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 811-23754

SEI EXCHANGE TRADED FUNDS

(Exact name of registrant as specified in charter)

SEI Investments

One Freedom Valley Drive

Oaks, PA 19456

(Address of principal executive offices)

Timothy D. Barto, Esq.

SEI Investments

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, 2025

Date of reporting period: March 31, 2025

Item 1. Reports to Stockholders.

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR § 270.30e-1), is attached hereto.

Annual Shareholder Report: March 31, 2025

SEI Enhanced U.S. Large Cap Quality Factor ETF

SEI Exchange Traded Funds - SEIQ

Principal Listing Exchange: Cboe BZX Exchange

Fund Overview

This annual shareholder report contains important information about the SEI Enhanced U.S. Large Cap Quality Factor ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SEI Enhanced U.S. Large Cap Quality Factor ETF	$16	0.15%

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	SEI Enhanced U.S. Large Cap Quality Factor ETF - $14436	S&P 500 Index (TR) - $14949	Russell 1000 Index (USD) - $14866
May/22	$10000	$10000	$10000
Mar/23	$11008	$10632	$10617
Mar/24	$13166	$13809	$13787
Mar/25	$14436	$14949	$14866

How did the Fund perform in the last year?

The Fund outperformed its primary benchmark, the Russell 1000 Index, for the 12-month period ending March 31, 2025.

Quality factors outperformed within the U.S. large-cap equity universe over the reporting period, driven by strong stock-level contributors and exposure to low volatility characteristics. This positioning benefited Fund performance in an environment of decelerating economic growth, elevated geopolitical risk, and persistent inflation uncertainty.

While the Fund underperformed its benchmark early in the period—due in part to a structural underweight allocation to expensive, artificial intelligence (AI)-driven mega-cap technology stocks—performance subsequently rebounded as investor sentiment rotated toward more defensive areas of the market. This shift was rewarded through the Fund’s primary quality factor exposure and provided a meaningful tailwind to the relative performance. Regarding sector allocation, Fund performance was bolstered by an overweight to consumer staples (tobacco companies Philip Morris International and Altria Group), an underweight to materials, and stock selection within industrials. Conversely, stock selection within the information technology sector and an underweight to financials detracted from Fund performance for the period.

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Annualized Since Inception
SEI Enhanced U.S. Large Cap Quality Factor ETF	9.65%	13.64%
S&P 500 Index (TR)	8.25%	15.03%
Russell 1000 Index (USD)	7.82%	14.81%

Since its inception on May 18, 2022. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund Shares. Past performance is not indicative of future performance.

Key Fund Statistics as of March 31, 2025

	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$279,166	58	$377	40%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Health Care	6.0%
Financials	9.3%
Industrials	9.4%
Communication Services	11.3%
Consumer Staples	16.2%
Consumer Discretionary	16.6%
Information Technology	30.5%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Apple			7.3%
Microsoft			5.5%
Meta Platforms, Cl A			4.4%
Alphabet, Cl C			4.1%
Visa, Cl A			3.4%
Philip Morris International			3.4%
O'Reilly Automotive			3.3%
Booking Holdings			3.0%
Johnson & Johnson			3.0%
Procter & Gamble			2.8%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

610-676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

SEI Enhanced U.S. Large Cap Quality Factor ETF

SEI Exchange Traded Funds - SEIQ

Principal Listing Exchange: Cboe BZX Exchange

Annual Shareholder Report: March 31, 2025

SEIQ-AR-2025

Annual Shareholder Report: March 31, 2025

SEI Enhanced U.S. Large Cap Momentum Factor ETF

SEI Exchange Traded Funds - SEIM

Principal Listing Exchange: Cboe BZX Exchange

Fund Overview

This annual shareholder report contains important information about the SEI Enhanced U.S. Large Cap Momentum Factor ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SEI Enhanced U.S. Large Cap Momentum Factor ETF	$16	0.15%

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	SEI Enhanced U.S. Large Cap Momentum Factor ETF - $14750	S&P 500 Index (TR) - $14949	Russell 1000 Index (USD) - $14866
May/22	$10000	$10000	$10000
Mar/23	$10274	$10632	$10617
Mar/24	$13056	$13809	$13787
Mar/25	$14750	$14949	$14866

How did the Fund perform in the last year?

The Fund outperformed its primary benchmark, the Russell 1000 Index, for the 12-month period ending March 31, 2025.

Momentum factors outperformed within the U.S. large-cap equity universe over the reporting period due to the persistence of previously established market leadership from mega-cap technology stocks and other artificial intelligence (AI)-related names. The contribution from momentum factors was hampered by the Fund's inherent underweight exposure to the low volatility factor, which held up firmly when the market went through a rotation away from mega-cap stocks in mid-2024 and the first quarter of 2025. Positioning in recent months to steer the Fund away from being overweight in extremely expensive momentum stocks helped to limit a decline in the Fund’s net asset value.

While the overall contribution from factors during the reporting period was not significant, Fund performance benefited primarily from an overweight allocation to AppLovin Corp., as investors' enthusiasm in the AI-powered app monetization company continued throughout 2024, on the back of strong earnings reports. Fund performance also was enhanced by an overweight to Howmet Aerospace, as investors took a favorable view of the stock’s performance and profitability guidance amid a recovery in commercial aircraft production, and Axon Enterprise, which experienced strong earnings growth after adding new products and services to its law enforcement technology business.

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Annualized Since Inception
SEI Enhanced U.S. Large Cap Momentum Factor ETF	12.97%	14.49%
S&P 500 Index (TR)	8.25%	15.03%
Russell 1000 Index (USD)	7.82%	14.81%

Key Fund Statistics as of March 31, 2025

	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$516,041	65	$757	78%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Energy	0.5%
Materials	1.8%
Utilities	2.6%
Consumer Staples	3.5%
Consumer Discretionary	10.1%
Communication Services	11.0%
Industrials	12.8%
Financials	15.0%
Health Care	16.3%
Information Technology	25.6%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
NVIDIA			6.8%
Apple			6.1%
Meta Platforms, Cl A			4.8%
Walmart			3.0%
Microsoft			3.0%
Alphabet, Cl A			3.0%
Howmet Aerospace			2.9%
Boston Scientific			2.7%
Entergy			2.6%
Cencora			2.5%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

610-676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

SEI Enhanced U.S. Large Cap Momentum Factor ETF

SEI Exchange Traded Funds - SEIM

Principal Listing Exchange: Cboe BZX Exchange

Annual Shareholder Report: March 31, 2025

SEIM-AR-2025

Annual Shareholder Report: March 31, 2025

SEI Enhanced U.S. Large Cap Value Factor ETF

SEI Exchange Traded Funds - SEIV

Principal Listing Exchange: Cboe BZX Exchange

Fund Overview

This annual shareholder report contains important information about the SEI Enhanced U.S. Large Cap Value Factor ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SEI Enhanced U.S. Large Cap Value Factor ETF	$15	0.15%

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	SEI Enhanced U.S. Large Cap Value Factor ETF - $13770	S&P 500 Index (TR) - $14949	Russell 1000 Index (USD) - $14866
May/22	$10000	$10000	$10000
Mar/23	$9848	$10632	$10617
Mar/24	$12912	$13809	$13787
Mar/25	$13770	$14949	$14866

How did the Fund perform in the last year?

The Fund underperformed its primary benchmark, the Russell 1000 Index, for the 12-month period ending March 31, 2025.

Value factors lagged within the U.S. large-cap equity universe over the reporting period, weighed down by a slowing U.S. macroeconomic backdrop, elevated market volatility driven by concerns about the Trump administration’s imposition of tariffs on imported goods, and the concentrated outperformance of expensive, artificial intelligence (AI)-related mega-cap technology stocks. This environment proved unfavorable for value-focused strategies, and the primary headwind to the Fund’s relative performance for the period resulted from sustained value factor underperformance. Despite these challenges, stock-level active risk controls contributed positively to Fund performance. In addition, secondary quality factors provided some support to Fund performance, particularly through exposure to defensive stocks.

Sector allocation effects modestly enhanced the Fund’s relative performance for the reporting period. A small overweight allocation to the communication services sector and an underweight to the consumer discretionary sector bolstered performance. At the stock level, key detractors included structural underweights to shares of mega-cap companies such as Tesla Inc., Apple Inc., and Nvidia Corp., which benefited from strong investor enthusiasm around AI. Exposure to wireless chip-maker Skyworks Solutions weighed on Fund performance, reflecting investors’ concerns over its competitive positioning and loss of its major customer, Apple. These detractors were partially offset by positive contributions from positions in telecommunications company AT&T Corp. and tobacco company Altria Group, which benefited from a market rotation into defensive stocks amid shifting investor sentiment.

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Annualized Since Inception
SEI Enhanced U.S. Large Cap Value Factor ETF	6.65%	11.79%
S&P 500 Index (TR)	8.25%	15.03%
Russell 1000 Index (USD)	7.82%	14.81%

Key Fund Statistics as of March 31, 2025

	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$526,127	118	$740	60%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Energy	0.9%
Materials	1.6%
Utilities	2.2%
Industrials	5.7%
Consumer Discretionary	7.6%
Consumer Staples	9.7%
Health Care	11.1%
Communication Services	13.0%
Financials	17.6%
Information Technology	29.9%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Apple			3.5%
AT&T			3.1%
Microsoft			2.9%
International Business Machines			2.9%
Verizon Communications			2.7%
Altria Group			2.7%
Citigroup			2.3%
Kroger			2.3%
QUALCOMM			2.3%
Alphabet, Cl C			2.1%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

610-676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

SEI Enhanced U.S. Large Cap Value Factor ETF

SEI Exchange Traded Funds - SEIV

Principal Listing Exchange: Cboe BZX Exchange

Annual Shareholder Report: March 31, 2025

SEIV-AR-2025

Annual Shareholder Report: March 31, 2025

SEI Enhanced Low Volatility U.S. Large Cap ETF

SEI Exchange Traded Funds - SELV

Principal Listing Exchange: Cboe BZX Exchange

Fund Overview

This annual shareholder report contains important information about the SEI Enhanced Low Volatility U.S. Large Cap ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SEI Enhanced Low Volatility U.S. Large Cap ETF	$16	0.15%

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

	SEI Enhanced Low Volatility U.S. Large Cap ETF - $13038	S&P 500 Index (TR) - $14949	Russell 1000 Index (USD) - $14866
May/22	$10000	$10000	$10000
Mar/23	$10302	$10632	$10617
Mar/24	$11586	$13809	$13787
Mar/25	$13038	$14949	$14866

How did the Fund perform in the last year?

The Fund outperformed its primary benchmark, the Russell 1000 Index, for the 12-month period ending March 31, 2025.

Low volatility factors outperformed within the U.S. large-cap equity universe over the reporting period, with gains particularly pronounced in the first quarter of 2025. This outperformance was driven by a slowing U.S. macroeconomic backdrop and heightened trade tensions related to the Trump administration’s tariffs on imported goods—an environment that favored defensive, low-beta stocks. (Beta is a quantitative measure of the volatility of a security relative to a benchmark.) The sustained exposure to the low volatility factor served as the primary driver of the Fund’s outperformance for the period.

Sector allocation also contributed positively to Fund performance during the reporting period, attributable mainly to overweight positions in traditionally defensive sectors and underweights to more cyclical areas of the market. At the stock level, notable contributors to performance included defensive names such as AT&T Corp. (telecommunications), Walmart Inc. (consumer staples), Gilead Sciences Inc. (health care), and Duke Energy Corp. (utilities), which benefited from the broad rotation into relatively lower-risk stocks amid increased market uncertainty and growing investor demand for downside protection.

Average Annual Total Returns as of March 31, 2025

Fund/Index Name	1 Year	Annualized Since Inception
SEI Enhanced Low Volatility U.S. Large Cap ETF	12.53%	9.68%
S&P 500 Index (TR)	8.25%	15.03%
Russell 1000 Index (USD)	7.82%	14.81%

Key Fund Statistics as of March 31, 2025

	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$145,715	79	$200	16%

What did the Fund invest in?

Sector Weightings^{Footnote Reference*}

Value	Value
Materials	1.1%
Energy	3.0%
Consumer Discretionary	4.2%
Utilities	6.0%
Industrials	9.3%
Financials	10.3%
Consumer Staples	10.7%
Communication Services	14.6%
Health Care	16.1%
Information Technology	24.0%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Microsoft			5.0%
Apple			4.0%
Walmart			3.3%
AT&T			3.2%
Republic Services, Cl A			2.9%
Johnson & Johnson			2.8%
Procter & Gamble			2.5%
Gilead Sciences			2.4%
Cisco Systems			2.4%
Cardinal Health			2.4%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

610-676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

SEI Enhanced Low Volatility U.S. Large Cap ETF

SEI Exchange Traded Funds - SELV

Principal Listing Exchange: Cboe BZX Exchange

Annual Shareholder Report: March 31, 2025

SELV-AR-2025

Annual Shareholder Report: March 31, 2025

SEI Select Emerging Markets Equity ETF

SEI Exchange Traded Funds - SEEM

Principal Listing Exchange: NASDAQ

Fund Overview

This annual shareholder report contains important information about the SEI Select Emerging Markets Equity ETF (the "Fund") for the period from October 8, 2024 (commencement of operations) to March 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by calling 610-676-1000.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
SEI Select Emerging Markets Equity ETF	$28	0.60%

Footnote	Description
Footnote^*	Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended.

Key Fund Statistics as of March 31, 2025

	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$206,065	241	$509	34%

Country Weightings^{Footnote Reference*}

Value	Value
Other Countries	9.1%
Poland	1.4%
Indonesia	1.5%
Thailand	1.7%
Mexico	1.9%
Hungary	2.8%
United Arab Emirates	3.1%
South Africa	5.1%
Brazil	5.8%
South Korea	10.5%
India	13.0%
Taiwan	13.7%
China	29.5%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Taiwan Semiconductor Manufacturing			8.2%
Tencent Holdings			5.0%
Alibaba Group Holding			3.8%
Samsung Electronics			1.9%
Petroleo Brasileiro, Preference			1.7%
Emaar Properties PJSC			1.5%
OTP Bank Nyrt			1.5%
ICICI Bank ADR			1.4%
Meituan, Cl B			1.3%
Xiaomi, Cl B			1.3%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

610-676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

SEI Select Emerging Markets Equity ETF

SEI Exchange Traded Funds - SEEM

Principal Listing Exchange: NASDAQ

Annual Shareholder Report: March 31, 2025

SEEM-AR-2025

Annual Shareholder Report: March 31, 2025

SEI Select International Equity ETF

SEI Exchange Traded Funds - SEIE

Principal Listing Exchange: NASDAQ

Fund Overview

This annual shareholder report contains important information about the SEI Select International Equity ETF (the "Fund") for the period from October 8, 2024 (commencement of operations) to March 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by calling 610-676-1000.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
SEI Select International Equity ETF	$24	0.50%

Footnote	Description
Footnote^*	Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended.

Key Fund Statistics as of March 31, 2025

	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$543,113	320	$1,099	31%

Country Weightings^{Footnote Reference*}

Value	Value
Other Countries	11.6%
Norway	1.7%
Sweden	2.2%
Australia	3.4%
Italy	3.8%
Spain	3.8%
Switzerland	4.0%
Netherlands	4.2%
United States	8.2%
France	9.3%
Germany	11.3%
United Kingdom	15.5%
Japan	19.3%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Roche Holding			2.1%
SAP			1.4%
Barclays			1.3%
Novartis			1.3%
Deutsche Boerse			1.3%
GSK			1.0%
ING Groep			1.0%
NatWest Group			1.0%
CaixaBank			1.0%
Equinor			1.0%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

610-676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

SEI Select International Equity ETF

SEI Exchange Traded Funds - SEIE

Principal Listing Exchange: NASDAQ

Annual Shareholder Report: March 31, 2025

SEIE-AR-2025

Annual Shareholder Report: March 31, 2025

SEI Select Small Cap ETF

SEI Exchange Traded Funds - SEIS

Principal Listing Exchange: NASDAQ

Fund Overview

This annual shareholder report contains important information about the SEI Select Small Cap ETF (the "Fund") for the period from October 8, 2024 (commencement of operations) to March 31, 2025. You can find additional information about the Fund at https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports. You can also request this information by contacting us at 610-676-1000.

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment^{Footnote Reference*}	Costs paid as a percentage of a $10,000 investment
SEI Select Small Cap ETF	$26	0.55%

Footnote	Description
Footnote^*	Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended.

Key Fund Statistics as of March 31, 2025

	Total Net Assets (000's)	Number of Holdings	Total Advisory Fees Paid (000's)	Portfolio Turnover Rate
	$217,858	358	$535	24%

Sector Weightings^{Footnote Reference*}

Value	Value
Utilities	1.0%
Communication Services	2.9%
Energy	4.1%
Real Estate	5.0%
Consumer Staples	5.0%
Materials	5.5%
Consumer Discretionary	12.5%
Information Technology	12.6%
Health Care	13.6%
Industrials	15.9%
Financials	21.5%

Footnote	Description
Footnote*	Percentages are calculated based on total net assets.

Top Ten Holdings

Holding Name			Percentage of Total Net Assets
Sprouts Farmers Market			1.4%
CNO Financial Group			1.4%
Urban Outfitters			1.4%
Corcept Therapeutics			1.3%
ExlService Holdings			1.3%
Old National Bancorp			1.1%
Commercial Metals			1.0%
Jackson Financial, Cl A			1.0%
Stride			0.9%
Columbia Banking System			0.9%

Material Fund Changes

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the reporting period.

Additional Information

For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, call or visit:

610-676-1000
https://www.seic.com/mutual-fund-documentation/prospectuses-and-reports
https://www.seic.com/mutual-fund-documentation/proxy-voting

SEI Select Small Cap ETF

SEI Exchange Traded Funds - SEIS

Principal Listing Exchange: NASDAQ

Annual Shareholder Report: March 31, 2025

SEIS-AR-2025

(b) Not applicable.

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

Item 3. Audit Committee Financial Expert.

(a) (1) The Registrant’s Board of Trustees has determined that the Registrant has one audit committee financial expert serving on the audit committee.

(a) (2) The audit committee financial expert is Susan C. Cote. Ms. Cote is independent as defined in Form N-CSR Item 3 (a) (2).

Item 4. Principal Accountant Fees and Services.

Fees billed by KPMG LLP (“KPMG”) related to the Registrant.

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the fiscal years 2025 and 2024 as follows:

		Fiscal Year 2025			Fiscal Year 2024
		All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees(1)	$90,000	N/A	$0	$60,000	N/A	$0
(b)	Audit-Related Fees	$0	$0	$0	$0	$0	$0
(c)	Tax Fees (2)	$0	$0	$0	$0	$0	$0
(d)	All Other Fees(3)	$0	$245,112	$0	$0	$315,759	$0

Notes:

(1)

Audit fees include amounts related to the audit of the Registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(2)

Tax fees include amounts related to tax compliance and consulting services.

(3)

See Item 4(g) for a description of the services comprising the fees disclosed under this category.

(e)(1) The Registrant’s Audit Committee has adopted and the Board of Trustees has ratified an Audit and Non-Audit Services Pre-Approval Policy (the “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor of the Registrant may be pre-approved. In any instance where services require pre-approval, the Audit Committee will consider whether such services are consistent with SEC’s rules on auditor independence and whether the provision of such services would compromise the auditor’s independence.

The Policy provides that all requests or applications for proposed services to be provided by the independent auditor must be submitted to the Registrant’s Chief Financial Officer (“CFO”) and must include a detailed description of the services proposed to be rendered. The CFO will determine whether such services: (1) require specific pre-approval; (2) are included within the list of services that have received the general pre-approval of the Audit Committee pursuant to the Policy; or (3) have been previously pre-approved in connection with the independent auditor’s annual engagement letter for the applicable year or otherwise.

Requests or applications to provide services that require specific pre-approval by the Audit Committee will be submitted to the Audit Committee by the CFO. The Audit Committee has delegated specific pre-approval authority to either the Audit Committee Chair or financial experts, provided that the estimated fee for any such proposed pre-approved service does not exceed $100,000 and any pre-approval decisions are reported to the Audit Committee at its next regularly scheduled meeting.

Services that have received the general pre-approval of the Audit Committee are identified and described in the Policy. In addition, the Policy sets forth a maximum fee per engagement with respect to each identified service that has received general pre-approval. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor during the following twelve months without obtaining specific pre-approval from the Audit Committee.

The Audit Committee will be informed by the CFO on a quarterly basis of all services rendered by the independent auditor.

All services to be provided by the independent auditor shall be provided pursuant to a signed written engagement letter with the Registrant, the investment advisor or applicable control affiliate (except that matters as to which an engagement letter would be impractical because of timing issues or because the matter is small may not be the subject of an engagement letter) that sets forth both the services to be provided by the independent auditor and the total fees (or the manner of their determination) to be paid to the independent auditor for those services.

In addition, the Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor's independence from the Registrant, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Registrant, and discussing with the independent auditor its methods and procedures for ensuring independence.

(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	Fiscal 2025	Fiscal 2024
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) Not Applicable.

(g)(1) The aggregate non-audit fees and services billed by KPMG for the fiscal years 2025 and 2024 were $245,112 and $315,759, respectively. Non-audit fees consist of a SSAE No. 16 review of fund accounting and administration operations.

(h) During the past fiscal year, the Registrant’s principal accountant provided certain non-audit services to the Registrant’s investment adviser or to entities controlling, controlled by, or under common control with the Registrant’s investment adviser that provide ongoing services to the Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The Audit Committee of the Registrant’s Board of Trustees reviewed and considered these non-audit services provided by the Registrant’s principal accountant to the Registrant’s affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

(i) Not Applicable.

(j) Not Applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) The Schedules of Investments are included as part of the Financial Statements and Financial Highlights filed under Item 7 of this form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Financial Statements and Financial Highlights filed herein.

March 31, 2025

ANNUAL FINANCIALS AND OTHER INFORMATION

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

❯	SEI Select Emerging Markets Equity ETF

❯	SEI Select International Equity ETF

❯	SEI Select Small Cap ETF

seic.com

TABLE OF CONTENTS

Financial Statements (Form N-CSR Item 7)
Schedules of Investments	1
Statements of Assets and Liabilities	21
Statements of Operations	23
Statements of Changes in Net Assets	25
Financial Highlights	32
Notes to Financial Statements	33
Report of Independent Registered Public Accounting Firm	43
Notice to Shareholders (Unaudited)	44
Other Information - (Form N-CSR Items 8-11) (Unaudited)	45

SCHEDULE OF INVESTMENTS

March 31, 2025

SEI Enhanced U.S. Large Cap Quality Factor ETF


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† — 99.3%

Communication Services — 11.3%
Alphabet, Cl A		13,634	$	2,108
Alphabet, Cl C		73,219		11,439
Electronic Arts		38,947		5,629
Meta Platforms, Cl A		21,351		12,306

				31,482
Consumer Discretionary — 16.6%
Airbnb, Cl A ^*		7,144		853
Amazon.com ^*		7,697		1,464
Booking Holdings		1,840		8,477
Domino's Pizza		9,446		4,340
H&R Block		39,851		2,188
Home Depot		1,406		515
McDonald's		10,643		3,325
NVR ^*		318		2,304
O'Reilly Automotive ^*		6,446		9,234
TJX		51,490		6,272
Wingstop		1,553		350
Yum! Brands		45,747		7,199

				46,521
Consumer Staples — 16.2%
Altria Group		117,451		7,049
Colgate-Palmolive		70,422		6,599
Kimberly-Clark		45,055		6,408
Monster Beverage ^*		112,701		6,595
PepsiCo		8,724		1,308
Philip Morris International		59,216		9,399
Procter & Gamble		46,299		7,890

				45,248
Financials — 9.3%
FactSet Research Systems		4,185		1,903
Mastercard, Cl A		13,260		7,268
Moody's		8,881		4,136
MSCI, Cl A		5,375		3,039
Visa, Cl A		27,395		9,601

				25,947
Health Care — 6.0%
Gilead Sciences		2,390		268
IDEXX Laboratories ^*		2,359		991
Johnson & Johnson		49,973		8,287
Mettler-Toledo International ^*		1,991		2,351
Vertex Pharmaceuticals ^*		10,009		4,853

				16,750
Industrials — 9.4%
Cintas		8,031		1,651
Fastenal		21,169		1,642
Graco		38,247		3,194
Illinois Tool Works		23,011		5,707
Lennox International		669		375
Paychex		19,368		2,988


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Robert Half		28,136	$	1,535
Verisk Analytics, Cl A		11,493		3,420
WW Grainger		5,751		5,681

				26,193
Information Technology — 30.5%
Adobe ^*		11,983		4,596
Apple		91,749		20,380
Autodesk ^*		3,297		863
Cisco Systems		45,177		2,788
F5 ^*		15,347		4,087
Fair Isaac ^*		973		1,794
Fortinet ^*		5,878		566
Gartner ^*		10,456		4,389
Intuit		4,940		3,033
Manhattan Associates ^*		5,108		884
Microsoft		41,037		15,405
Motorola Solutions		12,664		5,544
NetApp		10,737		943
NVIDIA		66,905		7,251
QUALCOMM		42,299		6,498
VeriSign ^*		24,203		6,144

				85,165
Total Common Stock
(Cost $257,706) ($ Thousands)				277,306
Total Investments in Securities — 99.3%
(Cost $257,706) ($ Thousands)			$	277,306

	Percentages are based on Net Assets of $279,166 ($ Thousands).
*	Non-income producing security.
^†^†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

As of March 31, 2025, 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.

SEI Exchange Traded Funds

SCHEDULE OF INVESTMENTS

March 31, 2025

SEI Enhanced U.S. Large Cap Momentum Factor ETF


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† — 99.2%

Communication Services — 11.0%
Alphabet, Cl A		98,482	$	15,229
Fox, Cl A		113,941		6,449
Fox, Cl B		68,153		3,593
Meta Platforms, Cl A		43,131		24,859
Netflix ^*		6,804		6,345

				56,475
Consumer Discretionary — 10.1%
Amazon.com ^*		13,655		2,598
Booking Holdings		1,420		6,542
Deckers Outdoor ^*		66,588		7,445
Garmin		58,352		12,670
Ralph Lauren, Cl A		20,569		4,540
SharkNinja ^*		31,514		2,629
Tapestry		116,314		8,190
TJX		35,467		4,320
Williams-Sonoma		21,097		3,335

				52,269
Consumer Staples — 3.5%
Coca-Cola		37,592		2,692
Walmart		177,378		15,572

				18,264
Energy — 0.5%
TechnipFMC		76,801		2,434


Financials — 15.0%
Aflac		8,413		935
Bank of New York Mellon		137,325		11,517
Brown & Brown		89,664		11,154
Citigroup		25,192		1,788
East West Bancorp		63,823		5,729
Erie Indemnity, Cl A		10,480		4,392
Fiserv ^*		13,348		2,948
Goldman Sachs Group		21,091		11,522
Intercontinental Exchange		69,114		11,922
Janus Henderson Group		59,773		2,161
Nasdaq		24,509		1,859
Synchrony Financial		174,316		9,228
Toast, Cl A ^*		65,497		2,173

				77,328
Health Care — 16.3%
AbbVie		10,416		2,182
Boston Scientific ^*		138,701		13,992
Cencora		46,044		12,804
Doximity, Cl A ^*		60,916		3,535
Eli Lilly		3,969		3,278
Exelixis ^*		144,767		5,345
Insulet ^*		34,724		9,119
Intuitive Surgical ^*		7,809		3,868
ResMed		48,413		10,837


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Stryker		28,217	$	10,504
Tenet Healthcare ^*		26,880		3,615
Universal Health Services, Cl B		26,784		5,033

				84,112
Industrials — 12.8%
Acuity Brands		15,755		4,149
Axon Enterprise ^*		7,809		4,107
CACI International, Cl A ^*		9,215		3,381
Cummins		29,759		9,328
Curtiss-Wright		19,671		6,241
Howmet Aerospace		113,744		14,756
Trane Technologies		29,096		9,803
Vertiv Holdings, Cl A		64,362		4,647
Westinghouse Air Brake Technologies		22,057		4,000
Woodward		30,119		5,497

				65,909
Information Technology — 25.6%
Amphenol, Cl A		169,511		11,118
Apple		140,999		31,320
AppLovin, Cl A ^*		34,511		9,144
Arista Networks ^*		145,673		11,287
Atlassian, Cl A ^*		4,265		905
Fair Isaac ^*		1,350		2,490
Guidewire Software ^*		34,748		6,510
Microsoft		41,002		15,392
Motorola Solutions		7,844		3,434
NVIDIA		321,725		34,869
Palo Alto Networks ^*		32,011		5,462

				131,931
Materials — 1.8%
International Paper		178,289		9,512


Utilities — 2.6%
Entergy		159,003		13,593


Total Common Stock
(Cost $474,247) ($ Thousands)				511,827
Total Investments in Securities — 99.2%
(Cost $474,247) ($ Thousands)			$	511,827

	Percentages are based on Net Assets of $516,041 ($ Thousands).
*	Non-income producing security.
^†^†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

As of March 31, 2025, 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.

SEI Exchange Traded Funds

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.

SEI Exchange Traded Funds

SCHEDULE OF INVESTMENTS

March 31, 2025

SEI Enhanced U.S. Large Cap Value Factor ETF


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† — 99.3%

Communication Services — 13.0%
Alphabet, Cl A		68,243	$	10,553
Alphabet, Cl C		72,248		11,287
AT&T		576,038		16,291
Charter Communications, Cl A ^*		8,290		3,055
Comcast, Cl A		178,346		6,581
Fox		27,610		1,455
Meta Platforms, Cl A		4,503		2,595
Omnicom Group		23,528		1,951
Verizon Communications		317,018		14,380

				68,148
Consumer Discretionary — 7.6%
ADT		166,122		1,352
Amazon.com ^*		13,167		2,505
Carnival ^*		268,031		5,235
Expedia Group		43,542		7,320
Ford Motor		378,665		3,798
General Motors		222,159		10,448
H&R Block		78,038		4,285
Kohl's		47,631		390
PulteGroup		12,967		1,333
PVH		31,295		2,023
Travel + Leisure		33,361		1,544

				40,233
Consumer Staples — 9.7%
Albertsons, Cl A		212,707		4,677
Altria Group		235,568		14,139
Archer-Daniels-Midland		25,104		1,205
Bunge Global		42,476		3,246
Ingredion		33,749		4,563
Kraft Heinz		120,907		3,679
Kroger		180,677		12,230
Pilgrim's Pride ^*		21,967		1,197
Post Holdings ^*		15,405		1,793
Reynolds Consumer Products		28,542		681
Seaboard		77		208
Spectrum Brands Holdings		7,374		528
US Foods Holding ^*		40,456		2,648

				50,794
Energy — 0.9%
Exxon Mobil		6,166		733
Marathon Petroleum		9,659		1,407
Occidental Petroleum		800		40
Valero Energy		19,320		2,552

				4,732
Financials — 17.6%
Affiliated Managers Group		741		125
Ally Financial		138,567		5,054
American International Group		99,273		8,631
Arch Capital Group		45,844		4,409


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Axis Capital Holdings		30,903	$	3,098
Bank OZK		54,098		2,351
Berkshire Hathaway, Cl B ^*		16,789		8,941
Brighthouse Financial ^*		31,405		1,821
Citigroup		172,754		12,264
Corebridge Financial		129,068		4,075
Janus Henderson Group		41,921		1,515
Popular		35,904		3,316
Reinsurance Group of America		32,363		6,372
RenaissanceRe Holdings		18,318		4,396
Rithm Capital ^‡		254,134		2,910
Synchrony Financial		177,747		9,410
T Rowe Price Group		23,957		2,201
Unum Group		96,374		7,851
Zions Bancorp		73,295		3,654

				92,394
Health Care — 11.1%
Bristol-Myers Squibb		1,697		103
Cardinal Health		75,793		10,442
Cencora		12,095		3,363
DaVita ^*		21,070		3,223
Exelixis ^*		4,015		148
GE HealthCare Technologies		80,312		6,482
Gilead Sciences		68,762		7,705
HCA Healthcare		17,782		6,145
Jazz Pharmaceuticals ^*		5,015		623
McKesson		10,037		6,755
Medtronic		6,497		584
Merck		15,574		1,398
Pfizer		107,240		2,717
Solventum ^*		12,740		969
Tenet Healthcare ^*		41,941		5,641
United Therapeutics ^*		5,469		1,686
Universal Health Services, Cl B		2,417		454
Viatris, Cl W		13,267		116

				58,554
Industrials — 5.7%
Acuity Brands		1,934		509
Alaska Air Group ^*		9,663		476
American Airlines Group ^*		273,775		2,888
Booz Allen Hamilton Holding, Cl A		19,751		2,066
Concentrix		23,695		1,318
Delta Air Lines		204,822		8,930
EMCOR Group		1,205		446
Leidos Holdings		50,449		6,808
PACCAR		4,386		427
Science Applications International		15,455		1,735
SS&C Technologies Holdings		46,680		3,899
Textron		7,394		534

				30,036

SEI Exchange Traded Funds


Description	Shares		Market Value ($ Thousands)
COMMON STOCK^†^† (continued)
Information Technology — 29.9%
Amdocs		33,245	$	3,042
Amkor Technology		58,851		1,063
Apple		82,393		18,302
Arrow Electronics ^*		34,846		3,618
Avnet		48,171		2,316
Ciena ^*		50,580		3,056
Cirrus Logic ^*		27,564		2,747
Cisco Systems		159,034		9,814
Cognizant Technology Solutions, Cl A		74,036		5,664
Dell Technologies, Cl C		23,475		2,140
Dropbox, Cl A ^*		103,774		2,772
DXC Technology ^*		91,218		1,555
F5 ^*		15,509		4,130
Gen Digital		135,496		3,596
Hewlett Packard Enterprise		349,299		5,390
HP		315,108		8,725
International Business Machines		61,059		15,183
Micron Technology		71,235		6,190
Microsoft		41,047		15,409
MKS Instruments		33,617		2,694
NetApp		88,723		7,793
NVIDIA		101,544		11,005
QUALCOMM		77,789		11,949
Skyworks Solutions		77,577		5,014
Teradata ^*		28,445		639
Vontier		53,961		1,773
Zoom Video Communications, Cl A ^*		24,251		1,789

				157,368
Materials — 1.6%
Berry Global Group		50,297		3,511
LyondellBasell Industries, Cl A		59,434		4,184
Sonoco Products		20,272		958

				8,653
Utilities — 2.2%
FirstEnergy		40,813		1,650
NRG Energy		105,158		10,038

				11,688
Total Common Stock
(Cost $494,189) ($ Thousands)				522,600
Total Investments in Securities — 99.3%
(Cost $494,189) ($ Thousands)			$	522,600

	Percentages are based on Net Assets of $526,127 ($ Thousands).
*	Non-income producing security.
^†^†	Narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting.

As of March 31, 2025, 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.

SEI Exchange Traded Funds

SCHEDULE OF INVESTMENTS

March 31, 2025

SEI Enhanced Low Volatility U.S. Large Cap ETF


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 99.3%

Communication Services — 14.6%
Alphabet, Cl A		12,561	$	1,942
Alphabet, Cl C		12,342		1,928
AT&T		166,474		4,708
Comcast, Cl A		53,265		1,965
Electronic Arts		6,060		876
Fox, Cl A		29,025		1,643
Fox, Cl C		17,196		906
Meta Platforms, Cl A		645		372
Omnicom Group		28,042		2,325
T-Mobile US		4,033		1,076
Verizon Communications		77,378		3,510

				21,251
Consumer Discretionary — 4.2%
Amazon.com ^*		573		109
Booking Holdings		525		2,419
H&R Block		23,057		1,266
McDonald's		5,992		1,872
Service Corp International		1,075		86
Yum! Brands		2,141		337

				6,089
Consumer Staples — 10.7%
Altria Group		39,432		2,367
Colgate-Palmolive		27,144		2,543
General Mills		25,318		1,514
Mondelez International, Cl A		5,895		400
Philip Morris International		931		148
Procter & Gamble		21,595		3,680
Walmart		55,576		4,879

				15,531
Energy — 3.0%
Chevron		18,025		3,016
Kinder Morgan		45,575		1,300

				4,316
Financials — 10.3%
Allstate		4,772		988
Berkshire Hathaway, Cl B ^*		4,749		2,529
Chubb		7,733		2,335
Loews		4,128		380
Markel Group ^*		1,028		1,922
Marsh & McLennan		1,454		355
Travelers		5,082		1,344
Visa, Cl A		3,701		1,297
W R Berkley		47,709		3,395
White Mountains Insurance Group		239		460

				15,005
Health Care — 16.1%
Bristol-Myers Squibb		30,697		1,872
Cardinal Health		25,526		3,517
Cencora		6,399		1,780


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Chemed		548	$	337
Gilead Sciences		31,586		3,539
Johnson & Johnson		24,762		4,107
McKesson		4,901		3,298
Merck		32,790		2,943
Pfizer		27,348		693
Quest Diagnostics		8,529		1,443

				23,529
Industrials — 9.3%
3M		2,408		353
Expeditors International of Washington		18,966		2,281
Genpact		7,011		353
Lockheed Martin		851		380
Republic Services, Cl A		17,351		4,202
Snap-on		1,267		427
Verisk Analytics, Cl A		9,622		2,864
Waste Management		11,672		2,702

				13,562
Information Technology — 24.0%
Accenture, Cl A		6,043		1,886
Amdocs		18,572		1,699
Amphenol, Cl A		15,151		994
Apple		26,499		5,886
Arrow Electronics ^*		9,550		992
Avnet		12,914		621
Cisco Systems		57,129		3,526
Dolby Laboratories, Cl A		9,217		740
Dropbox, Cl A ^*		31,046		829
F5 ^*		7,666		2,041
Microsoft		19,362		7,268
Motorola Solutions		5,683		2,488
Roper Technologies		5,561		3,279
VeriSign ^*		10,938		2,777

				35,026
Materials — 1.1%
NewMarket		835		473
Reliance		1,806		521
Silgan Holdings		12,772		653

				1,647
Utilities — 6.0%
Atmos Energy		6,350		982
CMS Energy		1,252		94
Consolidated Edison		27,280		3,017
DTE Energy		3,699		511
Duke Energy		23,090		2,816
FirstEnergy		3,973		161
National Fuel Gas		12,676		1,004

SEI Exchange Traded Funds


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
NiSource		3,997	$	160

				8,745
Total Common Stock
(Cost $126,560) ($ Thousands)				144,701
Total Investments in Securities — 99.3%
(Cost $126,560) ($ Thousands)			$	144,701

	Percentages are based on Net Assets of $145,715 ($ Thousands).
*	Non-income producing security.

As of March 31, 2025, 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.

SEI Exchange Traded Funds

SCHEDULE OF INVESTMENTS

March 31, 2025

SEI Select Emerging Markets Equity ETF


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 94.9%
Brazil — 2.9%
Ambev		176,300	$	417
BB Seguridade Participacoes		91,965		648
CPFL Energia		71,578		474
Embraer ^*		38,900		447
Natura & Holding		159,305		280
PRIO ^*		57,700		402
Telefonica Brasil		39,210		342
TIM		116,255		365
TOTVS		68,800		403
Vale		90,634		901
Vibra Energia		315,304		983
WEG		50,100		396
				6,058

Chile — 0.8%
Banco de Chile		4,794,487		632
Empresas Copec		64,800		446
Falabella		120,447		501
				1,579

China — 29.6%
3SBio		342,000		526
AAC Technologies Holdings		108,470		657
Alibaba Group Holding		476,554		7,840
Anhui Conch Cement, Cl H		298,510		844
Baidu, Cl A ^*		48,823		564
Bosideng International Holdings		949,475		487
BYD, Cl H		16,329		824
Centre Testing International Group, Cl A		197,000		350
China CITIC Bank, Cl A		399,200		391
China CITIC Bank, Cl H		866,300		678
China Communications Services, Cl H		741,007		406
China Construction Bank, Cl H		517,035		457
China Feihe		531,429		401
China Hongqiao Group		292,595		602
China Life Insurance, Cl H		514,405		992
China Merchants Bank, Cl H		64,716		382
China Merchants Port Holdings		232,005		400
China Pacific Insurance Group, Cl A		89,100		395
China Pacific Insurance Group, Cl H		148,565		467
China Resources Land		144,030		478
Contemporary Amperex Technology, Cl A		25,100		875
CRRC, Cl A		345,300		336
Eastroc Beverage Group, Cl A		10,700		367
Far East Horizon		589,430		483
Foshan Haitian Flavouring & Food, Cl A		108,300		606
Fufeng Group		523,600		411
Geely Automobile Holdings		557,520		1,192
Giant Biogene Holding		89,081		807
Gree Electric Appliances of Zhuhai, Cl A		67,900		426
Guotai Junan Securities, Cl A		152,700		362
Haier Smart Home, Cl H		189,919		610
Hangzhou Robam Appliances, Cl A		124,000		388


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Hello Group ADR		59,700	$	377
Huatai Securities, Cl A		157,300		359
Hygon Information Technology, Cl A		19,000		370
Industrial & Commercial Bank of China, Cl H		1,546,917		1,101
JD.com, Cl A		90,805		1,877
Jiangsu Hengrui Pharmaceuticals, Cl A		125,200		849
Kingsoft		73,000		353
Kunlun Energy		722,446		705
Luxshare Precision Industry, Cl A		74,500		420
Meituan, Cl B ^*		135,085		2,705
NetEase		78,664		1,597
PDD Holdings ADR ^*		7,160		847
People's Insurance Group of China, Cl H		2,315,765		1,197
PetroChina, Cl H		1,136,045		918
PICC Property & Casualty, Cl H		269,048		497
Ping An Insurance Group of China, Cl H		380,817		2,266
Pop Mart International Group		66,995		1,348
Qifu Technology ADR		19,785		889
SF Holding, Cl A		74,300		442
Shenwan Hongyuan Group, Cl A		657,300		447
Shenzhen Envicool Technology, Cl A		86,890		466
Sinopec Engineering Group, Cl H		537,440		381
Tencent Holdings		160,342		10,243
Trip.com Group		10,030		637
Vipshop Holdings ADR		68,655		1,077
Xiaomi, Cl B ^*		408,311		2,582
Yangzijiang Shipbuilding Holdings		324,095		571
Zoomlion Heavy Industry Science and Technology		502,700		370
				60,895

Colombia — 0.2%
Bancolombia ADR		9,800		394

Czech Republic — 0.3%
Komercni Banka		11,000		531

Egypt — 0.2%
Commercial International Bank		252,595		412

Greece — 1.3%
Alpha Services and Holdings		164,900		392
Danaos		5,300		413
Eurobank Ergasias Services and Holdings		247,902		661
Hellenic Telecommunications Organization		39,150		634
Piraeus Financial Holdings		101,175		552
				2,652

Hong Kong — 0.8%
United Laboratories International Holdings		301,165		566
WH Group		1,072,840		985
				1,551

Hungary — 2.8%
Magyar Telekom Telecommunications		120,100		523
MOL Hungarian Oil & Gas		134,732		1,058

SEI Exchange Traded Funds


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
OTP Bank Nyrt		46,496	$	3,115
Richter Gedeon Nyrt		38,539		1,060
				5,756

India — 13.0%
Bharat Petroleum		166,944		544
Bharti Airtel		20,395		413
Britannia Industries		7,700		445
Chambal Fertilisers and Chemicals		64,200		470
Coromandel International		28,800		668
Divi's Laboratories		9,500		642
Dr Reddy's Laboratories		24,500		328
General Insurance		80,200		395
Great Eastern Shipping		40,700		444
HCL Technologies		58,021		1,081
HDFC Bank		67,456		1,443
Hero MotoCorp		9,500		414
Hindalco Industries		48,075		384
ICICI Bank ADR		93,200		2,938
Infosys ADR		92,764		1,693
ITC Hotels ^*		6,923		16
L&T Finance		248,249		445
Mahindra & Mahindra		14,385		449
Marico		65,410		499
Maruti Suzuki India		2,800		377
Muthoot Finance		43,283		1,207
National Aluminium		164,000		337
Nippon Life India Asset Management		42,200		286
NMDC		474,945		383
Oil & Natural Gas		567,667		1,636
Petronet LNG		327,539		1,125
Power Grid		141,860		482
Redington		152,200		432
Reliance Industries		24,930		372
Shriram Finance		169,475		1,301
Sun Pharmaceutical Industries		28,359		575
Tata Consultancy Services		28,605		1,207
Tech Mahindra		25,025		415
UltraTech Cement		3,100		417
United Spirits		29,000		475
Vedanta		303,865		1,647
Wipro ADR		112,500		344
				26,729

Indonesia — 1.5%
Astra International		3,297,630		980
Bank Central Asia		783,562		402
Bank Rakyat Indonesia Persero		2,368,963		579
Indofood Sukses Makmur		1,462,761		627
Kalbe Farma		3,490,745		239
Perusahaan Gas Negara		3,797,100		357
				3,184

Malaysia — 1.0%
IHH Healthcare		234,680		366


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
IJM		519,115	$	246
Public Bank		377,620		376
Tenaga Nasional		197,090		594
Westports Holdings		400,700		434
				2,016

Mexico — 1.9%
America Movil		494,975		353
Arca Continental		40,000		418
Coca-Cola Femsa		116,295		1,068
El Puerto de Liverpool		67,375		316
Fomento Economico Mexicano		103,567		1,008
Grupo Financiero Banorte, Cl O		98,065		681
				3,844

Philippines — 0.7%
BDO Unibank		157,538		422
GT Capital Holdings		32,643		291
Manila Electric		74,820		719
				1,432

Poland — 1.4%
CD Projekt		8,800		480
Enea ^*		110,400		436
KRUK		3,800		370
PGE Polska Grupa Energetyczna ^*		270,700		554
Powszechny Zaklad Ubezpieczen		68,047		983
				2,823

Qatar — 0.6%
Barwa Real Estate		505,800		367
Ooredoo QPSC		259,240		840
				1,207

Romania — 0.5%
NEPI Rockcastle		152,545		1,099

Saudi Arabia — 1.1%
Etihad Etisalat		87,871		1,429
Riyad Bank		52,900		465
United Electronics		16,400		412
				2,306

South Africa — 5.1%
AVI		131,142		632
Bid		25,050		598
Capitec Bank Holdings		3,430		579
Clicks Group		22,703		418
FirstRand		96,500		377
Foschini Group		43,940		297
Kumba Iron Ore		20,325		345
Momentum Group		365,128		620
Mr Price Group		71,448		861
Naspers, Cl N		6,160		1,513
Nedbank Group		85,990		1,203
Old Mutual		534,465		346
Pepkor Holdings		248,600		345

SEI Exchange Traded Funds

SCHEDULE OF INVESTMENTS

March 31, 2025

SEI Select Emerging Markets Equity ETF (Concluded)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Redefine Properties ^‡		1,478,720	$	336
Resilient REIT ^‡		130,500		403
Sanlam		128,860		580
Vodacom Group		102,380		698
Vukile Property Fund ^‡		446,100		423
				10,574

South Korea — 10.1%
Coway		17,965		988
Hana Financial Group		29,194		1,182
Hankook Tire & Technology		25,330		679
Hyundai Glovis		8,950		683
Hyundai Mobis		4,865		861
Hyundai Rotem		5,504		392
Industrial Bank of Korea		59,015		570
KB Financial Group		7,000		376
Kia		39,234		2,459
Korea Investment Holdings		7,675		381
Korean Air Lines		36,335		526
Krafton ^*		2,242		509
KT		12,976		437
KT&G		6,214		427
LG		6,164		270
LG Electronics		8,965		470
LG Uplus		83,915		587
NAVER		5,600		726
NH Investment & Securities		40,400		385
Samsung Biologics ^*		536		369
Samsung Electronics		102,290		4,015
SK Hynix		13,555		1,756
SK Square ^*		8,433		535
SK Telecom		10,200		384
Woori Financial Group		67,500		756
				20,723

Taiwan — 13.7%
		38,500		404
Accton Technology		27,100		470
Advantech		68,530		774
Cathay Financial Holding		298,500		550
CTBC Financial Holding		435,842		518
Delta Electronics		36,638		397
Eva Airways		641,700		784
Fubon Financial Holding		210,192		540
Hon Hai Precision Industry		108,229		476
King Slide Works		7,000		348
Largan Precision		19,589		1,390
MediaTek		58,553		2,451
Micro-Star International		71,525		349
Pou Chen		472,800		503
Realtek Semiconductor		23,800		375
Taiwan Semiconductor Manufacturing		615,562		16,871
Uni-President Enterprises		419,621		1,017
				28,217


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Thailand — 1.7%
Advanced Info Service		112,600	$	913
Kasikornbank NVDR		200,654		955
Krung Thai Bank NVDR		664,100		472
PTT Exploration & Production NVDR		204,552		702
Thai Beverage		1,428,900		542
				3,584

Turkey — 0.5%
Akbank		231,400		318
Turkcell Iletisim Hizmetleri		166,236		420
Turkiye Garanti Bankasi		113,000		351
				1,089

United Arab Emirates — 3.0%
Air Arabia PJSC		454,701		384
Aldar Properties PJSC		278,800		639
Dubai Islamic Bank PJSC		241,689		472
Emaar Development PJSC		114,530		382
Emaar Properties PJSC		861,177		3,130
Emirates NBD Bank PJSC		65,920		362
Emirates Telecommunications Group PJSC		199,648		919
				6,288

United States — 0.2%
Titan Cement International		11,135		511

Total Common Stock
(Cost $194,981) ($ Thousands)				195,454

PREFERRED STOCK — 3.3%
Brazil — 2.9%
Banco Bradesco (A)		145,685		321
Itau Unibanco Holding (A)		221,799		1,217
Itausa (A)		670,703		1,107
Petroleo Brasileiro (A)		532,227		3,459
				6,104

South Korea — 0.4%
Hyundai Motor (A)		4,400		440
Samsung Electronics (A)		11,130		357
				797

Total Preferred Stock
(Cost $6,977) ($ Thousands)				6,901

EXCHANGE TRADED FUND — 0.9%
United States — 0.9%
iShares Core MSCI Emerging Markets ETF		34,890		1,883

Total Exchange Traded Fund
(Cost $1,894) ($ Thousands)				1,883

SEI Exchange Traded Funds


Description	Number of Rights	Market Value ($ Thousands)
RIGHTS — 0.0%
Brazil — 0.0%
Itausa, Expires 04/14/2025 *	9,233	$	5
Total Rights
(Cost $—) ($ Thousands)			5


Total Investments in Securities — 99.1%
(Cost $203,852) ($ Thousands)		$	204,243

	Percentages are based on Net Assets of $206,065 ($ Thousands).
*	Non-income producing security.
^{^‡}	Real Estate Investment Trust.
^(A)	No interest Rate Available.

As of March 31, 2025, 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.

SEI Exchange Traded Funds

SCHEDULE OF INVESTMENTS

March 31, 2025

SEI Select International Equity ETF


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 97.9%
Australia — 3.4%
AGL Energy		180,876	$	1,186
Aristocrat Leisure		25,884		1,035
Aurizon Holdings		422,300		816
Bendigo & Adelaide Bank		99,501		659
Brambles		65,981		824
Charter Hall Group ^‡		93,763		945
Cochlear		4,453		728
Computershare		47,920		1,168
Dexus ^‡		179,900		794
Evolution Mining		392,935		1,741
GPT Group ^‡		268,806		730
HUB24		19,846		844
JB Hi-Fi		24,949		1,443
Lottery		251,038		745
Northern Star Resources		203,223		2,320
Qantas Airways		166,770		940
Qube Holdings		366,271		897
Stockland ^‡		265,053		809
				18,624

Austria — 1.3%
ANDRITZ		11,967		668
BAWAG Group		17,360		1,781
Erste Group Bank		42,725		2,941
OMV		20,477		1,051
voestalpine		30,000		729
				7,170

Belgium — 1.1%
Ageas		19,438		1,162
KBC Group		32,642		2,962
UCB		9,044		1,590
				5,714

China — 0.9%
ANTA Sports Products		74,605		819
Prosus		18,288		841
SITC International Holdings		339,463		922
Wilmar International		345,801		862
Yangzijiang Shipbuilding Holdings		845,539		1,491
				4,935

Denmark — 1.5%
Danske Bank		87,321		2,846
Genmab ^*		3,741		726
Novo Nordisk, Cl B		27,131		1,846
Pandora		11,849		1,808
Sydbank		14,339		896
				8,122

Finland — 1.7%
Kone, Cl B		42,206		2,318
Konecranes		14,035		892
Nokia		674,593		3,527
Nordea Bank Abp		70,584		897


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Orion, Cl B		24,014	$	1,423
				9,057

France — 9.3%
Accor		43,660		1,976
Airbus		8,732		1,535
Amundi		26,538		2,064
Arkema		19,231		1,463
AXA		42,933		1,827
BNP Paribas		31,080		2,582
Bureau Veritas		65,904		1,989
Carrefour		80,043		1,143
Cie de Saint-Gobain		26,092		2,585
Cie Generale des Etablissements Michelin SCA		102,183		3,577
Dassault Systemes		19,534		737
Engie		48,005		935
EssilorLuxottica		10,291		2,950
Ipsen		6,193		712
Klepierre ^‡		45,219		1,510
Legrand		30,047		3,156
L'Oreal		2,054		761
LVMH Moet Hennessy Louis Vuitton		4,888		3,019
Orange		82,537		1,069
Publicis Groupe		21,932		2,055
Rexel		83,368		2,232
Safran		11,745		3,070
SCOR		29,613		852
Societe Generale		35,656		1,594
Sodexo		9,871		633
Technip Energies		26,808		873
Teleperformance		23,806		2,378
Unibail-Rodamco-Westfield ^‡		13,616		1,146
				50,423

Germany — 10.9%
adidas		3,221		754
Auto1 Group ^*		41,478		909
BASF		86,282		4,277
Bayer		55,522		1,324
Commerzbank		127,964		2,899
Continental		29,937		2,088
CTS Eventim & KGaA		30,352		3,023
Daimler Truck Holding		86,801		3,480
Deutsche Bank		39,277		926
Deutsche Boerse		24,138		7,095
Deutsche Lufthansa		119,439		864
Deutsche Telekom		113,621		4,200
Evonik Industries		156,030		3,360
Fresenius Medical Care		38,877		1,917
GEA Group		31,080		1,877
Heidelberg Materials		16,841		2,866
Mercedes-Benz Group		28,453		1,665
MTU Aero Engines		3,948		1,366

SEI Exchange Traded Funds


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Muenchener Rueckversicherungs-Gesellschaft in Muenchen		1,455	$	915
Rheinmetall		581		828
RWE		40,124		1,431
SAP		27,870		7,358
Siemens Energy ^*		43,972		2,557
Talanx		10,083		1,053
				59,032

Hong Kong — 1.2%
AIA Group		242,831		1,829
CK Asset Holdings		202,722		819
Jardine Matheson Holdings		22,548		955
Link ^‡		168,536		789
United Laboratories International Holdings		522,357		982
WH Group		1,084,161		995
				6,369

Ireland — 0.8%
AIB Group		124,792		802
Bank of Ireland Group		222,205		2,603
Kerry Group, Cl A		8,416		880
				4,285

Israel — 1.1%
Bank Leumi Le-Israel		199,690		2,669
Check Point Software Technologies ^*		4,385		1,000
Mizrahi Tefahot Bank		18,400		822
Nova ^*		4,255		784
Plus500		24,834		880
				6,155

Italy — 3.8%
A2A		367,310		883
Coca-Cola HBC		49,063		2,219
Enel		452,085		3,661
Eni		60,785		939
Ferrari		2,494		1,056
Generali		73,701		2,578
Intesa Sanpaolo		307,969		1,575
Moncler		12,600		770
Recordati Industria Chimica e Farmaceutica		13,092		740
Reply		4,780		779
UniCredit		63,514		3,535
Unipol Gruppo		59,508		946
Webuild		245,220		839
				20,520

Japan — 19.4%
Aisin		68,500		744
Amada		79,592		770
Amano		30,029		800
Asahi Kasei		246,987		1,729
Asics		134,514		2,829
Bridgestone		59,358		2,380
Brother Industries		43,433		783


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Canon		99,274	$	3,084
Central Japan Railway		58,003		1,107
Chugai Pharmaceutical		54,367		2,472
Credit Saison		33,562		791
Daiwa House Industry		76,195		2,516
Daiwa Securities Group		116,583		775
ENEOS Holdings		153,782		805
Fast Retailing		4,034		1,189
Fujikura		58,731		2,120
Fujitec		20,989		829
Fukuoka Financial Group		26,808		705
Haseko		64,318		845
Hikari Tsushin		4,260		1,098
Hirose Electric		6,754		779
Hitachi		136,488		3,156
Hoya		8,001		898
Iida Group Holdings		64,761		988
Inpex		122,086		1,680
Japan Post Holdings		128,899		1,287
Japan Post Insurance		41,978		852
Japan Tobacco		29,717		818
JFE Holdings		62,656		767
Kakaku.com		48,317		689
Kansai Electric Power		65,800		780
Keyence		4,364		1,707
Kobe Steel		70,137		811
Komatsu		114,140		3,287
Konami Group		23,910		2,811
Kuraray		82,433		1,010
Kyushu Electric Power		82,492		720
Mazda Motor		110,972		699
MINEBEA MITSUMI		109,262		1,588
Mitsubishi Heavy Industries		90,126		1,522
Mitsubishi UFJ Financial Group		133,267		1,792
Miura		32,043		634
MS&AD Insurance Group Holdings		36,367		784
NGK Insulators		63,903		784
Nintendo		15,594		1,054
Nippon Paint Holdings		194,800		1,460
Nippon Steel		54,782		1,171
Nippon Telegraph & Telephone		802,886		777
Nitto Denko		48,856		894
NSK		185,000		789
Obayashi		130,457		1,731
Olympus		164,658		2,144
Ono Pharmaceutical		70,489		755
Panasonic Holdings		96,468		1,143
Recruit Holdings		15,481		793
Resona Holdings		479,415		4,126
Ryohin Keikaku		50,314		1,366
Sankyo		76,195		1,108
Sankyu		21,405		878
Sanrio		28,066		1,289

SEI Exchange Traded Funds

SCHEDULE OF INVESTMENTS

March 31, 2025

SEI Select International Equity ETF (Concluded)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Santen Pharmaceutical		68,330	$	648
Sanwa Holdings		31,080		991
Seiko Epson		62,683		1,000
Sekisui House		37,510		838
Shimano		5,611		787
Shimizu		89,000		788
Shionogi		83,784		1,258
Sohgo Security Services		103,849		779
Sojitz		35,224		773
Subaru		49,771		880
Sumitomo Mitsui Financial Group		82,528		2,094
Suntory Beverage & Food		59,878		1,981
Suzuken		25,400		839
Takeda Pharmaceutical		69,975		2,065
TDK		132,635		1,371
Terumo		132,020		2,469
Toho Holdings		24,320		725
Tokyo Electric Power Holdings ^*		183,174		526
Toray Industries		242,416		1,647
Tosoh		56,837		781
Toyo Suisan Kaisha		13,300		782
ZOZO		86,034		825
				105,539

Luxembourg — 0.7%
ArcelorMittal		139,501		3,989

Macao — 0.3%
Galaxy Entertainment Group		367,574		1,436

Netherlands — 4.2%
ABN AMRO Bank		48,440		1,013
Argenx ^*		1,186		693
ASML Holding		3,325		2,177
ING Groep		291,583		5,666
Koninklijke Ahold Delhaize		102,495		3,826
Koninklijke Philips ^*		39,292		992
Koninklijke Vopak		17,976		779
NN Group		24,949		1,382
Randstad		31,720		1,309
Universal Music Group		71,153		1,954
Wolters Kluwer		20,166		3,127
				22,918

New Zealand — 0.2%
Fisher & Paykel Healthcare		52,081		989

Norway — 1.7%
Equinor		195,786		5,179
Kongsberg Gruppen		18,678		2,721
Orkla		116,836		1,279
				9,179

Singapore — 0.8%
DBS Group Holdings		27,639		956
Keppel DC REIT ^‡		518,909		830


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Oversea-Chinese Banking		69,617	$	896
Singapore Airlines		165,004		833
United Overseas Bank		32,627		925
				4,440

Spain — 3.8%
ACS Actividades de Construccion y Servicios		22,975		1,309
Aena SME		4,156		972
Amadeus IT Group		48,890		3,723
Banco Bilbao Vizcaya Argentaria		280,017		3,795
Banco Santander		435,493		2,915
CaixaBank		680,362		5,272
Iberdrola		55,174		890
Industria de Diseno Textil		15,274		757
Repsol		91,581		1,217
				20,850

Sweden — 2.2%
AAK		37,214		1,037
Assa Abloy, Cl B		27,200		812
Atlas Copco, Cl A		49,300		782
Atlas Copco, Cl B		143,869		2,010
Avanza Bank Holding		25,457		774
Betsson, Cl B		52,057		806
Evolution		8,540		634
Industrivarden, Cl A		23,379		856
Loomis, Cl B		21,405		866
Skandinaviska Enskilda Banken, Cl A		70,272		1,151
SSAB, Cl B		177,551		1,077
Swedbank		39,500		896
				11,701

Switzerland — 4.0%
Accelleron Industries		22,663		1,045
Belimo Holding		1,974		1,207
Chocoladefabriken Lindt & Spruengli		100		1,349
Cie Financiere Richemont, Cl A		29,209		5,049
Geberit		1,455		904
Givaudan		209		897
Helvetia Holding		6,634		1,370
Julius Baer Group		33,474		2,297
Logitech International		9,871		825
Lonza Group		1,351		828
Schindler Holding		2,909		907
Sulzer		4,600		779
UBS Group		68,978		2,095
Zurich Insurance Group		3,100		2,155
				21,707

United Kingdom — 15.4%
AJ Bell		128,138		665
AstraZeneca		14,243		2,069
Auto Trader Group		70,729		679
Balfour Beatty		141,300		792
Barclays		1,952,829		7,254

SEI Exchange Traded Funds


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Berkeley Group Holdings		16,937	$	784
Breedon Group		133,312		772
British Land ^‡		216,012		1,030
Centrica		526,098		1,014
CK Hutchison Holdings		180,876		1,017
Compass Group		46,570		1,535
ConvaTec Group		481,191		1,597
Cranswick		13,508		855
Diageo		66,839		1,738
Halma		46,881		1,562
Hill & Smith		32,315		728
Howden Joinery Group		233,060		2,163
HSBC Holdings		404,915		4,567
IMI		32,500		792
Imperial Brands		96,676		3,575
Inchcape		82,596		714
Intertek Group		12,573		812
Investec		112,946		699
J Sainsbury		884,939		2,687
JET2		37,159		594
Johnson Matthey		44,368		758
Just Group		411,782		781
Kingfisher		253,532		829
Land Securities Group ^‡		104,634		743
London Stock Exchange Group		18,607		2,752
Marks & Spencer Group		670,694		3,078
Morgan Sindall Group		15,134		645
NatWest Group		949,389		5,537
Next		21,828		3,123
Premier Foods		312,948		743
Quilter		532,232		1,013
Reckitt Benckiser Group		53,639		3,621
RELX		17,248		862
Rentokil Initial		356,808		1,601
Rolls-Royce Holdings ^*		421,231		4,072
Sage Group		62,136		968
Standard Chartered		330,786		4,865
Tesco		1,038,892		4,456
Unilever		25,988		1,546
Vodafone Group		1,308,746		1,232
				83,919

United States — 8.2%
BP		165,033		929
CyberArk Software ^*		2,074		701
Experian		46,050		2,121
GSK		300,583		5,672
Holcim		7,689		821
Monday.com ^*		2,571		625
Nestle		15,490		1,564
Novartis		64,242		7,104
Roche Holding		34,667		11,383
Sanofi		46,066		5,072
Shell		127,756		4,658


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Stellantis		56,837	$	630
Swiss Re		7,173		1,216
Tenaris		102,910		2,008
				44,504

Total Common Stock
(Cost $508,072) ($ Thousands)				531,577

PREFERRED STOCK — 0.4%
Germany — 0.4%
Porsche Automobil Holding (A)		21,301		795
Volkswagen (A)		13,304		1,345

Total Preferred Stock
(Cost $2,162) ($ Thousands)				2,140
Total Investments in Securities — 98.3%
(Cost $510,234) ($ Thousands)			$	533,717

	Percentages are based on Net Assets of $543,113 ($ Thousands).
^‡	Real Estate Investment Trust.
*	Non-income producing security.
^(A)	No interest rate available.

As of March 31, 2025, 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.

SEI Exchange Traded Funds

SCHEDULE OF INVESTMENTS

March 31, 2025

SEI Select Small Cap ETF


Description	Shares		Market Value ($ Thousands)
COMMON STOCK — 99.6%

Communication Services — 2.9%
Bandwidth, Cl A ^*		12,338	$	162
Cargurus, Cl A ^*		28,387		827
Cinemark Holdings		23,702		590
EverQuote, Cl A ^*		12,363		324
IDT, Cl B		7,089		364
Liberty Latin America, Cl A ^*		24,185		153
Liberty Latin America, Cl C ^*		49,123		305
MediaAlpha, Cl A ^*		12,414		115
QuinStreet ^*		16,611		296
Scholastic		16,463		311
Shutterstock		16,327		304
Sinclair		13,893		221
TEGNA		19,621		357
Thryv Holdings ^*		8,070		103
Yelp, Cl A ^*		42,488		1,573
Ziff Davis ^*		8,801		331

				6,336
Consumer Discretionary — 12.5%
Abercrombie & Fitch, Cl A ^*		8,813		673
Adtalem Global Education ^*		12,338		1,242
American Axle & Manufacturing Holdings ^*		84,932		346
Bloomin' Brands		63,224		453
Boot Barn Holdings ^*		2,839		305
Brinker International ^*		10,762		1,604
Build-A-Bear Workshop, Cl A		6,317		235
Burlington Stores ^*		3,061		729
Carter's		7,864		322
Cavco Industries ^*		2,416		1,255
Champion Homes ^*		5,939		563
Cricut, Cl A		35,577		183
Dave & Buster's Entertainment ^*		19,253		338
Ethan Allen Interiors		16,520		458
Frontdoor ^*		30,800		1,183
Funko, Cl A ^*		19,238		132
GigaCloud Technology, Cl A ^*		13,869		197
G-III Apparel Group ^*		25,332		693
Haverty Furniture		9,230		182
KB Home		8,607		500
Kontoor Brands		6,406		411
La-Z-Boy, Cl Z		25,698		1,004
M/I Homes ^*		6,540		747
Meritage Homes		18,740		1,328
Modine Manufacturing ^*		6,123		470
Monarch Casino & Resort		6,096		474
Movado Group		12,095		202
Ollie's Bargain Outlet Holdings ^*		6,346		738
Perdoceo Education		18,693		471
Pool		2,091		666
Standard Motor Products		14,843		370
Steven Madden		17,673		471
Stride ^*		16,189		2,048


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Super Group SGHC		45,158	$	291
Taylor Morrison Home, Cl A ^*		25,327		1,521
Urban Outfitters ^*		56,405		2,956
Whirlpool		16,235		1,463

				27,224
Consumer Staples — 5.0%
Andersons		8,720		374
Cal-Maine Foods		6,819		620
Church & Dwight		4,557		502
Dole		45,463		657
Herbalife ^*		27,407		237
Ingles Markets, Cl A		6,377		415
Pilgrim's Pride ^*		21,655		1,180
PriceSmart		2,682		236
PRIMO BRANDS		51,720		1,836
Sprouts Farmers Market ^*		20,455		3,122
Turning Point Brands		11,039		656
USANA Health Sciences ^*		6,679		180
Vita Coco ^*		9,324		286
Vital Farms ^*		21,272		648

				10,949
Energy — 4.1%
Ardmore Shipping		35,160		344
CNX Resources ^*		34,952		1,100
CONSOL Energy		4,749		366
CVR Energy		24,213		470
Delek US Holdings		55,152		831
Helmerich & Payne		37,432		978
HF Sinclair		19,958		656
Murphy Oil		13,002		369
Northern Oil & Gas		14,478		438
Par Pacific Holdings ^*		27,512		392
PBF Energy, Cl A		22,814		436
REX American Resources ^*		4,421		166
SandRidge Energy		21,049		241
Scorpio Tankers		17,116		643
Teekay		49,912		328
Teekay Tankers, Cl A		8,907		341
Veren		135,074		894

				8,993
Financials — 21.4%
Amalgamated Financial		14,925		429
Axos Financial ^*		13,091		845
Bank of NT Butterfield & Son		27,368		1,065
BankUnited		15,210		524
Blackstone Mortgage Trust, Cl A ^‡		24,584		492
Bread Financial Holdings		30,938		1,549
Bridgewater Bancshares ^*		15,950		221
Brightsphere Investment Group		16,129		417
Camden National		5,995		243
Central Pacific Financial		16,037		434

SEI Exchange Traded Funds


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Chimera Investment ^‡		13,313	$	171
CNO Financial Group		71,154		2,963
Columbia Banking System		75,265		1,877
Comerica		24,213		1,430
Community Trust Bancorp		4,499		227
ConnectOne Bancorp		28,062		682
Customers Bancorp ^*		19,203		964
Dave ^*		5,335		441
Enova International ^*		13,638		1,317
First Busey		37,514		810
First Commonwealth Financial		74,495		1,158
First Financial		5,537		271
First Financial Bancorp		18,404		460
FNB		78,809		1,060
Hancock Whitney		33,489		1,756
Independent Bank		21,953		941
Jackson Financial, Cl A		25,419		2,130
Kinsale Capital Group		975		474
Lemonade ^*		12,605		396
LendingClub ^*		48,565		501
LendingTree ^*		3,896		196
Lincoln National		51,858		1,862
Marqeta, Cl A ^*		93,559		385
Mercantile Bank		3,850		167
Merchants Bancorp		11,642		431
Metropolitan Bank Holding ^*		4,655		261
Navient		55,013		695
NBT Bancorp		27,182		1,166
Nelnet, Cl A		2,093		232
NerdWallet, Cl A ^*		27,443		248
New York Community Bancorp		43,979		511
Northrim BanCorp		3,442		252
OFG Bancorp		29,316		1,173
Old National Bancorp		109,515		2,321
Pathward Financial		15,678		1,144
Perella Weinberg Partners, Cl A		14,326		264
Piper Sandler		2,597		643
PJT Partners		4,918		678
Preferred Bank		8,582		718
PROG Holdings		26,115		695
Ryan Specialty Holdings, Cl A		12,060		891
Sierra Bancorp		8,488		237
Towne Bank		10,317		353
TPG RE Finance Trust ^‡		27,934		228
UMB Financial		8,165		825
Unity Bancorp		6,190		252
Universal Insurance Holdings		17,162		407
Upstart Holdings ^*		6,474		298
Victory Capital Holdings, Cl A		13,251		767
World Acceptance ^*		2,002		253
Zions Bancorp		35,577		1,774

				46,575


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Health Care — 13.6%
ACADIA Pharmaceuticals ^*		35,022	$	582
Addus HomeCare ^*		3,540		350
ADMA Biologics ^*		44,882		890
Akebia Therapeutics ^*		171,022		328
Alignment Healthcare ^*		28,156		524
Alkermes ^*		29,177		963
Amneal Pharmaceuticals ^*		27,645		232
Anavex Life Sciences ^*		41,929		360
ANI Pharmaceuticals ^*		8,766		587
Arcutis Biotherapeutics ^*		28,203		441
Avanos Medical ^*		22,126		317
Aveanna Healthcare Holdings ^*		44,622		242
Bio-Techne		8,953		525
Blueprint Medicines ^*		3,852		341
CareDx ^*		16,732		297
Catalyst Pharmaceuticals ^*		69,439		1,684
Certara ^*		28,346		281
Collegium Pharmaceutical ^*		28,295		845
Corcept Therapeutics ^*		25,327		2,893
Ensign Group		4,965		643
Evolus ^*		9,926		119
Globus Medical, Cl A ^*		8,536		625
Haemonetics ^*		6,494		413
Halozyme Therapeutics ^*		25,140		1,604
Harmony Biosciences Holdings ^*		26,040		864
Hims & Hers Health ^*		15,307		452
ICU Medical ^*		4,918		683
Inmode ^*		20,368		361
Innoviva ^*		36,552		663
Intellia Therapeutics ^*		44,622		317
iRadimed		5,125		269
Krystal Biotech ^*		2,738		494
Lantheus Holdings ^*		11,039		1,077
LeMaitre Vascular		7,098		596
Ligand Pharmaceuticals ^*		4,691		493
LivaNova ^*		11,584		455
Madrigal Pharmaceuticals ^*		1,021		338
Merit Medical Systems ^*		8,488		897
Omnicell ^*		4,731		165
Option Care Health ^*		18,408		643
OraSure Technologies ^*		63,325		213
Pediatrix Medical Group ^*		18,474		268
Phibro Animal Health, Cl A		11,433		244
Protagonist Therapeutics ^*		10,933		529
Recursion Pharmaceuticals, Cl A ^*		33,718		178
Repligen ^*		3,583		456
SIGA Technologies ^*		34,047		187
TG Therapeutics ^*		11,921		470
Travere Therapeutics ^*		12,895		231
Twist Bioscience ^*		5,148		202
Vanda Pharmaceuticals ^*		49,540		227
Varex Imaging ^*		22,810		265

SEI Exchange Traded Funds

SCHEDULE OF INVESTMENTS

March 31, 2025

SEI Select Small Cap ETF (Concluded)


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Veracyte ^*		27,140	$	805
Verve Therapeutics ^*		47,498		217
Waystar Holding ^*		9,278		347

				29,692
Industrials — 15.9%
AAON		7,236		565
ABM Industries		25,836		1,224
Advanced Drainage Systems		3,496		380
American Superconductor ^*		21,013		381
Apogee Enterprises		12,984		602
Applied Industrial Technologies		1,441		325
Argan		7,995		1,049
Astec Industries		17,990		620
Atkore		9,649		579
Atmus Filtration Technologies		16,235		596
Axon Enterprise ^*		2,042		1,074
AZZ		2,088		175
Barrett Business Services		6,376		262
Blue Bird ^*		8,674		281
Brink's		1,441		124
Brookfield Business, Cl A		7,585		202
Conduent ^*		121,564		328
Copart ^*		13,294		752
Costamare		30,938		304
DNOW ^*		25,698		439
DXP Enterprises ^*		6,515		536
ExlService Holdings ^*		59,235		2,796
Exponent		10,900		884
Federal Signal		3,736		275
Franklin Covey ^*		5,798		160
FTAI Aviation		3,104		345
GEO Group ^*		11,711		342
Graham ^*		8,175		236
Heidrick & Struggles International		14,126		605
Huron Consulting Group ^*		2,272		326
Insteel Industries		12,687		334
Interface, Cl A		36,644		727
Janus International Group ^*		89,106		642
Kelly Services, Cl A		22,771		300
Korn Ferry		7,752		526
LSI Industries		14,325		243
Masterbrand ^*		25,269		330
Miller Industries		3,920		166
Mueller Industries		16,307		1,242
Mueller Water Products, Cl A		68,140		1,732
NEXTracker, Cl A ^*		20,317		856
Pitney Bowes		33,393		302
Powell Industries		3,805		648
Primoris Services		11,458		658
RBC Bearings ^*		3,334		1,073
Resources Connection		27,805		182
REV Group		11,362		359
Rocket Lab USA ^*		18,575		332


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Rollins		19,157	$	1,035
Sensata Technologies Holding		6,591		160
SkyWest ^*		13,451		1,175
SPX Technologies ^*		2,873		370
Steelcase, Cl A		36,798		403
Sterling Infrastructure ^*		2,893		327
Sun Country Airlines Holdings ^*		22,706		280
Tennant		4,125		329
Terex		14,194		536
Titan International ^*		32,567		273
Trex ^*		8,153		474
Watsco		1,858		944
WESCO International		2,282		354
Willdan Group ^*		6,791		276
Zurn Elkay Water Solutions		6,356		210

				34,565
Information Technology — 12.7%
ACI Worldwide ^*		17,921		980
ACM Research, Cl A ^*		11,735		274
Alarm.com Holdings ^*		8,280		461
Aurora Innovation, Cl A ^*		54,688		368
AvePoint ^*		19,695		284
Axcelis Technologies ^*		2,559		127
Badger Meter		5,194		988
Belden		11,321		1,135
Benchmark Electronics		5,102		194
Braze, Cl A ^*		4,731		171
Clear Secure, Cl A		45,088		1,168
Clearfield ^*		9,392		279
Clearwater Analytics Holdings, Cl A ^*		26,672		715
CommScope Holding ^*		39,707		211
CommVault Systems ^*		11,039		1,742
Consensus Cloud Solutions ^*		11,179		258
Credo Technology Group Holding ^*		13,439		540
Descartes Systems Group ^*		4,505		454
DigitalOcean Holdings ^*		14,380		480
Diodes ^*		8,128		351
EPAM Systems ^*		1,482		250
Fabrinet ^*		7,050		1,392
Fair Isaac ^*		509		939
Hackett Group		9,237		270
Intapp ^*		8,000		467
InterDigital		2,971		614
IonQ ^*		14,713		325
Itron ^*		2,088		219
Keysight Technologies ^*		7,375		1,105
LiveRamp Holdings ^*		16,301		426
Monolithic Power Systems		1,300		754
NetScout Systems ^*		25,419		534
Novanta ^*		2,506		320
Olo, Cl A ^*		60,781		367
Onto Innovation ^*		2,472		300
Open Text		22,529		569

SEI Exchange Traded Funds


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
PC Connection		2,968	$	185
Photronics ^*		62,991		1,308
Q2 Holdings ^*		6,346		508
Qualys ^*		1,901		239
Sanmina ^*		4,314		329
ScanSource ^*		4,918		167
Silicon Motion Technology ADR		26,192		1,324
SPS Commerce ^*		3,163		420
TTM Technologies ^*		14,657		301
Tyler Technologies ^*		1,717		998
Unisys ^*		54,443		250
Verint Systems ^*		15,122		270
Vertex, Cl A ^*		11,596		406
Viasat ^*		40,262		420
Xerox Holdings		80,849		390

				27,546
Materials — 5.5%
AdvanSix		19,197		435
Alpha Metallurgical Resources ^*		3,943		494
Balchem		4,870		809
Cabot		8,686		722
Carpenter Technology		1,485		269
Chemours		22,202		300
Cleveland-Cliffs ^*		186,377		1,532
Commercial Metals		47,591		2,190
FMC		33,026		1,393
Hudbay Minerals		67,630		513
Knife River ^*		2,461		222
LSB Industries ^*		31,079		205
Rayonier Advanced Materials ^*		47,186		271
SSR Mining ^*		126,546		1,269
SunCoke Energy		29,250		269
Sylvamo		6,261		420
Warrior Met Coal		13,510		645

				11,958
Real Estate — 5.0%
Acadia Realty Trust ^‡		9,702		203
American Assets Trust ^‡		29,960		603
American Healthcare ^‡		16,977		514
Armada Hoffler Properties ^‡		50,893		382
Compass, Cl A ^*		35,681		312
CoStar Group ^*		9,603		761
CTO Realty Growth ^‡		12,060		233
Cushman & Wakefield ^*		49,693		508
DiamondRock Hospitality ^‡		99,649		769
Diversified Healthcare Trust ^‡		49,819		120
Highwoods Properties ^‡		59,652		1,768
Independence Realty Trust ^‡		12,114		257
Industrial Logistics Properties Trust ^‡		57,080		196
Kennedy-Wilson Holdings		35,393		307
Newmark Group, Cl A		99,497		1,211
Piedmont Office Realty Trust, Cl A ^‡		63,966		471


Description	Shares		Market Value ($ Thousands)
COMMON STOCK (continued)
Real Brokerage ^*		37,637	$	153
RMR Group, Cl A		9,455		157
Safehold ^‡		7,100		133
Saul Centers ^‡		5,890		213
Service Properties Trust ^‡		131,664		344
SL Green Realty ^‡		8,421		486
Terreno Realty ^‡		12,350		781

				10,882
Utilities — 1.0%
BROOKFIELD INFRASTRUCTURE		47,081		1,704
Consolidated Water		13,245		324
Unitil		3,954		228

				2,256
Total Common Stock
(Cost $230,868) ($ Thousands)				216,976
Total Investments in Securities — 99.6%
(Cost $230,868) ($ Thousands)			$	216,976

	Percentages are based on Net Assets of $217,858 ($ Thousands).
*	Non-income producing security.
^‡	Real Estate Investment Trust.

As of March 31, 2025, 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.

SEI Exchange Traded Funds

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

Portfolio Abbreviations

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange Traded Fund

NVDR — Non-voting Depository Receipt

PJSC — Public Joint Stock Company

REIT — Real Estate Investment Trust

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

SEI Exchange Traded Funds

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)

March 31, 2025

	SEI Enhanced U.S. Large Cap Quality Factor ETF			SEI Enhanced U.S. Large Cap Momentum Factor ETF
Assets:
Investments, at value^†	$	277,306		$	511,827
Cash		1,606			4,175
Foreign currency, at value ^†^†		—			—
Dividends receivable		319			157
Unrealized gain on foreign spot currency contracts		—			—
Foreign tax reclaim receivable		—			—
Total Assets		279,231			516,159
Liabilities:
Investment advisory fees payable		65			118
Total Liabilities		65			118
Net Assets	$	279,166		$	516,041
^† Cost of investments	$	257,706		$	474,247
^†^† Cost of foreign currency		—			—
Net Assets:
Paid-in capital — (unlimited authorization — no par value)	$	264,190		$	499,417
Total distributable earnings (accumulated losses)		14,976			16,624
Net Assets	$	279,166		$	516,041
Net Asset Value, Offering and Redemption Price Per Share	$	34.90		$	36.09
		($279,166,449 ÷ 8,000,000 shares	)		($516,041,318 ÷ 14,300,000 shares	)

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

STATEMENTS OF ASSETS AND LIABILITIES ($ Thousands)

March 31, 2025

SEI Enhanced U.S. Large Cap Value Factor ETF			SEI Enhanced Low Volatility U.S. Large Cap ETF			SEI Select Emerging Markets Equity ETF			SEI Select International Equity ETF			SEI Select Small Cap ETF

$	522,600		$	144,701		$	204,243		$	533,717		$	216,976
	3,035			894			911			6,797			831
	—			—			106			586			—
	604			156			889			2,294			173
	—			—			—			1			—
	1			1			5			—			9
	526,240			145,752			206,153			543,395			217,989

	113			37			88			282			131
	113			37			88			282			131
$	526,127		$	145,715		$	206,065		$	543,113		$	217,858
$	494,189		$	126,560		$	203,852		$	510,234		$	230,868
	—			—			106			583			—

$	512,385		$	129,006		$	207,134		$	524,046		$	240,695
	13,742			16,709			(1,069	)		19,067			(22,837	)
$	526,127		$	145,715		$	206,065		$	543,113		$	217,858
$	32.48		$	30.68		$	24.39		$	26.02		$	23.74
	($526,127,316 ÷ 16,200,000 shares	)		($145,715,106 ÷ 4,750,000 shares	)		($206,065,045 ÷ 8,450,000 shares	)		($543,113,288 ÷ 20,875,000 shares	)		($217,857,785 ÷ 9,175,000 shares	)

SEI Exchange Traded Funds

STATEMENTS OF OPERATIONS ($ Thousands)

For the period or year ended March 31, 2025

	SEI Enhanced U.S. Large Cap Quality Factor ETF		SEI Enhanced U.S. Large Cap Momentum Factor ETF
		4/1/2024 to 3/31/2025		4/1/2024 to 3/31/2025
Investment income:
Dividends	$	3,145	$	3,919
Less: foreign taxes withheld		—		(21	)
Total investment income		3,145		3,898
Expenses:
Investment advisory fees		377		757
Trustee fees		6		13
Proxy fees		2		5
Total expenses		385		775
Net investment income		2,760		3,123
Net realized gain (loss) on:
Investments⁽²⁾		7,747		55,416
Foreign currency transactions		—		—
Net realized gain (loss)		7,747		55,416
Net change in unrealized appreciation (depreciation) on:
Investments		11,090		1,987
Foreign currency and translation of other assets and liabilities denominated in foreign currency		—		—
Net change in unrealized appreciation (depreciation)		11,090		1,987
Net realized and unrealized gain (loss)		18,837		57,403
Net increase (decrease) in net assets resulting from operations	$	21,597	$	60,526

⁽¹⁾	Commenced operations on October 8, 2024
⁽²⁾	Includes realized gains (losses) as a result of in-kind redemptions (see Note 4 in Notes to Financial Statements).

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

SEI Exchange Traded Funds

STATEMENTS OF OPERATIONS ($ Thousands)

For the period or year ended March 31, 2025

SEI Enhanced U.S. Large Cap Value Factor ETF			SEI Enhanced Low Volatility U.S. Large Cap ETF		SEI Select Emerging Markets Equity ETF			SEI Select International Equity ETF			SEI Select Small Cap ETF
	4/1/2024 to 3/31/2025			4/1/2024 to 3/31/2025		10/8/2024 to 3/31/2025	⁽¹⁾		10/8/2024 to 3/31/2025	⁽¹⁾		10/8/2024 to 3/31/2025	⁽¹⁾

$	10,132		$	2,799	$	2,635		$	5,657		$	1,601
	(3	)		—		(353	)		(642	)		(13	)
	10,129			2,799		2,282			5,015			1,588

	740			200		509			1,099			535
	12			3		1			2			1
	4			1		2			4			2
	756			204		512			1,105			538
	9,373			2,595		1,770			3,910			1,050

	32,730			1,673		(2,527	)		1,053			(5,622	)
	—			—		(87	)		(101	)		—
	32,730			1,673		(2,614	)		952			(5,622	)

	(12,949	)		11,479		391			23,483			(13,892	)
	—			—		(4	)		12			—
	(12,949	)		11,479		387			23,495			(13,892	)
	19,781			13,152		(2,227	)		24,447			(19,514	)
$	29,154		$	15,747	$	(457	)	$	28,357		$	(18,464	)

SEI Exchange Traded Funds

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the year ended March 31, 2025 and the year ended March 31, 2024

	SEI Enhanced U.S. Large Cap Quality Factor ETF
		4/1/2024 to 3/31/2025			4/1/2023 to 3/31/2024
Operations:
Net investment income	$	2,760		$	607
Net realized gain		7,747			773
Net change in unrealized appreciation (depreciation)		11,090			7,479
Net increase in net assets resulting from operations		21,597			8,859
Distributions		(2,474	)		(184	)
Capital share transactions:
Proceeds from shares issued		107,848			212,940
Cost of shares redeemed		(73,624	)		(9,389	)
Net increase in net assets derived from capital share transactions		34,224			203,551
Net increase in net assets		53,347			212,226
Net assets:
Beginning of year		225,819			13,593
End of year	$	279,166		$	225,819
Share Transactions:
Shares issued		3,100			6,825
Shares issued in lieu of dividends and distributions		—			—
Shares redeemed		(2,125	)		(300	)
Increase (decrease) in net assets derived from share transactions		975			6,525

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

SEI Exchange Traded Funds

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the year ended March 31, 2025 and the year ended March 31, 2024

	SEI Enhanced U.S. Large Cap Momentum Factor ETF
		4/1/2024 to 3/31/2025			4/1/2023 to 3/31/2024
Operations:
Net investment income	$	3,123		$	559
Net realized gain (loss)		55,416			(1,702	)
Net change in unrealized appreciation (depreciation)		1,987			34,409
Net increase in net assets resulting from operations		60,526			33,266
Distributions		(2,603	)		(238	)
Capital share transactions:
Proceeds from shares issued		285,882			409,639
Cost of shares redeemed		(290,149	)		(1,329	)
Net increase/(decrease) in net assets derived from capital share transactions		(4,267	)		408,310
Net increase in net assets		53,656			441,338
Net assets:
Beginning of year		462,385			21,047
End of year	$	516,041		$	462,385
Share Transactions:
Shares issued		7,575			13,625
Shares issued in lieu of dividends and distributions		—			—
Shares redeemed		(7,675	)		(50	)
Increase (decrease) in net assets derived from share transactions		(100	)		13,575

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

SEI Exchange Traded Funds

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the year ended March 31, 2025 and the year ended March 31, 2024

	SEI Enhanced U.S. Large Cap Value Factor ETF
		4/1/2024 to 3/31/2025			4/1/2023 to 3/31/2024
Operations:
Net investment income	$	9,373		$	1,948
Net realized gain		32,730			695
Net change in unrealized appreciation (depreciation)		(12,949	)		41,526
Net increase in net assets resulting from operations		29,154			44,169
Distributions		(8,298	)		(593	)
Capital share transactions:
Proceeds from shares issued		257,274			423,105
Cost of shares redeemed		(219,014	)		(20,214	)
Net increase in net assets derived from capital share transactions		38,260			402,891
Net increase in net assets		59,116			446,467
Net assets:
Beginning of year		467,011			20,544
End of year	$	526,127		$	467,011
Share Transactions:
Shares issued		7,900			14,925
Shares issued in lieu of dividends and distributions		—			—
Shares redeemed		(6,775	)		(700	)
Increase (decrease) in net assets derived from share transactions		1,125			14,225

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

SEI Exchange Traded Funds

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the year ended March 31, 2025 and the year ended March 31, 2024

	SEI Enhanced Low Volatility U.S. Large Cap ETF
		4/1/2024 to 3/31/2025			4/1/2023 to 3/31/2024
Operations:
Net investment income	$	2,595		$	600
Net realized gain		1,673			755
Net change in unrealized appreciation (depreciation)		11,479			6,305
Net increase in net assets resulting from operations		15,747			7,660
Distributions		(2,359	)		(263	)
Capital share transactions:
Proceeds from shares issued		18,998			118,168
Cost of shares redeemed		(15,079	)		(9,134	)
Net increase in net assets derived from capital share transactions		3,919			109,034
Net increase in net assets		17,307			116,431
Net assets:
Beginning of year		128,408			11,977
End of year	$	145,715		$	128,408
Share Transactions:
Shares issued		625			4,500
Shares issued in lieu of dividends and distributions		—			—
Shares redeemed		(500	)		(350	)
Increase (decrease) in net assets derived from share transactions		125			4,150

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

SEI Exchange Traded Funds

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the period ended March 31, 2025

	SEI Select Emerging Markets Equity ETF
		10/8/2024⁽¹⁾ to 3/31/2025
Operations:
Net investment income	$	1,770
Net realized loss		(2,614	)
Net change in unrealized appreciation (depreciation)		387
Net decrease in net assets resulting from operations		(457	)
Distributions		(612	)
Capital share transactions:
Proceeds from shares issued		207,134
Net increase in net assets derived from capital share transactions		207,134
Net increase in net assets		206,065
Net assets:
Beginning of year		—
End of year	$	206,065
Share Transactions:
Shares issued		8,450
Shares issued in lieu of dividends and distributions		—
Shares redeemed		—
Increase (decrease) in net assets derived from share transactions		8,450

(1) Commenced operations October, 8, 2024.

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

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the period ended March 31, 2025

	SEI Select International Equity ETF
		10/8/2024⁽¹⁾ to 3/31/2025
Operations:
Net investment income	$	3,910
Net realized gain		952
Net change in unrealized appreciation (depreciation)		23,495
Net increase in net assets resulting from operations		28,357
Distributions		(844	)
Capital share transactions:
Proceeds from shares issued		579,417
Cost of shares redeemed		(63,817	)
Net increase in net assets derived from capital share transactions		515,600
Net increase in net assets		543,113
Net assets:
Beginning of year		—
End of year	$	543,113
Share Transactions:
Shares issued		23,325
Shares issued in lieu of dividends and distributions		—
Shares redeemed		(2,450	)
Increase (decrease) in net assets derived from share transactions		20,875

(1) Commenced operations October, 8, 2024.

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

STATEMENTS OF CHANGES IN NET ASSETS ($ Thousands)

For the period ended March 31, 2025

	SEI Select Small Cap ETF
		10/8/2024⁽¹⁾ to 3/31/2025
Operations:
Net investment income	$	1,050
Net realized loss		(5,622	)
Net change in unrealized appreciation (depreciation)		(13,892	)
Net decrease in net assets resulting from operations		(18,464	)
Distributions		(516	)
Capital share transactions:
Proceeds from shares issued		266,529
Cost of shares redeemed		(29,691	)
Net increase in net assets derived from capital share transactions		236,838
Net increase in net assets		217,858
Net assets:
Beginning of year		—
End of year	$	217,858
Share Transactions:
Shares issued		10,325
Shares issued in lieu of dividends and distributions		—
Shares redeemed		(1,150	)
Increase (decrease) in net assets derived from share transactions		9,175

(1) Commenced operations October, 8, 2024.

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

FINANCIAL HIGHLIGHTS

For the year or period ended March 31, 2025 and the years or periods ended March 31,

For a Share Outstanding Throughout Each Year/Period

	Net asset value, beginning of year or 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 year or period		Total Return^†			Net assets, end of year or period ($ Thousands)		Ratio of net expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover^†
SEI Enhanced U.S. Large Cap Quality Factor ETF
2025	$	32.15	$	0.37	$	2.72		$	3.09		$	(0.34	)	$	–	$	(0.34	)	$	34.90		9.65	%	$	279,166		0.15	%		1.10	%		40	%
2024		27.19		0.44		4.85			5.29			(0.33	)		–		(0.33	)		32.15		19.60			225,819		0.15			1.44			23
2023⁽²⁾		24.91		0.30		2.19			2.49			(0.21	)		–		(0.21	)		27.19		10.08			13,593		0.15			1.35			40
SEI Enhanced U.S. Large Cap Momentum Factor ETF
2025	$	32.11	$	0.22	$	3.94		$	4.16		$	(0.18	)	$	–	$	(0.18	)	$	36.09		12.97	%	$	516,041		0.15	%		0.62	%		78	%
2024		25.51		0.21		6.64			6.85			(0.25	)		–		(0.25	)		32.11		27.08			462,385		0.15			0.70			40
2023⁽²⁾		26.35		0.33		(0.92	)		(0.59	)		(0.25	)		–		(0.25	)		25.51		2.74			21,047		0.15			1.52			63
SEI Enhanced U.S. Large Cap Value Factor ETF
2025	$	30.98	$	0.61	$	1.44		$	2.05		$	(0.55	)	$	–	$	(0.55	)	$	32.48		6.65	%	$	526,127		0.15	%		1.90	%		60	%
2024		24.17		0.69		6.70			7.39			(0.58	)		–		(0.58	)		30.98		31.11			467,011		0.15			2.44			32
2023⁽²⁾		24.95		0.58		(0.97	)		(0.39	)		(0.39	)		–		(0.39	)		24.17		(1.52	)		20,544		0.15			2.74			43
SEI Enhanced Low Volatility U.S. Large Cap ETF
2025	$	27.76	$	0.56	$	2.87		$	3.43		$	(0.51	)	$	–	$	(0.51	)	$	30.68		12.53	%	$	145,715		0.15	%		1.95	%		16	%
2024		25.21		0.54		2.54			3.08			(0.53	)		–		(0.53	)		27.76		12.47			128,408		0.15			2.04			13
2023⁽²⁾		24.79		0.48		0.25			0.73			(0.31	)		–		(0.31	)		25.21		3.02			11,977		0.15			2.24			24
SEI Select Emerging Markets Equity ETF
2025⁽³⁾	$	25.00	$	0.24	$	(0.78	)	$	(0.54	)	$	(0.07	)	$	–	$	(0.07	)	$	24.39		(2.14	)%	$	206,065		0.60	%		2.07	%		34	%
SEI Select International Equity ETF
2025⁽³⁾	$	25.00	$	0.21	$	0.85		$	1.06		$	(0.04	)	$	–	$	(0.04	)	$	26.02		4.25	%	$	543,113		0.50	%		1.77	%		31	%
SEI Select Small Cap ETF
2025⁽³⁾	$	25.30	$	0.13	$	(1.63	)	$	(1.50	)	$	(0.06	)	$	–	$	(0.06	)	$	23.74		(5.96	)%	$	217,858		0.55	%		1.07	%		24	%

^†	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.
(3)	Commenced operations on October 8, 2024. 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.

SEI Exchange Traded Funds

NOTES TO FINANCIAL STATEMENTS

March 31, 2025

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 seven 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, SEI Select Emerging Markets Equity ETF, SEI Select International Equity ETF and SEI Select Small 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 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 commenced operations on May 18, 2022. The SEI Select Emerging Markets Equity ETF, SEI Select International Equity ETF and SEI Select Small Cap ETF commenced operations on October 8, 2024. 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 — 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 SEI Investments Management Corporation (“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”). 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,

SEI Exchange Traded Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2025

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.

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 March 31, 2025, 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 year ended March 31, 2025 maximized the use of observable inputs and minimized the use of unobservable inputs.

For the year ended March 31, 2025, 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.

SEI Exchange Traded Funds

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 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 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.

SEI Exchange Traded Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2025

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%
SEI Select Emerging Markets Equity ETF	0.600%
SEI Select International Equity ETF	0.500%
SEI Select Small Cap ETF	0.550%

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 year ended March 31, 2025.

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.

Interfund Lending — The SEC has granted an exemption that permits the Trust to participate in an interfund lending program (“the Program”) with existing or future investment companies registered under the 1940 Act that are advised by SIMC (the “SEI Funds”). The Program allows the SEI Funds to lend money to and borrow money from each other for temporary or emergency purposes. Participation in the Program is voluntary for both borrowing and lending funds. Interfund loans may be made only when the rate of interest to be charged is more favorable to the lending fund than an investment in overnight repurchase agreements (“Repo Rate”), and more favorable to the borrowing fund than the rate of interest that would be charged by a bank for short-term borrowings (“Bank Loan Rate”). The Bank Loan Rate will be determined using a formula reviewed annually by the SEI Funds’ Board of Trustees. The interest rate imposed on interfund loans is the average of the Repo Rate and the Bank Loan Rate.

As of, and during the year ended March 31, 2025, the Trust had not participated in the Program.

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 year ended March 31, 2025, 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		102,903		391,375		306,047		20,991
Sales
U.S. Government		—		—		—		—
Other		101,344		392,121		296,404		22,827

SEI Exchange Traded Funds

	SEI Select Emerging Markets Equity ETF ($ Thousands)		SEI Select International Equity ETF ($ Thousands)		SEI Select Small Cap ETF ($ Thousands)
Purchases
U.S. Government	$	—	$	—	$	—
Other		236,144		190,289		54,491
Sales
U.S. Government		—		—		—
Other		68,194		159,977		56,028

For the year ended March 31, 2025, in-kind transactions associated with creations and redemptions were as follows:

	Purchases ($ Thousands)		Sales ($ Thousands)		Realized Gain ($ Thousands)
SEI Enhanced U.S. Large Cap Quality Factor ETF	$	104,168	$	71,784	$	12,654
SEI Enhanced U.S. Large Cap Momentum Factor ETF		283,149		288,629		75,744
SEI Enhanced U.S. Large Cap Value Factor ETF		244,912		216,199		48,038
SEI Enhanced Low Volatility U.S. Large Cap ETF		18,953		13,293		3,070
SEI Select Emerging Markets Equity ETF		38,437		—		—
SEI Select International Equity ETF ETF		539,139		60,270		8,453
SEI Select Small Cap ETF		266,182		28,140		3,884

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.

Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (current and prior three tax years) and has concluded that as of March 31, 2025, no provision for income tax is required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

The Funds may be subject to taxes imposed by countries in which they invest with respect to their 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 permanent differences are primarily attributable to non-taxable in-kind redemptions.

SEI Exchange Traded Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2025

	Paid-in- Capital ($ Thousands)		Distributable Earnings (Accumulated Loss) ($ Thousands)
SEI Enhanced U.S. Large Cap Quality Factor ETF	$	12,639	$	(12,639	)
SEI Enhanced U.S. Large Cap Momentum Factor ETF		74,489		(74,489	)
SEI Enhanced U.S. Large Cap Value Factor ETF		47,953		(47,953	)
SEI Enhanced Low Volatility U.S. Large Cap ETF		3,071		(3,071	)
SEI Select International Equity ETF		8,446		(8,446	)
SEI Select Small Cap ETF		3,857		(3,857	)

The tax character of dividends and distributions paid during the fiscal years ended March 31, 2025 and March 31, 2024 were as follows:

	Ordinary Income ($ Thousands)		Long-Term Capital Gain ($ Thousands)		Total ($ Thousands)
SEI Enhanced U.S. Large Cap Quality Factor ETF
2025	$	2,474	$	—	$	2,474
2024		184		—		184
SEI Enhanced U.S. Large Cap Momentum Factor ETF
2025		2,603		—		2,603
2024		238		—		238
SEI Enhanced U.S. Large Cap Value Factor ETF
2025		8,298		—		8,298
2024		593		—		593
SEI Enhanced Low Volatility U.S. Large Cap ETF
2025		2,359		—		2,359
2024		263		—		263
SEI Select Emerging Markets Equity ETF
2025		612		—		612
SEI Select International Equity ETF
2025		844		—		844
SEI Select Small Cap ETF
2025		516		—		516

As of March 31, 2025, the components of Distributable Earnings/(Accumulated Losses) were as follows:

	Undistributed Ordinary Income ($ Thousands)		Capital Loss Carryforwards ($ Thousands)			Unrealized Appreciation (Depreciation) ($ Thousands)			Other Temporary Differences ($ Thousands)			Total Distributable Earnings (Accumulated Losses) ($ Thousands)
SEI Enhanced U.S. Large Cap Quality Factor ETF	$	749	$	(4,590	)	$	18,818		$	(1	)	$	14,976
SEI Enhanced U.S. Large Cap Momentum Factor ETF		903		(21,800	)		37,521			—			16,624
SEI Enhanced U.S. Large Cap Value Factor ETF		2,564		(16,785	)		27,964			(1	)		13,742
SEI Enhanced Low Volatility U.S. Large Cap ETF		640		(2,065	)		18,136			(2	)		16,709
SEI Select Emerging Markets Equity ETF		1,797		(2,451	)		(415	)		—			(1,069	)
SEI Select International Equity ETF		3,083		(7,018	)		23,001			1			19,067
SEI Select Small Cap ETF		544		(9,247	)		(14,133	)		(1	)		(22,837	)

SEI Exchange Traded Funds

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	$	4,161	$	429	$	4,590
SEI Enhanced U.S. Large Cap Momentum Factor ETF		21,763		37		21,800
SEI Enhanced U.S. Large Cap Value Factor ETF		15,240		1,545		16,785
SEI Enhanced Low Volatility U.S. Large Cap ETF		1,141		924		2,065
SEI Select Emerging Markets Equity ETF		2,451		—		2,451
SEI Select International Equity ETF		7,018		—		7,018
SEI Select Small Cap ETF		9,247		—		9,247

For Federal income tax purposes, the cost of securities owned at March 31, 2025, and the net realized gains or losses on securities sold for the period were different from amounts reported for financial reporting purposes. 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 March 31, 2025, 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	$	258,488	$	27,283	$	(8,465	)	$	18,818
SEI Enhanced U.S. Large Cap Momentum Factor ETF		474,306		57,386		(19,865	)		37,521
SEI Enhanced U.S. Large Cap Value Factor ETF		494,636		53,647		(25,683	)		27,964
SEI Enhanced Low Volatility U.S. Large Cap ETF		126,565		21,139		(3,003	)		18,136
SEI Select Emerging Markets Equity ETF		204,654		12,968		(13,383	)		(415	)
SEI Select International Equity ETF		510,728		39,766		(16,765	)		23,001
SEI Select Small Cap ETF		231,109		11,461		(25,594	)		(14,133	)

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

SEI Exchange Traded Funds

NOTES TO FINANCIAL STATEMENTS (Continued)

March 31, 2025

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 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

SEI Exchange Traded Funds

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.

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.

Foreign Investment/Emerging Markets Risk — The risk that non-U.S. securities may be subject to additional risks due to, among other things, political, social and economic developments abroad, currency movements and different legal, regulatory, tax, accounting and audit environments. These additional risks may be heightened with respect to emerging market countries because political turmoil and rapid changes in economic conditions are more likely to occur in these countries. Investments in emerging markets are subject to the added risk that information in emerging market investments may be unreliable or outdated due to differences in regulatory, accounting or auditing and financial record keeping standards, or because less information about emerging market investments is publicly available. In addition, the rights and remedies associated with emerging market investments may be different than investments in developed markets. A lack of reliable information, rights and remedies increase the risks of investing in emerging markets in comparison to more developed markets. In addition, periodic U.S. Government

restrictions on investments in issuers from certain foreign countries may require the Fund to sell such investments at inopportune times, which could result in losses to the Fund.

Country Concentration Risk — The Fund’s concentration of its assets in issuers located in a single country or a limited number of countries will increase the impact of, and potential losses associated with, the risks set forth in the Foreign Investment/Emerging Markets Risk.

Risk of Investing in China — China is an emerging market, and as a result, investments in securities of companies organized and listed in China may be subject to liquidity constraints and significantly higher volatility, from time to time, than investments in securities of more developed markets. China may be subject to considerable government intervention and varying degrees of economic, political and social instability. Internal social unrest or confrontations with other neighboring countries could have a significant impact on the economy of China. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. There also is no guarantee that the Chinese government will not revert from its current open-market economy to an economic policy of central planning. These factors may result in, among other things, a greater risk of stock market, interest rate, and currency fluctuations, as well as inflation. Accounting, auditing and financial reporting standards in China are different from U.S. standards and, therefore, disclosure of certain material information may not be made, may be less available, or may be less reliable. It may also be difficult or impossible for the Fund, U.S. authorities and regulators to obtain or enforce a judgment in a Chinese court. In addition, periodic U.S. Government restrictions on investments in Chinese companies may result in a Fund having to sell such prohibited securities at inopportune times. Such prohibited securities may have less liquidity as a result of such U.S. Government designation and the market price of such prohibited securities may decline, which may cause the Fund to incur losses. The Fund may also be subject to additional risks related to investments in VIEs. Instead of directly owning the equity securities of a Chinese company, a VIE enters into service and other contracts with the Chinese company. Although the VIE has no equity ownership of the Chinese company, the contractual arrangements permit the VIE to consolidate the Chinese company into its financial statements. Intervention by the Chinese government with respect to VIEs could significantly affect the Chinese company’s performance and the enforceability of the VIE’s contractual arrangements with the Chinese company. The Fund may, directly or indirectly, purchase China A-Shares through

SEI Exchange Traded Funds

NOTES TO FINANCIAL STATEMENTS (Concluded)

March 31, 2025

Stock Connect or that may be available in the future through additional stock connect programs, a mutual market access program designed to, among other things, enable foreign investment in the People’s Republic of China (PRC) via brokers in Hong Kong. There are significant risks inherent in investing in China A-Shares through Stock Connect. The underdeveloped state of PRC’s investment and banking systems subjects the settlement, clearing, and registration of China A-Shares transactions to heightened risks. Stock Connect can only operate when both PRC and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if either or both markets are closed on a U.S. trading day, the Fund may not be able to dispose of its China A-Shares in a timely manner, which could adversely affect the Fund’s performance.

Small and Medium Capitalization Risk — The risk that small and medium capitalization companies in which the Fund may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, small and medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, small capitalization and medium capitalization stocks may be more volatile than those of larger companies. Small capitalization and medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.

7. RECENT ACCOUNTING PRONOUNCEMENT

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023- 07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund’s financial position or the results of its operations. An operating segment is defined in Topic 280 as a of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available.The management of each Fund’s Adviser acts as each Fund’s CODM.Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is pre-determined in accordance with each Fund’s single investment objective which is executed by each Fund’s portfolio managers. The financial information in the form of each Fund’s schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets

resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus each Fund’s comparative benchmarks and to make resource allocation decisions for each Fund’s single segment, is consistent with that presented within each Fund’s financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as “total assets” and significant segment expenses are listed on the accompanying Statements of Operations.

8. SUBSEQUENT EVENTS

Management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no disclosure and/or adjustments were required to the financial statements.

SEI Exchange Traded Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Board of Trustees SEI Exchange Traded Funds:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the 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 (four of the funds comprising SEI Exchange Traded Funds (the Trust)), including the schedules of investments, as of March 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the related notes (collectively, the financial statements) and the financial highlights for the each of the years in the two-year period then ended and for the period from May 18, 2022 (commencement of operations) to March 31, 2023. We have also audited the accompanying statements of assets and liabilities of the SEI Select Emerging Markets Equity ETF, SEI Select International Equity ETF and SEI Select Small Cap ETF (three of the funds comprising the Trust) (the seven funds collectively, the Funds), including the schedules of investments, as of March 31, 2025, the related statements of operations and changes in net assets for the period from October 8, 2024 (commencement of operations) to March 31, 2025, and the related notes (collectively, the financial statements) and the financial highlights for the period from October 8, 2024 to March 31, 2025. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of March 31, 2025, the results of their operations for the year or period then ended, the changes in their net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the three-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more SEI Funds investment companies since 2005.

Philadelphia, Pennsylvania May 28, 2025

SEI Exchange Traded Funds

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders who do not have a March 31, 2025, taxable year end, this notice is for informational purposes only. For shareholders with a March 31, 2025, taxable year end, please consult your tax adviser as to the pertinence of this notice.

For the fiscal year ended March 31, 2025, the Funds are designating long term and qualifying dividend income with regard to distributions paid during the year as follows:

	(A) Return of Capital	(B) Long Term Capital Gains Distributions (Tax Basis)	(C) Ordinary Income Distributions (Tax Basis)	(D) Total Distributions (Tax Basis)	(E) Dividends Qualifying for Corporate Dividends Rec. Deduction⁽¹⁾	(F) Qualifying Dividend Income (15% Tax Rate for QDI)⁽²⁾	(G) U.S. Government Interest⁽³⁾	(H) Interest Related Dividends⁽⁴⁾	(I) Short-Term Capital Gain Dividends⁽⁵⁾	(J) Qualifying Business Income⁽⁶⁾	FTC
SEI Enhanced U.S. Large Cap Quality Factor ETF	0.00%	0.00%	100.00%	100.00%	100.00%	98.80%	0.00%	0.00%	0.00%	0.00%	0.00%
SEI Enhanced U.S. Large Cap Momentum Factor ETF	0.00%	0.00%	100.00%	100.00%	96.24%	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SEI Enhanced U.S. Large Cap Value Factor ETF	0.00%	0.00%	100.00%	100.00%	96.95%	97.85%	0.00%	0.00%	0.00%	1.88%	0.00%
SEI Enhanced Low Volatility U.S. Large Cap ETF	0.00%	0.00%	100.00%	100.00%	99.88%	99.04%	0.00%	0.00%	0.00%	0.00%	0.00%
SEI Select Emerging Markets Equity ETF	0.00%	0.00%	100.00%	100.00%	0.00%	37.13%	0.00%	0.00%	0.00%	0.00%	35.95%
SEI Select International Equity ETF	0.00%	0.00%	100.00%	100.00%	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	40.71%
SEI Select Emerging Markets Equity ETF	0.00%	0.00%	100.00%	100.00%	100.00%	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%

(1) “Dividends Received Deduction” represent dividends which qualify for the corporate dividends received deduction.

(2) “Qualifying Dividend Income” represent qualifying dividends as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003. It is the intention of the Fund to designate the max amount permitted by law.

(3) “U.S. Government Interest” represent the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut or New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.

(4) The percentage in this column represents the amount of “Interest Related Dividend” is reflected as a percentage of ordinary income distribution. Interest related dividends is exempted from U.S. withholding tax when paid to foreign investors.

(5) The percentage of this column represents the amount of “Short Term Capital Gain Dividend” is reflected as a percentage of short term capital gain distribution that is exempted from U.S. withholding tax when paid to foreign investors.

(6) The percentage of this column represents the amount of ordinary dividend income that qualifies for 20% Business Income Deduction.

Items (A), (B), (C) and (D) are based on the percentage of each fund’s total distribution.

Items (E), (F) and (J) are based on the percentage of “Ordinary Income Distributions.”

Item (G) is based on the percentage of gross income of each Fund.

Item (H) is based on the percentage of net investment income distributions.

Item (I) is based on the percentage of short-term capital gains distributions.

Please consult your tax adviser for proper treatment of this information. This notification should be kept with your permanent tax records.

SEI Exchange Traded Funds

OTHER INFORMATION - (FORM N-CSR ITEMS 8-11) (Unaudited)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

At a Special Meeting of Shareholders held on October 16, 2024, shareholders of the SEI Exchange Traded Funds elected Trustees. The results of votes taken among shareholders on the proposal before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting. In addition to the Trustees elected below, William M. Doran continued to serve as a Trustee until his retirement on May 31, 2025.

Proposal 1-To elect a Board of Trustees.

Director	Votes For	Votes Withheld	Abstained	Broker Non-Votes
Robert A. Nesher	37,668,841	598,097	N/A	N/A
Nina Lesavoy	37,659,415	607,527	N/A	N/A
James M. Williams	37,591,919	675,019	N/A	N/A
James B. Taylor	37,700,455	566,483	N/A	N/A
Susan C. Cote	37,781,807	485,135	N/A	N/A
Christine Reynolds	37,797,615	469,327	N/A	N/A
Thomas Melendez	37,655,120	611,818	N/A	N/A
Dennis J. McGonigle	37,714,177	552,761	N/A	N/A
Eli Powell Niepoky	37,668,841	598,097	N/A	N/A
Kimberly Walker	37,797,615	469,327	N/A	N/A

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included within the Statement(s) of Operations of the financial statements.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

SEI Exchange Traded Funds (the “Trust”) and SEI Investments Management Corporation (“SIMC”) have entered into an investment advisory agreement (the “Advisory Agreement”), pursuant to which SIMC provides investment advisory services to the series of the Trust (the “Funds”). Pursuant to separate sub-advisory agreements with SIMC (the “Sub-Advisory Agreements” and, together with the Advisory Agreement, the “Investment Advisory Agreements”), and under the supervision of SIMC and the Trust’s Board of Trustees (each member, a “Trustee” and, collectively, the “Trustees” or the “Board”), the sub-advisers (each, a “Sub-Adviser” and collectively, the “Sub-Advisers”) provide security selection and certain other advisory services with respect to all or a discrete portion of the assets of the Funds. The Sub-Advisers are also responsible for managing their employees who provide services to the Funds. The Sub-Advisers are selected based primarily upon the research and recommendations of SIMC, which evaluates quantitatively and qualitatively the Sub-Advisers’ skills and investment results in managing assets for specific asset classes, investment styles and strategies.

The Investment Company Act of 1940, as amended (the “1940 Act”), requires that the initial approval of a Fund’s Investment Advisory Agreements be specifically approved by the vote of a majority of the outstanding shareholders of the Funds and the vote of a majority of the Trustees who are not parties to the Investment Advisory Agreements or “interested persons” of any party (the “Independent Trustees”) cast in person (or otherwise, as consistent with applicable laws, regulations and related guidance and relief) at a meeting called for such purpose. In addition, the 1940 Act requires that the continuation or renewal of any Investment Advisory Agreement be approved at least annually (after an initial period of up to two years), which also requires the vote of a majority of the Board, including a majority of the Independent Trustees. In the case of the initial approval of a Sub-Advisory Agreement, only the approval of a majority of the Board, including a majority of the Independent Trustees, is required, pursuant to an exemptive order that has been granted to the Trust by the Securities and Exchange Commission. In connection with their consideration of such initial approvals and renewals, the Funds’ Trustees

SEI Exchange Traded Funds

OTHER INFORMATION - (FORM N-CSR ITEMS 8-11) (Unaudited) (Continued)

must request and evaluate, and SIMC and the Sub-Advisers are required to furnish, such information as may be reasonably necessary to evaluate the terms of the Investment Advisory Agreements. In addition, the Securities and Exchange Commission takes the position that, as part of their fiduciary duties with respect to a mutual fund’s fees, mutual fund boards are required to evaluate the material factors applicable to a decision to approve or renew an Investment Advisory Agreement.

Consistent with these responsibilities, the Board calls and holds meetings each year to consider whether to approve new and/or renew existing Investment Advisory Agreements between the Trust and SIMC and SIMC and the Sub-Advisers with respect to proposed new and existing Funds of the Trust. In preparation for these meetings, the Board requests and reviews a wide variety of materials provided by SIMC and the Sub-Advisers, including information about SIMC’s and the Sub-Advisers’ affiliates, personnel and operations and the services provided pursuant to the Investment Advisory Agreements. The Board also receives data from third parties. This information is provided in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to Fund operations and Fund performance. The Trustees also receive a memorandum from counsel regarding the responsibilities of Trustees in connection with their consideration of whether to approve or renew the Trust’s Investment Advisory Agreements. Finally, the Independent Trustees receive advice from independent counsel to the Independent Trustees, meet in executive sessions outside the presence of Fund management and participate in question and answer sessions with representatives of SIMC and the Sub-Advisers.

Specifically, during the course of the Trust’s fiscal year, the Board requested and received written materials from SIMC and the Sub-Advisers regarding: (i) the quality of SIMC’s and the Sub-Advisers’ investment management and other services; (ii) SIMC’s and the Sub-Advisers’ investment management personnel; (iii) SIMC’s and the Sub-Advisers’ operations and financial condition; (iv) SIMC’s and the Sub-Advisers’ brokerage practices (including any soft dollar arrangements) and investment strategies; (v) the level of the advisory fees that SIMC charges or proposes to charge the Funds and the level of the sub-advisory fees that SIMC pays or proposes to pay the Sub-Advisers compared with fees each charge to comparable accounts; (vi) the advisory fees charged or proposed to be charged by SIMC and the Funds’ overall or estimated fees and operating expenses compared with peer groups of mutual funds prepared by Broadridge, an independent provider of investment company data that was engaged to prepare an assessment of the Funds in connection with the renewal or approval of the Investment Advisory Agreements (the “Broadridge Report”); (vii) the level or estimated level of SIMC’s and the Sub-Advisers’ profitability from their Fund-related operations; (viii) SIMC’s and the Sub-Advisers’ compliance program, including a description of material compliance matters and material compliance violations; (ix) SIMC’s potential economies of scale; (x) SIMC’s and the Sub-Advisers’ policies on and compliance procedures for personal securities transactions; (xi) SIMC’s and the Sub-Advisers’ expertise and resources in domestic and/or international financial markets; and (xii) the Funds’ (with the exception of the Select ETFs) performance over various periods of time compared with peer groups of mutual funds prepared by Broadridge and the Funds’ benchmark indexes.

At the December 2–4, 2024 meeting of the Board, the Trustees, including a majority of the Independent Trustees, approved a brief extension of the Advisory Agreement to accommodate a revised Spring meeting schedule. Typically, the Trustees renew the Advisory Agreement at the first quarterly in-person meeting of the calendar year in March. Agreements regularly renewed at the March meeting expire on April 1 of the following year. Because the first quarterly in-person meeting of the Board in calendar year 2024 was held on April 1-3, the Advisory Agreement would have expired prior to the meeting, without the extension. Accordingly, the Board voted in-person at the December 2-4, 2024 meeting to extend the Advisory Agreement until the April 1-3, 2025 meeting. In evaluating whether to approve the extension of the Advisory Agreement, the Board considered the information made available to it throughout the course of the year by representatives of the SEI investment and compliance teams. At the April 1-3, 2025 meeting, the Board evaluated the Advisory Agreement in accordance with the renewal process that it typically applies during the annual contract renewal each Spring. Although outside the scope of the period covered by this report, the Board’s renewal of the Advisory Agreement at the April 1-3, 2025 meeting of the Board is discussed herein, consistent with prior shareholder reports of the Funds. The Board’s approval was based on its consideration and evaluation of the factors described above, as discussed at the meeting and at prior meetings, such as the December 2-4, 2024 meeting. Additionally, at meetings held on June 24-26, 2024 and September 9-11, 2024, the Board approved an amended fee schedule to the Advisory Agreement and a new Sub-Advisory Agreements for three new series of the Trust, SEI Select Small Cap ETF, SEI Select International Equity ETF and SEI Select Emerging

SEI Exchange Traded Funds

Markets Equity ETF (the “Select ETFs”).The following discusses some, but not all, of the factors that were considered by the Board in connection with its assessment of the Investment Advisory Agreements.

Nature, Extent and Quality of Services. The Board considered the nature, extent and quality of the services provided or proposed to be provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated or proposed to be dedicated to the Funds. In this regard, the Trustees evaluated, among other things, SIMC’s and each Sub-Adviser’s personnel, experience, track record and compliance program. Following evaluation, the Board concluded that, within the context of its full deliberations, the nature, extent and quality of services provided by or proposed to be provided by SIMC and the Sub-Advisers to the Funds and the resources of SIMC and the Sub-Advisers and their affiliates dedicated or proposed to be dedicated to the Funds were sufficient to support the initial approval or renewal of the Investment Advisory Agreements.

Performance. In determining whether to renew SIMC’s Advisory Agreement, the Trustees considered the Funds’ (with the exception of the Select ETFs) performance relative to their peer groups and appropriate indexes/benchmarks. The Trustees reviewed performance information for each Fund, noting that they receive performance reports that permit them to monitor each Fund’s performance at board meetings throughout the year. As part of this review, the Trustees considered the composition of each peer group and selection criteria. In assessing Fund performance, the Trustees considered the Broadridge Report. The Broadridge Report included metrics on net total return for the Funds and a universe of comparable funds. Based on the materials considered and discussed at the meetings, the Trustees found Fund performance satisfactory, or, where performance was materially below the benchmark and/or peer group, the Trustees were satisfied with the reasons provided to explain such performance. Following evaluation, the Board concluded that, within the context of its full deliberations, the performance of the Funds was sufficient to support the renewal and approval of SIMC’s Advisory Agreement, and the information provided for the Sub-Advisers was sufficient to support the approval of each Sub-Advisory Agreement.

With respect to the Select ETFs, because the Select ETFs were new and had not commenced operations, it did not yet have an investment performance record to evaluate when approving the Advisory Agreement and Sub-Advisory Agreements.

Fees. With respect to the Funds’ expenses or estimated expenses under the Investment Advisory Agreement, the Trustees considered the rate of compensation called for by the Investment Advisory Agreements, noting that SIMC, in addition to providing advisory services to the Funds, pays all of the operating expenses of the Funds, except the management fees, 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, litigation expenses and any extraordinary expenses. Based on discussion at the meeting, the Trustees determined that the fees and expenses were below the average for the respective comparison peer group. With respect to the Select ETFs, the Trustees also considered a Broadridge Report, which included various metrics related to the estimated fund expenses, including, but not limited to the proposed contractual management fee as compared to a universe of comparable funds. When considering fees estimated to be paid to Sub-Advisers, the Board took into account the fact that the Sub-Advisers would be compensated by SIMC and not by the Funds directly, and that such compensation with respect to any unaffiliated Sub-Adviser would reflect an arms-length negotiation between the Sub-Adviser and SIMC. Following evaluation, the Board concluded that, within the context of its full deliberations, the expenses or estimated expenses of the Funds are reasonable and supported the approval or renewal of the Investment Advisory Agreements.

Profitability. With regard to profitability, the Trustees considered the compensation flowing or estimated to flow to SIMC and its affiliates, directly or indirectly. The Trustees considered whether the levels or estimated levels of compensation and profitability were reasonable. As with the fee levels, when considering the profitability of the Sub-Advisers, the Board took into account the fact that compensation with respect to any unaffiliated Sub-Adviser would reflect an arms-length negotiation between the Sub-Adviser and SIMC. In connection with the approval of each Sub-Advisory Agreement, the Board also took into consideration the impact that the fees proposed to be paid to the Sub-Adviser would have on SIMC’s advisory fee margin and profitability. Based on this evaluation, the Board concluded that, within the context of its full deliberations, the profitability or estimated profitability of SIMC is reasonable and supported the approval or renewal of the Investment Advisory Agreements.

Economies of Scale. With respect to the Advisory Agreement, the Trustees considered whether any economies of scale were being realized (or in the case of the Select ETFs, could be realized) by SIMC and its affiliates and, if so, whether the benefits of such economies of scale were passed along (or in the case of the Select ETFs, could be passed along) to the Funds’ shareholders through a graduated investment advisory fee schedule or other means, including any fee waivers by SIMC and its affiliates. The Trustees recognized that economies of scale are difficult to identify and quantify and are rarely identifiable on a fund-by-fund basis. Based on this evaluation, the Board determined that the fees were reasonable in light of the information that was provided by SIMC with respect to economies of scale.

SEI Exchange Traded Funds

OTHER INFORMATION - (FORM N-CSR ITEMS 8-11) (Unaudited) (Concluded)

Based on the Trustees’ deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, with the assistance of Fund counsel and Independent Trustees’ counsel, unanimously approved the approval or renewal, as applicable, of the Investment Advisory Agreements and concluded that the compensation under the Investment Advisory Agreements is fair and reasonable in light of such services and expenses and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment. In the course of its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

SEI Exchange Traded Funds

SEI Exchange Traded Funds / Annual Financials and Other Information / March 31, 2025

Trustees

Robert A. Nesher, Chairman

Dennis J. McGonigle

Nina Lesavoy

James M. Williams

Susan C. Cote

James B. Taylor

Christine Reynolds

Thomas Melendez

Eli Powell Niepoky

Kimberly Walker

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

Bridget Sudall

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)

1 Freedom Valley Drive

P.O. Box 1100

Oaks, Pennsylvania 19456

SEI-ETF (3/25)

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Included under Item 7.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Included under Item 7.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Included under Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Included under Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. 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, 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Code of Ethics attached hereto.

(a)(2) Not applicable.

(a)(3) 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 Chief Executive Officer
	(Principal Executive Officer)

Date: June 6, 2025

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 Chief Executive Officer
	(Principal Executive Officer)
Date: June 6, 2025

By	/s/ Glenn Kurdziel
	Glenn Kurdziel
	Controller and Chief Financial Officer
	(Principal Financial Officer)

Date: June 6, 2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

fp0093125-1_ex99code.htm

fp0093125-1_ex99cert.htm

fp0093125-1_ex99906cert.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: fp0093125-1_ncsrixbrl_htm.xml

Annual Shareholder Report: March 31, 2025

SEI Enhanced U.S. Large Cap Quality Factor ETF

SEI Exchange Traded Funds - SEIQ

Principal Listing Exchange: Cboe BZX Exchange

Fund Overview

What were the Fund costs for the last year?

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

How did the Fund perform in the last year?

Average Annual Total Returns as of March 31, 2025

Key Fund Statistics as of March 31, 2025

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

SEI Enhanced U.S. Large Cap Quality Factor ETF

SEI Exchange Traded Funds - SEIQ

Principal Listing Exchange: Cboe BZX Exchange

Annual Shareholder Report: March 31, 2025

SEIQ-AR-2025

Annual Shareholder Report: March 31, 2025

SEI Enhanced U.S. Large Cap Momentum Factor ETF

SEI Exchange Traded Funds - SEIM

Principal Listing Exchange: Cboe BZX Exchange

Fund Overview

What were the Fund costs for the last year?

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

How did the Fund perform in the last year?

Average Annual Total Returns as of March 31, 2025

Key Fund Statistics as of March 31, 2025

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

SEI Enhanced U.S. Large Cap Momentum Factor ETF

SEI Exchange Traded Funds - SEIM

Principal Listing Exchange: Cboe BZX Exchange

Annual Shareholder Report: March 31, 2025

SEIM-AR-2025

Annual Shareholder Report: March 31, 2025

SEI Enhanced U.S. Large Cap Value Factor ETF

SEI Exchange Traded Funds - SEIV

Principal Listing Exchange: Cboe BZX Exchange

Fund Overview

What were the Fund costs for the last year?

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

How did the Fund perform in the last year?

Average Annual Total Returns as of March 31, 2025

Key Fund Statistics as of March 31, 2025

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Material Fund Changes

Changes in and Disagreements with Accountants

Additional Information

SEI Enhanced U.S. Large Cap Value Factor ETF

SEI Exchange Traded Funds - SEIV

Principal Listing Exchange: Cboe BZX Exchange

Annual Shareholder Report: March 31, 2025

SEIV-AR-2025

Annual Shareholder Report: March 31, 2025

SEI Enhanced Low Volatility U.S. Large Cap ETF

SEI Exchange Traded Funds - SELV

Principal Listing Exchange: Cboe BZX Exchange

Fund Overview

What were the Fund costs for the last year?

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

How did the Fund perform in the last year?

Average Annual Total Returns as of March 31, 2025

Key Fund Statistics as of March 31, 2025

What did the Fund invest in?

Sector WeightingsFootnote Reference*

Top Ten Holdings

Sector Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}

Country Weightings^{Footnote Reference*}

Country Weightings^{Footnote Reference*}

Sector Weightings^{Footnote Reference*}