Portfolio of investments—May 31, 2026 (unaudited)
Portfolio of investments
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Agency securities:  27.54%
 
FHLMC
2.00
%
4-1-2052
$
8,254,399
$6,627,348
FHLMC
4.00
11-1-2053
 
2,583,274
2,420,485
FHLMC
5.00
3-1-2040
 
1,312,878
1,320,484
FHLMC
5.00
1-1-2055
 
2,673,824
2,633,372
FHLMC
5.00
2-1-2056
 
3,978,158
3,915,765
FHLMC
5.00
5-1-2056
 
1,811,913
1,783,496
FHLMC
5.50
11-1-2054
 
702,784
706,301
FHLMC
5.50
6-1-2055
 
1,720,873
1,729,565
FHLMC
5.50
9-1-2055
 
865,190
869,516
FHLMC
5.50
11-1-2055
 
2,324,651
2,336,273
FHLMC
6.00
12-1-2055
 
1,188,620
1,214,425
FHLMC
6.50
7-1-2055
 
1,123,349
1,171,438
FHLMC
6.50
9-1-2055
 
352,704
366,504
FNMA
2.00
8-1-2051
 
844,731
680,682
FNMA
2.00
12-1-2051
 
3,939,256
3,166,350
FNMA
2.00
1-1-2052
 
838,965
674,514
FNMA%%
2.00
6-11-2056
 
1,040,000
831,674
FNMA
2.50
2-1-2051
 
6,829,964
5,749,858
FNMA
2.50
3-1-2052
 
1,911,757
1,609,519
FNMA
2.50
4-1-2052
 
1,082,828
929,640
FNMA
2.50
6-1-2052
 
436,748
366,318
FNMA
3.00
11-1-2051
 
7,026,593
6,140,155
FNMA
3.50
8-1-2052
 
395,887
361,036
FNMA
3.50
9-1-2052
 
3,031,483
2,759,836
FNMA
4.00
9-1-2052
 
228,109
214,607
FNMA
4.00
11-1-2054
 
1,563,104
1,464,282
FNMA
4.50
5-1-2053
 
2,330,766
2,246,254
FNMA
4.50
7-1-2055
 
657,497
631,512
FNMA
5.00
6-1-2055
 
1,705,933
1,679,421
FNMA
5.50
12-1-2054
 
590,753
593,707
FNMA
5.50
1-1-2055
 
1,039,428
1,044,625
FNMA
5.50
3-1-2055
 
3,993,965
4,013,933
FNMA%%
5.50
6-11-2056
 
2,820,000
2,832,446
FNMA%%
5.50
7-13-2056
 
1,465,000
1,469,234
FNMA
6.00
8-1-2054
 
180,148
184,708
FNMA
6.00
5-1-2055
 
2,267,622
2,316,854
FNMA
6.00
6-1-2055
 
1,735,521
1,773,200
FNMA
6.00
7-1-2055
 
734,018
754,371
FNMA
6.00
11-1-2055
 
2,174,107
2,221,309
FNMA
6.50
11-1-2054
 
1,185,497
1,231,882
FNMA
6.50
9-1-2055
 
372,345
386,913
FNMA%%
6.50
6-11-2056
 
780,000
810,752
GNMA
2.00
2-20-2052
 
764,317
627,214
GNMA
2.50
4-20-2051
 
385,796
330,368
GNMA
2.50
8-20-2051
 
1,435,416
1,228,745
GNMA
2.50
9-20-2051
 
2,777,515
2,378,423
GNMA
2.50
1-20-2052
 
1,851,122
1,584,975
GNMA
3.00
8-20-2051
 
1,525,653
1,357,401
See accompanying notes to portfolio of investments
Allspring Core Plus ETF | 1
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Agency securities(continued)
 
GNMA
3.00
%
12-20-2051
$
242,338
$215,611
GNMA
3.00
3-20-2052
 
713,866
635,121
GNMA%%
3.50
6-23-2055
 
2,745,000
2,472,493
GNMA
4.50
11-20-2054
 
118,653
114,246
GNMA
4.50
2-20-2055
 
1,088,437
1,048,015
GNMA
4.50
4-20-2055
 
1,355,109
1,304,782
GNMA%%
5.00
6-22-2056
 
12,145,000
11,992,199
GNMA
5.50
8-20-2054
 
731,553
737,900
GNMA
5.50
9-20-2054
 
1,194,458
1,205,348
GNMA
5.50
12-20-2054
 
3,154,457
3,179,234
GNMA
5.50
1-20-2055
 
887,518
894,676
GNMA
5.50
10-20-2055
 
2,423,752
2,441,247
GNMA%%
5.50
6-22-2056
 
2,410,000
2,424,863
GNMA
6.00
8-20-2054
 
775,652
794,286
GNMA
6.00
9-20-2054
 
778,735
795,857
GNMA
6.00
7-20-2055
 
864,606
881,521
GNMA
6.00
5-20-2056
 
1,625,000
1,658,054
Total agency securities (Cost $116,296,919)
 
116,537,143
Asset-backed securities:  8.44%
 
Aligned Data Centers Issuer LLC Series 2021-1A Class B144A
2.48
8-15-2046
 
160,000
158,983
Angel Oak Mortgage Trust Series 2025-HB2 Class A1 (30 Day
Average U.S. SOFR+1.60%)144A±
5.21
12-25-2055
 
1,428,026
1,433,504
Aqua Finance Issuer Trust Series 2026-A Class A144A
4.76
4-17-2051
 
249,598
247,586
Avant Loans Funding Trust Series 2024-REV1 Class B144A
6.17
10-15-2033
 
1,000,000
1,000,605
Barings Equipment Finance LLC Series 2025-A Class A2144A
4.64
10-13-2028
 
622,184
624,641
BHG Owner Loan Trust Series 2026-1CON Class B144A♦
5.87
7-17-2037
 
1,500,000
1,499,665
Cajun Global LLC Series 2025-2A Class A2144A
5.91
11-20-2055
 
1,515,000
1,497,562
Camber Credit Auto Trust Series 2026-1A Class A144A
5.63
12-15-2031
 
728,499
725,154
CenterSquare Issuer LLC Series 2024-1A Class A2144A
5.20
10-26-2054
 
1,000,000
973,484
ClickLease Equipment Receivables Trust Series 2024-1
Class C144A
8.40
2-15-2030
 
275,801
277,339
Cogent IPv4 LLC Series 2024-1A Class A2144A
7.92
5-25-2054
 
1,515,000
1,551,407
DI Issuer LLC Series 2024-1A Class A2144A
5.81
9-15-2054
 
260,000
256,180
FIGRE Trust Series 2023-HE3 Class A144A±±
6.44
11-25-2053
 
625,388
633,175
FIGRE Trust Series 2025-HE1 Class C144A±±
6.03
1-25-2055
 
721,657
727,234
Five Guys Holdings, Inc. Series 2023-1A Class A2144A
7.55
1-26-2054
 
103,425
105,472
Flexential Issuer LLC Series 2025-1A Class A2144A
6.03
10-25-2060
 
1,825,000
1,820,167
FS Rialto Issuer LLC Series 2026-FL11 Class AS (U.S. SOFR 1
Month+1.65%)144A±
5.26
1-19-2044
 
770,000
769,970
Gracie Point International Funding LLC Series 2025-1A
Class C (30 Day Average U.S. SOFR+2.75%)144A±
6.40
8-15-2028
 
335,000
335,236
GS REFT Issuer Ltd. Series 2026-FL1 Class A (U.S. SOFR 1
Month+1.50%)144A±
5.11
4-19-2043
 
850,000
852,296
Hertz Vehicle Financing III LLC Series 2023-4A Class A144A
6.15
3-25-2030
 
215,000
221,689
Hipgnosis Music Assets LP Series 2022-1 Class A144A
5.00
5-16-2062
 
1,248,509
1,245,137
INCREF LLC Series 2026-FL2 Class B (U.S. SOFR 1
Month+1.95%)144A±%%
5.62
12-19-2043
 
540,000
540,000
See accompanying notes to portfolio of investments
2 | Allspring Core Plus ETF
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Asset-backed securities(continued)
 
Jack in the Box Funding LLC Series 2019-1A Class A23144A
4.97
%
8-25-2049
$
189,500
$176,207
JBHP ABS I LLC
5.39
12-15-2041
 
600,000
594,303
Jersey Mike’s Funding LLC Series 2024-1A Class A2144A
5.64
2-15-2055
 
987,500
997,605
Lafayette Federal Credit Union Asset Trust Series 2026-HI1A
Class A2144A
5.38
1-25-2046
 
195,968
194,730
LCM 34 Ltd. Series 34A Class BR (U.S. SOFR 3
Month+1.70%)144A±
5.38
10-20-2034
 
1,275,000
1,277,258
MF1 Ltd. Series 2021-FL7 Class E (U.S. SOFR 1
Month+2.91%)144A±
6.54
10-16-2036
 
100,000
98,032
NMABS Issuer I LLC Series 2025-1A Class B144A
5.33
11-22-2055
 
838,950
816,010
NMEF Funding LLC Series 2025-A Class B144A
5.18
7-15-2032
 
500,000
502,271
NMEF Funding LLC Series 2026-A Class C144A
4.71
2-15-2034
 
130,000
129,118
OneMain Direct Auto Receivables Trust Series 2025-1A
Class A144A
5.36
4-16-2035
 
1,000,000
1,021,374
Pagaya AI Debt Grantor Trust Series 2025-7 Class B144A
5.06
5-15-2033
 
1,519,729
1,515,658
RCKT Mortgage Trust Series 2025-CES1 Class A1A144A±±
5.65
1-25-2045
 
640,910
644,022
Sabey Data Center Issuer LLC Series 2022-1 Class A2144A
5.00
6-20-2047
 
1,000,000
975,491
Sabey Data Center Issuer LLC Series 2026-1 Class A2144A
5.48
1-20-2051
 
860,000
845,449
Saluda Grade Alternative Mortgage Trust Series 2023-FIG4
Class B144A±±
7.12
11-25-2053
 
134,908
138,036
Service Experts Issuer LLC Series 2025-1A Class A144A
5.38
1-20-2037
 
1,380,993
1,374,165
ServiceMaster Funding LLC Series 2020-1 Class A2I144A
2.84
1-30-2051
 
168,833
161,153
ServiceMaster Funding LLC Series 2021-1 Class A2II144A
3.11
7-30-2051
 
624,683
536,550
Sotheby’s ArtFi Master Trust Series 2026-1A Class B144A
4.90
6-20-2033
 
155,000
154,279
Subway Funding LLC Series 2024-3A Class A2I144A
5.25
7-30-2054
 
408,775
400,859
Switch ABS Issuer LLC Series 2024-1A Class A2144A
6.28
3-25-2054
 
200,000
201,319
Switch ABS Issuer LLC Series 2025-2A Class A22144A
5.37
10-25-2055
 
1,405,000
1,376,493
Towd Point Mortgage Trust Series 2024-CES1
Class A2144A±±
6.44
1-25-2064
 
220,000
221,033
Uniti Fiber ABS Issuer LLC Series 2025-1A Class A2144A
5.88
4-20-2055
 
990,000
1,000,988
Vital Care Issuer LLC Series 2025-1A Class A2144A
6.74
1-30-2056
 
144,637
144,969
Wingstop Funding LLC Series 2024-1A Class A2144A
5.86
12-5-2054
 
1,985,000
2,004,463
Zayo Issuer LLC Series 2025-3A Class A2144A
5.57
10-20-2055
 
700,000
689,088
Total asset-backed securities (Cost $35,775,480)
 
35,687,409
Corporate bonds and notes:  21.85%
 
Basic materials:  0.19%
 
Chemicals:  0.14%
 
Celanese U.S. Holdings LLC
6.50
4-15-2030
 
595,000
610,175
Iron/steel:  0.05%
 
Cleveland-Cliffs, Inc.144A
4.88
3-1-2031
 
210,000
195,253
Communications:  3.46%
 
Internet:  1.25%
 
Alphabet, Inc.
5.65
2-15-2056
 
440,000
437,404
Amazon.com, Inc.
4.25
3-13-2031
 
705,000
697,105
Amazon.com, Inc.
4.88
3-13-2036
 
665,000
657,002
See accompanying notes to portfolio of investments
Allspring Core Plus ETF | 3
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Internet(continued)
 
Amazon.com, Inc.
5.80
%
3-13-2056
$
820,000
$820,782
Meta Platforms, Inc.
4.55
5-15-2031
 
710,000
707,503
Meta Platforms, Inc.
5.25
5-15-2036
 
485,000
484,590
Meta Platforms, Inc.
5.40
8-15-2054
 
615,000
550,560
Meta Platforms, Inc.
5.63
11-15-2055
 
515,000
474,877
Meta Platforms, Inc.
6.30
5-15-2056
 
325,000
327,929
Wayfair LLC144A
6.75
11-15-2032
 
100,000
101,582
 
 
5,259,334
Media:  1.04%
 
CCO Holdings LLC/CCO Holdings Capital Corp.144A
4.25
1-15-2034
 
785,000
655,692
Charter Communications Operating LLC/Charter
Communications Operating Capital
2.80
4-1-2031
 
540,000
482,485
Charter Communications Operating LLC/Charter
Communications Operating Capital
3.85
4-1-2061
 
285,000
165,797
Charter Communications Operating LLC/Charter
Communications Operating Capital
3.90
6-1-2052
 
455,000
289,063
Comcast Corp.
2.94
11-1-2056
 
815,000
457,077
Comcast Corp.
2.99
11-1-2063
 
500,000
268,036
Discovery Global Holdings, Inc.
4.28
3-15-2032
 
421,000
372,042
News Corp.144A
3.88
5-15-2029
 
1,015,000
984,153
News Corp.144A
5.13
2-15-2032
 
300,000
294,273
Time Warner Cable LLC
5.50
9-1-2041
 
515,000
444,366
 
 
4,412,984
Telecommunications:  1.17%
 
AT&T, Inc.
3.55
9-15-2055
 
1,230,000
804,181
AT&T, Inc.
5.25
10-30-2036
 
460,000
455,394
AT&T, Inc.
5.70
11-1-2054
 
460,000
433,899
AT&T, Inc.
6.20
10-30-2056
 
510,000
513,338
HUT 8 DC LLC144A
6.19
11-15-2042
 
330,000
333,936
Level 3 Financing, Inc.144A
7.00
3-31-2034
 
415,000
430,142
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint
Spectrum Co. III LLC144A
5.15
3-20-2028
 
88,000
88,359
SV RNO Property Owner 1 LLC144A
5.88
3-1-2031
 
570,000
562,844
Verizon Communications, Inc.
5.00
1-15-2036
 
755,000
741,451
Verizon Communications, Inc. (5 Year Treasury Constant
Maturity+2.04%)±
6.20
5-14-2056
 
345,000
350,198
WULF Compute LLC144A
7.75
10-15-2030
 
225,000
236,421
 
 
4,950,163
Consumer, cyclical:  1.78%
 
Airlines:  0.40%
 
American Airlines Pass-Through Trust Series 2015-1 Class A
3.38
5-1-2027
 
567,705
559,772
Delta Air Lines Pass-Through Trust Series 2020-AA Class AA
2.00
6-10-2028
 
46,979
45,491
Delta Air Lines, Inc./SkyMiles IP Ltd.144A
4.75
10-20-2028
 
837,500
838,211
United Airlines Pass-Through Trust Series 2023-1 Class A
5.80
1-15-2036
 
223,104
231,392
 
 
1,674,866
See accompanying notes to portfolio of investments
4 | Allspring Core Plus ETF
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Auto manufacturers:  0.71%
 
Ford Motor Credit Co. LLC
4.00
%
11-13-2030
$
810,000
$765,278
Ford Motor Credit Co. LLC
5.13
11-5-2026
 
390,000
391,004
Hyundai Capital America144A
4.50
9-18-2030
 
410,000
403,738
Hyundai Capital America144A
5.30
3-19-2027
 
185,000
186,386
Hyundai Capital America144A
5.40
6-23-2032
 
480,000
489,550
Hyundai Capital America144A
5.65
6-26-2026
 
110,000
110,108
Hyundai Capital America144A
5.80
4-1-2030
 
645,000
665,137
 
 
3,011,201
Home builders:  0.24%
 
Century Communities, Inc.144A
6.63
9-15-2033
 
880,000
872,642
LGI Homes, Inc.144A
8.75
12-15-2028
 
130,000
134,790
 
 
1,007,432
Housewares:  0.06%
 
Newell Brands, Inc.
6.38
5-15-2030
 
245,000
241,732
Retail:  0.17%
 
Macy’s Retail Holdings LLC144A
5.88
3-15-2030
 
90,000
89,673
Macy’s Retail Holdings LLC144A
6.13
3-15-2032
 
145,000
145,020
PetSmart LLC/PetSmart Finance Corp.144A
7.50
9-15-2032
 
505,000
508,852
 
 
743,545
Toys/games/hobbies:  0.20%
 
Mattel, Inc.
5.45
11-1-2041
 
265,000
243,549
Mattel, Inc.144A
5.88
12-15-2027
 
595,000
595,021
 
 
838,570
Consumer, non-cyclical:  2.39%
 
Agriculture:  0.09%
 
BAT Capital Corp.
4.76
9-6-2049
 
420,000
354,170
Reynolds American, Inc.
7.00
8-4-2041
 
30,000
32,756
 
 
386,926
Beverages:  0.11%
 
Maple Parent Holdings Corp.144A
5.70
3-26-2036
 
465,000
469,932
Commercial services:  0.79%
 
Block, Inc.144A
6.00
8-15-2033
 
365,000
365,092
GEO Group, Inc.
8.63
4-15-2029
 
210,000
218,977
GEO Group, Inc.
10.25
4-15-2031
 
70,000
75,857
Global Payments, Inc.
4.88
11-15-2030
 
780,000
767,645
Global Payments, Inc.
4.88
3-17-2031
 
100,000
120,516
Global Payments, Inc.
5.20
11-15-2032
 
725,000
711,598
Global Payments, Inc.
5.95
8-15-2052
 
430,000
407,625
Mobility Global, Inc.144A
5.45
6-15-2031
 
375,000
379,274
Upbound Group, Inc.144A
6.38
2-15-2029
 
285,000
282,061
 
 
3,328,645
See accompanying notes to portfolio of investments
Allspring Core Plus ETF | 5
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Food:  0.15%
 
Mars, Inc.144A
5.70
%
5-1-2055
$
655,000
$646,131
Healthcare-products:  0.62%
 
Abbott Laboratories
4.65
3-15-2036
 
725,000
704,635
Abbott Laboratories
5.50
3-15-2056
 
890,000
868,774
Medline Borrower LP144A
3.88
4-1-2029
 
875,000
851,552
VSP Optical Group, Inc.144A
5.40
6-1-2033
 
200,000
200,177
 
 
2,625,138
Healthcare-services:  0.34%
 
DaVita, Inc.144A
6.75
7-15-2033
 
445,000
459,878
UnitedHealth Group, Inc.
4.75
5-15-2052
 
250,000
214,771
UnitedHealth Group, Inc.
5.05
4-15-2053
 
480,000
429,389
UnitedHealth Group, Inc.
5.63
7-15-2054
 
330,000
320,425
 
 
1,424,463
Pharmaceuticals:  0.29%
 
Eli Lilly & Co.
5.65
10-15-2065
 
580,000
577,631
EMD Finance LLC144A
4.38
10-15-2030
 
680,000
671,593
 
 
1,249,224
Energy:  1.54%
 
Energy-alternate sources:  0.04%
 
TerraForm Power Operating LLC144A
4.75
1-15-2030
 
193,000
186,370
Oil & gas:  0.10%
 
APA Corp.
5.25
2-1-2042
 
133,000
115,675
ConocoPhillips Co.
5.65
1-15-2065
 
315,000
304,714
 
 
420,389
Oil & gas services:  0.41%
 
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor, Inc.
5.00
6-15-2036
 
1,525,000
1,502,037
Schlumberger Holdings Corp.144A
4.85
5-15-2033
 
245,000
244,497
 
 
1,746,534
Pipelines:  0.99%
 
Energy Transfer LP
5.95
5-15-2054
 
735,000
709,474
Energy Transfer LP
6.20
4-1-2055
 
270,000
269,100
Energy Transfer LP (5 Year Treasury Constant
Maturity+4.02%)±
8.00
5-15-2054
 
260,000
276,609
Harvest Midstream I LP144A
6.75
5-15-2034
 
550,000
564,668
Harvest Midstream I LP144A
7.50
5-15-2032
 
140,000
145,465
MPLX LP
5.30
4-1-2036
 
340,000
336,264
Prairie Acquiror LP144A
9.00
8-1-2029
 
320,000
333,552
South Bow USA Infrastructure Holdings LLC
5.03
10-1-2029
 
670,000
674,435
Tallgrass Energy Partners LP/Tallgrass Energy Finance
Corp.144A
6.00
12-31-2030
 
590,000
593,648
See accompanying notes to portfolio of investments
6 | Allspring Core Plus ETF
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Pipelines(continued)
 
Venture Global LNG, Inc.144A
9.50
%
2-1-2029
$
165,000
$179,643
Venture Global LNG, Inc. (5 Year Treasury Constant
Maturity+5.44%)144Aʊ±
9.00
9-30-2029
 
95,000
93,817
 
 
4,176,675
Financial:  8.63%
 
Banks:  3.12%
 
Bank of America Corp. (5 Year Treasury Constant
Maturity+1.20%)±
2.48
9-21-2036
 
660,000
575,961
Bank of America Corp. (U.S. SOFR+1.57%)±
5.49
4-23-2037
 
325,000
323,508
Bank of America Corp. (U.S. SOFR+1.74%)±
5.52
10-25-2035
 
640,000
644,894
Bank of America Corp. (U.S. SOFR+1.91%)±
5.43
8-15-2035
 
255,000
256,160
Bank of America Corp. (U.S. SOFR 3 Month+1.84%)±
3.82
1-20-2028
 
250,000
249,198
Bank of America Corp. Series OO (5 Year Treasury Constant
Maturity+2.68%)ʊ±
6.63
5-1-2030
 
510,000
527,082
Citigroup, Inc. Series HH (5 Year Treasury Constant
Maturity+3.00%)ʊ±
6.63
2-15-2031
 
805,000
817,215
Depository Trust Co.144A
4.55
3-27-2031
 
415,000
413,670
Goldman Sachs Group, Inc. (U.S. SOFR+0.96%)±
4.52
1-21-2032
 
620,000
610,431
Goldman Sachs Group, Inc. (U.S. SOFR+0.99%)±
4.59
4-20-2030
 
610,000
607,947
Goldman Sachs Group, Inc. (U.S. SOFR+1.03%)±%%
4.97
6-3-2032
 
395,000
395,930
Goldman Sachs Group, Inc. (U.S. SOFR+1.25%)±
2.38
7-21-2032
 
765,000
676,436
Goldman Sachs Group, Inc. (U.S. SOFR+1.31%)±%%
5.43
6-3-2037
 
250,000
251,321
JPMorgan Chase & Co. (U.S. SOFR+0.84%)±
4.35
1-22-2032
 
385,000
378,421
JPMorgan Chase & Co. (U.S. SOFR+1.02%)±
2.07
6-1-2029
 
650,000
619,999
JPMorgan Chase & Co. (U.S. SOFR+1.26%)±
5.15
4-23-2037
 
1,760,000
1,749,241
JPMorgan Chase & Co. (U.S. SOFR+1.45%)±
5.30
7-24-2029
 
350,000
355,264
Morgan Stanley Private Bank NA (U.S. SOFR+1.08%)±
4.73
7-18-2031
 
800,000
797,890
Morgan Stanley (U.S. SOFR+1.20%)±
2.51
10-20-2032
 
355,000
314,654
Morgan Stanley (U.S. SOFR+1.22%)±
5.04
7-19-2030
 
210,000
211,922
Morgan Stanley (U.S. SOFR+1.59%)±
5.16
4-20-2029
 
195,000
197,008
Morgan Stanley (U.S. SOFR+1.71%)±
5.52
11-19-2055
 
325,000
315,020
Morgan Stanley (U.S. SOFR+1.73%)±
5.12
2-1-2029
 
565,000
570,015
Morgan Stanley (U.S. SOFR+1.76%)±
5.66
4-17-2036
 
80,000
82,333
Morgan Stanley (U.S. SOFR+1.83%)±
6.41
11-1-2029
 
460,000
478,310
Pinnacle Financial Partners, Inc. (U.S. SOFR+1.70%)±
5.60
5-19-2032
 
250,000
251,260
Wells Fargo & Co. (U.S. SOFR 3 Month+4.50%)±
5.01
4-4-2051
 
605,000
543,420
 
 
13,214,510
Diversified financial services:  1.46%
 
Aircastle Ltd.144A
5.95
2-15-2029
 
440,000
451,350
Ares Finance Co. II LLC144A
3.25
6-15-2030
 
400,000
374,222
Capital One Financial Corp. (U.S. SOFR+1.51%)±
5.40
1-30-2037
 
1,210,000
1,194,484
Citadel Finance LLC144A
5.15
2-14-2031
 
485,000
474,387
Citadel Finance LLC144A
5.90
2-10-2030
 
605,000
610,838
Computershare U.S., Inc.
1.13
10-7-2031
 
100,000
102,035
Equitable America Global Funding144A
4.95
6-9-2030
 
1,140,000
1,142,415
Gabx Leasing LLC144A
4.63
4-15-2031
 
315,000
310,882
See accompanying notes to portfolio of investments
Allspring Core Plus ETF | 7
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Diversified financial services(continued)
 
LSEG U.S. Fin Corp.144A
5.25
%
3-23-2036
$
375,000
$373,961
PRA Group, Inc.144A
5.00
10-1-2029
 
200,000
189,001
TPG Operating Group II LP
5.88
3-5-2034
 
365,000
373,581
United Wholesale Mortgage LLC144A
5.50
4-15-2029
 
148,000
141,358
Western Union Co.
4.75
6-15-2029
 
445,000
441,879
 
 
6,180,393
Insurance:  2.86%
 
Asurion LLC/Asurion Co-Issuer, Inc.144A
8.00
12-31-2032
 
485,000
505,752
Athene Global Funding144A
5.03
7-17-2030
 
530,000
525,639
Athene Global Funding144A
5.54
8-22-2035
 
680,000
671,302
Chubb INA Holdings LLC
5.30
5-20-2036
 
630,000
638,916
Cincinnati Financial Corp.
6.13
11-1-2034
 
545,000
574,913
Corebridge Global Funding144A
4.55
1-9-2031
 
585,000
576,333
Global Atlantic Fin Co.144A
7.95
6-15-2033
 
395,000
438,869
Global Atlantic Fin Co. (5 Year Treasury Constant
Maturity+3.55%)144A±
7.25
3-1-2056
 
455,000
452,336
Guardian Life Insurance Co. of America144A
4.85
1-24-2077
 
370,000
301,495
Lincoln Financial Global Funding144A
4.95
5-21-2031
 
295,000
294,273
Loews Corp.
4.94
4-1-2036
 
650,000
634,293
MetLife, Inc. (5 Year Treasury Constant Maturity+1.82%)±
5.85
3-15-2056
 
665,000
657,516
New York Life Insurance Co.144A
3.75
5-15-2050
 
355,000
261,480
New York Life Insurance Co.144A
5.88
5-15-2033
 
660,000
689,348
Northwestern Mutual Life Insurance Co.144A
3.45
3-30-2051
 
925,000
638,298
Northwestern Mutual Life Insurance Co.144A
6.17
5-29-2055
 
415,000
430,452
PartnerRe Finance B LLC (5 Year Treasury Constant
Maturity+3.82%)±
4.50
10-1-2050
 
470,000
452,733
Protective Life Corp.144A
4.70
1-15-2031
 
405,000
399,927
Protective Life Corp.144A
5.35
12-15-2035
 
475,000
469,229
Prudential Financial, Inc. (5 Year Treasury Constant
Maturity+3.04%)±
3.70
10-1-2050
 
495,000
455,604
Prudential Financial, Inc. (5 Year Treasury Constant
Maturity+3.16%)±
5.13
3-1-2052
 
185,000
181,371
RGA Global Funding144A
4.60
11-25-2030
 
555,000
549,414
RGA Global Funding144A
5.05
12-6-2031
 
725,000
725,478
Transatlantic Holdings, Inc.
8.00
11-30-2039
 
210,000
254,680
Unum Group144A
4.05
8-15-2041
 
375,000
304,410
 
 
12,084,061
Investment Companies:  0.49%
 
Ares Capital Corp. BDC
5.10
1-15-2031
 
460,000
447,272
Ares Capital Corp. BDC
5.50
9-1-2030
 
460,000
455,254
Ares Capital Corp. BDC
5.88
3-1-2029
 
270,000
272,888
Ares Strategic Income Fund BDC
5.70
3-15-2028
 
345,000
345,264
Blue Owl Capital Corp. BDC
5.95
3-15-2029
 
525,000
525,196
 
 
2,045,874
See accompanying notes to portfolio of investments
8 | Allspring Core Plus ETF
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Real estate:  0.18%
 
CBRE Services, Inc.
4.90
%
1-15-2033
$
365,000
$360,046
CBRE Services, Inc.
5.50
6-15-2035
 
405,000
409,920
 
 
769,966
REITs:  0.52%
 
Alexandria Real Estate Equities, Inc.
5.15
4-15-2053
 
460,000
405,032
Alexandria Real Estate Equities, Inc.
5.25
3-15-2036
 
295,000
289,624
Essential Properties LP
2.95
7-15-2031
 
605,000
546,612
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance
Corp.144A
7.00
7-15-2031
 
99,000
102,533
Piedmont Operating Partnership LP
2.75
4-1-2032
 
150,000
127,520
Piedmont Operating Partnership LP
9.25
7-20-2028
 
270,000
294,048
Vornado Realty LP
5.75
2-1-2033
 
435,000
433,604
 
 
2,198,973
Industrial:  0.53%
 
Building materials:  0.02%
 
Camelot Return Merger Sub, Inc.144A
8.75
8-1-2028
 
115,000
70,091
Engineering & construction:  0.27%
 
Jacobs Solutions, Inc.
4.75
3-3-2031
 
790,000
781,305
Jacobs Solutions, Inc.
5.38
3-3-2036
 
395,000
386,681
 
 
1,167,986
Trucking & leasing:  0.24%
 
FTAI Aviation Investors LLC144A
7.00
6-15-2032
 
985,000
1,017,666
Technology:  1.60%
 
Computers:  0.19%
 
Booz Allen Hamilton, Inc.
5.95
8-4-2033
 
280,000
286,346
Hewlett Packard Enterprise Co.
5.60
10-15-2054
 
580,000
534,948
 
 
821,294
Semiconductors:  0.50%
 
Entegris, Inc.144A
4.75
4-15-2029
 
745,000
740,105
Foundry JV Holdco LLC144A
6.20
1-25-2037
 
525,000
553,853
Intel Corp.
2.80
8-12-2041
 
195,000
136,864
Intel Corp.
3.25
11-15-2049
 
405,000
266,151
Intel Corp.
5.30
5-15-2036
 
420,000
419,468
 
 
2,116,441
Software:  0.91%
 
Cloud Software Group, Inc.144A
8.25
6-30-2032
 
480,000
471,244
Fidelity National Information Services, Inc.
4.55
3-10-2029
 
535,000
532,067
Oracle Corp.
3.85
4-1-2060
 
410,000
247,582
Oracle Corp.
4.45
9-26-2030
 
350,000
339,346
Oracle Corp.
4.55
2-4-2029
 
345,000
341,553
Oracle Corp.
5.70
2-4-2036
 
1,110,000
1,090,547
See accompanying notes to portfolio of investments
Allspring Core Plus ETF | 9
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Software(continued)
 
Oracle Corp.
5.95
%
9-26-2055
$
610,000
$533,413
Oracle Corp.
6.70
2-4-2056
 
290,000
279,303
 
 
3,835,055
Utilities:  1.73%
 
Electric:  1.62%
 
AEP Transmission Co. LLC
5.25
6-1-2036
 
330,000
332,235
Basin Electric Power Cooperative144A
5.85
10-15-2055
 
605,000
599,107
Dominion Energy, Inc. (5 Year Treasury Constant
Maturity+2.21%)±
6.63
5-15-2055
 
200,000
204,832
Duke Energy Corp.
3.85
6-15-2034
 
100,000
116,568
Duke Energy Indiana LLC
5.40
4-1-2053
 
305,000
288,517
Entergy Louisiana LLC
5.65
4-15-2056
 
485,000
473,480
Entergy Mississippi LLC
5.80
4-15-2055
 
255,000
254,062
EUSHI Finance, Inc. (5 Year Treasury Constant
Maturity+3.14%)±
7.63
12-15-2054
 
460,000
479,075
Niagara Mohawk Power Corp.144A
6.00
7-3-2055
 
1,055,000
1,048,383
PacifiCorp
5.45
4-15-2033
 
505,000
513,929
PacifiCorp
5.80
1-15-2055
 
390,000
372,403
PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)±
7.38
3-15-2055
 
498,000
507,154
San Diego Gas & Electric Co. Series EEEE
5.95
3-15-2056
 
325,000
329,063
Sempra (5 Year Treasury Constant Maturity+2.35%)±
6.63
4-1-2055
 
475,000
479,925
Southern California Edison Co.
3.65
2-1-2050
 
290,000
200,479
Southern California Edison Co.
5.75
4-15-2054
 
310,000
287,479
Vistra Operations Co. LLC144A
5.00
7-31-2027
 
365,000
364,771
 
 
6,851,462
Gas:  0.11%
 
Brooklyn Union Gas Co.144A
6.39
9-15-2033
 
445,000
473,888
Total corporate bonds and notes (Cost $92,476,649)
 
92,453,342
Foreign corporate bonds and notes:  1.93%
 
Basic materials:  0.06%
 
Chemicals:  0.06%
 
INEOS Finance PLC
6.63
5-15-2028
EUR
231,000
271,744
Communications:  0.58%
 
Media:  0.07%
 
Ziggo BV
2.88
1-15-2030
EUR
270,000
298,221
Telecommunications:  0.51%
 
British Telecommunications PLC
3.13
2-11-2032
EUR
195,000
223,044
British Telecommunications PLC (UK Gilts 5 Year+3.82%)±
8.38
12-20-2083
GBP
100,000
142,192
Chorus Ltd.
3.53
11-26-2032
EUR
211,000
243,328
Fibercop SpA
1.63
1-18-2029
EUR
130,000
143,469
Koninklijke KPN NV
3.88
7-3-2031
EUR
100,000
119,524
SES SA (EURIBOR ICE Swap Rate 11:00am+3.23%)±
5.50
9-12-2054
EUR
255,000
301,224
TDC Net AS
6.50
6-1-2031
EUR
250,000
319,894
See accompanying notes to portfolio of investments
10 | Allspring Core Plus ETF
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Telecommunications(continued)
 
Telefonica Europe BV (EUR Swap Annual (vs. 6 Month
EURIBOR) 7 Year+3.35%)ʊ±
6.14
%
2-3-2030
EUR
200,000
$247,664
VMED O2 U.K. Financing I PLC
5.63
4-15-2032
EUR
360,000
392,280
 
 
2,132,619
Consumer, cyclical:  0.12%
 
Auto manufacturers:  0.06%
 
RCI Banque SA
3.63
11-3-2032
EUR
200,000
228,939
Entertainment:  0.03%
 
Universal Music Group NV
4.00
6-13-2031
EUR
115,000
137,098
Leisure time:  0.03%
 
TUI AG
5.88
3-15-2029
EUR
110,000
130,698
Consumer, non-cyclical:  0.15%
 
Agriculture:  0.03%
 
BAT International Finance PLC
2.25
1-16-2030
EUR
100,000
112,448
Commercial services:  0.08%
 
Nexi SpA
2.13
4-30-2029
EUR
150,000
168,145
Transurban Finance Co. Pty. Ltd.
4.23
4-26-2033
EUR
135,000
162,394
 
 
330,539
Food:  0.04%
 
Market Bidco Finco PLC
5.50
11-4-2027
GBP
140,000
187,683
Energy:  0.05%
 
Oil & gas:  0.05%
 
Aker BP ASA
1.13
5-12-2029
EUR
200,000
219,178
Financial:  0.52%
 
Banks:  0.38%
 
ABN AMRO Bank NV (EUR Swap Annual (vs. 6 Month EURIBOR)
5 Year+3.90%)ʊ±
4.75
9-22-2027
EUR
200,000
234,577
BAWAG Group AG (EURIBOR ICE Swap Rate
11:00am+5.05%)ʊ±
7.25
9-18-2029
EUR
200,000
246,402
CaixaBank SA (EUR Swap Annual (vs. 6 Month EURIBOR) 5
Year+3.55%)±
6.25
2-23-2033
EUR
100,000
121,567
Credit Agricole SA (EURIBOR ICE Swap Rate
11:00am+4.44%)ʊ±
7.25
9-23-2028
EUR
100,000
123,685
Deutsche Bank AG (3 Month EURIBOR+2.95%)±
5.00
9-5-2030
EUR
100,000
122,105
KBC Group NV (EURIBOR ICE Swap Rate 11:00am+4.93%)ʊ±
8.00
9-5-2028
EUR
400,000
502,718
Raiffeisen Bank International AG (EURIBOR ICE Swap Rate
11:00am+5.20%)±
7.38
12-20-2032
EUR
100,000
122,051
UBS Group AG (EURIBOR ICE Swap Rate 11:00am+4.95%)±
7.75
3-1-2029
EUR
125,000
156,999
 
 
1,630,104
Insurance:  0.03%
 
AXA SA
3.63
1-10-2033
EUR
100,000
118,713
See accompanying notes to portfolio of investments
Allspring Core Plus ETF | 11
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Real estate:  0.11%
 
Aroundtown SA
3.50
%
5-13-2030
EUR
200,000
$228,813
Castellum AB (EUR Swap Annual (vs. 6 Month EURIBOR) 5
Year+3.45%)ʊ±
3.13
12-2-2026
EUR
200,000
230,650
 
 
459,463
Government securities:  0.05%
 
Multi-national:  0.05%
 
Banque Ouest Africaine de Developpement
2.75
1-22-2033
EUR
230,000
227,918
Technology:  0.04%
 
Computers:  0.04%
 
Almaviva-The Italian Innovation Co. SpA144A
5.00
10-30-2030
EUR
135,000
153,258
Utilities:  0.36%
 
Electric:  0.09%
 
Enel Finance International NV
4.00
2-20-2031
EUR
100,000
119,701
Iberdrola Finanzas SA (EURIBOR ICE Swap Rate
11:00am+1.36%)ʊ±
3.75
8-5-2031
EUR
100,000
114,307
Vattenfall AB (UK Gilts 5 Year+1.90%)±
2.50
6-29-2083
GBP
105,000
133,755
 
 
367,763
Gas:  0.20%
 
APA Infrastructure Ltd.
2.00
7-15-2030
EUR
150,000
165,874
Centrica PLC (UK Gilts 5 Year+2.51%)±
6.50
5-21-2055
GBP
500,000
679,561
 
 
845,435
Water:  0.07%
 
Holding d’Infrastructures des Metiers de l’Environnement
SAS
4.88
10-24-2029
EUR
265,000
315,887
Total foreign corporate bonds and notes (Cost $7,711,697)
 
8,167,708
Foreign government bonds:  4.92%
 
Australia:  0.66%
 
Australia
1.50
6-21-2031
AUD
2,805,000
1,743,418
Australia
2.25
5-21-2028
AUD
1,540,000
1,059,833
 
 
2,803,251
Belgium:  0.23%
 
Kingdom of Belgium144A
3.40
6-22-2036
EUR
830,000
964,253
Brazil:  0.51%
 
Brazil
10.00
1-1-2031
BRL
12,500,000
2,168,320
Chile:  0.10%
 
Republic of Chile144A
4.70
9-1-2030
CLP
380,000,000
419,908
Colombia:  0.47%
 
Colombia TES
5.75
11-3-2027
COP
8,200,000,000
1,998,694
See accompanying notes to portfolio of investments
12 | Allspring Core Plus ETF
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Czech Republic:  0.23%
 
Czech Republic
5.00
%
9-30-2030
CZK
19,930,000
$987,551
France:  0.48%
 
French Republic144A
0.10
7-25-2036
EUR
993,341
1,013,519
French Republic144A
2.70
2-25-2031
EUR
880,000
1,015,535
 
 
2,029,054
Germany:  0.36%
 
Bundesobligation
2.50
4-16-2031
EUR
875,000
1,014,517
Bundesschatzanweisungen
2.50
6-14-2028
EUR
445,000
518,720
 
 
1,533,237
Italy:  0.24%
 
Italy
2.20
2-28-2028
EUR
865,000
1,001,205
Mexico:  0.24%
 
Mexico
8.50
2-28-2030
MXN
17,800,000
1,030,679
South Africa:  0.25%
 
Republic of South Africa
8.00
1-31-2030
ZAR
16,900,000
1,048,019
Spain:  0.49%
 
Spain
2.60
5-31-2031
EUR
1,775,000
2,048,962
United Kingdom:  0.66%
 
U.K. Gilts
4.38
3-7-2028
GBP
380,000
513,166
U.K. Gilts
4.38
3-7-2030
GBP
852,000
1,150,858
U.K. Gilts
4.75
10-22-2035
GBP
840,000
1,126,324
 
 
2,790,348
Total foreign government bonds (Cost $20,677,032)
 
20,823,481
 
 
 
 
 
Shares
 
Investment companies:  2.74%
 
Exchange-traded funds:  2.74%
 
iShares Broad USD High Yield Corporate Bond ETF
 
81,852
3,042,439
State Street SPDR Portfolio High Yield Bond ETF
 
14,268
335,726
Vanguard Intermediate-Term Corporate Bond ETF
 
58,733
4,866,029
Vanguard Short-Term Corporate Bond ETF
 
42,071
3,331,602
Total investment companies (Cost $11,554,158)
 
11,575,796
 
 
 
 
 
Principal
 
Loans:  0.00%
 
Consumer, cyclical:  0.00%
 
Airlines:  0.00%
 
Vista Management Holding, Inc. (U.S. SOFR 3
Month+3.75%)±
7.44
4-1-2031
$
14,700
14,566
Total loans (Cost $14,607)
 
14,566
See accompanying notes to portfolio of investments
Allspring Core Plus ETF | 13
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Non-agency mortgage-backed securities:  5.62%
 
1345 Trust Series 2025-AOA Class A (U.S. SOFR 1
Month+1.60%)144A±
5.23
%
6-15-2042
$
750,000
$749,996
A&D Mortgage Trust Series 2024-NQM5 Class A1144A
5.70
11-25-2069
 
742,670
745,570
A&D Mortgage Trust Series 2024-NQM6 Class A2144A±±
5.92
1-25-2070
 
839,827
843,808
A&D Mortgage Trust Series 2025-NQM3 Class A1144A±±
5.37
8-25-2070
 
364,460
364,248
A&D Mortgage Trust Series 2026-NQM1 Class A1144A±±
4.91
2-25-2071
 
331,721
328,520
Ajax Mortgage Loan Trust Series 2021-E Class A1144A±±
1.74
12-25-2060
 
1,004,376
879,754
Angel Oak Mortgage Trust Series 2025-1 Class A1144A±±
5.69
1-25-2070
 
747,013
751,025
BAHA Trust Series 2024-MAR Class B144A±±
6.84
12-10-2041
 
1,000,000
1,031,532
BHMS Commercial Mortgage Trust Series 2025-ATLS Class B
(U.S. SOFR 1 Month+2.55%)144A±
6.18
8-15-2042
 
210,000
210,263
BOCA Commercial Mortgage Trust Series 2025-BOCA Class C
(U.S. SOFR 1 Month+2.15%)144A±
5.78
12-15-2042
 
100,000
100,188
BX Trust Series 2019-OC11 Class A144A
3.20
12-9-2041
 
1,300,000
1,230,049
BX Trust Series 2025-DELC Class C (U.S. SOFR 1
Month+2.20%)144A±
5.83
12-15-2042
 
1,025,000
1,028,841
BX Trust Series 2025-VOLT Class B (U.S. SOFR 1
Month+2.10%)144A±
5.73
12-15-2044
 
840,000
840,525
CSMC Trust Series 2018-RPL9 Class A144A±±
3.85
9-25-2057
 
721,208
690,442
EFMT Series 2025-NQM3 Class A1144A±±
5.49
8-25-2070
 
665,293
666,921
FS Trust Series 2026-HULA Class B (U.S. SOFR 1
Month+1.65%)144A±
5.28
3-15-2041
 
545,000
545,681
GCAT Trust Series 2026-NQM2 Class A1144A±±
5.45
2-25-2071
 
1,941,440
1,945,706
Harvest Commercial Capital Loan Trust Series 2024-1 Class A
6.16
10-25-2056
 
976,834
989,042
HAVN Trust Series 2025-MOB Class A (U.S. SOFR 1
Month+1.70%)144A±
5.33
10-15-2035
 
320,000
319,000
JPMorgan Mortgage Trust Series 2025-7MPR
Class A1D144A±±
5.32
2-25-2056
 
806,499
804,746
JPMorgan Mortgage Trust Series 2025-CES1 Class A3144A±±
6.07
5-25-2055
 
1,000,000
1,007,135
Mill City Mortgage Loan Trust Series 2026-R1
Class A1144A±±
5.46
10-25-2062
 
1,917,295
1,916,938
Morgan Stanley Capital I Trust Series 2014-150E Class A144A
3.91
9-9-2032
 
1,320,000
1,242,810
Morgan Stanley Residential Mortgage Loan Trust Series 2025-
NQM5 Class A1144A±±
5.44
7-25-2070
 
360,689
361,133
One New York Plaza Trust Series 2020-1NYP Class A
(U.S. SOFR 1 Month+1.06%)144A±
4.69
1-15-2036
 
212,379
206,274
PRKCM Trust Series 2022-AFC1 Class A1A144A±±
5.10
4-25-2057
 
554,209
549,771
RCKT Mortgage Trust Series 2024-CES9 Class A1A144A±±
5.58
12-25-2044
 
132,372
132,878
ROCK Trust Series 2024-CNTR Class A144A
5.39
11-13-2041
 
1,000,000
1,014,078
ROCK Trust Series 2024-CNTR Class B144A
5.93
11-13-2041
 
225,000
229,450
SDAL Trust Series 2025-DAL Class A (U.S. SOFR 1
Month+2.44%)144A±
6.07
4-15-2042
 
760,000
760,949
SFAVE Commercial Mortgage Securities Trust Series 2015-
5AVE Class D144A±±
4.39
1-5-2043
 
100,000
73,243
SWCH Commercial Mortgage Trust Series 2025-DATA Class B
(U.S. SOFR 1 Month+1.84%)144A±
5.47
2-15-2042
 
1,000,000
992,500
Verus Securitization Trust Series 2024-9 Class M1144A±±
6.20
11-25-2069
 
200,000
200,225
Total non-agency mortgage-backed securities
(Cost $23,757,376)
 
23,753,241
See accompanying notes to portfolio of investments
14 | Allspring Core Plus ETF
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
U.S. Treasury securities:  14.99%
 
U.S. Treasury Bonds
2.88
%
5-15-2043
$
335,000
$255,621
U.S. Treasury Bonds
3.00
2-15-2049
 
360,000
260,522
U.S. Treasury Bonds
3.88
5-15-2043
 
270,000
237,579
U.S. Treasury Bonds
4.38
8-15-2043
 
315,000
294,906
U.S. Treasury Bonds
4.63
5-15-2044
 
420,000
403,889
U.S. Treasury Bonds
4.63
11-15-2044
 
520,000
498,713
U.S. Treasury Bonds
4.63
11-15-2055
 
2,514,000
2,373,373
U.S. Treasury Bonds
4.75
2-15-2056
 
2,400,000
2,313,000
U.S. Treasury Bonds
5.00
5-15-2045
 
3,907,000
3,922,720
U.S. Treasury Bonds##
5.00
5-15-2046
 
25,000,000
25,070,312
U.S. Treasury Inflation-Indexed Notes
1.88
1-15-2036
 
1,186,576
1,169,959
U.S. Treasury Notes
3.88
4-15-2029
 
5,910,000
5,881,835
U.S. Treasury Notes
3.88
5-15-2029
 
1,260,000
1,253,995
U.S. Treasury Notes
4.13
5-31-2031
 
6,563,000
6,558,898
U.S. Treasury Notes
4.13
11-15-2032
 
2,876,000
2,855,666
U.S. Treasury Notes
4.38
5-15-2036
 
10,137,000
10,084,731
Total U.S. Treasury securities (Cost $62,966,759)
 
63,435,719
Yankee corporate bonds and notes:  9.39%
 
Basic materials:  0.06%
 
Mining:  0.06%
 
Glencore Finance Canada Ltd.144A
6.90
11-15-2037
 
240,000
266,674
Communications:  0.50%
 
Media:  0.01%
 
Virgin Media Secured Finance PLC144A
4.50
8-15-2030
 
31,000
26,975
Telecommunications:  0.49%
 
Nokia Oyj
6.63
5-15-2039
 
285,000
302,544
Rogers Communications, Inc. (5 Year Treasury Constant
Maturity+2.62%)±
7.13
4-15-2055
 
431,000
446,931
Rogers Communications, Inc. (5 Year Treasury Constant
Maturity+2.84%)±
6.88
7-31-2056
 
530,000
538,777
TELUS Corp. (5 Year Treasury Constant Maturity+2.52%)±
6.63
6-9-2056
 
420,000
418,698
TELUS Corp. (5 Year Treasury Constant Maturity+2.71%)±
7.00
10-15-2055
 
370,000
380,840
 
 
2,087,790
Consumer, cyclical:  0.65%
 
Airlines:  0.05%
 
Air Canada Pass-Through Trust Series 2020-1 Class C144A
10.50
7-15-2026
 
210,000
211,374
Apparel:  0.09%
 
Gildan Activewear, Inc.144A
5.40
10-7-2035
 
380,000
373,305
Leisure time:  0.51%
 
Carnival Corp. Ltd.144A
6.13
2-15-2033
 
890,000
901,381
Royal Caribbean Cruises Ltd.
5.25
2-27-2038
 
440,000
426,146
See accompanying notes to portfolio of investments
Allspring Core Plus ETF | 15
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Leisure time(continued)
 
Royal Caribbean Cruises Ltd.144A
5.63
%
9-30-2031
$
130,000
$131,141
Royal Caribbean Cruises Ltd.144A
6.00
2-1-2033
 
675,000
684,299
 
 
2,142,967
Consumer, non-cyclical:  0.11%
 
Beverages:  0.11%
 
Becle SAB de CV144A
2.50
10-14-2031
 
540,000
462,532
Energy:  1.06%
 
Oil & gas:  0.97%
 
Aker BP ASA144A
5.80
10-1-2054
 
320,000
301,045
BP Capital Markets PLC (5 Year Treasury Constant
Maturity+2.15%)ʊ±
6.45
12-1-2033
 
465,000
488,589
BP Capital Markets PLC (5 Year Treasury Constant
Maturity+4.40%)ʊ±
4.88
3-22-2030
 
1,110,000
1,093,575
Eni SpA144A
5.25
5-18-2036
 
450,000
445,884
Eni SpA144A
6.00
5-18-2056
 
235,000
234,414
Harbour Energy PLC144A
6.33
4-1-2035
 
915,000
942,116
Santos Finance Ltd.144A
5.75
11-13-2035
 
595,000
602,123
 
 
4,107,746
Pipelines:  0.09%
 
Enbridge, Inc. (5 Year Treasury Constant Maturity+4.42%)±
7.63
1-15-2083
 
60,000
65,449
Enbridge, Inc. Series 20-A (5 Year Treasury Constant
Maturity+5.31%)±
5.75
7-15-2080
 
295,000
297,600
 
 
363,049
Financial:  5.94%
 
Banks:  4.55%
 
Banco Mercantil del Norte SA (5 Year Treasury Constant
Maturity+4.64%)144Aʊ±
5.88
1-24-2027
 
420,000
416,623
Banco Nacional de Comercio Exterior SNC (5 Year Treasury
Constant Maturity+2.00%)144A±
2.72
8-11-2031
 
245,000
243,256
Banco Santander SA
5.44
7-15-2031
 
430,000
442,009
Bank of Ireland Group PLC (U.S. SOFR+1.16%)144A±
5.00
11-12-2032
 
505,000
504,581
Bank of Montreal Series J (U.S. SOFR+0.96%)±%%
4.88
6-2-2032
 
205,000
205,228
Bank of Montreal Series J (U.S. SOFR+1.21%)±%%
5.30
6-2-2037
 
620,000
620,942
Banque Federative du Credit Mutuel SA144A
5.19
2-16-2028
 
650,000
657,865
Barclays PLC (U.S. SOFR+1.51%)±
5.21
2-24-2037
 
310,000
301,807
BBVA Mexico SA Institucion De Banca Multiple Grupo
Financiero BBVA Mexico144A%%
5.40
6-3-2031
 
410,000
410,340
BNP Paribas SA (5 Year Treasury Constant
Maturity+2.85%)144Aʊ±
6.88
12-15-2033
 
815,000
809,643
BNP Paribas SA (5 Year Treasury Constant
Maturity+4.90%)144Aʊ±
7.75
8-16-2029
 
385,000
403,644
Canadian Imperial Bank of Commerce (U.S. SOFR+0.79%)±
4.28
1-29-2030
 
1,000,000
990,977
Commonwealth Bank of Australia (1 Year Treasury Constant
Maturity+1.32%)144A±
5.93
3-14-2046
 
1,080,000
1,086,395
Credit Agricole SA (U.S. SOFR+1.36%)144A±
4.82
9-25-2033
 
525,000
513,874
See accompanying notes to portfolio of investments
16 | Allspring Core Plus ETF
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Banks(continued)
 
Credit Agricole SA (U.S. SOFR+1.46%)144A±
5.22
%
5-27-2031
$
975,000
$985,637
Danske Bank AS (1 Year Treasury Constant
Maturity+1.40%)144A±
5.71
3-1-2030
 
690,000
707,610
Danske Bank AS (1 Year Treasury Constant
Maturity+1.75%)144A±
4.30
4-1-2028
 
635,000
634,715
Deutsche Bank AG (U.S. SOFR+1.10%)±
4.47
12-10-2031
 
1,035,000
1,018,380
DNB Bank ASA (U.S. SOFR+1.13%)144A±
4.83
3-30-2032
 
1,270,000
1,265,512
HSBC Holdings PLC (U.S. SOFR+1.57%)±
5.24
5-13-2031
 
840,000
850,681
Lloyds Banking Group PLC (5 Year Treasury Constant
Maturity+4.82%)ʊ±
6.75
6-27-2026
 
215,000
215,450
Mitsubishi UFJ Financial Group, Inc. (1 Year Treasury Constant
Maturity+0.92%)±
4.85
4-21-2032
 
245,000
244,635
National Australia Bank Ltd. (1 Year Treasury Constant
Maturity+1.18%)144A±%%
5.63
6-4-2037
 
745,000
745,952
National Australia Bank Ltd. (5 Year Treasury Constant
Maturity+1.70%)144A±
3.35
1-12-2037
 
520,000
471,708
NatWest Markets PLC144A
1.60
9-29-2026
 
245,000
243,071
NatWest Markets PLC144A
4.65
3-27-2029
 
840,000
841,624
NatWest Markets PLC144A
4.89
3-27-2031
 
670,000
671,327
Royal Bank of Canada (U.S. SOFR+0.84%)±
4.40
4-17-2030
 
395,000
392,808
UBS Group AG (1 Year Treasury Constant
Maturity+0.85%)144A±
1.49
8-10-2027
 
515,000
511,967
UBS Group AG (1 Year Treasury Constant
Maturity+2.05%)144A±
4.70
8-5-2027
 
315,000
315,075
UBS Group AG (5 Year Treasury Constant
Maturity+3.40%)144Aʊ±
4.88
2-12-2027
 
81,000
80,688
UBS Group AG (U.S. SOFR+1.73%)144A±
3.09
5-14-2032
 
790,000
725,188
UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5
Year+3.63%)144Aʊ±
6.85
9-10-2029
 
705,000
720,552
 
 
19,249,764
Diversified financial services:  0.45%
 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (5
Year Treasury Constant Maturity+2.72%)±
6.95
3-10-2055
 
505,000
523,448
Avolon Holdings Funding Ltd.144A
2.75
2-21-2028
 
210,000
203,156
Avolon Holdings Funding Ltd.144A
4.95
1-15-2028
 
380,000
381,514
Avolon Holdings Funding Ltd.144A
5.75
3-1-2029
 
225,000
229,986
Brookfield Asset Management Ltd.
5.30
1-15-2036
 
180,000
176,656
Brookfield Asset Management Ltd.
6.08
9-15-2055
 
390,000
394,465
 
 
1,909,225
Insurance:  0.65%
 
Allianz SE (5 Year Treasury Constant Maturity+3.23%)144A±
6.35
9-6-2053
 
780,000
812,780
Aspen Insurance Holdings Ltd.
5.75
7-1-2030
 
435,000
448,644
Nippon Life Insurance Co.144A
4.75
4-2-2031
 
495,000
495,483
RenaissanceRe Holdings Ltd.
5.75
6-5-2033
 
290,000
297,907
See accompanying notes to portfolio of investments
Allspring Core Plus ETF | 17
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Insurance(continued)
 
RenaissanceRe Holdings Ltd.
5.80
%
4-1-2035
$
205,000
$210,847
Sompo Holdings, Inc. (1 Year Treasury Constant
Maturity+2.13%)144A±
5.41
4-22-2037
 
495,000
488,086
 
 
2,753,747
Private equity:  0.14%
 
Brookfield Finance, Inc.
5.33
1-15-2036
 
585,000
577,964
REITs:  0.15%
 
Equinix Asia Financing Corp. Pte. Ltd.
4.40
3-15-2031
 
645,000
633,498
Government securities:  0.33%
 
Multi-national:  0.33%
 
African Export-Import Bank144A
3.80
5-17-2031
 
710,000
643,301
Banque Ouest Africaine de Developpement144A
4.70
10-22-2031
 
305,000
280,589
Banque Ouest Africaine de Developpement144A
5.00
7-27-2027
 
480,000
477,316
 
 
1,401,206
Industrial:  0.45%
 
Electronics:  0.10%
 
Flex Ltd.
5.38
11-13-2035
 
435,000
428,267
Engineering & construction:  0.13%
 
CIMIC Finance Ltd.144A
6.00
4-22-2036
 
295,000
292,141
CIMIC Finance USA Pty. Ltd.144A
7.00
3-25-2034
 
255,000
272,823
 
 
564,964
Trucking & leasing:  0.22%
 
SMBC Aviation Capital Finance DAC144A
5.25
11-26-2035
 
405,000
398,087
SMBC Aviation Capital Finance DAC144A
5.45
5-3-2028
 
520,000
526,976
 
 
925,063
Utilities:  0.29%
 
Electric:  0.29%
 
Comision Federal de Electricidad144A
3.35
2-9-2031
 
820,000
737,250
Comision Federal de Electricidad144A
3.88
7-26-2033
 
495,000
429,331
Emera, Inc. Series 16-A (U.S. SOFR 3 Month+5.44%)±
6.75
6-15-2076
 
75,000
75,017
 
 
1,241,598
Total yankee corporate bonds and notes (Cost $39,614,535)
 
39,727,708
Yankee government bonds:  1.57%
 
Argentina:  0.27%
 
Argentinaøø
0.75
7-9-2030
 
244,800
213,270
Argentinaøø
4.13
7-9-2035
 
180,000
138,510
City of Buenos Aires144A
7.80
11-26-2033
 
370,000
382,036
Province of Santa Fe144A
8.10
12-11-2034
 
435,000
428,475
 
 
1,162,291
See accompanying notes to portfolio of investments
18 | Allspring Core Plus ETF
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Bermuda:  0.05%
 
Bermuda144A
3.38
%
8-20-2050
$
285,000
$193,940
Israel:  0.43%
 
Israel
4.50
1-13-2031
 
810,000
794,732
Israel
5.75
3-12-2054
 
635,000
605,113
Israel
5.88
1-13-2056
 
450,000
435,449
 
 
1,835,294
Ivory Coast:  0.10%
 
Ivory Coast144A
8.25
1-30-2037
 
400,000
441,794
Mexico:  0.48%
 
Mexico
4.75
3-8-2044
 
145,000
116,725
Mexico
5.63
9-22-2035
 
480,000
464,640
Mexico
6.00
5-7-2036
 
255,000
254,179
Mexico
6.13
2-9-2038
 
380,000
372,590
Mexico
6.35
2-9-2035
 
470,000
478,671
Mexico
3.77
5-24-2061
 
565,000
339,000
 
 
2,025,805
Panama:  0.10%
 
Panama
2.25
9-29-2032
 
480,000
403,680
Peru:  0.04%
 
Fondo MIVIVIENDA SA144A
5.40
3-31-2031
 
150,000
150,421
Trinidad and Tobago:  0.10%
 
Trinidad & Tobago144A
6.50
1-28-2036
 
410,000
422,538
Total yankee government bonds (Cost $6,526,504)
 
6,635,763
 
 
 
Yield
 
Shares
 
Short-term investments:  14.77%
 
Investment companies:  6.51%
 
Allspring Government Money Market Fund Select Class♠∞##
3.56
 
27,557,077
27,557,077
 
 
 
 
 
Principal
 
U.S. Treasury securities:  8.26%
 
U.S. Treasury Bills☼
1.76
6-2-2026
$
15,000,000
14,998,514
U.S. Treasury Bills☼
3.33
6-16-2026
 
10,000,000
9,984,851
U.S. Treasury Bills☼
3.43
6-25-2026
 
10,000,000
9,975,803
 
 
34,959,168
Total short-term investments (Cost $62,517,086)
 
62,516,245
Total investments in securities (Cost $479,888,802)
113.76
%
 
481,328,121
Other assets and liabilities, net
(13.76
)
 
(58,224,459
)
Total net assets
100.00
%
 
$423,103,662
 
See accompanying notes to portfolio of investments
Allspring Core Plus ETF | 19
Portfolio of investments—May 31, 2026 (unaudited)
 
 
%%
The security is purchased on a when-issued basis.
144A
The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of
1933.
±
Variable rate investment. The rate shown is the rate in effect at period end.
♦
The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC.
±±
The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality
and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.
ʊ
Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date.
##
All or a portion of this security is segregated as collateral for when-issued securities.
øø
The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end.
♠
The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.
∞
The rate represents the 7-day annualized yield at period end.
☼
Zero coupon security. The rate represents the current yield to maturity.
 
Abbreviations:
AUD
Australian dollar
BDC
Business Development Company
BRL
Brazilian real
CLP
Chile peso
COP
Colombian peso
CZK
Czech Republic koruna
EUR
Euro
EURIBOR
Euro Interbank Offered Rate
FHLMC
Federal Home Loan Mortgage Corporation
FNMA
Federal National Mortgage Association
GBP
Great British pound
GNMA
Government National Mortgage Association
MXN
Mexican peso
REIT
Real estate investment trust
SOFR
Secured Overnight Financing Rate
ZAR
South African rand
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows: 
 
Value,
beginning of
period
Purchases
Sales
proceeds
Net
realized
gains
(losses)
Net
change in
unrealized
gains
(losses)
Value,
end of
period
Shares,
end
of period
Income
from
affiliated
securities
Short-term investments
Allspring Government Money Market Fund
Select Class
$11,580,005
$227,350,607
$(211,373,535
)
$0
$0
$27,557,077
27,557,077
$299,512
Forward foreign currency contracts 
Currency to be
received
Currency to be
delivered
Counterparty
Settlement
date
Unrealized
gains
Unrealized
losses
USD
2,145,637
COP
7,994,000,000
Morgan Stanley, Inc.
6-9-2026
$0
$(18,697
)
USD
14,187,841
EUR
12,040,000
Bank of New York Mellon Corp.
6-11-2026
138,645
0
USD
81,343
EUR
70,000
Bank of New York Mellon Corp.
6-11-2026
0
(339
)
USD
483,179
EUR
415,000
Bank of New York Mellon Corp.
6-11-2026
0
(1,074
)
USD
1,054,137
SEK
9,880,000
Bank of New York Mellon Corp.
6-18-2026
0
(16,817
)
SEK
5,130,000
USD
554,550
Bank of New York Mellon Corp.
6-18-2026
1,522
0
SEK
4,750,000
USD
513,517
Bank of New York Mellon Corp.
6-18-2026
1,364
0
USD
1,053,602
ZAR
17,330,000
Morgan Stanley, Inc.
6-18-2026
0
(13,756
)
USD
995,401
CZK
21,170,000
Goldman Sachs International
6-30-2026
0
(21,671
)
USD
1,828,980
MXN
33,292,000
Bank of New York Mellon Corp.
6-30-2026
0
(86,747
)
See accompanying notes to portfolio of investments
20 | Allspring Core Plus ETF
Portfolio of investments—May 31, 2026 (unaudited)
 
 
Forward foreign currency contracts (continued)
Currency to be
received
Currency to be
delivered
Counterparty
Settlement
date
Unrealized
gains
Unrealized
losses
MXN
15,260,000
USD
880,145
State Street Bank & Trust Co.
6-30-2026
$0
$(2,037
)
USD
437,622
CLP
390,000,000
State Street Bank & Trust Co.
7-13-2026
0
(681
)
USD
2,675,775
AUD
3,695,000
Morgan Stanley, Inc.
7-20-2026
22,519
0
USD
19,165
AUD
27,000
Bank of New York Mellon Corp.
7-20-2026
0
(222
)
USD
1,695,369
BRL
8,555,000
State Street Bank & Trust Co.
8-7-2026
25,903
0
USD
3,310,506
GBP
2,450,000
Bank of New York Mellon Corp.
8-18-2026
11,658
0
USD
516,614
GBP
385,000
Bank of New York Mellon Corp.
8-18-2026
0
(1,777
)
 
 
 
 
$201,611
$(163,818
)
Futures contracts 
Description
Number of
contracts
Expiration
date
Notional
cost
Notional
value
Unrealized
gains
Unrealized
losses
Long
10-Year U.S. Treasury Notes
161
9-21-2026
$17,648,292
$17,682,328
$34,036
$0
Ultra U.S. Treasury Bond
21
9-21-2026
2,396,015
2,402,531
6,516
0
2-Year U.S. Treasury Notes
453
9-30-2026
93,478,217
93,572,812
94,595
0
5-Year U.S. Treasury Notes
5
9-30-2026
535,321
536,055
734
0
Short
5-Year Euro-BOBL Futures
(9
)
6-8-2026
(1,230,304
)
(1,218,876
)
11,428
0
10-Year Euro BUND
(10
)
9-8-2026
(1,471,630
)
(1,476,662
)
0
(5,032
)
2-Year Euro SCHATZ
(4
)
9-8-2026
(493,699
)
(494,320
)
0
(621
)
Ultra 10-Year U.S. Treasury Notes
(32
)
9-21-2026
(3,580,918
)
(3,586,500
)
0
(5,582
)
 
$147,309
$(11,235
)
Centrally cleared credit default swap contracts 
Reference index
Fixed rate
Payment
frequency
Maturity
date
Notional
amount
Value
Premiums
paid
(received)
Unrealized
gains
Unrealized
losses
Buy Protection
 
 
 
Markit CDX North American High Yield
Series 46 
5.00%
Quarterly
6-20-2031
USD
1,851,300
$172,211
$113,164
$59,047
$0
See accompanying notes to portfolio of investments
Allspring Core Plus ETF | 21
Notes to portfolio of investments—May 31, 2026 (unaudited)
Notes to portfolio of investments
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Equity securities, exchange-traded funds and futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC (“Allspring Funds Management”).
Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.
Futures contracts that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Swap contracts are valued at the evaluated price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at  rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Loans
The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market.
22 | Allspring Core Plus ETF
Notes to portfolio of investments—May 31, 2026 (unaudited)
Forward foreign currency contracts
A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.
Futures contracts
Futures contracts are agreements between the Fund and a counterparty to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates and is subject to interest rate risk. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are generally entered into on a regulated futures exchange and cleared through a clearinghouse associated with the exchange. With futures contracts, there is minimal counterparty risk to the Fund since futures contracts are exchange-traded and the exchange’s clearinghouse, as the counterparty to all exchange-traded futures, guarantees the futures contracts against default.
Upon entering into a futures contract, the Fund is required to deposit either cash or securities (initial margin) with the broker in an amount equal to a certain percentage of the contract value. Subsequent payments (variation margin) are paid to or received from the broker each day equal to the daily changes in the contract value. Such payments are recorded as unrealized gains or losses and, if any, shown as variation margin receivable (payable). Should the Fund fail to make requested variation margin payments, the broker can gain access to the initial margin to satisfy the Fund’s payment obligations. When the contracts are closed, a realized gain or loss is recorded.  
Swap contracts
Swap contracts are agreements between the Fund and a counterparty to exchange a series of cash flows over a specified period. Swap agreements are privately negotiated contracts between the Fund that are entered into as bilateral contracts in the over-the-counter market (“OTC swaps”) or centrally cleared (“centrally cleared swaps”) with a central clearinghouse.
The Fund entered into centrally cleared swaps. In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. Upon entering into a centrally cleared swap, the Fund is required to deposit an initial margin with the broker in the form of cash or securities. Securities deposited as initial margin are designated in the Portfolio of investments. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). The variation margin is recorded as an unrealized gain (or loss) on centrally cleared swaps. Payments received from (paid to) the counterparty are recorded as realized gains (losses) when the contract is closed.
Credit default swaps
The Fund may enter into credit default swaps for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or a basket of single-name issuers or traded indexes. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name’s weight in the index. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the protection seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring).
The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. If the Fund is the buyer of protection and a credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. If the Fund is the seller of protection and a credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.
As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates.
Allspring Core Plus ETF | 23
Notes to portfolio of investments—May 31, 2026 (unaudited)
By entering into credit default swap contracts, the Fund is exposed to credit risk. In addition, certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements.
Mortgage dollar roll transactions
The Fund may engage in mortgage dollar roll transactions through To Be Announced (TBA) mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, the Fund sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, the Fund foregoes principal and interest paid on the securities. The Fund is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Fund accounts for TBA dollar roll transactions as purchases and sales which, as a result, may increase its portfolio turnover rate.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows: 
•Level 1 – quoted prices in active markets for identical securities
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
24 | Allspring Core Plus ETF
Notes to portfolio of investments—May 31, 2026 (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2026: 
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Agency securities
$0
$116,537,143
$0
$116,537,143
Asset-backed securities
0
35,687,409
0
35,687,409
Corporate bonds and notes
0
92,453,342
0
92,453,342
Foreign corporate bonds and notes
0
8,167,708
0
8,167,708
Foreign government bonds
0
20,823,481
0
20,823,481
Investment companies
11,575,796
0
0
11,575,796
Loans
0
14,566
0
14,566
Non-agency mortgage-backed securities
0
23,753,241
0
23,753,241
U.S. Treasury securities
63,435,719
0
0
63,435,719
Yankee corporate bonds and notes
0
39,727,708
0
39,727,708
Yankee government bonds
0
6,635,763
0
6,635,763
Short-term investments
Investment companies
27,557,077
0
0
27,557,077
U.S. Treasury securities
34,959,168
0
0
34,959,168
 
137,527,760
343,800,361
0
481,328,121
Forward foreign currency contracts
0
201,611
0
201,611
Futures contracts
147,309
0
0
147,309
Swap contracts
0
59,047
0
59,047
Total assets
$137,675,069
$344,061,019
$0
$481,736,088
Liabilities
Forward foreign currency contracts
$0
$163,818
$0
$163,818
Futures contracts
11,235
0
0
11,235
Total liabilities
$11,235
$163,818
$0
$175,053
Futures contracts, forward foreign currency contracts and swap contracts are reported at their cumulative unrealized gains (losses) at measurement date as reported in the tables following the Portfolio of investments. All other assets and liabilities are reported at their market value at measurement date.
Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.
As of May 31, 2026, $1,140,000 was segregated as cash collateral for these open futures contracts and $133,325 was segregated as cash collateral for swap contracts. The Fund also had $150,000 segregated as cash collateral for open forward foreign currency contracts.
At May 31, 2026, the Fund did not have any transfers into/out of Level 3.
Allspring Core Plus ETF | 25