
Automatic Data Processing, Inc. | 189 | 41,546 | ||||||
Mastercard, Inc., Class A | 550 | 195,409 | ||||||
Okta, Inc.(1) | 302 | 21,530 | ||||||
Snowflake, Inc., Class A(1) | 16 | 2,470 | ||||||
Visa, Inc., Class A | 890 | 195,747 | ||||||
535,836 | ||||||||
Leisure Products — 0.1% | ||||||||
YETI Holdings, Inc.(1) | 254 | 9,901 | ||||||
Life Sciences Tools and Services — 2.2% | ||||||||
Agilent Technologies, Inc. | 397 | 56,362 | ||||||
Danaher Corp. | 175 | 43,318 | ||||||
Illumina, Inc.(1) | 133 | 26,494 | ||||||
West Pharmaceutical Services, Inc. | 80 | 25,362 | ||||||
151,536 | ||||||||
Machinery — 1.5% | ||||||||
Deere & Co. | 241 | 101,037 | ||||||
Multiline Retail — 0.4% | ||||||||
Nordstrom, Inc. | 386 | 7,519 |
14
Sustainable Growth ETF | ||||||||
Shares | Value | |||||||
Target Corp. | 119 | $ | 20,052 | |||||
27,571 | ||||||||
Oil, Gas and Consumable Fuels — 0.5% | ||||||||
ConocoPhillips | 335 | 34,622 | ||||||
Pharmaceuticals — 3.5% | ||||||||
Eli Lilly & Co. | 250 | 77,805 | ||||||
Novo Nordisk A/S, ADR | 761 | 107,293 | ||||||
Zoetis, Inc. | 318 | 53,106 | ||||||
238,204 | ||||||||
Real Estate Management and Development — 0.6% | ||||||||
CBRE Group, Inc., Class A(1) | 468 | 39,846 | ||||||
Road and Rail — 1.0% | ||||||||
Uber Technologies, Inc.(1) | 1,221 | 40,611 | ||||||
Union Pacific Corp. | 123 | 25,495 | ||||||
66,106 | ||||||||
Semiconductors and Semiconductor Equipment — 9.0% | ||||||||
Advanced Micro Devices, Inc.(1) | 938 | 73,708 | ||||||
Analog Devices, Inc. | 110 | 20,182 | ||||||
Applied Materials, Inc. | 562 | 65,276 | ||||||
ASML Holding NV, NY Shares | 218 | 134,665 | ||||||
GLOBALFOUNDRIES, Inc.(1) | 285 | 18,622 | ||||||
Lam Research Corp. | 120 | 58,321 | ||||||
NVIDIA Corp. | 1,069 | 248,179 | ||||||
618,953 | ||||||||
Software — 18.5% | ||||||||
Adobe, Inc.(1) | 95 | 30,775 | ||||||
Cadence Design Systems, Inc.(1) | 293 | 56,532 | ||||||
Crowdstrike Holdings, Inc., Class A(1) | 175 | 21,121 | ||||||
Datadog, Inc., Class A(1) | 187 | 14,309 | ||||||
Intuit, Inc. | 149 | 60,670 | ||||||
Microsoft Corp. | 3,539 | 882,697 | ||||||
PagerDuty, Inc.(1) | 663 | 19,797 | ||||||
Salesforce, Inc.(1) | 313 | 51,210 | ||||||
ServiceNow, Inc.(1) | 154 | 66,554 | ||||||
Splunk, Inc.(1) | 267 | 27,368 | ||||||
Workday, Inc., Class A(1) | 200 | 37,094 | ||||||
1,268,127 | ||||||||
Specialty Retail — 3.8% | ||||||||
Home Depot, Inc. | 402 | 119,209 | ||||||
TJX Cos., Inc. | 1,135 | 86,941 | ||||||
Ulta Beauty, Inc.(1) | 89 | 46,173 | ||||||
Williams-Sonoma, Inc. | 67 | 8,370 | ||||||
260,693 | ||||||||
Technology Hardware, Storage and Peripherals — 9.8% | ||||||||
Apple, Inc. | 4,574 | 674,253 | ||||||
Textiles, Apparel and Luxury Goods — 0.7% | ||||||||
Crocs, Inc.(1) | 27 | 3,286 | ||||||
Deckers Outdoor Corp.(1) | 106 | 44,133 | ||||||
47,419 | ||||||||
TOTAL COMMON STOCKS (Cost $7,383,142) | 6,824,636 |
15
Sustainable Growth ETF | ||||||||
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||
Money Market Funds — 0.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $35,260) | 35,260 | $ | 35,260 | |||||
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $7,418,402) | 6,859,896 | |||||||
OTHER ASSETS AND LIABILITIES — 0.1% | 4,058 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 6,863,954 |
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, 2023 (UNAUDITED) | ||||||||
Mid Cap Growth Impact ETF | Sustainable Equity ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $32,693,858 and $108,524,691, respectively) — including $86,439 and $—, respectively of securities on loan | $ | 33,180,122 | $ | 112,395,180 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $88,648 and $—, respectively) | 88,648 | — | ||||||
Total investment securities, at value (cost of $32,782,506 and $108,524,691, respectively) | 33,268,770 | 112,395,180 | ||||||
Receivable for investments sold | 409,288 | — | ||||||
Dividends and interest receivable | 8,140 | 162,252 | ||||||
Securities lending receivable | 13 | — | ||||||
33,686,211 | 112,557,432 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 88,648 | — | ||||||
Payable for investments purchased | 417,867 | — | ||||||
Accrued management fees | 11,404 | 34,549 | ||||||
517,919 | 34,549 | |||||||
Net Assets | $ | 33,168,292 | $ | 112,522,883 | ||||
Shares outstanding (unlimited number of shares authorized) | 740,000 | 2,260,000 | ||||||
Net Asset Value Per Share | $ | 44.82 | $ | 49.79 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 37,714,709 | $ | 114,379,422 | ||||
Distributable earnings (loss) | (4,546,417) | (1,856,539) | ||||||
$ | 33,168,292 | $ | 112,522,883 |
See Notes to Financial Statements.
17
FEBRUARY 28, 2023 (UNAUDITED) | |||||
Sustainable Growth ETF | |||||
Assets | |||||
Investment securities, at value (cost of $7,418,402) | $ | 6,859,896 | |||
Dividends and interest receivable | 6,167 | ||||
6,866,063 | |||||
Liabilities | |||||
Accrued management fees | 2,109 | ||||
Net Assets | $ | 6,863,954 | |||
Shares outstanding (unlimited number of shares authorized) | 200,000 | ||||
Net Asset Value Per Share | $ | 34.32 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 8,043,589 | |||
Distributable earnings (loss) | (1,179,635) | ||||
$ | 6,863,954 |
See Notes to Financial Statements.
18
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Mid Cap Growth Impact ETF | Sustainable Equity ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $— and $563, respectively) | $ | 51,456 | $ | 905,677 | ||||
Interest | 5,626 | 6,263 | ||||||
Securities lending, net | 114 | — | ||||||
57,196 | 911,940 | |||||||
Expenses: | ||||||||
Management fees | 60,460 | 208,433 | ||||||
Net investment income (loss) | (3,264) | 703,507 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on investment transactions | (2,146,833) | (1,389,098) | ||||||
Change in net unrealized appreciation (depreciation) on investments | 2,865,582 | 3,879,916 | ||||||
Net realized and unrealized gain (loss) | 718,749 | 2,490,818 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 715,485 | $ | 3,194,325 |
See Notes to Financial Statements.
19
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | |||||
Sustainable Growth ETF | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $90) | $ | 29,270 | |||
Interest | 283 | ||||
29,553 | |||||
Expenses: | |||||
Management fees | 12,362 | ||||
Net investment income (loss) | 17,191 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on investment transactions | (228,112) | ||||
Change in net unrealized appreciation (depreciation) on investments | 200,057 | ||||
Net realized and unrealized gain (loss) | (28,055) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (10,864) |
See Notes to Financial Statements.
20
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | ||||||||||||||
Mid Cap Growth Impact ETF | Sustainable Equity ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | February 28, 2023 | August 31, 2022 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | (3,264) | $ | (38,150) | $ | 703,507 | $ | 1,288,438 | ||||||
Net realized gain (loss) | (2,146,833) | (1,116,341) | (1,389,098) | 12,237,994 | ||||||||||
Change in net unrealized appreciation (depreciation) | 2,865,582 | (6,850,129) | 3,879,916 | (34,780,883) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 715,485 | (8,004,620) | 3,194,325 | (21,254,451) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | — | — | (598,859) | (1,219,340) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 8,673,479 | 17,585,267 | 7,459,096 | 52,262,088 | ||||||||||
Payments for shares redeemed | — | (7,918,146) | (2,331,813) | (75,423,895) | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 8,673,479 | 9,667,121 | 5,127,283 | (23,161,807) | ||||||||||
Net increase (decrease) in net assets | 9,388,964 | 1,662,501 | 7,722,749 | (45,635,598) | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 23,779,328 | 22,116,827 | 104,800,134 | 150,435,732 | ||||||||||
End of period | $ | 33,168,292 | $ | 23,779,328 | $ | 112,522,883 | $ | 104,800,134 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 200,000 | 340,000 | 160,000 | 940,000 | ||||||||||
Redeemed | — | (165,000) | (50,000) | (1,420,000) | ||||||||||
Net increase (decrease) in shares of the funds | 200,000 | 175,000 | 110,000 | (480,000) |
See Notes to Financial Statements.
21
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | ||||||||
Sustainable Growth ETF | ||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 17,191 | $ | 18,914 | ||||
Net realized gain (loss) | (228,112) | (409,268) | ||||||
Change in net unrealized appreciation (depreciation) | 200,057 | (1,158,774) | ||||||
Net increase (decrease) in net assets resulting from operations | (10,864) | (1,549,128) | ||||||
Distributions to Shareholders | ||||||||
From earnings | (18,525) | (13,482) | ||||||
Capital Share Transactions | ||||||||
Proceeds from shares sold | 340,530 | 2,444,496 | ||||||
Payments for shares redeemed | — | (372,643) | ||||||
Net increase (decrease) in net assets from capital share transactions | 340,530 | 2,071,853 | ||||||
Net increase (decrease) in net assets | 311,141 | 509,243 | ||||||
Net Assets | ||||||||
Beginning of period | 6,552,813 | 6,043,570 | ||||||
End of period | $ | 6,863,954 | $ | 6,552,813 | ||||
Transactions in Shares of the Funds | ||||||||
Sold | 10,000 | 60,000 | ||||||
Redeemed | — | (10,000) | ||||||
Net increase (decrease) in shares of the funds | 10,000 | 50,000 |
See Notes to Financial Statements.
22
Notes to Financial Statements |
FEBRUARY 28, 2023 (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.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
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 valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
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. 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. ACIM 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. The funds may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.
Income Tax Status — It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
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.
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.
24
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, 2023.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Fund / Securities Lending Transactions(1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||
Mid Cap Growth Impact ETF | |||||||||||||||||
Common Stocks | $ | 88,648 | — | — | — | $ | 88,648 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 88,648 |
(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. ACIM owns 63% of the shares of Sustainable Growth ETF. Related parties do not invest in the fund 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% |
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, 2023 were as follows:
Mid Cap Growth Impact ETF | Sustainable Equity ETF | Sustainable Growth ETF | |||||||||
Purchases | $5,580,356 | $8,951,059 | $543,808 | ||||||||
Sales | $4,619,180 | $8,446,555 | $554,282 |
25
Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2023 were as follows:
In kind Subscriptions | In kind Redemptions | In kind Net Realized Gain/(Loss)* | |||||||||
Mid Cap Growth Impact ETF | $8,407,626 | — | — | ||||||||
Sustainable Equity ETF | $6,837,788 | $2,288,147 | $352,726 | ||||||||
Sustainable Growth ETF | $334,109 | — | — |
*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.
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.
26
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 | $ | 32,899,480 | $ | 108,970,889 | $ | 7,442,533 | |||||
Gross tax appreciation of investments | $ | 2,047,551 | $ | 10,566,689 | $ | 304,662 | |||||
Gross tax depreciation of investments | (1,678,261) | (7,142,398) | (887,299) | ||||||||
Net tax appreciation (depreciation) of investments | $ | 369,290 | $ | 3,424,291 | $ | (582,637) |
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, 2022, 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 | $ | (2,413,713) | $ | (339,568) | ||||
Sustainable Equity ETF | $ | (3,055,556) | $ | (1,152,907) | ||||
Sustainable Growth ETF | $ | (358,971) | $ | (14,933) |
As of August 31, 2022, Mid Cap Growth Impact ETF had late-year ordinary loss deferrals of $(42,645), 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.
27
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 | ||||||||||||||||||||||||||||||||
2023(4) | $44.04 | (0.01) | 0.79 | 0.78 | $44.82 | 1.78% | 0.45%(5) | (0.02)%(5) | 17% | $33,168 | ||||||||||||||||||||||
2022 | $60.59 | (0.08) | (16.47) | (16.55) | $44.04 | (27.33)% | 0.45% | (0.16)% | 44% | $23,779 | ||||||||||||||||||||||
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, 2023 (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 | |||||||||||||||||||||||||||||||||||
2023(4) | $48.74 | 0.32 | 1.01 | 1.33 | (0.28) | $49.79 | 2.73% | 0.39%(5) | 1.32%(5) | 8% | $112,523 | ||||||||||||||||||||||||
2022 | $57.20 | 0.50 | (8.49) | (7.99) | (0.47) | $48.74 | (14.03)% | 0.39% | 0.93% | 21% | $104,800 | ||||||||||||||||||||||||
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, 2023 (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 Growth ETF | |||||||||||||||||||||||||||||||||||
2023(4) | $34.49 | 0.09 | (0.16) | (0.07) | (0.10) | $34.32 | (0.20)% | 0.39%(5) | 0.54%(5) | 8% | $6,864 | ||||||||||||||||||||||||
2022 | $43.17 | 0.12 | (8.72) | (8.60) | (0.08) | $34.49 | (19.93)% | 0.39% | 0.29% | 29% | $6,553 | ||||||||||||||||||||||||
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, 2023 (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 at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
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. | ||||||||
©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96951 2304 |
Semiannual Report | |||||
February 28, 2023 | |||||
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 ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancenturyetfs.com.
Stocks and Bonds Delivered Mixed Results as Volatility Reigned
Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.
The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.
In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.
For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Low Volatility ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.4% | ||||
Short-Term Investments | 0.5% | ||||
Other Assets and Liabilities | 0.1% | ||||
Top Five Industries | % of net assets | ||||
Insurance | 10.3% | ||||
IT Services | 8.1% | ||||
Health Care Equipment and Supplies | 7.8% | ||||
Machinery | 7.2% | ||||
Household Products | 5.2% |
3
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Quality Convertible Securities ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Convertible Bonds | 71.8% | ||||
Convertible Preferred Stocks | 15.8% | ||||
Common Stocks | 2.6% | ||||
Short-Term Investments | 6.9% | ||||
Other Assets and Liabilities | 2.9% | ||||
Top Five Industries | % of net assets | ||||
Software | 12.8% | ||||
Health Care Equipment and Supplies | 9.1% | ||||
Internet and Direct Marketing Retail | 5.4% | ||||
IT Services | 5.0% | ||||
Semiconductors and Semiconductor Equipment | 4.8% |
4
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Quality Diversified International ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.4% | ||||
Short-Term Investments | 2.5% | ||||
Other Assets and Liabilities | (1.9)% | ||||
Top Five Countries | % of net assets | ||||
Japan | 18.6% | ||||
United Kingdom | 15.1% | ||||
France | 11.8% | ||||
Canada | 9.4% | ||||
Germany | 7.3% |
5
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Quality Preferred ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Preferred Stocks | 81.5% | ||||
Corporate Bonds | 4.3% | ||||
Convertible Preferred Stocks | 3.9% | ||||
Common Stocks | 1.1% | ||||
Short-Term Investments | 15.1% | ||||
Other Assets and Liabilities | (5.9)% | ||||
Top Five Industries | % of net assets | ||||
Banks | 24.7% | ||||
Insurance | 15.4% | ||||
Capital Markets | 15.2% | ||||
Mortgage Real Estate Investment Trusts (REITs) | 5.7% | ||||
Multi-Utilities | 5.3% |
6
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
STOXX® U.S. Quality Growth ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.8% | ||||
Short-Term Investments | 0.3% | ||||
Other Assets and Liabilities | (0.1)% | ||||
Top Five Industries | % of net assets | ||||
Software | 18.4% | ||||
Hotels, Restaurants and Leisure | 12.9% | ||||
Semiconductors and Semiconductor Equipment | 10.4% | ||||
Specialty Retail | 5.6% | ||||
IT Services | 5.1% |
7
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
STOXX® U.S. Quality Value ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.6% | ||||
Short-Term Investments | 1.0% | ||||
Other Assets and Liabilities | (0.6)% | ||||
Top Five Industries | % of net assets | ||||
Oil, Gas and Consumable Fuels | 7.8% | ||||
Equity Real Estate Investment Trusts (REITs) | 6.9% | ||||
IT Services | 6.0% | ||||
Health Care Providers and Services | 5.4% | ||||
Electric Utilities | 5.1% |
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, 2022 to February 28, 2023.
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 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid During Period(1) 9/1/22 - 2/28/23 | Annualized Expense Ratio(1) | |||||||||||
Low Volatility ETF | ||||||||||||||
Actual | $1,000 | $1,040.70 | $1.47 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.36 | $1.45 | 0.29% | ||||||||||
Quality Convertible Securities ETF | ||||||||||||||
Actual | $1,000 | $990.90 | $1.58 | 0.32% | ||||||||||
Hypothetical | $1,000 | $1,023.21 | $1.61 | 0.32% | ||||||||||
Quality Diversified International ETF | ||||||||||||||
Actual | $1,000 | $1,119.10 | $2.05 | 0.39% | ||||||||||
Hypothetical | $1,000 | $1,022.86 | $1.96 | 0.39% | ||||||||||
Quality Preferred ETF | ||||||||||||||
Actual | $1,000 | $1,031.70 | $1.61 | 0.32% | ||||||||||
Hypothetical | $1,000 | $1,023.21 | $1.61 | 0.32% | ||||||||||
STOXX® U.S. Quality Growth ETF | ||||||||||||||
Actual | $1,000 | $1,025.40 | $1.46 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.36 | $1.45 | 0.29% | ||||||||||
STOXX® U.S. Quality Value ETF | ||||||||||||||
Actual | $1,000 | $1,042.40 | $1.47 | 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, 2023 (UNAUDITED)
Low Volatility ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Aerospace and Defense — 2.5% | ||||||||
General Dynamics Corp. | 927 | $ | 211,273 | |||||
Banks — 1.8% | ||||||||
First Republic Bank | 393 | 48,343 | ||||||
U.S. Bancorp | 2,147 | 102,476 | ||||||
150,819 | ||||||||
Beverages — 4.4% | ||||||||
Coca-Cola Co. | 4,912 | 292,313 | ||||||
PepsiCo, Inc. | 416 | 72,189 | ||||||
364,502 | ||||||||
Biotechnology — 1.0% | ||||||||
AbbVie, Inc. | 257 | 39,552 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 56 | 42,584 | ||||||
82,136 | ||||||||
Capital Markets — 3.6% | ||||||||
FactSet Research Systems, Inc. | 184 | 76,277 | ||||||
Moody's Corp. | 63 | 18,279 | ||||||
SEI Investments Co. | 2,675 | 161,169 | ||||||
T. Rowe Price Group, Inc. | 384 | 43,116 | ||||||
298,841 | ||||||||
Chemicals — 2.4% | ||||||||
Dow, Inc. | 292 | 16,702 | ||||||
Linde PLC | 522 | 181,849 | ||||||
LyondellBasell Industries NV, Class A | 10 | 960 | ||||||
199,511 | ||||||||
Commercial Services and Supplies — 4.6% | ||||||||
Cintas Corp. | 243 | 106,548 | ||||||
Republic Services, Inc. | 1,096 | 141,308 | ||||||
Waste Management, Inc. | 912 | 136,581 | ||||||
384,437 | ||||||||
Communications Equipment — 3.6% | ||||||||
Cisco Systems, Inc. | 6,195 | 299,962 | ||||||
Diversified Financial Services — 1.1% | ||||||||
Berkshire Hathaway, Inc., Class B(1) | 312 | 95,216 | ||||||
Diversified Telecommunication Services — 2.3% | ||||||||
Verizon Communications, Inc. | 4,968 | 192,808 | ||||||
Electric Utilities — 0.3% | ||||||||
American Electric Power Co., Inc. | 297 | 26,127 | ||||||
Electronic Equipment, Instruments and Components — 4.5% | ||||||||
Amphenol Corp., Class A | 1,960 | 151,939 | ||||||
Keysight Technologies, Inc.(1) | 311 | 49,747 | ||||||
TE Connectivity Ltd. | 1,205 | 153,421 | ||||||
Zebra Technologies Corp., Class A(1) | 71 | 21,318 | ||||||
376,425 | ||||||||
Entertainment — 0.3% | ||||||||
Walt Disney Co.(1) | 260 | 25,899 |
11
Low Volatility ETF | ||||||||
Shares | Value | |||||||
Equity Real Estate Investment Trusts (REITs) — 3.6% | ||||||||
Mid-America Apartment Communities, Inc. | 1,282 | $ | 205,248 | |||||
National Retail Properties, Inc. | 685 | 31,044 | ||||||
WP Carey, Inc. | 827 | 67,120 | ||||||
303,412 | ||||||||
Food and Staples Retailing — 0.6% | ||||||||
Costco Wholesale Corp. | 102 | 49,386 | ||||||
Food Products — 1.4% | ||||||||
Hershey Co. | 100 | 23,832 | ||||||
Mondelez International, Inc., Class A | 1,387 | 90,405 | ||||||
114,237 | ||||||||
Health Care Equipment and Supplies — 7.8% | ||||||||
Abbott Laboratories | 2,363 | 240,364 | ||||||
Edwards Lifesciences Corp.(1) | 832 | 66,926 | ||||||
Hologic, Inc.(1) | 522 | 41,572 | ||||||
Medtronic PLC | 2,593 | 214,701 | ||||||
Stryker Corp. | 319 | 83,859 | ||||||
647,422 | ||||||||
Health Care Providers and Services — 0.2% | ||||||||
McKesson Corp. | 55 | 19,240 | ||||||
Hotels, Restaurants and Leisure — 3.6% | ||||||||
Airbnb, Inc., Class A(1) | 227 | 27,984 | ||||||
Caesars Entertainment, Inc.(1) | 8 | 406 | ||||||
Expedia Group, Inc.(1) | 188 | 20,486 | ||||||
McDonald's Corp. | 738 | 194,766 | ||||||
Texas Roadhouse, Inc. | 170 | 17,262 | ||||||
Yum! Brands, Inc. | 274 | 34,842 | ||||||
295,746 | ||||||||
Household Products — 5.2% | ||||||||
Colgate-Palmolive Co. | 2,369 | 173,647 | ||||||
Procter & Gamble Co. | 1,880 | 258,613 | ||||||
432,260 | ||||||||
Industrial Conglomerates — 0.2% | ||||||||
Honeywell International, Inc. | 108 | 20,680 | ||||||
Insurance — 10.3% | ||||||||
Arthur J Gallagher & Co. | 263 | 49,273 | ||||||
Brown & Brown, Inc. | 320 | 17,942 | ||||||
Chubb Ltd. | 721 | 152,146 | ||||||
Hartford Financial Services Group, Inc. | 1,515 | 118,594 | ||||||
Marsh & McLennan Cos., Inc. | 1,450 | 235,103 | ||||||
Travelers Cos., Inc. | 812 | 150,318 | ||||||
W R Berkley Corp. | 1,981 | 131,122 | ||||||
854,498 | ||||||||
Interactive Media and Services — 1.2% | ||||||||
Alphabet, Inc., Class A(1) | 637 | 57,368 | ||||||
Meta Platforms, Inc., Class A(1) | 242 | 42,336 | ||||||
99,704 | ||||||||
Internet and Direct Marketing Retail — 1.0% | ||||||||
Amazon.com, Inc.(1) | 622 | 58,611 | ||||||
eBay, Inc. | 516 | 23,684 | ||||||
82,295 |
12
Low Volatility ETF | ||||||||
Shares | Value | |||||||
IT Services — 8.1% | ||||||||
Accenture PLC, Class A | 524 | $ | 139,148 | |||||
Amdocs Ltd. | 2,383 | 218,307 | ||||||
Cognizant Technology Solutions Corp., Class A | 644 | 40,334 | ||||||
Fidelity National Information Services, Inc. | 704 | 44,612 | ||||||
PayPal Holdings, Inc.(1) | 642 | 47,251 | ||||||
SS&C Technologies Holdings, Inc. | 850 | 49,895 | ||||||
Visa, Inc., Class A | 624 | 137,243 | ||||||
676,790 | ||||||||
Machinery — 7.2% | ||||||||
Donaldson Co., Inc. | 422 | 26,691 | ||||||
Dover Corp. | 570 | 85,443 | ||||||
Fortive Corp. | 633 | 42,196 | ||||||
Graco, Inc. | 1,164 | 80,945 | ||||||
IDEX Corp. | 117 | 26,323 | ||||||
Illinois Tool Works, Inc. | 306 | 71,347 | ||||||
Nordson Corp. | 1,049 | 230,402 | ||||||
Parker-Hannifin Corp. | 100 | 35,185 | ||||||
598,532 | ||||||||
Media — 0.8% | ||||||||
Comcast Corp., Class A | 1,861 | 69,173 | ||||||
Multi-Utilities — 0.3% | ||||||||
NiSource, Inc. | 966 | 26,497 | ||||||
Oil, Gas and Consumable Fuels — 1.2% | ||||||||
Chevron Corp. | 2 | 322 | ||||||
Exxon Mobil Corp. | 909 | 99,908 | ||||||
100,230 | ||||||||
Pharmaceuticals — 4.9% | ||||||||
Bristol-Myers Squibb Co. | 775 | 53,444 | ||||||
Eli Lilly & Co. | 43 | 13,382 | ||||||
Johnson & Johnson | 1,371 | 210,120 | ||||||
Merck & Co., Inc. | 689 | 73,199 | ||||||
Zoetis, Inc. | 351 | 58,617 | ||||||
408,762 | ||||||||
Semiconductors and Semiconductor Equipment — 2.1% | ||||||||
Broadcom, Inc. | 136 | 80,823 | ||||||
Marvell Technology, Inc. | 537 | 24,246 | ||||||
NXP Semiconductors NV | 224 | 39,979 | ||||||
Qorvo, Inc.(1) | 265 | 26,736 | ||||||
171,784 | ||||||||
Software — 4.4% | ||||||||
Dolby Laboratories, Inc., Class A | 1,156 | 95,115 | ||||||
Intuit, Inc. | 127 | 51,712 | ||||||
Microsoft Corp. | 676 | 168,608 | ||||||
Roper Technologies, Inc. | 56 | 24,091 | ||||||
Salesforce, Inc.(1) | 175 | 28,632 | ||||||
368,158 | ||||||||
Specialty Retail — 1.2% | ||||||||
Floor & Decor Holdings, Inc., Class A(1) | 3 | 275 | ||||||
Home Depot, Inc. | 129 | 38,254 |
13
Low Volatility ETF | ||||||||
Shares | Value | |||||||
Lowe's Cos., Inc. | 283 | $ | 58,227 | |||||
96,756 | ||||||||
Technology Hardware, Storage and Peripherals — 0.7% | ||||||||
Apple, Inc. | 375 | 55,279 | ||||||
Textiles, Apparel and Luxury Goods — 0.4% | ||||||||
NIKE, Inc., Class B | 266 | 31,598 | ||||||
Trading Companies and Distributors — 0.6% | ||||||||
Fastenal Co. | 516 | 26,605 | ||||||
SiteOne Landscape Supply, Inc.(1) | 164 | 24,328 | ||||||
50,933 | ||||||||
TOTAL COMMON STOCKS (Cost $8,088,980) | 8,281,328 | |||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||
Money Market Funds — 0.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $42,006) | 42,006 | 42,006 | ||||||
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $8,130,986) | 8,323,334 | |||||||
OTHER ASSETS AND LIABILITIES — 0.1% | 6,329 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 8,329,663 |
NOTES TO SCHEDULE OF INVESTMENTS |
(1)Non-income producing.
See Notes to Financial Statements.
14
FEBRUARY 28, 2023 (UNAUDITED)
Quality Convertible Securities ETF | ||||||||
Principal Amount/Shares | Value | |||||||
CONVERTIBLE BONDS — 71.8% | ||||||||
Air Freight and Logistics — 0.6% | ||||||||
Air Transport Services Group, Inc., 1.125%, 10/15/24 | $ | 120,000 | $ | 109,800 | ||||
Airlines — 1.4% | ||||||||
American Airlines Group, Inc., 6.50%, 7/1/25 | 120,000 | 145,260 | ||||||
Southwest Airlines Co., 1.25%, 5/1/25(1) | 122,000 | 139,476 | ||||||
284,736 | ||||||||
Auto Components — 0.4% | ||||||||
Patrick Industries, Inc., 1.75%, 12/1/28 | 92,000 | 84,928 | ||||||
Automobiles — 0.7% | ||||||||
Ford Motor Co., 0.00%, 3/15/26(2) | 142,000 | 137,385 | ||||||
Beverages — 0.9% | ||||||||
MGP Ingredients, Inc., 1.875%, 11/15/41 | 149,000 | 179,324 | ||||||
Biotechnology — 3.3% | ||||||||
Guardant Health, Inc., 0.00%, 11/15/27(2) | 176,000 | 120,912 | ||||||
Halozyme Therapeutics, Inc., 0.25%, 3/1/27 | 215,000 | 192,562 | ||||||
Illumina, Inc., 0.00%, 8/15/23(2) | 94,000 | 91,886 | ||||||
Insmed, Inc., 0.75%, 6/1/28 | 138,000 | 119,953 | ||||||
Sarepta Therapeutics, Inc., 1.50%, 11/15/24 | 75,000 | 133,612 | ||||||
658,925 | ||||||||
Commercial Services and Supplies — 0.4% | ||||||||
Alarm.com Holdings, Inc., 0.00%, 1/15/26(2) | 101,000 | 83,264 | ||||||
Communications Equipment — 0.8% | ||||||||
Viavi Solutions, Inc., 1.00%, 3/1/24 | 154,000 | 158,273 | ||||||
Consumer Finance — 1.8% | ||||||||
Block, Inc., 0.25%, 11/1/27 | 250,000 | 194,375 | ||||||
Shift4 Payments, Inc., 0.50%, 8/1/27 | 181,000 | 158,103 | ||||||
352,478 | ||||||||
Diversified Consumer Services — 0.4% | ||||||||
Stride, Inc., 1.125%, 9/1/27 | 76,000 | 77,781 | ||||||
Electric Utilities — 0.3% | ||||||||
NRG Energy, Inc., 2.75%, 6/1/48 | 63,000 | 63,032 | ||||||
Electronic Equipment, Instruments and Components — 0.7% | ||||||||
Vishay Intertechnology, Inc., 2.25%, 6/15/25 | 148,000 | 144,313 | ||||||
Entertainment — 1.4% | ||||||||
iQIYI, Inc., 4.00%, 12/15/26 | 120,000 | 106,080 | ||||||
Live Nation Entertainment, Inc., 3.125%, 1/15/29 | 66,000 | 65,505 | ||||||
Pandora Media LLC, 1.75%, 12/1/23 | 55,000 | 54,575 | ||||||
Snap, Inc., 0.75%, 8/1/26 | 65,000 | 57,955 | ||||||
284,115 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 0.9% | ||||||||
Pebblebrook Hotel Trust, 1.75%, 12/15/26 | 158,000 | 135,801 | ||||||
Summit Hotel Properties, Inc., 1.50%, 2/15/26 | 59,000 | 51,595 | ||||||
187,396 | ||||||||
Food and Staples Retailing — 0.4% | ||||||||
Chefs' Warehouse, Inc., 2.375%, 12/15/28(3) | 75,000 | 74,942 | ||||||
Food Products — 0.8% | ||||||||
Post Holdings, Inc., 2.50%, 8/15/27(3) | 150,000 | 155,895 | ||||||
Health Care Equipment and Supplies — 7.1% | ||||||||
CONMED Corp., 2.625%, 2/1/24 | 102,000 | 120,156 |
15
Quality Convertible Securities ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Dexcom, Inc., 0.25%, 11/15/25 | $ | 244,000 | $ | 259,494 | ||||
Envista Holdings Corp., 2.375%, 6/1/25 | 92,000 | 174,984 | ||||||
Exact Sciences Corp., 0.375%, 3/1/28 | 155,000 | 134,370 | ||||||
Haemonetics Corp., 0.00%, 3/1/26(2) | 162,000 | 135,191 | ||||||
Insulet Corp., 0.375%, 9/1/26 | 203,000 | 271,309 | ||||||
Integra LifeSciences Holdings Corp., 0.50%, 8/15/25 | 194,000 | 186,919 | ||||||
Omnicell, Inc., 0.25%, 9/15/25 | 45,000 | 41,017 | ||||||
Revance Therapeutics, Inc., 1.75%, 2/15/27 | 70,000 | 90,090 | ||||||
1,413,530 | ||||||||
Hotels, Restaurants and Leisure — 2.7% | ||||||||
DraftKings Holdings, Inc., 0.00%, 3/15/28(2) | 115,000 | 80,845 | ||||||
Expedia Group, Inc., 0.00%, 2/15/26(2) | 88,000 | 77,970 | ||||||
Marriott Vacations Worldwide Corp., 0.00%, 1/15/26(2) | 132,000 | 136,092 | ||||||
Marriott Vacations Worldwide Corp., 3.25%, 12/15/27 | 94,000 | 96,914 | ||||||
Royal Caribbean Cruises Ltd., 4.25%, 6/15/23 | 142,000 | 153,052 | ||||||
544,873 | ||||||||
Independent Power and Renewable Electricity Producers — 0.7% | ||||||||
Enphase Energy, Inc., 0.00%, 3/1/26(2) | 141,000 | 143,397 | ||||||
Interactive Media and Services — 0.5% | ||||||||
Ziff Davis, Inc., 1.75%, 11/1/26(3) | 98,000 | 96,334 | ||||||
Internet and Direct Marketing Retail — 5.4% | ||||||||
Airbnb, Inc., 0.00%, 3/15/26(2) | 197,000 | 170,110 | ||||||
Booking Holdings, Inc., 0.75%, 5/1/25 | 168,000 | 242,763 | ||||||
Etsy, Inc., 0.25%, 6/15/28 | 222,000 | 186,275 | ||||||
Match Group Financeco 3, Inc., 2.00%, 1/15/30(3) | 115,000 | 101,833 | ||||||
PDD Holdings, Inc., 0.00%, 12/1/25(2) | 161,000 | 153,353 | ||||||
Perficient, Inc., 0.125%, 11/15/26 | 93,000 | 73,317 | ||||||
Sea Ltd., 0.25%, 9/15/26 | 190,000 | 144,495 | ||||||
1,072,146 | ||||||||
IT Services — 5.0% | ||||||||
Insight Enterprises, Inc., 0.75%, 2/15/25 | 121,000 | 238,794 | ||||||
KBR, Inc., 2.50%, 11/1/23 | 82,000 | 179,539 | ||||||
Palo Alto Networks, Inc., 0.375%, 6/1/25 | 191,000 | 365,287 | ||||||
Parsons Corp., 0.25%, 8/15/25 | 135,000 | 148,770 | ||||||
Wix.com Ltd., 0.00%, 8/15/25(2) | 82,000 | 70,274 | ||||||
1,002,664 | ||||||||
Leisure Products — 0.4% | ||||||||
Topgolf Callaway Brands Corp., 2.75%, 5/1/26 | 52,000 | 75,953 | ||||||
Machinery — 1.0% | ||||||||
Chart Industries, Inc., 1.00%, 11/15/24 | 46,000 | 105,708 | ||||||
Middleby Corp., 1.00%, 9/1/25 | 77,000 | 99,869 | ||||||
205,577 | ||||||||
Media — 1.6% | ||||||||
Cable One, Inc., 1.125%, 3/15/28 | 130,000 | 94,965 | ||||||
Liberty Broadband Corp., 2.75%, 9/30/50(1)(3) | 133,000 | 132,972 | ||||||
World Wrestling Entertainment, Inc., 3.375%, 12/15/23 | 29,000 | 97,904 | ||||||
325,841 | ||||||||
Metals and Mining — 1.0% | ||||||||
Ivanhoe Mines Ltd., 2.50%, 4/15/26(3) | 74,000 | 94,745 | ||||||
MP Materials Corp., 0.25%, 4/1/26(3) | 102,000 | 104,965 | ||||||
199,710 |
16
Quality Convertible Securities ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Mortgage Real Estate Investment Trusts (REITs) — 1.4% | ||||||||
Blackstone Mortgage Trust, Inc., 5.50%, 3/15/27 | $ | 152,000 | $ | 135,660 | ||||
PennyMac Corp., 5.50%, 3/15/26 | 153,000 | 137,394 | ||||||
273,054 | ||||||||
Oil, Gas and Consumable Fuels — 2.1% | ||||||||
EQT Corp., 1.75%, 5/1/26 | 41,000 | 93,746 | ||||||
Pioneer Natural Resources Co., 0.25%, 5/15/25 | 161,000 | 328,762 | ||||||
422,508 | ||||||||
Pharmaceuticals — 3.4% | ||||||||
Ascendis Pharma A/S, 2.25%, 4/1/28(3) | 193,000 | 191,842 | ||||||
Jazz Investments I Ltd., 2.00%, 6/15/26 | 276,000 | 300,495 | ||||||
Neurocrine Biosciences, Inc., 2.25%, 5/15/24 | 93,000 | 128,107 | ||||||
Pacira BioSciences, Inc., 0.75%, 8/1/25 | 57,000 | 53,331 | ||||||
673,775 | ||||||||
Professional Services — 1.0% | ||||||||
FTI Consulting, Inc., 2.00%, 8/15/23 | 108,000 | 196,938 | ||||||
Road and Rail — 0.9% | ||||||||
Uber Technologies, Inc., 0.00%, 12/15/25(2) | 206,000 | 179,990 | ||||||
Semiconductors and Semiconductor Equipment — 4.8% | ||||||||
Impinj, Inc., 1.125%, 5/15/27 | 63,000 | 87,973 | ||||||
MACOM Technology Solutions Holdings, Inc., 0.25%, 3/15/26 | 198,000 | 205,227 | ||||||
Microchip Technology, Inc., 0.125%, 11/15/24(1) | 165,000 | 183,562 | ||||||
ON Semiconductor Corp., 0.00%, 5/1/27(2) | 93,000 | 144,615 | ||||||
Silicon Laboratories, Inc., 0.625%, 6/15/25 | 147,000 | 223,460 | ||||||
Wolfspeed, Inc., 0.25%, 2/15/28 | 117,000 | 103,253 | ||||||
948,090 | ||||||||
Software — 12.8% | ||||||||
Akamai Technologies, Inc., 0.375%, 9/1/27 | 261,000 | 232,942 | ||||||
Alteryx, Inc., 1.00%, 8/1/26 | 83,000 | 71,089 | ||||||
Bentley Systems, Inc., 0.125%, 1/15/26 | 238,000 | 220,388 | ||||||
Bills Holdings, Inc., 0.00%, 4/1/27(2) | 225,000 | 176,175 | ||||||
Confluent, Inc., 0.00%, 1/15/27(2) | 90,000 | 70,388 | ||||||
Datadog, Inc., 0.125%, 6/15/25 | 74,000 | 81,437 | ||||||
Dropbox, Inc., 0.00%, 3/1/28(2) | 131,000 | 112,005 | ||||||
Envestnet, Inc., 2.625%, 12/1/27(3) | 106,000 | 115,169 | ||||||
Five9, Inc., 0.50%, 6/1/25 | 70,000 | 63,000 | ||||||
Guidewire Software, Inc., 1.25%, 3/15/25 | 73,000 | 69,131 | ||||||
HubSpot, Inc., 0.375%, 6/1/25 | 89,000 | 130,563 | ||||||
InterDigital, Inc., 3.50%, 6/1/27(3) | 74,000 | 82,288 | ||||||
MongoDB, Inc., 0.25%, 1/15/26 | 46,000 | 55,787 | ||||||
Okta, Inc., 0.375%, 6/15/26 | 164,000 | 138,088 | ||||||
Pegasystems, Inc., 0.75%, 3/1/25 | 99,000 | 87,417 | ||||||
Progress Software Corp., 1.00%, 4/15/26 | 264,000 | 288,420 | ||||||
Q2 Holdings, Inc., 0.75%, 6/1/26 | 93,000 | 79,050 | ||||||
Splunk, Inc., 1.125%, 9/15/25 | 139,000 | 136,637 | ||||||
Tyler Technologies, Inc., 0.25%, 3/15/26 | 124,000 | 116,002 | ||||||
Unity Software, Inc., 0.00%, 11/15/26(2) | 91,000 | 69,570 | ||||||
Workiva, Inc., 1.125%, 8/15/26 | 121,000 | 154,819 | ||||||
2,550,365 |
17
Quality Convertible Securities ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Specialty Retail — 0.7% | ||||||||
Burlington Stores, Inc., 2.25%, 4/15/25(1) | $ | 108,000 | $ | 127,643 | ||||
Technology Hardware, Storage and Peripherals — 4.1% | ||||||||
CyberArk Software Ltd., 0.00%, 11/15/24(2) | 110,000 | 122,189 | ||||||
Lumentum Holdings, Inc., 0.50%, 12/15/26 | 166,000 | 142,345 | ||||||
Lumentum Holdings, Inc., 0.50%, 6/15/28(3) | 156,000 | 118,188 | ||||||
Rapid7, Inc., 0.25%, 3/15/27 | 138,000 | 122,091 | ||||||
Varonis Systems, Inc., 1.25%, 8/15/25 | 139,000 | 154,429 | ||||||
Western Digital Corp., 1.50%, 2/1/24 | 105,000 | 100,957 | ||||||
Zscaler, Inc., 0.125%, 7/1/25 | 51,000 | 56,840 | ||||||
817,039 | ||||||||
TOTAL CONVERTIBLE BONDS (Cost $15,417,563) | 14,306,014 | |||||||
CONVERTIBLE PREFERRED STOCKS — 15.8% | ||||||||
Banks — 2.9% | ||||||||
Bank of America Corp., 7.25% | 243 | 290,710 | ||||||
Wells Fargo & Co., 7.50% | 238 | 285,204 | ||||||
575,914 | ||||||||
Capital Markets — 1.5% | ||||||||
AMG Capital Trust II, 5.15%, 10/15/37 | 2,481 | 129,508 | ||||||
KKR & Co., Inc., 6.00%, 9/15/23 | 2,571 | 173,331 | ||||||
302,839 | ||||||||
Electric Utilities — 3.3% | ||||||||
American Electric Power Co., Inc., 6.125%, 8/15/23 | 3,893 | 192,159 | ||||||
NextEra Energy, Inc., 6.22%, 9/1/23 | 6,150 | 285,206 | ||||||
PG&E Corp., 5.50%, 8/16/23 | 1,369 | 188,433 | ||||||
665,798 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 0.6% | ||||||||
LXP Industrial Trust, 6.50% | 2,363 | 116,921 | ||||||
Gas Utilities — 0.7% | ||||||||
Spire, Inc., 7.50%, 3/1/24 | 2,630 | 131,789 | ||||||
Health Care Equipment and Supplies — 2.0% | ||||||||
Becton Dickinson & Co., 6.00%, 6/1/23 | 3,974 | 192,222 | ||||||
Boston Scientific Corp., 5.50%, 6/1/23 | 1,768 | 200,796 | ||||||
393,018 | ||||||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
AES Corp., 6.875%, 2/15/24 | 615 | 56,199 | ||||||
Life Sciences Tools and Services — 0.9% | ||||||||
Danaher Corp., 5.00%, 4/15/23(1) | 144 | 182,278 | ||||||
Metals and Mining — 0.7% | ||||||||
ArcelorMittal SA, 5.50%, 5/18/23 | 2,053 | 146,974 | ||||||
Multi-Utilities — 0.9% | ||||||||
NiSource, Inc., 7.75%, 3/1/24 | 1,805 | 188,316 | ||||||
Wireless Telecommunication Services — 2.0% | ||||||||
2020 Cash Mandatory Exchangeable Trust, 5.25%, 6/1/23(3) | 339 | 393,919 | ||||||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $3,414,492) | 3,153,965 | |||||||
COMMON STOCKS — 2.6% | ||||||||
Biotechnology — 0.3% | ||||||||
PTC Therapeutics, Inc.(4) | 1,359 | 59,348 |
18
Quality Convertible Securities ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Consumer Finance — 0.2% | ||||||||
Encore Capital Group, Inc.(4) | 924 | $ | 47,752 | |||||
Health Care Providers and Services — 1.3% | ||||||||
Elevance Health, Inc. | 558 | 262,076 | ||||||
Hotels, Restaurants and Leisure — 0.8% | ||||||||
Bloomin' Brands, Inc. | 5,856 | 152,842 | ||||||
TOTAL COMMON STOCKS (Cost $545,417) | 522,018 | |||||||
SHORT-TERM INVESTMENTS — 6.9% | ||||||||
Money Market Funds — 6.9% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 920,593 | 920,593 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(5) | 458,313 | 458,313 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,378,906) | 1,378,906 | |||||||
TOTAL INVESTMENT SECURITIES — 97.1% (Cost $20,756,378) | 19,360,903 | |||||||
OTHER ASSETS AND LIABILITIES — 2.9% | 579,419 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 19,940,322 |
NOTES TO SCHEDULE OF INVESTMENTS |
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $448,896. 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)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.
(3)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $1,663,092, which represented 8.3% of total net assets.
(4)Non-income producing.
(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $458,313.
See Notes to Financial Statements.
19
FEBRUARY 28, 2023 (UNAUDITED)
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.4% | ||||||||
Australia — 4.2% | ||||||||
Allkem Ltd.(1) | 25,736 | $ | 195,643 | |||||
Aristocrat Leisure Ltd. | 32,888 | 805,895 | ||||||
Aurizon Holdings Ltd. | 95,561 | 212,350 | ||||||
BHP Group Ltd. | 15,069 | 456,064 | ||||||
BlueScope Steel Ltd. | 20,770 | 265,746 | ||||||
Brambles Ltd. | 30,065 | 259,782 | ||||||
carsales.com Ltd. | 13,545 | 206,060 | ||||||
Computershare Ltd. | 13,078 | 217,528 | ||||||
CSL Ltd. | 1,219 | 242,541 | ||||||
IDP Education Ltd. | 10,984 | 211,235 | ||||||
IGO Ltd. | 23,420 | 205,875 | ||||||
Incitec Pivot Ltd. | 168,362 | 387,608 | ||||||
Lynas Rare Earths Ltd.(1) | 40,484 | 222,338 | ||||||
Northern Star Resources Ltd. | 35,226 | 245,854 | ||||||
Origin Energy Ltd. | 54,272 | 291,138 | ||||||
Pilbara Minerals Ltd.(1) | 78,884 | 219,816 | ||||||
Qantas Airways Ltd.(1) | 58,347 | 250,951 | ||||||
REA Group Ltd.(2) | 4,687 | 385,949 | ||||||
Sonic Healthcare Ltd. | 31,999 | 692,238 | ||||||
South32 Ltd. | 465,763 | 1,353,239 | ||||||
Treasury Wine Estates Ltd. | 29,609 | 278,489 | ||||||
Whitehaven Coal Ltd. | 67,077 | 324,928 | ||||||
WiseTech Global Ltd. | 6,180 | 261,159 | ||||||
Woodside Energy Group Ltd. | 8,382 | 203,096 | ||||||
8,395,522 | ||||||||
Austria — 1.1% | ||||||||
ANDRITZ AG | 9,633 | 594,435 | ||||||
Erste Group Bank AG | 8,943 | 351,040 | ||||||
OMV AG | 12,378 | 602,901 | ||||||
Raiffeisen Bank International AG(1) | 15,736 | 262,720 | ||||||
voestalpine AG | 9,111 | 336,515 | ||||||
2,147,611 | ||||||||
Belgium — 0.8% | ||||||||
Ageas SA | 25,589 | 1,154,807 | ||||||
D'ieteren Group | 1,131 | 219,202 | ||||||
Solvay SA | 2,514 | 287,169 | ||||||
1,661,178 | ||||||||
Canada — 9.4% | ||||||||
Alimentation Couche-Tard, Inc. | 4,551 | 213,492 | ||||||
ARC Resources Ltd.(2) | 17,438 | 189,907 | ||||||
Canadian National Railway Co. | 1,639 | 186,674 | ||||||
Canadian Natural Resources Ltd.(2) | 13,952 | 788,449 | ||||||
CGI, Inc.(1) | 2,795 | 250,597 | ||||||
Constellation Software, Inc. | 1,033 | 1,776,169 | ||||||
Descartes Systems Group, Inc.(1) | 5,556 | 409,788 | ||||||
Dollarama, Inc. | 12,879 | 743,952 | ||||||
Element Fleet Management Corp.(2) | 31,319 | 447,349 | ||||||
Fairfax Financial Holdings Ltd. | 1,652 | 1,154,971 |
20
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
George Weston Ltd. | 6,102 | $ | 764,483 | |||||
IGM Financial, Inc.(2) | 8,434 | 256,636 | ||||||
Imperial Oil Ltd.(2) | 10,072 | 498,175 | ||||||
Intact Financial Corp. | 5,539 | 795,676 | ||||||
Loblaw Cos. Ltd. | 3,701 | 316,287 | ||||||
Lumine Group, Inc.(1) | 3,099 | 37,048 | ||||||
Lundin Mining Corp.(2) | 39,725 | 247,171 | ||||||
Manulife Financial Corp.(2) | 119,989 | 2,372,520 | ||||||
Metro, Inc. | 3,605 | 187,238 | ||||||
Northland Power, Inc. | 7,356 | 178,711 | ||||||
Nutrien Ltd. | 5,538 | 430,746 | ||||||
Open Text Corp. | 51,492 | 1,772,502 | ||||||
Pembina Pipeline Corp.(2) | 5,679 | 186,456 | ||||||
Quebecor, Inc., Class B(2) | 24,288 | 574,582 | ||||||
Restaurant Brands International, Inc. | 3,684 | 237,725 | ||||||
Ritchie Bros Auctioneers, Inc. | 8,029 | 491,134 | ||||||
Shaw Communications, Inc., B Shares | 8,962 | 259,632 | ||||||
Stantec, Inc.(2) | 5,673 | 329,529 | ||||||
Suncor Energy, Inc. | 29,512 | 991,880 | ||||||
Teck Resources Ltd., Class B | 6,490 | 259,081 | ||||||
TFI International, Inc. | 2,324 | 283,598 | ||||||
Toromont Industries Ltd. | 3,201 | 264,009 | ||||||
Tourmaline Oil Corp. | 7,611 | 333,556 | ||||||
West Fraser Timber Co. Ltd. | 3,129 | 235,048 | ||||||
Whitecap Resources, Inc.(2) | 30,651 | 234,965 | ||||||
18,699,736 | ||||||||
China — 2.5% | ||||||||
Alibaba Health Information Technology Ltd.(1) | 266,000 | 190,463 | ||||||
ANTA Sports Products Ltd. | 71,800 | 948,135 | ||||||
Bosideng International Holdings Ltd. | 526,000 | 291,784 | ||||||
BYD Co. Ltd., H Shares | 19,000 | 510,801 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H | 242,500 | 251,527 | ||||||
CSPC Pharmaceutical Group Ltd. | 100,000 | 107,430 | ||||||
JD Health International, Inc.(1) | 35,800 | 250,609 | ||||||
Kanzhun Ltd., ADR(1) | 6,408 | 129,121 | ||||||
Li Ning Co. Ltd. | 64,500 | 550,359 | ||||||
Nongfu Spring Co. Ltd., H Shares | 99,200 | 556,826 | ||||||
PDD Holdings, Inc., ADR(1) | 6,800 | 596,564 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares(2) | 60,000 | 246,197 | ||||||
Yadea Group Holdings Ltd. | 148,000 | 317,636 | ||||||
4,947,452 | ||||||||
Denmark — 2.7% | ||||||||
AP Moller - Maersk A/S, B Shares | 697 | 1,623,555 | ||||||
Genmab A/S(1) | 2,166 | 814,955 | ||||||
Novo Nordisk A/S, B Shares | 19,335 | 2,731,171 | ||||||
Pandora A/S | 3,333 | 315,714 | ||||||
5,485,395 | ||||||||
Finland — 0.4% | ||||||||
Kesko Oyj, B Shares | 11,543 | 250,666 | ||||||
Sampo Oyj, A Shares | 10,109 | 492,108 | ||||||
742,774 |
21
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
France — 11.8% | ||||||||
BNP Paribas SA | 26,956 | $ | 1,884,525 | |||||
Bouygues SA | 8,001 | 270,727 | ||||||
Capgemini SE | 2,558 | 479,717 | ||||||
Carrefour SA | 14,400 | 284,680 | ||||||
Cie de Saint-Gobain | 5,641 | 335,203 | ||||||
Danone SA | 4,706 | 264,535 | ||||||
Dassault Systemes SE | 5,721 | 220,774 | ||||||
Edenred | 3,826 | 215,351 | ||||||
Eiffage SA | 2,512 | 275,690 | ||||||
Engie SA | 108,676 | 1,585,949 | ||||||
EssilorLuxottica SA | 1,131 | 196,063 | ||||||
Getlink SE | 12,664 | 212,690 | ||||||
Hermes International | 1,180 | 2,135,956 | ||||||
Ipsen SA | 6,028 | 688,751 | ||||||
Kering SA | 938 | 549,969 | ||||||
La Francaise des Jeux SAEM | 9,346 | 368,910 | ||||||
L'Oreal SA | 4,882 | 1,929,722 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,058 | 879,543 | ||||||
Orange SA | 24,213 | 276,423 | ||||||
Pernod Ricard SA | 3,959 | 825,892 | ||||||
Publicis Groupe SA | 11,505 | 913,349 | ||||||
Rexel SA(1) | 14,776 | 367,295 | ||||||
Sanofi | 31,388 | 2,934,723 | ||||||
Sartorius Stedim Biotech | 1,366 | 444,901 | ||||||
Sodexo SA | 12,403 | 1,148,737 | ||||||
STMicroelectronics NV | 30,333 | 1,453,106 | ||||||
Teleperformance | 2,081 | 540,202 | ||||||
TotalEnergies SE | 11,588 | 715,028 | ||||||
Veolia Environnement SA | 9,622 | 287,162 | ||||||
Vinci SA | 4,567 | 519,304 | ||||||
Vivendi SE | 27,566 | 283,673 | ||||||
23,488,550 | ||||||||
Germany — 7.3% | ||||||||
Allianz SE | 1,154 | 270,975 | ||||||
BASF SE | 4,875 | 249,611 | ||||||
Bayerische Motoren Werke AG | 2,734 | 282,054 | ||||||
BioNTech SE, ADR | 4,472 | 581,584 | ||||||
Brenntag SE | 3,931 | 296,095 | ||||||
Carl Zeiss Meditec AG, Bearer Shares | 1,578 | 210,340 | ||||||
CTS Eventim AG & Co. KGaA(1) | 3,682 | 241,637 | ||||||
Daimler Truck Holding AG(1) | 6,397 | 202,619 | ||||||
Deutsche Bank AG | 27,348 | 340,956 | ||||||
Deutsche Lufthansa AG(1) | 30,889 | 320,033 | ||||||
Deutsche Post AG | 20,273 | 857,364 | ||||||
Deutsche Telekom AG | 112,058 | 2,514,923 | ||||||
Evonik Industries AG | 12,631 | 269,693 | ||||||
Fresenius Medical Care AG & Co. KGaA | 33,062 | 1,291,915 | ||||||
GEA Group AG | 5,630 | 247,494 | ||||||
Hannover Rueck SE | 1,459 | 283,336 | ||||||
HeidelbergCement AG | 5,047 | 346,489 |
22
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Henkel AG & Co. KGaA | 31,414 | $ | 2,172,118 | |||||
Mercedes-Benz Group AG | 3,663 | 280,742 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 5,086 | 1,752,011 | ||||||
Nemetschek SE | 4,310 | 244,075 | ||||||
Rational AG | 339 | 224,856 | ||||||
SAP SE | 2,260 | 256,761 | ||||||
Telefonica Deutschland Holding AG | 103,372 | 313,572 | ||||||
VERBIO Vereinigte BioEnergie AG | 2,673 | 134,095 | ||||||
Wacker Chemie AG | 1,950 | 305,539 | ||||||
14,490,887 | ||||||||
Hong Kong — 0.2% | ||||||||
Atlas Corp. | 15,660 | 240,538 | ||||||
SITC International Holdings Co. Ltd. | 74,000 | 154,804 | ||||||
395,342 | ||||||||
Israel — 0.8% | ||||||||
Bank Hapoalim BM | 21,978 | 183,829 | ||||||
ICL Group Ltd. | 72,228 | 524,185 | ||||||
Israel Discount Bank Ltd., A Shares | 35,792 | 169,779 | ||||||
Nice Ltd.(1) | 1,106 | 229,898 | ||||||
Teva Pharmaceutical Industries Ltd.(1) | 28,601 | 283,872 | ||||||
Tower Semiconductor Ltd.(1) | 4,589 | 186,130 | ||||||
1,577,693 | ||||||||
Italy — 4.9% | ||||||||
Banco BPM SpA | 100,013 | 435,972 | ||||||
CNH Industrial NV | 33,773 | 553,619 | ||||||
Davide Campari-Milano NV | 21,594 | 241,758 | ||||||
Eni SpA | 77,373 | 1,092,818 | ||||||
Ferrari NV | 8,110 | 2,104,109 | ||||||
Intesa Sanpaolo SpA | 111,458 | 301,080 | ||||||
Leonardo SpA | 30,860 | 346,228 | ||||||
Moncler SpA | 4,091 | 249,371 | ||||||
Poste Italiane SpA | 25,199 | 271,715 | ||||||
Prysmian SpA | 6,378 | 245,202 | ||||||
Stellantis NV | 108,507 | 1,898,252 | ||||||
Tenaris SA | 24,257 | 399,079 | ||||||
UniCredit SpA | 83,967 | 1,717,840 | ||||||
9,857,043 | ||||||||
Japan — 18.6% | ||||||||
Advantest Corp.(2) | 3,200 | 253,660 | ||||||
AGC, Inc. | 7,400 | 273,775 | ||||||
Aisin Corp. | 9,000 | 246,632 | ||||||
Ajinomoto Co., Inc. | 11,500 | 339,332 | ||||||
Asahi Intecc Co. Ltd. | 13,100 | 223,041 | ||||||
Astellas Pharma, Inc. | 16,000 | 224,681 | ||||||
Bandai Namco Holdings, Inc. | 3,200 | 197,732 | ||||||
BayCurrent Consulting, Inc. | 7,100 | 278,729 | ||||||
Canon, Inc.(2) | 12,300 | 264,724 | ||||||
Capcom Co. Ltd. | 7,200 | 226,587 | ||||||
Chugai Pharmaceutical Co. Ltd. | 8,000 | 199,020 | ||||||
Dai Nippon Printing Co. Ltd. | 12,000 | 321,717 | ||||||
Daifuku Co. Ltd. | 4,100 | 223,590 |
23
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Daiichi Sankyo Co. Ltd. | 34,100 | $ | 1,074,025 | |||||
Daito Trust Construction Co. Ltd. | 1,900 | 178,978 | ||||||
Daiwa Securities Group, Inc.(2) | 55,900 | 267,199 | ||||||
Dentsu Group, Inc. | 7,700 | 246,928 | ||||||
Disco Corp. | 700 | 219,493 | ||||||
Fast Retailing Co. Ltd. | 1,200 | 236,899 | ||||||
Fujitsu Ltd. | 1,800 | 231,171 | ||||||
Hamamatsu Photonics KK | 4,600 | 225,725 | ||||||
Hirose Electric Co. Ltd. | 3,500 | 427,924 | ||||||
Hitachi Ltd. | 4,700 | 237,904 | ||||||
Honda Motor Co. Ltd. | 18,700 | 486,259 | ||||||
Hoya Corp. | 5,500 | 544,515 | ||||||
Ibiden Co. Ltd. | 5,800 | 198,949 | ||||||
INPEX Corp. | 59,700 | 625,918 | ||||||
Isuzu Motors Ltd. | 35,100 | 419,740 | ||||||
ITOCHU Corp.(2) | 16,400 | 490,207 | ||||||
Itochu Techno-Solutions Corp. | 10,100 | 224,763 | ||||||
Japan Tobacco, Inc. | 103,200 | 2,098,613 | ||||||
Kajima Corp. | 21,900 | 261,727 | ||||||
Kao Corp. | 6,200 | 230,962 | ||||||
Kawasaki Kisen Kaisha Ltd.(2) | 13,100 | 313,721 | ||||||
Keyence Corp. | 3,000 | 1,296,682 | ||||||
Koei Tecmo Holdings Co. Ltd.(2) | 12,200 | 204,363 | ||||||
Komatsu Ltd. | 20,700 | 495,256 | ||||||
Konami Group Corp. | 5,300 | 233,770 | ||||||
Kose Corp. | 2,100 | 237,418 | ||||||
Kyowa Kirin Co. Ltd. | 9,100 | 194,744 | ||||||
M3, Inc. | 6,900 | 164,546 | ||||||
Marubeni Corp. | 120,200 | 1,534,480 | ||||||
Mazda Motor Corp. | 31,100 | 278,253 | ||||||
MEIJI Holdings Co. Ltd. | 5,100 | 233,558 | ||||||
Mitsubishi Corp. | 17,000 | 577,508 | ||||||
Mitsubishi Electric Corp. | 24,700 | 277,559 | ||||||
Mitsubishi HC Capital, Inc. | 52,000 | 271,469 | ||||||
Mitsubishi Heavy Industries Ltd. | 11,500 | 423,771 | ||||||
Mitsui & Co. Ltd. | 20,500 | 575,350 | ||||||
MonotaRO Co. Ltd. | 12,400 | 168,657 | ||||||
MS&AD Insurance Group Holdings, Inc. | 8,300 | 271,610 | ||||||
Nihon M&A Center Holdings, Inc.(2) | 15,700 | 130,901 | ||||||
Nintendo Co. Ltd. | 4,900 | 183,442 | ||||||
NIPPON EXPRESS HOLDINGS, Inc. | 4,200 | 234,297 | ||||||
Nippon Steel Corp. | 15,500 | 346,390 | ||||||
Nissin Foods Holdings Co. Ltd. | 2,800 | 233,185 | ||||||
NTT Data Corp. | 16,200 | 224,769 | ||||||
Obayashi Corp. | 37,500 | 277,388 | ||||||
Obic Co. Ltd. | 1,400 | 205,113 | ||||||
Olympus Corp. | 42,000 | 707,519 | ||||||
Ono Pharmaceutical Co. Ltd. | 67,500 | 1,374,838 | ||||||
ORIX Corp. | 15,400 | 276,014 | ||||||
Osaka Gas Co. Ltd. | 16,000 | 259,893 | ||||||
Otsuka Corp. | 8,400 | 283,165 |
24
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Otsuka Holdings Co. Ltd. | 8,200 | $ | 248,427 | |||||
Pan Pacific International Holdings Corp. | 26,200 | 478,903 | ||||||
Panasonic Holdings Corp. | 28,000 | 244,497 | ||||||
Persol Holdings Co. Ltd. | 10,100 | 202,287 | ||||||
Recruit Holdings Co. Ltd. | 6,700 | 179,666 | ||||||
Renesas Electronics Corp.(1) | 57,900 | 747,922 | ||||||
Ricoh Co. Ltd. | 31,300 | 243,167 | ||||||
Rohm Co. Ltd. | 3,200 | 246,440 | ||||||
SBI Holdings, Inc.(2) | 53,400 | 1,151,052 | ||||||
SCSK Corp. | 18,000 | 261,180 | ||||||
Secom Co. Ltd. | 4,000 | 232,618 | ||||||
Seiko Epson Corp.(2) | 35,900 | 494,978 | ||||||
Sekisui Chemical Co. Ltd. | 32,600 | 437,042 | ||||||
Sekisui House Ltd. | 13,200 | 249,919 | ||||||
Seven & i Holdings Co. Ltd.(2) | 11,300 | 505,186 | ||||||
Shimadzu Corp. | 6,900 | 199,265 | ||||||
Shimano, Inc. | 1,200 | 186,600 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,700 | 235,673 | ||||||
Sojitz Corp. | 52,500 | 1,007,881 | ||||||
Square Enix Holdings Co. Ltd. | 4,700 | 209,499 | ||||||
Subaru Corp. | 26,700 | 427,767 | ||||||
SUMCO Corp. | 50,000 | 689,921 | ||||||
Sumitomo Corp. | 21,000 | 357,898 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 7,300 | 318,819 | ||||||
Suntory Beverage & Food Ltd. | 7,300 | 256,077 | ||||||
Taisei Corp. | 9,300 | 303,210 | ||||||
Takeda Pharmaceutical Co. Ltd. | 8,400 | 258,924 | ||||||
TIS, Inc. | 7,400 | 183,699 | ||||||
Tokyo Gas Co. Ltd. | 24,900 | 480,257 | ||||||
Toppan, Inc. | 15,900 | 287,543 | ||||||
Toyo Suisan Kaisha Ltd. | 5,000 | 202,280 | ||||||
Trend Micro, Inc. | 5,000 | 235,103 | ||||||
Yamato Holdings Co. Ltd. | 14,800 | 249,983 | ||||||
Yokogawa Electric Corp. | 11,300 | 168,769 | ||||||
ZOZO, Inc. | 9,000 | 200,031 | ||||||
37,073,231 | ||||||||
Netherlands — 3.9% | ||||||||
ABN AMRO Bank NV, CVA | 23,774 | 419,520 | ||||||
Adyen NV(1) | 137 | 194,188 | ||||||
AerCap Holdings NV(1) | 3,331 | 207,988 | ||||||
ASM International NV | 1,680 | 572,655 | ||||||
ASML Holding NV | 1,840 | 1,134,095 | ||||||
Coca-Cola Europacific Partners PLC | 4,433 | 243,815 | ||||||
EXOR NV(1) | 5,126 | 422,968 | ||||||
Heineken NV | 2,272 | 231,581 | ||||||
ING Groep NV | 20,407 | 285,598 | ||||||
JDE Peet's NV | 6,786 | 199,760 | ||||||
Koninklijke Ahold Delhaize NV | 44,643 | 1,417,499 | ||||||
OCI NV | 16,460 | 546,763 | ||||||
Randstad NV | 26,481 | 1,624,879 |
25
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Wolters Kluwer NV | 2,170 | $ | 251,216 | |||||
7,752,525 | ||||||||
Norway — 1.3% | ||||||||
Aker BP ASA | 18,946 | 508,522 | ||||||
Equinor ASA | 34,411 | 1,053,436 | ||||||
Kongsberg Gruppen ASA | 5,795 | 240,816 | ||||||
Norsk Hydro ASA | 62,454 | 454,588 | ||||||
Telenor ASA | 25,715 | 288,338 | ||||||
2,545,700 | ||||||||
Portugal — 0.4% | ||||||||
Jeronimo Martins SGPS SA | 39,366 | 808,024 | ||||||
Singapore — 2.2% | ||||||||
DBS Group Holdings Ltd. | 73,500 | 1,864,777 | ||||||
Genting Singapore Ltd. | 697,700 | 527,791 | ||||||
Jardine Cycle & Carriage Ltd.(2) | 66,500 | 1,466,004 | ||||||
Singapore Airlines Ltd. | 60,400 | 255,013 | ||||||
United Overseas Bank Ltd. | 10,000 | 221,656 | ||||||
4,335,241 | ||||||||
South Korea — 0.8% | ||||||||
Kia Corp. | 4,017 | 228,287 | ||||||
Krafton, Inc.(1) | 758 | 97,083 | ||||||
NCSoft Corp. | 1,338 | 439,015 | ||||||
Samsung SDI Co. Ltd. | 1,527 | 802,249 | ||||||
1,566,634 | ||||||||
Spain — 2.9% | ||||||||
ACS Actividades de Construccion y Servicios SA | 8,889 | 269,475 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 225,648 | 1,753,968 | ||||||
Banco de Sabadell SA | 491,881 | 642,493 | ||||||
Bankinter SA(2) | 35,183 | 247,487 | ||||||
CaixaBank SA | 56,269 | 241,612 | ||||||
Endesa SA | 13,362 | 262,029 | ||||||
Industria de Diseno Textil SA | 9,050 | 278,801 | ||||||
Mapfre SA | 554,115 | 1,188,795 | ||||||
Repsol SA | 63,096 | 997,853 | ||||||
5,882,513 | ||||||||
Sweden — 3.5% | ||||||||
Assa Abloy AB, Class B | 10,808 | 262,999 | ||||||
Epiroc AB, A Shares | 12,803 | 246,046 | ||||||
Evolution AB | 4,844 | 584,509 | ||||||
Getinge AB, B Shares | 12,311 | 264,603 | ||||||
H & M Hennes & Mauritz AB, B Shares | 123,817 | 1,560,142 | ||||||
Indutrade AB | 10,571 | 224,850 | ||||||
Nibe Industrier AB, B Shares | 50,170 | 518,744 | ||||||
Skanska AB, B Shares | 15,443 | 280,661 | ||||||
SSAB AB, B Shares | 132,285 | 904,884 | ||||||
Swedbank AB, A Shares | 15,375 | 314,150 | ||||||
Swedish Orphan Biovitrum AB(1) | 9,893 | 227,907 | ||||||
Telefonaktiebolaget LM Ericsson, B Shares | 257,825 | 1,427,731 | ||||||
Volvo AB, B Shares | 13,551 | 271,144 | ||||||
7,088,370 | ||||||||
Switzerland — 3.0% | ||||||||
Belimo Holding AG | 508 | 262,635 |
26
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Cie Financiere Richemont SA, Class A | 2,006 | $ | 303,099 | |||||
Holcim AG(1) | 4,747 | 293,008 | ||||||
Kuehne + Nagel International AG | 1,009 | 258,342 | ||||||
Novartis AG | 32,077 | 2,699,604 | ||||||
Partners Group Holding AG | 212 | 200,750 | ||||||
Roche Holding AG | 3,244 | 935,371 | ||||||
Sonova Holding AG | 810 | 199,209 | ||||||
Straumann Holding AG | 4,096 | 543,030 | ||||||
VAT Group AG | 757 | 228,498 | ||||||
5,923,546 | ||||||||
Taiwan — 1.4% | ||||||||
Accton Technology Corp. | 32,000 | 293,063 | ||||||
MediaTek, Inc. | 31,000 | 727,850 | ||||||
momo.com, Inc. | 4,800 | 123,363 | ||||||
Nan Ya Printed Circuit Board Corp. | 26,000 | 197,077 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 35,000 | 579,036 | ||||||
Unimicron Technology Corp. | 56,000 | 231,292 | ||||||
Voltronic Power Technology Corp. | 5,000 | 261,069 | ||||||
Wiwynn Corp. | 10,000 | 313,575 | ||||||
2,726,325 | ||||||||
United Kingdom — 15.1% | ||||||||
3i Group PLC | 16,563 | 324,042 | ||||||
Airtel Africa PLC | 139,701 | 201,789 | ||||||
Anglo American PLC | 5,971 | 206,326 | ||||||
Ashtead Group PLC | 16,153 | 1,068,832 | ||||||
Associated British Foods PLC | 12,869 | 310,218 | ||||||
AstraZeneca PLC | 1,548 | 201,670 | ||||||
Aviva PLC | 46,739 | 251,101 | ||||||
B&M European Value Retail SA | 49,707 | 293,835 | ||||||
BAE Systems PLC | 24,733 | 267,121 | ||||||
Beazley PLC(1) | 56,376 | 463,506 | ||||||
BP PLC | 179,228 | 1,177,802 | ||||||
British American Tobacco PLC | 25,231 | 954,886 | ||||||
BT Group PLC | 167,590 | 280,957 | ||||||
Burberry Group PLC | 7,914 | 235,003 | ||||||
Coca-Cola HBC AG(1) | 12,032 | 308,132 | ||||||
DCC PLC | 4,696 | 260,800 | ||||||
Diageo PLC | 46,681 | 1,980,975 | ||||||
DS Smith PLC | 67,080 | 272,486 | ||||||
Evraz PLC(1)(3) | 199,959 | 24 | ||||||
Frasers Group PLC(1) | 19,179 | 184,368 | ||||||
Glencore PLC | 278,002 | 1,657,409 | ||||||
GSK PLC | 114,908 | 1,968,479 | ||||||
Halma PLC | 7,935 | 206,520 | ||||||
HSBC Holdings PLC | 396,180 | 3,034,757 | ||||||
Imperial Brands PLC | 69,270 | 1,668,802 | ||||||
InterContinental Hotels Group PLC | 4,193 | 282,655 | ||||||
J Sainsbury PLC | 91,398 | 294,764 | ||||||
JD Sports Fashion PLC | 137,146 | 298,590 | ||||||
Legal & General Group PLC | 80,864 | 248,907 | ||||||
Lloyds Banking Group PLC | 433,755 | 273,929 |
27
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
NatWest Group PLC | 85,507 | $ | 300,381 | |||||
Persimmon PLC | 15,995 | 278,932 | ||||||
RELX PLC | 7,453 | 224,749 | ||||||
Rio Tinto PLC | 20,058 | 1,376,471 | ||||||
RS GROUP PLC | 18,771 | 220,710 | ||||||
Shell PLC | 113,977 | 3,463,750 | ||||||
Smith & Nephew PLC | 18,743 | 267,435 | ||||||
Spirax-Sarco Engineering PLC | 1,598 | 224,425 | ||||||
Taylor Wimpey PLC | 196,763 | 291,059 | ||||||
Tesco PLC | 89,430 | 273,958 | ||||||
Unilever PLC | 4,910 | 244,457 | ||||||
Vodafone Group PLC | 1,861,374 | 2,228,762 | ||||||
Whitbread PLC | 7,874 | 292,035 | ||||||
Wise PLC, Class A(1) | 28,971 | 203,312 | ||||||
WPP PLC | 81,179 | 998,435 | ||||||
30,067,556 | ||||||||
United States — 0.2% | ||||||||
NXP Semiconductors NV | 1,163 | 207,572 | ||||||
Waste Connections, Inc. | 1,415 | 189,497 | ||||||
397,069 | ||||||||
TOTAL COMMON STOCKS (Cost $182,925,199) | 198,055,917 | |||||||
SHORT-TERM INVESTMENTS — 2.5% | ||||||||
Money Market Funds — 2.5% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 273,552 | 273,552 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(4) | 4,589,313 | 4,589,313 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,862,865) | 4,862,865 | |||||||
TOTAL INVESTMENT SECURITIES — 101.9% (Cost $187,788,064) | 202,918,782 | |||||||
OTHER ASSETS AND LIABILITIES — (1.9)% | (3,743,161) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 199,175,621 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 15.1% | ||||
Industrials | 14.9% | ||||
Consumer Discretionary | 13.4% | ||||
Health Care | 12.0% | ||||
Information Technology | 11.3% | ||||
Consumer Staples | 10.9% | ||||
Energy | 7.4% | ||||
Materials | 6.5% | ||||
Communication Services | 6.1% | ||||
Utilities | 1.7% | ||||
Real Estate | 0.1% | ||||
Short-Term Investments | 2.5% | ||||
Other Assets and Liabilities | (1.9)% |
28
Quality Diversified International ETF
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | – | American Depositary Receipt | ||||||
CVA | – | Certificaten Van Aandelen |
(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 $6,848,647. 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 may be subject to resale, redemption or transferability restrictions.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $7,225,455, which includes securities collateral of $2,636,142.
See Notes to Financial Statements.
29
FEBRUARY 28, 2023 (UNAUDITED)
Quality Preferred ETF | ||||||||
Shares/ Principal Amount | Value | |||||||
PREFERRED STOCKS — 81.5% | ||||||||
Automobiles — 0.4% | ||||||||
Ford Motor Co., 6.00%(1) | 5,730 | $ | 137,119 | |||||
Banks — 24.7% | ||||||||
Bank of America Corp., 5.60% | 6,677 | 138,615 | ||||||
Bank of America Corp., 5.875% | 320,000 | 299,264 | ||||||
Bank of America Corp., 5.875% | 5,906 | 147,532 | ||||||
Bank of America Corp., 6.00% | 10,841 | 272,651 | ||||||
Bank of America Corp., 6.125%(1) | 241,000 | 235,529 | ||||||
Bank of America Corp., 6.25% | 320,000 | 320,800 | ||||||
Citigroup, Inc., 6.875% | 20,181 | 507,552 | ||||||
Citigroup, Inc., 7.125% | 19,838 | 504,679 | ||||||
Citizens Financial Group, Inc., 6.35% | 10,841 | 275,361 | ||||||
Fifth Third Bancorp, 6.00% | 6,060 | 148,773 | ||||||
First Citizens BancShares, Inc., 5.375% | 3,655 | 80,410 | ||||||
First Republic Bank, 4.00% | 4,740 | 80,959 | ||||||
First Republic Bank, 5.125% | 15,914 | 336,899 | ||||||
JPMorgan Chase & Co., 5.75% | 9,102 | 226,094 | ||||||
JPMorgan Chase & Co., 6.00% | 440,000 | 439,881 | ||||||
JPMorgan Chase & Co., 6.75% | 420,000 | 422,100 | ||||||
JPMorgan Chase & Co., Series EE, 6.00%(1) | 8,998 | 227,739 | ||||||
KeyCorp, 5.65%(1) | 12,168 | 283,758 | ||||||
Old National Bancorp, 7.00% | 5,669 | 143,652 | ||||||
PNC Financial Services Group, Inc., 6.20%(1) | 389,000 | 384,138 | ||||||
Regions Financial Corp., 5.70%(1) | 5,400 | 132,840 | ||||||
Synovus Financial Corp., 6.30% | 10,706 | 267,115 | ||||||
Truist Financial Corp., 4.80% | 220,000 | 209,423 | ||||||
USB Capital IX, 5.81% | 235,000 | 199,640 | ||||||
Wells Fargo & Co., 5.85%(1) | 26,058 | 644,936 | ||||||
Wells Fargo & Co., 5.90% | 648,000 | 635,643 | ||||||
7,565,983 | ||||||||
Capital Markets — 15.2% | ||||||||
Affiliated Managers Group, Inc., 4.20% | 5,895 | 101,512 | ||||||
Affiliated Managers Group, Inc., 5.875% | 19,581 | 455,650 | ||||||
Goldman Sachs Group, Inc., 5.50% | 18,152 | 453,074 | ||||||
Goldman Sachs Group, Inc., 5.72% | 7,148 | 151,037 | ||||||
Goldman Sachs Group, Inc., 6.375% | 8,685 | 219,904 | ||||||
Morgan Stanley, 6.375% | 11,817 | 299,797 | ||||||
Morgan Stanley, 6.875% | 15,369 | 389,450 | ||||||
Morgan Stanley, 7.125% | 20,146 | 514,126 | ||||||
Oaktree Capital Group LLC, 6.55% | 20,979 | 501,818 | ||||||
Oaktree Capital Group LLC, 6.625% | 20,738 | 495,846 | ||||||
State Street Corp., 5.625% | 516,000 | 500,520 | ||||||
State Street Corp., 5.90% | 17,824 | 445,956 | ||||||
Stifel Financial Corp., 6.25% | 4,717 | 118,633 | ||||||
4,647,323 | ||||||||
Consumer Finance — 0.6% | ||||||||
Capital One Financial Corp., 4.375% | 10,099 | 183,903 | ||||||
Diversified Financial Services — 4.4% | ||||||||
Apollo Asset Management, Inc., 6.375%(1) | 30,002 | 743,750 |
30
Quality Preferred ETF | ||||||||
Shares/ Principal Amount | Value | |||||||
Citigroup, Inc., 6.30%(1) | 395,000 | $ | 387,100 | |||||
Equitable Holdings, Inc., 5.25%(1) | 9,420 | 207,711 | ||||||
1,338,561 | ||||||||
Diversified Telecommunication Services — 1.0% | ||||||||
AT&T, Inc., 5.00%(1) | 6,555 | 138,638 | ||||||
Qwest Corp., 6.75% | 8,575 | 166,955 | ||||||
305,593 | ||||||||
Electric Utilities — 2.8% | ||||||||
Duke Energy Corp., 5.625%(1) | 13,581 | 341,562 | ||||||
NextEra Energy Capital Holdings, Inc., 5.65%(1) | 6,665 | 167,891 | ||||||
SCE Trust VI, 5.00% | 12,742 | 256,624 | ||||||
Southern Co., 4.20% | 4,231 | 82,378 | ||||||
848,455 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 1.9% | ||||||||
Digital Realty Trust, Inc., 5.25% | 4,685 | 105,413 | ||||||
Kimco Realty Corp., 5.25% | 5,731 | 125,337 | ||||||
Public Storage, 5.05%(1) | 6,060 | 140,531 | ||||||
Public Storage, 5.15%(1) | 9,110 | 212,627 | ||||||
583,908 | ||||||||
Food Products — 0.9% | ||||||||
CHS, Inc., 6.75% | 5,372 | 138,060 | ||||||
CHS, Inc., 7.10% | 5,320 | 136,724 | ||||||
274,784 | ||||||||
Industrial Conglomerates — 0.5% | ||||||||
General Electric Co., 8.10% | 168,000 | 168,408 | ||||||
Insurance — 12.5% | ||||||||
Allstate Corp., 5.10% | 6,480 | 147,290 | ||||||
Allstate Corp., 7.99% | 6,311 | 160,299 | ||||||
American Equity Investment Life Holding Co., 5.95% | 6,964 | 155,506 | ||||||
American Equity Investment Life Holding Co., 6.625%(1) | 3,215 | 78,221 | ||||||
Arch Capital Group Ltd., 5.45% | 6,581 | 149,520 | ||||||
Aspen Insurance Holdings Ltd., 5.625% | 6,587 | 138,525 | ||||||
Athene Holding Ltd., 4.875% | 4,854 | 91,838 | ||||||
Athene Holding Ltd., 5.625% | 11,957 | 255,162 | ||||||
Athene Holding Ltd., 6.35%(1) | 4,768 | 117,913 | ||||||
Athene Holding Ltd., 6.375% | 5,125 | 129,201 | ||||||
Axis Capital Holdings Ltd., 5.50% | 6,725 | 147,143 | ||||||
Brighthouse Financial, Inc., 5.375%(1) | 7,285 | 149,342 | ||||||
Brighthouse Financial, Inc., 6.60% | 9,660 | 245,364 | ||||||
Enstar Group Ltd., 7.00% | 10,999 | 266,836 | ||||||
Hartford Financial Services Group, Inc., 6.00% | 17,828 | 451,048 | ||||||
MetLife, Inc., 5.625%(1) | 4,850 | 120,329 | ||||||
MetLife, Inc., 5.75%(1) | 3,545 | 84,017 | ||||||
Progressive Corp., 5.375% | 332,000 | 329,510 | ||||||
RenaissanceRe Holdings Ltd., 5.75%(1) | 18,894 | 438,341 | ||||||
W R Berkley Corp., 5.10% | 3,820 | 85,262 | ||||||
W R Berkley Corp., 5.70% | 3,765 | 90,737 | ||||||
3,831,404 | ||||||||
Leisure Products — 1.1% | ||||||||
Brunswick Corp., 6.50% | 6,925 | 178,250 |
31
Quality Preferred ETF | ||||||||
Shares/ Principal Amount | Value | |||||||
Brunswick Corp., 6.625% | 6,061 | $ | 155,646 | |||||
333,896 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) — 5.7% | ||||||||
AGNC Investment Corp., 6.125% | 12,741 | 275,588 | ||||||
AGNC Investment Corp., 6.50% | 12,395 | 278,516 | ||||||
Annaly Capital Management, Inc., 6.50%(1) | 9,660 | 238,022 | ||||||
Chimera Investment Corp., 7.75% | 6,225 | 124,749 | ||||||
Chimera Investment Corp., 8.00% | 11,145 | 236,274 | ||||||
MFA Financial, Inc., 6.50% | 10,435 | 208,387 | ||||||
Rithm Capital Corp., 6.375% | 18,172 | 372,344 | ||||||
1,733,880 | ||||||||
Multi-Utilities — 4.4% | ||||||||
Algonquin Power & Utilities Corp., 6.20% | 4,831 | 111,886 | ||||||
Algonquin Power & Utilities Corp., 6.875% | 9,440 | 230,053 | ||||||
CMS Energy Corp., 5.875% | 8,520 | 208,229 | ||||||
CMS Energy Corp., 5.875% | 5,950 | 146,132 | ||||||
DTE Energy Co., 4.375% | 6,180 | 124,898 | ||||||
NiSource, Inc., 6.50% | 9,770 | 245,324 | ||||||
Sempra Energy, 4.875% | 281,000 | 265,580 | ||||||
1,332,102 | ||||||||
Oil, Gas and Consumable Fuels — 2.5% | ||||||||
DCP Midstream LP, 7.875% | 15,072 | 378,156 | ||||||
Enbridge, Inc., 6.375% | 15,977 | 400,224 | ||||||
778,380 | ||||||||
Real Estate Management and Development — 1.0% | ||||||||
Brookfield Property Partners LP, 5.75% | 18,040 | 316,241 | ||||||
Trading Companies and Distributors — 1.3% | ||||||||
Triton International Ltd., 6.875% | 10,007 | 248,374 | ||||||
WESCO International, Inc., 10.625% | 4,960 | 137,243 | ||||||
385,617 | ||||||||
Wireless Telecommunication Services — 0.6% | ||||||||
United States Cellular Corp., 6.25% | 10,006 | 181,209 | ||||||
TOTAL PREFERRED STOCKS (Cost $26,558,859) | 24,946,766 | |||||||
CORPORATE BONDS — 4.3% | ||||||||
Insurance — 2.9% | ||||||||
Allstate Corp., VRN, 5.75%, 8/15/53 | $ | 468,000 | 459,207 | |||||
Sumitomo Life Insurance Co., VRN, 6.50%, 9/20/73(2) | 435,000 | 433,930 | ||||||
893,137 | ||||||||
Oil, Gas and Consumable Fuels — 1.4% | ||||||||
Enbridge, Inc., VRN, 5.50%, 7/15/77 | 131,000 | 121,100 | ||||||
Transcanada Trust, VRN, 5.30%, 3/15/77 | 328,000 | 291,100 | ||||||
412,200 | ||||||||
TOTAL CORPORATE BONDS (Cost $1,317,191) | 1,305,337 | |||||||
CONVERTIBLE PREFERRED STOCKS — 3.9% | ||||||||
Electric Utilities — 1.0% | ||||||||
American Electric Power Co., Inc., 6.125%, 8/15/23 | 3,428 | 169,206 | ||||||
NextEra Energy, Inc., 6.22%, 9/1/23 | 2,698 | 125,120 | ||||||
294,326 |
32
Quality Preferred ETF | ||||||||
Shares/ Principal Amount | Value | |||||||
Health Care Equipment and Supplies — 1.8% | ||||||||
Becton Dickinson & Co., 6.00%, 6/1/23 | 5,880 | $ | 284,416 | |||||
Boston Scientific Corp., 5.50%, 6/1/23 | 2,280 | 258,944 | ||||||
543,360 | ||||||||
Independent Power and Renewable Electricity Producers — 0.5% | ||||||||
AES Corp., 6.875%, 2/15/24 | 1,822 | 166,495 | ||||||
Multi-Utilities — 0.6% | ||||||||
NiSource, Inc., 7.75%, 3/1/24 | 1,795 | 187,272 | ||||||
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,279,990) | 1,191,453 | |||||||
COMMON STOCKS — 1.1% | ||||||||
Electric Utilities — 0.8% | ||||||||
Southern Co. | 3,791 | 239,060 | ||||||
Multi-Utilities — 0.3% | ||||||||
Dominion Energy, Inc. | 1,904 | 105,901 | ||||||
TOTAL COMMON STOCKS (Cost $433,170) | 344,961 | |||||||
SHORT-TERM INVESTMENTS — 15.1% | ||||||||
Money Market Funds — 15.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 2,218,231 | 2,218,231 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 2,388,570 | 2,388,570 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,606,801) | 4,606,801 | |||||||
TOTAL INVESTMENT SECURITIES — 105.9% (Cost $34,196,011) | 32,395,318 | |||||||
OTHER ASSETS AND LIABILITIES — (5.9)% | (1,800,605) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 30,594,713 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
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, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $2,328,721. 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)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 $433,930, which represented 1.4% of total net assets.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $2,388,570.
See Notes to Financial Statements.
33
FEBRUARY 28, 2023 (UNAUDITED)
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Aerospace and Defense — 0.9% | ||||||||
HEICO Corp. | 2,998 | $ | 496,379 | |||||
Hexcel Corp. | 29,364 | 2,142,104 | ||||||
Lockheed Martin Corp. | 585 | 277,442 | ||||||
2,915,925 | ||||||||
Air Freight and Logistics — 2.2% | ||||||||
CH Robinson Worldwide, Inc. | 2,816 | 281,487 | ||||||
Expeditors International of Washington, Inc. | 26,746 | 2,796,562 | ||||||
United Parcel Service, Inc., Class B | 22,303 | 4,070,075 | ||||||
7,148,124 | ||||||||
Auto Components — 0.2% | ||||||||
Autoliv, Inc. | 5,777 | 534,835 | ||||||
Automobiles — 1.3% | ||||||||
Tesla, Inc.(1) | 20,812 | 4,281,236 | ||||||
Biotechnology — 3.3% | ||||||||
BioMarin Pharmaceutical, Inc.(1) | 5,066 | 504,523 | ||||||
Exelixis, Inc.(1) | 16,198 | 276,662 | ||||||
Horizon Therapeutics PLC(1) | 7,258 | 794,679 | ||||||
Incyte Corp.(1) | 10,239 | 788,198 | ||||||
Moderna, Inc.(1) | 1,778 | 246,804 | ||||||
Neurocrine Biosciences, Inc.(1) | 43,402 | 4,474,746 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 375 | 285,158 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 11,470 | 3,329,626 | ||||||
10,700,396 | ||||||||
Building Products — 0.8% | ||||||||
Advanced Drainage Systems, Inc. | 12,147 | 1,077,803 | ||||||
Builders FirstSource, Inc.(1) | 14,330 | 1,214,897 | ||||||
Carlisle Cos., Inc. | 1,094 | 282,493 | ||||||
2,575,193 | ||||||||
Capital Markets — 4.3% | ||||||||
Affiliated Managers Group, Inc. | 1,750 | 278,967 | ||||||
Blackstone, Inc. | 5,747 | 521,828 | ||||||
FactSet Research Systems, Inc. | 1,903 | 788,889 | ||||||
Interactive Brokers Group, Inc., Class A | 6,068 | 522,515 | ||||||
LPL Financial Holdings, Inc. | 26,288 | 6,560,433 | ||||||
MarketAxess Holdings, Inc. | 10,255 | 3,501,570 | ||||||
MSCI, Inc. | 1,533 | 800,456 | ||||||
Tradeweb Markets, Inc., Class A | 13,024 | 923,271 | ||||||
13,897,929 | ||||||||
Chemicals — 0.6% | ||||||||
Mosaic Co. | 33,630 | 1,788,780 | ||||||
Olin Corp. | 4,675 | 269,981 | ||||||
2,058,761 | ||||||||
Commercial Services and Supplies — 1.0% | ||||||||
Cintas Corp. | 1,193 | 523,095 | ||||||
Clean Harbors, Inc.(1) | 9,537 | 1,259,551 | ||||||
Waste Management, Inc. | 9,335 | 1,398,010 | ||||||
3,180,656 | ||||||||
Communications Equipment — 0.2% | ||||||||
Arista Networks, Inc.(1) | 3,863 | 535,798 |
34
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Construction Materials — 0.2% | ||||||||
Eagle Materials, Inc. | 2,015 | $ | 282,745 | |||||
Vulcan Materials Co. | 2,887 | 522,287 | ||||||
805,032 | ||||||||
Consumer Finance — 0.1% | ||||||||
American Express Co. | 1,609 | 279,950 | ||||||
Electronic Equipment, Instruments and Components — 0.5% | ||||||||
Amphenol Corp., Class A | 3,644 | 282,483 | ||||||
CDW Corp. | 3,941 | 797,737 | ||||||
Novanta, Inc.(1) | 3,298 | 517,489 | ||||||
1,597,709 | ||||||||
Energy Equipment and Services — 0.2% | ||||||||
Baker Hughes Co. | 17,388 | 532,073 | ||||||
Entertainment — 0.2% | ||||||||
Netflix, Inc.(1) | 1,559 | 502,201 | ||||||
Equity Real Estate Investment Trusts (REITs) — 1.1% | ||||||||
Equinix, Inc. | 747 | 514,138 | ||||||
Iron Mountain, Inc. | 10,319 | 544,327 | ||||||
Lamar Advertising Co., Class A | 2,675 | 279,698 | ||||||
SBA Communications Corp. | 6,844 | 1,774,991 | ||||||
Weyerhaeuser Co. | 9,124 | 285,125 | ||||||
3,398,279 | ||||||||
Food and Staples Retailing — 0.9% | ||||||||
BJ's Wholesale Club Holdings, Inc.(1) | 3,780 | 271,404 | ||||||
Casey's General Stores, Inc. | 3,713 | 772,118 | ||||||
Costco Wholesale Corp. | 1,050 | 508,389 | ||||||
Kroger Co. | 29,789 | 1,285,098 | ||||||
2,837,009 | ||||||||
Food Products — 0.2% | ||||||||
Lamb Weston Holdings, Inc. | 5,157 | 519,000 | ||||||
Health Care Equipment and Supplies — 3.6% | ||||||||
Abbott Laboratories | 2,740 | 278,713 | ||||||
Align Technology, Inc.(1) | 1,726 | 534,197 | ||||||
Contra Abiomed, Inc.(1) | 2,586 | 2,638 | ||||||
DexCom, Inc.(1) | 37,441 | 4,156,325 | ||||||
Edwards Lifesciences Corp.(1) | 10,657 | 857,249 | ||||||
Hologic, Inc.(1) | 3,463 | 275,793 | ||||||
IDEXX Laboratories, Inc.(1) | 9,367 | 4,432,839 | ||||||
Intuitive Surgical, Inc.(1) | 2,236 | 512,916 | ||||||
Lantheus Holdings, Inc.(1) | 4,830 | 357,227 | ||||||
11,407,897 | ||||||||
Health Care Providers and Services — 0.7% | ||||||||
Acadia Healthcare Co., Inc.(1) | 6,477 | 469,647 | ||||||
AMN Healthcare Services, Inc.(1) | 5,969 | 537,270 | ||||||
Chemed Corp. | 547 | 285,304 | ||||||
HCA Healthcare, Inc. | 1,107 | 269,499 | ||||||
Molina Healthcare, Inc.(1) | 2,733 | 752,477 | ||||||
2,314,197 | ||||||||
Health Care Technology — 0.2% | ||||||||
Veeva Systems, Inc., Class A(1) | 3,054 | 505,926 |
35
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Hotels, Restaurants and Leisure — 12.9% | ||||||||
Booking Holdings, Inc.(1) | 3,975 | $ | 10,032,900 | |||||
Boyd Gaming Corp. | 4,311 | 280,775 | ||||||
Chipotle Mexican Grill, Inc.(1) | 4,220 | 6,292,358 | ||||||
Choice Hotels International, Inc. | 26,872 | 3,180,570 | ||||||
Churchill Downs, Inc. | 2,152 | 528,919 | ||||||
Expedia Group, Inc.(1) | 2,605 | 283,867 | ||||||
Hilton Worldwide Holdings, Inc. | 43,572 | 6,296,590 | ||||||
Marriott International, Inc., Class A | 3,062 | 518,213 | ||||||
Starbucks Corp. | 69,826 | 7,128,536 | ||||||
Texas Roadhouse, Inc. | 60,427 | 6,135,758 | ||||||
Wyndham Hotels & Resorts, Inc. | 3,674 | 282,971 | ||||||
Yum China Holdings, Inc. | 8,484 | 498,265 | ||||||
41,459,722 | ||||||||
Household Durables — 0.2% | ||||||||
TopBuild Corp.(1) | 2,841 | 589,763 | ||||||
Household Products — 1.6% | ||||||||
Clorox Co. | 31,147 | 4,841,490 | ||||||
Kimberly-Clark Corp. | 2,188 | 273,609 | ||||||
5,115,099 | ||||||||
Industrial Conglomerates — 2.0% | ||||||||
General Electric Co. | 75,375 | 6,385,016 | ||||||
Insurance — 0.6% | ||||||||
Aon PLC, Class A | 922 | 280,334 | ||||||
Kinsale Capital Group, Inc. | 1,619 | 515,975 | ||||||
Progressive Corp. | 3,666 | 526,145 | ||||||
Willis Towers Watson PLC | 2,208 | 517,467 | ||||||
1,839,921 | ||||||||
Interactive Media and Services — 2.2% | ||||||||
Alphabet, Inc., Class C(1) | 36,342 | 3,281,683 | ||||||
Meta Platforms, Inc., Class A(1) | 13,153 | 2,300,986 | ||||||
Pinterest, Inc., Class A(1) | 20,785 | 521,911 | ||||||
ZoomInfo Technologies, Inc.(1) | 40,273 | 973,398 | ||||||
7,077,978 | ||||||||
Internet and Direct Marketing Retail — 1.4% | ||||||||
MercadoLibre, Inc.(1) | 3,738 | 4,560,360 | ||||||
IT Services — 5.1% | ||||||||
Accenture PLC, Class A | 1,043 | 276,969 | ||||||
Automatic Data Processing, Inc. | 2,343 | 515,038 | ||||||
Block, Inc.(1) | 7,163 | 549,617 | ||||||
Concentrix Corp. | 2,037 | 278,743 | ||||||
EPAM Systems, Inc.(1) | 10,983 | 3,378,920 | ||||||
ExlService Holdings, Inc.(1) | 3,070 | 505,046 | ||||||
Gartner, Inc.(1) | 2,405 | 788,383 | ||||||
Globant SA(1) | 3,151 | 520,167 | ||||||
Mastercard, Inc., Class A | 21,401 | 7,603,561 | ||||||
Shopify, Inc., Class A(1) | 12,433 | 511,494 | ||||||
Snowflake, Inc., Class A(1) | 3,467 | 535,235 | ||||||
Visa, Inc., Class A | 2,374 | 522,138 | ||||||
WEX, Inc.(1) | 2,763 | 532,734 | ||||||
16,518,045 |
36
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Life Sciences Tools and Services — 1.4% | ||||||||
Agilent Technologies, Inc. | 3,676 | $ | 521,882 | |||||
Bio-Techne Corp. | 7,037 | 511,168 | ||||||
Bruker Corp. | 7,333 | 505,390 | ||||||
Medpace Holdings, Inc.(1) | 4,102 | 795,296 | ||||||
Mettler-Toledo International, Inc.(1) | 1,427 | 2,045,904 | ||||||
4,379,640 | ||||||||
Machinery — 0.8% | ||||||||
AGCO Corp. | 2,031 | 285,985 | ||||||
Chart Industries, Inc.(1) | 8,124 | 1,084,554 | ||||||
Evoqua Water Technologies Corp.(1) | 21,415 | 1,039,912 | ||||||
Lincoln Electric Holdings, Inc. | 1,715 | 288,000 | ||||||
2,698,451 | ||||||||
Media — 1.0% | ||||||||
Trade Desk, Inc., Class A(1) | 55,580 | 3,110,257 | ||||||
Metals and Mining — 0.3% | ||||||||
Commercial Metals Co. | 6,355 | 328,872 | ||||||
Nucor Corp. | 1,721 | 288,164 | ||||||
Reliance Steel & Aluminum Co. | 1,149 | 284,768 | ||||||
901,804 | ||||||||
Oil, Gas and Consumable Fuels — 2.8% | ||||||||
Coterra Energy, Inc. | 72,581 | 1,812,348 | ||||||
Diamondback Energy, Inc. | 20,201 | 2,839,857 | ||||||
EOG Resources, Inc. | 2,392 | 270,344 | ||||||
HF Sinclair Corp. | 31,272 | 1,554,844 | ||||||
Matador Resources Co. | 5,370 | 288,852 | ||||||
PDC Energy, Inc. | 9,085 | 609,694 | ||||||
Pioneer Natural Resources Co. | 3,915 | 784,605 | ||||||
Texas Pacific Land Corp. | 449 | 799,305 | ||||||
8,959,849 | ||||||||
Paper and Forest Products — 0.2% | ||||||||
Louisiana-Pacific Corp. | 9,724 | 568,951 | ||||||
Pharmaceuticals — 3.6% | ||||||||
Eli Lilly & Co. | 23,086 | 7,184,825 | ||||||
Merck & Co., Inc. | 36,087 | 3,833,883 | ||||||
Zoetis, Inc. | 3,140 | 524,380 | ||||||
11,543,088 | ||||||||
Professional Services — 0.8% | ||||||||
Booz Allen Hamilton Holding Corp. | 2,914 | 276,043 | ||||||
CoStar Group, Inc.(1) | 7,243 | 511,791 | ||||||
Robert Half International, Inc. | 20,979 | 1,691,327 | ||||||
2,479,161 | ||||||||
Real Estate Management and Development — 0.2% | ||||||||
CBRE Group, Inc., Class A(1) | 6,009 | 511,606 | ||||||
Road and Rail — 0.3% | ||||||||
Landstar System, Inc. | 1,564 | 282,755 | ||||||
Old Dominion Freight Line, Inc. | 2,350 | 797,261 | ||||||
1,080,016 | ||||||||
Semiconductors and Semiconductor Equipment — 10.4% | ||||||||
Advanced Micro Devices, Inc.(1) | 6,819 | 535,837 | ||||||
Applied Materials, Inc. | 25,484 | 2,959,967 |
37
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Broadcom, Inc. | 5,860 | $ | 3,482,539 | |||||
Enphase Energy, Inc.(1) | 16,784 | 3,533,536 | ||||||
KLA Corp. | 7,447 | 2,825,243 | ||||||
Lam Research Corp. | 4,715 | 2,291,537 | ||||||
Lattice Semiconductor Corp.(1) | 37,121 | 3,153,800 | ||||||
Microchip Technology, Inc. | 34,763 | 2,816,846 | ||||||
Monolithic Power Systems, Inc. | 7,078 | 3,427,805 | ||||||
NVIDIA Corp. | 2,518 | 584,579 | ||||||
ON Semiconductor Corp.(1) | 28,140 | 2,178,317 | ||||||
Power Integrations, Inc. | 3,452 | 283,927 | ||||||
QUALCOMM, Inc. | 22,699 | 2,804,007 | ||||||
Skyworks Solutions, Inc. | 2,531 | 282,384 | ||||||
Synaptics, Inc.(1) | 2,374 | 279,206 | ||||||
Teradyne, Inc. | 7,977 | 806,794 | ||||||
Texas Instruments, Inc. | 7,236 | 1,240,612 | ||||||
33,486,936 | ||||||||
Software — 18.4% | ||||||||
Adobe, Inc.(1) | 9,567 | 3,099,230 | ||||||
Autodesk, Inc.(1) | 37,098 | 7,371,002 | ||||||
Cadence Design Systems, Inc.(1) | 49,730 | 9,594,906 | ||||||
Check Point Software Technologies Ltd.(1) | 2,237 | 276,762 | ||||||
Datadog, Inc., Class A(1) | 39,210 | 3,000,349 | ||||||
DocuSign, Inc.(1) | 8,654 | 530,923 | ||||||
Dolby Laboratories, Inc., Class A | 9,762 | 803,217 | ||||||
Dynatrace, Inc.(1) | 12,134 | 516,059 | ||||||
Fair Isaac Corp.(1) | 1,210 | 819,642 | ||||||
Five9, Inc.(1) | 12,821 | 846,186 | ||||||
Fortinet, Inc.(1) | 106,815 | 6,349,084 | ||||||
HubSpot, Inc.(1) | 1,353 | 523,422 | ||||||
Intuit, Inc. | 1,286 | 523,633 | ||||||
Manhattan Associates, Inc.(1) | 1,971 | 283,331 | ||||||
Microsoft Corp. | 3,196 | 797,146 | ||||||
Palantir Technologies, Inc., Class A(1) | 62,505 | 490,039 | ||||||
Palo Alto Networks, Inc.(1) | 27,832 | 5,242,714 | ||||||
Paycom Software, Inc.(1) | 10,487 | 3,031,372 | ||||||
Paylocity Holding Corp.(1) | 2,559 | 492,889 | ||||||
PTC, Inc.(1) | 4,067 | 509,717 | ||||||
Qualys, Inc.(1) | 2,356 | 278,361 | ||||||
Salesforce, Inc.(1) | 3,198 | 523,225 | ||||||
ServiceNow, Inc.(1) | 9,503 | 4,106,912 | ||||||
SPS Commerce, Inc.(1) | 3,563 | 536,730 | ||||||
Synopsys, Inc.(1) | 18,453 | 6,712,463 | ||||||
Tenable Holdings, Inc.(1) | 24,168 | 1,068,951 | ||||||
Workday, Inc., Class A(1) | 2,833 | 525,437 | ||||||
Zoom Video Communications, Inc., Class A(1) | 3,833 | 285,903 | ||||||
59,139,605 | ||||||||
Specialty Retail — 5.6% | ||||||||
Best Buy Co., Inc. | 3,382 | 281,078 | ||||||
Dick's Sporting Goods, Inc. | 2,175 | 279,770 | ||||||
Home Depot, Inc. | 948 | 281,120 | ||||||
Lowe's Cos., Inc. | 16,663 | 3,428,412 |
38
STOXX® U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
O'Reilly Automotive, Inc.(1) | 333 | $ | 276,423 | |||||
TJX Cos., Inc. | 6,745 | 516,667 | ||||||
Tractor Supply Co. | 3,452 | 805,214 | ||||||
Ulta Beauty, Inc.(1) | 21,191 | 10,993,891 | ||||||
Williams-Sonoma, Inc. | 8,748 | 1,092,800 | ||||||
17,955,375 | ||||||||
Technology Hardware, Storage and Peripherals — 2.8% | ||||||||
Apple, Inc. | 22,674 | 3,342,374 | ||||||
NetApp, Inc. | 34,194 | 2,207,223 | ||||||
Pure Storage, Inc., Class A(1) | 117,492 | 3,353,222 | ||||||
8,902,819 | ||||||||
Textiles, Apparel and Luxury Goods — 1.9% | ||||||||
Crocs, Inc.(1) | 4,494 | 546,965 | ||||||
Deckers Outdoor Corp.(1) | 1,995 | 830,618 | ||||||
lululemon athletica, Inc.(1) | 14,096 | 4,358,483 | ||||||
Tapestry, Inc. | 6,553 | 285,121 | ||||||
6,021,187 | ||||||||
Trading Companies and Distributors — 0.5% | ||||||||
United Rentals, Inc. | 636 | 297,985 | ||||||
Watsco, Inc. | 1,710 | 521,054 | ||||||
WW Grainger, Inc. | 1,220 | 815,485 | ||||||
1,634,524 | ||||||||
Water Utilities — 0.1% | ||||||||
American Water Works Co., Inc. | 3,562 | 500,033 | ||||||
TOTAL COMMON STOCKS (Cost $306,984,302) | 319,947,332 | |||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Funds — 0.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $1,094,658) | 1,094,658 | 1,094,658 | ||||||
TOTAL INVESTMENT SECURITIES — 100.1% (Cost $308,078,960) | 321,041,990 | |||||||
OTHER ASSETS AND LIABILITIES — (0.1)% | (453,430) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 320,588,560 |
NOTES TO SCHEDULE OF INVESTMENTS |
(1)Non-income producing.
See Notes to Financial Statements.
39
FEBRUARY 28, 2023 (UNAUDITED)
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Aerospace and Defense — 0.7% | ||||||||
General Dynamics Corp. | 1,445 | $ | 329,330 | |||||
Lockheed Martin Corp. | 1,083 | 513,624 | ||||||
Raytheon Technologies Corp. | 3,359 | 329,484 | ||||||
Textron, Inc. | 4,583 | 332,405 | ||||||
1,504,843 | ||||||||
Air Freight and Logistics — 1.7% | ||||||||
FedEx Corp. | 9,989 | 2,029,965 | ||||||
GXO Logistics, Inc.(1) | 13,712 | 679,704 | ||||||
United Parcel Service, Inc., Class B | 4,778 | 871,937 | ||||||
3,581,606 | ||||||||
Airlines — 1.4% | ||||||||
Alaska Air Group, Inc.(1) | 7,106 | 339,880 | ||||||
Delta Air Lines, Inc.(1) | 9,124 | 349,814 | ||||||
Southwest Airlines Co. | 10,049 | 337,445 | ||||||
United Airlines Holdings, Inc.(1) | 34,611 | 1,798,388 | ||||||
2,825,527 | ||||||||
Auto Components — 0.2% | ||||||||
BorgWarner, Inc. | 7,935 | 398,972 | ||||||
Automobiles — 1.4% | ||||||||
General Motors Co. | 57,805 | 2,239,366 | ||||||
Thor Industries, Inc. | 7,310 | 665,137 | ||||||
2,904,503 | ||||||||
Banks — 1.3% | ||||||||
Citizens Financial Group, Inc. | 51,526 | 2,151,726 | ||||||
Popular, Inc. | 4,783 | 341,506 | ||||||
Regions Financial Corp. | 7,891 | 184,018 | ||||||
2,677,250 | ||||||||
Beverages — 0.3% | ||||||||
Molson Coors Beverage Co., Class B | 6,375 | 339,086 | ||||||
PepsiCo, Inc. | 1,917 | 332,657 | ||||||
671,743 | ||||||||
Biotechnology — 4.3% | ||||||||
AbbVie, Inc. | 16,865 | 2,595,523 | ||||||
Amgen, Inc. | 10,669 | 2,471,581 | ||||||
Biogen, Inc.(1) | 1,239 | 334,357 | ||||||
Gilead Sciences, Inc. | 31,422 | 2,530,414 | ||||||
Moderna, Inc.(1) | 2,135 | 296,359 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 451 | 342,949 | ||||||
United Therapeutics Corp.(1) | 1,385 | 340,765 | ||||||
8,911,948 | ||||||||
Building Products — 1.6% | ||||||||
Builders FirstSource, Inc.(1) | 14,078 | 1,193,533 | ||||||
Carlisle Cos., Inc. | 1,314 | 339,301 | ||||||
Johnson Controls International PLC | 5,403 | 338,876 | ||||||
Owens Corning | 13,871 | 1,356,445 | ||||||
3,228,155 | ||||||||
Capital Markets — 1.2% | ||||||||
Bank of New York Mellon Corp. | 7,407 | 376,868 | ||||||
Franklin Resources, Inc. | 24,430 | 719,952 |
40
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Janus Henderson Group PLC | 13,128 | $ | 360,495 | |||||
Morgan Stanley | 5,341 | 515,406 | ||||||
State Street Corp. | 4,989 | 442,425 | ||||||
2,415,146 | ||||||||
Chemicals — 3.3% | ||||||||
CF Industries Holdings, Inc. | 6,916 | 594,015 | ||||||
Chemours Co. | 5,381 | 183,923 | ||||||
Dow, Inc. | 37,815 | 2,163,018 | ||||||
Huntsman Corp. | 11,668 | 342,339 | ||||||
LyondellBasell Industries NV, Class A | 18,887 | 1,812,963 | ||||||
Mosaic Co. | 26,905 | 1,431,077 | ||||||
Olin Corp. | 5,612 | 324,093 | ||||||
6,851,428 | ||||||||
Communications Equipment — 0.2% | ||||||||
F5, Inc.(1) | 2,363 | 337,862 | ||||||
Consumer Finance — 0.6% | ||||||||
Ally Financial, Inc. | 33,699 | 1,012,655 | ||||||
American Express Co. | 1,933 | 336,323 | ||||||
1,348,978 | ||||||||
Containers and Packaging — 1.1% | ||||||||
International Paper Co. | 9,307 | 338,682 | ||||||
Packaging Corp. of America | 12,420 | 1,698,062 | ||||||
Sealed Air Corp. | 6,880 | 334,506 | ||||||
2,371,250 | ||||||||
Diversified Consumer Services — 0.1% | ||||||||
H&R Block, Inc. | 4,829 | 177,707 | ||||||
Diversified Financial Services — 0.2% | ||||||||
Berkshire Hathaway, Inc., Class B(1) | 1,114 | 339,971 | ||||||
Diversified Telecommunication Services — 2.2% | ||||||||
AT&T, Inc. | 174,233 | 3,294,746 | ||||||
Verizon Communications, Inc. | 34,822 | 1,351,442 | ||||||
4,646,188 | ||||||||
Electric Utilities — 5.1% | ||||||||
Alliant Energy Corp. | 4,314 | 221,179 | ||||||
American Electric Power Co., Inc. | 6,388 | 561,952 | ||||||
Duke Energy Corp. | 1,923 | 181,262 | ||||||
Entergy Corp. | 16,913 | 1,739,840 | ||||||
Evergy, Inc. | 29,841 | 1,754,949 | ||||||
Exelon Corp. | 4,786 | 193,306 | ||||||
NRG Energy, Inc. | 21,939 | 719,380 | ||||||
OGE Energy Corp. | 38,592 | 1,378,506 | ||||||
Pinnacle West Capital Corp. | 19,763 | 1,456,138 | ||||||
Southern Co. | 33,443 | 2,108,916 | ||||||
Xcel Energy, Inc. | 2,726 | 176,018 | ||||||
10,491,446 | ||||||||
Electrical Equipment — 1.0% | ||||||||
Atkore, Inc.(1) | 4,791 | 699,582 | ||||||
Regal Rexnord Corp. | 6,985 | 1,101,115 | ||||||
Sensata Technologies Holding PLC | 6,725 | 340,151 | ||||||
2,140,848 |
41
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Electronic Equipment, Instruments and Components — 1.6% | ||||||||
Corning, Inc. | 15,666 | $ | 531,861 | |||||
Flex Ltd.(1) | 16,707 | 380,251 | ||||||
Jabil, Inc. | 24,581 | 2,040,960 | ||||||
TE Connectivity Ltd. | 2,665 | 339,308 | ||||||
3,292,380 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 6.9% | ||||||||
Apartment Income REIT Corp. | 4,707 | 177,925 | ||||||
Brixmor Property Group, Inc. | 48,745 | 1,103,587 | ||||||
Crown Castle, Inc. | 13,546 | 1,771,139 | ||||||
CubeSmart | 24,924 | 1,171,179 | ||||||
Equity Residential | 3,086 | 192,937 | ||||||
Essex Property Trust, Inc. | 913 | 208,219 | ||||||
Extra Space Storage, Inc. | 1,524 | 250,926 | ||||||
Federal Realty Investment Trust | 8,981 | 958,991 | ||||||
Gaming & Leisure Properties, Inc. | 34,429 | 1,855,034 | ||||||
Host Hotels & Resorts, Inc. | 19,770 | 332,136 | ||||||
Iron Mountain, Inc. | 28,729 | 1,515,455 | ||||||
Lamar Advertising Co., Class A | 13,591 | 1,421,075 | ||||||
Life Storage, Inc. | 8,965 | 1,080,462 | ||||||
National Retail Properties, Inc. | 39,934 | 1,809,809 | ||||||
STAG Industrial, Inc. | 5,267 | 177,182 | ||||||
Weyerhaeuser Co. | 10,949 | 342,156 | ||||||
14,368,212 | ||||||||
Food and Staples Retailing — 2.6% | ||||||||
Kroger Co. | 68,108 | 2,938,179 | ||||||
Walmart, Inc. | 17,023 | 2,419,479 | ||||||
5,357,658 | ||||||||
Food Products — 4.0% | ||||||||
Archer-Daniels-Midland Co. | 4,138 | 329,385 | ||||||
Campbell Soup Co. | 29,840 | 1,567,197 | ||||||
Darling Ingredients, Inc.(1) | 16,581 | 1,049,080 | ||||||
Flowers Foods, Inc. | 6,400 | 178,432 | ||||||
General Mills, Inc. | 21,315 | 1,694,755 | ||||||
J M Smucker Co. | 1,218 | 180,130 | ||||||
Kellogg Co. | 31,991 | 2,109,486 | ||||||
Kraft Heinz Co. | 30,505 | 1,187,865 | ||||||
8,296,330 | ||||||||
Gas Utilities — 0.1% | ||||||||
National Fuel Gas Co. | 3,171 | 181,635 | ||||||
Health Care Equipment and Supplies — 0.8% | ||||||||
Abbott Laboratories | 3,288 | 334,455 | ||||||
Becton Dickinson & Co. | 1,405 | 329,543 | ||||||
DENTSPLY SIRONA, Inc. | 10,836 | 412,527 | ||||||
Medtronic PLC | 6,263 | 518,576 | ||||||
1,595,101 | ||||||||
Health Care Providers and Services — 5.4% | ||||||||
AmerisourceBergen Corp. | 2,109 | 328,076 | ||||||
AMN Healthcare Services, Inc.(1) | 7,164 | 644,832 | ||||||
Cardinal Health, Inc. | 4,356 | 329,793 | ||||||
DaVita, Inc.(1) | 7,911 | 650,759 |
42
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Elevance Health, Inc. | 4,551 | $ | 2,137,468 | |||||
HCA Healthcare, Inc. | 11,506 | 2,801,136 | ||||||
Henry Schein, Inc.(1) | 4,128 | 323,264 | ||||||
Humana, Inc. | 687 | 340,079 | ||||||
Laboratory Corp. of America Holdings | 1,482 | 354,731 | ||||||
McKesson Corp. | 936 | 327,422 | ||||||
Molina Healthcare, Inc.(1) | 1,148 | 316,079 | ||||||
Quest Diagnostics, Inc. | 2,348 | 324,869 | ||||||
Tenet Healthcare Corp.(1) | 11,371 | 665,545 | ||||||
UnitedHealth Group, Inc. | 691 | 328,874 | ||||||
Universal Health Services, Inc., Class B | 9,163 | 1,223,902 | ||||||
11,096,829 | ||||||||
Hotels, Restaurants and Leisure — 1.6% | ||||||||
Boyd Gaming Corp. | 5,176 | 337,113 | ||||||
Darden Restaurants, Inc. | 9,924 | 1,419,033 | ||||||
Expedia Group, Inc.(1) | 12,509 | 1,363,105 | ||||||
Vail Resorts, Inc. | 757 | 176,752 | ||||||
3,296,003 | ||||||||
Household Durables — 1.0% | ||||||||
Leggett & Platt, Inc. | 21,378 | 737,327 | ||||||
Lennar Corp., Class A | 4,176 | 403,986 | ||||||
Mohawk Industries, Inc.(1) | 3,135 | 322,435 | ||||||
PulteGroup, Inc. | 6,357 | 347,537 | ||||||
Toll Brothers, Inc. | 5,876 | 352,208 | ||||||
2,163,493 | ||||||||
Household Products — 1.2% | ||||||||
Clorox Co. | 1,245 | 193,523 | ||||||
Kimberly-Clark Corp. | 15,077 | 1,885,379 | ||||||
Procter & Gamble Co. | 2,403 | 330,556 | ||||||
2,409,458 | ||||||||
Industrial Conglomerates — 2.3% | ||||||||
3M Co. | 43,831 | 4,722,352 | ||||||
Insurance — 2.3% | ||||||||
Fidelity National Financial, Inc. | 43,102 | 1,718,046 | ||||||
First American Financial Corp. | 12,473 | 708,217 | ||||||
MetLife, Inc. | 4,765 | 341,793 | ||||||
Reinsurance Group of America, Inc. | 2,291 | 330,981 | ||||||
Unum Group | 39,376 | 1,754,201 | ||||||
4,853,238 | ||||||||
Interactive Media and Services — 2.3% | ||||||||
Alphabet, Inc., Class C(1) | 29,426 | 2,657,168 | ||||||
Meta Platforms, Inc., Class A(1) | 11,840 | 2,071,289 | ||||||
4,728,457 | ||||||||
Internet and Direct Marketing Retail — 0.2% | ||||||||
eBay, Inc. | 7,409 | 340,073 | ||||||
IT Services — 6.0% | ||||||||
Accenture PLC, Class A | 1,252 | 332,469 | ||||||
Akamai Technologies, Inc.(1) | 26,363 | 1,913,954 | ||||||
Amdocs Ltd. | 3,559 | 326,040 | ||||||
Cognizant Technology Solutions Corp., Class A | 36,680 | 2,297,268 | ||||||
Concentrix Corp. | 8,460 | 1,157,666 |
43
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
DXC Technology Co.(1) | 36,101 | $ | 1,001,442 | |||||
Euronet Worldwide, Inc.(1) | 3,139 | 341,680 | ||||||
Genpact Ltd. | 7,013 | 334,730 | ||||||
International Business Machines Corp. | 22,834 | 2,952,436 | ||||||
PayPal Holdings, Inc.(1) | 4,474 | 329,286 | ||||||
SS&C Technologies Holdings, Inc. | 5,637 | 330,892 | ||||||
Visa, Inc., Class A | 1,535 | 337,608 | ||||||
Western Union Co. | 25,105 | 325,361 | ||||||
WEX, Inc.(1) | 1,786 | 344,359 | ||||||
12,325,191 | ||||||||
Leisure Products — 0.3% | ||||||||
Brunswick Corp. | 3,841 | 335,780 | ||||||
Hasbro, Inc. | 5,862 | 322,469 | ||||||
658,249 | ||||||||
Life Sciences Tools and Services — 0.2% | ||||||||
IQVIA Holdings, Inc.(1) | 1,600 | 333,552 | ||||||
Machinery — 0.8% | ||||||||
AGCO Corp. | 2,465 | 347,097 | ||||||
Caterpillar, Inc. | 1,419 | 339,922 | ||||||
Cummins, Inc. | 1,350 | 328,158 | ||||||
Oshkosh Corp. | 3,760 | 335,354 | ||||||
Parker-Hannifin Corp. | 978 | 344,109 | ||||||
1,694,640 | ||||||||
Media — 2.1% | ||||||||
Charter Communications, Inc., Class A(1) | 883 | 324,600 | ||||||
Comcast Corp., Class A | 10,487 | 389,802 | ||||||
Fox Corp., Class A | 10,666 | 373,523 | ||||||
Interpublic Group of Cos., Inc. | 31,225 | 1,109,736 | ||||||
Nexstar Media Group, Inc., Class A | 1,723 | 320,306 | ||||||
Omnicom Group, Inc. | 19,795 | 1,792,833 | ||||||
4,310,800 | ||||||||
Metals and Mining — 1.1% | ||||||||
Commercial Metals Co. | 6,074 | 314,329 | ||||||
Nucor Corp. | 2,352 | 393,819 | ||||||
Reliance Steel & Aluminum Co. | 1,381 | 342,267 | ||||||
Steel Dynamics, Inc. | 3,581 | 451,600 | ||||||
United States Steel Corp. | 23,787 | 728,596 | ||||||
2,230,611 | ||||||||
Multiline Retail — 0.5% | ||||||||
Macy's, Inc. | 32,405 | 663,006 | ||||||
Target Corp. | 2,124 | 357,894 | ||||||
1,020,900 | ||||||||
Multi-Utilities — 0.2% | ||||||||
Ameren Corp. | 2,127 | 175,924 | ||||||
WEC Energy Group, Inc. | 1,995 | 176,877 | ||||||
352,801 | ||||||||
Oil, Gas and Consumable Fuels — 7.8% | ||||||||
Antero Resources Corp.(1) | 27,121 | 710,570 | ||||||
APA Corp. | 8,919 | 342,311 | ||||||
Chesapeake Energy Corp. | 4,237 | 342,392 | ||||||
Chevron Corp. | 7,835 | 1,259,633 |
44
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Chord Energy Corp. | 2,783 | $ | 374,647 | |||||
EOG Resources, Inc. | 15,465 | 1,747,854 | ||||||
EQT Corp. | 31,676 | 1,051,010 | ||||||
Exxon Mobil Corp. | 14,393 | 1,581,935 | ||||||
HF Sinclair Corp. | 17,653 | 877,707 | ||||||
Marathon Oil Corp. | 13,447 | 338,192 | ||||||
Marathon Petroleum Corp. | 2,750 | 339,900 | ||||||
Murphy Oil Corp. | 8,782 | 342,674 | ||||||
Occidental Petroleum Corp. | 5,780 | 338,477 | ||||||
Ovintiv, Inc. | 23,128 | 989,185 | ||||||
PDC Energy, Inc. | 10,905 | 731,834 | ||||||
Phillips 66 | 21,673 | 2,222,783 | ||||||
SM Energy Co. | 23,279 | 686,963 | ||||||
Valero Energy Corp. | 13,896 | 1,830,520 | ||||||
16,108,587 | ||||||||
Paper and Forest Products — 0.2% | ||||||||
Louisiana-Pacific Corp. | 5,836 | 341,464 | ||||||
Pharmaceuticals — 4.0% | ||||||||
Bristol-Myers Squibb Co. | 31,055 | 2,141,553 | ||||||
Johnson & Johnson | 3,292 | 504,532 | ||||||
Merck & Co., Inc. | 5,296 | 562,647 | ||||||
Organon & Co. | 12,585 | 308,206 | ||||||
Pfizer, Inc. | 119,500 | 4,848,114 | ||||||
8,365,052 | ||||||||
Professional Services — 0.6% | ||||||||
ASGN, Inc.(1) | 3,778 | 335,486 | ||||||
CACI International, Inc., Class A(1) | 1,125 | 329,625 | ||||||
KBR, Inc. | 6,062 | 334,077 | ||||||
Robert Half International, Inc. | 4,196 | 338,282 | ||||||
1,337,470 | ||||||||
Real Estate Management and Development — 0.7% | ||||||||
CBRE Group, Inc., Class A(1) | 4,420 | 376,319 | ||||||
Jones Lang LaSalle, Inc.(1) | 1,979 | 345,256 | ||||||
Zillow Group, Inc., Class C(1) | 15,894 | 667,548 | ||||||
1,389,123 | ||||||||
Road and Rail — 0.8% | ||||||||
CSX Corp. | 11,259 | 343,287 | ||||||
Norfolk Southern Corp. | 1,521 | 341,951 | ||||||
Union Pacific Corp. | 1,764 | 365,642 | ||||||
XPO, Inc.(1) | 19,501 | 650,553 | ||||||
1,701,433 | ||||||||
Semiconductors and Semiconductor Equipment — 2.7% | ||||||||
Analog Devices, Inc. | 1,838 | 337,218 | ||||||
Applied Materials, Inc. | 3,058 | 355,187 | ||||||
Broadcom, Inc. | 586 | 348,254 | ||||||
Lam Research Corp. | 750 | 364,508 | ||||||
Microchip Technology, Inc. | 4,563 | 369,740 | ||||||
ON Semiconductor Corp.(1) | 21,491 | 1,663,618 | ||||||
Qorvo, Inc.(1) | 3,520 | 355,133 | ||||||
QUALCOMM, Inc. | 2,765 | 341,560 | ||||||
Skyworks Solutions, Inc. | 3,720 | 415,040 |
45
STOXX® U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Synaptics, Inc.(1) | 5,701 | $ | 670,495 | |||||
Texas Instruments, Inc. | 1,989 | 341,014 | ||||||
5,561,767 | ||||||||
Software — 2.4% | ||||||||
Adobe, Inc.(1) | 968 | 313,584 | ||||||
Check Point Software Technologies Ltd.(1) | 2,722 | 336,766 | ||||||
Gen Digital, Inc. | 16,407 | 320,100 | ||||||
Microsoft Corp. | 12,083 | 3,013,742 | ||||||
Oracle Corp. | 4,056 | 354,494 | ||||||
Salesforce, Inc.(1) | 2,227 | 364,359 | ||||||
Zoom Video Communications, Inc., Class A(1) | 4,601 | 343,189 | ||||||
5,046,234 | ||||||||
Specialty Retail — 3.3% | ||||||||
Advance Auto Parts, Inc. | 2,351 | 340,801 | ||||||
AutoNation, Inc.(1) | 7,042 | 961,303 | ||||||
Bath & Body Works, Inc. | 8,797 | 359,533 | ||||||
Best Buy Co., Inc. | 33,412 | 2,776,871 | ||||||
Dick's Sporting Goods, Inc. | 5,569 | 716,341 | ||||||
Home Depot, Inc. | 1,140 | 338,056 | ||||||
Lowe's Cos., Inc. | 1,666 | 342,780 | ||||||
Williams-Sonoma, Inc. | 7,874 | 983,620 | ||||||
6,819,305 | ||||||||
Technology Hardware, Storage and Peripherals — 3.7% | ||||||||
Apple, Inc. | 20,270 | 2,988,001 | ||||||
Hewlett Packard Enterprise Co. | 72,366 | 1,129,633 | ||||||
HP, Inc. | 94,801 | 2,798,526 | ||||||
NetApp, Inc. | 5,129 | 331,077 | ||||||
Seagate Technology Holdings PLC | 5,086 | 328,352 | ||||||
7,575,589 | ||||||||
Textiles, Apparel and Luxury Goods — 0.5% | ||||||||
Capri Holdings Ltd.(1) | 13,648 | 676,532 | ||||||
Tapestry, Inc. | 7,865 | 342,206 | ||||||
1,018,738 | ||||||||
Tobacco — 1.3% | ||||||||
Altria Group, Inc. | 7,360 | 341,725 | ||||||
Philip Morris International, Inc. | 25,299 | 2,461,593 | ||||||
2,803,318 | ||||||||
Trading Companies and Distributors — 0.2% | ||||||||
United Rentals, Inc. | 764 | 357,957 | ||||||
TOTAL COMMON STOCKS (Cost $198,037,733) | 205,879,371 | |||||||
SHORT-TERM INVESTMENTS — 1.0% | ||||||||
Money Market Funds — 1.0% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $2,045,310) | 2,045,310 | 2,045,310 | ||||||
TOTAL INVESTMENT SECURITIES — 100.6% (Cost $200,083,043) | 207,924,681 | |||||||
OTHER ASSETS AND LIABILITIES — (0.6)% | (1,239,479) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 206,685,202 |
46
STOXX® U.S. Quality Value ETF
NOTES TO SCHEDULE OF INVESTMENTS |
(1)Non-income producing.
See Notes to Financial Statements.
47
Statements of Assets and Liabilities |
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Low Volatility ETF | Quality Convertible Securities ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $8,130,986 and $20,298,065, respectively) — including $— and $448,896, respectively of securities on loan | $ | 8,323,334 | $ | 18,902,590 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $— and $458,313, respectively) | — | 458,313 | ||||||
Total investment securities, at value (cost of $8,130,986 and $20,756,378, respectively) | 8,323,334 | 19,360,903 | ||||||
Cash | — | 975,192 | ||||||
Dividends and interest receivable | 8,251 | 66,809 | ||||||
Securities lending receivable | — | 693 | ||||||
8,331,585 | 20,403,597 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | — | 458,313 | ||||||
Accrued management fees | 1,922 | 4,962 | ||||||
1,922 | 463,275 | |||||||
Net Assets | $ | 8,329,663 | $ | 19,940,322 | ||||
Shares outstanding (unlimited number of shares authorized) | 195,000 | 500,000 | ||||||
Net Asset Value Per Share | $ | 42.72 | $ | 39.88 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 8,689,271 | $ | 24,596,077 | ||||
Distributable earnings (loss) | (359,608) | (4,655,755) | ||||||
$ | 8,329,663 | $ | 19,940,322 |
See Notes to Financial Statements.
48
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Quality Diversified International ETF | Quality Preferred ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $183,198,751 and $31,807,441, respectively) — including $6,848,647 and $2,328,721, respectively of securities on loan | $ | 198,329,469 | $ | 30,006,748 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $4,589,313 and $2,388,570, respectively) | 4,589,313 | 2,388,570 | ||||||
Total investment securities, at value (cost of $187,788,064 and $34,196,011, respectively) | 202,918,782 | 32,395,318 | ||||||
Receivable for investments sold | 233,870 | 2,506,800 | ||||||
Dividends and interest receivable | 701,862 | 271,001 | ||||||
Securities lending receivable | 2,662 | 5,738 | ||||||
203,857,176 | 35,178,857 | |||||||
Liabilities | ||||||||
Foreign currency overdraft payable, at value (cost of $71 and $—, respectively) | 71 | — | ||||||
Payable for collateral received for securities on loan | 4,589,313 | 2,388,570 | ||||||
Payable for investments purchased | 31,728 | — | ||||||
Payable for capital shares redeemed | — | 2,185,344 | ||||||
Accrued management fees | 60,443 | 10,230 | ||||||
4,681,555 | 4,584,144 | |||||||
Net Assets | $ | 199,175,621 | $ | 30,594,713 | ||||
Shares outstanding (unlimited number of shares authorized) | 4,700,000 | 840,000 | ||||||
Net Asset Value Per Share | $ | 42.38 | $ | 36.42 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 226,509,693 | $ | 33,181,236 | ||||
Distributable earnings (loss) | (27,334,072) | (2,586,523) | ||||||
$ | 199,175,621 | $ | 30,594,713 |
See Notes to Financial Statements.
49
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
STOXX® U.S. Quality Growth ETF | STOXX® U.S. Quality Value ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $308,078,960 and $200,083,043, respectively) | $ | 321,041,990 | $ | 207,924,681 | ||||
Receivable for investments sold | 108,290,874 | 52,935,675 | ||||||
Receivable for capital shares sold | 3,082,780 | — | ||||||
Dividends and interest receivable | 615,896 | 545,321 | ||||||
433,031,540 | 261,405,677 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 112,372,457 | 54,673,138 | ||||||
Accrued management fees | 70,523 | 47,337 | ||||||
112,442,980 | 54,720,475 | |||||||
Net Assets | $ | 320,588,560 | $ | 206,685,202 | ||||
Shares outstanding (unlimited number of shares authorized) | 5,200,000 | 4,300,000 | ||||||
Net Asset Value Per Share | $ | 61.65 | $ | 48.07 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 361,665,481 | $ | 226,720,378 | ||||
Distributable earnings (loss) | (41,076,921) | (20,035,176) | ||||||
$ | 320,588,560 | $ | 206,685,202 |
See Notes to Financial Statements.
50
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Low Volatility ETF | Quality Convertible Securities ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends | $ | 82,319 | $ | 134,175 | ||||
Interest | 779 | 178,712 | ||||||
Securities lending, net | — | 739 | ||||||
83,098 | 313,626 | |||||||
Expenses: | ||||||||
Management fees | 11,712 | 37,440 | ||||||
Other expenses | 5 | — | ||||||
11,717 | 37,440 | |||||||
Net investment income (loss) | 71,381 | 276,186 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (24,498) | (477,338) | ||||||
Futures contract transactions | 18,789 | — | ||||||
(5,709) | (477,338) | |||||||
Change in net unrealized appreciation (depreciation) on investments | 261,448 | 24,547 | ||||||
Net realized and unrealized gain (loss) | 255,739 | (452,791) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 327,120 | $ | (176,605) |
See Notes to Financial Statements.
51
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Quality Diversified International ETF | Quality Preferred ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $226,168 and $737, respectively) | $ | 2,384,723 | $ | 548,454 | ||||
Interest | 11,784 | 175,092 | ||||||
Securities lending, net | 23,020 | 5,738 | ||||||
2,419,527 | 729,284 | |||||||
Expenses: | ||||||||
Management fees | 383,872 | 40,724 | ||||||
Other expenses | 654 | — | ||||||
384,526 | 40,724 | |||||||
Net investment income (loss) | 2,035,001 | 688,560 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (15,126,811) | (177,640) | ||||||
Foreign currency translation transactions | 22,586 | — | ||||||
(15,104,225) | (177,640) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | 37,020,763 | 150,089 | ||||||
Translation of assets and liabilities in foreign currencies | 15,477 | — | ||||||
37,036,240 | 150,089 | |||||||
Net realized and unrealized gain (loss) | 21,932,015 | (27,551) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 23,967,016 | $ | 661,009 |
See Notes to Financial Statements.
52
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (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 $383, respectively) | $ | 1,265,012 | $ | 3,270,038 | ||||
Interest | 9,474 | 13,400 | ||||||
Securities lending, net | 174 | 228 | ||||||
1,274,660 | 3,283,666 | |||||||
Expenses: | ||||||||
Management fees | 391,339 | 295,643 | ||||||
Net investment income (loss) | 883,321 | 2,988,023 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on investment transactions | (6,332,030) | (6,170,550) | ||||||
Change in net unrealized appreciation (depreciation) on investments | 13,683,189 | 12,058,849 | ||||||
Net realized and unrealized gain (loss) | 7,351,159 | 5,888,299 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 8,234,480 | $ | 8,876,322 |
See Notes to Financial Statements.
53
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | |||||||||||||||||
Low Volatility ETF | Quality Convertible Securities ETF | ||||||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | February 28, 2023 | August 31, 2022 | |||||||||||||
Operations | |||||||||||||||||
Net investment income (loss) | $ | 71,381 | $ | 112,864 | $ | 276,186 | $ | 428,668 | |||||||||
Net realized gain (loss) | (5,709) | (184,372) | (477,338) | (1,495,888) | |||||||||||||
Change in net unrealized appreciation (depreciation) | 261,448 | (853,772) | 24,547 | (2,374,184) | |||||||||||||
Net increase (decrease) in net assets resulting from operations | 327,120 | (925,280) | (176,605) | (3,441,404) | |||||||||||||
Distributions to Shareholders | |||||||||||||||||
From earnings | (67,646) | (98,904) | (457,068) | (478,670) | |||||||||||||
Capital Share Transactions | |||||||||||||||||
Proceeds from shares sold | 1,941,149 | 4,872,033 | 15,851,222 | 10,241,059 | |||||||||||||
Payments for shares redeemed | (1,321,272) | (2,830,681) | (19,943,974) | (7,753,296) | |||||||||||||
Other capital | — | — | 28,562 | 26,490 | |||||||||||||
Net increase (decrease) in net assets from capital share transactions | 619,877 | 2,041,352 | (4,064,190) | 2,514,253 | |||||||||||||
Net increase (decrease) in net assets | 879,351 | 1,017,168 | (4,697,863) | (1,405,821) | |||||||||||||
Net Assets | |||||||||||||||||
Beginning of period | 7,450,312 | 6,433,144 | 24,638,185 | 26,044,006 | |||||||||||||
End of period | $ | 8,329,663 | $ | 7,450,312 | $ | 19,940,322 | $ | 24,638,185 | |||||||||
Transactions in Shares of the Funds | |||||||||||||||||
Sold | 45,000 | 105,000 | 400,000 | 220,000 | |||||||||||||
Redeemed | (30,000) | (60,000) | (500,000) | (160,000) | |||||||||||||
Net increase (decrease) in shares of the funds | 15,000 | 45,000 | (100,000) | 60,000 |
See Notes to Financial Statements.
54
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | ||||||||||||||
Quality Diversified International ETF | Quality Preferred ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | February 28, 2023 | August 31, 2022 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 2,035,001 | $ | 6,631,579 | $ | 688,560 | $ | 951,620 | ||||||
Net realized gain (loss) | (15,104,225) | (20,740,480) | (177,640) | (562,701) | ||||||||||
Change in net unrealized appreciation (depreciation) | 37,036,240 | (46,399,437) | 150,089 | (2,353,989) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 23,967,016 | (60,508,338) | 661,009 | (1,965,070) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (3,133,200) | (6,315,055) | (708,936) | (961,361) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 25,526,199 | 69,646,490 | 21,309,972 | 11,206,587 | ||||||||||
Payments for shares redeemed | (37,433,769) | (20,994,370) | (13,077,504) | (8,412,358) | ||||||||||
Other capital | — | — | 16,366 | 11,268 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | (11,907,570) | 48,652,120 | 8,248,834 | 2,805,497 | ||||||||||
Net increase (decrease) in net assets | 8,926,246 | (18,171,273) | 8,200,907 | (120,934) | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 190,249,375 | 208,420,648 | 22,393,806 | 22,514,740 | ||||||||||
End of period | $ | 199,175,621 | $ | 190,249,375 | $ | 30,594,713 | $ | 22,393,806 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 650,000 | 1,400,000 | 585,000 | 285,000 | ||||||||||
Redeemed | (900,000) | (400,000) | (360,000) | (210,000) | ||||||||||
Net increase (decrease) in shares of the funds | (250,000) | 1,000,000 | 225,000 | 75,000 |
See Notes to Financial Statements.
55
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | ||||||||||||||
STOXX® U.S. Quality Growth ETF | STOXX® U.S. Quality Value ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | February 28, 2023 | August 31, 2022 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 883,321 | $ | 1,042,873 | $ | 2,988,023 | $ | 5,092,107 | ||||||
Net realized gain (loss) | (6,332,030) | (22,578,679) | (6,170,550) | 14,286,072 | ||||||||||
Change in net unrealized appreciation (depreciation) | 13,683,189 | (33,328,949) | 12,058,849 | (37,284,433) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 8,234,480 | (54,864,755) | 8,876,322 | (17,906,254) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (609,278) | (911,250) | (3,040,440) | (4,592,625) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 107,188,738 | 145,371,800 | 16,919,862 | 91,853,363 | ||||||||||
Payments for shares redeemed | (53,358,343) | (88,984,655) | (19,715,095) | (120,929,370) | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 53,830,395 | 56,387,145 | (2,795,233) | (29,076,007) | ||||||||||
Net increase (decrease) in net assets | 61,455,597 | 611,140 | 3,040,649 | (51,574,886) | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 259,132,963 | 258,521,823 | 203,644,553 | 255,219,439 | ||||||||||
End of period | $ | 320,588,560 | $ | 259,132,963 | $ | 206,685,202 | $ | 203,644,553 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 1,775,000 | 2,125,000 | 350,000 | 1,825,000 | ||||||||||
Redeemed | (875,000) | (1,250,000) | (400,000) | (2,400,000) | ||||||||||
Net increase (decrease) in shares of the funds | 900,000 | 875,000 | (50,000) | (575,000) |
See Notes to Financial Statements.
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Notes to Financial Statements |
FEBRUARY 28, 2023 (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 Preferred ETF's investment objective is to seek current income and capital appreciation. Quality Diversified International ETF, STOXX® U.S. Quality Growth ETF and STOXX® U.S. Quality Value ETF's investment objectives are to seek to provide investment results that closely correspond, before fees and expenses, to the performance of each fund's underlying 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.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
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 and 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.
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.
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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 valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — 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. ACIM 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. The funds may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.
Income Tax Status — It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
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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. Each fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2023.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Fund / Securities Lending Transactions(1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||
Quality Convertible Securities ETF | |||||||||||||||||
Convertible Bonds | $ | 365,262 | — | — | — | $ | 365,262 | ||||||||||
Convertible Preferred Stocks | 93,051 | — | — | — | 93,051 | ||||||||||||
Total Borrowings | $ | 458,313 | — | — | — | $ | 458,313 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 458,313 | |||||||||||||||
Quality Diversified International ETF | |||||||||||||||||
Common Stocks | $ | 4,589,313 | — | — | — | $ | 4,589,313 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 4,589,313 | |||||||||||||||
Quality Preferred ETF | |||||||||||||||||
Preferred Stocks | $ | 2,388,570 | — | — | — | $ | 2,388,570 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 2,388,570 |
(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, 36%, 22% 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, 30% of the shares of Low Volatility ETF. ACIM owns 51% 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, 2023 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 | $7,382,278 | $9,513,205 | $157,126,540 | $5,587,755 | $265,809,762 | $169,929,031 | ||||||||||||||
Sales | $7,581,967 | $6,924,413 | $145,170,226 | $4,729,478 | $264,892,797 | $166,808,721 |
Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2023 were as follows:
In kind Subscriptions | In kind Redemptions | In kind Net Realized Gain/(Loss)* | |||||||||
Low Volatility ETF | $1,820,575 | $972,857 | $174,322 | ||||||||
Quality Convertible Securities ETF | $10,485,236 | $18,086,772 | $504,312 | ||||||||
Quality Diversified International ETF | $9,584,842 | $33,130,260 | $6,282,764 | ||||||||
Quality Preferred ETF | $15,335,375 | $9,358,100 | $64,672 | ||||||||
STOXX® U.S. Quality Growth ETF | $105,246,292 | $51,960,879 | $8,350,726 | ||||||||
STOXX® U.S. Quality Value ETF | $15,566,366 | $19,336,988 | $3,768,316 |
*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 | $ | 8,281,328 | — | — | |||||||
Short-Term Investments | 42,006 | — | — | ||||||||
$ | 8,323,334 | — | — |
Quality Convertible Securities ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Convertible Bonds | — | $ | 14,306,014 | — | |||||||
Convertible Preferred Stocks | $ | 192,222 | 2,961,743 | — | |||||||
Common Stocks | 522,018 | — | — | ||||||||
Short-Term Investments | 1,378,906 | — | — | ||||||||
$ | 2,093,146 | $ | 17,267,757 | — |
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Quality Diversified International ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 3,763,770 | $ | 194,292,147 | — | ||||||
Short-Term Investments | 4,862,865 | — | — | ||||||||
$ | 8,626,635 | $ | 194,292,147 | — |
Quality Preferred ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Preferred Stocks | $ | 20,149,230 | $ | 4,797,536 | — | ||||||
Corporate Bonds | — | 1,305,337 | — | ||||||||
Convertible Preferred Stocks | 284,416 | 907,037 | — | ||||||||
Common Stocks | 344,961 | — | — | ||||||||
Short-Term Investments | 4,606,801 | — | — | ||||||||
$ | 25,385,408 | $ | 7,009,910 | — |
STOXX® U.S. Quality Growth ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 319,947,332 | — | — | |||||||
Short-Term Investments | 1,094,658 | — | — | ||||||||
$ | 321,041,990 | — | — |
STOXX® U.S. Quality Value ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 205,879,371 | — | — | |||||||
Short-Term Investments | 2,045,310 | — | — | ||||||||
$ | 207,924,681 | — | — |
7. Derivative Instruments
Equity Price Risk — The funds are subject to equity price risk in the normal course of pursuing their 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.
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The funds' average notional exposure to equity price risk derivative instruments held during the period were as follows:
Futures Contracts Sold | |||||
Low Volatility ETF | $ | 263,565 |
At period end, Low Volatility 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, 2023
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Operations | Value | Location on Statement of Operations | Value | ||||||||||
Low Volatility ETF | ||||||||||||||
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 18,789 | 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.
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.
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:
Low Volatility ETF | Quality Convertible Securities ETF | Quality Diversified International ETF | |||||||||
Federal tax cost of investments | $ | 8,205,303 | $ | 20,795,611 | $ | 188,979,719 | |||||
Gross tax appreciation of investments | $ | 344,833 | $ | 399,131 | $ | 21,517,853 | |||||
Gross tax depreciation of investments | (226,802) | (1,833,839) | (7,578,790) | ||||||||
Net tax appreciation (depreciation) of investments | $ | 118,031 | $ | (1,434,708) | $ | 13,939,063 |
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Quality Preferred ETF | STOXX® U.S. Quality Growth ETF | STOXX® U.S. Quality Value ETF | |||||||||
Federal tax cost of investments | $ | 34,343,068 | $ | 309,233,605 | $ | 204,825,457 | |||||
Gross tax appreciation of investments | $ | 50,143 | $ | 17,281,022 | $ | 8,911,489 | |||||
Gross tax depreciation of investments | (1,997,893) | (5,472,637) | (5,812,265) | ||||||||
Net tax appreciation (depreciation) of investments | $ | (1,947,750) | $ | 11,808,385 | $ | 3,099,224 |
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, 2022, 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 | $ | (535,074) | — | |||||
Quality Convertible Securities ETF | $ | (2,193,909) | $ | (375,354) | ||||
Quality Diversified International ETF | $ | (23,998,183) | $ | (2,425,958) | ||||
Quality Preferred ETF | $ | (709,178) | $ | (60,171) | ||||
STOXX® U.S. Quality Growth ETF | $ | (43,024,224) | $ | (3,532,154) | ||||
STOXX® U.S. Quality Value ETF | $ | (19,318,289) | $ | (1,378,509) |
10. Corporate Event
Effective May 31, 2023, American Century STOXX® U.S Quality Growth ETF and American Century STOXX® U.S. Quality Value ETF will be renamed American Century U.S Quality Growth ETF and American Century U.S. Quality Value ETF, respectively.
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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 | 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 | |||||||||||||||||||||||||||||||||||
2023(4) | $41.39 | 0.37 | 1.31 | 1.68 | (0.35) | $42.72 | 4.07% | 0.29%(5) | 1.77%(5) | 92% | $8,330 | ||||||||||||||||||||||||
2022 | $47.65 | 0.68 | (6.35) | (5.67) | (0.59) | $41.39 | (11.98)% | 0.29% | 1.52% | 167% | $7,450 | ||||||||||||||||||||||||
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, 2023 (unaudited).
(5)Annualized.
(6)January 12, 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 | 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 | ||||||||||||||||||||||||||||||||||||||
2023(4) | $41.06 | 0.47 | (0.91) | (0.44) | (0.79) | 0.05 | $39.88 | (0.91)% | 0.32%(5) | 2.36%(5) | 34% | $19,940 | ||||||||||||||||||||||||||
2022 | $48.23 | 0.80 | (7.10) | (6.30) | (0.92) | 0.05 | $41.06 | (13.13)% | 0.32% | 1.79% | 64% | $24,638 | ||||||||||||||||||||||||||
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, 2023 (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 | |||||||||||||||||||||||||||||||||||
2023(4) | $38.43 | 0.40 | 4.15 | 4.55 | (0.60) | $42.38 | 11.91% | 0.39%(5) | 2.07%(5) | 74% | $199,176 | ||||||||||||||||||||||||
2022 | $52.76 | 1.45 | (14.40) | (12.95) | (1.38) | $38.43 | (24.82)% | 0.39% | 3.15% | 108% | $190,249 | ||||||||||||||||||||||||
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, 2023 (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 | 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 | ||||||||||||||||||||||||||||||||||||||
2023(4) | $36.41 | 0.95 | 0.13 | 1.08 | (1.09) | 0.02 | $36.42 | 3.17% | 0.32%(5) | 5.41%(5) | 20% | $30,595 | ||||||||||||||||||||||||||
2022 | $41.69 | 1.78 | (5.29) | (3.51) | (1.79) | 0.02 | $36.41 | (8.58)% | 0.32% | 4.59% | 51% | $22,394 | ||||||||||||||||||||||||||
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, 2023 (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 | |||||||||||||||||||||||||||||||||||
2023(4) | $60.26 | 0.19 | 1.34 | 1.53 | (0.14) | $61.65 | 2.54% | 0.29%(5) | 0.65%(5) | 97% | $320,589 | ||||||||||||||||||||||||
2022 | $75.48 | 0.30 | (15.26) | (14.96) | (0.26) | $60.26 | (19.83)% | 0.29% | 0.45% | 153% | $259,133 | ||||||||||||||||||||||||
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, 2023 (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 | |||||||||||||||||||||||||||||||||||
2023(4) | $46.81 | 0.69 | 1.27 | 1.96 | (0.70) | $48.07 | 4.24% | 0.29%(5) | 2.93%(5) | 82% | $206,685 | ||||||||||||||||||||||||
2022 | $51.82 | 1.19 | (5.14) | (3.95) | (1.06) | $46.81 | (7.70)% | 0.29% | 2.36% | 118% | $203,645 | ||||||||||||||||||||||||
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, 2023 (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 at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
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. | ||||||||
©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96949 2304 |
Semiannual Report | |||||
February 28, 2023 | |||||
Avantis® Inflation Focused Equity ETF (AVIE) | |||||
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 Inflation Focused Equity ETF | |||||
Fund Characteristics | |||||
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 ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.
Stocks and Bonds Delivered Mixed Results as Volatility Reigned
Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.
The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.
In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.
For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis Inflation Focused Equity 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 | 23.0% | ||||
Insurance | 10.6% | ||||
Biotechnology | 10.0% | ||||
Pharmaceuticals | 9.0% | ||||
Health Care Providers and Services | 8.8% |
3
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis Real Estate ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.6% | ||||
Rights | —* | ||||
Short-Term Investments | 0.3% | ||||
Other Assets and Liabilities | 0.1% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Sectors | % of net assets | ||||
Specialized REITs | 26.1% | ||||
Industrial REITs | 17.6% | ||||
Retail REITs | 17.5% | ||||
Residential REITs | 13.3% | ||||
Diversified REITs | 8.6% |
4
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis U.S. Equity ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.9% | ||||
Rights | —* | ||||
Short-Term Investments | 0.3% | ||||
Other Assets and Liabilities | (0.2)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Industries | % of net assets | ||||
Oil, Gas and Consumable Fuels | 8.1% | ||||
Banks | 6.2% | ||||
Software | 5.4% | ||||
Semiconductors and Semiconductor Equipment | 4.8% | ||||
Technology Hardware, Storage and Peripherals | 4.6% |
5
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis U.S. Large Cap Value 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 | ||||
Oil, Gas and Consumable Fuels | 15.6% | ||||
Semiconductors and Semiconductor Equipment | 6.3% | ||||
Pharmaceuticals | 6.3% | ||||
Banks | 6.2% | ||||
Insurance | 5.7% |
6
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis U.S. Small Cap Equity ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.8% | ||||
Short-Term Investments | 0.1% | ||||
Other Assets and Liabilities | 0.1% | ||||
Top Five Industries | % of net assets | ||||
Banks | 14.5% | ||||
Biotechnology | 5.5% | ||||
Oil, Gas and Consumable Fuels | 4.8% | ||||
Machinery | 3.8% | ||||
Specialty Retail | 3.7% |
7
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis U.S. Small Cap Value ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.9% | ||||
Short-Term Investments | 0.8% | ||||
Other Assets and Liabilities | (0.7)% | ||||
Top Five Industries | % of net assets | ||||
Banks | 15.7% | ||||
Oil, Gas and Consumable Fuels | 12.0% | ||||
Specialty Retail | 6.5% | ||||
Trading Companies and Distributors | 5.6% | ||||
Thrifts and Mortgage Finance | 4.7% |
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, 2022 to February 28, 2023 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses for each fund. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the fund you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
9
Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid During Period(1) 9/1/22 - 2/28/23 | Annualized Expense Ratio(1) | |||||||||||
Avantis Inflation Focused Equity ETF | ||||||||||||||
Actual | $1,000 | $1,139.40 | $1.14(2) | 0.25% | ||||||||||
Hypothetical | $1,000 | $1,023.56 | $1.25 | 0.25% | ||||||||||
Avantis Real Estate ETF | ||||||||||||||
Actual | $1,000 | $958.50 | $0.83 | 0.17% | ||||||||||
Hypothetical | $1,000 | $1,023.95 | $0.85 | 0.17% | ||||||||||
Avantis U.S. Equity ETF | ||||||||||||||
Actual | $1,000 | $1,040.60 | $0.76 | 0.15% | ||||||||||
Hypothetical | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
Avantis U.S. Large Cap Value ETF | ||||||||||||||
Actual | $1,000 | $1,076.50 | $0.77 | 0.15% | ||||||||||
Hypothetical | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
Avantis U.S. Small Cap Equity ETF | ||||||||||||||
Actual | $1,000 | $1,082.80 | $1.29 | 0.25% | ||||||||||
Hypothetical | $1,000 | $1,023.56 | $1.25 | 0.25% | ||||||||||
Avantis U.S. Small Cap Value ETF | ||||||||||||||
Actual | $1,000 | $1,103.50 | $1.30 | 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 155, the number of days in the period from September 27, 2022 (fund inception) through February 28, 2023, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
10
Schedules of Investments |
FEBRUARY 28, 2023 (UNAUDITED)
Avantis Inflation Focused Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Beverages — 7.9% | ||||||||
Boston Beer Co., Inc., Class A(1) | 51 | $ | 16,514 | |||||
Brown-Forman Corp., Class A | 230 | 14,932 | ||||||
Brown-Forman Corp., Class B | 1,357 | 88,029 | ||||||
Celsius Holdings, Inc.(1) | 230 | 20,884 | ||||||
Coca-Cola Co. | 10,543 | 627,414 | ||||||
Coca-Cola Consolidated, Inc. | 23 | 12,807 | ||||||
Constellation Brands, Inc., Class A | 529 | 118,337 | ||||||
Duckhorn Portfolio, Inc.(1) | 230 | 3,507 | ||||||
Keurig Dr Pepper, Inc. | 2,622 | 90,590 | ||||||
MGP Ingredients, Inc. | 93 | 9,434 | ||||||
Molson Coors Beverage Co., Class B | 897 | 47,711 | ||||||
Monster Beverage Corp.(1) | 1,380 | 140,429 | ||||||
National Beverage Corp.(1) | 161 | 7,511 | ||||||
PepsiCo, Inc. | 4,741 | 822,706 | ||||||
Vintage Wine Estates, Inc.(1) | 92 | 141 | ||||||
Vita Coco Co., Inc.(1) | 184 | 3,111 | ||||||
2,024,057 | ||||||||
Biotechnology — 10.0% | ||||||||
AbbVie, Inc. | 3,331 | 512,641 | ||||||
Alkermes PLC(1) | 585 | 15,643 | ||||||
Alnylam Pharmaceuticals, Inc.(1) | 460 | 88,067 | ||||||
Amgen, Inc. | 1,500 | 347,490 | ||||||
Apellis Pharmaceuticals, Inc.(1) | 414 | 27,109 | ||||||
Biogen, Inc.(1) | 506 | 136,549 | ||||||
BioMarin Pharmaceutical, Inc.(1) | 690 | 68,717 | ||||||
Cerevel Therapeutics Holdings, Inc.(1) | 230 | 6,139 | ||||||
CRISPR Therapeutics AG(1) | 322 | 15,881 | ||||||
Cytokinetics, Inc.(1) | 437 | 18,948 | ||||||
Denali Therapeutics, Inc.(1) | 26 | 706 | ||||||
Exact Sciences Corp.(1) | 345 | 21,504 | ||||||
Exelixis, Inc.(1) | 1,012 | 17,285 | ||||||
Gilead Sciences, Inc. | 4,280 | 344,669 | ||||||
Halozyme Therapeutics, Inc.(1) | 667 | 32,009 | ||||||
Horizon Therapeutics PLC(1) | 437 | 47,847 | ||||||
Incyte Corp.(1) | 621 | 47,805 | ||||||
Intellia Therapeutics, Inc.(1) | 230 | 9,239 | ||||||
Ionis Pharmaceuticals, Inc.(1) | 644 | 23,120 | ||||||
Karuna Therapeutics, Inc.(1) | 115 | 22,933 | ||||||
Moderna, Inc.(1) | 956 | 132,702 | ||||||
Natera, Inc.(1) | 126 | 6,117 | ||||||
Neurocrine Biosciences, Inc.(1) | 391 | 40,312 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 253 | 192,386 | ||||||
Sarepta Therapeutics, Inc.(1) | 391 | 47,753 | ||||||
Seagen, Inc.(1) | 483 | 86,790 | ||||||
United Therapeutics Corp.(1) | 230 | 56,589 |
11
Avantis Inflation Focused Equity ETF | ||||||||
Shares | Value | |||||||
Vertex Pharmaceuticals, Inc.(1) | 714 | $ | 207,267 | |||||
2,574,217 | ||||||||
Chemicals — 4.7% | ||||||||
AdvanSix, Inc. | 138 | 5,679 | ||||||
American Vanguard Corp. | 253 | 5,280 | ||||||
Cabot Corp. | 529 | 42,071 | ||||||
CF Industries Holdings, Inc. | 1,587 | 136,307 | ||||||
Chemours Co. | 1,679 | 57,388 | ||||||
Corteva, Inc. | 3,367 | 209,730 | ||||||
Dow, Inc. | 3,703 | 211,812 | ||||||
FMC Corp. | 552 | 71,291 | ||||||
Hawkins, Inc. | 138 | 5,612 | ||||||
Huntsman Corp. | 805 | 23,619 | ||||||
Intrepid Potash, Inc.(1) | 69 | 2,185 | ||||||
Koppers Holdings, Inc. | 115 | 4,127 | ||||||
Kronos Worldwide, Inc. | 230 | 2,597 | ||||||
LSB Industries, Inc.(1) | 230 | 3,126 | ||||||
LyondellBasell Industries NV, Class A | 1,610 | 154,544 | ||||||
Mativ Holdings, Inc. | 253 | 6,555 | ||||||
Mosaic Co. | 1,771 | 94,200 | ||||||
Olin Corp. | 1,196 | 69,069 | ||||||
Origin Materials, Inc.(1) | 598 | 2,870 | ||||||
Orion Engineered Carbons SA | 437 | 11,144 | ||||||
PureCycle Technologies, Inc.(1) | 943 | 6,016 | ||||||
Trinseo PLC | 161 | 3,732 | ||||||
Tronox Holdings PLC, Class A | 598 | 9,329 | ||||||
Valvoline, Inc. | 1,311 | 46,147 | ||||||
Westlake Corp. | 184 | 21,922 | ||||||
1,206,352 | ||||||||
Diversified Financial Services — 5.0% | ||||||||
Berkshire Hathaway, Inc., Class B(1) | 4,186 | 1,277,484 | ||||||
Cannae Holdings, Inc.(1) | 645 | 14,564 | ||||||
1,292,048 | ||||||||
Energy Equipment and Services — 4.3% | ||||||||
Archrock, Inc. | 1,374 | 15,210 | ||||||
Baker Hughes Co. | 3,865 | 118,269 | ||||||
Bristow Group, Inc.(1) | 147 | 4,004 | ||||||
Cactus, Inc., Class A | 424 | 19,483 | ||||||
ChampionX Corp. | 1,523 | 46,558 | ||||||
Core Laboratories NV | 184 | 4,392 | ||||||
Diamond Offshore Drilling, Inc.(1) | 1,035 | 12,296 | ||||||
DMC Global, Inc.(1) | 161 | 4,310 | ||||||
Dril-Quip, Inc.(1) | 279 | 9,556 | ||||||
Expro Group Holdings NV(1) | 695 | 15,797 | ||||||
Halliburton Co. | 3,673 | 133,073 | ||||||
Helix Energy Solutions Group, Inc.(1) | 1,428 | 11,824 | ||||||
Helmerich & Payne, Inc. | 736 | 30,971 | ||||||
KLX Energy Services Holdings, Inc.(1) | 95 | 1,215 | ||||||
Liberty Energy, Inc., Class A | 1,357 | 20,694 | ||||||
Nabors Industries Ltd.(1) | 69 | 10,371 | ||||||
National Energy Services Reunited Corp.(1) | 414 | 2,674 |
12
Avantis Inflation Focused Equity ETF | ||||||||
Shares | Value | |||||||
Newpark Resources, Inc.(1) | 327 | $ | 1,449 | |||||
NexTier Oilfield Solutions, Inc.(1) | 1,679 | 15,329 | ||||||
Nine Energy Service, Inc.(1) | 141 | 1,354 | ||||||
Noble Corp. PLC(1) | 737 | 30,726 | ||||||
NOV, Inc. | 2,576 | 56,363 | ||||||
Oceaneering International, Inc.(1) | 762 | 15,918 | ||||||
Oil States International, Inc.(1) | 255 | 2,328 | ||||||
Patterson-UTI Energy, Inc. | 1,610 | 22,057 | ||||||
ProFrac Holding Corp., Class A(1) | 207 | 3,960 | ||||||
ProPetro Holding Corp.(1) | 838 | 7,383 | ||||||
RPC, Inc. | 674 | 5,911 | ||||||
Schlumberger Ltd. | 5,198 | 276,586 | ||||||
Select Energy Services, Inc., Class A | 368 | 2,731 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 253 | 2,259 | ||||||
TechnipFMC PLC(1) | 3,979 | 60,839 | ||||||
TETRA Technologies, Inc.(1) | 920 | 3,275 | ||||||
Tidewater, Inc.(1) | 420 | 20,513 | ||||||
Transocean Ltd.(1) | 5,467 | 38,214 | ||||||
US Silica Holdings, Inc.(1) | 437 | 5,305 | ||||||
Valaris Ltd.(1) | 437 | 29,388 | ||||||
Weatherford International PLC(1) | 531 | 35,375 | ||||||
1,097,960 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 0.7% | ||||||||
PotlatchDeltic Corp. | 460 | 21,234 | ||||||
Rayonier, Inc. | 828 | 27,804 | ||||||
Weyerhaeuser Co. | 3,910 | 122,187 | ||||||
171,225 | ||||||||
Food Products — 1.6% | ||||||||
Alico, Inc. | 92 | 2,368 | ||||||
Archer-Daniels-Midland Co. | 2,806 | 223,357 | ||||||
Bunge Ltd. | 828 | 79,074 | ||||||
Darling Ingredients, Inc.(1) | 989 | 62,574 | ||||||
Fresh Del Monte Produce, Inc. | 345 | 10,792 | ||||||
Ingredion, Inc. | 437 | 43,438 | ||||||
421,603 | ||||||||
Health Care Providers and Services — 8.8% | ||||||||
AdaptHealth Corp.(1) | 391 | 6,252 | ||||||
Alignment Healthcare, Inc.(1) | 529 | 5,258 | ||||||
AmerisourceBergen Corp. | 713 | 110,914 | ||||||
Cardinal Health, Inc. | 1,403 | 106,221 | ||||||
Centene Corp.(1) | 2,300 | 157,320 | ||||||
Elevance Health, Inc. | 736 | 345,677 | ||||||
HealthEquity, Inc.(1) | 391 | 25,482 | ||||||
Henry Schein, Inc.(1) | 414 | 32,421 | ||||||
Humana, Inc. | 506 | 250,480 | ||||||
McKesson Corp. | 529 | 185,050 | ||||||
Molina Healthcare, Inc.(1) | 322 | 88,656 | ||||||
Owens & Minor, Inc.(1) | 207 | 3,173 | ||||||
Patterson Cos., Inc. | 437 | 11,589 | ||||||
Progyny, Inc.(1) | 377 | 14,160 | ||||||
UnitedHealth Group, Inc. | 1,960 | 932,843 | ||||||
2,275,496 |
13
Avantis Inflation Focused Equity ETF | ||||||||
Shares | Value | |||||||
Household Products — 6.7% | ||||||||
Central Garden & Pet Co.(1) | 69 | $ | 2,795 | |||||
Central Garden & Pet Co., Class A(1) | 276 | 10,607 | ||||||
Church & Dwight Co., Inc. | 1,081 | 90,566 | ||||||
Clorox Co. | 828 | 128,704 | ||||||
Colgate-Palmolive Co. | 4,365 | 319,954 | ||||||
Energizer Holdings, Inc. | 483 | 17,499 | ||||||
Kimberly-Clark Corp. | 1,989 | 248,724 | ||||||
Procter & Gamble Co. | 6,407 | 881,347 | ||||||
Reynolds Consumer Products, Inc. | 345 | 9,467 | ||||||
Spectrum Brands Holdings, Inc. | 207 | 13,252 | ||||||
WD-40 Co. | 92 | 15,956 | ||||||
1,738,871 | ||||||||
Insurance — 10.6% | ||||||||
Aflac, Inc. | 2,474 | 168,603 | ||||||
Allstate Corp. | 805 | 103,668 | ||||||
Ambac Financial Group, Inc.(1) | 322 | 5,329 | ||||||
American Equity Investment Life Holding Co. | 368 | 15,327 | ||||||
American Financial Group, Inc. | 345 | 46,268 | ||||||
American International Group, Inc. | 2,415 | 147,581 | ||||||
AMERISAFE, Inc. | 92 | 5,018 | ||||||
Arch Capital Group Ltd.(1) | 1,748 | 122,360 | ||||||
Argo Group International Holdings Ltd. | 115 | 3,341 | ||||||
Assurant, Inc. | 184 | 23,440 | ||||||
Assured Guaranty Ltd. | 230 | 14,354 | ||||||
Axis Capital Holdings Ltd. | 414 | 25,138 | ||||||
Brighthouse Financial, Inc.(1) | 391 | 22,611 | ||||||
Chubb Ltd. | 1,104 | 232,966 | ||||||
Cincinnati Financial Corp. | 391 | 47,194 | ||||||
CNA Financial Corp. | 92 | 4,028 | ||||||
CNO Financial Group, Inc. | 391 | 10,017 | ||||||
Donegal Group, Inc., Class A | 161 | 2,474 | ||||||
Employers Holdings, Inc. | 161 | 7,150 | ||||||
Enstar Group Ltd.(1) | 23 | 5,624 | ||||||
Erie Indemnity Co., Class A | 138 | 32,484 | ||||||
Everest Re Group Ltd. | 184 | 70,650 | ||||||
F&G Annuities & Life, Inc. | 49 | 998 | ||||||
Fidelity National Financial, Inc. | 828 | 33,004 | ||||||
First American Financial Corp. | 345 | 19,589 | ||||||
Genworth Financial, Inc., Class A(1) | 3,335 | 20,777 | ||||||
Globe Life, Inc. | 414 | 50,380 | ||||||
Greenlight Capital Re Ltd., A Shares(1) | 299 | 2,745 | ||||||
Hanover Insurance Group, Inc. | 115 | 16,040 | ||||||
Hartford Financial Services Group, Inc. | 1,518 | 118,829 | ||||||
Horace Mann Educators Corp. | 184 | 6,801 | ||||||
James River Group Holdings Ltd. | 207 | 4,989 | ||||||
Kemper Corp. | 259 | 15,954 | ||||||
Kinsale Capital Group, Inc. | 115 | 36,650 | ||||||
Lemonade, Inc.(1) | 138 | 2,249 | ||||||
Lincoln National Corp. | 437 | 13,862 | ||||||
Loews Corp. | 759 | 46,367 |
14
Avantis Inflation Focused Equity ETF | ||||||||
Shares | Value | |||||||
Markel Corp.(1) | 23 | $ | 30,587 | |||||
MBIA, Inc.(1) | 253 | 3,489 | ||||||
Mercury General Corp. | 92 | 3,133 | ||||||
MetLife, Inc. | 1,955 | 140,232 | ||||||
Old Republic International Corp. | 1,472 | 38,817 | ||||||
Oscar Health, Inc., Class A(1) | 483 | 2,676 | ||||||
Palomar Holdings, Inc.(1) | 138 | 8,280 | ||||||
Primerica, Inc. | 230 | 44,146 | ||||||
Principal Financial Group, Inc. | 1,156 | 103,531 | ||||||
ProAssurance Corp. | 230 | 4,575 | ||||||
Progressive Corp. | 1,748 | 250,873 | ||||||
Prudential Financial, Inc. | 1,127 | 112,700 | ||||||
Reinsurance Group of America, Inc. | 414 | 59,811 | ||||||
RenaissanceRe Holdings Ltd. | 184 | 39,542 | ||||||
RLI Corp. | 207 | 28,547 | ||||||
Safety Insurance Group, Inc. | 92 | 7,423 | ||||||
Selective Insurance Group, Inc. | 230 | 23,352 | ||||||
SiriusPoint Ltd.(1) | 506 | 3,593 | ||||||
Stewart Information Services Corp. | 92 | 3,909 | ||||||
Tiptree, Inc. | 230 | 3,703 | ||||||
Travelers Cos., Inc. | 920 | 170,310 | ||||||
Trupanion, Inc.(1) | 92 | 5,463 | ||||||
United Fire Group, Inc. | 138 | 3,938 | ||||||
Universal Insurance Holdings, Inc. | 230 | 4,446 | ||||||
Unum Group | 1,196 | 53,282 | ||||||
W R Berkley Corp. | 851 | 56,328 | ||||||
White Mountains Insurance Group Ltd. | 23 | 33,202 | ||||||
2,744,747 | ||||||||
Metals and Mining — 5.6% | ||||||||
Alcoa Corp. | 759 | 37,146 | ||||||
Alpha Metallurgical Resources, Inc. | 184 | 30,864 | ||||||
Arconic Corp.(1) | 782 | 20,676 | ||||||
ATI, Inc.(1) | 989 | 40,203 | ||||||
Carpenter Technology Corp. | 374 | 18,075 | ||||||
Century Aluminum Co.(1) | 391 | 4,719 | ||||||
Cleveland-Cliffs, Inc.(1) | 2,346 | 50,040 | ||||||
Coeur Mining, Inc.(1) | 2,212 | 6,901 | ||||||
Commercial Metals Co. | 1,035 | 53,561 | ||||||
Compass Minerals International, Inc. | 138 | 5,317 | ||||||
Freeport-McMoRan, Inc. | 6,112 | 250,409 | ||||||
Gatos Silver, Inc.(1) | 360 | 1,454 | ||||||
Haynes International, Inc. | 115 | 6,292 | ||||||
Hecla Mining Co. | 3,612 | 18,602 | ||||||
Kaiser Aluminum Corp. | 69 | 5,473 | ||||||
Materion Corp. | 161 | 17,981 | ||||||
MP Materials Corp.(1) | 391 | 13,685 | ||||||
Newmont Corp. | 3,127 | 136,369 | ||||||
Nucor Corp. | 1,863 | 311,941 | ||||||
Olympic Steel, Inc. | 115 | 6,038 | ||||||
Piedmont Lithium, Inc.(1) | 92 | 5,971 | ||||||
Ramaco Resources, Inc. | 276 | 2,746 |
15
Avantis Inflation Focused Equity ETF | ||||||||
Shares | Value | |||||||
Reliance Steel & Aluminum Co. | 414 | $ | 102,606 | |||||
Royal Gold, Inc. | 370 | 43,952 | ||||||
Ryerson Holding Corp. | 138 | 4,958 | ||||||
Schnitzer Steel Industries, Inc., Class A | 138 | 4,511 | ||||||
Steel Dynamics, Inc. | 1,380 | 174,032 | ||||||
SunCoke Energy, Inc. | 947 | 9,006 | ||||||
TimkenSteel Corp.(1) | 303 | 5,542 | ||||||
Tredegar Corp. | 253 | 2,940 | ||||||
United States Steel Corp. | 1,035 | 31,702 | ||||||
Warrior Met Coal, Inc. | 460 | 17,604 | ||||||
Worthington Industries, Inc. | 230 | 13,901 | ||||||
1,455,217 | ||||||||
Oil, Gas and Consumable Fuels — 23.0% | ||||||||
Antero Midstream Corp. | 1,449 | 15,272 | ||||||
Antero Resources Corp.(1) | 1,472 | 38,566 | ||||||
APA Corp. | 1,380 | 52,964 | ||||||
Arch Resources, Inc. | 115 | 18,095 | ||||||
Ardmore Shipping Corp. | 253 | 4,592 | ||||||
Berry Corp. | 322 | 3,036 | ||||||
California Resources Corp. | 345 | 14,559 | ||||||
Callon Petroleum Co.(1) | 161 | 6,240 | ||||||
Centrus Energy Corp., Class A(1) | 69 | 3,092 | ||||||
Cheniere Energy, Inc. | 805 | 126,659 | ||||||
Chesapeake Energy Corp. | 621 | 50,183 | ||||||
Chevron Corp. | 4,830 | 776,519 | ||||||
Chord Energy Corp. | 207 | 27,866 | ||||||
Civitas Resources, Inc. | 322 | 22,595 | ||||||
Clean Energy Fuels Corp.(1) | 736 | 4,122 | ||||||
CNX Resources Corp.(1) | 759 | 11,651 | ||||||
Comstock Resources, Inc. | 575 | 6,981 | ||||||
ConocoPhillips | 4,278 | 442,131 | ||||||
CONSOL Energy, Inc. | 184 | 10,070 | ||||||
Coterra Energy, Inc. | 3,841 | 95,910 | ||||||
Crescent Energy Co., Class A | 184 | 2,123 | ||||||
CVR Energy, Inc. | 184 | 5,838 | ||||||
Delek US Holdings, Inc. | 368 | 9,263 | ||||||
Denbury, Inc.(1) | 230 | 19,175 | ||||||
Devon Energy Corp. | 2,967 | 159,981 | ||||||
DHT Holdings, Inc. | 782 | 9,048 | ||||||
Diamondback Energy, Inc. | 736 | 103,467 | ||||||
Dorian LPG Ltd. | 184 | 4,039 | ||||||
DT Midstream, Inc. | 437 | 21,937 | ||||||
Earthstone Energy, Inc., Class A(1) | 276 | 3,850 | ||||||
EnLink Midstream LLC(1) | 1,219 | 13,726 | ||||||
Enviva, Inc. | 26 | 1,133 | ||||||
EOG Resources, Inc. | 2,070 | 233,951 | ||||||
EQT Corp. | 1,794 | 59,525 | ||||||
Equitrans Midstream Corp. | 2,668 | 16,088 | ||||||
Excelerate Energy, Inc., Class A | 115 | 2,485 | ||||||
Exxon Mobil Corp. | 11,983 | 1,317,052 | ||||||
Gevo, Inc.(1) | 1,058 | 1,957 |
16
Avantis Inflation Focused Equity ETF | ||||||||
Shares | Value | |||||||
Green Plains, Inc.(1) | 299 | $ | 10,366 | |||||
Gulfport Energy Corp.(1) | 46 | 3,042 | ||||||
Hess Corp. | 1,196 | 161,101 | ||||||
Hess Midstream LP, Class A | 207 | 5,676 | ||||||
HF Sinclair Corp. | 897 | 44,599 | ||||||
HighPeak Energy, Inc. | 115 | 3,076 | ||||||
International Seaways, Inc. | 276 | 14,197 | ||||||
Kimbell Royalty Partners LP | 276 | 4,259 | ||||||
Kinder Morgan, Inc. | 5,750 | 98,095 | ||||||
Kinetik Holdings, Inc. | 69 | 2,053 | ||||||
Kosmos Energy Ltd.(1) | 2,323 | 18,282 | ||||||
Magnolia Oil & Gas Corp., Class A | 851 | 18,594 | ||||||
Marathon Oil Corp. | 2,990 | 75,199 | ||||||
Marathon Petroleum Corp. | 2,116 | 261,538 | ||||||
Matador Resources Co. | 575 | 30,929 | ||||||
Murphy Oil Corp. | 552 | 21,539 | ||||||
New Fortress Energy, Inc. | 207 | 6,829 | ||||||
NextDecade Corp.(1) | 104 | 734 | ||||||
Nordic American Tankers Ltd. | 1,196 | 5,298 | ||||||
Northern Oil & Gas, Inc. | 299 | 9,281 | ||||||
Occidental Petroleum Corp. | 2,829 | 165,666 | ||||||
ONEOK, Inc. | 1,518 | 99,353 | ||||||
Ovintiv, Inc. | 1,173 | 50,169 | ||||||
Par Pacific Holdings, Inc.(1) | 299 | 8,306 | ||||||
PBF Energy, Inc., Class A | 690 | 30,160 | ||||||
PDC Energy, Inc. | 414 | 27,784 | ||||||
Peabody Energy Corp.(1) | 575 | 15,698 | ||||||
Permian Resources Corp. | 782 | 8,453 | ||||||
Phillips 66 | 2,019 | 207,069 | ||||||
Pioneer Natural Resources Co. | 736 | 147,502 | ||||||
Plains GP Holdings LP, Class A | 989 | 13,757 | ||||||
Range Resources Corp. | 1,426 | 38,416 | ||||||
Ranger Oil Corp., Class A | 115 | 4,773 | ||||||
REX American Resources Corp.(1) | 92 | 3,037 | ||||||
SandRidge Energy, Inc.(1) | 207 | 3,020 | ||||||
Scorpio Tankers, Inc. | 299 | 18,048 | ||||||
SFL Corp. Ltd. | 575 | 5,934 | ||||||
SilverBow Resources, Inc.(1) | 115 | 2,831 | ||||||
Sitio Royalties Corp., Class A | 423 | 9,945 | ||||||
SM Energy Co. | 667 | 19,683 | ||||||
Southwestern Energy Co.(1) | 6,670 | 35,351 | ||||||
Talos Energy, Inc.(1) | 437 | 7,783 | ||||||
Targa Resources Corp. | 966 | 71,581 | ||||||
Teekay Corp.(1) | 667 | 4,162 | ||||||
Teekay Tankers Ltd., Class A(1) | 138 | 6,231 | ||||||
Tellurian, Inc.(1) | 2,116 | 3,153 | ||||||
Texas Pacific Land Corp. | 23 | 40,944 | ||||||
Uranium Energy Corp.(1) | 736 | 2,723 | ||||||
Valero Energy Corp. | 1,748 | 230,264 | ||||||
Viper Energy Partners LP | 322 | 9,219 | ||||||
Vital Energy, Inc.(1) | 92 | 4,728 |
17
Avantis Inflation Focused Equity ETF | ||||||||
Shares | Value | |||||||
W&T Offshore, Inc.(1) | 483 | $ | 2,710 | |||||
Williams Cos., Inc. | 3,749 | 112,845 | ||||||
World Fuel Services Corp. | 253 | 6,945 | ||||||
5,928,671 | ||||||||
Pharmaceuticals — 9.0% | ||||||||
Bristol-Myers Squibb Co. | 3,749 | 258,531 | ||||||
Catalent, Inc.(1) | 345 | 23,536 | ||||||
Elanco Animal Health, Inc.(1) | 529 | 6,068 | ||||||
Eli Lilly & Co. | 1,426 | 443,800 | ||||||
Intra-Cellular Therapies, Inc.(1) | 138 | 6,766 | ||||||
Jazz Pharmaceuticals PLC(1) | 161 | 22,604 | ||||||
Johnson & Johnson | 3,565 | 546,372 | ||||||
Merck & Co., Inc. | 4,922 | 522,913 | ||||||
Organon & Co. | 391 | 9,575 | ||||||
Perrigo Co. PLC | 369 | 13,908 | ||||||
Pfizer, Inc. | 7,797 | 316,324 | ||||||
Royalty Pharma PLC, Class A | 759 | 27,210 | ||||||
Viatris, Inc. | 3,174 | 36,184 | ||||||
Zoetis, Inc. | 568 | 94,856 | ||||||
2,328,647 | ||||||||
Specialty Retail† | ||||||||
GrowGeneration Corp.(1) | 141 | 597 | ||||||
Tobacco — 1.8% | ||||||||
Philip Morris International, Inc. | 4,506 | 438,434 | ||||||
Universal Corp. | 138 | 6,981 | ||||||
Vector Group Ltd. | 861 | 11,426 | ||||||
456,841 | ||||||||
TOTAL COMMON STOCKS (Cost $26,583,385) | 25,716,549 | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Funds — 0.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $24,034) | 24,034 | 24,034 | ||||||
TOTAL INVESTMENT SECURITIES — 99.8% (Cost $26,607,419) | 25,740,583 | |||||||
OTHER ASSETS AND LIABILITIES — 0.2% | 49,167 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 25,789,750 |
NOTES TO SCHEDULE OF INVESTMENTS |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
See Notes to Financial Statements.
18
FEBRUARY 28, 2023 (UNAUDITED)
Avantis Real Estate ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Diversified REITs — 8.6% | ||||||||
Abacus Property Group | 108,685 | $ | 207,071 | |||||
Abrdn Property Income Trust Ltd. | 61,481 | 45,903 | ||||||
Activia Properties, Inc. | 12 | 34,586 | ||||||
AEW UK REIT PLC | 31,118 | 36,623 | ||||||
Alarko Gayrimenkul Yatirim Ortakligi AS | 24,444 | 84,434 | ||||||
Alexander & Baldwin, Inc. | 12,717 | 237,426 | ||||||
Argosy Property Ltd. | 89,468 | 61,511 | ||||||
Balanced Commercial Property Trust Ltd. | 153,022 | 161,222 | ||||||
British Land Co. PLC | 241,865 | 1,297,298 | ||||||
Broadstone Net Lease, Inc. | 18,054 | 320,459 | ||||||
Centuria Capital Group(1) | 98,141 | 113,955 | ||||||
Charter Hall Group | 108,707 | 968,297 | ||||||
Charter Hall Long Wale REIT | 160,202 | 494,283 | ||||||
Cromwell European Real Estate Investment Trust | 25,000 | 44,714 | ||||||
Custodian Property Income Reit PLC | 105,365 | 116,477 | ||||||
D&D Platform REIT Co. Ltd. | 2,476 | 6,881 | ||||||
Daiwa House REIT Investment Corp. | 468 | 966,038 | ||||||
Essential Properties Realty Trust, Inc. | 25,629 | 660,203 | ||||||
Fibra Uno Administracion SA de CV | 733,823 | 1,046,800 | ||||||
Fortress Real Estate Investments Ltd., A Shares(2) | 237,544 | 135,900 | ||||||
Fortress Real Estate Investments Ltd., B Shares(1)(2) | 209,539 | 52,773 | ||||||
GPT Group | 535,021 | 1,688,902 | ||||||
Growthpoint Properties Australia Ltd. | 53,067 | 114,141 | ||||||
Growthpoint Properties Ltd. | 1,115,981 | 816,258 | ||||||
H&R Real Estate Investment Trust | 40,446 | 388,602 | ||||||
Hankyu Hanshin REIT, Inc. | 157 | 165,631 | ||||||
Heiwa Real Estate REIT, Inc. | 194 | 223,847 | ||||||
Hulic Reit, Inc.(1) | 199 | 222,834 | ||||||
Industrials REIT Ltd. | 32,931 | 49,325 | ||||||
Is Gayrimenkul Yatirim Ortakligi AS(2) | 268,738 | 147,683 | ||||||
Kiler Gayrimenkul Yatirim Ortakligi AS(2) | 188,666 | 28,841 | ||||||
Land Securities Group PLC | 89,890 | 742,241 | ||||||
LXI REIT PLC | 361,727 | 491,393 | ||||||
Marimo Regional Revitalization REIT, Inc. | 39 | 35,859 | ||||||
Menivim- The New REIT Ltd. | 135,729 | 53,191 | ||||||
Merlin Properties Socimi SA | 103,542 | 985,157 | ||||||
Mirvac Group | 1,094,114 | 1,665,874 | ||||||
Nomura Real Estate Master Fund, Inc. | 1,021 | 1,131,731 | ||||||
NTT UD REIT Investment Corp. | 341 | 340,288 | ||||||
Nurol Gayrimenkul Yatirim Ortakligi AS(2) | 26,921 | 8,439 | ||||||
Ozak Gayrimenkul Yatirim Ortakligi(2) | 174,721 | 134,397 | ||||||
Peker Gayrimenkul Yatirim Ortakligi AS(2) | 165,691 | 27,738 | ||||||
PRO Real Estate Investment Trust | 4,707 | 21,698 | ||||||
Redefine Properties Ltd. | 1,627,372 | 338,186 | ||||||
Reit 1 Ltd. | 51,664 | 213,690 | ||||||
SA Corporate Real Estate Ltd. | 310,201 | 37,122 | ||||||
Schroder Real Estate Investment Trust Ltd. | 102,015 | 57,224 | ||||||
Sekisui House Reit, Inc. | 407 | 215,488 |
19
Avantis Real Estate ETF | ||||||||
Shares | Value | |||||||
Sella Capital Real Estate Ltd. | 48,575 | $ | 98,332 | |||||
Shinhan Seobu T&D REIT Co. Ltd. | 3,981 | 12,255 | ||||||
SK REITs Co. Ltd. | 20,869 | 81,485 | ||||||
Stockland, REIT | 685,525 | 1,765,877 | ||||||
Stride Property Group | 40,209 | 34,530 | ||||||
Takara Leben Real Estate Investment Corp.(1) | 63 | 41,808 | ||||||
Tokaido REIT, Inc. | 35 | 30,069 | ||||||
Tokyu REIT, Inc. | 208 | 298,307 | ||||||
United Urban Investment Corp. | 861 | 951,014 | ||||||
WP Carey, Inc. | 39,231 | 3,183,988 | ||||||
XYMAX REIT Investment Corp. | 42 | 35,123 | ||||||
Ziraat Gayrimenkul Yatirim Ortakligi AS | 181,541 | 48,304 | ||||||
24,019,726 | ||||||||
Health Care REITs — 7.0% | ||||||||
Aedifica SA | 8,181 | 691,488 | ||||||
Assura PLC | 810,442 | 497,423 | ||||||
CareTrust REIT, Inc. | 20,276 | 398,829 | ||||||
Cofinimmo SA | 8,893 | 819,503 | ||||||
Community Healthcare Trust, Inc. | 4,751 | 184,054 | ||||||
First Real Estate Investment Trust | 272,600 | 52,617 | ||||||
Health Care & Medical Investment Corp. | 123 | 156,380 | ||||||
Healthcare Realty Trust, Inc., Class A | 55,201 | 1,076,419 | ||||||
Healthpeak Properties, Inc. | 108,042 | 2,599,490 | ||||||
Impact Healthcare Reit PLC | 66,522 | 81,433 | ||||||
LTC Properties, Inc. | 10,797 | 386,749 | ||||||
National Health Investors, Inc. | 12,274 | 675,070 | ||||||
NorthWest Healthcare Properties Real Estate Investment Trust | 23,428 | 163,799 | ||||||
Omega Healthcare Investors, Inc. | 51,666 | 1,384,132 | ||||||
Parkway Life Real Estate Investment Trust | 95,200 | 303,560 | ||||||
Physicians Realty Trust | 30,549 | 453,042 | ||||||
Primary Health Properties PLC | 229,211 | 297,883 | ||||||
Universal Health Realty Income Trust | 2,857 | 151,478 | ||||||
Ventas, Inc. | 77,442 | 3,767,553 | ||||||
Vital Healthcare Property Trust | 91,758 | 135,118 | ||||||
Welltower, Inc. | 69,976 | 5,186,621 | ||||||
19,462,641 | ||||||||
Hotel & Resort REITs — 2.5% | ||||||||
Apple Hospitality REIT, Inc. | 44,653 | 737,221 | ||||||
CapitaLand Ascott Trust | 564,000 | 422,628 | ||||||
CDL Hospitality Trusts | 208,600 | 196,562 | ||||||
DiamondRock Hospitality Co. | 33,662 | 293,533 | ||||||
Far East Hospitality Trust | 208,400 | 97,376 | ||||||
Frasers Hospitality Trust | 130,700 | 45,535 | ||||||
Hoshino Resorts REIT, Inc. | 53 | 293,901 | ||||||
Host Hotels & Resorts, Inc. | 157,833 | 2,651,594 | ||||||
Hotel Property Investments Ltd. | 36,136 | 87,873 | ||||||
Invincible Investment Corp. | 850 | 342,561 | ||||||
Japan Hotel REIT Investment Corp. | 1,085 | 613,238 | ||||||
Ryman Hospitality Properties, Inc. | 7,930 | 735,666 | ||||||
Sunstone Hotel Investors, Inc. | 41,024 | 433,624 | ||||||
6,951,312 |
20
Avantis Real Estate ETF | ||||||||
Shares | Value | |||||||
Industrial REITs — 17.6% | ||||||||
AIMS APAC REIT | 100,400 | $ | 102,783 | |||||
Americold Realty Trust, Inc. | 42,274 | 1,242,856 | ||||||
CapitaLand Ascendas REIT | 982,300 | 2,017,508 | ||||||
Centuria Industrial REIT | 163,495 | 362,525 | ||||||
CRE Logistics REIT, Inc. | 125 | 162,307 | ||||||
Dexus Industria REIT | 41,485 | 81,351 | ||||||
Dream Industrial Real Estate Investment Trust | 22,366 | 241,772 | ||||||
EastGroup Properties, Inc. | 9,437 | 1,540,779 | ||||||
Equites Property Fund Ltd.(1) | 132,304 | 111,285 | ||||||
ESR Kendall Square REIT Co. Ltd. | 31,106 | 94,024 | ||||||
ESR-LOGOS REIT(1) | 1,275,427 | 316,787 | ||||||
FIBRA Macquarie Mexico | 219,727 | 379,252 | ||||||
First Industrial Realty Trust, Inc. | 24,529 | 1,293,905 | ||||||
Frasers Logistics & Commercial Trust | 564,500 | 531,853 | ||||||
GLP J-Reit | 800 | 840,075 | ||||||
Goodman Group | 362,998 | 4,828,982 | ||||||
Goodman Property Trust | 235,743 | 313,076 | ||||||
Granite Real Estate Investment Trust | 5,586 | 336,757 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 316 | 333,134 | ||||||
Innovative Industrial Properties, Inc. | 6,035 | 533,554 | ||||||
Japan Logistics Fund, Inc. | 201 | 434,467 | ||||||
LaSalle Logiport REIT(1) | 417 | 474,065 | ||||||
LondonMetric Property PLC | 209,821 | 476,832 | ||||||
LXP Industrial Trust | 56,432 | 588,586 | ||||||
Mapletree Industrial Trust | 426,700 | 746,870 | ||||||
Mapletree Logistics Trust(1) | 857,600 | 1,074,549 | ||||||
Mitsubishi Estate Logistics REIT Investment Corp.(1) | 87 | 257,484 | ||||||
Mitsui Fudosan Logistics Park, Inc. | 105 | 350,047 | ||||||
Montea NV | 2,100 | 172,675 | ||||||
Nexus Industrial REIT | 8,416 | 67,723 | ||||||
Nippon Prologis REIT, Inc. | 364 | 776,443 | ||||||
Prologis Property Mexico SA de CV | 130,500 | 477,094 | ||||||
Prologis, Inc. | 156,317 | 19,289,518 | ||||||
Rexford Industrial Realty, Inc. | 34,251 | 2,070,815 | ||||||
Reysas Gayrimenkul Yatirim Ortakligi AS(2) | 29,648 | 19,152 | ||||||
Segro PLC | 229,887 | 2,270,612 | ||||||
SF Real Estate Investment Trust | 22,000 | 8,269 | ||||||
SOSiLA Logistics REIT, Inc. | 132 | 127,430 | ||||||
STAG Industrial, Inc. | 25,690 | 864,212 | ||||||
Terreno Realty Corp. | 13,576 | 844,563 | ||||||
TF Administradora Industrial S de Real de CV | 181,673 | 336,507 | ||||||
Tritax Big Box REIT PLC | 343,299 | 616,781 | ||||||
Urban Logistics REIT PLC | 92,931 | 158,507 | ||||||
Warehouse Reit PLC | 89,683 | 115,885 | ||||||
Warehouses De Pauw, CVA | 32,734 | 998,978 | ||||||
49,282,629 | ||||||||
Office REITs — 7.0% | ||||||||
Alexandria Real Estate Equities, Inc. | 30,895 | 4,627,453 | ||||||
Allied Properties Real Estate Investment Trust | 10,876 | 228,121 | ||||||
alstria office REIT AG | 16,521 | 130,953 |
21
Avantis Real Estate ETF | ||||||||
Shares | Value | |||||||
AREIT, Inc. | 153,710 | $ | 99,930 | |||||
Centuria Office REIT | 50,209 | 53,965 | ||||||
Champion REIT | 142,000 | 63,653 | ||||||
Cousins Properties, Inc. | 26,333 | 644,895 | ||||||
Daiwa Office Investment Corp. | 125 | 561,644 | ||||||
Derwent London PLC | 31,889 | 996,598 | ||||||
Dexus | 239,164 | 1,351,411 | ||||||
Embassy Office Parks REIT | 122,328 | 451,228 | ||||||
GDI Property Group Partnership | 89,580 | 46,921 | ||||||
Gecina SA | 21,454 | 2,468,275 | ||||||
Great Portland Estates PLC | 69,532 | 473,980 | ||||||
Halk Gayrimenkul Yatirim Ortakligi AS | 150,629 | 39,581 | ||||||
Japan Excellent, Inc. | 343 | 306,245 | ||||||
Japan Prime Realty Investment Corp. | 174 | 459,230 | ||||||
Japan Real Estate Investment Corp. | 339 | 1,403,920 | ||||||
JR Global Reit | 39,980 | 136,837 | ||||||
Kenedix Office Investment Corp. | 207 | 485,694 | ||||||
Keppel Pacific Oak US REIT | 114,500 | 50,977 | ||||||
Keppel REIT | 397,500 | 272,783 | ||||||
Kilroy Realty Corp. | 5,852 | 210,789 | ||||||
Mindspace Business Parks REIT | 21,167 | 74,791 | ||||||
Mori Hills REIT Investment Corp. | 335 | 376,828 | ||||||
Nippon Building Fund, Inc. | 438 | 1,848,731 | ||||||
NSI NV | 4,645 | 114,083 | ||||||
Orion Office REIT, Inc. | 5,635 | 48,236 | ||||||
Orix JREIT, Inc.(1) | 824 | 1,103,286 | ||||||
Postal Realty Trust, Inc., Class A | 1,958 | 28,646 | ||||||
Precinct Properties New Zealand Ltd. | 347,675 | 285,630 | ||||||
Prime US REIT | 92,100 | 36,852 | ||||||
Prosperity REIT | 8,000 | 2,408 | ||||||
Real Commercial REIT, Inc. | 353,800 | 36,433 | ||||||
Vakif Gayrimenkul Yatirim Ortakligi AS(2) | 93,229 | 20,713 | ||||||
Workspace Group PLC | 27,173 | 166,841 | ||||||
19,708,561 | ||||||||
Residential REITs — 13.3% | ||||||||
Advance Residence Investment Corp. | 278 | 682,942 | ||||||
Altarea SCA | 1,593 | 214,257 | ||||||
American Homes 4 Rent, Class A | 42,460 | 1,317,109 | ||||||
Apartment Income REIT Corp. | 18,274 | 690,757 | ||||||
AvalonBay Communities, Inc. | 25,387 | 4,379,765 | ||||||
Boardwalk Real Estate Investment Trust | 5,114 | 221,238 | ||||||
BRT Apartments Corp. | 1,845 | 39,059 | ||||||
BSR Real Estate Investment Trust | 4,106 | 58,468 | ||||||
Camden Property Trust | 19,712 | 2,262,149 | ||||||
Canadian Apartment Properties REIT | 18,987 | 687,679 | ||||||
Care Property Invest NV(1) | 10,066 | 149,393 | ||||||
Centerspace | 636 | 39,820 | ||||||
Civitas Social Housing PLC | 92,028 | 69,674 | ||||||
Comforia Residential REIT, Inc. | 127 | 292,405 | ||||||
Daiwa Securities Living Investments Corp. | 441 | 366,856 | ||||||
Elme Communities | 19,226 | 357,796 |
22
Avantis Real Estate ETF | ||||||||
Shares | Value | |||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 576,217 | $ | 255,767 | |||||
Empiric Student Property PLC | 152,440 | 158,540 | ||||||
Equity LifeStyle Properties, Inc. | 34,869 | 2,388,875 | ||||||
Equity Residential | 70,593 | 4,413,474 | ||||||
Essex Property Trust, Inc. | 10,153 | 2,315,493 | ||||||
Flagship Communities REIT | 508 | 9,500 | ||||||
Home Invest Belgium SA | 3,543 | 76,732 | ||||||
Independence Realty Trust, Inc. | 24,768 | 448,053 | ||||||
Ingenia Communities Group(1) | 93,739 | 248,786 | ||||||
InterRent Real Estate Investment Trust | 13,433 | 144,913 | ||||||
Invitation Homes, Inc. | 88,076 | 2,753,256 | ||||||
Irish Residential Properties REIT PLC(1) | 189,564 | 218,553 | ||||||
Kenedix Residential Next Investment Corp. | 188 | 283,980 | ||||||
Killam Apartment Real Estate Investment Trust | 12,616 | 169,847 | ||||||
Mid-America Apartment Communities, Inc. | 21,475 | 3,438,147 | ||||||
Minto Apartment Real Estate Investment Trust | 2,879 | 33,885 | ||||||
Nippon Accommodations Fund, Inc.(1) | 131 | 583,750 | ||||||
PRS REIT PLC | 129,144 | 136,622 | ||||||
Sinpas Gayrimenkul Yatirim Ortakligi AS(2) | 4,269 | 700 | ||||||
Starts Proceed Investment Corp. | 38 | 65,658 | ||||||
Sun Communities, Inc. | 23,811 | 3,408,307 | ||||||
UDR, Inc. | 65,184 | 2,792,483 | ||||||
UNITE Group PLC | 86,861 | 1,025,343 | ||||||
Xior Student Housing NV | 2,207 | 73,737 | ||||||
37,273,768 | ||||||||
Retail REITs — 17.5% | ||||||||
Acadia Realty Trust | 8,136 | 118,541 | ||||||
AEON REIT Investment Corp. | 278 | 303,799 | ||||||
Agree Realty Corp. | 19,134 | 1,354,304 | ||||||
BWP Trust | 156,235 | 406,819 | ||||||
Capital & Counties Properties PLC | 132,932 | 201,376 | ||||||
CapitaLand Integrated Commercial Trust | 1,445,900 | 2,079,927 | ||||||
Carmila SA | 21,986 | 328,268 | ||||||
Charter Hall Retail REIT | 161,553 | 431,736 | ||||||
Choice Properties Real Estate Investment Trust | 39,676 | 430,344 | ||||||
Crombie Real Estate Investment Trust | 9,328 | 110,405 | ||||||
CT Real Estate Investment Trust | 8,867 | 108,522 | ||||||
Eurocommercial Properties NV | 13,591 | 335,503 | ||||||
Federal Realty Investment Trust | 19,315 | 2,062,456 | ||||||
First Capital Real Estate Investment Trust | 21,387 | 279,622 | ||||||
Frasers Centrepoint Trust | 224,100 | 374,093 | ||||||
Frontier Real Estate Investment Corp. | 134 | 493,972 | ||||||
Fukuoka REIT Corp. | 143 | 172,839 | ||||||
Getty Realty Corp. | 9,110 | 312,746 | ||||||
Hamborner REIT AG | 23,949 | 189,615 | ||||||
HomeCo Daily Needs REIT | 253,896 | 223,806 | ||||||
Hyprop Investments Ltd. | 126,658 | 236,390 | ||||||
InvenTrust Properties Corp. | 11,673 | 282,370 | ||||||
Japan Metropolitan Fund Invest | 2,024 | 1,519,541 | ||||||
Kenedix Retail REIT Corp. | 73 | 132,807 | ||||||
Kimco Realty Corp. | 135,329 | 2,789,131 |
23
Avantis Real Estate ETF | ||||||||
Shares | Value | |||||||
Kite Realty Group Trust | 30,721 | $ | 667,260 | |||||
Kiwi Property Group Ltd. | 22,985 | 13,157 | ||||||
Klepierre SA(2) | 88,383 | 2,204,242 | ||||||
Lendlease Global Commercial REIT | 403,854 | 212,652 | ||||||
Link REIT | 480,340 | 3,161,349 | ||||||
LOTTE Reit Co. Ltd. | 47,340 | 141,295 | ||||||
Mapletree Pan Asia Commercial Trust | 536,600 | 684,491 | ||||||
Mercialys SA | 30,385 | 337,612 | ||||||
National Retail Properties, Inc. | 43,205 | 1,958,051 | ||||||
NETSTREIT Corp.(1) | 7,392 | 149,244 | ||||||
PARAGON REIT | 358,300 | 259,144 | ||||||
Phillips Edison & Co., Inc. | 23,421 | 798,422 | ||||||
Primaris Real Estate Investment Trust | 12,862 | 143,655 | ||||||
Realty Income Corp. | 118,525 | 7,579,674 | ||||||
Regency Centers Corp. | 34,416 | 2,164,766 | ||||||
Region RE Ltd. | 288,866 | 494,260 | ||||||
Resilient REIT Ltd. | 79,623 | 221,075 | ||||||
Retail Estates NV | 2,797 | 205,410 | ||||||
Retail Opportunity Investments Corp. | 12,016 | 170,988 | ||||||
RioCan Real Estate Investment Trust | 41,305 | 654,160 | ||||||
Sasseur Real Estate Investment Trust | 96,800 | 54,586 | ||||||
Shaftesbury PLC | 45,967 | 230,329 | ||||||
Simon Property Group, Inc. | 57,428 | 7,011,384 | ||||||
SITE Centers Corp. | 35,481 | 474,381 | ||||||
SmartCentres Real Estate Investment Trust | 13,794 | 279,823 | ||||||
Spirit Realty Capital, Inc. | 20,681 | 851,644 | ||||||
Starhill Global REIT | 324,400 | 134,756 | ||||||
Supermarket Income REIT PLC | 270,515 | 297,067 | ||||||
Urstadt Biddle Properties, Inc., Class A | 6,863 | 118,730 | ||||||
Vastned Retail NV | 1 | 24 | ||||||
Vicinity Ltd. | 931,600 | 1,274,606 | ||||||
Vukile Property Fund Ltd. | 208,614 | 152,403 | ||||||
Waypoint REIT Ltd. | 201,753 | 369,653 | ||||||
Wereldhave NV | 3,076 | 48,965 | ||||||
48,798,190 | ||||||||
Specialized REITs — 26.1% | ||||||||
American Tower Corp. | 81,935 | 16,223,949 | ||||||
Arena REIT | 61,050 | 157,986 | ||||||
Automotive Properties Real Estate Investment Trust | 3,465 | 32,022 | ||||||
Big Yellow Group PLC | 41,743 | 606,380 | ||||||
Charter Hall Social Infrastructure REIT | 91,674 | 196,158 | ||||||
Crown Castle, Inc. | 66,706 | 8,721,809 | ||||||
CubeSmart | 30,184 | 1,418,346 | ||||||
Digital Realty Trust, Inc. | 43,511 | 4,535,152 | ||||||
Equinix, Inc. | 14,941 | 10,283,442 | ||||||
Extra Space Storage, Inc. | 18,624 | 3,066,442 | ||||||
Farmland Partners, Inc. | 8,464 | 90,734 | ||||||
Four Corners Property Trust, Inc. | 15,453 | 419,549 | ||||||
Gaming & Leisure Properties, Inc. | 36,835 | 1,984,670 | ||||||
Keppel DC REIT | 190,000 | 279,071 | ||||||
Koramco Energy Plus Reit | 8,452 | 33,241 |
24
Avantis Real Estate ETF | ||||||||
Shares | Value | |||||||
Lamar Advertising Co., Class A | 15,912 | $ | 1,663,759 | |||||
Life Storage, Inc. | 15,156 | 1,826,601 | ||||||
National Storage Affiliates Trust | 11,147 | 471,518 | ||||||
National Storage REIT | 213,357 | 360,429 | ||||||
Power REIT(2) | 283 | 1,248 | ||||||
Public Storage | 28,850 | 8,624,708 | ||||||
Rural Funds Group | 85,380 | 124,547 | ||||||
Safestore Holdings PLC | 46,074 | 559,696 | ||||||
SBA Communications Corp. | 19,478 | 5,051,619 | ||||||
Stor-Age Property REIT Ltd.(1) | 58,503 | 42,673 | ||||||
VICI Properties, Inc. | 184,438 | 6,184,206 | ||||||
72,959,955 | ||||||||
TOTAL COMMON STOCKS (Cost $294,056,130) | 278,456,782 | |||||||
RIGHTS† | ||||||||
Equity Real Estate Investment Trusts (REITs)† | ||||||||
Link REIT(2) (Cost $—) | 95,488 | 90,021 | ||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Funds — 0.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 263,594 | 263,594 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 569,972 | 569,972 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $833,566) | 833,566 | |||||||
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $294,889,696) | 279,380,369 | |||||||
OTHER ASSETS AND LIABILITIES — 0.1% | 227,899 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 279,608,268 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CVA | – | Certificaten Van Aandelen |
†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 $3,096,330. 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 $3,314,873, which includes securities collateral of $2,744,901.
See Notes to Financial Statements.
25
FEBRUARY 28, 2023 (UNAUDITED)
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Aerospace and Defense — 1.3% | ||||||||
AAR Corp.(1) | 7,504 | $ | 408,143 | |||||
Aerojet Rocketdyne Holdings, Inc.(1) | 31,479 | 1,773,527 | ||||||
AeroVironment, Inc.(1) | 84 | 7,202 | ||||||
AerSale Corp.(1) | 7,367 | 146,309 | ||||||
Archer Aviation, Inc., Class A(1) | 8,743 | 25,792 | ||||||
Astronics Corp.(1) | 2,546 | 38,801 | ||||||
Axon Enterprise, Inc.(1) | 5,848 | 1,171,413 | ||||||
Boeing Co.(1) | 23,506 | 4,737,634 | ||||||
BWX Technologies, Inc. | 29,060 | 1,775,857 | ||||||
Curtiss-Wright Corp. | 4,416 | 771,873 | ||||||
Ducommun, Inc.(1) | 1,881 | 101,198 | ||||||
General Dynamics Corp. | 8,974 | 2,045,264 | ||||||
HEICO Corp. | 2,027 | 335,610 | ||||||
HEICO Corp., Class A | 3,934 | 512,010 | ||||||
Hexcel Corp. | 13,477 | 983,147 | ||||||
Howmet Aerospace, Inc. | 19,335 | 815,550 | ||||||
Huntington Ingalls Industries, Inc. | 3,576 | 769,555 | ||||||
Kaman Corp. | 3,222 | 83,772 | ||||||
Kratos Defense & Security Solutions, Inc.(1) | 6,327 | 80,036 | ||||||
L3Harris Technologies, Inc. | 6,783 | 1,432,502 | ||||||
Leonardo DRS, Inc.(1) | 8,199 | 106,587 | ||||||
Lockheed Martin Corp. | 22,045 | 10,455,062 | ||||||
Maxar Technologies, Inc. | 1,356 | 69,834 | ||||||
Mercury Systems, Inc.(1) | 484 | 25,333 | ||||||
Moog, Inc., Class A | 9,115 | 898,921 | ||||||
National Presto Industries, Inc. | 673 | 46,188 | ||||||
Northrop Grumman Corp. | 5,996 | 2,782,804 | ||||||
Park Aerospace Corp. | 228 | 3,744 | ||||||
Parsons Corp.(1) | 2,847 | 128,200 | ||||||
Raytheon Technologies Corp. | 75,671 | 7,422,568 | ||||||
Rocket Lab USA, Inc.(1)(2) | 24,796 | 111,582 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 6,991 | 238,952 | ||||||
Textron, Inc. | 40,769 | 2,956,976 | ||||||
TransDigm Group, Inc. | 2,362 | 1,757,021 | ||||||
Triumph Group, Inc.(1) | 936 | 11,812 | ||||||
V2X, Inc.(1) | 491 | 22,768 | ||||||
Virgin Galactic Holdings, Inc.(1) | 14,039 | 80,584 | ||||||
Woodward, Inc. | 23,181 | 2,294,919 | ||||||
47,429,050 | ||||||||
Air Freight and Logistics — 1.0% | ||||||||
Air Transport Services Group, Inc.(1) | 34,823 | 728,845 | ||||||
Atlas Air Worldwide Holdings, Inc.(1) | 8,907 | 897,915 | ||||||
CH Robinson Worldwide, Inc. | 18,720 | 1,871,251 | ||||||
Expeditors International of Washington, Inc. | 50,027 | 5,230,823 | ||||||
FedEx Corp. | 43,357 | 8,811,009 | ||||||
Forward Air Corp. | 10,367 | 1,069,978 | ||||||
GXO Logistics, Inc.(1) | 5,238 | 259,648 | ||||||
Hub Group, Inc., Class A(1) | 11,715 | 1,074,617 |
26
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Radiant Logistics, Inc.(1) | 5,967 | $ | 33,893 | |||||
United Parcel Service, Inc., Class B | 91,461 | 16,690,718 | ||||||
36,668,697 | ||||||||
Airlines — 0.4% | ||||||||
Alaska Air Group, Inc.(1) | 48,098 | 2,300,527 | ||||||
Allegiant Travel Co.(1) | 7,491 | 768,202 | ||||||
American Airlines Group, Inc.(1) | 39,205 | 626,496 | ||||||
Blade Air Mobility, Inc.(1) | 4,367 | 20,306 | ||||||
Delta Air Lines, Inc.(1) | 61,037 | 2,340,158 | ||||||
Frontier Group Holdings, Inc.(1) | 2,424 | 28,506 | ||||||
Hawaiian Holdings, Inc.(1) | 13,078 | 146,474 | ||||||
JetBlue Airways Corp.(1) | 57,131 | 474,187 | ||||||
Joby Aviation, Inc.(1)(2) | 21,128 | 99,302 | ||||||
Mesa Air Group, Inc.(1) | 29 | 88 | ||||||
SkyWest, Inc.(1) | 10,869 | 207,272 | ||||||
Southwest Airlines Co. | 129,529 | 4,349,584 | ||||||
Spirit Airlines, Inc. | 24,929 | 456,699 | ||||||
Sun Country Airlines Holdings, Inc.(1) | 10,033 | 201,162 | ||||||
United Airlines Holdings, Inc.(1) | 86,557 | 4,497,502 | ||||||
16,516,465 | ||||||||
Auto Components — 0.5% | ||||||||
Adient PLC(1) | 4,442 | 189,762 | ||||||
American Axle & Manufacturing Holdings, Inc.(1) | 63,628 | 559,926 | ||||||
Aptiv PLC(1) | 25,936 | 3,015,838 | ||||||
Autoliv, Inc. | 18,755 | 1,736,338 | ||||||
BorgWarner, Inc. | 62,634 | 3,149,238 | ||||||
Cooper-Standard Holdings, Inc.(1) | 2,032 | 32,410 | ||||||
Dana, Inc. | 46,375 | 734,580 | ||||||
Dorman Products, Inc.(1) | 1,854 | 172,478 | ||||||
Fox Factory Holding Corp.(1) | 1,941 | 228,067 | ||||||
Garrett Motion, Inc.(1) | 1,509 | 11,649 | ||||||
Gentex Corp. | 46,326 | 1,322,607 | ||||||
Gentherm, Inc.(1) | 1,651 | 104,855 | ||||||
Goodyear Tire & Rubber Co.(1) | 90,996 | 1,033,715 | ||||||
LCI Industries | 9,290 | 1,048,005 | ||||||
Lear Corp. | 13,931 | 1,945,464 | ||||||
Modine Manufacturing Co.(1) | 14,761 | 360,316 | ||||||
Motorcar Parts of America, Inc.(1) | 4,857 | 63,578 | ||||||
Patrick Industries, Inc. | 8,156 | 594,165 | ||||||
QuantumScape Corp.(1)(2) | 13,231 | 126,621 | ||||||
Solid Power, Inc.(1) | 7,256 | 24,525 | ||||||
Standard Motor Products, Inc. | 2,873 | 111,961 | ||||||
Stoneridge, Inc.(1) | 3,943 | 93,883 | ||||||
Visteon Corp.(1) | 3,766 | 629,073 | ||||||
17,289,054 | ||||||||
Automobiles — 1.3% | ||||||||
Fisker, Inc.(1)(2) | 11,414 | 84,806 | ||||||
Ford Motor Co. | 745,032 | 8,992,536 | ||||||
General Motors Co. | 272,098 | 10,541,077 | ||||||
Harley-Davidson, Inc. | 39,919 | 1,898,148 | ||||||
Lordstown Motors Corp., Class A(1)(2) | 20,732 | 21,561 |
27
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Lucid Group, Inc.(1) | 16,519 | $ | 150,818 | |||||
Rivian Automotive, Inc., Class A(1) | 59,813 | 1,154,391 | ||||||
Tesla, Inc.(1) | 120,650 | 24,818,911 | ||||||
Thor Industries, Inc. | 19,627 | 1,785,861 | ||||||
Winnebago Industries, Inc. | 14,367 | 913,167 | ||||||
Workhorse Group, Inc.(1) | 75,580 | 155,695 | ||||||
50,516,971 | ||||||||
Banks — 6.2% | ||||||||
1st Source Corp. | 2,466 | 122,856 | ||||||
ACNB Corp. | 607 | 22,483 | ||||||
Amalgamated Financial Corp. | 7,894 | 185,904 | ||||||
Amerant Bancorp, Inc. | 9,969 | 283,120 | ||||||
American National Bankshares, Inc. | 154 | 5,182 | ||||||
Ameris Bancorp | 18,759 | 897,993 | ||||||
Arrow Financial Corp. | 5,020 | 153,010 | ||||||
Associated Banc-Corp. | 41,491 | 960,517 | ||||||
Atlantic Union Bankshares Corp. | 18,009 | 674,617 | ||||||
Banc of California, Inc. | 18,840 | 330,642 | ||||||
BancFirst Corp. | 3,562 | 321,470 | ||||||
Bancorp, Inc.(1) | 23,439 | 810,755 | ||||||
Bank First Corp.(2) | 1,853 | 151,075 | ||||||
Bank of America Corp. | 511,086 | 17,530,250 | ||||||
Bank of Hawaii Corp. | 13,976 | 1,046,243 | ||||||
Bank of Marin Bancorp | 3,688 | 106,952 | ||||||
Bank OZK | 33,629 | 1,547,943 | ||||||
BankUnited, Inc. | 25,517 | 903,812 | ||||||
Bankwell Financial Group, Inc. | 1,020 | 30,784 | ||||||
Banner Corp. | 9,612 | 605,364 | ||||||
Bar Harbor Bankshares | 3,527 | 105,351 | ||||||
Baycom Corp. | 535 | 10,984 | ||||||
BCB Bancorp, Inc. | 4,574 | 79,359 | ||||||
Berkshire Hills Bancorp, Inc. | 13,699 | 398,093 | ||||||
Blue Ridge Bankshares, Inc. | 1,176 | 14,394 | ||||||
BOK Financial Corp. | 5,985 | 626,510 | ||||||
Brookline Bancorp, Inc. | 29,893 | 387,413 | ||||||
Business First Bancshares, Inc. | 5,918 | 123,331 | ||||||
Byline Bancorp, Inc. | 7,274 | 179,304 | ||||||
Cadence Bank | 51,706 | 1,373,311 | ||||||
Cambridge Bancorp | 2,222 | 176,716 | ||||||
Camden National Corp. | 3,997 | 164,477 | ||||||
Capital City Bank Group, Inc. | 2,439 | 86,999 | ||||||
Capstar Financial Holdings, Inc. | 3,763 | 65,100 | ||||||
Carter Bankshares, Inc.(1) | 7,547 | 131,091 | ||||||
Cathay General Bancorp | 23,870 | 1,024,500 | ||||||
Central Pacific Financial Corp. | 10,142 | 227,485 | ||||||
Central Valley Community Bancorp | 21 | 536 | ||||||
Citigroup, Inc. | 224,353 | 11,372,454 | ||||||
Citizens & Northern Corp. | 155 | 3,487 | ||||||
Citizens Financial Group, Inc. | 105,464 | 4,404,177 | ||||||
City Holding Co. | 4,422 | 434,240 | ||||||
Civista Bancshares, Inc. | 2,325 | 49,592 |
28
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
CNB Financial Corp. | 6,854 | $ | 163,399 | |||||
Coastal Financial Corp.(1) | 2,772 | 127,928 | ||||||
Codorus Valley Bancorp, Inc. | 16 | 403 | ||||||
Columbia Banking System, Inc. | 21,746 | 646,509 | ||||||
Comerica, Inc. | 36,220 | 2,539,022 | ||||||
Commerce Bancshares, Inc. | 26,584 | 1,758,532 | ||||||
Community Bank System, Inc. | 9,266 | 565,689 | ||||||
Community Trust Bancorp, Inc. | 6,079 | 259,877 | ||||||
ConnectOne Bancorp, Inc. | 13,351 | 323,762 | ||||||
CrossFirst Bankshares, Inc.(1) | 12,976 | 183,610 | ||||||
Cullen/Frost Bankers, Inc. | 11,611 | 1,530,562 | ||||||
Customers Bancorp, Inc.(1) | 11,081 | 341,295 | ||||||
CVB Financial Corp. | 25,486 | 609,880 | ||||||
Dime Community Bancshares, Inc. | 14,865 | 455,464 | ||||||
Eagle Bancorp, Inc. | 11,098 | 486,203 | ||||||
East West Bancorp, Inc. | 40,665 | 3,099,080 | ||||||
Eastern Bankshares, Inc. | 34,641 | 543,171 | ||||||
Enterprise Bancorp, Inc. | 600 | 21,234 | ||||||
Enterprise Financial Services Corp. | 10,421 | 567,528 | ||||||
Equity Bancshares, Inc., Class A | 6,345 | 190,731 | ||||||
Esquire Financial Holdings, Inc. | 2,053 | 94,417 | ||||||
Farmers & Merchants Bancorp, Inc. | 1,027 | 26,599 | ||||||
Farmers National Banc Corp. | 10,604 | 151,107 | ||||||
FB Financial Corp. | 8,390 | 316,219 | ||||||
Fifth Third Bancorp | 135,500 | 4,918,650 | ||||||
Financial Institutions, Inc. | 5,410 | 135,034 | ||||||
First BanCorp | 69,960 | 1,015,120 | ||||||
First Bancorp, Inc. | 582 | 17,041 | ||||||
First Bancorp/Southern Pines NC | 10,612 | 440,292 | ||||||
First Bancshares, Inc. | 6,147 | 192,463 | ||||||
First Busey Corp. | 18,573 | 448,352 | ||||||
First Business Financial Services, Inc. | 3,276 | 116,036 | ||||||
First Citizens BancShares, Inc., Class A | 2,647 | 1,942,263 | ||||||
First Commonwealth Financial Corp. | 26,685 | 427,227 | ||||||
First Community Bankshares, Inc. | 3,444 | 107,522 | ||||||
First Financial Bancorp | 25,472 | 627,630 | ||||||
First Financial Bankshares, Inc. | 27,359 | 1,003,528 | ||||||
First Financial Corp. | 3,526 | 154,968 | ||||||
First Foundation, Inc. | 15,159 | 228,446 | ||||||
First Hawaiian, Inc. | 28,170 | 770,449 | ||||||
First Horizon Corp. | 55,724 | 1,380,283 | ||||||
First Internet Bancorp | 1,280 | 34,573 | ||||||
First Interstate BancSystem, Inc., Class A | 16,705 | 593,696 | ||||||
First Merchants Corp. | 14,298 | 585,074 | ||||||
First Mid Bancshares, Inc. | 5,636 | 174,660 | ||||||
First of Long Island Corp. | 6,745 | 114,800 | ||||||
First Republic Bank | 24,934 | 3,067,131 | ||||||
Five Star Bancorp | 2,219 | 60,623 | ||||||
Flushing Financial Corp. | 9,489 | 184,656 | ||||||
FNB Corp. | 85,969 | 1,226,778 | ||||||
Fulton Financial Corp. | 48,753 | 838,552 |
29
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
FVCBankcorp, Inc.(1) | 742 | $ | 10,054 | |||||
German American Bancorp, Inc. | 6,478 | 254,585 | ||||||
Glacier Bancorp, Inc. | 19,029 | 901,594 | ||||||
Great Southern Bancorp, Inc. | 3,484 | 202,734 | ||||||
Guaranty Bancshares, Inc. | 883 | 27,558 | ||||||
Hancock Whitney Corp. | 28,131 | 1,381,795 | ||||||
Hanmi Financial Corp. | 13,122 | 309,942 | ||||||
HarborOne Bancorp, Inc. | 10,987 | 150,192 | ||||||
HBT Financial, Inc. | 2,394 | 54,392 | ||||||
Heartland Financial USA, Inc. | 11,938 | 590,215 | ||||||
Heritage Commerce Corp. | 17,663 | 213,899 | ||||||
Heritage Financial Corp. | 8,855 | 246,789 | ||||||
Hilltop Holdings, Inc. | 17,744 | 588,568 | ||||||
Home BancShares, Inc. | 37,999 | 915,776 | ||||||
HomeStreet, Inc. | 4,997 | 126,074 | ||||||
HomeTrust Bancshares, Inc. | 3,623 | 106,045 | ||||||
Hope Bancorp, Inc. | 40,129 | 514,052 | ||||||
Horizon Bancorp, Inc. | 9,802 | 149,186 | ||||||
Huntington Bancshares, Inc. | 258,650 | 3,962,518 | ||||||
Independent Bank Corp. (Michigan) | 9,845 | 217,082 | ||||||
Independent Bank Corp. | 9,392 | 748,355 | ||||||
Independent Bank Group, Inc. | 7,108 | 418,377 | ||||||
International Bancshares Corp. | 18,763 | 910,568 | ||||||
Investar Holding Corp. | 198 | 3,901 | ||||||
JPMorgan Chase & Co. | 249,765 | 35,803,813 | ||||||
KeyCorp | 238,437 | 4,361,013 | ||||||
Lakeland Bancorp, Inc. | 21,368 | 411,334 | ||||||
Lakeland Financial Corp. | 6,570 | 470,543 | ||||||
Live Oak Bancshares, Inc. | 12,791 | 442,057 | ||||||
M&T Bank Corp. | 23,192 | 3,601,486 | ||||||
Macatawa Bank Corp. | 8,140 | 88,807 | ||||||
MainStreet Bancshares, Inc. | 72 | 2,129 | ||||||
Mercantile Bank Corp. | 5,197 | 179,764 | ||||||
Metrocity Bankshares, Inc. | 7,293 | 147,100 | ||||||
Metropolitan Bank Holding Corp.(1) | 3,953 | 220,617 | ||||||
Mid Penn Bancorp, Inc. | 2,950 | 90,270 | ||||||
Midland States Bancorp, Inc. | 8,585 | 223,553 | ||||||
MidWestOne Financial Group, Inc. | 2,989 | 89,790 | ||||||
MVB Financial Corp. | 1,299 | 35,450 | ||||||
National Bank Holdings Corp., Class A | 8,435 | 341,533 | ||||||
NBT Bancorp, Inc. | 12,400 | 503,316 | ||||||
Nicolet Bankshares, Inc.(1) | 2,705 | 201,414 | ||||||
Northeast Bank | 2,434 | 107,291 | ||||||
Northrim BanCorp, Inc. | 2,278 | 119,618 | ||||||
Northwest Bancshares, Inc. | 34,851 | 481,641 | ||||||
OceanFirst Financial Corp. | 16,796 | 398,401 | ||||||
OFG Bancorp | 21,261 | 646,760 | ||||||
Old National Bancorp | 60,956 | 1,077,092 | ||||||
Old Second Bancorp, Inc. | 15,584 | 258,383 | ||||||
Origin Bancorp, Inc. | 7,906 | 299,716 | ||||||
Orrstown Financial Services, Inc. | 1,113 | 25,599 |
30
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Pacific Premier Bancorp, Inc. | 25,315 | $ | 820,712 | |||||
PacWest Bancorp | 44,014 | 1,221,388 | ||||||
Park National Corp. | 4,304 | 549,922 | ||||||
Parke Bancorp, Inc. | 1,098 | 22,410 | ||||||
Pathward Financial, Inc. | 13,757 | 701,745 | ||||||
PCB Bancorp | 1,175 | 21,455 | ||||||
Peapack-Gladstone Financial Corp. | 6,150 | 228,472 | ||||||
Peoples Bancorp, Inc. | 9,545 | 296,945 | ||||||
Pinnacle Financial Partners, Inc. | 15,263 | 1,130,836 | ||||||
PNC Financial Services Group, Inc. | 54,338 | 8,581,057 | ||||||
Popular, Inc. | 26,221 | 1,872,179 | ||||||
Preferred Bank | 5,398 | 380,019 | ||||||
Premier Financial Corp. | 9,246 | 229,486 | ||||||
Primis Financial Corp. | 1,437 | 16,827 | ||||||
Prosperity Bancshares, Inc. | 15,820 | 1,162,612 | ||||||
QCR Holdings, Inc. | 5,791 | 309,761 | ||||||
RBB Bancorp | 5,010 | 98,998 | ||||||
Regions Financial Corp. | 191,050 | 4,455,286 | ||||||
Renasant Corp. | 14,707 | 529,158 | ||||||
Republic Bancorp, Inc., Class A | 1,897 | 84,416 | ||||||
S&T Bancorp, Inc. | 11,295 | 420,852 | ||||||
Sandy Spring Bancorp, Inc. | 14,595 | 480,905 | ||||||
Seacoast Banking Corp. of Florida | 18,440 | 562,604 | ||||||
ServisFirst Bancshares, Inc. | 12,495 | 924,005 | ||||||
Shore Bancshares, Inc. | 3,515 | 59,966 | ||||||
Sierra Bancorp | 1,242 | 25,101 | ||||||
Signature Bank | 10,601 | 1,219,645 | ||||||
Silvergate Capital Corp., Class A(1)(2) | 3,256 | 45,291 | ||||||
Simmons First National Corp., Class A | 29,035 | 645,448 | ||||||
SmartFinancial, Inc. | 3,888 | 106,142 | ||||||
South Plains Financial, Inc. | 4,240 | 111,470 | ||||||
Southern First Bancshares, Inc.(1) | 1,968 | 79,212 | ||||||
Southside Bancshares, Inc. | 8,167 | 311,898 | ||||||
SouthState Corp. | 14,928 | 1,204,391 | ||||||
Stellar Bancorp, Inc. | 7,532 | 220,311 | ||||||
Stock Yards Bancorp, Inc. | 6,243 | 365,403 | ||||||
Summit Financial Group, Inc. | 1,285 | 32,729 | ||||||
SVB Financial Group(1) | 8,547 | 2,462,476 | ||||||
Synovus Financial Corp. | 47,183 | 1,972,721 | ||||||
Texas Capital Bancshares, Inc.(1) | 12,918 | 855,559 | ||||||
Third Coast Bancshares, Inc.(1) | 42 | 775 | ||||||
Tompkins Financial Corp. | 3,287 | 245,835 | ||||||
Towne Bank | 20,552 | 623,342 | ||||||
TriCo Bancshares | 8,428 | 425,698 | ||||||
Triumph Financial, Inc.(1) | 11,300 | 687,605 | ||||||
Truist Financial Corp. | 144,128 | 6,766,810 | ||||||
Trustmark Corp. | 18,653 | 548,398 | ||||||
U.S. Bancorp | 174,985 | 8,352,034 | ||||||
UMB Financial Corp. | 12,215 | 1,107,412 | ||||||
Umpqua Holdings Corp. | 77,064 | 1,360,950 | ||||||
United Bankshares, Inc. | 25,831 | 1,053,130 |
31
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
United Community Banks, Inc. | 24,582 | $ | 813,910 | |||||
United Security Bancshares | 415 | 3,195 | ||||||
Unity Bancorp, Inc. | 959 | 25,327 | ||||||
Univest Financial Corp. | 7,609 | 214,574 | ||||||
Valley National Bancorp | 101,308 | 1,173,147 | ||||||
Veritex Holdings, Inc. | 15,638 | 416,909 | ||||||
Washington Federal, Inc. | 25,360 | 889,375 | ||||||
Washington Trust Bancorp, Inc. | 5,872 | 246,624 | ||||||
Webster Financial Corp. | 32,863 | 1,745,683 | ||||||
Wells Fargo & Co. | 368,923 | 17,254,529 | ||||||
WesBanco, Inc. | 16,826 | 608,260 | ||||||
West BanCorp, Inc. | 3,026 | 63,728 | ||||||
Westamerica BanCorp | 8,544 | 470,945 | ||||||
Western Alliance Bancorp | 33,432 | 2,481,992 | ||||||
Wintrust Financial Corp. | 17,052 | 1,571,001 | ||||||
Zions Bancorp NA | 40,891 | 2,069,902 | ||||||
233,611,588 | ||||||||
Beverages — 1.1% | ||||||||
Boston Beer Co., Inc., Class A(1) | 1,565 | 506,747 | ||||||
Brown-Forman Corp., Class A | 5,922 | 384,456 | ||||||
Brown-Forman Corp., Class B | 41,481 | 2,690,872 | ||||||
Celsius Holdings, Inc.(1) | 2,283 | 207,296 | ||||||
Coca-Cola Co. | 213,309 | 12,694,019 | ||||||
Coca-Cola Consolidated, Inc. | 1,993 | 1,109,802 | ||||||
Constellation Brands, Inc., Class A | 8,805 | 1,969,679 | ||||||
Duckhorn Portfolio, Inc.(1) | 4,655 | 70,989 | ||||||
Keurig Dr Pepper, Inc. | 47,941 | 1,656,362 | ||||||
MGP Ingredients, Inc. | 2,491 | 252,687 | ||||||
Molson Coors Beverage Co., Class B | 34,463 | 1,833,087 | ||||||
Monster Beverage Corp.(1) | 25,685 | 2,613,706 | ||||||
National Beverage Corp.(1) | 8,425 | 393,026 | ||||||
PepsiCo, Inc. | 86,893 | 15,078,542 | ||||||
Vintage Wine Estates, Inc.(1)(2) | 1,800 | 2,754 | ||||||
41,464,024 | ||||||||
Biotechnology — 3.2% | ||||||||
2seventy bio, Inc.(1) | 4,946 | 66,722 | ||||||
89bio, Inc.(1) | 5,278 | 71,886 | ||||||
AbbVie, Inc. | 108,586 | 16,711,385 | ||||||
Actinium Pharmaceuticals, Inc.(1) | 140 | 1,351 | ||||||
Adicet Bio, Inc.(1) | 4,923 | 38,793 | ||||||
Aerovate Therapeutics, Inc.(1) | 193 | 4,742 | ||||||
Agenus, Inc.(1) | 17,056 | 35,135 | ||||||
Agios Pharmaceuticals, Inc.(1) | 13,683 | 346,317 | ||||||
Akero Therapeutics, Inc.(1) | 6,289 | 286,212 | ||||||
Albireo Pharma, Inc.(1) | 1,606 | 71,547 | ||||||
Aldeyra Therapeutics, Inc.(1) | 6,941 | 46,921 | ||||||
Alector, Inc.(1) | 28,392 | 242,468 | ||||||
Alkermes PLC(1) | 15,020 | 401,635 | ||||||
Allakos, Inc.(1) | 11,552 | 68,734 | ||||||
Allogene Therapeutics, Inc.(1) | 12,764 | 81,051 | ||||||
Allovir, Inc.(1)(2) | 830 | 5,603 |
32
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Alnylam Pharmaceuticals, Inc.(1) | 6,419 | $ | 1,228,918 | |||||
Alpine Immune Sciences, Inc.(1) | 1,700 | 13,549 | ||||||
Altimmune, Inc.(1) | 6,865 | 86,430 | ||||||
ALX Oncology Holdings, Inc.(1) | 606 | 4,012 | ||||||
Amgen, Inc. | 43,973 | 10,186,785 | ||||||
AnaptysBio, Inc.(1) | 3,191 | 79,456 | ||||||
Anavex Life Sciences Corp.(1)(2) | 3,132 | 29,817 | ||||||
Anika Therapeutics, Inc.(1) | 3,415 | 108,255 | ||||||
Annexon, Inc.(1) | 1,787 | 9,525 | ||||||
Apellis Pharmaceuticals, Inc.(1) | 3,816 | 249,872 | ||||||
Arbutus Biopharma Corp.(1)(2) | 7,526 | 20,922 | ||||||
Arcturus Therapeutics Holdings, Inc.(1) | 1,923 | 31,249 | ||||||
Arcus Biosciences, Inc.(1) | 15,215 | 277,065 | ||||||
Ardelyx, Inc.(1) | 15,452 | 44,502 | ||||||
ARS Pharmaceuticals, Inc.(1) | 2,785 | 24,842 | ||||||
Atara Biotherapeutics, Inc.(1) | 8,002 | 32,408 | ||||||
BioAtla, Inc.(1) | 3,819 | 11,381 | ||||||
BioCryst Pharmaceuticals, Inc.(1) | 14,160 | 125,316 | ||||||
Biogen, Inc.(1) | 33,125 | 8,939,112 | ||||||
Biohaven Ltd.(1) | 2,360 | 36,061 | ||||||
BioMarin Pharmaceutical, Inc.(1) | 18,730 | 1,865,321 | ||||||
Biomea Fusion, Inc.(1) | 889 | 11,415 | ||||||
Bioxcel Therapeutics, Inc.(1)(2) | 2,310 | 73,735 | ||||||
Bluebird Bio, Inc.(1) | 12,894 | 67,049 | ||||||
Blueprint Medicines Corp.(1) | 1,272 | 53,895 | ||||||
Bridgebio Pharma, Inc.(1)(2) | 8,810 | 100,610 | ||||||
C4 Therapeutics, Inc.(1) | 7,579 | 39,941 | ||||||
Cabaletta Bio, Inc.(1) | 5,099 | 45,075 | ||||||
CareDx, Inc.(1) | 4,999 | 84,083 | ||||||
Caribou Biosciences, Inc.(1) | 7,707 | 46,936 | ||||||
Catalyst Pharmaceuticals, Inc.(1) | 50,161 | 765,457 | ||||||
Celldex Therapeutics, Inc.(1) | 5,411 | 231,537 | ||||||
Century Therapeutics, Inc.(1) | 504 | 2,273 | ||||||
Cerevel Therapeutics Holdings, Inc.(1) | 2,096 | 55,942 | ||||||
Chimerix, Inc.(1) | 2,694 | 4,257 | ||||||
Chinook Therapeutics, Inc.(1) | 8,699 | 189,812 | ||||||
Cogent Biosciences, Inc.(1) | 950 | 12,569 | ||||||
Coherus Biosciences, Inc.(1) | 3,871 | 26,207 | ||||||
Concert Pharmaceuticals, Inc.(1) | 2,660 | 22,291 | ||||||
Contra Akouos, Inc.(1)(2) | 1,135 | 897 | ||||||
Crinetics Pharmaceuticals, Inc.(1) | 4,956 | 97,336 | ||||||
CRISPR Therapeutics AG(1)(2) | 9,554 | 471,203 | ||||||
CTI BioPharma Corp.(1) | 6,590 | 35,981 | ||||||
Cullinan Oncology, Inc.(1)(2) | 16,571 | 187,087 | ||||||
Cytokinetics, Inc.(1) | 4,965 | 215,282 | ||||||
CytomX Therapeutics, Inc.(1)(2) | 9 | 19 | ||||||
Deciphera Pharmaceuticals, Inc.(1) | 7,099 | 102,935 | ||||||
Denali Therapeutics, Inc.(1) | 8,749 | 237,535 | ||||||
Dynavax Technologies Corp.(1) | 31,992 | 329,518 | ||||||
Dyne Therapeutics, Inc.(1) | 4,035 | 51,971 | ||||||
Eagle Pharmaceuticals, Inc.(1) | 3,097 | 86,716 |
33
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Editas Medicine, Inc.(1) | 6,690 | $ | 60,478 | |||||
Emergent BioSolutions, Inc.(1) | 11,797 | 146,047 | ||||||
Enanta Pharmaceuticals, Inc.(1) | 1,916 | 92,926 | ||||||
Entrada Therapeutics, Inc.(1) | 7,102 | 90,550 | ||||||
EQRx, Inc.(1) | 53,518 | 120,951 | ||||||
Erasca, Inc.(1) | 5,006 | 18,022 | ||||||
Exact Sciences Corp.(1) | 9,213 | 574,246 | ||||||
Exelixis, Inc.(1) | 53,116 | 907,221 | ||||||
Fate Therapeutics, Inc.(1) | 4,177 | 25,563 | ||||||
Foghorn Therapeutics, Inc.(1) | 2,984 | 17,098 | ||||||
Generation Bio Co.(1) | 5,542 | 21,946 | ||||||
Geron Corp.(1) | 20,358 | 56,595 | ||||||
Gilead Sciences, Inc. | 222,628 | 17,928,233 | ||||||
GlycoMimetics, Inc.(1) | 2,453 | 3,778 | ||||||
Gritstone bio, Inc.(1)(2) | 8,740 | 21,413 | ||||||
Halozyme Therapeutics, Inc.(1) | 36,443 | 1,748,900 | ||||||
HilleVax, Inc.(1) | 4,083 | 68,799 | ||||||
Horizon Therapeutics PLC(1) | 23,328 | 2,554,183 | ||||||
Icosavax, Inc.(1)(2) | 1,560 | 12,761 | ||||||
Ideaya Biosciences, Inc.(1) | 8,260 | 145,789 | ||||||
ImmunityBio, Inc.(1) | 1,718 | 4,192 | ||||||
Immunovant, Inc.(1) | 10,268 | 179,382 | ||||||
Incyte Corp.(1) | 24,300 | 1,870,614 | ||||||
Inhibrx, Inc.(1) | 2,161 | 51,994 | ||||||
Inovio Pharmaceuticals, Inc.(1) | 27,897 | 35,150 | ||||||
Insmed, Inc.(1) | 7,041 | 143,496 | ||||||
Ionis Pharmaceuticals, Inc.(1) | 10,485 | 376,411 | ||||||
Iovance Biotherapeutics, Inc.(1) | 11,356 | 82,785 | ||||||
Ironwood Pharmaceuticals, Inc.(1) | 53,540 | 603,396 | ||||||
iTeos Therapeutics, Inc.(1) | 4,335 | 76,773 | ||||||
Janux Therapeutics, Inc.(1) | 691 | 11,491 | ||||||
KalVista Pharmaceuticals, Inc.(1) | 2,368 | 17,357 | ||||||
Karuna Therapeutics, Inc.(1) | 2,278 | 454,279 | ||||||
Karyopharm Therapeutics, Inc.(1) | 2,879 | 8,695 | ||||||
Keros Therapeutics, Inc.(1) | 1,966 | 104,631 | ||||||
Kezar Life Sciences, Inc.(1)(2) | 6,388 | 40,181 | ||||||
Kiniksa Pharmaceuticals Ltd., Class A(1) | 4,339 | 55,800 | ||||||
Kinnate Biopharma, Inc.(1) | 1,222 | 6,452 | ||||||
Kodiak Sciences, Inc.(1) | 3,505 | 22,783 | ||||||
Kura Oncology, Inc.(1) | 9,557 | 113,919 | ||||||
Kymera Therapeutics, Inc.(1) | 5,634 | 176,795 | ||||||
Lyell Immunopharma, Inc.(1)(2) | 22,174 | 47,674 | ||||||
MacroGenics, Inc.(1) | 9,068 | 55,224 | ||||||
Madrigal Pharmaceuticals, Inc.(1) | 24 | 6,504 | ||||||
MannKind Corp.(1)(2) | 20,658 | 109,074 | ||||||
Mersana Therapeutics, Inc.(1) | 3,650 | 22,119 | ||||||
Merus NV(1)(2) | 1,192 | 22,731 | ||||||
MiMedx Group, Inc.(1) | 1,944 | 9,351 | ||||||
Mirati Therapeutics, Inc.(1) | 5,072 | 232,500 | ||||||
Moderna, Inc.(1) | 63,013 | 8,746,835 | ||||||
Monte Rosa Therapeutics, Inc.(1) | 3,222 | 19,590 |
34
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Morphic Holding, Inc.(1) | 3,319 | $ | 141,124 | |||||
Myovant Sciences Ltd.(1)(2) | 4,385 | 118,220 | ||||||
Myriad Genetics, Inc.(1) | 19,926 | 377,000 | ||||||
Natera, Inc.(1) | 997 | 48,404 | ||||||
Neurocrine Biosciences, Inc.(1) | 9,323 | 961,201 | ||||||
Nkarta, Inc.(1) | 2,232 | 9,374 | ||||||
Novavax, Inc.(1)(2) | 1,484 | 13,742 | ||||||
Nurix Therapeutics, Inc.(1) | 5,357 | 50,517 | ||||||
Nuvalent, Inc., Class A(1) | 2,024 | 61,307 | ||||||
Ocugen, Inc.(1) | 5,083 | 5,064 | ||||||
Organogenesis Holdings, Inc.(1) | 9,486 | 23,241 | ||||||
ORIC Pharmaceuticals, Inc.(1) | 4,698 | 20,812 | ||||||
PDL BioPharma, Inc.(1) | 1,937 | 3,148 | ||||||
PDS Biotechnology Corp.(1)(2) | 1,068 | 8,170 | ||||||
PepGen, Inc.(1) | 1,390 | 21,225 | ||||||
PMV Pharmaceuticals, Inc.(1) | 3,294 | 23,750 | ||||||
Point Biopharma Global, Inc.(1) | 10,381 | 77,754 | ||||||
Poseida Therapeutics, Inc.(1) | 9,363 | 53,275 | ||||||
Praxis Precision Medicines, Inc.(1) | 2,230 | 6,835 | ||||||
Prime Medicine, Inc.(1) | 1,619 | 26,600 | ||||||
Prometheus Biosciences, Inc.(1) | 1,367 | 167,307 | ||||||
Protagonist Therapeutics, Inc.(1) | 8,923 | 144,731 | ||||||
Prothena Corp. PLC(1) | 274 | 15,278 | ||||||
PTC Therapeutics, Inc.(1) | 6,209 | 271,147 | ||||||
RAPT Therapeutics, Inc.(1) | 2,745 | 80,840 | ||||||
Recursion Pharmaceuticals, Inc., Class A(1) | 2,863 | 23,333 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 16,096 | 12,239,720 | ||||||
REGENXBIO, Inc.(1) | 14,466 | 321,868 | ||||||
Relay Therapeutics, Inc.(1) | 7,580 | 122,417 | ||||||
Repare Therapeutics, Inc.(1) | 4,231 | 43,368 | ||||||
Replimune Group, Inc.(1) | 7,890 | 172,791 | ||||||
REVOLUTION Medicines, Inc.(1) | 11,571 | 309,640 | ||||||
Rhythm Pharmaceuticals, Inc.(1) | 7,481 | 181,863 | ||||||
Rigel Pharmaceuticals, Inc.(1) | 5,348 | 8,075 | ||||||
Rocket Pharmaceuticals, Inc.(1) | 7,717 | 148,244 | ||||||
Roivant Sciences Ltd.(1) | 45,134 | 365,134 | ||||||
Sage Therapeutics, Inc.(1) | 14,643 | 609,735 | ||||||
Sana Biotechnology, Inc.(1)(2) | 9,598 | 35,225 | ||||||
Sangamo Therapeutics, Inc.(1) | 30,109 | 91,832 | ||||||
Sarepta Therapeutics, Inc.(1) | 4,871 | 594,895 | ||||||
Savara, Inc.(1) | 3,781 | 9,453 | ||||||
Scholar Rock Holding Corp.(1) | 6,786 | 58,224 | ||||||
Seagen, Inc.(1) | 7,347 | 1,320,182 | ||||||
SpringWorks Therapeutics, Inc.(1) | 4,692 | 149,675 | ||||||
Stoke Therapeutics, Inc.(1) | 64 | 569 | ||||||
Sutro Biopharma, Inc.(1) | 9,613 | 54,217 | ||||||
Syndax Pharmaceuticals, Inc.(1) | 1,923 | 48,748 | ||||||
Tango Therapeutics, Inc.(1) | 10,953 | 57,284 | ||||||
Twist Bioscience Corp.(1) | 3,041 | 59,178 | ||||||
uniQure NV(1) | 9,911 | 207,735 | ||||||
United Therapeutics Corp.(1) | 12,402 | 3,051,388 |
35
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Vanda Pharmaceuticals, Inc.(1) | 11,217 | $ | 72,237 | |||||
Vaxcyte, Inc.(1) | 7,773 | 318,460 | ||||||
Veracyte, Inc.(1) | 10,046 | 247,232 | ||||||
Vericel Corp.(1) | 296 | 9,001 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 35,687 | 10,359,579 | ||||||
Verve Therapeutics, Inc.(1) | 924 | 17,556 | ||||||
Viking Therapeutics, Inc.(1) | 13,977 | 153,887 | ||||||
Vir Biotechnology, Inc.(1) | 44,082 | 1,005,070 | ||||||
Viridian Therapeutics, Inc.(1) | 6,144 | 201,277 | ||||||
Voyager Therapeutics, Inc.(1) | 2,957 | 21,231 | ||||||
Xencor, Inc.(1) | 11,400 | 366,282 | ||||||
Xenon Pharmaceuticals, Inc.(1) | 9,053 | 357,231 | ||||||
XOMA Corp.(1) | 868 | 18,471 | ||||||
Zentalis Pharmaceuticals, Inc.(1) | 1,042 | 19,725 | ||||||
Zymeworks, Inc.(1)(2) | 2,081 | 17,106 | ||||||
120,057,745 | ||||||||
Building Products — 0.8% | ||||||||
A O Smith Corp. | 22,019 | 1,445,107 | ||||||
Advanced Drainage Systems, Inc. | 12,410 | 1,101,139 | ||||||
Allegion PLC | 9,570 | 1,078,635 | ||||||
Alpha Pro Tech Ltd.(1) | 26 | 109 | ||||||
American Woodmark Corp.(1) | 1,152 | 58,729 | ||||||
Apogee Enterprises, Inc. | 8,312 | 380,357 | ||||||
Armstrong World Industries, Inc. | 17,317 | 1,365,445 | ||||||
AZEK Co., Inc.(1) | 892 | 21,488 | ||||||
AZZ, Inc. | 9,672 | 393,167 | ||||||
Builders FirstSource, Inc.(1) | 52,644 | 4,463,158 | ||||||
Carlisle Cos., Inc. | 6,460 | 1,668,101 | ||||||
Carrier Global Corp. | 48,907 | 2,202,282 | ||||||
CSW Industrials, Inc. | 2,357 | 333,657 | ||||||
Fortune Brands Innovations, Inc. | 11,746 | 727,665 | ||||||
Gibraltar Industries, Inc.(1) | 4,322 | 230,838 | ||||||
Griffon Corp. | 920 | 33,552 | ||||||
Hayward Holdings, Inc.(1) | 7,594 | 93,482 | ||||||
Insteel Industries, Inc. | 4,031 | 119,922 | ||||||
Janus International Group, Inc.(1) | 2,408 | 25,019 | ||||||
JELD-WEN Holding, Inc.(1) | 4,390 | 57,729 | ||||||
Johnson Controls International PLC | 23,059 | 1,446,261 | ||||||
Lennox International, Inc. | 1,955 | 498,193 | ||||||
Masco Corp. | 13,460 | 705,708 | ||||||
Masonite International Corp.(1) | 10,714 | 951,403 | ||||||
Masterbrand, Inc.(1) | 9,902 | 96,446 | ||||||
Owens Corning | 33,557 | 3,281,539 | ||||||
PGT Innovations, Inc.(1) | 25,060 | 530,019 | ||||||
Quanex Building Products Corp. | 13,663 | 354,555 | ||||||
Resideo Technologies, Inc.(1) | 2,673 | 49,023 | ||||||
Simpson Manufacturing Co., Inc. | 8,994 | 970,093 | ||||||
Trane Technologies PLC | 15,457 | 2,859,081 | ||||||
Trex Co., Inc.(1) | 30,206 | 1,544,433 | ||||||
UFP Industries, Inc. | 23,477 | 2,007,988 | ||||||
Zurn Elkay Water Solutions Corp. | 12,701 | 292,123 | ||||||
31,386,446 |
36
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Capital Markets — 4.0% | ||||||||
Affiliated Managers Group, Inc. | 2,625 | $ | 418,451 | |||||
Ameriprise Financial, Inc. | 28,789 | 9,870,884 | ||||||
Ares Management Corp., Class A | 6,710 | 541,027 | ||||||
Artisan Partners Asset Management, Inc., Class A | 27,606 | 910,170 | ||||||
Assetmark Financial Holdings, Inc.(1) | 4,603 | 144,074 | ||||||
B. Riley Financial, Inc.(2) | 8,746 | 347,916 | ||||||
Bank of New York Mellon Corp. | 125,738 | 6,397,549 | ||||||
BGC Partners, Inc., Class A | 54,655 | 265,623 | ||||||
BlackRock, Inc. | 11,580 | 7,983,599 | ||||||
Blackstone, Inc. | 44,201 | 4,013,451 | ||||||
Blue Owl Capital, Inc.(2) | 6,579 | 81,185 | ||||||
Brightsphere Investment Group, Inc. | 22,283 | 558,635 | ||||||
Carlyle Group, Inc. | 62,876 | 2,162,934 | ||||||
Cboe Global Markets, Inc. | 7,435 | 938,074 | ||||||
Charles Schwab Corp. | 160,578 | 12,512,238 | ||||||
CME Group, Inc. | 23,775 | 4,406,934 | ||||||
Cohen & Steers, Inc. | 9,676 | 700,155 | ||||||
Coinbase Global, Inc., Class A(1) | 16,240 | 1,052,839 | ||||||
Cowen, Inc., Class A(2) | 4,903 | 191,168 | ||||||
Diamond Hill Investment Group, Inc. | 1,192 | 208,123 | ||||||
Donnelley Financial Solutions, Inc.(1) | 3,341 | 141,358 | ||||||
Evercore, Inc., Class A | 15,134 | 1,985,278 | ||||||
FactSet Research Systems, Inc. | 5,284 | 2,190,482 | ||||||
Federated Hermes, Inc. | 18,879 | 742,889 | ||||||
Focus Financial Partners, Inc., Class A(1) | 2,252 | 116,789 | ||||||
Franklin Resources, Inc. | 53,352 | 1,572,283 | ||||||
Goldman Sachs Group, Inc. | 42,905 | 15,087,543 | ||||||
Hamilton Lane, Inc., Class A | 5,742 | 446,728 | ||||||
Houlihan Lokey, Inc. | 15,508 | 1,484,116 | ||||||
Interactive Brokers Group, Inc., Class A | 7,153 | 615,945 | ||||||
Intercontinental Exchange, Inc. | 17,108 | 1,741,594 | ||||||
Invesco Ltd. | 84,825 | 1,498,009 | ||||||
Janus Henderson Group PLC | 33,619 | 923,178 | ||||||
Jefferies Financial Group, Inc. | 36,454 | 1,377,597 | ||||||
KKR & Co., Inc. | 73,752 | 4,155,925 | ||||||
Lazard Ltd., Class A | 35,796 | 1,337,339 | ||||||
LPL Financial Holdings, Inc. | 12,368 | 3,086,558 | ||||||
MarketAxess Holdings, Inc. | 4,489 | 1,532,769 | ||||||
Moelis & Co., Class A | 26,163 | 1,120,561 | ||||||
Moody's Corp. | 13,119 | 3,806,478 | ||||||
Morgan Stanley | 143,769 | 13,873,708 | ||||||
Morningstar, Inc. | 1,256 | 260,406 | ||||||
MSCI, Inc. | 3,725 | 1,945,009 | ||||||
Nasdaq, Inc. | 15,883 | 890,401 | ||||||
Northern Trust Corp. | 45,130 | 4,299,535 | ||||||
Open Lending Corp., Class A(1) | 24,211 | 171,414 | ||||||
Oppenheimer Holdings, Inc., Class A | 1,662 | 73,278 | ||||||
Piper Sandler Cos. | 7,729 | 1,167,002 | ||||||
PJT Partners, Inc., Class A | 1,165 | 91,895 | ||||||
Raymond James Financial, Inc. | 42,287 | 4,586,448 |
37
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
S&P Global, Inc. | 12,183 | $ | 4,156,840 | |||||
SEI Investments Co. | 29,829 | 1,797,197 | ||||||
State Street Corp. | 73,820 | 6,546,358 | ||||||
StepStone Group, Inc., Class A | 16,353 | 467,696 | ||||||
Stifel Financial Corp. | 30,243 | 2,021,140 | ||||||
StoneX Group, Inc.(1) | 8,225 | 829,327 | ||||||
T. Rowe Price Group, Inc. | 47,354 | 5,316,907 | ||||||
TPG, Inc. | 20,130 | 664,693 | ||||||
Tradeweb Markets, Inc., Class A | 6,764 | 479,500 | ||||||
Victory Capital Holdings, Inc., Class A | 4,652 | 157,982 | ||||||
Virtu Financial, Inc., Class A | 29,060 | 534,123 | ||||||
Virtus Investment Partners, Inc. | 3,315 | 697,575 | ||||||
WisdomTree, Inc. | 21,498 | 128,343 | ||||||
149,825,225 | ||||||||
Chemicals — 2.6% | ||||||||
AdvanSix, Inc. | 13,489 | 555,072 | ||||||
Air Products and Chemicals, Inc. | 24,041 | 6,875,245 | ||||||
Albemarle Corp. | 14,778 | 3,758,193 | ||||||
American Vanguard Corp. | 8,689 | 181,339 | ||||||
Amyris, Inc.(1)(2) | 4,476 | 5,595 | ||||||
Ashland, Inc. | 7,841 | 798,057 | ||||||
Avient Corp. | 20,922 | 912,827 | ||||||
Axalta Coating Systems Ltd.(1) | 28,586 | 851,863 | ||||||
Cabot Corp. | 23,114 | 1,838,256 | ||||||
Celanese Corp. | 25,449 | 2,957,937 | ||||||
CF Industries Holdings, Inc. | 61,998 | 5,325,008 | ||||||
Chase Corp. | 683 | 66,893 | ||||||
Chemours Co. | 62,914 | 2,150,401 | ||||||
Corteva, Inc. | 74,082 | 4,614,568 | ||||||
Danimer Scientific, Inc.(1)(2) | 10,731 | 27,686 | ||||||
Dow, Inc. | 154,046 | 8,811,431 | ||||||
DuPont de Nemours, Inc. | 48,784 | 3,562,696 | ||||||
Eastman Chemical Co. | 23,617 | 2,012,168 | ||||||
Ecolab, Inc. | 9,502 | 1,514,334 | ||||||
Ecovyst, Inc.(1) | 14,258 | 143,150 | ||||||
Element Solutions, Inc. | 8,128 | 166,949 | ||||||
FMC Corp. | 33,080 | 4,272,282 | ||||||
FutureFuel Corp. | 8,624 | 75,460 | ||||||
Ginkgo Bioworks Holdings, Inc.(1) | 89,122 | 131,009 | ||||||
Hawkins, Inc. | 3,281 | 133,438 | ||||||
HB Fuller Co. | 4,444 | 310,013 | ||||||
Huntsman Corp. | 58,299 | 1,710,493 | ||||||
Ingevity Corp.(1) | 12,746 | 1,052,310 | ||||||
Innospec, Inc. | 6,033 | 660,372 | ||||||
International Flavors & Fragrances, Inc. | 15,481 | 1,442,829 | ||||||
Intrepid Potash, Inc.(1)(2) | 1,937 | 61,345 | ||||||
Koppers Holdings, Inc. | 7,924 | 284,392 | ||||||
Kronos Worldwide, Inc. | 5,663 | 63,935 | ||||||
Linde PLC | 30,917 | 10,770,555 | ||||||
Livent Corp.(1) | 18,915 | 443,557 | ||||||
LSB Industries, Inc.(1) | 28,712 | 390,196 |
38
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
LyondellBasell Industries NV, Class A | 68,302 | $ | 6,556,309 | |||||
Minerals Technologies, Inc. | 8,325 | 505,744 | ||||||
Mosaic Co. | 99,079 | 5,270,012 | ||||||
NewMarket Corp. | 1,888 | 648,528 | ||||||
Olin Corp. | 51,855 | 2,994,626 | ||||||
Origin Materials, Inc.(1) | 9,847 | 47,266 | ||||||
Orion Engineered Carbons SA | 14,527 | 370,439 | ||||||
PPG Industries, Inc. | 13,850 | 1,829,031 | ||||||
PureCycle Technologies, Inc.(1)(2) | 15,458 | 98,622 | ||||||
Quaker Chemical Corp. | 1,770 | 346,531 | ||||||
Rayonier Advanced Materials, Inc.(1) | 13,471 | 110,462 | ||||||
RPM International, Inc. | 10,630 | 942,137 | ||||||
Scotts Miracle-Gro Co.(2) | 1,320 | 108,900 | ||||||
Sensient Technologies Corp. | 7,307 | 550,875 | ||||||
Sherwin-Williams Co. | 17,348 | 3,839,980 | ||||||
Stepan Co. | 5,780 | 601,640 | ||||||
Trinseo PLC | 7,559 | 175,218 | ||||||
Tronox Holdings PLC, Class A | 54,596 | 851,698 | ||||||
Valvoline, Inc. | 23,059 | 811,677 | ||||||
Westlake Corp. | 9,898 | 1,179,248 | ||||||
96,770,797 | ||||||||
Commercial Services and Supplies — 0.6% | ||||||||
ABM Industries, Inc. | 1,608 | 77,843 | ||||||
ACCO Brands Corp. | 9,621 | 54,551 | ||||||
Aris Water Solutions, Inc., Class A | 4,655 | 65,915 | ||||||
Aurora Innovation, Inc.(1) | 5,661 | 8,831 | ||||||
Brady Corp., Class A | 5,923 | 326,713 | ||||||
Brink's Co. | 9,018 | 588,424 | ||||||
Casella Waste Systems, Inc., Class A(1) | 7,589 | 590,576 | ||||||
Cimpress PLC(1) | 4,247 | 149,155 | ||||||
Cintas Corp. | 6,424 | 2,816,731 | ||||||
Civeo Corp.(1) | 4,553 | 128,895 | ||||||
Clean Harbors, Inc.(1) | 10,330 | 1,364,283 | ||||||
Copart, Inc.(1) | 61,352 | 4,322,862 | ||||||
Deluxe Corp. | 3,336 | 61,516 | ||||||
Driven Brands Holdings, Inc.(1) | 1,939 | 54,243 | ||||||
Ennis, Inc. | 5,784 | 125,802 | ||||||
Harsco Corp.(1) | 5,787 | 48,958 | ||||||
Healthcare Services Group, Inc.(1) | 19,419 | 257,690 | ||||||
Heritage-Crystal Clean, Inc.(1) | 7,038 | 253,227 | ||||||
HNI Corp. | 14,604 | 456,375 | ||||||
IAA, Inc.(1) | 21,693 | 887,461 | ||||||
Interface, Inc. | 15,613 | 137,707 | ||||||
KAR Auction Services, Inc.(1) | 16,862 | 240,958 | ||||||
Kimball International, Inc., Class B | 5,145 | 35,552 | ||||||
Li-Cycle Holdings Corp.(1) | 14,610 | 88,537 | ||||||
Liquidity Services, Inc.(1) | 5,919 | 74,935 | ||||||
Matthews International Corp., Class A | 1,764 | 67,314 | ||||||
MSA Safety, Inc. | 1,321 | 177,476 | ||||||
Pitney Bowes, Inc. | 14,248 | 61,836 | ||||||
Quad/Graphics, Inc.(1) | 25 | 122 |
39
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Republic Services, Inc. | 7,756 | $ | 999,981 | |||||
Rollins, Inc. | 28,798 | 1,013,690 | ||||||
SP Plus Corp.(1) | 1,336 | 45,451 | ||||||
Steelcase, Inc., Class A | 10,533 | 82,895 | ||||||
Stericycle, Inc.(1) | 1,506 | 71,806 | ||||||
Team, Inc.(1) | 2 | 15 | ||||||
Tetra Tech, Inc. | 3,381 | 462,825 | ||||||
UniFirst Corp. | 2,679 | 525,432 | ||||||
Viad Corp.(1) | 1,418 | 36,457 | ||||||
VSE Corp. | 1,338 | 76,815 | ||||||
Waste Connections, Inc. | 12,122 | 1,623,378 | ||||||
Waste Management, Inc. | 34,087 | 5,104,869 | ||||||
23,568,102 | ||||||||
Communications Equipment — 0.5% | ||||||||
ADTRAN Holdings, Inc. | 948 | 16,543 | ||||||
Arista Networks, Inc.(1) | 20,669 | 2,866,790 | ||||||
Aviat Networks, Inc.(1) | 1,376 | 48,889 | ||||||
Ciena Corp.(1) | 18,819 | 907,452 | ||||||
Cisco Systems, Inc. | 141,317 | 6,842,569 | ||||||
CommScope Holding Co., Inc.(1) | 14,864 | 107,615 | ||||||
Comtech Telecommunications Corp. | 2,397 | 38,328 | ||||||
Extreme Networks, Inc.(1) | 25,743 | 481,909 | ||||||
F5, Inc.(1) | 3,759 | 537,462 | ||||||
Harmonic, Inc.(1) | 7,378 | 97,316 | ||||||
Juniper Networks, Inc. | 17,214 | 529,847 | ||||||
Lumentum Holdings, Inc.(1) | 11,206 | 602,995 | ||||||
Motorola Solutions, Inc. | 14,409 | 3,786,829 | ||||||
NETGEAR, Inc.(1) | 4,860 | 87,966 | ||||||
NetScout Systems, Inc.(1) | 6,531 | 185,742 | ||||||
Ribbon Communications, Inc.(1) | 2,262 | 10,089 | ||||||
Ubiquiti, Inc.(2) | 195 | 52,318 | ||||||
ViaSat, Inc.(1) | 23,691 | 752,426 | ||||||
Viavi Solutions, Inc.(1) | 33,374 | 365,112 | ||||||
18,318,197 | ||||||||
Construction and Engineering — 0.5% | ||||||||
AECOM | 7,980 | 689,153 | ||||||
Ameresco, Inc., Class A(1) | 14,045 | 617,278 | ||||||
API Group Corp.(1) | 7,584 | 178,148 | ||||||
Arcosa, Inc. | 12,660 | 767,196 | ||||||
Argan, Inc. | 1,537 | 59,728 | ||||||
Comfort Systems USA, Inc. | 6,144 | 893,583 | ||||||
Dycom Industries, Inc.(1) | 7,000 | 589,470 | ||||||
EMCOR Group, Inc. | 15,320 | 2,561,810 | ||||||
Fluor Corp.(1) | 29,290 | 1,074,064 | ||||||
Granite Construction, Inc. | 10,896 | 470,707 | ||||||
Great Lakes Dredge & Dock Corp.(1) | 12,220 | 70,082 | ||||||
IES Holdings, Inc.(1) | 684 | 28,769 | ||||||
INNOVATE Corp.(1)(2) | 149 | 441 | ||||||
MasTec, Inc.(1) | 12,013 | 1,173,910 | ||||||
Matrix Service Co.(1) | 30 | 190 | ||||||
MDU Resources Group, Inc. | 39,773 | 1,266,770 |
40
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
MYR Group, Inc.(1) | 7,208 | $ | 869,357 | |||||
Northwest Pipe Co.(1) | 1,935 | 74,497 | ||||||
Quanta Services, Inc. | 19,873 | 3,207,502 | ||||||
Sterling Infrastructure, Inc.(1) | 16,562 | 636,975 | ||||||
Tutor Perini Corp.(1) | 12,605 | 102,227 | ||||||
Valmont Industries, Inc. | 3,602 | 1,143,023 | ||||||
WillScot Mobile Mini Holdings Corp.(1) | 43,190 | 2,219,966 | ||||||
18,694,846 | ||||||||
Construction Materials — 0.2% | ||||||||
Eagle Materials, Inc. | 14,527 | 2,038,429 | ||||||
Martin Marietta Materials, Inc. | 5,535 | 1,991,880 | ||||||
Summit Materials, Inc., Class A(1) | 22,912 | 676,821 | ||||||
United States Lime & Minerals, Inc. | 381 | 61,455 | ||||||
Vulcan Materials Co. | 15,497 | 2,803,562 | ||||||
7,572,147 | ||||||||
Consumer Finance — 1.1% | ||||||||
Ally Financial, Inc. | 80,145 | 2,408,357 | ||||||
American Express Co. | 51,173 | 8,903,590 | ||||||
Atlanticus Holdings Corp.(1) | 921 | 29,518 | ||||||
Bread Financial Holdings, Inc. | 19,555 | 803,124 | ||||||
Capital One Financial Corp. | 67,840 | 7,399,987 | ||||||
Consumer Portfolio Services, Inc.(1) | 2,357 | 26,068 | ||||||
Credit Acceptance Corp.(1)(2) | 2,223 | 987,768 | ||||||
Discover Financial Services | 70,477 | 7,893,424 | ||||||
Encore Capital Group, Inc.(1)(2) | 9,395 | 485,534 | ||||||
Enova International, Inc.(1) | 12,239 | 596,651 | ||||||
EZCORP, Inc., Class A(1) | 11,834 | 104,376 | ||||||
FirstCash Holdings, Inc. | 4,344 | 383,358 | ||||||
Green Dot Corp., Class A(1) | 13,439 | 254,400 | ||||||
LendingClub Corp.(1) | 26,609 | 250,125 | ||||||
Navient Corp. | 41,776 | 754,057 | ||||||
Nelnet, Inc., Class A | 4,561 | 428,141 | ||||||
OneMain Holdings, Inc. | 47,894 | 2,063,752 | ||||||
Oportun Financial Corp.(1) | 3,332 | 20,125 | ||||||
PRA Group, Inc.(1) | 10,019 | 426,409 | ||||||
PROG Holdings, Inc.(1) | 23,348 | 577,163 | ||||||
Regional Management Corp. | 2,002 | 63,103 | ||||||
SLM Corp. | 109,162 | 1,569,750 | ||||||
SoFi Technologies, Inc.(1) | 170,520 | 1,125,432 | ||||||
Synchrony Financial | 140,623 | 5,021,647 | ||||||
Upstart Holdings, Inc.(1)(2) | 2,052 | 37,983 | ||||||
World Acceptance Corp.(1)(2) | 562 | 52,468 | ||||||
42,666,310 | ||||||||
Containers and Packaging — 0.6% | ||||||||
Amcor PLC | 107,362 | 1,196,013 | ||||||
AptarGroup, Inc. | 11,362 | 1,326,173 | ||||||
Ardagh Metal Packaging SA | 13,231 | 63,773 | ||||||
Avery Dennison Corp. | 11,215 | 2,043,261 | ||||||
Ball Corp. | 14,982 | 842,138 | ||||||
Berry Global Group, Inc. | 11,834 | 734,891 | ||||||
Crown Holdings, Inc. | 8,190 | 708,517 |
41
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Graphic Packaging Holding Co. | 40,064 | $ | 953,523 | |||||
Greif, Inc., Class A | 8,900 | 632,345 | ||||||
Greif, Inc., Class B | 961 | 79,071 | ||||||
International Paper Co. | 99,473 | 3,619,822 | ||||||
Myers Industries, Inc. | 16,060 | 414,990 | ||||||
O-I Glass, Inc.(1) | 15,393 | 342,032 | ||||||
Packaging Corp. of America | 27,231 | 3,723,022 | ||||||
Ranpak Holdings Corp.(1) | 1,202 | 7,573 | ||||||
Sealed Air Corp. | 20,087 | 976,630 | ||||||
Silgan Holdings, Inc. | 5,329 | 284,569 | ||||||
Sonoco Products Co. | 21,725 | 1,283,079 | ||||||
TriMas Corp. | 8,397 | 251,826 | ||||||
WestRock Co. | 62,817 | 1,972,454 | ||||||
21,455,702 | ||||||||
Distributors — 0.2% | ||||||||
Funko, Inc., Class A(1) | 857 | 9,264 | ||||||
Genuine Parts Co. | 21,508 | 3,803,905 | ||||||
LKQ Corp. | 31,140 | 1,784,010 | ||||||
Pool Corp. | 4,551 | 1,624,070 | ||||||
7,221,249 | ||||||||
Diversified Consumer Services — 0.2% | ||||||||
ADT, Inc. | 34,513 | 260,228 | ||||||
Adtalem Global Education, Inc.(1) | 20,298 | 794,058 | ||||||
American Public Education, Inc.(1) | 5,449 | 60,157 | ||||||
Bright Horizons Family Solutions, Inc.(1) | 1,825 | 143,883 | ||||||
Carriage Services, Inc. | 255 | 8,649 | ||||||
Chegg, Inc.(1) | 15,376 | 244,325 | ||||||
Coursera, Inc.(1) | 10,004 | 112,745 | ||||||
Frontdoor, Inc.(1) | 13,397 | 378,465 | ||||||
Graham Holdings Co., Class B | 841 | 527,021 | ||||||
Grand Canyon Education, Inc.(1) | 12,467 | 1,412,386 | ||||||
H&R Block, Inc. | 28,356 | 1,043,501 | ||||||
Laureate Education, Inc., Class A | 3,947 | 46,811 | ||||||
OneSpaWorld Holdings Ltd.(1) | 13,198 | 152,965 | ||||||
Perdoceo Education Corp.(1) | 32,769 | 451,721 | ||||||
Rover Group, Inc.(1) | 10,577 | 44,212 | ||||||
Service Corp. International | 20,452 | 1,381,123 | ||||||
Strategic Education, Inc. | 3,203 | 273,056 | ||||||
Stride, Inc.(1) | 10,047 | 426,696 | ||||||
Universal Technical Institute, Inc.(1) | 7,526 | 54,639 | ||||||
Vivint Smart Home, Inc.(1) | 1,311 | 14,736 | ||||||
7,831,377 | ||||||||
Diversified Financial Services — 0.8% | ||||||||
Acacia Research Corp.(1) | 1,942 | 8,389 | ||||||
Alerus Financial Corp. | 4,046 | 80,920 | ||||||
A-Mark Precious Metals, Inc. | 9,367 | 274,547 | ||||||
Apollo Global Management, Inc. | 27,260 | 1,932,734 | ||||||
Berkshire Hathaway, Inc., Class B(1) | 70,698 | 21,575,616 | ||||||
Cannae Holdings, Inc.(1) | 17,784 | 401,563 | ||||||
Equitable Holdings, Inc. | 130,171 | 4,089,973 | ||||||
Jackson Financial, Inc., Class A | 35,932 | 1,630,594 |
42
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Voya Financial, Inc. | 30,495 | $ | 2,271,572 | |||||
32,265,908 | ||||||||
Diversified Telecommunication Services — 0.9% | ||||||||
Anterix, Inc.(1) | 417 | 12,593 | ||||||
AT&T, Inc. | 679,374 | 12,846,962 | ||||||
ATN International, Inc. | 4,521 | 190,108 | ||||||
Cogent Communications Holdings, Inc. | 2,843 | 184,056 | ||||||
Consolidated Communications Holdings, Inc.(1) | 5,433 | 16,462 | ||||||
EchoStar Corp., Class A(1) | 8,570 | 171,057 | ||||||
Frontier Communications Parent, Inc.(1) | 43,330 | 1,185,509 | ||||||
IDT Corp., Class B(1) | 5,480 | 166,647 | ||||||
Iridium Communications, Inc. | 35,800 | 2,197,046 | ||||||
Liberty Latin America Ltd., Class C(1) | 12,934 | 113,560 | ||||||
Lumen Technologies, Inc. | 83,705 | 284,597 | ||||||
Radius Global Infrastructure, Inc., Class A(1) | 11,785 | 160,630 | ||||||
Verizon Communications, Inc. | 440,095 | 17,080,087 | ||||||
34,609,314 | ||||||||
Electric Utilities — 1.8% | ||||||||
ALLETE, Inc. | 9,206 | 563,315 | ||||||
Alliant Energy Corp. | 45,772 | 2,346,730 | ||||||
American Electric Power Co., Inc. | 52,727 | 4,638,394 | ||||||
Avangrid, Inc. | 7,581 | 295,886 | ||||||
Constellation Energy Corp. | 36,682 | 2,747,115 | ||||||
Duke Energy Corp. | 36,836 | 3,472,161 | ||||||
Edison International | 72,199 | 4,780,296 | ||||||
Entergy Corp. | 30,025 | 3,088,672 | ||||||
Evergy, Inc. | 39,335 | 2,313,291 | ||||||
Eversource Energy | 49,735 | 3,748,030 | ||||||
Exelon Corp. | 141,568 | 5,717,932 | ||||||
FirstEnergy Corp. | 33,534 | 1,325,934 | ||||||
Genie Energy Ltd., Class B | 4,040 | 46,137 | ||||||
Hawaiian Electric Industries, Inc. | 29,303 | 1,185,306 | ||||||
IDACORP, Inc. | 7,867 | 813,448 | ||||||
MGE Energy, Inc. | 3,941 | 278,944 | ||||||
NextEra Energy, Inc. | 58,563 | 4,159,730 | ||||||
NRG Energy, Inc. | 40,583 | 1,330,717 | ||||||
OGE Energy Corp. | 30,067 | 1,073,993 | ||||||
Otter Tail Corp.(2) | 13,035 | 924,051 | ||||||
PG&E Corp.(1) | 353,287 | 5,518,343 | ||||||
Pinnacle West Capital Corp. | 25,487 | 1,877,882 | ||||||
PNM Resources, Inc. | 2,183 | 106,967 | ||||||
Portland General Electric Co. | 24,011 | 1,147,726 | ||||||
PPL Corp. | 107,768 | 2,917,280 | ||||||
Southern Co. | 87,626 | 5,525,696 | ||||||
Via Renewables, Inc.(2) | 2 | 12 | ||||||
Xcel Energy, Inc. | 65,967 | 4,259,489 | ||||||
66,203,477 | ||||||||
Electrical Equipment — 0.6% | ||||||||
Acuity Brands, Inc. | 5,317 | 1,031,285 | ||||||
AMETEK, Inc. | 14,646 | 2,073,288 | ||||||
Array Technologies, Inc.(1) | 12,696 | 237,923 |
43
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Atkore, Inc.(1) | 18,018 | $ | 2,630,988 | |||||
Babcock & Wilcox Enterprises, Inc.(1) | 3,644 | 23,650 | ||||||
Bloom Energy Corp., Class A(1) | 5,333 | 115,673 | ||||||
Eaton Corp. PLC | 15,664 | 2,740,104 | ||||||
Emerson Electric Co. | 30,623 | 2,532,828 | ||||||
Encore Wire Corp. | 8,936 | 1,724,737 | ||||||
Energy Vault Holdings, Inc.(1)(2) | 4,549 | 15,194 | ||||||
EnerSys | 5,991 | 543,324 | ||||||
Enovix Corp.(1)(2) | 3,556 | 32,786 | ||||||
FREYR Battery SA(1)(2) | 16,217 | 147,250 | ||||||
FuelCell Energy, Inc.(1)(2) | 67,314 | 224,829 | ||||||
Generac Holdings, Inc.(1) | 3,138 | 376,591 | ||||||
GrafTech International Ltd. | 48,699 | 275,149 | ||||||
Hubbell, Inc. | 5,791 | 1,456,668 | ||||||
LSI Industries, Inc. | 4,775 | 69,333 | ||||||
nVent Electric PLC | 13,783 | 631,813 | ||||||
Orion Energy Systems, Inc.(1) | 35 | 72 | ||||||
Plug Power, Inc.(1)(2) | 58,823 | 874,698 | ||||||
Powell Industries, Inc. | 1,941 | 86,083 | ||||||
Regal Rexnord Corp. | 7,176 | 1,131,225 | ||||||
Rockwell Automation, Inc. | 7,150 | 2,108,749 | ||||||
Sensata Technologies Holding PLC | 5,648 | 285,676 | ||||||
Sunrun, Inc.(1) | 29,772 | 715,719 | ||||||
Thermon Group Holdings, Inc.(1) | 5,348 | 141,455 | ||||||
Vertiv Holdings Co. | 6,950 | 112,938 | ||||||
22,340,028 | ||||||||
Electronic Equipment, Instruments and Components — 1.2% | ||||||||
Advanced Energy Industries, Inc. | 7,532 | 701,079 | ||||||
Aeva Technologies, Inc.(1) | 11,227 | 20,096 | ||||||
Amphenol Corp., Class A | 28,908 | 2,240,948 | ||||||
Arrow Electronics, Inc.(1) | 11,962 | 1,411,396 | ||||||
Avnet, Inc. | 19,595 | 876,093 | ||||||
Badger Meter, Inc. | 6,688 | 813,395 | ||||||
Bel Fuse, Inc., Class B | 4,788 | 170,070 | ||||||
Belden, Inc. | 6,621 | 558,680 | ||||||
Benchmark Electronics, Inc. | 8,235 | 195,911 | ||||||
CDW Corp. | 14,902 | 3,016,463 | ||||||
Cognex Corp. | 15,996 | 758,530 | ||||||
Coherent Corp.(1) | 11,317 | 488,102 | ||||||
Corning, Inc. | 177,300 | 6,019,335 | ||||||
CTS Corp. | 8,334 | 360,946 | ||||||
ePlus, Inc.(1) | 8,411 | 455,624 | ||||||
Fabrinet(1) | 6,402 | 780,212 | ||||||
FARO Technologies, Inc.(1) | 1,827 | 49,694 | ||||||
Flex Ltd.(1) | 119,835 | 2,727,445 | ||||||
Insight Enterprises, Inc.(1) | 7,162 | 959,135 | ||||||
IPG Photonics Corp.(1) | 5,868 | 723,172 | ||||||
Itron, Inc.(1) | 2,233 | 124,534 | ||||||
Jabil, Inc. | 51,808 | 4,301,618 | ||||||
Keysight Technologies, Inc.(1) | 19,190 | 3,069,632 | ||||||
Kimball Electronics, Inc.(1) | 5,070 | 126,801 |
44
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Knowles Corp.(1) | 15,335 | $ | 260,388 | |||||
Littelfuse, Inc. | 3,745 | 968,944 | ||||||
Luna Innovations, Inc.(1) | 1,346 | 13,514 | ||||||
Methode Electronics, Inc. | 8,244 | 401,730 | ||||||
National Instruments Corp. | 9,828 | 496,412 | ||||||
nLight, Inc.(1) | 5,751 | 64,986 | ||||||
Novanta, Inc.(1) | 1,109 | 174,013 | ||||||
OSI Systems, Inc.(1) | 3,505 | 324,388 | ||||||
PC Connection, Inc. | 2,533 | 110,945 | ||||||
Plexus Corp.(1) | 6,817 | 653,682 | ||||||
Richardson Electronics Ltd. | 2,837 | 59,520 | ||||||
Sanmina Corp.(1) | 26,465 | 1,600,074 | ||||||
ScanSource, Inc.(1) | 4,640 | 144,675 | ||||||
TD SYNNEX Corp. | 9,248 | 892,617 | ||||||
TE Connectivity Ltd. | 35,666 | 4,540,995 | ||||||
Teledyne Technologies, Inc.(1) | 1,855 | 797,780 | ||||||
Trimble, Inc.(1) | 7,383 | 384,359 | ||||||
TTM Technologies, Inc.(1) | 25,036 | 332,729 | ||||||
Vishay Intertechnology, Inc. | 56,414 | 1,197,669 | ||||||
Vishay Precision Group, Inc.(1) | 4,073 | 177,583 | ||||||
Vontier Corp. | 15,922 | 416,679 | ||||||
Zebra Technologies Corp., Class A(1) | 2,096 | 629,324 | ||||||
45,591,917 | ||||||||
Energy Equipment and Services — 0.9% | ||||||||
Archrock, Inc. | 72,388 | 801,335 | ||||||
Baker Hughes Co. | 115,749 | 3,541,919 | ||||||
Bristow Group, Inc.(1) | 5,473 | 149,085 | ||||||
Cactus, Inc., Class A | 10,259 | 471,401 | ||||||
ChampionX Corp. | 80,916 | 2,473,602 | ||||||
Core Laboratories NV | 5,211 | 124,387 | ||||||
Diamond Offshore Drilling, Inc.(1) | 25,566 | 303,724 | ||||||
DMC Global, Inc.(1) | 2,088 | 55,896 | ||||||
Dril-Quip, Inc.(1) | 11,040 | 378,120 | ||||||
Expro Group Holdings NV(1) | 17,402 | 395,547 | ||||||
Forum Energy Technologies, Inc.(1) | 1,280 | 37,478 | ||||||
Halliburton Co. | 143,667 | 5,205,055 | ||||||
Helix Energy Solutions Group, Inc.(1) | 42,492 | 351,834 | ||||||
Helmerich & Payne, Inc. | 20,014 | 842,189 | ||||||
Liberty Energy, Inc., Class A | 66,940 | 1,020,835 | ||||||
Nabors Industries Ltd.(1) | 4,067 | 611,311 | ||||||
National Energy Services Reunited Corp.(1) | 17,352 | 112,094 | ||||||
Newpark Resources, Inc.(1) | 11,533 | 51,091 | ||||||
NexTier Oilfield Solutions, Inc.(1) | 89,964 | 821,371 | ||||||
Noble Corp. PLC(1) | 8,954 | 373,292 | ||||||
NOV, Inc. | 69,726 | 1,525,605 | ||||||
Oceaneering International, Inc.(1) | 45,137 | 942,912 | ||||||
Oil States International, Inc.(1) | 13,436 | 122,671 | ||||||
Patterson-UTI Energy, Inc. | 63,676 | 872,361 | ||||||
ProFrac Holding Corp., Class A(1) | 931 | 17,810 | ||||||
ProPetro Holding Corp.(1) | 42,409 | 373,623 | ||||||
RPC, Inc. | 18,880 | 165,578 |
45
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Schlumberger Ltd. | 81,160 | $ | 4,318,524 | |||||
SEACOR Marine Holdings, Inc.(1) | 90 | 935 | ||||||
Select Energy Services, Inc., Class A | 15,174 | 112,591 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 1,898 | 16,949 | ||||||
TechnipFMC PLC(1) | 109,084 | 1,667,894 | ||||||
TETRA Technologies, Inc.(1) | 23,871 | 84,981 | ||||||
Tidewater, Inc.(1) | 13,195 | 644,444 | ||||||
Transocean Ltd.(1) | 154,948 | 1,083,087 | ||||||
US Silica Holdings, Inc.(1) | 28,767 | 349,231 | ||||||
Valaris Ltd.(1) | 7,616 | 512,176 | ||||||
Weatherford International PLC(1) | 25,832 | 1,720,928 | ||||||
32,653,866 | ||||||||
Entertainment — 0.9% | ||||||||
Activision Blizzard, Inc. | 17,964 | 1,369,755 | ||||||
AMC Entertainment Holdings, Inc.(1) | 9,392 | 19,441 | ||||||
AMC Entertainment Holdings, Inc., Class A(1) | 31,877 | 227,602 | ||||||
Cinemark Holdings, Inc.(1) | 10,118 | 137,706 | ||||||
Electronic Arts, Inc. | 20,320 | 2,254,301 | ||||||
Endeavor Group Holdings, Inc., Class A(1) | 518 | 11,557 | ||||||
IMAX Corp.(1) | 6,439 | 118,735 | ||||||
Liberty Media Corp.-Liberty Braves, Class A(1)(2) | 930 | 31,853 | ||||||
Liberty Media Corp.-Liberty Braves, Class C(1) | 6,703 | 224,349 | ||||||
Liberty Media Corp.-Liberty Formula One, Class A(1) | 1,077 | 65,439 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C(1) | 18,640 | 1,265,097 | ||||||
Live Nation Entertainment, Inc.(1) | 6,111 | 440,359 | ||||||
Madison Square Garden Entertainment Corp.(1) | 4,350 | 263,305 | ||||||
Madison Square Garden Sports Corp. | 1,188 | 227,074 | ||||||
Marcus Corp. | 6,648 | 106,966 | ||||||
Netflix, Inc.(1) | 35,563 | 11,455,909 | ||||||
Playstudios, Inc.(1) | 8,950 | 33,294 | ||||||
Playtika Holding Corp.(1) | 3,279 | 31,478 | ||||||
ROBLOX Corp., Class A(1) | 21,914 | 802,929 | ||||||
Roku, Inc.(1) | 6,661 | 430,900 | ||||||
Take-Two Interactive Software, Inc.(1) | 18,325 | 2,007,504 | ||||||
Vivid Seats, Inc., Class A(1)(2) | 1,882 | 14,435 | ||||||
Walt Disney Co.(1) | 60,855 | 6,061,767 | ||||||
Warner Bros Discovery, Inc.(1) | 214,383 | 3,348,662 | ||||||
World Wrestling Entertainment, Inc., Class A | 17,481 | 1,468,404 | ||||||
32,418,821 | ||||||||
Food and Staples Retailing — 1.5% | ||||||||
Albertsons Cos., Inc., Class A | 25,521 | 507,357 | ||||||
Andersons, Inc. | 6,832 | 311,744 | ||||||
BJ's Wholesale Club Holdings, Inc.(1) | 23,613 | 1,695,413 | ||||||
Casey's General Stores, Inc. | 12,491 | 2,597,503 | ||||||
Costco Wholesale Corp. | 35,327 | 17,104,627 | ||||||
Grocery Outlet Holding Corp.(1) | 8,013 | 216,752 | ||||||
HF Foods Group, Inc.(1) | 3 | 12 | ||||||
Ingles Markets, Inc., Class A | 6,754 | 603,808 | ||||||
Kroger Co. | 163,936 | 7,072,199 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 1,404 | 15,416 | ||||||
Performance Food Group Co.(1) | 28,250 | 1,598,667 |
46
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
PriceSmart, Inc. | 8,149 | $ | 568,148 | |||||
Rite Aid Corp.(1)(2) | 5,882 | 22,705 | ||||||
SpartanNash Co. | 9,380 | 251,009 | ||||||
Sprouts Farmers Market, Inc.(1) | 47,119 | 1,427,235 | ||||||
Sysco Corp. | 56,879 | 4,241,467 | ||||||
United Natural Foods, Inc.(1) | 16,448 | 669,927 | ||||||
US Foods Holding Corp.(1) | 5,585 | 209,605 | ||||||
Village Super Market, Inc., Class A | 1,416 | 31,619 | ||||||
Walgreens Boots Alliance, Inc. | 52,173 | 1,853,707 | ||||||
Walmart, Inc. | 99,268 | 14,108,961 | ||||||
Weis Markets, Inc. | 4,916 | 375,779 | ||||||
55,483,660 | ||||||||
Food Products — 1.1% | ||||||||
Alico, Inc. | 400 | 10,296 | ||||||
Archer-Daniels-Midland Co. | 58,878 | 4,686,689 | ||||||
B&G Foods, Inc. | 21,483 | 272,190 | ||||||
Benson Hill, Inc.(1) | 725 | 1,617 | ||||||
Beyond Meat, Inc.(1)(2) | 233 | 4,157 | ||||||
Bunge Ltd. | 34,756 | 3,319,198 | ||||||
Calavo Growers, Inc. | 3,969 | 128,080 | ||||||
Cal-Maine Foods, Inc. | 13,306 | 755,781 | ||||||
Campbell Soup Co. | 15,050 | 790,426 | ||||||
Conagra Brands, Inc. | 13,818 | 503,113 | ||||||
Darling Ingredients, Inc.(1) | 30,506 | 1,930,115 | ||||||
Farmer Bros Co.(1) | 1,836 | 8,299 | ||||||
Flowers Foods, Inc. | 38,680 | 1,078,398 | ||||||
Fresh Del Monte Produce, Inc. | 8,662 | 270,947 | ||||||
Freshpet, Inc.(1) | 5,722 | 355,794 | ||||||
General Mills, Inc. | 22,373 | 1,778,877 | ||||||
Hain Celestial Group, Inc.(1) | 10,287 | 183,417 | ||||||
Hershey Co. | 17,131 | 4,082,660 | ||||||
Hormel Foods Corp. | 20,886 | 926,921 | ||||||
Hostess Brands, Inc.(1) | 26,936 | 665,319 | ||||||
Ingredion, Inc. | 11,574 | 1,150,456 | ||||||
J & J Snack Foods Corp. | 1,378 | 194,587 | ||||||
J M Smucker Co. | 11,220 | 1,659,326 | ||||||
John B Sanfilippo & Son, Inc. | 2,872 | 257,819 | ||||||
Kellogg Co. | 16,198 | 1,068,096 | ||||||
Kraft Heinz Co. | 69,892 | 2,721,594 | ||||||
Lamb Weston Holdings, Inc. | 32,437 | 3,264,460 | ||||||
Lancaster Colony Corp. | 3,040 | 583,619 | ||||||
McCormick & Co., Inc. | 7,298 | 542,387 | ||||||
Mission Produce, Inc.(1) | 12,020 | 138,470 | ||||||
Mondelez International, Inc., Class A | 61,190 | 3,988,364 | ||||||
Pilgrim's Pride Corp.(1) | 13,653 | 319,344 | ||||||
Post Holdings, Inc.(1) | 1,439 | 129,452 | ||||||
Seaboard Corp. | 34 | 134,299 | ||||||
Seneca Foods Corp., Class A(1) | 1,556 | 86,514 | ||||||
Simply Good Foods Co.(1) | 13,565 | 519,404 | ||||||
Sovos Brands, Inc.(1) | 1,008 | 13,175 | ||||||
Tootsie Roll Industries, Inc. | 2,422 | 106,641 |
47
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
TreeHouse Foods, Inc.(1) | 2,609 | $ | 127,293 | |||||
Tyson Foods, Inc., Class A | 40,681 | 2,409,942 | ||||||
Vital Farms, Inc.(1) | 2,356 | 38,073 | ||||||
41,205,609 | ||||||||
Gas Utilities — 0.2% | ||||||||
Atmos Energy Corp. | 15,116 | 1,705,236 | ||||||
Chesapeake Utilities Corp. | 2,836 | 363,263 | ||||||
National Fuel Gas Co. | 21,180 | 1,213,191 | ||||||
New Jersey Resources Corp. | 18,438 | 940,891 | ||||||
Northwest Natural Holding Co. | 9,096 | 439,701 | ||||||
ONE Gas, Inc. | 6,963 | 558,154 | ||||||
Spire, Inc. | 3,371 | 237,318 | ||||||
Star Group LP | 100 | 1,257 | ||||||
UGI Corp. | 28,042 | 1,044,004 | ||||||
6,503,015 | ||||||||
Health Care Equipment and Supplies — 1.9% | ||||||||
Abbott Laboratories | 96,320 | 9,797,670 | ||||||
Align Technology, Inc.(1) | 6,405 | 1,982,347 | ||||||
Alphatec Holdings, Inc.(1) | 4,898 | 72,539 | ||||||
AngioDynamics, Inc.(1) | 3,255 | 40,297 | ||||||
Apyx Medical Corp.(1)(2) | 34 | 111 | ||||||
Atrion Corp. | 269 | 152,792 | ||||||
Avanos Medical, Inc.(1) | 7,622 | 213,950 | ||||||
Axogen, Inc.(1) | 1,813 | 14,957 | ||||||
Baxter International, Inc. | 14,834 | 592,618 | ||||||
Becton Dickinson & Co. | 9,311 | 2,183,895 | ||||||
Boston Scientific Corp.(1) | 74,225 | 3,467,792 | ||||||
Butterfly Network, Inc.(1)(2) | 15,960 | 39,262 | ||||||
Cardiovascular Systems, Inc.(1) | 5,093 | 100,383 | ||||||
Co-Diagnostics, Inc.(1) | 4,362 | 12,606 | ||||||
Contra Abiomed, Inc.(1) | 3,336 | 3,403 | ||||||
Cooper Cos., Inc. | 4,870 | 1,592,344 | ||||||
Cue Health, Inc.(1) | 12,946 | 27,834 | ||||||
CVRx, Inc.(1) | 295 | 3,280 | ||||||
DENTSPLY SIRONA, Inc. | 20,900 | 795,663 | ||||||
DexCom, Inc.(1) | 22,217 | 2,466,309 | ||||||
Edwards Lifesciences Corp.(1) | 42,652 | 3,430,927 | ||||||
Embecta Corp. | 4,026 | 128,631 | ||||||
Enovis Corp.(1) | 9,606 | 553,498 | ||||||
Envista Holdings Corp.(1) | 9,405 | 363,597 | ||||||
GE HealthCare Technologies, Inc.(1) | 15,605 | 1,185,980 | ||||||
Glaukos Corp.(1) | 5,530 | 261,182 | ||||||
Globus Medical, Inc., Class A(1) | 10,958 | 639,290 | ||||||
Haemonetics Corp.(1) | 10,510 | 817,363 | ||||||
Heska Corp.(1) | 986 | 80,290 | ||||||
Hologic, Inc.(1) | 60,753 | 4,838,369 | ||||||
IDEXX Laboratories, Inc.(1) | 10,512 | 4,974,699 | ||||||
Inogen, Inc.(1) | 2,676 | 41,933 | ||||||
Inspire Medical Systems, Inc.(1) | 1,483 | 385,476 | ||||||
Insulet Corp.(1) | 3,479 | 961,456 | ||||||
Integer Holdings Corp.(1) | 5,622 | 421,538 |
48
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Integra LifeSciences Holdings Corp.(1) | 11,128 | $ | 618,939 | |||||
Intuitive Surgical, Inc.(1) | 23,303 | 5,345,475 | ||||||
Lantheus Holdings, Inc.(1) | 17,692 | 1,308,500 | ||||||
LeMaitre Vascular, Inc. | 3,192 | 159,951 | ||||||
LENSAR, Inc.(1) | 146 | 451 | ||||||
Masimo Corp.(1) | 4,651 | 778,159 | ||||||
Medtronic PLC | 58,624 | 4,854,067 | ||||||
Merit Medical Systems, Inc.(1) | 10,768 | 760,005 | ||||||
Neogen Corp.(1) | 17,302 | 306,072 | ||||||
Nevro Corp.(1) | 2,883 | 90,642 | ||||||
Novocure Ltd.(1) | 4,699 | 361,682 | ||||||
NuVasive, Inc.(1) | 11,611 | 501,944 | ||||||
OraSure Technologies, Inc.(1) | 15,114 | 95,369 | ||||||
Orthofix Medical, Inc.(1) | 5,024 | 103,494 | ||||||
Outset Medical, Inc.(1) | 6,625 | 151,116 | ||||||
Penumbra, Inc.(1) | 2,907 | 755,791 | ||||||
Pulmonx Corp.(1) | 1,523 | 17,103 | ||||||
QuidelOrtho Corp.(1) | 14,357 | 1,248,198 | ||||||
ResMed, Inc. | 7,663 | 1,632,219 | ||||||
Shockwave Medical, Inc.(1) | 1,679 | 319,413 | ||||||
SI-BONE, Inc.(1) | 1,090 | 21,555 | ||||||
Sight Sciences, Inc.(1)(2) | 3,566 | 39,155 | ||||||
STERIS PLC | 6,615 | 1,243,818 | ||||||
Stryker Corp. | 11,974 | 3,147,725 | ||||||
Tactile Systems Technology, Inc.(1) | 5,308 | 76,701 | ||||||
Teleflex, Inc. | 3,581 | 853,102 | ||||||
Utah Medical Products, Inc. | 303 | 27,809 | ||||||
Varex Imaging Corp.(1) | 6,533 | 115,569 | ||||||
ViewRay, Inc.(1) | 10,036 | 43,356 | ||||||
Zimmer Biomet Holdings, Inc. | 22,401 | 2,774,812 | ||||||
Zimvie, Inc.(1) | 3,747 | 42,641 | ||||||
Zynex, Inc.(1) | 5,148 | 66,512 | ||||||
70,505,626 | ||||||||
Health Care Providers and Services — 2.3% | ||||||||
23andMe Holding Co., Class A(1) | 66,805 | 167,681 | ||||||
Acadia Healthcare Co., Inc.(1) | 7,790 | 564,853 | ||||||
Accolade, Inc.(1) | 6,390 | 70,993 | ||||||
AdaptHealth Corp.(1) | 2,813 | 44,980 | ||||||
Addus HomeCare Corp.(1) | 870 | 94,517 | ||||||
agilon health, Inc.(1)(2) | 13,200 | 279,972 | ||||||
AmerisourceBergen Corp. | 16,204 | 2,520,694 | ||||||
AMN Healthcare Services, Inc.(1) | 12,499 | 1,125,035 | ||||||
Apollo Medical Holdings, Inc.(1) | 1,690 | 58,981 | ||||||
Brookdale Senior Living, Inc.(1) | 89,000 | 287,470 | ||||||
Cardinal Health, Inc. | 17,264 | 1,307,057 | ||||||
Castle Biosciences, Inc.(1) | 4,009 | 100,947 | ||||||
Centene Corp.(1) | 80,357 | 5,496,419 | ||||||
Chemed Corp. | 2,571 | 1,340,982 | ||||||
Cigna Group | 11,280 | 3,294,888 | ||||||
Community Health Systems, Inc.(1) | 8,840 | 53,570 | ||||||
CorVel Corp.(1) | 1,946 | 350,825 |
49
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Cross Country Healthcare, Inc.(1) | 16,459 | $ | 435,341 | |||||
CVS Health Corp. | 47,439 | 3,963,054 | ||||||
DaVita, Inc.(1) | 4,710 | 387,445 | ||||||
Elevance Health, Inc. | 23,257 | 10,923,115 | ||||||
Encompass Health Corp. | 8,356 | 472,281 | ||||||
Enhabit, Inc.(1) | 1,164 | 17,867 | ||||||
Ensign Group, Inc. | 17,204 | 1,539,414 | ||||||
Fulgent Genetics, Inc.(1) | 7,924 | 259,828 | ||||||
HCA Healthcare, Inc. | 9,737 | 2,370,473 | ||||||
HealthEquity, Inc.(1) | 3,391 | 220,991 | ||||||
Henry Schein, Inc.(1) | 10,548 | 826,014 | ||||||
Hims & Hers Health, Inc.(1) | 8,153 | 91,884 | ||||||
Humana, Inc. | 22,470 | 11,123,099 | ||||||
Joint Corp.(1) | 718 | 11,273 | ||||||
Laboratory Corp. of America Holdings | 10,676 | 2,555,407 | ||||||
McKesson Corp. | 6,709 | 2,346,875 | ||||||
ModivCare, Inc.(1) | 4,529 | 444,703 | ||||||
Molina Healthcare, Inc.(1) | 17,404 | 4,791,843 | ||||||
National HealthCare Corp. | 3,149 | 175,462 | ||||||
National Research Corp. | 3,965 | 179,059 | ||||||
NeoGenomics, Inc.(1) | 22,633 | 381,366 | ||||||
Oak Street Health, Inc.(1) | 7,818 | 276,757 | ||||||
OPKO Health, Inc.(1)(2) | 37,937 | 43,248 | ||||||
Option Care Health, Inc.(1) | 4,344 | 133,231 | ||||||
Owens & Minor, Inc.(1) | 17,894 | 274,315 | ||||||
Patterson Cos., Inc. | 20,042 | 531,514 | ||||||
Pediatrix Medical Group, Inc.(1) | 576 | 9,066 | ||||||
Premier, Inc., Class A | 31,690 | 1,020,101 | ||||||
Quest Diagnostics, Inc. | 6,350 | 878,586 | ||||||
RadNet, Inc.(1) | 2,703 | 63,750 | ||||||
Select Medical Holdings Corp. | 2,671 | 72,625 | ||||||
Signify Health, Inc., Class A(1) | 685 | 19,721 | ||||||
Surgery Partners, Inc.(1) | 1,417 | 47,399 | ||||||
Tenet Healthcare Corp.(1) | 8,178 | 478,658 | ||||||
UnitedHealth Group, Inc. | 43,156 | 20,539,667 | ||||||
Universal Health Services, Inc., Class B | 12,989 | 1,734,941 | ||||||
86,800,237 | ||||||||
Health Care Technology — 0.1% | ||||||||
American Well Corp., Class A(1) | 46,680 | 130,237 | ||||||
Doximity, Inc., Class A(1)(2) | 5,974 | 200,906 | ||||||
Evolent Health, Inc., Class A(1) | 16,446 | 575,775 | ||||||
Health Catalyst, Inc.(1) | 6,092 | 85,044 | ||||||
HealthStream, Inc. | 3,637 | 93,289 | ||||||
Multiplan Corp.(1) | 4,255 | 4,298 | ||||||
NextGen Healthcare, Inc.(1) | 1,747 | 31,638 | ||||||
OptimizeRx Corp.(1) | 792 | 14,137 | ||||||
Phreesia, Inc.(1) | 4,943 | 181,902 | ||||||
Schrodinger, Inc.(1) | 2,890 | 62,800 | ||||||
Sharecare, Inc.(1) | 51,104 | 119,583 | ||||||
Teladoc Health, Inc.(1) | 9,070 | 240,264 | ||||||
Veeva Systems, Inc., Class A(1) | 9,352 | 1,549,252 |
50
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Veradigm, Inc.(1) | 31,626 | $ | 525,308 | |||||
3,814,433 | ||||||||
Hotels, Restaurants and Leisure — 2.0% | ||||||||
Accel Entertainment, Inc.(1) | 16,737 | 153,144 | ||||||
Airbnb, Inc., Class A(1) | 18,664 | 2,300,898 | ||||||
Aramark | 9,813 | 361,118 | ||||||
Bally's Corp.(1) | 2,841 | 56,110 | ||||||
BJ's Restaurants, Inc.(1) | 7,756 | 248,192 | ||||||
Bloomin' Brands, Inc. | 23,293 | 607,947 | ||||||
Bluegreen Vacations Holding Corp. | 243 | 8,060 | ||||||
Booking Holdings, Inc.(1) | 3,622 | 9,141,928 | ||||||
Bowlero Corp.(1)(2) | 3,912 | 60,167 | ||||||
Boyd Gaming Corp. | 25,238 | 1,643,751 | ||||||
Brinker International, Inc.(1) | 3,620 | 137,560 | ||||||
Caesars Entertainment, Inc.(1) | 9,334 | 473,794 | ||||||
Carnival Corp.(1) | 106,815 | 1,134,375 | ||||||
Carrols Restaurant Group, Inc.(1) | 62 | 129 | ||||||
Century Casinos, Inc.(1) | 2,996 | 27,743 | ||||||
Cheesecake Factory, Inc.(2) | 24,158 | 904,476 | ||||||
Chipotle Mexican Grill, Inc.(1) | 4,535 | 6,762,048 | ||||||
Choice Hotels International, Inc. | 7,601 | 899,654 | ||||||
Churchill Downs, Inc. | 3,276 | 805,175 | ||||||
Chuy's Holdings, Inc.(1) | 7,306 | 261,189 | ||||||
Cracker Barrel Old Country Store, Inc. | 8,733 | 951,548 | ||||||
Darden Restaurants, Inc. | 36,265 | 5,185,532 | ||||||
Dave & Buster's Entertainment, Inc.(1) | 6,410 | 256,528 | ||||||
Denny's Corp.(1) | 3,625 | 42,304 | ||||||
Dine Brands Global, Inc. | 870 | 66,703 | ||||||
Domino's Pizza, Inc. | 1,894 | 556,855 | ||||||
DraftKings, Inc., Class A(1) | 20,956 | 395,230 | ||||||
Everi Holdings, Inc.(1) | 13,883 | 263,638 | ||||||
Expedia Group, Inc.(1) | 12,197 | 1,329,107 | ||||||
Fiesta Restaurant Group, Inc.(1) | 103 | 829 | ||||||
Full House Resorts, Inc.(1) | 13,068 | 126,498 | ||||||
Golden Entertainment, Inc.(1) | 8,246 | 338,993 | ||||||
Hilton Grand Vacations, Inc.(1) | 32,328 | 1,543,339 | ||||||
Hilton Worldwide Holdings, Inc. | 12,939 | 1,869,815 | ||||||
Hyatt Hotels Corp., Class A(1) | 12,842 | 1,492,754 | ||||||
Inspired Entertainment, Inc.(1) | 627 | 9,913 | ||||||
International Game Technology PLC | 9,680 | 257,101 | ||||||
Jack in the Box, Inc. | 1,502 | 117,757 | ||||||
Krispy Kreme, Inc. | 994 | 12,932 | ||||||
Las Vegas Sands Corp.(1) | 22,706 | 1,304,914 | ||||||
Life Time Group Holdings, Inc.(1) | 4,278 | 77,303 | ||||||
Light & Wonder, Inc., Class A(1) | 2,857 | 178,877 | ||||||
Lindblad Expeditions Holdings, Inc.(1)(2) | 902 | 7,739 | ||||||
Marriott International, Inc., Class A | 20,289 | 3,433,710 | ||||||
Marriott Vacations Worldwide Corp. | 1,657 | 253,504 | ||||||
McDonald's Corp. | 26,627 | 7,027,132 | ||||||
MGM Resorts International | 50,085 | 2,154,156 | ||||||
Monarch Casino & Resort, Inc. | 5,947 | 437,818 |
51
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Noodles & Co.(1) | 20,242 | $ | 118,213 | |||||
Norwegian Cruise Line Holdings Ltd.(1) | 122,082 | 1,809,255 | ||||||
Papa John's International, Inc. | 2,161 | 181,416 | ||||||
Penn Entertainment, Inc.(1) | 31,377 | 957,940 | ||||||
Planet Fitness, Inc., Class A(1) | 4,619 | 374,370 | ||||||
Playa Hotels & Resorts NV(1) | 41,885 | 373,614 | ||||||
PlayAGS, Inc.(1) | 1,675 | 10,754 | ||||||
Potbelly Corp.(1) | 3,508 | 25,258 | ||||||
RCI Hospitality Holdings, Inc. | 3,276 | 274,431 | ||||||
Red Robin Gourmet Burgers, Inc.(1) | 318 | 2,706 | ||||||
Red Rock Resorts, Inc., Class A | 7,952 | 347,264 | ||||||
Royal Caribbean Cruises Ltd.(1) | 17,622 | 1,244,818 | ||||||
Ruth's Hospitality Group, Inc. | 10,658 | 198,772 | ||||||
SeaWorld Entertainment, Inc.(1) | 10,612 | 685,535 | ||||||
Shake Shack, Inc., Class A(1) | 5,797 | 323,415 | ||||||
Six Flags Entertainment Corp.(1) | 4,894 | 129,202 | ||||||
Starbucks Corp. | 49,743 | 5,078,263 | ||||||
Sweetgreen, Inc., Class A(1) | 1,154 | 10,063 | ||||||
Target Hospitality Corp.(1) | 14,651 | 217,274 | ||||||
Texas Roadhouse, Inc. | 27,484 | 2,790,725 | ||||||
Travel + Leisure Co. | 8,015 | 336,229 | ||||||
Vail Resorts, Inc. | 2,540 | 593,065 | ||||||
Wendy's Co. | 28,609 | 628,254 | ||||||
Wingstop, Inc. | 2,309 | 393,338 | ||||||
Wyndham Hotels & Resorts, Inc. | 7,549 | 581,424 | ||||||
Wynn Resorts Ltd.(1) | 10,378 | 1,124,664 | ||||||
Xponential Fitness, Inc., Class A(1) | 755 | 19,169 | ||||||
Yum! Brands, Inc. | 14,084 | 1,790,921 | ||||||
76,300,339 | ||||||||
Household Durables — 1.0% | ||||||||
Bassett Furniture Industries, Inc. | 1,060 | 19,663 | ||||||
Beazer Homes USA, Inc.(1) | 5,824 | 86,836 | ||||||
Cavco Industries, Inc.(1) | 2,563 | 730,455 | ||||||
Century Communities, Inc. | 10,134 | 606,115 | ||||||
Cricut, Inc., Class A | 1,702 | 18,160 | ||||||
D.R. Horton, Inc. | 64,974 | 6,008,795 | ||||||
Ethan Allen Interiors, Inc. | 12,273 | 362,667 | ||||||
Garmin Ltd. | 16,082 | 1,578,127 | ||||||
GoPro, Inc., Class A(1) | 27,918 | 144,894 | ||||||
Green Brick Partners, Inc.(1) | 7,207 | 224,858 | ||||||
Hooker Furnishings Corp. | 1,278 | 28,097 | ||||||
Hovnanian Enterprises, Inc., Class A(1) | 1,246 | 84,865 | ||||||
Installed Building Products, Inc. | 4,473 | 516,095 | ||||||
iRobot Corp.(1) | 3,375 | 138,679 | ||||||
KB Home | 17,533 | 618,389 | ||||||
La-Z-Boy, Inc. | 17,483 | 566,100 | ||||||
Legacy Housing Corp.(1) | 1,403 | 28,004 | ||||||
Leggett & Platt, Inc. | 6,674 | 230,186 | ||||||
Lennar Corp., B Shares | 2,642 | 215,746 | ||||||
Lennar Corp., Class A | 54,112 | 5,234,795 | ||||||
LGI Homes, Inc.(1) | 4,305 | 449,055 |
52
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Lifetime Brands, Inc. | 8 | $ | 63 | |||||
Lovesac Co.(1) | 605 | 17,418 | ||||||
M/I Homes, Inc.(1) | 10,215 | 590,836 | ||||||
MDC Holdings, Inc. | 14,319 | 529,803 | ||||||
Meritage Homes Corp. | 8,795 | 960,678 | ||||||
Mohawk Industries, Inc.(1) | 12,114 | 1,245,925 | ||||||
Newell Brands, Inc. | 56,563 | 830,910 | ||||||
NVR, Inc.(1) | 824 | 4,263,063 | ||||||
PulteGroup, Inc. | 53,490 | 2,924,298 | ||||||
Purple Innovation, Inc.(1)(2) | 7,791 | 33,657 | ||||||
Skyline Champion Corp.(1) | 22,761 | 1,557,080 | ||||||
Sonos, Inc.(1) | 25,445 | 494,396 | ||||||
Taylor Morrison Home Corp.(1) | 42,860 | 1,535,674 | ||||||
Tempur Sealy International, Inc. | 18,855 | 805,863 | ||||||
Toll Brothers, Inc. | 27,263 | 1,634,144 | ||||||
TopBuild Corp.(1) | 843 | 174,998 | ||||||
Tri Pointe Homes, Inc.(1) | 28,660 | 683,254 | ||||||
Universal Electronics, Inc.(1) | 2,028 | 25,796 | ||||||
Vuzix Corp.(1) | 3,281 | 13,616 | ||||||
Whirlpool Corp. | 13,624 | 1,879,840 | ||||||
38,091,893 | ||||||||
Household Products — 0.8% | ||||||||
Central Garden & Pet Co.(1) | 592 | 23,976 | ||||||
Central Garden & Pet Co., Class A(1) | 13,567 | 521,380 | ||||||
Church & Dwight Co., Inc. | 18,966 | 1,588,971 | ||||||
Clorox Co. | 15,969 | 2,482,221 | ||||||
Colgate-Palmolive Co. | 90,106 | 6,604,770 | ||||||
Energizer Holdings, Inc. | 337 | 12,209 | ||||||
Kimberly-Clark Corp. | 42,434 | 5,306,372 | ||||||
Oil-Dri Corp. of America | 506 | 18,940 | ||||||
Procter & Gamble Co. | 98,324 | 13,525,449 | ||||||
Reynolds Consumer Products, Inc. | 299 | 8,205 | ||||||
Spectrum Brands Holdings, Inc. | 3,925 | 251,278 | ||||||
WD-40 Co. | 834 | 144,641 | ||||||
30,488,412 | ||||||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
AES Corp. | 213,665 | 5,273,252 | ||||||
Brookfield Renewable Corp., Class A | 13,542 | 377,145 | ||||||
Clearway Energy, Inc., Class A | 6,812 | 202,384 | ||||||
Clearway Energy, Inc., Class C | 16,870 | 529,887 | ||||||
Montauk Renewables, Inc.(1) | 7,801 | 76,918 | ||||||
NextEra Energy Partners LP | 13,512 | 895,305 | ||||||
Ormat Technologies, Inc. | 10,440 | 882,389 | ||||||
Sunnova Energy International, Inc.(1) | 19,618 | 348,808 | ||||||
Vistra Corp. | 94,936 | 2,087,643 | ||||||
10,673,731 | ||||||||
Industrial Conglomerates — 0.4% | ||||||||
3M Co. | 42,394 | 4,567,530 | ||||||
General Electric Co. | 49,045 | 4,154,602 | ||||||
Honeywell International, Inc. | 26,488 | 5,071,922 | ||||||
13,794,054 |
53
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Insurance — 4.1% | ||||||||
Aflac, Inc. | 108,289 | $ | 7,379,895 | |||||
Allstate Corp. | 36,843 | 4,744,642 | ||||||
Ambac Financial Group, Inc.(1) | 19,644 | 325,108 | ||||||
American Equity Investment Life Holding Co. | 18,562 | 773,107 | ||||||
American Financial Group, Inc. | 22,578 | 3,027,936 | ||||||
American International Group, Inc. | 151,794 | 9,276,131 | ||||||
AMERISAFE, Inc. | 4,556 | 248,484 | ||||||
Aon PLC, Class A | 15,290 | 4,648,925 | ||||||
Arch Capital Group Ltd.(1) | 69,912 | 4,893,840 | ||||||
Argo Group International Holdings Ltd. | 9,288 | 269,816 | ||||||
Arthur J Gallagher & Co. | 25,936 | 4,859,110 | ||||||
Assurant, Inc. | 7,908 | 1,007,400 | ||||||
Assured Guaranty Ltd. | 16,621 | 1,037,317 | ||||||
Axis Capital Holdings Ltd. | 31,823 | 1,932,293 | ||||||
Brighthouse Financial, Inc.(1) | 22,769 | 1,316,731 | ||||||
Brown & Brown, Inc. | 6,326 | 354,699 | ||||||
Chubb Ltd. | 38,987 | 8,227,037 | ||||||
Cincinnati Financial Corp. | 21,673 | 2,615,931 | ||||||
CNA Financial Corp. | 4,888 | 213,997 | ||||||
CNO Financial Group, Inc. | 59,669 | 1,528,720 | ||||||
Donegal Group, Inc., Class A | 1,311 | 20,150 | ||||||
Employers Holdings, Inc. | 8,352 | 370,912 | ||||||
Enstar Group Ltd.(1) | 1,892 | 462,613 | ||||||
Erie Indemnity Co., Class A | 3,782 | 890,245 | ||||||
Everest Re Group Ltd. | 8,553 | 3,284,095 | ||||||
F&G Annuities & Life, Inc. | 4,837 | 98,530 | ||||||
Fidelity National Financial, Inc. | 73,498 | 2,929,630 | ||||||
First American Financial Corp. | 28,984 | 1,645,712 | ||||||
Genworth Financial, Inc., Class A(1) | 168,201 | 1,047,892 | ||||||
Globe Life, Inc. | 19,148 | 2,330,120 | ||||||
Greenlight Capital Re Ltd., A Shares(1) | 2,295 | 21,068 | ||||||
Hallmark Financial Services, Inc.(1) | 14 | 154 | ||||||
Hanover Insurance Group, Inc. | 6,060 | 845,249 | ||||||
Hartford Financial Services Group, Inc. | 91,137 | 7,134,204 | ||||||
HCI Group, Inc.(2) | 848 | 44,520 | ||||||
Horace Mann Educators Corp. | 14,116 | 521,727 | ||||||
James River Group Holdings Ltd. | 4,260 | 102,666 | ||||||
Kemper Corp. | 9,068 | 558,589 | ||||||
Kinsale Capital Group, Inc. | 4,262 | 1,358,299 | ||||||
Lemonade, Inc.(1) | 7,591 | 123,733 | ||||||
Lincoln National Corp. | 23,599 | 748,560 | ||||||
Loews Corp. | 35,591 | 2,174,254 | ||||||
Markel Corp.(1) | 1,835 | 2,440,293 | ||||||
Marsh & McLennan Cos., Inc. | 22,775 | 3,692,739 | ||||||
MBIA, Inc.(1) | 2,999 | 41,356 | ||||||
Mercury General Corp. | 4,573 | 155,711 | ||||||
MetLife, Inc. | 97,861 | 7,019,570 | ||||||
National Western Life Group, Inc., Class A | 527 | 142,179 | ||||||
Old Republic International Corp. | 89,505 | 2,360,247 | ||||||
Oscar Health, Inc., Class A(1)(2) | 22,659 | 125,531 |
54
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Palomar Holdings, Inc.(1) | 2,311 | $ | 138,660 | |||||
Primerica, Inc. | 15,484 | 2,971,999 | ||||||
Principal Financial Group, Inc. | 49,443 | 4,428,115 | ||||||
ProAssurance Corp. | 12,114 | 240,948 | ||||||
Progressive Corp. | 76,826 | 11,026,068 | ||||||
Prudential Financial, Inc. | 68,291 | 6,829,100 | ||||||
Reinsurance Group of America, Inc. | 18,977 | 2,741,607 | ||||||
RenaissanceRe Holdings Ltd. | 10,450 | 2,245,705 | ||||||
RLI Corp. | 7,513 | 1,036,118 | ||||||
Ryan Specialty Holdings, Inc.(1) | 2,762 | 116,335 | ||||||
Safety Insurance Group, Inc. | 3,893 | 314,126 | ||||||
Selective Insurance Group, Inc. | 14,708 | 1,493,303 | ||||||
SiriusPoint Ltd.(1) | 23,973 | 170,208 | ||||||
Stewart Information Services Corp. | 9,775 | 415,340 | ||||||
Tiptree, Inc. | 3,227 | 51,955 | ||||||
Travelers Cos., Inc. | 53,812 | 9,961,677 | ||||||
Trupanion, Inc.(1)(2) | 993 | 58,964 | ||||||
United Fire Group, Inc. | 7,019 | 200,322 | ||||||
Universal Insurance Holdings, Inc. | 2,776 | 53,660 | ||||||
Unum Group | 58,267 | 2,595,795 | ||||||
W R Berkley Corp. | 37,015 | 2,450,023 | ||||||
White Mountains Insurance Group Ltd. | 700 | 1,010,499 | ||||||
Willis Towers Watson PLC | 5,243 | 1,228,750 | ||||||
153,150,944 | ||||||||
Interactive Media and Services — 2.6% | ||||||||
Alphabet, Inc., Class A(1) | 385,483 | 34,716,599 | ||||||
Alphabet, Inc., Class C(1) | 340,178 | 30,718,074 | ||||||
Cargurus, Inc.(1) | 9,066 | 154,575 | ||||||
Cars.com, Inc.(1) | 33,256 | 638,515 | ||||||
EverQuote, Inc., Class A(1) | 1,005 | 13,718 | ||||||
IAC, Inc.(1) | 8,432 | 437,958 | ||||||
Match Group, Inc.(1) | 8,277 | 342,833 | ||||||
Meta Platforms, Inc., Class A(1) | 148,133 | 25,914,387 | ||||||
Nextdoor Holdings, Inc.(1) | 6,500 | 13,390 | ||||||
Pinterest, Inc., Class A(1) | 55,076 | 1,382,959 | ||||||
QuinStreet, Inc.(1) | 6,577 | 111,612 | ||||||
Shutterstock, Inc. | 5,149 | 387,308 | ||||||
Snap, Inc., Class A(1) | 27,442 | 278,536 | ||||||
TripAdvisor, Inc.(1) | 10,645 | 229,613 | ||||||
TrueCar, Inc.(1) | 11,316 | 26,366 | ||||||
Yelp, Inc.(1) | 11,801 | 354,266 | ||||||
Ziff Davis, Inc.(1) | 5,432 | 429,019 | ||||||
ZipRecruiter, Inc., Class A(1) | 21,735 | 370,799 | ||||||
ZoomInfo Technologies, Inc.(1) | 9,741 | 235,440 | ||||||
96,755,967 | ||||||||
Internet and Direct Marketing Retail — 1.3% | ||||||||
1-800-Flowers.com, Inc., Class A(1) | 3,337 | 33,036 | ||||||
Amazon.com, Inc.(1) | 396,187 | 37,332,701 | ||||||
CarParts.com, Inc.(1) | 3,855 | 24,171 | ||||||
Chewy, Inc., Class A(1)(2) | 15,089 | 611,859 | ||||||
DoorDash, Inc., Class A(1) | 13,966 | 763,382 |
55
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Duluth Holdings, Inc., Class B(1) | 133 | $ | 799 | |||||
eBay, Inc. | 131,750 | 6,047,325 | ||||||
Etsy, Inc.(1) | 10,358 | 1,257,565 | ||||||
Lands' End, Inc.(1) | 527 | 4,005 | ||||||
MercadoLibre, Inc.(1) | 1,610 | 1,964,200 | ||||||
PetMed Express, Inc.(2) | 2,067 | 38,818 | ||||||
Qurate Retail, Inc., Series A(1) | 25,054 | 52,864 | ||||||
Stitch Fix, Inc., Class A(1) | 1,184 | 5,518 | ||||||
Wayfair, Inc., Class A(1) | 2,433 | 98,512 | ||||||
48,234,755 | ||||||||
IT Services — 3.2% | ||||||||
Accenture PLC, Class A | 43,223 | 11,477,868 | ||||||
Affirm Holdings, Inc.(1)(2) | 3,842 | 52,328 | ||||||
Akamai Technologies, Inc.(1) | 21,911 | 1,590,739 | ||||||
Amdocs Ltd. | 13,175 | 1,206,962 | ||||||
Automatic Data Processing, Inc. | 48,797 | 10,726,556 | ||||||
AvidXchange Holdings, Inc.(1) | 7,291 | 72,545 | ||||||
Block, Inc.(1) | 9,835 | 754,640 | ||||||
Broadridge Financial Solutions, Inc., ADR | 11,095 | 1,561,954 | ||||||
Cass Information Systems, Inc. | 5,024 | 242,910 | ||||||
Cloudflare, Inc., Class A(1) | 6,127 | 367,681 | ||||||
Cognizant Technology Solutions Corp., Class A | 60,691 | 3,801,077 | ||||||
Computer Task Group, Inc.(1) | 51 | 378 | ||||||
Concentrix Corp. | 5,671 | 776,020 | ||||||
Conduent, Inc.(1) | 4,885 | 19,442 | ||||||
CSG Systems International, Inc. | 10,690 | 600,778 | ||||||
DigitalOcean Holdings, Inc.(1) | 6,915 | 221,142 | ||||||
DXC Technology Co.(1) | 65,067 | 1,804,959 | ||||||
EPAM Systems, Inc.(1) | 6,586 | 2,026,183 | ||||||
Euronet Worldwide, Inc.(1) | 6,678 | 726,900 | ||||||
EVERTEC, Inc. | 11,391 | 419,303 | ||||||
Evo Payments, Inc., Class A(1) | 1,906 | 64,518 | ||||||
ExlService Holdings, Inc.(1) | 3,188 | 524,458 | ||||||
Fastly, Inc., Class A(1) | 7,980 | 110,842 | ||||||
Fidelity National Information Services, Inc. | 15,923 | 1,009,040 | ||||||
Fiserv, Inc.(1) | 16,686 | 1,920,392 | ||||||
FleetCor Technologies, Inc.(1) | 3,886 | 834,674 | ||||||
Gartner, Inc.(1) | 6,036 | 1,978,661 | ||||||
Genpact Ltd. | 9,897 | 472,384 | ||||||
Global Payments, Inc. | 7,850 | 880,770 | ||||||
Globant SA(1) | 2,842 | 469,157 | ||||||
GoDaddy, Inc., Class A(1) | 9,135 | 691,611 | ||||||
Grid Dynamics Holdings, Inc.(1) | 1,487 | 17,324 | ||||||
Hackett Group, Inc. | 5,975 | 111,374 | ||||||
IBEX Holdings Ltd.(1) | 3,672 | 102,632 | ||||||
International Business Machines Corp. | 49,513 | 6,402,031 | ||||||
International Money Express, Inc.(1) | 11,456 | 292,701 | ||||||
Jack Henry & Associates, Inc. | 10,965 | 1,800,892 | ||||||
Kyndryl Holdings, Inc.(1) | 45,088 | 707,431 | ||||||
Marqeta, Inc., Class A(1) | 40,215 | 233,247 | ||||||
Mastercard, Inc., Class A | 54,808 | 19,472,734 |
56
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
MAXIMUS, Inc. | 7,580 | $ | 622,166 | |||||
MongoDB, Inc.(1) | 1,166 | 244,300 | ||||||
Okta, Inc.(1) | 1,770 | 126,183 | ||||||
Paychex, Inc. | 50,922 | 5,621,789 | ||||||
Payoneer Global, Inc.(1) | 84,236 | 488,569 | ||||||
PayPal Holdings, Inc.(1) | 60,878 | 4,480,621 | ||||||
Paysafe Ltd.(1) | 722 | 14,397 | ||||||
Perficient, Inc.(1) | 1,762 | 124,750 | ||||||
Remitly Global, Inc.(1) | 18,653 | 272,893 | ||||||
Sabre Corp.(1) | 21,443 | 108,502 | ||||||
Shift4 Payments, Inc., Class A(1) | 3,958 | 255,291 | ||||||
Snowflake, Inc., Class A(1) | 11,553 | 1,783,552 | ||||||
Squarespace, Inc., Class A(1) | 4,190 | 98,088 | ||||||
SS&C Technologies Holdings, Inc. | 6,732 | 395,168 | ||||||
TaskUS, Inc., Class A(1) | 3,456 | 59,460 | ||||||
Thoughtworks Holding, Inc.(1) | 1,152 | 8,479 | ||||||
Toast, Inc., Class A(1) | 19,380 | 366,670 | ||||||
TTEC Holdings, Inc. | 2,192 | 88,250 | ||||||
Twilio, Inc., Class A(1) | 10,792 | 725,330 | ||||||
Unisys Corp.(1) | 1,565 | 7,794 | ||||||
VeriSign, Inc.(1) | 4,811 | 946,949 | ||||||
Verra Mobility Corp.(1) | 23,708 | 408,489 | ||||||
Visa, Inc., Class A | 113,792 | 25,027,412 | ||||||
Western Union Co. | 60,753 | 787,359 | ||||||
WEX, Inc.(1) | 5,363 | 1,034,040 | ||||||
120,643,739 | ||||||||
Leisure Products — 0.2% | ||||||||
Acushnet Holdings Corp. | 4,952 | 238,984 | ||||||
American Outdoor Brands, Inc.(1) | 141 | 1,301 | ||||||
AMMO, Inc.(1)(2) | 9,052 | 17,651 | ||||||
Brunswick Corp. | 20,206 | 1,766,408 | ||||||
Clarus Corp. | 1,481 | 14,662 | ||||||
Hasbro, Inc. | 6,898 | 379,459 | ||||||
JAKKS Pacific, Inc.(1) | 881 | 17,039 | ||||||
Johnson Outdoors, Inc., Class A | 538 | 34,895 | ||||||
Malibu Boats, Inc., Class A(1) | 9,318 | 556,844 | ||||||
Marine Products Corp. | 2 | 26 | ||||||
MasterCraft Boat Holdings, Inc.(1) | 8,610 | 290,760 | ||||||
Mattel, Inc.(1) | 32,482 | 584,351 | ||||||
Peloton Interactive, Inc., Class A(1) | 1,635 | 21,124 | ||||||
Polaris, Inc. | 18,114 | 2,060,467 | ||||||
Smith & Wesson Brands, Inc. | 13,547 | 148,204 | ||||||
Sturm Ruger & Co., Inc. | 7,432 | 433,063 | ||||||
Topgolf Callaway Brands Corp.(1) | 21,390 | 495,820 | ||||||
Vista Outdoor, Inc.(1) | 25,786 | 736,448 | ||||||
YETI Holdings, Inc.(1) | 14,072 | 548,527 | ||||||
8,346,033 | ||||||||
Life Sciences Tools and Services — 1.0% | ||||||||
10X Genomics, Inc., Class A(1) | 4,627 | 219,875 | ||||||
AbCellera Biologics, Inc.(1)(2) | 54,474 | 457,582 | ||||||
Adaptive Biotechnologies Corp.(1) | 13,832 | 118,264 |
57
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Agilent Technologies, Inc. | 18,752 | $ | 2,662,221 | |||||
Avantor, Inc.(1) | 12,342 | 300,775 | ||||||
Azenta, Inc.(1) | 9,591 | 420,949 | ||||||
BioLife Solutions, Inc.(1) | 1,960 | 45,590 | ||||||
Bionano Genomics, Inc.(1)(2) | 30,478 | 40,841 | ||||||
Bio-Rad Laboratories, Inc., Class A(1) | 2,758 | 1,317,883 | ||||||
Bio-Techne Corp. | 10,282 | 746,884 | ||||||
Bruker Corp. | 20,083 | 1,384,120 | ||||||
Charles River Laboratories International, Inc.(1) | 2,835 | 621,829 | ||||||
Codexis, Inc.(1) | 1,188 | 5,744 | ||||||
Cytek Biosciences, Inc.(1) | 6,145 | 63,293 | ||||||
Danaher Corp. | 21,313 | 5,275,607 | ||||||
Illumina, Inc.(1) | 7,115 | 1,417,308 | ||||||
Inotiv, Inc.(1)(2) | 2,334 | 17,505 | ||||||
IQVIA Holdings, Inc.(1) | 11,039 | 2,301,300 | ||||||
Maravai LifeSciences Holdings, Inc., Class A(1) | 15,738 | 232,135 | ||||||
MaxCyte, Inc.(1) | 13,261 | 60,205 | ||||||
Medpace Holdings, Inc.(1) | 4,088 | 792,581 | ||||||
Mettler-Toledo International, Inc.(1) | 2,910 | 4,172,096 | ||||||
NanoString Technologies, Inc.(1) | 1,738 | 16,963 | ||||||
OmniAb, Inc.(1) | 1,555 | 4,306 | ||||||
OmniAb, Inc.(1) | 1,555 | 4,141 | ||||||
PerkinElmer, Inc. | 6,154 | 766,604 | ||||||
Quanterix Corp.(1) | 6,794 | 74,734 | ||||||
Quantum-Si, Inc.(1) | 8,490 | 15,452 | ||||||
Repligen Corp.(1) | 4,103 | 715,440 | ||||||
Seer, Inc.(1) | 6,973 | 28,520 | ||||||
SomaLogic, Inc.(1) | 18,392 | 46,716 | ||||||
Sotera Health Co.(1) | 8,227 | 137,309 | ||||||
Syneos Health, Inc.(1) | 1,274 | 51,240 | ||||||
Thermo Fisher Scientific, Inc. | 13,432 | 7,276,920 | ||||||
Waters Corp.(1) | 9,522 | 2,960,295 | ||||||
West Pharmaceutical Services, Inc. | 8,004 | 2,537,508 | ||||||
37,310,735 | ||||||||
Machinery — 2.6% | ||||||||
AGCO Corp. | 11,629 | 1,637,479 | ||||||
Alamo Group, Inc. | 1,827 | 333,227 | ||||||
Albany International Corp., Class A | 9,005 | 908,785 | ||||||
Allison Transmission Holdings, Inc. | 14,113 | 670,368 | ||||||
Altra Industrial Motion Corp. | 3,431 | 211,109 | ||||||
Astec Industries, Inc. | 5,392 | 242,802 | ||||||
Barnes Group, Inc. | 9,442 | 397,886 | ||||||
Caterpillar, Inc. | 65,352 | 15,655,072 | ||||||
Chart Industries, Inc.(1) | 2,835 | 378,473 | ||||||
Columbus McKinnon Corp. | 1,487 | 55,197 | ||||||
Commercial Vehicle Group, Inc.(1) | 7,054 | 55,727 | ||||||
Crane Holdings Co. | 4,187 | 501,519 | ||||||
Cummins, Inc. | 23,322 | 5,669,112 | ||||||
Deere & Co. | 43,892 | 18,401,282 | ||||||
Desktop Metal, Inc., Class A(1)(2) | 15,754 | 23,946 | ||||||
Donaldson Co., Inc. | 30,633 | 1,937,537 |
58
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Dover Corp. | 5,518 | $ | 827,148 | |||||
Enerpac Tool Group Corp. | 6,721 | 180,997 | ||||||
ESCO Technologies, Inc. | 3,441 | 320,667 | ||||||
Evoqua Water Technologies Corp.(1) | 10,486 | 509,200 | ||||||
Federal Signal Corp. | 8,979 | 473,822 | ||||||
Fortive Corp. | 11,379 | 758,524 | ||||||
Franklin Electric Co., Inc. | 2,042 | 195,154 | ||||||
Gates Industrial Corp. PLC(1) | 14,379 | 201,881 | ||||||
Graco, Inc. | 24,999 | 1,738,430 | ||||||
Greenbrier Cos., Inc. | 13,537 | 434,673 | ||||||
Helios Technologies, Inc. | 5,000 | 338,700 | ||||||
Hillenbrand, Inc. | 4,609 | 217,268 | ||||||
Hillman Solutions Corp.(1) | 14,883 | 132,310 | ||||||
Hyliion Holdings Corp.(1) | 15,309 | 43,324 | ||||||
Hyster-Yale Materials Handling, Inc. | 1,633 | 63,540 | ||||||
IDEX Corp. | 5,192 | 1,168,096 | ||||||
Illinois Tool Works, Inc. | 24,462 | 5,703,560 | ||||||
Ingersoll Rand, Inc. | 32,561 | 1,890,817 | ||||||
ITT, Inc. | 10,862 | 987,247 | ||||||
John Bean Technologies Corp. | 338 | 37,481 | ||||||
Kadant, Inc. | 2,384 | 511,749 | ||||||
Kennametal, Inc. | 26,551 | 752,190 | ||||||
Lincoln Electric Holdings, Inc. | 16,199 | 2,720,298 | ||||||
Lindsay Corp. | 1,586 | 238,677 | ||||||
Manitowoc Co., Inc.(1) | 4,355 | 82,353 | ||||||
Mayville Engineering Co., Inc.(1) | 2,072 | 33,608 | ||||||
Microvast Holdings, Inc.(1) | 18,299 | 23,606 | ||||||
Middleby Corp.(1) | 2,515 | 391,057 | ||||||
Miller Industries, Inc. | 1,362 | 37,877 | ||||||
Mueller Industries, Inc. | 26,646 | 1,971,005 | ||||||
Mueller Water Products, Inc., Class A | 43,560 | 604,177 | ||||||
Nikola Corp.(1)(2) | 2,826 | 6,274 | ||||||
Nordson Corp. | 3,803 | 835,291 | ||||||
Omega Flex, Inc. | 306 | 35,612 | ||||||
Oshkosh Corp. | 10,391 | 926,773 | ||||||
Otis Worldwide Corp. | 19,829 | 1,677,930 | ||||||
PACCAR, Inc. | 107,261 | 7,744,244 | ||||||
Parker-Hannifin Corp. | 6,034 | 2,123,063 | ||||||
Park-Ohio Holdings Corp. | 42 | 559 | ||||||
Pentair PLC | 5,088 | 284,623 | ||||||
Proterra, Inc.(1)(2) | 24,195 | 101,619 | ||||||
Proto Labs, Inc.(1) | 2,782 | 87,466 | ||||||
RBC Bearings, Inc.(1) | 2,770 | 636,574 | ||||||
REV Group, Inc. | 10,931 | 127,783 | ||||||
Snap-on, Inc. | 10,591 | 2,633,770 | ||||||
SPX Technologies, Inc.(1) | 5,469 | 385,236 | ||||||
Standex International Corp. | 2,328 | 269,303 | ||||||
Stanley Black & Decker, Inc. | 3,417 | 292,529 | ||||||
Tennant Co. | 2,019 | 142,986 | ||||||
Terex Corp. | 19,103 | 1,131,089 | ||||||
Timken Co. | 15,781 | 1,348,486 |
59
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Titan International, Inc.(1) | 25,155 | $ | 312,174 | |||||
Toro Co. | 15,116 | 1,669,411 | ||||||
Trinity Industries, Inc. | 20,663 | 576,704 | ||||||
Wabash National Corp. | 26,314 | 721,004 | ||||||
Watts Water Technologies, Inc., Class A | 4,581 | 802,729 | ||||||
Westinghouse Air Brake Technologies Corp. | 11,961 | 1,247,891 | ||||||
Xylem, Inc. | 10,739 | 1,102,358 | ||||||
97,892,438 | ||||||||
Marine — 0.1% | ||||||||
Costamare, Inc. | 13,185 | 138,443 | ||||||
Eagle Bulk Shipping, Inc.(2) | 4,757 | 310,489 | ||||||
Eneti, Inc. | 3,569 | 37,760 | ||||||
Genco Shipping & Trading Ltd. | 17,009 | 324,021 | ||||||
Kirby Corp.(1) | 18,020 | 1,306,991 | ||||||
Matson, Inc. | 14,571 | 969,117 | ||||||
Pangaea Logistics Solutions Ltd. | 1,520 | 10,093 | ||||||
Safe Bulkers, Inc.(2) | 15,972 | 59,895 | ||||||
3,156,809 | ||||||||
Media — 0.8% | ||||||||
Altice USA, Inc., Class A(1) | 20,711 | 82,016 | ||||||
AMC Networks, Inc., Class A(1) | 8,674 | 193,951 | ||||||
Boston Omaha Corp., Class A(1) | 3,267 | 78,702 | ||||||
Cable One, Inc. | 1,463 | 1,010,362 | ||||||
Charter Communications, Inc., Class A(1) | 4,955 | 1,821,508 | ||||||
Comcast Corp., Class A | 339,108 | 12,604,644 | ||||||
Cumulus Media, Inc., Class A(1) | 4,685 | 25,393 | ||||||
Daily Journal Corp.(1) | 69 | 20,954 | ||||||
DISH Network Corp., Class A(1) | 47,674 | 543,960 | ||||||
E.W. Scripps Co., Class A(1) | 572 | 7,219 | ||||||
Emerald Holding, Inc.(1) | 896 | 3,414 | ||||||
Entravision Communications Corp., Class A | 20,342 | 133,443 | ||||||
Fox Corp., Class A | 71,630 | 2,508,483 | ||||||
Fox Corp., Class B | 33,236 | 1,071,861 | ||||||
Gray Television, Inc. | 23,049 | 269,673 | ||||||
iHeartMedia, Inc., Class A(1) | 8,717 | 63,285 | ||||||
Interpublic Group of Cos., Inc. | 20,267 | 720,289 | ||||||
John Wiley & Sons, Inc., Class A | 1,862 | 82,840 | ||||||
Liberty Broadband Corp., Class A(1) | 923 | 80,052 | ||||||
Liberty Broadband Corp., Class C(1) | 12,199 | 1,057,287 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A(1) | 2,119 | 68,634 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C(1) | 6,803 | 219,193 | ||||||
Loyalty Ventures, Inc.(1) | 43 | 76 | ||||||
Magnite, Inc.(1) | 8,405 | 93,548 | ||||||
New York Times Co., Class A | 28,931 | 1,113,843 | ||||||
News Corp., Class A | 59,914 | 1,027,525 | ||||||
News Corp., Class B | 18,047 | 311,491 | ||||||
Nexstar Media Group, Inc., Class A | 4,578 | 851,050 | ||||||
Omnicom Group, Inc. | 12,946 | 1,172,519 | ||||||
Paramount Global, Class B | 52,028 | 1,114,440 | ||||||
PubMatic, Inc., Class A(1) | 11,858 | 180,004 | ||||||
Scholastic Corp. | 10,111 | 461,163 |
60
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Sinclair Broadcast Group, Inc., Class A | 3,662 | $ | 59,581 | |||||
Sirius XM Holdings, Inc. | 25,864 | 113,543 | ||||||
TechTarget, Inc.(1) | 1,823 | 68,782 | ||||||
TEGNA, Inc. | 24 | 418 | ||||||
Thryv Holdings, Inc.(1) | 1,490 | 35,522 | ||||||
Trade Desk, Inc., Class A(1) | 19,752 | 1,105,322 | ||||||
WideOpenWest, Inc.(1) | 18,350 | 200,565 | ||||||
30,576,555 | ||||||||
Metals and Mining — 1.8% | ||||||||
Alcoa Corp. | 54,400 | 2,662,336 | ||||||
Alpha Metallurgical Resources, Inc. | 7,017 | 1,177,032 | ||||||
Arconic Corp.(1) | 24,407 | 645,321 | ||||||
ATI, Inc.(1) | 49,696 | 2,020,142 | ||||||
Carpenter Technology Corp. | 11,424 | 552,122 | ||||||
Century Aluminum Co.(1) | 8,534 | 103,005 | ||||||
Cleveland-Cliffs, Inc.(1) | 170,688 | 3,640,775 | ||||||
Coeur Mining, Inc.(1) | 60,788 | 189,659 | ||||||
Commercial Metals Co. | 48,183 | 2,493,470 | ||||||
Compass Minerals International, Inc. | 15,906 | 612,858 | ||||||
Fortitude Gold Corp. | 744 | 4,672 | ||||||
Freeport-McMoRan, Inc. | 299,814 | 12,283,380 | ||||||
Gatos Silver, Inc.(1) | 12,800 | 51,712 | ||||||
Gold Resource Corp.(2) | 5,263 | 4,813 | ||||||
Haynes International, Inc. | 2,622 | 143,450 | ||||||
Hecla Mining Co. | 116,770 | 601,366 | ||||||
Kaiser Aluminum Corp. | 5,444 | 431,818 | ||||||
McEwen Mining, Inc.(1)(2) | 3,538 | 24,058 | ||||||
MP Materials Corp.(1) | 24,050 | 841,750 | ||||||
Newmont Corp. | 162,548 | 7,088,718 | ||||||
Nucor Corp. | 65,533 | 10,972,846 | ||||||
Olympic Steel, Inc. | 4,487 | 235,568 | ||||||
Piedmont Lithium, Inc.(1)(2) | 1,501 | 97,415 | ||||||
Ramaco Resources, Inc.(2) | 6,514 | 64,814 | ||||||
Reliance Steel & Aluminum Co. | 17,592 | 4,360,001 | ||||||
Royal Gold, Inc. | 12,353 | 1,467,413 | ||||||
Ryerson Holding Corp. | 11,097 | 398,715 | ||||||
Schnitzer Steel Industries, Inc., Class A | 10,425 | 340,793 | ||||||
Steel Dynamics, Inc. | 60,482 | 7,627,385 | ||||||
SunCoke Energy, Inc. | 44,127 | 419,648 | ||||||
TimkenSteel Corp.(1) | 20,204 | 369,531 | ||||||
Tredegar Corp. | 6,485 | 75,356 | ||||||
United States Steel Corp. | 85,506 | 2,619,049 | ||||||
Warrior Met Coal, Inc. | 27,497 | 1,052,310 | ||||||
Worthington Industries, Inc. | 8,826 | 533,443 | ||||||
66,206,744 | ||||||||
Multiline Retail — 0.6% | ||||||||
Big Lots, Inc. | 11,111 | 159,443 | ||||||
Dillard's, Inc., Class A | 1,702 | 606,610 | ||||||
Dollar General Corp. | 22,676 | 4,904,819 | ||||||
Dollar Tree, Inc.(1) | 26,358 | 3,829,290 | ||||||
Kohl's Corp. | 36,772 | 1,031,087 |
61
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Macy's, Inc. | 109,932 | $ | 2,249,209 | |||||
Nordstrom, Inc. | 44,584 | 868,496 | ||||||
Ollie's Bargain Outlet Holdings, Inc.(1) | 7,467 | 429,651 | ||||||
Target Corp. | 55,451 | 9,343,493 | ||||||
23,422,098 | ||||||||
Multi-Utilities — 0.8% | ||||||||
Ameren Corp. | 32,604 | 2,696,677 | ||||||
Avista Corp. | 17,277 | 710,430 | ||||||
Black Hills Corp. | 657 | 40,346 | ||||||
CenterPoint Energy, Inc. | 93,485 | 2,600,753 | ||||||
CMS Energy Corp. | 24,535 | 1,446,829 | ||||||
Consolidated Edison, Inc. | 54,506 | 4,870,111 | ||||||
Dominion Energy, Inc. | 50,892 | 2,830,613 | ||||||
DTE Energy Co. | 15,996 | 1,754,921 | ||||||
NiSource, Inc. | 80,268 | 2,201,751 | ||||||
NorthWestern Corp. | 10,284 | 594,210 | ||||||
Public Service Enterprise Group, Inc. | 63,298 | 3,825,098 | ||||||
Sempra Energy | 29,393 | 4,407,774 | ||||||
Unitil Corp. | 4,249 | 230,806 | ||||||
WEC Energy Group, Inc. | 21,972 | 1,948,038 | ||||||
30,158,357 | ||||||||
Oil, Gas and Consumable Fuels — 8.1% | ||||||||
Aemetis, Inc.(1) | 1,036 | 3,699 | ||||||
Alto Ingredients, Inc.(1) | 4,759 | 13,896 | ||||||
Amplify Energy Corp.(1) | 1,985 | 16,634 | ||||||
Antero Midstream Corp. | 103,369 | 1,089,509 | ||||||
Antero Resources Corp.(1) | 90,779 | 2,378,410 | ||||||
APA Corp. | 109,650 | 4,208,367 | ||||||
Arch Resources, Inc. | 9,898 | 1,557,450 | ||||||
Ardmore Shipping Corp. | 8,356 | 151,661 | ||||||
Battalion Oil Corp.(1) | 400 | 3,604 | ||||||
Berry Corp. | 32,729 | 308,635 | ||||||
California Resources Corp. | 25,928 | 1,094,162 | ||||||
Callon Petroleum Co.(1) | 27,594 | 1,069,543 | ||||||
Centrus Energy Corp., Class A(1) | 438 | 19,627 | ||||||
Cheniere Energy, Inc. | 12,937 | 2,035,508 | ||||||
Chesapeake Energy Corp. | 46,851 | 3,786,029 | ||||||
Chevron Corp. | 184,337 | 29,635,860 | ||||||
Chord Energy Corp. | 15,875 | 2,137,093 | ||||||
Civitas Resources, Inc. | 24,094 | 1,690,676 | ||||||
Clean Energy Fuels Corp.(1) | 27,485 | 153,916 | ||||||
CNX Resources Corp.(1) | 75,244 | 1,154,995 | ||||||
Comstock Resources, Inc.(2) | 57,697 | 700,442 | ||||||
ConocoPhillips | 198,722 | 20,537,919 | ||||||
CONSOL Energy, Inc. | 16,050 | 878,417 | ||||||
Coterra Energy, Inc. | 231,187 | 5,772,739 | ||||||
Crescent Energy Co., Class A(2) | 16,054 | 185,263 | ||||||
CVR Energy, Inc. | 13,767 | 436,827 | ||||||
Delek US Holdings, Inc. | 36,199 | 911,129 | ||||||
Denbury, Inc.(1) | 19,945 | 1,662,815 | ||||||
Devon Energy Corp. | 161,562 | 8,711,423 |
62
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
DHT Holdings, Inc. | 36,170 | $ | 418,487 | |||||
Diamondback Energy, Inc. | 53,173 | 7,475,060 | ||||||
Dorian LPG Ltd. | 15,692 | 344,439 | ||||||
DT Midstream, Inc. | 21,583 | 1,083,467 | ||||||
Earthstone Energy, Inc., Class A(1) | 31,196 | 435,184 | ||||||
EnLink Midstream LLC(1) | 110,218 | 1,241,055 | ||||||
EOG Resources, Inc. | 114,920 | 12,988,258 | ||||||
EQT Corp. | 105,401 | 3,497,205 | ||||||
Equitrans Midstream Corp. | 211,859 | 1,277,510 | ||||||
Evolution Petroleum Corp. | 12,414 | 80,815 | ||||||
Excelerate Energy, Inc., Class A | 1,927 | 41,642 | ||||||
Exxon Mobil Corp. | 436,680 | 47,995,499 | ||||||
Gevo, Inc.(1)(2) | 27,330 | 50,561 | ||||||
Green Plains, Inc.(1) | 17,423 | 604,055 | ||||||
Gulfport Energy Corp.(1) | 4,328 | 286,167 | ||||||
Hallador Energy Co.(1) | 5,335 | 40,706 | ||||||
Hess Corp. | 71,628 | 9,648,292 | ||||||
Hess Midstream LP, Class A | 12,639 | 346,561 | ||||||
HF Sinclair Corp. | 54,897 | 2,729,479 | ||||||
HighPeak Energy, Inc.(2) | 5,048 | 135,034 | ||||||
International Seaways, Inc. | 12,549 | 645,521 | ||||||
Kimbell Royalty Partners LP | 26,470 | 408,432 | ||||||
Kinder Morgan, Inc. | 185,641 | 3,167,035 | ||||||
Kinetik Holdings, Inc.(2) | 479 | 14,250 | ||||||
Kosmos Energy Ltd.(1) | 211,345 | 1,663,285 | ||||||
Magnolia Oil & Gas Corp., Class A | 71,824 | 1,569,354 | ||||||
Marathon Oil Corp. | 220,566 | 5,547,235 | ||||||
Marathon Petroleum Corp. | 107,923 | 13,339,283 | ||||||
Matador Resources Co. | 46,473 | 2,499,783 | ||||||
Murphy Oil Corp. | 65,489 | 2,555,381 | ||||||
NACCO Industries, Inc., Class A | 767 | 28,678 | ||||||
New Fortress Energy, Inc. | 4,384 | 144,628 | ||||||
NextDecade Corp.(1) | 153 | 1,080 | ||||||
Nordic American Tankers Ltd. | 48,074 | 212,968 | ||||||
Northern Oil & Gas, Inc. | 33,980 | 1,054,739 | ||||||
Occidental Petroleum Corp. | 146,449 | 8,576,053 | ||||||
ONEOK, Inc. | 110,628 | 7,240,603 | ||||||
Overseas Shipholding Group, Inc., Class A(1) | 20,091 | 74,337 | ||||||
Ovintiv, Inc. | 88,723 | 3,794,683 | ||||||
Par Pacific Holdings, Inc.(1) | 33,906 | 941,909 | ||||||
PBF Energy, Inc., Class A | 58,267 | 2,546,851 | ||||||
PDC Energy, Inc. | 38,338 | 2,572,863 | ||||||
Peabody Energy Corp.(1) | 53,340 | 1,456,182 | ||||||
Permian Resources Corp. | 73,583 | 795,432 | ||||||
Phillips 66 | 107,126 | 10,986,843 | ||||||
PHX Minerals, Inc. | 28 | 80 | ||||||
Pioneer Natural Resources Co. | 44,084 | 8,834,874 | ||||||
Plains GP Holdings LP, Class A(2) | 76,021 | 1,057,452 | ||||||
Range Resources Corp. | 97,557 | 2,628,186 | ||||||
Ranger Oil Corp., Class A | 10,552 | 437,908 | ||||||
REX American Resources Corp.(1) | 6,239 | 205,949 |
63
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Riley Exploration Permian, Inc. | 1,214 | $ | 37,148 | |||||
Ring Energy, Inc.(1)(2) | 28,089 | 58,987 | ||||||
SandRidge Energy, Inc.(1) | 14,963 | 218,310 | ||||||
Scorpio Tankers, Inc. | 13,409 | 809,367 | ||||||
SFL Corp. Ltd. | 48,270 | 498,146 | ||||||
SilverBow Resources, Inc.(1) | 5,692 | 140,137 | ||||||
Sitio Royalties Corp., Class A | 21,251 | 499,611 | ||||||
SM Energy Co. | 54,655 | 1,612,869 | ||||||
Southwestern Energy Co.(1) | 447,461 | 2,371,543 | ||||||
Talos Energy, Inc.(1) | 37,180 | 662,176 | ||||||
Targa Resources Corp. | 69,238 | 5,130,536 | ||||||
Teekay Corp.(1) | 10,064 | 62,799 | ||||||
Teekay Tankers Ltd., Class A(1) | 5,805 | 262,096 | ||||||
Tellurian, Inc.(1)(2) | 21,113 | 31,458 | ||||||
Texas Pacific Land Corp. | 1,868 | 3,325,395 | ||||||
Uranium Energy Corp.(1) | 28,946 | 107,100 | ||||||
VAALCO Energy, Inc. | 38,174 | 179,036 | ||||||
Valero Energy Corp. | 88,731 | 11,688,535 | ||||||
Viper Energy Partners LP | 12,123 | 347,082 | ||||||
Vital Energy, Inc.(1) | 7,723 | 396,885 | ||||||
Vitesse Energy, Inc.(1) | 4,290 | 74,603 | ||||||
W&T Offshore, Inc.(1) | 5,246 | 29,430 | ||||||
Williams Cos., Inc. | 226,742 | 6,824,934 | ||||||
World Fuel Services Corp. | 19,024 | 522,209 | ||||||
303,917,973 | ||||||||
Paper and Forest Products — 0.1% | ||||||||
Clearwater Paper Corp.(1) | 9,107 | 351,439 | ||||||
Glatfelter Corp. | 2,820 | 10,829 | ||||||
Louisiana-Pacific Corp. | 28,690 | 1,678,652 | ||||||
Mercer International, Inc. | 17,446 | 188,068 | ||||||
Sylvamo Corp. | 20,250 | 998,932 | ||||||
3,227,920 | ||||||||
Personal Products — 0.2% | ||||||||
BellRing Brands, Inc.(1) | 389 | 12,012 | ||||||
Coty, Inc., Class A(1) | 6,724 | 75,981 | ||||||
Edgewell Personal Care Co. | 10,856 | 463,551 | ||||||
elf Beauty, Inc.(1) | 3,548 | 265,213 | ||||||
Estee Lauder Cos., Inc., Class A | 17,950 | 4,362,748 | ||||||
Herbalife Nutrition Ltd.(1) | 7,525 | 145,609 | ||||||
Inter Parfums, Inc. | 2,531 | 304,758 | ||||||
Lifevantage Corp. | 15 | 58 | ||||||
Medifast, Inc. | 3,988 | 447,174 | ||||||
Nature's Sunshine Products, Inc.(1) | 2 | 22 | ||||||
Nu Skin Enterprises, Inc., Class A | 19,834 | 790,187 | ||||||
Olaplex Holdings, Inc.(1) | 10,073 | 49,559 | ||||||
Thorne HealthTech, Inc.(1) | 1,462 | 7,237 | ||||||
USANA Health Sciences, Inc.(1) | 3,082 | 187,324 | ||||||
7,111,433 | ||||||||
Pharmaceuticals — 3.9% | ||||||||
Aclaris Therapeutics, Inc.(1) | 6,019 | 74,997 | ||||||
Amneal Pharmaceuticals, Inc.(1) | 3,268 | 6,732 |
64
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Amphastar Pharmaceuticals, Inc.(1) | 8,446 | $ | 269,090 | |||||
ANI Pharmaceuticals, Inc.(1) | 2,156 | 90,207 | ||||||
Arvinas, Inc.(1) | 21,782 | 667,618 | ||||||
Assertio Holdings, Inc.(1)(2) | 26,321 | 145,555 | ||||||
ATAI Life Sciences NV(1)(2) | 9,588 | 16,108 | ||||||
Atea Pharmaceuticals, Inc.(1) | 11,053 | 39,128 | ||||||
Bristol-Myers Squibb Co. | 251,296 | 17,329,372 | ||||||
Cassava Sciences, Inc.(1) | 1,104 | 27,269 | ||||||
Catalent, Inc.(1) | 11,845 | 808,066 | ||||||
CinCor Pharma, Inc.(1) | 3,906 | 11,952 | ||||||
Collegium Pharmaceutical, Inc.(1) | 4,748 | 125,964 | ||||||
Corcept Therapeutics, Inc.(1) | 28,458 | 592,780 | ||||||
DICE Therapeutics, Inc.(1) | 6,050 | 180,532 | ||||||
Edgewise Therapeutics, Inc.(1)(2) | 6,983 | 66,897 | ||||||
Elanco Animal Health, Inc.(1) | 41,470 | 475,661 | ||||||
Eli Lilly & Co. | 68,691 | 21,378,013 | ||||||
Esperion Therapeutics, Inc.(1) | 3,943 | 24,368 | ||||||
Fulcrum Therapeutics, Inc.(1) | 8,357 | 50,476 | ||||||
Harmony Biosciences Holdings, Inc.(1) | 11,263 | 495,910 | ||||||
Harrow Health, Inc.(1) | 10,262 | 183,895 | ||||||
Innoviva, Inc.(1) | 29,880 | 360,652 | ||||||
Intra-Cellular Therapies, Inc.(1) | 514 | 25,201 | ||||||
Jazz Pharmaceuticals PLC(1) | 20,617 | 2,894,627 | ||||||
Johnson & Johnson | 189,069 | 28,976,715 | ||||||
KemPharm, Inc.(1) | 1,927 | 11,196 | ||||||
Ligand Pharmaceuticals, Inc.(1) | 4,344 | 313,376 | ||||||
Liquidia Corp.(1) | 1,839 | 13,921 | ||||||
Merck & Co., Inc. | 293,187 | 31,148,187 | ||||||
Nektar Therapeutics(1) | 21,804 | 30,089 | ||||||
NGM Biopharmaceuticals, Inc.(1) | 2,286 | 10,836 | ||||||
Nuvation Bio, Inc.(1) | 25,350 | 49,179 | ||||||
Oramed Pharmaceuticals, Inc.(1)(2) | 4,152 | 8,719 | ||||||
Organon & Co. | 13,269 | 324,958 | ||||||
Perrigo Co. PLC | 17,062 | 643,067 | ||||||
Pfizer, Inc. | 575,698 | 23,356,068 | ||||||
Phathom Pharmaceuticals, Inc.(1)(2) | 748 | 6,403 | ||||||
Phibro Animal Health Corp., Class A | 1,151 | 18,082 | ||||||
Pliant Therapeutics, Inc.(1) | 3,789 | 120,717 | ||||||
Prestige Consumer Healthcare, Inc.(1) | 11,971 | 721,253 | ||||||
ProPhase Labs, Inc.(2) | 3,387 | 24,759 | ||||||
Provention Bio, Inc.(1) | 5,086 | 42,214 | ||||||
Radius Health, Inc.(1) | 996 | 10 | ||||||
Royalty Pharma PLC, Class A | 31,374 | 1,124,758 | ||||||
SIGA Technologies, Inc. | 19,475 | 133,404 | ||||||
Strongbridge LLC(1) | 1,036 | 188 | ||||||
Supernus Pharmaceuticals, Inc.(1) | 19,119 | 718,683 | ||||||
Tarsus Pharmaceuticals, Inc.(1) | 2,445 | 37,873 | ||||||
Terns Pharmaceuticals, Inc.(1) | 3,729 | 37,775 | ||||||
Theravance Biopharma, Inc.(1) | 13,484 | 145,627 | ||||||
Ventyx Biosciences, Inc.(1) | 1,475 | 63,794 | ||||||
Viatris, Inc. | 379,970 | 4,331,658 |
65
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
WaVe Life Sciences Ltd.(1)(2) | 1,879 | $ | 7,892 | |||||
Zoetis, Inc. | 38,496 | 6,428,832 | ||||||
145,191,303 | ||||||||
Professional Services — 0.6% | ||||||||
Alight, Inc., Class A(1) | 15,619 | 149,942 | ||||||
ASGN, Inc.(1) | 2,198 | 195,182 | ||||||
Barrett Business Services, Inc. | 2,973 | 285,349 | ||||||
BGSF, Inc. | 7 | 99 | ||||||
Booz Allen Hamilton Holding Corp. | 15,983 | 1,514,070 | ||||||
CACI International, Inc., Class A(1) | 736 | 215,648 | ||||||
CBIZ, Inc.(1) | 16,788 | 840,911 | ||||||
Clarivate PLC(1) | 78,517 | 795,377 | ||||||
CoStar Group, Inc.(1) | 30,064 | 2,124,322 | ||||||
CRA International, Inc. | 1,558 | 193,924 | ||||||
Dun & Bradstreet Holdings, Inc. | 6,480 | 77,825 | ||||||
Equifax, Inc. | 4,673 | 946,423 | ||||||
Exponent, Inc. | 10,162 | 1,045,670 | ||||||
First Advantage Corp.(1) | 6,034 | 87,553 | ||||||
Franklin Covey Co.(1) | 5,698 | 267,065 | ||||||
FTI Consulting, Inc.(1) | 2,062 | 378,810 | ||||||
Heidrick & Struggles International, Inc. | 8,431 | 289,436 | ||||||
ICF International, Inc. | 237 | 23,579 | ||||||
Insperity, Inc. | 11,950 | 1,482,876 | ||||||
Jacobs Solutions, Inc. | 4,796 | 573,122 | ||||||
KBR, Inc. | 16,673 | 918,849 | ||||||
Kelly Services, Inc., Class A | 6,126 | 102,488 | ||||||
Kforce, Inc. | 9,152 | 571,909 | ||||||
Korn Ferry | 18,813 | 1,051,459 | ||||||
Leidos Holdings, Inc. | 6,173 | 599,213 | ||||||
ManpowerGroup, Inc. | 11,177 | 948,704 | ||||||
NV5 Global, Inc.(1) | 1,979 | 208,230 | ||||||
Planet Labs PBC(1) | 47,360 | 218,330 | ||||||
RCM Technologies, Inc.(1) | 565 | 8,147 | ||||||
Resources Connection, Inc. | 7,082 | 127,901 | ||||||
Robert Half International, Inc. | 35,638 | 2,873,136 | ||||||
Science Applications International Corp. | 2,835 | 302,324 | ||||||
TransUnion | 6,575 | 430,202 | ||||||
TriNet Group, Inc.(1) | 12,568 | 1,041,510 | ||||||
TrueBlue, Inc.(1) | 16,720 | 312,664 | ||||||
Verisk Analytics, Inc. | 12,528 | 2,143,666 | ||||||
23,345,915 | ||||||||
Real Estate Management and Development — 0.3% | ||||||||
CBRE Group, Inc., Class A(1) | 43,581 | 3,710,486 | ||||||
Compass, Inc., Class A(1) | 10,858 | 39,197 | ||||||
Cushman & Wakefield PLC(1) | 15,100 | 195,394 | ||||||
Douglas Elliman, Inc. | 25,204 | 106,361 | ||||||
eXp World Holdings, Inc.(2) | 1,079 | 13,034 | ||||||
Five Point Holdings LLC, Class A(1) | 2,053 | 4,496 | ||||||
Forestar Group, Inc.(1) | 8,059 | 115,002 | ||||||
FRP Holdings, Inc.(1) | 435 | 23,773 | ||||||
Howard Hughes Corp.(1) | 7,819 | 649,915 |
66
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Jones Lang LaSalle, Inc.(1) | 11,716 | $ | 2,043,973 | |||||
Kennedy-Wilson Holdings, Inc. | 47,135 | 787,626 | ||||||
Marcus & Millichap, Inc. | 10,710 | 368,103 | ||||||
Newmark Group, Inc., Class A | 4,790 | 38,416 | ||||||
Opendoor Technologies, Inc.(1)(2) | 22,016 | 31,703 | ||||||
RE/MAX Holdings, Inc., Class A | 5,607 | 103,673 | ||||||
RMR Group, Inc., Class A | 4,262 | 119,933 | ||||||
Seritage Growth Properties, Class A(1) | 3,909 | 47,221 | ||||||
St. Joe Co. | 6,324 | 270,857 | ||||||
Tejon Ranch Co.(1) | 1,902 | 36,537 | ||||||
WeWork, Inc., Class A(1) | 5,457 | 6,330 | ||||||
Zillow Group, Inc., Class A(1) | 17,247 | 713,164 | ||||||
Zillow Group, Inc., Class C(1) | 68,009 | 2,856,378 | ||||||
12,281,572 | ||||||||
Road and Rail — 1.9% | ||||||||
ArcBest Corp. | 11,781 | 1,133,332 | ||||||
Avis Budget Group, Inc.(1) | 1,157 | 254,147 | ||||||
Canadian Pacific Railway Ltd. | 12,665 | 961,780 | ||||||
Covenant Logistics Group, Inc. | 3,574 | 123,839 | ||||||
CSX Corp. | 363,580 | 11,085,554 | ||||||
Daseke, Inc.(1) | 18,697 | 152,380 | ||||||
Heartland Express, Inc. | 14,103 | 227,481 | ||||||
Hertz Global Holdings, Inc.(1) | 63,274 | 1,171,202 | ||||||
JB Hunt Transport Services, Inc. | 23,835 | 4,309,130 | ||||||
Knight-Swift Transportation Holdings, Inc. | 45,776 | 2,601,908 | ||||||
Landstar System, Inc. | 13,734 | 2,482,970 | ||||||
Lyft, Inc., Class A(1) | 4,243 | 42,430 | ||||||
Marten Transport Ltd. | 24,433 | 539,236 | ||||||
Norfolk Southern Corp. | 41,050 | 9,228,861 | ||||||
Old Dominion Freight Line, Inc. | 23,906 | 8,110,350 | ||||||
PAM Transportation Services, Inc.(1) | 1,111 | 32,219 | ||||||
RXO, Inc.(1) | 10,265 | 211,151 | ||||||
Ryder System, Inc. | 22,893 | 2,241,454 | ||||||
Saia, Inc.(1) | 9,313 | 2,522,612 | ||||||
Schneider National, Inc., Class B | 14,329 | 402,072 | ||||||
TuSimple Holdings, Inc., Class A(1) | 9,866 | 18,943 | ||||||
Uber Technologies, Inc.(1) | 50,538 | 1,680,894 | ||||||
U-Haul Holding Co.(2) | 2,660 | 170,799 | ||||||
U-Haul Holding Co., Non-Voting Shares | 29,286 | 1,629,180 | ||||||
Union Pacific Corp. | 83,339 | 17,274,508 | ||||||
Universal Logistics Holdings, Inc. | 3,850 | 114,345 | ||||||
Werner Enterprises, Inc. | 23,379 | 1,085,954 | ||||||
XPO, Inc.(1) | 12,953 | 432,112 | ||||||
70,240,843 | ||||||||
Semiconductors and Semiconductor Equipment — 4.8% | ||||||||
ACM Research, Inc., Class A(1) | 3,880 | 40,274 | ||||||
Advanced Micro Devices, Inc.(1) | 87,342 | 6,863,334 | ||||||
Allegro MicroSystems, Inc.(1) | 11,081 | 484,018 | ||||||
Alpha & Omega Semiconductor Ltd.(1) | 7,394 | 197,494 | ||||||
Amkor Technology, Inc. | 40,151 | 1,034,290 | ||||||
Analog Devices, Inc. | 33,152 | 6,082,397 |
67
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Applied Materials, Inc. | 112,589 | $ | 13,077,212 | |||||
Axcelis Technologies, Inc.(1) | 12,483 | 1,604,565 | ||||||
AXT, Inc.(1) | 4,383 | 19,154 | ||||||
Broadcom, Inc. | 19,892 | 11,821,617 | ||||||
CEVA, Inc.(1) | 1,758 | 55,482 | ||||||
Cirrus Logic, Inc.(1) | 12,869 | 1,322,290 | ||||||
Cohu, Inc.(1) | 16,428 | 611,122 | ||||||
Diodes, Inc.(1) | 18,459 | 1,692,506 | ||||||
Enphase Energy, Inc.(1) | 17,856 | 3,759,224 | ||||||
Entegris, Inc. | 8,718 | 743,035 | ||||||
Everspin Technologies, Inc.(1) | 3,765 | 25,978 | ||||||
First Solar, Inc.(1) | 16,597 | 2,807,217 | ||||||
FormFactor, Inc.(1) | 15,558 | 468,296 | ||||||
GLOBALFOUNDRIES, Inc.(1)(2) | 17,572 | 1,148,154 | ||||||
Impinj, Inc.(1) | 1,306 | 173,202 | ||||||
Intel Corp. | 332,178 | 8,281,198 | ||||||
KLA Corp. | 18,176 | 6,895,611 | ||||||
Kulicke & Soffa Industries, Inc. | 21,798 | 1,161,833 | ||||||
Lam Research Corp. | 22,183 | 10,781,160 | ||||||
Lattice Semiconductor Corp.(1) | 12,095 | 1,027,591 | ||||||
MACOM Technology Solutions Holdings, Inc.(1) | 5,131 | 351,679 | ||||||
Magnachip Semiconductor Corp.(1) | 5,631 | 53,945 | ||||||
Marvell Technology, Inc. | 32,540 | 1,469,181 | ||||||
MaxLinear, Inc.(1) | 25,052 | 857,029 | ||||||
Microchip Technology, Inc. | 42,001 | 3,403,341 | ||||||
Micron Technology, Inc. | 166,308 | 9,615,929 | ||||||
MKS Instruments, Inc. | 6,822 | 661,256 | ||||||
Monolithic Power Systems, Inc. | 3,244 | 1,571,037 | ||||||
NVE Corp. | 1,385 | 105,232 | ||||||
NVIDIA Corp. | 86,558 | 20,095,305 | ||||||
NXP Semiconductors NV | 20,588 | 3,674,546 | ||||||
ON Semiconductor Corp.(1) | 109,657 | 8,488,548 | ||||||
Onto Innovation, Inc.(1) | 8,549 | 705,036 | ||||||
PDF Solutions, Inc.(1) | 3,025 | 113,256 | ||||||
Photronics, Inc.(1) | 27,250 | 480,145 | ||||||
Power Integrations, Inc. | 15,079 | 1,240,248 | ||||||
Qorvo, Inc.(1) | 16,165 | 1,630,887 | ||||||
QUALCOMM, Inc. | 104,681 | 12,931,244 | ||||||
Rambus, Inc.(1) | 18,047 | 798,219 | ||||||
Semtech Corp.(1) | 9,735 | 299,935 | ||||||
Silicon Laboratories, Inc.(1) | 2,507 | 447,575 | ||||||
SiTime Corp.(1) | 665 | 82,560 | ||||||
Skyworks Solutions, Inc. | 28,260 | 3,152,968 | ||||||
SMART Global Holdings, Inc.(1) | 13,477 | 225,066 | ||||||
SolarEdge Technologies, Inc.(1) | 4,036 | 1,283,125 | ||||||
Synaptics, Inc.(1) | 8,483 | 997,686 | ||||||
Teradyne, Inc. | 37,933 | 3,836,544 | ||||||
Texas Instruments, Inc. | 108,690 | 18,634,900 | ||||||
Ultra Clean Holdings, Inc.(1) | 15,903 | 506,670 | ||||||
Universal Display Corp. | 5,992 | 814,013 | ||||||
Veeco Instruments, Inc.(1) | 8,972 | 190,834 |
68
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Wolfspeed, Inc.(1)(2) | 10,625 | $ | 786,037 | |||||
181,682,230 | ||||||||
Software — 5.4% | ||||||||
A10 Networks, Inc. | 18,511 | 281,737 | ||||||
ACI Worldwide, Inc.(1) | 14,382 | 371,775 | ||||||
Adeia, Inc. | 27,160 | 267,798 | ||||||
Adobe, Inc.(1) | 20,706 | 6,707,709 | ||||||
Agilysys, Inc.(1) | 2,087 | 166,772 | ||||||
American Software, Inc., Class A | 3,664 | 49,611 | ||||||
ANSYS, Inc.(1) | 3,590 | 1,089,960 | ||||||
Aspen Technology, Inc.(1) | 4,775 | 1,012,348 | ||||||
Asure Software, Inc.(1) | 759 | 10,133 | ||||||
Atlassian Corp., Class A(1) | 168 | 27,607 | ||||||
Autodesk, Inc.(1) | 21,720 | 4,315,547 | ||||||
AvePoint, Inc.(1) | 8,582 | 42,910 | ||||||
Bentley Systems, Inc., Class B | 16,493 | 667,307 | ||||||
Bill.com Holdings, Inc.(1) | 5,882 | 497,794 | ||||||
Black Knight, Inc.(1) | 4,354 | 259,498 | ||||||
Blackbaud, Inc.(1) | 6,174 | 343,830 | ||||||
Box, Inc., Class A(1) | 9,800 | 326,830 | ||||||
C3.ai, Inc., Class A(1)(2) | 10,110 | 228,284 | ||||||
Cadence Design Systems, Inc.(1) | 27,868 | 5,376,852 | ||||||
CCC Intelligent Solutions Holdings, Inc.(1) | 3,412 | 30,571 | ||||||
Cerence, Inc.(1) | 7 | 192 | ||||||
Ceridian HCM Holding, Inc.(1) | 4,309 | 314,255 | ||||||
Cleanspark, Inc.(1)(2) | 6,231 | 17,198 | ||||||
Clear Secure, Inc., Class A | 842 | 25,883 | ||||||
CommVault Systems, Inc.(1) | 7,009 | 412,690 | ||||||
Confluent, Inc., Class A(1) | 5,243 | 127,877 | ||||||
Consensus Cloud Solutions, Inc.(1) | 1,369 | 56,184 | ||||||
CoreCard Corp.(1) | 2,108 | 70,133 | ||||||
Coupa Software, Inc.(1) | 161 | 13,041 | ||||||
Crowdstrike Holdings, Inc., Class A(1) | 14,055 | 1,696,298 | ||||||
Datadog, Inc., Class A(1) | 6,082 | 465,395 | ||||||
DocuSign, Inc.(1) | 11,752 | 720,985 | ||||||
Dolby Laboratories, Inc., Class A | 8,317 | 684,323 | ||||||
Domo, Inc., Class B(1) | 393 | 6,040 | ||||||
Dropbox, Inc., Class A(1) | 15,805 | 322,422 | ||||||
Duck Creek Technologies, Inc.(1) | 6,715 | 127,182 | ||||||
Dynatrace, Inc.(1) | 6,636 | 282,229 | ||||||
Ebix, Inc. | 864 | 15,016 | ||||||
Elastic NV(1) | 1,373 | 81,034 | ||||||
Envestnet, Inc.(1) | 1,889 | 118,081 | ||||||
Fair Isaac Corp.(1) | 1,764 | 1,194,916 | ||||||
Five9, Inc.(1) | 524 | 34,584 | ||||||
Fortinet, Inc.(1) | 67,744 | 4,026,703 | ||||||
Freshworks, Inc., Class A(1) | 10,784 | 161,113 | ||||||
Gen Digital, Inc. | 39,383 | 768,362 | ||||||
Gitlab, Inc., Class A(1)(2) | 4,093 | 180,256 | ||||||
Guidewire Software, Inc.(1) | 4,927 | 345,925 | ||||||
HubSpot, Inc.(1) | 1,645 | 636,385 |
69
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
InterDigital, Inc. | 9,056 | $ | 660,997 | |||||
Intuit, Inc. | 10,086 | 4,106,817 | ||||||
LiveRamp Holdings, Inc.(1) | 8,671 | 204,896 | ||||||
Manhattan Associates, Inc.(1) | 12,809 | 1,841,294 | ||||||
Marathon Digital Holdings, Inc.(1)(2) | 36,987 | 262,608 | ||||||
Matterport, Inc.(1) | 19,552 | 59,634 | ||||||
Microsoft Corp. | 484,281 | 120,789,367 | ||||||
MicroStrategy, Inc., Class A(1) | 558 | 146,347 | ||||||
Mitek Systems, Inc.(1) | 2,761 | 25,677 | ||||||
NCR Corp.(1) | 15,037 | 383,895 | ||||||
New Relic, Inc.(1) | 380 | 27,729 | ||||||
NextNav, Inc.(1)(2) | 18,925 | 52,233 | ||||||
Nutanix, Inc., Class A(1) | 15,051 | 425,191 | ||||||
Olo, Inc., Class A(1) | 6,256 | 49,610 | ||||||
OneSpan, Inc.(1) | 976 | 13,195 | ||||||
Oracle Corp. | 59,960 | 5,240,504 | ||||||
Palantir Technologies, Inc., Class A(1) | 93,676 | 734,420 | ||||||
Palo Alto Networks, Inc.(1) | 34,098 | 6,423,040 | ||||||
Paycom Software, Inc.(1) | 6,579 | 1,901,726 | ||||||
Paycor HCM, Inc.(1) | 334 | 8,273 | ||||||
Paylocity Holding Corp.(1) | 3,073 | 591,890 | ||||||
Procore Technologies, Inc.(1) | 3,623 | 242,705 | ||||||
Progress Software Corp. | 5,134 | 294,897 | ||||||
PROS Holdings, Inc.(1) | 2,205 | 57,528 | ||||||
PTC, Inc.(1) | 4,141 | 518,992 | ||||||
Qualys, Inc.(1) | 9,825 | 1,160,824 | ||||||
Rapid7, Inc.(1) | 1,654 | 78,234 | ||||||
Rimini Street, Inc.(1) | 2,500 | 10,700 | ||||||
RingCentral, Inc., Class A(1) | 3,129 | 103,382 | ||||||
Riot Platforms, Inc.(1)(2) | 23,065 | 144,156 | ||||||
Roper Technologies, Inc. | 3,111 | 1,338,352 | ||||||
Salesforce, Inc.(1) | 30,714 | 5,025,118 | ||||||
Samsara, Inc., Class A(1) | 3,164 | 52,712 | ||||||
SentinelOne, Inc., Class A(1) | 1,621 | 25,920 | ||||||
ServiceNow, Inc.(1) | 8,844 | 3,822,111 | ||||||
ShotSpotter, Inc.(1) | 488 | 16,641 | ||||||
Smartsheet, Inc., Class A(1) | 5,542 | 243,959 | ||||||
Splunk, Inc.(1) | 4,872 | 499,380 | ||||||
SPS Commerce, Inc.(1) | 3,381 | 509,314 | ||||||
Sumo Logic, Inc.(1) | 11,566 | 137,288 | ||||||
Synopsys, Inc.(1) | 8,634 | 3,140,704 | ||||||
Telos Corp.(1) | 2,835 | 10,971 | ||||||
Tenable Holdings, Inc.(1) | 1,613 | 71,343 | ||||||
Teradata Corp.(1) | 4,756 | 193,855 | ||||||
Tyler Technologies, Inc.(1) | 1,402 | 450,392 | ||||||
UiPath, Inc., Class A(1) | 14,161 | 210,149 | ||||||
Unity Software, Inc.(1) | 5,142 | 156,522 | ||||||
Varonis Systems, Inc.(1) | 1,934 | 52,373 | ||||||
Verint Systems, Inc.(1) | 868 | 32,446 | ||||||
Vertex, Inc., Class A(1) | 2,086 | 32,500 | ||||||
VMware, Inc., Class A(1) | 17,308 | 1,906,130 |
70
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Workday, Inc., Class A(1) | 7,560 | $ | 1,402,153 | |||||
Workiva, Inc.(1) | 1,958 | 174,654 | ||||||
Xperi, Inc.(1) | 15,160 | 177,220 | ||||||
Yext, Inc.(1) | 7,210 | 52,921 | ||||||
Zoom Video Communications, Inc., Class A(1) | 19,469 | 1,452,193 | ||||||
Zscaler, Inc.(1) | 1,717 | 225,185 | ||||||
202,952,842 | ||||||||
Specialty Retail — 3.0% | ||||||||
Aaron's Co., Inc. | 7,798 | 111,901 | ||||||
Abercrombie & Fitch Co., Class A(1) | 18,812 | 553,261 | ||||||
Academy Sports & Outdoors, Inc. | 36,494 | 2,158,620 | ||||||
Advance Auto Parts, Inc. | 16,744 | 2,427,210 | ||||||
American Eagle Outfitters, Inc. | 44,708 | 642,454 | ||||||
America's Car-Mart, Inc.(1) | 744 | 63,210 | ||||||
Arko Corp. | 33,886 | 271,766 | ||||||
Asbury Automotive Group, Inc.(1) | 7,035 | 1,597,648 | ||||||
AutoNation, Inc.(1) | 17,110 | 2,335,686 | ||||||
AutoZone, Inc.(1) | 916 | 2,277,671 | ||||||
Bath & Body Works, Inc. | 13,899 | 568,052 | ||||||
Best Buy Co., Inc. | 56,166 | 4,667,956 | ||||||
Big 5 Sporting Goods Corp. | 3,884 | 34,296 | ||||||
Boot Barn Holdings, Inc.(1) | 740 | 57,313 | ||||||
Buckle, Inc. | 18,229 | 743,561 | ||||||
Build-A-Bear Workshop, Inc.(1) | 5,905 | 123,710 | ||||||
Burlington Stores, Inc.(1) | 18,268 | 3,913,919 | ||||||
Caleres, Inc. | 16,779 | 438,100 | ||||||
Camping World Holdings, Inc., Class A | 1,737 | 39,656 | ||||||
CarMax, Inc.(1) | 25,393 | 1,753,133 | ||||||
Cato Corp., Class A | 1,679 | 15,531 | ||||||
Chico's FAS, Inc.(1) | 50,962 | 293,031 | ||||||
Children's Place, Inc.(1) | 4,082 | 170,913 | ||||||
Citi Trends, Inc.(1) | 1,443 | 40,462 | ||||||
Conn's, Inc.(1) | 549 | 4,705 | ||||||
Container Store Group, Inc.(1) | 5,121 | 22,276 | ||||||
Designer Brands, Inc., Class A | 27,733 | 271,506 | ||||||
Destination XL Group, Inc.(1) | 24,514 | 146,594 | ||||||
Dick's Sporting Goods, Inc. | 22,710 | 2,921,187 | ||||||
EVgo, Inc.(1) | 1,349 | 8,000 | ||||||
Five Below, Inc.(1) | 8,751 | 1,787,829 | ||||||
Floor & Decor Holdings, Inc., Class A(1) | 8,943 | 821,057 | ||||||
Foot Locker, Inc. | 39,192 | 1,713,474 | ||||||
GameStop Corp., Class A(1) | 1,176 | 22,614 | ||||||
Gap, Inc. | 64,194 | 835,164 | ||||||
Genesco, Inc.(1) | 3,744 | 168,368 | ||||||
Group 1 Automotive, Inc. | 5,730 | 1,266,731 | ||||||
GrowGeneration Corp.(1) | 8,322 | 35,244 | ||||||
Guess?, Inc. | 13,334 | 280,547 | ||||||
Haverty Furniture Cos., Inc. | 7,118 | 268,633 | ||||||
Hibbett, Inc. | 6,830 | 491,282 | ||||||
Home Depot, Inc. | 57,833 | 17,149,798 | ||||||
Leslie's, Inc.(1) | 9,551 | 120,438 |
71
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Lithia Motors, Inc. | 6,864 | $ | 1,751,556 | |||||
LL Flooring Holdings, Inc.(1) | 2,757 | 13,923 | ||||||
Lowe's Cos., Inc. | 25,489 | 5,244,362 | ||||||
MarineMax, Inc.(1) | 8,497 | 285,329 | ||||||
Monro, Inc. | 1,919 | 96,794 | ||||||
Murphy USA, Inc. | 8,412 | 2,145,817 | ||||||
National Vision Holdings, Inc.(1) | 6,874 | 256,813 | ||||||
ODP Corp.(1) | 19,821 | 897,495 | ||||||
O'Reilly Automotive, Inc.(1) | 3,523 | 2,924,442 | ||||||
Penske Automotive Group, Inc. | 7,676 | 1,106,495 | ||||||
Petco Health & Wellness Co., Inc.(1) | 874 | 9,002 | ||||||
RH(1) | 5,207 | 1,557,049 | ||||||
Ross Stores, Inc. | 58,803 | 6,500,084 | ||||||
Sally Beauty Holdings, Inc.(1) | 15,946 | 256,571 | ||||||
Shoe Carnival, Inc. | 4,473 | 117,864 | ||||||
Signet Jewelers Ltd. | 19,498 | 1,396,447 | ||||||
Sleep Number Corp.(1) | 703 | 28,022 | ||||||
Sonic Automotive, Inc., Class A | 8,142 | 463,198 | ||||||
Sportsman's Warehouse Holdings, Inc.(1) | 8,631 | 77,593 | ||||||
Tilly's, Inc., Class A(1) | 7,163 | 62,175 | ||||||
TJX Cos., Inc. | 175,893 | 13,473,404 | ||||||
Tractor Supply Co. | 29,462 | 6,872,306 | ||||||
TravelCenters of America, Inc.(1) | 6,901 | 582,099 | ||||||
Ulta Beauty, Inc.(1) | 14,731 | 7,642,443 | ||||||
Upbound Group, Inc. | 22,398 | 601,386 | ||||||
Urban Outfitters, Inc.(1) | 21,707 | 585,004 | ||||||
Victoria's Secret & Co.(1) | 34,973 | 1,386,330 | ||||||
Williams-Sonoma, Inc. | 24,296 | 3,035,056 | ||||||
Winmark Corp. | 285 | 83,220 | ||||||
Zumiez, Inc.(1) | 6,119 | 142,328 | ||||||
113,229,114 | ||||||||
Technology Hardware, Storage and Peripherals — 4.6% | ||||||||
Apple, Inc. | 1,106,383 | 163,091,918 | ||||||
Avid Technology, Inc.(1) | 1,909 | 55,475 | ||||||
Dell Technologies, Inc., Class C | 9,906 | 402,580 | ||||||
Eastman Kodak Co.(1) | 8,541 | 29,552 | ||||||
Hewlett Packard Enterprise Co. | 127,823 | 1,995,317 | ||||||
HP, Inc. | 41,948 | 1,238,305 | ||||||
Immersion Corp. | 11,407 | 87,264 | ||||||
Intevac, Inc.(1) | 1,312 | 9,486 | ||||||
IonQ, Inc.(1)(2) | 16,413 | 77,798 | ||||||
NetApp, Inc. | 26,438 | 1,706,573 | ||||||
Pure Storage, Inc., Class A(1) | 35,836 | 1,022,759 | ||||||
Seagate Technology Holdings PLC | 28,075 | 1,812,522 | ||||||
Stratasys Ltd.(1) | 556 | 7,200 | ||||||
Super Micro Computer, Inc.(1) | 13,437 | 1,316,423 | ||||||
Turtle Beach Corp.(1)(2) | 89 | 720 | ||||||
Western Digital Corp.(1) | 29,423 | 1,132,197 | ||||||
Xerox Holdings Corp. | 31,460 | 518,775 | ||||||
Zagg, Inc.(1) | 2 | — | ||||||
174,504,864 |
72
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Textiles, Apparel and Luxury Goods — 1.0% | ||||||||
Allbirds, Inc., Class A(1) | 2,473 | $ | 7,073 | |||||
Capri Holdings Ltd.(1) | 39,821 | 1,973,927 | ||||||
Carter's, Inc. | 8,435 | 635,915 | ||||||
Columbia Sportswear Co. | 5,674 | 494,773 | ||||||
Crocs, Inc.(1) | 14,849 | 1,807,272 | ||||||
Deckers Outdoor Corp.(1) | 5,735 | 2,387,767 | ||||||
Ermenegildo Zegna NV | 7,032 | 91,557 | ||||||
Fossil Group, Inc.(1) | 3,467 | 15,012 | ||||||
G-III Apparel Group Ltd.(1) | 19,200 | 319,008 | ||||||
Hanesbrands, Inc.(2) | 36,465 | 207,121 | ||||||
Kontoor Brands, Inc. | 12,472 | 650,415 | ||||||
Levi Strauss & Co., Class A | 26,419 | 473,957 | ||||||
lululemon athletica, Inc.(1) | 19,093 | 5,903,556 | ||||||
Movado Group, Inc. | 5,991 | 207,408 | ||||||
NIKE, Inc., Class B | 86,708 | 10,300,043 | ||||||
Oxford Industries, Inc. | 7,526 | 885,133 | ||||||
PVH Corp. | 14,878 | 1,193,811 | ||||||
Ralph Lauren Corp. | 10,997 | 1,299,735 | ||||||
Rocky Brands, Inc. | 280 | 7,454 | ||||||
Skechers USA, Inc., Class A(1) | 23,831 | 1,060,718 | ||||||
Steven Madden Ltd. | 17,978 | 652,601 | ||||||
Tapestry, Inc. | 82,071 | 3,570,909 | ||||||
Under Armour, Inc., Class A(1) | 66,432 | 659,670 | ||||||
Under Armour, Inc., Class C(1) | 68,443 | 602,298 | ||||||
Unifi, Inc.(1) | 1,684 | 17,429 | ||||||
Vera Bradley, Inc.(1) | 320 | 1,696 | ||||||
VF Corp. | 33,505 | 831,594 | ||||||
36,257,852 | ||||||||
Thrifts and Mortgage Finance — 0.4% | ||||||||
Axos Financial, Inc.(1) | 25,008 | 1,185,129 | ||||||
Blue Foundry Bancorp(1) | 5,221 | 63,905 | ||||||
Bridgewater Bancshares, Inc.(1) | 8,751 | 128,727 | ||||||
Columbia Financial, Inc.(1)(2) | 6,679 | 140,927 | ||||||
Enact Holdings, Inc. | 9,914 | 240,414 | ||||||
Essent Group Ltd. | 39,035 | 1,676,553 | ||||||
Federal Agricultural Mortgage Corp., Class C | 2,340 | 331,952 | ||||||
FS Bancorp, Inc. | 826 | 29,678 | ||||||
Greene County Bancorp, Inc. | 233 | 13,118 | ||||||
Hingham Institution For Savings | 412 | 117,296 | ||||||
Home Bancorp, Inc. | 153 | 6,051 | ||||||
Kearny Financial Corp. | 12,712 | 127,628 | ||||||
loanDepot, Inc., Class A(2) | 4,466 | 9,289 | ||||||
Merchants Bancorp | 6,256 | 189,244 | ||||||
MGIC Investment Corp. | 122,263 | 1,682,339 | ||||||
Mr. Cooper Group, Inc.(1) | 27,191 | 1,262,478 | ||||||
New York Community Bancorp, Inc. | 170,529 | 1,514,298 | ||||||
NMI Holdings, Inc., Class A(1) | 39,814 | 929,259 | ||||||
Northfield Bancorp, Inc. | 12,643 | 185,979 | ||||||
Ocwen Financial Corp.(1) | 2,159 | 70,513 | ||||||
OP Bancorp | 18 | 203 |
73
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
PennyMac Financial Services, Inc. | 10,765 | $ | 650,960 | |||||
Provident Financial Services, Inc. | 24,636 | 575,251 | ||||||
Radian Group, Inc. | 61,722 | 1,317,765 | ||||||
Southern Missouri Bancorp, Inc. | 2,496 | 115,515 | ||||||
Sterling Bancorp, Inc.(1) | 3 | 19 | ||||||
TFS Financial Corp. | 5,680 | 82,303 | ||||||
Timberland Bancorp, Inc. | 527 | 17,802 | ||||||
TrustCo Bank Corp. NY | 7,361 | 275,743 | ||||||
Walker & Dunlop, Inc. | 10,482 | 914,345 | ||||||
Waterstone Financial, Inc. | 3,508 | 56,479 | ||||||
Western New England Bancorp, Inc. | 90 | 907 | ||||||
WSFS Financial Corp. | 15,271 | 762,176 | ||||||
14,674,245 | ||||||||
Trading Companies and Distributors — 1.1% | ||||||||
Air Lease Corp. | 39,857 | 1,725,011 | ||||||
Alta Equipment Group, Inc. | 2,402 | 45,182 | ||||||
Applied Industrial Technologies, Inc. | 6,889 | 984,163 | ||||||
Beacon Roofing Supply, Inc.(1) | 2,247 | 146,055 | ||||||
BlueLinx Holdings, Inc.(1) | 4,091 | 345,239 | ||||||
Boise Cascade Co. | 17,653 | 1,219,999 | ||||||
Custom Truck One Source, Inc.(1) | 5,101 | 36,931 | ||||||
Fastenal Co. | 91,995 | 4,743,262 | ||||||
GATX Corp. | 13,993 | 1,526,496 | ||||||
Global Industrial Co. | 261 | 7,342 | ||||||
GMS, Inc.(1) | 12,712 | 771,745 | ||||||
H&E Equipment Services, Inc. | 18,396 | 1,020,978 | ||||||
Herc Holdings, Inc. | 12,571 | 1,805,070 | ||||||
Hudson Technologies, Inc.(1) | 17,263 | 174,874 | ||||||
McGrath RentCorp | 10,147 | 1,043,517 | ||||||
MRC Global, Inc.(1) | 6,394 | 71,613 | ||||||
MSC Industrial Direct Co., Inc., Class A | 8,271 | 699,065 | ||||||
NOW, Inc.(1) | 25,485 | 327,482 | ||||||
Rush Enterprises, Inc., Class A | 11,339 | 642,695 | ||||||
Rush Enterprises, Inc., Class B | 820 | 49,184 | ||||||
SiteOne Landscape Supply, Inc.(1) | 5,828 | 864,525 | ||||||
Textainer Group Holdings Ltd. | 16,747 | 551,311 | ||||||
Titan Machinery, Inc.(1) | 10,040 | 459,732 | ||||||
Transcat, Inc.(1) | 343 | 30,867 | ||||||
Triton International Ltd. | 28,118 | 1,938,455 | ||||||
United Rentals, Inc. | 16,747 | 7,846,472 | ||||||
Univar Solutions, Inc.(1) | 13,868 | 481,913 | ||||||
Veritiv Corp. | 6,349 | 961,493 | ||||||
Watsco, Inc. | 4,510 | 1,374,242 | ||||||
WESCO International, Inc.(1) | 4,436 | 734,513 | ||||||
WW Grainger, Inc. | 11,045 | 7,382,809 | ||||||
40,012,235 | ||||||||
Water Utilities — 0.1% | ||||||||
American States Water Co. | 3,472 | 310,050 | ||||||
American Water Works Co., Inc. | 18,978 | 2,664,132 | ||||||
Artesian Resources Corp., Class A | 913 | 51,429 | ||||||
California Water Service Group | 5,640 | 322,834 |
74
Avantis U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Essential Utilities, Inc. | 10,876 | $ | 465,275 | |||||
Global Water Resources, Inc. | 7 | 92 | ||||||
Middlesex Water Co. | 351 | 26,851 | ||||||
3,840,663 | ||||||||
Wireless Telecommunication Services — 0.3% | ||||||||
Gogo, Inc.(1) | 3,495 | 57,528 | ||||||
Shenandoah Telecommunications Co. | 16,354 | 319,230 | ||||||
Telephone & Data Systems, Inc. | 45,186 | 573,410 | ||||||
T-Mobile U.S., Inc.(1) | 73,228 | 10,411,557 | ||||||
United States Cellular Corp.(1) | 3,966 | 95,700 | ||||||
11,457,425 | ||||||||
TOTAL COMMON STOCKS (Cost $3,637,433,247) | 3,748,391,935 | |||||||
RIGHTS† | ||||||||
Diversified Financial Services† | ||||||||
Acacia Research Corp.(1) (Cost $—) | 485 | 5 | ||||||
SHORT-TERM INVESTMENTS — 0.3% | ||||||||
Money Market Funds — 0.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 3,190,946 | 3,190,946 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 8,028,714 | 8,028,714 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $11,219,660) | 11,219,660 | |||||||
TOTAL INVESTMENT SECURITIES — 100.2% (Cost $3,648,652,907) | 3,759,611,600 | |||||||
OTHER ASSETS AND LIABILITIES — (0.2)% | (5,924,297) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 3,753,687,303 |
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 $10,446,126. 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 $10,747,789, which includes securities collateral of $2,719,075.
See Notes to Financial Statements.
75
FEBRUARY 28, 2023 (UNAUDITED)
Avantis U.S. Large Cap Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Aerospace and Defense — 0.2% | ||||||||
BWX Technologies, Inc. | 23,591 | $ | 1,441,646 | |||||
Woodward, Inc. | 7,823 | 774,477 | ||||||
2,216,123 | ||||||||
Air Freight and Logistics — 2.5% | ||||||||
Expeditors International of Washington, Inc. | 34,284 | 3,584,735 | ||||||
FedEx Corp. | 31,280 | 6,356,722 | ||||||
United Parcel Service, Inc., Class B | 70,694 | 12,900,948 | ||||||
22,842,405 | ||||||||
Airlines — 0.6% | ||||||||
Alaska Air Group, Inc.(1) | 33,812 | 1,617,228 | ||||||
United Airlines Holdings, Inc.(1) | 66,161 | 3,437,725 | ||||||
5,054,953 | ||||||||
Auto Components — 0.1% | ||||||||
BorgWarner, Inc. | 25,114 | 1,262,732 | ||||||
Gentex Corp. | 15 | 428 | ||||||
1,263,160 | ||||||||
Automobiles — 1.5% | ||||||||
Ford Motor Co. | 576,070 | 6,953,165 | ||||||
General Motors Co. | 176,257 | 6,828,196 | ||||||
13,781,361 | ||||||||
Banks — 6.2% | ||||||||
Citigroup, Inc. | 124,231 | 6,297,269 | ||||||
Comerica, Inc. | 18,211 | 1,276,591 | ||||||
East West Bancorp, Inc. | 26,065 | 1,986,414 | ||||||
Hancock Whitney Corp. | 15,614 | 766,960 | ||||||
JPMorgan Chase & Co. | 164,948 | 23,645,296 | ||||||
KeyCorp | 183,849 | 3,362,598 | ||||||
PacWest Bancorp | 5,705 | 158,314 | ||||||
PNC Financial Services Group, Inc. | 20,359 | 3,215,093 | ||||||
Popular, Inc. | 21,195 | 1,513,323 | ||||||
Regions Financial Corp. | 125 | 2,915 | ||||||
Signature Bank | 6,328 | 728,036 | ||||||
Synovus Financial Corp. | 48,783 | 2,039,617 | ||||||
U.S. Bancorp | 10,040 | 479,209 | ||||||
Wells Fargo & Co. | 180,398 | 8,437,215 | ||||||
Western Alliance Bancorp | 25,536 | 1,895,793 | ||||||
55,804,643 | ||||||||
Beverages† | ||||||||
National Beverage Corp.(1) | 498 | 23,232 | ||||||
Biotechnology — 4.4% | ||||||||
Biogen, Inc.(1) | 18,587 | 5,015,888 | ||||||
Gilead Sciences, Inc. | 161,435 | 13,000,361 | ||||||
Moderna, Inc.(1) | 50,645 | 7,030,032 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 12,286 | 9,342,520 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 18,065 | 5,244,089 | ||||||
39,632,890 | ||||||||
Building Products — 1.0% | ||||||||
Advanced Drainage Systems, Inc. | 1,120 | 99,378 |
76
Avantis U.S. Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Builders FirstSource, Inc.(1) | 45,388 | $ | 3,847,995 | |||||
Owens Corning | 31,888 | 3,118,327 | ||||||
Trex Co., Inc.(1) | 8,748 | 447,285 | ||||||
UFP Industries, Inc. | 18,928 | 1,618,912 | ||||||
9,131,897 | ||||||||
Capital Markets — 4.8% | ||||||||
Ameriprise Financial, Inc. | 22,053 | 7,561,312 | ||||||
Carlyle Group, Inc. | 74,710 | 2,570,024 | ||||||
Goldman Sachs Group, Inc. | 35,689 | 12,550,037 | ||||||
Houlihan Lokey, Inc. | 15,366 | 1,470,526 | ||||||
Morgan Stanley | 95,083 | 9,175,510 | ||||||
Northern Trust Corp. | 35,260 | 3,359,220 | ||||||
Raymond James Financial, Inc. | 102 | 11,063 | ||||||
SEI Investments Co. | 7,933 | 477,963 | ||||||
Stifel Financial Corp. | 24,975 | 1,669,079 | ||||||
T. Rowe Price Group, Inc. | 40,199 | 4,513,544 | ||||||
43,358,278 | ||||||||
Chemicals — 3.7% | ||||||||
Celanese Corp. | 20,579 | 2,391,897 | ||||||
CF Industries Holdings, Inc. | 49,258 | 4,230,770 | ||||||
Chemours Co. | 37,403 | 1,278,435 | ||||||
Dow, Inc. | 122,266 | 6,993,615 | ||||||
FMC Corp. | 18,796 | 2,427,503 | ||||||
Huntsman Corp. | 47,131 | 1,382,824 | ||||||
LyondellBasell Industries NV, Class A | 53,352 | 5,121,258 | ||||||
Mosaic Co. | 96,942 | 5,156,345 | ||||||
Olin Corp. | 53,034 | 3,062,713 | ||||||
Westlake Corp. | 12,900 | 1,536,906 | ||||||
33,582,266 | ||||||||
Construction and Engineering† | ||||||||
EMCOR Group, Inc. | 90 | 15,050 | ||||||
Construction Materials — 0.1% | ||||||||
Eagle Materials, Inc. | 6,608 | 927,234 | ||||||
Consumer Finance — 2.5% | ||||||||
Ally Financial, Inc. | 88,318 | 2,653,956 | ||||||
Capital One Financial Corp. | 60,470 | 6,596,068 | ||||||
Credit Acceptance Corp.(1)(2) | 2,407 | 1,069,526 | ||||||
Discover Financial Services | 59,305 | 6,642,160 | ||||||
OneMain Holdings, Inc. | 30,991 | 1,335,402 | ||||||
Synchrony Financial | 124,680 | 4,452,323 | ||||||
22,749,435 | ||||||||
Containers and Packaging — 0.5% | ||||||||
Packaging Corp. of America | 24,436 | 3,340,890 | ||||||
WestRock Co. | 25,161 | 790,055 | ||||||
4,130,945 | ||||||||
Diversified Financial Services — 0.8% | ||||||||
Equitable Holdings, Inc. | 124,671 | 3,917,163 | ||||||
Voya Financial, Inc. | 39,955 | 2,976,248 | ||||||
6,893,411 | ||||||||
Diversified Telecommunication Services — 1.6% | ||||||||
Iridium Communications, Inc. | 20,365 | 1,249,800 |
77
Avantis U.S. Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Verizon Communications, Inc. | 339,013 | $ | 13,157,094 | |||||
14,406,894 | ||||||||
Electrical Equipment — 0.1% | ||||||||
Atkore, Inc.(1) | 5,151 | 752,149 | ||||||
Electronic Equipment, Instruments and Components — 1.0% | ||||||||
Corning, Inc. | 151,598 | 5,146,752 | ||||||
Flex Ltd.(1) | 1,694 | 38,555 | ||||||
Jabil, Inc. | 49,226 | 4,087,235 | ||||||
9,272,542 | ||||||||
Entertainment — 0.2% | ||||||||
World Wrestling Entertainment, Inc., Class A | 16,660 | 1,399,440 | ||||||
Food and Staples Retailing — 1.8% | ||||||||
Albertsons Cos., Inc., Class A | 160 | 3,181 | ||||||
Casey's General Stores, Inc. | 10,893 | 2,265,199 | ||||||
Kroger Co. | 139,785 | 6,030,325 | ||||||
Walmart, Inc. | 55,217 | 7,847,992 | ||||||
16,146,697 | ||||||||
Food Products — 0.1% | ||||||||
Pilgrim's Pride Corp.(1) | 49,858 | 1,166,179 | ||||||
Health Care Equipment and Supplies — 0.5% | ||||||||
Hologic, Inc.(1) | 52,812 | 4,205,948 | ||||||
Health Care Providers and Services — 1.4% | ||||||||
Ensign Group, Inc. | 10,539 | 943,030 | ||||||
Humana, Inc. | 15,730 | 7,786,664 | ||||||
Molina Healthcare, Inc.(1) | 15,303 | 4,213,375 | ||||||
12,943,069 | ||||||||
Hotels, Restaurants and Leisure — 0.9% | ||||||||
Boyd Gaming Corp. | 30,353 | 1,976,891 | ||||||
Choice Hotels International, Inc. | 266 | 31,484 | ||||||
Darden Restaurants, Inc. | 16,243 | 2,322,586 | ||||||
Norwegian Cruise Line Holdings Ltd.(1) | 95,062 | 1,408,819 | ||||||
Texas Roadhouse, Inc. | 23,445 | 2,380,605 | ||||||
8,120,385 | ||||||||
Household Durables — 0.6% | ||||||||
D.R. Horton, Inc. | 33,947 | 3,139,419 | ||||||
NVR, Inc.(1) | 320 | 1,655,558 | ||||||
PulteGroup, Inc. | 14,201 | 776,369 | ||||||
Whirlpool Corp. | 286 | 39,462 | ||||||
5,610,808 | ||||||||
Independent Power and Renewable Electricity Producers — 0.4% | ||||||||
AES Corp. | 131,932 | 3,256,082 | ||||||
Clearway Energy, Inc., Class A | 1,433 | 42,574 | ||||||
3,298,656 | ||||||||
Insurance — 5.7% | ||||||||
Aflac, Inc. | 60,589 | 4,129,140 | ||||||
American Financial Group, Inc. | 16,964 | 2,275,042 | ||||||
American International Group, Inc. | 101,047 | 6,174,982 | ||||||
Axis Capital Holdings Ltd. | 13,019 | 790,514 | ||||||
F&G Annuities & Life, Inc. | 25 | 509 | ||||||
Fidelity National Financial, Inc. | 57,508 | 2,292,269 | ||||||
First American Financial Corp. | 28,536 | 1,620,274 |
78
Avantis U.S. Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Hartford Financial Services Group, Inc. | 81,535 | $ | 6,382,560 | |||||
MetLife, Inc. | 74,133 | 5,317,560 | ||||||
Old Republic International Corp. | 67,858 | 1,789,416 | ||||||
Primerica, Inc. | 15,968 | 3,064,898 | ||||||
Progressive Corp. | 19,914 | 2,858,057 | ||||||
Prudential Financial, Inc. | 40,500 | 4,050,000 | ||||||
RenaissanceRe Holdings Ltd. | 60 | 12,894 | ||||||
Selective Insurance Group, Inc. | 2,392 | 242,860 | ||||||
Travelers Cos., Inc. | 46,872 | 8,676,945 | ||||||
Unum Group | 44,344 | 1,975,525 | ||||||
51,653,445 | ||||||||
Interactive Media and Services — 4.0% | ||||||||
Alphabet, Inc., Class A(1) | 95,587 | 8,608,565 | ||||||
Alphabet, Inc., Class C(1) | 82,769 | 7,474,041 | ||||||
Meta Platforms, Inc., Class A(1) | 111,396 | 19,487,616 | ||||||
35,570,222 | ||||||||
Internet and Direct Marketing Retail — 0.5% | ||||||||
eBay, Inc. | 97,813 | 4,489,617 | ||||||
IT Services — 0.1% | ||||||||
Automatic Data Processing, Inc. | 2,866 | 630,004 | ||||||
Leisure Products — 0.1% | ||||||||
Brunswick Corp. | 4,372 | 382,200 | ||||||
Polaris, Inc. | 6,162 | 700,928 | ||||||
1,083,128 | ||||||||
Machinery — 2.1% | ||||||||
Caterpillar, Inc. | 11,278 | 2,701,645 | ||||||
Deere & Co. | 26,973 | 11,308,161 | ||||||
Donaldson Co., Inc. | 9,788 | 619,091 | ||||||
Lincoln Electric Holdings, Inc. | 6,443 | 1,081,973 | ||||||
PACCAR, Inc. | 45,366 | 3,275,425 | ||||||
18,986,295 | ||||||||
Media — 0.6% | ||||||||
Comcast Corp., Class A | 70,744 | 2,629,555 | ||||||
DISH Network Corp., Class A(1) | 50,357 | 574,573 | ||||||
Fox Corp., Class A | 36,356 | 1,273,187 | ||||||
Fox Corp., Class B | 18,351 | 591,820 | ||||||
5,069,135 | ||||||||
Metals and Mining — 4.3% | ||||||||
Alcoa Corp. | 12,734 | 623,202 | ||||||
Cleveland-Cliffs, Inc.(1) | 122,515 | 2,613,245 | ||||||
Commercial Metals Co. | 25,630 | 1,326,353 | ||||||
Freeport-McMoRan, Inc. | 233,298 | 9,558,219 | ||||||
Newmont Corp. | 72,046 | 3,141,926 | ||||||
Nucor Corp. | 58,531 | 9,800,431 | ||||||
Reliance Steel & Aluminum Co. | 8,660 | 2,146,294 | ||||||
Steel Dynamics, Inc. | 55,828 | 7,040,469 | ||||||
United States Steel Corp. | 94,915 | 2,907,246 | ||||||
39,157,385 | ||||||||
Multiline Retail — 0.8% | ||||||||
Macy's, Inc. | 113,509 | 2,322,394 | ||||||
Target Corp. | 27,839 | 4,690,872 | ||||||
7,013,266 |
79
Avantis U.S. Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Oil, Gas and Consumable Fuels — 15.6% | ||||||||
Antero Midstream Corp. | 24,131 | $ | 254,341 | |||||
Antero Resources Corp.(1) | 48,045 | 1,258,779 | ||||||
APA Corp. | 23,704 | 909,759 | ||||||
Chesapeake Energy Corp. | 10,708 | 865,313 | ||||||
Chevron Corp. | 144,889 | 23,293,805 | ||||||
Chord Energy Corp. | 4,362 | 587,212 | ||||||
ConocoPhillips | 100,420 | 10,378,407 | ||||||
Coterra Energy, Inc. | 139,380 | 3,480,319 | ||||||
Devon Energy Corp. | 167,340 | 9,022,973 | ||||||
Diamondback Energy, Inc. | 41,444 | 5,826,197 | ||||||
EOG Resources, Inc. | 92,154 | 10,415,245 | ||||||
EQT Corp. | 52,353 | 1,737,073 | ||||||
Exxon Mobil Corp. | 179,422 | 19,720,272 | ||||||
Hess Corp. | 46,511 | 6,265,032 | ||||||
Marathon Oil Corp. | 136,931 | 3,443,815 | ||||||
Marathon Petroleum Corp. | 65,515 | 8,097,654 | ||||||
Matador Resources Co. | 12,847 | 691,040 | ||||||
Murphy Oil Corp. | 52,568 | 2,051,203 | ||||||
Occidental Petroleum Corp. | 104,450 | 6,116,592 | ||||||
ONEOK, Inc. | 100,339 | 6,567,188 | ||||||
Ovintiv, Inc. | 35,180 | 1,504,649 | ||||||
PDC Energy, Inc. | 17,559 | 1,178,384 | ||||||
Phillips 66 | 57,233 | 5,869,816 | ||||||
Pioneer Natural Resources Co. | 7,278 | 1,458,584 | ||||||
Range Resources Corp. | 79,904 | 2,152,614 | ||||||
Southwestern Energy Co.(1) | 190,153 | 1,007,811 | ||||||
Targa Resources Corp. | 7,833 | 580,425 | ||||||
Texas Pacific Land Corp. | 523 | 931,039 | ||||||
Valero Energy Corp. | 16,844 | 2,218,860 | ||||||
Williams Cos., Inc. | 97,359 | 2,930,506 | ||||||
140,814,907 | ||||||||
Paper and Forest Products — 0.1% | ||||||||
Louisiana-Pacific Corp. | 20,101 | 1,176,109 | ||||||
Pharmaceuticals — 6.3% | ||||||||
Bristol-Myers Squibb Co. | 155,616 | 10,731,280 | ||||||
Jazz Pharmaceuticals PLC(1) | 18,533 | 2,602,033 | ||||||
Johnson & Johnson | 4,020 | 616,105 | ||||||
Merck & Co., Inc. | 206,538 | 21,942,597 | ||||||
Pfizer, Inc. | 428,956 | 17,402,745 | ||||||
Viatris, Inc. | 268,077 | 3,056,078 | ||||||
56,350,838 | ||||||||
Professional Services — 0.5% | ||||||||
Robert Half International, Inc. | 38,416 | 3,097,098 | ||||||
TriNet Group, Inc.(1) | 14,794 | 1,225,979 | ||||||
4,323,077 | ||||||||
Real Estate Management and Development — 0.3% | ||||||||
Jones Lang LaSalle, Inc.(1) | 4,141 | 722,439 | ||||||
Zillow Group, Inc., Class A(1) | 10,021 | 414,368 | ||||||
Zillow Group, Inc., Class C(1) | 33,439 | 1,404,438 | ||||||
2,541,245 |
80
Avantis U.S. Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Road and Rail — 5.3% | ||||||||
CSX Corp. | 285,813 | $ | 8,714,438 | |||||
Hertz Global Holdings, Inc.(1) | 24,647 | 456,216 | ||||||
JB Hunt Transport Services, Inc. | 22,584 | 4,082,961 | ||||||
Knight-Swift Transportation Holdings, Inc. | 35,321 | 2,007,646 | ||||||
Landstar System, Inc. | 9,370 | 1,694,002 | ||||||
Norfolk Southern Corp. | 31,275 | 7,031,246 | ||||||
Old Dominion Freight Line, Inc. | 17,800 | 6,038,828 | ||||||
Ryder System, Inc. | 6,035 | 590,887 | ||||||
Saia, Inc.(1) | 9,397 | 2,545,365 | ||||||
U-Haul Holding Co.(2) | 1,952 | 125,338 | ||||||
U-Haul Holding Co., Non-Voting Shares | 11,615 | 646,143 | ||||||
Union Pacific Corp. | 68,472 | 14,192,876 | ||||||
48,125,946 | ||||||||
Semiconductors and Semiconductor Equipment — 6.3% | ||||||||
Amkor Technology, Inc. | 33,853 | 872,053 | ||||||
Applied Materials, Inc. | 83,457 | 9,693,531 | ||||||
GLOBALFOUNDRIES, Inc.(1)(2) | 12,093 | 790,157 | ||||||
Lam Research Corp. | 17,350 | 8,432,274 | ||||||
Micron Technology, Inc. | 102,016 | 5,898,565 | ||||||
ON Semiconductor Corp.(1) | 65,271 | 5,052,628 | ||||||
QUALCOMM, Inc. | 60,610 | 7,487,153 | ||||||
Teradyne, Inc. | 35,059 | 3,545,867 | ||||||
Texas Instruments, Inc. | 87,712 | 15,038,222 | ||||||
56,810,450 | ||||||||
Software† | ||||||||
Aspen Technology, Inc.(1) | 41 | 8,692 | ||||||
Specialty Retail — 4.6% | ||||||||
Advance Auto Parts, Inc. | 4,872 | 706,245 | ||||||
Asbury Automotive Group, Inc.(1) | 4,230 | 960,633 | ||||||
AutoNation, Inc.(1) | 20,551 | 2,805,417 | ||||||
Best Buy Co., Inc. | 51,604 | 4,288,808 | ||||||
Burlington Stores, Inc.(1) | 420 | 89,985 | ||||||
Dick's Sporting Goods, Inc. | 27,097 | 3,485,487 | ||||||
Murphy USA, Inc. | 5,480 | 1,397,893 | ||||||
RH(1) | 4,915 | 1,469,733 | ||||||
Ross Stores, Inc. | 177 | 19,566 | ||||||
TJX Cos., Inc. | 129,612 | 9,928,279 | ||||||
Tractor Supply Co. | 28,051 | 6,543,176 | ||||||
Ulta Beauty, Inc.(1) | 12,437 | 6,452,316 | ||||||
Williams-Sonoma, Inc. | 24,186 | 3,021,315 | ||||||
41,168,853 | ||||||||
Technology Hardware, Storage and Peripherals — 2.6% | ||||||||
Apple, Inc. | 157,990 | 23,289,306 | ||||||
Textiles, Apparel and Luxury Goods — 0.7% | ||||||||
Capri Holdings Ltd.(1) | 25,864 | 1,282,079 | ||||||
Levi Strauss & Co., Class A | 37,261 | 668,462 | ||||||
Tapestry, Inc. | 86,989 | 3,784,891 | ||||||
Under Armour, Inc., Class A(1) | 12,408 | 123,211 | ||||||
Under Armour, Inc., Class C(1) | 14,436 | 127,037 | ||||||
5,985,680 |
81
Avantis U.S. Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Trading Companies and Distributors — 0.9% | ||||||||
United Rentals, Inc. | 2,899 | $ | 1,358,269 | |||||
WW Grainger, Inc. | 9,631 | 6,437,649 | ||||||
7,795,918 | ||||||||
Wireless Telecommunication Services — 0.9% | ||||||||
T-Mobile U.S., Inc.(1) | 55,971 | 7,957,957 | ||||||
TOTAL COMMON STOCKS (Cost $876,551,506) | 898,731,525 | |||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
Money Market Funds — 0.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 624,463 | 624,463 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 1,235,181 | 1,235,181 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,859,644) | 1,859,644 | |||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $878,411,150) | 900,591,169 | |||||||
OTHER ASSETS AND LIABILITIES† | (68,423) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 900,522,746 |
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 $1,210,025. 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 $1,235,181.
See Notes to Financial Statements.
82
FEBRUARY 28, 2023 (UNAUDITED)
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Aerospace and Defense — 1.3% | ||||||||
AAR Corp.(1) | 4,652 | $ | 253,022 | |||||
AerSale Corp.(1) | 2,516 | 49,968 | ||||||
Archer Aviation, Inc., Class A(1) | 12,158 | 35,866 | ||||||
Astronics Corp.(1) | 2,516 | 38,344 | ||||||
Ducommun, Inc.(1) | 1,326 | 71,339 | ||||||
Kaman Corp. | 3,326 | 86,476 | ||||||
Kratos Defense & Security Solutions, Inc.(1) | 101 | 1,278 | ||||||
Maxar Technologies, Inc. | 8,471 | 436,257 | ||||||
Moog, Inc., Class A | 3,774 | 372,192 | ||||||
National Presto Industries, Inc. | 602 | 41,315 | ||||||
Park Aerospace Corp. | 2,222 | 36,485 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 2 | 68 | ||||||
V2X, Inc.(1) | 4 | 185 | ||||||
Virgin Galactic Holdings, Inc.(1) | 17,855 | 102,488 | ||||||
1,525,283 | ||||||||
Air Freight and Logistics — 1.2% | ||||||||
Air Transport Services Group, Inc.(1) | 9,172 | 191,970 | ||||||
Atlas Air Worldwide Holdings, Inc.(1) | 3,905 | 393,663 | ||||||
Forward Air Corp. | 3,406 | 351,533 | ||||||
Hub Group, Inc., Class A(1) | 4,429 | 406,272 | ||||||
Radiant Logistics, Inc.(1) | 6,272 | 35,625 | ||||||
1,379,063 | ||||||||
Airlines — 0.8% | ||||||||
Allegiant Travel Co.(1) | 1,878 | 192,589 | ||||||
Hawaiian Holdings, Inc.(1) | 6,014 | 67,357 | ||||||
JetBlue Airways Corp.(1) | 26,658 | 221,261 | ||||||
SkyWest, Inc.(1) | 6,014 | 114,687 | ||||||
Spirit Airlines, Inc. | 13,649 | 250,050 | ||||||
Sun Country Airlines Holdings, Inc.(1) | 4,060 | 81,403 | ||||||
927,347 | ||||||||
Auto Components — 1.3% | ||||||||
American Axle & Manufacturing Holdings, Inc.(1) | 14,028 | 123,446 | ||||||
Cooper-Standard Holdings, Inc.(1) | 2,136 | 34,069 | ||||||
Dana, Inc. | 19,219 | 304,429 | ||||||
Dorman Products, Inc.(1) | 438 | 40,747 | ||||||
LCI Industries | 1,374 | 155,001 | ||||||
Modine Manufacturing Co.(1) | 7,212 | 176,045 | ||||||
Motorcar Parts of America, Inc.(1) | 2,222 | 29,086 | ||||||
Patrick Industries, Inc. | 2,688 | 195,821 | ||||||
Standard Motor Products, Inc. | 2,688 | 104,751 | ||||||
Stoneridge, Inc.(1) | 2,860 | 68,097 | ||||||
Visteon Corp.(1) | 1,711 | 285,805 | ||||||
XPEL, Inc.(1) | 270 | 18,039 | ||||||
1,535,336 | ||||||||
Automobiles — 0.2% | ||||||||
Winnebago Industries, Inc. | 3,928 | 249,664 | ||||||
Workhorse Group, Inc.(1) | 9,082 | 18,709 | ||||||
268,373 |
83
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Banks — 14.5% | ||||||||
1st Source Corp. | 1,068 | $ | 53,208 | |||||
ACNB Corp. | 1,242 | 46,004 | ||||||
Amalgamated Financial Corp. | 1,706 | 40,176 | ||||||
Amerant Bancorp, Inc. | 4,394 | 124,790 | ||||||
American National Bankshares, Inc. | 1,326 | 44,620 | ||||||
Ameris Bancorp | 249 | 11,920 | ||||||
Ames National Corp. | 1,162 | 28,144 | ||||||
Arrow Financial Corp. | 1,718 | 52,365 | ||||||
Atlantic Union Bankshares Corp. | 9,586 | 359,092 | ||||||
Banc of California, Inc. | 6,358 | 111,583 | ||||||
BancFirst Corp. | 911 | 82,218 | ||||||
Bancorp, Inc.(1) | 6,480 | 224,143 | ||||||
Bank First Corp. | 896 | 73,051 | ||||||
Bank of Marin Bancorp | 1,964 | 56,956 | ||||||
Bank7 Corp. | 516 | 15,150 | ||||||
Bankwell Financial Group, Inc. | 814 | 24,567 | ||||||
Banner Corp. | 4,222 | 265,902 | ||||||
Bar Harbor Bankshares | 1,706 | 50,958 | ||||||
Baycom Corp. | 1,965 | 40,341 | ||||||
BCB Bancorp, Inc. | 2,438 | 42,299 | ||||||
Berkshire Hills Bancorp, Inc. | 5,548 | 161,225 | ||||||
Blue Ridge Bankshares, Inc. | 2,050 | 25,092 | ||||||
Brookline Bancorp, Inc. | 10,169 | 131,790 | ||||||
Business First Bancshares, Inc. | 2,430 | 50,641 | ||||||
Byline Bancorp, Inc. | 2,946 | 72,619 | ||||||
Cambridge Bancorp | 810 | 64,419 | ||||||
Camden National Corp. | 1,706 | 70,202 | ||||||
Capital Bancorp, Inc. | 1,154 | 23,438 | ||||||
Capital City Bank Group, Inc. | 1,498 | 53,434 | ||||||
Capstar Financial Holdings, Inc. | 2,050 | 35,465 | ||||||
Carter Bankshares, Inc.(1) | 3,333 | 57,894 | ||||||
Central Pacific Financial Corp. | 3,498 | 78,460 | ||||||
Central Valley Community Bancorp | 1,240 | 31,632 | ||||||
Citizens & Northern Corp. | 1,792 | 40,320 | ||||||
City Holding Co. | 1,792 | 175,974 | ||||||
Civista Bancshares, Inc. | 1,792 | 38,223 | ||||||
CNB Financial Corp. | 2,136 | 50,922 | ||||||
Coastal Financial Corp.(1) | 1,412 | 65,164 | ||||||
Colony Bankcorp, Inc. | 2,055 | 25,831 | ||||||
Columbia Banking System, Inc. | 9,897 | 294,238 | ||||||
Community Trust Bancorp, Inc. | 1,878 | 80,285 | ||||||
ConnectOne Bancorp, Inc. | 5,032 | 122,026 | ||||||
CrossFirst Bankshares, Inc.(1) | 5,118 | 72,420 | ||||||
Customers Bancorp, Inc.(1) | 4,308 | 132,686 | ||||||
Dime Community Bancshares, Inc. | 3,756 | 115,084 | ||||||
Eagle Bancorp, Inc. | 3,756 | 164,550 | ||||||
Enterprise Bancorp, Inc. | 1,240 | 43,884 | ||||||
Enterprise Financial Services Corp. | 4,308 | 234,614 | ||||||
Equity Bancshares, Inc., Class A | 1,964 | 59,038 | ||||||
Esquire Financial Holdings, Inc. | 982 | 45,162 |
84
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Farmers & Merchants Bancorp, Inc. | 1,879 | $ | 48,666 | |||||
Farmers National Banc Corp. | 4,308 | 61,389 | ||||||
FB Financial Corp. | 4,738 | 178,575 | ||||||
Financial Institutions, Inc. | 1,964 | 49,021 | ||||||
First BanCorp | 25,233 | 366,131 | ||||||
First Bancorp, Inc. | 1,154 | 33,789 | ||||||
First Bancorp/Southern Pines NC | 4,050 | 168,035 | ||||||
First Bancshares, Inc. | 2,430 | 76,083 | ||||||
First Bank | 2,432 | 33,148 | ||||||
First Busey Corp. | 6,566 | 158,503 | ||||||
First Business Financial Services, Inc. | 1,077 | 38,147 | ||||||
First Commonwealth Financial Corp. | 13,218 | 211,620 | ||||||
First Community Bankshares, Inc. | 1,964 | 61,316 | ||||||
First Financial Bancorp | 11,426 | 281,537 | ||||||
First Financial Corp. | 1,326 | 58,278 | ||||||
First Foundation, Inc. | 2,533 | 38,172 | ||||||
First Internet Bancorp | 1,326 | 35,815 | ||||||
First Merchants Corp. | 8,019 | 328,137 | ||||||
First Mid Bancshares, Inc. | 2,050 | 63,530 | ||||||
First of Long Island Corp. | 2,688 | 45,750 | ||||||
First Western Financial, Inc.(1) | 1,071 | 27,707 | ||||||
Five Star Bancorp | 1,326 | 36,226 | ||||||
Flushing Financial Corp. | 3,842 | 74,765 | ||||||
Fulton Financial Corp. | 10,606 | 182,423 | ||||||
German American Bancorp, Inc. | 3,412 | 134,092 | ||||||
Great Southern Bancorp, Inc. | 1,326 | 77,160 | ||||||
Guaranty Bancshares, Inc. | 982 | 30,648 | ||||||
Hanmi Financial Corp. | 4,222 | 99,724 | ||||||
HarborOne Bancorp, Inc. | 5,756 | 78,685 | ||||||
Heartland Financial USA, Inc. | 4,738 | 234,247 | ||||||
Heritage Commerce Corp. | 6,996 | 84,722 | ||||||
Heritage Financial Corp. | 4,222 | 117,667 | ||||||
Hilltop Holdings, Inc. | 7,296 | 242,008 | ||||||
HomeStreet, Inc. | 2,688 | 67,818 | ||||||
HomeTrust Bancshares, Inc. | 1,964 | 57,486 | ||||||
Hope Bancorp, Inc. | 14,580 | 186,770 | ||||||
Horizon Bancorp, Inc. | 4,946 | 75,278 | ||||||
Independent Bank Corp. (Michigan) | 2,688 | 59,270 | ||||||
International Bancshares Corp. | 3,662 | 177,717 | ||||||
Lakeland Bancorp, Inc. | 8,358 | 160,892 | ||||||
Lakeland Financial Corp. | 3,118 | 223,311 | ||||||
Live Oak Bancshares, Inc. | 4,738 | 163,745 | ||||||
Macatawa Bank Corp. | 3,842 | 41,916 | ||||||
Mercantile Bank Corp. | 1,878 | 64,960 | ||||||
Metrocity Bankshares, Inc. | 2,688 | 54,217 | ||||||
Metropolitan Bank Holding Corp.(1) | 1,498 | 83,603 | ||||||
Mid Penn Bancorp, Inc. | 1,878 | 57,467 | ||||||
Midland States Bancorp, Inc. | 2,516 | 65,517 | ||||||
MidWestOne Financial Group, Inc. | 1,240 | 37,250 | ||||||
MVB Financial Corp. | 1,240 | 33,840 | ||||||
National Bank Holdings Corp., Class A | 4,222 | 170,949 |
85
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
NBT Bancorp, Inc. | 5,679 | $ | 230,511 | |||||
Nicolet Bankshares, Inc.(1) | 1,620 | 120,625 | ||||||
Northeast Bank | 896 | 39,496 | ||||||
Northrim BanCorp, Inc. | 688 | 36,127 | ||||||
Northwest Bancshares, Inc. | 14,924 | 206,250 | ||||||
OceanFirst Financial Corp. | 7,462 | 176,999 | ||||||
OFG Bancorp | 6,480 | 197,122 | ||||||
Old Second Bancorp, Inc. | 5,118 | 84,856 | ||||||
Origin Bancorp, Inc. | 2,602 | 98,642 | ||||||
Orrstown Financial Services, Inc. | 1,418 | 32,614 | ||||||
Park National Corp. | 1,878 | 239,952 | ||||||
Parke Bancorp, Inc. | 1,500 | 30,615 | ||||||
Pathward Financial, Inc. | 4,050 | 206,590 | ||||||
PCB Bancorp | 1,498 | 27,353 | ||||||
Peapack-Gladstone Financial Corp. | 2,136 | 79,352 | ||||||
Peoples Bancorp, Inc. | 3,240 | 100,796 | ||||||
Peoples Financial Services Corp. | 896 | 44,397 | ||||||
Preferred Bank | 936 | 65,894 | ||||||
Premier Financial Corp. | 4,652 | 115,463 | ||||||
Primis Financial Corp. | 2,774 | 32,484 | ||||||
QCR Holdings, Inc. | 1,964 | 105,054 | ||||||
RBB Bancorp | 1,878 | 37,109 | ||||||
Renasant Corp. | 6,480 | 233,150 | ||||||
Republic Bancorp, Inc., Class A | 1,792 | 79,744 | ||||||
Republic First Bancorp, Inc.(1) | 6,186 | 12,372 | ||||||
S&T Bancorp, Inc. | 4,566 | 170,129 | ||||||
Sandy Spring Bancorp, Inc. | 5,756 | 189,660 | ||||||
Seacoast Banking Corp. of Florida | 9,779 | 298,357 | ||||||
Shore Bancshares, Inc. | 2,308 | 39,374 | ||||||
Sierra Bancorp | 1,706 | 34,478 | ||||||
Silvergate Capital Corp., Class A(1) | 2,777 | 38,628 | ||||||
Simmons First National Corp., Class A | 3,001 | 66,712 | ||||||
SmartFinancial, Inc. | 1,792 | 48,922 | ||||||
South Plains Financial, Inc. | 1,240 | 32,600 | ||||||
Southern First Bancshares, Inc.(1) | 982 | 39,526 | ||||||
Southside Bancshares, Inc. | 4,136 | 157,954 | ||||||
Stellar Bancorp, Inc. | 5,943 | 173,833 | ||||||
Stock Yards Bancorp, Inc. | 4,495 | 263,092 | ||||||
Summit Financial Group, Inc. | 1,412 | 35,964 | ||||||
Texas Capital Bancshares, Inc.(1) | 3,489 | 231,076 | ||||||
Third Coast Bancshares, Inc.(1) | 1,420 | 26,199 | ||||||
Tompkins Financial Corp. | 1,498 | 112,035 | ||||||
Towne Bank | 8,711 | 264,205 | ||||||
TriCo Bancshares | 4,057 | 204,919 | ||||||
Triumph Financial, Inc.(1) | 3,498 | 212,853 | ||||||
Trustmark Corp. | 6,910 | 203,154 | ||||||
Unity Bancorp, Inc. | 896 | 23,663 | ||||||
Univest Financial Corp. | 3,670 | 103,494 | ||||||
Veritex Holdings, Inc. | 5,842 | 155,748 | ||||||
Washington Federal, Inc. | 10,209 | 358,030 | ||||||
Washington Trust Bancorp, Inc. | 1,964 | 82,488 |
86
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
WesBanco, Inc. | 7,376 | $ | 266,642 | |||||
West BanCorp, Inc. | 1,878 | 39,551 | ||||||
Westamerica BanCorp | 3,585 | 197,605 | ||||||
16,606,399 | ||||||||
Beverages — 0.1% | ||||||||
MGP Ingredients, Inc. | 978 | 99,208 | ||||||
Vita Coco Co., Inc.(1) | 134 | 2,266 | ||||||
Zevia PBC, Class A(1) | 1,220 | 4,258 | ||||||
105,732 | ||||||||
Biotechnology — 5.5% | ||||||||
2seventy bio, Inc.(1) | 5,104 | 68,853 | ||||||
89bio, Inc.(1) | 3,677 | 50,081 | ||||||
Aadi Bioscience, Inc.(1) | 1,792 | 19,300 | ||||||
Actinium Pharmaceuticals, Inc.(1) | 1,111 | 10,721 | ||||||
Adicet Bio, Inc.(1) | 4,404 | 34,704 | ||||||
Aerovate Therapeutics, Inc.(1) | 614 | 15,086 | ||||||
Agios Pharmaceuticals, Inc.(1) | 9,091 | 230,093 | ||||||
Akero Therapeutics, Inc.(1) | 2,437 | 110,908 | ||||||
Aldeyra Therapeutics, Inc.(1) | 7,870 | 53,201 | ||||||
Alector, Inc.(1) | 4,050 | 34,587 | ||||||
Allakos, Inc.(1) | 7,794 | 46,374 | ||||||
Allogene Therapeutics, Inc.(1) | 10,882 | 69,101 | ||||||
Allovir, Inc.(1) | 3,584 | 24,192 | ||||||
Alpine Immune Sciences, Inc.(1) | 814 | 6,488 | ||||||
Altimmune, Inc.(1) | 5,314 | 66,903 | ||||||
ALX Oncology Holdings, Inc.(1) | 2,287 | 15,140 | ||||||
AnaptysBio, Inc.(1) | 2,860 | 71,214 | ||||||
Anika Therapeutics, Inc.(1) | 1,706 | 54,080 | ||||||
Annexon, Inc.(1) | 1,620 | 8,635 | ||||||
Arcturus Therapeutics Holdings, Inc.(1) | 2,197 | 35,701 | ||||||
Arcus Biosciences, Inc.(1) | 7,082 | 128,963 | ||||||
ARS Pharmaceuticals, Inc.(1) | 4,420 | 39,426 | ||||||
Atara Biotherapeutics, Inc.(1) | 12,645 | 51,212 | ||||||
aTyr Pharma, Inc.(1) | 3,756 | 7,925 | ||||||
BioAtla, Inc.(1) | 5,210 | 15,526 | ||||||
Biomea Fusion, Inc.(1) | 2,706 | 34,745 | ||||||
Bioxcel Therapeutics, Inc.(1) | 2,222 | 70,926 | ||||||
Bluebird Bio, Inc.(1) | 1,056 | 5,491 | ||||||
C4 Therapeutics, Inc.(1) | 6,487 | 34,186 | ||||||
Cardiff Oncology, Inc.(1) | 4,566 | 7,899 | ||||||
CareDx, Inc.(1) | 5,931 | 99,759 | ||||||
Caribou Biosciences, Inc.(1) | 5,532 | 33,690 | ||||||
Catalyst Pharmaceuticals, Inc.(1) | 13,476 | 205,644 | ||||||
Chinook Therapeutics, Inc.(1) | 4,847 | 105,762 | ||||||
Cogent Biosciences, Inc.(1) | 10 | 132 | ||||||
Concert Pharmaceuticals, Inc.(1) | 5,515 | 46,216 | ||||||
Contra Akouos, Inc.(1) | 779 | 615 | ||||||
Cullinan Oncology, Inc.(1) | 4,155 | 46,910 | ||||||
Deciphera Pharmaceuticals, Inc.(1) | 6,570 | 95,265 | ||||||
Disc Medicine, Inc.(1) | 953 | 23,825 | ||||||
Dynavax Technologies Corp.(1) | 16,458 | 169,517 |
87
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Dyne Therapeutics, Inc.(1) | 4,152 | $ | 53,478 | |||||
Eagle Pharmaceuticals, Inc.(1) | 1,412 | 39,536 | ||||||
Editas Medicine, Inc.(1) | 7,950 | 71,868 | ||||||
Emergent BioSolutions, Inc.(1) | 4,222 | 52,268 | ||||||
Enanta Pharmaceuticals, Inc.(1) | 347 | 16,830 | ||||||
Enochian Biosciences, Inc.(1) | 30 | 31 | ||||||
Entrada Therapeutics, Inc.(1) | 1,055 | 13,451 | ||||||
EQRx, Inc.(1) | 40,857 | 92,337 | ||||||
Erasca, Inc.(1) | 7,300 | 26,280 | ||||||
Essa Pharma, Inc.(1) | 2,946 | 9,913 | ||||||
F-star Therapeutics, Inc.(1) | 420 | 2,247 | ||||||
Generation Bio Co.(1) | 3,032 | 12,007 | ||||||
Genprex, Inc.(1) | 1,546 | 1,979 | ||||||
Gritstone bio, Inc.(1) | 9,672 | 23,696 | ||||||
Ideaya Biosciences, Inc.(1) | 6,939 | 122,473 | ||||||
Immunic, Inc.(1) | 1,104 | 2,186 | ||||||
Immunovant, Inc.(1) | 4,967 | 86,773 | ||||||
Inmune Bio, Inc.(1) | 1,068 | 10,082 | ||||||
Inovio Pharmaceuticals, Inc.(1) | 31,554 | 39,758 | ||||||
Ironwood Pharmaceuticals, Inc.(1) | 17,354 | 195,580 | ||||||
iTeos Therapeutics, Inc.(1) | 3,412 | 60,427 | ||||||
KalVista Pharmaceuticals, Inc.(1) | 1,706 | 12,505 | ||||||
Kezar Life Sciences, Inc.(1) | 8,052 | 50,647 | ||||||
Kiniksa Pharmaceuticals Ltd., Class A(1) | 3,326 | 42,772 | ||||||
Kinnate Biopharma, Inc.(1) | 2,602 | 13,739 | ||||||
Kodiak Sciences, Inc.(1) | 3,435 | 22,328 | ||||||
Kronos Bio, Inc.(1) | 2,774 | 4,827 | ||||||
Krystal Biotech, Inc.(1) | 84 | 6,880 | ||||||
Kura Oncology, Inc.(1) | 7,655 | 91,248 | ||||||
Kymera Therapeutics, Inc.(1) | 4,864 | 152,632 | ||||||
Larimar Therapeutics, Inc.(1) | 1,326 | 8,036 | ||||||
Lyell Immunopharma, Inc.(1) | 18,980 | 40,807 | ||||||
MacroGenics, Inc.(1) | 8,294 | 50,510 | ||||||
MediciNova, Inc.(1) | 5,290 | 11,638 | ||||||
MeiraGTx Holdings PLC(1) | 3,670 | 28,332 | ||||||
Merus NV(1) | 699 | 13,330 | ||||||
Monte Rosa Therapeutics, Inc.(1) | 3,163 | 19,231 | ||||||
Morphic Holding, Inc.(1) | 3,528 | 150,011 | ||||||
Myriad Genetics, Inc.(1) | 9,567 | 181,008 | ||||||
NextCure, Inc.(1) | 20 | 31 | ||||||
Nkarta, Inc.(1) | 982 | 4,124 | ||||||
Nurix Therapeutics, Inc.(1) | 5,376 | 50,696 | ||||||
Olema Pharmaceuticals, Inc.(1) | 1,964 | 8,052 | ||||||
Organogenesis Holdings, Inc.(1) | 5,118 | 12,539 | ||||||
ORIC Pharmaceuticals, Inc.(1) | 3,842 | 17,020 | ||||||
Ovid therapeutics, Inc.(1) | 6,566 | 16,218 | ||||||
PDS Biotechnology Corp.(1) | 34 | 260 | ||||||
PMV Pharmaceuticals, Inc.(1) | 4,632 | 33,397 | ||||||
Point Biopharma Global, Inc.(1) | 8,554 | 64,069 | ||||||
Poseida Therapeutics, Inc.(1) | 2,879 | 16,382 | ||||||
Praxis Precision Medicines, Inc.(1) | 4,308 | 13,204 |
88
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Protagonist Therapeutics, Inc.(1) | 5,119 | $ | 83,030 | |||||
Prothena Corp. PLC(1) | 1,034 | 57,656 | ||||||
Rallybio Corp.(1) | 734 | 5,777 | ||||||
REGENXBIO, Inc.(1) | 4,566 | 101,594 | ||||||
Relay Therapeutics, Inc.(1) | 11,307 | 182,608 | ||||||
Repare Therapeutics, Inc.(1) | 2,516 | 25,789 | ||||||
Replimune Group, Inc.(1) | 4,736 | 103,718 | ||||||
REVOLUTION Medicines, Inc.(1) | 2,453 | 65,642 | ||||||
Rhythm Pharmaceuticals, Inc.(1) | 5 | 122 | ||||||
Rocket Pharmaceuticals, Inc.(1) | 1,702 | 32,695 | ||||||
Roivant Sciences Ltd.(1) | 7,736 | 62,584 | ||||||
Sage Therapeutics, Inc.(1) | 6,106 | 254,254 | ||||||
Sana Biotechnology, Inc.(1) | 7,096 | 26,042 | ||||||
Sangamo Therapeutics, Inc.(1) | 12,331 | 37,610 | ||||||
Scholar Rock Holding Corp.(1) | 6,745 | 57,872 | ||||||
Shattuck Labs, Inc.(1) | 1,792 | 8,458 | ||||||
Stoke Therapeutics, Inc.(1) | 1,620 | 14,402 | ||||||
Sutro Biopharma, Inc.(1) | 4,480 | 25,267 | ||||||
Tango Therapeutics, Inc.(1) | 6,666 | 34,863 | ||||||
Twist Bioscience Corp.(1) | 4,071 | 79,222 | ||||||
uniQure NV(1) | 5,774 | 121,023 | ||||||
Vanda Pharmaceuticals, Inc.(1) | 5,928 | 38,176 | ||||||
Viking Therapeutics, Inc.(1) | 9,163 | 100,885 | ||||||
Viracta Therapeutics, Inc.(1) | 34 | 58 | ||||||
Viridian Therapeutics, Inc.(1) | 3,035 | 99,427 | ||||||
Voyager Therapeutics, Inc.(1) | 2,351 | 16,880 | ||||||
XBiotech, Inc.(1) | 2,050 | 6,888 | ||||||
Xencor, Inc.(1) | 8,186 | 263,016 | ||||||
Xenon Pharmaceuticals, Inc.(1) | 1,973 | 77,855 | ||||||
Zymeworks, Inc.(1) | 1,655 | 13,604 | ||||||
6,315,686 | ||||||||
Building Products — 1.5% | ||||||||
Alpha Pro Tech Ltd.(1) | 1,498 | 6,306 | ||||||
American Woodmark Corp.(1) | 1,717 | 87,533 | ||||||
Apogee Enterprises, Inc. | 3,326 | 152,198 | ||||||
AZZ, Inc. | 2,946 | 119,755 | ||||||
CSW Industrials, Inc. | 1,879 | 265,991 | ||||||
Griffon Corp. | 610 | 22,247 | ||||||
Hayward Holdings, Inc.(1) | 7,726 | 95,107 | ||||||
Insteel Industries, Inc. | 2,602 | 77,409 | ||||||
Janus International Group, Inc.(1) | 8,109 | 84,252 | ||||||
JELD-WEN Holding, Inc.(1) | 1,650 | 21,697 | ||||||
Masonite International Corp.(1) | 2,946 | 261,605 | ||||||
PGT Innovations, Inc.(1) | 7,004 | 148,135 | ||||||
Quanex Building Products Corp. | 3,928 | 101,932 | ||||||
Resideo Technologies, Inc.(1) | 14,617 | 268,076 | ||||||
1,712,243 | ||||||||
Capital Markets — 1.9% | ||||||||
Artisan Partners Asset Management, Inc., Class A | 6,931 | 228,515 | ||||||
Assetmark Financial Holdings, Inc.(1) | 2,308 | 72,240 | ||||||
Avantax, Inc.(1) | 574 | 16,411 |
89
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
B. Riley Financial, Inc. | 2,430 | $ | 96,665 | |||||
BGC Partners, Inc., Class A | 48,799 | 237,163 | ||||||
Bridge Investment Group Holdings, Inc., Class A | 3,005 | 40,838 | ||||||
Cowen, Inc., Class A | 3,032 | 118,218 | ||||||
Diamond Hill Investment Group, Inc. | 430 | 75,078 | ||||||
Donnelley Financial Solutions, Inc.(1) | 4,136 | 174,994 | ||||||
Federated Hermes, Inc. | 1 | 39 | ||||||
Greenhill & Co., Inc. | 1,498 | 16,838 | ||||||
Open Lending Corp., Class A(1) | 11,134 | 78,829 | ||||||
Oppenheimer Holdings, Inc., Class A | 896 | 39,505 | ||||||
Piper Sandler Cos. | 2,516 | 379,891 | ||||||
PJT Partners, Inc., Class A | 10 | 789 | ||||||
StoneX Group, Inc.(1) | 2,917 | 294,121 | ||||||
Victory Capital Holdings, Inc., Class A | 2,774 | 94,205 | ||||||
Virtus Investment Partners, Inc. | 810 | 170,448 | ||||||
WisdomTree, Inc. | 14,752 | 88,069 | ||||||
2,222,856 | ||||||||
Chemicals — 1.8% | ||||||||
AdvanSix, Inc. | 4,050 | 166,657 | ||||||
American Vanguard Corp. | 3,240 | 67,619 | ||||||
Chase Corp. | 553 | 54,161 | ||||||
Danimer Scientific, Inc.(1) | 8,110 | 20,924 | ||||||
Ecovyst, Inc.(1) | 6,911 | 69,386 | ||||||
FutureFuel Corp. | 3,118 | 27,282 | ||||||
Hawkins, Inc. | 1,707 | 69,424 | ||||||
Ingevity Corp.(1) | 4,117 | 339,900 | ||||||
Innospec, Inc. | 48 | 5,254 | ||||||
Intrepid Potash, Inc.(1) | 1,412 | 44,718 | ||||||
Koppers Holdings, Inc. | 2,430 | 87,213 | ||||||
Kronos Worldwide, Inc. | 2,688 | 30,348 | ||||||
LSB Industries, Inc.(1) | 4,652 | 63,221 | ||||||
Mativ Holdings, Inc. | 531 | 13,758 | ||||||
Minerals Technologies, Inc. | 3,928 | 238,626 | ||||||
Origin Materials, Inc.(1) | 16,716 | 80,237 | ||||||
Orion Engineered Carbons SA | 7,376 | 188,088 | ||||||
PureCycle Technologies, Inc.(1) | 6,262 | 39,952 | ||||||
Rayonier Advanced Materials, Inc.(1) | 7,082 | 58,072 | ||||||
Stepan Co. | 2,692 | 280,210 | ||||||
Trinseo PLC | 3,327 | 77,120 | ||||||
Tronox Holdings PLC, Class A | 2,169 | 33,836 | ||||||
2,056,006 | ||||||||
Commercial Services and Supplies — 1.8% | ||||||||
ACCO Brands Corp. | 11,218 | 63,606 | ||||||
ARC Document Solutions, Inc. | 5,118 | 17,094 | ||||||
Brady Corp., Class A | 5,548 | 306,028 | ||||||
BrightView Holdings, Inc.(1) | 4,574 | 28,908 | ||||||
Brink's Co. | 3,162 | 206,320 | ||||||
Civeo Corp.(1) | 1,412 | 39,974 | ||||||
Deluxe Corp. | 4,652 | 85,783 | ||||||
Ennis, Inc. | 3,032 | 65,946 | ||||||
Harsco Corp.(1) | 9,806 | 82,959 |
90
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Healthcare Services Group, Inc.(1) | 6,910 | $ | 91,696 | |||||
Heritage-Crystal Clean, Inc.(1) | 2,222 | 79,948 | ||||||
HNI Corp. | 5,376 | 168,000 | ||||||
Interface, Inc. | 7,462 | 65,815 | ||||||
KAR Auction Services, Inc.(1) | 16,296 | 232,870 | ||||||
Kimball International, Inc., Class B | 4,394 | 30,363 | ||||||
Li-Cycle Holdings Corp.(1) | 13,222 | 80,125 | ||||||
Liquidity Services, Inc.(1) | 3,240 | 41,018 | ||||||
Matthews International Corp., Class A | 3,756 | 143,329 | ||||||
Pitney Bowes, Inc. | 1 | 4 | ||||||
Quad/Graphics, Inc.(1) | 3,842 | 18,787 | ||||||
SP Plus Corp.(1) | 2,774 | 94,371 | ||||||
Steelcase, Inc., Class A | 12,330 | 97,037 | ||||||
VSE Corp. | 1,326 | 76,126 | ||||||
2,116,107 | ||||||||
Communications Equipment — 1.2% | ||||||||
ADTRAN Holdings, Inc. | 2 | 35 | ||||||
Applied Optoelectronics, Inc.(1) | 2,222 | 6,244 | ||||||
Aviat Networks, Inc.(1) | 1,240 | 44,057 | ||||||
Comtech Telecommunications Corp. | 3,240 | 51,808 | ||||||
Extreme Networks, Inc.(1) | 18,835 | 352,591 | ||||||
Harmonic, Inc.(1) | 11,134 | 146,857 | ||||||
KVH Industries, Inc.(1) | 1,878 | 18,592 | ||||||
NETGEAR, Inc.(1) | 3,670 | 66,427 | ||||||
NetScout Systems, Inc.(1) | 8,702 | 247,485 | ||||||
Ribbon Communications, Inc.(1) | 6,910 | 30,819 | ||||||
ViaSat, Inc.(1) | 6,029 | 191,481 | ||||||
Viavi Solutions, Inc.(1) | 21,497 | 235,177 | ||||||
1,391,573 | ||||||||
Construction and Engineering — 1.3% | ||||||||
Ameresco, Inc., Class A(1) | 3,977 | 174,789 | ||||||
Arcosa, Inc. | 2,875 | 174,225 | ||||||
Argan, Inc. | 1,792 | 69,637 | ||||||
Concrete Pumping Holdings, Inc.(1) | 3,118 | 24,352 | ||||||
Dycom Industries, Inc.(1) | 195 | 16,421 | ||||||
Fluor Corp.(1) | 1,119 | 41,034 | ||||||
Granite Construction, Inc. | 5,548 | 239,674 | ||||||
Great Lakes Dredge & Dock Corp.(1) | 7,720 | 44,274 | ||||||
IES Holdings, Inc.(1) | 94 | 3,954 | ||||||
Matrix Service Co.(1) | 2,860 | 18,104 | ||||||
MYR Group, Inc.(1) | 1,878 | 226,505 | ||||||
Northwest Pipe Co.(1) | 1,154 | 44,429 | ||||||
Primoris Services Corp. | 6,358 | 174,845 | ||||||
Sterling Infrastructure, Inc.(1) | 3,842 | 147,763 | ||||||
Tutor Perini Corp.(1) | 5,032 | 40,809 | ||||||
1,440,815 | ||||||||
Construction Materials† | ||||||||
United States Lime & Minerals, Inc. | 258 | 41,615 | ||||||
Consumer Finance — 1.6% | ||||||||
Atlanticus Holdings Corp.(1) | 810 | 25,960 | ||||||
Bread Financial Holdings, Inc. | 6,488 | 266,462 |
91
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Consumer Portfolio Services, Inc.(1) | 2,136 | $ | 23,624 | |||||
Encore Capital Group, Inc.(1) | 3,240 | 167,443 | ||||||
Enova International, Inc.(1) | 4,566 | 222,592 | ||||||
EZCORP, Inc., Class A(1) | 6,824 | 60,188 | ||||||
Green Dot Corp., Class A(1) | 5,548 | 105,024 | ||||||
LendingClub Corp.(1) | 8,449 | 79,421 | ||||||
Medallion Financial Corp. | 1,706 | 14,416 | ||||||
Navient Corp. | 18,008 | 325,044 | ||||||
Oportun Financial Corp.(1) | 3,326 | 20,089 | ||||||
PRA Group, Inc.(1) | 6,014 | 255,956 | ||||||
PROG Holdings, Inc.(1) | 7,806 | 192,964 | ||||||
Regional Management Corp. | 982 | 30,953 | ||||||
World Acceptance Corp.(1) | 602 | 56,203 | ||||||
1,846,339 | ||||||||
Containers and Packaging — 0.8% | ||||||||
Greif, Inc., Class A | 815 | 57,906 | ||||||
Greif, Inc., Class B | 230 | 18,924 | ||||||
Myers Industries, Inc. | 5,299 | 136,926 | ||||||
O-I Glass, Inc.(1) | 21,030 | 467,287 | ||||||
Pactiv Evergreen, Inc. | 4,480 | 48,429 | ||||||
TriMas Corp. | 4,860 | 145,751 | ||||||
875,223 | ||||||||
Distributors† | ||||||||
Funko, Inc., Class A(1) | 27 | 292 | ||||||
Diversified Consumer Services — 1.2% | ||||||||
Adtalem Global Education, Inc.(1) | 5,462 | 213,674 | ||||||
American Public Education, Inc.(1) | 1,878 | 20,733 | ||||||
Carriage Services, Inc. | 2,222 | 75,370 | ||||||
European Wax Center, Inc., Class A | 1,472 | 27,173 | ||||||
Frontdoor, Inc.(1) | 8,117 | 229,305 | ||||||
Graham Holdings Co., Class B | 284 | 177,972 | ||||||
Lincoln Educational Services Corp.(1) | 2,860 | 16,731 | ||||||
OneSpaWorld Holdings Ltd.(1) | 8,100 | 93,879 | ||||||
Perdoceo Education Corp.(1) | 8,272 | 114,030 | ||||||
Rover Group, Inc.(1) | 16,558 | 69,212 | ||||||
Strategic Education, Inc. | 821 | 69,990 | ||||||
Stride, Inc.(1) | 5,118 | 217,362 | ||||||
Universal Technical Institute, Inc.(1) | 4,136 | 30,027 | ||||||
1,355,458 | ||||||||
Diversified Financial Services — 0.3% | ||||||||
Alerus Financial Corp. | 1,498 | 29,960 | ||||||
A-Mark Precious Metals, Inc. | 2,375 | 69,611 | ||||||
Cannae Holdings, Inc.(1) | 9,426 | 212,839 | ||||||
Jackson Financial, Inc., Class A | 1,081 | 49,056 | ||||||
361,466 | ||||||||
Diversified Telecommunication Services — 0.5% | ||||||||
ATN International, Inc. | 1,240 | 52,142 | ||||||
Bandwidth, Inc., Class A(1) | 1,987 | 31,593 | ||||||
Consolidated Communications Holdings, Inc.(1) | 6,910 | 20,937 | ||||||
EchoStar Corp., Class A(1) | 4,652 | 92,854 | ||||||
IDT Corp., Class B(1) | 2,688 | 81,742 |
92
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Liberty Latin America Ltd., Class A(1) | 4,328 | $ | 38,173 | |||||
Liberty Latin America Ltd., Class C(1) | 16,480 | 144,695 | ||||||
Radius Global Infrastructure, Inc., Class A(1) | 9,172 | 125,014 | ||||||
587,150 | ||||||||
Electric Utilities — 0.6% | ||||||||
MGE Energy, Inc. | 4,561 | 322,828 | ||||||
Otter Tail Corp. | 5,775 | 409,390 | ||||||
Via Renewables, Inc. | 34 | 199 | ||||||
732,417 | ||||||||
Electrical Equipment — 0.8% | ||||||||
Encore Wire Corp. | 2,874 | 554,711 | ||||||
EnerSys | 16 | 1,451 | ||||||
FuelCell Energy, Inc.(1) | 4,868 | 16,259 | ||||||
GrafTech International Ltd. | 24,652 | 139,284 | ||||||
Orion Energy Systems, Inc.(1) | 2,430 | 4,981 | ||||||
Powell Industries, Inc. | 1,068 | 47,366 | ||||||
Preformed Line Products Co. | 172 | 15,336 | ||||||
Thermon Group Holdings, Inc.(1) | 3,928 | 103,896 | ||||||
TPI Composites, Inc.(1) | 1 | 12 | ||||||
883,296 | ||||||||
Electronic Equipment, Instruments and Components — 2.5% | ||||||||
Advanced Energy Industries, Inc. | 48 | 4,468 | ||||||
Aeva Technologies, Inc.(1) | 7,894 | 14,130 | ||||||
Airgain, Inc.(1) | 896 | 6,818 | ||||||
Akoustis Technologies, Inc.(1) | 4,308 | 16,112 | ||||||
Badger Meter, Inc. | 1,888 | 229,618 | ||||||
Bel Fuse, Inc., Class B | 1,240 | 44,045 | ||||||
Belden, Inc. | 2,727 | 230,104 | ||||||
Benchmark Electronics, Inc. | 4,480 | 106,579 | ||||||
CTS Corp. | 3,928 | 170,122 | ||||||
Daktronics, Inc.(1) | 4,480 | 18,189 | ||||||
ePlus, Inc.(1) | 3,756 | 203,462 | ||||||
Evolv Technologies Holdings, Inc.(1) | 5,204 | 14,311 | ||||||
FARO Technologies, Inc.(1) | 1,554 | 42,269 | ||||||
Itron, Inc.(1) | 4,484 | 250,073 | ||||||
Kimball Electronics, Inc.(1) | 2,946 | 73,679 | ||||||
Knowles Corp.(1) | 11,770 | 199,855 | ||||||
Methode Electronics, Inc. | 4,394 | 214,120 | ||||||
Napco Security Technologies, Inc.(1) | 3 | 95 | ||||||
nLight, Inc.(1) | 3,671 | 41,482 | ||||||
OSI Systems, Inc.(1) | 1,792 | 165,850 | ||||||
PC Connection, Inc. | 1,240 | 54,312 | ||||||
Plexus Corp.(1) | 1,640 | 157,260 | ||||||
Richardson Electronics Ltd. | 1,620 | 33,988 | ||||||
Sanmina Corp.(1) | 3,815 | 230,655 | ||||||
ScanSource, Inc.(1) | 3,584 | 111,749 | ||||||
TTM Technologies, Inc.(1) | 11,856 | 157,566 | ||||||
Vishay Intertechnology, Inc. | 1,459 | 30,974 | ||||||
Vishay Precision Group, Inc.(1) | 1,412 | 61,563 | ||||||
2,883,448 | ||||||||
Energy Equipment and Services — 3.4% | ||||||||
Archrock, Inc. | 18,336 | 202,980 |
93
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Bristow Group, Inc.(1) | 3,118 | $ | 84,934 | |||||
Core Laboratories NV | 6,911 | 164,966 | ||||||
Diamond Offshore Drilling, Inc.(1) | 11,187 | 132,902 | ||||||
DMC Global, Inc.(1) | 2,308 | 61,785 | ||||||
Dril-Quip, Inc.(1) | 3,670 | 125,697 | ||||||
Expro Group Holdings NV(1) | 11,171 | 253,917 | ||||||
Forum Energy Technologies, Inc.(1) | 516 | 15,108 | ||||||
Helix Energy Solutions Group, Inc.(1) | 17,096 | 141,555 | ||||||
Liberty Energy, Inc., Class A | 19,633 | 299,403 | ||||||
Nabors Industries Ltd.(1) | 982 | 147,604 | ||||||
National Energy Services Reunited Corp.(1) | 2,149 | 13,883 | ||||||
Newpark Resources, Inc.(1) | 12,150 | 53,825 | ||||||
NexTier Oilfield Solutions, Inc.(1) | 32,193 | 293,922 | ||||||
Noble Corp. PLC(1) | 342 | 14,258 | ||||||
Oceaneering International, Inc.(1) | 15,279 | 319,178 | ||||||
Oil States International, Inc.(1) | 7,548 | 68,913 | ||||||
Patterson-UTI Energy, Inc. | 34 | 466 | ||||||
ProPetro Holding Corp.(1) | 12,494 | 110,072 | ||||||
RPC, Inc. | 11,218 | 98,382 | ||||||
Select Energy Services, Inc., Class A | 8,702 | 64,569 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 3,756 | 33,541 | ||||||
TechnipFMC PLC(1) | 24,545 | 375,293 | ||||||
TETRA Technologies, Inc.(1) | 17,916 | 63,781 | ||||||
Tidewater, Inc.(1) | 7,134 | 348,425 | ||||||
Transocean Ltd.(1) | 22,980 | 160,630 | ||||||
US Silica Holdings, Inc.(1) | 8,702 | 105,642 | ||||||
Weatherford International PLC(1) | 2,489 | 165,817 | ||||||
3,921,448 | ||||||||
Entertainment — 0.7% | ||||||||
Cinemark Holdings, Inc.(1) | 11,772 | 160,217 | ||||||
IMAX Corp.(1) | 6,652 | 122,663 | ||||||
Liberty Media Corp.-Liberty Braves, Class A(1) | 1,140 | 39,045 | ||||||
Liberty Media Corp.-Liberty Braves, Class C(1) | 4,632 | 155,033 | ||||||
Madison Square Garden Entertainment Corp.(1) | 3,679 | 222,690 | ||||||
Marcus Corp. | 3,032 | 48,785 | ||||||
Playstudios, Inc.(1) | 11,859 | 44,115 | ||||||
Sciplay Corp., Class A(1) | 2,860 | 47,304 | ||||||
839,852 | ||||||||
Food and Staples Retailing — 1.2% | ||||||||
Andersons, Inc. | 4,566 | 208,346 | ||||||
Grocery Outlet Holding Corp.(1) | 6 | 162 | ||||||
HF Foods Group, Inc.(1) | 5,403 | 20,964 | ||||||
Ingles Markets, Inc., Class A | 2,136 | 190,958 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 1,620 | 17,788 | ||||||
PriceSmart, Inc. | 3,110 | 216,829 | ||||||
SpartanNash Co. | 5,032 | 134,656 | ||||||
Sprouts Farmers Market, Inc.(1) | 148 | 4,483 | ||||||
United Natural Foods, Inc.(1) | 8,530 | 347,427 | ||||||
Village Super Market, Inc., Class A | 896 | 20,008 | ||||||
Weis Markets, Inc. | 2,222 | 169,850 | ||||||
1,331,471 |
94
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Food Products — 1.1% | ||||||||
Alico, Inc. | 516 | $ | 13,282 | |||||
B&G Foods, Inc. | 7,634 | 96,723 | ||||||
Calavo Growers, Inc. | 1,878 | 60,603 | ||||||
Cal-Maine Foods, Inc. | 3,356 | 190,621 | ||||||
Farmer Bros Co.(1) | 1,326 | 5,994 | ||||||
Fresh Del Monte Produce, Inc. | 4,566 | 142,824 | ||||||
Hain Celestial Group, Inc.(1) | 950 | 16,938 | ||||||
Hostess Brands, Inc.(1) | 4,571 | 112,904 | ||||||
John B Sanfilippo & Son, Inc. | 295 | 26,482 | ||||||
Lifecore Biomedical, Inc.(1) | 3,118 | 18,053 | ||||||
Limoneira Co. | 1,878 | 29,541 | ||||||
Mission Produce, Inc.(1) | 4,136 | 47,647 | ||||||
Seneca Foods Corp., Class A(1) | 688 | 38,253 | ||||||
Sovos Brands, Inc.(1) | 4,387 | 57,338 | ||||||
Tootsie Roll Industries, Inc. | 933 | 41,080 | ||||||
TreeHouse Foods, Inc.(1) | 6,348 | 309,719 | ||||||
Vital Farms, Inc.(1) | 2,222 | 35,907 | ||||||
1,243,909 | ||||||||
Gas Utilities — 0.4% | ||||||||
Chesapeake Utilities Corp. | 1,340 | 171,641 | ||||||
Northwest Natural Holding Co. | 3,832 | 185,239 | ||||||
Star Group LP | 3,850 | 48,394 | ||||||
405,274 | ||||||||
Health Care Equipment and Supplies — 1.4% | ||||||||
Accuray, Inc.(1) | 4,993 | 14,480 | ||||||
AngioDynamics, Inc.(1) | 2,077 | 25,713 | ||||||
Atrion Corp. | 172 | 97,696 | ||||||
Avanos Medical, Inc.(1) | 6,014 | 168,813 | ||||||
Axogen, Inc.(1) | 49 | 404 | ||||||
Butterfly Network, Inc.(1) | 16,862 | 41,481 | ||||||
Cardiovascular Systems, Inc.(1) | 4,567 | 90,016 | ||||||
Co-Diagnostics, Inc.(1) | 4,136 | 11,953 | ||||||
Glaukos Corp.(1) | 62 | 2,928 | ||||||
Haemonetics Corp.(1) | 1,877 | 145,974 | ||||||
Heska Corp.(1) | 827 | 67,343 | ||||||
Inogen, Inc.(1) | 1,412 | 22,126 | ||||||
Integer Holdings Corp.(1) | 379 | 28,417 | ||||||
iRadimed Corp. | 610 | 23,156 | ||||||
LeMaitre Vascular, Inc. | 2,430 | 121,767 | ||||||
Merit Medical Systems, Inc.(1) | 4 | 282 | ||||||
Neuronetics, Inc.(1) | 2,430 | 13,827 | ||||||
NuVasive, Inc.(1) | 6,566 | 283,848 | ||||||
OraSure Technologies, Inc.(1) | 8,530 | 53,824 | ||||||
Orthofix Medical, Inc.(1) | 3,406 | 70,164 | ||||||
Outset Medical, Inc.(1) | 5,927 | 135,195 | ||||||
Retractable Technologies, Inc.(1) | 1,412 | 2,739 | ||||||
Sensus Healthcare, Inc.(1) | 435 | 2,989 | ||||||
Sight Sciences, Inc.(1) | 2,955 | 32,446 | ||||||
Utah Medical Products, Inc. | 430 | 39,465 | ||||||
Varex Imaging Corp.(1) | 4,738 | 83,815 |
95
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Zynex, Inc.(1) | 2,876 | $ | 37,158 | |||||
1,618,019 | ||||||||
Health Care Providers and Services — 2.1% | ||||||||
23andMe Holding Co., Class A(1) | 17,227 | 43,240 | ||||||
Accolade, Inc.(1) | 6,327 | 70,293 | ||||||
Addus HomeCare Corp.(1) | 2,434 | 264,430 | ||||||
Agiliti, Inc.(1) | 2,871 | 54,721 | ||||||
Apollo Medical Holdings, Inc.(1) | 281 | 9,807 | ||||||
Brookdale Senior Living, Inc.(1) | 17,820 | 57,558 | ||||||
Castle Biosciences, Inc.(1) | 2,361 | 59,450 | ||||||
CorVel Corp.(1) | 1,292 | 232,922 | ||||||
Cross Country Healthcare, Inc.(1) | 4,717 | 124,765 | ||||||
Fulgent Genetics, Inc.(1) | 2,430 | 79,680 | ||||||
InfuSystem Holdings, Inc.(1) | 1,792 | 16,827 | ||||||
Joint Corp.(1) | 1,706 | 26,784 | ||||||
ModivCare, Inc.(1) | 1,498 | 147,089 | ||||||
National HealthCare Corp. | 1,498 | 83,468 | ||||||
National Research Corp. | 2,308 | 104,229 | ||||||
NeoGenomics, Inc.(1) | 16,864 | 284,158 | ||||||
OPKO Health, Inc.(1) | 52,822 | 60,217 | ||||||
Owens & Minor, Inc.(1) | 9,082 | 139,227 | ||||||
Patterson Cos., Inc. | 7,972 | 211,417 | ||||||
Pediatrix Medical Group, Inc.(1) | 7,146 | 112,478 | ||||||
Pennant Group, Inc.(1) | 2,135 | 32,068 | ||||||
Privia Health Group, Inc.(1) | 200 | 5,586 | ||||||
RadNet, Inc.(1) | 6,031 | 142,241 | ||||||
Select Medical Holdings Corp. | 2,893 | 78,661 | ||||||
2,441,316 | ||||||||
Health Care Technology — 0.6% | ||||||||
American Well Corp., Class A(1) | 25,920 | 72,317 | ||||||
Computer Programs & Systems, Inc.(1) | 1,706 | 51,197 | ||||||
Health Catalyst, Inc.(1) | 6,677 | 93,211 | ||||||
HealthStream, Inc. | 2,925 | 75,026 | ||||||
Multiplan Corp.(1) | 33,223 | 33,555 | ||||||
NextGen Healthcare, Inc.(1) | 3,849 | 69,706 | ||||||
OptimizeRx Corp.(1) | 920 | 16,422 | ||||||
Sharecare, Inc.(1) | 21,730 | 50,848 | ||||||
Simulations Plus, Inc. | 37 | 1,408 | ||||||
Veradigm, Inc.(1) | 14,838 | 246,459 | ||||||
710,149 | ||||||||
Hotels, Restaurants and Leisure — 2.0% | ||||||||
Accel Entertainment, Inc.(1) | 2,690 | 24,614 | ||||||
Bally's Corp.(1) | 3,414 | 67,427 | ||||||
BJ's Restaurants, Inc.(1) | 2,688 | 86,016 | ||||||
Bloomin' Brands, Inc. | 11,947 | 311,817 | ||||||
BurgerFi International, Inc.(1) | 5 | 8 | ||||||
Carrols Restaurant Group, Inc.(1) | 3,118 | 6,485 | ||||||
Century Casinos, Inc.(1) | 3,326 | 30,799 | ||||||
Cheesecake Factory, Inc. | 5,842 | 218,724 | ||||||
Chuy's Holdings, Inc.(1) | 2,430 | 86,872 | ||||||
Cracker Barrel Old Country Store, Inc. | 2,860 | 311,626 |
96
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Dave & Buster's Entertainment, Inc.(1) | 5,671 | $ | 226,953 | |||||
El Pollo Loco Holdings, Inc. | 1,792 | 21,450 | ||||||
Everi Holdings, Inc.(1) | 10,874 | 206,497 | ||||||
Fiesta Restaurant Group, Inc.(1) | 1,620 | 13,041 | ||||||
Golden Entertainment, Inc.(1) | 2,308 | 94,882 | ||||||
Monarch Casino & Resort, Inc. | 1,620 | 119,264 | ||||||
Noodles & Co.(1) | 5,032 | 29,387 | ||||||
ONE Group Hospitality, Inc.(1) | 3,498 | 29,733 | ||||||
Playa Hotels & Resorts NV(1) | 17,010 | 151,729 | ||||||
PlayAGS, Inc.(1) | 2,860 | 18,361 | ||||||
RCI Hospitality Holdings, Inc. | 1,154 | 96,671 | ||||||
Red Robin Gourmet Burgers, Inc.(1) | 1,068 | 9,089 | ||||||
Ruth's Hospitality Group, Inc. | 3,842 | 71,653 | ||||||
2,233,098 | ||||||||
Household Durables — 2.7% | ||||||||
Bassett Furniture Industries, Inc. | 810 | 15,025 | ||||||
Beazer Homes USA, Inc.(1) | 4,308 | 64,232 | ||||||
Cavco Industries, Inc.(1) | 1,240 | 353,400 | ||||||
Century Communities, Inc. | 4,222 | 252,518 | ||||||
Ethan Allen Interiors, Inc. | 3,118 | 92,137 | ||||||
Flexsteel Industries, Inc. | 688 | 14,434 | ||||||
GoPro, Inc., Class A(1) | 15,268 | 79,241 | ||||||
Green Brick Partners, Inc.(1) | 4,394 | 137,093 | ||||||
Hooker Furnishings Corp. | 1,068 | 23,480 | ||||||
Hovnanian Enterprises, Inc., Class A(1) | 602 | 41,002 | ||||||
Installed Building Products, Inc. | 2,645 | 305,180 | ||||||
iRobot Corp.(1) | 9 | 370 | ||||||
KB Home | 8,843 | 311,893 | ||||||
La-Z-Boy, Inc. | 5,462 | 176,860 | ||||||
Legacy Housing Corp.(1) | 1,240 | 24,750 | ||||||
LGI Homes, Inc.(1) | 2,602 | 271,415 | ||||||
Lifetime Brands, Inc. | 1,706 | 13,511 | ||||||
M/I Homes, Inc.(1) | 3,670 | 212,273 | ||||||
MDC Holdings, Inc. | 7,090 | 262,330 | ||||||
Meritage Homes Corp. | 189 | 20,644 | ||||||
Skyline Champion Corp.(1) | 2 | 137 | ||||||
Sonos, Inc.(1) | 1,912 | 37,150 | ||||||
Tri Pointe Homes, Inc.(1) | 15,390 | 366,898 | ||||||
Universal Electronics, Inc.(1) | 1,240 | 15,773 | ||||||
VOXX International Corp.(1) | 1,706 | 19,500 | ||||||
3,111,246 | ||||||||
Household Products — 0.5% | ||||||||
Central Garden & Pet Co.(1) | 1,240 | 50,220 | ||||||
Central Garden & Pet Co., Class A(1) | 4,946 | 190,075 | ||||||
Energizer Holdings, Inc. | 993 | 35,976 | ||||||
Oil-Dri Corp. of America | 602 | 22,533 | ||||||
WD-40 Co. | 1,620 | 280,957 | ||||||
579,761 | ||||||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
Montauk Renewables, Inc.(1) | 7,892 | 77,815 |
97
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Sunnova Energy International, Inc.(1) | 13,239 | $ | 235,390 | |||||
313,205 | ||||||||
Insurance — 2.7% | ||||||||
Ambac Financial Group, Inc.(1) | 5,462 | 90,396 | ||||||
AMERISAFE, Inc. | 2,308 | 125,878 | ||||||
Argo Group International Holdings Ltd. | 4,222 | 122,649 | ||||||
CNO Financial Group, Inc. | 14,531 | 372,284 | ||||||
Donegal Group, Inc., Class A | 2,055 | 31,585 | ||||||
eHealth, Inc.(1) | 1,498 | 11,025 | ||||||
Employers Holdings, Inc. | 3,412 | 151,527 | ||||||
Genworth Financial, Inc., Class A(1) | 68,126 | 424,425 | ||||||
Greenlight Capital Re Ltd., A Shares(1) | 2,516 | 23,097 | ||||||
HCI Group, Inc. | 987 | 51,818 | ||||||
Heritage Insurance Holdings, Inc. | 2,602 | 6,635 | ||||||
Horace Mann Educators Corp. | 5,678 | 209,859 | ||||||
Investors Title Co. | 172 | 28,096 | ||||||
James River Group Holdings Ltd. | 4,050 | 97,605 | ||||||
Lemonade, Inc.(1) | 5,380 | 87,694 | ||||||
Mercury General Corp. | 3,502 | 119,243 | ||||||
National Western Life Group, Inc., Class A | 258 | 69,606 | ||||||
Oscar Health, Inc., Class A(1) | 8,359 | 46,309 | ||||||
Palomar Holdings, Inc.(1) | 3,975 | 238,500 | ||||||
ProAssurance Corp. | 7,290 | 144,998 | ||||||
Safety Insurance Group, Inc. | 2,056 | 165,899 | ||||||
SiriusPoint Ltd.(1) | 9,720 | 69,012 | ||||||
Stewart Information Services Corp. | 3,756 | 159,592 | ||||||
Tiptree, Inc. | 3,118 | 50,200 | ||||||
United Fire Group, Inc. | 3,118 | 88,988 | ||||||
Universal Insurance Holdings, Inc. | 3,670 | 70,941 | ||||||
White Mountains Insurance Group Ltd. | 5 | 7,218 | ||||||
3,065,079 | ||||||||
Interactive Media and Services — 1.1% | ||||||||
Cargurus, Inc.(1) | 8,027 | 136,860 | ||||||
Cars.com, Inc.(1) | 9,892 | 189,926 | ||||||
DHI Group, Inc.(1) | 6,566 | 27,840 | ||||||
Nextdoor Holdings, Inc.(1) | 5,854 | 12,059 | ||||||
QuinStreet, Inc.(1) | 5,945 | 100,887 | ||||||
Shutterstock, Inc. | 3,353 | 252,213 | ||||||
TripAdvisor, Inc.(1) | 8,355 | 180,217 | ||||||
Yelp, Inc.(1) | 8,702 | 261,234 | ||||||
Zedge, Inc., Class B(1) | 1,068 | 2,937 | ||||||
ZipRecruiter, Inc., Class A(1) | 5,794 | 98,846 | ||||||
1,263,019 | ||||||||
Internet and Direct Marketing Retail — 0.2% | ||||||||
1-800-Flowers.com, Inc., Class A(1) | 3,118 | 30,868 | ||||||
Duluth Holdings, Inc., Class B(1) | 1,240 | 7,452 | ||||||
Lands' End, Inc.(1) | 1,068 | 8,117 | ||||||
PetMed Express, Inc. | 2,430 | 45,636 | ||||||
Qurate Retail, Inc., Series A(1) | 37,260 | 78,619 | ||||||
Stitch Fix, Inc., Class A(1) | 5,549 | 25,858 | ||||||
196,550 |
98
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
IT Services — 2.1% | ||||||||
Brightcove, Inc.(1) | 4,860 | $ | 26,098 | |||||
Cass Information Systems, Inc. | 1,706 | 82,485 | ||||||
Conduent, Inc.(1) | 20,042 | 79,767 | ||||||
CSG Systems International, Inc. | 4,480 | 251,776 | ||||||
DigitalOcean Holdings, Inc.(1) | 4,656 | 148,899 | ||||||
EVERTEC, Inc. | 8,366 | 307,953 | ||||||
Hackett Group, Inc. | 3,326 | 61,997 | ||||||
Information Services Group, Inc. | 1,104 | 5,818 | ||||||
International Money Express, Inc.(1) | 3,842 | 98,163 | ||||||
Kyndryl Holdings, Inc.(1) | 24,034 | 377,094 | ||||||
Payoneer Global, Inc.(1) | 31,513 | 182,775 | ||||||
Paysafe Ltd.(1) | 3,683 | 73,439 | ||||||
Perficient, Inc.(1) | 4,017 | 284,404 | ||||||
PFSweb, Inc. | 2,689 | 17,317 | ||||||
Rackspace Technology, Inc.(1) | 4,954 | 11,642 | ||||||
TaskUS, Inc., Class A(1) | 2,285 | 39,313 | ||||||
TTEC Holdings, Inc. | 1,509 | 60,752 | ||||||
Verra Mobility Corp.(1) | 18,336 | 315,929 | ||||||
2,425,621 | ||||||||
Leisure Products — 0.6% | ||||||||
American Outdoor Brands, Inc.(1) | 1,154 | 10,651 | ||||||
AMMO, Inc.(1) | 8,272 | 16,130 | ||||||
JAKKS Pacific, Inc.(1) | 982 | 18,992 | ||||||
Johnson Outdoors, Inc., Class A | 602 | 39,046 | ||||||
Malibu Boats, Inc., Class A(1) | 2,516 | 150,356 | ||||||
MasterCraft Boat Holdings, Inc.(1) | 2,308 | 77,941 | ||||||
Nautilus, Inc.(1) | 1,964 | 3,182 | ||||||
Smith & Wesson Brands, Inc. | 4,480 | 49,011 | ||||||
Sturm Ruger & Co., Inc. | 2,136 | 124,465 | ||||||
Vista Outdoor, Inc.(1) | 7,376 | 210,659 | ||||||
700,433 | ||||||||
Life Sciences Tools and Services — 0.3% | ||||||||
AbCellera Biologics, Inc.(1) | 3,419 | 28,719 | ||||||
Bionano Genomics, Inc.(1) | 35,761 | 47,920 | ||||||
Codexis, Inc.(1) | 4,715 | 22,797 | ||||||
Harvard Bioscience, Inc.(1) | 3,842 | 10,873 | ||||||
MaxCyte, Inc.(1) | 7,398 | 33,587 | ||||||
OmniAb, Inc.(1) | 278 | 1,159 | ||||||
OmniAb, Inc.(1) | 309 | 856 | ||||||
OmniAb, Inc.(1) | 309 | 823 | ||||||
Personalis, Inc.(1) | 2,774 | 8,350 | ||||||
Quanterix Corp.(1) | 2,695 | 29,645 | ||||||
Seer, Inc.(1) | 5,277 | 21,583 | ||||||
SomaLogic, Inc.(1) | 10,876 | 27,625 | ||||||
Sotera Health Co.(1) | 4,376 | 73,035 | ||||||
306,972 | ||||||||
Machinery — 3.8% | ||||||||
Alamo Group, Inc. | 1,412 | 257,535 | ||||||
Albany International Corp., Class A | 357 | 36,028 | ||||||
Altra Industrial Motion Corp. | 2,031 | 124,967 |
99
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Astec Industries, Inc. | 2,860 | $ | 128,786 | |||||
Barnes Group, Inc. | 5,842 | 246,182 | ||||||
Commercial Vehicle Group, Inc.(1) | 3,670 | 28,993 | ||||||
Desktop Metal, Inc., Class A(1) | 24,304 | 36,942 | ||||||
Douglas Dynamics, Inc. | 17 | 634 | ||||||
Enerpac Tool Group Corp. | 7,082 | 190,718 | ||||||
EnPro Industries, Inc. | 1 | 108 | ||||||
ESCO Technologies, Inc. | 2,124 | 197,936 | ||||||
Federal Signal Corp. | 791 | 41,741 | ||||||
Gorman-Rupp Co. | 14 | 390 | ||||||
Greenbrier Cos., Inc. | 3,756 | 120,605 | ||||||
Helios Technologies, Inc. | 4,222 | 285,998 | ||||||
Hurco Cos., Inc. | 688 | 20,179 | ||||||
Hyliion Holdings Corp.(1) | 10,530 | 29,800 | ||||||
Hyster-Yale Materials Handling, Inc. | 896 | 34,863 | ||||||
Kadant, Inc. | 1,620 | 347,749 | ||||||
Kennametal, Inc. | 10,322 | 292,422 | ||||||
Manitowoc Co., Inc.(1) | 4,136 | 78,212 | ||||||
Mayville Engineering Co., Inc.(1) | 602 | 9,764 | ||||||
Miller Industries, Inc. | 1,326 | 36,876 | ||||||
Mueller Water Products, Inc., Class A | 19,146 | 265,555 | ||||||
NN, Inc.(1) | 3,326 | 6,120 | ||||||
Omega Flex, Inc. | 344 | 40,035 | ||||||
Park-Ohio Holdings Corp. | 1,068 | 14,215 | ||||||
Proterra, Inc.(1) | 16,933 | 71,119 | ||||||
Proto Labs, Inc.(1) | 3,327 | 104,601 | ||||||
REV Group, Inc. | 4,050 | 47,344 | ||||||
Shyft Group, Inc. | 40 | 1,037 | ||||||
SPX Technologies, Inc.(1) | 490 | 34,516 | ||||||
Standex International Corp. | 1,498 | 173,289 | ||||||
Tennant Co. | 2,136 | 151,272 | ||||||
Terex Corp. | 4,038 | 239,090 | ||||||
Titan International, Inc.(1) | 7,462 | 92,603 | ||||||
Trinity Industries, Inc. | 11,598 | 323,700 | ||||||
Wabash National Corp. | 7,245 | 198,513 | ||||||
4,310,437 | ||||||||
Marine — 0.4% | ||||||||
Costamare, Inc. | 3,230 | 33,915 | ||||||
Eagle Bulk Shipping, Inc. | 1,154 | 75,322 | ||||||
Genco Shipping & Trading Ltd. | 4,394 | 83,706 | ||||||
Matson, Inc. | 3,031 | 201,592 | ||||||
Pangaea Logistics Solutions Ltd. | 3,032 | 20,132 | ||||||
Safe Bulkers, Inc. | 7,978 | 29,917 | ||||||
444,584 | ||||||||
Media — 1.3% | ||||||||
AMC Networks, Inc., Class A(1) | 2,860 | 63,950 | ||||||
Boston Omaha Corp., Class A(1) | 2,308 | 55,600 | ||||||
Cumulus Media, Inc., Class A(1) | 2,696 | 14,612 | ||||||
Daily Journal Corp.(1) | 86 | 26,117 | ||||||
E.W. Scripps Co., Class A(1) | 7,168 | 90,460 | ||||||
Entravision Communications Corp., Class A | 7,462 | 48,951 |
100
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Gannett Co., Inc.(1) | 117 | $ | 355 | |||||
Gray Television, Inc. | 10,322 | 120,767 | ||||||
iHeartMedia, Inc., Class A(1) | 11,515 | 83,599 | ||||||
John Wiley & Sons, Inc., Class A | 5,515 | 245,362 | ||||||
Lee Enterprises, Inc.(1) | 810 | 15,228 | ||||||
Magnite, Inc.(1) | 13,311 | 148,151 | ||||||
PubMatic, Inc., Class A(1) | 3,756 | 57,016 | ||||||
Scholastic Corp. | 2,516 | 114,755 | ||||||
Sinclair Broadcast Group, Inc., Class A | 5,205 | 84,685 | ||||||
Stagwell, Inc.(1) | 8,108 | 55,621 | ||||||
TechTarget, Inc.(1) | 3,756 | 141,714 | ||||||
Thryv Holdings, Inc.(1) | 2,860 | 68,182 | ||||||
Urban One, Inc.(1) | 3,241 | 16,173 | ||||||
Urban One, Inc., Class A(1) | 1,154 | 7,882 | ||||||
WideOpenWest, Inc.(1) | 6,652 | 72,706 | ||||||
1,531,886 | ||||||||
Metals and Mining — 2.2% | ||||||||
Alpha Metallurgical Resources, Inc. | 2,037 | 341,686 | ||||||
Arconic Corp.(1) | 9,901 | 261,783 | ||||||
Ascent Industries Co.(1) | 1,154 | 10,663 | ||||||
ATI, Inc.(1) | 88 | 3,577 | ||||||
Carpenter Technology Corp. | 7,085 | 342,418 | ||||||
Century Aluminum Co.(1) | 6,014 | 72,589 | ||||||
Coeur Mining, Inc.(1) | 21,318 | 66,512 | ||||||
Compass Minerals International, Inc. | 3,760 | 144,873 | ||||||
Haynes International, Inc. | 1,620 | 88,630 | ||||||
Hecla Mining Co. | 10,575 | 54,461 | ||||||
Kaiser Aluminum Corp. | 1,706 | 135,320 | ||||||
Olympic Steel, Inc. | 982 | 51,555 | ||||||
Ramaco Resources, Inc. | 1,331 | 13,244 | ||||||
Ryerson Holding Corp. | 2,430 | 87,310 | ||||||
Schnitzer Steel Industries, Inc., Class A | 3,240 | 105,916 | ||||||
SunCoke Energy, Inc. | 10,150 | 96,527 | ||||||
TimkenSteel Corp.(1) | 5,670 | 103,704 | ||||||
Tredegar Corp. | 3,412 | 39,647 | ||||||
Warrior Met Coal, Inc. | 7,548 | 288,862 | ||||||
Worthington Industries, Inc. | 3,998 | 241,639 | ||||||
2,550,916 | ||||||||
Multiline Retail — 0.1% | ||||||||
Big Lots, Inc. | 3,842 | 55,133 | ||||||
Nordstrom, Inc. | 4 | 78 | ||||||
55,211 | ||||||||
Multi-Utilities — 0.1% | ||||||||
Avista Corp. | 3 | 123 | ||||||
Unitil Corp. | 1,878 | 102,013 | ||||||
102,136 | ||||||||
Oil, Gas and Consumable Fuels — 4.8% | ||||||||
Alto Ingredients, Inc.(1) | 8,444 | 24,656 | ||||||
Arch Resources, Inc. | 1,708 | 268,754 | ||||||
Ardmore Shipping Corp. | 4,400 | 79,860 | ||||||
Berry Corp. | 10,616 | 100,109 |
101
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Callon Petroleum Co.(1) | 7,210 | $ | 279,460 | |||||
Chord Energy Corp. | 1 | 135 | ||||||
Clean Energy Fuels Corp.(1) | 19,790 | 110,824 | ||||||
CNX Resources Corp.(1) | 2,418 | 37,116 | ||||||
CONSOL Energy, Inc. | 3,412 | 186,739 | ||||||
Crescent Energy Co., Class A | 4,576 | 52,807 | ||||||
CVR Energy, Inc. | 65 | 2,062 | ||||||
Delek US Holdings, Inc. | 10,623 | 267,381 | ||||||
DHT Holdings, Inc. | 16,888 | 195,394 | ||||||
Dorian LPG Ltd. | 3,670 | 80,557 | ||||||
Earthstone Energy, Inc., Class A(1) | 10,968 | 153,004 | ||||||
Equitrans Midstream Corp. | 5,283 | 31,856 | ||||||
Evolution Petroleum Corp. | 3,670 | 23,892 | ||||||
Gevo, Inc.(1) | 23,662 | 43,775 | ||||||
Green Plains, Inc.(1) | 6,910 | 239,570 | ||||||
Gulfport Energy Corp.(1) | 1,135 | 75,046 | ||||||
International Seaways, Inc. | 5,548 | 285,389 | ||||||
Kimbell Royalty Partners LP | 6,272 | 96,777 | ||||||
Kosmos Energy Ltd.(1) | 18,825 | 148,153 | ||||||
Nordic American Tankers Ltd. | 13,856 | 61,382 | ||||||
Northern Oil & Gas, Inc. | 8,690 | 269,738 | ||||||
PBF Energy, Inc., Class A | 8,371 | 365,896 | ||||||
Peabody Energy Corp.(1) | 45 | 1,229 | ||||||
Permian Resources Corp. | 9,431 | 101,949 | ||||||
Plains GP Holdings LP, Class A | 28,229 | 392,665 | ||||||
Ranger Oil Corp., Class A | 3,584 | 148,736 | ||||||
REX American Resources Corp.(1) | 2,430 | 80,214 | ||||||
Riley Exploration Permian, Inc. | 1,068 | 32,681 | ||||||
Ring Energy, Inc.(1) | 8,444 | 17,732 | ||||||
SandRidge Energy, Inc.(1) | 4,652 | 67,873 | ||||||
Scorpio Tankers, Inc. | 3,564 | 215,123 | ||||||
SFL Corp. Ltd. | 15,010 | 154,903 | ||||||
SilverBow Resources, Inc.(1) | 1,326 | 32,646 | ||||||
Sitio Royalties Corp., Class A | 1,836 | 43,164 | ||||||
Talos Energy, Inc.(1) | 9,340 | 166,345 | ||||||
Teekay Corp.(1) | 8,444 | 52,691 | ||||||
Teekay Tankers Ltd., Class A(1) | 2,688 | 121,363 | ||||||
VAALCO Energy, Inc. | 6,910 | 32,408 | ||||||
Vital Energy, Inc.(1) | 2,516 | 129,297 | ||||||
World Fuel Services Corp. | 7,634 | 209,553 | ||||||
5,480,904 | ||||||||
Paper and Forest Products — 0.4% | ||||||||
Clearwater Paper Corp.(1) | 2,430 | 93,774 | ||||||
Glatfelter Corp. | 6,100 | 23,424 | ||||||
Mercer International, Inc. | 4,860 | 52,391 | ||||||
Sylvamo Corp. | 5,032 | 248,228 | ||||||
417,817 | ||||||||
Personal Products — 1.0% | ||||||||
Edgewell Personal Care Co. | 6,566 | 280,368 | ||||||
elf Beauty, Inc.(1) | 5,377 | 401,931 | ||||||
Inter Parfums, Inc. | 88 | 10,596 |
102
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Medifast, Inc. | 1,068 | $ | 119,755 | |||||
Nature's Sunshine Products, Inc.(1) | 1,498 | 16,238 | ||||||
Nu Skin Enterprises, Inc., Class A | 6,014 | 239,598 | ||||||
USANA Health Sciences, Inc.(1) | 1,412 | 85,821 | ||||||
1,154,307 | ||||||||
Pharmaceuticals — 1.7% | ||||||||
Amneal Pharmaceuticals, Inc.(1) | 16,544 | 34,081 | ||||||
Amphastar Pharmaceuticals, Inc.(1) | 4,394 | 139,993 | ||||||
ANI Pharmaceuticals, Inc.(1) | 1,706 | 71,379 | ||||||
Arvinas, Inc.(1) | 4,124 | 126,400 | ||||||
Assertio Holdings, Inc.(1) | 5,290 | 29,254 | ||||||
ATAI Life Sciences NV(1) | 13,303 | 22,349 | ||||||
Atea Pharmaceuticals, Inc.(1) | 3,928 | 13,905 | ||||||
Athira Pharma, Inc.(1) | 4,480 | 13,798 | ||||||
Collegium Pharmaceutical, Inc.(1) | 4,843 | 128,485 | ||||||
Corcept Therapeutics, Inc.(1) | 12,163 | 253,355 | ||||||
CorMedix, Inc.(1) | 22 | 89 | ||||||
Cymabay Therapeutics, Inc.(1) | 30 | 240 | ||||||
DICE Therapeutics, Inc.(1) | 799 | 23,842 | ||||||
Edgewise Therapeutics, Inc.(1) | 4,970 | 47,613 | ||||||
Fulcrum Therapeutics, Inc.(1) | 8,444 | 51,002 | ||||||
Harmony Biosciences Holdings, Inc.(1) | 3,214 | 141,512 | ||||||
Harrow Health, Inc.(1) | 3,032 | 54,333 | ||||||
Innoviva, Inc.(1) | 8,444 | 101,919 | ||||||
KemPharm, Inc.(1) | 3,670 | 21,323 | ||||||
Ligand Pharmaceuticals, Inc.(1) | 2,136 | 154,091 | ||||||
Milestone Pharmaceuticals, Inc.(1) | 450 | 1,422 | ||||||
Nektar Therapeutics(1) | 20,515 | 28,311 | ||||||
Oramed Pharmaceuticals, Inc.(1) | 4,457 | 9,360 | ||||||
Phibro Animal Health Corp., Class A | 2,222 | 34,908 | ||||||
Pliant Therapeutics, Inc.(1) | 943 | 30,044 | ||||||
Prestige Consumer Healthcare, Inc.(1) | 487 | 29,342 | ||||||
Rain Oncology, Inc.(1) | 1,217 | 10,892 | ||||||
SIGA Technologies, Inc. | 6,014 | 41,196 | ||||||
Supernus Pharmaceuticals, Inc.(1) | 6,358 | 238,997 | ||||||
Tarsus Pharmaceuticals, Inc.(1) | 3,569 | 55,284 | ||||||
Theravance Biopharma, Inc.(1) | 6,257 | 67,576 | ||||||
Ventyx Biosciences, Inc.(1) | 20 | 865 | ||||||
Verrica Pharmaceuticals, Inc.(1) | 1,230 | 9,532 | ||||||
1,986,692 | ||||||||
Professional Services — 1.6% | ||||||||
Barrett Business Services, Inc. | 830 | 79,663 | ||||||
CBIZ, Inc.(1) | 6,358 | 318,472 | ||||||
CRA International, Inc. | 896 | 111,525 | ||||||
DLH Holdings Corp.(1) | 896 | 11,424 | ||||||
First Advantage Corp.(1) | 6,191 | 89,832 | ||||||
Forrester Research, Inc.(1) | 1,620 | 53,282 | ||||||
Franklin Covey Co.(1) | 1,706 | 79,960 | ||||||
Heidrick & Struggles International, Inc. | 2,430 | 83,422 | ||||||
HireRight Holdings Corp.(1) | 982 | 10,822 | ||||||
Hudson Global, Inc.(1) | 344 | 8,779 |
103
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
ICF International, Inc. | 2,430 | $ | 241,761 | |||||
Innodata, Inc.(1) | 270 | 1,825 | ||||||
Kelly Services, Inc., Class A | 3,842 | 64,277 | ||||||
Kforce, Inc. | 2,774 | 173,347 | ||||||
Korn Ferry | 1,683 | 94,063 | ||||||
Mistras Group, Inc.(1) | 2,136 | 11,791 | ||||||
NV5 Global, Inc.(1) | 1,964 | 206,652 | ||||||
Resources Connection, Inc. | 4,222 | 76,249 | ||||||
Sterling Check Corp.(1) | 1,981 | 25,198 | ||||||
TrueBlue, Inc.(1) | 4,480 | 83,776 | ||||||
1,826,120 | ||||||||
Real Estate Management and Development — 1.0% | ||||||||
Anywhere Real Estate, Inc.(1) | 14,120 | 81,755 | ||||||
Compass, Inc., Class A(1) | 3,250 | 11,733 | ||||||
Cushman & Wakefield PLC(1) | 10,544 | 136,439 | ||||||
eXp World Holdings, Inc. | 10,468 | 126,453 | ||||||
Five Point Holdings LLC, Class A(1) | 6,272 | 13,736 | ||||||
Forestar Group, Inc.(1) | 2,222 | 31,708 | ||||||
FRP Holdings, Inc.(1) | 88 | 4,809 | ||||||
Kennedy-Wilson Holdings, Inc. | 15,810 | 264,185 | ||||||
Marcus & Millichap, Inc. | 3,498 | 120,226 | ||||||
Rafael Holdings, Inc., Class B(1) | 1,964 | 4,262 | ||||||
RE/MAX Holdings, Inc., Class A | 2,222 | 41,085 | ||||||
RMR Group, Inc., Class A | 1,878 | 52,847 | ||||||
Seritage Growth Properties, Class A(1) | 40 | 483 | ||||||
St. Joe Co. | 4,109 | 175,988 | ||||||
Stratus Properties, Inc. | 988 | 21,054 | ||||||
Tejon Ranch Co.(1) | 2,774 | 53,289 | ||||||
1,140,052 | ||||||||
Road and Rail — 1.0% | ||||||||
ArcBest Corp. | 4,050 | 389,610 | ||||||
Covenant Logistics Group, Inc. | 1,412 | 48,926 | ||||||
Daseke, Inc.(1) | 6,272 | 51,117 | ||||||
Heartland Express, Inc. | 5,548 | 89,489 | ||||||
Marten Transport Ltd. | 8,100 | 178,767 | ||||||
PAM Transportation Services, Inc.(1) | 896 | 25,984 | ||||||
TuSimple Holdings, Inc., Class A(1) | 1,793 | 3,443 | ||||||
Universal Logistics Holdings, Inc. | 810 | 24,057 | ||||||
US Xpress Enterprises, Inc., Class A(1) | 2,516 | 3,950 | ||||||
Werner Enterprises, Inc. | 7,189 | 333,929 | ||||||
1,149,272 | ||||||||
Semiconductors and Semiconductor Equipment — 2.1% | ||||||||
ACM Research, Inc., Class A(1) | 3,678 | 38,178 | ||||||
Alpha & Omega Semiconductor Ltd.(1) | 3,240 | 86,540 | ||||||
Amtech Systems, Inc.(1) | 1,154 | 11,055 | ||||||
Axcelis Technologies, Inc.(1) | 4,344 | 558,378 | ||||||
AXT, Inc.(1) | 4,738 | 20,705 | ||||||
CEVA, Inc.(1) | 267 | 8,427 | ||||||
Cohu, Inc.(1) | 5,842 | 217,322 | ||||||
FormFactor, Inc.(1) | 7,387 | 222,349 | ||||||
inTEST Corp.(1) | 896 | 13,332 |
104
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Kulicke & Soffa Industries, Inc. | 795 | $ | 42,373 | |||||
Magnachip Semiconductor Corp.(1) | 5,670 | 54,319 | ||||||
MaxLinear, Inc.(1) | 1,495 | 51,144 | ||||||
NVE Corp. | 516 | 39,206 | ||||||
Photronics, Inc.(1) | 8,788 | 154,845 | ||||||
Rambus, Inc.(1) | 7,179 | 317,527 | ||||||
Semtech Corp.(1) | 4,618 | 142,281 | ||||||
SMART Global Holdings, Inc.(1) | 6,910 | 115,397 | ||||||
Ultra Clean Holdings, Inc.(1) | 5,462 | 174,019 | ||||||
Veeco Instruments, Inc.(1) | 6,015 | 127,939 | ||||||
2,395,336 | ||||||||
Software — 2.2% | ||||||||
A10 Networks, Inc. | 8,910 | 135,610 | ||||||
ACI Worldwide, Inc.(1) | 9,140 | 236,269 | ||||||
Agilysys, Inc.(1) | 3,347 | 267,459 | ||||||
American Software, Inc., Class A | 3,332 | 45,115 | ||||||
C3.ai, Inc., Class A(1) | 11,100 | 250,638 | ||||||
Cleanspark, Inc.(1) | 4,738 | 13,077 | ||||||
CommVault Systems, Inc.(1) | 1,403 | 82,609 | ||||||
CoreCard Corp.(1) | 810 | 26,949 | ||||||
Ebix, Inc. | 2,946 | 51,202 | ||||||
eGain Corp.(1) | 150 | 1,172 | ||||||
Envestnet, Inc.(1) | 146 | 9,126 | ||||||
InterDigital, Inc. | 3,756 | 274,150 | ||||||
LiveRamp Holdings, Inc.(1) | 7,978 | 188,520 | ||||||
Matterport, Inc.(1) | 2,216 | 6,759 | ||||||
Mitek Systems, Inc.(1) | 5,204 | 48,397 | ||||||
N-able, Inc.(1) | 6,109 | 72,331 | ||||||
OneSpan, Inc.(1) | 843 | 11,397 | ||||||
Progress Software Corp. | 5,376 | 308,797 | ||||||
Riot Platforms, Inc.(1) | 19,542 | 122,138 | ||||||
ShotSpotter, Inc.(1) | 363 | 12,378 | ||||||
SolarWinds Corp.(1) | 4,487 | 38,229 | ||||||
SRAX, Inc.(1) | 2,688 | 4,462 | ||||||
Upland Software, Inc.(1) | 1,792 | 10,376 | ||||||
Verint Systems, Inc.(1) | 5,198 | 194,301 | ||||||
Vertex, Inc., Class A(1) | 3,240 | 50,479 | ||||||
Yext, Inc.(1) | 6,939 | 50,932 | ||||||
2,512,872 | ||||||||
Specialty Retail — 3.7% | ||||||||
Aaron's Co., Inc. | 3,756 | 53,899 | ||||||
Abercrombie & Fitch Co., Class A(1) | 6,738 | 198,165 | ||||||
Academy Sports & Outdoors, Inc. | 5,176 | 306,160 | ||||||
American Eagle Outfitters, Inc. | 2,445 | 35,135 | ||||||
America's Car-Mart, Inc.(1) | 688 | 58,452 | ||||||
Arko Corp. | 11,132 | 89,279 | ||||||
Barnes & Noble Education, Inc.(1) | 4,480 | 9,229 | ||||||
Big 5 Sporting Goods Corp. | 2,516 | 22,216 | ||||||
Boot Barn Holdings, Inc.(1) | 16 | 1,239 | ||||||
Buckle, Inc. | 3,756 | 153,207 | ||||||
Build-A-Bear Workshop, Inc.(1) | 1,964 | 41,146 |
105
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Caleres, Inc. | 4,394 | $ | 114,727 | |||||
Camping World Holdings, Inc., Class A | 5,433 | 124,035 | ||||||
Cato Corp., Class A | 2,222 | 20,554 | ||||||
Chico's FAS, Inc.(1) | 14,028 | 80,661 | ||||||
Children's Place, Inc.(1) | 1,620 | 67,829 | ||||||
Citi Trends, Inc.(1) | 982 | 27,535 | ||||||
Conn's, Inc.(1) | 2,222 | 19,043 | ||||||
Container Store Group, Inc.(1) | 3,670 | 15,965 | ||||||
Designer Brands, Inc., Class A | 7,290 | 71,369 | ||||||
Foot Locker, Inc. | 1,432 | 62,607 | ||||||
Genesco, Inc.(1) | 1,706 | 76,719 | ||||||
Group 1 Automotive, Inc. | 1,555 | 343,764 | ||||||
Guess?, Inc. | 4,946 | 104,064 | ||||||
Haverty Furniture Cos., Inc. | 1,878 | 70,876 | ||||||
Hibbett, Inc. | 1,412 | 101,565 | ||||||
Kirkland's, Inc.(1) | 1,068 | 3,460 | ||||||
Lazydays Holdings, Inc.(1) | 1,068 | 13,083 | ||||||
LL Flooring Holdings, Inc.(1) | 3,118 | 15,746 | ||||||
MarineMax, Inc.(1) | 2,860 | 96,039 | ||||||
Monro, Inc. | 3,928 | 198,128 | ||||||
National Vision Holdings, Inc.(1) | 2,365 | 88,356 | ||||||
ODP Corp.(1) | 6,481 | 293,460 | ||||||
Sally Beauty Holdings, Inc.(1) | 13,562 | 218,213 | ||||||
Shoe Carnival, Inc. | 2,136 | 56,284 | ||||||
Signet Jewelers Ltd. | 4,579 | 327,948 | ||||||
Sonic Automotive, Inc., Class A | 2,602 | 148,028 | ||||||
Sportsman's Warehouse Holdings, Inc.(1) | 5,377 | 48,339 | ||||||
Tile Shop Holdings, Inc.(1) | 4,394 | 23,991 | ||||||
Tilly's, Inc., Class A(1) | 2,774 | 24,078 | ||||||
TravelCenters of America, Inc.(1) | 1,792 | 151,155 | ||||||
Urban Outfitters, Inc.(1) | 8,450 | 227,727 | ||||||
Victoria's Secret & Co.(1) | 546 | 21,643 | ||||||
Zumiez, Inc.(1) | 2,602 | 60,523 | ||||||
4,285,641 | ||||||||
Technology Hardware, Storage and Peripherals — 0.5% | ||||||||
Eastman Kodak Co.(1) | 6,186 | 21,403 | ||||||
Immersion Corp. | 2,774 | 21,221 | ||||||
Intevac, Inc.(1) | 2,946 | 21,300 | ||||||
IonQ, Inc.(1) | 21,305 | 100,986 | ||||||
Super Micro Computer, Inc.(1) | 3,069 | 300,670 | ||||||
Turtle Beach Corp.(1) | 1,706 | 13,801 | ||||||
Xerox Holdings Corp. | 4,330 | 71,402 | ||||||
550,783 | ||||||||
Textiles, Apparel and Luxury Goods — 1.2% | ||||||||
Allbirds, Inc., Class A(1) | 4,952 | 14,163 | ||||||
Carter's, Inc. | 1,233 | 92,956 | ||||||
Delta Apparel, Inc.(1) | 688 | 8,840 | ||||||
Ermenegildo Zegna NV | 7,637 | 99,434 | ||||||
Fossil Group, Inc.(1) | 5,670 | 24,551 | ||||||
G-III Apparel Group Ltd.(1) | 5,376 | 89,322 | ||||||
Hanesbrands, Inc. | 584 | 3,317 |
106
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Kontoor Brands, Inc. | 7,317 | $ | 381,581 | |||||
Lakeland Industries, Inc. | 896 | 13,592 | ||||||
Movado Group, Inc. | 2,222 | 76,926 | ||||||
Oxford Industries, Inc. | 2,050 | 241,100 | ||||||
Rocky Brands, Inc. | 688 | 18,315 | ||||||
Steven Madden Ltd. | 7,082 | 257,077 | ||||||
Superior Group of Cos., Inc. | 1,326 | 15,355 | ||||||
Unifi, Inc.(1) | 1,792 | 18,547 | ||||||
Vera Bradley, Inc.(1) | 2,946 | 15,614 | ||||||
Wolverine World Wide, Inc. | 4 | 67 | ||||||
1,370,757 | ||||||||
Thrifts and Mortgage Finance — 2.0% | ||||||||
Axos Financial, Inc.(1) | 8,290 | 392,863 | ||||||
Blue Foundry Bancorp(1) | 3,245 | 39,719 | ||||||
Bridgewater Bancshares, Inc.(1) | 2,602 | 38,275 | ||||||
Columbia Financial, Inc.(1) | 5,551 | 117,126 | ||||||
Federal Agricultural Mortgage Corp., Class C | 1,240 | 175,906 | ||||||
FS Bancorp, Inc. | 818 | 29,391 | ||||||
Hingham Institution For Savings | 174 | 49,538 | ||||||
Home Bancorp, Inc. | 896 | 35,437 | ||||||
Kearny Financial Corp. | 8,444 | 84,778 | ||||||
Merchants Bancorp | 1,964 | 59,411 | ||||||
Mr. Cooper Group, Inc.(1) | 1,475 | 68,484 | ||||||
New York Community Bancorp, Inc. | 7,338 | 65,162 | ||||||
NMI Holdings, Inc., Class A(1) | 10,236 | 238,908 | ||||||
Northfield Bancorp, Inc. | 5,290 | 77,816 | ||||||
Ocwen Financial Corp.(1) | 982 | 32,072 | ||||||
PennyMac Financial Services, Inc. | 2,511 | 151,840 | ||||||
Provident Financial Services, Inc. | 9,168 | 214,073 | ||||||
Southern Missouri Bancorp, Inc. | 982 | 45,447 | ||||||
TrustCo Bank Corp. NY | 2,222 | 83,236 | ||||||
Waterstone Financial, Inc. | 2,688 | 43,277 | ||||||
WSFS Financial Corp. | 5,787 | 288,829 | ||||||
2,331,588 | ||||||||
Trading Companies and Distributors — 2.1% | ||||||||
Alta Equipment Group, Inc. | 2,516 | 47,326 | ||||||
BlueLinx Holdings, Inc.(1) | 1,412 | 119,159 | ||||||
Boise Cascade Co. | 2,953 | 204,082 | ||||||
Distribution Solutions Group, Inc.(1) | 1 | 44 | ||||||
Global Industrial Co. | 1,006 | 28,299 | ||||||
GMS, Inc.(1) | 5,198 | 315,571 | ||||||
H&E Equipment Services, Inc. | 4,136 | 229,548 | ||||||
McGrath RentCorp | 2,946 | 302,967 | ||||||
MRC Global, Inc.(1) | 203 | 2,274 | ||||||
NOW, Inc.(1) | 16,380 | 210,483 | ||||||
Rush Enterprises, Inc., Class A | 5,127 | 290,598 | ||||||
Rush Enterprises, Inc., Class B | 989 | 59,320 | ||||||
Titan Machinery, Inc.(1) | 2,860 | 130,959 | ||||||
Transcat, Inc.(1) | 1,068 | 96,109 | ||||||
Veritiv Corp. | 2,050 | 310,452 | ||||||
2,347,191 |
107
Avantis U.S. Small Cap Equity ETF | ||||||||
Shares | Value | |||||||
Water Utilities — 0.2% | ||||||||
American States Water Co. | 41 | $ | 3,661 | |||||
Artesian Resources Corp., Class A | 910 | 51,260 | ||||||
Consolidated Water Co. Ltd. | 1,706 | 26,153 | ||||||
Middlesex Water Co. | 1,590 | 121,635 | ||||||
Pure Cycle Corp.(1) | 1,878 | 16,583 | ||||||
York Water Co. | 1 | 44 | ||||||
219,336 | ||||||||
Wireless Telecommunication Services — 0.3% | ||||||||
Shenandoah Telecommunications Co. | 5,842 | 114,036 | ||||||
Spok Holdings, Inc. | 1,964 | 19,620 | ||||||
Telephone & Data Systems, Inc. | 12,838 | 162,914 | ||||||
United States Cellular Corp.(1) | 1,884 | 45,461 | ||||||
342,031 | ||||||||
TOTAL COMMON STOCKS (Cost $107,735,781) | 114,381,814 | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Funds — 0.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $110,884) | 110,884 | 110,884 | ||||||
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $107,846,665) | 114,492,698 | |||||||
OTHER ASSETS AND LIABILITIES — 0.1% | 70,885 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 114,563,583 |
NOTES TO SCHEDULE OF INVESTMENTS |
†Category is less than 0.05% of total net assets.
(1)Non-income producing.
See Notes to Financial Statements.
108
FEBRUARY 28, 2023 (UNAUDITED)
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.9% | ||||||||
Aerospace and Defense — 0.1% | ||||||||
AAR Corp.(1) | 5,769 | $ | 313,776 | |||||
AerSale Corp.(1) | 71,113 | 1,412,304 | ||||||
Moog, Inc., Class A | 35,250 | 3,476,355 | ||||||
5,202,435 | ||||||||
Air Freight and Logistics — 1.2% | ||||||||
Air Transport Services Group, Inc.(1) | 784,067 | 16,410,522 | ||||||
Atlas Air Worldwide Holdings, Inc.(1) | 237,766 | 23,969,191 | ||||||
Hub Group, Inc., Class A(1) | 304,077 | 27,892,983 | ||||||
68,272,696 | ||||||||
Airlines — 0.7% | ||||||||
Allegiant Travel Co.(1) | 159,061 | 16,311,705 | ||||||
JetBlue Airways Corp.(1) | 1,514,736 | 12,572,309 | ||||||
Mesa Air Group, Inc.(1) | 22,440 | 67,993 | ||||||
SkyWest, Inc.(1) | 473,403 | 9,027,795 | ||||||
Wheels Up Experience, Inc.(1) | 11,015 | 12,227 | ||||||
37,992,029 | ||||||||
Auto Components — 1.4% | ||||||||
American Axle & Manufacturing Holdings, Inc.(1) | 1,196,455 | 10,528,804 | ||||||
Dana, Inc. | 814,384 | 12,899,843 | ||||||
Dorman Products, Inc.(1) | 10,778 | 1,002,677 | ||||||
Goodyear Tire & Rubber Co.(1) | 2,822,808 | 32,067,099 | ||||||
LCI Industries | 146,212 | 16,494,176 | ||||||
Modine Manufacturing Co.(1) | 7,360 | 179,658 | ||||||
Motorcar Parts of America, Inc.(1) | 93,849 | 1,228,483 | ||||||
Patrick Industries, Inc. | 101,523 | 7,395,950 | ||||||
81,796,690 | ||||||||
Automobiles — 1.3% | ||||||||
Harley-Davidson, Inc. | 136,231 | 6,477,784 | ||||||
Thor Industries, Inc. | 492,583 | 44,820,127 | ||||||
Winnebago Industries, Inc. | 320,973 | 20,401,044 | ||||||
Workhorse Group, Inc.(1)(2) | 360,182 | 741,975 | ||||||
72,440,930 | ||||||||
Banks — 15.7% | ||||||||
1st Source Corp. | 56,391 | 2,809,400 | ||||||
ACNB Corp.(2) | 39,966 | 1,480,341 | ||||||
Amalgamated Financial Corp. | 154,518 | 3,638,899 | ||||||
Amerant Bancorp, Inc. | 196,607 | 5,583,639 | ||||||
American National Bankshares, Inc. | 10,260 | 345,249 | ||||||
Ameris Bancorp | 436,810 | 20,910,095 | ||||||
Arrow Financial Corp. | 96,163 | 2,931,048 | ||||||
Associated Banc-Corp. | 962,229 | 22,275,601 | ||||||
Atlantic Union Bankshares Corp. | 66,319 | 2,484,310 | ||||||
Banc of California, Inc. | 314,648 | 5,522,072 | ||||||
Bancorp, Inc.(1) | 375,629 | 12,993,007 | ||||||
Bank First Corp.(2) | 15,153 | 1,235,424 | ||||||
Bank of Hawaii Corp. | 268,150 | 20,073,709 | ||||||
Bank of Marin Bancorp | 76,542 | 2,219,718 | ||||||
Bank OZK | 163,076 | 7,506,388 |
109
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Bank7 Corp. | 2,469 | $ | 72,490 | |||||
BankFinancial Corp. | 55,406 | 570,128 | ||||||
BankUnited, Inc. | 548,710 | 19,435,308 | ||||||
Bankwell Financial Group, Inc. | 34,674 | 1,046,461 | ||||||
Banner Corp. | 208,851 | 13,153,436 | ||||||
Bar Harbor Bankshares | 52,199 | 1,559,184 | ||||||
Baycom Corp. | 32,424 | 665,665 | ||||||
BCB Bancorp, Inc. | 117,268 | 2,034,600 | ||||||
Berkshire Hills Bancorp, Inc. | 237,330 | 6,896,810 | ||||||
Brookline Bancorp, Inc. | 511,438 | 6,628,236 | ||||||
Business First Bancshares, Inc. | 116,072 | 2,418,940 | ||||||
Byline Bancorp, Inc. | 170,740 | 4,208,741 | ||||||
Cadence Bank | 420,324 | 11,163,805 | ||||||
Cambridge Bancorp | 38,377 | 3,052,123 | ||||||
Camden National Corp. | 81,684 | 3,361,297 | ||||||
Capital City Bank Group, Inc. | 16,974 | 605,463 | ||||||
Capstar Financial Holdings, Inc. | 94,225 | 1,630,093 | ||||||
Carter Bankshares, Inc.(1) | 133,821 | 2,324,471 | ||||||
Cathay General Bancorp | 502,991 | 21,588,374 | ||||||
CB Financial Services, Inc. | 19,701 | 485,630 | ||||||
Central Pacific Financial Corp. | 215,267 | 4,828,439 | ||||||
Central Valley Community Bancorp | 63,410 | 1,617,589 | ||||||
Chemung Financial Corp. | 4,363 | 219,372 | ||||||
City Holding Co. | 53,173 | 5,221,589 | ||||||
Civista Bancshares, Inc. | 57,771 | 1,232,255 | ||||||
CNB Financial Corp. | 136,143 | 3,245,649 | ||||||
Coastal Financial Corp.(1) | 25,719 | 1,186,932 | ||||||
Codorus Valley Bancorp, Inc. | 42,124 | 1,061,525 | ||||||
Colony Bankcorp, Inc. | 26,165 | 328,894 | ||||||
Columbia Banking System, Inc. | 386,126 | 11,479,526 | ||||||
Community Trust Bancorp, Inc. | 100,386 | 4,291,501 | ||||||
ConnectOne Bancorp, Inc. | 253,636 | 6,150,673 | ||||||
CrossFirst Bankshares, Inc.(1) | 233,557 | 3,304,832 | ||||||
Customers Bancorp, Inc.(1) | 247,084 | 7,610,187 | ||||||
Dime Community Bancshares, Inc. | 230,450 | 7,060,988 | ||||||
Eagle Bancorp, Inc. | 221,481 | 9,703,083 | ||||||
Enterprise Bancorp, Inc. | 7,530 | 266,487 | ||||||
Enterprise Financial Services Corp. | 211,816 | 11,535,499 | ||||||
Equity Bancshares, Inc., Class A | 89,133 | 2,679,338 | ||||||
Esquire Financial Holdings, Inc. | 38,562 | 1,773,466 | ||||||
Evans Bancorp, Inc. | 1,323 | 51,557 | ||||||
Farmers National Banc Corp. | 197,082 | 2,808,419 | ||||||
FB Financial Corp. | 98,595 | 3,716,046 | ||||||
Fidelity D&D Bancorp, Inc. | 1,144 | 56,708 | ||||||
Financial Institutions, Inc. | 117,512 | 2,933,100 | ||||||
First BanCorp | 913,824 | 13,259,586 | ||||||
First Bancorp, Inc. | 19,768 | 578,807 | ||||||
First Bancorp/Southern Pines NC | 63,346 | 2,628,226 | ||||||
First Bancshares, Inc. | 89,681 | 2,807,912 | ||||||
First Bank | 3,785 | 51,590 | ||||||
First Busey Corp. | 326,482 | 7,881,275 |
110
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
First Business Financial Services, Inc. | 55,633 | $ | 1,970,521 | |||||
First Commonwealth Financial Corp. | 522,669 | 8,367,931 | ||||||
First Community Bankshares, Inc. | 28,508 | 890,020 | ||||||
First Financial Corp. | 69,343 | 3,047,625 | ||||||
First Foundation, Inc. | 268,596 | 4,047,742 | ||||||
First Guaranty Bancshares, Inc. | 3,820 | 78,348 | ||||||
First Internet Bancorp | 61,412 | 1,658,738 | ||||||
First Mid Bancshares, Inc. | 117,311 | 3,635,468 | ||||||
First of Long Island Corp. | 157,167 | 2,674,982 | ||||||
First United Corp. | 34,807 | 679,433 | ||||||
First Western Financial, Inc.(1) | 3,274 | 84,698 | ||||||
Five Star Bancorp | 35,799 | 978,029 | ||||||
Flushing Financial Corp. | 178,733 | 3,478,144 | ||||||
FNB Corp. | 678,967 | 9,688,859 | ||||||
Franklin Financial Services Corp. | 19,608 | 641,574 | ||||||
Fulton Financial Corp. | 1,078,980 | 18,558,456 | ||||||
FVCBankcorp, Inc.(1) | 23,542 | 318,994 | ||||||
Great Southern Bancorp, Inc. | 80,329 | 4,674,345 | ||||||
Guaranty Bancshares, Inc. | 4,801 | 149,839 | ||||||
Hancock Whitney Corp. | 546,230 | 26,830,818 | ||||||
Hanmi Financial Corp. | 247,049 | 5,835,297 | ||||||
HarborOne Bancorp, Inc. | 230,572 | 3,151,919 | ||||||
Hawthorn Bancshares, Inc. | 29,892 | 756,268 | ||||||
HBT Financial, Inc. | 37,934 | 861,860 | ||||||
Heartland Financial USA, Inc. | 230,580 | 11,399,875 | ||||||
Heritage Commerce Corp. | 179,755 | 2,176,833 | ||||||
Hilltop Holdings, Inc. | 327,770 | 10,872,131 | ||||||
HomeStreet, Inc. | 151,862 | 3,831,478 | ||||||
HomeTrust Bancshares, Inc. | 79,941 | 2,339,873 | ||||||
Hope Bancorp, Inc. | 769,671 | 9,859,486 | ||||||
Horizon Bancorp, Inc. | 221,407 | 3,369,815 | ||||||
Independent Bank Corp. (Michigan) | 166,236 | 3,665,504 | ||||||
International Bancshares Corp. | 392,589 | 19,052,344 | ||||||
Investar Holding Corp. | 4,779 | 94,146 | ||||||
Lakeland Bancorp, Inc. | 416,681 | 8,021,109 | ||||||
Lakeland Financial Corp. | 81,421 | 5,831,372 | ||||||
Live Oak Bancshares, Inc. | 190,768 | 6,592,942 | ||||||
Macatawa Bank Corp. | 201,047 | 2,193,423 | ||||||
Malvern Bancorp, Inc.(1) | 5,075 | 90,386 | ||||||
Mercantile Bank Corp. | 111,903 | 3,870,725 | ||||||
Metrocity Bankshares, Inc. | 81,175 | 1,637,300 | ||||||
Metropolitan Bank Holding Corp.(1) | 59,661 | 3,329,680 | ||||||
Mid Penn Bancorp, Inc. | 47,557 | 1,455,244 | ||||||
Midland States Bancorp, Inc. | 166,821 | 4,344,019 | ||||||
MidWestOne Financial Group, Inc. | 80,786 | 2,426,811 | ||||||
MVB Financial Corp. | 73,892 | 2,016,513 | ||||||
National Bank Holdings Corp., Class A | 53,124 | 2,150,991 | ||||||
NBT Bancorp, Inc. | 265,311 | 10,768,973 | ||||||
Nicolet Bankshares, Inc.(1) | 6,225 | 463,514 | ||||||
Northeast Bank | 55,103 | 2,428,940 | ||||||
Northrim BanCorp, Inc. | 43,093 | 2,262,813 |
111
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Northwest Bancshares, Inc. | 25,269 | $ | 349,218 | |||||
Norwood Financial Corp. | 9,247 | 313,658 | ||||||
Oak Valley Bancorp | 3,909 | 106,911 | ||||||
OceanFirst Financial Corp. | 307,753 | 7,299,901 | ||||||
OFG Bancorp | 363,170 | 11,047,631 | ||||||
Old Second Bancorp, Inc. | 294,420 | 4,881,484 | ||||||
Origin Bancorp, Inc. | 133,122 | 5,046,655 | ||||||
Orrstown Financial Services, Inc. | 58,467 | 1,344,741 | ||||||
Pacific Premier Bancorp, Inc. | 565,996 | 18,349,590 | ||||||
PacWest Bancorp | 821,589 | 22,799,095 | ||||||
Park National Corp. | 39,107 | 4,996,701 | ||||||
Parke Bancorp, Inc. | 56,871 | 1,160,737 | ||||||
Pathward Financial, Inc. | 193,019 | 9,845,899 | ||||||
PCB Bancorp | 77,994 | 1,424,170 | ||||||
Peapack-Gladstone Financial Corp. | 120,034 | 4,459,263 | ||||||
Peoples Bancorp, Inc. | 159,718 | 4,968,827 | ||||||
Popular, Inc. | 133,495 | 9,531,543 | ||||||
Preferred Bank | 69,014 | 4,858,586 | ||||||
Premier Financial Corp. | 200,142 | 4,967,524 | ||||||
Primis Financial Corp. | 97,223 | 1,138,481 | ||||||
QCR Holdings, Inc. | 114,719 | 6,136,319 | ||||||
RBB Bancorp | 117,679 | 2,325,337 | ||||||
Red River Bancshares, Inc. | 2,518 | 127,436 | ||||||
Republic Bancorp, Inc., Class A | 66,620 | 2,964,590 | ||||||
Republic First Bancorp, Inc.(1) | 97,424 | 194,848 | ||||||
Riverview Bancorp, Inc. | 119,597 | 835,983 | ||||||
S&T Bancorp, Inc. | 21,515 | 801,649 | ||||||
Sandy Spring Bancorp, Inc. | 280,295 | 9,235,720 | ||||||
ServisFirst Bancshares, Inc. | 61,721 | 4,564,268 | ||||||
Shore Bancshares, Inc. | 88,024 | 1,501,689 | ||||||
Sierra Bancorp | 83,203 | 1,681,533 | ||||||
Silvergate Capital Corp., Class A(1)(2) | 20,031 | 278,631 | ||||||
Simmons First National Corp., Class A | 129,596 | 2,880,919 | ||||||
SmartFinancial, Inc. | 88,937 | 2,427,980 | ||||||
South Plains Financial, Inc. | 55,840 | 1,468,034 | ||||||
Southern First Bancshares, Inc.(1) | 53,586 | 2,156,837 | ||||||
Southside Bancshares, Inc. | 60,410 | 2,307,058 | ||||||
SouthState Corp. | 14,357 | 1,158,323 | ||||||
Stellar Bancorp, Inc. | 18,981 | 555,194 | ||||||
Stock Yards Bancorp, Inc. | 425 | 24,875 | ||||||
Summit Financial Group, Inc. | 64,211 | 1,635,454 | ||||||
Synovus Financial Corp. | 103,296 | 4,318,806 | ||||||
Texas Capital Bancshares, Inc.(1) | 309,206 | 20,478,713 | ||||||
Third Coast Bancshares, Inc.(1) | 26,159 | 482,634 | ||||||
Tompkins Financial Corp. | 65,181 | 4,874,887 | ||||||
Towne Bank | 416,424 | 12,630,140 | ||||||
TriCo Bancshares | 74,856 | 3,780,977 | ||||||
Triumph Financial, Inc.(1) | 161,924 | 9,853,075 | ||||||
Trustmark Corp. | 214,476 | 6,305,594 | ||||||
UMB Financial Corp. | 259,568 | 23,532,435 | ||||||
Umpqua Holdings Corp. | 1,506,553 | 26,605,726 |
112
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
United Community Banks, Inc. | 162,250 | $ | 5,372,097 | |||||
United Security Bancshares | 83,262 | 641,117 | ||||||
Unity Bancorp, Inc. | 45,483 | 1,201,206 | ||||||
Univest Financial Corp. | 164,937 | 4,651,223 | ||||||
Valley National Bancorp | 413,397 | 4,787,137 | ||||||
Veritex Holdings, Inc. | 159,270 | 4,246,138 | ||||||
Washington Federal, Inc. | 457,079 | 16,029,761 | ||||||
Washington Trust Bancorp, Inc. | 113,067 | 4,748,814 | ||||||
West BanCorp, Inc. | 93,642 | 1,972,101 | ||||||
Wintrust Financial Corp. | 154,511 | 14,235,098 | ||||||
900,988,324 | ||||||||
Beverages — 0.3% | ||||||||
Coca-Cola Consolidated, Inc. | 27,562 | 15,347,900 | ||||||
Biotechnology — 1.2% | ||||||||
Alector, Inc.(1) | 229,163 | 1,957,052 | ||||||
Catalyst Pharmaceuticals, Inc.(1) | 705,663 | 10,768,417 | ||||||
Cullinan Oncology, Inc.(1) | 268,750 | 3,034,187 | ||||||
Dynavax Technologies Corp.(1) | 97,849 | 1,007,845 | ||||||
Eagle Pharmaceuticals, Inc.(1) | 43,527 | 1,218,756 | ||||||
Emergent BioSolutions, Inc.(1) | 324,704 | 4,019,836 | ||||||
Ironwood Pharmaceuticals, Inc.(1) | 1,007,299 | 11,352,260 | ||||||
iTeos Therapeutics, Inc.(1) | 128,422 | 2,274,354 | ||||||
Organogenesis Holdings, Inc.(1) | 294,295 | 721,023 | ||||||
REGENXBIO, Inc.(1) | 383,590 | 8,534,877 | ||||||
Vir Biotechnology, Inc.(1) | 1,097,950 | 25,033,260 | ||||||
XOMA Corp.(1) | 24,823 | 528,233 | ||||||
70,450,100 | ||||||||
Building Products — 0.7% | ||||||||
Apogee Enterprises, Inc. | 114,817 | 5,254,026 | ||||||
Insteel Industries, Inc. | 101,224 | 3,011,414 | ||||||
Masonite International Corp.(1) | 220,798 | 19,606,863 | ||||||
Quanex Building Products Corp. | 257,432 | 6,680,360 | ||||||
UFP Industries, Inc. | 88,676 | 7,584,458 | ||||||
42,137,121 | ||||||||
Capital Markets — 1.8% | ||||||||
Artisan Partners Asset Management, Inc., Class A | 88,971 | 2,933,374 | ||||||
Cowen, Inc., Class A(2) | 137,831 | 5,374,031 | ||||||
Diamond Hill Investment Group, Inc. | 20,667 | 3,608,458 | ||||||
Evercore, Inc., Class A | 189,720 | 24,887,470 | ||||||
Janus Henderson Group PLC | 284,222 | 7,804,736 | ||||||
Moelis & Co., Class A | 121,937 | 5,222,562 | ||||||
Open Lending Corp., Class A(1) | 147,755 | 1,046,105 | ||||||
Oppenheimer Holdings, Inc., Class A | 50,803 | 2,239,904 | ||||||
Piper Sandler Cos. | 120,927 | 18,258,768 | ||||||
Stifel Financial Corp. | 102,799 | 6,870,057 | ||||||
StoneX Group, Inc.(1) | 130,511 | 13,159,424 | ||||||
Virtus Investment Partners, Inc. | 42,466 | 8,936,120 | ||||||
100,341,009 | ||||||||
Chemicals — 2.4% | ||||||||
AdvanSix, Inc. | 310,189 | 12,764,277 | ||||||
AgroFresh Solutions, Inc.(1) | 157,123 | 468,227 |
113
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
American Vanguard Corp. | 239,811 | $ | 5,004,856 | |||||
Cabot Corp. | 368,033 | 29,269,665 | ||||||
Chemours Co. | 1,018,886 | 34,825,523 | ||||||
Core Molding Technologies, Inc.(1) | 7,951 | 133,656 | ||||||
FutureFuel Corp. | 193,791 | 1,695,671 | ||||||
Hawkins, Inc. | 51,139 | 2,079,823 | ||||||
Intrepid Potash, Inc.(1) | 89,558 | 2,836,302 | ||||||
Kronos Worldwide, Inc. | 186,262 | 2,102,898 | ||||||
LSB Industries, Inc.(1) | 513,692 | 6,981,074 | ||||||
Orion Engineered Carbons SA | 228,191 | 5,818,871 | ||||||
Rayonier Advanced Materials, Inc.(1) | 581,661 | 4,769,620 | ||||||
Stepan Co. | 84,218 | 8,766,252 | ||||||
Tronox Holdings PLC, Class A | 1,264,973 | 19,733,579 | ||||||
Valhi, Inc. | 12,538 | 297,025 | ||||||
137,547,319 | ||||||||
Commercial Services and Supplies — 0.3% | ||||||||
Civeo Corp.(1) | 88,215 | 2,497,367 | ||||||
Ennis, Inc. | 146,879 | 3,194,618 | ||||||
Heritage-Crystal Clean, Inc.(1) | 169,835 | 6,110,663 | ||||||
Interface, Inc. | 358,883 | 3,165,348 | ||||||
Kimball International, Inc., Class B | 21,825 | 150,811 | ||||||
Quad/Graphics, Inc.(1) | 219,640 | 1,074,040 | ||||||
16,192,847 | ||||||||
Communications Equipment — 0.4% | ||||||||
Aviat Networks, Inc.(1) | 1,976 | 70,207 | ||||||
ViaSat, Inc.(1) | 712,185 | 22,618,996 | ||||||
22,689,203 | ||||||||
Construction and Engineering — 0.7% | ||||||||
Ameresco, Inc., Class A(1) | 188,663 | 8,291,739 | ||||||
Granite Construction, Inc. | 27,351 | 1,181,563 | ||||||
Great Lakes Dredge & Dock Corp.(1) | 155,408 | 891,265 | ||||||
Limbach Holdings, Inc.(1) | 32,650 | 461,997 | ||||||
MYR Group, Inc.(1) | 158,755 | 19,147,441 | ||||||
Northwest Pipe Co.(1) | 54,692 | 2,105,642 | ||||||
Primoris Services Corp. | 7,196 | 197,890 | ||||||
Sterling Infrastructure, Inc.(1) | 158,950 | 6,113,217 | ||||||
Tutor Perini Corp.(1) | 343,433 | 2,785,242 | ||||||
41,175,996 | ||||||||
Construction Materials — 0.1% | ||||||||
Eagle Materials, Inc. | 41,059 | 5,761,399 | ||||||
United States Lime & Minerals, Inc. | 8,007 | 1,291,529 | ||||||
7,052,928 | ||||||||
Consumer Finance — 2.2% | ||||||||
Atlanticus Holdings Corp.(1) | 20,478 | 656,320 | ||||||
Bread Financial Holdings, Inc. | 397,506 | 16,325,571 | ||||||
Consumer Portfolio Services, Inc.(1) | 61,948 | 685,145 | ||||||
Encore Capital Group, Inc.(1)(2) | 160,749 | 8,307,508 | ||||||
Green Dot Corp., Class A(1) | 306,859 | 5,808,841 | ||||||
LendingClub Corp.(1) | 385,366 | 3,622,440 | ||||||
Medallion Financial Corp.(2) | 12,078 | 102,059 | ||||||
Navient Corp. | 784,846 | 14,166,470 |
114
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Nelnet, Inc., Class A | 100,545 | $ | 9,438,159 | |||||
OneMain Holdings, Inc. | 537,039 | 23,141,011 | ||||||
Oportun Financial Corp.(1) | 82,045 | 495,552 | ||||||
PRA Group, Inc.(1) | 159,626 | 6,793,683 | ||||||
PROG Holdings, Inc.(1) | 331,913 | 8,204,889 | ||||||
Regional Management Corp. | 63,487 | 2,001,110 | ||||||
SLM Corp. | 1,841,528 | 26,481,173 | ||||||
World Acceptance Corp.(1) | 2,674 | 249,645 | ||||||
126,479,576 | ||||||||
Diversified Consumer Services — 0.8% | ||||||||
Adtalem Global Education, Inc.(1) | 343,238 | 13,427,471 | ||||||
American Public Education, Inc.(1) | 116,246 | 1,283,356 | ||||||
Grand Canyon Education, Inc.(1) | 152,786 | 17,309,126 | ||||||
Lincoln Educational Services Corp.(1) | 47,413 | 277,366 | ||||||
Perdoceo Education Corp.(1) | 730,790 | 10,073,940 | ||||||
Stride, Inc.(1) | 95,268 | 4,046,032 | ||||||
Universal Technical Institute, Inc.(1) | 281,721 | 2,045,294 | ||||||
48,462,585 | ||||||||
Diversified Financial Services — 0.5% | ||||||||
Alerus Financial Corp. | 90,051 | 1,801,020 | ||||||
A-Mark Precious Metals, Inc. | 57,175 | 1,675,799 | ||||||
Jackson Financial, Inc., Class A | 571,392 | 25,929,769 | ||||||
29,406,588 | ||||||||
Diversified Telecommunication Services — 0.7% | ||||||||
ATN International, Inc. | 113,586 | 4,776,291 | ||||||
EchoStar Corp., Class A(1) | 323,793 | 6,462,908 | ||||||
Iridium Communications, Inc. | 444,942 | 27,306,091 | ||||||
38,545,290 | ||||||||
Electrical Equipment — 1.6% | ||||||||
Atkore, Inc.(1) | 328,373 | 47,949,025 | ||||||
Encore Wire Corp. | 231,092 | 44,603,067 | ||||||
GrafTech International Ltd. | 23,096 | 130,492 | ||||||
LSI Industries, Inc. | 5,828 | 84,623 | ||||||
Powell Industries, Inc. | 23,019 | 1,020,893 | ||||||
93,788,100 | ||||||||
Electronic Equipment, Instruments and Components — 1.6% | ||||||||
Bel Fuse, Inc., Class B | 92,979 | 3,302,614 | ||||||
Benchmark Electronics, Inc. | 28,802 | 685,200 | ||||||
CTS Corp. | 28,134 | 1,218,484 | ||||||
Daktronics, Inc.(1) | 9,547 | 38,761 | ||||||
Kimball Electronics, Inc.(1) | 35,318 | 883,303 | ||||||
Methode Electronics, Inc. | 40,117 | 1,954,901 | ||||||
Plexus Corp.(1) | 7,664 | 734,901 | ||||||
Sanmina Corp.(1) | 692,787 | 41,885,902 | ||||||
TTM Technologies, Inc.(1) | 535,955 | 7,122,842 | ||||||
Vishay Intertechnology, Inc. | 1,436,739 | 30,501,969 | ||||||
Vishay Precision Group, Inc.(1) | 93,290 | 4,067,444 | ||||||
92,396,321 | ||||||||
Energy Equipment and Services — 3.8% | ||||||||
Archrock, Inc. | 1,531,679 | 16,955,686 | ||||||
Bristow Group, Inc.(1) | 198,554 | 5,408,611 |
115
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
ChampionX Corp. | 355,822 | $ | 10,877,479 | |||||
Diamond Offshore Drilling, Inc.(1) | 289,579 | 3,440,198 | ||||||
Dril-Quip, Inc.(1) | 257,466 | 8,818,210 | ||||||
Helix Energy Solutions Group, Inc.(1) | 1,150,440 | 9,525,643 | ||||||
Helmerich & Payne, Inc. | 95,648 | 4,024,868 | ||||||
Liberty Energy, Inc., Class A | 1,495,658 | 22,808,784 | ||||||
Nabors Industries Ltd.(1) | 80,163 | 12,049,301 | ||||||
National Energy Services Reunited Corp.(1) | 315,372 | 2,037,303 | ||||||
Natural Gas Services Group, Inc.(1) | 16,330 | 179,630 | ||||||
Newpark Resources, Inc.(1) | 189,099 | 837,709 | ||||||
NexTier Oilfield Solutions, Inc.(1) | 1,405,490 | 12,832,124 | ||||||
Oceaneering International, Inc.(1) | 822,047 | 17,172,562 | ||||||
Oil States International, Inc.(1) | 37,087 | 338,604 | ||||||
Patterson-UTI Energy, Inc. | 644,786 | 8,833,568 | ||||||
ProPetro Holding Corp.(1) | 898,317 | 7,914,173 | ||||||
TechnipFMC PLC(1) | 1,775,322 | 27,144,673 | ||||||
TETRA Technologies, Inc.(1) | 32,453 | 115,533 | ||||||
Transocean Ltd.(1) | 4,608,509 | 32,213,478 | ||||||
US Silica Holdings, Inc.(1) | 686,313 | 8,331,840 | ||||||
Weatherford International PLC(1) | 116,174 | 7,739,512 | ||||||
219,599,489 | ||||||||
Entertainment — 0.2% | ||||||||
Gaia, Inc.(1) | 771 | 2,521 | ||||||
Madison Square Garden Entertainment Corp.(1) | 102,046 | 6,176,844 | ||||||
Marcus Corp.(2) | 178,173 | 2,866,804 | ||||||
9,046,169 | ||||||||
Food and Staples Retailing — 1.4% | ||||||||
Ingles Markets, Inc., Class A | 173,797 | 15,537,452 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 104,012 | 1,142,052 | ||||||
PriceSmart, Inc. | 94,229 | 6,569,646 | ||||||
Sprouts Farmers Market, Inc.(1) | 822,783 | 24,922,097 | ||||||
United Natural Foods, Inc.(1) | 469,044 | 19,104,162 | ||||||
Village Super Market, Inc., Class A | 73,814 | 1,648,266 | ||||||
Weis Markets, Inc. | 165,566 | 12,655,865 | ||||||
81,579,540 | ||||||||
Food Products — 0.5% | ||||||||
Cal-Maine Foods, Inc. | 265,700 | 15,091,760 | ||||||
Flowers Foods, Inc. | 39,662 | 1,105,777 | ||||||
Fresh Del Monte Produce, Inc. | 170,540 | 5,334,491 | ||||||
Hostess Brands, Inc.(1) | 13,564 | 335,031 | ||||||
John B Sanfilippo & Son, Inc. | 9,813 | 880,913 | ||||||
Pilgrim's Pride Corp.(1) | 106,250 | 2,485,187 | ||||||
Seaboard Corp. | 154 | 608,297 | ||||||
25,841,456 | ||||||||
Health Care Equipment and Supplies — 0.5% | ||||||||
Bioventus, Inc., Class A(1)(2) | 17,607 | 37,503 | ||||||
Co-Diagnostics, Inc.(1)(2) | 196,441 | 567,714 | ||||||
Enovis Corp.(1) | 198,821 | 11,456,066 | ||||||
FONAR Corp.(1) | 29,522 | 495,970 | ||||||
QuidelOrtho Corp.(1) | 176,684 | 15,360,907 | ||||||
Retractable Technologies, Inc.(1) | 6,054 | 11,745 |
116
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Sensus Healthcare, Inc.(1) | 5,976 | $ | 41,055 | |||||
Tactile Systems Technology, Inc.(1) | 37,223 | 537,872 | ||||||
Zimvie, Inc.(1) | 29,934 | 340,649 | ||||||
28,849,481 | ||||||||
Health Care Providers and Services — 0.2% | ||||||||
Cross Country Healthcare, Inc.(1) | 103,092 | 2,726,783 | ||||||
Ensign Group, Inc. | 3,435 | 307,364 | ||||||
Fulgent Genetics, Inc.(1) | 223,258 | 7,320,630 | ||||||
Patterson Cos., Inc. | 49,170 | 1,303,988 | ||||||
11,658,765 | ||||||||
Hotels, Restaurants and Leisure — 1.3% | ||||||||
BJ's Restaurants, Inc.(1) | 184,963 | 5,918,816 | ||||||
Canterbury Park Holding Corp. | 249 | 6,554 | ||||||
Carrols Restaurant Group, Inc.(1) | 90,871 | 189,012 | ||||||
Century Casinos, Inc.(1) | 41,517 | 384,447 | ||||||
Cheesecake Factory, Inc.(2) | 418,475 | 15,667,704 | ||||||
Chuy's Holdings, Inc.(1) | 175,737 | 6,282,598 | ||||||
Cracker Barrel Old Country Store, Inc. | 125,861 | 13,713,815 | ||||||
Full House Resorts, Inc.(1) | 159,698 | 1,545,877 | ||||||
Golden Entertainment, Inc.(1) | 348 | 14,306 | ||||||
Hilton Grand Vacations, Inc.(1) | 90,634 | 4,326,867 | ||||||
Monarch Casino & Resort, Inc. | 137,426 | 10,117,302 | ||||||
ONE Group Hospitality, Inc.(1) | 100,856 | 857,276 | ||||||
Playa Hotels & Resorts NV(1) | 1,046,474 | 9,334,548 | ||||||
RCI Hospitality Holdings, Inc. | 34,029 | 2,850,609 | ||||||
Red Robin Gourmet Burgers, Inc.(1) | 103,457 | 880,419 | ||||||
Target Hospitality Corp.(1) | 7,152 | 106,064 | ||||||
72,196,214 | ||||||||
Household Durables — 3.1% | ||||||||
Bassett Furniture Industries, Inc. | 66,289 | 1,229,661 | ||||||
Beazer Homes USA, Inc.(1) | 108,999 | 1,625,175 | ||||||
Cavco Industries, Inc.(1) | 40,967 | 11,675,595 | ||||||
Century Communities, Inc. | 46,028 | 2,752,935 | ||||||
Ethan Allen Interiors, Inc. | 261,754 | 7,734,831 | ||||||
GoPro, Inc., Class A(1) | 1,132,967 | 5,880,099 | ||||||
Green Brick Partners, Inc.(1) | 208,393 | 6,501,861 | ||||||
Hamilton Beach Brands Holding Co., Class A | 724 | 9,412 | ||||||
Hooker Furnishings Corp. | 56,035 | 1,231,929 | ||||||
Hovnanian Enterprises, Inc., Class A(1) | 39,312 | 2,677,540 | ||||||
KB Home | 171,699 | 6,055,824 | ||||||
La-Z-Boy, Inc. | 237,953 | 7,704,918 | ||||||
Legacy Housing Corp.(1) | 70,763 | 1,412,429 | ||||||
M/I Homes, Inc.(1) | 161,233 | 9,325,717 | ||||||
MDC Holdings, Inc. | 118,169 | 4,372,253 | ||||||
Meritage Homes Corp. | 180,790 | 19,747,692 | ||||||
Skyline Champion Corp.(1) | 300,519 | 20,558,505 | ||||||
Taylor Morrison Home Corp.(1) | 1,249,301 | 44,762,455 | ||||||
Tri Pointe Homes, Inc.(1) | 938,247 | 22,367,808 | ||||||
Universal Electronics, Inc.(1) | 90,039 | 1,145,296 | ||||||
VOXX International Corp.(1) | 52,546 | 600,601 | ||||||
179,372,536 |
117
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Independent Power and Renewable Electricity Producers† | ||||||||
Ormat Technologies, Inc.(2) | 30,429 | $ | 2,571,859 | |||||
Insurance — 3.9% | ||||||||
Ambac Financial Group, Inc.(1) | 175,860 | 2,910,483 | ||||||
AMERISAFE, Inc. | 32,324 | 1,762,951 | ||||||
Argo Group International Holdings Ltd. | 225,643 | 6,554,929 | ||||||
Assured Guaranty Ltd. | 350,067 | 21,847,682 | ||||||
Axis Capital Holdings Ltd. | 439,236 | 26,670,410 | ||||||
Brighthouse Financial, Inc.(1) | 503,537 | 29,119,545 | ||||||
CNO Financial Group, Inc. | 916,062 | 23,469,509 | ||||||
Crawford & Co., Class A | 30,625 | 169,050 | ||||||
Donegal Group, Inc., Class A | 12,620 | 193,969 | ||||||
Employers Holdings, Inc. | 174,276 | 7,739,597 | ||||||
Genworth Financial, Inc., Class A(1) | 3,529,771 | 21,990,473 | ||||||
Greenlight Capital Re Ltd., A Shares(1) | 16,758 | 153,838 | ||||||
Hanover Insurance Group, Inc. | 33,493 | 4,671,604 | ||||||
Horace Mann Educators Corp. | 129,640 | 4,791,494 | ||||||
Investors Title Co. | 1,422 | 232,284 | ||||||
National Western Life Group, Inc., Class A | 10,611 | 2,862,742 | ||||||
Oscar Health, Inc., Class A(1)(2) | 429,276 | 2,378,189 | ||||||
Primerica, Inc. | 15,137 | 2,905,396 | ||||||
ProAssurance Corp. | 222,196 | 4,419,478 | ||||||
Safety Insurance Group, Inc. | 72,596 | 5,857,771 | ||||||
Selective Insurance Group, Inc. | 200,386 | 20,345,191 | ||||||
SiriusPoint Ltd.(1) | 471,394 | 3,346,897 | ||||||
Stewart Information Services Corp. | 118,350 | 5,028,692 | ||||||
United Fire Group, Inc. | 131,527 | 3,753,781 | ||||||
Unum Group | 269,173 | 11,991,657 | ||||||
White Mountains Insurance Group Ltd. | 5,106 | 7,370,868 | ||||||
222,538,480 | ||||||||
Interactive Media and Services — 0.2% | ||||||||
Cars.com, Inc.(1) | 685,752 | 13,166,438 | ||||||
Internet and Direct Marketing Retail† | ||||||||
Duluth Holdings, Inc., Class B(1)(2) | 65,910 | 396,119 | ||||||
Lands' End, Inc.(1) | 16,664 | 126,646 | ||||||
522,765 | ||||||||
IT Services — 0.3% | ||||||||
Cass Information Systems, Inc. | 99,591 | 4,815,225 | ||||||
IBEX Holdings Ltd.(1) | 32,937 | 920,589 | ||||||
International Money Express, Inc.(1) | 66,646 | 1,702,805 | ||||||
Kyndryl Holdings, Inc.(1) | 574,669 | 9,016,557 | ||||||
16,455,176 | ||||||||
Leisure Products — 0.9% | ||||||||
Acushnet Holdings Corp. | 22,092 | 1,066,160 | ||||||
American Outdoor Brands, Inc.(1) | 18,199 | 167,977 | ||||||
JAKKS Pacific, Inc.(1) | 56,956 | 1,101,529 | ||||||
Malibu Boats, Inc., Class A(1) | 198,421 | 11,857,639 | ||||||
MasterCraft Boat Holdings, Inc.(1) | 156,118 | 5,272,105 | ||||||
Smith & Wesson Brands, Inc. | 481,768 | 5,270,542 | ||||||
Sturm Ruger & Co., Inc. | 172,387 | 10,044,990 |
118
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Vista Outdoor, Inc.(1) | 554,623 | $ | 15,840,033 | |||||
50,620,975 | ||||||||
Life Sciences Tools and Services — 0.2% | ||||||||
AbCellera Biologics, Inc.(1)(2) | 1,072,629 | 9,010,084 | ||||||
OmniAb, Inc.(1) | 127,917 | 533,414 | ||||||
OmniAb, Inc.(1) | 21,075 | 58,363 | ||||||
OmniAb, Inc.(1) | 21,075 | 56,129 | ||||||
9,657,990 | ||||||||
Machinery — 1.6% | ||||||||
Albany International Corp., Class A | 126,182 | 12,734,288 | ||||||
Commercial Vehicle Group, Inc.(1) | 123,666 | 976,961 | ||||||
Hurco Cos., Inc. | 471 | 13,815 | ||||||
Hyster-Yale Materials Handling, Inc. | 5,407 | 210,386 | ||||||
Kennametal, Inc. | 778,046 | 22,042,043 | ||||||
Mayville Engineering Co., Inc.(1) | 53,623 | 869,765 | ||||||
Miller Industries, Inc. | 23,275 | 647,278 | ||||||
Mueller Industries, Inc. | 616,728 | 45,619,370 | ||||||
REV Group, Inc. | 231,044 | 2,700,904 | ||||||
Terex Corp. | 19,466 | 1,152,582 | ||||||
Titan International, Inc.(1) | 412,062 | 5,113,689 | ||||||
Wabash National Corp. | 87,869 | 2,407,611 | ||||||
94,488,692 | ||||||||
Marine — 1.4% | ||||||||
Costamare, Inc. | 491,359 | 5,159,269 | ||||||
Eagle Bulk Shipping, Inc.(2) | 127,447 | 8,318,466 | ||||||
Genco Shipping & Trading Ltd. | 476,808 | 9,083,192 | ||||||
Kirby Corp.(1) | 316,477 | 22,954,077 | ||||||
Matson, Inc. | 446,545 | 29,699,708 | ||||||
Pangaea Logistics Solutions Ltd. | 247,772 | 1,645,206 | ||||||
Safe Bulkers, Inc.(2) | 671,506 | 2,518,148 | ||||||
79,378,066 | ||||||||
Media — 0.4% | ||||||||
AMC Networks, Inc., Class A(1) | 111,319 | 2,489,093 | ||||||
Cable One, Inc. | 1,359 | 938,539 | ||||||
Cumulus Media, Inc., Class A(1) | 131,334 | 711,830 | ||||||
Entravision Communications Corp., Class A | 580,337 | 3,807,011 | ||||||
Gambling.com Group Ltd.(1) | 1,804 | 17,643 | ||||||
PubMatic, Inc., Class A(1) | 192,750 | 2,925,945 | ||||||
Scholastic Corp. | 271,100 | 12,364,871 | ||||||
WideOpenWest, Inc.(1) | 97,355 | 1,064,090 | ||||||
24,319,022 | ||||||||
Metals and Mining — 2.8% | ||||||||
Alpha Metallurgical Resources, Inc. | 181,306 | 30,412,268 | ||||||
Carpenter Technology Corp. | 66,759 | 3,226,462 | ||||||
Coeur Mining, Inc.(1) | 881,105 | 2,749,048 | ||||||
Commercial Metals Co. | 586,518 | 30,352,307 | ||||||
Gold Resource Corp. | 303,725 | 277,726 | ||||||
Hecla Mining Co. | 2,841,146 | 14,631,902 | ||||||
Kaiser Aluminum Corp. | 75,045 | 5,952,569 | ||||||
Olympic Steel, Inc. | 74,677 | 3,920,543 | ||||||
Ramaco Resources, Inc. | 225,016 | 2,238,909 |
119
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Ryerson Holding Corp. | 246,856 | $ | 8,869,536 | |||||
Schnitzer Steel Industries, Inc., Class A | 255,888 | 8,364,979 | ||||||
SunCoke Energy, Inc. | 1,046,397 | 9,951,236 | ||||||
TimkenSteel Corp.(1) | 524,585 | 9,594,660 | ||||||
Tredegar Corp. | 178,168 | 2,070,312 | ||||||
United States Steel Corp. | 5,370 | 164,483 | ||||||
Warrior Met Coal, Inc. | 672,846 | 25,749,816 | ||||||
158,526,756 | ||||||||
Multiline Retail — 1.1% | ||||||||
Big Lots, Inc. | 1,554 | 22,300 | ||||||
Dillard's, Inc., Class A | 27,001 | 9,623,426 | ||||||
Kohl's Corp. | 909,632 | 25,506,081 | ||||||
Macy's, Inc. | 1,282,686 | 26,243,756 | ||||||
61,395,563 | ||||||||
Oil, Gas and Consumable Fuels — 12.0% | ||||||||
Adams Resources & Energy, Inc. | 2,163 | 125,865 | ||||||
Antero Midstream Corp. | 1,558,074 | 16,422,100 | ||||||
Arch Resources, Inc. | 190,672 | 30,002,239 | ||||||
Berry Corp. | 706,783 | 6,664,964 | ||||||
California Resources Corp. | 636,980 | 26,880,556 | ||||||
Callon Petroleum Co.(1) | 652,386 | 25,286,481 | ||||||
Chord Energy Corp. | 157,738 | 21,234,690 | ||||||
Civitas Resources, Inc. | 292,036 | 20,492,166 | ||||||
CNX Resources Corp.(1) | 1,510,803 | 23,190,826 | ||||||
Comstock Resources, Inc.(2) | 999,264 | 12,131,065 | ||||||
CONSOL Energy, Inc. | 310,684 | 17,003,735 | ||||||
Crescent Energy Co., Class A(2) | 230,812 | 2,663,571 | ||||||
CVR Energy, Inc. | 268,119 | 8,507,416 | ||||||
Delek US Holdings, Inc. | 542,199 | 13,647,149 | ||||||
Denbury, Inc.(1) | 416,556 | 34,728,274 | ||||||
DHT Holdings, Inc. | 564,856 | 6,535,384 | ||||||
Dorian LPG Ltd. | 345,760 | 7,589,432 | ||||||
Earthstone Energy, Inc., Class A(1) | 662,261 | 9,238,541 | ||||||
EnLink Midstream LLC(1) | 1,119,550 | 12,606,133 | ||||||
Epsilon Energy Ltd. | 64,013 | 368,075 | ||||||
Equitrans Midstream Corp. | 3,014,638 | 18,178,267 | ||||||
Evolution Petroleum Corp. | 256,896 | 1,672,393 | ||||||
Hallador Energy Co.(1) | 206,192 | 1,573,245 | ||||||
HF Sinclair Corp. | 44,981 | 2,236,455 | ||||||
HighPeak Energy, Inc.(2) | 86,972 | 2,326,501 | ||||||
International Seaways, Inc. | 4,795 | 246,655 | ||||||
Kimbell Royalty Partners LP | 474,232 | 7,317,400 | ||||||
Kosmos Energy Ltd.(1) | 4,225,955 | 33,258,266 | ||||||
Magnolia Oil & Gas Corp., Class A | 779,404 | 17,029,977 | ||||||
Matador Resources Co. | 378,216 | 20,344,239 | ||||||
Murphy Oil Corp. | 594,069 | 23,180,572 | ||||||
NACCO Industries, Inc., Class A | 36,333 | 1,358,491 | ||||||
Northern Oil & Gas, Inc. | 496,853 | 15,422,317 | ||||||
Overseas Shipholding Group, Inc., Class A(1) | 526,020 | 1,946,274 | ||||||
Par Pacific Holdings, Inc.(1) | 410,831 | 11,412,885 | ||||||
PBF Energy, Inc., Class A | 713,465 | 31,185,555 |
120
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
PDC Energy, Inc. | 291,674 | $ | 19,574,242 | |||||
Peabody Energy Corp.(1) | 1,333,671 | 36,409,218 | ||||||
Permian Resources Corp. | 1,344,319 | 14,532,088 | ||||||
PHX Minerals, Inc. | 46,331 | 132,970 | ||||||
Plains GP Holdings LP, Class A(2) | 1,600,639 | 22,264,889 | ||||||
PrimeEnergy Resources Corp.(1) | 366 | 33,123 | ||||||
Range Resources Corp. | 358,894 | 9,668,604 | ||||||
Ranger Oil Corp., Class A | 189,405 | 7,860,308 | ||||||
REX American Resources Corp.(1) | 116,674 | 3,851,409 | ||||||
Riley Exploration Permian, Inc. | 28,870 | 883,422 | ||||||
Ring Energy, Inc.(1)(2) | 785,371 | 1,649,279 | ||||||
SandRidge Energy, Inc.(1) | 335,677 | 4,897,527 | ||||||
SFL Corp. Ltd. | 1,093,198 | 11,281,803 | ||||||
SilverBow Resources, Inc.(1) | 146,677 | 3,611,188 | ||||||
Sitio Royalties Corp., Class A | 384,699 | 9,044,274 | ||||||
SM Energy Co. | 1,051,532 | 31,030,709 | ||||||
Talos Energy, Inc.(1) | 821,533 | 14,631,503 | ||||||
Teekay Corp.(1) | 128,518 | 801,952 | ||||||
VAALCO Energy, Inc.(2) | 637,173 | 2,988,341 | ||||||
Vital Energy, Inc.(1) | 160,189 | 8,232,113 | ||||||
687,387,116 | ||||||||
Paper and Forest Products — 0.9% | ||||||||
Clearwater Paper Corp.(1) | 201,921 | 7,792,131 | ||||||
Louisiana-Pacific Corp. | 669,725 | 39,185,610 | ||||||
Mercer International, Inc. | 492,831 | 5,312,718 | ||||||
Sylvamo Corp. | 41,344 | 2,039,500 | ||||||
54,329,959 | ||||||||
Personal Products — 0.4% | ||||||||
Lifevantage Corp. | 58,539 | 227,131 | ||||||
Nature's Sunshine Products, Inc.(1) | 16,471 | 178,546 | ||||||
Nu Skin Enterprises, Inc., Class A | 474,151 | 18,890,176 | ||||||
Olaplex Holdings, Inc.(1) | 14,350 | 70,602 | ||||||
USANA Health Sciences, Inc.(1) | 91,602 | 5,567,569 | ||||||
24,934,024 | ||||||||
Pharmaceuticals — 0.8% | ||||||||
Amphastar Pharmaceuticals, Inc.(1) | 64,281 | 2,047,993 | ||||||
Arvinas, Inc.(1) | 359,032 | 11,004,331 | ||||||
Assertio Holdings, Inc.(1)(2) | 530,023 | 2,931,027 | ||||||
Corcept Therapeutics, Inc.(1) | 10,963 | 228,359 | ||||||
Innoviva, Inc.(1) | 713,932 | 8,617,159 | ||||||
Ligand Pharmaceuticals, Inc.(1) | 52,123 | 3,760,153 | ||||||
Prestige Consumer Healthcare, Inc.(1) | 211,742 | 12,757,456 | ||||||
ProPhase Labs, Inc.(2) | 73,008 | 533,688 | ||||||
SIGA Technologies, Inc. | 346,831 | 2,375,792 | ||||||
Supernus Pharmaceuticals, Inc.(1) | 7,550 | 283,805 | ||||||
44,539,763 | ||||||||
Professional Services — 0.9% | ||||||||
Barrett Business Services, Inc. | 5,918 | 568,010 | ||||||
CBIZ, Inc.(1) | 80,589 | 4,036,703 | ||||||
CRA International, Inc. | 6,829 | 850,006 | ||||||
Heidrick & Struggles International, Inc. | 187,045 | 6,421,255 |
121
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Kelly Services, Inc., Class A | 221,204 | $ | 3,700,743 | |||||
Kforce, Inc. | 92,270 | 5,765,952 | ||||||
Korn Ferry | 428,639 | 23,956,634 | ||||||
TrueBlue, Inc.(1) | 314,775 | 5,886,292 | ||||||
51,185,595 | ||||||||
Real Estate Management and Development — 1.0% | ||||||||
Douglas Elliman, Inc. | 477,980 | 2,017,076 | ||||||
Five Point Holdings LLC, Class A(1) | 19,374 | 42,429 | ||||||
Forestar Group, Inc.(1) | 166,533 | 2,376,426 | ||||||
Howard Hughes Corp.(1) | 257,606 | 21,412,211 | ||||||
Kennedy-Wilson Holdings, Inc. | 966,352 | 16,147,742 | ||||||
Marcus & Millichap, Inc. | 268,752 | 9,237,006 | ||||||
RE/MAX Holdings, Inc., Class A | 184,354 | 3,408,705 | ||||||
54,641,595 | ||||||||
Road and Rail — 2.9% | ||||||||
ArcBest Corp. | 260,746 | 25,083,765 | ||||||
Covenant Logistics Group, Inc. | 105,324 | 3,649,477 | ||||||
Heartland Express, Inc. | 354,331 | 5,715,359 | ||||||
Landstar System, Inc. | 3,241 | 585,940 | ||||||
Marten Transport Ltd. | 624,735 | 13,787,902 | ||||||
PAM Transportation Services, Inc.(1) | 56,327 | 1,633,483 | ||||||
Ryder System, Inc. | 575,199 | 56,317,734 | ||||||
Saia, Inc.(1) | 75,959 | 20,575,014 | ||||||
Schneider National, Inc., Class B | 409,284 | 11,484,509 | ||||||
Universal Logistics Holdings, Inc. | 64,152 | 1,905,314 | ||||||
US Xpress Enterprises, Inc., Class A(1) | 110,978 | 174,236 | ||||||
Werner Enterprises, Inc. | 595,364 | 27,654,658 | ||||||
168,567,391 | ||||||||
Semiconductors and Semiconductor Equipment — 2.3% | ||||||||
Alpha & Omega Semiconductor Ltd.(1) | 238,222 | 6,362,910 | ||||||
Amkor Technology, Inc. | 663,502 | 17,091,812 | ||||||
Axcelis Technologies, Inc.(1) | 100,307 | 12,893,462 | ||||||
Cirrus Logic, Inc.(1) | 18,059 | 1,855,562 | ||||||
Cohu, Inc.(1) | 13,302 | 494,834 | ||||||
Diodes, Inc.(1) | 414,096 | 37,968,462 | ||||||
Kulicke & Soffa Industries, Inc. | 585,505 | 31,207,417 | ||||||
Photronics, Inc.(1) | 685,183 | 12,072,924 | ||||||
SMART Global Holdings, Inc.(1) | 151,947 | 2,537,515 | ||||||
Ultra Clean Holdings, Inc.(1) | 316,063 | 10,069,767 | ||||||
132,554,665 | ||||||||
Software — 0.5% | ||||||||
Adeia, Inc. | 414,278 | 4,084,781 | ||||||
Cleanspark, Inc.(1)(2) | 224,762 | 620,343 | ||||||
CoreCard Corp.(1) | 18,945 | 630,300 | ||||||
InterDigital, Inc. | 161,627 | 11,797,155 | ||||||
Marathon Digital Holdings, Inc.(1)(2) | 1,114,828 | 7,915,279 | ||||||
Xperi, Inc.(1) | 174,373 | 2,038,420 | ||||||
27,086,278 | ||||||||
Specialty Retail — 6.5% | ||||||||
Aaron's Co., Inc. | 309,719 | 4,444,468 | ||||||
Abercrombie & Fitch Co., Class A(1) | 291,945 | 8,586,102 |
122
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Academy Sports & Outdoors, Inc. | 534,042 | $ | 31,588,584 | |||||
American Eagle Outfitters, Inc. | 781,613 | 11,231,779 | ||||||
Asbury Automotive Group, Inc.(1) | 18,580 | 4,219,518 | ||||||
AutoNation, Inc.(1) | 175,612 | 23,972,794 | ||||||
Barnes & Noble Education, Inc.(1) | 29,700 | 61,182 | ||||||
Big 5 Sporting Goods Corp. | 151,570 | 1,338,363 | ||||||
Buckle, Inc. | 316,425 | 12,906,976 | ||||||
Build-A-Bear Workshop, Inc.(1) | 130,499 | 2,733,954 | ||||||
Caleres, Inc. | 228,789 | 5,973,681 | ||||||
Cato Corp., Class A | 109,262 | 1,010,674 | ||||||
Chico's FAS, Inc.(1) | 1,221,865 | 7,025,724 | ||||||
Children's Place, Inc.(1) | 116,232 | 4,866,634 | ||||||
Citi Trends, Inc.(1) | 43,469 | 1,218,871 | ||||||
Conn's, Inc.(1) | 119,716 | 1,025,966 | ||||||
Container Store Group, Inc.(1) | 262,478 | 1,141,779 | ||||||
Designer Brands, Inc., Class A | 558,107 | 5,463,868 | ||||||
Destination XL Group, Inc.(1) | 493,873 | 2,953,361 | ||||||
Foot Locker, Inc. | 1,093,662 | 47,814,903 | ||||||
Gap, Inc.(2) | 571,039 | 7,429,217 | ||||||
Genesco, Inc.(1) | 96,129 | 4,322,921 | ||||||
Group 1 Automotive, Inc. | 78,611 | 17,378,534 | ||||||
Guess?, Inc. | 323,452 | 6,805,430 | ||||||
Haverty Furniture Cos., Inc. | 153,981 | 5,811,243 | ||||||
Hibbett, Inc. | 146,629 | 10,547,024 | ||||||
MarineMax, Inc.(1) | 191,136 | 6,418,347 | ||||||
Murphy USA, Inc. | 81,749 | 20,853,352 | ||||||
ODP Corp.(1) | 452,353 | 20,482,544 | ||||||
Shoe Carnival, Inc. | 133,920 | 3,528,792 | ||||||
Signet Jewelers Ltd. | 444,644 | 31,845,403 | ||||||
Sonic Automotive, Inc., Class A | 188,630 | 10,731,161 | ||||||
Sportsman's Warehouse Holdings, Inc.(1) | 122,652 | 1,102,641 | ||||||
Tile Shop Holdings, Inc.(1) | 10,879 | 59,399 | ||||||
Tilly's, Inc., Class A(1) | 195,905 | 1,700,455 | ||||||
TravelCenters of America, Inc.(1) | 157,827 | 13,312,707 | ||||||
Upbound Group, Inc. | 441,850 | 11,863,673 | ||||||
Urban Outfitters, Inc.(1) | 633,836 | 17,081,880 | ||||||
Zumiez, Inc.(1) | 169,347 | 3,939,011 | ||||||
374,792,915 | ||||||||
Technology Hardware, Storage and Peripherals† | ||||||||
Immersion Corp. | 285,525 | 2,184,266 | ||||||
Textiles, Apparel and Luxury Goods — 1.6% | ||||||||
Culp, Inc.(1) | 18,579 | 102,928 | ||||||
G-III Apparel Group Ltd.(1) | 169,327 | 2,813,368 | ||||||
Lakeland Industries, Inc. | 31,915 | 484,150 | ||||||
Movado Group, Inc. | 157,168 | 5,441,156 | ||||||
Oxford Industries, Inc. | 160,580 | 18,885,814 | ||||||
PVH Corp. | 457,716 | 36,727,132 | ||||||
Under Armour, Inc., Class A(1) | 1,467,338 | 14,570,666 | ||||||
Under Armour, Inc., Class C(1) | 1,321,057 | 11,625,302 | ||||||
Unifi, Inc.(1) | 30,711 | 317,859 | ||||||
Vera Bradley, Inc.(1) | 77,813 | 412,409 | ||||||
91,380,784 |
123
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Thrifts and Mortgage Finance — 4.7% | ||||||||
Axos Financial, Inc.(1) | 407,565 | $ | 19,314,505 | |||||
Bridgewater Bancshares, Inc.(1) | 155,424 | 2,286,287 | ||||||
Enact Holdings, Inc. | 174,892 | 4,241,131 | ||||||
Essent Group Ltd. | 775,482 | 33,306,952 | ||||||
Federal Agricultural Mortgage Corp., Class C | 57,420 | 8,145,601 | ||||||
FS Bancorp, Inc. | 48,617 | 1,746,809 | ||||||
Greene County Bancorp, Inc. | 2,454 | 138,160 | ||||||
Hingham Institution For Savings | 5,807 | 1,653,253 | ||||||
Home Bancorp, Inc. | 33,249 | 1,314,998 | ||||||
Kearny Financial Corp. | 293,863 | 2,950,384 | ||||||
Luther Burbank Corp. | 74,720 | 868,994 | ||||||
Merchants Bancorp | 132,923 | 4,020,921 | ||||||
MGIC Investment Corp. | 2,328,843 | 32,044,880 | ||||||
Mr. Cooper Group, Inc.(1) | 534,958 | 24,838,100 | ||||||
New York Community Bancorp, Inc. | 3,423,037 | 30,396,569 | ||||||
NMI Holdings, Inc., Class A(1) | 647,631 | 15,115,707 | ||||||
Northfield Bancorp, Inc. | 258,031 | 3,795,636 | ||||||
Ocwen Financial Corp.(1) | 33,590 | 1,097,049 | ||||||
OP Bancorp | 69,617 | 784,584 | ||||||
PennyMac Financial Services, Inc. | 213,756 | 12,925,825 | ||||||
Ponce Financial Group, Inc.(1) | 879 | 8,052 | ||||||
Provident Bancorp, Inc. | 20,717 | 189,975 | ||||||
Provident Financial Services, Inc. | 457,135 | 10,674,102 | ||||||
Radian Group, Inc. | 1,233,518 | 26,335,609 | ||||||
Southern Missouri Bancorp, Inc. | 55,647 | 2,575,343 | ||||||
Sterling Bancorp, Inc.(1) | 27,983 | 173,495 | ||||||
Territorial Bancorp, Inc. | 37,690 | 866,116 | ||||||
Timberland Bancorp, Inc. | 6,104 | 206,193 | ||||||
TrustCo Bank Corp. NY | 141,736 | 5,309,431 | ||||||
Walker & Dunlop, Inc. | 172,613 | 15,057,032 | ||||||
Waterstone Financial, Inc. | 139,341 | 2,243,390 | ||||||
WSFS Financial Corp. | 136,611 | 6,818,255 | ||||||
271,443,338 | ||||||||
Trading Companies and Distributors — 5.6% | ||||||||
Air Lease Corp. | 1,106,635 | 47,895,163 | ||||||
Alta Equipment Group, Inc. | 5,345 | 100,539 | ||||||
BlueLinx Holdings, Inc.(1) | 109,374 | 9,230,072 | ||||||
Boise Cascade Co. | 464,070 | 32,071,878 | ||||||
GATX Corp. | 381,069 | 41,570,817 | ||||||
GMS, Inc.(1) | 162,272 | 9,851,533 | ||||||
H&E Equipment Services, Inc. | 327,800 | 18,192,900 | ||||||
Herc Holdings, Inc. | 246,899 | 35,452,227 | ||||||
Hudson Technologies, Inc.(1) | 183,676 | 1,860,638 | ||||||
McGrath RentCorp | 221,552 | 22,784,408 | ||||||
NOW, Inc.(1) | 258,507 | 3,321,815 | ||||||
Rush Enterprises, Inc., Class A | 88,888 | 5,038,172 | ||||||
Rush Enterprises, Inc., Class B | 12,172 | 730,077 | ||||||
Textainer Group Holdings Ltd. | 425,993 | 14,023,689 | ||||||
Titan Machinery, Inc.(1) | 193,668 | 8,868,058 | ||||||
Triton International Ltd. | 729,500 | 50,291,730 |
124
Avantis U.S. Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Veritiv Corp. | 142,967 | $ | 21,650,922 | |||||
322,934,638 | ||||||||
Wireless Telecommunication Services — 0.3% | ||||||||
Shenandoah Telecommunications Co. | 119,033 | 2,323,524 | ||||||
Telephone & Data Systems, Inc. | 1,093,639 | 13,878,279 | ||||||
United States Cellular Corp.(1) | 149,934 | 3,617,907 | ||||||
19,819,710 | ||||||||
TOTAL COMMON STOCKS (Cost $5,394,173,621) | 5,738,273,456 | |||||||
SHORT-TERM INVESTMENTS — 0.8% | ||||||||
Money Market Funds — 0.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 4,750,834 | 4,750,834 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 42,222,352 | 42,222,352 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $46,973,186) | 46,973,186 | |||||||
TOTAL INVESTMENT SECURITIES — 100.7% (Cost $5,441,146,807) | 5,785,246,642 | |||||||
OTHER ASSETS AND LIABILITIES — (0.7)% | (37,362,545) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 5,747,884,097 |
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 $54,017,740. 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 $55,564,049, which includes securities collateral of $13,341,697.
See Notes to Financial Statements.
125
Statements of Assets and Liabilities |
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis Inflation Focused Equity ETF | Avantis Real Estate ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $26,607,419 and $294,319,724, respectively) — including $— and $3,096,330, respectively of securities on loan | $ | 25,740,583 | $ | 278,810,397 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $— and $569,972, respectively) | — | 569,972 | ||||||
Total investment securities, at value (cost of $26,607,419 and $294,889,696, respectively) | 25,740,583 | 279,380,369 | ||||||
Foreign currency holdings, at value (cost of $— and $414,049, respectively) | — | 411,668 | ||||||
Receivable for capital shares sold | — | 1,694,412 | ||||||
Dividends and interest receivable | 54,221 | 732,670 | ||||||
Securities lending receivable | — | 1,102 | ||||||
25,794,804 | 282,220,221 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | — | 569,972 | ||||||
Payable for investments purchased | — | 2,004,955 | ||||||
Accrued management fees | 5,054 | 37,026 | ||||||
5,054 | 2,611,953 | |||||||
Net Assets | $ | 25,789,750 | $ | 279,608,268 | ||||
Shares outstanding (unlimited number of shares authorized) | 460,000 | 6,600,000 | ||||||
Net Asset Value Per Share | $ | 56.06 | $ | 42.36 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 26,434,004 | $ | 294,492,630 | ||||
Distributable earnings (loss) | (644,254) | (14,884,362) | ||||||
$ | 25,789,750 | $ | 279,608,268 |
See Notes to Financial Statements.
126
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis U.S. Equity ETF | Avantis U.S. Large Cap Value ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $3,640,624,193 and $877,175,969, respectively) — including $10,446,126 and $1,210,025, respectively of securities on loan | $ | 3,751,582,886 | $ | 899,355,988 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $8,028,714 and $1,235,181, respectively) | 8,028,714 | 1,235,181 | ||||||
Total investment securities, at value (cost of $3,648,652,907 and $878,411,150, respectively) | 3,759,611,600 | 900,591,169 | ||||||
Cash | — | 26,066 | ||||||
Receivable for capital shares sold | — | 9,394,438 | ||||||
Dividends and interest receivable | 6,267,513 | 2,141,793 | ||||||
Securities lending receivable | 28,504 | 2,015 | ||||||
3,765,907,617 | 912,155,481 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 8,028,714 | 1,235,181 | ||||||
Payable for investments purchased | 3,758,141 | 10,295,536 | ||||||
Accrued management fees | 433,459 | 102,018 | ||||||
12,220,314 | 11,632,735 | |||||||
Net Assets | $ | 3,753,687,303 | $ | 900,522,746 | ||||
Shares outstanding (unlimited number of shares authorized) | 52,890,000 | 17,300,000 | ||||||
Net Asset Value Per Share | $ | 70.97 | $ | 52.05 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 3,624,266,962 | $ | 880,681,121 | ||||
Distributable earnings (loss) | 129,420,341 | 19,841,625 | ||||||
$ | 3,753,687,303 | $ | 900,522,746 |
See Notes to Financial Statements.
127
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis U.S. Small Cap Equity ETF | Avantis U.S. Small Cap Value ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $107,846,665 and $5,398,924,455, respectively) — including $— and $54,017,740, respectively of securities on loan | $ | 114,492,698 | $ | 5,743,024,290 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $— and $42,222,352, respectively) | — | 42,222,352 | ||||||
Total investment securities, at value (cost of $107,846,665 and $5,441,146,807, respectively) | 114,492,698 | 5,785,246,642 | ||||||
Cash | — | 823,278 | ||||||
Receivable for investments sold | 5,528 | 6,586,238 | ||||||
Receivable for capital shares sold | — | 21,050,058 | ||||||
Dividends and interest receivable | 86,850 | 6,687,388 | ||||||
Securities lending receivable | — | 131,271 | ||||||
114,585,076 | 5,820,524,875 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | — | 42,222,352 | ||||||
Payable for investments purchased | — | 29,321,058 | ||||||
Accrued management fees | 21,493 | 1,097,368 | ||||||
21,493 | 72,640,778 | |||||||
Net Assets | $ | 114,563,583 | $ | 5,747,884,097 | ||||
Shares outstanding (unlimited number of shares authorized) | 2,430,000 | 71,100,000 | ||||||
Net Asset Value Per Share | $ | 47.15 | $ | 80.84 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 107,365,803 | $ | 5,507,106,394 | ||||
Distributable earnings (loss) | 7,197,780 | 240,777,703 | ||||||
$ | 114,563,583 | $ | 5,747,884,097 |
See Notes to Financial Statements.
128
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (EXCEPT AS NOTED) (UNAUDITED) | ||||||||
Avantis Inflation Focused Equity ETF(1) | Avantis Real Estate ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $1, and $180,763, respectively) | $ | 132,684 | $ | 3,453,388 | ||||
Interest | 241 | 7,021 | ||||||
Securities lending, net | — | 5,728 | ||||||
132,925 | 3,466,137 | |||||||
Expenses: | ||||||||
Management fees | 14,265 | 175,420 | ||||||
Other expenses | — | 533 | ||||||
14,265 | 175,953 | |||||||
Net investment income (loss) | 118,660 | 3,290,184 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | 143,936 | 185,161 | ||||||
Foreign currency translation transactions | — | (14,832) | ||||||
143,936 | 170,329 | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | (866,836) | (6,342,901) | ||||||
Translation of assets and liabilities in foreign currencies | — | (5,073) | ||||||
(866,836) | (6,347,974) | |||||||
Net realized and unrealized gain (loss) | (722,900) | (6,177,645) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (604,240) | $ | (2,887,461) |
(1)September 27, 2022 (fund inception) through February 28,2023.
See Notes to Financial Statements.
129
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis U.S. Equity ETF | Avantis U.S. Large Cap Value ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $11,975, and $1,497, respectively) | $ | 29,856,624 | $ | 8,703,399 | ||||
Interest | 46,927 | 9,540 | ||||||
Securities lending, net | 104,059 | 6,149 | ||||||
30,007,610 | 8,719,088 | |||||||
Expenses: | ||||||||
Management fees | 2,310,983 | 506,017 | ||||||
Net investment income (loss) | 27,696,627 | 8,213,071 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on investment transactions | 18,719,942 | 2,588,532 | ||||||
Change in net unrealized appreciation (depreciation) on investments | 91,320,190 | 35,742,996 | ||||||
Net realized and unrealized gain (loss) | 110,040,132 | 38,331,528 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 137,736,759 | $ | 46,544,599 |
See Notes to Financial Statements.
130
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis U.S. Small Cap Equity ETF | Avantis U.S. Small Cap Value ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $636, and $53,772, respectively) | $ | 514,744 | $ | 50,219,305 | ||||
Interest | 1,553 | 54,676 | ||||||
Securities lending, net | — | 422,396 | ||||||
516,297 | 50,696,377 | |||||||
Expenses: | ||||||||
Management fees | 77,302 | 5,648,572 | ||||||
Net investment income (loss) | 438,995 | 45,047,805 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on investment transactions | 503,781 | (22,115,004) | ||||||
Change in net unrealized appreciation (depreciation) on investments | 6,438,078 | 450,946,070 | ||||||
Net realized and unrealized gain (loss) | 6,941,859 | 428,831,066 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 7,380,854 | $ | 473,878,871 |
See Notes to Financial Statements.
131
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 (EXCEPT AS NOTED) | |||||||||||
Avantis Inflation Focused Equity ETF | Avantis Real Estate ETF | ||||||||||
Increase (Decrease) in Net Assets | February 28, 2023(1) | February 28, 2023 | August 31, 2022(2) | ||||||||
Operations | |||||||||||
Net investment income (loss) | $ | 118,660 | $ | 3,290,184 | $ | 1,678,060 | |||||
Net realized gain (loss) | 143,936 | 170,329 | (312,160) | ||||||||
Change in net unrealized appreciation (depreciation) | (866,836) | (6,347,974) | (9,171,481) | ||||||||
Net increase (decrease) in net assets resulting from operations | (604,240) | (2,887,461) | (7,805,581) | ||||||||
Distributions to Shareholders | |||||||||||
From earnings | (40,014) | (3,553,860) | (637,460) | ||||||||
Capital Share Transactions | |||||||||||
Proceeds from shares sold | 27,595,688 | 158,481,536 | 152,347,682 | ||||||||
Payments for shares redeemed | (1,161,684) | (16,417,936) | — | ||||||||
Other capital | — | 19,900 | 61,448 | ||||||||
Net increase (decrease) in net assets from capital share transactions | 26,434,004 | 142,083,500 | 152,409,130 | ||||||||
Net increase (decrease) in net assets | 25,789,750 | 135,642,179 | 143,966,089 | ||||||||
Net Assets | |||||||||||
Beginning of period | — | 143,966,089 | — | ||||||||
End of period | $ | 25,789,750 | $ | 279,608,268 | $ | 143,966,089 | |||||
Transactions in Shares of the Funds | |||||||||||
Sold | 480,000 | 3,800,000 | 3,200,000 | ||||||||
Redeemed | (20,000) | (400,000) | — | ||||||||
Net increase (decrease) in shares of the funds | 460,000 | 3,400,000 | 3,200,000 |
(1)September 27, 2022 (fund inception) through February 28,2023.
(2)September 28, 2021 (fund inception) through August 31, 2022.
See Notes to Financial Statements.
132
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 (EXCEPT AS NOTED) | ||||||||||||||
Avantis U.S. Equity ETF | Avantis U.S. Large Cap Value ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | February 28, 2023 | August 31, 2022(1) | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 27,696,627 | $ | 29,533,348 | $ | 8,213,071 | $ | 4,493,511 | ||||||
Net realized gain (loss) | 18,719,924 | 67,299,604 | 2,588,532 | (6,821,509) | ||||||||||
Change in net unrealized appreciation (depreciation) | 91,320,208 | (294,173,106) | 35,742,996 | (13,562,977) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 137,736,759 | (197,340,154) | 46,544,599 | (15,890,975) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (25,734,246) | (24,641,184) | (6,961,576) | (2,368,608) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 1,189,677,177 | 1,439,756,772 | 408,578,966 | 522,133,836 | ||||||||||
Payments for shares redeemed | (70,729,503) | (181,495,905) | (42,593,848) | (8,919,648) | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 1,118,947,674 | 1,258,260,867 | 365,985,118 | 513,214,188 | ||||||||||
Net increase (decrease) in net assets | 1,230,950,187 | 1,036,279,529 | 405,568,141 | 494,954,605 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 2,522,737,116 | 1,486,457,587 | 494,954,605 | — | ||||||||||
End of period | $ | 3,753,687,303 | $ | 2,522,737,116 | $ | 900,522,746 | $ | 494,954,605 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 17,250,000 | 19,830,000 | 8,020,000 | 10,300,000 | ||||||||||
Redeemed | (1,020,000) | (2,520,000) | (840,000) | (180,000) | ||||||||||
Net increase (decrease) in shares of the funds | 16,230,000 | 17,310,000 | 7,180,000 | 10,120,000 |
(1)September 21, 2021 (fund inception) through August 31, 2022.
See Notes to Financial Statements.
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SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 (EXCEPT AS NOTED) | ||||||||||||||
Avantis U.S. Small Cap Equity ETF | Avantis U.S. Small Cap Value ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022(1) | February 28, 2023 | August 31, 2022 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 438,995 | $ | 103,430 | $ | 45,047,805 | $ | 46,551,102 | ||||||
Net realized gain (loss) | 503,781 | (143,600) | (22,115,004) | 235,537,603 | ||||||||||
Change in net unrealized appreciation (depreciation) | 6,438,078 | 207,955 | 450,946,070 | (376,259,387) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 7,380,854 | 167,785 | 473,878,871 | (94,170,682) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (318,465) | (32,394) | (43,686,720) | (36,861,258) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 87,844,038 | 26,179,605 | 1,812,270,022 | 3,146,383,598 | ||||||||||
Payments for shares redeemed | (6,657,840) | — | (169,868,406) | (910,204,464) | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 81,186,198 | 26,179,605 | 1,642,401,616 | 2,236,179,134 | ||||||||||
Net increase (decrease) in net assets | 88,248,587 | 26,314,996 | 2,072,593,767 | 2,105,147,194 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 26,314,996 | — | 3,675,290,330 | 1,570,143,136 | ||||||||||
End of period | $ | 114,563,583 | $ | 26,314,996 | $ | 5,747,884,097 | $ | 3,675,290,330 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 1,980,000 | 600,000 | 23,760,000 | 40,460,000 | ||||||||||
Redeemed | (150,000) | — | (2,300,000) | (11,620,000) | ||||||||||
Net increase (decrease) in shares of the funds | 1,830,000 | 600,000 | 21,460,000 | 28,840,000 |
(1)January 11, 2022 (fund inception) through August 31, 2022.
See Notes to Financial Statements.
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Notes to Financial Statements |
FEBRUARY 28, 2023 (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 Inflation Focused Equity ETF, 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 six 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 Inflation Focused Equity ETF incepted on September 27, 2022. 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 value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
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 valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
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Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — 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. ACIM 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. The funds may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.
Income Tax Status — It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
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.
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.
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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, 2023.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Fund / Securities Lending Transactions(1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||
Avantis Real Estate ETF | |||||||||||||||||
Common Stocks | $ | 569,972 | — | — | — | $ | 569,972 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 569,972 | |||||||||||||||
Avantis U.S. Equity ETF | |||||||||||||||||
Common Stocks | $ | 8,028,714 | — | — | — | $ | 8,028,714 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 8,028,714 | |||||||||||||||
Avantis U.S. Large Cap Value ETF | |||||||||||||||||
Common Stocks | $ | 1,235,181 | — | — | — | $ | 1,235,181 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,235,181 | |||||||||||||||
Avantis U.S. Small Cap Value ETF | |||||||||||||||||
Common Stocks | $ | 42,222,352 | — | — | — | $ | 42,222,352 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 42,222,352 |
(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.
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 Inflation Focused Equity ETF | 0.25% | ||||
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% |
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.
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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, 2023 were as follows:
Avantis Inflation Focused Equity ETF(1) | Avantis Real Estate ETF | Avantis U.S. Equity ETF | |||||||||
Purchases | $411,643 | $35,824,962 | $89,092,703 | ||||||||
Sales | $344,956 | $7,424,810 | $30,741,636 |
Avantis U.S. Large Cap Value ETF | Avantis U.S. Small Cap Equity ETF | Avantis U.S. Small Cap Value ETF | |||||||||
Purchases | $77,412,466 | $9,356,401 | $237,211,929 | ||||||||
Sales | $62,721,374 | $7,974,046 | $182,051,467 |
(1)September 27, 2022 (fund inception) through February 28, 2023.
Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2023 were as follows:
In kind Subscriptions | In kind Redemptions | In kind Net Realized Gain/(Loss)* | |||||||||
Avantis Inflation Focused Equity ETF(1) | $27,531,304 | $1,152,631 | $179,827 | ||||||||
Avantis Real Estate ETF | $130,946,042 | $16,312,807 | $1,644,379 | ||||||||
Avantis U.S. Equity ETF | $1,138,766,637 | $69,696,124 | $25,934,513 | ||||||||
Avantis U.S. Large Cap Value ETF | $394,405,382 | $41,862,658 | $9,765,839 | ||||||||
Avantis U.S. Small Cap Equity ETF | $86,850,670 | $6,651,198 | $1,381,786 | ||||||||
Avantis U.S. Small Cap Value ETF | $1,755,666,284 | $167,053,899 | $38,747,203 |
*Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
(1)September 27, 2022 (fund inception) through February 28, 2023.
5. Capital Share Transactions
Each fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). Each fund issues and redeems shares at their NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statements of Changes in Net Assets.
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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 Inflation Focused Equity ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 25,716,549 | — | — | |||||||
Short-Term Investments | 24,034 | — | — | ||||||||
$ | 25,740,583 | — | — |
Avantis Real Estate ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Diversified REITs | $ | 4,402,076 | $ | 19,617,648 | — | ||||||
Health Care REITs | 16,263,437 | 3,199,204 | — | ||||||||
Hotel & Resort REITs | 4,851,638 | 2,099,673 | — | ||||||||
Industrial REITs | 28,268,788 | 21,013,842 | — | ||||||||
Office REITs | 5,560,019 | 14,148,542 | — | ||||||||
Residential REITs | 31,044,543 | 6,229,225 | — | ||||||||
Retail REITs | 28,864,092 | 19,934,099 | — | ||||||||
Specialized REITs | 70,567,753 | 2,392,203 | — | ||||||||
Rights | — | 90,021 | — | ||||||||
Short-Term Investments | 833,566 | — | — | ||||||||
$ | 190,655,912 | $ | 88,724,457 | — |
Avantis U.S. Equity ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 3,748,391,935 | — | — | |||||||
Rights | — | $ | 5 | — | |||||||
Short-Term Investments | 11,219,660 | — | — | ||||||||
$ | 3,759,611,595 | $ | 5 | — |
139
Avantis U.S. Large Cap Value ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 898,731,525 | — | — | |||||||
Short-Term Investments | 1,859,644 | — | — | ||||||||
$ | 900,591,169 | — | — |
Avantis U.S. Small Cap Equity ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 114,381,814 | — | — | |||||||
Short-Term Investments | 110,884 | — | — | ||||||||
$ | 114,492,698 | — | — |
Avantis U.S. Small Cap Value ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 5,738,273,456 | — | — | |||||||
Short-Term Investments | 46,973,186 | — | — | ||||||||
$ | 5,785,246,642 | — | — |
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.
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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 Inflation Focused Equity ETF | 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 | $ | 26,607,419 | $ | 294,993,192 | $ | 3,648,737,119 | $ | 878,411,276 | $ | 107,848,347 | $ | 5,443,122,671 | ||||||||
Gross tax appreciation of investments | $ | 546,009 | $ | 2,955,517 | $ | 305,762,242 | $ | 50,321,577 | $ | 10,245,779 | $ | 622,644,486 | ||||||||
Gross tax depreciation of investments | (1,412,845) | (18,568,340) | (194,887,761) | (28,141,684) | (3,601,428) | (280,520,515) | ||||||||||||||
Net tax appreciation (depreciation) of investments | $ | (866,836) | $ | (15,612,823) | $ | 110,874,481 | $ | 22,179,893 | $ | 6,644,351 | $ | 342,123,971 |
For 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, 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 Inflation Focused Equity ETF.
As of August 31, 2022, 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 Real Estate ETF | $ | (373,259) | — | |||||
Avantis U.S. Equity ETF | $ | (10,686,670) | $ | (77,770) | ||||
Avantis U.S. Large Cap Value ETF | $ | (8,303,482) | — | |||||
Avantis U.S. Small Cap Equity ETF | $ | (142,777) | — | |||||
Avantis U.S. Small Cap Value ETF | $ | (90,058,892) | $ | (4,567,999) |
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Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||
Avantis Inflation Focused Equity ETF | |||||||||||||||||||||||||||||||||||
2023(4) | $49.39 | 0.50 | 6.39 | 6.89 | (0.22) | $56.06 | 13.94% | 0.25%(5) | 2.08%(5) | 3% | $25,790 |
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 27, 2022 (fund inception) through February 28, 2023 (unaudited).
(5)Annualized.
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 Real Estate ETF | ||||||||||||||||||||||||||||||||||||||
2023(4) | $44.99 | 0.67 | (2.55) | (1.88) | (0.75) | 0.00(5) | $42.36 | (4.15)% | 0.17%(6) | 3.19%(6) | 4% | $279,608 | ||||||||||||||||||||||||||
2022(7) | $50.00 | 1.40 | (5.82) | (4.42) | (0.64) | 0.05 | $44.99 | (8.86)% | 0.17%(6) | 3.17%(6) | 7% | $143,966 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2023 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)September 28, 2021 (fund inception) through August 31, 2022.
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 | |||||||||||||||||||||||||||||||||||
2023(4) | $68.81 | 0.62 | 2.15 | 2.77 | (0.61) | $70.97 | 4.06% | 0.15%(5) | 1.80%(5) | 1% | $3,753,687 | ||||||||||||||||||||||||
2022 | $76.82 | 1.12 | (8.15) | (7.03) | (0.98) | $68.81 | (9.21)% | 0.15% | 1.52% | 4% | $2,522,737 | ||||||||||||||||||||||||
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, 2023 (unaudited).
(5)Annualized.
(6)September 24, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||
Avantis U.S. Large Cap Value ETF | |||||||||||||||||||||||||||||||||||
2023(4) | $48.91 | 0.61 | 3.09 | 3.70 | (0.56) | $52.05 | 7.65% | 0.15%(5) | 2.43%(5) | 9% | $900,523 | ||||||||||||||||||||||||
2022(6) | $50.00 | 1.16 | (1.65) | (0.49) | (0.60) | $48.91 | (1.03)% | 0.15%(5) | 2.44%(5) | 23% | $494,955 |
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, 2023 (unaudited).
(5)Annualized.
(6)September 21, 2021 (fund inception) through August 31, 2022.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||
Avantis U.S. Small Cap Equity ETF | |||||||||||||||||||||||||||||||||||
2023(4) | $43.86 | 0.32 | 3.28 | 3.60 | (0.31) | $47.15 | 8.28% | 0.25%(5) | 1.42%(5) | 12% | $114,564 | ||||||||||||||||||||||||
2022(6) | $50.00 | 0.42 | (6.39) | (5.97) | (0.17) | $43.86 | (11.95)% | 0.25%(5) | 1.50%(5) | 14% | $26,315 |
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, 2023 (unaudited).
(5)Annualized.
(6)January 11, 2022 (fund inception) through August 31, 2022.
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 | |||||||||||||||||||||||||||||||||||
2023(4) | $74.04 | 0.76 | 6.81 | 7.57 | (0.77) | $80.84 | 10.35% | 0.25%(5) | 1.99%(5) | 4% | $5,747,884 | ||||||||||||||||||||||||
2022 | $75.49 | 1.36 | (1.70) | (0.34) | (1.11) | $74.04 | (0.47)% | 0.25% | 1.77% | 24% | $3,675,290 | ||||||||||||||||||||||||
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, 2023 (unaudited).
(5)Annualized.
(6)September 24, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
Approval of Management Agreement |
Avantis Inflation Focused Equity ETF
At a meeting held on June 2, 2022, the Fund's Board of Trustees (the "Board") unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Avantis Inflation Focused Equity ETF (the "New Fund"). Under Section 15 of the of the Investment Company Act of 1940, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent Trustees and, after a period two years from execution, to be evaluated on an annual basis.
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 similarly-managed funds;
•the Advisor’s compliance policies, procedures, and regulatory experience; and
•any collateral benefits derived by the Advisor from the management of the New Fund.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent data provider and comparing the New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of the New Fund was anticipated to be below the median of the total expense ratios of it's respective peer universe.
When considering the approval of the management agreement for the New Fund, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Fund and the risk that the New Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. A majority of the Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the New Fund.
The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ independent counsel in connection with the approval, and evaluated such information for the New Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the 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.
148
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
149
Notes | ||||||||||||||
150
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. | ||||||||
©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-97505 2304 |
Semiannual Report | |||||
February 28, 2023 | |||||
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 | |||||
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 ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.
Stocks and Bonds Delivered Mixed Results as Volatility Reigned
Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.
The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.
In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.
For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis Emerging Markets Equity ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.8% | ||||
Rights | —* | ||||
Warrants | —* | ||||
Corporate Bonds | —* | ||||
Short-Term Investments | 0.8% | ||||
Other Assets and Liabilities | (0.6)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
China | 28.8% | ||||
Taiwan | 17.8% | ||||
India | 15.3% | ||||
South Korea | 13.1% | ||||
Brazil | 6.1% |
3
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis Emerging Markets Value ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.6% | ||||
Warrants | —* | ||||
Rights | —* | ||||
Short-Term Investments | 1.3% | ||||
Other Assets and Liabilities | (0.9)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
China | 29.0% | ||||
Taiwan | 18.0% | ||||
India | 15.8% | ||||
South Korea | 13.6% | ||||
Brazil | 5.7% |
4
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis International Equity ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Rights | —* | ||||
Warrants | —* | ||||
Short-Term Investments | 3.8% | ||||
Other Assets and Liabilities | (3.5)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
Japan | 19.8% | ||||
United Kingdom | 13.7% | ||||
Canada | 10.5% | ||||
France | 9.8% | ||||
Switzerland | 8.2% |
5
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis International Large Cap Value ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Short-Term Investments | 2.1% | ||||
Other Assets and Liabilities | (1.8)% | ||||
Top Five Countries | % of net assets | ||||
Japan | 19.3% | ||||
United Kingdom | 17.1% | ||||
Canada | 10.7% | ||||
Germany | 9.7% | ||||
France | 8.8% |
6
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis International Small Cap Value ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Warrants | —* | ||||
Rights | —* | ||||
Short-Term Investments | 4.7% | ||||
Other Assets and Liabilities | (4.4)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
Japan | 27.7% | ||||
United Kingdom | 13.8% | ||||
Canada | 9.8% | ||||
Australia | 8.8% | ||||
Sweden | 5.3% |
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, 2022 to February 28, 2023.
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 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid During Period(1) 9/1/22 - 2/28/23 | Annualized Expense Ratio(1) | |||||||||||
Avantis Emerging Markets Equity ETF | ||||||||||||||
Actual | $1,000 | $1,012.30 | $1.65 | 0.33% | ||||||||||
Hypothetical | $1,000 | $1,023.16 | $1.66 | 0.33% | ||||||||||
Avantis Emerging Markets Value ETF | ||||||||||||||
Actual | $1,000 | $1,022.50 | $1.81 | 0.36% | ||||||||||
Hypothetical | $1,000 | $1,023.01 | $1.81 | 0.36% | ||||||||||
Avantis International Equity ETF | ||||||||||||||
Actual | $1,000 | $1,121.00 | $1.21 | 0.23% | ||||||||||
Hypothetical | $1,000 | $1,023.65 | $1.15 | 0.23% | ||||||||||
Avantis International Large Cap Value ETF | ||||||||||||||
Actual | $1,000 | $1,151.10 | $1.33 | 0.25% | ||||||||||
Hypothetical | $1,000 | $1,023.56 | $1.25 | 0.25% | ||||||||||
Avantis International Small Cap Value ETF | ||||||||||||||
Actual | $1,000 | $1,116.00 | $1.89 | 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.
9
Schedules of Investments |
FEBRUARY 28, 2023 (UNAUDITED)
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
COMMON STOCKS — 99.8% | |||||||||||
Brazil — 6.1% | |||||||||||
3R Petroleum Oleo E Gas SA(1) | 232,866 | $ | 1,630,144 | ||||||||
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA | 36,000 | 9,145 | |||||||||
AES Brasil Energia SA | 49,710 | 94,189 | |||||||||
Aliansce Sonae Shopping Centers SA | 478,126 | 1,554,348 | |||||||||
Alliar Medicos A Frente SA(1) | 10,800 | 43,320 | |||||||||
Alpargatas SA, Preference Shares(1) | 48,400 | 87,732 | |||||||||
Alupar Investimento SA | 47,800 | 247,790 | |||||||||
Ambev SA, ADR | 996,398 | 2,540,815 | |||||||||
Americanas SA(1) | 99,443 | 18,994 | |||||||||
Arezzo Industria e Comercio SA | 7,300 | 104,088 | |||||||||
Atacadao SA | 172,300 | 443,301 | |||||||||
Auren Energia SA | 145,183 | 410,138 | |||||||||
Azul SA, ADR(1)(2) | 17,705 | 72,236 | |||||||||
B3 SA - Brasil Bolsa Balcao | 778,500 | 1,574,710 | |||||||||
Banco ABC Brasil SA, Preference Shares | 142,710 | 492,014 | |||||||||
Banco BMG SA, Preference Shares | 46,900 | 18,543 | |||||||||
Banco Bradesco SA | 329,798 | 735,131 | |||||||||
Banco Bradesco SA, ADR | 1,649,113 | 4,172,256 | |||||||||
Banco BTG Pactual SA | 408,200 | 1,571,065 | |||||||||
Banco do Brasil SA | 422,290 | 3,256,233 | |||||||||
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 251,000 | 477,986 | |||||||||
Banco Modal SA | 189,300 | 62,552 | |||||||||
Banco Pan SA, Preference Shares | 145,900 | 142,961 | |||||||||
Banco Santander Brasil SA, ADR(2) | 201,603 | 1,100,752 | |||||||||
BB Seguridade Participacoes SA | 220,600 | 1,441,045 | |||||||||
Bemobi Mobile Tech SA | 28,100 | 75,678 | |||||||||
Blau Farmaceutica SA | 22,200 | 120,807 | |||||||||
Boa Vista Servicos SA | 113,200 | 163,029 | |||||||||
BR Properties SA | 4,048 | 184,685 | |||||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 59,000 | 293,003 | |||||||||
Braskem SA, Class A, ADR | 59,582 | 461,761 | |||||||||
BRF SA, ADR(1)(2) | 488,315 | 576,212 | |||||||||
C&A MODAS SA(1) | 89,500 | 34,874 | |||||||||
Camil Alimentos SA | 65,500 | 99,962 | |||||||||
CCR SA | 796,200 | 1,674,386 | |||||||||
Centrais Eletricas Brasileiras SA, ADR | 213,217 | 1,400,836 | |||||||||
Centrais Eletricas Brasileiras SA, Class B Preference Shares | 45,200 | 309,596 | |||||||||
Cia Brasileira de Aluminio | 85,400 | 169,643 | |||||||||
Cia Brasileira de Distribuicao, ADR(2) | 363,687 | 1,083,787 | |||||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR | 196,835 | 1,958,508 | |||||||||
Cia de Saneamento de Minas Gerais-COPASA | 229,400 | 627,893 | |||||||||
Cia de Saneamento do Parana | 141,200 | 458,220 | |||||||||
Cia de Saneamento do Parana, Preference Shares | 1,037,900 | 677,997 |
10
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares | 83,700 | $ | 348,840 | ||||||||
Cia Energetica de Minas Gerais, ADR | 642,809 | 1,253,478 | |||||||||
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares | 46,900 | 514,019 | |||||||||
Cia Paranaense de Energia | 86,000 | 102,994 | |||||||||
Cia Paranaense de Energia, ADR | 186,098 | 1,217,081 | |||||||||
Cia Paranaense de Energia, Preference Shares | 1,252,800 | 1,701,364 | |||||||||
Cia Siderurgica Nacional SA, ADR | 684,953 | 2,219,248 | |||||||||
Cielo SA | 731,900 | 673,821 | |||||||||
Clear Sale SA(1) | 38,200 | 38,817 | |||||||||
Construtora Tenda SA(1) | 101,900 | 91,478 | |||||||||
Cosan SA | 243,996 | 698,137 | |||||||||
CPFL Energia SA | 99,800 | 574,158 | |||||||||
Cristal Pigmentos do Brasil SA, Preference Shares | 1,700 | 8,179 | |||||||||
Cury Construtora e Incorporadora SA | 81,500 | 194,276 | |||||||||
CVC Brasil Operadora e Agencia de Viagens SA(1) | 75,000 | 44,122 | |||||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 396,100 | 1,140,912 | |||||||||
Desktop - Sigmanet Comunicacao Multimidia S.A | 17,400 | 26,089 | |||||||||
Dexco SA | 232,111 | 289,504 | |||||||||
Dexxos Participacoes SA | 17,400 | 25,259 | |||||||||
Direcional Engenharia SA | 43,500 | 129,866 | |||||||||
EcoRodovias Infraestrutura e Logistica SA | 254,000 | 196,973 | |||||||||
EDP - Energias do Brasil SA | 247,000 | 927,999 | |||||||||
Embraer SA, ADR(1) | 222,939 | 2,831,325 | |||||||||
Empreendimentos Pague Menos S/A | 45,100 | 30,150 | |||||||||
Enauta Participacoes SA | 100,700 | 267,164 | |||||||||
Energisa SA | 180,500 | 1,332,172 | |||||||||
Eneva SA(1) | 355,700 | 775,882 | |||||||||
Engie Brasil Energia SA | 70,000 | 525,590 | |||||||||
Equatorial Energia SA | 474,700 | 2,306,653 | |||||||||
Eternit SA | 88,500 | 160,588 | |||||||||
Eucatex SA Industria e Comercio, Preference Shares | 16,500 | 31,957 | |||||||||
Even Construtora e Incorporadora SA | 47,100 | 40,574 | |||||||||
Ez Tec Empreendimentos e Participacoes SA | 69,000 | 167,905 | |||||||||
Fleury SA | 100,462 | 274,400 | |||||||||
Fras-Le SA | 35,437 | 71,342 | |||||||||
Gafisa SA(1) | 14,183 | 22,837 | |||||||||
Gerdau SA, ADR | 1,104,188 | 6,039,908 | |||||||||
Gol Linhas Aereas Inteligentes SA, ADR(1)(2) | 11,371 | 24,561 | |||||||||
Gol Linhas Aereas Inteligentes SA, Preference Shares(1) | 22,120 | 23,576 | |||||||||
GPS Participacoes e Empreendimentos SA(1) | 35,800 | 79,047 | |||||||||
Grendene SA | 44,600 | 55,628 | |||||||||
Grupo Mateus SA(1) | 263,700 | 284,580 | |||||||||
Guararapes Confeccoes SA | 29,400 | 24,484 | |||||||||
Hapvida Participacoes e Investimentos SA(1) | 509,285 | 435,798 | |||||||||
Hidrovias do Brasil SA(1) | 235,500 | 82,317 | |||||||||
Hypera SA | 61,400 | 487,991 | |||||||||
Iguatemi SA | 368,494 | 1,356,308 | |||||||||
Infracommerce CXAAS SA(1) | 3,800 | 1,415 | |||||||||
Instituto Hermes Pardini SA | 35,400 | 130,769 |
11
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | 12,700 | $ | 68,625 | ||||||||
Inter & Co., Inc. | 5,966 | 12,135 | |||||||||
International Meal Co. Alimentacao SA, Class A(1) | 63,300 | 24,060 | |||||||||
Iochpe Maxion SA | 159,900 | 344,206 | |||||||||
Irani Papel e Embalagem SA | 78,400 | 127,885 | |||||||||
IRB Brasil Resseguros S/A(1) | 44,593 | 161,918 | |||||||||
Itau Unibanco Holding SA, ADR | 1,763,036 | 8,480,203 | |||||||||
Jalles Machado SA | 92,200 | 138,068 | |||||||||
JBS SA | 156,100 | 569,783 | |||||||||
JHSF Participacoes SA | 302,300 | 246,554 | |||||||||
Kepler Weber SA | 51,200 | 194,612 | |||||||||
Klabin SA | 588,100 | 2,188,195 | |||||||||
Lavvi Empreendimentos Imobiliarios Ltda | 108,980 | 111,781 | |||||||||
Light SA | 274,300 | 132,554 | |||||||||
Localiza Rent a Car SA | 314,723 | 3,343,532 | |||||||||
Localiza Rent a Car SA - Receipts(1) | 1,253 | 13,249 | |||||||||
Locaweb Servicos de Internet SA(1) | 218,700 | 205,523 | |||||||||
LOG Commercial Properties e Participacoes SA | 38,700 | 108,144 | |||||||||
Log-in Logistica Intermodal SA(1) | 31,467 | 185,180 | |||||||||
Lojas Renner SA | 172,700 | 617,510 | |||||||||
LPS Brasil Consultoria de Imoveis SA | 47,300 | 16,262 | |||||||||
M Dias Branco SA | 16,700 | 106,890 | |||||||||
Magazine Luiza SA(1) | 295,700 | 205,024 | |||||||||
Mahle-Metal Leve SA | 20,100 | 128,345 | |||||||||
Marcopolo SA | 4,900 | 2,387 | |||||||||
Marcopolo SA, Preference Shares | 428,600 | 262,787 | |||||||||
Marfrig Global Foods SA | 249,200 | 304,631 | |||||||||
Marisa Lojas SA(1) | 43,087 | 5,185 | |||||||||
Meliuz SA(1) | 207,300 | 34,844 | |||||||||
Metalurgica Gerdau SA, Preference Shares | 674,400 | 1,615,329 | |||||||||
Mills Estruturas e Servicos de Engenharia SA | 204,100 | 438,573 | |||||||||
Minerva SA | 236,100 | 512,746 | |||||||||
Mitre Realty Empreendimentos E Participacoes LTDA | 16,000 | 11,338 | |||||||||
Movida Participacoes SA | 146,000 | 183,495 | |||||||||
MRV Engenharia e Participacoes SA | 113,900 | 128,793 | |||||||||
Multilaser Industrial SA | 127,700 | 55,369 | |||||||||
Multiplan Empreendimentos Imobiliarios SA | 116,500 | 560,087 | |||||||||
Natura & Co. Holding SA | 51,756 | 151,943 | |||||||||
Odontoprev SA | 180,340 | 396,473 | |||||||||
Omega Energia SA(1) | 10,409 | 18,430 | |||||||||
Petro Rio SA(1) | 316,200 | 2,063,730 | |||||||||
Petroleo Brasileiro SA, ADR | 970,713 | 10,765,207 | |||||||||
Petroleo Brasileiro SA, ADR, Preference Shares | 1,242,062 | 12,122,525 | |||||||||
Petroreconcavo SA | 78,200 | 424,947 | |||||||||
Plano & Plano Desenvolvimento Imobiliario SA | 21,700 | 18,403 | |||||||||
Porto Seguro SA | 25,400 | 128,566 | |||||||||
Portobello SA | 79,200 | 104,986 | |||||||||
Positivo Tecnologia SA | 74,100 | 94,262 | |||||||||
Qualicorp Consultoria e Corretora de Seguros SA | 50,200 | 44,778 | |||||||||
Raia Drogasil SA | 263,200 | 1,135,659 |
12
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Randon SA Implementos e Participacoes, Preference Shares | 91,300 | $ | 137,767 | ||||||||
Rede D'Or Sao Luiz SA | 176,343 | 860,588 | |||||||||
Romi SA | 56,802 | 174,894 | |||||||||
Rumo SA | 400,600 | 1,375,772 | |||||||||
Santos Brasil Participacoes SA | 286,400 | 438,179 | |||||||||
Sao Martinho SA | 91,000 | 475,558 | |||||||||
Sendas Distribuidora SA, ADR(2) | 137,080 | 2,397,529 | |||||||||
Ser Educacional SA(1) | 19,800 | 14,182 | |||||||||
SIMPAR SA | 143,700 | 198,171 | |||||||||
Sinqia SA | 19,700 | 60,581 | |||||||||
SLC Agricola SA | 68,080 | 641,731 | |||||||||
Smartfit Escola de Ginastica e Danca SA(1) | 36,500 | 107,713 | |||||||||
StoneCo Ltd., A Shares(1) | 245,517 | 2,089,350 | |||||||||
Suzano SA, ADR(2) | 341,496 | 3,117,858 | |||||||||
SYN prop e tech SA | 61,800 | 47,217 | |||||||||
Taurus Armas SA, Preference Shares | 61,600 | 172,724 | |||||||||
Tegma Gestao Logistica SA | 17,000 | 56,824 | |||||||||
Telefonica Brasil SA, ADR(2) | 51,710 | 385,240 | |||||||||
TIM SA, ADR(2) | 128,934 | 1,512,396 | |||||||||
TOTVS SA | 225,400 | 1,180,934 | |||||||||
Transmissora Alianca de Energia Eletrica SA | 110,800 | 750,666 | |||||||||
Tres Tentos Agroindustrial SA | 35,800 | 86,774 | |||||||||
Trisul SA | 18,100 | 11,028 | |||||||||
Tupy SA | 56,600 | 294,057 | |||||||||
Ultrapar Participacoes SA, ADR | 705,385 | 1,791,678 | |||||||||
Unipar Carbocloro SA, Class B Preference Shares | 70,460 | 1,063,336 | |||||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares | 285,200 | 370,429 | |||||||||
Vale SA, ADR | 1,329,618 | 21,725,958 | |||||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 30,600 | 52,603 | |||||||||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 157,000 | 398,539 | |||||||||
Via SA(1) | 1,810,500 | 674,340 | |||||||||
Vibra Energia SA | 629,000 | 1,784,116 | |||||||||
Vivara Participacoes SA | 3,800 | 15,707 | |||||||||
Vulcabras Azaleia SA | 30,900 | 66,162 | |||||||||
WEG SA | 290,200 | 2,161,208 | |||||||||
Wilson Sons Holdings Brasil SA | 53,600 | 104,631 | |||||||||
Wiz Co. | 47,900 | 61,574 | |||||||||
XP, Inc., Class A(1) | 8,935 | 110,973 | |||||||||
YDUQS Participacoes SA | 48,300 | 65,040 | |||||||||
Zamp SA(1) | 114,700 | 104,941 | |||||||||
159,408,579 | |||||||||||
Cayman Islands† | |||||||||||
Super Hi International Holding Ltd.(1)(2) | 98,000 | 218,488 | |||||||||
Chile — 0.7% | |||||||||||
Aguas Andinas SA, A Shares | 872,574 | 208,542 | |||||||||
Banco de Chile | 17,253,716 | 1,793,339 | |||||||||
Banco de Credito e Inversiones SA | 20,921 | 654,635 | |||||||||
Banco Santander Chile, ADR | 74,861 | 1,256,168 |
13
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Besalco SA | 44,236 | $ | 21,358 | ||||||||
CAP SA | 49,433 | 410,950 | |||||||||
Cencosud SA | 592,777 | 1,120,466 | |||||||||
Cencosud Shopping SA | 172,732 | 246,098 | |||||||||
Cia Cervecerias Unidas SA, ADR(2) | 20,801 | 315,759 | |||||||||
Cia Sud Americana de Vapores SA | 3,941,417 | 379,748 | |||||||||
Colbun SA | 7,342,491 | 841,886 | |||||||||
Embotelladora Andina SA, Class B Preference Shares | 290,551 | 714,467 | |||||||||
Empresa Nacional de Telecomunicaciones SA | 91,970 | 362,091 | |||||||||
Empresas CMPC SA | 839,190 | 1,394,116 | |||||||||
Empresas COPEC SA | 159,212 | 1,149,809 | |||||||||
Enel Americas SA | 5,807,764 | 723,110 | |||||||||
Enel Chile SA | 27,202,518 | 1,224,607 | |||||||||
Engie Energia Chile SA(1) | 220,403 | 134,591 | |||||||||
Falabella SA | 59,522 | 130,985 | |||||||||
Forus SA | 124 | 219 | |||||||||
Grupo Security SA | 164,860 | 36,236 | |||||||||
Inversiones Aguas Metropolitanas SA | 44,542 | 25,275 | |||||||||
Itau CorpBanca Chile SA | 44,740,341 | 96,118 | |||||||||
Parque Arauco SA | 522,147 | 639,688 | |||||||||
Ripley Corp. SA | 828,763 | 170,112 | |||||||||
Sociedad Quimica y Minera de Chile SA, ADR | 44,387 | 3,939,346 | |||||||||
Vina Concha y Toro SA | 25,279 | 33,064 | |||||||||
18,022,783 | |||||||||||
China — 28.8% | |||||||||||
360 DigiTech, Inc., ADR | 204,392 | 4,161,421 | |||||||||
361 Degrees International Ltd.(1) | 396,000 | 189,927 | |||||||||
3SBio, Inc. | 1,865,000 | 1,849,409 | |||||||||
AAC Technologies Holdings, Inc.(1)(2) | 745,000 | 1,665,033 | |||||||||
AAG Energy Holdings Ltd. | 1,301,000 | 286,117 | |||||||||
Agile Group Holdings Ltd.(1)(2) | 2,024,000 | 557,830 | |||||||||
Agora, Inc., ADR(1) | 37,989 | 116,246 | |||||||||
Agricultural Bank of China Ltd., H Shares | 8,088,000 | 2,804,087 | |||||||||
Air China Ltd., H Shares(1)(2) | 54,000 | 49,790 | |||||||||
AK Medical Holdings Ltd. | 230,000 | 274,610 | |||||||||
Alibaba Group Holding Ltd., ADR(1) | 556,569 | 48,861,192 | |||||||||
Alibaba Pictures Group Ltd.(1)(2) | 11,160,000 | 703,424 | |||||||||
A-Living Smart City Services Co. Ltd.(2) | 859,250 | 880,905 | |||||||||
Aluminum Corp. of China Ltd., H Shares | 2,216,000 | 1,131,562 | |||||||||
Anhui Conch Cement Co. Ltd., H Shares | 572,000 | 2,099,990 | |||||||||
Anhui Expressway Co. Ltd., H Shares | 268,000 | 250,470 | |||||||||
ANTA Sports Products Ltd. | 772,600 | 10,202,360 | |||||||||
Antengene Corp. Ltd.(1) | 98,500 | 49,984 | |||||||||
Anton Oilfield Services Group(1) | 330,000 | 14,468 | |||||||||
Archosaur Games, Inc.(1)(2) | 151,000 | 116,402 | |||||||||
Ascletis Pharma, Inc.(1)(2) | 185,000 | 75,964 | |||||||||
Asia Cement China Holdings Corp. | 188,500 | 95,175 | |||||||||
AsiaInfo Technologies Ltd. | 17,600 | 30,419 | |||||||||
Autohome, Inc., ADR | 89,142 | 2,718,831 | |||||||||
BAIC Motor Corp. Ltd., H Shares | 266,000 | 72,267 |
14
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Baidu, Inc., ADR(1) | 33,737 | $ | 4,645,248 | ||||||||
BAIOO Family Interactive Ltd. | 448,000 | 25,737 | |||||||||
Bairong, Inc.(1)(2) | 27,500 | 37,373 | |||||||||
Bank of China Ltd., H Shares | 35,882,000 | 13,159,785 | |||||||||
Bank of Chongqing Co. Ltd., H Shares | 216,000 | 114,796 | |||||||||
Bank of Communications Co. Ltd., H Shares | 2,778,000 | 1,642,515 | |||||||||
BeiGene Ltd., ADR(1) | 11,267 | 2,530,906 | |||||||||
Beijing Capital International Airport Co. Ltd., H Shares(1) | 886,000 | 648,539 | |||||||||
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares | 7,500 | 19,856 | |||||||||
Beijing Enterprises Holdings Ltd. | 289,500 | 948,307 | |||||||||
Beijing Enterprises Water Group Ltd. | 2,484,000 | 623,715 | |||||||||
Beijing Jingneng Clean Energy Co. Ltd., H Shares | 760,000 | 189,896 | |||||||||
Beijing North Star Co. Ltd., H Shares | 4,000 | 464 | |||||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(2) | 496,000 | 765,034 | |||||||||
Bilibili, Inc., ADR(1) | 260 | 5,018 | |||||||||
Binjiang Service Group Co. Ltd. | 52,500 | 162,130 | |||||||||
BOC Aviation Ltd. | 255,200 | 1,843,689 | |||||||||
BOE Varitronix Ltd. | 507,000 | 1,123,467 | |||||||||
Bosideng International Holdings Ltd. | 3,716,000 | 2,061,347 | |||||||||
Brii Biosciences Ltd.(1)(2) | 109,000 | 82,572 | |||||||||
BYD Co. Ltd., H Shares | 149,000 | 4,005,751 | |||||||||
BYD Electronic International Co. Ltd. | 1,045,000 | 3,047,110 | |||||||||
C&D International Investment Group Ltd. | 323,980 | 1,046,516 | |||||||||
C&D Property Management Group Co. Ltd. | 200,000 | 129,693 | |||||||||
Cabbeen Fashion Ltd. | 102,000 | 12,874 | |||||||||
Canaan, Inc., ADR(1)(2) | 381,226 | 1,067,433 | |||||||||
Cango, Inc., ADR | 4,407 | 5,861 | |||||||||
Canvest Environmental Protection Group Co. Ltd. | 520,000 | 256,286 | |||||||||
Cathay Media & Education Group, Inc. | 96,000 | 14,574 | |||||||||
Central China Management Co. Ltd. | 499,000 | 42,056 | |||||||||
Central China New Life Ltd.(1) | 385,000 | 138,174 | |||||||||
Central China Real Estate Ltd. | 218,000 | 10,031 | |||||||||
CGN Mining Co. Ltd.(1) | 3,595,000 | 426,182 | |||||||||
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(1) | 53,400 | 35,996 | |||||||||
Chaowei Power Holdings Ltd. | 168,000 | 42,862 | |||||||||
Cheerwin Group Ltd. | 115,000 | 28,300 | |||||||||
Chen Lin Education Group Holdings Ltd.(1) | 16,000 | 4,120 | |||||||||
China Automotive Systems, Inc.(1) | 5,187 | 37,761 | |||||||||
China BlueChemical Ltd., H Shares | 1,522,000 | 343,537 | |||||||||
China Bohai Bank Co. Ltd., H Shares | 1,012,500 | 203,956 | |||||||||
China Cinda Asset Management Co. Ltd., H Shares | 9,397,000 | 1,221,360 | |||||||||
China CITIC Bank Corp. Ltd., H Shares | 5,067,000 | 2,344,287 | |||||||||
China Coal Energy Co. Ltd., H Shares | 1,731,000 | 1,339,514 | |||||||||
China Communications Services Corp. Ltd., H Shares | 3,070,000 | 1,193,601 | |||||||||
China Conch Venture Holdings Ltd. | 1,051,000 | 2,115,112 | |||||||||
China Construction Bank Corp., H Shares | 41,420,000 | 25,319,111 | |||||||||
China Datang Corp. Renewable Power Co. Ltd., H Shares | 4,031,000 | 1,403,468 | |||||||||
China Dongxiang Group Co. Ltd. | 1,053,000 | 46,320 | |||||||||
China East Education Holdings Ltd.(2) | 915,500 | 689,615 |
15
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
China Eastern Airlines Corp. Ltd., H Shares(1)(2) | 116,000 | $ | 47,021 | ||||||||
China Education Group Holdings Ltd. | 762,000 | 875,159 | |||||||||
China Energy Development Holdings Ltd.(1) | 4,000 | 63 | |||||||||
China Everbright Bank Co. Ltd., H Shares | 1,528,000 | 440,022 | |||||||||
China Everbright Environment Group Ltd. | 3,175,000 | 1,287,675 | |||||||||
China Everbright Greentech Ltd.(2) | 289,000 | 65,980 | |||||||||
China Everbright Ltd. | 794,000 | 568,902 | |||||||||
China Everbright Water Ltd. | 138,500 | 22,079 | |||||||||
China Feihe Ltd. | 4,859,000 | 3,894,526 | |||||||||
China Foods Ltd. | 282,000 | 99,604 | |||||||||
China Galaxy Securities Co. Ltd., H Shares | 2,715,500 | 1,353,517 | |||||||||
China Gas Holdings Ltd. | 2,005,800 | 2,804,841 | |||||||||
China General Education Group Ltd.(1) | 60,000 | 23,773 | |||||||||
China Glass Holdings Ltd.(2) | 622,000 | 90,440 | |||||||||
China Hanking Holdings Ltd. | 175,000 | 16,749 | |||||||||
China Harmony Auto Holding Ltd.(2) | 269,500 | 35,398 | |||||||||
China High Speed Transmission Equipment Group Co. Ltd.(1) | 437,000 | 180,653 | |||||||||
China Hongqiao Group Ltd. | 2,944,500 | 3,149,445 | |||||||||
China International Capital Corp. Ltd., H Shares | 689,200 | 1,483,899 | |||||||||
China Kepei Education Group Ltd. | 130,000 | 49,090 | |||||||||
China Lesso Group Holdings Ltd. | 1,337,000 | 1,410,247 | |||||||||
China Life Insurance Co. Ltd., Class H | 1,230,865 | 2,087,931 | |||||||||
China Lilang Ltd. | 164,000 | 83,571 | |||||||||
China Literature Ltd.(1) | 284,800 | 1,219,414 | |||||||||
China Longyuan Power Group Corp. Ltd., H Shares | 1,860,000 | 2,281,633 | |||||||||
China Maple Leaf Educational Systems Ltd.(1) | 230,000 | 10,402 | |||||||||
China Medical System Holdings Ltd. | 1,802,000 | 2,712,825 | |||||||||
China Meidong Auto Holdings Ltd.(2) | 278,000 | 598,485 | |||||||||
China Mengniu Dairy Co. Ltd.(1) | 2,564,000 | 11,285,883 | |||||||||
China Merchants Bank Co. Ltd., H Shares | 2,015,000 | 10,934,399 | |||||||||
China Merchants Land Ltd.(1) | 148,000 | 10,371 | |||||||||
China Merchants Port Holdings Co. Ltd. | 2,285,258 | 3,203,510 | |||||||||
China Minsheng Banking Corp. Ltd., H Shares(2) | 3,400,500 | 1,174,376 | |||||||||
China Modern Dairy Holdings Ltd.(2) | 2,304,000 | 314,225 | |||||||||
China National Building Material Co. Ltd., H Shares | 4,466,000 | 3,959,658 | |||||||||
China New Higher Education Group Ltd. | 1,442,000 | 584,737 | |||||||||
China Nonferrous Mining Corp. Ltd. | 1,185,000 | 596,967 | |||||||||
China Oil & Gas Group Ltd.(1) | 280,000 | 9,819 | |||||||||
China Oriental Group Co. Ltd. | 530,000 | 107,526 | |||||||||
China Pacific Insurance Group Co. Ltd., H Shares | 1,422,000 | 3,771,941 | |||||||||
China Petroleum & Chemical Corp., Class H | 14,428,300 | 7,360,984 | |||||||||
China Power International Development Ltd. | 2,321,000 | 920,399 | |||||||||
China Railway Group Ltd., H Shares | 5,258,000 | 2,740,399 | |||||||||
China Railway Signal & Communication Corp. Ltd., H Shares | 141,000 | 51,389 | |||||||||
China Rare Earth Holdings Ltd.(1) | 604,000 | 38,489 | |||||||||
China Reinsurance Group Corp., H Shares | 302,000 | 21,564 | |||||||||
China Renaissance Holdings Ltd.(1)(2) | 156,800 | 145,782 | |||||||||
China Resources Beer Holdings Co. Ltd. | 810,000 | 5,992,438 | |||||||||
China Resources Cement Holdings Ltd. | 5,006,000 | 2,693,627 | |||||||||
China Resources Gas Group Ltd. | 162,900 | 687,385 |
16
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
China Resources Land Ltd. | 1,346,000 | $ | 5,980,637 | ||||||||
China Resources Medical Holdings Co. Ltd. | 1,492,000 | 1,293,559 | |||||||||
China Resources Mixc Lifestyle Services Ltd. | 507,400 | 2,785,652 | |||||||||
China Resources Pharmaceutical Group Ltd. | 1,164,000 | 957,360 | |||||||||
China Resources Power Holdings Co. Ltd. | 2,006,000 | 4,096,100 | |||||||||
China Risun Group Ltd. | 1,536,000 | 734,174 | |||||||||
China Ruyi Holdings Ltd.(1) | 1,068,000 | 265,420 | |||||||||
China Sanjiang Fine Chemicals Co. Ltd. | 248,000 | 47,410 | |||||||||
China SCE Group Holdings Ltd.(2) | 2,606,000 | 299,655 | |||||||||
China Shengmu Organic Milk Ltd.(1) | 82,000 | 3,239 | |||||||||
China Shenhua Energy Co. Ltd., H Shares | 2,131,000 | 6,409,786 | |||||||||
China Shineway Pharmaceutical Group Ltd. | 298,000 | 260,386 | |||||||||
China Shuifa Singyes Energy Holdings Ltd.(2) | 434,000 | 53,703 | |||||||||
China Silver Group Ltd.(1) | 376,000 | 18,934 | |||||||||
China South City Holdings Ltd.(1)(2) | 2,488,000 | 164,934 | |||||||||
China Southern Airlines Co. Ltd., H Shares(1)(2) | 364,000 | 265,416 | |||||||||
China Starch Holdings Ltd. | 1,320,000 | 41,847 | |||||||||
China Sunshine Paper Holdings Co. Ltd. | 645,500 | 179,417 | |||||||||
China Suntien Green Energy Corp. Ltd., H Shares | 1,196,000 | 524,377 | |||||||||
China Taiping Insurance Holdings Co. Ltd. | 1,647,200 | 1,946,893 | |||||||||
China Tobacco International HK Co. Ltd. | 6,000 | 8,442 | |||||||||
China Tower Corp. Ltd., H Shares | 40,826,000 | 4,421,487 | |||||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 2,562,000 | 1,329,311 | |||||||||
China Travel International Investment Hong Kong Ltd.(1) | 1,416,000 | 281,467 | |||||||||
China Vanke Co. Ltd., H Shares(2) | 2,159,200 | 3,775,119 | |||||||||
China Water Affairs Group Ltd. | 606,000 | 539,167 | |||||||||
China Wood Optimization Holding Ltd.(1) | 8,000 | 917 | |||||||||
China Xinhua Education Group Ltd. | 42,000 | 5,296 | |||||||||
China XLX Fertiliser Ltd. | 664,000 | 350,522 | |||||||||
China Yongda Automobiles Services Holdings Ltd. | 1,200,000 | 927,657 | |||||||||
China Youran Dairy Group Ltd.(1)(2) | 611,000 | 149,644 | |||||||||
China Yuhua Education Corp. Ltd.(1)(2) | 1,864,000 | 311,943 | |||||||||
China ZhengTong Auto Services Holdings Ltd.(1) | 518,000 | 38,966 | |||||||||
Chindata Group Holdings Ltd., ADR(1) | 51,562 | 349,075 | |||||||||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 683,000 | 235,863 | |||||||||
Chow Tai Fook Jewellery Group Ltd. | 308,600 | 598,114 | |||||||||
CIFI Ever Sunshine Services Group Ltd. | 1,006,000 | 406,631 | |||||||||
CIFI Holdings Group Co. Ltd.(2) | 2,891,616 | 310,533 | |||||||||
CIMC Enric Holdings Ltd. | 1,416,000 | 1,453,394 | |||||||||
CIMC Vehicles Group Co. Ltd., Class H | 20,000 | 13,512 | |||||||||
CITIC Ltd. | 3,164,000 | 3,491,029 | |||||||||
CITIC Securities Co. Ltd., H Shares | 926,450 | 1,962,702 | |||||||||
CMGE Technology Group Ltd.(1)(2) | 816,000 | 227,096 | |||||||||
CMOC Group Ltd., H Shares | 1,017,000 | 572,670 | |||||||||
CNFinance Holdings Ltd., ADR(1)(2) | 5,468 | 12,194 | |||||||||
COFCO Joycome Foods Ltd.(1)(2) | 2,523,000 | 736,663 | |||||||||
Concord New Energy Group Ltd. | 7,560,000 | 722,683 | |||||||||
Consun Pharmaceutical Group Ltd. | 108,000 | 61,276 | |||||||||
Coolpad Group Ltd.(1) | 1,854,000 | 17,021 | |||||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H(1)(2) | 136,000 | 130,189 |
17
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
COSCO SHIPPING Holdings Co. Ltd., Class H | 3,126,249 | $ | 3,242,618 | ||||||||
COSCO SHIPPING International Hong Kong Co. Ltd. | 166,000 | 52,055 | |||||||||
COSCO SHIPPING Ports Ltd. | 1,355,118 | 882,154 | |||||||||
Country Garden Holdings Co. Ltd.(2) | 10,241,339 | 3,140,636 | |||||||||
CPMC Holdings Ltd. | 165,000 | 98,222 | |||||||||
Crazy Sports Group Ltd.(1) | 902,000 | 26,815 | |||||||||
CSPC Pharmaceutical Group Ltd. | 11,795,760 | 12,672,163 | |||||||||
CSSC Hong Kong Shipping Co. Ltd. | 620,000 | 102,771 | |||||||||
Dali Foods Group Co. Ltd. | 1,406,500 | 568,885 | |||||||||
Daqo New Energy Corp., ADR(1) | 116,243 | 5,135,616 | |||||||||
Datang International Power Generation Co. Ltd., H Shares(1) | 38,000 | 6,490 | |||||||||
Dexin China Holdings Co. Ltd.(2) | 444,000 | 36,286 | |||||||||
Differ Group Auto Ltd.(1) | 546,000 | 13,363 | |||||||||
Digital China Holdings Ltd. | 836,000 | 388,937 | |||||||||
Dongfeng Motor Group Co. Ltd., Class H | 2,592,000 | 1,324,167 | |||||||||
Dongyue Group Ltd. | 2,613,000 | 2,959,188 | |||||||||
Duiba Group Ltd.(1) | 119,600 | 8,864 | |||||||||
Dynagreen Environmental Protection Group Co. Ltd., H Shares | 11,000 | 3,745 | |||||||||
Edvantage Group Holdings Ltd. | 499,543 | 197,574 | |||||||||
E-House China Enterprise Holdings Ltd.(1) | 622,200 | 31,845 | |||||||||
Emeren Group Ltd., ADR(1)(2) | 44,262 | 200,507 | |||||||||
ENN Energy Holdings Ltd. | 200,500 | 2,854,267 | |||||||||
Essex Bio-technology Ltd. | 120,000 | 61,358 | |||||||||
EVA Precision Industrial Holdings Ltd.(2) | 1,202,000 | 174,487 | |||||||||
Everest Medicines Ltd.(1)(2) | 103,000 | 223,499 | |||||||||
Excellence Commercial Property & Facilities Management Group Ltd. | 576,000 | 258,190 | |||||||||
Fanhua, Inc., ADR(2) | 23,222 | 176,487 | |||||||||
FIH Mobile Ltd.(1) | 1,321,000 | 141,447 | |||||||||
FinVolution Group, ADR | 315,707 | 1,600,634 | |||||||||
Fire Rock Holdings Ltd.(1)(2) | 186,000 | 13,270 | |||||||||
First Tractor Co. Ltd., H Shares(2) | 202,000 | 100,408 | |||||||||
Flat Glass Group Co. Ltd., H Shares | 39,000 | 103,309 | |||||||||
Fosun International Ltd. | 1,303,500 | 1,066,449 | |||||||||
Fountain SET Holdings Ltd. | 26,000 | 2,651 | |||||||||
Fu Shou Yuan International Group Ltd. | 1,017,000 | 766,733 | |||||||||
Fufeng Group Ltd. | 2,749,000 | 1,762,852 | |||||||||
Fullshare Holdings Ltd.(1)(2) | 8,515,000 | 132,492 | |||||||||
Fuyao Glass Industry Group Co. Ltd., H Shares | 176,800 | 792,302 | |||||||||
Ganfeng Lithium Group Co. Ltd., H Shares | 81,680 | 570,559 | |||||||||
GCL New Energy Holdings Ltd.(1) | 336,237 | 44,220 | |||||||||
GCL-Poly Energy Holdings Ltd.(1) | 7,624,000 | 1,963,289 | |||||||||
GDS Holdings Ltd., Class A(1) | 476,000 | 1,151,475 | |||||||||
Geely Automobile Holdings Ltd. | 5,252,000 | 6,823,280 | |||||||||
Gemdale Properties & Investment Corp. Ltd. | 2,760,000 | 218,426 | |||||||||
Genertec Universal Medical Group Co. Ltd. | 1,264,500 | 730,064 | |||||||||
GF Securities Co. Ltd., H Shares | 783,400 | 1,112,280 | |||||||||
Global Bio-Chem Technology Group Co. Ltd.(1) | 40,000 | 694 | |||||||||
Global Cord Blood Corp.(1)(2) | 18,571 | 55,483 | |||||||||
Glorious Property Holdings Ltd.(1) | 130,000 | 1,178 |
18
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Glory Health Industry Ltd.(1) | 17,000 | $ | 431 | ||||||||
GOME Retail Holdings Ltd.(1)(2) | 18,683,000 | 376,866 | |||||||||
Goodbaby International Holdings Ltd.(1) | 338,000 | 29,335 | |||||||||
Grand Baoxin Auto Group Ltd.(1) | 22,000 | 1,080 | |||||||||
Grand Pharmaceutical Group Ltd. | 909,000 | 517,100 | |||||||||
Great Wall Motor Co. Ltd., H Shares(2) | 316,000 | 419,350 | |||||||||
Greatview Aseptic Packaging Co. Ltd.(1) | 139,000 | 34,191 | |||||||||
Greenland Hong Kong Holdings Ltd. | 321,000 | 28,261 | |||||||||
Greentown China Holdings Ltd. | 501,000 | 685,026 | |||||||||
Greentown Management Holdings Co. Ltd. | 207,000 | 166,572 | |||||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 926,000 | 590,440 | |||||||||
Guangzhou R&F Properties Co. Ltd., H Shares(1)(2) | 2,902,400 | 715,202 | |||||||||
Guotai Junan Securities Co. Ltd., H Shares | 69,200 | 82,015 | |||||||||
H World Group Ltd., ADR | 76,747 | 3,635,505 | |||||||||
Haidilao International Holding Ltd.(1)(2) | 1,097,000 | 3,038,389 | |||||||||
Haier Smart Home Co. Ltd., H Shares | 890,000 | 3,149,776 | |||||||||
Hainan Meilan International Airport Co. Ltd., H Shares(1) | 147,000 | 362,413 | |||||||||
Haitian International Holdings Ltd. | 667,000 | 1,743,383 | |||||||||
Haitong Securities Co. Ltd., H Shares | 2,461,600 | 1,584,165 | |||||||||
Hangzhou Tigermed Consulting Co. Ltd., H Shares | 12,900 | 148,148 | |||||||||
Hansoh Pharmaceutical Group Co. Ltd. | 314,000 | 564,489 | |||||||||
Harbin Electric Co. Ltd., H Shares(1) | 546,000 | 271,572 | |||||||||
Hebei Construction Group Corp. Ltd., H Shares(1) | 31,500 | 3,653 | |||||||||
Hello Group, Inc., ADR | 317,648 | 2,798,479 | |||||||||
Hengan International Group Co. Ltd. | 967,000 | 4,447,508 | |||||||||
Hi Sun Technology China Ltd.(1)(2) | 363,000 | 37,038 | |||||||||
Hilong Holding Ltd.(1) | 968,000 | 31,407 | |||||||||
Hisense Home Appliances Group Co. Ltd., H Shares | 155,000 | 232,927 | |||||||||
Hollysys Automation Technologies Ltd. | 99,835 | 1,835,966 | |||||||||
Homeland Interactive Technology Ltd. | 142,000 | 32,756 | |||||||||
Honworld Group Ltd.(1) | 7,500 | 889 | |||||||||
Hope Education Group Co. Ltd.(1)(2) | 7,290,000 | 614,053 | |||||||||
Hopson Development Holdings Ltd. | 247,443 | 252,531 | |||||||||
Hua Hong Semiconductor Ltd.(1) | 785,000 | 3,010,221 | |||||||||
Huabao International Holdings Ltd.(2) | 578,000 | 289,797 | |||||||||
Huadian Power International Corp. Ltd., H Shares(2) | 132,000 | 52,799 | |||||||||
Huaneng Power International, Inc., H Shares(1)(2) | 1,178,000 | 579,736 | |||||||||
Huatai Securities Co. Ltd., H Shares | 1,015,000 | 1,142,572 | |||||||||
Huaxi Holdings Co. Ltd.(1) | 4,000 | 749 | |||||||||
Huazhong In-Vehicle Holdings Co. Ltd.(2) | 248,000 | 76,487 | |||||||||
Huijing Holdings Co. Ltd.(2) | 516,000 | 4,337 | |||||||||
HUYA, Inc., ADR(1) | 71,138 | 305,893 | |||||||||
Hygeia Healthcare Holdings Co. Ltd.(1)(2) | 106,600 | 776,647 | |||||||||
iDreamSky Technology Holdings Ltd.(1) | 281,200 | 128,516 | |||||||||
Industrial & Commercial Bank of China Ltd., H Shares | 21,927,000 | 10,940,733 | |||||||||
Ingdan, Inc.(1)(2) | 198,000 | 41,922 | |||||||||
Inkeverse Group Ltd.(1) | 1,928,000 | 280,566 | |||||||||
Innovent Biologics, Inc.(1) | 99,500 | 483,931 | |||||||||
International Alliance Financial Leasing Co. Ltd.(1)(2) | 324,000 | 731,215 | |||||||||
iQIYI, Inc., ADR(1) | 69,247 | 535,279 |
19
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
IVD Medical Holding Ltd. | 3,000 | $ | 429 | ||||||||
JD Health International, Inc.(1) | 215,000 | 1,505,054 | |||||||||
JD.com, Inc., ADR | 65,273 | 2,900,732 | |||||||||
JD.com, Inc., Class A | 36,345 | 807,947 | |||||||||
Jiangsu Expressway Co. Ltd., H Shares | 658,000 | 629,026 | |||||||||
Jiangxi Copper Co. Ltd., H Shares | 802,000 | 1,264,812 | |||||||||
Jiayuan International Group Ltd.(1) | 2,194,000 | 55,724 | |||||||||
Jinchuan Group International Resources Co. Ltd.(2) | 2,577,000 | 200,443 | |||||||||
Jingrui Holdings Ltd.(1) | 10,000 | 752 | |||||||||
Jinke Smart Services Group Co. Ltd., H Shares | 114,400 | 176,977 | |||||||||
Jinxin Fertility Group Ltd. | 2,839,500 | 2,260,362 | |||||||||
Jiumaojiu International Holdings Ltd.(2) | 387,000 | 935,149 | |||||||||
JNBY Design Ltd. | 126,000 | 157,738 | |||||||||
Joy Spreader Group, Inc.(1)(2) | 363,000 | 56,548 | |||||||||
JOYY, Inc., ADR | 40,575 | 1,274,055 | |||||||||
Jutal Offshore Oil Services Ltd.(1) | 186,000 | 9,854 | |||||||||
Kangji Medical Holdings Ltd. | 152,500 | 186,565 | |||||||||
Kanzhun Ltd., ADR(1) | 44,285 | 892,343 | |||||||||
Kasen International Holdings Ltd.(1) | 143,000 | 6,999 | |||||||||
KE Holdings, Inc., ADR(1) | 520,226 | 9,494,124 | |||||||||
Keymed Biosciences, Inc.(1)(2) | 247,500 | 1,990,432 | |||||||||
Kingboard Holdings Ltd. | 616,000 | 2,199,202 | |||||||||
Kingboard Laminates Holdings Ltd. | 820,500 | 1,023,217 | |||||||||
Kingdee International Software Group Co. Ltd.(1) | 706,000 | 1,319,135 | |||||||||
Kingsoft Cloud Holdings Ltd., ADR(1)(2) | 49,049 | 188,839 | |||||||||
Kingsoft Corp. Ltd. | 434,400 | 1,434,222 | |||||||||
Kuaishou Technology(1) | 117,700 | 788,762 | |||||||||
Kunlun Energy Co. Ltd. | 2,708,000 | 2,169,770 | |||||||||
KWG Group Holdings Ltd.(1)(2) | 1,925,000 | 410,856 | |||||||||
KWG Living Group Holdings Ltd. | 1,283,249 | 244,327 | |||||||||
Lee & Man Paper Manufacturing Ltd.(2) | 914,000 | 395,608 | |||||||||
Lenovo Group Ltd. | 3,594,000 | 3,234,247 | |||||||||
Leoch International Technology Ltd.(1) | 122,000 | 31,255 | |||||||||
LexinFintech Holdings Ltd., ADR(1) | 104,878 | 290,512 | |||||||||
Li Auto, Inc., ADR(1) | 226,087 | 5,337,914 | |||||||||
Li Ning Co. Ltd. | 1,395,000 | 11,903,124 | |||||||||
Lifetech Scientific Corp.(1) | 2,944,000 | 1,096,441 | |||||||||
Linklogis, Inc., Class B(1)(2) | 833,500 | 391,665 | |||||||||
Logan Group Co. Ltd.(1) | 211,000 | 30,791 | |||||||||
Longfor Group Holdings Ltd.(2) | 656,500 | 1,879,319 | |||||||||
Lonking Holdings Ltd. | 1,310,000 | 237,150 | |||||||||
Lufax Holding Ltd., ADR | 339,366 | 733,031 | |||||||||
Luye Pharma Group Ltd.(1)(2) | 1,997,500 | 919,305 | |||||||||
LVGEM China Real Estate Investment Co. Ltd.(1)(2) | 1,760,000 | 364,202 | |||||||||
Maanshan Iron & Steel Co. Ltd., H Shares | 60,000 | 14,009 | |||||||||
Maoyan Entertainment(1)(2) | 173,200 | 193,851 | |||||||||
Meitu, Inc.(1)(2) | 3,255,000 | 1,215,156 | |||||||||
Meituan, Class B(1) | 711,410 | 12,346,468 | |||||||||
Metallurgical Corp. of China Ltd., H Shares | 198,000 | 43,170 | |||||||||
Midea Real Estate Holding Ltd.(2) | 430,600 | 533,495 |
20
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Minsheng Education Group Co. Ltd. | 254,000 | $ | 14,749 | ||||||||
Minth Group Ltd. | 1,316,000 | 3,419,747 | |||||||||
MMG Ltd.(1) | 3,844,000 | 1,084,204 | |||||||||
Mobvista, Inc.(1) | 142,000 | 72,946 | |||||||||
Mulsanne Group Holding Ltd.(1) | 87,500 | 32,096 | |||||||||
Nam Tai Property, Inc.(1) | 9,475 | 12,791 | |||||||||
NetDragon Websoft Holdings Ltd. | 309,000 | 703,297 | |||||||||
NetEase, Inc., ADR | 235,440 | 18,279,562 | |||||||||
New China Life Insurance Co. Ltd., H Shares | 690,400 | 1,673,223 | |||||||||
New Horizon Health Ltd.(1) | 253,500 | 1,060,822 | |||||||||
New Oriental Education & Technology Group, Inc., ADR(1) | 97,665 | 3,781,589 | |||||||||
Nexteer Automotive Group Ltd. | 713,000 | 452,955 | |||||||||
Nine Dragons Paper Holdings Ltd. | 1,423,000 | 1,159,572 | |||||||||
NIO, Inc., ADR(1) | 238,331 | 2,237,928 | |||||||||
Niu Technologies, ADR(1) | 15,203 | 63,853 | |||||||||
Noah Holdings Ltd., ADR(1) | 32,325 | 604,801 | |||||||||
Nongfu Spring Co. Ltd., H Shares | 558,200 | 3,133,268 | |||||||||
OneConnect Financial Technology Co. Ltd., ADR(1)(2) | 5,186 | 35,887 | |||||||||
Orient Overseas International Ltd.(2) | 307,000 | 4,931,410 | |||||||||
PDD Holdings, Inc., ADR(1) | 201,380 | 17,667,067 | |||||||||
Peijia Medical Ltd.(1) | 128,000 | 185,933 | |||||||||
People's Insurance Co. Group of China Ltd., H Shares | 3,962,000 | 1,252,668 | |||||||||
Perennial Energy Holdings Ltd. | 320,000 | 38,759 | |||||||||
PetroChina Co. Ltd., Class H | 7,476,200 | 3,813,893 | |||||||||
Pharmaron Beijing Co. Ltd., H Shares | 18,450 | 103,460 | |||||||||
PICC Property & Casualty Co. Ltd., H Shares | 5,254,000 | 4,614,855 | |||||||||
Ping An Healthcare & Technology Co. Ltd.(1) | 200,800 | 460,172 | |||||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 3,352,282 | 22,884,467 | |||||||||
Poly Property Group Co. Ltd. | 2,085,844 | 500,398 | |||||||||
Pop Mart International Group Ltd.(2) | 91,000 | 253,528 | |||||||||
Postal Savings Bank of China Co. Ltd., H Shares(2) | 3,734,000 | 2,243,396 | |||||||||
Pou Sheng International Holdings Ltd. | 171,000 | 18,345 | |||||||||
Powerlong Real Estate Holdings Ltd.(2) | 327,000 | 68,040 | |||||||||
Prinx Chengshan Holdings Ltd. | 1,000 | 693 | |||||||||
Q Technology Group Co. Ltd.(1) | 306,000 | 184,599 | |||||||||
Radiance Holdings Group Co. Ltd.(2) | 1,073,000 | 654,487 | |||||||||
Redco Properties Group Ltd.(1)(2) | 44,000 | 7,348 | |||||||||
Road King Infrastructure Ltd. | 27,000 | 13,367 | |||||||||
Ronshine China Holdings Ltd.(1)(2) | 202,500 | 22,995 | |||||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 451,000 | 450,088 | |||||||||
SCE Intelligent Commercial Management Holdings Ltd. | 165,000 | 39,157 | |||||||||
Seazen Group Ltd.(1) | 4,136,000 | 1,392,288 | |||||||||
Shandong Gold Mining Co. Ltd., H Shares | 162,000 | 277,803 | |||||||||
Shandong Hi-Speed New Energy Group Ltd.(1)(2) | 7,260,000 | 50,954 | |||||||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 1,096,400 | 1,769,771 | |||||||||
Shanghai Electric Group Co. Ltd., H Shares(1) | 208,000 | 48,228 | |||||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 42,500 | 124,339 | |||||||||
Shanghai Industrial Holdings Ltd. | 437,000 | 565,780 | |||||||||
Shanghai Industrial Urban Development Group Ltd. | 403,600 | 30,349 | |||||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 457,500 | 806,795 |
21
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Shanghai Pioneer Holding Ltd. | 123,000 | $ | 32,107 | ||||||||
Shenzhen Expressway Corp. Ltd., H Shares | 416,000 | 373,612 | |||||||||
Shenzhen International Holdings Ltd. | 1,187,500 | 1,032,106 | |||||||||
Shenzhen Investment Ltd. | 1,130,000 | 206,254 | |||||||||
Shenzhou International Group Holdings Ltd. | 176,800 | 1,934,468 | |||||||||
Shimao Group Holdings Ltd.(1) | 245,000 | 137,960 | |||||||||
Shimao Services Holdings Ltd.(1)(2) | 1,109,000 | 321,367 | |||||||||
Shinsun Holdings Group Co. Ltd.(1) | 641,000 | 29,856 | |||||||||
Shoucheng Holdings Ltd. | 312,800 | 65,414 | |||||||||
Shougang Fushan Resources Group Ltd. | 2,593,249 | 833,046 | |||||||||
Shui On Land Ltd. | 6,676,000 | 825,283 | |||||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 3,763,000 | 436,795 | |||||||||
Simcere Pharmaceutical Group Ltd.(2) | 1,026,000 | 1,334,610 | |||||||||
Sino Biopharmaceutical Ltd. | 12,984,500 | 6,703,788 | |||||||||
Sino-Ocean Group Holding Ltd. | 2,966,500 | 374,814 | |||||||||
Sinopec Engineering Group Co. Ltd., H Shares | 1,314,000 | 658,317 | |||||||||
Sinopec Kantons Holdings Ltd. | 482,000 | 165,971 | |||||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 318,400 | 54,807 | |||||||||
Sinopharm Group Co. Ltd., H Shares | 1,725,200 | 4,620,624 | |||||||||
Sinotrans Ltd., H Shares | 138,000 | 42,221 | |||||||||
Sinotruk Hong Kong Ltd. | 265,000 | 417,672 | |||||||||
Skyworth Group Ltd. | 2,752,924 | 1,510,299 | |||||||||
SOHO China Ltd.(1)(2) | 1,023,000 | 190,529 | |||||||||
Sohu.com Ltd., ADR(1) | 44,427 | 636,195 | |||||||||
South Manganese Investment Ltd.(1)(2) | 1,045,000 | 81,380 | |||||||||
SSY Group Ltd. | 1,456,000 | 873,044 | |||||||||
Sun King Technology Group Ltd.(1) | 708,000 | 167,018 | |||||||||
Sunac Services Holdings Ltd.(2) | 1,424,000 | 569,419 | |||||||||
Sunny Optical Technology Group Co. Ltd. | 611,600 | 6,955,009 | |||||||||
Sunpower Group Ltd.(1) | 104,600 | 27,949 | |||||||||
SY Holdings Group Ltd.(2) | 180,500 | 136,438 | |||||||||
TCL Electronics Holdings Ltd.(1) | 417,000 | 180,219 | |||||||||
Tencent Holdings Ltd. | 1,263,900 | 55,521,097 | |||||||||
Tencent Music Entertainment Group, ADR(1) | 342,424 | 2,581,877 | |||||||||
Tian Ge Interactive Holdings Ltd. | 9,000 | 756 | |||||||||
Tian Lun Gas Holdings Ltd.(2) | 137,500 | 86,962 | |||||||||
Tiangong International Co. Ltd. | 1,668,000 | 614,749 | |||||||||
Tianneng Power International Ltd.(2) | 1,154,000 | 1,480,445 | |||||||||
Tibet Water Resources Ltd.(1) | 19,000 | 1,042 | |||||||||
Times China Holdings Ltd.(1)(2) | 1,771,000 | 258,128 | |||||||||
Times Neighborhood Holdings Ltd. | 545,000 | 62,708 | |||||||||
Tingyi Cayman Islands Holding Corp. | 1,824,000 | 2,946,820 | |||||||||
Tong Ren Tang Technologies Co. Ltd., H Shares | 527,000 | 378,447 | |||||||||
Tongcheng Travel Holdings Ltd.(1) | 52,000 | 103,219 | |||||||||
Tongda Group Holdings Ltd.(1) | 2,745,000 | 44,841 | |||||||||
Tongdao Liepin Group(1)(2) | 68,800 | 113,761 | |||||||||
Topsports International Holdings Ltd. | 2,097,000 | 1,834,175 | |||||||||
Towngas Smart Energy Co. Ltd.(1) | 538,000 | 272,220 | |||||||||
TravelSky Technology Ltd., H Shares | 732,000 | 1,444,902 | |||||||||
Trigiant Group Ltd.(1) | 28,000 | 1,446 |
22
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Trip.com Group Ltd., ADR(1) | 198,349 | $ | 7,051,307 | ||||||||
Truly International Holdings Ltd. | 1,800,000 | 252,510 | |||||||||
Tsaker New Energy Tech Co. Ltd. | 123,500 | 21,266 | |||||||||
Tsingtao Brewery Co. Ltd., H Shares | 428,000 | 4,224,265 | |||||||||
Tuya, Inc., ADR(1)(2) | 16,113 | 33,354 | |||||||||
Uni-President China Holdings Ltd. | 1,320,000 | 1,157,349 | |||||||||
United Strength Power Holdings Ltd. | 21,000 | 17,308 | |||||||||
Up Fintech Holding Ltd., ADR(1)(2) | 34,340 | 128,088 | |||||||||
Venus MedTech Hangzhou, Inc., H Shares(1) | 36,500 | 63,578 | |||||||||
Vinda International Holdings Ltd. | 377,000 | 1,038,386 | |||||||||
Vipshop Holdings Ltd., ADR(1) | 544,135 | 8,102,170 | |||||||||
Viva Biotech Holdings(1)(2) | 650,000 | 131,018 | |||||||||
VNET Group, Inc., ADR(1) | 196,453 | 779,918 | |||||||||
Want Want China Holdings Ltd. | 4,337,000 | 2,728,456 | |||||||||
Wasion Holdings Ltd. | 82,000 | 29,067 | |||||||||
Weibo Corp., ADR(1) | 107,552 | 2,224,175 | |||||||||
Weichai Power Co. Ltd., H Shares | 589,000 | 874,221 | |||||||||
Weiqiao Textile Co., H Shares | 80,000 | 13,868 | |||||||||
West China Cement Ltd. | 4,188,000 | 507,114 | |||||||||
Wison Engineering Services Co. Ltd.(1)(2) | 19,000 | 849 | |||||||||
Wuling Motors Holdings Ltd.(2) | 800,000 | 94,932 | |||||||||
WuXi AppTec Co. Ltd., H Shares | 40,604 | 433,202 | |||||||||
Wuxi Biologics Cayman, Inc.(1) | 596,000 | 4,172,089 | |||||||||
X Financial, ADR(1) | 464 | 1,485 | |||||||||
Xiabuxiabu Catering Management China Holdings Co. Ltd.(2) | 1,379,000 | 1,471,820 | |||||||||
Ximei Resources Holding Ltd.(1) | 35,000 | 17,837 | |||||||||
Xin Point Holdings Ltd.(2) | 57,000 | 19,833 | |||||||||
Xingda International Holdings Ltd. | 154,482 | 32,284 | |||||||||
Xinhua Winshare Publishing & Media Co. Ltd., H Shares | 146,000 | 110,714 | |||||||||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares | 367,400 | 331,412 | |||||||||
Xinjiang Xinxin Mining Industry Co. Ltd., H Shares(1) | 256,000 | 40,186 | |||||||||
Xinte Energy Co. Ltd., H Shares(2) | 942,800 | 2,078,470 | |||||||||
Xinyi Energy Holdings Ltd. | 1,164,000 | 374,302 | |||||||||
Xinyi Solar Holdings Ltd. | 2,334,976 | 2,496,730 | |||||||||
XPeng, Inc., Class A, ADR(1)(2) | 31,117 | 277,564 | |||||||||
Yadea Group Holdings Ltd. | 816,000 | 1,751,293 | |||||||||
Yankuang Energy Group Co. Ltd., H Shares(2) | 1,298,000 | 3,915,210 | |||||||||
Yeahka Ltd.(1)(2) | 224,800 | 746,278 | |||||||||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(1) | 228,600 | 235,868 | |||||||||
Yidu Tech, Inc.(1)(2) | 465,200 | 509,828 | |||||||||
Yihai International Holding Ltd.(1) | 352,000 | 1,024,754 | |||||||||
Yixin Group Ltd.(1)(2) | 184,500 | 27,070 | |||||||||
YuanShengTai Dairy Farm Ltd.(1) | 190,000 | 4,565 | |||||||||
Yuexiu Property Co. Ltd. | 1,895,400 | 2,791,446 | |||||||||
Yuexiu Services Group Ltd. | 353,500 | 211,441 | |||||||||
Yuexiu Transport Infrastructure Ltd. | 1,324,000 | 747,081 | |||||||||
Yum China Holdings, Inc. | 284,229 | 16,692,769 | |||||||||
Yuzhou Group Holdings Co. Ltd.(1) | 1,722,955 | 84,694 | |||||||||
Zengame Technology Holding Ltd. | 396,000 | 151,588 | |||||||||
Zhaojin Mining Industry Co. Ltd., H Shares(1) | 1,196,500 | 1,256,461 |
23
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Zhejiang Expressway Co. Ltd., H Shares | 1,872,000 | $ | 1,509,805 | ||||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares | 124,400 | 125,279 | |||||||||
Zhenro Properties Group Ltd.(1) | 2,338,000 | 98,462 | |||||||||
Zhong An Group Ltd.(1) | 415,000 | 12,432 | |||||||||
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1) | 400 | 1,152 | |||||||||
Zhongsheng Group Holdings Ltd. | 316,000 | 1,578,492 | |||||||||
Zhongyu Energy Holdings Ltd. | 175,000 | 121,778 | |||||||||
Zhou Hei Ya International Holdings Co. Ltd.(1)(2) | 849,000 | 428,896 | |||||||||
Zhuguang Holdings Group Co. Ltd.(1)(2) | 616,000 | 69,070 | |||||||||
Zijin Mining Group Co. Ltd., H Shares | 2,894,000 | 4,379,667 | |||||||||
Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H(2) | 608,400 | 351,490 | |||||||||
ZTO Express Cayman, Inc., ADR | 317,750 | 7,645,065 | |||||||||
758,088,509 | |||||||||||
Colombia — 0.1% | |||||||||||
Banco Davivienda SA, Preference Shares | 24,226 | 124,634 | |||||||||
Bancolombia SA | 50,068 | 369,887 | |||||||||
Bancolombia SA, ADR | 40,996 | 1,047,858 | |||||||||
Cementos Argos SA | 6,574 | 4,075 | |||||||||
Corp. Financiera Colombiana SA(1) | 24,838 | 53,669 | |||||||||
Ecopetrol SA, ADR | 159,903 | 1,773,324 | |||||||||
Empresa de Telecomunicaciones de Bogota(1) | 18,600 | 320 | |||||||||
Grupo Argos SA | 159,091 | 317,564 | |||||||||
Interconexion Electrica SA ESP | 108,576 | 384,529 | |||||||||
4,075,860 | |||||||||||
Czech Republic — 0.2% | |||||||||||
CEZ AS | 74,578 | 3,477,266 | |||||||||
Komercni banka AS | 33,737 | 1,136,480 | |||||||||
Moneta Money Bank AS | 229,605 | 874,670 | |||||||||
5,488,416 | |||||||||||
Egypt — 0.1% | |||||||||||
Commercial International Bank Egypt S.A.E., GDR | 1,404,809 | 2,083,712 | |||||||||
Greece — 0.5% | |||||||||||
Alpha Services & Holdings SA(1) | 1,223,282 | 1,914,016 | |||||||||
Athens Water Supply & Sewage Co. SA | 3,091 | 23,188 | |||||||||
Eurobank Ergasias Services & Holdings SA, Class A(1) | 1,014,256 | 1,554,774 | |||||||||
Fourlis Holdings SA | 364 | 1,503 | |||||||||
GEK Terna Holding Real Estate Construction SA(1) | 17,867 | 224,651 | |||||||||
Hellenic Exchanges - Athens Stock Exchange SA | 8,827 | 40,925 | |||||||||
Hellenic Telecommunications Organization SA | 31,565 | 484,208 | |||||||||
Helleniq Energy Holdings SA | 25,979 | 229,722 | |||||||||
Intracom Holdings SA(1) | 19,243 | 38,275 | |||||||||
JUMBO SA | 38,086 | 760,499 | |||||||||
LAMDA Development SA(1) | 8,171 | 56,319 | |||||||||
Motor Oil Hellas Corinth Refineries SA | 64,443 | 1,706,303 | |||||||||
Mytilineos SA | 15,912 | 429,310 | |||||||||
National Bank of Greece SA(1) | 246,250 | 1,377,831 | |||||||||
OPAP SA | 47,001 | 729,500 | |||||||||
Piraeus Financial Holdings SA(1) | 427,144 | 1,082,913 | |||||||||
Public Power Corp. SA(1) | 99,543 | 873,149 | |||||||||
Sunrisemezz PLC(1) | 41,774 | 5,609 |
24
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Terna Energy SA | 25,368 | $ | 527,465 | ||||||||
Titan Cement International SA(1) | 16,364 | 277,012 | |||||||||
Viohalco SA | 30,134 | 146,439 | |||||||||
12,483,611 | |||||||||||
Hong Kong — 0.1% | |||||||||||
Beijing Energy International Holding Co. Ltd.(1) | 70,000 | 1,757 | |||||||||
Brilliance China Automotive Holdings Ltd. | 338,000 | 169,087 | |||||||||
China Isotope & Radiation Corp. | 14,400 | 31,224 | |||||||||
China Zhongwang Holdings Ltd.(1) | 525,200 | 112,408 | |||||||||
Glory Sun Financial Group Ltd.(1)(2) | 283,999 | 13,389 | |||||||||
IMAX China Holding, Inc. | 32,000 | 37,477 | |||||||||
JH Educational Technology, Inc.(1) | 102,000 | 16,558 | |||||||||
JW Cayman Therapeutics Co. Ltd.(1) | 36,000 | 20,382 | |||||||||
Powerlong Commercial Management Holdings Ltd.(2) | 96,000 | 70,601 | |||||||||
Tianyun International Holdings Ltd.(1) | 84,000 | 14,769 | |||||||||
Wharf Holdings Ltd. | 1,007,000 | 2,229,790 | |||||||||
2,717,442 | |||||||||||
Hungary — 0.2% | |||||||||||
Magyar Telekom Telecommunications PLC | 79,956 | 87,338 | |||||||||
MOL Hungarian Oil & Gas PLC | 331,576 | 2,517,881 | |||||||||
OTP Bank Nyrt | 75,192 | 2,277,782 | |||||||||
Richter Gedeon Nyrt | 45,668 | 957,277 | |||||||||
5,840,278 | |||||||||||
India — 15.3% | |||||||||||
360 ONE WAM Ltd. | 13,190 | 274,771 | |||||||||
63 Moons Technologies Ltd.(1) | 6,904 | 17,051 | |||||||||
Aarti Drugs Ltd. | 9,663 | 42,786 | |||||||||
Aarti Industries Ltd. | 7,452 | 47,658 | |||||||||
Aarti Pharmalabs Ltd.(1) | 1,863 | 6,819 | |||||||||
ABB India Ltd. | 3,861 | 150,163 | |||||||||
ACC Ltd. | 80,944 | 1,694,347 | |||||||||
Accelya Solutions India Ltd. | 2,877 | 39,799 | |||||||||
Action Construction Equipment Ltd. | 25,648 | 106,690 | |||||||||
Adani Enterprises Ltd. | 39,537 | 651,677 | |||||||||
Adani Green Energy Ltd.(1) | 57,476 | 336,600 | |||||||||
Adani Ports & Special Economic Zone Ltd. | 171,502 | 1,227,819 | |||||||||
Adani Power Ltd.(1) | 426,844 | 753,911 | |||||||||
Adani Total Gas Ltd. | 72,615 | 595,225 | |||||||||
Adani Transmission Ltd.(1) | 112,848 | 875,628 | |||||||||
Aditya Birla Capital Ltd.(1) | 451,990 | 796,493 | |||||||||
Advanced Enzyme Technologies Ltd. | 16,916 | 57,097 | |||||||||
Aegis Logistics Ltd. | 94,747 | 417,117 | |||||||||
Affle India Ltd.(1) | 3,390 | 41,955 | |||||||||
AGI Greenpac Ltd. | 34,439 | 143,961 | |||||||||
AIA Engineering Ltd. | 9,387 | 300,758 | |||||||||
Ajanta Pharma Ltd. | 27,278 | 389,894 | |||||||||
Akzo Nobel India Ltd. | 1,400 | 36,402 | |||||||||
Alembic Ltd. | 8,551 | 6,311 | |||||||||
Alembic Pharmaceuticals Ltd. | 35,995 | 222,498 | |||||||||
Alkyl Amines Chemicals | 4,913 | 148,592 |
25
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Allcargo Logistics Ltd. | 89,445 | $ | 399,991 | ||||||||
Alok Industries Ltd.(1) | 45,160 | 6,826 | |||||||||
Amara Raja Batteries Ltd. | 187,250 | 1,256,619 | |||||||||
Ambika Cotton Mills Ltd. | 1,427 | 24,899 | |||||||||
Ambuja Cements Ltd. | 307,187 | 1,270,108 | |||||||||
Amrutanjan Health Care Ltd. | 2,916 | 21,478 | |||||||||
Anant Raj Ltd. | 234,189 | 296,479 | |||||||||
Andhra Sugars Ltd. | 26,768 | 38,062 | |||||||||
Apar Industries Ltd. | 24,269 | 674,577 | |||||||||
Apcotex Industries Ltd. | 6,865 | 34,642 | |||||||||
APL Apollo Tubes Ltd. | 78,092 | 1,123,351 | |||||||||
Apollo Hospitals Enterprise Ltd. | 40,940 | 2,178,125 | |||||||||
Apollo Tyres Ltd. | 493,484 | 1,868,872 | |||||||||
Aptech Ltd. | 7,681 | 30,401 | |||||||||
Arvind Fashions Ltd.(1) | 4,959 | 16,607 | |||||||||
Arvind Ltd.(1) | 83,750 | 83,873 | |||||||||
Asahi India Glass Ltd. | 25,171 | 146,593 | |||||||||
Ashok Leyland Ltd. | 748,441 | 1,316,191 | |||||||||
Ashoka Buildcon Ltd.(1) | 112,321 | 101,195 | |||||||||
Asian Paints Ltd. | 28,362 | 969,437 | |||||||||
Astec Lifesciences Ltd. | 1,514 | 24,710 | |||||||||
Aster DM Healthcare Ltd.(1) | 157,336 | 423,707 | |||||||||
Astra Microwave Products Ltd. | 46,508 | 146,310 | |||||||||
Astral Ltd. | 23,615 | 539,016 | |||||||||
AstraZeneca Pharma India Ltd. | 328 | 13,264 | |||||||||
Atul Ltd. | 2,495 | 212,148 | |||||||||
AU Small Finance Bank Ltd. | 74,212 | 531,751 | |||||||||
Aurobindo Pharma Ltd. | 237,370 | 1,327,835 | |||||||||
Avadh Sugar & Energy Ltd. | 7,220 | 36,348 | |||||||||
Avanti Feeds Ltd. | 12,625 | 55,824 | |||||||||
Avenue Supermarts Ltd.(1) | 7,242 | 299,065 | |||||||||
Axis Bank Ltd., GDR | 59,445 | 3,009,812 | |||||||||
Bajaj Auto Ltd. | 25,337 | 1,121,353 | |||||||||
Bajaj Consumer Care Ltd. | 87,518 | 172,644 | |||||||||
Bajaj Electricals Ltd. | 82,797 | 1,092,849 | |||||||||
Bajaj Finance Ltd. | 67,139 | 4,957,597 | |||||||||
Bajaj Finserv Ltd. | 98,346 | 1,586,065 | |||||||||
Bajaj Hindusthan Sugar Ltd.(1) | 1,372,239 | 207,400 | |||||||||
Balaji Amines Ltd. | 4,613 | 122,594 | |||||||||
Balkrishna Industries Ltd. | 22,617 | 550,693 | |||||||||
Balmer Lawrie & Co. Ltd. | 12,135 | 16,768 | |||||||||
Balrampur Chini Mills Ltd. | 205,322 | 886,244 | |||||||||
Bandhan Bank Ltd.(1) | 252,788 | 705,273 | |||||||||
BASF India Ltd. | 6,392 | 177,827 | |||||||||
Bata India Ltd. | 12,210 | 208,288 | |||||||||
Bayer CropScience Ltd. | 2,143 | 110,927 | |||||||||
BEML Ltd. | 1,894 | 28,467 | |||||||||
BEML Land Assets Ltd.(1) | 1,894 | 8,133 | |||||||||
Berger Paints India Ltd. | 50,810 | 355,847 | |||||||||
Best Agrolife Ltd. | 12,834 | 172,502 |
26
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Bhansali Engineering Polymers Ltd. | 11,499 | $ | 14,336 | ||||||||
Bharat Bijlee Ltd. | 699 | 21,545 | |||||||||
Bharat Electronics Ltd. | 3,170,519 | 3,625,768 | |||||||||
Bharat Forge Ltd. | 39,007 | 384,664 | |||||||||
Bharat Heavy Electricals Ltd. | 906,765 | 764,898 | |||||||||
Bharat Petroleum Corp. Ltd. | 619,168 | 2,377,318 | |||||||||
Bharat Rasayan Ltd. | 356 | 37,910 | |||||||||
Bharti Airtel Ltd. | 232,596 | 2,086,911 | |||||||||
Bharti Airtel Ltd. | 16,614 | 72,670 | |||||||||
Biocon Ltd. | 71,337 | 197,610 | |||||||||
Birla Corp. Ltd. | 16,789 | 176,641 | |||||||||
Birlasoft Ltd. | 75,089 | 249,677 | |||||||||
BLS International Services Ltd. | 111,562 | 209,593 | |||||||||
Blue Dart Express Ltd. | 3,816 | 286,466 | |||||||||
Blue Star Ltd. | 23,928 | 415,404 | |||||||||
Bombay Burmah Trading Co. | 7,835 | 84,185 | |||||||||
Bombay Dyeing & Manufacturing Co. Ltd.(1) | 1,774 | 1,408 | |||||||||
Borosil Renewables Ltd.(1) | 26,866 | 152,416 | |||||||||
Bosch Ltd. | 489 | 106,379 | |||||||||
Brigade Enterprises Ltd. | 201,367 | 1,186,779 | |||||||||
Brightcom Group Ltd. | 638,652 | 176,961 | |||||||||
Britannia Industries Ltd. | 41,237 | 2,225,008 | |||||||||
BSE Ltd. | 54,275 | 289,110 | |||||||||
Butterfly Gandhimathi Appliances Ltd.(1) | 136 | 2,132 | |||||||||
Camlin Fine Sciences Ltd.(1) | 28,262 | 47,577 | |||||||||
Can Fin Homes Ltd. | 82,748 | 575,255 | |||||||||
Canara Bank | 228,390 | 771,409 | |||||||||
Capacit'e Infraprojects Ltd.(1) | 37,010 | 54,636 | |||||||||
Caplin Point Laboratories Ltd. | 7,672 | 60,604 | |||||||||
Capri Global Capital Ltd. | 100 | 822 | |||||||||
Carborundum Universal Ltd. | 26,856 | 317,576 | |||||||||
Care Ratings Ltd. | 15,230 | 120,612 | |||||||||
Castrol India Ltd. | 430,610 | 597,564 | |||||||||
CCL Products India Ltd. | 48,413 | 320,142 | |||||||||
Ceat Ltd. | 11,847 | 198,115 | |||||||||
Central Depository Services India Ltd. | 31,243 | 373,488 | |||||||||
Century Enka Ltd. | 6,013 | 25,573 | |||||||||
Century Plyboards India Ltd. | 23,590 | 144,126 | |||||||||
Century Textiles & Industries Ltd. | 18,862 | 138,550 | |||||||||
Cera Sanitaryware Ltd. | 3,485 | 274,470 | |||||||||
CESC Ltd. | 279,496 | 234,353 | |||||||||
CG Power & Industrial Solutions Ltd.(1) | 26,937 | 99,308 | |||||||||
Chalet Hotels Ltd.(1) | 8,387 | 37,179 | |||||||||
Chambal Fertilisers & Chemicals Ltd. | 141,267 | 468,892 | |||||||||
Chennai Petroleum Corp. Ltd. | 46,465 | 125,830 | |||||||||
Cholamandalam Financial Holdings Ltd. | 3,258 | 22,655 | |||||||||
Cholamandalam Investment & Finance Co. Ltd. | 243,141 | 2,222,907 | |||||||||
Cipla Ltd. | 190,760 | 2,089,991 | |||||||||
City Union Bank Ltd. | 596,884 | 998,769 | |||||||||
Coal India Ltd. | 1,142,755 | 2,976,241 |
27
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Cochin Shipyard Ltd. | 77,689 | $ | 424,661 | ||||||||
Coforge Ltd. | 10,668 | 554,218 | |||||||||
Colgate-Palmolive India Ltd. | 64,161 | 1,143,061 | |||||||||
Computer Age Management Services Ltd. | 22,790 | 622,381 | |||||||||
Confidence Petroleum India Ltd. | 84,023 | 61,516 | |||||||||
Container Corp. of India Ltd. | 115,979 | 827,784 | |||||||||
Coromandel International Ltd. | 119,522 | 1,298,433 | |||||||||
Cosmo First Ltd.(1) | 13,104 | 100,784 | |||||||||
CreditAccess Grameen Ltd.(1) | 48,551 | 566,343 | |||||||||
CRISIL Ltd. | 3,327 | 136,227 | |||||||||
Crompton Greaves Consumer Electricals Ltd. | 73,110 | 268,493 | |||||||||
CSB Bank Ltd.(1) | 26,724 | 74,013 | |||||||||
Cummins India Ltd. | 29,478 | 559,537 | |||||||||
Cyient Ltd. | 77,496 | 884,601 | |||||||||
Dabur India Ltd. | 182,147 | 1,172,746 | |||||||||
Dalmia Bharat Ltd. | 44,691 | 990,810 | |||||||||
Dalmia Bharat Sugar & Industries Ltd. | 13,724 | 52,570 | |||||||||
Datamatics Global Services Ltd. | 12,650 | 45,693 | |||||||||
DB Corp. Ltd. | 56,252 | 64,002 | |||||||||
DCB Bank Ltd. | 185,400 | 251,615 | |||||||||
DCM Shriram Ltd. | 57,818 | 569,942 | |||||||||
Deccan Cements Ltd. | 2,682 | 14,379 | |||||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. | 106,512 | 795,122 | |||||||||
Deepak Nitrite Ltd. | 49,941 | 1,085,843 | |||||||||
Delta Corp. Ltd. | 21,685 | 49,211 | |||||||||
DEN Networks Ltd.(1) | 50,404 | 18,405 | |||||||||
Dhampur Bio Organics Ltd.(1) | 14,248 | 25,420 | |||||||||
Dhampur Sugar Mills Ltd. | 40,428 | 101,596 | |||||||||
Dhani Services Ltd.(1) | 85,171 | 31,489 | |||||||||
Dhanuka Agritech Ltd. | 3,413 | 27,384 | |||||||||
Dilip Buildcon Ltd. | 19,598 | 46,337 | |||||||||
Dish TV India Ltd.(1) | 1,493,412 | 250,811 | |||||||||
Dishman Carbogen Amcis Ltd.(1) | 31,845 | 45,150 | |||||||||
Divi's Laboratories Ltd. | 37,882 | 1,293,701 | |||||||||
Dixon Technologies India Ltd. | 4,584 | 160,116 | |||||||||
DLF Ltd. | 148,612 | 631,576 | |||||||||
D-Link India Ltd. | 16,108 | 44,524 | |||||||||
Dolat Algotech Ltd. | 16,966 | 10,170 | |||||||||
Dollar Industries Ltd. | 6,412 | 24,473 | |||||||||
Dr Lal PathLabs Ltd. | 27,104 | 651,790 | |||||||||
Dr Reddy's Laboratories Ltd., ADR | 68,587 | 3,583,671 | |||||||||
Dwarikesh Sugar Industries Ltd. | 160,364 | 159,542 | |||||||||
eClerx Services Ltd. | 15,771 | 265,891 | |||||||||
Edelweiss Financial Services Ltd. | 445,618 | 347,313 | |||||||||
Eicher Motors Ltd. | 35,195 | 1,320,892 | |||||||||
EID Parry India Ltd. | 130,767 | 794,292 | |||||||||
EIH Ltd.(1) | 32,352 | 61,485 | |||||||||
Elecon Engineering Co. Ltd. | 60,707 | 289,364 | |||||||||
Electrosteel Castings Ltd. | 189,999 | 77,660 | |||||||||
Emami Ltd. | 181,366 | 875,657 |
28
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Endurance Technologies Ltd. | 8,816 | $ | 133,123 | ||||||||
Engineers India Ltd. | 349,432 | 301,397 | |||||||||
EPL Ltd. | 50,090 | 97,188 | |||||||||
Equitas Small Finance Bank Ltd.(1) | 372,120 | 321,851 | |||||||||
Eris Lifesciences Ltd. | 8,852 | 67,922 | |||||||||
Escorts Kubota Ltd. | 32,530 | 816,328 | |||||||||
Ester Industries Ltd. | 21,161 | 23,488 | |||||||||
Eveready Industries India Ltd.(1) | 17,861 | 68,091 | |||||||||
Everest Industries Ltd. | 9,022 | 79,126 | |||||||||
Everest Kanto Cylinder Ltd. | 14,324 | 13,137 | |||||||||
Excel Industries Ltd. | 2,396 | 26,444 | |||||||||
Exide Industries Ltd.(1) | 231,066 | 489,765 | |||||||||
FDC Ltd.(1) | 32,405 | 102,951 | |||||||||
Federal Bank Ltd. | 1,966,577 | 3,068,404 | |||||||||
FIEM Industries Ltd. | 2,287 | 42,844 | |||||||||
Filatex India Ltd. | 39,020 | 18,323 | |||||||||
Fine Organic Industries Ltd. | 1,757 | 98,247 | |||||||||
Finolex Cables Ltd. | 66,418 | 566,846 | |||||||||
Finolex Industries Ltd. | 295,683 | 604,136 | |||||||||
Firstsource Solutions Ltd. | 31,653 | 43,088 | |||||||||
Force Motors Ltd. | 5,809 | 84,802 | |||||||||
Fortis Healthcare Ltd.(1) | 6,563 | 21,207 | |||||||||
Future Consumer Ltd.(1) | 738,951 | 7,143 | |||||||||
Gabriel India Ltd. | 15,306 | 28,219 | |||||||||
GAIL India Ltd. | 818,469 | 1,016,013 | |||||||||
Galaxy Surfactants Ltd. | 2,255 | 64,491 | |||||||||
Ganesha Ecosphere Ltd. | 2,544 | 27,350 | |||||||||
Garden Reach Shipbuilders & Engineers Ltd. | 26,723 | 133,304 | |||||||||
Gateway Distriparks Ltd. | 127,972 | 91,348 | |||||||||
General Insurance Corp. of India | 46,922 | 82,604 | |||||||||
Genus Power Infrastructures Ltd. | 50,411 | 54,205 | |||||||||
Geojit Financial Services Ltd. | 18,976 | 10,151 | |||||||||
GHCL Ltd. | 140,919 | 876,438 | |||||||||
GIC Housing Finance Ltd. | 9,147 | 18,241 | |||||||||
GlaxoSmithKline Pharmaceuticals Ltd. | 15,492 | 250,312 | |||||||||
Glenmark Pharmaceuticals Ltd. | 199,164 | 1,032,351 | |||||||||
Globus Spirits Ltd. | 10,878 | 109,240 | |||||||||
GMM Pfaudler Ltd. | 17,511 | 345,488 | |||||||||
GMR Airports Infrastructure Ltd.(1) | 442,219 | 202,612 | |||||||||
Godawari Power & Ispat Ltd. | 41,518 | 171,551 | |||||||||
Godrej Agrovet Ltd. | 886 | 4,691 | |||||||||
Godrej Consumer Products Ltd.(1) | 21,348 | 238,333 | |||||||||
Godrej Properties Ltd.(1) | 16,079 | 213,824 | |||||||||
Gokaldas Exports Ltd.(1) | 19,364 | 90,001 | |||||||||
Goodluck India Ltd. | 7,850 | 39,187 | |||||||||
Granules India Ltd. | 124,750 | 422,414 | |||||||||
Graphite India Ltd. | 33,367 | 116,229 | |||||||||
Grasim Industries Ltd. | 135,152 | 2,578,074 | |||||||||
Great Eastern Shipping Co. Ltd. | 151,632 | 1,010,951 | |||||||||
Greaves Cotton Ltd. | 5,536 | 8,568 |
29
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Greenpanel Industries Ltd. | 36,834 | $ | 124,862 | ||||||||
Greenply Industries Ltd. | 47,311 | 77,552 | |||||||||
Gufic Biosciences Ltd. | 21,615 | 55,396 | |||||||||
Gujarat Alkalies & Chemicals Ltd. | 15,153 | 113,489 | |||||||||
Gujarat Ambuja Exports Ltd. | 73,656 | 203,099 | |||||||||
Gujarat Fluorochemicals Ltd. | 5,413 | 205,764 | |||||||||
Gujarat Gas Ltd. | 85,202 | 520,158 | |||||||||
Gujarat Industries Power Co. Ltd. | 24,476 | 22,947 | |||||||||
Gujarat Mineral Development Corp. Ltd. | 89,211 | 143,891 | |||||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 181,151 | 1,151,286 | |||||||||
Gujarat Pipavav Port Ltd. | 382,655 | 485,763 | |||||||||
Gujarat State Fertilizers & Chemicals Ltd. | 185,622 | 280,729 | |||||||||
Gujarat State Petronet Ltd. | 181,074 | 619,289 | |||||||||
Happiest Minds Technologies Ltd. | 7,577 | 78,354 | |||||||||
Hathway Cable & Datacom Ltd.(1) | 327,684 | 60,018 | |||||||||
Havells India Ltd. | 86,005 | 1,244,458 | |||||||||
HBL Power Systems Ltd. | 108,784 | 131,071 | |||||||||
HCL Technologies Ltd. | 505,048 | 6,576,454 | |||||||||
HDFC Asset Management Co. Ltd. | 12,935 | 282,947 | |||||||||
HDFC Life Insurance Co. Ltd. | 60,548 | 357,751 | |||||||||
HEG Ltd. | 11,608 | 135,068 | |||||||||
HeidelbergCement India Ltd. | 21,787 | 45,301 | |||||||||
Heritage Foods Ltd. | 4,758 | 8,248 | |||||||||
Hero MotoCorp Ltd. | 41,951 | 1,226,821 | |||||||||
HFCL Ltd. | 423,742 | 326,924 | |||||||||
HG Infra Engineering Ltd. | 10,845 | 93,789 | |||||||||
Hikal Ltd. | 45,507 | 162,532 | |||||||||
HIL Ltd. | 1,459 | 39,752 | |||||||||
Himadri Speciality Chemical Ltd., ADR | 305,481 | 308,215 | |||||||||
Himatsingka Seide Ltd. | 11,317 | 10,411 | |||||||||
Hindalco Industries Ltd. | 1,049,587 | 5,063,182 | |||||||||
Hinduja Global Solutions Ltd. | 6,962 | 109,776 | |||||||||
Hindustan Construction Co. Ltd.(1) | 303,293 | 51,308 | |||||||||
Hindustan Copper Ltd. | 204,873 | 240,778 | |||||||||
Hindustan Oil Exploration Co. Ltd.(1) | 16,740 | 27,932 | |||||||||
Hindustan Petroleum Corp. Ltd. | 540,092 | 1,407,105 | |||||||||
Hindustan Unilever Ltd. | 163,692 | 4,868,492 | |||||||||
Hindware Home Innovation Ltd.(1) | 12,944 | 57,581 | |||||||||
Housing Development Finance Corp. Ltd. | 431,974 | 13,617,674 | |||||||||
I G Petrochemicals Ltd. | 7,893 | 38,209 | |||||||||
ICICI Bank Ltd., ADR | 464,148 | 9,598,581 | |||||||||
ICICI Lombard General Insurance Co. Ltd. | 58,978 | 785,800 | |||||||||
ICICI Prudential Life Insurance Co. Ltd. | 62,871 | 310,639 | |||||||||
IDFC First Bank Ltd.(1) | 1,965,093 | 1,309,388 | |||||||||
IDFC Ltd. | 1,046,047 | 960,872 | |||||||||
IFB Industries Ltd.(1) | 1,596 | 15,896 | |||||||||
IFCI Ltd.(1) | 638,326 | 84,076 | |||||||||
IIFL Finance Ltd. | 162,425 | 841,119 | |||||||||
IIFL Securities Ltd. | 68,787 | 45,390 | |||||||||
India Cements Ltd. | 146,211 | 330,532 |
30
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
India Glycols Ltd. | 6,368 | $ | 44,821 | ||||||||
Indiabulls Housing Finance Ltd.(1) | 551,726 | 671,905 | |||||||||
Indiabulls Real Estate Ltd.(1) | 468,645 | 326,236 | |||||||||
IndiaMart InterMesh Ltd. | 12,120 | 710,240 | |||||||||
Indian Bank | 219,909 | 683,247 | |||||||||
Indian Energy Exchange Ltd. | 179,942 | 314,321 | |||||||||
Indian Hotels Co. Ltd. | 121,396 | 455,900 | |||||||||
Indian Metals & Ferro Alloys Ltd. | 12,770 | 48,156 | |||||||||
Indian Oil Corp. Ltd. | 1,388,448 | 1,277,418 | |||||||||
Indian Overseas Bank(1) | 35,971 | 10,564 | |||||||||
Indian Railway Catering & Tourism Corp. Ltd. | 84,463 | 621,664 | |||||||||
Indo Count Industries Ltd. | 24,311 | 37,919 | |||||||||
Indraprastha Medical Corp. Ltd. | 21,721 | 20,729 | |||||||||
Indus Towers Ltd. | 448,100 | 925,581 | |||||||||
Infibeam Avenues Ltd.(1) | 155,146 | 29,627 | |||||||||
Info Edge India Ltd. | 26,578 | 1,121,492 | |||||||||
Infosys Ltd., ADR | 1,126,132 | 20,202,808 | |||||||||
Inox Wind Ltd.(1) | 43,385 | 53,342 | |||||||||
Insecticides India Ltd. | 3,039 | 16,619 | |||||||||
Intellect Design Arena Ltd. | 40,071 | 217,859 | |||||||||
InterGlobe Aviation Ltd.(1) | 16,083 | 360,754 | |||||||||
IOL Chemicals & Pharmaceuticals Ltd. | 17,417 | 59,894 | |||||||||
ION Exchange India Ltd. | 1,727 | 70,328 | |||||||||
Ipca Laboratories Ltd. | 61,901 | 604,703 | |||||||||
IRB Infrastructure Developers Ltd. | 885,410 | 313,432 | |||||||||
IRCON International Ltd. | 515,508 | 322,211 | |||||||||
ISGEC Heavy Engineering Ltd. | 2,727 | 14,538 | |||||||||
ITD Cementation India Ltd. | 97,189 | 114,212 | |||||||||
J Kumar Infraprojects Ltd. | 48,725 | 145,791 | |||||||||
Jagran Prakashan Ltd. | 44,477 | 36,800 | |||||||||
Jai Corp. Ltd. | 112,864 | 160,701 | |||||||||
Jain Irrigation Systems Ltd.(1) | 283,475 | 91,285 | |||||||||
Jaiprakash Associates Ltd.(1) | 521,016 | 54,770 | |||||||||
Jaiprakash Power Ventures Ltd.(1) | 4,156,083 | 333,825 | |||||||||
Jammu & Kashmir Bank Ltd.(1) | 487,451 | 289,816 | |||||||||
Jamna Auto Industries Ltd. | 36,500 | 44,564 | |||||||||
JB Chemicals & Pharmaceuticals Ltd. | 4,634 | 108,617 | |||||||||
JBM Auto Ltd. | 13,780 | 95,567 | |||||||||
Jindal Poly Films Ltd. | 9,031 | 64,302 | |||||||||
Jindal Saw Ltd. | 75,959 | 137,798 | |||||||||
Jindal Stainless Hisar Ltd.(1) | 71,738 | 424,830 | |||||||||
Jindal Stainless Ltd.(1) | 222,595 | 718,824 | |||||||||
Jindal Steel & Power Ltd. | 440,656 | 2,927,048 | |||||||||
JK Cement Ltd. | 26,009 | 869,126 | |||||||||
JK Lakshmi Cement Ltd. | 105,550 | 857,907 | |||||||||
JK Paper Ltd. | 245,562 | 1,150,903 | |||||||||
JK Tyre & Industries Ltd. | 96,052 | 171,035 | |||||||||
JM Financial Ltd. | 719,112 | 567,342 | |||||||||
Johnson Controls-Hitachi Air Conditioning India Ltd.(1) | 497 | 6,960 | |||||||||
JSW Energy Ltd. | 101,564 | 288,172 |
31
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
JSW Steel Ltd. | 467,029 | $ | 3,769,353 | ||||||||
Jubilant Foodworks Ltd. | 132,601 | 706,200 | |||||||||
Jubilant Ingrevia Ltd. | 105,390 | 567,826 | |||||||||
Jubilant Pharmova Ltd. | 18,288 | 67,655 | |||||||||
Just Dial Ltd.(1) | 11,644 | 81,256 | |||||||||
Kajaria Ceramics Ltd. | 65,677 | 853,004 | |||||||||
Kalpataru Power Transmission Ltd. | 78,184 | 500,932 | |||||||||
Kalyani Steels Ltd. | 4,946 | 18,387 | |||||||||
Karnataka Bank Ltd. | 194,782 | 333,098 | |||||||||
Karur Vysya Bank Ltd. | 967,057 | 1,191,830 | |||||||||
Kaveri Seed Co. Ltd. | 17,663 | 110,222 | |||||||||
KCP Ltd. | 13,450 | 15,184 | |||||||||
KEC International Ltd. | 191,410 | 1,039,547 | |||||||||
KEI Industries Ltd. | 43,997 | 864,186 | |||||||||
Kellton Tech Solutions Ltd.(1) | 21,339 | 13,070 | |||||||||
Kennametal India Ltd. | 3,609 | 87,293 | |||||||||
Kiri Industries Ltd.(1) | 10,180 | 34,244 | |||||||||
Kirloskar Ferrous Industries Ltd. | 59,304 | 310,904 | |||||||||
Kirloskar Oil Engines Ltd. | 67,680 | 257,877 | |||||||||
Kitex Garments Ltd. | 19,681 | 33,595 | |||||||||
KNR Constructions Ltd. | 85,833 | 265,645 | |||||||||
Kolte-Patil Developers Ltd. | 28,083 | 91,337 | |||||||||
Kotak Mahindra Bank Ltd. | 165,933 | 3,466,986 | |||||||||
KPI Green Energy Ltd. | 17,288 | 90,630 | |||||||||
KPIT Technologies Ltd. | 130,385 | 1,306,816 | |||||||||
KPR Mill Ltd. | 41,092 | 285,728 | |||||||||
KRBL Ltd. | 85,035 | 348,309 | |||||||||
L&T Finance Holdings Ltd. | 915,474 | 966,243 | |||||||||
L&T Technology Services Ltd. | 5,165 | 229,955 | |||||||||
Larsen & Toubro Ltd. | 363,089 | 9,254,000 | |||||||||
Latent View Analytics Ltd.(1) | 8,244 | 34,473 | |||||||||
Laurus Labs Ltd. | 232,249 | 882,463 | |||||||||
LG Balakrishnan & Bros Ltd. | 27,195 | 222,055 | |||||||||
LIC Housing Finance Ltd. | 354,189 | 1,500,646 | |||||||||
Lincoln Pharmaceuticals Ltd. | 6,400 | 25,452 | |||||||||
Linde India Ltd. | 3,880 | 174,555 | |||||||||
LT Foods Ltd. | 310,337 | 362,266 | |||||||||
LTIMindtree Ltd. | 34,144 | 1,947,903 | |||||||||
Lupin Ltd. | 193,778 | 1,544,370 | |||||||||
LUX Industries Ltd.(1) | 805 | 12,386 | |||||||||
Mahanagar Gas Ltd. | 55,808 | 604,475 | |||||||||
Maharashtra Scooters Ltd. | 500 | 26,934 | |||||||||
Maharashtra Seamless Ltd. | 31,656 | 116,032 | |||||||||
Mahindra & Mahindra Financial Services Ltd. | 496,045 | 1,509,282 | |||||||||
Mahindra & Mahindra Ltd. | 425,199 | 6,523,847 | |||||||||
Mahindra CIE Automotive Ltd. | 32,508 | 166,684 | |||||||||
Mahindra Holidays & Resorts India Ltd.(1) | 7,144 | 23,616 | |||||||||
Mahindra Lifespace Developers Ltd. | 5,296 | 23,836 | |||||||||
Mahindra Logistics Ltd. | 28,609 | 128,035 | |||||||||
Maithan Alloys Ltd. | 5,265 | 57,623 |
32
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Man Infraconstruction Ltd. | 41,698 | $ | 39,248 | ||||||||
Manali Petrochemicals Ltd. | 80,005 | 65,312 | |||||||||
Manappuram Finance Ltd. | 723,445 | 897,899 | |||||||||
Mangalam Cement Ltd. | 7,000 | 22,012 | |||||||||
Marico Ltd.(1) | 188,350 | 1,119,796 | |||||||||
Marksans Pharma Ltd. | 149,431 | 121,887 | |||||||||
Maruti Suzuki India Ltd. | 21,523 | 2,243,043 | |||||||||
MAS Financial Services Ltd. | 10,285 | 101,354 | |||||||||
Mastek Ltd. | 4,905 | 97,700 | |||||||||
Max Financial Services Ltd.(1) | 62,786 | 525,508 | |||||||||
Max Healthcare Institute Ltd.(1) | 142,084 | 731,863 | |||||||||
Mayur Uniquoters Ltd. | 3,977 | 23,422 | |||||||||
Mazagon Dock Shipbuilders Ltd. | 14,877 | 129,389 | |||||||||
Meghmani Finechem Ltd. | 9,434 | 116,654 | |||||||||
Meghmani Organics Ltd. | 109,721 | 122,868 | |||||||||
Metropolis Healthcare Ltd. | 12,846 | 203,562 | |||||||||
Minda Corp. Ltd. | 25,905 | 60,388 | |||||||||
Mirza International Ltd.(1) | 31,525 | 105,442 | |||||||||
Mishra Dhatu Nigam Ltd. | 22,478 | 53,449 | |||||||||
MOIL Ltd. | 40,373 | 73,471 | |||||||||
Mold-Tek Packaging Ltd. | 2,551 | 29,461 | |||||||||
Motherson Sumi Wiring India Ltd. | 274,681 | 164,426 | |||||||||
Motilal Oswal Financial Services Ltd. | 28,303 | 205,317 | |||||||||
Mphasis Ltd. | 34,403 | 846,052 | |||||||||
MRF Ltd. | 1,055 | 1,087,318 | |||||||||
Mrs Bectors Food Specialities Ltd. | 11,952 | 72,357 | |||||||||
MSTC Ltd. | 10,973 | 35,914 | |||||||||
Multi Commodity Exchange of India Ltd. | 34,818 | 590,173 | |||||||||
Muthoot Finance Ltd. | 85,151 | 1,001,069 | |||||||||
Narayana Hrudayalaya Ltd. | 55,157 | 499,666 | |||||||||
Natco Pharma Ltd. | 30,624 | 199,169 | |||||||||
National Aluminium Co. Ltd. | 1,094,487 | 1,035,001 | |||||||||
National Fertilizers Ltd.(1) | 53,307 | 40,076 | |||||||||
Nava Ltd. | 83,969 | 234,536 | |||||||||
Navneet Education Ltd. | 18,910 | 22,635 | |||||||||
NBCC India Ltd. | 494,783 | 199,103 | |||||||||
NCC Ltd. | 1,218,752 | 1,310,855 | |||||||||
NCL Industries Ltd. | 7,144 | 14,611 | |||||||||
NELCO Ltd. | 10,660 | 74,142 | |||||||||
Neogen Chemicals Ltd. | 3,235 | 49,502 | |||||||||
NESCO Ltd. | 6,909 | 43,339 | |||||||||
Nestle India Ltd. | 10,408 | 2,349,153 | |||||||||
Neuland Laboratories Ltd. | 2,794 | 54,510 | |||||||||
New Delhi Television Ltd.(1) | 4,487 | 10,300 | |||||||||
Newgen Software Technologies Ltd. | 4,838 | 25,613 | |||||||||
NIIT Ltd.(1) | 47,453 | 182,059 | |||||||||
Nilkamal Ltd. | 800 | 17,203 | |||||||||
Nippon Life India Asset Management Ltd. | 105,129 | 281,317 | |||||||||
NLC India Ltd. | 136,872 | 130,383 | |||||||||
NOCIL Ltd. | 26,410 | 70,360 |
33
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
NTPC Ltd. | 2,579,992 | $ | 5,321,446 | ||||||||
Oberoi Realty Ltd. | 57,347 | 594,167 | |||||||||
Oil & Natural Gas Corp. Ltd. | 1,027,020 | 1,884,426 | |||||||||
Oil India Ltd. | 222,676 | 663,760 | |||||||||
Olectra Greentech Ltd. | 7,637 | 45,972 | |||||||||
OnMobile Global Ltd. | 15,331 | 12,552 | |||||||||
Oracle Financial Services Software Ltd. | 22,076 | 845,717 | |||||||||
Orient Cement Ltd. | 131,141 | 176,403 | |||||||||
Orient Electric Ltd. | 37,916 | 125,331 | |||||||||
Orient Paper & Industries Ltd. | 66,746 | 30,028 | |||||||||
Page Industries Ltd. | 1,721 | 789,901 | |||||||||
Paisalo Digital Ltd. | 80,425 | 57,600 | |||||||||
Panama Petrochem Ltd. | 12,000 | 43,122 | |||||||||
Parag Milk Foods Ltd.(1) | 18,882 | 17,926 | |||||||||
Patel Engineering Ltd.(1) | 77,852 | 12,796 | |||||||||
Patel Engineering Ltd.(1) | 38,926 | 6,404 | |||||||||
PC Jeweller Ltd.(1) | 57,549 | 18,836 | |||||||||
PCBL Ltd. | 189,016 | 271,461 | |||||||||
Persistent Systems Ltd. | 39,631 | 2,295,082 | |||||||||
Petronet LNG Ltd. | 690,088 | 1,855,647 | |||||||||
Phoenix Mills Ltd. | 5,274 | 88,187 | |||||||||
PI Industries Ltd. | 15,819 | 592,635 | |||||||||
Pidilite Industries Ltd. | 13,424 | 373,275 | |||||||||
Piramal Enterprises Ltd. | 36,638 | 341,196 | |||||||||
Piramal Pharma Ltd.(1) | 111,040 | 106,075 | |||||||||
PNB Gilts Ltd. | 22,203 | 16,026 | |||||||||
PNB Housing Finance Ltd.(1) | 65,869 | 475,460 | |||||||||
PNC Infratech Ltd. | 151,077 | 499,737 | |||||||||
Pokarna Ltd. | 6,924 | 24,061 | |||||||||
Poly Medicure Ltd. | 2,282 | 25,845 | |||||||||
Polycab India Ltd. | 8,365 | 311,519 | |||||||||
Polyplex Corp. Ltd. | 16,298 | 266,419 | |||||||||
Poonawalla Fincorp Ltd. | 59,543 | 207,940 | |||||||||
Power Finance Corp. Ltd. | 70,033 | 123,084 | |||||||||
Power Grid Corp. of India Ltd. | 1,468,237 | 3,944,134 | |||||||||
Power Mech Projects Ltd. | 5,758 | 140,929 | |||||||||
Praj Industries Ltd. | 164,604 | 698,420 | |||||||||
Prakash Industries Ltd.(1) | 19,502 | 12,761 | |||||||||
Prestige Estates Projects Ltd. | 68,690 | 337,025 | |||||||||
Pricol Ltd.(1) | 65,551 | 148,948 | |||||||||
Prince Pipes & Fittings Ltd. | 12,478 | 83,311 | |||||||||
Prism Johnson Ltd.(1) | 51,053 | 64,297 | |||||||||
Privi Speciality Chemicals Ltd. | 2,600 | 29,375 | |||||||||
Procter & Gamble Health Ltd. | 55 | 3,111 | |||||||||
PSP Projects Ltd. | 8,955 | 72,386 | |||||||||
PTC India Ltd. | 142,225 | 151,500 | |||||||||
PVR Ltd.(1) | 6,884 | 126,422 | |||||||||
Quess Corp. Ltd. | 50,647 | 216,403 | |||||||||
Radico Khaitan Ltd. | 29,161 | 409,278 | |||||||||
Rain Industries Ltd. | 3,155 | 5,852 |
34
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Rajesh Exports Ltd. | 19,058 | $ | 151,582 | ||||||||
Rallis India Ltd. | 30,724 | 72,982 | |||||||||
Ramco Cements Ltd. | 123,668 | 1,067,994 | |||||||||
Ramco Industries Ltd. | 7,096 | 11,565 | |||||||||
Ramkrishna Forgings Ltd. | 20,160 | 63,028 | |||||||||
Ramky Infrastructure Ltd.(1) | 7,149 | 24,040 | |||||||||
Rashtriya Chemicals & Fertilizers Ltd. | 271,263 | 319,695 | |||||||||
Raymond Ltd. | 53,837 | 826,726 | |||||||||
RBL Bank Ltd.(1) | 532,182 | 1,002,083 | |||||||||
REC Ltd. | 1,373,119 | 1,897,322 | |||||||||
Redington Ltd. | 782,819 | 1,611,805 | |||||||||
Reliance Industrial Infrastructure Ltd. | 1,798 | 17,425 | |||||||||
Reliance Industries Ltd., GDR | 400,237 | 22,246,318 | |||||||||
Reliance Infrastructure Ltd.(1) | 177,127 | 279,973 | |||||||||
Reliance Power Ltd.(1) | 3,661,480 | 433,815 | |||||||||
Repco Home Finance Ltd. | 40,942 | 96,351 | |||||||||
Restaurant Brands Asia Ltd.(1) | 30,857 | 34,836 | |||||||||
Rhi Magnesita India Ltd. | 18,440 | 142,826 | |||||||||
RITES Ltd. | 48,741 | 192,229 | |||||||||
Route Mobile Ltd. | 18,300 | 297,284 | |||||||||
RPG Life Sciences Ltd. | 5,620 | 58,178 | |||||||||
RSWM Ltd. | 8,000 | 15,218 | |||||||||
Rupa & Co. Ltd. | 8,000 | 19,808 | |||||||||
Sagar Cements Ltd. | 9,772 | 24,376 | |||||||||
Samvardhana Motherson International Ltd. | 1,341,247 | 1,291,180 | |||||||||
Sanghi Industries Ltd.(1) | 10,104 | 7,322 | |||||||||
Sanofi India Ltd. | 8,412 | 594,433 | |||||||||
Sarda Energy & Minerals Ltd. | 8,082 | 107,524 | |||||||||
Saregama India Ltd. | 220 | 879 | |||||||||
Satia Industries Ltd. | 20,542 | 28,428 | |||||||||
SBI Cards & Payment Services Ltd. | 74,934 | 679,759 | |||||||||
SBI Life Insurance Co. Ltd. | 40,013 | 542,058 | |||||||||
Schaeffler India Ltd. | 12,595 | 454,095 | |||||||||
Schneider Electric Infrastructure Ltd.(1) | 16,540 | 32,358 | |||||||||
SEAMEC Ltd.(1) | 1,917 | 13,454 | |||||||||
Sequent Scientific Ltd.(1) | 4,729 | 3,558 | |||||||||
SH Kelkar & Co. Ltd. | 10,925 | 14,975 | |||||||||
Shankara Building Products Ltd. | 4,974 | 41,603 | |||||||||
Sharda Cropchem Ltd. | 16,930 | 96,214 | |||||||||
Share India Securities Ltd. | 14,464 | 186,893 | |||||||||
Shilpa Medicare Ltd. | 9,817 | 30,538 | |||||||||
Shipping Corp. of India Ltd. | 153,814 | 222,449 | |||||||||
Shoppers Stop Ltd.(1) | 6,127 | 48,117 | |||||||||
Shree Cement Ltd. | 2,871 | 905,260 | |||||||||
Shree Digvijay Cement Co. Ltd. | 24,457 | 18,997 | |||||||||
Shree Renuka Sugars Ltd.(1) | 142,059 | 74,826 | |||||||||
Shriram Finance Ltd. | 235,011 | 3,417,279 | |||||||||
Siemens Ltd. | 8,514 | 334,168 | |||||||||
Siyaram Silk Mills Ltd. | 4,811 | 26,325 | |||||||||
SKF India Ltd. | 3,745 | 202,071 |
35
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Sobha Ltd. | 52,651 | $ | 366,622 | ||||||||
Solar Industries India Ltd. | 3,514 | 166,532 | |||||||||
SOM Distilleries & Breweries Ltd. | 31,249 | 43,288 | |||||||||
Somany Ceramics Ltd. | 5,124 | 33,344 | |||||||||
Sonata Software Ltd. | 89,690 | 787,487 | |||||||||
South Indian Bank Ltd.(1) | 1,335,753 | 270,413 | |||||||||
Southern Petrochemical Industries Corp. Ltd. | 114,672 | 80,340 | |||||||||
Spandana Sphoorty Financial Ltd.(1) | 16,835 | 117,576 | |||||||||
SRF Ltd. | 53,228 | 1,394,821 | |||||||||
Star Cement Ltd.(1) | 22,000 | 29,159 | |||||||||
State Bank of India, GDR | 69,546 | 4,361,180 | |||||||||
Sterling & Wilson Renewable(1) | 17,454 | 61,616 | |||||||||
Sterlite Technologies Ltd. | 54,881 | 105,198 | |||||||||
Strides Pharma Science Ltd.(1) | 38,507 | 139,437 | |||||||||
Sudarshan Chemical Industries Ltd. | 20,068 | 89,721 | |||||||||
Sumitomo Chemical India Ltd. | 29,259 | 158,255 | |||||||||
Sun Pharma Advanced Research Co. Ltd.(1) | 5,387 | 12,388 | |||||||||
Sun Pharmaceutical Industries Ltd. | 411,752 | 4,761,847 | |||||||||
Sun TV Network Ltd. | 79,075 | 409,799 | |||||||||
Sundaram Finance Ltd. | 5,399 | 149,309 | |||||||||
Sundram Fasteners Ltd. | 15,109 | 179,660 | |||||||||
Sunflag Iron & Steel Co. Ltd.(1) | 32,298 | 51,127 | |||||||||
Sunteck Realty Ltd. | 25,538 | 92,906 | |||||||||
Suprajit Engineering Ltd. | 30,007 | 128,064 | |||||||||
Supreme Industries Ltd. | 27,378 | 913,974 | |||||||||
Supreme Petrochem Ltd. | 28,578 | 128,468 | |||||||||
Surya Roshni Ltd. | 16,351 | 132,014 | |||||||||
Suven Pharmaceuticals Ltd. | 46,633 | 270,578 | |||||||||
Suzlon Energy Ltd.(1) | 537,185 | 53,219 | |||||||||
Suzlon Energy Ltd.(1) | 127,901 | 8,052 | |||||||||
Swaraj Engines Ltd. | 1,157 | 21,422 | |||||||||
Syngene International Ltd. | 64,385 | 451,999 | |||||||||
Tamil Nadu Newsprint & Papers Ltd. | 42,975 | 108,390 | |||||||||
Tamilnadu Petroproducts Ltd. | 58,751 | 56,202 | |||||||||
Tanla Platforms Ltd. | 78,588 | 640,970 | |||||||||
TARC Ltd.(1) | 108,216 | 47,492 | |||||||||
Tata Chemicals Ltd. | 99,305 | 1,170,148 | |||||||||
Tata Communications Ltd. | 65,780 | 961,038 | |||||||||
Tata Consultancy Services Ltd. | 231,675 | 9,275,341 | |||||||||
Tata Consumer Products Ltd. | 138,785 | 1,200,095 | |||||||||
Tata Elxsi Ltd. | 11,633 | 861,630 | |||||||||
Tata Investment Corp. Ltd. | 15,178 | 373,745 | |||||||||
Tata Metaliks Ltd. | 6,955 | 61,292 | |||||||||
Tata Motors Ltd.(1) | 832,975 | 4,231,579 | |||||||||
Tata Power Co. Ltd. | 625,483 | 1,531,572 | |||||||||
Tata Steel Long Products Ltd. | 8,116 | 60,064 | |||||||||
Tata Steel Ltd. | 5,428,831 | 6,827,662 | |||||||||
Tata Teleservices Maharashtra Ltd.(1) | 42,691 | 28,913 | |||||||||
TCI Express Ltd. | 4,850 | 92,627 | |||||||||
TeamLease Services Ltd.(1) | 2,705 | 82,197 |
36
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Tech Mahindra Ltd. | 381,757 | $ | 5,074,751 | ||||||||
Tejas Networks Ltd.(1) | 8,477 | 57,280 | |||||||||
Texmaco Rail & Engineering Ltd. | 136,529 | 72,852 | |||||||||
Thermax Ltd. | 21,660 | 563,691 | |||||||||
Thirumalai Chemicals Ltd. | 53,644 | 112,072 | |||||||||
Thomas Cook India Ltd.(1) | 31,992 | 24,161 | |||||||||
Thyrocare Technologies Ltd. | 7,067 | 38,586 | |||||||||
Tide Water Oil Co. India Ltd. | 3,215 | 35,637 | |||||||||
Time Technoplast Ltd. | 113,339 | 110,932 | |||||||||
Timken India Ltd. | 3,048 | 108,720 | |||||||||
Tinplate Co. of India Ltd. | 23,219 | 85,558 | |||||||||
Titagarh Wagons Ltd.(1) | 93,648 | 235,519 | |||||||||
Titan Co. Ltd. | 18,943 | 543,312 | |||||||||
Torrent Pharmaceuticals Ltd. | 54,827 | 967,435 | |||||||||
Torrent Power Ltd. | 95,683 | 585,643 | |||||||||
Transport Corp. of India Ltd. | 19,164 | 150,849 | |||||||||
Trent Ltd. | 17,197 | 265,700 | |||||||||
Trident Ltd. | 506,689 | 185,542 | |||||||||
Triveni Engineering & Industries Ltd. | 52,908 | 172,575 | |||||||||
Triveni Turbine Ltd. | 90,527 | 347,419 | |||||||||
TTK Prestige Ltd. | 4,706 | 43,061 | |||||||||
Tube Investments of India Ltd. | 38,876 | 1,303,089 | |||||||||
TV Today Network Ltd. | 12,283 | 31,075 | |||||||||
TV18 Broadcast Ltd.(1) | 343,357 | 132,314 | |||||||||
TVS Motor Co. Ltd. | 27,627 | 360,705 | |||||||||
Uflex Ltd. | 36,177 | 165,546 | |||||||||
Ujjivan Financial Services Ltd.(1) | 50,472 | 161,475 | |||||||||
Ujjivan Small Finance Bank Ltd.(1) | 250,175 | 81,172 | |||||||||
UltraTech Cement Ltd. | 36,407 | 3,195,016 | |||||||||
Unichem Laboratories Ltd. | 28,262 | 101,013 | |||||||||
United Spirits Ltd.(1) | 150,228 | 1,344,896 | |||||||||
UPL Ltd. | 145,898 | 1,224,119 | |||||||||
Usha Martin Ltd. | 59,005 | 125,178 | |||||||||
UTI Asset Management Co. Ltd. | 38,387 | 303,578 | |||||||||
VA Tech Wabag Ltd.(1) | 19,467 | 72,555 | |||||||||
Vaibhav Global Ltd. | 7,950 | 31,158 | |||||||||
Vakrangee Ltd. | 415,142 | 109,118 | |||||||||
Valiant Organics Ltd. | 6,994 | 34,109 | |||||||||
Vardhman Textiles Ltd.(1) | 65,800 | 244,832 | |||||||||
Varroc Engineering Ltd.(1) | 10,358 | 30,575 | |||||||||
Varun Beverages Ltd. | 58,057 | 912,710 | |||||||||
Vedanta Ltd. | 637,560 | 2,069,392 | |||||||||
Venky's India Ltd. | 3,565 | 69,073 | |||||||||
Vesuvius India Ltd. | 1,008 | 19,717 | |||||||||
V-Guard Industries Ltd. | 1,107 | 3,291 | |||||||||
Vidhi Specialty Food Ingredients Ltd. | 7,127 | 28,685 | |||||||||
Vinati Organics Ltd. | 4,973 | 113,297 | |||||||||
VIP Industries Ltd. | 4,143 | 31,942 | |||||||||
Visaka Industries Ltd. | 4,647 | 21,494 | |||||||||
Vishnu Chemicals Ltd. | 17,730 | 58,995 |
37
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Vodafone Idea Ltd.(1) | 1,680,095 | $ | 138,078 | ||||||||
Voltas Ltd. | 10,398 | 112,098 | |||||||||
VRL Logistics Ltd.(1) | 22,001 | 145,335 | |||||||||
VST Tillers Tractors Ltd. | 1,038 | 28,406 | |||||||||
Welspun Corp. Ltd. | 459,588 | 1,023,040 | |||||||||
Welspun Enterprises Ltd. | 54,312 | 80,746 | |||||||||
Welspun India Ltd. | 93,718 | 75,257 | |||||||||
West Coast Paper Mills Ltd. | 44,253 | 257,448 | |||||||||
Westlife Foodworld Ltd.(1) | 4,792 | 37,582 | |||||||||
Wipro Ltd., ADR | 353,839 | 1,652,428 | |||||||||
Wockhardt Ltd.(1) | 44,689 | 101,124 | |||||||||
Yes Bank Ltd.(1) | 7,887,337 | 1,663,677 | |||||||||
Zee Entertainment Enterprises Ltd. | 432,643 | 1,022,825 | |||||||||
Zee Media Corp. Ltd.(1) | 136,836 | 14,150 | |||||||||
Zen Technologies Ltd. | 3,428 | 10,916 | |||||||||
Zensar Technologies Ltd. | 56,416 | 197,874 | |||||||||
401,249,661 | |||||||||||
Indonesia — 2.3% | |||||||||||
ABM Investama Tbk PT | 394,000 | 72,836 | |||||||||
Ace Hardware Indonesia Tbk PT | 576,500 | 19,089 | |||||||||
Adaro Energy Indonesia Tbk PT | 11,938,100 | 2,338,944 | |||||||||
Adaro Minerals Indonesia Tbk PT(1) | 1,601,800 | 136,511 | |||||||||
Adhi Karya Persero Tbk PT(1) | 1,970,756 | 57,113 | |||||||||
Adi Sarana Armada Tbk PT(1) | 488,400 | 32,516 | |||||||||
AKR Corporindo Tbk PT | 14,287,400 | 1,296,740 | |||||||||
Alam Sutera Realty Tbk PT(1) | 486,000 | 5,131 | |||||||||
Aneka Tambang Tbk PT | 9,264,900 | 1,209,001 | |||||||||
Astra Agro Lestari Tbk PT | 220,200 | 119,856 | |||||||||
Astra International Tbk PT | 8,177,300 | 3,270,982 | |||||||||
Bank BTPN Syariah Tbk PT | 734,400 | 112,664 | |||||||||
Bank Bukopin Tbk PT(1) | 3,742,897 | 29,208 | |||||||||
Bank Central Asia Tbk PT | 8,596,700 | 4,930,540 | |||||||||
Bank Mandiri Persero Tbk PT | 9,444,000 | 6,191,016 | |||||||||
Bank Negara Indonesia Persero Tbk PT | 3,171,100 | 1,823,783 | |||||||||
Bank Pan Indonesia Tbk PT | 1,152,900 | 109,226 | |||||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 833,874 | 72,172 | |||||||||
Bank Pembangunan Daerah Jawa Timur Tbk PT | 862,000 | 41,823 | |||||||||
Bank Rakyat Indonesia Persero Tbk PT | 15,322,918 | 4,689,815 | |||||||||
Bank Syariah Indonesia Tbk PT | 174,291 | 17,370 | |||||||||
Bank Tabungan Negara Persero Tbk PT | 4,459,083 | 387,330 | |||||||||
Barito Pacific Tbk PT | 960,625 | 58,889 | |||||||||
BFI Finance Indonesia Tbk PT | 2,683,700 | 240,167 | |||||||||
Buana Lintas Lautan Tbk PT(1) | 4,340,500 | 37,848 | |||||||||
Bukit Asam Tbk PT | 4,977,500 | 1,259,504 | |||||||||
Bumi Resources Tbk PT(1) | 452,000 | 4,031 | |||||||||
Bumi Serpong Damai Tbk PT(1) | 2,881,900 | 187,004 | |||||||||
Charoen Pokphand Indonesia Tbk PT | 3,488,000 | 1,229,248 | |||||||||
Ciputra Development Tbk PT | 18,043,600 | 1,171,248 | |||||||||
Delta Dunia Makmur Tbk PT | 4,766,600 | 95,613 | |||||||||
Dharma Satya Nusantara Tbk PT | 1,939,500 | 84,565 |
38
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Elnusa Tbk PT | 1,459,800 | $ | 29,423 | ||||||||
Erajaya Swasembada Tbk PT | 3,010,100 | 101,625 | |||||||||
Gajah Tunggal Tbk PT(1) | 531,100 | 21,767 | |||||||||
Global Mediacom Tbk PT(1) | 3,187,200 | 59,762 | |||||||||
Hanson International Tbk PT(1) | 1,531,500 | 5,021 | |||||||||
Harum Energy Tbk PT | 1,382,500 | 147,704 | |||||||||
Hexindo Adiperkasa Tbk PT | 87,800 | 30,082 | |||||||||
Indah Kiat Pulp & Paper Tbk PT | 2,246,500 | 1,166,987 | |||||||||
Indika Energy Tbk PT | 2,701,500 | 407,276 | |||||||||
Indo Tambangraya Megah Tbk PT | 484,600 | 1,181,247 | |||||||||
Indocement Tunggal Prakarsa Tbk PT | 634,500 | 462,751 | |||||||||
Indofood CBP Sukses Makmur Tbk PT | 236,100 | 156,790 | |||||||||
Indofood Sukses Makmur Tbk PT | 985,400 | 418,360 | |||||||||
Indomobil Sukses Internasional Tbk PT | 19,800 | 1,351 | |||||||||
Indosat Tbk PT | 514,600 | 230,245 | |||||||||
Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 1,569,030 | 90,537 | |||||||||
Integra Indocabinet Tbk PT | 481,500 | 12,687 | |||||||||
Japfa Comfeed Indonesia Tbk PT | 3,234,400 | 285,216 | |||||||||
Jasa Marga Persero Tbk PT(1) | 1,587,400 | 338,269 | |||||||||
Kalbe Farma Tbk PT | 10,994,600 | 1,520,943 | |||||||||
Kino Indonesia Tbk PT | 52,400 | 5,771 | |||||||||
Lippo Karawaci Tbk PT(1) | 5,989,600 | 31,811 | |||||||||
Matahari Department Store Tbk PT | 1,171,600 | 397,542 | |||||||||
Matahari Putra Prima Tbk PT(1) | 1,186,000 | 9,716 | |||||||||
Medco Energi Internasional Tbk PT | 14,608,620 | 1,096,113 | |||||||||
Media Nusantara Citra Tbk PT(1) | 3,635,900 | 154,920 | |||||||||
Medikaloka Hermina Tbk PT | 4,615,600 | 451,002 | |||||||||
Merdeka Copper Gold Tbk PT(1) | 2,336,058 | 695,346 | |||||||||
Mitra Adiperkasa Tbk PT(1) | 16,896,600 | 1,673,049 | |||||||||
Mitra Keluarga Karyasehat Tbk PT | 3,264,900 | 640,156 | |||||||||
Mitra Pinasthika Mustika Tbk PT | 309,400 | 25,362 | |||||||||
MNC Digital Entertainment Tbk PT(1) | 434,500 | 127,031 | |||||||||
MNC Kapital Indonesia Tbk PT(1) | 6,385,800 | 27,637 | |||||||||
MNC Vision Networks Tbk PT(1) | 5,403,500 | 19,137 | |||||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 2,320,000 | 1,064,730 | |||||||||
Pacific Strategic Financial Tbk PT(1) | 828,800 | 61,141 | |||||||||
Pakuwon Jati Tbk PT | 3,204,800 | 97,104 | |||||||||
Panin Financial Tbk PT | 8,246,600 | 215,218 | |||||||||
Perusahaan Gas Negara Tbk PT | 11,418,900 | 1,171,349 | |||||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 1,913,200 | 133,612 | |||||||||
PP Persero Tbk PT(1) | 1,481,700 | 62,160 | |||||||||
Puradelta Lestari Tbk PT | 976,100 | 10,623 | |||||||||
Ramayana Lestari Sentosa Tbk PT | 547,700 | 23,883 | |||||||||
Salim Ivomas Pratama Tbk PT | 183,800 | 5,134 | |||||||||
Samator Indo Gas Tbk PT | 536,000 | 73,811 | |||||||||
Samudera Indonesia Tbk PT | 3,623,000 | 99,302 | |||||||||
Sarana Menara Nusantara Tbk PT | 17,544,300 | 1,207,762 | |||||||||
Sawit Sumbermas Sarana Tbk PT | 958,500 | 102,153 | |||||||||
Semen Indonesia Persero Tbk PT | 2,851,818 | 1,350,792 | |||||||||
Sentul City Tbk PT(1) | 1,197,800 | 3,926 |
39
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Siloam International Hospitals Tbk PT | 9,600 | $ | 825 | ||||||||
Smartfren Telecom Tbk PT(1) | 39,123,800 | 171,839 | |||||||||
Sri Rejeki Isman Tbk PT(1) | 918,200 | 8,791 | |||||||||
Sumber Alfaria Trijaya Tbk PT | 7,751,200 | 1,474,059 | |||||||||
Summarecon Agung Tbk PT | 3,257,178 | 129,168 | |||||||||
Surya Citra Media Tbk PT | 3,277,000 | 46,421 | |||||||||
Surya Esa Perkasa Tbk PT | 4,989,600 | 350,105 | |||||||||
Surya Semesta Internusa Tbk PT(1) | 423,900 | 11,620 | |||||||||
Telkom Indonesia Persero Tbk PT, ADR(2) | 193,094 | 4,974,101 | |||||||||
Temas Tbk PT | 475,200 | 104,109 | |||||||||
Timah Tbk PT | 1,423,400 | 111,083 | |||||||||
Tower Bersama Infrastructure Tbk PT | 5,493,800 | 752,845 | |||||||||
Transcoal Pacific Tbk PT | 87,900 | 51,160 | |||||||||
Tunas Baru Lampung Tbk PT | 339,100 | 15,672 | |||||||||
Unilever Indonesia Tbk PT | 3,607,100 | 988,395 | |||||||||
United Tractors Tbk PT | 1,286,600 | 2,353,257 | |||||||||
Vale Indonesia Tbk PT(1) | 948,900 | 424,461 | |||||||||
Waskita Beton Precast Tbk PT(1) | 238,300 | 1,484 | |||||||||
Waskita Karya Persero Tbk PT(1) | 3,601,745 | 82,191 | |||||||||
Wijaya Karya Persero Tbk PT(1) | 2,888,700 | 119,298 | |||||||||
Wintermar Offshore Marine Tbk PT(1) | 860,000 | 15,339 | |||||||||
XL Axiata Tbk PT | 2,999,828 | 411,066 | |||||||||
61,634,408 | |||||||||||
Malaysia — 1.7% | |||||||||||
7-Eleven Malaysia Holdings Bhd, Class B | 21,600 | 8,957 | |||||||||
Aeon Co. M Bhd | 267,700 | 81,122 | |||||||||
AEON Credit Service M Bhd | 4,800 | 12,833 | |||||||||
AGMO Holdings Bhd(1) | 7,140 | 1,137 | |||||||||
Alliance Bank Malaysia Bhd | 1,250,700 | 969,781 | |||||||||
AMMB Holdings Bhd | 1,716,300 | 1,533,268 | |||||||||
Ancom Nylex Bhd(1) | 528,100 | 137,649 | |||||||||
Ann Joo Resources Bhd | 103,300 | 26,470 | |||||||||
Astro Malaysia Holdings Bhd(2) | 96,000 | 12,835 | |||||||||
ATA IMS Bhd(1) | 11,300 | 805 | |||||||||
Axiata Group Bhd | 517,300 | 365,349 | |||||||||
Bank Islam Malaysia Bhd | 300,200 | 151,854 | |||||||||
Berjaya Corp. Bhd(1) | 2,966,168 | 204,905 | |||||||||
Berjaya Food Bhd | 67,800 | 15,106 | |||||||||
Berjaya Land Bhd(1) | 2,900 | 181 | |||||||||
Bermaz Auto Bhd(2) | 865,000 | 414,314 | |||||||||
Boustead Holdings Bhd | 572,700 | 79,769 | |||||||||
Boustead Plantations Bhd | 491,100 | 78,241 | |||||||||
Bumi Armada Bhd(1) | 4,527,700 | 583,543 | |||||||||
Bursa Malaysia Bhd | 355,700 | 523,139 | |||||||||
Cahya Mata Sarawak Bhd | 930,100 | 244,503 | |||||||||
Capital A Bhd(1) | 140,600 | 21,617 | |||||||||
Carlsberg Brewery Malaysia Bhd | 24,500 | 125,332 | |||||||||
Chin Hin Group Bhd(2) | 82,400 | 72,691 | |||||||||
CIMB Group Holdings Bhd | 2,602,898 | 3,253,968 | |||||||||
CSC Steel Holdings Bhd | 75,000 | 19,047 |
40
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
CTOS Digital Bhd | 109,100 | $ | 35,002 | ||||||||
Cypark Resources Bhd(1) | 325,300 | 73,184 | |||||||||
D&O Green Technologies Bhd | 80,000 | 80,518 | |||||||||
Dagang NeXchange Bhd(2) | 1,893,300 | 255,113 | |||||||||
Dayang Enterprise Holdings Bhd | 221,220 | 69,319 | |||||||||
Dialog Group Bhd | 392,200 | 196,672 | |||||||||
DiGi.Com Bhd | 908,700 | 870,517 | |||||||||
DRB-Hicom Bhd | 454,200 | 143,711 | |||||||||
Dufu Technology Corp. Bhd | 13,600 | 6,362 | |||||||||
Duopharma Biotech Bhd | 10,630 | 3,909 | |||||||||
Eco World Development Group Bhd | 601,900 | 91,202 | |||||||||
Eco World International Bhd(1) | 194,300 | 18,180 | |||||||||
Ekovest Bhd(1) | 1,272,500 | 103,494 | |||||||||
Evergreen Fibreboard Bhd | 239,000 | 16,509 | |||||||||
Formosa Prosonic Industries Bhd | 28,500 | 19,052 | |||||||||
Fraser & Neave Holdings Bhd | 18,300 | 112,130 | |||||||||
Frontken Corp. Bhd | 503,950 | 351,359 | |||||||||
Gamuda Bhd(2) | 1,618,773 | 1,514,792 | |||||||||
Genting Bhd | 1,158,000 | 1,202,314 | |||||||||
Genting Malaysia Bhd | 991,700 | 596,569 | |||||||||
Genting Plantations Bhd | 105,000 | 140,852 | |||||||||
Globetronics Technology Bhd | 102,800 | 24,971 | |||||||||
Greatech Technology Bhd(1) | 94,500 | 105,242 | |||||||||
HAP Seng Consolidated Bhd | 65,700 | 89,288 | |||||||||
Hap Seng Plantations Holdings Bhd | 58,900 | 24,940 | |||||||||
Hartalega Holdings Bhd(2) | 999,800 | 327,457 | |||||||||
Heineken Malaysia Bhd | 65,000 | 414,457 | |||||||||
Hengyuan Refining Co. Bhd | 211,100 | 159,867 | |||||||||
Hextar Global Bhd | 169,220 | 84,073 | |||||||||
Hextar Healthcare Bhd(1) | 196,500 | 12,480 | |||||||||
Hiap Teck Venture Bhd | 691,900 | 44,695 | |||||||||
Hibiscus Petroleum Bhd | 2,674,800 | 633,820 | |||||||||
Hong Leong Bank Bhd | 126,100 | 577,161 | |||||||||
Hong Leong Capital Bhd | 24,300 | 32,648 | |||||||||
Hong Leong Financial Group Bhd | 68,400 | 277,692 | |||||||||
Hong Seng Consolidated Bhd(1) | 180,800 | 5,235 | |||||||||
Hup Seng Industries Bhd | 9,000 | 1,504 | |||||||||
IHH Healthcare Bhd | 254,600 | 328,464 | |||||||||
IJM Corp. Bhd | 1,365,600 | 489,905 | |||||||||
Inari Amertron Bhd | 905,500 | 494,020 | |||||||||
Innoprise Plantations Bhd | 67,500 | 21,955 | |||||||||
IOI Corp. Bhd | 529,000 | 451,485 | |||||||||
IOI Properties Group Bhd | 130,000 | 32,454 | |||||||||
Jaya Tiasa Holdings Bhd | 590,500 | 86,170 | |||||||||
KNM Group Bhd(1) | 595,500 | 6,619 | |||||||||
Kossan Rubber Industries Bhd | 1,045,800 | 253,960 | |||||||||
KPJ Healthcare Bhd | 463,100 | 108,365 | |||||||||
Kuala Lumpur Kepong Bhd | 115,000 | 532,870 | |||||||||
Kumpulan Perangsang Selangor Bhd | 6,000 | 949 | |||||||||
Leong Hup International Bhd(1) | 10,100 | 1,114 |
41
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Lotte Chemical Titan Holding Bhd | 179,600 | $ | 55,235 | ||||||||
Mah Sing Group Bhd | 235,900 | 31,794 | |||||||||
Malakoff Corp. Bhd | 157,200 | 23,638 | |||||||||
Malayan Banking Bhd | 1,486,410 | 2,914,705 | |||||||||
Malayan Flour Mills Bhd | 212,300 | 38,553 | |||||||||
Malaysia Airports Holdings Bhd(1) | 178,300 | 269,806 | |||||||||
Malaysia Building Society Bhd(1) | 1,018,892 | 137,337 | |||||||||
Malaysia Marine & Heavy Engineering Holdings Bhd | 10,900 | 1,600 | |||||||||
Malaysia Smelting Corp. Bhd | 135,200 | 61,800 | |||||||||
Malaysian Bulk Carriers Bhd | 163,800 | 13,136 | |||||||||
Malaysian Pacific Industries Bhd(2) | 56,400 | 375,970 | |||||||||
Malaysian Resources Corp. Bhd | 1,138,700 | 78,646 | |||||||||
Matrix Concepts Holdings Bhd | 116,100 | 38,543 | |||||||||
Maxis Bhd(2) | 766,700 | 667,912 | |||||||||
Media Prima Bhd | 407,400 | 37,669 | |||||||||
Mega First Corp. Bhd | 26,400 | 21,688 | |||||||||
MISC Bhd | 624,800 | 1,052,153 | |||||||||
MNRB Holdings Bhd | 10,700 | 2,325 | |||||||||
MR DIY Group M Bhd | 78,800 | 29,842 | |||||||||
Muda Holdings Bhd | 27,400 | 10,924 | |||||||||
My EG Services Bhd | 767,817 | 123,154 | |||||||||
Nestle Malaysia Bhd | 21,300 | 641,331 | |||||||||
OSK Holdings Bhd | 20,000 | 4,545 | |||||||||
Padini Holdings Bhd | 3,200 | 2,781 | |||||||||
Pantech Group Holdings Bhd | 203,100 | 33,694 | |||||||||
PESTECH International Bhd(1) | 186,625 | 9,982 | |||||||||
Petron Malaysia Refining & Marketing Bhd | 26,800 | 26,048 | |||||||||
Petronas Chemicals Group Bhd | 841,400 | 1,342,201 | |||||||||
Petronas Dagangan Bhd | 41,400 | 194,020 | |||||||||
Petronas Gas Bhd | 245,900 | 912,784 | |||||||||
Pos Malaysia Bhd(1) | 5,700 | 743 | |||||||||
Power Root Bhd | 5,800 | 2,844 | |||||||||
PPB Group Bhd | 161,300 | 628,910 | |||||||||
Press Metal Aluminium Holdings Bhd | 652,700 | 750,266 | |||||||||
Public Bank Bhd | 3,455,500 | 3,180,123 | |||||||||
QL Resources Bhd | 319,600 | 413,851 | |||||||||
Ranhill Utilities Bhd | 299 | 31 | |||||||||
RHB Bank Bhd | 1,024,346 | 1,296,495 | |||||||||
Sam Engineering & Equipment M Bhd | 50,800 | 52,963 | |||||||||
Sarawak Oil Palms Bhd | 168,750 | 99,267 | |||||||||
Sarawak Plantation Bhd | 45,200 | 21,454 | |||||||||
Scientex Bhd | 194,100 | 156,563 | |||||||||
SEG International Bhd | 12,300 | 1,781 | |||||||||
Shin Yang Shipping Corp. Bhd | 489,500 | 71,441 | |||||||||
Sime Darby Bhd | 1,383,700 | 699,945 | |||||||||
Sime Darby Plantation Bhd | 908,257 | 856,420 | |||||||||
Sime Darby Property Bhd | 367,700 | 39,325 | |||||||||
SKP Resources Bhd | 118,000 | 35,224 | |||||||||
Solarvest Holdings Bhd(1) | 124,300 | 25,618 | |||||||||
SP Setia Bhd Group | 718,100 | 99,164 |
42
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Sports Toto Bhd | 61,817 | $ | 20,940 | ||||||||
Sunway Bhd | 566,148 | 205,599 | |||||||||
Sunway Construction Group Bhd | 55,900 | 20,802 | |||||||||
Supermax Corp. Bhd | 2,150,222 | 361,685 | |||||||||
Syarikat Takaful Malaysia Keluarga Bhd | 79,874 | 58,917 | |||||||||
Ta Ann Holdings Bhd | 165,600 | 123,274 | |||||||||
TASCO Bhd | 91,000 | 18,349 | |||||||||
TDM Bhd | 278,600 | 10,866 | |||||||||
Telekom Malaysia Bhd | 722,100 | 809,383 | |||||||||
Tenaga Nasional Bhd | 1,113,800 | 2,325,793 | |||||||||
Thong Guan Industries Bhd | 44,400 | 22,751 | |||||||||
TIME dotCom Bhd(2) | 752,200 | 896,692 | |||||||||
Tiong NAM Logistics Holdings(1) | 95,600 | 16,176 | |||||||||
Top Glove Corp. Bhd(1)(2) | 2,797,100 | 470,488 | |||||||||
Tropicana Corp. Bhd(1) | 20,482 | 6,479 | |||||||||
TSH Resources Bhd | 663,500 | 152,298 | |||||||||
Uchi Technologies Bhd | 42,900 | 30,968 | |||||||||
UEM Sunrise Bhd(1) | 792,400 | 45,879 | |||||||||
UMW Holdings Bhd | 149,300 | 129,722 | |||||||||
Unisem M Bhd | 234,800 | 154,762 | |||||||||
United Plantations Bhd | 72,200 | 265,467 | |||||||||
UOA Development Bhd | 1,700 | 633 | |||||||||
UWC Bhd | 43,100 | 38,437 | |||||||||
Velesto Energy Bhd(1) | 5,761,700 | 244,025 | |||||||||
ViTrox Corp. Bhd | 6,000 | 10,692 | |||||||||
VS Industry Bhd(2) | 949,200 | 185,979 | |||||||||
Wah Seong Corp. Bhd(1) | 136,000 | 26,353 | |||||||||
Westports Holdings Bhd | 222,600 | 183,538 | |||||||||
Yinson Holdings Bhd | 1,289,400 | 776,302 | |||||||||
YTL Corp. Bhd | 775,813 | 97,659 | |||||||||
45,760,188 | |||||||||||
Mexico — 3.0% | |||||||||||
Alfa SAB de CV, Class A | 3,284,597 | 2,154,246 | |||||||||
Alpek SAB de CV | 35,137 | 42,883 | |||||||||
Alsea SAB de CV(1) | 717,731 | 1,588,725 | |||||||||
America Movil SAB de CV, Class L, ADR | 435,931 | 8,971,460 | |||||||||
Arca Continental SAB de CV | 163,957 | 1,388,704 | |||||||||
Banco del Bajio SA(2) | 1,020,349 | 3,898,702 | |||||||||
Becle SAB de CV(2) | 38,227 | 92,723 | |||||||||
Bolsa Mexicana de Valores SAB de CV | 117,102 | 228,297 | |||||||||
Cemex SAB de CV, ADR(1) | 124,001 | 617,525 | |||||||||
Coca-Cola Femsa SAB de CV | 316,294 | 2,286,050 | |||||||||
Consorcio ARA SAB de CV | 34,198 | 7,402 | |||||||||
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1) | 77,983 | 913,961 | |||||||||
Corp. Inmobiliaria Vesta SAB de CV | 595,835 | 1,725,647 | |||||||||
El Puerto de Liverpool SAB de CV, Class C1(2) | 7,605 | 46,212 | |||||||||
Fomento Economico Mexicano SAB de CV, ADR | 51,581 | 4,741,326 | |||||||||
GCC SAB de CV | 77,732 | 613,478 | |||||||||
Genomma Lab Internacional SAB de CV, Class B | 1,212,527 | 974,846 | |||||||||
Gentera SAB de CV | 1,894,964 | 2,053,788 |
43
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Gruma SAB de CV, B Shares | 191,401 | $ | 2,819,154 | ||||||||
Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 39,655 | 3,092,694 | |||||||||
Grupo Aeroportuario del Pacifico SAB de CV, ADR | 19,396 | 3,686,792 | |||||||||
Grupo Aeroportuario del Sureste SAB de CV, ADR | 6,795 | 1,944,593 | |||||||||
Grupo Bimbo SAB de CV, Series A | 383,995 | 1,830,726 | |||||||||
Grupo Carso SAB de CV, Series A1 | 86,788 | 416,045 | |||||||||
Grupo Comercial Chedraui SA de CV | 282,284 | 1,434,832 | |||||||||
Grupo Financiero Banorte SAB de CV, Class O | 1,201,635 | 10,171,849 | |||||||||
Grupo Financiero Inbursa SAB de CV, Class O(1) | 1,038,643 | 2,170,782 | |||||||||
Grupo GICSA SAB de CV(1) | 21,090 | 2,213 | |||||||||
Grupo Industrial Saltillo SAB de CV(2) | 26,514 | 41,300 | |||||||||
Grupo Mexico SAB de CV, Series B | 1,033,260 | 4,647,171 | |||||||||
Grupo Rotoplas SAB de CV(1) | 4,698 | 7,662 | |||||||||
Grupo Televisa SAB, ADR | 395,969 | 1,964,006 | |||||||||
Grupo Traxion SAB de CV(1)(2) | 33,232 | 62,045 | |||||||||
Hoteles City Express SAB de CV(1) | 9,494 | 4,359 | |||||||||
Industrias Penoles SAB de CV(1) | 129,078 | 1,544,365 | |||||||||
Kimberly-Clark de Mexico SAB de CV, A Shares(2) | 395,253 | 790,657 | |||||||||
La Comer SAB de CV(2) | 170,365 | 376,178 | |||||||||
Megacable Holdings SAB de CV(2) | 358,749 | 922,142 | |||||||||
Nemak SAB de CV(1) | 2,561,312 | 649,550 | |||||||||
Orbia Advance Corp. SAB de CV | 691,313 | 1,436,166 | |||||||||
Promotora y Operadora de Infraestructura SAB de CV | 78,725 | 767,866 | |||||||||
Qualitas Controladora SAB de CV(2) | 180,724 | 1,124,160 | |||||||||
Regional SAB de CV | 69,310 | 575,042 | |||||||||
Sitios Latinoamerica SAB de CV(1)(2) | 292,485 | 118,295 | |||||||||
Wal-Mart de Mexico SAB de CV | 792,967 | 3,124,801 | |||||||||
78,071,420 | |||||||||||
Peru — 0.3% | |||||||||||
Cia de Minas Buenaventura SAA, ADR | 304,337 | 2,306,874 | |||||||||
Credicorp Ltd. | 30,344 | 3,866,433 | |||||||||
Intercorp Financial Services, Inc. | 26,506 | 631,638 | |||||||||
Southern Copper Corp. | 24,765 | 1,824,933 | |||||||||
8,629,878 | |||||||||||
Philippines — 0.9% | |||||||||||
Aboitiz Equity Ventures, Inc. | 1,197,280 | 1,167,841 | |||||||||
Aboitiz Power Corp. | 60,500 | 41,366 | |||||||||
ACEN Corp. | 1,249,820 | 143,019 | |||||||||
Alliance Global Group, Inc. | 1,108,600 | 251,828 | |||||||||
Ayala Corp. | 93,820 | 1,057,782 | |||||||||
Ayala Land, Inc. | 1,916,800 | 985,243 | |||||||||
Ayalaland Logistics Holdings Corp.(1) | 28,000 | 1,507 | |||||||||
Bank of the Philippine Islands | 731,470 | 1,450,435 | |||||||||
BDO Unibank, Inc. | 937,648 | 2,088,304 | |||||||||
Cebu Air, Inc.(1) | 19,350 | 14,673 | |||||||||
Century Pacific Food, Inc. | 256,200 | 121,498 | |||||||||
Converge Information & Communications Technology Solutions, Inc.(1) | 1,081,300 | 317,260 | |||||||||
Cosco Capital, Inc. | 227,200 | 17,120 | |||||||||
DITO CME Holdings Corp.(1) | 425,200 | 24,408 | |||||||||
DMCI Holdings, Inc. | 6,596,700 | 1,256,847 |
44
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
East West Banking Corp. | 65,600 | $ | 8,650 | ||||||||
Filinvest Land, Inc. | 519,000 | 7,593 | |||||||||
Ginebra San Miguel, Inc. | 7,600 | 16,403 | |||||||||
Global Ferronickel Holdings, Inc. | 757,000 | 32,802 | |||||||||
Globe Telecom, Inc. | 20,439 | 654,879 | |||||||||
GT Capital Holdings, Inc. | 68,830 | 645,005 | |||||||||
International Container Terminal Services, Inc. | 379,180 | 1,367,843 | |||||||||
JG Summit Holdings, Inc. | 992,994 | 883,299 | |||||||||
Jollibee Foods Corp. | 271,960 | 1,178,491 | |||||||||
LT Group, Inc. | 183,600 | 34,806 | |||||||||
Manila Electric Co. | 67,580 | 387,961 | |||||||||
Manila Water Co., Inc. | 265,100 | 90,942 | |||||||||
Max's Group, Inc.(1) | 15,000 | 1,394 | |||||||||
Megaworld Corp. | 3,128,800 | 114,119 | |||||||||
Metro Pacific Investments Corp. | 10,666,000 | 785,987 | |||||||||
Metropolitan Bank & Trust Co. | 1,759,860 | 1,848,665 | |||||||||
Monde Nissin Corp. | 1,220,500 | 265,752 | |||||||||
Nickel Asia Corp. | 1,572,800 | 199,689 | |||||||||
Petron Corp.(1) | 137,700 | 6,264 | |||||||||
Pilipinas Shell Petroleum Corp. | 7,000 | 2,148 | |||||||||
PLDT, Inc., ADR(2) | 41,958 | 983,915 | |||||||||
Puregold Price Club, Inc. | 525,000 | 298,814 | |||||||||
Robinsons Land Corp. | 850,300 | 231,163 | |||||||||
Robinsons Retail Holdings, Inc. | 128,010 | 125,727 | |||||||||
Security Bank Corp. | 592,520 | 1,099,439 | |||||||||
Semirara Mining & Power Corp. | 782,800 | 423,802 | |||||||||
SM Investments Corp. | 58,695 | 902,295 | |||||||||
SM Prime Holdings, Inc. | 1,704,600 | 1,047,700 | |||||||||
Universal Robina Corp. | 395,250 | 974,667 | |||||||||
Vista Land & Lifescapes, Inc. | 266,100 | 8,645 | |||||||||
Wilcon Depot, Inc. | 279,300 | 159,302 | |||||||||
23,727,292 | |||||||||||
Poland — 0.9% | |||||||||||
Alior Bank SA(1) | 132,433 | 1,205,748 | |||||||||
Allegro.eu SA(1) | 103,912 | 677,286 | |||||||||
AmRest Holdings SE(1) | 9,743 | 45,573 | |||||||||
Asseco Poland SA | 7,498 | 134,463 | |||||||||
Bank Handlowy w Warszawie SA | 1,500 | 28,131 | |||||||||
Bank Millennium SA(1) | 496,311 | 504,661 | |||||||||
Bank Polska Kasa Opieki SA | 76,025 | 1,529,864 | |||||||||
Budimex SA | 2,583 | 163,399 | |||||||||
CCC SA(1) | 20,429 | 162,386 | |||||||||
CD Projekt SA | 40,768 | 1,212,848 | |||||||||
Ciech SA | 8,081 | 94,174 | |||||||||
Cyfrowy Polsat SA | 54,560 | 211,343 | |||||||||
Dino Polska SA(1) | 22,345 | 1,865,438 | |||||||||
Enea SA(1) | 123,864 | 180,121 | |||||||||
Eurocash SA(1) | 19,678 | 66,060 | |||||||||
Famur SA(1) | 28,812 | 24,770 | |||||||||
Grupa Azoty SA(1) | 30,928 | 269,129 |
45
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Jastrzebska Spolka Weglowa SA(1) | 100,385 | $ | 1,233,406 | ||||||||
KGHM Polska Miedz SA | 57,537 | 1,640,895 | |||||||||
KRUK SA | 5,545 | 412,112 | |||||||||
LPP SA | 733 | 1,548,270 | |||||||||
Lubelski Wegiel Bogdanka SA | 857 | 9,059 | |||||||||
mBank SA(1) | 5,811 | 427,950 | |||||||||
Orange Polska SA | 836,282 | 1,262,801 | |||||||||
Pepco Group NV(1) | 32,795 | 324,851 | |||||||||
PGE Polska Grupa Energetyczna SA(1) | 120,708 | 181,101 | |||||||||
Polski Koncern Naftowy ORLEN SA | 249,513 | 3,726,618 | |||||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 156,860 | 1,094,609 | |||||||||
Powszechny Zaklad Ubezpieczen SA | 168,998 | 1,389,495 | |||||||||
Santander Bank Polska SA | 11,600 | 778,414 | |||||||||
Tauron Polska Energia SA(1) | 563,566 | 272,582 | |||||||||
TEN Square Games SA | 1,102 | 32,437 | |||||||||
Warsaw Stock Exchange | 5,163 | 43,082 | |||||||||
XTB SA | 30,331 | 226,965 | |||||||||
22,980,041 | |||||||||||
Russia(3)† | |||||||||||
Gazprom PJSC | 1,738,516 | 2 | |||||||||
Gazprom PJSC, ADR(1) | 13,735 | 2 | |||||||||
Globaltrans Investment PLC, GDR(1) | 112,592 | 11 | |||||||||
LUKOIL PJSC | 69,112 | — | |||||||||
LUKOIL PJSC, ADR(1) | 2,950 | — | |||||||||
Magnit PJSC(1) | 9,702 | — | |||||||||
Magnit PJSC, GDR(1) | 3 | — | |||||||||
Mechel PJSC(1) | 22,684 | — | |||||||||
MMC Norilsk Nickel PJSC | 7,492 | — | |||||||||
MMC Norilsk Nickel PJSC, ADR(1) | 6 | — | |||||||||
Mobile TeleSystems PJSC, ADR(1) | 58,032 | 6 | |||||||||
Novatek PJSC | 38,550 | — | |||||||||
Novolipetsk Steel PJSC(1) | 405,900 | 1 | |||||||||
PhosAgro PJSC(1) | 275 | — | |||||||||
PhosAgro PJSC LI, GDR(1) | 2 | — | |||||||||
PhosAgro PJSC RX | 14,221 | — | |||||||||
Ros Agro PLC, GDR(1) | 2,060 | — | |||||||||
Rosneft Oil Co. PJSC | 192,337 | — | |||||||||
Severstal PAO, GDR(1) | 53,821 | 6 | |||||||||
Tatneft PJSC | 223,476 | — | |||||||||
VTB Bank PJSC(1) | 1,439,642,000 | 1,918 | |||||||||
X5 Retail Group NV, GDR(1) | 13,628 | 2 | |||||||||
1,948 | |||||||||||
South Africa — 4.0% | |||||||||||
Absa Group Ltd. | 456,447 | 4,928,075 | |||||||||
Adcock Ingram Holdings Ltd. | 1,014 | 2,971 | |||||||||
Advtech Ltd. | 35,578 | 35,929 | |||||||||
AECI Ltd. | 73,859 | 375,124 | |||||||||
African Rainbow Minerals Ltd. | 108,207 | 1,497,679 | |||||||||
Afrimat Ltd. | 9,681 | 28,418 | |||||||||
Alexander Forbes Group Holdings Ltd. | 85,796 | 23,340 |
46
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Anglo American Platinum Ltd. | 14,598 | $ | 807,218 | ||||||||
AngloGold Ashanti Ltd., ADR | 204,853 | 3,412,851 | |||||||||
ArcelorMittal South Africa Ltd.(1) | 60,938 | 13,466 | |||||||||
Aspen Pharmacare Holdings Ltd. | 209,459 | 1,617,408 | |||||||||
Astral Foods Ltd. | 29,039 | 258,425 | |||||||||
AVI Ltd. | 277,236 | 1,147,812 | |||||||||
Barloworld Ltd. | 264,655 | 1,318,986 | |||||||||
Bid Corp. Ltd. | 74,556 | 1,630,652 | |||||||||
Bidvest Group Ltd. | 117,744 | 1,501,454 | |||||||||
Brait PLC(1)(2) | 36,591 | 7,168 | |||||||||
Capitec Bank Holdings Ltd. | 16,745 | 1,597,544 | |||||||||
Cashbuild Ltd. | 1,658 | 17,881 | |||||||||
City Lodge Hotels Ltd.(1) | 91,493 | 21,575 | |||||||||
Clicks Group Ltd. | 77,355 | 1,126,915 | |||||||||
Coronation Fund Managers Ltd. | 114,795 | 195,493 | |||||||||
DataTec Ltd. | 57,996 | 107,317 | |||||||||
Dis-Chem Pharmacies Ltd. | 72,041 | 106,124 | |||||||||
Discovery Ltd.(1) | 179,490 | 1,462,694 | |||||||||
Distell Group Holdings Ltd.(1) | 12,494 | 119,342 | |||||||||
DRDGOLD Ltd. | 84,738 | 62,203 | |||||||||
Exxaro Resources Ltd. | 129,614 | 1,418,665 | |||||||||
Famous Brands Ltd. | 3,093 | 11,198 | |||||||||
FirstRand Ltd. | 1,144,022 | 4,080,455 | |||||||||
Foschini Group Ltd. | 282,267 | 1,559,085 | |||||||||
Gold Fields Ltd., ADR | 399,376 | 3,630,328 | |||||||||
Grindrod Ltd. | 281,269 | 157,323 | |||||||||
Harmony Gold Mining Co. Ltd., ADR | 565,794 | 1,748,303 | |||||||||
Impala Platinum Holdings Ltd. | 422,444 | 3,944,312 | |||||||||
Investec Ltd. | 131,025 | 838,294 | |||||||||
Kaap Agri Ltd. | 1,532 | 3,438 | |||||||||
KAP Industrial Holdings Ltd. | 1,542,797 | 292,757 | |||||||||
Kumba Iron Ore Ltd. | 25,959 | 676,955 | |||||||||
Life Healthcare Group Holdings Ltd. | 594,929 | 634,338 | |||||||||
Metair Investments Ltd. | 41,971 | 54,870 | |||||||||
MiX Telematics Ltd., ADR | 5,715 | 46,577 | |||||||||
Momentum Metropolitan Holdings | 1,805,873 | 1,952,747 | |||||||||
Motus Holdings Ltd. | 142,191 | 857,727 | |||||||||
Mr Price Group Ltd. | 142,288 | 1,180,007 | |||||||||
MTN Group Ltd. | 562,402 | 4,431,416 | |||||||||
MultiChoice Group | 211,380 | 1,629,084 | |||||||||
Murray & Roberts Holdings Ltd.(1) | 20,297 | 2,375 | |||||||||
Naspers Ltd., N Shares | 31,508 | 5,540,481 | |||||||||
Nedbank Group Ltd. | 266,833 | 3,348,096 | |||||||||
NEPI Rockcastle NV | 352,905 | 2,114,126 | |||||||||
Netcare Ltd. | 683,573 | 566,542 | |||||||||
Ninety One Ltd. | 76,404 | 191,585 | |||||||||
Northam Platinum Holdings Ltd.(1) | 259,210 | 2,135,882 | |||||||||
Oceana Group Ltd. | 2,532 | 9,994 | |||||||||
Old Mutual Ltd. | 3,870,767 | 2,510,750 | |||||||||
Omnia Holdings Ltd. | 297,011 | 966,160 |
47
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
OUTsurance Group Ltd. | 173,970 | $ | 338,386 | ||||||||
Pick n Pay Stores Ltd. | 260,885 | 652,331 | |||||||||
PPC Ltd.(1)(2) | 754,515 | 130,064 | |||||||||
PSG Konsult Ltd. | 120,987 | 85,486 | |||||||||
Raubex Group Ltd. | 14,747 | 22,846 | |||||||||
Reinet Investments SCA | 117,547 | 2,326,875 | |||||||||
Remgro Ltd. | 275,373 | 2,096,005 | |||||||||
Reunert Ltd. | 43,189 | 139,506 | |||||||||
RFG Holdings Ltd. | 19,543 | 12,646 | |||||||||
RMB Holdings Ltd. | 124,786 | 3,535 | |||||||||
Royal Bafokeng Platinum Ltd. | 135,877 | 1,150,687 | |||||||||
Sanlam Ltd. | 440,175 | 1,432,496 | |||||||||
Santam Ltd. | 9,542 | 153,581 | |||||||||
Sappi Ltd.(2) | 805,130 | 2,142,277 | |||||||||
Sasol Ltd., ADR(2) | 234,225 | 3,384,551 | |||||||||
Shoprite Holdings Ltd. | 182,720 | 2,212,592 | |||||||||
Sibanye Stillwater Ltd., ADR(2) | 434,393 | 3,518,583 | |||||||||
SPAR Group Ltd.(2) | 167,230 | 1,311,382 | |||||||||
Standard Bank Group Ltd. | 384,796 | 3,843,732 | |||||||||
Steinhoff International Holdings NV(1)(2) | 540,745 | 11,751 | |||||||||
Super Group Ltd. | 60,961 | 114,854 | |||||||||
Telkom SA SOC Ltd.(1)(2) | 608,818 | 1,270,249 | |||||||||
Thungela Resources Ltd. | 236,978 | 2,755,408 | |||||||||
Tiger Brands Ltd. | 107,022 | 1,293,582 | |||||||||
Transaction Capital Ltd. | 27,574 | 46,825 | |||||||||
Truworths International Ltd. | 389,764 | 1,255,213 | |||||||||
Tsogo Sun Gaming Ltd.(2) | 11,283 | 7,317 | |||||||||
Vodacom Group Ltd. | 175,958 | 1,212,644 | |||||||||
Wilson Bayly Holmes-Ovcon Ltd.(1) | 9,429 | 53,388 | |||||||||
Woolworths Holdings Ltd. | 324,732 | 1,361,618 | |||||||||
Zeda Ltd.(1) | 232,331 | 152,568 | |||||||||
Zeder Investments Ltd.(2) | 120,266 | 11,271 | |||||||||
104,462,183 | |||||||||||
South Korea — 13.1% | |||||||||||
ABLBio, Inc.(1) | 19,574 | 307,341 | |||||||||
Able C&C Co. Ltd.(1) | 610 | 3,378 | |||||||||
Advanced Process Systems Corp.(1) | 4,807 | 73,408 | |||||||||
Aekyung Industrial Co. Ltd. | 63 | 887 | |||||||||
AfreecaTV Co. Ltd. | 6,736 | 454,042 | |||||||||
Ahnlab, Inc. | 1,317 | 75,333 | |||||||||
Alteogen, Inc.(1) | 3,978 | 112,932 | |||||||||
Amorepacific Corp. | 5,520 | 577,027 | |||||||||
AMOREPACIFIC Group | 15,257 | 461,458 | |||||||||
Ananti, Inc.(1) | 42,423 | 232,706 | |||||||||
Aprogen, Inc.(1) | 31,172 | 40,357 | |||||||||
APTC Co. Ltd.(1) | 1,177 | 10,425 | |||||||||
Asiana Airlines, Inc.(1) | 22,930 | 242,850 | |||||||||
BGF Co. Ltd. | 12,496 | 43,590 | |||||||||
BGF retail Co. Ltd. | 4,091 | 559,542 | |||||||||
BH Co. Ltd. | 25,319 | 451,900 |
48
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Binex Co. Ltd.(1) | 11,370 | $ | 90,761 | ||||||||
Binggrae Co. Ltd.(1) | 3,060 | 96,918 | |||||||||
Bioneer Corp.(1) | 7,543 | 304,269 | |||||||||
BNK Financial Group, Inc. | 317,438 | 1,606,550 | |||||||||
Boditech Med, Inc. | 3,086 | 27,355 | |||||||||
Boryung | 7,356 | 49,976 | |||||||||
Bukwang Pharmaceutical Co. Ltd. | 14,110 | 88,501 | |||||||||
Byucksan Corp.(1) | 12,984 | 22,420 | |||||||||
Caregen Co. Ltd. | 1,242 | 165,511 | |||||||||
Celltrion Healthcare Co. Ltd. | 15,173 | 624,046 | |||||||||
Celltrion Pharm, Inc.(1) | 2,886 | 124,821 | |||||||||
Celltrion, Inc. | 19,911 | 2,183,603 | |||||||||
Chabiotech Co. Ltd.(1) | 19,986 | 211,710 | |||||||||
Cheil Worldwide, Inc. | 17,836 | 269,667 | |||||||||
Chong Kun Dang Pharmaceutical Corp. | 3,192 | 190,768 | |||||||||
Chongkundang Holdings Corp. | 112 | 4,565 | |||||||||
Chunbo Co. Ltd. | 690 | 131,254 | |||||||||
CJ CGV Co. Ltd.(1) | 14,549 | 185,860 | |||||||||
CJ CheilJedang Corp. | 3,698 | 897,346 | |||||||||
CJ Corp. | 8,463 | 555,605 | |||||||||
CJ ENM Co. Ltd.(1) | 13,050 | 913,221 | |||||||||
CJ Logistics Corp. | 9,985 | 616,509 | |||||||||
Classys, Inc.(1) | 16,076 | 247,367 | |||||||||
CMG Pharmaceutical Co. Ltd.(1) | 9,916 | 16,500 | |||||||||
Com2uSCorp | 1,515 | 77,845 | |||||||||
Cosmax, Inc.(1) | 8,638 | 504,215 | |||||||||
CosmoAM&T Co. Ltd.(1) | 2,440 | 142,544 | |||||||||
Coway Co. Ltd. | 33,367 | 1,346,219 | |||||||||
COWELL FASHION Co. Ltd. | 21,346 | 74,939 | |||||||||
CrystalGenomics, Inc.(1) | 11,842 | 30,029 | |||||||||
CS Wind Corp. | 7,100 | 358,332 | |||||||||
Cuckoo Holdings Co. Ltd.(1) | 2,944 | 35,505 | |||||||||
Cuckoo Homesys Co. Ltd.(1) | 4,724 | 106,928 | |||||||||
Dae Han Flour Mills Co. Ltd.(1) | 490 | 56,735 | |||||||||
Daeduck Electronics Co. Ltd. | 45,316 | 717,427 | |||||||||
Daesang Corp.(1) | 14,642 | 220,669 | |||||||||
Daesung Holdings Co. Ltd. | 377 | 36,213 | |||||||||
Daewon Pharmaceutical Co. Ltd. | 2,047 | 23,568 | |||||||||
Daewoo Engineering & Construction Co. Ltd.(1) | 188,785 | 613,457 | |||||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(1) | 7,499 | 145,662 | |||||||||
Daewoong Co. Ltd.(1) | 2,717 | 35,169 | |||||||||
Daewoong Pharmaceutical Co. Ltd.(1) | 1,900 | 167,530 | |||||||||
Daishin Securities Co. Ltd.(1) | 26,275 | 259,804 | |||||||||
Daol Investment & Securities Co. Ltd.(1) | 60,241 | 221,725 | |||||||||
Daou Data Corp. | 10,233 | 375,085 | |||||||||
Daou Technology, Inc. | 16,706 | 272,421 | |||||||||
DB Financial Investment Co. Ltd.(1) | 13,706 | 43,319 | |||||||||
DB HiTek Co. Ltd. | 40,112 | 1,370,352 | |||||||||
DB Insurance Co. Ltd. | 43,393 | 2,525,211 | |||||||||
Dentium Co. Ltd.(1) | 4,690 | 428,344 |
49
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
DGB Financial Group, Inc. | 195,400 | $ | 1,166,472 | ||||||||
DI Dong Il Corp.(1) | 2,452 | 38,894 | |||||||||
DIO Corp.(1) | 879 | 16,165 | |||||||||
DL E&C Co. Ltd. | 39,370 | 980,509 | |||||||||
DL Holdings Co. Ltd. | 19,095 | 849,278 | |||||||||
Dong-A Socio Holdings Co. Ltd. | 783 | 56,750 | |||||||||
Dong-A ST Co. Ltd. | 994 | 44,512 | |||||||||
Dongjin Semichem Co. Ltd. | 16,489 | 443,606 | |||||||||
DongKook Pharmaceutical Co. Ltd. | 9,094 | 110,783 | |||||||||
Dongkuk Steel Mill Co. Ltd. | 68,571 | 709,084 | |||||||||
Dongsuh Cos., Inc. | 5,808 | 84,822 | |||||||||
Dongwha Enterprise Co. Ltd.(1) | 2,063 | 88,399 | |||||||||
Dongwha Pharm Co. Ltd. | 4,407 | 29,994 | |||||||||
Dongwon Development Co. Ltd. | 10,306 | 25,092 | |||||||||
Dongwon F&B Co. Ltd. | 482 | 59,110 | |||||||||
Dongwon Industries Co. Ltd. | 3,801 | 148,054 | |||||||||
Dongwon Systems Corp. | 602 | 17,997 | |||||||||
Doosan Bobcat, Inc. | 13,590 | 389,058 | |||||||||
Doosan Co. Ltd. | 327 | 24,921 | |||||||||
Doosan Enerbility Co. Ltd.(1) | 66,593 | 817,396 | |||||||||
Doosan Fuel Cell Co. Ltd.(1) | 4,525 | 117,420 | |||||||||
Doosan Tesna, Inc. | 12,170 | 307,309 | |||||||||
DoubleUGames Co. Ltd. | 6,425 | 224,583 | |||||||||
Douzone Bizon Co. Ltd. | 10,779 | 279,765 | |||||||||
Dreamtech Co. Ltd.(1) | 15,774 | 113,018 | |||||||||
Duk San Neolux Co. Ltd.(1) | 6,317 | 211,297 | |||||||||
Easy Bio, Inc. | 465 | 1,369 | |||||||||
Easy Holdings Co. Ltd. | 1 | 2 | |||||||||
Echo Marketing, Inc. | 2,946 | 29,136 | |||||||||
Ecopro BM Co. Ltd. | 5,801 | 728,499 | |||||||||
Ecopro Co. Ltd. | 2,429 | 523,274 | |||||||||
Ecopro HN Co. Ltd. | 984 | 38,629 | |||||||||
E-MART, Inc. | 7,772 | 657,433 | |||||||||
ENF Technology Co. Ltd. | 2,415 | 42,624 | |||||||||
Eo Technics Co. Ltd.(1) | 1,778 | 102,587 | |||||||||
Eugene Corp.(1) | 22,122 | 59,335 | |||||||||
Eugene Investment & Securities Co. Ltd.(1) | 25,011 | 50,856 | |||||||||
Eugene Technology Co. Ltd. | 2,922 | 58,475 | |||||||||
F&F Co. Ltd. / New | 6,495 | 680,632 | |||||||||
Fila Holdings Corp. | 44,461 | 1,309,884 | |||||||||
Foosung Co. Ltd. | 20,572 | 206,373 | |||||||||
Genexine, Inc.(1) | 1,908 | 20,798 | |||||||||
GOLFZON Co. Ltd.(1) | 3,972 | 430,204 | |||||||||
Gradiant Corp. | 2,065 | 23,445 | |||||||||
Grand Korea Leisure Co. Ltd.(1) | 3,996 | 62,191 | |||||||||
Green Cross Corp. | 1,628 | 147,272 | |||||||||
Green Cross Holdings Corp. | 2,440 | 29,318 | |||||||||
GS Engineering & Construction Corp. | 41,213 | 691,823 | |||||||||
GS Holdings Corp. | 47,183 | 1,450,182 | |||||||||
GS Retail Co. Ltd. | 49,086 | 1,069,697 |
50
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
HAESUNG DS Co. Ltd. | 7,830 | $ | 237,389 | ||||||||
Hana Financial Group, Inc. | 233,564 | 8,010,603 | |||||||||
Hana Materials, Inc. | 3,691 | 104,621 | |||||||||
Hana Micron, Inc. | 23,684 | 196,579 | |||||||||
Handsome Co. Ltd. | 10,538 | 204,725 | |||||||||
Hanil Cement Co. Ltd. | 4,810 | 43,340 | |||||||||
Hanjin Kal Corp. | 674 | 22,834 | |||||||||
Hanjin Transportation Co. Ltd.(1) | 3,382 | 53,745 | |||||||||
Hankook Shell Oil Co. Ltd. | 114 | 20,237 | |||||||||
Hankook Tire & Technology Co. Ltd. | 30,888 | 868,866 | |||||||||
Hanmi Pharm Co. Ltd.(1) | 3,466 | 678,249 | |||||||||
Hanmi Semiconductor Co. Ltd. | 25,156 | 303,006 | |||||||||
Hanon Systems | 62,982 | 429,382 | |||||||||
Hansae Co. Ltd. | 17,067 | 214,926 | |||||||||
Hansol Chemical Co. Ltd. | 4,174 | 644,731 | |||||||||
Hansol Paper Co. Ltd. | 4,250 | 39,337 | |||||||||
Hansol Technics Co. Ltd. | 26,009 | 117,961 | |||||||||
Hanssem Co. Ltd. | 6,990 | 236,750 | |||||||||
Hanwha Aerospace Co. Ltd. | 33,824 | 2,297,161 | |||||||||
Hanwha Corp. | 35,529 | 723,083 | |||||||||
Hanwha Corp., Preference Shares | 1,663 | 17,893 | |||||||||
Hanwha General Insurance Co. Ltd.(1) | 2,720 | 10,165 | |||||||||
Hanwha Investment & Securities Co. Ltd.(1) | 154,907 | 356,426 | |||||||||
Hanwha Life Insurance Co. Ltd.(1) | 425,743 | 956,639 | |||||||||
Hanwha Solutions Corp.(1) | 49,712 | 1,562,833 | |||||||||
Hanwha Systems Co. Ltd. | 19,233 | 179,567 | |||||||||
Harim Holdings Co. Ltd. | 45,096 | 408,119 | |||||||||
HD Hyundai Co. Ltd. | 53,683 | 2,410,980 | |||||||||
HDC Holdings Co. Ltd.(1) | 3,073 | 14,170 | |||||||||
HDC Hyundai Development Co-Engineering & Construction, E Shares(1) | 16,660 | 130,332 | |||||||||
Helixmith Co. Ltd.(1) | 2,352 | 18,754 | |||||||||
Hite Jinro Co. Ltd.(1) | 27,099 | 489,233 | |||||||||
HJ Shipbuilding & Construction Co. Ltd.(1) | 15,718 | 46,197 | |||||||||
HK inno N Corp.(1) | 1,899 | 52,231 | |||||||||
HL Holdings Corp. | 3,576 | 93,030 | |||||||||
HL Mando Co. Ltd. | 28,975 | 1,037,804 | |||||||||
HLB, Inc.(1) | 11,844 | 288,688 | |||||||||
HMM Co. Ltd.(1) | 165,455 | 2,814,900 | |||||||||
Hotel Shilla Co. Ltd. | 20,417 | 1,236,313 | |||||||||
HPSP Co. Ltd. | 2,268 | 103,795 | |||||||||
HS Industries Co. Ltd.(1) | 11,046 | 32,873 | |||||||||
Hugel, Inc.(1) | 2,831 | 275,566 | |||||||||
Humasis Co. Ltd.(1) | 63,825 | 713,589 | |||||||||
Humax Co. Ltd.(1) | 14,003 | 39,944 | |||||||||
Humedix Co. Ltd. | 4,107 | 84,692 | |||||||||
Huons Co. Ltd. | 1,038 | 26,448 | |||||||||
Huons Global Co. Ltd. | 1,022 | 15,818 | |||||||||
Hwaseung Enterprise Co. Ltd.(1) | 1,558 | 10,954 | |||||||||
HYBE Co. Ltd.(1) | 1,394 | 194,779 | |||||||||
Hyosung Advanced Materials Corp. | 2,148 | 666,309 |
51
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Hyosung Chemical Corp.(1) | 1,063 | $ | 117,411 | ||||||||
Hyosung Corp. | 1,919 | 97,350 | |||||||||
Hyosung Heavy Industries Corp.(1) | 3,167 | 169,984 | |||||||||
Hyosung TNC Corp. | 4,027 | 1,391,766 | |||||||||
Hyundai Autoever Corp. | 926 | 79,374 | |||||||||
Hyundai Construction Equipment Co. Ltd. | 10,546 | 437,329 | |||||||||
HYUNDAI Corp. | 3,168 | 38,270 | |||||||||
Hyundai Department Store Co. Ltd. | 11,160 | 457,744 | |||||||||
Hyundai Doosan Infracore Co. Ltd. | 135,311 | 872,468 | |||||||||
Hyundai Electric & Energy System Co. Ltd. | 26,991 | 856,795 | |||||||||
Hyundai Elevator Co. Ltd.(1) | 9,493 | 198,986 | |||||||||
Hyundai Energy Solutions Co. Ltd. | 3,807 | 140,482 | |||||||||
Hyundai Engineering & Construction Co. Ltd. | 56,973 | 1,565,660 | |||||||||
Hyundai Glovis Co. Ltd. | 14,845 | 1,777,868 | |||||||||
Hyundai Greenfood Co. Ltd. | 25,143 | 137,757 | |||||||||
Hyundai Heavy Industries Co. Ltd. | 4,332 | 347,673 | |||||||||
Hyundai Home Shopping Network Corp. | 2,978 | 115,943 | |||||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 74,987 | 1,995,338 | |||||||||
Hyundai Mipo Dockyard Co. Ltd. | 17,745 | 940,599 | |||||||||
Hyundai Mobis Co. Ltd. | 20,308 | 3,261,949 | |||||||||
Hyundai Motor Co. | 80,580 | 10,724,629 | |||||||||
Hyundai Rotem Co. Ltd.(1) | 41,804 | 787,976 | |||||||||
Hyundai Steel Co. | 78,778 | 2,083,505 | |||||||||
Hyundai Wia Corp. | 10,995 | 463,889 | |||||||||
ICD Co. Ltd.(1) | 6,931 | 53,770 | |||||||||
Il Dong Pharmaceutical Co. Ltd.(1) | 137 | 2,439 | |||||||||
Iljin Materials Co. Ltd.(1) | 2,128 | 102,169 | |||||||||
Ilyang Pharmaceutical Co. Ltd. | 8,045 | 112,651 | |||||||||
iMarketKorea, Inc. | 10,401 | 82,673 | |||||||||
Industrial Bank of Korea | 199,646 | 1,565,546 | |||||||||
Innocean Worldwide, Inc. | 4,112 | 132,251 | |||||||||
Innox Advanced Materials Co. Ltd. | 9,536 | 280,389 | |||||||||
Insun ENT Co. Ltd.(1) | 15,244 | 105,017 | |||||||||
Interflex Co. Ltd.(1) | 344 | 2,732 | |||||||||
INTOPS Co. Ltd. | 22,049 | 466,943 | |||||||||
iNtRON Biotechnology, Inc.(1) | 11,031 | 71,215 | |||||||||
IS Dongseo Co. Ltd.(1) | 13,610 | 451,602 | |||||||||
i-SENS, Inc. | 1,013 | 24,776 | |||||||||
ISU Chemical Co. Ltd.(1) | 13,947 | 256,524 | |||||||||
JB Financial Group Co. Ltd. | 153,527 | 1,072,031 | |||||||||
Jin Air Co. Ltd.(1) | 6,282 | 80,470 | |||||||||
Jusung Engineering Co. Ltd. | 26,470 | 234,177 | |||||||||
JW Holdings Corp. | 1 | 2 | |||||||||
JW Pharmaceutical Corp. | 9,269 | 145,445 | |||||||||
JYP Entertainment Corp.(1) | 12,077 | 717,300 | |||||||||
Kakao Corp. | 22,306 | 1,049,994 | |||||||||
Kakao Games Corp.(1) | 2,446 | 90,548 | |||||||||
KakaoBank Corp.(1) | 12,787 | 257,207 | |||||||||
Kangwon Land, Inc.(1) | 45,007 | 686,568 | |||||||||
KB Financial Group, Inc., ADR(2) | 213,121 | 8,211,552 |
52
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
KC Co. Ltd. | 5,885 | $ | 89,700 | ||||||||
KC Tech Co. Ltd. | 6,554 | 87,968 | |||||||||
KCC Corp. | 1,509 | 279,362 | |||||||||
KCC Glass Corp. | 8,405 | 258,191 | |||||||||
KEPCO Engineering & Construction Co., Inc.(1) | 3,150 | 150,423 | |||||||||
KEPCO Plant Service & Engineering Co. Ltd.(1) | 10,471 | 256,188 | |||||||||
KG DONGBUSTEEL | 18,349 | 119,911 | |||||||||
Kginicis Co. Ltd. | 19,665 | 194,168 | |||||||||
KH Vatec Co. Ltd. | 9,846 | 108,175 | |||||||||
Kia Corp. | 140,582 | 7,989,292 | |||||||||
KISCO Corp. | 15,701 | 90,414 | |||||||||
KISWIRE Ltd.(1) | 2,131 | 34,810 | |||||||||
KIWOOM Securities Co. Ltd.(1) | 18,378 | 1,432,190 | |||||||||
KMW Co. Ltd.(1) | 675 | 12,826 | |||||||||
Koentec Co. Ltd. | 3,932 | 21,635 | |||||||||
Koh Young Technology, Inc. | 10,793 | 136,440 | |||||||||
Kolmar BNH Co. Ltd.(1) | 6,109 | 124,716 | |||||||||
Kolmar Korea Holdings Co. Ltd.(1) | 1,580 | 19,103 | |||||||||
Kolon Corp. | 1,460 | 24,043 | |||||||||
Kolon Industries, Inc. | 7,471 | 253,506 | |||||||||
KoMiCo Ltd. | 5,738 | 197,993 | |||||||||
KONA I Co. Ltd.(1) | 3,110 | 42,357 | |||||||||
Korea Aerospace Industries Ltd.(1) | 30,242 | 1,029,725 | |||||||||
Korea Circuit Co. Ltd.(1) | 10,726 | 121,801 | |||||||||
Korea District Heating Corp.(1) | 758 | 16,116 | |||||||||
Korea Electric Power Corp., ADR(2) | 179,315 | 1,188,858 | |||||||||
Korea Electric Terminal Co. Ltd. | 2,213 | 94,162 | |||||||||
Korea Gas Corp.(1) | 4,476 | 94,828 | |||||||||
Korea Investment Holdings Co. Ltd.(1) | 43,882 | 2,054,302 | |||||||||
Korea Line Corp.(1) | 176,690 | 311,750 | |||||||||
Korea Petrochemical Ind Co. Ltd.(1) | 2,947 | 387,038 | |||||||||
Korea Real Estate Investment & Trust Co. Ltd. | 68,819 | 67,678 | |||||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd. | 18,104 | 1,111,245 | |||||||||
Korea United Pharm, Inc.(1) | 5,778 | 98,384 | |||||||||
Korea Zinc Co. Ltd. | 2,802 | 1,237,209 | |||||||||
Korean Air Lines Co. Ltd. | 108,815 | 1,869,734 | |||||||||
Korean Reinsurance Co. | 76,548 | 471,640 | |||||||||
Krafton, Inc.(1) | 1,161 | 148,699 | |||||||||
KT Skylife Co. Ltd. | 12,012 | 72,754 | |||||||||
Kum Yang Co. Ltd.(1) | 24,296 | 705,374 | |||||||||
Kumho Petrochemical Co. Ltd.(1) | 21,682 | 2,578,109 | |||||||||
Kumho Tire Co., Inc.(1) | 35,690 | 89,660 | |||||||||
KUMHOE&C Co. Ltd.(1) | 253 | 1,281 | |||||||||
Kyung Dong Navien Co. Ltd. | 2,730 | 77,798 | |||||||||
L&F Co. Ltd. | 2,909 | 575,596 | |||||||||
LB Semicon, Inc.(1) | 21,320 | 122,397 | |||||||||
LEENO Industrial, Inc. | 3,368 | 412,726 | |||||||||
LegoChem Biosciences, Inc.(1) | 2,616 | 73,592 | |||||||||
LF Corp. | 10,203 | 133,741 | |||||||||
LG Chem Ltd. | 12,805 | 6,573,352 |
53
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
LG Corp. | 34,353 | $ | 2,137,379 | ||||||||
LG Display Co. Ltd., ADR(2) | 396,442 | 2,307,292 | |||||||||
LG Electronics, Inc. | 48,984 | 4,108,571 | |||||||||
LG Energy Solution Ltd.(1) | 1,253 | 494,951 | |||||||||
LG H&H Co. Ltd. | 2,774 | 1,399,779 | |||||||||
LG HelloVision Co. Ltd. | 6,071 | 20,475 | |||||||||
LG Innotek Co. Ltd. | 8,975 | 1,875,371 | |||||||||
LG Uplus Corp. | 223,860 | 1,872,582 | |||||||||
LIG Nex1 Co. Ltd. | 10,374 | 585,163 | |||||||||
Lock&Lock Co. Ltd. | 3,706 | 18,047 | |||||||||
Lotte Chemical Corp. | 9,168 | 1,234,324 | |||||||||
Lotte Chilsung Beverage Co. Ltd. | 3,980 | 503,386 | |||||||||
Lotte Confectionery Co. Ltd. | 2,167 | 196,811 | |||||||||
Lotte Corp. | 1,759 | 40,710 | |||||||||
Lotte Data Communication Co. | 2,619 | 57,991 | |||||||||
LOTTE Fine Chemical Co. Ltd. | 16,095 | 705,827 | |||||||||
LOTTE Himart Co. Ltd. | 1,460 | 14,644 | |||||||||
Lotte Rental Co. Ltd. | 16,175 | 324,819 | |||||||||
Lotte Shopping Co. Ltd. | 8,259 | 542,829 | |||||||||
LS Corp. | 6,924 | 352,589 | |||||||||
LS Electric Co. Ltd. | 5,011 | 190,020 | |||||||||
Lutronic Corp. | 15,502 | 311,514 | |||||||||
LVMC Holdings(1) | 9,685 | 19,591 | |||||||||
LX Hausys Ltd. | 4,181 | 112,809 | |||||||||
LX Holdings Corp. | 27,968 | 180,241 | |||||||||
LX INTERNATIONAL Corp. | 47,918 | 1,133,666 | |||||||||
LX Semicon Co. Ltd. | 10,965 | 764,967 | |||||||||
Maeil Dairies Co. Ltd. | 2,084 | 77,828 | |||||||||
Mcnex Co. Ltd. | 379 | 7,925 | |||||||||
Medytox, Inc. | 2,082 | 343,528 | |||||||||
MegaStudyEdu Co. Ltd. | 9,069 | 473,548 | |||||||||
Meritz Financial Group, Inc. | 86,193 | 2,930,196 | |||||||||
Meritz Securities Co. Ltd. | 229,654 | 1,218,664 | |||||||||
Mirae Asset Life Insurance Co. Ltd.(1) | 22,028 | 47,961 | |||||||||
Mirae Asset Securities Co. Ltd. | 237,889 | 1,284,480 | |||||||||
Miwon Commercial Co. Ltd. | 112 | 15,175 | |||||||||
Namhae Chemical Corp. | 7,314 | 49,776 | |||||||||
Namsun Aluminum Co. Ltd.(1) | 7,959 | 14,933 | |||||||||
NAVER Corp. | 10,318 | 1,622,010 | |||||||||
NCSoft Corp. | 6,466 | 2,121,578 | |||||||||
Neowiz(1) | 6,466 | 228,609 | |||||||||
NEPES Corp.(1) | 8,242 | 109,786 | |||||||||
Netmarble Corp.(1) | 1,805 | 84,134 | |||||||||
Nexen Tire Corp.(1) | 21,328 | 120,890 | |||||||||
NEXTIN, Inc. | 3,201 | 145,313 | |||||||||
NH Investment & Securities Co. Ltd.(1) | 166,589 | 1,195,756 | |||||||||
NHN Corp.(1) | 3,656 | 79,977 | |||||||||
NICE Holdings Co. Ltd.(1) | 8,854 | 91,601 | |||||||||
NICE Information Service Co. Ltd.(1) | 11,821 | 115,903 | |||||||||
NongShim Co. Ltd. | 1,855 | 513,321 |
54
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
OCI Co. Ltd. | 7,614 | $ | 521,765 | ||||||||
OptoElectronics Solutions Co. Ltd. | 901 | 12,688 | |||||||||
Orion Corp./Republic of Korea | 12,143 | 1,147,807 | |||||||||
Orion Holdings Corp. | 12,544 | 149,556 | |||||||||
Oscotec, Inc.(1) | 202 | 2,738 | |||||||||
Ottogi Corp.(1) | 762 | 253,551 | |||||||||
Pan Ocean Co. Ltd. | 309,266 | 1,477,628 | |||||||||
Paradise Co. Ltd.(1) | 17,496 | 221,003 | |||||||||
Park Systems Corp. | 2,100 | 217,004 | |||||||||
Partron Co. Ltd. | 47,209 | 288,127 | |||||||||
Pearl Abyss Corp.(1) | 3,308 | 111,855 | |||||||||
People & Technology, Inc. | 14,418 | 473,608 | |||||||||
PharmaResearch Co. Ltd. | 2,589 | 145,352 | |||||||||
PI Advanced Materials Co. Ltd.(1) | 7,730 | 203,735 | |||||||||
Poongsan Corp. | 18,228 | 494,432 | |||||||||
POSCO Chemical Co. Ltd. | 1,482 | 247,268 | |||||||||
POSCO Holdings, Inc., ADR | 161,722 | 9,863,425 | |||||||||
Posco ICT Co. Ltd. | 33,491 | 172,681 | |||||||||
Posco International Corp. | 40,147 | 684,639 | |||||||||
PSK, Inc. | 19,762 | 264,445 | |||||||||
Pulmuone Co. Ltd. | 3,081 | 24,965 | |||||||||
S&S Tech Corp. | 6,600 | 156,645 | |||||||||
S-1 Corp. | 4,672 | 199,186 | |||||||||
Sam Chun Dang Pharm Co. Ltd. | 1,941 | 75,743 | |||||||||
Sam Young Electronics Co. Ltd. | 3,086 | 22,090 | |||||||||
Samchully Co. Ltd.(1) | 212 | 82,216 | |||||||||
Samjin Pharmaceutical Co. Ltd. | 1,819 | 30,956 | |||||||||
Samsung Biologics Co. Ltd.(1) | 2,816 | 1,645,215 | |||||||||
Samsung C&T Corp. | 21,617 | 1,798,174 | |||||||||
Samsung Card Co. Ltd. | 2,438 | 56,564 | |||||||||
Samsung Electro-Mechanics Co. Ltd. | 27,172 | 2,954,303 | |||||||||
Samsung Electronics Co. Ltd., GDR | 59,072 | 67,602,939 | |||||||||
Samsung Engineering Co. Ltd.(1) | 119,385 | 2,367,073 | |||||||||
Samsung Fire & Marine Insurance Co. Ltd. | 30,600 | 4,962,896 | |||||||||
Samsung Heavy Industries Co. Ltd.(1) | 303,186 | 1,258,952 | |||||||||
Samsung Life Insurance Co. Ltd. | 32,536 | 1,675,549 | |||||||||
Samsung SDI Co. Ltd. | 15,852 | 8,328,260 | |||||||||
Samsung SDS Co. Ltd. | 11,340 | 1,072,483 | |||||||||
Samsung Securities Co. Ltd. | 43,355 | 1,097,215 | |||||||||
Samwha Capacitor Co. Ltd. | 1,445 | 48,922 | |||||||||
Samyang Corp. | 1,845 | 59,464 | |||||||||
Samyang Foods Co. Ltd. | 2,284 | 205,714 | |||||||||
Samyang Holdings Corp. | 1,825 | 108,586 | |||||||||
Sangsangin Co. Ltd. | 36,362 | 163,317 | |||||||||
SD Biosensor, Inc. | 20,113 | 349,245 | |||||||||
Seah Besteel Holdings Corp. | 10,334 | 175,453 | |||||||||
SeAH Steel Corp. | 1,653 | 174,611 | |||||||||
SeAH Steel Holdings Corp. | 1,025 | 121,135 | |||||||||
Sebang Global Battery Co. Ltd. | 3,398 | 133,113 | |||||||||
Seegene, Inc. | 35,484 | 652,991 |
55
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Sejong Telecom, Inc. | 2,388 | $ | 1,324 | ||||||||
Seobu T&D | 9,779 | 58,173 | |||||||||
Seojin System Co. Ltd.(1) | 17,366 | 223,218 | |||||||||
Seoul Semiconductor Co. Ltd.(1) | 18,530 | 153,241 | |||||||||
SFA Engineering Corp. | 3,628 | 98,449 | |||||||||
SFA Semicon Co. Ltd.(1) | 26,556 | 85,582 | |||||||||
SGC Energy Co. Ltd. | 1,008 | 23,851 | |||||||||
Shinhan Financial Group Co. Ltd., ADR(2) | 292,856 | 8,571,895 | |||||||||
Shinsegae International, Inc. | 7,481 | 126,847 | |||||||||
Shinsegae, Inc. | 8,426 | 1,298,428 | |||||||||
Shinsung E&G Co. Ltd.(1) | 13,081 | 16,694 | |||||||||
Shinyoung Securities Co. Ltd. | 714 | 32,438 | |||||||||
SillaJen, Inc.(1) | 626 | 2,929 | |||||||||
SIMMTECH Co. Ltd.(2) | 18,767 | 407,256 | |||||||||
SK Biopharmaceuticals Co. Ltd.(1) | 8,023 | 404,253 | |||||||||
SK Bioscience Co. Ltd.(1) | 5,111 | 268,912 | |||||||||
SK Chemicals Co. Ltd. | 7,887 | 466,401 | |||||||||
SK D&D Co. Ltd. | 2,714 | 42,002 | |||||||||
SK Discovery Co. Ltd. | 5,267 | 127,711 | |||||||||
SK Gas Ltd. | 1,169 | 111,272 | |||||||||
SK Hynix, Inc. | 260,121 | 17,580,220 | |||||||||
SK IE Technology Co. Ltd.(1) | 1,480 | 72,964 | |||||||||
SK Innovation Co. Ltd.(1) | 17,400 | 1,968,033 | |||||||||
SK Networks Co. Ltd. | 162,222 | 504,199 | |||||||||
SK oceanplant Co. Ltd.(1) | 19,015 | 284,976 | |||||||||
SK Securities Co. Ltd.(1) | 132,330 | 76,662 | |||||||||
SK Telecom Co. Ltd., ADR(2) | 28,209 | 536,817 | |||||||||
SK, Inc. | 11,654 | 1,571,777 | |||||||||
SKC Co. Ltd. | 5,140 | 380,175 | |||||||||
SL Corp.(1) | 7,888 | 162,538 | |||||||||
SM Entertainment Co. Ltd. | 7,227 | 695,193 | |||||||||
SNT Dynamics Co. Ltd. | 9,803 | 68,684 | |||||||||
SNT Motiv Co. Ltd. | 3,640 | 132,681 | |||||||||
S-Oil Corp. | 20,984 | 1,272,329 | |||||||||
Songwon Industrial Co. Ltd. | 5,948 | 85,740 | |||||||||
Soulbrain Co. Ltd. | 2,579 | 455,080 | |||||||||
Soulbrain Holdings Co. Ltd. | 1,229 | 22,367 | |||||||||
SPC Samlip Co. Ltd.(1) | 1,750 | 93,034 | |||||||||
Ssangyong Motor Co.(1) | 919 | 4,842 | |||||||||
STIC Investments, Inc. | 2,476 | 11,396 | |||||||||
Studio Dragon Corp.(1) | 7,058 | 406,601 | |||||||||
Sung Kwang Bend Co. Ltd. | 13,632 | 135,910 | |||||||||
Sungwoo Hitech Co. Ltd. | 2,998 | 15,631 | |||||||||
Taekwang Industrial Co. Ltd.(1) | 59 | 34,863 | |||||||||
Taewoong Co. Ltd.(1) | 329 | 2,496 | |||||||||
Taeyoung Engineering & Construction Co. Ltd. | 8,091 | 26,713 | |||||||||
Taihan Electric Wire Co. Ltd.(1) | 83,453 | 91,952 | |||||||||
TES Co. Ltd. | 10,262 | 143,662 | |||||||||
TK Corp. | 9,358 | 114,720 | |||||||||
TKG Huchems Co. Ltd. | 15,272 | 233,048 |
56
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Tokai Carbon Korea Co. Ltd. | 3,020 | $ | 241,838 | ||||||||
Tongyang Life Insurance Co. Ltd.(1) | 24,322 | 80,318 | |||||||||
Tongyang, Inc.(1) | 2,830 | 2,329 | |||||||||
Toptec Co. Ltd. | 329 | 2,486 | |||||||||
TSE Co. Ltd. | 1,752 | 50,907 | |||||||||
TY Holdings Co. Ltd.(1) | 1,589 | 15,012 | |||||||||
Unid Btplus Co. Ltd.(1) | 3,490 | 25,240 | |||||||||
Unid Co. Ltd. | 2,225 | 137,473 | |||||||||
Value Added Technology Co. Ltd.(1) | 3,454 | 84,729 | |||||||||
Vieworks Co. Ltd. | 968 | 22,830 | |||||||||
Webzen, Inc. | 3,108 | 42,132 | |||||||||
Wemade Co. Ltd. | 7,205 | 289,740 | |||||||||
Whanin Pharmaceutical Co. Ltd.(1) | 148 | 1,919 | |||||||||
Winix, Inc. | 1,433 | 13,539 | |||||||||
WiSoL Co. Ltd. | 6,266 | 34,486 | |||||||||
Wonik Holdings Co. Ltd.(1) | 5,541 | 14,617 | |||||||||
WONIK IPS Co. Ltd. | 7,578 | 177,749 | |||||||||
Wonik Materials Co. Ltd. | 745 | 16,630 | |||||||||
Wonik QnC Corp.(1) | 11,018 | 197,988 | |||||||||
Woongjin Thinkbig Co. Ltd. | 11,642 | 26,174 | |||||||||
Woori Financial Group, Inc. | 501,184 | 4,620,404 | |||||||||
Woori Investment Bank Co. Ltd. | 254,879 | 154,689 | |||||||||
Woori Technology Investment Co. Ltd.(1) | 66,766 | 239,481 | |||||||||
Y G-1 Co. Ltd. | 6 | 29 | |||||||||
YG Entertainment, Inc. | 3,615 | 158,170 | |||||||||
Youlchon Chemical Co. Ltd. | 3,021 | 110,368 | |||||||||
Young Poong Corp.(1) | 334 | 157,397 | |||||||||
Youngone Corp.(1) | 10,849 | 349,314 | |||||||||
Youngone Holdings Co. Ltd.(1) | 5,000 | 260,625 | |||||||||
Yuanta Securities Korea Co. Ltd.(1) | 51,343 | 107,188 | |||||||||
Yuhan Corp. | 9,885 | 393,686 | |||||||||
Zinus, Inc. | 2,366 | 54,765 | |||||||||
344,673,067 | |||||||||||
Taiwan — 17.8% | |||||||||||
Aaeon Technology, Inc. | 1,000 | 3,178 | |||||||||
Abico Avy Co. Ltd.(1) | 38,060 | 27,650 | |||||||||
Ability Enterprise Co. Ltd. | 102,000 | 69,033 | |||||||||
AcBel Polytech, Inc.(2) | 95,000 | 117,757 | |||||||||
Accton Technology Corp. | 65,000 | 595,284 | |||||||||
Acer, Inc.(2) | 2,308,000 | 1,913,880 | |||||||||
ACES Electronic Co. Ltd. | 39,720 | 44,593 | |||||||||
Acon Holding, Inc.(1) | 277,000 | 110,159 | |||||||||
Acter Group Corp. Ltd. | 85,414 | 335,340 | |||||||||
ADATA Technology Co. Ltd. | 273,000 | 590,539 | |||||||||
Advanced Ceramic X Corp. | 9,000 | 68,467 | |||||||||
Advanced International Multitech Co. Ltd.(2) | 109,000 | 396,823 | |||||||||
Advanced Optoelectronic Technology, Inc. | 23,000 | 14,254 | |||||||||
Advanced Power Electronics Corp. | 17,000 | 60,320 | |||||||||
Advantech Co. Ltd. | 65,199 | 756,310 | |||||||||
AGV Products Corp. | 183,000 | 68,001 |
57
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Airtac International Group | 4,185 | $ | 146,089 | ||||||||
Alexander Marine Co. Ltd.(2) | 13,000 | 163,781 | |||||||||
Allied Circuit Co. Ltd. | 10,000 | 40,042 | |||||||||
Allied Supreme Corp. | 31,000 | 354,833 | |||||||||
Alltek Technology Corp. | 59,529 | 84,840 | |||||||||
Alltop Technology Co. Ltd. | 25,252 | 109,834 | |||||||||
Alpha Networks, Inc. | 35,772 | 37,927 | |||||||||
Altek Corp. | 31,000 | 34,981 | |||||||||
Amazing Microelectronic Corp. | 58,259 | 246,057 | |||||||||
Ampire Co. Ltd. | 63,000 | 75,538 | |||||||||
AMPOC Far-East Co. Ltd. | 22,000 | 37,009 | |||||||||
AmTRAN Technology Co. Ltd. | 196,321 | 68,674 | |||||||||
Anji Technology Co. Ltd.(2) | 20,000 | 31,067 | |||||||||
Anpec Electronics Corp.(2) | 33,000 | 154,442 | |||||||||
Apacer Technology, Inc. | 53,000 | 82,488 | |||||||||
APAQ Technology Co. Ltd. | 12,000 | 17,827 | |||||||||
Apex International Co. Ltd. | 19,000 | 38,017 | |||||||||
Arcadyan Technology Corp. | 120,061 | 417,361 | |||||||||
Ardentec Corp. | 1,219,000 | 2,233,226 | |||||||||
Argosy Research, Inc. | 28,545 | 87,721 | |||||||||
ASE Technology Holding Co. Ltd., ADR | 851,998 | 6,108,826 | |||||||||
Asia Cement Corp. | 1,431,000 | 2,098,046 | |||||||||
Asia Optical Co., Inc. | 2,000 | 4,244 | |||||||||
Asia Pacific Telecom Co. Ltd.(1) | 7,209 | 1,468 | |||||||||
Asia Polymer Corp. | 272,007 | 257,910 | |||||||||
Asia Vital Components Co. Ltd.(2) | 365,000 | 1,430,607 | |||||||||
ASIX Electronics Corp. | 11,000 | 40,969 | |||||||||
ASolid Technology Co. Ltd. | 13,000 | 31,757 | |||||||||
ASPEED Technology, Inc.(2) | 8,400 | 755,014 | |||||||||
ASROCK, Inc. | 3,000 | 15,528 | |||||||||
Asustek Computer, Inc.(2) | 585,000 | 5,298,553 | |||||||||
Aten International Co. Ltd. | 9,000 | 24,047 | |||||||||
Audix Corp. | 19,000 | 35,175 | |||||||||
AUO Corp. | 5,823,160 | 3,543,687 | |||||||||
AURAS Technology Co. Ltd.(2) | 36,000 | 188,690 | |||||||||
AVer Information, Inc. | 14,000 | 20,468 | |||||||||
Avermedia Technologies | 24,000 | 18,630 | |||||||||
Azurewave Technologies, Inc.(1) | 12,000 | 7,996 | |||||||||
Bafang Yunji International Co. Ltd.(2) | 30,000 | 246,983 | |||||||||
Bank of Kaohsiung Co. Ltd. | 138,318 | 56,830 | |||||||||
Baolong International Co. Ltd. | 34,000 | 20,082 | |||||||||
Basso Industry Corp. | 26,000 | 37,673 | |||||||||
BenQ Materials Corp.(2) | 108,000 | 128,411 | |||||||||
BenQ Medical Technology Corp. | 23,000 | 47,894 | |||||||||
BES Engineering Corp. | 1,160,000 | 334,281 | |||||||||
Bin Chuan Enterprise Co. Ltd. | 23,000 | 18,157 | |||||||||
Bioteque Corp. | 6,000 | 22,688 | |||||||||
Bizlink Holding, Inc.(2) | 14,000 | 126,720 | |||||||||
Bora Pharmaceuticals Co. Ltd. | 5,502 | 90,512 | |||||||||
Brighton-Best International Taiwan, Inc. | 206,000 | 256,369 |
58
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
C Sun Manufacturing Ltd. | 40,976 | $ | 62,650 | ||||||||
Capital Futures Corp. | 19,000 | 24,546 | |||||||||
Capital Securities Corp. | 799,000 | 316,833 | |||||||||
Career Technology MFG. Co. Ltd.(1)(2) | 569,100 | 447,517 | |||||||||
Catcher Technology Co. Ltd. | 754,000 | 4,556,448 | |||||||||
Cathay Financial Holding Co. Ltd. | 3,214,062 | 4,557,830 | |||||||||
Cayman Engley Industrial Co. Ltd. | 7,000 | 14,464 | |||||||||
Center Laboratories, Inc. | 59,290 | 91,868 | |||||||||
Central Reinsurance Co. Ltd. | 142,585 | 86,650 | |||||||||
Century Iron & Steel Industrial Co. Ltd.(2) | 87,000 | 295,797 | |||||||||
Chailease Holding Co. Ltd. | 109,783 | 804,676 | |||||||||
Chain Chon Industrial Co. Ltd. | 26,000 | 14,869 | |||||||||
Champion Building Materials Co. Ltd. | 81,900 | 24,427 | |||||||||
Champion Microelectronic Corp. | 19,000 | 29,757 | |||||||||
Chang Hwa Commercial Bank Ltd. | 2,366,864 | 1,350,754 | |||||||||
Chang Wah Electromaterials, Inc. | 193,000 | 208,422 | |||||||||
Chang Wah Technology Co. Ltd. | 17,500 | 19,729 | |||||||||
Channel Well Technology Co. Ltd. | 20,000 | 21,227 | |||||||||
Charoen Pokphand Enterprise | 61,600 | 162,418 | |||||||||
CHC Healthcare Group | 41,000 | 80,462 | |||||||||
Chen Full International Co. Ltd.(1) | 16,000 | 22,727 | |||||||||
Cheng Loong Corp. | 298,000 | 281,890 | |||||||||
Cheng Mei Materials Technology Corp.(1) | 321,000 | 130,884 | |||||||||
Cheng Shin Rubber Industry Co. Ltd. | 562,000 | 629,793 | |||||||||
Cheng Uei Precision Industry Co. Ltd.(2) | 205,000 | 268,307 | |||||||||
Chia Chang Co. Ltd. | 30,000 | 37,058 | |||||||||
Chia Hsin Cement Corp. | 126,000 | 83,932 | |||||||||
Chicony Electronics Co. Ltd. | 431,000 | 1,294,605 | |||||||||
Chicony Power Technology Co. Ltd. | 42,000 | 108,169 | |||||||||
Chieftek Precision Co. Ltd. | 1,100 | 2,785 | |||||||||
China Airlines Ltd.(2) | 1,409,000 | 932,520 | |||||||||
China Bills Finance Corp. | 155,000 | 78,847 | |||||||||
China Chemical & Pharmaceutical Co. Ltd.(2) | 152,000 | 137,010 | |||||||||
China Container Terminal Corp. | 38,000 | 29,886 | |||||||||
China Development Financial Holding Corp. | 3,288,943 | 1,416,132 | |||||||||
China Development Financial Holding Corp., Preference Shares | 402,360 | 107,249 | |||||||||
China Electric Manufacturing Corp. | 28,000 | 13,018 | |||||||||
China General Plastics Corp.(2) | 157,722 | 147,876 | |||||||||
China Man-Made Fiber Corp.(1) | 430,320 | 122,416 | |||||||||
China Metal Products | 115,000 | 125,456 | |||||||||
China Motor Corp.(2) | 217,800 | 407,305 | |||||||||
China Petrochemical Development Corp.(2) | 3,221,980 | 1,074,686 | |||||||||
China Steel Corp. | 5,088,000 | 5,234,179 | |||||||||
China Steel Structure Co. Ltd. | 18,000 | 35,327 | |||||||||
China Wire & Cable Co. Ltd. | 37,000 | 31,744 | |||||||||
Chinese Maritime Transport Ltd.(2) | 72,000 | 100,961 | |||||||||
Chin-Poon Industrial Co. Ltd. | 258,000 | 248,895 | |||||||||
Chipbond Technology Corp. | 505,000 | 1,110,712 | |||||||||
ChipMOS Technologies, Inc.(2) | 480,000 | 571,271 | |||||||||
Chlitina Holding Ltd. | 34,000 | 237,862 |
59
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Chong Hong Construction Co. Ltd. | 1,000 | $ | 2,496 | ||||||||
Chroma ATE, Inc.(2) | 600,000 | 3,612,974 | |||||||||
Chun Yuan Steel Industry Co. Ltd. | 229,000 | 126,637 | |||||||||
Chung Hung Steel Corp. | 180,000 | 169,638 | |||||||||
Chung Hwa Pulp Corp. | 96,000 | 54,487 | |||||||||
Chung-Hsin Electric & Machinery Manufacturing Corp.(2) | 466,000 | 1,448,339 | |||||||||
Chunghwa Chemical Synthesis & Biotech Co. Ltd. | 29,000 | 64,344 | |||||||||
Chunghwa Precision Test Tech Co. Ltd.(2) | 22,000 | 421,705 | |||||||||
Chunghwa Telecom Co. Ltd., ADR | 101,504 | 3,797,265 | |||||||||
Cleanaway Co. Ltd. | 68,000 | 419,370 | |||||||||
Clevo Co. | 82,000 | 83,285 | |||||||||
CMC Magnetics Corp.(1)(2) | 558,063 | 146,526 | |||||||||
Compal Electronics, Inc.(2) | 3,070,000 | 2,427,906 | |||||||||
Compeq Manufacturing Co. Ltd.(2) | 1,031,000 | 1,536,216 | |||||||||
Concord International Securities Co. Ltd. | 79,775 | 32,025 | |||||||||
Concord Securities Co. Ltd. | 197,000 | 69,333 | |||||||||
Concraft Holding Co. Ltd.(1) | 6,899 | 3,008 | |||||||||
Continental Holdings Corp. | 424,000 | 433,109 | |||||||||
Contrel Technology Co. Ltd. | 79,000 | 46,019 | |||||||||
Coremax Corp. | 40,325 | 133,842 | |||||||||
Coretronic Corp. | 231,000 | 486,729 | |||||||||
Co-Tech Development Corp.(2) | 264,000 | 539,796 | |||||||||
Creative Sensor, Inc. | 35,000 | 32,521 | |||||||||
CTBC Financial Holding Co. Ltd. | 8,381,000 | 6,222,335 | |||||||||
CTCI Corp. | 324,000 | 471,150 | |||||||||
CviLux Corp. | 19,000 | 21,849 | |||||||||
CX Technology Co. Ltd. | 18,000 | 14,771 | |||||||||
CyberTAN Technology, Inc.(2) | 61,000 | 47,741 | |||||||||
DA CIN Construction Co. Ltd. | 53,000 | 55,025 | |||||||||
Dafeng TV Ltd. | 4,000 | 6,479 | |||||||||
Da-Li Development Co. Ltd. | 2,242 | 2,289 | |||||||||
Darfon Electronics Corp. | 100,000 | 135,040 | |||||||||
Darwin Precisions Corp.(1) | 172,000 | 59,089 | |||||||||
Daxin Materials Corp. | 31,000 | 81,845 | |||||||||
Delta Electronics, Inc. | 496,000 | 4,640,436 | |||||||||
Depo Auto Parts Ind Co. Ltd. | 104,000 | 297,152 | |||||||||
Dimerco Express Corp.(2) | 61,160 | 157,344 | |||||||||
D-Link Corp.(1) | 4,600 | 2,595 | |||||||||
Double Bond Chemical Industry Co. Ltd. | 1,134 | 2,123 | |||||||||
Dr Wu Skincare Co. Ltd. | 8,000 | 29,362 | |||||||||
Dynamic Holding Co. Ltd. | 139,147 | 80,997 | |||||||||
Dynapack International Technology Corp. | 63,000 | 168,367 | |||||||||
E Ink Holdings, Inc.(2) | 17,000 | 107,575 | |||||||||
E.Sun Financial Holding Co. Ltd. | 1,606,918 | 1,311,450 | |||||||||
Eastern Media International Corp.(2) | 79,515 | 60,435 | |||||||||
Eclat Textile Co. Ltd. | 34,000 | 534,485 | |||||||||
ECOVE Environment Corp. | 1,000 | 8,809 | |||||||||
Edison Opto Corp.(1) | 38,911 | 27,098 | |||||||||
Edom Technology Co. Ltd. | 68,200 | 64,224 | |||||||||
eGalax_eMPIA Technology, Inc. | 21,174 | 43,384 |
60
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Egis Technology, Inc. | 20,000 | $ | 51,735 | ||||||||
Elan Microelectronics Corp. | 178,000 | 630,130 | |||||||||
E-LIFE MALL Corp. | 4,000 | 11,252 | |||||||||
Elite Advanced Laser Corp. | 55,000 | 73,289 | |||||||||
Elite Material Co. Ltd. | 282,000 | 1,756,787 | |||||||||
Elite Semiconductor Microelectronics Technology, Inc. | 154,000 | 394,891 | |||||||||
Elitegroup Computer Systems Co. Ltd.(1)(2) | 135,000 | 95,005 | |||||||||
eMemory Technology, Inc. | 19,000 | 1,141,884 | |||||||||
Emerging Display Technologies Corp. | 39,000 | 28,573 | |||||||||
ENNOSTAR, Inc. | 244,375 | 392,442 | |||||||||
Eson Precision Ind Co. Ltd. | 15,000 | 30,561 | |||||||||
Eternal Materials Co. Ltd. | 234,200 | 246,882 | |||||||||
Eurocharm Holdings Co. Ltd. | 6,000 | 34,462 | |||||||||
Eva Airways Corp.(2) | 1,558,000 | 1,442,945 | |||||||||
Everest Textile Co. Ltd.(1) | 2,322 | 555 | |||||||||
Evergreen International Storage & Transport Corp.(2) | 447,000 | 408,675 | |||||||||
Evergreen Marine Corp. Taiwan Ltd.(2) | 673,676 | 3,442,643 | |||||||||
EVERGREEN Steel Corp. | 21,000 | 36,062 | |||||||||
Everlight Chemical Industrial Corp. | 130,000 | 79,748 | |||||||||
Everlight Electronics Co. Ltd. | 297,000 | 373,847 | |||||||||
Excelliance Mos Corp. | 14,000 | 59,312 | |||||||||
Excelsior Medical Co. Ltd. | 58,800 | 149,876 | |||||||||
Far Eastern Department Stores Ltd. | 167,000 | 122,945 | |||||||||
Far Eastern International Bank | 1,657,453 | 642,571 | |||||||||
Far Eastern New Century Corp. | 2,391,000 | 2,541,822 | |||||||||
Far EasTone Telecommunications Co. Ltd. | 919,000 | 2,073,676 | |||||||||
Faraday Technology Corp.(2) | 70,000 | 420,819 | |||||||||
Farglory F T Z Investment Holding Co. Ltd. | 131,000 | 235,293 | |||||||||
Farglory Land Development Co. Ltd. | 205,000 | 396,138 | |||||||||
Federal Corp.(1) | 89,000 | 63,418 | |||||||||
Feedback Technology Corp. | 20,000 | 59,587 | |||||||||
Feng Hsin Steel Co. Ltd. | 101,000 | 236,503 | |||||||||
Feng TAY Enterprise Co. Ltd. | 54,800 | 330,115 | |||||||||
Firich Enterprises Co. Ltd.(2) | 61,228 | 59,421 | |||||||||
First Financial Holding Co. Ltd. | 2,554,997 | 2,239,024 | |||||||||
First Hi-Tec Enterprise Co. Ltd. | 3,793 | 7,760 | |||||||||
First Steamship Co. Ltd.(1) | 467,210 | 152,829 | |||||||||
FIT Holding Co. Ltd. | 75,000 | 75,449 | |||||||||
Fitipower Integrated Technology, Inc.(2) | 131,361 | 710,768 | |||||||||
Fittech Co. Ltd. | 26,223 | 82,567 | |||||||||
FLEXium Interconnect, Inc.(1) | 763,000 | 2,454,564 | |||||||||
Flytech Technology Co. Ltd. | 72,000 | 171,050 | |||||||||
FocalTech Systems Co. Ltd.(2) | 53,804 | 126,731 | |||||||||
Forcecon Tech Co. Ltd. | 2,595 | 5,310 | |||||||||
Forest Water Environment Engineering Co. Ltd. | 70 | 72 | |||||||||
Formosa Advanced Technologies Co. Ltd. | 41,000 | 57,712 | |||||||||
Formosa Chemicals & Fibre Corp. | 646,000 | 1,499,136 | |||||||||
Formosa International Hotels Corp. | 24,000 | 245,825 | |||||||||
Formosa Laboratories, Inc.(2) | 58,000 | 136,711 | |||||||||
Formosa Oilseed Processing Co. Ltd. | 49,000 | 93,264 |
61
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Formosa Petrochemical Corp. | 50,000 | $ | 139,092 | ||||||||
Formosa Plastics Corp. | 1,920,000 | 5,699,650 | |||||||||
Formosa Sumco Technology Corp. | 7,000 | 34,306 | |||||||||
Formosa Taffeta Co. Ltd.(2) | 195,000 | 176,864 | |||||||||
Formosan Rubber Group, Inc. | 87,000 | 63,415 | |||||||||
Formosan Union Chemical | 237,650 | 189,278 | |||||||||
Fortune Electric Co. Ltd. | 1,000 | 2,068 | |||||||||
Foxconn Technology Co. Ltd.(2) | 441,000 | 801,958 | |||||||||
Foxsemicon Integrated Technology, Inc. | 10,000 | 67,637 | |||||||||
Franbo Lines Corp.(2) | 155,956 | 100,945 | |||||||||
Froch Enterprise Co. Ltd. | 92,000 | 70,503 | |||||||||
FSP Technology, Inc. | 20,000 | 27,784 | |||||||||
Fubon Financial Holding Co. Ltd. | 3,514,970 | 6,873,221 | |||||||||
Fulgent Sun International Holding Co. Ltd. | 12,000 | 53,421 | |||||||||
Fulltech Fiber Glass Corp. | 157,759 | 65,337 | |||||||||
Fusheng Precision Co. Ltd. | 70,000 | 569,246 | |||||||||
G Shank Enterprise Co. Ltd.(2) | 127,000 | 203,227 | |||||||||
Gamania Digital Entertainment Co. Ltd. | 116,000 | 305,825 | |||||||||
GEM Services, Inc. | 9,000 | 21,881 | |||||||||
Gemtek Technology Corp. | 292,000 | 264,974 | |||||||||
General Interface Solution Holding Ltd.(2) | 149,000 | 419,918 | |||||||||
Generalplus Technology, Inc. | 27,000 | 48,664 | |||||||||
GeneReach Biotechnology Corp. | 14,526 | 28,800 | |||||||||
Genesys Logic, Inc. | 12,000 | 48,018 | |||||||||
Genius Electronic Optical Co. Ltd.(2) | 71,079 | 898,771 | |||||||||
Getac Holdings Corp. | 220,000 | 353,737 | |||||||||
GFC Ltd./TW | 1,000 | 2,417 | |||||||||
Giant Manufacturing Co. Ltd. | 53,885 | 358,506 | |||||||||
Giantplus Technology Co. Ltd.(1) | 55,000 | 26,819 | |||||||||
Gigabyte Technology Co. Ltd.(2) | 607,000 | 2,350,475 | |||||||||
Global Brands Manufacture Ltd. | 232,280 | 227,263 | |||||||||
Global Lighting Technologies, Inc. | 26,000 | 49,690 | |||||||||
Global Mixed Mode Technology, Inc. | 29,000 | 165,440 | |||||||||
Global PMX Co. Ltd. | 14,000 | 68,244 | |||||||||
Global Unichip Corp.(2) | 30,000 | 1,128,967 | |||||||||
Globalwafers Co. Ltd.(2) | 97,000 | 1,603,893 | |||||||||
Gloria Material Technology Corp. | 191,000 | 281,096 | |||||||||
GMI Technology, Inc. | 44,767 | 26,932 | |||||||||
Gold Circuit Electronics Ltd.(2) | 93,600 | 281,987 | |||||||||
Goldsun Building Materials Co. Ltd. | 614,674 | 557,845 | |||||||||
Gordon Auto Body Parts(2) | 99,000 | 79,698 | |||||||||
Gourmet Master Co. Ltd.(2) | 102,000 | 526,348 | |||||||||
Grand Fortune Securities Co. Ltd. | 129,600 | 45,565 | |||||||||
Grand Ocean Retail Group Ltd.(1) | 1,000 | 569 | |||||||||
Grand Pacific Petrochemical(2) | 633,000 | 411,527 | |||||||||
Grand Process Technology Corp. | 14,000 | 116,223 | |||||||||
Grape King Bio Ltd. | 115,000 | 683,101 | |||||||||
Great China Metal Industry | 9,000 | 7,266 | |||||||||
Great Tree Pharmacy Co. Ltd. | 8,151 | 89,049 | |||||||||
Great Wall Enterprise Co. Ltd. | 84,220 | 139,551 |
62
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Greatek Electronics, Inc.(2) | 199,000 | $ | 347,071 | ||||||||
Group Up Industrial Co. Ltd. | 8,000 | 28,404 | |||||||||
Gudeng Precision Industrial Co. Ltd. | 3,346 | 31,620 | |||||||||
Hai Kwang Enterprise Corp.(2) | 76,000 | 56,669 | |||||||||
Hannstar Board Corp. | 237,927 | 268,662 | |||||||||
HannStar Display Corp.(1)(2) | 2,130,000 | 889,624 | |||||||||
HannsTouch Solution, Inc. | 303,000 | 100,813 | |||||||||
Harmony Electronics Corp. | 17,000 | 19,584 | |||||||||
Harvatek Corp. | 35,000 | 24,639 | |||||||||
Heran Co. Ltd.(2) | 7,000 | 26,276 | |||||||||
Highlight Tech Corp. | 16,000 | 28,154 | |||||||||
Highwealth Construction Corp. | 7,261 | 10,095 | |||||||||
Hiroca Holdings Ltd. | 47,000 | 70,764 | |||||||||
Hitron Technology, Inc. | 42,000 | 37,323 | |||||||||
Hiwin Technologies Corp.(2) | 462,451 | 3,771,363 | |||||||||
Ho Tung Chemical Corp. | 506,000 | 147,823 | |||||||||
Hocheng Corp.(2) | 321,320 | 200,838 | |||||||||
Holdings-Key Electric Wire & Cable Co. Ltd. | 44,800 | 21,545 | |||||||||
Holiday Entertainment Co. Ltd. | 11,050 | 25,363 | |||||||||
Holtek Semiconductor, Inc.(2) | 93,000 | 224,859 | |||||||||
Holy Stone Enterprise Co. Ltd.(2) | 78,000 | 244,814 | |||||||||
Hon Hai Precision Industry Co. Ltd. | 5,254,000 | 17,380,240 | |||||||||
Hong Pu Real Estate Development Co. Ltd.(1) | 5,000 | 3,708 | |||||||||
Hong TAI Electric Industrial | 36,000 | 22,305 | |||||||||
Horizon Securities Co. Ltd.(2) | 161,120 | 52,622 | |||||||||
Hota Industrial Manufacturing Co. Ltd. | 3,000 | 7,132 | |||||||||
Hotai Finance Co. Ltd. | 111,000 | 401,038 | |||||||||
Hotai Motor Co. Ltd. | 38,000 | 765,915 | |||||||||
Hsin Kuang Steel Co. Ltd. | 2,000 | 2,930 | |||||||||
Hsin Yung Chien Co. Ltd. | 9,900 | 32,271 | |||||||||
Hsing TA Cement Co. | 62,000 | 34,716 | |||||||||
HTC Corp.(1) | 48,000 | 102,216 | |||||||||
Hu Lane Associate, Inc.(2) | 35,225 | 175,970 | |||||||||
Hua Nan Financial Holdings Co. Ltd. | 2,008,987 | 1,501,443 | |||||||||
Huaku Development Co. Ltd. | 116,000 | 350,480 | |||||||||
Huang Hsiang Construction Corp. | 31,000 | 45,126 | |||||||||
Hung Ching Development & Construction Co. Ltd. | 31,000 | 22,129 | |||||||||
Hung Sheng Construction Ltd. | 277,880 | 212,961 | |||||||||
Huxen Corp. | 2,000 | 3,249 | |||||||||
Hycon Technology Corp. | 351 | 706 | |||||||||
IBF Financial Holdings Co. Ltd. | 956,139 | 394,526 | |||||||||
IC Plus Corp. | 16,000 | 27,008 | |||||||||
Ichia Technologies, Inc.(2) | 246,000 | 153,672 | |||||||||
IEI Integration Corp.(2) | 130,000 | 347,140 | |||||||||
Infortrend Technology, Inc.(2) | 92,000 | 57,310 | |||||||||
Info-Tek Corp. | 19,000 | 34,644 | |||||||||
Innodisk Corp. | 50,401 | 370,099 | |||||||||
Innolux Corp. | 7,629,335 | 3,654,677 | |||||||||
Inpaq Technology Co. Ltd. | 30,000 | 56,108 | |||||||||
Insyde Software Corp. | 18,000 | 61,201 |
63
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Integrated Service Technology, Inc.(1)(2) | 75,000 | $ | 209,259 | ||||||||
Interactive Digital Technologies, Inc. | 3,000 | 6,772 | |||||||||
International CSRC Investment Holdings Co.(2) | 490,000 | 332,782 | |||||||||
International Games System Co. Ltd. | 112,000 | 1,845,336 | |||||||||
Inventec Corp. | 784,000 | 681,070 | |||||||||
I-Sheng Electric Wire & Cable Co. Ltd. | 10,000 | 14,432 | |||||||||
ITE Technology, Inc. | 72,000 | 208,976 | |||||||||
ITEQ Corp. | 93,000 | 228,909 | |||||||||
Jarllytec Co. Ltd. | 27,000 | 59,877 | |||||||||
Jentech Precision Industrial Co. Ltd. | 3,299 | 45,572 | |||||||||
Jess-Link Products Co. Ltd. | 39,000 | 56,638 | |||||||||
Jiin Yeeh Ding Enterprise Co. Ltd. | 26,400 | 32,679 | |||||||||
K Laser Technology, Inc. | 38,000 | 25,293 | |||||||||
Kaimei Electronic Corp.(2) | 56,200 | 122,386 | |||||||||
Kaori Heat Treatment Co. Ltd.(2) | 53,000 | 412,911 | |||||||||
KEE TAI Properties Co. Ltd.(2) | 181,000 | 77,956 | |||||||||
Kenda Rubber Industrial Co. Ltd. | 124,800 | 126,820 | |||||||||
Kenmec Mechanical Engineering Co. Ltd.(1)(2) | 221,000 | 200,134 | |||||||||
Kerry TJ Logistics Co. Ltd.(2) | 94,000 | 117,421 | |||||||||
Kindom Development Co. Ltd. | 225,200 | 214,315 | |||||||||
King Slide Works Co. Ltd. | 3,000 | 40,914 | |||||||||
King Yuan Electronics Co. Ltd. | 861,000 | 1,176,754 | |||||||||
King's Town Bank Co. Ltd.(2) | 638,000 | 711,764 | |||||||||
Kinik Co.(2) | 64,000 | 237,531 | |||||||||
Kinpo Electronics(2) | 279,000 | 125,088 | |||||||||
Kinsus Interconnect Technology Corp.(2) | 205,000 | 717,883 | |||||||||
KMC Kuei Meng International, Inc.(2) | 14,000 | 69,201 | |||||||||
KNH Enterprise Co. Ltd.(2) | 99,000 | 56,956 | |||||||||
KS Terminals, Inc. | 49,000 | 115,053 | |||||||||
Kung Long Batteries Industrial Co. Ltd. | 48,000 | 220,256 | |||||||||
Kung Sing Engineering Corp.(1) | 70,400 | 16,313 | |||||||||
Kuo Toong International Co. Ltd. | 67,000 | 67,444 | |||||||||
Kuo Yang Construction Co. Ltd.(1) | 49,727 | 31,282 | |||||||||
L&K Engineering Co. Ltd. | 134,000 | 177,200 | |||||||||
LandMark Optoelectronics Corp. | 15,000 | 64,377 | |||||||||
Lanner Electronics, Inc. | 18,000 | 64,165 | |||||||||
Largan Precision Co. Ltd. | 37,000 | 2,659,932 | |||||||||
Lealea Enterprise Co. Ltd.(2) | 426,000 | 147,975 | |||||||||
Lelon Electronics Corp. | 12,138 | 25,167 | |||||||||
Li Cheng Enterprise Co. Ltd.(1) | 1,071 | 908 | |||||||||
Li Peng Enterprise Co. Ltd.(1) | 391,000 | 107,119 | |||||||||
Lian HWA Food Corp. | 47,408 | 133,769 | |||||||||
Lien Hwa Industrial Holdings Corp. | 8,038 | 14,329 | |||||||||
Lingsen Precision Industries Ltd. | 239,000 | 118,229 | |||||||||
Lion Travel Service Co. Ltd.(1) | 1,098 | 4,574 | |||||||||
Lite-On Technology Corp. | 881,000 | 2,004,741 | |||||||||
Liton Technology Corp. | 1,000 | 1,182 | |||||||||
Long Bon International Co. Ltd.(1) | 1,800 | 1,011 | |||||||||
Longchen Paper & Packaging Co. Ltd. | 338,889 | 209,785 | |||||||||
Longwell Co. | 17,000 | 41,107 |
64
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Lotes Co. Ltd. | 20,251 | $ | 568,871 | ||||||||
Lotus Pharmaceutical Co. Ltd.(1)(2) | 108,000 | 994,030 | |||||||||
Lucky Cement Corp. | 60,000 | 27,842 | |||||||||
Lumax International Corp. Ltd. | 9,000 | 22,145 | |||||||||
Lung Yen Life Service Corp. | 18,000 | 22,648 | |||||||||
Macauto Industrial Co. Ltd. | 11,000 | 25,286 | |||||||||
Machvision, Inc. | 17,039 | 95,267 | |||||||||
Macroblock, Inc. | 27,000 | 101,561 | |||||||||
Macronix International Co. Ltd.(2) | 1,855,000 | 2,077,161 | |||||||||
Makalot Industrial Co. Ltd. | 10,825 | 75,761 | |||||||||
Marketech International Corp.(2) | 74,000 | 305,525 | |||||||||
Materials Analysis Technology, Inc. | 49,000 | 290,237 | |||||||||
Mechema Chemicals International Corp. | 2,000 | 7,146 | |||||||||
MediaTek, Inc. | 191,000 | 4,484,493 | |||||||||
Mega Financial Holding Co. Ltd. | 1,208,475 | 1,318,339 | |||||||||
Mercuries & Associates Holding Ltd. | 55,550 | 30,646 | |||||||||
Mercuries Life Insurance Co. Ltd.(1)(2) | 1,305,835 | 229,952 | |||||||||
Merry Electronics Co. Ltd. | 6,000 | 16,699 | |||||||||
Microbio Co. Ltd. | 7,221 | 15,277 | |||||||||
Micro-Star International Co. Ltd.(2) | 613,000 | 2,734,639 | |||||||||
MIN AIK Technology Co. Ltd. | 35,000 | 20,467 | |||||||||
Mirle Automation Corp. | 41,000 | 52,434 | |||||||||
Mitac Holdings Corp.(2) | 720,560 | 744,451 | |||||||||
momo.com, Inc.(2) | 9,000 | 231,306 | |||||||||
MOSA Industrial Corp. | 48,000 | 40,950 | |||||||||
Mosel Vitelic, Inc.(2) | 79,000 | 106,790 | |||||||||
Motech Industries, Inc. | 2,451 | 2,267 | |||||||||
MPI Corp. | 57,000 | 229,346 | |||||||||
Nak Sealing Technologies Corp. | 15,000 | 58,880 | |||||||||
Namchow Holdings Co. Ltd. | 33,000 | 50,703 | |||||||||
Nan Kang Rubber Tire Co. Ltd.(1) | 1,000 | 1,202 | |||||||||
Nan Liu Enterprise Co. Ltd. | 6,000 | 14,394 | |||||||||
Nan Pao Resins Chemical Co. Ltd. | 11,000 | 49,805 | |||||||||
Nan Ya Plastics Corp. | 1,568,000 | 3,857,950 | |||||||||
Nan Ya Printed Circuit Board Corp.(2) | 124,000 | 939,907 | |||||||||
Nantex Industry Co. Ltd.(2) | 154,000 | 218,737 | |||||||||
Nanya Technology Corp.(2) | 928,000 | 1,766,462 | |||||||||
Nichidenbo Corp. | 36,000 | 66,313 | |||||||||
Nien Made Enterprise Co. Ltd. | 51,000 | 543,004 | |||||||||
Niko Semiconductor Co. Ltd. | 29,000 | 54,015 | |||||||||
Nishoku Technology, Inc. | 6,000 | 18,781 | |||||||||
Novatek Microelectronics Corp.(2) | 516,000 | 6,819,250 | |||||||||
Nuvoton Technology Corp.(2) | 148,428 | 712,646 | |||||||||
Nyquest Technology Co. Ltd. | 14,000 | 35,323 | |||||||||
O-Bank Co. Ltd.(2) | 732,430 | 232,842 | |||||||||
Ocean Plastics Co. Ltd. | 30,000 | 35,555 | |||||||||
Orient Semiconductor Electronics Ltd. | 464,000 | 297,291 | |||||||||
Oriental Union Chemical Corp. | 218,000 | 134,808 | |||||||||
O-TA Precision Industry Co. Ltd. | 56,000 | 237,755 | |||||||||
Pacific Hospital Supply Co. Ltd. | 11,099 | 28,390 |
65
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Pan Jit International, Inc.(2) | 325,000 | $ | 708,015 | ||||||||
Pan-International Industrial Corp.(2) | 112,000 | 141,299 | |||||||||
Parade Technologies Ltd. | 2,000 | 62,192 | |||||||||
P-Duke Technology Co. Ltd. | 1,105 | 3,257 | |||||||||
Pegatron Corp.(2) | 1,387,000 | 3,073,019 | |||||||||
Pegavision Corp. | 8,000 | 117,396 | |||||||||
PharmaEngine, Inc.(2) | 52,000 | 193,900 | |||||||||
Pharmally International Holding Co. Ltd.(1) | 1,282 | 2,381 | |||||||||
Phihong Technology Co. Ltd.(1)(2) | 67,000 | 99,595 | |||||||||
Phison Electronics Corp.(2) | 123,000 | 1,400,577 | |||||||||
Phoenix Silicon International Corp.(2) | 115,280 | 211,988 | |||||||||
Pixart Imaging, Inc. | 70,000 | 253,230 | |||||||||
Pou Chen Corp. | 569,000 | 623,479 | |||||||||
Power Wind Health Industry, Inc.(1) | 4,252 | 19,799 | |||||||||
Powerchip Semiconductor Manufacturing Corp. | 808,000 | 878,943 | |||||||||
Powertech Technology, Inc.(2) | 901,000 | 2,605,306 | |||||||||
Poya International Co. Ltd. | 31,301 | 605,268 | |||||||||
President Chain Store Corp. | 284,000 | 2,481,515 | |||||||||
President Securities Corp. | 264,929 | 149,268 | |||||||||
Primax Electronics Ltd.(2) | 532,000 | 1,034,210 | |||||||||
Prince Housing & Development Corp. | 361,000 | 135,628 | |||||||||
Promate Electronic Co. Ltd. | 22,000 | 28,379 | |||||||||
Prosperity Dielectrics Co. Ltd. | 34,000 | 47,608 | |||||||||
Qisda Corp. | 251,000 | 246,444 | |||||||||
QST International Corp. | 9,900 | 21,581 | |||||||||
Quang Viet Enterprise Co. Ltd. | 6,000 | 24,002 | |||||||||
Quanta Computer, Inc. | 1,083,000 | 2,834,714 | |||||||||
Quanta Storage, Inc. | 141,000 | 225,048 | |||||||||
Radiant Opto-Electronics Corp. | 891,000 | 3,075,912 | |||||||||
Radium Life Tech Co. Ltd. | 134,000 | 42,201 | |||||||||
Raydium Semiconductor Corp.(2) | 45,000 | 603,152 | |||||||||
Realtek Semiconductor Corp.(2) | 462,000 | 5,695,520 | |||||||||
Rechi Precision Co. Ltd. | 41,000 | 23,287 | |||||||||
Rexon Industrial Corp. Ltd. | 49,000 | 49,447 | |||||||||
Rich Development Co. Ltd. | 92,000 | 33,635 | |||||||||
Ritek Corp.(1) | 64,281 | 18,109 | |||||||||
Rodex Fasteners Corp. | 64,000 | 121,182 | |||||||||
Roo Hsing Co. Ltd.(1) | 170,000 | 16,292 | |||||||||
Ruentex Development Co. Ltd. | 1,117,400 | 1,618,759 | |||||||||
Ruentex Engineering & Construction Co. | 23,290 | 93,150 | |||||||||
Ruentex Industries Ltd. | 266,306 | 587,727 | |||||||||
Sampo Corp. | 50,000 | 44,086 | |||||||||
San Fang Chemical Industry Co. Ltd. | 5,000 | 3,437 | |||||||||
San Shing Fastech Corp. | 17,000 | 28,676 | |||||||||
Sanyang Motor Co. Ltd.(2) | 328,000 | 427,610 | |||||||||
Savior Lifetec Corp.(1)(2) | 149,000 | 99,841 | |||||||||
SCI Pharmtech, Inc.(1) | 5,600 | 19,820 | |||||||||
Scientech Corp. | 24,000 | 59,851 | |||||||||
ScinoPharm Taiwan Ltd. | 2,000 | 1,711 | |||||||||
SDI Corp. | 15,000 | 60,766 |
66
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Senao International Co. Ltd. | 1,000 | $ | 1,096 | ||||||||
Senao Networks, Inc. | 32,000 | 307,180 | |||||||||
Sensortek Technology Corp. | 9,000 | 105,275 | |||||||||
Sesoda Corp.(2) | 134,997 | 187,533 | |||||||||
Shanghai Commercial & Savings Bank Ltd. | 1,562,565 | 2,425,649 | |||||||||
Sharehope Medicine Co. Ltd. | 50,000 | 57,298 | |||||||||
Sheng Yu Steel Co. Ltd. | 51,000 | 42,921 | |||||||||
ShenMao Technology, Inc. | 32,000 | 50,559 | |||||||||
Shih Her Technologies, Inc. | 24,000 | 48,717 | |||||||||
Shih Wei Navigation Co. Ltd.(2) | 107,386 | 100,574 | |||||||||
Shihlin Paper Corp.(1) | 30,000 | 47,663 | |||||||||
Shin Foong Specialty & Applied Materials Co. Ltd. | 18,000 | 37,610 | |||||||||
Shin Kong Financial Holding Co. Ltd. | 8,489,740 | 2,464,749 | |||||||||
Shin Zu Shing Co. Ltd. | 80,536 | 234,719 | |||||||||
Shining Building Business Co. Ltd.(1) | 125,000 | 38,327 | |||||||||
Shinkong Insurance Co. Ltd. | 87,000 | 143,828 | |||||||||
Shinkong Synthetic Fibers Corp. | 663,000 | 394,905 | |||||||||
Shiny Chemical Industrial Co. Ltd. | 39,582 | 156,520 | |||||||||
ShunSin Technology Holding Ltd. | 12,000 | 33,833 | |||||||||
Shuttle, Inc.(1)(2) | 124,000 | 51,028 | |||||||||
Sigurd Microelectronics Corp. | 517,063 | 903,405 | |||||||||
Silergy Corp. | 12,000 | 225,793 | |||||||||
Silicon Integrated Systems Corp.(2) | 283,404 | 170,596 | |||||||||
Simplo Technology Co. Ltd.(2) | 180,000 | 1,738,847 | |||||||||
Sinbon Electronics Co. Ltd. | 4,000 | 38,942 | |||||||||
Sincere Navigation Corp.(2) | 364,060 | 306,581 | |||||||||
Singatron Enterprise Co. Ltd. | 48,000 | 33,623 | |||||||||
Sinher Technology, Inc. | 15,000 | 19,055 | |||||||||
Sinkang Industries Co. Ltd. | 3,000 | 2,028 | |||||||||
Sinmag Equipment Corp. | 9,000 | 28,387 | |||||||||
Sino-American Silicon Products, Inc. | 677,000 | 3,493,509 | |||||||||
Sinon Corp.(2) | 264,000 | 342,808 | |||||||||
SinoPac Financial Holdings Co. Ltd. | 5,979,050 | 3,347,241 | |||||||||
Sinopower Semiconductor, Inc. | 6,000 | 20,152 | |||||||||
Sinyi Realty, Inc. | 34,000 | 31,656 | |||||||||
Sitronix Technology Corp.(2) | 201,000 | 1,496,613 | |||||||||
Siward Crystal Technology Co. Ltd. | 155,000 | 195,954 | |||||||||
Softstar Entertainment, Inc. | 1,300 | 2,422 | |||||||||
Solar Applied Materials Technology Corp.(2) | 264,670 | 320,355 | |||||||||
Solomon Technology Corp. | 83,000 | 72,467 | |||||||||
Solteam, Inc. | 28,000 | 43,117 | |||||||||
Sonix Technology Co. Ltd.(2) | 66,000 | 118,319 | |||||||||
Speed Tech Corp. | 1,000 | 1,797 | |||||||||
Sporton International, Inc. | 60,000 | 521,657 | |||||||||
St Shine Optical Co. Ltd. | 39,000 | 332,820 | |||||||||
Standard Chemical & Pharmaceutical Co. Ltd. | 16,000 | 30,264 | |||||||||
Standard Foods Corp. | 59,000 | 80,896 | |||||||||
Stark Technology, Inc. | 35,000 | 107,101 | |||||||||
Sunjuice Holdings Co. Ltd. | 3,000 | 31,428 | |||||||||
Sunny Friend Environmental Technology Co. Ltd. | 10,000 | 53,845 |
67
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Sunonwealth Electric Machine Industry Co. Ltd. | 32,000 | $ | 45,269 | ||||||||
Sunplus Technology Co. Ltd. | 25,000 | 21,297 | |||||||||
Sunrex Technology Corp. | 56,000 | 71,831 | |||||||||
Supreme Electronics Co. Ltd. | 49,755 | 62,889 | |||||||||
Swancor Holding Co. Ltd.(2) | 10,000 | 35,904 | |||||||||
Sweeten Real Estate Development Co. Ltd. | 4,320 | 3,464 | |||||||||
Symtek Automation Asia Co. Ltd.(2) | 55,000 | 176,972 | |||||||||
Syncmold Enterprise Corp. | 32,000 | 64,518 | |||||||||
Synnex Technology International Corp. | 393,000 | 801,878 | |||||||||
Systex Corp. | 17,000 | 41,856 | |||||||||
T3EX Global Holdings Corp.(2) | 108,213 | 244,994 | |||||||||
TA Chen Stainless Pipe(2) | 983,184 | 1,396,689 | |||||||||
Ta Ya Electric Wire & Cable(2) | 127,363 | 101,027 | |||||||||
TAI Roun Products Co. Ltd. | 23,000 | 12,061 | |||||||||
TA-I Technology Co. Ltd. | 31,750 | 50,156 | |||||||||
Tai Tung Communication Co. Ltd.(1) | 42,000 | 19,946 | |||||||||
Taichung Commercial Bank Co. Ltd. | 2,158,425 | 973,288 | |||||||||
TaiDoc Technology Corp. | 44,000 | 273,218 | |||||||||
Taiflex Scientific Co. Ltd. | 22,000 | 30,801 | |||||||||
Taigen Biopharmaceuticals Holdings Ltd.(1) | 68,000 | 34,420 | |||||||||
Taimide Tech, Inc. | 55,000 | 61,085 | |||||||||
Tainan Spinning Co. Ltd. | 189,000 | 110,052 | |||||||||
Tai-Saw Technology Co. Ltd.(2) | 75,000 | 70,766 | |||||||||
Taishin Financial Holding Co. Ltd. | 6,196,841 | 3,328,035 | |||||||||
Taisun Enterprise Co. Ltd. | 4,000 | 3,946 | |||||||||
Taita Chemical Co. Ltd. | 80,850 | 61,157 | |||||||||
Taiwan Business Bank | 4,750,825 | 2,231,050 | |||||||||
Taiwan Cement Corp. | 757,853 | 971,545 | |||||||||
Taiwan Cogeneration Corp.(2) | 48,000 | 57,848 | |||||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 2,304,263 | 2,004,459 | |||||||||
Taiwan Fertilizer Co. Ltd. | 302,000 | 567,017 | |||||||||
Taiwan Fire & Marine Insurance Co. Ltd. | 41,000 | 27,971 | |||||||||
Taiwan FU Hsing Industrial Co. Ltd. | 29,000 | 40,818 | |||||||||
Taiwan Glass Industry Corp.(2) | 965,000 | 737,791 | |||||||||
Taiwan High Speed Rail Corp. | 513,000 | 493,256 | |||||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 542,000 | 1,712,003 | |||||||||
Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 41,000 | 62,286 | |||||||||
Taiwan IC Packaging Corp. | 32,000 | 12,542 | |||||||||
Taiwan Mask Corp. | 24,000 | 64,662 | |||||||||
Taiwan Mobile Co. Ltd. | 638,000 | 2,021,127 | |||||||||
Taiwan Navigation Co. Ltd.(2) | 183,000 | 178,965 | |||||||||
Taiwan Paiho Ltd. | 163,000 | 330,547 | |||||||||
Taiwan PCB Techvest Co. Ltd. | 238,000 | 301,782 | |||||||||
Taiwan Sakura Corp. | 4,000 | 8,465 | |||||||||
Taiwan Secom Co. Ltd. | 70,000 | 231,106 | |||||||||
Taiwan Semiconductor Co. Ltd. | 76,000 | 231,958 | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1,190,751 | 103,678,690 | |||||||||
Taiwan Shin Kong Security Co. Ltd. | 7,070 | 9,506 | |||||||||
Taiwan Steel Union Co. Ltd. | 22,000 | 75,509 | |||||||||
Taiwan Styrene Monomer | 72,000 | 33,254 |
68
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Taiwan Surface Mounting Technology Corp. | 642,000 | $ | 1,860,260 | ||||||||
Taiwan TEA Corp.(1) | 304,000 | 218,130 | |||||||||
Taiwan Union Technology Corp.(2) | 213,000 | 408,852 | |||||||||
Taiwan-Asia Semiconductor Corp.(2) | 200,000 | 245,082 | |||||||||
Taiyen Biotech Co. Ltd. | 24,000 | 26,250 | |||||||||
Tatung Co. Ltd.(1)(2) | 1,023,000 | 1,122,204 | |||||||||
Tatung System Technologies, Inc. | 21,000 | 26,376 | |||||||||
TCI Co. Ltd. | 2,000 | 13,851 | |||||||||
Teco Electric & Machinery Co. Ltd. | 1,706,000 | 1,711,711 | |||||||||
Test Research, Inc. | 20,000 | 41,543 | |||||||||
Test Rite International Co. Ltd. | 33,000 | 21,815 | |||||||||
Thermaltake Technology Co. Ltd. | 97 | 108 | |||||||||
Thinking Electronic Industrial Co. Ltd. | 50,000 | 231,364 | |||||||||
Thye Ming Industrial Co. Ltd.(2) | 77,400 | 100,274 | |||||||||
Ton Yi Industrial Corp. | 737,000 | 422,922 | |||||||||
Tong Hsing Electronic Industries Ltd. | 44,524 | 318,549 | |||||||||
Tong Yang Industry Co. Ltd. | 376,000 | 537,022 | |||||||||
Top Bright Holding Co. Ltd. | 8,000 | 27,471 | |||||||||
Topco Scientific Co. Ltd. | 123,000 | 727,270 | |||||||||
Topkey Corp. | 3,000 | 21,664 | |||||||||
Topoint Technology Co. Ltd. | 51,000 | 49,122 | |||||||||
TPK Holding Co. Ltd.(2) | 215,000 | 240,286 | |||||||||
Trade-Van Information Services Co. | 2,000 | 4,142 | |||||||||
Transcend Information, Inc. | 59,000 | 135,588 | |||||||||
Tripod Technology Corp. | 385,000 | 1,318,543 | |||||||||
Tsann Kuen Enterprise Co. Ltd. | 38,589 | 60,504 | |||||||||
TSC Auto ID Technology Co. Ltd. | 8,000 | 56,221 | |||||||||
TSRC Corp. | 329,000 | 312,523 | |||||||||
Ttet Union Corp. | 6,000 | 28,858 | |||||||||
TTY Biopharm Co. Ltd. | 74,000 | 189,991 | |||||||||
Tul Corp.(2) | 18,000 | 46,975 | |||||||||
Tung Ho Steel Enterprise Corp. | 389,760 | 759,688 | |||||||||
Tung Thih Electronic Co. Ltd.(2) | 51,000 | 254,674 | |||||||||
TXC Corp.(2) | 1,079,000 | 3,039,718 | |||||||||
TYC Brother Industrial Co. Ltd.(2) | 136,000 | 126,501 | |||||||||
Tycoons Group Enterprise(1) | 66,000 | 19,074 | |||||||||
UDE Corp. | 31,000 | 35,359 | |||||||||
Ultra Chip, Inc.(2) | 20,000 | 70,182 | |||||||||
U-Ming Marine Transport Corp.(2) | 207,000 | 413,211 | |||||||||
Unimicron Technology Corp.(2) | 891,000 | 3,680,015 | |||||||||
Union Bank of Taiwan | 1,081,129 | 573,489 | |||||||||
Uni-President Enterprises Corp. | 1,173,000 | 2,589,464 | |||||||||
Unitech Computer Co. Ltd. | 46,000 | 48,729 | |||||||||
Unitech Printed Circuit Board Corp.(1)(2) | 100,000 | 61,097 | |||||||||
United Integrated Services Co. Ltd. | 288,000 | 2,123,243 | |||||||||
United Microelectronics Corp.(1)(2) | 6,208,000 | 10,111,000 | |||||||||
United Orthopedic Corp.(1) | 14,000 | 22,347 | |||||||||
United Renewable Energy Co. Ltd.(1) | 31,085 | 21,079 | |||||||||
Universal Cement Corp. | 107,000 | 85,668 | |||||||||
Universal Vision Biotechnology Co. Ltd. | 14,700 | 156,039 |
69
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Universal, Inc. | 17,000 | $ | 13,381 | ||||||||
Unizyx Holding Corp.(2) | 262,043 | 332,267 | |||||||||
UPC Technology Corp. | 295,000 | 149,857 | |||||||||
Userjoy Technology Co. Ltd. | 15,350 | 37,706 | |||||||||
USI Corp. | 314,000 | 258,142 | |||||||||
Utechzone Co. Ltd. | 40,000 | 118,513 | |||||||||
Vanguard International Semiconductor Corp.(2) | 1,104,000 | 3,326,070 | |||||||||
Ventec International Group Co. Ltd. | 17,000 | 45,306 | |||||||||
VIA Labs, Inc. | 2,000 | 14,080 | |||||||||
Visual Photonics Epitaxy Co. Ltd. | 44,000 | 121,072 | |||||||||
Voltronic Power Technology Corp.(2) | 33,100 | 1,728,277 | |||||||||
Wafer Works Corp.(2) | 41,000 | 59,846 | |||||||||
Wah Hong Industrial Corp. | 19,000 | 17,831 | |||||||||
Wah Lee Industrial Corp. | 37,740 | 108,311 | |||||||||
Walsin Lihwa Corp. | 1,976,553 | 3,640,430 | |||||||||
Walsin Technology Corp. | 272,000 | 887,304 | |||||||||
Walton Advanced Engineering, Inc. | 88,000 | 36,714 | |||||||||
Wan Hai Lines Ltd.(2) | 271,640 | 703,010 | |||||||||
WEI Chih Steel Industrial Co. Ltd.(2) | 76,000 | 71,400 | |||||||||
Wei Chuan Foods Corp. | 82,000 | 55,445 | |||||||||
Weikeng Industrial Co. Ltd. | 147,000 | 133,852 | |||||||||
Well Shin Technology Co. Ltd. | 16,000 | 26,636 | |||||||||
Wholetech System Hitech Ltd. | 33,000 | 50,911 | |||||||||
Win Semiconductors Corp.(2) | 99,000 | 543,368 | |||||||||
Winbond Electronics Corp.(2) | 2,229,000 | 1,668,724 | |||||||||
Winstek Semiconductor Co. Ltd. | 54,000 | 89,321 | |||||||||
WinWay Technology Co. Ltd.(2) | 10,000 | 194,902 | |||||||||
Wisdom Marine Lines Co. Ltd.(2) | 239,378 | 530,221 | |||||||||
Wisechip Semiconductor, Inc. | 12,000 | 20,380 | |||||||||
Wistron Corp. | 1,511,000 | 1,637,135 | |||||||||
Wistron Information Technology & Services Corp. | 41,000 | 142,085 | |||||||||
Wistron NeWeb Corp.(2) | 378,000 | 1,040,870 | |||||||||
Wiwynn Corp. | 66,000 | 2,069,595 | |||||||||
Wowprime Corp.(1)(2) | 128,000 | 1,167,491 | |||||||||
WPG Holdings Ltd. | 271,000 | 438,049 | |||||||||
WT Microelectronics Co. Ltd. | 195,000 | 414,202 | |||||||||
XinTec, Inc. | 39,000 | 130,866 | |||||||||
Xxentria Technology Materials Corp. | 16,000 | 35,535 | |||||||||
Yageo Corp. | 67,822 | 1,188,620 | |||||||||
Yang Ming Marine Transport Corp.(2) | 723,000 | 1,521,748 | |||||||||
Yankey Engineering Co. Ltd. | 3,000 | 27,972 | |||||||||
YC INOX Co. Ltd. | 136,486 | 138,896 | |||||||||
Yea Shin International Development Co. Ltd. | 38,106 | 29,511 | |||||||||
Yem Chio Co. Ltd. | 99,579 | 47,977 | |||||||||
Yeong Guan Energy Technology Group Co. Ltd. | 70,000 | 156,724 | |||||||||
YFY, Inc. | 1,541,000 | 1,366,886 | |||||||||
Yieh Hsing Enterprise Co. Ltd.(1) | 41,000 | 16,578 | |||||||||
Yieh Phui Enterprise Co. Ltd. | 172,200 | 97,423 | |||||||||
Young Fast Optoelectronics Co. Ltd. | 39,000 | 36,619 | |||||||||
Youngtek Electronics Corp. | 50,000 | 103,613 |
70
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Yuanta Financial Holding Co. Ltd. | 5,213,733 | $ | 3,876,677 | ||||||||
Yulon Finance Corp. | 160,900 | 892,588 | |||||||||
Yulon Motor Co. Ltd.(2) | 330,397 | 877,178 | |||||||||
YungShin Global Holding Corp. | 1,000 | 1,412 | |||||||||
Zeng Hsing Industrial Co. Ltd. | 17,230 | 68,988 | |||||||||
Zenitron Corp. | 50,000 | 48,865 | |||||||||
Zero One Technology Co. Ltd.(2) | 33,526 | 53,431 | |||||||||
Zhen Ding Technology Holding Ltd.(2) | 682,000 | 2,496,592 | |||||||||
Zinwell Corp.(1) | 75,000 | 44,070 | |||||||||
Zippy Technology Corp. | 3,000 | 4,175 | |||||||||
ZongTai Real Estate Development Co. Ltd. | 71,496 | 78,059 | |||||||||
467,119,315 | |||||||||||
Thailand — 2.7% | |||||||||||
AAPICO Hitech PCL, NVDR | 165,100 | 135,414 | |||||||||
Absolute Clean Energy PCL, NVDR | 830,900 | 58,327 | |||||||||
Advanced Info Service PCL, NVDR | 275,900 | 1,576,571 | |||||||||
Advanced Information Technology PCL, NVDR | 307,700 | 52,651 | |||||||||
AEON Thana Sinsap Thailand PCL, NVDR | 34,200 | 195,422 | |||||||||
Airports of Thailand PCL, NVDR(1) | 655,800 | 1,349,621 | |||||||||
AJ Plast PCL, NVDR | 39,300 | 12,007 | |||||||||
Amanah Leasing PCL, NVDR | 318,700 | 36,417 | |||||||||
Amata Corp. PCL, NVDR | 446,200 | 251,149 | |||||||||
Ananda Development PCL, NVDR(1) | 53,000 | 2,083 | |||||||||
AP Thailand PCL, NVDR | 4,242,300 | 1,487,862 | |||||||||
Aqua Corp. PCL, NVDR(1) | 1,757,300 | 34,801 | |||||||||
Asia Aviation PCL, NVDR(1) | 50,344 | 4,073 | |||||||||
Asia Plus Group Holdings PCL, NVDR | 561,700 | 48,304 | |||||||||
Asia Sermkij Leasing PCL, NVDR | 35,700 | 29,783 | |||||||||
Asian Sea Corp. PCL, NVDR | 207,750 | 78,171 | |||||||||
Asset World Corp. PCL, NVDR | 529,200 | 88,304 | |||||||||
B Grimm Power PCL, NVDR | 281,600 | 310,885 | |||||||||
Bangchak Corp. PCL, NVDR | 1,779,600 | 1,621,708 | |||||||||
Bangkok Airways PCL, NVDR(1) | 149,100 | 55,241 | |||||||||
Bangkok Bank PCL, NVDR | 74,200 | 343,203 | |||||||||
Bangkok Chain Hospital PCL, NVDR | 2,559,800 | 1,440,829 | |||||||||
Bangkok Dusit Medical Services PCL, NVDR | 2,770,800 | 2,194,732 | |||||||||
Bangkok Expressway & Metro PCL, NVDR | 2,672,800 | 699,585 | |||||||||
Bangkok Land PCL, NVDR | 2,403,600 | 67,996 | |||||||||
Bangkok Life Assurance PCL, NVDR | 1,597,300 | 1,435,089 | |||||||||
Banpu PCL, NVDR | 5,058,566 | 1,559,343 | |||||||||
Banpu Power PCL, NVDR | 119,900 | 52,919 | |||||||||
BCPG PCL, NVDR | 587,600 | 160,384 | |||||||||
Beauty Community PCL, NVDR(1) | 64,400 | 2,368 | |||||||||
BEC World PCL, NVDR | 687,000 | 190,492 | |||||||||
Berli Jucker PCL, NVDR | 66,300 | 72,198 | |||||||||
Better World Green PCL, NVDR(1) | 3,280,900 | 89,099 | |||||||||
BG Container Glass PCL, NVDR | 56,100 | 15,876 | |||||||||
BTS Group Holdings PCL, NVDR | 842,100 | 191,763 | |||||||||
Bumrungrad Hospital PCL, NVDR | 227,700 | 1,359,143 | |||||||||
Cal-Comp Electronics Thailand PCL, NVDR | 476,838 | 30,750 |
71
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Carabao Group PCL, NVDR | 10,500 | $ | 30,008 | ||||||||
Central Pattana PCL, NVDR | 669,900 | 1,330,968 | |||||||||
Central Plaza Hotel PCL, NVDR(1) | 113,900 | 182,031 | |||||||||
Central Retail Corp. PCL, NVDR | 435,966 | 551,629 | |||||||||
CH Karnchang PCL, NVDR | 471,600 | 284,197 | |||||||||
Charoen Pokphand Foods PCL, NVDR | 1,726,200 | 1,084,203 | |||||||||
Chularat Hospital PCL, NVDR | 8,834,700 | 935,013 | |||||||||
CK Power PCL, NVDR | 593,200 | 71,146 | |||||||||
Com7 PCL, NVDR | 1,364,800 | 1,177,011 | |||||||||
Country Group Development PCL, NVDR(1) | 979,000 | 17,439 | |||||||||
CP ALL PCL, NVDR | 858,200 | 1,505,187 | |||||||||
Delta Electronics Thailand PCL, NVDR | 86,500 | 2,230,143 | |||||||||
Diamond Building Products PCL, NVDR | 51,200 | 11,733 | |||||||||
Ditto Thailand PCL, NVDR | 48,000 | 61,765 | |||||||||
Dynasty Ceramic PCL, NVDR | 1,977,800 | 126,463 | |||||||||
Eastern Polymer Group PCL, NVDR | 377,600 | 89,183 | |||||||||
Ekachai Medical Care PCL, NVDR | 246,400 | 58,206 | |||||||||
Electricity Generating PCL, NVDR | 351,500 | 1,700,425 | |||||||||
Energy Absolute PCL, NVDR | 528,400 | 1,170,154 | |||||||||
Erawan Group PCL, NVDR(1) | 77,040 | 11,441 | |||||||||
Forth Corp. PCL, NVDR | 8,400 | 8,670 | |||||||||
G J Steel PCL, NVDR(1) | 6,403,900 | 56,043 | |||||||||
GFPT PCL, NVDR | 287,200 | 99,142 | |||||||||
Global Power Synergy PCL, NVDR | 115,800 | 222,771 | |||||||||
Gulf Energy Development PCL, NVDR | 551,520 | 819,604 | |||||||||
Gunkul Engineering PCL, NVDR | 2,557,400 | 302,260 | |||||||||
Haad Thip PCL, NVDR | 13,900 | 12,487 | |||||||||
Hana Microelectronics PCL, NVDR | 353,800 | 577,623 | |||||||||
Home Product Center PCL, NVDR | 2,372,400 | 939,220 | |||||||||
Ichitan Group PCL, NVDR | 306,300 | 110,054 | |||||||||
Indorama Ventures PCL, NVDR | 465,600 | 483,885 | |||||||||
Intouch Holdings PCL, NVDR | 53,800 | 107,677 | |||||||||
IRPC PCL, NVDR | 3,612,300 | 292,190 | |||||||||
Italian-Thai Development PCL, NVDR(1) | 1,929,200 | 100,966 | |||||||||
Jasmine International PCL, NVDR(1) | 4,678,200 | 293,786 | |||||||||
Jay Mart PCL, NVDR | 68,641 | 54,803 | |||||||||
JMT Network Services PCL, NVDR | 71,668 | 94,249 | |||||||||
Kasikornbank PCL, NVDR | 300,400 | 1,164,197 | |||||||||
KCE Electronics PCL, NVDR | 868,000 | 1,141,289 | |||||||||
KGI Securities Thailand PCL, NVDR | 805,200 | 116,172 | |||||||||
Khon Kaen Sugar Industry PCL, NVDR | 380,000 | 39,778 | |||||||||
Kiatnakin Phatra Bank PCL, NVDR | 99,300 | 187,466 | |||||||||
Krung Thai Bank PCL, NVDR | 2,064,800 | 1,010,630 | |||||||||
Krungthai Card PCL, NVDR | 393,300 | 653,539 | |||||||||
Land & Houses PCL, NVDR | 6,166,100 | 1,709,681 | |||||||||
Lanna Resources PCL, NVDR | 86,300 | 37,826 | |||||||||
LPN Development PCL, NVDR | 441,700 | 53,988 | |||||||||
Major Cineplex Group PCL, NVDR | 36,400 | 17,608 | |||||||||
Master Ad PCL, NVDR(1) | 1,993,300 | 31,607 | |||||||||
MBK PCL, NVDR | 568,700 | 268,793 |
72
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
MC Group PCL, NVDR | 20,300 | $ | 6,319 | ||||||||
MCS Steel PCL, NVDR | 184,800 | 51,224 | |||||||||
Mega Lifesciences PCL, NVDR | 273,700 | 356,171 | |||||||||
MFEC PCL, NVDR | 71,500 | 15,977 | |||||||||
Minor International PCL, NVDR(1) | 1,470,600 | 1,393,190 | |||||||||
MK Restaurants Group PCL, NVDR | 9,300 | 14,602 | |||||||||
Muangthai Capital PCL, NVDR | 132,000 | 130,626 | |||||||||
Namyong Terminal PCL, NVDR | 30,600 | 3,013 | |||||||||
Noble Development PCL, Class C, NVDR | 205,200 | 29,900 | |||||||||
Nusasiri PCL, NVDR(1) | 2,022,600 | 57,782 | |||||||||
Origin Property PCL, NVDR | 94,600 | 31,841 | |||||||||
Osotspa PCL, NVDR | 389,400 | 355,233 | |||||||||
Plan B Media PCL, NVDR | 2,876,300 | 797,062 | |||||||||
Polyplex Thailand PCL, NVDR | 98,600 | 53,840 | |||||||||
POSCO-Thainox PCL, NVDR | 576,900 | 14,845 | |||||||||
Praram 9 Hospital PCL, NVDR | 52,900 | 31,281 | |||||||||
Precious Shipping PCL, NVDR | 651,100 | 274,434 | |||||||||
Premier Marketing PCL, NVDR | 72,700 | 19,337 | |||||||||
Prima Marine PCL, NVDR | 759,900 | 165,505 | |||||||||
Property Perfect PCL, NVDR | 2,307,910 | 27,398 | |||||||||
Pruksa Holding PCL, NVDR | 89,200 | 34,069 | |||||||||
PTG Energy PCL, NVDR | 1,544,100 | 611,527 | |||||||||
PTT Exploration & Production PCL, NVDR | 483,400 | 2,045,963 | |||||||||
PTT Global Chemical PCL, NVDR | 940,200 | 1,256,347 | |||||||||
PTT Oil & Retail Business PCL, NVDR | 369,300 | 228,840 | |||||||||
PTT PCL, NVDR | 2,771,000 | 2,487,753 | |||||||||
Quality Houses PCL, NVDR | 11,885,500 | 807,012 | |||||||||
R&B Food Supply PCL, NVDR | 29,500 | 10,684 | |||||||||
Rabbit Holdings PLC, NVDR(1) | 3,088,800 | 96,106 | |||||||||
Raimon Land PCL, NVDR(1) | 1,000,000 | 20,369 | |||||||||
Rajthanee Hospital PCL, NVDR | 65,600 | 54,295 | |||||||||
Ratch Group PCL, NVDR | 550,050 | 634,296 | |||||||||
Ratchthani Leasing PCL, NVDR | 1,188,400 | 133,113 | |||||||||
Regional Container Lines PCL, NVDR | 1,357,700 | 1,199,947 | |||||||||
Rojana Industrial Park PCL, NVDR | 239,200 | 40,620 | |||||||||
RS PCL, NVDR | 189,100 | 82,391 | |||||||||
S Hotels & Resorts PCL, NVDR(1) | 289,200 | 37,470 | |||||||||
S Kijchai Enterprise PCL, R Shares, NVDR | 189,900 | 28,973 | |||||||||
Sabina PCL, NVDR | 40,300 | 28,261 | |||||||||
Samart Corp. PCL, NVDR(1) | 72,200 | 11,031 | |||||||||
Sansiri PCL, NVDR | 8,596,900 | 464,476 | |||||||||
Sappe PCL, NVDR | 43,800 | 64,129 | |||||||||
SC Asset Corp. PCL, NVDR | 869,800 | 114,171 | |||||||||
SCB X PCL, NVDR | 122,700 | 360,946 | |||||||||
SCGJWD Logistics PCL, NVDR | 375,400 | 201,719 | |||||||||
SEAFCO PCL, NVDR(1) | 16,100 | 1,640 | |||||||||
Sermsang Power Corp. Co. Ltd., NVDR | 379,068 | 103,566 | |||||||||
Siam Cement PCL, NVDR | 236,200 | 2,184,978 | |||||||||
Siam City Cement PCL, NVDR | 19,500 | 80,270 | |||||||||
Siam Global House PCL, NVDR | 1,251,459 | 654,561 |
73
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Siam Makro PCL, NVDR | 20,337 | $ | 23,153 | ||||||||
Siamgas & Petrochemicals PCL, NVDR | 124,500 | 34,859 | |||||||||
Sikarin PCL, NVDR | 21,100 | 5,970 | |||||||||
Singha Estate PCL, NVDR(1) | 1,000,000 | 56,583 | |||||||||
Sino-Thai Engineering & Construction PCL, NVDR | 1,102,800 | 421,117 | |||||||||
SNC Former PCL, NVDR | 107,500 | 43,787 | |||||||||
Somboon Advance Technology PCL, NVDR | 159,800 | 93,133 | |||||||||
SPCG PCL, NVDR | 87,000 | 35,945 | |||||||||
Sri Trang Agro-Industry PCL, NVDR | 480,500 | 343,128 | |||||||||
Srisawad Capital 1969 PCL, NVDR | 45,700 | 33,927 | |||||||||
Srisawad Corp. PCL, NVDR | 791,700 | 1,208,790 | |||||||||
Srivichai Vejvivat PCL, NVDR | 93,400 | 22,723 | |||||||||
Star Petroleum Refining PCL, NVDR | 459,000 | 142,669 | |||||||||
STP & I PCL, NVDR(1) | 367,800 | 47,216 | |||||||||
Supalai PCL, NVDR | 807,300 | 520,708 | |||||||||
Super Energy Corp. PCL, NVDR | 6,494,800 | 106,509 | |||||||||
Susco PCL, NVDR | 237,800 | 25,802 | |||||||||
Synnex Thailand PCL, NVDR | 47,100 | 21,444 | |||||||||
Taokaenoi Food & Marketing PCL, Class R, NVDR | 221,400 | 65,143 | |||||||||
Tata Steel Thailand PCL, NVDR | 498,600 | 15,369 | |||||||||
TEAM Consulting Engineering & Management PCL, NVDR | 446,300 | 136,352 | |||||||||
Thai Airways International PCL, NVDR(1) | 20,500 | 1,926 | |||||||||
Thai Oil PCL, NVDR | 974,300 | 1,389,412 | |||||||||
Thai Solar Energy PCL, NVDR | 212,200 | 14,057 | |||||||||
Thai Union Group PCL, NVDR | 2,945,200 | 1,324,844 | |||||||||
Thai Vegetable Oil PCL, NVDR | 227,700 | 180,406 | |||||||||
Thaicom PCL, NVDR | 978,300 | 434,378 | |||||||||
Thaifoods Group PCL, NVDR | 365,800 | 54,871 | |||||||||
Thanachart Capital PCL, NVDR | 118,400 | 143,199 | |||||||||
Thonburi Healthcare Group PCL, NVDR | 802,000 | 1,582,685 | |||||||||
Thoresen Thai Agencies PCL, NVDR | 784,800 | 174,260 | |||||||||
Tipco Asphalt PCL, NVDR | 321,000 | 179,827 | |||||||||
Tisco Financial Group PCL, NVDR | 63,900 | 186,200 | |||||||||
TMBThanachart Bank PCL, NVDR | 1,642,100 | 65,039 | |||||||||
TOA Paint Thailand PCL, NVDR | 158,600 | 145,842 | |||||||||
Total Access Communication PCL, NVDR | 54,400 | 80,427 | |||||||||
TPI Polene PCL, NVDR | 1,342,100 | 65,311 | |||||||||
TPI Polene Power PCL, NVDR | 537,300 | 52,597 | |||||||||
TQM Alpha PCL, NVDR | 96,100 | 104,623 | |||||||||
Triple i Logistics PCL, NVDR | 148,586 | 56,322 | |||||||||
True Corp. PCL, NVDR | 8,793,100 | 1,268,908 | |||||||||
TTW PCL, NVDR | 244,900 | 64,791 | |||||||||
Unique Engineering & Construction PCL, NVDR(1) | 129,200 | 16,083 | |||||||||
United Paper PCL, NVDR | 45,600 | 19,078 | |||||||||
Univentures PCL, NVDR | 191,000 | 16,322 | |||||||||
Vanachai Group PCL, NVDR | 117,200 | 15,915 | |||||||||
VGI PCL, NVDR | 194,070 | 23,925 | |||||||||
WHA Corp. PCL, NVDR | 3,171,000 | 353,411 | |||||||||
Workpoint Entertainment PCL, NVDR | 45,500 | 22,791 | |||||||||
70,321,792 |
74
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Turkey — 1.0% | |||||||||||
AG Anadolu Grubu Holding AS | 7,413 | $ | 34,714 | ||||||||
Akbank TAS(2) | 1,518,028 | 1,403,683 | |||||||||
Aksa Akrilik Kimya Sanayii AS | 43,628 | 211,400 | |||||||||
Aksa Enerji Uretim AS(2) | 67,604 | 129,321 | |||||||||
Alarko Holding AS | 3,511 | 14,649 | |||||||||
Albaraka Turk Katilim Bankasi AS(1) | 397,513 | 60,564 | |||||||||
Anadolu Anonim Turk Sigorta Sirketi(1) | 78,186 | 69,969 | |||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 14,148 | 41,676 | |||||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 54,650 | 159,529 | |||||||||
Aygaz AS | 13,100 | 53,658 | |||||||||
Bagfas Bandirma Gubre Fabrikalari AS(1) | 24,987 | 39,942 | |||||||||
Baticim Bati Anadolu Cimento Sanayii AS(1) | 23,006 | 42,781 | |||||||||
Bera Holding AS | 753,238 | 471,835 | |||||||||
BIM Birlesik Magazalar AS | 129,741 | 935,731 | |||||||||
Borusan Mannesmann Boru Sanayi ve Ticaret AS(1) | 2,241 | 9,779 | |||||||||
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS | 2,541 | 7,903 | |||||||||
Cimsa Cimento Sanayi VE Ticaret AS | 29,776 | 196,175 | |||||||||
Coca-Cola Icecek AS | 32,980 | 333,565 | |||||||||
Dogan Sirketler Grubu Holding AS | 537,513 | 266,449 | |||||||||
Dogus Otomotiv Servis ve Ticaret AS | 10,857 | 97,121 | |||||||||
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 5,143 | 7,565 | |||||||||
Enerjisa Enerji AS | 12,582 | 21,421 | |||||||||
Eregli Demir ve Celik Fabrikalari TAS | 198,809 | 463,395 | |||||||||
Esenboga Elektrik Uretim AS | 17,772 | 61,353 | |||||||||
Ford Otomotiv Sanayi AS | 8,723 | 254,455 | |||||||||
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS(1) | 9,580 | 127,102 | |||||||||
Goodyear Lastikleri TAS(1) | 456 | 417 | |||||||||
Gozde Girisim Sermayesi Yatirim Ortakligi AS(1) | 35,254 | 31,717 | |||||||||
GSD Holding AS | 318,475 | 51,535 | |||||||||
Gubre Fabrikalari TAS(1) | 5,436 | 66,642 | |||||||||
Haci Omer Sabanci Holding AS | 363,611 | 838,954 | |||||||||
Hektas Ticaret TAS(1) | 128,478 | 241,298 | |||||||||
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1) | 33,311 | 55,298 | |||||||||
Is Finansal Kiralama AS(1) | 128,833 | 38,935 | |||||||||
Is Yatirim Menkul Degerler AS | 39,099 | 103,411 | |||||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D | 382,092 | 455,966 | |||||||||
Kervan Gida Sanayi Ve Ticaret AS | 40,141 | 45,237 | |||||||||
KOC Holding AS | 430,943 | 1,765,158 | |||||||||
Kordsa Teknik Tekstil AS | 10,599 | 45,949 | |||||||||
Koza Altin Isletmeleri AS(2) | 210,105 | 271,861 | |||||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(1) | 64,168 | 154,775 | |||||||||
Logo Yazilim Sanayi Ve Ticaret AS | 21,409 | 61,500 | |||||||||
Mavi Giyim Sanayi Ve Ticaret AS, B Shares | 20,907 | 115,778 | |||||||||
Migros Ticaret AS(1) | 182,785 | 1,399,390 | |||||||||
MLP Saglik Hizmetleri AS(1) | 42,404 | 173,757 | |||||||||
Naturel Yenilenebilir Enerji Ticaret AS | 6,294 | 45,863 | |||||||||
NET Holding AS(1) | 41,981 | 23,181 | |||||||||
Nuh Cimento Sanayi AS | 391 | 3,429 | |||||||||
ODAS Elektrik Uretim ve Sanayi Ticaret AS(1) | 1,446,869 | 576,196 |
75
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
Otokar Otomotiv Ve Savunma Sanayi AS | 1,892 | $ | 95,244 | ||||||||
Pegasus Hava Tasimaciligi AS(1) | 23,485 | 631,689 | |||||||||
Petkim Petrokimya Holding AS(1)(2) | 208,304 | 185,463 | |||||||||
Polisan Holding AS | 239,551 | 124,801 | |||||||||
Ral Yatirim Holding AS(1) | 20,891 | 41,064 | |||||||||
Reysas Tasimacilik ve Lojistik Ticaret AS(1) | 49,702 | 65,913 | |||||||||
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS | 19,019 | 33,702 | |||||||||
Sasa Polyester Sanayi AS(1) | 62,023 | 360,136 | |||||||||
Sekerbank Turk AS(1) | 6,054 | 775 | |||||||||
Selcuk Ecza Deposu Ticaret ve Sanayi AS | 14,657 | 30,390 | |||||||||
Sok Marketler Ticaret AS(1)(2) | 333,530 | 451,340 | |||||||||
TAV Havalimanlari Holding AS(1) | 295,968 | 1,174,236 | |||||||||
Tekfen Holding AS | 89,065 | 169,725 | |||||||||
Tofas Turk Otomobil Fabrikasi AS | 13,715 | 124,389 | |||||||||
Tukas Gida Sanayi ve Ticaret AS(1) | 102,313 | 102,116 | |||||||||
Turk Hava Yollari AO(1) | 353,038 | 2,682,429 | |||||||||
Turkcell Iletisim Hizmetleri AS, ADR(2) | 297,143 | 1,242,058 | |||||||||
Turkiye Halk Bankasi AS(1) | 139,732 | 85,038 | |||||||||
Turkiye Is Bankasi AS, C Shares | 2,484,943 | 1,491,309 | |||||||||
Turkiye Petrol Rafinerileri AS(1) | 67,199 | 2,107,217 | |||||||||
Turkiye Sinai Kalkinma Bankasi AS(1) | 616,866 | 129,376 | |||||||||
Turkiye Sise ve Cam Fabrikalari AS | 212,111 | 530,708 | |||||||||
Turkiye Vakiflar Bankasi TAO, D Shares(1) | 179,737 | 91,771 | |||||||||
Ulusoy Elektrik Imalat Taahhut Ve Ticaret AS(1) | 777 | 15,227 | |||||||||
Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS | 43,355 | 129,984 | |||||||||
Vestel Elektronik Sanayi ve Ticaret AS(1) | 68,744 | 203,605 | |||||||||
Yapi ve Kredi Bankasi AS | 645,663 | 342,169 | |||||||||
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS | 54,828 | 104,144 | |||||||||
Zorlu Enerji Elektrik Uretim AS(1) | 1,321,716 | 362,167 | |||||||||
25,190,167 | |||||||||||
TOTAL COMMON STOCKS (Cost $2,672,795,151) | 2,622,249,038 | ||||||||||
RIGHTS† | |||||||||||
India† | |||||||||||
Capri Global Capital Ltd.(1) | 17 | 38 | |||||||||
Share India Securities Ltd.(1) | 289 | 23,268 | |||||||||
TOTAL RIGHTS (Cost $—) | 23,306 | ||||||||||
WARRANTS† | |||||||||||
Thailand† | |||||||||||
MBK PCL, NVDR(1) | 7,224 | 2,820 | |||||||||
Minor International PCL, NVDR(1) | 1 | — | |||||||||
TOTAL WARRANTS (Cost $—) | 2,820 | ||||||||||
CORPORATE BONDS† | |||||||||||
India† | |||||||||||
Britannia Industries Ltd., 5.50%, 6/3/24 (Acquired 5/25/21, Cost $1,668)(4) (Cost $1,668) | INR | 121,365 | 1,427 | ||||||||
SHORT-TERM INVESTMENTS — 0.8% | |||||||||||
Money Market Funds — 0.8% | |||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 505,601 | 505,601 |
76
Avantis Emerging Markets Equity ETF | |||||||||||
Shares/ Principal Amount | Value | ||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio(5) | 21,539,296 | $ | 21,539,296 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $22,044,897) | 22,044,897 | ||||||||||
TOTAL INVESTMENT SECURITIES — 100.6% (Cost $2,694,841,716) | 2,644,321,488 | ||||||||||
OTHER ASSETS AND LIABILITIES — (0.6)% | (15,353,394) | ||||||||||
TOTAL NET ASSETS — 100.0% | $ | 2,628,968,094 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 20.2% | ||||
Information Technology | 20.0% | ||||
Consumer Discretionary | 12.2% | ||||
Materials | 10.7% | ||||
Industrials | 8.4% | ||||
Communication Services | 7.4% | ||||
Energy | 6.1% | ||||
Consumer Staples | 5.5% | ||||
Health Care | 4.1% | ||||
Utilities | 2.9% | ||||
Real Estate | 2.3% | ||||
Short-Term Investments | 0.8% | ||||
Other Assets and Liabilities | (0.6)% |
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 $124,189,961. 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)Securities may be subject to resale, redemption or transferability restrictions.
(4)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 $1,427, which represented less than 0.05% of total net assets.
(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $135,691,213, which includes securities collateral of $114,151,917.
See Notes to Financial Statements.
77
FEBRUARY 28, 2023 (UNAUDITED)
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.6% | ||||||||
Brazil — 5.7% | ||||||||
3R Petroleum Oleo E Gas SA(1) | 4,700 | $ | 32,902 | |||||
Aliansce Sonae Shopping Centers SA | 54,757 | 178,012 | ||||||
Auren Energia SA | 772 | 2,181 | ||||||
Banco ABC Brasil SA, Preference Shares | 24,000 | 82,744 | ||||||
Banco BMG SA, Preference Shares | 36,300 | 14,352 | ||||||
Banco Bradesco SA, ADR | 279,863 | 708,053 | ||||||
Banco do Brasil SA | 88,700 | 683,956 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 39,600 | 75,411 | ||||||
Banco Santander Brasil SA, ADR | 20,342 | 111,067 | ||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 10,600 | 52,641 | ||||||
Braskem SA, Class A, ADR | 15,564 | 120,621 | ||||||
C&A MODAS SA(1) | 31,400 | 12,235 | ||||||
CCR SA | 118,300 | 248,781 | ||||||
Cia Brasileira de Distribuicao, ADR(2) | 29,265 | 87,210 | ||||||
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares | 6,300 | 69,047 | ||||||
Cia Siderurgica Nacional SA, ADR | 105,581 | 342,082 | ||||||
Construtora Tenda SA(1) | 8,300 | 7,451 | ||||||
Cury Construtora e Incorporadora SA | 7,200 | 17,163 | ||||||
Desktop - Sigmanet Comunicacao Multimidia S.A | 3,000 | 4,498 | ||||||
Dexco SA | 41,954 | 52,328 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 51,300 | 39,782 | ||||||
Embraer SA, ADR(1) | 44,991 | 571,386 | ||||||
Empreendimentos Pague Menos S/A | 35,500 | 23,732 | ||||||
Enauta Participacoes SA | 16,000 | 42,449 | ||||||
Engie Brasil Energia SA | 10,200 | 76,586 | ||||||
Even Construtora e Incorporadora SA | 18,300 | 15,764 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 19,600 | 47,695 | ||||||
Gafisa SA(1) | 4,256 | 6,853 | ||||||
Gerdau SA, ADR | 196,837 | 1,076,698 | ||||||
Hidrovias do Brasil SA(1) | 58,000 | 20,273 | ||||||
Iguatemi SA | 10,429 | 38,384 | ||||||
Infracommerce CXAAS SA(1) | 5,648 | 2,104 | ||||||
Iochpe Maxion SA | 33,100 | 71,252 | ||||||
IRB Brasil Resseguros S/A(1) | 7,516 | 27,291 | ||||||
Itau Unibanco Holding SA, ADR | 410,110 | 1,972,629 | ||||||
JBS SA | 29,500 | 107,678 | ||||||
Kepler Weber SA | 3,000 | 11,403 | ||||||
Lavvi Empreendimentos Imobiliarios Ltda | 16,600 | 17,027 | ||||||
Localiza Rent a Car SA | 14,343 | 152,376 | ||||||
Localiza Rent a Car SA - Receipts(1) | 62 | 656 | ||||||
Log-in Logistica Intermodal SA(1) | 3,700 | 21,774 | ||||||
Lojas Quero Quero S/A(1) | 9,100 | 6,953 | ||||||
LPS Brasil Consultoria de Imoveis SA | 9,300 | 3,197 | ||||||
Marfrig Global Foods SA | 34,700 | 42,419 | ||||||
Marisa Lojas SA(1) | 26,900 | 3,237 | ||||||
Meliuz SA(1) | 46,600 | 7,833 | ||||||
Mills Estruturas e Servicos de Engenharia SA | 15,200 | 32,662 |
78
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Minerva SA | 36,700 | $ | 79,703 | |||||
Movida Participacoes SA | 33,100 | 41,601 | ||||||
Petro Rio SA(1) | 67,700 | 441,855 | ||||||
Petroleo Brasileiro SA, ADR | 39,156 | 434,240 | ||||||
Petroleo Brasileiro SA, ADR, Preference Shares | 50,401 | 491,914 | ||||||
Petroreconcavo SA | 3,200 | 17,389 | ||||||
Portobello SA | 10,300 | 13,653 | ||||||
Romi SA | 10,400 | 32,022 | ||||||
Sendas Distribuidora SA, ADR | 27,675 | 484,036 | ||||||
Ser Educacional SA(1) | 4,300 | 3,080 | ||||||
StoneCo Ltd., A Shares(1) | 62,159 | 528,973 | ||||||
Suzano SA, ADR | 100,744 | 919,793 | ||||||
SYN prop e tech SA | 11,300 | 8,633 | ||||||
Taurus Armas SA, Preference Shares | 8,000 | 22,432 | ||||||
TIM SA, ADR(2) | 30,120 | 353,308 | ||||||
Trisul SA | 16,100 | 9,810 | ||||||
Tupy SA | 3,700 | 19,223 | ||||||
Ultrapar Participacoes SA, ADR(2) | 132,721 | 337,111 | ||||||
Unipar Carbocloro SA, Class B Preference Shares | 9,600 | 144,877 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares | 72,900 | 94,685 | ||||||
Vale SA, ADR | 57,218 | 934,942 | ||||||
Via SA(1) | 369,700 | 137,699 | ||||||
Wilson Sons Holdings Brasil SA | 30,300 | 59,148 | ||||||
12,952,955 | ||||||||
Chile — 0.7% | ||||||||
Banco de Chile | 1,856,134 | 192,925 | ||||||
Banco de Credito e Inversiones SA | 4,503 | 140,903 | ||||||
Banco Santander Chile, ADR | 6,618 | 111,050 | ||||||
CAP SA | 5,932 | 49,314 | ||||||
Cencosud Shopping SA | 16,471 | 23,467 | ||||||
Colbun SA | 1,491,430 | 171,007 | ||||||
Embotelladora Andina SA, Class B Preference Shares | 26,662 | 65,562 | ||||||
Empresa Nacional de Telecomunicaciones SA | 10,496 | 41,323 | ||||||
Empresas CMPC SA | 121,516 | 201,870 | ||||||
Empresas COPEC SA | 10,611 | 76,631 | ||||||
Itau CorpBanca Chile SA | 17,011,041 | 36,546 | ||||||
Parque Arauco SA | 73,582 | 90,146 | ||||||
Sociedad Quimica y Minera de Chile SA, ADR | 4,711 | 418,101 | ||||||
1,618,845 | ||||||||
China — 29.0% | ||||||||
360 DigiTech, Inc., ADR | 40,165 | 817,759 | ||||||
AAG Energy Holdings Ltd. | 358,000 | 78,732 | ||||||
Agile Group Holdings Ltd.(1) | 358,000 | 98,668 | ||||||
Aluminum Corp. of China Ltd., H Shares | 576,000 | 294,124 | ||||||
Anhui Conch Cement Co. Ltd., H Shares(2) | 196,000 | 719,577 | ||||||
Anhui Expressway Co. Ltd., H Shares | 86,000 | 80,375 | ||||||
ANTA Sports Products Ltd. | 52,000 | 686,672 | ||||||
Anton Oilfield Services Group(1) | 34,000 | 1,491 | ||||||
Asia Cement China Holdings Corp. | 21,500 | 10,856 | ||||||
AsiaInfo Technologies Ltd. | 26,000 | 44,938 |
79
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Autohome, Inc., ADR | 6,681 | $ | 203,770 | |||||
Bank of Communications Co. Ltd., H Shares | 1,452,000 | 858,506 | ||||||
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares | 2,750 | 7,280 | ||||||
Beijing Jingneng Clean Energy Co. Ltd., H Shares | 336,000 | 83,954 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 74,000 | 114,138 | ||||||
Binjiang Service Group Co. Ltd. | 12,500 | 38,602 | ||||||
BOC Aviation Ltd. | 45,400 | 327,992 | ||||||
BOE Varitronix Ltd. | 95,000 | 210,512 | ||||||
Bosideng International Holdings Ltd. | 386,000 | 214,123 | ||||||
BYD Electronic International Co. Ltd. | 213,500 | 622,543 | ||||||
C&D Property Management Group Co. Ltd. | 32,000 | 20,751 | ||||||
Canaan, Inc., ADR(1)(2) | 36,817 | 103,088 | ||||||
Canvest Environmental Protection Group Co. Ltd.(2) | 170,000 | 83,786 | ||||||
Central China New Life Ltd.(1) | 132,000 | 47,374 | ||||||
CGN Mining Co. Ltd.(1) | 735,000 | 87,133 | ||||||
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(1) | 8,700 | 5,864 | ||||||
China Automotive Systems, Inc.(1) | 3,351 | 24,395 | ||||||
China BlueChemical Ltd., H Shares | 312,000 | 70,423 | ||||||
China Bohai Bank Co. Ltd., H Shares | 187,500 | 37,770 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 1,910,000 | 248,249 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 1,368,000 | 632,916 | ||||||
China Coal Energy Co. Ltd., H Shares | 429,000 | 331,976 | ||||||
China Communications Services Corp. Ltd., H Shares | 698,000 | 271,379 | ||||||
China Conch Venture Holdings Ltd. | 471,500 | 948,882 | ||||||
China Datang Corp. Renewable Power Co. Ltd., H Shares | 831,000 | 289,328 | ||||||
China East Education Holdings Ltd. | 70,000 | 52,729 | ||||||
China Education Group Holdings Ltd. | 62,000 | 71,207 | ||||||
China Everbright Bank Co. Ltd., H Shares | 400,000 | 115,189 | ||||||
China Everbright Environment Group Ltd. | 892,000 | 361,766 | ||||||
China Everbright Greentech Ltd.(2) | 40,000 | 9,132 | ||||||
China Everbright Ltd. | 146,000 | 104,609 | ||||||
China Feihe Ltd. | 1,110,000 | 889,673 | ||||||
China Foods Ltd. | 70,000 | 24,724 | ||||||
China Galaxy Securities Co. Ltd., H Shares | 177,500 | 88,473 | ||||||
China Glass Holdings Ltd.(2) | 118,000 | 17,157 | ||||||
China Hanking Holdings Ltd. | 11,000 | 1,053 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.(1) | 66,000 | 27,284 | ||||||
China Hongqiao Group Ltd. | 586,000 | 626,787 | ||||||
China International Capital Corp. Ltd., H Shares | 13,600 | 29,282 | ||||||
China Kepei Education Group Ltd.(2) | 30,000 | 11,329 | ||||||
China Lesso Group Holdings Ltd. | 257,000 | 271,080 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 518,000 | 635,423 | ||||||
China Medical System Holdings Ltd. | 393,000 | 591,643 | ||||||
China Mengniu Dairy Co. Ltd.(1) | 456,000 | 2,007,162 | ||||||
China Merchants Port Holdings Co. Ltd. | 278,000 | 389,705 | ||||||
China Minsheng Banking Corp. Ltd., H Shares(2) | 1,151,000 | 397,502 | ||||||
China Modern Dairy Holdings Ltd.(2) | 205,000 | 27,958 | ||||||
China National Building Material Co. Ltd., H Shares | 1,008,000 | 893,716 | ||||||
China New Higher Education Group Ltd. | 160,000 | 64,881 | ||||||
China Nonferrous Mining Corp. Ltd. | 561,000 | 282,615 | ||||||
China Nuclear Energy Technology Corp. Ltd.(1) | 40,000 | 2,450 |
80
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
China Oriental Group Co. Ltd. | 142,000 | $ | 28,809 | |||||
China Pacific Insurance Group Co. Ltd., H Shares | 310,000 | 822,294 | ||||||
China Petroleum & Chemical Corp., Class H | 252,000 | 128,565 | ||||||
China Railway Group Ltd., H Shares | 720,000 | 375,254 | ||||||
China Renaissance Holdings Ltd.(1)(2) | 800 | 744 | ||||||
China Resources Cement Holdings Ltd. | 612,000 | 329,305 | ||||||
China Resources Land Ltd. | 270,000 | 1,199,682 | ||||||
China Resources Medical Holdings Co. Ltd. | 382,000 | 331,193 | ||||||
China Resources Power Holdings Co. Ltd. | 312,000 | 637,080 | ||||||
China Risun Group Ltd.(2) | 480,000 | 229,429 | ||||||
China Sanjiang Fine Chemicals Co. Ltd. | 16,000 | 3,059 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 314,000 | 944,473 | ||||||
China Shineway Pharmaceutical Group Ltd. | 78,000 | 68,155 | ||||||
China Shuifa Singyes Energy Holdings Ltd. | 74,000 | 9,157 | ||||||
China Sunshine Paper Holdings Co. Ltd. | 114,000 | 31,686 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 300,800 | 355,528 | ||||||
China Tower Corp. Ltd., H Shares | 7,304,000 | 791,029 | ||||||
China Vanke Co. Ltd., H Shares(2) | 208,600 | 364,714 | ||||||
China XLX Fertiliser Ltd. | 132,000 | 69,682 | ||||||
China Yongda Automobiles Services Holdings Ltd. | 148,000 | 114,411 | ||||||
China Youran Dairy Group Ltd.(1) | 129,000 | 31,594 | ||||||
China Yuhua Education Corp. Ltd.(1) | 334,000 | 55,895 | ||||||
China ZhengTong Auto Services Holdings Ltd.(1) | 8,000 | 602 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 97,000 | 33,497 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 125,200 | 242,657 | ||||||
CIFI Ever Sunshine Services Group Ltd. | 176,000 | 71,140 | ||||||
CIMC Enric Holdings Ltd.(2) | 250,000 | 256,602 | ||||||
CITIC Ltd. | 973,000 | 1,073,569 | ||||||
CITIC Resources Holdings Ltd. | 438,000 | 27,633 | ||||||
CITIC Securities Co. Ltd., H Shares | 384,100 | 813,723 | ||||||
CMOC Group Ltd., H Shares | 630,000 | 354,752 | ||||||
CNFinance Holdings Ltd., ADR(1) | 1,379 | 3,075 | ||||||
Concord New Energy Group Ltd. | 2,230,000 | 213,172 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H | 598,000 | 620,259 | ||||||
COSCO SHIPPING Ports Ltd. | 516,000 | 335,905 | ||||||
CSPC Pharmaceutical Group Ltd. | 1,570,000 | 1,686,648 | ||||||
CSSC Hong Kong Shipping Co. Ltd. | 138,000 | 22,875 | ||||||
Dali Foods Group Co. Ltd. | 484,500 | 195,965 | ||||||
Daqo New Energy Corp., ADR(1) | 6,245 | 275,904 | ||||||
Dexin China Holdings Co. Ltd.(2) | 111,000 | 9,071 | ||||||
Digital China Holdings Ltd. | 254,000 | 118,170 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 426,000 | 217,629 | ||||||
Dongyue Group Ltd. | 555,000 | 628,530 | ||||||
Ebang International Holdings, Inc., Class A(1) | 118 | 896 | ||||||
Edvantage Group Holdings Ltd. | 18,652 | 7,377 | ||||||
E-House China Enterprise Holdings Ltd.(1) | 154,200 | 7,892 | ||||||
Emeren Group Ltd., ADR(1) | 140 | 634 | ||||||
EVA Precision Industrial Holdings Ltd. | 54,000 | 7,839 | ||||||
Excellence Commercial Property & Facilities Management Group Ltd. | 105,000 | 47,066 | ||||||
Fanhua, Inc., ADR | 5,855 | 44,498 |
81
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
FIH Mobile Ltd.(1) | 480,000 | $ | 51,396 | |||||
FinVolution Group, ADR | 42,434 | 215,140 | ||||||
First Tractor Co. Ltd., H Shares(2) | 156,000 | 77,543 | ||||||
Fosun International Ltd. | 596,000 | 487,613 | ||||||
Fu Shou Yuan International Group Ltd. | 13,000 | 9,801 | ||||||
Fufeng Group Ltd. | 641,000 | 411,054 | ||||||
Fullshare Holdings Ltd.(1) | 2,305,000 | 35,865 | ||||||
Ganfeng Lithium Group Co. Ltd., H Shares | 48,600 | 339,485 | ||||||
GDS Holdings Ltd., Class A(1) | 129,600 | 313,511 | ||||||
Genertec Universal Medical Group Co. Ltd. | 301,000 | 173,784 | ||||||
GF Securities Co. Ltd., H Shares | 224,200 | 318,322 | ||||||
Grand Pharmaceutical Group Ltd. | 4,000 | 2,275 | ||||||
Great Wall Motor Co. Ltd., H Shares(2) | 1,000 | 1,327 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares(1)(2) | 495,200 | 122,026 | ||||||
Haier Smart Home Co. Ltd., H Shares | 26,200 | 92,724 | ||||||
Hainan Meilan International Airport Co. Ltd., H Shares(1) | 2,000 | 4,931 | ||||||
Haitong Securities Co. Ltd., H Shares | 4,800 | 3,089 | ||||||
Harbin Electric Co. Ltd., H Shares(1) | 16,000 | 7,958 | ||||||
Hello Group, Inc., ADR | 56,073 | 494,003 | ||||||
Henan Jinma Energy Co. Ltd., H Shares | 4,000 | 1,540 | ||||||
Hengan International Group Co. Ltd. | 237,000 | 1,090,030 | ||||||
Hilong Holding Ltd.(1) | 205,000 | 6,651 | ||||||
Hisense Home Appliances Group Co. Ltd., H Shares | 28,000 | 42,077 | ||||||
Hollysys Automation Technologies Ltd. | 479 | 8,809 | ||||||
Honliv Healthcare Management Group Co. Ltd.(1) | 44,000 | 12,893 | ||||||
Hope Education Group Co. Ltd.(1)(2) | 1,502,000 | 126,517 | ||||||
Hua Hong Semiconductor Ltd.(1) | 223,000 | 855,133 | ||||||
Huatai Securities Co. Ltd., H Shares | 312,800 | 352,115 | ||||||
Huijing Holdings Co. Ltd.(2) | 120,000 | 1,009 | ||||||
Ingdan, Inc.(1) | 44,000 | 9,316 | ||||||
Inkeverse Group Ltd.(1) | 443,000 | 64,466 | ||||||
International Alliance Financial Leasing Co. Ltd.(1) | 165,000 | 372,378 | ||||||
Jiangxi Copper Co. Ltd., H Shares | 235,000 | 370,612 | ||||||
Jinchuan Group International Resources Co. Ltd.(2) | 474,000 | 36,868 | ||||||
Jinxin Fertility Group Ltd. | 630,500 | 501,905 | ||||||
JNBY Design Ltd. | 12,000 | 15,023 | ||||||
KE Holdings, Inc., ADR(1) | 123,049 | 2,245,644 | ||||||
Keymed Biosciences, Inc.(1)(2) | 57,500 | 462,424 | ||||||
Kingboard Holdings Ltd. | 170,000 | 606,923 | ||||||
Kingboard Laminates Holdings Ltd.(2) | 223,500 | 278,719 | ||||||
Lee & Man Paper Manufacturing Ltd. | 415,000 | 179,625 | ||||||
LexinFintech Holdings Ltd., ADR(1) | 36,994 | 102,473 | ||||||
Li Auto, Inc., ADR(1) | 370 | 8,736 | ||||||
Lifetech Scientific Corp.(1) | 238,000 | 88,639 | ||||||
Linklogis, Inc., Class B(1)(2) | 183,000 | 85,992 | ||||||
Longfor Group Holdings Ltd. | 343,500 | 983,315 | ||||||
Lonking Holdings Ltd. | 110,000 | 19,913 | ||||||
LVGEM China Real Estate Investment Co. Ltd.(1)(2) | 332,000 | 68,702 | ||||||
Maoyan Entertainment(1)(2) | 1,200 | 1,343 | ||||||
Midea Real Estate Holding Ltd. | 107,200 | 132,816 | ||||||
MMG Ltd.(1) | 804,000 | 226,769 |
82
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
NetDragon Websoft Holdings Ltd. | 50,000 | $ | 113,802 | |||||
NetEase, Inc., ADR | 25,358 | 1,968,795 | ||||||
New China Life Insurance Co. Ltd., H Shares | 78,500 | 190,249 | ||||||
New Horizon Health Ltd.(1)(2) | 49,500 | 207,143 | ||||||
Nexteer Automotive Group Ltd. | 88,000 | 55,905 | ||||||
Nine Dragons Paper Holdings Ltd. | 433,000 | 352,842 | ||||||
Noah Holdings Ltd., ADR(1) | 6,322 | 118,285 | ||||||
OneConnect Financial Technology Co. Ltd., ADR(1) | 1,816 | 12,567 | ||||||
Orient Overseas International Ltd. | 27,000 | 433,707 | ||||||
People's Insurance Co. Group of China Ltd., H Shares | 258,000 | 81,572 | ||||||
Perennial Energy Holdings Ltd. | 130,000 | 15,746 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 1,258,000 | 1,104,965 | ||||||
Poly Property Group Co. Ltd. | 17,681 | 4,242 | ||||||
Poly Property Services Co. Ltd., Class H | 2,800 | 16,979 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares(2) | 78,000 | 46,863 | ||||||
Q Technology Group Co. Ltd.(1) | 92,000 | 55,500 | ||||||
Radiance Holdings Group Co. Ltd.(2) | 224,000 | 136,631 | ||||||
Redsun Properties Group Ltd.(1) | 64,000 | 3,230 | ||||||
Seazen Group Ltd.(1) | 774,000 | 260,549 | ||||||
Shanghai Industrial Holdings Ltd. | 141,000 | 182,551 | ||||||
Shanghai Industrial Urban Development Group Ltd. | 228,000 | 17,145 | ||||||
Shenzhen Expressway Corp. Ltd., H Shares | 22,000 | 19,758 | ||||||
Shenzhen International Holdings Ltd. | 403,500 | 350,699 | ||||||
Shimao Services Holdings Ltd.(1)(2) | 2,000 | 580 | ||||||
Shinsun Holdings Group Co. Ltd.(1) | 137,000 | 6,381 | ||||||
Shougang Fushan Resources Group Ltd. | 616,000 | 197,882 | ||||||
Shui On Land Ltd. | 986,500 | 121,951 | ||||||
Simcere Pharmaceutical Group Ltd.(2) | 157,000 | 204,224 | ||||||
Sino Biopharmaceutical Ltd. | 2,486,000 | 1,283,501 | ||||||
Sino-Ocean Group Holding Ltd. | 3,000 | 379 | ||||||
Sinopec Engineering Group Co. Ltd., H Shares | 527,000 | 264,028 | ||||||
Sinopec Kantons Holdings Ltd. | 70,000 | 24,104 | ||||||
Sinopharm Group Co. Ltd., H Shares | 376,400 | 1,008,117 | ||||||
Skyworth Group Ltd. | 228,000 | 125,084 | ||||||
SOHO China Ltd.(1) | 522,000 | 97,220 | ||||||
South Manganese Investment Ltd.(1) | 246,000 | 19,157 | ||||||
SSY Group Ltd. | 362,000 | 217,062 | ||||||
Sun King Technology Group Ltd.(1) | 30,000 | 7,077 | ||||||
Sunny Optical Technology Group Co. Ltd. | 110,000 | 1,250,901 | ||||||
SY Holdings Group Ltd. | 28,500 | 21,543 | ||||||
Tiangong International Co. Ltd.(2) | 48,000 | 17,691 | ||||||
Tianneng Power International Ltd.(2) | 154,000 | 197,564 | ||||||
Times China Holdings Ltd.(1)(2) | 314,000 | 45,766 | ||||||
Times Neighborhood Holdings Ltd. | 133,000 | 15,303 | ||||||
Tingyi Cayman Islands Holding Corp. | 442,000 | 714,087 | ||||||
Tong Ren Tang Technologies Co. Ltd., H Shares | 142,000 | 101,972 | ||||||
Tongcheng Travel Holdings Ltd.(1) | 14,000 | 27,790 | ||||||
Tongda Group Holdings Ltd.(1) | 190,000 | 3,104 | ||||||
Topsports International Holdings Ltd. | 485,000 | 424,213 | ||||||
TravelSky Technology Ltd., H Shares | 41,000 | 80,930 | ||||||
Truly International Holdings Ltd. | 468,000 | 65,652 |
83
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Tsaker New Energy Tech Co. Ltd. | 56,500 | $ | 9,729 | |||||
Tsingtao Brewery Co. Ltd., H Shares | 86,000 | 848,801 | ||||||
Uni-President China Holdings Ltd. | 259,000 | 227,086 | ||||||
Vinda International Holdings Ltd. | 139,000 | 382,853 | ||||||
Vipshop Holdings Ltd., ADR(1) | 60,502 | 900,875 | ||||||
Viva Biotech Holdings(1)(2) | 91,500 | 18,443 | ||||||
VNET Group, Inc., ADR(1) | 28,806 | 114,360 | ||||||
Want Want China Holdings Ltd. | 1,049,000 | 659,938 | ||||||
Wasion Holdings Ltd. | 74,000 | 26,231 | ||||||
Weibo Corp., ADR(1) | 23,634 | 488,751 | ||||||
West China Cement Ltd. | 836,000 | 101,229 | ||||||
Xiabuxiabu Catering Management China Holdings Co. Ltd.(2) | 200,000 | 213,462 | ||||||
Xinchen China Power Holdings Ltd.(1) | 46,000 | 2,054 | ||||||
Xinhua Winshare Publishing & Media Co. Ltd., H Shares | 31,000 | 23,508 | ||||||
Xinjiang Xinxin Mining Industry Co. Ltd., H Shares(1) | 47,000 | 7,378 | ||||||
Xinte Energy Co. Ltd., H Shares(2) | 94,400 | 208,112 | ||||||
Xinyi Energy Holdings Ltd. | 276,000 | 88,752 | ||||||
Xtep International Holdings Ltd. | 6,000 | 6,787 | ||||||
Yadea Group Holdings Ltd. | 104,000 | 223,204 | ||||||
Yankuang Energy Group Co. Ltd., H Shares(2) | 328,000 | 989,360 | ||||||
Yeahka Ltd.(1)(2) | 22,000 | 73,034 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(1) | 75,400 | 77,797 | ||||||
Yidu Tech, Inc.(1)(2) | 86,500 | 94,798 | ||||||
Yihai International Holding Ltd.(1) | 141,000 | 410,484 | ||||||
Yuexiu Property Co. Ltd. | 340,000 | 500,734 | ||||||
Yuexiu Services Group Ltd. | 151,500 | 90,618 | ||||||
Yuexiu Transport Infrastructure Ltd. | 296,000 | 167,021 | ||||||
Yum China Holdings, Inc. | 35,029 | 2,057,253 | ||||||
Zengame Technology Holding Ltd. | 110,000 | 42,108 | ||||||
Zhejiang Expressway Co. Ltd., H Shares | 294,000 | 237,117 | ||||||
Zhongsheng Group Holdings Ltd. | 107,000 | 534,489 | ||||||
Zhou Hei Ya International Holdings Co. Ltd.(1)(2) | 118,500 | 59,864 | ||||||
Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H(2) | 118,800 | 68,634 | ||||||
65,720,847 | ||||||||
Greece — 0.5% | ||||||||
Aegean Airlines SA(1) | 2,007 | 16,099 | ||||||
Alpha Services & Holdings SA(1) | 81,794 | 127,980 | ||||||
Eurobank Ergasias Services & Holdings SA, Class A(1) | 189,064 | 289,820 | ||||||
GEK Terna Holding Real Estate Construction SA(1) | 1,543 | 19,401 | ||||||
Hellenic Telecommunications Organization SA | 2,249 | 34,500 | ||||||
Helleniq Energy Holdings SA | 3,094 | 27,359 | ||||||
Motor Oil Hellas Corinth Refineries SA | 10,741 | 284,397 | ||||||
Mytilineos SA | 694 | 18,724 | ||||||
National Bank of Greece SA(1) | 43,642 | 244,188 | ||||||
Piraeus Financial Holdings SA(1) | 10,029 | 25,426 | ||||||
Sunrisemezz PLC(1) | 1,432 | 192 | ||||||
1,088,086 | ||||||||
Hong Kong — 0.1% | ||||||||
Powerlong Commercial Management Holdings Ltd. | 20,500 | 15,076 | ||||||
Wharf Holdings Ltd. | 92,000 | 203,715 | ||||||
218,791 |
84
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Hungary — 0.2% | ||||||||
Magyar Telekom Telecommunications PLC | 14,177 | $ | 15,486 | |||||
MOL Hungarian Oil & Gas PLC | 27,574 | 209,388 | ||||||
OTP Bank Nyrt | 7,835 | 237,345 | ||||||
462,219 | ||||||||
India — 15.8% | ||||||||
ACC Ltd. | 13,137 | 274,988 | ||||||
Accelya Solutions India Ltd. | 954 | 13,197 | ||||||
Adani Power Ltd.(1) | 89,479 | 158,042 | ||||||
Aditya Birla Capital Ltd.(1) | 101,920 | 179,603 | ||||||
AGI Greenpac Ltd. | 2,759 | 11,533 | ||||||
Allcargo Logistics Ltd. | 9,396 | 42,018 | ||||||
Amara Raja Batteries Ltd. | 18,436 | 123,722 | ||||||
Ambika Cotton Mills Ltd. | 311 | 5,427 | ||||||
Anant Raj Ltd. | 33,112 | 41,919 | ||||||
Andhra Sugars Ltd. | 4,689 | 6,667 | ||||||
Apar Industries Ltd. | 3,493 | 97,091 | ||||||
APL Apollo Tubes Ltd. | 10,245 | 147,374 | ||||||
Apollo Hospitals Enterprise Ltd. | 1,240 | 65,972 | ||||||
Apollo Tyres Ltd. | 78,389 | 296,867 | ||||||
Aptech Ltd. | 1,562 | 6,182 | ||||||
Arvind Ltd.(1) | 11,995 | 12,013 | ||||||
Ashoka Buildcon Ltd.(1) | 7,902 | 7,119 | ||||||
Aster DM Healthcare Ltd.(1) | 24,098 | 64,896 | ||||||
Astra Microwave Products Ltd. | 7,929 | 24,944 | ||||||
Aurobindo Pharma Ltd. | 15,031 | 84,083 | ||||||
Avadh Sugar & Energy Ltd. | 1,300 | 6,545 | ||||||
Bajaj Consumer Care Ltd. | 11,479 | 22,644 | ||||||
Bajaj Electricals Ltd. | 4,771 | 62,973 | ||||||
Bajaj Hindusthan Sugar Ltd.(1) | 268,448 | 40,573 | ||||||
Balrampur Chini Mills Ltd. | 36,671 | 158,285 | ||||||
BASF India Ltd. | 1,729 | 48,101 | ||||||
Bayer CropScience Ltd. | 87 | 4,503 | ||||||
Best Agrolife Ltd. | 2,513 | 33,777 | ||||||
Bhansali Engineering Polymers Ltd. | 2,536 | 3,162 | ||||||
Bharat Electronics Ltd. | 556,794 | 636,743 | ||||||
Bharat Heavy Electricals Ltd. | 161,556 | 136,280 | ||||||
Bharat Petroleum Corp. Ltd. | 103,848 | 398,728 | ||||||
Birla Corp. Ltd. | 1,882 | 19,801 | ||||||
Birlasoft Ltd. | 20,238 | 67,293 | ||||||
Bombay Burmah Trading Co. | 1,001 | 10,756 | ||||||
Borosil Renewables Ltd.(1) | 3,660 | 20,764 | ||||||
Brigade Enterprises Ltd. | 23,579 | 138,965 | ||||||
BSE Ltd. | 8,899 | 47,403 | ||||||
Butterfly Gandhimathi Appliances Ltd.(1) | 68 | 1,066 | ||||||
Can Fin Homes Ltd. | 12,693 | 88,240 | ||||||
Canara Bank | 43,486 | 146,878 | ||||||
Caplin Point Laboratories Ltd. | 145 | 1,145 | ||||||
Castrol India Ltd. | 87,152 | 120,942 | ||||||
CCL Products India Ltd. | 7,880 | 52,108 | ||||||
Ceat Ltd. | 4,478 | 74,885 |
85
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Century Enka Ltd. | 2,034 | $ | 8,650 | |||||
Cera Sanitaryware Ltd. | 575 | 45,286 | ||||||
Cholamandalam Investment & Finance Co. Ltd. | 51,121 | 467,372 | ||||||
Cipla Ltd. | 11,659 | 127,738 | ||||||
City Union Bank Ltd. | 80,681 | 135,004 | ||||||
Coal India Ltd. | 160,679 | 418,479 | ||||||
Cochin Shipyard Ltd. | 10,216 | 55,842 | ||||||
Confidence Petroleum India Ltd. | 23,445 | 17,165 | ||||||
Coromandel International Ltd. | 21,786 | 236,673 | ||||||
Cosmo First Ltd.(1) | 2,175 | 16,728 | ||||||
CreditAccess Grameen Ltd.(1) | 9,658 | 112,660 | ||||||
CSB Bank Ltd.(1) | 8,038 | 22,262 | ||||||
Cyient Ltd. | 19,240 | 219,621 | ||||||
Dalmia Bharat Ltd. | 3,919 | 86,885 | ||||||
Dalmia Bharat Sugar & Industries Ltd. | 1,821 | 6,975 | ||||||
DCB Bank Ltd. | 33,280 | 45,166 | ||||||
DCM Shriram Ltd. | 7,608 | 74,996 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. | 14,955 | 111,640 | ||||||
Deepak Nitrite Ltd. | 8,623 | 187,486 | ||||||
Dhampur Bio Organics Ltd.(1) | 1,877 | 3,349 | ||||||
Dhampur Sugar Mills Ltd. | 5,892 | 14,807 | ||||||
Dish TV India Ltd.(1) | 203,044 | 34,100 | ||||||
Dr Reddy's Laboratories Ltd., ADR | 6,060 | 316,635 | ||||||
Dwarikesh Sugar Industries Ltd. | 16,405 | 16,321 | ||||||
eClerx Services Ltd. | 1,991 | 33,567 | ||||||
Edelweiss Financial Services Ltd. | 102,601 | 79,967 | ||||||
Eicher Motors Ltd. | 6,288 | 235,993 | ||||||
EID Parry India Ltd. | 18,623 | 113,118 | ||||||
Elecon Engineering Co. Ltd. | 7,188 | 34,262 | ||||||
Emami Ltd. | 24,015 | 115,947 | ||||||
Endurance Technologies Ltd. | 2,695 | 40,695 | ||||||
Engineers India Ltd. | 44,338 | 38,243 | ||||||
EPL Ltd. | 18,512 | 35,918 | ||||||
Equitas Small Finance Bank Ltd.(1) | 51,083 | 44,183 | ||||||
Escorts Kubota Ltd. | 4,030 | 101,131 | ||||||
Ester Industries Ltd. | 4,313 | 4,787 | ||||||
Eveready Industries India Ltd.(1) | 1,026 | 3,911 | ||||||
Everest Industries Ltd. | 1,179 | 10,340 | ||||||
Excel Industries Ltd. | 459 | 5,066 | ||||||
Exide Industries Ltd.(1) | 12,458 | 26,406 | ||||||
Federal Bank Ltd. | 347,636 | 542,408 | ||||||
Filatex India Ltd. | 7,154 | 3,359 | ||||||
Finolex Industries Ltd. | 71,989 | 147,087 | ||||||
Future Consumer Ltd.(1) | 106,536 | 1,030 | ||||||
Galaxy Surfactants Ltd. | 132 | 3,775 | ||||||
Garden Reach Shipbuilders & Engineers Ltd. | 4,895 | 24,418 | ||||||
Gateway Distriparks Ltd. | 19,801 | 14,134 | ||||||
GHCL Ltd. | 13,434 | 83,552 | ||||||
GIC Housing Finance Ltd. | 10,437 | 20,814 | ||||||
Glenmark Pharmaceuticals Ltd. | 32,737 | 169,690 | ||||||
Globus Spirits Ltd. | 1,953 | 19,613 |
86
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Godawari Power & Ispat Ltd. | 11,136 | $ | 46,014 | |||||
Grasim Industries Ltd. | 32,631 | 622,448 | ||||||
Great Eastern Shipping Co. Ltd. | 24,741 | 164,952 | ||||||
Greenpanel Industries Ltd. | 5,555 | 18,831 | ||||||
Greenply Industries Ltd. | 10,648 | 17,454 | ||||||
Gufic Biosciences Ltd. | 5,829 | 14,939 | ||||||
Gujarat Alkalies & Chemicals Ltd. | 4,525 | 33,890 | ||||||
Gujarat Ambuja Exports Ltd. | 16,462 | 45,392 | ||||||
Gujarat Mineral Development Corp. Ltd. | 13,196 | 21,284 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 14,672 | 93,246 | ||||||
Gujarat Pipavav Port Ltd. | 66,076 | 83,880 | ||||||
Gujarat State Fertilizers & Chemicals Ltd. | 39,672 | 59,999 | ||||||
Hathway Cable & Datacom Ltd.(1) | 37,648 | 6,896 | ||||||
HBL Power Systems Ltd. | 17,551 | 21,147 | ||||||
HCL Technologies Ltd. | 127,749 | 1,663,476 | ||||||
HDFC Asset Management Co. Ltd. | 2,510 | 54,905 | ||||||
HealthCare Global Enterprises Ltd.(1) | 9,740 | 32,886 | ||||||
Hero MotoCorp Ltd. | 3,691 | 107,940 | ||||||
Hikal Ltd. | 12,048 | 43,030 | ||||||
HIL Ltd. | 251 | 6,839 | ||||||
Himadri Speciality Chemical Ltd., ADR | 55,687 | 56,185 | ||||||
Hindalco Industries Ltd. | 181,222 | 874,211 | ||||||
Hinduja Global Solutions Ltd. | 950 | 14,979 | ||||||
Hindustan Copper Ltd. | 38,304 | 45,017 | ||||||
Hindustan Petroleum Corp. Ltd. | 83,073 | 216,431 | ||||||
Hindware Home Innovation Ltd.(1) | 2,624 | 11,673 | ||||||
I G Petrochemicals Ltd. | 1,051 | 5,088 | ||||||
IIFL Finance Ltd. | 34,891 | 180,683 | ||||||
IIFL Securities Ltd. | 8,473 | 5,591 | ||||||
India Cements Ltd. | 25,760 | 58,234 | ||||||
India Glycols Ltd. | 189 | 1,330 | ||||||
Indiabulls Housing Finance Ltd.(1) | 75,892 | 92,423 | ||||||
IndiaMart InterMesh Ltd. | 2,114 | 123,882 | ||||||
Indian Bank | 40,248 | 125,049 | ||||||
Indian Metals & Ferro Alloys Ltd. | 1,190 | 4,488 | ||||||
Indian Oil Corp. Ltd. | 354,715 | 326,350 | ||||||
Indus Towers Ltd. | 79,445 | 164,099 | ||||||
Intellect Design Arena Ltd. | 8,092 | 43,995 | ||||||
IOL Chemicals & Pharmaceuticals Ltd. | 3,269 | 11,242 | ||||||
IRCON International Ltd. | 44,986 | 28,118 | ||||||
ITD Cementation India Ltd. | 25,535 | 30,008 | ||||||
J Kumar Infraprojects Ltd. | 6,591 | 19,721 | ||||||
Jaiprakash Power Ventures Ltd.(1) | 285,099 | 22,900 | ||||||
Jammu & Kashmir Bank Ltd.(1) | 103,347 | 61,445 | ||||||
Jindal Poly Films Ltd. | 1,238 | 8,815 | ||||||
Jindal Saw Ltd. | 10,436 | 18,932 | ||||||
Jindal Stainless Hisar Ltd.(1) | 11,655 | 69,020 | ||||||
Jindal Stainless Ltd.(1) | 44,878 | 144,924 | ||||||
Jindal Steel & Power Ltd. | 53,590 | 355,970 | ||||||
JK Cement Ltd. | 694 | 23,191 | ||||||
JK Lakshmi Cement Ltd. | 11,770 | 95,666 |
87
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
JK Paper Ltd. | 18,583 | $ | 87,095 | |||||
JK Tyre & Industries Ltd. | 6,818 | 12,140 | ||||||
JM Financial Ltd. | 93,382 | 73,674 | ||||||
JSW Steel Ltd. | 113,095 | 912,781 | ||||||
Jubilant Ingrevia Ltd. | 15,747 | 84,843 | ||||||
Jubilant Pharmova Ltd. | 8,686 | 32,133 | ||||||
Kalpataru Power Transmission Ltd. | 13,413 | 85,938 | ||||||
Karnataka Bank Ltd. | 37,246 | 63,695 | ||||||
Karur Vysya Bank Ltd. | 104,428 | 128,700 | ||||||
Kaveri Seed Co. Ltd. | 2,472 | 15,426 | ||||||
KEC International Ltd. | 27,711 | 150,498 | ||||||
Kirloskar Ferrous Industries Ltd. | 14,319 | 75,068 | ||||||
KNR Constructions Ltd. | 4,047 | 12,525 | ||||||
Kolte-Patil Developers Ltd. | 2,489 | 8,095 | ||||||
KPI Green Energy Ltd. | 5,164 | 27,072 | ||||||
KPIT Technologies Ltd. | 7,670 | 76,875 | ||||||
KPR Mill Ltd. | 9,735 | 67,691 | ||||||
KRBL Ltd. | 12,873 | 52,729 | ||||||
L&T Finance Holdings Ltd. | 183,283 | 193,447 | ||||||
Larsen & Toubro Ltd. | 66,067 | 1,683,841 | ||||||
Laurus Labs Ltd. | 29,514 | 112,143 | ||||||
LG Balakrishnan & Bros Ltd. | 4,162 | 33,984 | ||||||
LIC Housing Finance Ltd. | 60,124 | 254,736 | ||||||
LT Foods Ltd. | 39,856 | 46,525 | ||||||
Lupin Ltd. | 35,845 | 285,677 | ||||||
LUX Industries Ltd.(1) | 271 | 4,170 | ||||||
Maharashtra Seamless Ltd. | 3,949 | 14,475 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 87,242 | 265,445 | ||||||
Mahindra & Mahindra Ltd. | 76,636 | 1,175,829 | ||||||
Mahindra Logistics Ltd. | 7,483 | 33,489 | ||||||
Maithan Alloys Ltd. | 648 | 7,092 | ||||||
Manali Petrochemicals Ltd. | 13,942 | 11,382 | ||||||
Manappuram Finance Ltd. | 140,556 | 174,450 | ||||||
Marksans Pharma Ltd. | 51,944 | 42,369 | ||||||
Mazagon Dock Shipbuilders Ltd. | 2,533 | 22,030 | ||||||
Meghmani Finechem Ltd. | 1,230 | 15,209 | ||||||
Meghmani Organics Ltd. | 3,038 | 3,402 | ||||||
MOIL Ltd. | 8,159 | 14,848 | ||||||
Motherson Sumi Wiring India Ltd. | 46,684 | 27,945 | ||||||
Motilal Oswal Financial Services Ltd. | 3,345 | 24,266 | ||||||
Mphasis Ltd. | 8,815 | 216,782 | ||||||
MRF Ltd. | 157 | 161,809 | ||||||
Mrs Bectors Food Specialities Ltd. | 1,317 | 7,973 | ||||||
MSTC Ltd. | 897 | 2,936 | ||||||
Multi Commodity Exchange of India Ltd. | 7,292 | 123,601 | ||||||
Muthoot Finance Ltd. | 21,958 | 258,147 | ||||||
National Aluminium Co. Ltd. | 202,538 | 191,530 | ||||||
National Fertilizers Ltd.(1) | 11,767 | 8,846 | ||||||
Nava Ltd. | 8,151 | 22,767 | ||||||
NCC Ltd. | 98,877 | 106,349 | ||||||
Neuland Laboratories Ltd. | 654 | 12,759 |
88
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Nippon Life India Asset Management Ltd. | 16,510 | $ | 44,179 | |||||
NLC India Ltd. | 23,997 | 22,859 | ||||||
NTPC Ltd. | 410,586 | 846,867 | ||||||
Oil & Natural Gas Corp. Ltd. | 370,782 | 680,329 | ||||||
Oil India Ltd. | 33,377 | 99,491 | ||||||
Olectra Greentech Ltd. | 470 | 2,829 | ||||||
Optiemus Infracom Ltd.(1) | 2,901 | 8,843 | ||||||
Oracle Financial Services Software Ltd. | 3,662 | 140,289 | ||||||
Orient Cement Ltd. | 38,516 | 51,810 | ||||||
Panama Petrochem Ltd. | 7,332 | 26,348 | ||||||
PCBL Ltd. | 44,112 | 63,353 | ||||||
Pennar Industries Ltd.(1) | 25,863 | 22,707 | ||||||
Persistent Systems Ltd. | 6,267 | 362,930 | ||||||
Petronet LNG Ltd. | 129,749 | 348,895 | ||||||
PNB Housing Finance Ltd.(1) | 16,909 | 122,054 | ||||||
PNC Infratech Ltd. | 34,001 | 112,469 | ||||||
Power Mech Projects Ltd. | 1,705 | 41,730 | ||||||
Praj Industries Ltd. | 18,823 | 79,867 | ||||||
Prism Johnson Ltd.(1) | 1,963 | 2,472 | ||||||
PTC India Ltd. | 86,681 | 92,334 | ||||||
Quess Corp. Ltd. | 4,645 | 19,847 | ||||||
Ramco Cements Ltd. | 22,911 | 197,859 | ||||||
Rashtriya Chemicals & Fertilizers Ltd. | 32,956 | 38,840 | ||||||
Raymond Ltd. | 10,381 | 159,412 | ||||||
RBL Bank Ltd.(1) | 18,154 | 34,183 | ||||||
REC Ltd. | 289,642 | 400,216 | ||||||
Redington Ltd. | 147,268 | 303,221 | ||||||
Reliance Power Ltd.(1) | 587,154 | 69,566 | ||||||
Repco Home Finance Ltd. | 9,420 | 22,169 | ||||||
Rhi Magnesita India Ltd. | 3,248 | 25,157 | ||||||
RITES Ltd. | 5,917 | 23,336 | ||||||
RPG Life Sciences Ltd. | 1,481 | 15,331 | ||||||
Samvardhana Motherson International Ltd. | 164,558 | 158,415 | ||||||
Sanghi Industries Ltd.(1) | 11,763 | 8,525 | ||||||
Sanofi India Ltd. | 1,538 | 108,683 | ||||||
Sarda Energy & Minerals Ltd. | 1,500 | 19,956 | ||||||
Satia Industries Ltd. | 7,648 | 10,584 | ||||||
Sharda Cropchem Ltd. | 3,884 | 22,073 | ||||||
Share India Securities Ltd. | 240 | 3,101 | ||||||
Shipping Corp. of India Ltd. | 12,981 | 18,773 | ||||||
Shree Cement Ltd. | 396 | 124,863 | ||||||
Shriram Finance Ltd. | 43,478 | 632,211 | ||||||
Siyaram Silk Mills Ltd. | 1,138 | 6,227 | ||||||
Sobha Ltd. | 7,465 | 51,981 | ||||||
Sonata Software Ltd. | 17,676 | 155,197 | ||||||
Southern Petrochemical Industries Corp. Ltd. | 13,120 | 9,192 | ||||||
Speciality Restaurants Ltd.(1) | 6,760 | 17,135 | ||||||
State Bank of India, GDR | 11,924 | 747,745 | ||||||
Sudarshan Chemical Industries Ltd. | 1,002 | 4,480 | ||||||
Sun Pharmaceutical Industries Ltd. | 101,346 | 1,172,050 | ||||||
Sun TV Network Ltd. | 17,153 | 88,894 |
89
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Sunflag Iron & Steel Co. Ltd.(1) | 6,209 | $ | 9,829 | |||||
Supreme Industries Ltd. | 4,391 | 146,587 | ||||||
Supreme Petrochem Ltd. | 4,336 | 19,492 | ||||||
Surya Roshni Ltd. | 5,474 | 44,196 | ||||||
Tamil Nadu Newsprint & Papers Ltd. | 14,869 | 37,502 | ||||||
Tamilnadu Petroproducts Ltd. | 8,337 | 7,975 | ||||||
Tanla Platforms Ltd. | 13,081 | 106,690 | ||||||
Tata Chemicals Ltd. | 12,586 | 148,306 | ||||||
Tata Metaliks Ltd. | 1,355 | 11,941 | ||||||
Tata Motors Ltd., ADR(1) | 1,094 | 27,849 | ||||||
Tata Steel Long Products Ltd. | 1,015 | 7,512 | ||||||
Tata Steel Ltd. | 993,717 | 1,249,765 | ||||||
Tech Mahindra Ltd. | 77,230 | 1,026,630 | ||||||
Thermax Ltd. | 774 | 20,143 | ||||||
Thirumalai Chemicals Ltd. | 8,400 | 17,549 | ||||||
Time Technoplast Ltd. | 26,322 | 25,763 | ||||||
Tinplate Co. of India Ltd. | 3,877 | 14,286 | ||||||
Transport Corp. of India Ltd. | 1,955 | 15,389 | ||||||
Trident Ltd. | 108,215 | 39,627 | ||||||
Triveni Turbine Ltd. | 15,888 | 60,974 | ||||||
Tube Investments of India Ltd. | 4,947 | 165,819 | ||||||
Uflex Ltd. | 4,366 | 19,979 | ||||||
Ugar Sugar Works Ltd. | 8,924 | 9,732 | ||||||
UltraTech Cement Ltd. | 8,779 | 770,430 | ||||||
Usha Martin Ltd. | 8,471 | 17,971 | ||||||
UTI Asset Management Co. Ltd. | 10,820 | 85,568 | ||||||
Valiant Organics Ltd. | 587 | 2,863 | ||||||
Vardhman Textiles Ltd.(1) | 7,660 | 28,502 | ||||||
Varroc Engineering Ltd.(1) | 4,313 | 12,731 | ||||||
Vedanta Ltd. | 68,657 | 222,847 | ||||||
Venky's India Ltd. | 72 | 1,395 | ||||||
Vishnu Chemicals Ltd. | 3,715 | 12,361 | ||||||
VRL Logistics Ltd.(1) | 3,797 | 25,082 | ||||||
Welspun Corp. Ltd. | 30,168 | 67,154 | ||||||
Welspun Enterprises Ltd. | 21,055 | 31,303 | ||||||
West Coast Paper Mills Ltd. | 9,632 | 56,036 | ||||||
Wipro Ltd., ADR | 134,466 | 627,956 | ||||||
Yes Bank Ltd.(1) | 257,765 | 54,370 | ||||||
35,759,791 | ||||||||
Indonesia — 2.3% | ||||||||
ABM Investama Tbk PT | 177,800 | 32,869 | ||||||
Adaro Energy Indonesia Tbk PT | 2,007,900 | 393,393 | ||||||
Adhi Karya Persero Tbk PT(1) | 359,000 | 10,404 | ||||||
AKR Corporindo Tbk PT | 1,516,500 | 137,639 | ||||||
Aneka Tambang Tbk PT | 58,200 | 7,595 | ||||||
Astra International Tbk PT | 1,009,700 | 403,888 | ||||||
Bank BTPN Syariah Tbk PT | 380,000 | 58,296 | ||||||
Bank Mandiri Persero Tbk PT | 1,681,500 | 1,102,308 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 321,300 | 27,809 | ||||||
Bank Tabungan Negara Persero Tbk PT | 1,018,600 | 88,479 | ||||||
BFI Finance Indonesia Tbk PT | 1,521,500 | 136,160 |
90
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Buana Lintas Lautan Tbk PT(1) | 780,100 | $ | 6,802 | |||||
Bukit Asam Tbk PT | 765,300 | 193,651 | ||||||
Charoen Pokphand Indonesia Tbk PT | 1,200 | 423 | ||||||
Ciputra Development Tbk PT | 1,660,100 | 107,761 | ||||||
Delta Dunia Makmur Tbk PT | 744,600 | 14,936 | ||||||
Dharma Satya Nusantara Tbk PT | 1,175,000 | 51,232 | ||||||
Elnusa Tbk PT | 847,800 | 17,088 | ||||||
Erajaya Swasembada Tbk PT | 391,200 | 13,207 | ||||||
FKS Food Sejahtera Tbk PT(1) | 480,700 | 4,885 | ||||||
Harum Energy Tbk PT | 640,100 | 68,387 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 64,100 | 33,298 | ||||||
Indika Energy Tbk PT | 381,800 | 57,560 | ||||||
Indo Tambangraya Megah Tbk PT | 71,400 | 174,042 | ||||||
Indosat Tbk PT | 17,600 | 7,875 | ||||||
Jasa Marga Persero Tbk PT(1) | 170,900 | 36,418 | ||||||
Matahari Department Store Tbk PT | 50,000 | 16,966 | ||||||
Medco Energi Internasional Tbk PT | 2,023,300 | 151,812 | ||||||
Media Nusantara Citra Tbk PT(1) | 15,100 | 643 | ||||||
Metrodata Electronics Tbk PT | 94,900 | 3,734 | ||||||
Mitra Adiperkasa Tbk PT(1) | 1,685,600 | 166,903 | ||||||
Mitra Pinasthika Mustika Tbk PT | 14,200 | 1,164 | ||||||
MNC Vision Networks Tbk PT(1) | 2,167,500 | 7,677 | ||||||
Multipolar Tbk PT(1) | 690,900 | 4,710 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 8,100 | 3,717 | ||||||
PP Persero Tbk PT(1) | 18,200 | 763 | ||||||
Samudera Indonesia Tbk PT | 1,135,500 | 31,123 | ||||||
Sawit Sumbermas Sarana Tbk PT | 710,300 | 75,700 | ||||||
Semen Indonesia Persero Tbk PT | 28,510 | 13,504 | ||||||
Smartfren Telecom Tbk PT(1) | 2,529,900 | 11,112 | ||||||
Summarecon Agung Tbk PT | 1,633,900 | 64,795 | ||||||
Surya Esa Perkasa Tbk PT | 795,100 | 55,790 | ||||||
Telkom Indonesia Persero Tbk PT, ADR | 36,263 | 934,135 | ||||||
Timah Tbk PT | 417,900 | 32,613 | ||||||
United Tractors Tbk PT | 191,800 | 350,812 | ||||||
Wijaya Karya Persero Tbk PT(1) | 638,200 | 26,356 | ||||||
XL Axiata Tbk PT | 386,600 | 52,976 | ||||||
5,193,410 | ||||||||
Malaysia — 1.9% | ||||||||
Aeon Co. M Bhd | 66,900 | 20,273 | ||||||
Alliance Bank Malaysia Bhd | 182,300 | 141,354 | ||||||
AMMB Holdings Bhd | 233,100 | 208,241 | ||||||
Ancom Nylex Bhd(1) | 101,200 | 26,378 | ||||||
Bank Islam Malaysia Bhd | 85,500 | 43,249 | ||||||
Berjaya Corp. Bhd(1) | 389,500 | 26,907 | ||||||
Berjaya Food Bhd | 123,600 | 27,538 | ||||||
Bermaz Auto Bhd | 133,200 | 63,800 | ||||||
Boustead Holdings Bhd | 85,400 | 11,895 | ||||||
Boustead Plantations Bhd | 53,700 | 8,555 | ||||||
Bumi Armada Bhd(1) | 590,200 | 76,067 | ||||||
Bursa Malaysia Bhd | 27,900 | 41,033 | ||||||
Cahya Mata Sarawak Bhd | 160,900 | 42,297 |
91
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Chin Hin Group Bhd | 26,200 | $ | 23,113 | |||||
CIMB Group Holdings Bhd | 303,304 | 379,170 | ||||||
Dagang NeXchange Bhd | 235,900 | 31,786 | ||||||
DRB-Hicom Bhd | 35,400 | 11,201 | ||||||
Eco World Development Group Bhd | 70,100 | 10,622 | ||||||
Ekovest Bhd(1) | 196,700 | 15,998 | ||||||
Evergreen Fibreboard Bhd | 31,000 | 2,141 | ||||||
Gamuda Bhd | 223,053 | 208,725 | ||||||
Genting Bhd | 168,400 | 174,844 | ||||||
Genting Malaysia Bhd | 102,300 | 61,540 | ||||||
Genting Plantations Bhd | 17,900 | 24,012 | ||||||
Hartalega Holdings Bhd | 196,200 | 64,260 | ||||||
Hengyuan Refining Co. Bhd | 29,500 | 22,341 | ||||||
Hextar Healthcare Bhd(1) | 1,400 | 89 | ||||||
Hiap Teck Venture Bhd | 109,800 | 7,093 | ||||||
Hibiscus Petroleum Bhd | 350,100 | 82,960 | ||||||
IJM Corp. Bhd | 162,500 | 58,296 | ||||||
Insas Bhd | 6,100 | 1,040 | ||||||
Jaya Tiasa Holdings Bhd | 66,000 | 9,631 | ||||||
Kossan Rubber Industries Bhd | 158,100 | 38,393 | ||||||
KSL Holdings Bhd(1) | 27,100 | 4,924 | ||||||
Kuala Lumpur Kepong Bhd | 25,800 | 119,548 | ||||||
Lingkaran Trans Kota Holdings Bhd | 10,000 | 1,148 | ||||||
Malayan Banking Bhd | 322,060 | 631,528 | ||||||
Malaysia Building Society Bhd(1) | 41,200 | 5,553 | ||||||
Malaysia Marine & Heavy Engineering Holdings Bhd | 124,400 | 18,259 | ||||||
Malaysian Bulk Carriers Bhd | 25,900 | 2,077 | ||||||
Malaysian Pacific Industries Bhd | 9,100 | 60,662 | ||||||
Malaysian Resources Corp. Bhd | 134,400 | 9,283 | ||||||
MISC Bhd | 105,300 | 177,324 | ||||||
Perak Transit Bhd | 46,000 | 11,380 | ||||||
PESTECH International Bhd(1) | 17,000 | 909 | ||||||
Petronas Chemicals Group Bhd | 139,100 | 221,892 | ||||||
RHB Bank Bhd | 138,263 | 174,997 | ||||||
Sapura Energy Bhd(1) | 62,700 | 625 | ||||||
Sarawak Oil Palms Bhd | 22,350 | 13,147 | ||||||
Serba Dinamik Holdings Bhd(1) | 21,300 | 95 | ||||||
Shin Yang Shipping Corp. Bhd | 175,300 | 25,585 | ||||||
Sime Darby Plantation Bhd | 148,800 | 140,308 | ||||||
Solarvest Holdings Bhd(1) | 82,200 | 16,941 | ||||||
Sunway Bhd | 32,800 | 11,911 | ||||||
Supermax Corp. Bhd | 344,920 | 58,018 | ||||||
Syarikat Takaful Malaysia Keluarga Bhd | 14,000 | 10,327 | ||||||
Ta Ann Holdings Bhd | 19,100 | 14,218 | ||||||
TASCO Bhd | 6,400 | 1,290 | ||||||
Telekom Malaysia Bhd | 154,000 | 172,615 | ||||||
Top Glove Corp. Bhd(1) | 444,600 | 74,784 | ||||||
TSH Resources Bhd | 95,200 | 21,852 | ||||||
United Plantations Bhd | 13,900 | 51,108 | ||||||
Velesto Energy Bhd(1) | 1,494,600 | 63,301 | ||||||
Westports Holdings Bhd | 13,200 | 10,884 |
92
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Yinson Holdings Bhd | 251,600 | $ | 151,479 | |||||
4,242,814 | ||||||||
Mexico — 2.9% | ||||||||
Alfa SAB de CV, Class A | 383,620 | 251,602 | ||||||
Alpek SAB de CV | 20,930 | 25,544 | ||||||
America Movil SAB de CV, Class L, ADR | 59,960 | 1,233,977 | ||||||
Banco del Bajio SA | 106,120 | 405,479 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1)(2) | 9,122 | 106,910 | ||||||
GCC SAB de CV | 1,181 | 9,321 | ||||||
Genomma Lab Internacional SAB de CV, Class B | 80,676 | 64,862 | ||||||
Gentera SAB de CV | 140,414 | 152,183 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 5,285 | 412,177 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, ADR | 2,526 | 480,142 | ||||||
Grupo Comercial Chedraui SA de CV | 32,714 | 166,283 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 185,820 | 1,572,967 | ||||||
Grupo Mexico SAB de CV, Series B | 185,925 | 836,213 | ||||||
Grupo Televisa SAB, ADR | 43,684 | 216,673 | ||||||
Industrias Penoles SAB de CV(1) | 15,087 | 180,510 | ||||||
Megacable Holdings SAB de CV | 87,541 | 225,018 | ||||||
Nemak SAB de CV(1) | 483,647 | 122,653 | ||||||
Qualitas Controladora SAB de CV | 4,402 | 27,382 | ||||||
Regional SAB de CV | 586 | 4,862 | ||||||
Sitios Latinoamerica SAB de CV(1)(2) | 6,278 | 2,539 | ||||||
6,497,297 | ||||||||
Philippines — 0.9% | ||||||||
ACEN Corp. | 34,280 | 3,923 | ||||||
Alliance Global Group, Inc. | 315,800 | 71,737 | ||||||
Ayala Corp. | 1,450 | 16,348 | ||||||
Bank of the Philippine Islands | 150,060 | 297,555 | ||||||
BDO Unibank, Inc. | 206,476 | 459,858 | ||||||
DMCI Holdings, Inc. | 720,300 | 137,236 | ||||||
First Gen Corp. | 10,600 | 3,304 | ||||||
Globe Telecom, Inc. | 1,294 | 41,461 | ||||||
GT Capital Holdings, Inc. | 9,590 | 89,868 | ||||||
LT Group, Inc. | 200,600 | 38,029 | ||||||
Metro Pacific Investments Corp. | 1,697,000 | 125,053 | ||||||
Metropolitan Bank & Trust Co. | 260,950 | 274,118 | ||||||
Nickel Asia Corp. | 313,400 | 39,790 | ||||||
PLDT, Inc., ADR(2) | 670 | 15,711 | ||||||
Puregold Price Club, Inc. | 183,600 | 104,500 | ||||||
Robinsons Land Corp. | 215,200 | 58,504 | ||||||
Robinsons Retail Holdings, Inc. | 18,280 | 17,954 | ||||||
Security Bank Corp. | 99,170 | 184,013 | ||||||
Semirara Mining & Power Corp. | 118,000 | 63,884 | ||||||
Universal Robina Corp. | 980 | 2,417 | ||||||
2,045,263 | ||||||||
Poland — 0.9% | ||||||||
Alior Bank SA(1) | 21,115 | 192,243 | ||||||
Bank Handlowy w Warszawie SA | 1,453 | 27,249 | ||||||
Bank Millennium SA(1) | 61,887 | 62,928 | ||||||
Budimex SA | 94 | 5,946 |
93
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
CCC SA(1) | 6,960 | $ | 55,323 | |||||
CD Projekt SA | 585 | 17,404 | ||||||
Ciech SA | 5,768 | 67,219 | ||||||
Grupa Azoty SA(1) | 6,664 | 57,989 | ||||||
Jastrzebska Spolka Weglowa SA(1) | 8,919 | 109,586 | ||||||
KRUK SA | 2,202 | 163,656 | ||||||
LPP SA | 62 | 130,959 | ||||||
Mercator Medical SA(1) | 178 | 1,805 | ||||||
Orange Polska SA | 115,404 | 174,262 | ||||||
Polski Koncern Naftowy ORLEN SA | 40,315 | 602,127 | ||||||
Santander Bank Polska SA | 3,897 | 261,507 | ||||||
XTB SA | 10,181 | 76,184 | ||||||
2,006,387 | ||||||||
Russia(3)† | ||||||||
Globaltrans Investment PLC, GDR(1) | 15,648 | 2 | ||||||
LUKOIL PJSC | 7,931 | — | ||||||
Novolipetsk Steel PJSC(1) | 70,860 | — | ||||||
VTB Bank PJSC(1) | 152,598,000 | 203 | ||||||
205 | ||||||||
South Africa — 3.7% | ||||||||
Absa Group Ltd. | 99,315 | 1,072,264 | ||||||
African Rainbow Minerals Ltd. | 759 | 10,505 | ||||||
Anglo American Platinum Ltd. | 3,163 | 174,903 | ||||||
AngloGold Ashanti Ltd., ADR | 31,701 | 528,139 | ||||||
ArcelorMittal South Africa Ltd.(1) | 41,124 | 9,087 | ||||||
Astral Foods Ltd. | 288 | 2,563 | ||||||
Aveng Ltd.(1) | 11,442 | 9,336 | ||||||
Barloworld Ltd. | 33,814 | 168,522 | ||||||
DataTec Ltd. | 26,442 | 48,929 | ||||||
Foschini Group Ltd. | 30,240 | 167,029 | ||||||
Gold Fields Ltd., ADR | 92,006 | 836,335 | ||||||
Grindrod Ltd. | 69,769 | 39,024 | ||||||
Harmony Gold Mining Co. Ltd., ADR(2) | 97,039 | 299,850 | ||||||
Impala Platinum Holdings Ltd. | 85,755 | 800,685 | ||||||
KAP Industrial Holdings Ltd. | 359,455 | 68,209 | ||||||
Kumba Iron Ore Ltd. | 3,022 | 78,807 | ||||||
Life Healthcare Group Holdings Ltd. | 74,078 | 78,985 | ||||||
Merafe Resources Ltd. | 302,146 | 22,868 | ||||||
Momentum Metropolitan Holdings | 317,921 | 343,778 | ||||||
Motus Holdings Ltd. | 27,328 | 164,849 | ||||||
MTN Group Ltd. | 110,899 | 873,823 | ||||||
Nedbank Group Ltd. | 939 | 11,782 | ||||||
Ninety One Ltd. | 3,113 | 7,806 | ||||||
Northam Platinum Holdings Ltd.(1) | 38,217 | 314,907 | ||||||
Old Mutual Ltd. | 75,026 | 48,665 | ||||||
Omnia Holdings Ltd. | 3,962 | 12,888 | ||||||
PPC Ltd.(1)(2) | 135,418 | 23,343 | ||||||
Raubex Group Ltd. | 8,574 | 13,283 | ||||||
Reinet Investments SCA | 19,564 | 387,275 | ||||||
Remgro Ltd. | 760 | 5,785 | ||||||
Royal Bafokeng Platinum Ltd. | 1,434 | 12,144 |
94
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Sappi Ltd. | 123,516 | $ | 328,649 | |||||
Sasol Ltd., ADR(2) | 15,852 | 229,061 | ||||||
Shoprite Holdings Ltd. | 1,055 | 12,775 | ||||||
Sibanye Stillwater Ltd., ADR | 84,560 | 684,936 | ||||||
Standard Bank Group Ltd. | 641 | 6,403 | ||||||
Telkom SA SOC Ltd.(1) | 73,903 | 154,193 | ||||||
Thungela Resources Ltd. | 32,264 | 375,142 | ||||||
Zeda Ltd.(1) | 33,814 | 22,205 | ||||||
8,449,732 | ||||||||
South Korea — 13.6% | ||||||||
Advanced Process Systems Corp.(1) | 564 | 8,613 | ||||||
BH Co. Ltd. | 3,981 | 71,054 | ||||||
Binggrae Co. Ltd.(1) | 72 | 2,280 | ||||||
Bioneer Corp.(1) | 59 | 2,380 | ||||||
BNK Financial Group, Inc. | 63,442 | 321,079 | ||||||
Boditech Med, Inc. | 749 | 6,639 | ||||||
CJ Corp. | 1,693 | 111,147 | ||||||
CJ ENM Co. Ltd.(1) | 2,710 | 189,642 | ||||||
CJ Logistics Corp. | 1,270 | 78,414 | ||||||
Cosmax, Inc.(1) | 1,110 | 64,793 | ||||||
Coway Co. Ltd. | 3,564 | 143,793 | ||||||
Cuckoo Homesys Co. Ltd.(1) | 777 | 17,587 | ||||||
Daeduck Electronics Co. Ltd. | 6,304 | 99,803 | ||||||
Daewoo Engineering & Construction Co. Ltd.(1) | 30,982 | 100,676 | ||||||
Daishin Securities Co. Ltd.(1) | 5,013 | 49,568 | ||||||
Daol Investment & Securities Co. Ltd.(1) | 6,177 | 22,735 | ||||||
DB Financial Investment Co. Ltd.(1) | 1,187 | 3,752 | ||||||
DB HiTek Co. Ltd. | 7,809 | 266,780 | ||||||
DB Insurance Co. Ltd. | 3,007 | 174,989 | ||||||
Dentium Co. Ltd.(1) | 66 | 6,028 | ||||||
DGB Financial Group, Inc. | 31,585 | 188,552 | ||||||
DL E&C Co. Ltd. | 6,955 | 173,214 | ||||||
DL Holdings Co. Ltd. | 568 | 25,263 | ||||||
Dongkuk Steel Mill Co. Ltd. | 10,946 | 113,191 | ||||||
Dongwon F&B Co. Ltd. | 47 | 5,764 | ||||||
Doosan Tesna, Inc. | 1,825 | 46,084 | ||||||
Dreamtech Co. Ltd.(1) | 1,019 | 7,301 | ||||||
E-MART, Inc. | 1,160 | 98,124 | ||||||
Eugene Investment & Securities Co. Ltd.(1) | 4,137 | 8,412 | ||||||
GOLFZON Co. Ltd.(1) | 743 | 80,474 | ||||||
GS Holdings Corp. | 10,944 | 336,367 | ||||||
GS Retail Co. Ltd. | 8,444 | 184,014 | ||||||
HAESUNG DS Co. Ltd. | 1,372 | 41,596 | ||||||
Hana Financial Group, Inc. | 46,343 | 1,589,437 | ||||||
Hana Micron, Inc. | 5,698 | 47,294 | ||||||
Handsome Co. Ltd. | 1,100 | 21,370 | ||||||
Hansae Co. Ltd. | 3,537 | 44,542 | ||||||
Hanwha Aerospace Co. Ltd. | 3,848 | 261,337 | ||||||
Hanwha Corp., Preference Shares | 80 | 861 | ||||||
Hanwha Investment & Securities Co. Ltd.(1) | 24,678 | 56,782 | ||||||
Hanwha Life Insurance Co. Ltd.(1) | 84,812 | 190,571 |
95
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Harim Holdings Co. Ltd. | 11,199 | $ | 101,351 | |||||
HD Hyundai Co. Ltd. | 9,533 | 428,141 | ||||||
Hite Jinro Co. Ltd.(1) | 5,221 | 94,258 | ||||||
HJ Shipbuilding & Construction Co. Ltd.(1) | 1,200 | 3,527 | ||||||
HL Holdings Corp. | 774 | 20,136 | ||||||
HMM Co. Ltd.(1) | 37,382 | 635,983 | ||||||
Humasis Co. Ltd.(1) | 9,268 | 103,620 | ||||||
Humax Co. Ltd.(1) | 1,427 | 4,071 | ||||||
Hyosung Chemical Corp.(1) | 82 | 9,057 | ||||||
Hyosung Heavy Industries Corp.(1) | 208 | 11,164 | ||||||
Hyosung TNC Corp. | 417 | 144,119 | ||||||
Hyundai Doosan Infracore Co. Ltd. | 22,666 | 146,147 | ||||||
Hyundai Electric & Energy System Co. Ltd. | 2,782 | 88,311 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 6,279 | 172,552 | ||||||
Hyundai Glovis Co. Ltd. | 2,886 | 345,633 | ||||||
Hyundai Home Shopping Network Corp. | 151 | 5,879 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 12,026 | 320,001 | ||||||
Hyundai Motor Co. | 14,515 | 1,931,844 | ||||||
Hyundai Steel Co. | 13,420 | 354,930 | ||||||
ICD Co. Ltd.(1) | 881 | 6,835 | ||||||
iMarketKorea, Inc. | 1,069 | 8,497 | ||||||
Industrial Bank of Korea | 43,062 | 337,675 | ||||||
Innocean Worldwide, Inc. | 188 | 6,046 | ||||||
INTOPS Co. Ltd. | 3,038 | 64,337 | ||||||
IS Dongseo Co. Ltd.(1) | 2,372 | 78,707 | ||||||
JB Financial Group Co. Ltd. | 28,914 | 201,897 | ||||||
Jusung Engineering Co. Ltd. | 4,161 | 36,812 | ||||||
KB Financial Group, Inc., ADR(2) | 40,123 | 1,545,939 | ||||||
KCC Glass Corp. | 420 | 12,902 | ||||||
Kginicis Co. Ltd. | 1,714 | 16,924 | ||||||
Kia Corp. | 31,546 | 1,792,763 | ||||||
KISCO Corp. | 1,013 | 5,833 | ||||||
KIWOOM Securities Co. Ltd.(1) | 3,426 | 266,987 | ||||||
KoMiCo Ltd. | 713 | 24,602 | ||||||
Korea Circuit Co. Ltd.(1) | 2,452 | 27,844 | ||||||
Korea Investment Holdings Co. Ltd.(1) | 7,655 | 358,363 | ||||||
Korea Line Corp.(1) | 40,819 | 72,021 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd. | 2,988 | 183,407 | ||||||
Korean Air Lines Co. Ltd. | 33,370 | 573,386 | ||||||
Kumho Petrochemical Co. Ltd.(1) | 3,263 | 387,989 | ||||||
LB Semicon, Inc.(1) | 3,727 | 21,397 | ||||||
LF Corp. | 2,876 | 37,698 | ||||||
LG Display Co. Ltd., ADR(2) | 83,823 | 487,850 | ||||||
LG Electronics, Inc. | 11,205 | 939,828 | ||||||
LG Innotek Co. Ltd. | 1,375 | 287,313 | ||||||
LG Uplus Corp. | 42,231 | 353,261 | ||||||
LIG Nex1 Co. Ltd. | 2,182 | 123,079 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 730 | 92,330 | ||||||
Lotte Confectionery Co. Ltd. | 174 | 15,803 | ||||||
LOTTE Fine Chemical Co. Ltd. | 3,156 | 138,403 | ||||||
Lotte Rental Co. Ltd. | 3,225 | 64,763 |
96
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Lotte Shopping Co. Ltd. | 775 | $ | 50,937 | |||||
LX Holdings Corp. | 5,974 | 38,500 | ||||||
LX INTERNATIONAL Corp. | 7,055 | 166,910 | ||||||
LX Semicon Co. Ltd. | 1,936 | 135,064 | ||||||
Maeil Dairies Co. Ltd. | 67 | 2,502 | ||||||
MegaStudyEdu Co. Ltd. | 1,733 | 90,490 | ||||||
Meritz Financial Group, Inc. | 5,523 | 187,759 | ||||||
Meritz Securities Co. Ltd. | 58,940 | 312,766 | ||||||
Mirae Asset Life Insurance Co. Ltd.(1) | 707 | 1,539 | ||||||
Mirae Asset Securities Co. Ltd. | 43,279 | 233,685 | ||||||
NICE Holdings Co. Ltd.(1) | 772 | 7,987 | ||||||
Pan Ocean Co. Ltd. | 59,815 | 285,787 | ||||||
Partron Co. Ltd. | 11,170 | 68,173 | ||||||
POSCO Holdings, Inc., ADR | 33,396 | 2,036,822 | ||||||
Posco International Corp. | 5,447 | 92,889 | ||||||
PSK, Inc. | 4,942 | 66,131 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 5,071 | 551,350 | ||||||
Samsung Engineering Co. Ltd.(1) | 23,337 | 462,708 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 6,208 | 1,006,852 | ||||||
Samsung Life Insurance Co. Ltd. | 2,264 | 116,592 | ||||||
Samyang Foods Co. Ltd. | 173 | 15,582 | ||||||
Sangsangin Co. Ltd. | 4,231 | 19,003 | ||||||
SD Biosensor, Inc. | 3,500 | 60,774 | ||||||
SeAH Steel Corp. | 374 | 39,507 | ||||||
SeAH Steel Holdings Corp. | 50 | 5,909 | ||||||
Seegene, Inc. | 5,969 | 109,844 | ||||||
Shinhan Financial Group Co. Ltd., ADR(2) | 64,612 | 1,891,193 | ||||||
Shinsegae, Inc. | 732 | 112,800 | ||||||
SIMMTECH Co. Ltd. | 1,741 | 37,781 | ||||||
SK Hynix, Inc. | 33,954 | 2,294,774 | ||||||
SK Networks Co. Ltd. | 30,915 | 96,086 | ||||||
SK Telecom Co. Ltd., ADR | 1 | 19 | ||||||
S-Oil Corp. | 5,255 | 318,628 | ||||||
Soulbrain Co. Ltd. | 70 | 12,352 | ||||||
TES Co. Ltd. | 617 | 8,638 | ||||||
Tongyang Life Insurance Co. Ltd.(1) | 3,404 | 11,241 | ||||||
Value Added Technology Co. Ltd.(1) | 402 | 9,861 | ||||||
Woori Financial Group, Inc. | 99,441 | 916,744 | ||||||
Woori Technology Investment Co. Ltd.(1) | 11,493 | 41,224 | ||||||
Youngone Holdings Co. Ltd.(1) | 734 | 38,260 | ||||||
Yuanta Securities Korea Co. Ltd.(1) | 17,889 | 37,347 | ||||||
30,747,527 | ||||||||
Taiwan — 18.0% | ||||||||
AcBel Polytech, Inc. | 15,000 | 18,593 | ||||||
Acon Holding, Inc.(1) | 9,000 | 3,579 | ||||||
Acter Group Corp. Ltd. | 23,000 | 90,299 | ||||||
ADATA Technology Co. Ltd. | 58,000 | 125,463 | ||||||
Advanced International Multitech Co. Ltd. | 5,000 | 18,203 | ||||||
Advanced Power Electronics Corp. | 2,000 | 7,097 | ||||||
Alexander Marine Co. Ltd.(2) | 4,000 | 50,394 | ||||||
Allied Circuit Co. Ltd. | 2,000 | 8,008 |
97
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Alltek Technology Corp. | 10,800 | $ | 15,392 | |||||
Alltop Technology Co. Ltd. | 1,000 | 4,349 | ||||||
Amazing Microelectronic Corp. | 4,161 | 17,574 | ||||||
Ampire Co. Ltd. | 24,000 | 28,776 | ||||||
Anji Technology Co. Ltd. | 3,000 | 4,660 | ||||||
Arcadyan Technology Corp. | 25,000 | 86,906 | ||||||
Ardentec Corp. | 98,000 | 179,537 | ||||||
ASE Technology Holding Co. Ltd., ADR(2) | 152,381 | 1,092,572 | ||||||
Asia Cement Corp. | 235,000 | 344,543 | ||||||
Asia Polymer Corp. | 63,000 | 59,735 | ||||||
Asia Vital Components Co. Ltd. | 19,000 | 74,470 | ||||||
ASolid Technology Co. Ltd. | 10,000 | 24,429 | ||||||
AUO Corp. | 1,276,400 | 776,754 | ||||||
Bafang Yunji International Co. Ltd. | 6,000 | 49,397 | ||||||
BenQ Materials Corp. | 6,000 | 7,134 | ||||||
BES Engineering Corp. | 145,000 | 41,785 | ||||||
Bioteque Corp. | 1,000 | 3,781 | ||||||
Brighton-Best International Taiwan, Inc. | 15,000 | 18,668 | ||||||
Career Technology MFG. Co. Ltd.(1) | 100,000 | 78,636 | ||||||
Catcher Technology Co. Ltd. | 98,000 | 592,217 | ||||||
Cathay Financial Holding Co. Ltd. | 820,624 | 1,163,719 | ||||||
Central Reinsurance Co. Ltd. | 5,406 | 3,285 | ||||||
Cheng Loong Corp. | 89,000 | 84,189 | ||||||
Cheng Mei Materials Technology Corp.(1) | 67,000 | 27,319 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 165,000 | 184,903 | ||||||
Chenming Electronic Technology Corp.(1) | 33,000 | 22,328 | ||||||
Chia Chang Co. Ltd. | 7,000 | 8,647 | ||||||
Chicony Electronics Co. Ltd. | 74,000 | 222,276 | ||||||
China Airlines Ltd.(2) | 302,000 | 199,873 | ||||||
China Bills Finance Corp. | 14,000 | 7,122 | ||||||
China Container Terminal Corp. | 12,000 | 9,438 | ||||||
China Development Financial Holding Corp. | 1,499,728 | 645,743 | ||||||
China Development Financial Holding Corp., Preference Shares | 59,976 | 15,987 | ||||||
China Metal Products | 24,000 | 26,182 | ||||||
China Motor Corp. | 9,000 | 16,831 | ||||||
Chinese Maritime Transport Ltd. | 25,000 | 35,056 | ||||||
Chipbond Technology Corp. | 130,000 | 285,926 | ||||||
ChipMOS Technologies, Inc. | 113,000 | 134,487 | ||||||
Chlitina Holding Ltd. | 3,000 | 20,988 | ||||||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 104,000 | 323,235 | ||||||
Chunghwa Chemical Synthesis & Biotech Co. Ltd. | 7,000 | 15,531 | ||||||
Chunghwa Precision Test Tech Co. Ltd. | 4,000 | 76,674 | ||||||
CMC Magnetics Corp.(1) | 121,960 | 32,022 | ||||||
Compal Electronics, Inc. | 605,000 | 478,464 | ||||||
Compeq Manufacturing Co. Ltd. | 172,000 | 256,284 | ||||||
Concord Securities Co. Ltd. | 32,000 | 11,262 | ||||||
Continental Holdings Corp. | 68,000 | 69,461 | ||||||
Contrel Technology Co. Ltd. | 7,000 | 4,078 | ||||||
Co-Tech Development Corp. | 53,000 | 108,368 | ||||||
CTBC Financial Holding Co. Ltd. | 1,669,000 | 1,239,121 | ||||||
CTCI Corp. | 107,000 | 155,596 |
98
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
CX Technology Co. Ltd. | 2,250 | $ | 1,846 | |||||
DA CIN Construction Co. Ltd. | 14,000 | 14,535 | ||||||
Da-Li Development Co. Ltd. | 9,000 | 9,190 | ||||||
Darfon Electronics Corp. | 14,000 | 18,906 | ||||||
Daxin Materials Corp. | 3,000 | 7,921 | ||||||
Dimerco Express Corp. | 15,000 | 38,590 | ||||||
Dynamic Holding Co. Ltd. | 22,000 | 12,806 | ||||||
Dynapack International Technology Corp. | 8,000 | 21,380 | ||||||
Elan Microelectronics Corp. | 25,000 | 88,501 | ||||||
Elite Advanced Laser Corp. | 9,000 | 11,993 | ||||||
Elite Material Co. Ltd. | 50,000 | 311,487 | ||||||
Elitegroup Computer Systems Co. Ltd.(1) | 50,000 | 35,187 | ||||||
Emerging Display Technologies Corp. | 30,000 | 21,979 | ||||||
ENNOSTAR, Inc. | 120,000 | 192,708 | ||||||
Eva Airways Corp.(2) | 235,000 | 217,646 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 100,400 | 513,068 | ||||||
Everlight Electronics Co. Ltd. | 62,000 | 78,042 | ||||||
Excelliance Mos Corp. | 1,000 | 4,237 | ||||||
Excelsior Medical Co. Ltd. | 10,500 | 26,764 | ||||||
Far Eastern Department Stores Ltd. | 42,000 | 30,920 | ||||||
Far Eastern International Bank | 401,833 | 155,785 | ||||||
Far Eastern New Century Corp. | 346,000 | 367,825 | ||||||
Far EasTone Telecommunications Co. Ltd. | 57,000 | 128,618 | ||||||
Farglory Land Development Co. Ltd. | 47,000 | 90,822 | ||||||
Feedback Technology Corp. | 8,000 | 23,835 | ||||||
First Steamship Co. Ltd.(1) | 67,000 | 21,916 | ||||||
Fitipower Integrated Technology, Inc. | 27,000 | 146,092 | ||||||
Fittech Co. Ltd. | 4,000 | 12,595 | ||||||
FLEXium Interconnect, Inc.(1) | 60,000 | 193,019 | ||||||
Formosa International Hotels Corp. | 3,000 | 30,728 | ||||||
Formosa Plastics Corp. | 239,000 | 709,488 | ||||||
Formosan Union Chemical | 17,000 | 13,540 | ||||||
Franbo Lines Corp. | 56,028 | 36,265 | ||||||
Froch Enterprise Co. Ltd. | 15,000 | 11,495 | ||||||
Fu Chun Shin Machinery Manufacture Co. Ltd. | 6,120 | 3,679 | ||||||
Fubon Financial Holding Co. Ltd. | 866,350 | 1,694,073 | ||||||
Full Wang International Development Co. Ltd. | 5,000 | 1,792 | ||||||
Fulltech Fiber Glass Corp. | 52,000 | 21,536 | ||||||
G Shank Enterprise Co. Ltd. | 8,000 | 12,802 | ||||||
Gamania Digital Entertainment Co. Ltd. | 31,000 | 81,729 | ||||||
GEM Services, Inc. | 1,000 | 2,431 | ||||||
General Interface Solution Holding Ltd. | 59,000 | 166,276 | ||||||
Generalplus Technology, Inc. | 4,000 | 7,209 | ||||||
Getac Holdings Corp. | 58,000 | 93,258 | ||||||
Gigabyte Technology Co. Ltd. | 75,000 | 290,421 | ||||||
Global Brands Manufacture Ltd. | 42,760 | 41,837 | ||||||
Global Lighting Technologies, Inc. | 3,000 | 5,733 | ||||||
Globalwafers Co. Ltd. | 23,000 | 380,305 | ||||||
Gold Circuit Electronics Ltd. | 8,100 | 24,403 | ||||||
Goldsun Building Materials Co. Ltd. | 113,000 | 102,553 | ||||||
Gourmet Master Co. Ltd. | 11,000 | 56,763 |
99
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Grand Fortune Securities Co. Ltd. | 21,600 | $ | 7,594 | |||||
Great Tree Pharmacy Co. Ltd. | 1,257 | 13,733 | ||||||
Greatek Electronics, Inc. | 50,000 | 87,204 | ||||||
Group Up Industrial Co. Ltd. | 4,000 | 14,202 | ||||||
Hai Kwang Enterprise Corp. | 4,000 | 2,983 | ||||||
Hannstar Board Corp. | 73,000 | 82,430 | ||||||
HannStar Display Corp.(1)(2) | 202,000 | 84,368 | ||||||
HannsTouch Solution, Inc. | 44,000 | 14,639 | ||||||
Ho Tung Chemical Corp. | 23,000 | 6,719 | ||||||
Hocheng Corp. | 55,460 | 34,665 | ||||||
Holy Stone Enterprise Co. Ltd. | 10,000 | 31,386 | ||||||
Hon Hai Precision Industry Co. Ltd. | 544,000 | 1,799,553 | ||||||
Hotai Finance Co. Ltd. | 10,000 | 36,130 | ||||||
Hotel Holiday Garden | 14,850 | 13,044 | ||||||
Huaku Development Co. Ltd. | 32,000 | 96,684 | ||||||
Hung Sheng Construction Ltd. | 73,000 | 55,946 | ||||||
IBF Financial Holdings Co. Ltd. | 251,607 | 103,819 | ||||||
IEI Integration Corp. | 16,000 | 42,725 | ||||||
Innodisk Corp. | 17,000 | 124,833 | ||||||
Innolux Corp. | 1,683,925 | 806,650 | ||||||
Integrated Service Technology, Inc.(1) | 23,000 | 64,173 | ||||||
International CSRC Investment Holdings Co. | 106,000 | 71,990 | ||||||
International Games System Co. Ltd. | 6,000 | 98,857 | ||||||
ITE Technology, Inc. | 10,000 | 29,024 | ||||||
Jarllytec Co. Ltd. | 4,000 | 8,871 | ||||||
Jiin Yeeh Ding Enterprise Co. Ltd. | 4,000 | 4,951 | ||||||
Jinan Acetate Chemical Co. Ltd. | 5,000 | 54,992 | ||||||
Kaori Heat Treatment Co. Ltd. | 7,000 | 54,535 | ||||||
Kenmec Mechanical Engineering Co. Ltd.(1) | 37,000 | 33,507 | ||||||
Kerry TJ Logistics Co. Ltd. | 18,000 | 22,485 | ||||||
Kindom Development Co. Ltd. | 66,000 | 62,810 | ||||||
King Yuan Electronics Co. Ltd. | 206,000 | 281,546 | ||||||
King's Town Bank Co. Ltd. | 3,000 | 3,347 | ||||||
Kinik Co. | 12,000 | 44,537 | ||||||
Kinsus Interconnect Technology Corp.(2) | 43,000 | 150,580 | ||||||
KNH Enterprise Co. Ltd. | 27,000 | 15,534 | ||||||
Ko Ja Cayman Co. Ltd. | 10,000 | 16,481 | ||||||
L&K Engineering Co. Ltd. | 42,000 | 55,540 | ||||||
Lelon Electronics Corp. | 5,000 | 10,367 | ||||||
Lingsen Precision Industries Ltd. | 28,000 | 13,851 | ||||||
Lotus Pharmaceutical Co. Ltd.(1) | 17,000 | 156,468 | ||||||
Macronix International Co. Ltd. | 369,000 | 413,193 | ||||||
Marketech International Corp. | 18,000 | 74,317 | ||||||
Materials Analysis Technology, Inc. | 8,000 | 47,386 | ||||||
Megaforce Co. Ltd. | 3,000 | 1,733 | ||||||
Micro-Star International Co. Ltd. | 106,000 | 472,874 | ||||||
MIN AIK Technology Co. Ltd. | 1,000 | 585 | ||||||
Mirle Automation Corp. | 15,000 | 19,183 | ||||||
MPI Corp. | 19,000 | 76,449 | ||||||
Nan Liu Enterprise Co. Ltd. | 1,000 | 2,399 | ||||||
Nan Ya Plastics Corp. | 435,000 | 1,070,286 |
100
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Nan Ya Printed Circuit Board Corp.(2) | 20,000 | $ | 151,598 | |||||
Nantex Industry Co. Ltd. | 25,000 | 35,509 | ||||||
Nanya Technology Corp. | 193,000 | 367,378 | ||||||
Netronix, Inc. | 3,000 | 8,614 | ||||||
Niching Industrial Corp. | 7,715 | 15,847 | ||||||
Niko Semiconductor Co. Ltd. | 5,000 | 9,313 | ||||||
Novatek Microelectronics Corp. | 91,000 | 1,202,620 | ||||||
Nyquest Technology Co. Ltd. | 2,000 | 5,046 | ||||||
O-Bank Co. Ltd. | 281,000 | 89,331 | ||||||
Orient Semiconductor Electronics Ltd. | 134,000 | 85,855 | ||||||
Pacific Hospital Supply Co. Ltd. | 1,000 | 2,558 | ||||||
Pegatron Corp. | 25,000 | 55,390 | ||||||
PharmaEngine, Inc. | 9,000 | 33,560 | ||||||
Powerchip Semiconductor Manufacturing Corp. | 207,000 | 225,175 | ||||||
Powertech Technology, Inc. | 130,000 | 375,904 | ||||||
Poya International Co. Ltd. | 3,030 | 58,591 | ||||||
President Securities Corp. | 4,000 | 2,254 | ||||||
Primax Electronics Ltd. | 78,000 | 151,632 | ||||||
Prince Housing & Development Corp. | 83,000 | 31,183 | ||||||
Prosperity Dielectrics Co. Ltd. | 4,000 | 5,601 | ||||||
Radiant Opto-Electronics Corp. | 94,000 | 324,507 | ||||||
Raydium Semiconductor Corp. | 14,000 | 187,647 | ||||||
Realtek Semiconductor Corp. | 87,000 | 1,072,533 | ||||||
Roo Hsing Co. Ltd.(1) | 30,000 | 2,875 | ||||||
Sanyang Motor Co. Ltd. | 25,000 | 32,592 | ||||||
Scientech Corp. | 8,000 | 19,950 | ||||||
Sea & Land Integrated Corp. | 3,400 | 2,614 | ||||||
Senao Networks, Inc. | 3,000 | 28,798 | ||||||
Shih Her Technologies, Inc. | 2,000 | 4,060 | ||||||
Shih Wei Navigation Co. Ltd. | 19,749 | 18,496 | ||||||
Shin Foong Specialty & Applied Materials Co. Ltd. | 3,000 | 6,268 | ||||||
Shin Kong Financial Holding Co. Ltd. | 1,956,000 | 567,868 | ||||||
Shin Zu Shing Co. Ltd. | 28,000 | 81,605 | ||||||
Shinkong Insurance Co. Ltd. | 9,000 | 14,879 | ||||||
Sigurd Microelectronics Corp. | 84,000 | 146,764 | ||||||
Simplo Technology Co. Ltd. | 32,000 | 309,128 | ||||||
Sincere Navigation Corp. | 47,000 | 39,580 | ||||||
Sino-American Silicon Products, Inc. | 24,000 | 123,847 | ||||||
Sinon Corp. | 37,000 | 48,045 | ||||||
SinoPac Financial Holdings Co. Ltd. | 1,377,090 | 770,934 | ||||||
Sinopower Semiconductor, Inc. | 1,000 | 3,359 | ||||||
Sinyi Realty, Inc. | 1,000 | 931 | ||||||
Sitronix Technology Corp. | 13,000 | 96,796 | ||||||
Siward Crystal Technology Co. Ltd. | 27,000 | 34,134 | ||||||
Softstar Entertainment, Inc. | 2,200 | 4,099 | ||||||
Solteam, Inc. | 6,000 | 9,239 | ||||||
Sunrex Technology Corp. | 17,000 | 21,806 | ||||||
Symtek Automation Asia Co. Ltd. | 9,000 | 28,959 | ||||||
T3EX Global Holdings Corp. | 26,000 | 58,864 | ||||||
TA-I Technology Co. Ltd. | 4,000 | 6,319 | ||||||
Tai Tung Communication Co. Ltd.(1) | 5,000 | 2,374 |
101
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Taichung Commercial Bank Co. Ltd. | 531,996 | $ | 239,890 | |||||
TaiDoc Technology Corp. | 11,000 | 68,304 | ||||||
Taimide Tech, Inc. | 2,000 | 2,221 | ||||||
Tai-Saw Technology Co. Ltd. | 19,000 | 17,927 | ||||||
Taishin Financial Holding Co. Ltd. | 1,378,362 | 740,254 | ||||||
Taiwan Business Bank | 792,431 | 372,136 | ||||||
Taiwan Cogeneration Corp. | 3,000 | 3,615 | ||||||
Taiwan Glass Industry Corp. | 44,000 | 33,640 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 52,000 | 164,251 | ||||||
Taiwan Navigation Co. Ltd. | 23,000 | 22,493 | ||||||
Taiwan Paiho Ltd. | 34,000 | 68,948 | ||||||
Taiwan PCB Techvest Co. Ltd. | 40,000 | 50,720 | ||||||
Taiwan Surface Mounting Technology Corp. | 57,000 | 165,163 | ||||||
Taiwan Union Technology Corp. | 62,000 | 119,008 | ||||||
Teco Electric & Machinery Co. Ltd. | 90,000 | 90,301 | ||||||
Thye Ming Industrial Co. Ltd. | 12,000 | 15,546 | ||||||
Ton Yi Industrial Corp. | 112,000 | 64,270 | ||||||
Tong Yang Industry Co. Ltd. | 41,000 | 58,558 | ||||||
Topco Scientific Co. Ltd. | 30,000 | 177,383 | ||||||
Topkey Corp. | 1,000 | 7,221 | ||||||
TPK Holding Co. Ltd. | 13,000 | 14,529 | ||||||
Tripod Technology Corp. | 71,000 | 243,160 | ||||||
Tsann Kuen Enterprise Co. Ltd. | 13,331 | 20,902 | ||||||
TSRC Corp. | 36,000 | 34,197 | ||||||
TTY Biopharm Co. Ltd. | 9,000 | 23,107 | ||||||
TXC Corp. | 32,000 | 90,149 | ||||||
UDE Corp. | 2,000 | 2,281 | ||||||
U-Ming Marine Transport Corp. | 93,000 | 185,646 | ||||||
Unimicron Technology Corp. | 179,000 | 739,307 | ||||||
Union Bank of Taiwan | 256,815 | 136,228 | ||||||
United Integrated Services Co. Ltd. | 38,000 | 280,150 | ||||||
United Microelectronics Corp.(1)(2) | 1,204,000 | 1,960,961 | ||||||
Unizyx Holding Corp. | 70,558 | 89,466 | ||||||
USI Corp. | 102,000 | 83,855 | ||||||
Utechzone Co. Ltd. | 3,000 | 8,888 | ||||||
Vanguard International Semiconductor Corp. | 141,000 | 424,797 | ||||||
Ventec International Group Co. Ltd. | 18,000 | 47,971 | ||||||
Walsin Lihwa Corp. | 167,000 | 307,582 | ||||||
Walsin Technology Corp. | 21,000 | 68,505 | ||||||
Wan Hai Lines Ltd. | 21,850 | 56,548 | ||||||
Wei Chuan Foods Corp. | 7,000 | 4,733 | ||||||
Wholetech System Hitech Ltd. | 3,000 | 4,628 | ||||||
Winbond Electronics Corp. | 454,000 | 339,884 | ||||||
Winstek Semiconductor Co. Ltd. | 14,000 | 23,157 | ||||||
Wisdom Marine Lines Co. Ltd. | 78,000 | 172,770 | ||||||
Wistron Corp. | 374,000 | 405,221 | ||||||
Wistron NeWeb Corp. | 15,000 | 41,304 | ||||||
Wiwynn Corp. | 15,000 | 470,363 | ||||||
Wowprime Corp.(1) | 5,000 | 45,605 | ||||||
WT Microelectronics Co. Ltd. | 8,000 | 16,993 | ||||||
Yang Ming Marine Transport Corp. | 228,000 | 479,887 |
102
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Yankey Engineering Co. Ltd. | 5,000 | $ | 46,620 | |||||
YC INOX Co. Ltd. | 60,000 | 61,059 | ||||||
Yeong Guan Energy Technology Group Co. Ltd. | 9,000 | 20,150 | ||||||
YFY, Inc. | 98,000 | 86,927 | ||||||
Yieh Phui Enterprise Co. Ltd. | 98,000 | 55,444 | ||||||
Youngtek Electronics Corp. | 16,000 | 33,156 | ||||||
Yuanta Financial Holding Co. Ltd. | 505,800 | 376,088 | ||||||
Yulon Finance Corp. | 26,288 | 145,832 | ||||||
Yulon Motor Co. Ltd. | 46,000 | 122,126 | ||||||
YungShin Global Holding Corp. | 6,000 | 8,471 | ||||||
Zhen Ding Technology Holding Ltd. | 90,000 | 329,462 | ||||||
Zippy Technology Corp. | 5,000 | 6,958 | ||||||
ZongTai Real Estate Development Co. Ltd. | 12,288 | 13,416 | ||||||
40,779,194 | ||||||||
Thailand — 2.6% | ||||||||
AAPICO Hitech PCL, NVDR | 22,700 | 18,618 | ||||||
Advanced Info Service PCL, NVDR | 70,600 | 403,428 | ||||||
Advanced Information Technology PCL, NVDR | 85,600 | 14,647 | ||||||
AEON Thana Sinsap Thailand PCL, NVDR | 13,500 | 77,140 | ||||||
Amanah Leasing PCL, NVDR | 9,700 | 1,108 | ||||||
Amata Corp. PCL, NVDR | 109,100 | 61,408 | ||||||
AP Thailand PCL, NVDR | 195,600 | 68,601 | ||||||
Asia Plus Group Holdings PCL, NVDR | 193,900 | 16,675 | ||||||
Bangchak Corp. PCL, NVDR | 153,300 | 139,699 | ||||||
Bangkok Chain Hospital PCL, NVDR | 135,500 | 76,269 | ||||||
Banpu PCL, NVDR | 707,700 | 218,154 | ||||||
BCPG PCL, NVDR | 231,600 | 63,215 | ||||||
BEC World PCL, NVDR | 128,800 | 35,714 | ||||||
Better World Green PCL, NVDR(1) | 546,000 | 14,828 | ||||||
BG Container Glass PCL, NVDR | 19,400 | 5,490 | ||||||
Bumrungrad Hospital PCL, NVDR | 29,500 | 176,086 | ||||||
Buriram Sugar PCL, NVDR | 91,500 | 17,973 | ||||||
CH Karnchang PCL, NVDR | 13,800 | 8,316 | ||||||
Chularat Hospital PCL, NVDR | 604,700 | 63,998 | ||||||
Dynasty Ceramic PCL, NVDR | 450,500 | 28,806 | ||||||
Ekachai Medical Care PCL, NVDR | 138,184 | 32,643 | ||||||
Electricity Generating PCL, NVDR | 22,900 | 110,782 | ||||||
Esso Thailand PCL, NVDR | 1,800 | 455 | ||||||
G J Steel PCL, NVDR(1) | 2,031,000 | 17,774 | ||||||
GFPT PCL, NVDR | 11,200 | 3,866 | ||||||
Gunkul Engineering PCL, NVDR | 521,200 | 61,601 | ||||||
Hana Microelectronics PCL, NVDR | 26,400 | 43,101 | ||||||
Ichitan Group PCL, NVDR | 2,000 | 719 | ||||||
Indorama Ventures PCL, NVDR | 104,200 | 108,292 | ||||||
Interlink Communication PCL, NVDR | 10,200 | 2,236 | ||||||
IRPC PCL, NVDR | 41,400 | 3,349 | ||||||
Italian-Thai Development PCL, NVDR(1) | 851,500 | 44,564 | ||||||
Jasmine International PCL, NVDR(1) | 459,300 | 28,843 | ||||||
Karmarts PCL, NVDR | 97,700 | 20,725 | ||||||
Kasikornbank PCL, NVDR | 42,000 | 162,771 | ||||||
KGI Securities Thailand PCL, NVDR | 202,900 | 29,274 |
103
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Kiatnakin Phatra Bank PCL, NVDR | 28,000 | $ | 52,861 | |||||
Krung Thai Bank PCL, NVDR | 306,300 | 149,921 | ||||||
Krungthai Card PCL, NVDR | 72,600 | 120,638 | ||||||
Land & Houses PCL, NVDR | 882,800 | 244,775 | ||||||
Lanna Resources PCL, NVDR | 53,900 | 23,625 | ||||||
MCS Steel PCL, NVDR | 24,300 | 6,736 | ||||||
Mega Lifesciences PCL, NVDR | 29,900 | 38,909 | ||||||
MFEC PCL, NVDR | 39,500 | 8,826 | ||||||
Minor International PCL, NVDR(1) | 148,700 | 140,873 | ||||||
Mono Next PCL, NVDR(1) | 96,300 | 4,332 | ||||||
Muangthai Capital PCL, NVDR | 38,900 | 38,495 | ||||||
Origin Property PCL, NVDR | 1,600 | 539 | ||||||
Plan B Media PCL, NVDR | 269,388 | 74,651 | ||||||
Polyplex Thailand PCL, NVDR | 10,800 | 5,897 | ||||||
Praram 9 Hospital PCL, NVDR | 54,100 | 31,990 | ||||||
Precious Shipping PCL, NVDR | 114,700 | 48,345 | ||||||
Premier Marketing PCL, NVDR | 10,100 | 2,686 | ||||||
Prima Marine PCL, NVDR | 117,600 | 25,613 | ||||||
Pruksa Holding PCL, NVDR | 130,500 | 49,843 | ||||||
PTG Energy PCL, NVDR | 81,400 | 32,238 | ||||||
PTT Exploration & Production PCL, NVDR | 89,700 | 379,650 | ||||||
PTT Global Chemical PCL, NVDR | 150,100 | 200,572 | ||||||
PTT PCL, NVDR | 534,100 | 479,505 | ||||||
Quality Houses PCL, NVDR | 993,200 | 67,437 | ||||||
Rabbit Holdings PLC, NVDR(1) | 438,500 | 13,644 | ||||||
Ratchthani Leasing PCL, NVDR | 217,900 | 24,407 | ||||||
Regional Container Lines PCL, NVDR | 47,100 | 41,627 | ||||||
Sansiri PCL, NVDR | 226,400 | 12,232 | ||||||
Sappe PCL, NVDR | 11,500 | 16,837 | ||||||
SC Asset Corp. PCL, NVDR | 102,900 | 13,507 | ||||||
SCGJWD Logistics PCL, NVDR | 60,400 | 32,455 | ||||||
Sermsang Power Corp. Co. Ltd., NVDR | 66,190 | 18,084 | ||||||
Siamgas & Petrochemicals PCL, NVDR | 39,300 | 11,004 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR | 183,900 | 70,224 | ||||||
SNC Former PCL, NVDR | 22,500 | 9,165 | ||||||
Somboon Advance Technology PCL, NVDR | 30,100 | 17,542 | ||||||
SPCG PCL, NVDR | 40,200 | 16,609 | ||||||
Sri Trang Agro-Industry PCL, NVDR | 87,700 | 62,627 | ||||||
Srisawad Corp. PCL, NVDR | 76,500 | 116,802 | ||||||
Srithai Superware PCL, NVDR | 291,400 | 12,524 | ||||||
Srivichai Vejvivat PCL, NVDR | 9,200 | 2,238 | ||||||
Supalai PCL, NVDR | 204,400 | 131,838 | ||||||
Super Energy Corp. PCL, NVDR | 1,658,900 | 27,205 | ||||||
Susco PCL, NVDR | 165,000 | 17,903 | ||||||
SVI PCL, NVDR | 22,700 | 6,039 | ||||||
Synnex Thailand PCL, NVDR | 21,400 | 9,743 | ||||||
Taokaenoi Food & Marketing PCL, Class R, NVDR | 91,100 | 26,805 | ||||||
TEAM Consulting Engineering & Management PCL, NVDR | 59,200 | 18,087 | ||||||
Thai Oil PCL, NVDR | 125,900 | 179,541 | ||||||
Thai Vegetable Oil PCL, NVDR | 41,060 | 32,532 | ||||||
Thaicom PCL, NVDR | 162,500 | 72,152 |
104
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
Thaifoods Group PCL, NVDR | 186,500 | $ | 27,976 | |||||
Thanachart Capital PCL, NVDR | 24,700 | 29,873 | ||||||
Thonburi Healthcare Group PCL, NVDR | 62,700 | 123,734 | ||||||
Thoresen Thai Agencies PCL, NVDR | 137,900 | 30,620 | ||||||
Tisco Financial Group PCL, NVDR | 18,100 | 52,742 | ||||||
TPI Polene PCL, NVDR | 605,800 | 29,480 | ||||||
TPI Polene Power PCL, NVDR | 104,300 | 10,210 | ||||||
True Corp. PCL, NVDR | 941,100 | 135,808 | ||||||
5,863,941 | ||||||||
Turkey — 0.8% | ||||||||
Akbank TAS | 211,046 | 195,149 | ||||||
Bera Holding AS | 47,694 | 29,876 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 2,148 | 19,215 | ||||||
Dyo Boya Fabrikalari Sanayi ve Ticaret AS(1) | 403 | 537 | ||||||
GSD Holding AS | 91,319 | 14,777 | ||||||
Haci Omer Sabanci Holding AS | 87,592 | 202,100 | ||||||
Is Finansal Kiralama AS(1) | 3,285 | 993 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A | 16,898 | 18,383 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B | 17,514 | 18,764 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D | 73,184 | 87,334 | ||||||
KOC Holding AS | 43,280 | 177,276 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(1) | 8,090 | 19,513 | ||||||
Pegasus Hava Tasimaciligi AS(1) | 3,614 | 97,208 | ||||||
Turk Hava Yollari AO(1) | 42,786 | 325,094 | ||||||
Turkcell Iletisim Hizmetleri AS, ADR(2) | 17,634 | 73,710 | ||||||
Turkiye Halk Bankasi AS(1) | 5,346 | 3,253 | ||||||
Turkiye Is Bankasi AS, C Shares | 227,826 | 136,727 | ||||||
Turkiye Petrol Rafinerileri AS(1) | 8,261 | 259,047 | ||||||
Turkiye Sinai Kalkinma Bankasi AS(1) | 142,534 | 29,894 | ||||||
Turkiye Vakiflar Bankasi TAO, D Shares(1) | 83,887 | 42,831 | ||||||
Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS | 21,486 | 64,418 | ||||||
Vestel Elektronik Sanayi ve Ticaret AS(1) | 10,743 | 31,819 | ||||||
Yapi ve Kredi Bankasi AS | 195,995 | 103,867 | ||||||
Yesil Yapi Endustrisi AS(1) | 17,827 | 1,900 | ||||||
1,953,685 | ||||||||
TOTAL COMMON STOCKS (Cost $234,661,287) | 225,600,989 | |||||||
WARRANTS† | ||||||||
Malaysia† | ||||||||
PESTECH International Bhd(1) | 1,700 | 36 | ||||||
Thailand† | ||||||||
Buriram Sugar PCL, Class 1(1) | 16,900 | 278 | ||||||
Buriram Sugar PCL, NVDR(1) | 8,450 | 172 | ||||||
450 | ||||||||
TOTAL WARRANTS (Cost $—) | 486 | |||||||
RIGHTS† | ||||||||
India† | ||||||||
Share India Securities Ltd.(1) (Cost $—) | 5 | 386 | ||||||
SHORT-TERM INVESTMENTS — 1.3% | ||||||||
Money Market Funds — 1.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 167,294 | 167,294 |
105
Avantis Emerging Markets Value ETF | ||||||||
Shares | Value | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio(4) | 2,735,814 | $ | 2,735,814 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,903,108) | 2,903,108 | |||||||
TOTAL INVESTMENT SECURITIES — 100.9% (Cost $237,564,395) | 228,504,969 | |||||||
OTHER ASSETS AND LIABILITIES — (0.9)% | (1,974,892) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 226,530,077 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 23.3% | ||||
Information Technology | 16.9% | ||||
Materials | 14.7% | ||||
Industrials | 11.1% | ||||
Consumer Discretionary | 7.6% | ||||
Energy | 6.2% | ||||
Communication Services | 5.0% | ||||
Health Care | 5.0% | ||||
Consumer Staples | 4.6% | ||||
Real Estate | 3.6% | ||||
Utilities | 1.6% | ||||
Short-Term Investments | 1.3% | ||||
Other Assets and Liabilities | (0.9)% |
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 $7,585,538. 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)Securities may be subject to resale, redemption or transferability restrictions.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $8,060,110, which includes securities collateral of $5,324,296.
See Notes to Financial Statements.
106
FEBRUARY 28, 2023 (UNAUDITED)
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Australia — 7.1% | ||||||||
29Metals Ltd.(1) | 116,488 | $ | 124,717 | |||||
Accent Group Ltd. | 116,388 | 173,267 | ||||||
Adairs Ltd.(1) | 57,836 | 91,211 | ||||||
Adbri Ltd. | 84,224 | 96,594 | ||||||
Aeris Resources Ltd.(2) | 236,298 | 91,355 | ||||||
AGL Energy Ltd. | 86,188 | 399,261 | ||||||
Alkane Resources Ltd.(2) | 119,313 | 54,102 | ||||||
Alliance Aviation Services Ltd.(2) | 12,349 | 29,213 | ||||||
Allkem Ltd.(2) | 65,940 | 501,270 | ||||||
ALS Ltd. | 28,620 | 243,516 | ||||||
Altium Ltd. | 21,903 | 574,806 | ||||||
Alumina Ltd. | 213,566 | 215,487 | ||||||
AMA Group Ltd.(1)(2) | 2,514 | 423 | ||||||
AMP Ltd.(2) | 825,218 | 572,827 | ||||||
Ampol Ltd. | 30,097 | 663,542 | ||||||
Ansell Ltd. | 12,831 | 233,643 | ||||||
ANZ Group Holdings Ltd. | 394,141 | 6,519,671 | ||||||
APA Group | 294,433 | 2,121,319 | ||||||
ARB Corp. Ltd.(1) | 6,279 | 134,508 | ||||||
Ardent Leisure Group Ltd.(2) | 192,249 | 89,774 | ||||||
Aristocrat Leisure Ltd. | 65,497 | 1,604,954 | ||||||
ASX Ltd. | 32,045 | 1,463,697 | ||||||
Atlas Arteria Ltd. | 29,469 | 135,409 | ||||||
Aurelia Metals Ltd.(1)(2) | 469,362 | 34,590 | ||||||
Aurizon Holdings Ltd. | 938,317 | 2,085,074 | ||||||
Austal Ltd. | 128,288 | 155,949 | ||||||
Australian Agricultural Co. Ltd.(2) | 49,709 | 55,778 | ||||||
Australian Clinical Labs Ltd.(1) | 32,700 | 79,273 | ||||||
Australian Ethical Investment Ltd. | 12,659 | 29,306 | ||||||
Australian Finance Group Ltd.(1) | 53,619 | 56,659 | ||||||
Baby Bunting Group Ltd.(1) | 26,575 | 35,452 | ||||||
Bank of Queensland Ltd. | 119,626 | 566,809 | ||||||
Bapcor Ltd. | 23,176 | 104,024 | ||||||
Beach Energy Ltd. | 844,108 | 796,093 | ||||||
Bega Cheese Ltd. | 62,433 | 146,200 | ||||||
Bendigo & Adelaide Bank Ltd. | 311,613 | 2,045,137 | ||||||
BHP Group Ltd., ADR(1) | 269,966 | 16,459,827 | ||||||
Blackmores Ltd. | 634 | 33,822 | ||||||
BlueScope Steel Ltd. | 219,851 | 2,812,926 | ||||||
Boral Ltd.(1)(2) | 33,256 | 81,238 | ||||||
Boss Energy Ltd.(1)(2) | 36,964 | 63,746 | ||||||
Brambles Ltd. | 358,094 | 3,094,181 | ||||||
Bravura Solutions Ltd. | 45,011 | 25,745 | ||||||
Brickworks Ltd. | 13,720 | 227,410 | ||||||
Capricorn Metals Ltd.(2) | 111,000 | 282,543 | ||||||
carsales.com Ltd. | 15,214 | 231,451 | ||||||
Cedar Woods Properties Ltd. | 11,527 | 33,072 | ||||||
Challenger Ltd. | 303,476 | 1,522,697 |
107
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Champion Iron Ltd. | 88,158 | $ | 434,191 | |||||
Cleanaway Waste Management Ltd. | 262,221 | 467,609 | ||||||
Clinuvel Pharmaceuticals Ltd.(1) | 7,643 | 97,813 | ||||||
Cochlear Ltd. | 4,106 | 612,306 | ||||||
Codan Ltd.(1) | 7,802 | 29,303 | ||||||
Coles Group Ltd. | 219,423 | 2,679,945 | ||||||
Collins Foods Ltd. | 17,770 | 98,978 | ||||||
Commonwealth Bank of Australia | 138,519 | 9,358,181 | ||||||
Computershare Ltd. | 34,111 | 567,372 | ||||||
Cooper Energy Ltd.(2) | 433,598 | 48,001 | ||||||
Coronado Global Resources, Inc. | 264,914 | 335,953 | ||||||
Costa Group Holdings Ltd. | 105,412 | 184,575 | ||||||
Credit Corp. Group Ltd. | 17,008 | 231,402 | ||||||
CSL Ltd. | 30,452 | 6,058,947 | ||||||
CSR Ltd. | 83,413 | 284,600 | ||||||
Data#3 Ltd. | 8,013 | 39,869 | ||||||
Deterra Royalties Ltd. | 102,294 | 306,347 | ||||||
Domino's Pizza Enterprises Ltd.(1) | 6,399 | 214,309 | ||||||
Downer EDI Ltd. | 52,490 | 111,186 | ||||||
Eagers Automotive Ltd.(1) | 25,906 | 237,671 | ||||||
Eclipx Group Ltd.(2) | 87,535 | 128,254 | ||||||
Elders Ltd. | 9,295 | 58,173 | ||||||
Emeco Holdings Ltd. | 118,990 | 58,288 | ||||||
Emerald Resources NL(2) | 40,161 | 35,704 | ||||||
Endeavour Group Ltd. | 358,636 | 1,645,576 | ||||||
Evolution Mining Ltd. | 540,790 | 990,007 | ||||||
EVT Ltd. | 8,957 | 78,585 | ||||||
Fortescue Metals Group Ltd. | 336,870 | 4,827,319 | ||||||
Gold Road Resources Ltd. | 310,060 | 306,754 | ||||||
GrainCorp Ltd., A Shares | 49,237 | 259,635 | ||||||
Grange Resources Ltd. | 240,025 | 152,839 | ||||||
GUD Holdings Ltd. | 224 | 1,543 | ||||||
Hansen Technologies Ltd. | 25,543 | 79,798 | ||||||
Harvey Norman Holdings Ltd. | 117,627 | 303,906 | ||||||
Healius Ltd. | 13,318 | 24,583 | ||||||
Helia Group Ltd. | 149,328 | 345,746 | ||||||
HT&E Ltd. | 31,735 | 24,683 | ||||||
Humm Group Ltd.(1) | 52,623 | 17,856 | ||||||
IDP Education Ltd. | 21,939 | 421,913 | ||||||
IGO Ltd. | 229,159 | 2,014,434 | ||||||
Iluka Resources Ltd. | 325,479 | 2,268,410 | ||||||
Imdex Ltd. | 65,494 | 103,308 | ||||||
Incitec Pivot Ltd. | 295,700 | 680,769 | ||||||
Infomedia Ltd. | 77,563 | 72,938 | ||||||
Inghams Group Ltd. | 65,857 | 143,358 | ||||||
Insignia Financial Ltd. | 21,881 | 48,098 | ||||||
Insurance Australia Group Ltd. | 79,190 | 247,164 | ||||||
InvoCare Ltd.(1) | 27,025 | 172,070 | ||||||
IPH Ltd. | 22,277 | 120,933 | ||||||
IRESS Ltd. | 15,028 | 93,730 | ||||||
James Hardie Industries PLC | 104,796 | 2,183,386 |
108
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
JB Hi-Fi Ltd.(1) | 30,224 | $ | 848,337 | |||||
Judo Capital Holdings Ltd.(1)(2) | 133,386 | 128,279 | ||||||
Jumbo Interactive Ltd. | 6,655 | 60,678 | ||||||
Jupiter Mines Ltd. | 132,283 | 20,911 | ||||||
Karoon Energy Ltd.(2) | 189,038 | 294,001 | ||||||
Kelsian Group Ltd. | 24,852 | 109,107 | ||||||
Lendlease Corp. Ltd. | 107,098 | 548,450 | ||||||
Leo Lithium Ltd.(2) | 415,008 | 145,790 | ||||||
Lifestyle Communities Ltd. | 11,856 | 134,915 | ||||||
Link Administration Holdings Ltd. | 33,767 | 51,941 | ||||||
Lovisa Holdings Ltd. | 21,918 | 353,899 | ||||||
Lynas Rare Earths Ltd.(2) | 94,671 | 519,933 | ||||||
Macmahon Holdings Ltd. | 38,005 | 3,825 | ||||||
Macquarie Group Ltd. | 20,875 | 2,650,758 | ||||||
Magellan Financial Group Ltd. | 35,872 | 205,630 | ||||||
Mayne Pharma Group Ltd.(1)(2) | 22,028 | 49,119 | ||||||
McMillan Shakespeare Ltd.(1) | 25,792 | 248,088 | ||||||
Medibank Pvt Ltd. | 1,019,499 | 2,285,171 | ||||||
Mesoblast Ltd.(1)(2) | 100,453 | 66,011 | ||||||
Metals X Ltd.(2) | 232,433 | 46,781 | ||||||
Metcash Ltd.(1) | 911,395 | 2,491,627 | ||||||
Mineral Resources Ltd. | 49,159 | 2,714,981 | ||||||
Monadelphous Group Ltd. | 33,742 | 271,664 | ||||||
Mount Gibson Iron Ltd.(1)(2) | 191,102 | 72,538 | ||||||
Myer Holdings Ltd.(1) | 366,134 | 228,472 | ||||||
MyState Ltd. | 2,727 | 7,210 | ||||||
National Australia Bank Ltd. | 346,034 | 6,965,068 | ||||||
Netwealth Group Ltd. | 8,102 | 73,081 | ||||||
New Energy Solar(2) | 53,649 | 2,274 | ||||||
New Hope Corp. Ltd.(1) | 315,279 | 1,148,075 | ||||||
Newcrest Mining Ltd. (Sydney) | 89,916 | 1,376,500 | ||||||
Newcrest Mining Ltd.(1) | 15,255 | 235,337 | ||||||
NEXTDC Ltd.(2) | 22,645 | 155,806 | ||||||
nib holdings Ltd. | 95,301 | 485,922 | ||||||
Nick Scali Ltd. | 23,269 | 153,210 | ||||||
Nickel Industries Ltd. | 72,721 | 47,701 | ||||||
Nine Entertainment Co. Holdings Ltd. | 274,747 | 357,403 | ||||||
Northern Star Resources Ltd. | 426,201 | 2,974,596 | ||||||
NRW Holdings Ltd. | 238,699 | 405,172 | ||||||
Nufarm Ltd. | 164,851 | 641,863 | ||||||
OFX Group Ltd.(2) | 51,542 | 66,617 | ||||||
Omni Bridgeway Ltd.(2) | 49,909 | 101,678 | ||||||
oOh!media Ltd. | 26,761 | 28,532 | ||||||
Orica Ltd. | 187,184 | 2,033,672 | ||||||
Origin Energy Ltd. | 496,835 | 2,665,236 | ||||||
Orora Ltd. | 185,472 | 439,153 | ||||||
OZ Minerals Ltd. | 108,011 | 2,030,677 | ||||||
Pacific Current Group Ltd. | 6,132 | 28,315 | ||||||
Pact Group Holdings Ltd. | 18,243 | 15,563 | ||||||
Peet Ltd. | 34,647 | 26,473 | ||||||
Perenti Ltd.(2) | 409,400 | 291,762 |
109
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Perpetual Ltd. | 25,008 | $ | 409,170 | |||||
Perseus Mining Ltd. | 844,702 | 1,116,274 | ||||||
PEXA Group Ltd.(1)(2) | 8,017 | 63,792 | ||||||
Pilbara Minerals Ltd.(2) | 232,371 | 647,517 | ||||||
Platinum Asset Management Ltd. | 168,795 | 212,915 | ||||||
Premier Investments Ltd. | 37,064 | 678,369 | ||||||
Pro Medicus Ltd.(1) | 6,822 | 278,879 | ||||||
PWR Holdings Ltd. | 17,807 | 120,886 | ||||||
Qantas Airways Ltd.(2) | 115,603 | 497,209 | ||||||
QBE Insurance Group Ltd. | 169,857 | 1,718,314 | ||||||
Qube Holdings Ltd. | 174,401 | 376,457 | ||||||
Ramelius Resources Ltd. | 518,331 | 311,866 | ||||||
Ramsay Health Care Ltd. | 7,027 | 318,582 | ||||||
REA Group Ltd. | 2,692 | 221,672 | ||||||
Red 5 Ltd.(1)(2) | 48,983 | 4,295 | ||||||
Reece Ltd.(1) | 7,131 | 78,965 | ||||||
Regis Resources Ltd. | 559,112 | 653,277 | ||||||
Resolute Mining Ltd.(1)(2) | 719,505 | 118,611 | ||||||
Rio Tinto Ltd. | 45,534 | 3,558,668 | ||||||
Sandfire Resources Ltd. | 286,141 | 1,126,701 | ||||||
Santos Ltd. | 798,105 | 3,726,679 | ||||||
SEEK Ltd. | 8,278 | 134,126 | ||||||
Select Harvests Ltd.(1) | 17,604 | 49,430 | ||||||
Servcorp Ltd. | 9,505 | 21,411 | ||||||
Service Stream Ltd. | 20,816 | 9,784 | ||||||
Seven Group Holdings Ltd.(1) | 15,447 | 253,586 | ||||||
Seven West Media Ltd.(1)(2) | 267,372 | 74,531 | ||||||
Sierra Rutile Holdings Ltd.(2) | 26,779 | 4,403 | ||||||
Sigma Healthcare Ltd. | 207,645 | 94,919 | ||||||
Silver Lake Resources Ltd.(2) | 529,661 | 358,181 | ||||||
Sims Ltd. | 55,115 | 588,684 | ||||||
SmartGroup Corp. Ltd. | 12,628 | 54,110 | ||||||
Solvar Ltd.(1) | 24,619 | 33,056 | ||||||
Sonic Healthcare Ltd. | 99,347 | 2,149,186 | ||||||
South32 Ltd. | 1,164,155 | 3,382,365 | ||||||
Southern Cross Media Group Ltd.(1) | 67,219 | 47,841 | ||||||
St. Barbara Ltd.(1)(2) | 161,132 | 59,039 | ||||||
Star Entertainment Group Ltd. (Sydney) (1)(2) | 213,778 | 211,426 | ||||||
Star Entertainment Group Ltd.(2) | 100,382 | 99,632 | ||||||
Steadfast Group Ltd. | 25,669 | 100,477 | ||||||
Suncorp Group Ltd. | 254,299 | 2,193,586 | ||||||
Super Retail Group Ltd. | 74,635 | 649,151 | ||||||
Superloop Ltd.(2) | 17,499 | 7,702 | ||||||
Symbio Holdings Ltd. | 38 | 46 | ||||||
Syrah Resources Ltd.(2) | 67,553 | 85,188 | ||||||
Technology One Ltd. | 67,366 | 672,586 | ||||||
Telstra Group Ltd. | 659,156 | 1,841,673 | ||||||
TPG Telecom Ltd. | 5,094 | 17,328 | ||||||
Transurban Group | 175,782 | 1,672,692 | ||||||
Treasury Wine Estates Ltd. | 99,130 | 932,371 | ||||||
Tuas Ltd.(2) | 2,799 | 2,390 |
110
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
United Malt Group Ltd.(1) | 62,862 | $ | 150,604 | |||||
Ventia Services Group Pty Ltd. | 23,158 | 37,029 | ||||||
Viva Energy Group Ltd. | 236,299 | 475,961 | ||||||
Vulcan Steel Ltd. | 7,025 | 39,491 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 54,252 | 1,061,241 | ||||||
Webjet Ltd.(1)(2) | 65,801 | 303,267 | ||||||
Wesfarmers Ltd. | 104,558 | 3,384,743 | ||||||
West African Resources Ltd.(2) | 967,403 | 602,251 | ||||||
Westgold Resources Ltd.(2) | 214,951 | 137,371 | ||||||
Westpac Banking Corp. | 379,580 | 5,739,792 | ||||||
Whitehaven Coal Ltd. | 505,437 | 2,448,389 | ||||||
WiseTech Global Ltd. | 8,625 | 364,482 | ||||||
Woodside Energy Group Ltd. | 134,924 | 3,269,205 | ||||||
Woodside Energy Group Ltd., ADR(1) | 59,682 | 1,452,063 | ||||||
Woolworths Group Ltd. | 29,975 | 743,419 | ||||||
Worley Ltd. | 7,793 | 79,226 | ||||||
Xero Ltd.(2) | 2,298 | 119,689 | ||||||
177,257,909 | ||||||||
Austria — 0.3% | ||||||||
ANDRITZ AG | 6,002 | 370,373 | ||||||
AT&S Austria Technologie & Systemtechnik AG | 5,163 | 170,343 | ||||||
BAWAG Group AG(2) | 5,496 | 342,105 | ||||||
CA Immobilien Anlagen AG | 677 | 19,306 | ||||||
DO & CO. AG(2) | 1,008 | 114,347 | ||||||
Erste Group Bank AG | 32,100 | 1,260,021 | ||||||
EVN AG | 11,701 | 256,515 | ||||||
FACC AG(2) | 162 | 1,267 | ||||||
IMMOFINANZ AG(2) | 10,076 | 131,168 | ||||||
IMMOFINANZ AG (Rights)(2) | 5,298 | 56 | ||||||
Lenzing AG | 1,205 | 91,414 | ||||||
Oesterreichische Post AG | 4,175 | 147,229 | ||||||
OMV AG | 16,509 | 804,112 | ||||||
POLYTEC Holding AG | 3,258 | 17,166 | ||||||
Porr AG | 2,511 | 37,167 | ||||||
Raiffeisen Bank International AG(2) | 24,774 | 413,613 | ||||||
Schoeller-Bleckmann Oilfield Equipment AG | 233 | 16,831 | ||||||
Semperit AG Holding | 3,502 | 83,877 | ||||||
Telekom Austria AG(2) | 23,245 | 173,625 | ||||||
UNIQA Insurance Group AG | 22,170 | 188,721 | ||||||
Verbund AG | 15,964 | 1,380,605 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 6,986 | 195,305 | ||||||
voestalpine AG | 22,788 | 841,676 | ||||||
Wienerberger AG | 9,946 | 309,184 | ||||||
7,366,026 | ||||||||
Belgium — 1.0% | ||||||||
Ackermans & van Haaren NV | 6,168 | 1,043,775 | ||||||
Ageas SA | 47,851 | 2,159,471 | ||||||
AGFA-Gevaert NV(2) | 25,959 | 76,723 | ||||||
Anheuser-Busch InBev SA, ADR(1) | 47,967 | 2,911,597 | ||||||
Argenx SE, ADR(2) | 1,407 | 514,990 | ||||||
Atenor | 123 | 6,527 |
111
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Barco NV | 15,794 | $ | 449,518 | |||||
Bekaert SA | 12,909 | 569,585 | ||||||
bpost SA | 40,907 | 218,324 | ||||||
Cie d'Entreprises CFE(1)(2) | 1,744 | 17,562 | ||||||
Deceuninck NV(1) | 12,057 | 32,583 | ||||||
Deme Group NV(2) | 1,744 | 219,451 | ||||||
D'ieteren Group | 3,617 | 701,020 | ||||||
Econocom Group SA | 1,152 | 3,730 | ||||||
Elia Group SA | 3,183 | 419,291 | ||||||
Etablissements Franz Colruyt NV(1) | 10,222 | 276,630 | ||||||
Euronav NV | 115,162 | 2,108,887 | ||||||
Exmar NV | 7,468 | 65,614 | ||||||
Fagron | 14,061 | 227,344 | ||||||
Galapagos NV, ADR(1)(2) | 8,129 | 304,716 | ||||||
Gimv NV | 6,351 | 289,858 | ||||||
Greenyard NV(2) | 2,093 | 14,215 | ||||||
Immobel SA(1) | 61 | 3,430 | ||||||
Ion Beam Applications | 4,505 | 87,966 | ||||||
KBC Ancora | 17,383 | 899,384 | ||||||
KBC Group NV | 43,131 | 3,220,832 | ||||||
Kinepolis Group NV(2) | 3,103 | 136,069 | ||||||
Melexis NV | 4,955 | 535,960 | ||||||
Ontex Group NV(1)(2) | 8,093 | 64,079 | ||||||
Proximus SADP | 29,080 | 267,793 | ||||||
Recticel SA | 2,881 | 52,170 | ||||||
Shurgard Self Storage Ltd. | 2,002 | 97,954 | ||||||
Solvay SA | 18,828 | 2,150,682 | ||||||
Telenet Group Holding NV | 1,521 | 23,510 | ||||||
Tessenderlo Group SA(2) | 5,098 | 171,180 | ||||||
UCB SA | 28,413 | 2,442,616 | ||||||
Umicore SA | 44,993 | 1,499,554 | ||||||
VGP NV | 596 | 53,458 | ||||||
24,338,048 | ||||||||
Canada — 10.5% | ||||||||
5N Plus, Inc.(2) | 16,500 | 31,924 | ||||||
Absolute Software Corp. | 11,661 | 100,586 | ||||||
ADENTRA, Inc. | 1,900 | 45,255 | ||||||
Advantage Energy Ltd.(1)(2) | 136,574 | 798,725 | ||||||
Aecon Group, Inc.(1) | 10,217 | 75,926 | ||||||
AG Growth International, Inc. | 4 | 161 | ||||||
AGF Management Ltd., Class B | 16,000 | 110,224 | ||||||
Agnico Eagle Mines Ltd. | 89,390 | 4,115,412 | ||||||
Aimia, Inc.(1)(2) | 8,705 | 26,093 | ||||||
Air Canada(2) | 11,198 | 165,118 | ||||||
Alamos Gold, Inc., Class A | 83,658 | 852,827 | ||||||
Alaris Equity Partners Income | 2,635 | 34,354 | ||||||
Algonquin Power & Utilities Corp.(1) | 46,547 | 355,456 | ||||||
Alimentation Couche-Tard, Inc. | 86,843 | 4,073,888 | ||||||
AltaGas Ltd. | 36,191 | 621,175 | ||||||
Altius Minerals Corp. | 3,861 | 61,261 | ||||||
Altus Group Ltd. | 3,200 | 143,056 |
112
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Amerigo Resources Ltd. | 28,700 | $ | 33,653 | |||||
ARC Resources Ltd. | 204,303 | 2,224,949 | ||||||
Argonaut Gold, Inc.(2) | 54,995 | 18,741 | ||||||
Aris Mining Corp. | 27,668 | 81,716 | ||||||
Aritzia, Inc.(2) | 21,454 | 653,132 | ||||||
Atco Ltd., Class I(1) | 23,306 | 722,665 | ||||||
Athabasca Oil Corp.(1)(2) | 258,593 | 564,754 | ||||||
Atrium Mortgage Investment Corp.(1) | 5,535 | 49,570 | ||||||
ATS Corp.(2) | 8,334 | 336,231 | ||||||
B2Gold Corp. | 644,890 | 2,202,409 | ||||||
Badger Infrastructure Solution Ltd.(1) | 4,420 | 98,668 | ||||||
Ballard Power Systems, Inc.(1)(2) | 24,100 | 137,765 | ||||||
Bank of Montreal | 72,973 | 6,915,990 | ||||||
Bank of Nova Scotia | 110,725 | 5,472,550 | ||||||
Barrick Gold Corp., (Toronto) | 239,494 | 3,870,167 | ||||||
Bausch Health Cos., Inc.(2) | 16,016 | 149,185 | ||||||
Baytex Energy Corp.(1)(2) | 291,907 | 1,125,270 | ||||||
BCE, Inc. | 3,817 | 168,877 | ||||||
BELLUS Health, Inc.(2) | 3,600 | 27,544 | ||||||
Birchcliff Energy Ltd.(1) | 322,465 | 1,982,764 | ||||||
Bird Construction, Inc. | 10,205 | 67,759 | ||||||
Bombardier, Inc., Class B(2) | 3,963 | 197,758 | ||||||
Bonterra Energy Corp.(2) | 6,800 | 32,991 | ||||||
Boralex, Inc., A Shares | 21,072 | 561,354 | ||||||
Boyd Group Services, Inc. | 2,800 | 442,993 | ||||||
Brookfield Asset Management Ltd., Class A(1) | 42,524 | 1,430,764 | ||||||
Brookfield Corp. | 44,293 | 1,473,728 | ||||||
Brookfield Infrastructure Corp., A Shares | 19,396 | 837,532 | ||||||
Brookfield Infrastructure Corp., Class A | 1,005 | 43,426 | ||||||
Brookfield Reinsurance Ltd.(1)(2) | 2,100 | 70,303 | ||||||
Brookfield Renewable Corp., Class A | 2,200 | 61,268 | ||||||
BRP, Inc.(1) | 861 | 74,603 | ||||||
CAE, Inc.(2) | 21,268 | 479,602 | ||||||
Calian Group Ltd. | 2,200 | 97,384 | ||||||
Calibre Mining Corp.(2) | 20,300 | 16,960 | ||||||
Cameco Corp. | 35,797 | 978,548 | ||||||
Canaccord Genuity Group, Inc. | 5,233 | 44,219 | ||||||
Canacol Energy Ltd.(1) | 5,400 | 40,683 | ||||||
Canada Goose Holdings, Inc.(2) | 12,400 | 233,096 | ||||||
Canadian Imperial Bank of Commerce | 97,599 | 4,463,303 | ||||||
Canadian National Railway Co. | 56,738 | 6,462,186 | ||||||
Canadian Natural Resources Ltd.(1) | 175,738 | 9,931,225 | ||||||
Canadian Pacific Railway Ltd. | 23,658 | 1,796,760 | ||||||
Canadian Tire Corp. Ltd., Class A | 6,076 | 757,396 | ||||||
Canadian Utilities Ltd., A Shares | 20,250 | 531,145 | ||||||
Canadian Western Bank(1) | 39,074 | 795,512 | ||||||
Canfor Corp.(2) | 18,575 | 316,912 | ||||||
Canfor Pulp Products, Inc.(2) | 1,114 | 3,070 | ||||||
Capital Power Corp. | 43,255 | 1,346,310 | ||||||
Capstone Copper Corp.(2) | 72,738 | 323,576 | ||||||
Cardinal Energy Ltd.(1) | 52,098 | 271,849 |
113
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Cargojet, Inc. | 1,924 | $ | 170,728 | |||||
Cascades, Inc.(1) | 13,743 | 108,071 | ||||||
CCL Industries, Inc., Class B | 8,412 | 404,602 | ||||||
Celestica, Inc.(2) | 46,053 | 595,027 | ||||||
Cenovus Energy, Inc. | 267,735 | 4,936,763 | ||||||
Centerra Gold, Inc. | 273,241 | 1,726,154 | ||||||
CES Energy Solutions Corp. | 52,900 | 114,368 | ||||||
CGI, Inc.(2) | 21,239 | 1,904,272 | ||||||
China Gold International Resources Corp. Ltd.(1) | 43,700 | 143,158 | ||||||
Chorus Aviation, Inc.(1)(2) | 12,046 | 27,720 | ||||||
CI Financial Corp. | 17,110 | 187,715 | ||||||
Cineplex, Inc.(1)(2) | 2,300 | 13,856 | ||||||
Cogeco Communications, Inc.(1) | 2,300 | 118,076 | ||||||
Cogeco, Inc.(1) | 400 | 17,735 | ||||||
Colliers International Group, Inc.(1) | 2,900 | 336,374 | ||||||
Computer Modelling Group Ltd. | 6,000 | 30,561 | ||||||
Constellation Software, Inc. | 1,886 | 3,242,842 | ||||||
Copper Mountain Mining Corp.(1)(2) | 35,300 | 60,536 | ||||||
Corus Entertainment, Inc., B Shares | 37,973 | 53,154 | ||||||
Crescent Point Energy Corp.(1) | 272,051 | 1,860,195 | ||||||
Crew Energy, Inc.(2) | 55,320 | 189,333 | ||||||
Definity Financial Corp. | 6,600 | 173,743 | ||||||
Descartes Systems Group, Inc.(2) | 3,100 | 228,643 | ||||||
Dollarama, Inc. | 34,155 | 1,972,955 | ||||||
Doman Building Materials Group Ltd. | 18,100 | 98,028 | ||||||
Dorel Industries, Inc., Class B(1)(2) | 8,200 | 27,403 | ||||||
DREAM Unlimited Corp., Class A(1) | 3,222 | 62,976 | ||||||
Dundee Precious Metals, Inc. | 41,236 | 264,732 | ||||||
Dye & Durham Ltd. | 9,500 | 132,840 | ||||||
Eldorado Gold Corp.(2) | 92,715 | 866,337 | ||||||
Element Fleet Management Corp. | 120,913 | 1,727,075 | ||||||
Emera, Inc.(1) | 38,148 | 1,511,103 | ||||||
Empire Co. Ltd., Class A | 32,988 | 874,925 | ||||||
Enbridge, Inc.(1) | 102,228 | 3,835,142 | ||||||
Endeavour Mining PLC | 28,897 | 601,447 | ||||||
Enerflex Ltd. | 21,246 | 140,913 | ||||||
Enerplus Corp. | 81,060 | 1,286,148 | ||||||
Enghouse Systems Ltd.(1) | 9,035 | 284,723 | ||||||
Ensign Energy Services, Inc.(2) | 42,500 | 103,096 | ||||||
EQB, Inc.(1) | 7,700 | 366,688 | ||||||
Equinox Gold Corp.(2) | 32,087 | 116,402 | ||||||
ERO Copper Corp.(2) | 33,428 | 524,265 | ||||||
Evertz Technologies Ltd.(1) | 2,936 | 26,380 | ||||||
Exchange Income Corp. | 4,009 | 149,107 | ||||||
Extendicare, Inc.(1) | 22,546 | 107,897 | ||||||
Fairfax Financial Holdings Ltd. | 3,712 | 2,595,190 | ||||||
Fiera Capital Corp.(1) | 10,053 | 63,877 | ||||||
Finning International, Inc. | 31,710 | 804,312 | ||||||
Firm Capital Mortgage Investment Corp.(1) | 4,935 | 41,701 | ||||||
First Majestic Silver Corp.(1) | 60,500 | 369,340 | ||||||
First National Financial Corp.(1) | 2,786 | 80,221 |
114
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
First Quantum Minerals Ltd. | 203,698 | $ | 4,450,156 | |||||
FirstService Corp. | 1,000 | 137,090 | ||||||
Fortis, Inc. | 80,304 | 3,178,026 | ||||||
Fortuna Silver Mines, Inc.(2) | 159,779 | 518,740 | ||||||
Franco-Nevada Corp. | 6,292 | 803,135 | ||||||
Freehold Royalties Ltd.(1) | 36,190 | 410,569 | ||||||
Frontera Energy Corp.(2) | 24,368 | 219,660 | ||||||
Galiano Gold, Inc.(1)(2) | 36,800 | 19,148 | ||||||
Gear Energy Ltd.(1) | 54,000 | 42,345 | ||||||
George Weston Ltd. | 7,512 | 941,133 | ||||||
GFL Environmental, Inc. | 8,668 | 263,502 | ||||||
Gibson Energy, Inc. | 18,289 | 307,341 | ||||||
Gildan Activewear, Inc. | 42,903 | 1,363,338 | ||||||
goeasy Ltd. | 4,935 | 454,765 | ||||||
GoGold Resources, Inc.(2) | 64,100 | 98,652 | ||||||
Great-West Lifeco, Inc.(1) | 54,964 | 1,499,677 | ||||||
Headwater Exploration, Inc.(1) | 60,200 | 264,271 | ||||||
Heroux-Devtek, Inc.(2) | 4,400 | 43,726 | ||||||
High Liner Foods, Inc.(1) | 5,446 | 59,469 | ||||||
HLS Therapeutics, Inc. | 88 | 542 | ||||||
Home Capital Group, Inc.(1) | 16,122 | 495,416 | ||||||
Hudbay Minerals, Inc. | 101,601 | 504,096 | ||||||
Hut 8 Mining Corp.(1)(2) | 44,900 | 73,380 | ||||||
Hydro One Ltd. | 57,790 | 1,499,702 | ||||||
i-80 Gold Corp.(2) | 11,800 | 26,895 | ||||||
iA Financial Corp., Inc. | 22,162 | 1,487,753 | ||||||
IAMGOLD Corp.(2) | 247,778 | 561,110 | ||||||
IGM Financial, Inc. | 4,421 | 134,525 | ||||||
Imperial Oil Ltd.(1) | 33,308 | 1,647,458 | ||||||
InPlay Oil Corp.(1) | 14,500 | 29,967 | ||||||
Intact Financial Corp. | 12,242 | 1,758,559 | ||||||
Interfor Corp.(2) | 99,662 | 1,677,711 | ||||||
International Petroleum Corp.(1)(2) | 1,380 | 13,926 | ||||||
Ivanhoe Mines Ltd., Class A(1)(2) | 17,544 | 146,575 | ||||||
Jamieson Wellness, Inc. | 3,000 | 73,565 | ||||||
K92 Mining, Inc.(2) | 7,700 | 41,985 | ||||||
Karora Resources, Inc.(2) | 36,500 | 120,106 | ||||||
K-Bro Linen, Inc.(1) | 1,200 | 25,680 | ||||||
Kelt Exploration Ltd.(1)(2) | 49,360 | 170,020 | ||||||
Keyera Corp.(1) | 57,257 | 1,263,473 | ||||||
Kinross Gold Corp. | 464,088 | 1,714,184 | ||||||
Kiwetinohk Energy Corp.(1)(2) | 2,000 | 18,644 | ||||||
Knight Therapeutics, Inc.(1)(2) | 20,346 | 76,046 | ||||||
Labrador Iron Ore Royalty Corp.(1) | 12,624 | 336,116 | ||||||
Lassonde Industries, Inc., Class A | 400 | 31,367 | ||||||
Laurentian Bank of Canada | 12,317 | 311,333 | ||||||
Linamar Corp. | 18,340 | 997,981 | ||||||
Loblaw Cos. Ltd. | 20,494 | 1,751,415 | ||||||
Lumine Group, Inc.(2) | 5,658 | 67,640 | ||||||
Lundin Gold, Inc. | 20,579 | 212,652 | ||||||
Lundin Mining Corp. | 172,980 | 1,076,292 |
115
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Magna International, Inc.(1) | 98,421 | $ | 5,485,465 | |||||
Major Drilling Group International, Inc.(2) | 6,258 | 48,982 | ||||||
Manulife Financial Corp.(1) | 305,735 | 6,045,240 | ||||||
Maple Leaf Foods, Inc.(1) | 7,500 | 152,144 | ||||||
Martinrea International, Inc. | 29,040 | 297,530 | ||||||
MCAN Mortgage Corp. | 4,620 | 55,325 | ||||||
MDA Ltd.(2) | 2,800 | 16,662 | ||||||
Medical Facilities Corp. | 2,500 | 15,299 | ||||||
MEG Energy Corp.(2) | 120,711 | 1,907,313 | ||||||
Methanex Corp. | 18,580 | 937,238 | ||||||
Metro, Inc. | 48,295 | 2,508,367 | ||||||
Morguard Corp. | 200 | 16,123 | ||||||
MTY Food Group, Inc. | 2,661 | 125,591 | ||||||
Mullen Group Ltd. | 38,614 | 402,978 | ||||||
National Bank of Canada | 70,210 | 5,156,795 | ||||||
Neo Performance Materials, Inc. | 1,800 | 13,627 | ||||||
New Gold, Inc.(2) | 203,910 | 186,799 | ||||||
North American Construction Group Ltd. | 7,735 | 130,154 | ||||||
North West Co., Inc. | 10,640 | 275,884 | ||||||
Northland Power, Inc. | 109,471 | 2,659,556 | ||||||
Novagold Resources, Inc.(2) | 28 | 157 | ||||||
Nutrien Ltd. | 65,768 | 5,124,554 | ||||||
NuVista Energy Ltd.(2) | 98,265 | 864,185 | ||||||
Obsidian Energy Ltd.(2) | 20,900 | 147,656 | ||||||
OceanaGold Corp.(2) | 291,975 | 594,863 | ||||||
Onex Corp. | 13,269 | 709,495 | ||||||
Open Text Corp. | 46,093 | 1,586,653 | ||||||
Osisko Gold Royalties Ltd. (Toronto) | 14,023 | 183,753 | ||||||
Osisko Mining, Inc.(2) | 64,000 | 144,932 | ||||||
Pan American Silver Corp.(1) | 96,783 | 1,442,701 | ||||||
Paramount Resources Ltd., A Shares(1) | 11,250 | 245,694 | ||||||
Parex Resources, Inc. | 61,647 | 1,004,785 | ||||||
Parkland Corp.(1) | 26,378 | 576,856 | ||||||
Pason Systems, Inc. | 12,235 | 130,465 | ||||||
Pembina Pipeline Corp.(1) | 77,426 | 2,542,092 | ||||||
Pet Valu Holdings Ltd. | 1,700 | 53,286 | ||||||
Peyto Exploration & Development Corp.(1) | 74,279 | 645,620 | ||||||
Pine Cliff Energy Ltd.(1) | 77,100 | 68,370 | ||||||
Pipestone Energy Corp.(1)(2) | 23,900 | 49,919 | ||||||
Pizza Pizza Royalty Corp.(1) | 6,700 | 68,056 | ||||||
Polaris Renewable Energy, Inc.(1) | 5,700 | 57,898 | ||||||
Power Corp. of Canada | 42,726 | 1,140,404 | ||||||
PrairieSky Royalty Ltd.(1) | 12,237 | 192,187 | ||||||
Precision Drilling Corp.(1)(2) | 3,189 | 181,828 | ||||||
Primo Water Corp. | 2,635 | 40,862 | ||||||
Profound Medical Corp.(1)(2) | 2,000 | 26,383 | ||||||
Quebecor, Inc., Class B | 22,474 | 531,668 | ||||||
Real Matters, Inc.(2) | 13,088 | 55,728 | ||||||
Resolute Forest Products, Inc.(2) | 20,752 | 455,190 | ||||||
Restaurant Brands International, Inc. | 24,828 | 1,602,129 | ||||||
Richelieu Hardware Ltd. | 12 | 362 |
116
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Ritchie Bros Auctioneers, Inc.(1) | 35,797 | $ | 2,190,058 | |||||
Rogers Communications, Inc., Class B | 15,068 | 719,774 | ||||||
Royal Bank of Canada | 95,441 | 9,690,287 | ||||||
Russel Metals, Inc.(1) | 25,265 | 658,612 | ||||||
Sabina Gold & Silver Corp.(2) | 28,165 | 36,535 | ||||||
Sandstorm Gold Ltd.(1) | 50,671 | 249,177 | ||||||
Saputo, Inc.(1) | 35,532 | 951,513 | ||||||
Shaw Communications, Inc., B Shares | 36,681 | 1,062,660 | ||||||
ShawCor Ltd.(2) | 26,800 | 274,972 | ||||||
Shopify, Inc., Class A(2) | 38,751 | 1,595,479 | ||||||
Sierra Metals, Inc.(1)(2) | 5,095 | 1,699 | ||||||
Silvercorp Metals, Inc. | 85,055 | 261,804 | ||||||
Sleep Country Canada Holdings, Inc. | 7,786 | 148,359 | ||||||
Softchoice Corp. | 5,200 | 63,490 | ||||||
Spartan Delta Corp. | 53,028 | 481,507 | ||||||
Spin Master Corp., VTG Shares | 8,700 | 235,783 | ||||||
SSR Mining, Inc. | 52,785 | 722,240 | ||||||
SSR Mining, Inc. (NASDAQ) | 34,666 | 473,191 | ||||||
Stantec, Inc. | 10,079 | 585,461 | ||||||
Stelco Holdings, Inc.(1) | 10,106 | 413,276 | ||||||
Stella-Jones, Inc.(1) | 12,423 | 449,577 | ||||||
STEP Energy Services Ltd.(1)(2) | 7,400 | 25,598 | ||||||
StorageVault Canada, Inc.(1) | 31,400 | 141,985 | ||||||
Sun Life Financial, Inc.(1) | 65,688 | 3,174,398 | ||||||
Suncor Energy, Inc.(1) | 266,799 | 8,966,949 | ||||||
SunOpta, Inc.(2) | 12,400 | 95,238 | ||||||
Surge Energy, Inc.(1) | 22,000 | 142,045 | ||||||
Tamarack Valley Energy Ltd.(1) | 222,306 | 707,078 | ||||||
Taseko Mines Ltd.(1)(2) | 73,100 | 124,824 | ||||||
TC Energy Corp.(1) | 60,863 | 2,422,477 | ||||||
Teck Resources Ltd., Class B | 126,483 | 5,049,123 | ||||||
TELUS Corp. (Toronto) | 67,679 | 1,345,644 | ||||||
TELUS Corp.(2) | 2,770 | 55,075 | ||||||
TFI International, Inc. | 6,635 | 809,669 | ||||||
Thomson Reuters Corp. | 5,754 | 696,890 | ||||||
Tidewater Midstream & Infrastructure Ltd.(1) | 58,530 | 46,326 | ||||||
Timbercreek Financial Corp.(1) | 22,546 | 136,152 | ||||||
TMX Group Ltd. | 2,178 | 217,193 | ||||||
Topaz Energy Corp. | 1,600 | 22,678 | ||||||
Torex Gold Resources, Inc.(2) | 19,816 | 243,979 | ||||||
Toromont Industries Ltd. | 10,088 | 832,029 | ||||||
Toronto-Dominion Bank(1) | 125,855 | 8,379,573 | ||||||
Total Energy Services, Inc. | 4,100 | 26,382 | ||||||
Tourmaline Oil Corp. | 82,192 | 3,602,112 | ||||||
TransAlta Corp.(1) | 51,202 | 415,019 | ||||||
TransAlta Renewables, Inc. | 11,135 | 93,438 | ||||||
Transcontinental, Inc., Class A | 13,335 | 152,456 | ||||||
Trican Well Service Ltd.(2) | 63,519 | 159,670 | ||||||
Tricon Residential, Inc. | 36,012 | 291,369 | ||||||
Trisura Group Ltd.(2) | 9,100 | 231,218 | ||||||
Uni-Select, Inc.(2) | 7,700 | 267,370 |
117
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Vermilion Energy, Inc. | 98,847 | $ | 1,324,238 | |||||
VersaBank | 1,000 | 7,483 | ||||||
Victoria Gold Corp.(2) | 4,900 | 30,416 | ||||||
Viemed Healthcare, Inc.(2) | 5,446 | 50,489 | ||||||
Wajax Corp. | 5,600 | 99,729 | ||||||
Wesdome Gold Mines Ltd.(2) | 30,225 | 144,203 | ||||||
West Fraser Timber Co. Ltd. | 46,984 | 3,529,395 | ||||||
Western Forest Products, Inc.(1) | 81,042 | 74,241 | ||||||
Westshore Terminals Investment Corp.(1) | 6,610 | 121,397 | ||||||
Wheaton Precious Metals Corp. | 26,837 | 1,118,126 | ||||||
Whitecap Resources, Inc. | 349,055 | 2,675,790 | ||||||
WildBrain Ltd.(1)(2) | 9,000 | 16,160 | ||||||
Winpak Ltd. | 5,100 | 151,636 | ||||||
WSP Global, Inc. | 8,560 | 1,075,317 | ||||||
Yamana Gold, Inc. | 425,396 | 2,176,082 | ||||||
261,371,878 | ||||||||
China† | ||||||||
Chow Tai Fook Jewellery Group Ltd. | 53,800 | 104,272 | ||||||
Fullshare Holdings Ltd.(1)(2) | 100,000 | 1,556 | ||||||
LK Technology Holdings Ltd.(1) | 82,250 | 110,872 | ||||||
Solargiga Energy Holdings Ltd. | 303,000 | 9,688 | ||||||
Truly International Holdings Ltd. | 374,000 | 52,466 | ||||||
278,854 | ||||||||
Denmark — 2.6% | ||||||||
ALK-Abello A/S(2) | 1,060 | 15,794 | ||||||
Alm Brand A/S | 840,033 | 1,562,410 | ||||||
AP Moller - Maersk A/S, A Shares | 493 | 1,126,845 | ||||||
AP Moller - Maersk A/S, B Shares | 946 | 2,203,563 | ||||||
Bang & Olufsen A/S(2) | 24,799 | 44,971 | ||||||
Bavarian Nordic A/S(2) | 9,887 | 304,480 | ||||||
Carlsberg AS, B Shares | 5,634 | 796,146 | ||||||
cBrain A/S | 1,716 | 33,971 | ||||||
Chemometec A/S(2) | 1,745 | 113,315 | ||||||
Chr Hansen Holding A/S | 1,962 | 136,018 | ||||||
Coloplast A/S, B Shares | 7,561 | 873,644 | ||||||
D/S Norden A/S | 37,542 | 2,643,088 | ||||||
Danske Andelskassers Bank A/S(2) | 9,479 | 13,335 | ||||||
Danske Bank A/S | 138,972 | 3,227,382 | ||||||
Demant A/S(2) | 4,308 | 128,831 | ||||||
Dfds A/S | 13,481 | 549,248 | ||||||
DSV A/S | 11,110 | 2,018,755 | ||||||
FLSmidth & Co. A/S | 12,275 | 482,655 | ||||||
Genmab A/S, ADR(2) | 74,112 | 2,783,647 | ||||||
GN Store Nord AS | 4,760 | 102,767 | ||||||
H Lundbeck A/S | 47,040 | 198,755 | ||||||
H Lundbeck A/S, A Shares(2) | 11,760 | 44,989 | ||||||
H+H International A/S, B Shares(2) | 4,897 | 72,144 | ||||||
ISS A/S(2) | 6,692 | 145,857 | ||||||
Jyske Bank A/S(2) | 28,352 | 2,374,781 | ||||||
Nilfisk Holding A/S(2) | 2,826 | 52,318 | ||||||
NKT A/S(2) | 19,473 | 903,151 |
118
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
NNIT A/S(2) | 133 | $ | 1,356 | |||||
Novo Nordisk A/S, ADR | 171,884 | 24,233,925 | ||||||
Novozymes A/S, B Shares | 42,759 | 2,059,440 | ||||||
Orsted A/S | 28,114 | 2,447,128 | ||||||
Pandora A/S | 22,820 | 2,161,594 | ||||||
Per Aarsleff Holding A/S | 4,992 | 216,431 | ||||||
Ringkjoebing Landbobank A/S | 6,588 | 1,040,499 | ||||||
ROCKWOOL A/S, B Shares | 868 | 197,069 | ||||||
Royal Unibrew A/S | 8,993 | 625,412 | ||||||
Schouw & Co. A/S | 1,181 | 93,900 | ||||||
SimCorp A/S | 6,205 | 444,730 | ||||||
Solar A/S, B Shares | 1,529 | 132,917 | ||||||
Spar Nord Bank A/S | 13,853 | 255,641 | ||||||
Sparekassen Sjaelland-Fyn A/S | 2,040 | 61,719 | ||||||
Sydbank A/S | 13,721 | 698,284 | ||||||
Topdanmark A/S | 6,575 | 351,698 | ||||||
TORM PLC, Class A | 6,929 | 246,021 | ||||||
Trifork Holding AG(1) | 1,154 | 27,876 | ||||||
Tryg A/S | 40,661 | 900,781 | ||||||
Vestas Wind Systems A/S | 183,664 | 5,240,841 | ||||||
64,390,122 | ||||||||
Finland — 0.9% | ||||||||
Aktia Bank Oyj | 8,317 | 91,641 | ||||||
Alandsbanken Abp, B Shares | 230 | 9,687 | ||||||
Anora Group Oyj(1) | 660 | 4,499 | ||||||
Atria Oyj | 267 | 3,262 | ||||||
CapMan Oyj, B Shares | 6,695 | 21,358 | ||||||
Cargotec Oyj, B Shares | 2,328 | 118,342 | ||||||
Caverion OYJ | 8,415 | 80,429 | ||||||
Citycon Oyj(1)(2) | 15,919 | 117,129 | ||||||
Elisa Oyj | 17,258 | 980,050 | ||||||
Finnair Oyj(2) | 78,370 | 46,870 | ||||||
Fortum Oyj | 28,511 | 435,746 | ||||||
Harvia OYJ | 2,006 | 45,587 | ||||||
Huhtamaki Oyj | 6,102 | 215,419 | ||||||
Kemira Oyj | 19,081 | 365,468 | ||||||
Kesko Oyj, B Shares | 111,362 | 2,418,320 | ||||||
Kojamo Oyj | 17,923 | 236,895 | ||||||
Kone Oyj, B Shares | 38,521 | 2,000,458 | ||||||
Konecranes Oyj | 2,058 | 70,020 | ||||||
Marimekko Oyj | 10,431 | 101,604 | ||||||
Metsa Board Oyj, Class B | 68,781 | 601,742 | ||||||
Metso Outotec Oyj | 65,091 | 692,489 | ||||||
Musti Group Oyj(2) | 2,461 | 46,064 | ||||||
Neste Oyj | 20,477 | 987,631 | ||||||
Nokia Oyj, ADR | 497,829 | 2,290,013 | ||||||
Nokian Renkaat Oyj | 20,478 | 185,718 | ||||||
Oma Saastopankki Oyj | 1,110 | 24,387 | ||||||
Orion Oyj, Class B | 25,529 | 1,202,956 | ||||||
Outokumpu Oyj | 91,599 | 548,403 | ||||||
Puuilo Oyj | 10,225 | 69,843 |
119
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
QT Group Oyj(2) | 326 | $ | 24,141 | |||||
Revenio Group Oyj | 2,340 | 86,226 | ||||||
Rovio Entertainment Oyj | 9,523 | 82,175 | ||||||
Sampo Oyj, A Shares | 53,861 | 2,621,963 | ||||||
Sanoma Oyj | 5,288 | 49,180 | ||||||
Scanfil Oyj | 1,113 | 9,131 | ||||||
Stora Enso Oyj, R Shares | 146,822 | 2,075,741 | ||||||
Suominen Oyj(1) | 1,851 | 5,977 | ||||||
Taaleri Oyj | 3,323 | 38,750 | ||||||
Talenom Oyj | 3,448 | 29,992 | ||||||
TietoEVRY Oyj | 759 | 24,099 | ||||||
Tokmanni Group Corp. | 9,938 | 141,227 | ||||||
UPM-Kymmene Oyj | 68,563 | 2,484,479 | ||||||
Uponor Oyj | 14,418 | 268,325 | ||||||
Valmet Oyj(1) | 29,073 | 959,386 | ||||||
Wartsila Oyj Abp | 53,628 | 517,973 | ||||||
YIT Oyj(1) | 63,740 | 181,200 | ||||||
23,611,995 | ||||||||
France — 9.8% | ||||||||
ABC arbitrage | 5,497 | 37,196 | ||||||
Accor SA(2) | 13,536 | 449,250 | ||||||
Aeroports de Paris(2) | 7,337 | 1,063,069 | ||||||
Air France-KLM(2) | 101,348 | 188,970 | ||||||
Air Liquide SA | 42,731 | 6,788,946 | ||||||
Airbus SE | 48,887 | 6,402,754 | ||||||
AKWEL | 1,895 | 31,922 | ||||||
ALD SA | 43,778 | 579,910 | ||||||
Alstom SA | 27,502 | 807,134 | ||||||
Alten SA | 13,056 | 2,037,604 | ||||||
Amundi SA | 7,534 | 495,535 | ||||||
APERAM SA | 12,498 | 486,024 | ||||||
ArcelorMittal SA, NY Shares | 144,622 | 4,374,815 | ||||||
Arkema SA | 14,989 | 1,519,571 | ||||||
Atos SE(1)(2) | 28,357 | 401,015 | ||||||
AXA SA | 285,086 | 8,983,477 | ||||||
Believe SA(2) | 389 | 4,776 | ||||||
Beneteau SA | 16,130 | 287,570 | ||||||
Bigben Interactive | 1,821 | 11,622 | ||||||
BioMerieux | 27,947 | 2,736,584 | ||||||
Biosynex | 683 | 8,754 | ||||||
BNP Paribas SA | 147,469 | 10,309,725 | ||||||
Bollore SE | 101,866 | 569,018 | ||||||
Bonduelle SCA | 2,923 | 40,455 | ||||||
Bouygues SA | 76,637 | 2,593,144 | ||||||
Bureau Veritas SA | 62,224 | 1,777,524 | ||||||
Caisse Regionale de Credit Agricole Mutuel Brie Picardie | 269 | 5,292 | ||||||
Caisse Regionale de Credit Agricole Mutuel Nord de France | 123 | 2,088 | ||||||
Capgemini SE | 10,833 | 2,031,578 | ||||||
Carrefour SA | 176,282 | 3,484,999 | ||||||
Casino Guichard Perrachon SA(2) | 817 | 8,284 | ||||||
Catana Group(1) | 7,681 | 61,521 |
120
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Cellectis SA, ADR(2) | 48 | $ | 106 | |||||
CGG SA(2) | 47,961 | 41,443 | ||||||
Chargeurs SA | 725 | 10,898 | ||||||
Cie de Saint-Gobain | 116,673 | 6,933,017 | ||||||
Cie des Alpes(2) | 6,945 | 103,678 | ||||||
Cie Generale des Etablissements Michelin SCA | 183,499 | 5,764,812 | ||||||
Cie Plastic Omnium SA | 17,000 | 306,216 | ||||||
Claranova SE(2) | 434 | 955 | ||||||
Coface SA | 23,635 | 348,340 | ||||||
Credit Agricole SA | 212,199 | 2,586,179 | ||||||
Danone SA | 37,326 | 2,098,181 | ||||||
Dassault Aviation SA | 11,924 | 2,049,863 | ||||||
Dassault Systemes SE | 26,833 | 1,035,490 | ||||||
Derichebourg SA | 33,022 | 212,351 | ||||||
Edenred | 12,133 | 682,921 | ||||||
Eiffage SA | 35,723 | 3,920,566 | ||||||
Elis SA | 4,189 | 75,129 | ||||||
Engie SA | 331,400 | 4,836,243 | ||||||
Eramet SA | 3,158 | 338,888 | ||||||
Esker SA | 659 | 105,557 | ||||||
EssilorLuxottica SA | 15,736 | 2,727,889 | ||||||
Esso SA Francaise(1)(2) | 1,073 | 64,535 | ||||||
Etablissements Maurel et Prom SA | 28,617 | 106,542 | ||||||
Eurazeo SE | 10,042 | 675,728 | ||||||
Euroapi SA(2) | 2,655 | 43,490 | ||||||
Eurobio Scientific SA(1)(2) | 3,806 | 72,534 | ||||||
Eurofins Scientific SE | 19,935 | 1,389,362 | ||||||
Euronext NV | 7,555 | 551,061 | ||||||
Eutelsat Communications SA | 68,951 | 481,855 | ||||||
FIGEAC-AERO(2) | 98 | 570 | ||||||
Fnac Darty SA | 1,627 | 61,965 | ||||||
Focus Entertainment(2) | 642 | 33,522 | ||||||
Fountaine Pajot SA | 5 | 663 | ||||||
Gaztransport Et Technigaz SA | 20,130 | 2,102,268 | ||||||
Genfit SA(2) | 17,069 | 73,856 | ||||||
Getlink SE | 57,409 | 964,175 | ||||||
Groupe LDLC | 10 | 223 | ||||||
Groupe SFPI | 119 | 334 | ||||||
Hermes International | 3,354 | 6,071,185 | ||||||
ID Logistics Group(2) | 699 | 224,514 | ||||||
Imerys SA | 10,126 | 449,335 | ||||||
Innate Pharma SA(1)(2) | 12,029 | 35,547 | ||||||
Ipsen SA | 23,262 | 2,657,882 | ||||||
IPSOS | 1,571 | 96,373 | ||||||
Jacquet Metals SACA | 2,585 | 52,884 | ||||||
JCDecaux SE(2) | 13,512 | 308,592 | ||||||
Kaufman & Broad SA | 950 | 29,115 | ||||||
Kering SA | 12,280 | 7,200,017 | ||||||
Korian SA | 8,740 | 71,342 | ||||||
La Francaise des Jeux SAEM | 54,920 | 2,167,829 | ||||||
Legrand SA | 11,284 | 1,042,271 |
121
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
LISI | 2,849 | $ | 75,617 | |||||
L'Oreal SA | 10,250 | 4,051,546 | ||||||
Lumibird(2) | 68 | 1,206 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 23,330 | 19,394,842 | ||||||
Maisons du Monde SA | 9,602 | 114,608 | ||||||
Manitou BF SA(1) | 1,848 | 52,258 | ||||||
McPhy Energy SA(1)(2) | 2,028 | 29,091 | ||||||
Mersen SA | 3,800 | 179,276 | ||||||
Metropole Television SA | 7,347 | 109,659 | ||||||
MGI Digital Graphic Technology(2) | 297 | 9,423 | ||||||
Nacon SA(1)(2) | 265 | 651 | ||||||
Neoen SA | 5,514 | 198,346 | ||||||
Nexans SA | 8,619 | 830,980 | ||||||
Nexity SA | 8,366 | 221,986 | ||||||
Novacyt SA(2) | 33,332 | 24,970 | ||||||
Orange SA, ADR(1) | 507,038 | 5,820,796 | ||||||
Orpea SA(1)(2) | 10,458 | 28,292 | ||||||
Pernod Ricard SA | 15,658 | 3,266,434 | ||||||
Publicis Groupe SA | 13,808 | 1,096,178 | ||||||
Quadient SA | 7,137 | 123,872 | ||||||
Remy Cointreau SA | 1,950 | 342,315 | ||||||
Renault SA(2) | 79,871 | 3,574,775 | ||||||
ReWorld Media SA(2) | 8,722 | 50,769 | ||||||
Rexel SA(2) | 45,199 | 1,123,536 | ||||||
Rubis SCA | 8,436 | 232,758 | ||||||
Safran SA | 53,259 | 7,520,241 | ||||||
Sanofi, ADR | 140,732 | 6,593,294 | ||||||
Sartorius Stedim Biotech | 1,461 | 475,843 | ||||||
Schneider Electric SE | 18,304 | 2,937,006 | ||||||
SCOR SE | 32,969 | 809,275 | ||||||
SEB SA | 4,193 | 483,692 | ||||||
SES SA | 231,163 | 1,558,213 | ||||||
SES-imagotag SA(2) | 1,114 | 140,872 | ||||||
SMCP SA(2) | 8,367 | 65,311 | ||||||
Societe BIC SA | 4,971 | 321,557 | ||||||
Societe Generale SA | 216,323 | 6,234,331 | ||||||
Sodexo SA | 5,037 | 466,515 | ||||||
SOITEC(2) | 2,190 | 325,882 | ||||||
Solutions 30 SE(1)(2) | 20,776 | 50,124 | ||||||
Sopra Steria Group SACA | 1,362 | 268,976 | ||||||
SPIE SA | 6,057 | 166,065 | ||||||
STMicroelectronics NV, NY Shares | 218,654 | 10,530,377 | ||||||
Sword Group(1) | 173 | 8,597 | ||||||
Technicolor Creative Studios SA(1)(2) | 12,860 | 2,602 | ||||||
Technip Energies NV | 18,807 | 364,110 | ||||||
Teleperformance | 8,150 | 2,115,639 | ||||||
Television Francaise 1 | 13,708 | 109,238 | ||||||
Thales SA | 14,799 | 2,068,957 | ||||||
TotalEnergies SE, ADR | 311,682 | 19,296,233 | ||||||
Trigano SA | 1,006 | 134,789 | ||||||
Ubisoft Entertainment SA(2) | 57,995 | 1,271,542 |
122
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Valeo | 119,256 | $ | 2,477,512 | |||||
Vallourec SA(2) | 45,182 | 644,699 | ||||||
Vantiva SA(2) | 12,860 | 3,102 | ||||||
Veolia Environnement SA | 97,727 | 2,916,594 | ||||||
Verallia SA | 33,228 | 1,339,344 | ||||||
Vicat SA | 3,183 | 99,871 | ||||||
Vilmorin & Cie SA | 1,210 | 61,701 | ||||||
Vinci SA | 89,320 | 10,156,383 | ||||||
Virbac SA | 696 | 207,902 | ||||||
Vivendi SE | 247,415 | 2,546,069 | ||||||
Wavestone | 362 | 18,792 | ||||||
Worldline SA(2) | 5,647 | 235,211 | ||||||
X-Fab Silicon Foundries SE(2) | 22,880 | 215,285 | ||||||
Xilam Animation SA(2) | 155 | 4,840 | ||||||
245,989,187 | ||||||||
Germany — 7.1% | ||||||||
1&1 AG | 6,370 | 76,325 | ||||||
7C Solarparken AG | 20,776 | 86,689 | ||||||
Aareal Bank AG(2) | 8,072 | 276,558 | ||||||
Adesso SE | 1,123 | 179,820 | ||||||
adidas AG | 14,353 | 2,143,574 | ||||||
Allianz SE | 39,495 | 9,273,954 | ||||||
Amadeus Fire AG | 678 | 88,080 | ||||||
Aroundtown SA | 167,530 | 434,020 | ||||||
Atoss Software AG | 1,109 | 190,244 | ||||||
Aumann AG | 862 | 12,219 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA | 7,906 | 131,521 | ||||||
Aurubis AG | 13,615 | 1,331,665 | ||||||
Auto1 Group SE(2) | 8,625 | 65,531 | ||||||
Baader Bank AG | 2,263 | 9,916 | ||||||
BASF SE | 114,524 | 5,863,888 | ||||||
Basler AG | 9 | 272 | ||||||
Bauer AG(2) | 2,186 | 13,974 | ||||||
Bayer AG | 62,571 | 3,715,542 | ||||||
Bayerische Motoren Werke AG | 54,589 | 5,631,694 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 7,895 | 747,782 | ||||||
BayWa AG | 586 | 26,400 | ||||||
Bechtle AG | 4,935 | 207,827 | ||||||
Befesa SA | 3,844 | 200,728 | ||||||
Beiersdorf AG | 17,880 | 2,133,899 | ||||||
Bertrandt AG | 464 | 23,706 | ||||||
Bilfinger SE | 3,404 | 135,130 | ||||||
Borussia Dortmund GmbH & Co. KGaA(2) | 5,456 | 24,623 | ||||||
Brenntag SE | 20,591 | 1,550,980 | ||||||
CANCOM SE | 3,189 | 111,633 | ||||||
Carl Zeiss Meditec AG, Bearer Shares | 3,113 | 414,947 | ||||||
CECONOMY AG(2) | 88,692 | 232,589 | ||||||
Cewe Stiftung & Co. KGAA | 1,436 | 143,550 | ||||||
Cliq Digital AG | 2,209 | 66,119 | ||||||
Commerzbank AG(2) | 301,339 | 3,671,963 | ||||||
CompuGroup Medical SE & Co. KgaA | 6,252 | 297,008 |
123
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Continental AG | 12,168 | $ | 873,565 | |||||
Covestro AG | 74,469 | 3,273,688 | ||||||
CropEnergies AG | 9,146 | 112,549 | ||||||
CTS Eventim AG & Co. KGaA(2) | 14,245 | 934,851 | ||||||
Daimler Truck Holding AG(2) | 106,053 | 3,359,132 | ||||||
Datagroup SE | 578 | 40,538 | ||||||
Delivery Hero SE(2) | 2,650 | 106,492 | ||||||
Dermapharm Holding SE | 4,566 | 185,676 | ||||||
Deutsche Bank AG | 318,153 | 3,964,186 | ||||||
Deutsche Beteiligungs AG | 3,029 | 99,568 | ||||||
Deutsche Boerse AG | 14,144 | 2,466,344 | ||||||
Deutsche Lufthansa AG(2) | 248,545 | 2,575,115 | ||||||
Deutsche Pfandbriefbank AG | 28,558 | 282,561 | ||||||
Deutsche Post AG | 129,201 | 5,464,030 | ||||||
Deutsche Rohstoff AG | 1,280 | 37,143 | ||||||
Deutsche Telekom AG | 343,869 | 7,717,468 | ||||||
Deutz AG | 38,598 | 237,096 | ||||||
DIC Asset AG | 7,597 | 69,255 | ||||||
Dr. Ing. h.c. F. Porsche AG, Preference Shares(2) | 4,612 | 555,812 | ||||||
Draegerwerk AG & Co. KGaA | 567 | 22,047 | ||||||
Draegerwerk AG & Co. KGaA, Preference Shares | 3,168 | 138,154 | ||||||
Duerr AG | 31,529 | 1,186,866 | ||||||
E.ON SE | 257,460 | 2,809,110 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 6,773 | 384,896 | ||||||
Einhell Germany AG, Preference Shares, Preference Shares | 58 | 9,996 | ||||||
Elmos Semiconductor SE | 2,614 | 212,117 | ||||||
ElringKlinger AG | 10,673 | 98,925 | ||||||
Encavis AG | 62,814 | 1,226,000 | ||||||
Energiekontor AG | 2,552 | 183,097 | ||||||
Envitec Biogas AG | 183 | 9,788 | ||||||
Evonik Industries AG | 34,799 | 743,018 | ||||||
Evotec SE(2) | 14,283 | 256,108 | ||||||
Fielmann AG | 5,677 | 201,511 | ||||||
flatexDEGIRO AG(2) | 16,472 | 140,300 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(2) | 1,701 | 92,075 | ||||||
Freenet AG | 24,611 | 613,462 | ||||||
Fresenius Medical Care AG & Co. KGaA, ADR | 13,713 | 269,598 | ||||||
Fresenius SE & Co. KGaA | 11,089 | 305,138 | ||||||
FUCHS PETROLUB SE, Preference Shares | 6,898 | 276,338 | ||||||
GEA Group AG | 47,923 | 2,106,689 | ||||||
Gerresheimer AG | 6,885 | 604,557 | ||||||
GFT Technologies SE | 4,571 | 193,516 | ||||||
Grand City Properties SA | 18,749 | 191,370 | ||||||
GRENKE AG | 5,644 | 175,946 | ||||||
Hamburger Hafen und Logistik AG | 7,308 | 96,676 | ||||||
Hannover Rueck SE | 8,257 | 1,603,498 | ||||||
HeidelbergCement AG | 46,670 | 3,204,010 | ||||||
Heidelberger Druckmaschinen AG(2) | 55,945 | 100,654 | ||||||
HelloFresh SE(2) | 105,076 | 2,353,966 | ||||||
Henkel AG & Co. KGaA | 2,144 | 148,247 | ||||||
Henkel AG & Co. KGaA, Preference Shares | 6,867 | 499,563 |
124
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Hensoldt AG | 7,964 | $ | 259,178 | |||||
HOCHTIEF AG | 2,939 | 200,177 | ||||||
Hornbach Holding AG & Co. KGaA | 3,243 | 269,334 | ||||||
HUGO BOSS AG | 43,195 | 2,954,290 | ||||||
Hypoport SE(2) | 257 | 38,780 | ||||||
Indus Holding AG | 3,842 | 93,100 | ||||||
Infineon Technologies AG | 204,685 | 7,241,014 | ||||||
Instone Real Estate Group SE | 11,568 | 108,579 | ||||||
JOST Werke AG | 4,429 | 252,199 | ||||||
Jungheinrich AG, Preference Shares | 24,464 | 902,482 | ||||||
K+S AG | 104,308 | 2,475,946 | ||||||
KION Group AG | 9,548 | 373,957 | ||||||
Kloeckner & Co. SE | 16,800 | 181,839 | ||||||
Knorr-Bremse AG | 19,116 | 1,299,217 | ||||||
Koenig & Bauer AG(2) | 2,590 | 52,322 | ||||||
Kontron AG | 20,773 | 415,658 | ||||||
Krones AG | 6,861 | 835,550 | ||||||
KSB SE & Co. KGaA | 17 | 8,887 | ||||||
KSB SE & Co. KGaA, Preference Shares | 67 | 31,426 | ||||||
KWS Saat SE & Co. KGaA | 1,413 | 94,277 | ||||||
Lang & Schwarz AG | 1,638 | 17,460 | ||||||
Lanxess AG | 39,307 | 1,828,784 | ||||||
LEG Immobilien SE | 14,214 | 1,029,342 | ||||||
Leoni AG(2) | 7,189 | 22,666 | ||||||
LPKF Laser & Electronics SE(2) | 3,324 | 40,552 | ||||||
MBB SE | 30 | 2,507 | ||||||
Medios AG(2) | 1,294 | 26,729 | ||||||
Mercedes-Benz Group AG | 72,367 | 5,546,403 | ||||||
Merck KGaA | 6,402 | 1,213,134 | ||||||
METRO AG(2) | 9,856 | 88,870 | ||||||
MLP SE | 5,074 | 26,444 | ||||||
MorphoSys AG(2) | 3,135 | 56,878 | ||||||
MPH Health Care AG(2) | 17 | 281 | ||||||
MTU Aero Engines AG | 12,625 | 3,046,703 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 16,337 | 5,627,723 | ||||||
Mutares SE & Co. KGaA | 4,820 | 103,101 | ||||||
Nabaltec AG | 291 | 8,155 | ||||||
Nagarro SE(2) | 2,292 | 234,589 | ||||||
Nemetschek SE | 6,129 | 347,084 | ||||||
New Work SE | 663 | 113,050 | ||||||
Nordex SE(2) | 1,338 | 20,128 | ||||||
Norma Group SE | 7,045 | 189,728 | ||||||
PATRIZIA SE | 4,727 | 54,933 | ||||||
Pfeiffer Vacuum Technology AG | 154 | 25,403 | ||||||
Porsche Automobil Holding SE, Preference Shares | 28,575 | 1,621,881 | ||||||
ProSiebenSat.1 Media SE | 13,178 | 131,238 | ||||||
Puma SE | 10,207 | 649,721 | ||||||
PVA TePla AG(2) | 10,237 | 276,795 | ||||||
QIAGEN NV(2) | 46,290 | 2,127,026 | ||||||
Rational AG | 457 | 303,125 | ||||||
Rheinmetall AG | 10,803 | 2,745,879 |
125
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
RTL Group SA | 593 | $ | 28,586 | |||||
RWE AG | 131,135 | 5,566,315 | ||||||
SAF-Holland SE | 17,348 | 216,558 | ||||||
Salzgitter AG | 14,139 | 593,300 | ||||||
SAP SE, ADR | 33,918 | 3,860,547 | ||||||
Sartorius AG, Preference Shares | 3,886 | 1,650,648 | ||||||
Schaeffler AG, Preference Shares | 28,279 | 206,096 | ||||||
Scout24 SE | 4,541 | 248,875 | ||||||
Secunet Security Networks AG | 343 | 83,423 | ||||||
SGL Carbon SE(1)(2) | 20,941 | 196,043 | ||||||
Siemens AG | 47,578 | 7,250,497 | ||||||
Siemens Energy AG(2) | 56,759 | 1,137,357 | ||||||
Siemens Healthineers AG | 18,515 | 966,300 | ||||||
Siltronic AG | 6,076 | 442,446 | ||||||
Sixt SE | 1,906 | 257,675 | ||||||
Sixt SE, Preference Shares | 2,216 | 179,468 | ||||||
SMA Solar Technology AG(2) | 1,112 | 86,690 | ||||||
Stabilus SE | 8,019 | 542,080 | ||||||
Steico SE | 1,791 | 104,137 | ||||||
STO SE & Co. KGaA, Preference Shares | 497 | 78,728 | ||||||
STRATEC SE | 1,779 | 144,683 | ||||||
Stroeer SE & Co. KGaA | 3,977 | 222,836 | ||||||
Suedzucker AG | 10,333 | 175,323 | ||||||
SUESS MicroTec SE | 9,613 | 220,152 | ||||||
Symrise AG | 19,514 | 1,993,732 | ||||||
Synlab AG | 8,099 | 59,890 | ||||||
TAG Immobilien AG | 30,520 | 242,707 | ||||||
TeamViewer AG(2) | 47,534 | 766,275 | ||||||
Technotrans SE | 378 | 11,191 | ||||||
Telefonica Deutschland Holding AG | 1,018,846 | 3,090,604 | ||||||
thyssenkrupp AG | 143,504 | 1,074,939 | ||||||
United Internet AG | 11,304 | 247,026 | ||||||
VERBIO Vereinigte BioEnergie AG | 3,962 | 198,759 | ||||||
Villeroy & Boch AG, Preference Shares | 411 | 8,627 | ||||||
Vitesco Technologies Group AG, Class A(2) | 6,560 | 455,408 | ||||||
Volkswagen AG | 2,079 | 369,355 | ||||||
Volkswagen AG, Preference Shares | 20,746 | 2,824,062 | ||||||
Vonovia SE | 95,639 | 2,405,230 | ||||||
Vossloh AG | 30 | 1,283 | ||||||
Wacker Chemie AG | 2,956 | 463,166 | ||||||
Wacker Neuson SE | 6,179 | 130,962 | ||||||
Washtec AG | 1,313 | 54,658 | ||||||
Wuestenrot & Wuerttembergische AG | 2,845 | 51,678 | ||||||
Zalando SE(2) | 12,806 | 507,374 | ||||||
177,356,888 | ||||||||
Hong Kong — 2.4% | ||||||||
AIA Group Ltd. | 1,087,264 | 11,555,451 | ||||||
ASMPT Ltd. | 84,200 | 718,427 | ||||||
Atlas Corp.(1) | 36,641 | 562,806 | ||||||
AustAsia Group Ltd.(2) | 18,600 | 9,668 | ||||||
Bank of East Asia Ltd.(1) | 504,905 | 713,211 |
126
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
BOC Hong Kong Holdings Ltd. | 900,000 | $ | 3,045,911 | |||||
Bossini International Holdings Ltd.(2) | 40,000 | 2,041 | ||||||
Bright Smart Securities & Commodities Group Ltd. | 368,000 | 68,991 | ||||||
Budweiser Brewing Co. APAC Ltd. | 64,100 | 192,210 | ||||||
Cafe de Coral Holdings Ltd. | 202,000 | 310,571 | ||||||
Central Wealth Group Holdings Ltd.(2) | 8,442,000 | 93,595 | ||||||
China Tonghai International Financial Ltd.(2) | 20,000 | 504 | ||||||
Chow Sang Sang Holdings International Ltd. | 98,000 | 126,208 | ||||||
Chuang's Consortium International Ltd. | 4,000 | 336 | ||||||
CITIC Telecom International Holdings Ltd. | 115,000 | 41,904 | ||||||
CK Asset Holdings Ltd. | 363,686 | 2,281,050 | ||||||
CK Hutchison Holdings Ltd. | 267,500 | 1,597,309 | ||||||
CK Infrastructure Holdings Ltd. | 69,000 | 363,967 | ||||||
CK Life Sciences International Holdings, Inc.(1) | 166,000 | 16,926 | ||||||
CLP Holdings Ltd. | 372,000 | 2,630,715 | ||||||
CMBC Capital Holdings Ltd.(1) | 73,000 | 15,286 | ||||||
C-Mer Eye Care Holdings Ltd.(2) | 114,000 | 67,061 | ||||||
Cowell e Holdings, Inc.(1)(2) | 117,000 | 209,371 | ||||||
Dah Sing Banking Group Ltd. | 49,200 | 39,934 | ||||||
Dah Sing Financial Holdings Ltd. | 28,400 | 76,731 | ||||||
DFI Retail Group Holdings Ltd.(1) | 18,700 | 60,266 | ||||||
Dickson Concepts International Ltd. | 15,500 | 8,275 | ||||||
EC Healthcare | 128,000 | 121,756 | ||||||
E-Commodities Holdings Ltd. | 618,000 | 107,943 | ||||||
Esprit Holdings Ltd.(1)(2) | 152,500 | 14,388 | ||||||
ESR Group Ltd. | 69,459 | 118,152 | ||||||
Far East Consortium International Ltd. | 18,700 | 4,361 | ||||||
First Pacific Co. Ltd. | 254,000 | 85,170 | ||||||
Fosun Tourism Group(2) | 58,400 | 76,228 | ||||||
FSE Lifestyle Services Ltd. | 3,000 | 2,355 | ||||||
Futu Holdings Ltd., ADR(1)(2) | 7,586 | 373,307 | ||||||
Galaxy Entertainment Group Ltd. | 78,000 | 519,296 | ||||||
Giordano International Ltd. | 250,000 | 60,887 | ||||||
Green Future Food Hydrocolloid Marine Science Co. Ltd.(1)(2) | 96,000 | 18,346 | ||||||
Guotai Junan International Holdings Ltd. | 520,000 | 45,749 | ||||||
Haitong International Securities Group Ltd.(1)(2) | 470,800 | 47,414 | ||||||
Hang Lung Group Ltd. | 185,000 | 336,140 | ||||||
Hang Lung Properties Ltd. | 612,000 | 1,180,351 | ||||||
Hang Seng Bank Ltd. | 63,700 | 1,036,177 | ||||||
Henderson Land Development Co. Ltd. | 204,000 | 716,077 | ||||||
HK Electric Investments & HK Electric Investments Ltd. | 250,000 | 159,860 | ||||||
HKBN Ltd. | 85,500 | 54,571 | ||||||
HKT Trust & HKT Ltd. | 272,000 | 353,627 | ||||||
Hong Kong & China Gas Co. Ltd. | 1,110,990 | 1,044,334 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 52,088 | 2,086,262 | ||||||
Hong Kong Technology Venture Co. Ltd.(1) | 187,000 | 138,306 | ||||||
Hongkong & Shanghai Hotels Ltd.(2) | 20,000 | 20,878 | ||||||
Hongkong Land Holdings Ltd. | 259,200 | 1,185,727 | ||||||
Hysan Development Co. Ltd. | 356,000 | 1,127,577 | ||||||
IGG, Inc.(2) | 137,000 | 50,203 | ||||||
International Housewares Retail Co. Ltd. | 24,000 | 8,564 |
127
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
IRC Ltd.(1)(2) | 910,000 | $ | 13,800 | |||||
Jardine Matheson Holdings Ltd. | 29,500 | 1,462,304 | ||||||
JBM Healthcare Ltd. | 1,000 | 93 | ||||||
Johnson Electric Holdings Ltd. | 104,389 | 119,746 | ||||||
K Wah International Holdings Ltd. | 171,000 | 59,073 | ||||||
Karrie International Holdings Ltd. | 96,000 | 16,766 | ||||||
Kerry Logistics Network Ltd. | 9,566 | 15,810 | ||||||
Kerry Properties Ltd. | 160,500 | 401,881 | ||||||
Kwoon Chung Bus Holdings Ltd.(2) | 4,000 | 1,157 | ||||||
Luk Fook Holdings International Ltd. | 98,000 | 312,859 | ||||||
Man Wah Holdings Ltd. | 385,200 | 394,376 | ||||||
Melco Resorts & Entertainment Ltd., ADR(2) | 12,986 | 165,961 | ||||||
MGM China Holdings Ltd.(1)(2) | 74,800 | 91,225 | ||||||
Modern Dental Group Ltd. | 67,000 | 25,207 | ||||||
MTR Corp. Ltd. | 112,286 | 565,839 | ||||||
Multifield International Holdings Ltd. | 6,400 | 816 | ||||||
New World Development Co. Ltd. | 972,750 | 2,647,985 | ||||||
NWS Holdings Ltd. | 432,000 | 380,383 | ||||||
Oriental Watch Holdings | 150,000 | 80,305 | ||||||
Pacific Basin Shipping Ltd. | 4,101,000 | 1,488,758 | ||||||
Pacific Textiles Holdings Ltd. | 190,000 | 63,675 | ||||||
Paliburg Holdings Ltd.(2) | 4,000 | 959 | ||||||
PAX Global Technology Ltd. | 82,000 | 71,711 | ||||||
PC Partner Group Ltd. | 54,000 | 39,603 | ||||||
PCCW Ltd. | 387,357 | 192,556 | ||||||
Perfect Medical Health Management Ltd.(1) | 90,000 | 46,600 | ||||||
Power Assets Holdings Ltd. | 154,500 | 826,386 | ||||||
Realord Group Holdings Ltd.(1)(2) | 24,000 | 19,264 | ||||||
Sa Sa International Holdings Ltd.(2) | 254,000 | 59,285 | ||||||
Sands China Ltd.(2) | 60,800 | 211,013 | ||||||
SAS Dragon Holdings Ltd. | 4,000 | 1,953 | ||||||
Shangri-La Asia Ltd.(2) | 146,000 | 139,645 | ||||||
Shun Tak Holdings Ltd.(2) | 586,000 | 118,711 | ||||||
Singamas Container Holdings Ltd. | 614,000 | 53,186 | ||||||
Sino Land Co. Ltd.(1) | 1,187,233 | 1,522,449 | ||||||
SITC International Holdings Co. Ltd. | 322,000 | 673,607 | ||||||
SJM Holdings Ltd.(1)(2) | 327,000 | 164,745 | ||||||
SmarTone Telecommunications Holdings Ltd. | 60,500 | 40,416 | ||||||
Stella International Holdings Ltd. | 30,000 | 29,166 | ||||||
Sun Hung Kai & Co. Ltd. | 33,000 | 13,378 | ||||||
Sun Hung Kai Properties Ltd. | 147,500 | 2,015,795 | ||||||
SUNeVision Holdings Ltd. | 107,000 | 62,986 | ||||||
Swire Pacific Ltd., Class A | 267,000 | 2,178,908 | ||||||
Swire Properties Ltd. | 171,800 | 452,092 | ||||||
Symphony Holdings Ltd. | 10,000 | 1,058 | ||||||
Tam Jai International Co. Ltd. | 131,000 | 38,408 | ||||||
Techtronic Industries Co. Ltd. | 98,500 | 980,988 | ||||||
Ten Pao Group Holdings Ltd. | 68,000 | 12,639 | ||||||
Texhong International Group Ltd. | 52,500 | 45,033 | ||||||
Texwinca Holdings Ltd. | 26,000 | 4,374 | ||||||
Theme International Holdings Ltd.(1)(2) | 780,000 | 79,541 |
128
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Time Interconnect Technology Ltd. | 184,000 | $ | 37,321 | |||||
United Energy Group Ltd. | 2,374,000 | 217,891 | ||||||
United Laboratories International Holdings Ltd. | 620,000 | 371,621 | ||||||
Upbest Group Ltd. | 6,000 | 398 | ||||||
Value Partners Group Ltd.(1) | 204,000 | 73,401 | ||||||
Vitasoy International Holdings Ltd. | 62,000 | 127,046 | ||||||
VTech Holdings Ltd. | 67,200 | 369,179 | ||||||
WH Group Ltd. | 3,311,478 | 1,927,045 | ||||||
Wharf Real Estate Investment Co. Ltd. | 135,000 | 740,181 | ||||||
Wynn Macau Ltd.(2) | 107,600 | 111,279 | ||||||
Xinyi Electric Storage Holdings Ltd.(2) | 6,080 | 3,781 | ||||||
Xinyi Glass Holdings Ltd. | 486,000 | 908,696 | ||||||
Yue Yuen Industrial Holdings Ltd. | 231,000 | 341,761 | ||||||
Zensun Enterprises Ltd.(1)(2) | 25,000 | 3,884 | ||||||
59,540,689 | ||||||||
Ireland — 0.6% | ||||||||
AIB Group PLC | 530,748 | 2,266,984 | ||||||
Bank of Ireland Group PLC | 316,243 | 3,484,085 | ||||||
Cairn Homes PLC | 34,970 | 34,842 | ||||||
CRH PLC | 76,509 | 3,593,893 | ||||||
Dalata Hotel Group PLC(2) | 69,694 | 316,516 | ||||||
FBD Holdings PLC | 1,492 | 21,463 | ||||||
Glanbia PLC | 63,158 | 779,917 | ||||||
Glenveagh Properties PLC(2) | 238,196 | 250,790 | ||||||
Kerry Group PLC, A Shares | 12,662 | 1,212,320 | ||||||
Kingspan Group PLC | 8,938 | 580,148 | ||||||
Origin Enterprises PLC | 27,398 | 122,605 | ||||||
Permanent TSB Group Holdings PLC(2) | 426 | 1,172 | ||||||
Smurfit Kappa Group PLC | 72,376 | 2,700,111 | ||||||
Uniphar PLC | 32,134 | 111,512 | ||||||
15,476,358 | ||||||||
Israel — 0.9% | ||||||||
Adgar Investment and Development Ltd. | 1,776 | 2,160 | ||||||
AFI Properties Ltd.(2) | 610 | 16,224 | ||||||
Africa Israel Residences Ltd. | 559 | 20,634 | ||||||
Airport City Ltd.(2) | 9,661 | 127,703 | ||||||
Alony Hetz Properties & Investments Ltd. | 21,766 | 189,432 | ||||||
Altshuler Shaham Penn Ltd. | 19,124 | 36,152 | ||||||
Amot Investments Ltd. | 22,774 | 112,881 | ||||||
Arad Investment & Industrial Development Ltd. | 146 | 14,862 | ||||||
Arad Ltd. | 793 | 8,889 | ||||||
Argo Properties NV(2) | 1,659 | 25,829 | ||||||
Ashtrom Group Ltd. | 3,049 | 46,786 | ||||||
AudioCodes Ltd. | 1,060 | 17,119 | ||||||
Azorim-Investment Development & Construction Co. Ltd. | 10,263 | 27,131 | ||||||
Azrieli Group Ltd. | 1,582 | 88,783 | ||||||
Bank Hapoalim BM | 226,775 | 1,896,797 | ||||||
Bank Leumi Le-Israel BM | 237,392 | 1,845,610 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 371,827 | 514,668 | ||||||
Big Shopping Centers Ltd.(2) | 574 | 49,785 | ||||||
Blue Square Real Estate Ltd. | 749 | 37,589 |
129
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Caesarstone Ltd. | 3,402 | $ | 19,800 | |||||
Camtek Ltd.(2) | 4,223 | 114,327 | ||||||
Carasso Motors Ltd. | 4,658 | 22,656 | ||||||
Cellcom Israel Ltd.(2) | 19,724 | 79,247 | ||||||
Ceragon Networks Ltd.(1)(2) | 817 | 1,511 | ||||||
Check Point Software Technologies Ltd.(2) | 6,899 | 853,544 | ||||||
Clal Insurance Enterprises Holdings Ltd.(2) | 27,723 | 397,533 | ||||||
Cognyte Software Ltd.(2) | 9,975 | 36,908 | ||||||
CyberArk Software Ltd.(2) | 901 | 130,438 | ||||||
Danel Adir Yeoshua Ltd. | 1,154 | 86,940 | ||||||
Delek Automotive Systems Ltd. | 14,933 | 150,829 | ||||||
Delek Group Ltd.(2) | 1,498 | 140,029 | ||||||
Delta Galil Ltd. | 1,972 | 80,075 | ||||||
Elbit Systems Ltd. | 1,295 | 219,263 | ||||||
Elco Ltd. | 903 | 33,266 | ||||||
Electra Consumer Products 1970 Ltd. | 1,594 | 41,873 | ||||||
Electra Ltd. | 301 | 122,022 | ||||||
Equital Ltd.(2) | 2,203 | 52,050 | ||||||
Fattal Holdings 1998 Ltd.(2) | 998 | 83,083 | ||||||
FIBI Holdings Ltd. | 5,109 | 187,420 | ||||||
First International Bank of Israel Ltd. | 9,793 | 346,770 | ||||||
Formula Systems 1985 Ltd. | 165 | 11,276 | ||||||
Fox Wizel Ltd. | 1,541 | 122,393 | ||||||
G City Ltd. | 7,325 | 25,478 | ||||||
Gav-Yam Lands Corp. Ltd. | 4,677 | 33,393 | ||||||
Gilat Satellite Networks Ltd.(2) | 3,128 | 18,480 | ||||||
Hagag Group Real Estate Development(2) | 921 | 3,605 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 20,663 | 173,977 | ||||||
Hilan Ltd. | 1,433 | 57,917 | ||||||
ICL Group Ltd. | 108,775 | 789,420 | ||||||
IDI Insurance Co. Ltd. | 759 | 17,550 | ||||||
Ilex Medical Ltd. | 429 | 9,786 | ||||||
Inmode Ltd.(2) | 10,846 | 382,972 | ||||||
Inrom Construction Industries Ltd. | 17,244 | 57,433 | ||||||
Isracard Ltd. | 44,791 | 158,726 | ||||||
Israel Corp. Ltd. | 899 | 306,495 | ||||||
Israel Discount Bank Ltd., A Shares | 397,611 | 1,886,061 | ||||||
Israel Land Development Co. Ltd. | 1,768 | 16,433 | ||||||
Isras Investment Co. Ltd. | 474 | 73,751 | ||||||
Ituran Location & Control Ltd. | 3,775 | 84,334 | ||||||
Kamada Ltd.(2) | 543 | 2,321 | ||||||
Kenon Holdings Ltd. | 1,670 | 46,762 | ||||||
M Yochananof & Sons Ltd. | 742 | 35,276 | ||||||
Magic Software Enterprises Ltd. | 4,418 | 59,950 | ||||||
Malam - Team Ltd. | 872 | 15,812 | ||||||
Matrix IT Ltd. | 3,474 | 63,612 | ||||||
Maytronics Ltd. | 1,382 | 16,657 | ||||||
Mediterranean Towers Ltd. | 6,613 | 12,594 | ||||||
Mega Or Holdings Ltd. | 1,423 | 30,537 | ||||||
Melisron Ltd. | 1,961 | 117,346 | ||||||
Menora Mivtachim Holdings Ltd. | 5,830 | 112,093 |
130
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Migdal Insurance & Financial Holdings Ltd.(2) | 97,000 | $ | 108,310 | |||||
Mivne Real Estate KD Ltd. | 43,225 | 111,737 | ||||||
Mizrahi Tefahot Bank Ltd. | 21,431 | 637,284 | ||||||
Nano Dimension Ltd., ADR(1)(2) | 13,394 | 39,378 | ||||||
Naphtha Israel Petroleum Corp. Ltd. | 1,311 | 4,870 | ||||||
Nawi Brothers Ltd. | 1,423 | 9,466 | ||||||
Neto Malinda Trading Ltd.(2) | 518 | 10,843 | ||||||
Nice Ltd., ADR(1)(2) | 2,084 | 432,242 | ||||||
Norstar Holdings, Inc.(2) | 5,760 | 15,913 | ||||||
Nova Ltd.(2) | 2,590 | 236,238 | ||||||
Oil Refineries Ltd. | 342,881 | 103,457 | ||||||
One Software Technologies Ltd. | 6,480 | 72,416 | ||||||
Partner Communications Co. Ltd.(2) | 34,501 | 192,838 | ||||||
Paz Oil Co. Ltd.(2) | 2,369 | 251,085 | ||||||
Perion Network Ltd.(2) | 5,009 | 173,448 | ||||||
Phoenix Holdings Ltd. | 23,029 | 219,927 | ||||||
Prashkovsky Investments & Construction Ltd. | 500 | 10,240 | ||||||
Radware Ltd.(2) | 5,430 | 113,107 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 1,156 | 63,963 | ||||||
Raval Ics Ltd. | 1,209 | 1,301 | ||||||
Retailors Ltd. | 1,250 | 20,005 | ||||||
Sapiens International Corp. NV | 4,323 | 89,813 | ||||||
Scope Metals Group Ltd.(2) | 2,018 | 66,627 | ||||||
Shapir Engineering & Industry Ltd. | 10,541 | 69,565 | ||||||
Shikun & Binui Ltd.(2) | 57,463 | 131,269 | ||||||
Shufersal Ltd. | 332,968 | 1,719,154 | ||||||
Silicom Ltd.(2) | 230 | 8,765 | ||||||
Strauss Group Ltd. | 3,660 | 83,287 | ||||||
Summit Real Estate Holdings Ltd. | 5,018 | 54,265 | ||||||
Tamar Petroleum Ltd. | 11,193 | 25,115 | ||||||
Taro Pharmaceutical Industries Ltd.(2) | 711 | 21,486 | ||||||
Tel Aviv Stock Exchange Ltd. | 8,957 | 43,805 | ||||||
Tera Light Ltd.(2) | 1,179 | 1,337 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(2) | 80,522 | 797,973 | ||||||
Tower Semiconductor Ltd.(2) | 9,975 | 408,037 | ||||||
Victory Supermarket Chain Ltd. | 392 | 3,813 | ||||||
Wix.com Ltd.(2) | 3,295 | 298,296 | ||||||
YH Dimri Construction & Development Ltd. | 1,812 | 92,681 | ||||||
ZIM Integrated Shipping Services Ltd.(1) | 65,395 | 1,547,246 | ||||||
ZUR Shamir Holdings Ltd. | 917 | 1,573 | ||||||
21,313,233 | ||||||||
Italy — 2.4% | ||||||||
A2A SpA | 372,800 | 548,921 | ||||||
ACEA SpA | 10,837 | 161,265 | ||||||
Amplifon SpA | 11,893 | 343,887 | ||||||
Anima Holding SpA | 21,346 | 92,214 | ||||||
Aquafil SpA | 3,718 | 22,820 | ||||||
Arnoldo Mondadori Editore SpA | 34,065 | 65,928 | ||||||
Ascopiave SpA | 16,797 | 48,002 | ||||||
Assicurazioni Generali SpA | 92,176 | 1,823,183 | ||||||
Autogrill SpA(2) | 19,777 | 140,419 |
131
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Avio SpA(1) | 486 | $ | 5,271 | |||||
Azimut Holding SpA | 65,606 | 1,556,566 | ||||||
Banca Generali SpA | 10,388 | 359,001 | ||||||
Banca IFIS SpA | 7,262 | 119,206 | ||||||
Banca Mediolanum SpA | 28,932 | 280,309 | ||||||
Banca Popolare di Sondrio SpA | 116,760 | 593,268 | ||||||
Banco BPM SpA | 600,837 | 2,619,143 | ||||||
Banco di Desio e della Brianza SpA(1) | 1,492 | 5,552 | ||||||
BFF Bank SpA | 32,161 | 319,250 | ||||||
Biesse SpA | 4,417 | 79,466 | ||||||
BPER Banca | 525,492 | 1,492,653 | ||||||
Brembo SpA | 19,714 | 310,841 | ||||||
Brunello Cucinelli SpA | 16,104 | 1,356,652 | ||||||
Buzzi Unicem SpA | 8,576 | 197,234 | ||||||
Cairo Communication SpA | 443 | 813 | ||||||
Carel Industries SpA | 3,267 | 91,044 | ||||||
Cementir Holding NV | 4,280 | 36,657 | ||||||
CIR SpA-Compagnie Industriali(2) | 75,799 | 34,894 | ||||||
CNH Industrial NV | 184,785 | 3,029,063 | ||||||
Credito Emiliano SpA | 13,483 | 115,858 | ||||||
d'Amico International Shipping SA(2) | 528,777 | 242,766 | ||||||
Danieli & C Officine Meccaniche SpA(1) | 2,036 | 55,090 | ||||||
Danieli & C Officine Meccaniche SpA, Preference Shares | 7,286 | 147,859 | ||||||
Davide Campari-Milano NV | 4,788 | 53,605 | ||||||
De' Longhi SpA | 3,100 | 77,258 | ||||||
DiaSorin SpA | 963 | 116,087 | ||||||
Digital Bros SpA(1) | 1,147 | 26,866 | ||||||
Digital Value SpA(2) | 772 | 58,844 | ||||||
doValue SpA | 10,061 | 73,482 | ||||||
Enav SpA | 36,812 | 162,906 | ||||||
Enel SpA | 506,127 | 2,839,150 | ||||||
Eni SpA, ADR | 143,889 | 4,080,692 | ||||||
ERG SpA | 15,011 | 431,701 | ||||||
Esprinet SpA | 2,865 | 21,865 | ||||||
Ferrari NV | 8,478 | 2,199,585 | ||||||
Fila SpA | 2,851 | 22,610 | ||||||
Fincantieri SpA(2) | 120,808 | 76,637 | ||||||
FinecoBank Banca Fineco SpA | 133,042 | 2,299,028 | ||||||
Gruppo MutuiOnline SpA | 711 | 21,600 | ||||||
Hera SpA | 241,038 | 641,493 | ||||||
Infrastrutture Wireless Italiane SpA | 3,592 | 39,534 | ||||||
Interpump Group SpA | 1,856 | 101,883 | ||||||
Intesa Sanpaolo SpA | 1,522,913 | 4,113,820 | ||||||
Iren SpA | 238,529 | 412,880 | ||||||
Italgas SpA | 326,007 | 1,851,895 | ||||||
Iveco Group NV(2) | 92,140 | 869,811 | ||||||
KME Group SpA(2) | 23,351 | 19,392 | ||||||
Leonardo SpA | 180,467 | 2,024,715 | ||||||
Maire Tecnimont SpA(1) | 53,890 | 217,241 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 81,995 | 875,011 | ||||||
MFE-MediaForEurope NV, Class A(1) | 209,805 | 92,178 |
132
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
MFE-MediaForEurope NV, Class B(1) | 43,310 | $ | 31,335 | |||||
Moncler SpA | 14,793 | 901,722 | ||||||
Nexi SpA(2) | 13,406 | 108,195 | ||||||
OVS SpA | 105,614 | 287,215 | ||||||
Pharmanutra SpA | 424 | 26,885 | ||||||
Piaggio & C SpA | 39,224 | 165,882 | ||||||
Poste Italiane SpA | 103,967 | 1,121,052 | ||||||
Prysmian SpA | 16,073 | 617,926 | ||||||
RAI Way SpA | 31,867 | 181,784 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 7,622 | 323,223 | ||||||
Reply SpA | 1,488 | 178,575 | ||||||
Safilo Group SpA(1)(2) | 13,716 | 20,286 | ||||||
Salvatore Ferragamo SpA(1) | 16,323 | 310,333 | ||||||
Sanlorenzo SpA/Ameglia | 1,000 | 45,681 | ||||||
Saras SpA(2) | 226,969 | 343,332 | ||||||
Sesa SpA | 2,126 | 274,209 | ||||||
Snam SpA | 408,945 | 2,009,135 | ||||||
SOL SpA | 2,502 | 64,161 | ||||||
Stellantis NV | 242,556 | 4,243,342 | ||||||
Tamburi Investment Partners SpA | 2,962 | 24,001 | ||||||
Technogym SpA | 16,948 | 150,566 | ||||||
Telecom Italia SpA(1)(2) | 743,208 | 242,674 | ||||||
Tenaris SA, ADR | 6,871 | 226,812 | ||||||
Terna - Rete Elettrica Nazionale | 183,440 | 1,378,999 | ||||||
Tinexta Spa(1) | 922 | 23,424 | ||||||
Tod's SpA(2) | 1,049 | 39,792 | ||||||
UniCredit SpA | 295,016 | 6,035,590 | ||||||
Unieuro SpA(1) | 3,508 | 41,602 | ||||||
Unipol Gruppo SpA | 52,115 | 275,682 | ||||||
Webuild SpA(1) | 86,058 | 156,350 | ||||||
Zignago Vetro SpA | 2,366 | 44,279 | ||||||
60,010,908 | ||||||||
Japan — 19.8% | ||||||||
77 Bank Ltd.(1) | 17,700 | 315,334 | ||||||
A&D HOLON Holdings Co. Ltd. | 7,700 | 79,150 | ||||||
ABC-Mart, Inc.(1) | 700 | 34,488 | ||||||
Acom Co. Ltd. | 24,300 | 59,771 | ||||||
Adastria Co. Ltd.(1) | 12,100 | 192,493 | ||||||
ADEKA Corp. | 11,700 | 189,842 | ||||||
Advantest Corp.(1) | 23,000 | 1,823,181 | ||||||
Adventure, Inc. | 600 | 42,825 | ||||||
Adways, Inc.(1) | 7,600 | 36,515 | ||||||
Aeon Co. Ltd.(1) | 43,400 | 809,491 | ||||||
Aeon Delight Co. Ltd.(1) | 3,100 | 67,632 | ||||||
Aeon Fantasy Co. Ltd.(1) | 2,400 | 48,590 | ||||||
AEON Financial Service Co. Ltd.(1) | 32,300 | 306,636 | ||||||
Aeon Mall Co. Ltd.(1) | 19,200 | 250,698 | ||||||
AFC-HD AMS Life Science Co. Ltd. | 1,900 | 10,720 | ||||||
AGC, Inc. | 107,000 | 3,958,645 | ||||||
Ai Holdings Corp. | 3,600 | 59,753 | ||||||
Aichi Financial Group, Inc. | 5,661 | 104,532 |
133
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Aichi Steel Corp. | 1,300 | $ | 23,209 | |||||
Aida Engineering Ltd. | 3,300 | 19,437 | ||||||
Aiful Corp. | 51,800 | 141,531 | ||||||
Ain Holdings, Inc. | 4,600 | 191,217 | ||||||
Air Water, Inc. | 28,200 | 339,044 | ||||||
Airport Facilities Co. Ltd. | 1,300 | 5,254 | ||||||
Airtrip Corp.(1) | 2,200 | 39,619 | ||||||
Aisan Industry Co. Ltd. | 6,000 | 40,870 | ||||||
Aisin Corp. | 16,800 | 460,379 | ||||||
Aizawa Securities Group Co. Ltd. | 300 | 1,537 | ||||||
Ajinomoto Co., Inc. | 83,300 | 2,457,943 | ||||||
Akatsuki, Inc. | 1,900 | 30,273 | ||||||
Akebono Brake Industry Co. Ltd.(2) | 33,200 | 35,370 | ||||||
Alconix Corp. | 4,500 | 44,913 | ||||||
Alfresa Holdings Corp. | 22,400 | 270,519 | ||||||
Alpen Co. Ltd.(1) | 3,500 | 50,617 | ||||||
Alps Alpine Co. Ltd.(1) | 48,600 | 461,644 | ||||||
Altech Corp. | 1,500 | 27,764 | ||||||
Amada Co. Ltd. | 49,500 | 450,457 | ||||||
Amano Corp. | 12,400 | 229,316 | ||||||
ANA Holdings, Inc.(2) | 5,000 | 101,443 | ||||||
Anritsu Corp. | 21,100 | 192,602 | ||||||
AOKI Holdings, Inc.(1) | 7,300 | 43,996 | ||||||
Aoyama Trading Co. Ltd. | 16,200 | 115,053 | ||||||
Aozora Bank Ltd.(1) | 34,900 | 675,871 | ||||||
Arakawa Chemical Industries Ltd. | 3,500 | 25,715 | ||||||
Arata Corp. | 32,700 | 969,689 | ||||||
Arcland Service Holdings Co. Ltd.(1) | 3,200 | 51,817 | ||||||
Arclands Corp.(1) | 8,500 | 90,011 | ||||||
Arcs Co. Ltd.(1) | 7,400 | 117,788 | ||||||
Arealink Co. Ltd. | 100 | 1,529 | ||||||
Argo Graphics, Inc. | 8,300 | 228,774 | ||||||
Arisawa Manufacturing Co. Ltd. | 9,000 | 92,502 | ||||||
ARTERIA Networks Corp. | 5,700 | 54,167 | ||||||
AS One Corp. | 600 | 25,010 | ||||||
Asahi Co. Ltd.(1) | 3,400 | 33,754 | ||||||
Asahi Diamond Industrial Co. Ltd.(1) | 12,200 | 74,718 | ||||||
Asahi Group Holdings Ltd. | 13,100 | 463,273 | ||||||
Asahi Holdings, Inc.(1) | 5,000 | 73,152 | ||||||
Asahi Intecc Co. Ltd. | 2,500 | 42,565 | ||||||
Asahi Kasei Corp. | 354,500 | 2,469,097 | ||||||
ASAHI YUKIZAI Corp.(1) | 7,100 | 146,684 | ||||||
Asanuma Corp. | 4,100 | 101,053 | ||||||
Asia Pile Holdings Corp. | 6,000 | 32,120 | ||||||
Asics Corp. | 25,000 | 632,995 | ||||||
ASKA Pharmaceutical Holdings Co. Ltd. | 3,500 | 29,215 | ||||||
ASKUL Corp. | 12,300 | 155,497 | ||||||
Astellas Pharma, Inc. | 161,800 | 2,272,089 | ||||||
Astena Holdings Co. Ltd. | 6,000 | 18,864 | ||||||
Aucnet, Inc. | 3,500 | 44,955 | ||||||
Autobacs Seven Co. Ltd. | 8,300 | 88,653 |
134
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Avant Group Corp. | 4,100 | $ | 42,269 | |||||
Awa Bank Ltd. | 5,100 | 83,264 | ||||||
Axell Corp.(1) | 4,200 | 52,681 | ||||||
Axial Retailing, Inc. | 3,200 | 81,486 | ||||||
Azbil Corp.(1) | 2,500 | 65,015 | ||||||
AZ-Com Maruwa Holdings, Inc.(1) | 3,700 | 48,426 | ||||||
Bandai Namco Holdings, Inc. | 15,400 | 951,584 | ||||||
Bando Chemical Industries Ltd. | 2,900 | 22,323 | ||||||
Bank of Iwate Ltd. | 3,000 | 54,817 | ||||||
Bank of Kyoto Ltd. | 4,300 | 205,278 | ||||||
Bank of Nagoya Ltd. | 2,100 | 55,123 | ||||||
Bank of Saga Ltd. | 200 | 2,730 | ||||||
Bank of the Ryukyus Ltd. | 5,400 | 44,822 | ||||||
BayCurrent Consulting, Inc. | 12,700 | 498,572 | ||||||
Belc Co. Ltd.(1) | 2,600 | 102,481 | ||||||
Bell System24 Holdings, Inc.(1) | 2,900 | 30,765 | ||||||
Belluna Co. Ltd.(1) | 13,900 | 70,851 | ||||||
Benefit One, Inc. | 5,900 | 90,454 | ||||||
Bic Camera, Inc.(1) | 5,700 | 48,819 | ||||||
BIPROGY, Inc. | 14,000 | 310,229 | ||||||
BML, Inc. | 8,200 | 190,587 | ||||||
Bourbon Corp. | 200 | 3,084 | ||||||
Bridgestone Corp. | 92,900 | 3,554,153 | ||||||
Brother Industries Ltd. | 41,000 | 603,066 | ||||||
Bunka Shutter Co. Ltd.(1) | 12,300 | 100,785 | ||||||
BuySell Technologies Co. Ltd. | 800 | 31,754 | ||||||
C Uyemura & Co. Ltd. | 2,600 | 118,371 | ||||||
Calbee, Inc.(1) | 20,600 | 408,470 | ||||||
Canon Electronics, Inc. | 3,400 | 44,112 | ||||||
Canon Marketing Japan, Inc. | 4,700 | 103,866 | ||||||
Canon, Inc., ADR(1) | 84,215 | 1,808,096 | ||||||
Capcom Co. Ltd. | 24,700 | 777,319 | ||||||
Carenet, Inc. | 7,400 | 62,279 | ||||||
Casio Computer Co. Ltd.(1) | 8,700 | 85,271 | ||||||
Cawachi Ltd.(1) | 2,200 | 37,708 | ||||||
Celsys, Inc.(1) | 9,800 | 47,414 | ||||||
Central Automotive Products Ltd. | 600 | 11,852 | ||||||
Central Glass Co. Ltd. | 10,600 | 260,489 | ||||||
Central Japan Railway Co. | 5,900 | 662,422 | ||||||
Central Security Patrols Co. Ltd.(1) | 1,000 | 18,520 | ||||||
Central Sports Co. Ltd. | 1,100 | 20,046 | ||||||
Charm Care Corp. KK | 3,300 | 26,799 | ||||||
Chiba Bank Ltd. | 42,300 | 309,717 | ||||||
Chilled & Frozen Logistics Holdings Co. Ltd. | 100 | 893 | ||||||
Chiyoda Corp.(2) | 7,800 | 23,800 | ||||||
Chofu Seisakusho Co. Ltd. | 1,200 | 18,635 | ||||||
Chori Co. Ltd. | 1,300 | 24,996 | ||||||
Chubu Electric Power Co., Inc. | 43,700 | 452,481 | ||||||
Chubu Steel Plate Co. Ltd.(1)(2) | 8,500 | 133,869 | ||||||
Chudenko Corp.(1) | 5,700 | 90,264 | ||||||
Chugai Pharmaceutical Co. Ltd. | 54,200 | 1,348,359 |
135
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Chugin Financial Group, Inc. | 24,600 | $ | 172,571 | |||||
Chugoku Electric Power Co., Inc. | 3,500 | 17,214 | ||||||
Chugoku Marine Paints Ltd.(1) | 3,500 | 28,810 | ||||||
CI Takiron Corp.(1) | 5,800 | 21,639 | ||||||
Citizen Watch Co. Ltd.(1) | 107,700 | 651,916 | ||||||
CKD Corp. | 14,600 | 225,553 | ||||||
CMIC Holdings Co. Ltd. | 300 | 3,962 | ||||||
CMK Corp.(1) | 10,700 | 38,775 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 44,600 | 469,497 | ||||||
COLOPL, Inc. | 5,100 | 22,278 | ||||||
Colowide Co. Ltd. | 14,600 | 205,980 | ||||||
Computer Engineering & Consulting Ltd. | 1,600 | 17,272 | ||||||
COMSYS Holdings Corp. | 9,100 | 165,547 | ||||||
Comture Corp. | 1,800 | 29,443 | ||||||
Concordia Financial Group Ltd. | 151,600 | 651,312 | ||||||
Cosmo Energy Holdings Co. Ltd. | 17,400 | 520,097 | ||||||
Cosmos Pharmaceutical Corp. | 1,600 | 146,663 | ||||||
Create Restaurants Holdings, Inc.(1) | 25,800 | 187,082 | ||||||
Create SD Holdings Co. Ltd. | 8,100 | 200,768 | ||||||
Credit Saison Co. Ltd.(1) | 79,800 | 1,087,619 | ||||||
Creek & River Co. Ltd.(1) | 2,300 | 37,218 | ||||||
CTI Engineering Co. Ltd. | 2,500 | 63,894 | ||||||
Curves Holdings Co. Ltd.(1) | 6,900 | 38,910 | ||||||
CyberAgent, Inc.(1) | 123,400 | 1,055,048 | ||||||
Cybernet Systems Co. Ltd. | 3,100 | 21,708 | ||||||
Cybozu, Inc. | 8,400 | 164,649 | ||||||
Dai Nippon Printing Co. Ltd. | 18,400 | 493,300 | ||||||
Dai Nippon Toryo Co. Ltd. | 4,100 | 25,592 | ||||||
Daicel Corp. | 77,900 | 540,863 | ||||||
Daido Metal Co. Ltd.(1) | 7,200 | 27,662 | ||||||
Daido Steel Co. Ltd. | 2,200 | 86,426 | ||||||
Daifuku Co. Ltd. | 400 | 21,814 | ||||||
Daiho Corp.(1) | 1,800 | 50,789 | ||||||
Daiichi Jitsugyo Co. Ltd. | 700 | 27,247 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 3,900 | 29,171 | ||||||
Dai-ichi Life Holdings, Inc. | 211,300 | 4,507,938 | ||||||
Daiichi Sankyo Co. Ltd. | 95,600 | 3,011,050 | ||||||
Daiken Corp.(1) | 2,400 | 39,019 | ||||||
Daiki Aluminium Industry Co. Ltd.(1) | 10,400 | 110,486 | ||||||
Daikin Industries Ltd. | 9,800 | 1,675,748 | ||||||
Daikokutenbussan Co. Ltd. | 1,300 | 48,775 | ||||||
Daikyonishikawa Corp. | 5,500 | 27,087 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 300 | 4,062 | ||||||
Daio Paper Corp.(1) | 13,400 | 106,295 | ||||||
Daiseki Co. Ltd.(1) | 3,480 | 104,552 | ||||||
Daishi Hokuetsu Financial Group, Inc. | 15,200 | 362,639 | ||||||
Daishinku Corp.(1) | 7,400 | 40,170 | ||||||
Daito Pharmaceutical Co. Ltd. | 1,800 | 32,528 | ||||||
Daito Trust Construction Co. Ltd. | 37,300 | 3,513,612 | ||||||
Daiwa House Industry Co. Ltd. | 36,800 | 849,387 | ||||||
Daiwa Industries Ltd. | 2,200 | 21,810 |
136
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Daiwa Securities Group, Inc.(1) | 536,600 | $ | 2,564,917 | |||||
Daiwabo Holdings Co. Ltd. | 19,000 | 293,619 | ||||||
DCM Holdings Co. Ltd.(1) | 18,000 | 151,652 | ||||||
DeNA Co. Ltd.(1) | 5,200 | 66,785 | ||||||
Denka Co. Ltd. | 43,700 | 922,834 | ||||||
Denso Corp. | 14,600 | 776,263 | ||||||
Dentsu Group, Inc. | 63,000 | 2,020,319 | ||||||
Dexerials Corp.(1) | 54,100 | 1,059,975 | ||||||
DIC Corp. | 15,700 | 280,275 | ||||||
Digital Arts, Inc. | 1,600 | 62,747 | ||||||
Digital Garage, Inc. | 10,500 | 346,672 | ||||||
Digital Hearts Holdings Co. Ltd. | 2,600 | 30,060 | ||||||
Digital Information Technologies Corp. | 1,900 | 22,998 | ||||||
Dip Corp.(1) | 4,200 | 108,515 | ||||||
Direct Marketing MiX, Inc. | 2,100 | 22,693 | ||||||
Disco Corp. | 3,000 | 940,685 | ||||||
DKK Co. Ltd. | 1,000 | 16,503 | ||||||
DKS Co. Ltd. | 1,400 | 20,045 | ||||||
DMG Mori Co. Ltd. | 31,000 | 498,656 | ||||||
Doshisha Co. Ltd. | 3,100 | 41,675 | ||||||
Doutor Nichires Holdings Co. Ltd.(1) | 1,100 | 15,083 | ||||||
Dowa Holdings Co. Ltd.(1) | 13,300 | 433,924 | ||||||
Dream Incubator, Inc.(2) | 2,100 | 47,740 | ||||||
DTS Corp. | 5,100 | 118,522 | ||||||
Duskin Co. Ltd. | 28,100 | 639,711 | ||||||
DyDo Group Holdings, Inc.(1) | 1,600 | 55,912 | ||||||
Eagle Industry Co. Ltd. | 4,000 | 35,286 | ||||||
Earth Corp. | 2,400 | 84,515 | ||||||
East Japan Railway Co. | 7,500 | 378,782 | ||||||
Ebara Corp. | 18,500 | 786,198 | ||||||
Ebara Jitsugyo Co. Ltd. | 400 | 8,115 | ||||||
Eco's Co. Ltd.(1) | 1,500 | 20,194 | ||||||
EDION Corp.(1) | 24,700 | 239,049 | ||||||
E-Guardian, Inc. | 6,800 | 117,953 | ||||||
Eiken Chemical Co. Ltd. | 6,800 | 77,936 | ||||||
Eisai Co. Ltd. | 17,300 | 934,420 | ||||||
Eizo Corp. | 4,300 | 120,405 | ||||||
EJ Holdings, Inc. | 2,400 | 24,854 | ||||||
Elan Corp. | 4,400 | 34,827 | ||||||
Electric Power Development Co. Ltd. | 34,900 | 556,239 | ||||||
Elematec Corp. | 3,900 | 52,136 | ||||||
en Japan, Inc.(1) | 8,200 | 142,785 | ||||||
ENEOS Holdings, Inc. | 708,100 | 2,434,362 | ||||||
Enplas Corp. | 1,500 | 44,726 | ||||||
Exedy Corp. | 8,800 | 116,752 | ||||||
EXEO Group, Inc.(1) | 29,700 | 521,137 | ||||||
Ezaki Glico Co. Ltd. | 5,400 | 135,579 | ||||||
F&M Co. Ltd. | 1,100 | 17,830 | ||||||
Fancl Corp. | 1,400 | 25,964 | ||||||
FANUC Corp. | 1,500 | 254,956 | ||||||
Fast Retailing Co. Ltd. | 3,300 | 651,472 |
137
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
FCC Co. Ltd. | 6,000 | $ | 65,774 | |||||
Feed One Co. Ltd. | 6,420 | 32,330 | ||||||
Ferrotec Holdings Corp. | 17,500 | 415,651 | ||||||
FIDEA Holdings Co. Ltd. | 4,040 | 45,147 | ||||||
Financial Partners Group Co. Ltd. | 11,700 | 100,899 | ||||||
Fixstars Corp. | 3,500 | 35,732 | ||||||
FJ Next Holdings Co. Ltd.(1) | 4,300 | 31,898 | ||||||
Food & Life Cos. Ltd. | 10,600 | 268,251 | ||||||
FP Corp. | 8,100 | 205,312 | ||||||
France Bed Holdings Co. Ltd. | 3,000 | 22,004 | ||||||
Fudo Tetra Corp. | 2,600 | 31,550 | ||||||
Fuji Corp. | 13,200 | 199,915 | ||||||
Fuji Corp./Miyagi | 1,800 | 16,461 | ||||||
Fuji Electric Co. Ltd. | 85,600 | 3,305,002 | ||||||
Fuji Kyuko Co. Ltd. | 1,000 | 30,812 | ||||||
Fuji Media Holdings, Inc. | 5,800 | 48,673 | ||||||
Fuji Oil Co. Ltd.(1) | 17,900 | 34,940 | ||||||
Fuji Seal International, Inc. | 9,300 | 112,906 | ||||||
Fuji Soft, Inc. | 3,300 | 194,623 | ||||||
Fujibo Holdings, Inc. | 1,400 | 32,065 | ||||||
Fujicco Co. Ltd. | 1,300 | 17,667 | ||||||
FUJIFILM Holdings Corp. | 11,200 | 522,501 | ||||||
Fujikura Composites, Inc. | 3,700 | 28,091 | ||||||
Fujikura Ltd. | 229,100 | 1,624,292 | ||||||
Fujimi, Inc.(1) | 1,600 | 76,695 | ||||||
Fujimori Kogyo Co. Ltd. | 4,700 | 108,666 | ||||||
Fujitec Co. Ltd.(1) | 4,300 | 99,415 | ||||||
Fujitsu Ltd. | 14,800 | 1,900,738 | ||||||
Fujiya Co. Ltd. | 3,400 | 60,361 | ||||||
Fukuda Corp. | 500 | 16,223 | ||||||
Fukui Bank Ltd. | 200 | 2,500 | ||||||
Fukui Computer Holdings, Inc. | 3,000 | 61,569 | ||||||
Fukuoka Financial Group, Inc. | 21,500 | 479,953 | ||||||
Fukushima Galilei Co. Ltd. | 1,200 | 38,318 | ||||||
Fukuyama Transporting Co. Ltd. | 3,600 | 90,381 | ||||||
FULLCAST Holdings Co. Ltd. | 3,500 | 64,840 | ||||||
Funai Soken Holdings, Inc. | 9,600 | 199,249 | ||||||
Furukawa Battery Co. Ltd.(1) | 2,000 | 16,631 | ||||||
Furukawa Co. Ltd. | 2,100 | 21,395 | ||||||
Furukawa Electric Co. Ltd. | 9,200 | 160,816 | ||||||
Furuno Electric Co. Ltd. | 4,100 | 29,239 | ||||||
Furyu Corp.(1) | 2,500 | 22,044 | ||||||
Fuso Chemical Co. Ltd. | 3,300 | 89,904 | ||||||
Futaba Industrial Co. Ltd. | 7,600 | 24,053 | ||||||
Future Corp. | 9,400 | 121,226 | ||||||
Fuyo General Lease Co. Ltd. | 4,000 | 275,540 | ||||||
G-7 Holdings, Inc. | 5,800 | 61,178 | ||||||
Gakken Holdings Co. Ltd. | 4,800 | 31,151 | ||||||
Gakkyusha Co. Ltd. | 2,100 | 31,150 | ||||||
Genky DrugStores Co. Ltd. | 2,500 | 74,448 | ||||||
Geo Holdings Corp. | 3,500 | 41,583 |
138
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Gift Holdings, Inc. | 1,100 | $ | 33,185 | |||||
Giken Ltd. | 3,100 | 63,766 | ||||||
GLOBERIDE, Inc. | 10,100 | 190,266 | ||||||
Glory Ltd. | 4,500 | 91,543 | ||||||
GMO Financial Holdings, Inc.(1) | 7,400 | 31,678 | ||||||
GMO internet group, Inc. | 9,100 | 168,868 | ||||||
GMO Payment Gateway, Inc. | 2,100 | 172,485 | ||||||
Godo Steel Ltd. | 3,400 | 89,318 | ||||||
Goldcrest Co. Ltd.(1) | 4,400 | 54,303 | ||||||
Goldwin, Inc. | 2,800 | 243,356 | ||||||
Golf Digest Online, Inc. | 3,400 | 23,412 | ||||||
Gree, Inc. | 1,800 | 9,635 | ||||||
gremz, Inc. | 400 | 7,212 | ||||||
GS Yuasa Corp.(1) | 8,000 | 144,173 | ||||||
G-Tekt Corp.(1) | 6,500 | 67,928 | ||||||
GungHo Online Entertainment, Inc. | 10,500 | 189,113 | ||||||
Gunma Bank Ltd. | 126,100 | 473,322 | ||||||
Gunze Ltd. | 3,600 | 117,927 | ||||||
H.U. Group Holdings, Inc.(1) | 18,700 | 368,008 | ||||||
H2O Retailing Corp. | 37,700 | 384,280 | ||||||
Hachijuni Bank Ltd. | 60,400 | 273,329 | ||||||
Hakudo Co. Ltd. | 1,300 | 24,944 | ||||||
Hakuhodo DY Holdings, Inc. | 33,900 | 377,922 | ||||||
Hakuto Co. Ltd.(1) | 5,500 | 206,015 | ||||||
Halows Co. Ltd.(1) | 300 | 7,130 | ||||||
Hamakyorex Co. Ltd. | 3,400 | 78,753 | ||||||
Hamamatsu Photonics KK | 17,500 | 858,736 | ||||||
Hankyu Hanshin Holdings, Inc. | 85,300 | 2,427,394 | ||||||
Hanwa Co. Ltd. | 16,400 | 477,154 | ||||||
Happinet Corp.(1) | 6,100 | 82,217 | ||||||
Haseko Corp. | 24,200 | 277,701 | ||||||
Hazama Ando Corp.(1) | 24,000 | 154,700 | ||||||
Heiwa Corp. | 16,600 | 311,512 | ||||||
Heiwa Real Estate Co. Ltd. | 8,400 | 231,016 | ||||||
Heiwado Co. Ltd. | 7,300 | 114,270 | ||||||
Hibiya Engineering Ltd. | 2,000 | 30,193 | ||||||
Hikari Tsushin, Inc. | 2,000 | 290,297 | ||||||
HI-LEX Corp. | 1,300 | 12,513 | ||||||
Hino Motors Ltd.(2) | 36,000 | 146,405 | ||||||
Hioki EE Corp. | 800 | 46,874 | ||||||
Hirano Tecseed Co. Ltd.(1) | 2,700 | 39,584 | ||||||
Hirata Corp.(1) | 700 | 34,531 | ||||||
Hirogin Holdings, Inc. | 45,400 | 229,693 | ||||||
Hirose Electric Co. Ltd. | 1,900 | 232,302 | ||||||
Hisamitsu Pharmaceutical Co., Inc.(1) | 1,500 | 42,072 | ||||||
Hitachi Construction Machinery Co. Ltd. | 14,400 | 322,053 | ||||||
Hitachi Ltd. | 58,100 | 2,940,900 | ||||||
Hitachi Zosen Corp. | 80,600 | 535,799 | ||||||
Hochiki Corp. | 300 | 3,250 | ||||||
Hodogaya Chemical Co. Ltd. | 1,100 | 25,440 | ||||||
Hogy Medical Co. Ltd. | 2,000 | 47,256 |
139
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Hokkaido Electric Power Co., Inc. | 48,400 | $ | 167,607 | |||||
Hokkoku Financial Holdings, Inc. | 43,800 | 1,342,960 | ||||||
Hokuetsu Corp.(1) | 27,300 | 164,330 | ||||||
Hokuetsu Industries Co. Ltd.(1) | 1,500 | 15,838 | ||||||
Hokuhoku Financial Group, Inc. | 24,400 | 188,278 | ||||||
Hokuriku Electric Power Co. | 34,500 | 137,180 | ||||||
Hokuto Corp.(1) | 2,300 | 31,823 | ||||||
Honda Motor Co. Ltd., ADR | 151,706 | 3,939,805 | ||||||
H-One Co. Ltd.(1) | 800 | 3,748 | ||||||
Honeys Holdings Co. Ltd. | 3,400 | 37,044 | ||||||
Hoosiers Holdings Co. Ltd. | 4,500 | 27,923 | ||||||
Horiba Ltd. | 8,300 | 442,534 | ||||||
Hoshizaki Corp. | 3,800 | 134,713 | ||||||
Hosiden Corp. | 8,200 | 100,374 | ||||||
Hosokawa Micron Corp. | 2,300 | 46,552 | ||||||
House Foods Group, Inc. | 2,300 | 45,597 | ||||||
Hoya Corp. | 19,356 | 1,916,296 | ||||||
HS Holdings Co. Ltd. | 7,600 | 66,155 | ||||||
Hulic Co. Ltd. | 71,900 | 572,232 | ||||||
Hyakugo Bank Ltd. | 37,300 | 114,780 | ||||||
Hyakujushi Bank Ltd. | 4,000 | 58,920 | ||||||
Ibiden Co. Ltd. | 23,300 | 799,226 | ||||||
Ichigo, Inc.(1) | 1,600 | 3,407 | ||||||
Ichinen Holdings Co. Ltd. | 100 | 946 | ||||||
Ichiyoshi Securities Co. Ltd. | 600 | 2,833 | ||||||
Idec Corp.(1) | 37,100 | 889,040 | ||||||
Idemitsu Kosan Co. Ltd. | 98,100 | 2,171,101 | ||||||
IDOM, Inc.(1) | 14,400 | 89,558 | ||||||
IHI Corp. | 38,700 | 1,004,996 | ||||||
Iida Group Holdings Co. Ltd.(1) | 16,100 | 267,550 | ||||||
Iino Kaiun Kaisha Ltd.(1) | 33,600 | 267,298 | ||||||
IMAGICA GROUP, Inc. | 5,500 | 26,044 | ||||||
i-mobile Co. Ltd. | 2,300 | 21,122 | ||||||
Inaba Denki Sangyo Co. Ltd. | 17,100 | 353,573 | ||||||
Inabata & Co. Ltd. | 7,700 | 151,778 | ||||||
Ines Corp. | 500 | 5,164 | ||||||
Infocom Corp. | 3,600 | 63,464 | ||||||
Information Services International-Dentsu Ltd. | 1,000 | 34,568 | ||||||
INFRONEER Holdings, Inc. | 44,748 | 339,274 | ||||||
Innotech Corp. | 2,900 | 29,705 | ||||||
INPEX Corp. | 232,000 | 2,432,378 | ||||||
Insource Co. Ltd. | 10,000 | 90,821 | ||||||
Intage Holdings, Inc. | 6,100 | 65,506 | ||||||
Internet Initiative Japan, Inc. | 18,300 | 366,566 | ||||||
Inui Global Logistics Co. Ltd.(1) | 2,800 | 43,978 | ||||||
I-PEX, Inc. | 1,900 | 18,202 | ||||||
Iriso Electronics Co. Ltd.(1) | 1,500 | 52,466 | ||||||
I'rom Group Co. Ltd.(1) | 2,600 | 37,192 | ||||||
Iseki & Co. Ltd. | 3,800 | 33,183 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 43,500 | 444,344 | ||||||
Ishihara Sangyo Kaisha Ltd.(1) | 7,300 | 57,385 |
140
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Istyle, Inc.(1)(2) | 16,000 | $ | 51,154 | |||||
Isuzu Motors Ltd. | 221,000 | 2,642,811 | ||||||
Itfor, Inc. | 100 | 636 | ||||||
ITmedia, Inc. | 1,600 | 16,629 | ||||||
Ito En Ltd. | 1,800 | 60,619 | ||||||
ITOCHU Corp. | 91,300 | 2,729,019 | ||||||
Itochu Enex Co. Ltd. | 15,600 | 127,290 | ||||||
Itochu Techno-Solutions Corp.(1) | 4,500 | 100,142 | ||||||
Itoham Yonekyu Holdings, Inc. | 18,000 | 94,376 | ||||||
Itoki Corp. | 5,700 | 32,983 | ||||||
IwaiCosmo Holdings, Inc. | 2,500 | 25,560 | ||||||
Iwatani Corp.(1) | 6,500 | 268,708 | ||||||
Iyogin Holdings, Inc. | 39,500 | 235,286 | ||||||
Izumi Co. Ltd.(1) | 5,700 | 124,595 | ||||||
J Front Retailing Co. Ltd.(1) | 87,200 | 809,410 | ||||||
JAC Recruitment Co. Ltd. | 2,600 | 46,154 | ||||||
Jaccs Co. Ltd. | 6,100 | 198,653 | ||||||
JAFCO Group Co. Ltd. | 17,500 | 283,082 | ||||||
Japan Airlines Co. Ltd.(2) | 5,300 | 99,799 | ||||||
Japan Airport Terminal Co. Ltd.(2) | 1,100 | 53,862 | ||||||
Japan Aviation Electronics Industry Ltd. | 8,600 | 142,766 | ||||||
Japan Display, Inc.(1)(2) | 54,200 | 16,355 | ||||||
Japan Electronic Materials Corp. | 2,800 | 31,172 | ||||||
Japan Elevator Service Holdings Co. Ltd. | 5,500 | 80,542 | ||||||
Japan Exchange Group, Inc. | 47,500 | 708,444 | ||||||
Japan Investment Adviser Co. Ltd. | 2,100 | 16,034 | ||||||
Japan Lifeline Co. Ltd. | 19,700 | 133,732 | ||||||
Japan Material Co. Ltd. | 7,800 | 137,957 | ||||||
Japan Petroleum Exploration Co. Ltd. | 9,500 | 342,291 | ||||||
Japan Post Bank Co. Ltd.(1) | 19,400 | 167,591 | ||||||
Japan Post Holdings Co. Ltd. | 372,200 | 3,308,556 | ||||||
Japan Post Insurance Co. Ltd. | 40,000 | 694,493 | ||||||
Japan Pulp & Paper Co. Ltd.(1) | 1,100 | 43,593 | ||||||
Japan Securities Finance Co. Ltd. | 16,300 | 125,539 | ||||||
Japan Steel Works Ltd. | 20,500 | 385,429 | ||||||
Japan Wool Textile Co. Ltd. | 12,500 | 90,505 | ||||||
JCU Corp. | 1,900 | 44,601 | ||||||
Jeol Ltd. | 7,100 | 221,004 | ||||||
JFE Holdings, Inc. | 252,200 | 3,129,294 | ||||||
JGC Holdings Corp. | 35,600 | 458,177 | ||||||
JINUSHI Co. Ltd. | 3,500 | 48,666 | ||||||
JM Holdings Co. Ltd. | 2,400 | 32,387 | ||||||
J-Oil Mills, Inc. | 1,700 | 19,722 | ||||||
Joshin Denki Co. Ltd.(1) | 3,900 | 58,319 | ||||||
Joyful Honda Co. Ltd. | 10,400 | 132,612 | ||||||
JSB Co. Ltd. | 1,300 | 38,095 | ||||||
JSP Corp. | 2,500 | 29,493 | ||||||
JSR Corp. | 60,900 | 1,383,632 | ||||||
JTEKT Corp. | 27,700 | 206,947 | ||||||
Juki Corp.(1) | 7,200 | 33,940 | ||||||
Juroku Financial Group, Inc. | 12,100 | 285,702 |
141
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Justsystems Corp. | 2,200 | $ | 53,699 | |||||
JVCKenwood Corp.(1) | 112,000 | 330,435 | ||||||
Kadokawa Corp.(1) | 3,800 | 75,683 | ||||||
Kaga Electronics Co. Ltd. | 6,700 | 240,330 | ||||||
Kajima Corp. | 244,300 | 2,919,633 | ||||||
Kakaku.com, Inc.(1) | 12,100 | 180,238 | ||||||
Kakiyasu Honten Co. Ltd.(2) | 1,700 | 25,530 | ||||||
Kamei Corp. | 200 | 2,236 | ||||||
Kamigumi Co. Ltd. | 14,000 | 276,856 | ||||||
Kanamoto Co. Ltd. | 12,700 | 211,403 | ||||||
Kandenko Co. Ltd. | 19,600 | 128,604 | ||||||
Kaneka Corp. | 7,800 | 195,996 | ||||||
Kanematsu Corp. | 118,900 | 1,424,710 | ||||||
Kanematsu Electronics Ltd. | 1,300 | 59,074 | ||||||
Kansai Electric Power Co., Inc. | 62,100 | 583,352 | ||||||
Kansai Paint Co. Ltd. | 7,000 | 93,902 | ||||||
Kanto Denka Kogyo Co. Ltd. | 21,300 | 158,173 | ||||||
Kao Corp. | 30,900 | 1,151,086 | ||||||
Katakura Industries Co. Ltd. | 1,400 | 18,119 | ||||||
Kato Sangyo Co. Ltd. | 14,900 | 393,629 | ||||||
Kawai Musical Instruments Manufacturing Co. Ltd. | 400 | 7,924 | ||||||
Kawasaki Heavy Industries Ltd.(1) | 38,000 | 830,381 | ||||||
Kawasaki Kisen Kaisha Ltd.(1) | 86,700 | 2,076,309 | ||||||
KDDI Corp. | 187,200 | 5,477,072 | ||||||
KeePer Technical Laboratory Co. Ltd. | 1,500 | 43,011 | ||||||
Keihan Holdings Co. Ltd. | 2,900 | 71,360 | ||||||
Keihanshin Building Co. Ltd. | 400 | 3,536 | ||||||
Keikyu Corp. | 11,600 | 108,106 | ||||||
Keio Corp. | 1,800 | 62,716 | ||||||
Keisei Electric Railway Co. Ltd. | 3,400 | 98,281 | ||||||
KEIWA, Inc. | 2,400 | 28,896 | ||||||
Keiyo Bank Ltd. | 14,300 | 68,006 | ||||||
Keiyo Co. Ltd.(1) | 300 | 1,845 | ||||||
Kewpie Corp. | 9,500 | 153,540 | ||||||
Keyence Corp. | 4,600 | 1,988,245 | ||||||
KH Neochem Co. Ltd. | 17,600 | 330,576 | ||||||
Kibun Foods, Inc.(1) | 3,400 | 24,044 | ||||||
Kikkoman Corp. | 6,900 | 322,605 | ||||||
Kinden Corp. | 8,500 | 95,437 | ||||||
Kintetsu Group Holdings Co. Ltd. | 14,100 | 427,150 | ||||||
Kirin Holdings Co. Ltd. | 37,700 | 564,312 | ||||||
Kissei Pharmaceutical Co. Ltd.(1) | 3,100 | 55,748 | ||||||
Kitz Corp. | 15,600 | 101,399 | ||||||
Kiyo Bank Ltd. | 13,400 | 160,382 | ||||||
Koa Corp.(1) | 8,900 | 120,986 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 600 | 36,121 | ||||||
Kobe Bussan Co. Ltd. | 16,800 | 459,250 | ||||||
Kobe Steel Ltd. | 136,800 | 927,735 | ||||||
Koei Tecmo Holdings Co. Ltd.(1) | 4,200 | 70,355 | ||||||
Kohnan Shoji Co. Ltd.(1) | 53,400 | 1,242,326 | ||||||
Koito Manufacturing Co. Ltd. | 8,600 | 144,532 |
142
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Kojima Co. Ltd.(1) | 8,100 | $ | 33,195 | |||||
Kokuyo Co. Ltd. | 11,300 | 155,488 | ||||||
Komatsu Ltd. | 106,900 | 2,557,624 | ||||||
KOMEDA Holdings Co. Ltd.(1) | 8,700 | 150,283 | ||||||
Komeri Co. Ltd. | 10,300 | 200,440 | ||||||
Konami Group Corp. | 10,800 | 476,361 | ||||||
Konica Minolta, Inc.(1) | 204,900 | 892,885 | ||||||
Konishi Co. Ltd. | 5,300 | 72,351 | ||||||
Konoike Transport Co. Ltd. | 6,600 | 72,526 | ||||||
Konoshima Chemical Co. Ltd. | 3,100 | 43,993 | ||||||
Kose Corp. | 500 | 56,528 | ||||||
Koshidaka Holdings Co. Ltd. | 17,600 | 120,884 | ||||||
Kotobuki Spirits Co. Ltd. | 200 | 12,855 | ||||||
Kotobukiya Co. Ltd.(1) | 500 | 35,396 | ||||||
KPP Group Holdings Co. Ltd.(1) | 17,700 | 97,682 | ||||||
Krosaki Harima Corp.(1) | 600 | 27,826 | ||||||
K's Holdings Corp.(1) | 43,800 | 377,386 | ||||||
Kubota Corp. | 38,300 | 578,091 | ||||||
Kumagai Gumi Co. Ltd. | 19,800 | 404,417 | ||||||
Kumiai Chemical Industry Co. Ltd. | 19,000 | 120,444 | ||||||
Kurabo Industries Ltd. | 2,700 | 51,601 | ||||||
Kuraray Co. Ltd. | 49,400 | 443,092 | ||||||
Kureha Corp.(1) | 3,800 | 235,464 | ||||||
Kurita Water Industries Ltd. | 32,400 | 1,463,837 | ||||||
Kuriyama Holdings Corp. | 3,800 | 24,496 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 4,800 | 246,357 | ||||||
KYB Corp. | 8,400 | 232,075 | ||||||
Kyocera Corp. | 14,600 | 718,553 | ||||||
Kyoden Co. Ltd.(1) | 4,600 | 17,400 | ||||||
Kyoei Steel Ltd.(1) | 2,900 | 34,689 | ||||||
Kyokuto Boeki Kaisha Ltd. | 600 | 6,735 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd.(1) | 7,100 | 76,278 | ||||||
Kyokuyo Co. Ltd. | 1,200 | 32,154 | ||||||
KYORIN Holdings, Inc. | 900 | 11,153 | ||||||
Kyowa Kirin Co. Ltd. | 13,100 | 280,345 | ||||||
Kyudenko Corp. | 5,800 | 146,496 | ||||||
Kyushu Electric Power Co., Inc. | 44,400 | 235,739 | ||||||
Kyushu Financial Group, Inc.(1) | 47,400 | 180,655 | ||||||
Kyushu Railway Co. | 10,700 | 234,119 | ||||||
Lasertec Corp. | 4,600 | 747,939 | ||||||
Lawson, Inc.(1) | 7,600 | 298,901 | ||||||
LEC, Inc.(1) | 4,100 | 28,499 | ||||||
Leopalace21 Corp.(2) | 19,800 | 46,649 | ||||||
LIKE, Inc. | 1,200 | 16,975 | ||||||
Link & Motivation, Inc. | 9,000 | 37,982 | ||||||
Lintec Corp. | 6,500 | 106,527 | ||||||
Lion Corp. | 11,600 | 125,144 | ||||||
LITALICO, Inc. | 4,000 | 75,466 | ||||||
Lixil Corp. | 27,400 | 436,818 | ||||||
Look Holdings, Inc. | 1,200 | 18,998 | ||||||
M&A Capital Partners Co. Ltd.(2) | 1,800 | 52,031 |
143
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
M3, Inc. | 27,500 | $ | 655,798 | |||||
Mabuchi Motor Co. Ltd. | 2,600 | 71,984 | ||||||
Macnica Holdings, Inc. | 16,400 | 453,702 | ||||||
Maeda Kosen Co. Ltd.(1) | 1,000 | 24,189 | ||||||
Makino Milling Machine Co. Ltd. | 43,600 | 1,578,742 | ||||||
Makita Corp. | 4,300 | 105,158 | ||||||
Management Solutions Co. Ltd. | 1,700 | 41,617 | ||||||
Mandom Corp. | 1,300 | 13,710 | ||||||
MarkLines Co. Ltd. | 1,900 | 36,488 | ||||||
Marubeni Corp. | 308,200 | 3,934,499 | ||||||
Marudai Food Co. Ltd.(1) | 1,500 | 16,732 | ||||||
Maruha Nichiro Corp.(1) | 8,900 | 158,440 | ||||||
Marui Group Co. Ltd.(1) | 34,600 | 526,966 | ||||||
Maruichi Steel Tube Ltd. | 6,200 | 134,707 | ||||||
MARUKA FURUSATO Corp. | 23,900 | 504,700 | ||||||
Marumae Co. Ltd. | 1,200 | 15,935 | ||||||
Marusan Securities Co. Ltd.(1) | 7,700 | 24,651 | ||||||
Maruwa Co. Ltd. | 2,600 | 334,300 | ||||||
Maruzen Showa Unyu Co. Ltd. | 4,300 | 98,509 | ||||||
Matsuda Sangyo Co. Ltd. | 700 | 11,799 | ||||||
Matsui Securities Co. Ltd.(1) | 19,000 | 113,117 | ||||||
MatsukiyoCocokara & Co. | 5,220 | 242,579 | ||||||
Max Co. Ltd. | 2,400 | 38,167 | ||||||
Maxell Ltd. | 22,400 | 238,934 | ||||||
Maxvalu Tokai Co. Ltd.(1) | 800 | 16,016 | ||||||
Mazda Motor Corp. | 241,900 | 2,164,291 | ||||||
McDonald's Holdings Co. Japan Ltd.(1) | 8,600 | 340,454 | ||||||
Mebuki Financial Group, Inc. | 740,200 | 1,989,795 | ||||||
MEC Co. Ltd. | 1,300 | 21,580 | ||||||
Media Do Co. Ltd.(2) | 1,400 | 15,331 | ||||||
Medical Data Vision Co. Ltd. | 4,400 | 29,214 | ||||||
Medipal Holdings Corp. | 21,400 | 280,474 | ||||||
MedPeer, Inc.(2) | 100 | 922 | ||||||
Megmilk Snow Brand Co. Ltd.(1) | 12,700 | 164,783 | ||||||
Meidensha Corp.(1) | 9,000 | 129,671 | ||||||
MEIJI Holdings Co. Ltd. | 70,200 | 3,214,861 | ||||||
Meiko Electronics Co. Ltd.(1) | 31,800 | 645,644 | ||||||
Meisei Industrial Co. Ltd. | 1,000 | 5,792 | ||||||
Meitec Corp. | 16,300 | 291,966 | ||||||
Meiwa Corp. | 5,300 | 27,542 | ||||||
Members Co. Ltd. | 1,400 | 14,594 | ||||||
Menicon Co. Ltd.(1) | 7,600 | 162,835 | ||||||
Mercari, Inc.(2) | 2,300 | 40,766 | ||||||
Micronics Japan Co. Ltd.(1) | 6,800 | 65,498 | ||||||
Mie Kotsu Group Holdings, Inc. | 100 | 374 | ||||||
Milbon Co. Ltd. | 1,400 | 58,689 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 6,300 | 119,853 | ||||||
MINEBEA MITSUMI, Inc.(1) | 177,200 | 3,071,052 | ||||||
Ministop Co. Ltd.(1) | 1,900 | 19,407 | ||||||
MIRAIT ONE Corp. | 20,400 | 228,276 | ||||||
Mirarth Holdings, Inc.(1) | 16,000 | 44,514 |
144
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
MISUMI Group, Inc. | 28,200 | $ | 670,582 | |||||
Mito Securities Co. Ltd. | 2,600 | 5,843 | ||||||
Mitsuba Corp. | 6,200 | 23,488 | ||||||
Mitsubishi Chemical Group Corp. | 602,700 | 3,510,644 | ||||||
Mitsubishi Corp. | 141,000 | 4,789,919 | ||||||
Mitsubishi Electric Corp. | 114,200 | 1,283,290 | ||||||
Mitsubishi Estate Co. Ltd. | 32,700 | 406,468 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 14,500 | 205,415 | ||||||
Mitsubishi HC Capital, Inc. | 208,340 | 1,087,650 | ||||||
Mitsubishi Heavy Industries Ltd. | 88,900 | 3,275,932 | ||||||
Mitsubishi Logisnext Co. Ltd. | 400 | 2,367 | ||||||
Mitsubishi Logistics Corp. | 41,100 | 953,544 | ||||||
Mitsubishi Materials Corp. | 14,800 | 230,392 | ||||||
Mitsubishi Motors Corp.(1)(2) | 100,700 | 397,114 | ||||||
Mitsubishi Pencil Co. Ltd. | 3,700 | 40,038 | ||||||
Mitsubishi Research Institute, Inc. | 3,300 | 125,580 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 5,100 | 121,400 | ||||||
Mitsubishi Steel Manufacturing Co. Ltd. | 2,900 | 26,361 | ||||||
Mitsubishi UFJ Financial Group, Inc., ADR(1) | 997,664 | 7,113,344 | ||||||
Mitsuboshi Belting Ltd. | 6,000 | 174,916 | ||||||
Mitsui & Co. Ltd. | 141,100 | 3,960,094 | ||||||
Mitsui Chemicals, Inc. | 72,800 | 1,756,309 | ||||||
Mitsui Fudosan Co. Ltd. | 101,000 | 1,924,921 | ||||||
Mitsui High-Tec, Inc. | 2,500 | 128,742 | ||||||
Mitsui Matsushima Holdings Co. Ltd.(1) | 5,300 | 148,020 | ||||||
Mitsui Mining & Smelting Co. Ltd.(1) | 40,900 | 1,009,194 | ||||||
Mitsui OSK Lines Ltd.(1) | 98,600 | 2,575,442 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 36,700 | 1,062,647 | ||||||
Miura Co. Ltd. | 4,400 | 106,176 | ||||||
Mixi, Inc. | 5,000 | 98,262 | ||||||
Miyaji Engineering Group, Inc. | 700 | 18,934 | ||||||
Miyazaki Bank Ltd. | 1,900 | 37,900 | ||||||
Mizuho Financial Group, Inc., ADR(1) | 1,075,258 | 3,387,063 | ||||||
Mizuho Leasing Co. Ltd. | 12,700 | 341,735 | ||||||
Mizuho Medy Co. Ltd. | 1,900 | 34,900 | ||||||
Mizuno Corp.(1) | 4,400 | 101,659 | ||||||
Mochida Pharmaceutical Co. Ltd. | 2,300 | 57,388 | ||||||
Monex Group, Inc.(1) | 18,200 | 66,685 | ||||||
Monogatari Corp. | 10,200 | 188,305 | ||||||
MonotaRO Co. Ltd. | 10,400 | 141,454 | ||||||
Morinaga & Co. Ltd. | 7,200 | 207,671 | ||||||
Morinaga Milk Industry Co. Ltd. | 6,600 | 223,876 | ||||||
Morita Holdings Corp. | 2,300 | 20,547 | ||||||
MOS Food Services, Inc.(1) | 21,900 | 496,039 | ||||||
MS&AD Insurance Group Holdings, Inc. | 87,300 | 2,856,816 | ||||||
m-up Holdings, Inc. | 8,900 | 69,119 | ||||||
Murata Manufacturing Co. Ltd. | 57,600 | 3,083,176 | ||||||
Musashi Seimitsu Industry Co. Ltd.(1) | 11,900 | 153,641 | ||||||
Musashino Bank Ltd.(1) | 3,800 | 70,775 | ||||||
Nabtesco Corp. | 14,400 | 372,164 | ||||||
Nachi-Fujikoshi Corp. | 2,900 | 83,844 |
145
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Nafco Co. Ltd. | 2,100 | $ | 28,035 | |||||
Nagano Keiki Co. Ltd. | 3,200 | 28,696 | ||||||
Nagase & Co. Ltd.(1) | 13,000 | 193,132 | ||||||
Nagoya Railroad Co. Ltd. | 2,400 | 36,426 | ||||||
Nakanishi, Inc. | 10,700 | 221,500 | ||||||
Nakayama Steel Works Ltd.(1) | 3,300 | 27,892 | ||||||
Nankai Electric Railway Co. Ltd. | 8,200 | 166,261 | ||||||
Nanto Bank Ltd.(1) | 9,300 | 183,781 | ||||||
NEC Capital Solutions Ltd. | 2,200 | 43,929 | ||||||
NEC Corp. | 50,700 | 1,814,466 | ||||||
NEC Networks & System Integration Corp. | 4,200 | 51,500 | ||||||
NET One Systems Co. Ltd. | 9,800 | 223,659 | ||||||
Neturen Co. Ltd. | 4,800 | 23,996 | ||||||
Nexon Co. Ltd. | 8,100 | 175,708 | ||||||
Nextage Co. Ltd. | 5,900 | 132,656 | ||||||
NGK Insulators Ltd. | 46,400 | 615,911 | ||||||
NGK Spark Plug Co. Ltd.(1) | 27,300 | 548,980 | ||||||
NH Foods Ltd. | 22,500 | 621,275 | ||||||
NHK Spring Co. Ltd. | 67,100 | 446,885 | ||||||
Nichias Corp. | 12,500 | 246,492 | ||||||
Nichicon Corp.(1) | 9,000 | 89,164 | ||||||
Nichiha Corp. | 8,500 | 164,187 | ||||||
Nichirei Corp. | 19,400 | 383,000 | ||||||
Nichireki Co. Ltd. | 700 | 7,613 | ||||||
Nidec Corp. | 5,618 | 285,110 | ||||||
Nifco, Inc. | 15,000 | 395,452 | ||||||
Nihon Chouzai Co. Ltd. | 1,900 | 16,421 | ||||||
Nihon Dempa Kogyo Co. Ltd.(1) | 13,000 | 133,190 | ||||||
Nihon Kohden Corp. | 900 | 22,546 | ||||||
Nihon M&A Center Holdings, Inc. | 7,100 | 59,197 | ||||||
Nihon Nohyaku Co. Ltd. | 300 | 1,573 | ||||||
Nihon Parkerizing Co. Ltd. | 7,500 | 56,098 | ||||||
Nikkon Holdings Co. Ltd. | 8,900 | 161,898 | ||||||
Nikon Corp. | 17,700 | 175,313 | ||||||
Nintendo Co. Ltd. | 71,300 | 2,669,262 | ||||||
Nippn Corp. | 6,000 | 71,336 | ||||||
Nippon Carbon Co. Ltd. | 1,600 | 48,944 | ||||||
Nippon Chemical Industrial Co. Ltd. | 1,300 | 19,280 | ||||||
Nippon Chemi-Con Corp.(2) | 4,300 | 68,891 | ||||||
Nippon Coke & Engineering Co. Ltd.(1) | 46,500 | 29,347 | ||||||
Nippon Denko Co. Ltd. | 30,600 | 83,667 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 8,900 | 99,523 | ||||||
Nippon Electric Glass Co. Ltd. | 26,700 | 496,931 | ||||||
NIPPON EXPRESS HOLDINGS, Inc. | 17,800 | 992,973 | ||||||
Nippon Fine Chemical Co. Ltd. | 400 | 7,492 | ||||||
Nippon Gas Co. Ltd. | 11,000 | 153,668 | ||||||
Nippon Kanzai Co. Ltd.(1) | 500 | 9,507 | ||||||
Nippon Kayaku Co. Ltd.(1) | 14,800 | 129,967 | ||||||
Nippon Koei Co. Ltd. | 3,200 | 77,294 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 10,120 | 110,277 | ||||||
Nippon Paint Holdings Co. Ltd. | 3,500 | 30,585 |
146
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Nippon Paper Industries Co. Ltd. | 23,500 | $ | 187,948 | |||||
Nippon Parking Development Co. Ltd. | 50,500 | 95,247 | ||||||
Nippon Pillar Packing Co. Ltd. | 11,300 | 285,790 | ||||||
Nippon Road Co. Ltd. | 700 | 36,067 | ||||||
Nippon Sanso Holdings Corp. | 5,000 | 89,140 | ||||||
Nippon Seiki Co. Ltd. | 6,500 | 42,438 | ||||||
Nippon Seisen Co. Ltd. | 700 | 23,718 | ||||||
Nippon Sheet Glass Co. Ltd.(1)(2) | 55,800 | 287,757 | ||||||
Nippon Shinyaku Co. Ltd. | 2,600 | 116,439 | ||||||
Nippon Shokubai Co. Ltd. | 6,800 | 282,237 | ||||||
Nippon Signal Company Ltd.(1) | 3,600 | 27,361 | ||||||
Nippon Soda Co. Ltd. | 6,800 | 230,664 | ||||||
Nippon Steel Corp. | 220,900 | 4,936,618 | ||||||
Nippon Steel Trading Corp. | 2,600 | 176,934 | ||||||
Nippon Telegraph & Telephone Corp. | 122,900 | 3,561,251 | ||||||
Nippon Television Holdings, Inc. | 7,000 | 57,622 | ||||||
Nippon Thompson Co. Ltd. | 12,000 | 52,071 | ||||||
Nippon Yakin Kogyo Co. Ltd.(1) | 3,400 | 109,036 | ||||||
Nippon Yusen KK(1) | 160,100 | 4,161,477 | ||||||
Nipro Corp.(1) | 48,500 | 368,885 | ||||||
Nishimatsu Construction Co. Ltd.(1) | 5,600 | 149,607 | ||||||
Nishimatsuya Chain Co. Ltd.(1) | 9,700 | 111,581 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 19,200 | 163,734 | ||||||
Nishi-Nippon Railroad Co. Ltd.(1) | 14,700 | 256,207 | ||||||
Nishio Rent All Co. Ltd. | 12,100 | 282,961 | ||||||
Nissan Chemical Corp. | 14,100 | 619,183 | ||||||
Nissan Motor Co. Ltd. | 283,500 | 1,100,654 | ||||||
Nissan Shatai Co. Ltd. | 2,800 | 17,289 | ||||||
Nissha Co. Ltd. | 6,800 | 90,460 | ||||||
Nisshin Oillio Group Ltd. | 8,400 | 205,402 | ||||||
Nisshin Seifun Group, Inc. | 12,700 | 146,750 | ||||||
Nisshinbo Holdings, Inc. | 35,900 | 266,363 | ||||||
Nissin Electric Co. Ltd. | 10,800 | 134,417 | ||||||
Nissin Foods Holdings Co. Ltd. | 2,900 | 241,513 | ||||||
Nisso Corp. | 4,400 | 21,895 | ||||||
Nissui Corp. | 74,600 | 299,006 | ||||||
Nitori Holdings Co. Ltd. | 4,500 | 508,528 | ||||||
Nitta Corp. | 1,600 | 35,201 | ||||||
Nittetsu Mining Co. Ltd. | 5,800 | 156,221 | ||||||
Nitto Denko Corp. | 65,300 | 3,931,410 | ||||||
Nitto Kogyo Corp.(1) | 5,500 | 107,009 | ||||||
Nittoc Construction Co. Ltd. | 2,600 | 18,498 | ||||||
Noevir Holdings Co. Ltd. | 800 | 31,742 | ||||||
NOF Corp. | 3,800 | 161,649 | ||||||
Nohmi Bosai Ltd. | 3,100 | 37,529 | ||||||
Nojima Corp. | 22,600 | 224,950 | ||||||
NOK Corp.(1) | 26,200 | 256,910 | ||||||
Nomura Micro Science Co. Ltd. | 1,300 | 42,786 | ||||||
Noritake Co. Ltd. | 1,800 | 59,868 | ||||||
Noritsu Koki Co. Ltd. | 2,600 | 42,486 | ||||||
Noritz Corp. | 4,200 | 50,784 |
147
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
North Pacific Bank Ltd.(1) | 40,000 | $ | 93,119 | |||||
NS Solutions Corp. | 300 | 7,818 | ||||||
NS Tool Co. Ltd. | 900 | 7,155 | ||||||
NS United Kaiun Kaisha Ltd.(1) | 4,100 | 132,954 | ||||||
NSD Co. Ltd.(1) | 2,200 | 37,964 | ||||||
NSK Ltd.(1) | 44,800 | 248,142 | ||||||
NTN Corp.(1) | 67,500 | 166,938 | ||||||
NTT Data Corp. | 129,700 | 1,799,541 | ||||||
Obayashi Corp. | 164,100 | 1,213,851 | ||||||
Obic Co. Ltd. | 3,500 | 512,783 | ||||||
Odakyu Electric Railway Co. Ltd.(1) | 5,400 | 65,463 | ||||||
Ogaki Kyoritsu Bank Ltd. | 4,800 | 70,861 | ||||||
Ohsho Food Service Corp. | 400 | 17,889 | ||||||
Oiles Corp. | 1,800 | 21,774 | ||||||
Oisix ra daichi, Inc.(2) | 3,400 | 59,550 | ||||||
Oji Holdings Corp. | 164,400 | 667,082 | ||||||
Okamoto Industries, Inc. | 900 | 25,773 | ||||||
Okamoto Machine Tool Works Ltd. | 700 | 27,237 | ||||||
Okamura Corp. | 8,100 | 81,563 | ||||||
Okasan Securities Group, Inc.(1) | 20,100 | 64,500 | ||||||
Oki Electric Industry Co. Ltd. | 13,600 | 70,962 | ||||||
Okinawa Cellular Telephone Co. | 3,600 | 84,613 | ||||||
Okinawa Electric Power Co., Inc. | 9,175 | 69,386 | ||||||
Okinawa Financial Group, Inc. | 2,600 | 45,619 | ||||||
OKUMA Corp. | 3,700 | 148,955 | ||||||
Okumura Corp. | 41,100 | 991,439 | ||||||
Okura Industrial Co. Ltd. | 1,700 | 24,823 | ||||||
Olympus Corp. | 112,400 | 1,893,456 | ||||||
Omron Corp. | 6,600 | 354,309 | ||||||
Ono Pharmaceutical Co. Ltd. | 45,900 | 934,890 | ||||||
Onoken Co. Ltd.(1) | 2,600 | 29,029 | ||||||
Onward Holdings Co. Ltd.(1) | 23,400 | 58,570 | ||||||
Open House Group Co. Ltd. | 19,000 | 683,856 | ||||||
Oracle Corp. Japan | 2,200 | 149,891 | ||||||
Organo Corp. | 6,400 | 159,685 | ||||||
Orient Corp.(1) | 7,520 | 64,498 | ||||||
Oriental Land Co. Ltd. | 2,400 | 383,244 | ||||||
Oriental Shiraishi Corp. | 34,700 | 83,082 | ||||||
ORIX Corp., ADR | 45,154 | 4,035,865 | ||||||
Osaka Gas Co. Ltd. | 9,300 | 151,063 | ||||||
Osaka Organic Chemical Industry Ltd. | 4,100 | 60,226 | ||||||
Osaka Soda Co. Ltd. | 18,500 | 584,718 | ||||||
Osaka Steel Co. Ltd. | 2,100 | 21,003 | ||||||
OSAKA Titanium Technologies Co. Ltd.(1) | 12,000 | 240,791 | ||||||
Osaki Electric Co. Ltd. | 4,600 | 18,072 | ||||||
OSG Corp. | 25,100 | 357,577 | ||||||
Otsuka Corp. | 11,600 | 391,038 | ||||||
Otsuka Holdings Co. Ltd. | 14,200 | 430,202 | ||||||
Outsourcing, Inc. | 14,100 | 136,621 | ||||||
Oyo Corp. | 2,100 | 31,991 | ||||||
Pacific Industrial Co. Ltd.(1) | 11,000 | 93,924 |
148
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Pack Corp. | 2,400 | $ | 52,896 | |||||
PAL GROUP Holdings Co. Ltd. | 10,300 | 210,394 | ||||||
PALTAC Corp. | 8,700 | 316,432 | ||||||
Pan Pacific International Holdings Corp. | 103,900 | 1,899,162 | ||||||
Panasonic Holdings Corp. | 317,600 | 2,773,291 | ||||||
Paramount Bed Holdings Co. Ltd. | 13,300 | 232,624 | ||||||
Park24 Co. Ltd.(2) | 9,600 | 140,655 | ||||||
Pasona Group, Inc. | 4,800 | 67,365 | ||||||
PCA Corp.(1) | 300 | 2,775 | ||||||
Pegasus Sewing Machine Manufacturing Co. Ltd. | 6,300 | 31,332 | ||||||
Penta-Ocean Construction Co. Ltd. | 216,600 | 1,032,253 | ||||||
Persol Holdings Co. Ltd. | 26,400 | 528,751 | ||||||
Pigeon Corp. | 1,300 | 20,053 | ||||||
Pilot Corp. | 6,400 | 205,675 | ||||||
Piolax, Inc. | 3,900 | 57,547 | ||||||
Pola Orbis Holdings, Inc. | 1,700 | 21,704 | ||||||
Pole To Win Holdings, Inc. | 5,600 | 35,395 | ||||||
Premium Group Co. Ltd. | 9,200 | 108,075 | ||||||
Press Kogyo Co. Ltd. | 21,300 | 75,068 | ||||||
Pressance Corp. | 1,900 | 23,857 | ||||||
Prestige International, Inc. | 21,900 | 101,944 | ||||||
Prima Meat Packers Ltd. | 7,100 | 111,626 | ||||||
Procrea Holdings, Inc.(1) | 4,400 | 74,159 | ||||||
PS Mitsubishi Construction Co. Ltd.(1) | 4,400 | 21,320 | ||||||
Qol Holdings Co. Ltd.(1) | 1,800 | 15,743 | ||||||
Raccoon Holdings, Inc.(1) | 3,300 | 26,368 | ||||||
Raito Kogyo Co. Ltd. | 7,600 | 109,223 | ||||||
Raiznext Corp.(1) | 3,800 | 38,458 | ||||||
Rakus Co. Ltd. | 5,200 | 64,721 | ||||||
Rakuten Group, Inc. | 72,100 | 355,394 | ||||||
RaQualia Pharma, Inc.(2) | 5,700 | 36,463 | ||||||
Rasa Industries Ltd. | 2,200 | 35,637 | ||||||
Raysum Co. Ltd. | 2,000 | 19,535 | ||||||
Recruit Holdings Co. Ltd. | 81,500 | 2,185,489 | ||||||
Relia, Inc. | 6,600 | 70,649 | ||||||
Relo Group, Inc.(1) | 72,600 | 1,159,414 | ||||||
Remixpoint, Inc.(1)(2) | 26,200 | 45,720 | ||||||
Renesas Electronics Corp.(2) | 95,200 | 1,229,745 | ||||||
Rengo Co. Ltd.(1) | 32,600 | 211,823 | ||||||
RENOVA, Inc.(1)(2) | 1,900 | 29,284 | ||||||
Resona Holdings, Inc. | 558,556 | 3,076,460 | ||||||
Resonac Holdings Corp. | 23,100 | 379,359 | ||||||
Resorttrust, Inc. | 33,800 | 528,431 | ||||||
Restar Holdings Corp.(1) | 3,300 | 56,210 | ||||||
Retail Partners Co. Ltd.(1) | 2,200 | 20,742 | ||||||
Ricoh Co. Ltd. | 177,100 | 1,375,876 | ||||||
Ricoh Leasing Co. Ltd. | 5,400 | 159,586 | ||||||
Riken Corp. | 1,500 | 29,123 | ||||||
Riken Keiki Co. Ltd. | 3,000 | 110,844 | ||||||
Riken Technos Corp. | 5,400 | 23,157 | ||||||
Riken Vitamin Co. Ltd. | 2,800 | 42,688 |
149
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Rinnai Corp. | 2,600 | $ | 182,371 | |||||
Riso Kagaku Corp.(1) | 1,500 | 27,292 | ||||||
Riso Kyoiku Co. Ltd.(1) | 18,700 | 46,008 | ||||||
Rohm Co. Ltd. | 11,100 | 854,841 | ||||||
Rohto Pharmaceutical Co. Ltd. | 54,400 | 988,929 | ||||||
Rokko Butter Co. Ltd. | 300 | 2,951 | ||||||
Roland DG Corp. | 2,400 | 55,948 | ||||||
Rorze Corp.(1) | 1,100 | 85,613 | ||||||
Round One Corp. | 67,500 | 256,427 | ||||||
RPA Holdings, Inc.(2) | 100 | 246 | ||||||
RS Technologies Co. Ltd. | 4,400 | 111,022 | ||||||
Ryobi Ltd. | 5,200 | 57,878 | ||||||
Ryoden Corp.(1) | 1,800 | 25,359 | ||||||
Ryohin Keikaku Co. Ltd.(1) | 31,400 | 316,103 | ||||||
Ryosan Co. Ltd.(1) | 3,700 | 84,234 | ||||||
S Foods, Inc.(1) | 8,000 | 163,739 | ||||||
Sakai Chemical Industry Co. Ltd.(1) | 2,500 | 33,345 | ||||||
Sakai Moving Service Co. Ltd. | 2,200 | 72,285 | ||||||
Sakata INX Corp. | 6,000 | 45,552 | ||||||
Sala Corp. | 17,000 | 91,243 | ||||||
San Holdings, Inc. | 400 | 6,100 | ||||||
San ju San Financial Group, Inc. | 1,900 | 24,347 | ||||||
San-A Co. Ltd.(1) | 1,200 | 36,986 | ||||||
San-Ai Obbli Co. Ltd. | 16,000 | 164,037 | ||||||
Sangetsu Corp. | 20,500 | 372,317 | ||||||
San-In Godo Bank Ltd. | 24,400 | 152,007 | ||||||
Sanken Electric Co. Ltd. | 5,800 | 395,407 | ||||||
Sanki Engineering Co. Ltd. | 8,600 | 96,488 | ||||||
Sankyo Co. Ltd. | 32,900 | 1,340,784 | ||||||
Sankyu, Inc. | 15,800 | 581,291 | ||||||
Sanoh Industrial Co. Ltd.(1) | 3,200 | 16,591 | ||||||
Santen Pharmaceutical Co. Ltd. | 30,000 | 229,027 | ||||||
Sanwa Holdings Corp. | 100,100 | 1,055,170 | ||||||
Sanyo Chemical Industries Ltd. | 1,800 | 56,757 | ||||||
Sanyo Denki Co. Ltd. | 1,700 | 70,608 | ||||||
Sanyo Electric Railway Co. Ltd. | 1,800 | 29,323 | ||||||
Sanyo Special Steel Co. Ltd.(1) | 3,900 | 75,093 | ||||||
Sanyo Trading Co. Ltd. | 2,200 | 18,589 | ||||||
Sapporo Holdings Ltd. | 21,800 | 512,251 | ||||||
Sato Holdings Corp. | 5,800 | 96,277 | ||||||
Sawai Group Holdings Co. Ltd. | 11,100 | 307,327 | ||||||
SB Technology Corp.(1) | 1,000 | 14,761 | ||||||
SBI Holdings, Inc.(1) | 40,000 | 862,211 | ||||||
SBI Shinsei Bank Ltd. | 10,900 | 198,439 | ||||||
SBS Holdings, Inc. | 2,100 | 49,358 | ||||||
SCREEN Holdings Co. Ltd.(1) | 8,700 | 694,348 | ||||||
Scroll Corp.(1) | 5,700 | 34,064 | ||||||
SCSK Corp. | 20,400 | 296,004 | ||||||
Secom Co. Ltd. | 12,000 | 697,853 | ||||||
Sega Sammy Holdings, Inc. | 13,800 | 235,928 | ||||||
Seibu Holdings, Inc. | 23,000 | 231,522 |
150
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Seikagaku Corp. | 4,800 | $ | 29,083 | |||||
Seikitokyu Kogyo Co. Ltd.(1) | 3,600 | 22,019 | ||||||
Seiko Epson Corp. | 57,100 | 787,277 | ||||||
Seiko Group Corp. | 13,300 | 281,775 | ||||||
Seino Holdings Co. Ltd. | 35,300 | 364,375 | ||||||
Seiren Co. Ltd.(1) | 8,000 | 140,603 | ||||||
Sekisui Chemical Co. Ltd. | 156,300 | 2,095,389 | ||||||
Sekisui House Ltd. | 39,400 | 745,969 | ||||||
Sekisui Jushi Corp. | 4,900 | 71,093 | ||||||
Senko Group Holdings Co. Ltd. | 29,600 | 209,427 | ||||||
Senshu Electric Co. Ltd. | 4,500 | 119,012 | ||||||
Senshu Ikeda Holdings, Inc. | 40,600 | 78,396 | ||||||
Septeni Holdings Co. Ltd.(1) | 19,800 | 48,644 | ||||||
Seria Co. Ltd. | 12,400 | 240,582 | ||||||
Seven & i Holdings Co. Ltd.(1) | 90,200 | 4,032,548 | ||||||
Seven Bank Ltd.(1) | 150,200 | 302,159 | ||||||
SG Holdings Co. Ltd. | 25,100 | 361,900 | ||||||
Sharp Corp.(1) | 19,200 | 132,472 | ||||||
Shibaura Mechatronics Corp. | 1,700 | 181,837 | ||||||
SHIFT, Inc.(2) | 300 | 49,667 | ||||||
Shiga Bank Ltd. | 10,200 | 217,990 | ||||||
Shikoku Bank Ltd. | 3,300 | 23,434 | ||||||
Shikoku Electric Power Co., Inc. | 5,400 | 28,942 | ||||||
Shikoku Kasei Holdings Corp.(1) | 3,300 | 30,872 | ||||||
Shima Seiki Manufacturing Ltd. | 1,600 | 21,812 | ||||||
Shimadzu Corp. | 13,600 | 392,754 | ||||||
Shimamura Co. Ltd. | 3,300 | 308,283 | ||||||
Shimano, Inc. | 2,400 | 373,200 | ||||||
Shimizu Corp. | 88,900 | 479,872 | ||||||
Shin Nippon Air Technologies Co. Ltd. | 300 | 4,346 | ||||||
Shin Nippon Biomedical Laboratories Ltd.(1) | 5,500 | 113,975 | ||||||
Shinagawa Refractories Co. Ltd. | 1,200 | 39,436 | ||||||
Shindengen Electric Manufacturing Co. Ltd.(1) | 1,500 | 38,889 | ||||||
Shin-Etsu Chemical Co. Ltd. | 50,600 | 7,014,732 | ||||||
Shin-Etsu Polymer Co. Ltd. | 1,900 | 18,872 | ||||||
Shinko Electric Industries Co. Ltd.(1) | 12,600 | 345,644 | ||||||
Shinmaywa Industries Ltd. | 15,500 | 127,917 | ||||||
Shinsho Corp. | 1,300 | 56,562 | ||||||
Shinwa Co. Ltd.(1) | 1,400 | 21,539 | ||||||
Shionogi & Co. Ltd. | 13,700 | 606,938 | ||||||
Ship Healthcare Holdings, Inc.(1) | 19,500 | 351,952 | ||||||
Shiseido Co. Ltd. | 19,032 | 876,948 | ||||||
Shizuoka Financial Group, Inc. | 35,000 | 279,667 | ||||||
Shizuoka Gas Co. Ltd. | 2,700 | 22,377 | ||||||
SHO-BOND Holdings Co. Ltd. | 2,300 | 90,720 | ||||||
Shoei Co. Ltd. | 5,700 | 226,017 | ||||||
Shofu, Inc. | 1,000 | 15,465 | ||||||
Showa Sangyo Co. Ltd. | 2,000 | 37,830 | ||||||
SIGMAXYZ Holdings, Inc.(1) | 6,200 | 50,729 | ||||||
Siix Corp. | 5,300 | 57,986 | ||||||
Sinanen Holdings Co. Ltd. | 1,300 | 33,269 |
151
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Sinfonia Technology Co. Ltd. | 4,600 | $ | 56,146 | |||||
Sinko Industries Ltd. | 500 | 5,787 | ||||||
SKY Perfect JSAT Holdings, Inc. | 45,500 | 172,686 | ||||||
Skylark Holdings Co. Ltd.(2) | 4,900 | 57,352 | ||||||
SMC Corp. | 495 | 251,612 | ||||||
SMS Co. Ltd. | 6,100 | 146,076 | ||||||
Snow Peak, Inc.(1) | 4,600 | 74,510 | ||||||
Sodick Co. Ltd. | 10,600 | 59,524 | ||||||
Softbank Corp.(1) | 229,200 | 2,585,597 | ||||||
SoftBank Group Corp. | 53,300 | 2,155,519 | ||||||
Softcreate Holdings Corp. | 2,000 | 50,689 | ||||||
Sohgo Security Services Co. Ltd. | 6,800 | 178,482 | ||||||
Sojitz Corp. | 212,480 | 4,079,133 | ||||||
Soken Chemical & Engineering Co. Ltd. | 1,000 | 13,140 | ||||||
Solasto Corp. | 4,800 | 23,887 | ||||||
Soliton Systems KK | 200 | 1,471 | ||||||
Sompo Holdings, Inc. | 52,000 | 2,232,417 | ||||||
Sony Group Corp., ADR | 121,342 | 10,141,764 | ||||||
Sosei Group Corp.(1)(2) | 17,900 | 289,922 | ||||||
Sparx Group Co. Ltd.(1) | 3,440 | 40,329 | ||||||
S-Pool, Inc.(1) | 13,100 | 61,879 | ||||||
Square Enix Holdings Co. Ltd. | 5,500 | 245,159 | ||||||
SRA Holdings | 300 | 6,706 | ||||||
Stanley Electric Co. Ltd. | 6,900 | 143,888 | ||||||
Star Micronics Co. Ltd. | 10,500 | 133,188 | ||||||
Starts Corp., Inc. | 8,900 | 168,020 | ||||||
Starzen Co. Ltd. | 1,600 | 25,773 | ||||||
Stella Chemifa Corp. | 1,600 | 30,070 | ||||||
Strike Co. Ltd. | 1,300 | 36,196 | ||||||
Studio Alice Co. Ltd.(1) | 2,000 | 30,221 | ||||||
Subaru Corp. | 122,600 | 1,964,203 | ||||||
Sugi Holdings Co. Ltd.(1) | 2,100 | 87,908 | ||||||
SUMCO Corp. | 137,300 | 1,894,523 | ||||||
Sumida Corp. | 13,900 | 166,219 | ||||||
Sumitomo Bakelite Co. Ltd. | 4,900 | 171,125 | ||||||
Sumitomo Chemical Co. Ltd.(1) | 499,600 | 1,750,596 | ||||||
Sumitomo Corp. | 216,700 | 3,693,169 | ||||||
Sumitomo Densetsu Co. Ltd. | 2,700 | 48,074 | ||||||
Sumitomo Electric Industries Ltd. | 142,900 | 1,758,522 | ||||||
Sumitomo Forestry Co. Ltd. | 15,800 | 303,187 | ||||||
Sumitomo Heavy Industries Ltd. | 22,400 | 527,364 | ||||||
Sumitomo Metal Mining Co. Ltd. | 23,700 | 882,239 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 45,200 | 141,662 | ||||||
Sumitomo Mitsui Financial Group, Inc., ADR(1) | 666,436 | 5,817,986 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 63,300 | 2,345,266 | ||||||
Sumitomo Osaka Cement Co. Ltd.(1) | 47,700 | 1,332,513 | ||||||
Sumitomo Pharma Co. Ltd. | 15,200 | 95,168 | ||||||
Sumitomo Realty & Development Co. Ltd. | 40,200 | 949,047 | ||||||
Sumitomo Riko Co. Ltd. | 7,400 | 38,313 | ||||||
Sumitomo Rubber Industries Ltd. | 24,400 | 219,688 | ||||||
Sumitomo Seika Chemicals Co. Ltd. | 5,400 | 173,692 |
152
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Sumitomo Warehouse Co. Ltd.(1) | 11,200 | $ | 175,107 | |||||
Sun Corp. | 4,400 | 74,262 | ||||||
Sun Frontier Fudousan Co. Ltd. | 9,400 | 85,278 | ||||||
Sundrug Co. Ltd. | 28,400 | 768,922 | ||||||
Suntory Beverage & Food Ltd. | 10,400 | 364,822 | ||||||
Sun-Wa Technos Corp. | 2,500 | 37,370 | ||||||
Suruga Bank Ltd.(1) | 40,900 | 128,572 | ||||||
Suzuken Co. Ltd. | 15,900 | 401,517 | ||||||
Suzuki Motor Corp. | 24,000 | 842,186 | ||||||
SWCC Showa Holdings Co. Ltd.(1) | 9,100 | 126,825 | ||||||
SymBio Pharmaceuticals Ltd.(1)(2) | 12,000 | 41,829 | ||||||
Sysmex Corp. | 5,600 | 335,445 | ||||||
Systena Corp. | 49,700 | 116,845 | ||||||
Syuppin Co. Ltd. | 4,200 | 27,829 | ||||||
T Hasegawa Co. Ltd.(1) | 2,500 | 53,872 | ||||||
T RAD Co. Ltd.(1) | 1,400 | 23,496 | ||||||
T&D Holdings, Inc. | 196,600 | 2,977,349 | ||||||
Tachi-S Co. Ltd. | 8,300 | 75,919 | ||||||
Tadano Ltd. | 17,200 | 130,915 | ||||||
Taihei Dengyo Kaisha Ltd. | 2,700 | 76,967 | ||||||
Taiheiyo Cement Corp. | 57,300 | 1,053,500 | ||||||
Taikisha Ltd. | 1,600 | 42,102 | ||||||
Taisei Corp. | 49,300 | 1,607,337 | ||||||
Taisei Lamick Co. Ltd. | 200 | 4,260 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd.(1) | 1,300 | 51,250 | ||||||
Taiyo Holdings Co. Ltd.(1) | 6,400 | 111,113 | ||||||
Taiyo Yuden Co. Ltd. | 64,700 | 1,959,245 | ||||||
Takamatsu Construction Group Co. Ltd. | 1,800 | 26,511 | ||||||
Takaoka Toko Co. Ltd. | 2,800 | 43,869 | ||||||
Takara & Co. Ltd. | 2,300 | 37,626 | ||||||
Takara Holdings, Inc. | 1,700 | 13,415 | ||||||
Takara Standard Co. Ltd. | 6,200 | 65,512 | ||||||
Takasago International Corp. | 2,500 | 46,548 | ||||||
Takasago Thermal Engineering Co. Ltd. | 16,500 | 253,763 | ||||||
Takashimaya Co. Ltd.(1) | 26,000 | 362,103 | ||||||
Take & Give Needs Co. Ltd.(2) | 2,800 | 29,312 | ||||||
Takeda Pharmaceutical Co. Ltd., ADR | 152,488 | 2,340,691 | ||||||
Takuma Co. Ltd. | 6,600 | 66,456 | ||||||
Tama Home Co. Ltd.(1) | 6,700 | 167,103 | ||||||
Tanseisha Co. Ltd. | 1,100 | 5,751 | ||||||
Tayca Corp. | 200 | 1,736 | ||||||
TBS Holdings, Inc. | 3,700 | 48,604 | ||||||
TDC Soft, Inc.(1) | 200 | 2,224 | ||||||
TDK Corp. | 76,300 | 2,554,630 | ||||||
TechMatrix Corp. | 8,500 | 92,236 | ||||||
TECHNO ASSOCIE Co. Ltd. | 200 | 2,484 | ||||||
TechnoPro Holdings, Inc. | 14,700 | 372,999 | ||||||
Teijin Ltd. | 189,500 | 1,969,015 | ||||||
Teikoku Electric Manufacturing Co. Ltd. | 4,400 | 86,207 | ||||||
Teikoku Sen-I Co. Ltd. | 300 | 3,575 | ||||||
Tenma Corp. | 1,800 | 31,063 |
153
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Terumo Corp. | 8,400 | $ | 225,820 | |||||
T-Gaia Corp.(1) | 6,300 | 75,872 | ||||||
THK Co. Ltd. | 5,800 | 129,895 | ||||||
TIS, Inc. | 108,400 | 2,690,943 | ||||||
TKC Corp. | 1,900 | 51,259 | ||||||
Toa Corp.(1) | 2,500 | 48,720 | ||||||
TOA ROAD Corp. | 300 | 15,450 | ||||||
Toagosei Co. Ltd. | 15,500 | 142,636 | ||||||
Tobu Railway Co. Ltd. | 36,800 | 821,597 | ||||||
TOC Co. Ltd. | 3,500 | 17,320 | ||||||
Tocalo Co. Ltd. | 15,600 | 144,612 | ||||||
Tochigi Bank Ltd. | 18,200 | 44,496 | ||||||
Toda Corp.(1) | 27,900 | 145,410 | ||||||
Toei Animation Co. Ltd.(1) | 200 | 20,004 | ||||||
Toho Bank Ltd.(1) | 24,600 | 43,737 | ||||||
Toho Co. Ltd.(1) | 2,400 | 83,544 | ||||||
Toho Holdings Co. Ltd. | 16,500 | 266,802 | ||||||
Toho Titanium Co. Ltd.(1) | 6,700 | 97,292 | ||||||
Toho Zinc Co. Ltd.(1) | 2,000 | 31,318 | ||||||
Tohoku Electric Power Co., Inc. | 41,900 | 199,434 | ||||||
Tokai Carbon Co. Ltd. | 20,300 | 198,214 | ||||||
Tokai Corp. | 1,400 | 19,597 | ||||||
TOKAI Holdings Corp.(1) | 35,700 | 229,925 | ||||||
Tokai Rika Co. Ltd.(1) | 15,000 | 171,911 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 43,400 | 121,426 | ||||||
Token Corp. | 1,000 | 56,786 | ||||||
Tokio Marine Holdings, Inc. | 238,600 | 5,065,628 | ||||||
Tokushu Tokai Paper Co. Ltd. | 900 | 19,982 | ||||||
Tokuyama Corp.(1) | 17,500 | 278,970 | ||||||
Tokyo Century Corp. | 4,400 | 147,161 | ||||||
Tokyo Electric Power Co. Holdings, Inc.(2) | 247,600 | 820,376 | ||||||
Tokyo Electron Device Ltd. | 1,700 | 101,236 | ||||||
Tokyo Electron Ltd. | 6,700 | 2,298,783 | ||||||
Tokyo Gas Co. Ltd. | 46,000 | 887,222 | ||||||
Tokyo Kiraboshi Financial Group, Inc. | 11,900 | 254,118 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 7,100 | 374,769 | ||||||
Tokyo Rope Manufacturing Co. Ltd. | 2,600 | 24,017 | ||||||
Tokyo Seimitsu Co. Ltd.(1) | 11,500 | 419,846 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 23,400 | 258,625 | ||||||
Tokyo Tatemono Co. Ltd. | 39,000 | 477,588 | ||||||
Tokyotokeiba Co. Ltd. | 3,100 | 86,018 | ||||||
Tokyu Construction Co. Ltd. | 25,400 | 129,003 | ||||||
Tokyu Corp. | 24,300 | 292,741 | ||||||
Tokyu Fudosan Holdings Corp. | 83,300 | 402,387 | ||||||
TOMONY Holdings, Inc. | 24,600 | 71,169 | ||||||
Tomy Co. Ltd. | 22,100 | 215,971 | ||||||
Topcon Corp. | 32,100 | 422,198 | ||||||
Toppan, Inc. | 29,100 | 526,257 | ||||||
Topre Corp.(1) | 11,500 | 101,012 | ||||||
Topy Industries Ltd. | 2,100 | 29,412 | ||||||
Toray Industries, Inc. | 452,200 | 2,589,032 |
154
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Torex Semiconductor Ltd. | 1,100 | $ | 19,701 | |||||
Toridoll Holdings Corp.(1) | 30,300 | 606,348 | ||||||
Torii Pharmaceutical Co. Ltd. | 1,300 | 29,969 | ||||||
Torishima Pump Manufacturing Co. Ltd. | 2,100 | 23,673 | ||||||
Tosei Corp. | 6,200 | 67,099 | ||||||
Toshiba Corp. | 26,400 | 817,019 | ||||||
Toshiba TEC Corp. | 4,100 | 114,449 | ||||||
Tosoh Corp. | 49,600 | 675,016 | ||||||
Totetsu Kogyo Co. Ltd.(1) | 2,100 | 42,290 | ||||||
TOTO Ltd. | 6,400 | 213,877 | ||||||
Towa Corp.(1) | 1,800 | 25,141 | ||||||
Toyo Construction Co. Ltd. | 15,800 | 102,856 | ||||||
Toyo Corp. | 1,900 | 18,399 | ||||||
Toyo Engineering Corp.(2) | 7,700 | 33,172 | ||||||
Toyo Gosei Co. Ltd.(1) | 800 | 53,853 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 6,800 | 96,578 | ||||||
Toyo Kanetsu KK(1) | 2,800 | 56,535 | ||||||
Toyo Securities Co. Ltd. | 15,400 | 39,237 | ||||||
Toyo Seikan Group Holdings Ltd. | 56,000 | 728,719 | ||||||
Toyo Suisan Kaisha Ltd. | 3,100 | 125,414 | ||||||
Toyo Tanso Co. Ltd. | 3,100 | 101,825 | ||||||
Toyo Tire Corp. | 24,100 | 285,285 | ||||||
Toyobo Co. Ltd.(1) | 20,100 | 158,114 | ||||||
Toyoda Gosei Co. Ltd. | 19,000 | 309,501 | ||||||
Toyota Boshoku Corp. | 7,700 | 119,780 | ||||||
Toyota Industries Corp. | 8,300 | 486,962 | ||||||
Toyota Motor Corp., ADR(1) | 78,924 | 10,727,350 | ||||||
Toyota Tsusho Corp. | 36,200 | 1,476,363 | ||||||
TPR Co. Ltd. | 6,300 | 64,505 | ||||||
Trancom Co. Ltd. | 1,600 | 78,438 | ||||||
Transcosmos, Inc. | 7,900 | 194,272 | ||||||
TRE Holdings Corp.(1) | 13,196 | 146,989 | ||||||
Trend Micro, Inc. | 49,900 | 2,346,328 | ||||||
Trusco Nakayama Corp. | 8,500 | 140,976 | ||||||
TS Tech Co. Ltd. | 15,300 | 194,092 | ||||||
TSI Holdings Co. Ltd.(1) | 17,400 | 78,895 | ||||||
Tsubakimoto Chain Co. | 16,900 | 395,893 | ||||||
Tsuburaya Fields Holdings, Inc.(1) | 8,500 | 260,033 | ||||||
Tsugami Corp. | 6,900 | 74,475 | ||||||
Tsukuba Bank Ltd. | 15,100 | 26,290 | ||||||
Tsumura & Co. | 1,300 | 24,721 | ||||||
Tsuruha Holdings, Inc. | 2,000 | 140,847 | ||||||
Tsuzuki Denki Co. Ltd. | 100 | 1,061 | ||||||
TV Asahi Holdings Corp. | 4,100 | 43,738 | ||||||
UACJ Corp. | 7,900 | 154,867 | ||||||
UBE Corp.(1) | 26,100 | 391,434 | ||||||
Uchida Yoko Co. Ltd. | 1,600 | 58,596 | ||||||
Ulvac, Inc. | 11,900 | 456,163 | ||||||
Unicharm Corp. | 9,500 | 351,617 | ||||||
Union Tool Co. | 800 | 18,986 | ||||||
Unipres Corp. | 8,500 | 50,310 |
155
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
United Arrows Ltd.(1) | 5,300 | $ | 67,873 | |||||
United Super Markets Holdings, Inc.(1) | 6,600 | 54,307 | ||||||
UNITED, Inc. | 200 | 1,827 | ||||||
Unitika Ltd.(2) | 8,800 | 15,054 | ||||||
Universal Entertainment Corp.(2) | 8,000 | 138,522 | ||||||
Ushio, Inc. | 6,100 | 69,696 | ||||||
USS Co. Ltd. | 100,500 | 1,630,476 | ||||||
UT Group Co. Ltd. | 4,500 | 81,864 | ||||||
V Technology Co. Ltd. | 1,700 | 30,659 | ||||||
Valor Holdings Co. Ltd. | 8,200 | 118,131 | ||||||
Valqua Ltd. | 6,100 | 147,991 | ||||||
Value HR Co. Ltd. | 500 | 5,932 | ||||||
ValueCommerce Co. Ltd. | 2,400 | 29,545 | ||||||
Vector, Inc. | 8,100 | 82,728 | ||||||
Vertex Corp.(1) | 4,200 | 40,800 | ||||||
Vital KSK Holdings, Inc. | 3,300 | 22,288 | ||||||
VT Holdings Co. Ltd. | 18,200 | 68,108 | ||||||
Wacoal Holdings Corp. | 5,800 | 104,361 | ||||||
Wacom Co. Ltd.(1) | 10,300 | 49,434 | ||||||
Wakachiku Construction Co. Ltd.(1) | 2,200 | 50,938 | ||||||
Wakita & Co. Ltd.(1) | 3,600 | 29,799 | ||||||
Warabeya Nichiyo Holdings Co. Ltd.(1) | 3,900 | 53,214 | ||||||
WDB Holdings Co. Ltd. | 1,400 | 21,163 | ||||||
Weathernews, Inc. | 300 | 14,757 | ||||||
Welcia Holdings Co. Ltd.(1) | 8,900 | 194,831 | ||||||
West Holdings Corp.(1) | 1,300 | 31,997 | ||||||
West Japan Railway Co. | 7,300 | 283,335 | ||||||
Will Group, Inc. | 200 | 1,668 | ||||||
World Co. Ltd.(2) | 5,000 | 52,101 | ||||||
World Holdings Co. Ltd. | 900 | 18,227 | ||||||
Xebio Holdings Co. Ltd. | 4,500 | 33,331 | ||||||
Yakult Honsha Co. Ltd. | 33,700 | 2,297,198 | ||||||
YAKUODO Holdings Co. Ltd.(1) | 1,000 | 17,832 | ||||||
YAMABIKO Corp. | 5,600 | 51,930 | ||||||
Yamada Holdings Co. Ltd.(1) | 293,100 | 1,031,128 | ||||||
Yamae Group Holdings Co. Ltd. | 1,300 | 17,281 | ||||||
Yamagata Bank Ltd.(1) | 2,500 | 22,798 | ||||||
Yamaguchi Financial Group, Inc.(1) | 71,400 | 482,157 | ||||||
Yamaha Corp. | 3,900 | 147,977 | ||||||
Yamaha Motor Co. Ltd. | 110,800 | 2,834,841 | ||||||
Yamaichi Electronics Co. Ltd.(1) | 10,300 | 138,507 | ||||||
YA-MAN Ltd.(1) | 2,000 | 23,059 | ||||||
Yamato Holdings Co. Ltd. | 25,200 | 425,646 | ||||||
Yamato Kogyo Co. Ltd. | 3,900 | 156,334 | ||||||
Yamazaki Baking Co. Ltd. | 49,100 | 570,012 | ||||||
Yamazen Corp. | 16,500 | 126,852 | ||||||
Yaoko Co. Ltd. | 3,100 | 156,152 | ||||||
Yaskawa Electric Corp.(1) | 14,100 | 554,751 | ||||||
Yellow Hat Ltd. | 8,800 | 114,924 | ||||||
Yodogawa Steel Works Ltd. | 3,600 | 71,556 | ||||||
Yokogawa Bridge Holdings Corp. | 12,700 | 191,507 |
156
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Yokogawa Electric Corp. | 11,700 | $ | 174,743 | |||||
Yokohama Rubber Co. Ltd. | 20,500 | 389,028 | ||||||
Yokorei Co. Ltd. | 11,800 | 86,893 | ||||||
Yondoshi Holdings, Inc.(1) | 2,200 | 28,111 | ||||||
Yonex Co. Ltd. | 18,000 | 174,613 | ||||||
Yotai Refractories Co. Ltd. | 1,900 | 21,053 | ||||||
Yuasa Trading Co. Ltd.(1) | 14,700 | 394,880 | ||||||
Yukiguni Maitake Co. Ltd. | 3,000 | 22,640 | ||||||
Z Holdings Corp.(1) | 73,600 | 197,590 | ||||||
Zenkoku Hosho Co. Ltd.(1) | 8,200 | 312,407 | ||||||
Zenrin Co. Ltd. | 7,500 | 46,328 | ||||||
Zensho Holdings Co. Ltd. | 15,267 | 429,841 | ||||||
Zeon Corp. | 26,600 | 251,591 | ||||||
ZERIA Pharmaceutical Co. Ltd. | 4,500 | 72,405 | ||||||
ZIGExN Co. Ltd. | 7,900 | 25,116 | ||||||
ZOZO, Inc. | 8,400 | 186,696 | ||||||
494,157,309 | ||||||||
Netherlands — 3.7% | ||||||||
Aalberts NV | 39,957 | 1,942,366 | ||||||
ABN AMRO Bank NV, CVA | 187,561 | 3,309,733 | ||||||
Adyen NV(2) | 3,463 | 4,908,558 | ||||||
Aegon NV, NY Shares | 797,981 | 4,125,562 | ||||||
AerCap Holdings NV(2) | 55,465 | 3,463,235 | ||||||
Akzo Nobel NV | 36,293 | 2,655,009 | ||||||
AMG Advanced Metallurgical Group NV | 21,596 | 850,338 | ||||||
Arcadis NV | 12,453 | 514,951 | ||||||
ASM International NV | 9,377 | 3,196,300 | ||||||
ASML Holding NV, NY Shares | 30,827 | 19,042,763 | ||||||
ASR Nederland NV | 70,717 | 3,218,390 | ||||||
BE Semiconductor Industries NV | 26,212 | 2,023,342 | ||||||
Beter Bed Holding NV | 3,278 | 10,776 | ||||||
Brunel International NV | 4,395 | 54,337 | ||||||
Coca-Cola Europacific Partners PLC | 34,747 | 1,911,085 | ||||||
Constellium SE(2) | 12,014 | 192,104 | ||||||
Corbion NV | 3,487 | 131,004 | ||||||
Flow Traders Ltd. | 10,254 | 248,813 | ||||||
ForFarmers NV(1) | 6,503 | 22,606 | ||||||
Fugro NV(2) | 57,890 | 728,782 | ||||||
Heijmans NV, CVA | 5,110 | 66,655 | ||||||
Heineken Holding NV | 1,152 | 98,553 | ||||||
Heineken NV | 22,072 | 2,249,766 | ||||||
IMCD NV | 2,751 | 435,459 | ||||||
ING Groep NV, ADR(1) | 643,337 | 8,987,418 | ||||||
InPost SA(2) | 49,743 | 411,639 | ||||||
Just Eat Takeaway.com NV(2) | 20,846 | 453,407 | ||||||
Kendrion NV | 1,780 | 30,163 | ||||||
Koninklijke Ahold Delhaize NV | 230,807 | 7,328,554 | ||||||
Koninklijke BAM Groep NV(2) | 130,214 | 332,836 | ||||||
Koninklijke DSM NV | 16,014 | 1,973,405 | ||||||
Koninklijke KPN NV | 987,828 | 3,386,282 | ||||||
Koninklijke Philips NV, NY Shares | 27,968 | 456,717 |
157
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Koninklijke Vopak NV | 32,847 | $ | 1,047,919 | |||||
NN Group NV | 71,429 | 2,891,200 | ||||||
OCI NV | 53,372 | 1,772,894 | ||||||
Ordina NV | 8,994 | 36,787 | ||||||
Pharming Group NV(1)(2) | 184,523 | 223,360 | ||||||
PostNL NV(1) | 166,586 | 290,803 | ||||||
Prosus NV(2) | 46,160 | 3,309,172 | ||||||
Randstad NV | 9,707 | 595,623 | ||||||
SBM Offshore NV | 14,903 | 218,085 | ||||||
SIF Holding NV(1) | 604 | 7,789 | ||||||
Signify NV | 4,966 | 172,072 | ||||||
Sligro Food Group NV | 7,515 | 126,512 | ||||||
TKH Group NV, CVA | 8,914 | 411,099 | ||||||
TomTom NV(1)(2) | 4,565 | 35,164 | ||||||
Universal Music Group NV | 27,749 | 653,804 | ||||||
Van Lanschot Kempen NV | 4,210 | 122,797 | ||||||
Wolters Kluwer NV | 19,025 | 2,202,477 | ||||||
92,878,465 | ||||||||
New Zealand — 0.3% | ||||||||
a2 Milk Co. Ltd.(1)(2) | 95,348 | 425,930 | ||||||
Air New Zealand Ltd.(2) | 324,471 | 158,147 | ||||||
Arvida Group Ltd. | 63,083 | 39,395 | ||||||
Auckland International Airport Ltd.(2) | 96,187 | 519,744 | ||||||
Channel Infrastructure NZ Ltd.(2) | 2,544 | 2,279 | ||||||
Chorus Ltd. | 269,750 | 1,383,146 | ||||||
Contact Energy Ltd. | 93,954 | 444,750 | ||||||
EBOS Group Ltd. | 14,127 | 386,735 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 25,846 | 413,702 | ||||||
Fletcher Building Ltd. | 102,577 | 300,554 | ||||||
Genesis Energy Ltd. | 53,599 | 95,947 | ||||||
Hallenstein Glasson Holdings Ltd. | 3,630 | 12,221 | ||||||
Heartland Group Holdings Ltd.(1) | 48,998 | 54,808 | ||||||
Infratil Ltd. | 46,257 | 251,421 | ||||||
KMD Brands Ltd. | 94,852 | 66,151 | ||||||
Mercury NZ Ltd. | 40,890 | 158,490 | ||||||
Meridian Energy Ltd. | 37,261 | 122,303 | ||||||
NZX Ltd. | 4,193 | 3,155 | ||||||
Oceania Healthcare Ltd. | 83,326 | 40,109 | ||||||
Pushpay Holdings Ltd.(2) | 135,217 | 105,961 | ||||||
Restaurant Brands New Zealand Ltd. | 933 | 3,487 | ||||||
Ryman Healthcare Ltd.(1) | 63,101 | 204,843 | ||||||
Skellerup Holdings Ltd. | 11,000 | 35,386 | ||||||
SKYCITY Entertainment Group Ltd.(2) | 170,074 | 273,095 | ||||||
Spark New Zealand Ltd. | 623,095 | 1,923,850 | ||||||
Summerset Group Holdings Ltd. | 26,652 | 151,451 | ||||||
Tourism Holdings Ltd.(2) | 3,514 | 8,716 | ||||||
TOWER Ltd. | 29,792 | 11,325 | ||||||
Vista Group International Ltd.(2) | 6 | 5 | ||||||
7,597,106 | ||||||||
Norway — 0.8% | ||||||||
2020 Bulkers Ltd.(1)(2) | 4,054 | 42,362 |
158
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
ABG Sundal Collier Holding ASA | 59,246 | $ | 36,857 | |||||
Adevinta ASA(2) | 6,703 | 50,088 | ||||||
Aker BP ASA | 15,810 | 424,350 | ||||||
Aker Horizons ASA(1)(2) | 143 | 161 | ||||||
Aker Solutions ASA | 26,621 | 112,448 | ||||||
AMSC ASA(2) | 2,356 | 10,041 | ||||||
Atea ASA(2) | 1,331 | 15,201 | ||||||
Austevoll Seafood ASA | 4,629 | 39,553 | ||||||
Axactor ASA(1)(2) | 598 | 409 | ||||||
B2Holding ASA | 18,817 | 13,946 | ||||||
Bakkafrost P/F | 1,289 | 84,334 | ||||||
Belships ASA | 16,794 | 31,408 | ||||||
Bonheur ASA | 3,589 | 96,302 | ||||||
Borr Drilling Ltd.(2) | 27,304 | 189,749 | ||||||
Borregaard ASA | 9,187 | 155,752 | ||||||
BW Energy Ltd.(2) | 16,174 | 45,398 | ||||||
BW LPG Ltd. | 28,956 | 253,302 | ||||||
BW Offshore Ltd. | 23,808 | 65,293 | ||||||
DNB Bank ASA | 111,362 | 2,222,252 | ||||||
DNO ASA | 166,215 | 190,454 | ||||||
Entra ASA | 8,571 | 95,632 | ||||||
Equinor ASA, ADR | 112,615 | 3,435,884 | ||||||
Europris ASA | 16,840 | 118,721 | ||||||
FLEX LNG Ltd. | 8,993 | 313,281 | ||||||
Frontline PLC | 13,650 | 257,712 | ||||||
Gjensidige Forsikring ASA | 8,308 | 147,258 | ||||||
Golden Ocean Group Ltd. | 39,604 | 405,090 | ||||||
Hafnia Ltd. | 34,419 | 208,657 | ||||||
Hexagon Composites ASA(2) | 22 | 79 | ||||||
Hexagon Purus ASA(1)(2) | 4 | 13 | ||||||
Hoegh Autoliners ASA | 3,228 | 21,162 | ||||||
Hunter Group ASA | 48,000 | 640 | ||||||
Kid ASA | 3,728 | 30,907 | ||||||
Kitron ASA | 6,243 | 20,494 | ||||||
Kongsberg Automotive ASA(2) | 138,092 | 41,552 | ||||||
Kongsberg Gruppen ASA | 14,000 | 581,781 | ||||||
Leroy Seafood Group ASA | 10,584 | 52,483 | ||||||
Mowi ASA(1) | 30,619 | 528,630 | ||||||
MPC Container Ships ASA | 65,058 | 115,603 | ||||||
Multiconsult ASA | 829 | 11,350 | ||||||
NEL ASA(1)(2) | 46,132 | 69,660 | ||||||
Nordic Semiconductor ASA(2) | 7,952 | 114,325 | ||||||
Norsk Hydro ASA | 300,940 | 2,190,471 | ||||||
Norske Skog ASA(2) | 11,693 | 75,380 | ||||||
Norwegian Energy Co. ASA(2) | 6,842 | 265,178 | ||||||
Odfjell Drilling Ltd.(2) | 26,851 | 69,402 | ||||||
Odfjell Technology Ltd.(2) | 2,866 | 14,910 | ||||||
Orkla ASA | 20,154 | 135,652 | ||||||
Otello Corp. ASA | 1,983 | 1,510 | ||||||
Panoro Energy ASA | 14,083 | 40,616 | ||||||
Pareto Bank ASA | 2,473 | 13,939 |
159
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Petronor E&P ASA(2) | 8,972 | $ | 681 | |||||
PGS ASA(1)(2) | 179,549 | 175,279 | ||||||
Protector Forsikring ASA | 11,708 | 164,535 | ||||||
Rana Gruber ASA | 8,236 | 49,299 | ||||||
Salmar ASA | 1,424 | 59,032 | ||||||
Scatec ASA | 20,127 | 135,956 | ||||||
Schibsted ASA, B Shares | 33,441 | 636,119 | ||||||
Schibsted ASA, Class A | 15,181 | 308,059 | ||||||
SpareBank 1 Nord Norge | 17,847 | 177,076 | ||||||
SpareBank 1 Oestlandet | 4,121 | 49,871 | ||||||
SpareBank 1 SMN | 19,539 | 257,695 | ||||||
SpareBank 1 Sorost-Norge | 2,242 | 12,042 | ||||||
SpareBank 1 SR-Bank ASA | 8,851 | 110,581 | ||||||
Sparebanken Vest | 6,101 | 59,126 | ||||||
Stolt-Nielsen Ltd. | 2,348 | 72,585 | ||||||
Storebrand ASA | 233,631 | 1,928,543 | ||||||
Subsea 7 SA | 78,164 | 1,015,297 | ||||||
Telenor ASA | 37,667 | 422,354 | ||||||
TGS ASA | 29,024 | 522,451 | ||||||
TOMRA Systems ASA | 16,586 | 264,561 | ||||||
Veidekke ASA | 13,219 | 147,713 | ||||||
Wallenius Wilhelmsen ASA | 24,995 | 218,514 | ||||||
Yara International ASA | 22,338 | 1,061,922 | ||||||
21,306,923 | ||||||||
Portugal — 0.2% | ||||||||
Altri SGPS SA(1) | 22,911 | 112,218 | ||||||
Banco Comercial Portugues SA, R Shares | 1,163,873 | 280,268 | ||||||
Corticeira Amorim SGPS SA | 3,340 | 34,508 | ||||||
CTT-Correios de Portugal SA | 16,069 | 63,765 | ||||||
EDP - Energias de Portugal SA | 317,360 | 1,598,136 | ||||||
EDP Renovaveis SA | 7,020 | 143,662 | ||||||
Galp Energia SGPS SA | 174,422 | 2,127,865 | ||||||
Greenvolt-Energias Renovaveis SA(1)(2) | 374 | 2,865 | ||||||
Jeronimo Martins SGPS SA | 14,203 | 291,530 | ||||||
Navigator Co. SA | 4,889 | 17,195 | ||||||
NOS SGPS SA | 16,900 | 74,677 | ||||||
REN - Redes Energeticas Nacionais SGPS SA | 154,285 | 414,819 | ||||||
Sonae SGPS SA | 124,809 | 136,747 | ||||||
5,298,255 | ||||||||
Singapore — 1.4% | ||||||||
Aspen Group Holdings Ltd.(2) | 439 | 12 | ||||||
Avarga Ltd.(2) | 97,900 | 16,354 | ||||||
Boustead Singapore Ltd. | 1,000 | 653 | ||||||
Bumitama Agri Ltd. | 141,800 | 67,771 | ||||||
Capitaland India Trust | 166,300 | 138,207 | ||||||
Capitaland Investment Ltd. | 351,400 | 969,159 | ||||||
Centurion Corp. Ltd. | 1,800 | 494 | ||||||
China Sunsine Chemical Holdings Ltd. | 56,900 | 19,238 | ||||||
City Developments Ltd. | 118,900 | 680,150 | ||||||
ComfortDelGro Corp. Ltd. | 1,170,000 | 1,050,598 | ||||||
DBS Group Holdings Ltd. | 185,985 | 4,718,648 |
160
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Delfi Ltd. | 14,200 | $ | 10,484 | |||||
Far East Orchard Ltd. | 10,200 | 8,242 | ||||||
First Resources Ltd. | 189,800 | 216,404 | ||||||
Frencken Group Ltd. | 51,700 | 39,488 | ||||||
Geo Energy Resources Ltd.(1) | 254,900 | 61,389 | ||||||
Golden Agri-Resources Ltd. | 3,437,600 | 650,502 | ||||||
Grab Holdings Ltd., Class A(2) | 158,829 | 509,841 | ||||||
GuocoLand Ltd. | 16,800 | 20,187 | ||||||
Haw Par Corp. Ltd. | 2,900 | 21,660 | ||||||
Hong Fok Corp. Ltd.(1) | 75,300 | 53,094 | ||||||
Hong Leong Asia Ltd. | 13,900 | 7,014 | ||||||
Hour Glass Ltd. | 52,500 | 84,489 | ||||||
Hutchison Port Holdings Trust, U Shares | 1,497,200 | 276,111 | ||||||
iFAST Corp. Ltd. | 22,800 | 84,211 | ||||||
Indofood Agri Resources Ltd. | 80,500 | 18,507 | ||||||
ISDN Holdings Ltd. | 61,600 | 22,189 | ||||||
Japfa Ltd. | 93,000 | 20,708 | ||||||
Jardine Cycle & Carriage Ltd.(1) | 3,900 | 85,976 | ||||||
Jiutian Chemical Group Ltd. | 505,900 | 28,874 | ||||||
Keppel Corp. Ltd. | 449,800 | 1,826,553 | ||||||
Keppel Infrastructure Trust | 445,300 | 178,243 | ||||||
Mandarin Oriental International Ltd.(2) | 14,400 | 26,459 | ||||||
Maxeon Solar Technologies Ltd.(2) | 3,598 | 63,325 | ||||||
Mewah International, Inc. | 26,100 | 5,705 | ||||||
Micro-Mechanics Holdings Ltd. | 4,900 | 8,287 | ||||||
Netlink NBN Trust | 174,600 | 111,985 | ||||||
Olam Group Ltd. | 123,300 | 140,930 | ||||||
OUE Ltd. | 21,900 | 19,986 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 507,631 | 4,770,965 | ||||||
Oxley Holdings Ltd. | 19,100 | 1,982 | ||||||
QAF Ltd. | 19,700 | 12,420 | ||||||
Raffles Medical Group Ltd. | 220,100 | 227,013 | ||||||
Rex International Holding Ltd.(1) | 148,100 | 17,692 | ||||||
Riverstone Holdings Ltd. | 188,700 | 85,440 | ||||||
Samudera Shipping Line Ltd. | 80,000 | 70,635 | ||||||
SATS Ltd.(1)(2) | 35,600 | 74,703 | ||||||
Sea Ltd., ADR(2) | 7,999 | 499,857 | ||||||
Sembcorp Industries Ltd. | 157,100 | 422,898 | ||||||
Sembcorp Marine Ltd.(2) | 8,523,259 | 802,739 | ||||||
Sheng Siong Group Ltd. | 186,800 | 225,867 | ||||||
Sing Investments & Finance Ltd. | 1,000 | 1,171 | ||||||
Singapore Airlines Ltd.(1) | 491,150 | 2,073,667 | ||||||
Singapore Exchange Ltd. | 280,800 | 1,813,506 | ||||||
Singapore Post Ltd. | 439,900 | 174,681 | ||||||
Singapore Technologies Engineering Ltd. | 175,600 | 464,984 | ||||||
Singapore Telecommunications Ltd. | 1,209,300 | 2,124,592 | ||||||
Stamford Land Corp. Ltd. | 52,700 | 15,644 | ||||||
StarHub Ltd. | 79,000 | 62,131 | ||||||
Straits Trading Co. Ltd. | 14,200 | 24,004 | ||||||
Tuan Sing Holdings Ltd. | 136,993 | 34,077 | ||||||
UMS Holdings Ltd. | 124,600 | 99,855 |
161
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
United Overseas Bank Ltd. | 170,500 | $ | 3,779,240 | |||||
UOL Group Ltd. | 311,700 | 1,578,533 | ||||||
Venture Corp. Ltd. | 42,200 | 537,401 | ||||||
Wilmar International Ltd. | 174,000 | 508,368 | ||||||
Wing Tai Holdings Ltd. | 15,500 | 17,250 | ||||||
Yangzijiang Financial Holding Ltd.(1)(2) | 908,900 | 235,822 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,573,600 | 1,505,619 | ||||||
Yanlord Land Group Ltd. | 232,400 | 188,102 | ||||||
Yoma Strategic Holdings Ltd.(2) | 578,700 | 45,041 | ||||||
34,758,026 | ||||||||
Spain — 2.3% | ||||||||
Acciona SA | 8,350 | 1,573,183 | ||||||
Acerinox SA | 108,301 | 1,189,230 | ||||||
ACS Actividades de Construccion y Servicios SA | 20,340 | 616,619 | ||||||
Aena SME SA(2) | 11,691 | 1,808,673 | ||||||
Almirall SA | 14,176 | 135,854 | ||||||
Amadeus IT Group SA(2) | 37,995 | 2,389,233 | ||||||
Applus Services SA | 13,771 | 96,399 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 28,283 | 102,971 | ||||||
Banco Bilbao Vizcaya Argentaria SA, ADR | 676,184 | 5,247,188 | ||||||
Banco de Sabadell SA | 2,272,649 | 2,968,524 | ||||||
Banco Santander SA, ADR | 1,634,188 | 6,389,675 | ||||||
Bankinter SA(1) | 72,313 | 508,670 | ||||||
CaixaBank SA | 648,111 | 2,782,903 | ||||||
Cellnex Telecom SA(2) | 23,034 | 864,207 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 21,193 | 511,629 | ||||||
CIE Automotive SA | 10,416 | 305,065 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 4,085 | 121,408 | ||||||
Ebro Foods SA(1) | 6,389 | 109,690 | ||||||
Enagas SA | 73,360 | 1,315,817 | ||||||
Ence Energia y Celulosa SA | 40,680 | 155,246 | ||||||
Endesa SA | 38,752 | 759,927 | ||||||
Ercros SA | 19,852 | 84,464 | ||||||
Faes Farma SA | 43,469 | 158,771 | ||||||
Ferrovial SA | 10,348 | 287,218 | ||||||
Fluidra SA | 7,732 | 134,177 | ||||||
Fomento de Construcciones y Contratas SA | 8,611 | 83,327 | ||||||
Gestamp Automocion SA | 59,565 | 275,870 | ||||||
Global Dominion Access SA | 16,127 | 60,137 | ||||||
Grifols SA(1)(2) | 10,449 | 127,293 | ||||||
Grupo Catalana Occidente SA | 3,270 | 106,773 | ||||||
Iberdrola SA | 662,668 | 7,596,440 | ||||||
Indra Sistemas SA | 15,426 | 194,841 | ||||||
Industria de Diseno Textil SA | 90,021 | 2,773,252 | ||||||
Laboratorios Farmaceuticos Rovi SA | 2,940 | 129,384 | ||||||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros(1) | 38,597 | 38,302 | ||||||
Mapfre SA | 254,714 | 546,462 | ||||||
Melia Hotels International SA(2) | 44,674 | 295,639 | ||||||
Metrovacesa SA(1)(2) | 5,539 | 41,941 | ||||||
Miquel y Costas & Miquel SA | 638 | 8,405 | ||||||
Naturgy Energy Group SA | 10,976 | 301,946 |
162
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Neinor Homes SA | 11,637 | $ | 113,037 | |||||
Obrascon Huarte Lain SA(1)(2) | 79,625 | 43,770 | ||||||
Pharma Mar SA | 1,862 | 109,957 | ||||||
Prosegur Cash SA | 27,680 | 20,929 | ||||||
Prosegur Cia de Seguridad SA | 35,269 | 72,796 | ||||||
Red Electrica Corp. SA | 122,901 | 2,038,755 | ||||||
Repsol SA | 416,816 | 6,591,878 | ||||||
Sacyr SA(1) | 138,196 | 450,674 | ||||||
Solaria Energia y Medio Ambiente SA(2) | 9,769 | 179,154 | ||||||
Talgo SA | 920 | 3,507 | ||||||
Telefonica SA, ADR(1) | 674,328 | 2,758,002 | ||||||
Tubacex SA(2) | 18,497 | 47,976 | ||||||
Unicaja Banco SA | 241,769 | 309,719 | ||||||
Viscofan SA(1) | 9,085 | 581,571 | ||||||
56,518,478 | ||||||||
Sweden — 3.5% | ||||||||
AAK AB | 18,328 | 313,871 | ||||||
AcadeMedia AB | 2,670 | 12,462 | ||||||
AddLife AB, B Shares | 6,029 | 64,532 | ||||||
AddTech AB, B Shares | 33,034 | 591,239 | ||||||
Africa Oil Corp.(1) | 39,500 | 80,766 | ||||||
Alfa Laval AB | 24,178 | 795,282 | ||||||
Alimak Group AB(1) | 2,814 | 25,543 | ||||||
Alleima AB(2) | 8,488 | 45,890 | ||||||
Alligo AB, Class B | 945 | 10,261 | ||||||
Ambea AB | 3,055 | 10,562 | ||||||
AQ Group AB | 798 | 29,426 | ||||||
Arise AB(2) | 14,586 | 61,929 | ||||||
Arjo AB, B Shares | 30,587 | 115,857 | ||||||
Assa Abloy AB, Class B | 52,524 | 1,278,106 | ||||||
Atlas Copco AB, A Shares | 231,751 | 2,751,399 | ||||||
Atlas Copco AB, B Shares | 224,975 | 2,369,998 | ||||||
Atrium Ljungberg AB, B Shares | 9,969 | 173,883 | ||||||
Avanza Bank Holding AB(1) | 145,157 | 3,839,079 | ||||||
Axfood AB | 82,615 | 1,977,259 | ||||||
Beijer Alma AB | 1,369 | 26,729 | ||||||
Beijer Ref AB(1) | 21,339 | 330,995 | ||||||
Better Collective A/S(2) | 7,120 | 126,867 | ||||||
Bilia AB, A Shares | 35,691 | 475,510 | ||||||
Billerud AB | 86,713 | 1,000,528 | ||||||
BioGaia AB, B Shares | 12,584 | 119,588 | ||||||
Biotage AB | 11,375 | 164,567 | ||||||
Bjorn Borg AB(2) | 934 | 3,014 | ||||||
Boliden AB | 67,905 | 2,779,820 | ||||||
Bonava AB, B Shares | 13,106 | 29,874 | ||||||
Boozt AB(1)(2) | 8,909 | 105,450 | ||||||
Bravida Holding AB | 13,452 | 150,675 | ||||||
Bure Equity AB | 11,805 | 291,056 | ||||||
Byggmax Group AB | 17,111 | 62,388 | ||||||
Castellum AB(1) | 125,555 | 1,598,013 | ||||||
Catena AB | 3,571 | 139,467 |
163
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Catena Media PLC(1)(2) | 24,219 | $ | 75,577 | |||||
Cellavision AB | 694 | 13,262 | ||||||
Cibus Nordic Real Estate AB | 12,496 | 149,063 | ||||||
Clas Ohlson AB, B Shares | 18,520 | 118,227 | ||||||
Cloetta AB, B Shares | 80,256 | 171,541 | ||||||
Collector Bank AB(2) | 13,975 | 59,962 | ||||||
Coor Service Management Holding AB | 8,924 | 60,197 | ||||||
Corem Property Group AB, B Shares | 156,143 | 135,418 | ||||||
Dios Fastigheter AB | 21,969 | 161,797 | ||||||
Duni AB(2) | 2,761 | 24,852 | ||||||
Elanders AB, B Shares | 2,304 | 34,723 | ||||||
Electrolux AB, B Shares(1) | 63,217 | 764,972 | ||||||
Electrolux Professional AB, B Shares | 59,296 | 314,884 | ||||||
Elekta AB, B Shares(1) | 87,243 | 680,951 | ||||||
Embracer Group AB(1)(2) | 13,464 | 64,903 | ||||||
Eolus Vind AB, B Shares | 3,678 | 33,108 | ||||||
Epiroc AB, A Shares | 107,065 | 2,057,560 | ||||||
Epiroc AB, B Shares | 34,875 | 573,761 | ||||||
EQT AB | 7,225 | 161,583 | ||||||
Essity AB, B Shares(1) | 102,536 | 2,765,662 | ||||||
Evolution AB | 4,085 | 492,923 | ||||||
Fabege AB | 35,896 | 303,702 | ||||||
Fagerhult AB | 716 | 3,820 | ||||||
Fastighets AB Balder, B Shares(2) | 47,055 | 232,775 | ||||||
Fingerprint Cards AB, B Shares(1)(2) | 1,440 | 399 | ||||||
Fortnox AB | 71,498 | 424,267 | ||||||
G5 Entertainment AB(1) | 1,269 | 23,536 | ||||||
GARO AB | 7,008 | 56,438 | ||||||
Getinge AB, B Shares | 47,402 | 1,018,821 | ||||||
Granges AB | 23,586 | 203,545 | ||||||
H & M Hennes & Mauritz AB, B Shares | 170,678 | 2,150,609 | ||||||
Hemnet Group AB | 5,791 | 91,950 | ||||||
Hexagon AB, B Shares | 110,758 | 1,227,484 | ||||||
Hexpol AB | 23,043 | 256,224 | ||||||
HMS Networks AB | 4,121 | 166,182 | ||||||
Hoist Finance AB(2) | 12,496 | 29,488 | ||||||
Holmen AB, B Shares | 9,972 | 402,641 | ||||||
Hufvudstaden AB, A Shares | 13,708 | 199,236 | ||||||
Husqvarna AB, B Shares | 35,664 | 315,771 | ||||||
Industrivarden AB, A Shares | 10,140 | 278,724 | ||||||
Indutrade AB | 36,406 | 774,371 | ||||||
Instalco AB | 31,779 | 148,137 | ||||||
Intrum AB | 8,076 | 106,005 | ||||||
Investment AB Latour, B Shares | 5,981 | 123,739 | ||||||
Inwido AB | 6,499 | 72,080 | ||||||
JM AB | 12,160 | 252,835 | ||||||
Kabe Group AB, Class B | 255 | 5,373 | ||||||
Karnov Group AB(2) | 4,021 | 21,119 | ||||||
Kopparbergs Bryggeri AB, B Shares | 1,831 | 22,796 | ||||||
Lifco AB, B Shares | 11,946 | 238,645 | ||||||
Lime Technologies AB | 752 | 19,031 |
164
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Lindab International AB | 13,006 | $ | 180,336 | |||||
Loomis AB | 48,613 | 1,570,822 | ||||||
Maha Energy AB(1)(2) | 43,382 | 39,649 | ||||||
MEKO AB | 10,576 | 120,653 | ||||||
Millicom International Cellular SA, SDR(2) | 25,739 | 507,351 | ||||||
MIPS AB | 7,007 | 315,568 | ||||||
Modern Times Group MTG AB, B Shares(2) | 13,190 | 91,254 | ||||||
Momentum Group AB(2) | 945 | 7,371 | ||||||
Munters Group AB | 2,707 | 26,116 | ||||||
Mycronic AB | 11,030 | 235,740 | ||||||
NCC AB, B Shares | 17,143 | 160,717 | ||||||
Neobo Fastigheter AB(1)(2) | 6,733 | 8,992 | ||||||
Net Insight AB, B Shares(2) | 125,212 | 76,101 | ||||||
New Wave Group AB, B Shares | 12,792 | 224,405 | ||||||
Nibe Industrier AB, B Shares | 57,451 | 594,027 | ||||||
Nilorngruppen AB, B Shares | 49 | 331 | ||||||
Nobia AB | 34,226 | 57,653 | ||||||
Nolato AB, B Shares | 34,043 | 169,155 | ||||||
Nordea Bank Abp | 395,032 | 5,005,935 | ||||||
Nordic Paper Holding AB | 1,595 | 7,070 | ||||||
Nordnet AB publ | 15,342 | 270,315 | ||||||
NP3 Fastigheter AB | 1,897 | 39,660 | ||||||
Nyfosa AB | 18,905 | 156,559 | ||||||
Orron Energy AB | 8,113 | 11,650 | ||||||
Ovzon AB(2) | 906 | 3,652 | ||||||
OX2 AB(2) | 12,660 | 89,491 | ||||||
Pandox AB(2) | 11,646 | 157,373 | ||||||
Paradox Interactive AB | 10,718 | 225,265 | ||||||
Peab AB, Class B | 48,603 | 267,140 | ||||||
Platzer Fastigheter Holding AB, B Shares | 7,853 | 67,962 | ||||||
Profoto Holding AB | 290 | 2,412 | ||||||
RaySearch Laboratories AB(2) | 4,477 | 36,235 | ||||||
Resurs Holding AB | 55,668 | 134,034 | ||||||
Saab AB, B Shares | 53,929 | 3,112,245 | ||||||
Sagax AB, B Shares | 3,456 | 85,022 | ||||||
Sagax AB, D Shares | 2,138 | 5,599 | ||||||
Samhallsbyggnadsbolaget i Norden AB(1) | 131,561 | 214,671 | ||||||
Samhallsbyggnadsbolaget i Norden AB, D Shares(1) | 10,330 | 18,854 | ||||||
Sandvik AB | 101,519 | 2,088,440 | ||||||
Scandi Standard AB(2) | 9,597 | 49,247 | ||||||
Scandic Hotels Group AB(1)(2) | 31,690 | 106,463 | ||||||
Sectra AB, B Shares(2) | 13,759 | 188,067 | ||||||
Securitas AB, B Shares | 45,755 | 394,022 | ||||||
Sinch AB(1)(2) | 38,192 | 130,325 | ||||||
Skandinaviska Enskilda Banken AB, A Shares(1) | 222,396 | 2,782,506 | ||||||
Skanska AB, B Shares | 150,818 | 2,740,967 | ||||||
SKF AB, B Shares | 59,944 | 1,138,523 | ||||||
SkiStar AB | 16,243 | 183,259 | ||||||
Solid Forsakring AB(2) | 1,553 | 10,768 | ||||||
Spotify Technology SA(2) | 1,786 | 207,712 | ||||||
SSAB AB, A Shares | 38,295 | 278,400 |
165
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
SSAB AB, B Shares | 225,806 | $ | 1,544,606 | |||||
Stillfront Group AB(2) | 26,698 | 49,149 | ||||||
Svenska Cellulosa AB SCA, B Shares | 96,438 | 1,345,830 | ||||||
Svenska Handelsbanken AB, A Shares(1) | 243,355 | 2,581,257 | ||||||
Sweco AB, B Shares | 19,273 | 225,987 | ||||||
Swedbank AB, A Shares | 163,267 | 3,335,957 | ||||||
Swedish Orphan Biovitrum AB(2) | 8,535 | 196,622 | ||||||
Synsam AB | 270 | 1,076 | ||||||
Tele2 AB, B Shares | 124,464 | 1,144,048 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 403,303 | 2,218,167 | ||||||
Telia Co. AB | 622,389 | 1,607,247 | ||||||
Tethys Oil AB | 11,171 | 61,746 | ||||||
TF Bank AB | 1,188 | 16,935 | ||||||
Thule Group AB | 1,240 | 27,573 | ||||||
Tobii AB(2) | 777 | 1,774 | ||||||
Tobii Dynavox AB(2) | 920 | 2,336 | ||||||
Transtema Group AB(2) | 1,153 | 3,847 | ||||||
Trelleborg AB, B Shares | 100,251 | 2,583,920 | ||||||
Troax Group AB | 2,384 | 50,827 | ||||||
Truecaller AB, B Shares(1)(2) | 46,355 | 140,723 | ||||||
Viaplay Group AB, B Shares(2) | 3,268 | 83,666 | ||||||
Vitec Software Group AB, B Shares | 3,736 | 172,196 | ||||||
Vitrolife AB | 3,780 | 75,898 | ||||||
Volvo AB, A Shares | 14,188 | 295,363 | ||||||
Volvo AB, B Shares | 191,250 | 3,826,745 | ||||||
Volvo Car AB, Class B(2) | 112,771 | 531,694 | ||||||
Wallenstam AB, B Shares | 27,044 | 112,368 | ||||||
Wihlborgs Fastigheter AB | 47,881 | 398,484 | ||||||
87,268,679 | ||||||||
Switzerland — 8.2% | ||||||||
ABB Ltd., ADR(1) | 83,521 | 2,781,249 | ||||||
Accelleron Industries AG(2) | 21,366 | 526,660 | ||||||
Adecco Group AG | 6,966 | 248,382 | ||||||
Alcon, Inc. | 45,703 | 3,116,157 | ||||||
Allreal Holding AG | 792 | 129,796 | ||||||
ALSO Holding AG(2) | 1,322 | 259,355 | ||||||
ams-OSRAM AG(2) | 46,633 | 361,541 | ||||||
Arbonia AG | 14,274 | 179,903 | ||||||
Ascom Holding AG | 5,835 | 55,816 | ||||||
Autoneum Holding AG | 850 | 123,426 | ||||||
Bachem Holding AG, Class B | 1,455 | 145,020 | ||||||
Baloise Holding AG | 16,065 | 2,675,252 | ||||||
Banque Cantonale Vaudoise | 11,259 | 1,006,782 | ||||||
Barry Callebaut AG | 984 | 1,959,285 | ||||||
Basellandschaftliche Kantonalbank | 14 | 13,463 | ||||||
Basilea Pharmaceutica AG(2) | 1,270 | 70,431 | ||||||
Belimo Holding AG | 1,370 | 708,287 | ||||||
Bell Food Group AG | 256 | 74,678 | ||||||
Bellevue Group AG | 1,552 | 66,517 | ||||||
BKW AG | 1,541 | 224,947 | ||||||
Bucher Industries AG | 1,535 | 693,881 |
166
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Burckhardt Compression Holding AG | 4,291 | $ | 2,611,987 | |||||
Bystronic AG | 158 | 128,482 | ||||||
Calida Holding AG | 583 | 27,690 | ||||||
Cembra Money Bank AG | 15,827 | 1,347,785 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 7 | 775,402 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate | 73 | 799,762 | ||||||
Cie Financiere Richemont SA, Class A | 63,178 | 9,545,962 | ||||||
Clariant AG(2) | 43,535 | 704,163 | ||||||
Coltene Holding AG(2) | 899 | 68,440 | ||||||
Comet Holding AG | 2,576 | 568,815 | ||||||
COSMO Pharmaceuticals NV | 520 | 33,355 | ||||||
CPH Chemie & Papier Holding AG | 46 | 4,461 | ||||||
Credit Suisse Group AG, ADR(1) | 591,385 | 1,815,552 | ||||||
Daetwyler Holding AG, Bearer Shares | 790 | 157,657 | ||||||
DKSH Holding AG | 27,020 | 2,198,677 | ||||||
dormakaba Holding AG | 637 | 282,869 | ||||||
Dufry AG(2) | 8,017 | 357,185 | ||||||
EFG International AG | 20,976 | 203,170 | ||||||
Emmi AG | 3,175 | 2,990,244 | ||||||
EMS-Chemie Holding AG | 1,842 | 1,395,718 | ||||||
Feintool International Holding AG | 1,020 | 26,230 | ||||||
Flughafen Zurich AG(2) | 2,682 | 485,526 | ||||||
Forbo Holding AG | 293 | 384,203 | ||||||
Galenica AG | 11,281 | 874,069 | ||||||
GAM Holding AG(1)(2) | 27,635 | 18,876 | ||||||
Geberit AG | 4,213 | 2,273,747 | ||||||
Georg Fischer AG | 36,596 | 2,486,231 | ||||||
Givaudan SA | 155 | 467,213 | ||||||
Gurit Holding AG, Bearer Shares | 530 | 55,136 | ||||||
Helvetia Holding AG | 17,886 | 2,297,221 | ||||||
Holcim AG(2) | 75,754 | 4,675,916 | ||||||
Huber & Suhner AG | 5,584 | 510,946 | ||||||
Hypothekarbank Lenzburg AG | 1 | 4,646 | ||||||
Idorsia Ltd.(1)(2) | 5,174 | 68,324 | ||||||
Implenia AG(2) | 7,471 | 336,144 | ||||||
Ina Invest Holding AG(2) | 225 | 4,530 | ||||||
Inficon Holding AG | 736 | 761,431 | ||||||
Interroll Holding AG | 61 | 189,031 | ||||||
Intershop Holding AG | 107 | 69,373 | ||||||
Julius Baer Group Ltd. | 72,879 | 4,831,721 | ||||||
Kardex Holding AG | 2,098 | 390,187 | ||||||
Komax Holding AG | 186 | 58,033 | ||||||
Kuehne + Nagel International AG | 12,984 | 3,324,388 | ||||||
Landis & Gyr Group AG(2) | 12 | 902 | ||||||
LEM Holding SA | 123 | 253,165 | ||||||
Leonteq AG | 2,830 | 163,346 | ||||||
Liechtensteinische Landesbank AG | 1,502 | 97,400 | ||||||
Logitech International SA | 34,610 | 1,890,414 | ||||||
Lonza Group AG | 4,469 | 2,661,921 | ||||||
Medacta Group SA | 1,387 | 150,401 | ||||||
Metall Zug AG, B Shares | 20 | 43,524 |
167
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Mobilezone Holding AG | 19,778 | $ | 364,900 | |||||
Mobimo Holding AG | 1,185 | 297,948 | ||||||
Molecular Partners AG(2) | 12 | 75 | ||||||
Montana Aerospace AG(2) | 1,696 | 30,917 | ||||||
Nestle SA | 142,355 | 16,039,226 | ||||||
Novartis AG, ADR | 223,997 | 18,842,628 | ||||||
OC Oerlikon Corp. AG | 31,229 | 189,026 | ||||||
Orior AG | 2,083 | 158,435 | ||||||
Partners Group Holding AG | 5,906 | 5,592,588 | ||||||
Peach Property Group AG(1)(2) | 2,341 | 44,043 | ||||||
PSP Swiss Property AG | 19,069 | 2,138,089 | ||||||
Roche Holding AG | 77,360 | 22,305,895 | ||||||
Roche Holding AG, Bearer Shares(1) | 3,420 | 1,059,450 | ||||||
Schindler Holding AG | 3,919 | 844,569 | ||||||
Schindler Holding AG, Bearer Participation Certificate | 10,438 | 2,347,542 | ||||||
Schweiter Technologies AG, Bearer Shares | 283 | 239,013 | ||||||
Schweizerische Nationalbank(1) | 8 | 39,191 | ||||||
Sensirion Holding AG(2) | 2,773 | 338,102 | ||||||
SFS Group AG | 4,194 | 489,633 | ||||||
SGS SA | 983 | 2,253,365 | ||||||
Siegfried Holding AG(2) | 569 | 398,038 | ||||||
SIG Group AG(2) | 19,460 | 470,678 | ||||||
Sika AG | 6,768 | 1,897,916 | ||||||
Sonova Holding AG | 1,492 | 366,937 | ||||||
St Galler Kantonalbank AG | 331 | 175,423 | ||||||
Stadler Rail AG(1) | 26,466 | 1,044,593 | ||||||
Straumann Holding AG | 20,286 | 2,689,432 | ||||||
Sulzer AG | 5,492 | 476,662 | ||||||
Swatch Group AG | 14,040 | 894,368 | ||||||
Swatch Group AG, Bearer Shares | 9,877 | 3,437,144 | ||||||
Swiss Life Holding AG | 9,313 | 5,604,115 | ||||||
Swiss Prime Site AG | 23,373 | 1,969,556 | ||||||
Swiss Re AG | 37,042 | 3,869,691 | ||||||
Swisscom AG | 8,948 | 5,521,302 | ||||||
Swissquote Group Holding SA | 3,314 | 630,993 | ||||||
Tecan Group AG | 839 | 339,085 | ||||||
Temenos AG | 11,507 | 846,364 | ||||||
TX Group AG | 832 | 123,264 | ||||||
u-blox Holding AG(2) | 3,007 | 322,743 | ||||||
UBS Group AG(1) | 557,623 | 12,145,029 | ||||||
Valiant Holding AG | 4,842 | 533,891 | ||||||
VAT Group AG | 7,497 | 2,262,944 | ||||||
Vontobel Holding AG | 10,774 | 665,506 | ||||||
VZ Holding AG | 2,239 | 174,783 | ||||||
V-ZUG Holding AG(2) | 478 | 48,373 | ||||||
Ypsomed Holding AG | 765 | 147,837 | ||||||
Zehnder Group AG | 2,291 | 177,690 | ||||||
Zurich Insurance Group AG | 26,156 | 12,407,184 | ||||||
204,548,575 | ||||||||
United Kingdom — 13.7% | ||||||||
3i Group PLC | 266,678 | 5,217,352 |
168
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
abrdn PLC | 275,522 | $ | 742,316 | |||||
Admiral Group PLC | 41,534 | 1,099,073 | ||||||
AG Barr PLC | 10,019 | 67,001 | ||||||
Airtel Africa PLC | 175,972 | 254,180 | ||||||
AJ Bell PLC | 84,861 | 333,595 | ||||||
Alliance Pharma PLC | 101,934 | 83,113 | ||||||
Anglo American PLC | 223,878 | 7,736,040 | ||||||
Anglo Asian Mining PLC | 42,492 | 48,028 | ||||||
Antofagasta PLC | 78,969 | 1,489,654 | ||||||
Arix Bioscience PLC(2) | 4,316 | 6,214 | ||||||
Ashmore Group PLC | 54,485 | 177,147 | ||||||
Ashtead Group PLC | 83,978 | 5,556,762 | ||||||
ASOS PLC(1)(2) | 15,022 | 157,027 | ||||||
Associated British Foods PLC | 37,496 | 903,871 | ||||||
Aston Martin Lagonda Global Holdings PLC(1)(2) | 56,330 | 135,845 | ||||||
AstraZeneca PLC, ADR | 182,691 | 11,907,799 | ||||||
Atalaya Mining PLC | 62,652 | 271,690 | ||||||
Auto Trader Group PLC | 151,332 | 1,082,338 | ||||||
Aviva PLC | 511,136 | 2,746,032 | ||||||
Avon Rubber PLC | 455 | 5,330 | ||||||
B&M European Value Retail SA | 244,058 | 1,442,708 | ||||||
Babcock International Group PLC(2) | 64,170 | 253,351 | ||||||
BAE Systems PLC | 251,194 | 2,712,945 | ||||||
Balfour Beatty PLC | 158,092 | 694,042 | ||||||
Bank of Georgia Group PLC | 22,140 | 745,532 | ||||||
Barclays PLC, ADR(1) | 876,769 | 7,417,466 | ||||||
Barratt Developments PLC | 130,242 | 732,282 | ||||||
Beazley PLC(2) | 134,969 | 1,109,674 | ||||||
Begbies Traynor Group PLC | 31,555 | 51,856 | ||||||
Bellway PLC | 38,577 | 1,028,472 | ||||||
Berkeley Group Holdings PLC | 31,644 | 1,592,916 | ||||||
Bloomsbury Publishing PLC | 5,101 | 25,771 | ||||||
Bodycote PLC | 63,848 | 509,349 | ||||||
boohoo Group PLC(2) | 692 | 417 | ||||||
BP PLC, ADR | 531,951 | 21,065,260 | ||||||
Breedon Group PLC | 130,545 | 111,504 | ||||||
Britvic PLC | 4,659 | 46,573 | ||||||
BT Group PLC | 2,358,226 | 3,953,460 | ||||||
Bunzl PLC | 26,480 | 943,506 | ||||||
Burberry Group PLC | 162,715 | 4,831,748 | ||||||
Burford Capital Ltd. | 46,879 | 380,100 | ||||||
Bytes Technology Group PLC | 94,260 | 452,823 | ||||||
Capita PLC(2) | 732 | 253 | ||||||
Capital Ltd. | 34,864 | 44,531 | ||||||
Capricorn Energy PLC(2) | 304,955 | 914,711 | ||||||
Carnival PLC, ADR(2) | 3,002 | 28,939 | ||||||
Centamin PLC | 546,108 | 669,290 | ||||||
Central Asia Metals PLC | 86,371 | 273,545 | ||||||
Centrica PLC | 807,842 | 1,019,444 | ||||||
Cerillion PLC | 1,834 | 23,913 | ||||||
Chemring Group PLC | 75,737 | 268,181 |
169
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Clarkson PLC | 2,627 | $ | 104,327 | |||||
Close Brothers Group PLC | 51,535 | 629,275 | ||||||
CMC Markets PLC | 68,166 | 201,938 | ||||||
Coats Group PLC | 556,139 | 489,855 | ||||||
Coca-Cola HBC AG(2) | 21,571 | 552,421 | ||||||
Compass Group PLC | 97,196 | 2,245,401 | ||||||
Computacenter PLC | 27,105 | 737,684 | ||||||
ConvaTec Group PLC | 52,574 | 141,921 | ||||||
Costain Group PLC(2) | 671 | 355 | ||||||
Cranswick PLC | 11,261 | 425,103 | ||||||
Crest Nicholson Holdings PLC | 113,452 | 333,404 | ||||||
Croda International PLC | 11,035 | 870,242 | ||||||
CVS Group PLC | 18,259 | 409,286 | ||||||
Darktrace PLC(1)(2) | 29,663 | 93,602 | ||||||
DCC PLC | 12,286 | 682,322 | ||||||
De La Rue PLC(1)(2) | 33,486 | 27,336 | ||||||
Dechra Pharmaceuticals PLC | 294 | 9,657 | ||||||
DFS Furniture PLC | 37,251 | 70,192 | ||||||
Diageo PLC, ADR(1) | 47,366 | 8,196,213 | ||||||
Direct Line Insurance Group PLC | 392,298 | 849,266 | ||||||
Diversified Energy Co. PLC | 153,804 | 192,917 | ||||||
Domino's Pizza Group PLC | 27,145 | 93,324 | ||||||
dotdigital group PLC | 60,527 | 65,831 | ||||||
Dr. Martens PLC | 201,103 | 384,112 | ||||||
Drax Group PLC | 153,076 | 1,170,620 | ||||||
DS Smith PLC | 140,021 | 568,779 | ||||||
Dunelm Group PLC | 46,840 | 708,120 | ||||||
DX Group PLC(2) | 76,673 | 27,242 | ||||||
easyJet PLC(2) | 47,237 | 275,012 | ||||||
Ecora Resources PLC | 58,571 | 95,457 | ||||||
Elementis PLC(2) | 45,908 | 70,274 | ||||||
EMIS Group PLC | 20,554 | 462,695 | ||||||
Energean PLC | 30,416 | 441,182 | ||||||
EnQuest PLC(2) | 1,183,773 | 270,429 | ||||||
Ergomed PLC(2) | 12,384 | 167,693 | ||||||
Essentra PLC | 13,119 | 35,296 | ||||||
Experian PLC | 65,982 | 2,224,525 | ||||||
Ferrexpo PLC | 123,244 | 218,388 | ||||||
Firstgroup PLC(1) | 424,073 | 536,281 | ||||||
Forterra PLC | 74,914 | 198,478 | ||||||
Foxtons Group PLC | 20,996 | 9,833 | ||||||
Frasers Group PLC(2) | 88,175 | 847,629 | ||||||
Fresnillo PLC | 8,053 | 73,945 | ||||||
Frontier Developments PLC(1)(2) | 5,234 | 27,166 | ||||||
Games Workshop Group PLC | 15,478 | 1,718,173 | ||||||
Gamma Communications PLC | 6,003 | 84,424 | ||||||
Gateley Holdings PLC | 9,770 | 21,559 | ||||||
Genel Energy PLC | 62,317 | 93,912 | ||||||
Genus PLC | 322 | 11,474 | ||||||
Georgia Capital PLC(2) | 20,842 | 204,859 | ||||||
Glencore PLC | 1,775,727 | 10,586,638 |
170
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Golar LNG Ltd.(2) | 22,756 | $ | 519,519 | |||||
Grafton Group PLC | 91,642 | 1,048,632 | ||||||
Grainger PLC | 116,486 | 355,525 | ||||||
Greencore Group PLC(2) | 8,604 | 8,424 | ||||||
Greggs PLC | 52,464 | 1,713,351 | ||||||
GSK PLC, ADR | 236,089 | 8,090,770 | ||||||
Gulf Keystone Petroleum Ltd. | 173,325 | 432,164 | ||||||
Gym Group PLC(2) | 24,512 | 36,242 | ||||||
Haleon PLC, ADR(1)(2) | 165,809 | 1,306,575 | ||||||
Halfords Group PLC | 106,253 | 268,740 | ||||||
Halma PLC | 33,970 | 884,120 | ||||||
Harbour Energy PLC | 165,952 | 579,029 | ||||||
Hargreaves Lansdown PLC | 98,166 | 978,122 | ||||||
Hays PLC | 511,691 | 726,207 | ||||||
Helical PLC | 16,024 | 68,281 | ||||||
Helios Towers PLC(2) | 204,284 | 269,671 | ||||||
Hikma Pharmaceuticals PLC | 36,556 | 762,691 | ||||||
Hill & Smith PLC | 28,375 | 471,063 | ||||||
Hiscox Ltd. | 74,440 | 1,019,225 | ||||||
Hochschild Mining PLC | 160,542 | 123,331 | ||||||
Hotel Chocolat Group PLC(1)(2) | 310 | 768 | ||||||
Howden Joinery Group PLC | 196,011 | 1,688,129 | ||||||
HSBC Holdings PLC, ADR(1) | 382,633 | 14,658,670 | ||||||
Hunting PLC | 61,598 | 244,706 | ||||||
Hurricane Energy PLC(1)(2) | 662,139 | 57,267 | ||||||
Ibstock PLC | 172,259 | 351,974 | ||||||
IG Group Holdings PLC | 135,507 | 1,308,143 | ||||||
IMI PLC | 57,920 | 1,083,001 | ||||||
Impax Asset Management Group PLC | 37,848 | 363,532 | ||||||
Inchcape PLC | 159,514 | 1,743,938 | ||||||
Indivior PLC(2) | 77,162 | 1,413,734 | ||||||
Informa PLC | 21,843 | 175,466 | ||||||
IntegraFin Holdings PLC | 228 | 774 | ||||||
InterContinental Hotels Group PLC | 10,524 | 709,436 | ||||||
Intermediate Capital Group PLC | 75,544 | 1,271,784 | ||||||
International Distributions Services PLC | 239,105 | 672,440 | ||||||
International Personal Finance PLC | 99,244 | 115,157 | ||||||
Intertek Group PLC | 36,354 | 1,824,696 | ||||||
Investec PLC | 171,032 | 1,089,312 | ||||||
IOG PLC(2) | 1,130 | 69 | ||||||
IP Group PLC | 433,616 | 338,851 | ||||||
IQE PLC(2) | 5,409 | 3,042 | ||||||
ITV PLC | 306 | 325 | ||||||
IWG PLC(2) | 203,284 | 447,583 | ||||||
J D Wetherspoon PLC(2) | 16,852 | 114,324 | ||||||
J Sainsbury PLC | 566,174 | 1,825,946 | ||||||
Jadestone Energy PLC | 67,091 | 68,581 | ||||||
JD Sports Fashion PLC | 830,675 | 1,808,518 | ||||||
JET2 PLC | 55,240 | 858,093 | ||||||
Johnson Matthey PLC | 67,406 | 1,768,388 | ||||||
Johnson Service Group PLC | 30,238 | 40,486 |
171
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Jubilee Metals Group PLC(1)(2) | 787,612 | $ | 90,273 | |||||
Jupiter Fund Management PLC | 151,141 | 266,704 | ||||||
Just Group PLC | 433,646 | 455,762 | ||||||
Kainos Group PLC | 29,014 | 485,089 | ||||||
Keller Group PLC | 38,083 | 370,223 | ||||||
Kingfisher PLC | 521,326 | 1,802,931 | ||||||
Lancashire Holdings Ltd. | 56,047 | 412,518 | ||||||
Legal & General Group PLC | 1,262,357 | 3,885,659 | ||||||
Liberty Global PLC, Class A(2) | 24,870 | 509,586 | ||||||
Liberty Global PLC, Class C(2) | 54,362 | 1,155,193 | ||||||
Liontrust Asset Management PLC | 23,345 | 335,795 | ||||||
Lloyds Banking Group PLC, ADR | 2,663,047 | 6,737,509 | ||||||
London Stock Exchange Group PLC | 11,760 | 1,049,248 | ||||||
Lookers PLC | 60,358 | 66,640 | ||||||
Luceco PLC | 24,310 | 41,332 | ||||||
Luxfer Holdings PLC | 11,150 | 184,756 | ||||||
M&C Saatchi PLC(2) | 22,257 | 49,218 | ||||||
M&G PLC | 567,446 | 1,461,498 | ||||||
Man Group PLC | 426,138 | 1,360,924 | ||||||
Marks & Spencer Group PLC(2) | 804,149 | 1,546,321 | ||||||
Marshalls PLC | 29,905 | 120,608 | ||||||
Marston's PLC(2) | 314,933 | 147,553 | ||||||
Mediclinic International PLC | 149,981 | 898,182 | ||||||
Metro Bank PLC(1)(2) | 42,153 | 75,676 | ||||||
Mitchells & Butlers PLC(2) | 60,399 | 117,914 | ||||||
Mitie Group PLC | 580,499 | 563,932 | ||||||
Molten Ventures PLC(2) | 55,286 | 257,648 | ||||||
Mondi PLC | 80,699 | 1,356,173 | ||||||
Moneysupermarket.com Group PLC | 75,894 | 210,884 | ||||||
Morgan Advanced Materials PLC | 97,664 | 363,524 | ||||||
Morgan Sindall Group PLC | 16,495 | 356,111 | ||||||
Mortgage Advice Bureau Holdings Ltd. | 11,318 | 80,509 | ||||||
Motorpoint group PLC(2) | 14,313 | 24,274 | ||||||
National Grid PLC, ADR(1) | 94,955 | 5,973,619 | ||||||
NatWest Group PLC, ADR(1) | 410,034 | 2,903,041 | ||||||
Next PLC | 32,387 | 2,664,215 | ||||||
Ninety One PLC | 204,815 | 517,685 | ||||||
Norcros PLC | 4,284 | 10,280 | ||||||
Numis Corp. PLC | 10,546 | 29,054 | ||||||
Ocado Group PLC(2) | 15,012 | 99,199 | ||||||
On the Beach Group PLC(2) | 2,328 | 4,762 | ||||||
OSB Group PLC | 147,024 | 986,497 | ||||||
Pagegroup PLC | 145,960 | 781,244 | ||||||
Pan African Resources PLC | 1,117,869 | 182,034 | ||||||
Pantheon Resources PLC(1)(2) | 1,684 | 1,154 | ||||||
Paragon Banking Group PLC | 91,044 | 652,830 | ||||||
Pearson PLC, ADR | 39,232 | 430,767 | ||||||
Pennon Group PLC | 113,589 | 1,124,615 | ||||||
Persimmon PLC | 80,271 | 1,399,819 | ||||||
Petra Diamonds Ltd.(2) | 96,410 | 93,506 | ||||||
Petrofac Ltd.(1)(2) | 787 | 749 |
172
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Phoenix Group Holdings PLC | 88,832 | $ | 676,720 | |||||
Phoenix Spree Deutschland Ltd. | 7,101 | 21,922 | ||||||
Playtech PLC(2) | 63,884 | 431,901 | ||||||
Plus500 Ltd. | 61,225 | 1,320,729 | ||||||
Polar Capital Holdings PLC | 4,388 | 28,006 | ||||||
Premier Foods PLC | 187,731 | 256,989 | ||||||
Premier Miton Group PLC | 2,404 | 3,406 | ||||||
Provident Financial PLC | 163,567 | 436,573 | ||||||
Prudential PLC, ADR(1) | 112,047 | 3,432,000 | ||||||
PZ Cussons PLC | 81,114 | 177,866 | ||||||
QinetiQ Group PLC | 122,858 | 500,438 | ||||||
Quilter PLC | 466,264 | 515,775 | ||||||
Rathbones Group PLC | 19,511 | 488,732 | ||||||
Reach PLC | 117,688 | 130,292 | ||||||
Reckitt Benckiser Group PLC | 68,151 | 4,728,657 | ||||||
Redde Northgate PLC | 113,158 | 550,503 | ||||||
Redrow PLC | 119,305 | 733,167 | ||||||
RELX PLC, ADR | 206,973 | 6,269,212 | ||||||
Renew Holdings PLC | 6,732 | 57,760 | ||||||
Renewi PLC(2) | 14,206 | 117,394 | ||||||
Renishaw PLC | 3,483 | 167,318 | ||||||
Rentokil Initial PLC | 81,913 | 503,858 | ||||||
Restaurant Group PLC(2) | 108,939 | 45,926 | ||||||
Restore PLC | 29,973 | 113,922 | ||||||
Rhi Magnesita NV | 10,753 | 334,294 | ||||||
Ricardo PLC | 8,962 | 61,422 | ||||||
Rightmove PLC | 278,197 | 1,872,279 | ||||||
Rio Tinto PLC, ADR(1) | 171,001 | 11,923,900 | ||||||
Rolls-Royce Holdings PLC(2) | 539,164 | 939,384 | ||||||
Rotork PLC | 3,180 | 12,385 | ||||||
RS GROUP PLC | 86,871 | 1,021,432 | ||||||
RWS Holdings PLC | 488 | 2,096 | ||||||
Sabre Insurance Group PLC | 265 | 319 | ||||||
Sage Group PLC | 33,898 | 305,425 | ||||||
Savannah Energy PLC(2) | 164,064 | 51,803 | ||||||
Savills PLC | 49,153 | 592,393 | ||||||
Schroders PLC | 134,198 | 801,023 | ||||||
Secure Trust Bank PLC | 1,464 | 13,588 | ||||||
Senior PLC | 132,347 | 265,788 | ||||||
Serco Group PLC | 77,354 | 144,862 | ||||||
Serica Energy PLC | 144,086 | 448,774 | ||||||
Severn Trent PLC | 15,056 | 497,288 | ||||||
Shell PLC, ADR | 394,390 | 23,967,080 | ||||||
SIG PLC(2) | 106,758 | 54,758 | ||||||
Sirius Real Estate Ltd. | 207,409 | 209,573 | ||||||
Smart Metering Systems PLC | 25,801 | 268,528 | ||||||
Smith & Nephew PLC, ADR | 60,664 | 1,733,170 | ||||||
Smiths Group PLC | 21,873 | 463,839 | ||||||
Softcat PLC | 38,392 | 559,324 | ||||||
Spectris PLC | 575 | 24,372 | ||||||
Speedy Hire PLC | 232,557 | 103,288 |
173
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
Spirax-Sarco Engineering PLC | 6,272 | $ | 880,847 | |||||
Spire Healthcare Group PLC(2) | 70,975 | 204,955 | ||||||
Spirent Communications PLC | 115,749 | 296,126 | ||||||
SSE PLC | 122,246 | 2,558,481 | ||||||
SSP Group PLC(2) | 170,886 | 534,664 | ||||||
St. James's Place PLC | 91,585 | 1,409,912 | ||||||
Standard Chartered PLC | 481,305 | 4,554,202 | ||||||
SThree PLC | 57,992 | 318,025 | ||||||
Strix Group PLC(1) | 87,797 | 105,932 | ||||||
Superdry PLC(2) | 31,768 | 46,996 | ||||||
Synthomer PLC | 58,878 | 108,404 | ||||||
Tate & Lyle PLC | 159,331 | 1,537,184 | ||||||
Taylor Wimpey PLC | 644,391 | 953,207 | ||||||
TBC Bank Group PLC | 25,177 | 751,243 | ||||||
Telecom Plus PLC | 1,602 | 33,799 | ||||||
Tesco PLC | 860,484 | 2,635,992 | ||||||
TI Fluid Systems PLC | 52,452 | 76,166 | ||||||
TP ICAP Group PLC | 124,893 | 290,031 | ||||||
Trainline PLC(2) | 356 | 1,094 | ||||||
Travis Perkins PLC | 58,787 | 710,866 | ||||||
Tremor International Ltd.(1)(2) | 4,473 | 17,111 | ||||||
TUI AG(1)(2) | 6,901 | 135,238 | ||||||
Tullow Oil PLC(1)(2) | 203,109 | 85,027 | ||||||
Unilever PLC, ADR | 164,247 | 8,200,853 | ||||||
United Utilities Group PLC | 275,220 | 3,360,541 | ||||||
Vertu Motors PLC | 224,063 | 164,642 | ||||||
Vesuvius PLC | 20,840 | 103,401 | ||||||
Victoria PLC(1)(2) | 436 | 3,087 | ||||||
Victrex PLC | 18,255 | 385,326 | ||||||
Virgin Money UK PLC | 453,286 | 981,095 | ||||||
Vistry Group PLC | 103,819 | 1,024,675 | ||||||
Vodafone Group PLC, ADR | 422,378 | 5,055,865 | ||||||
Watkin Jones PLC | 82,837 | 98,440 | ||||||
Weir Group PLC | 32,476 | 738,811 | ||||||
WH Smith PLC | 30,768 | 586,061 | ||||||
Whitbread PLC | 41,526 | 1,540,136 | ||||||
Wickes Group PLC | 163,381 | 294,012 | ||||||
Wincanton PLC | 34,486 | 129,745 | ||||||
WPP PLC, ADR(1) | 17,232 | 1,063,042 | ||||||
Yellow Cake PLC(2) | 85,443 | 411,968 | ||||||
343,493,743 | ||||||||
United States — 0.2% | ||||||||
ADTRAN Holdings, Inc. | 7,443 | 129,400 | ||||||
Atlassian Corp., Class A(2) | 9,741 | 1,600,739 | ||||||
Block, Inc.(2) | 681 | 50,706 | ||||||
Ferguson PLC | 15,200 | 2,188,205 | ||||||
Gen Digital, Inc. | 455 | 8,877 | ||||||
VAALCO Energy, Inc. | 9,687 | 45,432 | ||||||
4,023,359 | ||||||||
TOTAL COMMON STOCKS (Cost $2,352,344,515) | 2,490,151,013 |
174
Avantis International Equity ETF | ||||||||
Shares | Value | |||||||
RIGHTS† | ||||||||
Denmark† | ||||||||
Danske Andelskassers Bank A/S(2) | 9,479 | $ | 248 | |||||
Germany† | ||||||||
Bauer AG(2) | 4,372 | 123 | ||||||
Sweden† | ||||||||
Beijer Ref AB(2) | 21,339 | 35,878 | ||||||
TOTAL RIGHTS (Cost $—) | 36,249 | |||||||
WARRANTS† | ||||||||
Australia† | ||||||||
Magellan Financial Group Ltd.(2) | 1,432 | 202 | ||||||
Italy† | ||||||||
Webuild SpA(1)(2) | 3,662 | 6,659 | ||||||
TOTAL WARRANTS (Cost $—) | 6,861 | |||||||
SHORT-TERM INVESTMENTS — 3.8% | ||||||||
Money Market Funds — 3.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 4,439,185 | 4,439,185 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 91,708,963 | 91,708,963 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $96,148,148) | 96,148,148 | |||||||
TOTAL INVESTMENT SECURITIES — 103.5% (Cost $2,448,492,663) | 2,586,342,271 | |||||||
OTHER ASSETS AND LIABILITIES — (3.5)% | (88,452,418) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 2,497,889,853 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 22.7% | ||||
Industrials | 16.3% | ||||
Materials | 12.4% | ||||
Consumer Discretionary | 10.3% | ||||
Energy | 8.0% | ||||
Health Care | 7.2% | ||||
Consumer Staples | 6.2% | ||||
Information Technology | 6.0% | ||||
Communication Services | 4.5% | ||||
Utilities | 4.0% | ||||
Real Estate | 2.1% | ||||
Short-Term Investments | 3.8% | ||||
Other Assets and Liabilities | (3.5)% |
175
Avantis International Equity ETF | ||||||||
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 $175,627,548. 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 $183,563,337, which includes securities collateral of $91,854,374.
See Notes to Financial Statements.
176
FEBRUARY 28, 2023 (UNAUDITED)
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Australia — 7.0% | ||||||||
ANZ Group Holdings Ltd. | 54,320 | $ | 898,533 | |||||
Aurizon Holdings Ltd. | 199,865 | 444,129 | ||||||
Bank of Queensland Ltd. | 4,371 | 20,711 | ||||||
Bendigo & Adelaide Bank Ltd. | 17,475 | 114,690 | ||||||
BHP Group Ltd., ADR(1) | 62,452 | 3,807,698 | ||||||
BlueScope Steel Ltd. | 52,473 | 671,376 | ||||||
Brambles Ltd. | 32,818 | 283,570 | ||||||
Coles Group Ltd. | 5,289 | 64,598 | ||||||
Evolution Mining Ltd. | 233,148 | 426,817 | ||||||
Fortescue Metals Group Ltd. | 76,633 | 1,098,144 | ||||||
Harvey Norman Holdings Ltd. | 70,992 | 183,418 | ||||||
National Australia Bank Ltd. | 2,036 | 40,981 | ||||||
New Hope Corp. Ltd. | 91,738 | 334,060 | ||||||
Northern Star Resources Ltd. | 34,617 | 241,603 | ||||||
OZ Minerals Ltd. | 22,046 | 414,479 | ||||||
Rio Tinto Ltd. | 13,951 | 1,090,328 | ||||||
Santos Ltd. | 225,247 | 1,051,771 | ||||||
Sonic Healthcare Ltd. | 21,499 | 465,090 | ||||||
South32 Ltd. | 276,261 | 802,655 | ||||||
Telstra Group Ltd. | 76,136 | 212,723 | ||||||
Viva Energy Group Ltd. | 50,665 | 102,051 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 6,799 | 132,997 | ||||||
Whitehaven Coal Ltd. | 117,101 | 567,249 | ||||||
Woodside Energy Group Ltd. | 20,110 | 487,265 | ||||||
Woodside Energy Group Ltd., ADR(1) | 9,149 | 222,595 | ||||||
14,179,531 | ||||||||
Austria — 0.3% | ||||||||
Erste Group Bank AG | 7,108 | 279,010 | ||||||
OMV AG | 2,948 | 143,590 | ||||||
Raiffeisen Bank International AG(2) | 8,038 | 134,198 | ||||||
voestalpine AG | 236 | 8,717 | ||||||
565,515 | ||||||||
Belgium — 1.1% | ||||||||
Ageas SA | 3,133 | 141,389 | ||||||
Bekaert SA | 746 | 32,916 | ||||||
Deme Group NV(2) | 161 | 20,259 | ||||||
Etablissements Franz Colruyt NV(1) | 2,534 | 68,576 | ||||||
Euronav NV | 1,213 | 22,213 | ||||||
KBC Ancora | 3,725 | 192,729 | ||||||
KBC Group NV | 4,999 | 373,303 | ||||||
Melexis NV | 1,114 | 120,496 | ||||||
Proximus SADP | 6,465 | 59,535 | ||||||
Solvay SA | 4,347 | 496,549 | ||||||
UCB SA | 3,272 | 281,288 | ||||||
Umicore SA | 11,144 | 371,414 | ||||||
2,180,667 | ||||||||
Canada — 10.7% | ||||||||
ARC Resources Ltd. | 46,458 | 505,948 |
177
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Bank of Montreal | 14,147 | $ | 1,340,777 | |||||
Bank of Nova Scotia | 19,396 | 958,641 | ||||||
Barrick Gold Corp., (Toronto) | 63,080 | 1,019,358 | ||||||
Canadian Imperial Bank of Commerce | 24,716 | 1,130,288 | ||||||
Canadian Natural Resources Ltd.(1) | 27,962 | 1,580,176 | ||||||
Cenovus Energy, Inc. | 40,864 | 753,491 | ||||||
Element Fleet Management Corp. | 1,244 | 17,769 | ||||||
Empire Co. Ltd., Class A | 6,352 | 168,471 | ||||||
First Quantum Minerals Ltd. | 32,810 | 716,794 | ||||||
Great-West Lifeco, Inc. | 11,455 | 312,546 | ||||||
iA Financial Corp., Inc. | 9,317 | 625,458 | ||||||
Imperial Oil Ltd.(1) | 8,486 | 419,729 | ||||||
Keyera Corp.(1) | 12,744 | 281,218 | ||||||
Kinross Gold Corp.(1) | 95,386 | 352,324 | ||||||
Loblaw Cos. Ltd. | 78 | 6,666 | ||||||
Lundin Mining Corp. | 29,374 | 182,767 | ||||||
Magna International, Inc. | 13,277 | 739,990 | ||||||
Manulife Financial Corp.(1) | 70,111 | 1,386,291 | ||||||
National Bank of Canada | 13,324 | 978,623 | ||||||
Northland Power, Inc. | 12,162 | 295,471 | ||||||
Nutrien Ltd. | 11,657 | 908,298 | ||||||
Onex Corp. | 260 | 13,902 | ||||||
Royal Bank of Canada | 20,365 | 2,067,693 | ||||||
Suncor Energy, Inc. | 40,005 | 1,344,543 | ||||||
Teck Resources Ltd., Class B | 21,472 | 857,149 | ||||||
Toronto-Dominion Bank | 20,622 | 1,373,037 | ||||||
Tourmaline Oil Corp. | 17,784 | 779,394 | ||||||
West Fraser Timber Co. Ltd. | 4,149 | 311,669 | ||||||
Yamana Gold, Inc. | 69,506 | 355,553 | ||||||
21,784,034 | ||||||||
Denmark — 0.6% | ||||||||
AP Moller - Maersk A/S, A Shares | 15 | 34,285 | ||||||
AP Moller - Maersk A/S, B Shares | 23 | 53,575 | ||||||
Jyske Bank A/S(2) | 36 | 3,016 | ||||||
Novo Nordisk A/S, ADR | 6,778 | 955,630 | ||||||
Vestas Wind Systems A/S | 5,601 | 159,824 | ||||||
1,206,330 | ||||||||
Finland — 1.3% | ||||||||
Elisa Oyj | 801 | 45,487 | ||||||
Kesko Oyj, B Shares | 19,647 | 426,651 | ||||||
Kone Oyj, B Shares | 9,961 | 517,291 | ||||||
Metsa Board Oyj, Class B | 2,487 | 21,758 | ||||||
Neste Oyj | 644 | 31,061 | ||||||
Nokia Oyj, ADR | 72,024 | 331,310 | ||||||
Orion Oyj, Class B | 2,625 | 123,693 | ||||||
Sampo Oyj, A Shares | 16,507 | 803,564 | ||||||
Stora Enso Oyj, R Shares | 28,000 | 395,859 | ||||||
2,696,674 | ||||||||
France — 8.8% | ||||||||
Aeroports de Paris(2) | 1,131 | 163,872 | ||||||
ALD SA | 7,972 | 105,602 |
178
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
ArcelorMittal SA, NY Shares | 20,826 | $ | 629,987 | |||||
AXA SA | 39,855 | 1,255,889 | ||||||
Bouygues SA | 10,609 | 358,974 | ||||||
Carrefour SA | 21,551 | 426,051 | ||||||
Cie de Saint-Gobain | 15,634 | 929,013 | ||||||
Cie Generale des Etablissements Michelin SCA | 20,691 | 650,029 | ||||||
Dassault Aviation SA | 1,347 | 231,564 | ||||||
Eiffage SA | 4,952 | 543,477 | ||||||
Eramet SA | 124 | 13,307 | ||||||
Eurazeo SE | 838 | 56,389 | ||||||
Gaztransport Et Technigaz SA | 1,373 | 143,389 | ||||||
Hermes International | 12 | 21,722 | ||||||
Ipsen SA | 2,299 | 262,680 | ||||||
JCDecaux SE(2) | 1,776 | 40,561 | ||||||
Kering SA | 1,669 | 978,569 | ||||||
La Francaise des Jeux SAEM | 6,817 | 269,084 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,795 | 1,492,231 | ||||||
Neoen SA | 663 | 23,849 | ||||||
Nexans SA | 1,665 | 160,527 | ||||||
Orange SA, ADR(1) | 57,831 | 663,900 | ||||||
Renault SA(2) | 11,277 | 504,723 | ||||||
Safran SA | 9,075 | 1,281,402 | ||||||
SES SA | 16,073 | 108,344 | ||||||
Societe Generale SA | 26,714 | 769,885 | ||||||
STMicroelectronics NV, NY Shares | 27,479 | 1,323,389 | ||||||
Thales SA | 233 | 32,574 | ||||||
TotalEnergies SE, ADR | 38,780 | 2,400,870 | ||||||
Ubisoft Entertainment SA(2) | 4,911 | 107,674 | ||||||
Valeo | 10,873 | 225,884 | ||||||
Verallia SA | 5,327 | 214,719 | ||||||
Vinci SA | 13,214 | 1,502,535 | ||||||
17,892,665 | ||||||||
Germany — 9.7% | ||||||||
Allianz SE | 8,458 | 1,986,051 | ||||||
Aurubis AG | 2,598 | 254,107 | ||||||
BASF SE | 25,985 | 1,330,491 | ||||||
Bayerische Motoren Werke AG | 11,156 | 1,150,913 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 1,990 | 188,485 | ||||||
Commerzbank AG(2) | 36,173 | 440,786 | ||||||
Covestro AG | 13,131 | 577,244 | ||||||
Daimler Truck Holding AG(2) | 26,133 | 827,739 | ||||||
Deutsche Bank AG | 95,013 | 1,183,862 | ||||||
Deutsche Boerse AG | 16 | 2,790 | ||||||
Deutsche Lufthansa AG(2) | 59,135 | 612,683 | ||||||
Deutsche Post AG | 32,362 | 1,368,619 | ||||||
Deutsche Telekom AG | 75,081 | 1,685,046 | ||||||
Dr. Ing. h.c. F. Porsche AG, Preference Shares(2) | 2,420 | 291,644 | ||||||
Encavis AG | 10,786 | 210,521 | ||||||
Fielmann AG | 1,093 | 38,797 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(2) | 1,910 | 103,388 | ||||||
Hannover Rueck SE | 2,231 | 433,257 |
179
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
HeidelbergCement AG | 10,141 | $ | 696,204 | |||||
HelloFresh SE(2) | 9,636 | 215,871 | ||||||
HUGO BOSS AG | 5,540 | 378,904 | ||||||
Infineon Technologies AG | 47,342 | 1,674,789 | ||||||
K+S AG | 17,215 | 408,630 | ||||||
KION Group AG | 416 | 16,293 | ||||||
Knorr-Bremse AG | 4,285 | 291,230 | ||||||
Krones AG | 984 | 119,834 | ||||||
Mercedes-Benz Group AG | 877 | 67,216 | ||||||
MTU Aero Engines AG | 3,902 | 941,642 | ||||||
RWE AG | 1,665 | 70,675 | ||||||
Schaeffler AG, Preference Shares | 12,802 | 93,300 | ||||||
Sixt SE | 1,251 | 169,125 | ||||||
Sixt SE, Preference Shares | 1,348 | 109,171 | ||||||
Telefonica Deutschland Holding AG | 77,672 | 235,613 | ||||||
VERBIO Vereinigte BioEnergie AG | 1,504 | 75,450 | ||||||
Volkswagen AG | 781 | 138,752 | ||||||
Volkswagen AG, Preference Shares | 5,213 | 709,623 | ||||||
Vonovia SE | 23,668 | 595,228 | ||||||
Wacker Chemie AG | 739 | 115,792 | ||||||
19,809,765 | ||||||||
Hong Kong — 2.2% | ||||||||
AIA Group Ltd. | 135,000 | 1,434,781 | ||||||
ASMPT Ltd. | 17,300 | 147,610 | ||||||
Atlas Corp.(1) | 6,207 | 95,340 | ||||||
Bank of East Asia Ltd. | 52,800 | 74,583 | ||||||
BOC Hong Kong Holdings Ltd. | 72,500 | 245,365 | ||||||
CK Asset Holdings Ltd. | 59,000 | 370,050 | ||||||
Hang Lung Group Ltd. | 35,000 | 63,594 | ||||||
Hang Lung Properties Ltd. | 88,000 | 169,724 | ||||||
Henderson Land Development Co. Ltd. | 50,000 | 175,509 | ||||||
Hysan Development Co. Ltd. | 33,000 | 104,523 | ||||||
Jardine Matheson Holdings Ltd. | 2,500 | 123,924 | ||||||
Kerry Properties Ltd. | 32,000 | 80,126 | ||||||
Man Wah Holdings Ltd. | 145,200 | 148,659 | ||||||
New World Development Co. Ltd. | 77,000 | 209,607 | ||||||
NWS Holdings Ltd. | 110,000 | 96,857 | ||||||
Pacific Basin Shipping Ltd. | 212,000 | 76,961 | ||||||
SITC International Holdings Co. Ltd. | 34,000 | 71,126 | ||||||
Sun Hung Kai Properties Ltd. | 20,500 | 280,161 | ||||||
Swire Pacific Ltd., Class A | 20,000 | 163,214 | ||||||
United Energy Group Ltd. | 376,000 | 34,510 | ||||||
WH Group Ltd. | 423,000 | 246,156 | ||||||
Xinyi Glass Holdings Ltd. | 90,000 | 168,277 | ||||||
4,580,657 | ||||||||
Ireland — 0.7% | ||||||||
AIB Group PLC | 102,026 | 435,784 | ||||||
Bank of Ireland Group PLC | 26,367 | 290,488 | ||||||
CRH PLC | 9,537 | 447,986 | ||||||
Glanbia PLC | 735 | 9,076 | ||||||
Smurfit Kappa Group PLC | 6,977 | 260,289 | ||||||
1,443,623 |
180
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Israel — 0.6% | ||||||||
Bank Hapoalim BM | 36,165 | $ | 302,492 | |||||
Bank Leumi Le-Israel BM | 33,271 | 258,666 | ||||||
Delek Group Ltd.(2) | 294 | 27,482 | ||||||
First International Bank of Israel Ltd. | 2,187 | 77,442 | ||||||
ICL Group Ltd. | 21,665 | 157,231 | ||||||
Israel Corp. Ltd. | 177 | 60,345 | ||||||
Israel Discount Bank Ltd., A Shares | 28,511 | 135,242 | ||||||
Mizrahi Tefahot Bank Ltd. | 4,489 | 133,489 | ||||||
Strauss Group Ltd. | 101 | 2,298 | ||||||
ZIM Integrated Shipping Services Ltd. | 1,799 | 42,564 | ||||||
1,197,251 | ||||||||
Italy — 3.1% | ||||||||
Azimut Holding SpA | 12,953 | 307,322 | ||||||
Banca Popolare di Sondrio SpA | 6,695 | 34,018 | ||||||
BPER Banca | 30,414 | 86,390 | ||||||
CNH Industrial NV | 51,607 | 845,961 | ||||||
De' Longhi SpA | 6 | 149 | ||||||
Eni SpA, ADR(1) | 36,075 | 1,023,087 | ||||||
ERG SpA | 2,325 | 66,865 | ||||||
Intesa Sanpaolo SpA | 392,421 | 1,060,040 | ||||||
Leonardo SpA | 5,972 | 67,002 | ||||||
Poste Italiane SpA | 1,828 | 19,711 | ||||||
Salvatore Ferragamo SpA | 5,988 | 113,844 | ||||||
Stellantis NV | 73,511 | 1,286,022 | ||||||
UniCredit SpA | 70,601 | 1,444,392 | ||||||
6,354,803 | ||||||||
Japan — 19.3% | ||||||||
Aeon Co. Ltd.(1) | 20,500 | 382,363 | ||||||
Aeon Mall Co. Ltd. | 1,500 | 19,586 | ||||||
AGC, Inc. | 11,000 | 406,963 | ||||||
Air Water, Inc. | 12,300 | 147,881 | ||||||
Aisin Corp. | 5,600 | 153,460 | ||||||
Amada Co. Ltd. | 11,600 | 105,562 | ||||||
Aozora Bank Ltd. | 700 | 13,556 | ||||||
Asahi Kasei Corp. | 4,700 | 32,736 | ||||||
Asics Corp. | 600 | 15,192 | ||||||
BIPROGY, Inc. | 400 | 8,864 | ||||||
Bridgestone Corp. | 9,800 | 374,927 | ||||||
Canon Marketing Japan, Inc. | 700 | 15,469 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,900 | 47,267 | ||||||
CyberAgent, Inc. | 3,500 | 29,924 | ||||||
Dai-ichi Life Holdings, Inc. | 32,900 | 701,898 | ||||||
Daito Trust Construction Co. Ltd. | 1,200 | 113,038 | ||||||
Daiwa Securities Group, Inc. | 1,600 | 7,648 | ||||||
Disco Corp. | 100 | 31,356 | ||||||
Ebara Corp. | 3,400 | 144,490 | ||||||
Electric Power Development Co. Ltd. | 11,700 | 186,476 | ||||||
ENEOS Holdings, Inc. | 61,400 | 211,086 | ||||||
FP Corp. | 100 | 2,535 | ||||||
Fuji Electric Co. Ltd. | 100 | 3,861 |
181
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Fujitsu Ltd. | 3,700 | $ | 475,185 | |||||
Fukuoka Financial Group, Inc. | 2,500 | 55,808 | ||||||
Hakuhodo DY Holdings, Inc.(1) | 14,700 | 163,878 | ||||||
Haseko Corp. | 8,700 | 99,835 | ||||||
Hino Motors Ltd.(2) | 9,100 | 37,008 | ||||||
Hitachi Construction Machinery Co. Ltd. | 3,100 | 69,331 | ||||||
Hitachi Ltd. | 22,300 | 1,128,779 | ||||||
Honda Motor Co. Ltd., ADR | 38,751 | 1,006,363 | ||||||
Hulic Co. Ltd. | 25,300 | 201,356 | ||||||
Ibiden Co. Ltd. | 9,700 | 332,725 | ||||||
Idemitsu Kosan Co. Ltd. | 6,300 | 139,428 | ||||||
IHI Corp. | 10,900 | 283,061 | ||||||
INPEX Corp. | 39,900 | 418,327 | ||||||
Internet Initiative Japan, Inc. | 4,900 | 98,151 | ||||||
Isuzu Motors Ltd. | 15,000 | 179,376 | ||||||
ITOCHU Corp. | 30,000 | 896,720 | ||||||
Japan Post Holdings Co. Ltd. | 89,700 | 797,360 | ||||||
Japan Post Insurance Co. Ltd. | 11,300 | 196,194 | ||||||
JFE Holdings, Inc. | 34,100 | 423,112 | ||||||
JGC Holdings Corp. | 17,500 | 225,228 | ||||||
JSR Corp. | 500 | 11,360 | ||||||
JTEKT Corp. | 200 | 1,494 | ||||||
Kajima Corp. | 24,000 | 286,824 | ||||||
Kawasaki Heavy Industries Ltd. | 13,800 | 301,560 | ||||||
KDDI Corp. | 37,300 | 1,091,318 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,600 | 48,471 | ||||||
Kuraray Co. Ltd. | 16,400 | 147,099 | ||||||
Lawson, Inc. | 3,700 | 145,518 | ||||||
Marubeni Corp. | 68,500 | 874,475 | ||||||
Marui Group Co. Ltd. | 11,800 | 179,717 | ||||||
Mazda Motor Corp. | 39,100 | 349,830 | ||||||
MEIJI Holdings Co. Ltd. | 2,700 | 123,649 | ||||||
MINEBEA MITSUMI, Inc. | 14,300 | 247,833 | ||||||
Mitsubishi Chemical Group Corp. | 61,500 | 358,229 | ||||||
Mitsubishi Corp. | 39,600 | 1,345,254 | ||||||
Mitsubishi HC Capital, Inc. | 41,300 | 215,609 | ||||||
Mitsubishi Heavy Industries Ltd. | 15,900 | 585,909 | ||||||
Mitsubishi Motors Corp.(1)(2) | 53,800 | 212,162 | ||||||
Mitsubishi UFJ Financial Group, Inc., ADR | 151,797 | 1,082,313 | ||||||
Mitsui & Co. Ltd. | 39,900 | 1,119,828 | ||||||
Mitsui Chemicals, Inc. | 11,000 | 265,376 | ||||||
MS&AD Insurance Group Holdings, Inc. | 8,500 | 278,155 | ||||||
Nabtesco Corp. | 400 | 10,338 | ||||||
NEC Corp. | 11,000 | 393,671 | ||||||
NGK Insulators Ltd. | 5,100 | 67,697 | ||||||
NGK Spark Plug Co. Ltd.(1) | 9,900 | 199,081 | ||||||
NIPPON EXPRESS HOLDINGS, Inc. | 5,200 | 290,082 | ||||||
Nippon Steel Corp. | 34,600 | 773,232 | ||||||
Nippon Telegraph & Telephone Corp. | 23,900 | 692,546 | ||||||
Nippon Yusen KK | 25,000 | 649,825 | ||||||
Nissan Motor Co. Ltd. | 37,600 | 145,977 |
182
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Nitto Denko Corp. | 6,000 | $ | 361,232 | |||||
Obayashi Corp. | 43,500 | 321,770 | ||||||
Oji Holdings Corp. | 57,400 | 232,911 | ||||||
Ono Pharmaceutical Co. Ltd. | 11,500 | 234,232 | ||||||
ORIX Corp., ADR | 6,305 | 563,541 | ||||||
Persol Holdings Co. Ltd. | 5,900 | 118,168 | ||||||
Rakuten Group, Inc. | 17,800 | 87,739 | ||||||
Resona Holdings, Inc. | 42,100 | 231,882 | ||||||
Resonac Holdings Corp. | 11,500 | 188,858 | ||||||
Rohto Pharmaceutical Co. Ltd. | 2,000 | 36,358 | ||||||
Sanwa Holdings Corp. | 2,600 | 27,407 | ||||||
SBI Holdings, Inc.(1) | 11,900 | 256,508 | ||||||
SCREEN Holdings Co. Ltd. | 2,500 | 199,525 | ||||||
Seiko Epson Corp. | 200 | 2,758 | ||||||
Sekisui Chemical Co. Ltd. | 17,900 | 239,971 | ||||||
SG Holdings Co. Ltd. | 10,800 | 155,718 | ||||||
Sharp Corp.(1) | 16,700 | 115,223 | ||||||
Shimizu Corp. | 38,300 | 206,739 | ||||||
Shin-Etsu Chemical Co. Ltd. | 8,200 | 1,136,775 | ||||||
Shinko Electric Industries Co. Ltd.(1) | 4,400 | 120,701 | ||||||
Sohgo Security Services Co. Ltd. | 2,300 | 60,369 | ||||||
Sojitz Corp. | 14,720 | 282,591 | ||||||
Sompo Holdings, Inc. | 1,100 | 47,224 | ||||||
Sony Group Corp., ADR | 18,342 | 1,533,024 | ||||||
Subaru Corp. | 27,500 | 440,584 | ||||||
Sugi Holdings Co. Ltd. | 2,300 | 96,280 | ||||||
SUMCO Corp. | 26,600 | 367,038 | ||||||
Sumitomo Chemical Co. Ltd. | 12,600 | 44,150 | ||||||
Sumitomo Corp. | 47,600 | 811,236 | ||||||
Sumitomo Mitsui Financial Group, Inc., ADR(1) | 145,233 | 1,267,884 | ||||||
Sumitomo Realty & Development Co. Ltd. | 200 | 4,722 | ||||||
Sundrug Co. Ltd. | 4,900 | 132,666 | ||||||
Suntory Beverage & Food Ltd. | 2,400 | 84,190 | ||||||
Taisei Corp. | 11,900 | 387,978 | ||||||
Taiyo Yuden Co. Ltd. | 1,000 | 30,282 | ||||||
TDK Corp. | 18,900 | 632,798 | ||||||
TIS, Inc. | 100 | 2,482 | ||||||
Tobu Railway Co. Ltd. | 12,200 | 272,377 | ||||||
Tokio Marine Holdings, Inc. | 14,800 | 314,213 | ||||||
Tokyo Century Corp. | 800 | 26,757 | ||||||
Tokyo Electron Ltd. | 2,200 | 754,824 | ||||||
Tokyo Tatemono Co. Ltd. | 15,600 | 191,035 | ||||||
Toray Industries, Inc. | 44,300 | 253,636 | ||||||
Tosoh Corp. | 14,500 | 197,333 | ||||||
Toyota Boshoku Corp. | 5,700 | 88,668 | ||||||
Toyota Motor Corp., ADR | 16,315 | 2,217,535 | ||||||
Toyota Tsusho Corp. | 9,900 | 403,757 | ||||||
Tsuruha Holdings, Inc. | 2,200 | 154,932 | ||||||
Yamada Holdings Co. Ltd. | 39,200 | 137,906 | ||||||
Yamaha Motor Co. Ltd. | 16,600 | 424,714 | ||||||
Zenkoku Hosho Co. Ltd.(1) | 300 | 11,430 |
183
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Zensho Holdings Co. Ltd. | 1,100 | $ | 30,970 | |||||
39,421,396 | ||||||||
Netherlands — 2.2% | ||||||||
ABN AMRO Bank NV, CVA | 10,410 | 183,697 | ||||||
Adyen NV(2) | 265 | 375,619 | ||||||
Aegon NV, NY Shares(1) | 69,210 | 357,816 | ||||||
AerCap Holdings NV(2) | 3,832 | 239,270 | ||||||
ASML Holding NV, NY Shares | 2,306 | 1,424,485 | ||||||
ASR Nederland NV | 877 | 39,913 | ||||||
BE Semiconductor Industries NV | 12 | 926 | ||||||
ING Groep NV, ADR | 39,113 | 546,409 | ||||||
Koninklijke Ahold Delhaize NV | 20,642 | 655,422 | ||||||
Koninklijke DSM NV | 2,483 | 305,980 | ||||||
Koninklijke KPN NV | 9,480 | 32,497 | ||||||
NN Group NV | 5,889 | 238,366 | ||||||
OCI NV | 3,697 | 122,806 | ||||||
4,523,206 | ||||||||
New Zealand — 0.2% | ||||||||
a2 Milk Co. Ltd.(2) | 6,387 | 28,531 | ||||||
Air New Zealand Ltd.(2) | 43,038 | 20,977 | ||||||
Chorus Ltd. | 18,969 | 97,264 | ||||||
Fletcher Building Ltd. | 22,314 | 65,381 | ||||||
Ryman Healthcare Ltd. | 1,365 | 4,431 | ||||||
Spark New Zealand Ltd. | 26,760 | 82,623 | ||||||
Summerset Group Holdings Ltd. | 3,724 | 21,162 | ||||||
320,369 | ||||||||
Norway — 1.1% | ||||||||
DNB Bank ASA | 6,708 | 133,860 | ||||||
Equinor ASA, ADR(1) | 34,185 | 1,042,984 | ||||||
Hafnia Ltd. | 15,660 | 94,935 | ||||||
Norsk Hydro ASA | 83,711 | 609,312 | ||||||
Schibsted ASA, B Shares | 6,943 | 132,071 | ||||||
Schibsted ASA, Class A | 5,206 | 105,642 | ||||||
Wallenius Wilhelmsen ASA | 8,973 | 78,445 | ||||||
2,197,249 | ||||||||
Portugal — 0.3% | ||||||||
Banco Comercial Portugues SA, R Shares | 283,409 | 68,247 | ||||||
EDP Renovaveis SA | 60 | 1,228 | ||||||
Galp Energia SGPS SA | 24,623 | 300,389 | ||||||
Jeronimo Martins SGPS SA | 6,697 | 137,462 | ||||||
NOS SGPS SA | 7,246 | 32,018 | ||||||
Sonae SGPS SA | 16,836 | 18,446 | ||||||
557,790 | ||||||||
Singapore — 1.3% | ||||||||
Capitaland Investment Ltd. | 71,000 | 195,818 | ||||||
City Developments Ltd. | 9,800 | 56,059 | ||||||
DBS Group Holdings Ltd. | 6,300 | 159,838 | ||||||
Golden Agri-Resources Ltd. | 439,000 | 83,073 | ||||||
Jardine Cycle & Carriage Ltd. | 3,900 | 85,976 | ||||||
Keppel Corp. Ltd. | 82,500 | 335,017 | ||||||
Olam Group Ltd. | 61,600 | 70,408 |
184
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Oversea-Chinese Banking Corp. Ltd. | 56,100 | $ | 527,255 | |||||
Sembcorp Marine Ltd.(2) | 1,574,515 | 148,291 | ||||||
Singapore Airlines Ltd.(1) | 50,500 | 213,214 | ||||||
Singapore Exchange Ltd. | 1,000 | 6,458 | ||||||
Singapore Technologies Engineering Ltd. | 28,200 | 74,673 | ||||||
Singapore Telecommunications Ltd. | 1,600 | 2,811 | ||||||
United Overseas Bank Ltd. | 19,000 | 421,147 | ||||||
UOL Group Ltd. | 22,400 | 113,440 | ||||||
Yangzijiang Financial Holding Ltd.(1)(2) | 9,300 | 2,413 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 205,900 | 197,005 | ||||||
2,692,896 | ||||||||
Spain — 3.5% | ||||||||
Banco Bilbao Vizcaya Argentaria SA, ADR | 201,620 | 1,564,571 | ||||||
Banco Santander SA, ADR | 470,779 | 1,840,746 | ||||||
Industria de Diseno Textil SA | 36,095 | 1,111,969 | ||||||
Mapfre SA | 103,741 | 222,565 | ||||||
Repsol SA | 144,742 | 2,289,071 | ||||||
7,028,922 | ||||||||
Sweden — 3.1% | ||||||||
Atlas Copco AB, A Shares | 3,468 | 41,173 | ||||||
Atlas Copco AB, B Shares | 2,636 | 27,769 | ||||||
Avanza Bank Holding AB(1) | 12,818 | 339,007 | ||||||
Axfood AB | 202 | 4,835 | ||||||
Billerud AB | 612 | 7,061 | ||||||
Boliden AB | 15,972 | 653,844 | ||||||
Electrolux AB, B Shares(1) | 13,823 | 167,268 | ||||||
H & M Hennes & Mauritz AB, B Shares | 29,528 | 372,064 | ||||||
Nordea Bank Abp | 73,015 | 925,263 | ||||||
Nordnet AB publ | 7,119 | 125,432 | ||||||
Sinch AB(1)(2) | 40,576 | 138,460 | ||||||
Skanska AB, B Shares | 20,482 | 372,240 | ||||||
SSAB AB, A Shares | 20,351 | 147,949 | ||||||
SSAB AB, B Shares | 53,001 | 362,549 | ||||||
Swedbank AB, A Shares | 35,697 | 729,380 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 65,931 | 362,621 | ||||||
Telia Co. AB | 90,585 | 233,925 | ||||||
Trelleborg AB, B Shares | 15,204 | 391,876 | ||||||
Volvo AB, A Shares | 5,372 | 111,833 | ||||||
Volvo AB, B Shares | 40,456 | 809,489 | ||||||
Volvo Car AB, Class B(2) | 15,114 | 71,260 | ||||||
6,395,298 | ||||||||
Switzerland — 5.5% | ||||||||
Baloise Holding AG | 364 | 60,616 | ||||||
Bucher Industries AG | 52 | 23,506 | ||||||
Cie Financiere Richemont SA, Class A | 7,733 | 1,168,428 | ||||||
DKSH Holding AG | 1,363 | 110,910 | ||||||
EFG International AG | 5,605 | 54,289 | ||||||
Forbo Holding AG | 6 | 7,868 | ||||||
Georg Fischer AG | 898 | 61,008 | ||||||
Holcim AG(2) | 158 | 9,752 | ||||||
Inficon Holding AG | 27 | 27,933 |
185
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
Julius Baer Group Ltd. | 4,213 | $ | 279,313 | |||||
Kuehne + Nagel International AG | 1,233 | 315,694 | ||||||
Novartis AG, ADR | 17,630 | 1,483,035 | ||||||
OC Oerlikon Corp. AG | 373 | 2,258 | ||||||
Partners Group Holding AG | 802 | 759,440 | ||||||
Roche Holding AG | 8,104 | 2,336,698 | ||||||
Roche Holding AG, Bearer Shares | 329 | 101,918 | ||||||
Schindler Holding AG | 387 | 83,401 | ||||||
Schindler Holding AG, Bearer Participation Certificate | 676 | 152,035 | ||||||
Stadler Rail AG | 2,660 | 104,988 | ||||||
Straumann Holding AG | 168 | 22,273 | ||||||
Sulzer AG | 1,238 | 107,449 | ||||||
Swatch Group AG | 324 | 20,639 | ||||||
Swatch Group AG, Bearer Shares | 204 | 70,991 | ||||||
Swiss Life Holding AG | 895 | 538,568 | ||||||
Swisscom AG | 858 | 529,423 | ||||||
UBS Group AG(1) | 56,030 | 1,220,333 | ||||||
VAT Group AG | 915 | 276,190 | ||||||
Vontobel Holding AG | 1,437 | 88,763 | ||||||
Zurich Insurance Group AG | 2,710 | 1,285,497 | ||||||
11,303,216 | ||||||||
United Kingdom — 17.1% | ||||||||
3i Group PLC | 90,326 | 1,767,160 | ||||||
Admiral Group PLC | 3,967 | 104,975 | ||||||
Anglo American PLC | 57,042 | 1,971,070 | ||||||
Antofagasta PLC | 21,858 | 412,324 | ||||||
Ashtead Group PLC | 34,271 | 2,267,687 | ||||||
AstraZeneca PLC, ADR | 1 | 65 | ||||||
Barclays PLC, ADR | 270,029 | 2,284,445 | ||||||
BP PLC, ADR | 140,121 | 5,548,792 | ||||||
BT Group PLC | 473,489 | 793,783 | ||||||
Burberry Group PLC | 47,131 | 1,399,534 | ||||||
Coca-Cola HBC AG(2) | 24,886 | 637,316 | ||||||
Glencore PLC | 370,287 | 2,207,600 | ||||||
GSK PLC, ADR | 74,784 | 2,562,848 | ||||||
Haleon PLC, ADR(1)(2) | 723 | 5,697 | ||||||
Hargreaves Lansdown PLC | 31,017 | 309,052 | ||||||
Howden Joinery Group PLC | 6,211 | 53,492 | ||||||
International Distributions Services PLC | 31,360 | 88,194 | ||||||
J Sainsbury PLC | 26,146 | 84,322 | ||||||
JD Sports Fashion PLC | 257,569 | 560,771 | ||||||
Legal & General Group PLC | 18,722 | 57,628 | ||||||
Lloyds Banking Group PLC, ADR(1) | 931,410 | 2,356,467 | ||||||
Marks & Spencer Group PLC(2) | 58,478 | 112,449 | ||||||
NatWest Group PLC, ADR | 17,240 | 122,059 | ||||||
Rightmove PLC | 21,051 | 141,674 | ||||||
Rio Tinto PLC, ADR(1) | 45,856 | 3,197,539 | ||||||
Shell PLC, ADR | 80,746 | 4,906,934 | ||||||
Vodafone Group PLC, ADR | 80,298 | 961,167 | ||||||
34,915,044 | ||||||||
TOTAL COMMON STOCKS (Cost $187,126,816) | 203,246,901 |
186
Avantis International Large Cap Value ETF | ||||||||
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 2.1% | ||||||||
Money Market Funds — 2.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 135,148 | $ | 135,148 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 4,152,280 | 4,152,280 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $4,287,428) | 4,287,428 | |||||||
TOTAL INVESTMENT SECURITIES — 101.8% (Cost $191,414,244) | 207,534,329 | |||||||
OTHER ASSETS AND LIABILITIES — (1.8)% | (3,700,413) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 203,833,916 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 25.3% | ||||
Materials | 16.8% | ||||
Industrials | 15.5% | ||||
Energy | 13.5% | ||||
Consumer Discretionary | 11.3% | ||||
Information Technology | 4.8% | ||||
Health Care | 4.3% | ||||
Communication Services | 4.3% | ||||
Consumer Staples | 2.0% | ||||
Real Estate | 1.6% | ||||
Utilities | 0.3% | ||||
Short-Term Investments | 2.1% | ||||
Other Assets and Liabilities | (1.8)% |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | – | American Depositary Receipt | ||||||
CVA | – | Certificaten Van Aandelen |
(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $6,740,354. 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 $7,039,064, which includes securities collateral of $2,886,784.
See Notes to Financial Statements.
187
FEBRUARY 28, 2023 (UNAUDITED)
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Australia — 8.8% | ||||||||
29Metals Ltd.(1) | 745,150 | $ | 797,788 | |||||
Accent Group Ltd. | 92,386 | 137,536 | ||||||
Adairs Ltd. | 8,436 | 13,304 | ||||||
Adbri Ltd. | 1,801,643 | 2,066,242 | ||||||
Aeris Resources Ltd.(2) | 252,972 | 97,801 | ||||||
Alkane Resources Ltd.(2) | 662,962 | 300,620 | ||||||
Alliance Aviation Services Ltd.(2) | 50,306 | 119,006 | ||||||
Allkem Ltd.(2) | 1,887 | 14,345 | ||||||
AMP Ltd.(2) | 1,001,558 | 695,234 | ||||||
Ardent Leisure Group Ltd.(2) | 349,486 | 163,198 | ||||||
Aurelia Metals Ltd.(1)(2) | 4,398,224 | 324,135 | ||||||
Austal Ltd. | 1,839,348 | 2,235,946 | ||||||
Australian Agricultural Co. Ltd.(2) | 242,313 | 271,895 | ||||||
Australian Finance Group Ltd.(1) | 486,159 | 513,722 | ||||||
Bank of Queensland Ltd. | 1,445,818 | 6,850,545 | ||||||
Beach Energy Ltd. | 9,420,100 | 8,884,257 | ||||||
Bega Cheese Ltd. | 1,070,169 | 2,506,034 | ||||||
Bendigo & Adelaide Bank Ltd. | 918,964 | 6,031,223 | ||||||
Bravura Solutions Ltd. | 316,929 | 181,272 | ||||||
Brickworks Ltd. | 33,075 | 548,219 | ||||||
Capricorn Metals Ltd.(2) | 513,820 | 1,307,895 | ||||||
Cedar Woods Properties Ltd. | 9,800 | 28,118 | ||||||
Challenger Ltd. | 1,147,714 | 5,758,680 | ||||||
Champion Iron Ltd. | 1,664,273 | 8,196,791 | ||||||
Cooper Energy Ltd.(2) | 3,531,517 | 390,956 | ||||||
Coronado Global Resources, Inc. | 4,208,887 | 5,337,542 | ||||||
Costa Group Holdings Ltd. | 605,074 | 1,059,478 | ||||||
Credit Corp. Group Ltd. | 200,893 | 2,733,243 | ||||||
CSR Ltd. | 1,933,593 | 6,597,289 | ||||||
DDH1 Ltd. | 165,598 | 100,060 | ||||||
Eclipx Group Ltd.(2) | 1,754,811 | 2,571,097 | ||||||
Emeco Holdings Ltd. | 600,927 | 294,370 | ||||||
Evolution Mining Ltd. | 3,887,263 | 7,116,288 | ||||||
EVT Ltd. | 224,403 | 1,968,806 | ||||||
Gold Road Resources Ltd. | 3,136,169 | 3,102,733 | ||||||
GrainCorp Ltd., A Shares | 249,363 | 1,314,933 | ||||||
Grange Resources Ltd. | 3,075,181 | 1,958,158 | ||||||
GWA Group Ltd. | 154,726 | 182,422 | ||||||
Hastings Technology Metals Ltd.(1)(2) | 23,650 | 39,192 | ||||||
Helia Group Ltd. | 1,886,130 | 4,367,043 | ||||||
HT&E Ltd. | 1,042 | 810 | ||||||
Humm Group Ltd.(1) | 498,202 | 169,046 | ||||||
Iluka Resources Ltd. | 2,119,520 | 14,771,888 | ||||||
Imdex Ltd. | 875 | 1,380 | ||||||
Infomedia Ltd. | 521,707 | 490,597 | ||||||
Inghams Group Ltd. | 1,647,288 | 3,585,833 | ||||||
InvoCare Ltd.(1) | 165,651 | 1,054,708 | ||||||
JB Hi-Fi Ltd. | 66,531 | 1,867,413 |
188
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Karoon Energy Ltd.(2) | 2,084,717 | $ | 3,242,249 | |||||
Leo Lithium Ltd.(1)(2) | 3,818,703 | 1,341,488 | ||||||
Macmahon Holdings Ltd. | 354,016 | 35,626 | ||||||
Magellan Financial Group Ltd. | 524,852 | 3,008,624 | ||||||
Mayne Pharma Group Ltd.(1)(2) | 68,940 | 153,726 | ||||||
McMillan Shakespeare Ltd.(1) | 364,008 | 3,501,317 | ||||||
Metcash Ltd. | 785,981 | 2,148,763 | ||||||
Monadelphous Group Ltd. | 106,424 | 856,841 | ||||||
Mount Gibson Iron Ltd.(1)(2) | 292,213 | 110,918 | ||||||
Myer Holdings Ltd.(1) | 1,967,128 | 1,227,511 | ||||||
MyState Ltd. | 57,388 | 151,722 | ||||||
New Hope Corp. Ltd.(1) | 1,957,029 | 7,126,435 | ||||||
nib holdings Ltd. | 920,332 | 4,692,598 | ||||||
Nine Entertainment Co. Holdings Ltd. | 1,256,732 | 1,634,814 | ||||||
NRW Holdings Ltd. | 2,621,796 | 4,450,280 | ||||||
Nufarm Ltd. | 1,475,558 | 5,745,229 | ||||||
Nuix Ltd.(2) | 36,978 | 32,704 | ||||||
OFX Group Ltd.(2) | 82,787 | 107,000 | ||||||
Orica Ltd. | 223,755 | 2,430,999 | ||||||
Orora Ltd. | 1,006,005 | 2,381,980 | ||||||
Pacific Current Group Ltd. | 32,320 | 149,238 | ||||||
Perenti Ltd.(2) | 5,128,937 | 3,655,172 | ||||||
Perpetual Ltd. | 126,083 | 2,062,913 | ||||||
Perseus Mining Ltd. | 6,511,916 | 8,605,502 | ||||||
Platinum Asset Management Ltd. | 2,158,452 | 2,722,630 | ||||||
Premier Investments Ltd. | 283,026 | 5,180,121 | ||||||
Ramelius Resources Ltd. | 4,721,243 | 2,840,650 | ||||||
Regis Resources Ltd. | 3,524,334 | 4,117,900 | ||||||
Resimac Group Ltd. | 18,160 | 13,183 | ||||||
Resolute Mining Ltd.(1)(2) | 4,128,704 | 680,621 | ||||||
Ridley Corp. Ltd. | 644,559 | 952,892 | ||||||
Sandfire Resources Ltd. | 2,303,574 | 9,070,489 | ||||||
Select Harvests Ltd.(1) | 44,332 | 124,478 | ||||||
Servcorp Ltd. | 22,553 | 50,804 | ||||||
Service Stream Ltd.(1) | 213,262 | 100,241 | ||||||
Seven West Media Ltd.(1)(2) | 2,471,879 | 689,047 | ||||||
Sierra Rutile Holdings Ltd.(1)(2) | 289,422 | 47,585 | ||||||
Sigma Healthcare Ltd. | 355,155 | 162,349 | ||||||
Silver Lake Resources Ltd.(2) | 4,596,184 | 3,108,152 | ||||||
Sims Ltd. | 418,629 | 4,471,378 | ||||||
Solvar Ltd.(1) | 84,557 | 113,536 | ||||||
Southern Cross Media Group Ltd. | 723,915 | 515,229 | ||||||
Super Retail Group Ltd. | 735,155 | 6,394,136 | ||||||
Symbio Holdings Ltd. | 3,813 | 4,664 | ||||||
Terracom Ltd.(1) | 1,508,912 | 764,448 | ||||||
Viva Energy Group Ltd. | 4,200,012 | 8,459,798 | ||||||
West African Resources Ltd.(2) | 5,066,438 | 3,154,081 | ||||||
Westgold Resources Ltd.(2) | 589,784 | 376,920 | ||||||
Whitehaven Coal Ltd. | 1,890,274 | 9,156,681 | ||||||
231,244,753 |
189
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Austria — 0.9% | ||||||||
AT&S Austria Technologie & Systemtechnik AG | 436,397 | $ | 14,398,093 | |||||
FACC AG(2) | 11,641 | 91,054 | ||||||
IMMOFINANZ AG(2) | 26,313 | 342,538 | ||||||
POLYTEC Holding AG | 25,087 | 132,181 | ||||||
Porr AG | 76,273 | 1,128,964 | ||||||
Semperit AG Holding | 96,860 | 2,319,899 | ||||||
UNIQA Insurance Group AG | 590,132 | 5,023,474 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 10,205 | 285,297 | ||||||
23,721,500 | ||||||||
Belgium — 1.3% | ||||||||
AGFA-Gevaert NV(2) | 14,480 | 42,796 | ||||||
Bekaert SA | 237,710 | 10,488,508 | ||||||
bpost SA | 549,461 | 2,932,525 | ||||||
Cie d'Entreprises CFE(1)(2) | 27,899 | 280,938 | ||||||
Deceuninck NV(1) | 143,893 | 388,863 | ||||||
Deme Group NV(2) | 6,630 | 834,265 | ||||||
Exmar NV | 349,912 | 3,074,331 | ||||||
Gimv NV | 45,694 | 2,085,465 | ||||||
Ion Beam Applications | 45,435 | 887,176 | ||||||
KBC Ancora | 174,153 | 9,010,551 | ||||||
Ontex Group NV(2) | 122,700 | 971,512 | ||||||
Tessenderlo Group SA(2) | 123,874 | 4,159,416 | ||||||
VGP NV | 3,016 | 270,518 | ||||||
35,426,864 | ||||||||
Canada — 9.8% | ||||||||
5N Plus, Inc.(2) | 1,040 | 2,012 | ||||||
ADENTRA, Inc. | 7 | 167 | ||||||
Advantage Energy Ltd.(1)(2) | 729,681 | 4,267,391 | ||||||
Algoma Steel Group, Inc.(1) | 320,531 | 2,574,584 | ||||||
Amerigo Resources Ltd. | 26,000 | 30,487 | ||||||
Argonaut Gold, Inc.(2) | 748,212 | 254,979 | ||||||
Aris Mining Corp. | 113,257 | 334,500 | ||||||
Athabasca Oil Corp.(1)(2) | 2,186,021 | 4,774,161 | ||||||
Badger Infrastructure Solution Ltd.(1) | 53 | 1,183 | ||||||
Baytex Energy Corp.(1)(2) | 2,299,613 | 8,864,760 | ||||||
Birchcliff Energy Ltd.(1) | 1,038,189 | 6,383,588 | ||||||
Bird Construction, Inc. | 3,400 | 22,575 | ||||||
Bitfarms Ltd.(1)(2) | 305,452 | 284,298 | ||||||
Bonterra Energy Corp.(2) | 21,872 | 106,114 | ||||||
Calfrac Well Services Ltd.(2) | 27,035 | 111,350 | ||||||
Calian Group Ltd. | 1,500 | 66,398 | ||||||
Calibre Mining Corp.(1)(2) | 207,000 | 172,942 | ||||||
Canaccord Genuity Group, Inc.(1) | 112,458 | 950,268 | ||||||
Canacol Energy Ltd.(1) | 18,683 | 140,756 | ||||||
Canadian Western Bank(1) | 275,914 | 5,617,362 | ||||||
Canfor Corp.(2) | 250,393 | 4,272,004 | ||||||
Capital Power Corp. | 352,620 | 10,975,281 | ||||||
Cardinal Energy Ltd. | 1,325 | 6,914 | ||||||
Cascades, Inc.(1) | 21 | 165 | ||||||
Celestica, Inc.(1)(2) | 108,671 | 1,404,082 |
190
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Centerra Gold, Inc. | 521,290 | $ | 3,293,162 | |||||
China Gold International Resources Corp. Ltd.(1) | 231,678 | 758,960 | ||||||
Chorus Aviation, Inc.(1)(2) | 306,036 | 704,253 | ||||||
Copper Mountain Mining Corp.(1)(2) | 229,605 | 393,753 | ||||||
Corus Entertainment, Inc., B Shares(1) | 441,816 | 618,445 | ||||||
Crescent Point Energy Corp.(1) | 2,237,692 | 15,300,598 | ||||||
Crew Energy, Inc.(2) | 581,440 | 1,989,978 | ||||||
Doman Building Materials Group Ltd. | 43,000 | 232,884 | ||||||
Dorel Industries, Inc., Class B(1)(2) | 69,975 | 233,848 | ||||||
Dundee Precious Metals, Inc. | 579,948 | 3,723,228 | ||||||
Eldorado Gold Corp.(2) | 382,386 | 3,573,046 | ||||||
Endeavour Mining PLC | 504 | 10,490 | ||||||
Enerflex Ltd. | 198,162 | 1,314,303 | ||||||
Enerplus Corp.(1) | 591,409 | 9,383,661 | ||||||
Ensign Energy Services, Inc.(2) | 50,787 | 123,199 | ||||||
EQB, Inc.(1) | 64,636 | 3,078,085 | ||||||
ERO Copper Corp.(1)(2) | 158,804 | 2,490,587 | ||||||
Evertz Technologies Ltd.(1) | 2,200 | 19,767 | ||||||
Exchange Income Corp. | 871 | 32,395 | ||||||
First National Financial Corp.(1) | 2,548 | 73,368 | ||||||
Fortuna Silver Mines, Inc.(1)(2) | 791,256 | 2,568,900 | ||||||
Frontera Energy Corp.(2) | 229,782 | 2,071,322 | ||||||
Gear Energy Ltd.(1) | 330,254 | 258,975 | ||||||
Headwater Exploration, Inc. | 13,500 | 59,263 | ||||||
High Liner Foods, Inc. | 4 | 44 | ||||||
HLS Therapeutics, Inc. | 2 | 12 | ||||||
Home Capital Group, Inc.(1) | 109,488 | 3,364,479 | ||||||
Hudbay Minerals, Inc. | 657,361 | 3,261,513 | ||||||
iA Financial Corp., Inc. | 66,563 | 4,468,429 | ||||||
IAMGOLD Corp.(2) | 1,180,260 | 2,672,776 | ||||||
Interfor Corp.(2) | 247,293 | 4,162,932 | ||||||
International Petroleum Corp.(1)(2) | 9,413 | 94,992 | ||||||
Journey Energy, Inc.(1)(2) | 19,800 | 87,790 | ||||||
Kelt Exploration Ltd.(1)(2) | 642,476 | 2,212,999 | ||||||
Keyera Corp.(1) | 51,018 | 1,125,798 | ||||||
Kinross Gold Corp.(1) | 2,309,486 | 8,530,458 | ||||||
Largo, Inc.(2) | 1,825 | 11,676 | ||||||
Laurentian Bank of Canada(1) | 86,495 | 2,186,305 | ||||||
Linamar Corp. | 93,568 | 5,091,553 | ||||||
Lundin Gold, Inc. | 232,094 | 2,398,333 | ||||||
Lundin Mining Corp.(1) | 1,508,548 | 9,386,275 | ||||||
Martinrea International, Inc. | 390,759 | 4,003,526 | ||||||
MEG Energy Corp.(2) | 872,838 | 13,791,416 | ||||||
Methanex Corp.(1) | 164,631 | 8,304,545 | ||||||
New Gold, Inc.(1)(2) | 2,168,886 | 1,986,887 | ||||||
North American Construction Group Ltd. | 53,398 | 898,511 | ||||||
North West Co., Inc. | 14 | 363 | ||||||
NuVista Energy Ltd.(2) | 675,582 | 5,941,359 | ||||||
Obsidian Energy Ltd.(2) | 370,559 | 2,617,947 | ||||||
OceanaGold Corp.(2) | 1,825,595 | 3,719,424 | ||||||
Onex Corp. | 84,979 | 4,543,839 |
191
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Parex Resources, Inc.(1) | 376,810 | $ | 6,141,630 | |||||
Peyto Exploration & Development Corp.(1) | 658,458 | 5,723,204 | ||||||
Pine Cliff Energy Ltd.(1) | 138,356 | 122,690 | ||||||
Pipestone Energy Corp.(1)(2) | 328,793 | 686,742 | ||||||
Precision Drilling Corp.(2) | 35 | 1,996 | ||||||
Real Matters, Inc.(1)(2) | 133,142 | 566,915 | ||||||
Resolute Forest Products, Inc.(2) | 212,031 | 4,650,852 | ||||||
Russel Metals, Inc.(1) | 104,660 | 2,728,293 | ||||||
Secure Energy Services, Inc. | 7,039 | 44,261 | ||||||
Sierra Metals, Inc.(1)(2) | 3,100 | 1,034 | ||||||
Spartan Delta Corp.(1) | 418,694 | 3,801,846 | ||||||
Stelco Holdings, Inc.(1) | 150,006 | 6,134,360 | ||||||
SunOpta, Inc.(2) | 2,722 | 20,906 | ||||||
Surge Energy, Inc.(1) | 345,795 | 2,232,652 | ||||||
Tamarack Valley Energy Ltd.(1) | 1,915,174 | 6,091,502 | ||||||
Taseko Mines Ltd.(1)(2) | 510,133 | 871,096 | ||||||
Tidewater Midstream & Infrastructure Ltd.(1) | 198,569 | 157,167 | ||||||
Torex Gold Resources, Inc.(2) | 357,475 | 4,401,305 | ||||||
Total Energy Services, Inc. | 9,109 | 58,613 | ||||||
Transcontinental, Inc., Class A | 17 | 194 | ||||||
Vermilion Energy, Inc.(1) | 691,369 | 9,262,166 | ||||||
Wajax Corp. | 44,771 | 797,314 | ||||||
West Fraser Timber Co. Ltd. | 11,631 | 873,710 | ||||||
Western Forest Products, Inc.(1) | 1,874,992 | 1,717,655 | ||||||
Yamana Gold, Inc. | 531,424 | 2,718,461 | ||||||
Yangarra Resources Ltd.(1)(2) | 33,200 | 54,259 | ||||||
258,649,795 | ||||||||
China† | ||||||||
Solargiga Energy Holdings Ltd. | 2,281,000 | 72,930 | ||||||
Denmark — 2.1% | ||||||||
Bang & Olufsen A/S(2) | 24,456 | 44,349 | ||||||
Chemometec A/S(2) | 8,153 | 529,430 | ||||||
D/S Norden A/S | 175,797 | 12,376,726 | ||||||
Dfds A/S | 137,656 | 5,608,430 | ||||||
FLSmidth & Co. A/S | 32,604 | 1,281,993 | ||||||
H+H International A/S, B Shares(2) | 21,773 | 320,765 | ||||||
Jyske Bank A/S(2) | 121,721 | 10,195,427 | ||||||
NKT A/S(2) | 73,581 | 3,412,660 | ||||||
NNIT A/S(2) | 45,818 | 467,070 | ||||||
Per Aarsleff Holding A/S | 57,089 | 2,475,127 | ||||||
Ringkjoebing Landbobank A/S | 1,327 | 209,585 | ||||||
Solar A/S, B Shares | 12,609 | 1,096,110 | ||||||
Spar Nord Bank A/S | 224,226 | 4,137,832 | ||||||
Sparekassen Sjaelland-Fyn A/S | 5,583 | 168,911 | ||||||
Sydbank A/S | 243,875 | 12,411,198 | ||||||
TORM PLC, Class A | 36,429 | 1,293,449 | ||||||
56,029,062 | ||||||||
Finland — 1.6% | ||||||||
Admicom Oyj(1) | 98 | 4,430 | ||||||
Anora Group Oyj(1) | 23,717 | 161,666 | ||||||
Citycon Oyj(1)(2) | 157,363 | 1,157,844 |
192
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Finnair Oyj(1)(2) | 1,702,119 | $ | 1,017,974 | |||||
Harvia OYJ | 9,293 | 211,186 | ||||||
HKScan Oyj, A Shares(1) | 81,043 | 65,820 | ||||||
Kemira Oyj | 201,225 | 3,854,160 | ||||||
Lassila & Tikanoja Oyj | 1,259 | 14,548 | ||||||
Marimekko Oyj | 143,819 | 1,400,888 | ||||||
Metsa Board Oyj, Class B | 474,684 | 4,152,854 | ||||||
Nokian Renkaat Oyj | 123,195 | 1,117,272 | ||||||
Outokumpu Oyj | 2,461,462 | 14,736,760 | ||||||
Puuilo Oyj | 181,104 | 1,237,044 | ||||||
Rovio Entertainment Oyj | 127,009 | 1,095,969 | ||||||
Sanoma Oyj | 3,544 | 32,961 | ||||||
Suominen Oyj(1) | 39,141 | 126,384 | ||||||
Talenom Oyj | 4,970 | 43,230 | ||||||
Tokmanni Group Corp. | 283,443 | 4,027,959 | ||||||
Uponor Oyj | 219,657 | 4,087,906 | ||||||
Verkkokauppa.com Oyj(1) | 51,814 | 146,151 | ||||||
WithSecure Oyj(2) | 1,324 | 2,313 | ||||||
YIT Oyj(1) | 870,200 | 2,473,804 | ||||||
41,169,123 | ||||||||
France — 3.4% | ||||||||
AKWEL | 4,039 | 68,038 | ||||||
ALD SA | 181,385 | 2,402,736 | ||||||
APERAM SA | 48,115 | 1,871,103 | ||||||
Beneteau SA | 2,762 | 49,242 | ||||||
Biosynex(1) | 12,193 | 156,274 | ||||||
Bonduelle SCA | 1,607 | 22,241 | ||||||
Catana Group | 35,195 | 281,894 | ||||||
Cie des Alpes(2) | 61,165 | 913,102 | ||||||
Cie Plastic Omnium SA | 172,417 | 3,105,699 | ||||||
Coface SA | 409,566 | 6,036,314 | ||||||
Derichebourg SA | 609,204 | 3,917,543 | ||||||
Eramet SA | 56,790 | 6,094,196 | ||||||
Esso SA Francaise(2) | 1,045 | 62,851 | ||||||
Etablissements Maurel et Prom SA | 255,031 | 949,487 | ||||||
Eurobio Scientific SA(1)(2) | 26,767 | 510,121 | ||||||
Eutelsat Communications SA(1) | 1,040,161 | 7,269,023 | ||||||
Focus Entertainment(2) | 2,042 | 106,622 | ||||||
Gaztransport Et Technigaz SA | 62,065 | 6,481,732 | ||||||
Genfit SA(2) | 40,398 | 174,797 | ||||||
Groupe LDLC(1) | 6,031 | 134,729 | ||||||
Guillemot Corp. | 967 | 9,168 | ||||||
ID Logistics Group(2) | 323 | 103,745 | ||||||
Innate Pharma SA(1)(2) | 15,867 | 46,889 | ||||||
Jacquet Metals SACA | 34,099 | 697,600 | ||||||
JCDecaux SE(2) | 91,756 | 2,095,560 | ||||||
Kaufman & Broad SA | 7,283 | 223,202 | ||||||
LISI | 83 | 2,203 | ||||||
Maisons du Monde SA | 129,281 | 1,543,073 | ||||||
Manitou BF SA(1) | 190 | 5,373 | ||||||
Mersen SA | 28,796 | 1,358,533 |
193
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Metropole Television SA | 151,111 | $ | 2,255,427 | |||||
Nexans SA | 55,512 | 5,352,056 | ||||||
Novacyt SA(2) | 242,631 | 181,764 | ||||||
Orpea SA(1)(2) | 181,182 | 490,154 | ||||||
SES SA | 1,762,403 | 11,879,922 | ||||||
SMCP SA(2) | 144,891 | 1,130,993 | ||||||
Societe BIC SA | 30,139 | 1,949,592 | ||||||
Television Francaise 1 | 358,721 | 2,858,608 | ||||||
Ubisoft Entertainment SA(2) | 269,162 | 5,901,384 | ||||||
Verallia SA | 228,565 | 9,212,925 | ||||||
Vicat SA | 13,837 | 434,156 | ||||||
Vilmorin & Cie SA | 196 | 9,994 | ||||||
X-Fab Silicon Foundries SE(2) | 182,815 | 1,720,163 | ||||||
90,070,228 | ||||||||
Germany — 4.5% | ||||||||
1&1 AG | 21,987 | 263,447 | ||||||
7C Solarparken AG | 85,419 | 356,414 | ||||||
Aareal Bank AG(2) | 1,499 | 51,358 | ||||||
Aurubis AG | 80,387 | 7,862,545 | ||||||
Baader Bank AG | 7,342 | 32,172 | ||||||
Bauer AG(2) | 8,713 | 55,697 | ||||||
Bertrandt AG | 1,999 | 102,131 | ||||||
Cewe Stiftung & Co. KGAA | 10,755 | 1,075,125 | ||||||
CropEnergies AG | 95,554 | 1,175,869 | ||||||
Deutsche Beteiligungs AG | 10,133 | 333,088 | ||||||
Deutsche Pfandbriefbank AG | 438,861 | 4,342,219 | ||||||
Deutz AG | 402,446 | 2,472,110 | ||||||
Draegerwerk AG & Co. KGaA | 981 | 38,145 | ||||||
Draegerwerk AG & Co. KGaA, Preference Shares | 20,491 | 893,594 | ||||||
Duerr AG | 195,240 | 7,349,539 | ||||||
Elmos Semiconductor SE | 36,308 | 2,946,262 | ||||||
ElringKlinger AG | 28,327 | 262,556 | ||||||
Encavis AG | 260,432 | 5,083,097 | ||||||
flatexDEGIRO AG(2) | 247,816 | 2,110,770 | ||||||
Grand City Properties SA | 218,416 | 2,229,364 | ||||||
GRENKE AG | 49,536 | 1,544,238 | ||||||
Hamburger Hafen und Logistik AG | 135,595 | 1,793,766 | ||||||
Heidelberger Druckmaschinen AG(2) | 97,283 | 175,028 | ||||||
HelloFresh SE(2) | 169,116 | 3,788,623 | ||||||
Hornbach Holding AG & Co. KGaA | 33,416 | 2,775,229 | ||||||
HUGO BOSS AG | 143,435 | 9,810,131 | ||||||
Instone Real Estate Group SE | 125,695 | 1,179,789 | ||||||
JOST Werke AG | 49,196 | 2,801,352 | ||||||
Jungheinrich AG, Preference Shares | 238,330 | 8,792,038 | ||||||
Kontron AG | 132,907 | 2,659,410 | ||||||
Krones AG | 65,688 | 7,999,651 | ||||||
Lang & Schwarz AG | 30,027 | 320,072 | ||||||
Lanxess AG | 269,124 | 12,521,171 | ||||||
Leoni AG(2) | 21,600 | 68,101 | ||||||
METRO AG(2) | 318,580 | 2,872,576 | ||||||
MLP SE | 7,232 | 37,691 |
194
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Mutares SE & Co. KGaA | 33,485 | $ | 716,251 | |||||
PVA TePla AG(2) | 48,548 | 1,312,673 | ||||||
SAF-Holland SE | 115,756 | 1,444,999 | ||||||
SGL Carbon SE(1)(2) | 351,180 | 3,287,638 | ||||||
Siltronic AG | 76,491 | 5,569,973 | ||||||
Steico SE | 553 | 32,154 | ||||||
STO SE & Co. KGaA, Preference Shares | 7,821 | 1,238,890 | ||||||
Suedzucker AG | 61,571 | 1,044,695 | ||||||
SUESS MicroTec SE | 7,142 | 163,563 | ||||||
Vitesco Technologies Group AG, Class A(2) | 55,375 | 3,844,238 | ||||||
Wacker Neuson SE | 40,760 | 863,893 | ||||||
Wuestenrot & Wuerttembergische AG | 36,049 | 654,818 | ||||||
118,348,153 | ||||||||
Hong Kong — 1.7% | ||||||||
AMTD IDEA Group, ADR(2) | 79,252 | 124,426 | ||||||
AustAsia Group Ltd.(2) | 403,380 | 209,671 | ||||||
BOCOM International Holdings Co. Ltd. | 50,000 | 3,892 | ||||||
Bright Smart Securities & Commodities Group Ltd. | 3,760,000 | 704,908 | ||||||
Cafe de Coral Holdings Ltd. | 180,000 | 276,746 | ||||||
Central Wealth Group Holdings Ltd.(2) | 22,792,000 | 252,691 | ||||||
Chia Tai Enterprises International Ltd.(2) | 132,000 | 36,692 | ||||||
Chow Sang Sang Holdings International Ltd. | 397,000 | 511,272 | ||||||
CMBC Capital Holdings Ltd.(1) | 1,387,000 | 290,444 | ||||||
Cowell e Holdings, Inc.(2) | 16,000 | 28,632 | ||||||
Crystal International Group Ltd. | 34,500 | 9,641 | ||||||
CSC Holdings Ltd.(2) | 56,490,000 | 252,562 | ||||||
CSI Properties Ltd. | 80,000 | 1,511 | ||||||
Dah Sing Banking Group Ltd. | 349,200 | 283,432 | ||||||
Dah Sing Financial Holdings Ltd. | 193,200 | 521,986 | ||||||
E-Commodities Holdings Ltd.(1) | 18,120,000 | 3,164,924 | ||||||
FSE Lifestyle Services Ltd. | 27,000 | 21,195 | ||||||
Guotai Junan International Holdings Ltd.(1) | 5,090,000 | 447,816 | ||||||
Haitong International Securities Group Ltd.(1)(2) | 304,699 | 30,686 | ||||||
Hang Lung Group Ltd. | 1,080,000 | 1,962,333 | ||||||
Hengdeli Holdings Ltd.(2) | 12,000 | 191 | ||||||
IGG, Inc.(2) | 1,714,000 | 628,084 | ||||||
IRC Ltd.(1)(2) | 4,792,000 | 72,671 | ||||||
Jinhui Shipping & Transportation Ltd. | 15,000 | 10,663 | ||||||
Johnson Electric Holdings Ltd. | 1,528,820 | 1,753,726 | ||||||
K Wah International Holdings Ltd. | 2,713,000 | 937,224 | ||||||
Luk Fook Holdings International Ltd. | 95,000 | 303,282 | ||||||
Oriental Watch Holdings | 1,280,000 | 685,266 | ||||||
Pacific Basin Shipping Ltd. | 53,080,000 | 19,269,276 | ||||||
Pacific Textiles Holdings Ltd. | 377,000 | 126,345 | ||||||
PC Partner Group Ltd.(1) | 1,736,000 | 1,273,161 | ||||||
Regina Miracle International Holdings Ltd. | 194,000 | 77,953 | ||||||
Sa Sa International Holdings Ltd.(2) | 846,000 | 197,462 | ||||||
Shun Tak Holdings Ltd.(2) | 4,664,000 | 944,826 | ||||||
Singamas Container Holdings Ltd. | 4,050,000 | 350,818 | ||||||
SmarTone Telecommunications Holdings Ltd. | 126,000 | 84,173 | ||||||
Soundwill Holdings Ltd. | 2,500 | 2,281 |
195
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Sun Hung Kai & Co. Ltd. | 866,000 | $ | 351,064 | |||||
SUNeVision Holdings Ltd. | 1,245,000 | 732,874 | ||||||
Tai Hing Group Holdings Ltd. | 245,000 | 32,475 | ||||||
Tam Jai International Co. Ltd. | 490,000 | 143,663 | ||||||
Ten Pao Group Holdings Ltd. | 412,000 | 76,575 | ||||||
Texhong International Group Ltd. | 1,257,500 | 1,078,646 | ||||||
Texwinca Holdings Ltd. | 440,000 | 74,020 | ||||||
United Laboratories International Holdings Ltd. | 8,566,000 | 5,134,367 | ||||||
Value Partners Group Ltd.(1) | 1,282,000 | 461,275 | ||||||
VSTECS Holdings Ltd. | 786,000 | 453,747 | ||||||
44,391,568 | ||||||||
Ireland — 0.4% | ||||||||
Dalata Hotel Group PLC(2) | 711,418 | 3,230,911 | ||||||
FBD Holdings PLC | 6,291 | 90,500 | ||||||
Glenveagh Properties PLC(2) | 6,013,624 | 6,331,572 | ||||||
Origin Enterprises PLC | 205,462 | 919,435 | ||||||
10,572,418 | ||||||||
Israel — 2.2% | ||||||||
Adgar Investment and Development Ltd. | 13,419 | 16,322 | ||||||
AFI Properties Ltd.(2) | 546 | 14,522 | ||||||
Africa Israel Residences Ltd. | 2,553 | 94,237 | ||||||
Airport City Ltd.(2) | 46,523 | 614,959 | ||||||
Carasso Motors Ltd. | 19,452 | 94,613 | ||||||
Clal Insurance Enterprises Holdings Ltd.(2) | 311,337 | 4,464,401 | ||||||
Delek Automotive Systems Ltd. | 104,359 | 1,054,064 | ||||||
Delek Group Ltd.(2) | 21,396 | 2,000,040 | ||||||
Equital Ltd.(2) | 30,582 | 722,516 | ||||||
Fattal Holdings 1998 Ltd.(2) | 178 | 14,818 | ||||||
FIBI Holdings Ltd. | 86,540 | 3,174,651 | ||||||
First International Bank of Israel Ltd. | 36,753 | 1,301,424 | ||||||
G City Ltd. | 150,550 | 523,644 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 544,108 | 4,581,256 | ||||||
IDI Insurance Co. Ltd. | 2,066 | 47,770 | ||||||
Ilex Medical Ltd. | 729 | 16,630 | ||||||
Inrom Construction Industries Ltd. | 6,286 | 20,936 | ||||||
Isracard Ltd. | 1,013,474 | 3,591,446 | ||||||
Israel Corp. Ltd. | 3,349 | 1,141,771 | ||||||
Israel Land Development Co. Ltd. | 31,065 | 288,736 | ||||||
Isras Investment Co. Ltd. | 1,470 | 228,723 | ||||||
Ituran Location & Control Ltd. | 25 | 559 | ||||||
M Yochananof & Sons Ltd. | 4,089 | 194,399 | ||||||
Menora Mivtachim Holdings Ltd. | 113,584 | 2,183,870 | ||||||
Migdal Insurance & Financial Holdings Ltd.(2) | 1,890,328 | 2,110,730 | ||||||
Naphtha Israel Petroleum Corp. Ltd. | 10,798 | 40,110 | ||||||
Nawi Brothers Ltd. | 9,923 | 66,012 | ||||||
Oil Refineries Ltd. | 7,207,478 | 2,174,706 | ||||||
Partner Communications Co. Ltd.(2) | 586,916 | 3,280,473 | ||||||
Paz Oil Co. Ltd.(2) | 44,874 | 4,755,404 | ||||||
Phoenix Holdings Ltd. | 677,884 | 6,473,785 | ||||||
Prashkovsky Investments & Construction Ltd. | 2,519 | 51,588 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 12,684 | 701,825 |
196
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Scope Metals Group Ltd.(2) | 74 | $ | 2,443 | |||||
Shapir Engineering & Industry Ltd. | 28,261 | 186,509 | ||||||
Shikun & Binui Ltd.(2) | 584,113 | 1,334,352 | ||||||
Shufersal Ltd. | 889,435 | 4,592,259 | ||||||
Taro Pharmaceutical Industries Ltd.(2) | 2,537 | 76,668 | ||||||
Tera Light Ltd.(2) | 30,831 | 34,971 | ||||||
Tower Semiconductor Ltd.(2) | 342 | 13,990 | ||||||
Victory Supermarket Chain Ltd. | 1,573 | 15,299 | ||||||
YH Dimri Construction & Development Ltd. | 17,696 | 905,120 | ||||||
ZIM Integrated Shipping Services Ltd.(1) | 202,916 | 4,800,993 | ||||||
58,003,544 | ||||||||
Italy — 3.3% | ||||||||
Aeffe SpA(1)(2) | 47,952 | 65,459 | ||||||
Arnoldo Mondadori Editore SpA | 206,703 | 400,046 | ||||||
Banca IFIS SpA | 186,389 | 3,059,573 | ||||||
Banca Popolare di Sondrio SpA | 3,272,293 | 16,626,821 | ||||||
Banco di Desio e della Brianza SpA(1) | 118,022 | 439,185 | ||||||
BFF Bank SpA | 396,973 | 3,940,606 | ||||||
Biesse SpA | 121,446 | 2,184,943 | ||||||
Cementir Holding NV | 24,325 | 208,337 | ||||||
d'Amico International Shipping SA(2) | 5,839,024 | 2,680,744 | ||||||
Danieli & C Officine Meccaniche SpA(1) | 129 | 3,491 | ||||||
Danieli & C Officine Meccaniche SpA, Preference Shares | 54,332 | 1,102,587 | ||||||
Digital Bros SpA(1) | 92,719 | 2,171,778 | ||||||
Enav SpA | 769 | 3,403 | ||||||
Fila SpA | 16,030 | 127,126 | ||||||
Fincantieri SpA(2) | 2,044,390 | 1,296,900 | ||||||
FNM SpA(2) | 66,723 | 31,179 | ||||||
Geox SpA(2) | 68,174 | 83,306 | ||||||
Iveco Group NV(2) | 2,154,286 | 20,336,676 | ||||||
KME Group SpA(2) | 163,553 | 135,821 | ||||||
Maire Tecnimont SpA(1) | 926,959 | 3,736,749 | ||||||
MFE-MediaForEurope NV, Class A(1) | 5,120,672 | 2,249,780 | ||||||
MFE-MediaForEurope NV, Class B(1) | 1,649,121 | 1,193,162 | ||||||
Newlat Food SpA(2) | 16,765 | 82,651 | ||||||
Orsero SpA | 6,498 | 102,825 | ||||||
OVS SpA | 2,841,331 | 7,726,934 | ||||||
RAI Way SpA | 223,424 | 1,274,510 | ||||||
Safilo Group SpA(1)(2) | 375,919 | 555,994 | ||||||
Saipem SpA(1)(2) | 3,274,801 | 5,243,292 | ||||||
Sanlorenzo SpA/Ameglia | 24,511 | 1,119,694 | ||||||
Saras SpA(2) | 1,173,372 | 1,774,941 | ||||||
Tesmec SpA(2) | 1,690,861 | 303,263 | ||||||
Webuild SpA(1) | 4,417,256 | 8,025,243 | ||||||
88,287,019 | ||||||||
Japan — 27.7% | ||||||||
77 Bank Ltd.(1) | 102,800 | 1,831,434 | ||||||
Adastria Co. Ltd.(1) | 59,200 | 941,785 | ||||||
AEON Financial Service Co. Ltd.(1) | 606,200 | 5,754,879 | ||||||
Aeon Mall Co. Ltd.(1) | 120,600 | 1,574,695 | ||||||
AFC-HD AMS Life Science Co. Ltd. | 30,000 | 169,265 |
197
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Aichi Steel Corp. | 14,800 | $ | 264,224 | |||||
Air Water, Inc. | 310,600 | 3,734,296 | ||||||
Airport Facilities Co. Ltd. | 2,000 | 8,083 | ||||||
Aisan Industry Co. Ltd. | 63,400 | 431,855 | ||||||
Akatsuki, Inc. | 23,200 | 369,655 | ||||||
Akebono Brake Industry Co. Ltd.(2) | 9,300 | 9,908 | ||||||
Alconix Corp. | 9,000 | 89,827 | ||||||
Alfresa Holdings Corp. | 29,700 | 358,679 | ||||||
Alleanza Holdings Co. Ltd. | 3,200 | 23,144 | ||||||
Alps Alpine Co. Ltd.(1) | 727,900 | 6,914,217 | ||||||
Amada Co. Ltd. | 118,300 | 1,076,547 | ||||||
AOKI Holdings, Inc.(1) | 59,200 | 356,788 | ||||||
Aoyama Trading Co. Ltd. | 148,100 | 1,051,815 | ||||||
Aozora Bank Ltd.(1) | 15,300 | 296,299 | ||||||
Arata Corp. | 50,200 | 1,488,635 | ||||||
Arclands Corp.(1) | 84,100 | 890,581 | ||||||
Arcs Co. Ltd.(1) | 124,600 | 1,983,293 | ||||||
Asahi Diamond Industrial Co. Ltd.(1) | 58,100 | 355,828 | ||||||
ASAHI YUKIZAI Corp.(1) | 39,600 | 818,126 | ||||||
Asanuma Corp. | 18,800 | 463,367 | ||||||
Asia Pile Holdings Corp. | 1,400 | 7,495 | ||||||
Astena Holdings Co. Ltd. | 1,200 | 3,773 | ||||||
Aucnet, Inc. | 1,100 | 14,129 | ||||||
Awa Bank Ltd. | 8,400 | 137,141 | ||||||
Axell Corp.(1) | 5,400 | 67,733 | ||||||
Bando Chemical Industries Ltd. | 33,700 | 259,407 | ||||||
Bank of Nagoya Ltd. | 23,200 | 608,982 | ||||||
Bank of the Ryukyus Ltd. | 78,900 | 654,904 | ||||||
Belluna Co. Ltd.(1) | 146,100 | 744,698 | ||||||
Bic Camera, Inc.(1) | 103,000 | 882,161 | ||||||
BML, Inc. | 110,100 | 2,558,973 | ||||||
Bunka Shutter Co. Ltd.(1) | 258,200 | 2,115,657 | ||||||
Cawachi Ltd.(1) | 6,800 | 116,551 | ||||||
Central Glass Co. Ltd. | 135,300 | 3,324,922 | ||||||
Chiba Kogyo Bank Ltd. | 105,900 | 426,407 | ||||||
Chilled & Frozen Logistics Holdings Co. Ltd. | 1,900 | 16,977 | ||||||
Chori Co. Ltd. | 16,700 | 321,106 | ||||||
Chubu Shiryo Co. Ltd. | 5,400 | 41,504 | ||||||
Chubu Steel Plate Co. Ltd.(2) | 200 | 3,150 | ||||||
Citizen Watch Co. Ltd.(1) | 1,118,800 | 6,772,184 | ||||||
CKD Corp. | 101,300 | 1,564,969 | ||||||
CMIC Holdings Co. Ltd. | 21,900 | 289,211 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 176,400 | 1,856,934 | ||||||
Cosmo Energy Holdings Co. Ltd. | 495,600 | 14,813,810 | ||||||
Credit Saison Co. Ltd.(1) | 963,200 | 13,127,756 | ||||||
CTI Engineering Co. Ltd. | 21,700 | 554,604 | ||||||
Cybernet Systems Co. Ltd. | 20,400 | 142,852 | ||||||
Daicel Corp. | 587,100 | 4,076,264 | ||||||
Daiho Corp.(1) | 5,100 | 143,902 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 300 | 2,244 | ||||||
Daiken Corp.(1) | 18,900 | 307,272 |
198
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Daiki Aluminium Industry Co. Ltd.(1) | 13,200 | $ | 140,232 | |||||
Daikokutenbussan Co. Ltd.(1) | 12,400 | 465,242 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 10,700 | 144,885 | ||||||
Daio Paper Corp.(1) | 273,400 | 2,168,735 | ||||||
Daishi Hokuetsu Financial Group, Inc. | 79,500 | 1,896,695 | ||||||
Daito Pharmaceutical Co. Ltd. | 1,000 | 18,071 | ||||||
Daitron Co. Ltd. | 4,700 | 88,483 | ||||||
Daiwa Industries Ltd. | 2,500 | 24,784 | ||||||
Daiwabo Holdings Co. Ltd. | 150,000 | 2,318,044 | ||||||
Denka Co. Ltd. | 191,700 | 4,048,220 | ||||||
Digital Garage, Inc. | 4,000 | 132,066 | ||||||
DKS Co. Ltd. | 2,800 | 40,090 | ||||||
Dowa Holdings Co. Ltd.(1) | 152,900 | 4,988,491 | ||||||
Dream Incubator, Inc.(2) | 8,400 | 190,959 | ||||||
Eagle Industry Co. Ltd. | 53,900 | 475,482 | ||||||
Ebara Jitsugyo Co. Ltd. | 200 | 4,058 | ||||||
Eco's Co. Ltd.(1) | 14,100 | 189,824 | ||||||
EDION Corp.(1) | 245,600 | 2,376,942 | ||||||
EF-ON, Inc. | 1,300 | 5,791 | ||||||
Ehime Bank Ltd. | 11,600 | 83,541 | ||||||
Eizo Corp. | 22,100 | 618,828 | ||||||
EJ Holdings, Inc. | 8,900 | 92,166 | ||||||
Electric Power Development Co. Ltd. | 576,300 | 9,185,118 | ||||||
Elematec Corp. | 39,900 | 533,389 | ||||||
Enomoto Co. Ltd. | 3,000 | 40,797 | ||||||
Enplas Corp. | 8,100 | 241,523 | ||||||
Exedy Corp. | 156,100 | 2,071,016 | ||||||
EXEO Group, Inc.(1) | 159,700 | 2,802,209 | ||||||
FALCO HOLDINGS Co. Ltd. | 2,000 | 29,373 | ||||||
FCC Co. Ltd. | 115,900 | 1,270,533 | ||||||
Feed One Co. Ltd. | 4,700 | 23,668 | ||||||
Ferrotec Holdings Corp. | 245,900 | 5,840,497 | ||||||
FIDEA Holdings Co. Ltd. | 17,710 | 197,910 | ||||||
FJ Next Holdings Co. Ltd.(1) | 15,100 | 112,014 | ||||||
France Bed Holdings Co. Ltd. | 12,600 | 92,419 | ||||||
Frontier International, Inc. | 5,900 | 99,769 | ||||||
Fuji Corp. Ltd. | 9,000 | 45,471 | ||||||
Fuji Media Holdings, Inc. | 128,200 | 1,075,847 | ||||||
Fuji Oil Co. Ltd.(1) | 20,800 | 40,600 | ||||||
Fuji Seal International, Inc. | 47,200 | 573,029 | ||||||
Fujibo Holdings, Inc. | 1,800 | 41,227 | ||||||
Fujikura Composites, Inc. | 31,200 | 236,874 | ||||||
Fujikura Ltd. | 1,298,000 | 9,202,666 | ||||||
Fujimori Kogyo Co. Ltd. | 25,000 | 578,012 | ||||||
Fukuyama Transporting Co. Ltd. | 27,000 | 677,855 | ||||||
Furukawa Battery Co. Ltd.(1) | 500 | 4,158 | ||||||
Furukawa Co. Ltd. | 27,100 | 276,099 | ||||||
Furuno Electric Co. Ltd. | 6,800 | 48,493 | ||||||
Furyu Corp. | 25,200 | 222,201 | ||||||
Fuso Chemical Co. Ltd. | 8,900 | 242,467 | ||||||
Futaba Industrial Co. Ltd.(1) | 112,500 | 356,042 |
199
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Fuyo General Lease Co. Ltd. | 100,900 | $ | 6,950,508 | |||||
G-7 Holdings, Inc. | 100 | 1,055 | ||||||
Gecoss Corp.(1) | 2,200 | 14,244 | ||||||
Genky DrugStores Co. Ltd. | 11,000 | 327,572 | ||||||
Geo Holdings Corp. | 35,500 | 421,772 | ||||||
GLOBERIDE, Inc. | 25,200 | 474,724 | ||||||
Glory Ltd. | 2,600 | 52,892 | ||||||
GMO Financial Holdings, Inc.(1) | 1,600 | 6,849 | ||||||
Goldcrest Co. Ltd.(1) | 33,300 | 410,972 | ||||||
Good Com Asset Co. Ltd. | 66,400 | 426,604 | ||||||
G-Tekt Corp.(1) | 50,700 | 529,841 | ||||||
GungHo Online Entertainment, Inc. | 500 | 9,005 | ||||||
Gunma Bank Ltd. | 963,800 | 3,617,666 | ||||||
H.U. Group Holdings, Inc.(1) | 280,700 | 5,524,050 | ||||||
H2O Retailing Corp.(1) | 241,900 | 2,465,711 | ||||||
Hakudo Co. Ltd. | 8,500 | 163,096 | ||||||
Halows Co. Ltd.(1) | 6,200 | 147,364 | ||||||
Hamakyorex Co. Ltd. | 43,200 | 1,000,626 | ||||||
Hanwa Co. Ltd. | 158,000 | 4,596,975 | ||||||
Happinet Corp.(1) | 19,500 | 262,826 | ||||||
Hazama Ando Corp.(1) | 2,100 | 13,536 | ||||||
Heiwa Real Estate Co. Ltd. | 115,800 | 3,184,726 | ||||||
Heiwado Co. Ltd.(1) | 139,600 | 2,185,223 | ||||||
Hino Motors Ltd.(2) | 790,600 | 3,215,209 | ||||||
Hirano Tecseed Co. Ltd.(1) | 13,300 | 194,988 | ||||||
Hirogin Holdings, Inc. | 73,400 | 371,353 | ||||||
Hitachi Zosen Corp. | 785,300 | 5,220,387 | ||||||
Hodogaya Chemical Co. Ltd. | 2,700 | 62,443 | ||||||
Hokkoku Financial Holdings, Inc. | 76,800 | 2,354,779 | ||||||
Hokuetsu Corp.(1) | 424,500 | 2,555,245 | ||||||
Hokuhoku Financial Group, Inc. | 348,700 | 2,690,672 | ||||||
H-One Co. Ltd.(1) | 9,400 | 44,038 | ||||||
Honeys Holdings Co. Ltd. | 900 | 9,806 | ||||||
Hoosiers Holdings Co. Ltd. | 7,600 | 47,159 | ||||||
Horiba Ltd. | 7,200 | 383,885 | ||||||
Hosokawa Micron Corp. | 29,400 | 595,056 | ||||||
HS Holdings Co. Ltd. | 84,600 | 736,408 | ||||||
Hyakugo Bank Ltd. | 176,500 | 543,128 | ||||||
Hyakujushi Bank Ltd. | 7,200 | 106,055 | ||||||
Ichigo, Inc.(1) | 4,000 | 8,519 | ||||||
Ichinen Holdings Co. Ltd. | 7,200 | 68,109 | ||||||
IDEA Consultants, Inc. | 200 | 2,330 | ||||||
IDOM, Inc.(1) | 130,500 | 811,617 | ||||||
IHI Corp. | 285,500 | 7,414,120 | ||||||
Iino Kaiun Kaisha Ltd.(1) | 474,800 | 3,777,179 | ||||||
IMAGICA GROUP, Inc. | 63,800 | 302,109 | ||||||
Ines Corp. | 200 | 2,066 | ||||||
I-Net Corp. | 1,400 | 13,051 | ||||||
INFRONEER Holdings, Inc. | 490,784 | 3,721,066 | ||||||
Innotech Corp. | 7,400 | 75,799 | ||||||
Inui Global Logistics Co. Ltd.(1) | 32,200 | 505,748 |
200
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
I-PEX, Inc. | 25,700 | $ | 246,202 | |||||
Iseki & Co. Ltd. | 27,600 | 241,011 | ||||||
Ishihara Sangyo Kaisha Ltd.(1) | 119,900 | 942,524 | ||||||
Itochu Enex Co. Ltd. | 355,300 | 2,899,112 | ||||||
Itoki Corp. | 73,900 | 427,623 | ||||||
IwaiCosmo Holdings, Inc. | 13,500 | 138,026 | ||||||
Izumi Co. Ltd.(1) | 13,600 | 297,278 | ||||||
J Front Retailing Co. Ltd.(1) | 1,299,700 | 12,064,112 | ||||||
Jaccs Co. Ltd. | 121,300 | 3,950,264 | ||||||
Japan Aviation Electronics Industry Ltd. | 92,000 | 1,527,268 | ||||||
Japan Electronic Materials Corp. | 24,800 | 276,091 | ||||||
Japan Investment Adviser Co. Ltd. | 3,200 | 24,433 | ||||||
Japan Lifeline Co. Ltd. | 165,300 | 1,122,128 | ||||||
Japan Pulp & Paper Co. Ltd.(1) | 5,000 | 198,151 | ||||||
Japan System Techniques Co. Ltd. | 7,400 | 92,864 | ||||||
Japan Transcity Corp. | 4,400 | 18,840 | ||||||
Japan Wool Textile Co. Ltd. | 85,800 | 621,229 | ||||||
JINUSHI Co. Ltd. | 10,300 | 143,216 | ||||||
JK Holdings Co. Ltd.(1) | 3,700 | 29,527 | ||||||
JM Holdings Co. Ltd. | 9,300 | 125,501 | ||||||
Joshin Denki Co. Ltd.(1) | 13,900 | 207,856 | ||||||
JSB Co. Ltd. | 12,400 | 363,367 | ||||||
JTEKT Corp. | 973,700 | 7,274,510 | ||||||
Juroku Financial Group, Inc. | 129,900 | 3,067,164 | ||||||
JVCKenwood Corp.(1) | 1,734,300 | 5,116,721 | ||||||
Kaga Electronics Co. Ltd. | 67,000 | 2,403,298 | ||||||
Kamei Corp. | 11,800 | 131,952 | ||||||
Kanamoto Co. Ltd. | 193,500 | 3,220,990 | ||||||
Kandenko Co. Ltd. | 36,300 | 238,179 | ||||||
Kaneka Corp. | 217,700 | 5,470,306 | ||||||
Kanematsu Corp. | 403,000 | 4,828,915 | ||||||
Kanto Denka Kogyo Co. Ltd. | 303,500 | 2,253,777 | ||||||
Kato Sangyo Co. Ltd. | 36,500 | 964,260 | ||||||
Kawai Musical Instruments Manufacturing Co. Ltd. | 500 | 9,905 | ||||||
Kawasaki Heavy Industries Ltd.(1) | 41,300 | 902,494 | ||||||
Keiyo Bank Ltd. | 178,400 | 848,405 | ||||||
Keiyo Co. Ltd.(1) | 3,900 | 23,986 | ||||||
KH Neochem Co. Ltd. | 140,700 | 2,642,728 | ||||||
Kitz Corp. | 246,800 | 1,604,180 | ||||||
Kiyo Bank Ltd. | 266,200 | 3,186,098 | ||||||
Kobe Steel Ltd. | 2,213,500 | 15,011,269 | ||||||
Kohnan Shoji Co. Ltd.(1) | 107,300 | 2,496,283 | ||||||
Kojima Co. Ltd.(1) | 43,300 | 177,450 | ||||||
Komeri Co. Ltd. | 135,700 | 2,640,745 | ||||||
Komori Corp. | 35,400 | 253,845 | ||||||
Konica Minolta, Inc.(1) | 2,114,600 | 9,214,712 | ||||||
Konoike Transport Co. Ltd. | 90,100 | 990,096 | ||||||
Konoshima Chemical Co. Ltd. | 2,100 | 29,802 | ||||||
Kosaido Holdings Co. Ltd. | 9,600 | 172,687 | ||||||
KPP Group Holdings Co. Ltd.(1) | 183,400 | 1,012,138 | ||||||
K's Holdings Corp. | 400,300 | 3,449,036 |
201
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Kumagai Gumi Co. Ltd. | 73,200 | $ | 1,495,118 | |||||
Kuraray Co. Ltd. | 1,175,400 | 10,542,714 | ||||||
Kureha Corp.(1) | 53,700 | 3,327,480 | ||||||
Kurimoto Ltd. | 100 | 1,509 | ||||||
Kuriyama Holdings Corp. | 4,300 | 27,720 | ||||||
KYB Corp. | 107,000 | 2,956,194 | ||||||
Kyoden Co. Ltd.(1) | 45,100 | 170,598 | ||||||
Kyodo Printing Co. Ltd. | 2,700 | 58,492 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd.(1) | 300 | 3,223 | ||||||
Lawson, Inc.(1) | 1,800 | 70,792 | ||||||
Life Corp.(1) | 36,100 | 732,661 | ||||||
Look Holdings, Inc. | 4,100 | 64,909 | ||||||
Macnica Holdings, Inc. | 151,300 | 4,185,681 | ||||||
Makino Milling Machine Co. Ltd. | 118,900 | 4,305,330 | ||||||
Maruha Nichiro Corp. | 76,600 | 1,363,654 | ||||||
MARUKA FURUSATO Corp. | 65,900 | 1,391,620 | ||||||
Maruzen Showa Unyu Co. Ltd. | 12,500 | 286,363 | ||||||
Matsuda Sangyo Co. Ltd. | 15,700 | 264,642 | ||||||
Maxell Ltd. | 207,800 | 2,216,544 | ||||||
Mazda Motor Corp. | 600 | 5,368 | ||||||
Mebuki Financial Group, Inc. | 3,377,900 | 9,080,421 | ||||||
Media Do Co. Ltd.(2) | 2,800 | 30,663 | ||||||
Megmilk Snow Brand Co. Ltd. | 242,500 | 3,146,449 | ||||||
Meidensha Corp.(1) | 63,600 | 916,341 | ||||||
Meiji Shipping Co. Ltd.(1) | 19,500 | 99,010 | ||||||
Meiko Electronics Co. Ltd.(1) | 71,000 | 1,441,532 | ||||||
Meisei Industrial Co. Ltd. | 3,800 | 22,011 | ||||||
Micronics Japan Co. Ltd.(1) | 83,200 | 801,383 | ||||||
Mikuni Corp. | 22,300 | 56,972 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 59,100 | 1,124,340 | ||||||
Ministop Co. Ltd.(1) | 6,100 | 62,306 | ||||||
Miraial Co. Ltd. | 27,100 | 312,431 | ||||||
MIRAIT ONE Corp. | 213,000 | 2,383,468 | ||||||
Mirarth Holdings, Inc.(1) | 138,300 | 384,771 | ||||||
Mitsuba Corp. | 58,600 | 222,003 | ||||||
Mitsubishi Research Institute, Inc. | 28,600 | 1,088,358 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 107,400 | 2,556,532 | ||||||
Mitsubishi Steel Manufacturing Co. Ltd. | 10,800 | 98,171 | ||||||
Mitsui Chemicals, Inc. | 60,100 | 1,449,920 | ||||||
Mitsui Matsushima Holdings Co. Ltd.(1) | 88,300 | 2,466,064 | ||||||
Mitsui Mining & Smelting Co. Ltd.(1) | 358,700 | 8,850,804 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 117,400 | 3,399,311 | ||||||
Miyaji Engineering Group, Inc. | 700 | 18,934 | ||||||
Miyazaki Bank Ltd. | 31,600 | 630,336 | ||||||
Mizuho Leasing Co. Ltd. | 124,300 | 3,344,694 | ||||||
Mizuho Medy Co. Ltd.(1) | 25,800 | 473,900 | ||||||
Mizuno Corp.(1) | 53,000 | 1,224,527 | ||||||
Monex Group, Inc.(1) | 227,300 | 832,826 | ||||||
Morinaga Milk Industry Co. Ltd. | 142,700 | 4,840,462 | ||||||
MrMax Holdings Ltd. | 3,100 | 14,746 | ||||||
Musashino Bank Ltd.(1) | 79,500 | 1,480,678 |
202
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Nabtesco Corp. | 114,000 | $ | 2,946,298 | |||||
Nachi-Fujikoshi Corp. | 97,100 | 2,807,345 | ||||||
Nafco Co. Ltd. | 5,100 | 68,084 | ||||||
Nagano Keiki Co. Ltd. | 5,700 | 51,114 | ||||||
Nagase & Co. Ltd.(1) | 200 | 2,971 | ||||||
Namura Shipbuilding Co. Ltd.(1)(2) | 82,500 | 236,752 | ||||||
Nanto Bank Ltd. | 60,400 | 1,193,591 | ||||||
NEC Capital Solutions Ltd. | 17,000 | 339,450 | ||||||
Neturen Co. Ltd. | 10,700 | 53,491 | ||||||
NHK Spring Co. Ltd. | 254,500 | 1,694,967 | ||||||
Nichias Corp. | 208,500 | 4,111,484 | ||||||
Nichiha Corp. | 81,600 | 1,576,199 | ||||||
Nichireki Co. Ltd. | 33,200 | 361,097 | ||||||
Nihon Chouzai Co. Ltd. | 17,100 | 147,793 | ||||||
Nihon Dempa Kogyo Co. Ltd.(1) | 151,500 | 1,552,173 | ||||||
Nihon Flush Co. Ltd.(1) | 3,600 | 24,721 | ||||||
Nihon House Holdings Co. Ltd. | 33,600 | 99,935 | ||||||
Nihon Tokushu Toryo Co. Ltd. | 1,200 | 8,275 | ||||||
Nikkon Holdings Co. Ltd. | 198,100 | 3,603,598 | ||||||
Nippn Corp. | 22,600 | 268,698 | ||||||
Nippon Chemical Industrial Co. Ltd. | 2,400 | 35,593 | ||||||
Nippon Chemi-Con Corp.(2) | 139,200 | 2,230,149 | ||||||
Nippon Coke & Engineering Co. Ltd.(1) | 601,100 | 379,369 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 120,600 | 1,348,591 | ||||||
Nippon Electric Glass Co. Ltd. | 309,100 | 5,752,865 | ||||||
Nippon Kodoshi Corp. | 100 | 1,492 | ||||||
Nippon Koei Co. Ltd. | 40,400 | 975,838 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 30,110 | 328,108 | ||||||
Nippon Paper Industries Co. Ltd. | 302,600 | 2,420,129 | ||||||
Nippon Pillar Packing Co. Ltd. | 52,400 | 1,325,257 | ||||||
Nippon Road Co. Ltd. | 1,400 | 72,134 | ||||||
Nippon Seisen Co. Ltd. | 3,000 | 101,650 | ||||||
Nippon Sheet Glass Co. Ltd.(2) | 415,600 | 2,143,222 | ||||||
Nippon Shokubai Co. Ltd. | 121,600 | 5,047,063 | ||||||
Nippon Soda Co. Ltd. | 63,100 | 2,140,423 | ||||||
Nippon Steel Trading Corp. | 12,600 | 857,449 | ||||||
Nippon Television Holdings, Inc. | 176,200 | 1,450,433 | ||||||
Nippon Thompson Co. Ltd. | 138,700 | 601,854 | ||||||
Nippon Yakin Kogyo Co. Ltd.(1) | 15,510 | 497,398 | ||||||
Nipro Corp.(1) | 692,800 | 5,269,352 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 465,600 | 3,970,538 | ||||||
Nishio Rent All Co. Ltd. | 110,700 | 2,588,745 | ||||||
Nissan Shatai Co. Ltd. | 93,300 | 576,089 | ||||||
Nissha Co. Ltd. | 24,900 | 331,241 | ||||||
Nisshinbo Holdings, Inc. | 586,000 | 4,347,875 | ||||||
Nissin Electric Co. Ltd. | 75,800 | 943,411 | ||||||
Nissui Corp. | 1,052,000 | 4,216,549 | ||||||
Nittetsu Mining Co. Ltd. | 35,700 | 961,569 | ||||||
Nitto Kogyo Corp.(1) | 1,600 | 31,130 | ||||||
Nittoc Construction Co. Ltd. | 100 | 711 | ||||||
Nojima Corp. | 290,600 | 2,892,494 |
203
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
NOK Corp.(1) | 343,600 | $ | 3,369,244 | |||||
Nomura Micro Science Co. Ltd. | 5,500 | 181,016 | ||||||
Noritake Co. Ltd. | 17,600 | 585,379 | ||||||
Noritz Corp. | 12,400 | 149,933 | ||||||
North Pacific Bank Ltd.(1) | 865,800 | 2,015,559 | ||||||
NS United Kaiun Kaisha Ltd.(1) | 46,300 | 1,501,403 | ||||||
Ogaki Kyoritsu Bank Ltd. | 83,300 | 1,229,737 | ||||||
Okamoto Machine Tool Works Ltd. | 6,000 | 233,462 | ||||||
Okasan Securities Group, Inc.(1) | 115,500 | 370,636 | ||||||
Oki Electric Industry Co. Ltd. | 78,900 | 411,687 | ||||||
Okinawa Financial Group, Inc. | 29,300 | 514,090 | ||||||
Okumura Corp. | 44,700 | 1,078,280 | ||||||
Okuwa Co. Ltd.(1) | 29,600 | 190,018 | ||||||
Olympic Group Corp. | 2,200 | 8,351 | ||||||
Onoken Co. Ltd.(1) | 32,400 | 361,741 | ||||||
Onward Holdings Co. Ltd.(1) | 21,300 | 53,313 | ||||||
Organo Corp. | 8,800 | 219,567 | ||||||
Orient Corp.(1) | 319,640 | 2,741,506 | ||||||
Oriental Shiraishi Corp. | 329,700 | 789,398 | ||||||
Osaka Soda Co. Ltd. | 68,300 | 2,158,717 | ||||||
OSAKA Titanium Technologies Co. Ltd.(1) | 47,500 | 953,129 | ||||||
Pacific Industrial Co. Ltd.(1) | 318,500 | 2,719,523 | ||||||
PAL GROUP Holdings Co. Ltd. | 61,600 | 1,258,278 | ||||||
Pasco Corp. | 500 | 5,230 | ||||||
Pasona Group, Inc. | 33,400 | 468,749 | ||||||
Pegasus Sewing Machine Manufacturing Co. Ltd. | 9,500 | 47,247 | ||||||
Penta-Ocean Construction Co. Ltd. | 72,200 | 344,084 | ||||||
Press Kogyo Co. Ltd. | 659,400 | 2,323,922 | ||||||
Pressance Corp. | 10,100 | 126,817 | ||||||
Prima Meat Packers Ltd. | 69,900 | 1,098,965 | ||||||
PS Mitsubishi Construction Co. Ltd. | 15,300 | 74,136 | ||||||
Raiznext Corp.(1) | 18,700 | 189,253 | ||||||
Rasa Industries Ltd. | 13,600 | 220,303 | ||||||
Raysum Co. Ltd. | 47,900 | 467,863 | ||||||
Relia, Inc. | 41,500 | 444,230 | ||||||
Remixpoint, Inc.(1)(2) | 17,700 | 30,887 | ||||||
Rengo Co. Ltd.(1) | 1,015,600 | 6,599,002 | ||||||
Resorttrust, Inc. | 375,200 | 5,865,892 | ||||||
Restar Holdings Corp.(1) | 6,000 | 102,200 | ||||||
Ricoh Leasing Co. Ltd. | 91,700 | 2,710,002 | ||||||
Riken Corp. | 500 | 9,708 | ||||||
Riken Technos Corp. | 23,000 | 98,632 | ||||||
Ryobi Ltd. | 53,800 | 598,818 | ||||||
Ryoden Corp.(1) | 1,400 | 19,724 | ||||||
Sakai Chemical Industry Co. Ltd. | 15,500 | 206,742 | ||||||
Sakura Internet, Inc. | 500 | 2,225 | ||||||
Sala Corp. | 111,200 | 596,836 | ||||||
San ju San Financial Group, Inc. | 11,800 | 151,210 | ||||||
San-Ai Obbli Co. Ltd. | 167,200 | 1,714,186 | ||||||
Sanei Architecture Planning Co. Ltd.(1) | 1,000 | 11,011 | ||||||
Sangetsu Corp. | 94,100 | 1,709,027 |
204
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
San-In Godo Bank Ltd. | 377,900 | $ | 2,354,242 | |||||
Sankyu, Inc. | 215,900 | 7,943,081 | ||||||
Sanwa Holdings Corp. | 405,900 | 4,278,657 | ||||||
Sanyo Chemical Industries Ltd. | 11,400 | 359,459 | ||||||
Sanyo Denki Co. Ltd. | 1,700 | 70,608 | ||||||
Sanyo Special Steel Co. Ltd.(1) | 40,400 | 777,887 | ||||||
Sawai Group Holdings Co. Ltd. | 4,500 | 124,592 | ||||||
SBI Shinsei Bank Ltd. | 1,100 | 20,026 | ||||||
SBS Holdings, Inc. | 2,700 | 63,461 | ||||||
Scroll Corp.(1) | 54,400 | 325,106 | ||||||
Seed Co. Ltd. | 5,000 | 20,966 | ||||||
Seikitokyu Kogyo Co. Ltd.(1) | 6,400 | 39,145 | ||||||
Seiko Group Corp. | 117,600 | 2,491,489 | ||||||
Seino Holdings Co. Ltd. | 350,800 | 3,621,041 | ||||||
Senko Group Holdings Co. Ltd. | 432,200 | 3,057,924 | ||||||
Senshu Electric Co. Ltd. | 40,800 | 1,079,040 | ||||||
Senshu Ikeda Holdings, Inc. | 1,051,700 | 2,030,758 | ||||||
Shibaura Mechatronics Corp. | 12,200 | 1,304,947 | ||||||
Shibuya Corp. | 4,700 | 82,724 | ||||||
Shikoku Bank Ltd. | 2,900 | 20,594 | ||||||
Shinagawa Refractories Co. Ltd. | 1,700 | 55,868 | ||||||
Shindengen Electric Manufacturing Co. Ltd.(1) | 3,500 | 90,741 | ||||||
Shinmaywa Industries Ltd. | 240,000 | 1,980,649 | ||||||
Shinnihon Corp. | 8,600 | 58,277 | ||||||
Shinsho Corp. | 10,500 | 456,844 | ||||||
Shinwa Co. Ltd.(1) | 3,300 | 50,770 | ||||||
Sinfonia Technology Co. Ltd. | 45,200 | 551,698 | ||||||
SK-Electronics Co. Ltd. | 200 | 2,458 | ||||||
SKY Perfect JSAT Holdings, Inc. | 909,000 | 3,449,922 | ||||||
Sodick Co. Ltd. | 36,900 | 207,210 | ||||||
Soken Chemical & Engineering Co. Ltd. | 1,300 | 17,081 | ||||||
Star Micronics Co. Ltd. | 124,100 | 1,574,154 | ||||||
Starts Corp., Inc. | 149,300 | 2,818,575 | ||||||
Starzen Co. Ltd. | 6,900 | 111,145 | ||||||
St-Care Holding Corp. | 12,200 | 70,500 | ||||||
Stella Chemifa Corp. | 14,500 | 272,512 | ||||||
Studio Alice Co. Ltd.(1) | 10,800 | 163,195 | ||||||
Sumida Corp. | 110,500 | 1,321,379 | ||||||
Sumitomo Densetsu Co. Ltd. | 21,600 | 384,590 | ||||||
Sumitomo Heavy Industries Ltd. | 327,900 | 7,719,756 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 644,100 | 2,018,681 | ||||||
Sumitomo Osaka Cement Co. Ltd.(1) | 96,100 | 2,684,580 | ||||||
Sumitomo Riko Co. Ltd. | 61,000 | 315,823 | ||||||
Sumitomo Rubber Industries Ltd. | 253,900 | 2,286,011 | ||||||
Sumitomo Seika Chemicals Co. Ltd. | 24,000 | 771,966 | ||||||
Sumitomo Warehouse Co. Ltd.(1) | 177,100 | 2,768,881 | ||||||
Sun Corp. | 30,200 | 509,706 | ||||||
Sun Frontier Fudousan Co. Ltd. | 104,700 | 949,851 | ||||||
Suncall Corp.(1) | 15,200 | 69,656 | ||||||
Sun-Wa Technos Corp. | 1,700 | 25,412 | ||||||
Suruga Bank Ltd.(1) | 425,300 | 1,336,957 |
205
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Suzuken Co. Ltd. | 76,900 | $ | 1,941,926 | |||||
SWCC Showa Holdings Co. Ltd.(1) | 53,000 | 738,652 | ||||||
T RAD Co. Ltd.(1) | 4,600 | 77,200 | ||||||
Tachibana Eletech Co. Ltd. | 7,200 | 103,801 | ||||||
Tachi-S Co. Ltd. | 6,500 | 59,455 | ||||||
Taihei Dengyo Kaisha Ltd. | 4,100 | 116,875 | ||||||
Taiheiyo Cement Corp. | 403,700 | 7,422,301 | ||||||
Taiho Kogyo Co. Ltd. | 22,800 | 107,995 | ||||||
Takamatsu Construction Group Co. Ltd. | 5,600 | 82,478 | ||||||
Takamiya Co. Ltd. | 1,600 | 5,167 | ||||||
Takaoka Toko Co. Ltd. | 13,100 | 205,245 | ||||||
Takara Standard Co. Ltd. | 108,600 | 1,147,517 | ||||||
Takasago International Corp. | 16,600 | 309,080 | ||||||
Takasago Thermal Engineering Co. Ltd. | 194,500 | 2,991,326 | ||||||
Takashimaya Co. Ltd.(1) | 533,800 | 7,434,250 | ||||||
Take & Give Needs Co. Ltd.(2) | 14,700 | 153,889 | ||||||
Tama Home Co. Ltd.(1) | 64,700 | 1,613,667 | ||||||
Teijin Ltd. | 979,500 | 10,177,575 | ||||||
Tera Probe, Inc. | 2,600 | 45,638 | ||||||
Tess Holdings Co. Ltd.(1) | 6,500 | 49,840 | ||||||
T-Gaia Corp.(1) | 400 | 4,817 | ||||||
Toa Corp.(1) | 50,900 | 991,934 | ||||||
TOA ROAD Corp. | 500 | 25,750 | ||||||
Toagosei Co. Ltd. | 8,800 | 80,981 | ||||||
Toda Corp.(1) | 1,800 | 9,381 | ||||||
Toho Holdings Co. Ltd. | 124,600 | 2,014,757 | ||||||
TOKAI Holdings Corp.(1) | 421,600 | 2,715,309 | ||||||
Tokai Rika Co. Ltd. | 4,500 | 51,573 | ||||||
Tokuyama Corp.(1) | 286,000 | 4,559,172 | ||||||
Tokyo Electron Device Ltd. | 100 | 5,955 | ||||||
Tokyo Kiraboshi Financial Group, Inc. | 135,900 | 2,902,072 | ||||||
Tokyo Rope Manufacturing Co. Ltd. | 10,400 | 96,070 | ||||||
Tokyo Seimitsu Co. Ltd. | 149,200 | 5,447,042 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 260,600 | 2,880,244 | ||||||
Tokyo Tatemono Co. Ltd. | 580,200 | 7,105,045 | ||||||
Tokyu Construction Co. Ltd. | 550,000 | 2,793,364 | ||||||
Tomen Devices Corp.(1) | 4,600 | 226,365 | ||||||
TOMONY Holdings, Inc. | 276,000 | 798,486 | ||||||
Tomy Co. Ltd. | 71,400 | 697,752 | ||||||
Topre Corp.(1) | 148,900 | 1,307,887 | ||||||
Totech Corp. | 2,100 | 68,561 | ||||||
Towa Bank Ltd. | 11,900 | 53,495 | ||||||
Towa Corp.(1) | 21,100 | 294,706 | ||||||
Toyo Engineering Corp.(2) | 38,200 | 164,568 | ||||||
Toyo Kanetsu KK(1) | 3,200 | 64,611 | ||||||
Toyo Seikan Group Holdings Ltd. | 595,200 | 7,745,243 | ||||||
Toyobo Co. Ltd. | 429,600 | 3,379,387 | ||||||
Toyoda Gosei Co. Ltd. | 279,100 | 4,546,402 | ||||||
Toyota Boshoku Corp. | 249,600 | 3,882,739 | ||||||
TPR Co. Ltd. | 28,500 | 291,809 | ||||||
Traders Holdings Co. Ltd. | 6,500 | 24,236 |
206
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Trancom Co. Ltd. | 500 | $ | 24,512 | |||||
Transcosmos, Inc. | 110,700 | 2,722,265 | ||||||
TRE Holdings Corp.(1) | 10,440 | 116,290 | ||||||
Tsubakimoto Chain Co. | 112,200 | 2,628,357 | ||||||
Tsuburaya Fields Holdings, Inc.(1) | 81,600 | 2,496,320 | ||||||
Tsugami Corp. | 137,200 | 1,480,868 | ||||||
Tsukuba Bank Ltd. | 104,600 | 182,112 | ||||||
Tsuzuki Denki Co. Ltd. | 200 | 2,122 | ||||||
TV Asahi Holdings Corp. | 79,300 | 845,966 | ||||||
Tv Tokyo Holdings Corp. | 17,500 | 291,050 | ||||||
UBE Corp.(1) | 367,500 | 5,511,568 | ||||||
Uchida Yoko Co. Ltd. | 4,000 | 146,489 | ||||||
Ulvac, Inc. | 173,300 | 6,643,119 | ||||||
Unipres Corp. | 87,900 | 520,270 | ||||||
Unitika Ltd.(2) | 86,800 | 148,484 | ||||||
Univance Corp. | 29,200 | 79,602 | ||||||
Valor Holdings Co. Ltd. | 201,000 | 2,895,640 | ||||||
Valqua Ltd. | 30,300 | 735,101 | ||||||
VINX Corp. | 1,500 | 14,974 | ||||||
VT Holdings Co. Ltd. | 224,900 | 841,617 | ||||||
Wakachiku Construction Co. Ltd.(1) | 5,100 | 118,083 | ||||||
Wakita & Co. Ltd. | 72,400 | 599,298 | ||||||
Warabeya Nichiyo Holdings Co. Ltd.(1) | 36,600 | 499,392 | ||||||
YAMABIKO Corp. | 1,100 | 10,201 | ||||||
Yamagata Bank Ltd.(1) | 4,900 | 44,684 | ||||||
Yamaguchi Financial Group, Inc. | 53,400 | 360,605 | ||||||
Yamaichi Electronics Co. Ltd.(1) | 141,800 | 1,906,821 | ||||||
Yamazen Corp. | 263,700 | 2,027,329 | ||||||
Yellow Hat Ltd. | 13,600 | 177,610 | ||||||
Yodogawa Steel Works Ltd. | 7,200 | 143,113 | ||||||
Yokogawa Bridge Holdings Corp. | 184,500 | 2,782,126 | ||||||
Yokohama Rubber Co. Ltd. | 271,300 | 5,148,456 | ||||||
Yokorei Co. Ltd. | 138,900 | 1,022,837 | ||||||
Yorozu Corp. | 4,500 | 25,675 | ||||||
Yotai Refractories Co. Ltd. | 2,400 | 26,593 | ||||||
Yuasa Trading Co. Ltd.(1) | 94,400 | 2,535,828 | ||||||
Yurtec Corp. | 7,400 | 41,070 | ||||||
Zeon Corp. | 34,700 | 328,204 | ||||||
730,041,954 | ||||||||
Netherlands — 1.9% | ||||||||
AerCap Holdings NV(2) | 134,902 | 8,423,281 | ||||||
AMG Advanced Metallurgical Group NV | 20,467 | 805,884 | ||||||
ASR Nederland NV | 340,344 | 15,489,342 | ||||||
BE Semiconductor Industries NV | 125,620 | 9,696,791 | ||||||
Flow Traders Ltd. | 47,396 | 1,150,063 | ||||||
ForFarmers NV(1) | 47,215 | 164,130 | ||||||
Heijmans NV, CVA | 134,127 | 1,749,563 | ||||||
Koninklijke BAM Groep NV(2) | 1,227,772 | 3,138,272 | ||||||
Koninklijke Vopak NV | 69,676 | 2,222,875 | ||||||
OCI NV | 183,412 | 6,092,521 | ||||||
PostNL NV | 185,480 | 323,786 |
207
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
SIF Holding NV(1) | 285 | $ | 3,675 | |||||
Sligro Food Group NV | 6,738 | 113,432 | ||||||
TKH Group NV, CVA | 20,142 | 928,916 | ||||||
50,302,531 | ||||||||
New Zealand — 0.5% | ||||||||
Air New Zealand Ltd.(2) | 17,210,793 | 8,388,556 | ||||||
Channel Infrastructure NZ Ltd.(2) | 32,550 | 29,152 | ||||||
Heartland Group Holdings Ltd. | 3,515 | 3,932 | ||||||
KMD Brands Ltd. | 833,699 | 581,436 | ||||||
Oceania Healthcare Ltd. | 3,378,715 | 1,626,356 | ||||||
SKYCITY Entertainment Group Ltd.(2) | 2,400,614 | 3,854,760 | ||||||
Warehouse Group Ltd. | 16,193 | 26,514 | ||||||
14,510,706 | ||||||||
Norway — 2.2% | ||||||||
2020 Bulkers Ltd.(1)(2) | 67,125 | 701,412 | ||||||
ABG Sundal Collier Holding ASA | 449,866 | 279,865 | ||||||
Belships ASA | 191,670 | 358,463 | ||||||
Bonheur ASA | 3,699 | 99,253 | ||||||
BW Energy Ltd.(2) | 251,635 | 706,296 | ||||||
BW LPG Ltd. | 542,751 | 4,747,893 | ||||||
BW Offshore Ltd. | 981,901 | 2,692,827 | ||||||
DNO ASA | 3,227,054 | 3,697,661 | ||||||
Golden Ocean Group Ltd. | 316,268 | 3,234,955 | ||||||
Hafnia Ltd. | 602,364 | 3,651,682 | ||||||
Kid ASA(1) | 52,924 | 438,760 | ||||||
Komplett Bank ASA(2) | 50,471 | 27,534 | ||||||
Kongsberg Automotive ASA(1)(2) | 532,645 | 160,272 | ||||||
MPC Container Ships ASA | 1,486,086 | 2,640,666 | ||||||
Norwegian Energy Co. ASA(2) | 13,725 | 531,945 | ||||||
Odfjell Drilling Ltd.(2) | 544,415 | 1,407,161 | ||||||
Odfjell Technology Ltd.(2) | 45 | 234 | ||||||
OKEA ASA | 37,209 | 115,819 | ||||||
Petronor E&P ASA(2) | 8,608 | 653 | ||||||
PGS ASA(1)(2) | 5,401,113 | 5,272,672 | ||||||
Protector Forsikring ASA | 29,887 | 420,008 | ||||||
Rana Gruber ASA | 6,421 | 38,435 | ||||||
Scatec ASA | 27,704 | 187,138 | ||||||
SpareBank 1 Nord Norge | 517,980 | 5,139,337 | ||||||
SpareBank 1 SMN | 387,365 | 5,108,854 | ||||||
Sparebanken Vest(1) | 58,146 | 563,504 | ||||||
Stolt-Nielsen Ltd. | 122,889 | 3,798,914 | ||||||
Subsea 7 SA | 690,317 | 8,966,751 | ||||||
Wallenius Wilhelmsen ASA | 435,653 | 3,808,616 | ||||||
58,797,580 | ||||||||
Portugal — 0.2% | ||||||||
Altri SGPS SA(1) | 210,575 | 1,031,391 | ||||||
CTT-Correios de Portugal SA | 853,989 | 3,388,817 | ||||||
Greenvolt-Energias Renovaveis SA(1)(2) | 2,325 | 17,811 | ||||||
Mota-Engil SGPS SA(1) | 835,363 | 1,641,636 | ||||||
Semapa-Sociedade de Investimento e Gestao | 1,910 | 28,918 | ||||||
Sonae SGPS SA | 12,843 | 14,071 | ||||||
6,122,644 |
208
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Singapore — 1.8% | ||||||||
Aztech Global Ltd. | 10,000 | $ | 6,161 | |||||
Banyan Tree Holdings Ltd.(2) | 67,500 | 16,276 | ||||||
Boustead Singapore Ltd. | 16,500 | 10,776 | ||||||
BRC Asia Ltd. | 7,900 | 10,484 | ||||||
Bumitama Agri Ltd. | 1,717,200 | 820,711 | ||||||
China Sunsine Chemical Holdings Ltd. | 1,435,600 | 485,387 | ||||||
ComfortDelGro Corp. Ltd. | 3,554,400 | 3,191,664 | ||||||
Dyna-Mac Holdings Ltd.(2) | 894,700 | 123,477 | ||||||
First Resources Ltd. | 1,980,600 | 2,258,217 | ||||||
Food Empire Holdings Ltd. | 48,100 | 28,014 | ||||||
Geo Energy Resources Ltd.(1) | 7,722,100 | 1,859,746 | ||||||
Golden Agri-Resources Ltd. | 44,993,800 | 8,514,237 | ||||||
Hong Fok Corp. Ltd.(1) | 104,800 | 73,895 | ||||||
Hong Leong Asia Ltd. | 178,100 | 89,865 | ||||||
Hour Glass Ltd. | 295,500 | 475,552 | ||||||
Hutchison Port Holdings Trust, U Shares | 32,585,100 | 6,009,279 | ||||||
Indofood Agri Resources Ltd. | 191,900 | 44,118 | ||||||
InnoTek Ltd. | 89,500 | 31,500 | ||||||
ISDN Holdings Ltd.(1) | 2,017,800 | 726,827 | ||||||
Japfa Ltd.(1) | 1,262,400 | 281,089 | ||||||
Jiutian Chemical Group Ltd. | 8,200,500 | 468,039 | ||||||
Mewah International, Inc. | 120,500 | 26,340 | ||||||
QAF Ltd. | 44,600 | 28,119 | ||||||
Riverstone Holdings Ltd. | 4,052,000 | 1,834,676 | ||||||
Samudera Shipping Line Ltd. | 899,900 | 794,557 | ||||||
Singapore Post Ltd. | 2,539,800 | 1,008,533 | ||||||
Tuan Sing Holdings Ltd.(1) | 1,652,390 | 411,030 | ||||||
UG Healthcare Corp. Ltd. | 356,100 | 43,919 | ||||||
Yangzijiang Financial Holding Ltd.(1)(2) | 11,401,600 | 2,958,244 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 11,400,900 | 10,908,373 | ||||||
Yanlord Land Group Ltd. | 3,517,300 | 2,846,870 | ||||||
46,385,975 | ||||||||
Spain — 1.9% | ||||||||
Acerinox SA | 770,244 | 8,457,882 | ||||||
Amper SA(1)(2) | 1,033,980 | 186,867 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA(1) | 345,482 | 1,257,810 | ||||||
Banco de Sabadell SA | 11,004,235 | 14,373,683 | ||||||
Bankinter SA(1) | 758,513 | 5,335,595 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 8,772 | 260,707 | ||||||
Deoleo SA(1)(2) | 356,161 | 95,336 | ||||||
Ence Energia y Celulosa SA | 280,691 | 1,071,192 | ||||||
Ercros SA | 143,073 | 608,734 | ||||||
Fomento de Construcciones y Contratas SA | 15 | 145 | ||||||
Gestamp Automocion SA | 839,029 | 3,885,891 | ||||||
Grupo Catalana Occidente SA | 80,678 | 2,634,314 | ||||||
Laboratorios Farmaceuticos Rovi SA | 59,169 | 2,603,929 | ||||||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros(1) | 1,693,563 | 1,680,626 | ||||||
Mediaset Espana Comunicacion SA(1)(2) | 117,486 | 409,293 | ||||||
Melia Hotels International SA(2) | 385,674 | 2,552,275 | ||||||
Miquel y Costas & Miquel SA | 467 | 6,152 |
209
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Neinor Homes SA | 77,268 | $ | 750,552 | |||||
Pharma Mar SA(1) | 29,153 | 1,721,574 | ||||||
Prosegur Cia de Seguridad SA | 201,857 | 416,637 | ||||||
Sacyr SA | 1 | 3 | ||||||
Unicaja Banco SA | 1,479,590 | 1,895,436 | ||||||
50,204,633 | ||||||||
Sweden — 5.3% | ||||||||
Arise AB(2) | 47,275 | 200,718 | ||||||
Atrium Ljungberg AB, B Shares | 57,075 | 995,525 | ||||||
Avanza Bank Holding AB(1) | 97,198 | 2,570,670 | ||||||
Bahnhof AB, B Shares | 2,452 | 8,960 | ||||||
BE Group AB | 16,270 | 177,227 | ||||||
Beijer Alma AB | 8,305 | 162,153 | ||||||
Better Collective A/S(2) | 53,203 | 947,990 | ||||||
Bilia AB, A Shares | 503,460 | 6,707,578 | ||||||
Billerud AB | 259,747 | 2,997,061 | ||||||
Bonava AB, B Shares | 368,327 | 839,584 | ||||||
Boozt AB(1)(2) | 75,318 | 891,492 | ||||||
Bure Equity AB | 116,856 | 2,881,123 | ||||||
Byggmax Group AB | 191,700 | 698,948 | ||||||
Catena Media PLC(1)(2) | 463,169 | 1,445,353 | ||||||
Cibus Nordic Real Estate AB(1) | 239,429 | 2,856,105 | ||||||
Clas Ohlson AB, B Shares(1) | 338,660 | 2,161,924 | ||||||
Cloetta AB, B Shares | 919,469 | 1,965,292 | ||||||
Collector Bank AB(2) | 222,047 | 952,730 | ||||||
Corem Property Group AB, B Shares | 1,806,917 | 1,567,082 | ||||||
Dios Fastigheter AB | 482,824 | 3,555,893 | ||||||
Electrolux Professional AB, B Shares | 347,843 | 1,847,178 | ||||||
Elekta AB, B Shares(1) | 1,048,041 | 8,180,199 | ||||||
G5 Entertainment AB(1) | 32,084 | 595,058 | ||||||
GARO AB | 14,419 | 116,121 | ||||||
Hoist Finance AB(2) | 190,033 | 448,442 | ||||||
Hufvudstaden AB, A Shares | 269,839 | 3,921,923 | ||||||
Inwido AB | 83,764 | 929,017 | ||||||
JM AB | 19,051 | 396,116 | ||||||
Kopparbergs Bryggeri AB, B Shares | 12,361 | 153,895 | ||||||
Loomis AB | 489,367 | 15,812,820 | ||||||
Maha Energy AB(1)(2) | 107,389 | 98,148 | ||||||
MEKO AB | 106,902 | 1,219,562 | ||||||
MIPS AB | 78,797 | 3,548,712 | ||||||
Modern Times Group MTG AB, B Shares(2) | 462,540 | 3,200,046 | ||||||
Mycronic AB | 92,532 | 1,977,652 | ||||||
NCC AB, B Shares | 120,978 | 1,134,177 | ||||||
Neobo Fastigheter AB(1)(2) | 225,844 | 301,614 | ||||||
Net Insight AB, B Shares(2) | 903,663 | 549,226 | ||||||
Nobia AB | 375,570 | 632,637 | ||||||
NP3 Fastigheter AB | 36,135 | 755,468 | ||||||
Nyfosa AB | 764,740 | 6,333,093 | ||||||
Pandox AB(2) | 476,226 | 6,435,271 | ||||||
Paradox Interactive AB | 221,330 | 4,651,790 | ||||||
Peab AB, Class B | 1,006,908 | 5,534,339 |
210
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Platzer Fastigheter Holding AB, B Shares | 119,086 | $ | 1,030,600 | |||||
RaySearch Laboratories AB(2) | 51,649 | 418,023 | ||||||
Resurs Holding AB | 1,068,755 | 2,573,288 | ||||||
Saab AB, B Shares | 186,899 | 10,785,948 | ||||||
Samhallsbyggnadsbolaget i Norden AB(1) | 2,258,449 | 3,685,155 | ||||||
Samhallsbyggnadsbolaget i Norden AB, D Shares | 89,465 | 163,286 | ||||||
Scandi Standard AB(2) | 459,179 | 2,356,257 | ||||||
SkiStar AB | 188,638 | 2,128,278 | ||||||
Tethys Oil AB | 145,405 | 803,698 | ||||||
Transtema Group AB(2) | 6,552 | 21,862 | ||||||
Troax Group AB | 4 | 85 | ||||||
Truecaller AB, B Shares(1)(2) | 350,156 | 1,062,994 | ||||||
Wihlborgs Fastigheter AB | 1,417,868 | 11,800,049 | ||||||
140,185,435 | ||||||||
Switzerland — 4.3% | ||||||||
ALSO Holding AG(2) | 6,783 | 1,330,714 | ||||||
Arbonia AG | 29,569 | 372,674 | ||||||
Autoneum Holding AG(1) | 32,500 | 4,719,233 | ||||||
Bell Food Group AG | 8,278 | 2,414,774 | ||||||
Bellevue Group AG | 547 | 23,444 | ||||||
Bucher Industries AG | 2,032 | 918,545 | ||||||
Burckhardt Compression Holding AG | 13,784 | 8,390,499 | ||||||
Cembra Money Bank AG | 237,847 | 20,254,418 | ||||||
Coltene Holding AG(2) | 5,166 | 393,283 | ||||||
EFG International AG | 595,960 | 5,772,376 | ||||||
Forbo Holding AG | 2,997 | 3,929,889 | ||||||
GAM Holding AG(1)(2) | 199,388 | 136,188 | ||||||
Gurit Holding AG, Bearer Shares(1) | 7,459 | 775,960 | ||||||
Huber & Suhner AG | 33,809 | 3,093,583 | ||||||
Implenia AG(2) | 83,668 | 3,764,492 | ||||||
Leonteq AG | 94,455 | 5,451,894 | ||||||
Liechtensteinische Landesbank AG | 5,832 | 378,185 | ||||||
Mobimo Holding AG | 15,548 | 3,909,284 | ||||||
OC Oerlikon Corp. AG | 1,059,147 | 6,410,896 | ||||||
Orior AG | 16,432 | 1,249,836 | ||||||
Rieter Holding AG | 4,462 | 501,537 | ||||||
Schweizerische Nationalbank | 1 | 4,899 | ||||||
St Galler Kantonalbank AG | 3,040 | 1,611,133 | ||||||
Stadler Rail AG(1) | 4,311 | 170,152 | ||||||
Sulzer AG | 46,578 | 4,042,604 | ||||||
Swiss Steel Holding AG(1)(2) | 2,026,686 | 313,044 | ||||||
Swissquote Group Holding SA | 81,020 | 15,426,397 | ||||||
TX Group AG | 734 | 108,745 | ||||||
u-blox Holding AG(2) | 39,764 | 4,267,892 | ||||||
Valiant Holding AG | 90,287 | 9,955,273 | ||||||
V-ZUG Holding AG(2) | 671 | 67,905 | ||||||
Ypsomed Holding AG | 235 | 45,414 | ||||||
Zehnder Group AG | 32,620 | 2,530,015 | ||||||
112,735,177 | ||||||||
United Kingdom — 13.8% | ||||||||
AG Barr PLC | 4,011 | 26,823 |
211
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Anglo Asian Mining PLC | 223,396 | $ | 252,499 | |||||
Atalaya Mining PLC | 229,741 | 996,271 | ||||||
Bank of Georgia Group PLC | 147,224 | 4,957,554 | ||||||
Berkeley Group Holdings PLC | 94,269 | 4,745,373 | ||||||
Britvic PLC | 2,615 | 26,140 | ||||||
Capricorn Energy PLC(2) | 345,333 | 1,035,825 | ||||||
Centamin PLC | 4,226,937 | 5,180,378 | ||||||
Central Asia Metals PLC | 615,399 | 1,949,029 | ||||||
Close Brothers Group PLC | 531,342 | 6,488,017 | ||||||
CMC Markets PLC | 505,736 | 1,498,216 | ||||||
Coats Group PLC | 4,888,103 | 4,305,512 | ||||||
Computacenter PLC | 235,347 | 6,405,152 | ||||||
Crest Nicholson Holdings PLC | 904,005 | 2,656,622 | ||||||
DFS Furniture PLC | 62,431 | 117,639 | ||||||
Direct Line Insurance Group PLC | 4,277,395 | 9,259,911 | ||||||
Drax Group PLC | 1,447,353 | 11,068,359 | ||||||
Dunelm Group PLC | 205,572 | 3,107,805 | ||||||
easyJet PLC(2) | 401,862 | 2,339,626 | ||||||
Ecora Resources PLC | 133,191 | 217,069 | ||||||
Energean PLC | 118,135 | 1,713,538 | ||||||
EnQuest PLC(2) | 7,095,598 | 1,620,964 | ||||||
Essentra PLC | 164,636 | 442,939 | ||||||
Ferrexpo PLC | 1,061,187 | 1,880,424 | ||||||
Firstgroup PLC(1) | 2,924,170 | 3,697,896 | ||||||
Forterra PLC | 610,742 | 1,618,105 | ||||||
Foxtons Group PLC | 126,729 | 59,351 | ||||||
Frasers Group PLC(2) | 596,044 | 5,729,787 | ||||||
Genel Energy PLC | 107,898 | 162,603 | ||||||
Georgia Capital PLC(2) | 10,476 | 102,970 | ||||||
Grafton Group PLC | 612,747 | 7,011,483 | ||||||
Greggs PLC | 322,713 | 10,539,051 | ||||||
Gulf Keystone Petroleum Ltd. | 825,421 | 2,058,081 | ||||||
Gym Group PLC(2) | 87,259 | 129,015 | ||||||
Halfords Group PLC | 563,672 | 1,425,663 | ||||||
Hargreaves Lansdown PLC | 652,545 | 6,501,934 | ||||||
Hays PLC | 2,898,339 | 4,113,411 | ||||||
Helios Towers PLC(2) | 668 | 882 | ||||||
Hikma Pharmaceuticals PLC | 481,595 | 10,047,819 | ||||||
Hill & Smith PLC | 69,010 | 1,145,659 | ||||||
Hochschild Mining PLC | 1,265,224 | 971,966 | ||||||
Hollywood Bowl Group PLC | 7,826 | 22,865 | ||||||
Howden Joinery Group PLC | 1,851,492 | 15,945,829 | ||||||
Hunting PLC | 164,683 | 654,224 | ||||||
Hurricane Energy PLC(1)(2) | 1,422,973 | 123,071 | ||||||
Ibstock PLC | 1,270,687 | 2,596,371 | ||||||
IG Group Holdings PLC | 1,186,207 | 11,451,282 | ||||||
Inchcape PLC | 1,246,162 | 13,624,064 | ||||||
Indivior PLC(2) | 285,003 | 5,221,720 | ||||||
IntegraFin Holdings PLC | 1,227 | 4,167 | ||||||
Intermediate Capital Group PLC | 610,006 | 10,269,460 | ||||||
International Distributions Services PLC | 2,475,205 | 6,961,067 |
212
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
International Personal Finance PLC | 66,444 | $ | 77,098 | |||||
Investec PLC | 1,484,608 | 9,455,544 | ||||||
IP Group PLC | 2,620,070 | 2,047,465 | ||||||
J Sainsbury PLC | 1,659 | 5,350 | ||||||
Jadestone Energy PLC | 90,241 | 92,245 | ||||||
JET2 PLC | 298,217 | 4,632,475 | ||||||
Johnson Matthey PLC | 675,555 | 17,723,097 | ||||||
Jubilee Metals Group PLC(2) | 873,531 | 100,121 | ||||||
Just Group PLC | 836,686 | 879,357 | ||||||
Keller Group PLC | 215,778 | 2,097,678 | ||||||
Liontrust Asset Management PLC | 49,233 | 708,169 | ||||||
Lookers PLC | 384,040 | 424,008 | ||||||
Luceco PLC | 3,271 | 5,561 | ||||||
Luxfer Holdings PLC | 365 | 6,048 | ||||||
M&G PLC | 449,664 | 1,158,142 | ||||||
Man Group PLC | 3,739,384 | 11,942,177 | ||||||
Marks & Spencer Group PLC(2) | 7,403,848 | 14,237,071 | ||||||
Marston's PLC(2) | 143,508 | 67,236 | ||||||
Mediclinic International PLC | 562,051 | 3,365,922 | ||||||
Mitchells & Butlers PLC(2) | 256,547 | 500,846 | ||||||
Mitie Group PLC | 2,280,804 | 2,215,713 | ||||||
Molten Ventures PLC(2) | 240,437 | 1,120,501 | ||||||
Morgan Sindall Group PLC | 19,928 | 430,227 | ||||||
MP Evans Group PLC | 4,035 | 39,071 | ||||||
N Brown Group PLC(1)(2) | 252,250 | 110,523 | ||||||
Ninety One PLC | 1,225,572 | 3,097,725 | ||||||
OSB Group PLC | 1,374,528 | 9,222,764 | ||||||
Pagegroup PLC | 1,046,736 | 5,602,605 | ||||||
Pan African Resources PLC | 5,223,901 | 850,663 | ||||||
Paragon Banking Group PLC | 684,968 | 4,911,553 | ||||||
PayPoint PLC | 10,127 | 58,927 | ||||||
Petra Diamonds Ltd.(2) | 35,048 | 33,992 | ||||||
Plus500 Ltd. | 395,553 | 8,532,759 | ||||||
Provident Financial PLC | 984,974 | 2,628,972 | ||||||
PZ Cussons PLC | 576,147 | 1,263,368 | ||||||
QinetiQ Group PLC | 406,010 | 1,653,802 | ||||||
Rathbones Group PLC | 78,407 | 1,964,021 | ||||||
Reach PLC | 784,263 | 868,257 | ||||||
Redde Northgate PLC | 837,227 | 4,073,033 | ||||||
Redrow PLC | 575,553 | 3,536,956 | ||||||
Restaurant Group PLC(2) | 381,503 | 160,834 | ||||||
Rhi Magnesita NV | 10,697 | 332,553 | ||||||
Savills PLC | 248,087 | 2,989,947 | ||||||
Senior PLC | 494,872 | 993,834 | ||||||
Serica Energy PLC | 702,049 | 2,186,621 | ||||||
Sirius Real Estate Ltd. | 483,076 | 488,116 | ||||||
Speedy Hire PLC | 1,719,406 | 763,655 | ||||||
Spire Healthcare Group PLC(2) | 619,116 | 1,787,825 | ||||||
St. James's Place PLC | 280,664 | 4,320,702 | ||||||
SThree PLC | 405,823 | 2,225,509 | ||||||
Superdry PLC(2) | 218,634 | 323,434 |
213
Avantis International Small Cap Value ETF | ||||||||
Shares | Value | |||||||
Synthomer PLC | 13,637 | $ | 25,108 | |||||
Tate & Lyle PLC | 1,051,102 | 10,140,757 | ||||||
TBC Bank Group PLC | 129,958 | 3,877,747 | ||||||
TI Fluid Systems PLC | 128,860 | 187,118 | ||||||
Tremor International Ltd.(1)(2) | 166,470 | 636,804 | ||||||
Vertu Motors PLC | 773,087 | 568,065 | ||||||
Virgin Money UK PLC | 4,052,916 | 8,772,159 | ||||||
Vistry Group PLC | 257,221 | 2,538,726 | ||||||
Wickes Group PLC | 695,463 | 1,251,520 | ||||||
Yellow Cake PLC(2) | 698,336 | 3,367,063 | ||||||
364,160,620 | ||||||||
United States — 0.1% | ||||||||
ADTRAN Holdings, Inc. | 79,452 | 1,381,310 | ||||||
VAALCO Energy, Inc. | 42,329 | 198,523 | ||||||
1,579,833 | ||||||||
TOTAL COMMON STOCKS (Cost $2,584,271,490) | 2,631,014,045 | |||||||
WARRANTS† | ||||||||
Australia† | ||||||||
Magellan Financial Group Ltd.(1)(2) | 7,122 | 1,006 | ||||||
Italy† | ||||||||
Webuild SpA(1)(2) | 35,053 | 63,737 | ||||||
TOTAL WARRANTS (Cost $—) | 64,743 | |||||||
RIGHTS† | ||||||||
Germany† | ||||||||
Bauer AG(2) (Cost $—) | 17,426 | 491 | ||||||
SHORT-TERM INVESTMENTS — 4.7% | ||||||||
Money Market Funds — 4.7% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 4,477,484 | 4,477,484 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 117,845,105 | 117,845,105 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $122,322,589) | 122,322,589 | |||||||
TOTAL INVESTMENT SECURITIES — 104.4% (Cost $2,706,594,079) | 2,753,401,868 | |||||||
OTHER ASSETS AND LIABILITIES — (4.4)% | (115,303,972) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 2,638,097,896 |
214
Avantis International Small Cap Value ETF | |||||
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Industrials | 21.0% | ||||
Financials | 20.2% | ||||
Materials | 18.0% | ||||
Consumer Discretionary | 11.2% | ||||
Energy | 9.8% | ||||
Information Technology | 6.0% | ||||
Consumer Staples | 3.8% | ||||
Real Estate | 3.2% | ||||
Communication Services | 2.6% | ||||
Health Care | 2.5% | ||||
Utilities | 1.4% | ||||
Short-Term Investments | 4.7% | ||||
Other Assets and Liabilities | (4.4)% |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | – | American Depositary Receipt | ||||||
CVA | – | Certificaten Van Aandelen |
†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 $218,606,590. 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 $232,247,518, which includes securities collateral of $114,402,413.
See Notes to Financial Statements.
215
Statements of Assets and Liabilities |
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis Emerging Markets Equity ETF | Avantis Emerging Markets Value ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $2,673,302,420 and $234,828,581, respectively) — including $124,189,961 and $7,585,538, respectively of securities on loan | $ | 2,622,782,192 | $ | 225,769,155 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $21,539,296 and $2,735,814, respectively) | 21,539,296 | 2,735,814 | ||||||
Total investment securities, at value (cost of $2,694,841,716 and $237,564,395, respectively) | 2,644,321,488 | 228,504,969 | ||||||
Cash | 597,980 | 583 | ||||||
Foreign currency holdings, at value (cost of $1,970,381 and $49,141, respectively) | 480,188 | 49,133 | ||||||
Receivable for investments sold | 9,618 | — | ||||||
Receivable for capital shares sold | 61,131 | — | ||||||
Dividends and interest receivable | 9,116,370 | 840,243 | ||||||
Securities lending receivable | 222,391 | 13,867 | ||||||
2,654,809,166 | 229,408,795 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 21,539,296 | 2,735,814 | ||||||
Payable for investments purchased | 2,679,602 | 79,708 | ||||||
Accrued management fees | 683,706 | 63,196 | ||||||
Accrued foreign taxes | 938,468 | — | ||||||
25,841,072 | 2,878,718 | |||||||
Net Assets | $ | 2,628,968,094 | $ | 226,530,077 | ||||
Shares outstanding (unlimited number of shares authorized) | 51,150,000 | 5,400,000 | ||||||
Net Asset Value Per Share | $ | 51.40 | $ | 41.95 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 2,720,380,070 | $ | 243,948,994 | ||||
Distributable earnings (loss) | (91,411,976) | (17,418,917) | ||||||
$ | 2,628,968,094 | $ | 226,530,077 |
See Notes to Financial Statements.
216
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis International Equity ETF | Avantis International Large Cap Value ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $2,356,783,700 and $187,261,964, respectively) — including $175,627,548 and $6,740,354, respectively of securities on loan | $ | 2,494,633,308 | $ | 203,382,049 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $91,708,963 and $4,152,280, respectively) | 91,708,963 | 4,152,280 | ||||||
Total investment securities, at value (cost of $2,448,492,663 and $191,414,244, respectively) | 2,586,342,271 | 207,534,329 | ||||||
Foreign currency holdings, at value (cost of $21,599 and $81, respectively) | 21,576 | 81 | ||||||
Receivable for investments sold | 56,613 | — | ||||||
Receivable for capital shares sold | 8,461,587 | — | ||||||
Dividends and interest receivable | 5,806,347 | 487,716 | ||||||
Securities lending receivable | 92,975 | 2,863 | ||||||
2,600,781,369 | 208,024,989 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 91,708,963 | 4,152,280 | ||||||
Payable for investments purchased | 10,745,938 | — | ||||||
Accrued management fees | 436,615 | 38,793 | ||||||
102,891,516 | 4,191,073 | |||||||
Net Assets | $ | 2,497,889,853 | $ | 203,833,916 | ||||
Shares outstanding (unlimited number of shares authorized) | 44,500,000 | 4,260,000 | ||||||
Net Asset Value Per Share | $ | 56.13 | $ | 47.85 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 2,391,052,502 | $ | 189,709,564 | ||||
Distributable earnings (loss) | 106,837,351 | 14,124,352 | ||||||
$ | 2,497,889,853 | $ | 203,833,916 |
See Notes to Financial Statements.
217
FEBRUARY 28, 2023 (UNAUDITED) | |||||
Avantis International Small Cap Value ETF | |||||
Assets | |||||
Investment securities, at value (cost of $2,588,748,974) — including $218,606,590 of securities on loan | $ | 2,635,556,763 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $117,845,105) | 117,845,105 | ||||
Total investment securities, at value (cost of $2,706,594,079) | 2,753,401,868 | ||||
Foreign currency holdings, at value (cost of $115,611) | 115,139 | ||||
Receivable for investments sold | 990,061 | ||||
Receivable for capital shares sold | 5,262,147 | ||||
Dividends and interest receivable | 5,889,836 | ||||
Securities lending receivable | 152,159 | ||||
2,765,811,210 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 117,845,105 | ||||
Payable for investments purchased | 9,152,802 | ||||
Accrued management fees | 715,407 | ||||
127,713,314 | |||||
Net Assets | $ | 2,638,097,896 | |||
Shares outstanding (unlimited number of shares authorized) | 45,120,000 | ||||
Net Asset Value Per Share | $ | 58.47 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 2,727,167,227 | |||
Distributable earnings (loss) | (89,069,331) | ||||
$ | 2,638,097,896 |
See Notes to Financial Statements.
218
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis Emerging Markets Equity ETF | Avantis Emerging Markets Value ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $3,519,496, and $361,876, respectively) | $ | 25,349,964 | $ | 2,437,307 | ||||
Securities lending, net | 1,148,754 | 71,420 | ||||||
Interest | 21,331 | 4,216 | ||||||
26,520,049 | 2,512,943 | |||||||
Expenses: | ||||||||
Management fees | 3,340,243 | 312,772 | ||||||
Other expenses | 2,972 | 1,947 | ||||||
3,343,215 | 314,719 | |||||||
Net investment income (loss) | 23,176,834 | 2,198,224 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (net of foreign tax expenses paid (refunded) of $751 and $56, respectively) | (4,077,372) | (6,950,298) | ||||||
Foreign currency translation transactions | (1,333,506) | (100,405) | ||||||
(5,410,878) | (7,050,703) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments (includes (increase) decrease in accrued foreign taxes of $2,697,386 and $—, respectively) | 78,303,999 | 10,642,735 | ||||||
Translation of assets and liabilities in foreign currencies | (1,685,879) | (24,031) | ||||||
76,618,120 | 10,618,704 | |||||||
Net realized and unrealized gain (loss) | 71,207,242 | 3,568,001 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 94,384,076 | $ | 5,766,225 |
See Notes to Financial Statements.
219
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis International Equity ETF | Avantis International Large Cap Value ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $1,916,161, and $151,474, respectively) | $ | 20,953,770 | $ | 1,636,749 | ||||
Securities lending, net | 517,313 | 16,290 | ||||||
Interest | 31,087 | 8,908 | ||||||
21,502,170 | 1,661,947 | |||||||
Expenses: | ||||||||
Management fees | 2,310,037 | 166,645 | ||||||
Net investment income (loss) | 19,192,133 | 1,495,302 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (15,490,627) | (772,181) | ||||||
Foreign currency translation transactions | 105,291 | 24,369 | ||||||
(15,385,336) | (747,812) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | 266,940,999 | 21,436,793 | ||||||
Translation of assets and liabilities in foreign currencies | 76,961 | 4,110 | ||||||
267,017,960 | 21,440,903 | |||||||
Net realized and unrealized gain (loss) | 251,632,624 | 20,693,091 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 270,824,757 | $ | 22,188,393 |
See Notes to Financial Statements.
220
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | |||||
Avantis International Small Cap Value ETF | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $2,063,216) | $ | 26,408,790 | |||
Securities lending, net | 952,735 | ||||
Interest | 37,739 | ||||
27,399,264 | |||||
Expenses: | |||||
Management fees | 3,720,841 | ||||
Net investment income (loss) | 23,678,423 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions | (39,556,776) | ||||
Foreign currency translation transactions | 259,259 | ||||
(39,297,517) | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments | 272,477,029 | ||||
Translation of assets and liabilities in foreign currencies | 97,346 | ||||
272,574,375 | |||||
Net realized and unrealized gain (loss) | 233,276,858 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 256,955,281 |
See Notes to Financial Statements.
221
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 (EXCEPT AS NOTED) | ||||||||||||||
Avantis Emerging Markets Equity ETF | Avantis Emerging Markets Value ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | February 28, 2023 | August 31, 2022(1) | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 23,176,834 | $ | 41,006,263 | $ | 2,198,224 | $ | 3,829,692 | ||||||
Net realized gain (loss) | (5,410,878) | (26,254,361) | (7,050,703) | (1,348,804) | ||||||||||
Change in net unrealized appreciation (depreciation) | 76,618,120 | (259,099,227) | 10,618,704 | (19,714,577) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 94,384,076 | (244,347,325) | 5,766,225 | (17,233,689) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (39,930,055) | (30,216,930) | (4,413,108) | (1,539,540) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 1,261,772,271 | 731,567,092 | 97,230,479 | 148,188,439 | ||||||||||
Payments for shares redeemed | (9,712,470) | — | (1,681,000) | — | ||||||||||
Other capital | 58,411 | 566,509 | 71,711 | 140,560 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 1,252,118,212 | 732,133,601 | 95,621,190 | 148,328,999 | ||||||||||
Net increase (decrease) in net assets | 1,306,572,233 | 457,569,346 | 96,974,307 | 129,555,770 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 1,322,395,861 | 864,826,515 | 129,555,770 | — | ||||||||||
End of period | $ | 2,628,968,094 | $ | 1,322,395,861 | $ | 226,530,077 | $ | 129,555,770 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 25,750,000 | 12,650,000 | 2,360,000 | 3,080,000 | ||||||||||
Redeemed | (200,000) | — | (40,000) | — | ||||||||||
Net increase (decrease) in shares of the funds | 25,550,000 | 12,650,000 | 2,320,000 | 3,080,000 |
(1)September 28, 2021 (fund inception) through August 31, 2022.
See Notes to Financial Statements.
222
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 (EXCEPT AS NOTED) | ||||||||||||||
Avantis International Equity ETF | Avantis International Large Cap Value ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | February 28, 2023 | August 31, 2022(1) | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 19,192,133 | $ | 41,483,321 | $ | 1,495,302 | $ | 1,210,473 | ||||||
Net realized gain (loss) | (15,385,336) | (12,406,570) | (747,812) | (1,714,028) | ||||||||||
Change in net unrealized appreciation (depreciation) | 267,017,960 | (306,895,647) | 21,440,903 | (5,323,140) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 270,824,757 | (277,818,896) | 22,188,393 | (5,826,695) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (21,489,300) | (39,846,030) | (1,332,999) | (904,347) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 743,904,865 | 826,982,923 | 129,316,918 | 67,084,377 | ||||||||||
Payments for shares redeemed | — | (2,673,055) | (6,806,205) | — | ||||||||||
Other capital | 48,215 | 412,669 | 75,995 | 38,479 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 743,953,080 | 824,722,537 | 122,586,708 | 67,122,856 | ||||||||||
Net increase (decrease) in net assets | 993,288,537 | 507,057,611 | 143,442,102 | 60,391,814 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 1,504,601,316 | 997,543,705 | 60,391,814 | — | ||||||||||
End of period | $ | 2,497,889,853 | $ | 1,504,601,316 | $ | 203,833,916 | $ | 60,391,814 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 14,750,000 | 14,300,000 | 2,970,000 | 1,440,000 | ||||||||||
Redeemed | — | (50,000) | (150,000) | — | ||||||||||
Net increase (decrease) in shares of the funds | 14,750,000 | 14,250,000 | 2,820,000 | 1,440,000 |
(1)September 28, 2021 (fund inception) through August 31, 2022.
See Notes to Financial Statements.
223
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | ||||||||
Avantis International Small Cap Value ETF | ||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 23,678,423 | $ | 49,463,566 | ||||
Net realized gain (loss) | (39,297,517) | 10,700,573 | ||||||
Change in net unrealized appreciation (depreciation) | 272,574,375 | (346,071,255) | ||||||
Net increase (decrease) in net assets resulting from operations | 256,955,281 | (285,907,116) | ||||||
Distributions to Shareholders | ||||||||
From earnings | (30,089,028) | (45,642,411) | ||||||
Capital Share Transactions | ||||||||
Proceeds from shares sold | 775,995,302 | 1,221,524,862 | ||||||
Payments for shares redeemed | (33,346,620) | (278,542,155) | ||||||
Other capital | 74,514 | 372,440 | ||||||
Net increase (decrease) in net assets from capital share transactions | 742,723,196 | 943,355,147 | ||||||
Net increase (decrease) in net assets | 969,589,449 | 611,805,620 | ||||||
Net Assets | ||||||||
Beginning of period | 1,668,508,447 | 1,056,702,827 | ||||||
End of period | $ | 2,638,097,896 | $ | 1,668,508,447 | ||||
Transactions in Shares of the Funds | ||||||||
Sold | 14,310,000 | 20,010,000 | ||||||
Redeemed | (600,000) | (4,590,000) | ||||||
Net increase (decrease) in shares of the funds | 13,710,000 | 15,420,000 |
See Notes to Financial Statements.
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Notes to Financial Statements |
FEBRUARY 28, 2023 (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 value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
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.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
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The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. 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. ACIM 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. The funds may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.
Income Tax Status — It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
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.
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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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, 2023.
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 | $ | 21,539,296 | — | — | — | $ | 21,539,296 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 21,539,296 | |||||||||||||||
Avantis Emerging Markets Value ETF | |||||||||||||||||
Common Stocks | $ | 2,735,814 | — | — | — | $ | 2,735,814 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 2,735,814 | |||||||||||||||
Avantis International Equity ETF | |||||||||||||||||
Common Stocks | $ | 91,705,017 | — | — | — | $ | 91,705,017 | ||||||||||
Warrants | 3,946 | — | — | — | 3,946 | ||||||||||||
Total Borrowings | $ | 91,708,963 | — | — | — | $ | 91,708,963 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 91,708,963 | |||||||||||||||
Avantis International Large Cap Value ETF | |||||||||||||||||
Common Stocks | $ | 4,152,280 | — | — | — | $ | 4,152,280 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 4,152,280 | |||||||||||||||
Avantis International Small Cap Value ETF | |||||||||||||||||
Common Stocks | $ | 117,809,865 | — | — | — | $ | 117,809,865 | ||||||||||
Warrants | 35,240 | — | — | — | 35,240 | ||||||||||||
Total Borrowings | $ | 117,845,105 | — | — | — | $ | 117,845,105 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 117,845,105 |
(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.
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Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the funds with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the funds, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of each fund and paid monthly in arrears.
The annual management fee for each fund is as follows:
Annual Management Fee | |||||
Avantis Emerging Markets Equity ETF | 0.33% | ||||
Avantis 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% |
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, 2023 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 | |||||||||||||
Purchases | $837,999,834 | $104,610,360 | $127,649,607 | $81,432,888 | $272,090,741 | ||||||||||||
Sales | $14,669,527 | $25,308,564 | $52,781,856 | $11,641,151 | $140,301,692 |
Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2023 were as follows:
In kind Subscriptions | In kind Redemptions | In kind Net Realized Gain/(Loss)* | |||||||||
Avantis Emerging Markets Equity ETF | $418,659,024 | $7,532,876 | $2,303,353 | ||||||||
Avantis Emerging Markets Value ETF | $15,571,085 | $1,683,867 | $357,440 | ||||||||
Avantis International Equity ETF | $669,129,708 | — | — | ||||||||
Avantis International Large Cap Value ETF | $59,470,652 | $6,776,203 | $973,306 | ||||||||
Avantis International Small Cap Value ETF | $648,100,678 | $32,282,117 | $10,074,636 |
*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.
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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 ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Brazil | $ | 91,451,681 | $ | 67,956,898 | — | ||||||
Chile | 5,511,273 | 12,511,510 | — | ||||||||
China | 190,740,030 | 567,348,479 | — | ||||||||
Colombia | 2,821,182 | 1,254,678 | — | ||||||||
India | 35,037,488 | 366,212,173 | — | ||||||||
Indonesia | 4,974,101 | 56,660,307 | — | ||||||||
Mexico | 25,932,357 | 52,139,063 | — | ||||||||
Peru | 8,629,878 | — | — | ||||||||
Philippines | 983,915 | 22,743,377 | — | ||||||||
South Africa | 15,741,193 | 88,720,990 | — | ||||||||
South Korea | 30,679,839 | 313,993,228 | — | ||||||||
Taiwan | 113,584,781 | 353,534,534 | — | ||||||||
Turkey | 1,242,058 | 23,948,109 | — | ||||||||
Other Countries | — | 167,895,916 | — | ||||||||
Rights | — | 23,306 | — | ||||||||
Warrants | — | 2,820 | — | ||||||||
Corporate Bonds | — | 1,427 | — | ||||||||
Short-Term Investments | 22,044,897 | — | — | ||||||||
$ | 549,374,673 | $ | 2,094,946,815 | — |
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Avantis Emerging Markets Value ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Brazil | $ | 9,474,063 | $ | 3,478,892 | — | ||||||
Chile | 529,151 | 1,089,694 | — | ||||||||
China | 10,209,710 | 55,511,137 | — | ||||||||
India | 972,440 | 34,787,351 | — | ||||||||
Indonesia | 934,135 | 4,259,275 | — | ||||||||
Mexico | 2,449,879 | 4,047,418 | — | ||||||||
Philippines | 15,711 | 2,029,552 | — | ||||||||
South Africa | 2,578,321 | 5,871,411 | — | ||||||||
South Korea | 5,961,823 | 24,785,704 | — | ||||||||
Taiwan | 1,092,572 | 39,686,622 | — | ||||||||
Turkey | 73,710 | 1,879,975 | — | ||||||||
Other Countries | — | 13,882,443 | — | ||||||||
Warrants | — | 486 | — | ||||||||
Rights | — | 386 | — | ||||||||
Short-Term Investments | 2,903,108 | — | — | ||||||||
$ | 37,194,623 | $ | 191,310,346 | — |
Avantis International Equity ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Australia | $ | 17,911,890 | $ | 159,346,019 | — | ||||||
Belgium | 3,731,303 | 20,606,745 | — | ||||||||
Canada | 516,774 | 260,855,104 | — | ||||||||
Denmark | 27,017,572 | 37,372,550 | — | ||||||||
Finland | 2,290,013 | 21,321,982 | — | ||||||||
France | 46,615,621 | 199,373,566 | — | ||||||||
Germany | 10,221,357 | 167,135,531 | — | ||||||||
Hong Kong | 1,102,074 | 58,438,615 | — | ||||||||
Israel | 4,785,119 | 16,528,114 | — | ||||||||
Italy | 4,307,504 | 55,703,404 | — | ||||||||
Japan | 49,311,964 | 444,845,345 | — | ||||||||
Netherlands | 38,178,884 | 54,699,581 | — | ||||||||
Norway | 3,693,596 | 17,613,327 | — | ||||||||
Singapore | 1,073,023 | 33,685,003 | — | ||||||||
Spain | 14,394,865 | 42,123,613 | — | ||||||||
Sweden | 2,425,879 | 84,842,800 | — | ||||||||
Switzerland | 35,584,458 | 168,964,117 | — | ||||||||
United Kingdom | 152,730,804 | 190,762,939 | — | ||||||||
United States | 1,646,171 | 2,377,188 | — | ||||||||
Other Countries | — | 36,016,599 | — | ||||||||
Rights | — | 36,249 | — | ||||||||
Warrants | — | 6,861 | — | ||||||||
Short-Term Investments | 96,148,148 | — | — | ||||||||
$ | 513,687,019 | $ | 2,072,655,252 | — |
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Avantis International Large Cap Value ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Australia | $ | 4,030,293 | $ | 10,149,238 | — | ||||||
Denmark | 955,630 | 250,700 | — | ||||||||
Finland | 331,310 | 2,365,364 | — | ||||||||
France | 5,018,146 | 12,874,519 | — | ||||||||
Germany | 1,183,862 | 18,625,903 | — | ||||||||
Hong Kong | 95,340 | 4,485,317 | — | ||||||||
Israel | 42,564 | 1,154,687 | — | ||||||||
Italy | 1,023,087 | 5,331,716 | — | ||||||||
Japan | 7,670,660 | 31,750,736 | — | ||||||||
Netherlands | 2,567,980 | 1,955,226 | — | ||||||||
Norway | 1,042,984 | 1,154,265 | — | ||||||||
Spain | 3,405,317 | 3,623,605 | — | ||||||||
Sweden | 362,621 | 6,032,677 | — | ||||||||
Switzerland | 2,703,368 | 8,599,848 | — | ||||||||
United Kingdom | 21,946,013 | 12,969,031 | — | ||||||||
Other Countries | — | 29,544,894 | — | ||||||||
Short-Term Investments | 4,287,428 | — | — | ||||||||
$ | 56,666,603 | $ | 150,867,726 | — |
Avantis International Small Cap Value ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 13,630,498 | $ | 2,617,383,547 | — | ||||||
Warrants | — | 64,743 | — | ||||||||
Rights | — | 491 | — | ||||||||
Short-Term Investments | 122,322,589 | — | — | ||||||||
$ | 135,953,087 | $ | 2,617,448,781 | — |
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 in emerging markets or a significant portion of assets in one country or region may accentuate these risks.
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.
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8. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Avantis Emerging Markets Equity ETF | Avantis 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 | $ | 2,697,559,954 | $ | 237,636,278 | $ | 2,449,400,373 | $ | 191,446,410 | $ | 2,709,103,863 | |||||||
Gross tax appreciation of investments | $ | 173,096,537 | $ | 12,023,777 | $ | 266,579,294 | $ | 19,888,446 | $ | 236,156,951 | |||||||
Gross tax depreciation of investments | (226,335,003) | (21,155,086) | (129,637,396) | (3,800,527) | (191,858,946) | ||||||||||||
Net tax appreciation (depreciation) of investments | $ | (53,238,466) | $ | (9,131,309) | $ | 136,941,898 | $ | 16,087,919 | $ | 44,298,005 |
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, 2022, 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 | $ | (15,270,988) | $ | (14,493,802) | ||||
Avantis Emerging Markets Value ETF | $ | (1,234,823) | — | |||||
Avantis International Equity ETF | $ | (14,169,805) | $ | (3,337,106) | ||||
Avantis International Large Cap Value ETF | $ | (1,661,630) | — | |||||
Avantis International Small Cap Value ETF | $ | (69,817,151) | $ | (23,475,988) |
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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 | ||||||||||||||||||||||||||||||||||||||
2023(4) | $51.66 | 0.58 | 0.03 | 0.61 | (0.87) | 0.00(5) | $51.40 | 1.23% | 0.33%(6) | 2.29%(6) | 1% | $2,628,968 | ||||||||||||||||||||||||||
2022 | $66.78 | 2.21 | (15.63) | (13.42) | (1.73) | 0.03 | $51.66 | (20.36)% | 0.33% | 3.80% | 3% | $1,322,396 | ||||||||||||||||||||||||||
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(7) | $50.00 | 1.35 | 1.40 | 2.75 | (0.54) | 0.01 | $52.22 | 5.57% | 0.33%(6) | 2.95%(6) | 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, 2023 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)September 17, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | 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 | ||||||||||||||||||||||||||||||||||||||
2023(4) | $42.06 | 0.52 | 0.38 | 0.90 | (1.03) | 0.02 | $41.95 | 2.25% | 0.36%(5) | 2.53%(5) | 15% | $226,530 | ||||||||||||||||||||||||||
2022(6) | $50.00 | 2.23 | (9.45) | (7.22) | (0.80) | 0.08 | $42.06 | (14.38)% | 0.36%(5) | 5.26%(5) | 8% | $129,556 |
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, 2023 (unaudited).
(5)Annualized.
(6)September 28, 2021 (fund inception) through August 31, 2022.
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 | ||||||||||||||||||||||||||||||||||||||
2023(4) | $50.57 | 0.50 | 5.59 | 6.09 | (0.53) | 0.00(5) | $56.13 | 12.10% | 0.23%(6) | 1.91%(6) | 3% | $2,497,890 | ||||||||||||||||||||||||||
2022 | $64.36 | 1.92 | (13.92) | (12.00) | (1.81) | 0.02 | $50.57 | (18.85)% | 0.23% | 3.30% | 7% | $1,504,601 | ||||||||||||||||||||||||||
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(7) | $50.00 | 1.12 | (0.38) | 0.74 | (0.55) | 0.01 | $50.20 | 1.52% | 0.23%(6) | 2.57%(6) | 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, 2023 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)September 24, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
For a Share Outstanding Throughout the Periods Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | 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 | ||||||||||||||||||||||||||||||||||||||
2023(4) | $41.94 | 0.50 | 5.78 | 6.28 | (0.40) | 0.03 | $47.85 | 15.11% | 0.25%(5) | 2.24%(5) | 9% | $203,834 | ||||||||||||||||||||||||||
2022(6) | $50.00 | 1.98 | (8.93) | (6.95) | (1.17) | 0.06 | $41.94 | (13.93)% | 0.25%(5) | 4.61%(5) | 47% | $60,392 |
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, 2023 (unaudited).
(5)Annualized.
(6)September 28, 2021 (fund inception) through August 31, 2022.
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 | ||||||||||||||||||||||||||||||||||||||
2023(4) | $53.12 | 0.62 | 5.49 | 6.11 | (0.76) | 0.00(5) | $58.47 | 11.60% | 0.36%(6) | 2.29%(6) | 7% | $2,638,098 | ||||||||||||||||||||||||||
2022 | $66.09 | 2.12 | (13.19) | (11.07) | (1.92) | 0.02 | $53.12 | (16.92)% | 0.36% | 3.52% | 21% | $1,668,508 | ||||||||||||||||||||||||||
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(7) | $50.00 | 0.93 | (2.25) | (1.32) | (0.50) | 0.03 | $48.21 | (2.58)% | 0.36%(6) | 2.20%(6) | 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, 2023 (unaudited).
(5)Per-share amount was less than $0.005.
(6)Annualized.
(7)September 24, 2019 (fund inception) through August 31, 2020.
See Notes to Financial Statements.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
238
Notes |
239
Notes |
240
Contact Us | avantisinvestors.com | |||||||
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-928-2684 | |||||||
Telecommunications Relay Service for the Deaf | 711 | |||||||
American Century ETF Trust | ||||||||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||||||||
Distributor: Foreside Fund Services, LLC - Distributor, not affiliated with American Century Investment Services, Inc. | ||||||||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||||||||
©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-97507 2304 |
Semiannual Report | |||||
February 28, 2023 | |||||
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 ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.
Stocks and Bonds Delivered Mixed Results as Volatility Reigned
Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.
The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.
In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.
For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis Core Fixed Income ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 61.6% | ||||
U.S. Treasury Securities | 25.1% | ||||
U.S. Government Agency Mortgage-Backed Securities | 19.7% | ||||
U.S. Government Agency Securities | 2.8% | ||||
Sovereign Governments and Agencies | 0.4% | ||||
Short-Term Investments | 10.8% | ||||
Other Assets and Liabilities | (20.4)% |
3
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis Core Municipal Fixed Income ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Municipal Securities | 98.9% | ||||
Short-Term Investments | 0.1% | ||||
Other Assets and Liabilities | 1.0% | ||||
Top Five States and Territories | % of net assets | ||||
California | 16.7% | ||||
New York | 15.1% | ||||
Texas | 9.4% | ||||
Illinois | 5.8% | ||||
Washington | 5.2% | ||||
Top Five Sectors | % of fund investments | ||||
Special Tax | 24% | ||||
General Obligation (GO) - State | 12% | ||||
General Obligation (GO) - Local | 12% | ||||
Public Power | 10% | ||||
Water & Sewer | 7% |
4
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis Short-Term Fixed Income ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 65.8% | ||||
U.S. Treasury Securities and Equivalents | 30.0% | ||||
U.S. Government Agency Securities | 2.7% | ||||
Sovereign Governments and Agencies | 0.4% | ||||
Short-Term Investments | 1.2% | ||||
Other Assets and Liabilities | (0.1)% |
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, 2022 to February 28, 2023.
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 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid During Period(1) 9/1/22 - 2/28/23 | Annualized Expense Ratio(1) | |||||||||||
Avantis Core Fixed Income ETF | ||||||||||||||
Actual | $1,000 | $979.20 | $0.74 | 0.15% | ||||||||||
Hypothetical | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
Avantis Core Municipal Fixed Income ETF | ||||||||||||||
Actual | $1,000 | $1,011.00 | $0.75 | 0.15% | ||||||||||
Hypothetical | $1,000 | $1,024.05 | $0.75 | 0.15% | ||||||||||
Avantis Short-Term Fixed Income ETF | ||||||||||||||
Actual | $1,000 | $996.90 | $0.74 | 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, 2023 (UNAUDITED)
Avantis Core Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
CORPORATE BONDS — 61.6% | ||||||||
Aerospace and Defense — 1.7% | ||||||||
Boeing Co., 2.20%, 2/4/26 | $ | 600,000 | $ | 545,159 | ||||
Boeing Co., 2.80%, 3/1/27 | 25,000 | 22,685 | ||||||
Boeing Co., 5.15%, 5/1/30 | 1,250,000 | 1,210,367 | ||||||
Boeing Co., 3.60%, 5/1/34 | 200,000 | 161,978 | ||||||
Huntington Ingalls Industries, Inc., 3.48%, 12/1/27 | 1,024,000 | 936,847 | ||||||
Lockheed Martin Corp., 3.55%, 1/15/26 | 338,000 | 326,751 | ||||||
Lockheed Martin Corp., 5.25%, 1/15/33 | 2,100,000 | 2,153,750 | ||||||
Precision Castparts Corp., 3.25%, 6/15/25 | 351,000 | 337,829 | ||||||
Raytheon Technologies Corp., 3.50%, 3/15/27 | 65,000 | 61,561 | ||||||
Textron, Inc., 3.65%, 3/15/27 | 61,000 | 57,458 | ||||||
Textron, Inc., 2.45%, 3/15/31(1) | 489,000 | 400,609 | ||||||
6,214,994 | ||||||||
Airlines — 0.3% | ||||||||
Southwest Airlines Co., 5.125%, 6/15/27 | 452,000 | 445,898 | ||||||
Southwest Airlines Co., 2.625%, 2/10/30 | 677,000 | 564,443 | ||||||
1,010,341 | ||||||||
Auto Components — 0.1% | ||||||||
BorgWarner, Inc., 2.65%, 7/1/27(1) | 560,000 | 503,063 | ||||||
Automobiles — 0.7% | ||||||||
American Honda Finance Corp., 1.00%, 9/10/25 | 100,000 | 90,310 | ||||||
American Honda Finance Corp., 2.35%, 1/8/27 | 802,000 | 731,456 | ||||||
General Motors Co., 4.20%, 10/1/27(1) | 322,000 | 304,699 | ||||||
General Motors Financial Co., Inc., 5.10%, 1/17/24 | 44,000 | 43,801 | ||||||
Toyota Motor Credit Corp., 3.05%, 3/22/27 | 200,000 | 186,174 | ||||||
Toyota Motor Credit Corp., 2.15%, 2/13/30 | 100,000 | 85,153 | ||||||
Toyota Motor Credit Corp., 3.375%, 4/1/30 | 530,000 | 485,928 | ||||||
Toyota Motor Credit Corp., 1.65%, 1/10/31(1) | 1,011,000 | 804,183 | ||||||
2,731,704 | ||||||||
Banks — 12.4% | ||||||||
African Development Bank, 0.75%, 4/3/23 | 110,000 | 109,614 | ||||||
African Development Bank, 0.875%, 7/22/26 | 1,003,000 | 886,464 | ||||||
Asian Development Bank, 2.625%, 1/30/24 | 1,111,000 | 1,083,853 | ||||||
Asian Development Bank, 0.375%, 6/11/24 | 300,000 | 282,306 | ||||||
Asian Development Bank, 0.625%, 10/8/24 | 1,072,000 | 999,852 | ||||||
Asian Development Bank, 0.375%, 9/3/25 | 803,000 | 721,292 | ||||||
Asian Development Bank, 2.375%, 8/10/27 | 40,000 | 36,895 | ||||||
Asian Infrastructure Investment Bank, 0.25%, 9/29/23 | 686,000 | 666,902 | ||||||
Asian Infrastructure Investment Bank, 2.25%, 5/16/24 | 1,450,000 | 1,398,773 | ||||||
Asian Infrastructure Investment Bank, 0.50%, 5/28/25 | 1,844,000 | 1,671,652 | ||||||
Asian Infrastructure Investment Bank, 3.75%, 9/14/27 | 875,000 | 846,565 | ||||||
Asian Infrastructure Investment Bank, 4.00%, 1/18/28 | 750,000 | 733,715 | ||||||
Bank of America Corp., 5.875%, 2/7/42 | 800,000 | 834,085 | ||||||
Bank of Montreal, Series E, 3.30%, 2/5/24 | 735,000 | 720,548 | ||||||
Bank of Nova Scotia, 3.40%, 2/11/24 | 163,000 | 159,938 |
7
Avantis Core Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Canadian Imperial Bank of Commerce, 3.10%, 4/2/24 | $ | 465,000 | $ | 453,371 | ||||
Citigroup, Inc., 3.20%, 10/21/26 | 2,650,000 | 2,466,234 | ||||||
Citizens Financial Group, Inc., 2.50%, 2/6/30 | 700,000 | 580,205 | ||||||
Council Of Europe Development Bank, 2.50%, 2/27/24 | 121,000 | 117,742 | ||||||
Council Of Europe Development Bank, 0.25%, 10/20/23 | 126,000 | 122,108 | ||||||
Council Of Europe Development Bank, 0.875%, 9/22/26 | 214,000 | 188,193 | ||||||
Discover Bank, 4.65%, 9/13/28 | 600,000 | 571,693 | ||||||
European Bank for Reconstruction & Development, 0.50%, 5/19/25 | 215,000 | 195,520 | ||||||
European Bank for Reconstruction & Development, 0.50%, 1/28/26 | 100,000 | 88,813 | ||||||
European Investment Bank, 3.125%, 12/14/23 | 350,000 | 344,508 | ||||||
European Investment Bank, 0.625%, 7/25/25 | 686,000 | 624,133 | ||||||
European Investment Bank, 1.375%, 3/15/27(1) | 428,000 | 381,204 | ||||||
European Investment Bank, 2.375%, 5/24/27 | 126,000 | 116,518 | ||||||
European Investment Bank, 4.875%, 2/15/36 | 181,000 | 191,732 | ||||||
Export Development Canada, 2.625%, 2/21/24 | 300,000 | 292,180 | ||||||
Fifth Third Bancorp, 3.65%, 1/25/24 | 401,000 | 395,382 | ||||||
Fifth Third Bancorp, 2.55%, 5/5/27 | 1,357,000 | 1,229,826 | ||||||
Inter-American Development Bank, 3.00%, 10/4/23 | 900,000 | 887,698 | ||||||
Inter-American Development Bank, 0.25%, 11/15/23 | 100,000 | 96,563 | ||||||
Inter-American Development Bank, 0.625%, 7/15/25 | 418,000 | 380,284 | ||||||
Inter-American Development Bank, 2.00%, 7/23/26 | 680,000 | 626,113 | ||||||
Inter-American Development Bank, 2.375%, 7/7/27 | 227,000 | 209,182 | ||||||
Inter-American Development Bank, 3.125%, 9/18/28 | 458,000 | 431,571 | ||||||
Inter-American Development Bank, 1.125%, 1/13/31 | 704,000 | 561,805 | ||||||
Inter-American Development Bank, 3.20%, 8/7/42 | 1,550,000 | 1,300,384 | ||||||
Intercontinental Exchange, Inc., 4.00%, 9/15/27 | 212,000 | 206,009 | ||||||
International Bank for Reconstruction & Development, 2.50%, 3/19/24 | 350,000 | 340,021 | ||||||
International Bank for Reconstruction & Development, 0.875%, 7/15/26 | 225,000 | 199,635 | ||||||
International Bank for Reconstruction & Development, 0.75%, 11/24/27 | 1,080,000 | 916,761 | ||||||
International Bank for Reconstruction & Development, 0.875%, 5/14/30 | 524,000 | 416,078 | ||||||
International Finance Corp., 2.875%, 7/31/23 | 100,000 | 99,077 | ||||||
JPMorgan Chase & Co., 5.50%, 10/15/40 | 1,049,000 | 1,058,485 | ||||||
Kreditanstalt fuer Wiederaufbau, 0.25%, 10/19/23 | 47,000 | 45,573 | ||||||
Kreditanstalt fuer Wiederaufbau, 2.625%, 2/28/24 | 200,000 | 194,899 | ||||||
Kreditanstalt fuer Wiederaufbau, 0.25%, 3/8/24 | 650,000 | 617,745 | ||||||
Kreditanstalt fuer Wiederaufbau, 1.25%, 1/31/25 | 811,000 | 757,461 | ||||||
Kreditanstalt fuer Wiederaufbau, 2.00%, 5/2/25 | 497,000 | 468,733 | ||||||
Kreditanstalt fuer Wiederaufbau, 0.375%, 7/18/25 | 586,000 | 529,876 | ||||||
Kreditanstalt fuer Wiederaufbau, 1.00%, 10/1/26 | 207,000 | 183,501 | ||||||
Landwirtschaftliche Rentenbank, 2.00%, 1/13/25(1) | 1,223,000 | 1,159,434 | ||||||
Landwirtschaftliche Rentenbank, 0.50%, 5/27/25 | 353,000 | 320,876 | ||||||
Oesterreichische Kontrollbank AG, 2.875%, 3/13/23 | 75,000 | 74,948 | ||||||
Oesterreichische Kontrollbank AG, 1.50%, 2/12/25 | 1,272,000 | 1,191,365 | ||||||
PNC Financial Services Group, Inc., 3.15%, 5/19/27 | 1,597,000 | 1,492,587 | ||||||
Sumitomo Mitsui Financial Group, Inc., 3.94%, 10/16/23 | 444,000 | 440,054 | ||||||
Sumitomo Mitsui Financial Group, Inc., 3.45%, 1/11/27 | 175,000 | 163,283 |
8
Avantis Core Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Toronto-Dominion Bank, 0.75%, 1/6/26 | $ | 672,000 | $ | 593,252 | ||||
Toronto-Dominion Bank, 4.11%, 6/8/27 | 1,244,000 | 1,192,988 | ||||||
Truist Financial Corp., 3.70%, 6/5/25 | 750,000 | 725,671 | ||||||
US Bancorp, 3.95%, 11/17/25 | 640,000 | 621,533 | ||||||
US Bancorp, 3.90%, 4/26/28 | 525,000 | 501,337 | ||||||
US Bancorp, 1.375%, 7/22/30 | 2,300,000 | 1,784,228 | ||||||
Wells Fargo & Co., 3.55%, 9/29/25 | 1,087,000 | 1,040,912 | ||||||
Wells Fargo & Co., 3.00%, 10/23/26 | 1,019,000 | 941,203 | ||||||
Westpac Banking Corp., 2.70%, 8/19/26 | 300,000 | 277,501 | ||||||
Westpac Banking Corp., 3.35%, 3/8/27 | 1,890,000 | 1,777,631 | ||||||
Westpac Banking Corp., 3.40%, 1/25/28 | 712,000 | 661,790 | ||||||
44,999,863 | ||||||||
Beverages — 1.4% | ||||||||
Anheuser-Busch InBev Worldwide, Inc., 4.00%, 4/13/28 | 111,000 | 106,044 | ||||||
Anheuser-Busch InBev Worldwide, Inc., 8.20%, 1/15/39 | 322,000 | 401,620 | ||||||
Anheuser-Busch InBev Worldwide, Inc., 4.35%, 6/1/40 | 75,000 | 65,940 | ||||||
Coca-Cola Co., 3.45%, 3/25/30 | 679,000 | 624,970 | ||||||
Coca-Cola Co., 1.375%, 3/15/31 | 923,000 | 719,098 | ||||||
Keurig Dr Pepper, Inc., 2.55%, 9/15/26 | 60,000 | 54,899 | ||||||
Keurig Dr Pepper, Inc., 3.20%, 5/1/30 | 469,000 | 408,384 | ||||||
Molson Coors Beverage Co., 3.00%, 7/15/26 | 1,228,000 | 1,136,640 | ||||||
PepsiCo, Inc., 3.00%, 10/15/27 | 875,000 | 814,834 | ||||||
PepsiCo, Inc., 1.625%, 5/1/30 | 742,000 | 603,300 | ||||||
4,935,729 | ||||||||
Biotechnology — 0.5% | ||||||||
AbbVie, Inc., 3.20%, 11/21/29 | 272,000 | 240,681 | ||||||
AbbVie, Inc., 4.50%, 5/14/35 | 1,701,000 | 1,580,231 | ||||||
1,820,912 | ||||||||
Capital Markets — 3.9% | ||||||||
Ameriprise Financial, Inc., 2.875%, 9/15/26 | 1,171,000 | 1,083,550 | ||||||
Bank of New York Mellon Corp., 1.05%, 10/15/26 | 305,000 | 264,972 | ||||||
Bank of New York Mellon Corp., 3.85%, 4/28/28 | 1,070,000 | 1,016,211 | ||||||
Bank of New York Mellon Corp., 3.85%, 4/26/29 | 625,000 | 584,813 | ||||||
BlackRock, Inc., 3.25%, 4/30/29 | 200,000 | 184,776 | ||||||
Brookfield Finance, Inc., 3.90%, 1/25/28 | 1,378,000 | 1,284,623 | ||||||
Charles Schwab Corp., 3.20%, 3/2/27 | 100,000 | 93,566 | ||||||
Charles Schwab Corp., 2.75%, 10/1/29 | 1,326,000 | 1,153,019 | ||||||
Charles Schwab Corp., 1.65%, 3/11/31 | 555,000 | 433,893 | ||||||
Franklin Resources, Inc., 1.60%, 10/30/30 | 649,000 | 503,015 | ||||||
Goldman Sachs Group, Inc., 3.85%, 1/26/27 | 1,950,000 | 1,845,756 | ||||||
Intercontinental Exchange, Inc., 4.35%, 6/15/29 | 135,000 | 131,114 | ||||||
Intercontinental Exchange, Inc., 2.65%, 9/15/40 | 1,500,000 | 1,054,004 | ||||||
Lazard Group LLC, 4.375%, 3/11/29 | 906,000 | 849,861 | ||||||
Morgan Stanley, 7.25%, 4/1/32 | 1,550,000 | 1,755,133 | ||||||
Nasdaq, Inc., 3.85%, 6/30/26 | 1,388,000 | 1,327,766 | ||||||
Nasdaq, Inc., 2.50%, 12/21/40 | 716,000 | 465,768 | ||||||
S&P Global, Inc., 2.95%, 1/22/27 | 75,000 | 70,287 | ||||||
14,102,127 | ||||||||
Chemicals — 2.1% | ||||||||
CF Industries, Inc., 5.15%, 3/15/34 | 800,000 | 745,451 |
9
Avantis Core Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Dow Chemical Co., 4.80%, 11/30/28 | $ | 888,000 | $ | 871,898 | ||||
DuPont de Nemours, Inc., 5.32%, 11/15/38 | 1,000,000 | 972,320 | ||||||
Eastman Chemical Co., 3.80%, 3/15/25 | 1,772,000 | 1,715,861 | ||||||
Linde, Inc., 3.20%, 1/30/26 | 80,000 | 77,031 | ||||||
Mosaic Co., 4.05%, 11/15/27 | 25,000 | 23,689 | ||||||
Mosaic Co., 5.45%, 11/15/33 | 1,125,000 | 1,113,776 | ||||||
Nutrien Ltd., 2.95%, 5/13/30 | 651,000 | 556,269 | ||||||
RPM International, Inc., 4.55%, 3/1/29 | 858,000 | 795,073 | ||||||
Westlake Corp., 3.60%, 8/15/26 | 120,000 | 112,998 | ||||||
Westlake Corp., 3.375%, 6/15/30 | 671,000 | 580,463 | ||||||
7,564,829 | ||||||||
Commercial Services and Supplies† | ||||||||
Waste Management, Inc., 1.15%, 3/15/28 | 50,000 | 41,413 | ||||||
Construction and Engineering — 0.2% | ||||||||
Quanta Services, Inc., 2.90%, 10/1/30 | 1,060,000 | 878,228 | ||||||
Construction Materials — 0.1% | ||||||||
Martin Marietta Materials, Inc., 3.50%, 12/15/27 | 270,000 | 253,172 | ||||||
Consumer Finance — 0.7% | ||||||||
Ally Financial, Inc., 2.20%, 11/2/28 | 530,000 | 432,225 | ||||||
Capital One Financial Corp., 3.75%, 3/9/27 | 860,000 | 807,018 | ||||||
Capital One Financial Corp., 3.80%, 1/31/28 | 1,550,000 | 1,436,223 | ||||||
2,675,466 | ||||||||
Containers and Packaging — 0.2% | ||||||||
Sonoco Products Co., 2.85%, 2/1/32 | 494,000 | 405,564 | ||||||
WRKCo, Inc., 3.375%, 9/15/27 | 68,000 | 62,764 | ||||||
WRKCo, Inc., 4.90%, 3/15/29 | 358,000 | 343,695 | ||||||
812,023 | ||||||||
Diversified Financial Services — 0.5% | ||||||||
Corebridge Financial, Inc., 3.65%, 4/5/27(2) | 600,000 | 560,200 | ||||||
Equitable Holdings, Inc., 4.35%, 4/20/28 | 1,242,000 | 1,180,798 | ||||||
National Rural Utilities Cooperative Finance Corp., 3.70%, 3/15/29 | 272,000 | 250,014 | ||||||
1,991,012 | ||||||||
Diversified Telecommunication Services — 1.4% | ||||||||
AT&T, Inc., 4.50%, 5/15/35 | 1,585,000 | 1,426,983 | ||||||
Deutsche Telekom International Finance BV, 8.75%, 6/15/30 | 1,530,000 | 1,814,529 | ||||||
Verizon Communications, Inc., 3.15%, 3/22/30 | 65,000 | 56,957 | ||||||
Verizon Communications, Inc., 2.55%, 3/21/31 | 1,000,000 | 818,435 | ||||||
Verizon Communications, Inc., 4.50%, 8/10/33 | 192,000 | 178,611 | ||||||
Verizon Communications, Inc., 4.40%, 11/1/34 | 1,010,000 | 919,032 | ||||||
5,214,547 | ||||||||
Electric Utilities — 3.8% | ||||||||
Berkshire Hathaway Energy Co., 3.25%, 4/15/28 | 100,000 | 92,432 | ||||||
Commonwealth Edison Co., 5.90%, 3/15/36 | 1,600,000 | 1,659,920 | ||||||
DTE Electric Co., 2.25%, 3/1/30 | 1,024,000 | 861,731 | ||||||
DTE Electric Co., Series C, 2.625%, 3/1/31 | 260,000 | 220,015 | ||||||
Duke Energy Carolinas LLC, Series A, 6.00%, 12/1/28 | 1,531,000 | 1,604,415 | ||||||
Duke Energy Florida LLC, 3.80%, 7/15/28 | 40,000 | 37,883 | ||||||
Duke Energy Ohio, Inc., 2.125%, 6/1/30 | 210,000 | 171,743 | ||||||
Enel Americas SA, 4.00%, 10/25/26 | 85,000 | 82,822 | ||||||
Entergy Arkansas LLC, 4.00%, 6/1/28 | 623,000 | 589,134 |
10
Avantis Core Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Entergy Louisiana LLC, 2.40%, 10/1/26 | $ | 686,000 | $ | 619,067 | ||||
Entergy Louisiana LLC, 3.05%, 6/1/31 | 302,000 | 257,973 | ||||||
IPALCO Enterprises, Inc., 4.25%, 5/1/30 | 538,000 | 487,939 | ||||||
MidAmerican Energy Co., 6.75%, 12/30/31 | 1,251,000 | 1,394,168 | ||||||
NextEra Energy Capital Holdings, Inc., 2.25%, 6/1/30 | 1,850,000 | 1,497,979 | ||||||
PacifiCorp, 2.70%, 9/15/30 | 90,000 | 77,032 | ||||||
PPL Electric Utilities Corp., 6.25%, 5/15/39 | 963,000 | 1,040,687 | ||||||
Puget Energy, Inc., 2.38%, 6/15/28 | 489,000 | 416,585 | ||||||
Puget Energy, Inc., 4.10%, 6/15/30 | 307,000 | 275,962 | ||||||
Union Electric Co., 2.95%, 3/15/30 | 2,172,000 | 1,903,999 | ||||||
Wisconsin Power & Light Co., 3.00%, 7/1/29 | 422,000 | 370,568 | ||||||
13,662,054 | ||||||||
Electronic Equipment, Instruments and Components — 0.4% | ||||||||
Flex Ltd., 3.75%, 2/1/26 | 50,000 | 47,549 | ||||||
Jabil, Inc., 3.00%, 1/15/31 | 400,000 | 329,196 | ||||||
Trimble, Inc., 4.90%, 6/15/28 | 275,000 | 264,101 | ||||||
Tyco Electronics Group SA, 3.125%, 8/15/27 | 973,000 | 895,744 | ||||||
1,536,590 | ||||||||
Energy Equipment and Services — 0.2% | ||||||||
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 3.34%, 12/15/27 | 317,000 | 292,871 | ||||||
Schlumberger Investment SA, 2.65%, 6/26/30 | 417,000 | 359,042 | ||||||
651,913 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 4.8% | ||||||||
Alexandria Real Estate Equities, Inc., 3.375%, 8/15/31 | 100,000 | 87,865 | ||||||
American Homes 4 Rent LP, 4.25%, 2/15/28 | 761,000 | 711,528 | ||||||
American Tower Corp., 2.75%, 1/15/27 | 350,000 | 316,407 | ||||||
American Tower Corp., 3.60%, 1/15/28 | 210,000 | 192,337 | ||||||
American Tower Corp., 2.90%, 1/15/30 | 1,246,000 | 1,055,894 | ||||||
AvalonBay Communities, Inc., 3.20%, 1/15/28 | 726,000 | 668,071 | ||||||
Boston Properties LP, 3.65%, 2/1/26 | 1,067,000 | 1,011,526 | ||||||
Camden Property Trust, 2.80%, 5/15/30 | 1,075,000 | 924,523 | ||||||
Crown Castle, Inc., 2.10%, 4/1/31 | 1,770,000 | 1,387,675 | ||||||
Digital Realty Trust LP, 3.60%, 7/1/29 | 1,296,000 | 1,147,721 | ||||||
Equinix, Inc., 1.25%, 7/15/25 | 252,000 | 228,072 | ||||||
Equinix, Inc., 1.00%, 9/15/25 | 50,000 | 44,667 | ||||||
Equinix, Inc., 2.90%, 11/18/26 | 175,000 | 159,839 | ||||||
Equinix, Inc., 2.00%, 5/15/28 | 592,000 | 500,569 | ||||||
Equinix, Inc., 3.90%, 4/15/32 | 820,000 | 725,085 | ||||||
Essex Portfolio LP, 3.875%, 5/1/24 | 85,000 | 83,133 | ||||||
Kimco Realty OP LLC, 2.80%, 10/1/26 | 400,000 | 365,705 | ||||||
Kimco Realty OP LLC, 1.90%, 3/1/28 | 222,000 | 187,585 | ||||||
Prologis LP, 3.25%, 10/1/26 | 358,000 | 337,717 | ||||||
Prologis LP, 2.25%, 4/15/30 | 1,160,000 | 971,417 | ||||||
Public Storage, 1.85%, 5/1/28(1) | 1,660,000 | 1,426,207 | ||||||
Realty Income Corp., 3.65%, 1/15/28 | 232,000 | 217,542 | ||||||
Realty Income Corp., 2.85%, 12/15/32 | 90,000 | 74,027 | ||||||
Simon Property Group LP, 4.75%, 3/15/42 | 1,000,000 | 881,742 | ||||||
Sun Communities Operating LP, 2.30%, 11/1/28 | 100,000 | 84,617 | ||||||
UDR, Inc., 2.10%, 8/1/32 | 1,423,000 | 1,074,703 | ||||||
UDR, Inc., 1.90%, 3/15/33 | 1,000,000 | 725,726 |
11
Avantis Core Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Ventas Realty LP, 3.00%, 1/15/30 | $ | 514,000 | $ | 437,598 | ||||
Ventas Realty LP, 4.75%, 11/15/30 | 554,000 | 523,065 | ||||||
Welltower OP LLC, 4.25%, 4/1/26 | 791,000 | 763,723 | ||||||
Welltower OP LLC, 2.70%, 2/15/27 | 60,000 | 54,195 | ||||||
17,370,481 | ||||||||
Food and Staples Retailing — 0.2% | ||||||||
Walgreens Boots Alliance, Inc., 3.45%, 6/1/26 | 158,000 | 148,390 | ||||||
Walgreens Boots Alliance, Inc., 3.20%, 4/15/30 | 333,000 | 282,687 | ||||||
Walmart, Inc., 3.55%, 6/26/25 | 322,000 | 314,162 | ||||||
745,239 | ||||||||
Food Products — 1.1% | ||||||||
Archer-Daniels-Midland Co., 3.25%, 3/27/30 | 2,023,000 | 1,824,128 | ||||||
Bunge Ltd. Finance Corp., 3.25%, 8/15/26 | 220,000 | 204,968 | ||||||
Campbell Soup Co., 4.15%, 3/15/28 | 659,000 | 629,631 | ||||||
Conagra Brands, Inc., 5.30%, 11/1/38 | 10,000 | 9,339 | ||||||
General Mills, Inc., 4.20%, 4/17/28 | 469,000 | 450,255 | ||||||
Ingredion, Inc., 2.90%, 6/1/30 | 459,000 | 390,170 | ||||||
Mondelez International, Inc., 1.50%, 2/4/31 | 821,000 | 631,734 | ||||||
4,140,225 | ||||||||
Gas Utilities — 0.1% | ||||||||
Southern California Gas Co., 2.55%, 2/1/30 | 518,000 | 439,134 | ||||||
Health Care Equipment and Supplies — 0.4% | ||||||||
Edwards Lifesciences Corp., 4.30%, 6/15/28 | 1,233,000 | 1,182,118 | ||||||
Smith & Nephew PLC, 2.03%, 10/14/30 | 248,000 | 194,714 | ||||||
1,376,832 | ||||||||
Health Care Providers and Services — 1.4% | ||||||||
Aetna, Inc., 6.75%, 12/15/37 | 950,000 | 1,018,777 | ||||||
Cigna Group, 4.80%, 8/15/38 | 500,000 | 461,154 | ||||||
Cigna Group, 3.20%, 3/15/40 | 938,000 | 703,020 | ||||||
CVS Health Corp., 2.875%, 6/1/26 | 25,000 | 23,264 | ||||||
HCA, Inc., 5.25%, 6/15/26 | 300,000 | 295,477 | ||||||
HCA, Inc., 4.50%, 2/15/27 | 375,000 | 359,719 | ||||||
HCA, Inc., 5.625%, 9/1/28 | 40,000 | 39,586 | ||||||
HCA, Inc., 4.125%, 6/15/29 | 1,266,000 | 1,153,392 | ||||||
UnitedHealth Group, Inc., 5.25%, 2/15/28 | 1,075,000 | 1,090,168 | ||||||
5,144,557 | ||||||||
Hotels, Restaurants and Leisure — 0.9% | ||||||||
Expedia Group, Inc., 4.625%, 8/1/27 | 30,000 | 28,650 | ||||||
Expedia Group, Inc., 3.25%, 2/15/30 | 1,412,000 | 1,191,786 | ||||||
Hyatt Hotels Corp., 4.85%, 3/15/26 | 60,000 | 58,976 | ||||||
Marriott International, Inc., 3.60%, 4/15/24 | 195,000 | 190,949 | ||||||
McDonald's Corp., 4.70%, 12/9/35 | 322,000 | 305,219 | ||||||
Starbucks Corp., 4.00%, 11/15/28 | 1,511,000 | 1,433,850 | ||||||
3,209,430 | ||||||||
Household Durables — 0.3% | ||||||||
Lennar Corp., 5.875%, 11/15/24 | 206,000 | 206,753 | ||||||
Lennar Corp., 5.25%, 6/1/26 | 200,000 | 198,022 | ||||||
Lennar Corp., 5.00%, 6/15/27 | 546,000 | 534,967 | ||||||
939,742 | ||||||||
Industrial Conglomerates — 0.6% | ||||||||
3M Co., 5.70%, 3/15/37 | 1,000,000 | 1,015,501 |
12
Avantis Core Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Honeywell International, Inc., 5.00%, 2/15/33 | $ | 525,000 | $ | 530,911 | ||||
Honeywell International, Inc., 5.70%, 3/15/37 | 500,000 | 528,556 | ||||||
2,074,968 | ||||||||
Insurance — 1.6% | ||||||||
Athene Holding Ltd., 4.125%, 1/12/28 | 444,000 | 415,729 | ||||||
Chubb INA Holdings, Inc., 3.15%, 3/15/25 | 1,819,000 | 1,748,444 | ||||||
Chubb INA Holdings, Inc., 1.375%, 9/15/30 | 393,000 | 305,836 | ||||||
First American Financial Corp., 4.00%, 5/15/30 | 66,000 | 58,740 | ||||||
Hartford Financial Services Group, Inc., 2.80%, 8/19/29 | 105,000 | 90,520 | ||||||
MetLife, Inc., 3.60%, 11/13/25 | 812,000 | 782,317 | ||||||
Principal Financial Group, Inc., 6.05%, 10/15/36 | 1,000,000 | 1,030,924 | ||||||
Progressive Corp., 2.45%, 1/15/27 | 101,000 | 92,356 | ||||||
Prudential PLC, 3.125%, 4/14/30 | 1,019,000 | 897,787 | ||||||
Willis North America, Inc., 4.50%, 9/15/28 | 500,000 | 474,629 | ||||||
5,897,282 | ||||||||
Internet and Direct Marketing Retail — 0.2% | ||||||||
Amazon.com, Inc., 5.20%, 12/3/25 | 200,000 | 201,472 | ||||||
Amazon.com, Inc., 1.20%, 6/3/27 | 500,000 | 432,061 | ||||||
633,533 | ||||||||
IT Services — 0.7% | ||||||||
Fidelity National Information Services, Inc., 1.15%, 3/1/26 | 250,000 | 219,371 | ||||||
International Business Machines Corp., 1.95%, 5/15/30 | 1,659,000 | 1,338,311 | ||||||
Leidos, Inc., 4.375%, 5/15/30 | 964,000 | 883,875 | ||||||
2,441,557 | ||||||||
Leisure Products — 0.1% | ||||||||
Hasbro, Inc., 3.50%, 9/15/27 | 433,000 | 397,445 | ||||||
Machinery — 0.6% | ||||||||
ABB Finance USA, Inc., 3.80%, 4/3/28 | 106,000 | 102,343 | ||||||
Caterpillar Financial Services Corp., 1.10%, 9/14/27 | 100,000 | 85,575 | ||||||
IDEX Corp., 3.00%, 5/1/30 | 277,000 | 240,351 | ||||||
John Deere Capital Corp., 3.05%, 1/6/28 | 436,000 | 409,169 | ||||||
Oshkosh Corp., 4.60%, 5/15/28 | 858,000 | 827,958 | ||||||
Parker-Hannifin Corp., 4.20%, 11/21/34 | 383,000 | 348,600 | ||||||
2,013,996 | ||||||||
Media — 0.8% | ||||||||
Comcast Corp., 2.65%, 2/1/30 | 1,873,000 | 1,613,518 | ||||||
Comcast Corp., 3.90%, 3/1/38 | 500,000 | 429,357 | ||||||
Fox Corp., 5.48%, 1/25/39 | 800,000 | 736,220 | ||||||
Interpublic Group of Cos., Inc., 4.75%, 3/30/30 | 222,000 | 211,901 | ||||||
2,990,996 | ||||||||
Metals and Mining — 0.5% | ||||||||
Kinross Gold Corp., 4.50%, 7/15/27 | 95,000 | 90,862 | ||||||
Newmont Corp., 5.875%, 4/1/35 | 800,000 | 814,161 | ||||||
Steel Dynamics, Inc., 3.25%, 1/15/31 | 1,000,000 | 866,109 | ||||||
1,771,132 | ||||||||
Multiline Retail — 0.6% | ||||||||
Dollar Tree, Inc., 4.20%, 5/15/28 | 1,814,000 | 1,725,956 | ||||||
Target Corp., 2.65%, 9/15/30 | 500,000 | 428,547 | ||||||
2,154,503 | ||||||||
Multi-Utilities — 0.4% | ||||||||
Dominion Energy, Inc., 4.25%, 6/1/28 | 150,000 | 143,008 |
13
Avantis Core Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
San Diego Gas & Electric Co., 1.70%, 10/1/30 | $ | 1,625,000 | $ | 1,281,795 | ||||
1,424,803 | ||||||||
Oil, Gas and Consumable Fuels — 6.3% | ||||||||
Boardwalk Pipelines LP, 5.95%, 6/1/26 | 125,000 | 125,875 | ||||||
Boardwalk Pipelines LP, 4.80%, 5/3/29 | 930,000 | 883,204 | ||||||
BP Capital Markets America, Inc., 3.63%, 4/6/30 | 948,000 | 869,313 | ||||||
BP Capital Markets PLC, 3.28%, 9/19/27 | 370,000 | 344,989 | ||||||
Burlington Resources LLC, 7.40%, 12/1/31 | 80,000 | 91,643 | ||||||
Canadian Natural Resources Ltd., 2.95%, 7/15/30 | 598,000 | 507,126 | ||||||
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 | 1,496,000 | 1,477,089 | ||||||
Continental Resources, Inc., 4.375%, 1/15/28 | 530,000 | 491,390 | ||||||
Devon Energy Corp., 5.25%, 9/15/24 | 275,000 | 273,810 | ||||||
Devon Energy Corp., 4.50%, 1/15/30 | 530,000 | 493,585 | ||||||
Enbridge, Inc., 1.60%, 10/4/26 | 750,000 | 658,861 | ||||||
Enbridge, Inc., 3.125%, 11/15/29 | 592,000 | 516,558 | ||||||
Energy Transfer LP, 4.95%, 5/15/28 | 530,000 | 510,894 | ||||||
Enterprise Products Operating LLC, 3.70%, 2/15/26 | 80,000 | 76,859 | ||||||
Equinor ASA, 3.70%, 3/1/24 | 509,000 | 501,292 | ||||||
Equinor ASA, 2.875%, 4/6/25 | 1,019,000 | 975,038 | ||||||
Equinor ASA, 7.25%, 9/23/27 | 200,000 | 218,940 | ||||||
Exxon Mobil Corp., 3.04%, 3/1/26 | 333,000 | 315,625 | ||||||
Exxon Mobil Corp., 2.44%, 8/16/29(1) | 400,000 | 352,648 | ||||||
Exxon Mobil Corp., 2.61%, 10/15/30 | 1,956,000 | 1,699,473 | ||||||
Hess Corp., 4.30%, 4/1/27 | 735,000 | 704,071 | ||||||
Hess Corp., 7.875%, 10/1/29 | 21,000 | 23,141 | ||||||
Kinder Morgan, Inc., 5.30%, 12/1/34 | 645,000 | 605,856 | ||||||
Marathon Petroleum Corp., 4.70%, 5/1/25 | 440,000 | 433,940 | ||||||
MPLX LP, 2.65%, 8/15/30 | 1,281,000 | 1,052,206 | ||||||
Phillips 66, 3.90%, 3/15/28 | 484,000 | 457,505 | ||||||
Pioneer Natural Resources Co., 1.90%, 8/15/30 | 1,663,000 | 1,297,069 | ||||||
Plains All American Pipeline LP / PAA Finance Corp., 4.50%, 12/15/26 | 250,000 | 240,128 | ||||||
Sabine Pass Liquefaction LLC, 5.00%, 3/15/27 | 390,000 | 380,957 | ||||||
Shell International Finance BV, 3.25%, 5/11/25 | 277,000 | 266,875 | ||||||
Shell International Finance BV, 2.50%, 9/12/26 | 418,000 | 384,100 | ||||||
Shell International Finance BV, 2.75%, 4/6/30 | 2,163,000 | 1,900,137 | ||||||
TotalEnergies Capital International SA, 2.43%, 1/10/25 | 219,000 | 209,350 | ||||||
TransCanada PipeLines Ltd., 4.25%, 5/15/28 | 216,000 | 204,420 | ||||||
Valero Energy Corp., 6.625%, 6/15/37 | 833,000 | 885,189 | ||||||
Valero Energy Partners LP, 4.50%, 3/15/28 | 793,000 | 766,972 | ||||||
Williams Cos., Inc., 4.00%, 9/15/25 | 1,657,000 | 1,599,039 | ||||||
22,795,167 | ||||||||
Personal Products† | ||||||||
Unilever Capital Corp., 5.90%, 11/15/32 | 70,000 | 75,994 | ||||||
Pharmaceuticals — 1.4% | ||||||||
Astrazeneca Finance LLC, 2.25%, 5/28/31(1) | 322,000 | 268,275 | ||||||
AstraZeneca PLC, 4.00%, 1/17/29 | 649,000 | 622,545 | ||||||
Bristol-Myers Squibb Co., 1.45%, 11/13/30 | 384,000 | 303,424 | ||||||
Bristol-Myers Squibb Co., 2.95%, 3/15/32 | 300,000 | 259,179 | ||||||
Eli Lilly & Co., 3.375%, 3/15/29 | 310,000 | 287,977 | ||||||
Johnson & Johnson, 0.55%, 9/1/25 | 40,000 | 36,114 |
14
Avantis Core Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Johnson & Johnson, 2.90%, 1/15/28 | $ | 484,000 | $ | 450,118 | ||||
Johnson & Johnson, 3.625%, 3/3/37 | 100,000 | 88,404 | ||||||
Merck & Co., Inc., 0.75%, 2/24/26 | 520,000 | 460,351 | ||||||
Merck & Co., Inc., 3.40%, 3/7/29 | 524,000 | 486,652 | ||||||
Novartis Capital Corp., 3.10%, 5/17/27 | 257,000 | 241,629 | ||||||
Royalty Pharma PLC, 2.20%, 9/2/30 | 888,000 | 697,016 | ||||||
Sanofi, 3.625%, 6/19/28 | 751,000 | 712,838 | ||||||
4,914,522 | ||||||||
Professional Services — 0.2% | ||||||||
Verisk Analytics, Inc., 4.125%, 3/15/29 | 944,000 | 871,982 | ||||||
Road and Rail — 0.5% | ||||||||
Burlington Northern Santa Fe LLC, 5.75%, 5/1/40 | 500,000 | 521,157 | ||||||
Canadian National Railway Co., 6.25%, 8/1/34 | 358,000 | 391,680 | ||||||
CSX Corp., 4.10%, 11/15/32(1) | 600,000 | 553,335 | ||||||
Norfolk Southern Corp., 3.15%, 6/1/27 | 125,000 | 115,503 | ||||||
Norfolk Southern Corp., 3.80%, 8/1/28 | 153,000 | 143,026 | ||||||
1,724,701 | ||||||||
Semiconductors and Semiconductor Equipment — 2.4% | ||||||||
Broadcom, Inc., 4.30%, 11/15/32 | 1,210,000 | 1,073,465 | ||||||
Broadcom, Inc., 2.60%, 2/15/33(2) | 741,000 | 560,511 | ||||||
Intel Corp., 4.15%, 8/5/32(1) | 300,000 | 276,560 | ||||||
KLA Corp., 4.65%, 7/15/32 | 325,000 | 317,494 | ||||||
Lam Research Corp., 3.75%, 3/15/26 | 630,000 | 607,237 | ||||||
Marvell Technology, Inc., 2.95%, 4/15/31 | 1,049,000 | 844,662 | ||||||
Micron Technology, Inc., 4.19%, 2/15/27 | 797,000 | 754,903 | ||||||
NVIDIA Corp., 2.85%, 4/1/30 | 2,653,000 | 2,339,456 | ||||||
NXP BV / NXP Funding LLC, 5.55%, 12/1/28 | 504,000 | 503,945 | ||||||
QUALCOMM, Inc., 3.25%, 5/20/27 | 1,500,000 | 1,411,682 | ||||||
8,689,915 | ||||||||
Software — 1.3% | ||||||||
Autodesk, Inc., 2.85%, 1/15/30 | 2,188,000 | 1,880,821 | ||||||
Oracle Corp., 3.25%, 5/15/30 | 392,000 | 341,500 | ||||||
Oracle Corp., 2.875%, 3/25/31 | 1,525,000 | 1,264,895 | ||||||
Oracle Corp., 3.80%, 11/15/37 | 250,000 | 198,222 | ||||||
Roper Technologies, Inc., 1.40%, 9/15/27 | 135,000 | 114,611 | ||||||
VMware, Inc., 1.80%, 8/15/28 | 146,000 | 119,440 | ||||||
VMware, Inc., 4.70%, 5/15/30 | 752,000 | 704,554 | ||||||
4,624,043 | ||||||||
Specialty Retail — 0.7% | ||||||||
AutoNation, Inc., 3.80%, 11/15/27 | 116,000 | 106,336 | ||||||
Home Depot, Inc., 2.95%, 6/15/29 | 2,023,000 | 1,807,352 | ||||||
O'Reilly Automotive, Inc., 4.35%, 6/1/28 | 775,000 | 747,042 | ||||||
2,660,730 | ||||||||
Technology Hardware, Storage and Peripherals — 1.2% | ||||||||
Apple, Inc., 3.25%, 2/23/26 | 348,000 | 332,995 | ||||||
Apple, Inc., 3.20%, 5/11/27 | 614,000 | 580,498 | ||||||
Apple, Inc., 3.00%, 11/13/27 | 300,000 | 279,619 | ||||||
Apple, Inc., 2.20%, 9/11/29 | 627,000 | 539,185 | ||||||
Hewlett Packard Enterprise Co., 6.20%, 10/15/35 | 594,000 | 612,957 | ||||||
HP, Inc., 1.45%, 6/17/26 | 700,000 | 614,766 |
15
Avantis Core Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
HP, Inc., 4.75%, 1/15/28 | $ | 50,000 | $ | 48,147 | ||||
HP, Inc., 3.40%, 6/17/30 | 1,570,000 | 1,341,146 | ||||||
4,349,313 | ||||||||
Textiles, Apparel and Luxury Goods — 0.7% | ||||||||
NIKE, Inc., 2.85%, 3/27/30 | 2,827,000 | 2,515,332 | ||||||
Trading Companies and Distributors — 0.1% | ||||||||
Air Lease Corp., 3.625%, 12/1/27 | 321,000 | 292,112 | ||||||
Transportation Infrastructure — 0.2% | ||||||||
FedEx Corp. 2020-1 Class AA Pass Through Trust, Series 2020-1, Class AA, 1.875%, 8/20/35 | 1,031,785 | 842,486 | ||||||
Wireless Telecommunication Services — 0.7% | ||||||||
T-Mobile USA, Inc., 2.55%, 2/15/31 | 1,307,000 | 1,067,328 | ||||||
T-Mobile USA, Inc., 2.25%, 11/15/31 | 756,000 | 593,108 | ||||||
Vodafone Group Plc, 6.15%, 2/27/37 | 1,000,000 | 1,035,902 | ||||||
2,696,338 | ||||||||
TOTAL CORPORATE BONDS (Cost $237,987,134) | 223,818,470 | |||||||
U.S. TREASURY SECURITIES — 25.1% | ||||||||
U.S. Treasury Bonds, 4.50%, 2/15/36 | 2,000,000 | 2,136,953 | ||||||
U.S. Treasury Bonds, 1.125%, 8/15/40 | 3,286,800 | 2,071,519 | ||||||
U.S. Treasury Bonds, 1.875%, 2/15/41 | 1,767,600 | 1,264,145 | ||||||
U.S. Treasury Bonds, 2.25%, 5/15/41 | 3,625,200 | 2,756,072 | ||||||
U.S. Treasury Bonds, 2.00%, 11/15/41 | 5,865,200 | 4,241,846 | ||||||
U.S. Treasury Bonds, 2.75%, 8/15/42 | 6,750,000 | 5,504,810 | ||||||
U.S. Treasury Bonds, 2.875%, 5/15/43 | 6,350,000 | 5,257,602 | ||||||
U.S. Treasury Bonds, 2.50%, 2/15/45 | 4,547,000 | 3,476,590 | ||||||
U.S. Treasury Bonds, 2.875%, 8/15/45 | 2,120,000 | 1,730,160 | ||||||
U.S. Treasury Notes, 0.25%, 9/30/23 | 3,750,000 | 3,646,246 | ||||||
U.S. Treasury Notes, 0.125%, 12/15/23 | 6,250,000 | 6,009,753 | ||||||
U.S. Treasury Notes, 0.125%, 1/15/24 | 4,400,000 | 4,213,352 | ||||||
U.S. Treasury Notes, 0.875%, 1/31/24 | 5,600,000 | 5,387,397 | ||||||
U.S. Treasury Notes, 2.50%, 1/31/24 | 2,950,000 | 2,880,988 | ||||||
U.S. Treasury Notes, 0.125%, 2/15/24 | 4,625,000 | 4,408,048 | ||||||
U.S. Treasury Notes, 2.25%, 3/31/24 | 5,517,000 | 5,350,197 | ||||||
U.S. Treasury Notes, 0.375%, 4/15/24 | 5,559,400 | 5,274,046 | ||||||
U.S. Treasury Notes, 2.50%, 5/15/24 | 4,850,000 | 4,702,227 | ||||||
U.S. Treasury Notes, 1.50%, 11/30/24 | 3,873,200 | 3,653,820 | ||||||
U.S. Treasury Notes, 2.25%, 12/31/24 | 3,500,000 | 3,340,107 | ||||||
U.S. Treasury Notes, 1.375%, 1/31/25(3) | 3,790,200 | 3,553,535 | ||||||
U.S. Treasury Notes, 2.75%, 2/28/25 | 3,268,800 | 3,143,155 | ||||||
U.S. Treasury Notes, 0.375%, 4/30/25 | 1,767,600 | 1,610,691 | ||||||
U.S. Treasury Notes, 2.75%, 8/31/25 | 1,250,000 | 1,195,435 | ||||||
U.S. Treasury Notes, 2.625%, 12/31/25 | 1,150,400 | 1,094,138 | ||||||
U.S. Treasury Notes, 1.375%, 10/31/28 | 2,000,000 | 1,722,734 | ||||||
U.S. Treasury Notes, 2.625%, 2/15/29 | 1,500,000 | 1,381,113 | ||||||
TOTAL U.S. TREASURY SECURITIES (Cost $95,329,942) | 91,006,679 | |||||||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 19.7% | ||||||||
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 19.7% | ||||||||
GNMA, 4.00%, TBA | 8,500,000 | 8,032,832 | ||||||
GNMA, 4.00%, TBA | 2,000,000 | 1,891,797 |
16
Avantis Core Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
GNMA, 4.50%, TBA | $ | 8,500,000 | $ | 8,244,004 | ||||
GNMA, 4.50%, TBA | 2,000,000 | 1,940,703 | ||||||
GNMA, 5.50%, TBA | 3,500,000 | 3,509,980 | ||||||
GNMA, 5.50%, TBA | 3,000,000 | 3,011,367 | ||||||
UMBS, 2.00%, TBA | 6,500,000 | 5,767,481 | ||||||
UMBS, 3.00%, TBA | 6,500,000 | 5,719,619 | ||||||
UMBS, 3.00%, TBA | 5,000,000 | 4,404,395 | ||||||
UMBS, 3.00%, TBA | 2,500,000 | 2,333,314 | ||||||
UMBS, 3.00%, TBA | 1,000,000 | 932,700 | ||||||
UMBS, 4.00%, TBA | 6,000,000 | 5,633,438 | ||||||
UMBS, 4.00%, TBA | 4,750,000 | 4,461,660 | ||||||
UMBS, 4.50%, TBA | 6,500,000 | 6,263,359 | ||||||
UMBS, 4.50%, TBA | 4,000,000 | 3,855,000 | ||||||
UMBS, 4.50%, TBA | 1,250,000 | 1,233,008 | ||||||
UMBS, 4.50%, TBA | 1,250,000 | 1,233,008 | ||||||
UMBS, 5.50%, TBA | 3,000,000 | 2,995,781 | ||||||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $72,121,172) | 71,463,446 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 2.8% | ||||||||
Federal Farm Credit Banks Funding Corp., 1.125%, 1/6/25 | 100,000 | 93,333 | ||||||
FHLB, 3.375%, 12/8/23 | 150,000 | 147,893 | ||||||
FHLB, 3.625%, 2/28/24 | 950,000 | 934,732 | ||||||
FHLB, 5.42%, 3/6/24 | 550,000 | 549,586 | ||||||
FHLB, 2.75%, 12/13/24 | 15,000 | 14,433 | ||||||
FHLB, 2.375%, 3/14/25 | 50,000 | 47,553 | ||||||
FHLB, 3.125%, 6/13/25 | 50,000 | 48,128 | ||||||
FHLB, 0.375%, 9/4/25 | 125,000 | 112,512 | ||||||
FHLB, 1.25%, 12/21/26 | 200,000 | 178,181 | ||||||
FHLB, 3.00%, 3/12/27 | 50,000 | 47,447 | ||||||
FHLB, 3.25%, 11/16/28 | 1,070,000 | 1,017,871 | ||||||
FHLMC, 5.31%, 11/15/24 | 250,000 | 248,425 | ||||||
FHLMC, 4.00%, 11/25/24 | 450,000 | 440,410 | ||||||
FHLMC, 1.50%, 2/12/25 | 50,000 | 46,945 | ||||||
FHLMC, 0.375%, 7/21/25 | 251,000 | 226,612 | ||||||
FHLMC, 0.375%, 9/23/25 | 646,000 | 580,709 | ||||||
FNMA, 2.50%, 2/5/24 | 30,000 | 29,242 | ||||||
FNMA, 1.625%, 10/15/24 | 37,000 | 35,078 | ||||||
FNMA, 0.625%, 4/22/25 | 125,000 | 114,488 | ||||||
FNMA, 0.50%, 6/17/25 | 100,000 | 90,901 | ||||||
FNMA, 0.375%, 8/25/25 | 100,000 | 89,940 | ||||||
FNMA, 6.25%, 5/15/29 | 221,000 | 245,458 | ||||||
FNMA, 7.125%, 1/15/30 | 105,000 | 123,718 | ||||||
FNMA, 7.25%, 5/15/30 | 20,000 | 23,810 | ||||||
FNMA, 6.625%, 11/15/30 | 361,000 | 418,655 | ||||||
FNMA, 5.625%, 7/15/37 | 958,000 | 1,088,825 | ||||||
Tennessee Valley Authority, 0.75%, 5/15/25 | 105,000 | 95,909 | ||||||
Tennessee Valley Authority, Series A, 2.875%, 2/1/27 | 60,000 | 56,271 | ||||||
Tennessee Valley Authority, 7.125%, 5/1/30 | 1,106,000 | 1,291,780 | ||||||
Tennessee Valley Authority, Series B, 4.70%, 7/15/33 | 645,000 | 656,992 | ||||||
Tennessee Valley Authority, 5.88%, 4/1/36 | 90,000 | 100,482 | ||||||
Tennessee Valley Authority, 5.25%, 9/15/39 | 500,000 | 526,006 |
17
Avantis Core Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Tennessee Valley Authority, 3.50%, 12/15/42 | $ | 650,000 | $ | 539,782 | ||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $10,760,646) | 10,262,107 | |||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.4% | ||||||||
Canada — 0.1% | ||||||||
Export Development Canada, 3.375%, 8/26/25 | 250,000 | 242,515 | ||||||
Sweden — 0.3% | ||||||||
Svensk Exportkredit AB, 3.625%, 9/3/24 | 500,000 | 488,142 | ||||||
Svensk Exportkredit AB, 0.625%, 5/14/25 | 200,000 | 181,796 | ||||||
Svensk Exportkredit AB, 2.25%, 3/22/27 | 450,000 | 410,956 | ||||||
1,080,894 | ||||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $1,352,379) | 1,323,409 | |||||||
SHORT-TERM INVESTMENTS — 10.8% | ||||||||
Money Market Funds — 1.0% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio(4) | 3,816,853 | 3,816,853 | ||||||
Treasury Bills(5) — 9.8% | ||||||||
U.S. Treasury Bills, 4.60%, 3/14/23 | $ | 6,400,000 | 6,389,642 | |||||
U.S. Treasury Bills, 4.53%, 3/23/23 | 6,850,000 | 6,831,900 | ||||||
U.S. Treasury Bills, 4.60%, 3/30/23 | 5,250,000 | 5,231,572 | ||||||
U.S. Treasury Bills, 4.69%, 4/20/23 | 5,500,000 | 5,464,983 | ||||||
U.S. Treasury Bills, 4.70%, 5/4/23 | 5,100,000 | 5,058,091 | ||||||
U.S. Treasury Bills, 4.94%, 6/20/23 | 4,000,000 | 3,941,170 | ||||||
U.S. Treasury Bills, 4.93%, 8/10/23 | 1,600,000 | 1,565,413 | ||||||
U.S. Treasury Bills, 5.02%, 8/17/23 | 1,000,000 | 977,305 | ||||||
35,460,076 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $39,277,400) | 39,276,929 | |||||||
TOTAL INVESTMENT SECURITIES — 120.4% (Cost $456,828,673) | 437,151,040 | |||||||
OTHER ASSETS AND LIABILITIES — (20.4)% | (73,997,525) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 363,153,515 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury Long Bonds | 65 | June 2023 | $ | 8,139,219 | $ | (25,127) | ||||||||
U.S. Treasury Ultra Bonds | 7 | June 2023 | 945,437 | (37) | ||||||||||
$ | 9,084,656 | $ | (25,164) |
^Amount represents value and unrealized appreciation (depreciation).
18
Avantis Core Fixed Income ETF
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS | |||||||||||||||||||||||
Reference Entity | Type‡ | Fixed Rate Received (Paid) Quarterly | Termination Date | Notional Amount | Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | Value^ | ||||||||||||||||
Markit CDX North America Investment Grade Index Series 39 | Sell | 1.00% | 12/20/27 | $ | 8,000,000 | $ | 69,852 | $ | 29,205 | $ | 99,057 |
‡The maximum potential amount the fund could be required to deliver as a seller of credit protection if a credit event occurs as defined under the terms of the agreement is the notional amount. The maximum potential amount may be partially offset by any recovery values of the reference entities and upfront payments received upon entering into the agreement.
^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CDX | – | Credit Derivatives Indexes | ||||||
FHLB | – | Federal Home Loan Bank | ||||||
FHLMC | – | Federal Home Loan Mortgage Corporation | ||||||
FNMA | – | Federal National Mortgage Association | ||||||
GNMA | – | Government National Mortgage Association | ||||||
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, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $3,717,081. 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)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $1,120,711, which represented 0.3% of total net assets.
(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $2,064,505.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $3,816,853.
(5)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.
See Notes to Financial Statements.
19
FEBRUARY 28, 2023 (UNAUDITED)
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
MUNICIPAL SECURITIES — 98.9% | ||||||||
Alabama — 1.4% | ||||||||
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/24(1) | $ | 100,000 | $ | 102,830 | ||||
Alabama Federal Aid Highway Finance Authority Rev., 4.00%, 9/1/27, Prerefunded at 100% of Par(1) | 50,000 | 52,620 | ||||||
Alabama Public School and College Authority Rev., 5.00%, 11/1/37 | 200,000 | 221,841 | ||||||
Alabama Public School and College Authority Rev., 4.00%, 11/1/38 | 150,000 | 150,677 | ||||||
Alabama Public School and College Authority Rev., 5.00%, 11/1/39 | 250,000 | 274,940 | ||||||
Alabama Public School and College Authority Rev., 4.00%, 11/1/40 | 315,000 | 310,846 | ||||||
1,113,754 | ||||||||
Arizona — 0.9% | ||||||||
Arizona Transportation Board Rev., 5.00%, 7/1/24 | 50,000 | 51,189 | ||||||
Mesa Utility System Rev., 4.00%, 7/1/34 | 15,000 | 15,562 | ||||||
Phoenix GO, 5.00%, 7/1/25 | 85,000 | 88,893 | ||||||
Pima County Sewer System Rev., 5.00%, 7/1/24 | 25,000 | 25,617 | ||||||
Pima County Sewer System Rev., 5.00%, 7/1/25 | 35,000 | 36,539 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/31 | 30,000 | 32,374 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/31 | 60,000 | 66,156 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35 | 70,000 | 76,546 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38 | 40,000 | 42,167 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/39 | 65,000 | 69,583 | ||||||
Scottsdale Municipal Property Corp. Rev., 5.00%, 7/1/30 | 50,000 | 56,164 | ||||||
State of Arizona COP, 5.00%, 10/1/25(1) | 125,000 | 131,283 | ||||||
State of Arizona COP, 5.00%, 10/1/29(1) | 10,000 | 11,417 | ||||||
State of Arizona Lottery Rev., 5.00%, 7/1/29(1) | 30,000 | 34,000 | ||||||
737,490 | ||||||||
California — 16.7% | ||||||||
California Educational Facilities Authority Rev., (Loma Linda University), 5.00%, 4/1/42 | 500,000 | 512,786 | ||||||
California Infrastructure & Economic Development Bank Rev., (University of California), 5.00%, 5/15/42 | 160,000 | 169,374 | ||||||
California State Public Works Board Rev., 5.00%, 2/1/26 | 1,000,000 | 1,059,678 | ||||||
California State Public Works Board Rev., 5.00%, 11/1/29 | 25,000 | 25,323 | ||||||
California State Public Works Board Rev., (State of California Department of Corrections & Rehabilitation), 5.00%, 9/1/27 | 75,000 | 77,201 | ||||||
California State Public Works Board Rev., (State of California Department of Corrections & Rehabilitation), 5.00%, 9/1/32 | 100,000 | 102,653 | ||||||
California State Public Works Board Rev., (State of California Department of General Services), 5.00%, 5/1/25 | 40,000 | 41,649 | ||||||
California State University Rev., 5.00%, 11/1/26 | 25,000 | 26,407 | ||||||
California State University Rev., 5.00%, 11/1/36 | 200,000 | 211,323 | ||||||
Chino Basin Regional Financing Authority Rev., (Inland Empire Utilities Agency), 4.00%, 11/1/25 | 25,000 | 25,537 |
20
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Coast Community College District GO, 5.00%, 8/15/25, Prerefunded at 100% of Par(1) | $ | 40,000 | $ | 41,997 | ||||
Coast Community College District GO, 5.00%, 8/15/25, Prerefunded at 100% of Par(1) | 75,000 | 78,743 | ||||||
Coast Community College District GO, Capital Appreciation, 0.00%, 8/1/27 (AGM)(2) | 50,000 | 43,796 | ||||||
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/30 | 135,000 | 142,198 | ||||||
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/33 | 30,000 | 32,993 | ||||||
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/35 | 30,000 | 32,716 | ||||||
Eastern Municipal Water District Financing Authority Rev., 4.00%, 7/1/38 | 60,000 | 61,180 | ||||||
Fresno Unified School District GO, 4.00%, 8/1/41 | 200,000 | 196,933 | ||||||
Los Angeles Community College District GO, 5.00%, 8/1/24 | 10,000 | 10,284 | ||||||
Los Angeles Community College District GO, 5.00%, 8/1/25 | 65,000 | 68,303 | ||||||
Los Angeles Community College District GO, 5.00%, 6/1/26 | 60,000 | 64,216 | ||||||
Los Angeles Community College District GO, 4.00%, 8/1/34 | 100,000 | 103,510 | ||||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., 5.00%, 7/1/37 | 60,000 | 64,635 | ||||||
Los Angeles County Metropolitan Transportation Authority Sales Tax Rev., 5.00%, 7/1/38 | 105,000 | 112,843 | ||||||
Los Angeles County Public Works Financing Authority Rev., 5.00%, 12/1/39 | 650,000 | 660,752 | ||||||
Los Angeles County Public Works Financing Authority Rev., 4.00%, 12/1/40 | 60,000 | 59,805 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/36 | 35,000 | 38,996 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/37 | 200,000 | 221,019 | ||||||
Los Angeles Department of Airports Rev., 4.00%, 5/15/39 | 10,000 | 10,028 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/39 | 200,000 | 219,231 | ||||||
Los Angeles Department of Airports Rev., 4.00%, 5/15/40 | 75,000 | 74,486 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/40 | 65,000 | 70,958 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/24 | 25,000 | 25,657 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/25 | 25,000 | 26,089 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/27 | 50,000 | 51,426 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/40 | 75,000 | 82,595 | ||||||
Los Angeles Department of Water & Power Water System Rev., 5.00%, 7/1/40 | 125,000 | 140,495 | ||||||
Los Angeles Unified School District GO, 3.00%, 7/1/35 | 45,000 | 41,661 | ||||||
Los Angeles Unified School District GO, 4.00%, 7/1/40 | 70,000 | 69,797 | ||||||
Los Angeles Unified School District GO, 5.00%, 7/1/40 | 225,000 | 233,117 | ||||||
Los Angeles Unified School District GO, 3.00%, 7/1/45 | 150,000 | 114,768 | ||||||
Los Rios Community College District GO, 3.00%, 8/1/25 | 15,000 | 15,006 | ||||||
Municipal Improvement Corp. of Los Angeles Rev., 5.00%, 11/1/24 | 80,000 | 82,634 | ||||||
Municipal Improvement Corp. of Los Angeles Rev., 5.00%, 11/1/31 | 60,000 | 65,109 | ||||||
Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/33 | 95,000 | 97,834 | ||||||
Municipal Improvement Corp. of Los Angeles Rev., 4.00%, 11/1/35 | 100,000 | 101,469 |
21
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Oakland Unified School District / Alameda County GO, 5.00%, 8/1/26 (AGM) | $ | 120,000 | $ | 125,812 | ||||
Peralta Community College District GO, 4.00%, 8/1/39 | 25,000 | 24,757 | ||||||
Perris Union High School District GO, 4.00%, 9/1/43 (AGM) | 50,000 | 48,608 | ||||||
Riverside County Public Financing Authority Rev., 4.125%, 11/1/25, Prerefunded at 100% of Par(1) | 10,000 | 10,291 | ||||||
Riverside Unified School District GO, 4.00%, 8/1/42 | 675,000 | 657,893 | ||||||
Sacramento City Financing Authority Rev., (Sacramento), 5.25%, 12/1/30 (Ambac) | 100,000 | 114,595 | ||||||
Sacramento Municipal Utility District Rev., 5.00%, 8/15/23 | 25,000 | 25,226 | ||||||
Sacramento Municipal Utility District Rev., 5.00%, 8/15/39 | 50,000 | 54,800 | ||||||
San Diego Association of Governments Rev., 5.00%, 11/15/26 | 275,000 | 289,766 | ||||||
San Diego Community College District GO, 4.00%, 8/1/26, Prerefunded at 100% of Par(1) | 45,000 | 46,885 | ||||||
San Diego Community College District GO, 5.00%, 8/1/26, Prerefunded at 100% of Par(1) | 30,000 | 32,228 | ||||||
San Diego Community College District GO, 5.00%, 8/1/26, Prerefunded at 100% of Par(1) | 30,000 | 32,228 | ||||||
San Diego Community College District GO, 5.00%, 8/1/27 | 10,000 | 10,772 | ||||||
San Diego Community College District GO, 5.00%, 8/1/28 | 40,000 | 43,199 | ||||||
San Diego Public Facilities Financing Authority Rev., (City of San Diego Water Utility Revenue), 5.00%, 8/1/28 | 60,000 | 64,676 | ||||||
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility Rev.), 5.00%, 5/15/29 | 35,000 | 37,635 | ||||||
San Diego Unified School District GO, 5.00%, 7/1/26 | 75,000 | 78,860 | ||||||
San Diego Unified School District GO, 5.25%, 7/1/28 (AGM) | 35,000 | 39,542 | ||||||
San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/30(2) | 40,000 | 31,600 | ||||||
San Francisco Bay Area Rapid Transit District GO, 4.00%, 8/1/34 | 125,000 | 127,999 | ||||||
San Francisco Bay Area Rapid Transit District GO, 4.00%, 8/1/42 | 250,000 | 249,026 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/32 | 20,000 | 22,548 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/35 | 40,000 | 44,412 | ||||||
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/24 | 25,000 | 25,840 | ||||||
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/34 | 70,000 | 76,877 | ||||||
San Francisco Public Utilities Commission Water Rev., 4.00%, 11/1/35 | 10,000 | 10,118 | ||||||
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/36 | 35,000 | 36,540 | ||||||
San Jose Financing Authority Rev., 5.00%, 6/1/23, Prerefunded at 100% of Par(1) | 45,000 | 45,214 | ||||||
Santa County Clara GO, 3.50%, 8/1/38 | 175,000 | 167,128 | ||||||
Santa County Clara GO, 3.25%, 8/1/39 | 50,000 | 44,969 | ||||||
State of California GO, 5.00%, 8/1/27 | 200,000 | 210,001 | ||||||
State of California GO, 5.00%, 8/1/28 | 5,000 | 5,482 | ||||||
State of California GO, 5.00%, 9/1/28 | 400,000 | 421,546 | ||||||
State of California GO, 5.00%, 4/1/30 | 5,000 | 5,760 | ||||||
State of California GO, 5.00%, 4/1/30 | 20,000 | 22,595 | ||||||
State of California GO, 5.00%, 9/1/31 | 50,000 | 53,422 | ||||||
State of California GO, 5.00%, 10/1/31 | 15,000 | 17,059 | ||||||
State of California GO, 5.00%, 11/1/31 | 975,000 | 986,230 |
22
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
State of California GO, 5.25%, 8/1/32 (AGM) | $ | 230,000 | $ | 273,975 | ||||
State of California GO, 4.00%, 9/1/32 | 110,000 | 113,844 | ||||||
State of California GO, 4.00%, 9/1/33 | 60,000 | 62,014 | ||||||
State of California GO, 4.00%, 9/1/33 | 300,000 | 310,072 | ||||||
State of California GO, 4.00%, 10/1/34 | 40,000 | 41,966 | ||||||
State of California GO, 5.00%, 3/1/35 | 70,000 | 78,921 | ||||||
State of California GO, 3.00%, 10/1/35 | 300,000 | 275,515 | ||||||
State of California GO, 4.00%, 10/1/35 | 200,000 | 208,580 | ||||||
State of California GO, 4.00%, 3/1/36 | 145,000 | 148,886 | ||||||
State of California GO, 4.00%, 10/1/36 | 50,000 | 51,103 | ||||||
State of California GO, 4.00%, 11/1/36 | 50,000 | 51,212 | ||||||
State of California GO, 4.00%, 8/1/37 | 100,000 | 100,968 | ||||||
State of California GO, 3.00%, 10/1/37 | 90,000 | 79,583 | ||||||
State of California Department of Water Resources Rev., 5.00%, 6/1/23, Prerefunded at 100% of Par(1) | 25,000 | 25,119 | ||||||
State of California Department of Water Resources Rev., 5.00%, 12/1/24, Prerefunded at 100% of Par(1) | 135,000 | 139,658 | ||||||
Sweetwater Union High School District GO, 4.00%, 8/1/42 | 235,000 | 226,972 | ||||||
University of California Rev., 5.00%, 5/15/29 | 35,000 | 36,605 | ||||||
University of California Rev., 5.00%, 5/15/34 | 50,000 | 55,372 | ||||||
University of California Rev., 5.00%, 5/15/36 | 65,000 | 70,042 | ||||||
University of California Rev., 5.00%, 5/15/38 | 30,000 | 32,432 | ||||||
University of California Rev., 5.00%, 5/15/38 | 30,000 | 33,263 | ||||||
University of California Rev., 4.00%, 5/15/40 | 310,000 | 308,496 | ||||||
University of California Rev., 5.00%, 5/15/40 | 450,000 | 465,179 | ||||||
13,341,126 | ||||||||
Colorado — 1.0% | ||||||||
City & County of Denver GO, 5.00%, 8/1/30 | 325,000 | 376,783 | ||||||
City & County of Denver Airport System Rev., 5.00%, 11/15/23 | 50,000 | 50,592 | ||||||
City & County of Denver Airport System Rev., 5.00%, 11/15/24 | 30,000 | 30,881 | ||||||
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/24 (NATL)(2) | 55,000 | 52,115 | ||||||
E-470 Public Highway Authority Rev., Capital Appreciation, 0.00%, 9/1/30 (NATL)(2) | 80,000 | 61,901 | ||||||
Regional Transportation District Sales Tax Rev., 5.00%, 11/1/28 | 30,000 | 33,331 | ||||||
State of Colorado COP, 5.00%, 12/15/32 | 50,000 | 57,462 | ||||||
State of Colorado COP, 4.00%, 12/15/35 | 50,000 | 51,017 | ||||||
State of Colorado COP, 4.00%, 12/15/37 | 40,000 | 40,069 | ||||||
State of Colorado COP, 4.00%, 12/15/38 | 30,000 | 29,857 | ||||||
784,008 | ||||||||
Connecticut — 1.9% | ||||||||
Connecticut State Health & Educational Facilities Authority Rev., (Quinnipiac University), 4.125%, 7/1/41 | 75,000 | 71,176 | ||||||
State of Connecticut GO, 5.00%, 5/15/24 | 30,000 | 30,673 | ||||||
State of Connecticut GO, 5.00%, 4/15/25 | 25,000 | 25,986 | ||||||
State of Connecticut GO, 5.00%, 1/15/26 | 35,000 | 36,962 | ||||||
State of Connecticut GO, 4.00%, 1/15/31 | 50,000 | 53,767 | ||||||
State of Connecticut GO, 5.00%, 11/15/31 | 30,000 | 31,561 | ||||||
State of Connecticut GO, 3.00%, 1/15/32 | 20,000 | 19,200 | ||||||
State of Connecticut GO, 5.00%, 10/15/34 | 50,000 | 53,094 | ||||||
State of Connecticut GO, 4.00%, 1/15/37 | 75,000 | 75,729 | ||||||
State of Connecticut GO, 4.00%, 4/15/38 | 225,000 | 225,780 |
23
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
State of Connecticut, Special Tax Rev., 5.00%, 9/1/28 | $ | 55,000 | $ | 58,696 | ||||
State of Connecticut, Special Tax Rev., 5.00%, 9/1/29 | 40,000 | 42,704 | ||||||
State of Connecticut, Special Tax Rev., 5.00%, 8/1/31 | 25,000 | 26,051 | ||||||
State of Connecticut, Special Tax Rev., 5.00%, 5/1/32 | 90,000 | 104,010 | ||||||
State of Connecticut, Special Tax Rev., 5.00%, 5/1/33 | 25,000 | 28,845 | ||||||
State of Connecticut, Special Tax Rev., 5.00%, 10/1/33 | 60,000 | 66,454 | ||||||
State of Connecticut, Special Tax Rev., 5.00%, 5/1/37 | 75,000 | 82,722 | ||||||
State of Connecticut, Special Tax Rev., 4.00%, 11/1/39 | 70,000 | 70,205 | ||||||
State of Connecticut, Special Tax Rev., 3.125%, 5/1/40 | 75,000 | 63,732 | ||||||
State of Connecticut, Special Tax Rev., 5.00%, 5/1/41 | 210,000 | 229,582 | ||||||
University of Connecticut Rev., 4.00%, 4/15/38 | 95,000 | 94,091 | ||||||
1,491,020 | ||||||||
District of Columbia — 4.4% | ||||||||
District of Columbia GO, 5.00%, 6/1/28 | 35,000 | 35,153 | ||||||
District of Columbia GO, 5.00%, 10/15/30 | 100,000 | 112,652 | ||||||
District of Columbia GO, 5.00%, 6/1/31 | 120,000 | 122,812 | ||||||
District of Columbia GO, 5.00%, 6/1/33 | 60,000 | 61,317 | ||||||
District of Columbia GO, 5.00%, 6/1/35 | 265,000 | 283,606 | ||||||
District of Columbia GO, 5.00%, 6/1/36 | 100,000 | 106,502 | ||||||
District of Columbia Rev., (District of Columbia Income Tax Rev.), 4.00%, 3/1/40 | 725,000 | 726,426 | ||||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/32 | 10,000 | 10,657 | ||||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/33 | 25,000 | 26,631 | ||||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/34 | 350,000 | 372,073 | ||||||
District of Columbia Rev., (Income Tax Revenue), 4.00%, 3/1/37 | 360,000 | 365,993 | ||||||
District of Columbia Rev., (Income Tax Revenue), 5.00%, 3/1/38 | 100,000 | 110,606 | ||||||
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/1/36 | 200,000 | 213,255 | ||||||
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/1/37 | 25,000 | 26,566 | ||||||
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/37 | 85,000 | 93,899 | ||||||
Washington Metropolitan Area Transit Authority Rev., 4.00%, 7/15/38 | 480,000 | 487,069 | ||||||
Washington Metropolitan Area Transit Authority Rev., 4.00%, 7/15/39 | 165,000 | 165,954 | ||||||
Washington Metropolitan Area Transit Authority Rev., 4.00%, 7/15/40 | 215,000 | 213,725 | ||||||
3,534,896 | ||||||||
Florida — 4.3% | ||||||||
Broward County Airport System Rev., 4.00%, 10/1/42 | 275,000 | 263,131 | ||||||
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/38 | 15,000 | 16,275 | ||||||
Central Florida Expressway Authority Rev., 4.00%, 7/1/31 | 10,000 | 10,205 | ||||||
Central Florida Expressway Authority Rev., 3.25%, 7/1/36 | 60,000 | 55,628 | ||||||
Central Florida Expressway Authority Rev., 4.00%, 7/1/37 | 95,000 | 94,998 | ||||||
Central Florida Expressway Authority Rev., 4.00%, 7/1/38 | 65,000 | 64,369 | ||||||
Florida Municipal Power Agency Rev., (Florida Municipal Power Agency All-Requirements Power Supply Project Rev.), 5.00%, 10/1/28 | 160,000 | 169,887 | ||||||
Gainesville Utilities System Rev. Rev., 5.00%, 10/1/37 | 55,000 | 58,354 | ||||||
Hillsborough County School Board COP, 5.00%, 7/1/26 | 105,000 | 108,777 |
24
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
JEA Water & Sewer System Rev., 4.00%, 10/1/39 | $ | 300,000 | $ | 298,287 | ||||
Miami-Dade County GO, 4.00%, 7/1/33 | 50,000 | 50,314 | ||||||
Miami-Dade County Aviation Rev., 5.00%, 10/1/28 | 50,000 | 53,077 | ||||||
Miami-Dade County Aviation Rev., 5.00%, 10/1/37 | 85,000 | 86,462 | ||||||
Miami-Dade County Transit System Rev., 4.00%, 7/1/38 | 65,000 | 65,297 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/23 | 10,000 | 10,098 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/24 | 50,000 | 51,357 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/32 | 130,000 | 134,730 | ||||||
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/36 | 500,000 | 502,067 | ||||||
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/38 | 140,000 | 138,992 | ||||||
Miami-Dade County Water & Sewer System Rev., 3.125%, 10/1/39 | 25,000 | 21,345 | ||||||
Orange County Convention Center Rev., 4.00%, 10/1/36 | 50,000 | 49,238 | ||||||
Orange County Convention Center/Orlando Rev., 5.00%, 10/1/24 | 80,000 | 81,737 | ||||||
Orange County School Board COP, 5.00%, 8/1/33 | 50,000 | 52,299 | ||||||
Orange County School Board COP, 5.00%, 8/1/34 | 90,000 | 94,050 | ||||||
Palm Beach County School District COP, 5.00%, 8/1/29 | 130,000 | 144,046 | ||||||
Palm Beach County School District COP, 5.00%, 8/1/31 | 110,000 | 114,179 | ||||||
School Board of Miami-Dade County COP, 5.00%, 2/1/25 | 60,000 | 62,044 | ||||||
School Board of Miami-Dade County COP, 5.00%, 2/1/27 | 80,000 | 84,019 | ||||||
School Board of Miami-Dade County COP, 5.00%, 2/1/29 | 60,000 | 62,352 | ||||||
School Board of Miami-Dade County COP, 5.00%, 5/1/30 | 60,000 | 62,155 | ||||||
School Board of Miami-Dade County COP, 5.00%, 5/1/32 | 80,000 | 82,619 | ||||||
School District of Broward County COP, 5.00%, 7/1/32 | 25,000 | 28,441 | ||||||
Tampa Bay Water Rev., 5.50%, 10/1/24 (NATL) | 55,000 | 56,930 | ||||||
Tampa-Hillsborough County Expressway Authority Rev., 4.00%, 7/1/42 | 250,000 | 235,918 | ||||||
3,463,677 | ||||||||
Georgia — 2.1% | ||||||||
Atlanta Department of Aviation Rev., 5.00%, 7/1/27 | 10,000 | 10,841 | ||||||
Atlanta Water & Wastewater Rev., 5.75%, 11/1/30 (AGM) | 10,000 | 12,083 | ||||||
Atlanta Water & Wastewater Rev., 5.00%, 11/1/40 | 15,000 | 15,409 | ||||||
DeKalb County Water & Sewerage Rev., 5.25%, 10/1/32 (AGM) | 75,000 | 81,096 | ||||||
Fulton County Water & Sewerage Rev., 3.00%, 1/1/40 | 150,000 | 123,977 | ||||||
Georgia State Road & Tollway Authority Rev., 5.00%, 6/1/30 | 80,000 | 91,626 | ||||||
Gwinnett County School District GO, 4.00%, 2/1/37 | 200,000 | 203,924 | ||||||
Metropolitan Atlanta Rapid Transit Authority Rev., 5.00%, 7/1/33 | 310,000 | 330,282 | ||||||
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/37 | 45,000 | 41,085 | ||||||
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/39 | 260,000 | 230,639 | ||||||
Private Colleges & Universities Authority Rev., (Emory University), 5.00%, 9/1/29 | 20,000 | 22,710 | ||||||
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/38 | 250,000 | 252,470 | ||||||
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/39 | 50,000 | 50,078 | ||||||
Private Colleges & Universities Authority Rev., (Emory University), 4.00%, 9/1/41 | 235,000 | 231,439 | ||||||
1,697,659 |
25
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Hawaii — 0.8% | ||||||||
City & County Honolulu Wastewater System Rev., 3.00%, 7/1/41 | $ | 90,000 | $ | 72,859 | ||||
City & County of Honolulu GO, 5.00%, 3/1/25 | 45,000 | 46,704 | ||||||
City & County of Honolulu GO, 5.00%, 9/1/30 | 185,000 | 206,397 | ||||||
City & County of Honolulu GO, 5.00%, 3/1/31 | 45,000 | 51,659 | ||||||
State of Hawaii GO, 5.00%, 10/1/30 | 60,000 | 65,460 | ||||||
State of Hawaii GO, 5.00%, 1/1/36 | 35,000 | 37,853 | ||||||
State of Hawaii GO, 3.00%, 4/1/36 | 30,000 | 27,279 | ||||||
State of Hawaii GO, 4.00%, 5/1/36 | 10,000 | 10,139 | ||||||
State of Hawaii GO, 5.00%, 1/1/38 | 75,000 | 80,402 | ||||||
State of Hawaii Airports System Rev., 5.00%, 7/1/33 | 35,000 | 39,543 | ||||||
638,295 | ||||||||
Illinois — 5.8% | ||||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/30 | 45,000 | 46,365 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/32 | 25,000 | 26,226 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/32 | 170,000 | 175,137 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/34 | 25,000 | 26,109 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/35 | 90,000 | 94,763 | ||||||
Chicago O'Hare International Airport Rev., 4.00%, 1/1/37 | 100,000 | 99,441 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/37 | 35,000 | 36,466 | ||||||
Chicago Waterworks Rev., 5.00%, 11/1/39 | 340,000 | 342,330 | ||||||
Cook County Sales Tax Rev., 4.00%, 11/15/40 | 180,000 | 169,880 | ||||||
Cook County Sales Tax Rev., 4.00%, 11/15/41 | 100,000 | 92,324 | ||||||
Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/40 | 135,000 | 127,242 | ||||||
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/32 | 115,000 | 123,555 | ||||||
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/35 | 25,000 | 26,768 | ||||||
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 7/1/38 | 90,000 | 91,446 | ||||||
Illinois Municipal Electric Agency Rev., 5.00%, 2/1/26 | 150,000 | 155,947 | ||||||
Illinois Municipal Electric Agency Rev., 5.00%, 2/1/29 | 140,000 | 144,990 | ||||||
Illinois Municipal Electric Agency Rev., 4.00%, 2/1/33 | 240,000 | 243,167 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/28 | 20,000 | 21,925 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 25,000 | 28,520 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 135,000 | 153,468 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 | 30,000 | 33,841 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37 | 1,000,000 | 1,012,842 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/40 | 135,000 | 139,026 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/41 | 75,000 | 77,296 | ||||||
Illinois State Toll Highway Authority Rev., 4.00%, 1/1/42 | 80,000 | 77,003 | ||||||
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/25 | 100,000 | 105,459 | ||||||
Northern Illinois Municipal Power Agency Rev., 4.00%, 12/1/41 | 100,000 | 93,429 | ||||||
Sales Tax Securitization Corp. Rev., 5.00%, 1/1/27 | 55,000 | 58,264 | ||||||
Sales Tax Securitization Corp. Rev., 5.50%, 1/1/32 | 10,000 | 11,061 | ||||||
Sales Tax Securitization Corp. Rev., 5.00%, 1/1/37 (BAM) | 150,000 | 160,148 | ||||||
Sales Tax Securitization Corp. Rev., 4.00%, 1/1/40 (BAM) | 135,000 | 126,139 | ||||||
Springfield Electric Rev., 4.00%, 3/1/40 (AGM) | 20,000 | 19,551 | ||||||
State of Illinois GO, 5.00%, 2/1/26 | 40,000 | 41,234 | ||||||
State of Illinois GO, 5.00%, 2/1/27 | 200,000 | 202,023 |
26
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
State of Illinois GO, 5.00%, 10/1/31 | $ | 100,000 | $ | 106,313 | ||||
State of Illinois GO, 5.00%, 3/1/34 | 40,000 | 42,235 | ||||||
State of Illinois GO, 5.00%, 5/1/35 | 35,000 | 35,334 | ||||||
State of Illinois GO, 4.00%, 11/1/38 | 20,000 | 18,603 | ||||||
State of Illinois GO, 5.50%, 5/1/39 | 15,000 | 15,946 | ||||||
State of Illinois Rev., 5.00%, 6/15/26 | 15,000 | 15,055 | ||||||
4,616,871 | ||||||||
Indiana — 0.7% | ||||||||
Indiana Finance Authority Rev., (CWA Authority, Inc.), 4.00%, 10/1/36 | 390,000 | 391,848 | ||||||
Indiana Municipal Power Agency Rev., 5.00%, 1/1/33 | 50,000 | 52,328 | ||||||
Indiana Municipal Power Agency Rev., 4.00%, 1/1/42 | 100,000 | 96,150 | ||||||
540,326 | ||||||||
Kentucky — 0.7% | ||||||||
Kentucky Asset Liability Commission Rev., 5.00%, 9/1/26 | 50,000 | 51,135 | ||||||
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 5.00%, 11/1/25 | 50,000 | 52,293 | ||||||
Louisville and Jefferson County Metropolitan Sewer District Rev., 4.00%, 5/15/36 | 500,000 | 500,033 | ||||||
603,461 | ||||||||
Louisiana — 0.4% | ||||||||
East Baton Rouge Sewerage Commission Rev., 5.00%, 2/1/25, Prerefunded at 100% of Par(1) | 85,000 | 88,040 | ||||||
Louisiana Stadium & Exposition District Rev., 5.00%, 7/1/36 | 160,000 | 160,456 | ||||||
State of Louisiana GO, 5.00%, 8/1/27 | 75,000 | 80,242 | ||||||
328,738 | ||||||||
Maryland — 2.4% | ||||||||
Montgomery County GO, 5.00%, 11/1/24 | 35,000 | 36,095 | ||||||
Prince County George's GO, 5.00%, 7/15/31 | 100,000 | 111,609 | ||||||
State of Maryland GO, 5.00%, 3/15/25 | 25,000 | 25,958 | ||||||
State of Maryland GO, 5.00%, 8/1/27 | 500,000 | 546,868 | ||||||
State of Maryland GO, 5.00%, 3/15/29 | 25,000 | 28,288 | ||||||
State of Maryland GO, 5.00%, 8/1/30 | 15,000 | 17,401 | ||||||
State of Maryland GO, 5.00%, 3/15/31 | 25,000 | 27,166 | ||||||
State of Maryland GO, 3.25%, 3/15/32 | 25,000 | 24,832 | ||||||
State of Maryland GO, 5.00%, 8/1/35 | 105,000 | 119,373 | ||||||
State of Maryland GO, 5.00%, 6/1/36 | 150,000 | 173,226 | ||||||
State of Maryland Department of Transportation Rev., 2.125%, 10/1/31 | 70,000 | 62,762 | ||||||
State of Maryland Department of Transportation Rev., 4.00%, 10/1/32 | 690,000 | 719,147 | ||||||
1,892,725 | ||||||||
Massachusetts — 3.2% | ||||||||
Massachusetts GO, 5.50%, 8/1/30 (Ambac) | 150,000 | 176,061 | ||||||
Massachusetts GO, 5.00%, 9/1/30 | 10,000 | 11,394 | ||||||
Massachusetts GO, 5.00%, 2/1/35 | 50,000 | 53,724 | ||||||
Massachusetts GO, 3.00%, 7/1/35 | 100,000 | 92,105 | ||||||
Massachusetts GO, 5.00%, 9/1/37 | 50,000 | 54,110 | ||||||
Massachusetts GO, 4.00%, 12/1/39 | 50,000 | 50,008 | ||||||
Massachusetts GO, 4.00%, 11/1/40 | 275,000 | 272,739 | ||||||
Massachusetts GO, 5.00%, 11/1/41 | 55,000 | 58,307 | ||||||
Massachusetts GO, 4.00%, 4/1/42 | 645,000 | 632,407 |
27
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Massachusetts GO, 5.00%, 11/1/45 | $ | 75,000 | $ | 81,150 | ||||
Massachusetts GO, 5.00%, 11/1/50 | 75,000 | 80,178 | ||||||
Massachusetts Bay Transportation Authority Rev., 0.00%, Capital Appreciation, 7/1/31(2) | 500,000 | 364,401 | ||||||
Massachusetts Development Finance Agency Rev., (Northeastern University), 5.00%, 3/1/39 | 75,000 | 75,923 | ||||||
Massachusetts Development Finance Agency Rev., (President and Fellows of Harvard College), 5.00%, 10/15/29 | 10,000 | 11,464 | ||||||
Massachusetts Development Finance Agency Rev., (Suffolk University), 4.00%, 7/1/39 | 105,000 | 98,347 | ||||||
Massachusetts School Building Authority Rev., 5.00%, 11/15/33 | 25,000 | 26,843 | ||||||
Massachusetts School Building Authority Rev., 5.00%, 8/15/37 | 60,000 | 62,387 | ||||||
Massachusetts Transportation Fund Rev., 5.00%, 6/1/25 | 150,000 | 156,556 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/33 | 155,000 | 171,905 | ||||||
2,530,009 | ||||||||
Michigan — 3.0% | ||||||||
Michigan Finance Authority Rev., (Detroit Public Lighting Authority Utility Users Tax Rev.), 5.00%, 7/1/39 | 165,000 | 165,254 | ||||||
Michigan Finance Authority Rev., (Detroit), 4.50%, 10/1/29 | 170,000 | 170,405 | ||||||
Michigan Finance Authority Rev., (Great Lakes Water Authority Sewage Disposal System Rev.), 5.00%, 7/1/26 (AGM) | 25,000 | 25,489 | ||||||
Michigan State Building Authority Rev., 5.00%, 10/15/29 | 1,320,000 | 1,336,613 | ||||||
Michigan State Building Authority Rev., 5.00%, 4/15/30 | 30,000 | 31,590 | ||||||
Michigan State Building Authority Rev., 5.00%, 10/15/30 | 10,000 | 10,720 | ||||||
State of Michigan Rev., 5.00%, 3/15/24 | 220,000 | 223,714 | ||||||
State of Michigan Trunk Line Rev., 5.00%, 11/15/29 | 75,000 | 85,518 | ||||||
State of Michigan Trunk Line Rev., 4.00%, 11/15/37 | 25,000 | 25,352 | ||||||
State of Michigan Trunk Line Rev., 4.00%, 11/15/37 | 75,000 | 76,171 | ||||||
University of Michigan Rev., 5.00%, 4/1/26, Prerefunded at 100% of Par(1) | 20,000 | 21,205 | ||||||
Wayne County Airport Authority Rev., (Detroit Metropolitan Wayne County Airport), 5.00%, 12/1/40 | 200,000 | 205,010 | ||||||
2,377,041 | ||||||||
Minnesota — 0.2% | ||||||||
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/27 | 30,000 | 32,137 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/28 | 25,000 | 26,887 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/30 | 20,000 | 21,492 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/31 | 100,000 | 107,301 | ||||||
187,817 | ||||||||
Mississippi† | ||||||||
State of Mississippi GO, 5.00%, 10/1/27, Prerefunded at 100% of Par(1) | 25,000 | 27,410 | ||||||
Missouri — 0.4% | ||||||||
Missouri Joint Municipal Electric Utility Commission Rev., 5.00%, 12/1/40 | 275,000 | 280,815 | ||||||
Springfield School District No. R-12 GO, 3.00%, 3/1/39 | 20,000 | 17,117 | ||||||
St. Louis Airport Rev., 5.50%, 7/1/28 (NATL) | 25,000 | 28,077 | ||||||
326,009 | ||||||||
Nebraska — 1.2% | ||||||||
Omaha Public Power District Rev., 5.00%, 2/1/31 | 30,000 | 33,786 |
28
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Omaha Public Power District Rev., 4.00%, 2/1/39 | $ | 910,000 | $ | 909,583 | ||||
943,369 | ||||||||
Nevada — 0.9% | ||||||||
Clark County Passenger Facility Charge Rev., 5.00%, 7/1/33 | 55,000 | 61,288 | ||||||
Clark County School District GO, 5.00%, 6/15/26 | 15,000 | 15,771 | ||||||
Clark County School District GO, 5.00%, 6/15/27 | 125,000 | 131,288 | ||||||
Las Vegas Valley Water District GO, 4.00%, 6/1/39 | 200,000 | 200,145 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/25 | 50,000 | 52,703 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/26 | 45,000 | 47,730 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/27 | 50,000 | 53,096 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/31 | 105,000 | 113,415 | ||||||
Truckee Meadows Water Authority Rev., 5.00%, 7/1/34 | 25,000 | 26,325 | ||||||
701,761 | ||||||||
New Jersey — 2.7% | ||||||||
Garden State Preservation Trust Rev., 5.75%, 11/1/28 (AGM) | 25,000 | 27,343 | ||||||
Garden State Preservation Trust Rev., Capital Appreciation, 0.00%, 11/1/28 (AGM)(2) | 5,000 | 4,140 | ||||||
Hudson County Improvement Authority Rev., 4.00%, 10/1/46 | 100,000 | 92,244 | ||||||
Hudson County Improvement Authority Rev., 4.00%, 10/1/51 | 150,000 | 135,790 | ||||||
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/25 | 30,000 | 30,302 | ||||||
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 5.00%, 11/1/26 | 50,000 | 52,781 | ||||||
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/27 | 25,000 | 25,709 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/23 | 100,000 | 100,417 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/25, Prerefunded at 100% of Par(1) | 20,000 | 20,803 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/25, Prerefunded at 100% of Par(1) | 25,000 | 26,004 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.25%, 6/15/26 | 95,000 | 96,738 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 12/15/26, Prerefunded at 100% of Par(1) | 140,000 | 150,080 | ||||||
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 | 21,796 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.00%, 6/15/27, Prerefunded at 100% of Par(1) | 25,000 | 26,176 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.375%, 6/15/27 | 25,000 | 25,546 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 6/15/27, Prerefunded at 100% of Par(1) | 90,000 | 97,842 | ||||||
New Jersey Educational Facilities Authority Rev., (Montclair State University, Inc.), 5.00%, 7/1/39 | 20,000 | 20,286 | ||||||
New Jersey Educational Facilities Authority Rev., (State of New Jersey), 5.00%, 9/1/36 | 55,000 | 56,907 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 | 5,000 | 5,246 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/27 | 25,000 | 26,962 |
29
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/27 | $ | 35,000 | $ | 37,747 | ||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/30 | 25,000 | 26,303 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/30 | 100,000 | 110,777 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/31 | 140,000 | 147,022 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/35 | 50,000 | 53,186 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/30 | 285,000 | 291,557 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/31 | 15,000 | 16,468 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/31 | 20,000 | 21,957 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/32 | 10,000 | 10,948 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/33 | 25,000 | 26,834 | ||||||
New Jersey Turnpike Authority Rev., 4.00%, 1/1/34 | 25,000 | 25,640 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/34 | 25,000 | 26,746 | ||||||
New Jersey Turnpike Authority Rev., 4.00%, 1/1/35 | 20,000 | 20,349 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/35 | 10,000 | 10,795 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/36 | 10,000 | 10,705 | ||||||
New Jersey Turnpike Authority Rev., 3.25%, 1/1/38 | 30,000 | 26,515 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/40 | 15,000 | 15,783 | ||||||
State of New Jersey GO, 5.00%, 6/1/28 | 50,000 | 55,279 | ||||||
State of New Jersey GO, 4.00%, 6/1/30 | 100,000 | 106,988 | ||||||
State of New Jersey GO, 4.00%, 6/1/31 | 25,000 | 27,006 | ||||||
State of New Jersey GO, 4.00%, 6/1/33 | 40,000 | 40,080 | ||||||
State of New Jersey GO, 4.00%, 6/1/34 | 20,000 | 20,309 | ||||||
2,172,106 | ||||||||
New Mexico — 0.1% | ||||||||
State of New Mexico Severance Tax Permanent Fund Rev., 5.00%, 7/1/31 | 45,000 | 52,404 | ||||||
New York — 15.1% | ||||||||
Dutchess County Local Development Corp. Rev., (Vassar College), 5.00%, 7/1/42 | 20,000 | 20,844 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/28 | 25,000 | 26,907 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/29 | 60,000 | 64,645 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/32 | 20,000 | 21,492 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/37 | 160,000 | 168,571 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/42 | 30,000 | 31,266 | ||||||
Long Island Power Authority Rev., 5.00%, 9/1/33 | 55,000 | 61,028 | ||||||
Long Island Power Authority Rev., 5.00%, 9/1/38 | 100,000 | 107,387 | ||||||
Long Island Power Authority Rev., 5.00%, 9/1/41 | 165,000 | 170,343 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/25 | 110,000 | 113,805 | ||||||
Metropolitan Transportation Authority Rev., 4.00%, 11/15/36 | 40,000 | 37,919 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/41 | 100,000 | 100,521 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/44 (AGM) | 25,000 | 25,802 | ||||||
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/33 | 25,000 | 27,357 | ||||||
Metropolitan Transportation Authority Rev., (Metropolitan Transportation Authority Dedicated Tax Fund), 5.25%, 11/15/35 | 25,000 | 26,563 | ||||||
Nassau County GO, 5.00%, 10/1/27 | 80,000 | 87,388 | ||||||
New York City GO, 5.00%, 8/1/25 | 165,000 | 169,369 |
30
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
New York City GO, 5.00%, 8/1/25 | $ | 200,000 | $ | 208,354 | ||||
New York City GO, 5.00%, 8/1/26 | 25,000 | 26,613 | ||||||
New York City GO, 5.00%, 8/1/27 | 50,000 | 50,329 | ||||||
New York City GO, 5.00%, 8/1/27 | 100,000 | 108,550 | ||||||
New York City GO, 5.00%, 8/1/28 | 10,000 | 10,965 | ||||||
New York City GO, 5.00%, 8/1/28 | 60,000 | 60,119 | ||||||
New York City GO, 5.25%, 10/1/30 | 50,000 | 55,140 | ||||||
New York City GO, 5.00%, 8/1/37 | 105,000 | 109,109 | ||||||
New York City GO, 5.00%, 12/1/38 | 30,000 | 32,225 | ||||||
New York City GO, 4.00%, 8/1/39 | 305,000 | 300,518 | ||||||
New York City GO, 4.00%, 8/1/41 | 400,000 | 388,331 | ||||||
New York City GO, 5.00%, 12/1/41 | 80,000 | 82,940 | ||||||
New York City Industrial Development Agency Rev., (Yankee Stadium LLC), 4.00%, 3/1/45 (AGM) | 100,000 | 93,063 | ||||||
New York City Transitional Finance Authority Building Aid Rev., 5.00%, 7/15/29 | 25,000 | 27,221 | ||||||
New York City Transitional Finance Authority Building Aid Rev., 5.00%, 7/15/35 | 25,000 | 27,069 | ||||||
New York City Transitional Finance Authority Building Aid Rev., 4.00%, 7/15/36 | 50,000 | 50,284 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/36 | 155,000 | 156,625 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/37 | 130,000 | 130,273 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/38 | 50,000 | 49,821 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 8/1/41 | 75,000 | 73,302 | ||||||
New York Convention Center Development Corp. Rev., (New York City Hotel Unit Fee Rev.), 5.00%, 11/15/40 | 75,000 | 76,676 | ||||||
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/34 | 75,000 | 77,766 | ||||||
New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/36 | 50,000 | 50,330 | ||||||
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/36 | 100,000 | 105,364 | ||||||
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/39 | 10,000 | 10,488 | ||||||
New York State Dormitory Authority Rev., (New York University), 4.00%, 7/1/40 | 285,000 | 280,248 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/24(1) | 60,000 | 61,096 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/26 | 35,000 | 36,542 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/30 | 100,000 | 109,043 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/30 | 35,000 | 36,270 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 40,000 | 44,231 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 40,000 | 46,365 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 100,000 | 111,746 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37 | 75,000 | 75,381 |
31
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/38 | $ | 65,000 | $ | 64,777 | ||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/39 | 200,000 | 198,047 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/39 | 25,000 | 26,892 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/40 | 100,000 | 98,115 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/41 | 125,000 | 134,267 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 3.00%, 3/15/41 | 530,000 | 431,059 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/42 | 100,000 | 104,002 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/30 | 500,000 | 554,448 | ||||||
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/32 | 75,000 | 76,251 | ||||||
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/33 | 60,000 | 63,884 | ||||||
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/34 | 165,000 | 172,350 | ||||||
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/36 | 50,000 | 54,052 | ||||||
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/40 | 105,000 | 112,343 | ||||||
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/42 | 25,000 | 26,482 | ||||||
New York State Dormitory Authority Rev., (Trustees of Columbia University in the New York City), 5.00%, 10/1/38 | 70,000 | 75,725 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/26 | 40,000 | 40,572 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/29 | 100,000 | 103,102 | ||||||
New York State Thruway Authority Rev., 4.00%, 1/1/38 | 100,000 | 99,009 | ||||||
New York State Thruway Authority Rev., 4.00%, 1/1/39 | 100,000 | 98,445 | ||||||
New York State Thruway Authority Rev., 4.00%, 1/1/40 | 35,000 | 34,151 | ||||||
New York State Thruway Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/37 | 100,000 | 100,123 | ||||||
New York State Thruway Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/40 | 120,000 | 132,586 | ||||||
New York State Thruway Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/41 | 75,000 | 73,048 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/23 | 40,000 | 40,029 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/24, Prerefunded at 100% of Par(1) | 30,000 | 30,576 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/26 | 55,000 | 58,212 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/26, Prerefunded at 100% of Par(1) | 115,000 | 121,839 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/29 | 65,000 | 68,057 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31 | 25,000 | 27,363 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31 | 50,000 | 52,830 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31 | 110,000 | 111,857 |
32
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | $ | 25,000 | $ | 28,811 | ||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/34 | 150,000 | 155,984 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/34 | 60,000 | 60,958 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/35 | 25,000 | 28,160 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/36 | 50,000 | 54,182 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/37 | 30,000 | 30,051 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/37 | 85,000 | 85,067 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/38 | 200,000 | 219,433 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/41 | 65,000 | 63,068 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/41 | 50,000 | 54,045 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/41 | 110,000 | 118,054 | ||||||
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/36 | 15,000 | 16,578 | ||||||
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/36 | 140,000 | 158,438 | ||||||
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 4.00%, 3/15/39 | 1,265,000 | 1,251,141 | ||||||
New York State Urban Development Corp. Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/39 | 70,000 | 75,858 | ||||||
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/29 | 10,000 | 11,140 | ||||||
Port Authority of New York & New Jersey Rev., 5.00%, 10/15/31 | 5,000 | 5,225 | ||||||
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/33 | 15,000 | 17,296 | ||||||
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/34 | 425,000 | 469,804 | ||||||
Port Authority of New York & New Jersey Rev., 5.00%, 7/15/35 | 40,000 | 45,266 | ||||||
Port Authority of New York & New Jersey Rev., 4.00%, 7/15/37 | 100,000 | 99,322 | ||||||
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24, Prerefunded at 100% of Par(1) | 10,000 | 10,307 | ||||||
Sales Tax Asset Receivable Corp. Rev., 5.00%, 10/15/24(1) | 50,000 | 51,533 | ||||||
Suffolk County Water Authority Rev., 3.00%, 6/1/32 | 10,000 | 9,992 | ||||||
Suffolk County Water Authority Rev., 3.25%, 6/1/43 | 15,000 | 12,672 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/23 | 100,000 | 101,288 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/25 | 20,000 | 20,992 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27 | 60,000 | 64,546 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27 | 80,000 | 87,208 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/28 | 50,000 | 55,678 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/34 | 95,000 | 101,997 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/37 | 200,000 | 212,480 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/38 | 50,000 | 53,024 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/41 | 100,000 | 103,375 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/25 | 35,000 | 35,441 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 6/15/27 | 40,000 | 41,505 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 6/15/28 | 25,000 | 26,618 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/32 | 85,000 | 88,998 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/33 | 25,000 | 26,155 |
33
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/34 | $ | 85,000 | $ | 89,545 | ||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/36 | 50,000 | 52,026 | ||||||
12,101,358 | ||||||||
North Carolina — 1.3% | ||||||||
Charlotte Water & Sewer System Rev., 5.00%, 7/1/40 | 25,000 | 25,930 | ||||||
North Carolina Municipal Power Agency No. 1 Rev., 5.00%, 1/1/31 | 50,000 | 52,708 | ||||||
North Carolina Turnpike Authority Rev., 0.00%, Capital Appreciation, 1/1/40(2) | 1,000,000 | 470,880 | ||||||
North Carolina Turnpike Authority Rev., 0.00%, Capital Appreciation, 1/1/41(2) | 500,000 | 223,889 | ||||||
State of North Carolina GO, 5.00%, 6/1/29 | 60,000 | 68,305 | ||||||
State of North Carolina Rev., 5.00%, 3/1/30 | 10,000 | 11,252 | ||||||
State of North Carolina Rev., 5.00%, 3/1/33 | 115,000 | 128,794 | ||||||
Wake County GO, 5.00%, 3/1/24 | 35,000 | 35,630 | ||||||
1,017,388 | ||||||||
Ohio — 2.5% | ||||||||
American Municipal Power, Inc. Rev., 5.00%, 2/15/33 | 90,000 | 100,312 | ||||||
American Municipal Power, Inc. Rev., 5.00%, 2/15/35 | 100,000 | 110,060 | ||||||
American Municipal Power, Inc. Rev., 4.00%, 2/15/36 | 45,000 | 45,107 | ||||||
American Municipal Power, Inc. Rev., 4.00%, 2/15/37 | 435,000 | 431,440 | ||||||
American Municipal Power, Inc. Rev., 4.00%, 2/15/38 | 50,000 | 49,226 | ||||||
American Municipal Power, Inc. Rev., 5.00%, 2/15/42 | 400,000 | 401,910 | ||||||
Cincinnati City School District GO, 5.25%, 12/1/29 (NATL) | 15,000 | 17,367 | ||||||
Cincinnati City School District GO, 5.25%, 12/1/30 (NATL) | 30,000 | 35,271 | ||||||
Cincinnati City School District GO, 5.25%, 12/1/31 (NATL) | 5,000 | 5,974 | ||||||
Hamilton County Sales Tax Rev. Rev., 4.00%, 12/1/32 | 250,000 | 258,784 | ||||||
Northeast Ohio Regional Sewer District Rev., 3.00%, 11/15/39 | 230,000 | 192,936 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/36 | 75,000 | 83,350 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/39 | 100,000 | 110,306 | ||||||
Rickenbacker Port Authority Rev., 5.375%, 1/1/32 | 45,000 | 51,238 | ||||||
State of Ohio GO, 5.00%, 8/1/24 | 30,000 | 30,803 | ||||||
State of Ohio Rev., 5.00%, 12/15/23 | 55,000 | 55,753 | ||||||
1,979,837 | ||||||||
Oklahoma — 0.7% | ||||||||
Cleveland County Educational Facilities Authority Rev., (Cleveland County Independent School District No. 2 Moore), 4.00%, 6/1/31 | 80,000 | 84,885 | ||||||
Grand River Dam Authority Rev., 5.00%, 6/1/25 | 250,000 | 259,711 | ||||||
Oklahoma Turnpike Authority Rev., 5.00%, 1/1/30 | 175,000 | 198,590 | ||||||
543,186 | ||||||||
Oregon — 0.5% | ||||||||
Deschutes Public Library District GO, 3.00%, 12/1/41 | 100,000 | 81,878 | ||||||
Multnomah County School District No. 1 Portland GO, 5.00%, 6/15/24 (SCH BD GTY) | 25,000 | 25,586 | ||||||
Oregon State Lottery Rev., 5.00%, 4/1/27 | 175,000 | 181,687 | ||||||
State of Oregon Department of Transportation Rev., 5.00%, 11/15/23 | 30,000 | 30,374 | ||||||
State of Oregon Department of Transportation Rev., 5.00%, 11/15/24, Prerefunded at 100% of Par(1) | 65,000 | 67,101 |
34
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
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 | $ | 35,841 | ||||
422,467 | ||||||||
Pennsylvania — 3.1% | ||||||||
Delaware Valley Regional Finance Authority Rev., 5.50%, 8/1/28 (Ambac) | 25,000 | 27,930 | ||||||
Delaware Valley Regional Finance Authority Rev., 5.75%, 7/1/32 | 25,000 | 30,283 | ||||||
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 5.00%, 9/1/33 | 175,000 | 188,735 | ||||||
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 4.00%, 9/1/34 | 300,000 | 299,410 | ||||||
Northampton County General Purpose Authority Rev., (Lafayette College), 5.00%, 11/1/34 | 100,000 | 107,778 | ||||||
Pennsylvania GO, 4.00%, 7/1/23 | 25,000 | 25,081 | ||||||
Pennsylvania GO, 5.00%, 1/1/24 | 25,000 | 25,397 | ||||||
Pennsylvania GO, 5.00%, 9/15/24 | 100,000 | 102,907 | ||||||
Pennsylvania GO, 5.00%, 1/1/28 | 5,000 | 5,362 | ||||||
Pennsylvania GO, 4.00%, 5/1/33 | 220,000 | 232,764 | ||||||
Pennsylvania GO, 3.00%, 9/15/36 | 80,000 | 71,047 | ||||||
Pennsylvania GO, 3.00%, 5/1/38 | 25,000 | 21,361 | ||||||
Pennsylvania GO, 2.00%, 5/1/39 | 30,000 | 20,747 | ||||||
Pennsylvania Higher Educational Facilities Authority Rev., (Trustees of the University of Pennsylvania), 4.00%, 8/15/41 | 1,000,000 | 974,826 | ||||||
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM) | 30,000 | 33,583 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/23 | 30,000 | 30,362 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/40 | 25,000 | 25,784 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/41 | 30,000 | 31,137 | ||||||
Philadelphia GO, 4.00%, 8/1/35 | 20,000 | 20,158 | ||||||
Philadelphia Gas Works Co Rev., 5.00%, 8/1/50 (AGM) | 100,000 | 105,331 | ||||||
Philadelphia Water & Wastewater Rev. Rev., 5.00%, 10/1/42 | 90,000 | 94,541 | ||||||
2,474,524 | ||||||||
Rhode Island — 1.3% | ||||||||
Rhode Island Commerce Corp. Rev., 5.00%, 6/15/23 | 25,000 | 25,114 | ||||||
Rhode Island Health & Educational Building Corp. Rev., (Brown University), 4.00%, 9/1/37 | 1,000,000 | 1,007,364 | ||||||
1,032,478 | ||||||||
South Carolina — 1.0% | ||||||||
Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/23, Prerefunded at 100% of Par(1) | 30,000 | 30,417 | ||||||
Charleston Educational Excellence Finance Corp. Rev., (Charleston County School District), 5.00%, 12/1/26 | 500,000 | 507,595 | ||||||
South Carolina Public Service Authority Rev., 5.00%, 12/1/26 | 50,000 | 51,280 | ||||||
South Carolina Public Service Authority Rev., 5.00%, 12/1/30 | 120,000 | 125,403 | ||||||
South Carolina Public Service Authority Rev., 5.00%, 12/1/36 | 25,000 | 25,581 | ||||||
South Carolina Public Service Authority Rev., 3.00%, 12/1/41 | 50,000 | 38,833 | ||||||
South Carolina Public Service Authority Rev., 4.00%, 12/1/42 | 60,000 | 54,680 | ||||||
833,789 | ||||||||
Tennessee — 0.7% | ||||||||
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 7/1/23, Prerefunded at 100% of Par(1) | 500,000 | 503,079 |
35
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 1/1/26 | $ | 50,000 | $ | 52,730 | ||||
555,809 | ||||||||
Texas — 9.4% | ||||||||
Austin GO, 2.95%, 9/1/27 | 25,000 | 24,945 | ||||||
Bexar County GO, 4.00%, 6/15/41 | 75,000 | 74,159 | ||||||
Bexar County GO, 5.00%, 6/15/42 | 400,000 | 419,461 | ||||||
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/24 | 30,000 | 30,801 | ||||||
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/24 | 35,000 | 35,934 | ||||||
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/25 | 50,000 | 52,177 | ||||||
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/26 | 25,000 | 26,617 | ||||||
Board of Regents of the University of Texas System Rev., 5.00%, 8/15/38 | 445,000 | 486,188 | ||||||
Board of Regents of the University of Texas System Rev., 4.00%, 8/15/42 | 245,000 | 241,769 | ||||||
Central Texas Regional Mobility Authority Rev., 3.375%, 1/1/41 | 35,000 | 29,985 | ||||||
Central Texas Turnpike System Rev., 4.00%, 8/15/38 | 360,000 | 340,080 | ||||||
Central Texas Turnpike System Rev., 5.00%, 8/15/39 | 90,000 | 96,085 | ||||||
Cypress-Fairbanks Independent School District GO, 5.00%, 2/15/24 (PSF-GTD) | 80,000 | 81,392 | ||||||
Dallas GO, 5.00%, 2/15/27 | 655,000 | 667,806 | ||||||
Dallas Area Rapid Transit Rev., 5.00%, 12/1/29 | 35,000 | 39,548 | ||||||
Dallas Area Rapid Transit Rev., 5.00%, 12/1/33 | 240,000 | 268,829 | ||||||
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/32 | 15,000 | 17,043 | ||||||
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/33 | 50,000 | 56,642 | ||||||
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/33 | 65,000 | 65,698 | ||||||
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/33 | 65,000 | 73,634 | ||||||
Dallas Fort Worth International Airport Rev., 4.125%, 11/1/39 | 530,000 | 526,896 | ||||||
Dallas Independent School District GO, 5.00%, 8/15/24 (PSF-GTD) | 35,000 | 35,944 | ||||||
Dallas Independent School District GO, 5.00%, 8/15/24, Prerefunded at 100% of Par (PSF-GTD)(1) | 40,000 | 40,985 | ||||||
Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/27 | 80,000 | 83,534 | ||||||
Dallas Waterworks & Sewer System Rev., 5.00%, 10/1/31 | 190,000 | 201,675 | ||||||
Houston GO, 5.00%, 3/1/24 | 75,000 | 76,351 | ||||||
Houston GO, 5.00%, 3/1/28 | 35,000 | 38,504 | ||||||
Houston Independent School District GO, 5.00%, 2/15/27 (PSF-GTD) | 55,000 | 58,112 | ||||||
Lower Colorado River Authority Rev., (LCRA Transmission Services Corp.), 5.00%, 5/15/40 | 65,000 | 66,182 | ||||||
North Texas Tollway Authority Rev., 5.00%, 1/1/30 | 65,000 | 67,324 | ||||||
North Texas Tollway Authority Rev., 5.00%, 1/1/30 | 65,000 | 68,308 | ||||||
North Texas Tollway Authority Rev., 4.00%, 1/1/37 | 50,000 | 50,160 | ||||||
North Texas Tollway Authority Rev., 4.00%, 1/1/38 | 35,000 | 33,715 | ||||||
North Texas Tollway Authority Rev., 5.00%, 1/1/43 | 400,000 | 417,861 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/28 | 10,000 | 10,505 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/36 | 20,000 | 20,229 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 4.00%, 1/1/38 | 30,000 | 29,670 |
36
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/38 | $ | 25,000 | $ | 26,770 | ||||
North Texas Tollway Authority Rev., (North Texas Tollway System), Capital Appreciation, 0.00%, 1/1/30 (AGC)(2) | 100,000 | 79,291 | ||||||
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/26 | 75,000 | 79,153 | ||||||
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/29 | 40,000 | 42,718 | ||||||
San Antonio Public Facilities Corp. Rev., 4.00%, 9/15/42 | 710,000 | 672,229 | ||||||
State of Texas GO, 4.00%, 4/1/24, Prerefunded at 100% of Par(1) | 50,000 | 50,456 | ||||||
State of Texas GO, 5.00%, 4/1/24, Prerefunded at 100% of Par(1) | 60,000 | 61,179 | ||||||
State of Texas GO, 5.00%, 10/1/24, Prerefunded at 100% of Par(1) | 50,000 | 51,466 | ||||||
State of Texas GO, 5.00%, 10/1/28 | 40,000 | 42,021 | ||||||
State of Texas GO, 5.00%, 10/1/30 | 55,000 | 59,969 | ||||||
State of Texas GO, 5.00%, 10/1/33 | 100,000 | 108,641 | ||||||
Texas A&M University Rev., 5.00%, 5/15/25 | 295,000 | 307,541 | ||||||
Texas Transportation Commission State Highway Fund Rev., 5.00%, 4/1/24 | 5,000 | 5,100 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/29 | 45,000 | 47,104 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/34 | 105,000 | 105,970 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/38 | 400,000 | 403,449 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/38 | 285,000 | 307,825 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/40 | 75,000 | 77,362 | ||||||
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/28 | 25,000 | 27,215 | ||||||
University of Texas System Rev., 5.00%, 8/15/30 | 50,000 | 57,350 | ||||||
7,567,557 | ||||||||
Utah — 1.4% | ||||||||
City of Salt Lake City Airport Revenue Rev., 5.00%, 7/1/42 | 150,000 | 155,004 | ||||||
State of Utah GO, 5.00%, 7/1/28 | 125,000 | 139,611 | ||||||
State of Utah GO, 5.00%, 7/1/29 | 40,000 | 45,198 | ||||||
Utah Transit Authority Rev., 5.00%, 6/15/25, Prerefunded at 100% of Par(1) | 30,000 | 31,360 | ||||||
Utah Transit Authority Rev., 5.00%, 6/15/25 | 110,000 | 114,311 | ||||||
Utah Transit Authority Rev., 5.00%, 6/15/25, Prerefunded at 100% of Par(1) | 600,000 | 627,207 | ||||||
Utah Transit Authority Rev., 5.25%, 6/15/32 (AGM) | 40,000 | 46,291 | ||||||
1,158,982 | ||||||||
Virginia — 1.3% | ||||||||
Richmond Public Utility Rev., 5.00%, 1/15/28 | 25,000 | 26,359 | ||||||
University of Virginia Rev., 5.00%, 4/1/38 | 25,000 | 26,717 | ||||||
Virginia College Building Authority Rev., 5.00%, 2/1/30 | 75,000 | 82,434 | ||||||
Virginia College Building Authority Rev., 5.00%, 2/1/31 | 70,000 | 75,594 | ||||||
Virginia College Building Authority Rev., 4.00%, 2/1/33 | 40,000 | 40,603 | ||||||
Virginia College Building Authority Rev., 3.00%, 2/1/35 | 80,000 | 75,063 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/24 | 50,000 | 51,093 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 3/15/25 | 25,000 | 25,943 |
37
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/26 | $ | 50,000 | $ | 53,531 | ||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/27 | 60,000 | 65,615 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/32 | 10,000 | 10,903 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/33 | 50,000 | 54,456 | ||||||
Virginia Public Building Authority Rev., 5.00%, 8/1/27 | 100,000 | 109,069 | ||||||
Virginia Small Business Financing Authority Rev., (Hampton University), 4.00%, 10/1/38 | 360,000 | 345,214 | ||||||
1,042,594 | ||||||||
Washington — 5.2% | ||||||||
Central Puget Sound Regional Transit Authority Rev., 5.00%, 11/1/25, Prerefunded at 100% of Par(1) | 50,000 | 52,345 | ||||||
Central Puget Sound Regional Transit Authority Rev., (Central Puget Sound Regional Transit Auth Sales Motor Vehicle & Rental Car Tax), 5.00%, 11/1/36 | 50,000 | 57,021 | ||||||
Central Puget Sound Regional Transit Authority Rev., (Sales Motor Vehicle & Rental Car Tax), 5.00%, 11/1/26 | 50,000 | 53,746 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/23 | 35,000 | 35,192 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/25 | 25,000 | 26,116 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/27 | 25,000 | 25,611 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/27 | 65,000 | 70,602 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/28 | 20,000 | 21,766 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/30 | 25,000 | 27,808 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/31 | 15,000 | 15,376 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/32 | 50,000 | 52,072 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33 | 25,000 | 26,025 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/35 | 50,000 | 56,257 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/36 | 65,000 | 74,301 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 4.00%, 7/1/42 | 985,000 | 969,680 | ||||||
King County Sewer Rev., 4.00%, 7/1/31 | 125,000 | 129,236 | ||||||
Seattle Municipal Light & Power Rev., 4.00%, 7/1/41 | 640,000 | 627,657 | ||||||
Snohomish County Public Utility District No. 1 Electric System Rev. Rev., 5.00%, 12/1/40 | 200,000 | 206,215 | ||||||
State of Washington GO, 5.00%, 8/1/24 | 300,000 | 308,028 | ||||||
State of Washington GO, 4.00%, 7/1/26 | 50,000 | 50,701 | ||||||
State of Washington GO, 4.00%, 7/1/27 | 50,000 | 50,124 | ||||||
State of Washington GO, 5.00%, 8/1/28 | 50,000 | 53,343 | ||||||
State of Washington GO, 5.00%, 7/1/29 | 250,000 | 263,649 | ||||||
State of Washington GO, 5.00%, 8/1/31 | 25,000 | 27,181 | ||||||
State of Washington GO, 5.00%, 8/1/32 | 40,000 | 41,671 | ||||||
State of Washington GO, 5.00%, 8/1/32 | 255,000 | 276,471 | ||||||
State of Washington GO, 5.00%, 8/1/34 | 145,000 | 150,612 |
38
Avantis Core Municipal Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
State of Washington GO, 5.00%, 8/1/36 | $ | 55,000 | $ | 57,475 | ||||
State of Washington GO, 5.00%, 2/1/40 | 40,000 | 43,335 | ||||||
State of Washington GO, 5.00%, 8/1/40 | 265,000 | 285,673 | ||||||
State of Washington GO, 5.00%, 2/1/41 | 25,000 | 26,986 | ||||||
University of Washington Rev., 4.00%, 6/1/37 | 10,000 | 10,033 | ||||||
4,172,308 | ||||||||
West Virginia — 0.1% | ||||||||
State of West Virginia GO, 5.00%, 12/1/41 | 70,000 | 74,275 | ||||||
Wisconsin — 0.1% | ||||||||
WPPI Energy Rev., 5.00%, 7/1/37 | 75,000 | 75,238 | ||||||
TOTAL MUNICIPAL SECURITIES (Cost $81,922,770) | 79,153,762 | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Funds — 0.1% | ||||||||
Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio, Institutional Class (Cost $71,291) | 71,306 | 71,306 | ||||||
TOTAL INVESTMENT SECURITIES — 99.0% (Cost $81,994,061) | 79,225,068 | |||||||
OTHER ASSETS AND LIABILITIES — 1.0% | 789,263 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 80,014,331 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
AGC | – | Assured Guaranty Corporation | ||||||
AGM | – | Assured Guaranty Municipal Corporation | ||||||
BAM | – | Build America Mutual Assurance Company | ||||||
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 |
†Category is less than 0.05% of total net assets.
(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.
39
FEBRUARY 28, 2023 (UNAUDITED)
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
CORPORATE BONDS — 65.8% | ||||||||
Aerospace and Defense — 0.7% | ||||||||
General Dynamics Corp., 3.50%, 5/15/25 | $ | 756,000 | $ | 731,534 | ||||
Huntington Ingalls Industries, Inc., 3.84%, 5/1/25 | 700,000 | 672,615 | ||||||
1,404,149 | ||||||||
Air Freight and Logistics — 0.4% | ||||||||
United Parcel Service, Inc., 2.20%, 9/1/24 | 809,000 | 775,030 | ||||||
Automobiles — 1.5% | ||||||||
American Honda Finance Corp., 2.15%, 9/10/24 | 467,000 | 445,802 | ||||||
American Honda Finance Corp., 1.00%, 9/10/25 | 929,000 | 838,984 | ||||||
General Motors Financial Co., Inc., 4.00%, 1/15/25 | 600,000 | 581,843 | ||||||
General Motors Financial Co., Inc., 2.70%, 8/20/27 | 500,000 | 440,839 | ||||||
Toyota Motor Corp., 2.36%, 7/2/24 | 882,000 | 849,274 | ||||||
3,156,742 | ||||||||
Banks — 16.1% | ||||||||
African Development Bank, 3.00%, 9/20/23 | 306,000 | 302,286 | ||||||
African Development Bank, 0.875%, 7/22/26 | 640,000 | 565,640 | ||||||
Asian Development Bank, 0.25%, 10/6/23 | 439,000 | 426,314 | ||||||
Asian Development Bank, 2.625%, 1/30/24 | 855,000 | 834,108 | ||||||
Asian Development Bank, 0.375%, 6/11/24 | 100,000 | 94,102 | ||||||
Asian Development Bank, 1.50%, 1/20/27 | 120,000 | 107,583 | ||||||
Asian Infrastructure Investment Bank, 0.25%, 9/29/23 | 434,000 | 421,918 | ||||||
Asian Infrastructure Investment Bank, 2.25%, 5/16/24 | 165,000 | 159,171 | ||||||
Asian Infrastructure Investment Bank, 0.50%, 10/30/24 | 1,049,000 | 971,580 | ||||||
Asian Infrastructure Investment Bank, 0.50%, 1/27/26 | 250,000 | 220,852 | ||||||
Asian Infrastructure Investment Bank, 3.75%, 9/14/27 | 1,300,000 | 1,257,754 | ||||||
Asian Infrastructure Investment Bank, 4.00%, 1/18/28 | 200,000 | 195,657 | ||||||
Australia & New Zealand Banking Group Ltd., 3.70%, 11/16/25 | 400,000 | 384,997 | ||||||
Bank of Montreal, 1.25%, 9/15/26 | 1,250,000 | 1,081,805 | ||||||
Bank of Nova Scotia, 1.30%, 6/11/25 | 544,000 | 496,954 | ||||||
Citizens Financial Group, Inc., 2.85%, 7/27/26 | 1,000,000 | 928,323 | ||||||
Cooperatieve Rabobank UA, 3.375%, 5/21/25 | 1,500,000 | 1,443,228 | ||||||
Council Of Europe Development Bank, 0.25%, 6/10/23 | 24,000 | 23,684 | ||||||
Council Of Europe Development Bank, 1.375%, 2/27/25 | 214,000 | 199,903 | ||||||
Discover Bank, 2.45%, 9/12/24 | 800,000 | 761,350 | ||||||
European Bank for Reconstruction & Development, 0.25%, 7/10/23 | 40,000 | 39,300 | ||||||
European Bank for Reconstruction & Development, 0.50%, 5/19/25 | 500,000 | 454,697 | ||||||
European Investment Bank, 1.375%, 3/15/27 | 230,000 | 204,853 | ||||||
Export Development Canada, 2.625%, 2/21/24 | 100,000 | 97,393 | ||||||
Huntington Bancshares, Inc., 4.00%, 5/15/25 | 319,000 | 309,823 | ||||||
Inter-American Development Bank, 3.00%, 10/4/23 | 406,000 | 400,450 | ||||||
Inter-American Development Bank, 0.25%, 11/15/23 | 182,000 | 175,745 | ||||||
International Bank for Reconstruction & Development, 2.50%, 3/19/24 | 750,000 | 728,616 | ||||||
International Bank for Reconstruction & Development, 1.50%, 8/28/24 | 1,025,000 | 972,542 | ||||||
International Bank for Reconstruction & Development, 2.50%, 7/29/25 | 325,000 | 309,110 |
40
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
International Bank for Reconstruction & Development, 0.875%, 7/15/26 | $ | 40,000 | $ | 35,491 | ||||
International Finance Corp., 2.875%, 7/31/23 | 152,000 | 150,597 | ||||||
KeyBank N.A., 3.30%, 6/1/25 | 875,000 | 838,023 | ||||||
Kreditanstalt fuer Wiederaufbau, 0.25%, 3/8/24 | 1,525,000 | 1,449,324 | ||||||
Kreditanstalt fuer Wiederaufbau, 1.25%, 1/31/25 | 603,000 | 563,192 | ||||||
Landwirtschaftliche Rentenbank, 0.50%, 5/27/25 | 268,000 | 243,612 | ||||||
Mizuho Financial Group, Inc., 3.66%, 2/28/27 | 1,000,000 | 939,891 | ||||||
National Australia Bank Ltd., 2.50%, 7/12/26 | 1,550,000 | 1,425,440 | ||||||
Nordic Investment Bank, 0.50%, 1/21/26 | 250,000 | 222,341 | ||||||
Oesterreichische Kontrollbank AG, 2.875%, 3/13/23 | 50,000 | 49,966 | ||||||
Oesterreichische Kontrollbank AG, 1.50%, 2/12/25 | 905,000 | 847,630 | ||||||
PNC Bank NA, 2.50%, 8/27/24 | 1,100,000 | 1,057,448 | ||||||
PNC Bank NA, 2.95%, 2/23/25 | 450,000 | 430,957 | ||||||
PNC Financial Services Group, Inc., 3.50%, 1/23/24 | 1,000,000 | 984,544 | ||||||
Royal Bank of Canada, 2.55%, 7/16/24 | 1,156,000 | 1,113,582 | ||||||
Royal Bank of Canada, 6.00%, 11/1/27 | 450,000 | 463,316 | ||||||
Santander Holdings USA, Inc., 3.45%, 6/2/25 | 500,000 | 475,762 | ||||||
Santander Holdings USA, Inc., 4.50%, 7/17/25 | 834,000 | 810,583 | ||||||
Toronto-Dominion Bank, 1.25%, 9/10/26 | 695,000 | 605,759 | ||||||
Toronto-Dominion Bank, 4.11%, 6/8/27 | 1,150,000 | 1,102,843 | ||||||
US Bancorp, 3.95%, 11/17/25 | 1,562,000 | 1,516,929 | ||||||
Wells Fargo & Co., 3.00%, 10/23/26 | 1,250,000 | 1,154,567 | ||||||
Westpac Banking Corp., 2.85%, 5/13/26 | 1,850,000 | 1,725,387 | ||||||
Westpac Banking Corp., 5.46%, 11/18/27 | 500,000 | 508,666 | ||||||
33,285,588 | ||||||||
Beverages — 0.3% | ||||||||
Constellation Brands, Inc., 4.40%, 11/15/25 | 665,000 | 649,933 | ||||||
Capital Markets — 3.9% | ||||||||
Ameriprise Financial, Inc., 3.00%, 4/2/25 | 1,377,000 | 1,317,942 | ||||||
Bank of New York Mellon Corp., 1.60%, 4/24/25 | 1,750,000 | 1,623,272 | ||||||
Charles Schwab Corp., 3.75%, 4/1/24 | 100,000 | 98,292 | ||||||
Charles Schwab Corp., 3.85%, 5/21/25 | 463,000 | 450,275 | ||||||
CME Group, Inc., 3.00%, 3/15/25 | 1,550,000 | 1,491,637 | ||||||
Goldman Sachs Group, Inc., 3.85%, 1/26/27 | 950,000 | 899,215 | ||||||
Jefferies Financial Group, Inc., 4.85%, 1/15/27 | 200,000 | 196,213 | ||||||
Lazard Group LLC, 3.75%, 2/13/25 | 667,000 | 643,792 | ||||||
State Street Corp., 3.55%, 8/18/25 | 1,369,000 | 1,320,596 | ||||||
8,041,234 | ||||||||
Chemicals† | ||||||||
Linde, Inc., 2.65%, 2/5/25 | 13,000 | 12,408 | ||||||
Construction Materials — 0.5% | ||||||||
Vulcan Materials Co., 5.80%, 3/1/26 | 1,000,000 | 1,000,233 | ||||||
Consumer Finance — 0.9% | ||||||||
Ally Financial, Inc., 4.75%, 6/9/27 | 225,000 | 214,591 | ||||||
Ally Financial, Inc., 7.10%, 11/15/27(1) | 775,000 | 805,437 | ||||||
Capital One Financial Corp., 4.25%, 4/30/25 | 538,000 | 524,198 | ||||||
Discover Financial Services, 4.50%, 1/30/26 | 300,000 | 290,601 | ||||||
1,834,827 | ||||||||
Containers and Packaging — 0.2% | ||||||||
Amcor Flexibles North America, Inc., 4.00%, 5/17/25 | 13,000 | 12,561 |
41
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Packaging Corp. of America, 3.65%, 9/15/24 | $ | 450,000 | $ | 439,013 | ||||
451,574 | ||||||||
Diversified Consumer Services — 0.1% | ||||||||
Yale University, 0.87%, 4/15/25 | 300,000 | 275,466 | ||||||
Diversified Financial Services — 2.4% | ||||||||
Bank of Nova Scotia, 2.70%, 8/3/26 | 609,000 | 558,540 | ||||||
Barclays PLC, 3.65%, 3/16/25 | 1,050,000 | 1,008,271 | ||||||
Barclays PLC, 4.375%, 1/12/26 | 200,000 | 193,413 | ||||||
Citigroup, Inc., 3.30%, 4/27/25 | 1,038,000 | 993,944 | ||||||
Corebridge Financial, Inc., 3.65%, 4/5/27(2) | 1,100,000 | 1,027,033 | ||||||
HSBC Holdings PLC, 3.90%, 5/25/26 | 300,000 | 286,130 | ||||||
JPMorgan Chase & Co., 3.90%, 7/15/25 | 988,000 | 960,089 | ||||||
5,027,420 | ||||||||
Electric Utilities — 2.5% | ||||||||
Berkshire Hathaway Energy Co., 4.05%, 4/15/25 | 1,398,000 | 1,367,972 | ||||||
Black Hills Corp., 3.15%, 1/15/27 | 92,000 | 84,984 | ||||||
Cleco Corporate Holdings LLC, 3.74%, 5/1/26 | 242,000 | 227,270 | ||||||
Edison International, 4.70%, 8/15/25 | 1,000,000 | 975,119 | ||||||
Entergy Louisiana LLC, 2.40%, 10/1/26 | 450,000 | 406,093 | ||||||
NextEra Energy Capital Holdings, Inc., 1.875%, 1/15/27 | 16,000 | 14,105 | ||||||
Pacific Gas & Electric Co., 5.45%, 6/15/27 | 1,000,000 | 977,418 | ||||||
Sierra Pacific Power Co., 2.60%, 5/1/26 | 675,000 | 624,199 | ||||||
Southwestern Electric Power Co., 1.65%, 3/15/26 | 414,000 | 370,456 | ||||||
5,047,616 | ||||||||
Electronic Equipment, Instruments and Components — 0.5% | ||||||||
Avnet, Inc., 4.625%, 4/15/26 | 285,000 | 273,657 | ||||||
Flex Ltd., 3.75%, 2/1/26 | 293,000 | 278,635 | ||||||
Jabil, Inc., 1.70%, 4/15/26 | 405,000 | 360,846 | ||||||
Keysight Technologies, Inc., 4.55%, 10/30/24 | 48,000 | 47,294 | ||||||
TD SYNNEX Corp., 1.75%, 8/9/26 | 75,000 | 64,561 | ||||||
1,024,993 | ||||||||
Energy Equipment and Services — 0.3% | ||||||||
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 2.06%, 12/15/26 | 685,000 | 612,607 | ||||||
Equity Real Estate Investment Trusts (REITs) — 6.1% | ||||||||
American Tower Corp., 3.65%, 3/15/27 | 425,000 | 395,930 | ||||||
American Tower Corp., 3.55%, 7/15/27 | 600,000 | 554,935 | ||||||
AvalonBay Communities, Inc., 2.95%, 5/11/26 | 775,000 | 723,937 | ||||||
Boston Properties LP, 2.75%, 10/1/26 | 1,375,000 | 1,242,169 | ||||||
Crown Castle, Inc., 4.45%, 2/15/26 | 1,100,000 | 1,070,019 | ||||||
Crown Castle, Inc., 3.70%, 6/15/26 | 42,000 | 39,778 | ||||||
Digital Realty Trust LP, 3.70%, 8/15/27 | 1,250,000 | 1,158,835 | ||||||
ERP Operating LP, 3.375%, 6/1/25 | 463,000 | 443,726 | ||||||
Federal Realty Investment Trust, 3.25%, 7/15/27 | 750,000 | 688,541 | ||||||
Healthcare Realty Holdings LP, 3.50%, 8/1/26 | 250,000 | 232,623 | ||||||
Host Hotels & Resorts LP, 3.875%, 4/1/24 | 850,000 | 830,909 | ||||||
Host Hotels & Resorts LP, 4.50%, 2/1/26 | 200,000 | 192,956 | ||||||
Kimco Realty OP LLC, 3.30%, 2/1/25 | 1,038,000 | 995,537 | ||||||
National Retail Properties, Inc., 3.50%, 10/15/27 | 500,000 | 456,508 | ||||||
Prologis LP, 3.25%, 10/1/26 | 0 | — |
42
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Realty Income Corp., 3.875%, 4/15/25 | $ | 1,300,000 | $ | 1,262,451 | ||||
Spirit Realty LP, 4.45%, 9/15/26 | 322,000 | 306,924 | ||||||
UDR, Inc., 3.50%, 7/1/27 | 800,000 | 745,583 | ||||||
Ventas Realty LP, 3.85%, 4/1/27 | 700,000 | 663,041 | ||||||
Vornado Realty LP, 2.15%, 6/1/26 | 100,000 | 85,739 | ||||||
WP Carey, Inc., 4.00%, 2/1/25 | 463,000 | 451,994 | ||||||
12,542,135 | ||||||||
Food and Staples Retailing — 0.9% | ||||||||
Target Corp., 2.25%, 4/15/25 | 1,620,000 | 1,531,072 | ||||||
Walmart, Inc., 3.30%, 4/22/24 | 365,000 | 357,941 | ||||||
1,889,013 | ||||||||
Food Products — 0.3% | ||||||||
Bunge Ltd. Finance Corp., 1.63%, 8/17/25 | 459,000 | 418,589 | ||||||
Hershey Co., 2.05%, 11/15/24 | 123,000 | 117,247 | ||||||
535,836 | ||||||||
Health Care Equipment and Supplies† | ||||||||
Baxter International, Inc., 2.60%, 8/15/26 | 9,000 | 8,198 | ||||||
Health Care Providers and Services — 3.4% | ||||||||
Aetna, Inc., 3.50%, 11/15/24 | 1,140,000 | 1,104,968 | ||||||
Cardinal Health, Inc., 3.50%, 11/15/24 | 1,137,000 | 1,098,278 | ||||||
CVS Health Corp., 2.875%, 6/1/26 | 70,000 | 65,138 | ||||||
HCA, Inc., 5.25%, 6/15/26 | 270,000 | 265,930 | ||||||
HCA, Inc., 4.50%, 2/15/27 | 850,000 | 815,363 | ||||||
Humana, Inc., 5.70%, 3/13/26 | 1,000,000 | 1,000,514 | ||||||
Laboratory Corp. of America Holdings, 3.60%, 2/1/25 | 600,000 | 578,955 | ||||||
Quest Diagnostics, Inc., 3.45%, 6/1/26 | 627,000 | 592,944 | ||||||
UnitedHealth Group, Inc., 3.50%, 2/15/24 | 1,600,000 | 1,573,062 | ||||||
7,095,152 | ||||||||
Hotels, Restaurants and Leisure — 1.5% | ||||||||
Booking Holdings, Inc., 3.65%, 3/15/25 | 425,000 | 411,231 | ||||||
Booking Holdings, Inc., 3.60%, 6/1/26 | 1,350,000 | 1,287,463 | ||||||
Expedia Group, Inc., 4.625%, 8/1/27 | 1,050,000 | 1,002,753 | ||||||
Hyatt Hotels Corp., 4.85%, 3/15/26 | 65,000 | 63,890 | ||||||
Starbucks Corp., 3.80%, 8/15/25 | 393,000 | 381,004 | ||||||
3,146,341 | ||||||||
Household Durables — 1.3% | ||||||||
DR Horton, Inc., 2.60%, 10/15/25 | 650,000 | 603,388 | ||||||
Lennar Corp., 4.75%, 5/30/25 | 400,000 | 391,349 | ||||||
Lennar Corp., 5.25%, 6/1/26 | 600,000 | 594,067 | ||||||
PulteGroup, Inc., 5.00%, 1/15/27 | 1,100,000 | 1,083,208 | ||||||
2,672,012 | ||||||||
Industrial Conglomerates — 0.7% | ||||||||
3M Co., 2.65%, 4/15/25 | 1,600,000 | 1,516,313 | ||||||
Insurance — 1.8% | ||||||||
Allstate Corp., 0.75%, 12/15/25 | 1,250,000 | 1,109,364 | ||||||
Brighthouse Financial, Inc., 3.70%, 6/22/27 | 975,000 | 912,375 | ||||||
Chubb INA Holdings, Inc., 3.35%, 5/3/26 | 1,521,000 | 1,449,521 | ||||||
First American Financial Corp., 4.60%, 11/15/24 | 200,000 | 197,279 | ||||||
Voya Financial, Inc., 3.65%, 6/15/26 | 15,000 | 14,196 | ||||||
3,682,735 |
43
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Internet and Direct Marketing Retail — 0.4% | ||||||||
Amazon.com, Inc., 2.80%, 8/22/24 | $ | 718,000 | $ | 695,024 | ||||
Amazon.com, Inc., 5.20%, 12/3/25 | 175,000 | 176,288 | ||||||
871,312 | ||||||||
IT Services — 0.9% | ||||||||
International Business Machines Corp., 3.625%, 2/12/24 | 650,000 | 638,855 | ||||||
International Business Machines Corp., 7.00%, 10/30/25 | 350,000 | 366,577 | ||||||
VeriSign, Inc., 5.25%, 4/1/25 | 850,000 | 848,481 | ||||||
1,853,913 | ||||||||
Machinery — 0.9% | ||||||||
Caterpillar Financial Services Corp., 3.30%, 6/9/24 | 290,000 | 282,949 | ||||||
Caterpillar Financial Services Corp., 1.45%, 5/15/25 | 723,000 | 669,161 | ||||||
Cummins, Inc., 0.75%, 9/1/25 | 600,000 | 541,416 | ||||||
PACCAR Financial Corp., 2.15%, 8/15/24 | 351,000 | 336,010 | ||||||
1,829,536 | ||||||||
Media — 1.1% | ||||||||
Comcast Corp., 3.375%, 2/15/25 | 625,000 | 603,889 | ||||||
Comcast Corp., 3.375%, 8/15/25 | 1,406,000 | 1,350,156 | ||||||
Discovery Communications LLC, 4.90%, 3/11/26 | 295,000 | 287,807 | ||||||
2,241,852 | ||||||||
Metals and Mining — 0.1% | ||||||||
ArcelorMittal SA, 4.55%, 3/11/26 | 70,000 | 68,201 | ||||||
BHP Billiton Finance USA Ltd., 6.42%, 3/1/26 | 50,000 | 51,823 | ||||||
120,024 | ||||||||
Multiline Retail — 0.6% | ||||||||
Dollar Tree, Inc., 4.00%, 5/15/25 | 1,293,000 | 1,256,253 | ||||||
Multi-Utilities† | ||||||||
Sempra Energy, 3.25%, 6/15/27 | 64,000 | 59,081 | ||||||
Oil, Gas and Consumable Fuels — 6.7% | ||||||||
Boardwalk Pipelines LP, 4.45%, 7/15/27 | 750,000 | 715,816 | ||||||
BP Capital Markets America, Inc., 3.02%, 1/16/27 | 525,000 | 488,389 | ||||||
BP Capital Markets America, Inc., 3.59%, 4/14/27 | 1,100,000 | 1,040,807 | ||||||
Canadian Natural Resources Ltd., 2.05%, 7/15/25 | 398,000 | 367,755 | ||||||
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 | 1,000,000 | 987,359 | ||||||
Chevron Corp., 2.90%, 3/3/24 | 66,000 | 64,548 | ||||||
Continental Resources, Inc., 4.375%, 1/15/28 | 1,075,000 | 996,688 | ||||||
Coterra Energy, Inc., 3.90%, 5/15/27 | 75,000 | 70,334 | ||||||
Enbridge, Inc., 2.50%, 1/15/25 | 1,146,000 | 1,084,118 | ||||||
Energy Transfer LP, 4.75%, 1/15/26 | 638,000 | 624,618 | ||||||
Energy Transfer LP, 5.50%, 6/1/27 | 400,000 | 398,022 | ||||||
Enterprise Products Operating LLC, 3.90%, 2/15/24 | 145,000 | 142,789 | ||||||
Equinor ASA, 3.70%, 3/1/24 | 841,000 | 828,264 | ||||||
Equinor ASA, 7.25%, 9/23/27 | 200,000 | 218,940 | ||||||
Exxon Mobil Corp., 2.99%, 3/19/25 | 500,000 | 480,207 | ||||||
Marathon Oil Corp., 4.40%, 7/15/27 | 1,094,000 | 1,042,908 | ||||||
Phillips 66, 3.85%, 4/9/25 | 480,000 | 466,162 | ||||||
Phillips 66 Co., 2.45%, 12/15/24(2) | 148,000 | 139,704 | ||||||
Plains All American Pipeline LP / PAA Finance Corp., 4.50%, 12/15/26 | 625,000 | 600,319 | ||||||
Targa Resources Corp., 5.20%, 7/1/27 | 1,100,000 | 1,082,280 | ||||||
TotalEnergies Capital International SA, 2.43%, 1/10/25 | 875,000 | 836,444 |
44
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Williams Cos., Inc., 4.00%, 9/15/25 | $ | 1,188,000 | $ | 1,146,445 | ||||
13,822,916 | ||||||||
Personal Products† | ||||||||
Estee Lauder Cos., Inc., 2.00%, 12/1/24 | 48,000 | 45,539 | ||||||
Pharmaceuticals — 2.6% | ||||||||
AbbVie, Inc., 3.20%, 5/14/26 | 610,000 | 573,414 | ||||||
Astrazeneca Finance LLC, 0.70%, 5/28/24 | 650,000 | 615,021 | ||||||
Astrazeneca Finance LLC, 1.20%, 5/28/26 | 499,000 | 442,169 | ||||||
Bristol-Myers Squibb Co., 2.90%, 7/26/24 | 431,000 | 417,901 | ||||||
GlaxoSmithKline Capital PLC, 3.00%, 6/1/24 | 287,000 | 279,546 | ||||||
Novartis Capital Corp., 1.75%, 2/14/25 | 1,063,000 | 998,633 | ||||||
Pfizer, Inc., 2.95%, 3/15/24 | 1,050,000 | 1,026,339 | ||||||
Royalty Pharma PLC, 1.20%, 9/2/25 | 1,129,000 | 1,011,183 | ||||||
5,364,206 | ||||||||
Real Estate Management and Development — 0.2% | ||||||||
CBRE Services, Inc., 4.875%, 3/1/26 | 300,000 | 293,786 | ||||||
Road and Rail — 0.9% | ||||||||
Canadian National Railway Co., 2.75%, 3/1/26 | 1,625,000 | 1,521,904 | ||||||
Ryder System, Inc., 2.50%, 9/1/24 | 98,000 | 93,591 | ||||||
Ryder System, Inc., 3.35%, 9/1/25 | 224,000 | 211,340 | ||||||
1,826,835 | ||||||||
Semiconductors and Semiconductor Equipment — 1.6% | ||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 1/15/27 | 1,125,000 | 1,061,623 | ||||||
Intel Corp., 3.40%, 3/25/25(1) | 1,000,000 | 966,071 | ||||||
Marvell Technology, Inc., 1.65%, 4/15/26 | 380,000 | 340,277 | ||||||
Micron Technology, Inc., 4.98%, 2/6/26 | 295,000 | 291,559 | ||||||
Micron Technology, Inc., 4.19%, 2/15/27 | 700,000 | 663,027 | ||||||
3,322,557 | ||||||||
Software — 0.2% | ||||||||
Oracle Corp., 2.50%, 4/1/25 | 500,000 | 471,558 | ||||||
Specialty Retail — 1.6% | ||||||||
AutoNation, Inc., 3.50%, 11/15/24 | 800,000 | 771,957 | ||||||
AutoZone, Inc., 3.75%, 6/1/27 | 338,000 | 321,099 | ||||||
Home Depot, Inc., 3.00%, 4/1/26 | 1,450,000 | 1,369,102 | ||||||
Ross Stores, Inc., 4.60%, 4/15/25 | 738,000 | 726,896 | ||||||
3,189,054 | ||||||||
Technology Hardware, Storage and Peripherals — 1.3% | ||||||||
Apple, Inc., 3.00%, 2/9/24 | 147,000 | 144,066 | ||||||
Apple, Inc., 1.125%, 5/11/25 | 69,000 | 63,745 | ||||||
Dell International LLC / EMC Corp., 6.02%, 6/15/26 | 1,258,000 | 1,273,913 | ||||||
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 | 1,148,000 | 1,138,774 | ||||||
2,620,498 | ||||||||
Trading Companies and Distributors — 0.4% | ||||||||
Air Lease Corp., 3.25%, 3/1/25 | 850,000 | 806,997 | ||||||
Air Lease Corp., 2.875%, 1/15/26 | 50,000 | 46,120 | ||||||
853,117 | ||||||||
TOTAL CORPORATE BONDS (Cost $139,100,088) | 135,729,592 | |||||||
U.S. TREASURY SECURITIES AND EQUIVALENTS — 30.0% | ||||||||
Israel Government AID Bond, 5.50%, 9/18/23 | 32,000 | 32,027 |
45
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
U.S. Treasury Notes, 0.125%, 8/31/23 | $ | 3,750,000 | $ | 3,659,708 | ||||
U.S. Treasury Notes, 0.125%, 10/15/23 | 3,400,000 | 3,297,835 | ||||||
U.S. Treasury Notes, 2.75%, 11/15/23 | 3,226,000 | 3,173,309 | ||||||
U.S. Treasury Notes, 0.125%, 12/15/23 | 3,550,000 | 3,413,540 | ||||||
U.S. Treasury Notes, 0.875%, 1/31/24 | 3,100,000 | 2,982,309 | ||||||
U.S. Treasury Notes, 0.125%, 2/15/24 | 1,665,000 | 1,586,897 | ||||||
U.S. Treasury Notes, 1.50%, 2/29/24 | 2,600,000 | 2,508,614 | ||||||
U.S. Treasury Notes, 2.375%, 2/29/24 | 2,260,000 | 2,199,457 | ||||||
U.S. Treasury Notes, 0.25%, 3/15/24 | 3,250,000 | 3,090,195 | ||||||
U.S. Treasury Notes, 0.375%, 4/15/24 | 2,800,000 | 2,656,281 | ||||||
U.S. Treasury Notes, 2.00%, 5/31/24 | 2,394,700 | 2,305,086 | ||||||
U.S. Treasury Notes, 0.25%, 6/15/24 | 2,025,000 | 1,903,460 | ||||||
U.S. Treasury Notes, 0.375%, 7/15/24 | 2,125,000 | 1,993,516 | ||||||
U.S. Treasury Notes, 2.375%, 8/15/24 | 2,100,000 | 2,021,332 | ||||||
U.S. Treasury Notes, 2.125%, 9/30/24 | 2,500,000 | 2,392,725 | ||||||
U.S. Treasury Notes, 4.25%, 9/30/24 | 3,000,000 | 2,966,484 | ||||||
U.S. Treasury Notes, 1.50%, 10/31/24 | 2,150,000 | 2,032,464 | ||||||
U.S. Treasury Notes, 1.50%, 11/30/24 | 2,220,000 | 2,094,258 | ||||||
U.S. Treasury Notes, 1.125%, 1/15/25 | 2,000,000 | 1,867,773 | ||||||
U.S. Treasury Notes, 1.50%, 2/15/25 | 2,000,000 | 1,876,875 | ||||||
U.S. Treasury Notes, 2.75%, 2/28/25 | 2,000,000 | 1,923,125 | ||||||
U.S. Treasury Notes, 2.00%, 8/15/25 | 1,600,000 | 1,503,875 | ||||||
U.S. Treasury Notes, 0.25%, 10/31/25 | 3,100,000 | 2,769,051 | ||||||
U.S. Treasury Notes, 0.375%, 11/30/25 | 2,545,200 | 2,274,176 | ||||||
U.S. Treasury Notes, 0.625%, 11/30/27 | 2,950,000 | 2,500,067 | ||||||
U.S. Treasury Notes, 0.75%, 1/31/28 | 1,000,000 | 848,828 | ||||||
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS (Cost $63,341,975) | 61,873,267 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 2.7% | ||||||||
Federal Farm Credit Banks Funding Corp., 0.125%, 5/10/23 | 150,000 | 148,658 | ||||||
Federal Farm Credit Banks Funding Corp., 1.125%, 1/6/25 | 250,000 | 233,333 | ||||||
FHLB, 0.125%, 6/2/23 | 100,000 | 98,750 | ||||||
FHLB, 3.375%, 12/8/23 | 250,000 | 246,488 | ||||||
FHLB, 3.625%, 2/28/24 | 1,000,000 | 983,928 | ||||||
FHLB, 5.42%, 3/6/24 | 600,000 | 599,548 | ||||||
FHLB, 1.50%, 8/15/24 | 170,000 | 161,483 | ||||||
FHLB, 2.75%, 12/13/24 | 120,000 | 115,467 | ||||||
FHLB, 2.375%, 3/14/25 | 200,000 | 190,211 | ||||||
FHLB, 3.125%, 6/13/25 | 25,000 | 24,064 | ||||||
FHLMC, 0.125%, 10/16/23 | 104,000 | 100,791 | ||||||
FHLMC, 0.25%, 11/6/23 | 104,000 | 100,612 | ||||||
FHLMC, 0.25%, 12/4/23 | 100,000 | 96,222 | ||||||
FHLMC, 5.31%, 11/15/24 | 750,000 | 745,275 | ||||||
FHLMC, 4.00%, 11/25/24 | 550,000 | 538,279 | ||||||
FHLMC, 0.375%, 7/21/25 | 115,000 | 103,826 | ||||||
FNMA, 0.25%, 7/10/23 | 152,000 | 149,444 | ||||||
FNMA, 2.625%, 9/6/24 | 525,000 | 506,789 | ||||||
FNMA, 1.625%, 1/7/25 | 250,000 | 235,786 | ||||||
FNMA, 0.375%, 8/25/25 | 25,000 | 22,485 | ||||||
Tennessee Valley Authority, 0.75%, 5/15/25 | 125,000 | 114,178 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $5,633,859) | 5,515,617 |
46
Avantis Short-Term Fixed Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.4% | ||||||||
Sweden — 0.4% | ||||||||
Svensk Exportkredit AB, 3.625%, 9/3/24 | $ | 500,000 | $ | 488,142 | ||||
Svensk Exportkredit AB, 2.25%, 3/22/27 | 350,000 | 319,633 | ||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $819,217) | 807,775 | |||||||
SHORT-TERM INVESTMENTS — 1.2% | ||||||||
Money Market Funds — 0.7% | ||||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 1,377,480 | 1,377,480 | ||||||
Treasury Bills(4) — 0.5% | ||||||||
U.S. Treasury Bills, 4.96%, 6/20/23 | $ | 1,100,000 | 1,083,822 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,461,219) | 2,461,302 | |||||||
TOTAL INVESTMENT SECURITIES — 100.1% (Cost $211,356,358) | 206,387,553 | |||||||
OTHER ASSETS AND LIABILITIES — (0.1)% | (174,184) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 206,213,369 |
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 |
†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 $1,328,370. 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)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $1,166,737, which represented 0.6% of total net assets.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,377,480.
(4)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.
See Notes to Financial Statements.
47
Statements of Assets and Liabilities |
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis Core Fixed Income ETF | Avantis Core Municipal Fixed Income ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $453,011,820 and $81,994,061, respectively) — including $3,717,081 and $—, respectively of securities on loan | $ | 433,334,187 | $ | 79,225,068 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $3,816,853 and $—, respectively) | 3,816,853 | — | ||||||
Total investment securities, at value (cost of $456,828,673 and $81,994,061, respectively) | 437,151,040 | 79,225,068 | ||||||
Cash | 35,808 | — | ||||||
Deposits with broker for forward committments | 417,000 | — | ||||||
Receivable for investments sold | 30,557,481 | — | ||||||
Interest receivable | 2,882,135 | 895,031 | ||||||
Securities lending receivable | 939 | — | ||||||
471,044,403 | 80,120,099 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 3,816,853 | — | ||||||
Payable for investments purchased | 104,022,865 | 97,608 | ||||||
Payable for variation margin on futures contracts | 6,750 | — | ||||||
Payable for variation margin on swap agreements | 2,758 | — | ||||||
Accrued management fees | 41,662 | 8,160 | ||||||
107,890,888 | 105,768 | |||||||
Net Assets | $ | 363,153,515 | $ | 80,014,331 | ||||
Shares outstanding (unlimited number of shares authorized) | 8,850,000 | 1,750,000 | ||||||
Net Asset Value Per Share | $ | 41.03 | $ | 45.72 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 395,451,569 | $ | 82,648,346 | ||||
Distributable earnings (loss) | (32,298,054) | (2,634,015) | ||||||
$ | 363,153,515 | $ | 80,014,331 |
See Notes to Financial Statements.
48
FEBRUARY 28, 2023 (UNAUDITED) | |||||
Avantis Short-Term Fixed Income ETF | |||||
Assets | |||||
Investment securities, at value (cost of $209,978,878) — including $1,328,370 of securities on loan | $ | 205,010,073 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $1,377,480) | 1,377,480 | ||||
Total investment securities, at value (cost of $211,356,358) | 206,387,553 | ||||
Cash | 512,016 | ||||
Receivable for investments sold | 1,951,229 | ||||
Interest receivable | 1,362,946 | ||||
Securities lending receivable | 316 | ||||
210,214,060 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 1,377,480 | ||||
Payable for investments purchased | 2,599,520 | ||||
Accrued management fees | 23,691 | ||||
4,000,691 | |||||
Net Assets | $ | 206,213,369 | |||
Shares outstanding (unlimited number of shares authorized) | 4,500,000 | ||||
Net Asset Value Per Share | $ | 45.83 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 212,178,075 | |||
Distributable earnings (loss) | (5,964,706) | ||||
$ | 206,213,369 |
See Notes to Financial Statements.
49
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis Core Fixed Income ETF | Avantis Core Municipal Fixed Income ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Interest | $ | 5,440,956 | $ | 589,848 | ||||
Securities lending, net | 1,429 | — | ||||||
5,442,385 | 589,848 | |||||||
Expenses: | ||||||||
Management fees | 221,751 | 37,946 | ||||||
Other expenses | 5,851 | — | ||||||
227,602 | 37,946 | |||||||
Net investment income (loss) | 5,214,783 | 551,902 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (8,172,554) | (26,042) | ||||||
Futures contract transactions | (353,527) | — | ||||||
Swap agreement transactions | 37,818 | — | ||||||
(8,488,263) | (26,042) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | (1,555,291) | (92,628) | ||||||
Futures contracts | 2,568 | — | ||||||
Swap agreements | 40,267 | — | ||||||
(1,512,456) | (92,628) | |||||||
Net realized and unrealized gain (loss) | (10,000,719) | (118,670) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (4,785,936) | $ | 433,232 |
See Notes to Financial Statements.
50
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | |||||
Avantis Short-Term Fixed Income ETF | |||||
Investment Income (Loss) | |||||
Income: | |||||
Interest | $ | 2,859,486 | |||
Securities lending, net | 594 | ||||
2,860,080 | |||||
Expenses: | |||||
Management fees | 123,738 | ||||
Net investment income (loss) | 2,736,342 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on investment transactions | (1,095,443) | ||||
Change in net unrealized appreciation (depreciation) on investments | (1,002,769) | ||||
Net realized and unrealized gain (loss) | (2,098,212) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 638,130 |
See Notes to Financial Statements.
51
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | ||||||||||||||
Avantis Core Fixed Income ETF | Avantis Core Municipal Fixed Income ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | February 28, 2023 | August 31, 2022 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 5,214,783 | $ | 3,231,684 | $ | 551,902 | $ | 295,442 | ||||||
Net realized gain (loss) | (8,488,263) | (5,265,375) | (26,042) | 60 | ||||||||||
Change in net unrealized appreciation (depreciation) | (1,512,456) | (18,555,986) | (92,628) | (2,780,081) | ||||||||||
Net increase (decrease) in net assets resulting from operations | (4,785,936) | (20,589,677) | 433,232 | (2,484,579) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (4,658,995) | (2,680,155) | (427,705) | (271,910) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 151,376,670 | 202,856,185 | 43,462,680 | 11,608,180 | ||||||||||
Payments for shares redeemed | (27,914,250) | — | — | — | ||||||||||
Other capital | 4,359 | 11,448 | 47,211 | 10,377 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 123,466,779 | 202,867,633 | 43,509,891 | 11,618,557 | ||||||||||
Net increase (decrease) in net assets | 114,021,848 | 179,597,801 | 43,515,418 | 8,862,068 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 249,131,667 | 69,533,866 | 36,498,913 | 27,636,845 | ||||||||||
End of period | $ | 363,153,515 | $ | 249,131,667 | $ | 80,014,331 | $ | 36,498,913 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 3,700,000 | 4,450,000 | 950,000 | 250,000 | ||||||||||
Redeemed | (700,000) | — | — | — | ||||||||||
Net increase (decrease) in shares of the funds | 3,000,000 | 4,450,000 | 950,000 | 250,000 |
See Notes to Financial Statements.
52
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | ||||||||
Avantis Short-Term Fixed Income ETF | ||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 2,736,342 | $ | 730,680 | ||||
Net realized gain (loss) | (1,095,443) | (527,439) | ||||||
Change in net unrealized appreciation (depreciation) | (1,002,769) | (3,976,581) | ||||||
Net increase (decrease) in net assets resulting from operations | 638,130 | (3,773,340) | ||||||
Distributions to Shareholders | ||||||||
From earnings | (2,229,905) | (622,910) | ||||||
Capital Share Transactions | ||||||||
Proceeds from shares sold | 121,601,076 | 58,095,084 | ||||||
Other capital | 2,194 | 4,107 | ||||||
Net increase (decrease) in net assets from capital share transactions | 121,603,270 | 58,099,191 | ||||||
Net increase (decrease) in net assets | 120,011,495 | 53,702,941 | ||||||
Net Assets | ||||||||
Beginning of period | 86,201,874 | 32,498,933 | ||||||
End of period | $ | 206,213,369 | $ | 86,201,874 | ||||
Transactions in Shares of the Funds | ||||||||
Sold | 2,650,000 | 1,200,000 |
See Notes to Financial Statements.
53
Notes to Financial Statements |
FEBRUARY 28, 2023 (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.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, 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 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.
Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
54
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. Securities lending income is net of fees and rebates earned by the lending agent for its services.
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. ACIM 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. The funds may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.
Income Tax Status — It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid monthly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business, the funds enter into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the funds pursuant to a Securities Lending Agreement. The lending of securities exposes the funds to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the funds may experience delays in recovery of the loaned securities or delays in access to collateral, or the funds may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the funds in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the funds seek to increase their net investment income through the receipt of interest and fees. Such income is reflected separately within the Statements of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedules of Investments and Statements of Assets and Liabilities.
55
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, 2023.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Fund / Securities Lending Transactions(1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||
Avantis Core Fixed Income ETF | |||||||||||||||||
Corporate Bonds | $ | 3,816,853 | — | — | — | $ | 3,816,853 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 3,816,853 | |||||||||||||||
Avantis Short-Term Fixed Income ETF | |||||||||||||||||
Corporate Bonds | $ | 1,377,480 | — | — | — | $ | 1,377,480 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,377,480 |
(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.
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, 2023 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 | $659,946,177 | — | $13,100,253 | ||||||||
Purchases of other investment securities | $24,365,176 | $32,595,576 | $41,574,360 | ||||||||
Total Purchases | $684,311,353 | $32,595,576 | $54,674,613 | ||||||||
Sales of U.S. Treasury and Government Agency obligations | $643,113,209 | — | $11,445,643 | ||||||||
Sales of other investment securities | $33,025,936 | $1,305,363 | $43,445,880 | ||||||||
Total Sales | $676,139,145 | $1,305,363 | $54,891,523 |
56
Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2023 were as follows:
In kind Subscriptions | In kind Redemptions | In kind Net Realized Gain/(Loss)* | |||||||||
Avantis Core Fixed Income ETF | $135,774,147 | $22,008,230 | $(2,052,681) | ||||||||
Avantis Core Municipal Fixed Income ETF | $13,532,799 | — | — | ||||||||
Avantis Short-Term Fixed Income ETF | $111,663,686 | — | — |
*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.
57
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 | — | $ | 223,818,470 | — | |||||||
U.S. Treasury Securities | — | 91,006,679 | — | ||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 71,463,446 | — | ||||||||
U.S. Government Agency Securities | — | 10,262,107 | — | ||||||||
Sovereign Governments and Agencies | — | 1,323,409 | — | ||||||||
Short-Term Investments | $ | 3,816,853 | 35,460,076 | — | |||||||
$ | 3,816,853 | $ | 433,334,187 | — | |||||||
Other Financial Instruments | |||||||||||
Swap Agreements | — | $ | 99,057 | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 25,164 | — | — |
Avantis Core Municipal Fixed Income ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Municipal Securities | — | $ | 79,153,762 | — | |||||||
Short-Term Investments | $ | 71,306 | — | — | |||||||
$ | 71,306 | $ | 79,153,762 | — |
Avantis Short-Term Fixed Income ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 135,729,592 | — | |||||||
U.S. Treasury Securities and Equivalents | — | 61,873,267 | — | ||||||||
U.S. Government Agency Securities | — | 5,515,617 | — | ||||||||
Sovereign Governments and Agencies | — | 807,775 | — | ||||||||
Short-Term Investments | $ | 1,377,480 | 1,083,822 | — | |||||||
$ | 1,377,480 | $ | 205,010,073 | — |
58
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 | $ | 6,166,667 |
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 fund's average notional exposure to interest rate risk derivative instruments held during the period was as follows:
Futures Contracts Purchased | |||||
Avantis Core Fixed Income ETF | $ | 7,926,344 |
Value of Derivative Instruments as of February 28, 2023
Asset Derivatives | Liability Derivatives | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Assets and Liabilities | Value | Location on Statement of Assets and Liabilities | Value | ||||||||||
Avantis Core Fixed Income ETF | ||||||||||||||
Credit Risk | Receivable for variation margin on swap agreements* | — | Payable for variation margin on swap agreements* | $ | 2,758 | |||||||||
Interest Rate Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | 6,750 | ||||||||||
— | $ | 9,508 |
*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.
59
Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended February 28, 2023
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Operations | Value | Location on Statement of Operations | Value | ||||||||||
Avantis Core Fixed Income ETF | ||||||||||||||
Credit Risk | Net realized gain (loss) on swap agreement transactions | $ | 37,818 | Change in net unrealized appreciation (depreciation) on swap agreements | $ | 40,267 | ||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | (353,527) | Change in net unrealized appreciation (depreciation) on futures contracts | 2,568 | ||||||||||
$ | (315,709) | $ | 42,835 |
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 stressed the financial resources of many municipal issuers, which may impair a municipal issuer’s ability to meet its financial obligations when due and could adversely impact the value of its bonds, which could negatively impact the performance of the funds.
A fund's investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.
9. Federal Tax Information
The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.
As of period end, the components of investments for federal income tax purposes were as follows:
Avantis Core Fixed Income ETF | Avantis Core Municipal Fixed Income ETF | Avantis Short-Term Fixed Income ETF | |||||||||
Federal tax cost of investments | $ | 457,644,503 | $ | 81,994,082 | $ | 211,356,358 | |||||
Gross tax appreciation of investments | $ | 248,956 | $ | 246,353 | $ | 59,224 | |||||
Gross tax depreciation of investments | (20,742,419) | (3,015,367) | (5,028,029) | ||||||||
Net tax appreciation (depreciation) of investments | $ | (20,493,463) | $ | (2,769,014) | $ | (4,968,805) |
For Avantis Core Fixed Income ETF and Avantis Core Municipal 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 Short-Term Fixed Income ETF.
60
As of August 31, 2022, 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 | $ | (3,858,395) | $ | (1,042,184) | ||||
Avantis Core Municipal Fixed Income ETF | $ | (5,026) | — | |||||
Avantis Short-Term Fixed Income ETF | $ | (423,360) | $ | (131,368) |
61
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 Core Fixed Income ETF | ||||||||||||||||||||||||||||||||||||||
2023(4) | $42.59 | 0.72 | (1.61) | (0.89) | (0.67) | 0.00(5) | $41.03 | (2.08)% | 0.15%(6) | 3.53%(6) | 210% | $363,154 | ||||||||||||||||||||||||||
2022 | $49.67 | 0.94 | (7.28) | (6.34) | (0.74) | 0.00(5) | $42.59 | (12.86)% | 0.15% | 2.09% | 382% | $249,132 | ||||||||||||||||||||||||||
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, 2023 (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 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 Core Municipal Fixed Income ETF | ||||||||||||||||||||||||||||||||||||||
2023(4) | $45.62 | 0.49 | (0.03) | 0.46 | (0.40) | 0.04 | $45.72 | 1.10% | 0.15%(5) | 2.18%(5) | 3% | $80,014 | ||||||||||||||||||||||||||
2022 | $50.25 | 0.48 | (4.69) | (4.21) | (0.44) | 0.02 | $45.62 | (8.36)% | 0.15% | 1.01% | 2% | $36,499 | ||||||||||||||||||||||||||
2021(6) | $50.00 | 0.26 | 0.17 | 0.43 | (0.21) | 0.03 | $50.25 | 0.93% | 0.15%(5) | 0.70%(5) | 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, 2023 (unaudited).
(5)Annualized.
(6)December 8, 2020 (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 | 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 | ||||||||||||||||||||||||||||||||||||||
2023(4) | $46.60 | 0.76 | (0.90) | (0.14) | (0.63) | 0.00(5) | $45.83 | (0.31)% | 0.15%(6) | 3.32%(6) | 35% | $206,213 | ||||||||||||||||||||||||||
2022 | $50.00 | 0.57 | (3.52) | (2.95) | (0.45) | 0.00(5) | $46.60 | (5.92)% | 0.15% | 1.18% | 38% | $86,202 | ||||||||||||||||||||||||||
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, 2023 (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 at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
65
Notes |
66
Notes |
67
Notes |
68
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. | ||||||||
©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96957 2304 |
Semiannual Report | |||||
February 28, 2023 | |||||
Avantis® U.S. Equity Fund | |||||
Institutional Class (AVUSX) | |||||
G Class (AVUNX) | |||||
Avantis® U.S. Large Cap Value Fund | |||||
Institutional Class (AVLVX) | |||||
G Class (ALCEX) | |||||
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. Large Cap Value 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 ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.
Stocks and Bonds Delivered Mixed Results as Volatility Reigned
Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.
The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.
In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.
For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis U.S. Equity Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Rights | —* | ||||
Short-Term Investments | 0.4% | ||||
Other Assets and Liabilities | (0.1)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Industries | % of net assets | ||||
Oil, Gas and Consumable Fuels | 8.4% | ||||
Banks | 6.2% | ||||
Software | 5.3% | ||||
Semiconductors and Semiconductor Equipment | 5.0% | ||||
Technology Hardware, Storage and Peripherals | 4.2% |
3
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis U.S. Large Cap Value Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 98.7% | ||||
Short-Term Investments | 1.8% | ||||
Other Assets and Liabilities | (0.5)% | ||||
Top Five Industries | % of net assets | ||||
Oil, Gas and Consumable Fuels | 14.9% | ||||
Banks | 6.9% | ||||
Insurance | 6.5% | ||||
Semiconductors and Semiconductor Equipment | 5.7% | ||||
Pharmaceuticals | 5.5% |
4
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis U.S. Small Cap Value Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.5% | ||||
Short-Term Investments | 1.8% | ||||
Other Assets and Liabilities | (1.3)% | ||||
Top Five Industries | % of net assets | ||||
Banks | 15.1% | ||||
Oil, Gas and Consumable Fuels | 12.5% | ||||
Specialty Retail | 6.3% | ||||
Trading Companies and Distributors | 5.4% | ||||
Thrifts and Mortgage Finance | 4.4% |
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, 2022 to February 28, 2023.
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 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid During Period(1) 9/1/22 - 2/28/23 | Annualized Expense Ratio(1) | |||||||||||
Avantis U.S. Equity Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $1,041.30 | $0.76 | 0.15% | ||||||||||
G Class | $1,000 | $1,041.30 | $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. Large Cap Value Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $1,068.80 | $0.82 | 0.16% | ||||||||||
G Class | $1,000 | $1,070.60 | $0.05 | 0.01% | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,024.00 | $0.80 | 0.16% | ||||||||||
G Class | $1,000 | $1,024.75 | $0.05 | 0.01% | ||||||||||
Avantis U.S. Small Cap Value Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $1,102.40 | $1.30 | 0.25% | ||||||||||
G Class | $1,000 | $1,103.60 | $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%.
7
Schedules of Investments |
FEBRUARY 28, 2023 (UNAUDITED)
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Aerospace and Defense — 1.3% | ||||||||
AAR Corp.(1) | 1,155 | $ | 62,820 | |||||
Aerojet Rocketdyne Holdings, Inc.(1) | 3,621 | 204,007 | ||||||
AerSale Corp.(1) | 635 | 12,611 | ||||||
Archer Aviation, Inc., Class A(1) | 4,546 | 13,411 | ||||||
Axon Enterprise, Inc.(1) | 257 | 51,480 | ||||||
Boeing Co.(1) | 2,795 | 563,332 | ||||||
BWX Technologies, Inc. | 3,560 | 217,552 | ||||||
Curtiss-Wright Corp. | 281 | 49,116 | ||||||
Ducommun, Inc.(1) | 89 | 4,788 | ||||||
General Dynamics Corp. | 1,113 | 253,664 | ||||||
HEICO Corp. | 159 | 26,326 | ||||||
HEICO Corp., Class A | 385 | 50,108 | ||||||
Hexcel Corp. | 1,272 | 92,792 | ||||||
Howmet Aerospace, Inc. | 1,262 | 53,231 | ||||||
Huntington Ingalls Industries, Inc. | 493 | 106,094 | ||||||
Kaman Corp. | 710 | 18,460 | ||||||
Kratos Defense & Security Solutions, Inc.(1) | 917 | 11,600 | ||||||
L3Harris Technologies, Inc. | 689 | 145,510 | ||||||
Lockheed Martin Corp. | 2,429 | 1,151,977 | ||||||
Maxar Technologies, Inc. | 218 | 11,227 | ||||||
Moog, Inc., Class A | 1,115 | 109,961 | ||||||
National Presto Industries, Inc. | 103 | 7,069 | ||||||
Northrop Grumman Corp. | 649 | 301,207 | ||||||
Parsons Corp.(1) | 30 | 1,351 | ||||||
Raytheon Technologies Corp. | 8,595 | 843,084 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 840 | 28,711 | ||||||
Textron, Inc. | 4,451 | 322,831 | ||||||
TransDigm Group, Inc. | 207 | 153,981 | ||||||
Triumph Group, Inc.(1) | 528 | 6,663 | ||||||
Virgin Galactic Holdings, Inc.(1) | 1,367 | 7,847 | ||||||
Woodward, Inc. | 1,377 | 136,323 | ||||||
5,019,134 | ||||||||
Air Freight and Logistics — 1.0% | ||||||||
Air Transport Services Group, Inc.(1) | 3,671 | 76,834 | ||||||
Atlas Air Worldwide Holdings, Inc.(1) | 1,208 | 121,778 | ||||||
CH Robinson Worldwide, Inc. | 1,570 | 156,937 | ||||||
Expeditors International of Washington, Inc. | 5,436 | 568,388 | ||||||
FedEx Corp. | 5,203 | 1,057,354 | ||||||
Forward Air Corp. | 1,069 | 110,332 | ||||||
GXO Logistics, Inc.(1) | 748 | 37,078 | ||||||
Hub Group, Inc., Class A(1) | 1,291 | 118,423 | ||||||
United Parcel Service, Inc., Class B | 9,683 | 1,767,051 | ||||||
4,014,175 | ||||||||
Airlines — 0.4% | ||||||||
Alaska Air Group, Inc.(1) | 4,954 | 236,950 |
8
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Allegiant Travel Co.(1) | 620 | $ | 63,581 | |||||
American Airlines Group, Inc.(1) | 3,925 | 62,721 | ||||||
Delta Air Lines, Inc.(1) | 6,530 | 250,360 | ||||||
Hawaiian Holdings, Inc.(1) | 2,390 | 26,768 | ||||||
JetBlue Airways Corp.(1) | 4,739 | 39,334 | ||||||
Mesa Air Group, Inc.(1) | 522 | 1,582 | ||||||
SkyWest, Inc.(1) | 1,629 | 31,065 | ||||||
Southwest Airlines Co. | 14,233 | 477,944 | ||||||
Spirit Airlines, Inc. | 2,608 | 47,779 | ||||||
Sun Country Airlines Holdings, Inc.(1) | 1,302 | 26,105 | ||||||
United Airlines Holdings, Inc.(1) | 8,187 | 425,396 | ||||||
1,689,585 | ||||||||
Auto Components — 0.4% | ||||||||
American Axle & Manufacturing Holdings, Inc.(1) | 6,857 | 60,342 | ||||||
Aptiv PLC(1) | 2,035 | 236,630 | ||||||
Autoliv, Inc. | 2,728 | 252,558 | ||||||
BorgWarner, Inc. | 4,383 | 220,377 | ||||||
Cooper-Standard Holdings, Inc.(1) | 132 | 2,105 | ||||||
Dana, Inc. | 6,208 | 98,335 | ||||||
Gentex Corp. | 4,070 | 116,198 | ||||||
Goodyear Tire & Rubber Co.(1) | 8,220 | 93,379 | ||||||
LCI Industries | 1,159 | 130,747 | ||||||
Lear Corp. | 944 | 131,830 | ||||||
Modine Manufacturing Co.(1) | 860 | 20,993 | ||||||
Motorcar Parts of America, Inc.(1) | 233 | 3,050 | ||||||
Patrick Industries, Inc. | 911 | 66,366 | ||||||
QuantumScape Corp.(1)(2) | 2,508 | 24,001 | ||||||
Standard Motor Products, Inc. | 341 | 13,289 | ||||||
Stoneridge, Inc.(1) | 1,089 | 25,929 | ||||||
1,496,129 | ||||||||
Automobiles — 1.4% | ||||||||
Ford Motor Co. | 80,937 | 976,910 | ||||||
General Motors Co. | 31,371 | 1,215,313 | ||||||
Harley-Davidson, Inc. | 3,640 | 173,082 | ||||||
Lordstown Motors Corp., Class A(1)(2) | 2,733 | 2,842 | ||||||
Lucid Group, Inc.(1) | 4,717 | 43,066 | ||||||
Rivian Automotive, Inc., Class A(1) | 7,285 | 140,600 | ||||||
Tesla, Inc.(1) | 12,136 | 2,496,497 | ||||||
Thor Industries, Inc. | 1,921 | 174,792 | ||||||
Winnebago Industries, Inc. | 1,523 | 96,802 | ||||||
Workhorse Group, Inc.(1) | 9,703 | 19,988 | ||||||
5,339,892 | ||||||||
Banks — 6.2% | ||||||||
1st Source Corp. | 321 | 15,992 | ||||||
ACNB Corp. | 274 | 10,149 | ||||||
Amalgamated Financial Corp. | 1,351 | 31,816 | ||||||
Amerant Bancorp, Inc. | 864 | 24,538 | ||||||
American National Bankshares, Inc. | 384 | 12,922 | ||||||
Ameris Bancorp | 2,160 | 103,399 | ||||||
Arrow Financial Corp. | 616 | 18,776 | ||||||
Associated Banc-Corp. | 3,946 | 91,350 |
9
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Atlantic Union Bankshares Corp. | 1,701 | $ | 63,719 | |||||
Banc of California, Inc. | 1,504 | 26,395 | ||||||
BancFirst Corp. | 383 | 34,566 | ||||||
Bancorp, Inc.(1) | 2,393 | 82,774 | ||||||
Bank First Corp.(2) | 345 | 28,128 | ||||||
Bank of America Corp. | 47,870 | 1,641,941 | ||||||
Bank of Hawaii Corp. | 1,184 | 88,634 | ||||||
Bank of Marin Bancorp | 324 | 9,396 | ||||||
Bank OZK | 3,249 | 149,551 | ||||||
BankUnited, Inc. | 2,500 | 88,550 | ||||||
Banner Corp. | 954 | 60,083 | ||||||
Bar Harbor Bankshares | 500 | 14,935 | ||||||
Baycom Corp. | 385 | 7,904 | ||||||
BCB Bancorp, Inc. | 593 | 10,289 | ||||||
Berkshire Hills Bancorp, Inc. | 1,551 | 45,072 | ||||||
Blue Ridge Bankshares, Inc. | 811 | 9,927 | ||||||
BOK Financial Corp. | 625 | 65,425 | ||||||
Brookline Bancorp, Inc. | 3,642 | 47,200 | ||||||
Business First Bancshares, Inc. | 748 | 15,588 | ||||||
Byline Bancorp, Inc. | 780 | 19,227 | ||||||
Cadence Bank | 6,071 | 161,246 | ||||||
Cambridge Bancorp | 192 | 15,270 | ||||||
Camden National Corp. | 451 | 18,559 | ||||||
Capital City Bank Group, Inc. | 175 | 6,242 | ||||||
Capstar Financial Holdings, Inc. | 717 | 12,404 | ||||||
Carter Bankshares, Inc.(1) | 1,318 | 22,894 | ||||||
Cathay General Bancorp | 2,175 | 93,351 | ||||||
Central Pacific Financial Corp. | 1,144 | 25,660 | ||||||
Central Valley Community Bancorp | 384 | 9,796 | ||||||
Citigroup, Inc. | 23,632 | 1,197,906 | ||||||
Citizens & Northern Corp. | 211 | 4,748 | ||||||
Citizens Financial Group, Inc. | 10,986 | 458,775 | ||||||
City Holding Co. | 392 | 38,494 | ||||||
Civista Bancshares, Inc. | 218 | 4,650 | ||||||
CNB Financial Corp. | 770 | 18,357 | ||||||
Coastal Financial Corp.(1) | 338 | 15,599 | ||||||
Columbia Banking System, Inc. | 2,418 | 71,887 | ||||||
Comerica, Inc. | 3,572 | 250,397 | ||||||
Commerce Bancshares, Inc. | 2,580 | 170,667 | ||||||
Community Bank System, Inc. | 868 | 52,991 | ||||||
Community Trust Bancorp, Inc. | 482 | 20,605 | ||||||
ConnectOne Bancorp, Inc. | 1,113 | 26,990 | ||||||
CrossFirst Bankshares, Inc.(1) | 1,628 | 23,036 | ||||||
Cullen/Frost Bankers, Inc. | 1,127 | 148,561 | ||||||
Customers Bancorp, Inc.(1) | 1,382 | 42,566 | ||||||
CVB Financial Corp. | 3,283 | 78,562 | ||||||
Dime Community Bancshares, Inc. | 1,799 | 55,121 | ||||||
Eagle Bancorp, Inc. | 926 | 40,568 | ||||||
East West Bancorp, Inc. | 3,982 | 303,468 | ||||||
Eastern Bankshares, Inc. | 3,787 | 59,380 | ||||||
Enterprise Bancorp, Inc. | 150 | 5,309 |
10
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Enterprise Financial Services Corp. | 907 | $ | 49,395 | |||||
Equity Bancshares, Inc., Class A | 592 | 17,796 | ||||||
Esquire Financial Holdings, Inc. | 226 | 10,394 | ||||||
Farmers & Merchants Bancorp, Inc. | 511 | 13,235 | ||||||
Farmers National Banc Corp. | 1,110 | 15,818 | ||||||
FB Financial Corp. | 818 | 30,830 | ||||||
Fifth Third Bancorp | 15,658 | 568,385 | ||||||
Financial Institutions, Inc. | 648 | 16,174 | ||||||
First BanCorp | 9,275 | 134,580 | ||||||
First Bancorp, Inc. | 69 | 2,020 | ||||||
First Bancorp/Southern Pines NC | 791 | 32,819 | ||||||
First Bancshares, Inc. | 537 | 16,813 | ||||||
First Busey Corp. | 2,149 | 51,877 | ||||||
First Business Financial Services, Inc. | 296 | 10,484 | ||||||
First Citizens BancShares, Inc., Class A | 259 | 190,044 | ||||||
First Commonwealth Financial Corp. | 2,633 | 42,154 | ||||||
First Community Bankshares, Inc. | 369 | 11,520 | ||||||
First Financial Bancorp | 2,191 | 53,986 | ||||||
First Financial Bankshares, Inc. | 1,917 | 70,316 | ||||||
First Financial Corp. | 358 | 15,734 | ||||||
First Foundation, Inc. | 1,202 | 18,114 | ||||||
First Hawaiian, Inc. | 3,098 | 84,730 | ||||||
First Horizon Corp. | 13,829 | 342,544 | ||||||
First Internet Bancorp | 270 | 7,293 | ||||||
First Interstate BancSystem, Inc., Class A | 2,212 | 78,614 | ||||||
First Merchants Corp. | 1,521 | 62,239 | ||||||
First Mid Bancshares, Inc. | 445 | 13,791 | ||||||
First of Long Island Corp. | 821 | 13,973 | ||||||
First Republic Bank | 2,154 | 264,964 | ||||||
Five Star Bancorp | 297 | 8,114 | ||||||
Flushing Financial Corp. | 915 | 17,806 | ||||||
FNB Corp. | 7,606 | 108,538 | ||||||
Fulton Financial Corp. | 5,098 | 87,686 | ||||||
German American Bancorp, Inc. | 515 | 20,239 | ||||||
Glacier Bancorp, Inc. | 1,729 | 81,920 | ||||||
Great Southern Bancorp, Inc. | 358 | 20,832 | ||||||
Hancock Whitney Corp. | 3,174 | 155,907 | ||||||
Hanmi Financial Corp. | 1,345 | 31,769 | ||||||
HarborOne Bancorp, Inc. | 1,993 | 27,244 | ||||||
HBT Financial, Inc. | 763 | 17,335 | ||||||
Heartland Financial USA, Inc. | 932 | 46,078 | ||||||
Heritage Commerce Corp. | 1,136 | 13,757 | ||||||
Heritage Financial Corp. | 687 | 19,147 | ||||||
Hilltop Holdings, Inc. | 1,799 | 59,673 | ||||||
Home BancShares, Inc. | 3,454 | 83,241 | ||||||
HomeStreet, Inc. | 686 | 17,308 | ||||||
HomeTrust Bancshares, Inc. | 196 | 5,737 | ||||||
Hope Bancorp, Inc. | 3,253 | 41,671 | ||||||
Horizon Bancorp, Inc. | 1,083 | 16,483 | ||||||
Huntington Bancshares, Inc. | 23,895 | 366,071 | ||||||
Independent Bank Corp. | 947 | 75,457 |
11
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Independent Bank Corp. (Michigan) | 1,490 | $ | 32,854 | |||||
Independent Bank Group, Inc. | 668 | 39,318 | ||||||
International Bancshares Corp. | 2,135 | 103,612 | ||||||
JPMorgan Chase & Co. | 26,663 | 3,822,141 | ||||||
KeyCorp | 24,835 | 454,232 | ||||||
Lakeland Bancorp, Inc. | 2,406 | 46,315 | ||||||
Lakeland Financial Corp. | 832 | 59,588 | ||||||
Live Oak Bancshares, Inc. | 1,607 | 55,538 | ||||||
M&T Bank Corp. | 2,638 | 409,655 | ||||||
Macatawa Bank Corp. | 1,412 | 15,405 | ||||||
Mercantile Bank Corp. | 568 | 19,647 | ||||||
Metrocity Bankshares, Inc. | 562 | 11,336 | ||||||
Metropolitan Bank Holding Corp.(1) | 258 | 14,399 | ||||||
Mid Penn Bancorp, Inc. | 311 | 9,517 | ||||||
Midland States Bancorp, Inc. | 740 | 19,270 | ||||||
MidWestOne Financial Group, Inc. | 488 | 14,660 | ||||||
MVB Financial Corp. | 145 | 3,957 | ||||||
National Bank Holdings Corp., Class A | 687 | 27,817 | ||||||
NBT Bancorp, Inc. | 1,284 | 52,118 | ||||||
Nicolet Bankshares, Inc.(1) | 207 | 15,413 | ||||||
Northeast Bank | 344 | 15,164 | ||||||
Northrim BanCorp, Inc. | 88 | 4,621 | ||||||
Northwest Bancshares, Inc. | 4,191 | 57,920 | ||||||
OceanFirst Financial Corp. | 1,395 | 33,089 | ||||||
OFG Bancorp | 2,093 | 63,669 | ||||||
Old National Bancorp | 5,628 | 99,447 | ||||||
Old Second Bancorp, Inc. | 1,685 | 27,937 | ||||||
Origin Bancorp, Inc. | 749 | 28,395 | ||||||
Orrstown Financial Services, Inc. | 418 | 9,614 | ||||||
Pacific Premier Bancorp, Inc. | 2,662 | 86,302 | ||||||
PacWest Bancorp | 4,539 | 125,957 | ||||||
Park National Corp. | 449 | 57,369 | ||||||
Parke Bancorp, Inc. | 239 | 4,878 | ||||||
Pathward Financial, Inc. | 1,347 | 68,710 | ||||||
PCB Bancorp | 619 | 11,303 | ||||||
Peapack-Gladstone Financial Corp. | 790 | 29,348 | ||||||
Peoples Bancorp, Inc. | 1,112 | 34,594 | ||||||
Pinnacle Financial Partners, Inc. | 1,640 | 121,508 | ||||||
PNC Financial Services Group, Inc. | 6,022 | 950,994 | ||||||
Popular, Inc. | 2,764 | 197,350 | ||||||
Preferred Bank | 443 | 31,187 | ||||||
Premier Financial Corp. | 1,015 | 25,192 | ||||||
Primis Financial Corp. | 314 | 3,677 | ||||||
Prosperity Bancshares, Inc. | 1,463 | 107,516 | ||||||
QCR Holdings, Inc. | 506 | 27,066 | ||||||
RBB Bancorp | 596 | 11,777 | ||||||
Regions Financial Corp. | 20,692 | 482,537 | ||||||
Renasant Corp. | 1,599 | 57,532 | ||||||
Republic Bancorp, Inc., Class A | 412 | 18,334 | ||||||
S&T Bancorp, Inc. | 1,341 | 49,966 | ||||||
Sandy Spring Bancorp, Inc. | 1,151 | 37,925 |
12
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Seacoast Banking Corp. of Florida | 2,047 | $ | 62,454 | |||||
ServisFirst Bancshares, Inc. | 1,192 | 88,148 | ||||||
Shore Bancshares, Inc. | 441 | 7,523 | ||||||
Sierra Bancorp | 568 | 11,479 | ||||||
Signature Bank | 915 | 105,271 | ||||||
Silvergate Capital Corp., Class A(1)(2) | 419 | 5,828 | ||||||
Simmons First National Corp., Class A | 3,160 | 70,247 | ||||||
SmartFinancial, Inc. | 582 | 15,889 | ||||||
South Plains Financial, Inc. | 709 | 18,640 | ||||||
Southern First Bancshares, Inc.(1) | 222 | 8,936 | ||||||
Southside Bancshares, Inc. | 640 | 24,442 | ||||||
SouthState Corp. | 1,540 | 124,247 | ||||||
Stellar Bancorp, Inc. | 1,191 | 34,837 | ||||||
Stock Yards Bancorp, Inc. | 769 | 45,010 | ||||||
Summit Financial Group, Inc. | 196 | 4,992 | ||||||
SVB Financial Group(1) | 789 | 227,319 | ||||||
Synovus Financial Corp. | 4,240 | 177,274 | ||||||
Texas Capital Bancshares, Inc.(1) | 1,212 | 80,271 | ||||||
Tompkins Financial Corp. | 301 | 22,512 | ||||||
Towne Bank | 1,775 | 53,836 | ||||||
TriCo Bancshares | 1,187 | 59,955 | ||||||
Triumph Financial, Inc.(1) | 1,059 | 64,440 | ||||||
Truist Financial Corp. | 14,115 | 662,699 | ||||||
Trustmark Corp. | 1,692 | 49,745 | ||||||
U.S. Bancorp | 19,334 | 922,812 | ||||||
UMB Financial Corp. | 1,234 | 111,874 | ||||||
Umpqua Holdings Corp. | 8,040 | 141,986 | ||||||
United Bankshares, Inc. | 2,235 | 91,121 | ||||||
United Community Banks, Inc. | 2,262 | 74,895 | ||||||
Unity Bancorp, Inc. | 332 | 8,768 | ||||||
Univest Financial Corp. | 963 | 27,157 | ||||||
Valley National Bancorp | 8,148 | 94,354 | ||||||
Veritex Holdings, Inc. | 1,658 | 44,202 | ||||||
Washington Federal, Inc. | 2,781 | 97,530 | ||||||
Washington Trust Bancorp, Inc. | 493 | 20,706 | ||||||
Webster Financial Corp. | 3,147 | 167,169 | ||||||
Wells Fargo & Co. | 41,460 | 1,939,084 | ||||||
WesBanco, Inc. | 1,386 | 50,104 | ||||||
West BanCorp, Inc. | 500 | 10,530 | ||||||
Westamerica BanCorp | 893 | 49,222 | ||||||
Western Alliance Bancorp | 3,500 | 259,840 | ||||||
Wintrust Financial Corp. | 1,728 | 159,201 | ||||||
Zions Bancorp NA | 4,184 | 211,794 | ||||||
24,450,967 | ||||||||
Beverages — 1.2% | ||||||||
Boston Beer Co., Inc., Class A(1) | 136 | 44,037 | ||||||
Brown-Forman Corp., Class A | 472 | 30,642 | ||||||
Brown-Forman Corp., Class B | 4,463 | 289,515 | ||||||
Celsius Holdings, Inc.(1) | 207 | 18,795 | ||||||
Coca-Cola Co. | 23,722 | 1,411,696 | ||||||
Coca-Cola Consolidated, Inc. | 201 | 111,927 |
13
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Constellation Brands, Inc., Class A | 1,320 | $ | 295,284 | |||||
Duckhorn Portfolio, Inc.(1) | 503 | 7,671 | ||||||
Keurig Dr Pepper, Inc. | 5,458 | 188,574 | ||||||
MGP Ingredients, Inc. | 302 | 30,635 | ||||||
Molson Coors Beverage Co., Class B | 4,236 | 225,313 | ||||||
Monster Beverage Corp.(1) | 2,753 | 280,145 | ||||||
National Beverage Corp.(1) | 860 | 40,119 | ||||||
PepsiCo, Inc. | 10,505 | 1,822,933 | ||||||
4,797,286 | ||||||||
Biotechnology — 3.0% | ||||||||
2seventy bio, Inc.(1) | 714 | 9,632 | ||||||
AbbVie, Inc. | 12,122 | 1,865,576 | ||||||
Adicet Bio, Inc.(1) | 495 | 3,901 | ||||||
Agios Pharmaceuticals, Inc.(1) | 1,221 | 30,904 | ||||||
Aldeyra Therapeutics, Inc.(1) | 2,228 | 15,061 | ||||||
Alector, Inc.(1) | 2,399 | 20,487 | ||||||
Alkermes PLC(1) | 2,415 | 64,577 | ||||||
Allakos, Inc.(1) | 54 | 321 | ||||||
Allogene Therapeutics, Inc.(1) | 1,863 | 11,830 | ||||||
Alnylam Pharmaceuticals, Inc.(1) | 419 | 80,218 | ||||||
Altimmune, Inc.(1) | 915 | 11,520 | ||||||
ALX Oncology Holdings, Inc.(1) | 72 | 477 | ||||||
Amgen, Inc. | 3,763 | 871,737 | ||||||
AnaptysBio, Inc.(1) | 151 | 3,760 | ||||||
Anika Therapeutics, Inc.(1) | 17 | 539 | ||||||
Apellis Pharmaceuticals, Inc.(1)(2) | 626 | 40,990 | ||||||
Arcturus Therapeutics Holdings, Inc.(1) | 69 | 1,121 | ||||||
Arcus Biosciences, Inc.(1) | 711 | 12,947 | ||||||
Ardelyx, Inc.(1) | 348 | 1,002 | ||||||
Atara Biotherapeutics, Inc.(1) | 834 | 3,378 | ||||||
BioCryst Pharmaceuticals, Inc.(1) | 946 | 8,372 | ||||||
Biogen, Inc.(1) | 2,382 | 642,807 | ||||||
BioMarin Pharmaceutical, Inc.(1) | 2,528 | 251,764 | ||||||
Bluebird Bio, Inc.(1) | 123 | 640 | ||||||
Bridgebio Pharma, Inc.(1)(2) | 2,160 | 24,667 | ||||||
CareDx, Inc.(1) | 381 | 6,408 | ||||||
Caribou Biosciences, Inc.(1) | 1,959 | 11,930 | ||||||
Catalyst Pharmaceuticals, Inc.(1) | 5,260 | 80,268 | ||||||
Chinook Therapeutics, Inc.(1) | 1,501 | 32,752 | ||||||
CRISPR Therapeutics AG(1)(2) | 1,163 | 57,359 | ||||||
CTI BioPharma Corp.(1) | 1,427 | 7,791 | ||||||
Cullinan Oncology, Inc.(1)(2) | 2,086 | 23,551 | ||||||
Cytokinetics, Inc.(1) | 516 | 22,374 | ||||||
Deciphera Pharmaceuticals, Inc.(1) | 674 | 9,773 | ||||||
Denali Therapeutics, Inc.(1) | 843 | 22,887 | ||||||
Dynavax Technologies Corp.(1) | 4,847 | 49,924 | ||||||
Dyne Therapeutics, Inc.(1) | 1,429 | 18,406 | ||||||
Editas Medicine, Inc.(1) | 1,447 | 13,081 | ||||||
Emergent BioSolutions, Inc.(1) | 873 | 10,808 | ||||||
Enanta Pharmaceuticals, Inc.(1) | 212 | 10,282 | ||||||
EQRx, Inc.(1) | 9,167 | 20,717 |
14
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Exact Sciences Corp.(1) | 920 | $ | 57,344 | |||||
Exelixis, Inc.(1) | 2,650 | 45,262 | ||||||
Fate Therapeutics, Inc.(1) | 1,015 | 6,212 | ||||||
Generation Bio Co.(1) | 1,509 | 5,976 | ||||||
Gilead Sciences, Inc. | 20,055 | 1,615,029 | ||||||
Halozyme Therapeutics, Inc.(1) | 3,119 | 149,681 | ||||||
Horizon Therapeutics PLC(1) | 3,218 | 352,339 | ||||||
Ideaya Biosciences, Inc.(1) | 273 | 4,818 | ||||||
Incyte Corp.(1) | 2,121 | 163,275 | ||||||
Insmed, Inc.(1) | 1,048 | 21,358 | ||||||
Ionis Pharmaceuticals, Inc.(1) | 1,383 | 49,650 | ||||||
Iovance Biotherapeutics, Inc.(1) | 1,053 | 7,676 | ||||||
Ironwood Pharmaceuticals, Inc.(1) | 6,854 | 77,245 | ||||||
iTeos Therapeutics, Inc.(1) | 1,269 | 22,474 | ||||||
KalVista Pharmaceuticals, Inc.(1) | 1,352 | 9,910 | ||||||
Keros Therapeutics, Inc.(1) | 47 | 2,501 | ||||||
Kiniksa Pharmaceuticals Ltd., Class A(1) | 232 | 2,984 | ||||||
Kinnate Biopharma, Inc.(1)(2) | 1,641 | 8,664 | ||||||
Kodiak Sciences, Inc.(1) | 87 | 566 | ||||||
Kura Oncology, Inc.(1) | 2,185 | 26,045 | ||||||
Kymera Therapeutics, Inc.(1) | 547 | 17,165 | ||||||
Lyell Immunopharma, Inc.(1)(2) | 4,561 | 9,806 | ||||||
MacroGenics, Inc.(1) | 152 | 926 | ||||||
MannKind Corp.(1)(2) | 2,305 | 12,170 | ||||||
Mirati Therapeutics, Inc.(1) | 667 | 30,575 | ||||||
Moderna, Inc.(1) | 6,241 | 866,313 | ||||||
Monte Rosa Therapeutics, Inc.(1) | 439 | 2,669 | ||||||
Morphic Holding, Inc.(1) | 542 | 23,046 | ||||||
Myovant Sciences Ltd.(1)(2) | 744 | 20,058 | ||||||
Myriad Genetics, Inc.(1) | 1,744 | 32,996 | ||||||
Neurocrine Biosciences, Inc.(1) | 1,142 | 117,740 | ||||||
Nkarta, Inc.(1) | 785 | 3,297 | ||||||
Nurix Therapeutics, Inc.(1) | 1,315 | 12,400 | ||||||
Olema Pharmaceuticals, Inc.(1) | 299 | 1,226 | ||||||
Organogenesis Holdings, Inc.(1) | 778 | 1,906 | ||||||
PDL BioPharma, Inc.(1) | 752 | 1,222 | ||||||
PMV Pharmaceuticals, Inc.(1) | 1,392 | 10,036 | ||||||
Point Biopharma Global, Inc.(1) | 2,767 | 20,725 | ||||||
PTC Therapeutics, Inc.(1) | 770 | 33,626 | ||||||
RAPT Therapeutics, Inc.(1) | 652 | 19,201 | ||||||
Recursion Pharmaceuticals, Inc., Class A(1) | 1,117 | 9,104 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 1,638 | 1,245,568 | ||||||
REGENXBIO, Inc.(1) | 1,606 | 35,733 | ||||||
Repare Therapeutics, Inc.(1) | 136 | 1,394 | ||||||
Replimune Group, Inc.(1) | 1,200 | 26,280 | ||||||
REVOLUTION Medicines, Inc.(1) | 858 | 22,960 | ||||||
Rhythm Pharmaceuticals, Inc.(1) | 1,350 | 32,819 | ||||||
Rocket Pharmaceuticals, Inc.(1) | 601 | 11,545 | ||||||
Roivant Sciences Ltd.(1) | 6,006 | 48,589 | ||||||
Sage Therapeutics, Inc.(1) | 1,513 | 63,001 | ||||||
Sana Biotechnology, Inc.(1)(2) | 1,133 | 4,158 |
15
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Sangamo Therapeutics, Inc.(1) | 1,575 | $ | 4,804 | |||||
Sarepta Therapeutics, Inc.(1) | 749 | 91,475 | ||||||
Seagen, Inc.(1) | 1,087 | 195,323 | ||||||
Stoke Therapeutics, Inc.(1) | 72 | 640 | ||||||
Sutro Biopharma, Inc.(1) | 160 | 902 | ||||||
Tango Therapeutics, Inc.(1) | 1,099 | 5,748 | ||||||
uniQure NV(1) | 1,848 | 38,734 | ||||||
United Therapeutics Corp.(1) | 1,463 | 359,957 | ||||||
Vanda Pharmaceuticals, Inc.(1) | 982 | 6,324 | ||||||
Veracyte, Inc.(1) | 948 | 23,330 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 4,387 | 1,273,502 | ||||||
Viking Therapeutics, Inc.(1) | 399 | 4,393 | ||||||
Vir Biotechnology, Inc.(1) | 5,556 | 126,677 | ||||||
Voyager Therapeutics, Inc.(1) | 243 | 1,745 | ||||||
Xencor, Inc.(1) | 1,200 | 38,556 | ||||||
Zymeworks, Inc.(1)(2) | 83 | 682 | ||||||
11,916,594 | ||||||||
Building Products — 0.9% | ||||||||
A O Smith Corp. | 3,011 | 197,612 | ||||||
Advanced Drainage Systems, Inc. | 2,300 | 204,079 | ||||||
Allegion PLC | 925 | 104,257 | ||||||
American Woodmark Corp.(1) | 7 | 357 | ||||||
Apogee Enterprises, Inc. | 875 | 40,040 | ||||||
Armstrong World Industries, Inc. | 1,842 | 145,242 | ||||||
AZZ, Inc. | 720 | 29,268 | ||||||
Builders FirstSource, Inc.(1) | 5,958 | 505,119 | ||||||
Carlisle Cos., Inc. | 502 | 129,626 | ||||||
Carrier Global Corp. | 4,462 | 200,924 | ||||||
CSW Industrials, Inc. | 243 | 34,399 | ||||||
Fortune Brands Innovations, Inc. | 926 | 57,366 | ||||||
Gibraltar Industries, Inc.(1) | 251 | 13,406 | ||||||
Hayward Holdings, Inc.(1) | 2,247 | 27,661 | ||||||
Insteel Industries, Inc. | 667 | 19,843 | ||||||
Johnson Controls International PLC | 2,010 | 126,067 | ||||||
Lennox International, Inc. | 235 | 59,885 | ||||||
Masco Corp. | 1,516 | 79,484 | ||||||
Masonite International Corp.(1) | 1,113 | 98,834 | ||||||
Masterbrand, Inc.(1) | 926 | 9,019 | ||||||
Owens Corning | 3,626 | 354,586 | ||||||
PGT Innovations, Inc.(1) | 3,039 | 64,275 | ||||||
Quanex Building Products Corp. | 1,197 | 31,062 | ||||||
Resideo Technologies, Inc.(1) | 946 | 17,350 | ||||||
Simpson Manufacturing Co., Inc. | 1,224 | 132,021 | ||||||
Trane Technologies PLC | 1,466 | 271,166 | ||||||
Trex Co., Inc.(1) | 3,888 | 198,793 | ||||||
UFP Industries, Inc. | 2,483 | 212,371 | ||||||
3,364,112 | ||||||||
Capital Markets — 4.0% | ||||||||
Affiliated Managers Group, Inc. | 122 | 19,448 | ||||||
Ameriprise Financial, Inc. | 3,300 | 1,131,471 | ||||||
Ares Management Corp., Class A | 806 | 64,988 |
16
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Artisan Partners Asset Management, Inc., Class A | 2,740 | $ | 90,338 | |||||
Assetmark Financial Holdings, Inc.(1) | 1,059 | 33,147 | ||||||
B. Riley Financial, Inc.(2) | 781 | 31,068 | ||||||
Bank of New York Mellon Corp. | 13,069 | 664,951 | ||||||
BGC Partners, Inc., Class A | 5,615 | 27,289 | ||||||
BlackRock, Inc. | 1,271 | 876,265 | ||||||
Blackstone, Inc. | 5,215 | 473,522 | ||||||
Brightsphere Investment Group, Inc. | 1,432 | 35,900 | ||||||
Carlyle Group, Inc. | 8,447 | 290,577 | ||||||
Cboe Global Markets, Inc. | 580 | 73,179 | ||||||
Charles Schwab Corp. | 12,237 | 953,507 | ||||||
CME Group, Inc. | 2,237 | 414,650 | ||||||
Cohen & Steers, Inc. | 935 | 67,657 | ||||||
Coinbase Global, Inc., Class A(1) | 2,116 | 137,180 | ||||||
Cowen, Inc., Class A(2) | 748 | 29,164 | ||||||
Diamond Hill Investment Group, Inc. | 178 | 31,079 | ||||||
Donnelley Financial Solutions, Inc.(1) | 603 | 25,513 | ||||||
Evercore, Inc., Class A | 1,560 | 204,641 | ||||||
FactSet Research Systems, Inc. | 543 | 225,101 | ||||||
Federated Hermes, Inc. | 2,049 | 80,628 | ||||||
Focus Financial Partners, Inc., Class A(1) | 408 | 21,159 | ||||||
Franklin Resources, Inc. | 4,032 | 118,823 | ||||||
Goldman Sachs Group, Inc. | 4,689 | 1,648,887 | ||||||
Hamilton Lane, Inc., Class A | 248 | 19,294 | ||||||
Houlihan Lokey, Inc. | 2,001 | 191,496 | ||||||
Interactive Brokers Group, Inc., Class A | 674 | 58,038 | ||||||
Intercontinental Exchange, Inc. | 1,419 | 144,454 | ||||||
Invesco Ltd. | 6,693 | 118,198 | ||||||
Janus Henderson Group PLC | 4,060 | 111,488 | ||||||
Jefferies Financial Group, Inc. | 5,456 | 206,182 | ||||||
KKR & Co., Inc. | 7,160 | 403,466 | ||||||
Lazard Ltd., Class A | 4,736 | 176,937 | ||||||
LPL Financial Holdings, Inc. | 1,198 | 298,973 | ||||||
MarketAxess Holdings, Inc. | 363 | 123,946 | ||||||
Moelis & Co., Class A | 2,860 | 122,494 | ||||||
Moody's Corp. | 1,104 | 320,326 | ||||||
Morgan Stanley | 15,407 | 1,486,775 | ||||||
Morningstar, Inc. | 190 | 39,393 | ||||||
MSCI, Inc. | 339 | 177,009 | ||||||
Nasdaq, Inc. | 1,113 | 62,395 | ||||||
Northern Trust Corp. | 3,479 | 331,444 | ||||||
Open Lending Corp., Class A(1) | 2,157 | 15,272 | ||||||
Oppenheimer Holdings, Inc., Class A | 408 | 17,989 | ||||||
Piper Sandler Cos. | 918 | 138,609 | ||||||
PJT Partners, Inc., Class A | 240 | 18,931 | ||||||
Raymond James Financial, Inc. | 4,032 | 437,311 | ||||||
S&P Global, Inc. | 1,584 | 540,461 | ||||||
SEI Investments Co. | 3,504 | 211,116 | ||||||
State Street Corp. | 7,691 | 682,038 | ||||||
StepStone Group, Inc., Class A | 2,044 | 58,458 | ||||||
Stifel Financial Corp. | 2,844 | 190,064 |
17
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
StoneX Group, Inc.(1) | 834 | $ | 84,092 | |||||
T. Rowe Price Group, Inc. | 5,639 | 633,147 | ||||||
TPG, Inc. | 2,383 | 78,687 | ||||||
Tradeweb Markets, Inc., Class A | 632 | 44,802 | ||||||
Victory Capital Holdings, Inc., Class A | 933 | 31,685 | ||||||
Virtu Financial, Inc., Class A | 4,225 | 77,655 | ||||||
Virtus Investment Partners, Inc. | 317 | 66,706 | ||||||
WisdomTree, Inc. | 2,210 | 13,194 | ||||||
15,502,657 | ||||||||
Chemicals — 2.7% | ||||||||
AdvanSix, Inc. | 1,534 | 63,124 | ||||||
Air Products and Chemicals, Inc. | 2,549 | 728,963 | ||||||
Albemarle Corp. | 1,315 | 334,418 | ||||||
American Vanguard Corp. | 1,244 | 25,962 | ||||||
Ashland, Inc. | 1,009 | 102,696 | ||||||
Avient Corp. | 1,988 | 86,736 | ||||||
Axalta Coating Systems Ltd.(1) | 2,653 | 79,059 | ||||||
Cabot Corp. | 2,792 | 222,048 | ||||||
Celanese Corp. | 2,609 | 303,244 | ||||||
CF Industries Holdings, Inc. | 6,978 | 599,340 | ||||||
Chemours Co. | 7,313 | 249,958 | ||||||
Corteva, Inc. | 9,479 | 590,447 | ||||||
Danimer Scientific, Inc.(1)(2) | 1,017 | 2,624 | ||||||
Dow, Inc. | 18,472 | 1,056,598 | ||||||
DuPont de Nemours, Inc. | 4,665 | 340,685 | ||||||
Eastman Chemical Co. | 3,371 | 287,209 | ||||||
Ecolab, Inc. | 789 | 125,743 | ||||||
Ecovyst, Inc.(1) | 968 | 9,719 | ||||||
Element Solutions, Inc. | 781 | 16,042 | ||||||
FMC Corp. | 3,139 | 405,402 | ||||||
FutureFuel Corp. | 1,729 | 15,129 | ||||||
Ginkgo Bioworks Holdings, Inc.(1) | 15,254 | 22,423 | ||||||
HB Fuller Co. | 487 | 33,973 | ||||||
Huntsman Corp. | 6,131 | 179,883 | ||||||
Ingevity Corp.(1) | 1,528 | 126,152 | ||||||
Innospec, Inc. | 430 | 47,068 | ||||||
International Flavors & Fragrances, Inc. | 1,930 | 179,876 | ||||||
Intrepid Potash, Inc.(1)(2) | 310 | 9,818 | ||||||
Koppers Holdings, Inc. | 734 | 26,343 | ||||||
Kronos Worldwide, Inc. | 903 | 10,195 | ||||||
Linde PLC | 2,924 | 1,018,634 | ||||||
LSB Industries, Inc.(1) | 4,030 | 54,768 | ||||||
LyondellBasell Industries NV, Class A | 8,097 | 777,231 | ||||||
Mativ Holdings, Inc. | 1 | 26 | ||||||
Minerals Technologies, Inc. | 580 | 35,235 | ||||||
Mosaic Co. | 12,135 | 645,461 | ||||||
NewMarket Corp. | 182 | 62,517 | ||||||
Olin Corp. | 6,220 | 359,205 | ||||||
Origin Materials, Inc.(1) | 1,311 | 6,293 | ||||||
Orion Engineered Carbons SA | 2,618 | 66,759 | ||||||
PPG Industries, Inc. | 980 | 129,419 |
18
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
PureCycle Technologies, Inc.(1)(2) | 1,827 | $ | 11,656 | |||||
Quaker Chemical Corp. | 152 | 29,759 | ||||||
RPM International, Inc. | 949 | 84,110 | ||||||
Sensient Technologies Corp. | 813 | 61,292 | ||||||
Sherwin-Williams Co. | 1,835 | 406,177 | ||||||
Stepan Co. | 581 | 60,476 | ||||||
Trinseo PLC | 1,620 | 37,552 | ||||||
Tronox Holdings PLC, Class A | 5,103 | 79,607 | ||||||
Valhi, Inc. | 232 | 5,496 | ||||||
Valvoline, Inc. | 2,780 | 97,856 | ||||||
Westlake Corp. | 860 | 102,460 | ||||||
10,412,866 | ||||||||
Commercial Services and Supplies — 0.6% | ||||||||
Aris Water Solutions, Inc., Class A | 400 | 5,664 | ||||||
Brady Corp., Class A | 638 | 35,192 | ||||||
Brink's Co. | 478 | 31,189 | ||||||
Casella Waste Systems, Inc., Class A(1) | 858 | 66,770 | ||||||
Cimpress PLC(1) | 8 | 281 | ||||||
Cintas Corp. | 851 | 373,138 | ||||||
Civeo Corp.(1) | 1,036 | 29,329 | ||||||
Clean Harbors, Inc.(1) | 1,513 | 199,822 | ||||||
Copart, Inc.(1) | 6,872 | 484,201 | ||||||
Deluxe Corp. | 592 | 10,916 | ||||||
Ennis, Inc. | 1,194 | 25,970 | ||||||
Healthcare Services Group, Inc.(1) | 1,523 | 20,210 | ||||||
Heritage-Crystal Clean, Inc.(1) | 610 | 21,948 | ||||||
HNI Corp. | 1,019 | 31,844 | ||||||
IAA, Inc.(1) | 1,865 | 76,297 | ||||||
Interface, Inc. | 1,955 | 17,243 | ||||||
KAR Auction Services, Inc.(1) | 1,998 | 28,551 | ||||||
Li-Cycle Holdings Corp.(1) | 1,720 | 10,423 | ||||||
MSA Safety, Inc. | 191 | 25,661 | ||||||
Pitney Bowes, Inc. | 1,109 | 4,813 | ||||||
Quad/Graphics, Inc.(1) | 1,703 | 8,328 | ||||||
Republic Services, Inc. | 746 | 96,182 | ||||||
Rollins, Inc. | 1,768 | 62,234 | ||||||
SP Plus Corp.(1) | 633 | 21,535 | ||||||
Steelcase, Inc., Class A | 935 | 7,358 | ||||||
Stericycle, Inc.(1) | 75 | 3,576 | ||||||
Tetra Tech, Inc. | 454 | 62,148 | ||||||
UniFirst Corp. | 331 | 64,919 | ||||||
VSE Corp. | 101 | 5,798 | ||||||
Waste Connections, Inc. | 1,017 | 136,197 | ||||||
Waste Management, Inc. | 3,601 | 539,286 | ||||||
2,507,023 | ||||||||
Communications Equipment — 0.5% | ||||||||
Arista Networks, Inc.(1) | 2,493 | 345,779 | ||||||
Aviat Networks, Inc.(1) | 332 | 11,796 | ||||||
Cambium Networks Corp.(1) | 125 | 2,509 | ||||||
Ciena Corp.(1) | 2,194 | 105,795 | ||||||
Cisco Systems, Inc. | 14,143 | 684,804 |
19
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
CommScope Holding Co., Inc.(1) | 2,063 | $ | 14,936 | |||||
Comtech Telecommunications Corp. | 175 | 2,798 | ||||||
Extreme Networks, Inc.(1) | 3,097 | 57,976 | ||||||
F5, Inc.(1) | 259 | 37,032 | ||||||
Harmonic, Inc.(1) | 1,539 | 20,299 | ||||||
Juniper Networks, Inc. | 2,173 | 66,885 | ||||||
Lumentum Holdings, Inc.(1) | 1,326 | 71,352 | ||||||
Motorola Solutions, Inc. | 734 | 192,902 | ||||||
NETGEAR, Inc.(1) | 326 | 5,901 | ||||||
NetScout Systems, Inc.(1) | 924 | 26,279 | ||||||
Ribbon Communications, Inc.(1) | 594 | 2,649 | ||||||
Ubiquiti, Inc.(2) | 105 | 28,171 | ||||||
ViaSat, Inc.(1) | 2,208 | 70,126 | ||||||
Viavi Solutions, Inc.(1) | 3,474 | 38,006 | ||||||
1,785,995 | ||||||||
Construction and Engineering — 0.5% | ||||||||
AECOM | 751 | 64,856 | ||||||
Ameresco, Inc., Class A(1) | 1,579 | 69,397 | ||||||
Arcosa, Inc. | 1,270 | 76,962 | ||||||
Argan, Inc. | 354 | 13,756 | ||||||
EMCOR Group, Inc. | 1,668 | 278,923 | ||||||
Fluor Corp.(1) | 1,904 | 69,820 | ||||||
Granite Construction, Inc. | 1,638 | 70,762 | ||||||
Great Lakes Dredge & Dock Corp.(1) | 2,633 | 15,100 | ||||||
MasTec, Inc.(1) | 1,366 | 133,485 | ||||||
Matrix Service Co.(1) | 1 | 6 | ||||||
MDU Resources Group, Inc. | 5,158 | 164,282 | ||||||
MYR Group, Inc.(1) | 655 | 79,000 | ||||||
Northwest Pipe Co.(1) | 260 | 10,010 | ||||||
Quanta Services, Inc. | 2,414 | 389,620 | ||||||
Sterling Infrastructure, Inc.(1) | 1,283 | 49,344 | ||||||
Tutor Perini Corp.(1) | 1,023 | 8,297 | ||||||
Valmont Industries, Inc. | 236 | 74,890 | ||||||
WillScot Mobile Mini Holdings Corp.(1) | 4,268 | 219,375 | ||||||
1,787,885 | ||||||||
Construction Materials — 0.2% | ||||||||
Eagle Materials, Inc. | 1,469 | 206,130 | ||||||
Martin Marietta Materials, Inc. | 716 | 257,667 | ||||||
Summit Materials, Inc., Class A(1) | 2,719 | 80,319 | ||||||
United States Lime & Minerals, Inc. | 139 | 22,421 | ||||||
Vulcan Materials Co. | 1,269 | 229,575 | ||||||
796,112 | ||||||||
Consumer Finance — 1.1% | ||||||||
Ally Financial, Inc. | 10,154 | 305,128 | ||||||
American Express Co. | 4,236 | 737,022 | ||||||
Atlanticus Holdings Corp.(1) | 173 | 5,545 | ||||||
Bread Financial Holdings, Inc. | 2,394 | 98,322 | ||||||
Capital One Financial Corp. | 7,635 | 832,826 | ||||||
Consumer Portfolio Services, Inc.(1) | 792 | 8,759 | ||||||
Credit Acceptance Corp.(1) | 252 | 111,974 | ||||||
Discover Financial Services | 7,449 | 834,288 |
20
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Encore Capital Group, Inc.(1)(2) | 1,178 | $ | 60,879 | |||||
Enova International, Inc.(1) | 991 | 48,311 | ||||||
EZCORP, Inc., Class A(1) | 1,486 | 13,106 | ||||||
FirstCash Holdings, Inc. | 385 | 33,976 | ||||||
Green Dot Corp., Class A(1) | 1,850 | 35,020 | ||||||
LendingClub Corp.(1) | 3,059 | 28,755 | ||||||
Navient Corp. | 5,259 | 94,925 | ||||||
Nelnet, Inc., Class A | 486 | 45,621 | ||||||
OneMain Holdings, Inc. | 4,998 | 215,364 | ||||||
Oportun Financial Corp.(1) | 218 | 1,317 | ||||||
PRA Group, Inc.(1) | 1,218 | 51,838 | ||||||
PROG Holdings, Inc.(1) | 2,373 | 58,660 | ||||||
Regional Management Corp. | 404 | 12,734 | ||||||
SLM Corp. | 10,642 | 153,032 | ||||||
SoFi Technologies, Inc.(1) | 16,818 | 110,999 | ||||||
Synchrony Financial | 15,059 | 537,757 | ||||||
World Acceptance Corp.(1)(2) | 184 | 17,178 | ||||||
4,453,336 | ||||||||
Containers and Packaging — 0.6% | ||||||||
Amcor PLC | 13,236 | 147,449 | ||||||
AptarGroup, Inc. | 741 | 86,490 | ||||||
Ardagh Metal Packaging SA | 1,684 | 8,117 | ||||||
Avery Dennison Corp. | 871 | 158,687 | ||||||
Ball Corp. | 2,728 | 153,341 | ||||||
Berry Global Group, Inc. | 844 | 52,412 | ||||||
Crown Holdings, Inc. | 857 | 74,139 | ||||||
Graphic Packaging Holding Co. | 8,922 | 212,344 | ||||||
Greif, Inc., Class A | 1,000 | 71,050 | ||||||
Greif, Inc., Class B | 105 | 8,639 | ||||||
International Paper Co. | 6,520 | 237,263 | ||||||
Myers Industries, Inc. | 1,605 | 41,473 | ||||||
O-I Glass, Inc.(1) | 1,786 | 39,685 | ||||||
Packaging Corp. of America | 2,966 | 405,511 | ||||||
Sealed Air Corp. | 2,260 | 109,881 | ||||||
Silgan Holdings, Inc. | 152 | 8,117 | ||||||
Sonoco Products Co. | 2,935 | 173,341 | ||||||
TriMas Corp. | 840 | 25,192 | ||||||
WestRock Co. | 7,172 | 225,201 | ||||||
2,238,332 | ||||||||
Distributors — 0.2% | ||||||||
Genuine Parts Co. | 2,221 | 392,806 | ||||||
LKQ Corp. | 4,458 | 255,399 | ||||||
Pool Corp. | 480 | 171,293 | ||||||
819,498 | ||||||||
Diversified Consumer Services — 0.2% | ||||||||
ADT, Inc. | 1,430 | 10,782 | ||||||
Adtalem Global Education, Inc.(1) | 2,434 | 95,218 | ||||||
American Public Education, Inc.(1) | 77 | 850 | ||||||
Bright Horizons Family Solutions, Inc.(1) | 192 | 15,137 | ||||||
Frontdoor, Inc.(1) | 1,798 | 50,793 | ||||||
Graham Holdings Co., Class B | 49 | 30,706 |
21
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Grand Canyon Education, Inc.(1) | 1,419 | $ | 160,759 | |||||
H&R Block, Inc. | 2,819 | 103,739 | ||||||
OneSpaWorld Holdings Ltd.(1) | 449 | 5,204 | ||||||
Perdoceo Education Corp.(1) | 2,416 | 33,305 | ||||||
Service Corp. International | 2,235 | 150,930 | ||||||
Strategic Education, Inc. | 354 | 30,179 | ||||||
Stride, Inc.(1) | 1,135 | 48,203 | ||||||
Universal Technical Institute, Inc.(1) | 1,620 | 11,761 | ||||||
WW International, Inc.(1) | 204 | 747 | ||||||
748,313 | ||||||||
Diversified Financial Services — 0.9% | ||||||||
Acacia Research Corp.(1) | 2,587 | 11,176 | ||||||
Alerus Financial Corp. | 452 | 9,040 | ||||||
A-Mark Precious Metals, Inc. | 1,133 | 33,208 | ||||||
Apollo Global Management, Inc. | 3,955 | 280,410 | ||||||
Berkshire Hathaway, Inc., Class B(1) | 7,563 | 2,308,076 | ||||||
Cannae Holdings, Inc.(1) | 1,598 | 36,083 | ||||||
Equitable Holdings, Inc. | 14,398 | 452,385 | ||||||
Jackson Financial, Inc., Class A | 3,977 | 180,476 | ||||||
Voya Financial, Inc. | 3,706 | 276,060 | ||||||
3,586,914 | ||||||||
Diversified Telecommunication Services — 1.0% | ||||||||
Anterix, Inc.(1) | 60 | 1,812 | ||||||
AT&T, Inc. | 78,593 | 1,486,194 | ||||||
ATN International, Inc. | 438 | 18,418 | ||||||
Cogent Communications Holdings, Inc. | 206 | 13,336 | ||||||
Consolidated Communications Holdings, Inc.(1) | 479 | 1,451 | ||||||
EchoStar Corp., Class A(1) | 780 | 15,569 | ||||||
Frontier Communications Parent, Inc.(1) | 7,854 | 214,885 | ||||||
IDT Corp., Class B(1) | 973 | 29,589 | ||||||
Iridium Communications, Inc. | 4,398 | 269,905 | ||||||
Lumen Technologies, Inc. | 10,454 | 35,544 | ||||||
Radius Global Infrastructure, Inc., Class A(1) | 1,899 | 25,883 | ||||||
Verizon Communications, Inc. | 50,070 | 1,943,217 | ||||||
4,055,803 | ||||||||
Electric Utilities — 1.9% | ||||||||
ALLETE, Inc. | 973 | 59,538 | ||||||
Alliant Energy Corp. | 3,509 | 179,906 | ||||||
American Electric Power Co., Inc. | 6,140 | 540,136 | ||||||
Avangrid, Inc.(2) | 746 | 29,116 | ||||||
Constellation Energy Corp. | 2,232 | 167,154 | ||||||
Duke Energy Corp. | 3,795 | 357,717 | ||||||
Edison International | 8,483 | 561,659 | ||||||
Entergy Corp. | 4,001 | 411,583 | ||||||
Evergy, Inc. | 4,504 | 264,880 | ||||||
Eversource Energy | 5,604 | 422,317 | ||||||
Exelon Corp. | 15,959 | 644,584 | ||||||
FirstEnergy Corp. | 4,696 | 185,680 | ||||||
Genie Energy Ltd., Class B | 711 | 8,120 | ||||||
Hawaiian Electric Industries, Inc. | 3,403 | 137,651 | ||||||
IDACORP, Inc. | 533 | 55,112 |
22
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
NextEra Energy, Inc. | 5,452 | $ | 387,256 | |||||
NRG Energy, Inc. | 5,712 | 187,296 | ||||||
OGE Energy Corp. | 4,504 | 160,883 | ||||||
Otter Tail Corp.(2) | 1,477 | 104,705 | ||||||
PG&E Corp.(1) | 33,353 | 520,974 | ||||||
Pinnacle West Capital Corp. | 3,059 | 225,387 | ||||||
PNM Resources, Inc. | 273 | 13,377 | ||||||
Portland General Electric Co. | 2,861 | 136,756 | ||||||
PPL Corp. | 13,140 | 355,700 | ||||||
Southern Co. | 9,199 | 580,089 | ||||||
Xcel Energy, Inc. | 8,650 | 558,531 | ||||||
7,256,107 | ||||||||
Electrical Equipment — 0.6% | ||||||||
Acuity Brands, Inc. | 620 | 120,255 | ||||||
AMETEK, Inc. | 1,540 | 218,002 | ||||||
Array Technologies, Inc.(1) | 950 | 17,803 | ||||||
Atkore, Inc.(1) | 2,058 | 300,509 | ||||||
Eaton Corp. PLC | 1,202 | 210,266 | ||||||
Emerson Electric Co. | 3,799 | 314,215 | ||||||
Encore Wire Corp. | 1,004 | 193,782 | ||||||
EnerSys | 620 | 56,228 | ||||||
FREYR Battery SA(1)(2) | 2,327 | 21,129 | ||||||
FuelCell Energy, Inc.(1)(2) | 5,831 | 19,476 | ||||||
Generac Holdings, Inc.(1) | 447 | 53,645 | ||||||
GrafTech International Ltd. | 5,884 | 33,245 | ||||||
Hubbell, Inc. | 309 | 77,726 | ||||||
nVent Electric PLC | 1,051 | 48,178 | ||||||
Plug Power, Inc.(1)(2) | 7,784 | 115,748 | ||||||
Regal Rexnord Corp. | 660 | 104,042 | ||||||
Rockwell Automation, Inc. | 1,035 | 305,253 | ||||||
Sensata Technologies Holding PLC | 509 | 25,745 | ||||||
Sunrun, Inc.(1) | 2,181 | 52,431 | ||||||
Thermon Group Holdings, Inc.(1) | 1,263 | 33,406 | ||||||
2,321,084 | ||||||||
Electronic Equipment, Instruments and Components — 1.2% | ||||||||
Advanced Energy Industries, Inc. | 922 | 85,820 | ||||||
Aeva Technologies, Inc.(1) | 1,223 | 2,189 | ||||||
Amphenol Corp., Class A | 2,861 | 221,785 | ||||||
Arrow Electronics, Inc.(1) | 998 | 117,754 | ||||||
Avnet, Inc. | 2,560 | 114,458 | ||||||
Badger Meter, Inc. | 447 | 54,364 | ||||||
Bel Fuse, Inc., Class B | 256 | 9,093 | ||||||
Belden, Inc. | 397 | 33,499 | ||||||
Benchmark Electronics, Inc. | 796 | 18,937 | ||||||
CDW Corp. | 1,624 | 328,730 | ||||||
Cognex Corp. | 1,413 | 67,004 | ||||||
Coherent Corp.(1) | 1,474 | 63,574 | ||||||
Corning, Inc. | 18,388 | 624,273 | ||||||
CTS Corp. | 953 | 41,274 | ||||||
Daktronics, Inc.(1) | 760 | 3,086 | ||||||
ePlus, Inc.(1) | 464 | 25,135 |
23
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Fabrinet(1) | 572 | $ | 69,710 | |||||
Flex Ltd.(1) | 13,886 | 316,045 | ||||||
Insight Enterprises, Inc.(1) | 830 | 111,154 | ||||||
IPG Photonics Corp.(1) | 661 | 81,462 | ||||||
Itron, Inc.(1) | 11 | 613 | ||||||
Jabil, Inc. | 5,646 | 468,787 | ||||||
Keysight Technologies, Inc.(1) | 2,353 | 376,386 | ||||||
Kimball Electronics, Inc.(1) | 789 | 19,733 | ||||||
Knowles Corp.(1) | 1,589 | 26,981 | ||||||
Littelfuse, Inc. | 295 | 76,325 | ||||||
Methode Electronics, Inc. | 1,181 | 57,550 | ||||||
nLight, Inc.(1) | 132 | 1,492 | ||||||
Novanta, Inc.(1) | 194 | 30,441 | ||||||
OSI Systems, Inc.(1) | 313 | 28,968 | ||||||
PC Connection, Inc. | 108 | 4,730 | ||||||
Plexus Corp.(1) | 496 | 47,561 | ||||||
Sanmina Corp.(1) | 2,915 | 176,241 | ||||||
ScanSource, Inc.(1) | 877 | 27,345 | ||||||
TD SYNNEX Corp. | 1,631 | 157,424 | ||||||
TE Connectivity Ltd. | 3,765 | 479,360 | ||||||
Teledyne Technologies, Inc.(1) | 182 | 78,273 | ||||||
Trimble, Inc.(1) | 742 | 38,629 | ||||||
TTM Technologies, Inc.(1) | 3,605 | 47,910 | ||||||
Vishay Intertechnology, Inc. | 6,450 | 136,933 | ||||||
Vishay Precision Group, Inc.(1) | 533 | 23,239 | ||||||
Vontier Corp. | 1,994 | 52,183 | ||||||
Zebra Technologies Corp., Class A(1) | 322 | 96,680 | ||||||
4,843,130 | ||||||||
Energy Equipment and Services — 0.8% | ||||||||
Archrock, Inc. | 6,912 | 76,516 | ||||||
Baker Hughes Co. | 12,169 | 372,371 | ||||||
Bristow Group, Inc.(1) | 795 | 21,656 | ||||||
Cactus, Inc., Class A | 582 | 26,743 | ||||||
ChampionX Corp. | 5,447 | 166,515 | ||||||
Core Laboratories NV | 695 | 16,590 | ||||||
Diamond Offshore Drilling, Inc.(1) | 2,775 | 32,967 | ||||||
Dril-Quip, Inc.(1) | 967 | 33,120 | ||||||
Expro Group Holdings NV(1) | 1,949 | 44,301 | ||||||
Halliburton Co. | 15,439 | 559,355 | ||||||
Helix Energy Solutions Group, Inc.(1) | 4,373 | 36,208 | ||||||
Helmerich & Payne, Inc. | 2,495 | 104,990 | ||||||
Liberty Energy, Inc., Class A | 5,532 | 84,363 | ||||||
Nabors Industries Ltd.(1) | 439 | 65,986 | ||||||
National Energy Services Reunited Corp.(1) | 3,437 | 22,203 | ||||||
Newpark Resources, Inc.(1) | 1,250 | 5,537 | ||||||
NexTier Oilfield Solutions, Inc.(1) | 10,118 | 92,377 | ||||||
Noble Corp. PLC(1) | 1,535 | 63,994 | ||||||
NOV, Inc. | 7,631 | 166,966 | ||||||
Oceaneering International, Inc.(1) | 4,305 | 89,931 | ||||||
Oil States International, Inc.(1) | 607 | 5,542 | ||||||
Patterson-UTI Energy, Inc. | 4,703 | 64,431 |
24
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
ProPetro Holding Corp.(1) | 3,099 | $ | 27,302 | |||||
RPC, Inc. | 1,445 | 12,673 | ||||||
Schlumberger Ltd. | 9,301 | 494,906 | ||||||
Select Energy Services, Inc., Class A | 634 | 4,704 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A | 647 | 5,778 | ||||||
TechnipFMC PLC(1) | 12,179 | 186,217 | ||||||
TETRA Technologies, Inc.(1) | 3,876 | 13,799 | ||||||
Tidewater, Inc.(1) | 1,106 | 54,017 | ||||||
Transocean Ltd.(1) | 16,346 | 114,259 | ||||||
US Silica Holdings, Inc.(1) | 3,249 | 39,443 | ||||||
Valaris Ltd.(1) | 2,649 | 178,145 | ||||||
3,283,905 | ||||||||
Entertainment — 0.8% | ||||||||
Activision Blizzard, Inc. | 3,036 | 231,495 | ||||||
AMC Entertainment Holdings, Inc., Class A(1)(2) | 4,232 | 30,216 | ||||||
Electronic Arts, Inc. | 2,002 | 222,102 | ||||||
IMAX Corp.(1) | 513 | 9,460 | ||||||
Liberty Media Corp.-Liberty Braves, Class C(1) | 731 | 24,467 | ||||||
Liberty Media Corp.-Liberty Formula One, Class A(1) | 216 | 13,124 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C(1) | 2,009 | 136,351 | ||||||
Live Nation Entertainment, Inc.(1) | 402 | 28,968 | ||||||
Madison Square Garden Entertainment Corp.(1) | 519 | 31,415 | ||||||
Madison Square Garden Sports Corp. | 133 | 25,422 | ||||||
Marcus Corp. | 226 | 3,636 | ||||||
Netflix, Inc.(1) | 2,425 | 781,165 | ||||||
Playstudios, Inc.(1) | 2,241 | 8,337 | ||||||
Playtika Holding Corp.(1) | 154 | 1,478 | ||||||
ROBLOX Corp., Class A(1) | 3,187 | 116,772 | ||||||
Roku, Inc.(1) | 756 | 48,906 | ||||||
Take-Two Interactive Software, Inc.(1) | 2,649 | 290,198 | ||||||
Walt Disney Co.(1) | 6,589 | 656,330 | ||||||
Warner Bros Discovery, Inc.(1) | 13,550 | 211,651 | ||||||
World Wrestling Entertainment, Inc., Class A | 1,803 | 151,452 | ||||||
3,022,945 | ||||||||
Food and Staples Retailing — 1.6% | ||||||||
Albertsons Cos., Inc., Class A | 2,681 | 53,298 | ||||||
Andersons, Inc. | 834 | 38,055 | ||||||
BJ's Wholesale Club Holdings, Inc.(1) | 2,274 | 163,273 | ||||||
Casey's General Stores, Inc. | 1,414 | 294,041 | ||||||
Costco Wholesale Corp. | 4,136 | 2,002,569 | ||||||
Grocery Outlet Holding Corp.(1) | 774 | 20,937 | ||||||
Ingles Markets, Inc., Class A | 741 | 66,245 | ||||||
Kroger Co. | 18,575 | 801,326 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 593 | 6,511 | ||||||
Performance Food Group Co.(1) | 1,656 | 93,713 | ||||||
PriceSmart, Inc. | 476 | 33,187 | ||||||
SpartanNash Co. | 1,193 | 31,925 | ||||||
Sprouts Farmers Market, Inc.(1) | 4,995 | 151,299 | ||||||
Sysco Corp. | 6,897 | 514,309 | ||||||
United Natural Foods, Inc.(1) | 2,370 | 96,530 | ||||||
US Foods Holding Corp.(1) | 980 | 36,779 |
25
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Walgreens Boots Alliance, Inc. | 5,900 | $ | 209,627 | |||||
Walmart, Inc. | 10,350 | 1,471,046 | ||||||
Weis Markets, Inc. | 703 | 53,737 | ||||||
6,138,407 | ||||||||
Food Products — 1.1% | ||||||||
Archer-Daniels-Midland Co. | 6,870 | 546,852 | ||||||
B&G Foods, Inc. | 1,239 | 15,698 | ||||||
Bunge Ltd. | 2,100 | 200,550 | ||||||
Calavo Growers, Inc. | 736 | 23,751 | ||||||
Cal-Maine Foods, Inc. | 1,110 | 63,048 | ||||||
Campbell Soup Co. | 2,009 | 105,513 | ||||||
Conagra Brands, Inc. | 1,616 | 58,839 | ||||||
Darling Ingredients, Inc.(1) | 3,873 | 245,045 | ||||||
Flowers Foods, Inc. | 5,736 | 159,920 | ||||||
Fresh Del Monte Produce, Inc. | 779 | 24,367 | ||||||
Freshpet, Inc.(1) | 481 | 29,909 | ||||||
General Mills, Inc. | 2,254 | 179,215 | ||||||
Hershey Co. | 1,902 | 453,285 | ||||||
Hormel Foods Corp. | 2,240 | 99,411 | ||||||
Hostess Brands, Inc.(1) | 2,775 | 68,542 | ||||||
Ingredion, Inc. | 1,502 | 149,299 | ||||||
J & J Snack Foods Corp. | 148 | 20,899 | ||||||
J M Smucker Co. | 1,415 | 209,264 | ||||||
John B Sanfilippo & Son, Inc. | 282 | 25,315 | ||||||
Kellogg Co. | 2,089 | 137,749 | ||||||
Kraft Heinz Co. | 5,846 | 227,643 | ||||||
Lamb Weston Holdings, Inc. | 2,657 | 267,400 | ||||||
Lancaster Colony Corp. | 297 | 57,018 | ||||||
McCormick & Co., Inc. | 791 | 58,787 | ||||||
Mission Produce, Inc.(1) | 437 | 5,034 | ||||||
Mondelez International, Inc., Class A | 7,685 | 500,908 | ||||||
Pilgrim's Pride Corp.(1) | 2,269 | 53,072 | ||||||
Post Holdings, Inc.(1) | 334 | 30,047 | ||||||
Seaboard Corp. | 6 | 23,700 | ||||||
Seneca Foods Corp., Class A(1) | 387 | 21,517 | ||||||
Simply Good Foods Co.(1) | 1,298 | 49,700 | ||||||
Tootsie Roll Industries, Inc. | 565 | 24,877 | ||||||
TreeHouse Foods, Inc.(1) | 20 | 976 | ||||||
Tyson Foods, Inc., Class A | 5,324 | 315,394 | ||||||
Whole Earth Brands, Inc.(1) | 160 | 550 | ||||||
4,453,094 | ||||||||
Gas Utilities — 0.1% | ||||||||
Atmos Energy Corp. | 1,398 | 157,708 | ||||||
Chesapeake Utilities Corp. | 179 | 22,928 | ||||||
National Fuel Gas Co. | 2,593 | 148,527 | ||||||
Northwest Natural Holding Co. | 947 | 45,778 | ||||||
ONE Gas, Inc. | 647 | 51,864 | ||||||
UGI Corp. | 1,849 | 68,838 | ||||||
495,643 | ||||||||
Health Care Equipment and Supplies — 1.7% | ||||||||
Abbott Laboratories | 9,989 | 1,016,081 |
26
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Align Technology, Inc.(1) | 816 | $ | 252,552 | |||||
AngioDynamics, Inc.(1) | 722 | 8,938 | ||||||
Atrion Corp. | 34 | 19,312 | ||||||
Avanos Medical, Inc.(1) | 657 | 18,442 | ||||||
Baxter International, Inc. | 4,041 | 161,438 | ||||||
Becton Dickinson & Co. | 864 | 202,651 | ||||||
Boston Scientific Corp.(1) | 6,529 | 305,035 | ||||||
Butterfly Network, Inc.(1)(2) | 3,163 | 7,781 | ||||||
Cardiovascular Systems, Inc.(1) | 759 | 14,960 | ||||||
Co-Diagnostics, Inc.(1) | 798 | 2,306 | ||||||
Contra Abiomed, Inc.(1) | 443 | 452 | ||||||
Cooper Cos., Inc. | 485 | 158,580 | ||||||
Cue Health, Inc.(1)(2) | 1,815 | 3,902 | ||||||
DENTSPLY SIRONA, Inc. | 1,323 | 50,367 | ||||||
DexCom, Inc.(1) | 1,624 | 180,280 | ||||||
Edwards Lifesciences Corp.(1) | 5,155 | 414,668 | ||||||
Embecta Corp. | 489 | 15,624 | ||||||
Enovis Corp.(1) | 442 | 25,468 | ||||||
Envista Holdings Corp.(1) | 1,501 | 58,029 | ||||||
GE HealthCare Technologies, Inc.(1) | 1,903 | 144,628 | ||||||
Glaukos Corp.(1) | 840 | 39,673 | ||||||
Globus Medical, Inc., Class A(1) | 1,092 | 63,707 | ||||||
Haemonetics Corp.(1) | 1,098 | 85,391 | ||||||
Heska Corp.(1) | 102 | 8,306 | ||||||
Hologic, Inc.(1) | 6,774 | 539,481 | ||||||
IDEXX Laboratories, Inc.(1) | 844 | 399,415 | ||||||
Inogen, Inc.(1) | 174 | 2,727 | ||||||
Inspire Medical Systems, Inc.(1) | 128 | 33,271 | ||||||
Insulet Corp.(1) | 144 | 39,796 | ||||||
Integer Holdings Corp.(1) | 444 | 33,291 | ||||||
Integra LifeSciences Holdings Corp.(1) | 697 | 38,767 | ||||||
Intuitive Surgical, Inc.(1) | 1,704 | 390,881 | ||||||
Lantheus Holdings, Inc.(1) | 701 | 51,846 | ||||||
LeMaitre Vascular, Inc. | 560 | 28,062 | ||||||
LENSAR, Inc.(1) | 57 | 176 | ||||||
Masimo Corp.(1) | 338 | 56,551 | ||||||
Medtronic PLC | 6,765 | 560,142 | ||||||
Merit Medical Systems, Inc.(1) | 1,016 | 71,709 | ||||||
Novocure Ltd.(1) | 563 | 43,334 | ||||||
NuVasive, Inc.(1) | 966 | 41,760 | ||||||
OraSure Technologies, Inc.(1) | 1,749 | 11,036 | ||||||
Orthofix Medical, Inc.(1) | 268 | 5,521 | ||||||
Outset Medical, Inc.(1) | 537 | 12,249 | ||||||
Penumbra, Inc.(1) | 198 | 51,478 | ||||||
QuidelOrtho Corp.(1) | 1,869 | 162,491 | ||||||
ResMed, Inc. | 787 | 167,631 | ||||||
Shockwave Medical, Inc.(1) | 190 | 36,146 | ||||||
STERIS PLC | 475 | 89,314 | ||||||
Stryker Corp. | 1,181 | 310,461 | ||||||
Teleflex, Inc. | 263 | 62,655 | ||||||
Utah Medical Products, Inc. | 113 | 10,371 |
27
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Varex Imaging Corp.(1) | 658 | $ | 11,640 | |||||
Zimmer Biomet Holdings, Inc. | 2,177 | 269,665 | ||||||
Zimvie, Inc.(1) | 1,329 | 15,124 | ||||||
6,805,562 | ||||||||
Health Care Providers and Services — 2.3% | ||||||||
23andMe Holding Co., Class A(1) | 6,785 | 17,030 | ||||||
Acadia Healthcare Co., Inc.(1) | 915 | 66,347 | ||||||
Accolade, Inc.(1) | 1,575 | 17,498 | ||||||
agilon health, Inc.(1) | 1,982 | 42,038 | ||||||
AmerisourceBergen Corp. | 1,669 | 259,630 | ||||||
AMN Healthcare Services, Inc.(1) | 1,552 | 139,696 | ||||||
Brookdale Senior Living, Inc.(1) | 5,183 | 16,741 | ||||||
Cardinal Health, Inc. | 2,899 | 219,483 | ||||||
Castle Biosciences, Inc.(1) | 388 | 9,770 | ||||||
Centene Corp.(1) | 8,964 | 613,138 | ||||||
Chemed Corp. | 168 | 87,625 | ||||||
Cigna Group | 1,312 | 383,235 | ||||||
Community Health Systems, Inc.(1) | 542 | 3,285 | ||||||
CorVel Corp.(1) | 304 | 54,805 | ||||||
Cross Country Healthcare, Inc.(1) | 1,750 | 46,287 | ||||||
CVS Health Corp. | 4,725 | 394,726 | ||||||
DaVita, Inc.(1) | 433 | 35,619 | ||||||
Elevance Health, Inc. | 2,760 | 1,296,289 | ||||||
Encompass Health Corp. | 544 | 30,747 | ||||||
Enhabit, Inc.(1) | 272 | 4,175 | ||||||
Ensign Group, Inc. | 1,821 | 162,943 | ||||||
Fulgent Genetics, Inc.(1) | 945 | 30,987 | ||||||
HCA Healthcare, Inc. | 1,258 | 306,260 | ||||||
HealthEquity, Inc.(1) | 492 | 32,064 | ||||||
Henry Schein, Inc.(1) | 1,095 | 85,749 | ||||||
Humana, Inc. | 2,112 | 1,045,482 | ||||||
InfuSystem Holdings, Inc.(1) | 278 | 2,610 | ||||||
Joint Corp.(1) | 325 | 5,103 | ||||||
Laboratory Corp. of America Holdings | 1,478 | 353,774 | ||||||
McKesson Corp. | 392 | 137,126 | ||||||
ModivCare, Inc.(1) | 191 | 18,754 | ||||||
Molina Healthcare, Inc.(1) | 1,873 | 515,693 | ||||||
National HealthCare Corp. | 378 | 21,062 | ||||||
National Research Corp. | 717 | 32,380 | ||||||
NeoGenomics, Inc.(1) | 2,110 | 35,554 | ||||||
Oak Street Health, Inc.(1) | 972 | 34,409 | ||||||
OPKO Health, Inc.(1)(2) | 3,813 | 4,347 | ||||||
Option Care Health, Inc.(1) | 591 | 18,126 | ||||||
Owens & Minor, Inc.(1) | 2,443 | 37,451 | ||||||
Patterson Cos., Inc. | 1,919 | 50,892 | ||||||
Premier, Inc., Class A | 2,712 | 87,299 | ||||||
Quest Diagnostics, Inc. | 575 | 79,557 | ||||||
RadNet, Inc.(1) | 227 | 5,354 | ||||||
Select Medical Holdings Corp. | 625 | 16,994 | ||||||
Tenet Healthcare Corp.(1) | 1,018 | 59,584 | ||||||
UnitedHealth Group, Inc. | 3,911 | 1,861,401 |
28
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Universal Health Services, Inc., Class B | 846 | $ | 113,000 | |||||
8,892,119 | ||||||||
Health Care Technology — 0.1% | ||||||||
American Well Corp., Class A(1) | 4,197 | 11,710 | ||||||
Doximity, Inc., Class A(1)(2) | 387 | 13,015 | ||||||
HealthStream, Inc. | 242 | 6,207 | ||||||
Multiplan Corp.(1) | 1,051 | 1,062 | ||||||
Schrodinger, Inc.(1) | 340 | 7,388 | ||||||
Teladoc Health, Inc.(1) | 531 | 14,066 | ||||||
Veeva Systems, Inc., Class A(1) | 600 | 99,396 | ||||||
Veradigm, Inc.(1) | 5,340 | 88,697 | ||||||
241,541 | ||||||||
Hotels, Restaurants and Leisure — 1.8% | ||||||||
Accel Entertainment, Inc.(1) | 2,182 | 19,965 | ||||||
Airbnb, Inc., Class A(1) | 1,900 | 234,232 | ||||||
Aramark | 268 | 9,862 | ||||||
BJ's Restaurants, Inc.(1) | 849 | 27,168 | ||||||
Bloomin' Brands, Inc. | 2,879 | 75,142 | ||||||
Booking Holdings, Inc.(1) | 316 | 797,584 | ||||||
Boyd Gaming Corp. | 2,988 | 194,608 | ||||||
Brinker International, Inc.(1) | 565 | 21,470 | ||||||
Caesars Entertainment, Inc.(1) | 1,838 | 93,297 | ||||||
Carnival Corp.(1) | 6,046 | 64,209 | ||||||
Century Casinos, Inc.(1) | 1,373 | 12,714 | ||||||
Cheesecake Factory, Inc.(2) | 2,796 | 104,682 | ||||||
Chipotle Mexican Grill, Inc.(1) | 539 | 803,692 | ||||||
Choice Hotels International, Inc. | 864 | 102,263 | ||||||
Churchill Downs, Inc. | 547 | 134,442 | ||||||
Chuy's Holdings, Inc.(1) | 150 | 5,363 | ||||||
Cracker Barrel Old Country Store, Inc. | 1,131 | 123,234 | ||||||
Darden Restaurants, Inc. | 3,896 | 557,089 | ||||||
Dave & Buster's Entertainment, Inc.(1) | 1,232 | 49,305 | ||||||
Dine Brands Global, Inc. | 76 | 5,827 | ||||||
Domino's Pizza, Inc. | 107 | 31,459 | ||||||
DraftKings, Inc., Class A(1) | 1,081 | 20,388 | ||||||
Everi Holdings, Inc.(1) | 1,846 | 35,056 | ||||||
Expedia Group, Inc.(1) | 973 | 106,028 | ||||||
Fiesta Restaurant Group, Inc.(1) | 301 | 2,423 | ||||||
GAN Ltd.(1) | 132 | 248 | ||||||
Golden Entertainment, Inc.(1) | 852 | 35,026 | ||||||
Hilton Grand Vacations, Inc.(1) | 3,368 | 160,788 | ||||||
Hilton Worldwide Holdings, Inc. | 899 | 129,914 | ||||||
Hyatt Hotels Corp., Class A(1) | 1,710 | 198,770 | ||||||
International Game Technology PLC | 277 | 7,357 | ||||||
Jack in the Box, Inc. | 294 | 23,050 | ||||||
Las Vegas Sands Corp.(1) | 669 | 38,447 | ||||||
Light & Wonder, Inc., Class A(1) | 443 | 27,736 | ||||||
Marriott International, Inc., Class A | 1,668 | 282,292 | ||||||
Marriott Vacations Worldwide Corp. | 43 | 6,579 | ||||||
McDonald's Corp. | 2,785 | 734,989 | ||||||
MGM Resorts International | 6,230 | 267,952 |
29
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Monarch Casino & Resort, Inc. | 574 | $ | 42,258 | |||||
Noodles & Co.(1) | 1,969 | 11,499 | ||||||
Norwegian Cruise Line Holdings Ltd.(1) | 4,367 | 64,719 | ||||||
ONE Group Hospitality, Inc.(1) | 584 | 4,964 | ||||||
Papa John's International, Inc. | 227 | 19,057 | ||||||
Penn Entertainment, Inc.(1) | 3,016 | 92,078 | ||||||
Planet Fitness, Inc., Class A(1) | 490 | 39,714 | ||||||
Playa Hotels & Resorts NV(1) | 4,230 | 37,732 | ||||||
RCI Hospitality Holdings, Inc. | 492 | 41,215 | ||||||
Red Robin Gourmet Burgers, Inc.(1) | 134 | 1,140 | ||||||
Royal Caribbean Cruises Ltd.(1) | 1,756 | 124,044 | ||||||
Ruth's Hospitality Group, Inc. | 1,077 | 20,086 | ||||||
SeaWorld Entertainment, Inc.(1) | 1,367 | 88,308 | ||||||
Shake Shack, Inc., Class A(1) | 492 | 27,449 | ||||||
Six Flags Entertainment Corp.(1) | 511 | 13,490 | ||||||
Starbucks Corp. | 3,670 | 374,670 | ||||||
Target Hospitality Corp.(1) | 1,541 | 22,853 | ||||||
Texas Roadhouse, Inc. | 2,966 | 301,168 | ||||||
Travel + Leisure Co. | 327 | 13,718 | ||||||
Vail Resorts, Inc. | 134 | 31,288 | ||||||
Wendy's Co. | 1,933 | 42,449 | ||||||
Wingstop, Inc. | 190 | 32,366 | ||||||
Wyndham Hotels & Resorts, Inc. | 394 | 30,346 | ||||||
Wynn Resorts Ltd.(1) | 211 | 22,866 | ||||||
Yum! Brands, Inc. | 810 | 103,000 | ||||||
7,147,127 | ||||||||
Household Durables — 1.0% | ||||||||
Bassett Furniture Industries, Inc. | 229 | 4,248 | ||||||
Beazer Homes USA, Inc.(1) | 466 | 6,948 | ||||||
Cavco Industries, Inc.(1) | 165 | 47,025 | ||||||
Century Communities, Inc. | 837 | 50,061 | ||||||
D.R. Horton, Inc. | 6,705 | 620,078 | ||||||
Ethan Allen Interiors, Inc. | 868 | 25,649 | ||||||
Garmin Ltd. | 1,702 | 167,017 | ||||||
GoPro, Inc., Class A(1) | 2,385 | 12,378 | ||||||
Green Brick Partners, Inc.(1) | 540 | 16,848 | ||||||
Hooker Furnishings Corp. | 146 | 3,210 | ||||||
Hovnanian Enterprises, Inc., Class A(1) | 211 | 14,371 | ||||||
Installed Building Products, Inc. | 370 | 42,691 | ||||||
iRobot Corp.(1) | 286 | 11,752 | ||||||
KB Home | 1,452 | 51,212 | ||||||
La-Z-Boy, Inc. | 995 | 32,218 | ||||||
Lennar Corp., B Shares | 255 | 20,823 | ||||||
Lennar Corp., Class A | 5,712 | 552,579 | ||||||
LGI Homes, Inc.(1) | 457 | 47,670 | ||||||
Lifetime Brands, Inc. | 361 | 2,859 | ||||||
M/I Homes, Inc.(1) | 727 | 42,050 | ||||||
MDC Holdings, Inc. | 969 | 35,853 | ||||||
Meritage Homes Corp. | 629 | 68,706 | ||||||
Mohawk Industries, Inc.(1) | 835 | 85,880 | ||||||
Newell Brands, Inc. | 3,563 | 52,340 |
30
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
NVR, Inc.(1) | 95 | $ | 491,494 | |||||
PulteGroup, Inc. | 6,078 | 332,284 | ||||||
Skyline Champion Corp.(1) | 2,077 | 142,088 | ||||||
Sonos, Inc.(1) | 2,784 | 54,093 | ||||||
Taylor Morrison Home Corp.(1) | 4,471 | 160,196 | ||||||
Tempur Sealy International, Inc. | 3,035 | 129,716 | ||||||
Toll Brothers, Inc. | 3,705 | 222,078 | ||||||
TopBuild Corp.(1) | 165 | 34,252 | ||||||
Tri Pointe Homes, Inc.(1) | 3,868 | 92,213 | ||||||
Tupperware Brands Corp.(1) | 158 | 648 | ||||||
Universal Electronics, Inc.(1) | 86 | 1,094 | ||||||
VOXX International Corp.(1) | 219 | 2,503 | ||||||
Whirlpool Corp. | 1,882 | 259,678 | ||||||
3,936,803 | ||||||||
Household Products — 0.8% | ||||||||
Central Garden & Pet Co.(1) | 81 | 3,281 | ||||||
Central Garden & Pet Co., Class A(1) | 611 | 23,481 | ||||||
Church & Dwight Co., Inc. | 2,321 | 194,453 | ||||||
Clorox Co. | 1,371 | 213,108 | ||||||
Colgate-Palmolive Co. | 10,035 | 735,565 | ||||||
Kimberly-Clark Corp. | 5,516 | 689,776 | ||||||
Procter & Gamble Co. | 10,594 | 1,457,311 | ||||||
Reynolds Consumer Products, Inc. | 84 | 2,305 | ||||||
WD-40 Co. | 119 | 20,638 | ||||||
3,339,918 | ||||||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
AES Corp. | 19,470 | 480,520 | ||||||
Brookfield Renewable Corp., Class A | 2,666 | 74,248 | ||||||
Clearway Energy, Inc., Class A | 894 | 26,561 | ||||||
Clearway Energy, Inc., Class C | 2,406 | 75,572 | ||||||
Montauk Renewables, Inc.(1) | 1,924 | 18,971 | ||||||
NextEra Energy Partners LP | 854 | 56,586 | ||||||
Ormat Technologies, Inc. | 1,105 | 93,395 | ||||||
Sunnova Energy International, Inc.(1) | 2,345 | 41,694 | ||||||
Vistra Corp. | 9,765 | 214,732 | ||||||
1,082,279 | ||||||||
Industrial Conglomerates — 0.3% | ||||||||
3M Co. | 3,922 | 422,556 | ||||||
General Electric Co. | 5,710 | 483,694 | ||||||
Honeywell International, Inc. | 2,180 | 417,427 | ||||||
1,323,677 | ||||||||
Insurance — 4.1% | ||||||||
Aflac, Inc. | 10,888 | 742,017 | ||||||
Allstate Corp. | 4,314 | 555,557 | ||||||
Ambac Financial Group, Inc.(1) | 1,818 | 30,088 | ||||||
American Equity Investment Life Holding Co. | 1,706 | 71,055 | ||||||
American Financial Group, Inc. | 2,317 | 310,733 | ||||||
American International Group, Inc. | 14,251 | 870,879 | ||||||
AMERISAFE, Inc. | 368 | 20,071 | ||||||
Aon PLC, Class A | 1,196 | 363,644 | ||||||
Arch Capital Group Ltd.(1) | 7,325 | 512,750 |
31
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Argo Group International Holdings Ltd. | 1,368 | $ | 39,740 | |||||
Arthur J Gallagher & Co. | 2,841 | 532,261 | ||||||
Assurant, Inc. | 894 | 113,887 | ||||||
Assured Guaranty Ltd. | 1,731 | 108,032 | ||||||
Axis Capital Holdings Ltd. | 3,241 | 196,793 | ||||||
Brighthouse Financial, Inc.(1) | 2,533 | 146,483 | ||||||
Brown & Brown, Inc. | 809 | 45,361 | ||||||
Chubb Ltd. | 4,049 | 854,420 | ||||||
Cincinnati Financial Corp. | 2,676 | 322,993 | ||||||
CNA Financial Corp. | 370 | 16,199 | ||||||
CNO Financial Group, Inc. | 6,262 | 160,432 | ||||||
eHealth, Inc.(1) | 98 | 721 | ||||||
Employers Holdings, Inc. | 581 | 25,802 | ||||||
Enstar Group Ltd.(1) | 198 | 48,413 | ||||||
Erie Indemnity Co., Class A | 360 | 84,740 | ||||||
Everest Re Group Ltd. | 820 | 314,855 | ||||||
Fidelity National Financial, Inc. | 8,535 | 340,205 | ||||||
First American Financial Corp. | 3,297 | 187,204 | ||||||
Genworth Financial, Inc., Class A(1) | 17,019 | 106,028 | ||||||
Globe Life, Inc. | 2,529 | 307,754 | ||||||
Hanover Insurance Group, Inc. | 1,012 | 141,154 | ||||||
Hartford Financial Services Group, Inc. | 9,417 | 737,163 | ||||||
HCI Group, Inc.(2) | 212 | 11,130 | ||||||
Horace Mann Educators Corp. | 1,128 | 41,691 | ||||||
Investors Title Co. | 48 | 7,841 | ||||||
James River Group Holdings Ltd. | 743 | 17,906 | ||||||
Kemper Corp. | 1,325 | 81,620 | ||||||
Kinsale Capital Group, Inc. | 435 | 138,634 | ||||||
Lemonade, Inc.(1)(2) | 1,271 | 20,717 | ||||||
Lincoln National Corp. | 4,246 | 134,683 | ||||||
Loews Corp. | 3,290 | 200,986 | ||||||
Markel Corp.(1) | 180 | 239,375 | ||||||
Marsh & McLennan Cos., Inc. | 1,272 | 206,242 | ||||||
MBIA, Inc.(1) | 105 | 1,448 | ||||||
Mercury General Corp. | 537 | 18,285 | ||||||
MetLife, Inc. | 11,379 | 816,216 | ||||||
National Western Life Group, Inc., Class A | 28 | 7,554 | ||||||
Old Republic International Corp. | 8,833 | 232,926 | ||||||
Oscar Health, Inc., Class A(1)(2) | 4,605 | 25,512 | ||||||
Primerica, Inc. | 1,724 | 330,905 | ||||||
Principal Financial Group, Inc. | 5,489 | 491,595 | ||||||
ProAssurance Corp. | 1,341 | 26,672 | ||||||
Progressive Corp. | 7,830 | 1,123,762 | ||||||
Prudential Financial, Inc. | 6,533 | 653,300 | ||||||
Reinsurance Group of America, Inc. | 2,076 | 299,920 | ||||||
RenaissanceRe Holdings Ltd. | 1,214 | 260,889 | ||||||
RLI Corp. | 981 | 135,290 | ||||||
Ryan Specialty Holdings, Inc.(1) | 489 | 20,597 | ||||||
Safety Insurance Group, Inc. | 413 | 33,325 | ||||||
Selective Insurance Group, Inc. | 1,847 | 187,526 | ||||||
SiriusPoint Ltd.(1) | 1,818 | 12,908 |
32
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Stewart Information Services Corp. | 1,125 | $ | 47,801 | |||||
Tiptree, Inc. | 1,010 | 16,261 | ||||||
Travelers Cos., Inc. | 5,883 | 1,089,061 | ||||||
United Fire Group, Inc. | 765 | 21,833 | ||||||
Universal Insurance Holdings, Inc. | 781 | 15,097 | ||||||
Unum Group | 5,746 | 255,984 | ||||||
W R Berkley Corp. | 3,546 | 234,710 | ||||||
White Mountains Insurance Group Ltd. | 86 | 124,147 | ||||||
Willis Towers Watson PLC | 365 | 85,541 | ||||||
15,977,324 | ||||||||
Interactive Media and Services — 2.7% | ||||||||
Alphabet, Inc., Class A(1) | 40,097 | 3,611,136 | ||||||
Alphabet, Inc., Class C(1) | 35,068 | 3,166,640 | ||||||
Cars.com, Inc.(1) | 3,040 | 58,368 | ||||||
IAC, Inc.(1) | 835 | 43,370 | ||||||
Match Group, Inc.(1) | 1,025 | 42,455 | ||||||
Meta Platforms, Inc., Class A(1) | 18,419 | 3,222,220 | ||||||
Pinterest, Inc., Class A(1) | 7,028 | 176,473 | ||||||
Shutterstock, Inc. | 649 | 48,818 | ||||||
Snap, Inc., Class A(1) | 3,439 | 34,906 | ||||||
TripAdvisor, Inc.(1) | 870 | 18,766 | ||||||
TrueCar, Inc.(1) | 1,846 | 4,301 | ||||||
Yelp, Inc.(1) | 1,410 | 42,328 | ||||||
Ziff Davis, Inc.(1) | 366 | 28,907 | ||||||
ZipRecruiter, Inc., Class A(1) | 1,743 | 29,736 | ||||||
ZoomInfo Technologies, Inc.(1) | 847 | 20,472 | ||||||
10,548,896 | ||||||||
Internet and Direct Marketing Retail — 1.4% | ||||||||
1-800-Flowers.com, Inc., Class A(1) | 849 | 8,405 | ||||||
Amazon.com, Inc.(1) | 45,101 | 4,249,867 | ||||||
Chewy, Inc., Class A(1)(2) | 788 | 31,953 | ||||||
DoorDash, Inc., Class A(1) | 839 | 45,860 | ||||||
eBay, Inc. | 12,260 | 562,734 | ||||||
Etsy, Inc.(1) | 1,403 | 170,338 | ||||||
Lands' End, Inc.(1) | 165 | 1,254 | ||||||
MercadoLibre, Inc.(1) | 280 | 341,600 | ||||||
PetMed Express, Inc.(2) | 282 | 5,296 | ||||||
Stitch Fix, Inc., Class A(1) | 127 | 592 | ||||||
Wayfair, Inc., Class A(1) | 187 | 7,572 | ||||||
5,425,471 | ||||||||
IT Services — 3.3% | ||||||||
Accenture PLC, Class A | 4,522 | 1,200,817 | ||||||
Akamai Technologies, Inc.(1) | 2,118 | 153,767 | ||||||
Amdocs Ltd. | 953 | 87,304 | ||||||
Automatic Data Processing, Inc. | 5,192 | 1,141,305 | ||||||
Block, Inc.(1) | 2,995 | 229,806 | ||||||
BM Technologies, Inc.(1) | 51 | 170 | ||||||
Broadridge Financial Solutions, Inc., ADR | 933 | 131,348 | ||||||
Cass Information Systems, Inc. | 732 | 35,392 | ||||||
Cloudflare, Inc., Class A(1) | 747 | 44,827 | ||||||
Cognizant Technology Solutions Corp., Class A | 6,119 | 383,233 |
33
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Concentrix Corp. | 587 | $ | 80,325 | |||||
CSG Systems International, Inc. | 812 | 45,634 | ||||||
DigitalOcean Holdings, Inc.(1) | 1,042 | 33,323 | ||||||
DXC Technology Co.(1) | 4,775 | 132,459 | ||||||
EPAM Systems, Inc.(1) | 860 | 264,579 | ||||||
Euronet Worldwide, Inc.(1) | 413 | 44,955 | ||||||
EVERTEC, Inc. | 1,569 | 57,755 | ||||||
Evo Payments, Inc., Class A(1) | 388 | 13,134 | ||||||
ExlService Holdings, Inc.(1) | 336 | 55,275 | ||||||
Fidelity National Information Services, Inc. | 1,761 | 111,595 | ||||||
Fiserv, Inc.(1) | 1,827 | 210,269 | ||||||
FleetCor Technologies, Inc.(1) | 353 | 75,821 | ||||||
Gartner, Inc.(1) | 739 | 242,252 | ||||||
Genpact Ltd. | 1,411 | 67,347 | ||||||
Global Payments, Inc. | 881 | 98,848 | ||||||
Globant SA(1) | 350 | 57,778 | ||||||
GoDaddy, Inc., Class A(1) | 2,228 | 168,682 | ||||||
Hackett Group, Inc. | 243 | 4,530 | ||||||
IBEX Holdings Ltd.(1) | 816 | 22,807 | ||||||
International Business Machines Corp. | 4,448 | 575,126 | ||||||
Jack Henry & Associates, Inc. | 1,379 | 226,487 | ||||||
Kyndryl Holdings, Inc.(1) | 6,639 | 104,166 | ||||||
Marqeta, Inc., Class A(1) | 5,494 | 31,865 | ||||||
Mastercard, Inc., Class A | 5,810 | 2,064,235 | ||||||
MAXIMUS, Inc. | 765 | 62,791 | ||||||
MongoDB, Inc.(1) | 196 | 41,066 | ||||||
Okta, Inc.(1) | 363 | 25,878 | ||||||
Paychex, Inc. | 5,659 | 624,754 | ||||||
Payoneer Global, Inc.(1) | 9,439 | 54,746 | ||||||
PayPal Holdings, Inc.(1) | 8,093 | 595,645 | ||||||
Perficient, Inc.(1) | 80 | 5,664 | ||||||
Remitly Global, Inc.(1) | 2,220 | 32,479 | ||||||
Sabre Corp.(1) | 2,132 | 10,788 | ||||||
Snowflake, Inc., Class A(1) | 1,513 | 233,577 | ||||||
SS&C Technologies Holdings, Inc. | 517 | 30,348 | ||||||
TTEC Holdings, Inc. | 119 | 4,791 | ||||||
Tucows, Inc., Class A(1)(2) | 51 | 1,179 | ||||||
Twilio, Inc., Class A(1) | 724 | 48,660 | ||||||
VeriSign, Inc.(1) | 430 | 84,637 | ||||||
Verra Mobility Corp.(1) | 2,671 | 46,021 | ||||||
Visa, Inc., Class A | 12,574 | 2,765,526 | ||||||
Western Union Co. | 7,370 | 95,515 | ||||||
WEX, Inc.(1) | 550 | 106,046 | ||||||
13,067,327 | ||||||||
Leisure Products — 0.2% | ||||||||
Acushnet Holdings Corp. | 918 | 44,303 | ||||||
American Outdoor Brands, Inc.(1) | 305 | 2,815 | ||||||
Brunswick Corp. | 2,281 | 199,405 | ||||||
Clarus Corp. | 253 | 2,505 | ||||||
Hasbro, Inc. | 534 | 29,375 | ||||||
Malibu Boats, Inc., Class A(1) | 1,042 | 62,270 |
34
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
MasterCraft Boat Holdings, Inc.(1) | 673 | $ | 22,727 | |||||
Mattel, Inc.(1) | 2,007 | 36,106 | ||||||
Nautilus, Inc.(1) | 588 | 952 | ||||||
Polaris, Inc. | 1,594 | 181,317 | ||||||
Smith & Wesson Brands, Inc. | 2,127 | 23,269 | ||||||
Sturm Ruger & Co., Inc. | 1,010 | 58,853 | ||||||
Topgolf Callaway Brands Corp.(1) | 2,038 | 47,241 | ||||||
Vista Outdoor, Inc.(1) | 1,946 | 55,578 | ||||||
YETI Holdings, Inc.(1) | 2,166 | 84,431 | ||||||
851,147 | ||||||||
Life Sciences Tools and Services — 1.0% | ||||||||
AbCellera Biologics, Inc.(1)(2) | 9,145 | 76,818 | ||||||
Adaptive Biotechnologies Corp.(1) | 962 | 8,225 | ||||||
Agilent Technologies, Inc. | 1,724 | 244,756 | ||||||
Avantor, Inc.(1) | 2,394 | 58,342 | ||||||
Azenta, Inc.(1) | 823 | 36,121 | ||||||
Berkeley Lights, Inc.(1) | 64 | 112 | ||||||
Bionano Genomics, Inc.(1)(2) | 9,131 | 12,236 | ||||||
Bio-Rad Laboratories, Inc., Class A(1) | 331 | 158,165 | ||||||
Bio-Techne Corp. | 816 | 59,274 | ||||||
Bruker Corp. | 2,063 | 142,182 | ||||||
Charles River Laboratories International, Inc.(1) | 183 | 40,139 | ||||||
Danaher Corp. | 2,405 | 595,310 | ||||||
Illumina, Inc.(1) | 539 | 107,369 | ||||||
Inotiv, Inc.(1)(2) | 878 | 6,585 | ||||||
IQVIA Holdings, Inc.(1) | 1,293 | 269,552 | ||||||
Maravai LifeSciences Holdings, Inc., Class A(1) | 1,771 | 26,122 | ||||||
MaxCyte, Inc.(1) | 1,890 | 8,581 | ||||||
Medpace Holdings, Inc.(1) | 254 | 49,246 | ||||||
Mettler-Toledo International, Inc.(1) | 181 | 259,501 | ||||||
OmniAb, Inc.(1) | 182 | 504 | ||||||
OmniAb, Inc.(1) | 182 | 485 | ||||||
PerkinElmer, Inc. | 582 | 72,500 | ||||||
Quanterix Corp.(1) | 542 | 5,962 | ||||||
Repligen Corp.(1) | 303 | 52,834 | ||||||
Seer, Inc.(1) | 2,342 | 9,579 | ||||||
SomaLogic, Inc.(1) | 1,931 | 4,905 | ||||||
Sotera Health Co.(1) | 1,121 | 18,709 | ||||||
Syneos Health, Inc.(1) | 186 | 7,481 | ||||||
Thermo Fisher Scientific, Inc. | 1,455 | 788,261 | ||||||
Waters Corp.(1) | 1,124 | 349,440 | ||||||
West Pharmaceutical Services, Inc. | 983 | 311,640 | ||||||
3,780,936 | ||||||||
Machinery — 2.5% | ||||||||
AGCO Corp. | 1,087 | 153,060 | ||||||
Alamo Group, Inc. | 139 | 25,352 | ||||||
Albany International Corp., Class A | 1,150 | 116,058 | ||||||
Allison Transmission Holdings, Inc. | 1,321 | 62,748 | ||||||
Altra Industrial Motion Corp. | 1,132 | 69,652 | ||||||
Astec Industries, Inc. | 209 | 9,411 | ||||||
Barnes Group, Inc. | 798 | 33,628 |
35
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Caterpillar, Inc. | 6,718 | $ | 1,609,297 | |||||
Chart Industries, Inc.(1) | 355 | 47,393 | ||||||
Crane Holdings Co. | 898 | 107,562 | ||||||
Cummins, Inc. | 1,448 | 351,980 | ||||||
Deere & Co. | 3,965 | 1,662,287 | ||||||
Desktop Metal, Inc., Class A(1)(2) | 2,197 | 3,339 | ||||||
Donaldson Co., Inc. | 4,083 | 258,250 | ||||||
Dover Corp. | 549 | 82,295 | ||||||
Enerpac Tool Group Corp. | 189 | 5,090 | ||||||
ESCO Technologies, Inc. | 315 | 29,355 | ||||||
Evoqua Water Technologies Corp.(1) | 1,789 | 86,874 | ||||||
Federal Signal Corp. | 688 | 36,306 | ||||||
Fortive Corp. | 1,371 | 91,391 | ||||||
Graco, Inc. | 2,940 | 204,448 | ||||||
Greenbrier Cos., Inc. | 795 | 25,527 | ||||||
Helios Technologies, Inc. | 388 | 26,283 | ||||||
Hillenbrand, Inc. | 929 | 43,793 | ||||||
Hyster-Yale Materials Handling, Inc. | 139 | 5,408 | ||||||
IDEX Corp. | 266 | 59,845 | ||||||
Illinois Tool Works, Inc. | 2,019 | 470,750 | ||||||
Ingersoll Rand, Inc. | 3,083 | 179,030 | ||||||
ITT, Inc. | 1,098 | 99,797 | ||||||
Kadant, Inc. | 246 | 52,806 | ||||||
Kennametal, Inc. | 2,621 | 74,253 | ||||||
Lincoln Electric Holdings, Inc. | 1,859 | 312,182 | ||||||
Lindsay Corp. | 224 | 33,710 | ||||||
Manitowoc Co., Inc.(1) | 304 | 5,749 | ||||||
Microvast Holdings, Inc.(1) | 1,335 | 1,722 | ||||||
Middleby Corp.(1) | 205 | 31,875 | ||||||
Miller Industries, Inc. | 151 | 4,199 | ||||||
Mueller Industries, Inc. | 2,905 | 214,883 | ||||||
Mueller Water Products, Inc., Class A | 2,715 | 37,657 | ||||||
Nikola Corp.(1)(2) | 820 | 1,820 | ||||||
NN, Inc.(1) | 691 | 1,271 | ||||||
Nordson Corp. | 313 | 68,747 | ||||||
Omega Flex, Inc. | 78 | 9,078 | ||||||
Oshkosh Corp. | 2,158 | 192,472 | ||||||
Otis Worldwide Corp. | 1,694 | 143,346 | ||||||
PACCAR, Inc. | 11,491 | 829,650 | ||||||
Parker-Hannifin Corp. | 321 | 112,944 | ||||||
Park-Ohio Holdings Corp. | 125 | 1,664 | ||||||
Pentair PLC | 444 | 24,837 | ||||||
Proterra, Inc.(1)(2) | 1,940 | 8,148 | ||||||
Proto Labs, Inc.(1) | 403 | 12,670 | ||||||
RBC Bearings, Inc.(1) | 319 | 73,309 | ||||||
REV Group, Inc. | 1,440 | 16,834 | ||||||
Snap-on, Inc. | 1,285 | 319,554 | ||||||
SPX Technologies, Inc.(1) | 581 | 40,926 | ||||||
Standex International Corp. | 289 | 33,432 | ||||||
Stanley Black & Decker, Inc. | 381 | 32,617 | ||||||
Tennant Co. | 589 | 41,713 |
36
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Terex Corp. | 1,789 | $ | 105,927 | |||||
Timken Co. | 1,551 | 132,533 | ||||||
Titan International, Inc.(1) | 2,080 | 25,813 | ||||||
Toro Co. | 2,572 | 284,052 | ||||||
Trinity Industries, Inc. | 1,464 | 40,860 | ||||||
Wabash National Corp. | 2,802 | 76,775 | ||||||
Watts Water Technologies, Inc., Class A | 388 | 67,989 | ||||||
Westinghouse Air Brake Technologies Corp. | 1,175 | 122,588 | ||||||
Xylem, Inc. | 671 | 68,878 | ||||||
9,615,692 | ||||||||
Marine — 0.1% | ||||||||
Eagle Bulk Shipping, Inc.(2) | 484 | 31,591 | ||||||
Genco Shipping & Trading Ltd. | 1,967 | 37,471 | ||||||
Kirby Corp.(1) | 1,912 | 138,677 | ||||||
Matson, Inc. | 1,929 | 128,298 | ||||||
Pangaea Logistics Solutions Ltd. | 2,021 | 13,419 | ||||||
Safe Bulkers, Inc.(2) | 2,798 | 10,493 | ||||||
359,949 | ||||||||
Media — 0.8% | ||||||||
Altice USA, Inc., Class A(1) | 842 | 3,334 | ||||||
AMC Networks, Inc., Class A(1) | 1,331 | 29,761 | ||||||
Boston Omaha Corp., Class A(1) | 279 | 6,721 | ||||||
Cable One, Inc. | 143 | 98,757 | ||||||
Charter Communications, Inc., Class A(1) | 680 | 249,975 | ||||||
Comcast Corp., Class A | 31,078 | 1,155,169 | ||||||
Cumulus Media, Inc., Class A(1) | 504 | 2,732 | ||||||
DISH Network Corp., Class A(1) | 7,941 | 90,607 | ||||||
Entravision Communications Corp., Class A | 2,377 | 15,593 | ||||||
Fox Corp., Class A | 6,354 | 222,517 | ||||||
Fox Corp., Class B | 3,073 | 99,104 | ||||||
Gray Television, Inc. | 1,992 | 23,306 | ||||||
Interpublic Group of Cos., Inc. | 3,801 | 135,088 | ||||||
John Wiley & Sons, Inc., Class A | 69 | 3,070 | ||||||
Liberty Broadband Corp., Class A(1) | 212 | 18,387 | ||||||
Liberty Broadband Corp., Class C(1) | 1,146 | 99,324 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A(1) | 173 | 5,603 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C(1) | 297 | 9,569 | ||||||
Loyalty Ventures, Inc.(1) | 1 | 2 | ||||||
New York Times Co., Class A | 3,092 | 119,042 | ||||||
News Corp., Class A | 4,508 | 77,312 | ||||||
News Corp., Class B | 1,406 | 24,268 | ||||||
Nexstar Media Group, Inc., Class A | 505 | 93,880 | ||||||
Omnicom Group, Inc. | 1,905 | 172,536 | ||||||
Paramount Global, Class B | 7,418 | 158,894 | ||||||
PubMatic, Inc., Class A(1) | 2,210 | 33,548 | ||||||
Scholastic Corp. | 1,060 | 48,347 | ||||||
Sinclair Broadcast Group, Inc., Class A | 563 | 9,160 | ||||||
Sirius XM Holdings, Inc. | 2,311 | 10,145 | ||||||
TechTarget, Inc.(1) | 102 | 3,848 | ||||||
TEGNA, Inc. | 439 | 7,639 | ||||||
Thryv Holdings, Inc.(1) | 568 | 13,541 |
37
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Trade Desk, Inc., Class A(1) | 1,746 | $ | 97,706 | |||||
WideOpenWest, Inc.(1) | 2,553 | 27,904 | ||||||
3,166,389 | ||||||||
Metals and Mining — 1.7% | ||||||||
Alcoa Corp. | 5,866 | 287,082 | ||||||
Alpha Metallurgical Resources, Inc. | 876 | 146,940 | ||||||
Arconic Corp.(1) | 2,288 | 60,495 | ||||||
ATI, Inc.(1) | 2,064 | 83,902 | ||||||
Carpenter Technology Corp. | 1,064 | 51,423 | ||||||
Century Aluminum Co.(1) | 1,342 | 16,198 | ||||||
Cleveland-Cliffs, Inc.(1) | 18,770 | 400,364 | ||||||
Coeur Mining, Inc.(1) | 4,989 | 15,566 | ||||||
Commercial Metals Co. | 4,284 | 221,697 | ||||||
Freeport-McMoRan, Inc. | 29,865 | 1,223,569 | ||||||
Gold Resource Corp.(2) | 3,735 | 3,415 | ||||||
Haynes International, Inc. | 157 | 8,589 | ||||||
Hecla Mining Co. | 11,425 | 58,839 | ||||||
Kaiser Aluminum Corp. | 498 | 39,501 | ||||||
MP Materials Corp.(1) | 3,374 | 118,090 | ||||||
Newmont Corp. | 11,500 | 501,515 | ||||||
Nucor Corp. | 8,009 | 1,341,027 | ||||||
Olympic Steel, Inc. | 404 | 21,210 | ||||||
Ramaco Resources, Inc.(2) | 1,527 | 15,194 | ||||||
Reliance Steel & Aluminum Co. | 1,817 | 450,325 | ||||||
Royal Gold, Inc. | 942 | 111,900 | ||||||
Ryerson Holding Corp. | 1,270 | 45,631 | ||||||
Schnitzer Steel Industries, Inc., Class A | 1,280 | 41,843 | ||||||
Steel Dynamics, Inc. | 6,503 | 820,093 | ||||||
SunCoke Energy, Inc. | 3,751 | 35,672 | ||||||
TimkenSteel Corp.(1) | 2,117 | 38,720 | ||||||
Tredegar Corp. | 1,180 | 13,712 | ||||||
United States Steel Corp. | 10,901 | 333,898 | ||||||
Warrior Met Coal, Inc. | 3,057 | 116,991 | ||||||
Worthington Industries, Inc. | 833 | 50,347 | ||||||
6,673,748 | ||||||||
Multiline Retail — 0.7% | ||||||||
Big Lots, Inc. | 932 | 13,374 | ||||||
Dillard's, Inc., Class A | 218 | 77,697 | ||||||
Dollar General Corp. | 2,273 | 491,650 | ||||||
Dollar Tree, Inc.(1) | 2,892 | 420,150 | ||||||
Kohl's Corp. | 5,840 | 163,754 | ||||||
Macy's, Inc. | 10,794 | 220,845 | ||||||
Nordstrom, Inc. | 4,513 | 87,913 | ||||||
Ollie's Bargain Outlet Holdings, Inc.(1) | 379 | 21,808 | ||||||
Target Corp. | 6,563 | 1,105,865 | ||||||
2,603,056 | ||||||||
Multi-Utilities — 0.8% | ||||||||
Ameren Corp. | 3,397 | 280,966 | ||||||
Avista Corp. | 1,948 | 80,102 | ||||||
CenterPoint Energy, Inc. | 6,606 | 183,779 | ||||||
CMS Energy Corp. | 2,533 | 149,371 |
38
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Consolidated Edison, Inc. | 6,586 | $ | 588,459 | |||||
Dominion Energy, Inc. | 3,716 | 206,684 | ||||||
DTE Energy Co. | 1,992 | 218,542 | ||||||
NiSource, Inc. | 9,640 | 264,425 | ||||||
NorthWestern Corp. | 1,029 | 59,456 | ||||||
Public Service Enterprise Group, Inc. | 3,563 | 215,312 | ||||||
Sempra Energy | 3,801 | 569,998 | ||||||
Unitil Corp. | 565 | 30,691 | ||||||
WEC Energy Group, Inc. | 2,217 | 196,559 | ||||||
3,044,344 | ||||||||
Oil, Gas and Consumable Fuels — 8.4% | ||||||||
Alto Ingredients, Inc.(1) | 755 | 2,205 | ||||||
Antero Midstream Corp. | 11,707 | 123,392 | ||||||
Antero Resources Corp.(1) | 10,354 | 271,275 | ||||||
APA Corp. | 12,132 | 465,626 | ||||||
Arch Resources, Inc. | 1,137 | 178,907 | ||||||
Berry Corp. | 3,422 | 32,269 | ||||||
California Resources Corp. | 2,483 | 104,783 | ||||||
Callon Petroleum Co.(1) | 3,295 | 127,714 | ||||||
Cheniere Energy, Inc. | 1,998 | 314,365 | ||||||
Chesapeake Energy Corp. | 4,247 | 343,200 | ||||||
Chevron Corp. | 19,633 | 3,156,397 | ||||||
Chord Energy Corp. | 1,858 | 250,124 | ||||||
Civitas Resources, Inc. | 2,406 | 168,829 | ||||||
Clean Energy Fuels Corp.(1) | 3,357 | 18,799 | ||||||
CNX Resources Corp.(1) | 8,153 | 125,149 | ||||||
Comstock Resources, Inc.(2) | 4,528 | 54,970 | ||||||
ConocoPhillips | 20,765 | 2,146,063 | ||||||
CONSOL Energy, Inc. | 1,572 | 86,036 | ||||||
Coterra Energy, Inc. | 24,180 | 603,775 | ||||||
Crescent Energy Co., Class A(2) | 1,612 | 18,602 | ||||||
CVR Energy, Inc. | 1,422 | 45,120 | ||||||
Delek US Holdings, Inc. | 3,735 | 94,010 | ||||||
Denbury, Inc.(1) | 1,876 | 156,402 | ||||||
Devon Energy Corp. | 19,635 | 1,058,719 | ||||||
DHT Holdings, Inc. | 4,534 | 52,458 | ||||||
Diamondback Energy, Inc. | 6,200 | 871,596 | ||||||
Dorian LPG Ltd. | 1,894 | 41,573 | ||||||
DT Midstream, Inc. | 2,637 | 132,377 | ||||||
Earthstone Energy, Inc., Class A(1) | 3,598 | 50,192 | ||||||
EnLink Midstream LLC(1) | 8,756 | 98,593 | ||||||
EOG Resources, Inc. | 13,885 | 1,569,283 | ||||||
EQT Corp. | 9,743 | 323,273 | ||||||
Equitrans Midstream Corp. | 21,295 | 128,409 | ||||||
Evolution Petroleum Corp. | 1,487 | 9,680 | ||||||
Exxon Mobil Corp. | 45,321 | 4,981,231 | ||||||
Gevo, Inc.(1)(2) | 2,230 | 4,125 | ||||||
Green Plains, Inc.(1) | 925 | 32,070 | ||||||
Hallador Energy Co.(1) | 1,673 | 12,765 | ||||||
Hess Corp. | 7,723 | 1,040,288 | ||||||
Hess Midstream LP, Class A | 1,073 | 29,422 |
39
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
HF Sinclair Corp. | 7,255 | $ | 360,719 | |||||
HighPeak Energy, Inc.(2) | 808 | 21,614 | ||||||
International Seaways, Inc. | 1,366 | 70,267 | ||||||
Kimbell Royalty Partners LP | 2,153 | 33,221 | ||||||
Kinder Morgan, Inc. | 19,417 | 331,254 | ||||||
Kosmos Energy Ltd.(1) | 24,330 | 191,477 | ||||||
Magnolia Oil & Gas Corp., Class A | 8,457 | 184,785 | ||||||
Marathon Oil Corp. | 27,368 | 688,305 | ||||||
Marathon Petroleum Corp. | 11,112 | 1,373,443 | ||||||
Matador Resources Co. | 5,277 | 283,850 | ||||||
Murphy Oil Corp. | 6,639 | 259,054 | ||||||
New Fortress Energy, Inc. | 738 | 24,347 | ||||||
Nordic American Tankers Ltd. | 8,182 | 36,246 | ||||||
Northern Oil & Gas, Inc. | 531 | 16,482 | ||||||
Occidental Petroleum Corp. | 16,465 | 964,190 | ||||||
ONEOK, Inc. | 10,482 | 686,047 | ||||||
Ovintiv, Inc. | 9,448 | 404,091 | ||||||
PBF Energy, Inc., Class A | 5,998 | 262,173 | ||||||
PDC Energy, Inc. | 4,658 | 312,598 | ||||||
Peabody Energy Corp.(1) | 5,403 | 147,502 | ||||||
Permian Resources Corp. | 9,713 | 104,998 | ||||||
Phillips 66 | 11,980 | 1,228,669 | ||||||
Pioneer Natural Resources Co. | 5,263 | 1,054,758 | ||||||
Plains GP Holdings LP, Class A(2) | 9,674 | 134,565 | ||||||
Range Resources Corp. | 12,205 | 328,803 | ||||||
Ranger Oil Corp., Class A | 1,332 | 55,278 | ||||||
REX American Resources Corp.(1) | 564 | 18,618 | ||||||
Ring Energy, Inc.(1)(2) | 4,287 | 9,003 | ||||||
SandRidge Energy, Inc.(1) | 2,068 | 30,172 | ||||||
Scorpio Tankers, Inc. | 1,387 | 83,719 | ||||||
SFL Corp. Ltd. | 6,302 | 65,037 | ||||||
SilverBow Resources, Inc.(1) | 1,005 | 24,743 | ||||||
Sitio Royalties Corp., Class A | 2,276 | 53,509 | ||||||
SM Energy Co. | 6,183 | 182,460 | ||||||
Southwestern Energy Co.(1) | 54,207 | 287,297 | ||||||
Talos Energy, Inc.(1) | 3,477 | 61,925 | ||||||
Targa Resources Corp. | 7,349 | 544,561 | ||||||
Teekay Tankers Ltd., Class A(1) | 1,161 | 52,419 | ||||||
Texas Pacific Land Corp. | 196 | 348,917 | ||||||
VAALCO Energy, Inc. | 2,868 | 13,451 | ||||||
Valero Energy Corp. | 9,989 | 1,315,851 | ||||||
Viper Energy Partners LP | 1,359 | 38,908 | ||||||
Vital Energy, Inc.(1) | 861 | 44,247 | ||||||
Williams Cos., Inc. | 22,573 | 679,447 | ||||||
World Fuel Services Corp. | 1,606 | 44,085 | ||||||
32,781,171 | ||||||||
Paper and Forest Products — 0.1% | ||||||||
Clearwater Paper Corp.(1) | 642 | 24,775 | ||||||
Glatfelter Corp. | 1,507 | 5,787 | ||||||
Louisiana-Pacific Corp. | 3,453 | 202,035 | ||||||
Mercer International, Inc. | 2,526 | 27,230 |
40
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Sylvamo Corp. | 2,010 | $ | 99,153 | |||||
358,980 | ||||||||
Personal Products — 0.2% | ||||||||
BellRing Brands, Inc.(1) | 203 | 6,269 | ||||||
Coty, Inc., Class A(1) | 226 | 2,554 | ||||||
Edgewell Personal Care Co. | 654 | 27,926 | ||||||
Estee Lauder Cos., Inc., Class A | 1,959 | 476,135 | ||||||
Herbalife Nutrition Ltd.(1) | 446 | 8,630 | ||||||
Inter Parfums, Inc. | 360 | 43,347 | ||||||
Medifast, Inc. | 515 | 57,747 | ||||||
Nu Skin Enterprises, Inc., Class A | 1,997 | 79,560 | ||||||
USANA Health Sciences, Inc.(1) | 442 | 26,865 | ||||||
729,033 | ||||||||
Pharmaceuticals — 3.9% | ||||||||
Aclaris Therapeutics, Inc.(1) | 957 | 11,924 | ||||||
Amneal Pharmaceuticals, Inc.(1) | 658 | 1,356 | ||||||
Amphastar Pharmaceuticals, Inc.(1) | 1,262 | 40,207 | ||||||
ANI Pharmaceuticals, Inc.(1) | 550 | 23,012 | ||||||
Arvinas, Inc.(1) | 1,841 | 56,427 | ||||||
Assertio Holdings, Inc.(1)(2) | 2,974 | 16,446 | ||||||
Atea Pharmaceuticals, Inc.(1) | 3,630 | 12,850 | ||||||
Athira Pharma, Inc.(1) | 865 | 2,664 | ||||||
Bristol-Myers Squibb Co. | 29,807 | 2,055,491 | ||||||
Catalent, Inc.(1) | 1,264 | 86,230 | ||||||
Corcept Therapeutics, Inc.(1) | 3,958 | 82,445 | ||||||
Elanco Animal Health, Inc.(1) | 2,049 | 23,502 | ||||||
Eli Lilly & Co. | 5,804 | 1,806,321 | ||||||
Harmony Biosciences Holdings, Inc.(1) | 1,234 | 54,333 | ||||||
Harrow Health, Inc.(1) | 1,499 | 26,862 | ||||||
Innoviva, Inc.(1) | 2,990 | 36,089 | ||||||
Jazz Pharmaceuticals PLC(1) | 1,889 | 265,216 | ||||||
Johnson & Johnson | 21,938 | 3,362,218 | ||||||
Ligand Pharmaceuticals, Inc.(1) | 480 | 34,627 | ||||||
Merck & Co., Inc. | 31,880 | 3,386,931 | ||||||
Nektar Therapeutics(1) | 1,106 | 1,526 | ||||||
NGM Biopharmaceuticals, Inc.(1) | 636 | 3,015 | ||||||
Nuvation Bio, Inc.(1) | 2,146 | 4,163 | ||||||
Organon & Co. | 1,514 | 37,078 | ||||||
Perrigo Co. PLC | 1,973 | 74,362 | ||||||
Pfizer, Inc. | 58,928 | 2,390,709 | ||||||
Phibro Animal Health Corp., Class A | 349 | 5,483 | ||||||
Prestige Consumer Healthcare, Inc.(1) | 1,185 | 71,396 | ||||||
ProPhase Labs, Inc.(2) | 711 | 5,198 | ||||||
Reata Pharmaceuticals, Inc., Class A(1) | 1 | 31 | ||||||
Royalty Pharma PLC, Class A | 4,252 | 152,434 | ||||||
SIGA Technologies, Inc. | 2,227 | 15,255 | ||||||
Supernus Pharmaceuticals, Inc.(1) | 1,246 | 46,837 | ||||||
Theravance Biopharma, Inc.(1) | 88 | 951 | ||||||
Viatris, Inc. | 40,662 | 463,547 | ||||||
Zoetis, Inc. | 3,630 | 606,210 | ||||||
15,263,346 |
41
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Professional Services — 0.6% | ||||||||
ASGN, Inc.(1) | 367 | $ | 32,590 | |||||
Barrett Business Services, Inc. | 411 | 39,448 | ||||||
Booz Allen Hamilton Holding Corp. | 2,030 | 192,302 | ||||||
CACI International, Inc., Class A(1) | 73 | 21,389 | ||||||
CBIZ, Inc.(1) | 1,968 | 98,577 | ||||||
Clarivate PLC(1) | 7,062 | 71,538 | ||||||
CoStar Group, Inc.(1) | 2,588 | 182,868 | ||||||
CRA International, Inc. | 224 | 27,881 | ||||||
Dun & Bradstreet Holdings, Inc. | 380 | 4,564 | ||||||
Equifax, Inc. | 584 | 118,278 | ||||||
Exponent, Inc. | 1,023 | 105,267 | ||||||
First Advantage Corp.(1) | 1,404 | 20,372 | ||||||
Franklin Covey Co.(1) | 585 | 27,419 | ||||||
FTI Consulting, Inc.(1) | 197 | 36,191 | ||||||
Heidrick & Struggles International, Inc. | 865 | 29,695 | ||||||
Insperity, Inc. | 1,312 | 162,806 | ||||||
Jacobs Solutions, Inc. | 365 | 43,617 | ||||||
KBR, Inc. | 1,649 | 90,876 | ||||||
Kelly Services, Inc., Class A | 1,355 | 22,669 | ||||||
Kforce, Inc. | 916 | 57,241 | ||||||
Korn Ferry | 2,010 | 112,339 | ||||||
Leidos Holdings, Inc. | 263 | 25,529 | ||||||
ManpowerGroup, Inc. | 1,108 | 94,047 | ||||||
NV5 Global, Inc.(1) | 172 | 18,098 | ||||||
Planet Labs PBC(1)(2) | 5,590 | 25,770 | ||||||
RCM Technologies, Inc.(1) | 304 | 4,384 | ||||||
Resources Connection, Inc. | 1,465 | 26,458 | ||||||
Robert Half International, Inc. | 3,564 | 287,330 | ||||||
Science Applications International Corp. | 224 | 23,887 | ||||||
TransUnion | 796 | 52,082 | ||||||
TriNet Group, Inc.(1) | 1,299 | 107,648 | ||||||
TrueBlue, Inc.(1) | 1,245 | 23,282 | ||||||
Verisk Analytics, Inc. | 840 | 143,732 | ||||||
2,330,174 | ||||||||
Real Estate Management and Development — 0.3% | ||||||||
CBRE Group, Inc., Class A(1) | 4,839 | 411,992 | ||||||
Cushman & Wakefield PLC(1) | 1,625 | 21,027 | ||||||
Douglas Elliman, Inc. | 2,917 | 12,310 | ||||||
Forestar Group, Inc.(1) | 454 | 6,479 | ||||||
FRP Holdings, Inc.(1) | 20 | 1,093 | ||||||
Howard Hughes Corp.(1) | 629 | 52,282 | ||||||
Jones Lang LaSalle, Inc.(1) | 937 | 163,469 | ||||||
Kennedy-Wilson Holdings, Inc. | 3,861 | 64,517 | ||||||
Marcus & Millichap, Inc. | 1,365 | 46,915 | ||||||
RE/MAX Holdings, Inc., Class A | 648 | 11,982 | ||||||
RMR Group, Inc., Class A | 648 | 18,235 | ||||||
St. Joe Co. | 992 | 42,487 | ||||||
Zillow Group, Inc., Class A(1) | 1,616 | 66,822 | ||||||
Zillow Group, Inc., Class C(1) | 6,358 | 267,036 | ||||||
1,186,646 |
42
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Road and Rail — 1.9% | ||||||||
ArcBest Corp. | 1,239 | $ | 119,192 | |||||
Avis Budget Group, Inc.(1) | 172 | 37,781 | ||||||
Covenant Logistics Group, Inc. | 651 | 22,557 | ||||||
CSX Corp. | 39,804 | 1,213,624 | ||||||
Daseke, Inc.(1) | 1,443 | 11,760 | ||||||
Heartland Express, Inc. | 2,232 | 36,002 | ||||||
Hertz Global Holdings, Inc.(1) | 8,237 | 152,467 | ||||||
JB Hunt Transport Services, Inc. | 2,706 | 489,218 | ||||||
Knight-Swift Transportation Holdings, Inc. | 4,689 | 266,523 | ||||||
Landstar System, Inc. | 1,426 | 257,807 | ||||||
Marten Transport Ltd. | 2,708 | 59,766 | ||||||
Norfolk Southern Corp. | 4,363 | 980,890 | ||||||
Old Dominion Freight Line, Inc. | 2,504 | 849,507 | ||||||
PAM Transportation Services, Inc.(1) | 436 | 12,644 | ||||||
RXO, Inc.(1) | 879 | 18,081 | ||||||
Ryder System, Inc. | 2,604 | 254,958 | ||||||
Saia, Inc.(1) | 1,143 | 309,604 | ||||||
Schneider National, Inc., Class B | 1,675 | 47,000 | ||||||
TuSimple Holdings, Inc., Class A(1) | 2,225 | 4,272 | ||||||
Uber Technologies, Inc.(1) | 5,594 | 186,056 | ||||||
U-Haul Holding Co.(2) | 273 | 17,529 | ||||||
U-Haul Holding Co., Non-Voting Shares | 2,457 | 136,683 | ||||||
Union Pacific Corp. | 8,731 | 1,809,762 | ||||||
Universal Logistics Holdings, Inc. | 451 | 13,395 | ||||||
US Xpress Enterprises, Inc., Class A(1) | 274 | 430 | ||||||
Werner Enterprises, Inc. | 2,684 | 124,672 | ||||||
XPO, Inc.(1) | 879 | 29,323 | ||||||
7,461,503 | ||||||||
Semiconductors and Semiconductor Equipment — 5.0% | ||||||||
ACM Research, Inc., Class A(1) | 1,253 | 13,006 | ||||||
Advanced Micro Devices, Inc.(1) | 9,637 | 757,275 | ||||||
Allegro MicroSystems, Inc.(1) | 1,211 | 52,896 | ||||||
Alpha & Omega Semiconductor Ltd.(1) | 643 | 17,175 | ||||||
Amkor Technology, Inc. | 4,994 | 128,645 | ||||||
Analog Devices, Inc. | 3,311 | 607,469 | ||||||
Applied Materials, Inc. | 11,374 | 1,321,090 | ||||||
Axcelis Technologies, Inc.(1) | 1,221 | 156,947 | ||||||
AXT, Inc.(1) | 2,464 | 10,768 | ||||||
Broadcom, Inc. | 1,937 | 1,151,140 | ||||||
CEVA, Inc.(1) | 370 | 11,677 | ||||||
Cirrus Logic, Inc.(1) | 1,724 | 177,141 | ||||||
Cohu, Inc.(1) | 1,163 | 43,264 | ||||||
Diodes, Inc.(1) | 2,082 | 190,899 | ||||||
Enphase Energy, Inc.(1) | 1,912 | 402,533 | ||||||
Entegris, Inc. | 1,443 | 122,987 | ||||||
First Solar, Inc.(1) | 1,490 | 252,019 | ||||||
FormFactor, Inc.(1) | 1,211 | 36,451 | ||||||
GLOBALFOUNDRIES, Inc.(1)(2) | 1,563 | 102,126 | ||||||
Intel Corp. | 41,045 | 1,023,252 | ||||||
KLA Corp. | 2,187 | 829,704 |
43
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Kulicke & Soffa Industries, Inc. | 2,255 | $ | 120,192 | |||||
Lam Research Corp. | 2,429 | 1,180,518 | ||||||
Lattice Semiconductor Corp.(1) | 701 | 59,557 | ||||||
Magnachip Semiconductor Corp.(1) | 601 | 5,758 | ||||||
Marvell Technology, Inc. | 4,008 | 180,961 | ||||||
MaxLinear, Inc.(1) | 2,409 | 82,412 | ||||||
Microchip Technology, Inc. | 4,146 | 335,950 | ||||||
Micron Technology, Inc. | 21,115 | 1,220,869 | ||||||
MKS Instruments, Inc. | 885 | 85,783 | ||||||
Monolithic Power Systems, Inc. | 313 | 151,583 | ||||||
NVIDIA Corp. | 10,245 | 2,378,479 | ||||||
NXP Semiconductors NV | 2,118 | 378,021 | ||||||
ON Semiconductor Corp.(1) | 12,255 | 948,660 | ||||||
Onto Innovation, Inc.(1) | 941 | 77,604 | ||||||
PDF Solutions, Inc.(1) | 768 | 28,754 | ||||||
Photronics, Inc.(1) | 3,795 | 66,868 | ||||||
Power Integrations, Inc. | 1,251 | 102,895 | ||||||
Qorvo, Inc.(1) | 1,536 | 154,967 | ||||||
QUALCOMM, Inc. | 11,362 | 1,403,548 | ||||||
Rambus, Inc.(1) | 1,432 | 63,337 | ||||||
Semtech Corp.(1) | 543 | 16,730 | ||||||
Silicon Laboratories, Inc.(1) | 54 | 9,641 | ||||||
Skyworks Solutions, Inc. | 2,845 | 317,417 | ||||||
SMART Global Holdings, Inc.(1) | 2,037 | 34,018 | ||||||
SolarEdge Technologies, Inc.(1) | 522 | 165,954 | ||||||
Synaptics, Inc.(1) | 920 | 108,201 | ||||||
Teradyne, Inc. | 4,306 | 435,509 | ||||||
Texas Instruments, Inc. | 11,356 | 1,946,986 | ||||||
Ultra Clean Holdings, Inc.(1) | 1,864 | 59,387 | ||||||
Universal Display Corp. | 515 | 69,963 | ||||||
Veeco Instruments, Inc.(1) | 988 | 21,015 | ||||||
Wolfspeed, Inc.(1)(2) | 1,176 | 87,000 | ||||||
19,707,001 | ||||||||
Software — 5.3% | ||||||||
A10 Networks, Inc. | 1,937 | 29,481 | ||||||
ACI Worldwide, Inc.(1) | 251 | 6,488 | ||||||
Adeia, Inc. | 4,400 | 43,384 | ||||||
Adobe, Inc.(1) | 2,679 | 867,862 | ||||||
American Software, Inc., Class A | 628 | 8,503 | ||||||
ANSYS, Inc.(1) | 336 | 102,013 | ||||||
Aspen Technology, Inc.(1) | 420 | 89,044 | ||||||
Autodesk, Inc.(1) | 2,357 | 468,312 | ||||||
Bentley Systems, Inc., Class B | 1,233 | 49,887 | ||||||
Bill.com Holdings, Inc.(1) | 547 | 46,293 | ||||||
Black Knight, Inc.(1) | 377 | 22,469 | ||||||
Blackbaud, Inc.(1) | 48 | 2,673 | ||||||
Box, Inc., Class A(1) | 1,329 | 44,322 | ||||||
C3.ai, Inc., Class A(1)(2) | 1,892 | 42,721 | ||||||
Cadence Design Systems, Inc.(1) | 3,097 | 597,535 | ||||||
Ceridian HCM Holding, Inc.(1) | 388 | 28,297 | ||||||
CommVault Systems, Inc.(1) | 646 | 38,037 |
44
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Consensus Cloud Solutions, Inc.(1) | 294 | $ | 12,066 | |||||
Crowdstrike Holdings, Inc., Class A(1) | 1,698 | 204,932 | ||||||
Datadog, Inc., Class A(1) | 734 | 56,166 | ||||||
DocuSign, Inc.(1) | 1,998 | 122,577 | ||||||
Dolby Laboratories, Inc., Class A | 512 | 42,127 | ||||||
Dropbox, Inc., Class A(1) | 1,553 | 31,681 | ||||||
Duck Creek Technologies, Inc.(1) | 1,597 | 30,247 | ||||||
Dynatrace, Inc.(1) | 454 | 19,309 | ||||||
Elastic NV(1) | 232 | 13,693 | ||||||
Envestnet, Inc.(1) | 56 | 3,501 | ||||||
Fair Isaac Corp.(1) | 220 | 149,026 | ||||||
Fortinet, Inc.(1) | 5,153 | 306,294 | ||||||
Gen Digital, Inc. | 2,630 | 51,311 | ||||||
Guidewire Software, Inc.(1) | 731 | 51,324 | ||||||
HubSpot, Inc.(1) | 150 | 58,029 | ||||||
InterDigital, Inc. | 969 | 70,727 | ||||||
Intuit, Inc. | 1,093 | 445,048 | ||||||
LiveRamp Holdings, Inc.(1) | 716 | 16,919 | ||||||
Manhattan Associates, Inc.(1) | 1,571 | 225,831 | ||||||
Marathon Digital Holdings, Inc.(1)(2) | 1,792 | 12,723 | ||||||
Microsoft Corp. | 49,020 | 12,226,568 | ||||||
MicroStrategy, Inc., Class A(1) | 6 | 1,574 | ||||||
NCR Corp.(1) | 943 | 24,075 | ||||||
Nutanix, Inc., Class A(1) | 878 | 24,804 | ||||||
OneSpan, Inc.(1) | 120 | 1,622 | ||||||
Oracle Corp. | 6,108 | 533,839 | ||||||
Palantir Technologies, Inc., Class A(1) | 6,821 | 53,477 | ||||||
Palo Alto Networks, Inc.(1) | 3,402 | 640,835 | ||||||
Paycom Software, Inc.(1) | 950 | 274,607 | ||||||
Paylocity Holding Corp.(1) | 260 | 50,079 | ||||||
Procore Technologies, Inc.(1) | 234 | 15,676 | ||||||
Progress Software Corp. | 642 | 36,876 | ||||||
PROS Holdings, Inc.(1) | 347 | 9,053 | ||||||
PTC, Inc.(1) | 165 | 20,679 | ||||||
Qualys, Inc.(1) | 1,191 | 140,717 | ||||||
Rapid7, Inc.(1) | 344 | 16,271 | ||||||
RingCentral, Inc., Class A(1) | 153 | 5,055 | ||||||
Riot Platforms, Inc.(1)(2) | 1,138 | 7,113 | ||||||
Roper Technologies, Inc. | 306 | 131,641 | ||||||
Salesforce, Inc.(1) | 3,465 | 566,909 | ||||||
ServiceNow, Inc.(1) | 949 | 410,129 | ||||||
Splunk, Inc.(1) | 446 | 45,715 | ||||||
SPS Commerce, Inc.(1) | 399 | 60,105 | ||||||
Synopsys, Inc.(1) | 1,041 | 378,674 | ||||||
Tenable Holdings, Inc.(1) | 482 | 21,319 | ||||||
Tyler Technologies, Inc.(1) | 156 | 50,115 | ||||||
UiPath, Inc., Class A(1) | 1,377 | 20,435 | ||||||
Unity Software, Inc.(1) | 612 | 18,629 | ||||||
Verint Systems, Inc.(1) | 99 | 3,701 | ||||||
VirnetX Holding Corp.(1)(2) | 637 | 1,134 | ||||||
VMware, Inc., Class A(1) | 763 | 84,029 |
45
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Workday, Inc., Class A(1) | 579 | $ | 107,387 | |||||
Workiva, Inc.(1) | 347 | 30,952 | ||||||
Xperi, Inc.(1) | 1,053 | 12,310 | ||||||
Zoom Video Communications, Inc., Class A(1) | 3,435 | 256,217 | ||||||
Zscaler, Inc.(1) | 240 | 31,476 | ||||||
20,724,649 | ||||||||
Specialty Retail — 2.9% | ||||||||
Aaron's Co., Inc. | 1,139 | 16,345 | ||||||
Abercrombie & Fitch Co., Class A(1) | 2,006 | 58,996 | ||||||
Academy Sports & Outdoors, Inc. | 3,804 | 225,007 | ||||||
Advance Auto Parts, Inc. | 1,908 | 276,584 | ||||||
American Eagle Outfitters, Inc. | 4,424 | 63,573 | ||||||
America's Car-Mart, Inc.(1) | 283 | 24,044 | ||||||
Arko Corp. | 3,379 | 27,100 | ||||||
Asbury Automotive Group, Inc.(1) | 791 | 179,636 | ||||||
AutoNation, Inc.(1) | 1,958 | 267,287 | ||||||
AutoZone, Inc.(1) | 93 | 231,248 | ||||||
Bath & Body Works, Inc. | 773 | 31,593 | ||||||
Best Buy Co., Inc. | 4,874 | 405,078 | ||||||
Big 5 Sporting Goods Corp. | 321 | 2,834 | ||||||
Buckle, Inc. | 1,782 | 72,688 | ||||||
Build-A-Bear Workshop, Inc.(1) | 1,114 | 23,338 | ||||||
Burlington Stores, Inc.(1) | 2,285 | 489,561 | ||||||
Caleres, Inc. | 2,141 | 55,902 | ||||||
CarMax, Inc.(1) | 1,491 | 102,939 | ||||||
Cato Corp., Class A | 608 | 5,624 | ||||||
Chico's FAS, Inc.(1) | 7,596 | 43,677 | ||||||
Children's Place, Inc.(1) | 496 | 20,768 | ||||||
Citi Trends, Inc.(1) | 310 | 8,692 | ||||||
Container Store Group, Inc.(1) | 332 | 1,444 | ||||||
Designer Brands, Inc., Class A | 3,573 | 34,980 | ||||||
Destination XL Group, Inc.(1) | 3,385 | 20,242 | ||||||
Dick's Sporting Goods, Inc. | 2,161 | 277,969 | ||||||
Five Below, Inc.(1) | 1,398 | 285,611 | ||||||
Floor & Decor Holdings, Inc., Class A(1) | 2,329 | 213,826 | ||||||
Foot Locker, Inc. | 4,733 | 206,927 | ||||||
GameStop Corp., Class A(1)(2) | 144 | 2,769 | ||||||
Gap, Inc. | 8,170 | 106,292 | ||||||
Genesco, Inc.(1) | 669 | 30,085 | ||||||
Group 1 Automotive, Inc. | 719 | 158,949 | ||||||
Guess?, Inc. | 1,409 | 29,645 | ||||||
Haverty Furniture Cos., Inc. | 552 | 20,832 | ||||||
Hibbett, Inc. | 768 | 55,242 | ||||||
Home Depot, Inc. | 3,832 | 1,136,341 | ||||||
Kirkland's, Inc.(1)(2) | 193 | 625 | ||||||
Leslie's, Inc.(1) | 1,884 | 23,757 | ||||||
Lithia Motors, Inc. | 930 | 237,317 | ||||||
LL Flooring Holdings, Inc.(1) | 428 | 2,161 | ||||||
Lowe's Cos., Inc. | 3,078 | 633,299 | ||||||
MarineMax, Inc.(1) | 860 | 28,879 | ||||||
Monro, Inc. | 56 | 2,825 |
46
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
Murphy USA, Inc. | 981 | $ | 250,243 | |||||
National Vision Holdings, Inc.(1) | 585 | 21,856 | ||||||
ODP Corp.(1) | 1,904 | 86,213 | ||||||
O'Reilly Automotive, Inc.(1) | 496 | 411,730 | ||||||
Penske Automotive Group, Inc. | 1,020 | 147,033 | ||||||
RH(1) | 456 | 136,358 | ||||||
Ross Stores, Inc. | 5,378 | 594,484 | ||||||
Sally Beauty Holdings, Inc.(1) | 1,334 | 21,464 | ||||||
Shoe Carnival, Inc. | 492 | 12,964 | ||||||
Signet Jewelers Ltd. | 2,014 | 144,243 | ||||||
Sonic Automotive, Inc., Class A | 922 | 52,453 | ||||||
Sportsman's Warehouse Holdings, Inc.(1) | 796 | 7,156 | ||||||
Tilly's, Inc., Class A(1) | 712 | 6,180 | ||||||
TJX Cos., Inc. | 18,147 | 1,390,060 | ||||||
Tractor Supply Co. | 2,936 | 684,851 | ||||||
TravelCenters of America, Inc.(1) | 734 | 61,913 | ||||||
Ulta Beauty, Inc.(1) | 1,432 | 742,922 | ||||||
Upbound Group, Inc. | 2,885 | 77,462 | ||||||
Urban Outfitters, Inc.(1) | 2,130 | 57,404 | ||||||
Victoria's Secret & Co.(1) | 3,269 | 129,583 | ||||||
Williams-Sonoma, Inc. | 2,607 | 325,666 | ||||||
Zumiez, Inc.(1) | 640 | 14,886 | ||||||
11,519,655 | ||||||||
Technology Hardware, Storage and Peripherals — 4.2% | ||||||||
Apple, Inc. | 105,074 | 15,488,958 | ||||||
Avid Technology, Inc.(1) | 259 | 7,527 | ||||||
Dell Technologies, Inc., Class C | 2,087 | 84,816 | ||||||
Diebold Nixdorf, Inc.(1) | 309 | 995 | ||||||
Eastman Kodak Co.(1) | 2,017 | 6,979 | ||||||
Hewlett Packard Enterprise Co. | 10,968 | 171,210 | ||||||
HP, Inc. | 5,124 | 151,260 | ||||||
Immersion Corp. | 1,954 | 14,948 | ||||||
NetApp, Inc. | 2,900 | 187,195 | ||||||
Pure Storage, Inc., Class A(1) | 1,885 | 53,798 | ||||||
Seagate Technology Holdings PLC | 2,805 | 181,091 | ||||||
Stratasys Ltd.(1) | 65 | 842 | ||||||
Super Micro Computer, Inc.(1) | 867 | 84,940 | ||||||
Western Digital Corp.(1) | 4,088 | 157,306 | ||||||
Xerox Holdings Corp. | 2,848 | 46,964 | ||||||
16,638,829 | ||||||||
Textiles, Apparel and Luxury Goods — 1.0% | ||||||||
Capri Holdings Ltd.(1) | 4,929 | 244,331 | ||||||
Carter's, Inc. | 1,203 | 90,694 | ||||||
Columbia Sportswear Co. | 506 | 44,123 | ||||||
Crocs, Inc.(1) | 1,885 | 229,423 | ||||||
Deckers Outdoor Corp.(1) | 786 | 327,251 | ||||||
Fossil Group, Inc.(1) | 764 | 3,308 | ||||||
G-III Apparel Group Ltd.(1) | 1,426 | 23,693 | ||||||
Kontoor Brands, Inc. | 1,131 | 58,982 | ||||||
Lakeland Industries, Inc. | 124 | 1,881 | ||||||
Levi Strauss & Co., Class A | 2,442 | 43,810 |
47
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
lululemon athletica, Inc.(1) | 1,677 | $ | 518,528 | |||||
Movado Group, Inc. | 613 | 21,222 | ||||||
NIKE, Inc., Class B | 8,125 | 965,169 | ||||||
Oxford Industries, Inc. | 933 | 109,730 | ||||||
PVH Corp. | 2,090 | 167,702 | ||||||
Ralph Lauren Corp. | 1,442 | 170,430 | ||||||
Rocky Brands, Inc. | 110 | 2,928 | ||||||
Skechers USA, Inc., Class A(1) | 1,975 | 87,907 | ||||||
Steven Madden Ltd. | 1,100 | 39,930 | ||||||
Tapestry, Inc. | 8,573 | 373,011 | ||||||
Under Armour, Inc., Class A(1) | 6,609 | 65,627 | ||||||
Under Armour, Inc., Class C(1) | 7,167 | 63,070 | ||||||
Unifi, Inc.(1) | 394 | 4,078 | ||||||
VF Corp. | 3,131 | 77,712 | ||||||
3,734,540 | ||||||||
Thrifts and Mortgage Finance — 0.4% | ||||||||
Axos Financial, Inc.(1) | 2,555 | 121,082 | ||||||
Blue Foundry Bancorp(1)(2) | 1,039 | 12,717 | ||||||
Bridgewater Bancshares, Inc.(1) | 809 | 11,900 | ||||||
Columbia Financial, Inc.(1)(2) | 962 | 20,298 | ||||||
Enact Holdings, Inc. | 915 | 22,189 | ||||||
Essent Group Ltd. | 4,232 | 181,765 | ||||||
Federal Agricultural Mortgage Corp., Class C | 285 | 40,430 | ||||||
FS Bancorp, Inc. | 140 | 5,030 | ||||||
Hingham Institution For Savings | 30 | 8,541 | ||||||
Home Bancorp, Inc. | 231 | 9,136 | ||||||
Kearny Financial Corp. | 2,765 | 27,761 | ||||||
Merchants Bancorp | 397 | 12,009 | ||||||
MGIC Investment Corp. | 12,915 | 177,711 | ||||||
Mr. Cooper Group, Inc.(1) | 2,696 | 125,175 | ||||||
New York Community Bancorp, Inc. | 18,436 | 163,712 | ||||||
NMI Holdings, Inc., Class A(1) | 4,148 | 96,814 | ||||||
Northfield Bancorp, Inc. | 1,268 | 18,652 | ||||||
PennyMac Financial Services, Inc. | 1,046 | 63,252 | ||||||
Provident Financial Services, Inc. | 2,497 | 58,305 | ||||||
Radian Group, Inc. | 6,855 | 146,354 | ||||||
Southern Missouri Bancorp, Inc. | 393 | 18,188 | ||||||
TFS Financial Corp. | 577 | 8,361 | ||||||
Timberland Bancorp, Inc. | 313 | 10,573 | ||||||
TrustCo Bank Corp. NY | 1,026 | 38,434 | ||||||
Walker & Dunlop, Inc. | 1,358 | 118,458 | ||||||
Waterstone Financial, Inc. | 1,058 | 17,034 | ||||||
WSFS Financial Corp. | 1,578 | 78,758 | ||||||
1,612,639 | ||||||||
Trading Companies and Distributors — 1.1% | ||||||||
Air Lease Corp. | 4,494 | 194,500 | ||||||
Alta Equipment Group, Inc. | 676 | 12,716 | ||||||
Applied Industrial Technologies, Inc. | 796 | 113,717 | ||||||
BlueLinx Holdings, Inc.(1) | 434 | 36,625 | ||||||
Boise Cascade Co. | 2,057 | 142,159 | ||||||
Fastenal Co. | 8,539 | 440,271 |
48
Avantis U.S. Equity Fund | ||||||||
Shares | Value | |||||||
GATX Corp. | 1,504 | $ | 164,071 | |||||
GMS, Inc.(1) | 1,792 | 108,792 | ||||||
H&E Equipment Services, Inc. | 1,941 | 107,726 | ||||||
Herc Holdings, Inc. | 1,406 | 201,888 | ||||||
Hudson Technologies, Inc.(1) | 2,646 | 26,804 | ||||||
McGrath RentCorp | 1,075 | 110,553 | ||||||
MSC Industrial Direct Co., Inc., Class A | 722 | 61,023 | ||||||
NOW, Inc.(1) | 3,177 | 40,824 | ||||||
Rush Enterprises, Inc., Class A | 1,829 | 103,668 | ||||||
Rush Enterprises, Inc., Class B | 295 | 17,694 | ||||||
SiteOne Landscape Supply, Inc.(1) | 519 | 76,988 | ||||||
Textainer Group Holdings Ltd. | 1,559 | 51,322 | ||||||
Titan Machinery, Inc.(1) | 997 | 45,653 | ||||||
Triton International Ltd. | 3,108 | 214,266 | ||||||
United Rentals, Inc. | 1,899 | 889,738 | ||||||
Univar Solutions, Inc.(1) | 248 | 8,618 | ||||||
Veritiv Corp. | 747 | 113,126 | ||||||
Watsco, Inc. | 365 | 111,219 | ||||||
WESCO International, Inc.(1) | 504 | 83,452 | ||||||
WW Grainger, Inc. | 1,218 | 814,148 | ||||||
4,291,561 | ||||||||
Water Utilities — 0.1% | ||||||||
American States Water Co. | 389 | 34,738 | ||||||
American Water Works Co., Inc. | 2,135 | 299,711 | ||||||
California Water Service Group | 1,285 | 73,553 | ||||||
Essential Utilities, Inc. | 555 | 23,743 | ||||||
431,745 | ||||||||
Wireless Telecommunication Services — 0.3% | ||||||||
Gogo, Inc.(1) | 445 | 7,325 | ||||||
Shenandoah Telecommunications Co. | 1,063 | 20,750 | ||||||
Telephone & Data Systems, Inc. | 3,403 | 43,184 | ||||||
T-Mobile U.S., Inc.(1) | 8,658 | 1,230,994 | ||||||
United States Cellular Corp.(1) | 828 | 19,980 | ||||||
1,322,233 | ||||||||
TOTAL COMMON STOCKS (Cost $385,577,125) | 390,573,933 | |||||||
RIGHTS† | ||||||||
Diversified Financial Services† | ||||||||
Acacia Research Corp.(1) (Cost $—) | 646 | 7 | ||||||
SHORT-TERM INVESTMENTS — 0.4% | ||||||||
Money Market Funds — 0.4% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 229,108 | 229,108 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 1,245,744 | 1,245,744 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,474,852) | 1,474,852 | |||||||
TOTAL INVESTMENT SECURITIES — 100.1% (Cost $387,051,977) | 392,048,792 | |||||||
OTHER ASSETS AND LIABILITIES — (0.1)% | (556,076) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 391,492,716 |
49
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 $1,709,354. 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 $1,759,885, which includes securities collateral of $514,141.
See Notes to Financial Statements.
50
FEBRUARY 28, 2023 (UNAUDITED)
Avantis U.S. Large Cap Value Fund | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 98.7% | ||||||||
Aerospace and Defense — 0.3% | ||||||||
BWX Technologies, Inc. | 1,427 | $ | 87,204 | |||||
Woodward, Inc. | 1,955 | 193,545 | ||||||
280,749 | ||||||||
Air Freight and Logistics — 2.3% | ||||||||
Expeditors International of Washington, Inc. | 4,053 | 423,782 | ||||||
FedEx Corp. | 3,100 | 629,982 | ||||||
United Parcel Service, Inc., Class B | 6,625 | 1,208,996 | ||||||
2,262,760 | ||||||||
Airlines — 1.2% | ||||||||
Alaska Air Group, Inc.(1) | 4,638 | 221,836 | ||||||
Southwest Airlines Co. | 13,499 | 453,296 | ||||||
United Airlines Holdings, Inc.(1) | 10,239 | 532,018 | ||||||
1,207,150 | ||||||||
Auto Components — 0.5% | ||||||||
Autoliv, Inc. | 1,904 | 176,272 | ||||||
BorgWarner, Inc. | 6,254 | 314,451 | ||||||
490,723 | ||||||||
Automobiles — 1.5% | ||||||||
Ford Motor Co. | 44,677 | 539,252 | ||||||
General Motors Co. | 20,949 | 811,564 | ||||||
Harley-Davidson, Inc. | 16 | 761 | ||||||
Thor Industries, Inc. | 1,695 | 154,228 | ||||||
1,505,805 | ||||||||
Banks — 6.9% | ||||||||
Citigroup, Inc. | 17,964 | 910,595 | ||||||
Comerica, Inc. | 3,463 | 242,756 | ||||||
East West Bancorp, Inc. | 3,555 | 270,927 | ||||||
JPMorgan Chase & Co. | 17,171 | 2,461,463 | ||||||
KeyCorp | 18,089 | 330,848 | ||||||
PNC Financial Services Group, Inc. | 2,635 | 416,119 | ||||||
Popular, Inc. | 2,082 | 148,655 | ||||||
Signature Bank | 962 | 110,678 | ||||||
SVB Financial Group(1) | 707 | 203,694 | ||||||
Synovus Financial Corp. | 4,046 | 169,163 | ||||||
U.S. Bancorp | 3,432 | 163,809 | ||||||
Wells Fargo & Co. | 19,724 | 922,491 | ||||||
Western Alliance Bancorp | 2,499 | 185,526 | ||||||
Zions Bancorp NA | 3,688 | 186,687 | ||||||
6,723,411 | ||||||||
Beverages — 0.1% | ||||||||
Coca-Cola Consolidated, Inc. | 147 | 81,857 | ||||||
National Beverage Corp.(1) | 720 | 33,588 | ||||||
115,445 | ||||||||
Biotechnology — 2.5% | ||||||||
Biogen, Inc.(1) | 2,154 | 581,279 | ||||||
Gilead Sciences, Inc. | 13,079 | 1,053,252 | ||||||
Moderna, Inc.(1) | 5,852 | 812,316 | ||||||
United Therapeutics Corp.(1) | 5 | 1,230 | ||||||
2,448,077 |
51
Avantis U.S. Large Cap Value Fund | ||||||||
Shares | Value | |||||||
Building Products — 1.1% | ||||||||
Advanced Drainage Systems, Inc. | 860 | $ | 76,308 | |||||
Builders FirstSource, Inc.(1) | 4,567 | 387,190 | ||||||
Owens Corning | 2,640 | 258,165 | ||||||
Trex Co., Inc.(1) | 3,507 | 179,313 | ||||||
UFP Industries, Inc. | 1,792 | 153,270 | ||||||
1,054,246 | ||||||||
Capital Markets — 4.3% | ||||||||
Ameriprise Financial, Inc. | 2,285 | 783,458 | ||||||
Carlyle Group, Inc. | 6,172 | 212,317 | ||||||
Evercore, Inc., Class A | 1,345 | 176,437 | ||||||
Goldman Sachs Group, Inc. | 2,892 | 1,016,972 | ||||||
Morgan Stanley | 10,523 | 1,015,469 | ||||||
Northern Trust Corp. | 4,228 | 402,802 | ||||||
Raymond James Financial, Inc. | 7 | 759 | ||||||
Stifel Financial Corp. | 2,467 | 164,870 | ||||||
T. Rowe Price Group, Inc. | 3,457 | 388,152 | ||||||
TPG, Inc. | 1,571 | 51,874 | ||||||
4,213,110 | ||||||||
Chemicals — 3.0% | ||||||||
Celanese Corp. | 2,535 | 294,643 | ||||||
CF Industries Holdings, Inc. | 4,439 | 381,266 | ||||||
Chemours Co. | 5,572 | 190,451 | ||||||
Dow, Inc. | 11,458 | 655,397 | ||||||
Huntsman Corp. | 5,873 | 172,314 | ||||||
LyondellBasell Industries NV, Class A | 5,503 | 528,233 | ||||||
Mosaic Co. | 6,547 | 348,235 | ||||||
Olin Corp. | 3,871 | 223,550 | ||||||
Westlake Corp. | 892 | 106,273 | ||||||
2,900,362 | ||||||||
Construction Materials — 0.2% | ||||||||
Eagle Materials, Inc. | 1,274 | 178,768 | ||||||
Consumer Finance — 3.2% | ||||||||
Ally Financial, Inc. | 8,140 | 244,607 | ||||||
American Express Co. | 5,200 | 904,748 | ||||||
Capital One Financial Corp. | 6,467 | 705,420 | ||||||
Credit Acceptance Corp.(1) | 186 | 82,647 | ||||||
Discover Financial Services | 5,560 | 622,720 | ||||||
OneMain Holdings, Inc. | 4,495 | 193,690 | ||||||
Synchrony Financial | 11,189 | 399,559 | ||||||
3,153,391 | ||||||||
Containers and Packaging — 0.8% | ||||||||
International Paper Co. | 7,816 | 284,424 | ||||||
Packaging Corp. of America | 2,334 | 319,105 | ||||||
WestRock Co. | 6,065 | 190,441 | ||||||
793,970 | ||||||||
Diversified Financial Services — 0.5% | ||||||||
Equitable Holdings, Inc. | 8,665 | 272,254 | ||||||
Voya Financial, Inc. | 2,720 | 202,613 | ||||||
474,867 |
52
Avantis U.S. Large Cap Value Fund | ||||||||
Shares | Value | |||||||
Diversified Telecommunication Services — 3.2% | ||||||||
AT&T, Inc. | 73,804 | $ | 1,395,634 | |||||
Iridium Communications, Inc. | 3,623 | 222,343 | ||||||
Verizon Communications, Inc. | 37,868 | 1,469,657 | ||||||
3,087,634 | ||||||||
Electrical Equipment — 0.2% | ||||||||
Atkore, Inc.(1) | 1,632 | 238,305 | ||||||
Electronic Equipment, Instruments and Components — 1.1% | ||||||||
Corning, Inc. | 14,268 | 484,399 | ||||||
Flex Ltd.(1) | 11,187 | 254,616 | ||||||
Jabil, Inc. | 4,534 | 376,458 | ||||||
1,115,473 | ||||||||
Energy Equipment and Services — 0.2% | ||||||||
ChampionX Corp. | 5,165 | 157,894 | ||||||
Entertainment — 0.1% | ||||||||
World Wrestling Entertainment, Inc., Class A | 1,514 | 127,176 | ||||||
Food and Staples Retailing — 0.8% | ||||||||
Casey's General Stores, Inc. | 1,035 | 215,228 | ||||||
Kroger Co. | 13,632 | 588,085 | ||||||
803,313 | ||||||||
Food Products — 0.4% | ||||||||
Bunge Ltd. | 3,379 | 322,695 | ||||||
Pilgrim's Pride Corp.(1) | 1,308 | 30,594 | ||||||
353,289 | ||||||||
Health Care Equipment and Supplies — 0.4% | ||||||||
Hologic, Inc.(1) | 4,398 | 350,257 | ||||||
QuidelOrtho Corp.(1) | 6 | 521 | ||||||
350,778 | ||||||||
Health Care Providers and Services — 1.1% | ||||||||
AMN Healthcare Services, Inc.(1) | 7 | 630 | ||||||
Humana, Inc. | 1,513 | 748,965 | ||||||
Molina Healthcare, Inc.(1) | 1,286 | 354,075 | ||||||
1,103,670 | ||||||||
Hotels, Restaurants and Leisure — 1.0% | ||||||||
Boyd Gaming Corp. | 1,657 | 107,921 | ||||||
Darden Restaurants, Inc. | 2,361 | 337,599 | ||||||
Hilton Grand Vacations, Inc.(1) | 2,060 | 98,344 | ||||||
Norwegian Cruise Line Holdings Ltd.(1) | 13,530 | 200,515 | ||||||
Texas Roadhouse, Inc. | 2,119 | 215,163 | ||||||
959,542 | ||||||||
Household Durables — 1.1% | ||||||||
Lennar Corp., B Shares | 327 | 26,703 | ||||||
Lennar Corp., Class A | 5,698 | 551,224 | ||||||
NVR, Inc.(1) | 68 | 351,806 | ||||||
Toll Brothers, Inc. | 8 | 480 | ||||||
Whirlpool Corp. | 1,196 | 165,024 | ||||||
1,095,237 | ||||||||
Independent Power and Renewable Electricity Producers — 0.4% | ||||||||
AES Corp. | 15,506 | 382,688 | ||||||
Clearway Energy, Inc., Class A | 7 | 208 | ||||||
Clearway Energy, Inc., Class C | 13 | 408 | ||||||
383,304 |
53
Avantis U.S. Large Cap Value Fund | ||||||||
Shares | Value | |||||||
Insurance — 6.5% | ||||||||
Aflac, Inc. | 7,849 | $ | 534,909 | |||||
American Financial Group, Inc. | 1,912 | 256,418 | ||||||
American International Group, Inc. | 13,346 | 815,574 | ||||||
Axis Capital Holdings Ltd. | 2,764 | 167,830 | ||||||
F&G Annuities & Life, Inc. | 436 | 8,881 | ||||||
Fidelity National Financial, Inc. | 6,420 | 255,901 | ||||||
First American Financial Corp. | 2,001 | 113,617 | ||||||
Hanover Insurance Group, Inc. | 3 | 418 | ||||||
Hartford Financial Services Group, Inc. | 7,920 | 619,978 | ||||||
MetLife, Inc. | 6,120 | 438,988 | ||||||
Old Republic International Corp. | 6,151 | 162,202 | ||||||
Primerica, Inc. | 1,371 | 263,150 | ||||||
Progressive Corp. | 6,041 | 867,004 | ||||||
Prudential Financial, Inc. | 7,195 | 719,500 | ||||||
Reinsurance Group of America, Inc. | 1,442 | 208,326 | ||||||
RenaissanceRe Holdings Ltd. | 3 | 645 | ||||||
Travelers Cos., Inc. | 4,451 | 823,969 | ||||||
Unum Group | 2,963 | 132,002 | ||||||
6,389,312 | ||||||||
Interactive Media and Services — 4.1% | ||||||||
Alphabet, Inc., Class A(1) | 10,593 | 954,006 | ||||||
Alphabet, Inc., Class C(1) | 9,170 | 828,051 | ||||||
Meta Platforms, Inc., Class A(1) | 12,843 | 2,246,754 | ||||||
4,028,811 | ||||||||
Internet and Direct Marketing Retail — 0.5% | ||||||||
eBay, Inc. | 10,072 | 462,305 | ||||||
Leisure Products — 0.4% | ||||||||
Brunswick Corp. | 2,165 | 189,264 | ||||||
Polaris, Inc. | 1,629 | 185,299 | ||||||
374,563 | ||||||||
Machinery — 2.9% | ||||||||
Caterpillar, Inc. | 5,885 | 1,409,752 | ||||||
Deere & Co. | 2,821 | 1,182,676 | ||||||
Lincoln Electric Holdings, Inc. | 236 | 39,631 | ||||||
PACCAR, Inc. | 3,300 | 238,260 | ||||||
2,870,319 | ||||||||
Media — 0.8% | ||||||||
Comcast Corp., Class A | 11,000 | 408,870 | ||||||
DISH Network Corp., Class A(1) | 4,515 | 51,516 | ||||||
Fox Corp., Class A | 6,510 | 227,980 | ||||||
Fox Corp., Class B | 2,949 | 95,106 | ||||||
783,472 | ||||||||
Metals and Mining — 4.7% | ||||||||
Alcoa Corp. | 4,899 | 239,757 | ||||||
ATI, Inc.(1) | 4,218 | 171,462 | ||||||
Cleveland-Cliffs, Inc.(1) | 16,772 | 357,747 | ||||||
Commercial Metals Co. | 4,509 | 233,341 | ||||||
Freeport-McMoRan, Inc. | 21,442 | 878,479 | ||||||
Newmont Corp. | 14,794 | 645,166 | ||||||
Nucor Corp. | 5,122 | 857,628 |
54
Avantis U.S. Large Cap Value Fund | ||||||||
Shares | Value | |||||||
Reliance Steel & Aluminum Co. | 1,578 | $ | 391,091 | |||||
Steel Dynamics, Inc. | 4,838 | 610,120 | ||||||
United States Steel Corp. | 7,814 | 239,343 | ||||||
4,624,134 | ||||||||
Multiline Retail — 0.3% | ||||||||
Dillard's, Inc., Class A | 116 | 41,344 | ||||||
Kohl's Corp. | 32 | 897 | ||||||
Macy's, Inc. | 10,896 | 222,932 | ||||||
265,173 | ||||||||
Oil, Gas and Consumable Fuels — 14.9% | ||||||||
Antero Midstream Corp. | 6,087 | 64,157 | ||||||
Antero Resources Corp.(1) | 5,677 | 148,737 | ||||||
APA Corp. | 6,590 | 252,924 | ||||||
Chesapeake Energy Corp. | 2,749 | 222,147 | ||||||
Chevron Corp. | 10,022 | 1,611,237 | ||||||
Chord Energy Corp. | 875 | 117,792 | ||||||
Civitas Resources, Inc. | 1,169 | 82,029 | ||||||
ConocoPhillips | 10,439 | 1,078,871 | ||||||
Coterra Energy, Inc. | 11,344 | 283,260 | ||||||
Devon Energy Corp. | 9,662 | 520,975 | ||||||
Diamondback Energy, Inc. | 3,189 | 448,310 | ||||||
EnLink Midstream LLC(1) | 7,451 | 83,898 | ||||||
EOG Resources, Inc. | 6,967 | 787,410 | ||||||
EQT Corp. | 6,481 | 215,040 | ||||||
Exxon Mobil Corp. | 17,352 | 1,907,158 | ||||||
Hess Corp. | 4,166 | 561,160 | ||||||
Hess Midstream LP, Class A | 706 | 19,359 | ||||||
HF Sinclair Corp. | 3,154 | 156,817 | ||||||
Magnolia Oil & Gas Corp., Class A | 3,813 | 83,314 | ||||||
Marathon Oil Corp. | 12,791 | 321,694 | ||||||
Marathon Petroleum Corp. | 5,867 | 725,161 | ||||||
Matador Resources Co. | 2,588 | 139,208 | ||||||
Murphy Oil Corp. | 3,241 | 126,464 | ||||||
Occidental Petroleum Corp. | 7,273 | 425,907 | ||||||
ONEOK, Inc. | 6,780 | 443,751 | ||||||
Ovintiv, Inc. | 4,994 | 213,593 | ||||||
PBF Energy, Inc., Class A | 2,666 | 116,531 | ||||||
PDC Energy, Inc. | 2,204 | 147,910 | ||||||
Phillips 66 | 6,338 | 650,025 | ||||||
Pioneer Natural Resources Co. | 2,765 | 554,134 | ||||||
Range Resources Corp. | 7,367 | 198,467 | ||||||
SM Energy Co. | 4,019 | 118,601 | ||||||
Southwestern Energy Co.(1) | 28,397 | 150,504 | ||||||
Targa Resources Corp. | 3,994 | 295,955 | ||||||
Texas Pacific Land Corp. | 111 | 197,601 | ||||||
Valero Energy Corp. | 5,201 | 685,128 | ||||||
Williams Cos., Inc. | 12,888 | 387,929 | ||||||
14,543,158 | ||||||||
Paper and Forest Products† | ||||||||
Louisiana-Pacific Corp. | 23 | 1,346 |
55
Avantis U.S. Large Cap Value Fund | ||||||||
Shares | Value | |||||||
Pharmaceuticals — 5.5% | ||||||||
Bristol-Myers Squibb Co. | 15,347 | $ | 1,058,329 | |||||
Jazz Pharmaceuticals PLC(1) | 1,728 | 242,611 | ||||||
Merck & Co., Inc. | 18,230 | 1,936,755 | ||||||
Pfizer, Inc. | 46,846 | 1,900,542 | ||||||
Viatris, Inc. | 19,836 | 226,131 | ||||||
5,364,368 | ||||||||
Professional Services — 0.5% | ||||||||
Clarivate PLC(1) | 13,504 | 136,795 | ||||||
Robert Half International, Inc. | 3,059 | 246,617 | ||||||
TriNet Group, Inc.(1) | 1,045 | 86,599 | ||||||
470,011 | ||||||||
Real Estate Management and Development — 0.5% | ||||||||
Jones Lang LaSalle, Inc.(1) | 1,289 | 224,879 | ||||||
Zillow Group, Inc., Class A(1) | 1,460 | 60,371 | ||||||
Zillow Group, Inc., Class C(1) | 5,747 | 241,374 | ||||||
526,624 | ||||||||
Road and Rail — 5.1% | ||||||||
CSX Corp. | 29,231 | 891,253 | ||||||
Hertz Global Holdings, Inc.(1) | 5,242 | 97,029 | ||||||
JB Hunt Transport Services, Inc. | 1,976 | 357,241 | ||||||
Knight-Swift Transportation Holdings, Inc. | 3,653 | 207,637 | ||||||
Landstar System, Inc. | 1,254 | 226,711 | ||||||
Norfolk Southern Corp. | 3,438 | 772,931 | ||||||
Old Dominion Freight Line, Inc. | 1,960 | 664,950 | ||||||
Saia, Inc.(1) | 867 | 234,844 | ||||||
Schneider National, Inc., Class B | 1,317 | 36,955 | ||||||
U-Haul Holding Co. | 313 | 20,098 | ||||||
U-Haul Holding Co., Non-Voting Shares | 2,536 | 141,078 | ||||||
Union Pacific Corp. | 6,459 | 1,338,821 | ||||||
4,989,548 | ||||||||
Semiconductors and Semiconductor Equipment — 5.7% | ||||||||
Amkor Technology, Inc. | 3,487 | 89,825 | ||||||
Applied Materials, Inc. | 10,424 | 1,210,747 | ||||||
GLOBALFOUNDRIES, Inc.(1) | 1,040 | 67,953 | ||||||
Lam Research Corp. | 1,791 | 870,444 | ||||||
Micron Technology, Inc. | 13,283 | 768,023 | ||||||
ON Semiconductor Corp.(1) | 7,491 | 579,878 | ||||||
QUALCOMM, Inc. | 1,028 | 126,989 | ||||||
Synaptics, Inc.(1) | 1,234 | 145,131 | ||||||
Teradyne, Inc. | 2,683 | 271,359 | ||||||
Texas Instruments, Inc. | 8,386 | 1,437,780 | ||||||
5,568,129 | ||||||||
Specialty Retail — 4.0% | ||||||||
Advance Auto Parts, Inc. | 1,282 | 185,839 | ||||||
Asbury Automotive Group, Inc.(1) | 204 | 46,329 | ||||||
AutoNation, Inc.(1) | 1,608 | 219,508 | ||||||
Best Buy Co., Inc. | 3,448 | 286,563 | ||||||
Burlington Stores, Inc.(1) | 1,165 | 249,601 | ||||||
CarMax, Inc.(1) | 2,652 | 183,094 | ||||||
Dick's Sporting Goods, Inc. | 1,778 | 228,704 |
56
Avantis U.S. Large Cap Value Fund | ||||||||
Shares | Value | |||||||
Murphy USA, Inc. | 776 | $ | 197,950 | |||||
RH(1) | 428 | 127,985 | ||||||
TJX Cos., Inc. | 11,595 | 888,177 | ||||||
Tractor Supply Co. | 1,950 | 454,857 | ||||||
Ulta Beauty, Inc.(1) | 1,170 | 606,996 | ||||||
Williams-Sonoma, Inc. | 1,872 | 233,850 | ||||||
3,909,453 | ||||||||
Technology Hardware, Storage and Peripherals — 2.1% | ||||||||
Apple, Inc. | 13,717 | 2,022,023 | ||||||
Textiles, Apparel and Luxury Goods — 0.5% | ||||||||
Capri Holdings Ltd.(1) | 4,231 | 209,731 | ||||||
Tapestry, Inc. | 6,752 | 293,779 | ||||||
503,510 | ||||||||
Trading Companies and Distributors — 0.6% | ||||||||
WW Grainger, Inc. | 801 | 535,412 | ||||||
Wireless Telecommunication Services — 0.7% | ||||||||
T-Mobile U.S., Inc.(1) | 5,106 | 725,971 | ||||||
TOTAL COMMON STOCKS (Cost $96,698,624) | 96,536,091 | |||||||
SHORT-TERM INVESTMENTS — 1.8% | ||||||||
Money Market Funds — 1.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $1,754,000) | 1,754,000 | 1,754,000 | ||||||
TOTAL INVESTMENT SECURITIES — 100.5% (Cost $98,452,624) | 98,290,091 | |||||||
OTHER ASSETS AND LIABILITIES — (0.5)% | (493,478) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 97,796,613 |
FUTURES CONTRACTS PURCHASED | |||||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | |||||||||||||
S&P 500 E-Mini | 3 | March 2023 | $ | 596,325 | $ | (2,705) |
^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.
See Notes to Financial Statements.
57
FEBRUARY 28, 2023 (UNAUDITED)
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Aerospace and Defense — 0.4% | ||||||||
AAR Corp.(1) | 9,381 | $ | 510,233 | |||||
AerSale Corp.(1) | 7,640 | 151,730 | ||||||
Moog, Inc., Class A | 8,633 | 851,386 | ||||||
1,513,349 | ||||||||
Air Freight and Logistics — 1.3% | ||||||||
Air Transport Services Group, Inc.(1) | 55,349 | 1,158,454 | ||||||
Atlas Air Worldwide Holdings, Inc.(1) | 22,531 | 2,271,350 | ||||||
Hub Group, Inc., Class A(1) | 19,753 | 1,811,943 | ||||||
5,241,747 | ||||||||
Airlines — 0.7% | ||||||||
Allegiant Travel Co.(1) | 10,846 | 1,112,257 | ||||||
JetBlue Airways Corp.(1) | 147,490 | 1,224,167 | ||||||
SkyWest, Inc.(1) | 29,145 | 555,795 | ||||||
2,892,219 | ||||||||
Auto Components — 1.2% | ||||||||
American Axle & Manufacturing Holdings, Inc.(1) | 95,275 | 838,420 | ||||||
Dana, Inc. | 19,004 | 301,023 | ||||||
Goodyear Tire & Rubber Co.(1) | 187,810 | 2,133,522 | ||||||
LCI Industries | 9,978 | 1,125,618 | ||||||
Modine Manufacturing Co.(1) | 38 | 927 | ||||||
Motorcar Parts of America, Inc.(1) | 3,651 | 47,792 | ||||||
Patrick Industries, Inc. | 6,522 | 475,128 | ||||||
Strattec Security Corp.(1) | 45 | 923 | ||||||
4,923,353 | ||||||||
Automobiles — 1.2% | ||||||||
Harley-Davidson, Inc. | 5,577 | 265,186 | ||||||
Thor Industries, Inc. | 34,957 | 3,180,738 | ||||||
Winnebago Industries, Inc. | 21,557 | 1,370,163 | ||||||
Workhorse Group, Inc.(1)(2) | 33,668 | 69,356 | ||||||
4,885,443 | ||||||||
Banks — 15.1% | ||||||||
1st Source Corp. | 3,078 | 153,346 | ||||||
ACNB Corp. | 923 | 34,188 | ||||||
Amalgamated Financial Corp. | 10,082 | 237,431 | ||||||
Amerant Bancorp, Inc. | 13,742 | 390,273 | ||||||
American National Bankshares, Inc. | 1,409 | 47,413 | ||||||
Ameris Bancorp | 31,509 | 1,508,336 | ||||||
Ames National Corp. | 1,518 | 36,766 | ||||||
Arrow Financial Corp. | 3,465 | 105,613 | ||||||
Associated Banc-Corp. | 65,118 | 1,507,482 | ||||||
Banc of California, Inc. | 25,830 | 453,316 | ||||||
BancFirst Corp. | 4,390 | 396,197 | ||||||
Bancorp, Inc.(1) | 27,389 | 947,386 | ||||||
Bank First Corp.(2) | 423 | 34,487 | ||||||
Bank of Hawaii Corp. | 15,983 | 1,196,487 | ||||||
Bank of Marin Bancorp | 822 | 23,838 | ||||||
Bank OZK | 13,229 | 608,931 | ||||||
BankFinancial Corp. | 377 | 3,879 |
58
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
BankUnited, Inc. | 37,259 | $ | 1,319,714 | |||||
Banner Corp. | 17,031 | 1,072,612 | ||||||
Bar Harbor Bankshares | 2,956 | 88,296 | ||||||
Baycom Corp. | 1,850 | 37,981 | ||||||
BCB Bancorp, Inc. | 3,352 | 58,157 | ||||||
Berkshire Hills Bancorp, Inc. | 15,551 | 451,912 | ||||||
Brookline Bancorp, Inc. | 37,017 | 479,740 | ||||||
Business First Bancshares, Inc. | 4,866 | 101,407 | ||||||
Byline Bancorp, Inc. | 9,248 | 227,963 | ||||||
C&F Financial Corp. | 431 | 24,955 | ||||||
Cadence Bank | 36,514 | 969,812 | ||||||
Cambridge Bancorp | 2,130 | 169,399 | ||||||
Camden National Corp. | 3,837 | 157,893 | ||||||
Capital Bancorp, Inc. | 2,756 | 55,974 | ||||||
Capital City Bank Group, Inc. | 2,809 | 100,197 | ||||||
Capstar Financial Holdings, Inc. | 3,560 | 61,588 | ||||||
Carter Bankshares, Inc.(1) | 4,285 | 74,430 | ||||||
Cathay General Bancorp | 28,187 | 1,209,786 | ||||||
CB Financial Services, Inc. | 235 | 5,793 | ||||||
Central Pacific Financial Corp. | 12,145 | 272,412 | ||||||
Central Valley Community Bancorp | 2,641 | 67,372 | ||||||
Chemung Financial Corp. | 842 | 42,336 | ||||||
City Holding Co. | 6,514 | 639,675 | ||||||
Civista Bancshares, Inc. | 2,482 | 52,941 | ||||||
CNB Financial Corp. | 5,326 | 126,972 | ||||||
Coastal Financial Corp.(1) | 250 | 11,538 | ||||||
Colony Bankcorp, Inc. | 416 | 5,229 | ||||||
Columbia Banking System, Inc. | 27,805 | 826,643 | ||||||
Community Financial Corp. | 1,296 | 51,581 | ||||||
Community Trust Bancorp, Inc. | 5,680 | 242,820 | ||||||
ConnectOne Bancorp, Inc. | 15,019 | 364,211 | ||||||
CrossFirst Bankshares, Inc.(1) | 10,197 | 144,288 | ||||||
Customers Bancorp, Inc.(1) | 15,789 | 486,301 | ||||||
Dime Community Bancshares, Inc. | 18,184 | 557,158 | ||||||
Eagle Bancorp Montana, Inc. | 1,752 | 29,784 | ||||||
Eagle Bancorp, Inc. | 14,417 | 631,609 | ||||||
Enterprise Bancorp, Inc. | 1,329 | 47,033 | ||||||
Enterprise Financial Services Corp. | 15,755 | 858,017 | ||||||
Equity Bancshares, Inc., Class A | 4,589 | 137,945 | ||||||
Esquire Financial Holdings, Inc. | 1,574 | 72,388 | ||||||
Evans Bancorp, Inc. | 1,322 | 51,518 | ||||||
Farmers National Banc Corp. | 6,519 | 92,896 | ||||||
FB Financial Corp. | 12,245 | 461,514 | ||||||
Financial Institutions, Inc. | 3,877 | 96,770 | ||||||
First BanCorp | 54,059 | 784,396 | ||||||
First Bancorp, Inc. | 227 | 6,647 | ||||||
First Bancorp/Southern Pines NC | 6,690 | 277,568 | ||||||
First Bancshares, Inc. | 4,395 | 137,607 | ||||||
First Bank | 4,600 | 62,698 | ||||||
First Busey Corp. | 22,561 | 544,623 | ||||||
First Business Financial Services, Inc. | 977 | 34,605 |
59
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
First Commonwealth Financial Corp. | 40,712 | $ | 651,799 | |||||
First Community Bankshares, Inc. | 2,500 | 78,050 | ||||||
First Community Corp. | 85 | 1,711 | ||||||
First Financial Corp. | 4,114 | 180,810 | ||||||
First Foundation, Inc. | 4,487 | 67,619 | ||||||
First Guaranty Bancshares, Inc. | 266 | 5,456 | ||||||
First Internet Bancorp | 3,003 | 81,111 | ||||||
First Merchants Corp. | 705 | 28,849 | ||||||
First Mid Bancshares, Inc. | 4,108 | 127,307 | ||||||
First of Long Island Corp. | 5,675 | 96,588 | ||||||
First Savings Financial Group, Inc. | 1,383 | 26,761 | ||||||
First United Corp. | 279 | 5,446 | ||||||
First Western Financial, Inc.(1) | 900 | 23,283 | ||||||
Flushing Financial Corp. | 12,918 | 251,384 | ||||||
FNB Corp. | 73,674 | 1,051,328 | ||||||
FNCB Bancorp, Inc. | 206 | 1,648 | ||||||
Franklin Financial Services Corp. | 146 | 4,777 | ||||||
Fulton Financial Corp. | 76,555 | 1,316,746 | ||||||
FVCBankcorp, Inc.(1) | 747 | 10,122 | ||||||
Great Southern Bancorp, Inc. | 4,818 | 280,359 | ||||||
Hancock Whitney Corp. | 35,648 | 1,751,030 | ||||||
Hanmi Financial Corp. | 18,029 | 425,845 | ||||||
HarborOne Bancorp, Inc. | 11,000 | 150,370 | ||||||
Hawthorn Bancshares, Inc. | 792 | 20,038 | ||||||
HBT Financial, Inc. | 2,201 | 50,007 | ||||||
Heartland Financial USA, Inc. | 14,573 | 720,489 | ||||||
Hilltop Holdings, Inc. | 23,313 | 773,292 | ||||||
HomeStreet, Inc. | 8,098 | 204,313 | ||||||
HomeTrust Bancshares, Inc. | 2,923 | 85,556 | ||||||
Hope Bancorp, Inc. | 51,020 | 653,566 | ||||||
Horizon Bancorp, Inc. | 13,036 | 198,408 | ||||||
Independent Bank Corp. (Michigan) | 8,013 | 176,687 | ||||||
International Bancshares Corp. | 21,985 | 1,066,932 | ||||||
Investar Holding Corp. | 2,251 | 44,345 | ||||||
Lakeland Bancorp, Inc. | 18,210 | 350,542 | ||||||
Lakeland Financial Corp. | 3,035 | 217,367 | ||||||
Landmark Bancorp, Inc. | 204 | 4,719 | ||||||
LCNB Corp. | 1,807 | 33,014 | ||||||
Limestone Bancorp, Inc. | 58 | 1,598 | ||||||
Live Oak Bancshares, Inc. | 15,190 | 524,966 | ||||||
Macatawa Bank Corp. | 7,793 | 85,022 | ||||||
Mercantile Bank Corp. | 3,782 | 130,819 | ||||||
Meridian Corp. | 1,533 | 48,443 | ||||||
Metrocity Bankshares, Inc. | 3,750 | 75,637 | ||||||
Metropolitan Bank Holding Corp.(1) | 3,568 | 199,130 | ||||||
Mid Penn Bancorp, Inc. | 2,254 | 68,972 | ||||||
Midland States Bancorp, Inc. | 7,780 | 202,591 | ||||||
MidWestOne Financial Group, Inc. | 3,723 | 111,839 | ||||||
MVB Financial Corp. | 2,840 | 77,504 | ||||||
National Bank Holdings Corp., Class A | 8,652 | 350,319 | ||||||
National Bankshares, Inc. | 300 | 12,549 |
60
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
NBT Bancorp, Inc. | 20,589 | $ | 835,708 | |||||
Northeast Bank | 1,928 | 84,986 | ||||||
Northrim BanCorp, Inc. | 1,797 | 94,360 | ||||||
Oak Valley Bancorp | 775 | 21,196 | ||||||
OceanFirst Financial Corp. | 14,614 | 346,644 | ||||||
OFG Bancorp | 29,609 | 900,706 | ||||||
Old National Bancorp | 1 | 18 | ||||||
Old Second Bancorp, Inc. | 13,543 | 224,543 | ||||||
Origin Bancorp, Inc. | 8,492 | 321,932 | ||||||
Orrstown Financial Services, Inc. | 2,704 | 62,192 | ||||||
Pacific Premier Bancorp, Inc. | 43,316 | 1,404,305 | ||||||
PacWest Bancorp | 47,666 | 1,322,731 | ||||||
Park National Corp. | 4,634 | 592,086 | ||||||
Parke Bancorp, Inc. | 2,104 | 42,943 | ||||||
Pathward Financial, Inc. | 13,214 | 674,046 | ||||||
PCB Bancorp | 1,436 | 26,221 | ||||||
Peapack-Gladstone Financial Corp. | 6,114 | 227,135 | ||||||
Peoples Bancorp of North Carolina, Inc. | 588 | 19,810 | ||||||
Peoples Bancorp, Inc. | 7,627 | 237,276 | ||||||
Plumas Bancorp | 642 | 26,964 | ||||||
Popular, Inc. | 16,729 | 1,194,451 | ||||||
Preferred Bank | 6,211 | 437,254 | ||||||
Premier Financial Corp. | 12,362 | 306,825 | ||||||
Primis Financial Corp. | 5,304 | 62,110 | ||||||
QCR Holdings, Inc. | 9,206 | 492,429 | ||||||
RBB Bancorp | 3,757 | 74,238 | ||||||
Red River Bancshares, Inc. | 185 | 9,363 | ||||||
Republic Bancorp, Inc., Class A | 3,166 | 140,887 | ||||||
Republic First Bancorp, Inc.(1) | 3,815 | 7,630 | ||||||
Riverview Bancorp, Inc. | 2,994 | 20,928 | ||||||
Salisbury Bancorp, Inc. | 62 | 1,827 | ||||||
Sandy Spring Bancorp, Inc. | 19,669 | 648,094 | ||||||
SB Financial Group, Inc. | 134 | 2,245 | ||||||
ServisFirst Bancshares, Inc. | 7,912 | 585,092 | ||||||
Shore Bancshares, Inc. | 1,205 | 20,557 | ||||||
Sierra Bancorp | 3,475 | 70,230 | ||||||
Simmons First National Corp., Class A | 25,507 | 567,021 | ||||||
SmartFinancial, Inc. | 2,267 | 61,889 | ||||||
South Plains Financial, Inc. | 2,649 | 69,642 | ||||||
Southern First Bancshares, Inc.(1) | 1,448 | 58,282 | ||||||
Southside Bancshares, Inc. | 8,927 | 340,922 | ||||||
SouthState Corp. | 840 | 67,771 | ||||||
Stock Yards Bancorp, Inc. | 18 | 1,054 | ||||||
Summit Financial Group, Inc. | 1,425 | 36,295 | ||||||
Synovus Financial Corp. | 16,965 | 709,307 | ||||||
Texas Capital Bancshares, Inc.(1) | 19,250 | 1,274,927 | ||||||
Tompkins Financial Corp. | 3,663 | 273,956 | ||||||
Towne Bank | 26,674 | 809,022 | ||||||
TriCo Bancshares | 13,380 | 675,824 | ||||||
Triumph Financial, Inc.(1) | 9,789 | 595,661 | ||||||
Trustmark Corp. | 18,782 | 552,191 |
61
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
UMB Financial Corp. | 14,429 | $ | 1,308,133 | |||||
Umpqua Holdings Corp. | 101,123 | 1,785,832 | ||||||
Union Bankshares, Inc. | 156 | 3,916 | ||||||
United Community Banks, Inc. | 276 | 9,138 | ||||||
United Security Bancshares | 700 | 5,390 | ||||||
Unity Bancorp, Inc. | 1,160 | 30,636 | ||||||
Univest Financial Corp. | 10,161 | 286,540 | ||||||
Valley National Bancorp | 88,160 | 1,020,893 | ||||||
Veritex Holdings, Inc. | 6,925 | 184,620 | ||||||
Washington Federal, Inc. | 31,340 | 1,099,094 | ||||||
Washington Trust Bancorp, Inc. | 6,452 | 270,984 | ||||||
West BanCorp, Inc. | 3,824 | 80,533 | ||||||
Wintrust Financial Corp. | 13,907 | 1,281,252 | ||||||
60,679,823 | ||||||||
Beverages — 0.3% | ||||||||
Coca-Cola Consolidated, Inc. | 2,476 | 1,378,761 | ||||||
Biotechnology — 1.3% | ||||||||
Catalyst Pharmaceuticals, Inc.(1) | 71,471 | 1,090,648 | ||||||
Cullinan Oncology, Inc.(1)(2) | 12,686 | 143,225 | ||||||
Dynavax Technologies Corp.(1) | 28,853 | 297,186 | ||||||
Emergent BioSolutions, Inc.(1) | 26,140 | 323,613 | ||||||
Ironwood Pharmaceuticals, Inc.(1) | 82,482 | 929,572 | ||||||
Organogenesis Holdings, Inc.(1) | 4,707 | 11,532 | ||||||
Ovid therapeutics, Inc.(1)(2) | 4 | 10 | ||||||
REGENXBIO, Inc.(1) | 26,570 | 591,183 | ||||||
Tango Therapeutics, Inc.(1) | 1,587 | 8,300 | ||||||
Vir Biotechnology, Inc.(1) | 81,105 | 1,849,194 | ||||||
XOMA Corp.(1)(2) | 1,119 | 23,812 | ||||||
5,268,275 | ||||||||
Building Products — 0.9% | ||||||||
Apogee Enterprises, Inc. | 10,542 | 482,402 | ||||||
Insteel Industries, Inc. | 9,206 | 273,879 | ||||||
Masonite International Corp.(1) | 15,018 | 1,333,598 | ||||||
Quanex Building Products Corp. | 17,835 | 462,818 | ||||||
UFP Industries, Inc. | 10,675 | 913,033 | ||||||
3,465,730 | ||||||||
Capital Markets — 2.2% | ||||||||
Artisan Partners Asset Management, Inc., Class A | 10,404 | 343,020 | ||||||
B. Riley Financial, Inc.(2) | 2,210 | 87,914 | ||||||
Cowen, Inc., Class A(2) | 13,043 | 508,546 | ||||||
Diamond Hill Investment Group, Inc. | 855 | 149,283 | ||||||
Evercore, Inc., Class A | 15,209 | 1,995,116 | ||||||
GAMCO Investors, Inc., Class A | 544 | 10,456 | ||||||
Hennessy Advisors, Inc. | 490 | 4,126 | ||||||
Janus Henderson Group PLC | 43,067 | 1,182,620 | ||||||
Moelis & Co., Class A | 9,176 | 393,008 | ||||||
Open Lending Corp., Class A(1) | 16,064 | 113,733 | ||||||
Oppenheimer Holdings, Inc., Class A | 2,286 | 100,790 | ||||||
Piper Sandler Cos. | 7,975 | 1,204,145 | ||||||
Stifel Financial Corp. | 16,908 | 1,129,962 | ||||||
StoneX Group, Inc.(1) | 9,623 | 970,287 |
62
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Virtus Investment Partners, Inc. | 3,391 | $ | 713,568 | |||||
8,906,574 | ||||||||
Chemicals — 2.4% | ||||||||
AdvanSix, Inc. | 20,486 | 842,999 | ||||||
American Vanguard Corp. | 24,323 | 507,621 | ||||||
Cabot Corp. | 35,373 | 2,813,215 | ||||||
Chemours Co. | 77,791 | 2,658,896 | ||||||
Hawkins, Inc. | 4,636 | 188,546 | ||||||
Intrepid Potash, Inc.(1) | 6,770 | 214,406 | ||||||
Kronos Worldwide, Inc. | 15,640 | 176,575 | ||||||
LSB Industries, Inc.(1) | 21,847 | 296,901 | ||||||
Orion Engineered Carbons SA | 21,130 | 538,815 | ||||||
Rayonier Advanced Materials, Inc.(1) | 27,861 | 228,460 | ||||||
Stepan Co. | 385 | 40,075 | ||||||
Tronox Holdings PLC, Class A | 82,045 | 1,279,902 | ||||||
Valhi, Inc. | 1,270 | 30,086 | ||||||
9,816,497 | ||||||||
Commercial Services and Supplies — 0.2% | ||||||||
Civeo Corp.(1) | 5,607 | 158,734 | ||||||
Ennis, Inc. | 4,672 | 101,616 | ||||||
Heritage-Crystal Clean, Inc.(1) | 10,440 | 375,631 | ||||||
Interface, Inc. | 23,294 | 205,453 | ||||||
Quad/Graphics, Inc.(1) | 8,561 | 41,864 | ||||||
883,298 | ||||||||
Communications Equipment — 0.3% | ||||||||
ViaSat, Inc.(1) | 43,455 | 1,380,131 | ||||||
Construction and Engineering — 0.6% | ||||||||
Ameresco, Inc., Class A(1) | 17,443 | 766,620 | ||||||
Dycom Industries, Inc.(1) | 2,742 | 230,904 | ||||||
Great Lakes Dredge & Dock Corp.(1) | 2 | 11 | ||||||
MYR Group, Inc.(1) | 10,584 | 1,276,536 | ||||||
Northwest Pipe Co.(1) | 1,947 | 74,960 | ||||||
Tutor Perini Corp.(1) | 18,365 | 148,940 | ||||||
2,497,971 | ||||||||
Construction Materials — 0.1% | ||||||||
Eagle Materials, Inc. | 3,974 | 557,631 | ||||||
United States Lime & Minerals, Inc. | 69 | 11,130 | ||||||
568,761 | ||||||||
Consumer Finance — 1.9% | ||||||||
Atlanticus Holdings Corp.(1) | 2,510 | 80,445 | ||||||
Bread Financial Holdings, Inc. | 27,674 | 1,136,571 | ||||||
Consumer Portfolio Services, Inc.(1) | 6,386 | 70,629 | ||||||
Encore Capital Group, Inc.(1) | 10,145 | 524,294 | ||||||
EZCORP, Inc., Class A(1) | 8,933 | 78,789 | ||||||
Green Dot Corp., Class A(1) | 19,310 | 365,538 | ||||||
LendingClub Corp.(1) | 30,933 | 290,770 | ||||||
Navient Corp. | 64,213 | 1,159,045 | ||||||
Nelnet, Inc., Class A | 4,308 | 404,392 | ||||||
OneMain Holdings, Inc. | 14,192 | 611,533 | ||||||
Oportun Financial Corp.(1) | 5,021 | 30,327 | ||||||
PRA Group, Inc.(1) | 15,651 | 666,107 |
63
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
PROG Holdings, Inc.(1) | 18,447 | $ | 456,010 | |||||
Regional Management Corp. | 2,426 | 76,468 | ||||||
SLM Corp. | 126,000 | 1,811,880 | ||||||
World Acceptance Corp.(1) | 770 | 71,887 | ||||||
7,834,685 | ||||||||
Distributors† | ||||||||
Funko, Inc., Class A(1)(2) | 17 | 184 | ||||||
Diversified Consumer Services — 1.1% | ||||||||
Adtalem Global Education, Inc.(1) | 35,311 | 1,381,366 | ||||||
Grand Canyon Education, Inc.(1) | 17,498 | 1,982,348 | ||||||
Laureate Education, Inc., Class A | 132 | 1,566 | ||||||
Perdoceo Education Corp.(1) | 49,829 | 686,893 | ||||||
Universal Technical Institute, Inc.(1) | 25,324 | 183,852 | ||||||
4,236,025 | ||||||||
Diversified Financial Services — 0.7% | ||||||||
Alerus Financial Corp. | 2,974 | 59,480 | ||||||
A-Mark Precious Metals, Inc. | 8,716 | 255,466 | ||||||
Jackson Financial, Inc., Class A | 51,405 | 2,332,759 | ||||||
2,647,705 | ||||||||
Diversified Telecommunication Services — 0.8% | ||||||||
ATN International, Inc. | 7,362 | 309,572 | ||||||
EchoStar Corp., Class A(1) | 23,130 | 461,675 | ||||||
Iridium Communications, Inc. | 41,945 | 2,574,165 | ||||||
3,345,412 | ||||||||
Electrical Equipment — 1.7% | ||||||||
Atkore, Inc.(1) | 27,592 | 4,028,984 | ||||||
Encore Wire Corp. | 15,242 | 2,941,859 | ||||||
Preformed Line Products Co. | 32 | 2,853 | ||||||
6,973,696 | ||||||||
Electronic Equipment, Instruments and Components — 1.7% | ||||||||
Bel Fuse, Inc., Class B | 2,915 | 103,541 | ||||||
CTS Corp. | 9,571 | 414,520 | ||||||
Kimball Electronics, Inc.(1) | 4,447 | 111,219 | ||||||
Plexus Corp.(1) | 2 | 192 | ||||||
Sanmina Corp.(1) | 50,676 | 3,063,871 | ||||||
ScanSource, Inc.(1) | 544 | 16,962 | ||||||
TTM Technologies, Inc.(1) | 62,174 | 826,292 | ||||||
Vishay Intertechnology, Inc. | 100,316 | 2,129,709 | ||||||
Vishay Precision Group, Inc.(1) | 1,544 | 67,318 | ||||||
6,733,624 | ||||||||
Energy Equipment and Services — 3.5% | ||||||||
Archrock, Inc. | 92,136 | 1,019,946 | ||||||
Bristow Group, Inc.(1) | 12,875 | 350,715 | ||||||
Dril-Quip, Inc.(1) | 17,312 | 592,936 | ||||||
Liberty Energy, Inc., Class A | 61,126 | 932,172 | ||||||
Nabors Industries Ltd.(1) | 5,067 | 761,621 | ||||||
National Energy Services Reunited Corp.(1) | 8,949 | 57,811 | ||||||
Natural Gas Services Group, Inc.(1) | 3,161 | 34,771 | ||||||
Newpark Resources, Inc.(1) | 37,589 | 166,519 | ||||||
NexTier Oilfield Solutions, Inc.(1) | 37,717 | 344,356 | ||||||
Oceaneering International, Inc.(1) | 65,643 | 1,371,282 |
64
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Oil States International, Inc.(1) | 6,690 | $ | 61,080 | |||||
Patterson-UTI Energy, Inc. | 46,916 | 642,749 | ||||||
ProPetro Holding Corp.(1) | 58,748 | 517,570 | ||||||
Select Energy Services, Inc., Class A | 2,624 | 19,470 | ||||||
TechnipFMC PLC(1) | 141,486 | 2,163,321 | ||||||
TETRA Technologies, Inc.(1) | 32,370 | 115,237 | ||||||
Transocean Ltd.(1) | 355,414 | 2,484,344 | ||||||
US Silica Holdings, Inc.(1) | 51,337 | 623,231 | ||||||
Weatherford International PLC(1) | 28,070 | 1,870,023 | ||||||
14,129,154 | ||||||||
Entertainment — 0.2% | ||||||||
Madison Square Garden Entertainment Corp.(1) | 9,626 | 582,662 | ||||||
Marcus Corp.(2) | 10,749 | 172,951 | ||||||
755,613 | ||||||||
Food and Staples Retailing — 1.6% | ||||||||
Andersons, Inc. | 8 | 365 | ||||||
HF Foods Group, Inc.(1) | 1,687 | 6,546 | ||||||
Ingles Markets, Inc., Class A | 12,928 | 1,155,763 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 4,681 | 51,397 | ||||||
PriceSmart, Inc. | 6,845 | 477,233 | ||||||
SpartanNash Co. | 28,593 | 765,149 | ||||||
Sprouts Farmers Market, Inc.(1) | 53,383 | 1,616,971 | ||||||
United Natural Foods, Inc.(1) | 33,454 | 1,362,581 | ||||||
Village Super Market, Inc., Class A | 2,044 | 45,643 | ||||||
Weis Markets, Inc. | 13,414 | 1,025,366 | ||||||
6,507,014 | ||||||||
Food Products — 0.4% | ||||||||
Cal-Maine Foods, Inc. | 14,221 | 807,753 | ||||||
Fresh Del Monte Produce, Inc. | 16,780 | 524,878 | ||||||
Pilgrim's Pride Corp.(1) | 5 | 117 | ||||||
Seneca Foods Corp., Class A(1) | 2,432 | 135,219 | ||||||
1,467,967 | ||||||||
Health Care Equipment and Supplies — 0.4% | ||||||||
Co-Diagnostics, Inc.(1)(2) | 13,905 | 40,185 | ||||||
FONAR Corp.(1) | 475 | 7,980 | ||||||
QuidelOrtho Corp.(1) | 18,901 | 1,643,253 | ||||||
Utah Medical Products, Inc. | 574 | 52,682 | ||||||
1,744,100 | ||||||||
Health Care Providers and Services — 0.2% | ||||||||
Ensign Group, Inc. | 2,000 | 178,960 | ||||||
Fulgent Genetics, Inc.(1) | 14,748 | 483,587 | ||||||
662,547 | ||||||||
Hotels, Restaurants and Leisure — 1.3% | ||||||||
BJ's Restaurants, Inc.(1) | 11,392 | 364,544 | ||||||
Cheesecake Factory, Inc.(2) | 31,204 | 1,168,278 | ||||||
Chuy's Holdings, Inc.(1) | 12,506 | 447,090 | ||||||
Cracker Barrel Old Country Store, Inc. | 11,748 | 1,280,062 | ||||||
Full House Resorts, Inc.(1) | 1,518 | 14,694 | ||||||
Monarch Casino & Resort, Inc. | 8,431 | 620,690 | ||||||
ONE Group Hospitality, Inc.(1) | 10,666 | 90,661 | ||||||
Playa Hotels & Resorts NV(1) | 86,470 | 771,312 |
65
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
RCI Hospitality Holdings, Inc. | 4,212 | $ | 352,839 | |||||
Red Robin Gourmet Burgers, Inc.(1) | 4,768 | 40,576 | ||||||
Target Hospitality Corp.(1) | 7,103 | 105,338 | ||||||
5,256,084 | ||||||||
Household Durables — 2.5% | ||||||||
Bassett Furniture Industries, Inc. | 2,642 | 49,009 | ||||||
Beazer Homes USA, Inc.(1) | 151 | 2,251 | ||||||
Cavco Industries, Inc.(1) | 1,338 | 381,330 | ||||||
Ethan Allen Interiors, Inc. | 17,413 | 514,554 | ||||||
GoPro, Inc., Class A(1) | 69,441 | 360,399 | ||||||
Green Brick Partners, Inc.(1) | 16,758 | 522,850 | ||||||
Hooker Furnishings Corp. | 1,512 | 33,241 | ||||||
Hovnanian Enterprises, Inc., Class A(1) | 1,596 | 108,704 | ||||||
KB Home | 15,752 | 555,573 | ||||||
La-Z-Boy, Inc. | 2,807 | 90,891 | ||||||
Legacy Housing Corp.(1) | 241 | 4,810 | ||||||
Lifetime Brands, Inc. | 267 | 2,115 | ||||||
M/I Homes, Inc.(1) | 13,855 | 801,373 | ||||||
MDC Holdings, Inc. | 10,052 | 371,924 | ||||||
Meritage Homes Corp. | 6,332 | 691,644 | ||||||
Skyline Champion Corp.(1) | 12,211 | 835,355 | ||||||
Taylor Morrison Home Corp.(1) | 83,774 | 3,001,622 | ||||||
Tri Pointe Homes, Inc.(1) | 64,724 | 1,543,020 | ||||||
Universal Electronics, Inc.(1) | 3,515 | 44,711 | ||||||
9,915,376 | ||||||||
Independent Power and Renewable Electricity Producers — 0.2% | ||||||||
Ormat Technologies, Inc.(2) | 7,348 | 621,053 | ||||||
Insurance — 4.0% | ||||||||
Ambac Financial Group, Inc.(1) | 22,191 | 367,261 | ||||||
Argo Group International Holdings Ltd. | 16,906 | 491,119 | ||||||
Assured Guaranty Ltd. | 24,964 | 1,558,003 | ||||||
Axis Capital Holdings Ltd. | 36,618 | 2,223,445 | ||||||
Brighthouse Financial, Inc.(1) | 38,401 | 2,220,730 | ||||||
CNO Financial Group, Inc. | 47,671 | 1,221,331 | ||||||
Donegal Group, Inc., Class A | 3,433 | 52,765 | ||||||
Employers Holdings, Inc. | 10,283 | 456,668 | ||||||
Genworth Financial, Inc., Class A(1) | 225,216 | 1,403,096 | ||||||
Hanover Insurance Group, Inc. | 16 | 2,232 | ||||||
Horace Mann Educators Corp. | 16,488 | 609,397 | ||||||
Investors Title Co. | 100 | 16,335 | ||||||
National Western Life Group, Inc., Class A | 238 | 64,210 | ||||||
NI Holdings, Inc.(1) | 1,243 | 17,203 | ||||||
Oscar Health, Inc., Class A(1) | 8,049 | 44,592 | ||||||
Primerica, Inc. | 3,477 | 667,375 | ||||||
ProAssurance Corp. | 11,387 | 226,487 | ||||||
Safety Insurance Group, Inc. | 7,626 | 615,342 | ||||||
Selective Insurance Group, Inc. | 16,785 | 1,704,181 | ||||||
SiriusPoint Ltd.(1) | 27,743 | 196,975 | ||||||
Stewart Information Services Corp. | 9,163 | 389,336 | ||||||
United Fire Group, Inc. | 5,307 | 151,462 | ||||||
Unum Group | 35,628 | 1,587,227 | ||||||
16,286,772 |
66
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Interactive Media and Services — 0.2% | ||||||||
Cars.com, Inc.(1) | 40,989 | $ | 786,989 | |||||
Internet and Direct Marketing Retail† | ||||||||
Duluth Holdings, Inc., Class B(1)(2) | 5,416 | 32,550 | ||||||
IT Services — 0.1% | ||||||||
Cass Information Systems, Inc. | 2,275 | 109,996 | ||||||
Computer Task Group, Inc.(1) | 1,148 | 8,518 | ||||||
International Money Express, Inc.(1) | 2,379 | 60,784 | ||||||
Kyndryl Holdings, Inc.(1) | 5,880 | 92,257 | ||||||
271,555 | ||||||||
Leisure Products — 0.8% | ||||||||
Acushnet Holdings Corp. | 8 | 386 | ||||||
Malibu Boats, Inc., Class A(1) | 12,932 | 772,816 | ||||||
MasterCraft Boat Holdings, Inc.(1) | 8,678 | 293,056 | ||||||
Smith & Wesson Brands, Inc. | 33,445 | 365,888 | ||||||
Sturm Ruger & Co., Inc. | 12,455 | 725,753 | ||||||
Vista Outdoor, Inc.(1) | 40,197 | 1,148,027 | ||||||
3,305,926 | ||||||||
Life Sciences Tools and Services — 0.2% | ||||||||
AbCellera Biologics, Inc.(1)(2) | 81,957 | 688,439 | ||||||
OmniAb, Inc.(1) | 2,677 | 7,413 | ||||||
OmniAb, Inc.(1) | 2,677 | 7,130 | ||||||
702,982 | ||||||||
Machinery — 1.5% | ||||||||
Albany International Corp., Class A | 14,081 | 1,421,055 | ||||||
Greenbrier Cos., Inc. | 502 | 16,119 | ||||||
Kennametal, Inc. | 52,388 | 1,484,152 | ||||||
L.B. Foster Co., Class A(1) | 1,249 | 15,700 | ||||||
Mueller Industries, Inc. | 39,583 | 2,927,955 | ||||||
REV Group, Inc. | 7,403 | 86,541 | ||||||
Terex Corp. | 220 | 13,026 | ||||||
Titan International, Inc.(1) | 18,203 | 225,899 | ||||||
6,190,447 | ||||||||
Marine — 0.9% | ||||||||
Costamare, Inc. | 7,096 | 74,508 | ||||||
Eagle Bulk Shipping, Inc.(2) | 8,195 | 534,887 | ||||||
Genco Shipping & Trading Ltd. | 31,978 | 609,181 | ||||||
Kirby Corp.(1) | 4,443 | 322,251 | ||||||
Matson, Inc. | 28,602 | 1,902,319 | ||||||
Pangaea Logistics Solutions Ltd. | 20,109 | 133,524 | ||||||
Safe Bulkers, Inc. | 44,161 | 165,604 | ||||||
3,742,274 | ||||||||
Media — 0.4% | ||||||||
Cumulus Media, Inc., Class A(1) | 11,998 | 65,029 | ||||||
Entravision Communications Corp., Class A | 30,218 | 198,230 | ||||||
PubMatic, Inc., Class A(1) | 16,212 | 246,098 | ||||||
Scholastic Corp. | 24,323 | 1,109,372 | ||||||
1,618,729 | ||||||||
Metals and Mining — 3.2% | ||||||||
Alpha Metallurgical Resources, Inc. | 14,113 | 2,367,315 | ||||||
Ascent Industries Co.(1) | 314 | 2,901 |
67
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Carpenter Technology Corp. | 5,940 | $ | 287,080 | |||||
Coeur Mining, Inc.(1) | 1,398 | 4,362 | ||||||
Commercial Metals Co. | 80,029 | 4,141,501 | ||||||
Haynes International, Inc. | 266 | 14,553 | ||||||
Hecla Mining Co. | 300,627 | 1,548,229 | ||||||
Kaiser Aluminum Corp. | 1,417 | 112,396 | ||||||
Ramaco Resources, Inc. | 17,058 | 169,727 | ||||||
Ryerson Holding Corp. | 18,104 | 650,477 | ||||||
Schnitzer Steel Industries, Inc., Class A | 17,163 | 561,058 | ||||||
SunCoke Energy, Inc. | 69,425 | 660,232 | ||||||
TimkenSteel Corp.(1) | 35,428 | 647,978 | ||||||
Tredegar Corp. | 9,795 | 113,818 | ||||||
Warrior Met Coal, Inc. | 45,948 | 1,758,430 | ||||||
13,040,057 | ||||||||
Multiline Retail — 1.2% | ||||||||
Dillard's, Inc., Class A(2) | 2,962 | 1,055,686 | ||||||
Kohl's Corp. | 51,314 | 1,438,845 | ||||||
Macy's, Inc. | 110,954 | 2,270,119 | ||||||
4,764,650 | ||||||||
Oil, Gas and Consumable Fuels — 12.5% | ||||||||
Antero Midstream Corp. | 138,405 | 1,458,789 | ||||||
Arch Resources, Inc. | 10,926 | 1,719,206 | ||||||
Ardmore Shipping Corp. | 3,480 | 63,162 | ||||||
Berry Corp. | 38,660 | 364,564 | ||||||
California Resources Corp. | 32,545 | 1,373,399 | ||||||
Callon Petroleum Co.(1) | 29,950 | 1,160,862 | ||||||
Chord Energy Corp. | 12,266 | 1,651,249 | ||||||
Civitas Resources, Inc. | 23,874 | 1,675,239 | ||||||
CNX Resources Corp.(1) | 78,309 | 1,202,043 | ||||||
Comstock Resources, Inc.(2) | 56,462 | 685,449 | ||||||
CONSOL Energy, Inc. | 20,813 | 1,139,095 | ||||||
Crescent Energy Co., Class A | 13,473 | 155,478 | ||||||
CVR Energy, Inc. | 20,034 | 635,679 | ||||||
Delek US Holdings, Inc. | 36,094 | 908,486 | ||||||
Denbury, Inc.(1) | 23,723 | 1,977,787 | ||||||
DHT Holdings, Inc. | 74,073 | 857,025 | ||||||
Dorian LPG Ltd. | 21,635 | 474,888 | ||||||
Earthstone Energy, Inc., Class A(1) | 39,814 | 555,405 | ||||||
EnLink Midstream LLC(1) | 120,991 | 1,362,359 | ||||||
Epsilon Energy Ltd. | 4,859 | 27,939 | ||||||
Equitrans Midstream Corp. | 212,089 | 1,278,897 | ||||||
Evolution Petroleum Corp. | 16,025 | 104,323 | ||||||
Hallador Energy Co.(1) | 16,621 | 126,818 | ||||||
Kimbell Royalty Partners LP | 37,600 | 580,168 | ||||||
Kosmos Energy Ltd.(1) | 291,453 | 2,293,735 | ||||||
Magnolia Oil & Gas Corp., Class A | 76,325 | 1,667,701 | ||||||
Matador Resources Co. | 47,256 | 2,541,900 | ||||||
Murphy Oil Corp. | 67,305 | 2,626,241 | ||||||
NACCO Industries, Inc., Class A | 2,354 | 88,016 | ||||||
Northern Oil & Gas, Inc. | 19,577 | 607,670 | ||||||
Overseas Shipholding Group, Inc., Class A(1) | 24,038 | 88,941 |
68
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Par Pacific Holdings, Inc.(1) | 30,009 | $ | 833,650 | |||||
PBF Energy, Inc., Class A | 49,820 | 2,177,632 | ||||||
PDC Energy, Inc. | 43,227 | 2,900,964 | ||||||
Peabody Energy Corp.(1) | 60,044 | 1,639,201 | ||||||
Permian Resources Corp. | 124,117 | 1,341,705 | ||||||
Plains GP Holdings LP, Class A(2) | 98,281 | 1,367,089 | ||||||
Range Resources Corp. | 66,188 | 1,783,105 | ||||||
Ranger Oil Corp., Class A | 10,940 | 454,010 | ||||||
REX American Resources Corp.(1) | 8,244 | 272,134 | ||||||
Riley Exploration Permian, Inc. | 1,613 | 49,358 | ||||||
Ring Energy, Inc.(1)(2) | 66,787 | 140,253 | ||||||
SandRidge Energy, Inc.(1) | 25,724 | 375,313 | ||||||
SFL Corp. Ltd. | 84,617 | 873,247 | ||||||
SilverBow Resources, Inc.(1) | 8,443 | 207,867 | ||||||
Sitio Royalties Corp., Class A | 22,982 | 540,307 | ||||||
SM Energy Co. | 71,541 | 2,111,175 | ||||||
Talos Energy, Inc.(1) | 55,708 | 992,159 | ||||||
Teekay Corp.(1) | 3,514 | 21,927 | ||||||
VAALCO Energy, Inc. | 39,518 | 185,339 | ||||||
Vital Energy, Inc.(1) | 8,615 | 442,725 | ||||||
World Fuel Services Corp. | 5,559 | 152,595 | ||||||
50,314,268 | ||||||||
Paper and Forest Products — 1.2% | ||||||||
Clearwater Paper Corp.(1) | 12,171 | 469,679 | ||||||
Louisiana-Pacific Corp. | 51,611 | 3,019,760 | ||||||
Mercer International, Inc. | 36,581 | 394,343 | ||||||
Sylvamo Corp. | 16,706 | 824,107 | ||||||
4,707,889 | ||||||||
Personal Products — 0.4% | ||||||||
Nature's Sunshine Products, Inc.(1) | 4,126 | 44,726 | ||||||
Nu Skin Enterprises, Inc., Class A | 29,331 | 1,168,547 | ||||||
USANA Health Sciences, Inc.(1) | 5,730 | 348,269 | ||||||
1,561,542 | ||||||||
Pharmaceuticals — 0.5% | ||||||||
Assertio Holdings, Inc.(1)(2) | 15,274 | 84,465 | ||||||
Innoviva, Inc.(1) | 45,675 | 551,297 | ||||||
Ligand Pharmaceuticals, Inc.(1) | 7,062 | 509,453 | ||||||
Prestige Consumer Healthcare, Inc.(1) | 7,262 | 437,536 | ||||||
ProPhase Labs, Inc.(2) | 2,333 | 17,054 | ||||||
SIGA Technologies, Inc. | 31,011 | 212,425 | ||||||
Supernus Pharmaceuticals, Inc.(1) | 52 | 1,955 | ||||||
1,814,185 | ||||||||
Professional Services — 1.1% | ||||||||
CBIZ, Inc.(1) | 23,033 | 1,153,723 | ||||||
CRA International, Inc. | 1,512 | 188,198 | ||||||
Heidrick & Struggles International, Inc. | 11,832 | 406,192 | ||||||
Kelly Services, Inc., Class A | 7,404 | 123,869 | ||||||
Kforce, Inc. | 4,885 | 305,264 | ||||||
Korn Ferry | 30,155 | 1,685,363 | ||||||
TrueBlue, Inc.(1) | 19,874 | 371,644 | ||||||
4,234,253 |
69
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Real Estate Management and Development — 1.0% | ||||||||
Douglas Elliman, Inc. | 41,064 | $ | 173,290 | |||||
Five Point Holdings LLC, Class A(1) | 14,515 | 31,788 | ||||||
Forestar Group, Inc.(1) | 10,190 | 145,411 | ||||||
Howard Hughes Corp.(1) | 16,266 | 1,352,030 | ||||||
Kennedy-Wilson Holdings, Inc. | 78,106 | 1,305,151 | ||||||
Marcus & Millichap, Inc. | 17,554 | 603,331 | ||||||
RE/MAX Holdings, Inc., Class A | 12,693 | 234,694 | ||||||
3,845,695 | ||||||||
Road and Rail — 3.0% | ||||||||
ArcBest Corp. | 15,963 | 1,535,640 | ||||||
Covenant Logistics Group, Inc. | 4,475 | 155,059 | ||||||
Heartland Express, Inc. | 33,067 | 533,371 | ||||||
Marten Transport Ltd. | 42,552 | 939,123 | ||||||
PAM Transportation Services, Inc.(1) | 3,478 | 100,862 | ||||||
Ryder System, Inc. | 43,092 | 4,219,138 | ||||||
Saia, Inc.(1) | 5,869 | 1,589,736 | ||||||
Schneider National, Inc., Class B | 30,754 | 862,957 | ||||||
Universal Logistics Holdings, Inc. | 1,657 | 49,213 | ||||||
US Xpress Enterprises, Inc., Class A(1) | 5,048 | 7,925 | ||||||
Werner Enterprises, Inc. | 42,636 | 1,980,442 | ||||||
11,973,466 | ||||||||
Semiconductors and Semiconductor Equipment — 2.5% | ||||||||
Alpha & Omega Semiconductor Ltd.(1) | 13,415 | 358,315 | ||||||
Amkor Technology, Inc. | 65,326 | 1,682,798 | ||||||
Axcelis Technologies, Inc.(1) | 15,239 | 1,958,821 | ||||||
Diodes, Inc.(1) | 28,047 | 2,571,629 | ||||||
Kulicke & Soffa Industries, Inc. | 35,781 | 1,907,127 | ||||||
Photronics, Inc.(1) | 46,191 | 813,885 | ||||||
SMART Global Holdings, Inc.(1) | 5,138 | 85,805 | ||||||
Ultra Clean Holdings, Inc.(1) | 19,079 | 607,857 | ||||||
9,986,237 | ||||||||
Software — 0.4% | ||||||||
Adeia, Inc. | 30,475 | 300,484 | ||||||
Cleanspark, Inc.(1)(2) | 13,052 | 36,024 | ||||||
InterDigital, Inc. | 16,766 | 1,223,750 | ||||||
Xperi, Inc.(1) | 14,651 | 171,270 | ||||||
1,731,528 | ||||||||
Specialty Retail — 6.3% | ||||||||
Aaron's Co., Inc. | 23,207 | 333,020 | ||||||
Abercrombie & Fitch Co., Class A(1) | 21,257 | 625,168 | ||||||
Academy Sports & Outdoors, Inc. | 43,180 | 2,554,097 | ||||||
AutoNation, Inc.(1) | 11,121 | 1,518,128 | ||||||
Big 5 Sporting Goods Corp. | 10,404 | 91,867 | ||||||
Buckle, Inc. | 18,874 | 769,871 | ||||||
Build-A-Bear Workshop, Inc.(1) | 9,659 | 202,356 | ||||||
Caleres, Inc. | 7,400 | 193,214 | ||||||
Cato Corp., Class A | 10,167 | 94,045 | ||||||
Chico's FAS, Inc.(1) | 92,914 | 534,256 |
70
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Children's Place, Inc.(1) | 6,298 | $ | 263,697 | |||||
Citi Trends, Inc.(1) | 4,400 | 123,376 | ||||||
Conn's, Inc.(1) | 10,875 | 93,199 | ||||||
Container Store Group, Inc.(1) | 13,676 | 59,491 | ||||||
Designer Brands, Inc., Class A | 41,874 | 409,946 | ||||||
Destination XL Group, Inc.(1) | 23,632 | 141,319 | ||||||
Dick's Sporting Goods, Inc. | 1,153 | 148,310 | ||||||
Foot Locker, Inc. | 68,919 | 3,013,139 | ||||||
Group 1 Automotive, Inc. | 7,118 | 1,573,576 | ||||||
Guess?, Inc. | 23,094 | 485,898 | ||||||
Haverty Furniture Cos., Inc. | 11,215 | 423,254 | ||||||
Hibbett, Inc. | 8,763 | 630,323 | ||||||
MarineMax, Inc.(1) | 1,441 | 48,389 | ||||||
Murphy USA, Inc. | 10,749 | 2,741,962 | ||||||
ODP Corp.(1) | 27,928 | 1,264,580 | ||||||
Shoe Carnival, Inc. | 11,530 | 303,816 | ||||||
Signet Jewelers Ltd. | 29,383 | 2,104,411 | ||||||
Sonic Automotive, Inc., Class A | 16,883 | 960,474 | ||||||
Sportsman's Warehouse Holdings, Inc.(1) | 8,155 | 73,313 | ||||||
Tilly's, Inc., Class A(1) | 11,039 | 95,819 | ||||||
TravelCenters of America, Inc.(1) | 12,651 | 1,067,112 | ||||||
Upbound Group, Inc. | 27,958 | 750,672 | ||||||
Urban Outfitters, Inc.(1) | 45,731 | 1,232,450 | ||||||
Zumiez, Inc.(1) | 11,140 | 259,116 | ||||||
25,183,664 | ||||||||
Technology Hardware, Storage and Peripherals† | ||||||||
Immersion Corp. | 2,525 | 19,316 | ||||||
Super Micro Computer, Inc.(1) | 135 | 13,226 | ||||||
32,542 | ||||||||
Textiles, Apparel and Luxury Goods — 1.6% | ||||||||
Capri Holdings Ltd.(1) | 4,003 | 198,429 | ||||||
Crown Crafts, Inc. | 31 | 175 | ||||||
G-III Apparel Group Ltd.(1) | 2,140 | 35,556 | ||||||
Lakeland Industries, Inc. | 1,868 | 28,338 | ||||||
Movado Group, Inc. | 9,896 | 342,599 | ||||||
Oxford Industries, Inc. | 10,815 | 1,271,952 | ||||||
PVH Corp. | 40,078 | 3,215,859 | ||||||
Under Armour, Inc., Class A(1) | 65,786 | 653,255 | ||||||
Under Armour, Inc., Class C(1) | 67,665 | 595,452 | ||||||
Unifi, Inc.(1) | 4,426 | 45,809 | ||||||
Vera Bradley, Inc.(1) | 5,863 | 31,074 | ||||||
6,418,498 | ||||||||
Thrifts and Mortgage Finance — 4.4% | ||||||||
Axos Financial, Inc.(1) | 22,120 | 1,048,267 | ||||||
Bridgewater Bancshares, Inc.(1) | 5,299 | 77,948 | ||||||
Enact Holdings, Inc. | 9,161 | 222,154 | ||||||
Essent Group Ltd. | 51,548 | 2,213,987 | ||||||
Federal Agricultural Mortgage Corp., Class C | 4,325 | 613,545 | ||||||
FS Bancorp, Inc. | 2,126 | 76,387 | ||||||
Greene County Bancorp, Inc. | 134 | 7,544 |
71
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Hingham Institution For Savings | 254 | $ | 72,314 | |||||
Home Bancorp, Inc. | 1,338 | 52,918 | ||||||
Kearny Financial Corp. | 17,555 | 176,252 | ||||||
Luther Burbank Corp. | 2,236 | 26,005 | ||||||
Merchants Bancorp | 8,404 | 254,221 | ||||||
MGIC Investment Corp. | 164,333 | 2,261,222 | ||||||
Mr. Cooper Group, Inc.(1) | 41,366 | 1,920,623 | ||||||
New York Community Bancorp, Inc. | 224,506 | 1,993,613 | ||||||
NMI Holdings, Inc., Class A(1) | 46,085 | 1,075,624 | ||||||
Northfield Bancorp, Inc. | 13,146 | 193,378 | ||||||
OP Bancorp | 1,343 | 15,136 | ||||||
PennyMac Financial Services, Inc. | 13,369 | 808,423 | ||||||
Provident Financial Services, Inc. | 33,500 | 782,225 | ||||||
Radian Group, Inc. | 83,928 | 1,791,863 | ||||||
Southern Missouri Bancorp, Inc. | 2,022 | 93,578 | ||||||
Territorial Bancorp, Inc. | 886 | 20,360 | ||||||
Timberland Bancorp, Inc. | 1,932 | 65,263 | ||||||
TrustCo Bank Corp. NY | 7,964 | 298,331 | ||||||
Walker & Dunlop, Inc. | 7,149 | 623,607 | ||||||
Waterstone Financial, Inc. | 5,837 | 93,976 | ||||||
WSFS Financial Corp. | 16,282 | 812,635 | ||||||
17,691,399 | ||||||||
Trading Companies and Distributors — 5.4% | ||||||||
Air Lease Corp. | 62,702 | 2,713,743 | ||||||
Alta Equipment Group, Inc. | 328 | 6,170 | ||||||
BlueLinx Holdings, Inc.(1) | 8,216 | 693,348 | ||||||
Boise Cascade Co. | 30,369 | 2,098,802 | ||||||
GATX Corp. | 23,779 | 2,594,051 | ||||||
Global Industrial Co. | 41 | 1,153 | ||||||
H&E Equipment Services, Inc. | 19,829 | 1,100,509 | ||||||
Herc Holdings, Inc. | 16,553 | 2,376,845 | ||||||
McGrath RentCorp | 16,229 | 1,668,990 | ||||||
NOW, Inc.(1) | 55,054 | 707,444 | ||||||
Rush Enterprises, Inc., Class A | 9,809 | 555,974 | ||||||
Rush Enterprises, Inc., Class B | 3,156 | 189,297 | ||||||
Textainer Group Holdings Ltd. | 27,393 | 901,778 | ||||||
Titan Machinery, Inc.(1) | 15,411 | 705,670 | ||||||
Triton International Ltd. | 53,558 | 3,692,288 | ||||||
Veritiv Corp. | 10,281 | 1,556,955 | ||||||
21,563,017 | ||||||||
Wireless Telecommunication Services — 0.3% | ||||||||
Telephone & Data Systems, Inc. | 74,189 | 941,458 | ||||||
United States Cellular Corp.(1) | 10,515 | 253,727 | ||||||
1,195,185 | ||||||||
TOTAL COMMON STOCKS (Cost $322,176,166) | 400,128,470 | |||||||
SHORT-TERM INVESTMENTS — 1.8% | ||||||||
Money Market Funds — 1.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,590,735 | 1,590,735 |
72
Avantis U.S. Small Cap Value Fund | ||||||||
Shares | Value | |||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 5,766,655 | $ | 5,766,655 | |||||
TOTAL SHORT-TERM INVESTMENTS (Cost $7,357,390) | 7,357,390 | |||||||
TOTAL INVESTMENT SECURITIES — 101.3% (Cost $329,533,556) | 407,485,860 | |||||||
OTHER ASSETS AND LIABILITIES — (1.3)% | (5,142,949) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 402,342,911 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
Russell 2000 E-Mini Index | 6 | March 2023 | $ | 569,730 | $ | (16,059) |
^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 $6,155,727. 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 $6,321,098, which includes securities collateral of $554,443.
See Notes to Financial Statements.
73
Statements of Assets and Liabilities |
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis U.S. Equity Fund | Avantis U.S. Large Cap Value Fund | |||||||
Assets | ||||||||
Investment securities, at value (cost of $385,806,233 and $98,452,624, respectively) — including $1,709,354 and $—, respectively of securities on loan | $ | 390,803,048 | $ | 98,290,091 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $1,245,744 and $—, respectively) | 1,245,744 | — | ||||||
Total investment securities, at value (cost of $387,051,977 and $98,452,624, respectively) | 392,048,792 | 98,290,091 | ||||||
Deposits with broker for futures contracts | — | 31,800 | ||||||
Receivable for investments sold | 2,588 | — | ||||||
Receivable for capital shares sold | 222,583 | 305,756 | ||||||
Dividends and interest receivable | 675,547 | 202,377 | ||||||
Securities lending receivable | 4,260 | — | ||||||
392,953,770 | 98,830,024 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 1,245,744 | — | ||||||
Payable for investments purchased | — | 1,022,038 | ||||||
Payable for capital shares redeemed | 172,249 | 131 | ||||||
Payable for variation margin on futures contracts | — | 1,875 | ||||||
Accrued management fees | 43,061 | 9,367 | ||||||
1,461,054 | 1,033,411 | |||||||
Net Assets | $ | 391,492,716 | $ | 97,796,613 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 389,805,545 | $ | 97,163,043 | ||||
Distributable earnings (loss) | 1,687,171 | 633,570 | ||||||
$ | 391,492,716 | $ | 97,796,613 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis U.S. Equity Fund | |||||||||||
Institutional Class | $362,684,137 | 26,756,277 | $13.56 | ||||||||
G Class | $28,808,579 | 2,123,407 | $13.57 | ||||||||
Avantis U.S. Large Cap Value Fund | |||||||||||
Institutional Class | $97,454,491 | 8,784,042 | $11.09 | ||||||||
G Class | $342,122 | 30,829 | $11.10 |
See Notes to Financial Statements.
74
FEBRUARY 28, 2023 (UNAUDITED) | |||||
Avantis U.S. Small Cap Value Fund | |||||
Assets | |||||
Investment securities, at value (cost of $323,766,901) — including $6,155,727 of securities on loan | $ | 401,719,205 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $5,766,655) | 5,766,655 | ||||
Total investment securities, at value (cost of $329,533,556) | 407,485,860 | ||||
Deposits with broker for futures contracts | 34,800 | ||||
Receivable for investments sold | 26,290 | ||||
Receivable for capital shares sold | 359,428 | ||||
Receivable for variation margin on futures contracts | 60 | ||||
Dividends and interest receivable | 484,885 | ||||
Securities lending receivable | 1,186 | ||||
408,392,509 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 5,766,655 | ||||
Payable for capital shares redeemed | 204,946 | ||||
Accrued management fees | 77,997 | ||||
6,049,598 | |||||
Net Assets | $ | 402,342,911 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 330,541,374 | |||
Distributable earnings (loss) | 71,801,537 | ||||
$ | 402,342,911 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis U.S. Small Cap Value Fund | |||||||||||
Institutional Class | $399,597,199 | 27,414,422 | $14.58 | ||||||||
G Class | $2,745,712 | 188,303 | $14.58 |
See Notes to Financial Statements.
75
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis U.S. Equity Fund | Avantis U.S. Large Cap Value Fund | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $1,598, and $229, respectively) | $ | 3,671,710 | $ | 979,190 | ||||
Interest | 25,013 | 14,047 | ||||||
Securities lending, net | 18,970 | — | ||||||
3,715,693 | 993,237 | |||||||
Expenses: | ||||||||
Management fees | 284,687 | 58,742 | ||||||
Interest expenses | 736 | 4,096 | ||||||
285,423 | 62,838 | |||||||
Fees waived - G Class | (19,877) | (12) | ||||||
265,546 | 62,826 | |||||||
Net investment income (loss) | 3,450,147 | 930,411 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (1,402,282) | 492,763 | ||||||
Futures contract transactions | 52,906 | (8,553) | ||||||
(1,349,376) | 484,210 | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | 14,448,260 | 4,223,439 | ||||||
Futures contracts | (33,220) | (2,705) | ||||||
14,415,040 | 4,220,734 | |||||||
Net realized and unrealized gain (loss) | 13,065,664 | 4,704,944 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 16,515,811 | $ | 5,635,355 |
See Notes to Financial Statements.
76
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | |||||
Avantis U.S. Small Cap Value Fund | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $5,271) | $ | 4,140,290 | |||
Interest | 24,622 | ||||
Securities lending, net | 19,571 | ||||
4,184,483 | |||||
Expenses: | |||||
Management fees | 468,342 | ||||
Interest expenses | 8,887 | ||||
477,229 | |||||
Fees waived - G Class | (3,078) | ||||
474,151 | |||||
Net investment income (loss) | 3,710,332 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions | (6,865,990) | ||||
Futures contract transactions | 73,051 | ||||
(6,792,939) | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments | 41,106,594 | ||||
Futures contracts | (8,431) | ||||
41,098,163 | |||||
Net realized and unrealized gain (loss) | 34,305,224 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 38,015,556 |
See Notes to Financial Statements.
77
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 (EXCEPT AS NOTED) | ||||||||||||||
Avantis U.S. Equity Fund | Avantis U.S. Large Cap Value Fund | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | February 28, 2023 | August 31, 2022(1) | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 3,450,147 | $ | 4,974,050 | $ | 930,411 | $ | 143,321 | ||||||
Net realized gain (loss) | (1,349,376) | (2,843,513) | 484,210 | — | ||||||||||
Change in net unrealized appreciation (depreciation) | 14,415,040 | (46,177,385) | 4,220,734 | (4,385,972) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 16,515,811 | (44,046,848) | 5,635,355 | (4,242,651) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings: | ||||||||||||||
Institutional Class | (5,658,110) | (3,104,121) | (759,075) | — | ||||||||||
G Class | (440,390) | (24,544) | (59) | — | ||||||||||
Decrease in net assets from distributions | (6,098,500) | (3,128,665) | (759,134) | — | ||||||||||
Capital Share Transactions | ||||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 17,597,616 | 196,915,104 | 12,333,771 | 84,829,272 | ||||||||||
Net increase (decrease) in net assets | 28,014,927 | 149,739,591 | 17,209,992 | 80,586,621 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 363,477,789 | 213,738,198 | 80,586,621 | — | ||||||||||
End of period | $ | 391,492,716 | $ | 363,477,789 | $ | 97,796,613 | $ | 80,586,621 |
(1)June 21, 2022 (fund inception) through August 31, 2022.
See Notes to Financial Statements.
78
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | ||||||||
Avantis U.S. Small Cap Value Fund | ||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 3,710,332 | $ | 5,716,688 | ||||
Net realized gain (loss) | (6,792,939) | 24,682,785 | ||||||
Change in net unrealized appreciation (depreciation) | 41,098,163 | (36,340,051) | ||||||
Net increase (decrease) in net assets resulting from operations | 38,015,556 | (5,940,578) | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Institutional Class | (27,748,149) | (18,793,908) | ||||||
G Class | (175,216) | (13,000) | ||||||
Decrease in net assets from distributions | (27,923,365) | (18,806,908) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 21,748,656 | 134,893,216 | ||||||
Net increase (decrease) in net assets | 31,840,847 | 110,145,730 | ||||||
Net Assets | ||||||||
Beginning of period | 370,502,064 | 260,356,334 | ||||||
End of period | $ | 402,342,911 | $ | 370,502,064 |
See Notes to Financial Statements.
79
Notes to Financial Statements |
FEBRUARY 28, 2023 (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, Avantis U.S. Large Cap Value Fund and Avantis U.S. 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. All classes of Avantis U.S. Large Cap Value Fund commenced sale on June 21, 2022, the fund's 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 value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
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 valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
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The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
Investment Income — 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. ACIM 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. The funds may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.
Income Tax Status — It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
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.
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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, 2023.
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 | $ | 1,245,744 | — | — | — | $ | 1,245,744 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,245,744 | |||||||||||||||
Avantis U.S. Small Cap Value Fund | |||||||||||||||||
Common Stocks | $ | 5,766,655 | — | — | — | $ | 5,766,655 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 5,766,655 |
(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, 7% 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.
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For the period ended February 28, 2023, 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. Large Cap Value Fund | 0.15% | 0.15% | 0.00% | ||||||||
Avantis U.S. Small Cap Value Fund | 0.25% | 0.25% | 0.00% |
Interfund Transactions — The funds may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Trustees. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments, for the period ended February 28, 2023 were as follows:
Avantis U.S. Equity Fund | Avantis U.S. Large Cap Value Fund | Avantis U.S. Small Cap Value Fund | |||||||||
Purchases | $30,181,443 | $30,524,910 | $38,048,949 | ||||||||
Sales | $13,007,741 | $19,023,628 | $39,736,474 |
5. Capital Share Transactions
Transactions in shares of the funds were as follows (unlimited number of shares authorized):
Six months ended February 28, 2023 | Year ended August 31, 2022 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Avantis U.S. Equity Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 3,754,486 | $ | 48,657,268 | 14,744,175 | $ | 218,739,743 | ||||||||
Issued in reinvestment of distributions | 426,384 | 5,658,110 | 203,548 | 3,104,121 | ||||||||||
Redeemed | (2,992,940) | (39,840,887) | (3,588,094) | (50,154,425) | ||||||||||
1,187,930 | 14,474,491 | 11,359,629 | 171,689,439 | |||||||||||
G Class | ||||||||||||||
Sold | 553,783 | 7,250,651 | 1,996,667 | 28,251,875 | ||||||||||
Issued in reinvestment of distributions | 33,162 | 440,390 | 1,608 | 24,544 | ||||||||||
Redeemed | (356,734) | (4,567,916) | (216,378) | (3,050,754) | ||||||||||
230,211 | 3,123,125 | 1,781,897 | 25,225,665 | |||||||||||
Net increase (decrease) | 1,418,141 | $ | 17,597,616 | 13,141,526 | $ | 196,915,104 |
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Six months ended February 28, 2023 | Period ended August 31, 2022(1) | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Avantis U.S. Large Cap Value Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 2,267,510 | $ | 25,018,429 | 7,765,165 | $ | 85,673,025 | ||||||||
Issued in reinvestment of distributions | 69,449 | 759,075 | — | — | ||||||||||
Redeemed | (1,240,594) | (13,780,403) | (77,488) | (848,753) | ||||||||||
1,096,365 | 11,997,101 | 7,687,677 | 84,824,272 | |||||||||||
G Class | ||||||||||||||
Sold | 30,324 | 336,611 | 500 | 5,000 | ||||||||||
Issued in reinvestment of distributions | 5 | 59 | — | — | ||||||||||
Redeemed | — | — | — | — | ||||||||||
30,329 | 336,670 | 500 | 5,000 | |||||||||||
Net increase (decrease) | 1,126,694 | $ | 12,333,771 | 7,688,177 | $ | 84,829,272 |
Six months ended February 28, 2023 | Year ended August 31, 2022 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Avantis U.S. Small Cap Value Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 3,910,497 | $ | 54,650,370 | 15,009,023 | $ | 228,803,472 | ||||||||
Issued in reinvestment of distributions | 2,017,881 | 27,745,867 | 1,238,456 | 18,774,999 | ||||||||||
Redeemed | (4,320,301) | (61,014,693) | (7,563,465) | (114,898,447) | ||||||||||
1,608,077 | 21,381,544 | 8,684,014 | 132,680,024 | |||||||||||
G Class | ||||||||||||||
Sold | 45,543 | 625,416 | 167,351 | 2,462,224 | ||||||||||
Issued in reinvestment of distributions | 12,743 | 175,216 | 858 | 13,000 | ||||||||||
Redeemed | (31,187) | (433,520) | (17,562) | (262,032) | ||||||||||
27,099 | 367,112 | 150,647 | 2,213,192 | |||||||||||
Net increase (decrease) | 1,635,176 | $ | 21,748,656 | 8,834,661 | $ | 134,893,216 |
(1)June 21, 2022 (fund inception) through August 31, 2022.
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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As of period end, the funds’ investment securities and other financial instruments were classified as Level 1. The Schedules of Investments provide additional information on the funds’ portfolio holdings.
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 | $820,717 | ||||
Avantis U.S. Large Cap Value Fund | $462,565 | ||||
Avantis U.S. Small Cap Value Fund | $773,200 |
Value of Derivative Instruments as of February 28, 2023
Asset Derivatives | Liability Derivatives | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Assets and Liabilities | Value | Location on Statement of Assets and Liabilities | Value | ||||||||||
Avantis U.S. Large Cap Value Fund | ||||||||||||||
Equity Price Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 1,875 | |||||||||
Avantis U.S. Small Cap Value Fund | ||||||||||||||
Equity Price Risk | Receivable for variation margin on futures contracts* | $ | 60 | 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, 2023
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Operations | Value | Location on Statement of Operations | Value | ||||||||||
Avantis U.S. Equity Fund | ||||||||||||||
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 52,906 | Change in net unrealized appreciation (depreciation) on futures contracts | $ | (33,220) | ||||||||
Avantis U.S. Large Cap Value Fund | ||||||||||||||
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | (8,553) | Change in net unrealized appreciation (depreciation) on futures contracts | $ | (2,705) | ||||||||
Avantis U.S. Small Cap Value Fund | ||||||||||||||
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 73,051 | Change in net unrealized appreciation (depreciation) on futures contracts | $ | (8,431) |
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. Large Cap Value Fund | Avantis U.S. Small Cap Value Fund | |||||||||
Federal tax cost of investments | $ | 387,260,905 | $ | 98,452,635 | $ | 330,287,636 | |||||
Gross tax appreciation of investments | $ | 43,235,530 | $ | 4,270,228 | $ | 94,214,078 | |||||
Gross tax depreciation of investments | (38,447,643) | (4,432,772) | (17,015,854) | ||||||||
Net tax appreciation (depreciation) of investments | $ | 4,787,887 | $ | (162,544) | $ | 77,198,224 |
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, 2022, the Avantis U.S. Equity Fund had accumulated short-term capital losses of $(2,814,540), 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.
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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 | 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 | |||||||||||||||||||||||||||||||||||||||||||||||
2023(3) | $13.23 | 0.12 | 0.42 | 0.54 | (0.21) | — | (0.21) | $13.56 | 4.13% | 0.15%(4) | 0.15%(4) | 1.81%(4) | 1.81%(4) | 3% | $362,684 | ||||||||||||||||||||||||||||||||
2022 | $14.93 | 0.22 | (1.78) | (1.56) | (0.10) | (0.04) | (0.14) | $13.23 | (10.57)% | 0.15% | 0.15% | 1.52% | 1.52% | 4% | $338,381 | ||||||||||||||||||||||||||||||||
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%(4) | 3% | $51,531 | ||||||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||||||||
2023(3) | $13.26 | 0.13 | 0.41 | 0.54 | (0.23) | — | (0.23) | $13.57 | 4.13% | 0.00%(4)(6) | 0.15%(4) | 1.96%(4) | 1.81%(4) | 3% | $28,809 | ||||||||||||||||||||||||||||||||
2022 | $14.95 | 0.25 | (1.78) | (1.53) | (0.12) | (0.04) | (0.16) | $13.26 | (10.36)% | 0.00%(6) | 0.15% | 1.67% | 1.52% | 4% | $25,097 | ||||||||||||||||||||||||||||||||
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, 2023 (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 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 U.S. Large Cap Value Fund | |||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||
2023(3) | $10.48 | 0.13 | 0.59 | 0.72 | (0.11) | $11.09 | 6.88% | 0.16%(4) | 0.16%(4) | 2.38%(4) | 2.38%(4) | 24% | $97,454 | ||||||||||||||||||||||||||||
2022(5) | $10.00 | 0.08 | 0.40 | 0.48 | — | $10.48 | 4.80% | 0.15%(4) | 0.15%(4) | 3.59%(4) | 3.59%(4) | 0% | $80,581 | ||||||||||||||||||||||||||||
G Class | |||||||||||||||||||||||||||||||||||||||||
2023(3) | $10.48 | 0.15 | 0.59 | 0.74 | (0.12) | $11.10 | 7.06% | 0.01%(4) | 0.16%(4) | 2.53%(4) | 2.38%(4) | 24% | $342 | ||||||||||||||||||||||||||||
2022(5) | $10.00 | 0.05 | 0.43 | 0.48 | — | $10.48 | 4.80% | 0.00%(4) | 0.15%(4) | 3.74%(4) | 3.59%(4) | 0% | $5 |
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, 2023 (unaudited).
(4)Annualized.
(5)June 21, 2022 (fund inception) through August 31, 2022.
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2023(3) | $14.27 | 0.14 | 1.26 | 1.40 | (0.25) | (0.84) | (1.09) | $14.58 | 10.24% | 0.25%(4) | 0.25%(4) | 1.98%(4) | 1.98%(4) | 10% | $399,597 | ||||||||||||||||||||||||||||||||
2022 | $15.20 | 0.25 | (0.29) | (0.04) | (0.19) | (0.70) | (0.89) | $14.27 | (0.61)% | 0.25% | 0.25% | 1.70% | 1.70% | 45% | $368,198 | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2023(3) | $14.29 | 0.16 | 1.26 | 1.42 | (0.29) | (0.84) | (1.13) | $14.58 | 10.36% | 0.00%(4)(7) | 0.25%(4) | 2.23%(4) | 1.98%(4) | 10% | $2,746 | ||||||||||||||||||||||||||||||||
2022 | $15.22 | 0.28 | (0.28) | — | (0.23) | (0.70) | (0.93) | $14.29 | (0.37)% | 0.00%(7) | 0.25% | 1.95% | 1.70% | 45% | $2,304 | ||||||||||||||||||||||||||||||||
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, 2023 (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 at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
92
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American Century ETF Trust | ||||||||
Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri | ||||||||
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©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-97501 2304 |
Semiannual Report | |||||
February 28, 2023 | |||||
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 ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.
Stocks and Bonds Delivered Mixed Results as Volatility Reigned
Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.
The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.
In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.
For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis Emerging Markets Equity Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.3% | ||||
Rights | —* | ||||
Warrants | —* | ||||
Corporate Bonds | —* | ||||
Short-Term Investments | 2.0% | ||||
Other Assets and Liabilities | (1.3)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
China | 28.7% | ||||
Taiwan | 17.6% | ||||
India | 16.0% | ||||
South Korea | 13.0% | ||||
Brazil | 5.7% |
3
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis International Equity Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.0% | ||||
Rights | —* | ||||
Warrants | —* | ||||
Short-Term Investments | 8.2% | ||||
Other Assets and Liabilities | (7.2)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
Japan | 20.2% | ||||
United Kingdom | 13.5% | ||||
Canada | 10.3% | ||||
France | 9.9% | ||||
Switzerland | 8.1% |
4
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis International Small Cap Value Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.5% | ||||
Warrants | —* | ||||
Rights | —* | ||||
Short-Term Investments | 7.2% | ||||
Other Assets and Liabilities | (6.7)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
Japan | 27.6% | ||||
United Kingdom | 13.7% | ||||
Canada | 10.1% | ||||
Australia | 8.4% | ||||
Sweden | 5.3% |
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, 2022 to February 28, 2023.
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 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid During Period(1) 9/1/22 - 2/28/23 | Annualized Expense Ratio(1) | |||||||||||
Avantis Emerging Markets Equity Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $1,010.90 | $1.65 | 0.33% | ||||||||||
G Class | $1,000 | $1,012.30 | $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 | $1,117.10 | $1.21 | 0.23% | ||||||||||
G Class | $1,000 | $1,118.50 | $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 | $1,113.40 | $1.89 | 0.36% | ||||||||||
G Class | $1,000 | $1,114.20 | $0.00 | 0.00%(2) | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,023.01 | $1.81 | 0.36% | ||||||||||
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%.
7
Schedules of Investments |
FEBRUARY 28, 2023 (UNAUDITED)
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
COMMON STOCKS — 99.3% | ||||||||
Brazil — 5.7% | ||||||||
3R Petroleum Oleo E Gas SA(1) | 18,200 | $ | 127,406 | |||||
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA | 2,800 | 711 | ||||||
AES Brasil Energia SA | 3,740 | 7,086 | ||||||
Aliansce Sonae Shopping Centers SA | 47,362 | 153,969 | ||||||
Alpargatas SA, Preference Shares(1) | 11,700 | 21,208 | ||||||
Alupar Investimento SA | 11,400 | 59,096 | ||||||
Ambev SA, ADR | 101,932 | 259,927 | ||||||
Americanas SA(1) | 19,717 | 3,766 | ||||||
Anima Holding SA(1) | 600 | 368 | ||||||
Atacadao SA | 21,000 | 54,030 | ||||||
Auren Energia SA | 23,902 | 67,523 | ||||||
Azul SA, ADR(1)(2) | 1,804 | 7,360 | ||||||
B3 SA - Brasil Bolsa Balcao | 95,000 | 192,161 | ||||||
Banco ABC Brasil SA, Preference Shares | 17,800 | 61,368 | ||||||
Banco BMG SA, Preference Shares | 4,900 | 1,937 | ||||||
Banco Bradesco SA | 43,559 | 97,095 | ||||||
Banco Bradesco SA, ADR | 147,037 | 372,004 | ||||||
Banco BTG Pactual SA | 34,700 | 133,552 | ||||||
Banco do Brasil SA | 51,260 | 395,260 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 19,000 | 36,182 | ||||||
Banco Mercantil do Brasil SA, Preference Shares | 800 | 1,523 | ||||||
Banco Pan SA, Preference Shares | 28,200 | 27,632 | ||||||
Banco Santander Brasil SA, ADR(2) | 12,690 | 69,287 | ||||||
BB Seguridade Participacoes SA | 22,300 | 145,672 | ||||||
Bemobi Mobile Tech SA | 5,500 | 14,812 | ||||||
Boa Vista Servicos SA | 27,100 | 39,029 | ||||||
BR Properties SA | 655 | 29,887 | ||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 6,400 | 31,783 | ||||||
Braskem SA, Class A, ADR | 6,040 | 46,810 | ||||||
BRF SA, ADR(1)(2) | 30,252 | 35,697 | ||||||
C&A MODAS SA(1) | 4,900 | 1,909 | ||||||
Camil Alimentos SA | 13,900 | 21,213 | ||||||
CCR SA | 101,500 | 213,452 | ||||||
Centrais Eletricas Brasileiras SA, ADR | 12,652 | 83,124 | ||||||
Centrais Eletricas Brasileiras SA, Class B Preference Shares | 7,300 | 50,001 | ||||||
Cia Brasileira de Aluminio | 14,600 | 29,002 | ||||||
Cia Brasileira de Distribuicao, ADR(2) | 19,337 | 57,624 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR | 16,316 | 162,344 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 24,500 | 67,059 | ||||||
Cia de Saneamento do Parana | 13,600 | 44,135 | ||||||
Cia de Saneamento do Parana, Preference Shares | 133,000 | 86,881 | ||||||
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares | 15,600 | 65,017 |
8
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Cia Energetica de Minas Gerais, ADR | 35,129 | $ | 68,502 | |||||
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares | 3,800 | 41,648 | ||||||
Cia Paranaense de Energia | 23,700 | 28,383 | ||||||
Cia Paranaense de Energia, ADR | 17,663 | 115,516 | ||||||
Cia Paranaense de Energia, Preference Shares | 137,300 | 186,460 | ||||||
Cia Siderurgica Nacional SA, ADR | 80,493 | 260,797 | ||||||
Cielo SA | 70,500 | 64,906 | ||||||
Clear Sale SA(1) | 7,300 | 7,418 | ||||||
Cogna Educacao(1) | 5,800 | 2,249 | ||||||
Construtora Tenda SA(1) | 4,800 | 4,309 | ||||||
Cosan SA | 42,544 | 121,730 | ||||||
CPFL Energia SA | 7,800 | 44,874 | ||||||
Cristal Pigmentos do Brasil SA, Preference Shares | 200 | 962 | ||||||
Cury Construtora e Incorporadora SA | 25,400 | 60,547 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 27,500 | 79,210 | ||||||
Dexco SA | 34,738 | 43,328 | ||||||
Dexxos Participacoes SA | 3,600 | 5,226 | ||||||
Direcional Engenharia SA | 2,300 | 6,866 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 41,300 | 32,027 | ||||||
EDP - Energias do Brasil SA | 26,500 | 99,563 | ||||||
Embraer SA, ADR(1) | 22,538 | 286,233 | ||||||
Enauta Participacoes SA | 14,600 | 38,735 | ||||||
Energisa SA | 22,900 | 169,012 | ||||||
Eneva SA(1) | 42,000 | 91,614 | ||||||
Engie Brasil Energia SA | 6,000 | 45,051 | ||||||
Equatorial Energia SA | 36,900 | 179,304 | ||||||
Eternit SA | 9,288 | 16,854 | ||||||
Eucatex SA Industria e Comercio, Preference Shares | 3,000 | 5,810 | ||||||
Even Construtora e Incorporadora SA | 7,000 | 6,030 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 11,900 | 28,958 | ||||||
Fleury SA | 10,390 | 28,379 | ||||||
Fras-Le SA | 1,000 | 2,013 | ||||||
Gafisa SA(1) | 1,194 | 1,923 | ||||||
Gerdau SA, ADR | 113,713 | 622,010 | ||||||
Gol Linhas Aereas Inteligentes SA, ADR(1)(2) | 2,473 | 5,342 | ||||||
Gol Linhas Aereas Inteligentes SA, Preference Shares(1) | 2,495 | 2,659 | ||||||
GPS Participacoes e Empreendimentos SA(1) | 4,300 | 9,495 | ||||||
Grazziotin SA, Preference Shares | 200 | 1,028 | ||||||
Grendene SA | 11,100 | 13,845 | ||||||
Grupo Mateus SA(1) | 33,900 | 36,584 | ||||||
Guararapes Confeccoes SA | 4,800 | 3,997 | ||||||
Hapvida Participacoes e Investimentos SA(1) | 31,628 | 27,064 | ||||||
Helbor Empreendimentos SA | 720 | 271 | ||||||
Hidrovias do Brasil SA(1) | 73,100 | 25,551 | ||||||
Hypera SA | 10,000 | 79,477 | ||||||
Iguatemi SA | 23,637 | 87,001 | ||||||
Infracommerce CXAAS SA(1) | 8,729 | 3,251 | ||||||
Instituto Hermes Pardini SA | 1,400 | 5,172 | ||||||
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | 4,000 | 21,614 |
9
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Inter & Co., Inc. | 1,492 | $ | 3,034 | |||||
International Meal Co. Alimentacao SA, Class A(1) | 37,500 | 14,254 | ||||||
Iochpe Maxion SA | 20,200 | 43,483 | ||||||
Irani Papel e Embalagem SA | 5,300 | 8,645 | ||||||
IRB Brasil Resseguros S/A(1) | 4,347 | 15,784 | ||||||
Itau Unibanco Holding SA, ADR | 179,148 | 861,702 | ||||||
Jalles Machado SA | 17,600 | 26,356 | ||||||
JBS SA | 21,800 | 79,573 | ||||||
JHSF Participacoes SA | 26,500 | 21,613 | ||||||
Kepler Weber SA | 4,200 | 15,964 | ||||||
Klabin SA | 72,100 | 268,269 | ||||||
Lavvi Empreendimentos Imobiliarios Ltda | 5,200 | 5,334 | ||||||
Light SA | 15,600 | 7,539 | ||||||
Localiza Rent a Car SA | 29,605 | 314,516 | ||||||
Localiza Rent a Car SA - Receipts(1) | 129 | 1,364 | ||||||
Locaweb Servicos de Internet SA(1) | 22,300 | 20,956 | ||||||
LOG Commercial Properties e Participacoes SA | 4,900 | 13,693 | ||||||
Log-in Logistica Intermodal SA(1) | 5,558 | 32,708 | ||||||
Lojas Quero Quero S/A(1) | 15,600 | 11,919 | ||||||
Lojas Renner SA | 23,570 | 84,277 | ||||||
LPS Brasil Consultoria de Imoveis SA | 6,100 | 2,097 | ||||||
M Dias Branco SA | 3,200 | 20,482 | ||||||
Magazine Luiza SA(1) | 22,100 | 15,323 | ||||||
Mahle-Metal Leve SA | 4,400 | 28,095 | ||||||
Marcopolo SA, Preference Shares | 53,500 | 32,802 | ||||||
Marfrig Global Foods SA | 39,200 | 47,919 | ||||||
Marisa Lojas SA(1) | 12,448 | 1,498 | ||||||
Meliuz SA(1) | 92,200 | 15,497 | ||||||
Metalurgica Gerdau SA, Preference Shares | 67,300 | 161,198 | ||||||
Mills Estruturas e Servicos de Engenharia SA | 31,349 | 67,363 | ||||||
Minerva SA | 34,400 | 74,708 | ||||||
Mitre Realty Empreendimentos E Participacoes LTDA | 2,600 | 1,842 | ||||||
Movida Participacoes SA | 24,200 | 30,415 | ||||||
MPM Corporeos SA(1) | 2,100 | 538 | ||||||
MRV Engenharia e Participacoes SA | 27,700 | 31,322 | ||||||
Multilaser Industrial SA | 10,400 | 4,509 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 11,500 | 55,288 | ||||||
Natura & Co. Holding SA | 18,078 | 53,073 | ||||||
Odontoprev SA | 17,160 | 37,726 | ||||||
Paranapanema SA(1) | 200 | 192 | ||||||
Petro Rio SA(1) | 40,500 | 264,330 | ||||||
Petroleo Brasileiro SA, ADR | 93,677 | 1,038,878 | ||||||
Petroleo Brasileiro SA, ADR, Preference Shares | 119,504 | 1,166,359 | ||||||
Petroreconcavo SA | 12,400 | 67,383 | ||||||
Porto Seguro SA | 3,800 | 19,234 | ||||||
Portobello SA | 4,200 | 5,567 | ||||||
Positivo Tecnologia SA | 2,800 | 3,562 | ||||||
Profarma Distribuidora de Produtos Farmaceuticos SA | 1,200 | 768 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 5,900 | 5,263 |
10
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Raia Drogasil SA | 35,800 | $ | 154,470 | |||||
Randon SA Implementos e Participacoes, Preference Shares | 8,700 | 13,128 | ||||||
Rede D'Or Sao Luiz SA | 22,910 | 111,805 | ||||||
Romi SA | 6,735 | 20,737 | ||||||
Rumo SA | 43,800 | 150,421 | ||||||
Santos Brasil Participacoes SA | 45,400 | 69,460 | ||||||
Sao Carlos Empreendimentos e Participacoes SA | 100 | 226 | ||||||
Sao Martinho SA | 11,400 | 59,575 | ||||||
Sendas Distribuidora SA, ADR(2) | 15,889 | 277,899 | ||||||
Ser Educacional SA(1) | 2,100 | 1,504 | ||||||
SIMPAR SA | 19,700 | 27,168 | ||||||
SLC Agricola SA | 11,200 | 105,573 | ||||||
StoneCo Ltd., A Shares(1) | 21,636 | 184,122 | ||||||
Suzano SA, ADR | 40,958 | 373,947 | ||||||
SYN prop e tech SA | 7,800 | 5,959 | ||||||
Taurus Armas SA, Preference Shares | 10,600 | 29,722 | ||||||
Tegma Gestao Logistica SA | 400 | 1,337 | ||||||
Telefonica Brasil SA, ADR(2) | 10,742 | 80,028 | ||||||
TIM SA, ADR(2) | 18,131 | 212,677 | ||||||
TOTVS SA | 7,000 | 36,675 | ||||||
Transmissora Alianca de Energia Eletrica SA | 3,200 | 21,680 | ||||||
Trisul SA | 300 | 183 | ||||||
Tupy SA | 7,300 | 37,926 | ||||||
Ultrapar Participacoes SA, ADR(2) | 78,263 | 198,788 | ||||||
Unipar Carbocloro SA, Class B Preference Shares | 6,660 | 100,508 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A Preference Shares | 45,600 | 59,227 | ||||||
Vale SA, ADR | 158,477 | 2,589,514 | ||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 2,900 | 4,985 | ||||||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 2,400 | 6,092 | ||||||
Via SA(1) | 279,700 | 104,177 | ||||||
Vibra Energia SA | 73,300 | 207,911 | ||||||
Vivara Participacoes SA | 800 | 3,307 | ||||||
Vulcabras Azaleia SA | 8,900 | 19,056 | ||||||
WEG SA | 38,200 | 284,487 | ||||||
Wilson Sons Holdings Brasil SA | 13,800 | 26,939 | ||||||
Wiz Co. | 4,600 | 5,913 | ||||||
XP, Inc., Class A(1) | 1,166 | 14,482 | ||||||
YDUQS Participacoes SA | 13,000 | 17,506 | ||||||
Zamp SA(1) | 10,800 | 9,881 | ||||||
17,227,909 | ||||||||
Cayman Islands† | ||||||||
Super Hi International Holding Ltd.(1)(2) | 7,200 | 16,052 | ||||||
Chile — 0.7% | ||||||||
Aguas Andinas SA, A Shares | 212,600 | 50,811 | ||||||
Banco de Chile | 837,675 | 87,067 | ||||||
Banco de Credito e Inversiones SA | 3,491 | 109,236 | ||||||
Banco Santander Chile, ADR | 9,377 | 157,346 | ||||||
Besalco SA | 2,057 | 993 |
11
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
CAP SA | 9,814 | $ | 81,586 | |||||
Cencosud SA | 76,413 | 144,436 | ||||||
Cencosud Shopping SA | 31,848 | 45,375 | ||||||
Cia Cervecerias Unidas SA, ADR(2) | 858 | 13,024 | ||||||
Cia Sud Americana de Vapores SA | 569,019 | 54,824 | ||||||
Colbun SA | 910,018 | 104,342 | ||||||
Embotelladora Andina SA, Class B Preference Shares | 43,127 | 106,050 | ||||||
Empresa Nacional de Telecomunicaciones SA | 21,346 | 84,040 | ||||||
Empresas CMPC SA | 100,943 | 167,693 | ||||||
Empresas COPEC SA | 17,036 | 123,032 | ||||||
Enel Americas SA | 617,577 | 76,893 | ||||||
Enel Chile SA | 2,403,564 | 108,204 | ||||||
Engie Energia Chile SA(1) | 14,725 | 8,992 | ||||||
Falabella SA | 6,732 | 14,814 | ||||||
Grupo Security SA | 30,991 | 6,812 | ||||||
Inversiones Aguas Metropolitanas SA | 7,601 | 4,313 | ||||||
Itau CorpBanca Chile SA | 21,331,050 | 45,827 | ||||||
Parque Arauco SA | 91,358 | 111,924 | ||||||
Ripley Corp. SA | 168,455 | 34,577 | ||||||
Salfacorp SA | 2,048 | 851 | ||||||
Sociedad Quimica y Minera de Chile SA, ADR | 3,709 | 329,174 | ||||||
SONDA SA | 1,402 | 686 | ||||||
2,072,922 | ||||||||
China — 28.7% | ||||||||
360 DigiTech, Inc., ADR | 17,138 | 348,930 | ||||||
361 Degrees International Ltd.(1) | 85,000 | 40,767 | ||||||
3SBio, Inc. | 140,000 | 138,830 | ||||||
AAC Technologies Holdings, Inc.(1)(2) | 89,000 | 198,910 | ||||||
AAG Energy Holdings Ltd. | 154,000 | 33,868 | ||||||
Agile Group Holdings Ltd.(1)(2) | 200,000 | 55,122 | ||||||
Agora, Inc., ADR(1) | 4,604 | 14,088 | ||||||
Agricultural Bank of China Ltd., H Shares | 1,384,000 | 479,829 | ||||||
Air China Ltd., H Shares(1)(2) | 28,000 | 25,817 | ||||||
Ajisen China Holdings Ltd. | 4,000 | 428 | ||||||
AK Medical Holdings Ltd.(2) | 58,000 | 69,250 | ||||||
Alibaba Group Holding Ltd., ADR(1) | 61,258 | 5,377,840 | ||||||
Alibaba Health Information Technology Ltd.(1) | 150,000 | 107,404 | ||||||
Alibaba Pictures Group Ltd.(1)(2) | 860,000 | 54,206 | ||||||
A-Living Smart City Services Co. Ltd. | 114,750 | 117,642 | ||||||
Aluminum Corp. of China Ltd., H Shares | 500,000 | 255,316 | ||||||
Angang Steel Co. Ltd., H Shares(2) | 4,000 | 1,312 | ||||||
Anhui Conch Cement Co. Ltd., H Shares | 94,500 | 346,939 | ||||||
Anhui Expressway Co. Ltd., H Shares | 80,000 | 74,767 | ||||||
ANTA Sports Products Ltd. | 76,600 | 1,011,521 | ||||||
Antengene Corp. Ltd.(1) | 12,500 | 6,343 | ||||||
Ascentage Pharma Group International(1) | 1,100 | 3,501 | ||||||
Asia Cement China Holdings Corp. | 43,000 | 21,711 | ||||||
AsiaInfo Technologies Ltd. | 22,400 | 38,715 | ||||||
Autohome, Inc., ADR | 8,724 | 266,082 |
12
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
BAIC Motor Corp. Ltd., H Shares | 47,000 | $ | 12,769 | |||||
Baidu, Inc., ADR(1) | 6,314 | 869,375 | ||||||
BAIOO Family Interactive Ltd. | 74,000 | 4,251 | ||||||
Bairong, Inc.(1)(2) | 18,500 | 25,142 | ||||||
Bank of China Ltd., H Shares | 3,717,000 | 1,363,216 | ||||||
Bank of Chongqing Co. Ltd., H Shares | 27,000 | 14,349 | ||||||
Bank of Communications Co. Ltd., H Shares | 490,000 | 289,716 | ||||||
Baozun, Inc., ADR(1) | 1,003 | 6,309 | ||||||
Baozun, Inc., Class A(1) | 1,700 | 3,569 | ||||||
BBMG Corp., H Shares | 5,000 | 663 | ||||||
BeiGene Ltd., ADR(1) | 885 | 198,798 | ||||||
Beijing Capital International Airport Co. Ltd., H Shares(1) | 128,000 | 93,694 | ||||||
Beijing Enterprises Holdings Ltd. | 33,500 | 109,735 | ||||||
Beijing Enterprises Water Group Ltd. | 410,000 | 102,948 | ||||||
Beijing Jingneng Clean Energy Co. Ltd., H Shares | 162,000 | 40,478 | ||||||
Beijing North Star Co. Ltd., H Shares | 4,000 | 464 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 59,000 | 91,002 | ||||||
Binjiang Service Group Co. Ltd. | 10,500 | 32,426 | ||||||
BOC Aviation Ltd. | 30,500 | 220,347 | ||||||
BOE Varitronix Ltd. | 61,000 | 135,171 | ||||||
Bosideng International Holdings Ltd. | 420,000 | 232,983 | ||||||
Bright Scholar Education Holdings Ltd., ADR(1) | 27 | 73 | ||||||
Burning Rock Biotech Ltd., ADR(1)(2) | 365 | 1,190 | ||||||
BYD Co. Ltd., H Shares | 29,500 | 793,085 | ||||||
BYD Electronic International Co. Ltd. | 132,000 | 384,898 | ||||||
C&D International Investment Group Ltd. | 26,990 | 87,183 | ||||||
C&D Property Management Group Co. Ltd.(2) | 19,000 | 12,321 | ||||||
Cabbeen Fashion Ltd. | 11,000 | 1,388 | ||||||
Canaan, Inc., ADR(1)(2) | 17,159 | 48,045 | ||||||
Cango, Inc., ADR(2) | 5,200 | 6,916 | ||||||
CanSino Biologics, Inc., H Shares | 3,200 | 24,315 | ||||||
Canvest Environmental Protection Group Co. Ltd. | 108,000 | 53,229 | ||||||
Cathay Media & Education Group, Inc. | 12,000 | 1,822 | ||||||
Central China Management Co. Ltd.(2) | 18,000 | 1,517 | ||||||
Central China New Life Ltd.(1) | 62,000 | 22,251 | ||||||
Central China Real Estate Ltd. | 18,000 | 828 | ||||||
CGN Mining Co. Ltd.(1) | 430,000 | 50,976 | ||||||
Changsha Broad Homes Industrial Group Co. Ltd., H Shares(1) | 14,700 | 9,909 | ||||||
Chaowei Power Holdings Ltd. | 36,000 | 9,185 | ||||||
Cheetah Mobile, Inc., ADR(1) | 61 | 156 | ||||||
China Aircraft Leasing Group Holdings Ltd. | 1,000 | 653 | ||||||
China Automotive Systems, Inc.(1) | 741 | 5,394 | ||||||
China BlueChemical Ltd., H Shares | 284,000 | 64,103 | ||||||
China Bohai Bank Co. Ltd., H Shares | 215,000 | 43,309 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 1,107,000 | 143,881 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 706,000 | 326,636 | ||||||
China Coal Energy Co. Ltd., H Shares | 267,000 | 206,615 | ||||||
China Communications Services Corp. Ltd., H Shares | 382,000 | 148,520 | ||||||
China Conch Environment Protection Holdings Ltd.(1) | 5,500 | 2,035 |
13
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
China Conch Venture Holdings Ltd. | 226,500 | $ | 455,826 | |||||
China Construction Bank Corp., H Shares | 4,379,000 | 2,676,784 | ||||||
China Datang Corp. Renewable Power Co. Ltd., H Shares | 459,000 | 159,809 | ||||||
China Dongxiang Group Co. Ltd. | 210,000 | 9,238 | ||||||
China East Education Holdings Ltd.(2) | 144,000 | 108,470 | ||||||
China Eastern Airlines Corp. Ltd., H Shares(1)(2) | 14,000 | 5,675 | ||||||
China Education Group Holdings Ltd. | 146,000 | 167,681 | ||||||
China Energy Development Holdings Ltd.(1) | 48,000 | 758 | ||||||
China Everbright Bank Co. Ltd., H Shares | 257,000 | 74,009 | ||||||
China Everbright Environment Group Ltd. | 536,000 | 217,384 | ||||||
China Everbright Greentech Ltd.(2) | 104,000 | 23,744 | ||||||
China Everbright Ltd. | 122,000 | 87,413 | ||||||
China Feihe Ltd. | 518,000 | 415,181 | ||||||
China First Capital Group Ltd.(1) | 5,600 | 56 | ||||||
China Foods Ltd. | 32,000 | 11,303 | ||||||
China Galaxy Securities Co. Ltd., H Shares | 340,500 | 169,719 | ||||||
China Gas Holdings Ltd. | 259,400 | 362,736 | ||||||
China Glass Holdings Ltd.(2) | 156,000 | 22,683 | ||||||
China Harmony Auto Holding Ltd.(2) | 31,500 | 4,137 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.(1) | 51,000 | 21,083 | ||||||
China Hongqiao Group Ltd. | 349,000 | 373,291 | ||||||
China International Capital Corp. Ltd., H Shares | 92,400 | 198,944 | ||||||
China Kepei Education Group Ltd. | 68,000 | 25,678 | ||||||
China Lesso Group Holdings Ltd. | 161,000 | 169,820 | ||||||
China Life Insurance Co. Ltd., Class H | 199,580 | 338,550 | ||||||
China Lilang Ltd. | 24,000 | 12,230 | ||||||
China Literature Ltd.(1)(2) | 3,200 | 13,701 | ||||||
China Longyuan Power Group Corp. Ltd., H Shares | 249,000 | 305,444 | ||||||
China Maple Leaf Educational Systems Ltd.(1) | 42,000 | 1,899 | ||||||
China Medical System Holdings Ltd. | 241,000 | 362,814 | ||||||
China Meidong Auto Holdings Ltd.(2) | 76,000 | 163,614 | ||||||
China Mengniu Dairy Co. Ltd.(1) | 282,000 | 1,241,271 | ||||||
China Merchants Bank Co. Ltd., H Shares | 181,500 | 984,910 | ||||||
China Merchants Land Ltd.(1) | 40,000 | 2,803 | ||||||
China Merchants Port Holdings Co. Ltd. | 164,756 | 230,957 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 549,500 | 189,772 | ||||||
China Modern Dairy Holdings Ltd.(2) | 418,000 | 57,008 | ||||||
China National Building Material Co. Ltd., H Shares | 484,000 | 429,125 | ||||||
China New Higher Education Group Ltd. | 234,000 | 94,888 | ||||||
China Nonferrous Mining Corp. Ltd. | 315,000 | 158,687 | ||||||
China Oil & Gas Group Ltd.(1) | 40,000 | 1,403 | ||||||
China Oriental Group Co. Ltd. | 26,000 | 5,275 | ||||||
China Pacific Insurance Group Co. Ltd., H Shares | 171,200 | 454,118 | ||||||
China Petroleum & Chemical Corp., Class H | 1,480,300 | 755,215 | ||||||
China Power International Development Ltd. | 235,000 | 93,190 | ||||||
China Railway Group Ltd., H Shares | 339,000 | 176,682 | ||||||
China Railway Signal & Communication Corp. Ltd., H Shares | 31,000 | 11,298 | ||||||
China Rare Earth Holdings Ltd.(1) | 68,000 | 4,333 | ||||||
China Reinsurance Group Corp., H Shares | 43,000 | 3,070 |
14
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
China Renaissance Holdings Ltd.(1)(2) | 32,700 | $ | 30,402 | |||||
China Resources Beer Holdings Co. Ltd. | 106,000 | 784,196 | ||||||
China Resources Cement Holdings Ltd. | 374,000 | 201,242 | ||||||
China Resources Gas Group Ltd. | 26,000 | 109,712 | ||||||
China Resources Land Ltd. | 202,000 | 897,540 | ||||||
China Resources Medical Holdings Co. Ltd. | 217,500 | 188,572 | ||||||
China Resources Mixc Lifestyle Services Ltd. | 67,600 | 371,127 | ||||||
China Resources Pharmaceutical Group Ltd. | 64,500 | 53,050 | ||||||
China Resources Power Holdings Co. Ltd. | 208,000 | 424,720 | ||||||
China Risun Group Ltd.(2) | 289,000 | 138,136 | ||||||
China Sanjiang Fine Chemicals Co. Ltd. | 48,000 | 9,176 | ||||||
China SCE Group Holdings Ltd.(2) | 290,000 | 33,346 | ||||||
China Shengmu Organic Milk Ltd.(1) | 55,000 | 2,172 | ||||||
China Shenhua Energy Co. Ltd., H Shares | 240,000 | 721,890 | ||||||
China Shineway Pharmaceutical Group Ltd. | 48,000 | 41,941 | ||||||
China Shuifa Singyes Energy Holdings Ltd. | 66,000 | 8,167 | ||||||
China South City Holdings Ltd.(1)(2) | 148,000 | 9,811 | ||||||
China Southern Airlines Co. Ltd., H Shares(1)(2) | 60,000 | 43,750 | ||||||
China Starch Holdings Ltd. | 515,000 | 16,327 | ||||||
China Sunshine Paper Holdings Co. Ltd. | 69,000 | 19,179 | ||||||
China Suntien Green Energy Corp. Ltd., H Shares | 162,000 | 71,028 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 211,000 | 249,390 | ||||||
China Tower Corp. Ltd., H Shares | 4,190,000 | 453,780 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 314,000 | 162,921 | ||||||
China Travel International Investment Hong Kong Ltd.(1)(2) | 318,000 | 63,211 | ||||||
China Vanke Co. Ltd., H Shares(2) | 97,700 | 170,817 | ||||||
China Water Affairs Group Ltd. | 120,000 | 106,766 | ||||||
China Xinhua Education Group Ltd. | 17,000 | 2,144 | ||||||
China XLX Fertiliser Ltd. | 112,000 | 59,124 | ||||||
China Yongda Automobiles Services Holdings Ltd. | 118,000 | 91,220 | ||||||
China Youran Dairy Group Ltd.(1) | 98,000 | 24,002 | ||||||
China Youzan Ltd.(1) | 80,000 | 2,167 | ||||||
China Yuhua Education Corp. Ltd.(1) | 328,000 | 54,891 | ||||||
China ZhengTong Auto Services Holdings Ltd.(1) | 50,500 | 3,799 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., H Shares | 147,000 | 50,764 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 142,800 | 276,768 | ||||||
CIFI Ever Sunshine Services Group Ltd. | 90,000 | 36,378 | ||||||
CIFI Holdings Group Co. Ltd.(2) | 282,880 | 30,379 | ||||||
CIMC Enric Holdings Ltd. | 156,000 | 160,120 | ||||||
CITIC Ltd. | 419,000 | 462,308 | ||||||
CITIC Securities Co. Ltd., H Shares | 159,325 | 337,533 | ||||||
CMGE Technology Group Ltd.(1)(2) | 110,000 | 30,613 | ||||||
CMOC Group Ltd., H Shares | 303,000 | 170,619 | ||||||
CNFinance Holdings Ltd., ADR(1)(2) | 1,003 | 2,237 | ||||||
COFCO Joycome Foods Ltd.(1)(2) | 351,000 | 102,485 | ||||||
Concord New Energy Group Ltd. | 1,440,000 | 137,654 | ||||||
Consun Pharmaceutical Group Ltd. | 29,000 | 16,454 | ||||||
Coolpad Group Ltd.(1) | 372,000 | 3,415 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H(1)(2) | 20,000 | 19,145 |
15
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
COSCO SHIPPING Holdings Co. Ltd., Class H | 344,549 | $ | 357,374 | |||||
COSCO SHIPPING International Hong Kong Co. Ltd. | 16,000 | 5,017 | ||||||
COSCO SHIPPING Ports Ltd. | 299,929 | 195,248 | ||||||
Country Garden Holdings Co. Ltd.(2) | 1,063,210 | 326,047 | ||||||
CPMC Holdings Ltd. | 28,000 | 16,668 | ||||||
Crazy Sports Group Ltd.(1) | 124,000 | 3,686 | ||||||
CSPC Pharmaceutical Group Ltd. | 965,200 | 1,036,913 | ||||||
CSSC Hong Kong Shipping Co. Ltd. | 248,000 | 41,109 | ||||||
Dali Foods Group Co. Ltd. | 310,500 | 125,587 | ||||||
Daqo New Energy Corp., ADR(1) | 11,058 | 488,542 | ||||||
Datang International Power Generation Co. Ltd., H Shares(1)(2) | 6,000 | 1,025 | ||||||
Dexin China Holdings Co. Ltd. | 5,000 | 409 | ||||||
Differ Group Auto Ltd.(1) | 306,000 | 7,489 | ||||||
Digital China Holdings Ltd. | 152,000 | 70,716 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 356,000 | 181,869 | ||||||
Dongyue Group Ltd. | 296,000 | 335,216 | ||||||
Duiba Group Ltd.(1) | 16,000 | 1,186 | ||||||
Ebang International Holdings, Inc., Class A(1)(2) | 333 | 2,527 | ||||||
Edvantage Group Holdings Ltd. | 89,119 | 35,247 | ||||||
E-House China Enterprise Holdings Ltd.(1) | 48,000 | 2,457 | ||||||
Emeren Group Ltd., ADR(1) | 3,379 | 15,307 | ||||||
ENN Energy Holdings Ltd. | 27,200 | 387,212 | ||||||
Essex Bio-technology Ltd. | 21,000 | 10,738 | ||||||
EVA Precision Industrial Holdings Ltd.(2) | 114,000 | 16,549 | ||||||
Everest Medicines Ltd.(1)(2) | 9,500 | 20,614 | ||||||
Excellence Commercial Property & Facilities Management Group Ltd. | 65,000 | 29,136 | ||||||
Fanhua, Inc., ADR(2) | 4,262 | 32,391 | ||||||
FIH Mobile Ltd.(1) | 284,000 | 30,410 | ||||||
FinVolution Group, ADR | 29,961 | 151,902 | ||||||
First Tractor Co. Ltd., H Shares(2) | 84,000 | 41,754 | ||||||
Flat Glass Group Co. Ltd., H Shares | 4,000 | 10,596 | ||||||
Fosun International Ltd. | 269,500 | 220,490 | ||||||
Fountain SET Holdings Ltd. | 6,000 | 612 | ||||||
FriendTimes, Inc. | 28,000 | 4,104 | ||||||
Fu Shou Yuan International Group Ltd. | 139,000 | 104,794 | ||||||
Fufeng Group Ltd. | 384,000 | 246,248 | ||||||
Fuyao Glass Industry Group Co. Ltd., H Shares | 31,200 | 139,818 | ||||||
Ganfeng Lithium Group Co. Ltd., H Shares | 24,280 | 169,603 | ||||||
Ganglong China Property Group Ltd.(1) | 25,000 | 1,916 | ||||||
GCL New Energy Holdings Ltd.(1) | 55,224 | 7,263 | ||||||
GCL-Poly Energy Holdings Ltd.(1) | 555,000 | 142,920 | ||||||
GDS Holdings Ltd., Class A(1) | 71,800 | 173,689 | ||||||
Geely Automobile Holdings Ltd. | 262,000 | 340,384 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 688,000 | 54,448 | ||||||
Genertec Universal Medical Group Co. Ltd. | 137,000 | 79,098 | ||||||
Genor Biopharma Holdings Ltd.(1)(2) | 2,500 | 835 | ||||||
GF Securities Co. Ltd., H Shares | 111,600 | 158,451 | ||||||
Global Cord Blood Corp.(1)(2) | 2,020 | 6,035 | ||||||
Glory Health Industry Ltd.(1) | 29,000 | 735 |
16
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
GOME Retail Holdings Ltd.(1)(2) | 1,993,000 | $ | 40,202 | |||||
Goodbaby International Holdings Ltd.(1) | 58,000 | 5,034 | ||||||
Grand Pharmaceutical Group Ltd. | 125,000 | 71,108 | ||||||
Great Wall Motor Co. Ltd., H Shares(2) | 85,500 | 113,463 | ||||||
Greatview Aseptic Packaging Co. Ltd.(1) | 30,000 | 7,379 | ||||||
Greenland Hong Kong Holdings Ltd. | 22,000 | 1,937 | ||||||
Greentown China Holdings Ltd. | 93,500 | 127,844 | ||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 152,000 | 96,919 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares(1)(2) | 346,800 | 85,458 | ||||||
Guotai Junan Securities Co. Ltd., H Shares | 4,400 | 5,215 | ||||||
H World Group Ltd., ADR | 2,181 | 103,314 | ||||||
Haidilao International Holding Ltd.(1)(2) | 72,000 | 199,420 | ||||||
Haier Smart Home Co. Ltd., H Shares | 50,400 | 178,369 | ||||||
Hainan Meilan International Airport Co. Ltd., H Shares(1) | 20,000 | 49,308 | ||||||
Haitian International Holdings Ltd. | 59,000 | 154,212 | ||||||
Haitong Securities Co. Ltd., H Shares | 252,000 | 162,175 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., H Shares | 1,700 | 19,523 | ||||||
Hansoh Pharmaceutical Group Co. Ltd. | 64,000 | 115,055 | ||||||
Harbin Electric Co. Ltd., H Shares(1) | 92,000 | 45,759 | ||||||
Hebei Construction Group Corp. Ltd., H Shares(1) | 3,000 | 348 | ||||||
Hello Group, Inc., ADR | 37,989 | 334,683 | ||||||
Hengan International Group Co. Ltd. | 122,000 | 561,113 | ||||||
Hi Sun Technology China Ltd.(1)(2) | 57,000 | 5,816 | ||||||
Hilong Holding Ltd.(1) | 302,000 | 9,798 | ||||||
Hisense Home Appliances Group Co. Ltd., H Shares | 50,000 | 75,138 | ||||||
Hollysys Automation Technologies Ltd. | 9,263 | 170,347 | ||||||
Homeland Interactive Technology Ltd. | 24,000 | 5,536 | ||||||
Honliv Healthcare Management Group Co. Ltd.(1) | 20,000 | 5,861 | ||||||
Hope Education Group Co. Ltd.(1)(2) | 1,008,000 | 84,906 | ||||||
Hopson Development Holdings Ltd.(2) | 31,943 | 32,600 | ||||||
Hua Hong Semiconductor Ltd.(1) | 115,000 | 440,988 | ||||||
Huabao International Holdings Ltd.(2) | 61,000 | 30,584 | ||||||
Huadian Power International Corp. Ltd., H Shares(2) | 30,000 | 12,000 | ||||||
Huaneng Power International, Inc., H Shares(1)(2) | 210,000 | 103,349 | ||||||
Huatai Securities Co. Ltd., H Shares | 161,600 | 181,911 | ||||||
Huaxi Holdings Co. Ltd.(1) | 4,000 | 749 | ||||||
Huazhong In-Vehicle Holdings Co. Ltd.(2) | 40,000 | 12,337 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(1)(2) | 12,600 | 91,799 | ||||||
iDreamSky Technology Holdings Ltd.(1) | 46,800 | 21,389 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 2,313,000 | 1,154,098 | ||||||
Ingdan, Inc.(1)(2) | 66,000 | 13,974 | ||||||
Inkeverse Group Ltd.(1) | 228,000 | 33,179 | ||||||
International Alliance Financial Leasing Co. Ltd.(1)(2) | 117,000 | 264,050 | ||||||
JD Health International, Inc.(1) | 12,750 | 89,253 | ||||||
JD.com, Inc., ADR | 13,011 | 578,209 | ||||||
JD.com, Inc., Class A | 4,138 | 91,987 | ||||||
Jiangsu Expressway Co. Ltd., H Shares | 114,000 | 108,980 | ||||||
Jiangxi Copper Co. Ltd., H Shares | 134,000 | 211,328 | ||||||
Jiayuan International Group Ltd.(1) | 52,000 | 1,321 |
17
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Jinchuan Group International Resources Co. Ltd.(2) | 430,000 | $ | 33,446 | |||||
Jingrui Holdings Ltd.(1) | 6,000 | 451 | ||||||
Jinke Smart Services Group Co. Ltd., H Shares | 11,000 | 17,017 | ||||||
Jinxin Fertility Group Ltd. | 391,500 | 311,651 | ||||||
Jiumaojiu International Holdings Ltd.(2) | 71,000 | 171,565 | ||||||
JNBY Design Ltd. | 11,500 | 14,397 | ||||||
Jutal Offshore Oil Services Ltd.(1) | 46,000 | 2,437 | ||||||
Kangji Medical Holdings Ltd.(2) | 33,500 | 40,983 | ||||||
Kanzhun Ltd., ADR(1) | 2,476 | 49,891 | ||||||
Kasen International Holdings Ltd.(1) | 37,000 | 1,811 | ||||||
KE Holdings, Inc., ADR(1) | 57,959 | 1,057,752 | ||||||
Keymed Biosciences, Inc.(1)(2) | 38,500 | 309,623 | ||||||
Kingboard Holdings Ltd. | 105,000 | 374,864 | ||||||
Kingboard Laminates Holdings Ltd. | 170,500 | 212,625 | ||||||
Kingdee International Software Group Co. Ltd.(1) | 32,000 | 59,791 | ||||||
Kingsoft Cloud Holdings Ltd., ADR(1)(2) | 9,469 | 36,456 | ||||||
Kingsoft Corp. Ltd. | 54,800 | 180,929 | ||||||
Kuaishou Technology(1) | 31,200 | 209,086 | ||||||
Kunlun Energy Co. Ltd. | 290,000 | 232,361 | ||||||
KWG Group Holdings Ltd.(1)(2) | 217,000 | 46,315 | ||||||
KWG Living Group Holdings Ltd. | 143,500 | 27,322 | ||||||
Lee & Man Chemical Co. Ltd.(2) | 4,000 | 3,109 | ||||||
Lee & Man Paper Manufacturing Ltd.(2) | 218,000 | 94,357 | ||||||
Lenovo Group Ltd. | 610,000 | 548,940 | ||||||
LexinFintech Holdings Ltd., ADR(1) | 13,176 | 36,498 | ||||||
Li Auto, Inc., ADR(1) | 10,592 | 250,077 | ||||||
Li Ning Co. Ltd. | 146,500 | 1,250,041 | ||||||
Lifetech Scientific Corp.(1) | 628,000 | 233,888 | ||||||
LightInTheBox Holding Co. Ltd., ADR(1)(2) | 2,012 | 2,404 | ||||||
Linklogis, Inc., Class B(1)(2) | 97,500 | 45,816 | ||||||
Logan Group Co. Ltd.(1) | 30,000 | 4,378 | ||||||
Longfor Group Holdings Ltd.(2) | 137,500 | 393,612 | ||||||
Lonking Holdings Ltd. | 292,000 | 52,861 | ||||||
Luye Pharma Group Ltd.(1)(2) | 114,000 | 52,466 | ||||||
LVGEM China Real Estate Investment Co. Ltd.(1)(2) | 218,000 | 45,111 | ||||||
Maanshan Iron & Steel Co. Ltd., H Shares | 4,000 | 934 | ||||||
Maoyan Entertainment(1)(2) | 27,400 | 30,667 | ||||||
Meitu, Inc.(1)(2) | 369,500 | 137,942 | ||||||
Meituan, Class B(1) | 72,910 | 1,265,348 | ||||||
Metallurgical Corp. of China Ltd., H Shares | 5,000 | 1,090 | ||||||
Microport Cardioflow Medtech Corp.(1) | 45,000 | 17,041 | ||||||
Midea Real Estate Holding Ltd.(2) | 82,400 | 102,090 | ||||||
Ming Yuan Cloud Group Holdings Ltd.(2) | 32,000 | 21,851 | ||||||
Minsheng Education Group Co. Ltd. | 34,000 | 1,974 | ||||||
Minth Group Ltd. | 90,000 | 233,873 | ||||||
MMG Ltd.(1) | 484,000 | 136,513 | ||||||
Mobvista, Inc.(1) | 25,000 | 12,843 | ||||||
Mulsanne Group Holding Ltd.(1)(2) | 12,500 | 4,585 | ||||||
Nam Tai Property, Inc.(1) | 1,859 | 2,510 |
18
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
NetDragon Websoft Holdings Ltd. | 48,000 | $ | 109,250 | |||||
NetEase, Inc., ADR | 19,550 | 1,517,862 | ||||||
New China Life Insurance Co. Ltd., H Shares | 81,700 | 198,005 | ||||||
New Oriental Education & Technology Group, Inc., ADR(1)(2) | 7,116 | 275,531 | ||||||
New Sparkle Roll International Group Ltd.(1) | 8,500 | 919 | ||||||
Nexteer Automotive Group Ltd. | 84,000 | 53,364 | ||||||
Nine Dragons Paper Holdings Ltd. | 245,000 | 199,645 | ||||||
NIO, Inc., ADR(1) | 20,220 | 189,866 | ||||||
Noah Holdings Ltd., ADR(1) | 3,545 | 66,327 | ||||||
Nongfu Spring Co. Ltd., H Shares | 79,000 | 443,440 | ||||||
OneConnect Financial Technology Co. Ltd., ADR(1)(2) | 1,043 | 7,218 | ||||||
Orient Overseas International Ltd. | 14,500 | 232,917 | ||||||
Pacific Millennium Packaging Group Corp. | 2,000 | 1,619 | ||||||
PDD Holdings, Inc., ADR(1) | 15,553 | 1,364,465 | ||||||
People's Insurance Co. Group of China Ltd., H Shares | 603,000 | 190,651 | ||||||
Perennial Energy Holdings Ltd. | 40,000 | 4,845 | ||||||
PetroChina Co. Ltd., Class H | 1,292,400 | 659,302 | ||||||
Pharmaron Beijing Co. Ltd., H Shares | 3,900 | 21,870 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 548,000 | 481,336 | ||||||
Ping An Healthcare & Technology Co. Ltd.(1)(2) | 15,300 | 35,063 | ||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 320,006 | 2,184,532 | ||||||
Poly Property Group Co. Ltd. | 289,362 | 69,419 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares(2) | 565,000 | 339,453 | ||||||
Pou Sheng International Holdings Ltd. | 90,000 | 9,655 | ||||||
Powerlong Real Estate Holdings Ltd.(2) | 62,000 | 12,901 | ||||||
Prinx Chengshan Holdings Ltd. | 6,000 | 4,158 | ||||||
PW Medtech Group Ltd.(1) | 7,000 | 562 | ||||||
Q Technology Group Co. Ltd.(1)(2) | 79,000 | 47,658 | ||||||
Qingling Motors Co. Ltd., H Shares | 6,000 | 779 | ||||||
Radiance Holdings Group Co. Ltd.(2) | 182,000 | 111,013 | ||||||
Redco Properties Group Ltd.(1)(2) | 22,000 | 3,674 | ||||||
Redsun Properties Group Ltd.(1) | 84,000 | 4,240 | ||||||
Road King Infrastructure Ltd. | 5,000 | 2,475 | ||||||
Ronshine China Holdings Ltd.(1) | 27,500 | 3,123 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 90,000 | 89,818 | ||||||
SCE Intelligent Commercial Management Holdings Ltd. | 14,000 | 3,322 | ||||||
Seazen Group Ltd.(1) | 500,000 | 168,313 | ||||||
Shandong Gold Mining Co. Ltd., H Shares | 22,500 | 38,584 | ||||||
Shandong Hi-Speed New Energy Group Ltd.(1)(2) | 1,000,000 | 7,018 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 152,800 | 246,644 | ||||||
Shanghai Electric Group Co. Ltd., H Shares(1) | 40,000 | 9,275 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 6,000 | 17,554 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., H Shares(2) | 4,000 | 16,413 | ||||||
Shanghai Haohai Biological Technology Co. Ltd., H Shares(2) | 200 | 1,050 | ||||||
Shanghai Industrial Holdings Ltd. | 93,000 | 120,406 | ||||||
Shanghai Industrial Urban Development Group Ltd. | 1,600 | 120 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 63,800 | 112,510 | ||||||
Shanghai Pioneer Holding Ltd. | 22,000 | 5,743 | ||||||
Shenzhen Expressway Corp. Ltd., H Shares | 72,000 | 64,664 | ||||||
Shenzhen International Holdings Ltd. | 226,000 | 196,426 |
19
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Shenzhen Investment Ltd.(2) | 268,000 | $ | 48,917 | |||||
Shenzhou International Group Holdings Ltd. | 26,500 | 289,951 | ||||||
Shimao Group Holdings Ltd.(1) | 35,500 | 19,990 | ||||||
Shimao Services Holdings Ltd.(1)(2) | 157,000 | 45,496 | ||||||
Shoucheng Holdings Ltd. | 113,200 | 23,673 | ||||||
Shougang Fushan Resources Group Ltd. | 380,000 | 122,070 | ||||||
Shui On Land Ltd. | 588,500 | 72,750 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd.(2) | 329,000 | 38,189 | ||||||
Simcere Pharmaceutical Group Ltd.(2) | 71,000 | 92,356 | ||||||
Sino Biopharmaceutical Ltd. | 1,301,000 | 671,695 | ||||||
Sino-Ocean Group Holding Ltd. | 256,000 | 32,345 | ||||||
Sinopec Engineering Group Co. Ltd., H Shares | 261,500 | 131,012 | ||||||
Sinopec Kantons Holdings Ltd. | 30,000 | 10,330 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 36,500 | 6,283 | ||||||
Sinopharm Group Co. Ltd., H Shares | 186,800 | 500,309 | ||||||
Sinosoft Technology Group Ltd.(1) | 22,000 | 1,179 | ||||||
Sinotrans Ltd., H Shares | 4,000 | 1,224 | ||||||
Sinotruk Hong Kong Ltd. | 53,000 | 83,534 | ||||||
Skyworth Group Ltd. | 282,487 | 154,977 | ||||||
SOHO China Ltd.(1)(2) | 54,500 | 10,150 | ||||||
Sohu.com Ltd., ADR(1) | 3,248 | 46,511 | ||||||
South Manganese Investment Ltd.(1)(2) | 210,000 | 16,354 | ||||||
So-Young International, Inc., ADR(1) | 363 | 1,042 | ||||||
SSY Group Ltd. | 280,000 | 167,893 | ||||||
Sun King Technology Group Ltd.(1) | 42,000 | 9,908 | ||||||
Sunac Services Holdings Ltd.(2) | 15,386 | 6,152 | ||||||
Sunny Optical Technology Group Co. Ltd. | 63,600 | 723,248 | ||||||
SY Holdings Group Ltd. | 41,500 | 31,369 | ||||||
TCL Electronics Holdings Ltd.(1) | 67,000 | 28,956 | ||||||
Tencent Holdings Ltd. | 160,000 | 7,028,543 | ||||||
Tencent Music Entertainment Group, ADR(1) | 37,505 | 282,788 | ||||||
Tian Ge Interactive Holdings Ltd. | 5,000 | 420 | ||||||
Tiangong International Co. Ltd. | 192,000 | 70,762 | ||||||
Tianjin Port Development Holdings Ltd. | 12,000 | 918 | ||||||
Tianneng Power International Ltd.(2) | 156,000 | 200,129 | ||||||
Times China Holdings Ltd.(1)(2) | 201,000 | 29,296 | ||||||
Times Neighborhood Holdings Ltd. | 124,000 | 14,267 | ||||||
Tingyi Cayman Islands Holding Corp. | 210,000 | 339,272 | ||||||
Tong Ren Tang Technologies Co. Ltd., H Shares | 95,000 | 68,221 | ||||||
Tongda Group Holdings Ltd.(1) | 745,000 | 12,170 | ||||||
Tongdao Liepin Group(1)(2) | 12,800 | 21,165 | ||||||
Topsports International Holdings Ltd. | 264,000 | 230,912 | ||||||
Towngas Smart Energy Co. Ltd.(1) | 103,000 | 52,116 | ||||||
TravelSky Technology Ltd., H Shares | 101,000 | 199,365 | ||||||
Trigiant Group Ltd.(1) | 6,000 | 310 | ||||||
Trip.com Group Ltd., ADR(1) | 14,698 | 522,514 | ||||||
Truly International Holdings Ltd. | 256,000 | 35,912 | ||||||
Tsaker New Energy Tech Co. Ltd. | 72,500 | 12,484 | ||||||
Tsingtao Brewery Co. Ltd., H Shares | 58,000 | 572,447 | ||||||
Tuya, Inc., ADR(1)(2) | 12,017 | 24,875 |
20
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Uni-President China Holdings Ltd. | 195,000 | $ | 170,972 | |||||
United Strength Power Holdings Ltd. | 2,000 | 1,648 | ||||||
Up Fintech Holding Ltd., ADR(1)(2) | 5,669 | 21,145 | ||||||
Uxin Ltd., ADR(1)(2) | 137 | 386 | ||||||
Venus MedTech Hangzhou, Inc., H Shares(1) | 9,000 | 15,677 | ||||||
Vinda International Holdings Ltd. | 78,000 | 214,838 | ||||||
Viomi Technology Co. Ltd., ADR(1) | 993 | 1,033 | ||||||
Vipshop Holdings Ltd., ADR(1) | 52,531 | 782,187 | ||||||
Viva Biotech Holdings(1)(2) | 74,500 | 15,017 | ||||||
VNET Group, Inc., ADR(1)(2) | 15,432 | 61,265 | ||||||
Want Want China Holdings Ltd. | 496,000 | 312,039 | ||||||
Wasion Holdings Ltd. | 28,000 | 9,925 | ||||||
Waterdrop, Inc., ADR(1)(2) | 8,274 | 24,822 | ||||||
Weibo Corp., ADR(1) | 12,039 | 248,966 | ||||||
Weichai Power Co. Ltd., H Shares | 61,000 | 90,539 | ||||||
Weiqiao Textile Co., H Shares | 25,500 | 4,420 | ||||||
West China Cement Ltd. | 540,000 | 65,387 | ||||||
Wuling Motors Holdings Ltd.(2) | 160,000 | 18,986 | ||||||
WuXi AppTec Co. Ltd., H Shares | 4,607 | 49,152 | ||||||
Wuxi Biologics Cayman, Inc.(1) | 55,000 | 385,008 | ||||||
Xiabuxiabu Catering Management China Holdings Co. Ltd.(2) | 132,500 | 141,418 | ||||||
Xin Point Holdings Ltd.(2) | 12,000 | 4,175 | ||||||
Xingda International Holdings Ltd. | 30,896 | 6,457 | ||||||
Xinhua Winshare Publishing & Media Co. Ltd., H Shares | 16,000 | 12,133 | ||||||
Xinte Energy Co. Ltd., H Shares(2) | 74,400 | 164,020 | ||||||
Xinyi Energy Holdings Ltd. | 128,000 | 41,160 | ||||||
Xinyi Solar Holdings Ltd. | 182,541 | 195,186 | ||||||
Xunlei Ltd., ADR(1) | 887 | 1,570 | ||||||
Yadea Group Holdings Ltd. | 112,000 | 240,374 | ||||||
Yankuang Energy Group Co. Ltd., H Shares(2) | 174,000 | 524,843 | ||||||
Yeahka Ltd.(1)(2) | 24,400 | 81,002 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(1) | 44,400 | 45,812 | ||||||
Yidu Tech, Inc.(1)(2) | 31,400 | 34,412 | ||||||
Yihai International Holding Ltd.(1) | 62,000 | 180,496 | ||||||
Yincheng International Holding Co. Ltd.(1) | 4,000 | 111 | ||||||
Yixin Group Ltd.(1) | 164,000 | 24,063 | ||||||
Youdao, Inc., ADR(1) | 285 | 2,323 | ||||||
YuanShengTai Dairy Farm Ltd.(1) | 41,000 | 985 | ||||||
Yuexiu Property Co. Ltd. | 198,800 | 292,782 | ||||||
Yuexiu Services Group Ltd. | 79,000 | 47,253 | ||||||
Yuexiu Transport Infrastructure Ltd. | 156,000 | 88,025 | ||||||
Yum China Holdings, Inc. | 13,882 | 815,290 | ||||||
Yuzhou Group Holdings Co. Ltd.(1) | 372,133 | 18,293 | ||||||
Zengame Technology Holding Ltd. | 48,000 | 18,374 | ||||||
Zhaojin Mining Industry Co. Ltd., H Shares(1) | 131,500 | 138,090 | ||||||
Zhejiang Expressway Co. Ltd., H Shares | 180,000 | 145,174 | ||||||
Zhengzhou Coal Mining Machinery Group Co. Ltd., H Shares | 6,400 | 6,445 | ||||||
Zhenro Properties Group Ltd.(1) | 183,000 | 7,707 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1) | 2,200 | 6,334 |
21
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Zhongliang Holdings Group Co. Ltd.(1) | 34,000 | $ | 3,122 | |||||
Zhongsheng Group Holdings Ltd. | 54,000 | 269,742 | ||||||
Zhongyu Energy Holdings Ltd. | 54,000 | 37,577 | ||||||
Zhou Hei Ya International Holdings Co. Ltd.(1)(2) | 150,000 | 75,777 | ||||||
Zhuguang Holdings Group Co. Ltd.(1)(2) | 66,000 | 7,400 | ||||||
Zijin Mining Group Co. Ltd., H Shares | 384,000 | 581,131 | ||||||
Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H(2) | 114,200 | 65,977 | ||||||
ZTO Express Cayman, Inc., ADR | 31,085 | 747,905 | ||||||
85,830,640 | ||||||||
Colombia — 0.1% | ||||||||
BAC Holding International Corp.(1) | 3,792 | 154 | ||||||
Banco Davivienda SA, Preference Shares | 3,823 | 19,668 | ||||||
Bancolombia SA | 8,153 | 60,232 | ||||||
Bancolombia SA, ADR | 3,845 | 98,278 | ||||||
Corp. Financiera Colombiana SA(1) | 3,119 | 6,739 | ||||||
Ecopetrol SA, ADR | 7,732 | 85,748 | ||||||
Grupo Argos SA | 24,875 | 49,654 | ||||||
Grupo Aval Acciones y Valores SA, Preference Shares(1) | 3,792 | 421 | ||||||
Interconexion Electrica SA ESP | 19,829 | 70,226 | ||||||
391,120 | ||||||||
Czech Republic — 0.2% | ||||||||
CEZ AS | 6,776 | 315,937 | ||||||
Komercni banka AS | 3,003 | 101,160 | ||||||
Moneta Money Bank AS | 28,138 | 107,191 | ||||||
524,288 | ||||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt S.A.E., GDR | 123,727 | 183,521 | ||||||
Greece — 0.5% | ||||||||
Alpha Services & Holdings SA(1) | 87,408 | 136,763 | ||||||
Athens Water Supply & Sewage Co. SA | 574 | 4,306 | ||||||
Attica Bank SA(1) | 36 | 6 | ||||||
Eurobank Ergasias Services & Holdings SA, Class A(1) | 124,210 | 190,404 | ||||||
Fourlis Holdings SA | 301 | 1,243 | ||||||
GEK Terna Holding Real Estate Construction SA(1) | 6,392 | 80,370 | ||||||
Hellenic Telecommunications Organization SA | 4,516 | 69,276 | ||||||
Helleniq Energy Holdings SA | 6,337 | 56,035 | ||||||
JUMBO SA | 7,531 | 150,379 | ||||||
Motor Oil Hellas Corinth Refineries SA | 2,912 | 77,103 | ||||||
Mytilineos SA | 3,750 | 101,176 | ||||||
National Bank of Greece SA(1) | 26,488 | 148,207 | ||||||
OPAP SA | 7,277 | 112,946 | ||||||
Piraeus Financial Holdings SA(1) | 91,358 | 231,615 | ||||||
Public Power Corp. SA(1) | 5,060 | 44,384 | ||||||
Sunrisemezz PLC(1) | 4,230 | 568 | ||||||
Terna Energy SA | 1,789 | 37,198 | ||||||
Titan Cement International SA(1) | 2,169 | 36,717 | ||||||
Viohalco SA | 2,419 | 11,755 | ||||||
1,490,451 | ||||||||
Hong Kong — 0.1% | ||||||||
Brilliance China Automotive Holdings Ltd. | 60,000 | 30,015 |
22
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
China Beststudy Education Group(1) | 17,000 | $ | 1,908 | |||||
China Isotope & Radiation Corp. | 2,200 | 4,770 | ||||||
China Zhongwang Holdings Ltd.(1)(2) | 86,400 | 18,492 | ||||||
Dawnrays Pharmaceutical Holdings Ltd. | 7,000 | 1,160 | ||||||
Glory Sun Financial Group Ltd.(1) | 7,000 | 330 | ||||||
IMAX China Holding, Inc. | 4,700 | 5,504 | ||||||
JH Educational Technology, Inc.(1) | 14,000 | 2,273 | ||||||
Powerlong Commercial Management Holdings Ltd.(2) | 8,500 | 6,251 | ||||||
Scholar Education Group(1) | 5,000 | 1,353 | ||||||
Silver Grant International Holdings Group Ltd.(1) | 8,000 | 307 | ||||||
Wharf Holdings Ltd. | 140,000 | 310,001 | ||||||
382,364 | ||||||||
Hungary — 0.2% | ||||||||
Magyar Telekom Telecommunications PLC | 10,305 | 11,256 | ||||||
MOL Hungarian Oil & Gas PLC | 32,635 | 247,820 | ||||||
OTP Bank Nyrt | 8,771 | 265,699 | ||||||
Richter Gedeon Nyrt | 4,708 | 98,687 | ||||||
623,462 | ||||||||
India — 16.0% | ||||||||
360 ONE WAM Ltd. | 2,737 | 57,017 | ||||||
3M India Ltd. | 18 | 4,981 | ||||||
ABB India Ltd. | 1,079 | 41,965 | ||||||
ACC Ltd. | 6,924 | 144,935 | ||||||
Accelya Solutions India Ltd. | 926 | 12,810 | ||||||
Adani Enterprises Ltd. | 6,327 | 104,286 | ||||||
Adani Green Energy Ltd.(1) | 6,990 | 40,936 | ||||||
Adani Ports & Special Economic Zone Ltd. | 16,908 | 121,048 | ||||||
Adani Power Ltd.(1) | 54,617 | 96,467 | ||||||
Adani Total Gas Ltd. | 8,578 | 70,314 | ||||||
Adani Transmission Ltd.(1) | 17,822 | 138,287 | ||||||
Aditya Birla Capital Ltd.(1) | 66,865 | 117,829 | ||||||
Aegis Logistics Ltd. | 10,892 | 47,951 | ||||||
AGI Greenpac Ltd. | 5,613 | 23,463 | ||||||
AIA Engineering Ltd. | 2,717 | 87,052 | ||||||
Ajanta Pharma Ltd. | 3,028 | 43,280 | ||||||
Akzo Nobel India Ltd. | 222 | 5,772 | ||||||
Alembic Ltd. | 2,801 | 2,067 | ||||||
Alembic Pharmaceuticals Ltd. | 8,197 | 50,669 | ||||||
Alkyl Amines Chemicals | 545 | 16,483 | ||||||
Allcargo Logistics Ltd. | 9,782 | 43,744 | ||||||
Alok Industries Ltd.(1) | 30,788 | 4,654 | ||||||
Amara Raja Batteries Ltd. | 19,399 | 130,185 | ||||||
Ambuja Cements Ltd. | 25,656 | 106,078 | ||||||
Anant Raj Ltd. | 18,514 | 23,438 | ||||||
Andhra Sugars Ltd. | 4,791 | 6,812 | ||||||
Apar Industries Ltd. | 2,902 | 80,664 | ||||||
APL Apollo Tubes Ltd. | 12,471 | 179,395 | ||||||
Apollo Hospitals Enterprise Ltd. | 5,155 | 274,261 | ||||||
Apollo Tyres Ltd. | 57,378 | 217,296 | ||||||
Arvind Ltd.(1) | 19,696 | 19,725 |
23
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Ashok Leyland Ltd. | 72,030 | $ | 126,670 | |||||
Ashoka Buildcon Ltd.(1) | 32,514 | 29,293 | ||||||
Asian Paints Ltd. | 4,621 | 157,950 | ||||||
Aster DM Healthcare Ltd.(1) | 20,356 | 54,819 | ||||||
Astra Microwave Products Ltd. | 7,592 | 23,884 | ||||||
Astral Ltd. | 1,639 | 37,410 | ||||||
AstraZeneca Pharma India Ltd. | 87 | 3,518 | ||||||
Atul Ltd. | 395 | 33,587 | ||||||
AU Small Finance Bank Ltd. | 10,280 | 73,659 | ||||||
AurionPro Solutions Ltd. | 3,751 | 15,657 | ||||||
Aurobindo Pharma Ltd. | 22,533 | 126,048 | ||||||
Aurum Proptech Ltd.(1) | 376 | 538 | ||||||
Avanti Feeds Ltd. | 3,130 | 13,840 | ||||||
Avenue Supermarts Ltd.(1) | 1,289 | 53,230 | ||||||
Axis Bank Ltd., GDR | 8,958 | 453,560 | ||||||
Bajaj Auto Ltd. | 3,482 | 154,105 | ||||||
Bajaj Consumer Care Ltd. | 15,148 | 29,882 | ||||||
Bajaj Electricals Ltd. | 5,663 | 74,747 | ||||||
Bajaj Finance Ltd. | 6,886 | 508,468 | ||||||
Bajaj Finserv Ltd. | 8,424 | 135,857 | ||||||
Bajaj Hindusthan Sugar Ltd.(1) | 221,576 | 33,489 | ||||||
Balaji Amines Ltd. | 521 | 13,846 | ||||||
Balkrishna Industries Ltd. | 4,519 | 110,032 | ||||||
Balrampur Chini Mills Ltd. | 18,717 | 80,789 | ||||||
Bandhan Bank Ltd.(1) | 45,128 | 125,906 | ||||||
BASF India Ltd. | 1,301 | 36,194 | ||||||
Bata India Ltd. | 1,352 | 23,063 | ||||||
Bayer CropScience Ltd. | 493 | 25,519 | ||||||
Berger Paints India Ltd. | 6,716 | 47,035 | ||||||
Best Agrolife Ltd. | 1,760 | 23,656 | ||||||
Bhansali Engineering Polymers Ltd. | 2,839 | 3,539 | ||||||
Bharat Bijlee Ltd. | 597 | 18,401 | ||||||
Bharat Electronics Ltd. | 334,098 | 382,070 | ||||||
Bharat Forge Ltd. | 12,134 | 119,658 | ||||||
Bharat Heavy Electricals Ltd. | 45,108 | 38,051 | ||||||
Bharat Petroleum Corp. Ltd. | 83,250 | 319,641 | ||||||
Bharat Rasayan Ltd. | 54 | 5,750 | ||||||
Bharti Airtel Ltd. | 26,351 | 236,428 | ||||||
Bharti Airtel Ltd. | 1,882 | 8,232 | ||||||
Biocon Ltd. | 11,885 | 32,923 | ||||||
Birla Corp. Ltd. | 2,240 | 23,568 | ||||||
Birlasoft Ltd. | 11,057 | 36,765 | ||||||
BLS International Services Ltd. | 11,482 | 21,571 | ||||||
Blue Dart Express Ltd. | 342 | 25,674 | ||||||
Blue Star Ltd. | 4,639 | 80,536 | ||||||
Bombay Burmah Trading Co. | 1,082 | 11,626 | ||||||
Borosil Renewables Ltd.(1) | 3,890 | 22,069 | ||||||
Bosch Ltd. | 97 | 21,102 | ||||||
Brigade Enterprises Ltd. | 18,836 | 111,012 | ||||||
Brightcom Group Ltd. | 106,495 | 29,508 |
24
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Britannia Industries Ltd. | 3,904 | $ | 210,647 | |||||
BSE Ltd. | 9,680 | 51,563 | ||||||
Can Fin Homes Ltd. | 8,561 | 59,515 | ||||||
Canara Bank | 30,478 | 102,942 | ||||||
Capacit'e Infraprojects Ltd.(1) | 3,479 | 5,136 | ||||||
Caplin Point Laboratories Ltd. | 1,037 | 8,192 | ||||||
Capri Global Capital Ltd. | 800 | 6,578 | ||||||
Carborundum Universal Ltd. | 5,975 | 70,655 | ||||||
Care Ratings Ltd. | 1,529 | 12,109 | ||||||
Castrol India Ltd. | 56,872 | 78,922 | ||||||
CCL Products India Ltd. | 8,126 | 53,735 | ||||||
Ceat Ltd. | 2,618 | 43,780 | ||||||
Central Depository Services India Ltd. | 1,383 | 16,533 | ||||||
Century Plyboards India Ltd. | 4,675 | 28,563 | ||||||
Century Textiles & Industries Ltd. | 3,854 | 28,309 | ||||||
Cera Sanitaryware Ltd. | 557 | 43,868 | ||||||
CESC Ltd. | 31,367 | 26,301 | ||||||
CG Power & Industrial Solutions Ltd.(1) | 12,716 | 46,880 | ||||||
Chambal Fertilisers & Chemicals Ltd. | 25,589 | 84,935 | ||||||
Chemcon Speciality Chemicals Ltd. | 2,882 | 9,233 | ||||||
Chennai Petroleum Corp. Ltd. | 12,992 | 35,183 | ||||||
Cholamandalam Financial Holdings Ltd. | 962 | 6,689 | ||||||
Cholamandalam Investment & Finance Co. Ltd. | 30,012 | 274,384 | ||||||
Cipla Ltd. | 24,070 | 263,714 | ||||||
City Union Bank Ltd. | 59,336 | 99,287 | ||||||
Coal India Ltd. | 129,719 | 337,846 | ||||||
Cochin Shipyard Ltd. | 9,604 | 52,497 | ||||||
Coforge Ltd. | 586 | 30,444 | ||||||
Colgate-Palmolive India Ltd. | 8,447 | 150,488 | ||||||
Computer Age Management Services Ltd. | 2,303 | 62,894 | ||||||
Container Corp. of India Ltd. | 11,799 | 84,214 | ||||||
Coromandel International Ltd. | 13,464 | 146,267 | ||||||
Cosmo First Ltd.(1) | 2,080 | 15,997 | ||||||
CreditAccess Grameen Ltd.(1) | 5,896 | 68,776 | ||||||
CRISIL Ltd. | 880 | 36,032 | ||||||
Crompton Greaves Consumer Electricals Ltd. | 25,183 | 92,483 | ||||||
CSB Bank Ltd.(1) | 5,970 | 16,534 | ||||||
Cummins India Ltd. | 4,689 | 89,004 | ||||||
Cyient Ltd. | 13,890 | 158,551 | ||||||
Dabur India Ltd. | 17,811 | 114,675 | ||||||
Dalmia Bharat Ltd. | 5,784 | 128,233 | ||||||
Dalmia Bharat Sugar & Industries Ltd. | 1,638 | 6,274 | ||||||
Datamatics Global Services Ltd. | 5,211 | 18,823 | ||||||
DB Corp. Ltd. | 13,014 | 14,807 | ||||||
DCB Bank Ltd. | 19,916 | 27,029 | ||||||
DCM Shriram Ltd. | 6,921 | 68,224 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. | 10,453 | 78,033 | ||||||
Deepak Nitrite Ltd. | 5,774 | 125,541 | ||||||
Delta Corp. Ltd. | 3,208 | 7,280 | ||||||
Dhani Services Ltd.(1) | 4,561 | 1,686 |
25
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Dilip Buildcon Ltd. | 1,435 | $ | 3,393 | |||||
Dish TV India Ltd.(1) | 221,711 | 37,235 | ||||||
Dishman Carbogen Amcis Ltd.(1) | 4,829 | 6,847 | ||||||
Divi's Laboratories Ltd. | 3,604 | 123,080 | ||||||
Dixon Technologies India Ltd. | 770 | 26,896 | ||||||
DLF Ltd. | 17,606 | 74,823 | ||||||
Dr Lal PathLabs Ltd. | 2,456 | 59,061 | ||||||
Dr Reddy's Laboratories Ltd., ADR | 5,797 | 302,893 | ||||||
Dwarikesh Sugar Industries Ltd. | 31,044 | 30,885 | ||||||
eClerx Services Ltd. | 2,545 | 42,907 | ||||||
Edelweiss Financial Services Ltd. | 61,398 | 47,853 | ||||||
Eicher Motors Ltd. | 8,287 | 311,017 | ||||||
EID Parry India Ltd. | 12,280 | 74,590 | ||||||
Elecon Engineering Co. Ltd. | 8,207 | 39,119 | ||||||
Electrosteel Castings Ltd. | 36,739 | 15,017 | ||||||
Emami Ltd. | 17,752 | 85,709 | ||||||
Endurance Technologies Ltd. | 938 | 14,164 | ||||||
Engineers India Ltd. | 50,656 | 43,693 | ||||||
EPL Ltd. | 18,139 | 35,195 | ||||||
Equitas Small Finance Bank Ltd.(1) | 34,830 | 30,125 | ||||||
Eris Lifesciences Ltd. | 2,218 | 17,019 | ||||||
Escorts Kubota Ltd. | 5,240 | 131,496 | ||||||
Eveready Industries India Ltd.(1) | 3,403 | 12,973 | ||||||
Everest Industries Ltd. | 1,312 | 11,507 | ||||||
Excel Industries Ltd. | 483 | 5,331 | ||||||
Exide Industries Ltd.(1) | 50,863 | 107,809 | ||||||
FDC Ltd.(1) | 1,453 | 4,616 | ||||||
Federal Bank Ltd. | 223,489 | 348,705 | ||||||
FIEM Industries Ltd. | 780 | 14,612 | ||||||
Fine Organic Industries Ltd. | 202 | 11,295 | ||||||
Finolex Cables Ltd. | 4,004 | 34,172 | ||||||
Finolex Industries Ltd. | 51,489 | 105,202 | ||||||
Force Motors Ltd. | 351 | 5,124 | ||||||
Future Lifestyle Fashions Ltd.(1) | 1,257 | 82 | ||||||
GAIL India Ltd. | 89,154 | 110,672 | ||||||
Galaxy Surfactants Ltd. | 260 | 7,436 | ||||||
Garden Reach Shipbuilders & Engineers Ltd. | 5,677 | 28,319 | ||||||
Garware Technical Fibres Ltd. | 298 | 10,592 | ||||||
Genus Power Infrastructures Ltd. | 9,003 | 9,681 | ||||||
GHCL Ltd. | 11,424 | 71,051 | ||||||
GIC Housing Finance Ltd. | 7,865 | 15,685 | ||||||
Gillette India Ltd. | 152 | 8,574 | ||||||
GlaxoSmithKline Pharmaceuticals Ltd. | 1,424 | 23,008 | ||||||
Glenmark Pharmaceuticals Ltd. | 24,558 | 127,294 | ||||||
Globus Spirits Ltd. | 1,282 | 12,874 | ||||||
GMR Airports Infrastructure Ltd.(1) | 35,363 | 16,202 | ||||||
GMR Power & Urban Infra Ltd.(1) | 1,505 | 337 | ||||||
GNA Axles Ltd. | 786 | 8,503 | ||||||
Godawari Power & Ispat Ltd. | 8,189 | 33,837 | ||||||
Godrej Consumer Products Ltd.(1) | 6,465 | 72,176 |
26
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Godrej Industries Ltd.(1) | 830 | $ | 4,207 | |||||
Gokaldas Exports Ltd.(1) | 4,153 | 19,303 | ||||||
Granules India Ltd. | 14,660 | 49,640 | ||||||
Graphite India Ltd. | 10,458 | 36,429 | ||||||
Grasim Industries Ltd. | 16,923 | 322,812 | ||||||
Great Eastern Shipping Co. Ltd. | 21,003 | 140,030 | ||||||
Greaves Cotton Ltd. | 10,035 | 15,531 | ||||||
Greenpanel Industries Ltd. | 7,398 | 25,078 | ||||||
Greenply Industries Ltd. | 8,512 | 13,953 | ||||||
Gufic Biosciences Ltd. | 3,500 | 8,970 | ||||||
Gujarat Alkalies & Chemicals Ltd. | 3,254 | 24,371 | ||||||
Gujarat Ambuja Exports Ltd. | 15,182 | 41,863 | ||||||
Gujarat Fluorochemicals Ltd. | 757 | 28,776 | ||||||
Gujarat Gas Ltd. | 22,547 | 137,649 | ||||||
Gujarat Mineral Development Corp. Ltd. | 9,795 | 15,799 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 13,375 | 85,003 | ||||||
Gujarat Pipavav Port Ltd. | 57,229 | 72,650 | ||||||
Gujarat State Fertilizers & Chemicals Ltd. | 38,670 | 58,483 | ||||||
Gujarat State Petronet Ltd. | 30,729 | 105,096 | ||||||
Happiest Minds Technologies Ltd. | 520 | 5,377 | ||||||
Hathway Cable & Datacom Ltd.(1) | 53,179 | 9,740 | ||||||
Havells India Ltd. | 8,068 | 116,741 | ||||||
HBL Power Systems Ltd. | 15,215 | 18,332 | ||||||
HCL Technologies Ltd. | 54,652 | 711,648 | ||||||
HDFC Asset Management Co. Ltd. | 2,087 | 45,652 | ||||||
HDFC Life Insurance Co. Ltd. | 10,253 | 60,580 | ||||||
HEG Ltd. | 507 | 5,899 | ||||||
HeidelbergCement India Ltd. | 3,441 | 7,155 | ||||||
Hero MotoCorp Ltd. | 6,316 | 184,706 | ||||||
HFCL Ltd. | 55,288 | 42,656 | ||||||
HG Infra Engineering Ltd. | 1,319 | 11,407 | ||||||
Hikal Ltd. | 6,930 | 24,751 | ||||||
HIL Ltd. | 531 | 14,468 | ||||||
Himadri Speciality Chemical Ltd., ADR | 43,396 | 43,784 | ||||||
Himatsingka Seide Ltd. | 1,947 | 1,791 | ||||||
Hindalco Industries Ltd. | 117,216 | 565,447 | ||||||
Hinduja Global Solutions Ltd. | 708 | 11,164 | ||||||
Hindustan Copper Ltd. | 24,302 | 28,561 | ||||||
Hindustan Oil Exploration Co. Ltd.(1) | 4,116 | 6,868 | ||||||
Hindustan Petroleum Corp. Ltd. | 84,803 | 220,938 | ||||||
Hindustan Unilever Ltd. | 12,708 | 377,959 | ||||||
Hindware Home Innovation Ltd.(1) | 5,807 | 25,832 | ||||||
Hitachi Energy India Ltd. | 241 | 9,691 | ||||||
Honda India Power Products Ltd. | 797 | 17,677 | ||||||
Housing Development Finance Corp. Ltd. | 48,461 | 1,527,699 | ||||||
I G Petrochemicals Ltd. | 1,499 | 7,256 | ||||||
ICICI Bank Ltd., ADR | 45,898 | 949,171 | ||||||
ICICI Lombard General Insurance Co. Ltd. | 7,483 | 99,701 | ||||||
ICICI Prudential Life Insurance Co. Ltd. | 7,787 | 38,475 |
27
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
IDFC First Bank Ltd.(1) | 227,289 | $ | 151,448 | |||||
IDFC Ltd. | 117,456 | 107,892 | ||||||
IFB Industries Ltd.(1) | 268 | 2,669 | ||||||
IFCI Ltd.(1) | 199,888 | 26,328 | ||||||
IIFL Finance Ltd. | 26,120 | 135,263 | ||||||
IIFL Securities Ltd. | 5,318 | 3,509 | ||||||
India Cements Ltd. | 22,426 | 50,697 | ||||||
India Glycols Ltd. | 1,220 | 8,587 | ||||||
Indiabulls Housing Finance Ltd.(1) | 54,013 | 65,778 | ||||||
Indiabulls Real Estate Ltd.(1) | 46,013 | 32,031 | ||||||
IndiaMart InterMesh Ltd. | 1,434 | 84,033 | ||||||
Indian Bank | 32,035 | 99,531 | ||||||
Indian Energy Exchange Ltd. | 23,847 | 41,656 | ||||||
Indian Hotels Co. Ltd. | 19,259 | 72,327 | ||||||
Indian Metals & Ferro Alloys Ltd. | 3,462 | 13,055 | ||||||
Indian Oil Corp. Ltd. | 229,124 | 210,802 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 9,660 | 71,099 | ||||||
Indo Count Industries Ltd. | 3,348 | 5,222 | ||||||
Indraprastha Gas Ltd. | 1,402 | 7,435 | ||||||
Indus Towers Ltd. | 55,411 | 114,455 | ||||||
Info Edge India Ltd. | 2,252 | 95,026 | ||||||
Infosys Ltd., ADR | 102,554 | 1,839,819 | ||||||
Inox Wind Ltd.(1) | 5,788 | 7,116 | ||||||
Intellect Design Arena Ltd. | 9,903 | 53,841 | ||||||
InterGlobe Aviation Ltd.(1) | 1,748 | 39,209 | ||||||
IOL Chemicals & Pharmaceuticals Ltd. | 943 | 3,243 | ||||||
Ipca Laboratories Ltd. | 11,799 | 115,263 | ||||||
IRB Infrastructure Developers Ltd. | 90,820 | 32,150 | ||||||
IRCON International Ltd. | 61,079 | 38,177 | ||||||
ITD Cementation India Ltd. | 18,327 | 21,537 | ||||||
J Kumar Infraprojects Ltd. | 6,357 | 19,021 | ||||||
Jagran Prakashan Ltd. | 9,956 | 8,238 | ||||||
Jai Corp. Ltd. | 9,007 | 12,825 | ||||||
Jain Irrigation Systems Ltd.(1) | 33,922 | 10,924 | ||||||
Jaiprakash Associates Ltd.(1) | 47,432 | 4,986 | ||||||
Jaiprakash Power Ventures Ltd.(1) | 337,329 | 27,095 | ||||||
Jammu & Kashmir Bank Ltd.(1) | 68,191 | 40,543 | ||||||
Jamna Auto Industries Ltd. | 30,124 | 36,780 | ||||||
Jindal Poly Films Ltd. | 1,475 | 10,502 | ||||||
Jindal Saw Ltd. | 15,519 | 28,153 | ||||||
Jindal Stainless Hisar Ltd.(1) | 11,911 | 70,537 | ||||||
Jindal Stainless Ltd.(1) | 33,205 | 107,229 | ||||||
Jindal Steel & Power Ltd. | 42,987 | 285,540 | ||||||
JK Cement Ltd. | 2,071 | 69,205 | ||||||
JK Lakshmi Cement Ltd. | 8,876 | 72,144 | ||||||
JK Paper Ltd. | 14,528 | 68,090 | ||||||
JK Tyre & Industries Ltd. | 14,652 | 26,090 | ||||||
JM Financial Ltd. | 90,263 | 71,213 | ||||||
JSW Energy Ltd. | 10,448 | 29,645 |
28
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
JSW Steel Ltd. | 56,729 | $ | 457,855 | |||||
Jubilant Foodworks Ltd. | 13,800 | 73,495 | ||||||
Jubilant Ingrevia Ltd. | 9,834 | 52,984 | ||||||
Jubilant Pharmova Ltd. | 7,752 | 28,678 | ||||||
Just Dial Ltd.(1) | 979 | 6,832 | ||||||
Jyothy Labs Ltd. | 4,782 | 11,000 | ||||||
Kajaria Ceramics Ltd. | 4,758 | 61,796 | ||||||
Kalpataru Power Transmission Ltd. | 15,294 | 97,990 | ||||||
Kansai Nerolac Paints Ltd. | 2,339 | 11,388 | ||||||
Karnataka Bank Ltd. | 27,461 | 46,961 | ||||||
Karur Vysya Bank Ltd. | 88,527 | 109,103 | ||||||
Kaveri Seed Co. Ltd. | 3,831 | 23,907 | ||||||
KEC International Ltd. | 22,050 | 119,754 | ||||||
KEI Industries Ltd. | 948 | 18,621 | ||||||
Kennametal India Ltd. | 638 | 15,432 | ||||||
Kirloskar Ferrous Industries Ltd. | 11,193 | 58,680 | ||||||
Kirloskar Oil Engines Ltd. | 3,353 | 12,776 | ||||||
KNR Constructions Ltd. | 12,064 | 37,337 | ||||||
Kolte-Patil Developers Ltd. | 1,397 | 4,544 | ||||||
Kopran Ltd. | 1,454 | 1,930 | ||||||
Kotak Mahindra Bank Ltd. | 16,296 | 340,487 | ||||||
KPIT Technologies Ltd. | 15,137 | 151,714 | ||||||
KPR Mill Ltd. | 5,470 | 38,035 | ||||||
KRBL Ltd. | 8,855 | 36,271 | ||||||
L&T Finance Holdings Ltd. | 123,051 | 129,875 | ||||||
L&T Technology Services Ltd. | 955 | 42,518 | ||||||
Larsen & Toubro Ltd. | 40,383 | 1,029,236 | ||||||
Laurus Labs Ltd. | 27,240 | 103,502 | ||||||
LG Balakrishnan & Bros Ltd. | 4,509 | 36,817 | ||||||
LIC Housing Finance Ltd. | 37,996 | 160,983 | ||||||
Linde India Ltd. | 348 | 15,656 | ||||||
LT Foods Ltd. | 21,706 | 25,338 | ||||||
LTIMindtree Ltd. | 3,442 | 196,365 | ||||||
Lupin Ltd. | 24,078 | 191,897 | ||||||
Mahanagar Gas Ltd. | 7,578 | 82,080 | ||||||
Maharashtra Seamless Ltd. | 4,028 | 14,764 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 53,466 | 162,677 | ||||||
Mahindra & Mahindra Ltd. | 50,680 | 777,585 | ||||||
Mahindra CIE Automotive Ltd. | 11,971 | 61,381 | ||||||
Mahindra Lifespace Developers Ltd. | 2,988 | 13,448 | ||||||
Mahindra Logistics Ltd. | 3,262 | 14,599 | ||||||
Maithan Alloys Ltd. | 1,132 | 12,389 | ||||||
Manali Petrochemicals Ltd. | 9,199 | 7,510 | ||||||
Manappuram Finance Ltd. | 99,739 | 123,790 | ||||||
Marico Ltd.(1) | 22,586 | 134,280 | ||||||
Marksans Pharma Ltd. | 42,291 | 34,496 | ||||||
Maruti Suzuki India Ltd. | 4,010 | 417,907 | ||||||
MAS Financial Services Ltd. | 1,629 | 16,053 | ||||||
Mastek Ltd. | 528 | 10,517 |
29
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Matrimony.com Ltd. | 690 | $ | 4,317 | |||||
Max Healthcare Institute Ltd.(1) | 18,646 | 96,044 | ||||||
Mayur Uniquoters Ltd. | 698 | 4,111 | ||||||
Mazagon Dock Shipbuilders Ltd. | 3,870 | 33,658 | ||||||
Meghmani Finechem Ltd. | 1,763 | 21,800 | ||||||
Meghmani Organics Ltd. | 14,945 | 16,736 | ||||||
Metropolis Healthcare Ltd. | 1,019 | 16,147 | ||||||
Minda Corp. Ltd. | 3,029 | 7,061 | ||||||
Mirza International Ltd.(1) | 9,808 | 32,805 | ||||||
MOIL Ltd. | 7,182 | 13,070 | ||||||
Motherson Sumi Wiring India Ltd. | 46,208 | 27,660 | ||||||
Motilal Oswal Financial Services Ltd. | 5,586 | 40,522 | ||||||
Mphasis Ltd. | 4,694 | 115,437 | ||||||
MRF Ltd. | 187 | 192,729 | ||||||
MSTC Ltd. | 1,029 | 3,368 | ||||||
Multi Commodity Exchange of India Ltd. | 4,385 | 74,327 | ||||||
Muthoot Finance Ltd. | 13,678 | 160,804 | ||||||
Narayana Hrudayalaya Ltd. | 5,794 | 52,488 | ||||||
Natco Pharma Ltd. | 7,670 | 49,883 | ||||||
National Aluminium Co. Ltd. | 141,463 | 133,774 | ||||||
Nava Ltd. | 11,704 | 32,691 | ||||||
NBCC India Ltd. | 65,976 | 26,549 | ||||||
NCC Ltd. | 106,551 | 114,603 | ||||||
NELCO Ltd. | 701 | 4,876 | ||||||
Neogen Chemicals Ltd. | 823 | 12,594 | ||||||
NESCO Ltd. | 711 | 4,460 | ||||||
Nestle India Ltd. | 1,324 | 298,835 | ||||||
Neuland Laboratories Ltd. | 579 | 11,296 | ||||||
New Delhi Television Ltd.(1) | 5,178 | 11,886 | ||||||
Newgen Software Technologies Ltd. | 1,964 | 10,398 | ||||||
NIIT Ltd.(1) | 9,326 | 35,780 | ||||||
Nippon Life India Asset Management Ltd. | 13,564 | 36,296 | ||||||
NOCIL Ltd. | 1,719 | 4,580 | ||||||
NTPC Ltd. | 286,316 | 590,550 | ||||||
Oberoi Realty Ltd. | 6,424 | 66,558 | ||||||
Oil & Natural Gas Corp. Ltd. | 186,770 | 342,695 | ||||||
Oil India Ltd. | 38,873 | 115,874 | ||||||
OnMobile Global Ltd. | 3,493 | 2,860 | ||||||
Oracle Financial Services Software Ltd. | 2,052 | 78,611 | ||||||
Orient Cement Ltd. | 17,095 | 22,995 | ||||||
Orient Electric Ltd. | 1,553 | 5,133 | ||||||
Page Industries Ltd. | 239 | 109,696 | ||||||
Paisalo Digital Ltd. | 11,790 | 8,444 | ||||||
Panama Petrochem Ltd. | 4,381 | 15,743 | ||||||
PC Jeweller Ltd.(1) | 24,410 | 7,989 | ||||||
PCBL Ltd. | 28,612 | 41,092 | ||||||
Persistent Systems Ltd. | 3,817 | 221,047 | ||||||
Petronet LNG Ltd. | 85,800 | 230,716 | ||||||
Phoenix Mills Ltd. | 2,284 | 38,191 |
30
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
PI Industries Ltd. | 1,641 | $ | 61,478 | |||||
Pidilite Industries Ltd. | 3,031 | 84,282 | ||||||
Piramal Enterprises Ltd. | 5,916 | 55,093 | ||||||
Piramal Pharma Ltd.(1) | 16,756 | 16,007 | ||||||
PNB Housing Finance Ltd.(1) | 12,613 | 91,044 | ||||||
PNC Infratech Ltd. | 17,907 | 59,233 | ||||||
Polycab India Ltd. | 446 | 16,609 | ||||||
Polyplex Corp. Ltd. | 2,781 | 45,460 | ||||||
Poonawalla Fincorp Ltd. | 2,566 | 8,961 | ||||||
Power Finance Corp. Ltd. | 10,140 | 17,821 | ||||||
Power Grid Corp. of India Ltd. | 212,270 | 570,222 | ||||||
Power Mech Projects Ltd. | 755 | 18,479 | ||||||
Praj Industries Ltd. | 14,187 | 60,196 | ||||||
Prestige Estates Projects Ltd. | 8,021 | 39,355 | ||||||
Pricol Ltd.(1) | 15,569 | 35,377 | ||||||
Prince Pipes & Fittings Ltd. | 1,925 | 12,853 | ||||||
Prism Johnson Ltd.(1) | 6,392 | 8,050 | ||||||
PSP Projects Ltd. | 2,983 | 24,112 | ||||||
PTC India Ltd. | 37,861 | 40,330 | ||||||
Quess Corp. Ltd. | 4,622 | 19,749 | ||||||
Radico Khaitan Ltd. | 4,520 | 63,439 | ||||||
Rain Industries Ltd. | 2,672 | 4,956 | ||||||
Rajesh Exports Ltd. | 5,055 | 40,206 | ||||||
Rallis India Ltd. | 2,331 | 5,537 | ||||||
Ramco Cements Ltd. | 13,177 | 113,796 | ||||||
Rashtriya Chemicals & Fertilizers Ltd. | 15,657 | 18,452 | ||||||
Ratnamani Metals & Tubes Ltd. | 1,240 | 32,799 | ||||||
Raymond Ltd. | 7,599 | 116,691 | ||||||
RBL Bank Ltd.(1) | 83,585 | 157,388 | ||||||
REC Ltd. | 174,502 | 241,120 | ||||||
Redington Ltd. | 104,302 | 214,755 | ||||||
Relaxo Footwears Ltd. | 466 | 4,382 | ||||||
Reliance Industrial Infrastructure Ltd. | 626 | 6,067 | ||||||
Reliance Industries Ltd., GDR | 45,737 | 2,542,193 | ||||||
Reliance Infrastructure Ltd.(1) | 38,258 | 60,472 | ||||||
Reliance Power Ltd.(1) | 428,008 | 50,711 | ||||||
Repco Home Finance Ltd. | 8,841 | 20,806 | ||||||
Rhi Magnesita India Ltd. | 2,629 | 20,363 | ||||||
Rico Auto Industries Ltd. | 24,063 | 20,824 | ||||||
RITES Ltd. | 9,491 | 37,432 | ||||||
Route Mobile Ltd. | 3,710 | 60,269 | ||||||
Rupa & Co. Ltd. | 2,495 | 6,178 | ||||||
Samvardhana Motherson International Ltd. | 121,878 | 117,329 | ||||||
Sanofi India Ltd. | 867 | 61,266 | ||||||
Sarda Energy & Minerals Ltd. | 1,168 | 15,539 | ||||||
Saregama India Ltd. | 1,980 | 7,908 | ||||||
SBI Cards & Payment Services Ltd. | 6,809 | 61,767 | ||||||
SBI Life Insurance Co. Ltd. | 8,184 | 110,869 | ||||||
Schaeffler India Ltd. | 875 | 31,547 |
31
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Sharda Cropchem Ltd. | 3,173 | $ | 18,032 | |||||
Share India Securities Ltd. | 1,816 | 23,465 | ||||||
Shipping Corp. of India Ltd. | 5,563 | 8,045 | ||||||
Shree Cement Ltd. | 650 | 204,953 | ||||||
Shree Renuka Sugars Ltd.(1) | 13,699 | 7,216 | ||||||
Shriram Finance Ltd. | 24,365 | 354,290 | ||||||
Siemens Ltd. | 1,247 | 48,944 | ||||||
SKF India Ltd. | 1,718 | 92,699 | ||||||
Sobha Ltd. | 5,591 | 38,932 | ||||||
Sonata Software Ltd. | 13,327 | 117,012 | ||||||
South Indian Bank Ltd.(1) | 171,863 | 34,792 | ||||||
Southern Petrochemical Industries Corp. Ltd. | 17,726 | 12,419 | ||||||
Spandana Sphoorty Financial Ltd.(1) | 2,425 | 16,936 | ||||||
SRF Ltd. | 5,107 | 133,827 | ||||||
Star Cement Ltd.(1) | 19,725 | 26,144 | ||||||
State Bank of India, GDR | 6,850 | 429,559 | ||||||
Sterling & Wilson Renewable(1) | 4,243 | 14,979 | ||||||
Sterling Tools Ltd. | 2,980 | 12,071 | ||||||
Sterlite Technologies Ltd. | 13,985 | 26,807 | ||||||
Stove Kraft Ltd.(1) | 1,472 | 7,281 | ||||||
Strides Pharma Science Ltd.(1) | 2,601 | 9,418 | ||||||
Sudarshan Chemical Industries Ltd. | 3,424 | 15,308 | ||||||
Sumitomo Chemical India Ltd. | 4,396 | 23,777 | ||||||
Sun Pharma Advanced Research Co. Ltd.(1) | 1,889 | 4,344 | ||||||
Sun Pharmaceutical Industries Ltd. | 38,001 | 439,476 | ||||||
Sun TV Network Ltd. | 13,399 | 69,439 | ||||||
Sundaram Finance Ltd. | 691 | 19,110 | ||||||
Sundram Fasteners Ltd. | 4,294 | 51,060 | ||||||
Sunflag Iron & Steel Co. Ltd.(1) | 6,118 | 9,685 | ||||||
Sunteck Realty Ltd. | 3,995 | 14,534 | ||||||
Suprajit Engineering Ltd. | 6,701 | 28,598 | ||||||
Supreme Industries Ltd. | 4,071 | 135,904 | ||||||
Supreme Petrochem Ltd. | 2,356 | 10,591 | ||||||
Surya Roshni Ltd. | 3,625 | 29,267 | ||||||
Suven Pharmaceuticals Ltd. | 9,498 | 55,110 | ||||||
Suzlon Energy Ltd.(1) | 104,836 | 10,386 | ||||||
Suzlon Energy Ltd.(1) | 24,960 | 1,571 | ||||||
Tamil Nadu Newsprint & Papers Ltd. | 7,235 | 18,248 | ||||||
Tamilnadu Petroproducts Ltd. | 7,021 | 6,716 | ||||||
Tanla Platforms Ltd. | 12,047 | 98,256 | ||||||
Tata Chemicals Ltd. | 13,140 | 154,834 | ||||||
Tata Communications Ltd. | 9,129 | 133,374 | ||||||
Tata Consultancy Services Ltd. | 30,916 | 1,237,753 | ||||||
Tata Consumer Products Ltd. | 10,352 | 89,515 | ||||||
Tata Elxsi Ltd. | 1,108 | 82,067 | ||||||
Tata Investment Corp. Ltd. | 1,603 | 39,472 | ||||||
Tata Metaliks Ltd. | 2,409 | 21,230 | ||||||
Tata Motors Ltd.(1) | 33,000 | 167,643 | ||||||
Tata Power Co. Ltd. | 75,964 | 186,007 |
32
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Tata Steel Long Products Ltd. | 1,631 | $ | 12,070 | |||||
Tata Steel Ltd. | 578,637 | 727,733 | ||||||
TCI Express Ltd. | 457 | 8,728 | ||||||
TeamLease Services Ltd.(1) | 553 | 16,804 | ||||||
Tech Mahindra Ltd. | 45,338 | 602,685 | ||||||
Tejas Networks Ltd.(1) | 1,973 | 13,332 | ||||||
Texmaco Rail & Engineering Ltd. | 26,769 | 14,284 | ||||||
Thermax Ltd. | 4,851 | 126,245 | ||||||
Thirumalai Chemicals Ltd. | 10,204 | 21,318 | ||||||
Thyrocare Technologies Ltd. | 472 | 2,577 | ||||||
Tide Water Oil Co. India Ltd. | 360 | 3,991 | ||||||
Time Technoplast Ltd. | 12,032 | 11,776 | ||||||
Tinplate Co. of India Ltd. | 3,598 | 13,258 | ||||||
Titagarh Wagons Ltd.(1) | 11,407 | 28,688 | ||||||
Titan Co. Ltd. | 3,689 | 105,806 | ||||||
Torrent Pharmaceuticals Ltd. | 8,544 | 150,761 | ||||||
Torrent Power Ltd. | 13,079 | 80,052 | ||||||
Tourism Finance Corp. of India Ltd. | 16,582 | 13,685 | ||||||
Transport Corp. of India Ltd. | 1,642 | 12,925 | ||||||
Trent Ltd. | 2,565 | 39,630 | ||||||
Trident Ltd. | 131,594 | 48,188 | ||||||
Triveni Engineering & Industries Ltd. | 12,778 | 41,679 | ||||||
Triveni Turbine Ltd. | 9,259 | 35,534 | ||||||
Tube Investments of India Ltd. | 6,219 | 208,455 | ||||||
TV Today Network Ltd. | 2,282 | 5,773 | ||||||
TV18 Broadcast Ltd.(1) | 50,440 | 19,437 | ||||||
TVS Motor Co. Ltd. | 3,225 | 42,106 | ||||||
Uflex Ltd. | 5,373 | 24,587 | ||||||
Ujjivan Financial Services Ltd.(1) | 1,463 | 4,681 | ||||||
UltraTech Cement Ltd. | 4,249 | 372,885 | ||||||
Union Bank of India Ltd. | 17,616 | 14,315 | ||||||
United Spirits Ltd.(1) | 12,264 | 109,792 | ||||||
UPL Ltd. | 22,975 | 192,766 | ||||||
Usha Martin Ltd. | 12,880 | 27,325 | ||||||
UTI Asset Management Co. Ltd. | 5,255 | 41,558 | ||||||
VA Tech Wabag Ltd.(1) | 2,681 | 9,992 | ||||||
Vaibhav Global Ltd. | 1,025 | 4,017 | ||||||
Vakrangee Ltd. | 31,841 | 8,369 | ||||||
Valiant Organics Ltd. | 1,671 | 8,149 | ||||||
Vardhman Textiles Ltd.(1) | 18,897 | 70,313 | ||||||
Varroc Engineering Ltd.(1) | 5,823 | 17,189 | ||||||
Varun Beverages Ltd. | 7,731 | 121,539 | ||||||
Vedanta Ltd. | 73,896 | 239,852 | ||||||
Venky's India Ltd. | 238 | 4,611 | ||||||
V-Guard Industries Ltd. | 2,008 | 5,970 | ||||||
VIP Industries Ltd. | 1,621 | 12,498 | ||||||
Vishnu Chemicals Ltd. | 3,320 | 11,047 | ||||||
Vodafone Idea Ltd.(1) | 232,783 | 19,131 | ||||||
Voltas Ltd. | 1,275 | 13,745 |
33
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
VRL Logistics Ltd.(1) | 6,022 | $ | 39,780 | |||||
Welspun Corp. Ltd. | 23,565 | 52,456 | ||||||
Welspun Enterprises Ltd. | 19,162 | 28,488 | ||||||
Welspun India Ltd. | 41,434 | 33,272 | ||||||
West Coast Paper Mills Ltd. | 5,873 | 34,167 | ||||||
Westlife Foodworld Ltd.(1) | 808 | 6,337 | ||||||
Whirlpool of India Ltd. | 1,552 | 24,464 | ||||||
Wipro Ltd., ADR | 39,028 | 182,261 | ||||||
Wockhardt Ltd.(1) | 1,829 | 4,139 | ||||||
Yes Bank Ltd.(1) | 673,890 | 142,144 | ||||||
Zee Entertainment Enterprises Ltd. | 65,242 | 154,241 | ||||||
Zensar Technologies Ltd. | 10,622 | 37,256 | ||||||
47,838,673 | ||||||||
Indonesia — 2.2% | ||||||||
ABM Investama Tbk PT | 109,100 | 20,169 | ||||||
Ace Hardware Indonesia Tbk PT | 107,700 | 3,566 | ||||||
Adaro Energy Indonesia Tbk PT | 1,082,800 | 212,145 | ||||||
Adaro Minerals Indonesia Tbk PT(1) | 364,600 | 31,072 | ||||||
Adhi Karya Persero Tbk PT(1) | 245,413 | 7,112 | ||||||
Adi Sarana Armada Tbk PT(1) | 73,600 | 4,900 | ||||||
Agung Podomoro Land Tbk PT(1) | 80,200 | 794 | ||||||
AKR Corporindo Tbk PT | 983,900 | 89,300 | ||||||
Alam Sutera Realty Tbk PT(1) | 534,300 | 5,641 | ||||||
Aneka Tambang Tbk PT | 557,100 | 72,697 | ||||||
Astra Agro Lestari Tbk PT | 40,600 | 22,099 | ||||||
Astra International Tbk PT | 755,200 | 302,086 | ||||||
Astrindo Nusantara Infrastructure Tbk PT(1) | 4,007,500 | 39,676 | ||||||
Bank BTPN Syariah Tbk PT | 269,000 | 41,267 | ||||||
Bank Bukopin Tbk PT(1) | 1,089,998 | 8,506 | ||||||
Bank Central Asia Tbk PT | 985,200 | 565,050 | ||||||
Bank China Construction Bank Indonesia Tbk PT(1) | 357,900 | 1,877 | ||||||
Bank Jago Tbk PT(1) | 31,000 | 5,099 | ||||||
Bank Mandiri Persero Tbk PT | 1,009,900 | 662,040 | ||||||
Bank Negara Indonesia Persero Tbk PT | 404,100 | 232,408 | ||||||
Bank Pan Indonesia Tbk PT | 266,100 | 25,211 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 248,200 | 21,482 | ||||||
Bank Pembangunan Daerah Jawa Timur Tbk PT | 113,500 | 5,507 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 1,737,797 | 531,880 | ||||||
Bank Syariah Indonesia Tbk PT | 68,639 | 6,841 | ||||||
Bank Tabungan Negara Persero Tbk PT | 495,645 | 43,053 | ||||||
Barito Pacific Tbk PT | 255,310 | 15,651 | ||||||
BFI Finance Indonesia Tbk PT | 722,900 | 64,693 | ||||||
Blue Bird Tbk PT | 139,500 | 16,142 | ||||||
Buana Lintas Lautan Tbk PT(1) | 553,700 | 4,828 | ||||||
Bukalapak.com Tbk PT(1) | 3,493,700 | 60,009 | ||||||
Bukit Asam Tbk PT | 421,600 | 106,682 | ||||||
Bumi Resources Tbk PT(1) | 1,787,700 | 15,943 | ||||||
Bumi Serpong Damai Tbk PT(1) | 732,100 | 47,505 | ||||||
Buyung Poetra Sembada PT | 68,000 | 495 | ||||||
Charoen Pokphand Indonesia Tbk PT | 212,200 | 74,784 |
34
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Ciputra Development Tbk PT | 1,125,200 | $ | 73,039 | |||||
Delta Dunia Makmur Tbk PT | 708,900 | 14,220 | ||||||
Dharma Satya Nusantara Tbk PT | 840,800 | 36,660 | ||||||
Elnusa Tbk PT | 183,200 | 3,693 | ||||||
Erajaya Swasembada Tbk PT | 964,900 | 32,576 | ||||||
Gajah Tunggal Tbk PT(1) | 82,900 | 3,398 | ||||||
Global Mediacom Tbk PT(1) | 881,800 | 16,534 | ||||||
Harum Energy Tbk PT | 351,900 | 37,596 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 200,300 | 104,050 | ||||||
Indika Energy Tbk PT | 278,900 | 42,047 | ||||||
Indo Tambangraya Megah Tbk PT | 50,300 | 122,610 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 92,200 | 67,243 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 49,400 | 32,806 | ||||||
Indofood Sukses Makmur Tbk PT | 24,900 | 10,572 | ||||||
Indosat Tbk PT | 103,000 | 46,085 | ||||||
Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 453,652 | 26,177 | ||||||
Japfa Comfeed Indonesia Tbk PT | 481,300 | 42,442 | ||||||
Jasa Marga Persero Tbk PT(1) | 147,500 | 31,432 | ||||||
Kalbe Farma Tbk PT | 769,000 | 106,380 | ||||||
Kresna Graha Investama Tbk PT(1) | 28,000 | 92 | ||||||
Lippo Karawaci Tbk PT(1) | 765,000 | 4,063 | ||||||
Malindo Feedmill Tbk PT(1) | 13,400 | 413 | ||||||
Matahari Department Store Tbk PT | 145,500 | 49,370 | ||||||
Medco Energi Internasional Tbk PT | 1,203,840 | 90,326 | ||||||
Media Nusantara Citra Tbk PT(1) | 624,400 | 26,605 | ||||||
Medikaloka Hermina Tbk PT | 527,400 | 51,534 | ||||||
Merdeka Copper Gold Tbk PT(1) | 385,651 | 114,792 | ||||||
Mitra Adiperkasa Tbk PT(1) | 1,196,800 | 118,503 | ||||||
Mitra Keluarga Karyasehat Tbk PT | 306,200 | 60,037 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 135,800 | 62,323 | ||||||
Pacific Strategic Financial Tbk PT(1) | 340,600 | 25,126 | ||||||
Pakuwon Jati Tbk PT | 1,083,400 | 32,827 | ||||||
Panin Financial Tbk PT | 1,013,700 | 26,455 | ||||||
Perusahaan Gas Negara Tbk PT | 538,400 | 55,229 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 344,600 | 24,066 | ||||||
PP Persero Tbk PT(1) | 159,800 | 6,704 | ||||||
Puradelta Lestari Tbk PT | 105,100 | 1,144 | ||||||
Rimo International Lestari Tbk PT(1) | 329,900 | 1,082 | ||||||
Salim Ivomas Pratama Tbk PT | 44,700 | 1,248 | ||||||
Samator Indo Gas Tbk PT | 86,700 | 11,939 | ||||||
Samudera Indonesia Tbk PT | 1,064,000 | 29,163 | ||||||
Sarana Menara Nusantara Tbk PT | 1,238,500 | 85,259 | ||||||
Sawit Sumbermas Sarana Tbk PT | 567,700 | 60,503 | ||||||
Selamat Sempurna Tbk PT | 68,200 | 6,931 | ||||||
Semen Indonesia Persero Tbk PT | 250,307 | 118,560 | ||||||
Siloam International Hospitals Tbk PT | 16,000 | 1,374 | ||||||
Smartfren Telecom Tbk PT(1) | 3,336,600 | 14,655 | ||||||
Sri Rejeki Isman Tbk PT(1) | 54,600 | 523 | ||||||
Steel Pipe Industry of Indonesia PT | 274,200 | 4,639 | ||||||
Sumber Alfaria Trijaya Tbk PT | 938,300 | 178,438 |
35
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Summarecon Agung Tbk PT | 747,358 | $ | 29,638 | |||||
Surya Citra Media Tbk PT | 478,000 | 6,771 | ||||||
Surya Esa Perkasa Tbk PT | 400,700 | 28,116 | ||||||
Surya Semesta Internusa Tbk PT(1) | 20,600 | 565 | ||||||
Telkom Indonesia Persero Tbk PT, ADR | 19,003 | 489,517 | ||||||
Temas Tbk PT | 125,900 | 27,583 | ||||||
Timah Tbk PT | 278,200 | 21,711 | ||||||
Tower Bersama Infrastructure Tbk PT | 253,700 | 34,766 | ||||||
Transcoal Pacific Tbk PT | 29,600 | 17,228 | ||||||
Tunas Baru Lampung Tbk PT | 24,900 | 1,151 | ||||||
Unilever Indonesia Tbk PT | 362,700 | 99,385 | ||||||
United Tractors Tbk PT | 126,200 | 230,826 | ||||||
Vale Indonesia Tbk PT(1) | 175,600 | 78,549 | ||||||
Waskita Beton Precast Tbk PT(1) | 48,300 | 301 | ||||||
Waskita Karya Persero Tbk PT(1) | 384,292 | 8,769 | ||||||
Wijaya Karya Persero Tbk PT(1) | 513,000 | 21,186 | ||||||
XL Axiata Tbk PT | 491,800 | 67,391 | ||||||
6,645,146 | ||||||||
Malaysia — 1.8% | ||||||||
7-Eleven Malaysia Holdings Bhd, Class B | 3,000 | 1,244 | ||||||
Aeon Co. M Bhd | 118,600 | 35,940 | ||||||
AEON Credit Service M Bhd | 500 | 1,337 | ||||||
AGMO Holdings Bhd(1) | 1,235 | 197 | ||||||
Alliance Bank Malaysia Bhd | 145,500 | 112,819 | ||||||
AMMB Holdings Bhd | 173,800 | 155,265 | ||||||
Ann Joo Resources Bhd | 16,600 | 4,254 | ||||||
Astro Malaysia Holdings Bhd | 23,800 | 3,182 | ||||||
ATA IMS Bhd(1) | 14,300 | 1,019 | ||||||
Axiata Group Bhd | 65,600 | 46,331 | ||||||
Bank Islam Malaysia Bhd | 36,800 | 18,615 | ||||||
Berjaya Corp. Bhd(1) | 415,896 | 28,730 | ||||||
Berjaya Food Bhd | 67,300 | 14,995 | ||||||
Bermaz Auto Bhd | 158,400 | 75,870 | ||||||
Boustead Holdings Bhd | 112,300 | 15,642 | ||||||
Boustead Plantations Bhd | 74,900 | 11,933 | ||||||
Bumi Armada Bhd(1) | 545,900 | 70,357 | ||||||
Bursa Malaysia Bhd | 49,100 | 72,213 | ||||||
Cahya Mata Sarawak Bhd | 117,500 | 30,888 | ||||||
Capital A Bhd(1) | 33,100 | 5,089 | ||||||
Careplus Group Bhd(1) | 13,500 | 857 | ||||||
Carlsberg Brewery Malaysia Bhd | 2,500 | 12,789 | ||||||
CIMB Group Holdings Bhd | 267,250 | 334,098 | ||||||
Coastal Contracts Bhd(1) | 3,400 | 1,712 | ||||||
Comfort Glove Bhd(1) | 6,800 | 613 | ||||||
CSC Steel Holdings Bhd | 18,100 | 4,597 | ||||||
Cypark Resources Bhd(1) | 15,400 | 3,465 | ||||||
Dagang NeXchange Bhd | 250,700 | 33,781 | ||||||
Dayang Enterprise Holdings Bhd | 17,100 | 5,358 | ||||||
Dialog Group Bhd | 69,000 | 34,601 | ||||||
DiGi.Com Bhd | 124,100 | 118,885 |
36
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
DRB-Hicom Bhd | 87,800 | $ | 27,780 | |||||
Dufu Technology Corp. Bhd | 2,800 | 1,310 | ||||||
Eco World Development Group Bhd | 95,100 | 14,410 | ||||||
Econpile Holdings Bhd(1) | 5,500 | 227 | ||||||
Ekovest Bhd(1) | 134,300 | 10,923 | ||||||
Focus Dynamics Group Bhd(1) | 55,800 | 248 | ||||||
Fraser & Neave Holdings Bhd | 5,300 | 32,475 | ||||||
Frontken Corp. Bhd | 54,000 | 37,649 | ||||||
Gamuda Bhd | 194,247 | 181,770 | ||||||
Genting Bhd | 118,100 | 122,619 | ||||||
Genting Malaysia Bhd | 145,200 | 87,347 | ||||||
Genting Plantations Bhd | 6,300 | 8,451 | ||||||
Globetronics Technology Bhd | 12,200 | 2,963 | ||||||
Greatech Technology Bhd(1) | 15,100 | 16,816 | ||||||
Hai-O Enterprise Bhd | 2,076 | 611 | ||||||
HAP Seng Consolidated Bhd | 16,900 | 22,967 | ||||||
Hartalega Holdings Bhd | 108,100 | 35,405 | ||||||
Heineken Malaysia Bhd | 9,800 | 62,487 | ||||||
Hengyuan Refining Co. Bhd | 5,300 | 4,014 | ||||||
Hextar Global Bhd | 38,740 | 19,247 | ||||||
Hextar Healthcare Bhd(1) | 61,100 | 3,881�� | ||||||
Hiap Teck Venture Bhd | 125,000 | 8,075 | ||||||
Hibiscus Petroleum Bhd | 304,300 | 72,107 | ||||||
Hong Leong Bank Bhd | 13,300 | 60,874 | ||||||
Hong Leong Capital Bhd | 8,700 | 11,689 | ||||||
Hong Leong Financial Group Bhd | 8,500 | 34,508 | ||||||
Hong Leong Industries Bhd | 400 | 802 | ||||||
IHH Healthcare Bhd | 14,000 | 18,062 | ||||||
IJM Corp. Bhd | 261,800 | 93,920 | ||||||
Inari Amertron Bhd | 104,900 | 57,231 | ||||||
IOI Corp. Bhd | 75,900 | 64,778 | ||||||
IOI Properties Group Bhd | 41,800 | 10,435 | ||||||
JAKS Resources Bhd(1) | 11,180 | 573 | ||||||
Jaya Tiasa Holdings Bhd | 104,500 | 15,249 | ||||||
Kossan Rubber Industries Bhd | 136,100 | 33,050 | ||||||
KPJ Healthcare Bhd | 33,800 | 7,909 | ||||||
KSL Holdings Bhd(1) | 5,500 | 999 | ||||||
Kuala Lumpur Kepong Bhd | 18,400 | 85,259 | ||||||
Land & General Bhd | 29,900 | 732 | ||||||
LBS Bina Group Bhd | 8,961 | 819 | ||||||
Leong Hup International Bhd(1) | 5,600 | 618 | ||||||
Lii Hen Industries Bhd | 4,200 | 814 | ||||||
Lotte Chemical Titan Holding Bhd | 20,000 | 6,151 | ||||||
Luxchem Corp. Bhd | 20,900 | 2,445 | ||||||
Mah Sing Group Bhd | 51,600 | 6,955 | ||||||
Malakoff Corp. Bhd | 6,800 | 1,022 | ||||||
Malayan Banking Bhd | 162,949 | 319,527 | ||||||
Malayan Flour Mills Bhd | 26,300 | 4,776 | ||||||
Malaysia Airports Holdings Bhd(1) | 27,900 | 42,219 | ||||||
Malaysia Building Society Bhd(1) | 190,000 | 25,610 |
37
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Malaysia Marine & Heavy Engineering Holdings Bhd | 4,700 | $ | 690 | |||||
Malaysian Pacific Industries Bhd | 8,600 | 57,329 | ||||||
Malaysian Resources Corp. Bhd | 9,900 | 684 | ||||||
Matrix Concepts Holdings Bhd | 18,300 | 6,075 | ||||||
Maxis Bhd | 96,500 | 84,066 | ||||||
Media Prima Bhd | 58,500 | 5,409 | ||||||
Mega First Corp. Bhd | 4,200 | 3,450 | ||||||
MISC Bhd | 64,900 | 109,291 | ||||||
MKH Bhd | 2,900 | 788 | ||||||
MR DIY Group M Bhd | 67,500 | 25,563 | ||||||
Muhibbah Engineering M Bhd(1) | 2,000 | 285 | ||||||
My EG Services Bhd | 132,900 | 21,316 | ||||||
Naim Holdings Bhd(1) | 4,300 | 522 | ||||||
Nestle Malaysia Bhd | 2,200 | 66,241 | ||||||
OCK Group Bhd | 7,100 | 625 | ||||||
OSK Holdings Bhd | 6,600 | 1,500 | ||||||
Padini Holdings Bhd | 12,900 | 11,209 | ||||||
Paramount Corp. Bhd | 3,400 | 678 | ||||||
Perak Transit Bhd | 5,566 | 1,377 | ||||||
PESTECH International Bhd(1) | 29,625 | 1,584 | ||||||
Petronas Chemicals Group Bhd | 95,500 | 152,342 | ||||||
Petronas Dagangan Bhd | 10,200 | 47,802 | ||||||
Petronas Gas Bhd | 38,100 | 141,428 | ||||||
Poh Huat Resources Holdings Bhd | 2,800 | 855 | ||||||
PPB Group Bhd | 15,500 | 60,435 | ||||||
Press Metal Aluminium Holdings Bhd | 39,400 | 45,289 | ||||||
Public Bank Bhd | 476,700 | 438,711 | ||||||
QL Resources Bhd | 31,850 | 41,243 | ||||||
Ranhill Utilities Bhd | 3,829 | 392 | ||||||
RHB Bank Bhd | 108,531 | 137,366 | ||||||
Sam Engineering & Equipment M Bhd | 2,400 | 2,502 | ||||||
Sapura Energy Bhd(1) | 43,200 | 431 | ||||||
Sarawak Oil Palms Bhd | 31,800 | 18,706 | ||||||
Scientex Bhd | 22,400 | 18,068 | ||||||
Serba Dinamik Holdings Bhd(1) | 4,000 | 18 | ||||||
Sime Darby Bhd | 142,000 | 71,831 | ||||||
Sime Darby Plantation Bhd | 140,700 | 132,670 | ||||||
Sime Darby Property Bhd | 33,900 | 3,625 | ||||||
SP Setia Bhd Group | 120,300 | 16,612 | ||||||
Sports Toto Bhd | 7,536 | 2,553 | ||||||
Sunway Bhd | 82,300 | 29,888 | ||||||
Sunway Construction Group Bhd | 11,200 | 4,168 | ||||||
Supermax Corp. Bhd | 208,043 | 34,994 | ||||||
Syarikat Takaful Malaysia Keluarga Bhd | 18,100 | 13,351 | ||||||
Ta Ann Holdings Bhd | 26,400 | 19,652 | ||||||
Telekom Malaysia Bhd | 84,600 | 94,826 | ||||||
Tenaga Nasional Bhd | 78,100 | 163,085 | ||||||
Thong Guan Industries Bhd | 2,400 | 1,230 | ||||||
TIME dotCom Bhd | 58,200 | 69,380 | ||||||
Tiong NAM Logistics Holdings(1) | 26,900 | 4,551 |
38
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Top Glove Corp. Bhd(1) | 238,700 | $ | 40,151 | |||||
Tropicana Corp. Bhd(1) | 4,807 | 1,521 | ||||||
TSH Resources Bhd | 77,200 | 17,720 | ||||||
Uchi Technologies Bhd | 7,500 | 5,414 | ||||||
UEM Sunrise Bhd(1) | 6,800 | 394 | ||||||
UMW Holdings Bhd | 45,200 | 39,273 | ||||||
Unisem M Bhd | 51,700 | 34,077 | ||||||
United Plantations Bhd | 5,000 | 18,384 | ||||||
UWC Bhd | 6,400 | 5,708 | ||||||
Velesto Energy Bhd(1) | 623,700 | 26,416 | ||||||
ViTrox Corp. Bhd | 4,000 | 7,128 | ||||||
Vizione Holdings Bhd(1) | 5,100 | 68 | ||||||
VS Industry Bhd | 66,800 | 13,088 | ||||||
Wah Seong Corp. Bhd(1) | 16,200 | 3,139 | ||||||
WCT Holdings Bhd | 7,446 | 705 | ||||||
Westports Holdings Bhd | 38,900 | 32,074 | ||||||
Yinson Holdings Bhd | 163,020 | 98,149 | ||||||
YTL Corp. Bhd | 27,796 | 3,499 | ||||||
YTL Power International Bhd | 117,700 | 19,929 | ||||||
5,471,007 | ||||||||
Mexico — 2.9% | ||||||||
Alfa SAB de CV, Class A | 292,300 | 191,709 | ||||||
Alpek SAB de CV | 45,690 | 55,762 | ||||||
Alsea SAB de CV(1) | 35,100 | 77,695 | ||||||
America Movil SAB de CV, Class L, ADR | 43,995 | 905,417 | ||||||
Arca Continental SAB de CV | 12,800 | 108,415 | ||||||
Banco del Bajio SA | 98,977 | 378,186 | ||||||
Becle SAB de CV(2) | 4,400 | 10,673 | ||||||
Bolsa Mexicana de Valores SAB de CV | 10,700 | 20,860 | ||||||
Cemex SAB de CV, ADR(1) | 45,449 | 226,336 | ||||||
Coca-Cola Femsa SAB de CV | 36,405 | 263,121 | ||||||
Consorcio ARA SAB de CV | 4,900 | 1,061 | ||||||
Controladora Vuela Cia de Aviacion SAB de CV, ADR(1) | 12,104 | 141,859 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 45,700 | 132,356 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 600 | 3,646 | ||||||
Fomento Economico Mexicano SAB de CV, ADR | 6,998 | 643,256 | ||||||
GCC SAB de CV | 17,400 | 137,325 | ||||||
Genomma Lab Internacional SAB de CV, Class B | 94,200 | 75,735 | ||||||
Gentera SAB de CV | 249,100 | 269,978 | ||||||
Gruma SAB de CV, B Shares | 12,085 | 178,001 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 5,145 | 401,259 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, ADR | 2,112 | 401,449 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, ADR | 306 | 87,571 | ||||||
Grupo Bimbo SAB de CV, Series A | 35,600 | 169,726 | ||||||
Grupo Carso SAB de CV, Series A1 | 13,100 | 62,799 | ||||||
Grupo Comercial Chedraui SA de CV | 33,500 | 170,278 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 114,796 | 971,749 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O(1) | 129,050 | 269,717 | ||||||
Grupo GICSA SAB de CV(1) | 8,000 | 839 | ||||||
Grupo Industrial Saltillo SAB de CV | 1,800 | 2,804 |
39
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Grupo Mexico SAB de CV, Series B | 126,594 | $ | 569,367 | |||||
Grupo Rotoplas SAB de CV(1) | 1,969 | 3,211 | ||||||
Grupo Televisa SAB, ADR | 36,065 | 178,882 | ||||||
Grupo Traxion SAB de CV(1)(2) | 18,200 | 33,980 | ||||||
Hoteles City Express SAB de CV(1) | 1,300 | 597 | ||||||
Industrias Penoles SAB de CV(1) | 14,020 | 167,743 | ||||||
Kimberly-Clark de Mexico SAB de CV, A Shares | 100,200 | 200,438 | ||||||
La Comer SAB de CV | 32,900 | 72,646 | ||||||
Megacable Holdings SAB de CV | 49,200 | 126,465 | ||||||
Nemak SAB de CV(1) | 286,440 | 72,641 | ||||||
Orbia Advance Corp. SAB de CV | 49,300 | 102,418 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 18,350 | 178,982 | ||||||
Qualitas Controladora SAB de CV(2) | 31,800 | 197,806 | ||||||
Regional SAB de CV | 4,890 | 40,571 | ||||||
Wal-Mart de Mexico SAB de CV | 82,697 | 325,879 | ||||||
8,631,208 | ||||||||
Peru — 0.3% | ||||||||
Cia de Minas Buenaventura SAA, ADR | 37,087 | 281,120 | ||||||
Credicorp Ltd. | 1,767 | 225,151 | ||||||
Intercorp Financial Services, Inc. | 4,299 | 102,445 | ||||||
Southern Copper Corp. | 2,512 | 185,109 | ||||||
793,825 | ||||||||
Philippines — 0.9% | ||||||||
Aboitiz Equity Ventures, Inc. | 79,690 | 77,731 | ||||||
Aboitiz Power Corp. | 12,100 | 8,273 | ||||||
ACEN Corp. | 112,530 | 12,877 | ||||||
Alliance Global Group, Inc. | 166,000 | 37,708 | ||||||
Ayala Corp. | 10,600 | 119,511 | ||||||
Ayala Land, Inc. | 224,700 | 115,497 | ||||||
Ayalaland Logistics Holdings Corp.(1) | 17,000 | 915 | ||||||
Bank of the Philippine Islands | 78,660 | 155,975 | ||||||
BDO Unibank, Inc. | 96,360 | 214,610 | ||||||
Cebu Air, Inc.(1) | 6,390 | 4,845 | ||||||
Century Pacific Food, Inc. | 41,200 | 19,538 | ||||||
Converge Information & Communications Technology Solutions, Inc. (1) | 156,800 | 46,006 | ||||||
Cosco Capital, Inc. | 51,700 | 3,896 | ||||||
DMCI Holdings, Inc. | 574,500 | 109,458 | ||||||
DoubleDragon Corp. | 2,700 | 332 | ||||||
East West Banking Corp. | 5,400 | 712 | ||||||
EEI Corp.(1) | 5,000 | 253 | ||||||
Filinvest Land, Inc. | 41,000 | 600 | ||||||
First Gen Corp. | 22,300 | 6,951 | ||||||
Ginebra San Miguel, Inc. | 1,300 | 2,806 | ||||||
Global Ferronickel Holdings, Inc. | 171,000 | 7,410 | ||||||
Globe Telecom, Inc. | 1,865 | 59,756 | ||||||
GT Capital Holdings, Inc. | 8,670 | 81,246 | ||||||
Integrated Micro-Electronics, Inc.(1) | 6,600 | 620 | ||||||
International Container Terminal Services, Inc. | 46,430 | 167,490 | ||||||
JG Summit Holdings, Inc. | 121,203 | 107,814 | ||||||
Jollibee Foods Corp. | 32,680 | 141,613 |
40
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Manila Electric Co. | 8,850 | $ | 50,806 | |||||
Manila Water Co., Inc. | 32,900 | 11,286 | ||||||
Max's Group, Inc.(1) | 4,100 | 381 | ||||||
Megaworld Corp. | 712,000 | 25,969 | ||||||
Metro Pacific Investments Corp. | 1,331,000 | 98,083 | ||||||
Metropolitan Bank & Trust Co. | 222,900 | 234,148 | ||||||
Monde Nissin Corp. | 229,500 | 49,971 | ||||||
Nickel Asia Corp. | 273,100 | 34,674 | ||||||
Petron Corp.(1) | 75,000 | 3,412 | ||||||
Pilipinas Shell Petroleum Corp. | 1,600 | 491 | ||||||
PLDT, Inc., ADR(2) | 4,443 | 104,188 | ||||||
Puregold Price Club, Inc. | 65,600 | 37,338 | ||||||
Robinsons Land Corp. | 91,300 | 24,821 | ||||||
Robinsons Retail Holdings, Inc. | 34,190 | 33,580 | ||||||
Security Bank Corp. | 57,680 | 107,027 | ||||||
Semirara Mining & Power Corp. | 89,900 | 48,671 | ||||||
SM Investments Corp. | 5,995 | 92,159 | ||||||
SM Prime Holdings, Inc. | 134,900 | 82,914 | ||||||
Universal Robina Corp. | 32,640 | 80,489 | ||||||
Vista Land & Lifescapes, Inc. | 62,800 | 2,040 | ||||||
Wilcon Depot, Inc. | 81,300 | 46,370 | ||||||
2,673,261 | ||||||||
Poland — 0.9% | ||||||||
Alior Bank SA(1) | 13,298 | 121,073 | ||||||
Allegro.eu SA(1) | 9,307 | 60,662 | ||||||
AmRest Holdings SE(1) | 2,830 | 13,237 | ||||||
Asseco Poland SA | 1,398 | 25,071 | ||||||
Bank Millennium SA(1) | 82,872 | 84,266 | ||||||
Bank Polska Kasa Opieki SA | 5,325 | 107,156 | ||||||
CCC SA(1) | 3,273 | 26,016 | ||||||
CD Projekt SA | 3,015 | 89,696 | ||||||
Ciech SA | 2,368 | 27,596 | ||||||
Cyfrowy Polsat SA | 4,067 | 15,754 | ||||||
Dino Polska SA(1) | 1,614 | 134,742 | ||||||
Enea SA(1) | 26,578 | 38,649 | ||||||
Eurocash SA(1) | 2,586 | 8,681 | ||||||
Famur SA(1) | 6,958 | 5,982 | ||||||
Grupa Azoty SA(1) | 5,389 | 46,894 | ||||||
Jastrzebska Spolka Weglowa SA(1) | 7,794 | 95,763 | ||||||
KGHM Polska Miedz SA | 6,983 | 199,148 | ||||||
KRUK SA | 2,018 | 149,980 | ||||||
LiveChat Software SA | 1,024 | 32,224 | ||||||
LPP SA | 65 | 137,295 | ||||||
Lubelski Wegiel Bogdanka SA | 109 | 1,152 | ||||||
mBank SA(1) | 675 | 49,710 | ||||||
Mercator Medical SA(1) | 146 | 1,480 | ||||||
Neuca SA | 24 | 3,175 | ||||||
Orange Polska SA | 79,818 | 120,527 | ||||||
Pepco Group NV(1) | 5,534 | 54,817 | ||||||
PGE Polska Grupa Energetyczna SA(1) | 20,198 | 30,304 |
41
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
PKP Cargo SA(1) | 196 | $ | 662 | |||||
Polski Koncern Naftowy ORLEN SA | 27,322 | 408,070 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 14,593 | 101,834 | ||||||
Powszechny Zaklad Ubezpieczen SA | 14,313 | 117,681 | ||||||
Santander Bank Polska SA | 2,242 | 150,449 | ||||||
Tauron Polska Energia SA(1) | 95,228 | 46,059 | ||||||
TEN Square Games SA | 170 | 5,004 | ||||||
Warsaw Stock Exchange | 783 | 6,534 | ||||||
XTB SA | 8,988 | 67,257 | ||||||
2,584,600 | ||||||||
Russia(3)† | ||||||||
Gazprom PJSC | 309,544 | 1 | ||||||
Globaltrans Investment PLC, GDR(1) | 19,562 | 2 | ||||||
LUKOIL PJSC | 14,461 | — | ||||||
Magnit PJSC(1) | 1,613 | — | ||||||
Magnit PJSC, GDR(1) | 3 | — | ||||||
Mechel PJSC(1) | 7,372 | — | ||||||
MMC Norilsk Nickel PJSC | 849 | — | ||||||
MMC Norilsk Nickel PJSC, ADR(1) | 3 | — | ||||||
Mobile TeleSystems PJSC, ADR(1) | 11,495 | 1 | ||||||
Novatek PJSC | 8,700 | — | ||||||
Novolipetsk Steel PJSC(1) | 60,580 | — | ||||||
O'Key Group SA, GDR | 1,578 | — | ||||||
PhosAgro PJSC(1) | 44 | — | ||||||
PhosAgro PJSC LI, GDR(1) | 2 | — | ||||||
PhosAgro PJSC RX | 2,275 | — | ||||||
Ros Agro PLC, GDR(1) | 3,053 | — | ||||||
Rosneft Oil Co. PJSC | 36,427 | — | ||||||
Severstal PAO, GDR(1) | 6,837 | 1 | ||||||
Tatneft PJSC | 61,368 | — | ||||||
VK Co. Ltd., GDR(1) | 87 | — | ||||||
VTB Bank PJSC(1) | 386,396,000 | 515 | ||||||
X5 Retail Group NV, GDR(1) | 2,570 | — | ||||||
520 | ||||||||
South Africa — 3.9% | ||||||||
Absa Group Ltd. | 52,965 | 571,842 | ||||||
Adcock Ingram Holdings Ltd. | 305 | 894 | ||||||
Advtech Ltd. | 12,737 | 12,863 | ||||||
AECI Ltd. | 8,701 | 44,192 | ||||||
African Rainbow Minerals Ltd. | 10,125 | 140,139 | ||||||
Afrimat Ltd. | 756 | 2,219 | ||||||
Alexander Forbes Group Holdings Ltd. | 4,775 | 1,299 | ||||||
Anglo American Platinum Ltd. | 1,400 | 77,415 | ||||||
AngloGold Ashanti Ltd., ADR | 26,976 | 449,420 | ||||||
Aspen Pharmacare Holdings Ltd. | 21,329 | 164,699 | ||||||
Astral Foods Ltd. | 7,442 | 66,228 | ||||||
Aveng Ltd.(1) | 7,715 | 6,295 | ||||||
AVI Ltd. | 27,930 | 115,636 | ||||||
Balwin Properties Ltd. | 4,197 | 719 | ||||||
Barloworld Ltd. | 29,587 | 147,456 |
42
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Bid Corp. Ltd. | 8,305 | $ | 181,643 | |||||
Bidvest Group Ltd. | 8,951 | 114,142 | ||||||
Blue Label Telecoms Ltd.(1) | 5,048 | 1,248 | ||||||
Brait PLC(1)(2) | 4,194 | 822 | ||||||
Capitec Bank Holdings Ltd. | 1,630 | 155,509 | ||||||
Cashbuild Ltd. | 488 | 5,263 | ||||||
City Lodge Hotels Ltd.(1) | 2,646 | 624 | ||||||
Clicks Group Ltd. | 9,263 | 134,944 | ||||||
Coronation Fund Managers Ltd. | 24,694 | 42,053 | ||||||
Curro Holdings Ltd.(2) | 45,943 | 21,940 | ||||||
Dis-Chem Pharmacies Ltd. | 25,081 | 36,947 | ||||||
Discovery Ltd.(1) | 14,687 | 119,687 | ||||||
Distell Group Holdings Ltd.(1) | 1,448 | 13,831 | ||||||
DRDGOLD Ltd. | 20,138 | 14,782 | ||||||
EOH Holdings Ltd.(1) | 1,194 | 102 | ||||||
Exxaro Resources Ltd. | 13,410 | 146,777 | ||||||
Famous Brands Ltd. | 293 | 1,061 | ||||||
FirstRand Ltd. | 141,744 | 505,567 | ||||||
Foschini Group Ltd. | 26,188 | 144,648 | ||||||
Gold Fields Ltd., ADR | 49,059 | 445,946 | ||||||
Grindrod Ltd. | 68,214 | 38,154 | ||||||
Harmony Gold Mining Co. Ltd., ADR(2) | 67,008 | 207,055 | ||||||
Impala Platinum Holdings Ltd. | 60,833 | 567,991 | ||||||
Investec Ltd. | 18,763 | 120,045 | ||||||
Kaap Agri Ltd. | 177 | 397 | ||||||
KAP Industrial Holdings Ltd. | 178,079 | 33,792 | ||||||
Kumba Iron Ore Ltd. | 3,565 | 92,968 | ||||||
Lewis Group Ltd. | 508 | 1,153 | ||||||
Life Healthcare Group Holdings Ltd. | 96,456 | 102,845 | ||||||
Metair Investments Ltd. | 1,914 | 2,502 | ||||||
MiX Telematics Ltd., ADR | 83 | 676 | ||||||
Momentum Metropolitan Holdings | 222,391 | 240,478 | ||||||
Motus Holdings Ltd. | 16,603 | 100,153 | ||||||
Mpact Ltd. | 965 | 1,578 | ||||||
Mr Price Group Ltd. | 12,571 | 104,252 | ||||||
MTN Group Ltd. | 56,441 | 444,724 | ||||||
MultiChoice Group | 21,390 | 164,851 | ||||||
Murray & Roberts Holdings Ltd.(1) | 1,453 | 170 | ||||||
Naspers Ltd., N Shares | 3,023 | 531,575 | ||||||
Nedbank Group Ltd. | 29,954 | 375,849 | ||||||
NEPI Rockcastle NV | 41,602 | 249,223 | ||||||
Netcare Ltd. | 121,001 | 100,285 | ||||||
Ninety One Ltd. | 15,489 | 38,839 | ||||||
Northam Platinum Holdings Ltd.(1) | 29,884 | 246,243 | ||||||
Oceana Group Ltd. | 464 | 1,831 | ||||||
Old Mutual Ltd. | 421,474 | 273,387 | ||||||
Omnia Holdings Ltd. | 30,120 | 97,979 | ||||||
OUTsurance Group Ltd. | 43,611 | 84,827 | ||||||
Pepkor Holdings Ltd. | 20,522 | 20,961 | ||||||
Pick n Pay Stores Ltd. | 27,885 | 69,725 |
43
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
PPC Ltd.(1)(2) | 125,428 | $ | 21,621 | |||||
Raubex Group Ltd. | 2,320 | 3,594 | ||||||
Reinet Investments SCA | 11,800 | 233,584 | ||||||
Remgro Ltd. | 31,820 | 242,198 | ||||||
Reunert Ltd. | 3,156 | 10,194 | ||||||
RFG Holdings Ltd. | 1,040 | 673 | ||||||
RMB Holdings Ltd. | 8,812 | 250 | ||||||
Royal Bafokeng Platinum Ltd. | 15,814 | 133,922 | ||||||
Sanlam Ltd. | 47,525 | 154,664 | ||||||
Santam Ltd. | 2,838 | 45,678 | ||||||
Sappi Ltd. | 75,826 | 201,757 | ||||||
Sasol Ltd., ADR(2) | 26,634 | 384,861 | ||||||
Shoprite Holdings Ltd. | 14,624 | 177,085 | ||||||
Sibanye Stillwater Ltd., ADR(2) | 53,939 | 436,906 | ||||||
Southern Sun Ltd.(1) | 3,866 | 929 | ||||||
SPAR Group Ltd.(2) | 7,714 | 60,492 | ||||||
Standard Bank Group Ltd. | 41,521 | 414,754 | ||||||
Steinhoff International Holdings NV(1)(2) | 112,095 | 2,436 | ||||||
Sun International Ltd. | 488 | 897 | ||||||
Telkom SA SOC Ltd.(1)(2) | 51,035 | 106,480 | ||||||
Thungela Resources Ltd. | 25,484 | 296,310 | ||||||
Tiger Brands Ltd.(2) | 10,528 | 127,253 | ||||||
Transaction Capital Ltd. | 9,016 | 15,311 | ||||||
Trencor Ltd.(1) | 1,689 | 569 | ||||||
Truworths International Ltd. | 30,638 | 98,668 | ||||||
Tsogo Sun Gaming Ltd.(2) | 3,616 | 2,345 | ||||||
Vodacom Group Ltd. | 17,179 | 118,392 | ||||||
Wilson Bayly Holmes-Ovcon Ltd.(1) | 1,556 | 8,810 | ||||||
Woolworths Holdings Ltd. | 53,338 | 223,649 | ||||||
Zeda Ltd.(1) | 24,857 | 16,323 | ||||||
Zeder Investments Ltd.(2) | 8,750 | 820 | ||||||
11,744,785 | ||||||||
South Korea — 13.0% | ||||||||
ABLBio, Inc.(1) | 1,967 | 30,885 | ||||||
Advanced Process Systems Corp.(1) | 1,624 | 24,800 | ||||||
Aekyung Industrial Co. Ltd. | 349 | 4,914 | ||||||
AfreecaTV Co. Ltd. | 388 | 26,153 | ||||||
Agabang&Company(1) | 2,113 | 6,929 | ||||||
Ahnlab, Inc. | 230 | 13,156 | ||||||
Alteogen, Inc.(1) | 216 | 6,132 | ||||||
Amorepacific Corp. | 893 | 93,349 | ||||||
AMOREPACIFIC Group | 1,483 | 44,854 | ||||||
Ananti, Inc.(1) | 6,338 | 34,766 | ||||||
Aprogen Biologics(1) | 1,383 | 371 | ||||||
Aprogen, Inc.(1) | 145 | 188 | ||||||
Asiana Airlines, Inc.(1) | 3,845 | 40,722 | ||||||
BGF Co. Ltd. | 616 | 2,149 | ||||||
BGF retail Co. Ltd. | 779 | 106,547 | ||||||
BH Co. Ltd. | 3,372 | 60,184 | ||||||
Binggrae Co. Ltd.(1) | 616 | 19,510 |
44
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Bioneer Corp.(1) | 1,389 | $ | 56,029 | |||||
BNK Financial Group, Inc. | 40,900 | 206,994 | ||||||
Boditech Med, Inc. | 953 | 8,448 | ||||||
Boryung | 2,557 | 17,372 | ||||||
Bukwang Pharmaceutical Co. Ltd. | 513 | 3,218 | ||||||
Byucksan Corp.(1) | 2,612 | 4,510 | ||||||
Caregen Co. Ltd. | 169 | 22,521 | ||||||
Cellid Co. Ltd.(1) | 65 | 548 | ||||||
Celltrion Healthcare Co. Ltd. | 1,398 | 57,498 | ||||||
Celltrion Pharm, Inc.(1) | 264 | 11,418 | ||||||
Celltrion, Inc. | 2,025 | 222,078 | ||||||
Chabiotech Co. Ltd.(1) | 2,331 | 24,692 | ||||||
Cheil Worldwide, Inc. | 4,386 | 66,313 | ||||||
Chong Kun Dang Pharmaceutical Corp. | 828 | 49,485 | ||||||
Chongkundang Holdings Corp. | 42 | 1,712 | ||||||
Chunbo Co. Ltd. | 75 | 14,267 | ||||||
CJ CGV Co. Ltd.(1) | 2,045 | 26,124 | ||||||
CJ CheilJedang Corp. | 437 | 106,041 | ||||||
CJ Corp. | 1,535 | 100,774 | ||||||
CJ ENM Co. Ltd.(1) | 1,590 | 111,266 | ||||||
CJ Logistics Corp. | 966 | 59,644 | ||||||
Classys, Inc.(1) | 1,624 | 24,989 | ||||||
CMG Pharmaceutical Co. Ltd.(1) | 803 | 1,336 | ||||||
Com2uSCorp | 114 | 5,858 | ||||||
Cosmax, Inc.(1) | 1,131 | 66,018 | ||||||
CosmoAM&T Co. Ltd.(1) | 253 | 14,780 | ||||||
COSON Co. Ltd.(1) | 1,078 | 2,143 | ||||||
Coway Co. Ltd. | 4,999 | 201,689 | ||||||
COWELL FASHION Co. Ltd. | 866 | 3,040 | ||||||
CrystalGenomics, Inc.(1) | 1,166 | 2,957 | ||||||
CS Wind Corp. | 558 | 28,162 | ||||||
Cuckoo Homesys Co. Ltd.(1) | 704 | 15,935 | ||||||
Daea TI Co. Ltd.(1) | 824 | 2,006 | ||||||
Daeduck Electronics Co. Ltd. | 4,805 | 76,071 | ||||||
Daesang Corp.(1) | 1,157 | 17,437 | ||||||
Daewon Pharmaceutical Co. Ltd. | 395 | 4,548 | ||||||
Daewoo Engineering & Construction Co. Ltd.(1) | 26,080 | 84,747 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(1) | 1,178 | 22,882 | ||||||
Daewoong Co. Ltd.(1) | 705 | 9,125 | ||||||
Daewoong Pharmaceutical Co. Ltd.(1) | 323 | 28,480 | ||||||
Daishin Securities Co. Ltd.(1) | 4,161 | 41,144 | ||||||
Daol Investment & Securities Co. Ltd.(1) | 5,885 | 21,661 | ||||||
Daou Data Corp. | 2,016 | 73,895 | ||||||
Daou Technology, Inc. | 2,270 | 37,016 | ||||||
Dawonsys Co. Ltd.(1) | 62 | 684 | ||||||
DB Financial Investment Co. Ltd.(1) | 1,678 | 5,303 | ||||||
DB HiTek Co. Ltd. | 5,137 | 175,496 | ||||||
DB Insurance Co. Ltd. | 5,455 | 317,448 | ||||||
Dentium Co. Ltd.(1) | 478 | 43,656 | ||||||
Devsisters Co. Ltd.(1) | 99 | 4,221 |
45
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
DGB Financial Group, Inc. | 25,554 | $ | 152,549 | |||||
DIO Corp.(1) | 562 | 10,335 | ||||||
DL E&C Co. Ltd. | 5,052 | 125,820 | ||||||
DL Holdings Co. Ltd. | 1,379 | 61,333 | ||||||
Dong-A Socio Holdings Co. Ltd. | 122 | 8,842 | ||||||
Dong-A ST Co. Ltd. | 227 | 10,165 | ||||||
Dongjin Semichem Co. Ltd. | 2,768 | 74,468 | ||||||
DongKook Pharmaceutical Co. Ltd. | 415 | 5,056 | ||||||
Dongkuk Steel Mill Co. Ltd. | 11,272 | 116,562 | ||||||
Dongsuh Cos., Inc. | 1,309 | 19,117 | ||||||
Dongwha Enterprise Co. Ltd.(1) | 82 | 3,514 | ||||||
Dongwha Pharm Co. Ltd. | 1,215 | 8,269 | ||||||
Dongwon Development Co. Ltd. | 641 | 1,561 | ||||||
Dongwon F&B Co. Ltd. | 93 | 11,405 | ||||||
Dongwon Industries Co. Ltd. | 950 | 37,004 | ||||||
Dongwon Systems Corp. | 217 | 6,487 | ||||||
Doosan Bobcat, Inc. | 917 | 26,252 | ||||||
Doosan Enerbility Co. Ltd.(1) | 8,853 | 108,666 | ||||||
Doosan Fuel Cell Co. Ltd.(1) | 603 | 15,647 | ||||||
Doosan Tesna, Inc. | 1,960 | 49,493 | ||||||
DoubleUGames Co. Ltd. | 843 | 29,467 | ||||||
Douzone Bizon Co. Ltd. | 1,500 | 38,932 | ||||||
Dreamtech Co. Ltd.(1) | 2,473 | 17,719 | ||||||
Duk San Neolux Co. Ltd.(1) | 569 | 19,032 | ||||||
Echo Marketing, Inc. | 366 | 3,620 | ||||||
Ecopro BM Co. Ltd. | 496 | 62,289 | ||||||
Ecopro Co. Ltd. | 174 | 37,484 | ||||||
Ecopro HN Co. Ltd. | 136 | 5,339 | ||||||
E-MART, Inc. | 1,032 | 87,297 | ||||||
ENF Technology Co. Ltd. | 240 | 4,236 | ||||||
Eo Technics Co. Ltd.(1) | 446 | 25,733 | ||||||
Eoflow Co. Ltd.(1) | 486 | 9,058 | ||||||
Eugene Corp.(1) | 3,001 | 8,049 | ||||||
Eugene Investment & Securities Co. Ltd.(1) | 4,439 | 9,026 | ||||||
Eugene Technology Co. Ltd. | 502 | 10,046 | ||||||
F&F Co. Ltd. / New | 900 | 94,314 | ||||||
F&F Holdings Co. Ltd. | 27 | 525 | ||||||
Fila Holdings Corp. | 3,645 | 107,387 | ||||||
Fine Semitech Corp. | 363 | 5,769 | ||||||
Foosung Co. Ltd. | 1,807 | 18,127 | ||||||
GemVax & Kael Co. Ltd.(1) | 680 | 8,077 | ||||||
Genexine, Inc.(1) | 105 | 1,145 | ||||||
Giantstep, Inc.(1) | 170 | 2,935 | ||||||
GOLFZON Co. Ltd.(1) | 448 | 48,523 | ||||||
Gradiant Corp. | 604 | 6,857 | ||||||
Grand Korea Leisure Co. Ltd.(1) | 242 | 3,766 | ||||||
Green Cross Corp. | 210 | 18,997 | ||||||
Green Cross Holdings Corp. | 435 | 5,227 | ||||||
GS Engineering & Construction Corp. | 6,709 | 112,621 | ||||||
GS Holdings Corp. | 6,733 | 206,941 |
46
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
GS Retail Co. Ltd. | 6,341 | $ | 138,185 | |||||
HAESUNG DS Co. Ltd. | 1,458 | 44,204 | ||||||
Hana Financial Group, Inc. | 25,172 | 863,330 | ||||||
Hana Materials, Inc. | 366 | 10,374 | ||||||
Hana Micron, Inc. | 3,236 | 26,859 | ||||||
Hanall Biopharma Co. Ltd.(1) | 410 | 4,817 | ||||||
Handsome Co. Ltd. | 2,251 | 43,731 | ||||||
Hanil Cement Co. Ltd. | 730 | 6,578 | ||||||
Hanjin Kal Corp. | 187 | 6,335 | ||||||
Hanjin Transportation Co. Ltd.(1) | 337 | 5,355 | ||||||
Hankook Shell Oil Co. Ltd. | 40 | 7,101 | ||||||
Hankook Tire & Technology Co. Ltd. | 5,407 | 152,097 | ||||||
Hanmi Pharm Co. Ltd.(1) | 385 | 75,339 | ||||||
Hanmi Semiconductor Co. Ltd. | 3,377 | 40,676 | ||||||
Hanon Systems | 8,178 | 55,754 | ||||||
Hansae Co. Ltd. | 3,078 | 38,761 | ||||||
Hansol Chemical Co. Ltd. | 375 | 57,924 | ||||||
Hansol Paper Co. Ltd. | 1,067 | 9,876 | ||||||
Hansol Technics Co. Ltd. | 1,045 | 4,739 | ||||||
Hanssem Co. Ltd. | 322 | 10,906 | ||||||
Hanwha Aerospace Co. Ltd. | 3,100 | 210,537 | ||||||
Hanwha Corp. | 3,440 | 70,011 | ||||||
Hanwha Corp., Preference Shares | 729 | 7,844 | ||||||
Hanwha General Insurance Co. Ltd.(1) | 2,607 | 9,742 | ||||||
Hanwha Investment & Securities Co. Ltd.(1) | 10,391 | 23,909 | ||||||
Hanwha Life Insurance Co. Ltd.(1) | 50,857 | 114,275 | ||||||
Hanwha Solutions Corp.(1) | 4,337 | 136,346 | ||||||
Hanwha Systems Co. Ltd. | 2,295 | 21,427 | ||||||
Harim Holdings Co. Ltd. | 7,758 | 70,210 | ||||||
HD Hyundai Co. Ltd. | 6,768 | 303,961 | ||||||
HDC Holdings Co. Ltd.(1) | 1,750 | 8,070 | ||||||
HDC Hyundai Development Co-Engineering & Construction, E Shares(1) | 3,589 | 28,077 | ||||||
Hite Jinro Co. Ltd.(1) | 2,211 | 39,916 | ||||||
HJ Shipbuilding & Construction Co. Ltd.(1) | 2,594 | 7,624 | ||||||
HK inno N Corp.(1) | 227 | 6,244 | ||||||
HL Holdings Corp. | 590 | 15,349 | ||||||
HL Mando Co. Ltd. | 3,061 | 109,637 | ||||||
HLB Global Co. Ltd.(1) | 807 | 3,510 | ||||||
HLB, Inc.(1) | 1,559 | 37,999 | ||||||
HMM Co. Ltd.(1) | 25,856 | 439,890 | ||||||
Hotel Shilla Co. Ltd. | 1,180 | 71,453 | ||||||
HS Industries Co. Ltd.(1) | 1,315 | 3,914 | ||||||
Hugel, Inc.(1) | 170 | 16,548 | ||||||
Humasis Co. Ltd.(1) | 6,088 | 68,066 | ||||||
Humax Co. Ltd.(1) | 1,601 | 4,567 | ||||||
Humedix Co. Ltd. | 254 | 5,238 | ||||||
Huons Co. Ltd. | 129 | 3,287 | ||||||
Huons Global Co. Ltd. | 141 | 2,182 | ||||||
Hwaseung Enterprise Co. Ltd.(1) | 315 | 2,215 | ||||||
HYBE Co. Ltd.(1) | 454 | 63,436 |
47
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Hyosung Advanced Materials Corp. | 134 | $ | 41,567 | |||||
Hyosung Chemical Corp.(1) | 216 | 23,858 | ||||||
Hyosung Corp. | 369 | 18,719 | ||||||
Hyosung Heavy Industries Corp.(1) | 224 | 12,023 | ||||||
Hyosung TNC Corp. | 448 | 154,833 | ||||||
Hyundai Autoever Corp. | 426 | 36,515 | ||||||
Hyundai Construction Equipment Co. Ltd. | 1,275 | 52,873 | ||||||
HYUNDAI Corp. | 337 | 4,071 | ||||||
Hyundai Department Store Co. Ltd. | 1,484 | 60,868 | ||||||
Hyundai Doosan Infracore Co. Ltd. | 9,544 | 61,538 | ||||||
Hyundai Electric & Energy System Co. Ltd. | 3,851 | 122,245 | ||||||
Hyundai Elevator Co. Ltd.(1) | 1,982 | 41,545 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 6,782 | 186,374 | ||||||
Hyundai Futurenet Co. Ltd. | 2,521 | 5,460 | ||||||
Hyundai Glovis Co. Ltd. | 1,796 | 215,093 | ||||||
Hyundai Greenfood Co. Ltd. | 4,245 | 23,258 | ||||||
Hyundai Heavy Industries Co. Ltd. | 1,149 | 92,215 | ||||||
Hyundai Home Shopping Network Corp. | 644 | 25,073 | ||||||
Hyundai Livart Furniture Co. Ltd.(1) | 429 | 2,824 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 8,078 | 214,949 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 294 | 15,584 | ||||||
Hyundai Mobis Co. Ltd. | 2,110 | 338,916 | ||||||
Hyundai Motor Co. | 6,055 | 805,878 | ||||||
Hyundai Rotem Co. Ltd.(1) | 1,229 | 23,166 | ||||||
Hyundai Steel Co. | 8,959 | 236,946 | ||||||
Hyundai Wia Corp. | 1,020 | 43,035 | ||||||
ICD Co. Ltd.(1) | 2,133 | 16,548 | ||||||
Iljin Diamond Co. Ltd.(1) | 93 | 1,287 | ||||||
Iljin Materials Co. Ltd.(1) | 319 | 15,316 | ||||||
Ilyang Pharmaceutical Co. Ltd. | 2,125 | 29,756 | ||||||
iMarketKorea, Inc. | 2,108 | 16,756 | ||||||
Industrial Bank of Korea | 33,570 | 263,243 | ||||||
Innocean Worldwide, Inc. | 782 | 25,151 | ||||||
Innox Advanced Materials Co. Ltd. | 1,309 | 38,489 | ||||||
Inscobee, Inc.(1) | 756 | 799 | ||||||
Insun ENT Co. Ltd.(1) | 1,650 | 11,367 | ||||||
Interflex Co. Ltd.(1) | 276 | 2,192 | ||||||
INTOPS Co. Ltd. | 2,663 | 56,396 | ||||||
iNtRON Biotechnology, Inc.(1) | 2,914 | 18,813 | ||||||
IS Dongseo Co. Ltd.(1) | 2,292 | 76,052 | ||||||
i-SENS, Inc. | 272 | 6,653 | ||||||
JB Financial Group Co. Ltd. | 18,632 | 130,101 | ||||||
Jeil Pharmaceutical Co. Ltd.(1) | 24 | 347 | ||||||
Jeju Air Co. Ltd.(1) | 273 | 3,316 | ||||||
Jin Air Co. Ltd.(1) | 624 | 7,993 | ||||||
Jusung Engineering Co. Ltd. | 4,806 | 42,518 | ||||||
JW Holdings Corp. | 399 | 939 | ||||||
JW Pharmaceutical Corp. | 2,377 | 37,299 | ||||||
JYP Entertainment Corp.(1) | 1,575 | 93,545 | ||||||
Kakao Corp. | 4,437 | 208,860 |
48
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Kakao Games Corp.(1) | 699 | $ | 25,876 | |||||
KakaoBank Corp.(1) | 2,861 | 57,548 | ||||||
Kangwon Land, Inc.(1) | 4,323 | 65,946 | ||||||
KB Financial Group, Inc., ADR(2) | 23,380 | 900,831 | ||||||
KC Co. Ltd. | 435 | 6,630 | ||||||
KC Tech Co. Ltd. | 493 | 6,617 | ||||||
KCC Corp. | 306 | 56,650 | ||||||
KCC Glass Corp. | 1,172 | 36,002 | ||||||
KEPCO Engineering & Construction Co., Inc.(1) | 229 | 10,936 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.(1) | 1,281 | 31,341 | ||||||
KG DONGBUSTEEL | 2,973 | 19,429 | ||||||
Kginicis Co. Ltd. | 1,731 | 17,092 | ||||||
KH Feelux Co. Ltd.(1) | 8,049 | 3,264 | ||||||
KH Vatec Co. Ltd. | 1,906 | 20,941 | ||||||
Kia Corp. | 14,356 | 815,853 | ||||||
KISCO Corp. | 1,358 | 7,820 | ||||||
KIWOOM Securities Co. Ltd.(1) | 2,424 | 188,901 | ||||||
KMW Co. Ltd.(1) | 276 | 5,244 | ||||||
Koentec Co. Ltd. | 632 | 3,477 | ||||||
Koh Young Technology, Inc. | 2,505 | 31,667 | ||||||
Kolmar BNH Co. Ltd.(1) | 169 | 3,450 | ||||||
Kolmar Korea Co. Ltd.(1) | 104 | 3,195 | ||||||
Kolmar Korea Holdings Co. Ltd.(1) | 244 | 2,950 | ||||||
Kolon Industries, Inc. | 1,544 | 52,391 | ||||||
KoMiCo Ltd. | 1,114 | 38,439 | ||||||
Komipharm International Co. Ltd.(1) | 185 | 954 | ||||||
KONA I Co. Ltd.(1) | 716 | 9,752 | ||||||
Korea Aerospace Industries Ltd.(1) | 4,485 | 152,712 | ||||||
Korea Circuit Co. Ltd.(1) | 1,642 | 18,646 | ||||||
Korea Electric Power Corp., ADR(2) | 22,802 | 151,177 | ||||||
Korea Electric Terminal Co. Ltd. | 609 | 25,913 | ||||||
Korea Gas Corp.(1) | 430 | 9,110 | ||||||
Korea Investment Holdings Co. Ltd.(1) | 5,005 | 234,305 | ||||||
Korea Line Corp.(1) | 28,143 | 49,655 | ||||||
Korea Petrochemical Ind Co. Ltd.(1) | 318 | 41,764 | ||||||
Korea Real Estate Investment & Trust Co. Ltd. | 3,951 | 3,886 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd. | 2,976 | 182,671 | ||||||
Korea United Pharm, Inc.(1) | 247 | 4,206 | ||||||
Korea Zinc Co. Ltd. | 300 | 132,464 | ||||||
Korean Air Lines Co. Ltd. | 18,012 | 309,495 | ||||||
Korean Reinsurance Co. | 8,002 | 49,303 | ||||||
Krafton, Inc.(1) | 689 | 88,246 | ||||||
KT Skylife Co. Ltd. | 1,686 | 10,212 | ||||||
Kum Yang Co. Ltd.(1) | 2,158 | 62,652 | ||||||
Kumho Petrochemical Co. Ltd.(1) | 2,434 | 289,416 | ||||||
Kumho Tire Co., Inc.(1) | 3,469 | 8,715 | ||||||
Kwang Dong Pharmaceutical Co. Ltd. | 671 | 2,924 | ||||||
Kyobo Securities Co. Ltd. | 138 | 582 | ||||||
Kyung Dong Navien Co. Ltd. | 141 | 4,018 | ||||||
L&C Bio Co. Ltd. | 334 | 5,744 |
49
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
L&F Co. Ltd. | 331 | $ | 65,494 | |||||
LB Semicon, Inc.(1) | 1,686 | 9,679 | ||||||
LEENO Industrial, Inc. | 638 | 78,183 | ||||||
LF Corp. | 3,890 | 50,990 | ||||||
LG Chem Ltd. | 1,072 | 550,303 | ||||||
LG Corp. | 3,818 | 237,549 | ||||||
LG Display Co. Ltd., ADR(2) | 47,208 | 274,751 | ||||||
LG Electronics, Inc. | 6,272 | 526,069 | ||||||
LG Energy Solution Ltd.(1) | 557 | 220,022 | ||||||
LG H&H Co. Ltd. | 319 | 160,970 | ||||||
LG HelloVision Co. Ltd. | 1,238 | 4,175 | ||||||
LG Innotek Co. Ltd. | 1,145 | 239,254 | ||||||
LG Uplus Corp. | 25,359 | 212,127 | ||||||
LIG Nex1 Co. Ltd. | 1,456 | 82,128 | ||||||
Lock&Lock Co. Ltd. | 304 | 1,480 | ||||||
Lotte Chemical Corp. | 971 | 130,730 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 512 | 64,757 | ||||||
Lotte Confectionery Co. Ltd. | 165 | 14,986 | ||||||
Lotte Corp. | 231 | 5,346 | ||||||
Lotte Data Communication Co. | 464 | 10,274 | ||||||
LOTTE Fine Chemical Co. Ltd. | 1,867 | 81,875 | ||||||
LOTTE Himart Co. Ltd. | 116 | 1,164 | ||||||
Lotte Rental Co. Ltd. | 1,895 | 38,054 | ||||||
Lotte Shopping Co. Ltd. | 1,215 | 79,857 | ||||||
LS Corp. | 813 | 41,400 | ||||||
LS Electric Co. Ltd. | 817 | 30,981 | ||||||
Lutronic Corp. | 1,474 | 29,620 | ||||||
LVMC Holdings(1) | 1,222 | 2,472 | ||||||
LX Hausys Ltd. | 634 | 17,106 | ||||||
LX Holdings Corp. | 3,787 | 24,405 | ||||||
LX INTERNATIONAL Corp. | 5,626 | 133,102 | ||||||
LX Semicon Co. Ltd. | 992 | 69,206 | ||||||
Maeil Dairies Co. Ltd. | 252 | 9,411 | ||||||
Medytox, Inc. | 171 | 28,215 | ||||||
MegaStudyEdu Co. Ltd. | 837 | 43,705 | ||||||
Meritz Financial Group, Inc. | 8,165 | 277,575 | ||||||
Meritz Securities Co. Ltd. | 37,831 | 200,751 | ||||||
Mirae Asset Life Insurance Co. Ltd.(1) | 2,237 | 4,871 | ||||||
Mirae Asset Securities Co. Ltd. | 26,938 | 145,452 | ||||||
Miwon Commercial Co. Ltd. | 26 | 3,523 | ||||||
Namhae Chemical Corp. | 960 | 6,533 | ||||||
Namsun Aluminum Co. Ltd.(1) | 4,341 | 8,145 | ||||||
NAVER Corp. | 2,003 | 314,876 | ||||||
NCSoft Corp. | 712 | 233,616 | ||||||
Neowiz(1) | 1,144 | 40,447 | ||||||
NEPES Corp.(1) | 2,001 | 26,654 | ||||||
Netmarble Corp.(1) | 564 | 26,289 | ||||||
Nexen Tire Corp.(1) | 3,291 | 18,654 | ||||||
NEXTIN, Inc. | 591 | 26,829 | ||||||
NH Investment & Securities Co. Ltd.(1) | 14,115 | 101,316 |
50
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
NHN Corp.(1) | 938 | $ | 20,519 | |||||
NHN KCP Corp. | 1,223 | 12,571 | ||||||
NICE Holdings Co. Ltd.(1) | 1,626 | 16,822 | ||||||
NICE Information Service Co. Ltd.(1) | 1,931 | 18,933 | ||||||
NongShim Co. Ltd. | 253 | 70,011 | ||||||
OCI Co. Ltd. | 932 | 63,867 | ||||||
OptoElectronics Solutions Co. Ltd. | 81 | 1,141 | ||||||
Orion Corp./Republic of Korea | 1,920 | 181,486 | ||||||
Orion Holdings Corp. | 2,268 | 27,040 | ||||||
Ottogi Corp.(1) | 144 | 47,915 | ||||||
Pan Ocean Co. Ltd. | 39,882 | 190,550 | ||||||
Paradise Co. Ltd.(1) | 1,512 | 19,099 | ||||||
Park Systems Corp. | 268 | 27,694 | ||||||
Partron Co. Ltd. | 7,816 | 47,703 | ||||||
Pearl Abyss Corp.(1) | 642 | 21,708 | ||||||
PharmaResearch Co. Ltd. | 525 | 29,475 | ||||||
PI Advanced Materials Co. Ltd.(1) | 961 | 25,329 | ||||||
Poongsan Corp. | 487 | 13,210 | ||||||
POSCO Chemical Co. Ltd. | 507 | 84,592 | ||||||
POSCO Holdings, Inc., ADR | 14,644 | 893,138 | ||||||
Posco ICT Co. Ltd. | 4,331 | 22,331 | ||||||
Posco International Corp. | 6,485 | 110,591 | ||||||
PSK, Inc. | 2,182 | 29,198 | ||||||
Pulmuone Co. Ltd. | 627 | 5,080 | ||||||
S&S Tech Corp. | 452 | 10,728 | ||||||
S-1 Corp. | 691 | 29,460 | ||||||
Samchully Co. Ltd.(1) | 65 | 25,208 | ||||||
Samjin Pharmaceutical Co. Ltd. | 249 | 4,238 | ||||||
Samsung Biologics Co. Ltd.(1) | 357 | 208,573 | ||||||
Samsung C&T Corp. | 2,826 | 235,076 | ||||||
Samsung Card Co. Ltd. | 448 | 10,394 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 3,411 | 370,864 | ||||||
Samsung Electronics Co. Ltd., GDR | 6,008 | 6,875,651 | ||||||
Samsung Engineering Co. Ltd.(1) | 13,444 | 266,557 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 3,145 | 510,075 | ||||||
Samsung Heavy Industries Co. Ltd.(1) | 41,565 | 172,595 | ||||||
Samsung Life Insurance Co. Ltd. | 4,435 | 228,395 | ||||||
Samsung Pharmaceutical Co. Ltd.(1) | 723 | 1,473 | ||||||
Samsung SDI Co. Ltd. | 1,541 | 809,604 | ||||||
Samsung SDS Co. Ltd. | 1,383 | 130,798 | ||||||
Samsung Securities Co. Ltd. | 6,127 | 155,060 | ||||||
Samwha Capacitor Co. Ltd. | 200 | 6,771 | ||||||
Samyang Corp. | 176 | 5,672 | ||||||
Samyang Foods Co. Ltd. | 395 | 35,577 | ||||||
Samyang Holdings Corp. | 195 | 11,602 | ||||||
Sangsangin Co. Ltd. | 4,184 | 18,792 | ||||||
SD Biosensor, Inc. | 3,414 | 59,281 | ||||||
Seah Besteel Holdings Corp. | 911 | 15,467 | ||||||
SeAH Steel Corp. | 339 | 35,810 | ||||||
SeAH Steel Holdings Corp. | 160 | 18,909 |
51
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Sebang Global Battery Co. Ltd. | 158 | $ | 6,189 | |||||
Seegene, Inc. | 4,156 | 76,480 | ||||||
Seobu T&D | 1,836 | 10,922 | ||||||
Seojin System Co. Ltd.(1) | 1,030 | 13,239 | ||||||
Seoul Semiconductor Co. Ltd.(1) | 5,788 | 47,866 | ||||||
Seoul Viosys Co. Ltd.(1) | 377 | 1,616 | ||||||
SFA Engineering Corp. | 912 | 24,748 | ||||||
SFA Semicon Co. Ltd.(1) | 2,124 | 6,845 | ||||||
Shin Poong Pharmaceutical Co. Ltd.(1) | 78 | 1,142 | ||||||
Shinhan Financial Group Co. Ltd., ADR(2) | 27,592 | 807,618 | ||||||
Shinsegae International, Inc. | 1,719 | 29,147 | ||||||
Shinsegae, Inc. | 780 | 120,196 | ||||||
Shinsung E&G Co. Ltd.(1) | 2,421 | 3,090 | ||||||
Shinyoung Securities Co. Ltd. | 132 | 5,997 | ||||||
SIMMTECH Co. Ltd. | 2,906 | 63,062 | ||||||
SK Biopharmaceuticals Co. Ltd.(1) | 1,017 | 51,243 | ||||||
SK Bioscience Co. Ltd.(1) | 543 | 28,570 | ||||||
SK Chemicals Co. Ltd. | 1,075 | 63,571 | ||||||
SK D&D Co. Ltd. | 398 | 6,159 | ||||||
SK Discovery Co. Ltd. | 345 | 8,365 | ||||||
SK Gas Ltd. | 126 | 11,993 | ||||||
SK Hynix, Inc. | 24,762 | 1,673,534 | ||||||
SK IE Technology Co. Ltd.(1) | 232 | 11,438 | ||||||
SK Innovation Co. Ltd.(1) | 2,376 | 268,738 | ||||||
SK Networks Co. Ltd. | 27,148 | 84,378 | ||||||
SK Securities Co. Ltd.(1) | 31,975 | 18,524 | ||||||
SK, Inc. | 1,240 | 167,239 | ||||||
SKC Co. Ltd. | 731 | 54,068 | ||||||
SL Corp.(1) | 1,283 | 26,437 | ||||||
SM Entertainment Co. Ltd. | 586 | 56,370 | ||||||
SNT Motiv Co. Ltd. | 434 | 15,820 | ||||||
S-Oil Corp. | 3,158 | 191,480 | ||||||
Songwon Industrial Co. Ltd. | 1,219 | 17,572 | ||||||
Soulbrain Co. Ltd. | 232 | 40,938 | ||||||
Soulbrain Holdings Co. Ltd. | 101 | 1,838 | ||||||
SPC Samlip Co. Ltd.(1) | 100 | 5,316 | ||||||
STIC Investments, Inc. | 700 | 3,222 | ||||||
Studio Dragon Corp.(1) | 147 | 8,468 | ||||||
Suheung Co. Ltd. | 280 | 6,783 | ||||||
Sun Kwang Co. Ltd. | 157 | 17,469 | ||||||
Taeyoung Engineering & Construction Co. Ltd. | 1,144 | 3,777 | ||||||
Taihan Electric Wire Co. Ltd.(1) | 14,989 | 16,516 | ||||||
TES Co. Ltd. | 1,403 | 19,641 | ||||||
TK Corp. | 771 | 9,452 | ||||||
TKG Huchems Co. Ltd. | 1,424 | 21,730 | ||||||
Tokai Carbon Korea Co. Ltd. | 392 | 31,391 | ||||||
Tongyang Life Insurance Co. Ltd.(1) | 4,796 | 15,838 | ||||||
Tongyang, Inc.(1) | 3,527 | 2,903 | ||||||
Toptec Co. Ltd. | 247 | 1,866 | ||||||
TSE Co. Ltd. | 162 | 4,707 |
52
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
TY Holdings Co. Ltd.(1) | 1,322 | $ | 12,490 | |||||
Unid Btplus Co. Ltd.(1) | 605 | 4,375 | ||||||
Unid Co. Ltd. | 385 | 23,787 | ||||||
UniTest, Inc.(1) | 329 | 3,119 | ||||||
Value Added Technology Co. Ltd.(1) | 1,055 | 25,880 | ||||||
Vieworks Co. Ltd. | 344 | 8,113 | ||||||
Webzen, Inc. | 493 | 6,683 | ||||||
Wemade Co. Ltd. | 705 | 28,351 | ||||||
Winix, Inc. | 383 | 3,618 | ||||||
WiSoL Co. Ltd. | 935 | 5,146 | ||||||
Wonik Holdings Co. Ltd.(1) | 908 | 2,395 | ||||||
WONIK IPS Co. Ltd. | 1,371 | 32,158 | ||||||
Wonik Materials Co. Ltd. | 174 | 3,884 | ||||||
Wonik QnC Corp.(1) | 1,985 | 35,670 | ||||||
Woongjin Thinkbig Co. Ltd. | 2,317 | 5,209 | ||||||
Woori Financial Group, Inc. | 59,504 | 548,566 | ||||||
Woori Investment Bank Co. Ltd. | 18,555 | 11,261 | ||||||
Woori Technology Investment Co. Ltd.(1) | 6,780 | 24,319 | ||||||
YG Entertainment, Inc. | 598 | 26,165 | ||||||
Youngone Corp.(1) | 1,635 | 52,643 | ||||||
Youngone Holdings Co. Ltd.(1) | 707 | 36,852 | ||||||
Yuanta Securities Korea Co. Ltd.(1) | 8,160 | 17,035 | ||||||
Yuhan Corp. | 1,157 | 46,079 | ||||||
Zinus, Inc. | 315 | 7,291 | ||||||
39,007,574 | ||||||||
Taiwan — 17.6% | ||||||||
Abico Avy Co. Ltd.(1) | 6,020 | 4,373 | ||||||
Ability Enterprise Co. Ltd. | 22,000 | 14,890 | ||||||
AcBel Polytech, Inc. | 24,000 | 29,749 | ||||||
Accton Technology Corp. | 5,000 | 45,791 | ||||||
Acer, Inc. | 239,000 | 198,188 | ||||||
ACES Electronic Co. Ltd. | 7,514 | 8,436 | ||||||
Acon Holding, Inc.(1) | 30,465 | 12,115 | ||||||
Acter Group Corp. Ltd. | 17,000 | 66,743 | ||||||
ADATA Technology Co. Ltd. | 38,000 | 82,200 | ||||||
Advanced Analog Technology, Inc. | 2,000 | 3,823 | ||||||
Advanced International Multitech Co. Ltd. | 16,000 | 58,249 | ||||||
Advanced Power Electronics Corp. | 6,000 | 21,290 | ||||||
Advantech Co. Ltd. | 6,099 | 70,749 | ||||||
AGV Products Corp. | 14,000 | 5,202 | ||||||
Airmate Cayman International Co. Ltd.(1) | 1,060 | 620 | ||||||
Airtac International Group | 2,046 | 71,421 | ||||||
Alcor Micro Corp. | 4,000 | 4,485 | ||||||
Alexander Marine Co. Ltd. | 4,000 | 50,394 | ||||||
Allied Circuit Co. Ltd. | 2,000 | 8,008 | ||||||
Allied Supreme Corp. | 3,000 | 34,339 | ||||||
Allis Electric Co. Ltd. | 2,315 | 2,911 | ||||||
Alltek Technology Corp. | 8,013 | 11,420 | ||||||
Alltop Technology Co. Ltd. | 3,500 | 15,223 | ||||||
Alpha Networks, Inc. | 5,773 | 6,121 |
53
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Altek Corp. | 7,000 | $ | 7,899 | |||||
Amazing Microelectronic Corp. | 7,282 | 30,755 | ||||||
Ampire Co. Ltd. | 2,000 | 2,398 | ||||||
AMPOC Far-East Co. Ltd. | 2,000 | 3,364 | ||||||
AmTRAN Technology Co. Ltd. | 52,806 | 18,472 | ||||||
Anji Technology Co. Ltd. | 5,000 | 7,767 | ||||||
Anpec Electronics Corp. | 11,000 | 51,481 | ||||||
Apacer Technology, Inc. | 1,000 | 1,556 | ||||||
APAQ Technology Co. Ltd. | 3,000 | 4,457 | ||||||
APCB, Inc. | 2,000 | 1,123 | ||||||
Apex International Co. Ltd. | 14,000 | 28,013 | ||||||
Arcadyan Technology Corp. | 12,000 | 41,715 | ||||||
Ardentec Corp. | 75,000 | 137,401 | ||||||
Argosy Research, Inc. | 4,155 | 12,769 | ||||||
ASE Technology Holding Co. Ltd., ADR | 88,544 | 634,860 | ||||||
Asia Cement Corp. | 167,000 | 244,845 | ||||||
Asia Optical Co., Inc. | 2,000 | 4,244 | ||||||
Asia Pacific Telecom Co. Ltd.(1) | 28,621 | 5,827 | ||||||
Asia Polymer Corp. | 74,353 | 70,500 | ||||||
Asia Vital Components Co. Ltd. | 30,000 | 117,584 | ||||||
ASolid Technology Co. Ltd. | 2,000 | 4,886 | ||||||
ASROCK, Inc. | 2,000 | 10,352 | ||||||
Asustek Computer, Inc. | 23,000 | 208,319 | ||||||
Aten International Co. Ltd. | 2,000 | 5,344 | ||||||
Audix Corp. | 1,000 | 1,851 | ||||||
AUO Corp. | 548,640 | 333,875 | ||||||
AURAS Technology Co. Ltd. | 5,000 | 26,207 | ||||||
Avermedia Technologies | 8,800 | 6,831 | ||||||
Bafang Yunji International Co. Ltd. | 5,000 | 41,164 | ||||||
Bank of Kaohsiung Co. Ltd. | 51,814 | 21,289 | ||||||
Basso Industry Corp. | 17,000 | 24,632 | ||||||
BenQ Materials Corp. | 17,000 | 20,213 | ||||||
BES Engineering Corp. | 164,000 | 47,260 | ||||||
Bin Chuan Enterprise Co. Ltd. | 2,000 | 1,579 | ||||||
Bora Pharmaceuticals Co. Ltd. | 3,301 | 54,304 | ||||||
Brighton-Best International Taiwan, Inc. | 31,000 | 38,580 | ||||||
C Sun Manufacturing Ltd. | 7,354 | 11,244 | ||||||
Capital Securities Corp. | 136,000 | 53,929 | ||||||
Career Technology MFG. Co. Ltd.(1) | 52,020 | 40,906 | ||||||
Catcher Technology Co. Ltd. | 60,000 | 362,582 | ||||||
Cathay Financial Holding Co. Ltd. | 433,893 | 615,299 | ||||||
Cayman Engley Industrial Co. Ltd. | 2,000 | 4,133 | ||||||
Central Reinsurance Co. Ltd. | 26,975 | 16,393 | ||||||
Century Iron & Steel Industrial Co. Ltd. | 7,000 | 23,800 | ||||||
Chailease Holding Co. Ltd. | 15,146 | 111,016 | ||||||
Chain Chon Industrial Co. Ltd. | 41,000 | 23,447 | ||||||
ChainQui Construction Development Co. Ltd.(1) | 2,200 | 1,142 | ||||||
Champion Building Materials Co. Ltd. | 22,500 | 6,711 | ||||||
Champion Microelectronic Corp. | 4,000 | 6,265 | ||||||
Chang Hwa Commercial Bank Ltd. | 281,236 | 160,500 |
54
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Chang Wah Electromaterials, Inc. | 39,000 | $ | 42,116 | |||||
Chang Wah Technology Co. Ltd. | 2,500 | 2,818 | ||||||
Channel Well Technology Co. Ltd. | 2,000 | 2,123 | ||||||
Charoen Pokphand Enterprise | 12,100 | 31,904 | ||||||
CHC Healthcare Group | 9,000 | 17,662 | ||||||
Chen Full International Co. Ltd.(1) | 4,000 | 5,682 | ||||||
Cheng Loong Corp. | 71,000 | 67,162 | ||||||
Cheng Mei Materials Technology Corp.(1) | 48,000 | 19,571 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 149,000 | 166,973 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 40,000 | 52,353 | ||||||
Chenming Electronic Technology Corp.(1) | 42,000 | 28,418 | ||||||
Chia Chang Co. Ltd. | 5,000 | 6,176 | ||||||
Chia Hsin Cement Corp. | 2,000 | 1,332 | ||||||
Chicony Electronics Co. Ltd. | 63,000 | 189,235 | ||||||
Chicony Power Technology Co. Ltd. | 4,000 | 10,302 | ||||||
China Airlines Ltd.(2) | 216,000 | 142,955 | ||||||
China Bills Finance Corp. | 46,000 | 23,400 | ||||||
China Chemical & Pharmaceutical Co. Ltd. | 29,000 | 26,140 | ||||||
China Development Financial Holding Corp. | 676,760 | 291,395 | ||||||
China Development Financial Holding Corp., Preference Shares | 80,081 | 21,346 | ||||||
China Electric Manufacturing Corp. | 28,000 | 13,018 | ||||||
China General Plastics Corp. | 26,805 | 25,132 | ||||||
China Man-Made Fiber Corp.(1) | 82,000 | 23,327 | ||||||
China Metal Products | 1,000 | 1,091 | ||||||
China Motor Corp. | 29,000 | 54,233 | ||||||
China Petrochemical Development Corp. | 262,690 | 87,620 | ||||||
China Steel Chemical Corp. | 8,000 | 29,662 | ||||||
China Steel Corp. | 418,000 | 430,009 | ||||||
China Wire & Cable Co. Ltd. | 22,000 | 18,875 | ||||||
Chinese Maritime Transport Ltd. | 26,000 | 36,458 | ||||||
Ching Feng Home Fashions Co. Ltd. | 1,000 | 632 | ||||||
Chin-Poon Industrial Co. Ltd. | 44,000 | 42,447 | ||||||
Chipbond Technology Corp. | 88,000 | 193,550 | ||||||
ChipMOS Technologies, Inc. | 76,000 | 90,451 | ||||||
Chlitina Holding Ltd. | 4,000 | 27,984 | ||||||
Chong Hong Construction Co. Ltd. | 2,000 | 4,992 | ||||||
Chroma ATE, Inc. | 19,000 | 114,411 | ||||||
Chun Yuan Steel Industry Co. Ltd. | 32,000 | 17,696 | ||||||
Chung Hwa Pulp Corp. | 19,000 | 10,784 | ||||||
Chung-Hsin Electric & Machinery Manufacturing Corp.(2) | 73,000 | 226,886 | ||||||
Chunghwa Precision Test Tech Co. Ltd. | 4,000 | 76,674 | ||||||
Chunghwa Telecom Co. Ltd., ADR | 6,718 | 251,320 | ||||||
Cleanaway Co. Ltd. | 6,000 | 37,003 | ||||||
Clevo Co. | 25,000 | 25,392 | ||||||
CMC Magnetics Corp.(1) | 58,280 | 15,302 | ||||||
Compal Electronics, Inc. | 383,000 | 302,895 | ||||||
Compeq Manufacturing Co. Ltd. | 125,000 | 186,253 | ||||||
Concord International Securities Co. Ltd. | 13,780 | 5,532 | ||||||
Concord Securities Co. Ltd. | 40,028 | 14,088 | ||||||
Concraft Holding Co. Ltd.(1) | 3,000 | 1,308 |
55
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Continental Holdings Corp. | 56,000 | $ | 57,203 | |||||
Contrel Technology Co. Ltd. | 13,000 | 7,573 | ||||||
Coremax Corp. | 8,000 | 26,553 | ||||||
Coretronic Corp. | 30,000 | 63,212 | ||||||
Co-Tech Development Corp.(2) | 39,000 | 79,743 | ||||||
CTBC Financial Holding Co. Ltd. | 749,000 | 556,083 | ||||||
CTCI Corp. | 80,000 | 116,333 | ||||||
CviLux Corp. | 4,000 | 4,600 | ||||||
CyberTAN Technology, Inc. | 25,000 | 19,566 | ||||||
DA CIN Construction Co. Ltd. | 25,000 | 25,955 | ||||||
Da-Li Development Co. Ltd. | 15,000 | 15,316 | ||||||
Darfon Electronics Corp. | 12,000 | 16,205 | ||||||
Darwin Precisions Corp.(1) | 23,000 | 7,901 | ||||||
Daxin Materials Corp. | 6,000 | 15,841 | ||||||
Delta Electronics, Inc. | 17,000 | 159,047 | ||||||
Depo Auto Parts Ind Co. Ltd. | 15,000 | 42,858 | ||||||
Dimerco Express Corp. | 17,240 | 44,353 | ||||||
DONPON PRECISION, Inc. | 10,000 | 9,157 | ||||||
Dr Wu Skincare Co. Ltd. | 3,000 | 11,011 | ||||||
Dyaco International, Inc. | 1,000 | 1,558 | ||||||
Dynamic Holding Co. Ltd. | 27,274 | 15,876 | ||||||
Dynapack International Technology Corp. | 9,000 | 24,052 | ||||||
E Ink Holdings, Inc. | 5,000 | 31,640 | ||||||
E.Sun Financial Holding Co. Ltd. | 225,300 | 183,873 | ||||||
Eastern Media International Corp. | 12,825 | 9,748 | ||||||
Eclat Textile Co. Ltd. | 1,000 | 15,720 | ||||||
eGalax_eMPIA Technology, Inc. | 2,142 | 4,389 | ||||||
Egis Technology, Inc. | 2,000 | 5,173 | ||||||
Elan Microelectronics Corp. | 28,000 | 99,122 | ||||||
E-LIFE MALL Corp. | 1,000 | 2,813 | ||||||
Elite Advanced Laser Corp. | 8,000 | 10,660 | ||||||
Elite Material Co. Ltd. | 25,000 | 155,743 | ||||||
Elite Semiconductor Microelectronics Technology, Inc. | 18,000 | 46,156 | ||||||
Elitegroup Computer Systems Co. Ltd.(1) | 35,000 | 24,631 | ||||||
eMemory Technology, Inc. | 2,000 | 120,198 | ||||||
Emerging Display Technologies Corp. | 25,000 | 18,316 | ||||||
ENE Technology, Inc. | 5,000 | 5,064 | ||||||
ENNOSTAR, Inc. | 83,325 | 133,812 | ||||||
Eson Precision Ind Co. Ltd. | 1,000 | 2,037 | ||||||
Eternal Materials Co. Ltd. | 17,100 | 18,026 | ||||||
Eva Airways Corp.(2) | 202,000 | 187,083 | ||||||
Evergreen International Storage & Transport Corp. | 36,000 | 32,913 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 48,800 | 249,379 | ||||||
EVERGREEN Steel Corp. | 15,000 | 25,759 | ||||||
Everlight Chemical Industrial Corp. | 26,000 | 15,950 | ||||||
Everlight Electronics Co. Ltd. | 54,000 | 67,972 | ||||||
Excellence Opto, Inc. | 2,000 | 1,775 | ||||||
Excelliance Mos Corp. | 2,000 | 8,473 | ||||||
Excelsior Medical Co. Ltd. | 12,600 | 32,116 | ||||||
Far Eastern Department Stores Ltd. | 58,000 | 42,699 |
56
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Far Eastern International Bank | 280,497 | $ | 108,745 | |||||
Far Eastern New Century Corp. | 278,000 | 295,536 | ||||||
Far EasTone Telecommunications Co. Ltd. | 112,000 | 252,722 | ||||||
Faraday Technology Corp.(2) | 14,000 | 84,164 | ||||||
Farglory F T Z Investment Holding Co. Ltd. | 12,000 | 21,554 | ||||||
Farglory Land Development Co. Ltd. | 27,000 | 52,174 | ||||||
Federal Corp.(1) | 9,000 | 6,413 | ||||||
Feedback Technology Corp. | 3,000 | 8,938 | ||||||
Feng Hsin Steel Co. Ltd. | 12,000 | 28,099 | ||||||
Feng TAY Enterprise Co. Ltd. | 1,200 | 7,229 | ||||||
Firich Enterprises Co. Ltd. | 9,630 | 9,346 | ||||||
First Financial Holding Co. Ltd. | 325,138 | 284,929 | ||||||
First Steamship Co. Ltd.(1) | 79,350 | 25,956 | ||||||
FIT Holding Co. Ltd. | 9,000 | 9,054 | ||||||
Fitipower Integrated Technology, Inc. | 16,451 | 89,013 | ||||||
Fittech Co. Ltd. | 5,000 | 15,743 | ||||||
FLEXium Interconnect, Inc.(1) | 48,000 | 154,416 | ||||||
Flytech Technology Co. Ltd. | 11,000 | 26,133 | ||||||
FocalTech Systems Co. Ltd. | 4,900 | 11,542 | ||||||
Forcecon Tech Co. Ltd. | 3,559 | 7,282 | ||||||
Formosa Advanced Technologies Co. Ltd. | 5,000 | 7,038 | ||||||
Formosa Chemicals & Fibre Corp. | 71,000 | 164,766 | ||||||
Formosa International Hotels Corp. | 4,000 | 40,971 | ||||||
Formosa Laboratories, Inc. | 4,000 | 9,428 | ||||||
Formosa Optical Technology Co. Ltd. | 1,000 | 2,026 | ||||||
Formosa Petrochemical Corp. | 10,000 | 27,818 | ||||||
Formosa Plastics Corp. | 161,000 | 477,939 | ||||||
Formosa Sumco Technology Corp. | 2,000 | 9,802 | ||||||
Formosa Taffeta Co. Ltd. | 87,000 | 78,909 | ||||||
Formosan Rubber Group, Inc. | 13,000 | 9,476 | ||||||
Formosan Union Chemical | 30,000 | 23,894 | ||||||
Founding Construction & Development Co. Ltd. | 2,000 | 1,160 | ||||||
Foxconn Technology Co. Ltd. | 68,000 | 123,658 | ||||||
Franbo Lines Corp. | 12,966 | 8,392 | ||||||
Froch Enterprise Co. Ltd. | 33,000 | 25,289 | ||||||
FSP Technology, Inc. | 5,000 | 6,946 | ||||||
Fubon Financial Holding Co. Ltd. | 288,082 | 563,320 | ||||||
Fulgent Sun International Holding Co. Ltd. | 42 | 187 | ||||||
Full Wang International Development Co. Ltd. | 2,000 | 717 | ||||||
Fulltech Fiber Glass Corp. | 14,419 | 5,972 | ||||||
Fusheng Precision Co. Ltd. | 10,000 | 81,321 | ||||||
G Shank Enterprise Co. Ltd. | 9,000 | 14,402 | ||||||
Gallant Precision Machining Co. Ltd. | 7,000 | 6,769 | ||||||
Gamania Digital Entertainment Co. Ltd. | 27,000 | 71,183 | ||||||
GEM Services, Inc. | 3,000 | 7,294 | ||||||
Gemtek Technology Corp. | 45,000 | 40,835 | ||||||
General Interface Solution Holding Ltd. | 40,000 | 112,730 | ||||||
Generalplus Technology, Inc. | 4,000 | 7,209 | ||||||
GeneReach Biotechnology Corp. | 4,400 | 8,724 | ||||||
Genius Electronic Optical Co. Ltd. | 11,000 | 139,091 |
57
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Getac Holdings Corp. | 43,000 | $ | 69,140 | |||||
Giant Manufacturing Co. Ltd. | 6,217 | 41,363 | ||||||
Gigabyte Technology Co. Ltd. | 29,000 | 112,296 | ||||||
Global Brands Manufacture Ltd. | 23,200 | 22,699 | ||||||
Global Lighting Technologies, Inc. | 5,000 | 9,556 | ||||||
Global Mixed Mode Technology, Inc. | 4,000 | 22,819 | ||||||
Global PMX Co. Ltd. | 4,000 | 19,498 | ||||||
Global Unichip Corp. | 5,000 | 188,161 | ||||||
Globalwafers Co. Ltd. | 18,000 | 297,630 | ||||||
Globe Union Industrial Corp.(1) | 2,000 | 860 | ||||||
Gloria Material Technology Corp. | 30,000 | 44,151 | ||||||
Gold Circuit Electronics Ltd. | 26,100 | 78,631 | ||||||
Goldsun Building Materials Co. Ltd. | 109,990 | 99,821 | ||||||
Gordon Auto Body Parts | 33,000 | 26,566 | ||||||
Gourmet Master Co. Ltd. | 14,000 | 72,244 | ||||||
Grand Fortune Securities Co. Ltd. | 11,269 | 3,962 | ||||||
Grand Pacific Petrochemical | 115,000 | 74,764 | ||||||
Grand Process Technology Corp. | 1,000 | 8,302 | ||||||
Grape King Bio Ltd. | 6,000 | 35,640 | ||||||
Great Tree Pharmacy Co. Ltd. | 3,260 | 35,615 | ||||||
Great Wall Enterprise Co. Ltd. | 17,304 | 28,672 | ||||||
Greatek Electronics, Inc. | 33,000 | 57,554 | ||||||
Group Up Industrial Co. Ltd. | 9,000 | 31,954 | ||||||
GTM Holdings Corp. | 2,000 | 2,024 | ||||||
Hai Kwang Enterprise Corp. | 12,000 | 8,948 | ||||||
Hannstar Board Corp. | 40,301 | 45,507 | ||||||
HannStar Display Corp.(1)(2) | 252,000 | 105,251 | ||||||
HannsTouch Solution, Inc. | 53,000 | 17,634 | ||||||
Harmony Electronics Corp. | 5,000 | 5,760 | ||||||
Harvatek Corp. | 11,000 | 7,744 | ||||||
Heran Co. Ltd. | 2,000 | 7,507 | ||||||
Highlight Tech Corp. | 7,000 | 12,317 | ||||||
Highwealth Construction Corp. | 1,210 | 1,682 | ||||||
Hi-Lai Foods Co. Ltd. | 4,000 | 20,305 | ||||||
Hiroca Holdings Ltd. | 4,000 | 6,022 | ||||||
Hitron Technology, Inc. | 3,000 | 2,666 | ||||||
Hiwin Technologies Corp. | 18,675 | 152,298 | ||||||
Ho Tung Chemical Corp. | 81,000 | 23,663 | ||||||
Hocheng Corp. | 66,140 | 41,340 | ||||||
Holdings-Key Electric Wire & Cable Co. Ltd. | 7,200 | 3,463 | ||||||
Holiday Entertainment Co. Ltd. | 850 | 1,951 | ||||||
Holtek Semiconductor, Inc. | 13,000 | 31,432 | ||||||
Holy Stone Enterprise Co. Ltd. | 10,000 | 31,386 | ||||||
Hon Hai Precision Industry Co. Ltd. | 519,000 | 1,716,853 | ||||||
Hong Pu Real Estate Development Co. Ltd.(1) | 2,000 | 1,483 | ||||||
Hong TAI Electric Industrial | 19,000 | 11,772 | ||||||
Hong YI Fiber Industry Co. | 2,000 | 1,184 | ||||||
Horizon Securities Co. Ltd. | 19,080 | 6,232 | ||||||
Hota Industrial Manufacturing Co. Ltd. | 2,147 | 5,104 | ||||||
Hotai Finance Co. Ltd. | 18,000 | 65,033 |
58
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Hotai Motor Co. Ltd. | 9,000 | $ | 181,401 | |||||
Hsing TA Cement Co. | 2,000 | 1,120 | ||||||
HTC Corp.(1) | 9,000 | 19,165 | ||||||
Hu Lane Associate, Inc. | 4,025 | 20,107 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 291,572 | 217,910 | ||||||
Huaku Development Co. Ltd. | 28,000 | 84,599 | ||||||
Huang Hsiang Construction Corp. | 14,000 | 20,379 | ||||||
Hung Ching Development & Construction Co. Ltd. | 2,000 | 1,428 | ||||||
Hung Sheng Construction Ltd. | 49,920 | 38,258 | ||||||
IBF Financial Holdings Co. Ltd. | 303,256 | 125,131 | ||||||
Ichia Technologies, Inc. | 45,000 | 28,111 | ||||||
IEI Integration Corp. | 19,000 | 50,736 | ||||||
Infortrend Technology, Inc. | 23,000 | 14,328 | ||||||
Innodisk Corp. | 12,000 | 88,117 | ||||||
Innolux Corp. | 727,900 | 348,686 | ||||||
Inpaq Technology Co. Ltd. | 17,000 | 31,795 | ||||||
Integrated Service Technology, Inc.(1) | 14,000 | 39,062 | ||||||
International CSRC Investment Holdings Co. | 89,000 | 60,444 | ||||||
International Games System Co. Ltd. | 14,000 | 230,667 | ||||||
Inventec Corp. | 123,000 | 106,852 | ||||||
I-Sheng Electric Wire & Cable Co. Ltd. | 1,000 | 1,443 | ||||||
ITE Technology, Inc. | 18,000 | 52,244 | ||||||
ITEQ Corp. | 26,000 | 63,996 | ||||||
Jarllytec Co. Ltd. | 3,000 | 6,653 | ||||||
Jess-Link Products Co. Ltd. | 10,000 | 14,523 | ||||||
Jih Lin Technology Co. Ltd. | 2,000 | 5,113 | ||||||
Jinan Acetate Chemical Co. Ltd. | 6,249 | 68,729 | ||||||
Joinsoon Electronics Manufacturing Co. Ltd. | 10,000 | 6,750 | ||||||
K Laser Technology, Inc. | 2,000 | 1,331 | ||||||
Kaimei Electronic Corp. | 2,400 | 5,226 | ||||||
Kaori Heat Treatment Co. Ltd. | 8,000 | 62,326 | ||||||
KEE TAI Properties Co. Ltd. | 42,000 | 18,089 | ||||||
Kenda Rubber Industrial Co. Ltd. | 17,040 | 17,316 | ||||||
Kenmec Mechanical Engineering Co. Ltd.(1) | 27,000 | 24,451 | ||||||
Kerry TJ Logistics Co. Ltd. | 23,000 | 28,731 | ||||||
Keystone Microtech Corp. | 3,000 | 20,441 | ||||||
Kindom Development Co. Ltd. | 45,400 | 43,206 | ||||||
King Yuan Electronics Co. Ltd. | 143,000 | 195,442 | ||||||
King's Town Bank Co. Ltd. | 77,000 | 85,903 | ||||||
Kinik Co. | 12,000 | 44,537 | ||||||
Kinpo Electronics | 53,000 | 23,762 | ||||||
Kinsus Interconnect Technology Corp. | 17,000 | 59,532 | ||||||
KMC Kuei Meng International, Inc. | 2,000 | 9,886 | ||||||
KNH Enterprise Co. Ltd. | 4,000 | 2,301 | ||||||
KS Terminals, Inc. | 8,000 | 18,784 | ||||||
Kung Long Batteries Industrial Co. Ltd. | 2,000 | 9,177 | ||||||
Kung Sing Engineering Corp.(1) | 4,400 | 1,020 | ||||||
Kuo Toong International Co. Ltd. | 13,000 | 13,086 | ||||||
Kuo Yang Construction Co. Ltd.(1) | 4,545 | 2,859 | ||||||
L&K Engineering Co. Ltd. | 37,000 | 48,928 |
59
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
LandMark Optoelectronics Corp. | 6,000 | $ | 25,751 | |||||
Lanner Electronics, Inc. | 3,000 | 10,694 | ||||||
Largan Precision Co. Ltd. | 5,000 | 359,450 | ||||||
Leadtek Research, Inc. | 1,400 | 1,897 | ||||||
Lealea Enterprise Co. Ltd. | 23,000 | 7,989 | ||||||
Lelon Electronics Corp. | 2,000 | 4,147 | ||||||
Li Peng Enterprise Co. Ltd.(1) | 34,000 | 9,315 | ||||||
Lian HWA Food Corp. | 4,884 | 13,781 | ||||||
Lien Hwa Industrial Holdings Corp. | 1,339 | 2,387 | ||||||
Lingsen Precision Industries Ltd. | 32,000 | 15,830 | ||||||
Lite-On Technology Corp. | 55,000 | 125,154 | ||||||
Long Da Construction & Development Corp. | 2,000 | 1,532 | ||||||
Longchen Paper & Packaging Co. Ltd. | 27,591 | 17,080 | ||||||
Lotes Co. Ltd. | 4,038 | 113,431 | ||||||
Lotus Pharmaceutical Co. Ltd.(1) | 9,000 | 82,836 | ||||||
Lucky Cement Corp. | 9,000 | 4,176 | ||||||
Lumax International Corp. Ltd. | 900 | 2,214 | ||||||
Lung Yen Life Service Corp. | 23,000 | 28,939 | ||||||
Macauto Industrial Co. Ltd. | 2,000 | 4,597 | ||||||
Machvision, Inc. | 2,000 | 11,182 | ||||||
Macroblock, Inc. | 3,000 | 11,285 | ||||||
Macronix International Co. Ltd. | 235,000 | 263,144 | ||||||
Marketech International Corp. | 13,000 | 53,673 | ||||||
Materials Analysis Technology, Inc. | 8,000 | 47,386 | ||||||
MediaTek, Inc. | 19,000 | 446,101 | ||||||
Mega Financial Holding Co. Ltd. | 172,200 | 187,855 | ||||||
Megaforce Co. Ltd. | 9,000 | 5,199 | ||||||
Meiloon Industrial Co. | 1,600 | 1,116 | ||||||
Mercuries & Associates Holding Ltd. | 10,504 | 5,795 | ||||||
Mercuries Life Insurance Co. Ltd.(1) | 200,104 | 35,238 | ||||||
Merry Electronics Co. Ltd. | 3,000 | 8,350 | ||||||
Micro-Star International Co. Ltd. | 75,000 | 334,581 | ||||||
MIN AIK Technology Co. Ltd. | 12,000 | 7,017 | ||||||
Mitac Holdings Corp. | 81,840 | 84,554 | ||||||
Mobiletron Electronics Co. Ltd. | 1,000 | 1,689 | ||||||
momo.com, Inc. | 1,560 | 40,093 | ||||||
MOSA Industrial Corp. | 8,000 | 6,825 | ||||||
Mosel Vitelic, Inc. | 18,000 | 24,332 | ||||||
MPI Corp. | 12,000 | 48,283 | ||||||
Namchow Holdings Co. Ltd. | 5,000 | 7,682 | ||||||
Nan Liu Enterprise Co. Ltd. | 1,000 | 2,399 | ||||||
Nan Pao Resins Chemical Co. Ltd. | 1,000 | 4,528 | ||||||
Nan Ren Lake Leisure Amusement Co. Ltd.(1) | 2,000 | 870 | ||||||
Nan Ya Plastics Corp. | 176,000 | 433,035 | ||||||
Nan Ya Printed Circuit Board Corp.(2) | 21,000 | 159,178 | ||||||
Nantex Industry Co. Ltd. | 29,000 | 41,191 | ||||||
Nanya Technology Corp. | 106,000 | 201,773 | ||||||
Nichidenbo Corp. | 7,000 | 12,894 | ||||||
Nien Made Enterprise Co. Ltd. | 12,000 | 127,766 | ||||||
Niko Semiconductor Co. Ltd. | 4,000 | 7,450 |
60
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Nishoku Technology, Inc. | 2,000 | $ | 6,260 | |||||
Novatek Microelectronics Corp. | 59,000 | 779,720 | ||||||
Nuvoton Technology Corp. | 14,000 | 67,218 | ||||||
Nyquest Technology Co. Ltd. | 2,000 | 5,046 | ||||||
O-Bank Co. Ltd. | 102,000 | 32,426 | ||||||
Ocean Plastics Co. Ltd. | 9,000 | 10,666 | ||||||
Orient Semiconductor Electronics Ltd. | 89,000 | 57,023 | ||||||
Oriental Union Chemical Corp. | 36,000 | 22,262 | ||||||
O-TA Precision Industry Co. Ltd. | 10,000 | 42,456 | ||||||
Pacific Hospital Supply Co. Ltd. | 3,000 | 7,674 | ||||||
PADAUK Technology Co. Ltd. | 2,420 | 7,278 | ||||||
Pan Jit International, Inc. | 16,000 | 34,856 | ||||||
Pan-International Industrial Corp. | 21,000 | 26,494 | ||||||
Parade Technologies Ltd. | 1,000 | 31,096 | ||||||
Pegatron Corp. | 141,000 | 312,398 | ||||||
Pegavision Corp. | 2,000 | 29,349 | ||||||
PharmaEngine, Inc. | 8,000 | 29,831 | ||||||
Phison Electronics Corp. | 14,000 | 159,415 | ||||||
Phoenix Silicon International Corp. | 20,319 | 37,365 | ||||||
Pixart Imaging, Inc. | 17,000 | 61,499 | ||||||
Plotech Co. Ltd. | 1,800 | 1,161 | ||||||
Pou Chen Corp. | 120,000 | 131,489 | ||||||
Power Wind Health Industry, Inc.(1) | 1,050 | 4,889 | ||||||
Powerchip Semiconductor Manufacturing Corp. | 158,000 | 171,873 | ||||||
Powertech Technology, Inc. | 88,000 | 254,458 | ||||||
Powertip Technology Corp. | 14,000 | 5,915 | ||||||
Poya International Co. Ltd. | 3,060 | 59,171 | ||||||
President Chain Store Corp. | 16,000 | 139,804 | ||||||
President Securities Corp. | 59,451 | 33,496 | ||||||
Primax Electronics Ltd. | 50,000 | 97,200 | ||||||
Prince Housing & Development Corp. | 60,000 | 22,542 | ||||||
Promate Electronic Co. Ltd. | 9,000 | 11,609 | ||||||
Prosperity Dielectrics Co. Ltd. | 3,000 | 4,201 | ||||||
P-Two Industries, Inc. | 5,000 | 4,279 | ||||||
Qisda Corp. | 59,000 | 57,929 | ||||||
Qualipoly Chemical Corp. | 4,000 | 4,615 | ||||||
Quang Viet Enterprise Co. Ltd. | 1,000 | 4,000 | ||||||
Quanta Computer, Inc. | 120,000 | 314,096 | ||||||
Quanta Storage, Inc. | 19,000 | 30,326 | ||||||
Radiant Opto-Electronics Corp. | 68,000 | 234,750 | ||||||
Radium Life Tech Co. Ltd. | 21,000 | 6,614 | ||||||
Raydium Semiconductor Corp. | 10,000 | 134,034 | ||||||
Realtek Semiconductor Corp. | 38,000 | 468,463 | ||||||
Rechi Precision Co. Ltd. | 12,000 | 6,816 | ||||||
Rexon Industrial Corp. Ltd. | 4,000 | 4,037 | ||||||
Rich Development Co. Ltd. | 21,000 | 7,678 | ||||||
RiTdisplay Corp. | 4,000 | 5,116 | ||||||
Ritek Corp.(1) | 16,000 | 4,507 | ||||||
Roo Hsing Co. Ltd.(1) | 3,000 | 288 | ||||||
Ruentex Development Co. Ltd. | 73,200 | 106,044 |
61
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Ruentex Engineering & Construction Co. | 5,480 | $ | 21,918 | |||||
Ruentex Industries Ltd. | 34,235 | 75,555 | ||||||
Ruentex Materials Co. Ltd.(1) | 1,000 | 799 | ||||||
Sampo Corp. | 9,000 | 7,936 | ||||||
San Fang Chemical Industry Co. Ltd. | 2,000 | 1,375 | ||||||
San Far Property Ltd. | 2,316 | 923 | ||||||
San Shing Fastech Corp. | 3,000 | 5,060 | ||||||
Sanyang Motor Co. Ltd. | 62,000 | 80,829 | ||||||
SCI Pharmtech, Inc.(1) | 1,200 | 4,247 | ||||||
Scientech Corp. | 5,000 | 12,469 | ||||||
SDI Corp. | 1,000 | 4,051 | ||||||
Senao Networks, Inc. | 3,000 | 28,798 | ||||||
Sensortek Technology Corp. | 1,000 | 11,697 | ||||||
Sesoda Corp. | 17,000 | 23,616 | ||||||
Shanghai Commercial & Savings Bank Ltd. | 205,001 | 318,233 | ||||||
Shan-Loong Transportation Co. Ltd. | 2,000 | 2,040 | ||||||
Sheng Yu Steel Co. Ltd. | 2,000 | 1,683 | ||||||
ShenMao Technology, Inc. | 2,000 | 3,160 | ||||||
Shih Her Technologies, Inc. | 6,000 | 12,179 | ||||||
Shih Wei Navigation Co. Ltd. | 16,457 | 15,413 | ||||||
Shin Foong Specialty & Applied Materials Co. Ltd. | 3,000 | 6,268 | ||||||
Shin Kong Financial Holding Co. Ltd. | 859,852 | 249,633 | ||||||
Shin Zu Shing Co. Ltd. | 22,123 | 64,476 | ||||||
Shining Building Business Co. Ltd.(1) | 22,000 | 6,746 | ||||||
Shinkong Insurance Co. Ltd. | 29,000 | 47,943 | ||||||
Shinkong Synthetic Fibers Corp. | 67,000 | 39,907 | ||||||
Shiny Chemical Industrial Co. Ltd. | 7,777 | 30,753 | ||||||
ShunSin Technology Holding Ltd. | 2,000 | 5,639 | ||||||
Shuttle, Inc.(1) | 27,000 | 11,111 | ||||||
Sigurd Microelectronics Corp. | 65,000 | 113,567 | ||||||
Silergy Corp. | 4,000 | 75,264 | ||||||
Silicon Integrated Systems Corp. | 47,960 | 28,870 | ||||||
Simplo Technology Co. Ltd. | 23,000 | 222,186 | ||||||
Sincere Navigation Corp. | 30,000 | 25,264 | ||||||
Singatron Enterprise Co. Ltd. | 8,000 | 5,604 | ||||||
Sino-American Silicon Products, Inc. | 48,000 | 247,693 | ||||||
Sinon Corp. | 39,000 | 50,642 | ||||||
SinoPac Financial Holdings Co. Ltd. | 569,640 | 318,901 | ||||||
Sinyi Realty, Inc. | 6,000 | 5,586 | ||||||
Sirtec International Co. Ltd. | 1,000 | 703 | ||||||
Sitronix Technology Corp. | 16,000 | 119,133 | ||||||
Siward Crystal Technology Co. Ltd. | 26,000 | 32,870 | ||||||
Soft-World International Corp. | 2,000 | 5,271 | ||||||
Solar Applied Materials Technology Corp. | 12,547 | 15,187 | ||||||
Solomon Technology Corp. | 9,000 | 7,858 | ||||||
Solteam, Inc. | 5,000 | 7,699 | ||||||
Sonix Technology Co. Ltd. | 12,000 | 21,512 | ||||||
Sporton International, Inc. | 7,050 | 61,295 | ||||||
Sports Gear Co. Ltd. | 9,000 | 21,285 | ||||||
St Shine Optical Co. Ltd. | 5,000 | 42,669 |
62
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Standard Foods Corp. | 20,000 | $ | 27,422 | |||||
Stark Technology, Inc. | 10,000 | 30,600 | ||||||
Sunjuice Holdings Co. Ltd. | 1,000 | 10,476 | ||||||
Sunny Friend Environmental Technology Co. Ltd. | 2,000 | 10,769 | ||||||
Sunonwealth Electric Machine Industry Co. Ltd. | 1,000 | 1,415 | ||||||
Sunrex Technology Corp. | 5,000 | 6,413 | ||||||
Superior Plating Technology Co. Ltd. | 3,000 | 5,197 | ||||||
Supreme Electronics Co. Ltd. | 7,739 | 9,782 | ||||||
Sweeten Real Estate Development Co. Ltd. | 2,160 | 1,732 | ||||||
Symtek Automation Asia Co. Ltd. | 8,000 | 25,741 | ||||||
Syncmold Enterprise Corp. | 6,000 | 12,097 | ||||||
Synnex Technology International Corp. | 23,000 | 46,929 | ||||||
Systex Corp. | 4,000 | 9,848 | ||||||
T3EX Global Holdings Corp. | 18,121 | 41,026 | ||||||
TA Chen Stainless Pipe(2) | 107,808 | 153,150 | ||||||
Tah Hsin Industrial Corp. | 2,145 | 5,049 | ||||||
TA-I Technology Co. Ltd. | 3,000 | 4,739 | ||||||
Tai Tung Communication Co. Ltd.(1) | 12,000 | 5,699 | ||||||
Taichung Commercial Bank Co. Ltd. | 322,523 | 145,434 | ||||||
TaiDoc Technology Corp. | 9,000 | 55,885 | ||||||
Taiflex Scientific Co. Ltd. | 4,000 | 5,600 | ||||||
Taigen Biopharmaceuticals Holdings Ltd.(1) | 21,000 | 10,630 | ||||||
Taimide Tech, Inc. | 10,000 | 11,106 | ||||||
Tainan Spinning Co. Ltd. | 33,000 | 19,215 | ||||||
Tai-Saw Technology Co. Ltd. | 20,000 | 18,871 | ||||||
Taishin Financial Holding Co. Ltd. | 623,813 | 335,021 | ||||||
Taisun Enterprise Co. Ltd. | 2,000 | 1,973 | ||||||
Taita Chemical Co. Ltd. | 9,343 | 7,067 | ||||||
Taitien Electronics Co. Ltd. | 5,000 | 7,834 | ||||||
Taiwan Business Bank | 514,440 | 241,588 | ||||||
Taiwan Cement Corp. | 106,858 | 136,989 | ||||||
Taiwan Cogeneration Corp. | 19,000 | 22,898 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 246,381 | 214,325 | ||||||
Taiwan FamilyMart Co. Ltd. | 1,000 | 6,629 | ||||||
Taiwan Fertilizer Co. Ltd. | 53,000 | 99,510 | ||||||
Taiwan Fire & Marine Insurance Co. Ltd. | 2,000 | 1,364 | ||||||
Taiwan FU Hsing Industrial Co. Ltd. | 4,000 | 5,630 | ||||||
Taiwan Glass Industry Corp. | 103,000 | 78,749 | ||||||
Taiwan High Speed Rail Corp. | 90,000 | 86,536 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 33,000 | 104,236 | ||||||
Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 2,000 | 3,038 | ||||||
Taiwan Land Development Corp.(1) | 21,000 | 1,847 | ||||||
Taiwan Mobile Co. Ltd. | 40,000 | 126,716 | ||||||
Taiwan Navigation Co. Ltd. | 37,000 | 36,184 | ||||||
Taiwan Paiho Ltd. | 40,000 | 81,116 | ||||||
Taiwan PCB Techvest Co. Ltd. | 38,000 | 48,184 | ||||||
Taiwan Sakura Corp. | 4,000 | 8,465 | ||||||
Taiwan Secom Co. Ltd. | 7,000 | 23,111 | ||||||
Taiwan Semiconductor Co. Ltd. | 15,000 | 45,781 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 127,023 | 11,059,893 |
63
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Taiwan Shin Kong Security Co. Ltd. | 1,010 | $ | 1,358 | |||||
Taiwan Styrene Monomer | 2,000 | 924 | ||||||
Taiwan Surface Mounting Technology Corp. | 41,000 | 118,802 | ||||||
Taiwan TEA Corp.(1) | 29,000 | 20,808 | ||||||
Taiwan Union Technology Corp. | 37,000 | 71,021 | ||||||
Taiwan-Asia Semiconductor Corp. | 38,000 | 46,566 | ||||||
Taiyen Biotech Co. Ltd. | 6,000 | 6,563 | ||||||
Tatung Co. Ltd.(1) | 114,000 | 125,055 | ||||||
Te Chang Construction Co. Ltd. | 1,000 | 1,020 | ||||||
Teco Electric & Machinery Co. Ltd. | 121,000 | 121,405 | ||||||
Tera Autotech Corp. | 1,081 | 829 | ||||||
Test Research, Inc. | 13,000 | 27,003 | ||||||
Test Rite International Co. Ltd. | 2,000 | 1,322 | ||||||
Tex-Ray Industrial Co. Ltd.(1) | 12,000 | 4,541 | ||||||
Thinking Electronic Industrial Co. Ltd. | 9,000 | 41,645 | ||||||
Thye Ming Industrial Co. Ltd. | 13,800 | 17,878 | ||||||
Ton Yi Industrial Corp. | 112,000 | 64,270 | ||||||
Tong Hsing Electronic Industries Ltd. | 6,300 | 45,074 | ||||||
Tong Yang Industry Co. Ltd. | 45,000 | 64,271 | ||||||
Tong-Tai Machine & Tool Co. Ltd. | 2,000 | 1,089 | ||||||
Top Union Electronics Corp. | 9,427 | 10,282 | ||||||
Topco Scientific Co. Ltd. | 20,000 | 118,255 | ||||||
Topoint Technology Co. Ltd. | 7,000 | 6,742 | ||||||
TPK Holding Co. Ltd. | 42,000 | 46,940 | ||||||
Transcend Information, Inc. | 17,000 | 39,068 | ||||||
Tripod Technology Corp. | 51,000 | 174,664 | ||||||
Tsann Kuen Enterprise Co. Ltd. | 8,419 | 13,200 | ||||||
TSC Auto ID Technology Co. Ltd. | 1,000 | 7,028 | ||||||
TSRC Corp. | 80,000 | 75,993 | ||||||
Ttet Union Corp. | 2,000 | 9,619 | ||||||
TTY Biopharm Co. Ltd. | 10,000 | 25,674 | ||||||
Tul Corp. | 3,000 | 7,829 | ||||||
Tung Ho Steel Enterprise Corp. | 52,770 | 102,855 | ||||||
TXC Corp. | 36,000 | 101,418 | ||||||
TYC Brother Industrial Co. Ltd. | 31,000 | 28,835 | ||||||
Tyntek Corp. | 3,000 | 1,752 | ||||||
U-Ming Marine Transport Corp. | 63,000 | 125,760 | ||||||
Unimicron Technology Corp. | 73,000 | 301,505 | ||||||
Union Bank of Taiwan | 203,054 | 107,711 | ||||||
Union Insurance Co. Ltd. | 2,100 | 1,144 | ||||||
Uni-President Enterprises Corp. | 193,000 | 426,058 | ||||||
Unitech Printed Circuit Board Corp.(1) | 12,000 | 7,332 | ||||||
United Integrated Services Co. Ltd. | 27,000 | 199,054 | ||||||
United Microelectronics Corp.(1)(2) | 622,000 | 1,013,054 | ||||||
United Renewable Energy Co. Ltd.(1) | 76,285 | 51,730 | ||||||
Univacco Technology, Inc. | 2,000 | 1,776 | ||||||
Universal Cement Corp. | 15,000 | 12,010 | ||||||
Universal Vision Biotechnology Co. Ltd. | 3,150 | 33,437 | ||||||
Unizyx Holding Corp. | 48,947 | 62,064 | ||||||
UPC Technology Corp. | 63,000 | 32,003 |
64
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Userjoy Technology Co. Ltd. | 4,000 | $ | 9,826 | |||||
USI Corp. | 105,000 | 86,321 | ||||||
U-Tech Media Corp. | 13,000 | 7,350 | ||||||
Utechzone Co. Ltd. | 6,000 | 17,777 | ||||||
Vanguard International Semiconductor Corp. | 104,000 | 313,325 | ||||||
Ventec International Group Co. Ltd. | 11,000 | 29,316 | ||||||
Via Technologies, Inc. | 19,000 | 56,534 | ||||||
Visual Photonics Epitaxy Co. Ltd. | 9,000 | 24,765 | ||||||
Voltronic Power Technology Corp. | 1,000 | 52,214 | ||||||
Wafer Works Corp. | 8,000 | 11,677 | ||||||
Wah Lee Industrial Corp. | 12,100 | 34,726 | ||||||
Walsin Lihwa Corp. | 263,763 | 485,801 | ||||||
Walsin Technology Corp. | 29,000 | 94,602 | ||||||
Walton Advanced Engineering, Inc. | 12,000 | 5,007 | ||||||
Wan Hai Lines Ltd. | 29,785 | 77,084 | ||||||
WEI Chih Steel Industrial Co. Ltd. | 18,000 | 16,911 | ||||||
Wei Chuan Foods Corp. | 9,000 | 6,085 | ||||||
Weikeng Industrial Co. Ltd. | 36,000 | 32,780 | ||||||
Well Shin Technology Co. Ltd. | 5,000 | 8,324 | ||||||
Weltrend Semiconductor | 2,000 | 3,289 | ||||||
Wholetech System Hitech Ltd. | 6,000 | 9,257 | ||||||
Win Semiconductors Corp. | 13,000 | 71,351 | ||||||
Winbond Electronics Corp. | 263,000 | 196,893 | ||||||
Winstek Semiconductor Co. Ltd. | 9,000 | 14,887 | ||||||
WinWay Technology Co. Ltd. | 2,000 | 38,980 | ||||||
Wisdom Marine Lines Co. Ltd. | 52,047 | 115,284 | ||||||
Wistron Corp. | 177,000 | 191,776 | ||||||
Wistron Information Technology & Services Corp. | 9,000 | 31,189 | ||||||
Wiwynn Corp. | 11,000 | 344,933 | ||||||
Wowprime Corp.(1) | 13,000 | 118,573 | ||||||
WPG Holdings Ltd. | 46,000 | 74,355 | ||||||
WT Microelectronics Co. Ltd. | 41,000 | 87,089 | ||||||
WUS Printed Circuit Co. Ltd. | 10,800 | 9,868 | ||||||
XinTec, Inc. | 11,000 | 36,911 | ||||||
Xxentria Technology Materials Corp. | 1,000 | 2,221 | ||||||
Yageo Corp. | 15,760 | 276,203 | ||||||
Yang Ming Marine Transport Corp. | 91,000 | 191,534 | ||||||
YC INOX Co. Ltd. | 46,000 | 46,812 | ||||||
YCC Parts Manufacturing Co. Ltd. | 1,000 | 1,397 | ||||||
Yea Shin International Development Co. Ltd. | 5,443 | 4,215 | ||||||
Yem Chio Co. Ltd. | 13,771 | 6,635 | ||||||
Yeong Guan Energy Technology Group Co. Ltd. | 12,000 | 26,867 | ||||||
YFY, Inc. | 82,000 | 72,735 | ||||||
Yi Jinn Industrial Co. Ltd. | 7,000 | 4,380 | ||||||
Yieh Phui Enterprise Co. Ltd. | 141,400 | 79,998 | ||||||
Yonyu Plastics Co. Ltd. | 1,000 | 1,100 | ||||||
Young Fast Optoelectronics Co. Ltd. | 4,000 | 3,756 | ||||||
Youngtek Electronics Corp. | 9,000 | 18,650 | ||||||
Yuanta Financial Holding Co. Ltd. | 491,928 | 365,774 | ||||||
Yulon Finance Corp. | 21,131 | 117,224 |
65
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Yulon Motor Co. Ltd. | 43,357 | $ | 115,109 | |||||
YungShin Global Holding Corp. | 1,000 | 1,412 | ||||||
Zeng Hsing Industrial Co. Ltd. | 2,148 | 8,600 | ||||||
Zenitron Corp. | 2,000 | 1,955 | ||||||
Zero One Technology Co. Ltd. | 2,315 | 3,689 | ||||||
Zhen Ding Technology Holding Ltd. | 71,000 | 259,909 | ||||||
Zig Sheng Industrial Co. Ltd. | 22,000 | 8,009 | ||||||
Zinwell Corp.(1) | 18,000 | 10,577 | ||||||
Zippy Technology Corp. | 11,000 | 15,307 | ||||||
ZongTai Real Estate Development Co. Ltd. | 6,702 | 7,317 | ||||||
52,703,043 | ||||||||
Thailand — 2.6% | ||||||||
AAPICO Hitech PCL, NVDR | 31,090 | 25,500 | ||||||
Advanced Info Service PCL, NVDR | 30,200 | 172,571 | ||||||
Advanced Information Technology PCL, NVDR | 50,000 | 8,556 | ||||||
AEON Thana Sinsap Thailand PCL, NVDR | 9,800 | 55,998 | ||||||
Airports of Thailand PCL, NVDR(1) | 44,700 | 91,992 | ||||||
Amanah Leasing PCL, NVDR | 9,200 | 1,051 | ||||||
Amata Corp. PCL, NVDR | 107,800 | 60,676 | ||||||
AP Thailand PCL, NVDR | 222,000 | 77,860 | ||||||
Aqua Corp. PCL, NVDR(1) | 391,650 | 7,756 | ||||||
Asia Plus Group Holdings PCL, NVDR | 240,200 | 20,656 | ||||||
Asia Sermkij Leasing PCL, NVDR | 1,800 | 1,502 | ||||||
Asian Sea Corp. PCL, NVDR | 9,900 | 3,725 | ||||||
Asset World Corp. PCL, NVDR | 171,600 | 28,634 | ||||||
B Grimm Power PCL, NVDR | 40,900 | 45,153 | ||||||
Bangchak Corp. PCL, NVDR | 136,600 | 124,480 | ||||||
Bangkok Airways PCL, NVDR(1) | 31,300 | 11,597 | ||||||
Bangkok Aviation Fuel Services PCL, NVDR(1) | 1,000 | 913 | ||||||
Bangkok Bank PCL, NVDR | 9,600 | 44,404 | ||||||
Bangkok Chain Hospital PCL, NVDR | 154,200 | 86,794 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 313,900 | 248,638 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 319,400 | 83,600 | ||||||
Bangkok Land PCL, NVDR | 666,800 | 18,863 | ||||||
Bangkok Life Assurance PCL, NVDR | 38,700 | 34,770 | ||||||
Banpu PCL, NVDR | 692,766 | 213,551 | ||||||
Banpu Power PCL, NVDR | 35,200 | 15,536 | ||||||
BCPG PCL, NVDR | 187,400 | 51,150 | ||||||
BEC World PCL, NVDR | 74,300 | 20,602 | ||||||
Berli Jucker PCL, NVDR | 15,100 | 16,443 | ||||||
Better World Green PCL, NVDR(1) | 686,100 | 18,632 | ||||||
BG Container Glass PCL, NVDR | 26,300 | 7,443 | ||||||
BTS Group Holdings PCL, NVDR | 285,500 | 65,014 | ||||||
Bumrungrad Hospital PCL, NVDR | 29,100 | 173,698 | ||||||
Cal-Comp Electronics Thailand PCL, NVDR | 117,135 | 7,554 | ||||||
Carabao Group PCL, NVDR | 13,600 | 38,867 | ||||||
Central Pattana PCL, NVDR | 82,100 | 163,118 | ||||||
Central Plaza Hotel PCL, NVDR(1) | 20,400 | 32,602 | ||||||
Central Retail Corp. PCL, NVDR | 81,941 | 103,680 | ||||||
CH Karnchang PCL, NVDR | 87,000 | 52,428 |
66
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Charoen Pokphand Foods PCL, NVDR | 136,500 | $ | 85,734 | |||||
Chularat Hospital PCL, NVDR | 556,200 | 58,865 | ||||||
CK Power PCL, NVDR | 141,800 | 17,007 | ||||||
Com7 PCL, NVDR | 36,200 | 31,219 | ||||||
CP ALL PCL, NVDR | 103,900 | 182,229 | ||||||
Delta Electronics Thailand PCL, NVDR | 6,800 | 175,318 | ||||||
Dhipaya Group Holdings PCL, NVDR | 5,900 | 7,884 | ||||||
Diamond Building Products PCL, NVDR | 5,000 | 1,146 | ||||||
Ditto Thailand PCL, NVDR | 9,700 | 12,482 | ||||||
Dohome PCL, NVDR | 4,549 | 1,930 | ||||||
Dynasty Ceramic PCL, NVDR | 269,300 | 17,219 | ||||||
Eastern Polymer Group PCL, NVDR | 42,400 | 10,014 | ||||||
Eastern Water Resources Development & Management PCL, NVDR | 2,900 | 418 | ||||||
Ekachai Medical Care PCL, NVDR | 115,536 | 27,293 | ||||||
Electricity Generating PCL, NVDR | 17,200 | 83,207 | ||||||
Energy Absolute PCL, NVDR | 31,600 | 69,979 | ||||||
Erawan Group PCL, NVDR(1) | 15,660 | 2,326 | ||||||
Esso Thailand PCL, NVDR | 108,400 | 27,393 | ||||||
GFPT PCL, NVDR | 27,500 | 9,493 | ||||||
Global Power Synergy PCL, NVDR | 23,400 | 45,016 | ||||||
Gulf Energy Development PCL, NVDR | 62,200 | 92,434 | ||||||
Gunkul Engineering PCL, NVDR | 455,500 | 53,836 | ||||||
Haad Thip PCL, NVDR | 1,400 | 1,258 | ||||||
Hana Microelectronics PCL, NVDR | 60,000 | 97,958 | ||||||
Home Product Center PCL, NVDR | 330,100 | 130,685 | ||||||
Ichitan Group PCL, NVDR | 20,000 | 7,186 | ||||||
Indorama Ventures PCL, NVDR | 77,100 | 80,128 | ||||||
Interlink Communication PCL, NVDR | 21,100 | 4,625 | ||||||
Intouch Holdings PCL, NVDR | 32,300 | 64,646 | ||||||
IRPC PCL, NVDR | 722,000 | 58,401 | ||||||
IT City PCL, NVDR(1) | 50,100 | 6,744 | ||||||
Italian-Thai Development PCL, NVDR(1) | 149,800 | 7,840 | ||||||
Jasmine International PCL, NVDR(1) | 389,500 | 24,460 | ||||||
Jay Mart PCL, NVDR | 13,800 | 11,018 | ||||||
JMT Network Services PCL, NVDR | 16,697 | 21,958 | ||||||
Kasikornbank PCL, NVDR | 26,000 | 100,763 | ||||||
KCE Electronics PCL, NVDR | 34,800 | 45,757 | ||||||
KGI Securities Thailand PCL, NVDR | 97,400 | 14,053 | ||||||
Khon Kaen Sugar Industry PCL, NVDR | 55,500 | 5,810 | ||||||
Kiatnakin Phatra Bank PCL, NVDR | 25,100 | 47,386 | ||||||
Krung Thai Bank PCL, NVDR | 225,800 | 110,519 | ||||||
Krungthai Card PCL, NVDR | 56,000 | 93,054 | ||||||
Land & Houses PCL, NVDR | 776,400 | 215,273 | ||||||
Lanna Resources PCL, NVDR | 38,500 | 16,875 | ||||||
LPN Development PCL, NVDR | 37,300 | 4,559 | ||||||
Major Cineplex Group PCL, NVDR | 17,300 | 8,369 | ||||||
Master Ad PCL, NVDR(1) | 596,800 | 9,463 | ||||||
MBK PCL, NVDR | 85,300 | 40,317 | ||||||
MC Group PCL, NVDR | 4,300 | 1,338 | ||||||
MCS Steel PCL, NVDR | 43,200 | 11,974 |
67
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Mega Lifesciences PCL, NVDR | 26,600 | $ | 34,615 | |||||
MFEC PCL, NVDR | 43,100 | 9,631 | ||||||
Minor International PCL, NVDR(1) | 148,066 | 140,272 | ||||||
MK Restaurants Group PCL, NVDR | 26,500 | 41,608 | ||||||
Muangthai Capital PCL, NVDR | 35,900 | 35,526 | ||||||
Nex Point Parts PCL, NVDR(1) | 9,400 | 4,067 | ||||||
Noble Development PCL, Class C, NVDR | 40,800 | 5,945 | ||||||
Origin Property PCL, NVDR | 60,500 | 20,364 | ||||||
Osotspa PCL, NVDR | 92,900 | 84,749 | ||||||
Plan B Media PCL, NVDR | 261,604 | 72,494 | ||||||
Polyplex Thailand PCL, NVDR | 13,000 | 7,099 | ||||||
Praram 9 Hospital PCL, NVDR | 44,800 | 26,491 | ||||||
Precious Shipping PCL, NVDR | 121,600 | 51,254 | ||||||
Premier Marketing PCL, NVDR | 3,900 | 1,037 | ||||||
Prima Marine PCL, NVDR | 157,300 | 34,260 | ||||||
Property Perfect PCL, NVDR | 42,735 | 507 | ||||||
Pruksa Holding PCL, NVDR | 61,600 | 23,528 | ||||||
PTG Energy PCL, NVDR | 131,500 | 52,079 | ||||||
PTT Exploration & Production PCL, NVDR | 47,800 | 202,311 | ||||||
PTT Global Chemical PCL, NVDR | 106,200 | 141,910 | ||||||
PTT Oil & Retail Business PCL, NVDR | 85,200 | 52,795 | ||||||
PTT PCL, NVDR | 242,900 | 218,071 | ||||||
Quality Houses PCL, NVDR | 618,800 | 42,016 | ||||||
R&B Food Supply PCL, NVDR | 8,900 | 3,223 | ||||||
Rabbit Holdings PLC, NVDR(1) | 368,200 | 11,456 | ||||||
Raimon Land PCL, NVDR(1) | 40,600 | 827 | ||||||
Rajthanee Hospital PCL, NVDR | 10,300 | 8,525 | ||||||
Ratch Group PCL, NVDR | 51,900 | 59,849 | ||||||
Ratchthani Leasing PCL, NVDR | 172,650 | 19,339 | ||||||
Regional Container Lines PCL, NVDR | 50,700 | 44,809 | ||||||
Rojana Industrial Park PCL, NVDR | 6,800 | 1,155 | ||||||
RS PCL, NVDR | 38,900 | 16,949 | ||||||
S 11 Group PCL, NVDR | 4,200 | 612 | ||||||
S Hotels & Resorts PCL, NVDR(1) | 188,700 | 24,449 | ||||||
Sabina PCL, NVDR | 22,900 | 16,059 | ||||||
Samart Digital Public Co. Ltd., NVDR(1) | 296,000 | 1,340 | ||||||
Sansiri PCL, NVDR | 1,174,700 | 63,467 | ||||||
Sappe PCL, NVDR | 11,000 | 16,105 | ||||||
SC Asset Corp. PCL, NVDR | 164,100 | 21,540 | ||||||
SCB X PCL, NVDR | 21,200 | 62,364 | ||||||
SCGJWD Logistics PCL, NVDR | 30,600 | 16,443 | ||||||
SEAFCO PCL, NVDR(1) | 5,200 | 530 | ||||||
Sermsang Power Corp. Co. Ltd., NVDR | 90,832 | 24,816 | ||||||
Siam Cement PCL, NVDR | 12,500 | 115,632 | ||||||
Siam City Cement PCL, NVDR | 1,800 | 7,410 | ||||||
Siam Global House PCL, NVDR | 92,460 | 48,360 | ||||||
Siam Makro PCL, NVDR | 5,200 | 5,920 | ||||||
Siamgas & Petrochemicals PCL, NVDR | 27,100 | 7,588 | ||||||
Singha Estate PCL, NVDR(1) | 20,100 | 1,137 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR | 179,600 | 68,582 |
68
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
SISB PCL, NVDR | 65,400 | $ | 46,228 | |||||
SNC Former PCL, NVDR | 35,500 | 14,460 | ||||||
Somboon Advance Technology PCL, NVDR | 36,500 | 21,272 | ||||||
SPCG PCL, NVDR | 13,200 | 5,454 | ||||||
Sri Trang Agro-Industry PCL, NVDR | 120,000 | 85,693 | ||||||
Srisawad Capital 1969 PCL, NVDR | 4,400 | 3,266 | ||||||
Srisawad Corp. PCL, NVDR | 63,700 | 97,259 | ||||||
Srivichai Vejvivat PCL, NVDR | 25,600 | 6,228 | ||||||
Star Petroleum Refining PCL, NVDR | 125,200 | 38,915 | ||||||
Stars Microelectronics Thailand PCL, NVDR | 33,500 | 4,739 | ||||||
STP & I PCL, NVDR(1) | 59,900 | 7,690 | ||||||
Supalai PCL, NVDR | 169,500 | 109,327 | ||||||
Super Energy Corp. PCL, NVDR | 1,374,500 | 22,541 | ||||||
Susco PCL, NVDR | 160,100 | 17,371 | ||||||
Synnex Thailand PCL, NVDR | 11,700 | 5,327 | ||||||
Taokaenoi Food & Marketing PCL, Class R, NVDR | 75,200 | 22,126 | ||||||
Thai Airways International PCL, NVDR(1) | 6,800 | 639 | ||||||
Thai Oil PCL, NVDR | 104,300 | 148,738 | ||||||
Thai Union Group PCL, NVDR | 97,200 | 43,724 | ||||||
Thai Vegetable Oil PCL, NVDR | 36,960 | 29,283 | ||||||
Thaicom PCL, NVDR | 109,800 | 48,753 | ||||||
Thaifoods Group PCL, NVDR | 70,100 | 10,515 | ||||||
Thanachart Capital PCL, NVDR | 21,000 | 25,398 | ||||||
Thonburi Healthcare Group PCL, NVDR | 35,700 | 70,451 | ||||||
Thoresen Thai Agencies PCL, NVDR | 181,300 | 40,257 | ||||||
Tipco Asphalt PCL, NVDR | 46,800 | 26,218 | ||||||
Tisco Financial Group PCL, NVDR | 19,600 | 57,113 | ||||||
TKS Technologies PCL, NVDR | 44,100 | 16,214 | ||||||
TMBThanachart Bank PCL, NVDR | 219,700 | 8,702 | ||||||
TOA Paint Thailand PCL, NVDR | 35,000 | 32,184 | ||||||
Total Access Communication PCL, NVDR | 15,400 | 22,768 | ||||||
TPI Polene PCL, NVDR | 546,000 | 26,570 | ||||||
TPI Polene Power PCL, NVDR | 54,800 | 5,364 | ||||||
TQM Alpha PCL, NVDR | 17,300 | 18,834 | ||||||
Triple i Logistics PCL, NVDR | 56,533 | 21,429 | ||||||
True Corp. PCL, NVDR | 882,400 | 127,337 | ||||||
TTW PCL, NVDR | 14,400 | 3,810 | ||||||
Unique Engineering & Construction PCL, NVDR(1) | 4,000 | 498 | ||||||
Univanich Palm Oil PCL, NVDR | 80,500 | 19,585 | ||||||
VGI PCL, NVDR | 28,860 | 3,558 | ||||||
WHA Corp. PCL, NVDR | 451,300 | 50,298 | ||||||
Workpoint Entertainment PCL, NVDR | 14,600 | 7,313 | ||||||
WP Energy PCL, NVDR | 5,900 | 741 | ||||||
Xspring Capital PCL, NVDR(1) | 107,200 | 3,821 | ||||||
Zen Corp. Group PCL, NVDR(1) | 2,200 | 1,008 | ||||||
7,841,000 | ||||||||
Turkey — 0.9% | ||||||||
AG Anadolu Grubu Holding AS | 1,279 | 5,989 | ||||||
Akbank TAS | 155,355 | 143,653 | ||||||
Aksa Akrilik Kimya Sanayii AS | 7,202 | 34,897 |
69
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Aksa Enerji Uretim AS | 15,862 | $ | 30,343 | |||||
Aksigorta AS(1) | 26,161 | 3,919 | ||||||
Alarko Holding AS | 3,317 | 13,840 | ||||||
Albaraka Turk Katilim Bankasi AS(1) | 109,042 | 16,613 | ||||||
Anadolu Anonim Turk Sigorta Sirketi(1) | 23,474 | 21,007 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 10,760 | 31,696 | ||||||
Arcelik AS | 470 | 2,967 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 14,210 | 41,480 | ||||||
Aygaz AS | 3,692 | 15,123 | ||||||
Bagfas Bandirma Gubre Fabrikalari AS(1) | 3,765 | 6,018 | ||||||
Baticim Bati Anadolu Cimento Sanayii AS(1) | 2,996 | 5,571 | ||||||
Bera Holding AS | 64,948 | 40,684 | ||||||
BIM Birlesik Magazalar AS | 11,716 | 84,499 | ||||||
Cemtas Celik Makina Sanayi Ve Ticaret AS | 729 | 1,986 | ||||||
Cimsa Cimento Sanayi VE Ticaret AS | 5,131 | 33,805 | ||||||
Coca-Cola Icecek AS | 1,377 | 13,927 | ||||||
Dogan Sirketler Grubu Holding AS | 60,928 | 30,202 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 3,638 | 32,543 | ||||||
EGE Endustri VE Ticaret AS | 21 | 6,177 | ||||||
Enerjisa Enerji AS | 9,053 | 15,413 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 26,105 | 60,847 | ||||||
Ford Otomotiv Sanayi AS | 1,168 | 34,071 | ||||||
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS(1) | 1,843 | 24,452 | ||||||
Gozde Girisim Sermayesi Yatirim Ortakligi AS(1) | 15,935 | 14,336 | ||||||
GSD Holding AS | 140,853 | 22,793 | ||||||
Haci Omer Sabanci Holding AS | 62,822 | 144,948 | ||||||
Hektas Ticaret TAS(1) | 13,852 | 26,016 | ||||||
Imas Makina Sanayi AS(1) | 1,429 | 21,366 | ||||||
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1) | 8,190 | 13,596 | ||||||
Is Finansal Kiralama AS(1) | 5,787 | 1,749 | ||||||
Is Yatirim Menkul Degerler AS | 1,327 | 3,510 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A | 17,876 | 19,447 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B | 11,042 | 11,830 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D | 52,809 | 63,019 | ||||||
Kartonsan Karton Sanayi ve Ticaret AS | 321 | 1,381 | ||||||
KOC Holding AS | 17,503 | 71,693 | ||||||
Koza Altin Isletmeleri AS | 29,988 | 38,802 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(1) | 12,688 | 30,604 | ||||||
Logo Yazilim Sanayi Ve Ticaret AS | 1,020 | 2,930 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, B Shares | 5,921 | 32,789 | ||||||
Migros Ticaret AS(1) | 5,957 | 45,606 | ||||||
MLP Saglik Hizmetleri AS(1) | 4,033 | 16,526 | ||||||
NET Holding AS(1) | 2,629 | 1,452 | ||||||
Nuh Cimento Sanayi AS | 462 | 4,052 | ||||||
ODAS Elektrik Uretim ve Sanayi Ticaret AS(1) | 104,778 | 41,726 | ||||||
Otokar Otomotiv Ve Savunma Sanayi AS | 392 | 19,733 | ||||||
Pegasus Hava Tasimaciligi AS(1) | 2,191 | 58,933 | ||||||
Petkim Petrokimya Holding AS(1)(2) | 36,883 | 32,839 | ||||||
Qua Granite Hayal(1) | 7,606 | 30,071 | ||||||
Reysas Tasimacilik ve Lojistik Ticaret AS(1) | 16,166 | 21,439 |
70
Avantis Emerging Markets Equity Fund | ||||||||
Shares/Principal Amount | Value | |||||||
Sasa Polyester Sanayi AS(1) | 7,349 | $ | 42,672 | |||||
Sekerbank Turk AS(1) | 117,076 | 14,978 | ||||||
Selcuk Ecza Deposu Ticaret ve Sanayi AS | 1,189 | 2,465 | ||||||
Sok Marketler Ticaret AS(1) | 20,100 | 27,200 | ||||||
TAV Havalimanlari Holding AS(1) | 8,444 | 33,501 | ||||||
Tekfen Holding AS | 12,897 | 24,577 | ||||||
Teknosa Ic Ve Dis Ticaret AS(1) | 14,151 | 13,971 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 4,881 | 44,269 | ||||||
Turk Hava Yollari AO(1) | 22,822 | 173,405 | ||||||
Turk Traktor ve Ziraat Makineleri AS | 120 | 3,592 | ||||||
Turkcell Iletisim Hizmetleri AS, ADR | 23,802 | 99,492 | ||||||
Turkiye Halk Bankasi AS(1) | 30,178 | 18,366 | ||||||
Turkiye Is Bankasi AS, C Shares | 140,205 | 84,142 | ||||||
Turkiye Petrol Rafinerileri AS(1) | 4,832 | 151,521 | ||||||
Turkiye Sigorta AS | 4,436 | 2,326 | ||||||
Turkiye Sinai Kalkinma Bankasi AS(1) | 119,810 | 25,128 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 27,623 | 69,113 | ||||||
Turkiye Vakiflar Bankasi TAO, D Shares(1) | 117,917 | 60,206 | ||||||
Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS | 20,568 | 61,666 | ||||||
Vestel Elektronik Sanayi ve Ticaret AS(1) | 9,811 | 29,058 | ||||||
Yapi ve Kredi Bankasi AS | 205,561 | 108,937 | ||||||
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS | 2,668 | 5,068 | ||||||
Yesil Yapi Endustrisi AS(1) | 21,886 | 2,333 | ||||||
Zorlu Enerji Elektrik Uretim AS(1) | 59,359 | 16,265 | ||||||
2,659,159 | ||||||||
TOTAL COMMON STOCKS (Cost $324,453,172) | 297,336,530 | |||||||
RIGHTS† | ||||||||
India† | ||||||||
Capri Global Capital Ltd.(1) | 137 | 305 | ||||||
Share India Securities Ltd.(1) | 36 | 2,896 | ||||||
TOTAL RIGHTS (Cost $—) | 3,201 | |||||||
WARRANTS† | ||||||||
Malaysia† | ||||||||
Perak Transit Bhd(1) | 1,391 | 124 | ||||||
PESTECH International Bhd(1) | 2,962 | 63 | ||||||
Vizione Holdings Bhd(1) | 2,768 | 3 | ||||||
190 | ||||||||
Thailand† | ||||||||
Aqua Corp. PCL(1) | 391,650 | 887 | ||||||
Erawan Group PCL(1) | 1,243 | 63 | ||||||
Master Ad PCL(1) | 149,200 | 42 | ||||||
MBK PCL, NVDR(1) | 912 | 356 | ||||||
VGI PCL(1) | 6,660 | 38 | ||||||
1,386 | ||||||||
TOTAL WARRANTS (Cost $—) | 1,576 |
71
Avantis Emerging Markets Equity Fund | |||||||||||
Shares/Principal Amount | Value | ||||||||||
CORPORATE BONDS† | |||||||||||
India† | |||||||||||
Britannia Industries Ltd., 5.50%, 6/3/24 (Acquired 5/25/21, Cost $433)(4) (Cost $433) | INR | 31,523 | $ | 371 | |||||||
SHORT-TERM INVESTMENTS — 2.0% | |||||||||||
Money Market Funds — 2.0% | |||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,580,978 | 1,580,978 | |||||||||
State Street Navigator Securities Lending Government Money Market Portfolio(5) | 4,380,478 | 4,380,478 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,961,456) | 5,961,456 | ||||||||||
TOTAL INVESTMENT SECURITIES — 101.3% (Cost $330,415,061) | 303,303,134 | ||||||||||
OTHER ASSETS AND LIABILITIES — (1.3)% | (3,880,265) | ||||||||||
TOTAL NET ASSETS — 100.0% | $ | 299,422,869 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
S&P 500 E-Mini | 3 | March 2023 | $ | 596,325 | $ | 7,458 |
^Amount represents value and unrealized appreciation (depreciation).
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 20.6% | ||||
Information Technology | 19.1% | ||||
Consumer Discretionary | 12.0% | ||||
Materials | 11.0% | ||||
Industrials | 9.5% | ||||
Communication Services | 7.0% | ||||
Energy | 5.9% | ||||
Consumer Staples | 5.6% | ||||
Health Care | 3.7% | ||||
Utilities | 2.6% | ||||
Real Estate | 2.3% | ||||
Short-Term Investments | 2.0% | ||||
Other Assets and Liabilities | (1.3)% |
72
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 $10,085,667. 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)Securities may be subject to resale, redemption or transferability restrictions.
(4)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 $371, which represented less than 0.05% of total net assets.
(5)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $10,712,521, which includes securities collateral of $6,332,043.
See Notes to Financial Statements.
73
FEBRUARY 28, 2023 (UNAUDITED)
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.0% | ||||||||
Australia — 6.8% | ||||||||
29Metals Ltd.(1) | 7,709 | $ | 8,254 | |||||
Accent Group Ltd.(1) | 11,453 | 17,050 | ||||||
Adairs Ltd.(1) | 1,603 | 2,528 | ||||||
Adbri Ltd. | 5,681 | 6,515 | ||||||
AGL Energy Ltd. | 8,981 | 41,604 | ||||||
Alkane Resources Ltd.(2) | 15,781 | 7,156 | ||||||
Alliance Aviation Services Ltd.(2) | 1,918 | 4,537 | ||||||
Allkem Ltd.(2) | 10,004 | 76,050 | ||||||
ALS Ltd. | 3,419 | 29,091 | ||||||
Altium Ltd. | 2,351 | 61,698 | ||||||
Alumina Ltd. | 14,872 | 15,006 | ||||||
AMP Ltd.(2) | 68,261 | 47,384 | ||||||
Ampol Ltd. | 2,191 | 48,305 | ||||||
Ansell Ltd. | 811 | 14,768 | ||||||
ANZ Group Holdings Ltd. | 26,205 | 433,469 | ||||||
APA Group | 8,763 | 63,135 | ||||||
Appen Ltd.(1) | 277 | 431 | ||||||
ARB Corp. Ltd.(1) | 740 | 15,852 | ||||||
Ardent Leisure Group Ltd.(2) | 1,272 | 594 | ||||||
Aristocrat Leisure Ltd. | 5,270 | 129,137 | ||||||
ASX Ltd. | 1,086 | 49,604 | ||||||
Atlas Arteria Ltd. | 11,695 | 53,738 | ||||||
Aurelia Metals Ltd.(1)(2) | 47,081 | 3,470 | ||||||
Aurizon Holdings Ltd. | 52,060 | 115,685 | ||||||
Austal Ltd. | 8,146 | 9,902 | ||||||
Australian Agricultural Co. Ltd.(2) | 2,182 | 2,448 | ||||||
Australian Clinical Labs Ltd.(1) | 1,433 | 3,474 | ||||||
Australian Ethical Investment Ltd. | 906 | 2,097 | ||||||
Australian Finance Group Ltd.(1) | 3,111 | 3,287 | ||||||
Baby Bunting Group Ltd.(1) | 1,932 | 2,577 | ||||||
Bank of Queensland Ltd. | 17,390 | 82,397 | ||||||
Bapcor Ltd. | 1,574 | 7,065 | ||||||
Beach Energy Ltd. | 61,564 | 58,062 | ||||||
Bega Cheese Ltd. | 7,118 | 16,668 | ||||||
Bendigo & Adelaide Bank Ltd. | 13,647 | 89,566 | ||||||
BHP Group Ltd., ADR(1) | 18,196 | 1,109,410 | ||||||
Blackmores Ltd. | 116 | 6,188 | ||||||
BlueScope Steel Ltd. | 13,443 | 171,999 | ||||||
Boral Ltd.(1)(2) | 7,744 | 18,917 | ||||||
Brambles Ltd. | 23,666 | 204,491 | ||||||
Brickworks Ltd. | 1,087 | 18,017 | ||||||
Capricorn Metals Ltd.(2) | 7,595 | 19,333 | ||||||
carsales.com Ltd. | 2,869 | 43,646 | ||||||
Cedar Woods Properties Ltd. | 1,766 | 5,067 | ||||||
Challenger Ltd. | 11,808 | 59,247 | ||||||
Champion Iron Ltd. | 7,862 | 38,722 | ||||||
Cleanaway Waste Management Ltd. | 4,609 | 8,219 | ||||||
Clinuvel Pharmaceuticals Ltd.(1) | 656 | 8,395 |
74
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Cochlear Ltd. | 352 | $ | 52,492 | |||||
Codan Ltd.(1) | 230 | 864 | ||||||
Coles Group Ltd. | 17,974 | 219,527 | ||||||
Collins Foods Ltd. | 1,103 | 6,144 | ||||||
Commonwealth Bank of Australia | 10,583 | 714,975 | ||||||
Computershare Ltd. | 4,159 | 69,177 | ||||||
Cooper Energy Ltd.(2) | 77,024 | 8,527 | ||||||
Coronado Global Resources, Inc. | 22,324 | 28,310 | ||||||
Costa Group Holdings Ltd. | 7,789 | 13,638 | ||||||
Credit Corp. Group Ltd. | 1,437 | 19,551 | ||||||
CSL Ltd. | 2,377 | 472,945 | ||||||
CSR Ltd. | 14,311 | 48,828 | ||||||
Deterra Royalties Ltd. | 10,305 | 30,861 | ||||||
Domino's Pizza Enterprises Ltd.(1) | 834 | 27,932 | ||||||
Downer EDI Ltd. | 3,856 | 8,168 | ||||||
Eagers Automotive Ltd.(1) | 3,210 | 29,450 | ||||||
Eclipx Group Ltd.(2) | 5,402 | 7,915 | ||||||
Elders Ltd. | 290 | 1,815 | ||||||
Emeco Holdings Ltd. | 5,966 | 2,923 | ||||||
Endeavour Group Ltd. | 16,888 | 77,489 | ||||||
Evolution Mining Ltd. | 32,690 | 59,845 | ||||||
EVT Ltd. | 2,827 | 24,803 | ||||||
Fortescue Metals Group Ltd. | 24,812 | 355,554 | ||||||
Gold Road Resources Ltd. | 24,253 | 23,994 | ||||||
GrainCorp Ltd., A Shares | 3,047 | 16,067 | ||||||
Grange Resources Ltd. | 15,468 | 9,849 | ||||||
GWA Group Ltd. | 2,433 | 2,869 | ||||||
Hansen Technologies Ltd. | 2,687 | 8,394 | ||||||
Harvey Norman Holdings Ltd. | 16,565 | 42,798 | ||||||
Healius Ltd. | 2,245 | 4,144 | ||||||
Helia Group Ltd. | 10,695 | 24,763 | ||||||
HT&E Ltd. | 1,854 | 1,442 | ||||||
Humm Group Ltd.(1) | 743 | 252 | ||||||
IDP Education Ltd. | 2,177 | 41,866 | ||||||
IGO Ltd. | 10,398 | 91,404 | ||||||
Iluka Resources Ltd. | 11,247 | 78,385 | ||||||
Imdex Ltd. | 5,249 | 8,280 | ||||||
Incitec Pivot Ltd. | 37,058 | 85,316 | ||||||
Infomedia Ltd. | 4,782 | 4,497 | ||||||
Inghams Group Ltd. | 13,930 | 30,323 | ||||||
Insurance Australia Group Ltd. | 12,174 | 37,997 | ||||||
InvoCare Ltd.(1) | 2,422 | 15,421 | ||||||
IPH Ltd. | 2,732 | 14,831 | ||||||
IRESS Ltd. | 889 | 5,545 | ||||||
James Hardie Industries PLC | 6,574 | 136,967 | ||||||
JB Hi-Fi Ltd.(1) | 2,141 | 60,094 | ||||||
Jervois Global Ltd.(1)(2) | 8,940 | 1,079 | ||||||
Judo Capital Holdings Ltd.(2) | 5,674 | 5,457 | ||||||
Jumbo Interactive Ltd. | 936 | 8,534 | ||||||
Jupiter Mines Ltd. | 22,840 | 3,611 | ||||||
Karoon Energy Ltd.(2) | 20,759 | 32,285 |
75
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Kelsian Group Ltd. | 288 | $ | 1,264 | |||||
Lendlease Corp. Ltd. | 8,029 | 41,117 | ||||||
Leo Lithium Ltd.(1)(2) | 33,200 | 11,663 | ||||||
Lifestyle Communities Ltd. | 1,709 | 19,447 | ||||||
Link Administration Holdings Ltd. | 2,543 | 3,912 | ||||||
Lovisa Holdings Ltd. | 2,065 | 33,343 | ||||||
Lynas Rare Earths Ltd.(2) | 10,025 | 55,057 | ||||||
Macmahon Holdings Ltd. | 6,093 | 613 | ||||||
Macquarie Group Ltd. | 1,686 | 214,092 | ||||||
Magellan Financial Group Ltd. | 3,479 | 19,943 | ||||||
Mayne Pharma Group Ltd.(1)(2) | 2,120 | 4,727 | ||||||
McMillan Shakespeare Ltd.(1) | 2,289 | 22,017 | ||||||
Medibank Pvt Ltd. | 41,677 | 93,418 | ||||||
Mesoblast Ltd.(1)(2) | 10,158 | 6,675 | ||||||
Metcash Ltd.(1) | 19,169 | 52,405 | ||||||
Mineral Resources Ltd. | 1,343 | 74,172 | ||||||
Monadelphous Group Ltd. | 3,593 | 28,928 | ||||||
Mount Gibson Iron Ltd.(1)(2) | 15,532 | 5,896 | ||||||
Myer Holdings Ltd.(1) | 36,580 | 22,826 | ||||||
MyState Ltd. | 613 | 1,621 | ||||||
National Australia Bank Ltd. | 25,117 | 505,562 | ||||||
Netwealth Group Ltd. | 1,149 | 10,364 | ||||||
New Energy Solar(2) | 2,331 | 99 | ||||||
New Hope Corp. Ltd.(1) | 22,423 | 81,652 | ||||||
Newcrest Mining Ltd. (Sydney) | 7,005 | 107,238 | ||||||
Newcrest Mining Ltd.(1) | 1,091 | 16,831 | ||||||
NEXTDC Ltd.(2) | 3,245 | 22,327 | ||||||
nib holdings Ltd. | 9,988 | 50,927 | ||||||
Nick Scali Ltd. | 2,166 | 14,262 | ||||||
Nine Entertainment Co. Holdings Ltd. | 24,862 | 32,342 | ||||||
Northern Star Resources Ltd. | 24,884 | 173,674 | ||||||
NRW Holdings Ltd. | 21,026 | 35,690 | ||||||
Nufarm Ltd. | 11,295 | 43,978 | ||||||
OFX Group Ltd.(2) | 3,710 | 4,795 | ||||||
Omni Bridgeway Ltd.(2) | 6,182 | 12,594 | ||||||
oOh!media Ltd. | 5,524 | 5,890 | ||||||
Orica Ltd. | 7,377 | 80,148 | ||||||
Origin Energy Ltd. | 12,914 | 69,276 | ||||||
Orora Ltd. | 15,560 | 36,842 | ||||||
OZ Minerals Ltd. | 7,899 | 148,506 | ||||||
Pacific Current Group Ltd. | 220 | 1,016 | ||||||
Paladin Energy Ltd.(2) | 44,959 | 20,907 | ||||||
Peet Ltd. | 1,161 | 887 | ||||||
Perenti Ltd.(2) | 35,469 | 25,277 | ||||||
Perpetual Ltd. | 2,768 | 45,289 | ||||||
Perseus Mining Ltd. | 58,475 | 77,275 | ||||||
PEXA Group Ltd.(2) | 1,176 | 9,357 | ||||||
Pilbara Minerals Ltd.(2) | 34,112 | 95,055 | ||||||
Platinum Asset Management Ltd. | 17,853 | 22,519 | ||||||
Premier Investments Ltd. | 2,657 | 48,630 | ||||||
Pro Medicus Ltd.(1) | 793 | 32,417 |
76
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
PWR Holdings Ltd. | 1,505 | $ | 10,217 | |||||
Qantas Airways Ltd.(2) | 10,546 | 45,358 | ||||||
QBE Insurance Group Ltd. | 12,542 | 126,878 | ||||||
Qube Holdings Ltd. | 16,040 | 34,624 | ||||||
Ramelius Resources Ltd. | 15,930 | 9,585 | ||||||
Ramsay Health Care Ltd. | 1,299 | 58,893 | ||||||
REA Group Ltd. | 612 | 50,395 | ||||||
Reece Ltd.(1) | 610 | 6,755 | ||||||
Regis Resources Ltd.(1) | 23,277 | 27,197 | ||||||
Resimac Group Ltd. | 2,359 | 1,713 | ||||||
Resolute Mining Ltd.(1)(2) | 31,669 | 5,221 | ||||||
Ridley Corp. Ltd. | 9,738 | 14,396 | ||||||
Rio Tinto Ltd. | 2,582 | 201,794 | ||||||
Sandfire Resources Ltd. | 16,560 | 65,206 | ||||||
Santos Ltd. | 60,413 | 282,093 | ||||||
SEEK Ltd. | 1,698 | 27,512 | ||||||
Select Harvests Ltd.(1) | 1,691 | 4,748 | ||||||
Seven Group Holdings Ltd.(1) | 1,190 | 19,536 | ||||||
Seven West Media Ltd.(2) | 35,885 | 10,003 | ||||||
Sierra Rutile Holdings Ltd.(1)(2) | 7,537 | 1,239 | ||||||
Sigma Healthcare Ltd. | 23,896 | 10,923 | ||||||
Silver Lake Resources Ltd.(2) | 22,909 | 15,492 | ||||||
Sims Ltd. | 3,753 | 40,086 | ||||||
SmartGroup Corp. Ltd. | 213 | 913 | ||||||
Solvar Ltd.(1) | 3,577 | 4,803 | ||||||
Sonic Healthcare Ltd. | 9,045 | 195,672 | ||||||
South32 Ltd. | 78,181 | 227,149 | ||||||
Southern Cross Media Group Ltd.(1) | 4,053 | 2,885 | ||||||
St. Barbara Ltd.(2) | 9,352 | 3,427 | ||||||
Star Entertainment Group Ltd. (Sydney)(1)(2) | 21,879 | 21,638 | ||||||
Star Entertainment Group Ltd.(2) | 15,322 | 15,208 | ||||||
Steadfast Group Ltd. | 4,527 | 17,720 | ||||||
Suncorp Group Ltd. | 17,029 | 146,892 | ||||||
Super Retail Group Ltd. | 5,157 | 44,854 | ||||||
Syrah Resources Ltd.(2) | 10,036 | 12,656 | ||||||
Technology One Ltd. | 6,561 | 65,505 | ||||||
Telstra Group Ltd. | 46,157 | 128,962 | ||||||
TPG Telecom Ltd. | 527 | 1,793 | ||||||
Transurban Group | 11,567 | 110,068 | ||||||
Treasury Wine Estates Ltd. | 7,385 | 69,460 | ||||||
Tuas Ltd.(2) | 517 | 441 | ||||||
United Malt Group Ltd.(1) | 7,330 | 17,561 | ||||||
Ventia Services Group Pty Ltd. | 4,120 | 6,588 | ||||||
Viva Energy Group Ltd. | 31,180 | 62,804 | ||||||
Vulcan Steel Ltd. | 1,558 | 8,758 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 5,196 | 101,641 | ||||||
Wesfarmers Ltd. | 8,258 | 267,327 | ||||||
West African Resources Ltd.(2) | 32,437 | 20,193 | ||||||
Westgold Resources Ltd.(2) | 8,310 | 5,311 | ||||||
Westpac Banking Corp. | 30,025 | 454,021 | ||||||
Whitehaven Coal Ltd. | 30,293 | 146,742 |
77
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
WiseTech Global Ltd. | 468 | $ | 19,777 | |||||
Woodside Energy Group Ltd. | 14,051 | 340,455 | ||||||
Woodside Energy Group Ltd., ADR(1) | 5,413 | 131,698 | ||||||
Woolworths Group Ltd. | 3,741 | 92,782 | ||||||
Worley Ltd. | 1,148 | 11,671 | ||||||
Xero Ltd.(2) | 581 | 30,261 | ||||||
12,714,714 | ||||||||
Austria — 0.3% | ||||||||
ANDRITZ AG | 554 | 34,186 | ||||||
AT&S Austria Technologie & Systemtechnik AG | 530 | 17,486 | ||||||
BAWAG Group AG(2) | 552 | 34,360 | ||||||
CA Immobilien Anlagen AG | 255 | 7,272 | ||||||
DO & CO. AG(2) | 67 | 7,600 | ||||||
Erste Group Bank AG | 2,736�� | 107,396 | ||||||
EVN AG | 1,107 | 24,268 | ||||||
IMMOFINANZ AG(2) | 996 | 12,966 | ||||||
IMMOFINANZ AG (Rights)(2) | 530 | 6 | ||||||
Lenzing AG | 88 | 6,676 | ||||||
Oesterreichische Post AG | 396 | 13,965 | ||||||
OMV AG | 1,372 | 66,827 | ||||||
Porr AG | 59 | 873 | ||||||
Raiffeisen Bank International AG(2) | 3,020 | 50,420 | ||||||
Semperit AG Holding | 239 | 5,724 | ||||||
Telekom Austria AG(2) | 2,467 | 18,427 | ||||||
UNIQA Insurance Group AG | 1,663 | 14,156 | ||||||
Verbund AG | 336 | 29,058 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 237 | 6,626 | ||||||
voestalpine AG | 1,471 | 54,332 | ||||||
Wienerberger AG | 1,008 | 31,335 | ||||||
543,959 | ||||||||
Belgium — 1.0% | ||||||||
Ackermans & van Haaren NV | 356 | 60,244 | ||||||
Ageas SA | 2,322 | 104,790 | ||||||
AGFA-Gevaert NV(2) | 2,083 | 6,156 | ||||||
Anheuser-Busch InBev SA, ADR(1) | 3,702 | 224,711 | ||||||
Argenx SE, ADR(2) | 215 | 78,694 | ||||||
Barco NV | 1,469 | 41,810 | ||||||
Bekaert SA | 999 | 44,079 | ||||||
bpost SA | 3,655 | 19,507 | ||||||
Cie d'Entreprises CFE(1)(2) | 208 | 2,095 | ||||||
Deceuninck NV(1) | 1,645 | 4,446 | ||||||
Deme Group NV(2) | 208 | 26,173 | ||||||
D'ieteren Group | 333 | 64,540 | ||||||
Elia Group SA | 357 | 47,027 | ||||||
Etablissements Franz Colruyt NV(1) | 1,857 | 50,255 | ||||||
Euronav NV | 4,515 | 82,680 | ||||||
EVS Broadcast Equipment SA | 45 | 1,053 | ||||||
Exmar NV | 1,326 | 11,650 | ||||||
Fagron | 1,371 | 22,167 | ||||||
Galapagos NV, ADR(1)(2) | 686 | 25,715 | ||||||
Gimv NV | 622 | 28,388 |
78
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Ion Beam Applications | 379 | $ | 7,400 | |||||
KBC Ancora | 1,121 | 58,000 | ||||||
KBC Group NV | 2,560 | 191,169 | ||||||
Kinepolis Group NV(2) | 280 | 12,278 | ||||||
Melexis NV | 511 | 55,273 | ||||||
Ontex Group NV(2) | 1,853 | 14,672 | ||||||
Proximus SADP | 2,382 | 21,935 | ||||||
Recticel SA | 118 | 2,137 | ||||||
Shurgard Self Storage Ltd. | 488 | 23,877 | ||||||
Solvay SA | 1,500 | 171,342 | ||||||
Telenet Group Holding NV | 98 | 1,515 | ||||||
Tessenderlo Group SA(2) | 527 | 17,695 | ||||||
UCB SA | 1,607 | 138,151 | ||||||
Umicore SA | 3,887 | 129,548 | ||||||
VGP NV | 127 | 11,391 | ||||||
1,802,563 | ||||||||
Canada — 10.3% | ||||||||
Absolute Software Corp. | 2,000 | 17,252 | ||||||
Advantage Energy Ltd.(1)(2) | 7,300 | 42,693 | ||||||
Aecon Group, Inc.(1) | 960 | 7,134 | ||||||
AGF Management Ltd., Class B | 1,000 | 6,889 | ||||||
Agnico Eagle Mines Ltd.(1) | 4,027 | 185,398 | ||||||
Air Canada(2) | 900 | 13,271 | ||||||
Alamos Gold, Inc., Class A | 8,600 | 87,670 | ||||||
Alaris Equity Partners Income | 100 | 1,304 | ||||||
Algoma Steel Group, Inc.(1) | 1,600 | 12,852 | ||||||
Algonquin Power & Utilities Corp.(1) | 3,400 | 25,964 | ||||||
Alimentation Couche-Tard, Inc. | 5,500 | 258,010 | ||||||
AltaGas Ltd. | 1,300 | 22,313 | ||||||
Altius Minerals Corp. | 500 | 7,933 | ||||||
ARC Resources Ltd. | 16,188 | 176,294 | ||||||
Argonaut Gold, Inc.(2) | 5,100 | 1,738 | ||||||
Aris Mining Corp. | 2,600 | 7,679 | ||||||
Aritzia, Inc.(2) | 1,900 | 57,842 | ||||||
Atco Ltd., Class I(1) | 2,000 | 62,015 | ||||||
Athabasca Oil Corp.(1)(2) | 23,500 | 51,323 | ||||||
Atrium Mortgage Investment Corp.(1) | 700 | 6,269 | ||||||
ATS Corp.(1)(2) | 500 | 20,172 | ||||||
B2Gold Corp. | 18,800 | 64,205 | ||||||
Badger Infrastructure Solution Ltd. | 400 | 8,929 | ||||||
Ballard Power Systems, Inc.(1)(2) | 2,100 | 12,004 | ||||||
Bank of Montreal | 6,188 | 586,466 | ||||||
Bank of Nova Scotia | 8,600 | 425,052 | ||||||
Barrick Gold Corp. (Toronto)(1) | 14,651 | 236,757 | ||||||
Bausch Health Cos., Inc.(2) | 920 | 8,570 | ||||||
Baytex Energy Corp.(1)(2) | 19,550 | 75,363 | ||||||
BCE, Inc. | 600 | 26,546 | ||||||
Birchcliff Energy Ltd. | 9,527 | 58,579 | ||||||
Bird Construction, Inc. | 300 | 1,992 | ||||||
Bombardier, Inc., Class B(2) | 584 | 29,142 | ||||||
Bonterra Energy Corp.(2) | 1,100 | 5,337 |
79
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Boralex, Inc., A Shares(1) | 1,900 | $ | 50,616 | |||||
Boyd Group Services, Inc. | 199 | 31,484 | ||||||
Brookfield Asset Management Ltd., Class A(1) | 1,015 | 34,151 | ||||||
Brookfield Corp. | 3,850 | 128,098 | ||||||
Brookfield Infrastructure Corp., A Shares | 1,312 | 56,653 | ||||||
Brookfield Infrastructure Corp., Class A | 106 | 4,580 | ||||||
Brookfield Reinsurance Ltd.(1)(2) | 211 | 7,064 | ||||||
Brookfield Renewable Corp., Class A | 700 | 19,494 | ||||||
BRP, Inc.(1) | 100 | 8,665 | ||||||
CAE, Inc.(2) | 1,300 | 29,316 | ||||||
Calfrac Well Services Ltd.(2) | 1,600 | 6,590 | ||||||
Calian Group Ltd. | 200 | 8,853 | ||||||
Calibre Mining Corp.(2) | 2,700 | 2,256 | ||||||
Cameco Corp. | 2,200 | 60,139 | ||||||
Canacol Energy Ltd.(1) | 419 | 3,157 | ||||||
Canada Goose Holdings, Inc.(2) | 600 | 11,279 | ||||||
Canadian Imperial Bank of Commerce | 10,046 | 459,414 | ||||||
Canadian National Railway Co. | 3,732 | 425,057 | ||||||
Canadian Natural Resources Ltd. | 10,300 | 582,069 | ||||||
Canadian Pacific Railway Ltd. | 1,700 | 129,110 | ||||||
Canadian Tire Corp. Ltd., Class A | 500 | 62,327 | ||||||
Canadian Utilities Ltd., A Shares | 2,500 | 65,573 | ||||||
Canadian Western Bank | 1,900 | 38,682 | ||||||
Canfor Corp.(2) | 1,800 | 30,710 | ||||||
Capital Power Corp. | 3,600 | 112,050 | ||||||
Capstone Copper Corp.(1)(2) | 9,500 | 42,261 | ||||||
Cardinal Energy Ltd.(1) | 4,800 | 25,047 | ||||||
Cargojet, Inc. | 300 | 26,621 | ||||||
Cascades, Inc.(1) | 2,300 | 18,086 | ||||||
CCL Industries, Inc., Class B | 1,800 | 86,577 | ||||||
Celestica, Inc.(1)(2) | 3,800 | 49,098 | ||||||
Cenovus Energy, Inc. | 16,838 | 310,476 | ||||||
Centerra Gold, Inc. | 4,400 | 27,796 | ||||||
CES Energy Solutions Corp. | 4,300 | 9,296 | ||||||
CGI, Inc.(2) | 1,700 | 152,421 | ||||||
Chorus Aviation, Inc.(1)(2) | 1,800 | 4,142 | ||||||
CI Financial Corp. | 3,100 | 34,010 | ||||||
Cogeco Communications, Inc.(1) | 300 | 15,401 | ||||||
Cogeco, Inc.(1) | 100 | 4,434 | ||||||
Colliers International Group, Inc.(1) | 400 | 46,397 | ||||||
Computer Modelling Group Ltd. | 200 | 1,019 | ||||||
Constellation Software, Inc. | 100 | 171,943 | ||||||
Copper Mountain Mining Corp.(1)(2) | 6,200 | 10,632 | ||||||
Corus Entertainment, Inc., B Shares | 2,600 | 3,639 | ||||||
Crescent Point Energy Corp.(1) | 17,017 | 116,357 | ||||||
Crew Energy, Inc.(1)(2) | 5,200 | 17,797 | ||||||
Definity Financial Corp. | 1,800 | 47,384 | ||||||
Descartes Systems Group, Inc.(2) | 600 | 44,254 | ||||||
Dollarama, Inc. | 1,300 | 75,094 | ||||||
Doman Building Materials Group Ltd.(1) | 1,200 | 6,499 | ||||||
Dorel Industries, Inc., Class B(2) | 500 | 1,671 |
80
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
DREAM Unlimited Corp., Class A(1) | 400 | $ | 7,818 | |||||
Dundee Precious Metals, Inc. | 4,590 | 29,468 | ||||||
Eldorado Gold Corp.(2) | 6,000 | 56,065 | ||||||
Element Fleet Management Corp. | 9,700 | 138,551 | ||||||
Emera, Inc.(1) | 1,300 | 51,495 | ||||||
Empire Co. Ltd., Class A | 2,600 | 68,959 | ||||||
Enbridge, Inc.(1) | 7,000 | 262,609 | ||||||
Endeavour Mining PLC | 1,938 | 40,337 | ||||||
Enerflex Ltd. | 4,000 | 26,530 | ||||||
Enerplus Corp.(1) | 7,148 | 113,415 | ||||||
Enghouse Systems Ltd.(1) | 300 | 9,454 | ||||||
Ensign Energy Services, Inc.(2) | 2,800 | 6,792 | ||||||
EQB, Inc.(1) | 400 | 19,049 | ||||||
Equinox Gold Corp.(1)(2) | 3,893 | 14,123 | ||||||
ERO Copper Corp.(1)(2) | 2,600 | 40,777 | ||||||
Evertz Technologies Ltd.(1) | 400 | 3,594 | ||||||
Exco Technologies Ltd. | 200 | 1,121 | ||||||
Extendicare, Inc.(1) | 2,200 | 10,528 | ||||||
Fairfax Financial Holdings Ltd. | 400 | 279,654 | ||||||
Finning International, Inc. | 2,500 | 63,412 | ||||||
Firm Capital Mortgage Investment Corp.(1) | 600 | 5,070 | ||||||
First Majestic Silver Corp.(1) | 6,000 | 36,629 | ||||||
First Mining Gold Corp.(2) | 9,000 | 1,220 | ||||||
First National Financial Corp.(1) | 400 | 11,518 | ||||||
First Quantum Minerals Ltd. | 7,200 | 157,297 | ||||||
FirstService Corp.(1) | 200 | 27,418 | ||||||
Fortis, Inc. | 4,628 | 183,153 | ||||||
Fortuna Silver Mines, Inc.(1)(2) | 7,799 | 25,320 | ||||||
Franco-Nevada Corp. | 1,200 | 153,173 | ||||||
Freehold Royalties Ltd.(1) | 4,800 | 54,455 | ||||||
Frontera Energy Corp.(2) | 1,500 | 13,521 | ||||||
Galiano Gold, Inc.(1)(2) | 1,100 | 572 | ||||||
Gear Energy Ltd.(1) | 16,300 | 12,782 | ||||||
George Weston Ltd. | 800 | 100,227 | ||||||
GFL Environmental, Inc. | 1,600 | 48,639 | ||||||
Gibson Energy, Inc. | 2,500 | 42,012 | ||||||
Gildan Activewear, Inc. | 1,700 | 54,021 | ||||||
goeasy Ltd. | 400 | 36,860 | ||||||
Great-West Lifeco, Inc.(1) | 5,100 | 139,152 | ||||||
Headwater Exploration, Inc. | 6,500 | 28,534 | ||||||
Heroux-Devtek, Inc.(2) | 600 | 5,963 | ||||||
High Liner Foods, Inc.(1) | 200 | 2,184 | ||||||
Home Capital Group, Inc.(1) | 941 | 28,916 | ||||||
Hudbay Minerals, Inc. | 4,900 | 24,311 | ||||||
Hut 8 Mining Corp.(1)(2) | 9,500 | 15,526 | ||||||
Hydro One Ltd. | 5,200 | 134,945 | ||||||
i-80 Gold Corp.(2) | 800 | 1,823 | ||||||
iA Financial Corp., Inc. | 3,700 | 248,384 | ||||||
IAMGOLD Corp.(2) | 17,100 | 38,724 | ||||||
IGM Financial, Inc. | 600 | 18,257 | ||||||
Imperial Oil Ltd.(1) | 3,400 | 168,169 |
81
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Intact Financial Corp. | 1,900 | $ | 272,934 | |||||
Interfor Corp.(2) | 1,700 | 28,618 | ||||||
International Petroleum Corp.(1)(2) | 127 | 1,282 | ||||||
Ivanhoe Mines Ltd., Class A(1)(2) | 2,400 | 20,051 | ||||||
K92 Mining, Inc.(2) | 2,600 | 14,177 | ||||||
Kelt Exploration Ltd.(1)(2) | 6,100 | 21,011 | ||||||
Keyera Corp.(1) | 5,700 | 125,780 | ||||||
Kinross Gold Corp.(1) | 27,400 | 101,206 | ||||||
Knight Therapeutics, Inc.(1)(2) | 2,400 | 8,970 | ||||||
Labrador Iron Ore Royalty Corp. | 1,100 | 29,288 | ||||||
Largo, Inc.(1)(2) | 700 | 4,479 | ||||||
Laurentian Bank of Canada | 1,000 | 25,277 | ||||||
Linamar Corp. | 1,300 | 70,740 | ||||||
Loblaw Cos. Ltd. | 1,500 | 128,190 | ||||||
Lumine Group, Inc.(2) | 300 | 3,586 | ||||||
Lundin Gold, Inc. | 3,300 | 34,100 | ||||||
Lundin Mining Corp.(1) | 11,400 | 70,932 | ||||||
Magna International, Inc.(1) | 5,000 | 278,674 | ||||||
Major Drilling Group International, Inc.(2) | 3,271 | 25,602 | ||||||
Manulife Financial Corp.(1) | 29,000 | 573,412 | ||||||
Maple Leaf Foods, Inc.(1) | 400 | 8,114 | ||||||
Martinrea International, Inc. | 2,900 | 29,712 | ||||||
MCAN Mortgage Corp. | 400 | 4,790 | ||||||
Medical Facilities Corp. | 700 | 4,284 | ||||||
MEG Energy Corp.(2) | 7,100 | 112,185 | ||||||
Methanex Corp.(1) | 1,400 | 70,621 | ||||||
Metro, Inc. | 1,900 | 98,683 | ||||||
MTY Food Group, Inc. | 200 | 9,439 | ||||||
Mullen Group Ltd. | 2,800 | 29,221 | ||||||
National Bank of Canada | 5,400 | 396,620 | ||||||
New Gold, Inc.(1)(2) | 14,500 | 13,283 | ||||||
North American Construction Group Ltd. | 1,300 | 21,875 | ||||||
North West Co., Inc. | 1,300 | 33,708 | ||||||
Northland Power, Inc. | 5,280 | 128,276 | ||||||
Nutrien Ltd. | 5,100 | 397,385 | ||||||
NuVista Energy Ltd.(2) | 6,900 | 60,682 | ||||||
Obsidian Energy Ltd.(1)(2) | 3,300 | 23,314 | ||||||
OceanaGold Corp.(2) | 18,400 | 37,488 | ||||||
Onex Corp. | 1,200 | 64,164 | ||||||
Open Text Corp. | 2,300 | 79,173 | ||||||
Osisko Gold Royalties Ltd. (Toronto) | 3,000 | 39,311 | ||||||
Osisko Mining, Inc.(2) | 1,400 | 3,170 | ||||||
Pan American Silver Corp.(1) | 3,270 | 48,744 | ||||||
Paramount Resources Ltd., A Shares(1) | 2,100 | 45,863 | ||||||
Parex Resources, Inc.(1) | 3,200 | 52,157 | ||||||
Parkland Corp.(1) | 2,100 | 45,925 | ||||||
Pason Systems, Inc. | 1,100 | 11,730 | ||||||
Pembina Pipeline Corp.(1) | 6,400 | 210,128 | ||||||
Pet Valu Holdings Ltd. | 200 | 6,269 | ||||||
Peyto Exploration & Development Corp.(1) | 6,900 | 59,974 | ||||||
Pine Cliff Energy Ltd.(1) | 6,700 | 5,941 |
82
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Pipestone Energy Corp.(1)(2) | 4,000 | $ | 8,355 | |||||
Pizza Pizza Royalty Corp.(1) | 200 | 2,032 | ||||||
Polaris Renewable Energy, Inc.(1) | 400 | 4,063 | ||||||
Power Corp. of Canada | 2,705 | 72,199 | ||||||
Precision Drilling Corp.(1)(2) | 400 | 22,807 | ||||||
Primo Water Corp. | 700 | 10,855 | ||||||
Quarterhill, Inc. | 800 | 1,149 | ||||||
Quebecor, Inc., Class B | 1,800 | 42,583 | ||||||
Real Matters, Inc.(2) | 3,450 | 14,690 | ||||||
Resolute Forest Products, Inc.(2) | 2,300 | 50,450 | ||||||
Restaurant Brands International, Inc. | 2,900 | 187,135 | ||||||
Ritchie Bros Auctioneers, Inc.(1) | 1,400 | 85,652 | ||||||
Rogers Communications, Inc., Class B | 1,000 | 47,768 | ||||||
Royal Bank of Canada | 9,283 | 942,519 | ||||||
Russel Metals, Inc.(1) | 1,500 | 39,102 | ||||||
Sabina Gold & Silver Corp.(2) | 3,500 | 4,540 | ||||||
Sandstorm Gold Ltd.(1) | 2,900 | 14,261 | ||||||
Saputo, Inc. | 1,800 | 48,202 | ||||||
Secure Energy Services, Inc. | 7,500 | 47,160 | ||||||
Shaw Communications, Inc., B Shares | 2,900 | 84,014 | ||||||
ShawCor Ltd.(2) | 2,500 | 25,650 | ||||||
Shopify, Inc., Class A(2) | 3,300 | 135,870 | ||||||
Sienna Senior Living, Inc.(1) | 100 | 827 | ||||||
Silvercorp Metals, Inc. | 5,300 | 16,314 | ||||||
Sleep Country Canada Holdings, Inc. | 600 | 11,433 | ||||||
Softchoice Corp. | 1,100 | 13,431 | ||||||
Spartan Delta Corp.(1) | 4,800 | 43,585 | ||||||
Spin Master Corp., VTG Shares | 1,000 | 27,102 | ||||||
SSR Mining, Inc.(1) | 2,809 | 38,435 | ||||||
SSR Mining, Inc. (NASDAQ) | 1,697 | 23,164 | ||||||
Stantec, Inc.(1) | 1,400 | 81,322 | ||||||
Stelco Holdings, Inc.(1) | 1,300 | 53,162 | ||||||
Stella-Jones, Inc.(1) | 1,476 | 53,415 | ||||||
Sun Life Financial, Inc.(1) | 4,700 | 227,129 | ||||||
Suncor Energy, Inc. | 14,966 | 502,998 | ||||||
Surge Energy, Inc.(1) | 2,500 | 16,141 | ||||||
Tamarack Valley Energy Ltd.(1) | 21,200 | 67,430 | ||||||
Taseko Mines Ltd.(1)(2) | 3,500 | 5,977 | ||||||
TC Energy Corp. | 5,486 | 218,354 | ||||||
Teck Resources Ltd., Class B | 8,300 | 331,331 | ||||||
TELUS Corp. (Toronto) | 3,300 | 65,613 | ||||||
TELUS Corp.(2) | 134 | 2,664 | ||||||
TFI International, Inc. | 1,000 | 122,030 | ||||||
Thomson Reuters Corp. | 700 | 84,780 | ||||||
Tidewater Midstream & Infrastructure Ltd.(1) | 8,200 | 6,490 | ||||||
Timbercreek Financial Corp.(1) | 1,500 | 9,058 | ||||||
TMX Group Ltd. | 300 | 29,916 | ||||||
Torex Gold Resources, Inc.(2) | 1,738 | 21,399 | ||||||
Toromont Industries Ltd. | 1,000 | 82,477 | ||||||
Toronto-Dominion Bank(1) | 11,108 | 739,584 | ||||||
Total Energy Services, Inc. | 1,600 | 10,295 |
83
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Tourmaline Oil Corp. | 6,200 | $ | 271,719 | |||||
TransAlta Corp.(1) | 4,800 | 38,907 | ||||||
TransAlta Renewables, Inc.(1) | 1,500 | 12,587 | ||||||
Transcontinental, Inc., Class A | 1,260 | 14,405 | ||||||
Treasury Metals, Inc.(2) | 300 | 64 | ||||||
Trican Well Service Ltd.(2) | 3,500 | 8,798 | ||||||
Tricon Residential, Inc. | 2,688 | 21,748 | ||||||
Trisura Group Ltd.(2) | 500 | 12,704 | ||||||
Uni-Select, Inc.(2) | 800 | 27,779 | ||||||
Vermilion Energy, Inc.(1) | 5,433 | 72,785 | ||||||
Victoria Gold Corp.(2) | 1,300 | 8,070 | ||||||
Viemed Healthcare, Inc. (Toronto)(2) | 474 | 4,370 | ||||||
Viemed Healthcare, Inc.(2) | 200 | 1,854 | ||||||
Wajax Corp. | 500 | 8,904 | ||||||
Wesdome Gold Mines Ltd.(2) | 2,200 | 10,496 | ||||||
West Fraser Timber Co. Ltd. | 1,572 | 118,087 | ||||||
Western Forest Products, Inc.(1) | 5,500 | 5,038 | ||||||
Westshore Terminals Investment Corp. | 600 | 11,019 | ||||||
Wheaton Precious Metals Corp. | 2,600 | 108,325 | ||||||
Whitecap Resources, Inc.(1) | 10,796 | 82,760 | ||||||
Winpak Ltd. | 500 | 14,866 | ||||||
WSP Global, Inc. | 1,300 | 163,307 | ||||||
Yamana Gold, Inc. | 18,100 | 92,589 | ||||||
Yangarra Resources Ltd.(1)(2) | 4,100 | 6,701 | ||||||
19,294,554 | ||||||||
China† | ||||||||
Chow Tai Fook Jewellery Group Ltd. | 5,200 | 10,078 | ||||||
Fullshare Holdings Ltd.(1)(2) | 167,500 | 2,606 | ||||||
LK Technology Holdings Ltd.(1) | 10,000 | 13,480 | ||||||
Truly International Holdings Ltd. | 24,000 | 3,367 | ||||||
29,531 | ||||||||
Denmark — 2.5% | ||||||||
ALK-Abello A/S(2) | 1,597 | 23,795 | ||||||
Alm Brand A/S | 21,735 | 40,426 | ||||||
AP Moller - Maersk A/S, A Shares | 46 | 105,142 | ||||||
AP Moller - Maersk A/S, B Shares | 74 | 172,372 | ||||||
Bang & Olufsen A/S(2) | 1,614 | 2,927 | ||||||
Bavarian Nordic A/S(2) | 1,131 | 34,830 | ||||||
Carlsberg AS, B Shares | 546 | 77,156 | ||||||
Chemometec A/S(2) | 181 | 11,754 | ||||||
Chr Hansen Holding A/S | 468 | 32,445 | ||||||
Coloplast A/S, B Shares | 598 | 69,096 | ||||||
D/S Norden A/S | 1,124 | 79,133 | ||||||
Danske Bank A/S | 9,891 | 229,701 | ||||||
Demant A/S(2) | 632 | 18,900 | ||||||
Dfds A/S | 1,450 | 59,076 | ||||||
DSV A/S | 611 | 111,022 | ||||||
FLSmidth & Co. A/S | 1,191 | 46,830 | ||||||
Genmab A/S, ADR(2) | 5,400 | 202,824 | ||||||
GN Store Nord AS | 283 | 6,110 | ||||||
H Lundbeck A/S | 3,924 | 16,580 |
84
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
H Lundbeck A/S, A Shares(2) | 981 | $ | 3,753 | |||||
H+H International A/S, B Shares(2) | 331 | 4,876 | ||||||
ISS A/S(2) | 387 | 8,435 | ||||||
Jyske Bank A/S(2) | 1,549 | 129,745 | ||||||
Nilfisk Holding A/S(2) | 257 | 4,758 | ||||||
NKT A/S(2) | 1,803 | 83,622 | ||||||
NNIT A/S(2) | 254 | 2,589 | ||||||
Novo Nordisk A/S, ADR | 11,990 | 1,690,470 | ||||||
Novozymes A/S, B Shares | 2,575 | 124,022 | ||||||
Orsted A/S | 1,620 | 141,010 | ||||||
Pandora A/S | 903 | 85,535 | ||||||
Per Aarsleff Holding A/S | 341 | 14,784 | ||||||
Ringkjoebing Landbobank A/S | 587 | 92,710 | ||||||
ROCKWOOL A/S, B Shares | 198 | 44,954 | ||||||
Royal Unibrew A/S | 767 | 53,340 | ||||||
Schouw & Co. A/S | 303 | 24,091 | ||||||
SimCorp A/S | 740 | 53,038 | ||||||
Solar A/S, B Shares | 136 | 11,823 | ||||||
SP Group A/S | 96 | 3,307 | ||||||
Spar Nord Bank A/S | 2,302 | 42,481 | ||||||
Sydbank A/S | 1,368 | 69,620 | ||||||
Topdanmark A/S | 699 | 37,390 | ||||||
TORM PLC, Class A | 676 | 24,002 | ||||||
Tryg A/S | 2,333 | 51,684 | ||||||
Vestas Wind Systems A/S | 17,568 | 501,302 | ||||||
4,643,460 | ||||||||
Finland — 0.9% | ||||||||
Aktia Bank Oyj | 500 | 5,509 | ||||||
Anora Group Oyj(1) | 109 | 743 | ||||||
Cargotec Oyj, B Shares | 1,209 | 61,458 | ||||||
Caverion OYJ | 704 | 6,729 | ||||||
Citycon Oyj(1)(2) | 1,917 | 14,105 | ||||||
Elisa Oyj | 863 | 49,008 | ||||||
Finnair Oyj(2) | 25,656 | 15,344 | ||||||
Fortum Oyj | 3,183 | 48,647 | ||||||
HKScan Oyj, A Shares(1) | 1,333 | 1,083 | ||||||
Huhtamaki Oyj | 439 | 15,498 | ||||||
Kemira Oyj | 1,934 | 37,043 | ||||||
Kesko Oyj, B Shares | 3,922 | 85,170 | ||||||
Kojamo Oyj | 1,599 | 21,135 | ||||||
Kone Oyj, B Shares | 2,858 | 148,421 | ||||||
Konecranes Oyj | 267 | 9,084 | ||||||
Marimekko Oyj | 615 | 5,990 | ||||||
Metsa Board Oyj, Class B | 4,677 | 40,918 | ||||||
Metso Outotec Oyj | 6,870 | 73,088 | ||||||
Musti Group Oyj(2) | 248 | 4,642 | ||||||
Neste Oyj | 1,754 | 84,598 | ||||||
Nokia Oyj, ADR | 34,582 | 159,077 | ||||||
Nokian Renkaat Oyj | 1,505 | 13,649 | ||||||
Oriola Oyj, B Shares | 441 | 717 | ||||||
Orion Oyj, Class B | 2,087 | 98,342 |
85
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Outokumpu Oyj | 8,208 | $ | 49,141 | |||||
Puuilo Oyj | 1,119 | 7,643 | ||||||
QT Group Oyj(2) | 196 | 14,514 | ||||||
Revenio Group Oyj | 298 | 10,981 | ||||||
Rovio Entertainment Oyj | 2,326 | 20,071 | ||||||
Sampo Oyj, A Shares | 4,664 | 227,044 | ||||||
Sanoma Oyj | 490 | 4,557 | ||||||
Stora Enso Oyj, R Shares | 7,800 | 110,275 | ||||||
TietoEVRY Oyj | 97 | 3,080 | ||||||
Tokmanni Group Corp. | 974 | 13,841 | ||||||
UPM-Kymmene Oyj | 3,902 | 141,395 | ||||||
Uponor Oyj | 1,775 | 33,033 | ||||||
Valmet Oyj(1) | 1,331 | 43,922 | ||||||
Wartsila Oyj Abp | 6,032 | 58,261 | ||||||
YIT Oyj(1) | 5,343 | 15,189 | ||||||
1,752,945 | ||||||||
France — 9.9% | ||||||||
ABC arbitrage | 396 | 2,680 | ||||||
Accor SA(2) | 1,260 | 41,818 | ||||||
Aeroports de Paris(2) | 732 | 106,061 | ||||||
Air France-KLM(2) | 8,044 | 14,999 | ||||||
Air Liquide SA | 3,722 | 591,338 | ||||||
Airbus SE | 4,076 | 533,836 | ||||||
AKWEL | 46 | 775 | ||||||
ALD SA | 4,580 | 60,669 | ||||||
Alstom SA | 1,620 | 47,544 | ||||||
Alten SA | 263 | 41,045 | ||||||
Amundi SA | 513 | 33,742 | ||||||
APERAM SA | 822 | 31,966 | ||||||
ArcelorMittal SA, NY Shares | 9,625 | 291,156 | ||||||
Arkema SA | 780 | 79,076 | ||||||
Atos SE(1)(2) | 1,280 | 18,101 | ||||||
Aubay | 27 | 1,388 | ||||||
AXA SA | 22,547 | 710,489 | ||||||
Beneteau SA | 1,307 | 23,302 | ||||||
Bigben Interactive | 62 | 396 | ||||||
BioMerieux | 776 | 75,986 | ||||||
BNP Paribas SA | 10,433 | 729,383 | ||||||
Bollore SE | 8,843 | 49,397 | ||||||
Bonduelle SCA | 188 | 2,602 | ||||||
Bouygues SA | 5,422 | 183,463 | ||||||
Bureau Veritas SA | 5,500 | 157,116 | ||||||
Capgemini SE | 984 | 184,535 | ||||||
Carrefour SA | 12,013 | 237,490 | ||||||
Casino Guichard Perrachon SA(2) | 675 | 6,844 | ||||||
Catana Group | 769 | 6,159 | ||||||
Cellectis SA, ADR(2) | 316 | 695 | ||||||
CGG SA(2) | 9,736 | 8,413 | ||||||
Cie de Saint-Gobain | 7,531 | 447,512 | ||||||
Cie des Alpes(2) | 1,031 | 15,391 | ||||||
Cie Generale des Etablissements Michelin SCA | 11,542 | 362,604 |
86
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Cie Plastic Omnium SA | 2,929 | $ | 52,759 | |||||
Coface SA | 2,961 | 43,640 | ||||||
Credit Agricole SA | 13,731 | 167,347 | ||||||
Danone SA | 2,522 | 141,767 | ||||||
Dassault Aviation SA | 775 | 133,231 | ||||||
Dassault Systemes SE | 3,545 | 136,802 | ||||||
Derichebourg SA | 3,292 | 21,170 | ||||||
Edenred | 1,558 | 87,694 | ||||||
Eiffage SA | 2,632 | 288,860 | ||||||
Elis SA | 536 | 9,613 | ||||||
Engie SA | 21,318 | 311,101 | ||||||
Eramet SA | 355 | 38,095 | ||||||
Esker SA | 88 | 14,096 | ||||||
EssilorLuxottica SA | 1,137 | 197,103 | ||||||
Esso SA Francaise(2) | 168 | 10,104 | ||||||
Etablissements Maurel et Prom SA | 1,540 | 5,733 | ||||||
Eurazeo SE | 1,052 | 70,789 | ||||||
Euroapi SA(2) | 956 | 15,660 | ||||||
Eurofins Scientific SE | 1,326 | 92,415 | ||||||
Euronext NV | 633 | 46,171 | ||||||
Eutelsat Communications SA(1) | 5,881 | 41,099 | ||||||
Fnac Darty SA | 114 | 4,342 | ||||||
Focus Entertainment(2) | 53 | 2,767 | ||||||
Gaztransport Et Technigaz SA | 753 | 78,639 | ||||||
Genfit SA(2) | 1,825 | 7,897 | ||||||
Getlink SE | 5,232 | 87,871 | ||||||
Groupe LDLC(1) | 99 | 2,212 | ||||||
Hermes International | 204 | 369,267 | ||||||
ID Logistics Group(2) | 79 | 25,374 | ||||||
Imerys SA | 922 | 40,913 | ||||||
Infotel SA | 51 | 3,074 | ||||||
Innate Pharma SA(1)(2) | 719 | 2,125 | ||||||
Interparfums SA | 225 | 14,968 | ||||||
Ipsen SA | 1,248 | 142,595 | ||||||
IPSOS | 281 | 17,238 | ||||||
Jacquet Metals SACA | 231 | 4,726 | ||||||
JCDecaux SE(2) | 1,086 | 24,802 | ||||||
Kaufman & Broad SA | 197 | 6,037 | ||||||
Kering SA | 971 | 569,317 | ||||||
Korian SA | 780 | 6,367 | ||||||
La Francaise des Jeux SAEM | 2,967 | 117,115 | ||||||
Legrand SA | 1,109 | 102,435 | ||||||
LISI | 253 | 6,715 | ||||||
L'Oreal SA | 828 | 327,286 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,863 | 1,548,761 | ||||||
Maisons du Monde SA | 672 | 8,021 | ||||||
Manitou BF SA(1) | 243 | 6,872 | ||||||
Mersen SA | 475 | 22,409 | ||||||
Metropole Television SA | 937 | 13,985 | ||||||
Nacon SA(1)(2) | 27 | 66 | ||||||
Neoen SA | 875 | 31,475 |
87
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Nexans SA | 811 | $ | 78,191 | |||||
Nexity SA | 557 | 14,780 | ||||||
Novacyt SA(2) | 1,610 | 1,206 | ||||||
Orange SA, ADR(1) | 35,204 | 404,142 | ||||||
Orpea SA(1)(2) | 451 | 1,220 | ||||||
Pernod Ricard SA | 1,518 | 316,672 | ||||||
Publicis Groupe SA | 1,906 | 151,312 | ||||||
Remy Cointreau SA | 170 | 29,843 | ||||||
Renault SA(2) | 5,762 | 257,889 | ||||||
ReWorld Media SA(2) | 641 | 3,731 | ||||||
Rexel SA(2) | 3,390 | 84,267 | ||||||
Rubis SCA | 851 | 23,480 | ||||||
Safran SA | 5,350 | 755,427 | ||||||
Sanofi, ADR | 9,985 | 467,797 | ||||||
Sartorius Stedim Biotech | 148 | 48,203 | ||||||
Schneider Electric SE | 1,515 | 243,092 | ||||||
SCOR SE | 3,011 | 73,910 | ||||||
SEB SA | 387 | 44,643 | ||||||
SES SA | 12,776 | 86,120 | ||||||
SMCP SA(2) | 707 | 5,519 | ||||||
Societe BIC SA | 346 | 22,382 | ||||||
Societe Generale SA | 16,580 | 477,828 | ||||||
Sodexo SA | 690 | 63,906 | ||||||
SOITEC(2) | 372 | 55,355 | ||||||
Solutions 30 SE(1)(2) | 1,773 | 4,278 | ||||||
Sopra Steria Group SACA | 213 | 42,064 | ||||||
SPIE SA | 1,881 | 51,571 | ||||||
STMicroelectronics NV, NY Shares(1) | 16,903 | 814,048 | ||||||
Technip Energies NV | 2,687 | 52,021 | ||||||
Teleperformance | 503 | 130,573 | ||||||
Television Francaise 1 | 741 | 5,905 | ||||||
Thales SA | 585 | 81,785 | ||||||
TotalEnergies SE, ADR | 24,635 | 1,525,153 | ||||||
Trigano SA | 86 | 11,523 | ||||||
Ubisoft Entertainment SA(2) | 3,267 | 71,629 | ||||||
Valeo | 7,174 | 149,038 | ||||||
Vallourec SA(2) | 2,861 | 40,823 | ||||||
Veolia Environnement SA | 3,471 | 103,590 | ||||||
Verallia SA | 3,007 | 121,205 | ||||||
Vicat SA | 337 | 10,574 | ||||||
Vilmorin & Cie SA | 141 | 7,190 | ||||||
Vinci SA | 6,706 | 762,525 | ||||||
Virbac SA | 85 | 25,390 | ||||||
Vivendi SE | 7,547 | 77,664 | ||||||
Wavestone | 105 | 5,451 | ||||||
Worldline SA(2) | 673 | 28,032 | ||||||
X-Fab Silicon Foundries SE(2) | 1,705 | 16,043 | ||||||
18,467,881 | ||||||||
Germany — 7.0% | ||||||||
1&1 AG | 260 | 3,115 | ||||||
7C Solarparken AG | 2,864 | 11,950 |
88
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Aareal Bank AG(2) | 477 | $ | 16,343 | |||||
Adesso SE | 58 | 9,287 | ||||||
adidas AG | 1,355 | 202,365 | ||||||
ADLER Group SA(2) | 223 | 239 | ||||||
Allianz SE | 3,221 | 756,334 | ||||||
Amadeus Fire AG | 60 | 7,795 | ||||||
Aroundtown SA | 14,194 | 36,772 | ||||||
Atoss Software AG | 106 | 18,184 | ||||||
AURELIUS Equity Opportunities SE & Co. KGaA | 862 | 14,340 | ||||||
Aurubis AG | 774 | 75,704 | ||||||
BASF SE | 8,114 | 415,455 | ||||||
Bayer AG | 4,528 | 268,878 | ||||||
Bayerische Motoren Werke AG | 3,835 | 395,639 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 727 | 68,858 | ||||||
Bechtle AG | 924 | 38,912 | ||||||
Befesa SA | 386 | 20,156 | ||||||
Beiersdorf AG | 1,086 | 129,609 | ||||||
Bertrandt AG | 99 | 5,058 | ||||||
Bijou Brigitte AG(2) | 20 | 839 | ||||||
Bilfinger SE | 352 | 13,974 | ||||||
Borussia Dortmund GmbH & Co. KGaA(2) | 870 | 3,926 | ||||||
Brenntag SE | 1,183 | 89,107 | ||||||
CANCOM SE | 186 | 6,511 | ||||||
Carl Zeiss Meditec AG, Bearer Shares | 459 | 61,182 | ||||||
CECONOMY AG(2) | 4,325 | 11,342 | ||||||
Cewe Stiftung & Co. KGAA | 104 | 10,396 | ||||||
Commerzbank AG(2) | 22,127 | 269,628 | ||||||
CompuGroup Medical SE & Co. KgaA | 280 | 13,302 | ||||||
Continental AG | 1,257 | 90,243 | ||||||
Covestro AG | 3,884 | 170,742 | ||||||
CropEnergies AG | 1,158 | 14,250 | ||||||
CTS Eventim AG & Co. KGaA(2) | 1,155 | 75,799 | ||||||
Daimler Truck Holding AG(2) | 8,798 | 278,669 | ||||||
Delivery Hero SE(2) | 1,180 | 47,419 | ||||||
Dermapharm Holding SE | 489 | 19,885 | ||||||
Deutsche Bank AG | 34,693 | 432,275 | ||||||
Deutsche Beteiligungs AG | 216 | 7,100 | ||||||
Deutsche Boerse AG | 1,023 | 178,384 | ||||||
Deutsche Lufthansa AG(2) | 19,192 | 198,844 | ||||||
Deutsche Pfandbriefbank AG | 2,973 | 29,416 | ||||||
Deutsche Post AG | 8,931 | 377,700 | ||||||
Deutsche Telekom AG | 27,107 | 608,364 | ||||||
Deutz AG | 2,787 | 17,120 | ||||||
DIC Asset AG | 312 | 2,844 | ||||||
Dr. Ing. h.c. F. Porsche AG, Preference Shares(2) | 336 | 40,493 | ||||||
Draegerwerk AG & Co. KGaA | 78 | 3,033 | ||||||
Draegerwerk AG & Co. KGaA, Preference Shares | 416 | 18,141 | ||||||
Duerr AG | 2,142 | 80,633 | ||||||
E.ON SE | 13,971 | 152,436 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 399 | 22,674 | ||||||
Elmos Semiconductor SE | 204 | 16,554 |
89
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
ElringKlinger AG | 121 | $ | 1,122 | |||||
Encavis AG | 3,168 | 61,833 | ||||||
Energiekontor AG | 210 | 15,067 | ||||||
Evonik Industries AG | 2,361 | 50,411 | ||||||
Fielmann AG | 598 | 21,227 | ||||||
flatexDEGIRO AG(2) | 1,036 | 8,824 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(2) | 618 | 33,452 | ||||||
Freenet AG | 1,139 | 28,391 | ||||||
Fresenius Medical Care AG & Co. KGaA, ADR | 1,743 | 34,267 | ||||||
Fresenius SE & Co. KGaA | 368 | 10,126 | ||||||
FUCHS PETROLUB SE, Preference Shares | 923 | 36,976 | ||||||
GEA Group AG | 2,344 | 103,042 | ||||||
GFT Technologies SE | 224 | 9,483 | ||||||
Grand City Properties SA | 1,895 | 19,342 | ||||||
GRENKE AG | 746 | 23,256 | ||||||
Hamburger Hafen und Logistik AG | 771 | 10,199 | ||||||
Hannover Rueck SE | 1,283 | 249,157 | ||||||
HeidelbergCement AG | 3,120 | 214,196 | ||||||
Heidelberger Druckmaschinen AG(2) | 3,633 | 6,536 | ||||||
HelloFresh SE(2) | 2,689 | 60,240 | ||||||
Henkel AG & Co. KGaA | 460 | 31,807 | ||||||
Henkel AG & Co. KGaA, Preference Shares | 1,106 | 80,460 | ||||||
Hensoldt AG | 650 | 21,153 | ||||||
HOCHTIEF AG | 490 | 33,374 | ||||||
Hornbach Holding AG & Co. KGaA | 279 | 23,171 | ||||||
HUGO BOSS AG | 1,887 | 129,060 | ||||||
Hypoport SE(2) | 22 | 3,320 | ||||||
Indus Holding AG | 450 | 10,905 | ||||||
Infineon Technologies AG | 17,249 | 610,207 | ||||||
Instone Real Estate Group SE | 786 | 7,378 | ||||||
JOST Werke AG | 365 | 20,784 | ||||||
Jungheinrich AG, Preference Shares | 1,935 | 71,383 | ||||||
K+S AG | 6,264 | 148,688 | ||||||
KION Group AG | 860 | 33,683 | ||||||
Kloeckner & Co. SE | 1,094 | 11,841 | ||||||
Knorr-Bremse AG | 959 | 65,178 | ||||||
Koenig & Bauer AG(2) | 246 | 4,970 | ||||||
Kontron AG | 1,638 | 32,776 | ||||||
Krones AG | 571 | 69,538 | ||||||
KSB SE & Co. KGaA, Preference Shares | 15 | 7,036 | ||||||
KWS Saat SE & Co. KGaA | 122 | 8,140 | ||||||
Lang & Schwarz AG | 141 | 1,503 | ||||||
Lanxess AG | 1,807 | 84,072 | ||||||
LEG Immobilien SE | 971 | 70,317 | ||||||
Leifheit AG | 4 | 72 | ||||||
Leoni AG(2) | 416 | 1,312 | ||||||
LPKF Laser & Electronics SE(2) | 302 | 3,684 | ||||||
Mercedes-Benz Group AG | 4,746 | 363,746 | ||||||
Merck KGaA | 375 | 71,060 | ||||||
METRO AG(2) | 5,078 | 45,787 | ||||||
MLP SE | 786 | 4,096 |
90
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
MTU Aero Engines AG | 1,294 | $ | 312,272 | |||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1,371 | 472,278 | ||||||
Mutares SE & Co. KGaA | 412 | 8,813 | ||||||
Nagarro SE(2) | 105 | 10,747 | ||||||
Nemetschek SE | 560 | 31,713 | ||||||
New Work SE | 30 | 5,115 | ||||||
Norma Group SE | 783 | 21,087�� | ||||||
OHB SE | 22 | 709 | ||||||
PATRIZIA SE | 274 | 3,184 | ||||||
Pfeiffer Vacuum Technology AG | 80 | 13,196 | ||||||
Porsche Automobil Holding SE, Preference Shares | 2,171 | 123,223 | ||||||
ProSiebenSat.1 Media SE | 1,940 | 19,320 | ||||||
publity AG(2) | 24 | 696 | ||||||
Puma SE | 729 | 46,404 | ||||||
PVA TePla AG(2) | 680 | 18,386 | ||||||
QIAGEN NV(2) | 3,502 | 160,917 | ||||||
Rational AG | 74 | 49,084 | ||||||
Rheinmetall AG | 418 | 106,246 | ||||||
RTL Group SA | 47 | 2,266 | ||||||
RWE AG | 4,494 | 190,758 | ||||||
SAF-Holland SE | 1,689 | 21,084 | ||||||
Salzgitter AG | 583 | 24,464 | ||||||
SAP SE, ADR | 2,692 | 306,403 | ||||||
Sartorius AG, Preference Shares | 245 | 104,068 | ||||||
Schaeffler AG, Preference Shares | 4,079 | 29,728 | ||||||
Scout24 SE | 760 | 41,653 | ||||||
Secunet Security Networks AG | 55 | 13,377 | ||||||
SGL Carbon SE(2) | 2,080 | 19,472 | ||||||
Siemens AG | 4,345 | 662,142 | ||||||
Siemens Energy AG(2) | 3,110 | 62,319 | ||||||
Siemens Healthineers AG | 1,492 | 77,868 | ||||||
Siltronic AG | 432 | 31,458 | ||||||
Sixt SE | 346 | 46,776 | ||||||
Sixt SE, Preference Shares | 398 | 32,233 | ||||||
Stabilus SE | 666 | 45,021 | ||||||
Steico SE | 77 | 4,477 | ||||||
STO SE & Co. KGaA, Preference Shares | 45 | 7,128 | ||||||
STRATEC SE | 85 | 6,913 | ||||||
Stroeer SE & Co. KGaA | 604 | 33,843 | ||||||
Suedzucker AG | 1,714 | 29,082 | ||||||
SUESS MicroTec SE | 143 | 3,275 | ||||||
Symrise AG | 665 | 67,943 | ||||||
Synlab AG | 1,246 | 9,214 | ||||||
TAG Immobilien AG | 2,539 | 20,191 | ||||||
TeamViewer AG(2) | 3,705 | 59,727 | ||||||
Telefonica Deutschland Holding AG | 28,077 | 85,170 | ||||||
thyssenkrupp AG | 5,850 | 43,820 | ||||||
Traffic Systems SE | 40 | 1,191 | ||||||
UmweltBank AG | 260 | 3,338 | ||||||
Uniper SE | 1,851 | 5,362 | ||||||
United Internet AG | 1,451 | 31,709 |
91
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
VERBIO Vereinigte BioEnergie AG | 803 | $ | 40,284 | |||||
Villeroy & Boch AG, Preference Shares | 155 | 3,254 | ||||||
Vitesco Technologies Group AG, Class A(2) | 674 | 46,790 | ||||||
Volkswagen AG | 355 | 63,069 | ||||||
Volkswagen AG, Preference Shares | 1,800 | 245,026 | ||||||
Vonovia SE | 7,918 | 199,130 | ||||||
Wacker Chemie AG | 203 | 31,807 | ||||||
Wacker Neuson SE | 447 | 9,474 | ||||||
Washtec AG | 108 | 4,496 | ||||||
Wuestenrot & Wuerttembergische AG | 218 | 3,960 | ||||||
Zalando SE(2) | 1,282 | 50,793 | ||||||
13,150,812 | ||||||||
Hong Kong — 2.4% | ||||||||
AIA Group Ltd. | 77,468 | 823,331 | ||||||
ASMPT Ltd. | 9,100 | 77,645 | ||||||
Atlas Corp.(1) | 4,940 | 75,878 | ||||||
AustAsia Group Ltd.(2) | 2,080 | 1,081 | ||||||
Bank of East Asia Ltd.(1) | 31,200 | 44,072 | ||||||
BOC Hong Kong Holdings Ltd. | 44,000 | 148,911 | ||||||
Bright Smart Securities & Commodities Group Ltd. | 14,000 | 2,625 | ||||||
Budweiser Brewing Co. APAC Ltd. | 14,200 | 42,580 | ||||||
Cafe de Coral Holdings Ltd. | 16,000 | 24,600 | ||||||
Chow Sang Sang Holdings International Ltd. | 5,000 | 6,439 | ||||||
CITIC Telecom International Holdings Ltd. | 25,000 | 9,110 | ||||||
CK Asset Holdings Ltd. | 34,906 | 218,932 | ||||||
CK Hutchison Holdings Ltd. | 22,500 | 134,353 | ||||||
CK Infrastructure Holdings Ltd. | 11,500 | 60,661 | ||||||
CLP Holdings Ltd. | 21,500 | 152,044 | ||||||
C-Mer Eye Care Holdings Ltd.(2) | 16,000 | 9,412 | ||||||
Comba Telecom Systems Holdings Ltd. | 18,000 | 3,191 | ||||||
Cowell e Holdings, Inc.(1)(2) | 11,000 | 19,684 | ||||||
Dah Sing Banking Group Ltd. | 16,800 | 13,636 | ||||||
Dah Sing Financial Holdings Ltd. | 3,200 | 8,646 | ||||||
DFI Retail Group Holdings Ltd.(1) | 2,300 | 7,412 | ||||||
E-Commodities Holdings Ltd. | 82,000 | 14,322 | ||||||
Esprit Holdings Ltd.(1)(2) | 5,100 | 481 | ||||||
ESR Group Ltd. | 7,800 | 13,268 | ||||||
Fairwood Holdings Ltd. | 2,000 | 3,151 | ||||||
Far East Consortium International Ltd. | 16,500 | 3,848 | ||||||
First Pacific Co. Ltd. | 24,000 | 8,048 | ||||||
Futu Holdings Ltd., ADR(1)(2) | 705 | 34,693 | ||||||
Galaxy Entertainment Group Ltd. | 8,000 | 53,261 | ||||||
Giordano International Ltd. | 52,000 | 12,665 | ||||||
Guotai Junan International Holdings Ltd. | 40,000 | 3,519 | ||||||
Haitong International Securities Group Ltd.(1)(2) | 34,100 | 3,434 | ||||||
Hang Lung Group Ltd. | 28,000 | 50,875 | ||||||
Hang Lung Properties Ltd. | 49,000 | 94,505 | ||||||
Hang Seng Bank Ltd. | 5,000 | 81,333 | ||||||
Henderson Land Development Co. Ltd. | 19,000 | 66,693 | ||||||
HK Electric Investments & HK Electric Investments Ltd.(1) | 28,500 | 18,224 | ||||||
HKT Trust & HKT Ltd. | 41,000 | 53,304 |
92
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Hong Kong & China Gas Co. Ltd. | 52,332 | $ | 49,192 | |||||
Hong Kong Exchanges & Clearing Ltd. | 4,000 | 160,211 | ||||||
Hong Kong Technology Venture Co. Ltd.(1) | 27,000 | 19,969 | ||||||
Hongkong & Shanghai Hotels Ltd.(2) | 1,000 | 1,044 | ||||||
Hongkong Land Holdings Ltd. | 17,800 | 81,427 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd. | 20,000 | 3,416 | ||||||
Hysan Development Co. Ltd. | 18,000 | 57,012 | ||||||
IGG, Inc.(2) | 10,000 | 3,664 | ||||||
IRC Ltd.(1)(2) | 202,000 | 3,063 | ||||||
Jardine Matheson Holdings Ltd. | 2,600 | 128,881 | ||||||
Johnson Electric Holdings Ltd. | 4,000 | 4,588 | ||||||
K Wah International Holdings Ltd. | 11,000 | 3,800 | ||||||
Kerry Logistics Network Ltd. | 728 | 1,203 | ||||||
Kerry Properties Ltd. | 10,000 | 25,039 | ||||||
Luk Fook Holdings International Ltd. | 12,000 | 38,309 | ||||||
Man Wah Holdings Ltd. | 44,400 | 45,458 | ||||||
Melco Resorts & Entertainment Ltd., ADR(2) | 2,192 | 28,014 | ||||||
MGM China Holdings Ltd.(1)(2) | 800 | 976 | ||||||
Modern Dental Group Ltd. | 6,000 | 2,257 | ||||||
MTR Corp. Ltd. | 5,000 | 25,196 | ||||||
New World Development Co. Ltd. | 29,000 | 78,943 | ||||||
NWS Holdings Ltd. | 38,000 | 33,460 | ||||||
Oriental Watch Holdings(1) | 24,828 | 13,292 | ||||||
Pacific Basin Shipping Ltd. | 190,000 | 68,974 | ||||||
Pacific Century Premium Developments Ltd.(2) | 2,268 | 111 | ||||||
Pacific Textiles Holdings Ltd. | 12,000 | 4,022 | ||||||
PAX Global Technology Ltd. | 25,000 | 21,863 | ||||||
PC Partner Group Ltd. | 8,000 | 5,867 | ||||||
PCCW Ltd. | 27,024 | 13,434 | ||||||
Perfect Medical Health Management Ltd.(1) | 7,000 | 3,624 | ||||||
Power Assets Holdings Ltd. | 10,000 | 53,488 | ||||||
Realord Group Holdings Ltd.(1)(2) | 6,000 | 4,816 | ||||||
Sa Sa International Holdings Ltd.(2) | 4,000 | 934 | ||||||
Sands China Ltd.(2) | 3,600 | 12,494 | ||||||
Shangri-La Asia Ltd.(2) | 10,000 | 9,565 | ||||||
Shun Tak Holdings Ltd.(2) | 58,000 | 11,750 | ||||||
Singamas Container Holdings Ltd. | 96,000 | 8,316 | ||||||
Sino Land Co. Ltd.(1) | 55,659 | 71,374 | ||||||
SITC International Holdings Co. Ltd. | 40,000 | 83,678 | ||||||
SJM Holdings Ltd.(1)(2) | 17,500 | 8,817 | ||||||
Sun Hung Kai & Co. Ltd. | 10,000 | 4,054 | ||||||
Sun Hung Kai Properties Ltd. | 14,000 | 191,330 | ||||||
SUNeVision Holdings Ltd. | 11,000 | 6,475 | ||||||
Swire Pacific Ltd., Class A | 13,500 | 110,169 | ||||||
Swire Properties Ltd. | 12,600 | 33,157 | ||||||
Techtronic Industries Co. Ltd. | 5,500 | 54,776 | ||||||
Texhong International Group Ltd. | 4,000 | 3,431 | ||||||
Texwinca Holdings Ltd. | 4,000 | 673 | ||||||
Theme International Holdings Ltd.(1)(2) | 80,000 | 8,158 | ||||||
United Energy Group Ltd. | 212,000 | 19,458 | ||||||
United Laboratories International Holdings Ltd. | 54,000 | 32,367 |
93
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Value Partners Group Ltd.(1) | 10,000 | $ | 3,598 | |||||
Vitasoy International Holdings Ltd. | 6,000 | 12,295 | ||||||
VTech Holdings Ltd. | 6,400 | 35,160 | ||||||
WH Group Ltd. | 264,423 | 153,875 | ||||||
Wharf Real Estate Investment Co. Ltd. | 20,000 | 109,657 | ||||||
Wynn Macau Ltd.(2) | 7,600 | 7,860 | ||||||
Xinyi Glass Holdings Ltd. | 31,000 | 57,962 | ||||||
Yue Yuen Industrial Holdings Ltd. | 30,000 | 44,385 | ||||||
4,480,248 | ||||||||
Ireland — 0.6% | ||||||||
AIB Group PLC | 30,590 | 130,659 | ||||||
Bank of Ireland Group PLC | 21,652 | 238,542 | ||||||
CRH PLC | 6,618 | 310,870 | ||||||
Dalata Hotel Group PLC(2) | 6,843 | 31,078 | ||||||
FBD Holdings PLC | 510 | 7,337 | ||||||
Glanbia PLC | 4,457 | 55,038 | ||||||
Glenveagh Properties PLC(2) | 34,927 | 36,774 | ||||||
Kerry Group PLC, A Shares | 888 | 85,021 | ||||||
Kingspan Group PLC | 824 | 53,484 | ||||||
Origin Enterprises PLC | 6,048 | 27,065 | ||||||
Smurfit Kappa Group PLC | 4,274 | 159,449 | ||||||
Uniphar PLC | 1,590 | 5,518 | ||||||
1,140,835 | ||||||||
Israel — 0.8% | ||||||||
AFI Properties Ltd.(2) | 174 | 4,625 | ||||||
Africa Israel Residences Ltd. | 154 | 5,684 | ||||||
Airport City Ltd.(2) | 717 | 9,478 | ||||||
Alony Hetz Properties & Investments Ltd. | 1,692 | 14,726 | ||||||
Amot Investments Ltd. | 2,002 | 9,923 | ||||||
Ashtrom Group Ltd. | 462 | 7,089 | ||||||
AudioCodes Ltd. | 183 | 2,955 | ||||||
Azrieli Group Ltd. | 181 | 10,158 | ||||||
Bank Hapoalim BM | 13,673 | 114,364 | ||||||
Bank Leumi Le-Israel BM | 11,663 | 90,674 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 30,094 | 41,655 | ||||||
Big Shopping Centers Ltd.(2) | 98 | 8,500 | ||||||
Blue Square Real Estate Ltd. | 143 | 7,177 | ||||||
Caesarstone Ltd. | 67 | 390 | ||||||
Carasso Motors Ltd. | 1,555 | 7,563 | ||||||
Cellcom Israel Ltd.(2) | 2,364 | 9,498 | ||||||
Check Point Software Technologies Ltd.(2) | 666 | 82,397 | ||||||
Clal Insurance Enterprises Holdings Ltd.(2) | 1,225 | 17,566 | ||||||
Cognyte Software Ltd.(2) | 134 | 496 | ||||||
CyberArk Software Ltd.(2) | 144 | 20,847 | ||||||
Danel Adir Yeoshua Ltd. | 47 | 3,541 | ||||||
Delek Automotive Systems Ltd. | 1,513 | 15,282 | ||||||
Delek Group Ltd.(2) | 167 | 15,611 | ||||||
Delta Galil Ltd. | 164 | 6,659 | ||||||
Elbit Systems Ltd. | 111 | 18,794 | ||||||
Elco Ltd. | 83 | 3,058 | ||||||
Electra Consumer Products 1970 Ltd. | 158 | 4,151 |
94
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Electra Ltd. | 28 | $ | 11,351 | |||||
Energix-Renewable Energies Ltd. | 281 | 773 | ||||||
Equital Ltd.(2) | 507 | 11,978 | ||||||
Fattal Holdings 1998 Ltd.(2) | 115 | 9,574 | ||||||
FIBI Holdings Ltd. | 572 | 20,983 | ||||||
First International Bank of Israel Ltd. | 813 | 28,788 | ||||||
FMS Enterprises Migun Ltd. | 27 | 792 | ||||||
Fox Wizel Ltd. | 130 | 10,325 | ||||||
G City Ltd. | 640 | 2,226 | ||||||
Gav-Yam Lands Corp. Ltd. | 433 | 3,093 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 2,182 | 18,372 | ||||||
Hilan Ltd. | 298 | 12,044 | ||||||
ICL Group Ltd. | 8,805 | 63,901 | ||||||
IDI Insurance Co. Ltd. | 30 | 694 | ||||||
Inmode Ltd.(2) | 996 | 35,169 | ||||||
Inrom Construction Industries Ltd. | 1,146 | 3,817 | ||||||
Isracard Ltd. | 4,656 | 16,498 | ||||||
Israel Corp. Ltd. | 71 | 24,206 | ||||||
Israel Discount Bank Ltd., A Shares | 14,278 | 67,727 | ||||||
Israel Land Development Co. Ltd. | 808 | 7,510 | ||||||
Isras Investment Co. Ltd. | 46 | 7,157 | ||||||
Ituran Location & Control Ltd. | 393 | 8,780 | ||||||
Kamada Ltd.(2) | 160 | 684 | ||||||
Kenon Holdings Ltd. | 115 | 3,220 | ||||||
Kornit Digital Ltd.(2) | 40 | 820 | ||||||
M Yochananof & Sons Ltd. | 68 | 3,233 | ||||||
Matrix IT Ltd. | 212 | 3,882 | ||||||
Mediterranean Towers Ltd. | 327 | 623 | ||||||
Mega Or Holdings Ltd. | 162 | 3,476 | ||||||
Melisron Ltd. | 187 | 11,190 | ||||||
Menora Mivtachim Holdings Ltd. | 483 | 9,287 | ||||||
Migdal Insurance & Financial Holdings Ltd.(2) | 14,966 | 16,711 | ||||||
Mivne Real Estate KD Ltd. | 3,933 | 10,167 | ||||||
Mizrahi Tefahot Bank Ltd. | 1,929 | 57,363 | ||||||
Nano Dimension Ltd., ADR(1)(2) | 1,645 | 4,836 | ||||||
Neto Malinda Trading Ltd.(2) | 370 | 7,745 | ||||||
Nice Ltd., ADR(1)(2) | 211 | 43,763 | ||||||
Nova Ltd.(2) | 378 | 34,478 | ||||||
Novolog Ltd. | 5,599 | 2,756 | ||||||
Oil Refineries Ltd. | 70,860 | 21,381 | ||||||
One Software Technologies Ltd. | 600 | 6,705 | ||||||
Partner Communications Co. Ltd.(2) | 3,082 | 17,226 | ||||||
Paz Oil Co. Ltd.(2) | 298 | 31,580 | ||||||
Phoenix Holdings Ltd. | 2,948 | 28,153 | ||||||
Property & Building Corp. Ltd.(2) | 45 | 2,217 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 268 | 14,829 | ||||||
Sapiens International Corp. NV | 45 | 935 | ||||||
Scope Metals Group Ltd.(2) | 181 | 5,976 | ||||||
Shapir Engineering & Industry Ltd. | 1,813 | 11,965 | ||||||
Shikun & Binui Ltd.(2) | 4,051 | 9,254 | ||||||
Shufersal Ltd. | 3,883 | 20,048 |
95
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Strauss Group Ltd. | 509 | $ | 11,583 | |||||
Summit Real Estate Holdings Ltd. | 420 | 4,542 | ||||||
Taro Pharmaceutical Industries Ltd.(2) | 51 | 1,541 | ||||||
Tel Aviv Stock Exchange Ltd. | 917 | 4,485 | ||||||
Tera Light Ltd.(2) | 69 | 78 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(2) | 7,311 | 72,452 | ||||||
Tower Semiconductor Ltd.(2) | 396 | 16,199 | ||||||
Wix.com Ltd.(2) | 297 | 26,887 | ||||||
YH Dimri Construction & Development Ltd. | 124 | 6,342 | ||||||
ZIM Integrated Shipping Services Ltd.(1) | 1,085 | 25,671 | ||||||
1,452,902 | ||||||||
Italy — 2.4% | ||||||||
A2A SpA | 31,231 | 45,985 | ||||||
ACEA SpA | 668 | 9,940 | ||||||
Amplifon SpA | 1,006 | 29,089 | ||||||
Arnoldo Mondadori Editore SpA | 2,193 | 4,244 | ||||||
Ascopiave SpA | 1,761 | 5,033 | ||||||
Assicurazioni Generali SpA | 6,628 | 131,098 | ||||||
Autogrill SpA(2) | 2,820 | 20,022 | ||||||
Azimut Holding SpA | 2,671 | 63,372 | ||||||
Banca Generali SpA | 776 | 26,818 | ||||||
Banca IFIS SpA | 489 | 8,027 | ||||||
Banca Mediolanum SpA | 3,320 | 32,166 | ||||||
Banca Monte dei Paschi di Siena SpA(2) | 6 | 16 | ||||||
Banca Popolare di Sondrio SpA | 10,739 | 54,566 | ||||||
Banco BPM SpA | 19,755 | 86,115 | ||||||
BFF Bank SpA | 3,275 | 32,510 | ||||||
Biesse SpA | 223 | 4,012 | ||||||
BPER Banca | 24,612 | 69,910 | ||||||
Brembo SpA | 1,664 | 26,237 | ||||||
Brunello Cucinelli SpA | 1,155 | 97,301 | ||||||
Buzzi Unicem SpA | 2,170 | 49,907 | ||||||
Carel Industries SpA | 333 | 9,280 | ||||||
Cementir Holding NV | 699 | 5,987 | ||||||
CIR SpA-Compagnie Industriali(2) | 10,844 | 4,992 | ||||||
CNH Industrial NV | 13,693 | 224,461 | ||||||
Credito Emiliano SpA | 1,683 | 14,462 | ||||||
d'Amico International Shipping SA(2) | 45,275 | 20,786 | ||||||
Danieli & C Officine Meccaniche SpA(1) | 239 | 6,467 | ||||||
Danieli & C Officine Meccaniche SpA, Preference Shares | 502 | 10,187 | ||||||
Davide Campari-Milano NV | 2,453 | 27,463 | ||||||
De' Longhi SpA | 340 | 8,473 | ||||||
DiaSorin SpA | 42 | 5,063 | ||||||
Digital Bros SpA(1) | 352 | 8,245 | ||||||
Digital Value SpA(2) | 81 | 6,174 | ||||||
doValue SpA | 489 | 3,572 | ||||||
Enav SpA | 4,093 | 18,113 | ||||||
Enel SpA | 34,142 | 191,522 | ||||||
Eni SpA, ADR | 11,854 | 336,179 | ||||||
ERG SpA | 1,547 | 44,490 | ||||||
Ferrari NV | 870 | 225,718 |
96
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Fila SpA | 454 | $ | 3,600 | |||||
Fincantieri SpA(2) | 30,410 | 19,291 | ||||||
FinecoBank Banca Fineco SpA | 7,515 | 129,863 | ||||||
Hera SpA | 14,182 | 37,744 | ||||||
Infrastrutture Wireless Italiane SpA | 943 | 10,379 | ||||||
Interpump Group SpA | 205 | 11,253 | ||||||
Intesa Sanpaolo SpA | 143,744 | 388,293 | ||||||
Iren SpA | 25,168 | 43,564 | ||||||
Italgas SpA | 1,495 | 8,492 | ||||||
Iveco Group NV(2) | 7,727 | 72,944 | ||||||
Leonardo SpA | 4,135 | 46,392 | ||||||
Maire Tecnimont SpA | 6,298 | 25,388 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 7,391 | 78,873 | ||||||
MFE-MediaForEurope NV, Class A(1) | 9,573 | 4,206 | ||||||
MFE-MediaForEurope NV, Class B(1) | 7,657 | 5,540 | ||||||
Moncler SpA | 1,518 | 92,531 | ||||||
Nexi SpA(2) | 1,732 | 13,978 | ||||||
OVS SpA | 9,129 | 24,826 | ||||||
Piaggio & C SpA | 5,336 | 22,566 | ||||||
Poste Italiane SpA | 7,286 | 78,563 | ||||||
Prysmian SpA | 2,088 | 80,273 | ||||||
RAI Way SpA | 2,481 | 14,153 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 641 | 27,183 | ||||||
Reply SpA | 152 | 18,242 | ||||||
Saipem SpA(1)(2) | 4,992 | 7,993 | ||||||
Salvatore Ferragamo SpA(1) | 1,517 | 28,841 | ||||||
Sanlorenzo SpA/Ameglia | 180 | 8,223 | ||||||
Saras SpA(2) | 21,050 | 31,842 | ||||||
Sesa SpA | 216 | 27,859 | ||||||
Snam SpA | 28,121 | 138,158 | ||||||
Stellantis NV | 21,380 | 374,028 | ||||||
Technogym SpA | 1,602 | 14,232 | ||||||
Telecom Italia SpA(1)(2) | 49,767 | 16,250 | ||||||
Telecom Italia SpA, Preference Shares(2) | 37,591 | 12,077 | ||||||
Tenaris SA, ADR | 967 | 31,921 | ||||||
Terna - Rete Elettrica Nazionale | 6,553 | 49,262 | ||||||
Tod's SpA(2) | 309 | 11,721 | ||||||
UniCredit SpA | 23,786 | 486,626 | ||||||
Unieuro SpA(1) | 231 | 2,739 | ||||||
Unipol Gruppo SpA | 5,271 | 27,883 | ||||||
Webuild SpA(1) | 15,766 | 28,644 | ||||||
Zignago Vetro SpA | 498 | 9,320 | ||||||
4,533,758 | ||||||||
Japan — 20.2% | ||||||||
77 Bank Ltd.(1) | 1,600 | 28,505 | ||||||
A&D HOLON Holdings Co. Ltd. | 200 | 2,056 | ||||||
ABC-Mart, Inc.(1) | 300 | 14,780 | ||||||
Acom Co. Ltd. | 1,400 | 3,444 | ||||||
ADEKA Corp. | 1,300 | 21,094 | ||||||
Advantest Corp.(1) | 1,700 | 134,757 | ||||||
Adventure, Inc. | 200 | 14,275 |
97
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Aeon Co. Ltd.(1) | 4,400 | $ | 82,068 | |||||
Aeon Delight Co. Ltd.(1) | 200 | 4,363 | ||||||
AEON Financial Service Co. Ltd.(1) | 3,500 | 33,227 | ||||||
Aeon Mall Co. Ltd.(1) | 2,500 | 32,643 | ||||||
AGC, Inc. | 3,800 | 140,587 | ||||||
Ai Holdings Corp. | 100 | 1,660 | ||||||
Aica Kogyo Co. Ltd. | 1,300 | 29,542 | ||||||
Aichi Financial Group, Inc. | 666 | 12,298 | ||||||
Aida Engineering Ltd. | 200 | 1,178 | ||||||
Aiful Corp. | 3,700 | 10,109 | ||||||
Ain Holdings, Inc. | 400 | 16,628 | ||||||
Air Water, Inc. | 4,100 | 49,294 | ||||||
Aisan Industry Co. Ltd. | 1,000 | 6,812 | ||||||
Aisin Corp. | 2,300 | 63,028 | ||||||
Ajinomoto Co., Inc. | 3,700 | 109,176 | ||||||
Akatsuki, Inc. | 100 | 1,593 | ||||||
Alconix Corp. | 100 | 998 | ||||||
Alfresa Holdings Corp. | 2,800 | 33,815 | ||||||
Alpen Co. Ltd. | 400 | 5,785 | ||||||
Alps Alpine Co. Ltd.(1) | 3,200 | 30,396 | ||||||
Altech Corp. | 300 | 5,553 | ||||||
Amada Co. Ltd. | 6,300 | 57,331 | ||||||
Amano Corp. | 1,300 | 24,041 | ||||||
Amvis Holdings, Inc.(1) | 400 | 9,628 | ||||||
ANA Holdings, Inc.(2) | 700 | 14,202 | ||||||
Anritsu Corp. | 2,300 | 20,995 | ||||||
AOKI Holdings, Inc. | 100 | 603 | ||||||
Aoyama Trading Co. Ltd. | 1,700 | 12,074 | ||||||
Aozora Bank Ltd.(1) | 2,800 | 54,225 | ||||||
Arata Corp. | 400 | 11,862 | ||||||
Arcland Service Holdings Co. Ltd.(1) | 600 | 9,716 | ||||||
Arclands Corp.(1) | 900 | 9,531 | ||||||
Arcs Co. Ltd.(1) | 1,400 | 22,284 | ||||||
Argo Graphics, Inc. | 700 | 19,294 | ||||||
Arisawa Manufacturing Co. Ltd. | 200 | 2,056 | ||||||
ARTERIA Networks Corp. | 100 | 950 | ||||||
Aruhi Corp. | 200 | 1,636 | ||||||
AS One Corp. | 200 | 8,337 | ||||||
Asahi Co. Ltd.(1) | 300 | 2,978 | ||||||
Asahi Diamond Industrial Co. Ltd.(1) | 1,700 | 10,411 | ||||||
Asahi Group Holdings Ltd. | 1,600 | 56,583 | ||||||
Asahi Intecc Co. Ltd. | 1,400 | 23,836 | ||||||
Asahi Kasei Corp. | 20,400 | 142,086 | ||||||
ASAHI YUKIZAI Corp.(1) | 500 | 10,330 | ||||||
Asanuma Corp. | 200 | 4,929 | ||||||
Asics Corp. | 1,600 | 40,512 | ||||||
ASKA Pharmaceutical Holdings Co. Ltd. | 500 | 4,174 | ||||||
ASKUL Corp. | 1,100 | 13,906 | ||||||
Astellas Pharma, Inc. | 12,600 | 176,936 | ||||||
Astena Holdings Co. Ltd. | 1,500 | 4,716 | ||||||
Aucnet, Inc. | 1,000 | 12,844 |
98
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Autobacs Seven Co. Ltd. | 500 | $ | 5,341 | |||||
Avant Group Corp. | 1,200 | 12,371 | ||||||
Awa Bank Ltd. | 300 | 4,898 | ||||||
Axial Retailing, Inc. | 600 | 15,279 | ||||||
Azbil Corp.(1) | 800 | 20,805 | ||||||
AZ-Com Maruwa Holdings, Inc.(1) | 400 | 5,235 | ||||||
Bandai Namco Holdings, Inc. | 1,700 | 105,045 | ||||||
Bando Chemical Industries Ltd. | 200 | 1,540 | ||||||
Bank of Iwate Ltd. | 200 | 3,654 | ||||||
Bank of Kyoto Ltd. | 900 | 42,965 | ||||||
Bank of Nagoya Ltd. | 200 | 5,250 | ||||||
Bank of the Ryukyus Ltd. | 900 | 7,470 | ||||||
Base Co. Ltd. | 300 | 10,170 | ||||||
BayCurrent Consulting, Inc. | 1,600 | 62,812 | ||||||
Belc Co. Ltd.(1) | 400 | 15,766 | ||||||
Belluna Co. Ltd.(1) | 800 | 4,078 | ||||||
Benefit One, Inc.(1) | 1,800 | 27,596 | ||||||
Benesse Holdings, Inc.(1) | 1,100 | 16,279 | ||||||
Bic Camera, Inc.(1) | 2,200 | 18,842 | ||||||
BIPROGY, Inc. | 1,200 | 26,591 | ||||||
BML, Inc. | 800 | 18,594 | ||||||
Bridgestone Corp. | 6,000 | 229,547 | ||||||
Brother Industries Ltd. | 4,200 | 61,778 | ||||||
Bunka Shutter Co. Ltd.(1) | 2,100 | 17,207 | ||||||
C Uyemura & Co. Ltd. | 400 | 18,211 | ||||||
Calbee, Inc.(1) | 1,300 | 25,777 | ||||||
Canon Marketing Japan, Inc. | 400 | 8,840 | ||||||
Canon, Inc., ADR | 2,778 | 59,644 | ||||||
Capcom Co. Ltd. | 1,800 | 56,647 | ||||||
Carenet, Inc. | 800 | 6,733 | ||||||
Casio Computer Co. Ltd.(1) | 700 | 6,861 | ||||||
Cawachi Ltd.(1) | 200 | 3,428 | ||||||
Celsys, Inc.(1) | 900 | 4,354 | ||||||
Central Glass Co. Ltd. | 1,000 | 24,574 | ||||||
Central Japan Railway Co. | 800 | 89,820 | ||||||
Charm Care Corp. KK | 1,000 | 8,121 | ||||||
Chiba Bank Ltd. | 9,600 | 70,290 | ||||||
Chubu Electric Power Co., Inc.(1) | 4,900 | 50,736 | ||||||
Chubu Shiryo Co. Ltd. | 400 | 3,074 | ||||||
Chudenko Corp.(1) | 200 | 3,167 | ||||||
Chugai Pharmaceutical Co. Ltd. | 4,900 | 121,900 | ||||||
Chugin Financial Group, Inc. | 3,300 | 23,150 | ||||||
Chugoku Electric Power Co., Inc. | 2,100 | 10,328 | ||||||
Citizen Watch Co. Ltd.(1) | 6,900 | 41,766 | ||||||
CKD Corp. | 1,200 | 18,539 | ||||||
CMIC Holdings Co. Ltd. | 400 | 5,282 | ||||||
CMK Corp.(1) | 200 | 725 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 3,400 | 35,791 | ||||||
COLOPL, Inc. | 600 | 2,621 | ||||||
Colowide Co. Ltd. | 1,200 | 16,930 | ||||||
Computer Engineering & Consulting Ltd. | 300 | 3,239 |
99
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
COMSYS Holdings Corp.(1) | 1,500 | $ | 27,288 | |||||
Comture Corp. | 200 | 3,271 | ||||||
Concordia Financial Group Ltd. | 16,700 | 71,747 | ||||||
Cosmo Energy Holdings Co. Ltd. | 2,400 | 71,738 | ||||||
Cosmos Pharmaceutical Corp. | 300 | 27,499 | ||||||
Create Restaurants Holdings, Inc.(1) | 2,400 | 17,403 | ||||||
Create SD Holdings Co. Ltd. | 200 | 4,957 | ||||||
Credit Saison Co. Ltd.(1) | 5,200 | 70,872 | ||||||
Creek & River Co. Ltd.(1) | 500 | 8,091 | ||||||
CTI Engineering Co. Ltd. | 200 | 5,112 | ||||||
CyberAgent, Inc.(1) | 7,700 | 65,834 | ||||||
Cybozu, Inc. | 700 | 13,721 | ||||||
Dai Nippon Printing Co. Ltd. | 2,200 | 58,982 | ||||||
Daicel Corp. | 5,200 | 36,104 | ||||||
Dai-Dan Co. Ltd. | 200 | 3,497 | ||||||
Daido Steel Co. Ltd.(1) | 500 | 19,642 | ||||||
Daifuku Co. Ltd. | 1,000 | 54,534 | ||||||
Daihen Corp. | 500 | 15,698 | ||||||
Daiho Corp.(1) | 400 | 11,286 | ||||||
Daiichi Jitsugyo Co. Ltd. | 200 | 7,785 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 200 | 1,496 | ||||||
Dai-ichi Life Holdings, Inc. | 11,000 | 234,677 | ||||||
Daiichi Sankyo Co. Ltd. | 5,900 | 185,828 | ||||||
Daiken Corp.(1) | 600 | 9,755 | ||||||
Daikin Industries Ltd. | 1,300 | 222,293 | ||||||
Daikokutenbussan Co. Ltd. | 200 | 7,504 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 400 | 5,416 | ||||||
Daio Paper Corp.(1) | 1,900 | 15,072 | ||||||
Daiseki Co. Ltd.(1) | 660 | 19,829 | ||||||
Daishi Hokuetsu Financial Group, Inc.(1) | 900 | 21,472 | ||||||
Daishinku Corp.(1) | 1,400 | 7,600 | ||||||
Daito Pharmaceutical Co. Ltd. | 200 | 3,614 | ||||||
Daito Trust Construction Co. Ltd. | 1,200 | 113,038 | ||||||
Daiwa House Industry Co. Ltd. | 3,900 | 90,017 | ||||||
Daiwa Securities Group, Inc.(1) | 18,400 | 87,951 | ||||||
Daiwabo Holdings Co. Ltd. | 1,000 | 15,454 | ||||||
DCM Holdings Co. Ltd.(1) | 1,000 | 8,425 | ||||||
DeNA Co. Ltd.(1) | 1,000 | 12,843 | ||||||
Denka Co. Ltd. | 2,300 | 48,570 | ||||||
Denso Corp. | 1,700 | 90,387 | ||||||
Dentsu Group, Inc. | 1,900 | 60,930 | ||||||
Denyo Co. Ltd. | 200 | 2,322 | ||||||
Descente Ltd. | 900 | 26,288 | ||||||
Dexerials Corp.(1) | 1,400 | 27,430 | ||||||
DIC Corp. | 1,600 | 28,563 | ||||||
Digital Arts, Inc. | 300 | 11,765 | ||||||
Digital Garage, Inc. | 900 | 29,715 | ||||||
Dip Corp.(1) | 300 | 7,751 | ||||||
Disco Corp.(1) | 400 | 125,425 | ||||||
DMG Mori Co. Ltd. | 2,700 | 43,431 | ||||||
Doshisha Co. Ltd. | 400 | 5,377 |
100
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Doutor Nichires Holdings Co. Ltd.(1) | 300 | $ | 4,113 | |||||
Dowa Holdings Co. Ltd.(1) | 1,500 | 48,939 | ||||||
Dream Incubator, Inc.(2) | 300 | 6,820 | ||||||
DTS Corp. | 700 | 16,268 | ||||||
Duskin Co. Ltd. | 1,000 | 22,766 | ||||||
DyDo Group Holdings, Inc.(1) | 200 | 6,989 | ||||||
Eagle Industry Co. Ltd. | 200 | 1,764 | ||||||
Earth Corp. | 100 | 3,521 | ||||||
East Japan Railway Co. | 1,700 | 85,857 | ||||||
Ebara Corp. | 1,600 | 67,995 | ||||||
EDION Corp.(1) | 2,400 | 23,227 | ||||||
E-Guardian, Inc. | 400 | 6,938 | ||||||
Eiken Chemical Co. Ltd. | 1,200 | 13,753 | ||||||
Eisai Co. Ltd. | 2,800 | 151,236 | ||||||
Eizo Corp. | 600 | 16,801 | ||||||
Electric Power Development Co. Ltd.(1) | 5,300 | 84,472 | ||||||
en Japan, Inc.(1) | 1,300 | 22,637 | ||||||
ENEOS Holdings, Inc. | 48,500 | 166,737 | ||||||
Enigmo, Inc. | 600 | 2,708 | ||||||
ESPEC Corp. | 200 | 2,981 | ||||||
Exedy Corp. | 1,200 | 15,921 | ||||||
EXEO Group, Inc.(1) | 2,800 | 49,131 | ||||||
Ezaki Glico Co. Ltd. | 900 | 22,597 | ||||||
Fancl Corp. | 300 | 5,564 | ||||||
FANUC Corp. | 600 | 101,983 | ||||||
Fast Retailing Co. Ltd. | 900 | 177,674 | ||||||
FCC Co. Ltd. | 1,500 | 16,443 | ||||||
Ferrotec Holdings Corp. | 1,200 | 28,502 | ||||||
Fixstars Corp. | 800 | 8,167 | ||||||
Food & Life Cos. Ltd. | 800 | 20,245 | ||||||
Foster Electric Co. Ltd. | 100 | 742 | ||||||
FP Corp. | 1,300 | 32,951 | ||||||
France Bed Holdings Co. Ltd. | 200 | 1,467 | ||||||
Fudo Tetra Corp. | 100 | 1,213 | ||||||
Fuji Corp. | 1,500 | 22,718 | ||||||
Fuji Electric Co. Ltd. | 2,600 | 100,386 | ||||||
Fuji Kyuko Co. Ltd. | 200 | 6,162 | ||||||
Fuji Media Holdings, Inc. | 600 | 5,035 | ||||||
Fuji Seal International, Inc. | 1,400 | 16,997 | ||||||
Fuji Soft, Inc. | 200 | 11,795 | ||||||
Fujibo Holdings, Inc. | 100 | 2,290 | ||||||
Fujicco Co. Ltd. | 200 | 2,718 | ||||||
FUJIFILM Holdings Corp. | 1,400 | 65,313 | ||||||
Fujikura Composites, Inc. | 700 | 5,314 | ||||||
Fujikura Ltd. | 8,100 | 57,428 | ||||||
Fujimi, Inc.(1) | 200 | 9,587 | ||||||
Fujimori Kogyo Co. Ltd. | 800 | 18,496 | ||||||
Fujitec Co. Ltd.(1) | 600 | 13,872 | ||||||
Fujitsu Ltd. | 1,700 | 218,328 | ||||||
Fujiya Co. Ltd. | 300 | 5,326 | ||||||
Fukuda Corp. | 200 | 6,489 |
101
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Fukui Computer Holdings, Inc. | 500 | $ | 10,261 | |||||
Fukuoka Financial Group, Inc.(1) | 3,300 | 73,667 | ||||||
Fukushima Galilei Co. Ltd. | 200 | 6,386 | ||||||
Fukuyama Transporting Co. Ltd. | 200 | 5,021 | ||||||
FULLCAST Holdings Co. Ltd. | 700 | 12,968 | ||||||
Funai Soken Holdings, Inc. | 800 | 16,604 | ||||||
Furukawa Co. Ltd. | 300 | 3,056 | ||||||
Furukawa Electric Co. Ltd. | 1,600 | 27,968 | ||||||
Furuno Electric Co. Ltd. | 100 | 713 | ||||||
Furyu Corp.(1) | 700 | 6,172 | ||||||
Fuso Chemical Co. Ltd. | 600 | 16,346 | ||||||
Futaba Industrial Co. Ltd. | 200 | 633 | ||||||
Future Corp. | 600 | 7,738 | ||||||
Fuyo General Lease Co. Ltd. | 500 | 34,443 | ||||||
G-7 Holdings, Inc. | 200 | 2,110 | ||||||
GA Technologies Co. Ltd.(2) | 800 | 6,428 | ||||||
Gakken Holdings Co. Ltd. | 1,500 | 9,735 | ||||||
Genky DrugStores Co. Ltd. | 200 | 5,956 | ||||||
Geo Holdings Corp. | 500 | 5,940 | ||||||
Giken Ltd. | 400 | 8,228 | ||||||
GLOBERIDE, Inc. | 400 | 7,535 | ||||||
Glory Ltd. | 1,100 | 22,377 | ||||||
GMO Financial Holdings, Inc.(1) | 1,200 | 5,137 | ||||||
GMO internet group, Inc. | 900 | 16,701 | ||||||
GMO Payment Gateway, Inc. | 100 | 8,214 | ||||||
Goldcrest Co. Ltd.(1) | 500 | 6,171 | ||||||
Goldwin, Inc. | 600 | 52,148 | ||||||
Gree, Inc. | 3,600 | 19,269 | ||||||
GS Yuasa Corp.(1) | 800 | 14,417 | ||||||
G-Tekt Corp.(1) | 900 | 9,405 | ||||||
GungHo Online Entertainment, Inc. | 1,400 | 25,215 | ||||||
Gunma Bank Ltd. | 8,300 | 31,154 | ||||||
Gunze Ltd. | 400 | 13,103 | ||||||
H.U. Group Holdings, Inc.(1) | 1,800 | 35,423 | ||||||
H2O Retailing Corp.(1) | 3,200 | 32,618 | ||||||
Hachijuni Bank Ltd. | 8,200 | 37,108 | ||||||
Hakuhodo DY Holdings, Inc.(1) | 5,500 | 61,315 | ||||||
Hakuto Co. Ltd.(1) | 400 | 14,983 | ||||||
Hamakyorex Co. Ltd. | 200 | 4,633 | ||||||
Hamamatsu Photonics KK | 1,300 | 63,792 | ||||||
Hankyu Hanshin Holdings, Inc. | 3,700 | 105,291 | ||||||
Hanwa Co. Ltd. | 1,300 | 37,823 | ||||||
Happinet Corp.(1) | 600 | 8,087 | ||||||
Haseko Corp. | 5,200 | 59,671 | ||||||
Hazama Ando Corp. | 1,100 | 7,090 | ||||||
Heiwa Corp. | 2,000 | 37,532 | ||||||
Heiwa Real Estate Co. Ltd. | 1,100 | 30,252 | ||||||
Heiwado Co. Ltd. | 1,000 | 15,653 | ||||||
Hikari Tsushin, Inc. | 200 | 29,030 | ||||||
Hino Motors Ltd.(2) | 5,000 | 20,334 | ||||||
Hirata Corp. | 100 | 4,933 |
102
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Hirogin Holdings, Inc. | 6,800 | $ | 34,403 | |||||
Hirose Electric Co. Ltd. | 300 | 36,679 | ||||||
Hisamitsu Pharmaceutical Co., Inc.(1) | 200 | 5,610 | ||||||
Hitachi Construction Machinery Co. Ltd. | 1,900 | 42,493 | ||||||
Hitachi Ltd. | 5,500 | 278,398 | ||||||
Hitachi Zosen Corp. | 7,700 | 51,187 | ||||||
Hogy Medical Co. Ltd. | 100 | 2,363 | ||||||
Hokkaido Electric Power Co., Inc. | 5,900 | 20,431 | ||||||
Hokko Chemical Industry Co. Ltd. | 200 | 1,231 | ||||||
Hokkoku Financial Holdings, Inc. | 700 | 21,463 | ||||||
Hokuetsu Corp.(1) | 3,800 | 22,874 | ||||||
Hokuetsu Industries Co. Ltd. | 100 | 1,056 | ||||||
Hokuhoku Financial Group, Inc. | 3,100 | 23,921 | ||||||
Hokuriku Electric Power Co. | 2,600 | 10,338 | ||||||
Hokuto Corp.(1) | 200 | 2,767 | ||||||
Honda Motor Co. Ltd., ADR | 15,481 | 402,042 | ||||||
Hoosiers Holdings Co. Ltd. | 200 | 1,241 | ||||||
Horiba Ltd. | 900 | 47,986 | ||||||
Hoshizaki Corp. | 600 | 21,270 | ||||||
Hosiden Corp. | 800 | 9,793 | ||||||
Hosokawa Micron Corp. | 200 | 4,048 | ||||||
House Foods Group, Inc. | 600 | 11,895 | ||||||
Hoya Corp. | 1,884 | 186,521 | ||||||
HS Holdings Co. Ltd. | 200 | 1,741 | ||||||
Hulic Co. Ltd. | 5,300 | 42,181 | ||||||
Hyakugo Bank Ltd. | 3,700 | 11,386 | ||||||
Hyakujushi Bank Ltd. | 200 | 2,946 | ||||||
Ibiden Co. Ltd. | 2,400 | 82,324 | ||||||
Icom, Inc. | 200 | 3,748 | ||||||
Idec Corp.(1) | 800 | 19,171 | ||||||
Idemitsu Kosan Co. Ltd. | 4,600 | 101,805 | ||||||
IDOM, Inc.(1) | 900 | 5,597 | ||||||
IHI Corp. | 4,100 | 106,472 | ||||||
Iida Group Holdings Co. Ltd. | 1,100 | 18,280 | ||||||
Iino Kaiun Kaisha Ltd.(1) | 3,000 | 23,866 | ||||||
Inaba Denki Sangyo Co. Ltd.(1) | 600 | 12,406 | ||||||
Inabata & Co. Ltd. | 400 | 7,885 | ||||||
Ines Corp. | 100 | 1,033 | ||||||
I-Net Corp. | 100 | 932 | ||||||
Infocom Corp. | 800 | 14,103 | ||||||
Infomart Corp. | 200 | 444 | ||||||
Information Services International-Dentsu Ltd. | 400 | 13,827 | ||||||
INFRONEER Holdings, Inc. | 3,584 | 27,173 | ||||||
INPEX Corp. | 17,100 | 179,283 | ||||||
Insource Co. Ltd. | 1,600 | 14,531 | ||||||
Intage Holdings, Inc. | 600 | 6,443 | ||||||
Internet Initiative Japan, Inc. | 2,000 | 40,062 | ||||||
I-PEX, Inc. | 200 | 1,916 | ||||||
IPS, Inc. | 400 | 7,328 | ||||||
IR Japan Holdings Ltd. | 100 | 1,488 | ||||||
I'rom Group Co. Ltd.(1) | 300 | 4,291 |
103
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Iseki & Co. Ltd. | 500 | $ | 4,366 | |||||
Isetan Mitsukoshi Holdings Ltd. | 3,400 | 34,730 | ||||||
Ishihara Sangyo Kaisha Ltd.(1) | 900 | 7,075 | ||||||
Isuzu Motors Ltd. | 9,800 | 117,193 | ||||||
Ito En Ltd. | 500 | 16,839 | ||||||
ITOCHU Corp.(1) | 9,400 | 280,972 | ||||||
Itochu Enex Co. Ltd. | 1,900 | 15,503 | ||||||
Itochu Techno-Solutions Corp.(1) | 1,400 | 31,155 | ||||||
Itoham Yonekyu Holdings, Inc. | 2,600 | 13,632 | ||||||
IwaiCosmo Holdings, Inc. | 100 | 1,022 | ||||||
Iwatani Corp.(1) | 1,000 | 41,340 | ||||||
Iyogin Holdings, Inc. | 4,300 | 25,613 | ||||||
Izumi Co. Ltd.(1) | 500 | 10,929 | ||||||
J Front Retailing Co. Ltd.(1) | 7,700 | 71,473 | ||||||
J Trust Co. Ltd.(1) | 1,200 | 4,283 | ||||||
JAC Recruitment Co. Ltd. | 300 | 5,325 | ||||||
Jaccs Co. Ltd. | 900 | 29,309 | ||||||
JAFCO Group Co. Ltd. | 2,100 | 33,970 | ||||||
Japan Airlines Co. Ltd.(2) | 200 | 3,766 | ||||||
Japan Airport Terminal Co. Ltd.(2) | 200 | 9,793 | ||||||
Japan Aviation Electronics Industry Ltd. | 600 | 9,960 | ||||||
Japan Elevator Service Holdings Co. Ltd. | 500 | 7,322 | ||||||
Japan Exchange Group, Inc. | 5,300 | 79,047 | ||||||
Japan Lifeline Co. Ltd. | 2,400 | 16,292 | ||||||
Japan Material Co. Ltd. | 500 | 8,843 | ||||||
Japan Petroleum Exploration Co. Ltd. | 700 | 25,221 | ||||||
Japan Post Bank Co. Ltd.(1) | 3,700 | 31,963 | ||||||
Japan Post Holdings Co. Ltd. | 18,400 | 163,561 | ||||||
Japan Post Insurance Co. Ltd. | 3,400 | 59,032 | ||||||
Japan Pulp & Paper Co. Ltd.(1) | 200 | 7,926 | ||||||
Japan Securities Finance Co. Ltd. | 1,800 | 13,863 | ||||||
Japan Steel Works Ltd. | 600 | 11,281 | ||||||
Japan Wool Textile Co. Ltd. | 700 | 5,068 | ||||||
JCR Pharmaceuticals Co. Ltd. | 1,100 | 11,852 | ||||||
JCU Corp. | 200 | 4,695 | ||||||
JDC Corp. | 200 | 821 | ||||||
Jeol Ltd. | 800 | 24,902 | ||||||
JFE Holdings, Inc. | 8,700 | 107,949 | ||||||
JGC Holdings Corp. | 4,900 | 63,064 | ||||||
JINS Holdings, Inc. | 100 | 2,618 | ||||||
JINUSHI Co. Ltd. | 300 | 4,171 | ||||||
Joshin Denki Co. Ltd.(1) | 300 | 4,486 | ||||||
Joyful Honda Co. Ltd. | 900 | 11,476 | ||||||
JSB Co. Ltd. | 200 | 5,861 | ||||||
JSR Corp.(1) | 2,500 | 56,799 | ||||||
JTEKT Corp. | 5,100 | 38,102 | ||||||
Juki Corp.(1) | 1,000 | 4,714 | ||||||
Juroku Financial Group, Inc. | 1,000 | 23,612 | ||||||
Justsystems Corp. | 600 | 14,645 | ||||||
JVCKenwood Corp.(1) | 4,600 | 13,571 | ||||||
Kadokawa Corp.(1) | 400 | 7,967 |
104
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Kajima Corp. | 7,500 | $ | 89,633 | |||||
Kakaku.com, Inc.(1) | 1,800 | 26,812 | ||||||
Kameda Seika Co. Ltd. | 100 | 3,091 | ||||||
Kamigumi Co. Ltd. | 2,000 | 39,551 | ||||||
Kanamoto Co. Ltd. | 1,300 | 21,640 | ||||||
Kandenko Co. Ltd. | 2,300 | 15,091 | ||||||
Kaneka Corp.(1) | 1,700 | 42,717 | ||||||
Kanematsu Corp. | 2,600 | 31,154 | ||||||
Kanematsu Electronics Ltd. | 200 | 9,088 | ||||||
Kansai Electric Power Co., Inc. | 7,300 | 68,574 | ||||||
Kansai Paint Co. Ltd. | 300 | 4,024 | ||||||
Kanto Denka Kogyo Co. Ltd. | 1,200 | 8,911 | ||||||
Kao Corp. | 3,300 | 122,932 | ||||||
Kasai Kogyo Co. Ltd.(2) | 200 | 335 | ||||||
Kato Sangyo Co. Ltd. | 700 | 18,493 | ||||||
Kawasaki Heavy Industries Ltd.(1) | 4,400 | 96,149 | ||||||
Kawasaki Kisen Kaisha Ltd.(1) | 1,800 | 43,107 | ||||||
KDDI Corp. | 12,700 | 371,575 | ||||||
KeePer Technical Laboratory Co. Ltd. | 300 | 8,602 | ||||||
Keihan Holdings Co. Ltd. | 600 | 14,764 | ||||||
Keihanshin Building Co. Ltd. | 300 | 2,652 | ||||||
Keikyu Corp. | 2,100 | 19,571 | ||||||
Keio Corp. | 800 | 27,874 | ||||||
Keisei Electric Railway Co. Ltd. | 500 | 14,453 | ||||||
KEIWA, Inc. | 400 | 4,816 | ||||||
Keiyo Bank Ltd. | 1,500 | 7,133 | ||||||
Kewpie Corp. | 1,900 | 30,708 | ||||||
Keyence Corp. | 700 | 302,559 | ||||||
KFC Holdings Japan Ltd. | 100 | 2,058 | ||||||
KH Neochem Co. Ltd. | 1,200 | 22,539 | ||||||
Kikkoman Corp. | 500 | 23,377 | ||||||
Kinden Corp. | 2,300 | 25,824 | ||||||
Kintetsu Group Holdings Co. Ltd. | 1,300 | 39,383 | ||||||
Kirin Holdings Co. Ltd. | 5,600 | 83,824 | ||||||
Kissei Pharmaceutical Co. Ltd.(1) | 400 | 7,193 | ||||||
Kitanotatsujin Corp. | 200 | 494 | ||||||
Kitz Corp. | 2,700 | 17,550 | ||||||
Kiyo Bank Ltd. | 1,800 | 21,544 | ||||||
Koatsu Gas Kogyo Co. Ltd. | 200 | 1,014 | ||||||
Kobe Bussan Co. Ltd. | 1,200 | 32,804 | ||||||
Kobe Steel Ltd. | 8,500 | 57,644 | ||||||
Koei Tecmo Holdings Co. Ltd.(1) | 1,020 | 17,086 | ||||||
Kohnan Shoji Co. Ltd.(1) | 1,100 | 25,591 | ||||||
Koito Manufacturing Co. Ltd. | 1,000 | 16,806 | ||||||
Kojima Co. Ltd.(1) | 1,100 | 4,508 | ||||||
Kokuyo Co. Ltd. | 500 | 6,880 | ||||||
Komatsu Ltd. | 5,300 | 126,805 | ||||||
KOMEDA Holdings Co. Ltd.(1) | 800 | 13,819 | ||||||
Komeri Co. Ltd. | 1,100 | 21,406 | ||||||
Komori Corp. | 1,500 | 10,756 | ||||||
Konami Group Corp.(1) | 1,100 | 48,518 |
105
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Konica Minolta, Inc.(1) | 10,200 | $ | 44,448 | |||||
Konishi Co. Ltd. | 400 | 5,460 | ||||||
Konoike Transport Co. Ltd. | 400 | 4,396 | ||||||
Kose Corp. | 200 | 22,611 | ||||||
Koshidaka Holdings Co. Ltd. | 1,800 | 12,363 | ||||||
Kotobuki Spirits Co. Ltd. | 100 | 6,428 | ||||||
KPP Group Holdings Co. Ltd.(1) | 2,100 | 11,589 | ||||||
K's Holdings Corp.(1) | 5,300 | 45,665 | ||||||
Kubota Corp. | 4,700 | 70,941 | ||||||
Kumagai Gumi Co. Ltd. | 900 | 18,383 | ||||||
Kumiai Chemical Industry Co. Ltd. | 2,900 | 18,384 | ||||||
Kurabo Industries Ltd.(1) | 200 | 3,822 | ||||||
Kuraray Co. Ltd. | 7,000 | 62,786 | ||||||
Kureha Corp.(1) | 500 | 30,982 | ||||||
Kurita Water Industries Ltd.(1) | 1,800 | 81,324 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 400 | 20,530 | ||||||
KYB Corp. | 900 | 24,865 | ||||||
Kyocera Corp. | 1,900 | 93,510 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd.(1) | 400 | 4,297 | ||||||
Kyokuyo Co. Ltd. | 200 | 5,359 | ||||||
Kyowa Kirin Co. Ltd. | 1,500 | 32,101 | ||||||
Kyudenko Corp. | 700 | 17,681 | ||||||
Kyushu Electric Power Co., Inc. | 11,100 | 58,935 | ||||||
Kyushu Financial Group, Inc.(1) | 2,500 | 9,528 | ||||||
Kyushu Railway Co. | 1,100 | 24,068 | ||||||
Lasertec Corp. | 300 | 48,779 | ||||||
Lawson, Inc.(1) | 1,100 | 43,262 | ||||||
LEC, Inc.(1) | 400 | 2,780 | ||||||
Lintec Corp. | 500 | 8,194 | ||||||
Lion Corp. | 2,400 | 25,892 | ||||||
LITALICO, Inc. | 500 | 9,433 | ||||||
Lixil Corp. | 4,200 | 66,957 | ||||||
M&A Capital Partners Co. Ltd.(2) | 100 | 2,891 | ||||||
M3, Inc. | 3,100 | 73,926 | ||||||
Mabuchi Motor Co. Ltd. | 600 | 16,612 | ||||||
Makino Milling Machine Co. Ltd. | 600 | 21,726 | ||||||
Makita Corp. | 800 | 19,564 | ||||||
Mani, Inc.(1) | 200 | 2,716 | ||||||
MarkLines Co. Ltd. | 400 | 7,682 | ||||||
Marubeni Corp. | 12,600 | 160,852 | ||||||
Marudai Food Co. Ltd.(1) | 200 | 2,231 | ||||||
Maruha Nichiro Corp.(1) | 1,300 | 23,143 | ||||||
Marui Group Co. Ltd.(1) | 3,500 | 53,306 | ||||||
Maruichi Steel Tube Ltd. | 600 | 13,036 | ||||||
MARUKA FURUSATO Corp. | 500 | 10,559 | ||||||
Marusan Securities Co. Ltd.(1) | 1,100 | 3,522 | ||||||
Maruwa Co. Ltd. | 300 | 38,573 | ||||||
Maruzen Showa Unyu Co. Ltd. | 200 | 4,582 | ||||||
Matsui Securities Co. Ltd.(1) | 1,500 | 8,930 | ||||||
MatsukiyoCocokara & Co. | 600 | 27,883 | ||||||
Maxell Ltd. | 1,400 | 14,933 |
106
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Mazda Motor Corp. | 16,100 | $ | 144,047 | |||||
McDonald's Holdings Co. Japan Ltd. | 700 | 27,711 | ||||||
Mebuki Financial Group, Inc. | 20,300 | 54,570 | ||||||
Media Do Co. Ltd.(2) | 200 | 2,190 | ||||||
Medipal Holdings Corp. | 3,000 | 39,319 | ||||||
MedPeer, Inc.(2) | 200 | 1,845 | ||||||
Megmilk Snow Brand Co. Ltd. | 1,500 | 19,463 | ||||||
Meidensha Corp.(1) | 1,100 | 15,849 | ||||||
MEIJI Holdings Co. Ltd. | 2,200 | 100,751 | ||||||
Meiko Electronics Co. Ltd.(1) | 400 | 8,121 | ||||||
Meitec Corp. | 1,500 | 26,868 | ||||||
Menicon Co. Ltd.(1) | 1,100 | 23,568 | ||||||
Mercari, Inc.(2) | 600 | 10,635 | ||||||
Micronics Japan Co. Ltd. | 1,300 | 12,522 | ||||||
Milbon Co. Ltd. | 100 | 4,192 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 600 | 11,415 | ||||||
MINEBEA MITSUMI, Inc.(1) | 6,400 | 110,918 | ||||||
MIRAIT ONE Corp. | 2,300 | 25,737 | ||||||
Mirarth Holdings, Inc.(1) | 1,500 | 4,173 | ||||||
Miroku Jyoho Service Co. Ltd. | 200 | 2,624 | ||||||
MISUMI Group, Inc. | 2,600 | 61,827 | ||||||
Mitsuba Corp. | 200 | 758 | ||||||
Mitsubishi Chemical Group Corp. | 19,600 | 114,167 | ||||||
Mitsubishi Corp. | 11,500 | 390,667 | ||||||
Mitsubishi Electric Corp. | 11,800 | 132,599 | ||||||
Mitsubishi Estate Co. Ltd. | 6,200 | 77,067 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 2,300 | 32,583 | ||||||
Mitsubishi HC Capital, Inc. | 16,930 | 88,384 | ||||||
Mitsubishi Heavy Industries Ltd. | 5,500 | 202,673 | ||||||
Mitsubishi Logisnext Co. Ltd. | 400 | 2,367 | ||||||
Mitsubishi Logistics Corp. | 1,000 | 23,201 | ||||||
Mitsubishi Materials Corp. | 1,800 | 28,021 | ||||||
Mitsubishi Motors Corp.(1)(2) | 5,700 | 22,478 | ||||||
Mitsubishi Research Institute, Inc. | 400 | 15,222 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 400 | 9,522 | ||||||
Mitsubishi UFJ Financial Group, Inc., ADR | 57,383 | 409,141 | ||||||
Mitsuboshi Belting Ltd.(1) | 1,000 | 29,153 | ||||||
Mitsui & Co. Ltd. | 14,700 | 412,568 | ||||||
Mitsui Chemicals, Inc. | 3,900 | 94,088 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. | 100 | 1,529 | ||||||
Mitsui Fudosan Co. Ltd. | 5,800 | 110,540 | ||||||
Mitsui High-Tec, Inc. | 300 | 15,449 | ||||||
Mitsui Matsushima Holdings Co. Ltd.(1) | 500 | 13,964 | ||||||
Mitsui Mining & Smelting Co. Ltd.(1) | 1,800 | 44,414 | ||||||
Mitsui OSK Lines Ltd.(1) | 4,100 | 107,092 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 1,000 | 28,955 | ||||||
Mitsuuroko Group Holdings Co. Ltd. | 400 | 3,835 | ||||||
Miura Co. Ltd. | 1,300 | 31,370 | ||||||
Mixi, Inc. | 300 | 5,896 | ||||||
Miyazaki Bank Ltd. | 300 | 5,984 | ||||||
Mizuho Financial Group, Inc., ADR(1) | 95,570 | 301,046 |
107
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Mizuho Leasing Co. Ltd. | 800 | $ | 21,527 | |||||
Mizuho Medy Co. Ltd.(1) | 300 | 5,510 | ||||||
Mizuno Corp.(1) | 400 | 9,242 | ||||||
Mochida Pharmaceutical Co. Ltd. | 100 | 2,495 | ||||||
Modec, Inc.(2) | 900 | 9,955 | ||||||
Monex Group, Inc.(1) | 3,700 | 13,557 | ||||||
Monogatari Corp. | 1,200 | 22,154 | ||||||
MonotaRO Co. Ltd. | 2,100 | 28,563 | ||||||
Morinaga & Co. Ltd. | 700 | 20,190 | ||||||
Morinaga Milk Industry Co. Ltd. | 1,000 | 33,921 | ||||||
Moriroku Holdings Co. Ltd.(1) | 400 | 5,440 | ||||||
Morita Holdings Corp. | 600 | 5,360 | ||||||
MOS Food Services, Inc.(1) | 800 | 18,120 | ||||||
MrMax Holdings Ltd. | 400 | 1,903 | ||||||
MS&AD Insurance Group Holdings, Inc. | 5,400 | 176,710 | ||||||
m-up Holdings, Inc.(1) | 900 | 6,990 | ||||||
Murata Manufacturing Co. Ltd. | 4,400 | 235,520 | ||||||
Musashi Seimitsu Industry Co. Ltd.(1) | 700 | 9,038 | ||||||
Musashino Bank Ltd.(1) | 400 | 7,450 | ||||||
Nabtesco Corp. | 2,200 | 56,858 | ||||||
Nachi-Fujikoshi Corp. | 500 | 14,456 | ||||||
Nagase & Co. Ltd.(1) | 1,100 | 16,342 | ||||||
Nagoya Railroad Co. Ltd. | 1,500 | 22,767 | ||||||
Nakanishi, Inc. | 1,100 | 22,771 | ||||||
Nankai Electric Railway Co. Ltd. | 1,100 | 22,303 | ||||||
Nanto Bank Ltd.(1) | 500 | 9,881 | ||||||
NEC Corp. | 3,300 | 118,101 | ||||||
Nexon Co. Ltd. | 1,200 | 26,031 | ||||||
NGK Insulators Ltd. | 5,200 | 69,024 | ||||||
NGK Spark Plug Co. Ltd.(1) | 2,100 | 42,229 | ||||||
NH Foods Ltd. | 1,500 | 41,418 | ||||||
NHK Spring Co. Ltd. | 4,400 | 29,304 | ||||||
Nichias Corp. | 1,500 | 29,579 | ||||||
Nichicon Corp.(1) | 1,400 | 13,870 | ||||||
Nichiha Corp. | 1,300 | 25,111 | ||||||
Nichirei Corp. | 2,700 | 53,304 | ||||||
Nichireki Co. Ltd. | 100 | 1,088 | ||||||
Nidec Corp. | 1,423 | 72,216 | ||||||
Nifco, Inc. | 1,200 | 31,636 | ||||||
Nihon Dempa Kogyo Co. Ltd.(1) | 1,000 | 10,245 | ||||||
Nihon Flush Co. Ltd.(1) | 400 | 2,747 | ||||||
Nihon Kohden Corp. | 1,300 | 32,566 | ||||||
Nihon M&A Center Holdings, Inc.(1) | 3,600 | 30,015 | ||||||
Nihon Parkerizing Co. Ltd. | 2,300 | 17,203 | ||||||
Nihon Plast Co. Ltd. | 200 | 604 | ||||||
Nikkon Holdings Co. Ltd. | 1,400 | 25,467 | ||||||
Nikon Corp. | 3,800 | 37,638 | ||||||
Nintendo Co. Ltd. | 6,600 | 247,085 | ||||||
Nippn Corp. | 1,400 | 16,645 | ||||||
Nippon Carbon Co. Ltd. | 400 | 12,236 | ||||||
Nippon Chemi-Con Corp.(2) | 500 | 8,011 |
108
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Nippon Coke & Engineering Co. Ltd.(1) | 7,500 | $ | 4,733 | |||||
Nippon Denko Co. Ltd. | 2,400 | 6,562 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 2,100 | 23,483 | ||||||
Nippon Electric Glass Co. Ltd. | 1,600 | 29,779 | ||||||
NIPPON EXPRESS HOLDINGS, Inc. | 1,800 | 100,413 | ||||||
Nippon Gas Co. Ltd.(1) | 600 | 8,382 | ||||||
Nippon Kayaku Co. Ltd.(1) | 2,500 | 21,954 | ||||||
Nippon Koei Co. Ltd. | 600 | 14,493 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 1,160 | 12,640 | ||||||
Nippon Paint Holdings Co. Ltd. | 2,500 | 21,846 | ||||||
Nippon Paper Industries Co. Ltd. | 3,100 | 24,793 | ||||||
Nippon Parking Development Co. Ltd. | 3,300 | 6,224 | ||||||
Nippon Pillar Packing Co. Ltd. | 600 | 15,175 | ||||||
Nippon Road Co. Ltd. | 200 | 10,305 | ||||||
Nippon Sanso Holdings Corp. | 1,100 | 19,611 | ||||||
Nippon Seiki Co. Ltd. | 400 | 2,612 | ||||||
Nippon Sheet Glass Co. Ltd.(1)(2) | 3,200 | 16,502 | ||||||
Nippon Shinyaku Co. Ltd. | 500 | 22,392 | ||||||
Nippon Shokubai Co. Ltd. | 800 | 33,204 | ||||||
Nippon Signal Company Ltd. | 100 | 760 | ||||||
Nippon Soda Co. Ltd. | 700 | 23,745 | ||||||
Nippon Steel Corp. | 11,200 | 250,295 | ||||||
Nippon Steel Trading Corp. | 200 | 13,610 | ||||||
Nippon Telegraph & Telephone Corp. | 9,400 | 272,382 | ||||||
Nippon Television Holdings, Inc. | 800 | 6,585 | ||||||
Nippon Thompson Co. Ltd. | 2,500 | 10,848 | ||||||
Nippon Yakin Kogyo Co. Ltd. | 200 | 6,414 | ||||||
Nippon Yusen KK(1) | 8,400 | 218,341 | ||||||
Nipro Corp.(1) | 5,600 | 42,593 | ||||||
Nishimatsu Construction Co. Ltd.(1) | 300 | 8,015 | ||||||
Nishimatsuya Chain Co. Ltd.(1) | 800 | 9,203 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 3,400 | 28,994 | ||||||
Nishi-Nippon Railroad Co. Ltd.(1) | 1,400 | 24,401 | ||||||
Nishio Rent All Co. Ltd. | 800 | 18,708 | ||||||
Nissan Chemical Corp. | 1,100 | 48,305 | ||||||
Nissan Motor Co. Ltd. | 23,000 | 89,295 | ||||||
Nissan Shatai Co. Ltd. | 1,400 | 8,644 | ||||||
Nissha Co. Ltd. | 700 | 9,312 | ||||||
Nisshin Oillio Group Ltd. | 300 | 7,336 | ||||||
Nisshin Seifun Group, Inc. | 1,800 | 20,799 | ||||||
Nisshinbo Holdings, Inc. | 3,200 | 23,743 | ||||||
Nissin Electric Co. Ltd. | 2,600 | 32,360 | ||||||
Nissin Foods Holdings Co. Ltd. | 300 | 24,984 | ||||||
Nissui Corp. | 8,300 | 33,267 | ||||||
Nitori Holdings Co. Ltd. | 600 | 67,804 | ||||||
Nittetsu Mining Co. Ltd. | 400 | 10,774 | ||||||
Nitto Denko Corp. | 2,000 | 120,411 | ||||||
Nitto Kogyo Corp.(1) | 400 | 7,782 | ||||||
Nittoc Construction Co. Ltd. | 200 | 1,423 | ||||||
Noevir Holdings Co. Ltd. | 100 | 3,968 | ||||||
NOF Corp. | 600 | 25,523 |
109
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Nohmi Bosai Ltd. | 800 | $ | 9,685 | |||||
Nojima Corp. | 2,400 | 23,888 | ||||||
NOK Corp.(1) | 1,200 | 11,767 | ||||||
Nomura Co. Ltd. | 100 | 654 | ||||||
Nomura Micro Science Co. Ltd. | 200 | 6,582 | ||||||
Noritake Co. Ltd. | 100 | 3,326 | ||||||
Noritz Corp. | 300 | 3,627 | ||||||
North Pacific Bank Ltd.(1) | 8,100 | 18,857 | ||||||
NS Solutions Corp. | 200 | 5,212 | ||||||
NS United Kaiun Kaisha Ltd.(1) | 400 | 12,971 | ||||||
NSD Co. Ltd.(1) | 1,500 | 25,884 | ||||||
NSK Ltd.(1) | 4,700 | 26,033 | ||||||
NTN Corp.(1) | 4,600 | 11,377 | ||||||
NTT Data Corp. | 6,600 | 91,573 | ||||||
Obayashi Corp. | 14,900 | 110,216 | ||||||
Obic Co. Ltd. | 100 | 14,651 | ||||||
Odakyu Electric Railway Co. Ltd.(1) | 700 | 8,486 | ||||||
Ogaki Kyoritsu Bank Ltd. | 400 | 5,905 | ||||||
Oiles Corp. | 400 | 4,839 | ||||||
Oisix ra daichi, Inc.(2) | 300 | 5,254 | ||||||
Oji Holdings Corp. | 15,300 | 62,082 | ||||||
Okamoto Machine Tool Works Ltd. | 200 | 7,782 | ||||||
Okamura Corp. | 1,600 | 16,111 | ||||||
Okasan Securities Group, Inc.(1) | 4,600 | 14,761 | ||||||
Oki Electric Industry Co. Ltd. | 1,000 | 5,218 | ||||||
Okinawa Cellular Telephone Co. | 600 | 14,102 | ||||||
Okinawa Electric Power Co., Inc. | 915 | 6,920 | ||||||
Okinawa Financial Group, Inc. | 400 | 7,018 | ||||||
OKUMA Corp.(1) | 400 | 16,103 | ||||||
Okumura Corp. | 500 | 12,061 | ||||||
Okura Industrial Co. Ltd. | 400 | 5,841 | ||||||
Okuwa Co. Ltd. | 100 | 642 | ||||||
Olympus Corp. | 9,000 | 151,611 | ||||||
Omron Corp. | 700 | 37,578 | ||||||
Ono Pharmaceutical Co. Ltd. | 3,200 | 65,177 | ||||||
Onward Holdings Co. Ltd.(1) | 1,000 | 2,503 | ||||||
Open House Group Co. Ltd. | 600 | 21,595 | ||||||
Optim Corp.(2) | 200 | 1,437 | ||||||
Oracle Corp. Japan | 400 | 27,253 | ||||||
Organo Corp. | 1,200 | 29,941 | ||||||
Orient Corp.(1) | 1,540 | 13,208 | ||||||
Oriental Land Co. Ltd. | 500 | 79,842 | ||||||
Oriental Shiraishi Corp. | 1,400 | 3,352 | ||||||
ORIX Corp., ADR | 2,513 | 224,612 | ||||||
Osaka Gas Co. Ltd. | 800 | 12,995 | ||||||
Osaka Organic Chemical Industry Ltd. | 200 | 2,938 | ||||||
Osaka Soda Co. Ltd. | 600 | 18,964 | ||||||
OSAKA Titanium Technologies Co. Ltd.(1) | 1,400 | 28,092 | ||||||
OSG Corp. | 1,800 | 25,643 | ||||||
Otsuka Corp. | 700 | 23,597 | ||||||
Otsuka Holdings Co. Ltd. | 2,100 | 63,621 |
110
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Outsourcing, Inc. | 1,100 | $ | 10,658 | |||||
Pacific Industrial Co. Ltd.(1) | 2,500 | 21,346 | ||||||
Pack Corp. | 100 | 2,204 | ||||||
PALTAC Corp. | 200 | 7,274 | ||||||
Pan Pacific International Holdings Corp. | 4,300 | 78,599 | ||||||
Panasonic Holdings Corp. | 18,800 | 164,162 | ||||||
Paramount Bed Holdings Co. Ltd. | 1,200 | 20,989 | ||||||
Park24 Co. Ltd.(2) | 1,700 | 24,908 | ||||||
Pasona Group, Inc. | 800 | 11,228 | ||||||
Pegasus Sewing Machine Manufacturing Co. Ltd. | 1,200 | 5,968 | ||||||
Penta-Ocean Construction Co. Ltd.(1) | 4,700 | 22,399 | ||||||
Persol Holdings Co. Ltd. | 3,300 | 66,094 | ||||||
Pigeon Corp. | 1,600 | 24,681 | ||||||
Pilot Corp. | 700 | 22,496 | ||||||
Piolax, Inc. | 700 | 10,329 | ||||||
Pola Orbis Holdings, Inc. | 300 | 3,830 | ||||||
Pole To Win Holdings, Inc. | 100 | 632 | ||||||
Premium Group Co. Ltd. | 600 | 7,048 | ||||||
Press Kogyo Co. Ltd. | 2,300 | 8,106 | ||||||
Prestige International, Inc. | 2,200 | 10,241 | ||||||
Prima Meat Packers Ltd.(1) | 500 | 7,861 | ||||||
Quick Co. Ltd. | 600 | 8,016 | ||||||
Raccoon Holdings, Inc.(1) | 300 | 2,397 | ||||||
Raito Kogyo Co. Ltd. | 1,300 | 18,683 | ||||||
Raiznext Corp.(1) | 700 | 7,084 | ||||||
Rakus Co. Ltd. | 400 | 4,979 | ||||||
Rakuten Group, Inc. | 11,100 | 54,714 | ||||||
Rasa Industries Ltd. | 500 | 8,099 | ||||||
Recruit Holdings Co. Ltd. | 8,400 | 225,253 | ||||||
Relia, Inc. | 500 | 5,352 | ||||||
Relo Group, Inc.(1) | 2,000 | 31,940 | ||||||
Renesas Electronics Corp.(2) | 5,700 | 73,630 | ||||||
Rengo Co. Ltd.(1) | 7,000 | 45,483 | ||||||
Resona Holdings, Inc.(1) | 27,684 | 152,480 | ||||||
Resonac Holdings Corp. | 3,600 | 59,121 | ||||||
Resorttrust, Inc. | 2,100 | 32,832 | ||||||
Restar Holdings Corp.(1) | 500 | 8,517 | ||||||
Retail Partners Co. Ltd.(1) | 500 | 4,714 | ||||||
Ricoh Co. Ltd. | 7,400 | 57,490 | ||||||
Ricoh Leasing Co. Ltd.(1) | 400 | 11,821 | ||||||
Riken Keiki Co. Ltd. | 400 | 14,779 | ||||||
Riken Vitamin Co. Ltd. | 500 | 7,623 | ||||||
Rinnai Corp. | 300 | 21,043 | ||||||
Riso Kyoiku Co. Ltd.(1) | 1,600 | 3,937 | ||||||
Rohm Co. Ltd. | 1,000 | 77,013 | ||||||
Rohto Pharmaceutical Co. Ltd. | 3,800 | 69,080 | ||||||
Roland DG Corp. | 300 | 6,994 | ||||||
Rorze Corp. | 100 | 7,783 | ||||||
Round One Corp. | 8,500 | 32,291 | ||||||
RS Technologies Co. Ltd. | 400 | 10,093 | ||||||
Ryobi Ltd. | 1,200 | 13,357 |
111
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Ryohin Keikaku Co. Ltd.(1) | 2,100 | $ | 21,141 | |||||
Ryosan Co. Ltd.(1) | 200 | 4,553 | ||||||
S Foods, Inc. | 200 | 4,093 | ||||||
Sakai Chemical Industry Co. Ltd.(1) | 800 | 10,671 | ||||||
Sakai Moving Service Co. Ltd. | 100 | 3,286 | ||||||
Sakata INX Corp. | 900 | 6,833 | ||||||
Sala Corp. | 2,000 | 10,734 | ||||||
San-A Co. Ltd. | 100 | 3,082 | ||||||
San-Ai Obbli Co. Ltd. | 2,000 | 20,505 | ||||||
Sangetsu Corp. | 1,100 | 19,978 | ||||||
San-In Godo Bank Ltd. | 3,800 | 23,673 | ||||||
Sanki Engineering Co. Ltd. | 700 | 7,854 | ||||||
Sankyo Co. Ltd. | 800 | 32,603 | ||||||
Sankyu, Inc. | 1,600 | 58,865 | ||||||
Sanoh Industrial Co. Ltd. | 100 | 518 | ||||||
Sansan, Inc.(2) | 700 | 7,923 | ||||||
Santen Pharmaceutical Co. Ltd. | 8,300 | 63,364 | ||||||
Sanwa Holdings Corp. | 5,400 | 56,922 | ||||||
Sanyo Chemical Industries Ltd. | 100 | 3,153 | ||||||
Sanyo Denki Co. Ltd. | 200 | 8,307 | ||||||
Sanyo Special Steel Co. Ltd.(1) | 800 | 15,404 | ||||||
Sapporo Holdings Ltd. | 1,700 | 39,946 | ||||||
Sato Holdings Corp. | 500 | 8,300 | ||||||
Sawai Group Holdings Co. Ltd. | 500 | 13,844 | ||||||
SB Technology Corp.(1) | 200 | 2,952 | ||||||
SBI Holdings, Inc.(1) | 2,800 | 60,355 | ||||||
SBI Shinsei Bank Ltd. | 1,000 | 18,205 | ||||||
SBS Holdings, Inc. | 100 | 2,350 | ||||||
SCREEN Holdings Co. Ltd.(1) | 1,000 | 79,810 | ||||||
Scroll Corp.(1) | 1,200 | 7,171 | ||||||
SCSK Corp. | 1,800 | 26,118 | ||||||
Secom Co. Ltd. | 1,500 | 87,232 | ||||||
Sega Sammy Holdings, Inc. | 1,700 | 29,064 | ||||||
Seibu Holdings, Inc. | 2,600 | 26,172 | ||||||
Seikagaku Corp. | 700 | 4,241 | ||||||
Seikitokyu Kogyo Co. Ltd.(1) | 200 | 1,223 | ||||||
Seiko Epson Corp. | 6,500 | 89,620 | ||||||
Seiko Group Corp. | 900 | 19,068 | ||||||
Seino Holdings Co. Ltd. | 2,500 | 25,806 | ||||||
Seiren Co. Ltd.(1) | 400 | 7,030 | ||||||
Sekisui Chemical Co. Ltd. | 6,400 | 85,800 | ||||||
Sekisui House Ltd. | 2,500 | 47,333 | ||||||
Sekisui Jushi Corp. | 100 | 1,451 | ||||||
Senko Group Holdings Co. Ltd. | 4,000 | 28,301 | ||||||
Senshu Electric Co. Ltd. | 400 | 10,579 | ||||||
Senshu Ikeda Holdings, Inc. | 7,300 | 14,096 | ||||||
Septeni Holdings Co. Ltd.(1) | 1,000 | 2,457 | ||||||
Seria Co. Ltd. | 1,100 | 21,342 | ||||||
Seven & i Holdings Co. Ltd.(1) | 5,700 | 254,828 | ||||||
Seven Bank Ltd.(1) | 14,000 | 28,164 | ||||||
SG Holdings Co. Ltd. | 3,800 | 54,790 |
112
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Sharp Corp.(1) | 3,900 | $ | 26,908 | |||||
Shibaura Mechatronics Corp. | 200 | 21,393 | ||||||
Shibuya Corp. | 100 | 1,760 | ||||||
SHIFT, Inc.(2) | 100 | 16,556 | ||||||
Shiga Bank Ltd. | 600 | 12,823 | ||||||
Shikoku Bank Ltd. | 200 | 1,420 | ||||||
Shikoku Electric Power Co., Inc. | 900 | 4,824 | ||||||
Shikoku Kasei Holdings Corp. | 100 | 936 | ||||||
Shimadzu Corp. | 1,100 | 31,767 | ||||||
Shimamura Co. Ltd. | 400 | 37,368 | ||||||
Shimano, Inc. | 600 | 93,300 | ||||||
Shimizu Corp. | 12,800 | 69,093 | ||||||
Shin Nippon Biomedical Laboratories Ltd.(1) | 600 | 12,434 | ||||||
Shin-Etsu Chemical Co. Ltd. | 3,200 | 443,619 | ||||||
Shin-Etsu Polymer Co. Ltd. | 200 | 1,987 | ||||||
Shinko Electric Industries Co. Ltd.(1) | 1,000 | 27,432 | ||||||
Shinmaywa Industries Ltd. | 1,900 | 15,680 | ||||||
Shionogi & Co. Ltd. | 1,100 | 48,732 | ||||||
Ship Healthcare Holdings, Inc.(1) | 1,000 | 18,049 | ||||||
Shiseido Co. Ltd. | 2,000 | 92,155 | ||||||
Shizuoka Financial Group, Inc. | 4,700 | 37,555 | ||||||
SHO-BOND Holdings Co. Ltd. | 500 | 19,722 | ||||||
Shoei Co. Ltd. | 800 | 31,722 | ||||||
Showa Sangyo Co. Ltd. | 200 | 3,783 | ||||||
SIGMAXYZ Holdings, Inc.(1) | 900 | 7,364 | ||||||
Siix Corp. | 300 | 3,282 | ||||||
Sinanen Holdings Co. Ltd. | 200 | 5,118 | ||||||
Sinfonia Technology Co. Ltd. | 300 | 3,662 | ||||||
Sinko Industries Ltd. | 200 | 2,315 | ||||||
Sintokogio Ltd. | 200 | 1,130 | ||||||
SKY Perfect JSAT Holdings, Inc.(1) | 5,600 | 21,254 | ||||||
Skylark Holdings Co. Ltd.(2) | 2,200 | 25,750 | ||||||
SMC Corp. | 153 | 77,771 | ||||||
SMS Co. Ltd. | 1,300 | 31,131 | ||||||
Snow Peak, Inc.(1) | 400 | 6,479 | ||||||
Sodick Co. Ltd. | 2,100 | 11,792 | ||||||
Softbank Corp.(1) | 16,500 | 186,136 | ||||||
SoftBank Group Corp. | 3,600 | 145,589 | ||||||
Sohgo Security Services Co. Ltd. | 1,700 | 44,620 | ||||||
Sojitz Corp. | 5,940 | 114,035 | ||||||
Solasto Corp. | 100 | 498 | ||||||
Sompo Holdings, Inc. | 5,000 | 214,655 | ||||||
Sony Group Corp., ADR | 6,126 | 512,011 | ||||||
Sotetsu Holdings, Inc. | 1,300 | 22,113 | ||||||
Sparx Group Co. Ltd.(1) | 420 | 4,924 | ||||||
S-Pool, Inc.(1) | 1,600 | 7,558 | ||||||
Square Enix Holdings Co. Ltd. | 1,100 | 49,032 | ||||||
Stanley Electric Co. Ltd. | 1,700 | 35,451 | ||||||
Star Micronics Co. Ltd. | 2,100 | 26,638 | ||||||
Starts Corp., Inc. | 1,000 | 18,879 | ||||||
Starzen Co. Ltd. | 200 | 3,222 |
113
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Stella Chemifa Corp. | 200 | $ | 3,759 | |||||
Strike Co. Ltd. | 400 | 11,137 | ||||||
Subaru Corp. | 10,800 | 173,029 | ||||||
Sugi Holdings Co. Ltd.(1) | 600 | 25,116 | ||||||
SUMCO Corp. | 8,800 | 121,426 | ||||||
Sumida Corp. | 1,500 | 17,937 | ||||||
Sumitomo Bakelite Co. Ltd. | 500 | 17,462 | ||||||
Sumitomo Chemical Co. Ltd.(1) | 26,800 | 93,907 | ||||||
Sumitomo Corp. | 13,900 | 236,895 | ||||||
Sumitomo Densetsu Co. Ltd. | 900 | 16,025 | ||||||
Sumitomo Electric Industries Ltd. | 5,600 | 68,913 | ||||||
Sumitomo Forestry Co. Ltd. | 1,100 | 21,108 | ||||||
Sumitomo Heavy Industries Ltd. | 2,500 | 58,858 | ||||||
Sumitomo Metal Mining Co. Ltd. | 1,800 | 67,005 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 6,400 | 20,058 | ||||||
Sumitomo Mitsui Financial Group, Inc., ADR(1) | 51,364 | 448,408 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 4,200 | 155,610 | ||||||
Sumitomo Osaka Cement Co. Ltd.(1) | 1,000 | 27,935 | ||||||
Sumitomo Pharma Co. Ltd. | 800 | 5,009 | ||||||
Sumitomo Realty & Development Co. Ltd. | 4,200 | 99,154 | ||||||
Sumitomo Rubber Industries Ltd. | 3,200 | 28,811 | ||||||
Sumitomo Seika Chemicals Co. Ltd. | 200 | 6,433 | ||||||
Sumitomo Warehouse Co. Ltd.(1) | 1,300 | 20,325 | ||||||
Sun Frontier Fudousan Co. Ltd. | 1,500 | 13,608 | ||||||
Sundrug Co. Ltd. | 1,900 | 51,442 | ||||||
Suntory Beverage & Food Ltd. | 2,000 | 70,158 | ||||||
Suruga Bank Ltd.(1) | 2,600 | 8,173 | ||||||
Suzuken Co. Ltd. | 1,000 | 25,253 | ||||||
Suzuki Motor Corp. | 2,400 | 84,219 | ||||||
SWCC Showa Holdings Co. Ltd. | 1,100 | 15,331 | ||||||
SymBio Pharmaceuticals Ltd.(1)(2) | 1,000 | 3,486 | ||||||
Sysmex Corp. | 1,200 | 71,881 | ||||||
Systena Corp. | 2,000 | 4,702 | ||||||
Syuppin Co. Ltd. | 600 | 3,976 | ||||||
T Hasegawa Co. Ltd.(1) | 200 | 4,310 | ||||||
T&D Holdings, Inc. | 4,700 | 71,178 | ||||||
Tachi-S Co. Ltd. | 1,000 | 9,147 | ||||||
Tadano Ltd. | 2,200 | 16,745 | ||||||
Taihei Dengyo Kaisha Ltd. | 500 | 14,253 | ||||||
Taiheiyo Cement Corp. | 3,200 | 58,834 | ||||||
Taikisha Ltd. | 200 | 5,263 | ||||||
Taisei Corp. | 4,000 | 130,413 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd.(1) | 400 | 15,769 | ||||||
Taiyo Holdings Co. Ltd.(1) | 600 | 10,417 | ||||||
Taiyo Yuden Co. Ltd.(1) | 1,800 | 54,508 | ||||||
Takamatsu Construction Group Co. Ltd. | 100 | 1,473 | ||||||
Takara Bio, Inc.(1) | 1,000 | 12,738 | ||||||
Takara Standard Co. Ltd. | 1,200 | 12,680 | ||||||
Takasago International Corp. | 400 | 7,448 | ||||||
Takasago Thermal Engineering Co. Ltd. | 1,500 | 23,069 | ||||||
Takashimaya Co. Ltd.(1) | 1,900 | 26,461 |
114
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Takeda Pharmaceutical Co. Ltd., ADR | 11,069 | $ | 169,909 | |||||
Takuma Co. Ltd. | 500 | 5,035 | ||||||
Tama Home Co. Ltd.(1) | 500 | 12,470 | ||||||
Tanseisha Co. Ltd. | 800 | 4,182 | ||||||
Tatsuta Electric Wire & Cable Co. Ltd. | 200 | 1,045 | ||||||
TBS Holdings, Inc. | 600 | 7,882 | ||||||
TDK Corp. | 6,300 | 210,933 | ||||||
TechMatrix Corp. | 400 | 4,341 | ||||||
TechnoPro Holdings, Inc. | 1,500 | 38,061 | ||||||
Teijin Ltd. | 5,000 | 51,953 | ||||||
Teikoku Electric Manufacturing Co. Ltd. | 400 | 7,837 | ||||||
Teikoku Sen-I Co. Ltd. | 200 | 2,383 | ||||||
Terumo Corp. | 1,900 | 51,078 | ||||||
T-Gaia Corp. | 100 | 1,204 | ||||||
THK Co. Ltd. | 2,000 | 44,791 | ||||||
TIS, Inc. | 2,400 | 59,578 | ||||||
TKC Corp. | 600 | 16,187 | ||||||
Toa Corp.(1) | 300 | 5,846 | ||||||
Toagosei Co. Ltd. | 1,300 | 11,963 | ||||||
Tobu Railway Co. Ltd. | 4,000 | 89,304 | ||||||
Tocalo Co. Ltd. | 1,600 | 14,832 | ||||||
Toda Corp.(1) | 4,500 | 23,453 | ||||||
Toho Bank Ltd.(1) | 3,300 | 5,867 | ||||||
Toho Co. Ltd.(1) | 700 | 24,367 | ||||||
Toho Gas Co. Ltd. | 100 | 1,876 | ||||||
Toho Holdings Co. Ltd. | 1,300 | 21,021 | ||||||
Toho Titanium Co. Ltd.(1) | 600 | 8,713 | ||||||
Toho Zinc Co. Ltd.(1) | 200 | 3,132 | ||||||
Tohoku Electric Power Co., Inc. | 7,900 | 37,602 | ||||||
Tokai Carbon Co. Ltd. | 4,300 | 41,986 | ||||||
Tokai Corp. | 200 | 2,800 | ||||||
TOKAI Holdings Corp.(1) | 2,800 | 18,033 | ||||||
Tokai Rika Co. Ltd.(1) | 500 | 5,730 | ||||||
Tokai Tokyo Financial Holdings, Inc. | 4,500 | 12,590 | ||||||
Token Corp. | 100 | 5,679 | ||||||
Tokio Marine Holdings, Inc. | 14,400 | 305,721 | ||||||
Tokushu Tokai Paper Co. Ltd. | 100 | 2,220 | ||||||
Tokuyama Corp.(1) | 2,300 | 36,665 | ||||||
Tokyo Century Corp. | 1,100 | 36,790 | ||||||
Tokyo Electric Power Co. Holdings, Inc.(2) | 30,700 | 101,719 | ||||||
Tokyo Electron Device Ltd. | 200 | 11,910 | ||||||
Tokyo Electron Ltd. | 1,000 | 343,102 | ||||||
Tokyo Gas Co. Ltd. | 3,300 | 63,649 | ||||||
Tokyo Kiraboshi Financial Group, Inc. | 1,100 | 23,490 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 500 | 26,392 | ||||||
Tokyo Seimitsu Co. Ltd.(1) | 1,000 | 36,508 | ||||||
Tokyo Steel Manufacturing Co. Ltd.(1) | 1,600 | 17,684 | ||||||
Tokyo Tatemono Co. Ltd. | 4,700 | 57,556 | ||||||
Tokyotokeiba Co. Ltd. | 400 | 11,099 | ||||||
Tokyu Construction Co. Ltd. | 2,800 | 14,221 | ||||||
Tokyu Corp. | 4,700 | 56,621 |
115
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Tokyu Fudosan Holdings Corp. | 5,600 | $ | 27,051 | |||||
TOMONY Holdings, Inc. | 5,200 | 15,044 | ||||||
Tomy Co. Ltd. | 2,800 | 27,363 | ||||||
Topcon Corp. | 2,400 | 31,566 | ||||||
Toppan, Inc. | 3,700 | 66,912 | ||||||
Topre Corp.(1) | 1,100 | 9,662 | ||||||
Toray Industries, Inc. | 23,200 | 132,830 | ||||||
Toridoll Holdings Corp.(1) | 1,300 | 26,015 | ||||||
Torii Pharmaceutical Co. Ltd. | 100 | 2,305 | ||||||
Tosei Corp. | 500 | 5,411 | ||||||
Toshiba Corp. | 2,300 | 71,180 | ||||||
Toshiba TEC Corp. | 400 | 11,166 | ||||||
Tosoh Corp. | 6,900 | 93,903 | ||||||
Totetsu Kogyo Co. Ltd.(1) | 300 | 6,041 | ||||||
TOTO Ltd. | 1,100 | 36,760 | ||||||
Towa Bank Ltd. | 200 | 899 | ||||||
Towa Corp.(1) | 500 | 6,984 | ||||||
Towa Pharmaceutical Co. Ltd.(1) | 600 | 8,433 | ||||||
Toyo Construction Co. Ltd. | 2,000 | 13,020 | ||||||
Toyo Engineering Corp.(2) | 1,000 | 4,308 | ||||||
Toyo Gosei Co. Ltd. | 100 | 6,732 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 200 | 2,841 | ||||||
Toyo Kanetsu KK(1) | 200 | 4,038 | ||||||
Toyo Seikan Group Holdings Ltd. | 3,300 | 42,942 | ||||||
Toyo Suisan Kaisha Ltd. | 700 | 28,319 | ||||||
Toyo Tanso Co. Ltd. | 400 | 13,139 | ||||||
Toyo Tire Corp. | 2,100 | 24,859 | ||||||
Toyobo Co. Ltd.(1) | 3,000 | 23,599 | ||||||
Toyoda Gosei Co. Ltd. | 2,300 | 37,466 | ||||||
Toyota Boshoku Corp. | 1,500 | 23,334 | ||||||
Toyota Industries Corp. | 1,200 | 70,404 | ||||||
Toyota Motor Corp., ADR(1) | 5,211 | 708,279 | ||||||
Toyota Tsusho Corp. | 3,200 | 130,507 | ||||||
TPR Co. Ltd. | 200 | 2,048 | ||||||
Trancom Co. Ltd. | 300 | 14,707 | ||||||
Transcosmos, Inc. | 1,000 | 24,591 | ||||||
TRE Holdings Corp.(1) | 868 | 9,669 | ||||||
Trend Micro, Inc.(1) | 2,100 | 98,743 | ||||||
Trusco Nakayama Corp. | 900 | 14,927 | ||||||
TS Tech Co. Ltd. | 1,300 | 16,491 | ||||||
Tsubakimoto Chain Co. | 400 | 9,370 | ||||||
Tsuburaya Fields Holdings, Inc.(1) | 600 | 18,355 | ||||||
Tsugami Corp.(1) | 1,800 | 19,428 | ||||||
Tsukishima Kikai Co. Ltd. | 500 | 4,089 | ||||||
Tsumura & Co. | 600 | 11,410 | ||||||
Tsuruha Holdings, Inc. | 1,000 | 70,424 | ||||||
TV Asahi Holdings Corp. | 400 | 4,267 | ||||||
UACJ Corp. | 500 | 9,802 | ||||||
UBE Corp.(1) | 2,900 | 43,493 | ||||||
Uchida Yoko Co. Ltd. | 200 | 7,324 | ||||||
Ulvac, Inc. | 1,500 | 57,500 |
116
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Unicharm Corp. | 1,500 | $ | 55,519 | |||||
Unipres Corp. | 1,100 | 6,511 | ||||||
United Arrows Ltd.(1) | 1,200 | 15,367 | ||||||
United Super Markets Holdings, Inc.(1) | 900 | 7,406 | ||||||
Universal Entertainment Corp.(2) | 100 | 1,732 | ||||||
Usen-Next Holdings Co. Ltd.(1) | 500 | 9,190 | ||||||
Ushio, Inc. | 1,200 | 13,711 | ||||||
USS Co. Ltd. | 2,300 | 37,314 | ||||||
UT Group Co. Ltd. | 200 | 3,638 | ||||||
V Technology Co. Ltd. | 200 | 3,607 | ||||||
Valor Holdings Co. Ltd. | 1,200 | 17,287 | ||||||
Valqua Ltd. | 400 | 9,704 | ||||||
ValueCommerce Co. Ltd. | 200 | 2,462 | ||||||
Vector, Inc. | 600 | 6,128 | ||||||
Visional, Inc.(2) | 300 | 20,100 | ||||||
Vital KSK Holdings, Inc. | 400 | 2,702 | ||||||
VT Holdings Co. Ltd. | 1,600 | 5,988 | ||||||
Wacoal Holdings Corp. | 800 | 14,395 | ||||||
Wacom Co. Ltd.(1) | 1,800 | 8,639 | ||||||
Wakita & Co. Ltd. | 600 | 4,967 | ||||||
Warabeya Nichiyo Holdings Co. Ltd.(1) | 1,200 | 16,374 | ||||||
Welcia Holdings Co. Ltd.(1) | 400 | 8,756 | ||||||
West Holdings Corp.(1) | 300 | 7,384 | ||||||
West Japan Railway Co. | 700 | 27,169 | ||||||
W-Scope Corp.(1)(2) | 1,400 | 13,172 | ||||||
Xebio Holdings Co. Ltd. | 800 | 5,925 | ||||||
Yahagi Construction Co. Ltd. | 400 | 2,438 | ||||||
Yakult Honsha Co. Ltd. | 700 | 47,716 | ||||||
YAKUODO Holdings Co. Ltd.(1) | 200 | 3,566 | ||||||
YAMABIKO Corp. | 500 | 4,637 | ||||||
Yamada Holdings Co. Ltd.(1) | 19,200 | 67,546 | ||||||
Yamae Group Holdings Co. Ltd. | 1,200 | 15,952 | ||||||
Yamaguchi Financial Group, Inc.(1) | 6,600 | 44,569 | ||||||
Yamaha Corp. | 500 | 18,971 | ||||||
Yamaha Motor Co. Ltd. | 4,100 | 104,899 | ||||||
Yamaichi Electronics Co. Ltd. | 1,000 | 13,447 | ||||||
YA-MAN Ltd.(1) | 600 | 6,918 | ||||||
Yamanashi Chuo Bank Ltd. | 1,000 | 9,803 | ||||||
Yamato Holdings Co. Ltd. | 4,500 | 76,008 | ||||||
Yamato Kogyo Co. Ltd. | 200 | 8,017 | ||||||
Yamazaki Baking Co. Ltd. | 3,000 | 34,828 | ||||||
Yamazen Corp. | 1,900 | 14,607 | ||||||
Yaoko Co. Ltd. | 500 | 25,186 | ||||||
Yaskawa Electric Corp.(1) | 1,800 | 70,819 | ||||||
Yellow Hat Ltd. | 500 | 6,530 | ||||||
Yodogawa Steel Works Ltd. | 200 | 3,975 | ||||||
Yokogawa Bridge Holdings Corp. | 1,300 | 19,603 | ||||||
Yokogawa Electric Corp. | 3,600 | 53,767 | ||||||
Yokohama Rubber Co. Ltd. | 2,700 | 51,238 | ||||||
Yokorei Co. Ltd. | 700 | 5,155 | ||||||
Yonex Co. Ltd. | 2,000 | 19,401 |
117
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Yotai Refractories Co. Ltd. | 200 | $ | 2,216 | |||||
Yuasa Trading Co. Ltd.(1) | 800 | 21,490 | ||||||
Z Holdings Corp.(1) | 7,600 | 20,403 | ||||||
Zenkoku Hosho Co. Ltd.(1) | 1,400 | 53,338 | ||||||
Zenrin Co. Ltd. | 600 | 3,706 | ||||||
Zensho Holdings Co. Ltd. | 1,100 | 30,970 | ||||||
Zeon Corp. | 2,700 | 25,537 | ||||||
ZERIA Pharmaceutical Co. Ltd. | 700 | 11,263 | ||||||
ZOZO, Inc. | 1,400 | 31,116 | ||||||
Zuken, Inc. | 800 | 20,601 | ||||||
37,741,663 | ||||||||
Netherlands — 3.7% | ||||||||
Aalberts NV | 1,597 | 77,632 | ||||||
ABN AMRO Bank NV, CVA | 13,547 | 239,053 | ||||||
Adyen NV(2) | 290 | 411,054 | ||||||
Aegon NV, NY Shares | 48,959 | 253,118 | ||||||
AerCap Holdings NV(2) | 3,884 | 242,517 | ||||||
Akzo Nobel NV | 1,179 | 86,250 | ||||||
AMG Advanced Metallurgical Group NV | 1,241 | 48,864 | ||||||
Arcadis NV | 924 | 38,209 | ||||||
ASM International NV | 411 | 140,096 | ||||||
ASML Holding NV, NY Shares | 2,466 | 1,523,322 | ||||||
ASR Nederland NV | 6,067 | 276,114 | ||||||
B&S Group Sarl | 176 | 751 | ||||||
BE Semiconductor Industries NV | 2,654 | 204,866 | ||||||
Brunel International NV | 841 | 10,398 | ||||||
Coca-Cola Europacific Partners PLC | 1,661 | 91,355 | ||||||
Constellium SE(2) | 1,297 | 20,739 | ||||||
Corbion NV | 855 | 32,122 | ||||||
Flow Traders Ltd. | 1,075 | 26,085 | ||||||
ForFarmers NV(1) | 632 | 2,197 | ||||||
Fugro NV(2) | 3,473 | 43,722 | ||||||
Heijmans NV, CVA | 494 | 6,444 | ||||||
Heineken Holding NV | 291 | 24,895 | ||||||
Heineken NV | 1,193 | 121,601 | ||||||
IMCD NV | 405 | 64,108 | ||||||
ING Groep NV, ADR(1) | 48,124 | 672,292 | ||||||
InPost SA(2) | 2,851 | 23,593 | ||||||
JDE Peet's NV | 810 | 23,844 | ||||||
Just Eat Takeaway.com NV(2) | 2,714 | 59,030 | ||||||
Kendrion NV | 45 | 763 | ||||||
Koninklijke Ahold Delhaize NV | 21,207 | 673,362 | ||||||
Koninklijke BAM Groep NV(2) | 11,769 | 30,082 | ||||||
Koninklijke DSM NV | 1,458 | 179,669 | ||||||
Koninklijke KPN NV | 48,921 | 167,702 | ||||||
Koninklijke Philips NV, NY Shares | 4,033 | 65,859 | ||||||
Koninklijke Vopak NV | 2,105 | 67,156 | ||||||
Nedap NV | 19 | 1,187 | ||||||
NN Group NV | 2,969 | 120,175 | ||||||
OCI NV | 4,456 | 148,018 | ||||||
Pharming Group NV(2) | 26,094 | 31,586 |
118
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
PostNL NV(1) | 13,712 | $ | 23,937 | |||||
Prosus NV(2) | 3,705 | 265,608 | ||||||
Randstad NV | 1,178 | 72,282 | ||||||
SBM Offshore NV | 1,193 | 17,458 | ||||||
SIF Holding NV(1) | 255 | 3,288 | ||||||
Sligro Food Group NV | 705 | 11,868 | ||||||
TKH Group NV, CVA | 995 | 45,888 | ||||||
Universal Music Group NV | 3,793 | 89,368 | ||||||
Van Lanschot Kempen NV | 419 | 12,221 | ||||||
Wolters Kluwer NV | 599 | 69,345 | ||||||
6,861,093 | ||||||||
New Zealand — 0.3% | ||||||||
a2 Milk Co. Ltd.(1)(2) | 7,181 | 32,078 | ||||||
Air New Zealand Ltd.(2) | 55,807 | 27,200 | ||||||
Arvida Group Ltd. | 960 | 600 | ||||||
Auckland International Airport Ltd.(2) | 7,581 | 40,964 | ||||||
Chorus Ltd. | 10,602 | 54,362 | ||||||
Contact Energy Ltd. | 10,221 | 48,383 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 3,211 | 51,397 | ||||||
Fletcher Building Ltd. | 10,222 | 29,951 | ||||||
Genesis Energy Ltd. | 11,169 | 19,993 | ||||||
Hallenstein Glasson Holdings Ltd. | 237 | 798 | ||||||
Infratil Ltd. | 5,254 | 28,557 | ||||||
KMD Brands Ltd. | 10,227 | 7,132 | ||||||
Mercury NZ Ltd. | 5,198 | 20,148 | ||||||
Meridian Energy Ltd. | 2,645 | 8,682 | ||||||
NZX Ltd. | 2,074 | 1,561 | ||||||
Oceania Healthcare Ltd. | 10,328 | 4,971 | ||||||
Pushpay Holdings Ltd.(2) | 6,208 | 4,865 | ||||||
Ryman Healthcare Ltd.(1) | 6,317 | 20,507 | ||||||
Sanford Ltd. | 585 | 1,464 | ||||||
Scales Corp. Ltd. | 162 | 345 | ||||||
SKYCITY Entertainment Group Ltd.(2) | 17,623 | 28,298 | ||||||
Spark New Zealand Ltd. | 19,153 | 59,136 | ||||||
Summerset Group Holdings Ltd. | 3,170 | 18,014 | ||||||
Synlait Milk Ltd.(2) | 167 | 344 | ||||||
509,750 | ||||||||
Norway — 0.9% | ||||||||
2020 Bulkers Ltd.(1)(2) | 909 | 9,498 | ||||||
ABG Sundal Collier Holding ASA | 7,195 | 4,476 | ||||||
Adevinta ASA(2) | 508 | 3,796 | ||||||
Aker BP ASA | 1,666 | 44,717 | ||||||
Aker Solutions ASA | 3,184 | 13,449 | ||||||
Atea ASA(2) | 1,108 | 12,655 | ||||||
Austevoll Seafood ASA | 1,103 | 9,425 | ||||||
Bakkafrost P/F | 196 | 12,823 | ||||||
Bonheur ASA | 230 | 6,172 | ||||||
Borr Drilling Ltd.(2) | 3,895 | 27,068 | ||||||
Borregaard ASA | 682 | 11,562 | ||||||
Bouvet ASA | 260 | 1,513 | ||||||
BW Energy Ltd.(2) | 3,576 | 10,037 |
119
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
BW LPG Ltd. | 2,550 | $ | 22,307 | |||||
BW Offshore Ltd. | 5,561 | 15,251 | ||||||
DNB Bank ASA | 5,954 | 118,813 | ||||||
DNO ASA | 23,076 | 26,441 | ||||||
Elmera Group ASA(1) | 637 | 907 | ||||||
Entra ASA | 613 | 6,840 | ||||||
Equinor ASA, ADR(1) | 7,211 | 220,008 | ||||||
Europris ASA | 2,542 | 17,921 | ||||||
FLEX LNG Ltd.(1) | 624 | 21,738 | ||||||
FLEX LNG Ltd. (New York)(1) | 391 | 13,564 | ||||||
Frontline PLC | 1,369 | 25,847 | ||||||
Gjensidige Forsikring ASA | 724 | 12,833 | ||||||
Golden Ocean Group Ltd. | 2,772 | 28,354 | ||||||
Golden Ocean Group Ltd. (NASDAQ)(1) | 2,193 | 22,763 | ||||||
Gram Car Carriers ASA(2) | 499 | 7,303 | ||||||
Hafnia Ltd. | 4,260 | 25,825 | ||||||
Kongsberg Automotive ASA(2) | 17,100 | 5,145 | ||||||
Kongsberg Gruppen ASA | 668 | 27,759 | ||||||
Leroy Seafood Group ASA | 2,204 | 10,929 | ||||||
Mowi ASA(1) | 2,207 | 38,103 | ||||||
MPC Container Ships ASA | 6,362 | 11,305 | ||||||
Nordic Semiconductor ASA(2) | 1,777 | 25,548 | ||||||
Norsk Hydro ASA | 14,839 | 108,010 | ||||||
Norske Skog ASA(2) | 1,236 | 7,968 | ||||||
Norwegian Energy Co. ASA(1)(2) | 674 | 26,122 | ||||||
Odfjell Drilling Ltd.(2) | 3,213 | 8,305 | ||||||
Odfjell Technology Ltd.(2) | 535 | 2,783 | ||||||
Orkla ASA | 3,095 | 20,832 | ||||||
Panoro Energy ASA | 3,234 | 9,327 | ||||||
Petronor E&P ASA(2) | 2,060 | 156 | ||||||
PGS ASA(1)(2) | 27,702 | 27,043 | ||||||
Protector Forsikring ASA | 851 | 11,959 | ||||||
Salmar ASA | 304 | 12,602 | ||||||
Scatec ASA | 1,755 | 11,855 | ||||||
Schibsted ASA, B Shares | 1,800 | 34,240 | ||||||
Schibsted ASA, Class A | 1,112 | 22,565 | ||||||
SpareBank 1 Nord Norge | 1,780 | 17,661 | ||||||
Sparebank 1 Oestlandet | 512 | 6,196 | ||||||
SpareBank 1 SMN | 2,537 | 33,460 | ||||||
SpareBank 1 SR-Bank ASA | 2,340 | 29,235 | ||||||
Sparebanken More | 150 | 1,233 | ||||||
Sparebanken Vest(1) | 955 | 9,255 | ||||||
Stolt-Nielsen Ltd. | 590 | 18,239 | ||||||
Storebrand ASA | 5,321 | 43,923 | ||||||
Subsea 7 SA | 4,737 | 61,530 | ||||||
Telenor ASA | 4,840 | 54,270 | ||||||
TGS ASA | 1,885 | 33,931 | ||||||
TOMRA Systems ASA | 1,138 | 18,152 | ||||||
Veidekke ASA | 669 | 7,476 | ||||||
Wallenius Wilhelmsen ASA | 2,050 | 17,922 |
120
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Yara International ASA | 1,561 | $ | 74,208 | |||||
1,603,153 | ||||||||
Portugal — 0.2% | ||||||||
Altri SGPS SA(1) | 2,306 | 11,295 | ||||||
Banco Comercial Portugues SA, R Shares | 177,737 | 42,800 | ||||||
Corticeira Amorim SGPS SA | 399 | 4,122 | ||||||
CTT-Correios de Portugal SA | 3,632 | 14,413 | ||||||
EDP - Energias de Portugal SA | 15,833 | 79,731 | ||||||
EDP Renovaveis SA | 787 | 16,106 | ||||||
Galp Energia SGPS SA | 6,552 | 79,931 | ||||||
Jeronimo Martins SGPS SA | 2,058 | 42,242 | ||||||
Navigator Co. SA | 2,179 | 7,664 | ||||||
NOS SGPS SA | 4,490 | 19,840 | ||||||
REN - Redes Energeticas Nacionais SGPS SA | 13,744 | 36,953 | ||||||
Sonae SGPS SA | 23,224 | 25,445 | ||||||
380,542 | ||||||||
Singapore — 1.4% | ||||||||
AEM Holdings Ltd. | 4,100 | 8,755 | ||||||
Bumitama Agri Ltd. | 8,900 | 4,254 | ||||||
Capitaland India Trust | 34,500 | 28,672 | ||||||
Capitaland Investment Ltd. | 38,800 | 107,010 | ||||||
City Developments Ltd. | 8,400 | 48,051 | ||||||
ComfortDelGro Corp. Ltd. | 73,100 | 65,640 | ||||||
DBS Group Holdings Ltd. | 12,052 | 305,773 | ||||||
Far East Orchard Ltd. | 3,900 | 3,151 | ||||||
First Resources Ltd. | 18,900 | 21,549 | ||||||
Fu Yu Corp. Ltd. | 17,800 | 3,038 | ||||||
Geo Energy Resources Ltd.(1) | 28,300 | 6,816 | ||||||
Golden Agri-Resources Ltd. | 230,700 | 43,656 | ||||||
Grab Holdings Ltd., Class A(2) | 9,246 | 29,680 | ||||||
Haw Par Corp. Ltd. | 2,700 | 20,167 | ||||||
Hong Fok Corp. Ltd.(1) | 15,800 | 11,141 | ||||||
Hour Glass Ltd. | 8,700 | 14,001 | ||||||
Hutchison Port Holdings Trust, U Shares | 134,300 | 24,767 | ||||||
iFAST Corp. Ltd. | 2,000 | 7,387 | ||||||
Japfa Ltd. | 10,400 | 2,316 | ||||||
Jardine Cycle & Carriage Ltd.(1) | 2,500 | 55,113 | ||||||
Keppel Corp. Ltd. | 41,100 | 166,899 | ||||||
Keppel Infrastructure Trust | 46,100 | 18,453 | ||||||
Mandarin Oriental International Ltd.(2) | 3,400 | 6,247 | ||||||
Maxeon Solar Technologies Ltd.(1)(2) | 450 | 7,920 | ||||||
Netlink NBN Trust | 19,400 | 12,443 | ||||||
Olam Group Ltd. | 24,600 | 28,117 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 34,324 | 322,594 | ||||||
QAF Ltd. | 5,200 | 3,278 | ||||||
Raffles Medical Group Ltd. | 19,100 | 19,700 | ||||||
Riverstone Holdings Ltd. | 13,900 | 6,294 | ||||||
SATS Ltd.(1)(2) | 2,200 | 4,617 | ||||||
Sea Ltd., ADR(2) | 803 | 50,179 | ||||||
Sembcorp Industries Ltd. | 17,500 | 47,108 | ||||||
Sembcorp Marine Ltd.(2) | 784,394 | 73,876 |
121
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Sheng Siong Group Ltd. | 14,600 | $ | 17,653 | |||||
Singapore Airlines Ltd.(1) | 27,800 | 117,373 | ||||||
Singapore Exchange Ltd. | 8,600 | 55,542 | ||||||
Singapore Post Ltd. | 64,500 | 25,612 | ||||||
Singapore Technologies Engineering Ltd. | 29,500 | 78,115 | ||||||
Singapore Telecommunications Ltd. | 53,600 | 94,169 | ||||||
StarHub Ltd. | 4,500 | 3,539 | ||||||
Straits Trading Co. Ltd. | 6,700 | 11,326 | ||||||
TDCX, Inc., ADR(2) | 627 | 7,975 | ||||||
UMS Holdings Ltd.(1) | 13,400 | 10,739 | ||||||
United Overseas Bank Ltd. | 11,000 | 243,822 | ||||||
UOL Group Ltd. | 11,000 | 55,707 | ||||||
Venture Corp. Ltd. | 2,600 | 33,110 | ||||||
Wilmar International Ltd. | 22,300 | 65,153 | ||||||
Wing Tai Holdings Ltd. | 4,300 | 4,786 | ||||||
Yangzijiang Financial Holding Ltd.(1)(2) | 115,700 | 30,019 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 111,100 | 106,300 | ||||||
Yanlord Land Group Ltd. | 14,700 | 11,898 | ||||||
2,551,500 | ||||||||
Spain — 2.2% | ||||||||
Acciona SA | 265 | 49,927 | ||||||
Acerinox SA | 6,608 | 72,561 | ||||||
ACS Actividades de Construccion y Servicios SA | 1,903 | 57,691 | ||||||
Aena SME SA(2) | 964 | 149,137 | ||||||
Almirall SA | 2,037 | 19,521 | ||||||
Amadeus IT Group SA(2) | 1,928 | 121,238 | ||||||
Applus Services SA | 1,497 | 10,479 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 1,279 | 4,656 | ||||||
Banco Bilbao Vizcaya Argentaria SA, ADR | 76,539 | 593,943 | ||||||
Banco de Sabadell SA | 126,665 | 165,449 | ||||||
Banco Santander SA, ADR | 104,723 | 409,467 | ||||||
Bankinter SA(1) | 7,173 | 50,457 | ||||||
CaixaBank SA | 26,387 | 113,302 | ||||||
Cellnex Telecom SA(2) | 2,384 | 89,445 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 1,274 | 30,756 | ||||||
CIE Automotive SA | 454 | 13,297 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 289 | 8,589 | ||||||
Ebro Foods SA(1) | 526 | 9,031 | ||||||
Enagas SA | 6,086 | 109,161 | ||||||
Ence Energia y Celulosa SA | 5,002 | 19,089 | ||||||
Endesa SA(1) | 3,527 | 69,165 | ||||||
Ercros SA | 5,101 | 21,703 | ||||||
Faes Farma SA(1) | 4,600 | 16,802 | ||||||
Ferrovial SA | 1,793 | 49,766 | ||||||
Fomento de Construcciones y Contratas SA | 501 | 4,848 | ||||||
Gestamp Automocion SA | 6,053 | 28,034 | ||||||
Global Dominion Access SA(1) | 1,242 | 4,631 | ||||||
Grifols SA(2) | 808 | 9,843 | ||||||
Grupo Catalana Occidente SA | 464 | 15,151 | ||||||
Iberdrola SA | 49,847 | 571,417 | ||||||
Indra Sistemas SA | 2,489 | 31,438 |
122
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Industria de Diseno Textil SA | 7,582 | $ | 233,577 | |||||
Laboratorios Farmaceuticos Rovi SA | 411 | 18,087 | ||||||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros(1) | 10,253 | 10,175 | ||||||
Mapfre SA | 11,653 | 25,000 | ||||||
Mediaset Espana Comunicacion SA(1)(2) | 4,452 | 15,510 | ||||||
Melia Hotels International SA(2) | 3,071 | 20,323 | ||||||
Miquel y Costas & Miquel SA | 78 | 1,028 | ||||||
Naturgy Energy Group SA | 1,074 | 29,545 | ||||||
Neinor Homes SA(1) | 1,125 | 10,928 | ||||||
Obrascon Huarte Lain SA(2) | 23,193 | 12,749 | ||||||
Pharma Mar SA | 281 | 16,594 | ||||||
Prosegur Cash SA | 3,818 | 2,887 | ||||||
Prosegur Cia de Seguridad SA | 2,790 | 5,759 | ||||||
Red Electrica Corp. SA | 7,071 | 117,298 | ||||||
Repsol SA | 27,227 | 430,591 | ||||||
Sacyr SA(1) | 12,087 | 39,417 | ||||||
Talgo SA | 324 | 1,235 | ||||||
Telefonica SA, ADR(1) | 38,446 | 157,244 | ||||||
Unicaja Banco SA | 20,803 | 26,650 | ||||||
Vidrala SA | 263 | 27,904 | ||||||
Viscofan SA(1) | 691 | 44,234 | ||||||
4,166,729 | ||||||||
Sweden — 3.4% | ||||||||
AAK AB | 1,407 | 24,095 | ||||||
AddLife AB, B Shares | 743 | 7,953 | ||||||
AddTech AB, B Shares | 2,373 | 42,472 | ||||||
Africa Oil Corp.(1) | 2,600 | 5,316 | ||||||
Alfa Laval AB | 2,028 | 66,707 | ||||||
Alimak Group AB(1) | 274 | 2,487 | ||||||
Alleima AB(2) | 1,053 | 5,693 | ||||||
Ambea AB | 451 | 1,559 | ||||||
Annehem Fastigheter AB, B Shares(2) | 151 | 299 | ||||||
Arise AB(2) | 907 | 3,851 | ||||||
Arjo AB, B Shares | 2,424 | 9,182 | ||||||
Assa Abloy AB, Class B | 4,174 | 101,569 | ||||||
Atlas Copco AB, A Shares | 24,077 | 285,847 | ||||||
Atlas Copco AB, B Shares | 13,990 | 147,378 | ||||||
Atrium Ljungberg AB, B Shares | 902 | 15,733 | ||||||
Avanza Bank Holding AB(1) | 3,707 | 98,042 | ||||||
Axfood AB | 1,616 | 38,676 | ||||||
Beijer Alma AB | 1,310 | 25,578 | ||||||
Beijer Ref AB(1) | 2,350 | 36,451 | ||||||
Better Collective A/S(2) | 847 | 15,092 | ||||||
Bilia AB, A Shares | 2,990 | 39,836 | ||||||
Billerud AB | 4,656 | 53,723 | ||||||
BioArctic AB(2) | 99 | 2,716 | ||||||
BioGaia AB, B Shares | 2,701 | 25,668 | ||||||
Biotage AB | 900 | 13,021 | ||||||
Boliden AB | 5,167 | 211,521 | ||||||
Bonava AB, B Shares(1) | 3,717 | 8,473 | ||||||
Boozt AB(1)(2) | 1,103 | 13,056 |
123
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Bravida Holding AB | 1,751 | $ | 19,613 | |||||
Bure Equity AB | 775 | 19,108 | ||||||
Byggmax Group AB | 1,186 | 4,324 | ||||||
Castellum AB(1) | 3,027 | 38,526 | ||||||
Catena AB | 510 | 19,918 | ||||||
Catena Media PLC(1)(2) | 1,233 | 3,848 | ||||||
Cibus Nordic Real Estate AB(1) | 949 | 11,320 | ||||||
Cint Group AB(2) | 1,828 | 3,236 | ||||||
Clas Ohlson AB, B Shares(1) | 1,811 | 11,561 | ||||||
Cloetta AB, B Shares | 5,697 | 12,177 | ||||||
Coor Service Management Holding AB | 784 | 5,288 | ||||||
Corem Property Group AB, B Shares | 6,921 | 6,002 | ||||||
Dios Fastigheter AB | 2,413 | 17,771 | ||||||
Electrolux AB, B Shares(1) | 5,191 | 62,815 | ||||||
Electrolux Professional AB, B Shares | 5,210 | 27,667 | ||||||
Elekta AB, B Shares(1) | 6,921 | 54,020 | ||||||
Embracer Group AB(1)(2) | 4,233 | 20,405 | ||||||
Eolus Vind AB, B Shares | 472 | 4,249 | ||||||
Epiroc AB, A Shares | 5,604 | 107,697 | ||||||
Epiroc AB, B Shares | 3,348 | 55,081 | ||||||
EQT AB | 1,720 | 38,467 | ||||||
Essity AB, B Shares | 4,347 | 117,250 | ||||||
Evolution AB | 379 | 45,733 | ||||||
Fabege AB | 3,431 | 29,028 | ||||||
Fastighets AB Balder, B Shares(2) | 6,059 | 29,973 | ||||||
Fingerprint Cards AB, B Shares(1)(2) | 1,176 | 326 | ||||||
Fortnox AB | 8,409 | 49,899 | ||||||
G5 Entertainment AB(1) | 124 | 2,300 | ||||||
GARO AB | 383 | 3,084 | ||||||
Getinge AB, B Shares | 1,746 | 37,527 | ||||||
Granges AB | 1,135 | 9,795 | ||||||
H & M Hennes & Mauritz AB, B Shares(1) | 11,516 | 145,106 | ||||||
Hexagon AB, B Shares | 10,709 | 118,683 | ||||||
Hexpol AB | 5,532 | 61,512 | ||||||
HMS Networks AB | 331 | 13,348 | ||||||
Hoist Finance AB(2) | 1,730 | 4,083 | ||||||
Holmen AB, B Shares | 924 | 37,309 | ||||||
Hufvudstaden AB, A Shares | 1,835 | 26,670 | ||||||
Husqvarna AB, B Shares | 5,584 | 49,441 | ||||||
Industrivarden AB, A Shares | 1,066 | 29,302 | ||||||
Indutrade AB | 2,435 | 51,794 | ||||||
Instalco AB | 4,268 | 19,895 | ||||||
Intrum AB | 284 | 3,728 | ||||||
Investment AB Latour, B Shares | 700 | 14,482 | ||||||
Inwido AB | 1,443 | 16,004 | ||||||
JM AB | 1,250 | 25,991 | ||||||
Kopparbergs Bryggeri AB, B Shares | 454 | 5,652 | ||||||
Lifco AB, B Shares | 1,571 | 31,384 | ||||||
Lime Technologies AB | 93 | 2,354 | ||||||
Lindab International AB | 778 | 10,787 | ||||||
Loomis AB | 2,766 | 89,377 |
124
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Maha Energy AB(1)(2) | 2,600 | $ | 2,376 | |||||
MEKO AB | 513 | 5,852 | ||||||
Millicom International Cellular SA, SDR(2) | 2,359 | 46,499 | ||||||
MIPS AB(1) | 348 | 15,673 | ||||||
Modern Times Group MTG AB, B Shares(2) | 3,856 | 26,677 | ||||||
Munters Group AB | 204 | 1,968 | ||||||
Mycronic AB | 817 | 17,461 | ||||||
NCC AB, B Shares(1) | 1,971 | 18,478 | ||||||
Neobo Fastigheter AB(1)(2) | 1,126 | 1,504 | ||||||
Net Insight AB, B Shares(2) | 15,211 | 9,245 | ||||||
New Wave Group AB, B Shares | 885 | 15,525 | ||||||
Nibe Industrier AB, B Shares | 5,336 | 55,173 | ||||||
Nobia AB | 1,165 | 1,962 | ||||||
Nolato AB, B Shares | 2,030 | 10,087 | ||||||
Nordea Bank Abp | 34,318 | 434,886 | ||||||
Nordic Waterproofing Holding AB | 311 | 5,021 | ||||||
Nordnet AB publ | 4,118 | 72,556 | ||||||
NP3 Fastigheter AB | 89 | 1,861 | ||||||
Nyfosa AB | 2,301 | 19,055 | ||||||
Orron Energy AB | 793 | 1,139 | ||||||
OX2 AB(2) | 1,721 | 12,165 | ||||||
Pandox AB(2) | 1,852 | 25,026 | ||||||
Paradox Interactive AB | 1,018 | 21,396 | ||||||
Peab AB, Class B | 4,080 | 22,425 | ||||||
Platzer Fastigheter Holding AB, B Shares | 531 | 4,595 | ||||||
Proact IT Group AB | 345 | 3,478 | ||||||
RaySearch Laboratories AB(2) | 89 | 720 | ||||||
Rejlers AB | 199 | 3,022 | ||||||
Resurs Holding AB | 5,291 | 12,739 | ||||||
Saab AB, B Shares | 1,378 | 79,524 | ||||||
Sagax AB, B Shares | 507 | 12,473 | ||||||
Samhallsbyggnadsbolaget i Norden AB(1) | 11,270 | 18,390 | ||||||
Sandvik AB | 8,040 | 165,398 | ||||||
Scandi Standard AB(2) | 2,398 | 12,305 | ||||||
Scandic Hotels Group AB(1)(2) | 3,942 | 13,243 | ||||||
Sectra AB, B Shares(2) | 2,920 | 39,912 | ||||||
Securitas AB, B Shares | 1,774 | 15,277 | ||||||
Sinch AB(1)(2) | 9,037 | 30,838 | ||||||
Skandinaviska Enskilda Banken AB, A Shares | 17,240 | 215,698 | ||||||
Skanska AB, B Shares | 5,643 | 102,556 | ||||||
SKF AB, B Shares(1) | 4,516 | 85,773 | ||||||
SkiStar AB | 1,531 | 17,273 | ||||||
Solid Forsakring AB(2) | 189 | 1,311 | ||||||
Spotify Technology SA(2) | 303 | 35,239 | ||||||
SSAB AB, A Shares | 6,025 | 43,801 | ||||||
SSAB AB, B Shares | 17,121 | 117,115 | ||||||
Stillfront Group AB(2) | 2,051 | 3,776 | ||||||
Svenska Cellulosa AB SCA, B Shares | 5,491 | 76,629 | ||||||
Svenska Handelsbanken AB, A Shares | 18,830 | 199,729 | ||||||
Sweco AB, B Shares | 1,505 | 17,647 | ||||||
Swedbank AB, A Shares | 13,010 | 265,827 |
125
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Swedish Orphan Biovitrum AB(2) | 1,017 | $ | 23,429 | |||||
Tele2 AB, B Shares | 5,757 | 52,917 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 25,223 | 138,727 | ||||||
Telia Co. AB | 44,075 | 113,819 | ||||||
Tethys Oil AB | 1,621 | 8,960 | ||||||
TF Bank AB | 201 | 2,865 | ||||||
Thule Group AB(1) | 941 | 20,924 | ||||||
Transtema Group AB(2) | 301 | 1,004 | ||||||
Trelleborg AB, B Shares | 6,503 | 167,612 | ||||||
Truecaller AB, B Shares(1)(2) | 1,245 | 3,780 | ||||||
Viaplay Group AB, B Shares(2) | 422 | 10,804 | ||||||
Vitec Software Group AB, B Shares | 386 | 17,791 | ||||||
Vitrolife AB | 318 | 6,385 | ||||||
Volvo AB, A Shares | 1,893 | 39,408 | ||||||
Volvo AB, B Shares | 17,368 | 347,519 | ||||||
Volvo Car AB, Class B(2) | 9,071 | 42,768 | ||||||
Wallenstam AB, B Shares | 4,902 | 20,368 | ||||||
Wihlborgs Fastigheter AB | 4,412 | 36,718 | ||||||
6,421,000 | ||||||||
Switzerland — 8.1% | ||||||||
ABB Ltd., ADR(1) | 4,415 | 147,020 | ||||||
Accelleron Industries AG(2) | 505 | 12,448 | ||||||
Adecco Group AG | 733 | 26,136 | ||||||
Alcon, Inc. | 3,493 | 238,162 | ||||||
Allreal Holding AG | 221 | 36,218 | ||||||
ALSO Holding AG(2) | 84 | 16,479 | ||||||
ams-OSRAM AG(2) | 4,815 | 37,330 | ||||||
Arbonia AG | 1,126 | 14,192 | ||||||
Aryzta AG(2) | 6,736 | 9,305 | ||||||
Ascom Holding AG | 361 | 3,453 | ||||||
Autoneum Holding AG(1) | 85 | 12,343 | ||||||
Bachem Holding AG, Class B | 180 | 17,941 | ||||||
Baloise Holding AG | 1,039 | 173,021 | ||||||
Banque Cantonale Vaudoise | 839 | 75,024 | ||||||
Barry Callebaut AG | 42 | 83,628 | ||||||
Basilea Pharmaceutica AG(2) | 121 | 6,710 | ||||||
Belimo Holding AG | 143 | 73,931 | ||||||
Bell Food Group AG | 60 | 17,503 | ||||||
Bellevue Group AG | 89 | 3,814 | ||||||
BKW AG | 199 | 29,049 | ||||||
Bucher Industries AG | 187 | 84,531 | ||||||
Burckhardt Compression Holding AG | 135 | 82,176 | ||||||
Bystronic AG | 14 | 11,384 | ||||||
Cembra Money Bank AG | 784 | 66,763 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate | 6 | 65,734 | ||||||
Cie Financiere Richemont SA, Class A | 5,365 | 810,632 | ||||||
Clariant AG(2) | 3,245 | 52,487 | ||||||
Coltene Holding AG(2) | 73 | 5,557 | ||||||
Comet Holding AG | 138 | 30,472 | ||||||
COSMO Pharmaceuticals NV | 51 | 3,271 | ||||||
Credit Suisse Group AG, ADR(1) | 26,766 | 82,172 |
126
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Daetwyler Holding AG, Bearer Shares | 76 | $ | 15,167 | |||||
DKSH Holding AG | 1,033 | 84,057 | ||||||
dormakaba Holding AG | 107 | 47,515 | ||||||
Dufry AG(2) | 1,184 | 52,751 | ||||||
EFG International AG | 2,307 | 22,345 | ||||||
Emmi AG | 40 | 37,672 | ||||||
EMS-Chemie Holding AG | 72 | 54,556 | ||||||
Flughafen Zurich AG(2) | 523 | 94,679 | ||||||
Forbo Holding AG | 30 | 39,338 | ||||||
Fundamenta Real Estate AG(2) | 318 | 5,676 | ||||||
Galenica AG | 548 | 42,460 | ||||||
GAM Holding AG(1)(2) | 1,797 | 1,227 | ||||||
Geberit AG | 217 | 117,114 | ||||||
Georg Fischer AG | 1,691 | 114,882 | ||||||
Givaudan SA | 14 | 42,200 | ||||||
Gurit Holding AG, Bearer Shares(1) | 60 | 6,242 | ||||||
Helvetia Holding AG | 784 | 100,694 | ||||||
Holcim AG(2) | 8,688 | 536,267 | ||||||
Huber & Suhner AG | 537 | 49,136 | ||||||
Idorsia Ltd.(1)(2) | 580 | 7,659 | ||||||
Implenia AG(2) | 770 | 34,645 | ||||||
Ina Invest Holding AG(2) | 20 | 403 | ||||||
Inficon Holding AG | 78 | 80,695 | ||||||
Intershop Holding AG | 26 | 16,857 | ||||||
Julius Baer Group Ltd. | 4,374 | 289,987 | ||||||
Kardex Holding AG | 96 | 17,854 | ||||||
Kuehne + Nagel International AG | 806 | 206,366 | ||||||
LEM Holding SA | 23 | 47,340 | ||||||
Leonteq AG | 434 | 25,050 | ||||||
Liechtensteinische Landesbank AG | 79 | 5,123 | ||||||
Logitech International SA | 1,805 | 98,590 | ||||||
Lonza Group AG | 373 | 222,174 | ||||||
Medacta Group SA | 105 | 11,386 | ||||||
Metall Zug AG, B Shares | 4 | 8,705 | ||||||
Mobilezone Holding AG | 1,771 | 32,675 | ||||||
Mobimo Holding AG(1) | 167 | 41,989 | ||||||
Nestle SA | 10,294 | 1,159,831 | ||||||
Novartis AG, ADR(1) | 18,257 | 1,535,779 | ||||||
OC Oerlikon Corp. AG | 4,799 | 29,048 | ||||||
Orior AG | 174 | 13,235 | ||||||
Partners Group Holding AG | 585 | 553,956 | ||||||
Peach Property Group AG(1)(2) | 168 | 3,161 | ||||||
PSP Swiss Property AG | 784 | 87,905 | ||||||
Roche Holding AG | 6,805 | 1,962,145 | ||||||
Roche Holding AG, Bearer Shares(1) | 258 | 79,923 | ||||||
Schindler Holding AG | 346 | 74,565 | ||||||
Schindler Holding AG, Bearer Participation Certificate | 646 | 145,288 | ||||||
Schweiter Technologies AG, Bearer Shares | 24 | 20,270 | ||||||
Schweizerische Nationalbank(1) | 2 | 9,798 | ||||||
Sensirion Holding AG(2) | 289 | 35,237 | ||||||
SFS Group AG | 406 | 47,399 |
127
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
SGS SA | 85 | $ | 194,849 | |||||
Siegfried Holding AG(2) | 35 | 24,484 | ||||||
SIG Group AG(2) | 1,594 | 38,554 | ||||||
Sika AG | 542 | 151,990 | ||||||
Sonova Holding AG | 196 | 48,204 | ||||||
St Galler Kantonalbank AG | 94 | 49,818 | ||||||
Stadler Rail AG(1) | 2,073 | 81,820 | ||||||
Straumann Holding AG | 1,808 | 239,697 | ||||||
Sulzer AG | 828 | 71,864 | ||||||
Swatch Group AG | 1,119 | 71,282 | ||||||
Swatch Group AG, Bearer Shares | 653 | 227,241 | ||||||
Swiss Life Holding AG | 582 | 350,220 | ||||||
Swiss Prime Site AG | 1,317 | 110,979 | ||||||
Swiss Re AG | 3,029 | 316,433 | ||||||
Swisscom AG | 657 | 405,397 | ||||||
Swissquote Group Holding SA | 361 | 68,735 | ||||||
Tecan Group AG | 130 | 52,540 | ||||||
Temenos AG | 442 | 32,510 | ||||||
TX Group AG | 61 | 9,037 | ||||||
u-blox Holding AG(2) | 334 | 35,848 | ||||||
UBS Group AG(1) | 36,696 | 799,239 | ||||||
Valiant Holding AG | 415 | 45,759 | ||||||
VAT Group AG | 471 | 142,170 | ||||||
Vetropack Holding AG | 50 | 2,338 | ||||||
Vontobel Holding AG | 888 | 54,851 | ||||||
VP Bank AG, Class A | 24 | 2,533 | ||||||
VZ Holding AG | 197 | 15,378 | ||||||
V-ZUG Holding AG(1)(2) | 38 | 3,846 | ||||||
Ypsomed Holding AG | 82 | 15,847 | ||||||
Zehnder Group AG | 255 | 19,778 | ||||||
Zurich Insurance Group AG | 1,775 | 841,977 | ||||||
15,223,120 | ||||||||
United Kingdom — 13.5% | ||||||||
3i Group PLC | 22,601 | 442,171 | ||||||
abrdn PLC | 30,034 | 80,918 | ||||||
Admiral Group PLC | 4,023 | 106,457 | ||||||
AG Barr PLC | 685 | 4,581 | ||||||
Airtel Africa PLC | 17,498 | 25,275 | ||||||
AJ Bell PLC | 7,601 | 29,880 | ||||||
Alliance Pharma PLC | 10,362 | 8,449 | ||||||
Alpha Group International PLC | 573 | 12,828 | ||||||
Anglo American PLC | 16,782 | 579,897 | ||||||
Antofagasta PLC | 6,935 | 130,820 | ||||||
Ascential PLC(2) | 4,629 | 15,044 | ||||||
Ashmore Group PLC | 2,920 | 9,494 | ||||||
Ashtead Group PLC | 10,856 | 718,333 | ||||||
ASOS PLC(1)(2) | 317 | 3,314 | ||||||
Associated British Foods PLC | 4,086 | 98,496 | ||||||
Aston Martin Lagonda Global Holdings PLC(1)(2) | 3,975 | 9,586 | ||||||
AstraZeneca PLC, ADR | 13,333 | 869,045 | ||||||
Atalaya Mining PLC | 1,621 | 7,029 |
128
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Auto Trader Group PLC | 18,404 | $ | 131,627 | |||||
Avation PLC | 285 | 421 | ||||||
Aviva PLC | 29,486 | 158,411 | ||||||
B&M European Value Retail SA | 18,320 | 108,296 | ||||||
Babcock International Group PLC(2) | 4,076 | 16,093 | ||||||
BAE Systems PLC | 11,143 | 120,347 | ||||||
Balfour Beatty PLC | 9,906 | 43,488 | ||||||
Bank of Georgia Group PLC | 1,761 | 59,299 | ||||||
Barclays PLC, ADR(1) | 63,811 | 539,841 | ||||||
Barratt Developments PLC | 12,137 | 68,240 | ||||||
Beazley PLC(2) | 7,261 | 59,698 | ||||||
Bellway PLC | 1,639 | 43,696 | ||||||
Berkeley Group Holdings PLC | 1,395 | 70,222 | ||||||
Bioventix PLC | 97 | 4,449 | ||||||
Bloomsbury Publishing PLC | 1,593 | 8,048 | ||||||
Bodycote PLC | 2,068 | 16,498 | ||||||
BP PLC, ADR | 40,891 | 1,619,284 | ||||||
Breedon Group PLC | 17,773 | 15,181 | ||||||
BT Group PLC | 121,949 | 204,442 | ||||||
Bunzl PLC | 1,783 | 63,530 | ||||||
Burberry Group PLC | 12,124 | 360,017 | ||||||
Burford Capital Ltd. | 4,035 | 32,716 | ||||||
Bytes Technology Group PLC | 6,287 | 30,203 | ||||||
Capricorn Energy PLC(2) | 12,461 | 37,377 | ||||||
Carnival PLC, ADR(2) | 380 | 3,663 | ||||||
Centamin PLC | 44,961 | 55,103 | ||||||
Central Asia Metals PLC | 6,765 | 21,425 | ||||||
Centrica PLC | 57,791 | 72,928 | ||||||
Cerillion PLC | 701 | 9,140 | ||||||
Chemring Group PLC | 1,059 | 3,750 | ||||||
Chesnara PLC | 3,157 | 10,826 | ||||||
Clarkson PLC | 707 | 28,077 | ||||||
Close Brothers Group PLC | 5,419 | 66,169 | ||||||
CMC Markets PLC | 4,009 | 11,876 | ||||||
Coats Group PLC | 45,694 | 40,248 | ||||||
Coca-Cola HBC AG(2) | 6,276 | 160,725 | ||||||
Compass Group PLC | 8,575 | 198,098 | ||||||
Computacenter PLC | 1,736 | 47,247 | ||||||
ConvaTec Group PLC | 13,316 | 35,946 | ||||||
Cranswick PLC | 561 | 21,178 | ||||||
Crest Nicholson Holdings PLC | 9,099 | 26,739 | ||||||
Croda International PLC | 994 | 78,389 | ||||||
CVS Group PLC | 810 | 18,157 | ||||||
Darktrace PLC(1)(2) | 2,282 | 7,201 | ||||||
DCC PLC | 698 | 38,765 | ||||||
De La Rue PLC(2) | 2,261 | 1,846 | ||||||
DFS Furniture PLC | 9,527 | 17,952 | ||||||
Diageo PLC, ADR(1) | 4,845 | 838,379 | ||||||
Diploma PLC | 993 | 33,179 | ||||||
Direct Line Insurance Group PLC | 20,073 | 43,455 | ||||||
Diversified Energy Co. PLC | 6,380 | 8,002 |
129
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Domino's Pizza Group PLC | 1,387 | $ | 4,768 | |||||
Dr. Martens PLC | 20,880 | 39,881 | ||||||
Drax Group PLC | 9,662 | 73,888 | ||||||
DS Smith PLC | 26,586 | 107,995 | ||||||
Dunelm Group PLC | 4,419 | 66,806 | ||||||
easyJet PLC(2) | 8,253 | 48,049 | ||||||
Ecora Resources PLC | 13,738 | 22,390 | ||||||
EMIS Group PLC | 1,286 | 28,949 | ||||||
Energean PLC | 5,471 | 79,356 | ||||||
EnQuest PLC(2) | 45,716 | 10,444 | ||||||
Ergomed PLC(2) | 532 | 7,204 | ||||||
Essentra PLC | 6,998 | 18,828 | ||||||
Experian PLC | 4,506 | 151,916 | ||||||
Ferrexpo PLC | 15,137 | 26,823 | ||||||
Firstgroup PLC(1) | 25,619 | 32,398 | ||||||
Forterra PLC | 7,139 | 18,914 | ||||||
Frasers Group PLC(2) | 5,442 | 52,314 | ||||||
Fresnillo PLC | 497 | 4,564 | ||||||
Frontier Developments PLC(1)(2) | 65 | 337 | ||||||
Games Workshop Group PLC | 1,141 | 126,659 | ||||||
Gamma Communications PLC | 1,255 | 17,650 | ||||||
Genel Energy PLC | 8,674 | 13,072 | ||||||
Georgia Capital PLC(2) | 584 | 5,740 | ||||||
Glencore PLC | 124,312 | 741,131 | ||||||
Golar LNG Ltd.(2) | 2,375 | 54,221 | ||||||
Grafton Group PLC | 4,069 | 46,560 | ||||||
Grainger PLC | 8,530 | 26,034 | ||||||
Greggs PLC | 4,529 | 147,907 | ||||||
GSK PLC, ADR | 16,070 | 550,719 | ||||||
Gulf Keystone Petroleum Ltd. | 10,676 | 26,619 | ||||||
Gym Group PLC(2) | 3,624 | 5,358 | ||||||
Haleon PLC, ADR(1)(2) | 13,533 | 106,640 | ||||||
Halfords Group PLC | 3,874 | 9,798 | ||||||
Halma PLC | 1,280 | 33,314 | ||||||
Harbour Energy PLC | 8,634 | 30,125 | ||||||
Hargreaves Lansdown PLC | 11,104 | 110,640 | ||||||
Hays PLC | 36,679 | 52,056 | ||||||
Headlam Group PLC | 1,141 | 4,514 | ||||||
Helical PLC | 1,145 | 4,879 | ||||||
Helios Towers PLC(2) | 19,955 | 26,342 | ||||||
Hikma Pharmaceuticals PLC | 1,954 | 40,768 | ||||||
Hill & Smith PLC | 1,870 | 31,044 | ||||||
Hiscox Ltd. | 4,569 | 62,558 | ||||||
Hochschild Mining PLC | 19,992 | 15,358 | ||||||
Hotel Chocolat Group PLC(1)(2) | 183 | 453 | ||||||
Howden Joinery Group PLC | 13,889 | 119,618 | ||||||
HSBC Holdings PLC, ADR(1) | 26,136 | 1,001,270 | ||||||
Hunting PLC | 2,569 | 10,206 | ||||||
Hurricane Energy PLC(1)(2) | 154,073 | 13,326 | ||||||
Ibstock PLC | 12,744 | 26,040 | ||||||
IG Group Holdings PLC | 8,950 | 86,401 |
130
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
IMI PLC | 2,241 | $ | 41,903 | |||||
Impax Asset Management Group PLC | 2,916 | 28,008 | ||||||
Inchcape PLC | 14,208 | 155,333 | ||||||
Indivior PLC(2) | 5,080 | 93,074 | ||||||
Informa PLC | 6,661 | 53,508 | ||||||
InterContinental Hotels Group PLC | 948 | 63,906 | ||||||
Intermediate Capital Group PLC | 3,734 | 62,862 | ||||||
International Distributions Services PLC | 15,435 | 43,408 | ||||||
International Personal Finance PLC | 4,374 | 5,075 | ||||||
Intertek Group PLC | 1,307 | 65,602 | ||||||
Investec PLC | 14,255 | 90,791 | ||||||
IP Group PLC | 29,947 | 23,402 | ||||||
IWG PLC(2) | 7,707 | 16,969 | ||||||
J D Wetherspoon PLC(2) | 378 | 2,564 | ||||||
J Sainsbury PLC | 28,045 | 90,447 | ||||||
Jadestone Energy PLC | 19,084 | 19,508 | ||||||
JD Sports Fashion PLC | 70,820 | 154,187 | ||||||
JET2 PLC | 3,335 | 51,806 | ||||||
Johnson Matthey PLC | 4,233 | 111,052 | ||||||
Jubilee Metals Group PLC(1)(2) | 28,078 | 3,218 | ||||||
Judges Scientific PLC | 96 | 10,970 | ||||||
Jupiter Fund Management PLC | 7,591 | 13,395 | ||||||
Just Group PLC | 13,695 | 14,393 | ||||||
Kainos Group PLC | 2,483 | 41,514 | ||||||
Keller Group PLC | 1,301 | 12,648 | ||||||
Kingfisher PLC | 33,611 | 116,239 | ||||||
Knights Group Holdings PLC | 237 | 216 | ||||||
Lancashire Holdings Ltd. | 6,023 | 44,331 | ||||||
Legal & General Group PLC | 86,461 | 266,135 | ||||||
Liberty Global PLC, Class A(2) | 1,827 | 37,435 | ||||||
Liberty Global PLC, Class C(2) | 3,318 | 70,507 | ||||||
Liontrust Asset Management PLC | 2,711 | 38,995 | ||||||
Lloyds Banking Group PLC, ADR(1) | 196,843 | 498,013 | ||||||
London Stock Exchange Group PLC | 1,372 | 122,412 | ||||||
Lookers PLC | 1,152 | 1,272 | ||||||
Luxfer Holdings PLC | 635 | 10,522 | ||||||
M&G PLC | 14,541 | 37,451 | ||||||
Man Group PLC | 33,132 | 105,811 | ||||||
Marks & Spencer Group PLC(2) | 51,522 | 99,073 | ||||||
Marshalls PLC | 1,809 | 7,296 | ||||||
Marston's PLC(2) | 6,983 | 3,272 | ||||||
McBride PLC(2) | 3,696 | 1,068 | ||||||
ME GROUP INTERNATIONAL PLC | 14,615 | 22,181 | ||||||
Mediclinic International PLC | 6,963 | 41,699 | ||||||
Mitchells & Butlers PLC(2) | 2,602 | 5,080 | ||||||
Mitie Group PLC | 72,097 | 70,039 | ||||||
Molten Ventures PLC(2) | 2,262 | 10,542 | ||||||
Mondi PLC | 8,691 | 146,055 | ||||||
Moneysupermarket.com Group PLC | 10,218 | 28,392 | ||||||
Morgan Advanced Materials PLC | 7,472 | 27,812 | ||||||
Morgan Sindall Group PLC | 493 | 10,643 |
131
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Mortgage Advice Bureau Holdings Ltd. | 524 | $ | 3,727 | |||||
Motorpoint group PLC(2) | 72 | 122 | ||||||
Naked Wines PLC(1)(2) | 964 | 1,283 | ||||||
National Grid PLC, ADR(1) | 7,055 | 443,830 | ||||||
NatWest Group PLC, ADR(1) | 40,973 | 290,089 | ||||||
Next Fifteen Communications Group PLC | 1,714 | 21,343 | ||||||
Next PLC | 2,291 | 188,462 | ||||||
Ninety One PLC | 16,655 | 42,097 | ||||||
Norcros PLC | 2,404 | 5,769 | ||||||
Ocado Group PLC(2) | 886 | 5,855 | ||||||
OSB Group PLC | 11,073 | 74,297 | ||||||
Pagegroup PLC | 8,138 | 43,558 | ||||||
Pan African Resources PLC | 106,942 | 17,414 | ||||||
Paragon Banking Group PLC | 5,426 | 38,907 | ||||||
Pearson PLC, ADR | 5,145 | 56,492 | ||||||
Pennon Group PLC | 8,172 | 80,909 | ||||||
Persimmon PLC | 3,579 | 62,413 | ||||||
Petra Diamonds Ltd.(2) | 4,880 | 4,733 | ||||||
Petrofac Ltd.(1)(2) | 3,277 | 3,118 | ||||||
Phoenix Group Holdings PLC | 7,538 | 57,424 | ||||||
Playtech PLC(2) | 3,187 | 21,546 | ||||||
Plus500 Ltd. | 4,956 | 106,909 | ||||||
Premier Foods PLC | 10,225 | 13,997 | ||||||
Provident Financial PLC | 9,000 | 24,022 | ||||||
Prudential PLC, ADR | 5,306 | 162,523 | ||||||
PZ Cussons PLC | 7,423 | 16,277 | ||||||
QinetiQ Group PLC | 8,039 | 32,745 | ||||||
Quilter PLC | 11,967 | 13,238 | ||||||
Rathbones Group PLC | 909 | 22,770 | ||||||
Reach PLC | 11,421 | 12,644 | ||||||
Reckitt Benckiser Group PLC | 4,329 | 300,368 | ||||||
Redde Northgate PLC | 9,590 | 46,654 | ||||||
Redrow PLC | 7,780 | 47,811 | ||||||
RELX PLC, ADR(1) | 16,138 | 488,820 | ||||||
Renewi PLC(2) | 877 | 7,247 | ||||||
Renishaw PLC | 305 | 14,652 | ||||||
Rentokil Initial PLC | 13,762 | 84,652 | ||||||
Restaurant Group PLC(2) | 16,707 | 7,043 | ||||||
Rhi Magnesita NV | 334 | 10,384 | ||||||
Rightmove PLC | 17,607 | 118,496 | ||||||
Rio Tinto PLC, ADR(1) | 11,838 | 825,464 | ||||||
Rolls-Royce Holdings PLC(2) | 43,074 | 75,048 | ||||||
RS GROUP PLC | 4,254 | 50,019 | ||||||
Saga PLC(2) | 108 | 226 | ||||||
Sage Group PLC | 4,743 | 42,735 | ||||||
Savannah Energy PLC(2) | 44,665 | 14,103 | ||||||
Savills PLC | 2,592 | 31,239 | ||||||
Schroders PLC | 5,170 | 30,860 | ||||||
Senior PLC | 6,285 | 12,622 | ||||||
Serco Group PLC | 23,913 | 44,782 | ||||||
Serica Energy PLC | 10,373 | 32,308 |
132
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Severn Trent PLC | 1,404 | $ | 46,373 | |||||
Shanta Gold Ltd. | 16,512 | 2,136 | ||||||
Shell PLC, ADR | 25,334 | 1,539,547 | ||||||
SIG PLC(2) | 1,703 | 873 | ||||||
Sirius Real Estate Ltd. | 6,667 | 6,737 | ||||||
Smart Metering Systems PLC | 1,076 | 11,199 | ||||||
Smith & Nephew PLC, ADR(1) | 3,049 | 87,110 | ||||||
Smiths Group PLC | 2,384 | 50,555 | ||||||
Softcat PLC | 2,481 | 36,145 | ||||||
Speedy Hire PLC | 6,740 | 2,993 | ||||||
Spirax-Sarco Engineering PLC | 569 | 79,911 | ||||||
Spire Healthcare Group PLC(2) | 642 | 1,854 | ||||||
Spirent Communications PLC | 7,786 | 19,919 | ||||||
SSE PLC | 8,351 | 174,778 | ||||||
SSP Group PLC(2) | 13,261 | 41,491 | ||||||
St. James's Place PLC | 3,721 | 57,283 | ||||||
Standard Chartered PLC | 41,463 | 392,331 | ||||||
SThree PLC | 2,722 | 14,927 | ||||||
Strix Group PLC | 2,672 | 3,224 | ||||||
Studio Retail Group PLC(2) | 420 | 581 | ||||||
Superdry PLC(2) | 1,215 | 1,797 | ||||||
Synthomer PLC | 2,700 | 4,971 | ||||||
Tate & Lyle PLC | 11,535 | 111,287 | ||||||
Tatton Asset Management PLC | 821 | 4,587 | ||||||
Taylor Wimpey PLC | 50,329 | 74,449 | ||||||
TBC Bank Group PLC | 2,115 | 63,108 | ||||||
Tesco PLC | 71,908 | 220,282 | ||||||
TI Fluid Systems PLC | 1,823 | 2,647 | ||||||
Topps Tiles PLC | 1,038 | 605 | ||||||
TP ICAP Group PLC | 4,487 | 10,420 | ||||||
Travis Perkins PLC | 2,650 | 32,044 | ||||||
Tremor International Ltd.(1)(2) | 765 | 2,926 | ||||||
TUI AG(2) | 288 | 5,638 | ||||||
Tullow Oil PLC(1)(2) | 13,780 | 5,769 | ||||||
Unilever PLC, ADR | 13,153 | 656,729 | ||||||
United Utilities Group PLC | 18,143 | 221,533 | ||||||
Vertu Motors PLC | 18,946 | 13,922 | ||||||
Vesuvius PLC | 1,468 | 7,284 | ||||||
Victrex PLC | 813 | 17,161 | ||||||
Virgin Money UK PLC | 26,413 | 57,168 | ||||||
Vistry Group PLC | 5,023 | 49,576 | ||||||
Vodafone Group PLC, ADR | 28,005 | 335,220 | ||||||
Vp PLC | 87 | 740 | ||||||
Watches of Switzerland Group PLC(2) | 8,607 | 86,108 | ||||||
Watkin Jones PLC | 3,373 | 4,008 | ||||||
Weir Group PLC | 1,376 | 31,303 | ||||||
WH Smith PLC | 1,292 | 24,610 | ||||||
Whitbread PLC | 2,788 | 103,403 | ||||||
Wickes Group PLC | 7,958 | 14,321 | ||||||
Wincanton PLC | 1,138 | 4,281 | ||||||
WPP PLC, ADR(1) | 1,117 | 68,908 |
133
Avantis International Equity Fund | ||||||||
Shares | Value | |||||||
Yellow Cake PLC(2) | 9,982 | $ | 48,129 | |||||
YouGov PLC | 1,701 | 18,366 | ||||||
25,323,695 | ||||||||
United States — 0.2% | ||||||||
Block, Inc.(2) | 91 | 6,776 | ||||||
Ferguson PLC | 2,649 | 381,352 | ||||||
Gen Digital, Inc. | 12 | 234 | ||||||
VAALCO Energy, Inc. | 3,093 | 14,506 | ||||||
402,868 | ||||||||
TOTAL COMMON STOCKS (Cost $171,335,928) | 185,193,275 | |||||||
RIGHTS† | ||||||||
Sweden† | ||||||||
Beijer Ref AB(2) (Cost $—) | 2,350 | 3,951 | ||||||
WARRANTS† | ||||||||
Australia† | ||||||||
Magellan Financial Group Ltd.(1)(2) (Cost $—) | 79 | 12 | ||||||
SHORT-TERM INVESTMENTS — 8.2% | ||||||||
Money Market Funds — 8.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,399,163 | 1,399,163 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 13,906,610 | 13,906,610 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $15,305,773) | 15,305,773 | |||||||
TOTAL INVESTMENT SECURITIES — 107.2% (Cost $186,641,701) | 200,503,011 | |||||||
OTHER ASSETS AND LIABILITIES — (7.2)% | (13,450,794) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 187,052,217 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
S&P 500 E-Mini | 3 | March 2023 | $ | 596,325 | $ | (7,392) |
^Amount represents value and unrealized appreciation (depreciation).
134
Avantis International Equity Fund
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 21.8% | ||||
Industrials | 18.4% | ||||
Materials | 11.5% | ||||
Consumer Discretionary | 9.7% | ||||
Health Care | 7.6% | ||||
Energy | 7.4% | ||||
Consumer Staples | 6.8% | ||||
Information Technology | 6.3% | ||||
Communication Services | 4.1% | ||||
Utilities | 3.5% | ||||
Real Estate | 1.9% | ||||
Short-Term Investments | 8.2% | ||||
Other Assets and Liabilities | (7.2)% |
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 $23,242,349. 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 $24,295,333, which includes securities collateral of $10,388,723.
See Notes to Financial Statements.
135
FEBRUARY 28, 2023 (UNAUDITED)
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.5% | ||||||||
Australia — 8.4% | ||||||||
29Metals Ltd.(1) | 44,992 | $ | 48,170 | |||||
Adbri Ltd. | 79,984 | 91,731 | ||||||
Aeris Resources Ltd.(1)(2) | 55,697 | 21,533 | ||||||
Alkane Resources Ltd.(2) | 84,644 | 38,382 | ||||||
Alliance Aviation Services Ltd.(2) | 9,551 | 22,594 | ||||||
AMP Ltd.(2) | 197,130 | 136,838 | ||||||
Ardent Leisure Group Ltd.(2) | 133,547 | 62,362 | ||||||
Aurelia Metals Ltd.(1)(2) | 329,886 | 24,312 | ||||||
Austal Ltd. | 104,853 | 127,461 | ||||||
Australian Agricultural Co. Ltd.(2) | 38,261 | 42,932 | ||||||
Australian Finance Group Ltd.(1) | 51,743 | 54,677 | ||||||
Bank of Queensland Ltd. | 169,305 | 802,197 | ||||||
Beach Energy Ltd. | 556,231 | 524,591 | ||||||
Bega Cheese Ltd. | 91,309 | 213,820 | ||||||
Bendigo & Adelaide Bank Ltd. | 110,415 | 724,661 | ||||||
Brickworks Ltd. | 2,469 | 40,924 | ||||||
Byron Energy Ltd.(2) | 7,834 | 474 | ||||||
Capricorn Metals Ltd.(2) | 65,463 | 166,632 | ||||||
Challenger Ltd. | 97,841 | 490,919 | ||||||
Champion Iron Ltd. | 120,419 | 593,081 | ||||||
Cooper Energy Ltd.(2) | 137,266 | 15,196 | ||||||
Coronado Global Resources, Inc. | 257,710 | 326,818 | ||||||
Costa Group Holdings Ltd. | 126,508 | 221,514 | ||||||
Credit Corp. Group Ltd. | 15,116 | 205,660 | ||||||
CSR Ltd. | 119,094 | 406,341 | ||||||
DDH1 Ltd. | 75,837 | 45,823 | ||||||
Eclipx Group Ltd.(2) | 76,422 | 111,971 | ||||||
Emeco Holdings Ltd. | 88,013 | 43,114 | ||||||
Evolution Mining Ltd. | 349,758 | 640,291 | ||||||
EVT Ltd. | 23,670 | 207,669 | ||||||
Gold Road Resources Ltd. | 312,404 | 309,073 | ||||||
GrainCorp Ltd., A Shares | 35,439 | 186,876 | ||||||
Grange Resources Ltd. | 183,957 | 117,137 | ||||||
Hastings Technology Metals Ltd.(1)(2) | 32,068 | 53,142 | ||||||
Helia Group Ltd. | 100,103 | 231,773 | ||||||
HUB24 Ltd. | 126 | 2,450 | ||||||
Humm Group Ltd.(1) | 50,226 | 17,042 | ||||||
Iluka Resources Ltd. | 116,720 | 813,474 | ||||||
Infomedia Ltd. | 30,568 | 28,745 | ||||||
Inghams Group Ltd. | 110,862 | 241,326 | ||||||
JB Hi-Fi Ltd.(1) | 1,944 | 54,565 | ||||||
Karoon Energy Ltd.(2) | 135,528 | 210,780 | ||||||
Leo Lithium Ltd.(1)(2) | 283,303 | 99,523 | ||||||
Macmahon Holdings Ltd. | 111,757 | 11,247 | ||||||
Magellan Financial Group Ltd. | 38,074 | 218,253 | ||||||
McMillan Shakespeare Ltd.(1) | 20,883 | 200,869 | ||||||
Metals X Ltd.(2) | 108,460 | 21,829 | ||||||
Monadelphous Group Ltd. | 4,391 | 35,353 |
136
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Mount Gibson Iron Ltd.(1)(2) | 54,215 | $ | 20,579 | |||||
Myer Holdings Ltd.(1) | 227,551 | 141,995 | ||||||
MyState Ltd. | 7,500 | 19,829 | ||||||
New Hope Corp. Ltd.(1) | 161,917 | 589,614 | ||||||
nib holdings Ltd. | 74,771 | 381,243 | ||||||
Nine Entertainment Co. Holdings Ltd. | 191,474 | 249,078 | ||||||
NRW Holdings Ltd. | 179,625 | 304,898 | ||||||
Nufarm Ltd. | 85,800 | 334,071 | ||||||
OFX Group Ltd.(2) | 32,997 | 42,648 | ||||||
Orica Ltd. | 8,342 | 90,632 | ||||||
Pacific Current Group Ltd. | 868 | 4,008 | ||||||
Perenti Ltd.(2) | 264,453 | 188,464 | ||||||
Perpetual Ltd. | 10,882 | 178,046 | ||||||
Perseus Mining Ltd. | 387,536 | 512,129 | ||||||
Platinum Asset Management Ltd. | 150,309 | 189,597 | ||||||
Premier Investments Ltd. | 19,428 | 355,584 | ||||||
Ramelius Resources Ltd. | 319,843 | 192,441 | ||||||
Regis Resources Ltd. | 286,922 | 335,245 | ||||||
Reject Shop Ltd.(2) | 3,585 | 10,124 | ||||||
Resimac Group Ltd. | 17,203 | 12,488 | ||||||
Resolute Mining Ltd.(1)(2) | 742,032 | 122,325 | ||||||
Ridley Corp. Ltd. | 68,941 | 101,920 | ||||||
Sandfire Resources Ltd. | 142,312 | 560,364 | ||||||
Seven West Media Ltd.(2) | 212,976 | 59,368 | ||||||
Sierra Rutile Holdings Ltd.(1)(2) | 8,804 | 1,447 | ||||||
Silver Lake Resources Ltd.(2) | 291,887 | 197,388 | ||||||
Sims Ltd. | 33,855 | 361,605 | ||||||
Solvar Ltd.(1) | 24,697 | 33,161 | ||||||
Southern Cross Media Group Ltd.(1) | 65,243 | 46,435 | ||||||
Super Retail Group Ltd. | 51,039 | 443,920 | ||||||
Ten Sixty Four Ltd. | 4,832 | 1,853 | ||||||
Terracom Ltd.(1) | 194,588 | 98,583 | ||||||
Viva Energy Group Ltd. | 296,897 | 598,019 | ||||||
West African Resources Ltd.(2) | 333,245 | 207,460 | ||||||
Westgold Resources Ltd.(2) | 82,724 | 52,867 | ||||||
Whitehaven Coal Ltd. | 154,237 | 747,140 | ||||||
17,092,713 | ||||||||
Austria — 0.8% | ||||||||
AT&S Austria Technologie & Systemtechnik AG | 20,522 | 677,085 | ||||||
IMMOFINANZ AG(2) | 12,319 | 160,367 | ||||||
IMMOFINANZ AG (Rights)(2) | 993 | 10 | ||||||
POLYTEC Holding AG | 6,121 | 32,251 | ||||||
Porr AG | 8,923 | 132,075 | ||||||
Semperit AG Holding | 6,048 | 144,856 | ||||||
UNIQA Insurance Group AG | 63,327 | 539,068 | ||||||
1,685,712 | ||||||||
Belgium — 1.4% | ||||||||
Bekaert SA | 16,029 | 707,250 | ||||||
bpost SA | 30,561 | 163,107 | ||||||
Cie d'Entreprises CFE(1)(2) | 3,893 | 39,202 | ||||||
Deceuninck NV | 1,622 | 4,383 |
137
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Deme Group NV(2) | 1,707 | $ | 214,795 | |||||
Exmar NV | 21,495 | 188,855 | ||||||
Gimv NV | 4,472 | 204,101 | ||||||
Ion Beam Applications | 785 | 15,328 | ||||||
Jensen-Group NV | 250 | 8,080 | ||||||
KBC Ancora | 16,027 | 829,226 | ||||||
Ontex Group NV(1)(2) | 21,653 | 171,444 | ||||||
Tessenderlo Group SA(2) | 8,268 | 277,621 | ||||||
2,823,392 | ||||||||
Canada — 10.1% | ||||||||
Advantage Energy Ltd.(1)(2) | 43,200 | 252,646 | ||||||
Alaris Equity Partners Income | 1,400 | 18,253 | ||||||
Algoma Central Corp. | 200 | 2,360 | ||||||
Algoma Steel Group, Inc.(1) | 17,200 | 138,155 | ||||||
Argonaut Gold, Inc.(2) | 34,000 | 11,587 | ||||||
Aris Mining Corp. | 7,900 | 23,332 | ||||||
Athabasca Oil Corp.(1)(2) | 143,900 | 314,270 | ||||||
Baytex Energy Corp.(1)(2) | 128,800 | 496,510 | ||||||
Birchcliff Energy Ltd. | 64,515 | 396,688 | ||||||
Bonterra Energy Corp.(2) | 5,800 | 28,139 | ||||||
Calfrac Well Services Ltd.(2) | 4,100 | 16,887 | ||||||
Calibre Mining Corp.(2) | 24,700 | 20,636 | ||||||
Canaccord Genuity Group, Inc. | 7,579 | 64,042 | ||||||
Canacol Energy Ltd.(1) | 3,101 | 23,363 | ||||||
Canadian Western Bank(1) | 22,400 | 456,044 | ||||||
Canfor Corp.(2) | 12,800 | 218,383 | ||||||
Capital Power Corp. | 22,700 | 706,536 | ||||||
Capstone Copper Corp.(1)(2) | 4,000 | 17,794 | ||||||
Cardinal Energy Ltd.(1) | 25,400 | 132,538 | ||||||
Celestica, Inc.(1)(2) | 25,700 | 332,056 | ||||||
Centerra Gold, Inc. | 44,500 | 281,121 | ||||||
China Gold International Resources Corp. Ltd.(1) | 2,500 | 8,190 | ||||||
Chorus Aviation, Inc.(1)(2) | 12,431 | 28,606 | ||||||
Corus Entertainment, Inc., B Shares | 34,016 | 47,615 | ||||||
Crescent Point Energy Corp.(1) | 148,346 | 1,014,341 | ||||||
Crew Energy, Inc.(1)(2) | 32,200 | 110,204 | ||||||
Doman Building Materials Group Ltd.(1) | 7,800 | 42,244 | ||||||
Dorel Industries, Inc., Class B(2) | 877 | 2,931 | ||||||
Dundee Precious Metals, Inc. | 34,500 | 221,488 | ||||||
Eldorado Gold Corp.(2) | 50,700 | 473,745 | ||||||
Element Fleet Management Corp. | 55,582 | 793,912 | ||||||
Endeavour Mining PLC | 20 | 416 | ||||||
Enerflex Ltd. | 36,200 | 240,095 | ||||||
Enerplus Corp. | 43,700 | 693,371 | ||||||
Ensign Energy Services, Inc.(2) | 30,100 | 73,017 | ||||||
EQB, Inc.(1) | 6,500 | 309,542 | ||||||
ERO Copper Corp.(1)(2) | 14,700 | 230,546 | ||||||
Evertz Technologies Ltd.(1) | 200 | 1,797 | ||||||
First National Financial Corp.(1) | 700 | 20,156 | ||||||
Fortuna Silver Mines, Inc.(1)(2) | 46,300 | 150,318 | ||||||
Frontera Energy Corp.(2) | 9,445 | 85,140 |
138
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Galiano Gold, Inc.(1)(2) | 66 | $ | 34 | |||||
Gear Energy Ltd.(1) | 25,000 | 19,604 | ||||||
Home Capital Group, Inc.(1) | 5,153 | 158,348 | ||||||
Hudbay Minerals, Inc.(1) | 82,400 | 408,830 | ||||||
iA Financial Corp., Inc. | 9,200 | 617,604 | ||||||
IAMGOLD Corp.(2) | 84,800 | 192,035 | ||||||
Interfor Corp.(1)(2) | 12,330 | 207,563 | ||||||
International Petroleum Corp.(1)(2) | 702 | 7,084 | ||||||
Jaguar Mining, Inc. | 3,200 | 6,074 | ||||||
Kelt Exploration Ltd.(1)(2) | 34,500 | 118,835 | ||||||
Kinross Gold Corp.(1) | 156,643 | 578,586 | ||||||
Laurentian Bank of Canada | 7,300 | 184,520 | ||||||
Linamar Corp. | 6,500 | 353,701 | ||||||
Lundin Gold, Inc. | 24,900 | 257,303 | ||||||
Lundin Mining Corp.(1) | 165,100 | 1,027,262 | ||||||
Martinrea International, Inc. | 24,160 | 247,532 | ||||||
MEG Energy Corp.(2) | 69,000 | 1,090,246 | ||||||
Methanex Corp.(1) | 14,900 | 751,606 | ||||||
New Gold, Inc.(2) | 79,400 | 72,737 | ||||||
North American Construction Group Ltd. | 4,349 | 73,179 | ||||||
NuVista Energy Ltd.(2) | 47,688 | 419,389 | ||||||
Obsidian Energy Ltd.(1)(2) | 15,300 | 108,092 | ||||||
OceanaGold Corp.(2) | 128,200 | 261,192 | ||||||
Onex Corp. | 3,700 | 197,840 | ||||||
Parex Resources, Inc.(1) | 21,900 | 356,948 | ||||||
Peyto Exploration & Development Corp.(1) | 47,100 | 409,385 | ||||||
Pipestone Energy Corp.(1)(2) | 21,400 | 44,698 | ||||||
Precision Drilling Corp.(1)(2) | 10 | 570 | ||||||
Real Matters, Inc.(2) | 7,600 | 32,361 | ||||||
Resolute Forest Products, Inc.(2) | 10,100 | 221,541 | ||||||
Russel Metals, Inc.(1) | 11,582 | 301,921 | ||||||
ShawCor Ltd.(2) | 21,900 | 224,698 | ||||||
Sierra Metals, Inc.(1)(2) | 6,600 | 2,201 | ||||||
Spartan Delta Corp.(1) | 40,600 | 368,658 | ||||||
Stelco Holdings, Inc.(1) | 12,800 | 523,445 | ||||||
STEP Energy Services Ltd.(2) | 3,000 | 10,377 | ||||||
Surge Energy, Inc.(1) | 16,800 | 108,471 | ||||||
Tamarack Valley Energy Ltd.(1) | 149,600 | 475,826 | ||||||
Taseko Mines Ltd.(1)(2) | 67,500 | 115,262 | ||||||
Tidewater Midstream & Infrastructure Ltd.(1) | 29,000 | 22,953 | ||||||
Torex Gold Resources, Inc.(2) | 31,600 | 389,066 | ||||||
Total Energy Services, Inc. | 3,600 | 23,165 | ||||||
Vermilion Energy, Inc.(1) | 36,200 | 484,966 | ||||||
Victoria Gold Corp.(2) | 4,100 | 25,450 | ||||||
Wajax Corp. | 4,075 | 72,571 | ||||||
Western Forest Products, Inc.(1) | 48,200 | 44,155 | ||||||
Yamana Gold, Inc. | 64,000 | 327,387 | ||||||
Yangarra Resources Ltd.(1)(2) | 14,800 | 24,188 | ||||||
20,468,473 | ||||||||
China† | ||||||||
Fullshare Holdings Ltd.(1)(2) | 2,015,000 | 31,353 |
139
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
LK Technology Holdings Ltd.(1) | 250 | $ | 337 | |||||
Solargiga Energy Holdings Ltd. | 480,000 | 15,347 | ||||||
Truly International Holdings Ltd. | 218,000 | 30,582 | ||||||
77,619 | ||||||||
Denmark — 2.0% | ||||||||
Brodrene Hartmann A/S(2) | 40 | 1,778 | ||||||
Chemometec A/S(2) | 2,652 | 172,213 | ||||||
D/S Norden A/S | 8,551 | 602,020 | ||||||
Dfds A/S | 9,858 | 401,638 | ||||||
H+H International A/S, B Shares(2) | 3,080 | 45,375 | ||||||
Jyske Bank A/S(2) | 11,434 | 957,719 | ||||||
NKT A/S(2) | 5,686 | 263,715 | ||||||
NTG Nordic Transport Group A/S(2) | 842 | 39,729 | ||||||
Per Aarsleff Holding A/S | 3,849 | 166,876 | ||||||
Ringkjoebing Landbobank A/S | 501 | 79,127 | ||||||
Solar A/S, B Shares | 1,529 | 132,917 | ||||||
Spar Nord Bank A/S | 16,899 | 311,852 | ||||||
Sydbank A/S | 16,360 | 832,587 | ||||||
TORM PLC, Class A | 3,973 | 141,065 | ||||||
4,148,611 | ||||||||
Finland — 1.4% | ||||||||
Aspo Oyj | 1,402 | 12,243 | ||||||
Atria Oyj | 343 | 4,190 | ||||||
Citycon Oyj(1)(2) | 37,167 | 273,467 | ||||||
Finnair Oyj(2) | 244,194 | 146,043 | ||||||
HKScan Oyj, A Shares(1) | 2,011 | 1,633 | ||||||
Lassila & Tikanoja Oyj | 893 | 10,319 | ||||||
Marimekko Oyj | 8,637 | 84,130 | ||||||
Metsa Board Oyj, Class B | 45,773 | 400,453 | ||||||
Outokumpu Oyj | 174,975 | 1,047,574 | ||||||
Puuilo Oyj | 4,310 | 29,440 | ||||||
Rovio Entertainment Oyj | 20,244 | 174,687 | ||||||
Talenom Oyj | 3,181 | 27,669 | ||||||
Tokmanni Group Corp. | 17,199 | 244,412 | ||||||
Uponor Oyj | 13,724 | 255,409 | ||||||
Verkkokauppa.com Oyj(1) | 249 | 702 | ||||||
YIT Oyj(1) | 54,145 | 153,924 | ||||||
2,866,295 | ||||||||
France — 3.7% | ||||||||
AKWEL | 113 | 1,904 | ||||||
ALD SA | 20,507 | 271,648 | ||||||
APERAM SA | 1,178 | 45,810 | ||||||
Beneteau SA | 9,560 | 170,438 | ||||||
Biosynex(1) | 1,444 | 18,507 | ||||||
Catana Group | 5,213 | 41,753 | ||||||
Cie des Alpes(2) | 7,754 | 115,756 | ||||||
Cie Plastic Omnium SA | 17,989 | 324,031 | ||||||
Coface SA | 37,008 | 545,436 | ||||||
Derichebourg SA | 25,674 | 165,099 | ||||||
Eramet SA | 3,317 | 355,951 | ||||||
Esso SA Francaise(2) | 846 | 50,883 |
140
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Etablissements Maurel et Prom SA | 20,855 | $ | 77,644 | |||||
Eurobio Scientific SA(1)(2) | 1,995 | 38,020 | ||||||
Eutelsat Communications SA(1) | 57,432 | 401,356 | ||||||
Focus Entertainment(2) | 483 | 25,219 | ||||||
Gaztransport Et Technigaz SA | 9,492 | 991,293 | ||||||
Genfit SA(2) | 15,514 | 67,127 | ||||||
Groupe LDLC(1) | 755 | 16,866 | ||||||
Guerbet | 63 | 1,288 | ||||||
ID Logistics Group(2) | 130 | 41,755 | ||||||
Jacquet Metals SACA | 893 | 18,269 | ||||||
JCDecaux SE(2) | 11,052 | 252,410 | ||||||
Maisons du Monde SA(1) | 8,259 | 98,578 | ||||||
Metropole Television SA | 6,034 | 90,061 | ||||||
Nexans SA | 4,565 | 440,123 | ||||||
Novacyt SA(2) | 19,950 | 14,945 | ||||||
Orpea SA(1)(2) | 10,081 | 27,272 | ||||||
ReWorld Media SA(2) | 1,855 | 10,798 | ||||||
SES SA | 126,535 | 852,941 | ||||||
SMCP SA(2) | 10,769 | 84,061 | ||||||
Synergie SE | 96 | 3,416 | ||||||
Television Francaise 1 | 16,415 | 130,809 | ||||||
Ubisoft Entertainment SA(2) | 24,559 | 538,457 | ||||||
Valeo | 2,789 | 57,941 | ||||||
Verallia SA | 21,982 | 886,043 | ||||||
Vicat SA | 1,081 | 33,918 | ||||||
Vilmorin & Cie SA | 697 | 35,542 | ||||||
X-Fab Silicon Foundries SE(2) | 16,378 | 154,106 | ||||||
Xilam Animation SA(2) | 33 | 1,030 | ||||||
7,498,504 | ||||||||
Germany — 4.5% | ||||||||
7C Solarparken AG | 5,130 | 21,405 | ||||||
AlzChem Group AG | 92 | 1,983 | ||||||
Aurubis AG | 5,457 | 533,742 | ||||||
Baader Bank AG | 2,427 | 10,635 | ||||||
Bauer AG(2) | 749 | 4,788 | ||||||
Bertrandt AG | 560 | 28,611 | ||||||
Centrotec SE | 313 | 17,149 | ||||||
Cewe Stiftung & Co. KGAA | 1,127 | 112,661 | ||||||
CropEnergies AG | 7,727 | 95,087 | ||||||
Deutsche Pfandbriefbank AG | 30,839 | 305,130 | ||||||
Deutz AG | 15,893 | 97,626 | ||||||
Draegerwerk AG & Co. KGaA | 622 | 24,186 | ||||||
Draegerwerk AG & Co. KGaA, Preference Shares | 2,357 | 102,787 | ||||||
Duerr AG | 14,584 | 548,994 | ||||||
Elmos Semiconductor SE | 1,829 | 148,417 | ||||||
Encavis AG | 20,718 | 404,373 | ||||||
flatexDEGIRO AG(2) | 13,726 | 116,911 | ||||||
Friedrich Vorwerk Group SE | 1,223 | 13,049 | ||||||
Gesco SE | 473 | 12,751 | ||||||
GRENKE AG | 6,088 | 189,788 | ||||||
Hamburger Hafen und Logistik AG | 6,492 | 85,882 |
141
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Hornbach Holding AG & Co. KGaA | 2,353 | $ | 195,419 | |||||
HUGO BOSS AG | 12,976 | 887,484 | ||||||
Instone Real Estate Group SE | 9,003 | 84,503 | ||||||
JOST Werke AG | 2,763 | 157,333 | ||||||
Jungheinrich AG, Preference Shares | 15,145 | 558,702 | ||||||
K+S AG | 23,024 | 546,518 | ||||||
Kontron AG | 11,629 | 232,691 | ||||||
Krones AG | 5,104 | 621,578 | ||||||
KSB SE & Co. KGaA | 1 | 523 | ||||||
KSB SE & Co. KGaA, Preference Shares | 69 | 32,364 | ||||||
Lang & Schwarz AG | 1,344 | 14,326 | ||||||
Lanxess AG | 19,874 | 924,651 | ||||||
Leoni AG(2) | 3,260 | 10,278 | ||||||
METRO AG(2) | 37,385 | 337,093 | ||||||
Multitude SE(2) | 937 | 3,658 | ||||||
Mutares SE & Co. KGaA | 3,169 | 67,786 | ||||||
PVA TePla AG(2) | 5,793 | 156,635 | ||||||
SAF-Holland SE | 16,335 | 203,912 | ||||||
SGL Carbon SE(1)(2) | 18,068 | 169,147 | ||||||
Siltronic AG | 5,506 | 400,940 | ||||||
Steico SE | 756 | 43,957 | ||||||
STO SE & Co. KGaA, Preference Shares | 488 | 77,302 | ||||||
SUESS MicroTec SE | 1,236 | 28,306 | ||||||
Villeroy & Boch AG, Preference Shares | 1,357 | 28,484 | ||||||
Vitesco Technologies Group AG, Class A(2) | 6,324 | 439,024 | ||||||
Wacker Chemie AG | 579 | 90,722 | ||||||
Wacker Neuson SE | 802 | 16,998 | ||||||
Wuestenrot & Wuerttembergische AG | 1,952 | 35,457 | ||||||
9,241,746 | ||||||||
Hong Kong — 1.7% | ||||||||
Analogue Holdings Ltd. | 12,000 | 1,834 | ||||||
AustAsia Group Ltd.(2) | 5,580 | 2,900 | ||||||
BOCOM International Holdings Co. Ltd. | 29,000 | 2,257 | ||||||
Bright Smart Securities & Commodities Group Ltd. | 120,000 | 22,497 | ||||||
Cafe de Coral Holdings Ltd. | 88,000 | 135,298 | ||||||
Central Wealth Group Holdings Ltd.(2) | 2,464,000 | 27,318 | ||||||
Chow Sang Sang Holdings International Ltd. | 6,000 | 7,727 | ||||||
CMBC Capital Holdings Ltd.(1) | 126,250 | 26,437 | ||||||
Crystal International Group Ltd. | 15,500 | 4,332 | ||||||
CSC Holdings Ltd.(2) | 1,605,000 | 7,176 | ||||||
CSI Properties Ltd. | 350,000 | 6,610 | ||||||
Dah Sing Banking Group Ltd. | 152,800 | 124,022 | ||||||
Dah Sing Financial Holdings Ltd. | 15,600 | 42,148 | ||||||
Dickson Concepts International Ltd. | 25,000 | 13,347 | ||||||
Eagle Nice International Holdings Ltd. | 2,000 | 1,141 | ||||||
E-Commodities Holdings Ltd. | 1,440,000 | 251,517 | ||||||
Esprit Holdings Ltd.(1)(2) | 257,500 | 24,294 | ||||||
Hang Lung Group Ltd. | 61,000 | 110,836 | ||||||
IGG, Inc.(2) | 35,000 | 12,826 | ||||||
International Housewares Retail Co. Ltd. | 10,000 | 3,568 | ||||||
IRC Ltd.(1)(2) | 124,000 | 1,880 |
142
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Johnson Electric Holdings Ltd. | 132,906 | $ | 152,458 | |||||
K Wah International Holdings Ltd. | 220,000 | 76,000 | ||||||
Karrie International Holdings Ltd. | 74,000 | 12,924 | ||||||
Minmetals Land Ltd. | 4,000 | 240 | ||||||
Oriental Watch Holdings | 66,000 | 35,334 | ||||||
Pacific Basin Shipping Ltd. | 3,691,000 | 1,339,919 | ||||||
PC Partner Group Ltd. | 140,000 | 102,674 | ||||||
Regina Miracle International Holdings Ltd. | 25,000 | 10,046 | ||||||
Shun Tak Holdings Ltd.(2) | 484,000 | 98,048 | ||||||
Singamas Container Holdings Ltd. | 430,000 | 37,247 | ||||||
SmarTone Telecommunications Holdings Ltd. | 92,000 | 61,460 | ||||||
Sun Hung Kai & Co. Ltd. | 38,000 | 15,405 | ||||||
SUNeVision Holdings Ltd. | 178,000 | 104,780 | ||||||
Tai Hing Group Holdings Ltd. | 50,000 | 6,628 | ||||||
Ten Pao Group Holdings Ltd. | 80,000 | 14,869 | ||||||
Texhong International Group Ltd. | 59,500 | 51,037 | ||||||
Texwinca Holdings Ltd. | 26,000 | 4,374 | ||||||
United Laboratories International Holdings Ltd. | 780,000 | 467,524 | ||||||
Value Partners Group Ltd.(1) | 232,000 | 83,476 | ||||||
3,504,408 | ||||||||
Ireland — 0.6% | ||||||||
Dalata Hotel Group PLC(2) | 212,939 | 967,064 | ||||||
FBD Holdings PLC | 2,442 | 35,130 | ||||||
Glenveagh Properties PLC(2) | 48,210 | 50,759 | ||||||
Origin Enterprises PLC | 25,522 | 114,210 | ||||||
Permanent TSB Group Holdings PLC(2) | 4,574 | 12,586 | ||||||
1,179,749 | ||||||||
Israel — 2.1% | ||||||||
Adgar Investment and Development Ltd. | 786 | 956 | ||||||
Africa Israel Residences Ltd. | 340 | 12,550 | ||||||
Airport City Ltd.(2) | 1,546 | 20,436 | ||||||
Arad Investment & Industrial Development Ltd. | 163 | 16,593 | ||||||
Ashtrom Group Ltd. | 3,572 | 54,812 | ||||||
Aspen Group Ltd. | 664 | 1,293 | ||||||
Azorim-Investment Development & Construction Co. Ltd. | 8,901 | 23,531 | ||||||
Blue Square Real Estate Ltd. | 275 | 13,801 | ||||||
Caesarstone Ltd. | 611 | 3,556 | ||||||
Carasso Motors Ltd. | 2,263 | 11,007 | ||||||
Cellcom Israel Ltd.(2) | 10,293 | 41,355 | ||||||
Clal Insurance Enterprises Holdings Ltd.(2) | 16,107 | 230,965 | ||||||
Delek Automotive Systems Ltd. | 7,717 | 77,945 | ||||||
Delek Group Ltd.(2) | 289 | 27,015 | ||||||
Delta Galil Ltd. | 1,264 | 51,326 | ||||||
Dor Alon Energy in Israel 1988 Ltd. | 81 | 1,703 | ||||||
Elco Ltd. | 441 | 16,246 | ||||||
Equital Ltd.(2) | 2,202 | 52,032 | ||||||
Fattal Holdings 1998 Ltd.(2) | 266 | 22,144 | ||||||
FIBI Holdings Ltd. | 4,890 | 179,386 | ||||||
First International Bank of Israel Ltd. | 4,077 | 144,367 | ||||||
Fox Wizel Ltd. | 963 | 76,486 | ||||||
G City Ltd. | 14,267 | 49,624 |
143
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Harel Insurance Investments & Financial Services Ltd. | 31,033 | $ | 261,290 | |||||
IDI Insurance Co. Ltd. | 228 | 5,272 | ||||||
Inrom Construction Industries Ltd. | 6,953 | 23,158 | ||||||
Isracard Ltd. | 44,037 | 156,054 | ||||||
Israel Corp. Ltd. | 613 | 208,989 | ||||||
Israel Land Development Co. Ltd. | 2,361 | 21,945 | ||||||
Isras Investment Co. Ltd. | 182 | 28,318 | ||||||
M Yochananof & Sons Ltd. | 273 | 12,979 | ||||||
Mehadrin Ltd.(2) | 7 | 212 | ||||||
Melisron Ltd. | 1,144 | 68,457 | ||||||
Menora Mivtachim Holdings Ltd. | 6,599 | 126,878 | ||||||
Migdal Insurance & Financial Holdings Ltd.(2) | 98,590 | 110,085 | ||||||
Naphtha Israel Petroleum Corp. Ltd. | 2,351 | 8,733 | ||||||
Norstar Holdings, Inc.(2) | 1,824 | 5,039 | ||||||
Oil Refineries Ltd. | 354,376 | 106,926 | ||||||
Partner Communications Co. Ltd.(2) | 23,332 | 130,410 | ||||||
Paz Oil Co. Ltd.(2) | 2,418 | 256,241 | ||||||
Perion Network Ltd.(2) | 1,361 | 47,128 | ||||||
Phoenix Holdings Ltd. | 45,184 | 431,507 | ||||||
Property & Building Corp. Ltd.(2) | 90 | 4,435 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 92 | 5,091 | ||||||
Scope Metals Group Ltd.(2) | 69 | 2,278 | ||||||
Shapir Engineering & Industry Ltd. | 7,860 | 51,872 | ||||||
Shikun & Binui Ltd.(2) | 30,019 | 68,576 | ||||||
Shufersal Ltd. | 52,963 | 273,454 | ||||||
Summit Real Estate Holdings Ltd. | 1,418 | 15,334 | ||||||
Tadiran Group Ltd. | 102 | 8,698 | ||||||
Tamar Petroleum Ltd. | 732 | 1,643 | ||||||
Taro Pharmaceutical Industries Ltd.(2) | 332 | 10,033 | ||||||
Tera Light Ltd.(2) | 1,388 | 1,574 | ||||||
Tower Semiconductor Ltd.(2) | 2,114 | 86,475 | ||||||
Victory Supermarket Chain Ltd. | 265 | 2,577 | ||||||
YH Dimri Construction & Development Ltd. | 1,915 | 97,949 | ||||||
ZIM Integrated Shipping Services Ltd.(1) | 17,508 | 414,239 | ||||||
4,182,978 | ||||||||
Italy — 3.3% | ||||||||
Aeffe SpA(1)(2) | 1,917 | 2,617 | ||||||
Aquafil SpA | 8,245 | 50,606 | ||||||
Banca IFIS SpA | 15,653 | 256,944 | ||||||
Banca Popolare di Sondrio SpA | 200,046 | 1,016,452 | ||||||
Banca Sistema SpA(1) | 12,370 | 19,904 | ||||||
BFF Bank SpA | 59,679 | 592,412 | ||||||
Biesse SpA | 10,374 | 186,639 | ||||||
Credito Emiliano SpA | 3,011 | 25,873 | ||||||
d'Amico International Shipping SA(2) | 782,619 | 359,307 | ||||||
Danieli & C Officine Meccaniche SpA(1) | 445 | 12,041 | ||||||
Danieli & C Officine Meccaniche SpA, Preference Shares | 3,297 | 66,908 | ||||||
Digital Bros SpA(1) | 3,854 | 90,273 | ||||||
Emak SpA | 6,148 | 7,169 | ||||||
Esprinet SpA | 8,494 | 64,826 | ||||||
Fila SpA | 1,135 | 9,001 |
144
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Fincantieri SpA(2) | 100,777 | $ | 63,930 | |||||
Gefran SpA | 300 | 3,139 | ||||||
Geox SpA(2) | 34,516 | 42,177 | ||||||
Iveco Group NV(2) | 137,114 | 1,294,370 | ||||||
KME Group SpA(2) | 95,256 | 79,104 | ||||||
Maire Tecnimont SpA | 62,561 | 252,195 | ||||||
MFE-MediaForEurope NV, Class A(1) | 282,894 | 124,290 | ||||||
MFE-MediaForEurope NV, Class B(1) | 175,086 | 126,677 | ||||||
OVS SpA | 149,027 | 405,275 | ||||||
RAI Way SpA | 6,960 | 39,703 | ||||||
Sanlorenzo SpA/Ameglia | 1,756 | 80,216 | ||||||
Saras SpA(2) | 421,167 | 637,093 | ||||||
Servizi Italia SpA(2) | 1,623 | 2,295 | ||||||
Tesmec SpA(2) | 122,093 | 21,898 | ||||||
Tod's SpA(2) | 4,156 | 157,650 | ||||||
Webuild SpA(1) | 300,423 | 545,807 | ||||||
6,636,791 | ||||||||
Japan — 27.6% | ||||||||
77 Bank Ltd.(1) | 14,200 | 252,980 | ||||||
A&D HOLON Holdings Co. Ltd. | 200 | 2,056 | ||||||
Adastria Co. Ltd.(1) | 7,800 | 124,087 | ||||||
ADEKA Corp. | 400 | 6,490 | ||||||
AEON Financial Service Co. Ltd.(1) | 39,500 | 374,988 | ||||||
AFC-HD AMS Life Science Co. Ltd. | 1,300 | 7,335 | ||||||
Ahresty Corp. | 3,200 | 13,814 | ||||||
Aichi Steel Corp. | 1,200 | 21,424 | ||||||
Air Water, Inc. | 36,900 | 443,643 | ||||||
Airport Facilities Co. Ltd. | 400 | 1,617 | ||||||
Aisan Industry Co. Ltd. | 5,400 | 36,783 | ||||||
Akatsuki, Inc. | 1,300 | 20,713 | ||||||
Alinco, Inc. | 200 | 1,553 | ||||||
Alps Alpine Co. Ltd.(1) | 54,300 | 515,788 | ||||||
Amada Co. Ltd. | 15,400 | 140,142 | ||||||
AOKI Holdings, Inc.(1) | 11,200 | 67,500 | ||||||
Aoyama Trading Co. Ltd. | 11,100 | 78,833 | ||||||
Aozora Bank Ltd.(1) | 10,100 | 195,596 | ||||||
Applied Co. Ltd. | 200 | 3,007 | ||||||
Arakawa Chemical Industries Ltd. | 1,500 | 11,021 | ||||||
Arata Corp. | 3,700 | 109,720 | ||||||
Arclands Corp.(1) | 7,000 | 74,127 | ||||||
Arcs Co. Ltd.(1) | 13,100 | 208,516 | ||||||
ASAHI YUKIZAI Corp.(1) | 4,000 | 82,639 | ||||||
Asanuma Corp. | 2,000 | 49,294 | ||||||
Asia Pile Holdings Corp. | 4,600 | 24,625 | ||||||
Asteria Corp. | 3,500 | 18,867 | ||||||
Axell Corp.(1) | 3,300 | 41,393 | ||||||
Bando Chemical Industries Ltd. | 1,300 | 10,007 | ||||||
Bank of Nagoya Ltd. | 1,600 | 41,999 | ||||||
Bank of the Ryukyus Ltd. | 9,200 | 76,364 | ||||||
Belluna Co. Ltd.(1) | 9,800 | 49,952 | ||||||
Bic Camera, Inc.(1) | 24,600 | 210,691 |
145
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
BML, Inc. | 6,400 | $ | 148,751 | |||||
Bunka Shutter Co. Ltd.(1) | 14,800 | 121,269 | ||||||
Carlit Holdings Co. Ltd. | 1,800 | 9,502 | ||||||
Cawachi Ltd.(1) | 1,400 | 23,996 | ||||||
Central Glass Co. Ltd. | 10,800 | 265,404 | ||||||
Chiba Kogyo Bank Ltd. | 19,900 | 80,127 | ||||||
Chilled & Frozen Logistics Holdings Co. Ltd. | 500 | 4,468 | ||||||
Chori Co. Ltd. | 1,200 | 23,074 | ||||||
Chubu Shiryo Co. Ltd. | 1,600 | 12,297 | ||||||
Chubu Steel Plate Co. Ltd.(2) | 4,400 | 69,297 | ||||||
Citizen Watch Co. Ltd.(1) | 77,200 | 467,298 | ||||||
CKD Corp. | 13,100 | 202,380 | ||||||
CMIC Holdings Co. Ltd. | 3,100 | 40,939 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 31,700 | 333,701 | ||||||
Cosmo Energy Holdings Co. Ltd. | 30,100 | 899,709 | ||||||
Credit Saison Co. Ltd.(1) | 56,300 | 767,330 | ||||||
CTI Engineering Co. Ltd. | 1,200 | 30,669 | ||||||
Cybernet Systems Co. Ltd. | 4,200 | 29,411 | ||||||
Daicel Corp. | 35,400 | 245,784 | ||||||
Daido Metal Co. Ltd.(1) | 1,100 | 4,226 | ||||||
Daiho Corp.(1) | 1,200 | 33,859 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 200 | 1,496 | ||||||
Daiken Corp.(1) | 1,300 | 21,135 | ||||||
Daiki Aluminium Industry Co. Ltd.(1) | 4,600 | 48,869 | ||||||
Daikokutenbussan Co. Ltd. | 1,600 | 60,031 | ||||||
Daikyonishikawa Corp. | 100 | 492 | ||||||
Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | 1,800 | 24,373 | ||||||
Daio Paper Corp.(1) | 11,900 | 94,396 | ||||||
Daishi Hokuetsu Financial Group, Inc.(1) | 9,700 | 231,421 | ||||||
Daito Chemix Corp. | 700 | 3,154 | ||||||
Daitron Co. Ltd. | 100 | 1,883 | ||||||
Daiwabo Holdings Co. Ltd. | 9,500 | 146,809 | ||||||
Denka Co. Ltd. | 6,800 | 143,599 | ||||||
Dowa Holdings Co. Ltd.(1) | 13,300 | 433,924 | ||||||
Dream Incubator, Inc.(2) | 2,200 | 50,013 | ||||||
Eagle Industry Co. Ltd. | 5,600 | 49,401 | ||||||
Eco's Co. Ltd. | 100 | 1,346 | ||||||
EDION Corp.(1) | 21,700 | 210,015 | ||||||
EF-ON, Inc. | 100 | 445 | ||||||
Ehime Bank Ltd. | 1,800 | 12,963 | ||||||
Eizo Corp. | 2,900 | 81,204 | ||||||
EJ Holdings, Inc. | 1,100 | 11,391 | ||||||
Electric Power Development Co. Ltd.(1) | 58,800 | 937,159 | ||||||
Elematec Corp. | 2,200 | 29,410 | ||||||
Endo Lighting Corp. | 2,800 | 17,925 | ||||||
Enomoto Co. Ltd. | 700 | 9,519 | ||||||
Enplas Corp. | 1,300 | 38,763 | ||||||
eRex Co. Ltd.(1) | 5,200 | 72,578 | ||||||
Exedy Corp. | 8,600 | 114,098 | ||||||
EXEO Group, Inc.(1) | 6,100 | 107,035 | ||||||
FCC Co. Ltd. | 7,200 | 78,929 |
146
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Feed One Co. Ltd. | 1,900 | $ | 9,568 | |||||
Ferrotec Holdings Corp. | 15,300 | 363,398 | ||||||
FIDEA Holdings Co. Ltd. | 1,620 | 18,104 | ||||||
Financial Partners Group Co. Ltd.(1) | 9,800 | 84,514 | ||||||
FJ Next Holdings Co. Ltd.(1) | 1,700 | 12,611 | ||||||
France Bed Holdings Co. Ltd. | 3,100 | 22,738 | ||||||
Frontier International, Inc. | 700 | 11,837 | ||||||
Fuji Co. Ltd.(1) | 3,400 | 44,336 | ||||||
Fuji Corp. Ltd. | 3,300 | 16,673 | ||||||
Fuji Media Holdings, Inc. | 8,700 | 73,010 | ||||||
Fuji Oil Co. Ltd.(1) | 5,500 | 10,736 | ||||||
Fuji Seal International, Inc. | 8,700 | 105,622 | ||||||
Fujikura Composites, Inc. | 3,600 | 27,332 | ||||||
Fujikura Ltd. | 98,500 | 698,353 | ||||||
Fujimori Kogyo Co. Ltd. | 4,300 | 99,418 | ||||||
Fukuoka Financial Group, Inc.(1) | 12,600 | 281,275 | ||||||
Fukuyama Transporting Co. Ltd. | 4,800 | 120,508 | ||||||
Furukawa Co. Ltd. | 800 | 8,151 | ||||||
Furyu Corp.(1) | 3,000 | 26,452 | ||||||
Futaba Industrial Co. Ltd. | 10,000 | 31,648 | ||||||
Fuyo General Lease Co. Ltd. | 6,200 | 427,088 | ||||||
Gecoss Corp.(1) | 400 | 2,590 | ||||||
Genky DrugStores Co. Ltd. | 1,700 | 50,625 | ||||||
Geomatec Co. Ltd.(2) | 900 | 3,598 | ||||||
GLOBERIDE, Inc. | 4,200 | 79,121 | ||||||
Glory Ltd. | 100 | 2,034 | ||||||
Goldcrest Co. Ltd.(1) | 2,400 | 29,620 | ||||||
Good Com Asset Co. Ltd. | 4,400 | 28,269 | ||||||
GS Yuasa Corp.(1) | 700 | 12,615 | ||||||
G-Tekt Corp.(1) | 6,500 | 67,928 | ||||||
Gunma Bank Ltd. | 97,100 | 364,469 | ||||||
H.U. Group Holdings, Inc.(1) | 15,300 | 301,097 | ||||||
H2O Retailing Corp.(1) | 22,900 | 233,422 | ||||||
Hakudo Co. Ltd. | 1,200 | 23,025 | ||||||
Hakuto Co. Ltd.(1) | 2,800 | 104,880 | ||||||
Halows Co. Ltd.(1) | 700 | 16,638 | ||||||
Hamakyorex Co. Ltd. | 3,100 | 71,804 | ||||||
Hanwa Co. Ltd. | 11,600 | 337,499 | ||||||
Happinet Corp.(1) | 600 | 8,087 | ||||||
Heiwa Real Estate Co. Ltd. | 7,000 | 192,514 | ||||||
Heiwado Co. Ltd. | 9,000 | 140,881 | ||||||
Hino Motors Ltd.(2) | 66,200 | 269,222 | ||||||
Hirano Tecseed Co. Ltd.(1) | 800 | 11,729 | ||||||
Hitachi Zosen Corp. | 58,100 | 386,228 | ||||||
Hodogaya Chemical Co. Ltd. | 1,000 | 23,127 | ||||||
Hokkoku Financial Holdings, Inc. | 7,700 | 236,091 | ||||||
Hokuetsu Corp.(1) | 21,900 | 131,825 | ||||||
Hokuetsu Industries Co. Ltd.(1) | 1,500 | 15,838 | ||||||
Hokuhoku Financial Group, Inc. | 20,000 | 154,326 | ||||||
H-One Co. Ltd.(1) | 2,700 | 12,649 | ||||||
Hoosiers Holdings Co. Ltd. | 2,300 | 14,272 |
147
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Horiba Ltd. | 3,700 | $ | 197,274 | |||||
Hosokawa Micron Corp. | 2,100 | 42,504 | ||||||
HS Holdings Co. Ltd. | 7,500 | 65,284 | ||||||
Hyakugo Bank Ltd. | 18,300 | 56,313 | ||||||
Ichinen Holdings Co. Ltd. | 1,300 | 12,298 | ||||||
IDOM, Inc.(1) | 10,800 | 67,168 | ||||||
IHI Corp. | 26,900 | 698,563 | ||||||
Iino Kaiun Kaisha Ltd.(1) | 39,400 | 313,439 | ||||||
IMAGICA GROUP, Inc. | 4,500 | 21,309 | ||||||
Inabata & Co. Ltd. | 2,300 | 45,336 | ||||||
I-Net Corp. | 200 | 1,864 | ||||||
INFRONEER Holdings, Inc. | 35,400 | 268,399 | ||||||
Innotech Corp. | 1,800 | 18,438 | ||||||
Internet Initiative Japan, Inc. | 8,400 | 168,260 | ||||||
Inui Global Logistics Co. Ltd.(1) | 4,000 | 62,826 | ||||||
I-PEX, Inc. | 2,000 | 19,160 | ||||||
Iseki & Co. Ltd. | 2,800 | 24,450 | ||||||
Ishihara Sangyo Kaisha Ltd.(1) | 5,500 | 43,235 | ||||||
Itochu Enex Co. Ltd. | 16,300 | 133,002 | ||||||
Itoki Corp. | 6,000 | 34,719 | ||||||
IwaiCosmo Holdings, Inc. | 2,100 | 21,471 | ||||||
Iwasaki Electric Co. Ltd. | 200 | 6,530 | ||||||
J Front Retailing Co. Ltd.(1) | 85,500 | 793,631 | ||||||
Jaccs Co. Ltd. | 8,000 | 260,529 | ||||||
Japan Electronic Materials Corp. | 2,200 | 24,492 | ||||||
Japan Lifeline Co. Ltd. | 14,200 | 96,396 | ||||||
Japan Petroleum Exploration Co. Ltd. | 8,100 | 291,848 | ||||||
Japan Pulp & Paper Co. Ltd.(1) | 900 | 35,667 | ||||||
Japan Transcity Corp. | 2,000 | 8,563 | ||||||
Japan Wool Textile Co. Ltd. | 10,100 | 73,128 | ||||||
JGC Holdings Corp. | 56,200 | 723,302 | ||||||
JINUSHI Co. Ltd. | 1,200 | 16,685 | ||||||
JSB Co. Ltd. | 1,000 | 29,304 | ||||||
JTEKT Corp. | 43,400 | 324,241 | ||||||
Juroku Financial Group, Inc. | 11,000 | 259,729 | ||||||
JVCKenwood Corp.(1) | 101,300 | 298,866 | ||||||
Kaga Electronics Co. Ltd. | 7,400 | 265,439 | ||||||
Kamei Corp. | 1,400 | 15,655 | ||||||
Kanamoto Co. Ltd. | 10,500 | 174,782 | ||||||
Kaneka Corp.(1) | 14,300 | 359,326 | ||||||
Kanematsu Corp. | 26,100 | 312,741 | ||||||
Kanto Denka Kogyo Co. Ltd. | 12,900 | 95,795 | ||||||
Kato Sangyo Co. Ltd. | 2,900 | 76,612 | ||||||
Kawai Musical Instruments Manufacturing Co. Ltd. | 600 | 11,886 | ||||||
Kawasaki Heavy Industries Ltd.(1) | 3,300 | 72,112 | ||||||
Keiyo Bank Ltd. | 19,400 | 92,259 | ||||||
KFC Holdings Japan Ltd. | 100 | 2,058 | ||||||
KH Neochem Co. Ltd. | 9,000 | 169,044 | ||||||
Kitz Corp. | 18,200 | 118,299 | ||||||
Kiyo Bank Ltd. | 19,500 | 233,392 | ||||||
Kobe Steel Ltd. | 133,400 | 904,677 |
148
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Koei Chemical Co. Ltd. | 200 | $ | 3,628 | |||||
Kohnan Shoji Co. Ltd.(1) | 6,700 | 155,872 | ||||||
Kojima Co. Ltd.(1) | 5,500 | 22,540 | ||||||
Komeri Co. Ltd. | 6,300 | 122,599 | ||||||
Komori Corp. | 2,900 | 20,795 | ||||||
Konica Minolta, Inc.(1) | 92,100 | 401,341 | ||||||
Konoike Transport Co. Ltd. | 7,400 | 81,318 | ||||||
KPP Group Holdings Co. Ltd.(1) | 16,100 | 88,852 | ||||||
K's Holdings Corp.(1) | 24,300 | 209,372 | ||||||
Kumagai Gumi Co. Ltd. | 2,900 | 59,233 | ||||||
Kurabo Industries Ltd.(1) | 800 | 15,289 | ||||||
Kuraray Co. Ltd. | 104,500 | 937,310 | ||||||
Kureha Corp.(1) | 4,200 | 260,250 | ||||||
KYB Corp. | 5,500 | 151,954 | ||||||
Kyoden Co. Ltd.(1) | 3,400 | 12,861 | ||||||
Kyokuyo Co. Ltd. | 200 | 5,359 | ||||||
Lawson, Inc.(1) | 300 | 11,799 | ||||||
Life Corp.(1) | 6,300 | 127,860 | ||||||
Look Holdings, Inc. | 2,100 | 33,246 | ||||||
Macnica Holdings, Inc. | 9,300 | 257,282 | ||||||
Makino Milling Machine Co. Ltd. | 7,200 | 260,710 | ||||||
MARUKA FURUSATO Corp. | 4,200 | 88,692 | ||||||
Maruzen Showa Unyu Co. Ltd. | 1,200 | 27,491 | ||||||
Matsuda Sangyo Co. Ltd. | 2,900 | 48,883 | ||||||
Maxell Ltd. | 12,500 | 133,334 | ||||||
Mebuki Financial Group, Inc. | 306,300 | 823,391 | ||||||
Megmilk Snow Brand Co. Ltd.(1) | 15,900 | 206,303 | ||||||
Meidensha Corp.(1) | 4,900 | 70,599 | ||||||
Meiji Shipping Co. Ltd.(1) | 4,400 | 22,341 | ||||||
Meiko Electronics Co. Ltd.(1) | 5,100 | 103,547 | ||||||
Micronics Japan Co. Ltd. | 6,300 | 60,682 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 6,700 | 127,463 | ||||||
Ministop Co. Ltd.(1) | 2,100 | 21,450 | ||||||
Miraial Co. Ltd. | 1,700 | 19,599 | ||||||
MIRAIT ONE Corp. | 17,400 | 194,706 | ||||||
Mitsubishi Research Institute, Inc. | 3,000 | 114,163 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 5,100 | 121,400 | ||||||
Mitsubishi Steel Manufacturing Co. Ltd. | 2,300 | 20,907 | ||||||
Mitsui Matsushima Holdings Co. Ltd.(1) | 3,900 | 108,920 | ||||||
Mitsui Mining & Smelting Co. Ltd.(1) | 21,000 | 518,168 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 7,300 | 211,371 | ||||||
Miyaji Engineering Group, Inc. | 800 | 21,639 | ||||||
Miyazaki Bank Ltd. | 2,500 | 49,868 | ||||||
Mizuho Leasing Co. Ltd. | 8,000 | 215,266 | ||||||
Mizuho Medy Co. Ltd. | 1,400 | 25,716 | ||||||
Mizuno Corp.(1) | 3,400 | 78,555 | ||||||
Monex Group, Inc.(1) | 26,600 | 97,462 | ||||||
Morinaga Milk Industry Co. Ltd. | 12,200 | 413,831 | ||||||
Morita Holdings Corp. | 2,100 | 18,760 | ||||||
Musashino Bank Ltd.(1) | 6,400 | 119,199 | ||||||
Nabtesco Corp. | 26,200 | 677,132 |
149
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Nachi-Fujikoshi Corp. | 3,800 | $ | 109,865 | |||||
Naigai Tec Corp. | 300 | 5,989 | ||||||
Nanto Bank Ltd.(1) | 8,100 | 160,068 | ||||||
Nasu Denki Tekko Co. Ltd. | 100 | 5,637 | ||||||
NEC Capital Solutions Ltd. | 1,000 | 19,968 | ||||||
New Japan Chemical Co. Ltd. | 800 | 1,304 | ||||||
NGK Spark Plug Co. Ltd.(1) | 11,100 | 223,212 | ||||||
NHK Spring Co. Ltd. | 12,000 | 79,920 | ||||||
Nichias Corp. | 14,700 | 289,874 | ||||||
Nichiha Corp. | 6,600 | 127,487 | ||||||
Nichireki Co. Ltd. | 4,600 | 50,032 | ||||||
Nihon Chouzai Co. Ltd. | 4,900 | 42,350 | ||||||
Nihon Dempa Kogyo Co. Ltd.(1) | 8,800 | 90,159 | ||||||
Nihon Dengi Co. Ltd. | 100 | 2,627 | ||||||
Nihon Flush Co. Ltd.(1) | 400 | 2,747 | ||||||
Nihon House Holdings Co. Ltd. | 7,900 | 23,497 | ||||||
Nikkon Holdings Co. Ltd. | 14,200 | 258,309 | ||||||
Nippon Carbide Industries Co., Inc. | 2,400 | 23,353 | ||||||
Nippon Chemi-Con Corp.(2) | 6,800 | 108,944 | ||||||
Nippon Coke & Engineering Co. Ltd.(1) | 28,600 | 18,050 | ||||||
Nippon Concrete Industries Co. Ltd. | 2,500 | 4,423 | ||||||
Nippon Denko Co. Ltd. | 2,600 | 7,109 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 4,300 | 48,084 | ||||||
Nippon Electric Glass Co. Ltd. | 19,800 | 368,511 | ||||||
Nippon Koei Co. Ltd. | 3,200 | 77,294 | ||||||
Nippon Paper Industries Co. Ltd. | 16,200 | 129,564 | ||||||
Nippon Pillar Packing Co. Ltd. | 6,000 | 151,747 | ||||||
Nippon Seiki Co. Ltd. | 1,600 | 10,446 | ||||||
Nippon Sheet Glass Co. Ltd.(1)(2) | 29,700 | 153,161 | ||||||
Nippon Shokubai Co. Ltd. | 8,700 | 361,097 | ||||||
Nippon Soda Co. Ltd. | 5,300 | 179,782 | ||||||
Nippon Television Holdings, Inc. | 12,900 | 106,189 | ||||||
Nippon Thompson Co. Ltd. | 17,200 | 74,635 | ||||||
Nipro Corp.(1) | 45,700 | 347,589 | ||||||
Nishi-Nippon Financial Holdings, Inc. | 24,300 | 207,225 | ||||||
Nishio Rent All Co. Ltd. | 6,500 | 152,004 | ||||||
Nissan Shatai Co. Ltd. | 23,000 | 142,015 | ||||||
Nisshinbo Holdings, Inc. | 47,200 | 350,204 | ||||||
Nissin Electric Co. Ltd. | 12,200 | 151,842 | ||||||
Nissui Corp. | 51,500 | 206,419 | ||||||
Nittetsu Mining Co. Ltd. | 3,200 | 86,191 | ||||||
Nojima Corp. | 17,200 | 171,201 | ||||||
NOK Corp.(1) | 17,800 | 174,542 | ||||||
Nomura Micro Science Co. Ltd. | 1,300 | 42,786 | ||||||
Noritake Co. Ltd. | 2,300 | 76,498 | ||||||
North Pacific Bank Ltd.(1) | 36,400 | 84,738 | ||||||
NS United Kaiun Kaisha Ltd.(1) | 3,600 | 116,740 | ||||||
Ogaki Kyoritsu Bank Ltd. | 3,300 | 48,717 | ||||||
Oji Holdings Corp. | 11,700 | 47,475 | ||||||
Okamoto Machine Tool Works Ltd. | 600 | 23,346 | ||||||
Okasan Securities Group, Inc.(1) | 10,300 | 33,052 |
150
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Okinawa Financial Group, Inc. | 3,100 | $ | 54,392 | |||||
Okura Industrial Co. Ltd. | 900 | 13,141 | ||||||
Okuwa Co. Ltd.(1) | 2,200 | 14,123 | ||||||
Olympic Group Corp. | 500 | 1,898 | ||||||
Onoken Co. Ltd.(1) | 2,900 | 32,378 | ||||||
Organo Corp. | 6,000 | 149,705 | ||||||
Orient Corp.(1) | 14,970 | 128,396 | ||||||
Oriental Shiraishi Corp. | 21,300 | 50,998 | ||||||
Osaka Soda Co. Ltd. | 4,300 | 135,907 | ||||||
Osaka Steel Co. Ltd. | 300 | 3,000 | ||||||
OSAKA Titanium Technologies Co. Ltd.(1) | 7,100 | 142,468 | ||||||
Pacific Industrial Co. Ltd.(1) | 10,600 | 90,508 | ||||||
PAL GROUP Holdings Co. Ltd. | 5,400 | 110,304 | ||||||
Pasona Group, Inc. | 3,500 | 49,120 | ||||||
Press Kogyo Co. Ltd. | 24,800 | 87,403 | ||||||
Pressance Corp. | 2,200 | 27,624 | ||||||
Prima Meat Packers Ltd.(1) | 7,400 | 116,342 | ||||||
PS Mitsubishi Construction Co. Ltd.(1) | 600 | 2,907 | ||||||
Raiznext Corp.(1) | 700 | 7,084 | ||||||
Rasa Industries Ltd. | 2,500 | 40,497 | ||||||
Raysum Co. Ltd. | 4,800 | 46,884 | ||||||
Rengo Co. Ltd.(1) | 78,200 | 508,115 | ||||||
Resorttrust, Inc. | 21,800 | 340,822 | ||||||
Ricoh Leasing Co. Ltd.(1) | 5,300 | 156,630 | ||||||
Riken Corp. | 600 | 11,649 | ||||||
Riken Technos Corp. | 1,900 | 8,148 | ||||||
Roland DG Corp. | 400 | 9,325 | ||||||
Ryobi Ltd. | 5,000 | 55,652 | ||||||
Sakai Chemical Industry Co. Ltd.(1) | 1,900 | 25,343 | ||||||
Sakura Internet, Inc. | 300 | 1,335 | ||||||
Sala Corp. | 18,800 | 100,904 | ||||||
San Holdings, Inc. | 400 | 6,100 | ||||||
San-Ai Obbli Co. Ltd. | 15,200 | 155,835 | ||||||
Sangetsu Corp. | 7,300 | 132,581 | ||||||
San-In Godo Bank Ltd. | 28,900 | 180,041 | ||||||
Sanix, Inc.(2) | 1,600 | 3,253 | ||||||
Sanki Engineering Co. Ltd. | 1,200 | 13,463 | ||||||
Sankyo Frontier Co. Ltd. | 200 | 5,048 | ||||||
Sankyu, Inc. | 16,700 | 614,402 | ||||||
Sanwa Holdings Corp. | 27,100 | 285,665 | ||||||
Sanyo Chemical Industries Ltd. | 200 | 6,306 | ||||||
Sanyo Special Steel Co. Ltd.(1) | 5,200 | 100,124 | ||||||
SBI Shinsei Bank Ltd. | 13,200 | 240,311 | ||||||
SBS Holdings, Inc. | 300 | 7,051 | ||||||
Scroll Corp.(1) | 5,900 | 35,260 | ||||||
SEC Carbon Ltd. | 100 | 6,327 | ||||||
Seed Co. Ltd. | 1,600 | 6,709 | ||||||
Seikitokyu Kogyo Co. Ltd.(1) | 1,800 | 11,010 | ||||||
Seiko Group Corp. | 8,400 | 177,963 | ||||||
Seino Holdings Co. Ltd. | 35,300 | 364,375 | ||||||
Sekisui Kasei Co. Ltd. | 2,100 | 6,247 |
151
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
SEMITEC Corp. | 200 | $ | 14,250 | |||||
Senko Group Holdings Co. Ltd. | 29,000 | 205,182 | ||||||
Senshu Electric Co. Ltd. | 3,000 | 79,341 | ||||||
Senshu Ikeda Holdings, Inc. | 87,300 | 168,570 | ||||||
Shibaura Mechatronics Corp. | 1,200 | 128,355 | ||||||
Shibusawa Warehouse Co. Ltd. | 100 | 1,617 | ||||||
Shikoku Bank Ltd. | 2,100 | 14,913 | ||||||
Shin Nippon Biomedical Laboratories Ltd.(1) | 1,000 | 20,723 | ||||||
Shinagawa Refractories Co. Ltd. | 500 | 16,432 | ||||||
Shinmaywa Industries Ltd. | 11,700 | 96,557 | ||||||
Shinnihon Corp. | 400 | 2,711 | ||||||
Shinsho Corp. | 1,000 | 43,509 | ||||||
Shinwa Co. Ltd.(1) | 1,400 | 21,539 | ||||||
Sinfonia Technology Co. Ltd. | 4,300 | 52,485 | ||||||
SK-Electronics Co. Ltd. | 100 | 1,229 | ||||||
SKY Perfect JSAT Holdings, Inc.(1) | 60,700 | 230,374 | ||||||
Soken Chemical & Engineering Co. Ltd. | 800 | 10,512 | ||||||
Star Micronics Co. Ltd. | 10,200 | 129,383 | ||||||
Starts Corp., Inc. | 9,600 | 181,235 | ||||||
St-Care Holding Corp. | 1,900 | 10,979 | ||||||
Stella Chemifa Corp. | 2,300 | 43,226 | ||||||
Studio Alice Co. Ltd.(1) | 400 | 6,044 | ||||||
Subaru Enterprise Co. Ltd. | 100 | 6,721 | ||||||
Sumida Corp. | 11,800 | 141,107 | ||||||
Sumitomo Densetsu Co. Ltd. | 2,800 | 49,854 | ||||||
Sumitomo Heavy Industries Ltd. | 17,800 | 419,066 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 41,700 | 130,692 | ||||||
Sumitomo Osaka Cement Co. Ltd.(1) | 5,600 | 156,438 | ||||||
Sumitomo Riko Co. Ltd. | 6,000 | 31,065 | ||||||
Sumitomo Seika Chemicals Co. Ltd. | 2,600 | 83,630 | ||||||
Sumitomo Warehouse Co. Ltd.(1) | 17,500 | 273,605 | ||||||
Sun Corp. | 6,200 | 104,642 | ||||||
Sun Frontier Fudousan Co. Ltd. | 10,300 | 93,443 | ||||||
Sun-Wa Technos Corp. | 1,500 | 22,422 | ||||||
Suruga Bank Ltd.(1) | 36,000 | 113,168 | ||||||
Suzuken Co. Ltd. | 8,100 | 204,546 | ||||||
SWCC Showa Holdings Co. Ltd. | 5,200 | 72,472 | ||||||
T RAD Co. Ltd.(1) | 1,600 | 26,852 | ||||||
Tachikawa Corp. | 400 | 3,812 | ||||||
Taiheiyo Cement Corp. | 23,300 | 428,386 | ||||||
Taiho Kogyo Co. Ltd. | 1,500 | 7,105 | ||||||
Takamatsu Construction Group Co. Ltd. | 1,600 | 23,565 | ||||||
Takamiya Co. Ltd. | 1,000 | 3,229 | ||||||
Takaoka Toko Co. Ltd. | 1,900 | 29,768 | ||||||
Takara Standard Co. Ltd. | 7,400 | 78,192 | ||||||
Takasago International Corp. | 1,900 | 35,377 | ||||||
Takasago Thermal Engineering Co. Ltd. | 14,600 | 224,542 | ||||||
Takashimaya Co. Ltd.(1) | 46,000 | 640,643 | ||||||
Take & Give Needs Co. Ltd.(2) | 2,600 | 27,218 | ||||||
Teijin Ltd. | 52,900 | 549,662 | ||||||
Tera Probe, Inc. | 2,300 | 40,372 |
152
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Tess Holdings Co. Ltd.(1) | 3,100 | $ | 23,770 | |||||
Toa Corp.(1) | 2,900 | 56,515 | ||||||
TOA ROAD Corp. | 200 | 10,300 | ||||||
Toagosei Co. Ltd. | 6,500 | 59,815 | ||||||
Toenec Corp. | 100 | 2,505 | ||||||
Toho Holdings Co. Ltd. | 2,400 | 38,808 | ||||||
Toho Titanium Co. Ltd.(1) | 8,300 | 120,526 | ||||||
TOKAI Holdings Corp.(1) | 23,400 | 150,707 | ||||||
Tokai Rika Co. Ltd.(1) | 4,100 | 46,989 | ||||||
Tokuyama Corp.(1) | 20,100 | 320,417 | ||||||
Tokyo Electron Device Ltd. | 400 | 23,820 | ||||||
Tokyo Kiraboshi Financial Group, Inc. | 11,100 | 237,035 | ||||||
Tokyo Seimitsu Co. Ltd.(1) | 10,900 | 397,941 | ||||||
Tokyo Steel Manufacturing Co. Ltd.(1) | 21,100 | 233,205 | ||||||
Tokyo Tatemono Co. Ltd. | 47,700 | 584,127 | ||||||
Tokyu Construction Co. Ltd. | 27,100 | 137,637 | ||||||
Tomen Devices Corp.(1) | 500 | 24,605 | ||||||
TOMONY Holdings, Inc. | 34,600 | 100,100 | ||||||
Tomy Co. Ltd. | 1,400 | 13,681 | ||||||
Tonami Holdings Co. Ltd. | 300 | 8,851 | ||||||
Topre Corp.(1) | 9,100 | 79,931 | ||||||
Towa Corp.(1) | 1,400 | 19,554 | ||||||
Toyo Construction Co. Ltd. | 9,500 | 61,844 | ||||||
Toyo Engineering Corp.(2) | 5,200 | 22,402 | ||||||
Toyo Seikan Group Holdings Ltd. | 42,700 | 555,648 | ||||||
Toyobo Co. Ltd.(1) | 24,700 | 194,299 | ||||||
Toyoda Gosei Co. Ltd. | 23,300 | 379,546 | ||||||
Toyota Boshoku Corp. | 21,800 | 339,117 | ||||||
TPR Co. Ltd. | 4,200 | 43,003 | ||||||
Traders Holdings Co. Ltd. | 1,500 | 5,593 | ||||||
Transcosmos, Inc. | 7,600 | 186,894 | ||||||
TRE Holdings Corp. | 24 | 267 | ||||||
Tsubakimoto Chain Co. | 6,900 | 161,637 | ||||||
Tsuburaya Fields Holdings, Inc.(1) | 6,600 | 201,908 | ||||||
Tsugami Corp.(1) | 3,000 | 32,380 | ||||||
Tsukuba Bank Ltd. | 18,800 | 32,731 | ||||||
TV Asahi Holdings Corp. | 5,400 | 57,607 | ||||||
UACJ Corp. | 400 | 7,841 | ||||||
UBE Corp.(1) | 15,900 | 238,460 | ||||||
Ulvac, Inc. | 19,200 | 735,995 | ||||||
Unipres Corp. | 12,100 | 71,618 | ||||||
Unitika Ltd.(2) | 10,300 | 17,620 | ||||||
Univance Corp. | 3,000 | 8,178 | ||||||
Valor Holdings Co. Ltd. | 12,100 | 174,315 | ||||||
Valqua Ltd. | 3,800 | 92,191 | ||||||
Vertex Corp.(1) | 3,000 | 29,143 | ||||||
VT Holdings Co. Ltd. | 17,600 | 65,862 | ||||||
Wakita & Co. Ltd. | 2,600 | 21,522 | ||||||
Warabeya Nichiyo Holdings Co. Ltd.(1) | 5,100 | 69,587 | ||||||
Wellnet Corp. | 5,000 | 24,147 | ||||||
Willplus Holdings Corp. | 900 | 7,713 |
153
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Wood One Co. Ltd. | 1,900 | $ | 17,439 | |||||
Yachiyo Industry Co. Ltd.(1) | 2,600 | 22,142 | ||||||
Yamada Holdings Co. Ltd.(1) | 3,100 | 10,906 | ||||||
Yamaichi Electronics Co. Ltd.(1) | 8,000 | 107,578 | ||||||
Yamazen Corp. | 15,100 | 116,089 | ||||||
Yokogawa Bridge Holdings Corp. | 10,300 | 155,317 | ||||||
Yokohama Rubber Co. Ltd. | 16,200 | 307,427 | ||||||
Yokorei Co. Ltd. | 12,800 | 94,257 | ||||||
Yokowo Co. Ltd. | 1,900 | 27,716 | ||||||
Yorozu Corp. | 1,600 | 9,129 | ||||||
Yuasa Trading Co. Ltd.(1) | 5,300 | 142,372 | ||||||
Yurtec Corp. | 2,200 | 12,210 | ||||||
56,159,174 | ||||||||
Netherlands — 1.9% | ||||||||
AerCap Holdings NV(2) | 13,843 | 864,357 | ||||||
AMG Advanced Metallurgical Group NV | 6,466 | 254,597 | ||||||
Arcadis NV | 2,785 | 115,164 | ||||||
ASR Nederland NV | 24,187 | 1,100,771 | ||||||
BE Semiconductor Industries NV | 5,477 | 422,778 | ||||||
Flow Traders Ltd. | 6,272 | 152,190 | ||||||
ForFarmers NV(1) | 2,391 | 8,312 | ||||||
Heijmans NV, CVA | 3,000 | 39,132 | ||||||
Koninklijke BAM Groep NV(2) | 42,608 | 108,909 | ||||||
Koninklijke Vopak NV | 11,268 | 359,483 | ||||||
Nedap NV | 63 | 3,935 | ||||||
OCI NV | 13,847 | 459,965 | ||||||
SIF Holding NV(1) | 899 | 11,594 | ||||||
Sligro Food Group NV | 1,343 | 22,609 | ||||||
TKH Group NV, CVA | 148 | 6,826 | ||||||
3,930,622 | ||||||||
New Zealand — 0.7% | ||||||||
Air New Zealand Ltd.(2) | 1,498,230 | 730,239 | ||||||
Channel Infrastructure NZ Ltd.(2) | 5,917 | 5,299 | ||||||
KMD Brands Ltd. | 68,129 | 47,514 | ||||||
Oceania Healthcare Ltd. | 371,672 | 178,906 | ||||||
PGG Wrightson Ltd. | 3,178 | 8,266 | ||||||
SKY Network Television Ltd. | 10,714 | 16,738 | ||||||
SKYCITY Entertainment Group Ltd.(2) | 301,255 | 483,737 | ||||||
Warehouse Group Ltd. | 4,116 | 6,740 | ||||||
1,477,439 | ||||||||
Norway — 2.2% | ||||||||
2020 Bulkers Ltd.(2) | 1,868 | 19,519 | ||||||
ABG Sundal Collier Holding ASA | 97,287 | 60,523 | ||||||
BW Energy Ltd.(2) | 18,279 | 51,306 | ||||||
BW LPG Ltd. | 30,149 | 263,738 | ||||||
BW Offshore Ltd. | 28,192 | 77,316 | ||||||
DNO ASA | 181,406 | 207,861 | ||||||
FLEX LNG Ltd.(1) | 13,168 | 458,722 | ||||||
Hafnia Ltd. | 51,317 | 311,097 | ||||||
Kid ASA(1) | 3,767 | 31,230 | ||||||
Klaveness Combination Carriers ASA | 508 | 3,807 |
154
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Kongsberg Automotive ASA(2) | 5,303 | $ | 1,596 | |||||
MPC Container Ships ASA | 61,895 | 109,983 | ||||||
Norske Skog ASA(2) | 12,428 | 80,118 | ||||||
Norwegian Energy Co. ASA(1)(2) | 7,184 | 278,433 | ||||||
Odfjell Drilling Ltd.(2) | 43,440 | 112,280 | ||||||
Odfjell Technology Ltd.(2) | 6,441 | 33,508 | ||||||
OKEA ASA | 4,565 | 14,209 | ||||||
PGS ASA(1)(2) | 282,596 | 275,876 | ||||||
Protector Forsikring ASA | 4,510 | 63,380 | ||||||
Rana Gruber ASA | 6,299 | 37,704 | ||||||
Solstad Offshore ASA(2) | 30,628 | 133,713 | ||||||
SpareBank 1 Nord Norge | 28,395 | 281,732 | ||||||
SpareBank 1 SMN | 20,873 | 275,288 | ||||||
SpareBank 1 Sorost-Norge | 1,293 | 6,945 | ||||||
Sparebanken More | 1,335 | 10,978 | ||||||
Sparebanken Vest(1) | 1,609 | 15,593 | ||||||
Stolt-Nielsen Ltd. | 5,795 | 179,143 | ||||||
Subsea 7 SA | 58,917 | 765,292 | ||||||
TGS ASA | 2,668 | 48,026 | ||||||
Wallenius Wilhelmsen ASA | 36,719 | 321,009 | ||||||
4,529,925 | ||||||||
Portugal — 0.2% | ||||||||
CTT-Correios de Portugal SA | 48,130 | 190,990 | ||||||
Greenvolt-Energias Renovaveis SA(1)(2) | 122 | 935 | ||||||
Ibersol SGPS SA | 9 | 61 | ||||||
Mota-Engil SGPS SA(1) | 52,220 | 102,621 | ||||||
Semapa-Sociedade de Investimento e Gestao | 2,895 | 43,831 | ||||||
338,438 | ||||||||
Singapore — 1.8% | ||||||||
BRC Asia Ltd. | 5,500 | 7,299 | ||||||
Bumitama Agri Ltd. | 185,600 | 88,705 | ||||||
Centurion Corp. Ltd. | 10,500 | 2,879 | ||||||
China Sunsine Chemical Holdings Ltd. | 27,500 | 9,298 | ||||||
ComfortDelGro Corp. Ltd. | 296,900 | 266,601 | ||||||
Food Empire Holdings Ltd. | 800 | 466 | ||||||
Fu Yu Corp. Ltd. | 20,700 | 3,534 | ||||||
Geo Energy Resources Ltd.(1) | 240,500 | 57,921 | ||||||
GKE Corp. Ltd. | 228,600 | 13,420 | ||||||
Golden Agri-Resources Ltd. | 3,815,900 | 722,088 | ||||||
Hong Fok Corp. Ltd.(1) | 81,600 | 57,536 | ||||||
Hong Leong Asia Ltd. | 41,900 | 21,142 | ||||||
Hour Glass Ltd. | 33,400 | 53,751 | ||||||
Hutchison Port Holdings Trust, U Shares | 2,478,300 | 457,043 | ||||||
InnoTek Ltd. | 9,200 | 3,238 | ||||||
ISDN Holdings Ltd. | 42,600 | 15,345 | ||||||
Japfa Ltd.(1) | 27,900 | 6,212 | ||||||
Jiutian Chemical Group Ltd. | 219,300 | 12,516 | ||||||
OUE Ltd. | 15,900 | 14,510 | ||||||
Rex International Holding Ltd. | 149,300 | 17,835 | ||||||
Riverstone Holdings Ltd.(1) | 228,500 | 103,461 | ||||||
Samudera Shipping Line Ltd. | 128,400 | 113,369 |
155
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Sing Holdings Ltd. | 11,800 | $ | 3,110 | |||||
Singapore Post Ltd. | 10,800 | 4,289 | ||||||
Tuan Sing Holdings Ltd. | 399,413 | 99,353 | ||||||
Yangzijiang Financial Holding Ltd.(1)(2) | 984,400 | 255,411 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,194,500 | 1,142,897 | ||||||
Yanlord Land Group Ltd. | 238,000 | 192,635 | ||||||
Ying Li International Real Estate Ltd.(2) | 4,700 | 136 | ||||||
3,746,000 | ||||||||
Spain — 1.9% | ||||||||
Acerinox SA | 47,653 | 523,267 | ||||||
Amper SA(1)(2) | 36,785 | 6,648 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA(1) | 20,289 | 73,867 | ||||||
Banco de Sabadell SA | 961,848 | 1,256,362 | ||||||
Deoleo SA(1)(2) | 10,719 | 2,869 | ||||||
Ence Energia y Celulosa SA | 56,412 | 215,283 | ||||||
Ercros SA | 14,677 | 62,446 | ||||||
Gestamp Automocion SA | 62,142 | 287,805 | ||||||
Grupo Catalana Occidente SA | 7,841 | 256,026 | ||||||
Laboratorios Farmaceuticos Rovi SA | 2,696 | 118,647 | ||||||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros(1) | 184,026 | 182,620 | ||||||
Mediaset Espana Comunicacion SA(1)(2) | 16,696 | 58,165 | ||||||
Melia Hotels International SA(2) | 29,519 | 195,348 | ||||||
Miquel y Costas & Miquel SA | 1,905 | 25,095 | ||||||
Neinor Homes SA(1) | 5,607 | 54,464 | ||||||
Pharma Mar SA | 2,289 | 135,173 | ||||||
Prosegur Cia de Seguridad SA | 1,046 | 2,159 | ||||||
Sacyr SA(1) | 109,304 | 356,454 | ||||||
3,812,698 | ||||||||
Sweden — 5.3% | ||||||||
Annehem Fastigheter AB, B Shares(2) | 455 | 902 | ||||||
AQ Group AB | 585 | 21,572 | ||||||
Arise AB(2) | 3,286 | 13,952 | ||||||
Atrium Ljungberg AB, B Shares | 2,155 | 37,588 | ||||||
Avanza Bank Holding AB(1) | 11,533 | 305,022 | ||||||
Better Collective A/S(2) | 11,720 | 208,831 | ||||||
Bilia AB, A Shares | 32,370 | 431,264 | ||||||
Billerud AB | 6,654 | 76,776 | ||||||
Bonava AB, B Shares(1) | 20,091 | 45,796 | ||||||
Bulten AB | 1,926 | 15,846 | ||||||
Bure Equity AB | 861 | 21,228 | ||||||
Byggmax Group AB | 3,444 | 12,557 | ||||||
Catena Media PLC(1)(2) | 25,029 | 78,105 | ||||||
Cibus Nordic Real Estate AB(1) | 15,421 | 183,954 | ||||||
Clas Ohlson AB, B Shares(1) | 10,062 | 64,233 | ||||||
Cloetta AB, B Shares | 80,377 | 171,799 | ||||||
Collector Bank AB(2) | 18,091 | 77,622 | ||||||
Corem Property Group AB, B Shares | 157,184 | 136,321 | ||||||
Dios Fastigheter AB | 32,736 | 241,094 | ||||||
Elanders AB, B Shares | 400 | 6,028 | ||||||
Electrolux Professional AB, B Shares | 17,922 | 95,173 | ||||||
Elekta AB, B Shares(1) | 60,328 | 470,874 |
156
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
G5 Entertainment AB(1) | 3,291 | $ | 61,038 | |||||
Granges AB | 2,384 | 20,574 | ||||||
Hexatronic Group AB | 3,892 | 45,322 | ||||||
Hoist Finance AB(2) | 24,202 | 57,112 | ||||||
Hufvudstaden AB, A Shares | 10,826 | 157,348 | ||||||
Inwido AB | 8,130 | 90,169 | ||||||
Loomis AB | 37,867 | 1,223,589 | ||||||
Maha Energy AB(1)(2) | 26,420 | 24,146 | ||||||
MEKO AB | 13,160 | 150,132 | ||||||
MIPS AB(1) | 8,145 | 366,819 | ||||||
Modern Times Group MTG AB, B Shares(2) | 44,218 | 305,919 | ||||||
Neobo Fastigheter AB(1)(2) | 8,667 | 11,575 | ||||||
Net Insight AB, B Shares(2) | 121,665 | 73,945 | ||||||
New Wave Group AB, B Shares | 17,177 | 301,329 | ||||||
Nobia AB | 11,873 | 20,000 | ||||||
NP3 Fastigheter AB | 3,423 | 71,564 | ||||||
Nyfosa AB | 65,807 | 544,972 | ||||||
Pandox AB(2) | 42,922 | 580,008 | ||||||
Paradox Interactive AB | 14,394 | 302,525 | ||||||
Peab AB, Class B | 82,750 | 454,825 | ||||||
Platzer Fastigheter Holding AB, B Shares | 8,452 | 73,146 | ||||||
RaySearch Laboratories AB(2) | 6,000 | 48,561 | ||||||
Resurs Holding AB | 48,139 | 115,906 | ||||||
Saab AB, B Shares | 18,853 | 1,088,007 | ||||||
Samhallsbyggnadsbolaget i Norden AB(1) | 86,675 | 141,429 | ||||||
Scandi Standard AB(2) | 20,927 | 107,386 | ||||||
SkiStar AB | 18,795 | 212,052 | ||||||
Solid Forsakring AB(2) | 4,813 | 33,373 | ||||||
Stendorren Fastigheter AB(2) | 511 | 9,565 | ||||||
Tethys Oil AB | 15,095 | 83,435 | ||||||
TF Bank AB | 180 | 2,566 | ||||||
Truecaller AB, B Shares(1)(2) | 52,905 | 160,608 | ||||||
Wihlborgs Fastigheter AB | 123,591 | 1,028,572 | ||||||
10,684,054 | ||||||||
Switzerland — 4.1% | ||||||||
Autoneum Holding AG(1) | 1,722 | 250,047 | ||||||
Bell Food Group AG | 1,040 | 303,378 | ||||||
Bellevue Group AG | 642 | 27,515 | ||||||
Bucher Industries AG | 1,065 | 481,422 | ||||||
Burckhardt Compression Holding AG | 1,015 | 617,844 | ||||||
Burkhalter Holding AG | 26 | 2,236 | ||||||
Cembra Money Bank AG | 15,043 | 1,281,022 | ||||||
Coltene Holding AG(2) | 353 | 26,873 | ||||||
EFG International AG | 34,918 | 338,210 | ||||||
Feintool International Holding AG | 531 | 13,655 | ||||||
Forbo Holding AG | 375 | 491,728 | ||||||
Implenia AG(2) | 6,083 | 273,694 | ||||||
Leonteq AG | 5,598 | 323,114 | ||||||
Liechtensteinische Landesbank AG | 1,372 | 88,969 | ||||||
Mobimo Holding AG | 992 | 249,422 | ||||||
OC Oerlikon Corp. AG | 94,771 | 573,638 |
157
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Orior AG | 1,088 | $ | 82,754 | |||||
Phoenix Mecano AG, Bearer Shares | 43 | 16,553 | ||||||
Sensirion Holding AG(2) | 1,537 | 187,401 | ||||||
St Galler Kantonalbank AG | 579 | 306,857 | ||||||
Swissquote Group Holding SA | 5,853 | 1,114,425 | ||||||
TX Group AG | 163 | 24,149 | ||||||
u-blox Holding AG(2) | 4,323 | 463,990 | ||||||
Valiant Holding AG | 6,825 | 752,542 | ||||||
V-ZUG Holding AG(1)(2) | 209 | 21,151 | ||||||
Zehnder Group AG | 644 | 49,949 | ||||||
8,362,538 | ||||||||
United Kingdom — 13.7% | ||||||||
Anglo Asian Mining PLC | 5,959 | 6,735 | ||||||
Atalaya Mining PLC | 24,177 | 104,843 | ||||||
Bank of Georgia Group PLC | 15,287 | 514,767 | ||||||
Centamin PLC | 449,870 | 551,344 | ||||||
Central Asia Metals PLC | 49,285 | 156,090 | ||||||
Close Brothers Group PLC | 38,779 | 473,516 | ||||||
CMC Markets PLC | 30,696 | 90,935 | ||||||
Coats Group PLC | 437,350 | 385,224 | ||||||
Computacenter PLC | 4,909 | 133,602 | ||||||
Crest Nicholson Holdings PLC | 71,551 | 210,269 | ||||||
DFS Furniture PLC | 29,056 | 54,750 | ||||||
Direct Line Insurance Group PLC | 406,732 | 880,513 | ||||||
Drax Group PLC | 108,173 | 827,233 | ||||||
Dunelm Group PLC | 15,171 | 229,353 | ||||||
easyJet PLC(2) | 98,723 | 574,762 | ||||||
Ecora Resources PLC | 49,271 | 80,300 | ||||||
Energean PLC | 41,840 | 606,886 | ||||||
EnQuest PLC(2) | 513,322 | 117,267 | ||||||
Essentra PLC | 56,582 | 152,229 | ||||||
Ferrexpo PLC | 89,916 | 159,331 | ||||||
Firstgroup PLC(1) | 207,710 | 262,669 | ||||||
Forterra PLC | 62,051 | 164,398 | ||||||
Frasers Group PLC(2) | 45,795 | 440,229 | ||||||
Games Workshop Group PLC | 267 | 29,639 | ||||||
Genel Energy PLC | 36,022 | 54,285 | ||||||
Georgia Capital PLC(2) | 3,896 | 38,294 | ||||||
Golar LNG Ltd.(2) | 1,248 | 28,492 | ||||||
Grafton Group PLC | 51,298 | 586,988 | ||||||
Greggs PLC | 29,177 | 952,853 | ||||||
Gulf Keystone Petroleum Ltd. | 89,863 | 224,062 | ||||||
Halfords Group PLC | 21,023 | 53,172 | ||||||
Hargreaves Lansdown PLC | 35,902 | 357,726 | ||||||
Hays PLC | 499,961 | 709,560 | ||||||
Hikma Pharmaceuticals PLC | 51,454 | 1,073,517 | ||||||
Hill & Smith PLC | 10,982 | 182,316 | ||||||
Hochschild Mining PLC | 68,105 | 52,319 | ||||||
Howden Joinery Group PLC | 112,756 | 971,102 | ||||||
Hunting PLC | 5,899 | 23,435 | ||||||
Ibstock PLC | 81,092 | 165,694 |
158
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
IG Group Holdings PLC | 83,934 | $ | 810,273 | |||||
Inchcape PLC | 121,009 | 1,322,970 | ||||||
Indivior PLC(2) | 22,174 | 406,264 | ||||||
International Distributions Services PLC | 159,906 | 449,707 | ||||||
International Personal Finance PLC | 18,804 | 21,819 | ||||||
Investec PLC | 63,009 | 401,308 | ||||||
Jadestone Energy PLC | 43,668 | 44,638 | ||||||
JET2 PLC | 56,950 | 884,656 | ||||||
Johnson Matthey PLC | 46,622 | 1,223,122 | ||||||
Jubilee Metals Group PLC(1)(2) | 2,770 | 317 | ||||||
Just Group PLC | 19,926 | 20,942 | ||||||
Keller Group PLC | 15,106 | 146,852 | ||||||
Liontrust Asset Management PLC | 11,260 | 161,964 | ||||||
Lookers PLC | 14,458 | 15,963 | ||||||
Man Group PLC | 296,821 | 947,934 | ||||||
Marks & Spencer Group PLC(2) | 606,168 | 1,165,618 | ||||||
McBride PLC(2) | 1,428 | 413 | ||||||
Mitchells & Butlers PLC(2) | 53,256 | 103,969 | ||||||
Mitie Group PLC | 324,706 | 315,439 | ||||||
Molten Ventures PLC(2) | 26,045 | 121,377 | ||||||
Motorpoint group PLC(2) | 61 | 103 | ||||||
N Brown Group PLC(1)(2) | 12,509 | 5,481 | ||||||
Ninety One PLC | 120,046 | 303,425 | ||||||
OSB Group PLC | 136,347 | 914,857 | ||||||
Pagegroup PLC | 73,611 | 393,999 | ||||||
Pan African Resources PLC | 412,906 | 67,238 | ||||||
Paragon Banking Group PLC | 67,745 | 485,765 | ||||||
Petra Diamonds Ltd.(2) | 46,129 | 44,740 | ||||||
Plus500 Ltd. | 32,483 | 700,714 | ||||||
Provident Financial PLC | 36,179 | 96,565 | ||||||
PZ Cussons PLC | 4,899 | 10,742 | ||||||
Rathbones Group PLC | 383 | 9,594 | ||||||
Reach PLC | 103,368 | 114,439 | ||||||
Redde Northgate PLC | 70,108 | 341,069 | ||||||
Redrow PLC | 61,753 | 379,492 | ||||||
Restaurant Group PLC(2) | 100,493 | 42,366 | ||||||
Secure Trust Bank PLC | 121 | 1,123 | ||||||
Senior PLC | 38,971 | 78,264 | ||||||
Serica Energy PLC | 64,459 | 200,766 | ||||||
Shanta Gold Ltd. | 106,592 | 13,790 | ||||||
Sirius Real Estate Ltd. | 191,036 | 193,029 | ||||||
Speedy Hire PLC | 138,940 | 61,709 | ||||||
Spire Healthcare Group PLC(2) | 11,847 | 34,211 | ||||||
St. James's Place PLC | 7,596 | 116,937 | ||||||
SThree PLC | 28,594 | 156,808 | ||||||
Superdry PLC(2) | 8,840 | 13,077 | ||||||
TBC Bank Group PLC | 17,078 | 509,581 | ||||||
Tremor International Ltd.(1)(2) | 10,787 | 41,264 | ||||||
Vertu Motors PLC | 50,582 | 37,168 | ||||||
Virgin Money UK PLC | 426,346 | 922,786 | ||||||
Vp PLC | 235 | 1,998 |
159
Avantis International Small Cap Value Fund | ||||||||
Shares | Value | |||||||
Wickes Group PLC | 49,645 | $ | 89,339 | |||||
Xaar PLC(2) | 533 | 1,108 | ||||||
Yellow Cake PLC(2) | 51,172 | 246,728 | ||||||
Yu Group PLC(2) | 2,736 | 23,675 | ||||||
27,900,194 | ||||||||
United States — 0.1% | ||||||||
ADTRAN Holdings, Inc. | 4,877 | 84,789 | ||||||
VAALCO Energy, Inc. | 8,004 | 37,539 | ||||||
122,328 | ||||||||
TOTAL COMMON STOCKS (Cost $190,077,573) | 202,470,401 | |||||||
WARRANTS† | ||||||||
Italy† | ||||||||
Webuild SpA(1)(2) (Cost $—) | 6,684 | 12,154 | ||||||
RIGHTS† | ||||||||
Germany† | ||||||||
Bauer AG(2) (Cost $—) | 749 | 21 | ||||||
SHORT-TERM INVESTMENTS — 7.2% | ||||||||
Money Market Funds — 7.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 414,417 | 414,417 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 14,173,728 | 14,173,728 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $14,588,146) | 14,588,145 | |||||||
TOTAL INVESTMENT SECURITIES — 106.7% (Cost $204,665,719) | 217,070,721 | |||||||
OTHER ASSETS AND LIABILITIES — (6.7)% | (13,652,402) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 203,418,319 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Industrials | 20.9% | ||||
Financials | 20.2% | ||||
Materials | 18.1% | ||||
Consumer Discretionary | 11.1% | ||||
Energy | 10.1% | ||||
Information Technology | 5.5% | ||||
Consumer Staples | 3.8% | ||||
Real Estate | 3.1% | ||||
Communication Services | 2.8% | ||||
Health Care | 2.4% | ||||
Utilities | 1.5% | ||||
Short-Term Investments | 7.2% | ||||
Other Assets and Liabilities | (6.7)% |
160
Avantis International Small Cap Value Fund
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CVA | – | Certificaten Van Aandelen |
†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 $32,590,492. 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 $34,763,737, which includes securities collateral of $20,590,009.
See Notes to Financial Statements.
161
Statements of Assets and Liabilities |
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis Emerging Markets Equity Fund | Avantis International Equity Fund | |||||||
Assets | ||||||||
Investment securities, at value (cost of $326,034,583 and $172,735,091, respectively) — including $10,085,667 and $23,242,349, respectively of securities on loan | $ | 298,922,656 | $ | 186,596,401 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $4,380,478 and $13,906,610, respectively) | 4,380,478 | 13,906,610 | ||||||
Total investment securities, at value (cost of $330,415,061 and $186,641,701, respectively) | 303,303,134 | 200,503,011 | ||||||
Cash | 28,421 | — | ||||||
Foreign currency holdings, at value (cost of $321,353 and $—, respectively) | 49,124 | — | ||||||
Deposits with broker for futures contracts | 31,800 | 31,800 | ||||||
Receivable for investments sold | — | 3,084 | ||||||
Receivable for capital shares sold | 128,608 | 63,455 | ||||||
Dividends and interest receivable | 972,152 | 435,829 | ||||||
Securities lending receivable | 22,370 | 13,419 | ||||||
304,535,609 | 201,050,598 | |||||||
Liabilities | ||||||||
Foreign currency overdraft payable, at value (cost of $— and $911, respectively) | — | 912 | ||||||
Payable for collateral received for securities on loan | 4,380,478 | 13,906,610 | ||||||
Payable for investments purchased | 246,112 | 18,506 | ||||||
Payable for capital shares redeemed | 163,899 | 38,901 | ||||||
Payable for variation margin on futures contracts | 1,875 | 1,875 | ||||||
Accrued management fees | 77,966 | 31,577 | ||||||
Accrued foreign taxes | 242,410 | — | ||||||
5,112,740 | 13,998,381 | |||||||
Net Assets | $ | 299,422,869 | $ | 187,052,217 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 333,114,999 | $ | 175,050,775 | ||||
Distributable earnings (loss) | (33,692,130) | 12,001,442 | ||||||
$ | 299,422,869 | $ | 187,052,217 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis Emerging Markets Equity Fund | |||||||||||
Institutional Class | $295,724,448 | 29,252,530 | $10.11 | ||||||||
G Class | $3,698,421 | 365,467 | $10.12 | ||||||||
Avantis International Equity Fund | |||||||||||
Institutional Class | $175,679,944 | 16,407,641 | $10.71 | ||||||||
G Class | $11,372,273 | 1,061,780 | $10.71 |
See Notes to Financial Statements.
162
FEBRUARY 28, 2023 (UNAUDITED) | |||||
Avantis International Small Cap Value Fund | |||||
Assets | |||||
Investment securities, at value (cost of $190,491,991) — including $32,590,492 of securities on loan | $ | 202,896,993 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $14,173,728) | 14,173,728 | ||||
Total investment securities, at value (cost of $204,665,719) | 217,070,721 | ||||
Foreign currency holdings, at value (cost of $4,535) | 4,520 | ||||
Receivable for investments sold | 7,858 | ||||
Receivable for capital shares sold | 65,260 | ||||
Dividends and interest receivable | 522,001 | ||||
Securities lending receivable | 19,855 | ||||
217,690,215 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 14,173,728 | ||||
Payable for investments purchased | 7,858 | ||||
Payable for capital shares redeemed | 33,328 | ||||
Accrued management fees | 56,982 | ||||
14,271,896 | |||||
Net Assets | $ | 203,418,319 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 198,283,089 | |||
Distributable earnings (loss) | 5,135,230 | ||||
$ | 203,418,319 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis International Small Cap Value Fund | |||||||||||
Institutional Class | $203,412,236 | 18,460,531 | $11.02 | ||||||||
G Class | $6,083 | 552 | $11.02 |
See Notes to Financial Statements.
163
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis Emerging Markets Equity Fund | Avantis International Equity Fund | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $463,614, and $157,479, respectively) | $ | 3,336,409 | $ | 1,680,889 | ||||
Securities lending, net | 127,313 | 69,424 | ||||||
Interest | 54,983 | 26,178 | ||||||
3,518,705 | 1,776,491 | |||||||
Expenses: | ||||||||
Management fees | 419,003 | 186,729 | ||||||
Other expenses | 1,527 | 1,775 | ||||||
420,530 | 188,504 | |||||||
Fees waived - G Class | (5,159) | (12,015) | ||||||
415,371 | 176,489 | |||||||
Net investment income (loss) | 3,103,334 | 1,600,002 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (net of foreign tax expenses paid (refunded) of $12 and $—, respectively) | (2,372,531) | (1,044,655) | ||||||
Futures contract transactions | 224,496 | (7,481) | ||||||
Foreign currency translation transactions | (109,753) | 44,637 | ||||||
(2,257,788) | (1,007,499) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments (includes (increase) decrease in accrued foreign taxes of $394,811 and $—, respectively) | 126,773 | 19,233,988 | ||||||
Futures contracts | (22,135) | (25,786) | ||||||
Translation of assets and liabilities in foreign currencies | (297,247) | 6,793 | ||||||
(192,609) | 19,214,995 | |||||||
Net realized and unrealized gain (loss) | (2,450,397) | 18,207,496 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 652,937 | $ | 19,807,498 |
See Notes to Financial Statements.
164
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | |||||
Avantis International Small Cap Value Fund | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $162,434) | $ | 2,220,686 | |||
Securities lending, net | 109,308 | ||||
Interest | 33,650 | ||||
2,363,644 | |||||
Expenses: | |||||
Management fees | 302,937 | ||||
Other expenses | 1,032 | ||||
303,969 | |||||
Fees waived - G Class | (10) | ||||
303,959 | |||||
Net investment income (loss) | 2,059,685 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on: | |||||
Investment transactions | (4,833,387) | ||||
Futures contract transactions | 61,361 | ||||
Foreign currency translation transactions | 70,198 | ||||
(4,701,828) | |||||
Change in net unrealized appreciation (depreciation) on: | |||||
Investments | 21,568,968 | ||||
Futures contracts | (58,316) | ||||
Translation of assets and liabilities in foreign currencies | 9,253 | ||||
21,519,905 | |||||
Net realized and unrealized gain (loss) | 16,818,077 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 18,877,762 |
See Notes to Financial Statements.
165
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | ||||||||||||||
Avantis Emerging Markets Equity Fund | Avantis International Equity Fund | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | February 28, 2023 | August 31, 2022 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 3,103,334 | $ | 7,170,971 | $ | 1,600,002 | $ | 3,472,796 | ||||||
Net realized gain (loss) | (2,257,788) | (2,876,204) | (1,007,499) | (813,964) | ||||||||||
Change in net unrealized appreciation (depreciation) | (192,609) | (47,768,793) | 19,214,995 | (25,968,439) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 652,937 | (43,474,026) | 19,807,498 | (23,309,607) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings: | ||||||||||||||
Institutional Class | (8,374,826) | (3,595,649) | (3,589,616) | (3,058,961) | ||||||||||
G Class | (125,552) | (5,179) | (243,684) | (34,017) | ||||||||||
Decrease in net assets from distributions | (8,500,378) | (3,600,828) | (3,833,300) | (3,092,978) | ||||||||||
Capital Share Transactions | ||||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 65,655,470 | 169,634,805 | 38,361,549 | 81,040,548 | ||||||||||
Net increase (decrease) in net assets | 57,808,029 | 122,559,951 | 54,335,747 | 54,637,963 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 241,614,840 | 119,054,889 | 132,716,470 | 78,078,507 | ||||||||||
End of period | $ | 299,422,869 | $ | 241,614,840 | $ | 187,052,217 | $ | 132,716,470 |
See Notes to Financial Statements.
166
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | ||||||||
Avantis International Small Cap Value Fund | ||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 2,059,685 | $ | 5,051,412 | ||||
Net realized gain (loss) | (4,701,828) | (1,556,400) | ||||||
Change in net unrealized appreciation (depreciation) | 21,519,905 | (31,337,873) | ||||||
Net increase (decrease) in net assets resulting from operations | 18,877,762 | (27,842,861) | ||||||
Distributions to Shareholders | ||||||||
From earnings: | ||||||||
Institutional Class | (5,510,568) | (7,085,204) | ||||||
G Class | (206) | (282) | ||||||
Decrease in net assets from distributions | (5,510,774) | (7,085,486) | ||||||
Capital Share Transactions | ||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 38,233,331 | 55,037,524 | ||||||
Net increase (decrease) in net assets | 51,600,319 | 20,109,177 | ||||||
Net Assets | ||||||||
Beginning of period | 151,818,000 | 131,708,823 | ||||||
End of period | $ | 203,418,319 | $ | 151,818,000 |
See Notes to Financial Statements.
167
Notes to Financial Statements |
FEBRUARY 28, 2023 (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.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
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 valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
168
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes. 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. ACIM 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. The funds may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.
Income Tax Status — It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
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).
169
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, 2023.
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 | $ | 4,380,478 | — | — | — | $ | 4,380,478 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 4,380,478 | |||||||||||||||
Avantis International Equity Fund | |||||||||||||||||
Common Stocks | $ | 13,906,606 | — | — | — | $ | 13,906,606 | ||||||||||
Warrants | 4 | — | — | — | 4 | ||||||||||||
Total Borrowings | $ | 13,906,610 | — | — | — | $ | 13,906,610 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 13,906,610 | |||||||||||||||
Avantis International Small Cap Value Fund | |||||||||||||||||
Common Stocks | $ | 14,161,178 | — | — | — | $ | 14,161,178 | ||||||||||
Warrants | 12,550 | — | — | — | 12,550 | ||||||||||||
Total Borrowings | $ | 14,173,728 | — | — | — | $ | 14,173,728 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 14,173,728 |
(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, 6% of the shares of 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, 2023, 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, 2023 were as follows:
Avantis Emerging Markets Equity Fund | Avantis International Equity Fund | Avantis International Small Cap Value Fund | |||||||||
Purchases | $66,557,667 | $43,962,731 | $61,911,579 | ||||||||
Sales | $6,987,435 | $7,418,742 | $24,663,646 |
171
5. Capital Share Transactions
Transactions in shares of the funds were as follows (unlimited number of shares authorized):
Six months ended February 28, 2023 | Year ended August 31, 2022 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Avantis Emerging Markets Equity Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 10,060,208 | $ | 102,197,731 | 18,214,805 | $ | 211,886,239 | ||||||||
Issued in reinvestment of distributions | 830,729 | 8,265,757 | 279,932 | 3,518,747 | ||||||||||
Redeemed | (4,713,064) | (45,850,956) | (4,326,978) | (48,726,237) | ||||||||||
6,177,873 | 64,612,532 | 14,167,759 | 166,678,749 | |||||||||||
G Class | ||||||||||||||
Sold | 128,055 | 1,309,035 | 262,509 | 3,085,435 | ||||||||||
Issued in reinvestment of distributions | 12,606 | 125,552 | 412 | 5,179 | ||||||||||
Redeemed | (40,824) | (391,649) | (11,386) | (134,558) | ||||||||||
99,837 | 1,042,938 | 251,535 | 2,956,056 | |||||||||||
Net increase (decrease) | 6,277,710 | $ | 65,655,470 | 14,419,294 | $ | 169,634,805 | ||||||||
Avantis International Equity Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 7,342,845 | $ | 70,713,014 | 9,727,575 | $ | 106,017,213 | ||||||||
Issued in reinvestment of distributions | 353,657 | 3,589,616 | 257,056 | 3,058,961 | ||||||||||
Redeemed | (3,826,662) | (36,538,154) | (3,637,313) | (38,696,269) | ||||||||||
3,869,840 | 37,764,476 | 6,347,318 | 70,379,905 | |||||||||||
G Class | ||||||||||||||
Sold | 247,902 | 2,434,417 | 1,026,201 | 11,458,538 | ||||||||||
Issued in reinvestment of distributions | 24,032 | 243,684 | 2,861 | 34,017 | ||||||||||
Redeemed | (215,506) | (2,081,028) | (76,106) | (831,912) | ||||||||||
56,428 | 597,073 | 952,956 | 10,660,643 | |||||||||||
Net increase (decrease) | 3,926,268 | $ | 38,361,549 | 7,300,274 | $ | 81,040,548 | ||||||||
Avantis International Small Cap Value Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 6,183,893 | $ | 63,773,449 | 9,036,277 | $ | 105,208,521 | ||||||||
Issued in reinvestment of distributions | 532,422 | 5,510,568 | 594,896 | 7,085,204 | ||||||||||
Redeemed | (3,091,235) | (31,050,892) | (5,127,997) | (57,256,483) | ||||||||||
3,625,080 | 38,233,125 | 4,503,176 | 55,037,242 | |||||||||||
G Class | ||||||||||||||
Issued in reinvestment of distributions | 20 | 206 | 24 | 282 | ||||||||||
Net increase (decrease) | 3,625,100 | $ | 38,233,331 | 4,503,200 | $ | 55,037,524 |
172
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 | $ | 9,450,973 | $ | 7,776,936 | — | ||||||
Chile | 499,544 | 1,573,378 | — | ||||||||
China | 17,470,169 | 68,360,471 | — | ||||||||
Colombia | 184,026 | 207,094 | — | ||||||||
India | 3,274,144 | 44,564,529 | — | ||||||||
Indonesia | 489,517 | 6,155,629 | — | ||||||||
Mexico | 2,986,029 | 5,645,179 | — | ||||||||
Peru | 793,825 | — | — | ||||||||
Philippines | 104,188 | 2,569,073 | — | ||||||||
South Africa | 1,924,864 | 9,819,921 | — | ||||||||
South Korea | 3,027,515 | 35,980,059 | — | ||||||||
Taiwan | 11,946,073 | 40,756,970 | — | ||||||||
Turkey | 99,492 | 2,559,667 | — | ||||||||
Other Countries | — | 19,117,265 | — | ||||||||
Rights | — | 3,201 | — | ||||||||
Warrants | — | 1,576 | — | ||||||||
Corporate Bonds | — | 371 | — | ||||||||
Short-Term Investments | 5,961,456 | — | — | ||||||||
$ | 58,211,815 | $ | 245,091,319 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 7,458 | — | — |
173
Avantis International Equity Fund | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Australia | $ | 1,241,108 | $ | 11,473,606 | — | ||||||
Belgium | 329,120 | 1,473,443 | — | ||||||||
Canada | 32,114 | 19,262,440 | — | ||||||||
Denmark | 1,893,294 | 2,750,166 | — | ||||||||
Finland | 159,077 | 1,593,868 | — | ||||||||
France | 3,502,991 | 14,964,890 | — | ||||||||
Germany | 933,862 | 12,216,950 | — | ||||||||
Hong Kong | 138,585 | 4,341,663 | — | ||||||||
Israel | 327,004 | 1,125,898 | — | ||||||||
Italy | 368,100 | 4,165,658 | — | ||||||||
Japan | 3,235,092 | 34,506,571 | — | ||||||||
Netherlands | 2,869,202 | 3,991,891 | — | ||||||||
Norway | 282,182 | 1,320,971 | — | ||||||||
Singapore | 95,754 | 2,455,746 | — | ||||||||
Spain | 1,160,654 | 3,006,075 | — | ||||||||
Sweden | 173,966 | 6,247,034 | — | ||||||||
Switzerland | 2,564,210 | 12,658,910 | — | ||||||||
United Kingdom | 11,154,271 | 14,169,424 | — | ||||||||
United States | 14,506 | 388,362 | — | ||||||||
Other Countries | — | 2,604,617 | — | ||||||||
Rights | — | 3,951 | — | ||||||||
Warrants | — | 12 | — | ||||||||
Short-Term Investments | 15,305,773 | — | — | ||||||||
$ | 45,780,865 | $ | 154,722,146 | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 7,392 | — | — |
Avantis International Small Cap Value Fund | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 1,358,216 | $ | 201,112,185 | — | ||||||
Warrants | — | 12,154 | — | ||||||||
Rights | — | 21 | — | ||||||||
Short-Term Investments | 14,588,145 | — | — | ||||||||
$ | 15,946,361 | $ | 201,124,360 | — |
174
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 | $651,219 | ||||
Avantis International Equity Fund | $617,319 | ||||
Avantis International Small Cap Value Fund | $805,167 |
Value of Derivative Instruments as of February 28, 2023
Asset Derivatives | Liability Derivatives | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Assets and Liabilities | Value | Location on Statement of Assets and Liabilities | Value | ||||||||||
Avantis Emerging Markets Equity Fund | ||||||||||||||
Equity Price Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 1,875 | |||||||||
Avantis International Equity Fund | ||||||||||||||
Equity Price Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 1,875 |
*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, 2023
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Operations | Value | Location on Statement of Operations | Value | ||||||||||
Avantis Emerging Markets Equity Fund | ||||||||||||||
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 224,496 | Change in net unrealized appreciation (depreciation) on futures contracts | $ | (22,135) | ||||||||
Avantis International Equity Fund | ||||||||||||||
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | (7,481) | Change in net unrealized appreciation (depreciation) on futures contracts | $ | (25,786) | ||||||||
Avantis International Small Cap Value Fund | ||||||||||||||
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 61,361 | Change in net unrealized appreciation (depreciation) on futures contracts | $ | (58,316) |
175
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 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 Emerging Markets Equity Fund | Avantis International Equity Fund | Avantis International Small Cap Value Fund | |||||||||
Federal tax cost of investments | $ | 330,629,236 | $ | 186,984,302 | $ | 204,975,510 | |||||
Gross tax appreciation of investments | $ | 18,038,276 | $ | 23,780,724 | $ | 27,050,994 | |||||
Gross tax depreciation of investments | (45,364,378) | (10,262,015) | (14,955,783) | ||||||||
Net tax appreciation (depreciation) of investments | $ | (27,326,102) | $ | 13,518,709 | $ | 12,095,211 |
The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the realization to ordinary income for tax purposes of unrealized gains on investments in passive foreign investment companies.
As of August 31, 2022, 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 Fund | $ | (1,814,680) | $ | (1,324,636) | ||||
Avantis International Equity Fund | $ | (767,998) | — | |||||
Avantis International Small Cap Value Fund | $ | (1,665,306) | — |
176
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 | |||||||||||||||||||||||||||||||||||||||||
2023(3) | $10.35 | 0.12 | (0.01) | 0.11 | (0.35) | $10.11 | 1.09% | 0.33%(4) | 0.33%(4) | 2.44%(4) | 2.44%(4) | 3% | $295,724 | ||||||||||||||||||||||||||||
2022 | $13.35 | 0.44 | (3.20) | (2.76) | (0.24) | $10.35 | (20.98)% | 0.33% | 0.33% | 3.84% | 3.84% | 4% | $238,858 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
2023(3) | $10.38 | 0.14 | (0.02) | 0.12 | (0.38) | $10.12 | 1.23% | 0.00%(4)(6) | 0.33%(4) | 2.77%(4) | 2.44%(4) | 3% | $3,698 | ||||||||||||||||||||||||||||
2022 | $13.38 | 0.53 | (3.25) | (2.72) | (0.28) | $10.38 | (20.69)% | 0.00%(6) | 0.33% | 4.17% | 3.84% | 4% | $2,757 | ||||||||||||||||||||||||||||
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, 2023 (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 | |||||||||||||||||||||||||||||||||||||||||||||||
2023(3) | $9.80 | 0.10 | 1.03 | 1.13 | (0.22) | — | (0.22) | $10.71 | 11.71% | 0.23%(4) | 0.23%(4) | 1.96%(4) | 1.96%(4) | 5% | $175,680 | ||||||||||||||||||||||||||||||||
2022 | $12.51 | 0.37 | (2.66) | (2.29) | (0.30) | (0.12) | (0.42) | $9.80 | (18.92)% | 0.23% | 0.23% | 3.31% | 3.31% | 6% | $122,850 | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2023(3) | $9.81 | 0.11 | 1.04 | 1.15 | (0.25) | — | (0.25) | $10.71 | 11.85% | 0.00%(4)(6) | 0.23%(4) | 2.19%(4) | 1.96%(4) | 5% | $11,372 | ||||||||||||||||||||||||||||||||
2022 | $12.52 | 0.44 | (2.71) | (2.27) | (0.32) | (0.12) | (0.44) | $9.81 | (18.72)% | 0.00%(6) | 0.23% | 3.54% | 3.31% | 6% | $9,867 | ||||||||||||||||||||||||||||||||
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, 2023 (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 | |||||||||||||||||||||||||||||||||||||||||||||||
2023(3) | $10.23 | 0.13 | 1.01 | 1.14 | (0.35) | — | (0.35) | $11.02 | 11.34% | 0.36%(4) | 0.36%(4) | 2.45%(4) | 2.45%(4) | 15% | $203,412 | ||||||||||||||||||||||||||||||||
2022 | $12.75 | 0.38 | (2.39) | (2.01) | (0.30) | (0.21) | (0.51) | $10.23 | (16.31)% | 0.36% | 0.36% | 3.31% | 3.31% | 44% | $151,813 | ||||||||||||||||||||||||||||||||
2021 | $9.32 | 0.27 | 3.31 | 3.58 | (0.15) | — | (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 | |||||||||||||||||||||||||||||||||||||||||||||||
2023(3) | $10.26 | 0.15 | 1.00 | 1.15 | (0.39) | — | (0.39) | $11.02 | 11.42% | 0.00%(4)(6) | 0.36%(4) | 2.81%(4) | 2.45%(4) | 15% | $6 | ||||||||||||||||||||||||||||||||
2022 | $12.77 | 0.42 | (2.38) | (1.96) | (0.34) | (0.21) | (0.55) | $10.26 | (15.92)% | 0.00%(6) | 0.36% | 3.67% | 3.31% | 44% | $5 | ||||||||||||||||||||||||||||||||
2021(7) | $11.31 | 0.21 | 1.25 | 1.46 | — | — | — | $12.77 | 12.91% | 0.00%(4)(6) | 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, 2023 (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.
Additional Information |
Retirement Account Information
As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
183
Notes |
184
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. | ||||||||
©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-97503 2304 |
Semiannual Report | |||||
February 28, 2023 | |||||
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 ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.
Stocks and Bonds Delivered Mixed Results as Volatility Reigned
Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.
The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.
In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.
For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis Core Fixed Income Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 59.0% | ||||
U.S. Government Agency Mortgage-Backed Securities | 19.3% | ||||
U.S. Treasury Securities and Equivalents | 24.8% | ||||
U.S. Government Agency Securities | 3.1% | ||||
Sovereign Governments and Agencies | 1.0% | ||||
Short-Term Investments | 13.4% | ||||
Other Assets and Liabilities | (20.6)% |
3
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis Core Municipal Fixed Income Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Municipal Securities | 98.4% | ||||
Short-Term Investments | 0.5% | ||||
Other Assets and Liabilities | 1.1% | ||||
Top Five States and Territories | % of net assets | ||||
New York | 16.6% | ||||
California | 15.9% | ||||
Texas | 6.1% | ||||
Illinois | 5.9% | ||||
Massachusetts | 5.1% | ||||
Top Five Sectors | % of fund investments | ||||
Special Tax | 26% | ||||
General Obligation (GO) - State | 17% | ||||
General Obligation (GO) - Local | 14% | ||||
Public Power | 9% | ||||
Water & Sewer | 7% |
4
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis Short-Term Fixed Income Fund | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 64.2% | ||||
U.S. Treasury Securities and Equivalents | 31.7% | ||||
U.S. Government Agency Securities | 3.2% | ||||
Short-Term Investments | 1.7% | ||||
Other Assets and Liabilities | (0.8)% |
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, 2022 to February 28, 2023.
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 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid During Period(1) 9/1/22 - 2/28/23 | Annualized Expense Ratio(1) | |||||||||||
Avantis Core Fixed Income Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $981.30 | $0.74 | 0.15% | ||||||||||
G Class | $1,000 | $983.30 | $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 Core Municipal Fixed Income Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $1,007.40 | $0.90 | 0.18% | ||||||||||
G Class | $1,000 | $1,008.20 | $0.15 | 0.03% | ||||||||||
Hypothetical | ||||||||||||||
Institutional Class | $1,000 | $1,023.90 | $0.90 | 0.18% | ||||||||||
G Class | $1,000 | $1,024.65 | $0.15 | 0.03% | ||||||||||
Avantis Short-Term Fixed Income Fund | ||||||||||||||
Actual | ||||||||||||||
Institutional Class | $1,000 | $995.90 | $0.74 | 0.15% | ||||||||||
G Class | $1,000 | $996.70 | $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) |
(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, 2023 (UNAUDITED)
Avantis Core Fixed Income Fund | ||||||||
Principal Amount/ Shares | Value | |||||||
CORPORATE BONDS — 59.0% | ||||||||
Aerospace and Defense — 1.7% | ||||||||
Boeing Co., 3.625%, 2/1/31 | $ | 110,000 | $ | 96,526 | ||||
Boeing Co., 3.60%, 5/1/34 | 90,000 | 72,890 | ||||||
General Dynamics Corp., 3.625%, 4/1/30 | 184,000 | 171,616 | ||||||
Huntington Ingalls Industries, Inc., 3.48%, 12/1/27 | 30,000 | 27,447 | ||||||
Lockheed Martin Corp., 3.55%, 1/15/26 | 48,000 | 46,403 | ||||||
Lockheed Martin Corp., 1.85%, 6/15/30 | 175,000 | 143,433 | ||||||
Northrop Grumman Corp., 3.25%, 1/15/28 | 42,000 | 38,803 | ||||||
Textron, Inc., 4.00%, 3/15/26 | 30,000 | 29,013 | ||||||
626,131 | ||||||||
Air Freight and Logistics — 0.3% | ||||||||
United Parcel Service, Inc., 3.90%, 4/1/25 | 100,000 | 97,765 | ||||||
Airlines — 0.3% | ||||||||
Southwest Airlines Co., 5.125%, 6/15/27 | 102,000 | 100,623 | ||||||
Southwest Airlines Co., 2.625%, 2/10/30 | 37,000 | 30,848 | ||||||
131,471 | ||||||||
Auto Components — 0.1% | ||||||||
BorgWarner, Inc., 2.65%, 7/1/27(1) | 48,000 | 43,120 | ||||||
Automobiles — 1.0% | ||||||||
American Honda Finance Corp., 1.00%, 9/10/25 | 60,000 | 54,186 | ||||||
American Honda Finance Corp., 2.35%, 1/8/27 | 48,000 | 43,778 | ||||||
American Honda Finance Corp., 3.50%, 2/15/28 | 150,000 | 140,481 | ||||||
General Motors Financial Co., Inc., 5.10%, 1/17/24 | 27,000 | 26,878 | ||||||
General Motors Financial Co., Inc., 4.00%, 1/15/25 | 65,000 | 63,033 | ||||||
Toyota Motor Credit Corp., 3.375%, 4/1/30 | 30,000 | 27,505 | ||||||
Toyota Motor Credit Corp., 1.65%, 1/10/31(1) | 38,000 | 30,227 | ||||||
386,088 | ||||||||
Banks — 8.6% | ||||||||
African Development Bank, 0.875%, 7/22/26 | 100,000 | 88,381 | ||||||
Asian Development Bank, 0.25%, 10/6/23 | 25,000 | 24,278 | ||||||
Asian Development Bank, 0.375%, 6/11/24 | 100,000 | 94,102 | ||||||
Asian Development Bank, 0.375%, 9/3/25 | 50,000 | 44,912 | ||||||
Asian Development Bank, 2.375%, 8/10/27 | 16,000 | 14,758 | ||||||
Asian Infrastructure Investment Bank, 0.25%, 9/29/23 | 50,000 | 48,608 | ||||||
Asian Infrastructure Investment Bank, 2.25%, 5/16/24 | 100,000 | 96,467 | ||||||
Asian Infrastructure Investment Bank, 0.50%, 5/28/25 | 150,000 | 135,980 | ||||||
Bank of Nova Scotia, 3.40%, 2/11/24 | 68,000 | 66,722 | ||||||
Council Of Europe Development Bank, 2.50%, 2/27/24 | 25,000 | 24,327 | ||||||
European Bank for Reconstruction & Development, 0.50%, 1/28/26 | 100,000 | 88,813 | ||||||
European Investment Bank, 3.125%, 12/14/23 | 250,000 | 246,077 | ||||||
European Investment Bank, 1.375%, 3/15/27 | 150,000 | 133,600 | ||||||
Fifth Third Bancorp, 3.65%, 1/25/24 | 66,000 | 65,075 | ||||||
Inter-American Development Bank, 3.00%, 10/4/23 | 150,000 | 147,950 | ||||||
Inter-American Development Bank, 2.625%, 1/16/24 | 25,000 | 24,434 | ||||||
Inter-American Development Bank, 0.625%, 7/15/25 | 150,000 | 136,466 |
8
Avantis Core Fixed Income Fund | ||||||||
Principal Amount/ Shares | Value | |||||||
Inter-American Development Bank, 3.20%, 8/7/42 | $ | 200,000 | $ | 167,791 | ||||
International Bank for Reconstruction & Development, 2.50%, 3/19/24 | 50,000 | 48,574 | ||||||
International Bank for Reconstruction & Development, 0.50%, 10/28/25 | 75,000 | 67,355 | ||||||
International Bank for Reconstruction & Development, 0.875%, 7/15/26 | 25,000 | 22,182 | ||||||
International Bank for Reconstruction & Development, 0.75%, 11/24/27 | 60,000 | 50,931 | ||||||
KeyCorp, 2.55%, 10/1/29 | 200,000 | 169,310 | ||||||
Kreditanstalt fuer Wiederaufbau, 0.25%, 3/8/24 | 350,000 | 332,632 | ||||||
Kreditanstalt fuer Wiederaufbau, 1.25%, 1/31/25 | 25,000 | 23,350 | ||||||
Oesterreichische Kontrollbank AG, 1.50%, 2/12/25 | 125,000 | 117,076 | ||||||
PNC Financial Services Group, Inc., 2.55%, 1/22/30 | 200,000 | 170,233 | ||||||
Royal Bank of Canada, 2.30%, 11/3/31 | 200,000 | 160,567 | ||||||
Santander Holdings USA, Inc., 3.45%, 6/2/25 | 36,000 | 34,255 | ||||||
Sumitomo Mitsui Financial Group, Inc., 3.94%, 10/16/23 | 30,000 | 29,733 | ||||||
US Bancorp, 3.95%, 11/17/25 | 97,000 | 94,201 | ||||||
Wells Fargo & Co., 3.55%, 9/29/25 | 66,000 | 63,202 | ||||||
Westpac Banking Corp., 2.85%, 5/13/26 | 70,000 | 65,285 | ||||||
Westpac Banking Corp., 3.35%, 3/8/27 | 145,000 | 136,379 | ||||||
3,234,006 | ||||||||
Beverages — 0.4% | ||||||||
Molson Coors Beverage Co., 3.00%, 7/15/26 | 73,000 | 67,569 | ||||||
PepsiCo, Inc., 3.00%, 10/15/27 | 73,000 | 67,980 | ||||||
135,549 | ||||||||
Biotechnology — 0.2% | ||||||||
Biogen, Inc., 2.25%, 5/1/30 | 78,000 | 63,199 | ||||||
Building Products — 0.4% | ||||||||
Owens Corning, 3.875%, 6/1/30 | 150,000 | 136,149 | ||||||
Capital Markets — 4.6% | ||||||||
Bank of New York Mellon Corp., 3.85%, 4/26/29 | 250,000 | 233,925 | ||||||
BlackRock, Inc., 2.10%, 2/25/32 | 75,000 | 60,056 | ||||||
Brookfield Finance I U.K. PLC/Brookfield Finance, Inc., 2.34%, 1/30/32 | 125,000 | 97,966 | ||||||
Brookfield Finance, Inc., 3.90%, 1/25/28 | 66,000 | 61,528 | ||||||
Cboe Global Markets, Inc., 3.65%, 1/12/27 | 200,000 | 191,270 | ||||||
Charles Schwab Corp., 3.20%, 3/2/27 | 30,000 | 28,070 | ||||||
Charles Schwab Corp., 2.75%, 10/1/29 | 55,000 | 47,825 | ||||||
Charles Schwab Corp., 1.95%, 12/1/31 | 120,000 | 94,089 | ||||||
CME Group, Inc., 3.75%, 6/15/28 | 100,000 | 95,546 | ||||||
Goldman Sachs Group, Inc., 3.80%, 3/15/30 | 150,000 | 136,231 | ||||||
Intercontinental Exchange, Inc., 4.35%, 6/15/29 | 100,000 | 97,121 | ||||||
Intercontinental Exchange, Inc., 2.10%, 6/15/30 | 200,000 | 162,249 | ||||||
Lazard Group LLC, 4.375%, 3/11/29 | 125,000 | 117,254 | ||||||
Morgan Stanley, 3.875%, 1/27/26 | 150,000 | 144,682 | ||||||
S&P Global, Inc., 2.95%, 1/22/27 | 25,000 | 23,429 | ||||||
S&P Global, Inc., 2.45%, 3/1/27(2) | 173,000 | 157,530 | ||||||
1,748,771 | ||||||||
Chemicals — 1.3% | ||||||||
CF Industries, Inc., 5.15%, 3/15/34 | 138,000 | 128,590 | ||||||
Dow Chemical Co., 4.25%, 10/1/34 | 100,000 | 89,156 |
9
Avantis Core Fixed Income Fund | ||||||||
Principal Amount/ Shares | Value | |||||||
EIDP, Inc., 2.30%, 7/15/30 | $ | 30,000 | $ | 25,236 | ||||
Linde, Inc., 3.20%, 1/30/26 | 48,000 | 46,219 | ||||||
Mosaic Co., 5.45%, 11/15/33 | 60,000 | 59,402 | ||||||
RPM International, Inc., 4.55%, 3/1/29 | 64,000 | 59,306 | ||||||
Westlake Corp., 3.60%, 8/15/26 | 42,000 | 39,549 | ||||||
Westlake Corp., 3.375%, 6/15/30 | 30,000 | 25,952 | ||||||
473,410 | ||||||||
Communications Equipment — 0.3% | ||||||||
Motorola Solutions, Inc., 4.60%, 5/23/29 | 100,000 | 94,203 | ||||||
Construction and Engineering — 0.1% | ||||||||
Quanta Services, Inc., 2.90%, 10/1/30 | 30,000 | 24,856 | ||||||
Consumer Finance — 0.2% | ||||||||
Ally Financial, Inc., 5.80%, 5/1/25 | 60,000 | 60,082 | ||||||
Diversified Financial Services — 0.2% | ||||||||
Corebridge Financial, Inc., 3.65%, 4/5/27(2) | 50,000 | 46,683 | ||||||
Equitable Holdings, Inc., 4.35%, 4/20/28 | 30,000 | 28,522 | ||||||
75,205 | ||||||||
Diversified Telecommunication Services — 0.6% | ||||||||
AT&T, Inc., 2.75%, 6/1/31 | 120,000 | 99,213 | ||||||
Verizon Communications, Inc., 5.85%, 9/15/35 | 125,000 | 125,812 | ||||||
225,025 | ||||||||
Electric Utilities — 4.1% | ||||||||
Baltimore Gas & Electric Co., 2.25%, 6/15/31 | 140,000 | 113,347 | ||||||
Berkshire Hathaway Energy Co., 4.05%, 4/15/25 | 12,000 | 11,742 | ||||||
CenterPoint Energy Houston Electric LLC, 6.95%, 3/15/33 | 120,000 | 135,244 | ||||||
DTE Electric Co., Series C, 2.625%, 3/1/31 | 66,000 | 55,850 | ||||||
Duke Energy Carolinas LLC, 6.10%, 6/1/37 | 100,000 | 106,153 | ||||||
Duke Energy Carolinas LLC, Series A, 6.00%, 12/1/28 | 30,000 | 31,439 | ||||||
Duke Energy Corp., 4.50%, 8/15/32 | 125,000 | 115,796 | ||||||
Edison International, 3.55%, 11/15/24 | 65,000 | 62,765 | ||||||
Entergy Arkansas LLC, 4.00%, 6/1/28 | 32,000 | 30,260 | ||||||
Entergy Louisiana LLC, 3.05%, 6/1/31 | 33,000 | 28,189 | ||||||
Entergy Mississippi LLC, 2.85%, 6/1/28(1) | 160,000 | 143,904 | ||||||
MidAmerican Energy Co., 6.75%, 12/30/31 | 70,000 | 78,011 | ||||||
PacifiCorp, 2.70%, 9/15/30 | 54,000 | 46,219 | ||||||
PacifiCorp, 6.25%, 10/15/37 | 150,000 | 161,607 | ||||||
Public Service Co. of New Hampshire, 2.20%, 6/15/31 | 140,000 | 114,830 | ||||||
Public Service Electric & Gas Co., 3.00%, 5/15/27 | 36,000 | 33,371 | ||||||
Puget Energy, Inc., 4.10%, 6/15/30 | 66,000 | 59,327 | ||||||
Southern Co., 3.70%, 4/30/30 | 150,000 | 135,231 | ||||||
Union Electric Co., 2.95%, 3/15/30 | 68,000 | 59,609 | ||||||
Wisconsin Power & Light Co., 3.00%, 7/1/29 | 24,000 | 21,075 | ||||||
1,543,969 | ||||||||
Electronic Equipment, Instruments and Components — 0.2% | ||||||||
Flex Ltd., 3.75%, 2/1/26 | 30,000 | 28,529 | ||||||
Trimble, Inc., 4.90%, 6/15/28 | 62,000 | 59,543 | ||||||
88,072 | ||||||||
Energy Equipment and Services — 1.2% | ||||||||
Baker Hughes Holdings LLC, 5.125%, 9/15/40 | 175,000 | 164,691 | ||||||
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 3.34%, 12/15/27 | 30,000 | 27,716 |
10
Avantis Core Fixed Income Fund | ||||||||
Principal Amount/ Shares | Value | |||||||
Halliburton Co., 2.92%, 3/1/30 | $ | 175,000 | $ | 151,373 | ||||
Schlumberger Finance Canada Ltd., 1.40%, 9/17/25 | 70,000 | 64,039 | ||||||
Schlumberger Investment SA, 2.65%, 6/26/30 | 66,000 | 56,827 | ||||||
464,646 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 5.9% | ||||||||
Alexandria Real Estate Equities, Inc., 3.375%, 8/15/31 | 50,000 | 43,932 | ||||||
American Homes 4 Rent LP, 4.25%, 2/15/28 | 66,000 | 61,709 | ||||||
American Tower Corp., 3.60%, 1/15/28 | 66,000 | 60,449 | ||||||
American Tower Corp., 2.90%, 1/15/30 | 100,000 | 84,743 | ||||||
AvalonBay Communities, Inc., 3.20%, 1/15/28 | 24,000 | 22,085 | ||||||
AvalonBay Communities, Inc., 3.30%, 6/1/29 | 75,000 | 67,217 | ||||||
Boston Properties LP, 3.65%, 2/1/26 | 250,000 | 237,002 | ||||||
Brixmor Operating Partnership LP, 3.65%, 6/15/24 | 69,000 | 66,837 | ||||||
Camden Property Trust, 3.15%, 7/1/29 | 85,000 | 75,549 | ||||||
Crown Castle, Inc., 3.30%, 7/1/30 | 150,000 | 130,738 | ||||||
Equinix, Inc., 2.00%, 5/15/28 | 125,000 | 105,694 | ||||||
ERP Operating LP, 3.25%, 8/1/27 | 90,000 | 83,362 | ||||||
Essex Portfolio LP, 4.00%, 3/1/29 | 150,000 | 137,974 | ||||||
Host Hotels & Resorts LP, 4.50%, 2/1/26 | 70,000 | 67,534 | ||||||
Kilroy Realty LP, 4.75%, 12/15/28 | 100,000 | 91,879 | ||||||
Kilroy Realty LP, 2.50%, 11/15/32(1) | 79,000 | 55,938 | ||||||
Kimco Realty OP LLC, 4.60%, 2/1/33 | 175,000 | 161,087 | ||||||
Prologis LP, 2.25%, 4/15/30 | 115,000 | 96,304 | ||||||
Realty Income Corp., 3.65%, 1/15/28 | 36,000 | 33,756 | ||||||
Simon Property Group LP, 2.20%, 2/1/31 | 200,000 | 159,931 | ||||||
Sun Communities Operating LP, 2.30%, 11/1/28 | 100,000 | 84,617 | ||||||
UDR, Inc., 3.20%, 1/15/30 | 264,000 | 231,674 | ||||||
Ventas Realty LP, 4.75%, 11/15/30 | 66,000 | 62,315 | ||||||
2,222,326 | ||||||||
Food and Staples Retailing — 0.7% | ||||||||
Costco Wholesale Corp., 3.00%, 5/18/27 | 125,000 | 117,693 | ||||||
Sysco Corp., 5.375%, 9/21/35 | 125,000 | 121,870 | ||||||
Walgreens Boots Alliance, Inc., 3.45%, 6/1/26 | 5,000 | 4,696 | ||||||
Walgreens Boots Alliance, Inc., 3.20%, 4/15/30 | 30,000 | 25,467 | ||||||
269,726 | ||||||||
Food Products — 0.9% | ||||||||
Archer-Daniels-Midland Co., 3.25%, 3/27/30 | 66,000 | 59,512 | ||||||
Bunge Ltd. Finance Corp., 3.25%, 8/15/26 | 73,000 | 68,012 | ||||||
Bunge Ltd. Finance Corp., 2.75%, 5/14/31(1) | 100,000 | 82,385 | ||||||
Campbell Soup Co., 4.15%, 3/15/28 | 64,000 | 61,148 | ||||||
Conagra Brands, Inc., 4.85%, 11/1/28 | 75,000 | 72,708 | ||||||
343,765 | ||||||||
Gas Utilities — 0.1% | ||||||||
Southern California Gas Co., 2.55%, 2/1/30 | 35,000 | 29,671 | ||||||
Health Care Equipment and Supplies — 0.1% | ||||||||
Edwards Lifesciences Corp., 4.30%, 6/15/28 | 26,000 | 24,927 | ||||||
Medtronic, Inc., 4.375%, 3/15/35 | 30,000 | 28,458 | ||||||
53,385 | ||||||||
Health Care Providers and Services — 1.6% | ||||||||
Adventist Health System, 2.95%, 3/1/29 | 67,000 | 57,788 |
11
Avantis Core Fixed Income Fund | ||||||||
Principal Amount/ Shares | Value | |||||||
Cardinal Health, Inc., 3.08%, 6/15/24 | $ | 30,000 | $ | 29,061 | ||||
CVS Health Corp., 4.875%, 7/20/35 | 70,000 | 65,838 | ||||||
HCA, Inc., 3.625%, 3/15/32(2) | 200,000 | 169,213 | ||||||
Humana, Inc., 2.15%, 2/3/32 | 200,000 | 154,521 | ||||||
UnitedHealth Group, Inc., 3.45%, 1/15/27 | 24,000 | 22,763 | ||||||
UnitedHealth Group, Inc., 5.35%, 2/15/33 | 80,000 | 81,894 | ||||||
UnitedHealth Group, Inc., 4.625%, 7/15/35 | 24,000 | 23,019 | ||||||
604,097 | ||||||||
Hotels, Restaurants and Leisure — 0.2% | ||||||||
Marriott International, Inc., Series FF, 4.625%, 6/15/30 | 75,000 | 70,852 | ||||||
Household Durables — 0.3% | ||||||||
DR Horton, Inc., 1.40%, 10/15/27(1) | 150,000 | 125,693 | ||||||
Industrial Conglomerates — 0.5% | ||||||||
3M Co., 3.375%, 3/1/29 | 100,000 | 90,495 | ||||||
3M Co., 5.70%, 3/15/37 | 18,000 | 18,279 | ||||||
Honeywell International, Inc., 1.75%, 9/1/31 | 50,000 | 39,587 | ||||||
Honeywell International, Inc., 5.70%, 3/15/36 | 24,000 | 25,286 | ||||||
173,647 | ||||||||
Insurance — 2.2% | ||||||||
Aflac, Inc., 3.60%, 4/1/30 | 75,000 | 69,051 | ||||||
Assurant, Inc., 3.70%, 2/22/30 | 100,000 | 86,245 | ||||||
Chubb INA Holdings, Inc., 1.375%, 9/15/30 | 36,000 | 28,016 | ||||||
Chubb INA Holdings, Inc., 6.70%, 5/15/36 | 75,000 | 83,296 | ||||||
Hartford Financial Services Group, Inc., 2.80%, 8/19/29 | 50,000 | 43,105 | ||||||
MetLife, Inc., 4.55%, 3/23/30 | 165,000 | 162,192 | ||||||
Prudential PLC, 3.625%, 3/24/32 | 250,000 | 223,677 | ||||||
Willis North America, Inc., 4.50%, 9/15/28 | 150,000 | 142,389 | ||||||
837,971 | ||||||||
Internet and Direct Marketing Retail — 0.3% | ||||||||
Amazon.com, Inc., 5.20%, 12/3/25 | 30,000 | 30,221 | ||||||
Amazon.com, Inc., 4.80%, 12/5/34 | 100,000 | 100,088 | ||||||
130,309 | ||||||||
IT Services — 0.9% | ||||||||
Global Payments, Inc., 4.45%, 6/1/28 | 100,000 | 93,456 | ||||||
International Business Machines Corp., 3.50%, 5/15/29 | 100,000 | 91,276 | ||||||
VeriSign, Inc., 2.70%, 6/15/31 | 200,000 | 161,603 | ||||||
346,335 | ||||||||
Leisure Products — 0.2% | ||||||||
Hasbro, Inc., 3.50%, 9/15/27 | 67,000 | 61,498 | ||||||
Machinery — 0.8% | ||||||||
ABB Finance USA, Inc., 3.80%, 4/3/28 | 64,000 | 61,792 | ||||||
Caterpillar Financial Services Corp., 1.10%, 9/14/27 | 30,000 | 25,672 | ||||||
John Deere Capital Corp., 3.05%, 1/6/28 | 102,000 | 95,723 | ||||||
Otis Worldwide Corp., 2.57%, 2/15/30 | 150,000 | 126,532 | ||||||
309,719 | ||||||||
Media — 0.9% | ||||||||
Comcast Corp., 4.25%, 10/15/30 | 210,000 | 199,487 | ||||||
Fox Corp., 3.05%, 4/7/25 | 130,000 | 124,127 | ||||||
323,614 |
12
Avantis Core Fixed Income Fund | ||||||||
Principal Amount/ Shares | Value | |||||||
Metals and Mining — 0.6% | ||||||||
Barrick Gold Corp., 6.45%, 10/15/35 | $ | 100,000 | $ | 105,362 | ||||
Kinross Gold Corp., 4.50%, 7/15/27 | 42,000 | 40,171 | ||||||
Steel Dynamics, Inc., 3.25%, 1/15/31 | 100,000 | 86,611 | ||||||
232,144 | ||||||||
Multiline Retail — 0.3% | ||||||||
Dollar Tree, Inc., 4.00%, 5/15/25 | 65,000 | 63,153 | ||||||
Dollar Tree, Inc., 4.20%, 5/15/28 | 30,000 | 28,544 | ||||||
Target Corp., 2.65%, 9/15/30 | 42,000 | 35,998 | ||||||
127,695 | ||||||||
Multi-Utilities — 0.4% | ||||||||
Dominion Energy, Inc., 5.95%, 6/15/35 | 100,000 | 102,884 | ||||||
San Diego Gas & Electric Co., 1.70%, 10/1/30 | 37,000 | 29,186 | ||||||
132,070 | ||||||||
Oil, Gas and Consumable Fuels — 5.2% | ||||||||
Boardwalk Pipelines LP, 4.80%, 5/3/29 | 50,000 | 47,484 | ||||||
BP Capital Markets America, Inc., 3.12%, 5/4/26 | 250,000 | 236,327 | ||||||
Burlington Resources LLC, 7.40%, 12/1/31 | 18,000 | 20,620 | ||||||
Canadian Natural Resources Ltd., 2.95%, 7/15/30 | 29,000 | 24,593 | ||||||
Canadian Natural Resources Ltd., 5.85%, 2/1/35 | 60,000 | 57,826 | ||||||
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27 | 63,000 | 62,204 | ||||||
Chevron Corp., 1.55%, 5/11/25 | 42,000 | 39,001 | ||||||
Chevron USA, Inc., 3.85%, 1/15/28 | 26,000 | 25,020 | ||||||
ConocoPhillips Co., 6.95%, 4/15/29 | 85,000 | 93,298 | ||||||
Devon Energy Corp., 4.50%, 1/15/30 | 133,000 | 123,862 | ||||||
Diamondback Energy, Inc., 6.25%, 3/15/33 | 175,000 | 178,745 | ||||||
Enbridge, Inc., 3.125%, 11/15/29 | 42,000 | 36,648 | ||||||
Energy Transfer LP, 6.50%, 2/1/42 | 75,000 | 74,890 | ||||||
Enterprise Products Operating LLC, 3.70%, 2/15/26 | 18,000 | 17,293 | ||||||
EOG Resources, Inc., 4.15%, 1/15/26 | 200,000 | 195,370 | ||||||
Equinor ASA, 2.875%, 4/6/25 | 44,000 | 42,102 | ||||||
Equinor ASA, 1.75%, 1/22/26 | 70,000 | 63,931 | ||||||
Exxon Mobil Corp., 2.44%, 8/16/29 | 54,000 | 47,607 | ||||||
Hess Corp., 5.60%, 2/15/41 | 150,000 | 140,301 | ||||||
Kinder Morgan, Inc., 5.30%, 12/1/34 | 18,000 | 16,908 | ||||||
Marathon Petroleum Corp., 4.70%, 5/1/25 | 24,000 | 23,669 | ||||||
MPLX LP, 2.65%, 8/15/30 | 30,000 | 24,642 | ||||||
ONEOK, Inc., 6.35%, 1/15/31 | 35,000 | 35,892 | ||||||
ONEOK, Inc., 6.00%, 6/15/35 | 60,000 | 57,582 | ||||||
Phillips 66, 3.90%, 3/15/28 | 24,000 | 22,686 | ||||||
Pioneer Natural Resources Co., 1.90%, 8/15/30 | 30,000 | 23,399 | ||||||
Sabine Pass Liquefaction LLC, 4.50%, 5/15/30 | 68,000 | 63,734 | ||||||
Shell International Finance BV, 3.25%, 5/11/25 | 18,000 | 17,342 | ||||||
Shell International Finance BV, 2.50%, 9/12/26 | 66,000 | 60,647 | ||||||
Shell International Finance BV, 4.125%, 5/11/35 | 12,000 | 11,055 | ||||||
Valero Energy Corp., 6.625%, 6/15/37 | 30,000 | 31,880 | ||||||
Valero Energy Partners LP, 4.50%, 3/15/28 | 26,000 | 25,147 | ||||||
Williams Cos., Inc., 4.00%, 9/15/25 | 18,000 | 17,370 | ||||||
1,959,075 |
13
Avantis Core Fixed Income Fund | ||||||||
Principal Amount/ Shares | Value | |||||||
Paper and Forest Products — 0.3% | ||||||||
WestRock MWV LLC, 7.95%, 2/15/31 | $ | 100,000 | $ | 113,316 | ||||
Personal Products — 0.1% | ||||||||
Estee Lauder Cos., Inc., 1.95%, 3/15/31 | 57,000 | 46,227 | ||||||
Pharmaceuticals — 2.3% | ||||||||
Astrazeneca Finance LLC, 2.25%, 5/28/31 | 50,000 | 41,658 | ||||||
AstraZeneca PLC, 0.70%, 4/8/26 | 140,000 | 122,835 | ||||||
Bristol-Myers Squibb Co., 1.45%, 11/13/30 | 46,000 | 36,348 | ||||||
Bristol-Myers Squibb Co., 2.95%, 3/15/32 | 225,000 | 194,384 | ||||||
GlaxoSmithKline Capital, Inc., 6.375%, 5/15/38 | 36,000 | 40,710 | ||||||
Johnson & Johnson, 0.55%, 9/1/25 | 24,000 | 21,668 | ||||||
Johnson & Johnson, 2.90%, 1/15/28 | 54,000 | 50,220 | ||||||
Merck & Co., Inc., 2.15%, 12/10/31 | 200,000 | 163,123 | ||||||
Novartis Capital Corp., 3.10%, 5/17/27 | 66,000 | 62,052 | ||||||
Royalty Pharma PLC, 2.20%, 9/2/30 | 73,000 | 57,300 | ||||||
Sanofi, 3.625%, 6/19/28 | 65,000 | 61,697 | ||||||
851,995 | ||||||||
Road and Rail — 1.2% | ||||||||
Canadian National Railway Co., 6.375%, 11/15/37 | 200,000 | 215,479 | ||||||
CSX Corp., 6.15%, 5/1/37 | 75,000 | 79,287 | ||||||
Union Pacific Corp., 3.375%, 2/1/35 | 175,000 | 147,893 | ||||||
442,659 | ||||||||
Semiconductors and Semiconductor Equipment — 2.5% | ||||||||
Applied Materials, Inc., 5.10%, 10/1/35 | 150,000 | 150,880 | ||||||
Broadcom, Inc., 4.30%, 11/15/32 | 110,000 | 97,588 | ||||||
Broadcom, Inc., 3.47%, 4/15/34(2) | 90,000 | 71,288 | ||||||
Intel Corp., 3.90%, 3/25/30 | 60,000 | 55,373 | ||||||
Lam Research Corp., 4.00%, 3/15/29 | 125,000 | 118,639 | ||||||
Marvell Technology, Inc., 2.45%, 4/15/28 | 150,000 | 128,401 | ||||||
Micron Technology, Inc., 4.66%, 2/15/30 | 150,000 | 138,115 | ||||||
NXP BV / NXP Funding LLC, 5.55%, 12/1/28 | 24,000 | 23,997 | ||||||
NXP BV / NXP Funding LLC / NXP USA, Inc., 5.00%, 1/15/33 | 120,000 | 112,748 | ||||||
QUALCOMM, Inc., 3.25%, 5/20/27 | 66,000 | 62,114 | ||||||
959,143 | ||||||||
Software — 1.5% | ||||||||
Autodesk, Inc., 2.85%, 1/15/30 | 150,000 | 128,941 | ||||||
Oracle Corp., 3.25%, 5/15/30 | 75,000 | 65,338 | ||||||
Oracle Corp., 6.50%, 4/15/38 | 125,000 | 130,422 | ||||||
Roper Technologies, Inc., 1.40%, 9/15/27 | 73,000 | 61,975 | ||||||
Salesforce, Inc., 1.95%, 7/15/31 | 50,000 | 40,125 | ||||||
VMware, Inc., 1.80%, 8/15/28 | 100,000 | 81,808 | ||||||
VMware, Inc., 4.70%, 5/15/30 | 60,000 | 56,214 | ||||||
564,823 | ||||||||
Specialty Retail — 1.4% | ||||||||
Advance Auto Parts, Inc., 3.50%, 3/15/32 | 175,000 | 143,851 | ||||||
AutoNation, Inc., 3.80%, 11/15/27 | 40,000 | 36,668 | ||||||
AutoZone, Inc., 4.00%, 4/15/30 | 150,000 | 137,956 | ||||||
Home Depot, Inc., 2.80%, 9/14/27 | 66,000 | 60,766 | ||||||
Home Depot, Inc., 2.70%, 4/15/30 | 150,000 | 130,014 | ||||||
TJX Cos., Inc., 1.15%, 5/15/28 | 30,000 | 25,098 | ||||||
534,353 |
14
Avantis Core Fixed Income Fund | ||||||||
Principal Amount/ Shares | Value | |||||||
Technology Hardware, Storage and Peripherals — 0.9% | ||||||||
Apple, Inc., 3.20%, 5/11/27 | $ | 12,000 | $ | 11,345 | ||||
Apple, Inc., 2.20%, 9/11/29 | 18,000 | 15,479 | ||||||
Apple, Inc., 1.65%, 5/11/30 | 48,000 | 39,213 | ||||||
Apple, Inc., 1.70%, 8/5/31 | 100,000 | 79,631 | ||||||
Apple, Inc., 4.50%, 2/23/36 | 150,000 | 147,163 | ||||||
HP, Inc., 3.40%, 6/17/30 | 42,000 | 35,878 | ||||||
328,709 | ||||||||
Textiles, Apparel and Luxury Goods — 0.4% | ||||||||
NIKE, Inc., 2.85%, 3/27/30 | 150,000 | 133,463 | ||||||
Transportation Infrastructure — 0.1% | ||||||||
FedEx Corp. 2020-1 Class AA Pass Through Trust, Series 2020-1, Class AA, 1.875%, 8/20/35 | 63,241 | 51,639 | ||||||
Wireless Telecommunication Services — 0.4% | ||||||||
T-Mobile USA, Inc., 3.875%, 4/15/30 | 100,000 | 90,720 | ||||||
T-Mobile USA, Inc., 5.20%, 1/15/33 | 80,000 | 78,080 | ||||||
168,800 | ||||||||
TOTAL CORPORATE BONDS (Cost $24,122,703) | 22,200,436 | |||||||
U.S. TREASURY SECURITIES AND EQUIVALENTS — 24.8% | ||||||||
Israel Government AID Bond, 5.50%, 9/18/23 | 25,000 | 25,021 | ||||||
U.S. Treasury Bonds, 7.625%, 2/15/25 | 245,000 | 257,709 | ||||||
U.S. Treasury Bonds, 6.125%, 11/15/27 | 250,000 | 270,244 | ||||||
U.S. Treasury Bonds, 2.375%, 2/15/42 | 650,000 | 500,538 | ||||||
U.S. Treasury Bonds, 3.00%, 5/15/42 | 500,000 | 425,840 | ||||||
U.S. Treasury Bonds, 2.75%, 8/15/42 | 650,000 | 530,093 | ||||||
U.S. Treasury Bonds, 2.75%, 11/15/42 | 515,000 | 418,860 | ||||||
U.S. Treasury Bonds, 3.125%, 2/15/43 | 200,000 | 172,477 | ||||||
U.S. Treasury Bonds, 2.875%, 5/15/43 | 575,000 | 476,082 | ||||||
U.S. Treasury Bonds, 3.125%, 8/15/44 | 250,000 | 213,941 | ||||||
U.S. Treasury Bonds, 2.875%, 8/15/45 | 250,000 | 204,028 | ||||||
U.S. Treasury Notes, 0.125%, 8/31/23 | 250,000 | 243,981 | ||||||
U.S. Treasury Notes, 0.25%, 9/30/23 | 500,000 | 486,166 | ||||||
U.S. Treasury Notes, 0.75%, 12/31/23 | 450,000 | 434,039 | ||||||
U.S. Treasury Notes, 0.125%, 1/15/24 | 450,000 | 430,911 | ||||||
U.S. Treasury Notes, 0.875%, 1/31/24 | 500,000 | 481,018 | ||||||
U.S. Treasury Notes, 2.125%, 2/29/24 | 340,000 | 330,095 | ||||||
U.S. Treasury Notes, 2.25%, 3/31/24 | 400,000 | 387,906 | ||||||
U.S. Treasury Notes, 0.375%, 4/15/24 | 450,000 | 426,902 | ||||||
U.S. Treasury Notes, 2.50%, 5/31/24 | 175,000 | 169,494 | ||||||
U.S. Treasury Notes, 0.375%, 8/15/24 | 375,000 | 350,574 | ||||||
U.S. Treasury Notes, 1.75%, 12/31/24 | 180,000 | 170,244 | ||||||
U.S. Treasury Notes, 2.50%, 1/31/25 | 355,000 | 340,058 | ||||||
U.S. Treasury Notes, 1.50%, 2/15/25(3) | 400,000 | 375,375 | ||||||
U.S. Treasury Notes, 2.75%, 2/28/25 | 375,000 | 360,586 | ||||||
U.S. Treasury Notes, 0.50%, 3/31/25 | 200,000 | 183,320 | ||||||
U.S. Treasury Notes, 0.375%, 1/31/26 | 105,000 | 93,294 | ||||||
U.S. Treasury Notes, 1.50%, 8/15/26 | 135,000 | 122,549 | ||||||
U.S. Treasury Notes, 2.25%, 8/15/27 | 150,000 | 137,924 | ||||||
U.S. Treasury Notes, 1.25%, 3/31/28 | 125,000 | 108,408 | ||||||
U.S. Treasury Notes, 2.375%, 5/15/29 | 215,000 | 194,600 | ||||||
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS (Cost $9,768,517) | 9,322,277 |
15
Avantis Core Fixed Income Fund | ||||||||
Principal Amount/ Shares | Value | |||||||
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 19.3% | ||||||||
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 19.3% | ||||||||
GNMA, 4.00%, TBA | $ | 900,000 | $ | 850,535 | ||||
GNMA, 4.00%, TBA | 200,000 | 189,180 | ||||||
GNMA, 4.50%, TBA | 850,000 | 824,400 | ||||||
GNMA, 4.50%, TBA | 250,000 | 242,588 | ||||||
GNMA, 5.50%, TBA | 350,000 | 350,998 | ||||||
GNMA, 5.50%, TBA | 300,000 | 301,137 | ||||||
UMBS, 2.00%, TBA | 650,000 | 576,748 | ||||||
UMBS, 3.00%, TBA | 650,000 | 571,962 | ||||||
UMBS, 3.00%, TBA | 500,000 | 440,439 | ||||||
UMBS, 3.00%, TBA | 250,000 | 233,331 | ||||||
UMBS, 3.00%, TBA | 100,000 | 93,270 | ||||||
UMBS, 4.00%, TBA | 600,000 | 563,344 | ||||||
UMBS, 4.00%, TBA | 500,000 | 469,648 | ||||||
UMBS, 4.50%, TBA | 700,000 | 674,516 | ||||||
UMBS, 4.50%, TBA | 350,000 | 337,313 | ||||||
UMBS, 4.50%, TBA | 150,000 | 147,961 | ||||||
UMBS, 4.50%, TBA | 100,000 | 98,641 | ||||||
UMBS, 5.50%, TBA | 300,000 | 299,578 | ||||||
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $7,333,152) | 7,265,589 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 3.1% | ||||||||
FHLB, 3.625%, 2/28/24 | 50,000 | 49,197 | ||||||
FHLB, 5.42%, 3/6/24 | 100,000 | 99,925 | ||||||
FHLB, 3.25%, 11/16/28 | 100,000 | 95,128 | ||||||
FNMA, 0.375%, 8/25/25 | 25,000 | 22,485 | ||||||
FNMA, 7.125%, 1/15/30 | 150,000 | 176,740 | ||||||
FNMA, 6.625%, 11/15/30 | 125,000 | 144,964 | ||||||
FNMA, 5.625%, 7/15/37 | 200,000 | 227,312 | ||||||
Tennessee Valley Authority, 0.75%, 5/15/25 | 175,000 | 159,849 | ||||||
Tennessee Valley Authority, Series B, 4.70%, 7/15/33 | 100,000 | 101,859 | ||||||
Tennessee Valley Authority, 3.50%, 12/15/42 | 100,000 | 83,043 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $1,213,119) | 1,160,502 | |||||||
SOVEREIGN GOVERNMENTS AND AGENCIES — 1.0% | ||||||||
Canada — 0.5% | ||||||||
Export Development Canada, 3.375%, 8/26/25 | 200,000 | 194,012 | ||||||
Sweden — 0.5% | ||||||||
Svensk Exportkredit AB, 2.25%, 3/22/27 | 200,000 | 182,647 | ||||||
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $384,979) | 376,659 | |||||||
SHORT-TERM INVESTMENTS — 13.4% | ||||||||
Money Market Funds — 1.9% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 209,715 | 209,715 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(4) | 493,978 | 493,978 | ||||||
703,693 | ||||||||
Treasury Bills(5) — 11.5% | ||||||||
U.S. Treasury Bills, 4.44%, 3/23/23 | $ | 2,300,000 | 2,293,923 | |||||
U.S. Treasury Bills, 4.60%, 3/30/23 | 750,000 | 747,367 |
16
Avantis Core Fixed Income Fund | ||||||||
Principal Amount/ Shares | Value | |||||||
U.S. Treasury Bills, 4.70%, 5/4/23 | $ | 800,000 | $ | 793,426 | ||||
U.S. Treasury Bills, 4.93%, 6/13/23 | 250,000 | 246,566 | ||||||
U.S. Treasury Bills, 4.94%, 6/20/23 | 250,000 | 246,323 | ||||||
4,327,605 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,031,326) | 5,031,298 | |||||||
TOTAL INVESTMENT SECURITIES — 120.6% (Cost $47,853,796) | 45,356,761 | |||||||
OTHER ASSETS AND LIABILITIES — (20.6)% | (7,740,462) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 37,616,299 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount | Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury Long Bonds | 5 | June 2023 | $ | 626,094 | $ | (1,822) |
^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 | 1 | June 2023 | $ | 111,656 | $ | (80) |
^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 38 | Sell | 1.00% | 6/20/27 | $ | 700,000 | $ | 5,589 | $ | 4,529 | $ | 10,118 |
‡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.
17
Avantis Core Fixed Income Fund
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 | ||||||
FNMA | – | Federal National Mortgage Association | ||||||
GNMA | – | Government National Mortgage Association | ||||||
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, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $481,266. 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)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 $444,714, which represented 1.2% of total net assets.
(3)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $287,162.
(4)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $493,978.
(5)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.
See Notes to Financial Statements.
18
FEBRUARY 28, 2023 (UNAUDITED)
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
MUNICIPAL SECURITIES — 98.4% | ||||||||
Alabama — 2.5% | ||||||||
Alabama Federal Aid Highway Finance Authority Rev., 5.00%, 9/1/26, Prerefunded at 100% of Par(1) | $ | 10,000 | $ | 10,711 | ||||
Alabama Federal Aid Highway Finance Authority Rev., 4.00%, 9/1/27, Prerefunded at 100% of Par(1) | 25,000 | 26,310 | ||||||
Alabama Public School and College Authority Rev., 5.00%, 11/1/37 | 100,000 | 110,921 | ||||||
State of Alabama GO, 5.00%, 8/1/27 | 60,000 | 64,145 | ||||||
212,087 | ||||||||
Arizona — 2.7% | ||||||||
Mesa Utility System Rev., 4.00%, 7/1/34 | 15,000 | 15,562 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30 | 65,000 | 71,645 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/31 | 55,000 | 60,643 | ||||||
Scottsdale Municipal Property Corp. Rev., 5.00%, 7/1/30 | 30,000 | 33,698 | ||||||
State of Arizona COP, 5.00%, 10/1/27(1) | 40,000 | 43,856 | ||||||
225,404 | ||||||||
California — 15.9% | ||||||||
California Infrastructure & Economic Development Bank Rev., 5.00%, 10/1/28 | 30,000 | 32,809 | ||||||
California State University Rev., 4.00%, 11/1/34 | 50,000 | 51,069 | ||||||
California State University Rev., 5.00%, 11/1/37 | 25,000 | 26,211 | ||||||
East Bay Municipal Utility District Water System Rev., 5.00%, 6/1/33 | 20,000 | 21,996 | ||||||
Eastern Municipal Water District Financing Authority Rev., 4.00%, 7/1/38 | 40,000 | 40,787 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/31 | 60,000 | 68,877 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/38 | 95,000 | 104,512 | ||||||
Los Angeles Department of Water & Power Rev., 5.00%, 7/1/28 | 50,000 | 55,765 | ||||||
Los Angeles Department of Water & Power System Rev., 5.00%, 7/1/34 | 15,000 | 15,576 | ||||||
Los Angeles Unified School District GO, 5.00%, 7/1/29 | 25,000 | 27,713 | ||||||
Municipal Improvement Corp. of Los Angeles Rev., 5.00%, 11/1/31 | 40,000 | 43,406 | ||||||
Port of Los Angeles Rev., 5.00%, 8/1/26 | 25,000 | 26,823 | ||||||
San Diego Public Facilities Financing Authority Rev., (San Diego Sewer Utility Rev.), 5.00%, 5/15/29 | 25,000 | 26,882 | ||||||
San Diego Unified School District GO, 5.25%, 7/1/28 (AGM) | 25,000 | 28,244 | ||||||
San Diego Unified School District GO, 5.00%, 7/1/29 | 20,000 | 21,585 | ||||||
San Diego Unified School District GO, 4.00%, 7/1/32 | 40,000 | 41,296 | ||||||
San Diego Unified School District GO, Capital Appreciation, 0.00%, 7/1/30(2) | 15,000 | 11,850 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/35 | 10,000 | 11,103 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/37 | 10,000 | 10,894 | ||||||
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/29 | 50,000 | 54,296 | ||||||
San Francisco Public Utilities Commission Water Rev., 5.00%, 11/1/34 | 15,000 | 16,173 | ||||||
San Jose Redevelopment Agency Successor Agency Tax Allocation, 5.00%, 8/1/34 | 10,000 | 10,898 | ||||||
State of California GO, 5.00%, 8/1/30 | 40,000 | 44,752 |
19
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
State of California GO, 5.25%, 8/1/32 (AGM) | $ | 10,000 | $ | 11,912 | ||||
State of California GO, 4.00%, 9/1/33 | 70,000 | 72,350 | ||||||
State of California GO, 5.00%, 9/1/35 | 40,000 | 42,522 | ||||||
State of California GO, 3.00%, 10/1/35 | 165,000 | 151,533 | ||||||
State of California GO, 3.00%, 10/1/37 | 40,000 | 35,370 | ||||||
State of California Department of Water Resources Rev., 5.00%, 12/1/29 | 25,000 | 27,121 | ||||||
State of California Department of Water Resources Rev., 5.00%, 12/1/34 | 25,000 | 29,051 | ||||||
Sweetwater Union High School District GO, 4.00%, 8/1/42 | 40,000 | 38,634 | ||||||
University of California Rev., 5.00%, 5/15/32 | 25,000 | 27,838 | ||||||
University of California Rev., 5.00%, 5/15/32 | 50,000 | 54,643 | ||||||
University of California Rev., 5.00%, 5/15/36 | 50,000 | 53,879 | ||||||
1,338,370 | ||||||||
Colorado — 1.4% | ||||||||
City & County of Denver GO, 5.00%, 8/1/27 | 25,000 | 27,365 | ||||||
Regional Transportation District Sales Tax Rev., 5.00%, 11/1/28 | 20,000 | 22,221 | ||||||
State of Colorado COP, 5.00%, 12/15/29 | 25,000 | 28,022 | ||||||
State of Colorado COP, 4.00%, 12/15/37 | 10,000 | 10,017 | ||||||
State of Colorado COP, 4.00%, 12/15/38 | 30,000 | 29,857 | ||||||
117,482 | ||||||||
Connecticut — 1.3% | ||||||||
State of Connecticut GO, 5.00%, 1/15/31 | 25,000 | 28,218 | ||||||
State of Connecticut GO, 4.00%, 1/15/37 | 10,000 | 10,097 | ||||||
State of Connecticut, Special Tax Rev., 5.00%, 1/1/28 | 40,000 | 43,868 | ||||||
State of Connecticut, Special Tax Rev., 5.00%, 1/1/31 | 10,000 | 10,993 | ||||||
State of Connecticut, Special Tax Rev., 4.00%, 11/1/39 | 20,000 | 20,058 | ||||||
113,234 | ||||||||
District of Columbia — 3.1% | ||||||||
District of Columbia GO, 5.00%, 10/15/27 | 10,000 | 10,941 | ||||||
District of Columbia GO, 5.00%, 10/15/34 | 50,000 | 55,240 | ||||||
District of Columbia GO, 5.00%, 10/15/36 | 30,000 | 32,663 | ||||||
District of Columbia GO, 4.00%, 6/1/37 | 5,000 | 5,065 | ||||||
District of Columbia Rev., (Georgetown University), 5.00%, 4/1/34 | 35,000 | 37,207 | ||||||
Washington Metropolitan Area Transit Authority Rev., 4.00%, 7/15/40 | 125,000 | 124,259 | ||||||
265,375 | ||||||||
Florida — 4.8% | ||||||||
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/38 | 15,000 | 16,275 | ||||||
Cape Coral Water & Sewer Rev., 5.00%, 10/1/39 | 10,000 | 10,456 | ||||||
Central Florida Expressway Authority Rev., 4.00%, 7/1/31 | 5,000 | 5,102 | ||||||
Central Florida Expressway Authority Rev., 4.00%, 7/1/37 | 35,000 | 34,999 | ||||||
Central Florida Expressway Authority Rev., 4.00%, 7/1/38 | 15,000 | 14,854 | ||||||
Florida Department of Management Services COP, 5.00%, 11/1/28 | 50,000 | 55,579 | ||||||
Florida Municipal Power Agency Rev., 5.00%, 10/1/27 | 50,000 | 53,038 | ||||||
Hillsborough County School Board COP, 5.00%, 7/1/29 | 30,000 | 33,482 | ||||||
Miami-Dade County Aviation Rev., 5.00%, 10/1/28 | 50,000 | 53,077 | ||||||
Miami-Dade County Expressway Authority Rev., 5.00%, 7/1/25 | 10,000 | 10,159 | ||||||
Orange County School Board COP, 5.00%, 8/1/34 | 60,000 | 62,700 | ||||||
Palm Beach County School District COP, 5.00%, 8/1/28 | 35,000 | 38,715 |
20
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
Palm Beach County School District COP, 5.00%, 8/1/29 | $ | 15,000 | $ | 16,621 | ||||
405,057 | ||||||||
Georgia — 1.1% | ||||||||
Georgia State Road & Tollway Authority Rev., 5.00%, 6/1/29 | 10,000 | 11,261 | ||||||
Metropolitan Atlanta Rapid Transit Authority Rev., 3.25%, 7/1/37 | 10,000 | 9,130 | ||||||
State of Georgia GO, 5.00%, 7/1/28 | 65,000 | 72,598 | ||||||
92,989 | ||||||||
Hawaii — 3.1% | ||||||||
City & County of Honolulu GO, 5.00%, 3/1/28 | 80,000 | 88,243 | ||||||
City & County of Honolulu GO, 5.00%, 9/1/29 | 65,000 | 72,655 | ||||||
State of Hawaii GO, 5.00%, 1/1/28 | 35,000 | 38,418 | ||||||
State of Hawaii GO, 5.00%, 10/1/28 | 25,000 | 26,755 | ||||||
State of Hawaii GO, 5.00%, 10/1/30 | 30,000 | 32,730 | ||||||
258,801 | ||||||||
Idaho — 0.3% | ||||||||
Idaho Housing & Finance Association Rev., 5.00%, 7/15/26 | 20,000 | 21,265 | ||||||
Illinois — 5.9% | ||||||||
Chicago Midway International Airport Rev., 5.00%, 1/1/41 | 35,000 | 35,703 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/32 | 15,000 | 15,736 | ||||||
Chicago O'Hare International Airport Rev., 5.00%, 1/1/38 | 25,000 | 25,977 | ||||||
Cook County GO, 5.00%, 11/15/31 | 20,000 | 21,112 | ||||||
Illinois Finance Authority Rev., (DePaul University), 4.00%, 10/1/40 | 75,000 | 70,690 | ||||||
Illinois Municipal Electric Agency Rev., 5.00%, 2/1/29 | 25,000 | 25,891 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 15,000 | 17,112 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/30 | 30,000 | 34,104 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/41 | 40,000 | 41,224 | ||||||
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/29 | 95,000 | 101,391 | ||||||
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/30 | 25,000 | 26,645 | ||||||
State of Illinois GO, 4.00%, 10/1/32 | 10,000 | 9,933 | ||||||
State of Illinois GO, 5.00%, 3/1/34 | 35,000 | 36,956 | ||||||
State of Illinois GO, 4.25%, 12/1/37 | 35,000 | 33,784 | ||||||
496,258 | ||||||||
Indiana — 1.7% | ||||||||
Indiana Finance Authority Rev., (Indiana Department of Transportation), 5.00%, 6/1/28 | 105,000 | 113,067 | ||||||
Indiana Finance Authority Rev., (Indiana Finance Authority State Revolving Fund), 5.00%, 2/1/37 | 10,000 | 10,917 | ||||||
Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.25%, 2/1/37 | 10,000 | 10,315 | ||||||
Indiana Municipal Power Agency Rev., 5.00%, 1/1/35 | 10,000 | 10,414 | ||||||
144,713 | ||||||||
Kentucky — 0.5% | ||||||||
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 5.00%, 11/1/26 | 40,000 | 42,680 | ||||||
Louisiana — 1.1% | ||||||||
State of Louisiana GO, 5.00%, 8/1/27 | 50,000 | 53,494 | ||||||
State of Louisiana GO, 5.00%, 8/1/28 | 35,000 | 37,329 | ||||||
90,823 | ||||||||
Maryland — 1.8% | ||||||||
State of Maryland GO, 5.00%, 3/15/27 | 10,000 | 10,848 |
21
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
State of Maryland GO, 5.00%, 3/15/29 | $ | 15,000 | $ | 16,973 | ||||
State of Maryland GO, 5.00%, 3/15/30 | 45,000 | 49,902 | ||||||
State of Maryland GO, 5.00%, 3/15/31 | 15,000 | 16,300 | ||||||
State of Maryland GO, 5.00%, 3/15/31 | 50,000 | 56,459 | ||||||
150,482 | ||||||||
Massachusetts — 5.1% | ||||||||
Massachusetts GO, 5.00%, 1/1/30 | 35,000 | 39,403 | ||||||
Massachusetts GO, 5.00%, 9/1/30 | 30,000 | 34,182 | ||||||
Massachusetts GO, 5.00%, 1/1/31 | 60,000 | 67,505 | ||||||
Massachusetts GO, 3.00%, 7/1/35 | 15,000 | 13,816 | ||||||
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/28 | 110,000 | 122,568 | ||||||
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/29 | 45,000 | 51,141 | ||||||
Massachusetts School Building Authority Rev., 5.00%, 8/15/37 | 40,000 | 41,591 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/27 | 30,000 | 32,081 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/31 | 25,000 | 27,841 | ||||||
430,128 | ||||||||
Michigan — 0.5% | ||||||||
Great Lakes Water Authority Sewage Disposal System Rev., 5.00%, 7/1/30 | 40,000 | 42,632 | ||||||
Minnesota — 0.5% | ||||||||
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/27 | 15,000 | 16,069 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Rev., 5.00%, 1/1/28 | 25,000 | 26,887 | ||||||
42,956 | ||||||||
Mississippi — 1.3% | ||||||||
State of Mississippi GO, 5.00%, 10/1/27, Prerefunded at 100% of Par(1) | 25,000 | 27,410 | ||||||
State of Mississippi GO, 5.00%, 10/1/27 | 75,000 | 82,061 | ||||||
109,471 | ||||||||
Nevada — 2.0% | ||||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/26 | 15,000 | 15,910 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/27 | 35,000 | 37,168 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/28 | 70,000 | 74,514 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/31 | 35,000 | 37,805 | ||||||
165,397 | ||||||||
New Jersey — 3.5% | ||||||||
New Jersey Economic Development Authority Rev., (New Jersey Transit Corp.), 4.00%, 11/1/27 | 40,000 | 41,134 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.25%, 6/15/26 | 35,000 | 35,641 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.00%, 12/15/26, Prerefunded at 100% of Par(1) | 20,000 | 21,440 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 4.00%, 6/15/27, Prerefunded at 100% of Par(1) | 15,000 | 15,706 | ||||||
New Jersey Educational Facilities Authority Rev., (State of New Jersey), 5.00%, 9/1/36 | 60,000 | 62,080 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/32 | 45,000 | 49,265 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/34 | 10,000 | 10,698 | ||||||
New Jersey Turnpike Authority Rev., 3.25%, 1/1/38 | 20,000 | 17,677 |
22
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
State of New Jersey GO, 5.00%, 6/1/28 | $ | 35,000 | $ | 38,695 | ||||
292,336 | ||||||||
New Mexico — 0.3% | ||||||||
State of New Mexico Severance Tax Permanent Fund Rev., 5.00%, 7/1/31 | 25,000 | 29,113 | ||||||
New York — 16.6% | ||||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/28 | 15,000 | 16,144 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/32 | 15,000 | 16,119 | ||||||
Hudson Yards Infrastructure Corp. Rev., 5.00%, 2/15/37 | 105,000 | 110,624 | ||||||
Long Island Power Authority Rev., 5.00%, 9/1/29 | 20,000 | 22,334 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/39 | 30,000 | 29,817 | ||||||
Nassau County GO, 5.00%, 10/1/27 | 50,000 | 54,617 | ||||||
New York City GO, 5.00%, 8/1/26 | 15,000 | 15,968 | ||||||
New York City GO, 5.00%, 8/1/27 | 60,000 | 65,130 | ||||||
New York City GO, 5.00%, 12/1/33 | 25,000 | 26,464 | ||||||
New York City GO, 4.00%, 3/1/42 | 20,000 | 19,281 | ||||||
New York City Transitional Finance Authority Building Aid Rev., 5.00%, 7/15/30 | 50,000 | 54,447 | ||||||
New York City Transitional Finance Authority Building Aid Rev., 4.00%, 7/15/36 | 25,000 | 25,142 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 4.00%, 11/1/38 | 40,000 | 39,857 | ||||||
New York Convention Center Development Corp. Rev., (New York City Hotel Unit Fee Rev.), 5.00%, 11/15/40 | 25,000 | 25,559 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 2/15/30 | 50,000 | 54,521 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 20,000 | 22,116 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 25,000 | 27,936 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 60,000 | 69,548 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/34 | 20,000 | 20,778 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/39 | 65,000 | 69,920 | ||||||
New York State Dormitory Authority Rev., (State University of New York), 5.00%, 7/1/26 | 50,000 | 53,350 | ||||||
New York State Thruway Authority Rev., 3.50%, 1/1/37 | 25,000 | 23,202 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/31 | 15,000 | 16,418 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/32 | 30,000 | 34,573 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/37 | 10,000 | 10,017 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/37 | 35,000 | 35,063 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/39 | 30,000 | 32,116 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/39 | 45,000 | 47,956 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/41 | 10,000 | 9,703 | ||||||
Port Authority of New York & New Jersey Rev., 5.00%, 10/15/34 | 15,000 | 15,560 | ||||||
Port Authority of New York & New Jersey Rev., 4.00%, 7/15/37 | 65,000 | 64,559 | ||||||
Port Authority of New York & New Jersey Rev., 4.00%, 9/1/37 | 20,000 | 19,847 |
23
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
Suffolk County Water Authority Rev., 3.00%, 6/1/32 | $ | 10,000 | $ | 9,992 | ||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/29 | 45,000 | 51,075 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/30 | 40,000 | 46,030 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/38 | 15,000 | 15,907 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 6/15/25 | 15,000 | 15,069 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/25 | 25,000 | 25,315 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/26 | 10,000 | 10,330 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/35 | 50,000 | 52,053 | ||||||
Utility Debt Securitization Authority Rev., 5.00%, 12/15/38 | 25,000 | 27,003 | ||||||
1,401,460 | ||||||||
North Carolina — 1.0% | ||||||||
State of North Carolina Rev., 5.00%, 3/1/29 | 45,000 | 50,591 | ||||||
State of North Carolina Rev., 5.00%, 3/1/33 | 30,000 | 33,598 | ||||||
84,189 | ||||||||
Ohio — 1.5% | ||||||||
Ohio Water Development Authority Rev., (Ohio Water Development Authority Drinking Water Assistance Fund), 5.00%, 12/1/29 | 30,000 | 34,226 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 6/1/29 | 15,000 | 16,955 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 6/1/33 | 15,000 | 17,238 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/38 | 20,000 | 22,052 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/39 | 30,000 | 33,092 | ||||||
123,563 | ||||||||
Oregon — 0.3% | ||||||||
Multnomah County GO, 5.00%, 6/15/29 | 20,000 | 22,686 | ||||||
Pennsylvania — 1.6% | ||||||||
Delaware Valley Regional Finance Authority Rev., 5.50%, 8/1/28 (Ambac) | 20,000 | 22,344 | ||||||
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 5.00%, 9/1/33 | 20,000 | 21,570 | ||||||
Montgomery County Higher Education and Health Authority Rev., (Thomas Jefferson University Obligated Group), 4.00%, 9/1/34 | 55,000 | 54,892 | ||||||
Pennsylvania GO, 5.00%, 7/15/29 | 35,000 | 39,542 | ||||||
138,348 | ||||||||
Tennessee — 1.3% | ||||||||
Metropolitan Government of Nashville & Davidson County GO, 5.00%, 7/1/27 | 25,000 | 27,155 | ||||||
Metropolitan Government of Nashville & Davidson County GO, 4.00%, 7/1/28 | 75,000 | 78,380 | ||||||
105,535 | ||||||||
Texas — 6.1% | ||||||||
Central Texas Turnpike System Rev., 5.00%, 8/15/37 | 20,000 | 20,448 | ||||||
Dallas Area Rapid Transit Rev., 5.00%, 12/1/29 | 15,000 | 16,949 | ||||||
Dallas County Utility & Reclamation District GO, 5.00%, 2/15/28 | 85,000 | 92,235 | ||||||
Dallas Fort Worth International Airport Rev., 5.00%, 11/1/32 | 50,000 | 56,811 | ||||||
Houston GO, 5.00%, 3/1/28 | 20,000 | 21,624 | ||||||
Houston GO, 5.00%, 3/1/28 | 25,000 | 27,503 | ||||||
Houston GO, 5.00%, 3/1/30 | 30,000 | 33,544 |
24
Avantis Core Municipal Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
San Antonio Electric & Gas Systems Rev., 3.125%, 2/1/28 | $ | 20,000 | $ | 19,476 | ||||
San Antonio Electric & Gas Systems Rev., 5.00%, 2/1/30 | 45,000 | 48,012 | ||||||
Texas State University System Rev., 5.00%, 3/15/31 | 80,000 | 85,949 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 4/15/29 | 20,000 | 21,941 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/36 | 30,000 | 30,538 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/37 | 25,000 | 25,232 | ||||||
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/28 | 15,000 | 16,329 | ||||||
516,591 | ||||||||
Utah — 0.3% | ||||||||
Utah Transit Authority Rev., 5.25%, 6/15/32 (AGM) | 25,000 | 28,932 | ||||||
Virginia — 3.9% | ||||||||
Richmond Public Utility Rev., 5.00%, 1/15/28 | 20,000 | 21,087 | ||||||
Virginia College Building Authority Rev., 5.00%, 2/1/30 | 20,000 | 21,983 | ||||||
Virginia College Building Authority Rev., 5.00%, 2/1/30 | 100,000 | 112,580 | ||||||
Virginia College Building Authority Rev., 3.00%, 2/1/35 | 20,000 | 18,766 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 9/15/26 | 35,000 | 37,472 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/27 | 20,000 | 21,716 | ||||||
Virginia Commonwealth Transportation Board Rev., 5.00%, 5/15/29 | 25,000 | 27,353 | ||||||
Virginia Public Building Authority Rev., 5.00%, 8/1/27 | 65,000 | 70,895 | ||||||
331,852 | ||||||||
Washington — 3.3% | ||||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/27 | 65,000 | 70,602 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/28 | 10,000 | 10,883 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/28 | 40,000 | 44,256 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/30 | 20,000 | 22,246 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/33 | 35,000 | 38,727 | ||||||
State of Washington GO, 5.00%, 8/1/27 | 40,000 | 43,697 | ||||||
State of Washington GO, 5.00%, 7/1/32 | 45,000 | 47,270 | ||||||
277,681 | ||||||||
Wisconsin — 2.1% | ||||||||
State of Wisconsin GO, 5.00%, 11/1/29 | 25,000 | 27,385 | ||||||
State of Wisconsin Rev., 5.00%, 5/1/27(1) | 125,000 | 135,304 | ||||||
Wisconsin Department of Transportation Rev., 5.00%, 7/1/27 | 15,000 | 16,306 | ||||||
178,995 | ||||||||
TOTAL MUNICIPAL SECURITIES (Cost $8,966,857) | 8,296,885 | |||||||
SHORT-TERM INVESTMENTS — 0.5% | ||||||||
Money Market Funds — 0.5% | ||||||||
Morgan Stanley Institutional Liquidity Funds Tax-Exempt Portfolio, Institutional Class (Cost $41,934) | 41,934 | 41,934 | ||||||
TOTAL INVESTMENT SECURITIES — 98.9% (Cost $9,008,791) | 8,338,819 | |||||||
OTHER ASSETS AND LIABILITIES — 1.1% | 93,633 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 8,432,452 |
25
Avantis Core Municipal Fixed Income Fund
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
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.
26
FEBRUARY 28, 2023 (UNAUDITED)
Avantis Short-Term Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
CORPORATE BONDS — 64.2% | ||||||||
Aerospace and Defense — 0.3% | ||||||||
Huntington Ingalls Industries, Inc., 3.84%, 5/1/25 | $ | 36,000 | $ | 34,592 | ||||
Air Freight and Logistics — 0.8% | ||||||||
United Parcel Service, Inc., 2.20%, 9/1/24 | 101,000 | 96,759 | ||||||
Automobiles — 2.6% | ||||||||
American Honda Finance Corp., 2.90%, 2/16/24 | 60,000 | 58,581 | ||||||
American Honda Finance Corp., 1.00%, 9/10/25 | 78,000 | 70,442 | ||||||
General Motors Financial Co., Inc., 4.00%, 1/15/25 | 20,000 | 19,395 | ||||||
General Motors Financial Co., Inc., 5.25%, 3/1/26 | 45,000 | 44,525 | ||||||
Toyota Motor Corp., 1.34%, 3/25/26 | 100,000 | 89,772 | ||||||
Toyota Motor Credit Corp., 2.50%, 3/22/24 | 35,000 | 34,015 | ||||||
316,730 | ||||||||
Banks — 14.2% | ||||||||
Asian Development Bank, 0.50%, 2/4/26 | 100,000 | 88,892 | ||||||
Asian Infrastructure Investment Bank, 4.00%, 1/18/28 | 50,000 | 48,914 | ||||||
Bank of Montreal, 1.85%, 5/1/25 | 72,000 | 66,830 | ||||||
Bank of Nova Scotia, 1.30%, 6/11/25 | 108,000 | 98,660 | ||||||
Council Of Europe Development Bank, 2.50%, 2/27/24 | 25,000 | 24,327 | ||||||
European Bank for Reconstruction & Development, 0.25%, 7/10/23 | 50,000 | 49,126 | ||||||
European Bank for Reconstruction & Development, 0.50%, 5/19/25 | 35,000 | 31,829 | ||||||
European Investment Bank, 1.375%, 3/15/27 | 50,000 | 44,533 | ||||||
Export Development Canada, 2.625%, 2/21/24 | 50,000 | 48,697 | ||||||
Inter-American Development Bank, 2.625%, 1/16/24 | 150,000 | 146,605 | ||||||
International Bank for Reconstruction & Development, 2.50%, 3/19/24 | 100,000 | 97,149 | ||||||
International Bank for Reconstruction & Development, 0.875%, 7/15/26 | 10,000 | 8,873 | ||||||
Mitsubishi UFJ Financial Group, Inc., 3.29%, 7/25/27 | 65,000 | 60,230 | ||||||
PNC Financial Services Group, Inc., 2.20%, 11/1/24 | 90,000 | 85,914 | ||||||
Royal Bank of Canada, 2.55%, 7/16/24 | 42,000 | 40,459 | ||||||
Royal Bank of Canada, 1.15%, 7/14/26 | 60,000 | 52,663 | ||||||
Santander Holdings USA, Inc., 4.50%, 7/17/25 | 66,000 | 64,147 | ||||||
Santander Holdings USA, Inc., 3.24%, 10/5/26 | 70,000 | 64,587 | ||||||
Sumitomo Mitsui Financial Group, Inc., 3.36%, 7/12/27 | 65,000 | 60,262 | ||||||
Toronto-Dominion Bank, 1.20%, 6/3/26 | 105,000 | 92,035 | ||||||
Truist Financial Corp., 2.50%, 8/1/24 | 60,000 | 57,639 | ||||||
US Bancorp, 2.40%, 7/30/24 | 35,000 | 33,632 | ||||||
US Bancorp, 3.15%, 4/27/27 | 100,000 | 93,325 | ||||||
Wells Fargo & Co., 3.55%, 9/29/25 | 36,000 | 34,474 | ||||||
Wells Fargo & Co., 3.00%, 10/23/26 | 25,000 | 23,091 | ||||||
Westpac Banking Corp., 3.35%, 3/8/27 | 100,000 | 94,054 | ||||||
Westpac Banking Corp., 5.46%, 11/18/27 | 85,000 | 86,473 | ||||||
1,697,420 | ||||||||
Building Products — 0.2% | ||||||||
Owens Corning, 3.40%, 8/15/26 | 28,000 | 26,231 | ||||||
Capital Markets — 5.2% | ||||||||
Ameriprise Financial, Inc., 2.875%, 9/15/26 | 98,000 | 90,681 | ||||||
Bank of New York Mellon Corp., 3.25%, 9/11/24 | 98,000 | 95,150 |
27
Avantis Short-Term Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
Charles Schwab Corp., 0.75%, 3/18/24 | $ | 65,000 | $ | 62,007 | ||||
Charles Schwab Corp., 3.85%, 5/21/25 | 66,000 | 64,186 | ||||||
CME Group, Inc., 3.00%, 3/15/25 | 35,000 | 33,682 | ||||||
Goldman Sachs Group, Inc., 3.75%, 5/22/25 | 66,000 | 63,798 | ||||||
Lazard Group LLC, 3.75%, 2/13/25 | 66,000 | 63,704 | ||||||
Morgan Stanley Domestic Holdings, Inc., 3.80%, 8/24/27 | 65,000 | 61,267 | ||||||
State Street Corp., 3.55%, 8/18/25 | 86,000 | 82,959 | ||||||
617,434 | ||||||||
Chemicals — 0.7% | ||||||||
Ecolab, Inc., 2.70%, 11/1/26 | 95,000 | 87,679 | ||||||
Consumer Finance — 1.3% | ||||||||
Ally Financial, Inc., 4.75%, 6/9/27 | 65,000 | 61,993 | ||||||
Capital One Financial Corp., 4.25%, 4/30/25 | 66,000 | 64,307 | ||||||
Discover Financial Services, 4.50%, 1/30/26 | 30,000 | 29,060 | ||||||
155,360 | ||||||||
Containers and Packaging — 0.1% | ||||||||
Packaging Corp. of America, 3.65%, 9/15/24 | 13,000 | 12,683 | ||||||
Diversified Financial Services — 0.4% | ||||||||
Corebridge Financial, Inc., 3.65%, 4/5/27(1) | 50,000 | 46,683 | ||||||
Electric Utilities — 2.9% | ||||||||
Baltimore Gas & Electric Co., 2.40%, 8/15/26(2) | 64,000 | 58,529 | ||||||
Berkshire Hathaway Energy Co., 4.05%, 4/15/25 | 36,000 | 35,227 | ||||||
Cleco Corporate Holdings LLC, 3.74%, 5/1/26 | 61,000 | 57,287 | ||||||
Duke Energy Progress LLC, 3.25%, 8/15/25 | 24,000 | 22,915 | ||||||
Emera US Finance LP, 3.55%, 6/15/26 | 62,000 | 58,248 | ||||||
Entergy Louisiana LLC, 5.59%, 10/1/24 | 58,000 | 58,139 | ||||||
Public Service Electric & Gas Co., 2.25%, 9/15/26 | 64,000 | 58,230 | ||||||
348,575 | ||||||||
Electronic Equipment, Instruments and Components — 0.9% | ||||||||
Flex Ltd., 3.75%, 2/1/26 | 47,000 | 44,696 | ||||||
Keysight Technologies, Inc., 4.55%, 10/30/24 | 36,000 | 35,471 | ||||||
TD SYNNEX Corp., 1.75%, 8/9/26 | 25,000 | 21,520 | ||||||
101,687 | ||||||||
Energy Equipment and Services — 0.8% | ||||||||
Schlumberger Finance Canada Ltd., 1.40%, 9/17/25 | 104,000 | 95,144 | ||||||
Equity Real Estate Investment Trusts (REITs) — 5.5% | ||||||||
ERP Operating LP, 3.375%, 6/1/25 | 105,000 | 100,629 | ||||||
Federal Realty Investment Trust, 3.25%, 7/15/27 | 65,000 | 59,673 | ||||||
Healthcare Realty Holdings LP, 3.50%, 8/1/26 | 75,000 | 69,787 | ||||||
Host Hotels & Resorts LP, 4.50%, 2/1/26 | 30,000 | 28,943 | ||||||
Kimco Realty OP LLC, 3.30%, 2/1/25 | 66,000 | 63,300 | ||||||
Mid-America Apartments LP, 3.60%, 6/1/27(2) | 50,000 | 47,303 | ||||||
Omega Healthcare Investors, Inc., 4.95%, 4/1/24 | 15,000 | 14,750 | ||||||
Prologis LP, 3.25%, 10/1/26 | 100,000 | 94,334 | ||||||
Simon Property Group LP, 3.375%, 6/15/27(2) | 65,000 | 60,564 | ||||||
Spirit Realty LP, 4.45%, 9/15/26 | 42,000 | 40,034 | ||||||
Ventas Realty LP, 3.85%, 4/1/27 | 65,000 | 61,568 | ||||||
Vornado Realty LP, 2.15%, 6/1/26 | 20,000 | 17,148 | ||||||
658,033 |
28
Avantis Short-Term Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
Food and Staples Retailing — 0.4% | ||||||||
Sysco Corp., 3.30%, 7/15/26 | $ | 45,000 | $ | 42,330 | ||||
Food Products — 1.3% | ||||||||
Bunge Ltd. Finance Corp., 1.63%, 8/17/25 | 29,000 | 26,447 | ||||||
Hershey Co., 2.05%, 11/15/24 | 36,000 | 34,316 | ||||||
Hormel Foods Corp., 0.65%, 6/3/24 | 60,000 | 56,670 | ||||||
Tyson Foods, Inc., 4.00%, 3/1/26 | 45,000 | 43,442 | ||||||
160,875 | ||||||||
Gas Utilities — 0.5% | ||||||||
Southern California Gas Co., 3.15%, 9/15/24 | 63,000 | 60,893 | ||||||
Health Care Providers and Services — 2.4% | ||||||||
Cardinal Health, Inc., 3.50%, 11/15/24 | 69,000 | 66,650 | ||||||
HCA, Inc., 5.00%, 3/15/24 | 36,000 | 35,770 | ||||||
Humana, Inc., 3.95%, 3/15/27 | 65,000 | 62,178 | ||||||
UnitedHealth Group, Inc., 2.375%, 8/15/24 | 100,000 | 96,034 | ||||||
Universal Health Services, Inc., 1.65%, 9/1/26 | 30,000 | 26,061 | ||||||
286,693 | ||||||||
Hotels, Restaurants and Leisure — 1.7% | ||||||||
Booking Holdings, Inc., 3.65%, 3/15/25 | 97,000 | 93,857 | ||||||
Hyatt Hotels Corp., 4.85%, 3/15/26 | 45,000 | 44,232 | ||||||
Marriott International, Inc., 5.00%, 10/15/27 | 60,000 | 59,334 | ||||||
197,423 | ||||||||
Household Products — 0.2% | ||||||||
Colgate-Palmolive Co., 3.25%, 3/15/24 | 20,000 | 19,623 | ||||||
Insurance — 2.9% | ||||||||
Aon Global Ltd., 3.875%, 12/15/25 | 50,000 | 48,195 | ||||||
Brighthouse Financial, Inc., 3.70%, 6/22/27 | 65,000 | 60,825 | ||||||
Chubb INA Holdings, Inc., 3.35%, 5/15/24 | 90,000 | 87,962 | ||||||
First American Financial Corp., 4.60%, 11/15/24 | 50,000 | 49,320 | ||||||
MetLife, Inc., 3.60%, 11/13/25 | 34,000 | 32,757 | ||||||
Prudential Financial, Inc., 1.50%, 3/10/26 | 75,000 | 67,641 | ||||||
346,700 | ||||||||
IT Services — 0.8% | ||||||||
International Business Machines Corp., 3.00%, 5/15/24 | 100,000 | 97,248 | ||||||
Machinery — 2.2% | ||||||||
Caterpillar Financial Services Corp., 3.30%, 6/9/24 | 69,000 | 67,322 | ||||||
Caterpillar Financial Services Corp., 1.45%, 5/15/25 | 36,000 | 33,319 | ||||||
John Deere Capital Corp., 3.45%, 1/10/24 | 69,000 | 68,024 | ||||||
PACCAR Financial Corp., 2.15%, 8/15/24 | 101,000 | 96,687 | ||||||
265,352 | ||||||||
Media — 0.8% | ||||||||
Comcast Corp., 3.375%, 8/15/25 | 42,000 | 40,332 | ||||||
Discovery Communications LLC, 4.90%, 3/11/26 | 60,000 | 58,537 | ||||||
98,869 | ||||||||
Metals and Mining — 0.4% | ||||||||
ArcelorMittal SA, 4.55%, 3/11/26 | 20,000 | 19,486 | ||||||
BHP Billiton Finance USA Ltd., 6.42%, 3/1/26 | 30,000 | 31,094 | ||||||
50,580 | ||||||||
Multiline Retail — 1.3% | ||||||||
Dollar Tree, Inc., 4.00%, 5/15/25 | 66,000 | 64,124 |
29
Avantis Short-Term Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
Target Corp., 1.95%, 1/15/27 | $ | 100,000 | $ | 90,154 | ||||
154,278 | ||||||||
Oil, Gas and Consumable Fuels — 6.0% | ||||||||
BP Capital Markets America, Inc., 3.02%, 1/16/27 | 25,000 | 23,257 | ||||||
BP Capital Markets PLC, 3.28%, 9/19/27 | 100,000 | 93,240 | ||||||
Canadian Natural Resources Ltd., 2.05%, 7/15/25 | 36,000 | 33,264 | ||||||
Enbridge, Inc., 2.50%, 1/15/25 | 72,000 | 68,112 | ||||||
Energy Transfer LP, 3.90%, 7/15/26 | 70,000 | 66,120 | ||||||
Enterprise Products Operating LLC, 3.90%, 2/15/24 | 65,000 | 64,009 | ||||||
Equinor ASA, 2.875%, 4/6/25 | 35,000 | 33,490 | ||||||
Equinor ASA, 7.25%, 9/23/27 | 100,000 | 109,470 | ||||||
Exxon Mobil Corp., 2.71%, 3/6/25 | 72,000 | 68,816 | ||||||
Phillips 66 Co., 2.45%, 12/15/24(1) | 36,000 | 33,982 | ||||||
Shell International Finance BV, 3.25%, 5/11/25 | 66,000 | 63,588 | ||||||
Williams Cos., Inc., 4.00%, 9/15/25 | 66,000 | 63,691 | ||||||
721,039 | ||||||||
Personal Products — 0.3% | ||||||||
Estee Lauder Cos., Inc., 2.00%, 12/1/24 | 36,000 | 34,154 | ||||||
Pharmaceuticals — 1.8% | ||||||||
Novartis Capital Corp., 1.75%, 2/14/25 | 29,000 | 27,244 | ||||||
Novartis Capital Corp., 3.00%, 11/20/25 | 27,000 | 25,702 | ||||||
Pfizer, Inc., 3.40%, 5/15/24 | 97,000 | 95,028 | ||||||
Royalty Pharma PLC, 1.20%, 9/2/25 | 78,000 | 69,860 | ||||||
217,834 | ||||||||
Road and Rail — 0.4% | ||||||||
Ryder System, Inc., 2.50%, 9/1/24 | 36,000 | 34,380 | ||||||
Ryder System, Inc., 3.35%, 9/1/25 | 18,000 | 16,983 | ||||||
51,363 | ||||||||
Semiconductors and Semiconductor Equipment — 0.5% | ||||||||
Marvell Technology, Inc., 1.65%, 4/15/26 | 67,000 | 59,996 | ||||||
Software — 0.3% | ||||||||
Intuit, Inc., 0.95%, 7/15/25 | 42,000 | 38,128 | ||||||
Specialty Retail — 2.2% | ||||||||
Home Depot, Inc., 3.75%, 2/15/24 | 66,000 | 65,153 | ||||||
Home Depot, Inc., 2.125%, 9/15/26 | 40,000 | 36,409 | ||||||
Ross Stores, Inc., 4.60%, 4/15/25 | 66,000 | 65,007 | ||||||
TJX Cos., Inc., 2.25%, 9/15/26 | 110,000 | 100,488 | ||||||
267,057 | ||||||||
Technology Hardware, Storage and Peripherals — 0.9% | ||||||||
Apple, Inc., 3.00%, 2/9/24 | 5,000 | 4,900 | ||||||
Apple, Inc., 2.45%, 8/4/26 | 71,000 | 65,756 | ||||||
Hewlett Packard Enterprise Co., 4.90%, 10/15/25 | 36,000 | 35,711 | ||||||
106,367 | ||||||||
Textiles, Apparel and Luxury Goods — 0.8% | ||||||||
NIKE, Inc., 2.75%, 3/27/27 | 100,000 | 92,772 | ||||||
Trading Companies and Distributors — 0.2% | ||||||||
Air Lease Corp., 2.875%, 1/15/26 | 20,000 | 18,450 | ||||||
TOTAL CORPORATE BONDS (Cost $8,203,819) | 7,683,034 | |||||||
U.S. TREASURY SECURITIES AND EQUIVALENTS — 31.7% | ||||||||
Israel Government AID Bond, 5.50%, 9/18/23 | 100,000 | 100,085 |
30
Avantis Short-Term Fixed Income Fund | ||||||||
Principal Amount/Shares | Value | |||||||
U.S. Treasury Notes, 2.125%, 2/29/24 | $ | 225,000 | $ | 218,445 | ||||
U.S. Treasury Notes, 2.375%, 2/29/24 | 365,000 | 355,222 | ||||||
U.S. Treasury Notes, 0.375%, 4/15/24 | 290,000 | 275,115 | ||||||
U.S. Treasury Notes, 0.375%, 7/15/24 | 400,000 | 375,250 | ||||||
U.S. Treasury Notes, 0.375%, 8/15/24 | 410,000 | 383,293 | ||||||
U.S. Treasury Notes, 0.375%, 9/15/24 | 300,000 | 279,638 | ||||||
U.S. Treasury Notes, 1.50%, 10/31/24 | 450,000 | 425,399 | ||||||
U.S. Treasury Notes, 0.25%, 7/31/25 | 210,000 | 189,238 | ||||||
U.S. Treasury Notes, 2.00%, 8/15/25 | 150,000 | 140,988 | ||||||
U.S. Treasury Notes, 0.375%, 1/31/26 | 460,000 | 408,717 | ||||||
U.S. Treasury Notes, 1.625%, 2/15/26 | 240,000 | 221,124 | ||||||
U.S. Treasury Notes, 0.375%, 9/30/27 | 70,000 | 58,885 | ||||||
U.S. Treasury Notes, 0.625%, 11/30/27 | 200,000 | 169,496 | ||||||
U.S. Treasury Notes, 0.625%, 12/31/27 | 225,000 | 190,248 | ||||||
TOTAL U.S. TREASURY SECURITIES AND EQUIVALENTS (Cost $4,015,935) | 3,791,143 | |||||||
U.S. GOVERNMENT AGENCY SECURITIES — 3.2% | ||||||||
FHLB, 2.375%, 3/14/25 | 50,000 | 47,553 | ||||||
FHLB, 0.375%, 9/4/25 | 25,000 | 22,502 | ||||||
FHLB, 1.25%, 12/21/26 | 100,000 | 89,091 | ||||||
FNMA, 1.625%, 10/15/24 | 75,000 | 71,104 | ||||||
FNMA, 0.375%, 8/25/25 | 25,000 | 22,485 | ||||||
FNMA, 1.875%, 9/24/26 | 100,000 | 91,684 | ||||||
Tennessee Valley Authority, 0.75%, 5/15/25 | 48,000 | 43,844 | ||||||
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $413,906) | 388,263 | |||||||
SHORT-TERM INVESTMENTS — 1.7% | ||||||||
Money Market Funds — 1.7% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 27,267 | 27,267 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 170,828 | 170,828 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $198,095) | 198,095 | |||||||
TOTAL INVESTMENT SECURITIES — 100.8% (Cost $12,831,755) | 12,060,535 | |||||||
OTHER ASSETS AND LIABILITIES — (0.8)% | (91,117) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 11,969,418 |
31
Avantis Short-Term Fixed Income Fund
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 | ||||||
FNMA | – | Federal National Mortgage Association |
(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 $80,665, which represented 0.7% 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 $166,395. 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 $170,828.
See Notes to Financial Statements.
32
Statements of Assets and Liabilities |
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis Core Fixed Income Fund | Avantis Core Municipal Fixed Income Fund | |||||||
Assets | ||||||||
Investment securities, at value (cost of $47,359,818 and $9,008,791, respectively) — including $481,266 and $—, respectively of securities on loan | $ | 44,862,783 | $ | 8,338,819 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $493,978 and $—, respectively) | 493,978 | — | ||||||
Total investment securities, at value (cost of $47,853,796 and $9,008,791, respectively) | 45,356,761 | 8,338,819 | ||||||
Receivable for investments sold | 3,038,037 | — | ||||||
Receivable for capital shares sold | 2,518 | — | ||||||
Interest receivable | 284,172 | 97,448 | ||||||
Securities lending receivable | 165 | — | ||||||
48,681,653 | 8,436,267 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 493,978 | — | ||||||
Payable for investments purchased | 10,567,935 | — | ||||||
Payable for capital shares redeemed | 2,315 | 2,942 | ||||||
Payable for variation margin on futures contracts | 516 | — | ||||||
Payable for variation margin on swap agreements | 227 | — | ||||||
Accrued management fees | 383 | 873 | ||||||
11,065,354 | 3,815 | |||||||
Net Assets | $ | 37,616,299 | $ | 8,432,452 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 43,155,355 | $ | 9,523,839 | ||||
Distributable earnings (loss) | (5,539,056) | (1,091,387) | ||||||
$ | 37,616,299 | $ | 8,432,452 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis Core Fixed Income Fund | |||||||||||
Institutional Class | $3,776,972 | 454,815 | $8.30 | ||||||||
G Class | $33,839,327 | 4,073,097 | $8.31 | ||||||||
Avantis Core Municipal Fixed Income Fund | |||||||||||
Institutional Class | $7,480,344 | 804,838 | $9.29 | ||||||||
G Class | $952,108 | 102,438 | $9.29 |
See Notes to Financial Statements.
33
FEBRUARY 28, 2023 (UNAUDITED) | |||||
Avantis Short-Term Fixed Income Fund | |||||
Assets | |||||
Investment securities, at value (cost of $12,660,927) — including $166,395 of securities on loan | $ | 11,889,707 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $170,828) | 170,828 | ||||
Total investment securities, at value (cost of $12,831,755) | 12,060,535 | ||||
Receivable for capital shares sold | 530 | ||||
Interest receivable | 81,962 | ||||
Securities lending receivable | 38 | ||||
12,143,065 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 170,828 | ||||
Payable for capital shares redeemed | 1,111 | ||||
Accrued management fees | 1,041 | ||||
Dividends payable | 667 | ||||
173,647 | |||||
Net Assets | $ | 11,969,418 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 13,089,869 | |||
Distributable earnings (loss) | (1,120,451) | ||||
$ | 11,969,418 |
Fund/Class | Net Assets | Shares Outstanding | Net Asset Value Per Share | ||||||||
Avantis Short-Term Fixed Income Fund | |||||||||||
Institutional Class | $8,993,443 | 974,416 | $9.23 | ||||||||
G Class | $2,975,975 | 322,461 | $9.23 |
See Notes to Financial Statements.
34
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis Core Fixed Income Fund | Avantis Core Municipal Fixed Income Fund | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Interest | $ | 559,378 | $ | 63,212 | ||||
Securities lending, net | 460 | — | ||||||
559,838 | 63,212 | |||||||
Expenses: | ||||||||
Management fees | 24,039 | 6,641 | ||||||
Interest expenses | 364 | 1,136 | ||||||
24,403 | 7,777 | |||||||
Fees waived - G Class | (21,535) | (701) | ||||||
2,868 | 7,076 | |||||||
Net investment income (loss) | 556,970 | 56,136 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (761,979) | (219,890) | ||||||
Futures contract transactions | (34,993) | — | ||||||
Swap agreement transactions | 2,895 | — | ||||||
(794,077) | (219,890) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | (497,668) | 169,563 | ||||||
Futures contracts | 1,459 | — | ||||||
Swap agreements | 6,949 | — | ||||||
(489,260) | 169,563 | |||||||
Net realized and unrealized gain (loss) | (1,283,337) | (50,327) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (726,367) | $ | 5,809 |
See Notes to Financial Statements.
35
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | |||||
Avantis Short-Term Fixed Income Fund | |||||
Investment Income (Loss) | |||||
Income: | |||||
Interest | $ | 103,417 | |||
Securities lending, net | 57 | ||||
103,474 | |||||
Expenses: | |||||
Management fees | 9,066 | ||||
Interest expenses | 152 | ||||
9,218 | |||||
Fees waived - G Class | (1,961) | ||||
7,257 | |||||
Net investment income (loss) | 96,217 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on investment transactions | (213,090) | ||||
Change in net unrealized appreciation (depreciation) on investments | 56,144 | ||||
Net realized and unrealized gain (loss) | (156,946) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (60,729) |
See Notes to Financial Statements.
36
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | |||||||||||||||||
Avantis Core Fixed Income Fund | Avantis Core Municipal Fixed Income Fund | ||||||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | February 28, 2023 | August 31, 2022 | |||||||||||||
Operations | |||||||||||||||||
Net investment income (loss) | $ | 556,970 | $ | 567,885 | $ | 56,136 | $ | 138,345 | |||||||||
Net realized gain (loss) | (794,077) | (2,242,201) | (219,890) | (200,903) | |||||||||||||
Change in net unrealized appreciation (depreciation) | (489,260) | (2,140,728) | 169,563 | (1,099,348) | |||||||||||||
Net increase (decrease) in net assets resulting from operations | (726,367) | (3,815,044) | 5,809 | (1,161,906) | |||||||||||||
Distributions to Shareholders | |||||||||||||||||
From earnings: | |||||||||||||||||
Institutional Class | (55,660) | (224,439) | (49,999) | (126,953) | |||||||||||||
G Class | (504,220) | (370,366) | (6,639) | (11,392) | |||||||||||||
Decrease in net assets from distributions | (559,880) | (594,805) | (56,638) | (138,345) | |||||||||||||
Capital Share Transactions | |||||||||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | 5,919,354 | 20,526,590 | (2,362,289) | (3,234,628) | |||||||||||||
Net increase (decrease) in net assets | 4,633,107 | 16,116,741 | (2,413,118) | (4,534,879) | |||||||||||||
Net Assets | |||||||||||||||||
Beginning of period | 32,983,192 | 16,866,451 | 10,845,570 | 15,380,449 | |||||||||||||
End of period | $ | 37,616,299 | $ | 32,983,192 | $ | 8,432,452 | $ | 10,845,570 |
See Notes to Financial Statements.
37
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND YEAR ENDED AUGUST 31, 2022 | |||||||||||
Avantis Short-Term Fixed Income Fund | |||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022 | |||||||||
Operations | |||||||||||
Net investment income (loss) | $ | 96,217 | $ | 109,505 | |||||||
Net realized gain (loss) | (213,090) | (130,788) | |||||||||
Change in net unrealized appreciation (depreciation) | 56,144 | (827,585) | |||||||||
Net increase (decrease) in net assets resulting from operations | (60,729) | (848,868) | |||||||||
Distributions to Shareholders | |||||||||||
From earnings: | |||||||||||
Institutional Class | (73,633) | (92,513) | |||||||||
G Class | (22,582) | (17,239) | |||||||||
Decrease in net assets from distributions | (96,215) | (109,752) | |||||||||
Capital Share Transactions | |||||||||||
Net increase (decrease) in net assets from capital share transactions (Note 5) | (821,643) | (1,098,579) | |||||||||
Net increase (decrease) in net assets | (978,587) | (2,057,199) | |||||||||
Net Assets | |||||||||||
Beginning of period | 12,948,005 | 15,005,204 | |||||||||
End of period | $ | 11,969,418 | $ | 12,948,005 |
See Notes to Financial Statements.
38
Notes to Financial Statements |
FEBRUARY 28, 2023 (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.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, 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 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.
Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers.
If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
39
Investment Income — 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. Securities lending income is net of fees and rebates earned by the lending agent for its services.
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. ACIM 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. The funds may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.
Income Tax Status — It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
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.
40
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, 2023.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Fund / Securities Lending Transactions(1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||
Avantis Core Fixed Income Fund | |||||||||||||||||
Corporate Bonds | $ | 493,978 | — | — | — | $ | 493,978 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 493,978 | |||||||||||||||
Avantis Short-Term Fixed Income Fund | |||||||||||||||||
Corporate Bonds | $ | 170,828 | — | — | — | $ | 170,828 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 170,828 |
(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, 90% and 17% of the shares of Avantis Core Fixed Income Fund and Avantis Short-Term Fixed Income Fund, respectively. ACIM owns 63% and 61% of the shares of 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.
41
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, 2023, 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, 2023 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 | $71,895,212 | — | $747,608 | ||||||||
Purchases of other investment securities | $5,441,161 | $461,236 | $2,175,417 | ||||||||
Total Purchases | $77,336,373 | $461,236 | $2,923,025 | ||||||||
Sales of U.S. Treasury and Government Agency obligations | $69,748,925 | — | $930,171 | ||||||||
Sales of other investment securities | $2,639,412 | $2,680,255 | $2,623,154 | ||||||||
Total Sales | $72,388,337 | $2,680,255 | $3,553,325 |
42
5. Capital Share Transactions
Transactions in shares of the funds were as follows (unlimited number of shares authorized):
Six months ended February 28, 2023 | Year ended August 31, 2022 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Avantis Core Fixed Income Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 259,686 | $ | 2,167,213 | 5,099,931 | $ | 45,722,365 | ||||||||
Issued in reinvestment of distributions | 6,720 | 55,660 | 24,385 | 224,431 | ||||||||||
Redeemed | (403,504) | (3,350,040) | (5,917,471) | (53,229,219) | ||||||||||
(137,098) | (1,127,167) | (793,155) | (7,282,423) | |||||||||||
G Class | ||||||||||||||
Sold | 1,381,882 | 11,593,199 | 3,382,690 | 31,653,010 | ||||||||||
Issued in reinvestment of distributions | 60,474 | 502,820 | 41,477 | 370,366 | ||||||||||
Redeemed | (611,938) | (5,049,498) | (468,280) | (4,214,363) | ||||||||||
830,418 | 7,046,521 | 2,955,887 | 27,809,013 | |||||||||||
Net increase (decrease) | 693,320 | $ | 5,919,354 | 2,162,732 | $ | 20,526,590 | ||||||||
Avantis Core Municipal Fixed Income Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 145,656 | $ | 1,321,950 | 846,714 | $ | 8,102,970 | ||||||||
Issued in reinvestment of distributions | 5,437 | 49,999 | 13,099 | 126,855 | ||||||||||
Redeemed | (413,649) | (3,740,877) | (1,203,789) | (11,475,845) | ||||||||||
(262,556) | (2,368,928) | (343,976) | (3,246,020) | |||||||||||
G Class | ||||||||||||||
Issued in reinvestment of distributions | 721 | 6,639 | 1,180 | 11,392 | ||||||||||
Net increase (decrease) | (261,835) | $ | (2,362,289) | (342,796) | $ | (3,234,628) | ||||||||
Avantis Short-Term Fixed Income Fund | ||||||||||||||
Institutional Class | ||||||||||||||
Sold | 83,057 | $ | 767,299 | 599,839 | $ | 5,842,256 | ||||||||
Issued in reinvestment of distributions | 7,616 | 70,270 | 9,439 | 90,799 | ||||||||||
Redeemed | (235,874) | (2,178,844) | (881,557) | (8,556,323) | ||||||||||
(145,201) | (1,341,275) | (272,279) | (2,623,268) | |||||||||||
G Class | ||||||||||||||
Sold | 73,488 | 680,892 | 176,706 | 1,708,621 | ||||||||||
Issued in reinvestment of distributions | 2,446 | 22,582 | 1,806 | 17,239 | ||||||||||
Redeemed | (19,950) | (183,842) | (21,174) | (201,171) | ||||||||||
55,984 | 519,632 | 157,338 | 1,524,689 | |||||||||||
Net increase (decrease) | (89,217) | $ | (821,643) | (114,941) | $ | (1,098,579) |
43
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 | — | $ | 22,200,436 | — | |||||||
U.S. Government Agency Mortgage-Backed Securities | — | 7,265,589 | — | ||||||||
U.S. Treasury Securities and Equivalents | — | 9,322,277 | — | ||||||||
U.S. Government Agency Securities | — | 1,160,502 | — | ||||||||
Sovereign Governments and Agencies | — | 376,659 | — | ||||||||
Short-Term Investments | $ | 703,693 | 4,327,605 | — | |||||||
$ | 703,693 | $ | 44,653,068 | — | |||||||
Other Financial Instruments | |||||||||||
Swap Agreements | — | $ | 10,118 | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 1,902 | — | — |
Avantis Core Municipal Fixed Income Fund | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Municipal Securities | — | $ | 8,296,885 | — | |||||||
Short-Term Investments | $ | 41,934 | — | — | |||||||
$ | 41,934 | $ | 8,296,885 | — |
44
Avantis Short-Term Fixed Income Fund | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 7,683,034 | — | |||||||
U.S. Treasury Securities and Equivalents | — | 3,791,143 | — | ||||||||
U.S. Government Agency Securities | — | 388,263 | — | ||||||||
Short-Term Investments | $ | 198,095 | — | — | |||||||
$ | 198,095 | $ | 11,862,440 | — |
7. Derivative Instruments
Credit Risk — The funds are subject to credit risk in the normal course of pursuing their investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. 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 | $ | 700,000 |
Interest Rate Risk — The funds are subject to interest rate risk in the normal course of pursuing their investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. 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 fund's average notional exposure to interest rate risk derivative instruments held during the period was as follows:
Futures Contracts Purchased | Futures Contracts Sold | |||||||
Avantis Core Fixed Income Fund | $ | 776,130 | $ | 111,656 |
45
Value of Derivative Instruments as of February 28, 2023
Asset Derivatives | Liability Derivatives | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Assets and Liabilities | Value | Location on Statement of Assets and Liabilities | Value | ||||||||||
Avantis Core Fixed Income Fund | ||||||||||||||
Credit Risk | Receivable for variation margin on swap agreements* | — | Payable for variation margin on swap agreements* | $ | 227 | |||||||||
Interest Rate Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | 516 | ||||||||||
— | $ | 743 |
*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, 2023
Net Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Operations | Value | Location on Statement of Operations | Value | ||||||||||
Avantis Core Fixed Income Fund | ||||||||||||||
Credit Risk | Net realized gain (loss) on swap agreement transactions | $ | 2,895 | Change in net unrealized appreciation (depreciation) on swap agreements | $ | 6,949 | ||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | (34,993) | Change in net unrealized appreciation (depreciation) on futures contracts | 1,459 | ||||||||||
$ | (32,098) | $ | 8,408 |
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 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 | $ | 47,737,509 | $ | 9,008,795 | $ | 12,834,522 | |||||
Gross tax appreciation of investments | $ | 203,521 | $ | 8,944 | $ | 618 | |||||
Gross tax depreciation of investments | (2,584,270) | (678,920) | (774,605) | ||||||||
Net tax appreciation (depreciation) of investments | $ | (2,380,749) | $ | (669,976) | $ | (773,987) |
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, 2022, 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 Fund | $ | (1,475,590) | $ | (638,992) | ||||
Avantis Core Municipal Fixed Income Fund | $ | (17,799) | $ | (183,726) | ||||
Avantis Short-Term Fixed Income Fund | $ | (79,802) | $ | (56,341) |
47
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 Core Fixed Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||||||||
2023(3) | $8.60 | 0.14 | (0.30) | (0.16) | (0.14) | — | (0.14) | $8.30 | (1.87)% | 0.15%(4) | 0.15%(4) | 3.34%(4) | 3.34%(4) | 206% | $3,777 | ||||||||||||||||||||||||||||||||
2022 | $10.09 | 0.18 | (1.49) | (1.31) | (0.17) | (0.01) | (0.18) | $8.60 | (13.01)% | 0.15% | 0.15% | 2.08% | 2.08% | 481% | $5,090 | ||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||
2023(3) | $8.60 | 0.14 | (0.29) | (0.15) | (0.14) | — | (0.14) | $8.31 | (1.67)% | 0.00%(4)(6) | 0.15%(4) | 3.49%(4) | 3.34%(4) | 206% | $33,839 | ||||||||||||||||||||||||||||||||
2022 | $10.09 | 0.21 | (1.50) | (1.29) | (0.19) | (0.01) | (0.20) | $8.60 | (12.88)% | 0.00%(6) | 0.15% | 2.23% | 2.08% | 481% | $27,893 | ||||||||||||||||||||||||||||||||
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, 2023 (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 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 Core Municipal Fixed Income Fund | |||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||
2023(3) | $9.28 | 0.06 | 0.01 | 0.07 | (0.06) | $9.29 | 0.74% | 0.18%(4) | 0.18%(4) | 1.25%(4) | 1.25%(4) | 5% | $7,480 | ||||||||||||||||||||||||||||
2022 | $10.17 | 0.10 | (0.89) | (0.79) | (0.10) | $9.28 | (7.82)% | 0.15% | 0.15% | 1.02% | 1.02% | 2% | $9,902 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
2023(3) | $9.28 | 0.06 | 0.02 | 0.08 | (0.07) | $9.29 | 0.82% | 0.03%(4) | 0.18%(4) | 1.40%(4) | 1.25%(4) | 5% | $952 | ||||||||||||||||||||||||||||
2022 | $10.17 | 0.11 | (0.89) | (0.78) | (0.11) | $9.28 | (7.68)% | 0.00%(6) | 0.15% | 1.17% | 1.02% | 2% | $944 | ||||||||||||||||||||||||||||
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, 2023 (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 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 Short-Term Fixed Income Fund | |||||||||||||||||||||||||||||||||||||||||
Institutional Class | |||||||||||||||||||||||||||||||||||||||||
2023(3) | $9.34 | 0.07 | (0.11) | (0.04) | (0.07) | $9.23 | (0.41)% | 0.15%(4) | 0.15%(4) | 1.56%(4) | 1.56%(4) | 24% | $8,993 | ||||||||||||||||||||||||||||
2022 | $10.00 | 0.07 | (0.66) | (0.59) | (0.07) | $9.34 | (5.88)% | 0.15% | 0.15% | 0.76% | 0.76% | 48% | $10,459 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||
2023(3) | $9.34 | 0.08 | (0.11) | (0.03) | (0.08) | $9.23 | (0.33)% | 0.00%(4)(7) | 0.15%(4) | 1.71%(4) | 1.56%(4) | 24% | $2,976 | ||||||||||||||||||||||||||||
2022 | $10.00 | 0.09 | (0.66) | (0.57) | (0.09) | $9.34 | (5.74)% | 0.00%(7) | 0.15% | 0.91% | 0.76% | 48% | $2,489 | ||||||||||||||||||||||||||||
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, 2023 (unaudited).
(4)Annualized.
(5)February 24, 2021 (fund inception) through August 31, 2021.
(6)Per-share amount was less than $0.005.
(7)Ratio 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 at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
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. | ||||||||
©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-96961 2304 |
Semiannual Report | |||||
February 28, 2023 | |||||
Avantis® Responsible U.S. Equity ETF (AVSU) | |||||
Table of Contents |
Chairman’s Letter | |||||
Avantis Responsible U.S. Equity ETF | |||||
Fund Characteristics | |||||
Shareholder Fee Example | |||||
Schedule of Investments | |||||
Statement of Assets and Liabilities | |||||
Statement of Operations | |||||
Statement 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 ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.
Stocks and Bonds Delivered Mixed Results as Volatility Reigned
Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.
The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.
In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.
For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis Responsible U.S. Equity ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.8% | ||||
Short-Term Investments | 0.2% | ||||
Other Assets and Liabilities | —* | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Industries | % of net assets | ||||
Banks | 6.9% | ||||
Semiconductors and Semiconductor Equipment | 6.4% | ||||
Software | 6.3% | ||||
Insurance | 5.7% | ||||
Technology Hardware, Storage and Peripherals | 5.3% |
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2022 to February 28, 2023.
Actual Expenses
The table provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid During Period(1) 9/1/22 - 2/28/23 | Annualized Expense Ratio(1) | |||||||||||
Avantis Responsible U.S. Equity ETF | ||||||||||||||
Actual | $1,000 | $1,042.60 | $0.76 | 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.
4
Schedule of Investments |
FEBRUARY 28, 2023 (UNAUDITED)
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.8% | ||||||||
Aerospace and Defense — 0.2% | ||||||||
AerSale Corp.(1) | 171 | $ | 3,396 | |||||
Archer Aviation, Inc., Class A(1) | 154 | 454 | ||||||
Hexcel Corp. | 552 | 40,268 | ||||||
Kaman Corp. | 276 | 7,176 | ||||||
L3Harris Technologies, Inc. | 276 | 58,289 | ||||||
Northrop Grumman Corp. | 207 | 96,071 | ||||||
Parsons Corp.(1) | 207 | 9,321 | ||||||
Woodward, Inc. | 345 | 34,155 | ||||||
249,130 | ||||||||
Air Freight and Logistics — 1.3% | ||||||||
CH Robinson Worldwide, Inc. | 345 | 34,486 | ||||||
Expeditors International of Washington, Inc. | 1,887 | 197,305 | ||||||
FedEx Corp. | 1,832 | 372,299 | ||||||
Forward Air Corp. | 417 | 43,038 | ||||||
GXO Logistics, Inc.(1) | 552 | 27,363 | ||||||
Hub Group, Inc., Class A(1) | 457 | 41,921 | ||||||
Radiant Logistics, Inc.(1) | 1,173 | 6,663 | ||||||
United Parcel Service, Inc., Class B | 3,174 | 579,223 | ||||||
1,302,298 | ||||||||
Auto Components — 0.6% | ||||||||
American Axle & Manufacturing Holdings, Inc.(1) | 2,208 | 19,430 | ||||||
Aptiv PLC(1) | 897 | 104,303 | ||||||
Autoliv, Inc. | 1,311 | 121,372 | ||||||
BorgWarner, Inc. | 2,277 | 114,488 | ||||||
Dana, Inc. | 1,035 | 16,394 | ||||||
Fox Factory Holding Corp.(1) | 159 | 18,683 | ||||||
Gentex Corp. | 1,725 | 49,249 | ||||||
Gentherm, Inc.(1) | 345 | 21,911 | ||||||
Goodyear Tire & Rubber Co.(1) | 4,222 | 47,962 | ||||||
LCI Industries | 380 | 42,868 | ||||||
Lear Corp. | 483 | 67,451 | ||||||
Motorcar Parts of America, Inc.(1) | 414 | 5,419 | ||||||
Standard Motor Products, Inc. | 207 | 8,067 | ||||||
Visteon Corp.(1) | 72 | 12,027 | ||||||
649,624 | ||||||||
Automobiles — 1.8% | ||||||||
Ford Motor Co. | 26,153 | 315,667 | ||||||
General Motors Co. | 9,128 | 353,619 | ||||||
Harley-Davidson, Inc. | 2,070 | 98,428 | ||||||
Lucid Group, Inc.(1)(2) | 1,035 | 9,450 | ||||||
Rivian Automotive, Inc., Class A(1) | 276 | 5,327 | ||||||
Tesla, Inc.(1) | 4,347 | 894,221 | ||||||
Thor Industries, Inc. | 483 | 43,948 | ||||||
Winnebago Industries, Inc. | 552 | 35,085 | ||||||
1,755,745 |
5
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Banks — 6.9% | ||||||||
ACNB Corp.(2) | 207 | $ | 7,667 | |||||
Amalgamated Financial Corp. | 102 | 2,402 | ||||||
Associated Banc-Corp. | 1,932 | 44,726 | ||||||
Banc of California, Inc. | 621 | 10,899 | ||||||
BancFirst Corp. | 207 | 18,682 | ||||||
Bancorp, Inc.(1) | 771 | 26,669 | ||||||
Bank First Corp.(2) | 26 | 2,120 | ||||||
Bank of America Corp. | 16,698 | 572,741 | ||||||
Bank of Hawaii Corp. | 483 | 36,157 | ||||||
Bank OZK | 1,518 | 69,874 | ||||||
BankUnited, Inc. | 1,035 | 36,660 | ||||||
Bankwell Financial Group, Inc. | 207 | 6,247 | ||||||
Banner Corp. | 483 | 30,419 | ||||||
Bar Harbor Bankshares | 276 | 8,244 | ||||||
Baycom Corp. | 345 | 7,083 | ||||||
BCB Bancorp, Inc. | 414 | 7,183 | ||||||
Berkshire Hills Bancorp, Inc. | 552 | 16,041 | ||||||
BOK Financial Corp. | 345 | 36,115 | ||||||
Business First Bancshares, Inc. | 111 | 2,313 | ||||||
Byline Bancorp, Inc. | 345 | 8,504 | ||||||
Camden National Corp. | 207 | 8,518 | ||||||
Central Pacific Financial Corp. | 483 | 10,834 | ||||||
Citigroup, Inc. | 8,625 | 437,201 | ||||||
Citizens Financial Group, Inc. | 3,933 | 164,242 | ||||||
City Holding Co. | 138 | 13,552 | ||||||
Columbia Banking System, Inc. | 759 | 22,565 | ||||||
Comerica, Inc. | 1,587 | 111,249 | ||||||
Commerce Bancshares, Inc. | 1,005 | 66,481 | ||||||
Community Bank System, Inc. | 345 | 21,062 | ||||||
CrossFirst Bankshares, Inc.(1) | 650 | 9,198 | ||||||
Cullen/Frost Bankers, Inc. | 414 | 54,574 | ||||||
Eagle Bancorp, Inc. | 414 | 18,137 | ||||||
East West Bancorp, Inc. | 1,587 | 120,945 | ||||||
Enterprise Financial Services Corp. | 93 | 5,065 | ||||||
Farmers & Merchants Bancorp, Inc. | 207 | 5,361 | ||||||
Farmers National Banc Corp. | 163 | 2,323 | ||||||
FB Financial Corp. | 82 | 3,091 | ||||||
Fifth Third Bancorp | 5,313 | 192,862 | ||||||
First BanCorp | 2,691 | 39,046 | ||||||
First Bancorp, Inc. | 276 | 8,081 | ||||||
First Bancshares, Inc. | 79 | 2,474 | ||||||
First Busey Corp. | 810 | 19,553 | ||||||
First Business Financial Services, Inc. | 276 | 9,776 | ||||||
First Citizens BancShares, Inc., Class A | 69 | 50,629 | ||||||
First Commonwealth Financial Corp. | 232 | 3,714 | ||||||
First Financial Bancorp | 897 | 22,102 | ||||||
First Financial Bankshares, Inc. | 897 | 32,902 | ||||||
First Financial Corp. | 207 | 9,098 | ||||||
First Hawaiian, Inc. | 1,173 | 32,082 | ||||||
First Horizon Corp. | 6,486 | 160,658 |
6
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
First Interstate BancSystem, Inc., Class A | 552 | $ | 19,618 | |||||
First Mid Bancshares, Inc. | 238 | 7,376 | ||||||
First of Long Island Corp. | 345 | 5,872 | ||||||
First Republic Bank | 621 | 76,389 | ||||||
Flushing Financial Corp. | 414 | 8,056 | ||||||
FNB Corp. | 3,588 | 51,201 | ||||||
German American Bancorp, Inc. | 276 | 10,847 | ||||||
Glacier Bancorp, Inc. | 690 | 32,692 | ||||||
HarborOne Bancorp, Inc. | 172 | 2,351 | ||||||
Heartland Financial USA, Inc. | 96 | 4,746 | ||||||
Heritage Financial Corp. | 81 | 2,257 | ||||||
Hilltop Holdings, Inc. | 110 | 3,649 | ||||||
Home BancShares, Inc. | 1,380 | 33,258 | ||||||
HomeStreet, Inc. | 345 | 8,704 | ||||||
HomeTrust Bancshares, Inc. | 276 | 8,079 | ||||||
Hope Bancorp, Inc. | 1,520 | 19,471 | ||||||
Horizon Bancorp, Inc. | 153 | 2,329 | ||||||
Huntington Bancshares, Inc. | 7,797 | 119,450 | ||||||
Independent Bank Corp. | 414 | 32,988 | ||||||
Independent Bank Corp. (Michigan) | 345 | 7,607 | ||||||
Independent Bank Group, Inc. | 56 | 3,296 | ||||||
JPMorgan Chase & Co. | 7,935 | 1,137,482 | ||||||
KeyCorp | 9,729 | 177,943 | ||||||
Lakeland Bancorp, Inc. | 690 | 13,283 | ||||||
Lakeland Financial Corp. | 56 | 4,011 | ||||||
M&T Bank Corp. | 1,518 | 235,730 | ||||||
Mercantile Bank Corp. | 244 | 8,440 | ||||||
Meridian Corp. | 207 | 6,541 | ||||||
National Bank Holdings Corp., Class A | 76 | 3,077 | ||||||
NBT Bancorp, Inc. | 552 | 22,406 | ||||||
Nicolet Bankshares, Inc.(1) | 30 | 2,234 | ||||||
Northeast Bank | 207 | 9,125 | ||||||
Old Second Bancorp, Inc. | 449 | 7,444 | ||||||
Origin Bancorp, Inc. | 73 | 2,767 | ||||||
Pacific Premier Bancorp, Inc. | 966 | 31,318 | ||||||
PacWest Bancorp | 1,656 | 45,954 | ||||||
Park National Corp. | 138 | 17,632 | ||||||
Parke Bancorp, Inc. | 345 | 7,041 | ||||||
Pathward Financial, Inc. | 276 | 14,079 | ||||||
PCB Bancorp | 345 | 6,300 | ||||||
Pinnacle Financial Partners, Inc. | 483 | 35,785 | ||||||
PNC Financial Services Group, Inc. | 1,587 | 250,619 | ||||||
Popular, Inc. | 1,311 | 93,605 | ||||||
Prosperity Bancshares, Inc. | 690 | 50,708 | ||||||
Regions Financial Corp. | 8,763 | 204,353 | ||||||
Renasant Corp. | 483 | 17,378 | ||||||
Sandy Spring Bancorp, Inc. | 621 | 20,462 | ||||||
Seacoast Banking Corp. of Florida | 621 | 18,947 | ||||||
Sierra Bancorp | 276 | 5,578 | ||||||
Signature Bank | 414 | 47,631 | ||||||
Silvergate Capital Corp., Class A(1)(2) | 138 | 1,920 |
7
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Southside Bancshares, Inc. | 375 | $ | 14,321 | |||||
Stellar Bancorp, Inc. | 365 | 10,676 | ||||||
SVB Financial Group(1) | 345 | 99,398 | ||||||
Synovus Financial Corp. | 2,070 | 86,547 | ||||||
TriCo Bancshares | 70 | 3,536 | ||||||
Truist Financial Corp. | 5,382 | 252,685 | ||||||
Trustmark Corp. | 621 | 18,257 | ||||||
U.S. Bancorp | 5,589 | 266,763 | ||||||
UMB Financial Corp. | 414 | 37,533 | ||||||
Umpqua Holdings Corp. | 2,898 | 51,179 | ||||||
United Community Banks, Inc. | 1,104 | 36,553 | ||||||
Unity Bancorp, Inc. | 276 | 7,289 | ||||||
Valley National Bancorp | 3,864 | 44,745 | ||||||
Washington Federal, Inc. | 865 | 30,336 | ||||||
Webster Financial Corp. | 1,380 | 73,306 | ||||||
WesBanco, Inc. | 122 | 4,410 | ||||||
Westamerica BanCorp | 346 | 19,072 | ||||||
Western Alliance Bancorp | 1,035 | 76,838 | ||||||
Wintrust Financial Corp. | 759 | 69,927 | ||||||
Zions Bancorp NA | 1,932 | 97,798 | ||||||
6,869,319 | ||||||||
Beverages — 1.4% | ||||||||
Brown-Forman Corp., Class A | 276 | 17,918 | ||||||
Brown-Forman Corp., Class B | 2,001 | 129,805 | ||||||
Coca-Cola Co. | 6,555 | 390,088 | ||||||
Constellation Brands, Inc., Class A | 483 | 108,047 | ||||||
Duckhorn Portfolio, Inc.(1) | 72 | 1,098 | ||||||
Keurig Dr Pepper, Inc. | 1,794 | 61,983 | ||||||
Molson Coors Beverage Co., Class B | 1,518 | 80,742 | ||||||
Monster Beverage Corp.(1) | 1,038 | 105,627 | ||||||
PepsiCo, Inc. | 2,760 | 478,943 | ||||||
1,374,251 | ||||||||
Biotechnology — 3.9% | ||||||||
AbbVie, Inc. | 4,002 | 615,908 | ||||||
Agios Pharmaceuticals, Inc.(1) | 432 | 10,934 | ||||||
Alkermes PLC(1) | 1,045 | 27,943 | ||||||
Alnylam Pharmaceuticals, Inc.(1) | 69 | 13,210 | ||||||
Altimmune, Inc.(1) | 418 | 5,263 | ||||||
Amgen, Inc. | 1,389 | 321,776 | ||||||
AnaptysBio, Inc.(1) | 276 | 6,872 | ||||||
Anika Therapeutics, Inc.(1) | 163 | 5,167 | ||||||
Arcellx, Inc.(1) | 107 | 2,997 | ||||||
Biogen, Inc.(1) | 813 | 219,396 | ||||||
BioMarin Pharmaceutical, Inc.(1) | 828 | 82,461 | ||||||
Bluebird Bio, Inc.(1) | 495 | 2,574 | ||||||
Blueprint Medicines Corp.(1) | 16 | 678 | ||||||
Catalyst Pharmaceuticals, Inc.(1) | 1,709 | 26,079 | ||||||
Concert Pharmaceuticals, Inc.(1) | 70 | 587 | ||||||
Crinetics Pharmaceuticals, Inc.(1) | 276 | 5,421 | ||||||
CRISPR Therapeutics AG(1)(2) | 48 | 2,367 | ||||||
Cytokinetics, Inc.(1) | 283 | 12,271 |
8
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Deciphera Pharmaceuticals, Inc.(1) | 293 | $ | 4,248 | |||||
Denali Therapeutics, Inc.(1) | 378 | 10,263 | ||||||
Dynavax Technologies Corp.(1) | 2,219 | 22,856 | ||||||
Eagle Pharmaceuticals, Inc.(1) | 160 | 4,480 | ||||||
Editas Medicine, Inc.(1) | 556 | 5,026 | ||||||
Emergent BioSolutions, Inc.(1) | 414 | 5,125 | ||||||
Enanta Pharmaceuticals, Inc.(1) | 138 | 6,693 | ||||||
Entrada Therapeutics, Inc.(1) | 298 | 3,800 | ||||||
EQRx, Inc.(1) | 3,880 | 8,769 | ||||||
Exact Sciences Corp.(1) | 276 | 17,203 | ||||||
Exelixis, Inc.(1) | 2,070 | 35,356 | ||||||
Gilead Sciences, Inc. | 7,461 | 600,834 | ||||||
Halozyme Therapeutics, Inc.(1) | 1,449 | 69,538 | ||||||
HilleVax, Inc.(1) | 217 | 3,656 | ||||||
Ideaya Biosciences, Inc.(1) | 285 | 5,030 | ||||||
Incyte Corp.(1) | 966 | 74,363 | ||||||
Ionis Pharmaceuticals, Inc.(1) | 560 | 20,104 | ||||||
Ironwood Pharmaceuticals, Inc.(1) | 2,418 | 27,251 | ||||||
Kezar Life Sciences, Inc.(1) | 552 | 3,472 | ||||||
Kura Oncology, Inc.(1) | 493 | 5,877 | ||||||
Madrigal Pharmaceuticals, Inc.(1) | 8 | 2,168 | ||||||
Mersana Therapeutics, Inc.(1) | 45 | 273 | ||||||
Merus NV(1)(2) | 8 | 153 | ||||||
Mirati Therapeutics, Inc.(1) | 213 | 9,764 | ||||||
Moderna, Inc.(1) | 1,480 | 205,439 | ||||||
Myriad Genetics, Inc.(1) | 276 | 5,222 | ||||||
Neurocrine Biosciences, Inc.(1) | 414 | 42,683 | ||||||
Ovid therapeutics, Inc.(1) | 355 | 877 | ||||||
Prometheus Biosciences, Inc.(1) | 142 | 17,379 | ||||||
Prothena Corp. PLC(1) | 116 | 6,468 | ||||||
PTC Therapeutics, Inc.(1) | 226 | 9,869 | ||||||
Regeneron Pharmaceuticals, Inc.(1) | 690 | 524,690 | ||||||
REGENXBIO, Inc.(1) | 625 | 13,906 | ||||||
Relay Therapeutics, Inc.(1) | 90 | 1,454 | ||||||
Rocket Pharmaceuticals, Inc.(1) | 345 | 6,627 | ||||||
Seagen, Inc.(1) | 280 | 50,313 | ||||||
Tango Therapeutics, Inc.(1) | 353 | 1,846 | ||||||
Tyra Biosciences, Inc.(1) | 10 | 132 | ||||||
Ultragenyx Pharmaceutical, Inc.(1) | 119 | 5,294 | ||||||
United Therapeutics Corp.(1) | 427 | 105,059 | ||||||
Vanda Pharmaceuticals, Inc.(1) | 621 | 3,999 | ||||||
Vaxcyte, Inc.(1) | 302 | 12,373 | ||||||
Vertex Pharmaceuticals, Inc.(1) | 1,863 | 540,810 | ||||||
Verve Therapeutics, Inc.(1) | 6 | 114 | ||||||
Xencor, Inc.(1) | 421 | 13,527 | ||||||
3,876,287 | ||||||||
Building Products — 0.8% | ||||||||
A O Smith Corp. | 1,311 | 86,041 | ||||||
Advanced Drainage Systems, Inc. | 138 | 12,245 | ||||||
Allegion PLC | 345 | 38,885 | ||||||
Apogee Enterprises, Inc. | 345 | 15,787 |
9
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Armstrong World Industries, Inc. | 759 | $ | 59,847 | |||||
AZEK Co., Inc.(1) | 494 | 11,900 | ||||||
AZZ, Inc. | 207 | 8,415 | ||||||
Carlisle Cos., Inc. | 138 | 35,634 | ||||||
Carrier Global Corp. | 1,656 | 74,570 | ||||||
Fortune Brands Innovations, Inc. | 414 | 25,647 | ||||||
Gibraltar Industries, Inc.(1) | 69 | 3,685 | ||||||
Griffon Corp. | 164 | 5,981 | ||||||
Hayward Holdings, Inc.(1) | 414 | 5,096 | ||||||
Insteel Industries, Inc. | 345 | 10,264 | ||||||
Johnson Controls International PLC | 621 | 38,949 | ||||||
Lennox International, Inc. | 71 | 18,093 | ||||||
Masco Corp. | 483 | 25,324 | ||||||
Masonite International Corp.(1) | 381 | 33,833 | ||||||
Masterbrand, Inc.(1) | 414 | 4,032 | ||||||
Owens Corning | 737 | 72,071 | ||||||
Quanex Building Products Corp. | 345 | 8,953 | ||||||
Trane Technologies PLC | 345 | 63,815 | ||||||
Trex Co., Inc.(1) | 773 | 39,523 | ||||||
UFP Industries, Inc. | 805 | 68,852 | ||||||
Zurn Elkay Water Solutions Corp. | 1,104 | 25,392 | ||||||
792,834 | ||||||||
Capital Markets — 5.2% | ||||||||
Affiliated Managers Group, Inc. | 69 | 10,999 | ||||||
Ameriprise Financial, Inc. | 1,173 | 402,187 | ||||||
Ares Management Corp., Class A | 414 | 33,381 | ||||||
Artisan Partners Asset Management, Inc., Class A | 828 | 27,299 | ||||||
Bank of New York Mellon Corp. | 3,864 | 196,600 | ||||||
BlackRock, Inc. | 276 | 190,283 | ||||||
Blackstone, Inc. | 2,433 | 220,916 | ||||||
Carlyle Group, Inc. | 2,898 | 99,691 | ||||||
Cboe Global Markets, Inc. | 276 | 34,823 | ||||||
Charles Schwab Corp. | 4,416 | 344,095 | ||||||
CME Group, Inc. | 1,035 | 191,848 | ||||||
Cohen & Steers, Inc. | 414 | 29,957 | ||||||
Coinbase Global, Inc., Class A(1) | 759 | 49,206 | ||||||
Diamond Hill Investment Group, Inc. | 69 | 12,047 | ||||||
Donnelley Financial Solutions, Inc.(1) | 276 | 11,678 | ||||||
Evercore, Inc., Class A | 483 | 63,360 | ||||||
FactSet Research Systems, Inc. | 207 | 85,812 | ||||||
Federated Hermes, Inc. | 690 | 27,152 | ||||||
Franklin Resources, Inc. | 2,001 | 58,969 | ||||||
Goldman Sachs Group, Inc. | 1,518 | 533,805 | ||||||
Houlihan Lokey, Inc. | 897 | 85,843 | ||||||
Intercontinental Exchange, Inc. | 552 | 56,194 | ||||||
Invesco Ltd. | 3,312 | 58,490 | ||||||
Janus Henderson Group PLC | 1,173 | 32,211 | ||||||
Jefferies Financial Group, Inc. | 2,760 | 104,300 | ||||||
KKR & Co., Inc. | 2,553 | 143,862 | ||||||
Lazard Ltd., Class A | 1,311 | 48,979 | ||||||
LPL Financial Holdings, Inc. | 483 | 120,537 |
10
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
MarketAxess Holdings, Inc. | 207 | $ | 70,680 | |||||
Moelis & Co., Class A | 828 | 35,463 | ||||||
Moody's Corp. | 345 | 100,102 | ||||||
Morgan Stanley | 5,175 | 499,387 | ||||||
Morningstar, Inc. | 69 | 14,306 | ||||||
MSCI, Inc. | 69 | 36,028 | ||||||
Nasdaq, Inc. | 207 | 11,604 | ||||||
Northern Trust Corp. | 1,449 | 138,046 | ||||||
Open Lending Corp., Class A(1) | 966 | 6,839 | ||||||
Piper Sandler Cos. | 345 | 52,092 | ||||||
Raymond James Financial, Inc. | 1,725 | 187,094 | ||||||
S&P Global, Inc. | 621 | 211,885 | ||||||
SEI Investments Co. | 1,449 | 87,302 | ||||||
State Street Corp. | 1,910 | 169,379 | ||||||
StepStone Group, Inc., Class A | 483 | 13,814 | ||||||
Stifel Financial Corp. | 1,380 | 92,225 | ||||||
T. Rowe Price Group, Inc. | 966 | 108,462 | ||||||
Tradeweb Markets, Inc., Class A | 276 | 19,566 | ||||||
Victory Capital Holdings, Inc., Class A | 414 | 14,059 | ||||||
Virtu Financial, Inc., Class A | 2,070 | 38,047 | ||||||
5,180,904 | ||||||||
Chemicals — 0.8% | ||||||||
Albemarle Corp. | 621 | 157,927 | ||||||
Avient Corp. | 640 | 27,923 | ||||||
Axalta Coating Systems Ltd.(1) | 1,104 | 32,899 | ||||||
Balchem Corp. | 4 | 520 | ||||||
Chase Corp. | 25 | 2,449 | ||||||
DuPont de Nemours, Inc. | 1,449 | 105,820 | ||||||
Element Solutions, Inc. | 345 | 7,086 | ||||||
Huntsman Corp. | 2,484 | 72,881 | ||||||
Ingevity Corp.(1) | 559 | 46,151 | ||||||
Innospec, Inc. | 207 | 22,658 | ||||||
International Flavors & Fragrances, Inc. | 552 | 51,446 | ||||||
Kronos Worldwide, Inc. | 483 | 5,453 | ||||||
Livent Corp.(1) | 10 | 235 | ||||||
Minerals Technologies, Inc. | 276 | 16,767 | ||||||
PPG Industries, Inc. | 414 | 54,673 | ||||||
PureCycle Technologies, Inc.(1) | 423 | 2,699 | ||||||
Rayonier Advanced Materials, Inc.(1) | 710 | 5,822 | ||||||
Sherwin-Williams Co. | 621 | 137,458 | ||||||
Stepan Co. | 214 | 22,275 | ||||||
Trinseo PLC | 828 | 19,193 | ||||||
792,335 | ||||||||
Commercial Services and Supplies — 0.5% | ||||||||
ACCO Brands Corp. | 624 | 3,538 | ||||||
Brady Corp., Class A | 276 | 15,224 | ||||||
Cintas Corp. | 276 | 121,018 | ||||||
Civeo Corp.(1) | 345 | 9,767 | ||||||
Clean Harbors, Inc.(1) | 414 | 54,677 | ||||||
Copart, Inc.(1) | 1,683 | 118,584 | ||||||
Deluxe Corp. | 276 | 5,089 |
11
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Ennis, Inc. | 414 | $ | 9,005 | |||||
Healthcare Services Group, Inc.(1) | 414 | 5,494 | ||||||
HNI Corp. | 414 | 12,937 | ||||||
IAA, Inc.(1) | 483 | 19,760 | ||||||
Interface, Inc. | 789 | 6,959 | ||||||
KAR Auction Services, Inc.(1) | 839 | 11,989 | ||||||
Liquidity Services, Inc.(1) | 483 | 6,115 | ||||||
MSA Safety, Inc. | 69 | 9,270 | ||||||
Pitney Bowes, Inc. | 281 | 1,220 | ||||||
Rollins, Inc. | 621 | 21,859 | ||||||
SP Plus Corp.(1) | 139 | 4,729 | ||||||
Steelcase, Inc., Class A | 621 | 4,887 | ||||||
Tetra Tech, Inc. | 138 | 18,891 | ||||||
UniFirst Corp. | 79 | 15,494 | ||||||
Viad Corp.(1) | 7 | 180 | ||||||
476,686 | ||||||||
Communications Equipment — 0.6% | ||||||||
ADTRAN Holdings, Inc. | 357 | 6,230 | ||||||
Arista Networks, Inc.(1) | 897 | 124,414 | ||||||
Ciena Corp.(1) | 1,104 | 53,235 | ||||||
Cisco Systems, Inc. | 4,692 | 227,187 | ||||||
CommScope Holding Co., Inc.(1) | 646 | 4,677 | ||||||
Extreme Networks, Inc.(1) | 1,242 | 23,250 | ||||||
F5, Inc.(1) | 138 | 19,731 | ||||||
Juniper Networks, Inc. | 828 | 25,486 | ||||||
Lumentum Holdings, Inc.(1) | 552 | 29,703 | ||||||
Motorola Solutions, Inc. | 207 | 54,402 | ||||||
NETGEAR, Inc.(1) | 209 | 3,783 | ||||||
NetScout Systems, Inc.(1) | 345 | 9,812 | ||||||
ViaSat, Inc.(1) | 1,202 | 38,175 | ||||||
Viavi Solutions, Inc.(1) | 1,479 | 16,180 | ||||||
636,265 | ||||||||
Construction and Engineering — 0.1% | ||||||||
AECOM | 138 | 11,918 | ||||||
API Group Corp.(1) | 759 | 17,829 | ||||||
WillScot Mobile Mini Holdings Corp.(1) | 1,449 | 74,478 | ||||||
104,225 | ||||||||
Construction Materials — 0.1% | ||||||||
Vulcan Materials Co. | 485 | 87,741 | ||||||
Consumer Finance — 1.6% | ||||||||
Ally Financial, Inc. | 4,347 | 130,627 | ||||||
American Express Co. | 1,311 | 228,101 | ||||||
Bread Financial Holdings, Inc. | 897 | 36,840 | ||||||
Capital One Financial Corp. | 2,898 | 316,114 | ||||||
Credit Acceptance Corp.(1)(2) | 69 | 30,659 | ||||||
Discover Financial Services | 2,829 | 316,848 | ||||||
Encore Capital Group, Inc.(1) | 552 | 28,527 | ||||||
Enova International, Inc.(1) | 276 | 13,455 | ||||||
Green Dot Corp., Class A(1) | 552 | 10,449 | ||||||
LendingClub Corp.(1) | 483 | 4,540 | ||||||
Navient Corp. | 1,656 | 29,891 |
12
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Nelnet, Inc., Class A | 138 | $ | 12,954 | |||||
OneMain Holdings, Inc. | 1,863 | 80,277 | ||||||
PRA Group, Inc.(1) | 276 | 11,747 | ||||||
PROG Holdings, Inc.(1) | 621 | 15,351 | ||||||
Regional Management Corp. | 207 | 6,525 | ||||||
SLM Corp. | 4,761 | 68,463 | ||||||
SoFi Technologies, Inc.(1) | 3,105 | 20,493 | ||||||
Synchrony Financial | 6,072 | 216,831 | ||||||
World Acceptance Corp.(1) | 69 | 6,442 | ||||||
1,585,134 | ||||||||
Containers and Packaging — 0.8% | ||||||||
AptarGroup, Inc. | 414 | 48,322 | ||||||
Ardagh Metal Packaging SA | 897 | 4,324 | ||||||
Avery Dennison Corp. | 276 | 50,284 | ||||||
Ball Corp. | 1,104 | 62,056 | ||||||
Berry Global Group, Inc. | 276 | 17,140 | ||||||
Crown Holdings, Inc. | 488 | 42,217 | ||||||
Graphic Packaging Holding Co. | 1,035 | 24,633 | ||||||
Greif, Inc., Class A | 374 | 26,573 | ||||||
Greif, Inc., Class B | 69 | 5,677 | ||||||
International Paper Co. | 2,987 | 108,697 | ||||||
Myers Industries, Inc. | 630 | 16,279 | ||||||
Packaging Corp. of America | 1,245 | 170,216 | ||||||
Sealed Air Corp. | 966 | 46,967 | ||||||
Silgan Holdings, Inc. | 276 | 14,738 | ||||||
Sonoco Products Co. | 1,380 | 81,503 | ||||||
WestRock Co. | 2,484 | 77,998 | ||||||
797,624 | ||||||||
Distributors — 0.3% | ||||||||
Funko, Inc., Class A(1) | 28 | 303 | ||||||
Genuine Parts Co. | 1,035 | 183,050 | ||||||
LKQ Corp. | 1,242 | 71,154 | ||||||
Pool Corp. | 138 | 49,247 | ||||||
303,754 | ||||||||
Diversified Consumer Services — 0.3% | ||||||||
ADT, Inc. | 759 | 5,723 | ||||||
Adtalem Global Education, Inc.(1) | 345 | 13,496 | ||||||
Bright Horizons Family Solutions, Inc.(1) | 69 | 5,440 | ||||||
Frontdoor, Inc.(1) | 414 | 11,696 | ||||||
Graham Holdings Co., Class B | 69 | 43,240 | ||||||
Grand Canyon Education, Inc.(1) | 552 | 62,536 | ||||||
H&R Block, Inc. | 414 | 15,235 | ||||||
Laureate Education, Inc., Class A | 690 | 8,183 | ||||||
OneSpaWorld Holdings Ltd.(1) | 759 | 8,797 | ||||||
Perdoceo Education Corp.(1) | 1,242 | 17,121 | ||||||
Service Corp. International | 966 | 65,234 | ||||||
Strategic Education, Inc. | 138 | 11,764 | ||||||
Stride, Inc.(1) | 414 | 17,583 | ||||||
Udemy, Inc.(1) | 115 | 1,086 | ||||||
Universal Technical Institute, Inc.(1) | 897 | 6,512 | ||||||
293,646 |
13
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Diversified Financial Services — 0.5% | ||||||||
Apollo Global Management, Inc. | 1,961 | $ | 139,035 | |||||
Cannae Holdings, Inc.(1) | 621 | 14,022 | ||||||
Equitable Holdings, Inc. | 6,072 | 190,782 | ||||||
Voya Financial, Inc. | 1,656 | 123,356 | ||||||
467,195 | ||||||||
Diversified Telecommunication Services — 1.0% | ||||||||
AT&T, Inc. | 13,432 | 253,999 | ||||||
Cogent Communications Holdings, Inc. | 138 | 8,934 | ||||||
EchoStar Corp., Class A(1) | 483 | 9,641 | ||||||
Iridium Communications, Inc. | 1,451 | 89,048 | ||||||
Lumen Technologies, Inc. | 3,253 | 11,060 | ||||||
Radius Global Infrastructure, Inc., Class A(1) | 483 | 6,584 | ||||||
Verizon Communications, Inc. | 15,388 | 597,208 | ||||||
976,474 | ||||||||
Electric Utilities — 0.4% | ||||||||
Edison International | 2,291 | 151,687 | ||||||
Exelon Corp. | 5,865 | 236,887 | ||||||
Genie Energy Ltd., Class B | 345 | 3,940 | ||||||
392,514 | ||||||||
Electrical Equipment — 0.6% | ||||||||
Acuity Brands, Inc. | 207 | 40,150 | ||||||
AMETEK, Inc. | 483 | 68,374 | ||||||
Array Technologies, Inc.(1) | 438 | 8,208 | ||||||
Atkore, Inc.(1) | 897 | 130,980 | ||||||
Bloom Energy Corp., Class A(1) | 409 | 8,871 | ||||||
ChargePoint Holdings, Inc.(1)(2) | 73 | 829 | ||||||
Eaton Corp. PLC | 483 | 84,491 | ||||||
Encore Wire Corp. | 352 | 67,940 | ||||||
EnerSys | 207 | 18,773 | ||||||
FREYR Battery SA(1)(2) | 828 | 7,518 | ||||||
FuelCell Energy, Inc.(1) | 2,076 | 6,934 | ||||||
Generac Holdings, Inc.(1) | 69 | 8,281 | ||||||
GrafTech International Ltd. | 1,656 | 9,356 | ||||||
Hubbell, Inc. | 207 | 52,069 | ||||||
nVent Electric PLC | 552 | 25,304 | ||||||
Regal Rexnord Corp. | 276 | 43,509 | ||||||
Rockwell Automation, Inc. | 138 | 40,700 | ||||||
Sensata Technologies Holding PLC | 207 | 10,470 | ||||||
Sunrun, Inc.(1) | 483 | 11,611 | ||||||
Thermon Group Holdings, Inc.(1) | 414 | 10,950 | ||||||
Vertiv Holdings Co. | 88 | 1,430 | ||||||
656,748 | ||||||||
Electronic Equipment, Instruments and Components — 1.6% | ||||||||
Advanced Energy Industries, Inc. | 414 | 38,535 | ||||||
Amphenol Corp., Class A | 828 | 64,187 | ||||||
Arrow Electronics, Inc.(1) | 414 | 48,848 | ||||||
Avnet, Inc. | 966 | 43,190 | ||||||
Badger Meter, Inc. | 138 | 16,784 | ||||||
Bel Fuse, Inc., Class B | 70 | 2,486 | ||||||
Belden, Inc. | 138 | 11,644 |
14
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Benchmark Electronics, Inc. | 276 | $ | 6,566 | |||||
CDW Corp. | 483 | 97,769 | ||||||
Cognex Corp. | 345 | 16,360 | ||||||
Coherent Corp.(1) | 906 | 39,076 | ||||||
Corning, Inc. | 7,176 | 243,625 | ||||||
CTS Corp. | 345 | 14,942 | ||||||
ePlus, Inc.(1) | 148 | 8,017 | ||||||
Fabrinet(1) | 276 | 33,636 | ||||||
Flex Ltd.(1) | 5,934 | 135,058 | ||||||
Insight Enterprises, Inc.(1) | 207 | 27,721 | ||||||
IPG Photonics Corp.(1) | 207 | 25,511 | ||||||
Jabil, Inc. | 2,049 | 170,128 | ||||||
Keysight Technologies, Inc.(1) | 828 | 132,447 | ||||||
Kimball Electronics, Inc.(1) | 209 | 5,227 | ||||||
Knowles Corp.(1) | 621 | 10,545 | ||||||
Littelfuse, Inc. | 138 | 35,705 | ||||||
Methode Electronics, Inc. | 276 | 13,449 | ||||||
Napco Security Technologies, Inc.(1) | 101 | 3,192 | ||||||
National Instruments Corp. | 414 | 20,911 | ||||||
Novanta, Inc.(1) | 69 | 10,827 | ||||||
OSI Systems, Inc.(1) | 138 | 12,772 | ||||||
PC Connection, Inc. | 138 | 6,044 | ||||||
Plexus Corp.(1) | 150 | 14,384 | ||||||
Sanmina Corp.(1) | 1,015 | 61,367 | ||||||
ScanSource, Inc.(1) | 276 | 8,606 | ||||||
TD SYNNEX Corp. | 138 | 13,320 | ||||||
TE Connectivity Ltd. | 1,104 | 140,561 | ||||||
Trimble, Inc.(1) | 207 | 10,776 | ||||||
TTM Technologies, Inc.(1) | 1,040 | 13,822 | ||||||
Vishay Intertechnology, Inc. | 2,309 | 49,020 | ||||||
Vishay Precision Group, Inc.(1) | 279 | 12,164 | ||||||
Vontier Corp. | 552 | 14,446 | ||||||
Zebra Technologies Corp., Class A(1) | 69 | 20,717 | ||||||
1,654,385 | ||||||||
Energy Equipment and Services† | ||||||||
National Energy Services Reunited Corp.(1) | 905 | 5,846 | ||||||
Oil States International, Inc.(1) | 966 | 8,820 | ||||||
SEACOR Marine Holdings, Inc.(1) | 6 | 62 | ||||||
14,728 | ||||||||
Entertainment — 0.8% | ||||||||
AMC Entertainment Holdings, Inc., Class A(1)(2) | 976 | 6,969 | ||||||
Electronic Arts, Inc. | 690 | 76,549 | ||||||
IMAX Corp.(1) | 414 | 7,634 | ||||||
Live Nation Entertainment, Inc.(1) | 345 | 24,861 | ||||||
Madison Square Garden Entertainment Corp.(1) | 207 | 12,530 | ||||||
Marcus Corp.(2) | 414 | 6,661 | ||||||
Netflix, Inc.(1) | 568 | 182,970 | ||||||
Playstudios, Inc.(1) | 1,725 | 6,417 | ||||||
Playtika Holding Corp.(1) | 54 | 518 | ||||||
Roku, Inc.(1) | 138 | 8,927 | ||||||
Take-Two Interactive Software, Inc.(1) | 1,242 | 136,061 |
15
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Walt Disney Co.(1) | 1,727 | $ | 172,026 | |||||
Warner Bros Discovery, Inc.(1) | 4,310 | 67,322 | ||||||
World Wrestling Entertainment, Inc., Class A | 766 | 64,344 | ||||||
773,789 | ||||||||
Food and Staples Retailing — 1.7% | ||||||||
Andersons, Inc. | 345 | 15,742 | ||||||
BJ's Wholesale Club Holdings, Inc.(1) | 1,035 | 74,313 | ||||||
Costco Wholesale Corp. | 1,183 | 572,785 | ||||||
PriceSmart, Inc. | 141 | 9,831 | ||||||
SpartanNash Co. | 696 | 18,625 | ||||||
Sprouts Farmers Market, Inc.(1) | 2,277 | 68,970 | ||||||
Sysco Corp. | 1,934 | 144,218 | ||||||
United Natural Foods, Inc.(1) | 1,104 | 44,966 | ||||||
US Foods Holding Corp.(1) | 211 | 7,919 | ||||||
Walgreens Boots Alliance, Inc. | 2,005 | 71,238 | ||||||
Walmart, Inc. | 4,623 | 657,067 | ||||||
1,685,674 | ||||||||
Food Products — 0.9% | ||||||||
Alico, Inc. | 70 | 1,802 | ||||||
Campbell Soup Co. | 552 | 28,991 | ||||||
Darling Ingredients, Inc.(1) | 1,656 | 104,775 | ||||||
General Mills, Inc. | 1,104 | 87,779 | ||||||
Hershey Co. | 621 | 147,997 | ||||||
Hormel Foods Corp. | 759 | 33,684 | ||||||
J M Smucker Co. | 621 | 91,840 | ||||||
Kellogg Co. | 621 | 40,949 | ||||||
Lamb Weston Holdings, Inc. | 1,173 | 118,051 | ||||||
Lancaster Colony Corp. | 138 | 26,493 | ||||||
McCormick & Co., Inc. | 276 | 20,512 | ||||||
Mondelez International, Inc., Class A | 2,553 | 166,404 | ||||||
869,277 | ||||||||
Health Care Equipment and Supplies — 2.0% | ||||||||
Abbott Laboratories | 3,450 | 350,934 | ||||||
Align Technology, Inc.(1) | 138 | 42,711 | ||||||
Avanos Medical, Inc.(1) | 276 | 7,747 | ||||||
Baxter International, Inc. | 828 | 33,079 | ||||||
Becton Dickinson & Co. | 345 | 80,920 | ||||||
Boston Scientific Corp.(1) | 2,760 | 128,947 | ||||||
Contra Abiomed, Inc.(1) | 112 | 114 | ||||||
Cooper Cos., Inc. | 138 | 45,122 | ||||||
Cue Health, Inc.(1) | 693 | 1,490 | ||||||
DENTSPLY SIRONA, Inc. | 918 | 34,948 | ||||||
DexCom, Inc.(1) | 486 | 53,951 | ||||||
Edwards Lifesciences Corp.(1) | 1,661 | 133,611 | ||||||
Embecta Corp. | 141 | 4,505 | ||||||
Glaukos Corp.(1) | 276 | 13,035 | ||||||
Globus Medical, Inc., Class A(1) | 345 | 20,127 | ||||||
Haemonetics Corp.(1) | 293 | 22,787 | ||||||
Hologic, Inc.(1) | 2,761 | 219,886 | ||||||
IDEXX Laboratories, Inc.(1) | 251 | 118,783 | ||||||
Inogen, Inc.(1) | 150 | 2,351 |
16
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Insulet Corp.(1) | 69 | $ | 19,069 | |||||
Intuitive Surgical, Inc.(1) | 452 | 103,684 | ||||||
Medtronic PLC | 2,070 | 171,396 | ||||||
Merit Medical Systems, Inc.(1) | 362 | 25,550 | ||||||
Neogen Corp.(1) | 414 | 7,324 | ||||||
OraSure Technologies, Inc.(1) | 902 | 5,692 | ||||||
Penumbra, Inc.(1) | 69 | 17,939 | ||||||
PROCEPT BioRobotics Corp.(1) | 20 | 749 | ||||||
QuidelOrtho Corp.(1) | 486 | 42,253 | ||||||
ResMed, Inc. | 207 | 44,091 | ||||||
Stryker Corp. | 414 | 108,832 | ||||||
Teleflex, Inc. | 138 | 32,876 | ||||||
UFP Technologies, Inc.(1) | 42 | 4,944 | ||||||
Utah Medical Products, Inc. | 9 | 826 | ||||||
Zimmer Biomet Holdings, Inc. | 690 | 85,470 | ||||||
Zimvie, Inc.(1) | 277 | 3,152 | ||||||
1,988,895 | ||||||||
Health Care Providers and Services — 2.9% | ||||||||
23andMe Holding Co., Class A(1) | 2,427 | 6,092 | ||||||
Acadia Healthcare Co., Inc.(1) | 347 | 25,161 | ||||||
Accolade, Inc.(1) | 226 | 2,511 | ||||||
agilon health, Inc.(1)(2) | 691 | 14,656 | ||||||
AmerisourceBergen Corp. | 759 | 118,070 | ||||||
AMN Healthcare Services, Inc.(1) | 622 | 55,986 | ||||||
Apollo Medical Holdings, Inc.(1) | 8 | 279 | ||||||
Cardinal Health, Inc. | 1,587 | 120,152 | ||||||
Castle Biosciences, Inc.(1) | 79 | 1,989 | ||||||
Centene Corp.(1) | 3,108 | 212,587 | ||||||
Chemed Corp. | 69 | 35,989 | ||||||
Cigna Group | 414 | 120,929 | ||||||
CorVel Corp.(1) | 69 | 12,439 | ||||||
Cross Country Healthcare, Inc.(1) | 544 | 14,389 | ||||||
CVS Health Corp. | 1,587 | 132,578 | ||||||
DaVita, Inc.(1) | 207 | 17,028 | ||||||
Elevance Health, Inc. | 828 | 388,887 | ||||||
Encompass Health Corp. | 138 | 7,800 | ||||||
Ensign Group, Inc. | 690 | 61,741 | ||||||
Fulgent Genetics, Inc.(1) | 216 | 7,083 | ||||||
Guardant Health, Inc.(1) | 12 | 371 | ||||||
HCA Healthcare, Inc. | 276 | 67,192 | ||||||
HealthEquity, Inc.(1) | 345 | 22,484 | ||||||
Henry Schein, Inc.(1) | 418 | 32,734 | ||||||
Hims & Hers Health, Inc.(1) | 468 | 5,274 | ||||||
Humana, Inc. | 426 | 210,878 | ||||||
Laboratory Corp. of America Holdings | 621 | 148,643 | ||||||
McKesson Corp. | 276 | 96,548 | ||||||
ModivCare, Inc.(1) | 69 | 6,775 | ||||||
Molina Healthcare, Inc.(1) | 828 | 227,973 | ||||||
National Research Corp. | 207 | 9,348 | ||||||
NeoGenomics, Inc.(1) | 430 | 7,245 | ||||||
Oak Street Health, Inc.(1) | 291 | 10,301 |
17
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Owens & Minor, Inc.(1) | 966 | $ | 14,809 | |||||
Patterson Cos., Inc. | 633 | 16,787 | ||||||
Premier, Inc., Class A | 1,035 | 33,317 | ||||||
Privia Health Group, Inc.(1) | 32 | 894 | ||||||
Quest Diagnostics, Inc. | 207 | 28,640 | ||||||
R1 RCM, Inc.(1) | 833 | 11,829 | ||||||
UnitedHealth Group, Inc. | 1,179 | 561,133 | ||||||
2,869,521 | ||||||||
Health Care Technology — 0.1% | ||||||||
American Well Corp., Class A(1) | 1,868 | 5,212 | ||||||
Doximity, Inc., Class A(1)(2) | 13 | 437 | ||||||
Evolent Health, Inc., Class A(1) | 98 | 3,431 | ||||||
Health Catalyst, Inc.(1) | 468 | 6,533 | ||||||
NextGen Healthcare, Inc.(1) | 483 | 8,747 | ||||||
Phreesia, Inc.(1) | 158 | 5,814 | ||||||
Teladoc Health, Inc.(1) | 207 | 5,483 | ||||||
Veeva Systems, Inc., Class A(1) | 207 | 34,292 | ||||||
Veradigm, Inc.(1) | 2,347 | 38,984 | ||||||
108,933 | ||||||||
Hotels, Restaurants and Leisure — 2.0% | ||||||||
Airbnb, Inc., Class A(1) | 414 | 51,038 | ||||||
Aramark | 276 | 10,157 | ||||||
BJ's Restaurants, Inc.(1) | 276 | 8,832 | ||||||
Bloomin' Brands, Inc. | 759 | 19,810 | ||||||
Booking Holdings, Inc.(1) | 207 | 522,468 | ||||||
Cheesecake Factory, Inc. | 828 | 31,000 | ||||||
Chipotle Mexican Grill, Inc.(1) | 155 | 231,117 | ||||||
Choice Hotels International, Inc. | 414 | 49,001 | ||||||
Cracker Barrel Old Country Store, Inc. | 414 | 45,110 | ||||||
Darden Restaurants, Inc. | 1,072 | 153,285 | ||||||
Dave & Buster's Entertainment, Inc.(1) | 276 | 11,046 | ||||||
Hilton Grand Vacations, Inc.(1) | 276 | 13,176 | ||||||
Hilton Worldwide Holdings, Inc. | 483 | 69,798 | ||||||
Hyatt Hotels Corp., Class A(1) | 759 | 88,226 | ||||||
Jack in the Box, Inc. | 138 | 10,819 | ||||||
Marriott International, Inc., Class A | 276 | 46,710 | ||||||
Marriott Vacations Worldwide Corp. | 69 | 10,556 | ||||||
McDonald's Corp. | 897 | 236,727 | ||||||
Ruth's Hospitality Group, Inc. | 690 | 12,869 | ||||||
SeaWorld Entertainment, Inc.(1) | 138 | 8,915 | ||||||
Six Flags Entertainment Corp.(1) | 207 | 5,465 | ||||||
Starbucks Corp. | 966 | 98,619 | ||||||
Texas Roadhouse, Inc. | 1,035 | 105,094 | ||||||
Travel + Leisure Co. | 207 | 8,684 | ||||||
Vail Resorts, Inc. | 69 | 16,111 | ||||||
Wendy's Co. | 966 | 21,213 | ||||||
Wingstop, Inc. | 71 | 12,095 | ||||||
Wyndham Hotels & Resorts, Inc. | 345 | 26,572 | ||||||
Yum! Brands, Inc. | 483 | 61,418 | ||||||
1,985,931 |
18
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Household Durables — 1.2% | ||||||||
Beazer Homes USA, Inc.(1) | 483 | $ | 7,201 | |||||
Cavco Industries, Inc.(1) | 79 | 22,515 | ||||||
Century Communities, Inc. | 207 | 12,381 | ||||||
D.R. Horton, Inc. | 1,617 | 149,540 | ||||||
Ethan Allen Interiors, Inc. | 414 | 12,234 | ||||||
Garmin Ltd. | 483 | 47,397 | ||||||
GoPro, Inc., Class A(1) | 1,863 | 9,669 | ||||||
Green Brick Partners, Inc.(1) | 345 | 10,764 | ||||||
Hovnanian Enterprises, Inc., Class A(1) | 138 | 9,399 | ||||||
Installed Building Products, Inc. | 69 | 7,961 | ||||||
iRobot Corp.(1) | 138 | 5,670 | ||||||
KB Home | 690 | 24,336 | ||||||
La-Z-Boy, Inc. | 414 | 13,405 | ||||||
Leggett & Platt, Inc. | 493 | 17,003 | ||||||
Lennar Corp., B Shares | 48 | 3,920 | ||||||
Lennar Corp., Class A | 1,327 | 128,374 | ||||||
LGI Homes, Inc.(1) | 69 | 7,197 | ||||||
M/I Homes, Inc.(1) | 207 | 11,973 | ||||||
MDC Holdings, Inc. | 345 | 12,765 | ||||||
Meritage Homes Corp. | 207 | 22,611 | ||||||
Mohawk Industries, Inc.(1) | 276 | 28,387 | ||||||
Newell Brands, Inc. | 1,794 | 26,354 | ||||||
NVR, Inc.(1) | 18 | 93,125 | ||||||
PulteGroup, Inc. | 2,898 | 158,434 | ||||||
Skyline Champion Corp.(1) | 759 | 51,923 | ||||||
Sonos, Inc.(1) | 759 | 14,747 | ||||||
Taylor Morrison Home Corp.(1) | 2,001 | 71,696 | ||||||
Tempur Sealy International, Inc. | 897 | 38,338 | ||||||
Toll Brothers, Inc. | 966 | 57,902 | ||||||
TopBuild Corp.(1) | 69 | 14,324 | ||||||
Tri Pointe Homes, Inc.(1) | 1,725 | 41,124 | ||||||
Whirlpool Corp. | 759 | 104,727 | ||||||
1,237,396 | ||||||||
Household Products — 1.1% | ||||||||
Church & Dwight Co., Inc. | 966 | 80,932 | ||||||
Clorox Co. | 622 | 96,684 | ||||||
Colgate-Palmolive Co. | 3,174 | 232,654 | ||||||
Energizer Holdings, Inc. | 276 | 9,999 | ||||||
Kimberly-Clark Corp. | 1,587 | 198,454 | ||||||
Procter & Gamble Co. | 3,381 | 465,090 | ||||||
Spectrum Brands Holdings, Inc. | 395 | 25,288 | ||||||
1,109,101 | ||||||||
Independent Power and Renewable Electricity Producers — 0.1% | ||||||||
Brookfield Renewable Corp., Class A | 759 | 21,138 | ||||||
Montauk Renewables, Inc.(1)(2) | 417 | 4,112 | ||||||
Ormat Technologies, Inc. | 418 | 35,329 | ||||||
Sunnova Energy International, Inc.(1)(2) | 828 | 14,722 | ||||||
75,301 | ||||||||
Industrial Conglomerates — 0.1% | ||||||||
Honeywell International, Inc. | 621 | 118,909 |
19
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Insurance — 5.7% | ||||||||
Aflac, Inc. | 4,071 | $ | 277,439 | |||||
Allstate Corp. | 1,468 | 189,049 | ||||||
American Financial Group, Inc. | 828 | 111,043 | ||||||
American International Group, Inc. | 4,416 | 269,862 | ||||||
AMERISAFE, Inc. | 207 | 11,290 | ||||||
Aon PLC, Class A | 690 | 209,794 | ||||||
Arch Capital Group Ltd.(1) | 3,381 | 236,670 | ||||||
Argo Group International Holdings Ltd. | 276 | 8,018 | ||||||
Arthur J Gallagher & Co. | 897 | 168,053 | ||||||
Assurant, Inc. | 414 | 52,739 | ||||||
Assured Guaranty Ltd. | 690 | 43,063 | ||||||
Axis Capital Holdings Ltd. | 1,449 | 87,983 | ||||||
Brighthouse Financial, Inc.(1) | 1,035 | 59,854 | ||||||
Brown & Brown, Inc. | 276 | 15,475 | ||||||
Chubb Ltd. | 1,449 | 305,768 | ||||||
Cincinnati Financial Corp. | 966 | 116,596 | ||||||
CNA Financial Corp. | 207 | 9,062 | ||||||
CNO Financial Group, Inc. | 1,380 | 35,356 | ||||||
Erie Indemnity Co., Class A | 207 | 48,726 | ||||||
Everest Re Group Ltd. | 414 | 158,964 | ||||||
F&G Annuities & Life, Inc. | 225 | 4,583 | ||||||
Fidelity National Financial, Inc. | 3,381 | 134,767 | ||||||
First American Financial Corp. | 1,242 | 70,521 | ||||||
Genworth Financial, Inc., Class A(1) | 5,727 | 35,679 | ||||||
Globe Life, Inc. | 1,035 | 125,949 | ||||||
Hanover Insurance Group, Inc. | 414 | 57,745 | ||||||
Hartford Financial Services Group, Inc. | 3,381 | 264,665 | ||||||
Hippo Holdings, Inc.(1)(2) | 140 | 2,409 | ||||||
Horace Mann Educators Corp. | 483 | 17,852 | ||||||
Kemper Corp. | 276 | 17,002 | ||||||
Kinsale Capital Group, Inc. | 207 | 65,971 | ||||||
Lincoln National Corp. | 1,173 | 37,208 | ||||||
Markel Corp.(1) | 69 | 91,760 | ||||||
Marsh & McLennan Cos., Inc. | 759 | 123,064 | ||||||
Mercury General Corp. | 276 | 9,398 | ||||||
MetLife, Inc. | 3,588 | 257,367 | ||||||
Old Republic International Corp. | 3,519 | 92,796 | ||||||
Oscar Health, Inc., Class A(1) | 897 | 4,969 | ||||||
Primerica, Inc. | 621 | 119,195 | ||||||
Principal Financial Group, Inc. | 2,484 | 222,467 | ||||||
Progressive Corp. | 2,139 | 306,989 | ||||||
Prudential Financial, Inc. | 1,932 | 193,200 | ||||||
Reinsurance Group of America, Inc. | 828 | 119,621 | ||||||
RenaissanceRe Holdings Ltd. | 414 | 88,969 | ||||||
RLI Corp. | 276 | 38,063 | ||||||
Selective Insurance Group, Inc. | 690 | 70,056 | ||||||
SiriusPoint Ltd.(1) | 384 | 2,726 | ||||||
Stewart Information Services Corp. | 377 | 16,019 | ||||||
Travelers Cos., Inc. | 1,932 | 357,652 | ||||||
United Fire Group, Inc. | 84 | 2,397 |
20
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Unum Group | 2,070 | $ | 92,219 | |||||
W R Berkley Corp. | 1,725 | 114,178 | ||||||
White Mountains Insurance Group Ltd. | 69 | 99,606 | ||||||
Willis Towers Watson PLC | 276 | 64,683 | ||||||
5,736,549 | ||||||||
Interactive Media and Services — 3.0% | ||||||||
Alphabet, Inc., Class A(1) | 12,420 | 1,118,545 | ||||||
Alphabet, Inc., Class C(1) | 11,040 | 996,912 | ||||||
Cargurus, Inc.(1) | 439 | 7,485 | ||||||
Cars.com, Inc.(1) | 1,449 | 27,821 | ||||||
IAC, Inc.(1) | 300 | 15,582 | ||||||
Match Group, Inc.(1) | 276 | 11,432 | ||||||
Meta Platforms, Inc., Class A(1) | 4,355 | 761,864 | ||||||
Pinterest, Inc., Class A(1) | 1,035 | 25,989 | ||||||
Shutterstock, Inc. | 276 | 20,761 | ||||||
Snap, Inc., Class A(1) | 621 | 6,303 | ||||||
TripAdvisor, Inc.(1) | 283 | 6,104 | ||||||
Yelp, Inc.(1) | 428 | 12,848 | ||||||
Ziff Davis, Inc.(1) | 207 | 16,349 | ||||||
ZipRecruiter, Inc., Class A(1) | 493 | 8,411 | ||||||
ZoomInfo Technologies, Inc.(1) | 276 | 6,671 | ||||||
3,043,077 | ||||||||
Internet and Direct Marketing Retail — 1.5% | ||||||||
Amazon.com, Inc.(1) | 13,800 | 1,300,374 | ||||||
Chewy, Inc., Class A(1)(2) | 414 | 16,788 | ||||||
DoorDash, Inc., Class A(1) | 276 | 15,086 | ||||||
eBay, Inc. | 2,995 | 137,471 | ||||||
Etsy, Inc.(1) | 345 | 41,886 | ||||||
PetMed Express, Inc. | 276 | 5,183 | ||||||
Revolve Group, Inc.(1) | 3 | 81 | ||||||
Wayfair, Inc., Class A(1)(2) | 69 | 2,794 | ||||||
1,519,663 | ||||||||
IT Services — 4.3% | ||||||||
Accenture PLC, Class A | 1,380 | 366,459 | ||||||
Akamai Technologies, Inc.(1) | 1,035 | 75,141 | ||||||
Amdocs Ltd. | 690 | 63,211 | ||||||
Automatic Data Processing, Inc. | 2,001 | 439,860 | ||||||
AvidXchange Holdings, Inc.(1) | 414 | 4,119 | ||||||
Broadridge Financial Solutions, Inc., ADR | 345 | 48,569 | ||||||
Cass Information Systems, Inc. | 207 | 10,008 | ||||||
Cloudflare, Inc., Class A(1) | 138 | 8,281 | ||||||
Cognizant Technology Solutions Corp., Class A | 2,139 | 133,966 | ||||||
Concentrix Corp. | 207 | 28,326 | ||||||
CSG Systems International, Inc. | 483 | 27,145 | ||||||
DigitalOcean Holdings, Inc.(1) | 151 | 4,829 | ||||||
DXC Technology Co.(1) | 3,795 | 105,273 | ||||||
EPAM Systems, Inc.(1) | 94 | 28,919 | ||||||
Euronet Worldwide, Inc.(1) | 276 | 30,043 | ||||||
EVERTEC, Inc. | 623 | 22,933 | ||||||
ExlService Holdings, Inc.(1) | 138 | 22,702 | ||||||
Fidelity National Information Services, Inc. | 483 | 30,608 |
21
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Fiserv, Inc.(1) | 492 | $ | 56,624 | |||||
FleetCor Technologies, Inc.(1) | 276 | 59,282 | ||||||
Gartner, Inc.(1) | 345 | 113,094 | ||||||
Genpact Ltd. | 483 | 23,054 | ||||||
Global Payments, Inc. | 277 | 31,079 | ||||||
Globant SA(1) | 82 | 13,537 | ||||||
GoDaddy, Inc., Class A(1) | 966 | 73,136 | ||||||
Hackett Group, Inc. | 345 | 6,431 | ||||||
IBEX Holdings Ltd.(1) | 75 | 2,096 | ||||||
International Business Machines Corp. | 1,380 | 178,434 | ||||||
Jack Henry & Associates, Inc. | 621 | 101,993 | ||||||
Kyndryl Holdings, Inc.(1) | 3,312 | 51,965 | ||||||
Marqeta, Inc., Class A(1) | 228 | 1,322 | ||||||
Mastercard, Inc., Class A | 1,794 | 637,390 | ||||||
MAXIMUS, Inc. | 138 | 11,327 | ||||||
MongoDB, Inc.(1) | 69 | 14,457 | ||||||
Okta, Inc.(1) | 69 | 4,919 | ||||||
Paychex, Inc. | 1,794 | 198,058 | ||||||
PayPal Holdings, Inc.(1) | 1,518 | 111,725 | ||||||
Remitly Global, Inc.(1) | 905 | 13,240 | ||||||
Sabre Corp.(1) | 759 | 3,841 | ||||||
Shift4 Payments, Inc., Class A(1) | 150 | 9,675 | ||||||
Snowflake, Inc., Class A(1) | 345 | 53,261 | ||||||
Squarespace, Inc., Class A(1) | 39 | 913 | ||||||
SS&C Technologies Holdings, Inc. | 276 | 16,201 | ||||||
TTEC Holdings, Inc. | 138 | 5,556 | ||||||
Twilio, Inc., Class A(1) | 207 | 13,913 | ||||||
VeriSign, Inc.(1) | 207 | 40,744 | ||||||
Visa, Inc., Class A | 4,347 | 956,079 | ||||||
Western Union Co. | 2,691 | 34,875 | ||||||
WEX, Inc.(1) | 138 | 26,608 | ||||||
4,315,221 | ||||||||
Leisure Products — 0.3% | ||||||||
Acushnet Holdings Corp. | 345 | 16,650 | ||||||
Brunswick Corp. | 1,104 | 96,512 | ||||||
Hasbro, Inc. | 138 | 7,591 | ||||||
Malibu Boats, Inc., Class A(1) | 345 | 20,617 | ||||||
MasterCraft Boat Holdings, Inc.(1) | 345 | 11,651 | ||||||
Mattel, Inc.(1) | 1,242 | 22,343 | ||||||
Polaris, Inc. | 552 | 62,790 | ||||||
Topgolf Callaway Brands Corp.(1) | 483 | 11,196 | ||||||
YETI Holdings, Inc.(1) | 345 | 13,448 | ||||||
262,798 | ||||||||
Life Sciences Tools and Services — 1.2% | ||||||||
10X Genomics, Inc., Class A(1) | 2 | 95 | ||||||
Adaptive Biotechnologies Corp.(1) | 365 | 3,121 | ||||||
Agilent Technologies, Inc. | 553 | 78,509 | ||||||
Avantor, Inc.(1) | 903 | 22,006 | ||||||
Azenta, Inc.(1) | 483 | 21,199 | ||||||
Bio-Rad Laboratories, Inc., Class A(1) | 69 | 32,971 | ||||||
Bio-Techne Corp. | 304 | 22,083 |
22
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Bruker Corp. | 483 | $ | 33,288 | |||||
Charles River Laboratories International, Inc.(1) | 75 | 16,451 | ||||||
Danaher Corp. | 695 | 172,033 | ||||||
Illumina, Inc.(1) | 217 | 43,226 | ||||||
IQVIA Holdings, Inc.(1) | 352 | 73,382 | ||||||
Maravai LifeSciences Holdings, Inc., Class A(1) | 414 | 6,107 | ||||||
Medpace Holdings, Inc.(1) | 138 | 26,755 | ||||||
Mettler-Toledo International, Inc.(1) | 138 | 197,852 | ||||||
OmniAb, Inc.(1) | 804 | 3,353 | ||||||
OmniAb, Inc.(1) | 47 | 130 | ||||||
OmniAb, Inc.(1) | 47 | 125 | ||||||
PerkinElmer, Inc. | 138 | 17,191 | ||||||
Quantum-Si, Inc.(1) | 559 | 1,017 | ||||||
Repligen Corp.(1) | 69 | 12,032 | ||||||
SomaLogic, Inc.(1) | 621 | 1,577 | ||||||
Syneos Health, Inc.(1) | 138 | 5,550 | ||||||
Thermo Fisher Scientific, Inc. | 414 | 224,289 | ||||||
Waters Corp.(1) | 294 | 91,402 | ||||||
West Pharmaceutical Services, Inc. | 281 | 89,085 | ||||||
1,194,829 | ||||||||
Machinery — 2.5% | ||||||||
AGCO Corp. | 483 | 68,011 | ||||||
Allison Transmission Holdings, Inc. | 552 | 26,220 | ||||||
Barnes Group, Inc. | 345 | 14,538 | ||||||
Cummins, Inc. | 1,124 | 273,222 | ||||||
Deere & Co. | 1,387 | 581,486 | ||||||
Dover Corp. | 207 | 31,029 | ||||||
Evoqua Water Technologies Corp.(1) | 966 | 46,909 | ||||||
Franklin Electric Co., Inc. | 207 | 19,783 | ||||||
Gates Industrial Corp. PLC(1) | 483 | 6,781 | ||||||
Graco, Inc. | 797 | 55,423 | ||||||
Helios Technologies, Inc. | 213 | 14,429 | ||||||
Hyliion Holdings Corp.(1)(2) | 760 | 2,151 | ||||||
IDEX Corp. | 138 | 31,047 | ||||||
Illinois Tool Works, Inc. | 828 | 193,057 | ||||||
Ingersoll Rand, Inc. | 1,242 | 72,123 | ||||||
ITT, Inc. | 552 | 50,171 | ||||||
John Bean Technologies Corp. | 43 | 4,768 | ||||||
Kennametal, Inc. | 1,086 | 30,766 | ||||||
Lincoln Electric Holdings, Inc. | 690 | 115,872 | ||||||
Lindsay Corp. | 46 | 6,923 | ||||||
Middleby Corp.(1) | 69 | 10,729 | ||||||
Nordson Corp. | 138 | 30,310 | ||||||
Oshkosh Corp. | 862 | 76,882 | ||||||
Otis Worldwide Corp. | 552 | 46,710 | ||||||
PACCAR, Inc. | 3,013 | 217,539 | ||||||
Parker-Hannifin Corp. | 138 | 48,555 | ||||||
Pentair PLC | 207 | 11,580 | ||||||
Proterra, Inc.(1) | 1,311 | 5,506 | ||||||
Shyft Group, Inc. | 369 | 9,568 | ||||||
Snap-on, Inc. | 483 | 120,113 |
23
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
SPX Technologies, Inc.(1) | 234 | $ | 16,483 | |||||
Stanley Black & Decker, Inc. | 207 | 17,721 | ||||||
Tennant Co. | 207 | 14,660 | ||||||
Terex Corp. | 883 | 52,282 | ||||||
Timken Co. | 552 | 47,168 | ||||||
Titan International, Inc.(1) | 833 | 10,338 | ||||||
Toro Co. | 621 | 68,583 | ||||||
Watts Water Technologies, Inc., Class A | 138 | 24,182 | ||||||
Westinghouse Air Brake Technologies Corp. | 483 | 50,391 | ||||||
Xylem, Inc. | 138 | 14,166 | ||||||
2,538,175 | ||||||||
Marine — 0.1% | ||||||||
Costamare, Inc. | 621 | 6,520 | ||||||
Matson, Inc. | 695 | 46,224 | ||||||
Safe Bulkers, Inc. | 1,518 | 5,693 | ||||||
58,437 | ||||||||
Media — 1.0% | ||||||||
Altice USA, Inc., Class A(1) | 307 | 1,216 | ||||||
AMC Networks, Inc., Class A(1) | 221 | 4,942 | ||||||
Cable One, Inc. | 40 | 27,624 | ||||||
Charter Communications, Inc., Class A(1) | 138 | 50,730 | ||||||
Comcast Corp., Class A | 7,314 | 271,861 | ||||||
Cumulus Media, Inc., Class A(1) | 213 | 1,154 | ||||||
Daily Journal Corp.(1) | 1 | 304 | ||||||
DISH Network Corp., Class A(1) | 1,942 | 22,158 | ||||||
Entravision Communications Corp., Class A | 1,173 | 7,695 | ||||||
Fox Corp., Class A | 2,790 | 97,706 | ||||||
Fox Corp., Class B | 1,189 | 38,345 | ||||||
Interpublic Group of Cos., Inc. | 1,656 | 58,854 | ||||||
John Wiley & Sons, Inc., Class A | 138 | 6,140 | ||||||
Liberty Broadband Corp., Class A(1) | 69 | 5,984 | ||||||
Liberty Broadband Corp., Class C(1) | 345 | 29,901 | ||||||
New York Times Co., Class A | 828 | 31,878 | ||||||
News Corp., Class A | 2,139 | 36,684 | ||||||
News Corp., Class B | 621 | 10,718 | ||||||
Nexstar Media Group, Inc., Class A | 138 | 25,654 | ||||||
Omnicom Group, Inc. | 759 | 68,743 | ||||||
Paramount Global, Class B | 3,243 | 69,465 | ||||||
PubMatic, Inc., Class A(1) | 414 | 6,285 | ||||||
Quotient Technology, Inc.(1) | 228 | 862 | ||||||
Scholastic Corp. | 517 | 23,580 | ||||||
Sinclair Broadcast Group, Inc., Class A | 276 | 4,491 | ||||||
Sirius XM Holdings, Inc. | 1,311 | 5,755 | ||||||
TechTarget, Inc.(1) | 138 | 5,207 | ||||||
Thryv Holdings, Inc.(1) | 276 | 6,580 | ||||||
Trade Desk, Inc., Class A(1) | 552 | 30,890 | ||||||
WideOpenWest, Inc.(1) | 1,175 | 12,843 | ||||||
964,249 | ||||||||
Metals and Mining — 0.5% | ||||||||
Arconic Corp.(1) | 978 | 25,858 | ||||||
Commercial Metals Co. | 1,725 | 89,269 |
24
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Gold Resource Corp. | 3,105 | $ | 2,839 | |||||
Newmont Corp. | 3,864 | 168,509 | ||||||
Reliance Steel & Aluminum Co. | 440 | 109,050 | ||||||
Royal Gold, Inc. | 483 | 57,376 | ||||||
Schnitzer Steel Industries, Inc., Class A | 421 | 13,762 | ||||||
466,663 | ||||||||
Multiline Retail — 1.0% | ||||||||
Big Lots, Inc. | 414 | 5,941 | ||||||
Dillard's, Inc., Class A | 69 | 24,592 | ||||||
Dollar General Corp. | 897 | 194,021 | ||||||
Dollar Tree, Inc.(1) | 1,602 | 232,739 | ||||||
Kohl's Corp. | 2,346 | 65,782 | ||||||
Macy's, Inc. | 5,313 | 108,704 | ||||||
Nordstrom, Inc. | 1,242 | 24,194 | ||||||
Ollie's Bargain Outlet Holdings, Inc.(1) | 207 | 11,911 | ||||||
Target Corp. | 2,001 | 337,168 | ||||||
1,005,052 | ||||||||
Oil, Gas and Consumable Fuels — 0.1% | ||||||||
Epsilon Energy Ltd. | 350 | 2,012 | ||||||
Evolution Petroleum Corp. | 966 | 6,289 | ||||||
NACCO Industries, Inc., Class A | 71 | 2,655 | ||||||
Sitio Royalties Corp., Class A | 157 | 3,691 | ||||||
Teekay Tankers Ltd., Class A(1) | 277 | 12,506 | ||||||
Texas Pacific Land Corp. | 72 | 128,174 | ||||||
155,327 | ||||||||
Paper and Forest Products — 0.1% | ||||||||
Clearwater Paper Corp.(1) | 276 | 10,651 | ||||||
Glatfelter Corp. | 552 | 2,119 | ||||||
Louisiana-Pacific Corp. | 1,384 | 80,978 | ||||||
Mercer International, Inc. | 828 | 8,926 | ||||||
102,674 | ||||||||
Personal Products — 0.2% | ||||||||
Edgewell Personal Care Co. | 207 | 8,839 | ||||||
Estee Lauder Cos., Inc., Class A | 759 | 184,475 | ||||||
Herbalife Nutrition Ltd.(1) | 222 | 4,295 | ||||||
Nu Skin Enterprises, Inc., Class A | 420 | 16,733 | ||||||
214,342 | ||||||||
Pharmaceuticals — 4.5% | ||||||||
Arvinas, Inc.(1) | 623 | 19,095 | ||||||
Assertio Holdings, Inc.(1)(2) | 1,175 | 6,498 | ||||||
Bristol-Myers Squibb Co. | 10,352 | 713,874 | ||||||
Catalent, Inc.(1) | 276 | 18,829 | ||||||
Corcept Therapeutics, Inc.(1) | 474 | 9,873 | ||||||
DICE Therapeutics, Inc.(1) | 368 | 10,981 | ||||||
Elanco Animal Health, Inc.(1) | 1,173 | 13,454 | ||||||
Eli Lilly & Co. | 210 | 65,356 | ||||||
Harrow Health, Inc.(1) | 612 | 10,967 | ||||||
Innoviva, Inc.(1) | 971 | 11,720 | ||||||
Jazz Pharmaceuticals PLC(1) | 656 | 92,102 | ||||||
Johnson & Johnson | 7,176 | 1,099,794 | ||||||
Ligand Pharmaceuticals, Inc.(1) | 160 | 11,542 |
25
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Merck & Co., Inc. | 9,729 | $ | 1,033,609 | |||||
Organon & Co. | 556 | 13,617 | ||||||
Pfizer, Inc. | 21,397 | 868,076 | ||||||
Pliant Therapeutics, Inc.(1) | 40 | 1,274 | ||||||
ProPhase Labs, Inc.(2) | 208 | 1,521 | ||||||
Royalty Pharma PLC, Class A | 1,380 | 49,473 | ||||||
Supernus Pharmaceuticals, Inc.(1) | 521 | 19,584 | ||||||
Theravance Biopharma, Inc.(1) | 626 | 6,761 | ||||||
Ventyx Biosciences, Inc.(1) | 183 | 7,915 | ||||||
Viatris, Inc. | 15,732 | 179,345 | ||||||
Zoetis, Inc. | 1,311 | 218,937 | ||||||
4,484,197 | ||||||||
Professional Services — 0.8% | ||||||||
ASGN, Inc.(1) | 138 | 12,254 | ||||||
Barrett Business Services, Inc. | 37 | 3,551 | ||||||
Booz Allen Hamilton Holding Corp. | 483 | 45,754 | ||||||
CACI International, Inc., Class A(1) | 3 | 879 | ||||||
CBIZ, Inc.(1) | 734 | 36,766 | ||||||
Clarivate PLC(1) | 1,492 | 15,114 | ||||||
CoStar Group, Inc.(1) | 621 | 43,880 | ||||||
CRA International, Inc. | 138 | 17,177 | ||||||
Dun & Bradstreet Holdings, Inc. | 483 | 5,801 | ||||||
Equifax, Inc. | 207 | 41,924 | ||||||
Exponent, Inc. | 161 | 16,567 | ||||||
Franklin Covey Co.(1) | 207 | 9,702 | ||||||
FTI Consulting, Inc.(1) | 69 | 12,676 | ||||||
Heidrick & Struggles International, Inc. | 414 | 14,213 | ||||||
Insperity, Inc. | 511 | 63,410 | ||||||
Jacobs Solutions, Inc. | 138 | 16,491 | ||||||
KBR, Inc. | 277 | 15,265 | ||||||
Kelly Services, Inc., Class A | 414 | 6,926 | ||||||
Kforce, Inc. | 414 | 25,871 | ||||||
Korn Ferry | 631 | 35,266 | ||||||
Leidos Holdings, Inc. | 138 | 13,396 | ||||||
ManpowerGroup, Inc. | 552 | 46,854 | ||||||
NV5 Global, Inc.(1) | 71 | 7,471 | ||||||
Planet Labs PBC(1)(2) | 2,218 | 10,225 | ||||||
RCM Technologies, Inc.(1) | 11 | 159 | ||||||
Resources Connection, Inc. | 208 | 3,756 | ||||||
Robert Half International, Inc. | 1,587 | 127,944 | ||||||
Science Applications International Corp. | 138 | 14,716 | ||||||
TransUnion | 276 | 18,059 | ||||||
TriNet Group, Inc.(1) | 552 | 45,744 | ||||||
TrueBlue, Inc.(1) | 621 | 11,613 | ||||||
Verisk Analytics, Inc. | 345 | 59,033 | ||||||
798,457 | ||||||||
Real Estate Management and Development — 0.4% | ||||||||
Anywhere Real Estate, Inc.(1) | 483 | 2,797 | ||||||
CBRE Group, Inc., Class A(1) | 1,338 | 113,917 | ||||||
Cushman & Wakefield PLC(1) | 897 | 11,607 | ||||||
Forestar Group, Inc.(1) | 414 | 5,908 |
26
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
FRP Holdings, Inc.(1) | 33 | $ | 1,803 | |||||
Howard Hughes Corp.(1) | 345 | 28,676 | ||||||
Jones Lang LaSalle, Inc.(1) | 436 | 76,065 | ||||||
Kennedy-Wilson Holdings, Inc. | 1,526 | 25,499 | ||||||
Marcus & Millichap, Inc. | 552 | 18,972 | ||||||
Opendoor Technologies, Inc.(1) | 2,187 | 3,149 | ||||||
RE/MAX Holdings, Inc., Class A | 345 | 6,379 | ||||||
RMR Group, Inc., Class A | 147 | 4,137 | ||||||
Tejon Ranch Co.(1) | 208 | 3,996 | ||||||
Zillow Group, Inc., Class A(1) | 239 | 9,883 | ||||||
Zillow Group, Inc., Class C(1) | 1,702 | 71,484 | ||||||
384,272 | ||||||||
Road and Rail — 2.5% | ||||||||
ArcBest Corp. | 483 | 46,465 | ||||||
Covenant Logistics Group, Inc. | 148 | 5,128 | ||||||
CSX Corp. | 13,424 | 409,298 | ||||||
Daseke, Inc.(1) | 621 | 5,061 | ||||||
Heartland Express, Inc. | 552 | 8,904 | ||||||
JB Hunt Transport Services, Inc. | 966 | 174,643 | ||||||
Knight-Swift Transportation Holdings, Inc. | 1,104 | 62,752 | ||||||
Landstar System, Inc. | 552 | 99,796 | ||||||
Marten Transport Ltd. | 985 | 21,739 | ||||||
Norfolk Southern Corp. | 1,460 | 328,237 | ||||||
Old Dominion Freight Line, Inc. | 839 | 284,639 | ||||||
RXO, Inc.(1) | 967 | 19,891 | ||||||
Ryder System, Inc. | 897 | 87,825 | ||||||
Saia, Inc.(1) | 345 | 93,450 | ||||||
Schneider National, Inc., Class B | 966 | 27,106 | ||||||
Uber Technologies, Inc.(1) | 2,139 | 71,143 | ||||||
U-Haul Holding Co.(2) | 72 | 4,623 | ||||||
U-Haul Holding Co., Non-Voting Shares | 752 | 41,834 | ||||||
Union Pacific Corp. | 3,174 | 657,907 | ||||||
Werner Enterprises, Inc. | 828 | 38,461 | ||||||
XPO, Inc.(1) | 520 | 17,347 | ||||||
2,506,249 | ||||||||
Semiconductors and Semiconductor Equipment — 6.4% | ||||||||
Advanced Micro Devices, Inc.(1) | 5,244 | 412,074 | ||||||
Allegro MicroSystems, Inc.(1) | 345 | 15,070 | ||||||
Amkor Technology, Inc. | 899 | 23,158 | ||||||
Analog Devices, Inc. | 828 | 151,913 | ||||||
Applied Materials, Inc. | 4,485 | 520,933 | ||||||
Axcelis Technologies, Inc.(1) | 483 | 62,085 | ||||||
Broadcom, Inc. | 690 | 410,060 | ||||||
CEVA, Inc.(1) | 79 | 2,493 | ||||||
Cirrus Logic, Inc.(1) | 490 | 50,348 | ||||||
Cohu, Inc.(1) | 421 | 15,661 | ||||||
Enphase Energy, Inc.(1) | 485 | 102,107 | ||||||
Entegris, Inc. | 552 | 47,047 | ||||||
First Solar, Inc.(1) | 345 | 58,353 | ||||||
FormFactor, Inc.(1) | 483 | 14,538 | ||||||
GLOBALFOUNDRIES, Inc.(1)(2) | 309 | 20,190 |
27
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Intel Corp. | 12,420 | $ | 309,631 | |||||
KLA Corp. | 897 | 340,304 | ||||||
Kulicke & Soffa Industries, Inc. | 816 | 43,493 | ||||||
Lam Research Corp. | 832 | 404,360 | ||||||
Lattice Semiconductor Corp.(1) | 276 | 23,449 | ||||||
Marvell Technology, Inc. | 1,242 | 56,076 | ||||||
MaxLinear, Inc.(1) | 982 | 33,594 | ||||||
Microchip Technology, Inc. | 1,104 | 89,457 | ||||||
Micron Technology, Inc. | 7,176 | 414,916 | ||||||
MKS Instruments, Inc. | 483 | 46,817 | ||||||
Monolithic Power Systems, Inc. | 69 | 33,416 | ||||||
NVIDIA Corp. | 3,105 | 720,857 | ||||||
NXP Semiconductors NV | 621 | 110,836 | ||||||
ON Semiconductor Corp.(1) | 4,102 | 317,536 | ||||||
Onto Innovation, Inc.(1) | 345 | 28,452 | ||||||
PDF Solutions, Inc.(1) | 276 | 10,334 | ||||||
Photronics, Inc.(1) | 1,115 | 19,646 | ||||||
Qorvo, Inc.(1) | 345 | 34,807 | ||||||
QUALCOMM, Inc. | 3,864 | 477,320 | ||||||
Rambus, Inc.(1) | 621 | 27,467 | ||||||
Semtech Corp.(1) | 207 | 6,378 | ||||||
Skyworks Solutions, Inc. | 559 | 62,368 | ||||||
SolarEdge Technologies, Inc.(1) | 138 | 43,873 | ||||||
Synaptics, Inc.(1) | 314 | 36,930 | ||||||
Teradyne, Inc. | 1,656 | 167,488 | ||||||
Texas Instruments, Inc. | 3,383 | 580,015 | ||||||
Ultra Clean Holdings, Inc.(1) | 719 | 22,907 | ||||||
Universal Display Corp. | 138 | 18,747 | ||||||
Veeco Instruments, Inc.(1) | 345 | 7,338 | ||||||
Wolfspeed, Inc.(1) | 483 | 35,732 | ||||||
6,430,574 | ||||||||
Software — 6.3% | ||||||||
A10 Networks, Inc. | 767 | 11,674 | ||||||
ACI Worldwide, Inc.(1) | 276 | 7,135 | ||||||
Adeia, Inc. | 390 | 3,845 | ||||||
Adobe, Inc.(1) | 483 | 156,468 | ||||||
Altair Engineering, Inc., Class A(1) | 1 | 64 | ||||||
ANSYS, Inc.(1) | 69 | 20,949 | ||||||
Autodesk, Inc.(1) | 483 | 95,967 | ||||||
Bentley Systems, Inc., Class B | 345 | 13,959 | ||||||
Bill.com Holdings, Inc.(1) | 138 | 11,679 | ||||||
Black Knight, Inc.(1) | 138 | 8,225 | ||||||
Box, Inc., Class A(1) | 414 | 13,807 | ||||||
C3.ai, Inc., Class A(1)(2) | 414 | 9,348 | ||||||
Cadence Design Systems, Inc.(1) | 695 | 134,093 | ||||||
CommVault Systems, Inc.(1) | 138 | 8,125 | ||||||
Consensus Cloud Solutions, Inc.(1) | 138 | 5,664 | ||||||
CoreCard Corp.(1)(2) | 87 | 2,894 | ||||||
Crowdstrike Holdings, Inc., Class A(1) | 345 | 41,638 | ||||||
Datadog, Inc., Class A(1) | 276 | 21,120 | ||||||
Digital Turbine, Inc.(1) | 225 | 2,417 |
28
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
DocuSign, Inc.(1) | 621 | $ | 38,098 | |||||
Dolby Laboratories, Inc., Class A | 276 | 22,709 | ||||||
Dropbox, Inc., Class A(1) | 499 | 10,180 | ||||||
Duck Creek Technologies, Inc.(1) | 345 | 6,534 | ||||||
Dynatrace, Inc.(1) | 207 | 8,804 | ||||||
Elastic NV(1) | 138 | 8,145 | ||||||
Envestnet, Inc.(1) | 138 | 8,626 | ||||||
Fair Isaac Corp.(1) | 69 | 46,740 | ||||||
Fortinet, Inc.(1) | 2,787 | 165,659 | ||||||
Gen Digital, Inc. | 1,173 | 22,885 | ||||||
Guidewire Software, Inc.(1) | 216 | 15,165 | ||||||
HubSpot, Inc.(1) | 5 | 1,934 | ||||||
InterDigital, Inc. | 414 | 30,218 | ||||||
Intuit, Inc. | 276 | 112,382 | ||||||
JFrog Ltd.(1) | 36 | 828 | ||||||
LiveRamp Holdings, Inc.(1) | 207 | 4,891 | ||||||
Manhattan Associates, Inc.(1) | 276 | 39,675 | ||||||
Marathon Digital Holdings, Inc.(1)(2) | 570 | 4,047 | ||||||
Microsoft Corp. | 16,284 | 4,061,555 | ||||||
NCR Corp.(1) | 690 | 17,616 | ||||||
Nutanix, Inc., Class A(1) | 345 | 9,746 | ||||||
Olo, Inc., Class A(1) | 2 | 16 | ||||||
Oracle Corp. | 1,558 | 136,169 | ||||||
Palantir Technologies, Inc., Class A(1) | 1,587 | 12,442 | ||||||
Palo Alto Networks, Inc.(1) | 1,242 | 233,956 | ||||||
Paycom Software, Inc.(1) | 138 | 39,890 | ||||||
Paylocity Holding Corp.(1) | 72 | 13,868 | ||||||
Progress Software Corp. | 207 | 11,890 | ||||||
PROS Holdings, Inc.(1) | 76 | 1,983 | ||||||
PTC, Inc.(1) | 138 | 17,296 | ||||||
Qualys, Inc.(1) | 276 | 32,609 | ||||||
Rapid7, Inc.(1) | 139 | 6,575 | ||||||
RingCentral, Inc., Class A(1) | 69 | 2,280 | ||||||
Roper Technologies, Inc. | 74 | 31,835 | ||||||
Salesforce, Inc.(1) | 621 | 101,602 | ||||||
ServiceNow, Inc.(1) | 276 | 119,279 | ||||||
Smartsheet, Inc., Class A(1) | 81 | 3,566 | ||||||
Splunk, Inc.(1) | 69 | 7,072 | ||||||
SPS Commerce, Inc.(1) | 138 | 20,788 | ||||||
Synopsys, Inc.(1) | 213 | 77,481 | ||||||
Tenable Holdings, Inc.(1) | 138 | 6,104 | ||||||
Teradata Corp.(1) | 490 | 19,972 | ||||||
Tyler Technologies, Inc.(1) | 69 | 22,166 | ||||||
Unity Software, Inc.(1) | 138 | 4,201 | ||||||
Varonis Systems, Inc.(1) | 188 | 5,091 | ||||||
VMware, Inc., Class A(1) | 414 | 45,594 | ||||||
Workday, Inc., Class A(1) | 207 | 38,392 | ||||||
Workiva, Inc.(1) | 27 | 2,408 | ||||||
Xperi, Inc.(1) | 262 | 3,063 | ||||||
Zoom Video Communications, Inc., Class A(1) | 345 | 25,734 | ||||||
Zscaler, Inc.(1) | 69 | 9,049 | ||||||
6,257,879 |
29
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Specialty Retail — 4.0% | ||||||||
Aaron's Co., Inc. | 345 | $ | 4,951 | |||||
Abercrombie & Fitch Co., Class A(1) | 1,104 | 32,469 | ||||||
Advance Auto Parts, Inc. | 828 | 120,027 | ||||||
American Eagle Outfitters, Inc. | 2,001 | 28,754 | ||||||
Asbury Automotive Group, Inc.(1) | 150 | 34,065 | ||||||
AutoNation, Inc.(1) | 759 | 103,611 | ||||||
AutoZone, Inc.(1) | 43 | 106,921 | ||||||
Bath & Body Works, Inc. | 483 | 19,740 | ||||||
Best Buy Co., Inc. | 2,208 | 183,507 | ||||||
Big 5 Sporting Goods Corp. | 483 | 4,265 | ||||||
Boot Barn Holdings, Inc.(1) | 171 | 13,244 | ||||||
Buckle, Inc. | 552 | 22,516 | ||||||
Build-A-Bear Workshop, Inc.(1) | 483 | 10,119 | ||||||
Burlington Stores, Inc.(1) | 533 | 114,195 | ||||||
Caleres, Inc. | 759 | 19,817 | ||||||
Camping World Holdings, Inc., Class A | 28 | 639 | ||||||
CarMax, Inc.(1) | 345 | 23,819 | ||||||
Cato Corp., Class A | 414 | 3,830 | ||||||
Chico's FAS, Inc.(1) | 2,346 | 13,489 | ||||||
Children's Place, Inc.(1) | 207 | 8,667 | ||||||
Conn's, Inc.(1) | 414 | 3,548 | ||||||
Dick's Sporting Goods, Inc. | 621 | 79,879 | ||||||
Five Below, Inc.(1) | 483 | 98,677 | ||||||
Floor & Decor Holdings, Inc., Class A(1) | 414 | 38,009 | ||||||
Foot Locker, Inc. | 1,311 | 57,317 | ||||||
GameStop Corp., Class A(1)(2) | 552 | 10,615 | ||||||
Gap, Inc. | 2,691 | 35,010 | ||||||
Genesco, Inc.(1) | 276 | 12,412 | ||||||
Group 1 Automotive, Inc. | 276 | 61,015 | ||||||
Guess?, Inc. | 759 | 15,969 | ||||||
Haverty Furniture Cos., Inc. | 276 | 10,416 | ||||||
Hibbett, Inc. | 207 | 14,890 | ||||||
Home Depot, Inc. | 1,386 | 411,004 | ||||||
Leslie's, Inc.(1) | 414 | 5,221 | ||||||
Lithia Motors, Inc. | 414 | 105,645 | ||||||
Lowe's Cos., Inc. | 828 | 170,361 | ||||||
MarineMax, Inc.(1) | 414 | 13,902 | ||||||
National Vision Holdings, Inc.(1) | 207 | 7,734 | ||||||
ODP Corp.(1) | 673 | 30,473 | ||||||
O'Reilly Automotive, Inc.(1) | 138 | 114,554 | ||||||
Penske Automotive Group, Inc. | 414 | 59,678 | ||||||
RH(1) | 138 | 41,266 | ||||||
Ross Stores, Inc. | 2,591 | 286,409 | ||||||
Sally Beauty Holdings, Inc.(1) | 759 | 12,212 | ||||||
Shoe Carnival, Inc. | 276 | 7,273 | ||||||
Signet Jewelers Ltd. | 966 | 69,185 | ||||||
Sleep Number Corp.(1) | 138 | 5,501 | ||||||
Sonic Automotive, Inc., Class A | 345 | 19,627 | ||||||
Tilly's, Inc., Class A(1) | 759 | 6,588 | ||||||
TJX Cos., Inc. | 6,624 | 507,398 |
30
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Tractor Supply Co. | 1,173 | $ | 273,614 | |||||
Ulta Beauty, Inc.(1) | 621 | 322,175 | ||||||
Upbound Group, Inc. | 483 | 12,969 | ||||||
Urban Outfitters, Inc.(1) | 759 | 20,455 | ||||||
Victoria's Secret & Co.(1) | 1,518 | 60,174 | ||||||
Williams-Sonoma, Inc. | 759 | 94,814 | ||||||
Zumiez, Inc.(1) | 345 | 8,025 | ||||||
3,972,659 | ||||||||
Technology Hardware, Storage and Peripherals — 5.3% | ||||||||
Apple, Inc. | 32,913 | 4,851,705 | ||||||
Avid Technology, Inc.(1) | 276 | 8,021 | ||||||
Dell Technologies, Inc., Class C | 966 | 39,258 | ||||||
Eastman Kodak Co.(1) | 147 | 509 | ||||||
Hewlett Packard Enterprise Co. | 4,416 | 68,934 | ||||||
HP, Inc. | 2,070 | 61,106 | ||||||
Immersion Corp. | 569 | 4,353 | ||||||
NetApp, Inc. | 1,104 | 71,263 | ||||||
Pure Storage, Inc., Class A(1) | 552 | 15,754 | ||||||
Seagate Technology Holdings PLC | 803 | 51,842 | ||||||
Super Micro Computer, Inc.(1) | 416 | 40,755 | ||||||
Western Digital Corp.(1) | 1,242 | 47,792 | ||||||
Xerox Holdings Corp. | 828 | 13,654 | ||||||
5,274,946 | ||||||||
Textiles, Apparel and Luxury Goods — 1.5% | ||||||||
Capri Holdings Ltd.(1) | 2,346 | 116,291 | ||||||
Carter's, Inc. | 621 | 46,817 | ||||||
Columbia Sportswear Co. | 414 | 36,101 | ||||||
Crocs, Inc.(1) | 414 | 50,388 | ||||||
Deckers Outdoor Corp.(1) | 138 | 57,456 | ||||||
Fossil Group, Inc.(1) | 828 | 3,585 | ||||||
G-III Apparel Group Ltd.(1) | 552 | 9,172 | ||||||
Hanesbrands, Inc. | 1,863 | 10,582 | ||||||
Kontoor Brands, Inc. | 483 | 25,188 | ||||||
Levi Strauss & Co., Class A | 966 | 17,330 | ||||||
lululemon athletica, Inc.(1) | 715 | 221,078 | ||||||
Movado Group, Inc. | 276 | 9,555 | ||||||
NIKE, Inc., Class B | 3,588 | 426,219 | ||||||
Oxford Industries, Inc. | 345 | 40,576 | ||||||
PVH Corp. | 621 | 49,829 | ||||||
Ralph Lauren Corp. | 621 | 73,396 | ||||||
Skechers USA, Inc., Class A(1) | 828 | 36,854 | ||||||
Steven Madden Ltd. | 897 | 32,561 | ||||||
Tapestry, Inc. | 3,795 | 165,121 | ||||||
Under Armour, Inc., Class A(1) | 1,173 | 11,648 | ||||||
Under Armour, Inc., Class C(1) | 1,380 | 12,144 | ||||||
VF Corp. | 1,587 | 39,389 | ||||||
1,491,280 | ||||||||
Thrifts and Mortgage Finance — 0.5% | ||||||||
Columbia Financial, Inc.(1) | 345 | 7,279 | ||||||
Enact Holdings, Inc. | 345 | 8,366 | ||||||
Essent Group Ltd. | 1,449 | 62,235 |
31
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
Federal Agricultural Mortgage Corp., Class C | 138 | $ | 19,577 | |||||
FS Bancorp, Inc. | 276 | 9,917 | ||||||
Merchants Bancorp | 276 | 8,349 | ||||||
MGIC Investment Corp. | 4,209 | 57,916 | ||||||
New York Community Bancorp, Inc. | 8,222 | 73,011 | ||||||
NMI Holdings, Inc., Class A(1) | 1,449 | 33,820 | ||||||
Northfield Bancorp, Inc. | 552 | 8,120 | ||||||
OP Bancorp | 552 | 6,221 | ||||||
PennyMac Financial Services, Inc. | 552 | 33,379 | ||||||
Provident Financial Services, Inc. | 828 | 19,334 | ||||||
Radian Group, Inc. | 2,415 | 51,560 | ||||||
Rocket Cos., Inc., Class A | 690 | 5,423 | ||||||
Southern Missouri Bancorp, Inc. | 138 | 6,387 | ||||||
TFS Financial Corp. | 483 | 6,999 | ||||||
TrustCo Bank Corp. NY | 276 | 10,339 | ||||||
Walker & Dunlop, Inc. | 621 | 54,170 | ||||||
482,402 | ||||||||
Trading Companies and Distributors — 1.4% | ||||||||
Air Lease Corp. | 1,587 | 68,685 | ||||||
Applied Industrial Technologies, Inc. | 276 | 39,429 | ||||||
Beacon Roofing Supply, Inc.(1) | 138 | 8,970 | ||||||
Boise Cascade Co. | 897 | 61,992 | ||||||
Fastenal Co. | 2,622 | 135,190 | ||||||
GATX Corp. | 552 | 60,218 | ||||||
GMS, Inc.(1) | 671 | 40,737 | ||||||
H&E Equipment Services, Inc. | 690 | 38,295 | ||||||
Herc Holdings, Inc. | 483 | 69,354 | ||||||
Hudson Technologies, Inc.(1) | 694 | 7,030 | ||||||
McGrath RentCorp | 345 | 35,480 | ||||||
MSC Industrial Direct Co., Inc., Class A | 345 | 29,160 | ||||||
Rush Enterprises, Inc., Class A | 552 | 31,287 | ||||||
Rush Enterprises, Inc., Class B | 207 | 12,416 | ||||||
SiteOne Landscape Supply, Inc.(1) | 138 | 20,471 | ||||||
Titan Machinery, Inc.(1) | 414 | 18,957 | ||||||
Triton International Ltd. | 1,311 | 90,380 | ||||||
United Rentals, Inc. | 476 | 223,020 | ||||||
Univar Solutions, Inc.(1) | 276 | 9,591 | ||||||
Veritiv Corp. | 280 | 42,403 | ||||||
Watsco, Inc. | 138 | 42,050 | ||||||
WESCO International, Inc.(1) | 207 | 34,275 | ||||||
WW Grainger, Inc. | 419 | 280,072 | ||||||
1,399,462 | ||||||||
Water Utilities — 0.1% | ||||||||
American States Water Co. | 170 | 15,181 | ||||||
American Water Works Co., Inc. | 430 | 60,364 | ||||||
California Water Service Group | 47 | 2,690 | ||||||
Consolidated Water Co. Ltd. | 100 | 1,533 | ||||||
79,768 | ||||||||
Wireless Telecommunication Services — 0.4% | ||||||||
Gogo, Inc.(1) | 148 | 2,436 | ||||||
T-Mobile U.S., Inc.(1) | 2,967 | 421,848 |
32
Avantis Responsible U.S. Equity ETF | ||||||||
Shares | Value | |||||||
United States Cellular Corp.(1) | 276 | $ | 6,660 | |||||
430,944 | ||||||||
TOTAL COMMON STOCKS (Cost $95,945,273) | 99,682,718 | |||||||
SHORT-TERM INVESTMENTS — 0.2% | ||||||||
Money Market Funds — 0.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 91,560 | 91,560 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 90,935 | 90,935 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $182,495) | 182,495 | |||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $96,127,768) | 99,865,213 | |||||||
OTHER ASSETS AND LIABILITIES† | 40,733 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 99,905,946 |
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 $98,394. 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 $100,734, which includes securities collateral of $9,799.
See Notes to Financial Statements.
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Statement of Assets and Liabilities |
FEBRUARY 28, 2023 (UNAUDITED) | |||||
Avantis Responsible U.S. Equity ETF | |||||
Assets | |||||
Investment securities, at value (cost of $96,036,833) — including $98,394 of securities on loan | $ | 99,774,278 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $90,935) | 90,935 | ||||
Total investment securities, at value (cost of $96,127,768) | 99,865,213 | ||||
Dividends and interest receivable | 142,494 | ||||
Securities lending receivable | 838 | ||||
100,008,545 | |||||
Liabilities | |||||
Payable for collateral received for securities on loan | 90,935 | ||||
Accrued management fees | 11,664 | ||||
102,599 | |||||
Net Assets | $ | 99,905,946 | |||
Shares outstanding (unlimited number of shares authorized) | 2,070,000 | ||||
Net Asset Value Per Share | $ | 48.26 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 95,690,317 | |||
Distributable earnings (loss) | 4,215,629 | ||||
$ | 99,905,946 |
See Notes to Financial Statements.
34
Statement of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | |||||
Avantis Responsible U.S. Equity ETF | |||||
Investment Income (Loss) | |||||
Income: | |||||
Dividends (net of foreign taxes withheld of $355) | $ | 645,316 | |||
Interest | 2,062 | ||||
Securities lending, net | 1,834 | ||||
649,212 | |||||
Expenses: | |||||
Management fees | 55,067 | ||||
Net investment income (loss) | 594,145 | ||||
Realized and Unrealized Gain (Loss) | |||||
Net realized gain (loss) on investment transactions | 250,204 | ||||
Change in net unrealized appreciation (depreciation) on investments | 5,238,284 | ||||
Net realized and unrealized gain (loss) | 5,488,488 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 6,082,633 |
See Notes to Financial Statements.
35
Statement of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2022 | ||||||||
Avantis Responsible U.S. Equity ETF | ||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022(1) | ||||||
Operations | ||||||||
Net investment income (loss) | $ | 594,145 | $ | 124,386 | ||||
Net realized gain (loss) | 250,204 | 90,157 | ||||||
Change in net unrealized appreciation (depreciation) | 5,238,284 | (1,500,839) | ||||||
Net increase (decrease) in net assets resulting from operations | 6,082,633 | (1,286,296) | ||||||
Distributions to Shareholders | ||||||||
From earnings | (426,600) | (47,718) | ||||||
Capital Share Transactions | ||||||||
Proceeds from shares sold | 66,187,317 | 39,104,076 | ||||||
Payments for shares redeemed | (4,093,194) | (5,614,272) | ||||||
Net increase (decrease) in net assets from capital share transactions | 62,094,123 | 33,489,804 | ||||||
Net increase (decrease) in net assets | 67,750,156 | 32,155,790 | ||||||
Net Assets | ||||||||
Beginning of period | 32,155,790 | — | ||||||
End of period | $ | 99,905,946 | $ | 32,155,790 | ||||
Transactions in Shares of the Fund | ||||||||
Sold | 1,470,000 | 810,000 | ||||||
Redeemed | (90,000) | (120,000) | ||||||
Net increase (decrease) in shares of the fund | 1,380,000 | 690,000 |
(1)March 15, 2022 (fund inception) through August 31, 2022.
See Notes to Financial Statements.
36
Notes to Financial Statements |
FEBRUARY 28, 2023 (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 Responsible U.S. Equity ETF (the fund) is one fund in a series issued by the trust. The fund's investment objective is to seek long-term capital appreciation. Shares of the fund are listed for trading on the NYSE Arca, Inc. The fund incepted on March 15, 2022.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
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 valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.
37
Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.
Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements. The fund may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.
Income Tax Status — It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2023.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Fund / Securities Lending Transactions(1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||
Avantis Responsible U.S. Equity ETF | |||||||||||||||||
Common Stocks | $ | 90,935 | — | — | — | $ | 90,935 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 90,935 |
(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.
38
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The annual management fee is 0.15%.
Interfund Transactions — The fund 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, 2023 were $2,270,988 and $1,771,938, respectively.
Securities received or delivered in kind through subscriptions and redemptions for the period ended February 28, 2023 were $64,348,704 and $2,739,159, respectively. The fund incurred net realized gains of $336,506 from in kind transactions. Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
5. Capital Share Transactions
The fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund issues and redeems shares at its NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statement of Changes in Net Assets.
6. Fair Value Measurements
The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the fund's investment securities were classified as Level 1. The Schedule of Investments provides additional information on the fund's portfolio holdings.
39
7. Risk Factors
The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
8. Federal Tax Information
The 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 Responsible U.S. Equity ETF | |||||
Federal tax cost of investments | $ | 96,127,899 | |||
Gross tax appreciation of investments | $ | 6,595,029 | |||
Gross tax depreciation of investments | (2,857,715) | ||||
Net tax appreciation (depreciation) of investments | $ | 3,737,314 |
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, 2022, the fund had accumulated short-term capital losses of $(16,162), 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.
40
Financial Highlights |
For a Share Outstanding Throughout the Periods Indicated | |||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||
Avantis Responsible U.S. Equity ETF | |||||||||||||||||||||||||||||||||||
2023(4) | $46.60 | 0.38 | 1.59 | 1.97 | (0.31) | $48.26 | 4.26% | 0.15%(5) | 1.62%(5) | 2% | $99,906 | ||||||||||||||||||||||||
2022(6) | $50.45 | 0.36 | (4.07) | (3.71) | (0.14) | $46.60 | (7.32)% | 0.15%(5) | 1.61%(5) | 3% | $32,156 |
Notes to Financial Highlights |
(1)Computed using average shares outstanding throughout the period.
(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.
(3)Excludes securities received or delivered in kind.
(4)Six months ended February 28, 2023 (unaudited).
(5)Annualized.
(6)March 15, 2022 (fund inception) through August 31, 2022.
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 at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC’s website at sec.gov.
42
Notes |
43
Notes |
44
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. | ||||||||
©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-97862 2304 |
Semiannual Report | |||||
February 28, 2023 | |||||
Avantis® Responsible Emerging Markets Equity ETF (AVSE) | |||||
Avantis® Responsible International Equity ETF (AVSD) |
Table of Contents |
Chairman’s Letter | |||||
Avantis Responsible Emerging Markets Equity ETF | |||||
Fund Characteristics | |||||
Avantis Responsible International Equity ETF | |||||
Fund Characteristics | |||||
Shareholder Fee Examples | |||||
Schedules of Investments | |||||
Statements of Assets and Liabilities | |||||
Statements of Operations | |||||
Statements of Changes in Net Assets | |||||
Notes to Financial Statements | |||||
Financial Highlights | |||||
Additional Information |
Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.
Chairman's Letter |
Jonathan Thomas
Dear Investor:
Thank you for reviewing this semiannual report for the period ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.
Stocks and Bonds Delivered Mixed Results as Volatility Reigned
Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.
The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.
In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.
For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis Responsible Emerging Markets Equity ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Rights | —* | ||||
Warrants | —* | ||||
Short-Term Investments | 0.6% | ||||
Other Assets and Liabilities | (0.3)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
China | 29.1% | ||||
Taiwan | 17.5% | ||||
India | 15.5% | ||||
South Korea | 13.4% | ||||
Brazil | 5.8% |
3
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis Responsible International Equity ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.7% | ||||
Rights | —* | ||||
Warrants | —* | ||||
Short-Term Investments | 1.8% | ||||
Other Assets and Liabilities | (1.5)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
Japan | 20.2% | ||||
United Kingdom | 13.6% | ||||
Canada | 10.5% | ||||
France | 9.9% | ||||
Switzerland | 8.0% |
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, 2022 to February 28, 2023.
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 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid During Period(1) 9/1/22 - 2/28/23 | Annualized Expense Ratio(1) | |||||||||||
Avantis Responsible Emerging Markets Equity ETF | ||||||||||||||
Actual | $1,000 | $1,014.30 | $1.70 | 0.34% | ||||||||||
Hypothetical | $1,000 | $1,023.11 | $1.71 | 0.34% | ||||||||||
Avantis Responsible International Equity ETF | ||||||||||||||
Actual | $1,000 | $1,118.20 | $1.21 | 0.23% | ||||||||||
Hypothetical | $1,000 | $1,023.65 | $1.15 | 0.23% |
(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, 2023 (UNAUDITED)
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Brazil — 5.8% | ||||||||
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA | 1,900 | $ | 483 | |||||
AES Brasil Energia SA | 5,900 | 11,179 | ||||||
Aliansce Sonae Shopping Centers SA | 13,304 | 43,251 | ||||||
Alpargatas SA, Preference Shares(1) | 1,200 | 2,175 | ||||||
Alupar Investimento SA | 300 | 1,555 | ||||||
Ambev SA, ADR | 20,819 | 53,088 | ||||||
Americanas SA(1) | 9,200 | 1,757 | ||||||
Anima Holding SA(1) | 500 | 307 | ||||||
Arezzo Industria e Comercio SA | 400 | 5,703 | ||||||
Armac Locacao Logistica E Servicos SA | 100 | 257 | ||||||
Atacadao SA | 5,800 | 14,923 | ||||||
Auren Energia SA | 3,400 | 9,605 | ||||||
B3 SA - Brasil Bolsa Balcao | 18,700 | 37,825 | ||||||
Banco ABC Brasil SA, Preference Shares | 5,300 | 18,273 | ||||||
Banco BMG SA, Preference Shares | 11,600 | 4,586 | ||||||
Banco Bradesco SA | 8,170 | 18,211 | ||||||
Banco Bradesco SA, ADR | 30,764 | 77,833 | ||||||
Banco BTG Pactual SA | 11,200 | 43,106 | ||||||
Banco do Brasil SA | 13,000 | 100,242 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B Preference Shares | 5,400 | 10,283 | ||||||
Banco Modal SA | 5,100 | 1,685 | ||||||
Banco Pan SA, Preference Shares | 6,100 | 5,977 | ||||||
Banco Santander Brasil SA, ADR | 2,749 | 15,010 | ||||||
BB Seguridade Participacoes SA | 5,900 | 38,541 | ||||||
Bemobi Mobile Tech SA | 2,600 | 7,002 | ||||||
Blau Farmaceutica SA | 500 | 2,721 | ||||||
Boa Vista Servicos SA | 10,300 | 14,834 | ||||||
BR Properties SA | 123 | 5,590 | ||||||
BRF SA, ADR(1) | 7,883 | 9,302 | ||||||
C&A MODAS SA(1) | 1,800 | 701 | ||||||
CCR SA | 19,000 | 39,956 | ||||||
Centrais Eletricas Brasileiras SA, ADR | 4,729 | 31,070 | ||||||
Centrais Eletricas Brasileiras SA, Class B Preference Shares | 1,000 | 6,849 | ||||||
Cia Brasileira de Aluminio | 4,600 | 9,138 | ||||||
Cia Brasileira de Distribuicao, ADR(2) | 3,816 | 11,372 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo, ADR | 4,732 | 47,083 | ||||||
Cia de Saneamento de Minas Gerais-COPASA | 7,200 | 19,707 | ||||||
Cia de Saneamento do Parana | 4,300 | 13,954 | ||||||
Cia de Saneamento do Parana, Preference Shares | 32,600 | 21,296 | ||||||
Cia de Transmissao de Energia Eletrica Paulista, Preference Shares | 2,600 | 10,836 | ||||||
Cia Energetica de Minas Gerais, ADR | 8,013 | 15,625 | ||||||
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares | 1,900 | 20,824 | ||||||
Cia Paranaense de Energia | 3,600 | 4,311 | ||||||
Cia Paranaense de Energia, ADR | 4,894 | 32,007 |
6
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Cia Paranaense de Energia, Preference Shares | 33,700 | $ | 45,766 | |||||
Cielo SA | 23,000 | 21,175 | ||||||
Clear Sale SA(1) | 1,100 | 1,118 | ||||||
Construtora Tenda SA(1) | 5,200 | 4,668 | ||||||
CPFL Energia SA | 2,000 | 11,506 | ||||||
Cruzeiro do Sul Educacional SA | 200 | 102 | ||||||
Cury Construtora e Incorporadora SA | 3,100 | 7,390 | ||||||
CVC Brasil Operadora e Agencia de Viagens SA(1) | 1,800 | 1,059 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 8,700 | 25,059 | ||||||
Desktop - Sigmanet Comunicacao Multimidia S.A | 100 | 150 | ||||||
Dexco SA | 6,490 | 8,095 | ||||||
Dexxos Participacoes SA | 100 | 145 | ||||||
Dimed SA Distribuidora da Medicamentos | 800 | 1,545 | ||||||
Direcional Engenharia SA | 1,300 | 3,881 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 6,700 | 5,196 | ||||||
EDP - Energias do Brasil SA | 6,900 | 25,924 | ||||||
Embraer SA, ADR(1) | 7,891 | 100,216 | ||||||
Empreendimentos Pague Menos S/A | 3,200 | 2,139 | ||||||
Energisa SA | 6,100 | 45,021 | ||||||
Equatorial Energia SA | 12,900 | 62,683 | ||||||
Eternit SA | 2,500 | 4,536 | ||||||
Even Construtora e Incorporadora SA | 3,600 | 3,101 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 3,400 | 8,274 | ||||||
Fertilizantes Heringer SA(1) | 100 | 332 | ||||||
Fleury SA | 1,800 | 4,917 | ||||||
Fras-Le SA | 1,400 | 2,819 | ||||||
Gafisa SA(1) | 88 | 142 | ||||||
GPS Participacoes e Empreendimentos SA(1) | 2,400 | 5,299 | ||||||
Grendene SA | 6,300 | 7,858 | ||||||
GRUPO DE MODA SOMA SA | 2,700 | 4,538 | ||||||
Grupo Mateus SA(1) | 5,600 | 6,043 | ||||||
Grupo SBF SA | 300 | 474 | ||||||
Guararapes Confeccoes SA | 2,400 | 1,999 | ||||||
Hapvida Participacoes e Investimentos SA(1) | 13,500 | 11,552 | ||||||
Helbor Empreendimentos SA | 200 | 75 | ||||||
Hidrovias do Brasil SA(1) | 19,300 | 6,746 | ||||||
Hospital Mater Dei SA | 100 | 160 | ||||||
Hypera SA | 2,200 | 17,485 | ||||||
Iguatemi SA | 9,300 | 34,230 | ||||||
Infracommerce CXAAS SA(1) | 1,200 | 447 | ||||||
Instituto Hermes Pardini SA | 800 | 2,955 | ||||||
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | 500 | 2,702 | ||||||
International Meal Co. Alimentacao SA, Class A(1) | 2,700 | 1,026 | ||||||
Iochpe Maxion SA | 4,700 | 10,117 | ||||||
Irani Papel e Embalagem SA | 1,800 | 2,936 | ||||||
IRB Brasil Resseguros S/A(1) | 1,936 | 7,030 | ||||||
Itau Unibanco Holding SA, ADR | 40,383 | 194,242 | ||||||
Jalles Machado SA | 2,500 | 3,744 | ||||||
JHSF Participacoes SA | 8,300 | 6,769 | ||||||
Kepler Weber SA | 1,400 | 5,321 | ||||||
Klabin SA | 19,200 | 71,439 |
7
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Lavvi Empreendimentos Imobiliarios Ltda | 3,700 | $ | 3,795 | |||||
Light SA | 10,400 | 5,026 | ||||||
Localiza Rent a Car SA | 7,470 | 79,359 | ||||||
Localiza Rent a Car SA - Receipts(1) | 32 | 338 | ||||||
Locaweb Servicos de Internet SA(1) | 5,200 | 4,887 | ||||||
LOG Commercial Properties e Participacoes SA | 1,100 | 3,074 | ||||||
Log-in Logistica Intermodal SA(1) | 1,000 | 5,885 | ||||||
Lojas Quero Quero S/A(1) | 1,900 | 1,452 | ||||||
Lojas Renner SA | 6,700 | 23,957 | ||||||
LPS Brasil Consultoria de Imoveis SA | 1,700 | 584 | ||||||
M Dias Branco SA | 700 | 4,480 | ||||||
Magazine Luiza SA(1) | 19,600 | 13,590 | ||||||
Mahle-Metal Leve SA | 600 | 3,831 | ||||||
Marcopolo SA | 3,300 | 1,607 | ||||||
Marcopolo SA, Preference Shares | 12,300 | 7,541 | ||||||
Marfrig Global Foods SA | 10,100 | 12,347 | ||||||
Marisa Lojas SA(1) | 5,300 | 638 | ||||||
Meliuz SA(1) | 7,300 | 1,227 | ||||||
Mills Estruturas e Servicos de Engenharia SA | 5,600 | 12,033 | ||||||
Minerva SA | 7,900 | 17,157 | ||||||
Mitre Realty Empreendimentos E Participacoes LTDA | 200 | 142 | ||||||
Movida Participacoes SA | 4,700 | 5,907 | ||||||
MPM Corporeos SA(1) | 300 | 77 | ||||||
MRV Engenharia e Participacoes SA | 8,100 | 9,159 | ||||||
Multilaser Industrial SA | 4,500 | 1,951 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 2,700 | 12,981 | ||||||
Natura & Co. Holding SA | 5,800 | 17,027 | ||||||
Oceanpact Servicos Maritimos SA(1) | 200 | 120 | ||||||
Odontoprev SA | 3,120 | 6,859 | ||||||
Omega Energia SA(1) | 4,000 | 7,083 | ||||||
Oncoclinicas do Brasil Servicos Medicos SA(1) | 100 | 142 | ||||||
Orizon Valorizacao de Residuos SA(1) | 100 | 747 | ||||||
Plano & Plano Desenvolvimento Imobiliario SA | 1,500 | 1,272 | ||||||
Portobello SA | 2,400 | 3,181 | ||||||
Positivo Tecnologia SA | 2,300 | 2,926 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 900 | 803 | ||||||
Raia Drogasil SA | 8,200 | 35,382 | ||||||
Randon SA Implementos e Participacoes, Preference Shares | 2,700 | 4,074 | ||||||
Rede D'Or Sao Luiz SA | 4,855 | 23,693 | ||||||
Romi SA | 1,110 | 3,418 | ||||||
Rumo SA | 10,000 | 34,343 | ||||||
Santos Brasil Participacoes SA | 9,200 | 14,076 | ||||||
Sao Martinho SA | 4,400 | 22,994 | ||||||
Sendas Distribuidora SA, ADR | 4,051 | 70,852 | ||||||
Ser Educacional SA(1) | 1,100 | 788 | ||||||
SIMPAR SA | 4,300 | 5,930 | ||||||
Sinqia SA | 600 | 1,845 | ||||||
StoneCo Ltd., A Shares(1) | 8,279 | 70,454 | ||||||
Suzano SA, ADR | 8,112 | 74,063 | ||||||
SYN prop e tech SA | 500 | 382 | ||||||
Tegma Gestao Logistica SA | 600 | 2,006 |
8
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Telefonica Brasil SA, ADR(2) | 2,383 | $ | 17,753 | |||||
TIM SA, ADR | 5,069 | 59,459 | ||||||
TOTVS SA | 2,100 | 11,003 | ||||||
Transmissora Alianca de Energia Eletrica SA | 2,000 | 13,550 | ||||||
Tres Tentos Agroindustrial SA | 2,500 | 6,060 | ||||||
Trisul SA | 3,200 | 1,950 | ||||||
Tupy SA | 1,100 | 5,715 | ||||||
Unifique Telecomunicacoes S/A | 200 | 122 | ||||||
Unipar Carbocloro SA, Class B Preference Shares | 1,710 | 25,806 | ||||||
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA | 300 | 516 | ||||||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 6,000 | 15,231 | ||||||
Via SA(1) | 64,900 | 24,173 | ||||||
Vivara Participacoes SA | 900 | 3,720 | ||||||
Vulcabras Azaleia SA | 1,700 | 3,640 | ||||||
WEG SA | 7,600 | 56,600 | ||||||
Wilson Sons Holdings Brasil SA | 7,800 | 15,226 | ||||||
Wiz Co. | 900 | 1,157 | ||||||
YDUQS Participacoes SA | 800 | 1,077 | ||||||
Zamp SA(1) | 5,219 | 4,775 | ||||||
2,547,197 | ||||||||
Cayman Islands† | ||||||||
Super Hi International Holding Ltd.(1)(2) | 1,500 | 3,344 | ||||||
Chile — 0.7% | ||||||||
Aguas Andinas SA, A Shares | 34,996 | 8,364 | ||||||
Banco de Chile | 341,261 | 35,470 | ||||||
Banco de Credito e Inversiones SA | 591 | 18,493 | ||||||
Banco Santander Chile, ADR | 1,165 | 19,549 | ||||||
CAP SA | 1,407 | 11,697 | ||||||
Cencosud SA | 4,978 | 9,409 | ||||||
Cencosud Shopping SA | 5,065 | 7,216 | ||||||
Cia Cervecerias Unidas SA, ADR | 88 | 1,336 | ||||||
Cia Sud Americana de Vapores SA | 40,331 | 3,886 | ||||||
Embotelladora Andina SA, Class B Preference Shares | 8,061 | 19,822 | ||||||
Empresa Nacional de Telecomunicaciones SA | 3,749 | 14,760 | ||||||
Empresas CMPC SA | 22,959 | 38,141 | ||||||
Enel Americas SA | 99,172 | 12,348 | ||||||
Falabella SA | 2,129 | 4,685 | ||||||
Parque Arauco SA | 20,306 | 24,877 | ||||||
Ripley Corp. SA | 17,466 | 3,585 | ||||||
Sociedad Quimica y Minera de Chile SA, ADR | 622 | 55,203 | ||||||
Vina Concha y Toro SA | 3,852 | 5,038 | ||||||
293,879 | ||||||||
China — 29.1% | ||||||||
360 DigiTech, Inc., ADR | 5,080 | 103,429 | ||||||
361 Degrees International Ltd.(1) | 8,000 | 3,837 | ||||||
3SBio, Inc. | 38,000 | 37,682 | ||||||
AAC Technologies Holdings, Inc.(1) | 15,500 | 34,642 | ||||||
Agile Group Holdings Ltd.(1) | 32,000 | 8,819 | ||||||
Agora, Inc., ADR(1) | 627 | 1,919 | ||||||
Agricultural Bank of China Ltd., H Shares | 167,000 | 57,898 |
9
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
AK Medical Holdings Ltd. | 2,000 | $ | 2,388 | |||||
Alibaba Group Holding Ltd., ADR(1) | 11,510 | 1,010,463 | ||||||
Alibaba Health Information Technology Ltd.(1) | 20,000 | 14,321 | ||||||
Alibaba Pictures Group Ltd.(1) | 80,000 | 5,042 | ||||||
A-Living Smart City Services Co. Ltd. | 21,500 | 22,042 | ||||||
Anhui Expressway Co. Ltd., H Shares | 6,000 | 5,608 | ||||||
ANTA Sports Products Ltd. | 9,600 | 126,770 | ||||||
Ascletis Pharma, Inc.(1)(2) | 1,000 | 411 | ||||||
AsiaInfo Technologies Ltd. | 5,600 | 9,679 | ||||||
Autohome, Inc., ADR | 1,558 | 47,519 | ||||||
Baidu, Inc., ADR(1) | 420 | 57,830 | ||||||
Bairong, Inc.(1)(2) | 4,500 | 6,116 | ||||||
Bank of China Ltd., H Shares | 595,000 | 218,217 | ||||||
Bank of Chongqing Co. Ltd., H Shares | 1,000 | 531 | ||||||
Bank of Communications Co. Ltd., H Shares | 62,000 | 36,658 | ||||||
BeiGene Ltd.(1) | 2,500 | 43,333 | ||||||
BeiGene Ltd., ADR(1) | 127 | 28,528 | ||||||
Beijing Capital International Airport Co. Ltd., H Shares(1) | 20,000 | 14,640 | ||||||
Beijing Chunlizhengda Medical Instruments Co. Ltd., H Shares | 250 | 662 | ||||||
Beijing Enterprises Water Group Ltd. | 14,000 | 3,515 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 8,000 | 12,339 | ||||||
Bilibili, Inc., ADR(1) | 33 | 637 | ||||||
BOC Aviation Ltd. | 5,400 | 39,012 | ||||||
BOE Varitronix Ltd. | 10,000 | 22,159 | ||||||
Bosideng International Holdings Ltd. | 66,000 | 36,612 | ||||||
Burning Rock Biotech Ltd., ADR(1) | 429 | 1,399 | ||||||
BYD Co. Ltd., H Shares | 5,500 | 147,863 | ||||||
BYD Electronic International Co. Ltd. | 22,000 | 64,150 | ||||||
C&D International Investment Group Ltd. | 4,000 | 12,921 | ||||||
C&D Property Management Group Co. Ltd. | 12,000 | 7,782 | ||||||
Cango, Inc., ADR | 508 | 676 | ||||||
CanSino Biologics, Inc., H Shares | 200 | 1,520 | ||||||
Cathay Media & Education Group, Inc. | 1,000 | 152 | ||||||
Central China New Life Ltd.(1) | 13,000 | 4,666 | ||||||
Central China Real Estate Ltd. | 1,000 | 46 | ||||||
CGN Mining Co. Ltd.(1)(2) | 75,000 | 8,891 | ||||||
Cheerwin Group Ltd. | 500 | 123 | ||||||
China Automotive Systems, Inc.(1) | 745 | 5,424 | ||||||
China Bohai Bank Co. Ltd., H Shares | 8,500 | 1,712 | ||||||
China Cinda Asset Management Co. Ltd., H Shares | 227,000 | 29,504 | ||||||
China CITIC Bank Corp. Ltd., H Shares | 115,000 | 53,206 | ||||||
China Communications Services Corp. Ltd., H Shares | 88,000 | 34,214 | ||||||
China Conch Environment Protection Holdings Ltd.(1) | 4,500 | 1,665 | ||||||
China Conch Venture Holdings Ltd. | 45,500 | 91,568 | ||||||
China Construction Bank Corp., H Shares | 676,000 | 413,224 | ||||||
China Datang Corp. Renewable Power Co. Ltd., H Shares | 85,000 | 29,594 | ||||||
China Dongxiang Group Co. Ltd. | 16,000 | 704 | ||||||
China East Education Holdings Ltd. | 28,500 | 21,468 | ||||||
China Education Group Holdings Ltd. | 22,000 | 25,267 | ||||||
China Everbright Bank Co. Ltd., H Shares | 52,000 | 14,975 | ||||||
China Everbright Ltd. | 24,000 | 17,196 |
10
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
China Feihe Ltd. | 56,000 | $ | 44,884 | |||||
China Foods Ltd. | 2,000 | 706 | ||||||
China Galaxy Securities Co. Ltd., H Shares | 51,500 | 25,670 | ||||||
China General Education Group Ltd.(1) | 1,000 | 396 | ||||||
China Glass Holdings Ltd. | 2,000 | 291 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.(1) | 10,000 | 4,134 | ||||||
China International Capital Corp. Ltd., H Shares | 12,800 | 27,559 | ||||||
China Kepei Education Group Ltd. | 18,000 | 6,797 | ||||||
China Lesso Group Holdings Ltd. | 33,000 | 34,808 | ||||||
China Life Insurance Co. Ltd., Class H | 20,555 | 34,868 | ||||||
China Literature Ltd.(1) | 3,600 | 15,414 | ||||||
China Medical System Holdings Ltd. | 43,000 | 64,734 | ||||||
China Meidong Auto Holdings Ltd. | 6,000 | 12,917 | ||||||
China Mengniu Dairy Co. Ltd.(1) | 50,000 | 220,084 | ||||||
China Merchants Bank Co. Ltd., H Shares | 31,000 | 168,222 | ||||||
China Merchants Port Holdings Co. Ltd. | 24,000 | 33,644 | ||||||
China Minsheng Banking Corp. Ltd., H Shares | 77,000 | 26,592 | ||||||
China New Higher Education Group Ltd. | 48,000 | 19,464 | ||||||
China Pacific Insurance Group Co. Ltd., H Shares | 27,600 | 73,211 | ||||||
China Rare Earth Holdings Ltd.(1) | 2,000 | 127 | ||||||
China Renaissance Holdings Ltd.(1) | 6,600 | 6,136 | ||||||
China Resources Beer Holdings Co. Ltd. | 16,000 | 118,369 | ||||||
China Resources Land Ltd. | 34,000 | 151,071 | ||||||
China Resources Medical Holdings Co. Ltd. | 46,000 | 39,882 | ||||||
China Resources Mixc Lifestyle Services Ltd. | 10,400 | 57,097 | ||||||
China Sanjiang Fine Chemicals Co. Ltd. | 2,000 | 382 | ||||||
China SCE Group Holdings Ltd.(2) | 67,000 | 7,704 | ||||||
China Shineway Pharmaceutical Group Ltd. | 11,000 | 9,612 | ||||||
China Shuifa Singyes Energy Holdings Ltd. | 1,000 | 124 | ||||||
China South City Holdings Ltd.(1) | 118,000 | 7,822 | ||||||
China Starch Holdings Ltd. | 35,000 | 1,110 | ||||||
China Sunshine Paper Holdings Co. Ltd. | 2,000 | 556 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 41,400 | 48,932 | ||||||
China Tower Corp. Ltd., H Shares | 774,000 | 83,825 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 14,000 | 7,264 | ||||||
China Travel International Investment Hong Kong Ltd.(1) | 52,000 | 10,336 | ||||||
China Vanke Co. Ltd., H Shares | 19,200 | 33,569 | ||||||
China Water Affairs Group Ltd. | 18,000 | 16,015 | ||||||
China Yongda Automobiles Services Holdings Ltd. | 26,500 | 20,486 | ||||||
China Youran Dairy Group Ltd.(1)(2) | 11,000 | 2,694 | ||||||
China Yuhua Education Corp. Ltd.(1) | 34,000 | 5,690 | ||||||
Chindata Group Holdings Ltd., ADR(1) | 2,094 | 14,176 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 29,000 | 56,206 | ||||||
CIFI Ever Sunshine Services Group Ltd. | 22,000 | 8,893 | ||||||
CIFI Holdings Group Co. Ltd.(2) | 48,320 | 5,189 | ||||||
CITIC Securities Co. Ltd., H Shares | 26,000 | 55,081 | ||||||
CMGE Technology Group Ltd.(1) | 14,000 | 3,896 | ||||||
CMOC Group Ltd., H Shares | 66,000 | 37,164 | ||||||
Concord New Energy Group Ltd. | 230,000 | 21,986 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H | 48,500 | 50,305 | ||||||
COSCO SHIPPING International Hong Kong Co. Ltd. | 16,000 | 5,017 |
11
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
COSCO SHIPPING Ports Ltd. | 42,000 | $ | 27,341 | |||||
Country Garden Holdings Co. Ltd. | 185,000 | 56,733 | ||||||
Country Garden Services Holdings Co. Ltd. | 1,000 | 1,862 | ||||||
CSPC Pharmaceutical Group Ltd. | 230,000 | 247,089 | ||||||
CSSC Hong Kong Shipping Co. Ltd. | 10,000 | 1,658 | ||||||
Dali Foods Group Co. Ltd. | 57,000 | 23,055 | ||||||
Daqo New Energy Corp., ADR(1) | 2,229 | 98,477 | ||||||
Differ Group Auto Ltd.(1) | 4,000 | 98 | ||||||
Digital China Holdings Ltd. | 21,000 | 9,770 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 58,000 | 29,630 | ||||||
Dynagreen Environmental Protection Group Co. Ltd., H Shares(2) | 1,000 | 340 | ||||||
Edvantage Group Holdings Ltd. | 20,725 | 8,197 | ||||||
E-House China Enterprise Holdings Ltd.(1) | 5,100 | 261 | ||||||
EVA Precision Industrial Holdings Ltd. | 10,000 | 1,452 | ||||||
Everest Medicines Ltd.(1)(2) | 1,000 | 2,170 | ||||||
Excellence Commercial Property & Facilities Management Group Ltd. | 13,000 | 5,827 | ||||||
FIH Mobile Ltd.(1) | 33,000 | 3,533 | ||||||
FinVolution Group, ADR | 6,120 | 31,028 | ||||||
First Tractor Co. Ltd., H Shares | 14,000 | 6,959 | ||||||
Flat Glass Group Co. Ltd., H Shares | 5,000 | 13,245 | ||||||
Fu Shou Yuan International Group Ltd. | 26,000 | 19,602 | ||||||
Fullshare Holdings Ltd.(1) | 435,000 | 6,768 | ||||||
Fuyao Glass Industry Group Co. Ltd., H Shares | 2,800 | 12,548 | ||||||
Ganfeng Lithium Group Co. Ltd., H Shares | 4,280 | 29,897 | ||||||
GCL New Energy Holdings Ltd.(1) | 3,700 | 487 | ||||||
GCL-Poly Energy Holdings Ltd.(1) | 86,000 | 22,146 | ||||||
GDS Holdings Ltd., Class A(1) | 10,300 | 24,916 | ||||||
Geely Automobile Holdings Ltd. | 71,000 | 92,242 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 136,000 | 10,763 | ||||||
Genertec Universal Medical Group Co. Ltd. | 25,000 | 14,434 | ||||||
GF Securities Co. Ltd., H Shares | 17,000 | 24,137 | ||||||
Goldpac Group Ltd. | 1,000 | 194 | ||||||
GOME Retail Holdings Ltd.(1) | 413,000 | 8,331 | ||||||
Grand Pharmaceutical Group Ltd. | 21,000 | 11,946 | ||||||
Great Wall Motor Co. Ltd., H Shares(2) | 8,000 | 10,616 | ||||||
Greenland Hong Kong Holdings Ltd. | 13,000 | 1,144 | ||||||
Greentown China Holdings Ltd. | 12,000 | 16,408 | ||||||
Guangzhou Automobile Group Co. Ltd., H Shares | 14,000 | 8,927 | ||||||
Guangzhou R&F Properties Co. Ltd., H Shares(1) | 46,400 | 11,434 | ||||||
H World Group Ltd., ADR | 524 | 24,822 | ||||||
Haidilao International Holding Ltd.(1)(2) | 18,000 | 49,855 | ||||||
Haier Smart Home Co. Ltd., H Shares | 24,000 | 84,938 | ||||||
Hainan Meilan International Airport Co. Ltd., H Shares(1) | 3,000 | 7,396 | ||||||
Haitian International Holdings Ltd. | 12,000 | 31,365 | ||||||
Haitong Securities Co. Ltd., H Shares | 42,000 | 27,029 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., H Shares | 900 | 10,336 | ||||||
Hansoh Pharmaceutical Group Co. Ltd. | 10,000 | 17,977 | ||||||
Harbin Electric Co. Ltd., H Shares(1) | 28,000 | 13,927 | ||||||
Hello Group, Inc., ADR | 6,675 | 58,807 | ||||||
Hengan International Group Co. Ltd. | 23,000 | 105,784 |
12
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Hisense Home Appliances Group Co. Ltd., H Shares | 13,000 | $ | 19,536 | |||||
Hollysys Automation Technologies Ltd. | 1,880 | 34,573 | ||||||
Hope Education Group Co. Ltd.(1) | 200,000 | 16,846 | ||||||
Hua Hong Semiconductor Ltd.(1) | 21,000 | 80,528 | ||||||
Huatai Securities Co. Ltd., H Shares | 30,400 | 34,221 | ||||||
Huazhong In-Vehicle Holdings Co. Ltd. | 4,000 | 1,234 | ||||||
Huijing Holdings Co. Ltd. | 4,000 | 34 | ||||||
iDreamSky Technology Holdings Ltd.(1) | 3,600 | 1,645 | ||||||
Industrial & Commercial Bank of China Ltd., H Shares | 303,000 | 151,185 | ||||||
Inkeverse Group Ltd.(1) | 49,000 | 7,131 | ||||||
International Alliance Financial Leasing Co. Ltd.(1) | 24,000 | 54,164 | ||||||
iQIYI, Inc., ADR(1) | 4,793 | 37,050 | ||||||
JD Health International, Inc.(1) | 2,350 | 16,451 | ||||||
Jiangsu Expressway Co. Ltd., H Shares | 20,000 | 19,119 | ||||||
Jiayuan International Group Ltd.(1) | 18,000 | 457 | ||||||
Jinchuan Group International Resources Co. Ltd. | 58,000 | 4,511 | ||||||
Jinxin Fertility Group Ltd. | 57,500 | 45,772 | ||||||
Jiumaojiu International Holdings Ltd. | 13,000 | 31,413 | ||||||
JNBY Design Ltd. | 500 | 626 | ||||||
JOYY, Inc., ADR | 943 | 29,610 | ||||||
Kandi Technologies Group, Inc.(1) | 1,970 | 4,551 | ||||||
Kanzhun Ltd., ADR(1) | 690 | 13,903 | ||||||
KE Holdings, Inc., ADR(1) | 11,366 | 207,429 | ||||||
Keymed Biosciences, Inc.(1) | 7,500 | 60,316 | ||||||
Kingboard Laminates Holdings Ltd. | 15,500 | 19,329 | ||||||
Kingdee International Software Group Co. Ltd.(1) | 1,000 | 1,868 | ||||||
Kingsoft Cloud Holdings Ltd., ADR(1) | 819 | 3,153 | ||||||
Kingsoft Corp. Ltd. | 8,800 | 29,054 | ||||||
Kuaishou Technology(1) | 3,100 | 20,775 | ||||||
KWG Group Holdings Ltd.(1) | 33,000 | 7,043 | ||||||
KWG Living Group Holdings Ltd. | 32,000 | 6,093 | ||||||
Legend Biotech Corp., ADR(1) | 87 | 4,018 | ||||||
Lenovo Group Ltd. | 114,000 | 102,589 | ||||||
Leoch International Technology Ltd.(1) | 25,000 | 6,405 | ||||||
LexinFintech Holdings Ltd., ADR(1) | 5,606 | 15,529 | ||||||
Li Auto, Inc., ADR(1) | 2,312 | 54,586 | ||||||
Li Ning Co. Ltd. | 28,500 | 243,182 | ||||||
Lifetech Scientific Corp.(1) | 108,000 | 40,223 | ||||||
Linklogis, Inc., Class B(1) | 20,500 | 9,633 | ||||||
Logan Group Co. Ltd.(1) | 2,000 | 292 | ||||||
Longfor Group Holdings Ltd. | 11,000 | 31,489 | ||||||
Lonking Holdings Ltd. | 21,000 | 3,802 | ||||||
Lufax Holding Ltd., ADR | 4,871 | 10,521 | ||||||
Luye Pharma Group Ltd.(1) | 43,500 | 20,020 | ||||||
LVGEM China Real Estate Investment Co. Ltd.(1) | 30,000 | 6,208 | ||||||
Maoyan Entertainment(1)(2) | 3,400 | 3,805 | ||||||
Meitu, Inc.(1)(2) | 44,500 | 16,613 | ||||||
Meituan, Class B(1) | 10,650 | 184,830 | ||||||
Midea Real Estate Holding Ltd. | 16,400 | 20,319 | ||||||
Minth Group Ltd. | 16,000 | 41,577 | ||||||
Mobvista, Inc.(1) | 3,000 | 1,541 |
13
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Nam Tai Property, Inc.(1) | 88 | $ | 119 | |||||
NetDragon Websoft Holdings Ltd. | 10,000 | 22,760 | ||||||
NetEase, Inc., ADR | 3,241 | 251,631 | ||||||
New China Life Insurance Co. Ltd., H Shares | 12,600 | 30,537 | ||||||
New Horizon Health Ltd.(1) | 7,500 | 31,385 | ||||||
New Oriental Education & Technology Group, Inc., ADR(1) | 1,156 | 44,760 | ||||||
Nexteer Automotive Group Ltd. | 25,000 | 15,882 | ||||||
NIO, Inc., ADR(1) | 2,617 | 24,574 | ||||||
Niu Technologies, ADR(1) | 20 | 84 | ||||||
Noah Holdings Ltd., ADR(1) | 962 | 17,999 | ||||||
Nongfu Spring Co. Ltd., H Shares | 14,000 | 78,584 | ||||||
Orient Overseas International Ltd. | 3,000 | 48,190 | ||||||
PDD Holdings, Inc., ADR(1) | 2,512 | 220,378 | ||||||
People's Insurance Co. Group of China Ltd., H Shares | 90,000 | 28,455 | ||||||
Perennial Energy Holdings Ltd. | 15,000 | 1,817 | ||||||
Pharmaron Beijing Co. Ltd., H Shares | 250 | 1,402 | ||||||
PICC Property & Casualty Co. Ltd., H Shares | 98,000 | 86,078 | ||||||
Ping An Healthcare & Technology Co. Ltd.(1)(2) | 1,600 | 3,667 | ||||||
Ping An Insurance Group Co. of China Ltd., H Shares | 50,000 | 341,327 | ||||||
Poly Property Group Co. Ltd. | 61,000 | 14,634 | ||||||
Postal Savings Bank of China Co. Ltd., H Shares | 88,000 | 52,871 | ||||||
Q Technology Group Co. Ltd.(1) | 16,000 | 9,652 | ||||||
Radiance Holdings Group Co. Ltd. | 27,000 | 16,469 | ||||||
Redco Properties Group Ltd.(1) | 10,000 | 1,670 | ||||||
Renren, Inc., ADR | 24 | 41 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 9,000 | 8,982 | ||||||
SCE Intelligent Commercial Management Holdings Ltd. | 3,000 | 712 | ||||||
Seazen Group Ltd.(1) | 92,000 | 30,970 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., H Shares | 27,600 | 44,551 | ||||||
Shanghai Conant Optical Co. Ltd., Class H | 1,500 | 923 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., H Shares | 500 | 1,463 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., H Shares | 8,700 | 15,342 | ||||||
Shenzhen Expressway Corp. Ltd., H Shares | 12,000 | 10,777 | ||||||
Shenzhen International Holdings Ltd. | 19,000 | 16,514 | ||||||
Shenzhen Investment Ltd. | 76,000 | 13,872 | ||||||
Shenzhou International Group Holdings Ltd. | 4,800 | 52,519 | ||||||
Shimao Services Holdings Ltd.(1)(2) | 26,000 | 7,534 | ||||||
Shoucheng Holdings Ltd. | 62,000 | 12,966 | ||||||
Shui On Land Ltd. | 139,500 | 17,245 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd.(2) | 76,000 | 8,822 | ||||||
Sino Biopharmaceutical Ltd. | 288,000 | 148,692 | ||||||
Sino-Ocean Group Holding Ltd. | 64,500 | 8,149 | ||||||
Sinopec Engineering Group Co. Ltd., H Shares | 59,000 | 29,559 | ||||||
Sinopharm Group Co. Ltd., H Shares | 35,600 | 95,348 | ||||||
Sinotruk Hong Kong Ltd. | 4,500 | 7,093 | ||||||
Skyworth Group Ltd. | 62,000 | 34,014 | ||||||
SOHO China Ltd.(1) | 57,000 | 10,616 | ||||||
Sohu.com Ltd., ADR(1) | 851 | 12,186 | ||||||
South Manganese Investment Ltd.(1) | 22,000 | 1,713 | ||||||
Sun King Technology Group Ltd.(1) | 2,000 | 472 | ||||||
Sunac Services Holdings Ltd.(2) | 17,000 | 6,798 |
14
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Sunny Optical Technology Group Co. Ltd. | 11,100 | $ | 126,227 | |||||
SY Holdings Group Ltd. | 6,500 | 4,913 | ||||||
TAL Education Group, ADR(1) | 6,055 | 42,567 | ||||||
TCL Electronics Holdings Ltd.(1) | 20,000 | 8,644 | ||||||
Tencent Holdings Ltd. | 23,700 | 1,041,103 | ||||||
Tencent Music Entertainment Group, ADR(1) | 10,734 | 80,934 | ||||||
Tianneng Power International Ltd.(2) | 32,000 | 41,052 | ||||||
Times China Holdings Ltd.(1)(2) | 43,000 | 6,267 | ||||||
Tingyi Cayman Islands Holding Corp. | 34,000 | 54,930 | ||||||
Tong Ren Tang Technologies Co. Ltd., H Shares | 16,000 | 11,490 | ||||||
Tongcheng Travel Holdings Ltd.(1) | 8,000 | 15,880 | ||||||
Topsports International Holdings Ltd. | 52,000 | 45,483 | ||||||
TravelSky Technology Ltd., H Shares | 17,000 | 33,556 | ||||||
Trip.com Group Ltd., ADR(1) | 3,015 | 107,183 | ||||||
Triumph New Energy Co. Ltd., H Shares(1)(2) | 2,000 | 2,200 | ||||||
Truly International Holdings Ltd. | 34,000 | 4,770 | ||||||
Tsaker New Energy Tech Co. Ltd. | 4,000 | 689 | ||||||
Tsingtao Brewery Co. Ltd., H Shares | 8,000 | 78,958 | ||||||
Tuya, Inc., ADR(1)(2) | 910 | 1,884 | ||||||
Uni-President China Holdings Ltd. | 35,000 | 30,687 | ||||||
Up Fintech Holding Ltd., ADR(1)(2) | 843 | 3,144 | ||||||
Venus MedTech Hangzhou, Inc., H Shares(1) | 500 | 871 | ||||||
Vinda International Holdings Ltd. | 15,000 | 41,315 | ||||||
Vipshop Holdings Ltd., ADR(1) | 10,276 | 153,010 | ||||||
Viva Biotech Holdings(1)(2) | 8,000 | 1,613 | ||||||
Viva China Holdings Ltd.(1) | 80,000 | 16,623 | ||||||
VNET Group, Inc., ADR(1) | 3,248 | 12,895 | ||||||
Want Want China Holdings Ltd. | 79,000 | 49,700 | ||||||
Weibo Corp., ADR(1) | 1,571 | 32,488 | ||||||
Weichai Power Co. Ltd., H Shares | 11,000 | 16,327 | ||||||
Wuling Motors Holdings Ltd. | 10,000 | 1,187 | ||||||
WuXi AppTec Co. Ltd., H Shares | 1,200 | 12,803 | ||||||
Wuxi Biologics Cayman, Inc.(1) | 13,000 | 91,002 | ||||||
Xiabuxiabu Catering Management China Holdings Co. Ltd. | 25,000 | 26,683 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., H Shares | 6,400 | 5,773 | ||||||
Xinjiang Xinxin Mining Industry Co. Ltd., H Shares(1) | 4,000 | 628 | ||||||
Xinyi Energy Holdings Ltd. | 24,000 | 7,718 | ||||||
XPeng, Inc., Class A, ADR(1) | 590 | 5,263 | ||||||
Xtep International Holdings Ltd. | 16,500 | 18,664 | ||||||
Yadea Group Holdings Ltd. | 26,000 | 55,801 | ||||||
Yeahka Ltd.(1)(2) | 4,800 | 15,935 | ||||||
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., H Shares(1) | 6,600 | 6,810 | ||||||
Yidu Tech, Inc.(1) | 11,600 | 12,713 | ||||||
Yihai International Holding Ltd.(1) | 15,000 | 43,668 | ||||||
Yixin Group Ltd.(1) | 52,000 | 7,630 | ||||||
Youdao, Inc., ADR(1) | 23 | 187 | ||||||
Yuexiu Property Co. Ltd. | 32,000 | 47,128 | ||||||
Yuexiu Services Group Ltd. | 15,000 | 8,972 | ||||||
Yuexiu Transport Infrastructure Ltd. | 28,000 | 15,799 | ||||||
Yum China Holdings, Inc. | 4,107 | 241,204 | ||||||
Yuzhou Group Holdings Co. Ltd.(1) | 112,000 | 5,505 |
15
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Zengame Technology Holding Ltd. | 4,000 | $ | 1,531 | |||||
Zhejiang Expressway Co. Ltd., H Shares | 26,000 | 20,969 | ||||||
Zhenro Properties Group Ltd.(1) | 8,000 | 337 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., H Shares(1) | 3,700 | 10,653 | ||||||
Zhongliang Holdings Group Co. Ltd.(1) | 4,500 | 413 | ||||||
Zhongsheng Group Holdings Ltd. | 11,500 | 57,445 | ||||||
Zhou Hei Ya International Holdings Co. Ltd.(1) | 23,500 | 11,872 | ||||||
Zhuguang Holdings Group Co. Ltd.(1) | 2,000 | 224 | ||||||
Zoomlion Heavy Industry Science & Technology Co. Ltd., Class H | 7,400 | 4,275 | ||||||
ZTO Express Cayman, Inc., ADR | 5,235 | 125,954 | ||||||
12,683,929 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 1,623 | 11,990 | ||||||
Bancolombia SA, ADR | 793 | 20,269 | ||||||
Interconexion Electrica SA ESP | 5,755 | 20,382 | ||||||
52,641 | ||||||||
Czech Republic — 0.2% | ||||||||
Komercni banka AS | 1,140 | 38,403 | ||||||
Moneta Money Bank AS | 9,541 | 36,346 | ||||||
74,749 | ||||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt S.A.E., GDR | 21,871 | 32,441 | ||||||
Greece — 0.5% | ||||||||
Aegean Airlines SA(1) | 98 | 786 | ||||||
Alpha Services & Holdings SA(1) | 28,691 | 44,891 | ||||||
Eurobank Ergasias Services & Holdings SA, Class A(1) | 27,092 | 41,530 | ||||||
Hellenic Telecommunications Organization SA | 626 | 9,603 | ||||||
Holding Co. ADMIE IPTO SA | 54 | 109 | ||||||
JUMBO SA | 877 | 17,512 | ||||||
LAMDA Development SA(1) | 1,719 | 11,848 | ||||||
National Bank of Greece SA(1) | 5,085 | 28,452 | ||||||
Piraeus Financial Holdings SA(1) | 17,895 | 45,368 | ||||||
Sunrisemezz PLC(1) | 646 | 87 | ||||||
Terna Energy SA | 566 | 11,769 | ||||||
211,955 | ||||||||
Hong Kong — 0.1% | ||||||||
China Dili Group(1) | 6,000 | 504 | ||||||
Glory Sun Financial Group Ltd.(1) | 4,000 | 189 | ||||||
JW Cayman Therapeutics Co. Ltd.(1) | 2,000 | 1,132 | ||||||
Wharf Holdings Ltd. | 23,000 | 50,929 | ||||||
52,754 | ||||||||
Hungary — 0.2% | ||||||||
Magyar Telekom Telecommunications PLC | 2,672 | 2,919 | ||||||
OTP Bank Nyrt | 1,862 | 56,405 | ||||||
Richter Gedeon Nyrt | 1,481 | 31,044 | ||||||
90,368 | ||||||||
India — 15.5% | ||||||||
360 ONE WAM Ltd. | 548 | 11,416 | ||||||
3i Infotech Ltd.(1) | 335 | 130 | ||||||
3M India Ltd. | 18 | 4,981 | ||||||
Aarti Industries Ltd. | 393 | 2,513 |
16
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Aarti Pharmalabs Ltd.(1) | 98 | $ | 359 | |||||
ABB India Ltd. | 225 | 8,751 | ||||||
Accelya Solutions India Ltd. | 256 | 3,541 | ||||||
Action Construction Equipment Ltd. | 800 | 3,328 | ||||||
Adani Green Energy Ltd.(1) | 1,382 | 8,094 | ||||||
Adani Ports & Special Economic Zone Ltd. | 4,044 | 28,952 | ||||||
Aditya Birla Capital Ltd.(1) | 14,767 | 26,022 | ||||||
Aditya Birla Fashion & Retail Ltd.(1) | 2,513 | 6,976 | ||||||
Advanced Enzyme Technologies Ltd. | 510 | 1,721 | ||||||
Affle India Ltd.(1) | 8 | 99 | ||||||
AGI Greenpac Ltd. | 1,442 | 6,028 | ||||||
AIA Engineering Ltd. | 190 | 6,088 | ||||||
Ajanta Pharma Ltd. | 698 | 9,977 | ||||||
Alkyl Amines Chemicals | 129 | 3,902 | ||||||
Allcargo Logistics Ltd. | 3,177 | 14,207 | ||||||
Alok Industries Ltd.(1) | 2,218 | 335 | ||||||
Amara Raja Batteries Ltd. | 3,959 | 26,569 | ||||||
Ambika Cotton Mills Ltd. | 30 | 523 | ||||||
Anant Raj Ltd. | 6,206 | 7,857 | ||||||
Andhra Paper Ltd. | 375 | 1,916 | ||||||
Andhra Sugars Ltd. | 371 | 528 | ||||||
Apar Industries Ltd. | 877 | 24,377 | ||||||
Apcotex Industries Ltd. | 9 | 45 | ||||||
Apex Frozen Foods Ltd. | 40 | 103 | ||||||
APL Apollo Tubes Ltd. | 1,887 | 27,144 | ||||||
Apollo Hospitals Enterprise Ltd. | 924 | 49,159 | ||||||
Apollo Pipes Ltd. | 31 | 183 | ||||||
Apollo Tyres Ltd. | 12,209 | 46,237 | ||||||
Aptech Ltd. | 1,613 | 6,384 | ||||||
Arvind Fashions Ltd.(1) | 1,070 | 3,583 | ||||||
Arvind Ltd.(1) | 1,525 | 1,527 | ||||||
Asahi India Glass Ltd. | 1,412 | 8,223 | ||||||
Ashapura Minechem Ltd. | 143 | 179 | ||||||
Ashok Leyland Ltd. | 17,186 | 30,223 | ||||||
Ashoka Buildcon Ltd.(1) | 10,238 | 9,224 | ||||||
Asian Granito India Ltd. | 544 | 256 | ||||||
Asian Paints Ltd. | 543 | 18,560 | ||||||
Associated Alcohols & Breweries Ltd. | 285 | 1,225 | ||||||
Aster DM Healthcare Ltd.(1) | 3,077 | 8,286 | ||||||
Astra Microwave Products Ltd. | 1,301 | 4,093 | ||||||
Astral Ltd. | 651 | 14,859 | ||||||
AU Small Finance Bank Ltd. | 2,037 | 14,596 | ||||||
AurionPro Solutions Ltd. | 575 | 2,400 | ||||||
Aurobindo Pharma Ltd. | 6,796 | 38,016 | ||||||
Avadh Sugar & Energy Ltd. | 127 | 639 | ||||||
Avenue Supermarts Ltd.(1) | 555 | 22,919 | ||||||
Axis Bank Ltd., GDR | 1,849 | 93,618 | ||||||
Bajaj Auto Ltd. | 329 | 14,561 | ||||||
Bajaj Consumer Care Ltd. | 4,128 | 8,143 | ||||||
Bajaj Electricals Ltd. | 1,643 | 21,686 | ||||||
Bajaj Finance Ltd. | 1,372 | 101,310 |
17
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Bajaj Finserv Ltd. | 2,090 | $ | 33,706 | |||||
Bajaj Hindusthan Sugar Ltd.(1) | 77,381 | 11,695 | ||||||
Balaji Amines Ltd. | 164 | 4,358 | ||||||
Balaji Telefilms Ltd.(1) | 116 | 59 | ||||||
Balkrishna Industries Ltd. | 277 | 6,745 | ||||||
Balrampur Chini Mills Ltd. | 5,600 | 24,172 | ||||||
Banco Products India Ltd. | 328 | 870 | ||||||
Bandhan Bank Ltd.(1) | 3,225 | 8,998 | ||||||
BASF India Ltd. | 257 | 7,150 | ||||||
Bata India Ltd. | 51 | 870 | ||||||
Bayer CropScience Ltd. | 113 | 5,849 | ||||||
BEML Land Assets Ltd.(1) | 22 | 94 | ||||||
BEML Ltd. | 22 | 331 | ||||||
Berger Paints India Ltd. | 1,275 | 8,929 | ||||||
Best Agrolife Ltd. | 419 | 5,632 | ||||||
BF Utilities Ltd.(1) | 24 | 97 | ||||||
Bhansali Engineering Polymers Ltd. | 218 | 272 | ||||||
Bharat Bijlee Ltd. | 191 | 5,887 | ||||||
Bharat Electronics Ltd. | 75,866 | 86,759 | ||||||
Bharat Forge Ltd. | 1,157 | 11,410 | ||||||
Bharat Heavy Electricals Ltd. | 22,360 | 18,862 | ||||||
Bharat Rasayan Ltd. | 9 | 958 | ||||||
Biocon Ltd. | 1,630 | 4,515 | ||||||
Birlasoft Ltd. | 848 | 2,820 | ||||||
BLS International Services Ltd. | 2,590 | 4,866 | ||||||
Blue Dart Express Ltd. | 90 | 6,756 | ||||||
Blue Star Ltd. | 294 | 5,104 | ||||||
Bodal Chemicals Ltd. | 231 | 174 | ||||||
Bombay Dyeing & Manufacturing Co. Ltd.(1) | 371 | 295 | ||||||
Borosil Renewables Ltd.(1) | 875 | 4,964 | ||||||
Brigade Enterprises Ltd. | 4,498 | 26,509 | ||||||
Brightcom Group Ltd. | 12,721 | 3,525 | ||||||
Britannia Industries Ltd. | 1,057 | 57,032 | ||||||
BSE Ltd. | 1,248 | 6,648 | ||||||
Butterfly Gandhimathi Appliances Ltd.(1) | 2 | 31 | ||||||
Camlin Fine Sciences Ltd.(1) | 1,546 | 2,603 | ||||||
Can Fin Homes Ltd. | 1,756 | 12,208 | ||||||
Cantabil Retail India Ltd. | 11 | 123 | ||||||
Capacit'e Infraprojects Ltd.(1) | 1,314 | 1,940 | ||||||
Caplin Point Laboratories Ltd. | 162 | 1,280 | ||||||
Carborundum Universal Ltd. | 372 | 4,399 | ||||||
Care Ratings Ltd. | 319 | 2,526 | ||||||
Carysil Ltd. | 145 | 898 | ||||||
CCL Products India Ltd. | 757 | 5,006 | ||||||
Ceat Ltd. | 652 | 10,903 | ||||||
Central Depository Services India Ltd. | 765 | 9,145 | ||||||
Century Enka Ltd. | 40 | 170 | ||||||
Cera Sanitaryware Ltd. | 121 | 9,530 | ||||||
CG Power & Industrial Solutions Ltd.(1) | 1,563 | 5,762 | ||||||
Chalet Hotels Ltd.(1) | 51 | 226 | ||||||
Chemcon Speciality Chemicals Ltd. | 474 | 1,519 |
18
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Chennai Petroleum Corp. Ltd. | 934 | $ | 2,529 | |||||
Cholamandalam Financial Holdings Ltd. | 1,244 | 8,650 | ||||||
Cholamandalam Investment & Finance Co. Ltd. | 5,700 | 52,112 | ||||||
Cigniti Technologies Ltd. | 36 | 306 | ||||||
Cipla Ltd. | 4,863 | 53,280 | ||||||
City Union Bank Ltd. | 14,602 | 24,434 | ||||||
Cochin Shipyard Ltd. | 1,724 | 9,424 | ||||||
Coffee Day Enterprises Ltd.(1) | 3,695 | 1,528 | ||||||
Coforge Ltd. | 227 | 11,793 | ||||||
Colgate-Palmolive India Ltd. | 1,920 | 34,206 | ||||||
Computer Age Management Services Ltd. | 585 | 15,976 | ||||||
Confidence Petroleum India Ltd. | 5,136 | 3,760 | ||||||
Container Corp. of India Ltd. | 2,194 | 15,659 | ||||||
Cosmo First Ltd.(1) | 289 | 2,223 | ||||||
CreditAccess Grameen Ltd.(1) | 1,425 | 16,623 | ||||||
CRISIL Ltd. | 158 | 6,469 | ||||||
Crompton Greaves Consumer Electricals Ltd. | 3,926 | 14,418 | ||||||
CSB Bank Ltd.(1) | 1,161 | 3,215 | ||||||
Cummins India Ltd. | 408 | 7,744 | ||||||
Cyient Ltd. | 2,852 | 32,555 | ||||||
Dabur India Ltd. | 4,561 | 29,366 | ||||||
Dalmia Bharat Sugar & Industries Ltd. | 176 | 674 | ||||||
Datamatics Global Services Ltd. | 138 | 498 | ||||||
DB Corp. Ltd. | 3,495 | 3,977 | ||||||
DCB Bank Ltd. | 4,946 | 6,712 | ||||||
DCM Shriram Ltd. | 1,812 | 17,862 | ||||||
Deepak Nitrite Ltd. | 1,157 | 25,156 | ||||||
DEN Networks Ltd.(1) | 481 | 176 | ||||||
Dhani Services Ltd.(1) | 5,841 | 2,160 | ||||||
Dish TV India Ltd.(1) | 43,324 | 7,276 | ||||||
Dishman Carbogen Amcis Ltd.(1) | 1,053 | 1,493 | ||||||
Divi's Laboratories Ltd. | 1,034 | 35,312 | ||||||
Dixon Technologies India Ltd. | 309 | 10,793 | ||||||
DLF Ltd. | 3,041 | 12,924 | ||||||
D-Link India Ltd. | 647 | 1,788 | ||||||
Dollar Industries Ltd. | 80 | 305 | ||||||
Dr Lal PathLabs Ltd. | 689 | 16,569 | ||||||
Dr Reddy's Laboratories Ltd., ADR | 1,153 | 60,244 | ||||||
Dredging Corp. of India Ltd.(1) | 199 | 779 | ||||||
eClerx Services Ltd. | 615 | 10,369 | ||||||
Edelweiss Financial Services Ltd. | 20,359 | 15,868 | ||||||
Eicher Motors Ltd. | 1,419 | 53,256 | ||||||
EID Parry India Ltd. | 3,424 | 20,798 | ||||||
EIH Ltd.(1) | 281 | 534 | ||||||
Elecon Engineering Co. Ltd. | 1,985 | 9,462 | ||||||
Electrosteel Castings Ltd. | 5,042 | 2,061 | ||||||
Emami Ltd. | 3,848 | 18,579 | ||||||
Endurance Technologies Ltd. | 461 | 6,961 | ||||||
Engineers India Ltd. | 7,843 | 6,765 | ||||||
EPL Ltd. | 4,617 | 8,958 | ||||||
Equitas Small Finance Bank Ltd.(1) | 10,360 | 8,961 |
19
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Escorts Kubota Ltd. | 593 | $ | 14,881 | |||||
Eveready Industries India Ltd.(1) | 349 | 1,330 | ||||||
Everest Industries Ltd. | 196 | 1,719 | ||||||
Everest Kanto Cylinder Ltd. | 75 | 69 | ||||||
Excel Industries Ltd. | 24 | 265 | ||||||
Exide Industries Ltd.(1) | 5,572 | 11,810 | ||||||
Fairchem Organics Ltd. | 46 | 521 | ||||||
FDC Ltd.(1) | 1,017 | 3,231 | ||||||
FIEM Industries Ltd. | 76 | 1,424 | ||||||
Filatex India Ltd. | 1,290 | 606 | ||||||
Fine Organic Industries Ltd. | 11 | 615 | ||||||
Finolex Cables Ltd. | 1,373 | 11,718 | ||||||
Finolex Industries Ltd. | 12,360 | 25,254 | ||||||
Firstsource Solutions Ltd. | 332 | 452 | ||||||
Force Motors Ltd. | 118 | 1,723 | ||||||
Future Consumer Ltd.(1) | 2,618 | 25 | ||||||
Future Retail Ltd.(1) | 209 | 7 | ||||||
Gabriel India Ltd. | 485 | 894 | ||||||
Galaxy Surfactants Ltd. | 65 | 1,859 | ||||||
Ganesh Housing Corp. Ltd.(1) | 109 | 430 | ||||||
Ganesha Ecosphere Ltd. | 327 | 3,515 | ||||||
Garden Reach Shipbuilders & Engineers Ltd. | 1,132 | 5,647 | ||||||
Garware Technical Fibres Ltd. | 46 | 1,635 | ||||||
Genus Power Infrastructures Ltd. | 942 | 1,013 | ||||||
Geojit Financial Services Ltd. | 339 | 181 | ||||||
GHCL Ltd. | 2,488 | 15,474 | ||||||
GIC Housing Finance Ltd. | 2,493 | 4,972 | ||||||
GlaxoSmithKline Pharmaceuticals Ltd. | 804 | 12,991 | ||||||
Glenmark Pharmaceuticals Ltd. | 5,917 | 30,670 | ||||||
Globus Spirits Ltd. | 434 | 4,358 | ||||||
GMM Pfaudler Ltd. | 391 | 7,714 | ||||||
GNA Axles Ltd. | 69 | 746 | ||||||
Godrej Consumer Products Ltd.(1) | 1,006 | 11,231 | ||||||
Godrej Properties Ltd.(1) | 326 | 4,335 | ||||||
Gokaldas Exports Ltd.(1) | 314 | 1,459 | ||||||
Goodluck India Ltd. | 231 | 1,153 | ||||||
Graphite India Ltd. | 971 | 3,382 | ||||||
Greaves Cotton Ltd. | 764 | 1,182 | ||||||
Greenpanel Industries Ltd. | 871 | 2,953 | ||||||
Greenply Industries Ltd. | 546 | 895 | ||||||
GTL Infrastructure Ltd.(1) | 37,531 | 385 | ||||||
Gufic Biosciences Ltd. | 77 | 197 | ||||||
Gujarat Alkalies & Chemicals Ltd. | 681 | 5,100 | ||||||
Gujarat Fluorochemicals Ltd. | 164 | 6,234 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 2,111 | 13,416 | ||||||
Gujarat Pipavav Port Ltd. | 15,737 | 19,977 | ||||||
Gujarat State Fertilizers & Chemicals Ltd. | 3,256 | 4,924 | ||||||
Happiest Minds Technologies Ltd. | 650 | 6,722 | ||||||
Hathway Cable & Datacom Ltd.(1) | 5,258 | 963 | ||||||
Havells India Ltd. | 1,964 | 28,418 | ||||||
HBL Power Systems Ltd. | 2,016 | 2,429 |
20
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
HCL Technologies Ltd. | 11,498 | $ | 149,721 | |||||
HDFC Asset Management Co. Ltd. | 115 | 2,516 | ||||||
HDFC Life Insurance Co. Ltd. | 947 | 5,595 | ||||||
HealthCare Global Enterprises Ltd.(1) | 1,599 | 5,399 | ||||||
HEG Ltd. | 276 | 3,212 | ||||||
Hero MotoCorp Ltd. | 992 | 29,010 | ||||||
HFCL Ltd. | 10,629 | 8,200 | ||||||
HG Infra Engineering Ltd. | 1,134 | 9,807 | ||||||
HIL Ltd. | 34 | 926 | ||||||
Himadri Speciality Chemical Ltd., ADR | 10,303 | 10,395 | ||||||
Himatsingka Seide Ltd. | 231 | 213 | ||||||
Hinduja Global Solutions Ltd. | 271 | 4,273 | ||||||
Hindustan Construction Co. Ltd.(1) | 4,864 | 823 | ||||||
Hindustan Oil Exploration Co. Ltd.(1) | 687 | 1,146 | ||||||
Hindustan Unilever Ltd. | 2,830 | 84,169 | ||||||
Hindware Home Innovation Ltd.(1) | 2,181 | 9,702 | ||||||
Hitachi Energy India Ltd. | 14 | 563 | ||||||
Honda India Power Products Ltd. | 209 | 4,635 | ||||||
Housing Development Finance Corp. Ltd. | 8,204 | 258,625 | ||||||
ICICI Bank Ltd., ADR | 8,330 | 172,264 | ||||||
ICICI Lombard General Insurance Co. Ltd. | 2,613 | 34,815 | ||||||
ICICI Prudential Life Insurance Co. Ltd. | 1,500 | 7,411 | ||||||
IDFC First Bank Ltd.(1) | 47,954 | 31,953 | ||||||
IFCI Ltd.(1) | 31,768 | 4,184 | ||||||
IIFL Finance Ltd. | 6,085 | 31,511 | ||||||
IIFL Securities Ltd. | 789 | 521 | ||||||
India Glycols Ltd. | 176 | 1,239 | ||||||
Indiabulls Housing Finance Ltd.(1) | 8,590 | 10,461 | ||||||
Indiabulls Real Estate Ltd.(1) | 9,967 | 6,938 | ||||||
IndiaMart InterMesh Ltd. | 248 | 14,533 | ||||||
Indian Energy Exchange Ltd. | 8,058 | 14,076 | ||||||
Indian Hotels Co. Ltd. | 4,012 | 15,067 | ||||||
Indian Metals & Ferro Alloys Ltd. | 35 | 132 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 1,632 | 12,012 | ||||||
Indo Count Industries Ltd. | 105 | 164 | ||||||
Indo Rama Synthetics India Ltd.(1) | 481 | 274 | ||||||
Indus Towers Ltd. | 12,636 | 26,101 | ||||||
Infibeam Avenues Ltd.(1) | 10,565 | 2,018 | ||||||
Info Edge India Ltd. | 416 | 17,554 | ||||||
Infosys Ltd., ADR | 24,407 | 437,862 | ||||||
Ingersoll Rand India Ltd. | 118 | 3,061 | ||||||
Inox Wind Ltd.(1) | 1,250 | 1,537 | ||||||
Insecticides India Ltd. | 135 | 738 | ||||||
Intellect Design Arena Ltd. | 1,070 | 5,817 | ||||||
IOL Chemicals & Pharmaceuticals Ltd. | 258 | 887 | ||||||
ION Exchange India Ltd. | 147 | 5,986 | ||||||
ISGEC Heavy Engineering Ltd. | 33 | 176 | ||||||
ITD Cementation India Ltd. | 5,135 | 6,034 | ||||||
J Kumar Infraprojects Ltd. | 1,305 | 3,905 | ||||||
Jai Corp. Ltd. | 1,548 | 2,204 | ||||||
Jain Irrigation Systems Ltd.(1) | 8,727 | 2,810 |
21
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Jaiprakash Associates Ltd.(1) | 6,016 | $ | 632 | |||||
Jammu & Kashmir Bank Ltd.(1) | 12,243 | 7,279 | ||||||
Jamna Auto Industries Ltd. | 2,306 | 2,816 | ||||||
Jindal Poly Films Ltd. | 165 | 1,175 | ||||||
Jindal Saw Ltd. | 2,168 | 3,933 | ||||||
JK Paper Ltd. | 2,655 | 12,444 | ||||||
JK Tyre & Industries Ltd. | 2,501 | 4,453 | ||||||
JM Financial Ltd. | 22,621 | 17,847 | ||||||
JSW Ispat Special Products Ltd.(1) | 633 | 222 | ||||||
Jubilant Foodworks Ltd. | 5,388 | 28,695 | ||||||
Jubilant Pharmova Ltd. | 2,735 | 10,118 | ||||||
Just Dial Ltd.(1) | 227 | 1,584 | ||||||
Jyothy Labs Ltd. | 831 | 1,912 | ||||||
Kajaria Ceramics Ltd. | 1,731 | 22,482 | ||||||
Kansai Nerolac Paints Ltd. | 113 | 550 | ||||||
Karnataka Bank Ltd. | 4,843 | 8,282 | ||||||
Karur Vysya Bank Ltd. | 19,881 | 24,502 | ||||||
KEC International Ltd. | 4,667 | 25,346 | ||||||
KEI Industries Ltd. | 920 | 18,071 | ||||||
Kellton Tech Solutions Ltd.(1) | 119 | 73 | ||||||
Kennametal India Ltd. | 93 | 2,249 | ||||||
Kiri Industries Ltd.(1) | 1,143 | 3,845 | ||||||
Kirloskar Oil Engines Ltd. | 1,380 | 5,258 | ||||||
Kitex Garments Ltd. | 301 | 514 | ||||||
KNR Constructions Ltd. | 1,170 | 3,621 | ||||||
Kolte-Patil Developers Ltd. | 1,063 | 3,457 | ||||||
Kotak Mahindra Bank Ltd. | 3,479 | 72,690 | ||||||
KPI Green Energy Ltd. | 530 | 2,778 | ||||||
KPIT Technologies Ltd. | 3,706 | 37,144 | ||||||
KPR Mill Ltd. | 1,251 | 8,699 | ||||||
KSB Ltd. | 165 | 3,820 | ||||||
LA Opala RG Ltd. | 598 | 2,574 | ||||||
Lemon Tree Hotels Ltd.(1) | 409 | 385 | ||||||
LG Balakrishnan & Bros Ltd. | 987 | 8,059 | ||||||
LIC Housing Finance Ltd. | 7,858 | 33,293 | ||||||
Linde India Ltd. | 175 | 7,873 | ||||||
LT Foods Ltd. | 10,941 | 12,772 | ||||||
Lumax Auto Technologies Ltd. | 732 | 2,351 | ||||||
Lupin Ltd. | 5,143 | 40,989 | ||||||
LUX Industries Ltd.(1) | 48 | 739 | ||||||
Maharashtra Scooters Ltd. | 59 | 3,178 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 11,400 | 34,686 | ||||||
Mahindra & Mahindra Ltd. | 5,255 | 80,628 | ||||||
Mahindra CIE Automotive Ltd. | 2,286 | 11,721 | ||||||
Mahindra Holidays & Resorts India Ltd.(1) | 1,372 | 4,535 | ||||||
Mahindra Lifespace Developers Ltd. | 220 | 990 | ||||||
Mahindra Logistics Ltd. | 1,203 | 5,384 | ||||||
Maithan Alloys Ltd. | 69 | 755 | ||||||
Man Infraconstruction Ltd. | 158 | 149 | ||||||
Manali Petrochemicals Ltd. | 1,472 | 1,202 | ||||||
Manappuram Finance Ltd. | 24,144 | 29,966 |
22
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Marico Ltd.(1) | 3,066 | $ | 18,228 | |||||
Marksans Pharma Ltd. | 8,371 | 6,828 | ||||||
Maruti Suzuki India Ltd. | 481 | 50,128 | ||||||
MAS Financial Services Ltd. | 72 | 710 | ||||||
Mastek Ltd. | 113 | 2,251 | ||||||
Max Financial Services Ltd.(1) | 2,189 | 18,322 | ||||||
Max Healthcare Institute Ltd.(1) | 3,221 | 16,591 | ||||||
Mayur Uniquoters Ltd. | 41 | 241 | ||||||
Meghmani Finechem Ltd. | 203 | 2,510 | ||||||
Meghmani Organics Ltd. | 1,526 | 1,709 | ||||||
Metropolis Healthcare Ltd. | 468 | 7,416 | ||||||
Minda Corp. Ltd. | 307 | 716 | ||||||
Mirza International Ltd.(1) | 663 | 2,218 | ||||||
Mishra Dhatu Nigam Ltd. | 621 | 1,477 | ||||||
MOIL Ltd. | 132 | 240 | ||||||
Mold-Tek Packaging Ltd. | 61 | 704 | ||||||
Monte Carlo Fashions Ltd. | 87 | 596 | ||||||
Motherson Sumi Wiring India Ltd. | 1,471 | 881 | ||||||
Motilal Oswal Financial Services Ltd. | 932 | 6,761 | ||||||
Mphasis Ltd. | 1,043 | 25,650 | ||||||
MRF Ltd. | 11 | 11,337 | ||||||
Mrs Bectors Food Specialities Ltd. | 830 | 5,025 | ||||||
MSTC Ltd. | 182 | 596 | ||||||
Multi Commodity Exchange of India Ltd. | 1,061 | 17,984 | ||||||
Muthoot Finance Ltd. | 3,008 | 35,363 | ||||||
Narayana Hrudayalaya Ltd. | 1,277 | 11,568 | ||||||
Natco Pharma Ltd. | 452 | 2,940 | ||||||
National Fertilizers Ltd.(1) | 712 | 535 | ||||||
Nava Ltd. | 1,993 | 5,567 | ||||||
Navkar Corp. Ltd.(1) | 1,587 | 966 | ||||||
Navneet Education Ltd. | 1,113 | 1,332 | ||||||
NELCO Ltd. | 265 | 1,843 | ||||||
Neogen Chemicals Ltd. | 29 | 444 | ||||||
Nestle India Ltd. | 250 | 56,427 | ||||||
Neuland Laboratories Ltd. | 99 | 1,931 | ||||||
New Delhi Television Ltd.(1) | 834 | 1,914 | ||||||
Newgen Software Technologies Ltd. | 131 | 694 | ||||||
NIIT Ltd.(1) | 525 | 2,014 | ||||||
Nippon Life India Asset Management Ltd. | 3,306 | 8,847 | ||||||
NOCIL Ltd. | 1,148 | 3,058 | ||||||
Oberoi Realty Ltd. | 1,342 | 13,904 | ||||||
Olectra Greentech Ltd. | 242 | 1,457 | ||||||
Omaxe Ltd.(1) | 298 | 206 | ||||||
OnMobile Global Ltd. | 473 | 387 | ||||||
Optiemus Infracom Ltd.(1) | 173 | 527 | ||||||
Oracle Financial Services Software Ltd. | 475 | 18,197 | ||||||
Orient Cement Ltd. | 6,086 | 8,187 | ||||||
Orient Electric Ltd. | 781 | 2,582 | ||||||
Orient Paper & Industries Ltd. | 2,680 | 1,206 | ||||||
Page Industries Ltd. | 64 | 29,375 | ||||||
Paisalo Digital Ltd. | 1,547 | 1,108 |
23
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Panama Petrochem Ltd. | 1,604 | $ | 5,764 | |||||
Parag Milk Foods Ltd.(1) | 731 | 694 | ||||||
PC Jeweller Ltd.(1) | 3,055 | 1,000 | ||||||
PDS Ltd. | 771 | 3,027 | ||||||
Pennar Industries Ltd.(1) | 6,469 | 5,680 | ||||||
Persistent Systems Ltd. | 928 | 53,742 | ||||||
PG Electroplast Ltd.(1) | 56 | 943 | ||||||
Phoenix Mills Ltd. | 121 | 2,023 | ||||||
PI Industries Ltd. | 312 | 11,689 | ||||||
Pidilite Industries Ltd. | 249 | 6,924 | ||||||
Piramal Enterprises Ltd. | 1,428 | 13,298 | ||||||
Piramal Pharma Ltd.(1) | 956 | 913 | ||||||
PNB Housing Finance Ltd.(1) | 2,946 | 21,265 | ||||||
Pokarna Ltd. | 11 | 38 | ||||||
Polycab India Ltd. | 272 | 10,130 | ||||||
Polyplex Corp. Ltd. | 250 | 4,087 | ||||||
Poonawalla Fincorp Ltd. | 944 | 3,297 | ||||||
Power Grid Corp. of India Ltd. | 38,720 | 104,014 | ||||||
Power Mech Projects Ltd. | 292 | 7,147 | ||||||
Praj Industries Ltd. | 5,232 | 22,200 | ||||||
Prakash Industries Ltd.(1) | 7,645 | 5,003 | ||||||
Prestige Estates Projects Ltd. | 1,620 | 7,949 | ||||||
Pricol Ltd.(1) | 2,446 | 5,558 | ||||||
Prince Pipes & Fittings Ltd. | 312 | 2,083 | ||||||
Privi Speciality Chemicals Ltd. | 37 | 418 | ||||||
Procter & Gamble Health Ltd. | 4 | 226 | ||||||
PSP Projects Ltd. | 400 | 3,233 | ||||||
PTC India Ltd. | 12,959 | 13,804 | ||||||
Quess Corp. Ltd. | 2,051 | 8,763 | ||||||
Radico Khaitan Ltd. | 822 | 11,537 | ||||||
Rajesh Exports Ltd. | 786 | 6,252 | ||||||
Rallis India Ltd. | 2,626 | 6,238 | ||||||
Ramco Systems Ltd.(1) | 27 | 70 | ||||||
RattanIndia Power Ltd.(1) | 2,552 | 103 | ||||||
Raymond Ltd. | 1,481 | 22,742 | ||||||
RBL Bank Ltd.(1) | 17,801 | 33,519 | ||||||
REC Ltd. | 41,540 | 57,398 | ||||||
Redington Ltd. | 19,245 | 39,625 | ||||||
Relaxo Footwears Ltd. | 151 | 1,420 | ||||||
Reliance Industrial Infrastructure Ltd. | 30 | 291 | ||||||
Religare Enterprises Ltd.(1) | 307 | 570 | ||||||
Repco Home Finance Ltd. | 2,127 | 5,006 | ||||||
Restaurant Brands Asia Ltd.(1) | 5,972 | 6,742 | ||||||
Rico Auto Industries Ltd. | 5,876 | 5,085 | ||||||
RITES Ltd. | 2,395 | 9,446 | ||||||
Route Mobile Ltd. | 573 | 9,308 | ||||||
RPG Life Sciences Ltd. | 383 | 3,965 | ||||||
RSWM Ltd. | 288 | 548 | ||||||
Rupa & Co. Ltd. | 235 | 582 | ||||||
Safari Industries India Ltd. | 224 | 5,475 | ||||||
Saksoft Ltd. | 523 | 906 |
24
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Samvardhana Motherson International Ltd. | 36,692 | $ | 35,322 | |||||
Sanghvi Movers Ltd. | 310 | 1,355 | ||||||
Sansera Engineering Ltd. | 57 | 502 | ||||||
Sarda Energy & Minerals Ltd. | 96 | 1,277 | ||||||
Saregama India Ltd. | 326 | 1,302 | ||||||
Satia Industries Ltd. | 1,711 | 2,368 | ||||||
SBI Cards & Payment Services Ltd. | 2,113 | 19,168 | ||||||
SBI Life Insurance Co. Ltd. | 1,121 | 15,186 | ||||||
Schaeffler India Ltd. | 291 | 10,492 | ||||||
Schneider Electric Infrastructure Ltd.(1) | 344 | 673 | ||||||
SEAMEC Ltd.(1) | 7 | 49 | ||||||
Sequent Scientific Ltd.(1) | 193 | 145 | ||||||
Seshasayee Paper & Boards Ltd. | 951 | 2,762 | ||||||
Shakti Pumps India Ltd. | 49 | 253 | ||||||
Shankara Building Products Ltd. | 97 | 811 | ||||||
Shanthi Gears Ltd. | 393 | 1,628 | ||||||
Share India Securities Ltd. | 542 | 7,003 | ||||||
Shipping Corp. of India Ltd. | 3,065 | 4,433 | ||||||
Shoppers Stop Ltd.(1) | 706 | 5,544 | ||||||
Shree Renuka Sugars Ltd.(1) | 3,166 | 1,668 | ||||||
Shriram Finance Ltd. | 5,185 | 75,395 | ||||||
Siemens Ltd. | 88 | 3,454 | ||||||
Siyaram Silk Mills Ltd. | 139 | 761 | ||||||
SKF India Ltd. | 82 | 4,425 | ||||||
Sobha Ltd. | 1,484 | 10,333 | ||||||
SOM Distilleries & Breweries Ltd. | 592 | 820 | ||||||
Sonata Software Ltd. | 2,771 | 24,330 | ||||||
South Indian Bank Ltd.(1) | 37,775 | 7,647 | ||||||
Southern Petrochemical Industries Corp. Ltd. | 1,412 | 989 | ||||||
Spandana Sphoorty Financial Ltd.(1) | 269 | 1,879 | ||||||
Speciality Restaurants Ltd.(1) | 716 | 1,815 | ||||||
SRF Ltd. | 1,025 | 26,860 | ||||||
State Bank of India, GDR | 1,755 | 110,055 | ||||||
Steel Strips Wheels Ltd. | 1,280 | 2,292 | ||||||
Sterlite Technologies Ltd. | 1,461 | 2,801 | ||||||
Stove Kraft Ltd.(1) | 129 | 638 | ||||||
Sudarshan Chemical Industries Ltd. | 325 | 1,453 | ||||||
Sumitomo Chemical India Ltd. | 255 | 1,379 | ||||||
Sun Pharmaceutical Industries Ltd. | 8,591 | 99,354 | ||||||
Sun TV Network Ltd. | 2,685 | 13,915 | ||||||
Sundaram Finance Ltd. | 138 | 3,816 | ||||||
Sundram Fasteners Ltd. | 1,429 | 16,992 | ||||||
Sunflag Iron & Steel Co. Ltd.(1) | 4,123 | 6,527 | ||||||
Sunteck Realty Ltd. | 539 | 1,961 | ||||||
Suprajit Engineering Ltd. | 837 | 3,572 | ||||||
Supreme Industries Ltd. | 502 | 16,759 | ||||||
Surya Roshni Ltd. | 1,380 | 11,142 | ||||||
Suven Pharmaceuticals Ltd. | 2,090 | 12,127 | ||||||
Suzlon Energy Ltd.(1) | 7,871 | 780 | ||||||
Syngene International Ltd. | 1,965 | 13,795 | ||||||
Tamil Nadu Newsprint & Papers Ltd. | 2,474 | 6,240 |
25
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Tamilnadu Petroproducts Ltd. | 713 | $ | 682 | |||||
Tanla Platforms Ltd. | 1,537 | 12,536 | ||||||
Tata Coffee Ltd. | 130 | 326 | ||||||
Tata Communications Ltd. | 1,782 | 26,035 | ||||||
Tata Consultancy Services Ltd. | 4,733 | 189,490 | ||||||
Tata Consumer Products Ltd. | 1,787 | 15,452 | ||||||
Tata Elxsi Ltd. | 235 | 17,406 | ||||||
Tata Investment Corp. Ltd. | 407 | 10,022 | ||||||
Tata Metaliks Ltd. | 989 | 8,716 | ||||||
Tata Motors Ltd., ADR(1) | 1,431 | 36,427 | ||||||
Tata Steel Long Products Ltd. | 497 | 3,678 | ||||||
Tata Teleservices Maharashtra Ltd.(1) | 1,227 | 831 | ||||||
TCI Express Ltd. | 160 | 3,056 | ||||||
TeamLease Services Ltd.(1) | 66 | 2,006 | ||||||
Tech Mahindra Ltd. | 8,643 | 114,893 | ||||||
Technocraft Industries India Ltd.(1) | 45 | 548 | ||||||
Tejas Networks Ltd.(1) | 62 | 419 | ||||||
Texmaco Rail & Engineering Ltd. | 4,065 | 2,169 | ||||||
Thermax Ltd. | 262 | 6,818 | ||||||
Thirumalai Chemicals Ltd. | 1,582 | 3,305 | ||||||
Thomas Cook India Ltd.(1) | 224 | 169 | ||||||
Thyrocare Technologies Ltd. | 317 | 1,731 | ||||||
Time Technoplast Ltd. | 3,799 | 3,718 | ||||||
Tinplate Co. of India Ltd. | 513 | 1,890 | ||||||
Titagarh Wagons Ltd.(1) | 4,175 | 10,500 | ||||||
Titan Co. Ltd. | 243 | 6,970 | ||||||
Torrent Pharmaceuticals Ltd. | 1,443 | 25,462 | ||||||
Transport Corp. of India Ltd. | 729 | 5,738 | ||||||
Trent Ltd. | 525 | 8,111 | ||||||
Trident Ltd. | 25,462 | 9,324 | ||||||
Triveni Turbine Ltd. | 2,044 | 7,844 | ||||||
TTK Prestige Ltd. | 440 | 4,026 | ||||||
Tube Investments of India Ltd. | 862 | 28,893 | ||||||
TV Today Network Ltd. | 140 | 354 | ||||||
TV18 Broadcast Ltd.(1) | 8,772 | 3,380 | ||||||
TVS Motor Co. Ltd. | 720 | 9,401 | ||||||
TVS Srichakra Ltd. | 149 | 4,907 | ||||||
Uflex Ltd. | 913 | 4,178 | ||||||
Ugar Sugar Works Ltd. | 5,572 | 6,076 | ||||||
Ujjivan Financial Services Ltd.(1) | 1,257 | 4,022 | ||||||
Ujjivan Small Finance Bank Ltd.(1) | 7,097 | 2,303 | ||||||
Unichem Laboratories Ltd. | 1,194 | 4,268 | ||||||
United Spirits Ltd.(1) | 3,841 | 34,386 | ||||||
UPL Ltd. | 3,978 | 33,376 | ||||||
Usha Martin Ltd. | 1,303 | 2,764 | ||||||
UTI Asset Management Co. Ltd. | 2,128 | 16,829 | ||||||
VA Tech Wabag Ltd.(1) | 485 | 1,808 | ||||||
Vaibhav Global Ltd. | 295 | 1,156 | ||||||
Vakrangee Ltd. | 10,638 | 2,796 | ||||||
Valiant Organics Ltd. | 107 | 522 | ||||||
Vardhman Textiles Ltd.(1) | 4,701 | 17,492 |
26
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Varroc Engineering Ltd.(1) | 1,311 | $ | 3,870 | |||||
Varun Beverages Ltd. | 2,024 | 31,819 | ||||||
Venky's India Ltd. | 65 | 1,259 | ||||||
Visaka Industries Ltd. | 218 | 1,008 | ||||||
Vishnu Chemicals Ltd. | 520 | 1,730 | ||||||
Vodafone Idea Ltd.(1) | 38,671 | 3,178 | ||||||
Voltamp Transformers Ltd. | 50 | 1,650 | ||||||
Voltas Ltd. | 493 | 5,315 | ||||||
VRL Logistics Ltd.(1) | 1,176 | 7,769 | ||||||
Welspun Corp. Ltd. | 5,585 | 12,432 | ||||||
Welspun Enterprises Ltd. | 4,971 | 7,390 | ||||||
Welspun India Ltd. | 11,181 | 8,979 | ||||||
West Coast Paper Mills Ltd. | 1,404 | 8,168 | ||||||
Westlife Foodworld Ltd.(1) | 866 | 6,792 | ||||||
Whirlpool of India Ltd. | 24 | 378 | ||||||
Wipro Ltd., ADR | 6,815 | 31,826 | ||||||
Wonderla Holidays Ltd.(1) | 85 | 426 | ||||||
Yes Bank Ltd.(1) | 190,559 | 40,195 | ||||||
Zee Entertainment Enterprises Ltd. | 13,949 | 32,977 | ||||||
Zee Media Corp. Ltd.(1) | 1,302 | 135 | ||||||
Zen Technologies Ltd. | 88 | 280 | ||||||
Zensar Technologies Ltd. | 894 | 3,136 | ||||||
6,759,896 | ||||||||
Indonesia — 2.2% | ||||||||
Ace Hardware Indonesia Tbk PT | 66,800 | 2,212 | ||||||
Adi Sarana Armada Tbk PT(1) | 21,400 | 1,425 | ||||||
Bank BTPN Syariah Tbk PT | 63,100 | 9,680 | ||||||
Bank Bukopin Tbk PT(1) | 264,400 | 2,063 | ||||||
Bank Central Asia Tbk PT | 203,900 | 116,945 | ||||||
Bank Jago Tbk PT(1) | 4,800 | 790 | ||||||
Bank Mandiri Persero Tbk PT | 202,700 | 132,880 | ||||||
Bank Negara Indonesia Persero Tbk PT | 92,600 | 53,257 | ||||||
Bank Pan Indonesia Tbk PT | 69,900 | 6,622 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 46,300 | 4,007 | ||||||
Bank Pembangunan Daerah Jawa Timur Tbk PT | 36,000 | 1,747 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 341,200 | 104,430 | ||||||
Bank Tabungan Negara Persero Tbk PT | 162,078 | 14,079 | ||||||
Barito Pacific Tbk PT | 83,967 | 5,147 | ||||||
Berkah Beton Sadaya Tbk PT | 76,000 | 2,965 | ||||||
BFI Finance Indonesia Tbk PT | 203,400 | 18,203 | ||||||
Blue Bird Tbk PT | 23,800 | 2,754 | ||||||
Buana Lintas Lautan Tbk PT(1) | 202,000 | 1,761 | ||||||
Bukalapak.com Tbk PT(1) | 900,700 | 15,471 | ||||||
Bumi Serpong Damai Tbk PT(1) | 168,300 | 10,921 | ||||||
Bundamedik Tbk PT | 22,800 | 619 | ||||||
Ciputra Development Tbk PT | 329,500 | 21,389 | ||||||
Erajaya Swasembada Tbk PT | 221,800 | 7,488 | ||||||
FKS Food Sejahtera Tbk PT(1) | 193,000 | 1,962 | ||||||
Global Mediacom Tbk PT(1) | 268,900 | 5,042 | ||||||
Indosat Tbk PT | 17,900 | 8,009 | ||||||
Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 63,800 | 3,681 |
27
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Jasa Marga Persero Tbk PT(1) | 44,000 | $ | 9,376 | |||||
Kalbe Farma Tbk PT | 112,700 | 15,590 | ||||||
Kencana Energi Lestari Tbk PT | 44,300 | 1,525 | ||||||
Kino Indonesia Tbk PT | 2,400 | 264 | ||||||
Lippo Cikarang Tbk PT(1) | 12,700 | 774 | ||||||
Lippo Karawaci Tbk PT(1) | 140,800 | 748 | ||||||
M Cash Integrasi PT(1) | 200 | 98 | ||||||
Mark Dynamics Indonesia Tbk PT | 8,200 | 328 | ||||||
Matahari Department Store Tbk PT | 19,200 | 6,515 | ||||||
Matahari Putra Prima Tbk PT(1) | 45,500 | 373 | ||||||
Media Nusantara Citra Tbk PT(1) | 113,400 | 4,832 | ||||||
Medikaloka Hermina Tbk PT | 122,800 | 11,999 | ||||||
Mitra Adiperkasa Tbk PT(1) | 309,600 | 30,656 | ||||||
Mitra Keluarga Karyasehat Tbk PT | 92,200 | 18,078 | ||||||
Mitra Pinasthika Mustika Tbk PT | 21,500 | 1,762 | ||||||
MNC Kapital Indonesia Tbk PT(1) | 199,100 | 862 | ||||||
MNC Vision Networks Tbk PT(1) | 42,900 | 152 | ||||||
Multipolar Tbk PT(1) | 28,300 | 193 | ||||||
Nusantara Infrastructure Tbk PT(1) | 118,500 | 971 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 29,700 | 13,630 | ||||||
Pacific Strategic Financial Tbk PT(1) | 66,800 | 4,928 | ||||||
Pakuwon Jati Tbk PT | 193,200 | 5,854 | ||||||
Panin Financial Tbk PT | 305,700 | 7,978 | ||||||
PP Persero Tbk PT(1) | 73,500 | 3,083 | ||||||
Puradelta Lestari Tbk PT | 69,000 | 751 | ||||||
Samator Indo Gas Tbk PT | 13,100 | 1,804 | ||||||
Samudera Indonesia Tbk PT | 220,000 | 6,030 | ||||||
Sarana Menara Nusantara Tbk PT | 245,800 | 16,921 | ||||||
Sariguna Primatirta Tbk PT | 66,000 | 2,043 | ||||||
Smartfren Telecom Tbk PT(1) | 1,683,700 | 7,395 | ||||||
Steel Pipe Industry of Indonesia PT | 12,400 | 210 | ||||||
Sumber Alfaria Trijaya Tbk PT | 215,100 | 40,906 | ||||||
Summarecon Agung Tbk PT | 389,600 | 15,450 | ||||||
Surya Citra Media Tbk PT | 76,200 | 1,079 | ||||||
Telkom Indonesia Persero Tbk PT, ADR | 4,320 | 111,283 | ||||||
Temas Tbk PT | 20,300 | 4,447 | ||||||
Tower Bersama Infrastructure Tbk PT | 43,100 | 5,906 | ||||||
Unilever Indonesia Tbk PT | 85,900 | 23,538 | ||||||
Wijaya Karya Persero Tbk PT(1) | 110,500 | 4,563 | ||||||
XL Axiata Tbk PT | 130,800 | 17,924 | ||||||
956,368 | ||||||||
Malaysia — 1.8% | ||||||||
Aeon Co. M Bhd | 6,500 | 1,970 | ||||||
AEON Credit Service M Bhd | 500 | 1,337 | ||||||
AGMO Holdings Bhd(1) | 159 | 25 | ||||||
Alliance Bank Malaysia Bhd | 34,600 | 26,829 | ||||||
AMMB Holdings Bhd | 38,600 | 34,484 | ||||||
Ancom Nylex Bhd(1) | 27,100 | 7,064 | ||||||
Ann Joo Resources Bhd | 300 | 77 | ||||||
Astro Malaysia Holdings Bhd | 400 | 53 | ||||||
Axiata Group Bhd | 10,300 | 7,274 |
28
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Bank Islam Malaysia Bhd | 1,100 | $ | 556 | |||||
Berjaya Food Bhd | 30,800 | 6,862 | ||||||
Bermaz Auto Bhd | 43,100 | 20,644 | ||||||
Bursa Malaysia Bhd | 16,200 | 23,826 | ||||||
Cahya Mata Sarawak Bhd | 36,000 | 9,464 | ||||||
Carlsberg Brewery Malaysia Bhd | 2,300 | 11,766 | ||||||
CIMB Group Holdings Bhd | 59,131 | 73,922 | ||||||
CTOS Digital Bhd | 300 | 96 | ||||||
Cypark Resources Bhd(1) | 24,100 | 5,422 | ||||||
D&O Green Technologies Bhd | 100 | 101 | ||||||
Dayang Enterprise Holdings Bhd | 5,400 | 1,692 | ||||||
DiGi.Com Bhd | 33,100 | 31,709 | ||||||
DRB-Hicom Bhd | 28,000 | 8,859 | ||||||
Dufu Technology Corp. Bhd | 2,100 | 982 | ||||||
Eco World Development Group Bhd | 7,800 | 1,182 | ||||||
Ekovest Bhd(1) | 10,100 | 821 | ||||||
Evergreen Fibreboard Bhd | 4,000 | 276 | ||||||
Fraser & Neave Holdings Bhd | 100 | 613 | ||||||
Frontken Corp. Bhd | 13,400 | 9,343 | ||||||
Gamuda Bhd | 48,300 | 45,197 | ||||||
Greatech Technology Bhd(1) | 1,100 | 1,225 | ||||||
Hartalega Holdings Bhd | 33,400 | 10,939 | ||||||
Heineken Malaysia Bhd | 2,800 | 17,854 | ||||||
Hengyuan Refining Co. Bhd | 5,300 | 4,014 | ||||||
Hextar Healthcare Bhd(1) | 4,200 | 267 | ||||||
Hiap Teck Venture Bhd | 7,600 | 491 | ||||||
Hong Leong Bank Bhd | 2,500 | 11,443 | ||||||
Hong Leong Capital Bhd | 600 | 806 | ||||||
Hong Leong Financial Group Bhd | 2,800 | 11,368 | ||||||
Hong Seng Consolidated Bhd(1) | 18,000 | 521 | ||||||
IHH Healthcare Bhd | 5,200 | 6,709 | ||||||
Inari Amertron Bhd | 23,700 | 12,930 | ||||||
IOI Properties Group Bhd | 1,100 | 275 | ||||||
JAKS Resources Bhd(1) | 1,300 | 67 | ||||||
KNM Group Bhd(1) | 12,700 | 141 | ||||||
Kossan Rubber Industries Bhd | 23,700 | 5,755 | ||||||
Lingkaran Trans Kota Holdings Bhd | 10,400 | 1,194 | ||||||
Lotte Chemical Titan Holding Bhd | 2,000 | 615 | ||||||
Malayan Banking Bhd | 30,400 | 59,611 | ||||||
Malaysia Airports Holdings Bhd(1) | 2,600 | 3,934 | ||||||
Malaysia Building Society Bhd(1) | 15,500 | 2,089 | ||||||
Malaysia Smelting Corp. Bhd | 10,700 | 4,891 | ||||||
Malaysian Pacific Industries Bhd | 1,800 | 11,999 | ||||||
Malaysian Resources Corp. Bhd | 70,200 | 4,848 | ||||||
Maxis Bhd | 30,600 | 26,657 | ||||||
Mega First Corp. Bhd | 700 | 575 | ||||||
Mieco Chipboard Bhd(1) | 700 | 98 | ||||||
MR DIY Group M Bhd | 14,000 | 5,302 | ||||||
My EG Services Bhd | 17,200 | 2,759 | ||||||
Nestle Malaysia Bhd | 400 | 12,044 | ||||||
Pentamaster Corp. Bhd | 1,100 | 1,240 |
29
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Perak Transit Bhd | 7,500 | $ | 1,855 | |||||
Petron Malaysia Refining & Marketing Bhd | 500 | 486 | ||||||
Press Metal Aluminium Holdings Bhd | 18,700 | 21,495 | ||||||
Public Bank Bhd | 81,000 | 74,545 | ||||||
RHB Bank Bhd | 20,597 | 26,069 | ||||||
Scientex Bhd | 3,300 | 2,662 | ||||||
Shin Yang Shipping Corp. Bhd | 22,500 | 3,284 | ||||||
Signature International Bhd(1) | 7,800 | 4,343 | ||||||
Sime Darby Bhd | 32,800 | 16,592 | ||||||
Sime Darby Property Bhd | 7,400 | 791 | ||||||
SP Setia Bhd Group | 37,400 | 5,165 | ||||||
Sunway Bhd | 3,100 | 1,126 | ||||||
Supermax Corp. Bhd | 62,800 | 10,563 | ||||||
Swift Haulage Bhd | 2,100 | 220 | ||||||
Syarikat Takaful Malaysia Keluarga Bhd | 500 | 369 | ||||||
TDM Bhd | 1,600 | 62 | ||||||
Telekom Malaysia Bhd | 20,300 | 22,754 | ||||||
TIME dotCom Bhd | 18,400 | 21,935 | ||||||
UEM Sunrise Bhd(1) | 19,500 | 1,129 | ||||||
UMW Holdings Bhd | 5,900 | 5,126 | ||||||
Unisem M Bhd | 5,800 | 3,823 | ||||||
UWC Bhd | 5,800 | 5,173 | ||||||
Velesto Energy Bhd(1) | 241,600 | 10,232 | ||||||
ViTrox Corp. Bhd | 1,800 | 3,208 | ||||||
VS Industry Bhd | 15,500 | 3,037 | ||||||
Westports Holdings Bhd | 2,000 | 1,649 | ||||||
802,800 | ||||||||
Mexico — 2.9% | ||||||||
Alsea SAB de CV(1) | 5,988 | 13,255 | ||||||
America Movil SAB de CV, Class L, ADR | 6,369 | 131,074 | ||||||
Arca Continental SAB de CV | 2,569 | 21,759 | ||||||
Becle SAB de CV | 3,787 | 9,186 | ||||||
Bolsa Mexicana de Valores SAB de CV | 2,010 | 3,919 | ||||||
Corp. Inmobiliaria Vesta SAB de CV | 10,446 | 30,254 | ||||||
Fomento Economico Mexicano SAB de CV, ADR | 734 | 67,469 | ||||||
Genomma Lab Internacional SAB de CV, Class B | 25,681 | 20,647 | ||||||
Gentera SAB de CV | 41,288 | 44,748 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 1,008 | 78,614 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, ADR | 520 | 98,842 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, ADR | 99 | 28,332 | ||||||
Grupo Bimbo SAB de CV, Series A | 8,258 | 39,371 | ||||||
Grupo Comercial Chedraui SA de CV | 5,586 | 28,393 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 26,701 | 226,024 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O(1) | 16,726 | 34,958 | ||||||
Grupo Mexico SAB de CV, Series B | 15,504 | 69,730 | ||||||
Grupo Televisa SAB, ADR | 8,170 | 40,523 | ||||||
Grupo Traxion SAB de CV(1)(2) | 2,886 | 5,388 | ||||||
Industrias Penoles SAB de CV(1) | 1,936 | 23,163 | ||||||
Kimberly-Clark de Mexico SAB de CV, A Shares | 15,915 | 31,836 | ||||||
La Comer SAB de CV | 7,218 | 15,938 | ||||||
Megacable Holdings SAB de CV | 4,356 | 11,197 |
30
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Nemak SAB de CV(1) | 103,229 | $ | 26,179 | |||||
Orbia Advance Corp. SAB de CV | 12,217 | 25,380 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 2,968 | 28,949 | ||||||
Qualitas Controladora SAB de CV | 6,074 | 37,782 | ||||||
Regional SAB de CV | 2,399 | 19,904 | ||||||
Sitios Latinoamerica SAB de CV(1) | 5,443 | 2,201 | ||||||
Wal-Mart de Mexico SAB de CV | 12,062 | 47,532 | ||||||
1,262,547 | ||||||||
Peru — 0.3% | ||||||||
Credicorp Ltd. | 568 | 72,374 | ||||||
Intercorp Financial Services, Inc. | 1,013 | 24,140 | ||||||
Southern Copper Corp. | 252 | 18,570 | ||||||
115,084 | ||||||||
Philippines — 0.9% | ||||||||
Ayala Land, Inc. | 36,600 | 18,813 | ||||||
Bank of the Philippine Islands | 12,520 | 24,826 | ||||||
BDO Unibank, Inc. | 18,690 | 41,626 | ||||||
Century Pacific Food, Inc. | 1,300 | 617 | ||||||
Converge Information & Communications Technology Solutions, Inc. (1) | 36,200 | 10,621 | ||||||
Globe Telecom, Inc. | 361 | 11,567 | ||||||
GT Capital Holdings, Inc. | 2,450 | 22,959 | ||||||
International Container Terminal Services, Inc. | 8,040 | 29,003 | ||||||
Jollibee Foods Corp. | 7,430 | 32,197 | ||||||
LT Group, Inc. | 17,900 | 3,393 | ||||||
Manila Electric Co. | 2,090 | 11,998 | ||||||
Megaworld Corp. | 320,000 | 11,672 | ||||||
Metropolitan Bank & Trust Co. | 45,520 | 47,817 | ||||||
Monde Nissin Corp. | 39,700 | 8,644 | ||||||
PLDT, Inc., ADR(2) | 847 | 19,862 | ||||||
Puregold Price Club, Inc. | 28,300 | 16,108 | ||||||
Robinsons Land Corp. | 37,700 | 10,249 | ||||||
Robinsons Retail Holdings, Inc. | 720 | 707 | ||||||
Security Bank Corp. | 11,120 | 20,633 | ||||||
SM Investments Corp. | 980 | 15,065 | ||||||
SM Prime Holdings, Inc. | 24,800 | 15,243 | ||||||
Synergy Grid & Development Phils, Inc. | 22,300 | 4,745 | ||||||
Universal Robina Corp. | 6,200 | 15,289 | ||||||
Wilcon Depot, Inc. | 17,500 | 9,981 | ||||||
403,635 | ||||||||
Poland — 0.9% | ||||||||
Alior Bank SA(1) | 3,087 | 28,106 | ||||||
Allegro.eu SA(1) | 1,834 | 11,954 | ||||||
AmRest Holdings SE(1) | 1,712 | 8,008 | ||||||
Asseco Poland SA | 412 | 7,388 | ||||||
Bank Handlowy w Warszawie SA | 57 | 1,069 | ||||||
Bank Millennium SA(1) | 15,171 | 15,426 | ||||||
Bank Polska Kasa Opieki SA | 1,031 | 20,747 | ||||||
Budimex SA | 217 | 13,727 | ||||||
CCC SA(1) | 1,413 | 11,232 | ||||||
CD Projekt SA | 582 | 17,314 |
31
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Cyfrowy Polsat SA | 1,525 | $ | 5,907 | |||||
Dino Polska SA(1) | 272 | 22,707 | ||||||
KGHM Polska Miedz SA | 1,274 | 36,333 | ||||||
KRUK SA | 461 | 34,262 | ||||||
LiveChat Software SA | 55 | 1,731 | ||||||
LPP SA | 10 | 21,122 | ||||||
mBank SA(1) | 164 | 12,078 | ||||||
Orange Polska SA | 18,560 | 28,026 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 2,779 | 19,393 | ||||||
Powszechny Zaklad Ubezpieczen SA | 3,066 | 25,209 | ||||||
Santander Bank Polska SA | 384 | 25,768 | ||||||
TEN Square Games SA | 21 | 618 | ||||||
Warsaw Stock Exchange | 101 | 843 | ||||||
XTB SA | 1,459 | 10,918 | ||||||
379,886 | ||||||||
South Africa — 4.0% | ||||||||
Absa Group Ltd. | 8,657 | 93,466 | ||||||
AECI Ltd. | 2,506 | 12,728 | ||||||
Anglo American Platinum Ltd. | 318 | 17,584 | ||||||
AngloGold Ashanti Ltd., ADR(2) | 5,398 | 89,931 | ||||||
Aspen Pharmacare Holdings Ltd. | 4,935 | 38,107 | ||||||
Astral Foods Ltd. | 1,060 | 9,433 | ||||||
AVI Ltd. | 4,231 | 17,517 | ||||||
Barloworld Ltd. | 6,205 | 30,924 | ||||||
Bid Corp. Ltd. | 1,148 | 25,109 | ||||||
Capitec Bank Holdings Ltd. | 264 | 25,187 | ||||||
Clicks Group Ltd. | 1,983 | 28,889 | ||||||
Coronation Fund Managers Ltd. | 6,305 | 10,737 | ||||||
Curro Holdings Ltd. | 10,608 | 5,066 | ||||||
DataTec Ltd. | 7,720 | 14,285 | ||||||
Dis-Chem Pharmacies Ltd. | 4,196 | 6,181 | ||||||
Discovery Ltd.(1) | 3,335 | 27,178 | ||||||
FirstRand Ltd. | 19,811 | 70,661 | ||||||
Foschini Group Ltd. | 5,604 | 30,953 | ||||||
Gold Fields Ltd., ADR | 8,658 | 78,701 | ||||||
Grindrod Ltd. | 26,561 | 14,856 | ||||||
Impala Platinum Holdings Ltd. | 8,970 | 83,752 | ||||||
Investec Ltd. | 3,099 | 19,827 | ||||||
KAP Industrial Holdings Ltd. | 52,550 | 9,972 | ||||||
Kumba Iron Ore Ltd. | 545 | 14,212 | ||||||
Life Healthcare Group Holdings Ltd. | 21,618 | 23,050 | ||||||
Merafe Resources Ltd. | 21,630 | 1,637 | ||||||
Momentum Metropolitan Holdings | 39,230 | 42,421 | ||||||
Motus Holdings Ltd. | 3,607 | 21,758 | ||||||
Mr Price Group Ltd. | 2,104 | 17,449 | ||||||
MTN Group Ltd. | 9,736 | 76,714 | ||||||
MultiChoice Group | 5,856 | 45,132 | ||||||
Naspers Ltd., N Shares | 517 | 90,911 | ||||||
Nedbank Group Ltd. | 5,109 | 64,105 | ||||||
NEPI Rockcastle NV | 7,167 | 42,935 | ||||||
Netcare Ltd. | 18,478 | 15,315 |
32
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Ninety One Ltd. | 3,135 | $ | 7,861 | |||||
Oceana Group Ltd. | 48 | 190 | ||||||
Old Mutual Ltd. | 78,373 | 50,836 | ||||||
Omnia Holdings Ltd. | 3,580 | 11,646 | ||||||
OUTsurance Group Ltd. | 6,000 | 11,671 | ||||||
Pepkor Holdings Ltd. | 10,558 | 10,784 | ||||||
Pick n Pay Stores Ltd. | 4,526 | 11,317 | ||||||
PPC Ltd.(1) | 24,825 | 4,279 | ||||||
PSG Konsult Ltd. | 5,356 | 3,784 | ||||||
Raubex Group Ltd. | 991 | 1,535 | ||||||
Remgro Ltd. | 5,810 | 44,223 | ||||||
Reunert Ltd. | 1,856 | 5,995 | ||||||
RMB Holdings Ltd. | 12,748 | 361 | ||||||
Royal Bafokeng Platinum Ltd. | 1,468 | 12,432 | ||||||
Sanlam Ltd. | 7,620 | 24,798 | ||||||
Santam Ltd. | 400 | 6,438 | ||||||
Sappi Ltd. | 15,666 | 41,684 | ||||||
Shoprite Holdings Ltd. | 2,831 | 34,281 | ||||||
Sibanye Stillwater Ltd., ADR | 3,631 | 29,411 | ||||||
SPAR Group Ltd. | 1,901 | 14,907 | ||||||
Standard Bank Group Ltd. | 6,211 | 62,042 | ||||||
Steinhoff International Holdings NV(1) | 29,035 | 631 | ||||||
Telkom SA SOC Ltd.(1) | 9,517 | 19,857 | ||||||
Tiger Brands Ltd. | 1,458 | 17,623 | ||||||
Transaction Capital Ltd. | 1,387 | 2,355 | ||||||
Truworths International Ltd. | 8,066 | 25,976 | ||||||
Vodacom Group Ltd. | 3,326 | 22,922 | ||||||
Wilson Bayly Holmes-Ovcon Ltd.(1) | 42 | 238 | ||||||
Woolworths Holdings Ltd. | 9,520 | 39,918 | ||||||
Zeda Ltd.(1) | 4,404 | 2,892 | ||||||
1,739,570 | ||||||||
South Korea — 13.4% | ||||||||
Aekyung Industrial Co. Ltd. | 22 | 310 | ||||||
AfreecaTV Co. Ltd. | 182 | 12,268 | ||||||
Agabang&Company(1) | 104 | 341 | ||||||
Ahnlab, Inc. | 19 | 1,087 | ||||||
Aju IB Investment Co. Ltd. | 40 | 80 | ||||||
Alteogen, Inc.(1) | 72 | 2,044 | ||||||
Amorepacific Corp. | 218 | 22,788 | ||||||
AMOREPACIFIC Group | 137 | 4,144 | ||||||
Ananti, Inc.(1) | 673 | 3,692 | ||||||
Asiana Airlines, Inc.(1) | 798 | 8,452 | ||||||
BGF Co. Ltd. | 183 | 638 | ||||||
BGF retail Co. Ltd. | 124 | 16,960 | ||||||
BH Co. Ltd. | 675 | 12,048 | ||||||
Binex Co. Ltd.(1) | 241 | 1,924 | ||||||
Bioneer Corp.(1) | 219 | 8,834 | ||||||
BNK Financial Group, Inc. | 8,072 | 40,852 | ||||||
Boryung | 641 | 4,355 | ||||||
Bukwang Pharmaceutical Co. Ltd. | 313 | 1,963 | ||||||
Byucksan Corp.(1) | 247 | 427 |
33
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Celltrion Healthcare Co. Ltd. | 329 | $ | 13,531 | |||||
Celltrion, Inc. | 349 | 38,274 | ||||||
Chabiotech Co. Ltd.(1) | 409 | 4,333 | ||||||
Cheil Worldwide, Inc. | 928 | 14,031 | ||||||
Chong Kun Dang Pharmaceutical Corp. | 60 | 3,586 | ||||||
Chunbo Co. Ltd. | 35 | 6,658 | ||||||
CJ CGV Co. Ltd.(1) | 557 | 7,116 | ||||||
CJ CheilJedang Corp. | 72 | 17,471 | ||||||
CJ ENM Co. Ltd.(1) | 366 | 25,612 | ||||||
CJ Logistics Corp. | 168 | 10,373 | ||||||
Classys, Inc.(1) | 220 | 3,385 | ||||||
CMG Pharmaceutical Co. Ltd.(1) | 422 | 702 | ||||||
Com2uSCorp | 75 | 3,854 | ||||||
Coreana Cosmetics Co. Ltd.(1) | 63 | 157 | ||||||
CosmoAM&T Co. Ltd.(1) | 66 | 3,856 | ||||||
Cosmochemical Co. Ltd.(1) | 322 | 10,135 | ||||||
Coway Co. Ltd. | 741 | 29,896 | ||||||
COWELL FASHION Co. Ltd. | 644 | 2,261 | ||||||
CS Wind Corp. | 247 | 12,466 | ||||||
Cuckoo Homesys Co. Ltd.(1) | 229 | 5,183 | ||||||
Dae Han Flour Mills Co. Ltd.(1) | 6 | 695 | ||||||
Daeduck Electronics Co. Ltd. | 674 | 10,671 | ||||||
Daewoo Engineering & Construction Co. Ltd.(1) | 4,420 | 14,363 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(1) | 142 | 2,758 | ||||||
Daewoong Co. Ltd.(1) | 334 | 4,323 | ||||||
Daewoong Pharmaceutical Co. Ltd.(1) | 35 | 3,086 | ||||||
Daishin Securities Co. Ltd.(1) | 1,108 | 10,956 | ||||||
Danal Co. Ltd.(1) | 122 | 517 | ||||||
Daol Investment & Securities Co. Ltd.(1) | 1,893 | 6,967 | ||||||
Daou Technology, Inc. | 278 | 4,533 | ||||||
DB HiTek Co. Ltd. | 685 | 23,402 | ||||||
DB Insurance Co. Ltd. | 842 | 48,999 | ||||||
Dentium Co. Ltd.(1) | 103 | 9,407 | ||||||
DGB Financial Group, Inc. | 4,894 | 29,216 | ||||||
DI Dong Il Corp.(1) | 37 | 587 | ||||||
DL E&C Co. Ltd. | 1,023 | 25,478 | ||||||
DL Holdings Co. Ltd. | 161 | 7,161 | ||||||
Dong-A Socio Holdings Co. Ltd. | 11 | 797 | ||||||
DongKook Pharmaceutical Co. Ltd. | 217 | 2,643 | ||||||
Dongwha Enterprise Co. Ltd.(1) | 50 | 2,142 | ||||||
Dongwon Development Co. Ltd. | 33 | 80 | ||||||
Doosan Bobcat, Inc. | 584 | 16,719 | ||||||
Doosan Co. Ltd. | 6 | 457 | ||||||
Doosan Enerbility Co. Ltd.(1) | 1,183 | 14,521 | ||||||
Doosan Fuel Cell Co. Ltd.(1) | 117 | 3,036 | ||||||
DoubleUGames Co. Ltd. | 227 | 7,935 | ||||||
Douzone Bizon Co. Ltd. | 391 | 10,148 | ||||||
Dreamtech Co. Ltd.(1) | 427 | 3,059 | ||||||
Duk San Neolux Co. Ltd.(1) | 113 | 3,780 | ||||||
Echo Marketing, Inc. | 508 | 5,024 | ||||||
Ecopro BM Co. Ltd. | 70 | 8,791 |
34
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
E-MART, Inc. | 295 | $ | 24,954 | |||||
Eo Technics Co. Ltd.(1) | 28 | 1,616 | ||||||
Eugene Technology Co. Ltd. | 90 | 1,801 | ||||||
F&F Co. Ltd. / New | 46 | 4,820 | ||||||
Fila Holdings Corp. | 386 | 11,372 | ||||||
Genexine, Inc.(1) | 113 | 1,232 | ||||||
GOLFZON Co. Ltd.(1) | 86 | 9,315 | ||||||
Gradiant Corp. | 21 | 238 | ||||||
Green Cross Corp. | 28 | 2,533 | ||||||
GS Engineering & Construction Corp. | 531 | 8,914 | ||||||
GS Retail Co. Ltd. | 1,212 | 26,412 | ||||||
Hana Financial Group, Inc. | 4,944 | 169,566 | ||||||
Hana Micron, Inc. | 343 | 2,847 | ||||||
Handsome Co. Ltd. | 153 | 2,972 | ||||||
Hanjin Transportation Co. Ltd.(1) | 134 | 2,129 | ||||||
Hankook Tire & Technology Co. Ltd. | 762 | 21,435 | ||||||
Hanmi Semiconductor Co. Ltd. | 497 | 5,986 | ||||||
Hanon Systems | 943 | 6,429 | ||||||
Hansae Co. Ltd. | 451 | 5,679 | ||||||
Hansol Chemical Co. Ltd. | 92 | 14,211 | ||||||
Hanssem Co. Ltd. | 81 | 2,743 | ||||||
Hanwha Investment & Securities Co. Ltd.(1) | 1,411 | 3,247 | ||||||
Hanwha Life Insurance Co. Ltd.(1) | 12,413 | 27,892 | ||||||
Hanwha Solutions Corp.(1) | 842 | 26,471 | ||||||
Hanwha Systems Co. Ltd. | 520 | 4,855 | ||||||
HDC Hyundai Development Co-Engineering & Construction, E Shares(1) | 453 | 3,544 | ||||||
Helixmith Co. Ltd.(1) | 119 | 949 | ||||||
Hite Jinro Co. Ltd.(1) | 358 | 6,463 | ||||||
HL Holdings Corp. | 51 | 1,327 | ||||||
HL Mando Co. Ltd. | 408 | 14,613 | ||||||
HMM Co. Ltd.(1) | 4,010 | 68,222 | ||||||
Homecast Co. Ltd.(1) | 823 | 2,633 | ||||||
Hotel Shilla Co. Ltd. | 182 | 11,021 | ||||||
Hugel, Inc.(1) | 52 | 5,062 | ||||||
Humasis Co. Ltd.(1) | 741 | 8,285 | ||||||
Humax Co. Ltd.(1) | 333 | 950 | ||||||
Humedix Co. Ltd. | 72 | 1,485 | ||||||
Hwaseung Enterprise Co. Ltd.(1) | 36 | 253 | ||||||
HYBE Co. Ltd.(1) | 66 | 9,222 | ||||||
Hyosung Chemical Corp.(1) | 3 | 331 | ||||||
Hyosung Corp. | 86 | 4,363 | ||||||
Hyosung Heavy Industries Corp.(1) | 83 | 4,455 | ||||||
Hyosung TNC Corp. | 101 | 34,906 | ||||||
Hyundai Autoever Corp. | 70 | 6,000 | ||||||
Hyundai Construction Equipment Co. Ltd. | 251 | 10,409 | ||||||
HYUNDAI Corp. | 79 | 954 | ||||||
Hyundai Department Store Co. Ltd. | 271 | 11,115 | ||||||
Hyundai Doosan Infracore Co. Ltd. | 2,501 | 16,126 | ||||||
Hyundai Electric & Energy System Co. Ltd. | 295 | 9,364 | ||||||
Hyundai Elevator Co. Ltd.(1) | 394 | 8,259 |
35
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Hyundai Engineering & Construction Co. Ltd. | 1,173 | $ | 32,235 | |||||
Hyundai Futurenet Co. Ltd. | 86 | 186 | ||||||
Hyundai Greenfood Co. Ltd. | 776 | 4,252 | ||||||
Hyundai Heavy Industries Co. Ltd. | 55 | 4,414 | ||||||
Hyundai Home Shopping Network Corp. | 59 | 2,297 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 1,366 | 36,348 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 178 | 9,435 | ||||||
Hyundai Mobis Co. Ltd. | 447 | 71,799 | ||||||
Hyundai Motor Co. | 1,251 | 166,499 | ||||||
Hyundai Wia Corp. | 207 | 8,734 | ||||||
Ilyang Pharmaceutical Co. Ltd. | 202 | 2,829 | ||||||
iMarketKorea, Inc. | 319 | 2,536 | ||||||
Industrial Bank of Korea | 6,138 | 48,132 | ||||||
Innocean Worldwide, Inc. | 195 | 6,272 | ||||||
Innox Advanced Materials Co. Ltd. | 122 | 3,587 | ||||||
Insun ENT Co. Ltd.(1) | 304 | 2,094 | ||||||
Interflex Co. Ltd.(1) | 83 | 659 | ||||||
INTOPS Co. Ltd. | 605 | 12,812 | ||||||
iNtRON Biotechnology, Inc.(1) | 184 | 1,188 | ||||||
IS Dongseo Co. Ltd.(1) | 431 | 14,301 | ||||||
i-SENS, Inc. | 26 | 636 | ||||||
ISU Chemical Co. Ltd.(1) | 381 | 7,008 | ||||||
JB Financial Group Co. Ltd. | 3,585 | 25,033 | ||||||
Jin Air Co. Ltd.(1) | 287 | 3,676 | ||||||
Jusung Engineering Co. Ltd. | 342 | 3,026 | ||||||
JW Pharmaceutical Corp. | 135 | 2,118 | ||||||
JYP Entertainment Corp.(1) | 311 | 18,472 | ||||||
K Car Co. Ltd. | 17 | 158 | ||||||
Kakao Corp. | 506 | 23,819 | ||||||
Kakao Games Corp.(1) | 78 | 2,887 | ||||||
KakaoBank Corp.(1) | 411 | 8,267 | ||||||
KB Financial Group, Inc., ADR(2) | 4,932 | 190,030 | ||||||
KC Co. Ltd. | 71 | 1,082 | ||||||
KC Tech Co. Ltd. | 77 | 1,034 | ||||||
KCC Corp. | 31 | 5,739 | ||||||
KCC Glass Corp. | 147 | 4,516 | ||||||
KEPCO Engineering & Construction Co., Inc.(1) | 61 | 2,913 | ||||||
KH Vatec Co. Ltd. | 267 | 2,933 | ||||||
Kia Corp. | 2,300 | 130,709 | ||||||
KISCO Corp. | 93 | 536 | ||||||
KIWOOM Securities Co. Ltd.(1) | 427 | 33,276 | ||||||
Koh Young Technology, Inc. | 681 | 8,609 | ||||||
Kolmar BNH Co. Ltd.(1) | 112 | 2,286 | ||||||
Kolon Industries, Inc. | 198 | 6,719 | ||||||
KONA I Co. Ltd.(1) | 292 | 3,977 | ||||||
Korea Investment Holdings Co. Ltd.(1) | 961 | 44,988 | ||||||
Korea Line Corp.(1) | 4,856 | 8,568 | ||||||
Korea Petrochemical Ind Co. Ltd.(1) | 91 | 11,951 | ||||||
Korea Real Estate Investment & Trust Co. Ltd. | 1,631 | 1,604 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd. | 440 | 27,008 | ||||||
Korea United Pharm, Inc.(1) | 111 | 1,890 |
36
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Korean Air Lines Co. Ltd. | 3,157 | $ | 54,246 | |||||
Korean Reinsurance Co. | 1,543 | 9,507 | ||||||
Krafton, Inc.(1) | 148 | 18,956 | ||||||
KT Skylife Co. Ltd. | 319 | 1,932 | ||||||
Kukjeon Pharmaceutical Co. Ltd.(1) | 13 | 58 | ||||||
Kum Yang Co. Ltd.(1) | 480 | 13,936 | ||||||
Kumho Petrochemical Co. Ltd.(1) | 492 | 58,501 | ||||||
Kumho Tire Co., Inc.(1) | 1,071 | 2,691 | ||||||
Kyung Dong Navien Co. Ltd. | 65 | 1,852 | ||||||
L&F Co. Ltd. | 64 | 12,664 | ||||||
LEENO Industrial, Inc. | 110 | 13,480 | ||||||
LegoChem Biosciences, Inc.(1) | 222 | 6,245 | ||||||
LF Corp. | 203 | 2,661 | ||||||
LG Display Co. Ltd., ADR | 9,585 | 55,785 | ||||||
LG Electronics, Inc. | 1,332 | 111,723 | ||||||
LG Energy Solution Ltd.(1) | 86 | 33,971 | ||||||
LG H&H Co. Ltd. | 63 | 31,790 | ||||||
LG Innotek Co. Ltd. | 184 | 38,448 | ||||||
LG Uplus Corp. | 5,063 | 42,352 | ||||||
Lotte Chemical Corp. | 170 | 22,888 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 85 | 10,751 | ||||||
Lotte Data Communication Co. | 27 | 598 | ||||||
LOTTE Fine Chemical Co. Ltd. | 549 | 24,076 | ||||||
LOTTE Himart Co. Ltd. | 6 | 60 | ||||||
Lotte Rental Co. Ltd. | 374 | 7,510 | ||||||
Lotte Shopping Co. Ltd. | 183 | 12,028 | ||||||
LS Corp. | 194 | 9,879 | ||||||
LS Electric Co. Ltd. | 163 | 6,181 | ||||||
LVMC Holdings(1) | 802 | 1,622 | ||||||
LX Hausys Ltd. | 49 | 1,322 | ||||||
LX Holdings Corp. | 2,166 | 13,959 | ||||||
LX Semicon Co. Ltd. | 162 | 11,302 | ||||||
Maeil Dairies Co. Ltd. | 36 | 1,344 | ||||||
Mcnex Co. Ltd. | 268 | 5,604 | ||||||
Medytox, Inc. | 73 | 12,045 | ||||||
MegaStudyEdu Co. Ltd. | 113 | 5,900 | ||||||
Meritz Financial Group, Inc. | 1,380 | 46,914 | ||||||
Meritz Securities Co. Ltd. | 7,279 | 38,626 | ||||||
Mirae Asset Securities Co. Ltd. | 4,651 | 25,113 | ||||||
NAVER Corp. | 368 | 57,850 | ||||||
NCSoft Corp. | 178 | 58,404 | ||||||
Neowiz(1) | 125 | 4,419 | ||||||
NEPES Corp.(1) | 403 | 5,368 | ||||||
Netmarble Corp.(1) | 185 | 8,623 | ||||||
Nexen Tire Corp.(1) | 499 | 2,828 | ||||||
NEXTIN, Inc. | 149 | 6,764 | ||||||
NH Investment & Securities Co. Ltd.(1) | 2,552 | 18,318 | ||||||
NHN Corp.(1) | 109 | 2,384 | ||||||
NHN KCP Corp. | 143 | 1,470 | ||||||
NICE Holdings Co. Ltd.(1) | 243 | 2,514 | ||||||
NICE Information Service Co. Ltd.(1) | 459 | 4,500 |
37
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
NongShim Co. Ltd. | 39 | $ | 10,792 | |||||
OCI Co. Ltd. | 192 | 13,157 | ||||||
Ottogi Corp.(1) | 21 | 6,988 | ||||||
Pan Ocean Co. Ltd. | 7,593 | 36,278 | ||||||
Park Systems Corp. | 42 | 4,340 | ||||||
Partron Co. Ltd. | 1,043 | 6,366 | ||||||
Pearl Abyss Corp.(1) | 43 | 1,454 | ||||||
PharmaResearch Co. Ltd. | 43 | 2,414 | ||||||
PI Advanced Materials Co. Ltd.(1) | 170 | 4,481 | ||||||
Pulmuone Co. Ltd. | 21 | 170 | ||||||
RFHIC Corp. | 31 | 525 | ||||||
S&S Tech Corp. | 167 | 3,964 | ||||||
S-1 Corp. | 166 | 7,077 | ||||||
Sam Young Electronics Co. Ltd. | 51 | 365 | ||||||
Samsung Biologics Co. Ltd.(1) | 52 | 30,380 | ||||||
Samsung C&T Corp. | 472 | 39,263 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 562 | 61,104 | ||||||
Samsung Electronics Co. Ltd., GDR | 1,049 | 1,200,492 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 640 | 103,799 | ||||||
Samsung Heavy Industries Co. Ltd.(1) | 6,279 | 26,073 | ||||||
Samsung Life Insurance Co. Ltd. | 794 | 40,890 | ||||||
Samsung Pharmaceutical Co. Ltd.(1) | 37 | 75 | ||||||
Samsung SDI Co. Ltd. | 266 | 139,750 | ||||||
Samsung SDS Co. Ltd. | 233 | 22,036 | ||||||
Samsung Securities Co. Ltd. | 692 | 17,513 | ||||||
Samwha Capacitor Co. Ltd. | 47 | 1,591 | ||||||
Sangsangin Co. Ltd. | 827 | 3,714 | ||||||
SBW Life Sciences Co. Ltd.(1) | 436 | 233 | ||||||
SD Biosensor, Inc. | 630 | 10,939 | ||||||
SeAH Steel Corp. | 79 | 8,345 | ||||||
Sebang Global Battery Co. Ltd. | 23 | 901 | ||||||
Seegene, Inc. | 836 | 15,384 | ||||||
Seobu T&D | 153 | 910 | ||||||
Seojin System Co. Ltd.(1) | 300 | 3,856 | ||||||
SFA Engineering Corp. | 163 | 4,423 | ||||||
SFA Semicon Co. Ltd.(1) | 644 | 2,075 | ||||||
Shinhan Financial Group Co. Ltd., ADR(2) | 6,059 | 177,347 | ||||||
Shinsegae International, Inc. | 226 | 3,832 | ||||||
Shinsegae, Inc. | 208 | 32,052 | ||||||
SK Bioscience Co. Ltd.(1) | 159 | 8,366 | ||||||
SK Chemicals Co. Ltd. | 123 | 7,274 | ||||||
SK Hynix, Inc. | 4,235 | 286,222 | ||||||
SK IE Technology Co. Ltd.(1) | 46 | 2,268 | ||||||
SK Networks Co. Ltd. | 4,700 | 14,608 | ||||||
SK Securities Co. Ltd.(1) | 4,323 | 2,504 | ||||||
SK Telecom Co. Ltd., ADR | 376 | 7,155 | ||||||
SKC Co. Ltd. | 112 | 8,284 | ||||||
SL Corp.(1) | 159 | 3,276 | ||||||
SM Entertainment Co. Ltd. | 184 | 17,700 | ||||||
SNT Dynamics Co. Ltd. | 320 | 2,242 | ||||||
Soulbrain Co. Ltd. | 49 | 8,646 |
38
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Soulbrain Holdings Co. Ltd. | 5 | $ | 91 | |||||
ST Pharm Co. Ltd. | 36 | 2,131 | ||||||
STIC Investments, Inc. | 42 | 193 | ||||||
Studio Dragon Corp.(1) | 190 | 10,946 | ||||||
Sun Kwang Co. Ltd. | 52 | 5,786 | ||||||
Sung Kwang Bend Co. Ltd. | 273 | 2,722 | ||||||
Taewoong Co. Ltd.(1) | 105 | 797 | ||||||
Taihan Electric Wire Co. Ltd.(1) | 2,038 | 2,246 | ||||||
TES Co. Ltd. | 133 | 1,862 | ||||||
TK Corp. | 252 | 3,089 | ||||||
TKG Huchems Co. Ltd. | 432 | 6,592 | ||||||
Tongyang Life Insurance Co. Ltd.(1) | 1,401 | 4,627 | ||||||
Value Added Technology Co. Ltd.(1) | 33 | 810 | ||||||
Vidente Co. Ltd.(1) | 312 | 889 | ||||||
Webzen, Inc. | 98 | 1,328 | ||||||
Wemade Co. Ltd. | 121 | 4,866 | ||||||
WONIK IPS Co. Ltd. | 79 | 1,853 | ||||||
Wonik QnC Corp.(1) | 472 | 8,482 | ||||||
Woongjin Thinkbig Co. Ltd. | 476 | 1,070 | ||||||
Woori Financial Group, Inc. | 10,399 | 95,868 | ||||||
Woori Investment Bank Co. Ltd. | 5,038 | 3,058 | ||||||
Woori Technology Investment Co. Ltd.(1) | 1,267 | 4,545 | ||||||
YG Entertainment, Inc. | 50 | 2,188 | ||||||
Youngone Corp.(1) | 379 | 12,203 | ||||||
Youngone Holdings Co. Ltd.(1) | 139 | 7,245 | ||||||
Yuhan Corp. | 184 | 7,328 | ||||||
Zinus, Inc. | 218 | 5,046 | ||||||
5,838,111 | ||||||||
Taiwan — 17.5% | ||||||||
Ability Enterprise Co. Ltd. | 1,000 | 677 | ||||||
AcBel Polytech, Inc. | 1,000 | 1,240 | ||||||
Accton Technology Corp. | 1,000 | 9,158 | ||||||
Acer, Inc. | 49,000 | 40,633 | ||||||
ACES Electronic Co. Ltd. | 1,000 | 1,123 | ||||||
Acon Holding, Inc.(1) | 5,000 | 1,988 | ||||||
Acter Group Corp. Ltd. | 4,000 | 15,704 | ||||||
Advanced International Multitech Co. Ltd. | 4,000 | 14,562 | ||||||
Advanced Wireless Semiconductor Co. | 1,000 | 2,495 | ||||||
Advancetek Enterprise Co. Ltd. | 1,000 | 1,037 | ||||||
Advantech Co. Ltd. | 1,000 | 11,600 | ||||||
AGV Products Corp. | 2,000 | 743 | ||||||
Allied Supreme Corp. | 1,000 | 11,446 | ||||||
Alltek Technology Corp. | 1,080 | 1,539 | ||||||
Alltop Technology Co. Ltd. | 1,000 | 4,350 | ||||||
Altek Corp. | 1,000 | 1,128 | ||||||
Amazing Microelectronic Corp. | 1,040 | 4,392 | ||||||
Ampire Co. Ltd. | 1,000 | 1,199 | ||||||
AmTRAN Technology Co. Ltd. | 6,200 | 2,169 | ||||||
Anpec Electronics Corp. | 1,000 | 4,680 | ||||||
Aopen, Inc.(1) | 1,000 | 1,713 | ||||||
Apacer Technology, Inc. | 1,000 | 1,556 |
39
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Apex International Co. Ltd. | 1,000 | $ | 2,001 | |||||
Arcadyan Technology Corp. | 3,000 | 10,429 | ||||||
Ardentec Corp. | 15,000 | 27,480 | ||||||
Argosy Research, Inc. | 1,000 | 3,073 | ||||||
ASE Technology Holding Co. Ltd., ADR(2) | 16,486 | 118,205 | ||||||
Asia Optical Co., Inc. | 1,000 | 2,122 | ||||||
Asia Pacific Telecom Co. Ltd.(1) | 10,000 | 2,036 | ||||||
Asia Polymer Corp. | 9,000 | 8,534 | ||||||
Asia Vital Components Co. Ltd. | 6,000 | 23,517 | ||||||
Asustek Computer, Inc. | 2,000 | 18,115 | ||||||
AUO Corp. | 111,600 | 67,914 | ||||||
AURAS Technology Co. Ltd. | 1,000 | 5,241 | ||||||
Avermedia Technologies | 1,000 | 776 | ||||||
Bafang Yunji International Co. Ltd. | 1,000 | 8,233 | ||||||
Bank of Kaohsiung Co. Ltd. | 2,060 | 846 | ||||||
Basso Industry Corp. | 1,000 | 1,449 | ||||||
BenQ Materials Corp. | 3,000 | 3,567 | ||||||
BenQ Medical Technology Corp. | 1,000 | 2,082 | ||||||
Bioteque Corp. | 1,000 | 3,781 | ||||||
Capital Securities Corp. | 21,000 | 8,327 | ||||||
Career Technology MFG. Co. Ltd.(1) | 10,000 | 7,864 | ||||||
Catcher Technology Co. Ltd. | 11,000 | 66,473 | ||||||
Cathay Financial Holding Co. Ltd. | 62,611 | 88,788 | ||||||
Center Laboratories, Inc. | 2,000 | 3,099 | ||||||
Central Reinsurance Co. Ltd. | 1,000 | 608 | ||||||
Chailease Holding Co. Ltd. | 2,050 | 15,026 | ||||||
Chang Hwa Commercial Bank Ltd. | 38,160 | 21,778 | ||||||
Chang Wah Electromaterials, Inc. | 6,000 | 6,479 | ||||||
Chang Wah Technology Co. Ltd. | 1,000 | 1,127 | ||||||
Charoen Pokphand Enterprise | 1,100 | 2,900 | ||||||
CHC Healthcare Group | 1,000 | 1,963 | ||||||
Cheng Loong Corp. | 18,000 | 17,027 | ||||||
Cheng Mei Materials Technology Corp.(1) | 8,000 | 3,262 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 26,000 | 29,136 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 6,000 | 7,853 | ||||||
Chicony Electronics Co. Ltd. | 12,000 | 36,045 | ||||||
Chicony Power Technology Co. Ltd. | 1,000 | 2,575 | ||||||
China Bills Finance Corp. | 11,000 | 5,596 | ||||||
China Chemical & Pharmaceutical Co. Ltd. | 2,000 | 1,803 | ||||||
China Container Terminal Corp. | 1,000 | 787 | ||||||
China General Plastics Corp. | 3,000 | 2,813 | ||||||
China Man-Made Fiber Corp.(1) | 4,000 | 1,138 | ||||||
China Motor Corp. | 4,000 | 7,480 | ||||||
China Steel Chemical Corp. | 1,000 | 3,708 | ||||||
China Wire & Cable Co. Ltd. | 1,000 | 858 | ||||||
Chinese Maritime Transport Ltd. | 2,000 | 2,804 | ||||||
Chin-Poon Industrial Co. Ltd. | 13,000 | 12,541 | ||||||
Chipbond Technology Corp. | 13,000 | 28,593 | ||||||
ChipMOS Technologies, Inc. | 12,000 | 14,282 | ||||||
Chlitina Holding Ltd. | 1,000 | 6,996 | ||||||
Chong Hong Construction Co. Ltd. | 1,000 | 2,496 |
40
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Chroma ATE, Inc. | 2,000 | $ | 12,043 | |||||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 4,000 | 12,432 | ||||||
Chunghwa Chemical Synthesis & Biotech Co. Ltd. | 1,000 | 2,219 | ||||||
Chunghwa Precision Test Tech Co. Ltd. | 1,000 | 19,168 | ||||||
Chunghwa Telecom Co. Ltd., ADR | 935 | 34,978 | ||||||
Clevo Co. | 1,000 | 1,016 | ||||||
CMC Magnetics Corp.(1) | 17,400 | 4,569 | ||||||
Collins Co. Ltd. | 1,000 | 604 | ||||||
Compal Electronics, Inc. | 60,000 | 47,451 | ||||||
Compeq Manufacturing Co. Ltd. | 22,000 | 32,781 | ||||||
Concord Securities Co. Ltd. | 2,000 | 704 | ||||||
Continental Holdings Corp. | 8,000 | 8,172 | ||||||
Coremax Corp. | 2,000 | 6,638 | ||||||
Coretronic Corp. | 5,000 | 10,535 | ||||||
Co-Tech Development Corp. | 6,000 | 12,268 | ||||||
Creative Sensor, Inc. | 6,000 | 5,575 | ||||||
CSBC Corp. Taiwan(1) | 1,000 | 772 | ||||||
CTBC Financial Holding Co. Ltd. | 138,000 | 102,456 | ||||||
CTCI Corp. | 11,000 | 15,996 | ||||||
DA CIN Construction Co. Ltd. | 1,000 | 1,038 | ||||||
Darfon Electronics Corp. | 6,000 | 8,102 | ||||||
Darwin Precisions Corp.(1) | 1,000 | 344 | ||||||
Delpha Construction Co. Ltd.(1) | 1,000 | 576 | ||||||
Delta Electronics, Inc. | 4,000 | 37,423 | ||||||
Depo Auto Parts Ind Co. Ltd. | 2,000 | 5,714 | ||||||
Dimerco Express Corp. | 2,000 | 5,145 | ||||||
D-Link Corp.(1) | 3,000 | 1,692 | ||||||
Dynamic Holding Co. Ltd. | 3,000 | 1,746 | ||||||
E Ink Holdings, Inc. | 1,000 | 6,328 | ||||||
E.Sun Financial Holding Co. Ltd. | 36,741 | 29,985 | ||||||
Eclat Textile Co. Ltd. | 1,000 | 15,720 | ||||||
Elan Microelectronics Corp. | 4,000 | 14,160 | ||||||
Elite Advanced Laser Corp. | 2,000 | 2,665 | ||||||
Elite Material Co. Ltd. | 4,000 | 24,919 | ||||||
Elitegroup Computer Systems Co. Ltd.(1) | 11,000 | 7,741 | ||||||
eMemory Technology, Inc. | 1,000 | 60,099 | ||||||
Emerging Display Technologies Corp. | 1,000 | 733 | ||||||
Eternal Materials Co. Ltd. | 11,850 | 12,492 | ||||||
Etron Technology, Inc. | 1,049 | 1,613 | ||||||
Eva Airways Corp. | 29,000 | 26,858 | ||||||
Evergreen International Storage & Transport Corp. | 6,000 | 5,486 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 5,800 | 29,639 | ||||||
EVERGREEN Steel Corp. | 1,000 | 1,717 | ||||||
Everlight Chemical Industrial Corp. | 2,000 | 1,227 | ||||||
Everlight Electronics Co. Ltd. | 7,000 | 8,811 | ||||||
Excelliance Mos Corp. | 1,000 | 4,237 | ||||||
Excelsior Medical Co. Ltd. | 1,050 | 2,676 | ||||||
Far Eastern International Bank | 34,684 | 13,447 | ||||||
Far Eastern New Century Corp. | 48,000 | 51,028 | ||||||
Far EasTone Telecommunications Co. Ltd. | 13,000 | 29,334 | ||||||
Farglory F T Z Investment Holding Co. Ltd. | 2,000 | 3,592 |
41
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Farglory Land Development Co. Ltd. | 4,000 | $ | 7,730 | |||||
Feedback Technology Corp. | 1,000 | 2,979 | ||||||
Feng TAY Enterprise Co. Ltd. | 1,000 | 6,024 | ||||||
First Financial Holding Co. Ltd. | 33,400 | 29,269 | ||||||
First Steamship Co. Ltd.(1) | 16,000 | 5,234 | ||||||
Fitipower Integrated Technology, Inc. | 3,000 | 16,232 | ||||||
FLEXium Interconnect, Inc.(1) | 8,000 | 25,736 | ||||||
Flytech Technology Co. Ltd. | 1,000 | 2,376 | ||||||
FocalTech Systems Co. Ltd. | 1,000 | 2,355 | ||||||
Forcecon Tech Co. Ltd. | 3,000 | 6,138 | ||||||
Formosa Laboratories, Inc. | 2,000 | 4,714 | ||||||
Formosan Union Chemical | 1,000 | 796 | ||||||
Foxconn Technology Co. Ltd. | 10,000 | 18,185 | ||||||
Franbo Lines Corp. | 1,000 | 647 | ||||||
Froch Enterprise Co. Ltd. | 4,000 | 3,065 | ||||||
Fubon Financial Holding Co. Ltd. | 51,150 | 100,019 | ||||||
Fulltech Fiber Glass Corp. | 8,029 | 3,325 | ||||||
Fusheng Precision Co. Ltd. | 2,000 | 16,264 | ||||||
G Shank Enterprise Co. Ltd. | 3,000 | 4,801 | ||||||
Gamania Digital Entertainment Co. Ltd. | 3,000 | 7,909 | ||||||
Gemtek Technology Corp. | 6,000 | 5,445 | ||||||
General Interface Solution Holding Ltd. | 7,000 | 19,728 | ||||||
Genius Electronic Optical Co. Ltd. | 2,000 | 25,289 | ||||||
Getac Holdings Corp. | 7,000 | 11,255 | ||||||
Giant Manufacturing Co. Ltd. | 1,000 | 6,653 | ||||||
Gigabyte Technology Co. Ltd. | 10,000 | 38,723 | ||||||
Global Brands Manufacture Ltd. | 6,000 | 5,870 | ||||||
Globalwafers Co. Ltd. | 2,000 | 33,070 | ||||||
Gloria Material Technology Corp. | 2,000 | 2,943 | ||||||
Gold Circuit Electronics Ltd. | 1,800 | 5,423 | ||||||
Gordon Auto Body Parts | 1,000 | 805 | ||||||
Gourmet Master Co. Ltd. | 2,000 | 10,321 | ||||||
Grand Fortune Securities Co. Ltd. | 2,200 | 773 | ||||||
Grand Pacific Petrochemical | 14,000 | 9,102 | ||||||
Grand Process Technology Corp. | 1,000 | 8,302 | ||||||
Grape King Bio Ltd. | 2,000 | 11,880 | ||||||
Great Wall Enterprise Co. Ltd. | 5,050 | 8,368 | ||||||
Greatek Electronics, Inc. | 5,000 | 8,720 | ||||||
GTM Holdings Corp. | 1,000 | 1,012 | ||||||
Hai Kwang Enterprise Corp. | 1,000 | 746 | ||||||
Hannstar Board Corp. | 11,000 | 12,421 | ||||||
HannStar Display Corp.(1) | 50,000 | 20,883 | ||||||
HannsTouch Solution, Inc. | 12,000 | 3,993 | ||||||
Highwealth Construction Corp. | 3,100 | 4,310 | ||||||
Hiroca Holdings Ltd. | 1,000 | 1,506 | ||||||
Hiwin Technologies Corp. | 3,030 | 24,710 | ||||||
Ho Tung Chemical Corp. | 4,000 | 1,169 | ||||||
Hocheng Corp. | 8,000 | 5,000 | ||||||
Holtek Semiconductor, Inc. | 3,000 | 7,254 | ||||||
Holy Stone Enterprise Co. Ltd. | 1,000 | 3,139 | ||||||
Hon Hai Precision Industry Co. Ltd. | 90,000 | 297,720 |
42
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Hong TAI Electric Industrial | 1,000 | $ | 620 | |||||
Horizon Securities Co. Ltd. | 1,060 | 346 | ||||||
Hotai Finance Co. Ltd. | 2,000 | 7,226 | ||||||
Hotai Motor Co. Ltd. | 1,000 | 20,156 | ||||||
HTC Corp.(1) | 1,000 | 2,130 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 27,578 | 20,611 | ||||||
Huaku Development Co. Ltd. | 5,000 | 15,107 | ||||||
Huang Hsiang Construction Corp. | 1,000 | 1,456 | ||||||
Hung Sheng Construction Ltd. | 10,000 | 7,664 | ||||||
Ibase Technology, Inc. | 1,000 | 2,729 | ||||||
IBF Financial Holdings Co. Ltd. | 42,673 | 17,608 | ||||||
Ichia Technologies, Inc. | 7,000 | 4,373 | ||||||
IEI Integration Corp. | 3,000 | 8,011 | ||||||
Infortrend Technology, Inc. | 6,000 | 3,738 | ||||||
Innodisk Corp. | 2,000 | 14,686 | ||||||
Innolux Corp. | 162,350 | 77,770 | ||||||
Inpaq Technology Co. Ltd. | 1,000 | 1,870 | ||||||
Insyde Software Corp. | 2,000 | 6,800 | ||||||
Integrated Service Technology, Inc.(1) | 2,000 | 5,580 | ||||||
International CSRC Investment Holdings Co. | 17,000 | 11,546 | ||||||
International Games System Co. Ltd. | 2,000 | 32,952 | ||||||
Inventec Corp. | 8,000 | 6,950 | ||||||
ITE Technology, Inc. | 2,000 | 5,805 | ||||||
Jarllytec Co. Ltd. | 1,000 | 2,218 | ||||||
Jinan Acetate Chemical Co. Ltd. | 1,000 | 10,998 | ||||||
Kaimei Electronic Corp. | 800 | 1,742 | ||||||
Kaori Heat Treatment Co. Ltd. | 1,000 | 7,791 | ||||||
KEE TAI Properties Co. Ltd. | 9,000 | 3,876 | ||||||
Kenda Rubber Industrial Co. Ltd. | 2,000 | 2,032 | ||||||
Kenmec Mechanical Engineering Co. Ltd.(1) | 5,000 | 4,528 | ||||||
Kerry TJ Logistics Co. Ltd. | 1,000 | 1,249 | ||||||
Kindom Development Co. Ltd. | 8,000 | 7,613 | ||||||
King Yuan Electronics Co. Ltd. | 19,000 | 25,968 | ||||||
King's Town Bank Co. Ltd. | 10,000 | 11,156 | ||||||
Kinik Co. | 1,000 | 3,711 | ||||||
Kinpo Electronics | 5,000 | 2,242 | ||||||
Kinsus Interconnect Technology Corp. | 4,000 | 14,008 | ||||||
KMC Kuei Meng International, Inc. | 1,000 | 4,943 | ||||||
KNH Enterprise Co. Ltd. | 2,000 | 1,151 | ||||||
Ko Ja Cayman Co. Ltd. | 1,000 | 1,648 | ||||||
KS Terminals, Inc. | 4,000 | 9,392 | ||||||
Kwong Lung Enterprise Co. Ltd. | 1,000 | 1,802 | ||||||
L&K Engineering Co. Ltd. | 6,000 | 7,934 | ||||||
LandMark Optoelectronics Corp. | 1,000 | 4,292 | ||||||
Largan Precision Co. Ltd. | 1,000 | 71,890 | ||||||
Lealea Enterprise Co. Ltd. | 8,000 | 2,779 | ||||||
LEE CHI Enterprises Co. Ltd. | 1,000 | 674 | ||||||
Lien Hwa Industrial Holdings Corp. | 2,050 | 3,655 | ||||||
Lingsen Precision Industries Ltd. | 3,000 | 1,484 | ||||||
Lite-On Technology Corp. | 16,000 | 36,408 | ||||||
Longchen Paper & Packaging Co. Ltd. | 11,000 | 6,809 |
43
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Lotes Co. Ltd. | 1,000 | $ | 28,091 | |||||
Lung Yen Life Service Corp. | 1,000 | 1,258 | ||||||
Macroblock, Inc. | 1,000 | 3,762 | ||||||
Macronix International Co. Ltd. | 37,000 | 41,431 | ||||||
Marketech International Corp. | 3,000 | 12,386 | ||||||
Materials Analysis Technology, Inc. | 1,000 | 5,923 | ||||||
MediaTek, Inc. | 5,000 | 117,395 | ||||||
Mega Financial Holding Co. Ltd. | 31,225 | 34,064 | ||||||
Mercuries Life Insurance Co. Ltd.(1) | 26,000 | 4,579 | ||||||
Merry Electronics Co. Ltd. | 1,000 | 2,783 | ||||||
Micro-Star International Co. Ltd. | 14,000 | 62,455 | ||||||
Mitac Holdings Corp. | 17,000 | 17,564 | ||||||
Mosel Vitelic, Inc. | 2,000 | 2,704 | ||||||
MPI Corp. | 3,000 | 12,071 | ||||||
Nan Ya Printed Circuit Board Corp. | 2,000 | 15,160 | ||||||
Nantex Industry Co. Ltd. | 1,000 | 1,420 | ||||||
Nanya Technology Corp. | 20,000 | 38,070 | ||||||
Nien Hsing Textile Co. Ltd. | 2,000 | 1,541 | ||||||
Nien Made Enterprise Co. Ltd. | 1,000 | 10,647 | ||||||
Novatek Microelectronics Corp. | 9,000 | 118,940 | ||||||
Nuvoton Technology Corp. | 2,000 | 9,603 | ||||||
O-Bank Co. Ltd. | 20,000 | 6,358 | ||||||
Oneness Biotech Co. Ltd.(1) | 1,000 | 8,562 | ||||||
Optimax Technology Corp.(1) | 8,000 | 4,987 | ||||||
Orient Semiconductor Electronics Ltd. | 21,000 | 13,455 | ||||||
Oriental Union Chemical Corp. | 3,000 | 1,855 | ||||||
O-TA Precision Industry Co. Ltd. | 1,000 | 4,246 | ||||||
Pan Jit International, Inc. | 2,000 | 4,357 | ||||||
Pan-International Industrial Corp. | 1,000 | 1,262 | ||||||
Pegatron Corp. | 24,000 | 53,174 | ||||||
Phison Electronics Corp. | 3,000 | 34,160 | ||||||
Phoenix Silicon International Corp. | 2,060 | 3,788 | ||||||
Pixart Imaging, Inc. | 2,000 | 7,235 | ||||||
Pou Chen Corp. | 15,000 | 16,436 | ||||||
Powerchip Semiconductor Manufacturing Corp. | 27,000 | 29,371 | ||||||
Powertech Technology, Inc. | 13,000 | 37,590 | ||||||
Poya International Co. Ltd. | 1,000 | 19,337 | ||||||
President Chain Store Corp. | 4,000 | 34,951 | ||||||
President Securities Corp. | 3,000 | 1,690 | ||||||
Primax Electronics Ltd. | 10,000 | 19,440 | ||||||
Prince Housing & Development Corp. | 1,000 | 376 | ||||||
Promate Electronic Co. Ltd. | 1,000 | 1,290 | ||||||
Qisda Corp. | 4,000 | 3,927 | ||||||
Quanta Computer, Inc. | 18,000 | 47,114 | ||||||
Quanta Storage, Inc. | 3,000 | 4,788 | ||||||
Radiant Opto-Electronics Corp. | 12,000 | 41,426 | ||||||
Raydium Semiconductor Corp. | 1,000 | 13,403 | ||||||
Realtek Semiconductor Corp. | 5,000 | 61,640 | ||||||
Rexon Industrial Corp. Ltd. | 1,000 | 1,009 | ||||||
Ritek Corp.(1) | 1,000 | 282 | ||||||
Rodex Fasteners Corp. | 1,000 | 1,893 |
44
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Roo Hsing Co. Ltd.(1) | 1,000 | $ | 96 | |||||
Ruentex Development Co. Ltd. | 4,500 | 6,519 | ||||||
Ruentex Industries Ltd. | 1,000 | 2,207 | ||||||
Sanyang Motor Co. Ltd. | 10,000 | 13,037 | ||||||
Savior Lifetec Corp.(1) | 5,000 | 3,350 | ||||||
Scientech Corp. | 1,000 | 2,494 | ||||||
ScinoPharm Taiwan Ltd. | 1,000 | 856 | ||||||
SDI Corp. | 1,000 | 4,051 | ||||||
Senao Networks, Inc. | 1,000 | 9,599 | ||||||
Sesoda Corp. | 3,000 | 4,168 | ||||||
Shanghai Commercial & Savings Bank Ltd. | 27,905 | 43,318 | ||||||
Sharehope Medicine Co. Ltd. | 1,000 | 1,146 | ||||||
Sheng Yu Steel Co. Ltd. | 1,000 | 842 | ||||||
Shih Wei Navigation Co. Ltd. | 2,000 | 1,873 | ||||||
Shin Foong Specialty & Applied Materials Co. Ltd. | 1,000 | 2,089 | ||||||
Shin Kong Financial Holding Co. Ltd. | 179,000 | 51,967 | ||||||
Shin Zu Shing Co. Ltd. | 4,000 | 11,658 | ||||||
Shinkong Insurance Co. Ltd. | 4,000 | 6,613 | ||||||
Shinkong Synthetic Fibers Corp. | 25,000 | 14,891 | ||||||
Sigurd Microelectronics Corp. | 2,000 | 3,494 | ||||||
Silicon Integrated Systems Corp. | 9,400 | 5,658 | ||||||
Simplo Technology Co. Ltd. | 4,000 | 38,641 | ||||||
Sinbon Electronics Co. Ltd. | 1,000 | 9,735 | ||||||
Sinkang Industries Co. Ltd. | 1,000 | 676 | ||||||
Sino-American Silicon Products, Inc. | 9,000 | 46,443 | ||||||
Sinon Corp. | 2,000 | 2,597 | ||||||
SinoPac Financial Holdings Co. Ltd. | 93,410 | 52,294 | ||||||
Sinphar Pharmaceutical Co. Ltd.(1) | 1,000 | 1,025 | ||||||
Sitronix Technology Corp. | 1,000 | 7,446 | ||||||
Siward Crystal Technology Co. Ltd. | 3,000 | 3,793 | ||||||
Solar Applied Materials Technology Corp. | 1,000 | 1,210 | ||||||
Solomon Technology Corp. | 2,000 | 1,746 | ||||||
Sonix Technology Co. Ltd. | 1,000 | 1,793 | ||||||
Sporton International, Inc. | 1,000 | 8,694 | ||||||
Sports Gear Co. Ltd. | 1,000 | 2,365 | ||||||
St Shine Optical Co. Ltd. | 1,000 | 8,534 | ||||||
Standard Foods Corp. | 2,000 | 2,742 | ||||||
Stark Technology, Inc. | 1,000 | 3,060 | ||||||
Sun Race Sturmey-Archer, Inc. | 1,000 | 1,392 | ||||||
Sunonwealth Electric Machine Industry Co. Ltd. | 1,000 | 1,415 | ||||||
Sunrex Technology Corp. | 2,000 | 2,565 | ||||||
Supreme Electronics Co. Ltd. | 1,000 | 1,264 | ||||||
Symtek Automation Asia Co. Ltd. | 2,000 | 6,435 | ||||||
Synnex Technology International Corp. | 4,000 | 8,162 | ||||||
Systex Corp. | 1,000 | 2,462 | ||||||
T3EX Global Holdings Corp. | 1,000 | 2,264 | ||||||
TAI Roun Products Co. Ltd. | 1,000 | 524 | ||||||
Taichung Commercial Bank Co. Ltd. | 57,170 | 25,779 | ||||||
TaiDoc Technology Corp. | 2,000 | 12,419 | ||||||
Taigen Biopharmaceuticals Holdings Ltd.(1) | 2,000 | 1,012 | ||||||
Tainan Spinning Co. Ltd. | 7,000 | 4,076 |
45
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Tai-Saw Technology Co. Ltd. | 1,000 | $ | 944 | |||||
Taishin Financial Holding Co. Ltd. | 126,980 | 68,195 | ||||||
Taisun Enterprise Co. Ltd. | 1,000 | 987 | ||||||
Taita Chemical Co. Ltd. | 1,050 | 794 | ||||||
Taiwan Business Bank | 98,221 | 46,126 | ||||||
Taiwan Cogeneration Corp. | 1,000 | 1,205 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 32,540 | 28,306 | ||||||
Taiwan Glass Industry Corp. | 23,000 | 17,585 | ||||||
Taiwan High Speed Rail Corp. | 7,000 | 6,731 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 7,000 | 22,111 | ||||||
Taiwan Hopax Chemicals Manufacturing Co. Ltd. | 1,000 | 1,519 | ||||||
Taiwan Mobile Co. Ltd. | 3,000 | 9,504 | ||||||
Taiwan Navigation Co. Ltd. | 4,000 | 3,912 | ||||||
Taiwan Paiho Ltd. | 6,000 | 12,167 | ||||||
Taiwan PCB Techvest Co. Ltd. | 6,000 | 7,608 | ||||||
Taiwan Secom Co. Ltd. | 1,000 | 3,302 | ||||||
Taiwan Semiconductor Co. Ltd. | 1,000 | 3,052 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 19,425 | 1,691,335 | ||||||
Taiwan Steel Union Co. Ltd. | 1,000 | 3,432 | ||||||
Taiwan Styrene Monomer | 1,000 | 462 | ||||||
Taiwan Surface Mounting Technology Corp. | 7,000 | 20,283 | ||||||
Taiwan TEA Corp.(1) | 9,000 | 6,458 | ||||||
Taiwan Union Technology Corp. | 6,000 | 11,517 | ||||||
Taiwan-Asia Semiconductor Corp. | 1,000 | 1,225 | ||||||
Tatung Co. Ltd.(1) | 17,000 | 18,649 | ||||||
Teco Electric & Machinery Co. Ltd. | 28,000 | 28,094 | ||||||
Tex-Ray Industrial Co. Ltd.(1) | 1,000 | 378 | ||||||
Thinking Electronic Industrial Co. Ltd. | 1,000 | 4,627 | ||||||
Thye Ming Industrial Co. Ltd. | 1,000 | 1,296 | ||||||
Ton Yi Industrial Corp. | 17,000 | 9,755 | ||||||
Tong Hsing Electronic Industries Ltd. | 900 | 6,439 | ||||||
Tong Yang Industry Co. Ltd. | 7,000 | 9,998 | ||||||
Topco Scientific Co. Ltd. | 3,000 | 17,738 | ||||||
TPK Holding Co. Ltd. | 6,000 | 6,706 | ||||||
Transcend Information, Inc. | 1,000 | 2,298 | ||||||
Tripod Technology Corp. | 7,000 | 23,974 | ||||||
TSRC Corp. | 13,000 | 12,349 | ||||||
TTY Biopharm Co. Ltd. | 1,000 | 2,567 | ||||||
Tung Ho Steel Enterprise Corp. | 3,000 | 5,847 | ||||||
Tung Thih Electronic Co. Ltd. | 1,000 | 4,994 | ||||||
TXC Corp. | 6,000 | 16,903 | ||||||
TYC Brother Industrial Co. Ltd. | 2,000 | 1,860 | ||||||
Tycoons Group Enterprise(1) | 1,000 | 289 | ||||||
Tyntek Corp. | 1,000 | 584 | ||||||
TZE Shin International Co. Ltd. | 1,100 | 542 | ||||||
Unimicron Technology Corp. | 16,000 | 66,083 | ||||||
Union Bank of Taiwan | 29,796 | 15,805 | ||||||
Uni-President Enterprises Corp. | 33,000 | 72,849 | ||||||
Unitech Printed Circuit Board Corp.(1) | 3,000 | 1,833 | ||||||
United Microelectronics Corp.(1) | 119,000 | 193,816 | ||||||
United Orthopedic Corp.(1) | 3,000 | 4,789 |
46
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
United Renewable Energy Co. Ltd.(1) | 3,000 | $ | 2,034 | |||||
Unizyx Holding Corp. | 6,898 | 8,747 | ||||||
UPC Technology Corp. | 4,000 | 2,032 | ||||||
USI Corp. | 15,000 | 12,332 | ||||||
Utechzone Co. Ltd. | 1,000 | 2,963 | ||||||
Vanguard International Semiconductor Corp. | 16,000 | 48,204 | ||||||
Ventec International Group Co. Ltd. | 2,000 | 5,330 | ||||||
Voltronic Power Technology Corp. | 1,000 | 52,214 | ||||||
Wafer Works Corp. | 1,000 | 1,460 | ||||||
Wah Lee Industrial Corp. | 1,000 | 2,870 | ||||||
Walsin Lihwa Corp. | 32,419 | 59,710 | ||||||
Walsin Technology Corp. | 5,000 | 16,311 | ||||||
Walton Advanced Engineering, Inc. | 1,000 | 417 | ||||||
Wan Hai Lines Ltd. | 4,150 | 10,740 | ||||||
We & Win Development Co. Ltd. | 1,000 | 237 | ||||||
Wei Chuan Foods Corp. | 2,000 | 1,352 | ||||||
Weikeng Industrial Co. Ltd. | 1,000 | 911 | ||||||
Win Semiconductors Corp. | 1,000 | 5,489 | ||||||
Winbond Electronics Corp. | 46,000 | 34,438 | ||||||
Winstek Semiconductor Co. Ltd. | 2,000 | 3,308 | ||||||
Wisdom Marine Lines Co. Ltd. | 4,000 | 8,860 | ||||||
Wistron Corp. | 16,000 | 17,336 | ||||||
Wistron Information Technology & Services Corp. | 2,000 | 6,931 | ||||||
Wistron NeWeb Corp. | 1,000 | 2,754 | ||||||
Wiwynn Corp. | 2,000 | 62,715 | ||||||
Wowprime Corp.(1) | 2,000 | 18,242 | ||||||
WPG Holdings Ltd. | 7,000 | 11,315 | ||||||
WT Microelectronics Co. Ltd. | 4,000 | 8,496 | ||||||
XinTec, Inc. | 1,000 | 3,356 | ||||||
Yageo Corp. | 795 | 13,933 | ||||||
Yang Ming Marine Transport Corp. | 13,000 | 27,362 | ||||||
Yankey Engineering Co. Ltd. | 1,000 | 9,324 | ||||||
Yem Chio Co. Ltd. | 2,000 | 964 | ||||||
Yeong Guan Energy Technology Group Co. Ltd. | 1,000 | 2,239 | ||||||
YFY, Inc. | 24,000 | 21,288 | ||||||
Youngtek Electronics Corp. | 1,000 | 2,072 | ||||||
Yuanta Financial Holding Co. Ltd. | 100,990 | 75,091 | ||||||
Yulon Finance Corp. | 2,252 | 12,493 | ||||||
Yulon Motor Co. Ltd. | 12,000 | 31,859 | ||||||
Zhen Ding Technology Holding Ltd. | 15,000 | 54,910 | ||||||
7,629,679 | ||||||||
Thailand — 2.6% | ||||||||
AAPICO Hitech PCL, NVDR | 7,100 | 5,823 | ||||||
Advanced Info Service PCL, NVDR | 7,800 | 44,571 | ||||||
Advanced Information Technology PCL, NVDR | 32,600 | 5,578 | ||||||
AEON Thana Sinsap Thailand PCL, NVDR | 1,900 | 10,857 | ||||||
Airports of Thailand PCL, NVDR(1) | 8,200 | 16,875 | ||||||
AJ Plast PCL, NVDR | 1,000 | 306 | ||||||
Amanah Leasing PCL, NVDR | 7,600 | 868 | ||||||
Amata Corp. PCL, NVDR | 24,200 | 13,621 | ||||||
Ananda Development PCL, NVDR(1) | 71,300 | 2,803 |
47
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
AP Thailand PCL, NVDR | 42,000 | $ | 14,730 | |||||
Aqua Corp. PCL, NVDR(1) | 16,200 | 321 | ||||||
Asia Plus Group Holdings PCL, NVDR | 8,200 | 705 | ||||||
Asian Sea Corp. PCL, NVDR | 7,900 | 2,973 | ||||||
Asset World Corp. PCL, NVDR | 35,300 | 5,890 | ||||||
Bangkok Airways PCL, NVDR(1) | 7,000 | 2,593 | ||||||
Bangkok Aviation Fuel Services PCL, NVDR(1) | 2,700 | 2,464 | ||||||
Bangkok Chain Hospital PCL, NVDR | 33,600 | 18,912 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 64,100 | 50,773 | ||||||
Bangkok Life Assurance PCL, NVDR | 5,800 | 5,211 | ||||||
BCPG PCL, NVDR | 40,600 | 11,082 | ||||||
BEC World PCL, NVDR | 14,700 | 4,076 | ||||||
Berli Jucker PCL, NVDR | 2,500 | 2,722 | ||||||
Better World Green PCL, NVDR(1) | 77,000 | 2,091 | ||||||
BTS Group Holdings PCL, NVDR | 65,600 | 14,938 | ||||||
Bumrungrad Hospital PCL, NVDR | 6,100 | 36,411 | ||||||
Buriram Sugar PCL, NVDR | 9,500 | 1,866 | ||||||
Carabao Group PCL, NVDR | 2,000 | 5,716 | ||||||
Central Pattana PCL, NVDR | 16,200 | 32,186 | ||||||
Central Plaza Hotel PCL, NVDR(1) | 7,900 | 12,626 | ||||||
Central Retail Corp. PCL, NVDR | 15,200 | 19,233 | ||||||
CH Karnchang PCL, NVDR | 18,700 | 11,269 | ||||||
Charoen Pokphand Foods PCL, NVDR | 25,500 | 16,016 | ||||||
Chularat Hospital PCL, NVDR | 110,300 | 11,674 | ||||||
Com7 PCL, NVDR | 4,800 | 4,140 | ||||||
Country Group Holdings PCL, NVDR(1) | 22,400 | 570 | ||||||
CP ALL PCL, NVDR | 17,900 | 31,395 | ||||||
Delta Electronics Thailand PCL, NVDR | 1,400 | 36,095 | ||||||
Dhipaya Group Holdings PCL, NVDR | 3,300 | 4,410 | ||||||
Ditto Thailand PCL, NVDR | 1,900 | 2,445 | ||||||
Dohome PCL, NVDR | 1,000 | 424 | ||||||
Dynasty Ceramic PCL, NVDR | 142,200 | 9,092 | ||||||
Eastern Polymer Group PCL, NVDR | 15,300 | 3,614 | ||||||
Eastern Water Resources Development & Management PCL, NVDR | 1,100 | 159 | ||||||
Ekachai Medical Care PCL, NVDR | 21,260 | 5,022 | ||||||
Forth Corp. PCL, NVDR | 1,200 | 1,239 | ||||||
G J Steel PCL, NVDR(1) | 162,600 | 1,423 | ||||||
GFPT PCL, NVDR | 8,300 | 2,865 | ||||||
Gunkul Engineering PCL, NVDR | 98,900 | 11,689 | ||||||
Hana Microelectronics PCL, NVDR | 10,800 | 17,632 | ||||||
Home Product Center PCL, NVDR | 54,900 | 21,735 | ||||||
Humanica PCL, NVDR | 1,200 | 414 | ||||||
Indorama Ventures PCL, NVDR | 13,800 | 14,342 | ||||||
Interlink Communication PCL, NVDR | 4,800 | 1,052 | ||||||
Intouch Holdings PCL, NVDR | 7,200 | 14,410 | ||||||
IT City PCL, NVDR(1) | 2,400 | 323 | ||||||
Jasmine International PCL, NVDR(1) | 52,000 | 3,266 | ||||||
Jay Mart PCL, NVDR | 1,300 | 1,038 | ||||||
JMT Network Services PCL, NVDR | 3,100 | 4,077 | ||||||
Karmarts PCL, NVDR | 20,900 | 4,433 | ||||||
Kasikornbank PCL, NVDR | 4,400 | 17,052 |
48
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
KCE Electronics PCL, NVDR | 5,700 | $ | 7,495 | |||||
KGI Securities Thailand PCL, NVDR | 14,600 | 2,106 | ||||||
Kiatnakin Phatra Bank PCL, NVDR | 4,800 | 9,062 | ||||||
Krung Thai Bank PCL, NVDR | 45,800 | 22,417 | ||||||
Krungthai Card PCL, NVDR | 9,400 | 15,620 | ||||||
Land & Houses PCL, NVDR | 157,200 | 43,587 | ||||||
Lanna Resources PCL, NVDR | 8,300 | 3,638 | ||||||
LPN Development PCL, NVDR | 3,300 | 403 | ||||||
Master Ad PCL, NVDR(1) | 20,200 | 320 | ||||||
MBK PCL, NVDR | 19,700 | 9,311 | ||||||
MCS Steel PCL, NVDR | 7,000 | 1,940 | ||||||
Mega Lifesciences PCL, NVDR | 6,500 | 8,459 | ||||||
MFEC PCL, NVDR | 1,400 | 313 | ||||||
Minor International PCL, NVDR(1) | 32,100 | 30,410 | ||||||
MK Restaurants Group PCL, NVDR | 4,300 | 6,752 | ||||||
Mono Next PCL, NVDR(1) | 20,200 | 909 | ||||||
Muangthai Capital PCL, NVDR | 7,600 | 7,521 | ||||||
Northeast Rubber PCL, NVDR | 11,000 | 1,914 | ||||||
Nusasiri PCL, NVDR(1) | 11,200 | 320 | ||||||
Origin Property PCL, NVDR | 9,200 | 3,097 | ||||||
Osotspa PCL, NVDR | 14,500 | 13,228 | ||||||
Plan B Media PCL, NVDR | 55,700 | 15,435 | ||||||
Polyplex Thailand PCL, NVDR | 4,200 | 2,293 | ||||||
POSCO-Thainox PCL, NVDR | 10,000 | 257 | ||||||
Praram 9 Hospital PCL, NVDR | 13,400 | 7,924 | ||||||
Property Perfect PCL, NVDR | 21,540 | 256 | ||||||
Pruksa Holding PCL, NVDR | 21,100 | 8,059 | ||||||
Quality Houses PCL, NVDR | 174,800 | 11,869 | ||||||
Rabbit Holdings PLC, NVDR(1) | 132,700 | 4,129 | ||||||
Rajthanee Hospital PCL, NVDR | 4,200 | 3,476 | ||||||
Ramkhamhaeng Hospital PCL, NVDR | 4,800 | 7,604 | ||||||
Ratchthani Leasing PCL, NVDR | 42,400 | 4,749 | ||||||
Regional Container Lines PCL, NVDR | 12,800 | 11,313 | ||||||
RS PCL, NVDR | 3,200 | 1,394 | ||||||
S Hotels & Resorts PCL, NVDR(1) | 16,800 | 2,177 | ||||||
S Kijchai Enterprise PCL, R Shares, NVDR | 7,700 | 1,175 | ||||||
Sabina PCL, NVDR | 4,100 | 2,875 | ||||||
Sansiri PCL, NVDR | 241,200 | 13,032 | ||||||
Sappe PCL, NVDR | 2,700 | 3,953 | ||||||
SC Asset Corp. PCL, NVDR | 30,400 | 3,990 | ||||||
SCB X PCL, NVDR | 2,100 | 6,178 | ||||||
SCGJWD Logistics PCL, NVDR | 11,500 | 6,179 | ||||||
Sena Development PCL, NVDR | 1,400 | 147 | ||||||
Sermsang Power Corp. Co. Ltd., NVDR | 24,670 | 6,740 | ||||||
Siam Global House PCL, NVDR | 21,770 | 11,387 | ||||||
SISB PCL, NVDR | 6,500 | 4,595 | ||||||
SNC Former PCL, NVDR | 3,600 | 1,466 | ||||||
Somboon Advance Technology PCL, NVDR | 7,800 | 4,546 | ||||||
Sri Trang Agro-Industry PCL, NVDR | 28,800 | 20,566 | ||||||
Srisawad Corp. PCL, NVDR | 10,700 | 16,337 | ||||||
Srithai Superware PCL, NVDR | 61,000 | 2,622 |
49
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
STARK Corp. PCL, NVDR(1) | 1,400 | $ | 94 | |||||
Stars Microelectronics Thailand PCL, NVDR | 34,000 | 4,809 | ||||||
STP & I PCL, NVDR(1) | 18,100 | 2,324 | ||||||
Supalai PCL, NVDR | 42,700 | 27,542 | ||||||
Super Energy Corp. PCL, NVDR | 348,300 | 5,712 | ||||||
Susco PCL, NVDR | 29,500 | 3,201 | ||||||
Taokaenoi Food & Marketing PCL, Class R, NVDR | 17,000 | 5,002 | ||||||
Tata Steel Thailand PCL, NVDR | 4,400 | 136 | ||||||
TEAM Consulting Engineering & Management PCL, NVDR | 13,200 | 4,033 | ||||||
Thai Union Group PCL, NVDR | 18,200 | 8,187 | ||||||
Thai Vegetable Oil PCL, NVDR | 9,940 | 7,875 | ||||||
Thai Wah PCL, NVDR | 12,100 | 1,705 | ||||||
Thaicom PCL, NVDR | 28,500 | 12,654 | ||||||
Thaire Life Assurance PCL, NVDR | 1,400 | 190 | ||||||
Thanachart Capital PCL, NVDR | 4,600 | 5,563 | ||||||
Thonburi Healthcare Group PCL, NVDR | 10,200 | 20,129 | ||||||
Thoresen Thai Agencies PCL, NVDR | 32,200 | 7,150 | ||||||
Tisco Financial Group PCL, NVDR | 3,500 | 10,199 | ||||||
TKS Technologies PCL, NVDR | 5,000 | 1,838 | ||||||
TOA Paint Thailand PCL, NVDR | 5,800 | 5,333 | ||||||
TQM Alpha PCL, NVDR | 3,100 | 3,375 | ||||||
Triple i Logistics PCL, NVDR | 4,300 | 1,630 | ||||||
TTW PCL, NVDR | 5,900 | 1,561 | ||||||
VGI PCL, NVDR | 8,800 | 1,085 | ||||||
WHA Corp. PCL, NVDR | 76,300 | 8,504 | ||||||
Workpoint Entertainment PCL, NVDR | 200 | 100 | ||||||
Xspring Capital PCL, NVDR(1) | 13,100 | 467 | ||||||
1,128,079 | ||||||||
Turkey — 0.9% | ||||||||
Akbank TAS | 35,462 | 32,791 | ||||||
Aksigorta AS(1) | 4,833 | 724 | ||||||
Alarko Holding AS | 1,355 | 5,654 | ||||||
Albaraka Turk Katilim Bankasi AS(1) | 17,501 | 2,666 | ||||||
Alkim Alkali Kimya AS | 967 | 1,614 | ||||||
Anadolu Anonim Turk Sigorta Sirketi(1) | 6,197 | 5,546 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 1,582 | 4,660 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 3,121 | 9,111 | ||||||
Baticim Bati Anadolu Cimento Sanayii AS(1) | 1,420 | 2,641 | ||||||
Bera Holding AS | 13,838 | 8,668 | ||||||
BIM Birlesik Magazalar AS | 2,901 | 20,923 | ||||||
Bogazici Beton Sanayi Ve Ticaret AS | 409 | 335 | ||||||
Brisa Bridgestone Sabanci Sanayi ve Ticaret AS | 326 | 1,014 | ||||||
Bursa Cimento Fabrikasi AS(1) | 3,685 | 1,424 | ||||||
Cemas Dokum Sanayi AS(1) | 34,179 | 3,389 | ||||||
Cimsa Cimento Sanayi VE Ticaret AS | 1,324 | 8,723 | ||||||
Coca-Cola Icecek AS | 260 | 2,630 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 388 | 3,471 | ||||||
EGE Gubre Sanayii AS(1) | 128 | 530 | ||||||
EGE Seramik Sanayi ve Ticaret AS | 253 | 505 | ||||||
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 1,783 | 2,623 |
50
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Enerjisa Enerji AS | 1,566 | $ | 2,666 | |||||
Esenboga Elektrik Uretim AS | 367 | 1,267 | ||||||
Europap Tezol Kagit Sanayi VE Ticaret AS | 593 | 677 | ||||||
Fenerbahce Futbol AS(1) | 50 | 141 | ||||||
Galata Wind Enerji AS | 1,851 | 1,840 | ||||||
Goltas Goller Bolgesi Cimento Sanayi ve Ticaret A.S. | 172 | 1,299 | ||||||
Goodyear Lastikleri TAS(1) | 1,003 | 918 | ||||||
Gozde Girisim Sermayesi Yatirim Ortakligi AS(1) | 1,836 | 1,652 | ||||||
GSD Holding AS | 14,909 | 2,413 | ||||||
Hektas Ticaret TAS(1) | 3,143 | 5,902 | ||||||
Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS | 4,090 | 3,683 | ||||||
Is Finansal Kiralama AS(1) | 6,473 | 1,956 | ||||||
Is Yatirim Menkul Degerler AS | 304 | 804 | ||||||
Izmir Demir Celik Sanayi AS(1) | 1,060 | 347 | ||||||
Jantsa Jant Sanayi Ve Ticaret AS | 109 | 619 | ||||||
Karsan Otomotiv Sanayii Ve Ticaret AS(1) | 1,124 | 504 | ||||||
Kartonsan Karton Sanayi ve Ticaret AS | 202 | 869 | ||||||
Konya Kagit Sanayi VE Ticaret AS | 497 | 1,136 | ||||||
Kordsa Teknik Tekstil AS | 238 | 1,032 | ||||||
LDR Turizm AS | 886 | 5,122 | ||||||
Logo Yazilim Sanayi Ve Ticaret AS | 342 | 982 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, B Shares | 1,104 | 6,114 | ||||||
Migros Ticaret AS(1) | 1,707 | 13,069 | ||||||
MLP Saglik Hizmetleri AS(1) | 2,050 | 8,400 | ||||||
Naturel Yenilenebilir Enerji Ticaret AS | 188 | 1,370 | ||||||
Netas Telekomunikasyon AS(1) | 514 | 794 | ||||||
ODAS Elektrik Uretim ve Sanayi Ticaret AS(1) | 25,029 | 9,967 | ||||||
Otokar Otomotiv Ve Savunma Sanayi AS | 58 | 2,920 | ||||||
Parsan Makina Parcalari Sanayii AS(1) | 78 | 232 | ||||||
Penta Teknoloji Urunleri Dagitim Ticaret AS(1) | 501 | 1,038 | ||||||
Petkim Petrokimya Holding AS(1) | 10,893 | 9,699 | ||||||
Polisan Holding AS | 2,543 | 1,325 | ||||||
Qua Granite Hayal(1) | 830 | 3,281 | ||||||
Reysas Tasimacilik ve Lojistik Ticaret AS(1) | 5,438 | 7,212 | ||||||
Sasa Polyester Sanayi AS(1) | 1,383 | 8,030 | ||||||
Sekerbank Turk AS(1) | 17,495 | 2,238 | ||||||
Sok Marketler Ticaret AS(1) | 6,153 | 8,326 | ||||||
TAV Havalimanlari Holding AS(1) | 2,417 | 9,589 | ||||||
Tekfen Holding AS | 2,015 | 3,840 | ||||||
Teknosa Ic Ve Dis Ticaret AS(1) | 3,423 | 3,379 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 615 | 5,578 | ||||||
Trabzonspor Sportif Yatirim ve Futbol Isletmeciligi TAS(1) | 568 | 110 | ||||||
Tukas Gida Sanayi ve Ticaret AS(1) | 2,039 | 2,035 | ||||||
Turcas Petrol AS(1) | 873 | 833 | ||||||
Turk Traktor ve Ziraat Makineleri AS | 65 | 1,945 | ||||||
Turkcell Iletisim Hizmetleri AS, ADR(2) | 4,288 | 17,924 | ||||||
Turkiye Halk Bankasi AS(1) | 9,027 | 5,494 | ||||||
Turkiye Is Bankasi AS, C Shares | 30,010 | 18,010 | ||||||
Turkiye Sinai Kalkinma Bankasi AS(1) | 43,744 | 9,174 | ||||||
Turkiye Vakiflar Bankasi TAO, D Shares(1) | 25,325 | 12,931 | ||||||
Vakko Tekstil ve Hazir Giyim Sanayi Isletmeleri AS | 5,569 | 16,697 |
51
Avantis Responsible Emerging Markets Equity ETF | ||||||||
Shares | Value | |||||||
Vestel Beyaz Esya Sanayi ve Ticaret AS | 1,288 | $ | 841 | |||||
Vestel Elektronik Sanayi ve Ticaret AS(1) | 1,641 | 4,860 | ||||||
Yapi ve Kredi Bankasi AS | 40,054 | 21,227 | ||||||
Yatas Yatak ve Yorgan Sanayi ve Ticaret AS | 1,268 | 2,409 | ||||||
Zorlu Enerji Elektrik Uretim AS(1) | 8,308 | 2,276 | ||||||
378,638 | ||||||||
TOTAL COMMON STOCKS (Cost $42,392,367) | 43,437,550 | |||||||
RIGHTS† | ||||||||
India† | ||||||||
Share India Securities Ltd.(1) (Cost $—) | 11 | 872 | ||||||
WARRANTS† | ||||||||
Malaysia† | ||||||||
Eco World Development Group Bhd(1) | 360 | 8 | ||||||
Thailand† | ||||||||
Buriram Sugar PCL, Class 1(1) | 1,900 | 31 | ||||||
Buriram Sugar PCL, NVDR(1) | 950 | 19 | ||||||
Master Ad PCL(1) | 2,625 | 1 | ||||||
51 | ||||||||
TOTAL WARRANTS (Cost $—) | 59 | |||||||
SHORT-TERM INVESTMENTS — 0.6% | ||||||||
Money Market Funds — 0.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 46,334 | 46,334 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 212,450 | 212,450 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $258,784) | 258,784 | |||||||
TOTAL INVESTMENT SECURITIES — 100.3% (Cost $42,651,151) | 43,697,265 | |||||||
OTHER ASSETS AND LIABILITIES — (0.3)% | (109,755) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 43,587,510 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 24.7% | ||||
Information Technology | 22.0% | ||||
Consumer Discretionary | 14.7% | ||||
Communication Services | 8.7% | ||||
Industrials | 8.1% | ||||
Consumer Staples | 6.9% | ||||
Health Care | 5.4% | ||||
Materials | 4.3% | ||||
Real Estate | 3.1% | ||||
Utilities | 1.8% | ||||
Energy | —* | ||||
Short-Term Investments | 0.6% | ||||
Other Assets and Liabilities | (0.3)% |
*Category is less than 0.05% of total net assets.
52
Avantis Responsible Emerging Markets Equity ETF
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 $379,462. 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 $398,916, which includes securities collateral of $186,466.
See Notes to Financial Statements.
53
FEBRUARY 28, 2023 (UNAUDITED)
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 99.7% | ||||||||
Australia — 7.2% | ||||||||
88 Energy Ltd.(1) | 20,921 | $ | 153 | |||||
Accent Group Ltd. | 8,997 | 13,394 | ||||||
Adairs Ltd. | 2,004 | 3,160 | ||||||
Aeris Resources Ltd.(1) | 3,720 | 1,438 | ||||||
ALS Ltd. | 2,238 | 19,042 | ||||||
Altium Ltd. | 1,030 | 27,031 | ||||||
AMP Ltd.(1) | 32,323 | 22,437 | ||||||
Ansell Ltd. | 639 | 11,636 | ||||||
ANZ Group Holdings Ltd. | 15,847 | 262,133 | ||||||
Arafura Rare Earths Ltd.(1) | 6,899 | 2,765 | ||||||
ARB Corp. Ltd. | 532 | 11,396 | ||||||
ASX Ltd. | 663 | 30,283 | ||||||
Atlas Arteria Ltd. | 5,580 | 25,640 | ||||||
Aurizon Holdings Ltd. | 26,710 | 59,353 | ||||||
Australian Clinical Labs Ltd. | 1,842 | 4,465 | ||||||
Australian Ethical Investment Ltd. | 945 | 2,188 | ||||||
Australian Finance Group Ltd. | 2,478 | 2,619 | ||||||
Baby Bunting Group Ltd. | 1,412 | 1,884 | ||||||
Bank of Queensland Ltd. | 7,608 | 36,048 | ||||||
Bapcor Ltd. | 1,342 | 6,023 | ||||||
Bega Cheese Ltd. | 3,958 | 9,269 | ||||||
Bendigo & Adelaide Bank Ltd. | 6,628 | 43,500 | ||||||
Brambles Ltd. | 15,998 | 138,234 | ||||||
Bravura Solutions Ltd. | 2,599 | 1,487 | ||||||
Brickworks Ltd. | 706 | 11,702 | ||||||
carsales.com Ltd. | 1,663 | 25,299 | ||||||
Cedar Woods Properties Ltd. | 519 | 1,489 | ||||||
Challenger Ltd. | 7,223 | 36,242 | ||||||
Cleanaway Waste Management Ltd. | 7,411 | 13,216 | ||||||
Clinuvel Pharmaceuticals Ltd.(2) | 712 | 9,112 | ||||||
Cochlear Ltd. | 266 | 39,667 | ||||||
Codan Ltd. | 468 | 1,758 | ||||||
Coles Group Ltd. | 8,864 | 108,261 | ||||||
Commonwealth Bank of Australia | 5,345 | 361,102 | ||||||
Computershare Ltd. | 1,837 | 30,555 | ||||||
Credit Corp. Group Ltd. | 725 | 9,864 | ||||||
CSL Ltd. | 1,112 | 221,251 | ||||||
CSR Ltd. | 9,552 | 32,591 | ||||||
DDH1 Ltd. | 2,756 | 1,665 | ||||||
Deterra Royalties Ltd. | 4,211 | 12,611 | ||||||
Domino's Pizza Enterprises Ltd. | 223 | 7,469 | ||||||
Eagers Automotive Ltd. | 2,251 | 20,651 | ||||||
Eclipx Group Ltd.(1) | 4,293 | 6,290 | ||||||
Emeco Holdings Ltd. | 8,172 | 4,003 | ||||||
Endeavour Group Ltd. | 7,305 | 33,518 | ||||||
Evolution Mining Ltd. | 43,931 | 80,423 | ||||||
EVT Ltd. | 1,886 | 16,547 | ||||||
Firefinch Ltd.(1) | 1,565 | 211 |
54
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Fortescue Metals Group Ltd. | 15,248 | $ | 218,503 | |||||
G8 Education Ltd. | 1,542 | 1,264 | ||||||
Gold Road Resources Ltd. | 17,106 | 16,924 | ||||||
GWA Group Ltd. | 1,545 | 1,822 | ||||||
Hansen Technologies Ltd. | 1,169 | 3,652 | ||||||
Harvey Norman Holdings Ltd. | 9,891 | 25,555 | ||||||
Hastings Technology Metals Ltd.(1) | 1,360 | 2,254 | ||||||
Hawsons Iron Ltd.(1) | 5,264 | 254 | ||||||
Healius Ltd. | 1,201 | 2,217 | ||||||
Helia Group Ltd. | 7,501 | 17,367 | ||||||
Humm Group Ltd.(2) | 4,500 | 1,527 | ||||||
IDP Education Ltd. | 1,194 | 22,962 | ||||||
IGO Ltd. | 9,411 | 82,728 | ||||||
Imdex Ltd. | 7,736 | 12,203 | ||||||
Infomedia Ltd. | 5,310 | 4,993 | ||||||
Insignia Financial Ltd. | 2,371 | 5,212 | ||||||
Insurance Australia Group Ltd. | 3,192 | 9,963 | ||||||
Integral Diagnostics Ltd. | 439 | 811 | ||||||
InvoCare Ltd. | 687 | 4,374 | ||||||
IPH Ltd. | 690 | 3,746 | ||||||
IRESS Ltd. | 689 | 4,297 | ||||||
James Hardie Industries PLC | 1,310 | 27,293 | ||||||
JB Hi-Fi Ltd.(2) | 1,985 | 55,716 | ||||||
Judo Capital Holdings Ltd.(1) | 4,673 | 4,494 | ||||||
Kelsian Group Ltd. | 806 | 3,539 | ||||||
Lendlease Corp. Ltd. | 4,352 | 22,287 | ||||||
Leo Lithium Ltd.(1) | 18,867 | 6,628 | ||||||
Lifestyle Communities Ltd. | 908 | 10,333 | ||||||
Link Administration Holdings Ltd. | 719 | 1,106 | ||||||
Lovisa Holdings Ltd.(2) | 705 | 11,383 | ||||||
Macquarie Group Ltd. | 449 | 57,015 | ||||||
Magellan Financial Group Ltd. | 2,236 | 12,818 | ||||||
Mayne Pharma Group Ltd.(1) | 899 | 2,005 | ||||||
McMillan Shakespeare Ltd. | 1,513 | 14,553 | ||||||
Medibank Pvt Ltd. | 34,718 | 77,819 | ||||||
Melbana Energy Ltd.(1)(2) | 17,090 | 897 | ||||||
Mesoblast Ltd.(1) | 4,402 | 2,893 | ||||||
Mineral Resources Ltd. | 988 | 54,566 | ||||||
Myer Holdings Ltd. | 17,354 | 10,829 | ||||||
National Australia Bank Ltd. | 15,527 | 312,532 | ||||||
Neometals Ltd.(1) | 907 | 539 | ||||||
Netwealth Group Ltd. | 1,082 | 9,760 | ||||||
Newcrest Mining Ltd. (Sydney) | 2,273 | 34,797 | ||||||
NEXTDC Ltd.(1) | 1,600 | 11,009 | ||||||
nib holdings Ltd. | 7,994 | 40,760 | ||||||
Nick Scali Ltd. | 1,169 | 7,697 | ||||||
Nine Entertainment Co. Holdings Ltd. | 14,287 | 18,585 | ||||||
Nuix Ltd.(1) | 1,721 | 1,522 | ||||||
OFX Group Ltd.(1) | 4,101 | 5,300 | ||||||
Omni Bridgeway Ltd.(1) | 3,173 | 6,464 | ||||||
oOh!media Ltd. | 6,010 | 6,408 |
55
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Orora Ltd. | 11,159 | $ | 26,422 | |||||
OZ Minerals Ltd. | 5,935 | 111,582 | ||||||
Pantoro Ltd.(1) | 817 | 32 | ||||||
Pepper Money Ltd. | 1,245 | 1,212 | ||||||
Perpetual Ltd. | 1,317 | 21,548 | ||||||
PEXA Group Ltd.(1) | 268 | 2,132 | ||||||
Platinum Asset Management Ltd. | 10,728 | 13,532 | ||||||
Praemium Ltd. | 3,649 | 2,007 | ||||||
Premier Investments Ltd. | 2,133 | 39,040 | ||||||
Pro Medicus Ltd. | 323 | 13,204 | ||||||
PWR Holdings Ltd. | 675 | 4,582 | ||||||
QBE Insurance Group Ltd. | 4,975 | 50,328 | ||||||
Qube Holdings Ltd. | 6,846 | 14,778 | ||||||
Ramsay Health Care Ltd. | 238 | 10,790 | ||||||
REA Group Ltd. | 288 | 23,715 | ||||||
Reece Ltd.(2) | 200 | 2,215 | ||||||
Reliance Worldwide Corp. Ltd. | 1,113 | 2,680 | ||||||
Renascor Resources Ltd.(1) | 513 | 74 | ||||||
Ridley Corp. Ltd. | 4,416 | 6,528 | ||||||
Sandfire Resources Ltd. | 5,330 | 20,987 | ||||||
SEEK Ltd. | 1,319 | 21,371 | ||||||
Seven Group Holdings Ltd. | 322 | 5,286 | ||||||
Seven West Media Ltd.(1) | 15,109 | 4,212 | ||||||
Sigma Healthcare Ltd. | 6,909 | 3,158 | ||||||
Silver Mines Ltd.(1) | 3,687 | 347 | ||||||
Sims Ltd. | 3,473 | 37,095 | ||||||
SmartGroup Corp. Ltd. | 457 | 1,958 | ||||||
Solvar Ltd. | 866 | 1,163 | ||||||
Sonic Healthcare Ltd. | 4,108 | 88,869 | ||||||
Southern Cross Media Group Ltd.(2) | 2,817 | 2,005 | ||||||
Steadfast Group Ltd. | 4,458 | 17,450 | ||||||
Strandline Resources Ltd.(1) | 2,748 | 726 | ||||||
Suncorp Group Ltd. | 7,091 | 61,167 | ||||||
Super Retail Group Ltd. | 4,176 | 36,321 | ||||||
Technology One Ltd. | 2,522 | 25,180 | ||||||
Telstra Group Ltd. | 29,873 | 83,465 | ||||||
Temple & Webster Group Ltd.(1) | 153 | 354 | ||||||
Transurban Group | 3,780 | 35,969 | ||||||
Treasury Wine Estates Ltd. | 3,341 | 31,424 | ||||||
United Malt Group Ltd. | 2,969 | 7,113 | ||||||
Ventia Services Group Pty Ltd. | 1,225 | 1,959 | ||||||
Vulcan Steel Ltd. | 676 | 3,800 | ||||||
Webjet Ltd.(1) | 2,895 | 13,343 | ||||||
Wesfarmers Ltd. | 4,858 | 157,263 | ||||||
Westpac Banking Corp. | 12,987 | 196,382 | ||||||
WiseTech Global Ltd. | 499 | 21,087 | ||||||
Woolworths Group Ltd. | 5,262 | 130,504 | ||||||
Xero Ltd.(1) | 290 | 15,104 | ||||||
4,466,713 | ||||||||
Austria — 0.3% | ||||||||
ANDRITZ AG | 205 | 12,650 |
56
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
AT&S Austria Technologie & Systemtechnik AG | 251 | $ | 8,281 | |||||
BAWAG Group AG(1) | 174 | 10,831 | ||||||
CA Immobilien Anlagen AG | 59 | 1,683 | ||||||
DO & CO. AG(1) | 19 | 2,156 | ||||||
Erste Group Bank AG | 1,161 | 45,573 | ||||||
IMMOFINANZ AG(1) | 174 | 2,265 | ||||||
Lenzing AG | 71 | 5,386 | ||||||
Oesterreichische Post AG | 141 | 4,972 | ||||||
Porr AG | 112 | 1,658 | ||||||
Raiffeisen Bank International AG(1) | 982 | 16,395 | ||||||
Semperit AG Holding | 55 | 1,317 | ||||||
Telekom Austria AG(1) | 635 | 4,743 | ||||||
UNIQA Insurance Group AG | 1,189 | 10,121 | ||||||
Verbund AG | 215 | 18,594 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 271 | 7,576 | ||||||
Wienerberger AG | 754 | 23,439 | ||||||
177,640 | ||||||||
Belgium — 1.0% | ||||||||
Ackermans & van Haaren NV | 148 | 25,045 | ||||||
Ageas SA | 1,375 | 62,052 | ||||||
AGFA-Gevaert NV(1) | 1,368 | 4,043 | ||||||
Anheuser-Busch InBev SA, ADR(2) | 845 | 51,292 | ||||||
Barco NV | 477 | 13,576 | ||||||
Bekaert SA | 418 | 18,443 | ||||||
bpost SA | 1,945 | 10,381 | ||||||
Cie d'Entreprises CFE(1) | 118 | 1,188 | ||||||
Deceuninck NV | 237 | 641 | ||||||
Deme Group NV(1) | 100 | 12,583 | ||||||
D'ieteren Group | 155 | 30,041 | ||||||
Elia Group SA | 134 | 17,652 | ||||||
Etablissements Franz Colruyt NV(2) | 685 | 18,538 | ||||||
Fagron | 735 | 11,884 | ||||||
Galapagos NV, ADR(1)(2) | 263 | 9,859 | ||||||
Gimv NV | 243 | 11,090 | ||||||
KBC Ancora | 669 | 34,614 | ||||||
KBC Group NV | 1,476 | 110,221 | ||||||
Kinepolis Group NV(1) | 123 | 5,394 | ||||||
Ontex Group NV(1) | 1,381 | 10,934 | ||||||
Proximus SADP | 1,150 | 10,590 | ||||||
Shurgard Self Storage Ltd. | 198 | 9,688 | ||||||
Telenet Group Holding NV | 65 | 1,005 | ||||||
UCB SA | 649 | 55,793 | ||||||
Umicore SA | 1,479 | 49,293 | ||||||
VGP NV | 64 | 5,740 | ||||||
591,580 | ||||||||
Canada — 10.5% | ||||||||
Absolute Software Corp. | 698 | 6,021 | ||||||
AGF Management Ltd., Class B | 556 | 3,830 | ||||||
Agnico Eagle Mines Ltd.(2) | 3,008 | 138,485 | ||||||
Aimia, Inc.(1) | 609 | 1,825 | ||||||
Alamos Gold, Inc., Class A | 3,775 | 38,483 |
57
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Altus Group Ltd. | 400 | $ | 17,882 | |||||
Amerigo Resources Ltd. | 2,234 | 2,620 | ||||||
Aris Mining Corp. | 1,600 | 4,726 | ||||||
Aritzia, Inc.(1) | 896 | 27,277 | ||||||
Ascot Resources Ltd.(1) | 1,685 | 778 | ||||||
Atrium Mortgage Investment Corp. | 336 | 3,009 | ||||||
B2Gold Corp. | 9,164 | 31,297 | ||||||
Ballard Power Systems, Inc.(1) | 1,513 | 8,649 | ||||||
Bank of Montreal | 3,166 | 300,057 | ||||||
Bank of Nova Scotia | 4,962 | 245,245 | ||||||
BCE, Inc.(2) | 336 | 14,866 | ||||||
Bird Construction, Inc. | 336 | 2,231 | ||||||
Bonterra Energy Corp.(1) | 536 | 2,600 | ||||||
Boralex, Inc., A Shares | 1,008 | 26,853 | ||||||
Boston Pizza Royalties Income Fund | 200 | 2,392 | ||||||
Boyd Group Services, Inc. | 140 | 22,150 | ||||||
Brookfield Asset Management Ltd., Class A | 600 | 20,188 | ||||||
Brookfield Business Corp., Class A | 223 | 4,326 | ||||||
Brookfield Corp. | 1,200 | 39,927 | ||||||
Brookfield Renewable Corp., Class A | 676 | 18,826 | ||||||
BRP, Inc. | 200 | 17,329 | ||||||
CAE, Inc.(1) | 336 | 7,577 | ||||||
Calian Group Ltd. | 200 | 8,853 | ||||||
Cameco Corp. | 1,148 | 31,382 | ||||||
Canaccord Genuity Group, Inc. | 480 | 4,056 | ||||||
Canada Goose Holdings, Inc.(1) | 482 | 9,061 | ||||||
Canadian Imperial Bank of Commerce | 6,009 | 274,798 | ||||||
Canadian National Railway Co. | 1,444 | 164,465 | ||||||
Canadian Tire Corp. Ltd., Class A | 226 | 28,172 | ||||||
Canadian Western Bank | 1,006 | 20,481 | ||||||
Canfor Corp.(1) | 800 | 13,649 | ||||||
Capstone Copper Corp.(1) | 4,542 | 20,205 | ||||||
Cascades, Inc. | 676 | 5,316 | ||||||
CCL Industries, Inc., Class B | 888 | 42,711 | ||||||
Celestica, Inc.(1) | 1,491 | 19,264 | ||||||
CGI, Inc.(1) | 964 | 86,431 | ||||||
CI Financial Corp. | 1,116 | 12,244 | ||||||
Cineplex, Inc.(1) | 336 | 2,024 | ||||||
Cogeco Communications, Inc. | 200 | 10,267 | ||||||
Colliers International Group, Inc.(2) | 200 | 23,198 | ||||||
Computer Modelling Group Ltd. | 676 | 3,443 | ||||||
Constellation Software, Inc. | 100 | 171,943 | ||||||
Corby Spirit & Wine Ltd. | 336 | 3,817 | ||||||
Corus Entertainment, Inc., B Shares | 2,598 | 3,637 | ||||||
Definity Financial Corp. | 850 | 22,376 | ||||||
Descartes Systems Group, Inc.(1)(2) | 200 | 14,751 | ||||||
Dollarama, Inc. | 676 | 39,049 | ||||||
Doman Building Materials Group Ltd. | 722 | 3,910 | ||||||
Dorel Industries, Inc., Class B(1) | 676 | 2,259 | ||||||
DREAM Unlimited Corp., Class A | 200 | 3,909 | ||||||
Dye & Durham Ltd. | 220 | 3,076 |
58
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Eldorado Gold Corp.(1) | 3,250 | $ | 30,368 | |||||
Element Fleet Management Corp. | 6,987 | 99,800 | ||||||
Empire Co. Ltd., Class A | 1,582 | 41,959 | ||||||
Enghouse Systems Ltd. | 300 | 9,454 | ||||||
EQB, Inc.(2) | 310 | 14,763 | ||||||
Fairfax Financial Holdings Ltd. | 140 | 97,879 | ||||||
Fiera Capital Corp. | 618 | 3,927 | ||||||
Finning International, Inc. | 676 | 17,146 | ||||||
First National Financial Corp.(2) | 336 | 9,675 | ||||||
Fission Uranium Corp.(1) | 3,366 | 2,023 | ||||||
Fortuna Silver Mines, Inc.(1) | 3,704 | 12,025 | ||||||
Franco-Nevada Corp. | 200 | 25,529 | ||||||
Freehold Royalties Ltd.(2) | 1,840 | 20,874 | ||||||
Gear Energy Ltd.(2) | 4,513 | 3,539 | ||||||
George Weston Ltd. | 446 | 55,877 | ||||||
Gildan Activewear, Inc. | 1,449 | 46,045 | ||||||
goeasy Ltd. | 282 | 25,987 | ||||||
GoldMining, Inc.(1) | 2,154 | 2,273 | ||||||
Great-West Lifeco, Inc. | 2,745 | 74,897 | ||||||
Home Capital Group, Inc.(2) | 676 | 20,773 | ||||||
Hudbay Minerals, Inc. | 2,161 | 10,722 | ||||||
Hydro One Ltd. | 2,811 | 72,948 | ||||||
i-80 Gold Corp.(1) | 1,283 | 2,924 | ||||||
iA Financial Corp., Inc. | 2,005 | 134,597 | ||||||
IAMGOLD Corp.(1) | 4,578 | 10,367 | ||||||
IGM Financial, Inc. | 410 | 12,476 | ||||||
InPlay Oil Corp.(2) | 708 | 1,463 | ||||||
Intact Financial Corp. | 688 | 98,831 | ||||||
Interfor Corp.(1) | 876 | 14,747 | ||||||
Journey Energy, Inc.(1)(2) | 850 | 3,769 | ||||||
Karora Resources, Inc.(1) | 2,350 | 7,733 | ||||||
Kinross Gold Corp.(2) | 16,200 | 59,837 | ||||||
Labrador Iron Ore Royalty Corp.(2) | 678 | 18,052 | ||||||
Laurentian Bank of Canada | 588 | 14,863 | ||||||
Lightspeed Commerce, Inc.(1) | 100 | 1,529 | ||||||
Linamar Corp. | 848 | 46,144 | ||||||
Loblaw Cos. Ltd. | 918 | 78,452 | ||||||
Lumine Group, Inc.(1) | 300 | 3,586 | ||||||
Lundin Mining Corp. | 8,094 | 50,361 | ||||||
Magna International, Inc. | 3,364 | 187,492 | ||||||
Manulife Financial Corp.(2) | 15,403 | 304,561 | ||||||
Maple Leaf Foods, Inc.(2) | 336 | 6,816 | ||||||
Martinrea International, Inc. | 1,679 | 17,202 | ||||||
MCAN Mortgage Corp. | 200 | 2,395 | ||||||
MDA Ltd.(1) | 200 | 1,190 | ||||||
Medical Facilities Corp. | 336 | 2,056 | ||||||
Metro, Inc. | 816 | 42,382 | ||||||
Mullen Group Ltd. | 990 | 10,332 | ||||||
National Bank of Canada | 3,180 | 233,565 | ||||||
Neo Performance Materials, Inc. | 200 | 1,514 | ||||||
NFI Group, Inc.(2) | 38 | 254 |
59
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
North American Construction Group Ltd. | 676 | $ | 11,375 | |||||
North West Co., Inc.(2) | 666 | 17,269 | ||||||
Northern Dynasty Minerals Ltd.(1)(2) | 3,366 | 728 | ||||||
Nutrien Ltd. | 2,537 | 197,680 | ||||||
Onex Corp. | 746 | 39,889 | ||||||
Open Text Corp. | 678 | 23,339 | ||||||
Osisko Gold Royalties Ltd. (Toronto) | 1,376 | 18,031 | ||||||
Pan American Silver Corp.(2) | 4,650 | 69,315 | ||||||
Pason Systems, Inc. | 850 | 9,064 | ||||||
Pine Cliff Energy Ltd.(2) | 4,255 | 3,773 | ||||||
Pizza Pizza Royalty Corp.(2) | 336 | 3,413 | ||||||
Polaris Renewable Energy, Inc. | 310 | 3,149 | ||||||
Power Corp. of Canada | 676 | 18,043 | ||||||
PrairieSky Royalty Ltd.(2) | 708 | 11,119 | ||||||
Quebecor, Inc., Class B | 1,145 | 27,087 | ||||||
Real Matters, Inc.(1) | 1,886 | 8,031 | ||||||
Resolute Forest Products, Inc.(1) | 1,220 | 26,760 | ||||||
Restaurant Brands International, Inc. | 1,362 | 87,889 | ||||||
Ritchie Bros Auctioneers, Inc. | 478 | 29,244 | ||||||
Rogers Communications, Inc., Class B | 676 | 32,291 | ||||||
Royal Bank of Canada | 4,346 | 441,257 | ||||||
Russel Metals, Inc. | 1,244 | 32,429 | ||||||
Sandstorm Gold Ltd. | 1,457 | 7,165 | ||||||
Saputo, Inc.(2) | 336 | 8,998 | ||||||
Sherritt International Corp.(1) | 4,375 | 1,699 | ||||||
Shopify, Inc., Class A(1) | 1,068 | 43,972 | ||||||
Sleep Country Canada Holdings, Inc. | 452 | 8,613 | ||||||
Softchoice Corp.(2) | 336 | 4,102 | ||||||
Spin Master Corp., VTG Shares | 478 | 12,955 | ||||||
SSR Mining, Inc.(2) | 1,685 | 23,055 | ||||||
Stantec, Inc. | 836 | 48,561 | ||||||
Stella-Jones, Inc. | 618 | 22,365 | ||||||
STEP Energy Services Ltd.(1)(2) | 140 | 484 | ||||||
StorageVault Canada, Inc. | 282 | 1,275 | ||||||
Sun Life Financial, Inc.(2) | 1,918 | 92,688 | ||||||
Teck Resources Ltd., Class B | 4,669 | 186,384 | ||||||
TELUS Corp.(1) | 106 | 2,108 | ||||||
TELUS Corp. (Toronto) | 1,677 | 33,343 | ||||||
TFI International, Inc. | 536 | 65,408 | ||||||
Thomson Reuters Corp. | 250 | 30,278 | ||||||
Tidewater Midstream & Infrastructure Ltd.(2) | 6,493 | 5,139 | ||||||
Toromont Industries Ltd. | 536 | 44,208 | ||||||
Toronto-Dominion Bank | 4,937 | 328,711 | ||||||
Total Energy Services, Inc. | 609 | 3,919 | ||||||
Transcontinental, Inc., Class A | 478 | 5,465 | ||||||
Tricon Residential, Inc. | 1,821 | 14,733 | ||||||
Trisura Group Ltd.(1) | 478 | 12,145 | ||||||
Uni-Select, Inc.(1) | 336 | 11,667 | ||||||
Wajax Corp. | 676 | 12,039 | ||||||
West Fraser Timber Co. Ltd. | 876 | 65,804 | ||||||
Western Forest Products, Inc.(2) | 5,658 | 5,183 |
60
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Westport Fuel Systems, Inc.(1)(2) | 889 | $ | 1,029 | |||||
Westshore Terminals Investment Corp. | 200 | 3,673 | ||||||
Wheaton Precious Metals Corp. | 976 | 40,664 | ||||||
Winpak Ltd. | 200 | 5,946 | ||||||
WSP Global, Inc. | 536 | 67,333 | ||||||
Yamana Gold, Inc. | 13,455 | 68,828 | ||||||
Yangarra Resources Ltd.(1) | 1,483 | 2,424 | ||||||
6,529,707 | ||||||||
China† | ||||||||
Chow Tai Fook Jewellery Group Ltd. | 6,400 | 12,404 | ||||||
Denmark — 2.5% | ||||||||
ALK-Abello A/S(1) | 589 | 8,776 | ||||||
Alm Brand A/S | 5,140 | 9,560 | ||||||
Bavarian Nordic A/S(1) | 316 | 9,731 | ||||||
Carlsberg AS, B Shares | 176 | 24,871 | ||||||
cBrain A/S | 80 | 1,584 | ||||||
Chemometec A/S(1) | 41 | 2,662 | ||||||
Chr Hansen Holding A/S | 171 | 11,855 | ||||||
Coloplast A/S, B Shares | 200 | 23,109 | ||||||
Danske Bank A/S | 3,515 | 81,630 | ||||||
DSV A/S | 117 | 21,260 | ||||||
FLSmidth & Co. A/S | 392 | 15,413 | ||||||
Genmab A/S, ADR(1) | 1,786 | 67,082 | ||||||
GN Store Nord AS | 123 | 2,655 | ||||||
H Lundbeck A/S | 3,900 | 16,478 | ||||||
H Lundbeck A/S, A Shares(1) | 378 | 1,446 | ||||||
H+H International A/S, B Shares(1) | 146 | 2,151 | ||||||
ISS A/S(1) | 81 | 1,765 | ||||||
Jyske Bank A/S(1) | 833 | 69,773 | ||||||
Nilfisk Holding A/S(1) | 60 | 1,111 | ||||||
NKT A/S(1) | 735 | 34,089 | ||||||
Novo Nordisk A/S, ADR | 4,456 | 628,251 | ||||||
Novozymes A/S, B Shares | 1,011 | 48,694 | ||||||
Orsted A/S | 531 | 46,220 | ||||||
Pandora A/S | 272 | 25,765 | ||||||
Per Aarsleff Holding A/S | 445 | 19,293 | ||||||
Ringkjoebing Landbobank A/S | 199 | 31,430 | ||||||
ROCKWOOL A/S, B Shares | 63 | 14,303 | ||||||
Royal Unibrew A/S | 260 | 18,081 | ||||||
SimCorp A/S | 276 | 19,782 | ||||||
Solar A/S, B Shares | 92 | 7,998 | ||||||
Spar Nord Bank A/S | 766 | 14,136 | ||||||
Sparekassen Sjaelland-Fyn A/S | 137 | 4,145 | ||||||
Sydbank A/S | 1,069 | 54,403 | ||||||
Topdanmark A/S | 320 | 17,117 | ||||||
Tryg A/S | 975 | 21,600 | ||||||
Vestas Wind Systems A/S | 7,109 | 202,855 | ||||||
1,581,074 | ||||||||
Finland — 0.9% | ||||||||
Aktia Bank Oyj | 241 | 2,656 | ||||||
Anora Group Oyj | 93 | 634 |
61
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Cargotec Oyj, B Shares | 242 | $ | 12,302 | |||||
Caverion OYJ | 241 | 2,303 | ||||||
Citycon Oyj(1)(2) | 1,034 | 7,608 | ||||||
Elisa Oyj | 553 | 31,404 | ||||||
Huhtamaki Oyj | 40 | 1,412 | ||||||
Kemira Oyj | 680 | 13,024 | ||||||
Kesko Oyj, B Shares | 1,985 | 43,106 | ||||||
Kojamo Oyj | 732 | 9,675 | ||||||
Kone Oyj, B Shares | 1,156 | 60,033 | ||||||
Konecranes Oyj | 138 | 4,695 | ||||||
Lassila & Tikanoja Oyj | 133 | 1,537 | ||||||
Marimekko Oyj | 393 | 3,828 | ||||||
Metso Outotec Oyj | 3,950 | 42,023 | ||||||
Nokia Oyj, ADR | 10,160 | 46,736 | ||||||
Nokian Renkaat Oyj | 610 | 5,532 | ||||||
Orion Oyj, Class B | 866 | 40,807 | ||||||
Outokumpu Oyj | 4,635 | 27,750 | ||||||
Puuilo Oyj | 512 | 3,497 | ||||||
QT Group Oyj(1) | 41 | 3,036 | ||||||
Raisio Oyj, V Shares | 271 | 744 | ||||||
Rovio Entertainment Oyj | 470 | 4,056 | ||||||
Sampo Oyj, A Shares | 1,437 | 69,954 | ||||||
Sanoma Oyj | 197 | 1,832 | ||||||
Stora Enso Oyj, R Shares | 3,345 | 47,291 | ||||||
Taaleri Oyj | 125 | 1,458 | ||||||
Talenom Oyj | 112 | 974 | ||||||
TietoEVRY Oyj | 91 | 2,889 | ||||||
Tokmanni Group Corp. | 381 | 5,414 | ||||||
UPM-Kymmene Oyj | 1,351 | 48,956 | ||||||
Uponor Oyj | 461 | 8,579 | ||||||
Valmet Oyj | 301 | 9,933 | ||||||
Wartsila Oyj Abp | 1,068 | 10,315 | ||||||
YIT Oyj | 2,005 | 5,700 | ||||||
581,693 | ||||||||
France — 9.9% | ||||||||
Accor SA(1) | 735 | 24,394 | ||||||
Aeroports de Paris(1) | 341 | 49,408 | ||||||
Airbus SE | 1,129 | 147,866 | ||||||
ALD SA | 2,184 | 28,931 | ||||||
Alstom SA | 775 | 22,745 | ||||||
Alten SA | 203 | 31,681 | ||||||
Amundi SA | 352 | 23,152 | ||||||
Antin Infrastructure Partners SA | 46 | 1,006 | ||||||
APERAM SA | 468 | 18,200 | ||||||
Arkema SA | 520 | 52,717 | ||||||
Atos SE(1)(2) | 922 | 13,039 | ||||||
Aubay | 23 | 1,183 | ||||||
AXA SA | 11,549 | 363,926 | ||||||
Beneteau SA | 405 | 7,220 | ||||||
Bigben Interactive | 45 | 287 | ||||||
BioMerieux | 489 | 47,883 |
62
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
BNP Paribas SA | 4,264 | $ | 298,101 | |||||
Bureau Veritas SA | 2,305 | 65,846 | ||||||
Capgemini SE | 292 | 54,761 | ||||||
Carbios SACA(1) | 30 | 1,228 | ||||||
Carrefour SA | 5,054 | 99,915 | ||||||
Casino Guichard Perrachon SA(1) | 174 | 1,764 | ||||||
Catana Group | 125 | 1,001 | ||||||
Chargeurs SA | 133 | 1,999 | ||||||
Cie de Saint-Gobain | 4,793 | 284,813 | ||||||
Cie des Alpes(1) | 410 | 6,121 | ||||||
Cie Generale des Etablissements Michelin SCA | 7,175 | 225,410 | ||||||
Cie Plastic Omnium SA | 1,065 | 19,184 | ||||||
Coface SA | 1,659 | 24,451 | ||||||
Credit Agricole SA | 5,074 | 61,839 | ||||||
Danone SA | 634 | 35,639 | ||||||
Dassault Systemes SE | 1,103 | 42,565 | ||||||
DBV Technologies SA(1) | 259 | 780 | ||||||
Derichebourg SA | 1,031 | 6,630 | ||||||
Edenred | 431 | 24,259 | ||||||
Elis SA | 447 | 8,017 | ||||||
Equasens | 15 | 1,249 | ||||||
Esker SA | 65 | 10,411 | ||||||
EssilorLuxottica SA | 345 | 59,807 | ||||||
Eurazeo SE | 541 | 36,404 | ||||||
Euroapi SA(1) | 334 | 5,471 | ||||||
Eurofins Scientific SE | 567 | 39,517 | ||||||
Euronext NV | 231 | 16,849 | ||||||
Eutelsat Communications SA(2) | 3,047 | 21,294 | ||||||
Exail Technologies SA(1) | 26 | 563 | ||||||
Faurecia SE(1) | 922 | 20,196 | ||||||
Fnac Darty SA | 15 | 571 | ||||||
Genfit SA(1) | 951 | 4,115 | ||||||
Getlink SE | 1,104 | 18,541 | ||||||
Groupe LDLC | 25 | 558 | ||||||
Guerbet | 31 | 634 | ||||||
Hermes International | 109 | 197,304 | ||||||
ID Logistics Group(1) | 24 | 7,709 | ||||||
Ipsen SA | 378 | 43,190 | ||||||
IPSOS | 183 | 11,226 | ||||||
Jacquet Metals SACA | 82 | 1,678 | ||||||
JCDecaux SE(1) | 576 | 13,155 | ||||||
Kaufman & Broad SA | 111 | 3,402 | ||||||
Kering SA | 403 | 236,287 | ||||||
Legrand SA | 379 | 35,007 | ||||||
L'Oreal SA | 293 | 115,815 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 706 | 586,916 | ||||||
Maisons du Monde SA | 416 | 4,965 | ||||||
Manitou BF SA | 56 | 1,584 | ||||||
Mersen SA | 186 | 8,775 | ||||||
Metropole Television SA | 309 | 4,612 | ||||||
Neoen SA | 662 | 23,813 |
63
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Nexans SA | 373 | $ | 35,962 | |||||
Nexity SA | 140 | 3,715 | ||||||
Orange SA, ADR(2) | 20,248 | 232,447 | ||||||
Pernod Ricard SA | 710 | 148,114 | ||||||
Publicis Groupe SA | 667 | 52,951 | ||||||
Quadient SA | 201 | 3,489 | ||||||
Remy Cointreau SA | 115 | 20,188 | ||||||
Renault SA(1) | 1,833 | 82,039 | ||||||
ReWorld Media SA(1) | 86 | 501 | ||||||
Rexel SA(1) | 2,690 | 66,867 | ||||||
Safran SA | 2,301 | 324,904 | ||||||
Sanofi, ADR | 3,914 | 183,371 | ||||||
Sartorius Stedim Biotech | 70 | 22,799 | ||||||
Schneider Electric SE | 335 | 53,753 | ||||||
SCOR SE | 1,071 | 26,289 | ||||||
SEB SA | 131 | 15,112 | ||||||
SES SA | 5,669 | 38,213 | ||||||
SMCP SA(1) | 697 | 5,441 | ||||||
Societe BIC SA | 175 | 11,320 | ||||||
Societe Generale SA | 6,045 | 174,214 | ||||||
Sodexo SA | 198 | 18,338 | ||||||
SOITEC(1) | 218 | 32,439 | ||||||
Solutions 30 SE(1) | 1,034 | 2,495 | ||||||
Sopra Steria Group SACA | 58 | 11,454 | ||||||
SPIE SA | 660 | 18,095 | ||||||
STMicroelectronics NV, NY Shares | 7,520 | 362,163 | ||||||
Technicolor Creative Studios SA(1)(2) | 1,328 | 269 | ||||||
Teleperformance | 221 | 57,369 | ||||||
Television Francaise 1 | 635 | 5,060 | ||||||
Thales SA | 306 | 42,780 | ||||||
Trigano SA | 96 | 12,863 | ||||||
Ubisoft Entertainment SA(1) | 1,457 | 31,945 | ||||||
Valeo | 3,661 | 76,056 | ||||||
Vantiva SA(1) | 1,328 | 320 | ||||||
Vinci SA | 2,945 | 334,870 | ||||||
Virbac SA | 4 | 1,195 | ||||||
Vivendi SE | 2,830 | 29,123 | ||||||
Wavestone | 45 | 2,336 | ||||||
Worldline SA(1) | 255 | 10,621 | ||||||
6,181,059 | ||||||||
Germany — 7.1% | ||||||||
1&1 AG | 255 | 3,055 | ||||||
7C Solarparken AG | 410 | 1,711 | ||||||
Adesso SE | 24 | 3,843 | ||||||
adidas AG | 417 | 62,278 | ||||||
ADLER Group SA(1) | 427 | 457 | ||||||
AIXTRON SE | 568 | 17,421 | ||||||
Allianz SE | 1,053 | 247,258 | ||||||
Amadeus Fire AG | 41 | 5,326 | ||||||
Aroundtown SA | 3,908 | 10,124 | ||||||
Atoss Software AG | 41 | 7,033 |
64
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Aurubis AG | 294 | $ | 28,756 | |||||
Auto1 Group SE(1) | 314 | 2,386 | ||||||
BASF SE | 3,440 | 176,136 | ||||||
Bayer AG | 1,302 | 77,314 | ||||||
Bayerische Motoren Werke AG | 1,483 | 152,994 | ||||||
Bayerische Motoren Werke AG, Preference Shares | 267 | 25,289 | ||||||
BayWa AG | 45 | 2,027 | ||||||
Bechtle AG | 339 | 14,276 | ||||||
Beiersdorf AG | 330 | 39,384 | ||||||
Bertrandt AG | 19 | 971 | ||||||
Bilfinger SE | 144 | 5,716 | ||||||
Borussia Dortmund GmbH & Co. KGaA(1) | 369 | 1,665 | ||||||
Brenntag SE | 145 | 10,922 | ||||||
CANCOM SE | 92 | 3,221 | ||||||
Carl Zeiss Meditec AG, Bearer Shares | 178 | 23,727 | ||||||
CECONOMY AG(1) | 1,407 | 3,690 | ||||||
Cewe Stiftung & Co. KGAA | 42 | 4,199 | ||||||
Cliq Digital AG | 101 | 3,023 | ||||||
Commerzbank AG(1) | 8,291 | 101,030 | ||||||
CompuGroup Medical SE & Co. KgaA | 117 | 5,558 | ||||||
Continental AG | 652 | 46,808 | ||||||
Covestro AG | 1,966 | 86,426 | ||||||
CTS Eventim AG & Co. KGaA(1) | 414 | 27,169 | ||||||
Daimler Truck Holding AG(1) | 3,259 | 103,226 | ||||||
Datagroup SE | 35 | 2,455 | ||||||
Delivery Hero SE(1) | 323 | 12,980 | ||||||
Dermapharm Holding SE | 181 | 7,360 | ||||||
Deutsche Bank AG | 11,342 | 141,321 | ||||||
Deutsche Beteiligungs AG | 82 | 2,695 | ||||||
Deutsche Boerse AG | 399 | 69,575 | ||||||
Deutsche Pfandbriefbank AG | 1,006 | 9,954 | ||||||
Deutsche Post AG | 3,731 | 157,787 | ||||||
Deutsche Rohstoff AG | 62 | 1,799 | ||||||
Deutsche Telekom AG | 10,880 | 244,180 | ||||||
Deutz AG | 1,146 | 7,040 | ||||||
DIC Asset AG | 144 | 1,313 | ||||||
Dr. Ing. h.c. F. Porsche AG, Preference Shares(1) | 379 | 45,739 | ||||||
Duerr AG | 491 | 18,483 | ||||||
Eckert & Ziegler Strahlen- und Medizintechnik AG | 165 | 9,377 | ||||||
ElringKlinger AG | 238 | 2,206 | ||||||
Encavis AG | 1,146 | 22,368 | ||||||
Energiekontor AG | 84 | 6,027 | ||||||
Evonik Industries AG | 849 | 18,128 | ||||||
Evotec SE(1) | 50 | 897 | ||||||
Fielmann AG | 182 | 6,460 | ||||||
flatexDEGIRO AG(1) | 678 | 5,775 | ||||||
Fraport AG Frankfurt Airport Services Worldwide(1) | 271 | 14,669 | ||||||
Freenet AG | 663 | 16,526 | ||||||
Fresenius Medical Care AG & Co. KGaA, ADR | 4,073 | 80,075 | ||||||
Fresenius SE & Co. KGaA | 156 | 4,293 | ||||||
GEA Group AG | 1,113 | 48,927 |
65
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Gerresheimer AG | 233 | $ | 20,459 | |||||
GFT Technologies SE | 85 | 3,599 | ||||||
Grand City Properties SA | 534 | 5,451 | ||||||
GRENKE AG | 212 | 6,609 | ||||||
Hamburger Hafen und Logistik AG | 300 | 3,969 | ||||||
Hannover Rueck SE | 462 | 89,720 | ||||||
HelloFresh SE(1) | 1,077 | 24,127 | ||||||
Henkel AG & Co. KGaA | 235 | 16,249 | ||||||
Henkel AG & Co. KGaA, Preference Shares | 401 | 29,172 | ||||||
Hensoldt AG | 298 | 9,698 | ||||||
HOCHTIEF AG | 138 | 9,399 | ||||||
Hornbach Holding AG & Co. KGaA | 86 | 7,142 | ||||||
HUGO BOSS AG | 694 | 47,466 | ||||||
Hypoport SE(1) | 13 | 1,962 | ||||||
Infineon Technologies AG | 5,982 | 211,621 | ||||||
Instone Real Estate Group SE | 498 | 4,674 | ||||||
JOST Werke AG | 202 | 11,502 | ||||||
KION Group AG | 337 | 13,199 | ||||||
Kloeckner & Co. SE | 394 | 4,265 | ||||||
Knorr-Bremse AG | 334 | 22,700 | ||||||
Koenig & Bauer AG(1) | 73 | 1,475 | ||||||
Kontron AG | 612 | 12,246 | ||||||
Krones AG | 176 | 21,434 | ||||||
Lanxess AG | 690 | 32,103 | ||||||
LEG Immobilien SE | 281 | 20,349 | ||||||
Leoni AG(1) | 331 | 1,044 | ||||||
Mercedes-Benz Group AG | 2,694 | 206,475 | ||||||
Merck KGaA | 139 | 26,340 | ||||||
METRO AG(1) | 2,055 | 18,530 | ||||||
MTU Aero Engines AG | 466 | 112,457 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 483 | 166,382 | ||||||
Mutares SE & Co. KGaA | 249 | 5,326 | ||||||
Nagarro SE(1) | 53 | 5,425 | ||||||
Nemetschek SE | 285 | 16,139 | ||||||
New Work SE | 23 | 3,922 | ||||||
Norma Group SE | 204 | 5,494 | ||||||
PATRIZIA SE | 167 | 1,941 | ||||||
Pfeiffer Vacuum Technology AG | 26 | 4,289 | ||||||
Porsche Automobil Holding SE, Preference Shares | 633 | 35,928 | ||||||
ProSiebenSat.1 Media SE | 755 | 7,519 | ||||||
Puma SE | 217 | 13,813 | ||||||
PVA TePla AG(1) | 240 | 6,489 | ||||||
QIAGEN NV(1) | 1,336 | 61,389 | ||||||
Rational AG | 15 | 9,949 | ||||||
Rheinmetall AG | 212 | 53,886 | ||||||
SAF-Holland SE | 630 | 7,864 | ||||||
SAP SE, ADR | 580 | 66,016 | ||||||
Sartorius AG, Preference Shares | 82 | 34,831 | ||||||
Schaeffler AG, Preference Shares | 1,644 | 11,981 | ||||||
Scout24 SE | 265 | 14,524 | ||||||
Secunet Security Networks AG | 15 | 3,648 |
66
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
SGL Carbon SE(1) | 932 | $ | 8,725 | |||||
Siemens AG | 789 | 120,237 | ||||||
Siemens Energy AG(1) | 1,309 | 26,230 | ||||||
Siemens Healthineers AG | 547 | 28,548 | ||||||
Siltronic AG | 321 | 23,375 | ||||||
Sixt SE | 132 | 17,845 | ||||||
Sixt SE, Preference Shares | 160 | 12,958 | ||||||
SMA Solar Technology AG(1) | 9 | 702 | ||||||
Stabilus SE | 248 | 16,765 | ||||||
STRATEC SE | 73 | 5,937 | ||||||
Stroeer SE & Co. KGaA | 261 | 14,624 | ||||||
SUESS MicroTec SE | 137 | 3,137 | ||||||
Symrise AG | 245 | 25,031 | ||||||
Synlab AG | 496 | 3,668 | ||||||
TAG Immobilien AG | 551 | 4,382 | ||||||
TeamViewer AG(1) | 1,547 | 24,939 | ||||||
Telefonica Deutschland Holding AG | 11,729 | 35,579 | ||||||
United Internet AG | 610 | 13,330 | ||||||
Vitesco Technologies Group AG, Class A(1) | 243 | 16,870 | ||||||
Volkswagen AG | 104 | 18,477 | ||||||
Volkswagen AG, Preference Shares | 716 | 97,466 | ||||||
Vonovia SE | 2,302 | 57,893 | ||||||
Wacker Chemie AG | 100 | 15,669 | ||||||
Wacker Neuson SE | 192 | 4,069 | ||||||
Zalando SE(1) | 578 | 22,900 | ||||||
4,414,375 | ||||||||
Hong Kong — 2.4% | ||||||||
AIA Group Ltd. | 33,400 | 354,975 | ||||||
ASMPT Ltd. | 3,600 | 30,717 | ||||||
Bank of East Asia Ltd. | 14,400 | 20,341 | ||||||
BOC Hong Kong Holdings Ltd. | 25,000 | 84,609 | ||||||
Budweiser Brewing Co. APAC Ltd. | 1,700 | 5,098 | ||||||
Cafe de Coral Holdings Ltd. | 10,000 | 15,375 | ||||||
CITIC Telecom International Holdings Ltd. | 3,000 | 1,093 | ||||||
CK Asset Holdings Ltd. | 16,000 | 100,352 | ||||||
CK Hutchison Holdings Ltd. | 7,500 | 44,784 | ||||||
C-Mer Eye Care Holdings Ltd.(1) | 6,000 | 3,530 | ||||||
Cowell e Holdings, Inc.(1) | 3,000 | 5,368 | ||||||
EC Healthcare | 3,000 | 2,854 | ||||||
E-Commodities Holdings Ltd.(2) | 24,000 | 4,192 | ||||||
ESR Group Ltd. | 5,000 | 8,505 | ||||||
Fosun Tourism Group(1)(2) | 1,400 | 1,827 | ||||||
Futu Holdings Ltd., ADR(1)(2) | 300 | 14,763 | ||||||
Giordano International Ltd. | 10,000 | 2,435 | ||||||
Hang Lung Group Ltd. | 14,000 | 25,438 | ||||||
Hang Lung Properties Ltd. | 27,000 | 52,074 | ||||||
Hang Seng Bank Ltd. | 2,200 | 35,786 | ||||||
Henderson Land Development Co. Ltd. | 13,000 | 45,632 | ||||||
HKBN Ltd. | 3,500 | 2,234 | ||||||
HKT Trust & HKT Ltd. | 18,000 | 23,402 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 1,900 | 76,100 |
67
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Hongkong Land Holdings Ltd. | 7,500 | $ | 34,309 | |||||
Hysan Development Co. Ltd. | 13,000 | 41,176 | ||||||
Johnson Electric Holdings Ltd. | 7,000 | 8,030 | ||||||
K Wah International Holdings Ltd. | 7,000 | 2,418 | ||||||
Kerry Properties Ltd. | 8,000 | 20,031 | ||||||
Luk Fook Holdings International Ltd. | 5,000 | 15,962 | ||||||
Man Wah Holdings Ltd. | 18,400 | 18,838 | ||||||
MTR Corp. Ltd. | 3,000 | 15,118 | ||||||
New World Development Co. Ltd. | 16,000 | 43,555 | ||||||
NWS Holdings Ltd. | 30,000 | 26,416 | ||||||
Oriental Watch Holdings | 8,000 | 4,283 | ||||||
Pacific Textiles Holdings Ltd. | 13,000 | 4,357 | ||||||
PC Partner Group Ltd. | 2,000 | 1,467 | ||||||
Perfect Medical Health Management Ltd. | 1,000 | 518 | ||||||
Realord Group Holdings Ltd.(1)(2) | 2,000 | 1,605 | ||||||
Shangri-La Asia Ltd.(1) | 6,000 | 5,739 | ||||||
Singamas Container Holdings Ltd. | 24,000 | 2,079 | ||||||
Sino Land Co. Ltd. | 31,276 | 40,107 | ||||||
Sun Hung Kai Properties Ltd. | 6,500 | 88,832 | ||||||
SUNeVision Holdings Ltd. | 4,000 | 2,355 | ||||||
Swire Properties Ltd. | 6,800 | 17,894 | ||||||
Tam Jai International Co. Ltd. | 2,000 | 586 | ||||||
Techtronic Industries Co. Ltd. | 3,000 | 29,878 | ||||||
Texhong International Group Ltd. | 3,500 | 3,002 | ||||||
Theme International Holdings Ltd.(1) | 30,000 | 3,059 | ||||||
Time Interconnect Technology Ltd. | 8,000 | 1,623 | ||||||
United Laboratories International Holdings Ltd. | 26,000 | 15,584 | ||||||
Value Partners Group Ltd. | 12,000 | 4,318 | ||||||
Vitasoy International Holdings Ltd. | 2,000 | 4,098 | ||||||
VTech Holdings Ltd. | 1,900 | 10,438 | ||||||
Wharf Real Estate Investment Co. Ltd. | 8,000 | 43,863 | ||||||
Yue Yuen Industrial Holdings Ltd. | 9,000 | 13,315 | ||||||
Zensun Enterprises Ltd.(1) | 3,000 | 466 | ||||||
1,486,803 | ||||||||
Ireland — 0.6% | ||||||||
AIB Group PLC | 15,869 | 67,781 | ||||||
Bank of Ireland Group PLC | 12,119 | 133,516 | ||||||
Dalata Hotel Group PLC(1) | 2,290 | 10,400 | ||||||
Glenveagh Properties PLC(1) | 10,694 | 11,259 | ||||||
Kerry Group PLC, A Shares | 402 | 38,489 | ||||||
Kingspan Group PLC | 332 | 21,550 | ||||||
Origin Enterprises PLC | 2,715 | 12,150 | ||||||
Smurfit Kappa Group PLC | 2,074 | 77,374 | ||||||
Uniphar PLC | 2,522 | 8,752 | ||||||
381,271 | ||||||||
Israel — 0.8% | ||||||||
AFI Properties Ltd.(1) | 19 | 505 | ||||||
Africa Israel Residences Ltd. | 44 | 1,624 | ||||||
Airport City Ltd.(1) | 620 | 8,195 | ||||||
Alony Hetz Properties & Investments Ltd. | 883 | 7,685 | ||||||
Altshuler Shaham Penn Ltd. | 1,121 | 2,119 |
68
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Amos Luzon Development & Energy Group Ltd.(1) | 1,883 | $ | 740 | |||||
Amot Investments Ltd. | 1,160 | 5,750 | ||||||
Argo Properties NV(1) | 26 | 405 | ||||||
AudioCodes Ltd. | 59 | 953 | ||||||
Azorim-Investment Development & Construction Co. Ltd. | 639 | 1,689 | ||||||
Azrieli Group Ltd. | 91 | 5,107 | ||||||
Bank Hapoalim BM | 7,103 | 59,411 | ||||||
Bank Leumi Le-Israel BM | 6,067 | 47,168 | ||||||
Big Shopping Centers Ltd.(1) | 40 | 3,469 | ||||||
Blue Square Real Estate Ltd. | 65 | 3,262 | ||||||
Camtek Ltd.(1) | 4 | 108 | ||||||
Ceragon Networks Ltd.(1)(2) | 796 | 1,473 | ||||||
Check Point Software Technologies Ltd.(1) | 304 | 37,611 | ||||||
Cognyte Software Ltd.(1) | 151 | 559 | ||||||
CyberArk Software Ltd.(1) | 45 | 6,515 | ||||||
Danel Adir Yeoshua Ltd. | 80 | 6,027 | ||||||
Delek Automotive Systems Ltd. | 744 | 7,515 | ||||||
Delta Galil Ltd. | 81 | 3,289 | ||||||
Electra Consumer Products 1970 Ltd. | 53 | 1,392 | ||||||
Electra Real Estate Ltd. | 68 | 567 | ||||||
Formula Systems 1985 Ltd. | 34 | 2,324 | ||||||
Fox Wizel Ltd. | 74 | 5,877 | ||||||
G City Ltd. | 577 | 2,007 | ||||||
Gilat Satellite Networks Ltd.(1) | 215 | 1,270 | ||||||
Hilan Ltd. | 94 | 3,799 | ||||||
ICL Group Ltd. | 3,852 | 27,955 | ||||||
Innoviz Technologies Ltd.(1) | 100 | 475 | ||||||
Isracard Ltd. | 2,026 | 7,180 | ||||||
Israel Land Development Co. Ltd. | 374 | 3,476 | ||||||
Isras Investment Co. Ltd. | 19 | 2,956 | ||||||
Ituran Location & Control Ltd. | 133 | 2,971 | ||||||
M Yochananof & Sons Ltd. | 41 | 1,949 | ||||||
Magic Software Enterprises Ltd. | 274 | 3,718 | ||||||
Matrix IT Ltd. | 176 | 3,223 | ||||||
Mega Or Holdings Ltd. | 141 | 3,026 | ||||||
Melisron Ltd. | 129 | 7,719 | ||||||
Mivne Real Estate KD Ltd. | 3,146 | 8,132 | ||||||
Mizrahi Tefahot Bank Ltd. | 980 | 29,142 | ||||||
Nano Dimension Ltd., ADR(1)(2) | 200 | 588 | ||||||
Neto Malinda Trading Ltd.(1) | 45 | 942 | ||||||
Nice Ltd., ADR(1) | 80 | 16,593 | ||||||
Norstar Holdings, Inc.(1) | 113 | 312 | ||||||
Nova Ltd.(1) | 191 | 17,421 | ||||||
One Software Technologies Ltd. | 430 | 4,805 | ||||||
OY Nofar Energy Ltd.(1) | 34 | 818 | ||||||
Perion Network Ltd.(1) | 437 | 15,132 | ||||||
Prashkovsky Investments & Construction Ltd. | 53 | 1,085 | ||||||
Property & Building Corp. Ltd.(1) | 22 | 1,084 | ||||||
Radware Ltd.(1) | 137 | 2,854 | ||||||
Retailors Ltd. | 147 | 2,353 | ||||||
Sapiens International Corp. NV | 357 | 7,417 |
69
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Scope Metals Group Ltd.(1) | 125 | $ | 4,127 | |||||
Shufersal Ltd. | 3,978 | 20,539 | ||||||
Strauss Group Ltd. | 255 | 5,803 | ||||||
Summit Real Estate Holdings Ltd. | 288 | 3,115 | ||||||
Tamar Petroleum Ltd. | 394 | 884 | ||||||
Tel Aviv Stock Exchange Ltd. | 950 | 4,646 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(1) | 3,895 | 38,600 | ||||||
Wix.com Ltd.(1) | 98 | 8,872 | ||||||
YH Dimri Construction & Development Ltd. | 111 | 5,678 | ||||||
ZIM Integrated Shipping Services Ltd. | 461 | 10,907 | ||||||
504,912 | ||||||||
Italy — 2.4% | ||||||||
ACEA SpA | 945 | 14,063 | ||||||
Amplifon SpA | 395 | 11,421 | ||||||
Anima Holding SpA | 193 | 834 | ||||||
Arnoldo Mondadori Editore SpA | 1,503 | 2,909 | ||||||
Assicurazioni Generali SpA | 2,670 | 52,811 | ||||||
Autogrill SpA(1) | 1,211 | 8,598 | ||||||
Azimut Holding SpA | 1,403 | 33,288 | ||||||
Banca Generali SpA | 530 | 18,316 | ||||||
Banca IFIS SpA | 329 | 5,401 | ||||||
Banca Mediolanum SpA | 2,056 | 19,920 | ||||||
Banco BPM SpA | 11,933 | 52,018 | ||||||
BFF Bank SpA | 2,601 | 25,819 | ||||||
Brembo SpA | 394 | 6,212 | ||||||
Brunello Cucinelli SpA | 442 | 37,235 | ||||||
Cairo Communication SpA | 948 | 1,740 | ||||||
CNH Industrial NV | 5,746 | 94,191 | ||||||
Davide Campari-Milano NV | 594 | 6,650 | ||||||
De' Longhi SpA | 322 | 8,025 | ||||||
DiaSorin SpA | 19 | 2,290 | ||||||
Digital Bros SpA(2) | 108 | 2,530 | ||||||
doValue SpA | 449 | 3,279 | ||||||
Enav SpA | 989 | 4,377 | ||||||
Esprinet SpA | 172 | 1,313 | ||||||
Ferrari NV | 375 | 97,292 | ||||||
Fila SpA | 123 | 975 | ||||||
Fincantieri SpA(1) | 6,178 | 3,919 | ||||||
FinecoBank Banca Fineco SpA | 3,128 | 54,053 | ||||||
Geox SpA(1) | 805 | 984 | ||||||
Infrastrutture Wireless Italiane SpA | 251 | 2,763 | ||||||
Innovatec SpA(1) | 396 | 675 | ||||||
Interpump Group SpA | 134 | 7,356 | ||||||
Intesa Sanpaolo SpA | 58,741 | 158,676 | ||||||
Iveco Group NV(1) | 3,887 | 36,694 | ||||||
Leonardo SpA | 2,548 | 28,587 | ||||||
Maire Tecnimont SpA(2) | 2,203 | 8,881 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 2,139 | 22,826 | ||||||
MFE-MediaForEurope NV, Class A(2) | 6,973 | 3,064 | ||||||
MFE-MediaForEurope NV, Class B | 2,534 | 1,833 | ||||||
Moncler SpA | 351 | 21,396 |
70
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Nexi SpA(1) | 229 | $ | 1,848 | |||||
Orsero SpA | 131 | 2,073 | ||||||
OVS SpA | 4,868 | 13,238 | ||||||
Piaggio & C SpA | 1,574 | 6,657 | ||||||
Poste Italiane SpA | 3,924 | 42,312 | ||||||
Prysmian SpA | 1,032 | 39,675 | ||||||
RAI Way SpA | 1,482 | 8,454 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 214 | 9,075 | ||||||
Reply SpA | 44 | 5,280 | ||||||
Safilo Group SpA(1) | 1,102 | 1,630 | ||||||
Salcef Group SpA | 159 | 2,890 | ||||||
Salvatore Ferragamo SpA | 775 | 14,734 | ||||||
Sanlorenzo SpA/Ameglia | 85 | 3,883 | ||||||
Sesa SpA | 84 | 10,834 | ||||||
SOL SpA | 370 | 9,488 | ||||||
Stellantis NV | 8,650 | 151,325 | ||||||
Technogym SpA | 706 | 6,272 | ||||||
Technoprobe SpA(1) | 278 | 1,776 | ||||||
Terna - Rete Elettrica Nazionale | 11,946 | 89,803 | ||||||
Tinexta Spa | 64 | 1,626 | ||||||
Tod's SpA(1) | 133 | 5,045 | ||||||
UniCredit SpA | 9,602 | 196,443 | ||||||
Unieuro SpA(2) | 131 | 1,554 | ||||||
Unipol Gruppo SpA | 2,113 | 11,178 | ||||||
Wiit SpA | 61 | 1,331 | ||||||
1,501,638 | ||||||||
Japan — 20.2% | ||||||||
A&D HOLON Holdings Co. Ltd. | 200 | 2,056 | ||||||
Adastria Co. Ltd. | 100 | 1,591 | ||||||
ADEKA Corp. | 600 | 9,736 | ||||||
Advantest Corp. | 700 | 55,488 | ||||||
Adventure, Inc. | 100 | 7,138 | ||||||
Adways, Inc. | 500 | 2,402 | ||||||
Aeon Co. Ltd.(2) | 2,400 | 44,765 | ||||||
Aeon Delight Co. Ltd.(2) | 200 | 4,363 | ||||||
Aeon Fantasy Co. Ltd. | 100 | 2,025 | ||||||
Aeon Mall Co. Ltd. | 1,400 | 18,280 | ||||||
Aichi Financial Group, Inc. | 333 | 6,149 | ||||||
Aiful Corp. | 1,800 | 4,918 | ||||||
Ain Holdings, Inc. | 200 | 8,314 | ||||||
Air Water, Inc. | 2,600 | 31,259 | ||||||
Airtrip Corp. | 100 | 1,801 | ||||||
Aisan Industry Co. Ltd. | 1,300 | 8,855 | ||||||
Aisin Corp. | 600 | 16,442 | ||||||
Ajinomoto Co., Inc. | 1,600 | 47,211 | ||||||
Akatsuki, Inc. | 100 | 1,593 | ||||||
Akebono Brake Industry Co. Ltd.(1) | 1,300 | 1,385 | ||||||
Alfresa Holdings Corp. | 1,300 | 15,700 | ||||||
Allied Architects, Inc.(1) | 200 | 1,213 | ||||||
Alpen Co. Ltd. | 100 | 1,446 | ||||||
Alps Alpine Co. Ltd.(2) | 1,500 | 14,248 |
71
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Altech Corp. | 100 | $ | 1,851 | |||||
Amada Co. Ltd. | 1,500 | 13,650 | ||||||
Amano Corp. | 500 | 9,247 | ||||||
AOKI Holdings, Inc. | 600 | 3,616 | ||||||
Aoyama Trading Co. Ltd. | 400 | 2,841 | ||||||
Aoyama Zaisan Networks Co. Ltd. | 100 | 819 | ||||||
Aozora Bank Ltd. | 1,300 | 25,176 | ||||||
Arata Corp. | 200 | 5,931 | ||||||
Arclands Corp. | 400 | 4,236 | ||||||
Arcs Co. Ltd. | 500 | 7,959 | ||||||
Argo Graphics, Inc. | 300 | 8,269 | ||||||
Arisawa Manufacturing Co. Ltd. | 300 | 3,083 | ||||||
Aruhi Corp. | 300 | 2,454 | ||||||
Asahi Co. Ltd.(2) | 200 | 1,986 | ||||||
Asahi Diamond Industrial Co. Ltd.(2) | 900 | 5,512 | ||||||
Asahi Group Holdings Ltd. | 300 | 10,609 | ||||||
Asahi Intecc Co. Ltd. | 400 | 6,810 | ||||||
Asahi Kasei Corp. | 9,100 | 63,382 | ||||||
ASAHI YUKIZAI Corp.(2) | 200 | 4,132 | ||||||
Asanuma Corp. | 200 | 4,929 | ||||||
Asics Corp. | 1,300 | 32,916 | ||||||
ASKA Pharmaceutical Holdings Co. Ltd. | 100 | 835 | ||||||
ASKUL Corp. | 400 | 5,057 | ||||||
Astellas Pharma, Inc. | 5,500 | 77,234 | ||||||
Atrae, Inc.(1) | 100 | 702 | ||||||
Aucnet, Inc. | 100 | 1,284 | ||||||
Autobacs Seven Co. Ltd. | 1,300 | 13,885 | ||||||
Avant Group Corp. | 400 | 4,124 | ||||||
Avex, Inc. | 200 | 2,367 | ||||||
Axell Corp. | 100 | 1,254 | ||||||
Axial Retailing, Inc. | 200 | 5,093 | ||||||
Azbil Corp. | 100 | 2,601 | ||||||
Bandai Namco Holdings, Inc. | 900 | 55,612 | ||||||
Bando Chemical Industries Ltd. | 500 | 3,849 | ||||||
Bank of Iwate Ltd. | 100 | 1,827 | ||||||
Bank of Kyoto Ltd. | 300 | 14,322 | ||||||
Bank of Nagoya Ltd. | 100 | 2,625 | ||||||
Bank of the Ryukyus Ltd. | 600 | 4,980 | ||||||
Base Co. Ltd. | 100 | 3,390 | ||||||
BayCurrent Consulting, Inc. | 1,200 | 47,109 | ||||||
Belc Co. Ltd. | 100 | 3,942 | ||||||
Belluna Co. Ltd. | 600 | 3,058 | ||||||
Benefit One, Inc. | 300 | 4,599 | ||||||
Bic Camera, Inc. | 1,300 | 11,134 | ||||||
BIPROGY, Inc. | 900 | 19,943 | ||||||
BML, Inc. | 400 | 9,297 | ||||||
Bridgestone Corp. | 2,500 | 95,645 | ||||||
Brother Industries Ltd. | 1,700 | 25,005 | ||||||
Canon Electronics, Inc. | 100 | 1,297 | ||||||
Canon Marketing Japan, Inc. | 300 | 6,630 | ||||||
Canon, Inc., ADR(2) | 1,020 | 21,899 |
72
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Capcom Co. Ltd. | 1,300 | $ | 40,912 | |||||
Carenet, Inc. | 200 | 1,683 | ||||||
Casio Computer Co. Ltd. | 300 | 2,940 | ||||||
Cawachi Ltd. | 100 | 1,714 | ||||||
Celsys, Inc. | 300 | 1,451 | ||||||
Central Japan Railway Co. | 300 | 33,683 | ||||||
Charm Care Corp. KK | 400 | 3,248 | ||||||
Chiba Bank Ltd. | 3,100 | 22,698 | ||||||
Chiba Kogyo Bank Ltd. | 300 | 1,208 | ||||||
Chori Co. Ltd. | 100 | 1,923 | ||||||
Chubu Steel Plate Co. Ltd.(1) | 600 | 9,435 | ||||||
Chugai Pharmaceutical Co. Ltd. | 2,200 | 54,730 | ||||||
Citizen Watch Co. Ltd. | 4,000 | 24,212 | ||||||
CKD Corp. | 500 | 7,724 | ||||||
CMIC Holdings Co. Ltd. | 100 | 1,321 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 1,300 | 13,685 | ||||||
COLOPL, Inc. | 200 | 874 | ||||||
Computer Engineering & Consulting Ltd. | 200 | 2,159 | ||||||
Comture Corp. | 100 | 1,636 | ||||||
Concordia Financial Group Ltd. | 3,700 | 15,896 | ||||||
CONEXIO Corp. | 100 | 1,399 | ||||||
Cosmos Pharmaceutical Corp. | 100 | 9,166 | ||||||
Create SD Holdings Co. Ltd. | 200 | 4,957 | ||||||
Credit Saison Co. Ltd. | 2,100 | 28,622 | ||||||
Creek & River Co. Ltd. | 100 | 1,618 | ||||||
Cross Cat Co. Ltd. | 100 | 938 | ||||||
CTI Engineering Co. Ltd. | 200 | 5,112 | ||||||
Curves Holdings Co. Ltd. | 100 | 564 | ||||||
CyberAgent, Inc. | 1,700 | 14,535 | ||||||
Cybernet Systems Co. Ltd. | 100 | 700 | ||||||
Cybozu, Inc. | 100 | 1,960 | ||||||
Dai Nippon Printing Co. Ltd. | 1,300 | 34,853 | ||||||
Dai-Dan Co. Ltd. | 100 | 1,749 | ||||||
Daifuku Co. Ltd. | 300 | 16,360 | ||||||
Daihen Corp. | 100 | 3,140 | ||||||
Daiichi Jitsugyo Co. Ltd. | 100 | 3,892 | ||||||
Daiichi Kigenso Kagaku-Kogyo Co. Ltd. | 100 | 748 | ||||||
Dai-ichi Life Holdings, Inc. | 5,700 | 121,606 | ||||||
Daiichi Sankyo Co. Ltd. | 1,700 | 53,544 | ||||||
Daikin Industries Ltd. | 400 | 68,398 | ||||||
Daiseki Co. Ltd. | 300 | 9,013 | ||||||
Daishinku Corp.(2) | 1,300 | 7,057 | ||||||
Daito Pharmaceutical Co. Ltd. | 100 | 1,807 | ||||||
Daito Trust Construction Co. Ltd. | 600 | 56,519 | ||||||
Daitron Co. Ltd. | 100 | 1,883 | ||||||
Daiwa House Industry Co. Ltd. | 1,600 | 36,930 | ||||||
Daiwa Securities Group, Inc. | 9,000 | 43,020 | ||||||
Daiwabo Holdings Co. Ltd. | 1,300 | 20,089 | ||||||
DCM Holdings Co. Ltd. | 1,300 | 10,953 | ||||||
DeNA Co. Ltd. | 100 | 1,284 | ||||||
Denso Corp. | 500 | 26,584 |
73
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Dentsu Group, Inc. | 1,300 | $ | 41,689 | |||||
Dexerials Corp. | 1,300 | 25,471 | ||||||
Digital Arts, Inc. | 100 | 3,922 | ||||||
Digital Garage, Inc. | 400 | 13,207 | ||||||
Digital Hearts Holdings Co. Ltd. | 100 | 1,156 | ||||||
Digital Holdings, Inc. | 100 | 866 | ||||||
Digital Information Technologies Corp. | 100 | 1,210 | ||||||
Direct Marketing MiX, Inc. | 200 | 2,161 | ||||||
Disco Corp. | 200 | 62,712 | ||||||
DMG Mori Co. Ltd. | 1,500 | 24,129 | ||||||
Doshisha Co. Ltd. | 100 | 1,344 | ||||||
Double Standard, Inc. | 100 | 1,498 | ||||||
Drecom Co. Ltd. | 400 | 2,202 | ||||||
DTS Corp. | 300 | 6,972 | ||||||
Duskin Co. Ltd. | 300 | 6,830 | ||||||
Eagle Industry Co. Ltd. | 100 | 882 | ||||||
East Japan Railway Co. | 500 | 25,252 | ||||||
Ebara Corp. | 1,300 | 55,246 | ||||||
EDION Corp. | 1,300 | 12,582 | ||||||
E-Guardian, Inc. | 100 | 1,735 | ||||||
Eiken Chemical Co. Ltd. | 600 | 6,877 | ||||||
Eisai Co. Ltd. | 1,100 | 59,414 | ||||||
Eizo Corp. | 200 | 5,600 | ||||||
Elan Corp. | 200 | 1,583 | ||||||
Elematec Corp. | 200 | 2,674 | ||||||
en Japan, Inc.(2) | 300 | 5,224 | ||||||
Enplas Corp. | 100 | 2,982 | ||||||
Envipro Holdings, Inc. | 100 | 537 | ||||||
Exedy Corp. | 300 | 3,980 | ||||||
F&M Co. Ltd. | 100 | 1,621 | ||||||
FANUC Corp. | 200 | 33,994 | ||||||
Fast Retailing Co. Ltd. | 300 | 59,225 | ||||||
FCC Co. Ltd. | 1,300 | 14,251 | ||||||
Ferrotec Holdings Corp. | 700 | 16,626 | ||||||
Fibergate, Inc. | 100 | 669 | ||||||
FIDEA Holdings Co. Ltd. | 100 | 1,118 | ||||||
First Bank of Toyama Ltd. | 300 | 1,414 | ||||||
Fixstars Corp. | 100 | 1,021 | ||||||
FP Corp. | 600 | 15,208 | ||||||
Fuji Electric Co. Ltd. | 1,300 | 50,193 | ||||||
Fuji Oil Co. Ltd.(2) | 400 | 781 | ||||||
Fuji Seal International, Inc. | 500 | 6,070 | ||||||
Fuji Soft, Inc. | 200 | 11,795 | ||||||
Fujibo Holdings, Inc. | 100 | 2,290 | ||||||
FUJIFILM Holdings Corp. | 500 | 23,326 | ||||||
Fujikura Ltd. | 3,500 | 24,815 | ||||||
Fujitsu Ltd. | 900 | 115,585 | ||||||
Fukui Computer Holdings, Inc. | 200 | 4,105 | ||||||
Fukuoka Financial Group, Inc. | 1,600 | 35,717 | ||||||
Fukuyama Transporting Co. Ltd. | 200 | 5,021 | ||||||
FULLCAST Holdings Co. Ltd. | 300 | 5,558 |
74
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Funai Soken Holdings, Inc. | 200 | $ | 4,151 | |||||
Furukawa Battery Co. Ltd. | 100 | 832 | ||||||
Furukawa Co. Ltd. | 400 | 4,075 | ||||||
Furukawa Electric Co. Ltd. | 1,300 | 22,724 | ||||||
Furuno Electric Co. Ltd. | 100 | 713 | ||||||
Futaba Corp. | 100 | 413 | ||||||
Future Corp. | 400 | 5,159 | ||||||
Fuyo General Lease Co. Ltd. | 300 | 20,666 | ||||||
G-7 Holdings, Inc. | 300 | 3,164 | ||||||
GA Technologies Co. Ltd.(1) | 200 | 1,607 | ||||||
Gakken Holdings Co. Ltd. | 600 | 3,894 | ||||||
Gakujo Co. Ltd. | 100 | 1,054 | ||||||
Genky DrugStores Co. Ltd. | 100 | 2,978 | ||||||
Geo Holdings Corp. | 100 | 1,188 | ||||||
Gift Holdings, Inc. | 100 | 3,017 | ||||||
GLOBERIDE, Inc. | 100 | 1,884 | ||||||
Glory Ltd. | 1,300 | 26,446 | ||||||
GMO internet group, Inc. | 200 | 3,711 | ||||||
GMO Payment Gateway, Inc. | 100 | 8,214 | ||||||
Goldcrest Co. Ltd. | 100 | 1,234 | ||||||
Goldwin, Inc. | 100 | 8,691 | ||||||
Golf Digest Online, Inc. | 100 | 689 | ||||||
GS Yuasa Corp. | 300 | 5,407 | ||||||
G-Tekt Corp. | 100 | 1,045 | ||||||
GungHo Online Entertainment, Inc. | 1,300 | 23,414 | ||||||
Gunze Ltd. | 200 | 6,552 | ||||||
H.U. Group Holdings, Inc. | 1,300 | 25,583 | ||||||
H2O Retailing Corp. | 1,300 | 13,251 | ||||||
Hachijuni Bank Ltd. | 3,600 | 16,291 | ||||||
Hakuhodo DY Holdings, Inc.(2) | 1,700 | 18,952 | ||||||
Hakuto Co. Ltd. | 100 | 3,746 | ||||||
Hamakyorex Co. Ltd. | 300 | 6,949 | ||||||
Hamamatsu Photonics KK | 700 | 34,349 | ||||||
Hankyu Hanshin Holdings, Inc. | 1,400 | 39,840 | ||||||
Hanwa Co. Ltd. | 700 | 20,366 | ||||||
Happinet Corp. | 300 | 4,043 | ||||||
Hard Off Corp. Co. Ltd. | 100 | 976 | ||||||
Haseko Corp. | 3,300 | 37,868 | ||||||
Heiwa Real Estate Co. Ltd. | 500 | 13,751 | ||||||
Heiwado Co. Ltd. | 300 | 4,696 | ||||||
Hikari Tsushin, Inc. | 100 | 14,515 | ||||||
Hirose Electric Co. Ltd. | 100 | 12,226 | ||||||
Hitachi Construction Machinery Co. Ltd. | 1,300 | 29,074 | ||||||
Hogy Medical Co. Ltd. | 100 | 2,363 | ||||||
Hokko Chemical Industry Co. Ltd. | 100 | 615 | ||||||
Honda Motor Co. Ltd., ADR | 6,471 | 168,052 | ||||||
Honeys Holdings Co. Ltd. | 100 | 1,090 | ||||||
Hoosiers Holdings Co. Ltd. | 200 | 1,241 | ||||||
Hosiden Corp. | 1,000 | 12,241 | ||||||
Hosokawa Micron Corp. | 100 | 2,024 | ||||||
Hotland Co. Ltd. | 100 | 1,046 |
75
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Hoya Corp. | 700 | $ | 69,302 | |||||
HS Holdings Co. Ltd. | 1,300 | 11,316 | ||||||
Hulic Co. Ltd. | 2,600 | 20,693 | ||||||
Hyakujushi Bank Ltd. | 300 | 4,419 | ||||||
Ibiden Co. Ltd. | 1,200 | 41,162 | ||||||
Ichiyoshi Securities Co. Ltd. | 200 | 944 | ||||||
Idec Corp. | 500 | 11,982 | ||||||
IDOM, Inc. | 1,300 | 8,085 | ||||||
Iida Group Holdings Co. Ltd. | 1,300 | 21,603 | ||||||
I'll, Inc. | 100 | 1,642 | ||||||
IMAGICA GROUP, Inc. | 400 | 1,894 | ||||||
i-mobile Co. Ltd. | 100 | 918 | ||||||
Impact HD, Inc.(1) | 100 | 3,294 | ||||||
Inaba Denki Sangyo Co. Ltd. | 1,200 | 24,812 | ||||||
Inabata & Co. Ltd. | 300 | 5,913 | ||||||
Ines Corp. | 200 | 2,066 | ||||||
Infocom Corp. | 300 | 5,289 | ||||||
Information Services International-Dentsu Ltd. | 200 | 6,914 | ||||||
INFRONEER Holdings, Inc. | 1,600 | 12,131 | ||||||
Insource Co. Ltd. | 400 | 3,633 | ||||||
Intage Holdings, Inc. | 500 | 5,369 | ||||||
Internet Initiative Japan, Inc. | 2,000 | 40,062 | ||||||
Inui Global Logistics Co. Ltd. | 200 | 3,141 | ||||||
IPS, Inc. | 100 | 1,832 | ||||||
I'rom Group Co. Ltd. | 100 | 1,430 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 1,800 | 18,387 | ||||||
Ishihara Sangyo Kaisha Ltd. | 1,300 | 10,219 | ||||||
Isuzu Motors Ltd. | 4,300 | 51,421 | ||||||
ITmedia, Inc. | 100 | 1,039 | ||||||
Ito En Ltd. | 200 | 6,735 | ||||||
Itochu Techno-Solutions Corp. | 600 | 13,352 | ||||||
Itoki Corp. | 200 | 1,157 | ||||||
IwaiCosmo Holdings, Inc. | 100 | 1,022 | ||||||
Iwaki Co. Ltd. | 100 | 966 | ||||||
Izumi Co. Ltd. | 100 | 2,186 | ||||||
J Front Retailing Co. Ltd. | 3,700 | 34,344 | ||||||
JAC Recruitment Co. Ltd. | 200 | 3,550 | ||||||
Jamco Corp.(1) | 100 | 1,286 | ||||||
Japan Aviation Electronics Industry Ltd. | 1,300 | 21,581 | ||||||
Japan Exchange Group, Inc. | 2,000 | 29,829 | ||||||
Japan Lifeline Co. Ltd. | 1,000 | 6,788 | ||||||
Japan Material Co. Ltd. | 200 | 3,537 | ||||||
Japan Post Bank Co. Ltd.(2) | 1,400 | 12,094 | ||||||
Japan Post Holdings Co. Ltd. | 10,400 | 92,448 | ||||||
Japan Post Insurance Co. Ltd. | 2,000 | 34,725 | ||||||
Japan Wool Textile Co. Ltd. | 600 | 4,344 | ||||||
JBCC Holdings, Inc. | 100 | 1,493 | ||||||
JINS Holdings, Inc. | 200 | 5,235 | ||||||
JINUSHI Co. Ltd. | 100 | 1,390 | ||||||
J-Lease Co. Ltd. | 100 | 1,675 | ||||||
JM Holdings Co. Ltd. | 100 | 1,349 |
76
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
J-Oil Mills, Inc. | 100 | $ | 1,160 | |||||
Joshin Denki Co. Ltd. | 100 | 1,495 | ||||||
Joyful Honda Co. Ltd. | 300 | 3,825 | ||||||
JSB Co. Ltd. | 100 | 2,930 | ||||||
JSR Corp. | 100 | 2,272 | ||||||
JTEKT Corp. | 2,400 | 17,930 | ||||||
Juki Corp. | 100 | 471 | ||||||
Justsystems Corp. | 200 | 4,882 | ||||||
JVCKenwood Corp.(2) | 5,700 | 16,817 | ||||||
Kaga Electronics Co. Ltd. | 200 | 7,174 | ||||||
Kakaku.com, Inc. | 600 | 8,937 | ||||||
Kamigumi Co. Ltd. | 900 | 17,798 | ||||||
Kanamoto Co. Ltd. | 600 | 9,988 | ||||||
Kanematsu Corp. | 1,300 | 15,577 | ||||||
Kanematsu Electronics Ltd. | 100 | 4,544 | ||||||
Kao Corp. | 1,300 | 48,428 | ||||||
Kato Sangyo Co. Ltd. | 200 | 5,284 | ||||||
KDDI Corp. | 5,900 | 172,621 | ||||||
Keihanshin Building Co. Ltd. | 300 | 2,652 | ||||||
Kenko Mayonnaise Co. Ltd. | 100 | 972 | ||||||
Keyence Corp. | 100 | 43,223 | ||||||
KH Neochem Co. Ltd. | 1,300 | 24,418 | ||||||
Kibun Foods, Inc. | 100 | 707 | ||||||
Kintetsu Group Holdings Co. Ltd. | 400 | 12,118 | ||||||
Kirin Holdings Co. Ltd. | 1,300 | 19,459 | ||||||
Koa Corp. | 200 | 2,719 | ||||||
Kohnan Shoji Co. Ltd.(2) | 200 | 4,653 | ||||||
Koito Manufacturing Co. Ltd. | 200 | 3,361 | ||||||
Kojima Co. Ltd. | 200 | 820 | ||||||
Kokuyo Co. Ltd. | 1,300 | 17,888 | ||||||
Komatsu Ltd. | 2,700 | 64,599 | ||||||
KOMEDA Holdings Co. Ltd. | 200 | 3,455 | ||||||
Komeri Co. Ltd. | 400 | 7,784 | ||||||
Komori Corp. | 600 | 4,302 | ||||||
Konica Minolta, Inc. | 5,400 | 23,531 | ||||||
Konoike Transport Co. Ltd. | 600 | 6,593 | ||||||
Kosaido Holdings Co. Ltd. | 200 | 3,598 | ||||||
KPP Group Holdings Co. Ltd.(2) | 1,300 | 7,174 | ||||||
K's Holdings Corp. | 1,700 | 14,647 | ||||||
Kubota Corp. | 1,600 | 24,150 | ||||||
Kurabo Industries Ltd. | 100 | 1,911 | ||||||
Kuraray Co. Ltd. | 4,200 | 37,672 | ||||||
Kurita Water Industries Ltd. | 1,000 | 45,180 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 100 | 5,132 | ||||||
Kyocera Corp. | 600 | 29,530 | ||||||
Kyowa Kirin Co. Ltd. | 500 | 10,700 | ||||||
Kyushu Financial Group, Inc. | 3,600 | 13,721 | ||||||
Kyushu Railway Co. | 400 | 8,752 | ||||||
Lasertec Corp. | 100 | 16,260 | ||||||
Lawson, Inc. | 600 | 23,597 | ||||||
Leopalace21 Corp.(1) | 600 | 1,414 |
77
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Link & Motivation, Inc. | 100 | $ | 422 | |||||
Lintec Corp. | 300 | 4,917 | ||||||
Lion Corp. | 600 | 6,473 | ||||||
LITALICO, Inc. | 100 | 1,887 | ||||||
Lixil Corp. | 1,800 | 28,696 | ||||||
M3, Inc. | 1,000 | 23,847 | ||||||
Mabuchi Motor Co. Ltd. | 100 | 2,769 | ||||||
Macnica Holdings, Inc. | 800 | 22,132 | ||||||
Macromill, Inc. | 200 | 1,492 | ||||||
Makita Corp. | 200 | 4,891 | ||||||
Management Solutions Co. Ltd. | 100 | 2,448 | ||||||
Mani, Inc. | 100 | 1,358 | ||||||
MarkLines Co. Ltd. | 100 | 1,920 | ||||||
Marubeni Corp. | 6,100 | 77,873 | ||||||
Marudai Food Co. Ltd.(2) | 200 | 2,231 | ||||||
Marui Group Co. Ltd. | 2,000 | 30,460 | ||||||
MARUKA FURUSATO Corp. | 300 | 6,335 | ||||||
Maruwa Co. Ltd. | 100 | 12,858 | ||||||
Maruzen Showa Unyu Co. Ltd. | 100 | 2,291 | ||||||
Matsuda Sangyo Co. Ltd. | 100 | 1,686 | ||||||
MatsukiyoCocokara & Co. | 200 | 9,294 | ||||||
Maxell Ltd. | 1,300 | 13,867 | ||||||
Mazda Motor Corp. | 7,000 | 62,629 | ||||||
McDonald's Holdings Co. Japan Ltd. | 300 | 11,876 | ||||||
MCJ Co. Ltd. | 1,500 | 10,576 | ||||||
Mebuki Financial Group, Inc. | 10,000 | 26,882 | ||||||
Medical Data Vision Co. Ltd. | 300 | 1,992 | ||||||
Medipal Holdings Corp. | 1,500 | 19,659 | ||||||
Meidensha Corp. | 400 | 5,763 | ||||||
MEIJI Holdings Co. Ltd. | 1,100 | 50,375 | ||||||
Meiko Electronics Co. Ltd. | 300 | 6,091 | ||||||
Meitec Corp. | 600 | 10,747 | ||||||
Meiwa Corp. | 300 | 1,559 | ||||||
Menicon Co. Ltd. | 500 | 10,713 | ||||||
Micronics Japan Co. Ltd. | 1,300 | 12,522 | ||||||
MINEBEA MITSUMI, Inc. | 2,800 | 48,527 | ||||||
Ministop Co. Ltd. | 100 | 1,021 | ||||||
Mirarth Holdings, Inc.(2) | 600 | 1,669 | ||||||
Miroku Jyoho Service Co. Ltd. | 200 | 2,624 | ||||||
Mitsubishi Electric Corp. | 4,800 | 53,939 | ||||||
Mitsubishi Estate Co. Ltd. | 2,500 | 31,076 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 1,300 | 18,417 | ||||||
Mitsubishi HC Capital, Inc. | 6,700 | 34,978 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,900 | 70,014 | ||||||
Mitsubishi Logistics Corp. | 600 | 13,920 | ||||||
Mitsubishi Motors Corp.(1)(2) | 1,900 | 7,493 | ||||||
Mitsubishi Pencil Co. Ltd. | 200 | 2,164 | ||||||
Mitsubishi Research Institute, Inc. | 100 | 3,805 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 200 | 4,761 | ||||||
Mitsubishi UFJ Financial Group, Inc., ADR | 25,775 | 183,776 | ||||||
Mitsui Chemicals, Inc. | 1,600 | 38,600 |
78
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Mitsui E&S Holdings Co. Ltd.(1) | 400 | $ | 1,274 | |||||
Mitsui Fudosan Co. Ltd. | 2,000 | 38,117 | ||||||
Mitsui Matsushima Holdings Co. Ltd. | 300 | 8,378 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 400 | 11,582 | ||||||
Mixi, Inc. | 100 | 1,965 | ||||||
Miyazaki Bank Ltd. | 100 | 1,995 | ||||||
Mizuho Financial Group, Inc., ADR | 40,900 | 128,835 | ||||||
Mizuho Leasing Co. Ltd. | 400 | 10,763 | ||||||
Mizuho Medy Co. Ltd. | 100 | 1,837 | ||||||
Mizuno Corp.(2) | 300 | 6,931 | ||||||
Monex Group, Inc. | 1,700 | 6,229 | ||||||
MonotaRO Co. Ltd. | 300 | 4,080 | ||||||
Morinaga & Co. Ltd. | 200 | 5,769 | ||||||
MOS Food Services, Inc. | 100 | 2,265 | ||||||
MS&AD Insurance Group Holdings, Inc. | 2,600 | 85,083 | ||||||
m-up Holdings, Inc. | 200 | 1,553 | ||||||
Murata Manufacturing Co. Ltd. | 1,800 | 96,349 | ||||||
Musashi Seimitsu Industry Co. Ltd.(2) | 500 | 6,456 | ||||||
Nabtesco Corp. | 1,400 | 36,183 | ||||||
Nagase & Co. Ltd. | 1,300 | 19,313 | ||||||
Nakayama Steel Works Ltd.(2) | 200 | 1,690 | ||||||
Namura Shipbuilding Co. Ltd.(1)(2) | 400 | 1,148 | ||||||
NEC Corp. | 1,700 | 60,840 | ||||||
Net Protections Holdings, Inc.(1) | 300 | 1,246 | ||||||
Neturen Co. Ltd. | 1,300 | 6,499 | ||||||
Nexon Co. Ltd. | 500 | 10,846 | ||||||
NGK Insulators Ltd. | 1,800 | 23,893 | ||||||
NGK Spark Plug Co. Ltd.(2) | 1,400 | 28,153 | ||||||
NHK Spring Co. Ltd. | 1,700 | 11,322 | ||||||
Nichias Corp. | 700 | 13,804 | ||||||
Nichiha Corp. | 500 | 9,658 | ||||||
Nidec Corp. | 400 | 20,300 | ||||||
Nifco, Inc. | 1,300 | 34,273 | ||||||
Nihon Chouzai Co. Ltd. | 200 | 1,729 | ||||||
Nihon Dempa Kogyo Co. Ltd. | 400 | 4,098 | ||||||
Nihon House Holdings Co. Ltd. | 200 | 595 | ||||||
Nihon M&A Center Holdings, Inc. | 1,300 | 10,839 | ||||||
Nihon Parkerizing Co. Ltd. | 700 | 5,236 | ||||||
Nikkon Holdings Co. Ltd. | 800 | 14,553 | ||||||
Nikon Corp. | 1,300 | 12,876 | ||||||
Nintendo Co. Ltd. | 2,400 | 89,849 | ||||||
Nippon Carbon Co. Ltd. | 100 | 3,059 | ||||||
Nippon Chemi-Con Corp.(1) | 300 | 4,806 | ||||||
Nippon Coke & Engineering Co. Ltd.(2) | 1,700 | 1,073 | ||||||
Nippon Denko Co. Ltd. | 1,300 | 3,555 | ||||||
NIPPON EXPRESS HOLDINGS, Inc. | 900 | 50,207 | ||||||
Nippon Koei Co. Ltd. | 100 | 2,415 | ||||||
Nippon Pillar Packing Co. Ltd. | 300 | 7,587 | ||||||
Nippon Sanso Holdings Corp. | 200 | 3,566 | ||||||
Nippon Seiki Co. Ltd. | 300 | 1,959 | ||||||
Nippon Shokubai Co. Ltd. | 400 | 16,602 |
79
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Nippon Signal Company Ltd. | 300 | $ | 2,280 | |||||
Nippon Soda Co. Ltd. | 300 | 10,176 | ||||||
Nippon Steel Trading Corp. | 100 | 6,805 | ||||||
Nippon Telegraph & Telephone Corp. | 4,200 | 121,703 | ||||||
Nippon Television Holdings, Inc. | 700 | 5,762 | ||||||
Nippon Thompson Co. Ltd. | 1,300 | 5,641 | ||||||
Nippon Yakin Kogyo Co. Ltd. | 100 | 3,207 | ||||||
Nipro Corp.(2) | 1,900 | 14,451 | ||||||
Nishimatsuya Chain Co. Ltd.(2) | 1,300 | 14,954 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 1,300 | 22,658 | ||||||
Nishio Rent All Co. Ltd. | 400 | 9,354 | ||||||
Nissan Chemical Corp. | 500 | 21,957 | ||||||
Nissha Co. Ltd. | 1,300 | 17,294 | ||||||
Nissin Electric Co. Ltd. | 700 | 8,712 | ||||||
Nissin Foods Holdings Co. Ltd. | 100 | 8,328 | ||||||
Nitori Holdings Co. Ltd. | 200 | 22,601 | ||||||
Nitta Gelatin, Inc. | 200 | 1,224 | ||||||
Nitto Boseki Co. Ltd. | 200 | 3,057 | ||||||
Nitto Denko Corp. | 1,000 | 60,205 | ||||||
Nitto Kogyo Corp. | 200 | 3,891 | ||||||
Nittoc Construction Co. Ltd. | 300 | 2,134 | ||||||
Nohmi Bosai Ltd. | 200 | 2,421 | ||||||
Nojima Corp. | 2,000 | 19,907 | ||||||
NOK Corp. | 1,300 | 12,747 | ||||||
Nomura Micro Science Co. Ltd. | 100 | 3,291 | ||||||
Noritsu Koki Co. Ltd. | 100 | 1,634 | ||||||
Noritz Corp. | 200 | 2,418 | ||||||
North Pacific Bank Ltd. | 3,600 | 8,381 | ||||||
NSD Co. Ltd. | 400 | 6,903 | ||||||
NSK Ltd. | 1,300 | 7,201 | ||||||
NTT Data Corp. | 1,900 | 26,362 | ||||||
Oat Agrio Co. Ltd. | 100 | 1,069 | ||||||
Obayashi Corp. | 6,200 | 45,862 | ||||||
Obic Co. Ltd. | 100 | 14,651 | ||||||
Odakyu Electric Railway Co. Ltd. | 1,300 | 15,760 | ||||||
Ogaki Kyoritsu Bank Ltd. | 400 | 5,905 | ||||||
Oisix ra daichi, Inc.(1) | 100 | 1,751 | ||||||
Oita Bank Ltd. | 100 | 1,679 | ||||||
Oji Holdings Corp. | 6,800 | 27,592 | ||||||
Okamoto Machine Tool Works Ltd. | 100 | 3,891 | ||||||
Okamura Corp. | 200 | 2,014 | ||||||
Oki Electric Industry Co. Ltd. | 1,300 | 6,783 | ||||||
Okinawa Cellular Telephone Co. | 200 | 4,701 | ||||||
Olympus Corp. | 3,700 | 62,329 | ||||||
Omron Corp. | 400 | 21,473 | ||||||
Ono Pharmaceutical Co. Ltd. | 1,000 | 20,368 | ||||||
Open House Group Co. Ltd. | 100 | 3,599 | ||||||
Open Up Group, Inc. | 100 | 1,367 | ||||||
Oracle Corp. Japan | 200 | 13,626 | ||||||
Orient Corp.(2) | 770 | 6,604 | ||||||
Oriental Land Co. Ltd. | 100 | 15,969 |
80
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Oriental Shiraishi Corp. | 1,400 | $ | 3,352 | |||||
ORIX Corp., ADR | 859 | 76,777 | ||||||
Otsuka Corp. | 300 | 10,113 | ||||||
Outsourcing, Inc. | 700 | 6,783 | ||||||
Oyo Corp. | 100 | 1,523 | ||||||
Pacific Industrial Co. Ltd.(2) | 1,300 | 11,100 | ||||||
Pack Corp. | 100 | 2,204 | ||||||
PAL GROUP Holdings Co. Ltd. | 600 | 12,256 | ||||||
PALTAC Corp. | 200 | 7,274 | ||||||
Pan Pacific International Holdings Corp. | 2,000 | 36,558 | ||||||
Park24 Co. Ltd.(1) | 1,300 | 19,047 | ||||||
Pasona Group, Inc. | 200 | 2,807 | ||||||
Pegasus Sewing Machine Manufacturing Co. Ltd. | 400 | 1,989 | ||||||
Persol Holdings Co. Ltd. | 1,300 | 26,037 | ||||||
Pigeon Corp. | 200 | 3,085 | ||||||
Pilot Corp. | 300 | 9,641 | ||||||
Piolax, Inc. | 200 | 2,951 | ||||||
Pola Orbis Holdings, Inc. | 200 | 2,553 | ||||||
Pole To Win Holdings, Inc. | 1,300 | 8,217 | ||||||
Premium Group Co. Ltd. | 300 | 3,524 | ||||||
Press Kogyo Co. Ltd. | 1,300 | 4,582 | ||||||
Prestige International, Inc. | 1,300 | 6,051 | ||||||
Procrea Holdings, Inc.(2) | 300 | 5,056 | ||||||
Qol Holdings Co. Ltd. | 200 | 1,749 | ||||||
Quick Co. Ltd. | 100 | 1,336 | ||||||
Raccoon Holdings, Inc. | 100 | 799 | ||||||
Rakus Co. Ltd. | 300 | 3,734 | ||||||
Rakuten Group, Inc. | 3,500 | 17,252 | ||||||
RaQualia Pharma, Inc.(1) | 300 | 1,919 | ||||||
Rasa Industries Ltd. | 100 | 1,620 | ||||||
Raysum Co. Ltd. | 100 | 977 | ||||||
Recruit Holdings Co. Ltd. | 3,000 | 80,447 | ||||||
Relia, Inc. | 300 | 3,211 | ||||||
Relo Group, Inc. | 800 | 12,776 | ||||||
Remixpoint, Inc.(1) | 400 | 698 | ||||||
Renesas Electronics Corp.(1) | 2,600 | 33,585 | ||||||
Rengo Co. Ltd. | 3,300 | 21,442 | ||||||
Resona Holdings, Inc. | 12,700 | 69,950 | ||||||
Resonac Holdings Corp. | 1,500 | 24,634 | ||||||
Resorttrust, Inc. | 1,300 | 20,324 | ||||||
Retail Partners Co. Ltd. | 100 | 943 | ||||||
Ricoh Co. Ltd. | 3,100 | 24,084 | ||||||
Ricoh Leasing Co. Ltd. | 200 | 5,911 | ||||||
Rion Co. Ltd. | 100 | 1,344 | ||||||
Riso Kyoiku Co. Ltd. | 1,300 | 3,198 | ||||||
Rock Field Co. Ltd. | 200 | 2,304 | ||||||
Rohm Co. Ltd. | 500 | 38,506 | ||||||
Roland DG Corp. | 100 | 2,331 | ||||||
Rorze Corp. | 100 | 7,783 | ||||||
Round One Corp. | 3,100 | 11,777 | ||||||
Ryobi Ltd. | 300 | 3,339 |
81
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Ryoden Corp. | 100 | $ | 1,409 | |||||
Ryohin Keikaku Co. Ltd. | 1,300 | 13,087 | ||||||
S Foods, Inc. | 100 | 2,047 | ||||||
Sakai Chemical Industry Co. Ltd. | 100 | 1,334 | ||||||
Sakai Moving Service Co. Ltd. | 100 | 3,286 | ||||||
Sala Corp. | 1,000 | 5,367 | ||||||
San ju San Financial Group, Inc. | 100 | 1,281 | ||||||
Sangetsu Corp. | 600 | 10,897 | ||||||
San-In Godo Bank Ltd. | 1,900 | 11,837 | ||||||
Sankyu, Inc. | 800 | 29,432 | ||||||
Santen Pharmaceutical Co. Ltd. | 3,600 | 27,483 | ||||||
Sanwa Holdings Corp. | 2,400 | 25,299 | ||||||
Sapporo Holdings Ltd. | 600 | 14,099 | ||||||
Sato Holdings Corp. | 100 | 1,660 | ||||||
SB Technology Corp. | 100 | 1,476 | ||||||
SCREEN Holdings Co. Ltd. | 300 | 23,943 | ||||||
Scroll Corp. | 1,300 | 7,769 | ||||||
SCSK Corp. | 600 | 8,706 | ||||||
Secom Co. Ltd. | 700 | 40,708 | ||||||
Seibu Holdings, Inc. | 1,300 | 13,086 | ||||||
Seiko Epson Corp. | 2,700 | 37,227 | ||||||
Seiko Group Corp. | 400 | 8,474 | ||||||
Seino Holdings Co. Ltd. | 1,800 | 18,580 | ||||||
Seiren Co. Ltd.(2) | 200 | 3,515 | ||||||
Sekisui House Ltd. | 1,300 | 24,613 | ||||||
Sekisui Jushi Corp. | 100 | 1,451 | ||||||
Senko Group Holdings Co. Ltd. | 1,800 | 12,735 | ||||||
Senshu Electric Co. Ltd. | 200 | 5,289 | ||||||
Senshu Ikeda Holdings, Inc. | 3,200 | 6,179 | ||||||
Seria Co. Ltd. | 500 | 9,701 | ||||||
SG Holdings Co. Ltd. | 1,600 | 23,069 | ||||||
Sharp Corp.(2) | 1,800 | 12,419 | ||||||
Shibaura Electronics Co. Ltd. | 100 | 4,183 | ||||||
Shibaura Machine Co. Ltd. | 100 | 2,325 | ||||||
Shibaura Mechatronics Corp. | 100 | 10,696 | ||||||
SHIFT, Inc.(1) | 100 | 16,556 | ||||||
Shiga Bank Ltd. | 300 | 6,412 | ||||||
Shikoku Bank Ltd. | 100 | 710 | ||||||
Shimadzu Corp. | 700 | 20,215 | ||||||
Shimamura Co. Ltd. | 100 | 9,342 | ||||||
Shimano, Inc. | 200 | 31,100 | ||||||
Shin Nippon Biomedical Laboratories Ltd.(2) | 300 | 6,217 | ||||||
Shindengen Electric Manufacturing Co. Ltd. | 100 | 2,593 | ||||||
Shin-Etsu Chemical Co. Ltd. | 400 | 55,452 | ||||||
Shinsho Corp. | 100 | 4,351 | ||||||
Shinwa Co. Ltd. | 100 | 1,539 | ||||||
Shionogi & Co. Ltd. | 600 | 26,581 | ||||||
Ship Healthcare Holdings, Inc. | 1,300 | 23,464 | ||||||
Shiseido Co. Ltd. | 600 | 27,647 | ||||||
Shizuoka Financial Group, Inc. | 2,000 | 15,981 | ||||||
Shoei Co. Ltd. | 100 | 3,965 |
82
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Shofu, Inc. | 100 | $ | 1,546 | |||||
SIGMAXYZ Holdings, Inc.(2) | 500 | 4,091 | ||||||
Sinfonia Technology Co. Ltd. | 300 | 3,662 | ||||||
Sinko Industries Ltd. | 100 | 1,158 | ||||||
SKY Perfect JSAT Holdings, Inc. | 1,700 | 6,452 | ||||||
Skylark Holdings Co. Ltd.(1) | 1,300 | 15,216 | ||||||
SMS Co. Ltd. | 100 | 2,395 | ||||||
Snow Peak, Inc. | 100 | 1,620 | ||||||
Sodick Co. Ltd. | 300 | 1,685 | ||||||
Softbank Corp. | 5,600 | 63,173 | ||||||
SoftBank Group Corp. | 1,800 | 72,794 | ||||||
Softcreate Holdings Corp. | 100 | 2,534 | ||||||
Sohgo Security Services Co. Ltd. | 900 | 23,623 | ||||||
Solasto Corp. | 400 | 1,991 | ||||||
Sompo Holdings, Inc. | 2,000 | 85,862 | ||||||
Sony Group Corp., ADR | 4,075 | 340,589 | ||||||
S-Pool, Inc. | 1,300 | 6,141 | ||||||
Square Enix Holdings Co. Ltd. | 400 | 17,830 | ||||||
Stanley Electric Co. Ltd. | 100 | 2,085 | ||||||
Star Micronics Co. Ltd. | 1,300 | 16,490 | ||||||
Starts Corp., Inc. | 500 | 9,439 | ||||||
Stella Chemifa Corp. | 100 | 1,879 | ||||||
Studio Alice Co. Ltd. | 100 | 1,511 | ||||||
Subaru Corp. | 4,500 | 72,096 | ||||||
Sugi Holdings Co. Ltd. | 100 | 4,186 | ||||||
SUMCO Corp. | 3,800 | 52,434 | ||||||
Sumida Corp. | 300 | 3,587 | ||||||
Sumitomo Bakelite Co. Ltd. | 200 | 6,985 | ||||||
Sumitomo Electric Industries Ltd. | 2,600 | 31,996 | ||||||
Sumitomo Forestry Co. Ltd. | 1,300 | 24,946 | ||||||
Sumitomo Mitsui Financial Group, Inc., ADR | 23,568 | 205,749 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 2,000 | 74,100 | ||||||
Sumitomo Pharma Co. Ltd. | 1,300 | 8,139 | ||||||
Sumitomo Realty & Development Co. Ltd. | 1,900 | 44,856 | ||||||
Sumitomo Rubber Industries Ltd. | 1,500 | 13,505 | ||||||
Sumitomo Seika Chemicals Co. Ltd. | 300 | 9,651 | ||||||
Sumitomo Warehouse Co. Ltd. | 700 | 10,944 | ||||||
Sun Corp. | 100 | 1,688 | ||||||
Sun Frontier Fudousan Co. Ltd. | 1,300 | 11,794 | ||||||
Sundrug Co. Ltd. | 1,000 | 27,075 | ||||||
Suntory Beverage & Food Ltd. | 1,300 | 45,603 | ||||||
Suzuken Co. Ltd. | 1,200 | 30,303 | ||||||
Suzuki Motor Corp. | 1,300 | 45,618 | ||||||
SWCC Showa Holdings Co. Ltd. | 1,300 | 18,118 | ||||||
SymBio Pharmaceuticals Ltd.(1)(2) | 600 | 2,091 | ||||||
Sysmex Corp. | 500 | 29,951 | ||||||
Systena Corp. | 1,400 | 3,291 | ||||||
Syuppin Co. Ltd. | 100 | 663 | ||||||
T&D Holdings, Inc. | 2,300 | 34,832 | ||||||
Tachi-S Co. Ltd. | 100 | 915 | ||||||
Taisei Corp. | 1,900 | 61,946 |
83
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Taiyo Yuden Co. Ltd. | 700 | $ | 21,197 | |||||
Takaoka Toko Co. Ltd. | 100 | 1,567 | ||||||
Takara & Co. Ltd. | 200 | 3,272 | ||||||
Takara Holdings, Inc. | 500 | 3,946 | ||||||
Takasago Thermal Engineering Co. Ltd. | 1,300 | 19,993 | ||||||
Takashimaya Co. Ltd. | 1,300 | 18,105 | ||||||
Takeda Pharmaceutical Co. Ltd., ADR | 3,068 | 47,094 | ||||||
Tama Home Co. Ltd. | 400 | 9,974 | ||||||
Tanseisha Co. Ltd. | 100 | 523 | ||||||
TDK Corp. | 3,100 | 103,792 | ||||||
TechMatrix Corp. | 400 | 4,341 | ||||||
TechnoPro Holdings, Inc. | 1,300 | 32,986 | ||||||
Teijin Ltd. | 2,400 | 24,937 | ||||||
Teikoku Electric Manufacturing Co. Ltd. | 100 | 1,959 | ||||||
TerraSky Co. Ltd.(1) | 100 | 1,397 | ||||||
Terumo Corp. | 500 | 13,442 | ||||||
T-Gaia Corp. | 100 | 1,204 | ||||||
TIS, Inc. | 1,400 | 34,754 | ||||||
TKC Corp. | 200 | 5,396 | ||||||
Toagosei Co. Ltd. | 1,300 | 11,963 | ||||||
Tochigi Bank Ltd. | 1,200 | 2,934 | ||||||
Toho Co. Ltd.(2) | 300 | 10,443 | ||||||
Toho Holdings Co. Ltd. | 400 | 6,468 | ||||||
Toho Zinc Co. Ltd. | 100 | 1,566 | ||||||
Tokai Carbon Co. Ltd. | 1,300 | 12,694 | ||||||
Tokai Corp. | 100 | 1,400 | ||||||
Tokai Rika Co. Ltd. | 300 | 3,438 | ||||||
Tokio Marine Holdings, Inc. | 6,900 | 146,491 | ||||||
Tokyo Century Corp. | 600 | 20,067 | ||||||
Tokyo Electron Device Ltd. | 100 | 5,955 | ||||||
Tokyo Electron Ltd. | 500 | 171,551 | ||||||
Tokyo Individualized Educational Institute, Inc. | 200 | 770 | ||||||
Tokyo Kiraboshi Financial Group, Inc. | 300 | 6,406 | ||||||
Tokyo Seimitsu Co. Ltd. | 600 | 21,905 | ||||||
Tokyo Tatemono Co. Ltd. | 2,900 | 35,513 | ||||||
Tokyu Corp. | 2,300 | 27,708 | ||||||
Tokyu Fudosan Holdings Corp. | 3,100 | 14,975 | ||||||
Tomy Co. Ltd. | 600 | 5,863 | ||||||
Topcon Corp. | 1,500 | 19,729 | ||||||
Toppan, Inc. | 1,500 | 27,127 | ||||||
Topre Corp.(2) | 400 | 3,513 | ||||||
Topy Industries Ltd. | 200 | 2,801 | ||||||
Toray Industries, Inc. | 12,700 | 72,713 | ||||||
Torex Semiconductor Ltd. | 100 | 1,791 | ||||||
Torii Pharmaceutical Co. Ltd. | 100 | 2,305 | ||||||
Torishima Pump Manufacturing Co. Ltd. | 100 | 1,127 | ||||||
Tosei Corp. | 200 | 2,165 | ||||||
Toshiba TEC Corp. | 100 | 2,791 | ||||||
TOTO Ltd. | 100 | 3,342 | ||||||
Towa Corp. | 200 | 2,793 | ||||||
Toyo Corp. | 100 | 968 |
84
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Toyo Securities Co. Ltd. | 600 | $ | 1,529 | |||||
Toyo Seikan Group Holdings Ltd. | 2,200 | 28,628 | ||||||
Toyo Tanso Co. Ltd. | 100 | 3,285 | ||||||
Toyo Tire Corp. | 500 | 5,919 | ||||||
Toyobo Co. Ltd. | 1,300 | 10,226 | ||||||
Toyoda Gosei Co. Ltd. | 1,300 | 21,176 | ||||||
Toyota Boshoku Corp. | 800 | 12,445 | ||||||
Toyota Industries Corp. | 500 | 29,335 | ||||||
Toyota Motor Corp., ADR | 3,531 | 479,934 | ||||||
Toyota Tsusho Corp. | 1,500 | 61,175 | ||||||
TPR Co. Ltd. | 300 | 3,072 | ||||||
Trancom Co. Ltd. | 100 | 4,902 | ||||||
Transcosmos, Inc. | 400 | 9,837 | ||||||
Trend Micro, Inc. | 1,100 | 51,723 | ||||||
Trusco Nakayama Corp. | 500 | 8,293 | ||||||
TS Tech Co. Ltd. | 1,300 | 16,491 | ||||||
TSI Holdings Co. Ltd.(2) | 1,300 | 5,894 | ||||||
Tsukuba Bank Ltd. | 1,300 | 2,263 | ||||||
Tsuruha Holdings, Inc. | 300 | 21,127 | ||||||
TV Asahi Holdings Corp. | 400 | 4,267 | ||||||
Tv Tokyo Holdings Corp. | 100 | 1,663 | ||||||
Uchida Yoko Co. Ltd. | 100 | 3,662 | ||||||
Ulvac, Inc. | 700 | 26,833 | ||||||
Unicharm Corp. | 700 | 25,909 | ||||||
Unipres Corp. | 1,300 | 7,695 | ||||||
United Arrows Ltd. | 100 | 1,281 | ||||||
Unitika Ltd.(1) | 1,300 | 2,224 | ||||||
Ushio, Inc. | 300 | 3,428 | ||||||
USS Co. Ltd. | 1,600 | 25,958 | ||||||
UT Group Co. Ltd. | 100 | 1,819 | ||||||
V Technology Co. Ltd. | 100 | 1,803 | ||||||
Valqua Ltd. | 300 | 7,278 | ||||||
ValueCommerce Co. Ltd. | 100 | 1,231 | ||||||
Vector, Inc. | 500 | 5,107 | ||||||
VT Holdings Co. Ltd. | 1,300 | 4,865 | ||||||
Wacoal Holdings Corp. | 100 | 1,799 | ||||||
Wacom Co. Ltd.(2) | 200 | 960 | ||||||
Warabeya Nichiyo Holdings Co. Ltd. | 200 | 2,729 | ||||||
Welcia Holdings Co. Ltd. | 100 | 2,189 | ||||||
West Japan Railway Co. | 400 | 15,525 | ||||||
Will Group, Inc. | 100 | 834 | ||||||
World Co. Ltd.(1) | 100 | 1,042 | ||||||
World Holdings Co. Ltd. | 100 | 2,025 | ||||||
Xebio Holdings Co. Ltd. | 100 | 741 | ||||||
Yakult Honsha Co. Ltd. | 100 | 6,817 | ||||||
YAKUODO Holdings Co. Ltd. | 100 | 1,783 | ||||||
YAMABIKO Corp. | 100 | 927 | ||||||
Yamada Holdings Co. Ltd. | 9,300 | 32,718 | ||||||
Yamae Group Holdings Co. Ltd. | 200 | 2,659 | ||||||
Yamaguchi Financial Group, Inc. | 3,000 | 20,259 | ||||||
Yamaha Corp. | 100 | 3,794 |
85
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Yamaha Motor Co. Ltd. | 2,000 | $ | 51,170 | |||||
Yamaichi Electronics Co. Ltd.(2) | 300 | 4,034 | ||||||
Yamato Holdings Co. Ltd. | 1,700 | 28,714 | ||||||
Yamazen Corp. | 1,300 | 9,994 | ||||||
Yaskawa Electric Corp. | 200 | 7,869 | ||||||
Yellow Hat Ltd. | 400 | 5,224 | ||||||
Yokogawa Electric Corp. | 1,000 | 14,935 | ||||||
Yokohama Rubber Co. Ltd. | 1,400 | 26,568 | ||||||
Yokorei Co. Ltd. | 600 | 4,418 | ||||||
Yonex Co. Ltd. | 700 | 6,791 | ||||||
Yuasa Trading Co. Ltd. | 400 | 10,745 | ||||||
Z Holdings Corp. | 8,100 | 21,746 | ||||||
Zenkoku Hosho Co. Ltd.(2) | 700 | 26,669 | ||||||
Zenrin Co. Ltd. | 600 | 3,706 | ||||||
Zeon Corp. | 600 | 5,675 | ||||||
ZIGExN Co. Ltd. | 600 | 1,908 | ||||||
ZOZO, Inc. | 200 | 4,445 | ||||||
12,579,861 | ||||||||
Netherlands — 3.7% | ||||||||
Aalberts NV | 571 | 27,757 | ||||||
ABN AMRO Bank NV, CVA | 4,774 | 84,243 | ||||||
Adyen NV(1) | 96 | 136,073 | ||||||
Aegon NV, NY Shares(2) | 21,781 | 112,608 | ||||||
AerCap Holdings NV(1) | 1,457 | 90,975 | ||||||
Akzo Nobel NV | 1,764 | 129,045 | ||||||
Arcadis NV | 352 | 14,556 | ||||||
ASM International NV | 116 | 39,540 | ||||||
ASML Holding NV, NY Shares | 839 | 518,275 | ||||||
ASR Nederland NV | 2,188 | 99,578 | ||||||
B&S Group Sarl | 309 | 1,319 | ||||||
Basic-Fit NV(1)(2) | 67 | 2,348 | ||||||
BE Semiconductor Industries NV | 883 | 68,160 | ||||||
Brunel International NV | 93 | 1,150 | ||||||
Coca-Cola Europacific Partners PLC | 511 | 28,105 | ||||||
Constellium SE(1) | 264 | 4,221 | ||||||
Corbion NV | 274 | 10,294 | ||||||
Flow Traders Ltd. | 410 | 9,949 | ||||||
Heineken Holding NV | 71 | 6,074 | ||||||
Heineken NV | 343 | 34,961 | ||||||
IMCD NV | 158 | 25,010 | ||||||
ING Groep NV, ADR | 17,128 | 239,278 | ||||||
InPost SA(1) | 377 | 3,120 | ||||||
Just Eat Takeaway.com NV(1) | 973 | 21,163 | ||||||
Koninklijke Ahold Delhaize NV | 6,143 | 195,052 | ||||||
Koninklijke BAM Groep NV(1) | 4,658 | 11,906 | ||||||
Koninklijke DSM NV | 807 | 99,447 | ||||||
Koninklijke KPN NV | 16,502 | 56,569 | ||||||
Koninklijke Philips NV, NY Shares | 993 | 16,216 | ||||||
NN Group NV | 1,600 | 64,763 | ||||||
Ordina NV | 422 | 1,726 | ||||||
Pharming Group NV(1) | 10,576 | 12,802 |
86
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
PostNL NV(2) | 4,996 | $ | 8,721 | |||||
Prosus NV(1) | 797 | 57,136 | ||||||
Randstad NV | 515 | 31,601 | ||||||
Signify NV | 102 | 3,534 | ||||||
TKH Group NV, CVA | 392 | 18,078 | ||||||
TomTom NV(1) | 137 | 1,055 | ||||||
Universal Music Group NV | 547 | 12,888 | ||||||
Van Lanschot Kempen NV | 60 | 1,750 | ||||||
Wolters Kluwer NV | 173 | 20,028 | ||||||
2,321,074 | ||||||||
New Zealand — 0.3% | ||||||||
a2 Milk Co. Ltd.(1) | 6,493 | 29,005 | ||||||
Arvida Group Ltd. | 2,467 | 1,541 | ||||||
Auckland International Airport Ltd.(1) | 2,926 | 15,811 | ||||||
Chorus Ltd. | 5,704 | 29,247 | ||||||
EBOS Group Ltd. | 642 | 17,575 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 1,309 | 20,952 | ||||||
Fletcher Building Ltd. | 4,980 | 14,592 | ||||||
KMD Brands Ltd. | 4,510 | 3,145 | ||||||
Mercury NZ Ltd. | 6,467 | 25,066 | ||||||
Meridian Energy Ltd. | 4,446 | 14,593 | ||||||
Pushpay Holdings Ltd.(1) | 5,682 | 4,453 | ||||||
Spark New Zealand Ltd. | 7,697 | 23,765 | ||||||
199,745 | ||||||||
Norway — 0.9% | ||||||||
2020 Bulkers Ltd.(1)(2) | 359 | 3,751 | ||||||
ABG Sundal Collier Holding ASA | 3,045 | 1,894 | ||||||
Adevinta ASA(1) | 375 | 2,802 | ||||||
Atea ASA(1) | 463 | 5,288 | ||||||
B2Holding ASA | 1,510 | 1,119 | ||||||
Bakkafrost P/F | 73 | 4,776 | ||||||
Belships ASA | 1,584 | 2,962 | ||||||
Borregaard ASA | 799 | 13,546 | ||||||
DNB Bank ASA | 3,272 | 65,293 | ||||||
Elopak ASA | 964 | 2,144 | ||||||
Europris ASA | 751 | 5,295 | ||||||
Gjensidige Forsikring ASA | 511 | 9,057 | ||||||
Gram Car Carriers ASA(1) | 314 | 4,595 | ||||||
Grieg Seafood ASA | 174 | 1,255 | ||||||
Kid ASA | 229 | 1,899 | ||||||
Kongsberg Automotive ASA(1) | 10,477 | 3,153 | ||||||
Kongsberg Gruppen ASA | 322 | 13,381 | ||||||
Leroy Seafood Group ASA | 888 | 4,403 | ||||||
Mowi ASA(2) | 2,600 | 44,888 | ||||||
Nordic Semiconductor ASA(1) | 748 | 10,754 | ||||||
Norsk Hydro ASA | 9,303 | 67,714 | ||||||
Norske Skog ASA(1) | 1,405 | 9,057 | ||||||
OKEA ASA | 651 | 2,026 | ||||||
Orkla ASA | 1,768 | 11,900 | ||||||
Petronor E&P ASA(1) | 709 | 54 | ||||||
Protector Forsikring ASA | 355 | 4,989 |
87
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Rana Gruber ASA | 357 | $ | 2,137 | |||||
Salmar ASA | 395 | 16,375 | ||||||
Scatec ASA | 1,031 | 6,964 | ||||||
Schibsted ASA, B Shares | 974 | 18,528 | ||||||
Schibsted ASA, Class A | 731 | 14,834 | ||||||
Siem Offshore, Inc.(1) | 570 | 894 | ||||||
Solstad Offshore ASA(1) | 1,106 | 4,829 | ||||||
SpareBank 1 Nord Norge | 1,591 | 15,786 | ||||||
Sparebank 1 Oestlandet | 215 | 2,602 | ||||||
SpareBank 1 SMN | 1,721 | 22,698 | ||||||
SpareBank 1 SR-Bank ASA | 1,736 | 21,689 | ||||||
Storebrand ASA | 3,368 | 27,802 | ||||||
Telenor ASA | 2,341 | 26,249 | ||||||
TGS ASA | 1,628 | 29,305 | ||||||
TOMRA Systems ASA | 343 | 5,471 | ||||||
Veidekke ASA | 1,310 | 14,638 | ||||||
528,796 | ||||||||
Portugal — 0.2% | ||||||||
Altri SGPS SA(2) | 1,565 | 7,665 | ||||||
Banco Comercial Portugues SA, R Shares | 33,132 | 7,979 | ||||||
Corticeira Amorim SGPS SA | 1,097 | 11,334 | ||||||
CTT-Correios de Portugal SA | 2,021 | 8,020 | ||||||
EDP Renovaveis SA | 1,042 | 21,324 | ||||||
Jeronimo Martins SGPS SA | 875 | 17,960 | ||||||
Mota-Engil SGPS SA | 5,138 | 10,108 | ||||||
Navigator Co. SA | 4,654 | 16,368 | ||||||
NOS SGPS SA | 2,236 | 9,880 | ||||||
Sonae SGPS SA | 15,222 | 16,678 | ||||||
127,316 | ||||||||
Singapore — 1.4% | ||||||||
AEM Holdings Ltd. | 200 | 427 | ||||||
Aztech Global Ltd. | 3,900 | 2,403 | ||||||
Capitaland India Trust | 8,400 | 6,981 | ||||||
Capitaland Investment Ltd. | 24,200 | 66,743 | ||||||
City Developments Ltd. | 2,300 | 13,157 | ||||||
ComfortDelGro Corp. Ltd. | 46,200 | 41,485 | ||||||
DBS Group Holdings Ltd. | 8,000 | 202,969 | ||||||
Grab Holdings Ltd., Class A(1) | 5,054 | 16,223 | ||||||
Hong Fok Corp. Ltd. | 10,300 | 7,262 | ||||||
Hour Glass Ltd. | 1,900 | 3,058 | ||||||
Hutchison Port Holdings Trust, U Shares | 77,600 | 14,311 | ||||||
iFAST Corp. Ltd. | 1,400 | 5,171 | ||||||
Maxeon Solar Technologies Ltd.(1) | 191 | 3,362 | ||||||
Netlink NBN Trust | 10,000 | 6,414 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 12,400 | 116,541 | ||||||
Raffles Medical Group Ltd. | 11,500 | 11,861 | ||||||
Rex International Holding Ltd. | 5,200 | 621 | ||||||
Riverstone Holdings Ltd. | 11,600 | 5,252 | ||||||
Samudera Shipping Line Ltd. | 4,400 | 3,885 | ||||||
SATS Ltd.(1)(2) | 1,800 | 3,777 | ||||||
Sea Ltd., ADR(1) | 251 | 15,685 |
88
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Sheng Siong Group Ltd. | 7,200 | $ | 8,706 | |||||
SIA Engineering Co. Ltd.(1) | 1,400 | 2,401 | ||||||
Singapore Exchange Ltd. | 4,000 | 25,833 | ||||||
Singapore Post Ltd. | 22,300 | 8,855 | ||||||
Singapore Technologies Engineering Ltd. | 200 | 530 | ||||||
Singapore Telecommunications Ltd. | 23,300 | 40,935 | ||||||
Stamford Land Corp. Ltd. | 2,600 | 772 | ||||||
StarHub Ltd. | 3,100 | 2,438 | ||||||
UMS Holdings Ltd.(2) | 5,600 | 4,488 | ||||||
United Overseas Bank Ltd. | 6,400 | 141,860 | ||||||
UOL Group Ltd. | 4,500 | 22,789 | ||||||
Venture Corp. Ltd. | 1,300 | 16,555 | ||||||
Yangzijiang Financial Holding Ltd.(1)(2) | 56,200 | 14,582 | ||||||
Yanlord Land Group Ltd. | 9,700 | 7,851 | ||||||
Yoma Strategic Holdings Ltd.(1) | 20,000 | 1,557 | ||||||
847,740 | ||||||||
Spain — 2.2% | ||||||||
Acciona SA | 36 | 6,783 | ||||||
Aena SME SA(1) | 412 | 63,739 | ||||||
Almirall SA | 816 | 7,820 | ||||||
Amadeus IT Group SA(1) | 1,004 | 63,134 | ||||||
Applus Services SA | 1,071 | 7,497 | ||||||
Atresmedia Corp. de Medios de Comunicacion SA | 1,251 | 4,555 | ||||||
Banco Bilbao Vizcaya Argentaria SA, ADR | 24,891 | 193,154 | ||||||
Banco de Sabadell SA | 42,247 | 55,183 | ||||||
Banco Santander SA, ADR(2) | 52,637 | 205,811 | ||||||
Bankinter SA | 3,981 | 28,003 | ||||||
CaixaBank SA | 11,001 | 47,237 | ||||||
Cellnex Telecom SA(1) | 1,004 | 37,669 | ||||||
CIE Automotive SA | 132 | 3,866 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 136 | 4,042 | ||||||
eDreams ODIGEO SA(1) | 132 | 845 | ||||||
Ence Energia y Celulosa SA | 1,547 | 5,904 | ||||||
Endesa SA | 504 | 9,899 | ||||||
Ercros SA | 734 | 3,123 | ||||||
Ferrovial SA | 374 | 10,381 | ||||||
Fluidra SA | 150 | 2,603 | ||||||
Gestamp Automocion SA | 3,828 | 17,729 | ||||||
Global Dominion Access SA | 770 | 2,871 | ||||||
Grifols SA(1) | 374 | 4,556 | ||||||
Grupo Catalana Occidente SA | 256 | 8,359 | ||||||
Iberdrola SA | 19,747 | 226,368 | ||||||
Indra Sistemas SA | 1,153 | 14,563 | ||||||
Industria de Diseno Textil SA | 2,903 | 89,432 | ||||||
Laboratorios Farmaceuticos Rovi SA | 133 | 5,853 | ||||||
Mapfre SA | 7,376 | 15,824 | ||||||
Mediaset Espana Comunicacion SA(1) | 540 | 1,881 | ||||||
Melia Hotels International SA(1) | 1,521 | 10,066 | ||||||
Neinor Homes SA | 594 | 5,770 | ||||||
Pharma Mar SA | 163 | 9,626 | ||||||
Prosegur Cash SA | 2,362 | 1,786 |
89
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Prosegur Cia de Seguridad SA | 1,561 | $ | 3,222 | |||||
Red Electrica Corp. SA | 4,599 | 76,291 | ||||||
Sacyr SA | 5,357 | 17,470 | ||||||
Telefonica SA, ADR(2) | 15,615 | 63,865 | ||||||
Tubacex SA(1) | 1,929 | 5,003 | ||||||
Vidrala SA | 158 | 16,764 | ||||||
Viscofan SA | 393 | 25,158 | ||||||
1,383,705 | ||||||||
Sweden — 3.4% | ||||||||
AcadeMedia AB | 123 | 574 | ||||||
AddLife AB, B Shares | 171 | 1,830 | ||||||
AddTech AB, B Shares | 887 | 15,875 | ||||||
Alfa Laval AB | 677 | 22,268 | ||||||
Alleima AB(1) | 2,546 | 13,765 | ||||||
Ambea AB | 370 | 1,279 | ||||||
Arise AB(1) | 652 | 2,768 | ||||||
Assa Abloy AB, Class B | 905 | 22,022 | ||||||
Atlas Copco AB, A Shares | 6,536 | 77,597 | ||||||
Atlas Copco AB, B Shares | 3,798 | 40,010 | ||||||
Atrium Ljungberg AB, B Shares | 303 | 5,285 | ||||||
Avanza Bank Holding AB(2) | 1,289 | 34,091 | ||||||
Axfood AB | 877 | 20,990 | ||||||
Beijer Alma AB | 605 | 11,813 | ||||||
Beijer Ref AB(2) | 449 | 6,965 | ||||||
Bilia AB, A Shares | 1,122 | 14,948 | ||||||
Billerud AB | 2,224 | 25,661 | ||||||
BioGaia AB, B Shares | 639 | 6,073 | ||||||
Biotage AB | 282 | 4,080 | ||||||
Boliden AB | 2,308 | 94,482 | ||||||
Bonava AB, B Shares | 449 | 1,023 | ||||||
Boozt AB(1)(2) | 343 | 4,060 | ||||||
Bravida Holding AB | 596 | 6,676 | ||||||
Bure Equity AB | 315 | 7,766 | ||||||
Byggmax Group AB | 552 | 2,013 | ||||||
Castellum AB(2) | 1,073 | 13,657 | ||||||
Catena AB | 137 | 5,351 | ||||||
Catena Media PLC(1)(2) | 595 | 1,857 | ||||||
Cibus Nordic Real Estate AB | 342 | 4,080 | ||||||
Cint Group AB(1) | 32 | 57 | ||||||
Clas Ohlson AB, B Shares(2) | 613 | 3,913 | ||||||
Cloetta AB, B Shares | 2,491 | 5,324 | ||||||
Coor Service Management Holding AB | 590 | 3,980 | ||||||
Corem Property Group AB, B Shares | 3,290 | 2,853 | ||||||
Dios Fastigheter AB | 897 | 6,606 | ||||||
Electrolux AB, B Shares(2) | 1,813 | 21,939 | ||||||
Electrolux Professional AB, B Shares | 534 | 2,836 | ||||||
Elekta AB, B Shares | 2,277 | 17,772 | ||||||
Embracer Group AB(1) | 936 | 4,512 | ||||||
Epiroc AB, A Shares | 2,266 | 43,548 | ||||||
Epiroc AB, B Shares | 1,340 | 22,046 | ||||||
EQT AB | 545 | 12,189 |
90
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Essity AB, B Shares | 1,685 | $ | 45,449 | |||||
Fabege AB | 998 | 8,444 | ||||||
Fastighets AB Balder, B Shares(1) | 2,397 | 11,858 | ||||||
Fortnox AB | 2,980 | 17,683 | ||||||
G5 Entertainment AB | 115 | 2,133 | ||||||
GARO AB | 217 | 1,748 | ||||||
Getinge AB, B Shares | 512 | 11,005 | ||||||
Granges AB | 1,102 | 9,510 | ||||||
H & M Hennes & Mauritz AB, B Shares | 4,426 | 55,769 | ||||||
Hemnet Group AB | 171 | 2,715 | ||||||
Hexagon AB, B Shares | 2,584 | 28,637 | ||||||
Hexatronic Group AB | 409 | 4,763 | ||||||
Hexpol AB | 914 | 10,163 | ||||||
HMS Networks AB | 131 | 5,283 | ||||||
Hoist Finance AB(1) | 775 | 1,829 | ||||||
Holmen AB, B Shares | 293 | 11,830 | ||||||
Hufvudstaden AB, A Shares | 673 | 9,782 | ||||||
Husqvarna AB, B Shares | 1,016 | 8,996 | ||||||
Industrivarden AB, A Shares | 404 | 11,105 | ||||||
Indutrade AB | 827 | 17,591 | ||||||
Instalco AB | 534 | 2,489 | ||||||
Intrum AB | 172 | 2,258 | ||||||
Investment AB Latour, B Shares | 112 | 2,317 | ||||||
Inwido AB | 338 | 3,749 | ||||||
JM AB | 335 | 6,965 | ||||||
Karnov Group AB(1) | 438 | 2,300 | ||||||
Lindab International AB | 436 | 6,045 | ||||||
Loomis AB | 909 | 29,372 | ||||||
MEKO AB | 337 | 3,845 | ||||||
Millicom International Cellular SA, SDR(1) | 595 | 11,728 | ||||||
MIPS AB | 150 | 6,755 | ||||||
Modern Times Group MTG AB, B Shares(1) | 1,615 | 11,173 | ||||||
Mycronic AB | 259 | 5,536 | ||||||
NCC AB, B Shares | 184 | 1,725 | ||||||
Neobo Fastigheter AB(1)(2) | 476 | 636 | ||||||
Net Insight AB, B Shares(1) | 4,981 | 3,027 | ||||||
New Wave Group AB, B Shares | 413 | 7,245 | ||||||
Nibe Industrier AB, B Shares | 1,462 | 15,117 | ||||||
Nobia AB | 1,389 | 2,340 | ||||||
Nordea Bank Abp | 11,224 | 142,233 | ||||||
Note AB(1) | 26 | 568 | ||||||
NP3 Fastigheter AB | 489 | 10,254 | ||||||
Nyfosa AB | 1,030 | 8,530 | ||||||
OX2 AB(1) | 569 | 4,022 | ||||||
Pandox AB(1) | 844 | 11,405 | ||||||
Paradox Interactive AB | 365 | 7,671 | ||||||
Platzer Fastigheter Holding AB, B Shares | 448 | 3,877 | ||||||
Resurs Holding AB | 1,798 | 4,329 | ||||||
Saab AB, B Shares | 529 | 30,529 | ||||||
Samhallsbyggnadsbolaget i Norden AB(2) | 10,936 | 17,844 | ||||||
Samhallsbyggnadsbolaget i Norden AB, D Shares | 701 | 1,279 |
91
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Sandvik AB | 2,616 | $ | 53,816 | |||||
Scandic Hotels Group AB(1)(2) | 1,232 | 4,139 | ||||||
Sectra AB, B Shares(1) | 1,036 | 14,161 | ||||||
Securitas AB, B Shares | 976 | 8,405 | ||||||
Sinch AB(1)(2) | 6,512 | 22,221 | ||||||
Skandinaviska Enskilda Banken AB, A Shares | 5,593 | 69,977 | ||||||
Skanska AB, B Shares | 3,048 | 55,394 | ||||||
SKF AB, B Shares | 936 | 17,778 | ||||||
SkiStar AB | 537 | 6,059 | ||||||
Spotify Technology SA(1) | 61 | 7,094 | ||||||
Stillfront Group AB(1) | 909 | 1,673 | ||||||
Svenska Cellulosa AB SCA, B Shares | 2,075 | 28,957 | ||||||
Svenska Handelsbanken AB, A Shares | 6,361 | 67,471 | ||||||
Sweco AB, B Shares | 382 | 4,479 | ||||||
Swedbank AB, A Shares | 4,140 | 84,591 | ||||||
Synsam AB | 342 | 1,363 | ||||||
Tele2 AB, B Shares | 1,688 | 15,516 | ||||||
Telefonaktiebolaget LM Ericsson, ADR | 10,937 | 60,153 | ||||||
Telia Co. AB | 16,850 | 43,513 | ||||||
Thule Group AB | 123 | 2,735 | ||||||
Tobii Dynavox AB(1) | 331 | 840 | ||||||
Trelleborg AB, B Shares | 2,478 | 63,869 | ||||||
Truecaller AB, B Shares(1) | 610 | 1,852 | ||||||
Viaplay Group AB, B Shares(1) | 193 | 4,941 | ||||||
Vitec Software Group AB, B Shares | 152 | 7,006 | ||||||
Vitrolife AB | 34 | 683 | ||||||
Volvo AB, A Shares | 860 | 17,903 | ||||||
Volvo AB, B Shares | 6,486 | 129,779 | ||||||
Volvo Car AB, Class B(1) | 3,584 | 16,898 | ||||||
Wallenstam AB, B Shares | 1,518 | 6,307 | ||||||
Wihlborgs Fastigheter AB | 1,895 | 15,771 | ||||||
2,095,234 | ||||||||
Switzerland — 8.0% | ||||||||
ABB Ltd., ADR(2) | 1,123 | 37,396 | ||||||
Accelleron Industries AG(1) | 410 | 10,106 | ||||||
Adecco Group AG | 425 | 15,154 | ||||||
Alcon, Inc. | 871 | 59,387 | ||||||
Allreal Holding AG | 135 | 22,124 | ||||||
ALSO Holding AG(1) | 34 | 6,670 | ||||||
ams-OSRAM AG(1) | 4,423 | 34,291 | ||||||
Arbonia AG | 241 | 3,037 | ||||||
Ascom Holding AG | 91 | 870 | ||||||
Autoneum Holding AG | 18 | 2,614 | ||||||
Baloise Holding AG | 394 | 65,612 | ||||||
Banque Cantonale Vaudoise | 260 | 23,249 | ||||||
Barry Callebaut AG | 18 | 35,841 | ||||||
Belimo Holding AG | 74 | 38,258 | ||||||
Bucher Industries AG | 43 | 19,438 | ||||||
Burckhardt Compression Holding AG | 45 | 27,392 | ||||||
Calida Holding AG | 45 | 2,137 | ||||||
Cembra Money Bank AG | 355 | 30,231 |
92
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Ceritificate | 4 | $ | 43,823 | |||||
Cie Financiere Richemont SA, Class A | 1,737 | 262,454 | ||||||
Clariant AG(1) | 1,120 | 18,116 | ||||||
Comet Holding AG | 54 | 11,924 | ||||||
Credit Suisse Group AG, ADR | 9,763 | 29,972 | ||||||
DKSH Holding AG | 337 | 27,422 | ||||||
dormakaba Holding AG | 40 | 17,763 | ||||||
Flughafen Zurich AG(1) | 156 | 28,241 | ||||||
Forbo Holding AG | 13 | 17,047 | ||||||
Galenica AG | 45 | 3,487 | ||||||
Geberit AG | 60 | 32,382 | ||||||
Georg Fischer AG | 767 | 52,108 | ||||||
Givaudan SA | 5 | 15,071 | ||||||
Helvetia Holding AG | 320 | 41,100 | ||||||
Huber & Suhner AG | 137 | 12,536 | ||||||
Idorsia Ltd.(1)(2) | 163 | 2,152 | ||||||
Implenia AG(1) | 232 | 10,438 | ||||||
Inficon Holding AG | 33 | 34,140 | ||||||
Intershop Holding AG | 6 | 3,890 | ||||||
Julius Baer Group Ltd. | 2,113 | 140,087 | ||||||
Kardex Holding AG | 13 | 2,418 | ||||||
Komax Holding AG | 17 | 5,304 | ||||||
Kuehne + Nagel International AG | 285 | 72,971 | ||||||
LEM Holding SA | 5 | 10,291 | ||||||
Leonteq AG | 133 | 7,677 | ||||||
Logitech International SA | 1,049 | 57,297 | ||||||
Lonza Group AG | 87 | 51,821 | ||||||
Mobilezone Holding AG | 575 | 10,609 | ||||||
Mobimo Holding AG | 49 | 12,320 | ||||||
Nestle SA | 2,795 | 314,914 | ||||||
Novartis AG, ADR | 5,956 | 501,019 | ||||||
OC Oerlikon Corp. AG | 2,238 | 13,546 | ||||||
Partners Group Holding AG | 173 | 163,819 | ||||||
Peach Property Group AG(1)(2) | 60 | 1,129 | ||||||
PSP Swiss Property AG | 344 | 38,571 | ||||||
Roche Holding AG | 2,469 | 711,909 | ||||||
Roche Holding AG, Bearer Shares | 93 | 28,810 | ||||||
Schindler Holding AG | 106 | 22,844 | ||||||
Schindler Holding AG, Bearer Participation Certificate | 195 | 43,856 | ||||||
Schweiter Technologies AG, Bearer Shares | 6 | 5,067 | ||||||
SGS SA | 31 | 71,062 | ||||||
Siegfried Holding AG(1) | 22 | 15,390 | ||||||
SIG Group AG(1) | 433 | 10,473 | ||||||
Sika AG | 101 | 28,323 | ||||||
Sonova Holding AG | 118 | 29,021 | ||||||
St Galler Kantonalbank AG | 35 | 18,549 | ||||||
Stadler Rail AG | 599 | 23,642 | ||||||
Straumann Holding AG | 657 | 87,102 | ||||||
Sulzer AG | 292 | 25,343 | ||||||
Swatch Group AG | 454 | 28,920 | ||||||
Swatch Group AG, Bearer Shares | 249 | 86,651 |
93
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Swiss Life Holding AG | 207 | $ | 124,563 | |||||
Swiss Prime Site AG | 653 | 55,026 | ||||||
Swiss Re AG | 1,259 | 131,525 | ||||||
Swisscom AG | 198 | 122,175 | ||||||
Swissquote Group Holding SA | 110 | 20,944 | ||||||
Tecan Group AG | 13 | 5,254 | ||||||
Temenos AG | 158 | 11,621 | ||||||
TX Group AG | 16 | 2,370 | ||||||
u-blox Holding AG(1) | 117 | 12,558 | ||||||
UBS Group AG(2) | 15,296 | 333,147 | ||||||
Vontobel Holding AG | 291 | 17,975 | ||||||
Ypsomed Holding AG | 31 | 5,991 | ||||||
Zehnder Group AG | 81 | 6,282 | ||||||
Zurich Insurance Group AG | 748 | 354,816 | ||||||
4,942,875 | ||||||||
United Kingdom — 13.6% | ||||||||
3i Group PLC | 8,259 | 161,581 | ||||||
abrdn PLC | 12,695 | 34,203 | ||||||
Admiral Group PLC | 2,009 | 53,162 | ||||||
Advanced Medical Solutions Group PLC | 396 | 1,189 | ||||||
AG Barr PLC | 977 | 6,534 | ||||||
Airtel Africa PLC | 4,810 | 6,948 | ||||||
AJ Bell PLC | 3,625 | 14,250 | ||||||
Alliance Pharma PLC | 2,295 | 1,871 | ||||||
Anglo American PLC | 9,032 | 312,098 | ||||||
Antofagasta PLC | 2,638 | 49,763 | ||||||
Ascential PLC(1) | 2,470 | 8,028 | ||||||
Ashmore Group PLC | 3,821 | 12,423 | ||||||
Ashtead Group PLC | 4,019 | 265,934 | ||||||
ASOS PLC(1) | 292 | 3,052 | ||||||
Associated British Foods PLC | 2,494 | 60,120 | ||||||
Aston Martin Lagonda Global Holdings PLC(1)(2) | 1,095 | 2,641 | ||||||
AstraZeneca PLC, ADR | 5,877 | 383,063 | ||||||
Auto Trader Group PLC | 7,352 | 52,582 | ||||||
Aviva PLC | 11,123 | 59,757 | ||||||
B&M European Value Retail SA | 9,553 | 56,471 | ||||||
BAE Systems PLC | 7,392 | 79,835 | ||||||
Balfour Beatty PLC | 5,465 | 23,992 | ||||||
Bank of Georgia Group PLC | 731 | 24,615 | ||||||
Barclays PLC, ADR | 31,637 | 267,649 | ||||||
Barratt Developments PLC | 4,536 | 25,504 | ||||||
Beazley PLC(1) | 4,555 | 37,450 | ||||||
Bellway PLC | 1,090 | 29,060 | ||||||
Berkeley Group Holdings PLC | 765 | 38,509 | ||||||
boohoo Group PLC(1) | 1,399 | 844 | ||||||
Britvic PLC | 999 | 9,980 | ||||||
BT Group PLC | 57,059 | 95,657 | ||||||
Bunzl PLC | 738 | 26,296 | ||||||
Burberry Group PLC | 5,446 | 161,716 | ||||||
Burford Capital Ltd. | 1,499 | 12,154 | ||||||
Bytes Technology Group PLC | 3,288 | 15,795 |
94
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Capital Ltd. | 1,954 | $ | 2,496 | |||||
Centrica PLC | 43,248 | 54,576 | ||||||
Chesnara PLC | 1,156 | 3,964 | ||||||
Clarkson PLC | 320 | 12,708 | ||||||
Close Brothers Group PLC | 2,164 | 26,424 | ||||||
CMC Markets PLC | 2,182 | 6,464 | ||||||
Coats Group PLC | 22,871 | 20,145 | ||||||
Coca-Cola HBC AG(1) | 2,690 | 68,889 | ||||||
Compass Group PLC | 1,963 | 45,349 | ||||||
Computacenter PLC | 907 | 24,685 | ||||||
ConvaTec Group PLC | 5,646 | 15,241 | ||||||
Cranswick PLC | 437 | 16,497 | ||||||
Crest Nicholson Holdings PLC | 3,848 | 11,308 | ||||||
Croda International PLC | 548 | 43,216 | ||||||
Darktrace PLC(1)(2) | 1,378 | 4,348 | ||||||
De La Rue PLC(1) | 850 | 694 | ||||||
Dechra Pharmaceuticals PLC | 12 | 394 | ||||||
DFS Furniture PLC | 2,691 | 5,071 | ||||||
Diageo PLC, ADR | 1,943 | 336,217 | ||||||
Direct Line Insurance Group PLC | 10,809 | 23,400 | ||||||
Domino's Pizza Group PLC | 932 | 3,204 | ||||||
dotdigital group PLC | 1,384 | 1,505 | ||||||
Dr. Martens PLC | 5,820 | 11,116 | ||||||
Drax Group PLC | 5,563 | 42,542 | ||||||
DS Smith PLC | 18,674 | 75,856 | ||||||
Dunelm Group PLC | 1,499 | 22,662 | ||||||
Elementis PLC(1) | 949 | 1,453 | ||||||
EMIS Group PLC | 712 | 16,028 | ||||||
Ergomed PLC(1) | 477 | 6,459 | ||||||
Experian PLC | 1,249 | 42,109 | ||||||
Firstgroup PLC | 16,684 | 21,099 | ||||||
Forterra PLC | 4,602 | 12,193 | ||||||
Frasers Group PLC(1) | 2,000 | 19,226 | ||||||
Frontier Developments PLC(1) | 91 | 472 | ||||||
Funding Circle Holdings PLC(1) | 1,016 | 696 | ||||||
Games Workshop Group PLC | 574 | 63,718 | ||||||
Gamma Communications PLC | 1,226 | 17,242 | ||||||
Genus PLC | 31 | 1,105 | ||||||
Georgia Capital PLC(1) | 322 | 3,165 | ||||||
Golar LNG Ltd.(1) | 1,300 | 29,679 | ||||||
Grafton Group PLC | 2,304 | 26,364 | ||||||
Grainger PLC | 4,018 | 12,263 | ||||||
Greggs PLC | 1,706 | 55,714 | ||||||
GSK PLC, ADR | 10,814 | 370,596 | ||||||
Gym Group PLC(1) | 852 | 1,260 | ||||||
Haleon PLC, ADR(1) | 5,527 | 43,553 | ||||||
Halfords Group PLC | 2,253 | 5,698 | ||||||
Halma PLC | 95 | 2,472 | ||||||
Hargreaves Lansdown PLC | 4,665 | 46,482 | ||||||
Hays PLC | 23,848 | 33,846 | ||||||
Helical PLC | 892 | 3,801 |
95
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Helios Towers PLC(1) | 10,758 | $ | 14,201 | |||||
Hikma Pharmaceuticals PLC | 2,218 | 46,276 | ||||||
Hill & Smith PLC | 926 | 15,373 | ||||||
Hiscox Ltd. | 3,100 | 42,445 | ||||||
Hollywood Bowl Group PLC | 4,200 | 12,271 | ||||||
Howden Joinery Group PLC | 4,897 | 42,175 | ||||||
HSBC Holdings PLC, ADR(2) | 9,444 | 361,800 | ||||||
Hurricane Energy PLC(1) | 31,746 | 2,746 | ||||||
Ibstock PLC | 6,114 | 12,493 | ||||||
IG Group Holdings PLC | 5,030 | 48,558 | ||||||
IMI PLC | 1,364 | 25,504 | ||||||
Inchcape PLC | 7,083 | 77,437 | ||||||
Informa PLC | 555 | 4,458 | ||||||
InterContinental Hotels Group PLC | 270 | 18,201 | ||||||
Intermediate Capital Group PLC | 2,690 | 45,286 | ||||||
International Distributions Services PLC | 5,942 | 16,711 | ||||||
Intertek Group PLC | 669 | 33,579 | ||||||
Investec PLC | 5,821 | 37,074 | ||||||
IOG PLC(1) | 4,984 | 303 | ||||||
IP Group PLC | 7,874 | 6,153 | ||||||
IWG PLC(1) | 4,457 | 9,813 | ||||||
J Sainsbury PLC | 10,561 | 34,060 | ||||||
JD Sports Fashion PLC | 30,293 | 65,953 | ||||||
Johnson Service Group PLC | 3,776 | 5,056 | ||||||
Jubilee Metals Group PLC(1) | 4,896 | 561 | ||||||
Jupiter Fund Management PLC | 2,280 | 4,023 | ||||||
Just Group PLC | 10,129 | 10,646 | ||||||
Kainos Group PLC | 954 | 15,950 | ||||||
Kingfisher PLC | 14,884 | 51,474 | ||||||
Lancashire Holdings Ltd. | 2,429 | 17,878 | ||||||
Legal & General Group PLC | 45,930 | 141,377 | ||||||
Liberty Global PLC, Class A(1) | 1,321 | 27,067 | ||||||
Liberty Global PLC, Class C(1) | 2,084 | 44,285 | ||||||
Liontrust Asset Management PLC | 753 | 10,831 | ||||||
Lloyds Banking Group PLC, ADR(2) | 61,153 | 154,717 | ||||||
London Stock Exchange Group PLC | 529 | 47,198 | ||||||
Lookers PLC | 5,517 | 6,091 | ||||||
Luxfer Holdings PLC | 41 | 679 | ||||||
M&G PLC | 13,873 | 35,731 | ||||||
Man Group PLC | 19,866 | 63,444 | ||||||
Marks & Spencer Group PLC(1) | 21,267 | 40,895 | ||||||
Marshalls PLC | 752 | 3,033 | ||||||
Marston's PLC(1) | 7,441 | 3,486 | ||||||
ME GROUP INTERNATIONAL PLC | 3,161 | 4,797 | ||||||
Mediclinic International PLC | 3,906 | 23,392 | ||||||
Metro Bank PLC(1) | 628 | 1,127 | ||||||
Mitchells & Butlers PLC(1) | 3,192 | 6,232 | ||||||
Mitie Group PLC | 29,104 | 28,273 | ||||||
Mondi PLC | 4,668 | 78,447 | ||||||
Moneysupermarket.com Group PLC | 6,086 | 16,911 | ||||||
Morgan Sindall Group PLC | 185 | 3,994 |
96
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
National Grid PLC, ADR(2) | 313 | $ | 19,691 | |||||
NatWest Group PLC, ADR | 21,253 | 150,471 | ||||||
Next Fifteen Communications Group PLC | 515 | 6,413 | ||||||
Next PLC | 1,219 | 100,277 | ||||||
Ninety One PLC | 4,952 | 12,517 | ||||||
Ocado Group PLC(1) | 86 | 568 | ||||||
OSB Group PLC | 6,152 | 41,278 | ||||||
Pagegroup PLC | 5,164 | 27,640 | ||||||
Paragon Banking Group PLC | 3,350 | 24,021 | ||||||
Pearson PLC, ADR | 3,768 | 41,373 | ||||||
Pendragon PLC(1) | 6,181 | 1,418 | ||||||
Pennon Group PLC | 2,703 | 26,762 | ||||||
Persimmon PLC | 1,883 | 32,837 | ||||||
Pets at Home Group PLC | 191 | 892 | ||||||
Phoenix Group Holdings PLC | 2,646 | 20,157 | ||||||
Plus500 Ltd. | 1,967 | 42,432 | ||||||
Premier Foods PLC | 5,110 | 6,995 | ||||||
Provident Financial PLC | 2,998 | 8,002 | ||||||
Prudential PLC, ADR | 2,043 | 62,577 | ||||||
QinetiQ Group PLC | 4,475 | 18,228 | ||||||
Quilter PLC | 6,734 | 7,449 | ||||||
Rathbones Group PLC | 562 | 14,078 | ||||||
Reach PLC | 2,598 | 2,876 | ||||||
Reckitt Benckiser Group PLC | 3,024 | 209,820 | ||||||
Redde Northgate PLC | 3,502 | 17,037 | ||||||
Redrow PLC | 2,403 | 14,767 | ||||||
RELX PLC, ADR(2) | 4,966 | 150,420 | ||||||
Renewi PLC(1) | 364 | 3,008 | ||||||
Renishaw PLC | 224 | 10,761 | ||||||
Rentokil Initial PLC | 3,744 | 23,030 | ||||||
Restaurant Group PLC(1) | 8,090 | 3,411 | ||||||
Restore PLC | 647 | 2,459 | ||||||
Rightmove PLC | 6,951 | 46,781 | ||||||
Rolls-Royce Holdings PLC(1) | 6,672 | 11,625 | ||||||
RS GROUP PLC | 2,396 | 28,172 | ||||||
RWS Holdings PLC | 1,244 | 5,342 | ||||||
Sage Group PLC | 3,148 | 28,364 | ||||||
Savills PLC | 1,337 | 16,114 | ||||||
Schroders PLC | 3,807 | 22,724 | ||||||
Senior PLC | 650 | 1,305 | ||||||
Serco Group PLC | 12,042 | 22,551 | ||||||
Severn Trent PLC | 1,651 | 54,531 | ||||||
SIG PLC(1) | 1,313 | 673 | ||||||
Sirius Real Estate Ltd. | 5,166 | 5,220 | ||||||
Smart Metering Systems PLC | 668 | 6,952 | ||||||
Smith & Nephew PLC, ADR(2) | 1,787 | 51,055 | ||||||
Smiths Group PLC | 1,280 | 27,144 | ||||||
Softcat PLC | 1,338 | 19,493 | ||||||
Speedy Hire PLC | 4,768 | 2,118 | ||||||
Spirax-Sarco Engineering PLC | 166 | 23,313 |
97
Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
Spirent Communications PLC | 4,745 | $ | 12,139 | |||||
SSP Group PLC(1) | 5,308 | 16,608 | ||||||
St. James's Place PLC | 1,704 | 26,232 | ||||||
Standard Chartered PLC | 20,478 | 193,767 | ||||||
SThree PLC | 1,405 | 7,705 | ||||||
Strix Group PLC | 1,738 | 2,097 | ||||||
Superdry PLC(1) | 549 | 812 | ||||||
Synthomer PLC | 2,119 | 3,901 | ||||||
Taylor Wimpey PLC | 15,641 | 23,137 | ||||||
TBC Bank Group PLC | 831 | 24,796 | ||||||
Telecom Plus PLC | 949 | 20,022 | ||||||
THG PLC(1) | 3,264 | 2,273 | ||||||
TI Fluid Systems PLC | 3,263 | 4,738 | ||||||
TP ICAP Group PLC | 1,740 | 4,041 | ||||||
Travis Perkins PLC | 974 | 11,778 | ||||||
Tremor International Ltd.(1)(2) | 630 | 2,410 | ||||||
TUI AG(1) | 229 | 4,488 | ||||||
Tyman PLC | 355 | 1,084 | ||||||
Unilever PLC, ADR | 5,192 | 259,237 | ||||||
United Utilities Group PLC | 7,901 | 96,474 | ||||||
Vertu Motors PLC | 5,981 | 4,395 | ||||||
Vesuvius PLC | 213 | 1,057 | ||||||
Virgin Money UK PLC | 18,480 | 39,998 | ||||||
Vistry Group PLC | 2,059 | 20,322 | ||||||
Vodafone Group PLC, ADR | 11,943 | 142,958 | ||||||
Watkin Jones PLC | 873 | 1,037 | ||||||
Weir Group PLC | 394 | 8,963 | ||||||
WH Smith PLC | 1,004 | 19,124 | ||||||
Whitbread PLC | 1,277 | 47,362 | ||||||
Wickes Group PLC | 9,467 | 17,036 | ||||||
Wincanton PLC | 366 | 1,377 | ||||||
WPP PLC, ADR | 536 | 33,066 | ||||||
Yellow Cake PLC(1) | 3,296 | 15,892 | ||||||
YouGov PLC | 709 | 7,655 | ||||||
8,485,978 | ||||||||
United States — 0.2% | ||||||||
ADTRAN Holdings, Inc. | 74 | 1,287 | ||||||
Atlassian Corp., Class A(1) | 424 | 69,676 | ||||||
Ferguson PLC | 326 | 46,931 | ||||||
Gen Digital, Inc. | 2 | 39 | ||||||
117,933 | ||||||||
TOTAL COMMON STOCKS (Cost $56,385,321) | 62,041,126 | |||||||
RIGHTS† | ||||||||
Sweden† | ||||||||
Beijer Ref AB(1) (Cost $—) | 449 | 755 | ||||||
WARRANTS† | ||||||||
Australia† | ||||||||
Magellan Financial Group Ltd.(1)(2) (Cost $—) | 4 | 1 |
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Avantis Responsible International Equity ETF | ||||||||
Shares | Value | |||||||
SHORT-TERM INVESTMENTS — 1.8% | ||||||||
Money Market Funds — 1.8% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 69,291 | $ | 69,291 | |||||
State Street Navigator Securities Lending Government Money Market Portfolio(3) | 1,006,024 | 1,006,024 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,075,315) | 1,075,315 | |||||||
TOTAL INVESTMENT SECURITIES — 101.5% (Cost $57,460,636) | 63,117,197 | |||||||
OTHER ASSETS AND LIABILITIES — (1.5)% | (905,048) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 62,212,149 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Financials | 28.3% | ||||
Industrials | 16.1% | ||||
Consumer Discretionary | 13.2% | ||||
Health Care | 8.9% | ||||
Information Technology | 8.3% | ||||
Materials | 8.1% | ||||
Consumer Staples | 7.0% | ||||
Communication Services | 5.3% | ||||
Real Estate | 2.3% | ||||
Utilities | 1.9% | ||||
Energy | 0.3% | ||||
Short-Term Investments | 1.8% | ||||
Other Assets and Liabilities | (1.5)% |
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 $1,264,571. 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 $1,323,876, which includes securities collateral of $317,852.
See Notes to Financial Statements.
99
Statements of Assets and Liabilities |
FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis Responsible Emerging Markets Equity ETF | Avantis Responsible International Equity ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $42,438,701 and $56,454,612, respectively) — including $379,462 and $1,264,571, respectively of securities on loan | $ | 43,484,815 | $ | 62,111,173 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $212,450 and $1,006,024, respectively) | 212,450 | 1,006,024 | ||||||
Total investment securities, at value (cost of $42,651,151 and $57,460,636, respectively) | 43,697,265 | 63,117,197 | ||||||
Cash | 115 | — | ||||||
Foreign currency holdings, at value (cost of $4,302 and $583, respectively) | 4,296 | 581 | ||||||
Receivable for investments sold | 4,993 | — | ||||||
Receivable for capital shares sold | — | 2,488,735 | ||||||
Dividends and interest receivable | 148,820 | 105,600 | ||||||
Securities lending receivable | 707 | 757 | ||||||
43,856,196 | 65,712,870 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 212,450 | 1,006,024 | ||||||
Payable for investments purchased | 44,747 | 2,483,952 | ||||||
Accrued management fees | 11,489 | 10,745 | ||||||
268,686 | 3,500,721 | |||||||
Net Assets | $ | 43,587,510 | $ | 62,212,149 | ||||
Shares outstanding (unlimited number of shares authorized) | 1,000,000 | 1,250,000 | ||||||
Net Asset Value Per Share | $ | 43.59 | $ | 49.77 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 42,576,210 | $ | 56,668,785 | ||||
Distributable earnings (loss) | 1,011,300 | 5,543,364 | ||||||
$ | 43,587,510 | $ | 62,212,149 |
See Notes to Financial Statements.
100
Statements of Operations |
FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) | ||||||||
Avantis Responsible Emerging Markets Equity ETF | Avantis Responsible International Equity ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $48,721, and $41,762, respectively) | $ | 332,620 | $ | 410,781 | ||||
Interest | 1,662 | 2,658 | ||||||
Securities lending, net | 743 | 4,864 | ||||||
335,025 | 418,303 | |||||||
Expenses: | ||||||||
Management fees | 51,178 | 55,587 | ||||||
Other expenses | 1,412 | — | ||||||
52,590 | 55,587 | |||||||
Net investment income (loss) | 282,435 | 362,716 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions (net of foreign tax expenses paid (refunded) of $40 and $—, respectively) | (9,988) | (158,019) | ||||||
Foreign currency translation transactions | (29,534) | 5,673 | ||||||
(39,522) | (152,346) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments (includes (increase) decrease in accrued foreign taxes of $20,298 and $—, respectively) | 1,861,566 | 7,310,518 | ||||||
Translation of assets and liabilities in foreign currencies | (3,353) | (1,227) | ||||||
1,858,213 | 7,309,291 | |||||||
Net realized and unrealized gain (loss) | 1,818,691 | 7,156,945 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 2,101,126 | $ | 7,519,661 |
See Notes to Financial Statements.
101
Statements of Changes in Net Assets |
SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED) AND PERIOD ENDED AUGUST 31, 2022 | ||||||||||||||
Avantis Responsible Emerging Markets Equity ETF | Avantis Responsible International Equity ETF | |||||||||||||
Increase (Decrease) in Net Assets | February 28, 2023 | August 31, 2022(1) | February 28, 2023 | August 31, 2022(2) | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 282,435 | $ | 160,792 | $ | 362,716 | $ | 201,797 | ||||||
Net realized gain (loss) | (39,522) | (46,902) | (152,346) | (16,770) | ||||||||||
Change in net unrealized appreciation (depreciation) | 1,858,213 | (815,636) | 7,309,291 | (1,655,089) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 2,101,126 | (701,746) | 7,519,661 | (1,470,062) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (360,000) | (28,080) | (400,080) | (106,155) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 28,802,442 | 13,723,663 | 28,173,101 | 28,455,437 | ||||||||||
Other capital | 29,854 | 20,251 | 21,026 | 19,221 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 28,832,296 | 13,743,914 | 28,194,127 | 28,474,658 | ||||||||||
Net increase (decrease) in net assets | 30,573,422 | 13,014,088 | 35,313,708 | 26,898,441 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 13,014,088 | — | 26,898,441 | — | ||||||||||
End of period | $ | 43,587,510 | $ | 13,014,088 | $ | 62,212,149 | $ | 26,898,441 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 700,000 | 300,000 | 650,000 | 600,000 |
(1)March 28, 2022 (fund inception) through August 31, 2022.
(2)March 15, 2022 (fund inception) through August 31, 2022.
See Notes to Financial Statements.
102
Notes to Financial Statements |
FEBRUARY 28, 2023 (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 Responsible Emerging Markets Equity ETF and Avantis Responsible International Equity ETF (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. Shares of the funds are listed for trading on the NYSE Arca, Inc. Avantis Responsible Emerging Markets Equity ETF incepted on March 28, 2022. Avantis Responsible International Equity ETF incepted on March 15, 2022.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the funds in preparation of their financial statements. Each fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The funds determine the fair value of their investments and compute their net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the funds are determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
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 valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the funds to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.
The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before each fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
103
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. ACIM 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. The funds may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.
Income Tax Status — It is each fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The funds file U.S. federal, state, local and non-U.S. tax returns as applicable. The funds' tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
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.
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.
104
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, 2023.
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Fund / Securities Lending Transactions(1) | Overnight and Continuous | <30 days | Between 30 & 90 days | >90 days | Total | ||||||||||||
Avantis Responsible Emerging Markets Equity ETF | |||||||||||||||||
Common Stocks | $ | 212,450 | — | — | — | $ | 212,450 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 212,450 | |||||||||||||||
Avantis Responsible International Equity ETF | |||||||||||||||||
Common Stocks | $ | 1,006,024 | — | — | — | $ | 1,006,024 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 1,006,024 |
(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.
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 Responsible Emerging Markets Equity ETF | 0.33% | ||||
Avantis Responsible International Equity ETF | 0.23% |
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.
105
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period ended February 28, 2023 were as follows:
Avantis Responsible Emerging Markets Equity ETF | Avantis Responsible International Equity ETF | |||||||
Purchases | $25,255,419 | $17,934,166 | ||||||
Sales | $651,933 | $1,531,956 |
Securities received or delivered in kind through subscriptions and redemptions and in kind net realized gain (loss) for the period ended February 28, 2023 were as follows:
In kind Subscriptions | In kind Redemptions | In kind Net Realized Gain/(Loss) | |||||||||
Avantis Responsible Emerging Markets Equity ETF | $4,017,282 | — | — | ||||||||
Avantis Responsible International Equity ETF | $11,779,858 | — | — |
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.
106
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 Responsible Emerging Markets Equity ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Brazil | $ | 879,429 | $ | 1,667,768 | — | ||||||
Chile | 76,088 | 217,791 | — | ||||||||
China | 3,278,542 | 9,405,387 | — | ||||||||
Colombia | 20,269 | 32,372 | — | ||||||||
India | 738,623 | 6,021,273 | — | ||||||||
Indonesia | 111,283 | 845,085 | — | ||||||||
Mexico | 444,854 | 817,693 | — | ||||||||
Peru | 115,084 | — | — | ||||||||
Philippines | 19,862 | 383,773 | — | ||||||||
South Africa | 198,043 | 1,541,527 | — | ||||||||
South Korea | 430,317 | 5,407,794 | — | ||||||||
Taiwan | 1,844,518 | 5,785,161 | — | ||||||||
Turkey | 17,924 | 360,714 | — | ||||||||
Other Countries | — | 2,776,376 | — | ||||||||
Rights | — | 872 | — | ||||||||
Warrants | — | 59 | — | ||||||||
Short-Term Investments | 258,784 | — | — | ||||||||
$ | 8,433,620 | $ | 35,263,645 | — |
Avantis Responsible International Equity ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | |||||||||||
Belgium | $ | 61,151 | $ | 530,429 | — | ||||||
Canada | 4,326 | 6,525,381 | — | ||||||||
Denmark | 695,333 | 885,741 | — | ||||||||
Finland | 46,736 | 534,957 | — | ||||||||
France | 777,981 | 5,403,078 | — | ||||||||
Germany | 348,801 | 4,065,574 | — | ||||||||
Hong Kong | 14,763 | 1,472,040 | — | ||||||||
Israel | 128,971 | 375,941 | — | ||||||||
Japan | 1,652,705 | 10,927,156 | — | ||||||||
Netherlands | 1,009,678 | 1,311,396 | — | ||||||||
Singapore | 35,270 | 812,470 | — | ||||||||
Spain | 462,830 | 920,875 | — | ||||||||
Sweden | 67,247 | 2,027,987 | — | ||||||||
Switzerland | 901,534 | 4,041,341 | — | ||||||||
United Kingdom | 2,930,153 | 5,555,825 | — | ||||||||
United States | 69,676 | 48,257 | — | ||||||||
Other Countries | — | 7,395,523 | — | ||||||||
Rights | — | 755 | — | ||||||||
Warrants | — | 1 | — | ||||||||
Short-Term Investments | 1,075,315 | — | — | ||||||||
$ | 10,282,470 | $ | 52,834,727 | — |
107
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 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:
Avantis Responsible Emerging Markets Equity ETF | Avantis Responsible International Equity ETF | |||||||
Federal tax cost of investments | $ | 42,651,199 | $ | 57,490,131 | ||||
Gross tax appreciation of investments | $ | 3,135,863 | $ | 6,991,752 | ||||
Gross tax depreciation of investments | (2,089,797) | (1,364,686) | ||||||
Net tax appreciation (depreciation) of investments | $ | 1,046,066 | $ | 5,627,066 |
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, 2022, the funds had accumulated capital losses which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. Capital loss carryovers were as follows:
Short-term capital losses | |||||
Avantis Responsible Emerging Markets Equity ETF | $ | (35,060) | |||
Avantis Responsible International Equity ETF | $ | (14,380) |
108
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 Responsible Emerging Markets Equity ETF | ||||||||||||||||||||||||||||||||||||||
2023(4) | $43.38 | 0.39 | 0.18 | 0.57 | (0.40) | 0.04 | $43.59 | 1.43% | 0.34%(5) | 1.82%(5) | 2% | $43,588 | ||||||||||||||||||||||||||
2022(6) | $49.47 | 0.93 | (7.00) | (6.07) | (0.14) | 0.12 | $43.38 | (12.04)% | 0.33%(5) | 4.89%(5) | 2% | $13,014 |
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, 2023 (unaudited).
(5)Annualized.
(6)March 28, 2022 (fund inception) through August 31, 2022.
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 Responsible International Equity ETF | ||||||||||||||||||||||||||||||||||||||
2023(4) | $44.83 | 0.35 | 4.90 | 5.25 | (0.33) | 0.02 | $49.77 | 11.82% | 0.23%(5) | 1.50%(5) | 3% | $62,212 | ||||||||||||||||||||||||||
2022(6) | $50.51 | 0.66 | (6.10) | (5.44) | (0.30) | 0.06 | $44.83 | (10.66)% | 0.23%(5) | 3.01%(5) | 3% | $26,898 |
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, 2023 (unaudited).
(5)Annualized.
(6)March 15, 2022 (fund inception) through August 31, 2022.
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 at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the funds' investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the funds is available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The funds' Form N-PORT reports are available on the SEC’s website at sec.gov.
111
Notes |
112
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. | ||||||||
©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-97864 2304 |
Semiannual Report | |||||
February 28, 2023 | |||||
Avantis® All Equity Markets ETF (AVGE) | |||||
Table of Contents |
Chairman’s Letter | |||||
Fund Characteristics | |||||
Shareholder Fee Example | |||||
Schedule of Investments | |||||
Statement of Assets and Liabilities | |||||
Statement of Operations | |||||
Statement 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 ending February 28, 2023. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit avantisinvestors.com.
Stocks and Bonds Delivered Mixed Results as Volatility Reigned
Elevated inflation, escalating market and geopolitical uncertainty and slowing growth outlooks weighed on financial markets for most of the reporting period. Asset class performance seesawed amid mixed economic data and anticipated monetary policy responses.
The Federal Reserve and other central banks continued to combat inflation with aggressive rate hikes, and their efforts finally yielded results. After peaking at a 40-year-high 9.1% in June, the annual U.S. inflation rate steadily eased, dipping to 6% by February. Central bank tightening also helped slow inflation in the U.K., where it peaked at 11.1%, and the eurozone, where it climbed to a record-high 10.6%. Inflation rates ended the period at 10.1% in the U.K. and 8.5% in the eurozone.
In addition to helping tame inflation, rapidly rising rates also fueled recession worries and led to expectations for central banks to change course. This sentiment sparked widespread market gains in late 2022 and early 2023. However, with inflation still much higher than central bank targets, policymakers continued to raise rates and indicated a near-term course change was unlikely. In response, most stock and bond indices declined in February.
For the period overall, non-U.S. developed markets stocks rallied and outperformed U.S. stocks, which advanced modestly, and emerging markets stocks, which declined. Rising yields left most U.S. and global bond indices with declines for the six-month period. However, emerging markets bonds advanced, partly due to U.S. dollar weakness.
Remaining Diligent in Uncertain Times
We expect market volatility to linger as investors navigate a complex environment of high inflation, tighter financial conditions, banking sector turbulence and economic uncertainty. In addition, increasingly tense geopolitical considerations complicate the market backdrop.
We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.
Sincerely,
Jonathan Thomas
Chairman
Avantis Investors
2
Fund Characteristics |
FEBRUARY 28, 2023 | |||||
Avantis All Equity Markets ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Domestic Equity Funds | 71.0% | ||||
International Equity Funds | 28.9% | ||||
Short-Term Investments | 0.1% | ||||
Other Assets and Liabilities | —(1) | ||||
(1) Category is less than 0.05% of total net assets. |
3
Shareholder Fee Example |
Fund shareholders may incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other funds.
The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from September 1, 2022 to February 28, 2023 (except as noted).
Actual Expenses
The table provides information about actual account values and actual expenses. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning Account Value 9/1/22 | Ending Account Value 2/28/23 | Expenses Paid During Period(1) 9/1/22 - 2/28/23 | Annualized Expense Ratio(1) | |||||||||||
Avantis All Equity Markets ETF | ||||||||||||||
Actual | $1,000 | $1,169.10 | $0.14(2) | 0.03% | ||||||||||
Hypothetical | $1,000 | $1,024.65 | $0.15 | 0.03% |
(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 155, the number of days in the period from September 27, 2022 (fund inception) through February 28, 2023, divided by 365, to reflect the period. Had the fund been available for the full period, the expenses paid during the period would have been higher.
4
Schedule of Investments |
FEBRUARY 28, 2023 (UNAUDITED)
Avantis All Equity Markets ETF | ||||||||
Shares | Value | |||||||
UNDERLYING FUNDS(1) — 99.9% | ||||||||
Domestic Equity Funds — 71.0% | ||||||||
Avantis Real Estate ETF | 86,932 | $ | 3,689,394 | |||||
Avantis U.S. Equity ETF | 790,355 | 56,091,495 | ||||||
Avantis U.S. Large Cap Value ETF | 376,287 | 19,585,738 | ||||||
Avantis U.S. Small Cap Equity ETF | 140,488 | 6,635,782 | ||||||
Avantis U.S. Small Cap Value ETF | 83,434 | 6,746,473 | ||||||
92,748,882 | ||||||||
International Equity Funds — 28.9% | ||||||||
Avantis Emerging Markets Equity ETF | 159,509 | 8,203,548 | ||||||
Avantis Emerging Markets Value ETF | 131,246 | 5,526,769 | ||||||
Avantis International Equity ETF | 250,314 | 14,072,653 | ||||||
Avantis International Large Cap Value ETF | 146,746 | 7,040,873 | ||||||
Avantis International Small Cap Value ETF | 48,185 | 2,821,714 | ||||||
37,665,557 | ||||||||
TOTAL UNDERLYING FUNDS (Cost $126,373,454) | 130,414,439 | |||||||
SHORT-TERM INVESTMENTS — 0.1% | ||||||||
Money Market Funds — 0.1% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $142,526) | 142,526 | 142,526 | ||||||
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $126,515,980) | 130,556,965 | |||||||
OTHER ASSETS AND LIABILITIES† | 6,621 | |||||||
TOTAL NET ASSETS — 100.0% | $ | 130,563,586 |
NOTES TO SCHEDULE OF INVESTMENTS |
†Category is less than 0.05% of total net assets.
(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.
See Notes to Financial Statements.
5
Statement of Assets and Liabilities |
FEBRUARY 28, 2023 (UNAUDITED) | |||||
Avantis All Equity Markets ETF | |||||
Assets | |||||
Investment securities - affiliates, at value (cost of $126,373,454) | $ | 130,414,439 | |||
Investment securities - unaffiliated, at value (cost of $142,526) | 142,526 | ||||
Total investment securities, at value (cost of $126,515,980) | 130,556,965 | ||||
Receivable for capital shares sold | 2,322,667 | ||||
Interest receivable | 411 | ||||
132,880,043 | |||||
Liabilities | |||||
Payable for investments purchased | 2,313,634 | ||||
Accrued management fees | 2,823 | ||||
2,316,457 | |||||
Net Assets | $ | 130,563,586 | |||
Shares outstanding (unlimited number of shares authorized) | 2,250,000 | ||||
Net Asset Value Per Share | $ | 58.03 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 126,215,215 | |||
Distributable earnings (loss) | 4,348,371 | ||||
$ | 130,563,586 |
See Notes to Financial Statements.
6
Statement of Operations |
FOR THE PERIOD ENDED FEBRUARY 28, 2023 (UNAUDITED)(1) | |||||
Avantis All Equity Markets ETF | |||||
Investment Income (Loss) | |||||
Income: | |||||
Income distributions from underlying funds | $ | 479,781 | |||
Interest | 1,173 | ||||
480,954 | |||||
Expenses: | |||||
Management fees | 13,810 | ||||
Fees waived | (5,524) | ||||
8,286 | |||||
Net investment income (loss) | 472,668 | ||||
Realized and Unrealized Gain (Loss) | |||||
Sales of investments in underlying funds | 334,753 | ||||
Change in net unrealized appreciation (depreciation) on investments in underlying funds | 4,040,985 | ||||
Net realized and unrealized gain (loss) | 4,375,738 | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 4,848,406 |
(1)September 27, 2022 (fund inception) through February 28, 2023.
See Notes to Financial Statements.
7
Statement of Changes in Net Assets |
PERIOD ENDED FEBRUARY 28, 2023 (UNAUDITED)(1) | |||||
Avantis All Equity Markets ETF | |||||
Increase (Decrease) in Net Assets | |||||
Operations | |||||
Net investment income (loss) | $ | 472,668 | |||
Net realized gain (loss) | 334,753 | ||||
Change in net unrealized appreciation (depreciation) | 4,040,985 | ||||
Net increase (decrease) in net assets resulting from operations | 4,848,406 | ||||
Distributions to Shareholders | |||||
From earnings | (500,035) | ||||
Capital Share Transactions | |||||
Proceeds from shares sold | 130,100,726 | ||||
Payments for shares redeemed | (3,885,511) | ||||
Net increase (decrease) in net assets from capital share transactions | 126,215,215 | ||||
Net increase (decrease) in net assets | 130,563,586 | ||||
Net Assets | |||||
End of period | $ | 130,563,586 | |||
Transactions in Shares of the Fund | |||||
Sold | 2,317,500 | ||||
Redeemed | (67,500) | ||||
Net increase (decrease) in shares of the fund | 2,250,000 |
(1)September 27, 2022 (fund inception) through February 28, 2023.
See Notes to Financial Statements.
8
Notes to Financial Statements |
FEBRUARY 28, 2023 (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 All Equity Markets ETF (the fund) is one fund in a series issued by the trust. The fund operates as a “fund of funds,” meaning substantially all of the fund’s assets will be invested in a combination of Avantis exchange-traded funds (the underlying funds). The underlying funds represent a broadly diversified basket of equity securities. The fund will assume the risks associated with the underlying funds. Additional information and attributes of each underlying fund are available at avantisinvestors.com. The fund's investment objective is to seek long-term capital appreciation. Shares of the fund are listed for trading on the NYSE Arca, Inc. The fund incepted on September 27, 2022.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.
Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.
Open-end management investment companies are valued at the reported NAV. Exchange-traded funds are listed or traded on a domestic securities exchange and are valued at the last reported sales price or at the official closing price as provided by the exchange.
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 — Income and capital gain distributions, if any, from the underlying funds are recorded as of the ex-dividend date. Long-term capital gain distributions, if any, from the underlying funds are a component of net realized gain (loss). Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.
Income Tax Status — It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid semiannually. Distributions from net realized gains, if any, are generally declared and paid annually.
9
Indemnifications — Under the trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.
3. Fees and Transactions with Related Parties
Certain officers and trustees of the trust are also officers and/or directors of American Century Companies, Inc. (ACC). The trust's investment advisor, ACIM, and the trust’s administrator, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.
Management Fees — The trust has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee). The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage and other transaction fees and expenses relating to the acquisition and disposition of portfolio securities, acquired fund fees and expenses, interest, taxes, litigation expenses and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. During the period ended February 28, 2023, the investment advisor agreed to waive 0.02% of the fund's management fee. The investment advisor expects this waiver to continue until December 31, 2023 and cannot terminate it prior to such date without the approval of the Board of Trustees. The effective annual management fee for the period ended February 28, 2023 was 0.05% before waiver and 0.03% after waiver.
Acquired Fund Fees and Expenses — The fund will indirectly realize its pro rata share of the fees and
expenses of the underlying funds in which it invests. These fees and expenses are already reflected in the
valuation of the underlying funds.
4. Investment Transactions
Purchases and sales of investment securities, excluding short-term investments and in kind transactions, for the period September 27, 2022 (fund inception) through February 28, 2023 were $1,836,494 and $1,367,532, respectively.
Securities received or delivered in kind through subscriptions and redemptions for the period September 27,
2022 (fund inception) through February 28, 2023 were $128,034,873 and $2,465,134, respectively. The fund incurred net realized gains of $357,337 from in kind transactions. Net realized gain (loss) on in kind transactions are not considered taxable for federal income tax purposes.
5. Capital Share Transactions
The fund’s shares may only be bought and sold in a secondary market through a broker-dealer at a market price. Because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). The fund issues and redeems shares at its NAV only in aggregations of a specified number of shares (a creation unit) generally in exchange for a designated portfolio of securities and/or cash (including any portion of such securities for which cash may be substituted). Authorized participants may be required to pay an additional variable charge to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from creation unit transactions. Such variable charges, if any, are included in other capital within the Statement of Changes in Net Assets.
6. Fair Value Measurements
The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.
10
•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.
•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
As of period end, the fund's investment securities were classified as Level 1. The Schedule of Investments provides additional information on the fund's portfolio holdings.
7. 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 All Equity Markets ETF | |||||
Federal tax cost of investments | $ | 126,515,980 | |||
Gross tax appreciation of investments | $ | 4,040,985 | |||
Gross tax depreciation of investments | — | ||||
Net tax appreciation (depreciation) of investments | $ | 4,040,985 |
The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.
8. Investments in Underlying Funds
The fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments by the fund within it's investment strategy may represent a significant portion of the underlying funds’ net assets.
9. Risk Factors
The value of the fund’s shares will go up and down based on the performance of the underlying funds in which it invests. The value of the underlying funds' shares will, in turn, fluctuate based on the performance of the securities they own and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.
11
10. Affiliated Fund Transactions
A summary of transactions for each underlying fund for the period September 27, 2022 (fund inception) through February 28, 2023 follows (amounts in thousands):
Underlying Fund | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value | Ending Shares | Net Realized Gain (Loss) | Distributions Received(1) | ||||||||||||||||||
Avantis Real Estate ETF | — | $ | 3,693 | $ | 63 | $ | 59 | $ | 3,689 | 87 | $ | 9 | $ | 18 | ||||||||||||
Avantis U.S. Equity ETF | — | 57,026 | 2,304 | 1,369 | 56,091 | 790 | 115 | 133 | ||||||||||||||||||
Avantis U.S. Large Cap Value ETF | — | 19,524 | 339 | 401 | 19,586 | 376 | 60 | 58 | ||||||||||||||||||
Avantis U.S. Small Cap Equity ETF | — | 6,384 | 104 | 355 | 6,635 | 140 | 19 | 11 | ||||||||||||||||||
Avantis U.S. Small Cap Value ETF | — | 6,504 | 104 | 346 | 6,746 | 83 | 23 | 18 | ||||||||||||||||||
Avantis Emerging Markets Equity ETF | — | 8,270 | 132 | 66 | 8,204 | 160 | 19 | 65 | ||||||||||||||||||
Avantis Emerging Markets Value ETF | — | 5,558 | 90 | 59 | 5,527 | 131 | 12 | 62 | ||||||||||||||||||
Avantis International Equity ETF | — | 13,515 | 214 | 772 | 14,073 | 250 | 44 | 67 | ||||||||||||||||||
Avantis International Large Cap Value ETF | — | 6,701 | 105 | 445 | 7,041 | 147 | 25 | 30 | ||||||||||||||||||
Avantis International Small Cap Value ETF | — | 2,696 | 43 | 169 | 2,822 | 48 | 9 | 18 | ||||||||||||||||||
— | $ | 129,871 | $ | 3,498 | $ | 4,041 | $ | 130,414 | 2,212 | $ | 335 | $ | 480 |
(1)Distributions received includes distributions from net investment income and from capital gains, if any.
Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | |||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total From Investment Operations | Distributions From Net Investment Income | Net Asset Value, End of Period | Total Return(2) | Operating Expenses(6) | Operating Expenses (before expense waiver)(6) | Net Investment Income (Loss) | Net Investment Income (Loss) (before expense waiver) | Portfolio Turnover Rate(3) | Net Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||
Avantis All Equity Markets ETF | |||||||||||||||||||||||||||||||||||||||||
2023(4) | $50.01 | 0.42 | 8.01 | 8.43 | (0.41) | $58.03 | 16.91% | 0.03%(5) | 0.05%(5) | 1.71%(5) | 1.69%(5) | 2% | $130,564 |
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 27, 2022 (fund inception) through February 28, 2023 (unaudited).
(5)Annualized.
(6)Ratio of operating expenses to average net assets and ratio of operating expenses before expense waiver to average net assets does not include any fees and expenses of the underlying funds.
See Notes to Financial Statements.
Approval of Management Agreement |
At a meeting held on September 14, 2022, the Fund's Board of Trustees (the "Board") unanimously approved the initial management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Avantis All Equity Markets ETF (the "New Fund").
Under Section 15 of the of the Investment Company Act of 1940, new contracts for investment advisory services are required to be approved by a majority of a fund’s independent Trustees and, after a period two years from execution, to be evaluated on an annual basis.
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 similarly-managed funds;
•the Advisor’s compliance policies, procedures, and regulatory experience; and
•any collateral benefits derived by the Advisor from the management of the New Fund.
Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent data provider and comparing the New Fund’s fee to the total expense ratio of expected peer funds. The annual management fees charged to shareholders of the New Fund was anticipated to be below the median of the total expense ratios of it's respective peer universe.
When considering the approval of the management agreement for the New Fund, the independent Trustees considered the entrepreneurial risk that the Advisor assumes in launching a new fund. In particular, they considered the fact that the Advisor will assume a substantial part of the start-up costs of the New Fund and the risk that the New Fund will not grow to a level that will become profitable to the Advisor. The Board considered the position that the New Fund would take in the lineup of the American Century Investments’ family of funds and the benefits to shareholders of existing funds of the broadened product offering. Finally, while not specifically discussed, but important in the decision to approve the management agreement, is the Trustees’ familiarity with the Advisor. A majority of the Board oversees and evaluates on a continuous basis the nature and quality of all services the Advisor performs for other funds within the American Century Investments’ complex. As such, the Trustees have confidence in the Advisor’s integrity and competence in providing services to the New Fund.
The independent Trustees considered all of the information provided by the Advisor and the independent Trustees’ independent counsel in connection with the approval, and evaluated such information for the New Fund. In connection with their review, the Trustees did not identify any single factor as being all-important or controlling, and each Trustee may have attributed different levels of importance to different factors. The independent Trustees concluded that the 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.
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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 at the IRS default rate of 10%.* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.
Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.
State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.
Proxy Voting Policies
A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-6488. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available at americancentury.com/proxy. It is also available at sec.gov.
Quarterly Portfolio Disclosure
The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC’s website at sec.gov.
15
Notes |
16
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. | ||||||||
©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-98025 2304 |
(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, 2023 |
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, 2023 |
By: | /s/ R. Wes Campbell | ||||||||||
Name: | R. Wes Campbell | ||||||||||
Title: | Treasurer and Chief Financial Officer | ||||||||||
(principal financial officer) | |||||||||||
Date: | April 27, 2023 |