American Century Investments®
Quarterly Portfolio Holdings
Avantis® U.S. Large Cap Value ETF (AVLV)
May 31, 2026


Avantis U.S. Large Cap Value ETF - Schedule of Investments
MAY 31, 2026 (UNAUDITED) 

Shares
Value ($)
COMMON STOCKS — 99.8%


Aerospace and Defense — 0.1%


ATI, Inc.(1)
92,660 16,230,326 
Air Freight and Logistics — 2.1%


Expeditors International of Washington, Inc.
323,517 51,112,451 
FedEx Corp.
246,421 101,463,847 
United Parcel Service, Inc., Class B
1,142,027 121,842,860 


274,419,158 
Automobile Components — 0.8%


Aptiv PLC(1)
278,248 18,904,169 
Autoliv, Inc.
199,994 25,423,237 
BorgWarner, Inc.
601,573 43,204,973 
Lear Corp.
99,192 14,196,359 
Versigent PLC(1)
61,547 2,715,454 


104,444,192 
Automobiles — 1.3%


Ford Motor Co.
1,672,776 29,173,213 
General Motors Co.
1,722,067 143,344,857 


172,518,070 
Banks — 2.9%


Bank OZK
77,341 3,742,531 
Cullen/Frost Bankers, Inc.
3,856 522,565 
East West Bancorp, Inc.
324,042 39,708,107 
First Citizens BancShares, Inc., Class A
4,446 8,849,808 
JPMorgan Chase & Co.
766,481 229,415,428 
Popular, Inc.
3,472 515,696 
Wells Fargo & Co.
920,915 71,407,749 
Wintrust Financial Corp.
71,203 10,696,827 
Zions Bancorp NA
241,985 15,111,963 


379,970,674 
Beverages — 0.4%


Brown-Forman Corp., Class A
594
15,878 
Brown-Forman Corp., Class B
15,428 396,808 
Coca-Cola Consolidated, Inc.
87,312 15,127,677 
Constellation Brands, Inc., Class A
188,797 26,208,800 
Molson Coors Beverage Co., Class B
295,891 11,696,571 


53,445,734 
Biotechnology — 1.6%


Exelixis, Inc.(1)
667,538 33,697,318 
Gilead Sciences, Inc.
1,230,556 165,423,643 
United Therapeutics Corp.(1)
19,203 10,692,615 


209,813,576 
Broadline Retail — 3.2%


Amazon.com, Inc.(1)
1,508,827 408,348,939 
Coupang, Inc.(1)
6,487 107,684 
Dillard's, Inc., Class A(2)
8,689 5,128,335 
Macy's, Inc.
219,337 4,772,773 


418,357,731 
Building Products — 0.6%


A.O. Smith Corp.
131,153 7,438,998 
Advanced Drainage Systems, Inc.
176,695 24,588,876 


Armstrong World Industries, Inc.
122,317 19,313,855 
Owens Corning
233,039 29,320,967 


80,662,696 
Capital Markets — 3.8%


Ameriprise Financial, Inc.
189,385 84,410,788 
Charles Schwab Corp.
418,967 36,596,768 
Evercore, Inc., Class A
46,470 15,839,764 
FactSet Research Systems, Inc.
8,343 2,047,956 
Galaxy Digital, Inc., Class A(1)(2)
582,618 17,233,840 
Goldman Sachs Group, Inc.
12,158 12,468,759 
Jefferies Financial Group, Inc.
33,940 1,789,317 
LPL Financial Holdings, Inc.
132,314 36,223,604 
MarketAxess Holdings, Inc.
120
15,605 
Morgan Stanley
845,476 175,859,008 
Northern Trust Corp.
337,296 55,805,623 
StoneX Group, Inc.(1)
69,185 7,842,120 
T. Rowe Price Group, Inc.
359,812 37,611,148 
Virtu Financial, Inc., Class A
129,742 6,506,561 


490,250,861 
Chemicals — 1.2%


Air Products & Chemicals, Inc.
133
37,056 
Cabot Corp.
46,656 4,082,867 
CF Industries Holdings, Inc.
403,975 45,386,591 
LyondellBasell Industries NV, Class A
632,822 42,177,586 
NewMarket Corp.
18,795 14,539,436 
Solstice Advanced Materials, Inc.
516,676 43,519,620 


149,743,156 
Communications Equipment — 0.1%


Viasat, Inc.(1)
199,089 16,050,555 
Construction and Engineering — 1.1%


Argan, Inc.
30,137 20,101,982 
Dycom Industries, Inc.(1)
53,838 27,457,380 
EMCOR Group, Inc.
50,817 42,016,512 
Fluor Corp.(1)
22,260 1,018,618 
IES Holdings, Inc.(1)(2)
19,321 13,106,400 
MYR Group, Inc.(1)
10,557 4,909,638 
Primoris Services Corp.
74,011 9,309,103 
Valmont Industries, Inc.
44,170 22,960,008 


140,879,641 
Construction Materials — 0.1%


Eagle Materials, Inc.
76,954 17,020,686 
Consumer Finance — 1.9%


Ally Financial, Inc.
709,537 30,375,279 
American Express Co.
411,318 130,169,807 
Credit Acceptance Corp.(1)(2)
90
51,628 
OneMain Holdings, Inc.
304,337 16,832,880 
SLM Corp.
414,527 9,169,337 
Synchrony Financial
839,834 59,997,741 


246,596,672 
Consumer Staples Distribution & Retail — 5.6%


BJ's Wholesale Club Holdings, Inc.(1)
346,885 29,582,353 
Costco Wholesale Corp.
276,617 264,534,369 
Dollar General Corp.
489,908 54,188,724 
Dollar Tree, Inc.(1)
476,840 55,523,250 
Kroger Co.
1,209,219 75,152,961 


Sprouts Farmers Market, Inc.(1)
245,994 20,324,024 
Target Corp.
844,417 107,300,068 
Walmart, Inc.
989,041 114,481,496 


721,087,245 
Containers and Packaging — 0.5%


International Paper Co.
78,776 2,636,633 
Packaging Corp. of America
186,142 40,748,345 
Smurfit Westrock PLC
449,409 18,493,180 


61,878,158 
Diversified Consumer Services — 0.0%


Grand Canyon Education, Inc.(1)
31,770 4,760,734 
Diversified Telecommunication Services — 2.5%


Comcast Corp., Class A
3,851,722 95,792,326 
Globalstar, Inc.(1)
140,740 11,851,715 
Verizon Communications, Inc.
4,412,580 210,965,450 


318,609,491 
Electrical Equipment — 0.5%


EnerSys
540
123,104 
Nextpower, Inc., Class A(1)
375,712 58,761,357 


58,884,461 
Electronic Equipment, Instruments and Components — 1.3%


Flex Ltd.(1)
907,130 136,777,061 
Ingram Micro Holding Corp.
4,556 128,707 
Jabil, Inc.
1,077 392,631 
Sanmina Corp.(1)
93,767 24,354,103 


161,652,502 
Energy Equipment and Services — 1.4%


Archrock, Inc.
45,888 1,536,789 
Halliburton Co.
1,538,194 59,758,837 
Kodiak Gas Services, Inc.
109,871 7,344,876 
Noble Corp. PLC
182,108 8,464,380 
NOV, Inc.
739,726 14,764,931 
TechnipFMC PLC
1,019,546 69,757,337 
Weatherford International PLC
155,107 16,075,290 


177,702,440 
Entertainment — 0.9%


Netflix, Inc.(1)
1,371,850 118,006,537 
Financial Services — 0.7%


Corebridge Financial, Inc.
675,119 18,228,213 
Enact Holdings, Inc.
8,630 360,648 
Jack Henry & Associates, Inc.
57,210 7,798,867 
Jackson Financial, Inc., Class A
216,705 22,344,453 
MGIC Investment Corp.
387,533 9,773,582 
PayPal Holdings, Inc.
250,660 11,217,035 
Radian Group, Inc.
465
15,880 
Visa, Inc., Class A
55,604 18,146,921 


87,885,599 
Food Products — 0.6%


Archer-Daniels-Midland Co.
381,694 30,451,547 
Cal-Maine Foods, Inc.
38,010 2,840,107 
Hershey Co.
52,545 10,195,307 
Ingredion, Inc.
169,155 17,159,083 
Lamb Weston Holdings, Inc.
284,064 12,265,884 
Pilgrim's Pride Corp.
126,204 3,572,835 
Smithfield Foods, Inc.
4,947 127,781 


76,612,544 


Ground Transportation — 4.4%


CSX Corp.
3,002,228 135,880,839 
JB Hunt Transport Services, Inc.
207,569 57,378,299 
Landstar System, Inc.
36,504 7,552,678 
Norfolk Southern Corp.
297,571 90,747,252 
Old Dominion Freight Line, Inc.
234,524 52,803,079 
Ryder System, Inc.
120,093 30,125,329 
Schneider National, Inc., Class B
483
17,069 
U-Haul Holding Co.(1)(2)
100
5,789 
U-Haul Holding Co.
12,652 658,157 
Union Pacific Corp.
749,428 196,829,770 


571,998,261 
Health Care Equipment and Supplies — 0.6%


Dexcom, Inc.(1)
560,634 41,341,151 
Edwards Lifesciences Corp.(1)
253
21,877 
Lantheus Holdings, Inc.(1)
119,019 11,818,587 
Masimo Corp.(1)
112,464 20,069,201 


73,250,816 
Health Care Providers and Services — 0.6%


Centene Corp.(1)
945,380 56,344,648 
Encompass Health Corp.
22,536 2,385,435 
Universal Health Services, Inc., Class B
114,463 16,724,189 


75,454,272 
Hotels, Restaurants and Leisure — 2.8%


Boyd Gaming Corp.
141,188 11,673,424 
Brinker International, Inc.(1)
58,570 8,339,196 
Carnival Corp. Ltd.
2,411,845 67,676,371 
Chipotle Mexican Grill, Inc.(1)
1,857,387 59,176,350 
Las Vegas Sands Corp.
619,145 31,310,163 
Norwegian Cruise Line Holdings Ltd.(1)
1,375,916 25,234,299 
Royal Caribbean Cruises Ltd.
358,472 102,031,885 
Super Group SGHC Ltd.
203,346 2,531,658 
Texas Roadhouse, Inc.
180,469 32,596,311 
Viking Holdings Ltd.(1)
159,500 14,691,545 


355,261,202 
Household Durables — 0.3%


Installed Building Products, Inc.
112
23,518 
Lennar Corp., B Shares
4,579 403,318 
Lennar Corp., Class A
52,112 4,678,615 
NVR, Inc.(1)
3,910 23,869,768 
PulteGroup, Inc.
112,500 13,295,250 


42,270,469 
Independent Power and Renewable Electricity Producers — 0.4%


Ormat Technologies, Inc.
57,392 7,875,904 
Talen Energy Corp.(1)
101,282 39,175,878 


47,051,782 
Insurance — 7.8%


Allstate Corp.
460,713 94,948,342 
American Financial Group, Inc.
140,478 18,234,044 
American International Group, Inc.
953,645 70,789,068 
Arch Capital Group Ltd.(1)
638,188 57,015,716 
Assurant, Inc.
129,000 32,104,230 
Axis Capital Holdings Ltd.
225,888 21,443,548 
Chubb Ltd.
183,118 57,083,374 
CNA Financial Corp.
230
9,674 


Erie Indemnity Co., Class A
20,003 4,262,039 
Fidelity National Financial, Inc.
119,085 5,638,675 
First American Financial Corp.
56,784 3,760,804 
Globe Life, Inc.
207,195 31,750,562 
Hanover Insurance Group, Inc.
34,065 6,342,903 
Hartford Insurance Group, Inc.
609,119 77,437,299 
Kinsale Capital Group, Inc.
18,206 5,548,643 
Lincoln National Corp.
238,669 8,422,629 
Markel Group, Inc.(1)
4,315 7,834,271 
MetLife, Inc.
893,426 73,877,396 
Oscar Health, Inc., Class A(1)
576,130 12,807,370 
Primerica, Inc.
95,779 25,857,457 
Principal Financial Group, Inc.
402,450 41,701,869 
Progressive Corp.
703,031 133,857,102 
Prudential Financial, Inc.
578,241 58,194,174 
RenaissanceRe Holdings Ltd.
125,400 35,155,890 
Travelers Cos., Inc.
393,927 114,983,352 
Unum Group
554
46,109 


999,106,540 
Interactive Media and Services — 2.8%


Alphabet, Inc., Class A
21,206 8,065,490 
Alphabet, Inc., Class C
3,859 1,452,644 
Meta Platforms, Inc., Class A
556,832 352,201,808 


361,719,942 
IT Services — 0.2%


CoreWeave, Inc., Class A(1)
181,837 19,916,607 
Machinery — 4.3%


AGCO Corp.
44,345 4,979,057 
Caterpillar, Inc.
370,730 324,711,285 
Cummins, Inc.
83,595 54,055,035 
Deere & Co.
226,973 123,060,221 
Graco, Inc.
61
4,602 
Mueller Industries, Inc.
164,470 21,150,842 
Terex Corp.
21,764 1,266,230 
Toro Co.
275,556 24,766,973 


553,994,245 
Media — 0.3%


Fox Corp., Class A
314,216 20,084,687 
Fox Corp., Class B
222,794 12,786,148 
Paramount Skydance Corp., Class B
490,702 5,206,348 


38,077,183 
Metals and Mining — 0.7%


Commercial Metals Co.
21,264 1,617,127 
Freeport-McMoRan, Inc.
1,448,464 95,178,570 


96,795,697 
Oil, Gas and Consumable Fuels — 11.6%


Antero Midstream Corp.
742,584 15,564,561 
Antero Resources Corp.(1)
264,400 9,452,300 
APA Corp.
1,040,632 37,910,224 
Cheniere Energy, Inc.
375,800 84,502,388 
Chord Energy Corp.
122,778 16,190,735 
Comstock Resources, Inc.(1)(2)
15,456 206,028 
ConocoPhillips
1,321,866 150,666,287 
Devon Energy Corp.
2,373,220 105,584,558 
Diamondback Energy, Inc.
251,330 48,124,668 


EOG Resources, Inc.
866,543 115,579,505 
EQT Corp.
550,048 30,214,137 
Expand Energy Corp.
325,267 30,243,326 
Exxon Mobil Corp.
2,288,260 332,392,648 
Hess Midstream LP, Class A
350,418 13,140,675 
HF Sinclair Corp.
303,051 21,180,234 
Magnolia Oil & Gas Corp., Class A
101,450 2,775,672 
Marathon Petroleum Corp.
153,152 38,099,623 
Matador Resources Co.
288,992 15,489,971 
Murphy Oil Corp.
105,803 3,829,011 
Occidental Petroleum Corp.
1,219,662 69,069,459 
ONEOK, Inc.
333,993 28,035,372 
Ovintiv, Inc.
598,987 33,567,231 
Permian Resources Corp.
1,886,029 36,268,338 
Range Resources Corp.
545,541 21,248,822 
SM Energy Co.
241,955 7,430,438 
Targa Resources Corp.
419,192 106,923,303 
Valero Energy Corp.
56,603 13,857,546 
Williams Cos., Inc.
1,505,684 107,490,781 


1,495,037,841 
Passenger Airlines — 1.7%


Alaska Air Group, Inc.(1)
189,579 8,724,426 
Delta Air Lines, Inc.
1,372,780 113,226,894 
Southwest Airlines Co.
186,540 8,011,893 
United Airlines Holdings, Inc.(1)
765,204 87,845,419 


217,808,632 
Personal Care Products — 0.2%


Estee Lauder Cos., Inc., Class A
274,948 24,456,625 
Pharmaceuticals — 2.4%


Jazz Pharmaceuticals PLC(1)
154,718 36,589,260 
Merck & Co., Inc.
1,899,191 225,471,955 
Viatris, Inc.
2,917,765 47,442,859 


309,504,074 
Professional Services — 0.1%


Automatic Data Processing, Inc.
72,429 16,067,649 
Paycom Software, Inc.
534
74,584 


16,142,233 
Real Estate Management and Development — 0.0%


Opendoor Technologies, Inc.(1)
1,365,749 6,883,375 
Semiconductors and Semiconductor Equipment — 10.4%


Amkor Technology, Inc.
11,970 832,633 
Applied Materials, Inc.
302,603 136,189,506 
Cirrus Logic, Inc.(1)
44,201 7,511,960 
First Solar, Inc.(1)
9,677 2,968,807 
KLA Corp.
62,148 119,430,433 
Lam Research Corp.
1,018,944 324,207,602 
Micron Technology, Inc.
604,968 587,423,928 
ON Semiconductor Corp.(1)
742,641 89,577,357 
QUALCOMM, Inc.
262,696 65,941,950 
Skyworks Solutions, Inc.
41,234 3,210,067 


1,337,294,243 
Software — 1.9%


Cipher Digital, Inc.(1)
205
4,848 
Circle Internet Group, Inc.(1)
2,485 280,805 
Clear Secure, Inc., Class A
83,760 4,644,492 


InterDigital, Inc.
75,954 19,147,244 
Manhattan Associates, Inc.(1)
393
58,970 
Microsoft Corp.
466,288 209,941,509 
Pegasystems, Inc.
144,912 5,177,706 


239,255,574 
Specialty Retail — 5.2%


Abercrombie & Fitch Co., Class A(1)
63,401 4,895,825 
AutoNation, Inc.(1)
78,317 14,701,667 
Best Buy Co., Inc.
499,591 38,943,118 
Burlington Stores, Inc.(1)
162,230 52,534,941 
CarMax, Inc.(1)
15,410 687,594 
Chewy, Inc., Class A(1)
35,857 808,217 
Five Below, Inc.(1)
105,082 23,891,444 
Gap, Inc.
731,960 15,480,954 
Lithia Motors, Inc.
34,642 10,077,011 
Murphy USA, Inc.
48,474 24,529,298 
Ross Stores, Inc.
583,542 135,224,188 
TJX Cos., Inc.
1,262,305 195,341,699 
Tractor Supply Co.
1,115,819 35,181,773 
Ulta Beauty, Inc.(1)
109,455 55,696,177 
Urban Outfitters, Inc.(1)
138,240 10,043,136 
Williams-Sonoma, Inc.
280,867 57,176,095 


675,213,137 
Technology Hardware, Storage and Peripherals — 3.2%


Apple, Inc.
1,307,275 407,948,236 
Textiles, Apparel and Luxury Goods — 1.2%


Crocs, Inc.(1)
97,034 11,515,025 
Deckers Outdoor Corp.(1)
395,016 44,972,571 
Levi Strauss & Co., Class A
278,300 6,456,560 
Lululemon Athletica, Inc.(1)
289,516 37,978,709 
Ralph Lauren Corp.
93,597 34,059,948 
VF Corp.
1,212,765 20,835,303 


155,818,116 
Trading Companies and Distributors — 0.8%


Fastenal Co.
200
8,840 
GATX Corp.
20,488 3,464,111 
WW Grainger, Inc.
77,872 96,112,737 


99,585,688 
Wireless Telecommunication Services — 0.7%


T-Mobile U.S., Inc.
452,094 84,781,188 
TOTAL COMMON STOCKS
(Cost $10,226,086,150)

12,862,109,417 
WARRANTS — 0.0%


Real Estate Management and Development — 0.0%


Opendoor Technologies, Inc.(1)(2)
(Cost $—)
30,403 20,370 
SHORT-TERM INVESTMENTS — 0.1%


Money Market Funds — 0.1%


State Street Institutional U.S. Government Money Market Fund, Premier Class
5,515,502 5,515,502 
State Street Navigator Securities Lending Government Money Market Portfolio(3)
3,274,413 3,274,413 
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,789,915)

8,789,915 
TOTAL INVESTMENT SECURITIES — 99.9%
(Cost $10,234,876,065)

12,870,919,702 
OTHER ASSETS AND LIABILITIES — 0.1%

10,322,411 
TOTAL NET ASSETS — 100.0%

$12,881,242,113 



NOTES TO SCHEDULE OF INVESTMENTS
(1)Non-income producing.
(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $14,015,677. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.
(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $14,507,695, which includes securities collateral of $11,233,282.


SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS 

1. Investment Valuations

The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Trustees oversees the valuation designee and reviews its valuation policies and procedures at least annually.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.

Open-end management investment companies are valued at the reported NAV per share.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause a fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

2. Fair Value Measurements

The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

As of period end, the fund's investment securities were classified as Level 1. The Schedule of Investments provides additional information on the fund's portfolio holdings.
This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual financial statements.