NPORT-EX 2 ahjb_avantisuslgcapvaletf.htm PART F Document

American Century Investments®
Quarterly Portfolio Holdings
Avantis® U.S. Large Cap Value ETF (AVLV)
May 31, 2023


Avantis U.S. Large Cap Value ETF - Schedule of Investments
MAY 31, 2023 (UNAUDITED) 
Shares
Value ($)
COMMON STOCKS — 99.7%
Aerospace and Defense — 0.2%
Woodward, Inc.
18,400 1,939,544 
Air Freight and Logistics — 2.8%
Expeditors International of Washington, Inc.
47,986 5,293,336 
FedEx Corp.
44,533 9,707,303 
United Parcel Service, Inc., Class B
94,556 15,790,852 
30,791,491 
Automobile Components — 0.5%
Autoliv, Inc.
14,729 1,200,414 
BorgWarner, Inc.
61,089 2,708,075 
Gentex Corp.
15 394 
Lear Corp.
16,074 1,971,637 
5,880,520 
Automobiles — 1.6%
Ford Motor Co.
766,971 9,203,652 
General Motors Co.
241,991 7,842,928 
17,046,580 
Banks — 4.2%
Citigroup, Inc.
100,278 4,444,321 
Comerica, Inc.
25,288 912,897 
East West Bancorp, Inc.
36,807 1,761,215 
Fifth Third Bancorp
41,726 1,012,690 
First Citizens BancShares, Inc., Class A
340 424,048 
Hancock Whitney Corp.
15,614 570,379 
JPMorgan Chase & Co.
213,825 29,018,191 
KeyCorp232,215 2,168,888 
PNC Financial Services Group, Inc.
13,359 1,547,373 
Popular, Inc.
22,664 1,295,927 
Synovus Financial Corp.
52,358 1,418,378 
Western Alliance Bancorp
27,923 946,590 
45,520,897 
Beverages — 0.1%
Coca-Cola Consolidated, Inc.
1,337 884,746 
National Beverage Corp.(1)
1,628 80,456 
965,202 
Biotechnology — 2.9%
Gilead Sciences, Inc.
209,977 16,155,630 
Moderna, Inc.(1)
63,805 8,148,537 
Regeneron Pharmaceuticals, Inc.(1)
3,312 2,436,175 
Vertex Pharmaceuticals, Inc.(1)
15,539 5,027,954 
31,768,296 
Broadline Retail — 0.5%
Amazon.com, Inc.(1)
13,255 1,598,288 
Macy's, Inc.
134,526 1,828,208 
MercadoLibre, Inc.(1)
1,154 1,429,806 
4,856,302 
Building Products — 1.4%
Advanced Drainage Systems, Inc.
5,913 572,201 
Builders FirstSource, Inc.(1)
57,368 6,651,819 
Owens Corning
42,121 4,478,726 


Trex Co., Inc.(1)
27,511 1,412,690 
UFP Industries, Inc.
26,880 2,099,328 
15,214,764 
Capital Markets — 3.4%
Ameriprise Financial, Inc.
28,869 8,616,530 
Carlyle Group, Inc.
97,478 2,671,872 
Goldman Sachs Group, Inc.
23,823 7,716,270 
Houlihan Lokey, Inc.
1,378 120,313 
Morgan Stanley
95,823 7,834,489 
Northern Trust Corp.
45,242 3,253,805 
Stifel Financial Corp.
32,362 1,798,356 
T. Rowe Price Group, Inc.
48,221 5,167,362 
37,178,997 
Chemicals — 2.7%
CF Industries Holdings, Inc.
63,635 3,914,189 
Chemours Co.
41,572 1,101,242 
Dow, Inc.
161,020 7,854,556 
Huntsman Corp.
64,615 1,534,606 
LyondellBasell Industries NV, Class A
72,283 6,183,088 
Mosaic Co.
125,141 3,999,506 
Olin Corp.
68,809 3,255,354 
Westlake Corp.
17,086 1,776,090 
29,618,631 
Construction and Engineering — 0.1%
Comfort Systems USA, Inc.
7,082 1,047,994 
EMCOR Group, Inc.
90 14,836 
1,062,830 
Construction Materials — 0.2%
Eagle Materials, Inc.
12,914 2,104,078 
Consumer Finance — 2.5%
Ally Financial, Inc.
116,512 3,107,375 
Capital One Financial Corp.
80,307 8,368,793 
Credit Acceptance Corp.(1)
3,071 1,368,683 
Discover Financial Services
77,296 7,941,391 
OneMain Holdings, Inc.
38,636 1,462,759 
Synchrony Financial
161,296 4,993,724 
27,242,725 
Consumer Staples Distribution & Retail — 3.3%
Casey's General Stores, Inc.
14,100 3,181,665 
Costco Wholesale Corp.
27,973 14,309,868 
Kroger Co.
182,632 8,278,708 
Walmart, Inc.
69,047 10,140,933 
35,911,174 
Containers and Packaging — 0.6%
International Paper Co.
32,075 944,288 
Packaging Corp. of America
32,636 4,047,843 
WestRock Co.
44,962 1,259,386 
6,251,517 
Diversified Telecommunication Services — 2.1%
AT&T, Inc.
338,619 5,326,477 
Frontier Communications Parent, Inc.(1)
70,533 1,049,531 
Verizon Communications, Inc.
473,741 16,879,392 
23,255,400 
Electrical Equipment — 0.2%
Atkore, Inc.(1)
16,069 1,876,377 


Electronic Equipment, Instruments and Components — 1.1%
Corning, Inc.
203,308 6,263,919 
Flex Ltd.(1)
1,694 43,011 
Jabil, Inc.
65,007 5,819,427 
12,126,357 
Energy Equipment and Services — 0.1%
ChampionX Corp.
35,582 898,801 
Entertainment — 0.2%
World Wrestling Entertainment, Inc., Class A
18,284 1,852,535 
Food Products — 0.2%
Bunge Ltd.
14,281 1,322,992 
Pilgrim's Pride Corp.(1)
42,596 945,631 
2,268,623 
Ground Transportation — 5.6%
CSX Corp.
388,451 11,913,792 
Hertz Global Holdings, Inc.(1)
40,460 634,413 
JB Hunt Transport Services, Inc.
28,961 4,835,618 
Knight-Swift Transportation Holdings, Inc.
35,645 1,960,119 
Landstar System, Inc.
14,018 2,458,477 
Norfolk Southern Corp.
42,610 8,870,550 
Old Dominion Freight Line, Inc.
24,900 7,729,956 
Ryder System, Inc.
6,035 475,739 
Saia, Inc.(1)
12,221 3,472,719 
U-Haul Holding Co.(2)
3,872 204,326 
U-Haul Holding Co., Non-Voting Shares
20,776 961,721 
Union Pacific Corp.
90,310 17,386,481 
60,903,911 
Health Care Providers and Services — 1.0%
Humana, Inc.
20,165 10,120,209 
Molina Healthcare, Inc.(1)
1,468 402,085 
10,522,294 
Hotels, Restaurants and Leisure — 1.1%
Boyd Gaming Corp.
39,296 2,504,334 
Chipotle Mexican Grill, Inc.(1)
851 1,767,093 
Darden Restaurants, Inc.
24,369 3,862,974 
Hilton Grand Vacations, Inc.(1)
9,746 416,642 
Texas Roadhouse, Inc.
30,265 3,265,593 
11,816,636 
Household Durables — 1.2%
D.R. Horton, Inc.
33,947 3,626,897 
Lennar Corp., B Shares
2,291 216,614 
Lennar Corp., Class A
36,608 3,921,449 
NVR, Inc.(1)
530 2,943,737 
PulteGroup, Inc.
21,939 1,449,729 
Taylor Morrison Home Corp.(1)
30,937 1,312,657 
13,471,083 
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp.
179,465 3,542,639 
Insurance — 4.5%
Aflac, Inc.
52,039 3,341,424 
American Financial Group, Inc.
22,985 2,580,526 
American International Group, Inc.
135,555 7,161,371 
Axis Capital Holdings Ltd.
22,511 1,168,321 
F&G Annuities & Life, Inc.
25 517 
Fidelity National Financial, Inc.
156 5,326 


Globe Life, Inc.
12,681 1,308,426 
Hartford Financial Services Group, Inc.
106,023 7,264,696 
Old Republic International Corp.
79,741 1,952,857 
Primerica, Inc.
20,866 3,798,029 
Principal Financial Group, Inc.
22,144 1,449,546 
Progressive Corp.
6,190 791,763 
Prudential Financial, Inc.
58,224 4,581,647 
Reinsurance Group of America, Inc.
8,131 1,138,340 
RenaissanceRe Holdings Ltd.
60 11,302 
Travelers Cos., Inc.
60,481 10,235,804 
Unum Group
58,933 2,560,639 
49,350,534 
Interactive Media and Services — 6.3%
Alphabet, Inc., Class A(1)
127,676 15,687,550 
Alphabet, Inc., Class C(1)
110,503 13,632,755 
Meta Platforms, Inc., Class A(1)
146,890 38,884,721 
68,205,026 
Leisure Products — 0.3%
Brunswick Corp.
18,308 1,382,254 
Polaris, Inc.
12,275 1,322,140 
2,704,394 
Machinery — 2.9%
AGCO Corp.
16,181 1,784,441 
Caterpillar, Inc.
46,771 9,623,133 
Deere & Co.
37,451 12,957,297 
Donaldson Co., Inc.
33,128 1,938,982 
PACCAR, Inc.
80,755 5,554,329 
31,858,182 
Media — 0.8%
Comcast Corp., Class A
136,663 5,377,689 
Fox Corp., Class A
60,788 1,896,586 
Fox Corp., Class B
30,373 887,195 
8,161,470 
Metals and Mining — 3.7%
Alcoa Corp.
46,444 1,473,204 
ATI, Inc.(1)
2,710 93,712 
Cleveland-Cliffs, Inc.(1)
195,144 2,708,599 
Commercial Metals Co.
40,288 1,722,312 
Freeport-McMoRan, Inc.
275,937 9,475,676 
Newmont Corp.
83,909 3,402,510 
Nucor Corp.
76,441 10,094,798 
Reliance Steel & Aluminum Co.
14,213 3,335,507 
Steel Dynamics, Inc.
54,043 4,966,552 
United States Steel Corp.
124,217 2,598,619 
39,871,489 
Oil, Gas and Consumable Fuels — 15.5%
Antero Midstream Corp.
34,631 353,583 
Antero Resources Corp.(1)
63,483 1,295,688 
APA Corp.
37,171 1,181,295 
Chesapeake Energy Corp.
17,323 1,303,556 
Chevron Corp.
185,957 28,008,843 
Civitas Resources, Inc.
14,384 960,851 
ConocoPhillips129,141 12,823,701 
Coterra Energy, Inc.
180,148 4,188,441 
Devon Energy Corp.
213,907 9,861,113 


Diamondback Energy, Inc.
53,194 6,763,617 
EOG Resources, Inc.
116,389 12,487,376 
EQT Corp.
68,227 2,372,253 
Exxon Mobil Corp.
233,474 23,856,373 
Hess Corp.
53,691 6,801,039 
HF Sinclair Corp.
19,589 811,768 
Marathon Oil Corp.
176,867 3,919,373 
Marathon Petroleum Corp.
84,585 8,873,812 
Matador Resources Co.
20,559 903,979 
Murphy Oil Corp.
68,540 2,385,192 
Occidental Petroleum Corp.
134,531 7,757,058 
ONEOK, Inc.
129,449 7,334,580 
Ovintiv, Inc.
46,703 1,544,468 
PBF Energy, Inc., Class A
18,455 679,329 
PDC Energy, Inc.
23,250 1,595,415 
Phillips 66
73,238 6,709,333 
Pioneer Natural Resources Co.
11,339 2,261,450 
Range Resources Corp.
104,675 2,864,955 
Southwestern Energy Co.(1)
254,368 1,213,335 
Targa Resources Corp.
14,559 990,740 
Texas Pacific Land Corp.
589 767,879 
Valero Energy Corp.
25,769 2,758,314 
Williams Cos., Inc.
93,994 2,693,868 
168,322,577 
Paper and Forest Products — 0.1%
Louisiana-Pacific Corp.
20,613 1,206,273 
Passenger Airlines — 0.9%
Alaska Air Group, Inc.(1)
48,097 2,160,998 
Southwest Airlines Co.
84,958 2,537,696 
United Airlines Holdings, Inc.(1)
98,090 4,655,842 
9,354,536 
Pharmaceuticals — 6.1%
Bristol-Myers Squibb Co.
189,320 12,199,781 
Jazz Pharmaceuticals PLC(1)
24,609 3,153,889 
Merck & Co., Inc.
242,265 26,748,479 
Pfizer, Inc.
544,777 20,712,422 
Viatris, Inc.
356,103 3,258,342 
66,072,913 
Professional Services — 0.5%
Automatic Data Processing, Inc.
872 182,239 
Robert Half International, Inc.
50,829 3,304,902 
TriNet Group, Inc.(1)
20,112 1,787,353 
5,274,494 
Real Estate Management and Development — 0.3%
CBRE Group, Inc., Class A(1)
3,777 282,973 
Zillow Group, Inc., Class A(1)
14,617 654,695 
Zillow Group, Inc., Class C(1)
56,578 2,580,523 
3,518,191 
Semiconductors and Semiconductor Equipment — 7.3%
Amkor Technology, Inc.
50,134 1,242,320 
Applied Materials, Inc.
118,830 15,840,039 
Cirrus Logic, Inc.(1)
3,927 305,049 
GLOBALFOUNDRIES, Inc.(1)(2)
17,535 1,022,817 
Lam Research Corp.
23,816 14,687,327 
Micron Technology, Inc.
117,887 8,039,893 


ON Semiconductor Corp.(1)
97,476 8,148,994 
QUALCOMM, Inc.
79,804 9,050,572 
Teradyne, Inc.
6,411 642,318 
Texas Instruments, Inc.
115,818 20,138,434 
79,117,763 
Specialty Retail — 5.0%
Academy Sports & Outdoors, Inc.
18,568 909,089 
Advance Auto Parts, Inc.
3,630 264,591 
AutoNation, Inc.(1)
26,608 3,483,519 
Best Buy Co., Inc.
67,204 4,883,715 
Burlington Stores, Inc.(1)
16,198 2,437,151 
CarMax, Inc.(1)
27,059 1,953,930 
Dick's Sporting Goods, Inc.
29,447 3,754,787 
Lithia Motors, Inc.
841 196,189 
Murphy USA, Inc.
7,051 1,949,037 
RH(1)
5,929 1,452,486 
Ross Stores, Inc.
28,560 2,959,387 
TJX Cos., Inc.
142,724 10,959,776 
Tractor Supply Co.
36,230 7,593,446 
Ulta Beauty, Inc.(1)
16,423 6,730,638 
Valvoline, Inc.
37,587 1,447,100 
Williams-Sonoma, Inc.
31,367 3,560,468 
54,535,309 
Technology Hardware, Storage and Peripherals — 3.3%
Apple, Inc.
202,924 35,968,279 
Textiles, Apparel and Luxury Goods — 0.2%
Capri Holdings Ltd.(1)
37,486 1,315,758 
Tapestry, Inc.
18,850 754,377 
Under Armour, Inc., Class A(1)
12,408 89,462 
Under Armour, Inc., Class C(1)
14,436 94,989 
2,254,586 
Trading Companies and Distributors — 1.0%
Fastenal Co.
31,430 1,692,506 
MSC Industrial Direct Co., Inc., Class A
4,538 408,057 
United Rentals, Inc.
2,899 967,657 
WW Grainger, Inc.
12,711 8,249,693 
11,317,913 
Wireless Telecommunication Services — 0.9%
T-Mobile U.S., Inc.(1)
73,480 10,085,130 
TOTAL COMMON STOCKS
(Cost $1,109,804,927)
1,083,067,263 
SHORT-TERM INVESTMENTS — 0.1%
Money Market Funds — 0.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class
497,752 497,752 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
931,394 931,394 
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,429,146)
1,429,146 
TOTAL INVESTMENT SECURITIES — 99.8%
(Cost $1,111,234,073)
1,084,496,409 
OTHER ASSETS AND LIABILITIES — 0.2%
1,764,302 
TOTAL NET ASSETS — 100.0%
$1,086,260,711 



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 $912,604. 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 $931,394.


SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS 

1. 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.

2. Fair Value Measurements

The fund's investment 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.
This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.