SEI Exchange Traded Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________

FORM N-CSRS

________

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23754

SEI EXCHANGE TRADED FUNDS

(Exact name of registrant as specified in charter)

________

SEI Investments Company

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices)

Timothy D. Barto, Esq.

SEI Investments Company

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: 610-676-1000

Date of fiscal year end: March 31, 2024

Date of reporting period: September 30, 2023

Item 1. Reports to Stockholders.

September 30, 2023

SEMI-ANNUAL REPORT

SEI Exchange Traded Funds

❯ SEI Enhanced U.S. Large Cap Quality Factor ETF

❯ SEI Enhanced U.S. Large Cap Momentum Factor ETF

❯ SEI Enhanced U.S. Large Cap Value Factor ETF

❯ SEI Enhanced Low Volatility U.S. Large Cap ETF

Paper copies of the Funds’ shareholder reports are no longer sent by mail, unless you specifically request them from the Funds or from your financial intermediary, such as a broker-dealer or bank. Shareholder reports are available online and you will be notified by mail each time a report is posted on the Funds’ website and provided with a link to access the report online.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to inform it that you wish to continue receiving paper copies of your shareholder reports. If you invest directly with the Funds, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-DIAL-SEI. Your election to receive reports in paper will apply to all funds held with the SEI Funds or your financial intermediary.

seic.com

TABLE OF CONTENTS

Schedules of Investments	1
Statements of Assets and Liabilities	10
Statements of Operations	11
Statements of Changes in Net Assets	12
Financial Highlights	16
Notes to Financial Statements	17
Disclosure of Fund Expenses	25

Shares are bought and sold at market price (not net asset value) and are not individually redeemed from a Fund. Shares may only be redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.

The Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Trust’s Form N-PORT reports are available on the Commission’s website at http://www.sec.gov.

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 1-800-DIAL-SEI; and (ii) on the Commission’s website at http://www.sec.gov.

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

SEI Enhanced U.S. Large Cap Quality Factor ETF

^†Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† — 99.6%
Communication Services — 8.0%
Alphabet, Cl A *		7,697	$	1,007
Alphabet, Cl C *		347		46
Electronic Arts		2,223		268
				1,321
Consumer Discretionary — 15.2%
Amazon.com *		379		48
AutoZone *		20		51
Booking Holdings *		142		438
Domino's Pizza		722		273
Grand Canyon Education *		339		40
H&R Block		1,281		55
McDonald's		261		69
NVR *		63		376
O'Reilly Automotive *		549		499
Ulta Beauty *		772		308
Yum! Brands		2,906		363
				2,520
Consumer Staples — 10.2%
Altria Group		8,548		359
Coca-Cola		5,995		336
Colgate-Palmolive		3,269		232
Monster Beverage *		4,051		215
Philip Morris International		4,569		423
Procter & Gamble		846		123
				1,688
Financials — 11.9%
American Express		164		24
FactSet Research Systems		764		334
Mastercard, Cl A		1,224		485
Moody's		917		290
MSCI, Cl A		692		355

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Visa, Cl A		2,116	$	487
				1,975
Health Care — 15.2%
Bristol-Myers Squibb		3,767		219
Edwards Lifesciences *		573		40
Eli Lilly		297		159
Hologic *		4,552		316
Johnson & Johnson		2,449		381
Merck & Co		4,299		443
Mettler-Toledo International *		219		243
Pfizer		8,561		284
Vertex Pharmaceuticals *		1,096		381
Waters *		219		60
				2,526
Industrials — 5.7%
Fastenal		6,529		357
Paychex		2,920		337
Robert Half		2,162		158
United Parcel Service, Cl B		174		27
Verisk Analytics, Cl A		264		62
				941
Information Technology — 33.4%
Adobe *		466		238
Apple		8,388		1,436
Autodesk *		519		107
Broadcom		491		408
Cadence Design Systems *		2,261		530
Cisco Systems		1,803		97
Dolby Laboratories, Cl A		1,294		103
Keysight Technologies *		2,036		269
Manhattan Associates *		1,260		249
Microsoft		4,302		1,358
QUALCOMM		207		23
Texas Instruments		2,286		363
VeriSign *		1,802		365
				5,546
Total Common Stock
(Cost $15,551) ($ Thousands)				16,517
Total Investments in Securities — 99.6%
(Cost $15,551) ($ Thousands)			$	16,517

	Percentages are based on Net Assets of $16,581 ($ Thousands).
*	Non-income producing security.
††	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

As of September 30, 2023, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See “Glossary” for abbreviations.

SEI Exchange Traded Funds

1

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

SEI Enhanced U.S. Large Cap Quality Factor ETF (Concluded)

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

2

SEI Exchange Traded Funds

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

SEI Enhanced U.S. Large Cap Momentum Factor ETF

^†Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† — 99.0%
Communication Services — 5.3%
Alphabet, Cl C *		60	$	8
Interpublic Group of Cos		10,846		311
Meta Platforms, Cl A *		3,259		978
TKO Group Holdings		1,501		126
				1,423
Consumer Discretionary — 12.6%
Amazon.com *		445		57
AutoZone *		270		686
Chipotle Mexican Grill, Cl A *		107		196
Deckers Outdoor *		228		117
DR Horton		4,728		508
Genuine Parts		3,202		462
Lululemon Athletica *		719		277
O'Reilly Automotive *		690		627
PulteGroup		1,054		78
Toll Brothers		3,700		274
Ulta Beauty *		311		124
				3,406
Consumer Staples — 7.3%
Archer-Daniels-Midland		540		41
General Mills		6,943		444
Hershey		2,989		598
Lamb Weston Holdings		5,093		471
Mondelez International, Cl A		6,266		435
				1,989
Energy — 3.2%
Halliburton		2,038		83
Schlumberger		11,530		672
TechnipFMC		5,813		118
				873

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Financials — 9.8%
Aflac		1,854	$	142
Apollo Global Management		4,892		439
Arch Capital Group *		7,312		583
Blackstone		132		14
Chubb		78		16
Erie Indemnity, Cl A		890		262
FactSet Research Systems		728		318
Shift4 Payments, Cl A *		1,804		100
Unum Group		2,987		147
W R Berkley		5,299		337
WEX *		1,584		298
				2,656
Health Care — 10.6%
AbbVie		790		118
Acadia Healthcare *		1,637		115
Cigna		183		52
Dexcom *		1,461		136
GE HealthCare Technologies		1,717		117
Gilead Sciences		7,460		559
Humana		1,098		534
McKesson		1,554		676
Merck & Co		1,859		192
Penumbra *		1,266		306
Stryker		256		70
				2,875
Industrials — 15.1%
Axon Enterprise *		2,421		482
Booz Allen Hamilton Holding, Cl A		4,639		507
Builders FirstSource *		4,334		539
Clean Harbors *		1,862		312
General Electric		535		59
Hubbell, Cl B		1,015		318
nVent Electric		1,863		99
Parker-Hannifin		1,612		628
Paylocity Holding *		1,442		262
Republic Services, Cl A		3,916		558
Trane Technologies		1,599		324
				4,088
Information Technology — 32.7%
Allegro MicroSystems *		2,389		76
Apple		13,139		2,249
Arista Networks *		4,511		830
Cadence Design Systems *		2,926		686
Fair Isaac *		100		87
First Solar *		828		134
Jabil		4,644		589
Keysight Technologies *		1,584		210
Manhattan Associates *		2,288		452
Microsoft		3,252		1,027

SEI Exchange Traded Funds

3

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

SEI Enhanced U.S. Large Cap Momentum Factor ETF (Concluded)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
NVIDIA		2,812	$	1,223
ON Semiconductor *		8,280		770
Palo Alto Networks *		2,214		519
				8,852
Materials — 0.2%
Chemours		1,175		33
Reliance Steel & Aluminum		61		16
				49
Utilities — 2.2%
National Fuel Gas		3,122		162
NextEra Energy		7,660		439
				601
Total Common Stock
(Cost $25,628) ($ Thousands)				26,812
Total Investments in Securities — 99.0%
(Cost $25,628) ($ Thousands)			$	26,812

	Percentages are based on Net Assets of $27,087 ($ Thousands).
*	Non-income producing security.
††	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

As of September 30, 2023, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See “Glossary” for abbreviations.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

4

SEI Exchange Traded Funds

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

SEI Enhanced U.S. Large Cap Value Factor ETF

^†Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† — 99.1%
Communication Services — 9.4%
Alphabet, Cl C *		3,084	$	407
AT&T		40,484		608
Comcast, Cl A		3,041		135
Meta Platforms, Cl A *		2,232		670
Omnicom Group		1,596		119
Playtika Holding *		691		7
TripAdvisor *		3,880		64
Verizon Communications		19,444		630
				2,640
Consumer Discretionary — 11.5%
Amazon.com *		520		66
eBay		4,126		182
Ford Motor		14,988		186
General Motors		15,982		527
H&R Block		6,076		262
Lennar, Cl A		4,365		490
Lennar, Cl B		511		52
Macy's		9,307		108
Mohawk Industries *		175		15
Penn Entertainment *		5,328		122
PulteGroup		8,738		647
PVH		2,541		195
Thor Industries		686		65
Toll Brothers		3,851		285
				3,202
Consumer Staples — 7.3%
Albertsons, Cl A		5,923		135
Altria Group		14,354		604
Ingredion		679		67
Kraft Heinz		14,091		474
Kroger		14,863		665

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Seaboard		7	$	26
Walgreens Boots Alliance		2,811		62
				2,033
Energy — 2.8%
Chesapeake Energy		2,459		212
Chevron		179		30
EQT		4,474		182
Marathon Petroleum		656		99
Occidental Petroleum		470		30
Southwestern Energy *		5,040		33
Valero Energy		1,313		186
				772
Financials — 12.1%
Affiliated Managers Group		1,405		183
Ally Financial		10,621		283
American International Group		9,456		573
Brighthouse Financial *		2,525		124
Capital One Financial		5,883		571
Janus Henderson Group		4,677		121
Jefferies Financial Group		7,203		264
MGIC Investment		10,708		179
New York Community Bancorp		23,825		270
Popular		420		26
SLM		9,067		123
Synchrony Financial		15,339		469
Western Union		14,321		189
				3,375
Health Care — 17.9%
AbbVie		859		128
Bristol-Myers Squibb		4,723		274
Cardinal Health		9,383		815
Cigna		819		234
CVS Health		7,706		538
DaVita *		183		17
Gilead Sciences		8,168		612
Henry Schein *		385		29
Laboratory Corp of America Holdings		2,154		433
McKesson		2,103		914
Organon		8,276		144
Pfizer		1,222		41
Quest Diagnostics		3,127		381
Tenet Healthcare *		461		30
Viatris, Cl W		41,263		407
				4,997
Industrials — 4.8%
Allison Transmission Holdings		3,780		223
American Airlines Group *		22,178		284
Avis Budget Group *		368		66
ManpowerGroup		402		30
Owens Corning		3,062		418

SEI Exchange Traded Funds

5

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

SEI Enhanced U.S. Large Cap Value Factor ETF (Concluded)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Ryder System		1,487	$	159
Schneider National, Cl B		1,887		52
Science Applications International		1,045		110
				1,342
Information Technology — 25.4%
Amdocs		187		16
Apple		6,836		1,170
Arrow Electronics *		2,456		308
Avnet		3,249		157
Cognizant Technology Solutions, Cl A		1,227		83
Dell Technologies, Cl C		2,254		155
Dropbox, Cl A *		8,969		244
DXC Technology *		8,148		170
Gen Digital		2,033		36
Hewlett Packard Enterprise		30,359		527
HP		20,745		533
Intel		8,035		286
International Business Machines		1,980		278
Jabil		5,084		645
Micron Technology		3,956		269
Microsoft		3,201		1,011
NCR *		1,344		36
Oracle		2,196		233
Skyworks Solutions		5,333		526
TD SYNNEX		1,472		147
Teradata *		3,624		163
Vontier		2,927		90
				7,083
Materials — 4.6%
Berry Global Group		4,213		261
Dow		1,669		86
Huntsman		6,610		161
International Paper		5,954		211
LyondellBasell Industries, Cl A		4,082		387
Steel Dynamics		1,608		172
				1,278
Utilities — 3.3%
Consolidated Edison		3,659		313
National Fuel Gas		3,023		157
PG&E *		6,728		109
PPL		849		20
Vistra		9,589		318
				917
Total Common Stock
(Cost $26,682) ($ Thousands)				27,639
Total Investments in Securities — 99.1%
(Cost $26,682) ($ Thousands)			$	27,639

	Percentages are based on Net Assets of $27,899 ($ Thousands).
*	Non-income producing security.
††	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

As of September 30, 2023, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See “Glossary” for abbreviations.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

6

SEI Exchange Traded Funds

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

SEI Enhanced Low Volatility U.S. Large Cap ETF

^†Percentages based on total investments. Total investments do not include derivatives such as options, futures contracts, forward contracts, and swap contracts, if applicable.

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† — 99.4%
Communication Services — 10.5%
Alphabet, Cl A *		291	$	38
Alphabet, Cl C *		943		124
AT&T		11,847		178
Comcast, Cl A		4,065		180
Fox		176		5
Interpublic Group of Cos		56		2
Omnicom Group		2,142		159
T-Mobile US		311		44
Verizon Communications		5,267		171
				901
Consumer Discretionary — 4.7%
Amazon.com *		152		19
AutoZone *		17		43
Genuine Parts		243		35
Grand Canyon Education *		297		35
H&R Block		1,765		76
McDonald's		458		121
Service Corp International		1,008		58
Yum! Brands		155		19
				406
Consumer Staples — 10.8%
General Mills		2,167		139
Hershey		719		144
J M Smucker		1,051		129
Kellanova		392		23
Mondelez International, Cl A		285		20
Procter & Gamble		1,651		241
Walmart		1,410		225
				921
Energy — 3.5%
Chevron		1,375		232

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Kinder Morgan		3,484	$	58
Marathon Petroleum		76		11
				301
Financials — 7.4%
Allstate		534		60
American Financial Group		107		12
Berkshire Hathaway, Cl B *		364		128
Chubb		592		123
Jack Henry & Associates		47		7
Loews		298		19
Marsh & McLennan		112		21
Travelers		388		63
W R Berkley		2,429		154
White Mountains Insurance Group		29		44
				631
Health Care — 18.4%
Bristol-Myers Squibb		2,341		136
Cardinal Health		1,952		170
Chemed		43		22
CVS Health		954		67
Gilead Sciences		2,405		180
Johnson & Johnson		1,698		264
McKesson		451		196
Merck & Co		2,505		258
Pfizer		5,285		175
Quest Diagnostics		878		107
				1,575
Industrials — 10.3%
3M		187		17
Expeditors International of Washington		1,448		166
Genpact		535		19
Landstar System		412		73
MSC Industrial Direct, Cl A		487		48
Republic Services, Cl A		1,326		189
Robert Half		466		34
Snap-on		97		25
Verisk Analytics, Cl A		736		174
Waste Management		893		136
				881
Information Technology — 25.8%
Accenture, Cl A		462		142
Amdocs		1,419		120
Amphenol, Cl A		343		29
Apple		2,025		347
Arrow Electronics *		728		91
Avnet		988		48
Cisco Systems		4,359		234
Dolby Laboratories, Cl A		703		56
Jabil		1,443		183
Juniper Networks		2,516		70

SEI Exchange Traded Funds

7

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

SEI Enhanced Low Volatility U.S. Large Cap ETF (Concluded)

Description	Shares		Market Value ($ Thousands)
COMMON STOCK†† (continued)
Manhattan Associates *		316	$	62
Microsoft		1,046		330
Motorola Solutions		62		17
Oracle		2,560		271
Roper Technologies		424		205
Texas Instruments		41		7
				2,212
Materials — 1.9%
Reliance Steel & Aluminum		443		116
Silgan Holdings		979		42
				158
Utilities — 6.1%
Atmos Energy		394		42
CMS Energy		88		5
Consolidated Edison		2,083		178
DTE Energy		285		28
Duke Energy		1,762		156
Hawaiian Electric Industries		1,119		14
National Fuel Gas		972		50
UGI		2,169		50
				523
Total Common Stock
(Cost $8,666) ($ Thousands)				8,509
Total Investments in Securities — 99.4%
(Cost $8,666) ($ Thousands)			$	8,509

	Percentages are based on Net Assets of $8,562 ($ Thousands).
*	Non-income producing security.
††	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

As of September 30, 2023, all of the Fund's investments were considered Level 1, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP.

See “Glossary” for abbreviations.

For more information on valuation inputs, see Note 2 – Significant Accounting Policies in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

8

SEI Exchange Traded Funds

Glossary: (abbreviations which may be used in the preceding Schedules of Investments)

Portfolio Abbreviations

Cl — Class

The accompanying notes are an integral part of the financial statements.

SEI Exchange Traded Funds

9

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)

September 30, 2023 (Unaudited)

	SEI Enhanced U.S. Large Cap Quality Factor ETF			SEI Enhanced U.S. Large Cap Momentum Factor ETF			SEI Enhanced U.S. Large Cap Value Factor ETF			SEI Enhanced Low Volatility U.S. Large Cap ETF
Assets:
Investments, at value†	$	16,517		$	26,812		$	27,639		$	8,509
Cash		45			259			229			44
Dividends receivable		21			19			34			10
Total Assets		16,583			27,090			27,902			8,563
Liabilities:
Investment advisory fees payable		2			3			3			1
Total Liabilities		2			3			3			1
Net Assets	$	16,581		$	27,087		$	27,899		$	8,562
† Cost of investments	$	15,551		$	25,628		$	26,682		$	8,666
Net Assets:
Paid-in capital — (unlimited authorization — no par value)	$	15,598		$	27,223		$	27,489		$	8,501
Total distributable earnings (accumulated losses)		983			(136	)		410			61
Net Assets	$	16,581		$	27,087		$	27,899		$	8,562
Net Asset Value, Offering and Redemption Price Per Share	$	27.63		$	25.20		$	25.36		$	24.46
		($16,580,867 ÷ 600,000 shares	)		($27,086,803 ÷ 1,075,000 shares	)		($27,898,932 ÷ 1,100,000 shares	)		($8,562,384 ÷ 350,000 shares	)

The accompanying notes are an integral part of the financial statements.

10

SEI Exchange Traded Funds

STATEMENTS OF OPERATIONS ($ Thousands)

For the six months ended September 30, 2023 (Unaudited)

	SEI Enhanced U.S. Large Cap Quality Factor ETF			SEI Enhanced U.S. Large Cap Momentum Factor ETF			SEI Enhanced U.S. Large Cap Value Factor ETF			SEI Enhanced Low Volatility U.S. Large Cap ETF
Investment income:
Dividends	$	97		$	128		$	289		$	124
Total investment income		97			128			289			124
Expenses:
Investment advisory fees		11			17			18			8
Trustee fees		—			—			—			—
Total expenses		11			17			18			8
Net investment income		86			111			271			116
Net realized gain (loss) on:
Investments(1)		220			(455	)		(112	)		377
Net realized gain (loss)		220			(455	)		(112	)		377
Net change in unrealized appreciation (depreciation) on:
Investments		(65	)		—			1,123			(514	)
Net change in unrealized appreciation (depreciation)		(65	)		—			1,123			(514	)
Net realized and unrealized gain (loss)		155			(455	)		1,011			(137	)
Net increase (decrease) in net assets resulting from operations	$	241		$	(344	)	$	1,282		$	(21	)

(1) Includes realized gains (losses) as a result of in-kind redemptions (see Note 4 in Notes to Financial Statements).

Amounts designated as "—" are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

SEI Exchange Traded Funds

11

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the six months ended September 30, 2023 (Unaudited) and the period ended March 31, 2023

	SEI Enhanced U.S. Large Cap Quality Factor ETF
		4/1/2023 to 9/30/2023			5/18/2022(1) to 3/31/2023
Operations:
Net investment income	$	86		$	114
Net realized gain (loss)		220			(96	)
Net change in unrealized appreciation (depreciation)		(65	)		1,031
Net increase in net assets resulting from operations		241			1,049
Distributions		(82	)		(75	)
Capital share transactions:
Proceeds from shares issued		4,271			14,549
Cost of shares redeemed		(1,442	)		(1,930	)
Net increase in net assets derived from capital share transactions		2,829			12,619
Net increase in net assets		2,988			13,593
Net assets:
Beginning of period		13,593			—
End of period	$	16,581		$	13,593
Share Transactions:
Shares issued		150			575
Shares issued in lieu of dividends and distributions		—			—
Shares redeemed		(50	)		(75	)
Increase (decrease) in net assets derived from share transactions		100			500

(1) The Fund commenced operations on May 18, 2022.

Amounts designated as "—" are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

12

SEI Exchange Traded Funds

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the six months ended September 30, 2023 (Unaudited) and the period ended March 31, 2023

	SEI Enhanced U.S. Large Cap Momentum Factor ETF
		4/1/2023 to 9/30/2023			5/18/2022(1) to 3/31/2023
Operations:
Net investment income	$	111		$	254
Net realized loss		(455	)		(430	)
Net change in unrealized appreciation (depreciation)		—			1,184
Net increase (decrease) in net assets resulting from operations		(344	)		1,008
Distributions		(125	)		(192	)
Capital share transactions:
Proceeds from shares issued		7,838			25,408
Cost of shares redeemed		(1,329	)		(5,177	)
Net increase in net assets derived from capital share transactions		6,509			20,231
Net increase in net assets		6,040			21,047
Net assets:
Beginning of period		21,047			—
End of period	$	27,087		$	21,047
Share Transactions:
Shares issued		300			1,025
Shares issued in lieu of dividends and distributions		—			—
Shares redeemed		(50	)		(200	)
Increase (decrease) in net assets derived from share transactions		250			825

(1) The Fund commenced operations on May 18, 2022.

Amounts designated as "—" are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

SEI Exchange Traded Funds

13

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands) (Concluded)

For the six months ended September 30, 2023 (Unaudited) and the period ended March 31, 2023

	SEI Enhanced U.S. Large Cap Value Factor ETF
		4/1/2023 to 9/30/2023			5/18/2022(1) to 3/31/2023
Operations:
Net investment income	$	271		$	411
Net realized loss		(112	)		(142	)
Net change in unrealized appreciation (depreciation)		1,123			(166	)
Net increase in net assets resulting from operations		1,282			103
Distributions		(263	)		(281	)
Capital share transactions:
Proceeds from shares issued		8,293			25,113
Cost of shares redeemed		(1,957	)		(4,391	)
Net increase in net assets derived from capital share transactions		6,336			20,722
Net increase in net assets		7,355			20,544
Net assets:
Beginning of period		20,544			—
End of period	$	27,899		$	20,544
Share Transactions:
Shares issued		325			1,025
Shares issued in lieu of dividends and distributions		—			—
Shares redeemed		(75	)		(175	)
Increase (decrease) in net assets derived from share transactions		250			850

(1) The Fund commenced operations on May 18, 2022.

Amounts designated as "—" are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

14

SEI Exchange Traded Funds

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the six months ended September 30, 2023 (Unaudited) and the period ended March 31, 2023

	SEI Enhanced Low Volatility U.S. Large Cap ETF
		4/1/2023 to 9/30/2023			5/18/2022(1) to 3/31/2023
Operations:
Net investment income	$	116		$	205
Net realized gain (loss)		377			(112	)
Net change in unrealized appreciation (depreciation)		(514	)		357
Net increase (decrease) in net assets resulting from operations		(21	)		450
Distributions		(138	)		(139	)
Capital share transactions:
Proceeds from shares issued		634			13,574
Cost of shares redeemed		(3,890	)		(1,908	)
Net increase/(decrease) in net assets derived from capital share transactions		(3,256	)		11,666
Net increase/(decrease) in net assets		(3,415	)		11,977
Net assets:
Beginning of period		11,977			—
End of period	$	8,562		$	11,977
Share Transactions:
Shares issued		25			550
Shares issued in lieu of dividends and distributions		—			—
Shares redeemed		(150	)		(75	)
Increase (decrease) in net assets derived from share transactions		(125	)		475

(1) The Fund commenced operations on May 18, 2022.

Amounts designated as "—" are $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

SEI Exchange Traded Funds

15

FINANCIAL HIGHLIGHTS

For the period ended September 30,2023 (Unaudited) and the period ended March 31, 2023.

For a Share Outstanding Throughout Each Period

	Net asset value, beginning of period		Net investment income(1)		Net realized and unrealized gains (losses) on securities			Total from operations			Distributions from net investment income			Distributions from realized gains		Total dividends and distributions			Net asset value, end of period		Total Return†			Net assets, end of period ($ Thousands)			Ratio of net expenses to average net assets			Ratio of expenses to average net assets (excluding waivers and reimbursements)			Ratio of net investment income to average net assets			Portfolio turnover†
SEI Enhanced U.S. Large Cap Quality Factor ETF
2023@	$	27.19	$	0.16	$	0.44		$	0.60		$	(0.16	)	$	–	$	(0.16	)	$	27.63		2.21	%	$	16,581			0.15	%		0.15	%		1.16	%		8	%
2023(2)		24.91		0.30		2.19			2.49			(0.21	)		–		(0.21	)		27.19		10.08			13,593			0.15			0.15			1.35			40
SEI Enhanced U.S. Large Cap Momentum Factor ETF
2023@	$	25.51	$	0.12	$	(0.28	)	$	(0.16	)	$	(0.15	)	$	–	$	(0.15	)	$	25.20		(0.65	)%	$	27,087			0.15	%		0.15	%		0.96	%		25	%
2023(2)		25.08		0.33		0.35			0.68			(0.25	)		–		(0.25	)		25.51		2.74			21,047			0.15			0.15			1.52			63
SEI Enhanced U.S. Large Cap Value Factor ETF
2023@	$	24.17	$	0.29	$	1.20		$	1.49		$	(0.30	)	$	–	$	(0.30	)	$	25.36		6.19	%	$	27,899	��		0.15	%		0.15	%		2.29	%		20	%
2023(2)		24.95		0.58		(0.97	)		(0.39	)		(0.39	)		–		(0.39	)		24.17		(1.52	)		20,544			0.15			0.15			2.74			43
SEI Enhanced Low Volatility U.S. Large Cap ETF
2023@	$	25.21	$	0.27	$	(0.68	)	$	(0.41	)	$	(0.34	)	$	–	$	(0.34	)	$	24.46		(1.66	)%	$	8,562			0.15	%		0.15	%		2.16	%		7	%
2023(2)		24.79		0.48		0.25			0.73			(0.31	)		–		(0.31	)		25.21		3.02			11,977			0.15			0.15			2.24			24

@	For the six-month period ended September 30, 2023. All ratios for the period have been annualized.
†	Returns and portfolio turnover rates are for the period indicated and have not been annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
(1)	Per share calculated using average shares.
(2)	Commenced operations on May 18, 2022. All ratios for the period have been annualized.

Amounts designated as “—” are either $0 or have been rounded to $0.

The accompanying notes are an integral part of the financial statements.

16

SEI Exchange Traded Funds

NOTES TO FINANCIAL STATEMENTS

September 30, 2023 (Unaudited)

1. ORGANIZATION

SEI Exchange Traded Funds (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated October 7, 2021.

The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end investment company with four funds: SEI Enhanced U.S. Large Cap Quality Factor ETF, SEI Enhanced U.S. Large Cap Momentum Factor ETF, SEI Enhanced U.S. Large Cap Value Factor ETF and SEI Enhanced Low Volatility U.S. Large Cap ETF (each a “Fund” and together the “Funds”) each of which are diversified Funds. Each Fund’s prospectus provides a description of its investment goal, principal investment strategies and risks. The Funds commenced operations on May 18, 2022. The assets of each Fund are segregated, and an Authorized Participant’s interest is limited to the Fund in which shares are held.

2. SIGNIFICANT ACCOUNTING POLICIES

The following are significant accounting policies, which are consistently followed in the preparation of its financial statements by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

Use of Estimates — The Funds are investment companies in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Therefore, the Funds follow the accounting and reporting guidelines for investment companies. The preparation of financial statements, in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Security Valuation — Effective September 8, 2022, and pursuant to the requirements of the 1940 Act and Rule 2a-5, the administrator, as delegated by the Board of Trustees (the “Board”), has the responsibility for the valuation of Fund investments with readily available market quotations in accordance with the Funds’ Valuation and Pricing Policy. The Trust's Board of Trustees has designated SIMC as the Valuation Designee for the Funds pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act. The Valuation Designee has the responsibility for the fair value determination with respect to all Fund investments that do not have readily available market quotations or quotations that are no longer reliable. SIMC has appointed a Valuation Committee (the “Committee”) and has established a Valuation and Pricing Policy to implement the Rule and the Funds’ Valuation and

Pricing Policy (together the “Policy”). Prior to September 8, 2022, fair-value determinations were performed in accordance with the Trust’s Fair Value Procedures established by the Funds’ Board of Trustees and were implemented through a Fair Value Committee designated by the Board.

When valuing portfolio securities, a Fund values securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (other than securities traded on National Association of Securities Dealers Automated Quotations (NASDAQ) or as otherwise noted below) at the last quoted sale price on an exchange or market (foreign or domestic) on which the securities are traded or, if there is no such reported sale, at the most recent quoted bid price. A Fund values securities traded on NASDAQ at the NASDAQ Official Closing Price. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable Net Asset Value (“NAV”) per share, with the exception of ETFs, which are priced as equity securities. These open-end investment companies’ shares are offered in separate prospectuses, each of which describes the process by which the applicable investment company’s NAV is determined. The prices of foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. If a security’s price cannot be obtained, as noted above, a Fund will value the securities using a bid price from at least one independent broker.

Prices for most securities held by a Fund are provided daily by third-party independent pricing agents. SIMC reasonably believes that prices provided by independent pricing agents are reliable. However, there can be no assurance that such pricing service’s prices will be reliable. SIMC will continuously monitor the reliability of prices obtained from any pricing service and shall promptly notify the Funds’ administrator if it believes that a particular pricing service is no longer a reliable source of prices. The Funds’ administrator, in turn, will notify SIMC, as Valuation Designee, if the Funds’ administrator reasonably believes that a particular pricing service is no longer a reliable source for prices.

The Policy provides that any change in a primary pricing agent or a pricing methodology requires prior approval by the Board. However, when the change would not materially affect the valuation of a Fund’s net assets or involve a material departure in pricing methodology from that of a Fund’s existing pricing agent or pricing methodology, ratification may be obtained at the next regularly scheduled meeting of the Board.

Securities for which market prices are not "readily available" are valued in accordance with Rule 2a-5 and the Policy.

SEI Exchange Traded Funds

17

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2023 (Unaudited)

The Committee must monitor for circumstances that may necessitate that a security be valued using Fair Value Procedures which can include: (i) the security's trading has been halted or suspended, (ii) the security has been de-listed from a national exchange, (iii) the security's primary trading market is temporarily closed at a time when under normal conditions it would be open, (iv) the security has not been traded for an extended period of time, (v) the security's primary pricing source is not able or willing to provide a price, (vi) trading of the security is subject to local government-imposed restrictions; or (vii) a significant event (as defined below). When a security is valued in accordance with the Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. Examples of factors the Committee may consider include: (i) the type of security or asset, (ii) the last trade price, (iii) evaluation of the forces that influence the market in which the security is purchased and sold, (iv) the liquidity of the security, (v) the size of the holding in a Fund or (vi) any other appropriate information.

The Committee is responsible for selecting and applying, in a consistent manner, the appropriate methodologies for determining and calculating the fair value of holdings of the Funds, including specifying the key inputs and assumptions specific to each asset class or holding.

The determination of a security’s fair value price often involves the consideration of a number of subjective factors, and is therefore subject to the unavoidable risk that the value assigned to a security may be higher or lower than the security’s value would be if a reliable market quotation for the security was readily available. As of September 30, 2023, there were no fair valued securities held by the Funds.

In accordance with U.S. GAAP, fair value is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three tier hierarchy has been established to maximize the use of observable and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing an asset. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

Level 1 — quoted prices in active markets for identical investments

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risks, etc.)

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.

The valuation techniques used by the Funds to measure fair value during the six months ended September 30, 2023 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the six months ended September 30, 2023, there have been no significant changes to the inputs or the Trust’s fair valuation methodologies.

Security Transactions and Investment Income — Security transactions are recorded on the trade date. Cost used in determining net realized capital gains and losses on the sale of securities is determined on the basis of specific identification. Dividend income and expense is recognized on the ex-dividend date, and interest income or expense is recognized using the accrual basis of accounting.

Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/ or as a realized gain. The Trust estimates the components of distributions received that may be considered nontaxable distributions or capital gain distributions.

Amortization and accretion is calculated using the scientific interest method, which is not materially different from the effective interest method. Amortization of premiums and discounts is included in interest income.

Cash and Cash Equivalents — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash and cash equivalents on the Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

Expenses — Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating

18

SEI Exchange Traded Funds

expenses of the Trust are prorated to the Funds on the basis of relative daily net assets.

Foreign Currency Translation — The books and records of the Funds investing in international securities are maintained in U.S. dollars on the following basis:

(i) market value of investment securities, assets and liabilities at the current rate of exchange; and

(ii) purchases and sales of investment securities, income and expenses at the relevant rates of exchange prevailing on the respective dates of such transactions.

The Funds do not isolate that portion of gains and losses on investments in investment securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of investment securities.

The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

Dividends and Distributions to Shareholders — The Funds will distribute substantially all of their net investment income and all net realized capital gains, if any, at least annually. All dividends and distributions are recorded on ex-dividend date.

Investments in Real Estate Investment Trusts (“REITs”) — Dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Creation Units — The Funds issue and redeem their shares (“Shares”) on a continuous basis at NAV and only in large blocks of Shares referred to as “Creation Units”. Purchasers of Creation Units (“Authorized Participants”) at NAV must pay a standard creation transaction fee per transaction. The fee is a single charge and will be the same regardless of the number of Creation Units purchased by an Authorized Participant on the same day.

3. INVESTMENT ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS, AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory, Administration and Distribution Agreements — SIMC serves as investment adviser (the “Adviser”) to each Fund. In connection with serving as Adviser, SIMC is entitled to a fee, which is calculated daily and paid monthly, based on the average daily net assets of

each fund. Pursuant to the Investment Advisory Agreement entered into with the Trust, SIMC has agreed to pay all Fund expenses, except for the fees paid to SIMC for advisory services, interest expenses, dividend and other expenses on securities sold short, taxes, expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions (including brokerage commissions), acquired fund fees and expenses, distribution fees or expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (if any), fees and expenses of the Board of Trustees, litigation expenses and any extraordinary expenses.

SEI Investments Global Funds Services (the “Administrator”) is the administrator for the Funds.

SEI Exchange Traded Funds

19

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2023 (Unaudited)

SEI Investments Distribution Co. (the “Distributor”) is the distributor of creation units. The Funds have adopted a Distribution and Servicing Plan (the Plan). The Plan permits each Fund to pay the Distributor, or its designee, a fee for the sale and distribution and/or shareholder servicing of the shares at an annual rate of up to 0.25% of average daily net assets of the shares of the Fund ("12b-1 fee"). However, payment of a 12b-1 fee has not been authorized at this time.

The following table reflects each Fund’s contractual Advisory Fee (expressed as an annual rate). The rates shown are fixed rates based on each Fund’s daily net assets

	Advisory Fee
SEI Enhanced U.S. Large Cap Quality Factor ETF	0.150%
SEI Enhanced U.S. Large Cap Momentum Factor ETF	0.150%
SEI Enhanced U.S. Large Cap Value Factor ETF	0.150%
SEI Enhanced Low Volatility U.S. Large Cap ETF	0.150%

Brokerage Commissions Paid to Affiliates — The Distributor may receive compensation on fund transactions effected for the Trust in accordance with the rules of the Securities and Exchange Commission (“SEC”). Accordingly, it is expected that fund transactions may result in brokerage commissions being paid to the Distributor. The SEC rules require that such commissions not exceed usual and customary commissions.

There were no such commissions for the six months ended September 30, 2023.

Payment to Affiliates — Certain Officers and Trustees of the Trust are also Officers and/or Directors of the Administrator, Adviser and/or the Distributor.

The Trust pays each unaffiliated Trustee an annual fee for attendance at quarterly, interim, and committee meetings. The Administrator or the Distributor pays compensation of Officers and affiliated Trustees.

A portion of the services provided by the Chief Compliance Officer (“CCO”) and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trust’s Adviser, sub-advisers and service providers.

4. INVESTMENT TRANSACTIONS

The cost of security purchases and the proceeds from the sale of securities, excluding in-kind transactions and short-term securities during the six months ended September 30, 2023, were as follows:

	SEI Enhanced U.S. Large Cap Quality Factor ETF ($ Thousands)		SEI Enhanced U.S. Large Cap Momentum Factor ETF ($ Thousands)		SEI Enhanced U.S. Large Cap Value Factor ETF ($ Thousands)		SEI Enhanced Low Volatility U.S. Large Cap ETF ($ Thousands)
Purchases
U.S. Government	$	—	$	—	$	—	$	—
Other		1,254		5,797		4,631		741

Sales
U.S. Government	—	—	—	—
Other	1,240	5,871	4,731	727

For the six months ended September 30, 2023, in-kind transactions associated with creations and redemptions were as follows:

					Realized
	Purchases		Sales		Gain
	($ Thousands)		($ Thousands)		($ Thousands)
SEI Enhanced U.S. Large Cap Quality Factor ETF	$	4,266	$	1,430	$	277
SEI Enhanced U.S. Large Cap Momentum Factor ETF		7,784		1,312		181
SEI Enhanced U.S. Large Cap Value Factor ETF		8,238		1,878		406
SEI Enhanced Low Volatility U.S. Large Cap ETF		635		3,879		433

5. FEDERAL TAX INFORMATION:

It is each Fund's intention to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income

(including net capital gains). Accordingly, no provision for Federal income taxes is required.

The Funds may be subject to taxes imposed by countries in which they invest with respect to their

20

SEI Exchange Traded Funds

investments in issuers existing or operating in such countries. Such taxes are generally based on income earned. The Funds accrue such taxes when the related income is earned.

Dividends from net investment income and distributions from net realized capital gains are determined in accordance with U.S. Federal income tax regulations,

which may differ from those amounts determined under U.S. GAAP. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, they are charged or credited to paid-in capital and distributable earnings, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions paid during the fiscal years or periods ended March 31, 2023 were as follows:

	Ordinary Income ($ Thousands)		Long-Term Capital Gain ($ Thousands)		Total ($ Thousands)
SEI Enhanced U.S. Large Cap Quality Factor ETF
2023	$	75	$	—	$	75
SEI Enhanced U.S. Large Cap Momentum Factor ETF
2023		192		—		192
SEI Enhanced U.S. Large Cap Value Factor ETF
2023		281		—		281
SEI Enhanced Low Volatility U.S. Large Cap ETF
2023		139		—		139

As of March 31, 2023, the components of Distributable Earnings/(Accumulated Losses) were as follows:

	Undistributed Ordinary Income ($ Thousands)		Undistributed Long-Term Capital Gain ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Post October Losses ($ Thousands)		Late Year Ordinary Losses ($ Thousands)		Unrealized Appreciation (Depreciation) ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($ Thousands)
SEI Enhanced U.S. Large Cap Quality Factor ETF	$	40	$	—	$	(185	)	$	—	$	—	$	970		$	(1	)	$	824
SEI Enhanced U.S. Large Cap Momentum Factor ETF		63		—		(858	)		—		—		1,127			1			333
SEI Enhanced U.S. Large Cap Value Factor ETF		130		—		(296	)		—		—		(443	)		—			(609	)
SEI Enhanced Low Volatility U.S. Large Cap ETF		67		—		(167	)		—		—		321			(1	)		220

For Federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Losses carried forward are as follows:

	Short-Term		Long-Term		Total Capital Loss Carryforwards ($ Thousands)
SEI Enhanced U.S. Large Cap Quality Factor ETF	$	185	$	—	$	185
SEI Enhanced U.S. Large Cap Momentum Factor ETF		858		—		858
SEI Enhanced U.S. Large Cap Value Factor ETF		296		—		296
SEI Enhanced Low Volatility U.S. Large Cap ETF		167		—		167

For Federal income tax purposes, the cost of securities owned at March 31, 2023, and the net realized gains or losses on securities sold for the period were not materially different from amounts reported for financial reporting purposes.

SEI Exchange Traded Funds

21

NOTES TO FINANCIAL STATEMENTS (Continued)

September 30, 2023 (Unaudited)

These differences are primarily due to wash sales which cannot be used for Federal income tax purposes in the current year and have been deferred for use in future years. The aggregate gross unrealized appreciation and depreciation on total investments held by the Funds at September 30, 2023, was as follows:

	Federal Tax Cost ($ Thousands)		Appreciated Securities ($ Thousands)		Depreciated Securities ($ Thousands)			Net Unrealized Appreciation/ (Depreciation) ($ Thousands)
SEI Enhanced U.S. Large Cap Quality Factor ETF	$	15,551	$	1,507	$	(541	)	$	966
SEI Enhanced U.S. Large Cap Momentum Factor ETF		25,628		2,261		(1,077	)		1,184
SEI Enhanced U.S. Large Cap Value Factor ETF		26,682		2,412		(1,455	)		957
SEI Enhanced Low Volatility U.S. Large Cap ETF		8,666		617		(774	)		(157	)

6. CONCENTRATION/RISKS

In the normal course of business, the Trust enters into contracts that provide general indemnifications by the Trust to the counterparty to the contract. The Trust’s maximum exposure under these arrangements is dependent on future claims that may be made against the Trust and, therefore, cannot be estimated; however, management believes that, based on experience, the risk of loss from such claims is considered remote.

To the extent consistent with its Investment Strategy, a Fund may have one of more of the following principal risks:

Equity Securities Risk — Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes.

Quality Securities Risk— There is no guarantee that the past performance of stocks that SIMC determines are quality will continue. Companies that issue these stocks may experience lower than expected returns or may experience negative growth, as well as increased leverage, resulting in lower than expected or negative returns to Fund shareholders. Many factors can affect a stock’s quality and performance, and the impact of these factors on a stock or its price can be difficult to predict.

Momentum Securities Risk— Stocks that previously exhibited high momentum characteristics may not experience positive momentum or may experience more volatility than the market as a whole.

Value Securities Risk— Securities issued by companies that may be perceived as undervalued may fail to appreciate for long periods of time and may never realize their full potential value. SIMC may be unsuccessful in identifying undervalued securities. Value securities have generally performed better than non-value securities during periods of economic recovery (although there is no assurance that they will continue to do so). Value securities may go in and out of favor over time.

Volatility Risk— Although SIMC seeks to construct a portfolio with lower volatility than the broad U.S. large cap equity market, there is no guarantee that SIMC will be successful. As a result, the Fund may not be any less volatile than the market as a whole, and could be more volatile.

Quantitative Investing Risk— Due to the significant role technology plays in quantitative strategies, they carry the risk of unintended or unrecognized issues or flaws in the design, coding, implementation or maintenance of the computer programs or technology used in the development and implementation of the quantitative strategy. Utility interruptions or other key systems outages

also can impair the performance of quantitative investment strategies.

Large-Capitalization Companies Risk— Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions, may be more mature and may be subject to more limited growth potential compared with smaller capitalization companies.

Market Risk— The market value of a security may move up and down, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an industry, a sector or the equity or bond market as a whole. The Funds’ market price may deviate from the value of the Funds’ underlying portfolio holdings, particularly in times of market stress, with the result that investors may pay significantly more or receive significantly less than the underlying value of the Fund shares bought or sold. This can be reflected as a spread between the bid and ask prices for a Fund quoted during the day or a premium or discount in the closing price from the Funds’ NAV.

Risk of Investing in the U.S.— Certain changes in the U.S. economy, such as when the U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Funds have exposure.

Issuer Risk— The performance of the Funds depends on the performance of individual securities to which the Funds have exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the Funds to decline.

Market Trading Risk— The Funds face numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading

22

SEI Exchange Traded Funds

in secondary markets, periods of high volatility and disruptions in the creation/redemption process. Active trading markets for the Funds’ shares may not be developed or maintained by market makers or Authorized Participants (as defined below). Authorized Participants are not obligated to make a market in the Funds’ shares or to submit purchase or redemption orders for Creation Units (as defined below). In times of market stress, market makers or Authorized Participants may step away from their respective roles, which could lead to variances between the market price of the Funds’ shares and its underlying NAV. Trading in shares on an exchange may be halted in certain circumstances. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Funds. Any of these factors could lead the Funds’ shares to trade at a premium or discount to NAV. Thus, you may pay more (or less) than NAV when you buy shares of the Funds in the secondary market, and you may receive less (or more) than NAV when you sell those shares in the secondary market, particularly during times of market stress. SIMC cannot predict whether shares will trade above (premium), below (discount) or at NAV or whether the spread between bid and ask prices will widen. In addition, there can be no assurance that the requirements of the listing exchange necessary to maintain the listing of the Funds will continue to be met.

Convertible and Preferred Securities Risk— Convertible and preferred securities have many of the same characteristics as stocks, including many of the same risks. In addition, convertible bonds may be more sensitive to changes in interest rates than stocks. Convertible bonds may also have credit ratings below investment grade, meaning that they carry a higher risk of failure by the issuer to pay principal and/or interest when due.

Depositary Receipts Risk— Depositary receipts, such as American Depositary Receipts, are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and generally trade on an established market. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities, including, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environment.

Warrants and Rights Risk— Warrants and rights may lack a liquid secondary market for resale. The prices of warrants and rights may fluctuate as a result of speculation or other factors. Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Prices of warrants and rights do not necessarily move in tandem with the prices of their underlying securities and are highly volatile and speculative investments. If a warrant or right expires without being exercised, the Funds will lose any amount paid for the warrant or right.

Liquidity Risk— In stressed market conditions, the market for a Funds’ shares may become less liquid in response to deteriorating liquidity in the markets for the Funds’ underlying portfolio holdings. This adverse effect on liquidity for the Funds’ shares in turn could lead to differences between the market price of the Funds’ shares and its underlying NAV and/or widening the spread between bid and ask prices.

Management Risk— SIMC may not successfully implement the Funds’ investment strategies and, as a result, the Funds may not meet their investment objective and/or underperform other investment vehicles with similar investment objectives and strategies.

Operational Risk— The Funds are exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Funds’ service providers, counterparties

or other third-parties, failed or inadequate processes and technology or systems failures.

New Fund Risk— The Funds are new funds, with a limited operating history, which may result in additional risks for investors in the Funds. There can be no assurance that the Funds will grow to an economically viable size, in which case the Funds may cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time.

Authorized Participant Concentration Risk— Only broker-dealers (referred to as “Authorized Participants” or “APs”) that have executed authorized participation agreements with respect to the Trust may engage in creation or redemption transactions directly with the Funds, and no AP is obligated to engage in creation and/or redemption transactions. To the extent that APs exit the business or are unable to proceed with orders, Fund shares may be more likely to trade at a premium or discount to NAV, have wider spreads between bid and ask prices or face trading halts or delisting.

Cybersecurity Risk— Failures or breaches of the electronic systems of the Funds, SIMC, the Fund’s distributor, and other service providers, market makers, APs or the issuers of securities in which the Funds invest have the ability to cause disruptions, negatively impact the Funds’ business operations and/or potentially result in financial losses to the Funds and their shareholders.

7. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events

SEI Exchange Traded Funds

23

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

September 30, 2023 (Unaudited)

through the date the financial statements were issued. Based on this evaluation, no disclosure and/or adjustments were required to the financial statements as of September 30, 2023. 

24

SEI Exchange Traded Funds

DISCLOSURE OF FUND EXPENSES (Unaudited)

September 30, 2023

All exchange traded funds (“ETFs”) have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for, ETF management, portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of their investment in an ETF.

Operating expenses such as these are deducted from the ETF’s gross income and directly reduce your final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your ETF and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period April 1, 2023 to September 30, 2023.

The table on this page illustrates your ETF’s costs in two ways:

●    Actual ETF return. This section helps you to estimate the actual expenses after fee waivers that your ETF incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the ETF, and the “Ending Account Value” number is derived from deducting that expense cost from the ETF’s gross investment return.

You can use this information, together with the actual amount you invested in the ETF, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your ETF under “Expenses Paid During Period”.

●    Hypothetical 5% return. This section helps you compare your ETF’s costs with those of other mutual funds. It assumes that the ETF had an annual 5% return before expenses during the period, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your ETF’s comparative cost by comparing the hypothetical result for your ETF in the “Expense Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your ETF’s actual return — the account values shown may not apply to your specific investment.

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratios			Expenses Paid During Period *
SEI Enhanced U.S. Large Cap Quality Factor ETF
Actual Fund Return
	$	1,000.00	$	1,022.10		0.15	%	$	0.76
Hypothetical 5% Return
	$	1,000.00	$	1,024.25		0.15	%	$	0.76
SEI Enhanced U.S. Large Cap Momentum Factor ETF
Actual Fund Return
	$	1,000.00	$	993.50		0.15	%	$	0.75
Hypothetical 5% Return
	$	1,000.00	$	1,024.25		0.15	%	$	0.76

	Beginning Account Value 4/1/23		Ending Account Value 9/30/23		Annualized Expense Ratios			Expenses Paid During Period *
SEI Enhanced U.S. Large Cap Value Factor ETF
Actual Fund Return
	$	1,000.00	$	1,061.90		0.15	%	$	0.78
Hypothetical 5% Return
	$	1,000.00	$	1,024.25		0.15	%	$	0.76
SEI Enhanced Low Volatility U.S. Large Cap ETF
Actual Fund Return
	$	1,000.00	$	983.40		0.15	%	$	0.75
Hypothetical 5% Return
	$	1,000.00	$	1,024.25		0.15	%	$	0.76

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 183/366 (to reflect a full one-half year period).

SEI Exchange Traded Funds

25

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SEI Exchange Traded Funds / Semi-Annual Report / September 30, 2023

Trustees

Robert A. Nesher, Chairman

William M. Doran

Nina Lesavoy

James M. Williams

Hubert L. Harris, Jr.

Susan C. Cote

James B. Taylor

Christine Reynolds

Thomas Melendez

Officers

Robert A. Nesher

President and Chief Executive Officer

Glenn R. Kurdziel

Controller and Chief Financial Officer

Stephen Panner

Chief Compliance Officer

Timothy D. Barto

Vice President, Secretary

David F. McCann

Vice President, Assistant Secretary

Katherine Mason

Vice President, Assistant Secretary

Stephen G. MacRae

Vice President

Donald Duncan

Anti-Money Laundering Compliance Officer

Privacy Officer

Investment Adviser

SEI Investments Management Corporation

Administrator

SEI Investments Global Funds Services

Distributor

SEI Investments Distribution Co.

Legal Counsel

Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm

KPMG LLP

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Trust and must be preceded or accompanied by a current prospectus. Shares of the Funds are not deposits or obligations of, or guaranteed or endorsed by, any bank. The shares are not federally insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, or any other government agency. Investment in the shares involves risk, including the possible loss of principal.

For more information call

1 800 DIAL SEI

(1 800 342 5734)

SEI-ETF (9/23)

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual report.

Item 6. Investments

The Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

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.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees (the “Board”). The Registrant has a standing Governance Committee (the “Committee”) currently consisting of the independent trustees. The Committee is responsible for evaluating and recommending nominees for election to the Board. Pursuant to the Committee’s Charter, adopted on June 18^th 2004, as amended, the Committee will review all shareholder recommendations for nominations to fill vacancies on the Board if such recommendations are submitted in writing and addressed to the Committee at the Registrant’s office.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 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 1940 Act) 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 semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended, also accompany this filing as exhibits.

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.

SEI Exchange Traded Funds

By:	/s/ Robert A. Nesher
	Robert A. Nesher, President and CEO
Date:	December 6, 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/ Robert A. Nesher
	Robert A. Nesher, President and CEO
Date:	December 6, 2023

By:	/s/ Glenn Kurdziel
	Glenn Kurdziel, Controller and CFO
Date:	December 6, 2023